Seamless Business Registration Process Fosters Entrepreneurship in Armenia

Video | 12 August 2013

An ADB-funded online business registration process in the Armenian capital of Yerevan allows entrepreneurs to incorporate their businesses and conduct other transactions at the click of a mouse.

Transcript

Title: Seamless Business Registration Process Fosters Entrepreneurship in Armenia

Description: An ADB-funded online business registration process in the Armenian capital of Yerevan allows entrepreneurs to register their businesses and conduct other transactions at the click of a mouse.

VO: Armenia – a landlocked country in the South Caucasus.  Its economic climate has improved since the Soviet era, with a recent government-led structural reform agenda that has significantly reduced barriers towards starting small and medium businesses. 

The Asian Development Bank has been supporting this reform agenda.

SOT: Asadullah Sumbal
Senior Economist (Public Finance), Central and West Asia Department
Asian Development Bank
ADB has been supporting it through technical assistance. This has made the Armenian business climate more competitive. And a lot of it has to do with ease in starting a business.

VO: Starting a business has become nearly seamless since 2011, when the government set up a one-stop-shop online system which allows entrepreneurs to start their own firms with relative ease.

SOT: Asadullah Sumbal
Senior Economist (Public Finance), Central and West Asia Department
Asian Development Bank
ADB has helped the government of Armenia to set up an automated business registry which has made it easier to start a business.

VO: Before the one-stop stop registration was created, entrepreneurs in the capital city of Yerevan had to register their businesses the traditional way – manually. Those keen to start a new enterprise could spend up to 20 days running from one agency to another – in some cases literally!

Today – through the online system, aspiring entrepreneurs just need to submit a valid identification and a business plan, supply some basic information online and their firms are registered within just 4 to 5 minutes!

SOT: Customer (1)
I’ve done my operations; I’ve got a state registration certificate. I am very pleased. I think the one-stop-shop window pays off. It saves time.

VO: The online platform merged various government databases and made it possible to exchange information seamlessly. It also allows other business transactions to be done at the click of a mouse.

SOT: Asadullah Sumbal
Senior Economist (Public Finance), Central and West Asia Department
Asian Development Bank
Registering businesses has become easier, liquidating businesses has become easier. Changing the incorporation of companies has become easier. All these things are very important for start up businesses.

VO: Another key benefit is that the new system has reduced corruption and inefficiency by eliminating the need for a series of face- to-face meetings with officials. The one-stop-shop system has fostered entrepreneurship in the country, further boosting Armenia’s improving economic climate.