BAKU, Azerbaijan, April 7. The Central Bank of Azerbaijan (CBA) has reminded joint-stock companies of their legal obligations regarding the preparation, submission, and disclosure of annual reports, Trend reports, citing the CBA.
Under the Law “On Securities Market,” annual reports must be prepared based on the results of the completed calendar year and approved by the general meeting of shareholders, except in cases specified by law. Companies are required to submit these reports to the Central Bank within ten business days of approval. Unless instructed otherwise by the CBA, the reports must also be disclosed on the company’s website and through media outlets within 30 calendar days of submission.
The CBA highlighted that annual reports must include a management report, financial statements, and an external auditor’s opinion, except for micro and small businesses. Companies that cease operations during the year are advised to notify the Central Bank and provide documentation, including the general meeting decision and a certificate from the State Tax Service.
The Central Bank warned that companies failing to submit their annual reports on time will receive formal warnings and may face administrative penalties under the Code of Administrative Offenses.
For questions regarding reporting requirements, the CBA encourages companies to contact its Call Center at 966.