LLCs to be warned in this case

15:14 - 21.05.2024

May 21, Fineko/ LLCs (limited liability companies) in Azerbaijan may be warned for late provision of information on the authorized capital.

ABC.AZ reports that this proposal was made by MP Vugar Bayramov at the plenary session.

"Penalties are envisaged for failure to provide information on the fully paid-up authorized capital of an LLC to a state institution within the time limit established by law. These fines are proposed in the amount of 500 manats for officials and 1,000 manats for legal entities. But it should be noted that this data is electronically controlled, and almost all government agencies are integrated into this data. I suggest that, both taking into account the high level of electronics and data integration, direct penalties should not be applied, but warnings should be sent first. Then, if the information is not provided, apply penalties. I think this could be a new business opportunity," he said.