Azerbaijan leads the world in regulatory reforms to make doing business easier, according to Doing Business 2009—the sixth report in an annual series published by the World Bank and IFC.

Azerbaijan reformed in seven of the 10 regulatory areas studied by the report between June 2007 and June 2008. Its overall rank on the ease of doing business rose to 33 from 97—the biggest jump in one year ever recorded by Doing Business.

“Azerbaijan has achieved impressive and unprecedented results this year following a concentrated reform effort by the Government.  By introducing efficient regulations the country encourages creation of new businesses and expansion of the formal sector.

Changes to the labor code made it easier for businesses to create jobs. Azerbaijan also created a second commercial court in Baku, increasing the number of specialized judges.

 A new law gives greater protections to minority shareholders. A new unified property registry makes it easier to register property. A new one-stop shop for company registration reduced the number of procedures and halved the time needed for business start-ups. Azerbaijan reduced the tax burden by introducing an online filing and payment system with advanced accounting software systems for calculation of taxes due.   It also strengthened investor protections and credit information.

“In 2008 Azerbaijan is the pacesetter not only in the region but worldwide, advancing dramatically in the global rankings on the ease of doing business,

Four of the 10 economies making the most regulatory reforms are in Eastern Europe and Central Asia. The top 10 are, in order, Azerbaijan, Albania, the Kyrgyz Republic, Belarus, Senegal, Burkina Faso, Botswana, Colombia, the Dominican Republic, and Egypt.