Owners of ASAN Imza (electronic signature) in Azerbaijan can now reserve a name to reopen the company for a period of 60 days under electronic registration. Subsequently, the name chosen is approved or replaced by the new owner.
The service "Reservation (backup) of the names of commercial entity" was introduced by the Ministry of Taxes.
Reservation of requests for brand names is available in the centralized database of trade names in the Ministry of Taxes via the Internet by the founders or by the registration authority on the electronic application.
The service is implemented in accordance with the Law on State Registration and State Register of Legal Entities.
This practice has long been used abroad and gradually adopted into service in the post-Soviet countries. -0--
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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