Azerbaijan, Baku, Nov.4 / Trend, A.Yusifzade/
Kazakhstan ranked 59th this year in the global rating of countries by improving entrepreneurial conditions. The report was compiled by the World Bank and the International Finance Corporation under the titled, "Doing Business 2011: Making a Difference for Entrepreneurs." The country ranked 74th in Doing Business 2010.
The research involved 183 countries.
This year, Kazakhstan changed the legislation for companies by reducing the minimum capital requirements to $0.70 to optimize starting a business.
In the ranking for receiving construction permits, Kazakhstan ranked 147th with a 219-day term, while the country ranked 34th in terms of the number of procedures.
An individual only needs to pass four procedures, which cost a total of 0.1 percent of the property cost to register property in Kazakhstan. The procedures take only 40 days.
Kazakhstan's "starting a business" rating was 47th. According to the report, 19 days are needed to register a business through six procedures at a cost of 0.1 percent of the income per capita.
In terms of receiving loans, the country ranked 72nd. The Doing Business report states that Kazakhstan ranked 44th in terms of protecting investors, while the country held the 39th position in terms of tax payments.
In terms of ensuring contract execution, Kazakhstan ranked 36th with the term of ensuring contract execution at 390 days and 38 procedures.