News

2/21/2024 12:00:00 AM

Purpose of external audit in Limited Liability Companies

According to Article 91.4 of the Civil Code, limited liability companies (excluding micro and small entrepreneurship entities) must annually appoint an independent auditor to verify the accuracy of their financial statements, in other words, to conduct an external audit. The purpose of an external audit is to independently examine the organization's financial statements and ensure their accuracy, reliability, and compliance with accounting standards. This process enhances the credibility and transparency of financial statements, instilling trust in stakeholders, including investors, regulators, and the public. External audits also identify and reduce the risks of significant distortions, fraud, and errors, promoting accountability and ethical financial practices. As a result, external audits play a crucial role in safeguarding the integrity of financial information, supporting informed decision-making, and maintaining the trust of various stakeholders in the organization's reliable financial results.

1/16/2024 12:00:00 AM

Important changes were made to the Migration Code regarding obtaining (extending) temporary and permanent residence permits

Based on the decision of the Collegium of the Ministry of Economy of the Republic of Azerbaijan, dated December 29, 2023, with the number 31, the amount and turnover volume of the charter capital to be paid by a legal entity established in the Republic of Azerbaijan for obtaining (extending) temporary and permanent residence permits, as well as the relevant turnover volume for entrepreneurial activity, have been determined as follows: During the issuance (extension) of a temporary residence permit: For a legal entity established in Azerbaijan, whose founder or at least one of the founders is a foreign legal or physical person holding at least 51% of the shares (shares) of that legal entity and holding the position of the head, the amount of the charter capital to be paid by that legal entity is determined as 50,000 manats, and the turnover volume is determined as 100,000 manats. The turnover volume for engaging in entrepreneurial activity in Azerbaijan is determined as 50,000 manats. During the issuance (extension) of a permanent residence permit: For a legal entity established in Azerbaijan, whose founder or at least one of the founders is a foreign legal or physical person holding at least 51% of the shares (shares) of that legal entity and holding the position of the head, the amount of the charter capital to be paid by that legal entity is determined as 100,000 manats, and the turnover volume is determined as 200,000 manats. The turnover volume for engaging in entrepreneurial activity in Azerbaijan is determined as 100,000 manats. This decision has been in effect since January 16, 2024.