15:49 - 5.02.2024

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February 5, Fineko/abc.az. The requirements and amounts imposed on foreign entrepreneurs, company executives and investors to obtain a temporary and permanent residence permit in Azerbaijan have been clarified.

ABC.AZ reports that the board of the Ministry of Economy has determined the turnover of these companies for company executives and entrepreneurs who want to obtain a residence permit in the country.

This requirement is provided for in the new amendments to the Migration Code. According to the innovation, in order to obtain a permit for permanent and temporary residence in the country, the head of the company or persons who are shareholders of the company must have the turnover of the company or the minimum amount of investments invested in it.

Currently, the Ministry of Economy has clarified these amounts. Under the chairmanship of Economy Minister Mikayil Jabbarov, the decisions of the board set minimum turnover amounts for all types of leases.

Under the decision, a person who owns more than 51% of the stake in a company established in Azerbaijan is granted a temporary residence permit with paid-up authorized capital of at least 50,000 manats.

And for a temporary residence permit of a person who has lived in Azerbaijan for 1 year and is the owner of a company, it is required that the annual turnover of this company be at least 100,000 manats.

A person who owns more than 51% of the stake in a company established in Azerbaijan is granted a permanent residence permit, while the paid-up authorized capital of the company should not exceed 100,000 manats, and the annual turnover is less than 200,000 manats.