Approved by Board of National Bank of the Azerbaijan Republic of November 1, 1994, No. 05/2

Temporary procedure for issue of licenses to legal entities for sales of goods and rendering services in the territory of the Azerbaijan Republic on foreign currency

1. According to Millie's Resolution of Majlis "About the main directions of monetary policy of the Azerbaijan Republic for 1994" No. 472 of July 28, 1994, and also in view of that the manat in the territory of the Azerbaijan Republic is the single legal means of payment, the National Bank of the Azerbaijan Republic, depending on economic justification and feasibility of currency transactions, based on the petition of the legal entity issues to legal entities (including to joint businesses and the companies with 100 percent participation of the foreign capital) the license for sales of goods and rendering services.

2. For receipt of the license the legal entity shall submit to National Bank of the Azerbaijan Republic the following documents:

a) the copy of the charter of the company certified by the notary;

b) economic case of feasibility of licensing to the applicant with indication of the reasons of impossibility of sales of goods and rendering services on national currency;

By consideration of question of provision of the license for sales of goods and rendering services on foreign currency in the territory of the Azerbaijan Republic, National Bank the facts connected with problems of converting of national currency on other currencies and course risk are not taken into account;

c) the list of goods and services, implemented on foreign currency (it is necessary to specify source of delivery of goods);

d) information of authorized bank on movement on the currency account of the applicant for prior 6 months (1);

e) the approximate monthly size of the means arriving from sales of goods and rendering services;

e) for foreign legal entities, and also joint businesses - the copy of their registration certificate certified by the notary in the Ministry of Finance of the Azerbaijan Republic, and for representative offices of foreign firms - the copy of their registration certificate certified by the notary in the Ministry of External Commercial Relations of the Azerbaijan Republic.

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