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Innovations related to NBCOs

18.06.2019,17:05


June 18, Fineko/abc.az. Azerbaijan has defined the procedure of restriction of participation in the authorized capital of non-bank credit organizations (NBCOs) and reflected it in the draft amendments to the Law on Non-Bank Credit Organizations.

The relevant information was published in newspaper ‘Taxes’ of the Ministry of Taxes.

According to the draft, any person may increase a significant share of the NBCO's authorized capital, including his share, as well as a significant package of shares, by 20%, 33% of voting rights or a share of 50% or more of this amount, or a contribution that leads to the transformation of the NBCO into a subsidiary of this person.