Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Central Bank's decision, including banking and payment rails.
Get an investment license in Azerbaijan.
A two-stage licence with days printed on it: the Central Bank of Azerbaijan reviews a preliminary application within 60 calendar days and the final one within 30, under the Law on the Securities Market of 2015 (No. 1284-IVQ). The investment company licence comes in two categories priced by the CBA's charter-capital rules - AZN 75,000 for Category B, the basic services of arts 30.3.1-30.3.4 with the auxiliary services of art. 30.4, and AZN 300,000 for Category A, the services of arts 30.3.5-30.3.7. An investment fund manager needs AZN 125,000 under the Law on Investment Funds of 2010 and does nothing else. The state duty is AZN 2,750, the licence has no expiry, and the register holds twelve or thirteen investment companies and two fund managers. Profit tax is 20% under art. 105 of the Tax Code, confirmed per structure in the quote.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Azerbaijan in brief
Two categories, two manat floors and a clock in calendar days.
Azerbaijan licenses investment business at its central bank. Under art. 64.1 of the Law on the Securities Market - the 2015 statute, No. 1284-IVQ - the Central Bank of Azerbaijan licenses investment companies, banks' investment services under chapter 8-1, investment funds and their managers, the Baku Stock Exchange, clearing organisations and fund depositaries. The investment company licence covers acceptance and execution of client orders, portfolio management, investment advice, underwriting with or without commitment, own-account trading and margin trading, and the CBA's licensing guide splits it in two: Category B for the basic services of arts 30.3.1-30.3.4 with the auxiliary services of art. 30.4, Category A for the services of arts 30.3.5-30.3.7. The Rules on minimum charter capital, paras 2.4-2.5, price them at AZN 75,000 and AZN 300,000. Fund management is a separate licence under arts 36-41 of the Law on Investment Funds of 2010, at AZN 125,000, and the manager may do nothing else.
The procedure is printed in days. A preliminary application is reviewed within 60 calendar days; on a positive decision the final application is due within 90 calendar days and is reviewed within 30. The licence is issued without term, is non-transferable and takes effect on issue, and the state duty is AZN 2,750 under art. 22.0.26 of the Law on State Duty. The applicant must be registered in Azerbaijan; a foreign individual founder needs a positive recommendation from a financial institution in the country of residence under art. 66.1.4; offshore-registered persons cannot found an equity investment fund or its manager. The CBA register at 18 September 2026 shows twelve investment companies and two fund managers. Profit tax is 20% under the Tax Code's art. 105 - a figure the tax service's pages do not print, which we confirm in the quote. We run the file from Baku.
Two categories at the central bank: the CBA investment company licence under the Law on the Securities Market (2015) - AZN 75,000 for Category B, AZN 300,000 for Category A, AZN 125,000 for a fund manager - reviewed in 60 then 30 calendar days for AZN 2,750 of duty.
20% profit tax under art. 105, confirmed per structure; no passport, no compensation scheme; twelve investment companies and two fund managers on the register. Built end to end from Baku.
The two builds
The investment company - or the fund manager.
One CBA licence for investment companies in two categories - AZN 75,000 for Category B, AZN 300,000 for Category A - and a separate fund-manager licence at AZN 125,000 that does nothing but manage funds. Both run the same 60-day, then 30-day, review. We fix the category before the file.
The Category B or A investment company - or the AZN 125,000 fund manager.
01 - INVESTMENT COMPANY
The Category B or A licence
The licence under chapter 8 of the Law on the Securities Market for client orders, portfolio management, investment advice, underwriting, own-account and margin trading - Category B at AZN 75,000 for the basic services of arts 30.3.1-30.3.4 plus the auxiliary services of art. 30.4, Category A at AZN 300,000 for the services of arts 30.3.5-30.3.7, with managers and boards tested under art. 63.
The licence under chapter 8 of the Law on the Securities Market for client orders, portfolio management, investment advice, underwriting, own-account and margin trading - Category B at AZN 75,000 for the basic services of arts 30.3.1-30.3.4 plus the auxiliary services of art. 30.4, Category A at AZN 300,000 for the services of arts 30.3.5-30.3.7, with managers and boards tested under art. 63.
- ✓Category B - AZN 75,000 (arts 30.3.1-30.3.4, 30.4)
- ✓Category A - AZN 300,000 (arts 30.3.5-30.3.7)
- ✓Orders, portfolio management, advice, underwriting
- ✓Own-account and margin trading
- ✓60 + 30 calendar days · AZN 2,750 duty
- ✓Licence without term, non-transferable
02 - INVESTMENT FUND MANAGER
AZN 125,000 charter capitalThe manager under arts 36-41
The licence under arts 36-41 of the Law on Investment Funds for a company exclusively engaged in fund management - AZN 125,000 of charter capital, topped up in proportion once assets under management pass AZN 10,000,000, up to a total increase of AZN 2,000,000 - on the same 60-day and 30-day review and the same AZN 2,750 duty under art. 22.0.30.
Exclusively fund management under arts 36-41 - AZN 125,000, topped up above AZN 10,000,000 under management, same 60 + 30 days.
- ✓Exclusively fund management - arts 36-41
- ✓AZN 125,000 minimum charter capital
- ✓Add-on above AZN 10,000,000 under management
- ✓Capped at AZN 2,000,000 of extra capital
- ✓No offshore founders or shareholders
- ✓2 managers licensed · the second on 31.01.2024
Costs and timelines are confirmed for your case before any work begins. The state duty is AZN 2,750 under the Law on State Duty; the add-on percentage for a fund manager above AZN 10,000,000 is set in the CBA guide and confirmed with the licensing department; capital, governance and substance are itemised in your quote.
Why Azerbaijan
Days you can count, floors you can read.
Azerbaijan sells a printed procedure - 60 days, then 30 - with manat floors set by category, and asks you to plan a shareholder chain its guide inspects closely.
✓
60 + 30 calendar days
The CBA reviews the preliminary application within 60 calendar days and the final within 30, the final due within 90 days of the first decision - the same structure for investment companies and fund managers.Printed in the guide.
✓
AZN 75,000 to start
Category B - the basic services of arts 30.3.1-30.3.4 - at AZN 75,000 of charter capital; Category A at AZN 300,000; a fund manager at AZN 125,000.Category B entry.
✓
One duty, AZN 2,750
Art. 22.0.26 of the Law on State Duty for an investment company, art. 22.0.30 for a fund manager - the only application charge the law prints.The only fee printed.
✓
A licence without term
Issued müddətsiz - without expiry - non-transferable and effective on issue. No annual renewal file.Licence without term.
✓
A thin register
Twelve investment companies licensed between January 2016 and June 2022 and two fund managers on the CBA's list, the second only since 31 January 2024 - room in a market with one exchange and a population the statistics committee publishes only in spreadsheet files.Twelve firms, two managers.
✓
The offshore and foreigner rules
Offshore-registered persons cannot found an equity investment fund or its manager; a foreign individual needs a positive recommendation from a financial institution at home under art. 66.1.4; a foreign firm needs home regulation. Plan the shareholder chain first.Plan the chain first.
How it compares
How Azerbaijan differs from other routes.
The honest comparison: a printed 60-plus-30-day clock and AZN 75,000 - against Armenia's Regulation 4/01, Uzbekistan's electronic licence and Türkiye's TL 45,000,000 floor.
Azerbaijan vs other jurisdictions
| Feature |  Azerbaijan | Other jurisdictions |
|---|---|---|
| Regime | Law on the Securities Market 2015 art. 64.1 - CBA | CML 6362 Türkiye · ЎРҚ-387 Uzbekistan |
| Capital | AZN 75,000 B · AZN 300,000 A · AZN 125,000 fund manager | TL 45M-380M Türkiye · Armenia, Uzbekistan confirmed per case |
| Scope | Domestic market, branch or rep office for foreign firms | No passport in any of the four |
| Timeline | 60 + 30 calendar days statutory · no stats | Türkiye 6 months (CML art. 39) · Armenia, Uzbekistan none published |
Regime
AzerbaijanLaw on the Securities Market 2015 art. 64.1 - CBA
Other jurisdictionsCML 6362 Türkiye · ЎРҚ-387 Uzbekistan
Capital
AzerbaijanAZN 75,000 B · AZN 300,000 A · AZN 125,000 fund manager
Other jurisdictionsTL 45M-380M Türkiye · Armenia, Uzbekistan confirmed per case
Scope
AzerbaijanDomestic market, branch or rep office for foreign firms
Other jurisdictionsNo passport in any of the four
Timeline
Azerbaijan60 + 30 calendar days statutory · no stats
Other jurisdictionsTürkiye 6 months (CML art. 39) · Armenia, Uzbekistan none published
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Azerbaijan | Investment company - CBA | 20% profit tax · confirmed per structure | AZN 75,000 / 300,000, duty AZN 2,750, 60 + 30 days |
 Armenia | Investment company - CBA | 18% · confirmed per structure | Reg. 4/01 capital confirmed per case, 13 on register |
 Uzbekistan | Investment intermediary - NAPP | 15% · confirmed per structure | ЎРҚ-701 e-licence, capital by appendix, 75 register entries |
 Türkiye | Aracı kurum - CMB | 30% capital-market institutions | TL 45M / 190M / 380M, 6-month clock |
AzerbaijanLicense typeInvestment company - CBA
Taxation20% profit tax · confirmed per structure
RequirementsAZN 75,000 / 300,000, duty AZN 2,750, 60 + 30 days
ArmeniaLicense typeInvestment company - CBA
Taxation18% · confirmed per structure
RequirementsReg. 4/01 capital confirmed per case, 13 on register
UzbekistanLicense typeInvestment intermediary - NAPP
Taxation15% · confirmed per structure
RequirementsЎРҚ-701 e-licence, capital by appendix, 75 register entries
TürkiyeLicense typeAracı kurum - CMB
Taxation30% capital-market institutions
RequirementsTL 45M / 190M / 380M, 6-month clock
Before you apply
Requirements for the Azerbaijani licence.Requirements for the licence.
The CBA reviews in two stages under its licensing guide, tests people under art. 63 and shareholders under art. 66. The checklist below is what a passing application contains.
01
Azerbaijani registration - the company cannot operate without registration in Azerbaijan; the admitted legal form is not stated in the CBA guide and is fixed with the licensing department before incorporation.
02
Charter capital - AZN 75,000 for Category B or AZN 300,000 for Category A under paras 2.4-2.5 of the Rules on minimum charter capital; AZN 125,000 for a fund manager.
03
Category - the services chosen from arts 30.3.1-30.3.7 and 30.4, since Category A's AZN 300,000 follows the first service from arts 30.3.5-30.3.7 in the file.
04
Fit and proper - managers, supervisory-board and executive-body members meeting the professional-qualification and good-repute requirements of art. 63.
05
Corporate governance - the CBA's Corporate-governance standards for investment companies built into the charter and internal rules.
06
Shareholder chain - a foreign entity regulated by its home authority; a foreign individual who is not a permanent resident with at least one positive recommendation from a financial institution in the country of residence (art. 66.1.4).
07
No offshore founders - offshore-registered persons cannot be founders or shareholders of equity investment funds or their managers.
08
Two filings - the preliminary application, then the final application within 90 calendar days of the CBA's positive decision, on paper or electronically.
09
State duty - AZN 2,750 under art. 22.0.26 of the Law on State Duty for an investment company, art. 22.0.30 for a fund manager.
10
The unwritten items - client-asset segregation, ongoing capital adequacy, staff minimums and office rules sit in the articles beyond art. 20 and the CBA's 15 licensing guides; we confirm each with the licensing department before drafting.
01
Azerbaijani registration.
02
Capital per category.
03
Services from art. 30.3.
04
Art. 63 people.
05
Governance standards.
06
Home-regulated parent.
07
No offshore founders.
08
Two filings.
09
AZN 2,750 duty.
10
Unwritten items confirmed.
Reflects the Law on the Securities Market (2015), the Law on Investment Funds (2010), the CBA's Rules on minimum charter capital and its licensing guides as of 2026; no official English text of the laws exists.Securities Market Law 2015, Investment Funds Law 2010, CBA rules and guides - as of 2026.
How it works
From first call to the CBA register.
01
Category and services
Category B or A fixed from arts 30.3.1-30.3.7, or the fund-manager route - capital of AZN 75,000, AZN 300,000 or AZN 125,000 agreed in writing.B or A in writing.
02
Company and people
Azerbaijani registration, charter capital paid, art. 63 managers and boards and the art. 66.1.4 recommendation in hand.Art. 63 bench.
03
Preliminary application
Filed on paper or electronically; the CBA decides within 60 calendar days.60 calendar days.
04
Final application
Due within 90 calendar days of the positive decision; reviewed within 30 calendar days; AZN 2,750 duty paid.30 days, AZN 2,750.
05
Licence and launch
A licence without term, effective on issue - register entry, exchange and banking live.Without term.
Quick facts
RegulatorCentral Bank of Azerbaijan
LicenceInvestment company · fund manager
Category BAZN 75,000
Category AAZN 300,000
Fund managerAZN 125,000
State dutyAZN 2,750
Statutory clock60 + 30 calendar days
Profit tax20% · confirmed per structure
The CBA prints its 60-day and 30-day periods but no processing statistics - the honest plan is the two statutory windows plus the 90-day gap you control, with the final file already drafted when the preliminary decision arrives.
On the ground in Azerbaijan
Run from our Baku office.
Prifinance - Azerbaijan
Baku · Azerbaijan
Baku, Azerbaijan
01
Company and capital
Azerbaijani entity, AZN 75,000, AZN 300,000 or AZN 125,000 paid at the category, the shareholder chain cleared of offshore links before the file opens.Category fixed.
02
The CBA file
Preliminary and final applications drafted to the Central Bank's licensing guides, with the art. 63 people and the governance standards ready for both stages.Both stages drafted.
03
Board bench
Managers, supervisory board and executive body meeting art. 63, with the foreign founder's recommendation letter under art. 66.1.4 obtained early.Art. 63 ready.
04
Register and launch
Entry on the CBA register, Baku Stock Exchange membership and banking sequenced with the licence - with our Istanbul office a short flight away.Istanbul nearby.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of investment firms in Azerbaijan.
A 20% profit tax, 18% VAT and 10% dividend withholding under the Tax Code - each confirmed against e-qanun before we quote.
Profit tax 20%
Tax Code art. 105; the State Tax Service pages point to the Code on e-qanun rather than printing the rate, so we confirm it against the Code in the quote.Art. 105, confirmed.
VAT 18%
Art. 173, with the treatment of investment services confirmed for your service set before we model.Art. 173, confirmed.
Dividend withholding 10%
Art. 122 for distributions to shareholders, confirmed per structure and modelled with any treaty relief.Art. 122, per structure.
State duty AZN 2,750
The one charge the law prints: art. 22.0.26 of the Law on State Duty for an investment company licence, art. 22.0.30 for a fund manager.Art. 22.0.26.
No compensation levy
No investor-compensation scheme was found, so no scheme contribution sits in the model - client-asset rules beyond art. 20 are confirmed with the CBA.None found.
The fund-manager add-on
Above AZN 10,000,000 under management the manager adds capital per each further AZN 200,000, to a ceiling of AZN 2,000,000 - a capital line, not a tax, but it moves the model.Above AZN 10M.
Tax summary
Profit tax20% (art. 105) · confirmed
VAT18% (art. 173) · confirmed
Dividend withholding10% (art. 122) · confirmed per structure
State dutyAZN 2,750
Compensation levyNone found
*Figures as of 2026 per Azerbaijani law; Tax Code rates are confirmed against e-qanun before quoting. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Azerbaijani company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
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Azerbaijan · CBA
Launch your investment firm in Azerbaijan with expert support.
Full-service assistance - from the Azerbaijani entity and charter capital to the preliminary and final applications, the art. 63 bench, register entry and ongoing compliance - run through our Baku office.
Get a consultation →Free legal opinion
Is Azerbaijan the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Azerbaijani investment licence, answered.
Which licence does an investment firm need in Azerbaijan?+
The investment company licence from the Central Bank of Azerbaijan under chapter 8 of the Law on the Securities Market (2015, No. 1284-IVQ): Category B for the basic services of arts 30.3.1-30.3.4 and the auxiliary services of art. 30.4, Category A for the services of arts 30.3.5-30.3.7. Banks take a separate licence under chapter 8-1.
What capital is required?+
AZN 75,000 of charter capital for Category B and AZN 300,000 for Category A under paras 2.4-2.5 of the CBA's Rules on minimum charter capital. An investment fund manager needs AZN 125,000, plus proportional additions once assets under management exceed AZN 10,000,000, capped at AZN 2,000,000 of extra capital.
How long does the CBA take?+
Two printed windows: 60 calendar days for the preliminary application and 30 calendar days for the final one, which must be filed within 90 calendar days of the positive preliminary decision. The CBA publishes no processing statistics, so the realistic total depends on how complete the first filing is.
What does the licence cost?+
A state duty of AZN 2,750 under art. 22.0.26 of the Law on State Duty for an investment company and AZN 2,750 under art. 22.0.30 for a fund-management licence. No other application fee is printed; capital and substance are the real cost and are itemised in your quote.
Can foreigners own the company?+
Yes, with conditions the guide prints: a foreign entity must be regulated by its home authority, a foreign individual who is not a permanent resident must provide at least one positive recommendation from a financial institution in the country of residence (art. 66.1.4), and offshore-registered persons cannot found equity investment funds or their managers.
Is there a lighter adviser-only licence?+
No. Investment advice is one of the investment company's permitted services, and the CBA has no adviser-only regime; the lightest build is Category B at AZN 75,000. Foreign firms can instead seek permission for a branch or representative office under the CBA's separate guides.
Can one company do brokerage and fund management?+
No. The fund manager under arts 36-41 of the Law on Investment Funds is exclusively engaged in fund management, so a group licenses an investment company and a fund manager as two entities; both face the same 60-day and 30-day review and the same AZN 2,750 duty.
How many firms hold the licence?+
The CBA register at 18 September 2026 shows twelve investment companies licensed between 6 January 2016 and 22 June 2022 - the page itself reports thirteen - and two fund managers: CFİ Asset Management since 30 June 2014 and İnvestAz Asset Management since 31 January 2024.
Azerbaijan or Türkiye for a new firm?+
Türkiye has 66 intermediary institutions, 88 portfolio managers, a compensation ceiling of TL 2,065,145 and a six-month clock under CML art. 39, but a narrowly authorised firm needs TL 45,000,000 of equity and capital-market institutions pay 30%; Azerbaijan starts at AZN 75,000 in 60 plus 30 days at 20%. Istanbul for depth; Baku for a lean entry.
Why Prifinance for Azerbaijan?+
A Baku office and a file drafted to the CBA's licensing guides in both stages, with the category read off arts 30.3.1-30.3.7, the shareholder chain cleared of offshore links and the art. 66.1.4 recommendation obtained before filing. Our Istanbul office is a short flight away for banking and group structuring.
Which licence?+
CBA investment company.
Capital?+
AZN 75k / 300k.
How long?+
60 + 30 days.
Fee?+
AZN 2,750 duty.
Foreign owners?+
Yes, with art. 66.1.4.
Adviser only?+
No - Category B.
Brokerage plus funds?+
Two entities.
How many?+
Twelve, plus two managers.
Or Türkiye?+
Depth vs lean entry.
Why you?+
Baku office, both stages.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Central Bank of Azerbaijan or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.