In 2016 8,012 commercial and non-profit legal persons were created in Azerbaijan, which is 27.8% more compared to 2015. As of January 1 this year there were 107,358 legal entities in Azerbaijan, which is 7% higher than a year earlier, the State Statistics Committee said.
During the year, 200 state-owned enterprises were established (in 2015 - 255), as well as 536 companies with 100% foreign capital (412) and 135 joint ventures (115).
Last year, Azerbaijan abolished 979 legal entities, 475 more than in the previous year. Liquidated were 133 state organizations and enterprises, 82 enterprises with 100% foreign capital and 11 companies with mixed capital.
As of 1 January 2017 Azerbaijan registered 92,128 businesses. ---08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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