Azerbaijan ranked 34th in Doing Business report

Azerbaijan ranked 34th among 190 countries in the Doing Business-2020 ranking, published by the World Bank group annually, Report informs citing the WB report released Thursday.

In this year's ranking, the World Bank took into account the five reforms, conducted in Azerbaijan. Thus, registration of property in Azerbaijan became easier and more transparent thanks to wider coverage of cadasters and digitalization and cadaster plans. The country also complicated the property transfer, making it obligatory to transfer assets to the deposit account of the notary. Azerbaijan also expanded access to loans, allowing the use of movable assets without any restrictions, including future assets that automatically apply to products, receipts and replacements of initial security, as collateral.

Azerbaijan also permitted a general remission of debts and obligations, as well as extrajudicial protection of interests. Azerbaijan has strengthened the protection of minority investors by imposing responsibility on directors for unfair transactions with interested parties, and Azerbaijan has complicated the payment of taxes by changing the taxation system for personal income.

According to the report, Azerbaijan has simplified the execution of contracts by introducing an electronic system that allows plaintiffs to file an initial complaint electronically and by adopting a law on voluntary mediation.

A comprehensive assessment of business conditions consists of 10 indicators: registration of enterprises, obtaining construction permits, connection to an electricity supply system, registration of property, obtaining loans, protecting minority investors, taxation, international trade, enforcing contracts and resolving insolvency (accessibility of bankruptcy proceedings).