Study of Small and Medium Enterprises in Azerbaijan - IFC

Expected impact
• Reduced time for entrepreneurs to register their business;
• A greater precision in locating and determining the details of other business
parties;
• Avoidance of the duplication of registered names of legal entities;
• Simple and free procedure for receiving information about existing legal entities
and possible partners in a business activity.
3.10.5 Further reduce the number of documents required for
registration of individual entrepreneurs
Delete from the Tax Code the provision requiring submission of the document
evidencing the applicant’s place of residence.
Expected impact
This will result in reduced time and costs for entrepreneurs.
3.10.6 Modify the procedures for opening, operating and
closing bank accounts
Notwithstanding the possibility of online opening of bank accounts through the
registration office (it is applicable to a limited number of banks), the rules for opening,
operating, and closing bank accounts still require entrepreneurs to present to
the bank the notification duplicate issued by the tax authorities, as well as notarized
copies of a number of documents. Procedures for opening, operating, and closing
of bank accounts need to be consistent with the principle of one-stop-shop registration.
Therefore, the letter of the law needs to be brought in line with current practice,
which has rendered the law outdated and superfluous. In addition, the banks should
strictly follow the aforementioned rules and return the notification duplicates to the
tax authorities instead of forcing entrepreneurs to do so.
Expected impact
Multiple effects include:
• Reduced number of documents to be presented to the bank;
• Reduced time and costs for the entrepreneurs;
• Reduced volume of work for banks and registration offices.
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St u d y o f Sma l l a n d Me d i u m Ent e r p r i s es in Az e r b a i j a n