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01.02.2024 SIGNING CEREMONY WITH CASPIAN ENERGY CLUB
On February 1, 2024 the Caspian Energy Club held a “Signing Ceremony with International Offices” at the Hyatt Regency Hotel. Through the document signed, Zaur Gadirov, Managing Partner of Financial Chain Corporation, has been appointed as the Chairman of the Caspian Energy Club Czechia. The document was signed by Gunel Guliyeva, Executive Director of the Caspian Energy Club International. The signed document sets the stage for significant upcoming events, including CEO MeetUps focused on various sectors, International Forums with participation from foreign delegations, and reciprocal visits between government and private sector representatives. These gatherings aim to foster productive and effective cooperation among member countries.
02.02.2024 KAZAKHSTAN: NEWS AND ACCOUNTING ACTIVITIES, FEBRUARY 2024
- The list of goods which are subject to VAT at a zero rate, sold in the territory of SEZ TURAN, has changed
- Changes are being made to the Licensing rules for digital mining activities
- Changes will be made to the methodology for calculating fees for environmental emissions
- Full list of accounting activities in February you may see below:
- Calculation and payment of wages for January: 1 – 10 of February
- Submission of tax reporting
02.02.2024 BETTER FUTURE WITH HEALTHY YOUTH
Azerbaijan, the country that hosted very prestigious sports events is not just known on a global scale for its rich history and culture but also its passion for sports. Historically, various types of sports have developed in our country and Gymnastics takes the most important place among them. The highest example of the value given to sports in our country is the President of Azerbaijan Gymnastics Federation, First Lady Mehriban Aliyeva’s contribution to the development of Gymnastics in Azerbaijan, as she always provided support to organize giant sports celebrations for the younger generation. Azerbaijan has many sports clubs that train successful athletes. We have high hopes that Pro Sports Club, which has recently joined the ranks of those, will train young talented gymnasts as well. “In our country, where the sport is highly valued, we, as the FCHAIN team, will do our best for the further development of the Pro Sport Club’s young gymnasts. The success of our little gymnasts is our success as well” – said Zaur Gadirov, Managing Partner at Financial Chain Corporation.
02.02.2024 EXCLUSIVE INTERVIEW TO MEDIA
Caspian Energy Club Czechia creates a networking platform for Czech and Azerbaijani companies to provide their services and establish ties, said Chairman of the Board of Caspian Energy Club Czechia Zaur Gadirov in his exclusive interview to Trend. Gadirov noted that Caspian Energy Club Czechia, the official representative of the club in the Czech Republic, is dedicated to intensifying its activity in the country. “In January 2023, the first event hosted by Caspian Energy Club Czechia in Czechia was the CEO Breakfast Prague, followed by the CEO Lunch Prague in February, and then March saw the organization of the international Caspian Energy Investment Forum Prague in 2023,” he said.
06.02.2024 FINANCIAL CHAIN CORPORATION IS THE OFFICIAL SPONSOR OF THE YOUNG GYMNAST
Financial Chain Corporation continues the tradition of signing “firsts”. This time the Company signed a sponsorship agreement with the young and talented gymnast Zuleikha Shabanova from “Pro Sport Club” in support of the development of gymnastics in our country, where the sport is highly valued. According to the agreement, Financial Chain Corporation will provide the young gymnast with sportswear, equipment, accessories, souvenirs, and, if necessary, financial resources as an official sponsor. At the same time, the company undertakes to cover the costs of transportation and accommodation, as well as medical insurance so that the gymnast can participate in tournaments and sporting events held in different countries.
09.02.2024 FCHAIN PRESENTS ITS NEXT SUCCESS – CONTRACT WITH PHILIPS CZECH REPUBLIC
Financial Chain Corporation (Czechia) successfully signed a service contract with Philips Czech Republic for its Personal Health product portfolio (and its Personal Health business segment). Under this contract, the company will offer various types of services in different countries where other branches of Financial Chain Corporation are present, including the Czech Republic, Azerbaijan, Georgia, Uzbekistan and Kazakhstan. The signing of the global cooperation contract at the Philips Czech Republic office in Prague was attended by the Director of Philips Czech Republic, Mr. Jakub Chvatal, and the Managing Partner of Financial Chain Corporation, Mr. Zaur Gadirov, as well as the Regional Manager of the Financial Chain Corporation Czech Republic, Mr. Teymur Akhundov.
On June 14, 2023, the Parliament of Georgia successfully adopted the new legislation “On Personal Data Protection” in the third reading, which substantially changed existing regulations concerning the processing of personal data and expanded the grounds for data processing. Until now, the restrictive nature of the law and its inflexible norms were a significant obstacle in terms of freedom of information in the country. Before the change the list of data processing bases, coupled with restrictive norms surrounding special categories of data, created an unreasonably disproportionate balance between the protection of personal data and freedom of expression and access to information, which was accompanied by the practice of interpretation of legislative provisions massively against the content of freedom of information.
12.02.2024 A COMPROMISE BETWEEN CARDS AND CASH? CZECH BANKS LAUNCH NEW PAYMENT SYSTEM
The new tool which negates the need for a classic payment terminal, helps reduces fees for businesses and is open to all bank clients.
In a push to advance cashless transactions, four Czech banks – spearheaded by Air Bank – are rolling out a novel solution that lets merchants skip traditional terminals while eliminating the need for customers to pay in cash. While 90 percent of Czechs use cashless payments at least once a week, a recent survey found that over half of consumers reported that they have encountered businesses that do not accept cards, often due to the high costs associated with payment terminals.
13.02.2024 KAZAKHSTAN: INTERESTING AND USEFUL ABOUT COMPANY REGISTRATION
Many questions arise regarding the company registration process and the list of required documents. It is difficult to find concisely presented and accurate information from government sources, and often the language barrier and/or the inability to visit the registering government agency creates a serious obstacle. We will talk in detail about the document flow in the process of registering companies with foreign participation in this article. In the previous article about registering a company in Kazakhstan, we talked about the advantages for business in the country and the most common form for a company, this article can be found here https://f-chain.com/legal-services-in-kazakhstan-company-registration /
13.02.2024 MEDIATION IN KAZAKHSTAN – YES OR NO?
WHAT IS GOOD TO KNOW ABOUT MEDIATED DISPUTE RESOLUTION?
Sometimes a contentious issues arise in the course of business activities. In particular, such situations indicate violated rights and obligations of individuals and legal entities as a result of the conclusion of a standard / low-quality agreement or an unscrupulous counterparty. Most people/companies whose rights have been violated seek protection from judicial or law enforcement agencies. Or they try to resolve the issue on their own through arbitrariness, which can lead to negative or even criminal consequences and losses. At the same time, a simpler and more economical way to resolve a dispute is often overlooked – resolving controversial situations through pre-trial dispute resolution – mediation.
14.02.2024 THE FCHAIN GEORGIAN OFFICE INFORMS
On February 7, 2024, Director of the FCHAIN Georgian Office Ella Lekishvili and HR Manager Tamta Minadze attended the event on the law “Personal Data Protection” organized by the company’s partner Self.HR. At the meeting detail information was provided by the representatives of the Personal Data Protection Service about the expected changes in the law. It should be noted that the new law will come into force on March 1, and will provide many important innovations for both individuals and companies.
19.02.2024 CONFERENCE “THE NEW STAGE IN THE GLOBAL SYSTEMS, POWER STRUGGLES AND THE SOUTH CAUCASUS”
Public Relations Manager of the Financial Chain Corporation Gunel Musa attended the Conference “The New Stage in the Global Systems, Power Struggles and the South Caucasus” held by the Turkey Century Businessmen and Solidarity Platform. The events and processes taking place in the world, reciprocal relations in the international cooperation, changes in the global system, modern economic and political trends, international civil society, geopolitical analysis, power struggles, and the current situation in the South Caucasus were the main topics of discussions at the conference attended by the state and government representatives, the Ambassador of Turkey to Azerbaijan Jahit Baghchi and high-ranking officials of the Embassy, management and the teaching staff of the University of Economics, as well as representatives of the business sector.
19.02.2024 GREEN ECONOMY FORUM 2024
On February 15th, the Green Economy Forum 2024 “Opportunities for Fostering Entrepreneurship” took place at the Hyatt Regency in Tajikistan. The forum was organized jointly with the Ministry of Economic Development and Trade of the Republic of Tajikistan, supported by the Foreign, Commonwealth & Development Office (FCDO), the Swiss State Secretariat for Economic Affairs (SECO), the Aga Khan Foundation (AKF), and Accelerate Prosperity Tajikistan.
In a rapidly evolving global economic landscape, Singapore is reinforcing its position as a top-tier investment destination with the introduction of the Refundable Investment Credit. This strategic move comes in response to the international Base Erosion and Profit Shifting (BEPS) 2.0 framework, showcasing Singapore’s commitment to adaptability and competitiveness in the face of changing global tax dynamics. Base Erosion and Profit Shifting involve multinational corporations strategically using deductible business expenses to reduce taxable income and shifting profits to low-tax jurisdictions. The global community recognized the need to address these challenges, leading to the development of the BEPS 2.0 framework by the Organization for Economic Cooperation and Development (OECD).
21.02.2024 CASPIAN ENERGY CLUB ORGANIZED B2G FORUM
Deputy Director General Valid Huseynov and Public Relations Manager Gunel Musa of the Financial Chain Corporation attended the B2G Forum on February 20th organized by the Caspian Energy Club.Discussed at the B2G Forum with Mustafa Abbasbayli, Chairman of the Managing Board of the Azerbaijan Public Employment Agency under the Ministry of Labor and Social Protection of Population and Veli Guliyev Chief of the Labor Inspection Service of the same Ministry, were the issues active employment measures, “Labor and employment” subsystem, labor relations and employment, human resources operations, World Bank’s Business Ready Project etc.
22.02.2024 BUSINESS OR EMPLOYMENT IN KAZAKHSTAN?
An important innovation that will have to be reckoned with Significant changes have taken place in the legislation of Kazakhstan regarding the rules for obtaining an individual identification number (IIN). IIN is necessary for receipt of state and non-governmental services in various organizations of the Republic of Kazakhstan. For example, in addition to employment, IIN is required for registration of a legal entity, opening a bank account, obtaining EDS, etc.
22.02.2024 EUROSTAT: PRAGUE IS THE FOURTH-RICHEST REGION IN THE EU
Prague has one of the highest rates of GDP per capita in the whole EU, based on purchasing power parity. According to new Eurostat data, Prague has surpassed Brussels, Paris, and Berlin to become one of the top-ranked regions in the EU in terms of GDP per capita by purchasing power standards. The Czech capital is the fourth-richest region in the EU due to the presence of several multinational companies (as well as their headquarters) and international workers.
According to Eurostat, the number of multi-national companies headquartered in Prague have contributed significantly to the city’s impressive economic development, resulting in a GDP per inhabitant that is more than double the national average. Several regions in Ireland and Luxembourg have surpassed Prague’s economic performance.
22.02.2024 TAX REFORM OPERATION IN TAJIKISTAN
The “Tax Reform Operation” Project Implementation Group of the Tax Committee under the Government of the Republic of Tajikistan organized an “Explanatory Meeting with Taxpayers” for accountants and management of companies for all sectors and business associations. At the meeting, where a Manual on the Tax Code of the Republic of Tajikistan was presented to all participants, detailed information was provided on the Tax Reform Operation.
26.02.2024 THE KHOJALY GENOCIDE – THE TRAGEDY OF THE 20TH CENTURY
The genocide in one of the most ancient settlements of Khojaly during the first stage of the conflict in Nagorno-Karabakh, which was started by Armenia against Azerbaijan in 1988, is one of the most terrible, tragic and unprecedented events in human history. Khojaly has situated 14 km to the northwest of Khankendi, had a population of 7 thousand before the tragedy in 1992. This was also home to refugees who were forced during that period from Armenia and IDPs from neighboring Khankendi, as well as to Meskheti Turks, who were forced from Fergana in 1989.
27.02.2024 GREEN WORLD SOLIDARITY YEAR – FINANCIAL CHAIN CORPORATION’S TREE-PLANTING ACTION (ANNOUNCEMENT)
Within the framework of 2024-Green World Solidarity Year, the FCHAIN team, which is always actively involved in social projects and the protection of fauna and flora, will this time hold a tree-planting action on March 2nd in Mushvigabad settlement. The purpose of the action, which will be held within the support of the Ministry of Ecology and Natural Resources of the Republic of Azerbaijan and within the cooperation with the Caspian Energy Club, is to protect the environment by planting trees, restore the ecological balance and contribute to nature. It is planned to plant 100 trees in the tree-planting action, which will be held under the slogan #Better Nature, #Better Future.
27.02.2024 MANDATORY DACTYLOSCOPY IN KAZAKHSTAN FROM 2024
New rules for registering foreign citizens have been introduced since 2024 in the Republic of Kazakhstan. According to changes in the migration legislation, a mandatory procedure of dactyloscopy, a special procedure of taking fingerprints by scanning with a reader, has been introduced. The dactyloscopy registration is performed at the migration service units at the place of stay.
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28.02.2024 FORGING AHEAD: THE FORWARD SINGAPORE MOVEMENT
In anticipation of Budget 2024, a substantial sum of S$5 billion has been earmarked this year to fortify social safety nets as part of the initial set of measures under the Forward Singapore initiative. The government aims to catalyze the transformation of Forward Singapore into a movement, seeking to invigorate Singaporean society. Deputy Prime Minister and Finance Minister Lawrence Wong, disclosed that by the end of this decade, an estimated S$40 billion will be allocated for seven identified policy shifts to ensure the social compact remains relevant and effective.
29.02.2024 CASPIAN ENERGY CLUB – BOARD ELECTIONS
The election of the Caspian Energy Club Management Board, which will take place on February 29, will be counted by Financial Chain Corporation. The calculation process will be led by Valid Huseynov FCHAIN Corporation’s Deputy General Director.
29.02.2024 FCHAIN’S FLAG WAVES IN KHANKENDI
Financial Chain Corporation joined the sponsorship list of the Khankendi-Baku Ultra-Marathon organized by the Ministry of Youth and Sports together with the Azerbaijan Athletics Federation. We proudly note that the flag of FCHAIN waves now in our beautiful Khankendi. The participants of the international ultra-marathon organized for the first time in Azerbaijan will reach the finish line in Baku after covering a distance of 380 kilometers.64 athletes from different countries are participating in the marathon held within the framework of “Sports Week” and “Year of Solidarity for the Green World”. Four of them are Mexican, five are Turkish, and one is Moldovan. Others are representatives of Azerbaijan.
