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Succeeding in Azerbaijan dentons.com Succeeding in Azerbaijan The Dentons Guide for Businesses 2017 Edition This book is dedicated to the beautiful country and the warm people of Azerbaijan. THE DENTONS GUIDE FOR BUSINESSES 2017 Edition Dentons’ Baku Office Hyatt International Center Hyatt Tower 2, 8 Izmir Street Baku AZ1065, Azerbaijan Telephone: +994 12 490 75 65 Telefax: +994 12 497 10 57 [email protected] dentons.com The information given in this Guide is generally accurate as of 1 May 2017. 2 dentons.com Contents Preface 4 Abbreviations used in this guide 5 Coming to Azerbaijan 7 Setting up and closing down operations 11 Corporate governance 15 Banking and finance 21 Investment funds 31 Secured transactions 35 Taxation and social security (Outside the oil and gas sector) 39 Oil and gas taxation 47 Trade: imports and exports 53 Customs duties and regimes 57 Handling audits 63 Real estate and property ownership 67 Leases 73 Employment 77 Currency regulation 83 Licensing and permits 87 Intellectual property 91 Language: The use of Azerbaijani 95 ASAN Service 99 Legislative system 107 Dispute resolution – the courts and arbitration 111 Contributing authors 117 Global presence 120 What the Press Says 123 dentons.com 3 Preface Ophelia Abdullayeva Kamal Mammadzada Farhad Hajizade Sabina Orujova James E. Hogan Naida Sadigova Ruhiyya Isayeva Sona Taghiyeva Nargiz Kazimova Ulvia Zeynalova-Bockin This booklet is the eleventh edition of the Baku-Tbilisi-Ceyhan oil pipeline and property (22nd), protecting minority our business guide, which represents the South Caucasus Pipeline system investors (32nd), paying taxes (40th) and the collective knowledge and experience for gas has led to public spending enforcing contracts (44th). of our Firm after many years advising increases in infrastructure projects and clients in Azerbaijan. Dentons is Azerbaijan’s modernization. At the same The Dentons Guide is general in nature, the world’s first polycentric global time, diversification of the economy intending only to highlight some of law firm. Driven to provide clients and the development of new industries the principal issues of interest to those a competitive edge, and connected to are a national priority, particularly in present in this market. For companies the communities where its clients want light of the recent drop in the price of and financial institutions considering to do business, Dentons knows that hydrocarbons and resulting economic an activity in Azerbaijan, we hope that understanding local cultures is crucial to crisis. Openness to foreign investment it will serve as a good and practical successfully completing a deal, resolving has aided Azerbaijan’s transition to introduction to the legal and business a dispute or solving a business challenge. a market economy, and wide-ranging environment in the country. Now the world’s largest law firm, Dentons’ reforms have improved its overall global team builds agile, tailored macroeconomic environment. This edition is very much a group effort solutions to meet the local, national and on the part of the rapidly growing global needs of private and public clients We have seen many legal developments Dentons team in Baku. of any size, with more than 8,000 lawyers in Azerbaijan during the years since its in more than 150 locations, serving 60- independence, including the enactment We would also like to express our plus countries across Africa, Asia Pacific, of a modern Civil Code, the streamlining special appreciation to Mr. Azad Jafarli, Canada, Central Asia, Europe, Latin of activities requiring licenses and the Director of the International and America, the Middle East, Russia, CIS and permits, the establishment of centralized Public Relations Department at the State the Caucuses, the UK and the US. property and mortgage registries, Agency for Public Service and Social the adoption of international financial Innovations under the President of Active in this jurisdiction since 1990, and reporting standards, the establishment the Republic of Azerbaijan for his opening our permanent Baku office in of special economic zones and industrial valuable contribution to the chapter on 1999, Dentons in Azerbaijan covers a full parks and the introduction of a single ASAN services. range of local and international business window system for company registration, transactions in the private and public immigration/work permit formalities We also appreciate the valuable feedback markets, including related corporate and customs processing, together we have received from clients and friends restructuring and financing. From initial with remarkable advancements in of the firm on the usefulness of the guide strategy through the due diligence e-government. for their activities in Azerbaijan. phase, all the way to post-transaction integration, our professionals deal with all In the World Economic Forum Global corporate, competition, tax, commercial, Competitiveness Index 2016-2017 banking, employment and real estate Azerbaijan was ranked in 37th place (out aspects of corporate and finance of 138 countries). In the Doing Business transactions. 2017 report, published by the World Bank and the IFC, Azerbaijan received The oil-rich economy of Azerbaijan, a respectable ranking of 65th place (out where the international petroleum of 190 countries) in an independent industry began in the mid-19th century, evaluation of the ease of doing business. experienced a prolonged second oil Within the specific categories, Azerbaijan boom following independence in 1991. placed especially well in the areas of The opening of new export routes via starting a business (5th), registering 4 dentons.com Abbreviations used in this guide EPA – Export Pipeline Agreement PSA – Exploration, Development and Production Sharing Agreement dentons.com 5 01 Coming to Azerbaijan Visas, work permits rules on work visas have been adopted Work permits and police registrations to date, and under these circumstances Each foreign employee planning to the legal regime applicable to general work in Azerbaijan must obtain an Work and visitor visas multiple entry visas under the Visa Law individual work permit for such purposes. The law that governs the issuance of work also governs work visas. The decision on issuing a work permit and other types of visas, the Law “On is taken by the State Migration Service Entry, Exit and Passports”, dated 14 June All of the following documents must in accordance with a “single window” or 1994 (the “Visa Law”) does not specifically be filed with the Embassy of Azerbaijan “one stop shop” principle, considering refer to work visas. There are, however, in the employee’s country of residence the opinion of the Ministry of Labor and two types of entry visas provided: single in order to obtain a multiple entry visa: Social Protection of the Population. All entry-exit (valid from three days to three of the documents required to obtain months) and multiple entry (valid from • A letter of invitation on the employer’s a work permit must be filed with the State one to two years, although to date only letterhead Migration Service. The delivery of the work one-year visas have generally been permits is also carried out by this body. granted). Currently, with few exceptions, • A standard application form visitors must obtain visas from the country An employment contract with the foreign of departure prior to arrival in Azerbaijan. • Two color photographs of employee may not be concluded for It is also a good idea to have an invitation the employee a period exceeding the duration of letter from a business in Azerbaijan the work permit, which itself may not available for presentation. • The employee’s passport exceed one year. An application for renewal (extension) of a work permit In order to obtain a multiple-entry visa, • State duty (Normally, US$250 for must be filed with the State Migration an invitation letter from a business in a one-year multiple entry visa; Service at least 22 days prior to Azerbaijan is required by the embassy however, for nationals of countries expiration. The state duty payable for granting the visa. Formalities for submitting which charge higher visa fees to obtaining a work permit for a period of invitation letters differ from one embassy citizens of the Republic of Azerbaijan, one year is AZN 1,000. The fee payable to another—sometimes these may be the amount of the state duty may be for the renewal of a permit for a period of delivered by fax from the enterprise (or higher.) one year is also AZN 1,000. even by hand by the applicant) directly to the embassy, but in other cases A new online procedure exists for A work permit is not needed for the embassy may require that the invitation tourist visas at a number of Azerbaijani the following: letter be sent to the visa-issuing embassy consulates, both for business and via the Azerbaijani Ministry of Foreign tourist visas through special visa service • A person on a business trip for a period Affairs. In still other cases, the Ministry of centers engaged by such consulates. not exceeding 90 days per year carrying Foreign Affairs advises that the applicant It is important to inquire with the relevant out types of activities determined by must arrive in Azerbaijan using a single- Embassy of Azerbaijan as to which the relevant executive authority entry visa and then apply personally to procedure applies. the Consular Department of the Ministry in • A person engaging in independent Baku to be issued with a multiple-entry visa. entrepreneurial activity According to the Migration Code
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