Business Registration In Azerbaijan: A Step-By-Step Guide

Azerbaijan has been ranked among the top 20 countries in the world for ease of starting a business. Registering a business in Azerbaijan involves several steps, including obtaining and completing the necessary business registration forms in Azerbaijani, legalising and translating foreign documents, submitting registration documents and company certificates, and opening an Azerbaijani bank account. Foreign business entities must also apply to the relevant Ministry of Justice, depending on the place of business activity. The specific requirements for company registration in Azerbaijan depend on the type of company being established, such as a limited liability company, joint-stock company, or partnership.

Obtaining registration forms

To obtain registration forms for a business in Azerbaijan, you must visit the Azerbaijani Centre for Company Registration (a division of the Taxation Ministry) at 105, G. Aliyev Prospect. The centre is open from Monday to Friday, 10 am to 6 pm, with a break between 1 pm and 2 pm. All the necessary forms can be collected in person during these hours. The centre's personnel speak fluent English and Russian, and the forms are supplied in Azerbaijani, along with instructions for completion.

The forms can also be downloaded from a link provided by the centre: http://bit.ly/azdocumentsrequired. It is worth saving electronic versions of the documents on a USB key so that they can be easily modified if necessary.

The complete submission for registering a business in person comprises the following forms:

• A formal letter of intent to create a business
• A form to register the MMC (Kommersiya hüquqi şəxsinin dövlət qeydiyyatı haqqında ərizə)
• A form confirming the identity of the founder/founders (Kommersiya hüquqi şəxsinin dövlət qeydiyyatı haqqında ərizə)
• The statutes of the company (Nizamnaməsi)
• Authorisation and proof of company domiciliation (Raziliq ərizəsi)
• Confirmation of professional activity
• Confirmation of registration fee payment

Documents 1 to 5 can be obtained in person from the centre, as mentioned earlier. Document 6 (Confirmation of professional activity) can be obtained from a local or previous employer. This document attests to current and past professional activity and must be translated into Azerbaijani. The centre can provide translation assistance. Document 7 (Confirmation of registration fee payment) can be obtained from Kapital Bank, which is located near the 28 May Commercial Centre in Central Baku. The centre will provide guidance on paying the registration costs.

Completing forms in Azerbaijani

To register a business in Azerbaijan, you must complete the process in the Azerbaijani language. All registration documents are in Azerbaijani, and it is recommended to seek assistance with translation. The translation center is located below Notary Office No.1, at 43 Uzeyir Hajibeyov Street.

The first step is to obtain the necessary business registration forms. These can be obtained in person from the Azerbaijani Centre for Company Registration (Taxation Ministry division) at 105, G. Aliyev Prospect. The forms are also available for download via an online link. While the office personnel speak fluent English and Russian, the forms themselves are in Azerbaijani and are supplied with instructions.

The following documents are required for business registration:

• A formal letter of intent to create a business
• A form to register the MMC (Kommersiya hüquqi şəxsinin dövlət qeydiyyatı haqqında ərizə)
• A form confirming the identity of the founder/founders (Kommersiya hüquqi şəxsinin dövlət qeydiyyatı haqqında ərizə)
• The statutes of the company (Nizamnaməsi)
• Authorization and proof of company domiciliation (Raziliq ərizəsi)
• Confirmation of professional activity
• Confirmation of registration fee payment

Documents 1–5 can be obtained in person from the address mentioned above, while Document 6 can be sourced from an employer. Document 7 can be obtained from Kapital Bank.

When completing the forms, it is important to note that they specify the declaration of company capital, which must be deposited in an Azerbaijani bank account within three months of registration. For Document 5, you will need a letter of authorization from the company owner, providing the legal address, along with a copy of either the leasehold contract or purchase agreement for the premises.

Legalising and translating documents

To register a business in Azerbaijan, you will need to legalise and translate some of your documents. This is the third step in the business registration process.

Documents 1, 3, and 5 need to be legalized by a notary. You can seek advice from Notarial Office No. 46, located on Zarifa Aliyeva Road.

Additionally, all documents from the foreign legal entity must be notarized and legalized in their country of origin. For example, if registering a U.S. firm, the documents must be certified by the Consular Section of the Azerbaijani Embassy in the United States and then presented to the Ministry of Taxes.

Any document written in English must be accompanied by a notarized translation into the Azerbaijani language. The translation center is located below Notary Office No.1, at 43 Uzeyir Hajibeyov Street.

Submitting registration documents

Once you have completed all the necessary business registration forms, gathered the relevant documents, and had them translated and notarized, you are ready to submit your registration documents.

The registration dossier should be submitted in person to the Azerbaijani Centre for Company Registration (division of the Taxation Ministry) at 105, G. Aliyev Prospect. The Centre is open Monday to Friday, 10 am–6 pm, with a break between 1 pm and 2 pm. All office personnel speak fluent English and Russian, and the forms are supplied with instructions.

It is a good idea to save electronic versions of the documents on a USB key so they can be easily modified if necessary.

One week after submitting your registration dossier, you should contact the Centre. You should then receive a plastic card containing a unique registration number that acts as the registration certificate.

Following company registration, you must open a bank account within three months and deposit 100% of the company capital. The International Bank of Azerbaijan is a good option, as it provides a receipt for receiving the company capital, and the Azerbaijani Centre for Company Registration is automatically notified.

Opening a bank account

Once your business registration forms have been submitted and you've received your registration certificate, you can open an Azerbaijani bank account. This must be done within three months of registering your business.

Personal Bank Accounts

Foreigners can open personal bank accounts in Azerbaijan, regardless of their citizenship and even without a residence permit. However, some banks may require a Residence Card of Azerbaijan or have other requirements depending on the foreigner's citizenship. Personal bank accounts can be opened in different currencies, including Azerbaijani Manat (AZN), USD, EUR, Turkish Lira, and Russian Ruble. To open a personal bank account, you will need to submit the following documents:

• Passport or Residence Card
• Valid visa (for citizens of visa-required countries)
• Power of Attorney (if applying through a legal representative)

Business Bank Accounts

Local companies owned by foreigners and branches of foreign businesses can open corporate bank accounts in Azerbaijan. The process is similar to opening a personal bank account. However, banks may have their own requirements for opening corporate accounts. The following types of corporate bank accounts are commonly used:

• Current Accounts: Used for business transactions and easy access to funds
• Savings or Deposit Accounts: Used for saving money and earning interest over time
• Foreign Currency Accounts: Used for holding funds in various currencies to meet business needs

Corporate bank accounts can be opened in different currencies, including Azerbaijani Manat (AZN), USD, EUR, Turkish Lira, and Russian Ruble. To open a corporate bank account, you will need to submit the following documents:

• Founding documents of the Company
• Passport or residence card of the Company Director
• Passport or residence card copies of the Founders
• Power of Attorney (if applying through a legal representative)

Additional documents may be required depending on the company's field of activity and organizational legal form.

Frequently asked questions