A register of financial lessors will be created.
elchi reports that this is reflected in the Law “On Financial Leasing,” for which President Ilham Aliyev has signed a decree on its implementation.
According to the law, a legal entity registered in the Republic of Azerbaijan or a local branch of a foreign legal entity may carry out financial leasing activities after being included in the register of financial lessors maintained by the Central Bank. A state duty in the amount established by the Law of the Republic of Azerbaijan “On State Duty” will be paid for inclusion in the register. Financial leasing activities by a branch of a lessor (excluding local branches of foreign legal entities) may be carried out by notifying the Central Bank.
The register maintained by the Central Bank is open to the public. The register includes the names of lessors, their legal addresses, branches, names of persons exercising management functions, the registration number and date, information on the restriction or suspension of financial leasing activities, as well as information about lessors removed from the register.