Local incorporation requirement for the provision of various financial intermediary services, including stock exchange, clearing house and investment fund depository. Foreign investment companies are however entitled to establish a branch for the provision of the services.
"Chapter 4
Investment companies
Article 30. Investment company and its services
30.1 Investment company is a legal entity created in the form of an open joint-stock company, which holds a license for engaging in the business of an investment company, and sole business of which consists of investment services provided for in articles 30.3 and 30.4 of this Law.
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Chapter 5
Stock Exchange
Article 44. Organization of public trading [...]
44.3 A stock exchange is the legal entity organized in the form of a joint stock company, which is engaged exclusively in organizing and managing a regulated market, and which holds a license for engaging in activities of a stock exchange.
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Chapter 6
Post-trading system
Article 50. Organization of post-trading system [...]
50.3 A clearing house is a legal persons organized in the form a joint stock company, whose exclusive field of activity is engaging in clearing and which holds a license for engaging in clearing.
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Chapter 8
Licensing of activities of stock exchange, investment fund and investment company
Article 64. General requirements to licensing
64.1 Only persons, who have been obtained a relevant license pursuant to charter 8 of this Law, may engage in the activities of a stock exchange, clearing, investment fund depository and investment company (hereafter – licensed activities) in the territory of the Republic of Azerbaijan.  [...]
64.5 No licensed activities by persons, who have not registered in the territory of the Republic of Azerbaijan and not subject to regulation and oversight by the relevant government authorities of foreign countries, shall be allowed.
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Article 71. Issuing license to branch office of foreign investment company
71.1 Foreign investment firms may provide investment services (transactions) provided for in articles 30.3 and 30.4 of this Law in the Republic of Azerbaijan through opening their branch office. A branch of a foreign investment company may operate in the Republic of Azerbaijan subject to obtaining a license from the financial market supervisory authority. [...]" (Law of the Republic of Azerbaijan on Securities Market, dated May 15, 2015 № 1284-IVQ)
Law of the Republic of Azerbaijan on Securities Market, dated May 15, 2015 № 1284-IVQ
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