THE FIRST FREE ECONOMIC ZONE IS CREATED IN AZERBAIJAN
The Milli Mejlis (the Parliament of Azerbaijan Republic), approved the law on “Alat Free Economic Zone".
The law defines the legal regime for the functioning, development and management of the Free Zone.
The Free Zone shall be established by the relevant executive authority and the free zone legislation shall apply. If there is a conflict between this law and the basic economic legislation, the free zone legislation is preferred.
There are no restrictions to the amount of investments in the charter capital by foreign of local shareholders.
Free Zone Competent Authority, Free Zone Administrative Offices, Free Zone Legal Entities and their Employees, Free Zone Residents are exempt from all taxes on their activities in the free zone.
The Free Zone shall not pay customs duties and taxes on imported goods, works, services. When goods, works and services are exported from the Free Zone to the main economy, the provisions of the basic economic legislation apply to such exported goods, works and services.
The main economy’s customs office creates a customs office for the application of customs regulations in the Free Zone. The customs administration implements its activities in accordance with the Free Zone's strategic goals, advanced international experience and Free Zone legislation.
Any legalization, confiscation or any other restriction on private property may not be applied to Free Zone legal entities entitled to operate in the Free Zone.
Investors, shareholders, Free Zone Residents, Free Zone legal entities have the right to invest in the Free Zone and the right to transfer abroad their funds from their activities without any restrictions.
Moreover, they have the right to operate and perform operations in any foreign currency without any limitation.
Source link: The law of Azerbaijan Republic on “Alat Free Economic Zone”