Azerbaijan’s new business start-up rules save hefty funds: IFC
The introduction of the "single window" system for business
start-up in Azerbaijan has allowed local entrepreneurs to save
funds to the tune of 19 million manats ($23.75 million) from
January 2008 to July 2009, says Ilham Abdullayev, the coordinator
of AzBEE, the International Finance Corporation (IFC) project on
improving business climate.
Boris Divyak, the head of the AzBEE project, said in turn that the Tax Ministry’s experience "could become a good example for other state bodies and show that reforms may help to save time and money."
A recent IFC poll has revealed that 89 percent of businesses welcomed the introduction of the "single-window" system. The number of documents required to start a business reduced from 33 to 6 and that of procedures from 13 to 6, and eight days are now needed instead of 34. The cost of registering a business has decreased from 270 manats to 113 manats, which has allowed entrepreneurs to save 1.66m manats.
Also, 77 private businessmen welcomed the "single-window" system. The number of documents required has decreased from seven to three, while that of procedures from six to three, and it takes just four days instead of the previous 15. Businessmen’s expenses have gone down from 267 manats to 20 manats, which saved entrepreneurs a staggering 17.36m manats, the IFC estimates.
The research also revealed 30 percent annual growth during the year when the new system was enacted due to its efficiency.
The survey, conducted in the capital Baku, as well as in Ganja and the southern Lankaran district, covered 650 small and medium enterprises.*
Boris Divyak, the head of the AzBEE project, said in turn that the Tax Ministry’s experience "could become a good example for other state bodies and show that reforms may help to save time and money."
A recent IFC poll has revealed that 89 percent of businesses welcomed the introduction of the "single-window" system. The number of documents required to start a business reduced from 33 to 6 and that of procedures from 13 to 6, and eight days are now needed instead of 34. The cost of registering a business has decreased from 270 manats to 113 manats, which has allowed entrepreneurs to save 1.66m manats.
Also, 77 private businessmen welcomed the "single-window" system. The number of documents required has decreased from seven to three, while that of procedures from six to three, and it takes just four days instead of the previous 15. Businessmen’s expenses have gone down from 267 manats to 20 manats, which saved entrepreneurs a staggering 17.36m manats, the IFC estimates.
The research also revealed 30 percent annual growth during the year when the new system was enacted due to its efficiency.
The survey, conducted in the capital Baku, as well as in Ganja and the southern Lankaran district, covered 650 small and medium enterprises.*
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