Number of legal entities increases in Azerbaijan
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By Trend
E-registration was used by 85.7 percent of registered legal entities, the Media and Communication Center of the Azerbaijani Ministry of Taxes told Trend.
Some 7,111 legal entities were registered in the country in January-June 2019, the absolute majority of which passed e-registration. According to the analysis, the reason is the simplification of e-registration of legal entities in 2019.
After creating the possibility of registering a limited liability company with local capital without an e-signature, the number of users of this service is growing rapidly.
The number of legal entities registered in January-June 2019 is by 18 percent higher than in the same period of 2018, while the share of e-registration increased from 79.6 percent to 85.7 percent.
As a result of the amendments to the Law "On State Registration and the State Register of Legal Entities", a legal entity and VAT have been registered and a bank account has been opened via one procedure since the beginning of 2019.
There is no longer the need to confirm an e-application by putting an e-signature. The users of the new service may be registered in the "Internet Tax Office" by entering FIN code and a cell phone number.
The documents are sent to the e-cabinet of the taxpayer thanks to the new e-registration system and there is no need to have the paper based documents.
The registration documents sent to the personal cabinet are encrypted with a special code and, thus, their acceptance by all state structures, banks, notary public offices and other organizations is ensured.
The reform also has had a positive effect on Azerbaijan’s position in the Doing Business report. Presently, Azerbaijan ranks ninth among 190 countries on the “Start of business” indicator. According to the report, it is possible to start a business in Azerbaijan in three and half days by passing three procedures and paying 18 manats.
As a result of the changes, documents and payments, which were required before, have become unnecessary. As for limited liability company, it can be registered online via one procedure during half a day.
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