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Business Environment in Tajikistan As Seen by Small and Medium Enterprises, 2006 40840 BUSINESS ENVIRONMENT Public Disclosure Authorized IN TAJIKISTAN AS SEEN BY SMALL AND MEDIUM ENTERPRISES, 2006 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The content of this report is under copyright protection. This report may not be reproduced, copied or distributed, in whole or in part, in any form without mandatory citation of “Business En- vironment in Tajikistan as Seen by Small and Medium Enterprises, 2006.” The opinions expressed in this report do not necessarily reflect those of the International Finance Corporation (IFC), the Swiss State Secretariat for Economic Affairs (SECO), or the World Bank Group (WBG). The information in this report is presented in good faith as general informational material and IFC, SECO, and WBG can not be held liable for any loss, expense and/or possible consequences arising from the publication of or the use of information contained in the report. All information and materials used in this report are property of IFC and are preserved in IFC archives. BUSINESS ENVIRONMENT IN TAJIKISTAN AS SEEN BY SMALL AND MEDIUM ENTERPRISES, 2006 CONTENT CONTENT GLOSSARY..............................................................................................................................................vii FOREWORD AND ACKNOWLEDGEMENTS.............................................................................................ix EXECUTIVE SUMMARY.............................................................................................................................xi 1. SME IN TAJIKISTAN: OVERVIEW OF THE SECTOR, MAIN TRENDS AND BUSINESS EXPECTATIONS.........................................................................................................1 1.1 THE SME SECTOR WITHIN THE TAJIK ECONOMY......................................................................3 1.1.1 MACROECONOMIC OVERVIEW....................................................................................3 1.1.2 THE SME SECTOR IN THE ECONOMY..............................................................................4 1.1.3 INDIVIDUAL ENTREPRENEURS..........................................................................................6 1.1.4 DEHKAN FARMERS...........................................................................................................8 1.1.5 SMALL AND MEDIUM COMPANIES.................................................................................9 1.1.6 INVESTMENTS: MOSTLY INTERNAL FUNDS.....................................................................11 1.1.7 ENERGY SUPPLY: INSUFFICIENT.....................................................................................12 1.2 LEGAL ENVIRONMENT AND SME CONFIDENCE....................................................................13 1.2.1 LEGAL AWARENESS.......................................................................................................13 1.2.2 ROLE OF THE STATE IN THE SUPPORT OF ENTREPRENEURSHIP....................................15 1.2.3 LEGAL DISPUTES.............................................................................................................15 1.2.4 EXPECTATIONS OF ENTREPRENEURS.............................................................................16 2. REGISTRATION.................................................................................................................................19 2.1 REGISTRATION: THE LEGAL FRAMEWORK................................................................................21 2.2 REGISTRATION OF INDIVIDUAL ENTREPRENEURS...................................................................22 2.2.1 DIFFICULTY OF REGISTERING AS INDIVIDUAL ENTREPRENEUR....................................23 2.2.2 TIME SPENT ON REGISTRATION AS AN INDIVIDUAL ENTREPRENEUR..........................24 2.2.3 COST OF REGISTRATION OF INDIVIDUAL ENTREPRENEURS.........................................24 2.2.4 UNOFFICIAL PAYMENTS.................................................................................................25 2.3 REGISTRATION OF DEHKAN FARMS........................................................................................25 2.3.1 DIFFICULTY OF REGISTERING A DEHKAN FARM...........................................................27 2.3.2 TIME FRAMES FOR THE REGISTRATION OF DEHKAN FARMS.......................................27 2.3.3 COST OF REGISTRATION OF A DEHKAN FARM............................................................28 2.3.4 UNOFFICIAL PAYMENTS................................................................................................29 2.4 REGISTRATION OF LEGAL ENTITIES..........................................................................................29 2.4.1 DIFFICULTY OF REGISTRATION FOR LEGAL ENTITY.......................................................31 2.4.2 TIME FRAMES FOR REGISTRATION OF LEGAL ENTITIES: A LONG PROCESS...............32 2.4.3 COST OF REGISTRATION FOR LEGAL ENTITIES.............................................................34 2.4.4 UNOFFICIAL PAYMENTS FOR LEGAL ENTITIES STILL AN ISSUE......................................34 2.5 ECONOMIC IMPACT ESTIMATE...............................................................................................35 RECOMMENDATIONS ...................................................................................................................36 Business Environment in Tajikistan as seen by Small and Medium Enterprises, 2006 iii CONTENT 3. LICENSING.......................................................................................................................................43 3.1 LICENSING: THE LEGAL FRAMEWORK.....................................................................................45 3.2 LICENSING COVERAGE: IMPROVEMENTS OVERALL.............................................................46 3.3 LICENSING PROCEDURE: A TWO-SIDED SITUATION..............................................................48 3.3.1 DURATION OF LICENSING PROCESS: COMPLIANCE STILL TO BE ACHIEVED............50 3.3.2 COST OF LICENSING: STILL A RELEVANT BURDEN........................................................51 3.3.3 UNOFFICIAL PAYMENTS: STILL A COMMON WAY TO RESOLVE ISSUES.....................53 3.4 ECONOMIC IMPACT OF LICENSING......................................................................................54 3.5 DURATION OF A LICENSE: A STRONG DETERRENT TO LONG-TERM INVESTMENTS...............55 3.6 ACCESS TO INFORMATION.....................................................................................................57 RECOMMENDATIONS ...................................................................................................................59 4. PERMITS...........................................................................................................................................69 4.1 PERMITS: THE LEGAL FRAMEWORK..........................................................................................71 4.2 OVERALL ASSESSMENT: PROCEDURES ARE MOST COMPLICATED FOR SMALL AND MEDIUM COMPANIES.................................................................................72 4.3 PERMIT COVERAGE AND FREQUENCY: STABLE OVERALL.....................................................73 4.3.1 OVERALL COVERAGE AND FREQUENCY STILL EXTREMELY WIDESPREAD................73 4.3.2 NUMBER OF PERMITS IS LINKED TO THE SIZE OF ACTIVITY...........................................75 4.4 ISSUING PROCESS: UNREGULATED, OPAQUE AND UNNECESSARILY TIME-CONSUMING.............................................................................76 4.5 PERMITS EXPENSES...................................................................................................................77 4.6 ECONOMIC IMPACT OF PERMITS...........................................................................................78 4.7 ACCESS TO INFORMATION AND UNOFFICIAL PAYMENTS....................................................78 4.7.1 DIFFICULTIES FACED WHILE OBTAINING PERMITS........................................................79 4.7.2 UNOFFICIAL WAYS TO SOLVE ISSUES ARE WIDESPREAD............................................80 RECOMMENDATIONS ...................................................................................................................81 5. ENTREPRENEURS AND FINANCE.....................................................................................................85 5.1 tajikistan’s financial sector: an overview...............................................................87 5.1.1 LENDING: GROWING AT HIGH PACE, BUT STILL LIMITED............................................87 5.1.2 DEPOSITS: SIGNIFICANT DEVELOPMENT TO BE SUPPORTED BY AN INCREASE IN THE TRUST OF PEOPLE IN THE FINANCIAL SYSTEM.....................87 5.2 ACCESS TO BANKING FOR SMALL AND MEDIUM BUSINESSES STILL LIMITED.......................88 5.2.1 LENDING: LIMITED DUE TO SELF-SELECTION PROCESS...............................................91 5.2.2 INDIVIDUAL ENTREPRENEURS: INCREASING LENDING................................................93 5.2.3 SMALL AND MEDIUM COMPANIES: IMPROVED LENDING.........................................93 5.2.4 DEHKAN FARMERS: LOW LEVEL OF APPLICATIONS....................................................94 5.2.5 LOAN DURATION: STILL TO BE IMPROVED...................................................................95 5.2.6 COLLATERAL: STILL A HINDERING FACTOR..................................................................96 5.2.7 INTEREST RATES: EXTREMELY HIGH................................................................................98
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