'Doing Business' places Azerbaijan among top 10 countries for property registration
Azerbaijan, Baku, Nov. 4 / Trend N. Ismayilova /
Azerbaijan has entered the top 10 countries in the world in terms of the speed of property registration, the World Bank and International Finance Corporation reported in their joint project, "Doing Business 2011: Making a Difference for Entrepreneurs." The research involved 183 countries.
According to information, an individual only needs to pass four procedures, which total cost 0.2 percent of the property cost, to register property in Azerbaijan. The procedures take only 11 days.
Azerbaijan's "Home Business" rating was 15th out of 183 countries. According to the report, eight days are needed to register a business through six procedures at a cost of 3.1 percent of the income per capita. According to the country's State Statistics Committee, the nominal income per capita was 2,016 manat in January-September.
In terms of receiving loans, the country ranks 46th out of 183 countries. The Doing Business report states that Azerbaijan has significantly improved its communications systems in this area. In terms of protecting investors, the country ranked 20th, while Azerbaijan held the 103rd position in terms of tax payment - rising five spots in the ranking from last year. According to the report, Azerbaijan introduced an electronic system and online VAT payment in 2007 and extended their work to property tax and land tax in 2009.
In terms of ensuring contract execution, Azerbaijan ranks 27th. The country is among the top 10 countries with the most rapid term of ensuring contract execution at 237 days.
Azerbaijan ranked 54th in the rating of improving conditions for entrepreneurial activity according to Doing Business-2011.