Azerbaijan, Baku, Feb. 5 / Trend N.Ismayilova /
The International Finance Corporation (IFC) has developed recommendations to improve "single window" system under submitting business registration reporting, IFC Business Environment Encouraging Project Manager Boris Diviak.
IFC recommends removing the necessity of notary certification for legal address of the company, application and contract on lease, hereby facilitating the registration system. It will enable to reduce the term of registration by two days and entrepreneurs' expense by 70 manat.
According to Zaur Fatizadeh, head of the Tax Ministry's Special Tax Service Department, IFC recommendations can be realized and the Ministry is considering the opportunities to realize them.
"However, removing procedures on notary certification requires times, due to necessity of changing legislation and absence of alternatives to these procedures, such as electronic signature," Fatizadeh said. .
The IFC recommendations include expansion of register's functions, including major data about companies, its statutory documents and financial accounting. By improving he existing search system the IFC offers to establish a favorable and modern search system for users. According to IFC experts, it will enable the legal entities to find business partners and it can be easily shifted to a principle of self-financing.
The IFC also recommends increasing the number of banks for opening bank accounts by reducing the number of document and procedures, and improving businessmen's awareness of their rights and commitments.
"The Taxes Ministry welcomes the increased in the number of banks, connected to the electronic document circulation system, whist technical potential in many banks do not allow it. Furthermore, the bank itself should state its desire for connection. To date, 16 banks have been connected this system," Fatizadeh said.
Application of online registration of business in the country enters a list of IFC recommendations. It will enable to save time and expenses of entrepreneurs, to improve quality of information, to better control over its juridical correctness. The Taxes Ministry has launched applying this system, which will be protected by the end of the first half-year.