Yerevan, Armenia, March 25, 2011—IFC,
a member of the World Bank Group, helped the Armenian government launch
the first One Stop Shop for business registration, which will ease business
entry, reduce administrative burden on businesses, and boost economic growth.
With advice from the IFC, the
Armenian government amended the legislation that streamlines procedures
for registration of legal entities and individual entrepreneurs. The
One Stop Shop, launched within the Ministry of Justice on March 10, will
streamline start-up procedures for new businesses, reducing the business
registration process by approximately two weeks.
“The Government of Armenia highly values
IFC’s contribution to the process of creating a stronger business entry
legislative framework and strengthening investor promotion and protection
in the country,” said Karine Minasyan, Deputy Minister of Economy of Armenia.
“The Doing Business reform team of the Ministry of Economy, in cooperation
with the Ministry of Justice and IFC’s team, put every effort to promote
the One Stop Shop system, which is very important to promote economic growth
“New simplified business start-up procedures
and improved customer service will enable Armenian businesses to save significant
time and resources,” said Arsen Nazaryan, IFC Armenia Regulatory
Simplification – Doing Business Reform Project Manager.
The IFC Armenia Regulatory Simplification
– Doing Business Reform Project supports small and medium-sized businesses
by providing advice to the Armenian Government on improving the investment
climate. IFC is implementing the project in partnership with the Austrian
Ministry of Finance, Netherlands Ministry for Development Cooperation,
Luxemburg Ministry of Finance, and the Consortium of Commercial Promotion
Since Armenia became a member of IFC
in 1995, IFC has invested $110 million in 24 projects across the industry
spectrum including financial markets, general manufacturing, energy, mining
and chemicals. IFC Advisory Services provide advice through projects focusing
on the financial sector, sustainable energy, and regulatory simplification.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
For more information about IFC’s partners, visit:
The Austrian Ministry of Finance: http://english.bmf.gv.at.
The Government of the Netherlands:
The Luxemburg Ministry of Finance:
The Consortium of Commercial Promotion
of Catalonia: http://www.acc10.cat/ACC1O/cat/