of October 11, 2021 No. 1461
About enhancement of management in the field of the state support of development of entrepreneurship
Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, for the purpose of encouragement of investment of not oil sector of economy, optimization and increase in system effectiveness of management, strengthening of coordination in the field of the state support of development of entrepreneurship, further increase in transparency and satisfaction of entrepreneurs in this sphere I DECIDE:
1. By reorganization in the form of consolidation of the legal entity of the public law "Fund of Development of Entrepreneurship of the Azerbaijan Republic" and Azerbaijani Investment Company Open joint stock company in subordination of the Ministry of Economics of the Azerbaijan Republic to create the legal entity of the public law "Azerbaijani Fund of Business Development" (further - Fund) in subordination of the Ministry of Economics of the Azerbaijan Republic (further - the Ministry).
2. The fund is legal successor of Fund of development of entrepreneurship of the Azerbaijan Republic and Azerbaijani Investment Company Open joint stock company, their right and the obligation, and also the property is passed to Fund.
3. Determine that:
3.1. The fund is the legal entity of the public law keeping development of not oil sector of economy, providing stimulation of activities in this area, and also giving financial support to development of entrepreneurship;
3.2. for implementation of the common directorship activities of Fund and control of it create the Supervisory board consisting of 9 (nine) members;
3.3. 5 (five) members of the Supervisory board are appointed by the Ministry, and 4 (four) members - the following government institutions (on one from each structure):
3.3.1. Central Bank of the Azerbaijan Republic;
3.3.2. Ministry of Finance of the Azerbaijan Republic;
3.3.3. Ministry of Labour and Social Protection of the population of the Azerbaijan Republic;
3.3.4. State agency on tourism of the Azerbaijan Republic;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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