Azerbaijan greatly simplifies registration of legal entities
Baku, Azerbaijan, Jan. 22
By Sara Israfilbayova - Trend:
Legal entities will be registered through one procedure in Azerbaijan within 20 minutes, said Alakbar Mammadov, director general of the Department of State Registration and Control over Accounting of the Azerbaijani Ministry of Taxes, Trend reports.
Mammadov made the remarks at a press conference in Baku on Jan. 22.
"This became possible after amending the Law on State Registration and State Registry of Legal Entities," he said. “Earlier, registration of a company in Azerbaijan took over three days.”
Thus, state registration, accounting in tax authorities and opening a bank account will be carried out within one procedure.
"The entire information will be collected in a single database, the bank account will be opened automatically,” he said. “The entire data of the legal entity will also be sent to the database of the Azerbaijani Ministry of Labor and Social Protection of Population."
“The purpose of these changes is to simplify the registration process, minimize contacts between a citizen and an official, as well as minimize the expenses for opening an enterprise,” he said.
Mammadov stressed that everything possible is being done in Azerbaijan to improve the business and tax spheres.
He added that more than 11,000 legal entities were registered in Azerbaijan in 2018, of which 70 percent were registered via e-system.
In total, on January 1, 2019, more than 970,000 taxpayers have been registered in the country, of which 125,000 are legal entities and the rest are individuals, he said.
Follow the author on Twitter: @IsrafilbekovaS