Number of people registering business online up in Azerbaijan [UPDATE]

By  Trend

In March 2019, 87.8 percent of limited liability companies with local capital were registered online in Azerbaijan, said Alakbar Mammadov, director general of the department of state registration and control over accounting in the Ministry of Taxes, Trend reports.

He made the remarks at a press conference dedicated to the procedure for state registration of legal entities in Baku.

Mammadov noted that in the 1Q2019 the number of registered legal entities increased by 8.1 percent compared to the 1Q2018, while the number of registered individuals and limited liability companies with local capital increased by 28.5 percent and 11.3 percent, respectively.

Consistent work is underway in Azerbaijan to simplify doing business in the country.

In particular, since the beginning of this year, the state registration of legal entities has been simplified in Azerbaijan. Thus, registration of legal entities, registration over record-keeping in tax authorities and opening of a bank account are now carried out as part of one procedure.

Thus, registration of legal entities is now carried out by one procedure within 20 minutes. The registration procedure is possible without using an e-signature, it just suffices to use the personal identification number (PIN) code.

By the virtue of ongoing reforms, Azerbaijan ranked ninth among 190 countries in the Doing Business 2019 report in terms of the “Starting a Business” indicator.

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