The World Bank has named Azerbaijan the global leader in business reforms, according to a new study that examines how countries improve their commercial environments and encourage start-ups.

A key to securing the top ranking was Azerbaijan’s forward-thinking “one-stop shop,” also called a “single window” regulation system, that was created this year and which reduced costs and paperwork associated with new businesses. The new system cut business registration time from weeks – and even months – down to a matter of days. The enhanced business environment is part of Azerbaijan President Ilham Aliyev’s program to diversify the country’s economy, which benefits from massive oil and gas reserves lying offshore under the Caspian Sea. Sectors such as construction, agriculture, tourism, manufacturing, and information technologies are among Azerbaijan’s reinvigorated areas.