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Gov't accelerates business registration

26 February 2015 12:19 (UTC+04:00)
Gov't accelerates business registration

By Nigar Orujova

Azerbaijan has successfully managed to simplify its business registration process. Businesses can now register three times faster than in previous years.

Appropriate changes were made to administrative regulations: "Electronic registration of commercial legal entities", "Electronic registration of individual entrepreneurs" and "The procedure of tax registration and removal from the tax records of individuals". Changes came in force from February 20.

Adjustments were made in accordance with Taxes Minister Fazil Mammadov's directives.

Moreover, in accordance with the changes, the high-speed electronic registration of a Limited liability company will be made immediately after adding all necessary data into the national information system database.

Earlier, the registration of commercial legal entities in Azerbaijan required three days, and electronic registration in between one to three days. Now, high-speed electronic registration will only take a day.

Changes in the regulations also presuppose the introduction of norms on providing online electronic reference about the registration and removal of individuals on tax accounting.

Developing and helping new businesses is a priority in the country.

Azerbaijan distributed a total of 278.4 million manats in soft loans to 3,040 young entrepreneurs in between 2002 and 2014. In turn, entrepreneurs created over 13,000 new jobs. Loans have also helped young entrepreneurs develop their business and turn their dreams into concrete reality.

A business incubator was created in Azerbaijan in the Guba-Khachmaz economic region last year. As second business-zone is scheduled to open in the Aran economic region later on this year.

Participants will have the opportunity to present their business ideas in different fields -- agriculture, industry, tourism and the service sectors.

Moreover, the acceleration of customs procedures and the introduction of a single window principle make Azerbaijan a reformer country.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

Follow us on Twitter @AzerNewsAz

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