Baku. 26 October. REPORT.AZ/ Doing Business 2017 report has ranked Azerbaijan among 29 countries that implemented three or more reforms. The country`s overall standing in the report is 65, Report informs.
The reports says Azerbaijan facilitated international trade processes by introducing an electronic system for submitting export and import declarations. It says Azerbaijan made paying taxes easier by abolishing vehicle tax for residents.
The report notes that Azerbaijan strengthened minority investor protections by introducing requirements that related-party transactions undergo external review and be voted on by disinterested shareholders. It says Azerbaijan made starting a business easier by abolishing the requirement to use a corporate seal. Azerbaijan made dealing with construction permits easier by establishing a one-stop shop for issuing preapprovals for project documentation, the report says.
Azerbaijan has advanced in the report on some indicators. The country also ranked in the top five in terms of Staring a Business.
Doing Business sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.