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Azerbaijan introduces unified register for Micro, Small, and Medium Enterprises under new law

14 May 2024 15:02 (UTC+04:00)
Azerbaijan introduces unified register for Micro, Small, and Medium Enterprises under new law
Nazrin Abdul
Nazrin Abdul
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The Law of the Republic of Azerbaijan "On the Development of Micro, Small, and Medium Entrepreneurship" stipulates the establishment of a unified register for micro, small, and medium-sized enterprise subjects, Azernews reports.

In accordance with this law, the "Regulation on the Unified Register of Micro, Small, and Medium Business Entities" was approved by the Decree of the President of the Republic of Azerbaijan dated May 13, 2024.

According to information provided by the Small and Medium Business Development Agency (KOBIA), this regulation delineates the legal, organisational, and technological framework for the register's operation, including the registration procedure and the required information to be included.

The register, to be established in compliance with the regulation, will enable SMEs to obtain information from a single electronic source about the services and support measures provided to them by state institutions, as well as the results of the evaluation of their activities.

Information exchange between the register and other state information systems will be facilitated through the Electronic Government Information System, ensuring prompt access to necessary information, user convenience, and transparency for monitoring procedures and outcomes.

The register will contain various details about SME subjects, such as their names, addresses, Tax Identification Numbers (TINs), state registration information, contact details, activity classifications, issued licences and permits, field of activity, conducted inspections, and assessment results by state institutions.

SME subjects, state institutions involved in the register's information processes, and organisations facilitating support infrastructure for SMEs will have access to the register.

Ownership and operation of the registry fall under the purview of the Small and Medium Business Development Agency.

Accessing information from the register will be free of charge.

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