Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

LAW OF THE AZERBAIJAN REPUBLIC

of January 13, 1995 No. 952

About investing activities

(as amended on 03-05-2019)

This Law determines general social, economic and legal terms of investing activities in the territory of the Azerbaijan Republic.

The law is directed to intensive involvement of investments into economy of the Azerbaijan Republic, their effective use for development of social and economic base of the country, and also the international economic cooperation and integration, and provides equal protection of the rights of all investors irrespective of pattern of ownership.

Chapter I. General provisions

Article 1. Concept of investment

Investments are financial resources, and also the material and intellectual values put in objects entrepreneurial and other types of activity for the purpose of income acquisition (profit) or social effect.

Treat such means and values:

money, purpose-oriented bank deposits, credits, shares, shares and other securities;

personal and real estate (buildings, constructions, equipment and other material values);

the scientific and practical and other intellectual values which are drawn up in the appropriate order;

set of the not patented technical, technology, commercial and other knowledge constituted in the form of the technical documentation, skills and know-how necessary for the organization of this or that type of production "know-how");

the rights to use by the earth, water and other resources, buildings, constructions, the equipment and also following from copyright and other property rights;

other values.

Investment into creation and reproduction of fixed assets, and also into development in other form of production of goods is performed in the form of capital investments.

Article 2. Investing activities

1. The investing activities represent set of all actions of the investors connected with attachment and implementation of investments.

2. The investing activities have the following types:

the private investing activities performed by citizens, the non-state companies, organizations, the organizations and structures of the Azerbaijan Republic;

the state investing activities performed by state governing bodies, and also the state companies, organizations and the organizations at the expense of budgets, off-budget funds, own and borrowed funds;

the foreign investing activities performed by foreign citizens, legal entities, the states, international financial institutions, and also stateless persons;

the joint investing activities performed by citizens and legal entities of the Azerbaijan Republic and foreign states and the states.

3. For implementation of achievements of scientific and technical progress in production and the social sphere innovative activities as one of forms of investing activities can be performed. Enter innovative activities:

implementation of long-term scientific and technical programs;

financing of basic researches for high-quality change of condition of productive forces for the purpose of enhancement of structure of economy;

development, release, distribution and implementation of essentially new, economical types of the equipment and technology.

Article 3. Objects of investing activities

Any property, including fixed assets and current assets in all industries of economy, securities, purpose-oriented money deposits, scientific and technical products, intellectual values, other objects of property, and also property rights can be objects of investing activities.

Investment into objects which creation and use does not meet the requirements of the sanitary and hygienic, radiation, environmental, architectural and other standards established by legal acts of the Azerbaijan Republic is forbidden, and also violates the rights and the interests of citizens, legal entities and the state protected by the law, and also the attachment of investments into the objects breaking or able to break human health, state security.

Article 4. Subjects of investing activities

1. Citizens and legal entities of the Azerbaijan Republic and foreign countries, stateless persons, and also the states can be subjects (investors and participants) of investing activities.

2. The investors subjects making decisions on attachment of own, loan or raised funds, material and intellectual values in objects of investing activities, and also providing their use.

Investors can act in investing activities as investors, creditors and buyers, and also to perform functions of any participant of investing activities.

3. Participants of investing activities are citizens and legal entities of the Azerbaijan Republic and foreign states, and also the stateless persons providing implementation of investment intention as contractors of orders or based on the order of investors.

Article 5. Legislation on investing activities

The relations connected with implementation of investing activities in the territory of the Azerbaijan Republic are regulated by this Law. other laws and legal acts, and also international treaties of the Azerbaijan Republic adopted on their basis.

The investing activities of investors of the Azerbaijan Republic in the territory of foreign state are regulated by the legislation of the specified state.

The relations in connection with implementation of investing activities in the Alyatsky free economic zone are governed according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

Chapter II. Implementation of investing activities

Article 6. Rights of subjects of investing activities

1. Irrespective of pattern of ownership and type of economic activity all subjects of investing activities in the territory of the Azerbaijan Republic have the equal rights on implementation of investing activities.

Attachment of investments into any objects, except those which investment is forbidden or limited to this Law or other legal acts of the Azerbaijan Republic is exclusive right of the investor and is protected by the law.

2. The investor independently determines the purpose, the direction, type and amount of investment, attracts to its implementation on contractual basis, including by carrying out tender and the biddings, physical persons and legal entities as participants of investing activities.

3. According to legal acts of the Azerbaijan Republic the investor has right of possession, uses and orders of objects and results of investments, and also reinvestment and implementation of trading activities in the territory of the Azerbaijan Republic.

Investment into objects which does not involve acquisition of the property right established by the legislation of the Azerbaijan Republic does not exclude the right of the subsequent participation of the investor based on other corporeal rights or in the income from operation of these objects.

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