Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

of documents produced and executed abroad in the convention
member countries. The new Law on State Registration of Legal
Entities and State Register determined the timeframe of the entire
process. The basic term for state registration of commercial legal
entities is set at 3 working days.
The state register of legal entities includes general information on a
legal entity and its founders. Any interested party is entitled to
request a copy of the extract from a register. The state duty for the
registration of the banks, stock exchanges, insurance companies,
representations and branches of foreign legal entities is 220 AZN,
for the registration of legal entities involved in agricultural business—3
AZN and that in respect of all other legal entities—11 AZN.
Azerbaijani law generally recognizes the following types of
commercial legal entities (commercial legal entities are defined as
those operating for profit):
• General partnership (“GP”)
• Limited partnership (“LP”)
• Limited liability company (“LLC”)
• Additional liability company (“ALC”)
• Joint-stock company (open or close JSC)
• Cooperatives
LLCs and joint stock companies are most popular choices of legal
entities. Please see Annex 2 for a brief comparative analysis of
these two types of legal entities.
General Partnership
A general partnership is a legal entity comprised of at least two
individuals and/or legal entities. An individual may participate in
the creation of a GP only it such individual is registered as an
entrepreneur. Individuals and/or legal entities may only participate
BUSINESS CLIMATE
37