LAW OF THE AZERBAIJAN REPUBLIC

of April 14, 2009 No. 791-IIIQ

About special economic zones

This Law governs the legal and economic relations in connection with creation and management of special economic zones in the Azerbaijan Republic, establishes rules of the organization of business activity in these zones.

Article 1. Basic concepts

1.0. The concepts used in this Law express the following values:

1.0.1. the special economic zone - limited part of the territory of the Azerbaijan Republic to which to implementation of business activity the particular legal regime is applied;

1.0.2. particular legal regime - the mode which is applied in the territory of the special economic zone to its residents to implementation of business activity on favorable terms;

1.0.3. customs area - the territory consisting of the overland territory, internal waters of the Azerbaijan Republic, the sector of the Caspian Sea (lake) belonging to the Azerbaijan Republic (including the islands located in it, artificial islands, installations and constructions) and airspace over them;

1.0.4. residents of special economic zones - the legal entities and physical persons registered according to the legislation of the Azerbaijan Republic, which received in the procedure established by this Law the registration certificate of the special economic zone for occupation business activity in the territory of the special economic zone;

1.0.5. authority in the field of creation and functioning of the special economic zone (further - authority) the relevant organ of the executive authority pursuing state policy in connection with creation and functioning of the special economic zone in the Azerbaijan Republic;

1.0.6. administration of the special economic zone - the local structure of authority created in the territory of the special economic zone during the term of its functioning;

1.0.7. the operator of the special economic zone (further - the operator) the company which within the management agreement bears responsibility for management and development of the special economic zone has wide experience in this area;

1.0.8. the management agreement - the agreement signed between authority and the operator for management and development of the special economic zone.

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