Azerbaijani citizen established 42 companies in two weeks

Last year's simplification of registration procedures for domestic limited liability company ( LLC ) in Azerbaijan has brought a revival in the business environment , but at the same time set a precedent on which the tax authorities have to rack their brains .

The State Register of legal entities recorded a record number of companies registered in record time by a single individual. A Baku resident Agarahim Mammadov from 21st October to 2nd November 2013 established 42 companies. Second place went to the villager of Vilvan in the Lankaran district Teymur Aliyev - he set up 36 companies. They are followed by founders with less ambition. In many cases, the new companies were created with a symbolic authorized capital (5-10 AZN).

Why they established so many new companies and how they are going to manage them is unknown.

According to the State Statistics Committee , in 2013 in the State Register of Legal Entities incorporated data on 7,879 new commercial and non-profit organizations. Compared with 2012 , this figure increased by 45.4% . Over the past year were also registered 138 companies with mixed capital . In 2012, 124 such companies were created.

According to the Ministry of Taxes , more than half (54.5 %) of the companies were opened in Baku.

With the state capital in the past year were established 221 enterprises. This was 57 more than a year earlier.

In 2013, Azerbaijan registered 568 companies with 100 % foreign capital. This is 17.6% more than in the previous year . In many cases, they were branches and representative offices .

Note that by the beginning of 2013 Azerbaijan registered 78 966 legal entities. Of these, 5.6% were companies with 100% and 1.8% - with mixed capital.

Meanwhile data on the compaznies liquidated in 2013 still are not made ??public. - 08B-