A meeting was held with micro and small business entities

On November 23, 2023, the online meeting dedicated to innovations in the field of state registration of commercial legal entities for start-ups, micro and small business entities was held under the joint organization of the State Tax Service (STS) and the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy.

At the meeting, Ms. Leyla Huseyn-zadeh, head of division within STS State Registration Main Department, made a presentation on the current situation in the field of starting a business in the country, reforms, results achieved and future plans. She informed on the “Roadmap for 2022-2023 and the upcoming tasks regarding the implementation of improvements in the relevant fields related to the "Business Entry" indicator of the World Bank Group's "Business Ready (B-Ready)" project”.

It was noted that the software development process related to the electronic implementation of the change of registration data of LLCs within the framework of the Road Map has been completed. Changes such as the state registration of information on the beneficial owner (owners) of commercial entities and the state registry of such information, the limitation of the right of risky taxpayers to establish a legal entity by legislation are also envisaged.

Speaking about the implemented activities in the field of registration of legal entities, the head of division said that 11,552 (87.2 percent) of the commercial entities registered within 10 months of 2023 were local, and 1,695 (12.8 percent) ones with foreign investments. 82.4 percent of commercial entities are registered electronically. The specific weight of e-registration of limited liability companies with local investments was 95.1 percent. Moreover, 1,831 limited liability companies with local investments were registered by means of new registration method (PIN code + mobile number), where the specific weight of this method in the total registration accounted 13.8 percent, and in the registration of limited liability companies with local investments 16.0 percent.

The event was continued in the conditions of mutual discussions, the questions of the participants regarding the registration of legal entities, legal mechanisms when changing the name of the business entity, installation of POS-terminals were answered.

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