34550 'p -Aft jobs Qz - - - 90 cnlt A copublication of the World Bank and the International Finance Corporation © 2006 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, D.C. 20433 Telephone 202-473-1000 Internet www.worldbank.org E-mail feedback@worldbank.org All rights reserved. 1 23 4 08 07 06 05 A copublication of the World Bank and the International Finance Corporation. The findings, interpretations, and conclusions expressed here are those of the authors and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the govern- ments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. 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Additional copies of Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth, and Doing Business in 2004: Understanding Regulation may be purchased at http://www.worldbank.org/publications To preserve endangered forests and natural resources, Doing Business in 2006 is printed on 100% post-consumer recycled fiber paper, processed chlorine free. ISBN 0-8213-5749-2 ISSN 1729-2638 E-ISBN: 0-8213-6434-0 DOI: 10.1596/978-0-8213-5749-1 Library of Congress Cataloging-in-Publication data has been applied for. Contents Doing Businiess in 2006: Creating Jobs is the third in a Creating jobs: an overview 1 series of annual reports investigating the regulations that enhance business activity and those that constrain Starting a business 9 it. New quantitative indicators on business regulations Dealing with licenses 15 and their enforcement can be compared across 155 countries-from Afghanistan to Zimbabwe-and over Hiring and firing workers 21 time. DoingBusiness in 2004: UnderstandingRegulation Registering property 27 presented indicators in 5 topics: starting a business, Getting credit 33 hiring and firing workers, enforcing contracts, getting 39 credit and closing a business. Doing Business in 2005: Protecting investors Removing Obstacles to Growth updated these measures Paying taxes 45 and added another two sets: registering property and Trading across borders 53 protecting investors. Doing Business itn 2006 again up- Enforcing contracts 61 dates all previous measures and adds three more sets: dealing with licenses, paying taxes and trading across Closing a business 67 borders, to create a total of 10 areas measured. The References 73 indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. Datai notes 7, Ease of doiing blusiness: an appendix 91 Doing Business indicators 95 Country tables 110 Acknowledgments 163 - : | =W: : Creating jobs: an overview Who reformed most? Where is doing business easy? Less costly does not mean less protection More reform is needed in Africa Success reuires new jobs in the formal economy If you were opening a new business in Lao PDR, burdens and increased access to credit. the start-up procedures would take 198 days. If you Such reforms allow firms to grow faster and create were opening one in Syria, you would have to put up more jobs. An increasing number of those jobs will be in $61,000 in minimum capital-51 times average annual the formal economy because the benefits of being formal income. If you were building a warehouse in Bosnia and (such as easier access to credit and better utility services) Herzegovina, the fees for utility hook-up and compli- often outweigh the costs (such as taxes). And more for- ance with building regulations would amount to 87 mal jobs will mean that more workers are protected by times average income. And if you ran a business in pensions, safety regulations and health benefits. Guatemala, it would take you 1,459 days to resolve a Women, who now make up three-quarters of workers simple dispute in the courts. If you were paying all in the informal sector, will be big beneficiaries. So will young business taxes in Sierra Leone, they would take 164% of and inexperienced workers looking for their first job. your company's gross profit.' Jobs are a priority for countries emerging from con- Starting a business is a leap of faith even in the best flict, to absorb former soldiers into the workforce and of circumstances. Governments should encourage the quickly enable families to rebuild their lives. Without daring. And many do. In 2004, 99 countries-two-thirds jobs there is a high risk that these countries will return of the Doing Businiess sample-introduced 185 reforms to conflict. And jobs in the formal economy are a prior- to make it easier to do business. They simplified some ity for countries in Africa-which have the most ob- aspect of business regulations, strengthened property stacles to doing business and are reforming more slowly rights, reduced exporting and importing costs, eased tax than anywhere else. Who reformed most? fell from 1,028 days to 635, thanks to a new code of civil In 2004 Serbia and Montenegro led in making the kinds procedure. Payroll and sales tax were replaced by a value of reforms that can spur growth in firms and jobs, im- added tax, which is easier to collect. The number of new proving in 8 of the 10 areas studied by Doing Btisiness registered (formal) firms in 2004 jumped by 42% over (table 1.1). The capital requirement for starting a new the previous year. business was cut from 5,000 euros to 500. The time to Georgia was the runner-up reformer. A new licens- start a new business was reduced from 51 days to 15. A ing law cut from 909 to 159 the number of licensed ac- new labor law made it easier to hire workers by allowing tivities. A one-stop shop was created for license applica- firms to offer term contracts rather than having to hire tions, so that now businesses can submit all documents under indefinite contracts even when addressing tem- there, with no verification by other agencies required. A porary needs. The time to resolve commercial disputes simplified tax code eliminated 12 of 21 taxes. And the time 2 DOING BUSINESS IN 2006 FIGURE 1 1 to register property fell by 75%, and the cost by 70%. Every country in Eastern Europe and Central Asia reformed Regionally, the most reform took place in Eastern Countries that mnade at least one reform in 2004 (%) Europe and Central Asia, where every country took at least one step to make things easier for business (figure Eastern Europe & Central Asia 1.1). Many of these reforms were driven by integration OECD with the European Union. Three Eastern European high income Latin America countries-Slovakia, Romania and Latvia-were among & Caribbean the top 12 reformers in 2004 (see table 1.1), and Slovakia South Asia was the leading reformer in 2003. All 3 have made it eas- East Asia ier for new businesses to open. These efforts appear to be Middle East paying off: in 2004 the number of new start-ups jumped & North Africa by 8% in Latvia, 13% in Slovakia and 22% in Romania. Sub-Saharan The most common reforms in the region, occurring in 0 20 4 60 80 100 half the countries, involved simplifying tax administra- tion and reducing tax burdens. Earlier reforms in Esto- Source: Doing Businessdatabase, nia, Russia and Slovakia led the way. Some of the boldest reforms, driving the biggest im- municipalities. With these reforms, a company can start provements in the Doing Business indicators, were: operating in 15 days rather than 51 (figure 1.2). * Serbia and Montenegro's simplification of business Egypt established a single window for trade docu- start-up. mentation and merged 26 approvals into 5. A time limit * Egypt's streamlining of customs procedures and of 2 days for passing through customs now applies. Im- trade documents. provements at customs were part of a broader reform to * Brazil's improvements to bankruptcy law. cut the number of tariff bands from 27 to 6 and simplify inspection procedures at the border. Serbia and Montenegro moved start-up registra- Brazil's new bankruptcy law gives insolvent com- tions from its courts to a new administrative registry. panies the option of remaining open while undergoing Entrepreneurs can register online, and a "silence is restructuring. Creditors have more power to direct reor- consent" rule ensures rapid approval. In addition, a new ganization proceedings by establishing creditors' commit- unified electronic database links the commercial courts, tees that vote on restructuring plans. Secured creditors statistics bureau, customs office, national bank and now get preference over tax claims when assets are sold. TABLE 1 1 The top reformers in 2004 Starting Dealing with Hiring and Registering Getting Protecting Paying Trading across Enforcing Closing a Country a business licenses firing property credit investors taxes borders contracts business Serbia and Montenegro / / / / / / / / Georgia / , , Vietnam / , / / / Slovakia / / / / Germany / / / / Egypt / / / Finland / / / / Romania / / / / Latvia , / Pakistan / / / / Rwanda / .1 / Netherlands / / / Note: Countries are ranked on the number of reforms. When countries have the same number of reforms, they are ranked on the impact of the reforms on the Doing Business indica- tors. The larger the improvement in ranking on each set of indicators, the higher the country ranks as a reformer. Source: Doing Business database. CREATING JOBS: AN OVERVIEW 3 FIGURE 1 2 The new law halved the average time for going through Making entry easier in Serbia and Montenegro bankruptcy from 10 years to 5 and is expected to raise the recovery rate from 0% of company assets to 7.5%. But not all changes in Doing Business indicators 50 .- were for the better. In 2004, 20 countries-18 of them poor-made it harder to do business. Among them: Madagascar raised its minimum capital requirement 30 for starting a business to $6,500-22 times annual in- Time reduced come per capita. 20from 51 days to * Chad raised transfer taxes and notary fees for regis- ',z5w tering property. Taxes and fees to buy land or buildings 10 Procedures reduced equal 21% of their value-among the highest levels in from 11 to 10 the world. o * Mauritania raised its corporate income tax rate from Procedures 11 20% to 25%/-the only country to increase this tax in 2004. Source: Doing Business database, Where is doing business easy? New Zealand has the most business-friendly regulation Jamaica a less attractive destination for investment. in the world, as measured by the Doing Business indica- But a high ranking on the ease of doing business tors (table 1.2). Singapore is the runner-up. The United does mean that the government has created a regulatory States is third. Five other East Asian countries-Hong environment conducive to the operation of business. Kong (China), Japan, Thailand, Malaysia and Korea- Often, improvements on the Doing Business indicators are among the top 30. So are the Baltic countries-Lith- proxy for broader reforms to laws and institutions, which uania, Estonia and Latvia. Their ranking is a remarkable affect more than the administrative procedures and the achievement, as only a decade has passed since they first time and cost to comply with business regulation. began reforms. But the rankings on the ease of doing business TABLE 1.2 also show that many reformers still have a long way Top 30 economies on the ease of doing business to go. Although Eastern Europe was the top reforming 1 New Zealand 16 Estonia region, some of its countries still rank poorly on the 2 Singapore 17 Switzerland ease of doing business. For example, Serbia and Mon- 3 United States 18 Belgium tenegro's rank is 92, Croatia's is 118 and Ukraine's 124. 4 Canada 19 Germany Egypt, another top reformer in 2004, ranks 141. And s Norway 20 Thailand India, though making big gains on collateral recovery 6 Australia 21 Malaysia and ease of registering property, ranks 116-25 places 22 Puerto Rico behind China. 8 Denmark 23 Mauritius Rankings Chma. the ease of doing business donottell 9 United Kingdom 24 Netherlands Rankings on the ease of doing business do not tell 10 Japan 25 Chile the whole story. The indicator is limited in scope. It does 11 Ireland 26 Latvia not account for a country's proximity to large markets, 12 Iceland 27 Korea quality of infrastructure services (other than services 13 Finland 28 South Africa related to trading across borders), the security of prop- 14 Sweden 29 Israel erty from theft and looting, macroeconomic conditions 15 Lithuania 30 Spain or the underlying strength of institutions. Thus while Jamaica ranks close (at 43) on the ease of doing*busi- Note: The rankings for all economies are benchmarked to January 2005 and reported Jamaica ranks close V(at 43 ) on the ease of doing b)usi- in the Country tables. The ease of doing business averages country rankings across the ness to France (at 44), this does not mean that busi- 1O topics covered in Doing Business in 2006. This year's rankings are not comparable to last year's as three new sets of indicators-on dealing with licenses, paying taxes nesses are better off operating in Kingston rather than and trading across borders-have been included. See the Data notes for details. in Paris. Crime and macroeconomic imbalances-2 Source: Doing Business database. issues not directly studied in Doing Btusiness-make 4 DOING BUSINESS IN 2006 Less costly does not mean less protection where it counts-protecting property rights and provid- Having a high ranking on the ease of doing business does ing social services. not mean that a country has no regulation. Few would The Nordic countries have moderate to high busi- argue that it is every business for itself in New Zealand, ness taxes-52% of gross profit in Finland and Iceland, that workers are abused in Canada or that creditors seize 53% in Sweden and 60% in Norway. Yet just 8% of eco- debtors' assets without a fair process in the Netherlands. nomic activity occurs in unregistered (informal sector) And to protect the rights of creditors and investors, as businesses. The reason is that businesses receive excellent well as establish or upgrade credit registries, more regu- public services for what they pay. For example, Denmark lation rather than less is needed to make the top 30 list. has the world's best infrastructure.2 Norway ranks high- All the top ranking countries regulate businesses, est on the human development index produced by the but they do so in less costly and burdensome ways. Con- United Nations Development Programme, with Sweden sider the 5 Nordic countries, all of which are on the top right behind it.3 In these countries, as well as the rest of 30 list: Norway (5), Denmark (8), Iceland (12), Finland the top 30, reformers do not have to choose between (13) and Sweden (14). These countries do not regulate making it easy to do business and providing social pro- too little. Instead, they have simple regulations that allow tection. They have found a way to do both. businesses to be productive, and focus intervention More reform is needed in Africa success motivated reformers elsewhere in East Asia and Chile's success has energized its Latin American neigh- If reformers of business regulation in Africa are seek- bors. Some African governments are responding, with ing an example, they should look nearby-to Rwanda. ambitious reforms planned in Burkina Faso, Lesotho In 2001 new company and labor laws made it easier and Malawi, among others. to start businesses and hire workers. The next year the Reform is sorely needed. Entrepreneurs face more government began land titling reform. And in 2004 regulatory obstacles in Africa than in any other region. Rwanda was among the top 12 reformers (see table Yet in 2004 reform was slower there than in other 1.1). Customs procedures were streamlined and the regions (figure 1.3). The 16 West African countries credit registry improved. Judicial procedures were managed just 2 reforms: Cameroon imposed a 7-day also simplified, expediting contract enforcement. The limit on customs clearance, and C6te d'Ivoire enabled country's president has explained the importance of employers to register workers with the social security court reform: "As the saying goes, justice delayed is fund in 1 day, down from 2 weeks. Across the region, justice denied. Our courts are clogged with an ever-in- for every 3 countries that improved regulation, 1 made creasing backlog of cases, some of which date back 10 it more burdensome. years or more. The rich, powerful and well connected FGURE 1 3 get preferential treatment . . . One of the bottlenecks Africa had the lowest reform intensity in 2004 that our program of national reconstruction faces is a Reform intensity (average number of reforms per country) malfunctioning legal system."4 Since initiating reform, Rwanda has had economic growth averaging 3.6% a bArcan year-among the highest levels in Africa. Middle East There are other Sub-Saharan success stories. In & North Africa Latin America 2004 Nigeria introduced 3 reforms, involving business & Caribbean entry, labor practices and credit information. Mauri- E&astAcif tius, with a rank of 23 among the easiest places to do South Asia business, made 2 reforms. South Africa ranks 28 on the OECD ease of doing business-and Namibia, 33. These coun- high income tries can inspire others in the region, just as Japan's &Centra Aspia 0 0.5 1.0 1.5 2.0 2.5 Source. Doing Business database. CREATING JOBS: AN OVERVIEW 5 Success requires new jobs in the formal economy FIGURE 1.4 Starting a business is the main way out of poverty "First, I would like to have work of any kind," says an 18- year-old Ecuadoran in Voices of the Poor, a World Bank survey capturing the perspectives of poor people around Start a business the world. People know how to escape poverty (figure Finda jobinan 1.4). What they need is to find a decent job. Studies con- existing firm firm this-the vast majority of people who escape from onthefWr poverty do so by starting their own business or finding work in an existing one.' Getcredit WOMEN Better performance on the ease of doing business Go to school M MEN is associated with more jobs (figure 1.5). New Zealand, the global leader on the ease of doing business, has 4.7% Migrate unemployment. In Greece, the OECD country with the o 10 20 30 40 50 60 worst ranking (80) on Doing Business indicators, unem- Notre: Based on interviews with 60,000 poor people in more than 50 countries. ployment is 10.9%. Source: Narayan and others (2000). Earlier studies confirm this pattern. Quarterly job creation in Portugal, one of the most heavily regulated from Burkina Faso. There, Oumarou runs a food sup- labor markets, is 59% of that in the United States on ply business. He would like to move into the formal a per capita basis. A Portuguese business is 40% less economy so that he can serve larger customers, who de- likely than a U.S. one to create jobs during an economic mand value added tax receipts. But registering a business upturn.6 Such jobless recoveries are common to heavily requires minimum capital equal to nearly 5 times annual regulated markets-and mean that some people remain income per capita. Fees alone cost 1.5 times income per without work for long periods.7 capita. To get a bank loan Oumarou would have to put Enormous opportunities exist for creating jobs. If up a large amount of collateral. But he has never regis- Croatia adopted the business environment of Denmark, tered his property, because doing so would require fees all else being equal, analysis suggests that unemployment equal to 16% of its value. In the face of such obstacles, could fall by up to 4 percentage points (see figure 1.5). If Oumarou keeps his business informal-and small. He is Argentina adopted Danish-style business regulation and not alone: in a country of more than 12 million people, property rights protection, analysis suggests that unem- only 50,000 work in the formal sector. ployment could fall by up to 3.3 percentage points.8 Reform can change this. Improving a country's But where regulations are costly and burdensome, Doing Business indicators to the level of the top quartile businesses often operate in the informal economy-and is associated with a 9 percentage point fall in the share remain small, creating few jobs. Consider an example of GDP accounted for by informal activity (figure 1.6). In FIGURE 1 5 Greater ease of doing business is associated with fewer unemployed Unemployment rate Implied cut in unemployment from improving to the top on ease of doing business Higher 12% / Implied cut 8% j Implied rate after cut Least difficult Most difficult Least difficult Most difficult Countries ranked by ease of doing business, quintiles Note: Relationships are significant at 1% level and remain significant when controlling for income per capita. Source: Doing Busirew database, ILO (2005). 6 DOING BUSINESS IN 2006 FIGURE 1 6 Greater ease of doing business is associated with less informality Informal sector (share of GDP) Implied cut in the informal sector from improving to the top on ease of doing business Higher 40% H Implied cut 30% ~ ~~~~~~~~~~~~~~Implied share after cat 20% Least difficult Most difficult Least difficult Most difficult Countries ranked by ease of doing business, quintiles Note: Relationships are significant at 1% level and remain significant when controlling for income per capita. Source: Doing Business database, Schneider (2005), WEF (2004). other words, reform expands the reach of regulation by pecially hard-pressed to create jobs. Continued peace bringing businesses and employees into the formal sector. depends on demobilizing rebel armies and finding liveli- Female and young workers would benefit the most hoods for thousands of refugees and former combatants. from these changes. Both groups account for a large This year Doing Business studies 5 conflict-affected coun- share of the unemployed (figure 1.7), and burdensome tries: Afghanistan, Eritrea, Iraq, Sudan and Timor-Leste. regulations significantly affect their job opportunities. Among these, Afghanistan was the top reformer in 2004. In Iran, for example, an employer cannot write a term The number of entry procedures for new businesses was contract unless the job is seasonal. And women are not cut from 28 to 1, and the time to complete the process allowed to work more than 8 hours a day. Not coin- from 90 days to 7. Transport infrastructure on major Af- cidentally, only 28% of women in the labor force are ghan trading routes was improved. Property records are formally employed. being compiled and digitized-providing the base for Governments in conflict-affected countries are es- a new property registry (even though the records cover only a quarter of the country). There are also plans to Youth unemployment highest in the Middle East establish a credit registry, owned by the central bank and private commercial banks. Property and credit registries Unemployment rate (%) U FEMALE YOUTH M ALL YOUTH will make it easier for creditors to provide loans. Middle East Successful regulatory reforms abound, with payoffs & North Africa for job creation. Since 2002 Slovakigts reforms have Latin America & Caribbean helped cut the number of unemployed by 43,000.9 In Eastern Europe & Central Asia Colombia reforms of employment and business start- Sub-Saharan __up regulations have created 300,000 jobs in the formal OECD economy.10 Another success story comes from Peru, high income where in the past decade the government has issued South Asia property titles to 1.3 million urban households. Secure East Asia property rights have enabled parents to find jobs rather & Pacific 0 5 15 20 25 than staying home to protect their property. Similarly, children can now attend school. As a result, the inci- Source: ILO (2005). dence of child labor has fallen by nearly 30%." CREATING JOBS. AN OVERVIEW 7 Notes 1. Defined as sales less material and labor cost. 7. Holmes (1998). 2. WEF (2004). 8. Analysis based on cross-country regression controlling for 3. UNDP (2004). the standard variables used in the labor literature. 4. Kagame (2002, p. 8). 9. Slovak Statistical Office (2005). 5. See also Fields and others (2002). 10. Echeverry and Maria (2004). 6. Blanchard and Portugal (1998). 11. Field (2002). I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ sa buiness ...- ', . ! I . . . . ' .. . Afghanistan may lack reliable electricity and paved Republic of Congo and $314 in Greece. The alleged ben- roads, but there is one problem that entrepreneurs no efit is the ability of prospective customers to check the longer face: it is now easier to start a new business. Re- identity of a business. But if a business wanted to verify forms in 2004 cut the number of necessary procedures the information on a prospective partner, an easier way from 28 to 1, and the time to complete the process from is to consult the public register. 90 days to 7. This makes Afghanistan the top reformer There is no reason to delay reform. Few people on business entry in 2004. would argue that having burdensome business start-up is Because reforms to make business start-up cheaper a good thing. The cost of reform to ease business entry is and faster are often simple, they have attracted a lot minor. Often it is done by the stroke of a minister's pen. of attention.1 In 2004 Eastern Europe eased entry the Even entirely new business registries cost only about $1 most-Latvia, Romania, Serbia and Montenegro and million in small countries and $2 million in larger ones.2 (for the second year in a row) Slovakia were all among The benefits are enormous. So are the costs of waiting. the top 10 reformers. Among the other top reformers, Germany set the registration fee to a nominal amount, TABLE 2.1 reducing costs by 19%. El Salvador slashed the time Where is starting a business easy-and where not? required from 115 days to 40. Cambodia cut registra- Easiest Most difficult tion fees and requirements and reduced the minimum Canada Mauritania required capital. Jamaica saved 22 days thanks to a new Australia Saudi Arabia company law and improved social security and tax regis- United States Togo tration. And Egypt established a single access point with New Zealand Haiti standardized application forms. Singapore Eritrea form un0cut themains tber dofne.Ressarmyin Africdurs teifraHong Kong, China Yemen Buom28 to much remainsthe to b omplete done.pRefm i frica hs Puerto Rico West Bank and Gaza hardly begun, yet 6 of the 10 countries where it is most Romania Congo, Dem. Rep. difficult to start a business are African (table 2.t1h). In the United Kingdom Chad Middle East and North Africa high capital requirements Jamaica Angola make new entry unlikely. Antiquated rules abound: 74 Note: Rankings on the ease of business start-up are the average of the country rank- countriesterequre ntew bsinpless toey publi attrestrda- mis on the procedures, time, cost and paid-up minimum capital for starting a busi- cOfuattntries. requInr2004e Eastern Europeeasedentrythe Eveness. new businessthe Data notes for details. tion notice in the newspapers. Doing so costs $424 in the 5ource: Doing Businessmdatubase. 10 DOING BUSINESS IN 2006 Who is reforming? than in 2003 (figure 2.2). In Romania registration takes Thirty-one countries eased business entry in 2004. only 11 days. Managers sign a form taking responsibility Nine of these-Bolivia, C6te d'Ivoire, Hungary, Lithu- for the company's compliance with regulations rather ania, Romania, Russia, Slovakia, Spain and Vietnam- than obtaining business permits during registration. reformed for the second year in a row. On average the top Reforms across the European Union were inspired 10 reformers cut the cost by 25%, the minimum capital by competition, with entrepreneurs in an EU member requirement by a third and the time by half (figure 2.1). country able to incorporate their company in any other The most popular reform in 2004 was to create a one. Fifteen thousand German businesses have saved single access point for entrepreneurs. Seven countries on notary and other expenses by registering in London, did this. Other reforms were also popular. Kazakhstan, where the required capital is only £1. Compare that with Romania, Serbia and Montenegro and Slovakia made the minimum required capital of 25,000 euro in Ger- company registration an administrative (not judicial) many. The German government has already proposed process. Cambodia, Germany, Honduras, Ireland and legislation to cut the capital requirement to 10,000 euro. Latvia cut the cost of starting a business. Ecuador, El The Netherlands plans to scrap it altogether. Reforms Salvador, Germany, Romania, Serbia and Montenegro have also taken place in Bulgaria, the Czech Republic, and Slovakia made the process quicker. Cambodia, Ser- Denmark, Estonia, Greece, Hungary, Ireland, Norway bia and Montenegro and Tunisia lowered the minimum and Spain. capital requirement. Reform in Latin America and the Caribbean is gath- Serbia and Montenegro, the second-ranked reformer, ering speed. In El Salvador business start-up now takes transferred registration from the court to a new admin- 75 days fewer than in 2003. Ecuador cut the time by a istrative registry. Entrepreneurs can register online, and a quarter. Honduras cut registration fees in half, although "silence is consent" rule ensures approval in 5 days. If the the total cost of start-up fell by only 12% because notary entrepreneur hasn't heard from the registry in this time, fees account for the bulk of expenses. A more daring the business can start operation. The country also set reform is necessary. Jamaica introduced a new company up a unified electronic database, linking the courts, the law and streamlined social security and tax registration. statistics bureau, the customs office, the national bank Its reforms cut the time by 22 days. Bolivia cut 2 weeks and the municipalities. And it cut the minimum capital off its lengthy process. Mexico and Paraguay are reform- requirement from 5,000 euro to 500. A company can now ing as well. In Brazil the pressure for easing entry is so start operating in 15 days rather than 51. great that several thousand entrepreneurs marched to Slovakia imposed time limits on issuing trade li- the president's office in June 2005 demanding change. censes. And it simplified tax registration by introducing Argentina bucked the trend by imposing a requirement a unified tax number for income and value added taxes. for notary approval of the registration notice. Starting a business now takes 25 days, nearly 80 days fewer In the Middle East and North Africa, Tunisia re- FIGURE 2 1 FIGURE 2 2 Top 10 reformers in business start-up Speeding business start-up in Slovakia Average improvement Days to start a business _-- _ Top 100 0 ~~~~~~~~~~reformers 29% .7?;:: Afghanistan l 29> ---- Y 25%'o |Serbia and 80 32% Montenegro Time reduced Jamaica 60 b~~~~~~~~~~IOMn 103 days to 25 _ _ ~~~~Jamaira 60 53% Latvia El Salvador Romania 40 2005 Cambodia Sload_ Procedures * * * * Germany ~ `l20 reduced Germany ~~~~~~~~~~~~~~~~~from 10 to 9 Egypt _ Procedures Time Cost Minimum ° capital Procedures r, , r e!f .15rTdh ,;leb3.r Source: Doirg Businessdatabase. STARTING A BUSINESS 1] duced the minimum capital requirement to a tenth of TABLE 2.2 what it had been. Egypt centralized start-up in a single Who regulates business start-up the least-and who the most? building, where company charters, now submitted electronically, are preapproved by the registry on the Procedures (number) spot. Registration is done in a day-but registration hwest Most fees increased by 80%. Saudi Arabia has started ambi- Afghanistan 1 Argentina 15 tious reforms. Approvals by different ministries are Australia 2 Bolivia 1 5 Canada 2 Greece 1 5 now centralized to speed registration. Time has already New Zealand 2 Guatemala 1 5 fallen by a week, with more improvements expected by Denmark 3 Ukraine 1 5 the end of 2005. Yemen made it more difficult for new Finland 3 Belarus 16 businesses, by doubling the required capital to more Sweden 3 Brazil 17 than $15,000. With annual incomes averaging $570, Belgium 4 Paraguay 17 there are few takers. Ireland 4 Uganda 17 Africa largely didn't reform. Only Cdte d'Ivoire Norway 4 Chad 19 made entry easier. Social security registration is now is- Time (days) sued on the spot, and the time for business start-up has Least Most been cut by a fifth. The Democratic Republic of Congo Australia 2 Azerbaijan 115 created a single access point. But hardly anyone knows Canada 3 Venezuela 116 about it, and the registration center is empty. Other Denmark S Angola 146 countries went backwards. Kenya added a separate pro- Iceland 5 Indonesia 151 cedure for paying stamp duty. Madagascar increased the United States S Brazil 152 minimum capital requirement to $6,474, 22 times the Singapore 6 Mozambique 153 Afghanistan 7 Congo, Dem. Rep. 155 average annual income (table 2.2). This reform is easily Puerto Rico 7 SaoTome and Principe 192 the worst of the year. France 8 Lao PDR 198 For the second year in a row the start-up gap be- Jamaica 9 Haiti 203 tween rich and poor countries widened. Since 2003 rich countries have made business start-up 33% faster on Cost (% of income per capita) average, cutting the time from 29 days to 19 (figure Least Most 2.3). They have cut the average cost by 26%, from 9% Denmark 0.0 West Bank and Gaza 275 of income per capita to 7%. Meanwhile, poor countries New Zealand 0.2 Cambodia 276 have reduced the time required by only 10%, from 62 United States 0.5 Rwanda 280 days to 56. The cost remains a staggering 113% of income Sweden 0.7 Congo, Rep. 288 United Kingdom 0.7 Chad 360 per capita, and the minimum paid-up capital 299% of in- Canada 0.9 Niger 465 come per capita-10 times the level in OECD countries. Puerto Rico 1.0 Congo, Dem. Rep. 503 FIGUR 2 3 Singapore 1.1 Angola 642 Rich countries are getting even better Finland 1.2 Sierra Leone 835 France 1.2 Zimbabwe 1,442 Procedures Time Cost Minimum capital requirement (% of income per capita, US$) 2003 - 5 - - None (0%) Most % US$ -5% -6% C] 1 46, including: Mauritania 878 3,686 RICH POOR 10 Australia Timor-Leste 909 5,000 Average POOR -13% Botswana China 947 12,212 improvement POOR Canada Jordan 1,012 21,649 France Saudi Arabia 1,237 129,009 -26% Nepal West Bank and Gaza 1,410 18,041 RICH Thailand Ethiopia 1,532 1,685 20C 5 33% Uganda Madagascar 2,158 6,474 RICH United States Yemen 2,703 15,408 Vietnam Syria 5,112 60,832 Source. Doing Business database. Source: Doing Business database. 12 DOING BUSINESS IN 2006 What to reform? FIGURE 2.4 Publishing newspaper notice-archaic and costly In the 10 countries ranked highest on the ease of starting Publication fee (% of total start-up cost) a business, the process has 6 features in common. Courts are not used. Online registration in a countrywide data- 70 Saudi Arabia base is available (except in Romania). The only cost is a fixed registration fee, regardless of company size. There 60 TEugnypta is no obligation to publish a notice in a journal. Stan- dardized registration forms are used. And the capital 50 France requirement is nominal or zero. Congo, Rep. Doing Business in 2005 discussed these features. The 40 Haiti first-keeping registration out of the courts-is worth ZRwmabndawe repeating, as it does the most to simplify business entry. Burundi Company registration is an administrative process and does not need the attention of judges. Instead, judges can be freed to focus on commercial disputes. Take the recent example of Italy, which until 1998 had the most cumbersome regulation of business entry of any or trading partners to get the information. No longer. It European economy, with the process taking 4 months. is much easier to search the company registry online or When Italy took registration out of the courts, it reduced call the registrar, which is what happens in practice. Pro- the time required to only 13 days. Three of the top 10 viding such access involves little cost-the information reformers in 2004-Romania, Serbia and Montenegro is already compiled. and Slovakia-made registration an administrative pro- In Tunisia publishing a notice in the official gazette cess. The benefits are large: entrepreneurs in countries and 2 daily newspapers costs $157, 60% of the total cost where registration takes place outside the courts spend to set up a new business. In 9 other countries publica- 14 fewer days on starting a business. tion fees amount to more than a quarter of the total cost (figure 2.4). In Sao Tome and Principe an entre- Here new evidence is provided on 3 other ways to ease preneur cannot complete registration until a notice business entry: is published in the official gazette. That could take 3 * Cut the newspaper publication requirement. months. Companies in El Salvador need to publish the * Introduce standardized forms. establishment notice 3 times in the official journal and * Eliminate annual renewal of licenses. a national newspaper, each time for 3-day intervals. In Zimbabwe an application for a trade and business Cut the newspaper publication requirement license has to be advertised in a local newspaper twice, In 1719 the South Sea Company took over most of Eng- delaying entry by 5 weeks. land's national debt-then saw its stock price quadruple In 2004 Serbia and Montenegro abolished the in a matter of days. The folly gathered speed. Many other requirement to publish a notice in the official gazette. entrepreneurs issued stocks. Some had viable business Instead, companies announce their formation on the ideas; others didn't. One promised to build a wheel for registry's website. Reform is under way in Germany to perpetual motion. In months the market had collapsed, end the requirement of publishing a registration notice and many people lost their savings. The Bubble Act of in the local newspaper and make the publication of the 1720 was issued, mandating an official notice in the federal gazette electronic. Such reform is easiest in East newspapers for company start-up. And so it began. Asia, where Internet technology is already widely used Today, nearly 300 years later, half the world still in company registration. Even the poorer countries in requires businesses to announce their formation in a the region are adopting it. In 2004 the Philippines in- newspaper or the official gazette. This made sense when troduced online registration, and Vietnam established newspapers were the only way for prospective customers electronic name verification, cutting time by 1 week. STARTING A BUSINESS 13 Introduce standardized forms registering the founding deed. The founders may fur- In Kazakhstan 80% of new business applications get ther describe their partnership in a separate contract rejected for flawed or insufficient paperwork. In El Sal- if they wish, but the contract need not be registered. vador more than 70% get rejected. In Senegal, 65%. The Thirty-six days are saved. solution is to introduce standardized forms. With these, entrepreneurs do not get confused about which forms to complete and where to submit them. Countries that Fifty-six countries require businesses to obtain licenses have introduced standardized forms have significantly as part of start-up. In half-nearly all in Africa and Latin lower rejection rates: 8% in the United Kingdom, 11% America-these business licenses must be renewed an- in Malaysia and 14% in Costa Rica. These can cover all nually. The main purpose in both regions seems to be business forms: sole proprietorship, partnership, limited to shake down the business for money. The beneficiaries liability or corporation. The applicant ticks the appro- differ. In Africa it is usually the ministry of industry. In priate box for business form and proceeds by completing Latin America it is the municipality. the relevant sections. Sample company bylaws can be In Africa inspections often precede the renewal. In provided for convenience. Eritrea, Ghana, Malawi, Tanzania, Uganda and Zimba- In 2004 the Slovak commercial register issued just bwe the inspector visits the premises of the business to such standardized forms, making them available on its verify that it has not changed the nature of its activity. website. If documents are found to be defective, com- "I always worry, as the inspector does not have to justify panies have 15 days to correct the errors and refile their the reason for rejection," says Naomi, a baker in Lesotho. application without paying additional fees. Only about a Businesses often resort to bribes to obtain approval. In quarter of applications are returned for correction, and Malawi the Ministry of Trade and Industry first verifies those are approved within 2 weeks. Before, rejected ap- whether the location and business use of premises are plications took up to 6 months to resolve in a civil court consistent with the city code. Next, a notice of the license procedure. Others are taking note: the Czech Republic renewal application is posted in the licensing authority's has amended its civil procedure code to allow standard- offices for 21 days. Anyone can contest the renewal. ized forms. In 2006 the United Kingdom too will intro- This is not to say that businesses should not be duce a standardized registration form. inspected or that licenses should not be withdrawn Countries that introduce standardized forms save if businesses have violated sanitary or other codes. their entrepreneurs time. In Jamaica one document- Indeed, the next chapter, on dealing with licenses, rec- the articles of incorporation-is now required to form ommends more focus on risk-based inspections. But a company. It takes 22 fewer days to start a business. In license renewal should not be an annual rite, and only Serbia and Montenegro a company is incorporated by violators should pay fines. Why reform? FIGURE 2 5 More entry after reform If it is easy to set up a business, more businesses are set up. Entrepreneurs registered nearly 1,500 more firms n in Serbia and Montenegro in the first half of 2005 than in the first half of 2004-a 42% jump (figure 2.5). This is not an aberration. Following reform, new entry 42 jumped by 28% in Vietnam, 22% in Romania and 16% 2 8 reform r- in Belgium. rfr 1 l9ll 2 There are other benefits. One is the associated in- 1- 0 - crease in investment. Analysis in one study suggests that r ; if Algeria brought its entry regulation to the level in Tur- 5 5 5 m key, it could boost business investment by up to 30%°3 Other studies show that another benefit is new jobs.4 In Afghanistan the entry of new companies in 2004 brought Source: Doing 8usiness database. 120,000 formal sector jobs. 14 DOING BUSINESS IN 2006 Cumbersome entry procedures push entrepreneurs Enticing enterprises into the formal economy into the informal economy, where businesses pay no through easier start-up procedures has 2 economic taxes and many of the benefits that regulation is sup- benefits. First, formally registered enterprises, because posed to provide are missing. Workers lack health insur- they have less need to hide from government inspectors ance and pension benefits. Products are not subject to and the police, grow to more efficient sizes. On average quality standards. Businesses cannot obtain bank credit formal enterprises produce 40% more than informal or use courts to resolve disputes. Women are dispro- enterprises in the same sectors, as reported in Doing portionately hurt, since they make up 75% of informal Business in 2005. Second, formal enterprises pay taxes, employees. Corruption is rampant, as bureaucrats have increasing the tax base for government revenue. As more many opportunities to extract bribes.5 These effects were companies move into the formal economy, governments reported in depth in Doing Business in 2004. can lower the corporate tax burden. This gives every business more incentive to produce. Notes 1. Witness the discussion in the European Union (EU 2004). 2. World Bank (2003). 3. Alesina and others (2003). 4. Fonseca, Lopez-Garcia and Pissarides (2001) and Ebell and Haefke (2003). 5. Djankov and others (2002), Svensson (2003) and Dreher, Kotsogiannis and McCorriston (2004). 1 5 v.. p | ; f; 1 s 5 ' t < | u ~~~~~~~~~~~~~~~,S, ,' 8, . ,;,.?I "If a builder builds a house and does not construct it In some countries it is expensive to comply with properly, and if the house falls in and kills its owner, building rules. A recent cross-country survey con- that builder shall be put to death." So says the Code of ducted for this report compared the procedures, time Hammurabi, written around 1800 BC. This law made and cost required for a typical medium-size company construction an unpopular business and housing in to construct a 2-story warehouse with an area of 1,300 ancient Babylon expensive. Indeed, the cost of building square meters (14,000 square feet). The warehouse then was nearly as high as in Sydney today.' would comply with all zoning and building regula- The treatment of builders has softened consider- tions. It would also have electricity, water and sewer- ably since Hammurabi's time. A tradeoff remains be- age connections and a regular telephone line. Because tween protecting the lives of people (including tenants, warehouses do not house people, there are fewer safety construction workers and passersby) and containing concerns than with construction of offices and homes. the cost of building. Most reforms of building codes At worst, a company's goods could be destroyed by fire, are driven by concerns about safety. For example, the collapse or flooding. What would it take to build such a Great London Fire of 1666, which destroyed two-thirds warehouse legally? of the city, led to stricter construction rules 2 years later. Similarly, the San Francisco earthquake of 1906 TABLE 3.1 triggered new building legislation in California and 16 Where is building a warehouse easy-and where not? other U.S. states. Easiest Most difficult Stricter codes result in fewer deaths-except when regulation is so burdensome that construction moves to Nalan Bsatana the informal economy. In The Mystery of Capital, Her- Japan Russia Denmark Russia nando de Soto estimates that illegal buildings in cities Singapore Iran of developing countries, constructed without required Thailand Guinea permits and inspections, have a value of $6.7 trillion.2 In Estonia Egypt the wake of the earthquake that hit Algiers in May 2003, Norway Zimbabwe the Daily Star reported that "many buildings crumbled Australia Croatia like sandcastles, disclosing major violations of building Sweden Burkina Faso codes. Few buildings followed required construction Ireland Tanzania practices." In Turkey, another earthquake zone, 40% of Note: Rankings on the ease of dealing with licenses are the average of the country be illegal Interankings on the procedures, time and cost of building a warehouse. See the Data new construction is estimated to be illegal. In the Philip- notes for details. pines, 57%. In Egypt, 90%/0.3 Source: Doing Businessdatabase. 16 DOING BUSINESS IN 2006 F GURE 3 1 In New Zealand a builder would have to complete 7 Building a warehouse in Mauritius-easy procedures requiring 65 days and $6,800-a third of the average annual income-to comply with all regulations. Time 21 procedures Cost (% of income per capita) That excludes the time and cost of building. Inspections (days) 132 days are contracted to private companies. The efficiency of 17% of income per capita regulatory and inspection services makes New Zealand the world's easiest place to build a warehouse (table 3. 1). 80 1l In Denmark it takes 7 procedures, 70 days and $31,800, Time or three-quarters of the average annual income, making Denmark the third easiest place to build a warehouse. 40 5 It is not only rich countries that achieve the right balance between safety and costs. Mauritius is among the easiest countries in which to build a warehouse (fig- 0 21 0 ure 3.1). And it has the same low rate of construction Procedures accidents as Hong Kong (China). Sourc:Dolng usines database. Construction licenses are just one type of business license. Here they are used as the starting point for the Striking the right balance between ease of doing discussion of licensing because construction is among business and consumer safety requires continuous re- the largest sectors in every economy. In OECD countries form. In Australia new licensing regulations contain it accounts for nearly 10% of national income. More- provisions that cause them to automatically expire after over, the rationale for such licensing is straightforward: a certain period unless renewed by parliament. Sweden well-built homes and offices save lives. Elsewhere, the takes a "guillotine" approach to licensing reform, where rationale for licensing is not always clear. Why do hair- hundreds of obsolete licenses are canceled after the dressers in Zambia need a license? Or laundromat own- government periodically requires regulators to register ers in Botswana? Couriers in Tanzania? Licensing reform essential ones. addresses these questions. Who is reforming? Poland was the most active reformer of business licens- TABLE 3.2 ing in 2004, with the Freedom of Economic Activity Main licensing reforms in 2004 Act repealing more than 600 licensing and permit re- Reform Country quirements at the national and municipal levels (table Cut the number of !urririg rg,m,rene Bulq 3r,a. e.rg,.j Poland 3.2). This reform had 2 goals: reducing the number of Simplified licensing and inspections Argentina, Canada, Netherlands licensing regulations and requiring that any new ones be Introduced private inspections Finland approved by parliament. For parliament to consider new Established time limits on issuing Bulgaria, Poland, Serbia and licensing legislation, a cost-benefit analysis must be sub- licenses ior,enegr:. mitted. The new law also limits to 4 weeks the time that Adopted new building codes Croatia, Vietnam small businesses have to spend dealing with inspections, Source: Doing Business database. licensing requirements and permit renewals. This target will be achieved by placing time limits on the services of "silence is consent" rule in most business licensing. This authorizing agencies. oversight has already caused problems with addressing Poland's example spurred reforms in Bulgaria and delays in the issuance of licenses. Georgia. In Bulgaria the new Law on Administrative Georgia's Law on Issuance of Licenses and Permits Regulation replaced 1,500 previous pieces of legislation. reduces from 909 to 159 the types of activities subject It defines principles for introducing new licensing re- to licensing. For example, the Ministry of Agriculture gimes and requires that they be accompanied by assess- can issue only 2 types of licenses: for processing fish and ments of compliance costs. As in Poland, the law also sets producing baby food. Any activity not mentioned in the time limits on processing of licensing requests. There law does not need a license. is one weakness in Bulgaria's law: it does not provide a Canadian construction companies used to com- DEALING W TH L CENSES 1 7 plain that building requirements grew every time they fewer than 20 days to receive one. met with municipal officials. It worked like this: Once Croatia and Vietnam adopted new building laws. a business received a site plan approval and a building Croatia's reform simplified procedures. Yet even after permit, it hired a builder. The builder would then go to the reform, it takes 28 procedures, 278 days and 12 times the municipality and receive a list of technical require- the average income to comply with all the regulations for ments. Once these were incorporated in the building plan, building a warehouse in Zagreb. Vietnam passed its first the builder would visit the municipality again-only to law on construction licensing, a compilation of existing receive another list. And so on. There was no limit on how decrees issued by the Ministry of Construction. Several many changes could be required. duplicate procedures were abolished, making it possible That is no longer the case. Regulations issued in 2004 limit municipalities to a single list of requirements. TABLE 3 3 Repeat visits are not necessary. It now takes less than 3 Who regulates licensing the least-and who the most? months to fulfill the requirements for building a ware- Procedures (number) house in Toronto, putting Canada among the fastest Fewest Most places to complete the process (table 3.3). Finland introduced private inspections in 2004. Denmark 7 Guinea 29 Several types of inspections-such as for foundations, Sweden 8 Egypt 30 steelwork and electrical work-can be performed by Thaeiland Czech Republic 31 builders as long as their employees have the required France 10 Kazakhstan 32 qualifications. If an electrical system malfunctions, the Ireland 10 Taiwan, China 32 employee who inspected it bears personal responsibility, Germany 11 Turkey 32 and his license will be revoked. Previously the build- Japan 11 Botswana 42 ing authority was responsible for inspections and had Kenya 11 Burkina Faso 46 a staff of trained professionals. Because construction is Singapore 11 Sierra Leone 48 seasonal, inspectors were stretched thin during the sum- Time (days) mer and fall but idle in the winter. That approach proved Least Most costly. Now inspection costs are borne by builders. But because their employees can both install and inspect, Finland 56 Madagascar 356 there is less idle time. And no days are lost in scheduling Korea 60 China 363 appointments and waiting for inspectors. Denmark 70 Brazi 460 A word of caution. Finland's reform will not work United States 70 Nigeria 465 in developing countries where revocation of profes- Canada 87 Bosniaand Herzegovina 476 sional licenses is not considered a significant penalty. Japan 87 Zimbabwe 481 And it will surely fail in countries where the courts are Mongolia 96 Russia 528 inefficient and corrupt. There, attempts to recover dam- Norway 97 Cote d'lvoire 569 ages due to the negligence of private inspectors may face United Kingdom 115 Iran 668 long delays and uncertainty about what judges will rule. Cost (% of income per capita) In such countries reformers would do best to focus on strengthening the government inspectorate. Least Most Several other countries also improved construction Australia 12.3 So Tome and Principe 1,737 licensing in 2004. The Netherlands made its rules on Czech Republic 16.1 Ethiopia 1,747 building materials more flexible by exempting several Mauritius 16.7 Serbia and Montenegro 2,195 basic types, such as mud and soil, from testing. In ad- Iceland 16.8 Niger 2,920 dition, building permits now differ based on the size of Thailand 17.3 Mali 4,903 the proposed construction, with small projects receiving Lithuania 17.5 Burkina Faso 5,002 less scrutiny. This reform alone saved the government $3 Slovakia 18.0 Congo, Dem. Rep. 6,516 million in annual supervision costs.4 Argentina unified Japan 19.7 Bosnia and Herzegovina 8,735 the granting of fire safety certificates and the final in- Belarus 22.7 Burundi 10,741 specting of buildings. Serbia and Montenegro imposed Source: Doing Business database. a time limit for issuing building permits. It now takes 1 8 DO NG BUSINESS IN 2006 FIGURE 3 2 to complete all requirements in 5 months rather than Rich countries make building easy nearly a year, as before the reform. Procedures, time and cost by income group Overall, though, little such reform occurred in poor Poor 20 Poor 229 Poor 957 countries, despite their having the highest regulatory 5Middle income 19 Middle income 212 costs (figure 3.2). While it costs less than the average an- Rich (P nual income to comply with building regulation in rich -RichO countries, it costs nearly 10 times the average income in poor countries. And 50 times in Burkina Faso, 65 times in the Democratic Republic of Congo, 87 times in Bosnia and Herzegovina and 107 times in Burundi (see table 3.3). That compares with 12% or less of income in Mid-ile ricome 184 Australia. When relative income is taken into account, - Rich 0 licenses and permits for building a warehouse are 600 Procedures Time Cost (days) (% of income times as expensive in Burundi as in Mauritius. (das) per capita) Source: Doing Business database. What to reform? Consolidate project clearances The rationale for licensing business activity is to protect In the Czech Republic builders must visit the fire de- public safety and health. There is good reason to require partment, health authority, road management agency, licenses for businesses that produce food or medicine, environmental agency and electricity provider twice or that use hazardous materials-as in the chemical each. These visits are required to receive technical industry-or build homes. Even then, reforms can make specifications for construction work and to get sign-off it easier for businesses to obtain licenses. This year, sug- that building plans meet these specifications. Only the gestions for reform target licenses and inspections in fire department inspects construction sites. Negotiat- the construction sector. Five such reforms have been ing the bureaucracy takes so much time that even the successful: new national stadium in Prague began construction * Give builders a step-by-step procedure chart. without a building permit. * Consolidate project clearances at the municipality. Italian builders used to face similar problems, so in * Introduce risk-based inspections. 2003 the government adopted a consolidated construc- tion law. It centralizes all project clearances into a single Don'tUp andate zoning specific mapyeriars. office at the municipality. Previously companies had to make separate visits to the fire department, worker safety department, water department, sanitation department, Give builders a step-by-step chart health department, project design department and tax In 2001 it took Latvian businesses 2 years to obtain all department. That process took an average of 8 months. the licenses and inspections required to build a ware- Now it takes 4.5 months. house.5 "With so many offices to visit, some several times, it was very confusing and much time was lost. I often got contradictory directions on what procedure to In Iceland inspectors visit sites after each stage of do next, driving back and forth around Riga like mad," construction is completed. The rationale is that once remembers Ugis, a builder. The government took note the next stage begins, faulty work may be masked and and prepared a flowchart showing which offices to visit safety jeopardized. Foundations built? Inspector comes. when and with what documents, and listing the offices' Steelwork completed? Inspector comes. Drainage system addresses, working hours and contact numbers. This built? Inspector comes. Plumbing installed? Inspector simple reform cut 2 months off the process and saved a comes. This approach is used in all Nordic countries as lot of money on taxi fares. well as in Australia, Canada, Ghana, Kenya, South Africa, Uganda, the United Kingdom and Zambia. DEALING WITH LICENSES 1 9 FIGURE 3 3 Not in Sierra Leone. There, municipal inspectors Building a warehouse in Serbia and Montenegro visit construction sites every week. Benin, Botswana, Burkina Faso, Egypt, Guinea and Niger have similar Time 21 procedures Cost (% of income per capita) systems. The potential for informal payments is higher 200 2,195% of income per capita 2,000 in such systems. "He walks around the site, finds a fault and looks expectantly. I pay. The next time it is some- 150 1,500 thing else," says Ignace, a contractor in Sierra Leone. Update zoning maps periodically loo Ti 1,000 In the Serbian city of Belgrade zoning maps date from I C t 1986. Many areas of the city are still deemed agricultural 500 land and so unsuitable for offices or warehouses. To build in such areas, businesses must obtain zoning ex- 0 ° emptions that the municipality decides case by case- Procedures at a cost of $1,025 apiece (figure 3.3). New construction Source:DoingBusinessdatabase. projects require a location permit or zoning exemption in 45 other countries as well. Such countries might con- they rarely are in transition economies. "The [1967] sider following the example of Bangkok, which updated code asks for a roofing material which is no longer its zoning map in 2002. When applying for a building produced-it previously came from the Soviet Union- permit, a business need only specify the address of its and the fire department does not approve new materi- proposed site. No cost is involved. Reform is under way als. You either bribe or use fake receipts with the name in Serbia and Montenegro too. Zoning will be updated of the approved material," says Benko, a hotel owner in by early 2006. Bulgaria. Many roofs are built illegally. Don't mandate use of specific materials Some building codes specify what materials can be used in construction. Such materials are tested for their safety and their technical parameters mandated in the code. This approach works when codes are up-to-date. But Why reform? FIGURE 3 4 More procedures-a smaller construction sector in Africa There are four reasons to reform licensing regimes. First, countries with simpler procedures and less costly re- gimes have larger construction sectors. Second, they have 15 * Lesotho cheaper offices and warehouses for all businesses. Third, reducing the cost and hassle of obtaining licenses keeps 12 more businesses in the formal economy, which may im- prove safety. Finally, governments can save money with 9 Mauritania fewer and simpler licenses and inspections. 6 With fewer burdens on construction, the sector * Mauritius expands (figure 3.4). In the United Kingdom the con- 3 Cote d'lvoire struction sector accounts for 6.2% of national income. 0 In Australia, 7.4%. But in Nigeria and Togo construction ° io 15 20 25 30 generates less than 1% of income. This is not because Procedures there is less construction in Lagos or Lome, but because Source: Doing Business database, World Bank(2005d). many buildings are constructed illegally. 20 DOING BUSINESS IN 2006 The effect of burdensome regulation is illustrated Business in 2004, which showed that more regulation of by a study of building permits in France.6 In 1974 the the food sector in developing countries did not result Ministry of Industry adopted legislation to protect small in fewer food poisonings.8 Faced with high regulatory shopkeepers against competition from chain stores. burdens, entrepreneurs move their activity to the in- Zoning permits were issued at the discretion of mu- formal economy, where they operate with less concern nicipal councils. Few such permits were given. Had this for safety. regulation not been introduced, employment in the for- Simplifying licensing regimes also saves the govern- mal retail sector could be up to 10% higher today. ment money. In the Netherlands a program for cutting The cost of renting or owning business premises red tape under the aegis of the Ministry of Finance has falls when regulation is easily complied with. At $1,500 saved more than $2 billion a year. By 2007 savings are a square meter, building a business site is 8 times as expected to reach $4.5 billion-or a quarter of what the expensive in Switzerland as in Sierra Leone. Yet Switzer- government spent administering licensing regimes and land's average income is 300 times Sierra Leone's, and it other business controls 5 years earlier. Administrative requires 33 fewer procedures for construction projects. procedures have been simplified for corporate taxation, Building office space in Zagreb is as expensive as in Brus- social security, environmental regulation and statistical sels, at $820 a square meter. It needn't be. and licensing requirements. An independent agency, Data from the International Labour Organization Advisory Committee on the Testing of Administrative show that licensing does not always create safer con- Burdens, is responsible for studying the costs and benefits struction sites.7 This finding is consistent with Doing of new regulation to ensure it is cost effective. Notes 1. The Code of Hammurabi states that builders should be 4. Netherlands, Ministry of Finance (2005). paid 2 silver shekels per sar (about 12 square feet) or 1.79 5. FIAS (2002). shekels a square meter. A silver shekel also bought 20 liters of wine. In June 2005 the average price of a bottle of wine 6. Bertrand and Kramarz (2002). (0.75 liters) in Sydney was $12. This makes the price of 7. The correlation between the number of worker accidents building in Babylon $613 a square meter in current dollars. and the number of procedures or the cost of complying The going price in Sydney is $675. with building regulation for 67 countries with available data 2. De Soto (2000, table 2.1, p.36). is positive and statistically insignificant. 3. De Soto (2000, p. 33). 8. World Bank (2003); see also Djankov and others (2002). 21 * ~~~~W ir~ Yasmine, a recent graduate from Burkina Faso's Univer- allowed. With rigid regulation, common in developing sity of Ouagadougou, is looking for a job. She finished countries, employers choose conservatively. Some work- at the top of her class and has good communication ers benefit-mostly men with years of experience on the skills and excellent references from her professors. Yas- job. But young, female and low-skilled workers often mine is invited to interview with a large manufacturing lose out, denied job opportunities (figure 4. 1). company. The interview goes well. But an older male Inflexible labor markets stifle new job creation and candidate gets the job. After several months of fruit- push workers into the informal sector. Three-quarters lessly searching for a job, Yasmine gives up and joins of informal workers are women. They receive no health a relative's business. The business operates informally: benefits, no support for their children, no sick leave and in a country of more than 12 million, only 50,000 are no pensions. If abused by their employer, they have no employed in the formal private sector. recourse to the courts, because the employment rela- Yasmine's plight can be explained by rigid employ- tionship is not documented. Far from protecting the ment regulation. In Burkina Faso employers cannot vulnerable, rigid employment regulations exclude them write term contracts unless the job is seasonal or re- from the market. quires special skills. Women can work no more than 8 Reforms in employment and social security regula- hours a day and until last year weekend work was not tion aimed at increasing labor market flexibility have FIGURE 4 1 Women and youth lose out from rigid employment laws Women's share of private sector employment Youth unemployment Greater Greater on share share Lesser a Lesser r f h share share__ Least rigid Most rigid Least rigid Most rigid Countries ranked by rigidity of employment index, quintiles Countries ranked by difriculty of hiring index a quintiles Note: The relationships shown are significant at the 5% level when controlling for income per capita. Source: Doing Business datahase, World Bank (2004a), WEF (2004). 22 DOING BUSINESS N 2006 FIGURE 4 2 Who pays the highest social security taxes? Where is hiring and firing easy-and where not? Social security contributions (% of wages) Easiest Most difficult Eastern Europe Hong Kong, China Portugal CeCntralAia New Zealand Congo, Rep. high income United States Mali Latin America Singapore Greece & Caribbean Uganda Romania Middle East & North Africa Switzerland Spain Sub-Saharan Namibia Sierra Leone Africa Australia Togo & Pacific United Kingdom Niger South Asia Denmark Burkina Faso Note: Rankings on the ease of hiring and firing are the average of the country rankings on 0 5 10 1 5 20 25 30 the difficulty of hiring, rigidity of hours, difficulty of firing, cost of hiring and the cost of fir- ing indices. See the Data notes for details. Source: Doing Business database. Source: Doing Business database. come hard. In Germany the 2004 changes to unemploy- The countries of Eastern Europe and Central Asia ment benefits were 11 years in the making. The Dutch have the highest social security taxes (figure 4.2). West government reached agreement on labor reforms with African countries also pay high taxes-19% of wages labor unions and business organizations in 1982 only in Burkina Faso and Togo, 18% in Benin and Senegal. after 9 years of failed talks. In Peru the government's These rates exceed those in Denmark (1%), Iceland attempt to reduce severance payments by 50% in 1996 (12%) and Norway (14%). Of course, both African and caused an uproar. The government made a hasty with- Nordic countries have other taxes, as reported in chapter drawal. And severance payments were increased. 8 on paying taxes. But even when all these are added up, Opponents of reform argue that because developing a business in Benin or Togo still has to pay more taxes countries lack social safety nets, they need more rigid overall than a business in Denmark or Iceland. rules on hiring and firing. But social security taxes are In 2004, 2 reforms met less resistance and have nearly universal. Only 10 countries don't levy such taxes: increased labor market flexibility. First, making work Afghanistan, Bhutan, Cambodia, Lesotho, Malawi, Na- hours more flexible, as in Serbia and Montenegro. And mibia, New Zealand, Timor-Leste, Tonga and the United second, using apprentice contracts as a way to increase Arab Emirates. Bosnia and Herzegovina has the world's employment among first-time workers. Burkina Faso highest-for every $100 a worker earns, her employer introduced such contracts in 2004. Still, Sub-Saharan pays $41 in social security taxes. On average, rigid em- Africa accounts for a large share of the countries with ployment regulation is not associated with lower taxes the most rigid labor regulations (table 4.1). to cover for the risks of unemployment and sickness and for old-age pensions.' Who is reforming? The new labor code in Serbia and Montenegro al- Eastern European and Central Asian economies led the lows employers to redistribute work hours across sea- way in reforming labor markets in 2004. Armenia, Geor- sons or from periods of slow demand to peak periods. gia and Serbia and Montenegro reformed employment This reform put the country on the top 10 list for the regulation. And in July 2005 FYR Macedonia adopted a most flexible regulation of work hours (table 4.2). In new labor law. The reforms have 2 features in common. Poland work hours must balance out within 6 months. First, they make work hours more flexible, by allowing In Hungary, within a year. Such reforms make overtime longer overtime and permitting businesses in cyclical hours more predictable for employees while reducing industries to shift work hours between slow and peak the costs of unpredictable or cyclical demand for busi- seasons. Second, they reduce the administrative burdens nesses. In 2004 Georgia reduced the notice period for on dismissals of redundant workers. redundancy dismissals from 8 weeks to 4 and suspended HIRING AND FIRING WORKERS 23 TABLE 4.2 Who regulates employment the least-and who the most? Difficulty of hiring Difficulty of firing Least Most Least Most Australia Iran Costa Rica Angola Georgia Burkina Faso Hong Kong, China Cameroon Hong Kong, China Mozambique Iceland Egypt Israel Central African Republic Japan Lao PDR Malaysia Congo, Rep. Kuwait Sri Lanka Mauritius Sierra Leone Oman Togo Namibia Congo, Dem. Rep. Saudi Arabia Ukraine Russia Mauritania Singapore India Switzerland Morocco Thailand Nepal United States Niger Uruguay Tunisia Rigidity of hours Rigidity of employment Least Most Least Most Canada Chad Hong Kong, China Iraq Hong Kong, China Congo, Rep. Singapore Chad Jamaica Egypt United States Mauritania Lebanon Mongolia New Zealand Central African Republic New Zealand Niger Malaysia Togo Serbia and Montenegro Brazil Zambia Congo, Rep. Singapore Burkina Faso Jamaica Sierra Leone Tunisia Congo, Dem. Rep. Saudi Arabia Burkina Faso United States Moldova Uganda Congo, Dem. Rep. Chile Guinea United Kingdom Niger Note: See the Data notes for details on the indices on which the rankings are based. Source: Doing Business database. severance payments. This was after the president dis- Mexico and Paraguay, but so far to no avail. missed 15,000 traffic police, notorious for shaking down Several countries have ongoing reforms. Australia motorists for bribes. intends to exempt small businesses from certain admin- Germany was the top reformer in 2004. New busi- istrative requirements on dismissals. Earlier reforms nesses can now issue 4-year term contracts for employ- already cut the costs of redundancy firings, by reduc- ees. Businesses with fewer than 10 employees are exempt ing both severance pay and the notice period. Fiji is from onerous administrative rules on dismissals. And making the contracting of new workers more flexible, the maximum time for receiving unemployment pay for example, by allowing more types of temporary con- was cut to 18 months under a new program that unified tracts. South Africa plans to reduce the "hiring hassle the unemployment benefits and unemployment insur- factor" by waiving minimum wage rules for first-time ance programs. Before, a worker could draw unemploy- employees, making it easier for small businesses to dis- ment benefits for up to 32 months, getting 60% of his miss redundant workers and allowing more flexibility salary-then switch to unemployment insurance, get- on work hours. ting half his salary, until he found a suitable job. Others made employment regulation tougher. In The reforms in Germany also make it easier for 2004 Kazakhstan limited overtime to 4 hours a week. people looking for new jobs. Employment bureaus are Sri Lanka increased the maximum severance payments now open on evenings and weekends. And long-term for workers with 20 years of service from 36 months of unemployed can take temporary jobs, paid by the gov- wages to 48, making it the most expensive place in the ernment, to brush up their skills. world to dismiss workers after Sierra Leone (table 4.3). No country in Latin America undertook labor Morocco limited overtime hours to 100 a year and raised reform in 2004. Reforms are being discussed in Brazil, the costs of firing a redundant worker with 20 years of 24 DOING BUSINESS IN 2006 TABLE 4.3 service from 15.3 months of wages to 19.3 months. In New Zealand and the United States impose the lowest costs on dismissals both Sri Lanka and Morocco the rationale for increas- Cost to dismiss a redundant worker lweeks GI zalaryi ing severance payments was to insure workers against Lowest Highest the risk of becoming unemployed. In countries that lack Nevr.ealand ) SI Tome 3nd Prinripe 1l8 efficient unemployment insurance or have none at all, UIriled Stares 0 Turkey 11 severance payments are the only mechanism for doing Afghanistan 4 Ecuado, 131 so. But by imposing such high costs on businesses, Sri Ausiralia 4 Mozambique 141 Lanka and Morocco create an even bigger risk for work- Georgia 4 Indonesia 145 ers: never getting a job in the first place. ir3q 4 Egypt 162 i,gPeria 4 Brazil 165 Singapore J Sri Lanka 176 Ka;akhsrin 8 Zambia 176 Switzerland 1I Sierra Leone 188 So'&re C'J,r'c,, bE databE e What to reform? cut back on new hiring. The result is that few jobs are Employment regulations are designed to protect workers created. Far from diversifying risks, such policies reduce from arbitrary, unfair or discriminatory actions by their the odds of finding a job. employers. These regulations-covering issues from Four reforms to employment and social security mandatory minimum wage, to premiums for overtime regulation can reduce the burden on businesses and work, to grounds for dismissal, to severance pay-have expand opportunities for workers: been introduced to remedy apparent market failures. The failures range from the inability to diversify the risk Rais . t of unemployment to discrimination on the basis of gen- Make the retirement ages for men and women equal. der, race or age. Social security regulation insures against Move from severance pay to unemployment the risk of unemployment or sickness and, through pen- insurance. sions, against the risk of poverty in old age. There are some tradeoffs. Rich countries can afford Introduce apprentice contracts. larger social security systems, while poor countries may Raise the retirement age in countries with an need to rely more on employment regulation. As coun- aging population tries develop, they can move to more flexible employ- ment regulation and more generous social security. This In 1889 Chancellor Otto von Bismarck introduced the balance is observed in East Asia and in east and southern world's first state pension in Germany. Because the Africa, but not elsewhere in the developing world. The retirement age of 65 was so much greater than the life imbalance is greatest in Latin America, where countries expectancy of 46, only 1 in 16 Germans drew a pension. like Argentina and Brazil have rigid employment regula- Today Germans live to the age of 79 on average, tions and also require businesses to pay higher social but the mandatory age for retirement hasn't changed. security taxes than richer countries like Denmark and The cost of maintaining pension benefits has increased the Netherlands. many times over. Businesses in Germany pay 9.75% of Rigid employment regulations often end up pro- each worker's salary into a retirement fund. Those in tecting some existing jobs at the expense of workers in other countries pay even more: 21.6% in Finland, 23.4% general. For example, high severance payments are usu- in Spain, 23.8% in Italy. With aging populations, these ally adopted in the name of reducing the risk of unem- and other rich and middle-income countries face a ployment-but the beneficiaries are people who already choice: raise taxes to cover the higher costs of their aging have jobs. Meanwhile, the high cost forces employers to population or raise the retirement age? In 2004 Finland HIRING AND FIRING WORKERS 25 raised the retirement age to 68 years. Israel, to 67. Western European countries have since done so. Others Finland now has the world's highest retirement should do the same-especially their eastern neighbors, age. Iceland and Norway are close behind, at 67. Other where the retirement age gap is largest. OECD countries have a retirement age of 65, a regula- tion that has been in place since after World War II. Yet Move from severance pay to unemployment insurance life expectancy has risen by a decade and now stands at Rather than requiring high severance payments, which 80. Requiring more years at work will reduce the burden hit a troubled business at the worst possible time- on social security and make it easier for governments to during economic downturns-middle-income countries reduce taxes on business.2 can introduce unemployment insurance. This shifts the focus of regulation from protecting jobs to protecting Make the retirement ages for men and women equal workers, by helping them deal with the transition to a Greek men have 10 years of retired life on average, Greek new job. The Chilean reform of 2002 introduced savings women 23. Part of this difference is due to the mandated accounts in place of severance payments: the employee retirement age: 65 for men and 58 for women. Perhaps pays 0.6% of gross wages and the employer 2.4%, with this is aimed at benefiting women. If so, it fails-because two-thirds going to an individual account and a third to early retirement reduces pension pay.3 a common fund. Severance pay is cut from 30 days to Around the world women now live 4 years longer 24 for each year worked. Unemployed Chilean workers than men on average, and in OECD countries 6 years receive benefits for 5 months, no matter how long they longer. The difference is largest in Eastern Europe and have been insured. The payments are progressively re- Central Asia. Women in Belarus and Russia live 12 years duced each month, to encourage job searching. longer than men, and those in Lithuania and Ukraine 11 years longer. Yet in 4 of 5 countries in the region the mandatory retirement age for women is lower than Apprentice contracts are often an easy reform, be- that for men (figure 4.3). In Russia, for example, it is 55 cause of governments' concern for high unemployment years for women and 60 for men. The result: businesses among youths. The beneficiaries are easy to target, and pay high pension contributions-32% of the salary in businesses have an incentive to keep the workers once Ukraine-and lose many of their productive workers they have invested in their training.5 The contracts work early. And women see their career opportunities and like this: a business hires first-time employees and trains pay suffer. An obvious solution is to make the retire- them for 2 years while paying a share of the mandatory ment ages equal. In 2004 Slovakia passed legislation to wage, typically 75% or 80%. In richer countries the do just that. government covers the difference. After the apprentice Concerned about the unequal treatment of men and period the workers get regular jobs. Nearly every OECD women, the European Commission in 1997 obliged its country has such contracts. Burkina Faso introduced members to adopt identical retirement ages.4 Nearly all them in 2004. FIGURE 4 3 Equality in retirement age-lowest in Eastern Europe Countries with equal retirement ages for men and women (%) Eastern Europe *. & Central Asia Middle East & North Africa Latin America & Caribbean South Asia OECD high income Sub-Saharan Africa East Asia & Pacific 0 20 40 60 80 100 Source: Doing Business database. 26 DOING BUSINESS N 2006 Why reform? informal workers, pay them under the table and avoid The International Labour Organization has established a providing social benefits, as Doing Business in 2005 set of fundamental principles and rights at work, includ- reported. And when parents fail to find decent employ- ing the freedom of association, the right to collective ment, children often end up working too. bargaining, the elimination of forced labor, the abolition Reforms of employment regulation reduce business of child labor and the elimination of discrimination in costs by increasing firms' ability to adjust to new tech- hiring and work practices.6 Beyond adopting and en- nologies, macroeconomic shocks and inflows of immi- forcing these regulations, governments struggle to strike grant labor.8 The result is a higher employment rate. In the right balance between labor market flexibility and OECD countries with flexible laws, it is 2-2.5 percentage job stability. Most developing countries err on the side points higher.9 of excessive rigidity, to the detriment of businesses and Flexible employment regulation also increases the workers alike. benefits of trade liberalization.'0 As the economy opens, Flexible employment regulation increases produc- competition from now-cheaper imports drives jobs tivity. Analysis suggests that if Paraguay adopted the em- away from less productive sectors and into more pro- ployment regulations of Chile-moving from the 20th ductive ones, expanding the economy. But this happens to the 80th percentile on the rigidity of employment only if workers can move. Where barriers to hiring and index-it might increase its annual productivity growth firing are high, labor stays in unproductive sectors. The by up to 1 percentage point. That would represent a result is less job creation and a loss of competitiveness, as doubling of the rate.7 in much of Latin America in the past decade. These are But if employment regulation is rigid, businesses not the kinds of effects legislators had in mind. seek other means of staying competitive. They hire Notes 1. In particular, there is no correlation between social security 6. ILO (various years). Economic studies show that the pres- taxes and the rigidity of employment index. ence of such fundamental rights improves productivity. 2. World Bank (2005b). 7. Caballero and others (2005). 3. Meadows (2003). 8. Angrist and Kugler (2003). 4. European Council (1997). 9. Blanchard and Philippon (2004) and Pierre and Scarpetta 5. A number of countries have conducted studies on the effec- (forthcoming). tiveness of such reform in attracting young employees and 10. Bolaky and Freund (2004). providing them on-the-job training. All have found positive results. See, for example, Neumark and Wascher (2004). 27 Si. tr... ... . I..: * 7,tit., ' ;if ,4",,8j I 1 "It is slow and bureaucratic to the point of being dys- Making property registration simple, fast and functional. The procedures are unclear, can only be cheap lets entrepreneurs focus on their business. And it learned with experience and can only be guessed at by strengthens property rights by encouraging formal title.1 reading the law. They are not uniform but rather vary Without that title entrepreneurs invest less and find it from municipality to municipality. The cost is beyond harder to get credit.2 If registering property is cumber- 95% of the citizens." So says Joao about registering some, ownership quickly slips back to informal. Take the property in Mozambique. No surprise then, that only example of Armenia. A $10 million land reform pro- 10% of properties in Maputo are formally registered. gram was at risk of failure because few chose to register And 20% of those are in dispute. property and subsequent transactions. The government Things may improve. Last year the government cut streamlined procedures, cutting fees by 50% and the the cost to register property in half. No such luck in time required to 6 days. Registrations jumped.3 most other poor countries. It takes 363 days to register property in Bangladesh, but only 1 in Norway and 2 in TABLE 5.1 Sweden. The procedure costs around 21% of the prop- Where is registering property easy-and where not? erty value in Chad, the Republic of Congo and Zimba- Easiest Most difficult bwe, but only 0.1% in Slovakia and New Zealand, the New Zealand Tanzania top performer on the ease of registering property (table Lithuania France 5.1). In the Netherlands an entrepreneur can register SaudiArabia Angola property online, where she can also check ownership Slovakia Madagascar records back to 1832. But in Nigeria an entrepreneur has Norway Cote d'lvoire records back to 1832. But in Nigeriaanentrepreneurhas Sweden Burkina Faso to complete 21 pen-and-paper procedures, including Armenia Uzbekistan obtaining the state governor's consent. The process lasts United Arab Emirates Afghanistan 274 days and requires official fees amounting to more Iceland Bangladesh than 27% of the property value. There are few takers. United States Nigeria Note: Rankings on the ease of registering property are the average of the country rankings on the procedures, time and cost to register property. See the Data notes for details. Source: Ooing Business database. 28 DOING BUSINESS IN 2006 Who is reforming? FIGURE 5.1 Top 10 reformers in property registration in 2004 Sixteen countries made it easier to register property in 2004. Most made the process cheaper. A third made it Average improvement simpler and cut delays. On average the top 10 reform- 12% Topreformers ers reduced the number of procedures by 12%, the time Georgia 43% Slovakia required by 16% and the cost by 43% (figure 5.1). Vietnam Countries in Eastern Europe and Central Asia led Mozambique the way in reforming property registration. Georgia- Netherlands the top reformer in 2004-made the most progress. The Honduras newly created Agency of Public Registry offers expedited Egypt registration and combines other procedures to allow India entrepreneurs to obtain a registry extract, certificate of D Rpl property boundaries and proof of no other claims all Procedures Time Cost at the same time. Before, that took visits to 3 agencies. Source: Doing Business database. The time required fell from 39 days to 9, and the pro- cedures from 8 to 6 (figure 5.2). Georgia also cut fees and eliminated the transfer tax, reducing the costs of the registration process by 40% by unifying its registra- registration by 75%. tion system-linking the physical boundary maps of the Latvia launched an expedited option for obtaining cadastre with the legal records of the land registry. Titles information from the State Land Service. The entrepre- are also more accurate now. The new procedures cover neur pays an extra $5.20, but gets results 5 times as fast. 65% of the country, and delays are expected to drop Slovakia abolished its 3% transfer tax, eliminating the further as the coverage is completed. double taxation with income tax and entering the top OECD countries already had the most efficient 10 list for ease of registering property. The cost fell to property registration and they improved even more in only 0.1% of the property value, and 2 steps-the of- 2004. Switzerland eliminated its 1% transfer tax, enter- ficial property valuation and payment of the transfer ing the top 10 ranking on least costly property registra- tax-were cut. tion (table 5.2). Now registering costs only 0.4% of the Poland and Serbia and Montenegro are seeing the property value. The Netherlands simplified property benefits of comprehensive reform. By starting to com- registration to just 2 procedures and 2 days by introduc- puterize land records, Poland freed up 7 more days of an ing online title search, execution and registration-and entrepreneur's time for business. Further improvements moved up into the top 10 list for both procedures and are expected as more records go online. Croatia is start- time. Australia also launched online services, cutting the ing similar reforms. Serbia and Montenegro shortened time from 7 days to 5-but raised costs by 50%. FIGURE 5.2 Making property registration easier in Georgia Time (days) Cost (% of property value) 40 _--________---, 2.5 30 1 2.0 30I Time reduced from 39 days to 9 I 1.5 Cost reduced 20 from 2.4% to 0.6% I 1.0 10 ___________________ < . .|2005 0 2005 Procedures reduced from 8 to 6 0 8 01 8 Procedures Procedures Source. Doing Business database. REGISTERING PROPERTY 29 In Latin America, Honduras and the Dominican TABLES.2 Republic adopted new property laws. The new Hondu- Who regulates property registration the least-and who ran law takes registration out of the courts and places it the most? under a new agency that reports to the executive branch. Procedures (number) Honduras also cut the cost of registration by a fifth by reducing the transfer tax and registration fee and Fewest eliminating the stamp duty. The Dominican Republic's Norway 1 Ukraine 10 law sets time limits on registration and guarantees that Sweden 1 Afghanistan 11 the property is not transferred during the time that the Nepal 2 Bangladesh 12 registrar takes to transfer the title. A separate reform Netherlands 2 Greece 12 in 2004 reduced taxes from 4% of the property value Thailand 2 Uzbekistan 12 to 3%. Elsewhere in the region, Ecuador abolished the United Kingdom 2 Brazil 15 registration tax and tax payments to the defense board Finland 3 Ethiopia 15 and water company, cutting 2 procedures and reducing Iceland 3 Algeria 16 the cost by 13%. Other countries have also started efforts Singapore 3 Nigeria 21 to streamline registration. Argentina is digitizing records Time (days) and regularizing informal titles. And in Mexico a new property registration law in Baja California may bring future improvements in efficiency. Norway 1 Nigeria 274 The Middle East saw 2 reforms. In Saudi Arabia a Nepal 2 Bosnia and Herzegovina 331 new law was adopted, establishing the country's first Netherlands 2 Angola 334 property registry. Until the law takes effect in late 2005, New Zealand 2 Bangladesh 369 registration will continue to take place before a notary at Thailand 2 Rwanda 371 no cost-an efficient but less secure titling system. Egypt Lithuania 3 Ghana 382 cut the property registration fee by a third, from 4.5% of Iceland 4 Slovenia 391 the property value to 3%. Saudi Arabia 4 Haiti 683 Reforms in South Asia and Africa also targeted Australia S Croatia 956 costs. The Indian state of Maharashtra halved the stamp Cost I(% of property value) duty from 10% of the property value to 5%. Pakistan Least Most reduced its duty from 3% to 2%. In Africa only Mozam- bique made improvements. But progress was significant, Saudi Arabia 0.0 Central African Republic 17.3 with the transfer tax cut from 10% of the property value Slovakia 0.1 Senegal 18.0 New Zealand 0.1 Burundi 18.9 to 2.4%, the largest cost reduction by any country. Not all news was good. For every 4 countries that Belarus 0.1 Cameroon 19.0 Switzerland 0.4 Mali 20.0 made registering property easier, another made it Azerbaijan 0.4 Chad 21.3 harder. Kenya imposed an official valuation of property Russia 0.4 Congo, Rep. 22.1 before transfer. That added a step and sharply increased United States 0.5 Zimbabwe 22.6 delays-from 39 days to 73. The biggest backslide took Estonia 0.5 Nigeria 27.1 place in Bhutan, which added a new procedure at the Armenia 0.5 Syria 30.4 court and lengthened existing ones, extending the Source: Doing Business database. time to register property by 28 days. Other countries increased fees. Cambodia raised its cadastral transfer fee from 20,000 riels to 350,000, increasing the total cost by 12%. Guatemala increased costs by 20%. Chad increased notary fees, transfer taxes and registration taxes, raising the total cost from an already steep 17% of the property value to 21%. 30 DOING BUSINESS IN 2006 What to reform? FIGURE 5 3 Courts-a major bottleneck in registering property To ease property registration, Doing Business in 2005 Average time recommended simplifying and combining procedures, to register property ime to register linking and then unifying the agencies involved and pro- Days viding easier access to the registries. It warned against are involved 800 viewing technology as a panacea, especially in poor countries. The analysis here shows that those reforms 600 Time work. Here are 3 more ways to ease property registration: Where courts * Make registration an administrative process. involved 400 * Simplify taxes and fees. 200 * Make the involvement of notaries optional. Croatia Bosnia Poland Romania Bhutan Make registration an administrative process Herzegovina Source: Doing Business database. eeova Property registration is an administrative matter, not a judicial one. Involving the courts in the process costs the Simplify taxes and fees entrepreneur on average 70% more time (figure 5.3). Croatia, Bosnia and Herzegovina and Slovenia have To register a property transfer, a Filipino entrepreneur some of the longest court delays, extending the regis- has to visit 3 agencies-to pay a registration fee, then a tration process by months or even years. Poland's 2004 transfer tax, then a stamp duty. On top of that he pays reforms to digitize land records helped. But they missed for the deed to be notarized. And after that he pays capi- the main bottleneck-a 6-month court delay. tal gains tax and value added tax. Another 41 countries Judges who deal with property registration have require 3 different types of transaction taxes. More than less time for their main business-resolving commercial 20 of those require notarization, value added tax or capi- disputes. Poland and Syria involve judges. They also tal gains tax as well. rank among the bottom countries on the time to enforce In countries that demand a range of fees and taxes commercial contracts. In Croatia and Slovenia property for property registration, the cost is significantly higher, transactions in the courts account for half the case back- even relative to country income levels. These countries log. One solution: let court clerks, not judges, handle the also have more procedures, since each fee is usually paid registration, as in Norway and Sweden. at a different agency. The higher cost encourages infor- Taking registration entirely out of the courts means mal transactions and underreporting of property values. that it can be more easily unified or linked with the And the complex process breeds opportunities for cor- cadastre. That makes it easier to detect overlapping and ruption. The solution is to consolidate fees. Thirty-one duplicate titles, saving time in due diligence and im- countries, from Mongolia to Denmark, combine the fees proving the security of property rights. Entrepreneurs into a single payment, usually at the property registry. in countries where the cadastre and registry are in the Beyond simplifying payments, reformers can cut same agency spend on average 40 fewer days to register them. That doesn't mean reducing revenues. Take India. property. Unifying the cadastre and registry is the sec- There, transfer costs of around 13% of the property ond most needed reform cited by Doing Btusiness respon- value were discouraging formal real estate transactions. dents (after computerization). Among countries that Evasion was rife. Some buyers did not record their trans- involve courts in registration, only 15% have a unified actions. Others used cumbersome and often less secure cadastre and registry. Among countries without courts ways to legally avoid taxes, such as replacing deeds with in the process, more than half have a unified registry cooperative housing, long-term leases, agreements with- and cadastre. El Salvador took registration out of the out possession and transfers under court decrees. And a courts and unified the registry with the cadastre in 1999, $17 billion business in fraudulent stamps was thriving, to cutting several months off the time to register property. the benefit of some police officials.4 In July 2004 the state Honduras is following its lead in 2005, and so is Serbia of Maharashtra cut stamp duties from 10% to 5%-and and Montenegro. Sweden plans to do the same. boasted a 20% increase in overall stamp duty revenues, about 80% of which come from property transfers REGISTER NG PROPERTY 31 Make the involvement of notaries optional FIGURE 5 4 Cutting duties increases tax revenue in India The Honduran efforts to streamline registration costs Cost to register State revenue looked promising. Transfer taxes and registration fees (% of property value) from stamp duties were halved, and stamp duties abolished altogether. 12.9 4.0 But costs fell only from 8.8% of the property value to 3.4 U 5.8%-still among the highest in Latin America. The 9.5 reason is that notaries account for the bulk of the costs and their fees remained the same. Notaries have useful purposes. In some countries 1 Stamp they manage the property registry. In most others they Stadp prepare the sale-purchase agreement, certify the identity ] - - of parties and assure the legality of documents. But this Before After Before After function is often irrelevant in countries where registry reform reform reform reform officials perform the same tasks. And it significantly in- Note: Revenue data are in thousands of crore rupees. creases costs. In countries where notaries are responsible Source: Maharashtra Ministry of Finance. for the entire registration process, costs average 33% higher than in countries that do not require notaries. (figure 5.4). Now more properties are registered formally With such high fees, there is little incentive to change. In and the registry holds better information on property Peru overcoming the objections of notaries to property values and on who owns what. That supports the collec- rights reform took considerable effort.5 tion of capital gains and property taxes. Other countries make it mandatory for a notary Others have discovered the same. Mozambique or lawyer to prepare the sale-purchase agreement, in- cut its transfer tax by 75% without affecting revenues cluding Greece, Guatemala and Nigeria. Costs are 26% much-and increased registrations. Slovakia abolished higher. A better way is to standardize documents. In its transfer tax as a part of broader tax reform, and saw Thailand, which has among the most efficient property only slight declines in overall revenue. Pakistan saw both registration, contracts are prepared at the land registry registrations and revenues rise slightly over the previous as a part of registration. In Norway registration forms year after cutting its fee. Chad learned the lesson the can be obtained on the Internet or in bookstores. hard way. In 2004 it hiked registration taxes from 10% Three of 4 countries manage property registration of the property value to 15% in an effort to increase rev- without compulsory use of notaries. Property rights are enues. That effort failed. Both revenues and registrations no less secure, and efficiency is greater. Some property dropped dramatically-so much so that the government owners still use notaries, but they do so by choice. announced that it would put the rates back to 10%. Why reform? and finance are greater with efficient property registra- Efficient property registration strengthens property tion (figure 5.5). More efficient property registration rights. Some would argue that more regulation and a is also associated with more private credit as a share of formalized property registration process ensure due dili- GDP, more private investment, less corruption and less gence, enhancing property rights. But complexity breeds informality.6 uncertainty, increases transactions costs and offers op- Country experience shows the benefits of formaliz- portunities for fraud. And more bureaucracy produces ing title and keeping it that way. Thailand's land reform more mistakes about who owns what. Doing Butsiniess has issued more than 8.5 million property titles and respondents rate security of title higher when the num- created one of the most efficient registration systems in ber of steps and the time and cost to register property the world. Land values and investment almost doubled, are lower. This remains true even when country income and access to credit increased threefold for people with levels are controlled for. formal titles.7 Peru's experience was just as striking. Greater title security stimulates property and credit More than 1.3 million titles were issued from the late markets. Enterprise surveys show that access to land 1990s, and two-thirds of those issued to individuals 32 DOING BUS NESS IN 2006 FIGURE 5 5 Simple property registration-more access to land and credit Access to land perceived as an obstacle Access to credit perceived as an obstacle Greater Greater obstacle obstacle Lesser Lesser obstacle obstacle Fewer More Fewer More Countries ranked by steps to register property, quintiles Countries ranked by steps to register property, quintiles Note. Relationships are significant at 5% level and remain significant when controlling for income per capita. Source: Doing Business database, World Bank investment climate survey database. went to women. The time required to formalize property child labor for income.9 fell from 6 years to 45 days. Registrations of subsequent Property accounts for between half and three- transactions increased from 58,000 in 1999 to 137,000 quarters of wealth in most economies.10 In poor coun- in 2003. More than 20,000 mortgages were registered tries a large share of it is unregistered. Formalizing title is on the new titles. Titled property was improved twice essential there. And making property registries efficient as often as untitled property.8 And one study found will ensure that a formal title is more valuable-for get- that more people who had received formal title were ting credit, for investing and for generating growth. employed outside the home, reducing the reliance on Notes 1. Doing Business focuses on registering property. Other im- 4. Alm, Annez and Modi (2004). portant determinants of property rights include types of 5. Burns (2005). property tenure, property market controls and coverage 6. World Bank (2004a). and organization of the cadastre. Some of these were dis- cussed in Doing Business in 2005. Although Doing Business 7. Feder (2002). focuses on entrepreneurs, many of the results hold for indi- 8. Burns (2005) and World Bank (2004a). vidual title also. 9. Field (2002). 2. See Deininger (2003). 10. Ibbotson, Siegel and Love (1985). 3. Burns (2005). 33 Chinese businesses hold more than $2 trillion in dead none of them could be used to secure the loan. I had to capital-assets that cannot be used as collateral because ask my sister to coguarantee it. Why is all this necessary? of restrictions in laws.' This is enough to build another In Malaysia my cousin gets loans in a day." Great Wall. Lihong is one of the many entrepreneurs Improvements are on the way in China. A draft affected: "When I went to get a loan, the loan officer property law would expand the scope of assets that can questioned my business plan and passed me to 3 other be used as collateral. And plans for a credit bureau are bankers for interviews on my finances and family wealth. being formed. Another 33 countries went further and Another bank employee visited the company premises made it easier to get credit in 2004. Poor countries re- to inspect the business and view my accounts-but formed the most. Many reformers set up or improved credit information systems. A few made it easier to take TABLE 6.1 and enforce collateral (or security). India-the top re- Where is getting credit easy-and where not? former-did both, establishing a new consumer credit Easiest Most difficult bureau and implementing a much faster proceeding for United Kingdom Algeria enforcing collateral agreements. Banks can now check Hong Kong, China Congo, Dem. Rep. the credit history of more than 12 million borrowers Australia Egypt and in some cases, enforce collateral in 6 months rather Botswana Eritrea than 10 years. They report higher loan approval rates Germany Guinea and fewer nonperforming loans as a result. NewMZealandia Tmogo e Lenders look at the borrower's credit history and New Zealand Togo Singapore Lao PDR collateral when extending loans. Where credit registries Ireland Afghanistan and effective collateral laws are lacking-as they are in United States Cambodia most poor countries-banks make fewer loans. Credit to the private sector averages 16% of GDP in the 10 Note: Rankings on the ease of getting credit are based on the sum of the strength of legal rights index and the depth of credit information index. See the Data notes economies ranking at the bottom on how well collateral for details. laws and credit registries facilitate credit markets (table Source: Doing Business database. 6.1). In the top 10, credit tops 120% of GDP. 34 DOING BUSINESS IN 2006 Who is reforming? TABLE 6.2 In 2004, 25 countries improved the way credit infor- Who has the most credit information-and who the least? mation is shared. Eight new private credit bureaus Borrowers covered as % of adults kicked off operations-in India, Indonesia, the Kyrgyz Most Least Republic, Lithuania, Nigeria, Romania, Saudi Arabia and Australia 100 Kyrgyz Republic 0.20 Slovakia. New public registries started up in Armenia Iceland 100 Chad 0.19 and Azerbaijan. Several of the new registries are still Ireland 100 Nepal 0.14 getting off the ground and have only sparse coverage of Norway 100 Kenya 0.14 borrowers (table 6.2). Sweden 100 Rwanda 0.12 United States 100 Indonesia 0.09 Other reforms to sharing credit information took 5 New Zealand 96 Serbia and Montenegro 0.08 directions: Argentina 95 Yemen 0.08 Germany 88 Guinea 0.02 * Passing new regulations. In 2004 the most popular ~~Nore: The rankings reflected in the table include only countries with public or private credit * Passing new regulations. In 2004 the most popular registries (Iii in total). Another 44 countries have no registry and therefore no coverage. reform was to eliminate obstacles to sharing credit Source: Doing Busiress database. information through a special law or regulation-as in India, Israel, Kazakhstan, Nicaragua and Russia- trieve data from 3 days to just seconds. The Rwandan or through amendment of the banking act-as in central bank computerized the database in its public Azerbaijan, Kenya, FYR Macedonia and Mauritius. registry, although data are still collected and distrib- The revised New Zealand code launched a consumer uted manually. complaints procedure and strict controls on accuracy of data. The Italian code stressed reliability and time- . Enhancing data quality. In Mongolia a penalty of up liness of credit reports, but cut the time that historical to $900 may now be imposed on banks every time data can be stored. Greece and Uruguay introduced they fail to update credit histories. Nepal imposed new data protection laws designed to safeguard bor- penalties on banks and their staff for withholding rowers' privacy and the integrity of data. credit information. Coverage of borrowers in- creased by 13%. More than half of countries impose * Expanding the scope of information. In Bangladesh penalties for distributing erroneous data. But it is the public registry incorporated consumer credit card possible to go too far. When Thailand made direc- data into its database. The Egyptian registry set up a tors of credit bureaus personally liable for errors in list of borrowers defaulting on small credit card and 2003, the Thai bureaus closed for 5 months until car loans. Honduras now requires all banks to report the requirement was relaxed. Countries can keep both positive and negative information.2 In Lebanon, penalties moderate and focus on improving quality FYR Macedonia, Romania and Rwanda more com- through data protection laws-for example, by al- prehensive credit reports are now distributed. lowing borrowers the right to access their data and to demand corrections. * Including more loans. Egypt's public registry cut the minimum loan size above which it collects data Ten countrnes made ut easter to create and enforce from $6,900 to $5,200. Lebanon's registry lowered its collateral agreements in 2004: Bosnia and Herzegovina, cutoff from $6,600 to $6,000, adding 10,000 more Brazil, Croatia, Finland, India, Japan, Romania, Serbia borrowers to the registry. And the public registries in and Montenegro, Sweden and Ukraine. Reforms in Bulgaria, Iran, Romania and Vietnam scrapped their Bosnia and Herzegovina, Serbia and Montenegro and minimum loan cutoff altogether. In Vietnam cover- Ukraine covered all aspects of secured transactions law: age of borrowers increased by a third. In Bulgaria it creation, priority, registration and enforcement of col- expanded ninefold-although these developments lateral. The new pledge law in Bosnia and Herzegovina stalled the initiative for a private bureau, allows general descriptions of assets, permitting a much wider scope of assets to be used as collateral, including * Providing data online. The Bulgarian public registry inetr an consrcial. Itsralie' n l d a,ventory and accounts recevable. It streamlmed en - launched an online system, cutting the time to re- GETT NG CREDIT 35 FIGURE 6 1 TABLE 6.3 Big improvements in India Who has the most legal rights for borrowers and lenders-and who the least? Time to recover collateral (years) Strength of legal rights index (0-1 0) 9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -M ost Least 8 I Hong Kong, China 10 China 2 7 Time reduced Singapore lO Haiti 2 from 3,328 days to 201 naoe1 at 6 United Kingdom 10 Lao PDR 2 5 I Albania 9 Peru 2 4 I Australia 9 Yemen 2 Botswana 9 Egypt 1 3 New Zealand 9 Rwanda 1 2 I Germany 8 Turkey 1 Procedures reduced l 2005 from 16 to 4 Malaysia 8 Afghanistan 0 0 - Netherlands 8 Cambodia 0 Procedures 16 Note: See the Data notes for details on the index. Source: Doing Business database. Source: Doing Business database. forcement and clarified rules on who had the priority or ban-on collecting their collateral in bankruptcy. And claim to collateral. And creditors can now check whether in Sweden creditors are able to take more flexible types there are other claims to collateral in an electronic uni- of collateral with a new floating charge covering 55% of fied registry of collateral notices. a debtor's assets and with priority for the creditor. Ukraine also expanded the scope of assets that can Not all reforms are working yet. Two years ago in be used as collateral, and gave secured creditors first Serbia and Montenegro, an entrepreneur could not priority to their collateral and its proceeds. In addition, use movable property as collateral without giving the it gave creditors the ability to enforce collateral privately, creditor possession of the asset. Hardly practical. Now bypassing the lengthy court procedures required before. that a new law on pledges came into effect in January And a new centralized collateral registry started operat- 2004, that entrepreneur can use almost all movable ing in August 2004. Already the benefits are obvious: property as collateral without giving up possession. If more than 15,000 notices of collateral agreements were she defaults, the creditor can by law collect the collateral registered in the first 4 months of operation. without going through the courts. But collateral agree- Other countries had success with partial reforms. ments are valid only after registration, and the registry India made enforcing security significantly easier. The is not yet running. time to enforce fell from up to 10 years to 6 months There is much to do. Laws in Lao PDR do not allow in some cases because of a new summary proceeding businesses to pledge movable assets without surrender- requiring minimal court involvement (figure 6. 1). ing possession of the assets, ranking the country among Croatia cut several months from enforcement by mak- the bottom 10 on legal rights for borrowers and lend- ing it harder for debtors to delay the enforcement ers (table 6.3). Women in Lesotho cannot pledge assets process. Movable collateral can now be seized and sold without their husband's consent. Nicaragua requires a not just by the courts but also by authorized private specific description of assets in collateral agreements. firms. And Japan broadened the scope of permissible That makes it impossible to use changing pools of assets collateral to include future accounts receivable. Previ- such as inventory or accounts receivable as collateral. ously only receivables on current transactions could be Entrepreneurs there need more than twice the value of used as security. the loan in collateral. Other reformers eased the recovery of collateral In China more than 10 separate government agen- from bankrupt firms. In Brazil the claims of secured cies register security interests. None are linked across creditors now have priority over taxes in bankruptcy. In geographic regions, and all are paper based. Each regis- Portugal creditors were given more powers to participate try requires a substantive review of the collateral agree- in a bankrupt firm's reorganization. In Romania secured ment, yet other countries have shown that only a notice creditors can now seek exceptions to an automatic stay- of the agreement is needed. 36 DOING BUSINESS N 2006 What to reform? countries introduced regulations to eliminate obsta- Businesses have greater access to credit in countries where cles to data sharing (other reforms were adminis- credit registries distribute both positive and negative in- trative). In rich countries the trend is for new data formation; include data from trade creditors, retailers protection laws to safeguard borrowers' privacy and and utilities; and collect and make information avail- create incentives for registries to maintain high- able electronically. Access to loans is also expanded in quality data (figure 6.2). In the Czech Republic laws were countries where collateral laws allow all assets to be used amended to permit sharing between financial and nonfi- as collateral, provide for a unified registry of security in- nancial institutions. Laws in Croatia, Iceland, India and terests and permit out-of-court enforcement of collateral Slovakia still prohibit this. In another 40% of countries agreements. All these features are consistent with reforms bureaus do not share data with nonfinancial institu- discussed in earlier editions of Doing Business. tions. In these countries businesses have significantly less Four other reforms expand access to credit: access to credit. Governments can also compel lenders to submit * Eliminate legal obstacles to sharing credit information. consumer data to bureaus, as Israel, Kazakhstan and Rus- Focus pulirgitreso u . sia have done through new laws. Colombia, Hong Kong GivFo scusrpuicregistoris onear supervisrion collatera (China), Mexico and 7 other economies create automatic * Give secured creditors clear priority to collateral. demand for bureaus by requiring financial institutions * Introduce summary enforcement proceedings. to consult with bureaus before extending credit. Eliminate legal obstacles to sharing information Focus public registries on supervision Secrecy provisions in banking laws and data protec- Public registries can substitute for private bureaus in tion or privacy laws sometimes prohibit sharing credit poor countries. There, and in other highly concentrated information. In Uzbekistan a credit bureau registered lending markets, it may be difficult to start a private in 2000 is still unable to operate because it lacks the credit bureau because the demand for credit informa- legal authority to share data. In Slovakia the bureau's tion may be too low to make the bureau profitable. Es- launch was delayed because laws restricted collection of tablishing a public registry offers the advantage of rapid historical data. In some countries, such as Bosnia and setup because it relies on central bank regulation rather Herzegovina and Germany, bureaus can circumvent than new laws. Enforcement by bank supervisors can restrictions if would-be borrowers give consent. But in counter lenders' unwillingness to participate. Starting a others, including Georgia and Kazakhstan, borrower public registry is cheap: the one in Mozambique cost less consent is insufficient. than $1 million. And public registries usually get the job Laws on credit information can provide clear au- done-a recent study shows that in poor countries they thority to collect and distribute data. In 2004, 15 increase the flow of credit to businesses.3 FIGURE 6 2 Growing regulation of private credit bureaus Regulation of private bureaus (% of countries) 5 Spedfic law for credit bureaus Banking law S pr n law Code of conduct governs credit bureaus for data use In force I 7 Rich Middle Poor Rich Middle Poor Rich Middle Poor Rich Middle Poor income income income income Source: Doing Business database. GETTING CREDIT 37 But public registries are less effective than private Give secured creditors clear priority to collateral bureaus in most countries (figure 6.3). Private bureaus Securing a loan with collateral reduces lending risk and are better set up to serve lenders, covering 5 times as gives entrepreneurs better terms of credit. But these many borrowers and scoring 73% higher on the depth benefits are eroded if the secured creditor loses priority of credit information index. Fewer than 10% of public to other claimants-taxes, workers, judgment credi- registries report offering such services as credit scoring tors, buyers of collateral or others. This can happen in or borrower monitoring-compared with 90% of pri- bankruptcy or outside it. More credit is available when vate bureaus. But in some countries private bureaus are secured creditors have absolute priority (figure 6.4). struggling because public registries are performing some Reforming secured transactions and bankruptcy of the same functions-as in Armenia, Bolivia, Bulgaria, laws is not always enough to assure priority. Other laws Indonesia and Malaysia. In Belgium the private bureau may interfere. The Malawi Companies Act places secured closed down in 2003 after the public registry expanded creditor claims first, but the labor laws put worker claims its operations. ahead. In China the security law gives priority to the Public registries can leave room for private bureaus secured creditor, while the tax law allows it to be taken by focusing on loan information that matters for systemic away in favor of unpaid taxes. Reformers need to ensure risk-typically large loans for corporations-as those in that such conflicts are addressed when revising laws. Austria, Germany and Saudi Arabia do. The Colombian Priority rules work best with a unified collateral central bank went further and closed its public registry, registry, so that prospective lenders can easily establish keeping the data only for the purpose of supervising whether there is a prior claim on an asset. And even if banks. In countries where public registries focus on bank other claimants are given priority-a second best for supervision, private bureaus score higher on the depth of credit markets-laws can require that such claims be credit information index and cover more borrowers. registered in the collateral registry. Ukraine's reform Another solution is to join forces. The bureaus in made registration mandatory for all claimants, even the India, Sri Lanka and Thailand were established as public- state. If tax liens are not registered, they lose priority. private partnerships. Chile outsourced operation of the That way banks can account for the risk, and choose registry to a private bureau. The bureaus in Romania, whether or not to lend. Saudi Arabia and Singapore are private but were set up with support from the central banks. Some public reg- Introduce summary enforcement proceedings istries collect information from banks and share it with With summary proceedings, collateral enforcement is private bureaus, including those in Argentina, Bolivia resolved quickly when it winds up in court. Only 2 pieces and the Dominican Republic. And in March 2005 the of evidence need to be presented to a court in a summary Nepalese public registry was reincorporated as a limited proceeding: a valid security agreement and proof of de- liability company, 90% owned by financial institutions fault. Fifty-six countries have summary proceedings. and 10% by the central bank. Those that do require 50% less time to enforce collateral FIGURE 6 3 FIGURE 6 4 Private bureaus serve lenders better More credit when secured creditors have priority Components PUBLIC REGISTRIES Private credit i 6,f GDP) of the depth of credit | PRIVATE BUREAUS information index: 60 Secured creditor has absolute priority Both positive and negative _ data included No minimum loan cutoff Nonbank creditors provide data Borrowers can inspect 32 One claimant group has higher priority data by law 30 Two or more claimant groups have higher priority Both individuals l and firms included More than 2 years of _ historical data distributed 0 20 40 60 80 100 V.6 Rel iPEIi ht ps.ath,pS a le *rAIc ,, IeI r, -,.) rAr,r,:it, wwofrf. Pe, pe .la ,IrC.0a11 Share of registries (%) enforcement and credit information. Source: Doing Business database. Source: Doing Businessdatabase. 38 DOING BUSINESS IN 2006 than countries that rely on other judicial measures. borrower defaults, after giving the debtor 5 days' notice. When creditors can seize and sell collateral without The order is issued within a few days. An execution of- resorting to the courts, enforcement can be even faster. ficer may then seize the collateral and deliver it to the But summary proceedings are also important as a back- creditor. Enforcement takes less than a month. Bulgaria, stop to out-of-court enforcement. India and Romania have introduced similar proceed- Albania introduced a summary proceeding in 1999. ings. Such reforms are especially successful when they With a registered collateral agreement in place, a creditor limit grounds for appeal and allow enforcement to pro- may seek an enforcement order from the court when a ceed pending appeal. Why reform? more credit information have fewer nonperforming Businesses get better access to loans and better terms of loans and lower financial system risk (figure 6.5). With credit when creditors and borrowers have stronger legal better-functioning credit markets, investment and rights and good credit information is available.4 Take growth increase.6 Small firms and women, who face the Romania. In 1999 it expanded the scope of collateral, biggest hurdles in accessing credit, are the ones who gain clarified priority rules and expedited enforcement. It most when collateral laws and credit information sup- also set up an online collateral registry. Since then more port lending decisions.7 than 200,000 notices of security interests have been reg- Some governments attempt to protect borrowers by istered. The number of borrowers has increased three- weakening creditors' ability to take and enforce security. fold, and the volume of credit by 50%. And interest rates Laws in Benin and Syria cap the interest rates that lend- have fallen.5 After Slovakia adopted laws permitting the ers can charge. C6te d'Ivoire and Italy make a bankrupt pledging of movable assets, more than 70% of new busi- debtor immune from debt collection for the entire insol- ness credit was secured by such collateral-and private vency proceeding-by which time the bankruptcy estate credit jumped by 10% in a year. is whittled to nothing. This is folly. The best way to help Benefits flow beyond access to credit. Countries borrowers is to improve credit information and make it with more legal rights for borrowers and lenders and easier to take and enforce collateral. FIGURE 6.5 Legal rights and credit information reduce risk Nonperforming loans Moody's strength of financial system More I Higher Fewer Low Lesser Greater Lesser Greater Countries ranked by legal rights for borrowers and lenders, quintiles Countries ranked by private bureau presence, quintiles Note: Relationships are significant at 5% level and remain significant when controlling for income per capita. Source: Doing Business database, IMF (2005a). Notes 1. Based on national statistics. Djankov, McLiesh and Shleifer (2005) and Avery, Calem 2. Positive information covers loans outstanding and pay- and Canner (2004). ment behavior on accounts in good standing; negative 5. Chaves, de la Pena and Fleisig (2004). information covers defaults and arrears. 6. Acemoglu (2001) and King and Levine (1993). 3. Djankov, McLiesh and Shleifer (2005). 7. World Bank (2004a) and Love and Mylenko (2003). 4. Davydenko and Franks (2005), Qian and Strahan (2005), 39 * . .~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~f , is ' - , , A-:, ' .. E at El r 4~~~~~~4 Executives at Elf Aquitaine, France's largest oil company, disclosed? 'What company documents can investors ac- took bribes in exchange for awarding business deals. cess? What do minority shareholders have to prove to Along with the extra cash, they got 7 years in jail and stop the transaction or to receive compensation from a 2 million euro fine for abuse of power.' Russian oil Mr. James? An index of investor protection is con- firm Gazprom purchased materials for new pipelines structed based on these and other answers. through intermediaries owned by company officers. The New Zealand protects investors against self-dealing high prices charged for the materials raised eyebrows, the most (table 7.1). Singapore is next. Regulation is but not court battles.2 so extensive in Singapore that one lawyer describes Big cases like these make headlines, but looting practicing law there as "tip toeing through the tulips." by corporate insiders occurs every day on a smaller The countries that best protect against self-dealing have scale. And it often goes undetected. Protecting investors several things in common. They require immediate against self-dealing-the use of corporate assets for per- disclosure of the transaction and Mr. James's conflict of sonal gain-is necessary for equity markets to develop. It interest. They require prior approval of the transaction is just one corporate governance issue, but it is the most by other shareholders. They enable shareholders to hold important one. Other issues in investor protection-for the company's directors liable and to have the trans- example, writing management contracts that provide incentives for optimal investment decisions-are not TABLE 7.1 discussed in the chapter. Where are investors protected-and where not? To document investor protections against self- Most protected Least protected dealing, Doing Btisiness measures how countries would New Zealand Costa Rica regulate a standardized case.3 The case facts are simple. Singapore Croatia Mr. James, who owns 60% of the stock in a public com- Canada Albania pany and sits on its board, proposes that the company Hong Kong, China Ethiopia purchase 50 used trucks from a private company of Malaysia Iran which he owns 90%. The price is higher than the going Israel Ukraine price. Mr. James benefits from the transaction, since for United States Venezuela each dollar that his private company receives, 40 cents South Africa Vietnam , . . . . 1 . . United Kingdom ~~~~~~~~~~~~Tanzania come from income belonging to the minority investors United Kingdom in the public company. This is not fraud-such transac- Maurtius Afghanistan tions are perfectly legal if proper disclosures are made Note: Rankings are on the strength of investor protection index. See the Data notes for details. and approvals obtained. Several questions arise. Who Source: Doing Business database, approves the transaction? What information must be 40 DOING BUSINESS IN 2006 FIGLURE 7.1 action voided if its terms are unfair. And they permit Rich countries regulate more against self-dealing shareholders who take the company directors to court to access all relevant documents. Share of countries (S) Several developing countries protect investors well. Less proof required for civil cases than for criminal ones Mauritius and South Africa are among the top 10 on Government inspectors used the strength of investor protections, and Pakistan is not far behind. But on average poor countries regulate self- dealing less than rich countries, especially in requiring '- disclosure. Albania, Guatemala, Tunisia and 7 other countries require no public disclosure on "related-party"* transactions like the one involving Mr. James. They also permit the top manager to approve the transaction rather than requiring that the "disinterested shareholders" Rich Middle income Poor -those who do not stand to gain personally-approve the deal. Source:DoingBusinessdaabase. Some poor countries try to compensate for the lack of shareholder access to information and the courts by The payoff from protecting investors is large. Where relying on government inspectors (figure 7.1). "Share- expropriation of minority investors is curbed, equity holders find this cheaper, more efficient and more ef- investment is higher and ownership concentration fective than bringing the suit themselves, both because lower.4 Investors gain portfolio diversification. Entre- they don't have to pay for it and because inspectors preneurs gain access to cash. Without investor protec- can require more information from the defendant," a tions, equity markets fail to develop and banks become Tunisian lawyer explained. This is a second-best choice the only source of finance. Yet weak collateral or prop- when private action is unlikely to bring results. But gov- erty registration systems block many businesses in poor ernment regulators may have different incentives than countries from obtaining even bank loans. The result: the minority investors-for example, in deciding which businesses do not reach efficient size for lack of financ- cases to investigate. ing, and economic growth is held back. Who is reforming? shares as well as board minutes and transactions made Fifteen economies reformed investor protections in 2004 by directors. Vietnam asked managers and directors to (table 7.2). Thailand was the top reformer. It now re- publish their ownership stakes in the company for the quires that in listed companies, directors and sharehold- first time, including the ownership interests of spouses ers without personal interest in the deal must approve and children. any related-party transaction. Such transactions are de- Jamaica defined standards of care for directors in fined broadly-for example, by including family mem- its new Companies Act. For example, directors with bers and other entities controlled by a director-cutting accounting training will have to review the company's off many loopholes. financial statements with the eye of an accountant, not Spain introduced directors' duty of loyalty into its merely "with the judgment and care of a reasonable corporate law for public firms. Directors must now put person," as before. the best interests of the company above any personal Pakistan introduced tough penalties for violating gains they might receive through the company's op- self-dealing regulations. In July 2004 the National Ac- erations. Spain also requires a semiannual "corporate countability Ordinance mandated criminal liability for governance report." Listed companies must report any managers and directors who "fraudulently misappropri- related-party transactions and document their compli- ate any property entrusted" to them. Conviction comes ance with the new corporate governance guidelines. with unlimited fines and up to 14 years in jail. But experi- Turkey now requires companies to post an "investor ence in other countries-including those with the tough- relations" page on their website. The page must reveal est liability for directors (table 7.3)-suggests that judges directors' ownership and information on privileged are seldom willing to put businesspeople behind bars. PROTECTING INVESTORS 41 TABLE 7.2 TABLE 7.3 Increased disclosure was the most popular reform in 2004 Who regulates the liability of directors the most-and ________________________________________ who the least? Reform Economy Most Least Increased disclosure requirements Israel, Italy, Pakistan, Spain New Zealand Nepal Thailand, Turkey, Vietnam Ne Moldova Singapore Moldova Regulated related-party transactions Jamaica, Thailand Malaysia Zimbabwe Defined directors' duties Jamaica, Namibia, Spain Canada Sio Tome and Principe UniEed States Lebanon Increased penalties for self-dealing Malaysia, Pakistan Cambodia Vietnam Strengthened auditing requirements Costa Rica, Indonesia, Thailand Israel Senegal Introduced governance codes Hong Kong (China), Iceland, Turkey Hong Kong, China Mexico South Africa ,mnnr,t( n Pepublh Allowed class-action suits Korea Mauritius A glr-rinTar, Note: Rankings are on the extent of director liability index. See the Data notes for details. Source. Doing Business database. Source: Doing Susiness database. Iceland and Turkey adopted corporate governance compliance with the "best practices of corporate gov- codes for public companies. While compliance is volun- ernance" outlined in the listing rules. Companies com- tary, companies straying from the recommendations must pete for the award and the publicity that comes with it. explain in public reports why they did not follow them. Thailand went a step further. The Thai Securities and Malaysia and Thailand introduced incentives for Exchange Commission offers tax breaks to companies better investor protection. Kuala Lumpur's stock ex- abiding by the stock exchange's 15 principles of good change now offers an annual award for the company investor protection. with the best corporate governance, as measured by What to reform? The corporate lawyers participating in the Doing Four reforms improve the protection of investors against Business survey were asked to rank the major obstacles self-dealing: to protecting investors. While not a representative Notify investors of directors' interests in deals. sample, they advise many domestic and foreign inves- Require approval by disinterested directors or tors on where to put their money, and they deal with investors for related-party transactions. weaknesses in the law every day. Lack of information Eliminate loopholes in rules for shareholder on related-party transactions ranked high. So did an approval. impossibly high standard of proof to show wrongdoing Where courts are strong, help investors bring of directors (table 7.4). lawsuits. TABLE 7.4 Major obstacles to protecting investors Notify investors of directors' interests in deals Share of The easiest reform everywhere is increasing disclosure. Obstacle countries (%) It is also the most needed, especially in South Asia and Lack of information on related-party transactions 53 Latin America (figure 7.2). Investors need to know what Investors must prove their case stakes directors have in proposed deals so they can stop to the level of certainty in criminal cases 39 those deals through a vote if shareholder interests would Directors keep profits from self-dealing even after being convicted of breach of duty 37 be hurt-or sue for damages. This is less expensive Liability for directors only if they act fraudulently than it sounds. The Internet makes the distribution of or in bad faith 13 financial and ownership information cheap. Flexible No access to company's or defendant's documents 8 proxy rules-for example, allowing voting by fax or Source: Doing Business database. email-reduce the expense to companies of administer- ing shareholder votes. 42 DOING BUSINESS IN 2006 FIGURE 7 2 FIGURE 7 3 East Asia requires the most disclosure Who votes on related-party transactions? Extent of disclosure index (0-lo) Countries by voting rules (%) East Asia & Pacific Mngro OECD Disinterested _ Managng director high income investor.-dnaig ieco Sub-Saharan Africa i All investors, Middle East M k including Mr. James & North Africa Eastern Europe & Central Asia South Asia _ ^ 6i b;a, err,t.r: Latin America including Mr. James & Caribbean Disinterested 3 4 5 6 7 8 board members Note: Higher values indicate more disclosure. See the Data notes for details on the index. Source: Doing Business database. Source. Doing Business database. Malaysia, with among the most stringent disclosure some countries, such as Germany, regulate transactions rules, requires extensive disclosure on a related-party with a director but not those with an entity controlled by transaction before it is put to a vote of the company's a director. This invites abuse. disinterested shareholders (table 7.5). Violators face 7 years in jail and a substantial fine. In contrast, Bolivia, imate loopholes in rules for shareholder approval Croatia and Ethiopia don't require directors to disclose In Lebanon disinterested investors must approve every their interests in a transaction to the rest of the board- transaction between a company and its directors. That even when they vote on that transaction. sounds sufficient, but in practice shareholders grant ap- provals at the annual meeting for all related-party trans- Require approval by disinterested parties actions arising during the coming year. This practice In Australia and another 2 dozen countries related-party meets the statutory requirements, but shareholders do transactions automatically trigger review and a vote by not review each transaction individually. shareholders without a personal stake in the deal (figure Another common loophole is granting exceptions 7.3). This is often not the case. Finland, Mexico and 15 for transactions conducted "in the ordinary course of other countries require special approval procedures for business." Reforms in Senegal and several other West transactions above a certain size. But they do not have African countries required approval by disinterested similar treatment of related-party transactions. And shareholders for related-party transactions, but excluded transactions conducted as part of the "day-to-day" activ- TABLE 7.5 ities of a company. "The details on day-to-day activities Who requires the most disclosure of related-party are rather vague in the law. Any transaction can fit the transactions-and who the least? bill, states a lawyer in Cameroon. Most Least New Zealand Philippines Where courts are strong, help investors bring suits Singapore Honduras The United States, long the top destination of interna- Malaysia Greece tional capital, protects investors through broad court Hong Kong, China Ethiopia review of directors' actions.5 During trial all company United Kingdom Ukraine documents related to the case are open for inspection. Zambia Belarus Thailand Azerbaijan In court, plaintiffs can directly question all witnesses, France Tunisia including the defendant, without prior judicial review China Albania of the questions posed. Directors must show that the Ireland Afghanistan transaction was fair to the company-both in price and Note: Rankings are on the extent of disclosure index. See the Data notes for details. in dealing. This makes the United States one of the easi- Source: Doing Business database. est places to bring shareholder suits (table 7.6). Good investor protections are the ones a country PROTECTING INVESTORS 43 TABLE 7.6 FIGURE 7 4 Who makes it easiest to bring shareholder suits-and Efficient courts help protect minority shareholders who most difficult? Easiest Most difficult Perceived protection of minority shareholders New Zealand United Arab Emirates Kenya Albania High Singapore Venezuela Canada Vietnam Israel Afghanistan United States Syria Ireland Morocco Mauritius Algeria Low Colombia Iran Fewest Most Nepal Tanzania Countries ranked by days to enforce a contract, quintiles Note: Rankings are on the ease of shareholder suits index. See the Data notes for details. Note: Relationship is significant at the 1% level when controlling for income per capita. Source: Doing Business database. Source. Doing Business database, WEF (2004). can enforce. Even the best rules are useless if enforce- markets are nascent. ment is weak." Some transition economies have adopted As in any other commercial dispute, the speed, cost strong company or securities laws. But in the Kyrgyz Re- and fairness of judgment determine whether small in- public and Moldova, for example, no cases of minority vestors will resort to the courts. Potential expropriators investor abuse have ever been resolved in the courts. And know this as well and calculate the risk of being caught neither country has managed to maintain an active stock and punished. In countries like New Zealand and Singa- market. Nepal also has strong protections on the books pore, where courts perform well, less abuse of investors (see table 7.6), but these are rarely invoked and equity is seen (figure 7.4). Why reform? someone else. Those who do have less incentive to work Poor investor protection means less equity investment.7 hard, because the payoffs from success go to someone If the rights of investors are not protected, majority own- else. Meanwhile, investors must devote more oversight to ership in a business is the only way to eliminate the risk fewer investments. The result: entrepreneurship is sup- of expropriation of their investment. But few entrepre- pressed, and fewer profitable projects are undertaken. neurs would agree to have their business controlled by A recent study of private equity transactions finds F GURE 7 5 Better investor protection-higher market capitalization and more listed firms Market capitalization to GDP Number of listed firms Higher Higher Lower ~~~~~~~~~~~~~~~~~~Lower Lower Higher Lower Higher Countries ranked by strength of investor protection index, quintiles Countries ranked by strength of investor protection index, quintiles Note: Relationships are significant at 5% level and remain significant when controlling for income per capita. Higher values on the strength of investor protection index indicate greater protection. See the Data notes for details, Source: Doing Business database, World Bank (2005d). 44 DOING BUSINESS IN 2006 this exact pattern. In countries with higher risk of they do not invest. The market stays underdeveloped expropriation, investment as a share of GDP is half that (figure 7.5). And fewer firms bother to list. So protect- in countries with good investor protections. Two deals ing investors can bring sizable gains. If Hungary were to take place for every 3 in countries that protect investors. adopt the more stringent disclosure regulations of Thai- And investors acquire majority stakes, limiting their land, analysis suggests that stock market capitalization opportunity for diversification.8 might increase by up to 50%, and the value of trades by All this is reflected in the size of stock markets. up to 35%.9 When small investors see a high risk of expropriation, Notes 1. Associated Press Newswires, "France Oil Scandal: Appeals 4. Djankov, La Porta and Shleifer (2005). See also La Porta Court Sentences Former Elf Official to Seven Years in and others (1997) and Shleifer and Wolfenzon (2002). Prison," March 31, 2005. 5. See La Porta, L6pez-de-Silanes and Shleifer (forthcoming). 2. The Economist, "Laughing Gas," June 4, 2005. 6. Berglof and Claessens (2004). 3. The case is developed in Djankov, La Porta and Shleifer 7. See Black (2001). (2005), and the survey conducted in partnership with Lex 8. Lerner and Schoar (2005). Mundi, a global association of leading independent law firms. All academic citations should refer to this paper. 9. Calculations based on La Porta, L6pez-de-Silanes and Shleifer (forthcoming). 45 "Why ~ ~ ~ ~ ~ ~ ~ ~ i, doe yo. tece eat wit tacclecos nsn .1~~~~~~~~~~~. caltims te Parieessconedthedisipls basing rFesta paymetsit Hong Kong (Chhia) ~ meanyrnus au ners?''1 Things had not improved by the French Revolu- loo%.----- ------ ---- - -- tion-tax collectors were convicted of treason and sent income tax -- croae| to the guillotine. Fuel tax / _ Yet taxes are essential. Without them there would Deductions NetT 1 be no money to build schools, hospitals, courts, roads,| cash I airports or other public infrastructure that helps busi- Ilw nesses and society to be more productive and better off. tax Still, there are good ways and bad ways to collect 0 taxes. Imagine a medium-size business-TaxpayerCo- Net loss LntxXNet cash that produces and sells consumer goods. In Hong Kong Prprytx - -22% (China ) the business pays 1 income tax and 1 fuel tax to- Ecological tax _ Deductions t vti% Taspr dt IR - taling 14% of gross profit (sales less materials and labor Source: Doing Bus/nessdatabase. and other taxes costs; figure 8.1). It takes 1 annual electronic filing and 80 hours to comply with tax requirements. Meanwhile, Arguments for business tax reform usually empha- in Belarus TaxpayerCo is subject to 11 taxes, including an size rates, especially corporate income tax rates. That is income tax, value added tax (VAT), transport duty, land misleading on 3 counts. First, corporate income taxes tax, property tax, ecological tax, fuel tax and a turnover are only a small share of the total business tax bur- tax where taxes are paid on inputs and again on outputs. den-less than 25% on average. For example, Hungary's Despite many deductions and exemptions, required nominal corporate income tax is only 16% of net profit, payments add up to 122% of gross profit-leaving the but the total business tax bill is 57% of gross profit business with 2 choices: stop operating or start evading, because of VAT, property tax, land tax, local business The business would make 113 tax payments to 3 agen- tax, community tax, vehicle tax and 9 others, after tak- cies, all by paper, and spend 1,188 hours doing so. Tax ing into account deductions and exemptions. In several refunds would take 2 years to process. This complexity Eastern European countries simplification has not had and delay make Belarus's tax system among the world's the desired impact on perceived business obstacles, in most burdensome (box 8. 1). part because it focused on income tax only.D 46 DO NG BUSINESS IN 2006 BOX 8.1 Who makes paying taxes easy-and who does not? Doing Business asked accountants in 155 countries to Total tax payable (% of gross profit) review the financial statements and a list of transac- Lowest Highest tions of a standardized firm called TaxpayerCo.3 The business started with the same financial position in Saudi Arabia 1 Uzbekistan 76 Oman 5 Mauritania 76 every country. Respondents were asked the total tax Iraq 6 Uruguay 80 that the business must pay and the process for doing Kuwait 8 Argentina 98 so. All taxes-from corporate income tax to VAT to United Arab Emirates 9 Belarus 122 advertising or environmental tax-and all applicable Malaysia 12 Yemen 129 Hong Kong, China 14 Congo, Dem. Rep. 135 deductions and exemptions are taken into account to Iran 15 Brazil 148 calculate the total burden.4 Puerto Rico 18 Sierra Leone 164 Take Uruguay as an example. The country's VAT is Singapore 20 Burundi 173 23% of value added (sales less materials costs). When labor costs are considered, this is equivalent to 41% of Payments (number per year) gross profit (sales less materials and labor costs). After Fewest Most taking into account deductions and exemptions, the Hong Kong, China 1 Cte d'lvoire 71 * i Afghanistan 2 jamaica 72 ~corporate income tax is 30% of net profit-equivalent Afghanistan 2 Jamaica 72 Norway 3 Bosnia and Herzegovina 73 to 11% of gross profit. On top of that the business Sweden 5 Benin 75 pays a social contribution tax of 27% of gross profit, Mauritius 7 Ukraine 84 a capital tax of 1% and 8 other taxes totaling 1%. Portugal 7 Dominican Republic 85 Thus tax payments total 80% of gross profit, leaving Spain 7 Congo, Rep. 94 Chile 8 Kyrgyz Republic 95 TaxpayerCo with only 20% to pay all other expenses, Ireland 8 Belarus 113 maintain equipment, invest in new products and dis- New Zealand 8 Uzbekistan 118 tribute to shareholders. Uruguay is among the 10 countries with the high- est business taxes. In 6 of these, business taxes add Least Most up to more than gross profit. TaxpayerCo would not United Arab Emirates 12 Czech Republic 930 operate in the formal sector in those countries. And in Singapore 30 Sao Tome and Principe 1,008 many other countries incentives to evade are strong. Nambia 48 BVoitvnam 1,050 In Albania evading 20% of the tax bill increases the Ethiopia 52 Armenia 1,120 business's gross profit by 50%. In Kenya, by 43%. And Oman 52 Nigeria 1,120 in Bolivia, by 35%. Thailand 52 Belarus 1,188 Administrative requirements are also a burden in Spain 56 Cameroon 1,300 Switzerland 63 Ukraine 2,185 many countries. Doing Business measures the number New Zealand 70 Brazil 2,600 of payments TaxpayerCo would have to make to tax authorities, as well as the time required to prepare Ease of paying taxes and file tax payments. It takes 84 payments and 2,185 Easiest Most difficult hours a year in Ukraine, but only 11 payments and 104 Hong Kong, China Uruguay hours in Estonia. United Arab Emirates Bolivia Rankings on the ease of paying taxes are the aver- Oman Venezuela age of the country rankings on total taxes, number of Saudi Arabia Armenia Kuwait Colombia payments and time required to comply. Middle East- Iraq Algeria ern and East Asian countries make paying taxes the Afghanistan Ukraine easiest. Latin American countries impose the heaviest Singapore Congo, Rep. burdens, mainly because of compliance costs. Africa Switzerland Mauritania follows, largely because of high taxes. OECD coun- Malaysia Belarus tries impose the smallest administrative burdens and Note. Gross profit is sales less materials and labor costs. Rankings on the ease of trie moserte sallst paying taxes are the averages of the country rankings on the tax payable, number of charge moderate tax bills. payments and time to comply with tax regulations. See the Data notes for details. Source: Doing Business database. PAYING TAXES 47 FIGURE 8 2 FIGURE 8 3 Rich countries have lower and simpler business taxes High taxes create strong incentives to evade Business taxes (% of gross profit) Increase in gross profit from evading 20% of business taxes , Total tax (% of gross profit) 50 1 | othertaxes United States 40 Estonia 30 New Zealand VAT or sales tax 20 Chile Algeria 10 ___________ Income tax Kenya 0 Mauritania Rich Middle income Poor 17 payments 30 payments 45 payments Uruguay 0 10 20 30 40 50 60 70 80 Source: Doing Business database. Source: Doing Business database. Second, the complexity of tax compliance matters infrastructure and social services could have something too. Norway collects 60% of companies' gross profit to do with it. using 3 taxes filed electronically. In contrast, it takes 14 Rich countries tend to have lower business taxes and taxes and 62 interactions with the tax authorities to col- make them less complex (figure 8.2). Simple, moderate lect 46% of gross profit in the Philippines. Firms in 90% taxes and fast, cheap administration mean less hassle for of surveyed countries rank tax administration among business-as well as higher revenues. In contrast, poor the top 5 obstacles to doing business. In several- countries tend to use business as a collection point, including Bangladesh, Cambodia, the Kyrgyz Republic, charging higher business taxes. Such burdensome taxes Russia and Uzbekistan-working with the tax bureau- create incentives for evasion. In the United States busi- cracy is considered a bigger problem than tax rates.5 ness taxes add up to 21% of gross profit. So if a com- Finally, businesses care about what they get for pany started with $100 in gross profit, evading 20% of their taxes. Finland has higher business taxes, at 52% of its tax bill would raise gross profit after tax from $79 to gross profit, than Mexico, at 31%. But firms there have $83-equivalent to increasing gross profit by 5%. But in fewer complaints about the tax burden. That businesses Mauritania profit would jump 63% (figure 8.3). rate Finland among the top 10 countries on quality of Who is reforming? invoices and receipts were simplified. In 2004, 28 countries made major changes to their tax Serbia and Montenegro followed another trend, systems. Following a long-term trend, most countries joining the 90% of countries with a VAT. The advantages cut corporate tax rates. Several focused on increasing are clear: a VAT avoids cascading taxes, where taxes are compliance and the tax base, thereby boosting revenues paid on taxes. And a VAT is partially self-enforcing-be- while cutting or maintaining rates. cause companies receive tax credits for a VAT paid on In 1994 Estonia radically reformed its tax law, levy- their purchases, they will want to trade with other com- ing a 26% flat tax on corporate and personal income. panies registered for the VAT. Its success sparked a rush by other Eastern European Corporate income tax cuts swept through other countries to do the same. In 2004 Romania and Georgia Eastern European countries, sealing the region's rank became the latest. Romania introduced a 16% flat tax as the top tax reformer (table 8.1). Western European and cut payroll taxes-though at 49.5%, they are still countries also joined the trend, partly in response to high. Georgia's new tax code levies a 20% income tax competition from new EU members. Although such cuts on businesses and a 12% flat tax (down from 20%) on were the most common reform, they have a relatively personal income. In addition, social taxes were cut from small impact: globally, income taxes account for only 33% to 20% and the number of taxes from 21 to 9, and about a quarter of business taxes (figure 8.4). 48 DOING BUSINESS IN 2006 TABLE 8.1 FIGURE 8 4 Most 2004 tax reforms in Eastern Europe- Total business taxes are lowest in East Asia and to corporate income tax rates and_____to ___corporate _________income_______tax_____rates____ Total business taxes (% gross profit) All reforms Reforms including cuts in CORPORATE VAT OTHER Region (number) corporate income tax rate (%) East Asia Eastern Europe 12 Albania 25 to 23 Middle East & Central Asia Bulgaria 19.5 to 1S & North Africa Czech Republic 28 to 26 South Asia I Estonia 26 to 24 OECD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Latvia 19 to 15 high income Moldova 20 to 18 Eastern Europe ____ _______________ Poland 27 to 19 & Central Asia Latin America _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ Uzbekistan 18 to 15 & Caribbean OECD high income 6 Austria 34 to 25 Sub-Saharan _ Denmark 30 to 28 Finland 29 to 26 0 10 20 30 40 50 60 Greece 35 to 32 Source: Doing Business database. Netherlands 34.5 to 31.5 Sub-Saharan Africa 3 Ghana 32.5 to 28 In Latin America, Mexico reduced its corporate Senegal 35 to 33 income tax-from 33% to 30%-and announced fur- Latin America & Caribbean 2 Mexico 33 to 30 ther cuts for the next 2 years. El Salvador reformed its South Asia 1 Afghanistan 25 to 20 VAT and income tax laws as well as the tax code, with EastAsia & Pacific 0 an aim to increase the tax base. It also levied a 1% Middle East & North Africa 0 monthly VAT advance. Tax rates rose in the Dominican Source: Doing Business database. Republic, with the VAT hiked from 12% to 16%. Several other countries in the region introduced minor reforms. Honduras modified penalties in an effort to improve Other countries focused on reforming tax adminis- compliance-easing sanctions for late payments and tration. Spain introduced rules streamlining audits and making tax evasion a criminal rather than civil offense. appeals and increasing penalties. Lithuania did the same, Argentina extended its financial transactions tax, and and provided for electronic filing. Tax administrators Bolivia introduced one. there must now prove the basis for any tax recalculation. Aid accounts for more than half of government reve- Businesses in Africa face the highest taxes (see figure nue in Afghanistan. But with a new tax law, this may begin 8.4). In 2004, 3 countries in the region-Ghana, Tanza- to change. Taxpayer identification numbers were issued nia and Senegal-revamped their tax codes and eased in preparation for the law, and the corporate income tax tax burdens. Ghana cut corporate tax rates and launched was cut from 25% to 20%. Elsewhere in South Asia, Nepal a unit to ease tax administration for large businesses. But raised its VAT from 10% to 13%, while India and Pakistan it raised the VAT by 2.5 percentage points. continued implementing reforms launched before 2004. Three-quarters of businesses in Tanzania complain The regions with the lowest tax rates-East Asia that taxes and their administration are a severe obstacle.6 and the Pacific and the Middle East and North Africa- But things have gotten easier. A new income tax law reformed the least in 2004. Samoa increased its VAT from broadened the tax base, closing loopholes and introduc- 10% to 12.5%. Saudi Arabia reformed its corporate tax ing taxpayer self-assessments. Improvements were also law, but that change affects only foreign firms. Like many made in Senegal. Small businesses can now pay 1 tax of its neighbors, the government relies on oil revenue to that has a lower rate and consolidates 4 previous taxes. fund spending. As a result businesses in the region pay In addition, several exemptions were abolished to widen some of the lowest tax rates in the world. Morocco intro- the tax base. And the company income tax rate fell from duced some administrative reforms, with a new finance 35% to 33%. Mauritania took the opposite path, raising law imposing a 10% penalty on late payments. corporate taxes from 20% to 25%-making it the only country to increase this tax in 2004-05. PAYING TAXES 49 What to reform? eral levels.' Each is calculated on a different tax base, so Tax reforms inspire political debate and can be hotly businesses must keep 3 sets of books. Such an approach contested. But both business and government benefit costs governments more in collection costs as well. when taxes are simple and fair and set incentives for Reformers can look to Georgia, which in 2004 growth. Here are 4 ways to start: cut the number of taxes from 21 to 9. Businesses have praised the new, simpler system.9 In 2001 Russia consoli- dated several business taxes, cutting the number of taxes * Cut back special exemptions and privileges, from 20 to 15.10 And Iran recently merged 3 taxes into 1 * Simplify filing requirements. to ease payment. * Broaden the tax base by keeping rates moderate in Some taxes can be dropped altogether. Reforms developing countries. should target minor excises and stamp duties-which cost money to administer but do not raise much rev- Consolidate the number of taxes enue-or particularly distorting taxes. An example is a "Our system is characterized by a flood of taxes that turnover tax, which is levied on a firm's inputs and again overload business with administration. The primary on its outputs, so tax is paid on tax. The main alternative taxes are income tax, value added tax, import duty, to a turnover tax, a VAT, levies tax only on the difference export tax, excise duty and special excise, provincial between inputs and outputs (the value added), avoiding turnover tax and property tax. There are taxes at differ- double taxation. Another alternative, a sales tax, does the ent levels of government. There is also the social respon- same by taxing only outputs, as in the United States. Mo- sibility levy, debits tax, share transaction levy, economic zambique abolished its turnover tax in 1999, replacing service charge, financial transactions tax and various it with a VAT. Georgia eliminated its turnover tax, stamp duties. And there is a whole host of industry- which was levied on top of a VAT, as a part of its 2004 specific taxes. It is way too complicated." So says Anil, an reform. But another 22 countries maintain a turnover accountant in Sri Lanka. tax, including Argentina, Belarus and Tunisia. Almost Having more types of taxes requires more interac- all have a VAT or sales tax as well. tion between businesses and tax agencies. Businesses complain that a higher number of taxes increases hassle Cut back special exemptions and privileges (figure 8.5). The problem is greatest in poor countries, Tax systems have been forged through competing po- which rely more on "other taxes" rather than income tax litical pressures, lobbying and attempts to stimulate and VAT. In Tanzania, for example, local authorities im- specific industries or activities. In most countries these pose 50 business taxes and fees.7 But the number of taxes processes have resulted in a proliferation of exemptions, is a burden in some rich countries too. In New York City deductions, privileges and other rules, not to mention income taxes are levied at the municipal, state and fed- increasingly complex tax codes. In the Czech Republic FIGURE 8 5 tax regulation more than quadrupled over the past 10 More taxes and payments-more hassle years, from 10,000 pages to 44,000. In Australia it went from 3,600 pages to 9,600. Perceived tax system efficiency fo ,0 ae o960 Higher Special exemptions erode the tax base. Businesses left in the system end up paying more. The system be- comes less transparent and more costly to run. It distorts resource allocation. And incentive schemes create possi- bilities for rent seeking and arbitrage as businesses seek to minimize their tax with legal ways of manipulating income." Lower Estonia's 1994 reform replaced its concession-laden system with a single flat tax offering no exemptions. "We Fewer More Countries ranked by number of tax payments, quintiles could not afford to maintain a more complex system," Note: Relationships are significant at I% level and remain significant when controlling said a representative of the Ministry of Finance. The Source. Doingrue a database,WEF(204). country's tax base broadened, and revenues have not suffered. In 2003 Slovakia streamlined its convoluted 50 DOING BUSINESS IN 2006 incentive schemes into a single flat tax, with similar compliance, the United Kingdom shortened its VAT results.'2 Colombia, El Salvador, Indonesia, Jamaica and return to 1 page. In 2004 Pakistan did the same for its Mexico have eliminated distortions by cutting ineffec- income tax return, significantly shortening the time tive incentive schemes-and increased revenues in the required to file. process. '3 Broaden the tax base by keeping rates moderate Simplify filing requirements in developing countries A popular way to make paying taxes easier is by intro- Poor countries try to levy the highest amount of tax on ducing electronic filing. Businesses can enter financial businesses (see figure 8.2). Some claim that these high information online and file it with one click-and no taxes are needed to fund public services and correct fis- calculations. Errors can be identified instantly, and re- cal deficits. This argument would be more compelling if turns processed quickly. Singapore led the way. In the there were evidence to support it. Obviously, generating early 1990s its tax department was plagued by a mount- government revenue is essential. But higher rates typi- ing backlog of unprocessed tax returns and the lowest cally do not achieve that goal in poor countries (figure public satisfaction rating of all public services. In re- 8.6). Instead they push businesses into the informal sponse a new department, the Internal Revenue Author- economy. As a result the tax base shrinks and less rev- ity of Singapore, was created. In 1998 the department enue is collected.'6 launched an e-filing system. Filing taxes is now entirely A better way to meet revenue targets is to encourage paperless (except for a verification receipt) and takes just tax compliance by keeping rates moderate. Russia's large a day-and 90% of corporate taxpayers express satisfac- tax cuts in 2001 did exactly that. Corporate tax rates fell tion with tax administration.'4 from 35% to 24%, and a simplified tax scheme lowered Another 45 countries have made e-filing possible, rates for small business. Yet tax revenue increased-by and the list is growing. In 2004 Armenia and Lithuania an annual average of 14% over the next 3 years. One introduced online filing. Lebanon began automating its study showed that the new revenue was due to increased payroll tax. Businesses in Slovakia can now email tax compliance.'7 returns, with no signature or paper evidence. And South The 2004 reformers have shown similar results. Africa is implementing an e-filing system. Such reforms Ghana exceeded its midyear revenue targets despite pay off In countries with online filing it takes less time to significant cuts in corporate tax rates. Albania's corpo- comply with tax regulations: 15 days compared with 25. rate tax revenue rose 21% after the rate was cut, while Simplifying paper filing is another way to make in Moldova it jumped 28% and in Latvia, 37%. And things easier. Doing so works everywhere but is espe- in Romania budget revenues grew 8% in real terms in cially important in poor countries, which may not have the first quarter of 2005 relative to the same period in the demand or capacity to support e-filing. In many countries return and payment forms are cluttered with FIGURE 8 6 information requirements that are never processed. In Taxes and revenue-unrelated in poor countries the 1990s the monthly Polish VAT form required 105 Tax revenue (% of GDP) entries-including 37 just for identification-and 38 40 calculations.'5 At one point entrepreneurs had to get a Rich countries stamped VAT certificate for every business lunch. Things 30 have improved, but it still takes 2 pages for each monthly filing and 3 days a year to complete VAT filing require- 20 Poor countries ments. In Switzerland it takes 1 page per quarter and 1 day a year to deal with VAT paperwork. Brazil still has a 10 long way to go: 6 forms are needed just to pay income 0 tax. To complete just 1 of those forms, taxpayers must 0 10 20 30 40 50 60 70 80 90 first read 300 pages of instructions. For the VAT at least Total tax payable by businesses (% of gross profit) 3 forms are needed. Note: The relationship between rates and revenues is significant in rich countries and remains so when controlling for income per capita. Eliminating excessive paperwork cuts the time that Source: Doing business database, IMF (2005b) and World Bank (2005). businesses spend complying with tax laws. To increase PAYING TAXES 51 2004, despite the new flat tax. Economic growth in these shrink the tax base. Tax revenue has fallen in Uzbeki- countries is a factor in the increased revenues. But com- stan, where the enthusiasm for income tax cuts was not pliance is also up. matched by efforts to improve tax administration and Lower rates work best when their administration is expand the tax base. simple. And they are undermined by exemptions that Why reform? It is not just businesses that gain from reform. Businesses prefer lower tax rates that are simply ap- Streamlining taxes also brings savings for government. plied. Or, if rates are high, businesses want something A complicated tax system costs a lot of money to run- in return for tax payments. All too often that is not the funds that could be better spent on education, health case, especially in developing countries. Often either a care and infrastructure. In Denmark 1 kroner spent on large informal sector or inefficient public spending is the tax administration generates 113 kroner of tax revenue. problem-not insufficient tax rates. Across countries, In Hungary 1 forint produces only 77. In Mexico 1 peso higher taxes payable are not associated with better social produces only 33. outcomes, even controlling for country income levels. Tax reform also creates more vibrant businesses. A They do not increase government spending on health smaller tax burden encourages firms to invest (figure and education, raise literacy or life expectancy or lower 8.7). One recent study found that a 10% cut in indirect child mortality. Nor are they associated with better in- taxes, such as the VAT, may imply a rise in investment of frastructure and other public services.8 up to 7%.19 "Businesses are happy with the change and Moreover, burdensome taxes generate undesirable responding by investing more," says Kenneth, an accoun- outcomes. For example, they breed corruption. Busi- tant, about corporate tax reform in Ghana. Moreover, nesses in the bottom 30 countries on ease of paying taxes such investment yields higher returns when taxes are are twice as likely as those in the top 30 to report that streamlined. A study in India estimates that tax reform informal payments are a problem. Every point of contact can increase productivity by up to 60%.20 between a bureaucrat and an entrepreneur is another Overall growth is also higher with lower taxes and chance for a bribe. And confusion on voluminous, often better collection.2I And with tax incentives aligned to contradictory rules creates room for discretion. Faced encourage work, more firms and more jobs are created. with this, many entrepreneurs avoid the system alto- A cut of 1 percentage point in corporate tax rates is as- gether, operating in the informal economy (figure 8.7). sociated with up to a 3.7% increase in the number of There they pay no taxes, shrinking the revenue available firms and up to 1. 1% higher employment.22 for essential public services. FIGURE 8 7 Burdensome taxes are associated with more informality, less investment Informal sector share of GDP Investment to GDP Larger Higher SmallerLoe Lower Higher Lower Higher Countries ranked by ease of paying taxes, quintiles Countries ranked by ease of paying taxes, quintiles Note: Relationships are significant at l% level and remain significant when controlling for income per capita. Source: Doing Business database, Schneider (2005), World Bank (2005d). 52 DOING BUSINESS IN 2006 Notes 1. Matthew 9: 11. 10. FIAS (2004). 2. Engelschalk (2004). 11. See, for example, Tanzi and Zee (2000). 3. The survey was conducted in partnership with Pricewater- 12. Moore (2005). houseCoopers, using a methodology developed in an 13. World Bank (1991). ongoing research project by Mihir Desai, Caralee McLiesh, 14. Bird and Oldman (2000) and Tan, Pan and Lim (2005). Rita Ramalho and Andrei Shleifer. 4. A common method for assessing tax rates is the marginal 15. Bird (2003). effective tax rate (METR) method, which estimates the tax 16. A similar result holds between fiscal regulation and eco- payable resulting from investing one more unit of capital, nomic growth. See Loayza, Oviedo and Serven (2004). or hiring one more worker, or producing one more unit of 17. Ivanova, Keen and Klemm (2005). output. See the Data notes for a description of the main dif- 18. Based on analysis of Doing Business indicators with health, ferences between the METR and Doing Business methods. education and infrastructure indicators in the World Bank's 5. World Bank Investment Climate Survey database, available World Development Indicators (2005d) and Global Com- at http://rru.worldbank.org. petitiveness Report 2004-05 (WEF 2004). The results hold 6. World Bank (2004b). controlling for income per capita. 7. Fjeldstad and Rakner (2003). 19. Desai, Foley and Hines (2004). 8. Not all cities in the United States have a municipal business 20. World Bank (2004b). tax. In addition, in several states the tax base is the same for 21. Engen and Skinner (1996), Lee and Gordon (2004) and federal and state income taxes. Slemrod (1995). 9. Georgia Business Council interview. 22. Goolsbee (2002). 53 Fabien, a shop owner in Bujumbura, sells bicycles. No origin from the Ministry of Trade. Every box of shirts is one makes bicycles in Burundi, so he imports from inspected before being loaded into a container. Customs China. Fabien has a choice of ports: Mombasa in Kenya is cleared twice, in Damascus and at the Syrian port of or Dar es Salaam in Tanzania. Terminal handling and Latakia. It takes 49 days, 12 documents and 19 signa- storage fees are a third lower in Dar es Salaam and there tures from the moment the shirts leave Moussa's factory is a rail line to Lake Tanganyika. The choice is made. to the time they are on the ship to Naples. After 50 days of prearrival approvals, 8 days of port han- Contrast this with the single signature a German or dling, 15 days of going through customs and a month- Swedish exporter needs to ship goods abroad. Or the 5 long train ride, the shipment is on Burundi's border. days and 3 documents necessary to import or export in Here it goes through 12 days of customs, gets loaded on Denmark, the country friendliest to traders (table 9.1). a barge and passes through customs at Bujumbura port. Fabien and Moussa should be so lucky. In all, it takes 124 days, 19 documents and 55 signatures The benefits of trade are well documented. So are to get the bicycles from Dar es Salaam to Fabien's shop some of the barriers to trade.' Tariffs, quotas and dis- (figure 9.1). tance from large markets greatly increase the cost of Moussa, a shirt maker in Damascus, exports to Italy. goods, sometimes enough to prevent trading completely. For each shipment he needs a license and a certificate of But global and regional agreements have lessened these FIGURE 9 1 Importing into Burundi-painful TABLE 9.1 Where is trading easy-and where not? Time (days) 120 Boer Easiest Most difficult and customs Denmark Syria control (Burundi) 90 _ Inland transport Sweden Mali pto the border Germany Eritrea Finland Kyrgyz Republic 60 Cs inspection Netherlands Zambia and clearance (Tanzania) Singapore Uzbekistan Norway Rwanda 30 Assembling and processing Austria Burundi import documentation Belgium Niger Acquiring bank guarantee of letter of credit Spain Iraq 0 1 18 Note: Rankings on the ease of trading index are the average of the country rankings on the Procedures days, documents and signatures to import and export. See the Data notes for details. Source: Doing Business database. Source: Doing Business database. 54 DOING BUSINESS IN 2006 trade barriers.2 And with faster ships and bigger planes, tariffs on their exports imposed by rich countries. Trade the world is shrinking. agreements, except those with the European Union and Yet Africa's share of global trade is smaller today between Central American countries and the United than 25 years ago. So is the Middle East's, excluding oil States, do not address these high costs. As a conse- exports. One reason is that entrepreneurs in these re- quence, much of the reform fails to remove the largest gions face numerous regulatory hurdles to exporting. In barriers to trade. This is why Doing Business studies the case of manufactured goods, customs and transport the procedures and time of going through customs together represent the single greatest cost of trading and using trade infrastructure such as roads, ports and in developing countries-even higher than the cost of warehousing (box 9.1). BOX 9.1 What are the Doing Business trade indicators? Doing Business compiles the procedural requirements for BOX FIGURE 9.1 exporting and importing a standardized cargo of goods. Hard infrastructure accounts for only a quarter of delays Distribution of tine in importing (%) A procedure is counted from the time the business starts preparing the necessary documents to the time the cargo / Port and terminal handling is in the client's warehouse. Every official procedure is a counted-from the contractual agreement between the Prearrival 2 parties to the delivery of goods-along with the time documents o Inland transport necessary for completion. All documents and signatures 59 required for clearance of the goods across the border Customs are also recorded. For example, the importing process is inspection divided into 4 stages: prearrival documentation necessary for the cargo to be loaded on the ship or train, procedures necessary during the vessel's arrival at the port and the associated terminal handling, going through customs and cargo inspections, and inland transport for the cargo's Information on the documents and signatures re- delivery to the warehouse (box table 9. 1). quired and the time to complete each procedure is On average, the 2 stages that require "hard infrastruc- provided by local freight forwarders, shipping lines, ture"-ports and inland transport-account for only a customs brokers and port officials, using several assump- quarter of the time. The preparation of prearrival docu- tions: The traded product travels in a dry-cargo, 20-foot, ments accounts for more than half the time (box figure full container load. It is not a hazardous product, does 9.1). The time when the cargo is at sea is not counted. not require refrigeration and meets international phyto Once the trader has completed the prearrival documents, sanitary and environmental safety standards. The survey the counting of time stops; it starts again when the ship respondents consider several product categories: textile is docked. If the destination is a landlocked country, the yarn, fabrics, apparel and clothing accessories, coffee, tea, time for inland transport includes transit time. cocoa and spices. BOX TABLE 9.1 Days to complete each stage of importing Prearrival Port and terminal Customs Inland transport Total Region documents handling and inspections to warehouse time OECD high income 8 2 2 2 14 East Asia & Pacific 18 3 4 3 28 Latin America & Caribbean 24 4 5 3 36 Middle East & North Africa 25 5 9 4 43 Eastern Europe & Central Asia 25 4 7 7 43 South Asia 24 6 7 10 47 Sub-Saharan Africa 33 8 10 9 59 World 23 5 6 5 39 Source: Doing Business database TRAD NG ACROSS BORDERS 55 Who is reforming? TABLE 9.2 Major customs or trade transport reforms in 2004 In 2004, 25 countries reformed their customs or trade Reform Country transport (table 9.2). Egypt was the top reformer. It es- Set time limits on customs Cameroon, Colombia, Egypt, tablished a single window for trade documentation and Guatemala, Jamaica, Peru, Russia merged 26 approvals into 5. A time limit of 2 days for Introduced electronic filing Fiji, Hungary clearing customs now applies. Improvements were part Abolished trade licenses Germany, Pakistan, Uganda, Yemen of a broader reform that cut the number of tariff bands Introduced risk analysis Austria, Mauritius, Timor-Leste from 27 to 6 and simplified inspections. The inspiration for inspections was the association agreement with the European Union. Stopped mandating preshipment Philippines, Rwanda Rwanda came second. Preshipment inspection is no inspection longer required. The customs declaration can be made Improved road and port Afghanistan, China, Mauritania infrastrudure ~~United Arab Emirates electronically, although hard copies are still inspected infrastructure when the cargo is picked up. Automated trade tax payment Iran, Panama, Spain Colombia, Guatemala, Peru and 4 other countries set Source. Doing Businessdatabase. lower time limits for going through customs. Colombia reduced the time limit from 5 days to 2, Guatemala from 4 In the United Arab Emirates new berths were added to 2, and Peru from 6 to 2. If the allowed time expires and at Jebel Ali port. In 2004 it took 6 days to load cargo. the cargo is not cleared, the trader can claim it. Now, an average of 17 hours. Similar improvements in Fiji and Hungary introduced electronic filing of Shanghai cut loading time by two-thirds. In Mauritania customs documents. The file is submitted before the the Nouakchott port now operates around the clock. cargo reaches the border and usually approved within Previously it was open just 60 hours a week. 10 minutes. Now 88% of shipments go through without More than half the reforms in 2004 took place in stopping. For the rest, risk assessment software sends an poor countries. But on average it still takes 3 times as alert. Documents are checked in detail for 10% of trade, many days, nearly twice as many documents and 6 times and only 2% of containers are opened and inspected. as many signatures to import in a poor country as it does Pakistan eliminated the requirement for an import in rich countries (figure 9.2). Obstacles to exporting are or export license for each shipment. Previously a trader just as large. Trade in Africa takes the longest-45 days needed to obtain a license each time he brought goods on average to export and 59 to import. Typical regula- across the border. Now the license is given to the trader, tions in Africa require 18 signatures to export and 28 to not each cargo, and lasts 2 years. Yemen abolished licens- import. Outside the OECD, traders in East Asia have the ing for imported shipments. Instead, a general import easiest time (figure 9.3). Latin America ranks next. Many license is now in place. These reforms saved costs and of the recent reforms there are inspired by regional trade numerous trips to the Ministry of Trade. agreements with the United States. FIGURE 9 2 FIGURE 9 3 More hurdles for importers in poor countries Less bureaucracy in East Asia Poor E Signatures required to export OECD high income East Asia & Pacific Latin America & Caribbean Middle 8 & Central Asia 28 is> South Asia 4-----------_16 ------------ 1 7 Middle East .. Rich * & North Africa Sub-Saharan ___ Signatures Time Documents (days) Source: Doing Business database. Source: Doing Business database. 56 DOING BUSINESS IN 2006 What to reform? Make document filing electronic In reducing the regulatory and transport costs of trad- In 1989 Singapore introduced electronic filing of all ing, the 3 most effective reforms in 2004 were these: documents necessary for trading. TradeNet linked 34 * Make document filing electronic. government agencies responsible for customs clearance, * Use a risk assessment policy for inspections. export and import permits, import duties, certificates of origin and trade statistics. The trader fills in a single form * Go regional with reform of customs and transport rules, adsnsitoTde t.rdNtrasthaplcin and sends it to TradeNet. TradeNet reads the application Another popular reform was to contract out preship- and forwards each section to the relevant agency, which ment inspection and customs management. But beware: has a limited time to respond. Within 2 years the time for contracting out has often failed to deliver better services, cargo clearance was cut from 4 days to 30 minutes. The may not reduce smuggling and has sometimes been number of shipments processed rose threefold, to 32,000 blamed for increased corruption. a day. And the cost to businesses of handling trade docu- ments fell by a third.3 The reform made Singapore one of TABLE 9.3 the easiest places for exporters and enhanced its position Who makes exporting easy-and who makes it difficult? pladces ters (an e dip t Days as a global trading center (table 9.3). Fewest Most Many countries have followed suit. Mauritius in- Denmark 5 Burundi 67 vited TradeNet's inventors to set up shop in Port Louis. Germany 6 Mali 67 By 1996 the number of documents for exporting fell Lithuania 6 Azerbaijan 69 from 36 to 5. The time to clear customs, from 7 days Senegal 6 Eritrea 69 to 2. From Mauritius the modified TradeNet technol- Singapore 6 Burkina Faso 71 ogy was exported to Ghana. Before its introduction at Belgium 7 Chad 87 Kotoka airport and Tema port in 2003, an exporter went Finland 7 Kazakhstan 93 through 23 different procedures in 2 weeks. An importer Netherlands 7 Iraq 105 had to submit 13 copies of the shipping manifest to cus- Norway 7 Central African Republic 116 toms. Now 18% of goods at the airport clear in 2 hours, and 75% clear the same day.4 But at the port improve- Documents ments have yet to materialize. Fewestark 3 Most 1 Two dozen other countries have implemented elec- Denmark 3 Iran 11 Austria 4 Mongolia 11 tronic filing for trade documents-most in Europe Finland 4 Nigeria 11 and some in East Asia and Latin America. In Africa, Germany 4 Ecuador 12 Uganda has made the most progress. In North Africa, Norway 4 Lao PDR 12 Tunisia introduced electronic documents in 2000.5 Three Spain 4 Syria 12 Sweden 4 Uganda 13 Australia S Kazakhstan 14 FIGURE 94 Lithuania S Rwanda 14 Electronic filing can combine steps and save time Singapore S Zambia 16 Filingtradedocuments Signatures None electronic 0 Fewest Most rr g a Germany 1 Ethiopia 33 Some electronic 10 30 Sweden 1 Mali 33 Australia 2 Georgia 35 H fl3 Austria 2 Sudan 35 Canada 2 Central African Republic 38 Denmark 2 Nigeria 39 - Estonia 2 Azerbaijan 40 All electronic _ Israel 2 Congo, Rep. 42 New Zealand 2 Congo, Dem. Rep. 45 ___ __ Singapore 2 Iraq 70 Signatures Time Documents Source: Doing Business database. Source: Doing 8usiness database. (days) TRADING ACROSS BORDERS 57 documents are processed electronically: the certificate blinks and the container is opened for inspection. This for external trade, the customs declaration and technical system has allowed Mexico to limit inspections to 10% control sheets. The payment of customs and port duties of shipments, Thailand to 15%, and Latvia to 20%. It has is also electronic and takes one hour. Before the reform it also increased the detection of smuggled goods. took a full day. Risk analysis can reduce delays. Ten years ago ship- In another 50 countries there have been partial ments took nearly 20 days to clear customs in Peru.6 By advances. In Botswana, Brazil and Russia customs dec- 2000 the introduction of risk analysis meant that green larations are submitted through the Internet, but other channel goods were cleared in 90 minutes, and even documents are required in hard copy-hardly practical. those in the red channel were cleared overnight. By law, Delays are reduced but not by much (figure 9.4). only 15% of cargo can go through the red channel. But risk analysis is only as useful as the data on Use a risk assessment policy for inspections which it is based. Even the most sophisticated risk In Africa and South Asia almost 70% of imported cargo analysis software will not help if there is no information containers are opened and inspected when clearing cus- toms (figure 9.5). Every container is opened in Burkina TABLE 9.4 Who makes importing easy-and who makes it difficult? Faso, Kenya, Malawi and Mali. The same is true in Nepal, Days Pakistan and Sri Lanka. In the Middle East more than Fewest Most 60% are opened and inspected. Contrast this with OECD Denmark 5 Niger 89 countries, where 5% of imports undergo inspection. Germany 6 Rwanda 92 The difference is explained by the risk assessment Sweden 6 Afghanistan 97 policy used in OECD countries. It works like this. When Finland 7 Chad 111 a customs officer receives the cargo documents, she Norway 7 Sudan ill Netherlands 8 Central African Republic 122 runs them through the computer. A software program Singapore 8 Burundi 124 calculates the probability that the shipment should be Austria 9 Kyrgyz Republic 127 inspected. The probability is based on the profiles of the Belgium 9 Iraq 135 business and the freight forwarders and on the nature United States 9 Uzbekistan 139 of the goods and their destination. In some countries Documents the containers are scanned for weight and the shapes of objects inside. If nothing suspicious arises, the container Denmark 3 Azerbaijan 18 gets a green light and sails through customs. Above a Finland 3 Kazakhstan 18 certain risk threshold a yellow light comes on and the Sweden 3 Kyrgyz Republic 18 documentation is thoroughly checked. The container Germany 4 Syria 18 remains sealed. At a still-higher threshold a red light Ireland 4 Uzbekistan 18 Netherlands 4 Burundi 19 Norway 4 Iraq 19 FIGURE 9 5 United Kingdom 4 Niger 19 Many inspections in South Asia Austria 5 Rwanda 19 Cargo inspected at import (%)United States Zambia 19 OECD ,, Signatures high income Fewest Most Eastern Europe & Central Asia Canada 1 Congo, Rep. 51 East Asia Denmark 1 Niger 52 & Pacific Finland 1 Azerbaijan 55 &Caribbear Germany 1 Burundi 55 Middle East Netherlands 1 Afghanistan 57 & North Africa Sweden 1 Mali 60 Afhica _ Belgium 2 Nigeria 71 Iceland 2 Central African Republic 75 South Asia New Zealand 2 Iraq 75 Singapore 2 Congo, Dem. Rep. 80 Source: Doing Business database. Source: Doing Business database. 58 DOING BUSINESS N 2006 from which to develop the necessary profiles of traders, form was successful in Bulgaria, where it started in 2002. freight forwarders and the like. Reforms to introduce By the following year annual customs revenue rose by risk assessment-for example, the one started in 2004 in 18%, or nearly $500 million.7 The number of fines for Timor-Leste-require patience. smuggling increased threefold, to 12,000 a year. It rarely works so smoothly. In Mozambique cus- Go regional with reform of customs and transport tm eecnrce u n19.Fwo h ol e toms were contracted out in 1996. Few of the goals set Being landlocked is viewed as a curse. Yet in Europe in the management agreement had been met by 1999. being a trader in a landlocked country is not that dif- One bright spot: the seizure of smuggled shipments ferent from being one elsewhere. It takes 1 day to get tripled from 559 in 1997 to 1,709 in 1999.8 But delays imports to Berlin from the port of Hamburg, and just 2 remained the same. Customs revenue increased some- extra days to get them to Bratislava in landlocked Slova- what, but mostly because of greater trade volume. The kia. European integration gets the credit. Once on land, management agreement was extended in the hope of the cargo moves effortlessly across borders. There are no better results. In other countries contracting is blamed further checks. for increased corruption: several high-profile cases have African entrepreneurs like Fabien face delays of 65 made the news in recent years.9 days if importing to landlocked countries, but only 38 In many developing countries the contracting out days to countries with a port. Yet there is no reason why of preshipment inspection has been a disappointment. landlocked Burkina Faso, Mali and Niger and the other Angola, Benin, the Republic of Congo, C6te d'Ivoire and countries of West Africa cannot replicate some of Eu- Togo, among others, all have concession agreements for rope's reforms and move off the list of the most difficult the management of cargo inspections. Two complaints countries for importing (table 9.4). In southern Africa, are heard most often. First, to increase revenue, private Botswana, Namibia, Lesotho and South Africa share cus- inspection companies push for new regulation to make toms forms. This reduces paperwork and cost. The next preshipment inspection mandatory for all cargo. This step for them is to remove border checks altogether and increases trade costs. Second, inspection companies introduce harmonized transport rules. introduce their own forms to fill out, on top of the documents already required by customs. If a trader Bewnareno custontrmactinaget preshipent nspec- sends goods to a country where preshipment inspection is contracted out to a company different from the one When the reputation of the customs office is damaged, in his country, he has to fill out nearly 3 times as many because of long delays or corruption, reformers may forms. That's the case for an entrepreneur in Angola contract out the service to a private company. This re- sending goods to Togo, for example. Why reform? necessary to comply with procedures-export and im- port more (figure 9.6). They also make it cheaper for For manufactured exports, the cost of trade transactions exporters to operate. Studies suggest that each additional in developing countries-which includes the cost of day in transport delays costs 0.5% of the cargo value dealing with customs and the cost of inland transport- for goods transported by ship or rail. In other words, exceeds the cost imposed by tariffs in the European if transporting a cargo now takes 20 days and reform Union and the United States. Red tape is estimated to can reduce transport time to 10 days, it may save the cost more than 10% of the value of exports in develop- exporter 5% of the cargo's value.12 Even poor countries ing countries.'0 Trade costs represent 14% of the value of can make rapid progress, as the burden imposed by exports in Georgia and 18% in Nigeria. And inefficient complicated procedures exceeds that imposed by poor customs and trade transport mean that businesses must transport infrastructure. hold larger inventories at their warehouse, adding 4-6% Filing more documents is associated with more to production costs." "Just in time" manufacturing is corruption in customs (see figure 9.6). Faced with long just a dream. delays and frequent demands for bribes, many traders The countries that have efficient customs and trade avoid customs altogether. Instead, they smuggle goods transport-fewer documents and signatures, less time across the border. Smuggling defeats the very reason to TRADING ACROSS BORDERS 59 FIGURE 9 6 More red tape in trading-less trade, larger bribes Trade to GDP Corruption in exports and imports More Never Less Common Fewer More Fewer More Countries ranked by documents to export, quintiles Countries ranked by signatures to import, quintiles Note: Relationships are significant at 5% level and remain significant when controlling for income per capita. Source: Doing Business database, WEF (2004), World Bank (2005d). have border control of trade: to ensure high quality of is a luxury for most people in Burundi, where annual goods and levy taxes. incomes average $90. And the police periodically come That brings us back to Fabien, the shop owner in to his shop to receive "presents." But if the government Burundi. High transport and customs costs may not wants to make it easier to run businesses, reducing trade be his biggest headache. Demand is low-a new bicycle costs is a good place to start. Notes 1. Bhagwati (2004). 9. For example, a consultant for Socidtt Generale de Surveil- 2. Freund (2000). lance (SGS), a Swiss company, is alleged to have channeled 3. De Wulf (2004). $9 million to a former prime minister of Pakistan, to persuade the government to retain SGS. See Miller and Bal- 4. De Wulf (2004). gobin (2002). 5. Alavi (2004). 10. UNCTAD (2004). 6. Goorman (2004). 11. See Hausman, Subramanian and Lee (2005) and Subrama- 7. Velchev (2005). Some of this increase is due to a favorable nian and Anderson (2005). exchange rate with the dollar during this period. 12. Hummels (2001). 8. Mwangi (2004). 61 -. . . ~ ~~~~~~~~ 4 ,k ',,~~ ., . * i. . ;9A\*' V.~~~~~~~~t~ Y., .:.v4f *~fi .' ' Tiago, who runs a textiles business in Timor-Leste, sum- clerks, bailiffs and other judicial of ficials. And corruption marizes his experience with the courts: "I never use them. is considered a problem in 43 countries. None of the businesses that I deal with use them either. In 2004, 16 countries reformed procedures for contract What's the point? Whoever pays the larger bribe wins the enforcement. Serbia and Montenegro cut nearly 400 days case. Even then, collecting your debt would be a miracle." off the time it takes to go through court. Kazakhstan, A miracle indeed-it takes 69 procedures and 990 days Latvia, Slovenia and Vietnam also reduced delays. to resolve a commercial dispute in the country's courts. The most popular reform was to streamline ap- To collect a debt of $1,000, a business would have to pay peals and impose time limits on their filing. Five $1,800 in court and attorney fees, making Timor-Leste countries-Brazil, Burundi, the Czech Republic, Romania the most difficult place to enforce a contract (table IO. 1). and Rwanda-introduced rules to ensure that debtors do The inefficiency of the courts in Timor-Leste may not abuse the process. The time and cost savings allowed be extreme, but there is room for improvement every- more businesses to use the courts. Uganda saw a 62% where. The most common complaint involves delays in increase in commercial cases filed after similar reforms in the courts and in executing judgments once a judge has 2002. "We have more faith in the courts now, more trust," ruled (figure IO. 1). The second most common complaint says Musoke, a local businessman. "The president is now is protracted appeals. The third is incompetent court mentioning us in his speeches," adds a judge in Kampala. FIGURE 10 l TABLE 1 0. 1 What is the biggest obstacle to enforcing a contract? Where is enforcing contracts easy-and where not? Easiest Most difficult Share of countries(% o 20 40 60 Norway Benin Denmark Kyrgyz Republic Delays in the judiciary Japan Congo, Rep. Protracted appeal New Zealand Syria Iceland Chad Incompetent judicial officil Tunisia Sudan High costs Lithuania Cameroon Greece Central African Republic Lack of information _ Switzerland Congo, Dem. Rep. Complex court rles United States Timor-Leste i re ,u ckb iin oth marizes hisexperiencewith the corts: neer use them is considreduaprio ble in 43ocunties Note; Rankings on the ease of enforcing contracts are the average of the country rankings on the procedures time and cost to llect a debt through the courts. See the Data notes for details. Note: Share of countries where the obstacle was cited by all survey respondents. Source: Doing Business database. Source Doing Business database. 62 DOING BUSINESS IN 2006 Who is reforming? Serbia and Montenegro, the country with the third TABLE 10.2 longest delay in 2003, went from 1,028 days to 635 days. Major court reforms in 2004 Two new laws-on civil procedure and enforcement Reform Country of judgments-were passed. These contain strict time Streamlined appeals Belarus, Brazil, Burundi, Czech Republic, limits. For example, a debtor has only 3 days to file an Romania, Rwanda, Serbia and Montenegro appeal after the judge rules. The judge then has 3 days Shortened time Germany, Kazakhstan, Latvia, to decide its merit. Previously this back-and-forth could for enforcement Poland, Rwanda take 10 months. Set time limits Philippines, Rwanda, Serbia o s. ~~~~~~~~~~~~on judgments and Montenegro, vietnam Africa has the least efficient courts. But 2 countries ontroducedts Bnd M atVia Introduced summary Burundi, Latvia made significant reforms in 2004. Burundi introduced proceedings a new summary procedure for debt recovery, requir- Established case Slovenia ing fewer steps and written statements. In addition, management the deadline for filing an appeal was cut from 60 days Source: Doing Business database. to 30. And enforcement can now be done by private bailiffs, not just by court officials. Similar reforms in a dispute by 12%, with Serbia and Montenegro reduc- Colombia in 2003 and in Slovakia in 2002 have enjoyed ing delays by 38% and Rwanda by 22% (figure 10.2). tremendous success. Reforms also lowered costs-for example, in Rwanda at- Rwanda created specialized chambers in trial courts torney fees fell by 15%. The most popular court reform for litigation related to business, financial and tax mat- in 2004-introduced in 7 countries-dealt with delays ters. Moreover, 1 professional judge now presides over in appeals (table 10.2). Burundi, Romania and Rwanda such cases, assisted by 2 lay judges. Previously a 3-judge introduced a rehearing with the judge who presided over jury was required. "I was suspicious of the changes at the original case and has already reviewed the evidence. first, but now I am a believer. Cases that sat in the courts This is in lieu of a first appeal and saves considerable for years are now resolved in months," says Andre, a time. Previously appellate judges reviewed the evidence trader. Still, big problems remain: some chambers have from scratch. Now they review the process, not the evi- yet to become operational for lack of trained lay judges. dence. Brazil and Serbia and Montenegro set time limits The top 10 reformers cut the average time to resolve on the filing of appeals. These reforms may seem like an attack on due process, and there is clearly a balance to FIGURE 10.2 Reforms cut time in court for entrepreneurs be struck between the rights of debtors and creditors. Yet the trend in streamlining appeals suggests that exces- Days to resolve a dispute, before and after reform sive delays deny justice more than a well-intentioned but Average Maximum time time prone-to-abuse appeals process. 0 365 720j 1,095 J 1,460 The second most common reform-introduced in Serbia and I. r 14-B : 6 countries-shortened time for the enforcement of M .ntenegro AFTER BEFORE judgments. Establishing case management systems in Slovenia the courts continues to be the main reform in transition Rwanda economies. In Armenia reforms have become so popu- lar that the country's most-watched television drama Burundi C r= features the deputy minister of justice in an improvised Vietnam cr,:11=i1 court. Viewers are now asking for legal advice and assis- tance as they recognize that the courts can now resolve disputes effectively. Source: Doing Business d atabase. ENFORCING CONTRACTS 63 What to reform? TABLE 10.3 Where is enforcing contracts the most efficient-and Courts should be fast, fair and affordable. Long delays, where the least? as experienced in Italy and Guatemala (table 10.3), force Procedures (number) businesses to look for other means of resolving disputes. Fewest Most If going to court is expensive, as in Timor-Leste and the Australia 11 Kuwait 52 Democratic Republic of Congo, fewer business trans- Greece 14 Lao PDR 53 actions occur-and those that do involve only a small Iceland 14 United Arab Emirates 53 group of people linked by kinship, ethnicity or previous Norway 14 Egypt 55 dealings. Less wealth is created. Tunisia 14 Cameroon 58 United Kingdom 14 Sierra Leone 58 Three reforms are most urgent: Denmark 15 Iraq 65 * Reduce delays in deciding cases. Uganda 15 Sao Tome and Principe 67 * Cut the number of appeals to the supreme court. Hong Kong, China 16 Sudan 67 * Make enforcement competitive. Ireland 16 Timor-Leste 69 Time (days) Reduce delays in deciding cases Least Most Tunisia 27 Lebanon 721 Four types of reform reduce the time it takes to enforce Netherlands 48 Nigeria 730 a contract. One is introducing summary proceedings New Zealand 50 Congo, Dem. Rep. 909 or simplified trial procedures. Another is simplifying Japan 60 Slovenia 913 procedures for collecting and hearing evidence. A third Singapore 69 Sudan 915 France 75 Poland 980 is changing case management practices. The final one is Korea 75 Timor-Leste 990 using lower courts to decide simple commercial cases. Denmark 83 Angola 1,011 In a summary proceeding the creditor need only Norway 87 Italy 1,390 present the judge with evidence of the transaction and Belgium 112 Guatemala 1,459 nonpayment. Debt cases no longer go through pre- Cost (% of overdue debt) liminary investigation before court clerks. In Burundi Least Most this reform cut nearly 3 months off the time to recover Norway 4.2 SaoTome and Principe 69.5 debt. In Latvia the creditor can enforce payment im- New Zealand 4.8 Central African Republic 72.2 mediately after the hearing. Not all reforms bring the Switzerland 5.2 Burkina Faso 95.4 Denmark 5.3 Papua New Guinea 110.3 desired results. For example, in Poland a simplified trial Korea 5 4 Bhutan 113.8 procedure exists for small claims up to $3,000. But few Sweden 5.9 Cambodia 121.3 people use it. Restricted access-with claims arising Belgium 6.2 Indonesia 126.5 from unpaid utility bills ineligible-and court fees that Finland 6.5 Malawi 136.5 equal those for the regular procedure explain the lack of United States 7.5 Timor-Leste 183.1 enthusiasm. Taiwan, China 7.7 Congo, Dem. Rep. 256.8 In 94 countries only written evidence is admitted Source: Doing Business database. for a judge's consideration. When judges hear cases, they read and approve the record of any new evidence. This sponsible for following cases from start to finish rather takes days, sometimes weeks, to transcribe. In 2004 Brazil than sending the parties from one court administrator allowed oral evidence in its courts. In Germany a judge to another. Second, a preliminary hearing clarifies the need no longer hear witnesses or experts if they have al- nature of the dispute so that parties come to the main ready testified on the same matter before another judge. hearing prepared. In its first year case management has This is possible even without the consent of the parties cut Slovenia's average time to resolve disputes by 90 days. to the case. And if judges decide they have enough evi- Attorney fees tend to be lower in countries with dence, they can interrupt hearings and issue judgments. case management: the average cost of resolving a dispute In Finland hearings are now optional. Judges can decide about a debt is 15% of the debt's value in countries with on cases based solely on the evidence submitted. case management and 29% in countries without, even Case management is illustrated by Slovenia's re- after controlling for income per capita. This is because forms, which involved 2 changes. First, judges are re- cases move faster. Georgia is implementing case man- 64 DOING BUS NESS IN 2006 agement in 15 pilot courts. In these courts the number expanded authority to issue a final and binding judge- of cases pending for more than a year dropped 23% by ment. Fewer cases go to the supreme court. As a result June 2005 compared with a year earlier. In contrast, the the process is 4 months shorter. number of such cases fell by 5% in other courts. Not everyone has gotten such reforms right. The Vietnam expedited contract enforcement by 2 2004 civil procedure code in Burkina Faso establishes months by moving cases to lower jurisdictions. This was a stay on the execution of appealed judgments under accomplished by abolishing a provision mandating that several conditions. If granted, the stay could last 2 years provincial courts hear cases involving more than 50 mil- while the case is sent to the supreme court. This more lion dong ($3,200). Such cases now go to district courts. than doubles the average time to enforce a contract: A similar reform in Lao PDR in 2003 allowed debt col- rather than 446 days, such a case would take more than lection cases worth less than $2,500 to be handled in 1,200. A possible fix is to introduce an appeal bond- district courts. money put aside by the debtor until the appeal is consid- ered. Such bonds are used to guarantee that judgments will be satisfied after appeals. The money should be al- Appeals are necessary for fair justice and are allowed in lowed to accumulate interest, as its value may deteriorate every country. But they needn't automatically go all the quickly in countries with high inflation. way to the supreme court. Such abuse is exemplified in Brazil, where debtors use the tactic to stall enforcement: Make enforcement competitive 88% of judgments in commercial cases are appealed. The best way to speed the recovery of overdue debt is by As a result Brazil's supreme court handles more than allowing competition in enforcing judgments. Colombia 115,000 cases a year. In comparison, the U.S. supreme did this in 2003 by scrapping the monopoly of the courts court takes about 200 cases, as it deals mainly with con- to enforce judges' rulings. Private companies quickly stitutional issues. Federal circuit courts and state courts moved into the business. The result: time was cut by of appeal are the main venue for appeals on commercial nearly 2 months. cases. These intermediate courts are the most important Hungary and Slovakia have introduced private en- source of due process for litigants. Access to them is gen- forcement in the past 5 years. In the Netherlands a erally easy since the grounds for appeal to the supreme 2001 reform removed territorial monopolies of private court are limited. enforcement companies. Now they compete for busi- The old system in the Czech Republic worked like ness nationally. Kazakhstan has done the same, as has this: when a debtor appealed the decision of the first- Burundi. In Kazakhstan it takes 20 days fewer to recover instance court, the case was sent to an appeals court, overdue debt. The effects in Burundi are still unclear, as which often overruled the decision and sent the case for the new industry is just being created. retrial to the original court. Now the appeals court has Why reform? loans at 4 percentage points less interest than in regions There are several strong arguments for court reform. with the longest delays. First, easier contract enforcement is associated with Second, efficient courts increase entry by new firms higher bank lending (figure 10.3). Consider Italy. A and hiring by established ones. In Central and Eastern study of 27 judicial districts found that the average Europe cumbersome court procedures are associated commercial case lasts 53 months, or nearly 4.5 years.' with an 8% reduction in the number of new businesses. This is just over the 1,390 days documented using the They also limit company growth: businesses, that are Doing Business methodology. The delays cause large case otherwise similar hire 18% fewer workers in countries backlogs. In efficient judicial districts like Venice, there with slow contract enforcement.2 are 22 cases pending per 1,000 inhabitants. Lending to Third, reform reduces demands on the government the private sector is equivalent to 40% of the region's an- budget. For example, Croatia, Poland, Serbia and Mon- nual income. In Calabria, where the backlog is 50 cases tenegro and Slovenia have the most judges and court ad- per 1,000 inhabitants, lending is just 10% of the region's ministrative staff (on a per capita basis) in Europe. These income. The price of loans is affected as well. Banks in countries also have the most complex court procedures Italian regions with the shortest court delays extended and longest court delays in the region. Simplified con- ENFORCING CONTRACTS 65 FIGURE 10.3 FIGURE 104 Better courts-more credit Large staff numbers in some European courts Availability of credit Personnel per 100,000 population (private credit to GDP) 0 50 100 150 More Judges Court staff Croatia Slovenia _ MSerbia and _ _ Montenegro Poland Less Austria _ _ _ _ _ ~~~~~~~~~~~~~~~Denmark Fewer More Countries ranked by days to enforce a contract, quintiles Note: Relationship is significant at 1% level and remains significant when controlling Netherlands for income, growth and creditor rights. Source: Djankov, McLiesh and Shleifer (2005). Source: Council of Europe (2004). tract enforcement would temper requests for larger $4 billion in overdue credit is currently handled outside court budgets. Dutch and Danish courts, for example, the judicial system. Analysis suggests that in just 5 years have only a quarter of the judges and administrators such reform might create about 70,000 jobs, since more used in Croatia on a per capita basis (figure 10.4). money would be available for new business activity. If Bulgaria were to adopt the Estonian process for Fourth, the integrity of the judiciary is higher in enforcing contracts, which would imply revising the civil countries with faster resolution of cases and fewer pro- procedure code, a third of its judiciary budget could cedures (figure 10.5). And businesses use courts more if be reallocated to better uses.3 An easier judicial process they see value in their dispute resolution services. would also bring more cases to the courts, as an estimated Legal experts often argue that stricter procedural FIGURE 10 5 requirements lead to more fairness. They do not, at least Fewer procedures-less bribery in developing countries. Procedural complexity makes it difficult for typical businesses to understand the process. As a result they avoid courts in favor of simpler, often More informal, alternatives.4 And countries with more pro- cedures to enforce a contract, such as Egypt, are not the ones where businesses consider the process fairer. Quite the opposite: a World Bank survey of more than 10,000 enterprises in 82 countries shows that fewer procedures are associated with more fairness and impartiality in the legal system.5 This makes for happier clients and a more Fewer More ~~~~~~~credible justice system. Fewer Morn Countries ranked by procedures to enforce a contract quintiles Note. The correlation between the number of procedures to enforce a contract and integrity in judicial decisions is 0.51. Source: Doing Business database, WEF (2004). Notes 1. Jappelli, Pagano and Bianco (2005). 2 Desai, Gompers and Lerner (2004). 3. Dimitrov and Stanchev (2005). 4. See recent evidence on Poland in World Bank (2005c). 5. Batra, Kaufmann and Stone (2003). 67 . . ;, .¢ < X N 1 ~~~~O,~ I..;2 T.z' ; , A. "To my friends, everything. To my enemies, the law," says ing temporary problems. But bankruptcy is not the only a Brazilian proverb. The case of Engesa shows why. In solution. In poor countries bankruptcy is rarely used. 1985 the Brazilian manufacturer hit financial difficulties. Rich countries averaged around 10,000 bankruptcy fil- When its fortunes continued to fall and workers became ings between 1999 and 2003. Poor countries, fewer than redundant, there was no cash for severance. Engesa filed 50. Cameroon, Georgia and Lao PDR have each seen for reorganization in 1990. A complicated liquidation fewer than 10. trial was launched, with the judge besieged by disputes These countries are not short of failed enterprises. and appeals. It took more than 2 years just to compile a But it is naive to expect that complex bankruptcy list of claimants. Fifteen years after the bankruptcy fil- proceedings will rejuvenate businesses. Even in rich ing, less than half the debts have been resolved. countries rates of successful reorganization, where the No more. Brazil passed a new bankruptcy law in business comes out of bankruptcy without changing 2004. A reorganization procedure gives troubled com- ownership or management, are low-12% in the United panies a better chance to stay alive. Creditors have more States, 3% in France and 2% in the United Kingdom.3 power to influence the proceedings. Secured creditors Reformers in poor countries would do better to focus on enjoy preference over tax claims, and labor claims are improving foreclosure of secured debt outside of bank- limited. The expected time to go through bankruptcy was ruptcy, thus reducing reliance on the courts. halved, from 10 years to 5. If Brazil's new law works as a FIGURE 11 1 similar law in Spain did, it could inject 204 billion reals Reforming bankruptcy pays off into the economy in 6 years.' If this money were put to Recovery rate productive uses, more than 400,000 jobs could be saved.2 (cents on the dollar) Brazil joins 88 other countries with major reforms 100 to bankruptcy law since World War II. More than half the reforms happened in the past 10 years, and most in rich countries. The reforms have typically worked. Recovery 60 rates for bankruptcy claimants-creditors, workers and government-are significantly higher for the reformers, 40 even controlling for country income levels (figure 11. 1). 20 The reason: reformed bankruptcy regimes allow viable businesses to weather a short-term liquidity crisis, and 0 0 2 3 4 5 insolvent businesses are rapidly liquidated. Countries by number of reforms since 1945 Every country needs effective procedures for closing Note: Relationship remains significant when controlling for income per capita. a failed business or saving a viable one that is experienc- Source: Doing Busines database. 68 DOING BUSINESS IN 2006 Who is reforming? FIGURE 11.2 Making exit easier in 2004 Bankruptcy laws were revamped in 9 countries during Improvement in recovery rate 2004. Seven of them-Brazil, Finland, Indonesia, Japan, After Portugal, Serbia and Montenegro and Vietnam-passed reform new bankruptcy acts. But Madagascar and Thailand re- duced efficiency with amendments making bankruptcy more complex. 45% In Portugal a new insolvency code sped proceedings 30% and enlarged creditors' powers. The law provides for a 19% The judg, adminstratorBefore -0 single insolvency proceeding. The judge, administrator reform and creditors jointly examine the company's prospects U I and decide whether to pursue liquidation or reorgani- I I I zation. In the old system liquidation and reorganiza- Serbia and Indonesia Vietnam Portugal tion were pursued through separate channels. The new Montenegro system expands the range of conditions that trigger 5ource: Doing Bus/Ressdatabase. proceedings, making it easier to file for bankruptcy. The changes cut 6 months off the time to go through insol- increased from 16 cents on the dollar to 19. vency. Recovery rates, calculated using the Doing Busi- Japan's reforms sped bankruptcy by allowing more ness methodology, jumped from 69 cents on the dollar companies to file in the better-equipped Tokyo and to 75 (figure 11.2). Osaka courts and permitting the liquidator to sell assets In Serbia and Montenegro recovery rates are ex- free of other claims. Before, consent of all creditors was pected to jump by 45%-to 29 cents on the dollar- required to sell assets, delaying the process. Finland im- thanks to a new law adopted in August 2004. Under the proved efficiency by abolishing a 3-stage appointment of old laws few private companies went through bank- the administrator. But costs rose slightly because powers ruptcy proceedings, because that could take up to 12 were transferred from the court to the (more expensive) years. The new law sets strict time limits: parties have 5 administrator. Both countries changed the priority order days to raise objections to the resolution, appeals must of claimants. Japan now favors the bankruptcy trustee, be made within 8 days after the ruling, and the court has taxes and employees. Finland favors secured creditors. 30 days to issue a decision on an appeal. The changes will Some reforms were for the worse. A common tac- cut the time to an estimated 1.5 years. tic for delaying the bankruptcy process is to appeal: East Asia saw the most reform. Indonesia and Thailand made it easier for debtors to use and abuse Vietnam clarified and improved their bankruptcy laws. the appeals process. It abolished a 1999 provision that Indonesia's new law gives more precise definitions and limited interlocutory appeals-appeals of decisions dur- codifies case law. Creditors now have expanded powers ing the trial-as well as appeals on reorganization. On to file and vote on reorganization plans. Doing Business the bright side the reforms reduced asset collection fees, respondents estimate that the time to resolve bankruptcy cutting costs by 2%. Madagascar-the only African has fallen by 6 months, increasing recovery from 10 reformer-also went backward, introducing complex cents on the dollar to 13. reorganization provisions in a country that has had only Vietnam's 1993 bankruptcy law had been rarely a handful of bankruptcies. Delays increased. used in the past dozen years. Only 45 businesses were Another dozen countries made minor changes. FYR declared bankrupt, and many of those were state owned. Macedonia streamlined asset auction procedures and The 2004 law makes it easier to file for bankruptcy. Only will introduce a new bankruptcy law in 2006. Burkina one condition is required: that a business be unable to Faso increased the number of judges and cut the backlog pay a due debt on request. Before, the business also had of bankruptcy cases. In Bosnia and Herzegovina only 8 to suffer losses for 2 years and attempt reorganization. months of salary now take priority over secured credi- Another change: secured creditors' claims rank ahead tors. Before the reform all salaries owed had priority. of those of the tax office. The reforms are expected to Chile, Italy and Slovakia adopted changes that will come cut 6 months off the process. And recovery rates have into effect in late 2005. CLOSING A BUSINESS 69 What to reform? Albania's reorganization procedure has not preserved Bankruptcy is hopelessly inefficient in most countries. a single viable business. And countries in which Doing Claims are eroded by long delays, by high costs and by Business respondents indicate that a firm will go through laws that either kill viable businesses or keep unviable reorganization proceedings are no more likely to save ones alive. On average, only 32 cents of every dollar owed viable firms (figure 11.3). Procedures such as Algeria's, creditors, workers, tax agencies and other claimants are Ecuador's and, until 2004, Vietnam's-which require available for distribution. South Asian countries have attempts at reorganization before liquidation-seldom the worst recovery rate, averaging 17 cents, followed by keep a viable firm in operation. African countries with 27 cents. Only in the OECD and some middle-income economies can creditors recover TABLE 1.1 half or more of overdue debt (table 11. 1). Where is bankruptcy the most efficient-and where the Poor countries can most easily boost recovery rates least? by improving foreclosure processes. For middle-income Time (years) countries, speeding liquidation should be the priority. Least Most Other helpful reforms: providing specialized expertise, Ireland 0.4 Philippines 5.7 limiting appeals, reducing court powers and paying Japan 0.6 Belarus 5.8 administrators for maximizing the estate value. These Canada 0.8 Turkey 5.9 were discussed in earlier editions of Doing Business. Singapore 0.8 Angola 6.2 Reforms can also: Taiwan, China 0.8 Oman 7.0 * Encourage continuous operation of viable Belgium 0.9 Mauritania 8.0 businesses. Finland 0.9 Czech Republic 9.2 Set up creditors' committees. Norway 0.9 Brazil 10.0 * Set up creditors' committees. Spain 1.0 Chad 10.0 * Give entrepreneurs a chance for a fresh start. United Kingdom 1.0 India 10.0 Encourage continuous operation of viable businesses Cost (% of estate) Least Most Efficient bankruptcy laws break up unviable firms and Colombia 1.0 Albania 38 save viable ones. In the hope of keeping viable firms Kuwait 1.0 Dominican Republic 38 alive, more than 60 countries have adopted reorgani- Netherlands 1.0 Philippines 38 zation laws in the past 25 years. But adopting reorga- Norway 1.0 Venezuela 38 nization is not the same thing as helping distressed Singapore 1.0 Guyana 42 businesses restructure their finances and operations. Belgium 3.5 Sierra Leone 42 Canada 3.5 Ukraine 42 Finland 3.5 Chad 63 FIGURE 113 Japan 3.5 Central African Republic 76 Reorganization does not mean viable businesses get saved Taiwan, China 3.5 Lao PDR 76 Probability of a firm's survival by procedure (%) Recovery rate (cents on the dollar) Foreclosure, Highest Lowest --liquidation Reorganization- Japan 92.6 Haiti 2.9 60 Singapore 91.3 Niger 2.6 Norway 91.1 Zimbabwe 2.1 40 Canada 90.1 Congo, Dem. Rep. 1.6 Taiwan, China 89.4 Angola 0.6 20 _ Finland 89.0 Brazil 0.5 - Reorganization- - Liquidation Ireland 88.0 Timor-Leste 0.0 - Foreclosure Netherlands 86.7 Lao PDR 0.0 Rich Poor Belgium 86.6 Central African Republic 0.0 countries countries United Kingdom 85.3 Chad 0.0 Nore: Different procedures make no significant difference in survival rates. Source; Doing Business database. Source: Doing Business database. 70 DOING BUSINESS IN 2006 FIGURE 11 4 FIGURE 11 5 Higher recovery with creditor involvement How to discourage entrepreneurs: penalize the honest ones Recovery rate (cents on the dollar) Penalties for bankruptcy in cases without fraud 60 (number of countries) 50 YES YES 40 I YES 3 w ~~NO NO NO 30 Do creditors Do creditors vote Are administrator appoint on reorganization reports filed Criminal Personal Fines Banned and replace plan? with creditors? liability liability from office administrator? Source: Doing Business database. Source: Doing Business database. Foreclosures and liquidations, by contrast, can keep Set up creditors' committees businesses in operation. Foreclosure often leads to the sale of the entire firm to new owners, who keep it run- Finland's reforms gave creditors the right to set up a ning as a going concern. And even in liquidation the creditors' committee that advises the administrator. This firm can keep operating, as in Botswana, Denmark, Po- is obligatory for large estates. Six of the other 8 reform- land and Sweden. Creditors win, because saving viable ers expanded the powers of creditors. Doing so is associ- firms yields higher recovery. Workers win too, because ated with higher recovery rates (figure 11.4). The reason they keep their jobs. is that such reforms align the incentives of creditors with There are better ways than reorganization to save reorganizing viable firms and closing down unviable viable firms. First, don't require interruption of busi- ones. When creditors participate in decisions, proceed- ness operations. Twenty-five countries require firms to ings tend to maximize recovery. And when creditors discontinue operations once the bankruptcy petition is have the right to choose which bankruptcy procedure approved. Second, keep the bankruptcy process moving. to follow-reorganization or liquidation-they opt for By the time companies are in their third year of bank- reorganization only when the chances of successful re- ruptcy, the chance of surviving is slim. Short processes covery are high. help maximize the value of the estate. Long ones often Other countries are recognizing the benefits lead to the stripping of enterprise assets. of involving creditors. Chile's reforms in May 2005 Brazil's new law encourages going-concern sales authorized creditors-rather than the courts-to ap- at the beginning of liquidation and allows buyers to point the trustee. Slovakia's upcoming bankruptcy law take assets free of tax and labor liabilities. Previously does the same. Indonesia's reform gives secured credi- asset sales could start only after liquidation proceedings tors the right to vote in reorganization. And Brazil's also ended, and they were subject to existing claims. Other brings secured creditors into the voting on reorganiza- reforms also help. One is allowing the administrator to tion proceedings. rescind or compel performance on contracts. Another: letting the business obtain fresh loans that have priority Give entrepreneurs a chance for a fresh start for the lender-which could increase the chance of sur- In Greece bankrupt entrepreneurs lose their trading vival from 22% to 38%. And yet another: allowing man- license. A Lithuanian entrepreneur may face criminal agement to dismiss employees during the bankruptcy penalties even in the absence of fraud. Such measures are process to help keep the company going. Many jobs will common. In two-thirds of countries managers of bank- be saved if a viable business can continue operating. The rupt firms can be punished for negligence even if there is benefits are large. Countries that keep viable firms alive no fraud (figure 11.5). In 39% of countries managers can have recovery averaging 59 cents on the dollar. Those be barred from taking corporate positions. The ban lasts that don't, 21 cents. an average of 4 years. In Chad and Lebanon it lasts 10. CLOSING A BUSINESS 71 Such measures discourage the use of bankruptcy. management sanction from liquidation. Previously they And they dampen entrepreneurship: studies in the were one and the same, whether or not there was fraud. United States show that entrepreneurs try several busi- Thailand's 2004 reform distinguishes fraudulent bank- ness ideas before succeeding. Punishing fraud is justi- rupts from those in good faith. In Poland before 2003, fied, but bankruptcy is different. An entrepreneur can bankrupt entrepreneurs were automatically banned have bad luck or make mistakes. Bankrupt debtors face from getting a fresh start for 5 years. Now it could be for stigma anyway. Why compound it with legal penalties? 3-10 years, but only if the court decides the case involves Reforming such penalty provisions in bankruptcy fraud. The United Kingdom's Enterprise Act of 2002 re- laws has been popular. Madagascar's new law separates moved automatic penalties on bankrupt debtors. Why reform? filings are made to speed informal workouts and en- Bottlenecks in bankruptcy cut the amount that claim- forcement.5 ants can recover.4 In countries where bankruptcy is Easier exit means easier entry. Bankruptcy laws can used, this is a strong deterrent to investment. Access to also encourage entrepreneurs. One study shows that credit shrinks. And nonperforming loans and financial reforms to encourage a fresh start have raised rates of risk rise because creditors cannot recover overdue loans entrepreneurship by 8-9%.> The freedom to fail, and to (figure 11.6). Even in poor countries, where bankruptcy do so through an efficient process, puts people and capi- is rarely used, efficient laws can serve as a threat and en- tal to its most effective use. The result is more productive courage debtors to negotiate and restructure outside of businesses, and more jobs. bankruptcy. In Egypt an estimated 95% of bankruptcy FIGURE 11 6 Higher recovery-fewer defaults, fewer credit constraints Nonperforming loans Perceived access to credit More Higher Lower Higher Lower Higher Countries ranked by average recovery rate, quintiles Countries ranked by average recovery rate, quintiles Source: Doing Business database, IMF (2005a), WEF (2004). Notes 1. Gazeta Mercantil (Brazil), "New Bankruptcy Law Could 4. World Bank (2004a) and Franks and Loranth (2005). Inject R$204 bn," June 2,2005. 5. Data from Doing Business local partners. 2. Azar and Lu (2004). 6. Armour and Cumming (2005). 3. Couwenberg (2001). 73 ,~~~~~~~~~" 0. 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Bulgaria, Ministry of Finance, There Yet? The Impact of Logistics Time on Trade." World Press Office, Sofia. Bank, Investment Climate Department, Washington, D.C. World Bank. 1991. Lessons of Tax Reforn. Washington, D.C. Svensson, Jakob. 2003. "Who Must Pay Bribes and How Much? . 2003. Doing Business in 2004: Understanding Regula- Evidence from a Cross-Section of Firms." Quarterly Jour- tion. Washington, D.C. nal of Economics 118 (1): 207-30. - . 2004a. Doing Business in 2005: Removing Obstacles to Tan Chee-Wee, Pan Shan-Ling, and Eric T. K. Lim. 2005. "To- Growth. Washington, D.C. wards the Restoration of Public Trust in Electronic Gov- . 2004b. Improving Enterprise Performance and Growth ernments: A Case Study of the E-Filing System in Singa- in Tanzania. Washington, D.C. pore." In Proceedings of the 38th Hawaii International . 2005a. "Aide Memoire: Judicial Reform Project in Conference on System Sciences. http://csdl2.computer.org/ Armenia." Europe and Central Asia Region, Poverty Re- comp/proceedings/hicss/2005/2268/05/22680126c.pdf. duction and Economic Management, Washington, D.C. Tanzi, Vito, and Howell Zee. 2000. "Tax Policy for Emerging . 2005b. Old Age Income Support in the 21st Century. Markets: Developing Countries." IMF Working Paper Washington, D.C. WP/00/35. International Monetary Fund, Washington, . 2005c. "Poland: Legal Barriers to Contract Enforce- D.C. ment." Private Sector Development Vice Presidency, For- UNCTAD (United Nations Conference on Trade and Devel- eign Investment Advisory Service, Washington, D.C. opment). 2004. Handbook of Statistics 2004. Geneva. . 2005d. World Development Indicators 2005. Washing- UNDP (United Nations Development Programme). 2004. ton, D.C. Human Development Report 2004. New York: Oxford Uni- WEF (World Economic Forum). 2004. Global Competitiveness versity Press. Report 2004/2005. Geneva. 77 k'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'' tI ~ , '''t>'t A . ..: .**$,t* ' :r. The indicators presented and analyzed in Doing Business stacles but also help identify their source, supporting policy- measure government regulation and the protection of prop- makers in designing reform. erty rights-and their effect on businesses, especially small The Doing Business methodology has 4 limitations that and medium-size domestic firms. First, the indicators docu- should be considered when interpreting the data. First, in ment the degree of regulation, such as the number of proce- many cases the collected data refer to businesses in the coun- dures to start a business or register commercial property. Sec- try's most populous city and may not be representative of ond, they gauge regulatory outcomes, such as the time and regulatory practices in other parts of the country. Second, the cost to enforce a contract, go through bankruptcy or trade data often focus on a specific business form-a limited lia- across borders. Third, they measure the extent of legal pro- bility company of a specified size-and may not be represen- tections of property, for example, the protections of investors tative of the regulation on other businesses, for example, sole against looting by the company directors or the scope of as- proprietorships. Third, the measures of time involve an ele- sets that can be used as collateral according to secured trans- ment of judgment by the expert respondents. Therefore, if actions laws. Fourth, they measure the flexibility of employ- sources indicate different estimates, the time indicators re- ment regulation. Finally, a new set of indicators documents ported in Doing Business represent the median values of sev- the tax burden on businesses. The data for all sets of indica- eral responses given under the assumptions of the case study. tors in Doing Business in 2006 are for January 2005. Fourth, the methodology assumes that the business has full Based on the study of laws and regulations-with input information on what is required and does not waste time in and verification by more than 3,500 government officials, completing procedures. In practice, completing a procedure lawyers, business consultants, accountants and other profes- may take longer if the business lacks information or is unable sionals routinely administering or advising on legal and reg- to follow up promptly. ulatory requirements-the Doing Business methodology of- Questions on the methodology and challenges to data fers several advantages. It uses factual information about may be submitted through the "Ask a Question" function on what laws and regulations say and allows for multiple inter- the Doing Business website at http://wvw.doingbusiness.org. actions with local respondents to clarify potential misinter- Updated indicators, as well as any revisions of or corrections pretations of questions. Having representative samples of re- to the printed data, are posted on the website. Since the pub- spondents is not an issue, as the texts of the relevant laws and lication of last year's report, 26 complaints on data have been regulations are collected and answers checked for accuracy. received. In 4 instances data were corrected as a result of The methodology is inexpensive, so data can be collected in these complaints: the number of procedures and time to start a large sample of economies-155 published in Doing Busi- a business in Burkina Faso, the cost of registering property in ness in 2006. Because the same standard assumptions are ap- Senegal, the time to go through bankruptcy in Switzerland plied in the data collection, which is transparent and easily and the time and cost to go through bankruptcy in Russia. In replicable, comparisons and benchmarks are valid across 22 other cases past data were corrected during the updating countries. And the data not only highlight the extent of ob- of the indicators for this year's report. 78 DOING BUSINESS IN 2006 Economy characteristics Gross national income (GNI) per capita Doing Business in 2006 reports 2004 income per capita, as pub- Region and income group lished in the World Bank's Morld Development Indicators 2005. Doing Business uses the World Bank regional and income Income is calculated using the Atlas method (current US$). group classifications, available at http://www.worldbank For cost indicators expressed as a percentage of income per .org/data/countryclass/countryclass.html. Throughout the capita, 2004 GNI in local currency units, as reported in World report the term rich economies refers to the high-income Development Itdicators 2005, is used as the denominator. group, middle income economies to the upper-middle-income group and poor econotnies to the lower-middle-income and opulation low-income groups. Doing Business in 2006 reports midyear 2004 population sta- tistics as published in World Development Indicators 2005. Starting a business does not handle products subject to a special tax regime, for example, liquor or tobacco. The business is not using Doing Business records all generic procedures that are officially heavily polluting production processes. required for an entrepreneur to start up an industrial or com- Leases the commercial plant and offices and is not a pro- mercial business. These include obtaining all necessary li- prietor of real estate. censes and permits and completing any required notifications, Does not qualify for investment incentives or any special verifications or inscriptions with relevant authorities. After a benefits. study of laws, regulations and publicly available information Has up to 50 employees 1 month after the commencement on business entry, a detailed list of procedures, time, cost and of operations, all of them nationals. paid-in minimum capital requirements is developed. Subse- Has a turnover at least 100 times income per capita. quently, local incorporation lawyers and government officials Has a company deed 10 pages long. complete and verify the data on applicable procedures, the time and cost of complying with each procedure under nor- Assumptions about procedures mal circumstances and the paid-in minimum capital. On av- A procedure is defined as any interaction of the company erage 4 law firms participate in each country. Information is founder with external parties (government agencies, also collected on the sequence in which procedures are to be lawyers, auditors, notaries). Interactions between com- completed and whether procedures may be carried out simul- pany founders or company officers and employees are not taneously. It is assumed that any required information is read- considered separate procedures. ily available and that all government and nongovernment The founders complete all procedures themselves, without agencies involved in the start-up process function efficiently middlemen, facilitators, accountants or lawyers, unless the and without corruption. If answers by local experts differ, in- use of such a third party is mandated by law. quiries continue until the data are reconciled. Procedures that are not required by law for starting a busi- To make the data comparable across countries, several as- ness are ignored. For example, obtaining exclusive rights sumptions about the business and the procedures are used. over the company name is not counted in a country where businesses may use a number as identification. Assumptions about the business Shortcuts are counted only if they fulfill 3 criteria: they are The business: legal, they are available to the general public, and avoiding * Is a limited liability company. If there is more than one them causes substantial delays. type of limited liability company in the country, the most Only procedures required of all businesses are covered. popular limited liability form among domestic firms is Industry-specific procedures are excluded. For example, chosen. Information on the most popular form is ob- procedures to comply with environmental regulations are tained from incorporation lawyers or the statistical office. included only when they apply to all businesses. * Operates in the country's most populous city. Procedures that the company undergoes to connect to * Is 100% domestically owned and has 5 owners, none of electricity, water, gas and waste disposal services are not whom is a legal entity. included unless they entail inspections required before * Has start-up capital of 10 times income per capita at the starting operations. end of 2004, paid in cash. * Performs general industrial or commercial activities, such Time as the production or sale of products or services to the Time is recorded in calendar days. It is assumed that the min- public. It does not perform foreign trade activities and imum time required for each procedure is 1 day. Time cap- DATA NOTES 79 tures the median duration that incorporation lawyers indi- In the absence of a government officer's estimate, estimates of cate is necessary to complete a procedure. If a procedure can incorporation lawyers are used. If several incorporation be accelerated for an additional cost, the fastest procedure is lawyers provide different estimates, the median reported chosen. It is assumed that the entrepreneur does not waste value is applied. In all cases the cost excludes bribes. time and commits to completing each remaining procedure Paid-in minimum capital requirement without delay. The time that the entrepreneur spends on gathering information is ignored. It is assumed that the en- The paid-in minimum capital requirement reflects the trepreneur is aware of all entry regulations and their sequence amount that the entrepreneur needs to deposit in a bank be- from the beginning. fore registration starts. This amount is typically specified in the commercial code or the company law. Many countries re- Cost quire paid-in capital but allow businesses to pay only a part The text of the company law, the commercial code and spe- of it before registration, with the rest to be paid after the first cific regulations and fee schedules are used as sources for cal- year of operation. In Mozambique in January 2005, for ex- culating the cost of start-up. If there are conflicting sources ample, the minimum capital requirement for limited liability and the laws are not clear, the most authoritative source is companies was 1,500,000 meticais, of which half was payable used. The constitution supersedes the company law, and the before registration. In the Philippines the minimum capital law prevails over regulations and decrees. If conflicting requirement was 5,000 pesos, but only a quarter needed to be sources are of the same rank, the source indicating the most paid before registration. costly procedure is used, since an entrepreneur never second- guesses a government official. In the absence of fee schedules, This ,,' ii.1. 1, was originally developed itn Djankov and a government officer's estimate is taken as an official source. others (2002) and is adopted here with minor chaniges. Dealing with licenses Assumptions about the warehouse project The warehouse: Doing Business records all procedures required for a business Has 2 stories and approximately 14,000 square feet in the construction industry to build a standardized ware- (1,300.6 square meters) of space. house. These include obtaining all necessary licenses and per- Is located in the most populous city in the country. mits, completing all required notifications and inspections Is located on land 100% owned by BuildCo, a plot of 8,000 and submitting the relevant documents (for example, build- square feet (743.2 square meters) that is accurately regis- ing plans and site maps) to the authorities. Doing Business tered in the cadastre and land registry. also records procedures for obtaining utility connections, Is a new construction (there was no previous construction such as electricity, telephone, water and sewerage. The survey on the land). divides the process of building a warehouse into distinct pro- H cedures and calculates the time and cost of completing each as compete archiectraliand te a plans. procedur une noma cicmtacs Will be connected to electricity, water, sewerage and one procedure under normal circumstances. reua phn ie Information is collected from construction lawyers, con- regular phone line. struction firms and public officials who deal with building reg- Will be used for storing books. ulations. To make the data comparable across countries, several Assumptions about procedures assumptions about the business and the procedures are used. *A procedure is any interaction of the company's employ- Assumptions about the construction company ees or managers with external parties (government agen- (BuildCo) cies, public inspectors, notaries, land registry and cadastre, technical experts apart from architects and engineers). In- The business (BuildCo): teractions between company employees, such as develop- * Is a limited liability company. ment of the warehouse plans and inspections conducted * Operates in the country's most populous city. by employees, are not considered separate procedures. * Is 100% domestically owned and has 5 owners, none of Procedures that the company undergoes to connect to elec- whom is a legal entity. tricity, water, sewerage and phone services are included. * Carries out construction projects, such as building a ware- Time house. * Has up to 20 builders and other employees, all of them na- Time is recorded in calendar days. It is assumed that the min- tionals with the technical expertise and professional expe- imum time required for each procedure is 1 day. Time cap- rience necessary to develop architectural and technical tures the median duration that construction lawyers and con- plans for building a warehouse. struction company managers indicate is necessary to complete 80 DOING BUSINESS IN 2006 a procedure. If a procedure can be accelerated for an addi- Cost tional cost, the fastest procedure is chosen. It is assumed that All the fees associated with completing the procedures to BuildCo does not waste time and commits to completing each legally build a warehouse are included. The cost measure is remaining procedure without delay. The time that BuildCo based on information received from lawvers and construc- spends on gathering information is ignored. It is assumed that tion companies as well as information in local construction BuildCo is aware of all building requirements and their se- regulations. quence from the beginning. Hiring and firing workers of wages. The formula for employees with 20 or more years of service is 38 + (y- 19),whereyis the years of service. Thus for Every economy has established a complex system of laws and a worker with 20 years of service, that makes for 39 months of institutions intended to protect the interests of workers and wages paid in severance. In Argentina a worker with 3 years of to guarantee a minimum standard of living for its popula- service is entitled to 15 vacation days. A worker with 20 years tion. The OECD Job Study and the International Encyclopedia receives 25 vacation days. The choice of years of service does for Labour Law and Industrial Relations identify 4 areas sub- not influence country rankings, as benefits to the employee ject to statutory regulation in all countries: employment, so- increase linearly with the years of service everywhere. cial security, industrial relations and occupational health and Assumptions about the business safety. Doing Business focuses on the regulation of employ- ment, specifically the hiring and firing of workers and the The business: rigidity of working hours. This year data on social security Is a limited liability company. payments by the employer and pension benefits, including Operates in the country's most populous city. the mandatory retirement age, have been added. Is 100% domestically owned. The data on hiring and firing workers are based on a de- Operates in the manufacturing sector. tailed survey of employment and social security regulations. Has 201 employees. The survey is completed by local law firms. The employment Abides by every law and regulation but does not grant laws of most countries are available online in the NATLEX workers more benefits than what is legally mandated. database, published by the International Lahour Organiza- Is subject to collective bargaining agreements in countries tion. In all cases both actual laws and secondary sources are where collective bargaining covers more than half the used to ensure accuracy. Conflicting answers are further manufacturing sector. checked against 2 additional sources, including a local legal anufa tin setor. treatise on emploment regulation.The last assumption is especially important in Western Eu- To make the data comparable across countries, several as- rope, where labor laws are sometimes silent on such issues as sumptions about the worker and the business are used. minimum wages, notice period and severance pay. These are covered in collective bargaining agreements. In Denmark, for Assumptions about the worker example, the labor law does not mandate a notice period or The worker: severance pay for redundancy dismissals. Collective bargain- * Is a nonexecutive, full-time male employee who has ing does. For a worker with 20 years of service, a 26-week no- worked in the same company for 20 years. tice period and a 3-month severance payment are required. * Earns a salary plus benefits equal to the country's average This is what Doing Business records, as collective agreements wage during the entire period of his employment. are prevalent in the country. Similarly, in Germany the labor Has a wife and 2 children. The family resides in the coun- law does not mandate a minimum wage. Industry-level col- try's most populous city. lective bargaining in the metal industry specifies 7.25 euro an hour as the minimum wage. This is what Doing Business goIs a lawful citizen who belongs to the same race and reli- records, as more than half of German manufacturing is cov- gion as the majority of the country's population. ee ycletv gemns * Is not a member of the labor union, unless membership is mandatory. Rigidity of employment index For this year's report data were also collected for an employee The rigidity of employment index is the average of three who has worked in the same company for only 3 years. This subindices: a difficulty of hiring index, a rigidity of hours change influences several indicators, for example, the notice index and a difficulty of firing index. All the subindices have period and severance payment in redundancy dismissals as several components. And all take values between 0 and 100, well as the number of vacation days. In Sri Lanka an employee with higher values indicating more rigid regulation. with 3 years of service receives 2.5 months of wages in sever- The difficulty of hiring index measures (i) whether term ance payment for every year of work, for a total of 7.5 months contracts can be used only for temporary tasks; (ii) the max- DATA NOTES 81 imum duration of term contracts; and (iii) the ratio of the for reemployment. For each question, if the answer is yes, a mandated minimum wage (or apprentice wage, if available) score of t is assigned (for questions i and iv, a score of 2); oth- to the average value added per worker. A country is assigned erwise a score of 0 is given. Questions (i) and (iv), as the most a score of 1 if term contracts can be used only for temporary restrictive regulations, have double weight in the construc- tasks, and a score of 0 if they can be used for any task. A score tion of the index. of 1 is assigned if the maximum duration of term contracts is In Nicaragua, for example, redundancy is not considered 3 years or less; 0.5 if it is between 3 and 5 years; and 0 if term fair grounds for dismissal (a score of 2). An employer has to contracts can last more than 5 years. Finally, a score of 1 is as- both notify (a score of 1) and seek approval (a score of 2) from signed if the ratio of the minimum wage to the average value third parties when dismissing a redundant worker, and he has added per worker is higher than 0.75; 0.67 for a ratio between to both notify (a score of 1) and seek approval (a score of 1) 0.50 and 0.75; 0.33 for a ratio between 0.25 and 0.50; and 0 when dismissing a group of workers. The law does not man- for a ratio less than 0.25. In Nepal, for example, term con- date retraining or alternative placement before dismissal (a tracts are allowed only for temporary tasks (a score of 1), but score of 0). There are no priority rules for dismissal (a score of there is no limit on their duration (a score of 0). The ratio of 0) or reemployment (a score of 0). Adding up the scores and the mandated minimum wage to the value added per worker scaling to 100 gives a final index of 50 for Nicaragua. is 0.54 (a score of 0.67). Averaging the three subindices and scaling the index to 100 gives Nepal a score of 22. Hiring cost The rigidity of hours index has 5 components: (i) whether The hiring cost indicator measures all social security pay- night work is unrestricted; (ii) whether weekend work is al- ments (including retirement fund; sickness, maternity and lowed; (iii) whether the workweek can consist of 5.5 days; health insurance; workplace injury; family allowance; and (iv) whether the workday can extend to 12 hours or more (in- other obligatory contributions) and payroll taxes associated cluding overtime); and (v) whether the annual paid vacation with hiring an employee. The cost is expressed as a percent- days are 21 or fewer. For each of these questions, if the answer age of the worker's salary. In Algeria, for example, the social is no, the country is assigned a score of 1; otherwise a score of security contributions paid by the employer amount to 0 is assigned. For example, Lithuania imposes restrictions on 27.5% of the worker's wages and include 7.5% for the retire- night work (a score of 1) and weekend work (a score of 1), al- ment fund; 12.5% for sickness, maternity and health insur- lows 5.5-day workweeks (a score of 0), permits the workday- ance; 1% for workplace safety insurance; 2.5% for unemploy- with overtime-to extend to 12 hours (a score of 0) and re- ment insurance; and 4% for family allowances. quires paid vacation of 28 days (a score of 1). Adding the scores and scaling the sum to 100 gives a final index of 60 for Firing cost Lithuania. The firing cost indicator measures the cost of advance notice The difficulty of firing index has 8 components: (i) whether requirements, severance payments and penalties due when redundancy is not considered fair grounds for dismissal; dismissing a redundant worker, expressed in weekly wages. In (ii) whether the employer needs to notify the labor union or Mozambique, for example, an employer is required to give 12 the labor ministry to fire 1 redundant worker; (iii) whether weeks' notice before a redundancy dismissal, and the sever- the employer needs to notify the labor union or the labor ance pay for workers with 20 years of service equals 30 ministry for group dismissals; (iv) whether the employer months of wages. Redundancy is considered legitimate needs approval from the labor union or the labor ministry for grounds for dismissal in the labor law, so no penalty is levied. firing 1 redundant worker; (v) whether the employer needs Altogether, the employer pays the equivalent of 141 weeks of approval from the labor union or the labor ministry for salary to dismiss the worker. group dismissals; (vi) whether the law mandates training or replacement before dismissal; (vii) whether priority rules This methzodology was originally developed in Botero and oth- apply for dismissals; and (viii) whether priority rules apply ers (2004) and is adopted here with mlinor chianges. Registering property To make the data comparable across countries, several as- sumptions about the business, the property and the proce- Doing Business records the full sequence of procedures neces- dures are used. sary when a business purchases land and a building to trans- fer the property title from the seller to the buyer. Every re- quired procedure is included, whether it is the responsibility The business: of the seller or the buyer or required to be completed by a Is a limited liability company. third party on their behalf. Local property lawyers and prop- Is located in a periurban area of the country's most popu- erty registries provide information on required procedures as lous city. well as the time and cost to complete each of them. 82 DOING BUSINESS IN 2006 * Is 100% domestically and privately owned (no foreign or property with external parties, including government agen- state ownership). cies, inspectors, notaries and lawyers. Interactions between * Has 50 employees, all of whom are nationals. company officers and employees are not considered. All pro- * Performs general commercial activities. cedures that are legally required for registering property are recorded, even if they may be avoided in exceptional cases. It Assumptions about the property is assumed that the buyer follows the fastest legal option The property: available. Although the business may use lawyers or other * Has a value of 50 times income per capita. professionals where necessary in the registration process, it is assumed that it does not employ an outside facilitator in the * Is fully owned by another domestic limited liability registration process unless required to by law. company. * Has no mortgages attached and has been under the same Time ownership for the past 10 years. Time is recorded in calendar days. It is assumed that the mm- * Is adequately measured and filed in the cadastre, regis- imum time required for each procedure is 1 day. Time cap- tered in the land register and free of title disputes. tures the median duration that property lawyers or registry * Is located in a periurban commercial zone, and no rezon- officials indicate is necessary to complete a procedure. It is as- ing is required. sumed that the buyer does not waste time and commits to * Consists of land and a building. The land area is 6,000 completing each remaining procedure without delay. If a pro- square feet (557.4 square meters). A warehouse of 10,000 cedure can be accelerated for an additional cost, the fastest square feet (929 square meters) is located on the land. The procedure is chosen. If procedures may be undertaken simul- warehouse is 10 years old, is in good condition and com- taneously, it is assumed that they are. It is assumed that the plies with all safety standards, building codes and other parties involved are aware of all regulations and their se- legal requirements. quence from the beginning. Time spent on gathering infor- * Will not be subject to renovations or additional building mation is not considered. following the purchase. * Has no trees, natural water sources, natural reserves or Cost historical monuments of any kind. Only official costs are recorded. These include fees, transfer * Will not be used for special purposes, and no special per- taxes, stamp duties and any other payment to the property mits, such as for residential use, industrial plants, waste stor- registry, notaries, public agencies or lawyers, if required by age or certain types of agricultural activities, are required. law. Other taxes, such as capital gains tax or value added tax, * Has no occupants (legal or illegal), and no other party are excluded from the cost measure. If cost estimates differ holds a legal interest in it. among sources, the median reported value is used. Costs are Procedures expressed as a percentage of the property value, assumed to be equivalent to 50 times income per capita. A procedure is defined as any interaction of the buyer or the seller, their agents (if the agent is required by law) or the Getting credit public or private credit registry's structure, law and associ- ated rules collects data in 5 areas: Doing Business constructs measures on the legal rights of Coverage of the market. lenders and credit information sharing. The first set of indi- Scope of distributed information. cators describes how well collateral and bankruptcy laws Access to data. facilitate lending. The second set measures the coverage, scope, quality and accessibility of credit information avail- * Quality of data. able through public and private credit registries. Laws on information sharing and quality of data. The data on credit information sharing are built in 2 Survey responses are verified through several rounds of stages. First, banking supervision authorities and public follow-up communication with respondents as well as by information sources are surveyed to confirm the presence contacting third parties and consulting public sources. The of public credit registries and private credit information survey data are confirmed through teleconference calls in bureaus. Second, when applicable, a detailed survey on the more than half the countries. DATA NOTES 83 Strength of legal rights index The index ranges from 0 to 6, with higher values indicating This index, reflecting the legal rights of borrowers and that more credit information is available from either a public lenders, measures the degree to which collateral and bank- registry or a private bureau to facilitate lending decisions. In ruptcy laws facilitate lending. It is based on data collected Uruguay, for example, both a public and a private registry op- through study of collateral and insolvency laws, supported by erate. The private bureau distributes only negative informa- the responses to the survey on secured transactions laws. The tion, but the public registry distributes both negative and index includes 3 aspects related to legal rights in bankruptcy positive information (a score of 1). Both the public and the and 7 aspects found in collateral law. A score of 1 is assigned private registries distribute data on firms as well as individu- for each of the following features of the laws: als (a score of 1). Although the public registry shares data * Secured creditors are able to seize their collateral when a only among supervised financial institutions, lenders can ac- debtor enters reorganization-there is no "automatic cess information from retailers and utilities through the pri- stay" or "asset freeze" imposed by the court. vate bureau (a score of 1). The public registry distributes Secured creditors, rather than other parties such as gov- more than 2 years of historical data (a score of 1). It collects ernment or workers, are paid first out of the proceeds data only on loans of $11,000 or more-3.6 times income per from liquidating a bankrupt firm. capita-but the private bureau collects information on loans * Management does not stay during reorganization. An ad- above 100 pesos, less than 1% of income per capita (a score ministrator is responsible for managing the business dur- of 1). Borrowers do not have the right to access their data ing reorganization. (score of 0). Summing across the indicators gives Uruguay a total score of 5. * General, rather than specific, description of assets is per- mitted in collateral agreements. Public credit registry coverage * General, rather than specific, description of debt is per- A public credit registry is defined as a database managed by mitted in collateral agreements. the public sector, usually by the central bank or the superin- Any legal or natural person may grant or take security in tendent of banks, that collects information on the creditwor- the property. thiness of borrowers (persons or businesses) in the financial * A unified registry that includes charges over movable prop- system and makes it available to financial institutions. The erty operates. coverage indicator reports the number of individuals and * Secured creditors have priority outside of bankruptcy. firms listed in the public credit registry with current informa- * Parties may agree on enforcement procedures by contract. tion on repayment history, unpaid debts or credit outstand- ing. The number is expressed as a percentage of the adult pop- Creditors may both seize and sell collateral out of court. ulation. If no public registry operates, the coverage value is 0. The index ranges from 0 to 10, with higher scores indicating Private credit bureau coverage that collateral and bankruptcy laws are better designed to ex- pand access to credit. A private credit bureau is defined as a private firm or non- profit organization that maintains a database on the credit- worthiness of borrowers (persons or businesses) in the finan- This index measures rules affecting the scope, accessibility cial system and facilitates the exchange of credit information and quality of credit information available through either among banks and financial institutions. Credit investigative public or private bureaus. A score of 1 is assigned for each of bureaus and credit reporting firms that do not directly facili- the following 6 features of the credit information system: tate information exchange between financial institutions are * Both positive and negative credit information (for exam- not considered. The coverage indicator reports the number of ple, on payment history, number and kinds of accounts, individuals or firms listed by the private credit bureau with number and frequency of late payments and any collec- current information on repayment history, unpaid debts or tions or bankruptcies) is distributed. credit outstanding. The number is expressed as a percentage * Data on both firms and individuals are distributed. of the adult population. If no private bureau operates, the * Data from retailers, trade creditors or utilities as well as fi coverage value is 0. nancial institutions are distributed. This ,, rl1. 1. .4. . i, adaptedfrom La Porta and others (1998), is * More than 2 years of historical data are distributed. developed in Djankov, McLiesh and Slileifer (2005). * Data on loans above 1% of income per capita are distributed. * By law, borrowers have the right to access their data. 84 DOING BUSINESS IN 2006 Protecting investors Extent of disclosure index The extent of disclosure index measures (i) what corporate Doing Buisiness measures the strength of minority share- body can provide legally sufficient approval for the transac- holder protections against directors' misuse of corporate as- tion (a score of 0 is assigned if it is the CEO or the managing sets for personal gain. The indicators distinguish 3 dimen- director alone; 1 if the board of directors or shareholders sions of investor protection: transparency of transactions must vote but Mr. James is permitted to vote; 2 if the board (extent of disclosure index), liability for self-dealing (extent of directors must vote and Mr. James is not permitted to vote; of director liability index) and shareholders' ability to sue 3 if shareholders must vote and Mr. James is not permitted to officers and directors for misconduct (ease of shareholder vote); (ii) whether immediate disclosure of the transaction to suits index). The data come from a survey of corporate the public, the shareholders or both is required (a score of 0 lawyers and are based on company laws, codes of civil proce- is assigned if no disclosure is required; 1 if disclosure on the dure and securities regulations. terms of the transaction is required; 2 if disclosure on both To make the data comparable across countries, several as- the terms and Mr. James's conflict of interest is required); (iii) sumptions about the business and the transaction are used. whether disclosure in the annual report is required (a score of Assumptions about the business 0 is assigned if no disclosure on the transaction is required; I if disclosure about the terms of the transaction is required; The business (Buyer): 2 if disclosure on both the terms and Mr. James's conflict of *Is a publicly traded corporation listed on the country's interest is required); (iv) whether disclosure by Mr. James to most important stock exchange. If there are no publicly the board of directors is required (a score of 0 is assigned if traded companies in the country, it is assumed that Buyer no disclosure is required 1 if disclosure on Mr. James's con- is a large private company with multiple shareholders. n icouei eurd fdslsr nM.Jmsscn flict of interest is required but without any specifics; 2 if full * Has a board of directors and a chief executive officer disclosure of all material facts about his interest in the trans- (CEO) who has the legal capacity to act on behalf of Buyer action is required); and (v) whether it is required that an ex- where permitted, even if this is not specifically required by ternal body, for example, an external auditor, review the law. transaction before it takes place (a score of 0 is assigned if no; * Has only national shareholders. 1 if yes). * Has invested only in the country and has no subsidiaries The index ranges from 0 to 10, with higher values indicat- or operations abroad. ing greater disclosure. Poland, for example, requires approval from the board of directors for the transaction and Mr. James * Is a food manufacturer. is not allowed to vote (a score of 2). Buyer is required to dis- * Has its own distribution network. close immediately all information affecting the stock price, including the conflict of interest (a score of 2). In its annual report Buyer must also disclose the terms of the transaction * Mr. James is Buyer's controlling shareholder and a mem- and Mr. James's ownership in Buyer and Seller (a score of 2). ber of Buyer's board of directors. He owns 60% of Buyer Before the transaction Mr. James must disclose his conflict of and elected 2 directors to Buyer's 5-member board of interest to the other directors, but he is not required to pro- directors. vide specific information about it (a score of 1). Poland does * Mr. James also owns 90% of Seller, a company that oper- not require an external body to review the transaction (a ates a chain of retail hardware stores. Seller recently shut a score of 0). Adding these numbers gives Poland a score of 7 large number of its stores. As a result, its fleet of trucks is on the extent of disclosure index. idle. Extent of director liability index * Mr. James proposes to Buyer that Buyer purchase Seller's unused fleet of trucks to expand Buyer's distribution of its The extent of director liability index measures ( i) a plaintiff's food products. Buyer agrees. The price is equal to 10% Of ability to hold Mr. James liable for damages to the company Buyer's assets. (a score of 0 is assigned if Mr. James is not liable or is liable only for fraud or bad faith; 1 if Mr. James is liable if he influ- * The proposed transaction is part of the company's ordi- enced the approval of the transaction or was negligent; 2 if nary course of business and is not outside the authority of Mr. James is liable if the transaction was unfair or prejudicial the company. to the other shareholders); (ii) a plaintiff's ability to hold the * Buyer enters into the transaction. All required approvals approving body (the CEO or board of directors) liable for were obtained, and all required disclosures made. damages to the company (a score of 0 is assigned if the ap- * The transaction is unfair to Buyer. Shareholders sue proving body is not liable or is liable only in case of fraud or the interested parties and the members of the board of bad faith; 1 if the approving body can be held liable for neg- directors. ligence; 2 if the approving body can be held liable when the DATA NOTES 85 transaction is unfair or prejudicial to the other shareholders); ing trial (a score of 0 is assigned if no; 1 if yes. with prior ap- (iii) a plaintiff's ability to void the transaction (a score of 0 is proval of the questions by the judge; 2 if yes, without prior assigned if rescission is unavailable or is available only in case approval); (iii) whether the plaintiff can obtain any docu- of fraud; 1 if rescission is available when the transaction is op- ments from the defendant without identifying them specifi- pressive or prejudicial to the other shareholders; 2 if rescission cally (a score of 0 is assigned if no; 1 if yes); (iv) whether is available when the transaction is unfair or entails a conflict shareholders owning 10% or less of the company's share cap- of interest); (iv) whether Mr. James pays damages for the ital can request an inspector (a score of 0 is assigned if no; 1 harm caused to the company (a score of 0 is assigned if no; if yes); (v) whether shareholders owning 10% or less of the 1 if yes); (v) whether Mr. James repays profits made from company's share capital have the right to inspect the transac- the transaction (a score of 0 is assigned if no; 1 if yes); (vi) tion documents before filing suit (a score of 0 is assigned if whether fines and imprisonment can be applied against Mr. no; 1 if yes); and (vi) whether the standard of proof for civil James (a score of 0 is assigned if no; 1 if yes); (vii) the ability suits is lower than that for a criminal case (a score of 0 is as- of minority shareholders to sue directly or derivatively for signed if no; 1 if yes). damages that the company suffered as a result of the transac- The index ranges from 0 to 10, with higher values indicat- tion (a score of 0 is assigned if suits are not available or are ing greater powers of shareholders to challenge the transac- available only for shareholders holding more than 10% of the tion. In Chad, for example, shareholders suing directors can company's share capital; 1 if direct or derivative suits are avail- access documents that the defendant intends to rely on for his able for shareholders holding 10% or less of share capital). defense and that directly prove facts in the plaintiff's claim The index ranges from 0 to 10, with higher values indicat- (a score of 2). The plaintiff can examine the defendant and ing greater liability of directors. To hold Mr. James liable in witnesses during trial only with prior approval of the ques- Panama, for example, a plaintiff must prove that Mr. James tions by the court (a score of 1). The plaintiff must specifi- influenced the approving body or acted negligently (a score cally identify the documents he seeks (for example, the of 1). To hold the other directors liable, a plaintiff must prove Buyer-Seller purchase agreement of July 15, 2003) and cannot that they acted negligently (a score of 1). The unfair transac- just request categories (for example, all documents related to tion cannot be voided (a score of 0). If Mr. James is found li- the transaction) (a score of 0). Any shareholder can request able, he must pay damages (a score of 1), but he is not re- that an inspector review suspected mismanagement by the quired to disgorge his profits (a score of 0). Mr. James cannot defendant (a score of 1). And any shareholder can inspect the be fined or imprisoned (a score of 0). Direct suits are avail- transaction documents before deciding whether to sue (a able (a score of 1). Adding these numbers gives Panama a score of 1). The standard of proof for civil suits is the same as score of 4 on the extent of director liability index. the standard for criminal suits (a score of 0). Adding these numbers gives Chad a score of 5 on the ease of shareholder Ease of shareholder suits index suits index. The ease of shareholder suits index measures (i) the range of documents available to the plaintiff from the defendant and Strength of investor protection index witnesses during trial (a score of 1 is assigned for each of the The strength of investor protection index is the average of the following types of documents available: information that the extent of disclosure index, the extent of director liability defendant has indicated he intends to rely on for his defense; index and the ease of shareholder suits index. The index information that directly proves specific facts in the plain- ranges from 0 to 10, with higher values indicating better in- tiff's claim; any information relevant to the subject matter of vestor protection. the claim; and any information that may lead to the discov- ery of relevant information); (ii) whether the plaintiff has the This methodology was originally developed in Djankov, La Porta ability to directly examine the defendant and witnesses dur- and Shleifer (2005) and is adopted here with miinor changes. Paying taxes To measure the tax paid by a standardized business and the complexity of a country's tax law, a case study is prepared Doing Buisiness records the tax that a medium-size company with a set of financial statements and assumptions about must pay or withhold in a given year, as well as measures of transactions made over the year. Experts in each country the administrative burden in paying taxes. Taxes are mea- compute the taxes owed for their jurisdiction based on the sured at all levels of government and include the corporate standardized case facts. Information on the frequency of fil- income tax, the personal income tax withheld by the com- ing, audits and other costs of compliance is also compiled. pany, the value added tax or sales tax, property taxes, prop- The project is developed and implemented in cooperation erty transfer taxes, the dividend tax, the capital gains tax, the with PricewaterhouseCoopers. financial transactions tax, waste collection taxes and vehicle To make the data comparable across countries, several as- and road taxes. sumptions about the business and the taxes are used. 86 DOING BUSINESS IN 2006 Assumptions about the business Tax payments The business: This indicator measures the total number of taxes paid and * Is a limited liability, taxable company. If there is more than withheld, the method of payment or withholding, the fre- one type of limited liability company in the country, the quency of payment or withholding and the number of agen- most popular limited liability form among domestic firms cies involved for this standardized case during the second is chosen. Information on the most popular form is ob- year of operation. It takes into account electronic filing. tained from incorporation lawyers or the statistical office. Where electronic filing is allowed, the tax is counted as paid * Started operations on January 1, 2003. At that time the once a year even if the payment is more frequent. company purchased all the assets shown in its balance sheet and hired all its workers. Time * Operates in the country's most populous city. This indicator measures the time, in hours per year, it takes * Is 100% domestically owned and has 5 owners, all of to prepare, file and pay (or withhold) three major types of whom are natural persons. taxes: the corporate income tax; the value added tax or sales * Has a start-up capital of 102 times income per capita at tax; and labor taxes, including payroll taxes and social secu- the end of 2003. rity contributions. * Performs general industrial or commercial activities. Specifically, it produces ceramic flowerpots and sells them Total tax payable at retail. It does not participate in foreign trade (no im- This indicator measures the total amount of taxes payable by port or export) and does not handle products subject to a the business in the second year of operation except for labor special tax regime, for example, liquor or tobacco. taxes. Labor taxes (such as payroll taxes and social security * Owns 2 plots of land, 1 building, machinery, office equip- contributions) are included in the hiring cost indicator (see ment, computers and 1 truck and leases another truck. the section on hiring and firing workers). The total amount * Does not qualify for investment incentives or any special of taxes is the sum of all the different taxes payable after ac- benefits apart from those related to the age or size of the counting for deductions and exemptions. The taxes withheld company. but not paid by the company are not included. Payable taxes * Has 60 employees-4 managers, 8 assistants and 48 work- are presented as a share of gross profit (defined as sales minus ers. All are nationals, and one of the managers is also an cost of goods sold and labor costs). owner. A common method for assessing tax rates is the marginal * Has a turnover of 1,050 times income per capita. effective tax rate (METR) method, which estimates the tax * Makes a loss in the first year of operation. payable resulting from investing one more unit of capital, or * Distributes 50% of its profits as dividends to the owners at hiring one more worker, or producing one more unit of out- the end of the second year. put. According to this method each input or output has a sep- * Sells one of its plots of land at a profit during the second arate METR. The Doing Business measure differs from the year. METR in several ways: First, it estimates the total tax that a standardized company has to pay, while the METR is the in- anI subjecttoa s to detaidasmion on c ex cremental tax. Second, the Doing Business method aggregates and transactions to further standardize the case. all different tax rates into one. Third, the METR of capital Assumptions about the taxes takes into account the life of the asset by computing the pres- ent discounted value of the future taxes associated with in- * All the taxes paid or withheld in the second year of oper- vesting one more unit of capital today, while the Doing Busi- ation are recorded. A tax is considered distinct if it has a different name or is collected by a different agency. Taxes nEss masure isibuilt neg fiscal yer only. Fourth, the with the same name and agency, but charged at different TRs can be positive, negative or zero because they mea- rates depending on the business, are counted as the same sure if an activity (e.g., buy a new piece of machinery) is en- tax. couraged, discouraged, or unaffected by the tax system. The The number of times the company pays or withholds taxes Doing Business tax measure is always positive unless the in a year is the number of different taxes multiplied by the company pays no tax at all. Finally, the METR method nor- frequency of payment (or withholding) for each tax. The mally looks at the effect of depreciation in corporate income frequency of payment includes advance payments (or tax only. It generally ignores small taxes such as property tax, withholding) as well as regular payments (or withholding). which are included in the Doing Business measure. This mnethodology was developed in "Tax Burdens around the World," an ongoing research project by Mihir Desai, Caralee McLiesh, Rita Ramalho and Andrei Shleifer. DATA NOTES 87 Trading across borders Does not require any special phytosanitary or environ- mental safety standards other than accepted international Doing Busitness compiles procedural requirements for export- standards. ing and importing a standardized cargo of goods. Every offi- The following Standard International Trade Classifica- cial procedure for importing and exporting the goods is tion (SITC) Revision 3 categories are considered by the recorded-from the contractual agreement between the two respondents: parties to the delivery of goods-along with the time neces- SITC 65: textile yarn, fabrics, made-up articles. sary for completion. All documents and signatures required SITC 84: articles of apparel and clothing accessories. for clearance of the goods across the border are also recorded. SITC 07: coffee, tea, cocoa, spices and manufactures For importing goods, procedures range from the vessel's ar- thereof. rival at the port of entry to the cargo's delivery at the factory warehouse. For exporting goods, procedures range from the Documents packing of the goods at the factory to their departure from All documents required to export and import the goods are the port of exit. recorded. It is assumed that the contract and letter of credit Local freight forwarders, shipping lines, customs brokers have already been agreed upon and signed by both parties. and port officials provide information on required docu- Documents include port filing documents, customs decla- ments and signatures as well as the time to complete each ration and clearance documents and official documents procedure. To make the data comparable across countries, exchanged between the concerned parties. Documents filed several assumptions about the business and the traded goods simultaneously or in packages are considered different docu- are used. ments but with the same time frame for completion. Assumptions about the business Signatures The business: A signature is defined as an approval, signature or stamp that * Has 100 or more employees. clears one or more formal procedures. It need not be a phys- * Is located in the country's most populous city. ical signature. Electronic signatures are also counted. A * Is a private, limited liability company, formally registered mandatory verification from supervisors is also considered a and operating under commercial laws and regulations of signature. If a document requires approval from several de- the country. It does not operate within an export process- partments or from several individuals within a department ing zone or an industrial estate with special export or im- approvals or signatures from all levels are counted Signatures port privileges. of the importer and exporter are excluded. * Is domestically owned with no foreign ownership. * Exports more than 10% of its sales to international Time markets. Time is recorded in calendar days. The time calculation for a procedure starts from the moment it is initiated and runs Assumptions about the traded goods until it is completed. If a procedure can be accelerated for an The traded product travels in a dry-cargo, 20-foot, full con- additional cost, the fastest legal procedure is chosen. It is as- tainer load. The product: sumed that neither the importer nor the exporter wastes time * Is not hazardous nor does it include military arms or and that each commits to completing each remaining proce- equipment. dure without delay. Procedures that can be completed in par- * Does not require refrigeration or any other special allel are treated as simultaneous for the purpose of measur- environment. ing time. The waiting time between procedures (for example, during unloading of the cargo) is included in the measure. Enforcing contracts court regulations as well as surveys of local litigation lawyers. At least 2 lawyers participate in each country, and in a quar- Indicators on enforcing contracts measure the efficiency of ter of the countries judges also complete the survey. To en- the judicial (or administrative) system in the collection sure comparability, survey respondents are provided with of overdue debt. The data are built by following the step- significant detail, including the amount of the claim, the lo- by-step evolution of a payment dispute either before local cation and main characteristics of the litigants, the presence courts or through an administrative process, if such a process of city regulations, the nature of the remedy requested by the is available and preferred by creditors. The data are collected plaintiff, the merit of the plaintiff's and the defendant's through study of the codes of civil procedures and other claims and the social implications of the judicial outcomes. 88 DOING BUSINESS IN 2006 Assumptions about the case Procedures To make the case comparable across countries, 10 assump- All procedures mandated by law or court regulation that de- tions are used: mand interaction between the parties, or between them and * The debt value equals 200% of the country's income per the judge (or administrator) or court officer, are recorded. capita. * The plaintiff has fully complied with the contract (that is, Time the plaintiff is 100% right). The time required for dispute resolution is recorded in calen- * The case represents a lawful transaction between busi- dar days, counted from the moment the plaintiff files the law- nesses residing in the country's most populous city. suit in court until settlement or payment. This includes both * The bank refuses payment for lack of funds in the debtor's the days when actions take place and the waiting periods be- account. tween actions. The respondents make separate estimates of * The plaintiff attempts to recover the debt by filing a law- the average duration of different stages of dispute resolution: suit or going through an administrative process, if such a for the completion of service of process (time to notify the process is available and preferred by creditors. defendant), the issuance of judgment (time for the trial or * The debtor attempts to delay service of process but it is fi- administrative process) and the moment of payment or re- nally accomplished. possession (time for enforcement). * The debtor opposes the complaint (default judgment is not an option). * The judge decides every motion for the plaintiff. The cost indicator measures the official cost of going through * The plaintiff attempts to introduce documentary evidence court procedures, including court costs and attorney fees and to call one witness. The debtor attempts to call one where the use of attorneys is mandatory or common, or the witness. Neither party presents objections. costs of an administrative debt recovery procedure, expressed * The judgment is in favor of the plaintiff. as a percentage of the debt value. This methodology was originally developed in Djankov and others (2003) and is adopted here with minor changes. Closing a business Borrowed from a domestic bank 5 years ago (the loan has 10 years to full repayment) and bought real estate (the Doing Business studies the time and cost of bankruptcy pro- hotel building), using it as security for the bank loan. ceedings involving domestic entities. The data are derived * Has observed the payment schedule and all other condi- from survey responses by local law firms. Answers are pro- tions of the loan up to now. vided by a senior partner at each firm in cooperation with I Has a mortgage, with the value of the mortgage principal or 2 junior associates. being exactly equal to the market value of the hotel. To make the data comparable across countries, several as- sumptions about the business and the case are used. Assumptions about the case * In January 2005 the business is experiencing liquidity Assumptions about the business problems. The company's loss in 2004 brought its net The business: worth to a negative figure. There is no cash to pay the * Is a limited liability company. bank interest or principal in full, due on January 2, 2005. * Operates in the country's most populous city. Therefore, the business defaults on its loan. Management believes that losses will be incurred in 2006 and 2007 as * Is 100% domestically owned, with the founder, who is well. also the chairman of the supervisory board, owning 51% (besides the founder, no other shareholder holds more The bank holds a floating charge against the hotel in than 1% of shares). countries where floating charges are possible. If the law * Has downtown real estate, where it runs a hotel, as its does not permit a floating charge but contracts com- major asset, monly use some other provision to that effect, this provi- * Has a professional general manager. sion is specified in the lending contract. * The business has too many creditors to renegotiate out of * Has had average annual revenue of 1,000 times income court. It has the following options: a procedure aimed at per capita over the past 3 years. rehabilitation or any procedure that will reorganize the * Has 201 employees and 50 suppliers, each of whom is business to permit further operation; a procedure aimed owed money for the last delivery. at liquidation; or a procedure aimed at selling the hotel, as DATA NOTES 89 a going concern or piecemeal, either enforced through Recovery rate court (or by a government authority like a debt collection The recovery rate measures the efficiency of foreclosure or agency) or out of court (receivership).Threoeyrtmesesheficnyofoelsuer bankruptcy procedures. It estimates how many cents on the Time dollar claimants-creditors, tax authorities and employees- Time is recorded in calendar years. It captures the average du- recover from an insolvent firm. The calculation takes into ac- ration to complete a procedure as estimated by bankruptcy count whether the business is kept as a going concern during ratin t comlet a poceure s etimaed y bakrutcy the proceedings, as well as court, attorney and other related lawyers. Information is collected on the sequence of the bank- t costs and the discounted value due to the time spent closing ruptcy procedures and on whether any procedures can be car- down. If the bunes kee operto value splot ont riedoutsimltanousy. elas du tolegl drailenttacics down. If the business keeps operating, no value is lost on the ned out simultaneously. Delays due to legal derailment tactics inta li,sta 0 et n h olr fi osnt h C ~~~~~~initial claim, set at 100 cents on the dollar. If it does not, the that parties to the bankruptcy may use-in particular, the ex- initial 100 cents on the dollar are reduced to 70 cents on the tension of response periods or appeals-are considered, dollar. Then the official costs of the insolvency procedure are Cost deducted (1 cent for each percentage of the initial value). Fi- The cost of the bankruptcy proceedings is calculated on the nally, the value lost due to the time that the money remains basis of survey responses by practicing insolvency lawyers. If tied up in insolvency procedures is taken into account, in- several respondents report different estimates, the median cluding the loss of value due to depreciation of the hotel fur- reported value is used. Costs include court costs as well as niture. Consistent with international accounting practice, the fees of insolvency practitioners, independent assessors, depreciation rate for office furniture is taken to be 20%. The lawyers, accountants and the like. Bribes are excluded. The value of the furniture is assumed to be a quarter of the total cost figures are averages of the estimates on a multiple- value of assets. The recovery rate is the present value of the choice question, where the respondents choose among the remaining proceeds, based on end-2004 lending rates from following options: 0-2%, 3-5%, 6-8%, 9-10%, 11-18% the International Monetary Fund's International Financial 19-25%, 26-33%, 34-50%, 51-75% and more than 75% of Statistics, supplemented with data from central banks. the estate value of the bankrupt business. This methodology was developed in "Efficiency in Bankruptcy," an ongoing research project by Simneon Djankov, Oliver Hart, Caralee McLiesh and Andrei Shleifer. 91 business: an appendix The ease of doing business index ranks economies from 1 to across countries. And the data not only highlight the extent 155 (table A.1). The index is calculated as the ranking on the of obstacles but also help identify their source, supporting simple average of country percentile rankings on each of the policymakers in designing reform. 10 topics covered in Doing Business in 2006. The ranking on Each indicator set studies a different aspect of the busi- each topic is the simple average of the percentile rankings on ness environment. Country rankings vary across indicator its component indicators (table A.2). sets. For example, Iceland ranks in the 7th percentile on One example: The ranking on starting a business is the closing a business, its highest, and in the 52nd percentile on average of the country percentile rankings on the procedures, protecting investors, its lowest. This points to priorities for days, cost and paid-in minimum capital requirement to reg- reform: Protecting investors is one place to start in further ister a business. It takes 5 procedures, 5 days and 2.9% of an- improving business conditions in Iceland. Across all 155 nual income per capita in fees to open a business in Iceland. economies, the average correlation coefficient between the The minimum capital required amounts to 17% of income 10 sets of indicators is 0.39, and the coefficients between any per capita. On these 4 indicators, Iceland ranks in the 7th, 1 st, 2 sets of indicators range between 0.16 (between hiring and 8th and 48th percentiles. So on average, Iceland ranks in the firing workers and trading across borders) and 0.64 (between 16th percentile on the ease of starting a business. It ranks in closing a business and enforcing contracts) (table A.3). The the 15th percentile on trading across borders, 8th percentile low correlations suggest that countries rarely score univer- on enforcing contracts, 7th percentile on closing a business, sally well or universally badly on the indicators. In other 52nd percentile on protecting investors and so on. Higher words, there is much room for partial reform. ranks indicate simpler regulation and stronger protections There remains an unfinished agenda for research on what of property rights. The simple average of Iceland's percentile regulations constitute binding constraints, what package of rankings on all topics is 22%. When all countries are ordered reforms is most effective and how this is shaped by country by their average percentile rank, Iceland is in 12th place. context. The Doing Business indicators provide a new empiri- The data for all sets of indicators are for January 2005. cal dataset that may improve understanding of these issues. Based on the study of laws and regulations-with input The ease of doing business index is limited in scope. It and verification by more than 3,500 government officials, does not account for a country's proximity to large markets, lawyers, business consultants, accountants and other pro- quality of infrastructure services (other than services related fessionals routinely administering or advising on legal and to trading across borders), the security of property from theft regulatory requirements-the Doing Business methodology and looting or macroeconomic conditions or the strength of offers several advantages. It uses factual information about underlying institutions. Thus while Jamaica ranks similarly what laws and regulations say and allows for multiple inter- (at 43) on the ease of doing business to France (at 44), this actions with local respondents to clarify potential misinter- clearly does not mean that businesses are better off operat- pretations. It is inexpensive, so data can be collected in a large ing in Kingston rather than in Paris. For example, crime and sample of economies. Because the same standard assump- macroeconomic imbalances-2 issues not directly studied in tions are applied in the data collection, which is transparent Doing Business-make Jamaica a less attractive destination and easily replicable, comparisons and benchmarks are valid for investment. 92 DOING BUSINESS IN 2006 Having a high ranking on the ease of doing business does procedural requirements are necessary, and these may cause not mean that a country has no regulation. Few would argue delays. Likewise there are tradeoffs between job protection that it is every business for itself in New Zealand, that work- and labor market flexibility. ers are abused in Canada or that creditors seize debtors' assets But a high ranking on the ease of doing business does without a fair process in the Netherlands. And to protect the mean that the government has created a regulatory environ- rights of creditors and investors, as well as establish or up- ment conducive to business operations. Often, improvements grade property and credit registries, more regulation rather on the Doing Business indicators proxy for broader reforms, than less is needed to have a high ranking. which affect more than the procedures, time and cost to com- Nor do higher rankings necessarily mean better regula- ply with business regulation and the ease of access to credit. tion. While on average high rankings on the Doing Business Such improvements are also associated with an expanded indicators are associated with better economic and social reach of regulation, as simpler and less burdensome rules outcomes, this association need not be linear. For example, may entice informal businesses to join the formal sector. expedient court procedures to resolve commercial disputes Five groups of countries stand out in the rankings on are welcomed by businesses. But to ensure fair process, some the ease of doing business (see table A.1). First, the 5 Nordic TABLE A.1 Ease of doing business ranking 1 New Zealand 40 Botswana 79 Russia 118 Croatia 2 Singapore 41 Czech Republic 80 Greece 119 Brazil 3 United States 42 Portugal 81 Macedonia, FYR 120 Venezuela 4 Canada 43 Jamaica 82 Ghana 121 Syria 5 Norway 44 France 83 Moldova 122 Afghanistan 6 Australia 45 Kiribati 84 Kyrgyz Republic 123 S53 Tome and Principe 7 Hong Kong, China 46 Armenia 85 Uruguay 124 Ukraine 8 Denmark 47 Kuwait 86 Kazakhstan 125 West Bank and Gaza 9 United Kingdom 48 Marshall Islands 87 Bosnia and Herzegovina 126 Zimbabwe 10 Japan 49 Vanuatu 88 Paraguay 127 Mauritania 11 Ireland 50 Palau 89 Costa Rica 128 Algeria 12 Iceland 51 Oman 90 Yemen 129 Benin 13 Finland 52 Hungary 91 China 130 Cameroon 14 Sweden 53 Solomon Islands 92 Serbia and Montenegro 131 Madagascar 15 Lithuania 54 Poland 93 Turkey 132 Senegal 16 Estonia 55 Nepal 94 Nigeria 133 Cambodia 17 Switzerland 56 Micronesia 95 Lebanon 134 Haiti 18 Belgium 57 Panama 96 Malawi 135 Angola 19 Germany 58 Tunisia 97 Lesotho 136 Sierra Leone 20 Thailand 59 Nicaragua 98 Azerbaijan 137 Eritrea 21 Malaysia 60 Pakistan 99 Vietnam 138 Uzbekistan 22 Puerto Rico 61 Mongolia 100 Georgia 139 Rwanda 23 Mauritius 62 Bulgaria 101 Ethiopia 140 Tanzania 24 Netherlands 63 Slovenia 102 Morocco 141 Egypt 25 Chile 64 Papua New Guinea 103 Dominican Republic 142 Timor-Leste 26 Latvia 65 Bangladesh 104 Bhutan 143 Burundi 27 Korea 66 Colombia 105 Guyana 144 Guinea 28 South Africa 67 Zambia 106 Belarus 145 C6te d'lvoire 29 Israel 68 Kenya 107 Ecuador 146 Mali 30 Spain 69 United Arab Emirates 108 Iran 147 Lao PDR 31 Maldives 70 Italy 109 Guatemala 148 Congo, Rep. 32 Austria 71 Peru 110 Mozambique 149 Togo 33 Namibia 72 Uganda 111 Bolivia 150 Niger 34 Fiji 73 Mexico 112 Honduras 151 Sudan 35 Taiwan, China 74 Jordan 113 Philippines 152 Chad 36 Tonga 75 Sri Lanka 114 Iraq 153 Central African Republic 37 Slovakia 76 El Salvador 115 Indonesia 154 Burkina Faso 38 SaudiArabia 77 Argentina 116 India 155 Congo, Dem. Rep. 39 Samoa 78 Romania 117 Albania Source. Doing Business database. APPENDIX 93 countries all rank in the top 15. Second, 3 Southern European TABLE A.2 countries have the lowest ranks among OECD countries- Which indicators make up the ranking? with France at 44, Italy at 70 and Greece at 80. France ranks Indicator set among the top 10 on starting a business and has very efficient Starting a business contract enforcement, but scores low on registering property, * Procedures, time, cost and minimum capital to open a new business getting credit, and labor market flexibility. Italy has average Dealing with licenses performance on most indicators. Greece has efficient courts * Procedures, time and cost of business inspections and licensing and bankruptcy procedures, but lags on other indicators. (construction industry) Third, Saudi Arabia (38), Kuwait (47) and Oman (51) rank Hiring and firing workers high, especially on paying taxes and labor market flexibility. Difficulty of hiring index, rigidity of hours of index, difficulty of firing Fourth, 3 of the largest emerging market economies-Brazil Registering property (119), India (1 16) and Indonesia (115)-have below-average * Procedures, time and cost to register commercial real estate ranks. The 3 display a similar pattern: reforms to ease access Getting credit to credit (for example, by reforming bankruptcy and inves- * Strength of legal rights index, depth of credit information index tor protection) are not accompanied by reforms to simplify Protecting investors regulation for opening a business, hiring workers and pay- * Indices on the extent of disclosure, extent of director liability and ing taxes. Finally, the Pacific islands, which closely follow ease of shareholder suits the business regulations of Australia, New Zealand and the Paying taxes * Number of taxes paid, hours per year rent preparing tax returns and United States, have high scores. For example, Fiji ranks 34, total tax payable as share of gross profit and Samoa 39. Trading across borders Empirical research is needed to establish the optimal level * Number of documents, number of signatures and time necessary to of business regulation-for example, what the duration of export and import court procedures should be and what the optimal degree of Enforcing contracts social protection is. The indicators compiled in the Doing * Procedures, time and cost to enforce a debt contract Business project allow such research to take place. Since the Closing a business start of the project in November 2001, more than 200 aca- - Time and cost to close down a business, and recovery rate demic papers have used one or more indicators constructed Source: Doing Business database. in Doing Businiess and the related background papers by its authors. These citations can be found by typing "Doing Busi- about data have been received. In 4 instances data were cor- ness" and the names of the background papers or their au- rected as a result of these complaints: the number of proce- thors (listed in the Data notes) at http://www.scholar.google. dures and time to start a business in Burkina Faso, the cost of com/advanced_scholar_search. registering property in Senegal, the time to go through bank- Questions on the methodology and challenges to the data ruptcy in Switzerland and the time and cost to go through may be submitted through the "Ask a Question" function on bankruptcy in Russia. The other complaints were resolved the Doing Business website at http://www.doingbusiness.org. without a need for corrections, through explanations of the Updated indicators, as well as any revisions of or corrections assumptions underlying the methodology and the date as of to the printed data, are posted on the website. Doing Business which the data are collected. In 22 other cases past data were now publishes more than 5700 data points. Since the publi- corrected by the Doing Businiess team during the updating of cation of last year's report in September 2004, 26 complaints the indicators for this publication. TABLE A.3 Correlation coefficients between sets of Doing Business indicators Ease of Ease of Ease of Ease of Strength Ease of Ease of starting a hirinp and Ease of registering getting of investor paying Ease of enforcing Indicator set business firing licensing property credit protection taxes trading contracts Ease of hiring and firing 0.38 Ease of licensing 0.49 0.47 Ease of registering property 0.41 0.27 0.51 Ease of getting credit 0.48 0.18 0.41 0.41 Strength of investor protection 0.44 0.39 0.38 0.17 0.43 Ease of paying taxes 0.35 0.45 0.38 0.34 0.20 0.29 Ease of trading 0.49 0.15 0.57 0.42 0.56 0.34 0.31 Ease of enforcing contracts 0.55 0.20 0.43 0.39 0.45 0.28 0.36 0.54 Ease of closing a business 0.54 0.16 0.42 0.37 0.62 0.36 0.27 0.62 0.64 Source: Doing Business database. DOING BUS NESS NDICATORS 95 JANUARY 2005 JANUARY 2005 Minimum Cost capital Cost Procedures Time (% of income (% of income Procedures Time (% of income Economy (number) (days) per capita) per capita) (number) (days) per capita) Afghanistan 1 7 52.8 0.0 .. Albania 11 41 31.1 39.9 22 344 227.4 Algeria 14 26 25.3 55.1 25 244 70.5 Angola 14 146 642.8 485.4 15 326 1674.7 Argentina 15 32 . 6.6 23 288 47.9 Armenia 10 25 6.1 4.0 20 176 64.9 Australia 2 2 1.9 0.0 16 121 12.3 Austria 9 29 5.7 61.5 14 195 81.6 -__ _ _ _ _ _ . , , ,, _ __ _ _ 28 2. 1326.2 Azerbaijan 14 115 12.5 0.0 28 212 1326.2 Bangladesh 8 35 81.4 0.0 13 185 291.0 Belarus 16 79 22.9 42.8 18 354 22.7 Belgium 4 34 11.1 13.5 15 184 64.1 Benin 8 32 190.8 3 22 335 287.9 Bhutan 11 62 10.7 0.0 26 249 62.5 Bolivia 15 50 154.8 4.1 13 187 268.2 Bosnia and Herzegovina 12 54 40.9 57.4 17 476 8735.4 Botswana 11 108 10.9 0.0 42 160 298.8 Brazil 17 152 10.1 0.0 19 460 184.4 Bulgaria 11 32 9.6 104.2 24 212 325.1 Burkina Faso 12 45 149.9 483.8 46 241 5002.3 Burundi 1 43 18 302 10740.5 Cambodia 10 86 276.1 80.7 28 247 606.7 Cameroon 12 37 172.8 216.5 15 444 1094.2 Canada 2 3 0.9 0.0 15 87 123.0 Central African Republic 10 14 211.6 568.1 21 237 308.3 Chad 19 75 360.8 619.1 16 199 1703.1 Chile 9 27 10.3 0.0 12 191 125.2 China 13 48 13.6 946.7 30 363 126.0 Colombia 12 43 25.3 0.0 12 150 697.3 Congo, Dem. Rep. 13 155 503.3 215.9 16 306 6516.3 Congo, Rep. 8 67 288.8 220.1 15 174 1422.2 Costa Rica 11 77 23.8 0.0 19 120 150.3 Cote d'lvoire 11 45 134.0 225.2 22 569 194.9 Croatia 12 49 13.4 22.7 28 278 1236.7 Czech Republic 10 40 9.5 39.0 31 245 16.1 Denmark 3 5 0.0 47.0 7 70 71.3 Dominican Republic 10 75 30.9 1.2 12 lS0 255.1 Ecuador 14 69 38.1 9.2 19 149 100.0 Egypt 10 34 104.9 739.8 30 263 1067.1 El Salvador 12 40 118.0 124.4 22 144 204.2 Eritrea 13 91 128.6 535.2 19 187 1254.2 Estonia 6 35 6.2 41.4 12 116 41.4 Ethiopia 7 32 65.1 1532.0 12 133 1746.5 Fiji 8 46 28.4 0.0 29 117 35.3 Finland 3 14 1.2 28.0 17 56 76.2 France 7 8 1.2 0.0 10 185 78.0 Georgia 8 21 13.7 46.8 29 282 144.6 Germany 9 24 4.7 47.6 11 165 82.8 Ghana 12 81 78.6 27.9 16 127 1549.7 Greece 15 38 24.6 121.4 17 176 71.9 Guatemala 15 39 58.4 29.3 22 294 667.8 Guinea 13 49 178.8 405.0 29 278 512.2 96 DOING BUSINESS IN 2006 JANUARY 2005 JANUARY 2005 Minimum Cost capital Cost Procedures Time (% of income (% of income Procedures Time (% of income Economy (number) (days) per capita) per capita) (number) (days) per capita) Guyana 8 46 101.4 0.0 17 202 96.7 Haiti 12 203 153.1 155.0 12 186 1129.6 Honduras 13 62 64.1 34.1 14 199 759.6 Hong Kong, China 5 11 3.4 0.0 22 230 38.5 Hungary 6 38 22.4 79.6 25 2i3 279.1 Iceland 5 5 2.9 17.1 20 124 16.8 India 11 71 61.7 0.0 20 270 678.5 Indonesia 12 151 101.7 97.8 19 224 364.9 Iran 8 47 6.3 1.7 21 668 818.0 Iraq 11 77 37.4 31.6 14 210 311.5 Ireland 4 24 5.3 0.0 10 181 23.6 Israel 5 34 5.3 0.0 21 219 93.5 Italy 9 13 15.7 10.8 17 284 147.3 Jamaica 6 9 8.3 0.0 13 242 526.1 Japan 11 31 10.7 75.3 11 87 19.7 Jordan 11 36 45.9 1011.6 17 122 506.3 Kazakhstan 7 24 8.6 26.6 32 258 68.3 Kenya 13 54 48.2 0.0 11 170 40.0 Kiribati 6 21 71.0 38.4 .. . Korea 12 22 15.2 308.8 14 60 232.6 Kuwait 13 35 2.2 133.8 26 149 278.9 Kyrgyz Republic 8 21 10.4 0.6 16 152 325.2 Lao PDR 9 198 15.1 23.4 24 208 224.5 Latvia 7 18 4.2 31.8 21 160 43.9 Lebanon 6 46 110.6 68.5 16 275 214.6 Lesotho 9 92 56.1 16.4 12 254 134.2 Lithuania 8 26 3.3 57.3 14 151 17.5 Macedonia, FYR 13 48 11.3 145.2 18 214 67.5 Madagascar 11 38 54.3 2158.0 19 356 447.8 Malawi 10 35 139.6 0.0 23 205 244.7 Malaysia 9 30 20.9 0.0 25 226 82.7 Maldives 6 12 12.4 6.6 9 131 40.3 Mali 13 42 190.7 490.8 17 260 4903.0 Marshall Islands 7 22 27.4 0.0 6 76 36.9 Mauritania 11 82 143.6 877.5 19 152 987.1 Mauritius 6 46 8.8 0.0 21 132 16.7 Mexico 9 58 15.6 13.9 12 222 159.0 Micronesia 7 36 27.7 50.3 6 53 41.4 Moldova 10 30 17.1 22.0 20 122 215.0 Mongolia 8 20 6.2 140.2 18 96 58.8 Morocco 5 11 12.0 700.3 21 217 1302.8 Mozambique 14 153 95.0 12.0 14 212 148.6 Namibia 10 95 18.8 0.0 11 169 892.0 Nepal 7 21 69.9 0.0 12 147 314.7 Netherlands 7 11 13.0 64.6 18 184 142.7 New Zealand 2 12 0.2 0.0 7 65 29.3 Nicaragua 8 42 139.1 0.0 12 192 1243.8 Niger _ 13 35 465.4 760.8 27 165 2920.3 Nigeria 9 43 73.8 43.3 16 465 355.8 Norway 4 13 2.7 27.0 13 97 53.9 Oman 9 34 4.8 97.3 16 271 1014.0 Pakistan 11 24 18.6 0.0 12 218 1170.7 DOING BuSINESS NDICATORS 97 JANUARY 2005 JANUARY 2005 Minimum Cost capital Cost Procedures Time (% of income (% of income Procedures Time (% of income Economy (number) (days) per capita) per capita) (number) (days) per capita) Palau 8 33 10.2 7.3 6 67 18.8 Panama 7 19 24.8 0.0 22 128 114.3 Papua New Guinea 8 56 30.2 0.0 20 218 124.7 Paraguay 17 74 147.8 0.0 15 273 544.5 Peru 10 102 38.0 0.0 19 201 366.3 Philippines 11 48 20.3 2.0 23 197 121.0 Poland 10 31 22.2 220.1 25 322 83.1 Portugal 11 54 13.4 39.4 20 327 57.7 Puerto Rico 7 7 1.0 0.0 20 137 103.3 Romania 5 11 5.3 0.0 15 291 187.7 Russia 8 33 5.0 4.4 22 528 353.7 Rwanda 9 21 280.2 0.0 17 252 510.9 Samoa 7 68 18.8 0.0 19 88 107.3 Sao Tome and Principe 9 192 97.0 0.0 13 259 1737.1 Saudi Arabia 13 64 68.5 1236.9 18 131 82.1 Senegal 9 57 108.7 260.4 18 185 175.9 Serbia and Montenegro 10 15 6.0 9.5 21 212 2195.0 Sierra Leone 9 26 835.4 0.0 48 236 268.9 Singapore 6 6 1.1 0.0 11 129 24.0 Slovakia 9 25 5.1 41.0 13 272 18.0 Slovenia 9 60 10.1 17.0 14 207 128.7 Solomon Islands 5 35 48.4 0.0 .. South Africa 9 38 8.6 0.0 18 176 38.0 Spain 10 47 16.5 15.7 12 277 77.1 Sri Lanka 8 50 10.4 0.0 18 167 144.0 Sudan 10 38 68.1 0.0 .. Sweden 3 16 0.7 35.0 8 116 119.6 Switzerland 6 20 8.7 31.3 15 152 59.2 Syria 12 47 34.5 -- 5111.9 - - 2 20 134 359.8 Taiwan, China 8 48 6.0 216.3 32 235 250.9 Tanzania 13 35 161.3 6.0 26 313 4110.2 Thailand 8 33 6.1 0.0 9 147 17.3 Timor-Leste 10 92 125.4 909.1 24 192 51.0 Togo 13 53 218.3 459.9 14 273 1223.4 Tonga 4 32 11.7 0.0 15 81 198.0 Tunisia 9 14 10.0 29.8 21 154 340.0 Turkey 8 9 27.7 20.9 32 232 368.7 Uganda 17 36 117.8 0.0 19 155 861.8 Ukraine 15 34 10.6 183.0 18 265 229.4 United Arab Emirates 12 54 44.3 416.9 21 125 2.1 United Kingdom 6 18 0.7 0.0 19 115 70.2 United States 5 5 0.5 0.0 19 70 16.9 Uruguay 11 45 43.9 151.7 17 146 95.0 Uzbekistan 9 35 15.5 20.2 .. .. Vanuatu 8 39 65.6 0.0 7 82 427.1 Venezuela 13 116 15.7 0.0 13 276 547.2 Vietnam 11 50 50.6 0.0 14 143 64.1 West Bank and Gaza 11 106 275.4 1409.8 18 144 779.2 Yemen 12 63 240.2 2703.2 13 131 274.4 Zambia 6 35 18.1 2.1 16 165 1671.2 Zimbabwe 10 96 1442.5 53.0 21 481 1509.6 98 DOING BUSINESS IN 2006 JANUARY 2005 JANUARY 2005 Difficulty Rigidity Difficulty Rigidity of Hiring Firing Cost of hiring of hours of firing employment cost Cost (% of index index index index (% of (weeks of Procedures Time property Economy (0-100) (0-100) (0-100) (0-100) salary) salary) (number) (days) value) Afghanistan 67 20 30 39 0 4 11 252 9.5 Albania 44 80 20 48 31 64 7 47 3.6 Algeria 44 60 50 51 27 17 16 52 9.0 Angola 33 80 80 64 8 62 7 334 11.1 Argentina 44 60 40 48 30 94 5 44 8.3 Armenia 17 60 70 49 19 17 4 6 0.5 Australia 0 40 10 17 21 4 5 5 7.1 Austria 11 80 40 44 31 55 3 32 4.5 Azerbaijan 33 40 40 38 27 42 7 61 0.4 Bangladesh 11 40 20 24 0 47 11 363 11.0 Belarus 0 40 40 27 39 21 7 231 0.1 Belgium 11 40 10 20 55 16 7 132 12.8 Benin 39 80 40 53 27 35 3 50 15.1 Bhutan 78 60 0 46 0 94 5 72 1.0 Bolivia 61 60 0 40 14 98 7 92 5.0 Bosnia and Herzegovina 56 40 30 42 42 33 7 331 6.0 Botswana 11 40 40 30 0 19 6 69 5.1 Brazil 67 80 20 56 27 165 15 47 4.0 Bulgaria 61 60 10 44 32 30 9 19 2.3 Burkina Faso 83 100 70 84 23 57 8 107 16.2 Burundi 67 80 60 69 7 25 5 94 18.9 Cambodia 67 80 30 59 0 39 7 56 4.7 Cameroon 28 60 80 56 15 40 5 93 19.0 Canada 11 0 30 14 12 28 6 10 1.7 Central African Republic 89 80 60 76 18 37 3 69 17.3 Chad 67 80 70 72 21 21 6 44 21.3 Chile 33 20 20 24 3 51 6 31 1.3 China 11 40 40 30 30 90 3 32 3.1 Colombia 72 60 40 57 28 44 7 23 3.5 Congo, Dem. Rep. 100 100 70 90 9 31 8 106 10.2 Congo, Rep. 89 80 70 80 16 42 6 103 22.1 Costa Rica 56 60 0 39 24 34 6 21 3.6 Cote d'lvoire 44 80 10 45 15 68 7 369 14.3 Croatia 61 60 50 57 17 38 5 956 5.0 Czech Republic 33 20 20 24 37 22 4 123 3.0 Denmark 11 40 10 20 1 39 6 42 0.6 Dominican Republic 22 80 30 44 14 77 7 107 5.1 Ecuador 44 60 70 58 13 131 10 21 6.7 Egypt 0 80 80 53 26 162 7 193 6.1 El Salvador 44 60 20 41 15 86 5 52 3.6 Ertrea 0 60 20 27 2 69 6 91 9.1 Estonia 33 80 40 51 33 33 4 65 0.5 Ethiopia 33 60 30 41 0 40 15 56 10.4 Fiji 22 40 0 21 8 28 3 48 12.0 Finland 44 60 40 48 22 24 3 14 4.0 France 78 80 40 66 47 32 9 183 6.5 Georgia 0 60 70 43 31 4 6 9 0.6 Germany 44 80 40 55 21 67 4 41 4.1 Ghana 11 40 50 34 13 25 7 382 3.7 Greece 78 80 40 66 30 69 12 23 13.7 Guatemala 61 40 20 40 13 101 5 69 4.7 Guinea 33 80 30 48 27 26 6 104 15.6 DOING BUSINESS NDICATORS 99 JANUARY 2005 JANUARY 2005 Difficulty Rigidity Difficulty Rigidity of Hiring Firing Cost of hiring of hours of firing employment cost Cost (% of index index index index (% of (weeks of Procedures Time property Economy (0-100) (0-100) (0-100) (0-100) salary) salary) (number) (days) value) Guyana .. .. .. .. 7 . 4 24 2.5 Haiti 11 40 20 24 9 26 5 683 8.1 Honduras 22 40 40 34 10 46 7 36 5.8 Hong Kong, China 0 0 0 0 5 13 5 83 5.0 Hungary 11 80 20 37 34 34 4 78 11.0 Iceland 33 60 0 31 12 13 3 4 2.4 India 56 40 90 62 12 79 6 67 8.9 Indonesa 61 40 70 57 10 145 7 42 11.0 Iran 78 60 10 49 23 90 9 36 5.0 Iraq 78 80 50 69 12 4 5 8 7.7 Ireland 28 40 30 33 11 52 5 38 10.3 Israel 0 80 20 33 6 90 7 144 7.5 Italy 61 80 30 57 33 47 8 27 0.9 Jama ca 11 0 20 10 12 60 5 54 13.5 Japan 17 40 0 19 13 21 6 14 4.1 Jordan 11 40 50 34 11 90 8 22 10.0 Kazakhstan 0 60 10 23 22 8 8 52 1.6 Kenya 33 20 30 28 5 47 8 73 4.1 Kiribati 0 0 50 17 8 46 4 58 0.1 Korea 44 60 30 45 17 90 7 11 6.3 Kuwait 0 60 0 20 11 42 8 75 0.6 Kyrgyz Republic 33 40 40 38 27 21 7 10 5.3 Lao PDR 11 60 80 50 5 36 9 135 4.2 Latvia 67 40 70 59 22 17 9 54 2.1 Lebanon 33 0 40 24 22 17 8 25 5.9 Lesotho 56 60 10 42 0 47 6 101 8.5 Lithuania 33 60 40 44 28 34 3 3 0.8 Macedonia, FYR 61 60 40 54 33 41 6 74 3.6 Madagascar 67 60 50 59 18 41 8 134 11.0 Malawi 22 20 20 21 1 90 6 118 3.4 Malaysia 0 20 10 10 13 65 4 143 2.3 Maldives 0 20 0 7 0 20 .. Mali 78 60 60 66 24 81 5 44 20.0 Marshall Islands 33 0 0 11 11 0 4 12 1.7 Mauritania 100 60 60 73 17 31 4 49 6.8 Mauritius 0 60 50 37 7 15 5 210 16.5 Mexico 33 60 60 51 24 75 5 74 5.3 Micronesia 33 0 0 11 6 0 3 8 1.1 Moldova 33 100 70 68 30 21 6 48 1.5 Mongola 11 80 10 34 19 17 5 11 2.3 Morocco 100 40 40 60 18 83 3 82 6.1 Mozamb que 83 80 20 61 4 141 8 42 5.2 Namibia 0 60 20 27 0 24 9 28 9.3 Nepal 22 20 90 44 0 90 2 2 6.2 Netherlands 28 60 60 49 16 16 2 2 6.2 New Zealand 11 0 10 7 0 0 2 2 0.1 Nicaragua 11 80 50 47 17 24 7 65 6.5 Niger 100 100 70 90 16 76 5 49 14.0 Nigeria 33 60 20 38 8 4 21 274 27.1 Norway 44 40 30 38 14 12 1 1 2.5 Oman 44 60 0 35 9 13 4 16 3.0 Pakistan 67 40 30 46 12 90 5 49 3.2 100 DO NG BUSINESS IN 2006 JANUARY 2005 JANUARY 2005 Difficulty Rigidity Difficulty Rigidity of Hiring Firing Cost of hiring of hours of firing employment cost Cost (% of index index index index (% of (weeks of Procedures Time property Economy (0-100) (0-100) (0-100) (0-100) salary) salary) (number) (days) value) Palau 0 0 0 0 6 0 3 14 0.3 Panama 78 40 70 63 14 47 7 44 2.4 Papua New Guinea 22 20 20 21 8 38 4 72 5.2 Paraguay 56 60 60 59 17 99 7 48 2.0 Peru 44 60 40 48 10 56 5 33 3.2 Philippines 56 40 40 45 9 90 8 33 5.7 Poland 11 60 40 37 26 25 6 197 1.6 Portugal 33 80 60 58 24 98 5 83 7.4 Puerto Rico 56 20 30 35 16 0 8 15 1.6 Romania 67 60 50 59 34 98 8 170 2.0 Russia 0 60 30 30 36 17 6 52 0.4 Rwanda 56 60 60 59 8 54 5 371 9.6 Samoa 11 20 0 10 6 42 5 147 1.9 Sao Tome and Principe 61 60 60 60 6 108 6 51 12.6 Saudi Arabia 0 40 0 13 11 79 4 4 0.0 Senegal 61 60 70 64 23 38 6 114 18.0 Serbia and Montenegro 44 0 40 28 25 21 6 111 5.3 Sierra Leone 89 80 70 80 10 188 8 58 15.4 Singapore 0 0 0 0 13 4 3 9 2.8 Slovakia 17 60 40 39 35 13 3 17 0.1 Slovenia 61 80 50 64 17 43 6 391 2.0 Solomon Islands 11 20 20 17 8 52 6 86 10.2 South Africa 56 40 60 52 3 38 6 23 11.0 Spain 67 80 50 66 32 56 3 25 7.2 Sri Lanka 0 40 80 40 16 176 8 63 5.1 Sudan 0 60 70 43 19 37 .. . Sweden 28 60 40 43 33 24 1 2 3.0 Switzerland 0 40 10 17 14 12 4 16 0.4 Syria 11 60 50 40 17 79 4 34 30.4 Taiwan, China 78 60 30 56 10 90 3 5 6.2 Tanzania 67 80 60 69 16 38 12 61 12.2 Thailand 33 20 0 18 5 47 2 2 6.3 Timor-Leste 67 20 50 46 0 21 7 71 10.0 Togo 78 80 80 79 25 66 6 212 7.5 Tonga 0 40 0 13 0 0 4 108 10.3 Tunisia 61 0 100 54 19 29 5 57 6.1 Tu-r-key 44 80 40 55 22 112 8 9 3.2 Uganda 0 20 20 13 10 12 8 48 5.1 Ukraine 44 60 80 61 36 17 10 93 3.8 United Arab Emirates 0 80 20 33 13 96 3 9 2.0 United Kingdom 11 20 10 14 9 34 2 21 4.1 United States 0 0 10 3 8 0 4 12 0.5 Uruguay 33 60 0 31 20 26 8 66 7.1 Uzbekistan 33 40 30 34 36 31 12 97 10.5 Vanuatu 39 40 10 30 6 55 2 188 7.0 Venezuela 33 80 0 38 15 46 7 33 2.1 Vietnam 44 40 70 51 17 98 5 67 1.2 West Bank and Gaza 33 60 20 38 13 90 7 58 4.7 Yemen 0 80 30 37 17 17 6 21 3.9 Zambia 0 20 10 10 9 176 6 70 9.6 Zimbabwe 11 40 20 24 6 29 4 30 22.6 DOING BUSINESS INDICATORS 101 _ __-. - JANUARY 2005 JANUARY 2005 Strength Strength Depth of credit Public Private Extent of Extent of Ease of of investor of legal information registry bureau disclosure director shareholder protection rights index index coverage coverage index liability index suits index index Economy (0-10) (0-6) (% of adults) (% of adults) (0-10) (0-10) (0-10) (0-10) Afghanistan 0 0 0.0 0.0 0 0 2 0.7 Albania 9 0 0.0 0.0 0 6 2 2.7 Algeria 3 0 0.0 0.0 8 4 1 4.3 Angola 3 4 2.9 0.0 5 6 6 5.7 Argentina 3 6 22.1 95.0 7 2 7 5.3 Armenia 4 3 2.6 0.0 .. .. Australia 9 5 0.0 100.0 8 2 8 6.0 Austria 5 6 1.2 45.4 2 5 4 3.7 Azerbaijan 6 3 0.4 0.0 0 5 7 4.0 Bangladesh 7 2 0.4 0.0 6 7 7 6.7 Belarus 5 3 .. 0.0 1 4 7 4.0 Belgium 5 4 55.3 0.0 8 7 7 7.3 Benin 4 1 3.5 0.0 5 8 4 5.7 Bhutan 3 0 0.0 0.0 6 6 4 5.3 Bolivia 3 4 10.3 24.6 1 5 7 4.3 Bosnia and Herzegovina 8 5 0.0 19.3 3 6 5 4.7 Botswana 9 5 0.0 30.8 8 2 3 4.3 Brazil 2 5 9.6 53.6 5 7 4 5.3 Bulgaria 6 3 13.6 0.0 8 1 7 5.3 Burkina Faso 4 1 1.9 0.0 6 5 3 4.7 Burundi 2 3 0.2 0.0 .. .. Cambodia 0 0 0.0 0.0 5 9 2 5.3 Cameroon 4 2 0.8 0.0 8 3 6 5.7 Canada 7 6 0.0 100.0 8 9 9 8.7 Central African Republic 3 2 1.2 0.0 .. .. .. Chad 3 2 0.2 0.0 3 6 5 4.7 Chile 4 6 45.7 22.1 8 4 5 5.7 China 2 3 0.4 0.0 10 1 2 4.3 Colombia 4 4 0.0 31.7 7 1 9 5.7 Congo, Dem. Rep. 3 0 0.0 0.0 3 4 5 4.0 Congo, Rep. 2 2 2.3 0.0 4 5 6 5.0 Costa Rica 4 6 34.8 4.5 2 5 2 3.0 Cote d'lvoire --2 1 3.0 0.0 6 S 3 4.7 Croata 4 0 0.0 0.0 2 5 2 3.0 Czech Republic 6 5 2.8 37.9 2 5 8 5.0 Denmark 7 4 0.0 7.7 7 5 7 6.3 Dominican Republic - 4 5 19.2 34.6 3 0 9 4.0 Ecuador 3 4 13.6 0.0 1 5 6 4.0 Egypt 1 2 1.2 0.0 5 2 5 4.0 El Salvador 5 5 17.3 78.7 6 2 6 4.7 Eritrea 3 0 0.0 0.0 4 5 5 4.7 Estonia 4 5 0.0 12.5 8 4 6 6.0 Ethiopia 5 0 0.0 0.0 1 4 3 2.7 Fiji 8 4 0.0 28.3 5 5 7 5.7 Finland 6 S 0.0 14.7 6 4 7 5.7 France 3 2 1.8 0.0 10 1 5 5.3 Georgia 7 0 0.0 0.0 4 4 4 4.0 Germany 8 6 0.6 88.2 5 5 6 5.3 Ghana 5 0 0.0 0.0 7 7 4 6.0 Greece 3 4 0.0 17.7 1 4 5 3.3 Guatemala 4 5 0.0 9.9 1 3 7 3.7 Guinea 2 1 0.0 0.0 5 6 3 4.7 102 DOING BUSINESS IN 2006 _- _0- JANUARY 2005 JANUARY 2005 Strength Strength Depth of credit Public Private Extent of Extent of Ease of of investor of legal information registry bureau disclosure director shareholder protection rights index index coverage coverage index liability index suits index index Economy (0-10) (0-6) (% of adults) (% of adults) (0-10) (0-10) (0-10) (0-10) Guyana 3 0 0.0 0.0 5 4 4 4.3 Haiti 2 2 0.3 0.0 4 3 4 3.7 Honduras 5 4 11.2 18.7 1 5 4 3.3 Hong Kong, China 10 5 0.0 64.5 10 8 8 8.7 Hungary 6 5 0.0 4.0 1 5 8 4.7 Iceland 7 5 0.0 100.0 4 5 6 5.0 India 5 2 0.0 1.7 7 4 7 6.0 Indonesia 5 3 0.0 0.1 8 5 3 5.3 Iran 5 3 13.7 0.0 3 5 0 2.7 Iraq 4 0 0.0 0.0 4 5 5 4.7 Ireland 8 5 0.0 100.0 9 5 9 7.7 Israel _ 8 5 0.0 0.7 8 8 9 8.3 Italy 3 6 6.1 59.9 7 2 5 4.7 Jamaica 6 0 0.0 0.0 3 8 5 5.3 Japan 6 6 0.0 61.2 6 7 7 6.7 Jordan 6 2 0.6 0.0 5 2 4 3.7 Kazakhstan 5 0 0.0 0.0 7 2 6 5.0 Kenya 8 5 0.0 0.1 4 2 10 5.3 Kiribati 6 0 0.0 0.0 6 5 8 6.3 Korea 6 5 0.0 80.7 7 2 5 4.7 Kuwait 5 4 0.0 16.1 5 5 5 5.0 Kyrgyz Republic 8 2 0.0 0.2 8 1 8 5.7 Lao PDR 2 0 0.0 0.0 4 2 4 3.3 Latvia 8 3 1.1 0.0 5 4 8 5.7 Lebanon 4 4 3.5 0.0 8 1 4 4.3 Lesotho 5 0 0.0 0.0 2 2 8 4.0 Lithuania 4 6 2.5 12.1 5 4 7 5.3 Macedonia, FYR 6 3 1.9 0.0 5 7 6 6.0 Madagascar 4 2 0.3 0.0 5 6 6 5.7 Malawi 7 0 0.0 0.0 4 7 5 5.3 Malaysia 8 6 33.7 .. 10 9 7 8.7 Maldives 4 0 0.0 0.0 0 8 8 5.3 Mali 3 1 2.3 0.0 6 5 3 4.7 Marshall Islands 6 0 0.0 0.0 2 0 8 3.3 Mauritania 7 1 0.2 0.0 .. .. .. Mauritius 7 0 0.0 0.0 6 8 9 7.7 Mexico 2 6 0.0 49.4 6 0 5 3.7 Micronesia 6 0 0.0 0.0 0 0 8 2.7 Moldova 6 0 0.0 0.0 7 1 6 4.7 Mongolia 5 3 4.7 0.0 . . - Morocco 2 1 2.0 0.0 6 5 1 4.0 Mozambique 4 4 0.8 0.0 .. .. . Namibia 5 5 0.0 35.2 8 5 7 6.7 Nepal 4 3 0.0 0.1 4 1 9 4.7 Netherlands 8 5 0.0 68.9 . 4 3 6 4.3 New Zealand 9 5 0.0 95.8 10 9 10 9.7 Nicaragua 4 4 8.1 0.0 4 5 6 5.0 Niger 4 1 0.9 0.0 6 5 3 4.7 Nigeria 7 3 0.0 0.3 6 7 4 5.7 Norway 6 4 0.0 100.0 7 6 7 6.7 Oman 3 0 0.0 0.0 8 6 3 5.7 Pakistan 4 4 0.3 0.9 6 6 7 6.3 DO NG BUSINESS INDICATORS 103 JANUARY 2005 JANUARY 2005 Strength Strength Depth of credit Public Private Extent of Extent of Ease of of investor of legal information registry bureau disclosure director shareholder protection rights index index coverage coverage index liability index suits index index Economy (0-10) (0-6) (% of adults) (% of adults) (0-10) (0-10) (0-10) (0-10) Palau 5 0 0.0 0.0 0 0 8 2.7 Panama 6 6 0.0 40.2 3 4 7 4.7 Papua New Guinea 6 0 0.0 0.0 5 5 8 6.0 Paraguay 3 6 8.7 52.2 6 5 6 5.7 Peru 2 6 30.2 27.8 7 5 7 6.3 Philippines 3 2 0.0 3.7 1 2 7 3.3 Poland 3 4 0.0 38.1 7 4 8 6.3 Portugal 5 4 64.3 9.8 7 5 6 6.0 Puerto Rico 6 5 0.0 63.6 .. .. . Romania 4 4 1.4 1.0 8 5 4 5.7 Russia 3 0 0.0 0.0 7 3 5 5.0 Rwanda 1 2 0.1 0.0 .. .._.._.. Samoa 7 0 0.0 0.0 5 6 8 6.3 So Tome and Principe . . 0 0.0 0.0 6 1 6 4.3 Saudi Arabia 4 5 0.2 10.2 8 4 3 5.0 Senegal 3 1 4.3 0.0 7 1 3 3.7 Serbia and Montenegro 5 1 0.1 0.0 7 6 4 5.7 Sierra Leone 5 0 0.0 0.0 3 6 5 4.7 Singapore 10 4 0.0 38.6 10 9 9 9.3 Slovakia 9 2 0.5 18.1 2 4 6 4.0 Slovenia 6 3 2.7 0.0 3 8 6 5.7 Solomon Islands 6 0 0.0 0.0 5 6 8 6.3 South Africa 5 5 0.0 63.4 8 8 8 8.0 Spain 5 6 42.1 6.5 4 6 4 4.7 Sri Lanka 3 3 0.0 2.2 4 5 7 5.3 Sudan 5 0 0.0 0.0 .. Sweden 6 5 0.0 100.0 2 5 7 4.7 Switzerland 6 5 0.0 23.3 1 5 6 4.0 Syria 5 0 0.0 0.0 5 7 1 4.3 Taiwan, China 4 5 0.0 57.1 8 4 4 5.3 Tanzania 5 0 0.0 0.0 3 3 0 2.0 Thailand 5 4 0.0 18.4 10 2 6 6.0 Timor-Leste 3 0 0.0 0.0 7 1 3 3.7 Togo 2 1 3.5 0.0 4 3 5 4.0 Tonga 5 0 0.0 0.0 3 6 8 5.7 Tunisia 4 2 8.2 0.0 0 4 6 3.3 Turkey 1 5 4.9 27.6 8 3 4 5.0 Uganda 5 0 0.0 0.0 7 5 4 5.3 Ukraine 8 0 0.0 0.0 1 3 4 2.7 United Arab Emirates 4 2 1.S 0.0 4 8 2 4.7 United Kingdom 10 6 0.0 76.2 10 7 7 8.0 United States 7 6 0.0 100.0 7 9 9 8.3 Uruguay 4 5 5.5 80.0 3 4 8 5.0 Uzbekistan 5 0 0.0 0.0 4 6 3 4.3 Vanuatu 6 0 0.0 0.0 5 6 8 6.3 Venezuela 4 4 16.8 0.0 3 2 2 2.3 Vietnam 3 3 1.1 0.0 4 1 2 2.3 West Bank and Gaza 5 0 0.0 0.0 .. .. .. . Yemen 2 2 0.1 0.0 6 4 3 4.3 Zambia 6 0 0.0 0.0 10 4 8 7.3 Zimbabwe 7 0 0.0 0.0 8 1 4 4.3 104 DOING BUSINESS IN 2006 JANUARY 2005 JANUARY 2005 Total tax Time payable Documents Signatures Time for Documents Signatures Time for Payments (hours (% of gross for export for export export for import for import import Economy (number) per year) profit) (number) (number) (days) (number) (number) (days) Afghanistan 2 80 21.4 .. .. .. 10 57 97 Albania 53 240 71.6 6 13 37 12 17 38 Algeria 63 504 58.5 8 8 29 8 12 51 Angola 30 656 32.5 .. .. 10 28 64 Argentina 35 580 97.9 6 6 23 7 9 30 Armenia 50 1120 53.8 7 12 34 6 15 37 Australia 12 107 37.0 5 2 12 11 2 16 Austria 20 272 50.8 4 2 8 5 3 9 Azerbaijan 35 756 41.4 7 40 69 18 55 79 Bangladesh 17 640 50.4 7 15 35 16 38 57 Belarus 113 1188 121.8 7 9 33 7 10 37 Belgium 10 160 44.6 5 2 7 6 2 9 Benin 7_ -275 270 - 53.1 8 8 10 36 11 14 49 Bhutan 30 370 23.3 10 12 39 14 12 42 Bolivia 41 1080 64.0 9 15 43 9 16 49 Bosnia and Herzegovina 73 100 19.7 9 15 32 15 18 43 Botswana 24 140 52.9 6 7 37 9 10 42 Brazil 23 2600 147.9 7 8 39 14 16 43 Bulgaria 27 616 38.6 7 5 26 10 4 24 Burkina Faso 40 270 48.3 9 19 71 13 37 66 Burundi 41 140 173.5 11 29 67 19 55 124 Cambodia 27 97 31.1 8 10 43 12 18 55 Cameroon 51 1300 47.6 10 11 39 14 20 53 Canada 10 119 32.5 6 2 12 7 1 12 Central African Republic 66 504 60.9 9 38 116 10 75 122 Chad 65 122 51.3 7 32 87 14 42 111 Chile 8 432 46.7 6 7 23 8 8 24 China 34 584 46.9 6 7 20 11 8 24 Colombia 54 432 75.1 6 7 34 11 12 48 Congo, Dem. Rep. 34 312 134.7 8 45 50 15 80 67 Congo, Rep. 94 576 66.9 8 42 50 12 51 62 Costa Rica 41 402 54.3 7 8 36 13 8 42 C6te d'lvoire 71 270 46.9 7 11 21 16 21 48 Croatia 39 232 47.1 9 10 35 15 10 37 Czech Republic 14 930 40.1 5 3 20 8 4 22 Denmark 18 135 63.4 3 2 5 3 1 5 Dominican Republic 85 124 57.2 6 3 17 11 6 17 Ecuador 33 600 33.9 12 4 20 11 7 42 Egypt 39 504 32.1 8 11 27 9 8 29 El Salvador 65 224 32.2 7 10 43 15 11 54 Eritrea 18 216 66.3 11 20 69 17 33 69 Estonia 11 104 39.5 5 2 12 5 5 14 Ethiopia 20 52 43.6 8 33 46 13 45 57 Fiji 22 140 44.4 6 5 22 13 2 22 Finland 19 .. 52.1 4 3 7 3 1 7 France 29 72 42.8 7 3 22 13 3 23 Georgia 49 448 49.7 9 35 54 15 42 52 Germany 32 105 50.3 4 1 6 4 1 6 Ghana 35 304 45.3 6 11 47 13 13 5S Greece 32 204 47.9 7 6 29 11 9 34 Guatemala 50 260 53.4 8 6 20 7 5 36 Guinea SS 416 51.2 7 11 43 12 23 56 DOING BUSINESS INDICATORS 105 JANUARY 2005 JANUARY 2005 Total tax Time payable Documents Signatures Time for Documents Signatures Time for Payments (hours (% of gross for export for export export for import for import import Economy (number) per year) profit) (number) (number) (days) (number) (number) (days) Guyana 45 288 20.7 8 10 42 11 15 54 Haiti 53 .. 31.7 8 20 58 9 35 60 Honduras 48 424 43.2 7 17 34 15 21 46 Hong Kong, China 1 80 14.3 6 4 13 8 3 16 Hungary 24 304 56.8 6 4 23 10 5 24 Iceland 19 175 52.2 7 3 15 6 2 15 India 59 264 43.2 10 22 36 15 27 43 Indonesia 52 560 38.8 7 3 25 10 6 30 Iran 28 .. 14.6 11 30 45 11 45 51 Iraq 13 48 5.6 10 70 105 19 75 135 Ireland 8 76 45.3 5 5 14 4 5 15 Israel 33 210 57.5 5 2 10 5 4 13 Italy 20 360 59.8 8 5 28 16 10 38 Jamaica 72 414 49.4 5 7 20 8 7 26 Japan 26 315 34.6 5 3 11 7 3 11 Jordan 10 101 39.8 7 6 28 12 5 28 Kazakhstan 34 156 41.6 14 15 93 18 17 87 Kenya 17 372 68.2 8 15 45 13 20 62 Kiribati 16 .. 15.6 6 5 31 11 6 32 Korea 26 290 29.6 5 3 12 8 5 12 Kuwait 14 .. 8.2 5 10 30 11 12 39 Kyrgyz Republic 95 204 59.4 .. .. .. 18 27 127 Lao PDR 31 180 24.7 12 17 66 16 28 78 Latvia 39 320 38.7 9 6 18 13 7 21 Lebanon 33 208 30.4 6 15 22 12 35 34 Lesotho 19 564 37.7 .. .. .. 10 15 50 Lithuania 13 162 41.6 5 5 6 12 4 17 Macedonia, FYR 54 96 40.1 10 8 32 10 11 35 Madagascar 29 400 58.9 7 15 50 9 18 59 Malawi 33 782 56.5 9 12 41 6 20 61 Malaysia 28 .. 11.6 6 3 20 12 5 22 Maldives 1 0 5.5 7 4 24 12 4 29 Mali 60 270 44.0 10 33 67 16 60 61 Marshall Islands 20 160 42.6 .. .. .. 6 6 14 Mauritania 61 696 75.8 9 13 42 7 25 40 Mauritius 7 158 38.2 5 4 16 7 4 16 Mexico 49 536 31.3 6 4 18 8 11 26 Micronesia 8 128 32.1 .. .. .. 14 5 33 Moldova 44 250 44.7 7 12 33 7 13 35 Mongolia 43 .. 45.3 11 21 66 10 27 74 Morocco 28 690 54.8 7 13 31 11 17 33 Mozambique 35 230 50.9 6 12 41 16 12 41 Namibia 23 50 43.9 9 7 32 14 7 25 Nepal 23 408 31.8 7 12 44 10 24 38 Netherlands 22 700 53.3 5 3 7 4 1 8 New Zealand 8 70 44.2 5 2 8 9 2 13 Nicaragua 64 240 54.3 6 4 38 7 5 38 Niger 44 270 49.4 .. .. .. 19 52 89 Nigeria 36 1120 27.1 11 39 41 13 71 53 Norway 3 87 60.1 4 3 7 4 3 7 Oman 13 52 5.2 9 7 23 13 9 27 Pakistan 32 560 57.4 8 10 33 12 15 39 106 DOING BUSINESS IN 2006 JANUARY 2005 JANUARY 2005 Total tax Time payable Documents Signatures Time for Documents Signatures Time for Payments (hours (% of gross for export for export export for import for import import Economy (number) per year) profit) (number) (number) (days) (number) (number) (days) Palau 17 128 40.0 7 3 20 9 4 26 Panama 45 424 32.9 8 3 30 12 3 32 Papua New Guinea 43 198 36.7 5 5 30 10 6 32 Paraguay 33 328 37.9 9 7 34 13 11 31 Peru 53 424 50.7 8 10 24 13 13 31 Philippines 62 94 46.4 6 5 19 8 7 22 Poland 43 175 55.6 6 5 19 7 8 26 Portugal 7 328 45.4 6 4 18 7 5 18 Puerto Rico 41 140 17.8 9 3 15 10 3 19 Romania 62 188 51.1 7 6 27 15 10 28 Russia 27 256 40.8 8 8 29 8 10 35 Rwanda 42 168 53.9 14 27 63 19 46 92 Samoa 35 224 35.8 6 4 12 8 6 13 Sao Tome and Principe 29 1008 27.4 7 8 31 9 12 40 Saudi Arabia 13 70 1.4 5 12 36 9 18 44 Senegal 59 696 45.0 6 8 6 10 12 26 Serbia and Montenegro 41 168 46.3 9 15 32 15 17 44 Sierra Leone 20 399 163.9 7 8 36 7 22 39 Singapore 16 30 19.5 5 2 6 6 2 8 Slovakia 31 344 39.5 9 8 20 8 10 21 Slovenia 29 272 47.3 9 7 20 11 9 24 Solomon Islands 33 80 13.5 .. .. .. 7 5 24 South Africa 32 350 43.8 5 7 31 9 9 34 Spain 7 56 48.4 4 3 9 5 3 10 Sri Lanka 42 .. 49.4 8 10 25 13 15 27 Sudan .. .. .. 9 35 82 15 50 111 Sweden 5 122 52.6 4 1 6 3 1 6 Switzerland 25 63 22.0 8 5 21 13 5 22 Syria 22 336 20.8 12 19 49 18 47 63 Taiwan, China 15 296 23.6 8 9 14 8 11 14 Tanzania 48 248 51.3 7 10 30 13 16 51 Thailand 44 52 29.2 9 10 23 14 10 25 Timor-Leste 15 640 34.9 6 9 32 11 12 37 Togo 51 270 50.9 8 8 34 11 14 43 Tonga 11 156 32.0 6 4 11 9 5 11 Tunisia 31 112 52.7 5 8 25 8 12 33 Turkey 18 254 51.1 9 10 20 13 20 25 Uganda 31 237 42.9 13 18 58 17 27 73 Ukraine 84 2185 51.0 6 9 34 10 10 46 United Arab Emirates 15 12 8.9 6 3 18 6 3 18 United Kingdom 22 . . 52.9 5 5 16 4 5 16 United States 9 325 21.5 6 5 9 5 4 9 Uruguay 54 300 80.2 9 10 22 9 12 25 Uzbekistan 118 152 75.6 .. .. .. 18 32 139 Vanuatu 32 120 28.1 9 6 7 14 9 9 Venezuela 68 864 48.9 8 6 34 13 9 42 Vietnam 44 1050 31.5 6 12 35 9 15 36 West Bank and Gaza 49 . . 42.0 6 10 27 9 18 42 Yemen 32 248 128.8 6 8 33 9 20 31 Zambia 36 132 38.6 16 25 60 19 28 62 Zimbabwe 59 216 48.6 9 18 52 15 19 66 DOING BUS NESS INDICATORS 107 JANUARY 2005 JANUARY 2005 Recovery rate Procedures Time Cost Time Cost (cents on Economy (number) (days) (% of debt) (years) (% of estate) the dollar) Afghanistan . . 400 24.0 NO PRACTICE NO PRACTICE 0.0 Albania 39 390 28.6 4.0 38.0 26.9 Algeria 49 407 28.7 3.5 3.5 37.4 Angola 47 1011 11.2 6.2 22.0 0.6 Argentina 33 520 15.0 2.8 14.5 34.9 Armenia 24 185 17.8 1.9 4.0 41.0 Australia 11 157 14.4 1.0 8.0 79.9 Austria 20 374 9.8 1.1 18.0 73.3 Azerbaijan 25 267 19.8 2.7 8.0 33.0 Bangladesh 29 365 21.3 4.0 8.0 24.2 Belarus 28 225 26.7 5.8 22.0 21.6 Belgium 27 112 6.2 0.9 3.5 86.6 Benin 49 570 29.6 3.1 14.5 9.4 Bhutan 20 275 113.8 NO PRACTICE NO PRACTICE 0.0 Bolivia 47 591 10.6 1.8 14.5 36.9 Bosnia and Herzegovina 36 330 19.6 3.3 9.0 32.0 Botswana 26 154 24.8 2.2 14.5 54.4 Brazil 24 546 15.5 10.0 9.0 0.4 Bulgaria 34 440 14.0 3.3 9.0 33.5 Burkina Faso 41 446 95.4 4.0 9.0 6.3 Burundi 47 433 32.5 4.0 18.0 16.4 Cambodia 31 401 121.3 NO PRACTICE NO PRACTICE 0.0 Cameroon 58 585 36.4 3.2 14.5 23.5 Canada 17 346 12.0 0.8 3.5 90.1 Central African Republic 45 660 72.2 4.8 76.0 0.0 Chad 52 526 54.9 10.0 63.0 0.0 Chile 28 305 10.4 5.6 14.5 23.1 China 25 241 25.5 2.4 22.0 31.5 Colombia 37 363 18.6 3.0 1.0 55.1 Congo, Dem. Rep. 51 909 256.8 5.2 22.0 1.6 Congo, Rep. 47 560 43.0 3.0 24.0 19.2 Costa Rica 34 550 41.2 3.5 14.5 18.2 C6te d'lvoire 25 525 47.6 2.2 18.0 14.9 Croatia 22 415 10.0 3.1 14.5 28.4 Czech Republic 21 290 9.1 9.2 14.5 17.8 Denmark 15 83 5.3 3.3 9.0 63.0 Dominican Republic 2 29 580 35.0 3.5 38.0 5.4 Ecuador 41 388 15.3 8.0 63.0 20.7 Egypt 55 410 18.4 4.2 22.0 16.1 El Salvador 41 275 12.5 4.0 9.0 30.5 Eritrea 27 385 19.9 1.7 14.5 0.0 Estonia 25 150 10.6 3.0 9.0 39.0 Ethiopia 30 420 14.8 2.4 14.5 36.9 FIJi 26 420 53.8 1.8 38.0 20.6 Finland 27 228 6.5 0.9 3.5 89.0 France 21 75 11.7 1.9 9.0 47.6 Georgia 18 375 31.7 3.3 3.5 20.8 Germany 26 175 10.5 1.2 8.0 53.0 Ghana 23 200 14.4 1.9 22.0 23.7 Greece 14 151 12.7 2.0 9.0 45.9 Guatemala 37 1459 14.5 4.0 14.5 21.2 Guinea 44 306 27.6 3.8 8.0 23.3 108 DOING BUSINESS IN 2006 __ __ JANUARY 2005 JANUARY 2005 Recovery rate Procedures Time Cost Time Cost (cents on Economy (number) (days) (% of debt) (years) (% of estate) the dollar) Guyana .. 525 24.4 1.5 42.0 16.7 Haiti 35 368 25.0 5.7 29.5 2.9 Honduras 36 545 33.1 3.8 8.0 21.9 Hong Kong, China 16 211 12.9 1.1 9.0 81.2 Hungary 21 365 8.1 2.0 14.5 35.7 Iceland 14 158 9.3 1.0 3.5 81.7 India 40 425 43.1 10.0 9.0 12.8 Indonesia 34 570 126.5 5.5 18.0 13.1 Iran 23 545 12.0 4.5 9.0 19.3 Iraq 65 320 10.5 .. . Ireland 16 217 21.1 0.4 9.0 88.0 Israel 27 585 22.1 4.0 23.0 42.8 Italy 18 1390 17.6 1.2 22.0 40.0 Jamaica 18 202 27.8 1.1 18.0 63.9 Japan 16 60 8.6 0.6 3.5 92.6 Jordan 43 342 8.8 4.3 9.0 27.9 Kazakhstan 47 380 8.5 3.3 18.0 19.9 Kenya 25 360 41.3 4.5 22.0 15.0 Kiribati 18 440 71.0 2.7 38.0 14.1 Korea 29 75 5.4 1.5 3.5 81.7 Kuwait 52 390 13.3 4.2 1.0 38.3 Kyrgyz Republic 46 492 47.9 3.5 4.0 19.7 Lao PDR 53 443 30.3 5.0 76.0 0.0 Latvia 20 186 10.4 1.1 4.0 83.1 Lebanon 39 721 26.7 4.0 22.0 18.6 Lesotho 49 285 23.9 2.6 8.0 35.9 Lithuania 17 154 9.1 1.2 7.0 53.6 Macedonia, FYR 27 509 32.8 3.7 28.0 15.4 Madagascar 29 280 22.8 NO PRACTICE NO PRACTICE 0.0 Malawi 16 277 136.5 2.6 29.5 12.3 Malaysia 31 300 20.2 2.3 14.5 38.8 Maldives 28 434 8.7 6.7 4.0 18.0 Mali 28 340 34.6 3.6 18.0 6.3 Marshall Islands 34 440 95.9 5.3 38.0 4.0 Mauritania 28 410 29.3 8.0 9.0 8.1 Mauritius 17 367 8.6 2.0 14.5 31.1 Mexico 37 421 20.0 1.8 18.0 64.1 Micronesia 28 410 124.4 5.3 38.0 3.3 Moldova 37 340 16.2 2.8 9.0 27.3 Mongolia 26 314 22.6 4.0 8.0 17.0 Morocco 17 240 17.7 1.8 18.0 35.1 Mozambique 38 580 16.0 5.0 9.0 13.3 Namibia 31 270 28.3 1.0 14.5 45.3 Nepal 28 350 25.8 5.0 9.0 23.9 Netherlands 22 48 17.0 1.7 1.0 86.7 New Zealand 19 50 4.8 2.0 3.5 71.0 Nicaragua 20 155 16.3 2.2 14.5 33.8 Niger 33 330 42.0 5.0 18.0 2.6 Nigeria 23 730 37.2 1.5 22.0 31.1 Norway 14 87 4.2 0.9 1.0 91.1 Oman 41 455 10.0 7.0 3.5 24.9 Pakistan 46 395 35.2 2.8 4.0 44.3 DOING BUSINESS NDICATORS 109 JANUARY 2005 JANUARY 2005 Recovery rate Procedures Time Cost Time Cost (cents on Economy (number) (days) (% of debt) (years) (% of estate) the dollar) Palau 34 465 34.7 6.5 38.0 3.5 Panama 45 355 37.0 2.0 29.5 25.8 Papua New Guinea 22 440 110.3 2.8 38.0 13.0 Paraguay 46 285 30.4 3.9 9.0 13.3 Peru 35 381 34.7 3.1 7.0 31.3 Philippines 25 360 50.7 5.7 38.0 4.1 Poland 41 980 8.7 1.4 22.0 64.0 Portugal 24 320 17.5 2.0 9.0 74.7 Puerto Rico 43 270 21.0 3.8 8.0 61.4 Romania 43 335 12.4 4.6 9.0 17.5 Russia 29 330 20.3 3.8 9.0 27.6 Rwanda 27 310 43.2 NO PRACTICE NO PRACTICE 0.0 Samoa 21 505 25.0 2.5 38.0 15.2 Sao Tome and Principe 67 240 69.5 0.3 29.5 0.0 Saudi Arabia 44 360 20.0 2.8 22.0 28.4 Senegal 33 485 23.8 3.0 7.0 19.0 Serbia and Montenegro 33 635 18.1 2.7 23.0 20.3 Sierra Leone 58 305 31.0 2.6 42.0 9.0 Singapore 23 69 9.0 0.8 1.0 91.3 Slovakia 27 565 15.0 4.8 18.0 38.6 Slovenia 25 913 15.2 3.6 14.5 27.9 Solomon Islands 30 455 140.8 3.9 38.0 7.1 South Africa 26 277 11.5 2.0 18.0 33.9 Spain 23 169 14.1 1.0 14.5 77.8 Sri Lanka 17 440 21.3 2.2 18.0 33.8 Sudan 67.0 915.0 30.0 NO PRACTICE NO PRACTICE 0.0 Sweden 23 208 5.9 2.0 9.0 74.9 Switzerland 22 170 5.2 3.0 3.5 46.9 Syra 47 672 34.3 4.1 9.0 28.5 Taiwan, China 28 210 7.7 0.8 3.5 89.4 Tanzania 21 242 35.3 3.0 22.0 22.3 Thailand _ 26 390 13.4 2.7 36.0 43.9 Timor-Leste 69 990 183.1 NO PRACTICE NO PRACTICE 0.0 Togo 37 535 24.3 3.0 14.5 15.9 Tonga 30 510 47.0 2.7 22.0 25.0 Tunisia 14 27 12.0 1.3 7.0 51.5 Turkey -- - 22 330 12.5 5.9 7.0 7.2 Uganda 15 209 22.3 2.2 29.5 39.8 Ukraine 28 269 11.0 2.9 42.0 8.4 United Arab Emirates 53 614 16.0 5.1 30.0 5.5 United Kingdom 14 288 17.2 1.0 6.0 85.3 United States 17 250 7.5 2.0 7.0 76.2 Uruguay 39 620 25.8 2.1 7.0 30.6 Uzbekistan 35 368 _ 18.1 4.0 4.0 12.5 Vanuatu 24 430 64.0 2.6 38.0 15.8 Venezuela 41 445 28.7 4.0 38.0 6.1 Vietnam 37 343 30.1 S.0 14.5 19.2 West Bank and Gaza 26 465 21.4 .. .. . Yemen 37 360 10.5 3.0 8.0 28.2 Zambia 16 274 28.7 3.1 9.0 20.0 Zimbabwe 33 350 19.1 2.2 22.0 2.1 1 1 0 DO NG BUSINESS IN 2006 AFGHANISTAN South Asia GNI per capita (US$) 250 Ease of doing business (rank) 122 Low income Population (m) 23.9 Starting a business Registering property Trading across borders Procedures (number) 1 Procedures (number) 11 Documents for export (number) Time (days) 7 Time (days) 252 Signatures for export (number) Cost (% of ncome per capita) 52.8 Cost (% of property value) 9.5 Time for export (days) Minimum capital (% of income per capita) 0.0 Documents for import (number) 10 Getting credit Signatures for import (number) 57 Dealing with licenses Strength of legal rights index (0-10) 0 Time for import (days) 97 Procedures (number) . Depth of credit information Index (0-6) 0 Time (days) Pub ic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) . . Private bureau coverage (% of adults) 0.0 Procedures (number) Tlime (days) 400 Hiring and firing workers Protecting investors Cost (% of debt) 24.0 Diff cu ty of hiring odex (0-100) 67 Extent of disclosure Index (0-10) 0 Rig dity of hours ndex (0-100) 20 Extent of director liability udex (0-10) 0 Closing a business Difficulty of f ring odex (0-100) 30 Ease of shareholder su ts index (0- 0) 2 Time (years) no practice Rigidity of employment index (0-100) 39 Strength of investor protecton index (0-10) 0.7 Cost (% of estate) no practice Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of salary) 4 Paying taxes Payments (number) 2 Time (hours per year) 80 Total tax payab e (% of gross profit) 21.4 ALBANIA Eastern Europe & Central Asia GNI per capita (US$) 2,080 Ease of doing business (rank) 117 Lower middle income Population (m) 3.2 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 7 Documents for export (number) 6 Time (days) 41 Tlime (days) 47 Signatures for export (number) 13 Cost (% of income per capita) 31.1 Cost (% of property value) 3.6 Time for export (days) 37 Minimum capita (% of income per capita) 39.9 Documents for import (number) 12 Getting credit Signatures for import (number) 17 Dealing with licenses Strength of egal rights index (0-10) 9 T me for import (days) 38 Procedures (number) 22 Depth of credit information ndex (0-6) 0 Time (days) 344 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 227.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 390 Hiring and firing workers Protecting investors Cost (% of debt) 28.6 Difficulty of hiring index (0-100) 44 Extent of disclosure ndex (0-10) 0 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 6 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 2 Tlime (years) 4 Rigidity of employment odex (0-100) 48 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 H ring cost (% of salary) 31 Recovery rate (cents on the dollar) 26.9 Firing cost (weeks of salary) 64 Paying taxes Payments (number) 53 Time (hours per year) 240 Total tax payable (% of gross profit) 71.6 ALGERIA Middle East & North Africa GNI per capita (US$) 2,280 Ease of doing business (rank) 128 Lower middle income Population (m) 31.8 Starting a business Registering property Trading across borders Procedures (number) 14 Procedures (number) 16 Documents for export (number) 8 Time (days) 26 Time (days) 52 Signatures for export (number) 8 Cost (% of income per capita) 25.3 Cost (% of property value) 9.0 Time for export (days) 29 Minimum capital (% of income per capita) 55.1 Documents for mport (number) 8 Getting credit S gnatures for import (number) 12 Dealing with licenses Strength of lega rights index (0-10) 3 T.me for import (days) 51 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 244 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 70.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 407 Hiring and firing workers Protecting investors Cost (% of debt) 28.7 Difficulty of hiring ndex (0-100) 44 Extent of disclosure odex (0-10) 8 Rigidity of hours Index (0-100) 60 Extent of director uabil ty Index (0-10) 4 Closing a business D fficulty of f ring odex (0-100) 50 Ease of shareholder su ts index (0-10) 1 Time (years) 4 Rigidity of employment index (0-100) 51 Strength of investor protect on index (0- 0) 4.3 Cost (% of estate) 4 Hiring cost (% of salary) 27 Recovery rate (cents on the doiiar) 37.4 Fining cost (weeks of salary) 17 Paying taxes Payments (number) 63 Time (hours per year) 504 Tota tax payab e (% of gross profit) 58.5 COUNTRY TABLES I ANGOLA Sub-Saharan Africa GNI per capita (US$) 1,030 Ease of doing business (rank) 135 Lower middle income Population (m) 13.5 Starting a business Registering property Trading across borders Procedures (number) 14 Procedures (number) 7 Documents for export (number) Time (days) 146 Time (days) 334 Signatures for export (number) Cost (%/ of income per cap ta) 642.8 Cost (% of property value) 11.1 Time for export (days) Minimum capitai (% of ncome per capita) 485.4 Documents for import (number) 10 Getting credit Signatures for import (number) 28 Dealing with licenses Strength of legal rights ndex (0-10) 3 Time for import (days) 64 Procedures (number) 15 Depth of credit information index (0-6) 4 T me (days) 326 Public registry coverage (% of adults) 2.9 Enforcing contracts Cost (% of ncome per capita) 1674.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 1011 Hiring and firing workers Protecting investors Cost (% of debt) 11.2 Difficulty of hir ng index (0-100) 33 Extent of disclosure ndex (0-10) S Rig dity of hours Index (0-100) 80 Extent of d rector ability index (0-10) 6 Closing a business D ff culty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 6 Time (years) 6 Rigidity of employment index (0-100) 64 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Hiring cost (% of salary) 8 Recovery rate (cents on the dollar) 0.6 Firing cost (weeks of salary) 62 Paying taxes Payments (number) 30 T me (hours per year) 656 Total tax payable (% of gross profit) 32.5 ARGENTINA Latin America & Caribbean GNI per capita (US$) 3,720 Ease of doing business (rank) 77 Upper middle income Population (m) 36.8 Starting a business Registering property Trading across borders Procedures (number) 15 Procedures (number) S Documents for export (number) 6 T me (days) 32 Time (days) 44 Signatures for export (number) 6 Cost (% of income per capita) 13.4 Cost (% of property value) 8.3 Time for export (days) 23 M nimum capital (% of income per capita) 6.6 Documents for import (number) 7 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 30 Procedures (number) 23 Depth of credit information index (0-6) 6 Time (days) 288 Public registry coverage (% of adults) 22.1 Enforcing contracts Cost (% of income per capita) 47.9 Private bureau coverage (% of adults) 95.0 Procedures (number) 33 T me (days) 520 Hiring and firing workers Protecting investors Cost (% of debt) 15.0 Difficulty of h ring ndex (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours ndex (0-100) 60 Extent of director iability index (0-10) 2 Closing a business Difficulty of firing ndex (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 3 R gidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 15 Hiring cost (% of salary) 30 Recovery rate (cents on the dollar) 34.9 F ring cost (weeks of sa ary) 94 Paying taxes Payments (number) 35 Time (hours per year) 580 Total tax payable (% of gross profit) 97.9 ARMENIA Eastern Europe & Central Asia GNI per capita (US$) 1,120 Ease of doing business (rank) 46 Lower middle income Population (m) 3.1 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 4 Documents for export (number) 7 Time (days) 25 T me (days) 6 Signatures for export (number) 12 Cost (% of income per cap ta) 6.1 Cost (% of property value) 0.5 Time for export (days) 34 Mix mum capita (% of income per capita) 4.0 Documents for mport (number) 6 Getting credit Signatures for import (number) 15 Dealing with licenses Strength of legal r ghts index (0-10) 4 Time for import (days) 37 Procedures (number) 20 Depth of cred t information index (0-6) 3 Time (days) 176 Pub c registry coverage (% of adu ts) 2.6 Enforcing contracts Cost (% of ncome per capita) 64.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 24 Time (days) 185 Hiring and firing workers Protecting investors Cost (% of debt) 17.8 D fficulty of hiring index (0-100) 17 Extent of d sclosure ndex (0-10) Rigidity of hours index (0-100) 60 Extent of d rector iability index (0-10) . . Closing a business Diff culty of firing index (0-100) 70 Ease of shareholder suits index (0-10) . . T me (years) 2 Rigidity of employment ndex (0-100) 49 Strength of investor protection ndex (0-10) . . Cost (% of estate) 4 Hiring cost (% of salary) 19 Recovery rate (cents on the dollar) 41.0 Firing cost (weeks of salary) 17 Paying taxes Payments (number) 50 Time (hours per year) 1120 Total tax payable (S of gross profit) 53.8 1 2 DOING BUSINESS IN 2006 AUSTRALIA OECD: High Income GNI per capita (US$) 26,900 Ease of doing business (rank) 6 High income Population (m) 19.9 Starting a business Registering property Trading across borders Procedures (number) 2 Procedures (number) 5 Documents for export (number) 5 Time (days) 2 T me (days) S Signatures for export (number) 2 Cost (% of income per capita) 1.9 Cost (% of property value) 7.1 Time for export (days) 12 M nimum capital (% of income per capita) 0.0 Documents for import (number) 11 Getting credit S gnatures for import (number) 2 Dealing with licenses Strength of ega rights mdex (0-10) 9 T me for import (days) 16 Procedures (number) 16 Depth of credit information ndex (0-6) 5 Time (days) 121 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 12.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 11 Time (days) 157 Hiring and firing workers Protecting investors Cost (% of debt) 14.4 Difficulty of hiring index (0-100) 0 Extent of disclosure sdex (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director ability index (0-10) 2 Closing a business Difficulty of f ring index (0-100) 10 Ease of shareholder suits ndex (0-10) 8 Time (years) I Rigidity of employment Index (0-100) 17 Strength of investor protection index (0-10) 6.0 Cost (3 of estate) 8 Hiring cost (% of sa ary) 21 Recovery rate (cents on the dollar) 79.9 Firing cost (weeks of salary) 4 Paying taxes Payments (number) 12 Time (hours per year) 107 Total tax payable (% of gross prof t) 37.0 AUSTRIA OECD: High Income GNI per capita (US$) 32,300 Ease of doing business (rank) 32 High income Population (m) 8.1 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 3 Documents for export (number) 4 Time (days) 29 Time (days) 32 Signatures for export (number) 2 Cost (% of income per capita) 5.7 Cost (% of property value) 4.5 Time for export (days) 8 Minimum capital (% of income per capita) 61.5 Documents for import (number) S Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal rights index (0-10) 5 Time for mport (days) 9 Procedures (number) 14 Depth of credit nformation index (0-6) 6 Time (days) 195 Pubilc registry coverage (% of adults) 1.2 Enforcing contracts Cost (% of income per capita) 81.6 Private bureau coverage (% of adults) 45.4 Procedures (number) 20 Time (days) 374 Hiring and firing workers Protecting investors Cost (% of debt) 9.8 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 80 Extent of director liability ndex (0-10) 5 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 1 Rigidity of employment index (0-100) 44 Strength of nvestor protection index (0-10) 3.7 Cost (% of estate) 18 Hir ng cost (% of salary) 31 Recovery rate (cents on the dollar) 73.3 Firing cost (weeks of salary) 55 Paying taxes Payments (number) 20 Time (hours per year) 272 Total tax payable (% of gross profit) 50.8 AZERBAIJAN Eastern Europe & Central Asia GNI per capita (US$) 950 Ease of doing business (rank) 98 Lower middle income Population (m) 8.2 Starting a business Registering property Trading across borders Procedures (number) 14 Procedures (number) 7 Documents for export (number) 7 Time (days) 115 T me (days) 61 Signatures for export (number) 40 Cost I% of income per cap ta) 12.5 Cost (% of property value) 0.4 T me for export (days) 69 Minimum capital (% of income per capita) 0.0 Documents for import (number) 18 Getting credit Signatures for import (number) 55 Dealing with licenses Strength of legal rights ndex (0-10) 6 Time for import (days) 79 Procedures (number) 28 Depth of credit isformation ndex (0-6) 3 Time (days) 212 Public registry coverage (% of adults) 0.4 Enforcing contracts Cost (% of income per capita) 1326.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 25 Time (days) 267 Hiring and firing workers Protecting investors Cost (% of debt) 19.8 Difficu ty of hiring index (0-100) 33 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business Difficulty of fring sdex (0-100) 40 Ease of shareholder su ts ndex (0-10) 7 Time (years) 3 Rigidity of employment udex (0-100) 38 Strength of nvestor protect on index (0-10) 4.0 Cost (% of estate) 8 Hiring cost (% of salary) 27 Recovery rate (cents on the do ar) 33.0 Firing cost (weeks of salary) 42 Paying taxers Payments (number) 35 T me (hours per year) 756 Total tax payab e (% of gross profit) 41.4 COUNTRY TABLES 1 13 BANGLADESH South Asia GNI per capita (US$) 440 Ease of doing business (rank) 65 Low income Population (m) 138.0 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 11 Documents for export (number) 7 Time (days) 35 Time (days) 363 S gnatures for export (number) 15 Cost (% of income per capita) 81.4 Cost (% of property value) 11.0 T me for export (days) 35 Min mum capital (% of income per cap ta) 0.0 Documents for import (number) 16 Getting credit S gnatures for import (number) 38 Dealing with licenses Strength of legal rights ndex (0-10) 7 T me for mport (days) 57 Procedures (number) 13 Depth of credit information index (0-6) 2 Time (days) 185 Public reg stry coverage (% of adults) 0.4 Enforcing contracts Cost (% of ncome per capita) 291.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 T me (days) 365 Hiring and firing workers Protecting investors Cost (% of debt) 21.3 Diffcuty of hiring index (0-100) 11 Extent of disclosure index (0-10) 6 Rigidity of hours idex (0-100) 40 Extent of director liability index (0-10) 7 Closing a business Diff cu ty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 4 Rigidity of employment ndex (0-100) 24 Strength of investor protection ndex (0-10) 6.7 Cost (% of estate) 8 Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 24.2 Firing cost (weeks of sa ary) 47 Paying taxes Payments (number) 17 T me (hours per year) 640 Total tax payable (% of gross prof t) 50.4 BELARUS Eastern Europe & Central Asia GNI per capita (US$) 2,120 Ease of doing business (rank) 106 Lower middle income Population (m) 9.9 Starting a business Registering property Trading across borders Procedures (number) 16 Procedures (number) 7 Documents for export (number) 7 Time (days) 79 T me (days) 231 Signatures for export (number) 9 Cost (% of income per capita) 22.9 Cost (% of property value) 0.1 Time for export (days) 33 Minimum cap tal (% of income per capita) 42.8 Documents for import (number) 7 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of ega rights ndex (0-10) 5 Time for import (days) 37 Procedures (number) 18 Depth of cred t information Index (0-6) 3 Time (days) 354 Publ c registry coverage (% of adu ts) . . Enforcing contracts Cost (% of income per cap ta) 22.7 Pr vate bureau coverage (% of adu ts) 0.0 Procedures (number) 28 Time (days) 225 Hiring and firing workers Protecting investors Cost (% of debt) 26.7 Difficulty of h ring ndex (0-100) 0 Extent of d sclosure index (0-10) 1 Rig dity of hours ndex (0-100) 40 Extent of d rector iability index (0-10) 4 Closing a business D fficulty of firing index (0-100) 40 Ease of shareholder suits ndex (0-10) 7 Time (years) 6 Rigidity of emp oyment index (0-100) 27 Strength of investor protect on ndex (0-10) 4.0 Cost (% of estate) 22 H ring cost (% of salary) 39 Recovery rate (cents on the do lar) 21.6 Fir ng cost (weeks of salary) 21 Paying taxes Payments (number) 113 Time (hours per year) 1188 Total tax payable (% of gross profit) 121.8 BELGIUM OECD: High Income GNI per capita (US$) 31,030 Ease of doing business (rank) 18 High income Population (m) 10.4 Starting a business Registering property Trading across borders Procedures (numnber) 4 Procedures (number) 7 Documents for export (number) S Time (days) 34 Time (days) 132 Signatures for export (number) 2 Cost (% of income per capita) 11.1 Cost (% of property value) 12.8 Time for export (days) 7 Minimum capital (% of income per capita) 13.5 Documents for import (number) 6 Getting credit Signatures for import (number) 2 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 9 Procedures (number) 15 Depth of credit information index (0-6) 4 T me (days) 184 Public registry coverage (% of adults) 55.3 Enforcing contracts Cost (s/c of ncome per capita) 64.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 T me (days) 112 Hiring and firing workers Protecting investors Cost (% of debt) 6.2 D fficulty of hirng index (0-100) 11 Extent of d sclosure ndex (0-10) 8 Rig dity of hours ndex (0-100) 40 Extent of d rector ability index (0-10) 7 Closing a business DOff culty of firing index (0-100) 10 Ease of shareholder suits ndex (0-10) 7 Time (years) I Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 7.3 Cost (% of estate) 4 Hiring cost (% of salary) 55 Recovery rate (cents on the dollar) 86.6 Firing cost (weeks of salary) 16 Paying taxes Payments (number) 10 T me (hours per year) 160 Total tax payable (% of gross profit) 44.6 114 DOING BUSINESS IN 2006 BENIN Sub-Saharan Africa GNI per capita iuSi 530 Ease of doing business (rank) 129 Low income Population (m) 6.7 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 3 Documents for export (number) 8 Time (days) 32 Time (days) 50 Signatures for export (number) 10 Cost (% of income per capita) 190.8 Cost (% of property value) 1 5.1 Time for export (days) 36 Minimum capital (% of income per capita) 323.1 Documents for import (number) 11 Getting credit Signatures for import (number) 14 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 49 Procedures (number) 22 Depth of credit informat on index (0-6) 1 Time (days) 335 Public registry coverage (% of adults) 3.5 Enforcing contracts Cost (% of income per capita) 287.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 570 Hiring and firing workers Protecting investors Cost (% of debt) 29.6 D ff cu ty of h ring index (0-100) 39 Extent of disclosure index (0-10) S Rigidity of hours ndex (0-100) 80 Extent of director liabil ty index (0-10) 8 Closing a business D ffculty of f ring index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3 Rig dity of employment index (0-100) 53 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Hring cost (% of salary) 27 Recovery rate (cents on the dollar) 9.4 Firing cost (weeks of salary) 35 Paying taxes Payments (number) 75 T me (hours per year) 270 Total tax payable (% of gross profit) 53.1 BHUTAN South Asia GNI per capa uS$ Si,60 Ease of doing business (rank) 104 Low income Population (m) 0.9 Starting a business Registering property Trading across borders Procedures (number) t 1 Procedures (number) 5 Documents for export (number) 10 Time (days) 62 Tine (days) 72 Signatures for export (number) 12 Cost (% of income per capita) 10.7 Cost (% of property value) 1.0 Time for export (days) 39 M nimum capital (% of income per capita) 0.0 Documents for mport (number) 14 Getting credit Signatures for import (number) 12 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 42 Procedures (number) 26 Depth of credit information index (0-6) 0 T me (days) 249 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 62.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 20 T me (days) 275 Hiring and firing workers Protecting investors Cost (% of debt) 113.8 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business Difficulty of fir ng index (0-100) 0 Ease of shareholder suits index (0-10) 4 T me (years) no practice Rigidity of employment ndex (0-100) 46 Strength of investor protection index (0-10) 5.3 Cost (% of estate) no practice Hir ng cost (% of salary) 0 Recovery rate (cents on the dol ar) 0.0 Firing cost (weeks of salary) 94 Paying taxes Payments (number) 30 Time (hours per year) 370 Total tax payable (% of gross profit) 23.3 BOLIVIA Latin America & Caribbean GNI per c3pica iUSSi 961) Ease of doing business (rank) l1l Lower middle income Population (m) 8.8 Starting a business Registering property Trading across borders Procedures (number) 15 Procedures (number) 7 Documents for export (number) 9 Time (days) 50 Time (days) 92 Signatures for export (number) 15 Cost (% of income per capita) 154.8 Cost (% of property value) 5.0 Time for export (days) 43 Min mum capital (% of income per cap ta) 4.1 Documents for import (number) 9 Getting credit Signatures for import (number) 16 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 49 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 187 Public registry coverage (% of adults) 10.3 Enforcing contracts Cost (% of income per capita) 268.2 Private bureau coverage (% of adults) 24.6 Procedures (number) 47 Time (days) 591 Hiring and firing workers Protecting investors Cost (% of debt) 10.6 D ff culty of h ring index (0-100) 61 Extent of disclosure index (0-10) I Rig dity of hours ndex (0-100) 60 Extent of director liability ndex (0-10) 5 Closing a business Difficulty of f ring index (0-100) 0 Ease of shareholder su ts Index (0-10) 7 Time (years) 2 Rig dity of employment index (0-100) 40 Strength of investor protect on index (0-10) 4.3 Cost (% of estate) 15 Hiring cost (% of salary) 14 Recovery rate (cents on the do lar) 36.9 Firing cost (weeks of salary) 98 Paying taxes Payments (number) 41 Time (hours per year) 1080 Total tax payable (% of gross profit) 64.0 COUNTRY TABLES 1 15 BOSNIA AND HERZEGOVINA Eastern Europe & Central Asia GNI per capita (US$) 2,040 Ease of doing business (rank) 87 Lower middle income Population (m) 4.1 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 7 Documents for export (number) 9 T me (days) 54 Time (days) 331 S gnatures for export (number) 15 Cost (% of ncome per capita) 40.9 Cost (% of property value) 6.0 T me for export (days) 32 Minimum capital (% of income per capita) 57.4 Documents for import (number) 15 Getting credit Signatures for import (number) 18 Dealing with licenses Strength of lega rights ndex (0-10) 8 Time for import (days) 43 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 476 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 8735.4 Pr vate bureau coverage (% of adu ts) 19.3 Procedures (number) 36 Time (days) 330 Hiring and firing workers Protecting investors Cost (% of debt) 19.6 Difficulty of h ring ndex (0-100) 56 Extent of disclosure index (0-10) 3 R gid ty of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business Difficulty of f r ng ndex (0-100) 30 Ease of shareholder suits ndex (0-10) 5 Time (years) 3 Rigidity of employment mdex (0-100) 42 Strength of nvestor protection mdex (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of salary) 42 Recovery rate (cents on the do lar) 32.0 Fir ng cost (weeks of salary) 33 Paying taxes Payments (number) 73 Time (hours per year) 100 Total tax payable (% of gross profit) 19.7 BOTSW ANA Sub-Saharan Africa GNI per capita (US$) 4,340 Ease of doing business (rank) 40 Upper middle income Population (m) 1.7 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 6 Documents for export (number) 6 Time (days) 108 Time (days) 69 Signatures for export (number) 7 Cost (% of ncome per capita) 10.9 Cost (% of property value) 5.1 Time for export (days) 37 Mnimmum capital (% of ncome per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of egal rghts odex (0-10) 9 Time for import (days) 42 Procedures (number) 42 Depth of cred t information odex (0-6) 5 Time (days) 160 Pub c registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per cap ta) 298.8 Private bureau coverage (% of adu ts) 30.8 Procedures (number) 26 Time (days) 154 Hiring and firing workers Protecting investors Cost (% of debt) 24.8 Difficulty of hiring ndex (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours ndex (0-100) 40 Extent of director liability ndex (0-10) 2 Closing a business Difficulty of fir ng index (0-100) 40 Ease of shareho der su ts index (0-10) 3 Time (years) 2 Rigidity of employmenit index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Hiring cost (% of sa ary) 0 Recovery rate (cents on the dol ar) 54.4 Firing cost (weeks of salary) 19 Paying taxes Payments (number) 24 Time (hours per year) 140 Tota tax payable (% of gross profit) 52.9 BRAZIL Latin America & Caribbean GNI per capita (US$) 3,090 Ease of doing business (rank) 119 Lower middle income Population (m) 177.0 Starting a business Registering property Trading across borders Procedures (number) 17 Procedures (number) 15 Documents for export (number) 7 Time (days) 152 T me (days) 47 Signatures for export (number) 8 Cost (% of income per capita) 10.1 Cost (% of property value) 4.0 Time for export (days) 39 Minimum capital (% of income per cap ta) 0.0 Documents for import (number) 14 Getting credit Srgnatures for import (number) 16 Dealing with licenses Strength of legal rights index (0-10) 2 T me for import (days) 43 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 460 Public reg stry coverage (% of adults) 9.6 Enforcing contracts Cost (% of income per capita) 184.4 Private bureau coverage (% of adults) 53.6 Procedures (number) 24 T me (days) 546 Hiring and firing workers Protecting investors Cost (% of debt) 1 5.5 Difficulty of hiring index (0-100) 67 Extent of disclosure ndex (0-10) S Rigidity of hours ndex (0-100) 80 Extent of director liability index (0-10) 7 Closing a business Difficulty of firing Index (0-100) 20 Ease of shareholder su ts ndex (0-10) 4 Time (years) 10 Rigidity of emp oyment index (0-100) 56 Strength of investor protection odex (0-10) 5.3 Cost (% of estate) 9 Hirng cost (% of salary) 27 Recovery rate (cents on the dollar) 0.4 F ring cost (weeks of sa ary) 165 Paying taxes Payments (number) 23 Time (hou.rs per year) 2600 Total tax payable (% of gross profit) 147.9 116 DOING BUSINESS IN 2006 BULGARIA Eastern Europe & Central Asia GNI per capita (US$) 2,740 Ease of doing business (rank) 62 Lower middle income Population (m) 7.8 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 9 Documents for export (number) 7 Time (days) 32 Time (days) 19 Signatures for export (number) 5 Cost (% of income per capita) 9.6 Cost (% of property value) 2.3 Time for export (days) 26 Minimum cap ta (% of income per capita) 104.2 Documents for import (number) 10 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 24 Procedures (number) 24 Depth of credit information index (0-6) 3 Time (days) 212 Public registry coverage (% of adults) 13.6 Enforcing contracts Cost (% of income per capita) 325.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 440 Hiring and firing workers Protecting investors Cost (% of debt) 14.0 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) t Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 3 Rigidity of employment ndex (0-100) 44 Strength of nvestor protection index (0-10) 5.3 Cost (% of estate) 9 Hir ng cost (% of salary) 32 Recovery rate (cents on the dollar) 33.5 Firing cost (weeks of salary) 30 Paying taxes Payments (number) 27 Time (hours per year) 616 Total tax payable (% of gross profit) 38.6 BURKINA FASO Sub-Saharan Africa GNI per capita (US$) 360 Ease of doing business (rank) 154 Low income Population (m) 12.1 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 8 Documents for export (number) 9 Time (days) 45 Time (days) 107 Signatures for export (number) 19 Cost (% of income per capita) 149.9 Cost (% of property value) 16.2 Time for export (days) 71 Minimum capital (% of income per capita) 483.8 Documents for import (number) 13 Getting credit Signatures for import (number) 37 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 66 Procedures (number) 46 Depth of credit information index (0-6) 1 Time (days) 241 Public registry coverage (% of adults) 1.9 Enforcing contracts Cost (% of income per capita) 5002.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 446 Hiring and firing workers Protecting investors Cost (% of debt) 95.4 Difficulty of hiring index (0-100) 83 Extent of disclosure index (0-10) 6 Rigid ty of hours index (0-100) 100 Extent of director I ability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 3 Time (years) 4 Rigidity of employment index (0-100) 84 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of sa ary) 23 Recovery rate (cents on the dollar) 6.3 Fir ng cost (weeks of salary) 57 Paying taxes Payments (number) 40 Time (hours per year) 270 Total tax payable (% of gross profit) 48.3 BURUNDI Sub-Saharan Africa GNI per capita (US$) 90 Ease of doing business (rank) 143 Low income Population (m) 7.2 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 5 Documents for export (number) 11 Time (days) 43 Time (days) 94 Signatures for export (number) 29 Cost (% of income per capita) 200.7 Cost (% of property value) 18.9 Time for export (days) 67 Minimum capita (% of income per capita) 0.0 Documents for import (number) 19 Getting credit Signatures for import (number) 55 Dealing with licenses Strength of legal rights index (0-10) 2 T me for import (days) 124 Procedures (number) 18 Depth of credit information Index (0-6) 3 T me (days) 302 Public registry coverage (% of adults) 0.2 Enforcing contracts Cost (% of income per cap ta) 10740.5 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 47 Time (days) 433 Hiring and firing workers Protecting investors Cost (% of debt) 32.5 Difficulty of hir ng index (0-100) 67 Extent of d sclosure index (0-10) Rigidity of hours index (0-100) 80 Extent of d rector liability index (0-10) . . Closing a business Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) . . Time (years) 4 Rigidity of employment index (0-100) 69 Strength of investor protection index (0-10) . . Cost (% of estate) 18 Hiring cost (% of salary) 7 Recovery rate (cents on the dollar) 16.4 F ring cost (weeks of salary) 25 Paying taxes Payments (number) 41 Time (hours per year) 140 Iota tax payable (% of gross profit) 173.5 COUNTRY TABLES 11 7 CAMBODIA East Asia & Pacific GNI per capita (US$) 320 Ease of doing business (rank) 133 Low income Population (m) 13.4 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 7 Documents for export (number) 8 Time (days) 86 Time (days) 56 Signatures for export (number) 10 Cost (% of income per capita) 276.1 Cost (% of property varue) 4.7 Time for export (days) 43 Minimum capital (% of income per capita) 80.7 Documents for import (number) 12 Getting credit Signatures for import (number) 18 Dealing with licenses Strength of legal rights index (0-10) 0 Time for import (days) 55 Procedures (number) 28 Depth of credit nformation index (0-6) 0 T me (days) 247 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 606.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 31 Time (days) 401 Hiring and firing workers Protecting investors Cost (% of debt) 121.3 D ff culty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rtgidity of hours mdex (0-100) 80 Extent of director liability index (0-10) 9 Closing a business Diffculty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 2 Time (years) no practice Rigidity of employment ndex (0-100) 59 Strength of nvestor protection udex (0-10) 5.3 Cost (% of estate) no practice Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 0.0 Er ng cost (weeks of salary) 39 Paying taxes Payments (number) 27 Time (hours per year) 97 Total tax payable (% of gross profit) 31.1 CAM EROON Sub-Saharan Africa GNI per capita (US$) 800 Ease of doing business (rank) 130 Low income Population (m) 16.1 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) S Documents for export (number) 10 Time (days) 37 Time (days) 93 Signatures for export (number) 11 Cost (% of ncome per capita) 172.8 Cost (% of property value) 19.0 Time for export (days) 39 M nimum capital (5 of income per capita) 216.5 Documents for import (number) 14 Getting credit Signatures for import (number) 20 Dealing with licenses Strength of legal rights index (0-10) 4 Tine for import (days) 53 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 444 Public registry coverage (% of adults) 0.8 Enforcing contracts Cost (% of income per cap ta) 1094.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 58 Time (days) 585 Hiring and firing workers Protecting investors Cost (% of debt) 36.4 D ff culty of hiring index (0-1 00) 28 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 3 Closing a business Diffcuty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 6 Time (years) 3 R gid ty of employment ndex (0-100) 56 Strength of nvestor protection index (0-10) 5.7 Cost ( of estate) 1S Hiring cost (% of salary) 15 Recovery rate (cents on the do ar) 23.5 Fir ng cost (weeks of salary) 40 Paying taxes Payments (number) 51 Time (hours per year) 1300 Total tax payable (% of gross profit) 47.6 CANADA OECD: High Income GNI per capita (US$) 28,390 Ease of doing business (rank) 4 High income Population (m) 31.6 Starting a business Registering property Trading across borders Procedures (number) 2 Procedures (number) 6 Documents for export (number) 6 T me (days) 3 Time (days) 10 Signatures for export (number) 2 Cost (% of income per capita) 0.9 Cost (% of property value) 1.7 Time for export (days) 12 Minimum capital (% of income per capita) 0.0 Documents for import (number) 7 Getting credit S gnatures for import (number) 1 Dealing with licenses Strength of legal rights Index (0-10) 7 T.me for import (days) 12 Procedures (number) 15 Depth of credit information index (0-6) 6 Time (days) 87 Public reg stry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 123.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 17 Time (days) 346 Hiring and firing workers Protecting investors Cost (% of debt) 12.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business Difficulty of fring ndex (0-100) 30 Ease of shareholder suits index (0-10) 9 Time (years) I Rigidity of employment index (0-100) 14 Strength of investor protect on index (0-10) 8.7 Cost (5 of estate) 4 Hiring cost (% of sa ary) 12 Recovery rate (cents on the dollar) 90.1 Firing cost (weeks of salary) 28 Paying taxes Payments (number) 10 Time (hours per year) 119 Tota tax payable (% of gross profit) 32.5 118 DOING BUSINESS IN 2006 CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 310 Ease of doing business (rank) 153 Low income Population (m) 3.9 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 3 Documents for export (number) 9 Time (days) 14 Time (days) 69 Signatures for export (number) 38 Cost (% of income per capita) 211,6 Cost (% of property value) 17.3 Time for export (days) 116 Minmum capital (% of income per capita) 568.1 Documents for import (number) 10 Getting credit Signatures for import (number) 75 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 122 Procedures (number) 21 Depth of credit information index (0-6) 2 Time (days) 237 Public registry coverage (% of adults) 1.2 Enforcing contracts Cost (% of income per capita) 308.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 660 Hiring and firing workers Protecting investors Cost (% of debt) 72.2 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) Rigidity of hours index (0-100) 80 Extent of director liability mdex (0-10) . . Closing a business Difficulty of firing ildex (0-100) 60 Ease of shareholder suits index (0-10) . Time (years) 5 Rigidity of employment ndex (0-100) 76 Strength of nvestor protection index (0-10) . . Cost (% of estate) 76 Hiring cost (% of salary) 18 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of salary) 37 Paying taxes Payments (number) 66 Time (hours per year) 504 Total tax payable (% of gross profit) 60.9 CHAD Sub-Saharan Africa GNI per capita (US$) 260 Ease of doing business (rank) 152 Low income Population (m) 8.6 Starting a business Registering property Trading across borders Procedures (number) 19 Procedures (number) 6 Documents for export (number) 7 Time (days) 75 Time (days) 44 Signatures for export (number) 32 Cost (% of income per capita) 360.8 Cost (% of property value) 21.3 Time for export (days) 87 Minimum capital (% of income per capita) 619.1 Documents for import (number) 14 Getting credit Signatures for import (number) 42 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 111 Procedures (number) 16 Depth of cred t information index (0-6) 2 Time (days) 199 Public registry coverage (% of adults) 0.2 Enforcing contracts Cost (% of income per capita) 1703.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 52 Time (days) 526 Hiring and firing workers Protecting investors Cost (% of debt) 54.9 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 3 Rigidity of hours Index (0-100) 80 Extent of director liability index (0-10) 6 Closing a business Difficulty of fir ng index (0-100) 70 Ease of shareholder suits odex (0-10) 5 T me (years) 10 Rigidity of employment index (0-100) 72 Strength of investor protection odex (0-10) 4.7 Cost (% of estate) 63 Hiring cost (% of salary) 21 Recovery rate (cents on the do ar) 0.0 F ring cost (weeks of salary) 21 Paying taxes Payments (number) 65 Time (hours per year) 122 Tota tax payab e (% of gross profit) 51.3 CHILE Latin America & Caribbean GNI per capita (US$) 4,910 Ease of doing business (rank) 25 Upper middle income Population (m) 15.8 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) 6 Time (days) 27 Time (days) 31 Signatures for export (number) 7 Cost (% of income per capita) 10.3 Cost (% of property value) 1.3 Time for export (days) 23 Minimum capital (% of income per capita) 0.0 Documents for import (number) 8 Getting credit Signatures for import (number) 8 Dealing with licenses Strength of egal rights index (0-10) 4 Time for import (days) 24 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 191 Public registry coverage (% of adu ts) 45.7 Enforcing contracts Cost (% of ncome per capita) 125.2 Private bureau coverage (% of adults) 22.1 Procedures (number) 28 Time (days) 305 Hiring and firing workers Protecting investors Cost (% of debt) 10.4 Difficulty of hiring index (0-100) 33 Extent of disclosure ondex (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director I ability index (0-10) 4 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 6 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Hiring cost (% of salary) 3 Recovery rate (cents on the dollar) 23.1 Firing cost (weeks of salary) 51 Paying taxes Payments (number) 8 Time (hours per year) 432 Total tax payable (% of gross prof t) 46.7 COUNTRY TABLES 1 1 9 CHINA East Asia & Pacific ;1l per capita iUJSSI 1.290 Ease of d.:irig busine:s (rank) 91 Lower middle income Prupu,lar,icr. (rru 1290.0 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 3 Documents for export (number) 6 Time (days) 48 Time (days) 32 Signatures for export (number) 7 Cost (% of income per capita) 13.6 Cost (% of property value) 3.1 Time for export (days) 20 Minimum capital (% of income per capita) 946.7 Documents for import (number) 11 Getting credit Signatures for import (number) 8 Dealing with licenses Strength of egal rights index (0-10) 2 Time for import (days) 24 Procedures (number) 30 Depth of credit information index (0-6) 3 Time (days) 363 Public registry coverage (% of adults) 0.4 Enforcing contracts Cost (% of income per capita) 126.0 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 25 Time (days) 241 Hiring and firing workers Protecting investors Cost (% of debt) 25.5 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 40 Extent of director liabihty index (0-10) t Closing a business Difficulty of fir ng index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) 2 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 H ring cost (% of salary) 30 Recovery rate (cents on the dollar) 31.5 Firing cost (weeks of salary) 90 Paying taxes Payments (number) 34 Time (hours per year) 584 Total tax payable (% of gross profit) 46.9 COLOMBIA - Latin America & Caribbean GIJI per capiwa fuSi) 2,000 Ease of doing business (rank) 66 Lower middle income Population Irrn) 44.6 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 7 Documents for export (number) 6 Time (days) 43 Time (days) 23 Signatures for export (number) 7 Cost (% of income per capita) 25.3 Cost (% of property value) 3.5 Time for export (days) 34 Minimum capital (% of income per capita) 0.0 Documents for import (number) 11 Getting credit Signatures for import (number) 12 Dealing with licenses Strength of legal rights index (0-10) 4 T me for import (days) 48 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 150 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 697.3 Pr vate bureau coverage (% of adults) 31.7 Procedures (number) 37 Time (days) 363 Hiring and firing workers Protecting investors Cost (% of debt) 18.6 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 7 R gid ty of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business Difficulty of firing ndex (0-100) 40 Ease of shareholder su ts index (0-10) 9 Time (years) 3 Rigidity of employment Index (0-100) 57 Strength of investor protecton index (0-10) 5.7 Cost (% of estate) I Hir ng cost (°/ of sa ary) 28 Recovery rate (cents on the dollar) 55.1 Firing cost (weeks of sa ary) 44 Paying taxes Payments (number) 54 Time (hours per year) 432 Total tax payable (°/ of gross profit) 75.1 CONGO, DEM. REP. Sub-Saharan Africa 3N] per .sapirI U Il 120 Ease of doing business (rank) 155 Low income PoplujIrcnI rai) 53.2 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 8 Documents for export (number) 8 Time (days) 155 Time (days) 106 Signatures for export (number) 45 Cost (% of income per capita) 503.3 Cost (% of property value) 10.2 Time for export (days) 50 Minimum capital (% of income per capita) 215.9 Documents for import (number) 15 Getting credit Signatures for mport (number) 80 Dealing with licenses Strength of legal rights index (0-10) 3 Time for Import (days) 67 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 306 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 6516.3 Private bureau coverage (%/i of adults) 0.0 Procedures (number) 51 Time (days) 909 Hiring and firing workers Protecting investors Cost (% of debt) 256.8 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 100 Extent of director liability index (0-10) 4 Closing a business Difficulty of firing mdex (0-100) 70 Ease of shareholder su ts index (0-10) 5 Time (years) 5 Rigidity of employment index (0-100) 90 Strength of investor protecton index (0-10) 4.0 Cost (% of estate) 22 Hiring cost (% of salary) 9 Recovery rate (cents on the dollar) 1.6 Firing cost (weeks of salary) 31 Paying taxes Payments (number) 34 Time (hours per year) 312 Total tax payable (% of gross profit) 134.7 120 DOING BUSINESS IN 2006 CONGO, REP. Sub-Saharan Africa GNI per capita (US$) 770 Ease ol 'riq bu ine .s frank) 148 Low income Population (m) 3.8 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 6 Documents for export (number) 8 Time (days) 67 Time (days) 103 Signatures for export (number) 42 Cost (% of income per capita) 288.8 Cost (% of property value) 22.1 Time for export (days) 50 Minimum capital (% of ncome per capita) 220.1 Documents for import (number) 12 Getting credit Signatures for import (number) 51 Dealing with licenses Strength of legal r ghts index (0-10) 2 Time for import (days) 62 Procedures (number) 15 Depth of credit information index (0-6) 2 T me (days) 174 Public reg stry coverage (% of adults) 2.3 Enforcing contracts Cost (% of income per capita) 1422.2 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 47 Time (days) 560 Hiring and firing workers Protecting investors Cost (% of debt) 43.0 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 3 Rigidity of employment index (0-100) 80 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 24 Hiring cost (% of salary) 16 Recovery rate (cents on the dollar) 19.2 Firing cost (weeks of salary) 42 Paying taxes Payments (number) 94 T me (hours per year) 576 Total tax payable (% of gross profit) 66.9 COSTA RICA Latin America & Caribbean GNI per capita ui 4,670 Eise of doing bur m,es4 rank) 89 Upper middle income Population (m) 4.0 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 6 Documents for export (number) 7 Time (days) 77 Time (days) 21 Signatures for export (number) 8 Cost (% of income per capita) 23.8 Cost (% of property value) 3.6 Time for export (days) 36 Minimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 8 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 42 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 120 Public registry coverage (% of adults) 34.8 Enforcing contracts Cost (% of income per capita) 150.3 Private bureau coverage (% of adults) 4.5 Procedures (number) 34 T me (days) 550 Hiring and firing workers Protecting investors Cost (% of debt) 41.2 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 4 Rigidity of employment index (0-100) 39 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Hiring cost (% of salary) 24 Recovery rate (cents on the dollar) 18.2 Firing cost (weeks of salary) 34 Paying taxes Payments (number) 41 Time (hours per year) 402 Total tax payable (% of gross prof t) 54.3 COTE D'IVOIRE Sub-Saharan Africa GN per capita iuSi 770 Ease ot d':'nq buine;s. lIank) 145 Low income Population (m) 16.8 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 7 Documents for export (number) 7 Time (days) 45 Time (days) 369 Signatures for export (number) 11 Cost (% of income per capita) 134.0 Cost (% of property value) 14.3 Time for export (days) 21 Minimum capital (% of income per capita) 225.2 Documents for import (number) 16 Getting credit Signatures for import (number) 21 Dealing with licenses Strength of legal rights index (0-10) 2 T.me for import (days) 48 Procedures (number) 22 Depth of credit information index (0-6) 1 Time (days) 569 Public registry coverage (% of adults) 3.0 Enforcing contracts Cost I% of income per capita) 194.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 25 Time (days) 525 Hiring and firing workers Protecting investors Cost (% of debt) 47.6 Difficulty of hiring index (0-100) 44 Extent of d sc osire index (0-10) 6 Rigidity of hours index (0-100) 80 Extent of director iabiiity index (0-10) 5 Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 3 Time (years) 2 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Hiring cost (% of sa ary) 15 Recovery rate (cents on the dollar) 14.9 Firing cost (weeks of salary) 68 Paying taxes Payments (number) 71 Time (hours per year) 270 Total tax payable (% of gross profit) 46.9 COUNTRY TABLES 121 CROATIA Eastern Europe & Central Asia GNI per capita (US$) 6,590 Ease of doing business (rank) 118 Upper middle income Population (m) 4.4 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) S Documents for export (number) 9 Time (days) 49 T me (days) 956 Signatures for export (number) 10 Cost (% of income per cap ta) 13.4 Cost (% of property value) 5.0 Time for export (days) 35 Min mum cap ta (% of income per capita) 22.7 Documents for import (number) 1 5 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 37 Procedures (number) 28 Depth of credit information ndex (0-6) 0 T me (days) 278 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 1236.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 22 Time (days) 415 Hiring and firing workers Protecting investors Cost (% of debt) 10.0 Difficulty of hiring index (0-100) 61 Extent of disclosure Index (0-10) 2 Rigidity of hours index (0-100) 60 Extent of director iability ndex (0-10) 5 Closing a business Diff culty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) 3 Rigidity of employment index (0-100) 57 Strength of investor protection index (0-10) 3.0 Cost (3 of estate) 1 5 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 28.4 Firing cost (weeks of salary) 38 Paying taxes Payments (number) 39 Time (hours per year) 232 Total tax payable (% of gross profit) 47.1 CZECH REPUBLIC Eastern Europe & Central Asia GNI per csp"a ILISSi 9,150 Ease of doing business (rank) 41 Upper middle income Population (m) 10.2 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 4 Documents for export (number) S Time (days) 40 Time (days) 123 Signatures for export (number) 3 Cost (% of income per cap ta) 9.5 Cost (% of property value) 3.0 Time for export (days) 20 Min mum capita (% of income per capita) 39.0 Documents for mport (number) 8 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights Index (0-10) 6 Time for import (days) 22 Procedures (number) 31 Depth of credit information ndex (0-6) S T me (davs) 245 Public registry coverage (% of adults) 2.8 Enforcing contracts Cost (% of ncome per capita) 16.1 Private bureau coverage (% of adults) 37.9 Procedures (number) 21 Time (days) 290 Hiring and firing workers Protecting investors Cost (% of debt) 9.1 Difficulty of hiring ndex (0-100) 33 Extent of disclosure index (0-10) 2 Rigidity of hours ndex (0-100) 20 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 20 Ease of shareho der su ts index (0-10) 8 Time (years) 9 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Hir ng cost (% of salary) 37 Recovery rate (cents on the dollar) 17.8 Firing cost (weeks of salary) 22 Paying taxes Payments (number) 14 Time (hours per year) 930 Total tax payable (% of gross prof t) 40.1 DENMARK OECD: High Income GNI per carpa U1A S 40,650 Ease of doing business (rank) 8 High income Population (m) 5.4 Starting a business Registering property Trading across borders Procedures (number) 3 Procedures (number) 6 Documents for export (numnber) 3 Time (days) s T me (days) 42 Signatures for export (number) 2 Cost (% of income per cap ta) 0.0 Cost (% of property value) 0.6 Time for export (days) 5 Min mum cap ta (%/o of income per capita) 47.0 Documents for import (number) 3 Getting credit Signatures for import (number) I Dealing with licenses Strength of legal rights index (0-10) 7 Time for import (days) S Procedures (number) 7 Depth of credit information ndex (0-6) 4 Time (days) 70 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 71.3 Private bureau coverage (% of adu ts) 7.7 Procedures (number) 15 Time (days) 83 Hiring and firing workers Protecting investors Cost (% of debt) 5.3 Difficulty of hiring index (0-100) 11 Extent of disc osure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liab ty Index (0-10) S Closing a business Difficulty of firing ndex (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 3 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 9 H ring cost (% of sa ary) I Recovery rate (cents on the dollar) 63.0 Firing cost (weeks of salary) 39 Paying taxes Payments (number) 18 Time (hours per year) 135 Total tax payab e (% of gross profit) 63.4 122 DOING BUSINESS IN 2006 DOMINICAN REPUBLIC Latin Arrerica & Caiibbean GNI per capira UliSSi 2,020 Ease of doing business irank) 103 Lovver middle income Population {ml 8.7 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 7 Documents for export (number) 6 Time (days) 75 Time (days) 107 Signatures for export (number) 3 Cost (% of income per capita) 30.9 Cost (% of property valie) 5.1 Time for export (days) 17 Minimum capital (% of ncome per capita) 1.2 Documents for import (number) 11 Getting credit Signatures for import (number) 6 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 17 Procedures (number) 12 Depth of credit information index (0-6) S Time (days) 150 Public registry coverage (% of adults) 19.2 Enforcing contracts Cost (% of income per cap ta) 255.1 Private bureau coverage (% of adults) 34.6 Procedures (number) 29 T me (days) 580 Hiring and firing workers Protecting investors Cost (% of debt) 35.0 Difficulty of hiring index (0-100) 22 Extent of disclosure Index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of d rector liability index (0-10) 0 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 9 Time (years) 4 R gidity of employment index (0-100) 44 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Hiring cost (% of salary) 14 Recovery rate (cents on the dollar) 5.4 Firing cost (weeks of salary) 77 Paying taxes Payments (number) 85 Time (hours per year) 124 Total tax payable (% of gross profit) 57.2 ECUADOR Latin America & Caribbean Glil per capita UiS$ 2. 180 Ease of doing business Irarikl 107 Lovwer middle income Population Innml 1 3.0 Starting a business Registering property Trading across borders Procedures (number) 14 Procedures (number) 10 Documents for export (number) 12 Time (days) 69 T me (days) 21 Signatures for export (number) 4 Cost (% of income per capita) 38.1 Cost (% of property value) 6.7 Time for export (days) 20 Minimum capital (% of income per capita) 9.2 Documents for import (number) 11 Getting credit Signatures for import (number) 7 Dealing with licenses Strength of egal rights index (0-10) 3 Time for import (days) 42 Procedures (number) 19 Depth of credit information index (0-6) 4 T me (days) 149 Public reg stry coverage (% of adults) 13.6 Enforcing contracts Cost (% of income per capita) 100.0 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 41 Time (days) 388 Hiring and firing workers Protecting investors Cost (% of debt) 15.3 Difficulty of hirng index (0-100) 44 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of d rector liability Index (0-10) 5 Closing a business Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 8 Rigidity of employment index (0-100) 58 Strength of investor protection ndex (0-10) 4.0 Cost (% of estate) 63 Hiring cost (% of salary) 13 Recovery rate (cents on the dollar) 20.7 Firing cost (weeks of salary) 131 Paying taxes Payments (number) 33 Time (hours per year) 600 Total tax payable (% of gross profit) 33.9 EGYPT Middle EaU & Nonh Africa GCli pcr capita iuS$i 1,310 Ease of doing business trankl 141 Lo*her middle income Population Irr,) 67.6 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 7 Documents for export (number) 8 Time (days) 34 Time (days) 193 Signatures for export (number) 11 Cost (% of income per capita) 104.9 Cost (% of property va ue) 6.1 Time for export (days) 27 Minimum capital (% of income per capita) 739.8 Documents for import (number) 9 Getting credit Signatures for import (number) 8 Dealing with licenses Strength of legal rights Index (0-10) 1 Time for import (days) 29 Procedures (number) 30 Depth of credit information index (0-6) 2 Time (days) 263 Public registry coverage (% of adults) 1.2 Enforcing contracts Cost (% of income per capita) 1067.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 55 Time (days) 410 Hiring and firing workers Protecting investors Cost (% of debt) 18.4 Difficulty of hiring index (0-100) 0 Extent of disclosure ndex (0-10) S Rigidity of hours index (0-100) 80 Extent of director liab lity index (0-10) 2 Closing a business Difficulty of firing index (0-100) 80 Ease of shareho der suits index (0-10) 5 Time (years) 4 Rigidity of emp oyment index (0-100) 53 Strength of nvestor protection index (0-10) 4.0 Cost (% of estate) 22 Hiring cost (% of salary) 26 Recovery rate (cents on the dollar) 16.1 Firing cost (weeks of salary) 162 Paying taxes Payments (number) 39 T me (hours per year) 504 Total tax payable (% of gross profit) 32.1 COUNTRY TABLES 123 EL SALVADOR Latin America & Caribbean GNI per capita (US$) 2,350 Ease of doing business (rank) 76 Lower middle income Population (m) 6.5 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 5 Documents for export (number) 7 Time (days) 40 Time (days) 52 Signatures for export (number) 10 Cost (% of income per capita) 118.0 Cost (% of property value) 3.6 Time for export (days) 43 Minimum capital (% of ncome per capita) 124.4 Documents for import (number) 15 Getting credit Signatures for import (number) 11 Dealing with licenses Strength of legal rights index (0-10) 5 Time for mport (days) 54 Procedures (number) 22 Depth of credit mformat on index (0-6) 5 T me (days) 144 Public registry coverage (% of aduits) 17.3 Enforcing contracts Cost (% of Income per capita) 204.2 Private bureau coverage (% of adults) 78.7 Procedures (number) 41 T me (days) 275 Hiring and firing workers Protecting investors Cost (% of debt) 12.5 Diff cu ty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 6 Time (years) 4 Rigidity of emp oyment Index (0-100) 41 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of salary) 15 Recovery rate (cents on the dollar) 30.5 Firing cost (weeks of sa ary) 86 Paying taxes Payments (number) 65 Time (hours per year) 224 Total tax payable (% of gross profit) 32.2 ERITREA Sub-Saharan Africa GNI per capita (US$) 180 Ease of doing business (rank) 137 Low income Population (in) 4.4 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 6 Documents for export (number) 11 Time (days) 91 T me (days) 91 Signatures for export (number) 20 Cost (% of income per cap ta) 128.6 Cost (% of property va ue) 9.1 Time for export (days) 69 Minmum cap ta (% of income per capita) 535.2 Documents for import (number) 17 Getting credit Signatures for import (number) 33 Dealing with licenses Strength of legal r ghts index (0-10) 3 Time for import (days) 69 Procedures (number) 19 Depth of cred t information index (0-6) 0 Time (days) 187 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 1254.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 385 Hiring and firing workers Protecting investors Cost (% of debt) 19.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director I ability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Tine (years) 2 Rig dity of employment index (0-100) 27 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 15 H r.ng cost (% of salary) 2 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of salary) 69 Paying taxes Payments (number) 18 Time (hours per year) 216 Total tax payable (% of gross profit) 66.3 ESTONIA Eastern Europe & Central Asia GNI per capita (US$) 7,010 Ease of doing business (rank) 16 Upper middle income Population (m) 1.4 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 4 Documents for export (number) 5 Time (days) 35 Tlime (days) 65 S gnatures for export (number) 2 Cost (% of income per capita) 6.2 Cost (% of property value) 0.5 T me for export (days) 12 Minimum capital (% of income per cap ta) 41.4 Documents for import (number) 5 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of ega rights ndex (0-10) 4 Time for import (days) 14 Procedures (number) 12 Depth of credit information index (0-6) 5 Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 41.4 Private bureau coverage (% of adu ts) 12.5 Procedures (number) 25 Time (days) 150 Hiring and firing workers Protecting investors Cost (% of debt) 10.6 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business Difficulty of fir ng ndex (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 3 Rig dity of employment index (0-100) 51 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 H ring cost 1% of salary) 33 Recovery rate (cents on the dollar) 39.0 Firing cost (weeks of sa ary) 33 Paying taxes Payments (number) 11 Time (hours per year) 104 Total tax payable (% of gross profit) 39.5 124 DOING BUSINESS IN 2006 ETHIOPIA Sub-Saharan Africa GNI per capita (US$) 110 Ease of doing business (rank) 101 Low income Population (m) 68.6 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 15 Documents for export (number) 8 Time (days) 32 T me (days) 56 Signatures for export (number) 33 Cost (% of income per capita) 65.1 Cost (% of property value) 10.4 Time for export (days) 46 Minimum capital (% of income per capita) 1532.0 Documents for import (number) 13 Getting credit Signatures for import (number) 45 Dealing with licenses Strength of legal rights index (0-10) S T me for import (days) 57 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 133 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 1746.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 420 Hiring and firing workers Protecting investors Cost (% of debt) 14.8 D fficulty of h ring index (0-100) 33 Extent of disclosure index (0-10) I Rig dity of hours ndex (0-100) 60 Extent of director liability ndex (0-10) 4 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 2 Rigidity of employment index (0-100) 41 Strength of investor protecton index (0-10) 2.7 Cost (% of estate) 14.5 Hir ng cost (% of salary) 0 Recovery rate (cents on the dollar) 36.9 Firing cost (weeks of salary) 40 Paying taxes Payments (number) 20 Time (hours per year) 52 Tota tax payab e (% of gross profit) 43.6 FIJI East Asia & Pacific GNI per capita 1 i'Sin 2,690 Ease of doing business (rank) 34 Lower middle income Population (m) 0.8 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 3 Documents for export (number) 6 Time (days) 46 T me (days) 48 Signatures for export (number) 5 Cost (% of income per capita) 28.4 Cost (% of property value) 12.0 Time for export (days) 22 M nimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 2 Dealing with licenses Strength of lega rights index (0-10) 8 T me for import (days) 22 Procedures (number) 29 Depth of credit information index (0-6) 4 Time (days) 117 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 35.3 Private bureau coverage (% of adults) 28.3 Procedures (number) 26 Time (days) 420 Hiring and firing workers Protecting investors Cost (% of debt) 53.8 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business Difficu ty of firing index (0-100) 0 Ease of shareho der suits index (0-10) 7 Time (years) 2 Rigidity of emp oyment index (0-100) 21 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 38 Hiring cost (% of salary) 8 Recovery rate (cents on the dollar) 20.6 Firing cost (weeks of salary) 28 Paying taxes Payments (number) 22 Time (hours per year) 140 Total tax payable (% of gross profit) 44.4 FINLAND OECD: High Income GNI per cp"a r u.1S$i 32,790 Ease of doing business (rank) 13 High income Population (m) 5.2 Starting a business Registering property Trading across borders Procedures (number) 3 Procedures (number) 3 Documents for export (number) 4 Time (days) 14 Time (days) 14 Signatures for export (number) 3 Cost (% of income per capita) 1.2 Cost (% of property value) 4.0 Time for export (days) 7 Minimum capital (% of income per capita) 28.0 Documents for import (number) 3 Getting credit Signatures for import (number) I Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 7 Procedures (number) 17 Depth of credit information ndex (0-6) S Time (days) 56 Pubic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 76.2 Private bureau coverage (% of adults) 14.7 Procedures (number) 27 Time (days) 228 Hiring and firing workers Protecting investors Cost (% of debt) 6.5 Difficulty of hiring ndex (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business D fficulty of f ring index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 1 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Hiring cost (% of salary) 22 Recovery rate (cents on the dollar) 89.0 Firing cost (weeks of salary) 24 Paying taxes Payments (number) 19 Time (hours per year) Total tax payable (% of gross profit) 52.1 COUNTRY TABLES 125 FRANCE OECD: High Income GNI per capita (US$) 30,090 Ease of doing business (rank) 44 High income Population (m) 59.8 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 9 Documents for export (number) 7 T me (days) 8 Time (days) 183 Signatures for export (number) 3 Cost (% of income per capita) 1.2 Cost (% of property value) 6.5 Time for export (days) 22 Minimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for mport (number) 3 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 23 Procedures (number) 10 Depth of credit nformat on index (0-6) 2 Time (days) 185 Public registry coverage (% of adults) 1.8 Enforcing contracts Cost (% of income per capita) 78.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 21 Time (days) 75 Hiring and firing workers Protecting investors Cost (% of debt) 11.7 Diffculty of h ring index (0-100) 78 Extent of disclosure index (0-10) 10 Rigidity of hours ndex (0-100) 80 Extent of director liability index (0-10) 1 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 2 R gid ty of employment index (0-100) 66 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Hiring cost (% of salary) 47 Recovery rate (cents on the do ar) 47.6 Firing cost (weeks of salary) 32 Paying taxes Payments (number) 29 Time (hours per year) 72 Total tax payable (% of gross profit) 42.8 GEORGIA Eastern Europe & Central Asia GNI per capita (US$) 1,040 Ease of doing business (rank) 100 Lower middle income Population (m) 5.1 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 6 Documents for export (number) 9 Time (days) 21 Time (days) 9 Signatures for export (number) 35 Cost (% of income per capita) 13.7 Cost (% of property value) 0.6 Time for export (days) 54 Mix mum capital (% of income per capita) 46.8 Documents for import (number) 15 Getting credit Signatures for import (number) 42 Dealing with licenses Strength of legal rights index (0-10) 7 T me for rmport (days) 52 Procedures (number) 29 Depth of credit information index (0-6) 0 Time (days) 282 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 144.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 18 Time (days) 375 Hiring and firing workers Protecting investors Cost (% of debt) 31.7 Difficu ty of h ring index (0-100) 0 Extent of disclosure Index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability Index (0-10) 4 Closing a business Difficulty of f ring ndex (0-100) 70 Ease of shareholder suits index (0-10) 4 Time (years) 3 Rigidity of employment index (0-100) 43 Strength of Investor protection index (0-10) 4.0 Cost (% of estate) 4 Hiring cost (% of salary) 31 Recovery rate (cents on the do ar) 20.8 Firing cost (weeks of salary) 4 Paying taxes Payments (number) 49 Time (hours per year) 448 Total tax payable (% of gross profit) 49.7 GERMANY OECD: High Income GNI per capita (US$) 30,120 Ease of doing business (rank) 19 High income Population (m) 82.5 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 4 Documents for export (number) 4 Time (days) 24 Time (days) 41 Signatures for export (number) 1 Cost (% of income per capita) 4.7 Cost (% of property value) 4.1 Time for export (days) 6 Minimum capital (°/ of ncome per capita) 47.6 Documents for import (number) 4 Getting credit Signatures for import (number) 1 Dealing with licenses Strength of legal rights ndex (0-10) 8 Time for import (days) 6 Procedures (number) 11 Depth of credit information index (0-6) 6 Time (days) 165 Public registry coverage (% of adults) 0.6 Enforcing contracts Cost (% of income per cap ta) 82,8 Private bureau coverage (% of adults) 88.2 Procedures (number) 26 Time (days) 175 Hiring and firing workers Protecting investors Cost (% of debt) 10.5 Difficulty of hiring Index (0-100) 44 Extent of disclosure ndex (0-10) 5 R gidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business Difficulty of fir ng index (0-100) 40 Ease of shareholder suits mdex (0-10) 6 Time (years) I Rig dity of employment index (0-100) 55 Strength of investor protection ndex (0-10) 5.3 Cost (% of estate) 8 Hiring cost (% of salary) 21 Recovery rate (cents on the dollar) 53.0 Fir ng cost (weeks of sa ary) 67 Paying taxes Payments (number) 32 Time (hours per year) 105 Total tax payable (% of gross profit) 50.3 126 DOING BUS NESS N 2006 GHANA Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 82 Low income Population (m) 20.7 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 7 Documents for export (number) 6 Time (days) 81 Time (days) 382 Signatures for export (number) 11 Cost (% of income per capita) 78.6 Cost (fO of property va ue) 3.7 Time for export (days) 47 Min mum capital (% of income per capita) 27.9 Documents for import (number) 13 Getting credit S gnatures for import (number) 13 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 55 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 127 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of Income per capita) 1549.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 23 Time (days) 200 Hiring and firing workers Protecting investors Cost (% of debt) 14.4 Difficulty of hiring ndex (0-100) 11 Extent of disclosure index (0-10) 7 Rig dity of hours ndex (0-100) 40 Extent of director liability udex (0-10) 7 Closing a business Difficulty of firing itdex (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 2 Rigidity of employment tdex (0-100) 34 Strength of investor protection itdex (0-10) 6.0 Cost (% of estate) 22 Hiring cost (% of salary) 13 Recovery rate (cents on the dollar) 23.7 Firing cost (weeks of salary) 25 Paying taxes Payments (number) 35 Time (hours per year) 304 Total tax payable (% of gross profit) 45.3 GREECE OECD: High Income GNI per capita (US$) 16,610 Ease of doing business (rank) 80 High income Population (m) 11.0 Starting a business Registering property Trading across borders Procedures (number) 15 Procedures (number) 12 Documents for export (number) 7 Time (days) 38 Time (days) 23 S gnatures for export (number) 6 Cost (% of income per capita) 24.6 Cost (% of property value) 13.7 Time for export (days) 29 Minimum capita (% of income per capita) 121.4 Documents for import (number) 11 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 34 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 176 Public reg stry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 71.9 Private bureau coverage (% of adults) 17.7 Procedures (number) 14 Time (days) 151 Hiring and firing workers Protecting investors Cost (% of debt) 12.7 D fficulty of h ring index (0-100) 78 Extent of disclosure ndex (0-10) I Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suots index (0-10) 5 Time (years) 2 Rigidity of employment ndex (0-100) 66 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Hiring cost (% of salary) 30 Recovery rate (cents on the dollar) 45.9 Fir ng cost (weeks of salary) 69 Paying taxes Payments (number) 32 Time (hours per year) 204 Total tax payable (% of gross profit) 47.9 GUATEMALA Latin America & Caribbean GNI per capita (US$) 2,130 Ease of doing business (rank) 109 Lower middle income Population (m) 12.3 Starting a business Registering property Trading across borders Procedures (number) 15 Procedures (number) S Documents for export (number) 8 Time (days) 39 Time (days) 69 Signatures for export (number) 6 Cost (% of income per capita) 58.4 Cost (% of property value) 4,7 Time for export (days) 20 Minimum capital (% of income per capita) 29.3 Documents for import (number) 7 Getting credit Signatures for import (number) S Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 36 Procedures (number) 22 Depth of credit information ndex (0-6) 5 Time (days) 294 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 667.8 Private bureau coverage (% of adults) 9.9 Procedures (number) 37 T.me (days) 1459 Hiring and firing workers Protecting investors Cost )% of debt) 14.5 Difficulty of hir ng index (0-100) 61 Extent of disclosure index (0-10) I Rigid ty of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits ndex (0-10) 7 Time (years) 4 Rigidity of employment index (0-100) 40 Strength of ,nvestor protection index (0-10) 3.7 Cost (% of estate) 15 H ring cost (% of salary) 13 Recovery rate (cents on the dollar) 21.2 Firing cost (weeks of sa ary) 101 Paying taxes Payments (number) 50 T me (hours per year) 260 Total tax payable (% of gross profit) 53.4 COUNTRY TABLES 1 27 GUINEA Sub-Saliaran Africa GNI per capita (USS) 460 Ease of doing business (rank) 144 Low income Population (m) 7.9 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 6 Documents for export (numoer) 7 Time (days) 49 T me (days) 104 Signatures for export (number) ItI Cost )% of income per capita) 178.8 Cost (% of property va ue) 15.6 Time for export (says) 43 Minimum cap tal )% of income per cap ta) 405.0 Documents for import (number) 12 Getting credit Signatures for mport (nunsher) 23 Dealing with licenses Strength of legal rights index (0-tO) 2 Time for import (days) 56 Procedu.res (number) 29 Depth of credit oformat on index (0-6) Time (days) 2 78 Pub) c registry coserage )% of adults) 0.6 Enforcing contracts Cost ) of scome per capita) 51 2.2 Pr sate bureau coxerage (% of adults) 0.0 Procedures (number) 44 Dine (days) 306 Hiring and firing workers Protecting investors Cost (% of debt) 27.6 D.ff culty of hiring indee (0-toO0) 33 Extent of disclosure index (0-tO) S Rigidity of hosts odes (0-tOO) 80 Extent of ditector liability index (0-tO) 6 Closing a business D fficulty of firing index (0-100) 30 Ease of shareno set suits inoes (0-10) 3 Time (years) 4 R gidity of employment index (0-100) 48 strength of investor protection index (0-tO) 4.7 Cost (% of estate) 8 Hiring cost (Ye of so ary) 27 Recovery rate (cents on toe dollar) 23.3 Firing cost (weeks of saiary) 26 Paying taxes Payments (number) 55 T me (hours per year) 416 Total tax payable )% of gross profit) 51.2 GUYANA Latin America & Caribbean GNI per capita CUSS) 990 Ease of doing business (rank) 105 Lower middle income Population Cm) 0.8 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 4 Documents for export (number) 8 T me (days) 46 Time (days) 24 Signatures for export (number) 10 Cost (%/ of income per capita) t01.4 Cost )% of property salue) 2.5 Timne for export (days) 42 Minimum capital )% of incomTe per capita) 0.0 Documents for import (numnber) ItI Getting credit Sigoarures for import (number) 1 5 Dealing with licenses Strength of legal rghts index (0-tO) 3 Time for mnport (days) 54 Procedures (number) t7 Depth of cresit information index (0-6) 0 Time (says) 202 Pubiic registry coverage )% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 06.7 Private nureau coverage )% of adults) 0.0 Procesures (number) Time (days) 52 5 Hiring and firing workers Protecting investors Cost )% of dent) 24.4 Difficuity of hir ng index (0-100) .. Extent of oisclosure index (0-tO) 5 Pig dity of nours index (0-100) E xtent of director (iability ondes (0-tO) 4 Closing a business 0iff culty of firing index (0-tOO) .. Ease of sharehoider suits inoes (0-10) 4 Time (years) 2 Rigidity of employment snees (0-1001 ) Strengtn of investor protect on index (0-tO) 4.3 Cost (% of estate) 42 biting cost (0/ of salary) 7 Recovery rate (cents on the dollar) 16.7 Firing cost (weeks of sa ary) .. Paying taxes Payments (number) 45 Time (boats per year) 288 Total tax payab e ) % of gross profit) 20.7 HAITI Latin America & Caribbean GNI per capita (USS) 390 Ease of doing business (rank) 134 Low income Population (rn) 8.4 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures )number( 5 Documents for export (sumner) 8 Timne (days) 203 Tine (days) 083 Signatures for export (number) 20 Cost (% of scome per capita) t 53.t Cost (%/ of property value) 8.1 Time for export (days) 58 M nimum capital )% of income per cap ta) t 55.0 Documents for import (number) g Getting credit Sigtatures for import (numner) 35 Dealing with licenses Strength of legal r ghts inoes (0-10) 2 Time for import (nays) 80 Procedures (sumner) 12 Depth of credit nformation inoes (0-6) 2 Fime (nays) 186 Pub c registry coverage (0/ of adults) 0.3 Enforcing contracts Cost )% of income per capitra) 1t129.6 Private nureau coverage (% of adults) 0.0 Procedures (number) 35 T me (days) 368 Hiring and firing workers Protecting investors Cost (% of debt) 2 5.0 Difficoity of hiring index (0-100) it Extent of disclosure index (0-to) 4 Rig dity of nours index (0-100) 40 Extent of director iiability enden (0-tO) 3 Closing a business Diff curty of firing index (0-tOO) 20 Ease of shareholder suits inoes (0-10) 4 Time (years) 6 Rigidity of employment sudes (0-100) 24 Strengtn of investor protection index (0-tO) 3.7 Cost (% of estate) 30 Hiring cost (% of salary) 9 Recovery rate (cents on the snouta) 2.9 F ring cost (weeks of salary) 26 Paying taxes Payments (number) 53 Time (bouts per year) Totai tax payanle (% of gross prefis) 31.7 128 DOING BUSINESS IN 2006 HONDURAS Latin America & Caribbean GNI per capita (US$) 1,030 Ease of doing business (rank) 112 Lower middle income Population (m) 7.0 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 7 Documents for export (number) 7 Time (days) 62 Time (days) 36 Signatures for export (number) 17 Cost (% of income per capita) 64.1 Cost (% of property value) 5.8 Time for export (days) 34 Minimum capital (% of income per cap ta) 34.1 Documents for import (number) 15 Getting credit Signatures for import (number) 21 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 46 Procedures (number) 14 Depth of credit informat on index (0-6) 4 Time (days) 199 Pubiic registry coverage (% of adults) 11.2 Enforcing contracts Cost (% of income per capita) 759.6 Private bureau coverage (% of adults) 18.7 Procedures (number) 36 Time (days) 545 Hiring and firing workers Protecting investors Cost (% of debt) 33.1 Difficulty of hiring index (0-100) 22 Extent of d sc osure index (0-10) 1 Rigidity of hours index (0-100) 40 Extent of director ability index (0-10) 5 Closing a business D fficulty of f ring index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 4 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 8 Hir ng cost (% of salary) 10 Recovery rate (cents on the dollar) 21.9 Firing cost (weeks of salary) 46 Paying taxes Payments (number) 48 Time (hours per year) 424 Total tax payable (% of gross profit) 43.2 HONG KONG, CHINA East Asia & Pacific GNI per capita (US$) 26,810 Ease of doing business (rank) 7 High income Population (m) 6.8 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 5 Documents for export (number) 6 Time (days) 11 Time (days) 83 Signatures for export (number) 4 Cost (% of income per capita) 3.4 Cost (% of property va ue) 5.0 Time for export (days) 13 Min mum capital (% of income per capita) 0.0 Documents for mport (number) 8 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal rights index (0-10) 10 Time for import (days) 16 Procedures (number) 22 Depth of credit information index (0-6) 5 Time (days) 230 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ixcome per capita) 38.5 Pr vate bureau coverage (% of adults) 64.5 Procedures (number) 16 Time (days) 211 Hiring and firing workers Protecting investors Cost )% of debt) 12.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business Difficulty of firing ixdex (0-100) 0 Ease of shareholder suits ndex (0-10) 8 T me (years) 1 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 8.7 Cost (% of estate) 9 Hiring cost (% of salary) 5 Recovery rate (cents on the dollar) 81.2 Firing cost (weeks of salary) 13 Paying taxes Payments (number) I Time (hours per year) 80 Total tax payable (% of gross profit) 14.3 HUNGARY Eastern Europe & Central Asia GNI per capita (US$) 8,270 Ease of doing business (rank) 52 Upper middle income Population (m) 10.1 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 4 Documents for export (number) 6 Time (days) 38 Time (days) 78 Signatures for export (number) 4 Cost (% of income per capita) 22.4 Cost (% of property va ue) 11.0 Time for export (days) 23 Minmum capital (% of income per capita) 79.6 Documents for import (number) 10 Getting credit S gnatures for import (number) 5 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 24 Procedures (number) 25 Depth of credit nformation index (0-6) 5 T me (days) 213 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 279.1 Pr vate bureau coverage (% of adults) 4.0 Procedures (number) 21 Time (days) 365 Hiring and firing workers Protecting investors Cost (% of debt) 8.1 Difficulty of hiring index (0-100) 11 Extent of disclosure ndex (0-10) I Rigidity of hours index (0-100) 80 Extent of d rector liability index (0-10) 5 Closing a business D ff cu ty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 8 Time (years) 2 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 15 Hiring cost (% of salary) 34 Recovery rate (cents on the dollar) 35.7 Firing cost (weeks of salary) 34 Paying taxes Payments (number) 24 Time (hours per year) 304 Total tax payable (% of gross profit) 56.8 COUNTRY TABLES 129 ICELAND OECD: High Income GNI per capita (US$) 38,620 Ease of doing business (rank) 12 High income Population (m) 0.3 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 3 Documents for export (number) 7 Time (days) 5 Time (days) 4 Signatures for export (number) 3 Cost (% of income per capita) 2.9 Cost (% of property value) 2.4 Time for export (days) 1 5 Minmum capital (% of income per capita) 17.1 Documents for import (number) 6 Getting credit Signatures for import (number) 2 Dealing with licenses Strength of lega rghts index (0-10) 7 Time for import (days) 15 Procedures (number) 20 Depth of cred t information index (0-6) 5 Time (days) 124 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 16.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 14 Time (days) 158 Hiring and firing workers Protecting investors Cost (% of debt) 9.3 Difficulty of hiring index (0-100) 33 Extent of disclosure ndex (0-10) 4 Rigidity of hours ndex (0-100) 60 Extent of d rector ability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 0 Ease of shareholder suits Index (0-10) 6 Time (years) 1 Rigidity of employmenit index (0-100) 31 Strength of investor protection ndex (0-10) 5.0 Cost (% of estate) 4 Hiring cost (% of salary) 12 Recovery rate (cents on the dollar) 81.7 Fir ng cost (weeks of salary) 13 Paying taxes Payments (number) 19 Time (hours per year) 175 Tota tax payable (% of gross profit) 52.2 INDIA South Asia GNI per capita (US$) 620 Ease of doing business (rank) 116 Low income Population (m) 1,060.0 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 6 Documents for export (number) 10 Time (days) 71 T me (days) 67 S gnatures for export (number) 22 Cost (% of ncome per capita) 62.0 Cost (% of property value) 8.9 Time for export (days) 36 Minimum capital 1/ of ncome per capita) 0.0 Documents for mport (number) 15 Getting credit Signatures for import (number) 27 Dealing with licenses Strength of ega rights ndex (0-10) 5 Time for import (days) 43 Procedures (number) 20 Depth of credit information index (0-6) 2 Time (days) 270 Pub ic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 678.5 Pr,vate bureau coverage (% of adu ts) 1.7 Procedures (number) 40 Time (days) 425 Hiring and firing workers Protecting investors Cost (% of debt) 43.1 Difficulty of hiring Index (0-100) 56 Extent of disclosure index (0-10) 7 Rig dity of hours ndex (0-100) 40 Extent of director I ability ndex (0-10) 4 Closing a business D0ff culty of firing index (0-100) 90 Ease of shareho der suts index (0-10) 7 Time (years) 10 R gid ty of employment index (0-100) 62 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Hiring cost (% of sa ary) 12 Recovery rate (cents on the dollar) 12.8 F r ng cost (weeks of salary) 79 Paying taxes Payments (number) 59 Time (hours per year) 264 Total tax payable (% of gross prof t) 43.2 INDONESIA East Asia & Pacific GNI per capita (US$) 1,140 Ease of doing business (rank) 115 Lower middle income Population (m) 215.0 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 7 Documents for export (number) 7 Time (days) 151 Time (days) 42 Signatures for export (number) 3 Cost (% of ncome per capita) 101.7 Cost (% of property value) 11.0 Time for export (days) 25 Minmum capital (% of ncome per capita) 97.8 Documents for mport (number) 10 Getting credit S gnatures for import (number) 6 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 30 Procedures (number) 19 Depth of credit informat on rndex (0-6) 3 T me (days) 224 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 364.9 Private bureau coverage (% of adults) 0.1 Procedures (number) 34 Time (days) 570 Hiring and firing workers Protecting investors Cost (% of debt) 126.5 Difficu ty of h ring Index (0-100) 61 Extent of disclosure index (0-10) 8 Rigidity of hours ndex (0-100) 40 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing Index (0-100) 70 Ease of shareholder su ts index 0-10) 3 Time (years) 6 Rigid ty of employment ndex (0-100) 57 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Hiring cost (% of salary) 10 Recovery rate (cents on the dollar) 13.1 F r ng cost (weeks of salary) 145 Paying taxes Payments (number) 52 Time (hours per year) 560 Total tax payab e (% of gross profit) 38.8 130 DOING BUS NESS N 2006 IRAN Middle East & North Africa GNI per capita (US$) 2,300 Ease of doing business (rank) 108 Lower middle income Population (m) 66.4 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 9 Documents for export (number) 11 Time (days) 47 Time (days) 36 Signatures for export (number) 30 Cost (% of income per capita) 6.3 Cost (% of property value) 5.0 Time for export (days) 45 Minimum capital (% of income per capita) 1.7 Documents for import (number) 11 Getting credit Signatures for import (number) 45 Dealing with licenses Strength of legal rights index (0-10) 5 Time for mport (days) 51 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 668 Public registry coverage (% of adults) 13.7 Enforcing contracts Cost (% of ncome per capita) 818.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 23 Time (days) 545 Hiring and firing workers Protecting investors Cost (% of debt) 12.0 Difficulty of hiring index (0-100) 78 Extent of d sclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business Diffculty of firing ndex (0-100) 10 Ease of shareholder suits index (0-10) 0 Time (years) 5 Rigidity of emp oyment index (0-100) 49 Strength of investor protection ndex (0-10) 2.7 Cost (% of estate) 9 Hbring cost (% of salary) 23 Recovery rate (cents on the dollar) 19.3 Firing cost (weeks of sa ary) 90 Paying taxes Payments (number) 28 Time (hours per year) Total tax payable (% of gross profit) 14.6 IRAQ Middle East & North Africa GNI per capita (US$) i Ease of doing business (rank) 114 Lower middle income Population (m) 24.7 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) S Documents for export (number) 10 Time (days) 77 Time (days) 8 Signatures for export (number) 70 Cost (% of income per capita) 37.4 Cost (% of property value) 7.7 Time for export (days) 105 Minimum capital (% of income per capita) 31.6 Documents for import (number) 19 Getting credit Signatures for import (number) 75 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 135 Procedures (number) 14 Depth of credit information index (0-6) 0 T me (days) 210 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 311.5 Pr vate bureau coverage (% of adults) 0.0 Procedures (number) 65 Time (days) 320 Hiring and firing workers Protecting investors Cost (% of debt) 10.5 Difficulty of hir ng index (0-100) 78 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) Rigid ty of employment index (0-100) 69 Strength of investor protection index (0-10) 4.7 Cost (% of estate) Hiring cost (%/. of salary) 12 Recovery rate (cents on the dollar) Fir ng cost (weeks of salary) 4 Paying taxes Payments (number) 13 Time (hours per year) 48 Total tax payable (% of gross profit) 5.6 IRELAND OECD: High Income GNI per c.ap,r ' bj.S 34,280 Ease of doing business (rank) 11 High income Population (m) 4.0 Starting a business Registering property Trading across borders Procedures (number) 4 Procedures (number) 5 Documents for export (number) 5 Time (days) 24 Time (days) 38 Signatures for export (number) 5 Cost (% of income per capita) 5.3 Cost (% of property va ue) 10.3 Time for export (days) 14 Minimum capital (% of mcome per capita) 0.0 Documents for import (number) 4 Getting credit Signatures for import (number) S Dealing with licenses Strength of legal rights ndex (0-10) 8 T me for import (days) 15 Procedures (number) 10 Depth of credit information index (0-6) S Time (days) 181 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 23.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 16 Time (days) 217 Hiring and firing workers Protecting investors Cost (% of debt) 21.1 Difficulty of hiring index (0-100) 28 Extent of disclosure index (0-10) 9 R gidity of hours index (0-100) 40 Extent of director liability ndex (0-10) 5 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 9 Time (years) 0 Rigid ty of employment index (0-100) 33 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 9 Hiring cost (% of salary) 11 Recovery rate (cents on the dollar) 88.0 Firing cost (weeks of salary) 52 Paying taxes Payments (number) 8 Time (hours per year) 76 Total tax payable (% of gross profit) 45.3 COUNTRY TABLES 131 ISRAEL Middle East & North Africa GNI per capita (US$) 17,380 Ease of doing business (rank) 29 High income Population (m) 6.7 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 7 Documents for export (number) 5 Time (days) 34 Time (days) 144 Signatures for export (number) 2 Cost (1/0 of income per cap ta) 5.3 Cost (% of property value) 7.5 Time for export (days) 10 Minimum cap ta (% of income per capita) 0.0 Documents for import (number) 5 Getting credit S gnatures for mport (number) 4 Dealing with licenses Strength of legal rights index (0-10) 8 Time for mport (days) 13 Procedures (number) 21 Depth of credit information index (0-6) 5 Time (days) 219 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 93.5 Private bureau coverage (% of adults) 0.7 Procedures (number) 27 Time (days) 585 Hiring and firing workers Protecting investors Cost (% of debt) 22.1 Difficulty of hiring index (0-100) 0 Extent of disclosure ndex (0-10) 8 Rigidity of hours index (0-100) 80 Extent of director ability index (0-10) 8 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 4 Rig dity of employment index (0-100) 33 Strength of investor protection ndex (0-10) 8.3 Cost (% of estate) 23 Hir ng cost (% of salary) 6 Recovery rate (cents on the dollar) 42.8 Firing cost (weeks of salary) 90 Paying taxes Payments (number) 33 T me (hours per year) 210 Total tax payable (% of gross profit) 57.5 ITALY OECD: High Income GNI per capita (US$) 26,120 Ease of doing business (rank) 70 High income Population (m) 57.6 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 8 Documents for export (number) 8 Time (days) 13 Time (days) 27 Signatures for export (number) 5 Cost (% of income per capita) 15.7 Cost (% of property value) 0.9 Time for export (days) 28 Min mum capital (% of income per capita) 10.8 Documents for import (number) 16 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 38 Procedures (number) 17 Depth of credit nformat on index (0-6) 6 Time (days) 284 Public reg stry coverage (% of adults) 6.1 Enforcing contracts Cost (SC of income per capita) 147.3 Private bureau coverage (% of adults) 59.9 Procedures (number) 18 Time (days) 1390 Hiring and firing workers Protecting investors Cost (% of debt) 17.6 Difficulty of hiring index (0- 100) 61 Extent of d sc osure mdex (0-10) 7 Rigidity of hours index (0-100) 80 Extent of d rector liab lity index (0-10) 2 Closing a business DOff culty of firing index (0-100) 30 Ease of shareholder suits mdex (0-10) 5 Time (years) I R gid ty of employmenit ndex (0-100) 57 Strength of investor protection ndex (0-10) 4.7 Cost (% of estate) 22 Hirng cost (% of salary) 33 Recovery rate (cents on the dollar) 40.0 F ring cost (weeks of salary) 47 Paying taxes Payments (number) 20 T me (hours per year) 360 Total tax payab e (% of gross profit) 59.8 JAMAICA Latin America & Caribbean GNI per capita (US$) 2,900 Ease of doing business (rank) 43 Lower middle income Population (m) 2.6 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 5 Documents for export (number) S Time (days) 9 Time (days) 54 Signatures for export (number) 7 Cost (% of income per cap ta) 8.3 Cost (% of property value) 13.5 Time for export (days) 20 M nimum capital (% of income per capita) 0.0 Documents for import (number) 8 Getting credit S gnatures for import (number) 7 Dealing with licenses Strength of egal rights mdex (0-10) 6 Time for import (days) 26 Procedures (number) 13 Depth of credit information index (0-6) 0 T me (days) 242 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 526.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 18 Time (days) 202 Hiring and firing workers Protecting investors Cost (% of debt) 27.8 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 3 Rigidity of hours ndex (0-100) 0 Extent of director liability index (0-10) 8 Closing a business DOff cu ty of f ring index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) I Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Hiring cost (% of salary) 12 Recovery rate (cents on the dollar) 63.9 FLir ng cost (weeks of sa ary) 60 Paying taxes Payments (number) 72 Time (hours per year) 414 Total tax payab e (% of gross profit) 49.4 132 DO NG BUSINESS IN 2006 JAPAN OECD: High Income GNI per aipiti "As. 37,180 Ease of doing business (rank) 10 High income Population (m) 128.0 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 6 Documents for export (number) 5 T me (days) 31 Time (days) 14 Signatures for export (number) 3 Cost (% of income per capita) 10.7 Cost (% of property value) 4.1 Time for export (days) 11 Minimum capital (% of income per capita) 75.3 Documents for import (number) 7 Getting credit Signatures for Import (number) 3 Dealing with licenses Strength of legal r ghts index (0-10) 6 Time for import (days) 11 Procedures (number) 11 Depth of credit information index (0-6) 6 Time (days) 87 Public reg stry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 19.7 Private bureau coverage (% of adults) 61.2 Procedures (number) 16 Time (days) 60 Hiring and firing workers Protecting investors Cost (% of debt) 8.6 Difficulty of hiring ndex (0-100) 17 Extent of d sc osure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director lability index (0-10) 7 Closing a business Difficu ty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) I Rigidity of emp oyment index (0-100) 19 Strength of investor protection ndex (0-10) 6.7 Cost (% of estate) 4 H ring cost (% of salary) 13 Recovery rate (cents on the do ar) 92.6 Firing cost (weeks of sa ary) 21 Paying taxes Payments (number) 26 Time (hours per year) 315 Total tax payable (% of gross profit) 34.6 JORDAN Middle East & North Africa GNI per capita (USS) 2,140 Ease of doing business (rank) 74 Lower middle income Population (m) 5.3 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 8 Documents for export (number) 7 Time (days) 36 Time (days) 22 Signatures for export (number) 6 Cost (% of income per capita) 45.9 Cost (% of property value) 10.0 Time for export (days) 28 Minimum capital (% of income per capita) 1011.6 Documents for import (number) 12 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of lega rights index (0-10) 6 Time for import (days) 28 Procedures (number) 17 Depth of credit information ndex (0-6) 2 Time (days) 122 Public registry coverage (% of adu ts) 0.6 Enforcing contracts Cost (% of income per capita) 506.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 342 Hiring and firing workers Protecting investors Cost (% of debt) 8.8 D fficu ty of hiring index (0-100) 11 Extent of disclosure sdex (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director ability index (0-10) 2 Closing a business D ff cu ty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 4 Rig dity of emp oyment index (0-100) 34 Strength of investor protection ndex (0-10) 3.7 Cost (% of estate) 9 Hiring cost (% of salary) 11 Recovery rate (cents on the dollar) 27.9 Firing cost (weeks of sa ary) 90 Paying taxes Payments (number) 10 Time (hours per year) 101 Total tax payable (% of gross profit) 39.8 KAZAKHSTAN Eastern Europe & Central Asia GNI per capita (US$) 2,260 Ease of doing business (rank) 86 Lower middle income Population (m) 14.9 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 8 Documents for export (number) 14 Time (days) 24 Time (days) 52 Signatures for export (number) 15 Cost (% of income per capita) 8.6 Cost (% of property value) 1.6 T me for export (days) 93 Minimum capital (% of income per capita) 26.6 Documents for Import (number) 18 Getting credit Signatures for import (number) 17 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 87 Procedures (number) 32 Depth of credit information ndex (0-6) 0 Time (days) 258 Pubi c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 68.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 380 Hiring and firing workers Protecting investors Cost (% of debt) 8.5 Difficulty of hiring index (0-100) 0 Extent of disclosure mdex (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business Difficulty of fir ng index (0-100) 10 Ease of shareholder su ts index (0-10) 6 Time (years) 3 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 18 Hiring cost (% of salary) 22 Recovery rate (cents on the dollar) 19.9 Firing cost (weeks of salary) 8 Paying taxes Payments (number) 34 Time (hours per year) 156 Total tax payable (% of gross profit) 41.6 COUNTRY TABLES 133 KENYA Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 68 Low income Population (m) 31.9 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 8 Documents for export (number) 8 Time (days) 54 Time (days) 73 Signatures for export (number) 1 5 Cost (% of income per capita) 48.2 Cost (% of property value) 4.1 Time for export (days) 45 Minimum capita (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 20 Dealing with licenses Strength of legal rights index (0-10) 8 Time for import (days) 62 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 170 Public reg stry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of ncome per capita) 40.0 Private bureau coverage (% of adults) 0.1 Procedures (number) 25 Time (days) 360 Hiring and firing workers Protecting investors Cost (% of debt) 41.3 Difficulty of hiring Index (0-100) 33 Extent of disclosure Index (0-10) 4 Rigidity of hours Index (0-100) 20 Extent of director liability index (0-10) 2 Closing a business Difficulty of firing odex (0-100) 30 Ease of shareholder suits index (0-10) 10 Time (years) 5 Rig dity of employment ndex (0-100) 28 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 22 H ring cost (% of salary) 5 Recovery rate (cents on the dollar) 15.0 Firing cost (weeks of salary) 47 Paying taxes Payments (number) 17 Time (hours per year) 372 Total tax payable (% of gross profit) 68.2 KIRIBATI East Asia & Pacific GNI per capita (US$) 970 Ease of doing business (rank) 45 Lower middle income Population (m) 0.1 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 4 Documents for export (number) 6 Time (days) 21 Time (days) 58 Signatures for export (number) S Cost (% of income per capita) 71.0 Cost (% of property value) 0.1 Time for export (days) 31 Minimum capital (% of income per capita) 38.4 Documents for import (number) 11 Getting credit Signatures for import (number) 6 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 32 Procedures (number) . . Depth of credit information ndex (0-6) 0 T me (days) . . Public reg stry coverage (% of adults) 0,0 Enforcing contracts Cost (% of ncome per capita) . . Private bureau coverage (% of adults) 0.0 Procedures (number) 18 Time (days) 440 Hiring and firing workers Protecting investors Cost (% of debt) 71.0 Difficulty of hir ng odex (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business Difficulty of firng index (0-100) 50 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rig dity of employment ndex (0-100) 17 Strength of investor protection Index (0-10) 6.3 Cost (% of estate) 38 H t ng cost (% of salary) 8 Recovery rate (cents on the dollar) 14.1 Firing cost (weeks of salary) 46 Paying taxes Payments (number) 16 Time (hours per year) Total tax payable (% of gross profit) 15.6 KOREA East Asia & Pacific GNI per capita (US$) 13,980 Ease of doing business (rank) 27 High income Population (m) 47.9 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 7 Documents for export (number) 5 Time (days) 22 Time (days) 11 Signatures for export (number) 3 Cost (% of income per capita) 15.2 Cost (% of property value) 6.3 Time for export (days) 12 Minimum capital (3 of income per capita) 308.8 Documents for mport (number) 8 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of lega rights ndex (0-10) 6 Time for import (days) 12 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 60 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 232.6 Private bureau coverage (% of adults) 80.7 Procedures (number) 29 Time (days) 75 Hiring and firing workers Protecting investors Cost (% of debt) 5.4 Diffcuty of hring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours odex (0-100) 60 Extent of director liability odex (0-10) 2 Closing a business Difficulty of firing ndex (0-100) 30 Ease of shareholder su ts odex (0-10) 5 Time (years) 2 Rigrdity of emp oyment Index (0-100) 45 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 81.7 Firing cost (weeks of salary) 90 Paying taxes Payments (number) 26 Time (hours per year) 290 Tota tax payable (% of gross prof t) 29.6 134 DOING BUSINESS IN 2006 KUWAIT Middle East & North Africa GNI per capita (US$) 17,970 Ease of doing business (rank) 47 High income Population (m) 2.4 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 8 Documents for export (number) S Time (days) 35 Time (days) 75 Signatures for export (number) 10 Cost (% of income per capita) 2.2 Cost (% of property value) 0.6 Time for export (days) 30 Minimum capital (% of income per capita) 133.8 Documents for import (number) 11 Getting credit S gnatures for import (number) 12 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 39 Procedures (number) 26 Depth of credit information index (0-6) 4 Time (days) 149 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 278.9 Private bureau coverage (% of adults) 16.1 Procedures (number) 52 Time (days) 390 Hiring and firing workers Protecting investors Cost (% of debt) 13.3 Difficulty of hiting index (0-100) 0 Extent of disclosure index (0-10) S Rigidity of hours index (0-100) 60 Extent of director liabil ty index (0-10) 5 Closing a business Difficulty of firng index (0-100) 0 Ease of shareholder suLits index (0-10) 5 Time (years) 4 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 5.0 Cost (% of estate) I Hiring cost (% of salary) 11 Recovery rate (cents on the dollar) 38.3 Firing cost (weeks of salary) 42 Paying taxes Payments (number) 14 Time (hours per year) Total tax payable (% of gross profit) 8.2 KYRGYZ REPUBLIC Eastern Europe & Central Asia GNI per capita (US$) 400 Ease of doing business (rank) 84 Low income Population (m) 5.1 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 7 Documents for export (number) Time (days) 21 Time (days) 10 S gnatures for export (number) Cost (% of income per capita) 10.4 Cost (% of property value) 5.3 Time for export (days) Minimum cap ta (% of ncome per capita) 0.6 Documents for import (number) 18 Getting credit Signatures for import (number) 27 Dealing with licenses Strength of legal rights index (0-10) 8 Time for import (days) 127 Procedures (number) 16 Depth of credit nformation index (0-6) 2 Time (days) 152 Publ c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 325.2 Private bureau coverage (% of adults) 0.2 Procedures (number) 46 Time (days) 492 Hiring and firing workers Protecting investors Cost (% of debt) 47.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liabil ty index (0-10) 1 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 4 Rigidity of employment ndex (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Hiring cost (% of salary) 27 Recovery rate (cents on the dollar) 19.7 Firing cost (weeks of salary) 21 Paying taxes Payments (number) 95 Time (hours per year) 204 Total tax payable (% of gross profit) 59.4 LAO PDR East Asia & Pacific GNI per capita (US$) 390 Ease of doing business (rank) 147 Low income Population (m) 5.7 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 9 Documents for export (number) 12 Time (days) 198 Time (days) 135 Signatures for export (number) 17 Cost (% of income per capita) 1 5.1 Cost (% of property value) 4.2 Time for export (days) 66 Minimum capital (% of income per capita) 23.4 Documents for import (number) 16 Getting credit Signatures for import (number) 28 Dealing with licenses Strength of legal rights Index (0-10) 2 Time for import (days) 78 Procedures (number) 24 Depth of credit information index (0-6) 0 Time (days) 208 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 224.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 443 Hiring and firing workers Protecting investors Cost (% of debt) 30.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 4 Time (years) 5 Rigidity of employment index (0-100) 50 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 76 Hiring cost (% of salary) 5 Recovery rate (cents on the dollar) 0.0 Fir ng cost (weeks of salary) 36 Paying taxes Payments (number) 31 Time (hours per year) 180 Total tax payable (% of gross profit) 24.7 COUNTRY TABLES 135 LATVIA Eastern Europe & Central Asia GNI per capita (USS) 5,460 Ease of doing business (rank) 26 Upper middle income Population (m) 2.3 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 9 Documents for export (number) 9 Time (days) 18 Time (days) 54 Signatures for export (number) 6 Cost (% of income per capita) 4.2 Cost (% of property value) 2.1 Time for export (days) 18 Minimum capital (% of ncome per capita) 31.8 Documents for import (number) 13 Getting credit S gnatures for import (number) 7 Dealing with licenses Strength of legal rights index (0-10) 8 Time for import (days) 21 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 160 Pubiic registry coverage (% of adults) 1.1 Enforcing contracts Cost (% of ncome per capita) 43.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 20 Time (days) 186 Hiring and firing workers Protecting investors Cost (% of debt) 10.4 Difficulty of hir ng index (0-100) 67 Extent of disclosure index (0-10) 5 Rig dity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business D fficulty of firing index (0- tOO) 70 Ease of shareholder suits Index (0-10) 8 Time (years) I Rigidity of employment ndex (0-100) 59 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Hiring cost (% of salary) 22 Recovery rate (cents on the dollar) 83.1 Firing cost (weeks of salary) 17 Paying taxes Payments (number) 39 Time (hours per year) 320 Total tax payable (% of gross proft) 38.7 LEBANON Middle East & North Africa GNI per c.sp3r. CuS'ii 4,980 Ease of doing business (rank) 95 Upper middle income Population (m) 4.5 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 8 Documents for export (number) 6 Time (days) 46 T me (days) 25 Signatures for export (number) 15 Cost (% of income per capita) 110.6 Cost (% of property value) 5.9 Time for export (days) 22 Minimum capital (% of income per capita) 68.5 Documents for import (number) 12 Getting credit Signatures for import (number) 35 Dealing with licenses Strength of legal r ghts index (0-10) 4 Time for import (days) 34 Procedures (numner) 16 Depth of credit information udex (0-6) 4 Time (days) 275 Public registry coverage (% of adults) 3.5 Enforcing contracts Cost (% of income per cap ta) 214.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 721 Hiring and firing workers Protecting investors Cost (% of debt) 26.7 Difficulty of hiring odex (0-100) 33 Extent of disclosure Index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liab lity index (0-10) t Closing a business Difficulty of firing ndex (0-100) 40 Ease of shareholder suits index (0-10) 4 T me (years) 4 Rigid ty of employment index (0-100) 24 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 Hiring cost (% of sa ary) 22 Recovery rate (cents on the dollar) 18.6 Firing cost (weeks of salary) 17 Paying taxes Payments (number) 33 Time (hours per year) 208 Total tax payable (% of gross profit) 30.4 LESOTHO Sub-Saharan Africa GNI per capita (US$) 740 Ease of doing business (rank) 97 Low income Population (m) 1.8 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) Time (days) 92 Time (days) 101 Signatures for export (number) Cost (% of Income per capita) 56.1 Cost (% of property value) 8.5 Time for export (days) Minimum capital (% of income per capita) 16.4 Documents for import (number) t0 Getting credit Signatures for import (number) 15 Dealing with licenses Strength of legal rights Index (0-10) 5 Time for import (days) 50 Procedures (number) 12 Depth of credit information index (0-6) 0 T me (days) 254 Public reg stry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 134.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 285 Hiring and firing workers Protecting investors Cost (% of debt) 23.9 Diffcuty of h ring index (0-tOO) 56 Extent of disclosure index (0-10) 2 Rigidity of hours ndex (0-100) 60 Extent of director liability ndex (0-10) 2 Closing a business Difficulty of firing Index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-tO) 4.0 Cost (% of estate) 8 Hiring cost (% of salary) 0 Recovery rate (cents on the dolar) 35.9 F ring cost (weeks of salary) 47 Paying taxes Payments (number) 19 Time (hours per year) 564 Total rax payable (SC of gross profit) 37.7 136 DO NG BUSINESS IN 2006 UTHUANIA Eastern Europe & Central Asia GNI per capita (US$) 5,740 Ease of doing business (rank) 1 5 Upper middle income Population (m) 3.5 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 3 Documents for export (number) 5 Time (days) 26 Time (days) 3 Signatures for export (number) 5 Cost (% of ncome per capita) 3.3 Cost (% of property value) 0.8 Time for export (days) 6 Minimum capital (% of income per capita) 57.3 Documents for import (number) 12 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 17 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 151 Public registry coverage (% of adults) 2.5 Enforcing contracts Cost (% of income per capita) 17.5 Private bureau coverage (% of adults) 12.1 Procedures (number) 17 Time (days) 154 Hiring and firing workers Protecting investors Cost (% of debt) 9.1 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) S Rigidity of hours index (0-100) 60 Extent of director liab ty index (0-10) 4 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) m Rigidity of employment udex (0-100) 44 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 7 Hiring cost (% of salary) 28 Recovery rate (cents on the dollar) 53.6 Firing cost (weeks of salary) 34 Paying taxes Payments (number) 13 Time (hours per year) 162 Total tax payable (% of gross profit) 41.6 MACEDONIA, FYR Eastern Europe & Central Asia GNI pet c:ap'ia SibS, 2,350 E i:e u dr,ng bu,ine4S (ranki 81 Lower middle income Population (m) 2.1 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 6 Documents for export (number) 10 Time (days) 48 Time (days) 74 Signatures for export (number) 8 Cost (% of income per capita) 11.3 Cost (% of property value) 3.6 Time for export (days) 32 Minimum capital (% of income per capita) 145.2 Documents for import (number) 10 Getting credit Signatures for import (number) 11 Dealing with licenses Strength of legal rights index (0-10) 6 Time for mport (days) 35 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 214 Public registry coverage (% of adults) 1.9 Enforcing contracts Cost (% of income per capita) 67.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 509 Hiring and firing workers Protecting investors Cost (% of debt) 32.8 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director lability index (0-10) 7 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 4 Rigidity of employment index (0-100) 54 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 28 Hiring cost (% of salary) 33 Recovery rate (cents on the dollar) 15.4 Firing cost (weeks of salary) 41 Paying taxes Payments (number) 54 Time (hours per year) 96 Total tax payable (% of gross profit) 40.1 MADAGASCAR Sub-Saharan Africa GNI per capita (USi 300 -.ie ol d0iung bur nfim (arik i 131 Low income Population (m) 16.9 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 8 Documents for export (number) 7 Time (days) 38 Time (days) 134 Signatures for export (number) 15 Cost (% of income per capita) 54.3 Cost (% of property value) 11.0 Time for export (days) 50 Minimum capital (% of income per capita) 2158.0 Documents for import (number) 9 Getting credit S gnatures for import (number) 18 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 59 Procedures (number) 19 Depth of credit information index (0-6) 2 Time (days) 356 Public registry coverage (% of adults) 0.3 Enforcing contracts Cost (% of income per capita) 447.8 Prvate bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 280 Hiring and firing workers Protecting investors Cost (% of debt) 22.8 Difficulty of hir ng index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business Difficulty of firing index (0-100) S0 Ease of shareholder suits index (0-10) 6 Time (years) no practice Rigid ty of employment index (0-100) 59 Strength of investor protection index (0-10) 5.7 Cost (% of estate) no practice Hiring cost (% of salary) 18 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of salary) 41 Paying taxes Payments (number) 29 Time (hours per year) 400 Total tax payable (% of gross profit) 58.9 COUNTRY TABLES 137 MALAWI Sub-Saharan Africa GNI per capita (US$) 170 Ease of doing business (rank) 96 Low income Population (m) 11.0 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 6 Documents for export (number) 9 Time (days) 35 Time (days) 118 Signatures for export (number) 12 Cost (% of ncome per capita) 139.6 Cost (% of property value) 3.4 Time for export (days) 41 Minimum capital (% of ncome per capita) 0.0 Documents for import (number) 6 Getting credit S gnatures for import (number) 20 Dealing with licenses Strength of legal rights index (0-10) 7 T me for import (days) 61 Procedures (number) 23 Depth of credit information index (0-6) 0 Time (days) 205 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 244.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 16 Time (days) 277 Hiring and firing workers Protecting investors Cost (% of debt) 136.5 Difficulty of hiring Index (0-100) 22 Extent of disclosure mdex (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business Difficulty of f ring index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 3 Rigidity of employment index (0-100) 21 Strength of nvestor protection index (0-10) 5.3 Cost (% of estate) 30 Hiring cost (% of salary) I Recoveny rate (cents on the dollar) 12.3 Fir ng cost (weeks of salary) 90 Paying taxes Payments (number) 33 Time (hours per year) 782 Total tax payable (% of gross profit) 56.5 MALAYSIA East Asia & Pacific GNI per capita (US$) 4,650 Ease of doing business (rank) 21 Upper middle income Population (m) 24.8 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 4 Documents for export (number) 6 Time (days) 30 Time (days) 143 Signatures for export (number) 3 Cost (% of income per capita) 20.9 Cost (% of property value) 2.3 Time for export (days) 20 Minimum capital (% of ncome per capita) 0.0 Documents for import (number) 12 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of legal rights index (0-10) 8 T me for import (days) 22 Procedures (number) 25 Depth of credit nformaton index (0-6) 6 T me (days) 226 Public registry coverage (% of adults) 33.7 Enforcing contracts Cost (% of income per capita) 82.7 Private bureau coverage (% of adults) . . Procedures (number) 31 Time (days) 300 Hiring and firing workers Protecting investors Cost (% of debt) 20.2 Difficulty of hiring index (0-100) 0 Extent of d sclosure index (0-10) 10 Rig dity of hours index (0-1 00) 20 Extent of d rector iability index (0-10) 9 Closing a business D ffliculty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 2 R gid ty of employment ndex (0-100) 10 Strength of investor protection ndex (0-10) 8.7 Cost (% of estate) 15 Hir ng cost 1% of salary) 13 Recovery rate (cents on the dollar) 38.8 Firing cost (weeks ot salary) 65 Paying taxes Payments (number) 28 T tie (hours per year) Total tax payable (% of gross profit) 11.6 MALDIVES South Asia GNI per capita (US$) 2,510 Ease of doing business (rank) 31 Lower middle income Population (m) 0.3 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) . Documents for export (number) 7 Time (days) 12 Time (days) . . Signatures for export (number) 4 Cost (% of income per capita) 12.4 Cost (% of property va ue) . . Time for export (days) 24 Min mum capital (% of income per capita) 6.6 Documents for import (number) 12 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights index (0-10) 4 T me for import (days) 29 Procedures (number) 9 Depth of credit nformaton index (0-6) 0 Time (days) 131 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 40.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 434 Hiring and firing workers Protecting investors Cost (% of debt) 8.7 Difficulty of hir ng ndex (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business Difficulty of fir ng index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 7 Rigidity of employment index (0-100) 7 Strength of nvestor protection index (0-10) 5.3 Cost (% of estate) 4 H r ng cost (% of salary) 0 Recovery rate (cents on the dollar) 18.0 Firing cost (weeks of salary) 20 Paying taxes Payments (number) 1 Time (hours per year) 0 Total tax payable (% of gross profit) 5.5 138 DOING BUSINESS IN 2006 MALI Sub-Saharan Africa GNI per c piit u's 360 Ease of doing business (rank) 146 Low income Popul.tiion (mr 11.7 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) S Documents for export (number) 10 Time (days) 42 Time (days) 44 Signatures for export (number) 33 Cost (% of income per capita) 190.7 Cost )% of property value) 20.0 Time for export (days) 67 M nimum capital (% of income per capita) 490.8 Documents for import (number) 16 Getting credit Signatures for Import (number) 60 Dealing with licenses Strength of lega rights index (0-10) 3 Time for mport (days) 61 Procedures (number) 17 Depth of credit information index (0-6) 1 Time (days) 260 Public registry coverage (% of adults) 2.3 Enforcing contracts Cost (% of ncome per capita) 4903.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 340 Hiring and firing workers Protecting investors Cost I% of debt) 34.6 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigid ty of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 3 Time (years) 4 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.7 Cost )% of estate) 18 Hiring cost (% of salary) 24 Recovery rate (cents on the dollar) 6.3 Firing cost (weeks of salary) 81 Paying taxes Payments (number) 60 Time (hours per year) 270 Total tax payable (% of gross profit) 44.0 MARSHALL ISLANDS East Asia & Pacific GNI per capia iljSt 2,370 aite 0t doing business (rarnk) 48 Lower middle income Population (m) 0.1 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 4 Documents for export (number) T me (days) 22 Time (days) 12 Signatures for export (number) Cost (% of income per capita) 27.4 Cost (% of property value) 1.7 Time for export (days) Minimum capital (% of income per capita) 0.0 Documents for import (number) 6 Getting credit Signatures for mport (number) 6 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 14 Procedures (number) 6 Depth of credit information index (0-6) 0 Time (days) 76 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 36.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 440 Hiring and firing workers Protecting investors Cost (% of debt) 95.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 2 R gidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 5 Rigid ty of employment index (0-100) t 1 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 38 Hirieg cost (% of salary) t 1 Recovery rate (cents on the dollar) 4.0 Fir ng cost (weeks of salary) 0 Paying taxes Payments (number) 20 Time (hours per year) 160 Total tax payable (% of gross profit) 42.6 MAURITANIA Sub-Saharan Africa GNI per capit uiSS 420 Ea:e -l doing bnit ine,, rank) 127 Low income Population (m) 2.9 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 4 Documents for export (number) 9 Time (days) 82 Time (days) 49 Signatures for export (number) 13 Cost (% of income per capita) 143.6 Cost (% of property value) 6.8 Time for export (days) 42 Minimum capital (% of income per capita) 877.5 Documents for import (number) 7 Getting credit Signatures for import (number) 25 Dealing with licenses Strength of legal r ghts Index (0-10) 7 Time for import (days) 40 Procedures (number) 19 Depth of credit information index (0-6) 1 Time (days) 152 Public registry coverage (% of adults) 0.2 Enforcing contracts Cost (% of income per capita) 987.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 410 Hiring and firing workers Protecting investors Cost (% of debt) 29.3 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) Rigidity of hours index (0-100) 60 Extent of d rector liability index (0-10) . . Closing a business Difficulty of firing ndex (0-100) 60 Ease of shareholder suits index (0-10) . . Time (years) 8 Rigidity of employment index (0-100) 73 Strength of investor protection index (0-10) . . Cost (% of estate) 9 Hiring cost (% of salary) 17 Recovery rate (cents on the do lar) 8.1 Firing cost (weeks of salary) 31 Paying taxes Payments (number) 61 Time (hours per year) 696 Total tax payable (% of gross profit) 75.8 COUNTRY TABLES 139 MAURITIUS Sub-Saharan Africa GNI per capita (US$) 4,640 Ease of doing business (rank) 23 Upper middle income Population (m) 1.2 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) S Documents for export (number) S Time (days) 46 Time (days) 210 Signatures for export (number) 4 Cost (% of ncome per capita) 8.8 Cost (% of property value) 16.5 Time for export (days) 16 Minimum capital (% of ncome per capita) 0.0 Documents for import (number) 7 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of lega r ghts index (0-10) 7 Time for import (days) 16 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 132 Public reg stry coverage ()/o of adults) 0.0 Enforcing contracts Cost (% of iscome per capita) 16.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 17 Time (days) 367 Hiring and firing workers Protecting investors Cost (% of debt) 8.6 D ff culty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liabiity index (0-10) 8 Closing a business Diffcuty of f ring index (0-100) 50 Ease of shareholder suits index (0-10) 9 Time (years) 2 R gid ty of employment index (0-100) 37 Strength of investor protect on index (0-10) 7.7 Cost (% of estate) 14.5 Hiring cost 1/ of salary) 7 Recovery rate (cents on the dollar) 31.1 F r ng cost (weeks of salary) 15 Paying taxes Payments (number) 7 Time (hours per year) 158 Total tax payable (% of gross prof t) 38.2 MEXICO Latin America & Caribbean GNI per capita (US$) 6,770 Ease of doing business (rank) 73 Upper middle income Population (m) 102.0 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 5 Documents for export (number) 6 Time (days) 58 Time (days) 74 Signatures for export (number) 4 Cost (% of ncome per capita) 15.6 Cost (% of property value) 5.3 Time for export (days) 18 M nimurn capital (% of income per capita) 13.9 Documents for import (number) 8 Getting credit Signatures for import (number) 11 Dealing with licenses Strength of ega rights ndex (0-10) 2 Time for import (days) 26 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 222 PubI c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 1 59.0 Pr vate bureau coverage (% of adults) 49.4 Procedures (number) 37 Time (days) 421 Hiring and firing workers Protecting investors Cost (% of debt) 20.0 Diffcuty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 0 Closing a business Difficu ty of f ring index (0-100) 60 Ease of shareholder su ts mdex (0-10) 5 Time (years) 2 Rigidity of employment udex (0-100) 51 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 18 Hiring cost (% of salary) 24 Recovery rate (cents on the dollar) 64.1 Fir ng cost (weeks of sa ary) 75 Paying taxes Payments (numoer) 49 Time (hours per year) 536 Tota tax payable (% of gross profit) 31.3 MICRONESIA East Asia & Pacific GNI per capita (US$) 1,990 Ease of doing business (rank) 56 Lower middle income Population (m) 0.1 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 3 Documents for export (number) Time (days) 36 T me (days) 8 Signatures for export (number) Cost (% of income per capita) 27.7 Cost (% of property value) 1.1 Time for export (days) Minimum capital (% of income per capita) 50.3 Documents for import (number) 14 Getting credit Signatures for import (number) S Dealing with licenses Strength of legal r ghts index (0-10) 6 Time for import (days) 33 Procedures (number) 6 Depth of credit information index (0-6) 0 Time (days) 53 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 41.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 410 Hiring and firing workers Protecting investors Cost (% of debt) 124.4 Difficulty of hiring ndex (0-100) 33 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director I ability index (0-10) 0 Closing a business Difficulty of firng index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 5 Rigidity of employment index (0-100) 11 Strength of investor protection index (0-10) 2.7 Cost )% of estate) 38 H r ng cost (% of salary) 6 Recovery rate (cents on the do ar) 3.3 Firing cost (weeks of salary) 0 Paying taxes Payments (number) 8 Time (hours per year) 128 Total tax payable (% of gross profit) 32.1 140 DOING BUSINESS IN 2006 MOLDOVA Eastern Europe & Central Asia GNI per rap,iia ilISSi 710 Ease ri, koing bui,ne:i (rank) 83 Low income Population (m) 4.2 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 6 Documents for export (number) 7 Time (days) 30 Time (days) 48 Signatures for export (number) 12 Cost (% of ncome per capita) 17.1 Cost (% of property value) 1.5 Time for export (days) 33 Minimum capital (% of income per capita) 22.0 Documents for import (number) 7 Getting credit Signatures for import (number) 13 Dealing with licenses Strength of egal rights index (0-10) 6 Time for Import (days) 35 Procedures (number) 20 Depth of credit information index (0-6) 0 Time (days) 122 Public registry coverage )% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 215.0 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 37 Time (days) 340 Hiring and firing workers Protecting investors Cost (% of debt) 16.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 100 Extent of director iability index (0-10) 1 Closing a business D fficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 3 Rig dity of employment index (0-100) 68 Strength of investor protection ndex (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of salary) 30 Recovery rate (cents on the do ar) 27.3 Firing cost (weeks of sa ary) 21 Paying taxes Payments (number) 44 Time (hours per year) 250 Total tax payable (% of gross profit) 44.7 MONGOLIA East Asia & Pacific GNI per capita (US$) 590 Eaie of douin buseir (rank) 61 Low income Population (m) 2.5 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) S Documents for export (number) 11 Time (days) 20 Time (days) 11 Signatures for export (number) 21 Cost (% of income per capita) 6.2 Cost (% of property va ue) 2.3 Time for export (days) 66 Minimum capital )% of income per capita) 140.2 Documents for import (number) 10 Getting credit Signatures for import (number) 27 Dealing with licenses Strength of legal rights index (0-10) S Time for import (days) 74 Procedures (number) 18 Depth of credit information odex (0-6) 3 Time (days) 96 Public registry coverage (% of adults) 4.7 Enforcing contracts Cost (% of income per capita) 58.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 T me (days) 314 Hiring and firing workers Protecting investors Cost (% of debt) 22.6 Difficulty of h ring index (0-100) 11 Extent of disclosure ndex (0-10) Rigidity of hours ndex (0-100) 80 Extent of director liability index (0-10) . . Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) Time (years) 4 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) . . Cost (% of estate) 8 Hiring cost (% of salary) 19 Recovery rate (cents on the dollar) 17.0 Firing cost (weeks of salary) 17 Paying taxes Payments (number) 43 Time (hours per year) Total tax payable (% of gross prof t) 45.3 MOROCCO Middle East & North Africa GNI per cvpiia fI.tt 1,520 se oul dcirig busrnesi (rank) 102 Lower middle income Population (m) 30.1 Starting a business Registering property Trading across borders Procedures (number) S Procedures (number) 3 Documents for export (number) 7 Time (days) 11 Time (days) 82 Signatures for export (number) 13 Cost (% of income per capita) 12.0 Cost (% of property value) 6.1 Time for export (days) 31 Minimum capital (% of income per capita) 700.3 Documents for import (number) 11 Getting credit Signatures for import (number) 17 Dealing with licenses Strength of legal rights index (0-10) 2 Time for import (days) 33 Procedures (number) 21 Depth of credit information index (0-6) 1 Time (days) 217 Public registry coverage (% of adults) 2.0 Enforcing contracts Cost (% of income per capita) 1302.8 Pr vate bureau coverage (% of adults) 0.0 Procedures (number) 17 Time (days) 240 Hiring and firing workers Protecting investors Cost (% of debt) 17.7 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability ndex (0-10) 5 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 1 Time (years) 2 Rigid ty of employment index (0-100) 60 Strength of investor protect on index (0-10) 4.0 Cost (% of estate) 18 Hiring cost (% of salary) 18 Recovery rate (cents on the dollar) 35.1 Firing cost (weeks of salary) 83 Paying taxes Payments (number) 28 Time (hours per year) 690 Total tax payable (% of gross profit) 54.8 COUNTRY TABLES 141 MOZAMBIQUE Sub-Saharan Africa GNI per capita (US$) 250 Ease of doing business (rank) 110 Low income Population (m) 18.8 Starting a business Registering property Trading across borders Procedures (number) 14 Procedures (number) 8 Documents for export (number) 6 T me (days) 153 Time (days) 42 Signatures for export (number) 12 Cost (% of income per cap ta) 95.0 Cost (% of property value) 5.2 Time for export (days) 41 Minmum capital (% of income per capita) 12.0 Documents for import (number) 16 Getting credit Signatures for import (number) 12 Dealing with licenses Strength of legal r ghts index (0-10) 4 Time for import (days) 41 Procedures (number) 14 Depth of cred t information index (0-6) 4 Time (days) 212 Pub ic registry coverage (% of adults) 0.8 Enforcing contracts Cost (% of income per capita) 148.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 T me (days) 580 Hiring and firing workers Protecting investors Cost (% of debt) 16.0 Difficulty of hiring index (0-100) 83 Extent of disclosure index (0-10) Rig dity of hours index (0-100) 80 Extent of director liability index (0-10) . . Closing a business Difficu ty of f ring Index (0-100) 20 Ease of shareholder suits index (0-10) . . Time (years) s Rig dity of emp oyment index (0-100) 61 Strength of investor protect on index (0-10) . . Cost (% of estate) 9 Hiring cost (% of salary) 4 Recovery rate (cents on the dollar) 13.3 F ring cost (weeks of salary) 141 Paying taxes Payments (number) 35 Time (hours per year) 230 Total tax payable (% of gross profit) 50.9 NAMIBIA Sub-Saharan Africa GNI per capita (US$) 2,370 Ease of doing business (rank) 33 Lower middle income Population (m) 2.0 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 9 Documents for export (number) 9 T me (days) 9S Time (days) 28 Signatures for export (number) 7 Cost (% of ixcome per capita) 18.8 Cost ('Ic of property value) 9.3 Time for export (days) 32 Miximum capital (% of income per cap ta) 0.0 Documents for import (number) 14 Getting credit Signatures for import (number) 7 Dealing with licenses Strength of legal r ghts Index (0-10) 5 Time for import (days) 25 Procedures (number) 11 Depth of credit information index (0-6) S Time (days) 169 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 892.0 Private bureau coxerage (% of adults) 35.2 Procedures (number) 31 T me (days) 270 Hiring and firing workers Protecting investors Cost (% of debt) 28.3 Difficulty of hiring index (0-100) 0 Extent of disc osure index (0-10) 8 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business D ff culty of firing index (0-100) 20 Ease of shareholder suits ndex (0-10) 7 Time (years) 1 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 1S Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 45.3 Firng cost (weeks of sa ary) 24 Paying taxes Payments (number) 23 Time (hours per year) 50 Total tax payab e (% of gross profit) 43.9 NEPAL South Asia GNI per capita (US$) 260 Ease of doing business (rank) 55 Low income Population (m) 24.7 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 2 Documents for export (number) 7 Time (days) 21 Time (days) 2 S gnatures for export (number) 12 Cost (% of ncome per capita) 69.9 Cost (% of property value) 6.2 Time for export (days) 44 Minimum capital (% of income per cap ta) 0.0 Documents for mport (number) 10 Getting credit Signatures for import (number) 24 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 38 Procedures (number) 12 Depth of cred t information index (0-6) 3 Time (days) 147 Pub Ic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 314.7 Private bureau coverage (% of adults) 0.1 Procedures (number) 28 T me (days) 350 Hiring and firing workers Protecting investors Cost (% of debt) 25.8 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business Difficu ty of f ring index (0-100) 90 Ease of shareholder suits index (0-10) 9 Time (years) S Rigidity of emp oyment Index (0-100) 44 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 23.9 F r ng cost (weeks of salary) 90 Paying taxes Payments (number) 23 Time (hours per year) 408 Total tax payable (% of gross profit) 31.8 142 DOING BUSINESS IN 2006 NETHERLANDS OECD: High Income GNI per capita (US$) 31,700 Ease of doing business (rank) 24 High income Population (m) 16.2 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 2 Documents for export (number) 5 Time (days) 11 Time (days) 2 Signatures for export (number) 3 Cost (% of income per capita) 13.0 Cost (% of property value) 6.2 Time for export (days) 7 M nimum capital (% of income per capita) 64.6 Documents for import (number) 4 Getting credit Signatures for import (number) I Dealing with licenses Strength of egal rights index (0-10) 8 Time for import (days) 8 Procedures (number) 18 Depth of credit information ndex (0-6) 5 Time (days) 184 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 142.7 Private bureau coverage (% of adults) 68.9 Procedures (number) 22 Time (days) 48 Hiring and firing workers Protecting investors Cost (% of debt) 17.0 Difficulty of hiring index (0-100) 28 Extent of disclosure ndex (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability ndex (0-10) 3 Closing a business Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) 2 Rigidity of employment index (0-100) 49 Strength of investor protection index (0-10) 4.3 Cost (% of estate) I Hiring cost (% of salary) 16 Recovery rate (cents on the dollar) 86.7 Firing cost (weeks of salary) 16 Paying taxes Payments (number) 22 Time (hours per year) 700 Total tax payable (% of gross prof t) 53.3 NEW ZEALAND OECD: High Income GNI per capita (US$) 20,310 Ease of doing business (rank) 1 High income Population (m) 4.0 Starting a business Registering property Trading across borders Procedures (number) 2 Procedures (number) 2 Documents for export (number) 5 Time (days) 12 Time (days) 2 Signatures for export (number) 2 Cost (% of income per capita) 0.2 Cost (% of property value) 0.1 Time for export (days) 8 Minimum capital (% of income per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for import (number) 2 Dealing with licenses Strength of legal rights index (0-10) 9 Time for import (days) 13 Procedures (number) 7 Depth of credit information ndex (0-6) 5 Time (days) 65 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 29.3 Private bureau coverage (% of adults) 95.8 Procedures (number) 19 Time (days) 50 Hiring and firing workers Protecting investors Cost (% of debt) 4.8 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability ndex (0-10) 9 Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 10 Time (years) 2 Rigid ty of employment index (0-100) 7 Strength of investor protection index (0-10) 9.7 Cost (% of estate) 4 Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 71.0 Firing cost (weeks of salary) 0 Paying taxes Payments (number) 8 Time (hours per year) 70 Total tax payable (% of gross profit) 44.2 NICARAGUA Latin America & Caribbean GNI per capita (US$) 790 Ease of doing business (rank) 59 Low income Population (m) 5.5 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 7 Documents for export (number) 6 Time (days) 42 Time (days) 65 Signatures for export (number) 4 Cost (% of income per cap ta) 139.1 Cost (% of property value) 6.5 Time for export (days) 38 Minimum capital (% of income per capita) 0.0 Documents for import (number) 7 Getting credit Signatures for import (number) S Dealing with licenses Strength of lega rights index (0-10) 4 Time for import (days) 38 Procedures (number) 12 Depth of credit information mdex (0-6) 4 Time (days) 192 Pub ic registry coverage (% of adults) 8.1 Enforcing contracts Cost (% of income per capita) 1243.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 20 Time (days) 155 Hiring and firing workers Protecting investors Cost (%, of debt) 16.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 50 Ease of shareholder suits ndex (0-10) 6 T me (years) 2 Rigidity of employment index (0-100) 47 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 14.5 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 33.8 Firing cost (weeks of sa ary) 24 Paying taxes Payments (number) 64 Time (hours per year) 240 Total tax payable (% of gross profit) 54.3 COUNTRY TABLES 143 NIGER Sub-Saharan Africa GNI per capita (US$) 230 Ease of doing business (rank) 150 Low income Population (m) 11.8 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) S Documents for export (number) Time (days) 35 Time (days) 49 Signatures for export (number) Cost (% of income per cap ta) 465.4 Cost (% of property value) 14.0 Time for export (days) Min mum capita (% of income per capita) 760.8 Documents for import (number) 19 Getting credit Signatures for import (number) 52 Dealing with licenses Strength of legal rights index (0-10) 4 Tirme for import (days) 89 Procedures (number) 27 Depth of credit information index (0-6) 1 Time (days) 165 Public registry coverage (% of adults) 0.9 Enforcing contracts Cost (% of ncome per capita) 2920.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 330 Hiring and firing workers Protecting investors Cost (% of debt) 42.0 Diff cu ty of hring Index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours ndex (0-100) 100 Extent of director liability ndex (0-10) 5 Closing a business D fficulty of firing index (0-100) 70 Ease of shareho der suLits index (0-10) 3 Time (years) 5 Rigidity of employment index (0-100) 90 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Hiring cost (% of salary) 16 Recovery rate (cents on the dollar) 2.6 Frng cost (weeks of salary) 76 Paying taxes Payments (number) 44 Time (hours per year) 270 Total tax payable (% of gross profit) 49.4 NIGERIA Sub-Saharan Africa GNI per capita (US$) 390 Ease of doing business (rank) 94 Low income Population (m) 136.0 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 21 Documents for export (number) 11 Time (days) 43 Time (days) 274 Signatures for export (number) 39 Cost (% of ncome per capita) 73.8 Cost (% of property value) 27.1 Time for export (days) 41 M nimum capital (% of income per cap ta) 43.3 Documents for import (number) 13 Getting credit Signatures for import (number) 71 Dealing with licenses Strength of egal rights index (0-10) 7 Time for mport (days) 53 Procedures (number) 16 Depth of credit information ndex (0-6) 3 Time (days) 465 Public registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per capita) 355.8 Private bureau coverage (% of adults) 0.3 Procedures (number) 23 Time (days) 730 Hiring and firing workers Protecting investors Cost (% of debt) 37.2 Difficulty of hiring ndex (0-100) 33 Extent of disclosure ndex (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director ability index (0-10) 7 Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) 2 Rigidity of employment index (0-100) 38 Strength of investor protection ndex (0-10) 5.7 Cost (% of estate) 22 Hiring cost (% of salary) 8 Recovery rate (cents on the dollar) 31.1 Firing cost (weeks of salary) 4 Paying taxes Payments (number) 36 Time (hours per year) 1120 Total tax payable (% of gross profit) 27.1 NORW AY OECD: High Income GNI per capita (US$) 52,030 Ease of doing business (rank) S High income Population (m) 4.6 Starting a business Registering property Trading across borders Procedures (number) 4 Procedures (number) 1 Documents for export (number) 4 Time (days) 13 Time (days) 1 Signatures for export (number) 3 Cost (% of income per cap ta) 2.7 Cost (3 of property vaiue) 2.5 Time for export (days) 7 Minimum cap ta (% of income per capita) 27.0 Documents for import (number) 4 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 7 Procedures (number) 13 Depth of credit nformation index (0-6) 4 Time (days) 97 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of Income per capita) 53.9 Private bureau coverage (% of adults) 100.0 Procedures (number) 14 Time (days) 87 Hiring and firing workers Protecting investors Cost (% of debt) 4.2 Difficu ty of h ring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director I ability ndex (0-10) 6 Closing a business Difficulty of firing ndex (0-100) 30 Ease of shareho der suits index (0-10) 7 Time (years) I R gidity of employment index (0-100) 38 Strength of investor protection index (0-10) 6.7 Cost (% of estate) I Hiring cost (% of salary) 14 Recovery rate (cents on the dollar) 91.1 Firing cost (weeks of salary) 12 Paying taxes Payments (number) 3 Time (hours per year) 87 Total tax payable (% of gross profit) 60.1 144 DOING BUSINESS IN 2006 OMAN Middle East & North Africa GNI per capita (US$) 7,890 Ease of doing business (rank) 51 Upper middle income Population (m) 2.6 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 4 Documents for export (number) 9 Time (days) 34 Time (days) 16 Signatures for export (number) 7 Cost (% of income per capita) 4.8 Cost (% of property va ue) 3.0 Time for export (days) 23 Minimum capital (% of income per capita) 97.3 Documents for import (number) 13 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of legal rights index (0-10) 3 Time for Import (days) 27 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 271 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 1014.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 455 Hiring and firing workers Protecting investors Cost (% of debt) 10.0 Difficulty of hnirig index (0-100) 44 Extent of disclosure index (0-10) 8 Rigid ty of hours index (0-100) 60 Extent of d rector liability index (0-10) 6 Closing a business Difficulty of firing index (0-100) 0 Ease of shareholder suits ndex (0-10) 3 T me (years) 7 Rigidity of emp oyment index (0-100) 35 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 H ring cost (% of salary) 9 Recovery rate (cents on the dollar) 24.9 Firing cost (weeks of sa ary) 13 Paying taxes Payments (number) 13 T me (hours per year) 52 Total tax payable (% of gross profit) 5.2 PAKISTAN South Asia GNI per capita (US$) 600 Ease of doing business (rank) 60 Low income Population (m) 148.0 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) S Documents for export (number) 8 Time (days) 24 Time (days) 49 Signatures for export (number) 10 Cost (% of income per capita) 18.6 Cost (% of property value) 3.2 Time for export (days) 33 Minimum capital (% of income per capita) 0.0 Documents for import (number) 12 Getting credit Signatures for import (number) 15 Dealing with licenses Strength of egal rights index (0-10) 4 Time for import (days) 39 Procedures (number) 12 Depth of credit information ndex (0-6) 4 Time (days) 218 Public registry coverage (% of adu ts) 0.3 Enforcing contracts Cost (% of income per capita) 1170.7 Private bureau coverage (% of adults) 0.9 Procedures (number) 46 Time (days) 395 Hiring and firing workers Protecting investors Cost (% of debt) 35.2 Difficulty of h ring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liab ity index (0-10) 6 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 3 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Hiring cost (% of salary) 12 Recovery rate (cents on the dollar) 44.3 Firing cost (weeks of salary) 90 Paying taxes Payments (number) 32 Time (hours per year) 560 Total tax payable (% of gross profit) 57.4 PALAU East Asia & Pacific GNI per capita (US$) 6,870 Ease of doing business (rank) 50 Upper middle income Population (m) 0.0 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 3 Documents for export (number) 7 Time (days) 33 Tine (days) 14 Signatures for export (number) 3 Cost (% of income per capita) 10.2 Cost (% of property value) 0.3 T me for export (days) 20 Minimum capital (% of income per capita) 7.3 Documents for import (number) 9 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights index (0-10) S Time for mport (days) 26 Procedures (number) 6 Depth of cred t informat on index (0-6) 0 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 18.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 465 Hiring and firing workers Protecting investors Cost (% of debt) 34.7 Difficulty of hiring ndex (0-100) 0 Extent of disc osure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director iability index (0-10) 0 Closing a business D fficulty of f ring index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 7 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Hiring cost (% of salary) 6 Recovery rate (cents on the dollar) 3.5 Firing cost (weeks of salary) 0 Paying taxes Payments (number) 17 Time (hours per year) 128 Total tax payable (% of gross profit) 40.0 COUNTRY TABLES 145 PANAMA Latin America & Caribbean GNI per capita (US$) 4,450 Ease of doing business (rank) 57 Upper middle income Population (m) 3.0 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 7 Documents for export (number) 8 Time (days) 19 Time (days) 44 Signatures for export (number) 3 Cost (% of income per capita) 24.8 Cost (% of property value) 2.4 Time for export (days) 30 Minimum capita (% of income per capita) 0.0 Documents for import (number) 12 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal rights Index (0-10) 6 Time for import (days) 32 Procedures (number) 22 Depth of credit information ndex (0-6) 6 Time (days) 128 Public registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per capita) 114.3 Private bureau coverage (% of adults) 40.2 Procedures (number) 45 Time (days) 355 Hiring and firing workers Protecting investors Cost (% of debt) 37.0 Difficu ty of hiring ndex (0-100) 78 Extent of disclosure index (0-10) 3 R gid ty of hours Index (0-100) 40 Extent of director liab ty mdex (0-10) 4 Closing a business Difficulty of firing ndex (0-100) 70 Ease of shareholder su ts index (0-10) 7 Time (years) 2 Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 30 Hiring cost (% of sa ary) 14 Recovery rate (cents on the dollar) 25.8 Firing cost (weeks of salary) 47 Paying taxes Payments (number) 45 Time (hours per year) 424 Tota tax payable (% of gross profit) 32.9 PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 580 Ease of doing business (rank) 64 Low income Population (m) 5.5 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 4 Documents for export (number) 5 Time (days) 56 Time (days) 72 Signatures for export (number) S Cost (% of income per cap ta) 30.2 Cost (% of property value) 5.2 Time for export (days) 30 Minimum cap ta (% of income per capita) 0.0 Documents for import (number) 10 Getting credit Signatures for mport (number) 6 Dealing with licenses Strength of legal rights index (0-10) 6 Time for mport (days) 32 Procedures (numher) 20 Depth of credit information index (0-6) 0 Time (days) 218 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 124.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 22 Time (days) 440 Hiring and firing workers Protecting investors Cost (% of debt) 110.3 Difficuity of h ring ndex (0-100) 22 Extent of disclosure index (0-10) S Rigid ty of hours Index (0-100) 20 Extent of director liab ity index (0-tO) S Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits Index (0-10) 8 T me (years) 3 Rigidity of emp oyment index (0-100) 21 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 38 -fr ng cost (% of salary) 8 Recovery rate )cents on the dollar) 13.0 Firing cost (weeks of salary) 38 Paying taxes Payments (number) 43 Time (hours per year) 198 Total tax payable (% of gross profit) 36.7 PARAGUAY Latin America & Caribbean GNI per capita (US$) 1,170 Ease of doing business (rank) 88 Lower middle income Population (m) 5.6 Starting a business Registering property Trading across borders Procedures (number) 17 Procedures (number) 7 Documents for export (number) 9 Time (days) 74 Time (days) 48 Signatures for export (number) 7 Cost (% of income per capital 147.8 Cost (% of property value) 2.0 Time for export (days) 34 Min mum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 11 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 31 Procedures (number) 15 Depth of credit nformation index (0-6) 6 Time (days) 273 Public registry coverage (% of adults) 8.7 Enforcing contracts Cost (% of Income per capita) 544.5 Private bureau coverage (% of adults) 52.2 Procedures (number) 46 Time (days) 285 Hiring and firing workers Protecting investors Cost (% of debt) 30.4 Difficuity of h r ng index )0-100) 56 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business D fficulty of firing index (0-100) 60 Ease of shareholder suits ndex (0-10) 6 Time (years) 4 Rigidity of employment ndex (0-100) 59 Strength of nvestor protection index (0-10) 5.7 Cost (% of estate) 9 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 13.3 Fir ng cost (weeks of salary) 99 Paying taxes Payments (number) 33 Time (hours per year) 328 Total tax payable (% of gross profit) 37.9 146 DOING BUSINESS IN 2006 PERU Latin America & Caribbean GNI per capita (US$) 2,360 Ease of doing business (rank) 71 Lower middle income Population (m) 27.1 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) S Documents for export (number) 8 Tine (days) 102 T me (days) 33 Signatures for export (number) 10 Cost (% of income per cap ta) 38.0 Cost (% of property value) 3.2 Time for export (days) 24 Minimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 13 Dealing with licenses Strength of lega rights isdex (0-10) 2 Time for import (days) 31 Procedures (number) 19 Depth of credit information ndex (0-6) 6 Time (days) 201 Public registry coverage (% of adu ts) 30.2 Enforcing contracts Cost (% of income per capita) 366.3 Ptivate bureau coverage (% of adu ts) 27.8 Procedures (number) 35 T me (days) 381 Hiring and firing workers Protecting investors Cost (% of debt) 34.7 Difficulty of hiring ndex (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours ndex (0-100) 60 Extent of director liability index (0-10) S Closing a business D fficulty of f ring index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 3 Rig dity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 7 Hiring cost (% of salary) 10 Recovery rate (cents on the dollar) 31.3 Firing cost (weeks of salary) 56 Paying taxes Payments (number) 53 T me (hours per year) 424 Total tax payable (% of gross prof t) 50.7 PHILIPPINES East Asia & Pacific GNI per capita (US$) 1,170 Ease of doing business (rank) 113 Lower middle income Population (m) 81.5 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 8 Documents for export (number) 6 Time (days) 48 Time (days) 33 Signatures for export (number) 5 Cost (% of income per capita) 20.3 Cost (% of property value) 5.7 Tine for export (days) 19 Minimum capital (% of income per capita) 2.0 Documents for import (number) 8 Getting credit S gnatures for import (number) 7 Dealing with licenses Strength of legal rights ndex (0-10) 3 T me for import (days) 22 Procedures (number) 23 Depth of credit information index (0-6) 2 Time (days) 197 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 121.0 Private bureau coverage (% of adults) 3.7 Procedures (number) 25 Time (days) 360 Hiring and firing workers Protecting investors Cost (% of debt) 50.7 Difficulty of h ring index (0-100) 56 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 40 Extent of director liab ity index (0-10) 2 Closing a business Difficulty of firing index (0-100) 40 Ease of shareho der suits index (0-10) 7 Time (years) 6 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 38 Hir ng cost (% of salary) 9 Recovery rate (cents on the dollar) 4.1 F ring cost (weeks of sa ary) 90 Paying taxes Payments (number) 62 Time (hours per year) 94 Tota tax payable (% of gross profit) 46.4 POLAND Eastern Europe & Central Asia GNI per capita (US$) 6,090 Ease of doing business (rank) 54 Upper middle income Population (m) 38.2 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 6 Documents for export (number) 6 Time (days) 31 Time (days) 197 Signatures for export (number) S Cost (% of income per capita) 22.2 Cost (% of property value) 1.6 Time for export (days) 19 Minimum capita (% of ncome per capita) 220.1 Documents for import (number) 7 Getting credit Signatures for import (number) 8 Dealing with licenses Strength of legal rights index (0-10) 3 Time for mport (days) 26 Procedures (number) 25 Depth of cred t informat on index (0-6) 4 Time (days) 322 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 83.1 Private bureau coverage (% of adults) 38.1 Procedures (number) 41 Time (days) 980 Hiring and firing workers Protecting investors Cost (% of debt) 8.7 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 7 Rigid ty of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits ndex (0-10) 8 Time (years) 1 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 22 Hiring cost (% of salary) 26 Recovery rate (cents on the dollar) 64.0 Fir ng cost (weeks of sa ary) 25 Paying taxes Payments (numher) 43 Time (hours per year) 175 Total tax payable (% of gross profit) 55.6 COUNTRY TABLES 147 PORTUGAL OECD: High Income GNI per capita (US$) 14,350 Ease of doing business (rank) 42 High income Population (m) 10.4 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 5 Documents for export (number) 6 Time (days) 54 Time (days) 83 Signatures for export (number) 4 Cost (% of income per capita) 13.4 Cost (% of property value) 7.4 Time for export (days) 18 Min mum capita (% of income per capita) 39.4 Documents for import (number) 7 Getting credit Signatures for mport (number) 5 Dealing with licenses Strength of legal rights index (0-10) 5 Time for mport (days) 18 Procedures (number) 20 Depth of credit information index (0-6) 4 Time (days) 327 Public registry coverage (% of adults) 64.3 Enforcing contracts Cost (% of income per cap ta) 57.7 Private bureau coverage (% of adults) 9.8 Procedures (number) 24 T me (days) 320 Hiring and firing workers Protecting investors Cost (/ of debt) 17.5 Difficulty of hiring index (0-100) 33 Extent of disclosure ndex (0-10) 7 Rigidity of hours index (0-100) 80 Extent of director ability index (0-10) 5 Closing a business Difficulty of firing index (0-100) 60 Ease of shareho der suits index (0-10) 6 Time (years) 2 Rigidity of employment isdex (0-100) 58 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Hir ng cost (% of salary) 24 Recovery rate (cents on the dollar) 74.7 Firing cost (weeks of salary) 98 Paying taxes Payments (numnber) 7 Time (hours per year) 328 Tota tax payable (% of gross prof t) 45.4 PUERTO RICO Latin America & Caribbean GNI per capita (US$) 10,950 Ease of doing business (rank) 22 High income Population (m) 3.9 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (sumber) 8 Documents for export (number) 9 Time (days) 7 Time (days) 15 Signatures for export (number) 3 Cost (% of income per capita) 1.0 Cost (% of property va ue) 1.6 Time for export (days) 15 Minimum capital (% of income per capita) 0.0 Documents for import (number) 10 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal r ghts index (0-10) 6 Time for import (days) 19 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 137 Public reg stry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per cap ta) 103.3 Private bureau coverage (% of adu ts) 63.6 Procedures (number) 43 Time (days) 270 Hiring and firing workers Protecting investors Cost (% of debt) 21.0 Difficulty of hring ndex (0-100) 56 Extent of disclosure index (0-10) Rigidity of hours ndex (0-100) 20 Extent of director liability index (0-10) . . Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder su ts index (0-10) .. T me (years) 4 Rigidity of emp oyment index (0-100) 35 Strength of investor protection mdex (0-10) . . Cost (% of estate) 8 Hirng cost (% of salary) 16 Recovery rate (cents on the dollar) 61.4 Firing cost (weeks of sa ary) 0 Paying taxes Payments (number) 41 Time (hours per year) 140 Tota tax payable (% of gross prof t) 17.8 ROMANIA Eastern Europe & Central Asia GNI per capita (US$) 2,920 Ease of doing business (rank) 78 Lower middle income Population (m) 21.7 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 8 Documents for export (number) 7 T me (days) 11 Time (days) 170 Signatures for export (number) 6 Cost (% of income per capita) 5.3 Cost (% of property value) 2.0 Time for export (days) 27 M nimum capital (% of income per cap ta) 0.0 Documents for import (number) 15 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of lega rights ndex (0-10) 4 Time for import (days) 28 Procedures (number) 15 Depth of cred t information index (0-6) 4 Time (days) 291 Public registry coverage (% of adults) 1.4 Enforcing contracts Cost (% of ncome per capita) 187.7 Pr vate bureau coverage (% of adults) 1.0 Procedures (number) 43 Time (days) 335 Hiring and firing workers Protecting investors Cost (% of debt) 12.4 Difficulty of h ring index (0-100) 67 Extent of disclosure index (0-10) 8 Rig dity of hours ndex (0-100) 60 Extent of director liability index (0-10) 5 Closing a business Difficulty of firing Index (0-100) 50 Ease of shareholder su ts index (0-10) 4 Time (years) S Rigidity of emp oymenit ndex (0-100) 59 Strength of investor protect os nmdex (0-10) 5.7 Cost (% of estate) 9 Hir ng cost (% of salary) 34 Recovery rate (cents on the dollar) 17.5 Fring cost (weeks of salary) 98 Paying taxes Payments (number) 62 Time (hours per year) 188 Total tax payab e (% of gross profit) 51.1 148 DOING BUSINESS IN 2006 RUSSIA Eastern Europe & Central Asia GNI per capita (US$) 3,410 Ease of doing business (rank) 79 Upper middle income Population (m) 143.0 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 6 Documents for export (number) 8 Time (days) 33 Time (days) 52 Signatures for export (number) 8 Cost (% of income per capita) 5.0 Cost (% of property value) 0.4 T me for export (days) 29 Min mum capital (% of Income per capita) 4.4 Documents for import (number) 8 Getting credit S gnatures for import (number) 10 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 35 Procedures (number) 22 Depth of credit information index (0-6) 0 Time (days) 528 Pub ic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 353.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 330 Hiring and firing workers Protecting investors Cost (% of debt) 20.3 Difficulty of h ring index (0-100) 0 Extent of disclosure Index (0-10) 7 Rig dity of hours index (0-100) 60 Extent of director liabiity index (0-10) 3 Closing a business Difficulty of firing ndex (0-100) 30 Ease of shareho der suits index (0-10) 5 Time (years) 4 Rigidity of employment odex (0-100) 30 Strength of investor protection ndex (0-tO) 5.0 Cost (% of estate) 9 Hiring cost (% of salary) 36 Recovery rate (cents on the dollar) 27.6 Firing cost (weeks of salary) 17 Paying taxes Payments (number) 27 T me (hours per year) 256 Total tax payable (% of gross prof t) 40.8 RWANDA Sub-Saharan Africa GNI per capita (US$) 220 Ease of doing business (rank) 139 Low income Population (m) 8.4 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 5 Documents for export (number) 14 Time (days) 21 Time (days) 371 Signatures for export (number) 27 Cost (% of income per capita) 280.2 Cost (% of property va ue) 9.6 Time for export (days) 63 Minimum capital (% of income per capita) 0.0 Documents for import (number) 19 Getting credit Signatures for import (number) 46 Dealing with licenses Strength of lega rights index (0-10) 1 Time for import (days) 92 Procedures (number) 17 Depth of credit information ndex (0-6) 2 Time (days) 252 Public registry coverage (% of adu ts) 0.1 Enforcing contracts Cost (% of income per capita) 510.9 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 27 T me (days) 310 Hiring and firing workers Protecting investors Cost (% of debt) 43.2 Difficulty of hiring Index (0-100) 56 Extent of disclosure Index (0-10) Rigidity of hours index (0-100) 60 Extent of director iability index (0-10) . . Closing a business Difficulty of firing ndex (0-100) 60 Ease of shareholder suits index (0-10) . . Time (years) no practice Rigidity of employment index (0-100) 59 Strength of investor protection ndex (0-10) . . Cost (% of estate) no practice Hiring cost (% of salary) 8 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of salary) 54 Paying taxes Payments (number) 42 Time (hours per year) 168 Total tax payable (% of gross profit) 53.9 SAMOA East Asia & Pacific GNI per capita (US$) 1,860 Ease of doing business (rank) 39 Lower middle income Population (m) 0.2 Starting a business Registering property Trading across borders Procedures (number) 7 Procedures (number) 5 Documents for export (number) 6 Time (days) 68 Time (days) 147 Signatures for export (number) 4 Cost (% of income per capita) 18.8 Cost (% of property value) 1.9 Time for export (days) 12 Minimum capital (% of income per capita) 0.0 Documents for import (number) 8 Getting credit Signatures for import (number) 6 Dealing with licenses Strength of lega rights index (0-10) 7 Time for import (days) 13 Procedures (number) 19 Depth of credit information ndex (0-6) 0 Time (days) 88 Public registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per capita) 107.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 21 Time (days) 505 Hiring and firing workers Protecting investors Cost (% of debt) 25.0 Difficulty of hiring ndex (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director ability index (0-10) 6 Closing a business D fficulty of firing ndex (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rigidity of emp oyment index (0-100) 10 Strength of investor protection ndex (0-10) 6.3 Cost (% of estate) 38 Hiring cost (%/, of salary) 6 Recovery rate (cents on the dollar) 15.2 Firing cost (weeks of salary) 42 Paying taxes Payments (number) 35 Time (hours per year) 224 Total tax payable (% of gross profit) 35.8 COUNTRY TABLES 149 SAO TOME AND PRINCIPE Sub-Saharan Africa GNI per capita (US$) 370 Ease of doing business (rank) 123 Low income Population (m) 0.2 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) 7 Time (days) 192 Time (days) 51 Signatures for export (number) 8 Cost (% of income per capita) 97.0 Cost (% of property va ue) 12.6 Time for export (days) 31 Minimum cap tal (% of ncome per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for mport (number) 12 Dealing with licenses Strength of legal rights index (0-10) . T.me for mport (days) 40 Procedures (nuwber) 13 Depth of cred t information index (0-6) 0 Time (days) 259 Pub c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 1737.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 67 Time (days) 240 Hiring and firing workers Protecting investors Cost (% of debt) 69.5 Difficulty of hiring ndex (0-100) 61 Extent of disclosure ndex (0-10) 6 R gidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 T me (years) 0 Rigidity of employment index (0-100) 60 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 30 Hiring cost (% of sa ary) 6 Recovery rate (cents on the dollar) 0.0 Firing cost (weeks of sa ary) 108 Paying taxes Payments (number) 29 Time (hours per year) 1008 Total tax payable (% of gross profit) 27.4 SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 10,430 Ease of doing business (rank) 38 High income Population (m) 22.5 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 4 Documents for export (number) 5 Time (days) 64 Time (days) 4 Signatures for export (number) 12 Cost (lO of income per capita) 68.5 Cost (% of property va ue) 0.0 Time for export (days) 36 M nimum capital (% of ncome per capita) 1 236.9 Documents for import (number) 9 Getting credit Signatures for import (number) 18 Dealing with licenses Strength of legal r ghts index (0-10) 4 Time for import (days) 44 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 131 Public registry coverage (% of adu ts) 0.2 Enforcing contracts Cost (% of income per cap ta) 82.1 Private bureau coverage (% of adults) 10.2 Procedures (number) 44 Time (days) 360 Hiring and firing workers Protecting investors Cost (% of debt) 20.0 Difficulty of hirng index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours ndex (0-100) 40 Extent of director liability ndex (0-10) 4 Closing a business Diffculty of firing index (0-100) 0 Ease of shareho der suits index (0-10) 3 Time (years) 3 R gidity of emp oymesit ndex (0-100) 13 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Hiring cost (% of salary) 11 Recovery rate (cents on the dollar) 28.4 Firing cost (weeks of salary) 79 Paying taxes Payments (number) 13 Time (hours per year) 70 Total tax payable (% of gross profit) 1.4 SENEGAL Sub-Saharan Africa GNI per capita (US$) 670 Ease of doing business (rank) 132 Low income Population (m) 10.2 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) 6 Time (days) 57 Time (days) 114 Signatures for export (number) 8 Cost (% of income per capita) 108.7 Cost (% of property value) 18.0 Time for export (days) 6 Minimum capital (% of income per capita) 260.4 Documents for import (number) 10 Getting credit Signatures for import (number) 12 Dealing with licenses Strength of legal rights ndex (0-10) 3 Time for import (days) 26 Procedures (number) 18 Depth of credit information Index (0-6) 1 Time (days) 185 Public registry coverage (% of adu ts) 4.3 Enforcing contracts Cost (% of income per cap ta) 175.9 Private bureau coverage (% of adu ts) 0.0 Procedures (number) 33 Time (days) 485 Hiring and firing workers Protecting investors Cost (% of debt) 23.8 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 7 R gid ty of hours Index (0-100) 60 Extent of director liabhi ty index (0-10) 1 Closing a business Difficulty of fring ndex (0-100) 70 Ease of shareholder suits index (0-10) 3 Time (years) 3 Rigidity of employment index (0-100) 64 Strength of investor protection ndex (0-tO) 3.7 Cost (% of estate) 7 Hiring cost (% of salary) 23 Recovery rate (cents on the dollar) 19.0 Firing cost (weeks of sa ary) 38 Paying taxes Payments (number) 59 Time (hours per year) 696 Total tax payab e (% of gross profit) 45.0 1 50 DOING BUSINESS IN 2006 SERBIA AND MONTENEGRO Eastern Europe & Central Asia GNI per capita (US$) 2,620 Ease of doing business (rank) 92 Lower middle income Population (m) 8.1 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 6 Documents for export (number) 9 Time (days) 15 Time (days) ilt Signatures for export (number) 15 Cost (% of income per capita) 6.0 Cost (% of property va ue) 5.3 Time for export (days) 32 Minimum capital (% of income per capita) 9.5 Documents for import (number) 15 Getting credit Signatures for import (number) 17 Dealing with licenses Strength of legal rights ndex (0-10) 5 T me for import (days) 44 Procedures (number) 21 Depth of credit information Index (0-6) 1 Time (days) 212 Pubhlic registry coverage (% of adults) 0.1 Enforcing contracts Cost (% of income per capita) 2195.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 635 Hiring and firing workers Protecting investors Cost (% of debt) 18.1 Difficu ty of hiring index (0-100) 44 Extent of disclosure ndex (0-10) 7 Rig dity of hours ndex (0-100) 0 Extent of director liability index (0-10) 6 Closing a business Difficulty of f ring index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 23 Hiring cost (% of salary) 25 Recovery rate (cents on the dollar) 20.3 Firing cost (weeks of salary) 21 Paying taxes Payments (number) 41 T me (hours per year) 168 Total tax payable (% of gross profit) 46.3 SIERRA LEONE Sub-Saharan Africa GNI per capita (US$) 200 Ease of doing business (rank) 136 Low income Population (m) 5.3 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 8 Documents for export (number) 7 Time (days) 26 Time (days) 58 Signatures for export (number) 8 Cost (% of income per capita) 835.4 Cost (% of property va ue) 15.4 Time for export (days) 36 Minimum capital (% of income per capita) 0.0 Documents for import (number) 7 Getting credit Signatures for import (number) 22 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 39 Procedures (number) 48 Depth of credit information index (0-6) 0 Time (days) 236 Public registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per capita) 268.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 58 Time (days) 305 Hiring and firing workers Protecting investors Cost (% of debt) 31.0 Difficu ty of hiring ndex (0-100) 89 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director I ability index (0-10) 6 Closing a business D ff cu ty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 5 Time (years) 3 Rig dity of employment index (0-100) 80 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 42 Hiring cost (% of salary) 10 Recovery rate (cents on the dollar) 9.0 Firing cost (weeks of sa ary) 188 Paying taxes Payments (number) 20 Time (hours per year) 399 Total tax payable (% of gross profit) 163.9 SINGAPORE East Asia & Pacific GNI per capita (US$) 24,220 Ease of doing business (rank) 2 High income Population (m) 4.3 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 3 Documents for export (number) S Time (days) 6 Time (days) 9 Signatures for export (number) 2 Cost (% of income per capita) 1.1 Cost (% of property va ue) 2.8 Time for export (days) 6 Min mum capital (% of income per capita) 0.0 Documents for import (number) 6 Getting credit Signatures for import (number) 2 Dealing with licenses Strength of legal rights ndex (0-10) 10 T me for import (days) 8 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 129 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 24.0 Private bureau coverage (% of adults) 38.6 Procedures (number) 23 Time (days) 69 Hiring and firing workers Protecting investors Cost (% of debt) 9.0 Difficilty of h ring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liab ity index (0-10) 9 Closing a business Difficulty of firing index (0-100) 0 Ease of shareho der suits index (0-10) 9 Time (years) 1 Rigidity of employment ndex (0-100) 0 Strength of investor protection index (0-10) 9.3 Cost (% of estate) I Hir ng cost (% of salary) 13 Recovery rate (cents on the dollar) 91.3 Firing cost (weeks of salary) 4 Paying taxes Payments (number) 16 Time (hours per year) 30 Total tax payable (% of gross profit) 19.5 COUNTRY TABLES 1 51 SLOVAKIA Eastern Europe & Central Asia GNI per capita (US$) 6,480 Ease of doing business (rank) 37 Upper middle income Population (m) 5.4 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 3 Documents for export (number) 9 Tine (days) 25 Time (days) 17 Signatures for export (number) 8 Cost (% of income per capita) 5.1 Cost (% of property value) 0.1 Time for export (days) 20 Minimum cap ta (% of income per capita) 41.0 Documents for import (number) 8 Getting credit Signatures for mport (number) 10 Dealing with licenses Strength of legal rights index (0-10) 9 Time for import (days) 21 Procedures (number) 13 Depth of credit information index (0-6) 2 Time (days) 272 Public registry coverage (% of adults) 0.5 Enforcing contracts Cost (% of income per capita) 18.0 Private bureau coverage (% of adults) 18.1 Procedures (number) 27 T me (days) 565 Hiring and firing workers Protecting investors Cost (% of debt) 15.0 Difficulty of hiring index (0-100) 17 Extent of d scosure index (0-10) 2 Rigidity of hours index (0-100) 60 Extent of d rector lability index (0-10) 4 Closing a business Dificulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) S Rigidity of employment index (0-100) 39 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Hiring cost (% of salary) 35 Recovery rate (cents on the dollar) 38.6 Firing cost (weeks of salary) 13 Paying taxes Payments (number) 31 Time (hours per year) 344 Total tax payable (% of gross profit) 39.5 SLOVENIA Eastern Europe & Central Asia GNI per capita (US$) 14,810 Ease of doing business (rank) 63 High income Population (m) 2.0 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) 9 Time (days) 60 Time (days) 391 S gnatures for export (number) 7 Cost (% of income per cap ta) 10.1 Cost (% of property value) 2.0 T me for export (days) 20 M nimum capital (% of income per capita) 17.0 Documents for import (number) 11 Geiting credit Signatures for import (number) 9 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 24 Procedures (number) 14 Depth of credit information index (0-6) 3 Time (days) 207 Public registry coverage (% of adults) 2.7 Enforcing contracts Cost (% of ncome per capita) 128.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 25 Time (days) 913 Hiring and firing workers Protecting investors Cost (% of debt) 15.2 Difficulty of hir ng index (0-100) 61 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 8 Closing a business D fficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 4 Rig dity of employment ndex (0-100) 64 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 27.9 Firing cost (weeks of salary) 43 Paying taxes Payments (number) 29 Time (hours per year) 272 Total tax payable (% of gross profit) 47.3 SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 550 Ease of doing business (rank) 53 Low income Population (m) 0.5 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 6 Documents for export (number) T me (days) 35 Time (days) 86 Signatures for export (number) Cost ()/o of income per capita) 48.4 Cost (% of property value) 10.2 Time for export (days) Minimum capital (% of income per cap ta) 0.0 Documents for import (number) 7 Getting credit Signatures for import (number) S Dealing with licenses Strength of legal tights Index (0-10) 6 Time for import (days) 24 Procedures (number) . Depth of credit information ndex (0-6) 0 Time (days) Public registry coverage (% of adu ts) 0.0 Enforcing contracts Cost (% of income per cap ta) Private bureau coverage (% of adu ts) 0.0 Procedures (number) 30 Tinme (days) 455 Hiring and firing workers Protecting investors Cost (% of debt) 140.8 Difficulty of hiring ndex (0-100) 11 Extent of disclosure index (0-10) S R gidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business Difficulty of firing mdex (0-100) 20 Ease of shareholder suits index (0-10) 8 T me (years) 4 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 38 Hir ng cost (% of salary) 8 Recovery rate (cents on the dollar) 7.1 Firing cost (weeks of salary) 52 Paying taxes Payments (number) 33 Time (hours per year) 80 Total tax payable (% of gross profit) 13.5 1 52 DOING BUSINESS IN 2006 SOUTH AFRICA Sub-Saharan Africa GNI per capita (US$) 3,630 Ease of doing business (rank) 28 Upper middle income Population (m) 45.8 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 6 Documents for export (number) 5 Time (days) 38 Time (days) 23 Signatures for export (number) 7 Cost (% of income per capita) 8.6 Cost (% of property value) 11.0 Time for export (days) 31 Minimum capital (% of income per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of legal rights ndex (0-10) 5 Time for import (days) 34 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 176 Pub ic registry coverage (50 of adults) 0.0 Enforcing contracts Cost (% of income per capita) 38.0 Private bureau coverage (% of adults) 63.4 Procedures (number) 26 Time (days) 277 Hiring and firing workers Protecting investors Cost (% of debt) 11.5 Difficulty of h ring index (0-100) 56 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liab sty index (0-10) 8 Closing a business Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 8 Time (years) 2 Rigidity of employment udex (0-100) 52 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 18 Hiring cost (% of salary) 3 Recovery rate (cents on the dollar) 33.9 Firing cost (weeks of salary) 38 Paying taxes Payments (number) 32 Time (hours per year) 350 Total tax payable (% of gross profit) 43.8 SPAIN OECD: High Income GNI per capita (US$) 21,210 Ease of doing business (rank) 30 High income Population (m) 41.1 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 3 Documents for export (number) 4 Time (days) 47 Time (days) 25 Signatures for export (number) 3 Cost (% of income per capita) 16.5 Cost (% of property value) 7.2 Time for export (days) 9 Minimum cap ta (% of ncome per capita) 15.7 Documents for import (number) 5 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 10 Procedures (number) 12 Depth of cred t informat on index (0-6) 6 T me (days) 277 Public registry coverage (% of adults) 42.1 Enforcing contracts Cost (% of income per cap ta) 77.1 Private bureau coverage (% of adults) 6.5 Procedures (number) 23 Time (days) 169 Hiring and firing workers Protecting investors Cost (% of debt) 14.1 Difficulty of hiting index (0-100) 67 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 6 Closing a business Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 1 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 15 Hiring cost (% of salary) 32 Recovery rate (cents on the dollar) 77.8 Firing cost (weeks of salary) 56 Paying taxes Payments (number) 7 Time (hours per year) 56 Total tax payable (% of gross profit) 48.4 SRI LANKA South Asia GNI per capita (US$) 1,010 Ease of doing business (rank) 75 Lower middle income Population (m) 19.2 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 8 Documents for export (number) 8 Time (days) 50 Time (days) 63 Signatures for export (number) 10 Cost (% of ncome per capita) 10.4 Cost (% of property value) 5.1 Time for export (days) 25 Minimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for mport (number) 15 Dealing with licenses Strength of legal rights ndex (0-10) 3 Time for import (days) 27 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 167 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 144.0 Private bureau coverage (% of adults) 2.2 Procedures (number) 17 Time (days) 440 Hiring and firing workers Protecting investors Cost (% of debt) 21.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liab ity odex (0-10) 5 Closing a business Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 7 Time (years) 2 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Hiring cost (% of salary) 16 Recovery rate (cents on the dollar) 33.8 F ring cost (weeks of salary) 176 Paying taxes Payments (number) 42 Time (hours per year) Total tax payable (% of gross profit) 49.4 COUNTRY TABLES 1 53 SUDAN Sub-Saharan Africa GNI per capita (US$) 530 Ease of doing business (rank) 151 Low income Population (m) 33.5 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) . . Documents for export (number) 9 Time (days) 38 Time (days) S gnatures for export (number) 35 Cost (% of income per capita) 68.1 Cost (% of property value) T me for export (days) 82 Minimum capital (% of income per capita) 0.0 Documents for import (number) 1 S Getting credit Signatures for import (number) 50 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) t11 Procedures (number) . . Depth of credit information index (0-6) 0 T me (days) Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) . . Private bureau coverage (% of adults) 0.0 Procedures (number) 67 Time (days) 915 Hiring and firing workers Protecting investors Cost (% of debt) 30.0 Difficulty of h r ng index (0-100) 0 Extent of disclosure index (0-10) Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) . . Closing a business Difficulty of fir ng Index (0-100) 70 Ease of shareholder suits ndex (0-10) . . Time (years) no practice Rig dity of employment index (0-100) 43 Strength of nvestor protection Index (0-10) . . Cost (/ of estate) no practice H ring cost (% of salary) 19 Recovery rate (cents on the dol ar) 0.0 Firing cost (weeks of sa ary) 37 Paying taxes Payments (number) Time (hours per year) Total tax payable (% of gross profit) SW EDEN OECD: High Income GNI per capita (US$) 35,770 Ease of doing business (rank) 14 High income Population (m) 9.0 Starting a business Registering property Trading across borders Procedures (number) 3 Procedures (number) 1 Documents for export (number) 4 Time (days) 16 Time (days) 2 Signatures for export (number) I Cost (% of income per capita) 0.7 Cost (% of property value) 3.0 Time for export (days) 6 Minimum capital (% of ncome per capita) 35.0 Documents for import (number) 3 Getting credit Signatures for import (number) 1 Dealing with licenses Strength of legal rights index (0-10) 6 Time for import (days) 6 Procedures (number) 8 Depth of credit information index (0-6) S Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 119.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 23 T me (days) 208 Hiring and firing workers Protecting investors Cost (% of debt) 5.9 Difficulty of hirng Index (0-100) 28 Extent of disclosure ndex (0-10) 2 Rigidity of hours ndex (0-100) 60 Extent of director I ability index (0-10) S Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 2 Rigidity of employment index (0-100) 43 Strength of mvestor protection index (0-10) 4.7 Cost (% of estate) 9 Hiring cost (% of salary) 33 Recovery rate (cents on the dollar) 74.9 Firing cost (weeks of salary) 24 Paying taxes Payments (number) 5 Time (hours per year) 122 Total tax payable (% of gross profit) 52.6 SWITZERLAND OECD: High Income GNI per capita (US$) 48,230 Ease of doing business (rank) 17 High income Population (m) 7.4 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 4 Documents for export (number) 8 Time (days) 20 Time (days) 16 Signatures for export (number) S Cost (% of income per capita) 8.7 Cost (% of property value) 0.4 Time for export (days) 21 Minimum cap tal (% of ncome per capita) 31.3 Documents for import (number) 13 Getting credit Signatures for mport (number) S Dealing with licenses Strength of legal rights index (0-10) 6 Time for mport (days) 22 Procedures (number) 1 S Depth of credit information index (0-6) S Time (days) 152 Pub ic registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 59.2 Private bureau coverage (% of adults) 23.3 Procedures (number) 22 Time (days) 170 Hiring and firing workers Protecting investors Cost (% of debt) 5.2 Difficulty of hiring index (0-100) 0 Extent of disclosure ndex (0-10) I Rigidity of hours index (0-100) 40 Extent of director ability index (0-10) S Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits Index (0-10) 6 T me (years) 3 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 4 Hir ng cost (% of salary) 14 Recovery rate (cents on the dollar) 46.9 Firing cost (weeks of salary) 12 Paying taxes Payments (number) 25 Time (hours per year) 63 Total tax payable (% of gross profit) 22.0 154 DOING BUSINESS IN 2006 SYRIA Middle East & North Africa GNI per capita (US$) 1,190 Ease of doing business (rank) 121 Lower middle income Population (m) 17.4 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 4 Documents for export (number) 12 Time (days) 47 Time (days) 34 Signatures for export (number) 19 Cost (% of income per capita) 34.5 Cost (% of property value) 30.4 Time for export (days) 49 Minimum capital (% of income per capita) 5111.9 Documents for import (number) 18 Getting credit Signatures for import (number) 47 Dealing with licenses Strength of legal rights index (0-10) 5 Time for import (days) 63 Procedures (number) 20 Depth of credit informat on index (0-6) 0 T me (days) 134 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 359.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 672 Hiring and firing workers Protecting investors Cost (% of debt) 34.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability ndex (0-10) 7 Closing a business Difficulty of firing index (0-tO0) 50 Ease of shareholder su ts index (0-10) 1 Time (years) 4 Rigidity of employment index (0-tO0) 40 Strength of nvestor protection index (0-tO) 4.3 Cost (% of estate) 9 Hiring cost (% of salary) 17 Recovery rate (cents on the dollar) 28.5 Firing cost (weeks of salary) 79 Paying taxes Payments (number) 22 Time (hours per year) 336 Total tax payable (% of gross profit) 20.8 TAIW AN, CHINA East Asia & Pacific GNI per capita (US$) 14,630 Ease of doing business (rank) 35 High income Population (m) 22.6 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 3 Documents for export (number) 8 Time (days) 48 Time (days) 5 Signatures for export (number) 9 Cost (% of income per capita) 6.0 Cost (% of property value) 6.2 Time for export (days) 14 Minimum capital (% of income per capita) 216.3 Documents for import (number) 8 Getting credit Signatures for import (number) 11 Dealing with licenses Strength of legal rights index (0-tO) 4 Time for import (days) 14 Procedures (number) 32 Depth of credit nformation index (0-6) 5 Time (days) 235 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 250.9 Prinvate bureau coverage (% of adults) 57.1 Procedures (number) 28 Time (days) 210 Hiring and firing workers Protecting investors Cost (% of debt) 7.7 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 60 Extent of director liab ty index (0-10) 4 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-tO) 4 Time (years) l Rigidity of employment index (0-100) 56 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Hiring cost (% of salary) 10 Recovery rate (cents on the dollar) 89.4 Firing cost (weeks of salary) 90 Paying taxes Payments (number) 15 Time (hours per year) 296 Total tax payable (% of gross profit) 23.6 TANZANIA Sub-Saharan Africa GNI per capita (US$) 330 Ease of doing business (rank) 140 Low income Population (m) 35.9 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 12 Documents for export (number) 7 Time (days) 35 Time (days) 61 Signatures for export (number) 10 Cost (% of income per capita) 161.3 Cost (% of property value) 12.2 T me for export (days) 30 Minimum capital (% of income per cap ta) 6.0 Documents for import (number) 13 Getting credit Signatures for import (number) 16 Dealing with licenses Strength of legal rights index (0-10) S Time for import (days) 51 Procedures (number) 26 Depth of credit information index (0-6) 0 Time (days) 313 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 4110.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 21 Time (days) 242 Hiring and firing workers Protecting investors Cost (% of debt) 35.3 Difficulty of hiring index (0-tO0) 67 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability udex (0-tO) 3 Closing a business Difficulty of fir ng index (0-100) 60 Ease of shareholder su ts index (0-10) 0 Time (years) 3 Rigidity of employment ndex (0-100) 69 Strength of nvestor protection index (0-tO) 2.0 Cost (% of estate) 22 Hiring cost (% of salary) 16 Recovery rate (cents on the dollar) 22.3 Firing cost (weeks of salary) 38 Paying taxes Payments (number) 48 Time (hours per year) 248 Total tax payable (34 of gross profit) 51.3 COUNTRY TABLES 1 55 THAILAND East Asia & Pacific GNI per capita (US$) 2,540 Ease of doing business (rank) 20 Lower middle income Population (m) 62.0 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 2 Documents for expornt (number) 9 Time (days) 33 Time (days) 2 Signatures for export (number) 10 Cost (% of income per capita) 6.1 Cost (% of property value) 6.3 Time for export (days) 23 Minimum cap ta (% of income per capita) 0.0 Documents for import (number) 14 Getting credit Signatures for import (number) 10 Dealing with licenses Strength of legal rights index (0-10) 5 T me for import (days) 25 Procedures (number) 9 Depth of credit nformation index (0-6) 4 Time (days) 147 Publ c registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of ncome per capita) 17.3 Private bureau coverage (% of adults) 18.4 Procedures (number) 26 Time (days) 390 Hiring and firing workers Protecting investors Cost (% of debt) 13.4 Difficulty of hir ng index (0-100) 33 Extent of disclosure odex (0-10) 10 Rigidity of hours index 10-100) 20 Extent of director liability index (0-10) 2 Closing a business Difficulty of fir ng index (0-100) 0 Ease of shareholder suits ndex (0-10) 6 Time (years) 3 Rig dity of employment odex (0-100) 18 Strength of nvestor protection index (0-10) 6.0 Cost 1% of estate) 36 H ring cost (% of salary) S Recovery rate (cents on the dollar) 43.9 Firing cost (weeks of sa ary) 47 Paying taxes Payments (number) 44 Time (hours per year) 52 Total tax payable (% of gross profit) 29.2 TIMOR-LESTE East Asia & Pacific GNI per capita (US$) s50 Ease of doing business (rank) 142 Low income Population (m) 0.9 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 7 Documents for export (number) 6 Time (days) 92 Time (days) 71 Signatures for export (number) 9 Cost (% of ncome per capita) 125.4 Cost (% of property value) 10.0 Time for export (days) 32 Minimum capital (% of ncome per capita) 909.1 Documents for import (number) 11 Getting credit Signatures for import (number) 12 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 37 Procedures (number) 24 Depth of credit nformat on index (0-6) 0 Time (days) 192 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (ci, of income per capita) 51.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 69 T me (days) 990 Hiring and firing workers Protecting investors Cost (% of debt) 183.1 Difficulty of hiring index (0-100) 67 Extent of d sc osure Index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of d rector lability index (0-10) 1 Closing a business Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 3 Time (years) no practice R gidity of employment ndex (0-100) 46 Strength of investor protection index (0-10) 3.7 Cost (% of estate) no practice Hiring cost (% of salary) 0 Recovery rate (cents on the do ar) 0.0 Firing cost (weeks of salary) 21 Paying taxes Payments (number) 15 Time (hours per year) 640 Total tax payable (% of gross profit) 34.9 TOGO Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 149 Low income Population (m) 4.9 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 6 Documents for export (number) 8 Time (days) 53 Time (days) 212 Signatures for export (number) 8 Cost (% of income per capita) 218.3 Cost (% of property value) 7.5 Time for export (days) 34 Min mum capital (% of income per capita) 459.9 Documents for import (number) 11 Getting credit Signatures for import (number) 14 Dealing with licenses Strength of legal rights index (0-10) 2 Time for import (days) 43 Procedures (number) 14 Depth of credit nformat on odex (0-6) 1 Time (days) 273 Public registry coverage (% of adults) 3.5 Enforcing contracts Cost (% of income per capita) 1223.4 Private bureau coverage (% of adults) 0.0 Procedures (numnber) 37 Time (days) 535 Hiring and firing workers Protecting investors Cost (% of debt) 24.3 Difficulty of hir ng odex (0-100) 78 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability Index (0-10) 3 Closing a business Difficulty of fir ng index (0-100) 80 Ease of shareholder suits index (0-10) 5 Time (years) 3 Rig dity of employment adex (0-100) 79 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 H ring cost (% of salary) 25 Recovery rate (cents on the dollar) l S.9 Firing cost (weeks of salary) 66 Paying taxes Payments (number) 51 Time (hours per year) 270 Total tax payable (% of gross profit) 50.9 156 DOING BUS NESS N 2006 TONGA East Asia & Pacific GNI per capita (US$) 1,830 Ease of doing business (rank) 36 Lower middle income Population (m) 0.1 Starting a business Registering property Trading across borders Procedures (number) 4 Procedures (number) 4 Documents for export (number) 6 Time (days) 32 Time (days) 108 S gnatures for export (number) 4 Cost (% of income per capita) 11 .7 Cost (% of property value) 10.3 T me for export (days) 11 Minimum capital (% of income per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of legal rights index (0-10) S Time for import (days) I1 Procedures (number) 15 Depth of credit nformanion index (0-6) 0 Time (days) 81 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 198.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 510 Hiring and firing workers Protecting investors Cost (% of debt) 47.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability ndex (0-10) 6 Closing a business Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Hiring cost (% of salary) 0 Recovery rate (cents on the dollar) 25.0 F ring cost (weeks of salary) 0 Paying taxes Payments (number) 1 Time (hours per year) 1 56 Total tax payable (% of gross profit) 32.0 TUNISIA Middle East & North Africa GNI per capita (US$) 2,630 Ease of doing business (rank) 58 Lower middle income Population (m) 9.9 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) S Documents for export (number) s Time (days) 14 Time (days) 57 Signatures for export (number) 8 Cost (% of income per capita) 10.0 Cost (% of property value) 6.1 Time for export (days) 25 Minimum capital (% of income per capita) 29.8 Documents for import (number) 8 Getting credit Signatures for import (number) 1 2 Dealing with licenses Strength of legal rights index (0-10) 4 Time for import (days) 33 Procedures (number) 21 Depth of credit information index (0-6) 2 Time (days) 154 Public registry coverage (% of adults) 8.2 Enforcing contracts Cost (% of income per capita) 340,0 Private bureau coverage (% of adults) 0.0 Procedures (number) 14 Time (days) 27 Hiring and firing workers Protecting investors Cost (% of debt) 12.0 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liab ty index (0-10) 4 Closing a business Difficulty of firing index (0-100) 100 Ease of shareholder suits index (0-10) 6 Time (years) I Rigidity of employment index (0-100) 54 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 7 Hiring cost (% of salary) 19 Recovery rate (cents on the dollar) 51.5 Firing cost (weeks of salary) 29 Paying taxes Payments (number) 31 Time (hours per year) 112 Total tax payable (% of gross profit) 52.7 TURKEY Eastern Europe & Central Asia GNI per capiEs 'tSr 3,750 Ease of doing business (rank) 93 Upper middle income Population (m) 70.7 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 8 Documents for export (number) 9 Time (days) 9 Time (days) 9 Signatures for export (number) 10 Cost (% of income per capita) 27.7 Cost (% of property value) 3.2 Time for export (days) 20 Minimum capitai (% of ncome per capita) 20.9 Documents for import (number) 13 Getting credit Signatures for import (number) 20 Dealing with licenses Strength of legal rights index (0-10) 1 Time for import (days) 25 Procedures (number) 32 Depth of credit informat on index (0-6) S T me (days) 232 Public registry coverage (% of adults) 4.9 Enforcing contracts Cost (% of income per capita) 368.7 Private bureau coverage (% of adults) 27.6 Procedures (number) 22 Time (days) 330 Hiring and firing workers Protecting investors Cost (% of debt) 12.5 Difficulty of hir ng index (0-100) 44 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 3 Closing a business Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 6 Rigidity of employment index (0-100) 55 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Hiring cost (% of salary) 22 Recovery rate (cents on the dollar) 7.2 Firing cost (weeks of salary) 112 Paying taxes Payments (number) 18 Time (hours per year) 254 Tota tax payab e (% of gross profit) 51.1 COUNTRY TABLES 1 57 UGANDA Sub-Saharan Africa GNI per capita (US$) 270 Ease of doing business (rank) 72 Low income Population (m) 25.3 Starting a business Registering property Trading across borders Procedures (number) 17 Procedures (number) 8 Documents for export (number) 13 T me (days) 36 Time (days) 48 Signatures for export (number) 18 Cost (% of income per capita) 117.8 Cost (% of property value) 5.1 Time for export (days) 58 Minimum capital (% of ncome per capita) 0.0 Documents for import (number) 17 Getting credit Signatures for import (number) 27 Dealing with licenses Strength of legal rights index 10-10) 5 Time for import (days) 73 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 155 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost /% of income per capita) 861.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 15 Time (days) 209 Hiring and firing workers Protecting investors Cost (% of debt) 22.3 Difficulty of hring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours ndex (0-100) 20 Extent of director liability Index (0-10) 5 Closing a business Difficu ty of firing ndex (0-100) 20 Ease of shareho der su ts index (0-10) 4 Time (years) 2 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 30 Hiring cost (% of sa ary) 10 Recovery rate (cents on the dollar) 39.8 Tiring cost (weeks of salary) 12 Paying taxes Payments (numher) 31 Time (hours per year) 237 Total tax payable (% of gross profit) 42.9 UKRAINE Eastern Europe & Central Asia GNI per capita (US$) 1,260 Ease of doing business (rank) 124 Lower middle income Population (m) 48.4 Starting a business Registering property Trading across borders Procedures (number) 1S Procedures (number) 10 Documents for export (number) 6 Time (days) 34 Time (days) 93 Signatures for export (number) 9 Cost (% of ncome per capita) 10.6 Cost (% of property value) 3.8 Time for export (days) 34 M nimum capital (% of ncome per capita) 183.0 Documents for import (number) 10 Getting credit S gnatures for import (number) 10 Dealing with licenses Strength of legal rights index (0-10) 8 Time for import (days) 46 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 265 Pubhlc registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 229.4 Pr vate bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 269 Hiring and firing workers Protecting investors Cost (% of debt) 11.0 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) I R gid ty of hours mdex (0-100) 60 Extent of director liability ndex (0-10) 3 Closing a business Difficulty of firing Index (0-100) 80 Ease of shareholder suits index (0-10) 4 Time (years) 3 Rig dity of employment index (0-100) 61 Strength of investor protection Index (0-10) 2,7 Cost (% of estate) 42 Hir ng cost 0% of salary) 36 Recovery rate (cents on the dollar) 8.4 F ring cost (weeks of salary) 17 Paying taxes Payments (number) 84 Time (hours per year) 2185 Total tax payable (% of gross profit) 51.0 UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 18,060 Ease of doing business (rank) 69 High income Population (m) 4.0 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 3 Documents for export (number) 6 Time (days) 54 Time (days) 9 S gnatures for export (number) 3 Cost (% of income per capita) 44.3 Cost (% of property value) 2.0 Time for export (days) 18 Minimum capital (% of income per cap ta) 416.9 Documents for mport (number) 6 Getting credit Signatures for import (number) 3 Dealing with licenses Strength of legal r ghts ndex (0-10) 4 Time for mport (days) 18 Procedures (number) 21 Depth of credit nformat,on index (0-6) 2 Time (days) 125 Pub c registry coverage (% of adults) 1.5 Enforcing contracts Cost (15 of income per capita) 2.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 614 Hiring and firing workers Protecting investors Cost (% of debt) 16.0 Difficulty of hir ng index (0-100) 0 Extent of discosure index (0-10) 4 Rig dity of hours index (0-100) 80 Extent of director liability index (0-10) 8 Closing a business Diff cu ty of firing index (0-100) 20 Ease of shareholder suits ndex (0-10) 2 Time (years) S Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 30 Hiring cost (% of salary) 13 Recovery rate (cents on the dollar) 5.5 Firing cost (weeks of sa ary) 96 Paying taxes Payments (number) 15 Time (hours per year) 12 Tota tax payable (% of gross prof t) 8.9 1 58 DOING BUSINESS IN 2006 UNITED KINGDOM OECD: High Income GNI per capita (US$) 33,940 Ease of doing business (rank) 9 High income Population (m) 59.3 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 2 Documents for export (number) 5 Time (days) 18 Time (days) 21 Signatures for export (number) 5 Cost (% of income per capita) 0.7 Cost (% of property value) 4.1 Time for export (days) 16 M nimum capital (% of iocome per capita) 0.0 Documents for import (number) 4 Getting credit Signatures for import (number) 5 Dealing with licenses Strength of lega rights index (0-10) 10 Time for import (days) 16 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 115 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of iocome per capita) 70.2 Private bureau coverage (% of adults) 76.2 Procedures (number) 14 Time (days) 288 Hiring and firing workers Protecting investors Cost (% of debt) 17.2 D fficulty of h ring index (0-100) 11 Extent of disclosure index (0-10) 10 Rig dity of hours index (0-100) 20 Extent of director liabil ty Index (0-10) 7 Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder su ts Index (0-10) 7 Time (years) 1 Rigidity of employment Index (0-100) 14 Strength of investor protecton index (0-10) 8.0 Cost (% of estate) 6 Hir ng cost (% of salary) 9 Recovery rate (cents on the dollar) 85.3 F ring cost (weeks of salary) 34 Paying taxes Payments (number) 22 Time (hours per year) Total tax payable (% of gross profit) 52.9 UNITED STATES OECD: High Income GNI per capita (US$) 41,400 Ease of doing business (rank) 3 High income Population (m) 291.0 Starting a business Registering property Trading across borders Procedures (number) 5 Procedures (number) 4 Documents for export (number) 6 Time (days) 5 Time (days) 12 Signatures for export (number) S Cost (% of ncome per capita) 0.5 Cost (% of property va ue) 0.5 Time for export (days) 9 Minimum capital (% of income per capita) 0.0 Documents for import (number) 5 Getting credit Signatures for import (number) 4 Dealing with licenses Strength of legal rights odex (0-10) 7 Time for import (days) 9 Procedures (number) 19 Depth of credit nformation index (0-6) 6 Time (days) 70 Pub c registry coverage /% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 16.9 Private bureau coverage (% of adults) 100.0 Procedures (number) 17 Time (days) 250 Hiring and firing workers Protecting investors Cost (/ of debt) 7.5 Difficulty of hiring index (0-100) 0 Extent of disclosure Index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of d rector liability index (0-10) 9 Closing a business Difficulty of fir ng index (0-100) 10 Ease of shareholder suits index (0-10) 9 Time (years) 2 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 7 Hiring cost (% of salary) 8 Recovery rate (cents on the do ar) 76.2 Firing cost (weeks of salary) 0 Paying taxes Payments (number) 9 Time (hours per year) 325 Total tax payable (% of gross profit) 21.5 URUGUAY Latin America & Caribbean GNI per capita (US$) 3,950 Ease of doing business (rank) 85 Upper middle income Population (m) 3.4 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 8 Documents for export (number) 9 Time (days) 45 Time (days) 66 Signatures for export (number) 10 Cost (% of income per capita) 43.9 Cost (% of property value) 7.1 Time for export (days) 22 Minimum capital (% of income per capita) 151.7 Documents for import (number) 9 Getting credit Signatures for mport (number) 12 Dealing with licenses Strength of legal tights Index (0-10) 4 Time for import (days) 25 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 146 Public registry coverage (% of adults) 5.5 Enforcing contracts Cost (% of income per capita) 95.0 Private bureau coverage (% of adults) 80.0 Procedures (number) 39 T me (days) 620 Hiring and firing workers Protecting investors Cost (% of debt) 25.8 Difficulty of hiring index (0-100) 33 Extent of disclosure rdex (0-10) 3 Rigidity of hours odex (0-100) 60 Extent of director I ability index (0-10) 4 Closing a business D ff cu ty of firing index (0-100) 0 Ease of shareholder saits index (0-10) 8 Time (years) 2 Rig dity of employment Index (0-100) 31 Strength of nvestor protection Index (0-10) 5.0 Cost (% of estate) 7 Hiring cost (% of salary) 20 Recovery rate (cents on the dollar) 30.6 Firing cost (weeks of salary) 26 Paying taxes Payments (number) 54 Time (hours per year) 300 Total tax payable (% of gross profit) 80.2 COUNTRY TABLES 159 UZBEKISTAN Eastern Europe & Central Asia GNI per capita (US$) 460 Ease of doing business (rank) 138 Low income Population (m) 25.6 Starting a business Registering property Trading across borders Procedures (number) 9 Procedures (number) 12 Documents for export (number) Time (days) 35 Time (days) 97 Signatures for export (number) Cost (% of income per capita) 15.5 Cost (% of property value) 10.5 T me for export (days) Minimum capita (% of income per cap ta) 20.2 Documents for import (number) 18 Getting credit Signatures for import (number) 32 Dealing with licenses Strength of ega rights index (0-10) 5 T me for import (days) 139 Procedures (number) . . Depth of credit information index (0-6) 0 Time (days) . . Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per capita) . . Private bureau coverage (% of adu ts) 0.0 Procedures (numher) 35 Time (days) 368 Hiring and firing workers Protecting investors Cost (% of debt) 18.1 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 T me (years) 4 Rigidity of employment index (0-100) 34 Strength of investor protection mdex (0-10) 4.3 Cost (% of estate) 4 Hiring cost (% of salary) 36 Recovery rate (cents on the dollar) 12.5 Firing cost (weeks of salary) 31 Paying taxes Payments (number) 118 T me (hours per year) 152 Total tax payable (% of gross profit) 75.6 VANUATU East Asia & Pacific GNI per capita (US$) 1,340 Ease of doing business (rank) 49 Lower middle income Population (m) 0.2 Starting a business Registering property Trading across borders Procedures (number) 8 Procedures (number) 2 Documents for export (number) 9 T me (days) 39 Time (days) 188 S gnatures for export (number) 6 Cost (% of income per capita) 65.6 Cost (% of property value) 7.0 Time for export (days) 7 Minimum capital (% of income per capita) 0.0 Documents for import (number) 14 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of lega rights ndex (0-10) 6 Time for import (days) 9 Procedures (number) 7 Depth of cred t information index (0-6) 0 Time (days) 82 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 427.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 24 Time (days) 430 Hiring and firing workers Protecting investors Cost (% of debt) 64.0 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) S Rigidity of hours index (0-100) 40 Extent of director liab ty index (0-10) 6 Closing a business Difficulty of firing mdex (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 38 Hiring cost (% of salary) 6 Recovery rate (cents on the dollar) 15.8 Firing cost (weeks of salary) 55 Paying taxes Payments (number) 32 Time (hours per year) 120 Total tax payable (% of gross profit) 28.1 VENEZUELA Latin America & Caribbean GNI per capita (US$) 4,020 Ease of doing business (rank) 120 Upper middle income Population (m) 25.7 Starting a business Registering property Trading across borders Procedures (number) 13 Procedures (number) 7 Documents for export (number) 8 T me (days) 116 Time (days) 33 S gnatures for export (number) 6 Cost (% of income per capita) 15.7 Cost (% of property value) 2.1 T me for export (days) 34 Minimum capital (% of income per capita) 0.0 Documents for import (number) 13 Getting credit Signatures for import (number) 9 Dealing with licenses Strength of egal rights Index (0-10) 4 Time for import (days) 42 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 276 Public registry coverage (% of adu ts) 16.8 Enforcing contracts Cost (% of ncome per capita) 547.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 445 Hiring and firing workers Protecting investors Cost (% of debt) 28.7 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of d rector lability index (0-10) 2 Closing a business Difficulty of fir ng index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 4 Rigidity of emp oyment index (0-100) 38 Strength of investor protection ndex (0-10) 2.3 Cost (% of estate) 38 Hiring cost (% of salary) 15 Recovery rate (cents on the do ar) 6.1 Firng cost (weeks of salary) 46 Paying taxes Payments (number) 68 Time (hours per year) 864 Total tax payable (% of gross profit) 48.9 160 DOING BUSINESS IN 2006 VIETNAM East Asia & Pacific GNI per capita (US$) 550 Ease of doing business (rank) 99 Low income Population (m) 81.3 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 5 Documents for export (number) 6 Time (days) 50 Time (days) 67 Signatures for export (number) 12 Cost (% of income per capita) 50.6 Cost I% of property value) 1.2 Time for export (days) 35 Minimum capital (% of income per capita) 0.0 Documents for import (number) 9 Getting credit Signatures for import (number) 15 Dealing with licenses Strength of legal rights index (0-10) 3 Time for import (days) 36 Procedures (number) 14 Depth of credit iformation index (0-6) 3 Time (days) 143 Public registry coverage I% of adults) 1.1 Enforcing contracts Cost (% of income per capita) 64.1 Pr vate bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 343 Hiring and firing workers Protecting investors Cost (% of debt) 30.1 Difficulty of h[r ng index (0-100) 44 Extent of disclosure index (0-10- 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) t Closing a business Difficulty of firing index (0100) 70 Ease of shareholder suits index (0-10) 2 T me (years) S R gid ty of employment index (0-100) 51 Strength of investor protection indexn 0-10) 2.3 Cost (% of estate) 15 Hiring cost (% of salary) 17 Recovery rate (cents on the do ar) 19.2 Fir ng cost (weeks of salary) 98 Paying taxes Payments (number) 44 Time (hours per year) 1050 Total tax payable (% of gross profit) 31.5 W EST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,110 Ease of doing business (rank) 125 Lower middle income Population (m) 3.4 Starting a business Registering property Trading across borders Procedures (number) 11 Procedures (number) 7 Documents for export (number) 6 Time (days) 106 Time (days) 58 Signatures for export (number) 10 Cost I% of income per capita) 275.4 Cost I% of property value) 4.7 Time for export (days) 27 Min mum capital (% of ncome per capita) 1409.8 Documents for import (number) 9 Getting credit Signatures for import (number) 18 Dealing with licenses Strength of legal rights Index (0-10) S Time for mport (days) 42 Procedures (numher) 18 Depth of credit information Index (0-6) 0 Time (days) 144 Public registry coverage I% of adults) 0.0 Enforcing contracts Cost (% of income per capita) 779.2 Pr vate bureau coverage 1% of adults) 0.0 Procedures (number) 26 Time (days) 465 Hiring and firing workers Protecting investors Cost I% of debt) 21.4 Difficulty of hiring index (0-100) 33 Extent of disc osure odex (0-10) Rigidity of hours index (0-100) 60 Extent of director liahility index (0-10) . . Closing a business Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) . . T me (years) R gidity of employment index (0-100) 38 Strength of investor protection index (0-10) . . Cost 1% of estate) Hiring cost (% of salary) 13 Recovery rate (cents on the do ar) Fir ng cost (weeks of salary) 90 Paying taxes Payments (number) 49 Time (hours per year) Total tax payable (% of gross profit) 42 YEMEN Middle East & North Africa GNI per capita (US$) 570 Ease of doing business (rank) 90 Low income Population (m) 19.2 Starting a business Registering property Trading across borders Procedures (number) 12 Procedures (number) 6 Documents for export (number) 6 Time (days) 63 Time (days) 21 Signatures for export (number) 8 Cost (% of Income per capita) 240.2 Cost (% of property va ue) 3.9 Time for export (days) 33 Minimum capital (% of income per capita) 2703.2 Documents for import (number) 9 Getting credit Signatures for mport (number) 20 Dealing with licenses Strength of legal rights index (0-10) 2 Time for import (days) 31 Procedures (number) 13 Depth of cred t information index (0-6) 2 T me (days) 131 Public registry coverage (% of adults) 0.1 Enforcing contracts Cost I% of income per cap ta) 274.4 Private bureau coverage /% of adults) 0.0 Procedures (number) 37 Time (days) 360 Hiring and firing workers Protecting investors Cost (% of debt) 10.5 Difficulty of hiring index (0-100) 0 Extent of d sc osure index (0-10) 6 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business Difficulty of firing ndex (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 3 Rigidity of empioyment index (0-100) 37 Strength of investor protection Index (0-10) 4.3 Cost /% of estate) 8 H r ng cost (% of salary) 17 Recovery rate (cents on the dollar) 28.2 Firng cost (weeks of sa ary) 17 Paying taxes Payments (number) 32 T me (hours per year) 248 Total tax payable (% of gross profit) 128.8 COUNTRY TABLES 161 ZAMBIA Sub-Saharan Africa GNI per capita (US$) 450 Ease of doing business (rank) 67 Low income Population (m) 10.4 Starting a business Registering property Trading across borders Procedures (number) 6 Procedures (number) 6 Documents for export (number) 16 Time (days) 35 Time (days) 70 Signatures for export (number) 25 Cost (% of income per capita) 18.1 Cost (% of property value) 9.6 Time for export (days) 60 Minimum capital (% of income per capita) 2.1 Documents for mport (number) 19 Getting credit Signatures for import (number) 28 Dealing with licenses Strength of egal rights ndex (0-10) 6 Tine for import (days) 62 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 165 Public registry coverage (% of adults) 0.0 Enforcing contracts Cost (% of income per cap ta) 1671.2 Private bureau coverage 1/ of adults) 0.0 Procedures (number) 16 Time (days) 274 Hiring and firing workers Protecting investors Cost (% of debt) 28.7 Difficulty of h ring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours ndex (0-100) 20 Extent of director liability index (0-10) 4 Closing a business Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 3 Rig dity of emp oyment Index (0-100) 10 Strength of investor protection index (0-10) 7.3 Cost (% of estate) 9 Hiring cost /% of sa ary) 9 Recovery rate (cents on the dol ar) 20.0 Fir ng cost (weeks of salary) 176 Paying taxes Payments (number) 36 Time (hours per year) 132 Total tax payable (% of gross prof t) 38.6 ZIMBABWE Sub-Saharan Africa GNI per capita (US$) 480 Ease of doing business (rank) 126 Low income Population (m) 13.1 Starting a business Registering property Trading across borders Procedures (number) 10 Procedures (number) 4 Documents for export (number) 9 Time (days) 96 Time (days) 30 S gnatures for export (number) 18 Cost (% of income per cap ta) 1442.5 Cost (% of property va ue) 22.6 T me for export (days) 52 Minimum cap tal (% of ncome per capita) 53.0 Documents for import (number) 15 Getting credit Signatures for mport (number) 19 Dealing with licenses Strength of legal rights index (0-10) 7 Time for mport (days) 66 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 481 Public registry coverage (% of adults) 0 Enforcing contracts Cost (% of income per capita) 1509.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 350 Hiring and firing workers Protecting investors Cost (% of debt) 19.1 Difficulty of hir ng ndex (0-100) 11 Extent of disc osure index (0-10) 8 Rigidity of hours ndex (0-100) 40 Extent of director liab ty index (0-10) 1 Closing a business Difficulty of firing sdex (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) 2 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 Hiting cost (% of sa ary) 6 Recovery rate (cents on the dollar) 2.1 Fcing cost (weeks of sa ary) 29 Paying taxes Payments (number) 59 Time (hours per year) 216 Total rax payable (0/ of gross prots) 48.6 163 i'J' Acknowledgments Contact details for local partners are available on the Doing Business website at http /Iwww.doingbusiness.org .!; . .', ,'.-'X 1*'A , ., - , ,' Doing Bisiness in 2006 was prepared by a team led by Simeon Pauline Aranda, Jean Francois Arvis, Irina Astrakhan, Paul Djankov and C(aralee McLiesh under the general direction of Barbour, Lubomira Beardsley, Alexander Berg, Christina Michael Klein. The team also comprised Ziad Azar, Ghanem- Biebesheimer, Paul Brenton, John Bruce, Tony Burns, Mierta Redouane Benamadi, Vivian Callaghan, Marie Delion, Penel- Capaul, Stijn Claessens, Jacqueline Coolidge, Asli Demirguc- ope Fidas, Melissa Johns, Joanna Kata-Blackman, Marcelo Kunt, Amanda Ellis, Aurora Ferrari, Carsten Fink, Luke Lu, Darshini Manraj, Facundo Martin, Nikolay Naumovich, Haggarty, Su Lin Han, Leora Klapper, Arvo Kuddo, Oscar Rita Ramalho, Sylvia Solf, Donaji Valencia and Lihong Wang. Madeddu, William Mako, Varsha Marathe, Gerard Additional assistance in the months prior to publication was McLinden, Richard Messick, Margaret Miller, Claudio Mon- provided by Olufunmilola Akintan, Tim Ganser, Michael tenegro, Tatiana Nenova, Richard Newfarmer, Carmen Gilbert, Franck Kpomalegni and Amine Taha. Pages, Jose Manuel Palli, Vincent Palmade, John Panzer, Sue Mihir Desai, Oliver Hart, Rafael La Porta and Andrei Rutledge, Jolyne Sanjak, Phil Schuler, Sevi Simavi, Warrick Shleifer provided academic advice on the project. The pay- Smith, Peer Stein, Richard Stern, Stefano Stoppani, Uma ing taxes project was conducted in partnership with Subramanian, Richard Symonds, Vijay Tata, Agata Waclawik, PricewaterhouseCoopers, led by Robert Morris with Kelly John Wilson and Luc De Wulf. Murray and Plenny Vaughn. The protecting investors and The full draft report was reviewed by Hormoz Aghdaey, enforcing contracts projects were conducted in partnership Simon Bell, Harry Broadman, Philip Keefer, Steven Knack, with the Lex Mundi association, led by Carl Anduri and Sam Cornelis Kruk, Khalid Mirza, Anand Rajaram, Stefano Nolen. Data collection for the trading across borders project Scarpetta, Sandor Sipos, Andrew Stone, Nigel Twose and was assisted by AP Moller-Maersk, led by Soren Hansen; Marilou Uy. We are grateful for comments and review pro- Bollore Group, led by Jean Marcel Gariador and Denis vided by the World Bank Group's country teams. Cordel; Freightnet, led by Phil Morrison; Panalpina Inc., led The online service of the Doing Business database is by Mike Krieg; and the World Customs Organization, led by managed by the Rapid Response Unit of the World Bank Franck Lecoindre. Jean-Francois Gerard and Bianca King- Group. The team was led by Suzanne Smith and comprised don from lus Laboris contributed to data collection on hir- Vadim Gorbach, Graeme Littler, Vandana Mathur, Victor ing and firing workers. Tony Burns wrote a background Robinson and Leila Search-Zalmai. paper for the registering property chapter. Uma Subra- The report was made possible by the generous con- manian designed the trading across borders survey. Several tribution of more than 3,500 lawyers, accountants, judges, other organizations and individual experts provided input to business-people and public officials in 155 economies. survey design, as detailed in the Data notes. Alison Strong Quotations in this report are from local partners unless and Paul Holtz edited the manuscript. Timothy Harford and otherwise indicated. The names of those wishing to be Suzanne Smith provided additional editorial advice. Gerry acknowledged individually are listed on the following pages Quinn designed the report and the figures. and contact details are posted on the Doing Business website Individual chapters were refereed by a panel of experts at http://www.doingbusiness.org. comprising Hamid Alavi, Magdi Amin, Nagavalli Annamalai, 164 DOING BUS NESS N 2006 GLOBAL Iola Gjuzi Pedro Calixto lavier Valle Zayas Basil Sawczuk CONTRIBUTORS KALO e ASSOCIATES PRICEIVAIERHOUAO ,LCOOPERS URIA - AIENENDEZ AL'STRALIAN CL'sI OS/S SLR/SL BAKER & MC:KENzLE Anisa Rrumbullaku Julian Ince Vanesa Balda Jane Wilson KALO C ASSOCIATES PRICE:EVATERRHoU5LCOEPLRS V'ITALE, AIANOFF e- FEILBOCEN BAYCORP ADEYANTASSE 17/TERNA/IO.VAL BAR AsSOCIATION Genci Krasniqi Fernando Barros ARMENIA John Lobban KALO e-ASSOCLATES PRICE/5ATERHO)USECOOPERS BLAKE DA/w'SON WALDRON LEAX MU.VDI, ASSOCIATION OF LNDEPENIDENT LANv FIRmS Alban Caushi Aymeric Frisch Mther Grigoryan Paul James (MEMBER FIRMS IDSLEN FIE/P KALO 6-ASSOCLATLS SDV AMIIANGOLA - BoLLORL Arsen Mfatikyan CLA/TON LUTZ BY >) Vilma Gjyshi GROLEP ALFATRANs LIL). Penny Grau PANAIPINA KALO &ASSOCLATES ARGENTINA Ashot Poghosyan CLAIATON UTZ PRICE/AlAERHOU'SLCOOPERS Loreta Peci ARAX CONSI7I7NGC GRCR1P Luke Nicholls SI)VINTERN/AIIO,NAL LO/sTISCS PRICE/VALARFF001SECOOEERS Diego Tureato Toa .SmeinCAON T ALEAR/ ABRL,A/S/ Thomas J. Samuelian CLAYTON LITZ TRANSLTNICAN IN7ERNAT/ONAL Laura Qorlaze ARLEX INTERNATII)NAL LI/. Ron Schaffer PRICEFWATERHEOUSECOOL/PERS Elariana Nlorelli Artak Arzoyan CYAFTON U/N AFGHANISTAN Artur Asllani ALFARO AROL/ArOS CFNTRAL BANK OF ARM/ENIA Christopher Davie Gaurav Kukreja STLUIIO LECAIF TONLC-(S Federico Augusto Brandt HakobTadevosyan CLALTON UTZ ALFARo ARoLE.A/)S HkbTdvsanCAsO T ACTCO-AF;HAN C(/UNIAINER Robert Brugger GRINE T/AORNION AS/LOT Doug Jones ANM TRA.4NISPORT CL/. PANAI/PL/A WVLl IR.ANSPOR7T Juan Arocena Parwania Hlasan CS/IH ALLEN/SF e BELl Aram Poghosyan CLAFTON LITZ PAV4aLPA Octasan Miguel Zenarruza GRANT rHORN/SIN ASYI/l Lucinda Girdlestone ShA1;'L GawhariALGERIA ALVAREZ PRAg) & AS ) lA () Artashes F Kakoyan Co/ITEL HELRNE LALEYERS Shafic Gawhari PEA/I & ASI/lIL N/ESYrAlFNT LA/I' C//OLE LLC David Zss'i A/INIS/R/ OL C/F5SAIERCE N/ourad Dubert Lisandro A. Allende Hayk Gisya LLC D Zwi CAB/NFT lIAR(HITECT-T /I/SROD BR/ES & SAIAS Hayk Hovhannisyan C/ISLTEL HLARNE L,I/L,EES Rashid Ibrahins DU /S/L NIM/ T7AlENT LAIL CEO/IYLLC DavidBu/dR A.E FLIaoELION 6 C/o. DuIOscar Alberto del Rio IAL~IFTLu RU L ai td So.i E rk FERGE!S(DSNI C- Adnane Bouchaib CENTRAL B,NK I/P ARdl NNINo Edward Miesropyan CL/ILL YE HEARNE LAIYFERS Sohi Parakh BRoLTH HA/B LA/I' FIR/AI . C] ]NJ CO. Petrea Draper PR/CE/LATERIA)L/LAECII(OFES M\ariano Carricart Nabiha Zerigui FLRNILLES A/l(OlA/II', Suren Mlelikyaii COWI'LF HEA4 SF LAIELRS Hamid Qaderi CABINLI S.F/IiR HA.SIOUDISA KPM G ARAIL/NA Greg Channell AFIAHANISTAN LN//RNLA/IONAL Ignacilo Funes de Riola CHAMRBER O/F COM/IMERCE Samir Hamouda FIuNES lIE Rio/IA & AS/IC/A/)/s, Alan Kuchukyan DEPARTMENT l LANIS Azam Kargar CABINES SAmLi/I HAS/Si)RA S/IEAIRBR I/ Ius LABORIES RPIG ASIS/N/A Des Mlooniey ASsoCLA4T//N I/F ALCHANISTA,N Mlohanmed El Amine Haddad A/sgelica Sola Arno Mfosikyan LDEPARTM/ENT I/F LANL)S FREEcHT FuROVARI/ING CI.s Gl/LLLAL C AMEKERRA MARVIAL, OFARRELL & A L/S/RL KPMCAEARmENLA Lyn Thomson Najibullah-Rahimi Amine Ghellal, Esq. Ignacio L. Tr/lo Tigran Serobyan DEPARIAILNI OF LIYN/I)S EXPORTS 6 IN/SUSTRIES G/ELLFAL 6- A lKrRBEA AJAR/AL, OF4RRELL 6 ALAI/EL KPAMG ASRMENIA Peter Gemell Amin Karim Zada MNustapha Hamza Santiago Laclau Ara Nlarkosyan EINNs & PE(EK K4AiL' CILAMBER OF COMAIER(E H4AS,ZALAIL OFF/ICE AN/REAL, OFARREFI e- AIAIRAI KPA-LG ARAISEN/.A Robert Riddell C IAW)l'ltIRILS Yamina Kebir Alejandro/ D. Fiuza Ashot Petrosyan GA//ENS LA/IyLRS Mlohammad Naim Maimanagi LA/I OLEI.E /5) YAMINA K/BIR MIEIRIL, O'FARRIE/I C IAIRA/. AIILSLSRY OF TRADE ANIC Boris Hristovski N.41L Lil. Co. Sid Ahmed Hasbellaou Patricia RuLhman Seggiaro EcoNOnICAi DEvIPMENT G.4ohNs L Aivv'Rs Charles Clinton M.AERSK LoC/TICTC ALCERIF SPA ALARIAL, O FRRLLL 6 ALIS.RIL Hayk Sahakyan Andrew Smith ALTAI CON/SULETING STATE COMIFIS//TEEO // SHE REAL ALALF/ES/IN'S SSE,PHEN I//USES Fares Ouzegdouh Alfredo Nliguel O'Farrell PRO PTIGE CAL 'ASIRE Zaid Mohseni AIALRSK Lo;INTI(:s AL(;ERIE SPA AIARV-L, OFARSEII e AI-AIR ArmenTerTacha an Eric Herding ZASIoH PANALeNATerOLTaTEhaFtvIR Jerome Le Hec Mfiguel P. Nlurra -C AN LEAALPA VORLD TRANSPORT ALBAN IA LAN/I'ELL 6 AS/LIEs MIRRAI; L-ANI/RE, LSASILNSEi B/uSINFSS CONSA'LTIN/; Michael Croker Gerard NI/ri/n c SIRITIj lIE ZAIALIA Mlikayel Tovmassian PRI(LEiA/ElLROLUSCOOPFRS Gene Boga 1 A EL4NIL/ C A&ASSo( LPS Sean M-cCo/rmick TER-TACHAI IAN LEGIAL AN,Fl Ann Previtera B(JL4-i 6 ASSOC/ATES Dominique Rolland AI .RR.Y K /) ANEE, IS.SASENLI/ B/SIN,SS CLONS/I'LTIN/- PRICEILATERHE .SECOOPLL RS Victor Chimienti LAN\I'iDLLI ni Asuo(RLESan S-RI/0 DE ZA/ALFA Artur Tunyan Lynda Brumm Bo(C.A 6-A.SSOCTAES Mfaria Fraguas TLuNYAN 6 ASAL/CLATIS PRSEIIATEERHI//SECOFTELSs MLiehel Lecerf N/I/I/S1IN F CANO /lar/a Livinska Phil Rosser Sokol Elmazi LANDSELEIEe6 ASS//C/ES Bo/4A 6 ASSOCEATES Santiago Nicholson PRII:E//TAERHEN/SLCcLLPFsS S//NEY PORTS CORPORAS-EIN Kreshnik Spahiu ANGOLA Ni(H(1LSON I CANOI lorge Intriago CITIZEN'A/S(/ISAI:r OFFICE Alexandre Do Rego Pinto Roberto Laterza PRICELuATFROEISNEC//I/PERS AUSTRIA Andi Memi Pegado ORGE.NIZACION LRE AZ Svetlana Bilyk Irene MNandl H()AH4, ALESI c6 HoXHA ALEXA,IARE PEG.4CA) L.A/vFIR'F Enrique Pugliano PRE(:EIATERH/AL/SECI)OPFRS A4UNSTRLAN IANS/I-UIL FOR SAIE Shpati Hoxha 'leresiniha Lopes OREA.NSIZA(I(/N V'LRAZ RESEAR(H HoL'HA, AFli/ 6- HOXHA FARFI /,E BATL/SI, SEBASTIAO 6 Ricardo Andia AUSTRALIA Christian Lettmavr Spyridon Tsakalis Loi'Fs P,NALP/IN- TRANS/'OREES David Cross AL/S/ERIAN INST/TuTE FOR Ss'/IE LKRP RoSKAS C PARTNERS Fat/ma Freitas Al/ N/ISE-LES S.A. ALLENS ARTHu R/BiNSLN RESEARCH Shkelqim Kerluku FATSAIA FELI/AS ADVO'.AIO-S Axel Kreutzmannii NMichael Quinlan Walter Bornett IKRP RoKAS & PARTNEIS Katila Machado P-IN-LI/NA TEANSIPOR7ES ALLENS AR/H/.R ROB-INSON A4 '9714 V INSTITETE FOCR SAIE Marsela Kokoshi FAA/S/A FERIT7As A IIOIC-/A/IOS A ND E S.A. Stesen Fleming 4A RCH a e LKRP RE/NA 16 PARTNERS Nahar) Cardoso Carlos Zima AAL/EaNSASTIL RI/BINS//N BINS Ll ElOS.S/LAN Elisa Stamo FIATFLA FREITAS A//IL/IIl/OOP 4 1 Sarah Berg/n RECHTSANWIAL/- IKRP RoKNs C PAR/NERS lorge Leao Peres Andres NI. Edelstein ALLENS AR7H(SR ROL/INSOSN Doris Buxbaum Merilda Nina NAILONAIF BANK OF AN(OLA P - ,Mark Pistilli BIN/LR GROSSW/'NA' IKRP RI/KA C PARTNERS Judith De Fatima Dos Santos Ignacio Rodriguez AT,vINAKII IC HARSINLLL RFIHTSANiINLTE Lima PR//(EL/N ES/IL/(I NE C/S/SERS Ina Aleksi NLiaTPRIN' BAN/K OF AN(;CL/A Amelia Horvath Johannes Barbis/ KALOI 6- AssocIATES A1iA AKCLAGL Liliana Segade ATA.N'AsLL%i/S H.-R/S'LIL B/N//FER G/LESSINGA' Douglas Pillinger QtlN IRINF. LA/RIIIA , RFCHTSAN//LALTE PANALI.INA Asl(l/IT(I/S ACKNOWLEDGMENTS 165 Tibor Fabiani Abdullayev Sabit Kamnal Hossain Ekaterina Zabello Leo Peeters BINILIl GER().LIVAIN BAKFR 6' AlcKs,.Vzih DR. KIAIAL H(sSAIN & LASOIIA 4ANI PARINERS AIfA!L.v?Ns & SIAIAIN's RFcIns INIt:ALIE Natik Niamedov AS,sCIA7LS Maria Livinska Sandrine Hirsch Georg Brandstetter RAKER & AflcKE.VNZI Ashfaq Amin PRICFEA7ILRH(0ITIEC(I lPERS SIAIONT BRAI4N BRAN.4 sT 7TNER PR17ZFarrukh Gassimov LNi.vLLRTEL TRASSPE1?7LA)uI,N Svetlana Bilyk Steven de Schrijver BA KER BO7 IS PSER4LEI.VA PRIE EIATERHOLUSECOOPERS VAN BALL & BELLIS Alexander Kiauser BRA) 'NTIS, Khl 4 ' PR AXNIL NMark Rowley Halim Bepari Jorge Intriago NMarie Rose Roussetv BIKER Bc LI SURELEME CCIi TIL ItP BPRICLBATELRALIU ECOIAIERS ttCOREL) CU STAIS Gregor Nladerhacher Bkh B() BA4SI 4SH A OR(ANI-ATII IN BREALNFIS, KIAL LRL & PR,ANIlL Bakhtivar Mammadov BELGIUM BA KER BlO7TS Nl.D. Asadujiaman BENIN ThoELas Tret k SE E Valer Sidney SIl)LSIIIAQ AHAE' INI) Sophie Rutten (CERHA HE.A l CN SP ( FF]I" Valery SidBKR BI v A SI(LK47 AII ALLLN d- ODEmo Veronique Akankossi lulian Feichtinger B IkER13 u7 Amir-ULl Islam Louis-H. Verbeke Duguenon CELIA ULMELI &SEIE' EIL LII Namik No,vruzov' CARINET IAvoACAis AE.ANKOSS'a- (PRH. HL ipEi C SPIEG;EL FLI) BAN IN7FR'NA7ioA\'AI LLC THE LA LASSOCAIATET' ALLEN & GL,ERY DuIA;ENOLN Angela ZffI tElon Vadinm Shnever Shanmsul Hasaoi Dirk de Backer Elisha Victoire CLRH14 t HL. IPEL C- .MPII(;E////.I) BAl LVIIILIAL LLC THE LAIi ASE0IIA7F`S ALIE N & OLERL CABINET AILALILIN ELiSHA BCnHdikt Spiegelteld Farhad NirzayeE Shirin Chaudhury Jan Van Celst V'lITL'LLE BAI LNIEN.NK iLI0NAL LLC IHE LAIl ASSEALLAILS ALLEN e& OGlRE Alice Codjia Soh-uenou Nfartim Eckel ,ohaiana Safaro N iobammed Razack Fannia Polet CABINI I ALLANTOIL SAI I)'I E'ALIs LIi E A NA (II A LENAK.N' LIciK l CIa ALAS ELS Tin LAIl .4A55(T IAiES ALTILIS Saidotn Agbantou Ceorg Bahn Mlichael CHalsh Nahid Afreen lo0 Vantroyen CAR)NEI A(;B.ANTOUA SAII)OII FLeSHEILIL'S BBLahn UA'S LiIceIll CHL.IEal S THE L.AB, ASsIociAiS ALTIUS Serge Pognon DERIELI. B ALida BadalosAa Abdur Razzaq Carl Neynitiens CALINST I)ALACAi.S .4. POINON Edgar Langeder LlINGI4AI CHALAMERS THE L.A\ COUNSELI .AsHU'RST Agnes A. Campbell FRLIEIRS TAOs' C PARLi,NER Ismayil Askerov BELARUS David Du l'ont CABINETLAv'TICATS C4AIPELL & Georg Tuppa I ImNmILAS! CHALAEIEES AsHuRST AsIoc[E Alexander Korneiko Olivier Debray Edgar-Yves Mlonnoi GEkil, AJAX) PIiKI ROWIT7 Elchini iHagserdiv'ev AHLS' 'LE C.BINL7EiPIL.AL- Yv'Es All NN 0U 1-erdinand Esrat LEL IN' HAIL CHA! LITES AH(Rn, Q_EIyl E',;EL.S, SAH'fEL O FhArdiAlau ' cLd u RoffIN,AtAslai CILAR Ilya Latvsbev' IL's LALIIRLS Rafikoni Aiabi GiR4i, AIA\A C- POWA\IIIZ Rufat Aslanli A&PIFA S LIL RIs Isabelle De Stobberleir CABINb'I AI.,ImRE ALABI Hrid1 Heschl VAIL IS)N BANE LIE) AZELEAIIAN KaraEl HI' N/IELN IN)')KETC Arif Goi r AE Annia 1'. Rusetskaya CLE.SiANIS A I'AIINIsTRATII'N LAF Zachari Baha Bodv F18111r HUIZ' LRB.4NI I ON Arif GLiliVCV BELIE ELURI A) BELGIHI.f CEBINEL SPA BABA BoHm 18i() ~~~~~~~~~~PRULWtII'ERHOUS'EC ()(PERS VairG.BukStephan Legein QU'ENUAI Georg Schiima Rw'nGhrrVladimnir C. Biruk SehnLgi LE'LI P1 IX' SALlIlA R 1 All EhLIS' R BEvil)(1Rt I \N' Cos IAIE'NITI li ( 'I C( iSAiS AlIILNAITRATII iN LIE Luc-Ni. C. Gnacadia KiwZ SI HI.A4 IVAI I FNTIN, PRIi AEITIRIIOLS C'ILIPERS PEROEFFSS1INALS IN CRISIS B I IIuINi IAIOTEPH MElRgang NLeerIic NlushfigAliyev AIANAIA,ILNI NINBIRANKREETI Hugo Callens Jacques Nfigan NVolfgang Nles,,eritsch PRIE LAIAIERHUEI'sLC()(.PERS Vassili 1. Saici FLEGIS JAcQAlIS AlEL.AN L,AiL FIRAM iA71()X41'A hA.NK' ilL .41 SiL I R (.onte Hov F h Bob Jurik BOROAI I 1'0l & SA LEI Tim Roelans Jean Souroti Agossou GOnther Horvath PRI(L RH0USE EILFHII'AECII RS Alexanider Botian ELEGIS ORLRL NATI()NAL LIES L)I'I'E.N)ALLlI FEs TIES Al, PITNEItLILS BES I Ks,_A Vagif Abados B(IRVT7'nt l) SALLI Ludo Cornelis AR(HILTLiCTII1 El URBANISTES I)PRINI SALAINs HERTZLELI & Vasily Volozinets EELu))) IS AL IORNE'S Hans De Lille Robert Br-ugger- JIEILIlRLINN LA)) PILRAI B SLIESNSCONSELI LA), OFFIGE Alain Francois SAGA RE.WN S.A. PlNALPINI ICtLL7RiNSIiORT Alum Bati Galina Svromniadmikova ELFlt SALITRLNEIN Jacques Chareyre G\iRH SALINS HERTZLELI C DICSA LN'ILRNAIIIANIL GRLIILP Pamela R. Gonzales de FIDAFRICA/ Ernst Bieli HELI '.N' LAll FIRAI lIE L AI'i'ERS Cordova PRILEL'TERLIIL'L SECI L lPERS PR,L ElIAILEEIII IECLJOHLS Farhad Hajizade Geoinadiy Glinskiv L,II)NS Dominique Taty Friedrich Roedler SILAN1 HIELT/EFILI &1 DICSA LsILN, iL)RNA LAL GROil' DhGeedene Lode FID,AFRICA/ PRI].L;\ 7IE.}I ) . If ()O)IFRE FEILLI,3.1 N L.ALL FIRS) )i Lf IA iEI I IL AAERSK BENLA PfRIC IALIRHOU SECOOLPERS Peter Nfadl BANGLADESH Vitali' Sevrukevich Hiibei-t Andre Dumont Edouard Messou SI HIEN'PLRR RIT s)141 AN iAlLII DICSA IN.IEN'AVIONAL GROLL')P AI(Gi'LIRF) SAuls LLP PFI LiA \IERHICILAEo(IIERS Sohel Kasenm IL LAAIi''LITsPIA AEHUE1P Ulrike Laingwallner A. QASELI Co. / Oga Podverbnaya Didier Muraille Denis Cordel SI H()E.ATIIEIR Ri I HIXANIIII S \EDE PRICHIAIE \RTI()C ECO)OPE16 DICSA LI IL LNALI.ON' AL GROI P NBAIiENAL BANKL IF BELUILAU Den DTI - SLDV I othar WVachter Badrtil Ahsan OF LA4iI fLRS Jean Philippe Lebeau lean Marcel Gariador IV X .I.f TiiFiiI A. QA\LI H c ECI I ILE. /_ Igor Nlaziarchuk RALAIS LIE IU,S)iCh BOLIORE DTI ISD AZERBAIJAN PRR Ahmed INSTAR LL(I.isTL('s Ivan Verougstraete Francois Nare jasim LI. Ahnied Anastasia Bondar PAASII ~71ECEN'TRLAE I II s Ri-mQuES LIE Abbas Atakishi BASNIL A.1 S11I) (ONINiNELR LINEs INSTAR fLomi's Frank Dierckx LEUNiLN AfILILAIRE O LIT AZLEELS IN) ERNLA) NAL LABI Li )'. PLIE'LIIELHI)L SECTIOi)PFR ALRI ALNE FIREI Jasim Uddin Ahniad Eugene Lazarenkosv Tahira Shokorona BANK ' LT BNil.)AIEN)) L.II COIMPANE 7RI'S7 Koeni Cooreman BHUTAN 'AZIELS" INILRNA71(v4i L,IlL Nasirud DooIlah tvan Zhiznevsky PvLIEIIALELIIIII SLCLILIELS IERAsI!DI LAH C I) OL'LA}I A/wY( Is MIKHLL ANI PARTNERS Autrore NMons delle Roche Tshering D!rji Nadir Huseynbayov SKamsodGoolab Kanstantsin Nikhel PRICIIV ALRTIIUSECOOlIRS UNITEDhRail AIILN I LIIII S LEILI LIITI)) ILShaHsud Dou) llal'h LS MKIII)'PESL a eo Prakash Rasaiipv A(LEN( V f )R SI `PPf 7 T T}ff;1) IU LA.H C- Du(rL.41 AL); o(A7.IEb MIR11hi iNl PARTNERS LRI(. Lego RHtSCo1)PR s LEI( ... L UNINIT PRF) Al SI(I I/OR A.B.NI. Badulti Doulabh Nsan Aliesich Pt h. BA GCirunL Sergio PLiriin DLULA)) EL DLIILAB AEIcIRII Al LLsN) AWNL BE)) VanMLhar'SCILI IDHJL1Q! SEAL PACKERS Aiii SPo KarishnAa Lahan Aindrei Baiko PRIP( ILAlFRHI ARSECELS I.ES FIR f.4LI CIPA ARING .LL. KASAI HI).,lSAEN .N.47LA)N)I BANK liF ISlE Pierrette Fraisse A;tN7 GLundu7 Karimov .ASIII( LI) ES REPEULI I IL BL3ARLS SERVILE PIELiLc FPLEIEAL Sonam P. NVangdi B KELR CAl cKEN/zL Alexander Vasilevskv FPIAN4V ES AIINLNTRY O TRAIAE &- Daniel NlatthevEsv EX C(IL St L7 ILISE STrL B iKLR &Al' KFN71I 166 DOING BUSINESS IN 2006 Dawa Sherpa A. NMauricio Torrico Galindo Colin NMcVey Pedro Vitor Araujo da Costa Jordan Nlanahilov SHERPA CONSLULIANCY QUINIANILLA &- SORIA LANI OFLCM SOLUTLIANS (PI T) EsCRI70RIO I'E AII OCACIA BULGARIAN NATIONAL BANK BOLIVIA Sergio Salazar-Machicado LTL,. Gov'EA VIEIRA George Dimitrov SALAZAR 6ASOCIAEIIS, SOC-. Edward W. Fashole-Luke 11 Thomas Benes Felsberg DIsIIrsov' PETRoE ed Cu. Pablo Ybarnegaray Ponce ClT Lt IKE & A5ssCIAIES FELSBERG t ASSOCLADOS Kalina Tchakarova BOLIVLAN CUSTOMS Enrique Hurtado Akheel linabhai Andrea Acerbi DKinacov GoUGkNaKI, Milenka Saavedra Nluhoz SUPERINTENDENCY OF BANKS NMAG,NG & COMNIPANY FELSELER( E Ass5CIADOS Ks UICHuKov &- VELICHKOV' BUERIE AGLIRRE AND FINANCIAL ENTITIES Nigel Haynes Beatriz Ryoko Yamashita NMarius A. Velichkov Carolina Aguiree Urioste BOSNIA AND NIANICA BoTsEANA (PiTI) LII). FIscHER 6 FoRISIER DIIlI;J\, GoUIGINSKI, BUFETEAGUIRRE HERZEGOVINA Claude Mlojafi As)I'O;ADI,s KiLTIICTKOV c- VFLICHSETV Fernando Aguirre RobertMIrugger NBNIsTRY OE LAMITIR ANI' Rui Ramos de Olhveira Stefaniya Nikolova Fernando Aguirre Robert Bragger HL)AiE AEE-.AiEN LNIERCARRIIER - T1A,NsEOIE1E DJT\NGoI; GL'uI.NSKI, BuFETEAGtUlRRE PANALPINA WVEllTR4NSP"RT TIINTFRITCIONAL L-iN5TE KYUTTHUKM & VhL1(:WV Carlos Ferreira GCIRBH TNl Bakwena CR. 6 F RE/LAS' ~~~~~~~~~~~~~INI.LSTRIT I L,/EI'UR ANl' Caio Julitus Bolina Stephan Kyutchukov C.R. e-E Rom.s, Kerim Karabdic HOnME AFTTAIRS LAZZAREscIli ATv)(;AILOS D5N\'GOIO GIIUGINSKI, Diego Rojas ADVOKATI SALIH e& KERiSI yTHK~&VUHO C.R. 6eF Roas KARDE4EIC Max Gunasekera Cassio NMesquita Barros KTL'IIT 6 VEL/CI/KTIS' PRICEIAATERHEE 'USERCLIPIRI NIESQLITA BARRoS AIm'oADUAI(.N, Jasmina Uzova Alejandra Bernal Mercado Branko Nfaric MENIIER oh lus LABORIS DIING(I; GouGLNISKI, C.R. e' F RoDAs BRANKO e- VLADIMIR IARIC Uttum Corea KYu'TCHEuKT 6 VELICIHKIM Paula Bauer Velasco Nedzida Salihovic-Whalen PEEBdLh'tC ONEANDIMoN BORGEBS Alexander Georgiev C.R. 6 F RoDAS DLA VEIss-TESSBACHI Mark Badenhorst ALDVOS4CIA F CO)NSLNFRIA BTO;., K-NEAea , Lnde tSKgNOe Fernando Rojas Emir KovafeviR Cacilda Pedrosa Vieira e- PARTNERS C.R. 6 F RO/AS EAiIR KDPACEvIC L.4A FIRE4 Thata TshLukudu NASCIMIENTO IAIDM ED Darina Oresharova Sandra Salinas Kemal logic ROSercio Nascimento XPERIEAN-SCORFy BI 'LCARIA C.R. & F ROL4s FElDERAL fINISTRY OF LABRLTR Alfred Ngowi NASCIAITNTO sAIl ETS Dimitar Danailov AND) SOCIAL P01 IC LIcII TESITY (IT B()TSIIAPcA NCanfredo Kempff MNarcus Harwardt GEoRDG,ITU TODOREI 6 CO. CMR. eL E ROMpS Tom Kyriakopoulos Victor NMesquita PANALPINA Li iA. Alexander Pachamanov Maria Eugenia AntezanaV IKRP RoV. As & RAR7NER5 A.ANI(.A AhRICA JosefZech GEoRwEI; TI)0RO0 & CO. CRL4LFS, URCL'LLO e-ANTEZANA Emina Adembegovic BRAZIL PINALPINA LTiA. Mlarina alarinova lose A. Criales IKRP ROAS - PRTNERSerssay Carlos lacia GEORGI;Ev TDIAJR0I c' CO. CRIALETS, URCULLO e ANTEZANA NMira Todorovic-Symeonidis PRWB:ERHOL'iECrvrERs Bogdan Drenski RIALES, -~~~[RPRKA PR NR AEAU/IO P PDTICASTEROECIAERLIEDPE BoRgdIan DroskiOR o laime Urcullo Reyes JKR RIKAS 6 PARINERS AI'O'TAI'0S Leonardo Soares de Oliveira GEDRUITI, TIIIRoR 11 Co. CRIARKS, UEC FLTLG 6Y ANTEN,ANA Selver Zaim c RRTvicER ATIORNE 1S Alvir Alberto Hoffman SE( RTARTSRIT4 LESPECUA DO Stefan Tzakov AdriAn Barrenechea BANE(lo CENlERAT I)D BRESOT TRARALHO KAAhBouiio, & PARPNERS Bazoberry Nikola Jankovic Rodrigo Matos Tania Mara Coelho de Dessislava Fessenko CRLALEs, URCULLD 6- ANTEZANA LANSKY, GA.NZ(;ER 6 PARTNER CARGO Lo Iscs 1)1( BRAME Almeida Costa KARALEDROVY 6 PARiNERS lorge Subirana Castellos Bojana Tkalcic-DLulic Julia Dinanarco SCERETARIA LIE LS[sPER All I 0 Polina Ganeva ENI LDAD DE SERvIcIOs DE LAIVPERS' OGECT TKAcR:i- D RS id - IR11ALHO LANIATELL BLLGARIA INLFORAIACION ENSERBIC S.A. DULIC 6 PRLBENIC AI t ioDlGAI A- Ricardo Loureiro D\FOG.41)05~SFR.ASA CA. Ivan Mfarkov Francisco Bollini Roca Adnan Hrenovica SEliS .Silva A.arISio La; LECNo TT . P ENKIII, GuEvARA 6 GUTT/ERREN S.C. LRC CREIRT B REAU Mast/aLca Paulto Sergio Vaz Pedro AfARKLIVANM' PARTNERS' SEREicIoS LEGATFS Senada Havic DEAIAREST E ALAIEII'S - TRAM'SCARE),0 INEhRNAT'IONSL Svetlin Adrianov Primitivo Gutierrez LRC CREDIT BI'RERLA AIS TADIEos NMarcos Tiraboschi LFGS INTERCIINSULI - PEINKOI, GURIARA &Y GUTILERREZ S.C. Ruzica Topic Nadine Baleeiro Teixeira VEIRAN' AiIT')G4s AIRD M OVAD ANh,D PARTNERS SERVE-ILos LE(;ALES RuZILKA ToIPIC DSI AREST L ALSIEIIDA - ASSI 1i4I'os Vladimir Penkov Renato Goitia NMachicado Katerina Carceva AloIRSUSIAils Flavia Bailone Nfarcilio LItS4 /NTERCO.NISULT - PENKRYI. HERAIES GRULTP PRICRTATERHOUOSECOOP'IRA Karina Romano 'ELIRANo AlDOIAi)os AIARK) ITAM' PRAIlINEII NMariana Pereira Nava RudD Lazarevski DtEAREST EALAIEIL)A A-soIIAIDs Svilen Todorov l,Ir)AOCHFA 6 AsocLiII)oS PRICE LazTRHOUsECUOPvsSk AVTI;AI)I(S NMaria Fernanda Pecora L(ICI. cASSANIOV 6 PARTNERS Ricardo Indacochea San Monica Arruda de Toledo Piza VEIRIANo ADiS0;.4roS Totia Nladenov NMartin B OT SWANA DEAIAREST F ALAUEIIJI - -l MINISTRY oF LABOUR ANID INI)ACnCI1FA 6 ASEICIAIDOS AIIITIGAI'IIS Andrea Oricchio Kirsh SOC/4L POLL1 Ana Maria Luna Yaniez Angelica Waibale-Muganga Isabel Franco VPE,1 U CA.S/RO, CUNAH E Irina Tsvetkov'a INGEPENI)ENT AASRNsATkFs DEALARESI E AT-S/RiIA - ORCHoAI IAIsPRICREATE-RHOLUSECLOPlERS Jorge Paz Neill Armstrong AiL/,;sIAO' Adriano Borges KrasiiL lerdzbov ARA1SIRONGs ATTORNRYS Altimiro Boscoli VISFL; CAs7RS), C(:NHA F INFOCFNTER S. A. Ziga IDRAISRFST E .4LALEII - OCi/RChOl AnTIw ),SIlRA PRICEIIEATERRII/SECOGPFRS NMiguel Angel Jensio ARmsTRoN;s As IORNRIS Ai'I S11)os Andrea Francolin NMina Kapsazova MO)RENO-BALDIVIEESO Kwadwo Osei-Ofei Eliane Ribeiro Gago VINEUL, CASTR(), CUNHA t PRICEW4TrTRH(TL,REC(IIPGERS Rodrigo Garton ARAISIERONIS ATTORNEIS DLARiE GARCIA, CASELLI CRICC-IO ADEEII;SIN Ginka Iskrova MDRENO-BALDIVIESO GIuSIARAES E TERR.A Andrea Pulici PRI(CE AI ERHOLUSECOCGPERs Sharon Qoansah A41iGaI/'Is V'ISEL, CASTELI, C/NI/A E Radostina Krasteva Nfaria Cecilia Agreda Gomez CHIBAN\SDA, MSAK1GALEMRELE c ilvi Pg de CarlRIT CUIIIA) rIRD MORENO-BRALISVIESO COMIPAN Silvia Poggi de Carvalho Oimcmo AL)oTl(, PR],REWERII1OLSNECDOPERS DU'ARTE GARCIA, CASSLLI NMiguel Vertiz NMercia Makgalemele GLIAIARAES F TEREK BULGARIA Nikolai BozhiloN PRICEIAAIERHOLNSECOOPERS CHIBANI)A, AMAK'IALEMSELE A Ava Lo4kaL)S'v NI\LSI,ISTERs LLIGIScII GRCELDP Fabian Rabinovich COA/PANY Duarte Garcia ARsIl; N4T-(El; GANrIA BURKINA FASO PRICEIEATERHOEUSECOOPERS Elizabeth Macharia DLTARIE GARCIA, CASELLI Vladimir Natchev Hamidou Savadogo Liliana Ching CHlI4NTI4, NMAKG.SLBr5IL 6 GuI/AEARAES E TERR.E- VARI; NIat ILl, GAvadog PRIC:E/ATERHODUSFC(L()PERS CLOMIPANA s lARsI; N)TILG, G.INF'4 C4ARINEI L) Al OATS LLIASIDOIL Cintya Burgoa Outule Bale Heloisa Bonciani Nader di Yordan Naydenov SAIAI'DO;D PRICAATERROUSECOOPEIK K,NIGHI FRANE Cunto BIARISLAA BoLiAsN;o e CO. Narie Ouedraogo DuAR7T GAR(1.4, CASELLI Georgl Kalinov BSRREAU I BURKIN4 F4S() GuAI.AR.AEs L TERRA BNRISLAT BElY.SN/VS' 6 CI) A.io-AiLIN ACKNOWLEDGMENTS 167 Barthelemy Kere Anatole Nliburo Pierre Talom John Craig Gerard Leclaire CABINET I)rA;I AT C.ABINFT ANA1OLE MIRBLRO BEAC HEADQU'AR7LRS HEENlAN BLArDIF LLP, .MEMBER IN.ENIERIE & AREHITE(iTURu. BAR7HELE sY KERF Tharcisse Ntakryica Emmanuel Ekobo L)E ItS LABE;RIS Charles Nguleyara I itinga Frederic Pacere ARABINET THARCISSE NEAKIiIC - CABINELi ElKOB, Gian Fortuna IOSmI; n IN7FRBANK CLRRENCY CABINET WAvoc._rs DTING; KEN\ALDAN COINTRALClINe LID. 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L.;' FIRA; HEENAN BLAIKIE LLP, DEMBER limena Bronfmanl BARREA( III) B RELNI 'I ldrissou oi IL, LABORI5 LPatthias Hubert G( ERRERO, OLIOs No;; A I BE.AC -HEADQLAR7TERs FIDAFRICA /LE BEERA/IR11/ PRICI EAI;iERHO;L CSLIOOPTI-R 168 DOING BUS NESS N 2006 Sebastian Yunge Ive Van Nuffelen Olga Lucia Ruiz Jacques NMunday Adrian Obando Aguero GUERRERO, OLIros NovoA r PANALPIA CHINA LTD. PANALPINA S.A. CA3ILNET NTICrR OLLLK AROGADOS ERn.AzuRiz Zhang Hongsheng Rodrigo Prieto NMartinez Ambroise Kamukuny Pedro Oller Diego Ramirez PEOPLE's BANK OF CHINA PINILLA, G, NVZALEZ & PRIETO CAIBINLT TsHIBANC,U EL OLLER ABOG4AOS PAN'ALPINA CHIrL Xiaochuan Yang Felipe Arbouin AssocEs Freddy Fachier Sebastian Diaz PRICEI5ATERHOLUSECOOPERS PINILLA, GON.7ALEZ PRIETO Lambert S. Djunga PACHECO Co-o PRICEnXATERHOULISECOOPERS Rex Chan Carlos Felipe Pinilla Acevedo DawNu, e6 RLsAsi Aleiandro Antillon Mlaria Eugenia Sandoval PRICEtVATERHOUE sCO(PIR) PINILLA, GON7.LrZ & PRIL IO CONGO, REP. 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Niranda Lucia Cordero-Ledergerber DUma Hitrec C/EL H N.ILirNAL BANK Jo/AN BREPI E CC-Al4(VI) A FALCO.NI PrrIARi,AESDOS FRNST C' IEL'NI; lorg Nurnber-ger Christian Andersen Xavier Iliarra Falconi Puig ELgen Zadravec l)LA lVEiSS-TER IA HONA, ByIuN DHImImt A MARRA FALCONI PtIG ARoG.D)iiS Li 5,15 ZAi)RAl i( L,aA FIRMi Vit Horatek Christian Guldmann Fabin Guzman fuan Carlos Gallegos tlariian H-arizekovi Gi AT/DI A A CO. LAii OLEILE' KF RIIANN RTiMERiC GuZAIAN ARI/z GALLEIris c VALARF7/ H4AzEK( RAARPR Louise F/ramtp Simonsen Sarah de Leon aulina Montesdeoa Dr Lidijla Hanzek Katerina NVIodarczykova PaunaNote KREIiIANN RLU/iERT HEARIIFI K RizIK .4EiARE/ A Bustarnnte HROK GiA/zoI A Coi. Lni OFFIDCEs PRAIUT Slette Hedelund Ibhomasen FLiNAN'DL/ AEAS HI'R/4A'D A ALACIAS StefaniLia CukmanL Rtiena Trojankosa KRI.m INN RL AIlERT Clauidia Roca carlos Enrique7 LINSKIA-ERS C' ARi I INI E lorgen B. epsen HU,lAFII K RiziK ALkARE/ AAODA Sania Juric KR( ).IANN RELyAlER7 /rRN4H jl:Rl( Lk~~ hPRESLoidek Vrana WlrdSeirHeinz Muoeller Freile LINTKLAELERs AI IeAN( r Henrik Stenbietre HIlf redo Senior A.OL MULIR, GCriiEz LINCE A CLA MtarIla Haramiia HARORKIE/NAA RELAI/RI' KORPIR 1 HA IARAMI,IE APNlartina Pavelkova leppe u FERNANI'EZ )ote Doran PAINAi IIN i C/RED S.R.ir leppe Buiskov Mlary Fernandez Rodriguez LIvIFLL R, CDRz-I/NiiE A- CIA Irmia lelsic HuseinKR,`NNR ms IIIv FIlMi HucAN'/KI R, Robert Broigger HEADRIC K RI/ziAi, ,AIALz A Santiago Teran Nlufioz RAi*KIR. Ii C' PIRFNER( PANALPINA WFLTI-TTRANIPsRI lorgen Kivrgaard NMadsen FERNA.VDLEZ AfMOELLER, GOAILz-LIvCE A, CIA Hrvoie V idan CmILH K/REKIANN RELrSERT lJtan Carlos De NMoya Chico Fernando Coral LAIl Dil I Ailia IN' Vladiniir Ansbruz Kurt Skovlund LAN(A A ABI.ADER PANALPINA C'). OFFICE DIAz-DuRAN - Asoc-t4Dos lbrahima Diakite HONDURAS Brian Barroni Csaba Pigler Juan Pablo Carrasco de L,4NDNET Enrique Rodriguez Burchard BAKf R c-Altt f ltK zi- Nt(;t- Es TRnc( itN .NYI LAtA OFFicE DrooteRAN &Asiti- RobertBal AiC),sA/O I- A.SESORES SRL Patrick Voing Tiri Melinda lAERr-s Gt'INEs S.A. Armida NMaria Lopez de JOtHNSOt SIFOKES 6 NL-STERc N4t, EiS TROCSANYi LAii OFFiCE Juan lvlanuel Diaz-Duran rguel DtAz-DuRAi-itN >4A0StADOS Paphiah Selvakumar ArgAL4o Tammy Gob GahorToth AtiA-RSK LocisTi-cs GCuINtEE SA ACZALAW JIN)N STOiKE.S 6 AtSin-R OtIt-FNHFiI tS TARSAI, Gabriela Tenenbaum Gustavo Martm Arguello F.K. Au FRESHFIELDS BRU(:HAuS LEXiNcttRP Alpha lbrahima ACZALAIV Arguell FR. 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Kestutis Adamonis PRICEMATERLFO1SFCDDPERS AIARK :4RTE & PARTNERI LAIT MOGHAIZEL LAW OFFIELS SEIRAINFN LAIr OFFICES Olivier Ribot OQEFICF Ignas Puluikis FIDAFRICA / Dania George ACE LOGISTICS LUAB Renata Berzanskiene PRICEIcA/ERH11ISECOOPER, Cameron Greaves PRI(CEI`,4TERH)'SELCOOPFERS SORAINEN L.AN OLFI( LS PRICEIIAIERHnOISECOOPERS Kazimieras Rarnonas NMichel Pain Bassel Habiby BANK Op LiII-lIANIA Bronislovas Mlikuta CABRNET AIAIIRE MRIHEL PAIN Zlata Elksnina PRICEIIAIERIOI .SECOEPFRS S7AII. ENFERPRISE CENTRL OF PRICEIEATERAFICUSEC!OPERS Mlarius Navickas RE(GISTFRS Njliva Razanatsoa Nady Tyan FORESIA BISINtF-s LAw!' BA NQUE CENTRAIE LIE lize Abika THE LEE OrFFICEs oE TiAN > GRO1111 Edita SLumskiene A-LAISAG;AS(:AR SEIIUR.A - UIDRIS ZIS-LB SIATF ENIELRPEISE CLNIRE (SF Agnes Zlronaite RLGISTERS Zakazo Ranalvoson Ziedonis UJdris LESOTHO FORESTA BulSi,%psS L4Aw CCARBINET LL CONSEILS SK &1 [ E FRSDRRIS GR A B A Rasa Lubauskailte SKUDRA I LESOTHO G~~~~~~~ROU CE IENTREERIsEs Edgars Briedis Theodore Ntlatlapa Turgila RutomskienTHE CIS FF151> DEPARTMeENT SCIRAINEN I-tA OCI-icFSDNTARCHITECS Jurgita Rtomskiene -NIEFR THE MEFNISFREFIA Raphael Jakoba SISRAINEN LAIF OEIlCES ONTARCIAITECTS INE(INRANKAr LAB FINAN.E CARINLI AIADAASCAR COINSLIL Eva Berlaus-Gulbe Thabo Nlichael Letjama Giedre Domkute INTERNATIONAL SORAINLN LAr OFFICEFS LLSDOTHE REELN1EAF'I7HORITF j. JASINCKIS 16 B, V\ TDRIA MACEDONIA, FYR lustin Radilofe Janis Bite Pieter La Granige RlIL'IFNIS, Zlatko Veterovskl (CARsri. F RKSFILJEFE SFtRINEN LA11 OFUIES ALA RICA AFRICA (Pr) LII. Audriuis Zvyhas CLEsTIEi> AI1SIINRSIRATION Thomas Reynders Gints Vilgerts Qhalehang Letsika LAIF FIR! "BR RN1IAS M Nlarija Petroska CAEFCCII! ANLD CEFIIEANF SODA4NEN L,I OFFIC:ES MEI &A AlE! .4 IIRNI AS INX. / G1 FSIESKA Gl IlIIE ECI FNOMICI. CHABIER OFI IE r N(, INC. Tr aNAION1Ai SANIERSITE OF Egidijus Bernotas ALICLI(INA]! Jean Moutton Brigita Terauda LFSorpto BRAIgiEa L.EAII OFi-iD S LAIF FrIKr "BERNOIFAS & Theodoros Giannitsakis FTL AlAISAC,ASCAR SEIRAINEN LAIF OFFICES Relebohile Ntene D(AIINI% GLISIIELI!) IKRP REIAS e & PARINSRS Hanta Radilofe Girts Ruda A-lINSTRI OFI EIPLEFIAIENI AN! Dainius Stasiulis Biljana loanidis HANTE RAIIE oFE LAiv OFFICES SON-lINEN LAWi OFFICES LARDR? LIIE FIRS! -BENDTAS & LAIF & PAFENF OFFICE JOANIIIIc Rakotonianantsoa Edvins Kapostins Tseliso Daniel Makhaphela DomiA F .SA GLiTIT EA ! II STATE LANIA SERVISE OF FELL AIMISIRI OF L()A.AL I F Dejan Knezovic, Esq. AICI (MAIIAGASCAR CONSEIL REPRBLEI OF LATIFA GOFLRNAIFNT Dali oigt LI!1 OFFI(CE KEE7ZFICI: INTERN4FIFONAL) I.AIF FIREi D.FoII;T ANSS ASSoCTAFES Danielle Rakotonmanana L,;BANON Deborah Nofolo PIRINERS / REGIIJA LEBANON M~~~~~~AlDEDLD, TAC, - THARLANE AN!! LAInd01g1SF PEFEcCuDSK BuREAI CE ALIASAGASCAR Salim El NMeouchi CIIYFAN SF Mi ndu g). FV(ai ciNna L.aja Dra os'ska RAKDTDFAAPA EF AS -I'L,*r . oK BADRI e- SAFIM EL AILOECHI Thabo NMpaka PSRRNERS / REGIJA Valentin Pepeljugoski Jules Raf LAIF FIRA MPI4KA CHASIRERS Darius Zahiela LAI,, OFFICE PEEI-II'; 'IIsKI SDO A1ADAFFASC4R Nada Abusamra Keketso Maleka L4F FIRS! ZABRIEL, ZARIEL.AIF Zo!ran Andonovski MALAWI B,AIIRI & SALINM EL AILECEIICI NALEDI CHASAMBERS & PARTNERS L.AIF OIFFCE POILNEAK LAIF FiRAr INC-ORPORATED Ilidrc lonaitytc Kristijan Poolenak Krishna Savjani NMazen Rasamny Thakane Chimonshe Lii)EIE-, Pi-TRAESK.,! VCLAIUNASo LAIF OFFICF PFILENAE Stuart Forster BADRI & SALES! EL AMEDLnuA NALLIE CHAASBRRS IR PARINFIIIAl' BlITTIH HID!! CODrAIISSION L4AI- FiRm: INCORPOR41L11 Rolandas Valiunas LAIn OFFICE PovLEski Anthony Kamanaga Raimn Aoun Palesa Rhahele LirFIKA, PESRAISKAE, CAIEsLrLEs MINiSTRF ECY Jl'STRCE BAlD! & SAcT!k! Ft MEDICI NATIOINAL LTNIVERI IE 1OS F IR PARTNERI.A1 Zlatko Anletsvski LMAo FIRS! LAi,,rERS ANSISVKI Tenmwa Nyirenda LESOTH( Ramunas Petravicius NYFRENiAA 6 MsISHA Choucair Najih Thabiso Ramokoena LIIE)EKA, PETRAVIKAS, VALIUNAS Irena Petkovska BANQIE DI LIRAN NEDBAEK IR PARINRIFA1 LAI'FRs ANI-EI,SKI Mark Badenhorst Samir Baroudi T. Ntaopane Rolandas Galvenias Ljthiica Ruben BARoUDI E 6ASSDCLEAES NFDBRANI LirErKA, PETERALSKN, VIEALD1 NIS AlMNS LEt I, Jim Ghobede lean Barotidi Lindiwe Sephomolo IR PARINfRIAI Biljana Cakmakova PRICEIVATERHOUSECOOPkKS BAROE'II! & ASSOICIATES ORCANIZATIOIN A,s(!Eu IOEIN OIE Ntlindaigas Kiskis AMENS LE;Ts Kevin NM. Carpenter Georges lureidini LESFInF EmPLFSYFERR AND LiEPLAPKFA, VAFLIUEAS Valerjan Nlonevski PRII:E IFTERHOUISECOOPERS COSERV SARL PANALPINA Bl SINESS IR PARINLRLA! AlMYNEkSKI LA!! FIRS! Jai Banda AGENTS Thuso Greeni Laimonas Skiharka SanjaIliovskaNfadzovska SAbRANEF, Gol,, & Co. Samir Francis SECHABA CnNS'L7ANTI LI'EoKA, PETRALShKAS, VAEIINAS na llnv Ovska IR RARINERIAI ~ NATIENAF BANE 1SF THE Roseline Gramani FEEII,HI LEADER SARL Borenahabokhethe Sekonleyla REEP 1 IC lIE AlACED INIA SA!EANI &ASSOECIATES LAIF FIRS! Mario NMihanna SEKOYFLA CH INIURES Vilija Vajikute Pavan Frosina Celeska Ben Ndau GEORGE J.A13RE & Aso( mi-Fs SSOCLATESLI IFIKA, P I RAI SKAS, CALI1ENS,i - GE()R(.EJ4BRE C ASSFIISYFFFS ASSESCEATES Dll mRFNSRIAI -/K.4t -rASl -ll NAPIRTNs!E B.4.A K S 1IL m: SAANA & ASsIIFITFS LAI FIRS! George Jabrs Nlathias Sheeran RFPEBLIC OF ALA(ChiEIONIA Duncan Singano GEoRGE JARRE C ASS!OCIATES SHEELAN AND ASSOCIATES Dovile BurgieTne Rudi Lazarevski SA MAv & ASSOCEATES LAwF FIRNI Nahil Mfallat Vuyelwa Kotelo IK PARPFIRAS VAI PBl(k\t:4TFRH()LSIConPkRS Krishna Saviani HMAN AILLAT LAWF OFFICES CAM KoTFLO ANI) Cs . Saruine Smeleviciute Katerina Carceva SAV-ANI e &ASSECEIA7 Es LIE FIRS! Georges NMallat Lebohang NMolete PRICFAIATERIIOF!SECOOPERS PRICFI!:ATERHOUSECOOPERS Andrews Katuya HiAM MALLAE LAW OFFICES VEBBER NtAvDi(.47k Egidijus Kundelis Zoran Cvetanoski 54VMAIVr e ASSOoCIATES LAtI FIRS! Padv lamaleddine Victor Miesquita PRICE -lEARTLHIU SECIIIPFERS STAlE ALTHORITF FIlE GEODETIC Shabir Latif JASIALEDDIOVE LAWF FIRSM MANCA AFR!CA Lina Nlockeliunaite LU1R h SSCR.N'IE GolE C Co. Georges Kadige Erie Koomets PRICEl ATERHOUSECCOPERS Charapich Sinisha Bansri Lakhani PR!CEIAAAEFRHOUSCCOOPFER5 T IR - LI'IF RNATIONAL FREIDEIT SCR ANIE, Go!! &- Co. KADICE & KADICE LA!!' FIRM Kristina Bartiseviciene FOIRWARDERS Albert Laham NMark Badenhorst PRICEIG7I-RHOLUSECOOPER, John Deans LA!! OFFICE lIE ALBERT LAH.AM PRICEI!ATSER1OD'sECSonPERS Jurate Stulgyte MADAGASCAR SDVS AAAWII' Toufic Nehme Mathias Sheeran PRICEWIATERHIOSUECOOPERS Allain Hubert Rajoelina Eggrey Mpango LAIF OFFICE OF ALBERT LAHASA SHMERAN & Asso(jxi Es Nfarius Urbelis NMAITRE ALLAI. HLBERT STEIT ISFORIAS INTERNATIDONAL Fadi Nfoghaizel SORAINEN LAiv OFFIcES RAILELENA RhSmOVLS MfOGHAIZEL L,AI OFFIcEFs ACKNOWLEDGMENTS 177 Samuel Tembenu Chia Chee Hoong MAURITANIA MEXICO Jorge Leon Orantes Vallejo TI- ELNi.N Al t'I Co. Z 6-IN CO. GFoIuRI(.H, RiQ /Erl.LA A Naoulaye El Ghali Ould Oscar 0. Cano AsN, IAIR)s Nliarshal Chilenga J.AVilfred Durai Ai)E.ATH Lo(;isTicS SA l)t iCl' TFC P\RICNETRN ZAIN & C-). Aliou Sall Jorge Leon ArsstuRim Perez Mtartinez Alfonso GODRBCICI, RIQuELAIL IA Ralph Kasambara Wilfred Abraham ADAIINIIALICION PORFUAREI AsoBmI-iBs U16NIl ERSITE IF AI,-iIi'l Zu'r RAFIQuE e& PARTVERS, Menna Ould Hamoni INTFEGRAL LIE AEFAN4NILL0 S,A Alan Chiinula Alib 1AE c', SO)LICITFIRS B-INQI'r CENIRALE LIE LIE C. 1' Tatiana Ortega IAlIlRBEANIE, GooIIRILH, PIQUFEEAIE It AII lIi PAULNFEE Hector Alejandro Gutierrez ABi/clIlioi MALDIVES Ahbaed Salem Ould Foente, D. A. Rasel Mohamed Hameed Bouhoubeyni AiL,1N TF47IIN GEuNERAL OF Cristina Sanchez ['rtiz 1lt'tOBN ClIOR ilN ANIoCar Airle i HaENeXd i C4INETr RB!IouillE t~;I CF Illk 70[Si N All-IRIAN., Lli'E/IAVLL, S-Ii.NFN AI, RA ALLDIl ESP~ . I I, Cheikhan i les giaoDaqePL IZiRO-SUAREZ MALAYSIA Abdul Rashees Ibrahim Cheikhani AlesTkF JITIE BIgnacio DiaqKe Gustavo Hernandez Gutierrez Khoo Liong Chuan Aml_ar lohamed NMoctar Carlos Grimm R'NALPENA A/MEL 1) JiV-RIH/-Eir Si N. B/iI. 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LLP PR(('io i/i iiEEOi'I ill i//EN Amadoor Camara Coliniere Enriqoe Nort Cria Mlighiliova Li/i!! i1/ AIA1IRE AlAiRiul DE C A!i/IACl!NI! 6 KoENAi6- Ci AIINi!i,N NA/ IIINA B3AN!RL BR1CM I~K oor tt Wan Henig Choon CAtA-EtI. FIlE l ir IE -R Ru lIM FUN/ill Lii!FFE/l PRICi AIl lIlNC I)F/PERN Alassne Diallo Thierry Koenig c- P4REINER Peter WMee ELr LIE IAICI DIAIEL( AL.r-INNE Dt CGLAR IN]) & At)Nlt Articr A RoBEdro Nikolay Shadrin PRio! EI-iA\S'4ltRCoi! f NEC!FIi -lean-Pierre a l-ntiontocchio BFiONEF L1RNEvi Lo/PEER REEI) -IE RI Ij Djibril Guindo EluLt E.LN' PIERRE H6ctor Kuri - 1`41N/RN NVvinee Tan tURIIElFN CONSEUF SCR-A AlONFI(Nni COlE 6- BEERNiAEI! GALINIA ) RP,/CFE Celac Olga PRIFEI'FI ill R/10t NEC!! )PER' Aida Niare-Toure i! HL nAtAl I IL V'ILLIERS Carlos Chavez BRCOBSKo U'Eov LoiliPER RrE) Chin Sin Laoi I//RIFIS CO/NSU'LI SCPA Catherine de Rosnay GAuR IA I ROPLES 6- PACFRN'FR R NSLFIA' LiONiv Diop i\lohamed Abdotilave LEGIS 6- PFR/NERE Juan Nlanuel Rtncon Glebb NMorozov Caesar Loong SlDV AL/Is Robert Ferrat GALICIA I RiiBLES BROI SKi LNUiKrii Loopoii RP/iI RPAN!AN CLiliN,; NA. Domptail LE(;!, 6 PARTNTRN Nlanuel Galicia R. c- P4RFNENRl Nlelina Song SItV' Al-i Parikshat Teeluck GALICLA I ROPFLI' Alexi Ghertescu RAN/LAN - Loi)N(; Fran!iNis Nare AlA/iNR LF,RiTNicN AIAIEIiI71U Teresa Gomez Neri i PAR/.NI' F'li L Ng Sxvee Kee CETiRALI lIFs RPIuNyI I)E LTI Guui)Rii, o RiO(i:LAIlE F' SillA AN DPLoIAiORE C- C(. I llIA AIN NFiAiE OI'ENF Yeung Yin In LDavid U4l NI! David A. Brodsky A/Ri!AINF,AARKL,iTc lU1I` BCOINKi LINK!!v LoOPIER BEE!! Jong Son Tzan AFIEIiNK LilSFli N All! CIIF N David Enriquez - P-IRCER/! SHEARN LIFI A/liRiF 6 Co. lean Alarcel Gariador Goc/ C IRICHi RiQFELIIF F A Slo u BoLLORF DTI Wong Chung Toi ANoF /I oos Irina Verhosetchi Lim Koon Hiuan BSAIB LEI~Al. COUXIELBL CS S,RIN!i Denis Cordel AlAI Ril IUN PORls Ai'IIO(Ri7i1 David H. Brill Elaine, o SDV' - Bii( I ORE DTl Bert C. Cunniigham Goolulllcii, RiOrE LAI I Naxinimenco Serghei ElaineHi AliEvis-NNC o FNAN'E/ClUNFAls AsNl IAIIANos BSAAB LE/Al C(iEUN/l WCIT SECLAE MARSHALL -INO Exi iSE DEPAR7'Alt/Nr Eugenia Gonzalez Sirghi Viorel Wong Chooig NSah ISLANDS Shakeel Nlohamed GOOI'RI('II R F/AlTIE V BSANIB /oi.i CoEt ANFIiotEs SKRINI Philip Welch AloIiAiALAI CHACoAIiF,R L.4ul Asi,( i I/IN Nicolae Vilcu Yon Chanig Sl(iRRiNEN1iA N SHIPiPlING OFFR Es Bill Krvzda CUr NFAlF Si ii ii E (It THE Dil - PRluINERN A,.IAi( I/N Robert Bigaignon G(joiil Ri( H. RiiiF/IAIE I REPEi'lo( (i1 NIi OLI)FiIiA Leoniard Ycoh Kenneth Barden PRiiiE lA LRIi NECiiPFRi ANO!! iAI,iN Veacheslav Shokin 1'ii c- PR I .\LEN1 AIlAisNiE Ir FLINAN( E Didier Letrette CoNS()ALIt,46R(C'(1It RAL PRIiEhiiATERi10N CCOPERIF PRO/I ' P AIA' 'ENlIENA1 LNI I 178 DOING BUS NESS N 2006 Liliana Sirbu Mt. Odonhuu Andre Couto Willeni Carel Kotze Ruttger Schimmelpenninck FIRST CADASTRE PROJECT Tsr is LAIO FIRSM H. G.AmrITo, Coulo, GoNU.4AVI.S PFE KrEP & CO. Hou/THOFE BuRUEMA Alexander Turcan N. Zorigt PERACEIRAO Hennie Gous Henri Bentfort van LAw ODEIEc OP ALEXANDER TCUSHIIN COMPANM LIMn EL) PRI(.E1AAERHOIOECOOPERS Valkenburg TuFRC4AN Reginald Webb Adrian Frey HOUTHOFF BuRuwA Carina Turcan PRICEIYATERHOUSECOOPERS JOSE CALORIRA NASSOCIALES NEPAL Jaap Koster LXI' OrFICE OF ALEXANDER Orquidea Palmira Mlassarongo Prem Shanker Shrestha HOCTHODE BURUMA LRGANv MOROCCO fOSE CA! I)FIRA & A5,soCEIAI CREOlEr INNFORMATIOIN BUREAU Natalia Lorenzo van Rooij Victor A. Levintsa Youssef Berrada Louise Alston .ll. HOUTHIOFF BuRujMA LEVINT.S. C- ASSOCI.ATES E|OSE CALOEIRA & ASsC(YATYS Puma Chitra Els van der Riet ADVOCAYE Youssef El Fallah Rene Bijvoct ABA XINOROC-(( Jose Caldeira CREI)1II INLrRAiALION BI'REAL HuiT-HoLE BlURlUA Rene Bijvoel loi, CAI EiR4A A,soI iAIhs LTD. PRICLIlYTERIIOIASECOOPER.S Mvriam Emmanuelle Bennani Jamila Tib AMEN' HAIII C- ASSOCIES Jennifer Garsvev Madan Sharma HOI'YHO m BURIA Nelea Moraru Asso(IAYON l1AMICATS KPNG ALuITiLoRIA E CSC & Co. PlICEIL4ATYRHOL SECE(E)PERS CONSU LYIrRIA, SARL PRICI hATERRHOUSECkIOPIERS NMarcel Willems Alexandra Placinta Amin RHall CAIlSOCIK5 Manulel Eduardo Guta Bodhraj Niroula KEMVEDY VAN lIER LAAN PRICEIAI7ERHU)ESCOOI'ERS AASYLICI N IA)O AI.AS AlANI,ARTE CONS IL1CCOl LIA CUSTOM OF NEPAL Taco de Lange Gabriela Cunev Abdelmajid Khachai NMaria Joao )ionisio NMegh Rai Pokhrel PRICEIYATERHOUSLCOOPIERS BAKER & AICK-NˇIH., WIVNG AIIRANIDA, CORREIA, DHRuIIA BAR SIN(,H TILAPA C- A. vail der Zwaan Andrian Candu LEIYo AMENL'OEIRA C& ASoc-iAOS ASSOCIATES ALAER.'K BENELUY B. V PRICEIAVTERHOUISECOOPFRS Ahnmed Lahrache Rodrigo Ferreira Rocha Kusum Shrestha Michel Gadron Nlihaela Nlitroi BANK A-MAL-IIRIR AIIRANDA, CERREAI, KustiM LALY, FIRSi AL.AERSK BLINkUX B. I PRICEI¶ATERHOUSECOEPERS NMaria Belafia AMENI)OEIR.A C ASiocISAI)Is Sudheer Shrestha Eugene Witjes Svetlana Ceban CARINLT AIAIlRE BELl!.! Pedro Erne,to Chambe Kist.rst LXI-w FIRex AIINisTRY oF HouSING, SPATIAL AIO(.IR (lo SARL Shrawan Khanal PLANNING; AN!! S HE PRICEIYATYERHL)CSECOOPERS Richard Cantin ENVIRONMENT - GOVERNMENT Pirnevu Ruslan CARINET NA( IRI C AssoCiFS NManuel Didier Nfalunga ALK. NIRASAN SYIIA PE 1. Li D. BLULDINcS A(GENCY QUFI'YENRERC;ER-HELLA!ANN Hicham Naciri NIIESNAItvoDR IOIRAIR OP Matrika Niraula W.R. Bremer AFOLl)E IBA SRL CARINET NAIRI C ASSEHSEArRE;isii ANI NoYARIES NIRAUIA L.AiY CHAMBER AILNISTRY IF HOLuSINGL SPATIAL Octavian Cazac Assroti d Paolo Pimenta Bharat Rajupreti PLANNING AND THE Octavian Cazac Anis Nlahfoaid PIMYNTA, DNiMOpc E POER14AOCATENVLRnNA(ENT - GoVERNSIE.NT TLCRCAN C- TI'RCA,N CATS BRRFAu FRAN(Is LEPERllY; ASLOCIAI ((, - SOC )4rAIY IL PIONEER LAIY ASSOCIATE BUIILL AEN,sA,INcy Veronica Bradautaniu Frederic Elbar AAo'AeoP Devendra Pradhanradhan.r Tl'RCA.N C- TL 'RA.N CAIS BE!REALC FR.INULO LiE PYIRE Nlark Badenhorst PRAHINIAl.AT' & ASSO.IA YES bOOSt CuiApers MONGOLIA Nadia Kettani PRI( rLA!471RIIOUI E(lOPERA Iurnma Man Shakya Am,N'' EN!!PiOYMPIENT KE iANi L.AIw FIRS! Nialaika Ribeiro RILIAN4:E LAIL FIR.I Paul Huiezendveld Batzaya Bodikhuu Acdine Rettani PRI, EElilLERHE(E SI COOPERS Ashok Man Kapali AIINOSIRE OF SOCIAL AFFAIRS KLNETAii L.An FIRex laMaia Isabel Fernandes SHlANGROLA FREIGHI P T. LY!. ANI) FPOSYMSIENT David Buxhaum Nlha.e C A PIoAdEi) ATERHU pCO U LaERS NETHERLANDS leroen Holland ANDERSON Am)L160N Abdetjalil Mvariam Bihi Unsarjii NAL UIHTON Enkhtuya Nichibuu AIOHLAIIAML MEHIRI IBN SA CONSCLIIORIA LI Narc Abraham laap-lan Trommel ANDERSEN' C- ANDLERSEON ABIRELIALIL I.N'IYS lIMENI)s Li-.I BRAi.4A KuTTNER NAuTA DI1'-,LI .ATTORNEIN Davaadorj Nomingerel Reda Oulamine Alexandra Carralho Duuja Niadunic Richard W. Bakker ANDERSON C- ANL-ERSO)N NAIRiLI C- AssociEs / GuDE SOLE PREACI IIElN'R BRASA KLTYTNEI1 OGLAN-TRANS INTERN,ATOLNAI Batmunkh lavkhlant LO)REl l NOOFI Agostinho Zacarias Vruma Rolf S. lelsma B\' ANL)ERSON' C ANOERSEON Abdelbvaret Kabhaj VIStAA COINSIRIRU(SIF L)A BRAi)A K[/ IYNER Frits Mfeijer IBRANI) FARRAR BIX RAL'S! ) PRF(el W,IIRPH101'SE IROOPERS Carlos de Sousa c Brito Hvlda Wiarda OTB RESEARCH INS7ITITTE F(R H-osi'AN'G URRAN AN!) AMORILITY' Solongo Zulbaatar Fatima Erradiom C4R1LS I'E SoIlS4 E BRII() C- BRONGEESO.T DUEIYR AIIvocTEN, SIES AN! 'ERSON e- ANDIERSON PRICEE!AFRHO)L SECOIPEER\ ASo(IIIA)() s LiEnil (OF IL'S LA4LOR/S (BRAN'T) FARRAR BL'XAI) Nlark Badenhorst Paul van der Nlolen Remco van der Linden Ulziideleg Taivan PRIN:EIEBTERiICSI'ATCuRHEERS NA ACA!AYRE, LIXI RE(;ISYRY BCI ASY!NGADISECIROSNVS CREDIT IN'PLRMATION BuRERAC Xavier Despin Chris Brandt .AGENC! ANI) MkAPPIN(; AGENCY Daniel Mlahoney SCAC ATARO( - GRnP SDI' ESEHRIS BR INI)I e ASSOC L,aEIS Barteline A. Cnlossen fan Carel van Dorp PRIC-EIYAY4ERHOCtfSEC)OIPERS L!iNLH C ALAHONEi Hans Gerdes Dn BR ALlY BLACK7sL)NI BLLASTINSIADVISIEE'RS NV Bayarmaa Badarch MOZAMBIQUE ENG,LNI;, STRII aIR C PARN'VERS S t 5 I Karin Schreuder LINCE e- ALAHONI E Ali Eduardo Barrote Eckart Pfeifer Steaia Sagel STYI(HIlNO BISREAL' KREI'Il Di BIiALuwBLA1CKSIYN) NYSI AI Elena Kaeva BARROIIE CONv5TRLTAS LIsA FISHER, QAERAIRY C&PEIPER WLSTYRIEK REGKIRALIE PRICEII4TERHOLUSECOOPERS Atiastacla Chamusse Herman Charl Kinghorn Peter van Schilfgaarde loop Lobstein Katherine Garkavets CENIDRAr l)E REGISIROS Hl KL\(;iR RNAsso( Lubs DF BRALIl BLACKSTONE STI(HlNEE BuRI,TR u KREDLE PRICEIVATERHOU'AECOOPERS CRLDImOE, BANK I~ (PsPOKRIITAI AfT7OASIEL'E Cr(F Kopplinger BVESYRoEK Courtney Fosvler L'RENIN7e C- BONE Nlargriet H. de Boer Hugo Reumkens PRICEILI!IlIILSL'SCI)LPERS Gabriel NMachado kI (ON COJN'EEIGERt A )I))((AS Hanno D. Bossau DE BiIACiE BLACE-STSNE VlN LENE Mfatthew Tallarovic AYSSOIACOI i EIS tNOA EIICAS 1)1 LIRENTZ C- BONI NPVSTBREIEK NEW ZEALAND PRICIFWATERHO)L'SECOOPRI'S MO)CAMBIQUE' Paul A. E. Wolff Emilia L.C. van Egmond-de Natalya Revenko Rufino Lucas AIANI1.A GRO' XNAM411I.4A (Prr Wilde de Ligny Jane Wilson PRICEYEATERHOU'SECOOPFRS CONSRECFIL Lo. FACI'LT'Y'()F TECHNOLOILY BAa-CORP Ai (ANTYALE Telenged Baast Christopher Tanner Victor Mesquita MA4NAGEMIENOT. EiNH EN Chris Gordon AMTT MONGOLIAN TRANSPORL FAO REPRESE.NTATION IN Al INX(LA Atres4 Irene Vloerberg FELAX LLC BEIIIN(; OFFICE AIS ZAmIQou', Reniate Rossler FACeLYe IP TEcrrgNLLGY Niels Campbell Batbold Amarsanaa Auxilio ELlgtnio Nhabanga PF. Ko(E' C- Co. AIAN.A4;E),IENL, EINDHOVEN BELL GurLl SCHOOL OF LA;,; NAIIONAL FERN'ANLIA LopPE) & ASSOCIAI)I)s Peter Koep TNIVERSITY ISPF TE(HN')LOEI)I Alastair Charles Hercus UNIVERSITY OY MSN'LOILA1 - Ail)% OG4A)5O PE KEEp C Ca. Glenn C. Haulcissy BL'I)I)LE FIN!)LAY NCLLt'SS AI,; OKATEN BV ACKNOWLEDGMENTS 179 Russell Lawn Jose Anibal Olivas Cajina NIGERIA Tunde Osasona Petter Bierke Bi TI l)LAn! - AkI SIl -HI 'A!4A Air R A O i A socIA'r s' ZAio GLC)B5AL LINKS. LTI'. TrOro.IESrS¶N KREI-IN! GREIE LAir N C7RF.r Ladi Taiwo Li'NI AS Gloria Niaria deAlvarado ABI QTLA T41i0) & Co. NORWAY Geoff Bevan ALIAAR!II 'YrAOCMLI,vS LinkVikanes CHAP.AWN TRIr'p Cesar Caros Porras Rosses Lawrence Fubara Anga Johan Ratvik THoVMFrrssr.N KREFTNmv GR IL Lester Roy Dempster ArrCArlos PArr .4SIAILOS AELE\ PARTNERS AOArvKATFIR.M.4 DLA NoRDIC LuND AS CL'N EIANCERs NZ LTD. Olu Funke Adekoya DA Bjorn H. Kise Mlaria lose Bendafia AELLLX PARTNELRS SviVoladcL. WtiGuAS Mfichael NicLean loepfer BE I 4 S4.' BrN4 ANA SveinSulland & BIA HESKEIH Hf H Rr Nonyelum Okeke Aior47rIRA1AET SELMER SA Thomas Nordgard lacinto Obregon Sanchez Alt T.o(!irHTDA c OKLKE Bernt Olav Steinland Vo".1 c" it,; AS Richard Wrison BU'EEI, JL'SIl'rr IO OwRpc', c IA( KYSON RI sAiL ASocIAI'Os Olusevi Abiodun Akinwunmi Ai'OrrKAFIRArAET SEIMIER DA Nlarit Havenoen Don Granit lHumberto Carrion AKI.X lUN I! e- BUSARI Jorunn Eriksson IVIKrB1R, REIN 6 C-'. LANLI LNErwRrAI1OtN' NPIV CARRIONL SLIiArPrRIRr C- Olaleve Adebiyr CRrEI'ITINFL! RmsI AS OMAN ZEALANID ASO(-IAI)OS ALI KLO & OYEBOIrE Lars Carlsson John Spittal Kenneth Gadea Gbeniga Oyebode CREI'II'TINFOR! AS Ala'a Eldin Mlohammed ZAL.N INFIRMA'ioN Nhit ECODISE ALI ;1; C OYFI 0E Vegard Sivertsen ABU(,HAZ.LEH INTELUCTUI4 Roberto Arguello Jobalo Oshikanlu DLLOI I L 6 TorL rRPET- Kevin Kelib Villavicencio ALL[ K!& QEBDILE TUHEAlcrr .NMansoor Jamal Nlalik LANi' INFISAMATIO.N'NEI- PA. ARLIA, 6 AlLxNOZ AL AL AIu, Al rNS Rrr JAMAL e6 ZLALANI I SY. Salami Aase Aa. Lundgaard C- Gtistavo Adolfoi Vargas AV'II''hARINE TR.AN'srORI DLEI OITTL C- TorcIii- Robbie Nluir EA. AREAS 6 AIlIN'07 ALN'LcIIS L..hriu' ToIALATSI Sohaib IshaqoLC LANI! lNEIORALII I',, 'NiNw AL AL AIr'7, MVAL!N OOR IA.!!Al ZL4N/ AN!'. Bertha Arguello de Rizo Dozie Okwtiosah Nils-Petter NVedege CL'. FA. ARIs4 6 Al' N")Z CEN'IRA.L BANK oFXNi(;ERIA DIREc IoL'AI, O.F L IS''!UR Neill Sullivan lIvsPrECTION Nlaqlbool Khabori LANI' INEORLIIl!IAIN NEIL Hernan Estrada Uzoma Oghooina AL KELABOIRI LE' AL ZEALANI' LFxIcNcoRi CHILE LAIr A(.r EZETAH C Co. Amond Fougner (OINSrULIAN'/S H'SF, !iR,MEA!LIl LIE lt L,litRrrSs `Varwick Quinn Ricardo Vega lackson Lawrence Ezetah R.E. Lalachen LN NI - lzErRA41sIIIIN NEIL' Ni' S ARLAUN CrUSTOIMS! SERVICE CHIEL LAwIr 4'L7rr11 e. Co. Thomas S. Farhang HI.4INE:AL .4.vsARI LE(;!I ZEAEANI' Ramon Ortega Francisca Agbasi KkIE 6 Cr. ANS CON'S; LFAN( I Stuart Barnard PR,IEIWIESHI'I sECOOPRISR CHIEA LA! .4A'!;' EZLFLA! e Co. Robert Romansky Nlohammed Ahmed Ajham NIINILR ELLrSON RlI IVATLS Ludoviso Colon Sanchez Taivo Ayedun KAILE 6 CO .4NS AlShahri leffrev lai PRI' LII IL,RH'l SECOOIIPERS CRLEI)rI RELISTRI SERSI( FS LTI-. Anine Ulset Sande JAN'ASHAL 6 SHLAIRI AIlN7i-R F/ii ON Rl mi)) IV S Alejandro Fernandez O.l. EhohonKIAE 6 C''. ANS Pradhnesh Bhonsale 41151150115115R~ IS' 5(1115 Alejandro Fernandez 0.1. Fbohon AARKSIPN L~IE Kate Lane PRI(EF' ATFRHL'I 5sCOOPFRS 1Dr AlIN'!EIhoI LUNI'LRSII I Tore Roud AIALSK 5HIPPIN(. SLSIIIEs 6 Ol'ERSsE As SiIILAN S CIA LLC AMINIER ELLIsO)% RI:lI!' IWATTS Nfario Taylor Samuel Eisk Ralan Karia Sean Gollin Ror 'I II El'K 6 L'RL'A Dag Halfdan Sem Rajan Karia PRI OSI IIE LOs All! 'LE E.A5 Srrr SHI.PIN Cr. Li IA Al!NI aR ELLISON RI l' I WATTS James Voughn F. 0. Akrinrele NlohsinAlHaddad Allen Bruford Ro'tli)ES E0. AKIN'REL e-6C. Odd Hylland A l Haddad PRIrEI-AIESHIrrSECC'PERLSc Al' Hs!N Al -HAIEAI'l e AMiL S NEZr Al A U4NI ('STF1IlS Carlos Bonilla Adamu NI. Usman ALr K!iT'.,i e! PARN'ERS SE5 1 E Sr PRIN\I'LNI LN(LA 1IL BAN( (Is F O. .4KINRELL 6 C-C. Knut Ekern PLIshpa Nlalani Philip Coombe 'IG1iSAN LNsII'IUCION'Ls Olufemi Sunmonu PRICEA,AIERHOI SECC IOPERS PRI(SE ATLRAL l(L'!SICI (Il'!ERS P4\.VALPIX4A i1V'(RL' ITRANSIPRT 1 INNA ILERS. FrFv! Sr '\'!!!IN r- ASc`I! LAE. MNlorten Beck Jeff Todd Peter Broce Jose Evenor Taboada NdubisiChuksNwasike PRIC EIATRHLI' I ECOOLPRs PICL Jf To HOdSECOOPIRS TABO.40A &sO(IAIIOS FIRSsI COI .'SLL FISRM Tove IhIe Hiansen Said Al Shahry Kevin Best Rodrigo Taboada Hauwa Evelyn Shekarau PRI(L, hILERHIUL'SELC '1 PFLS SAI' YAL SH !HRSi LAIr OFFICF PRSi ELuAIERHI FSEC(a()I,FSR TAR!'Al 'A 6 CA5D,L S H .A. SHIIAR( CQ C() Carl Christiansen Deborah Hatfield John Cuthbertson NIGER Samoel lS UilIah RSt'ItRrAiEOKATFIRI.T 6RouyAS & 1H4A%1LINS PRI' It All .RHOI St-CLOPLRI F i N HARRILTx GRO'I P Niels Kiaer Sarah Humplebv Gregory Tosvers FaoiNreRIMIE 6 Co. AM1' I KAl ERAIA TRIIEs6H iIs SIMPSoNGRvERSsON CENVTRALE LDS RIsQI Es I'E Tokunbo Agoro CAr TRouERS C H4.wi INS SlAIP%()jxrr'slls E()h LUNLION A1LNFTAIRS 0!th9 E kAll E A.rIORS1 CO. Rachel Nlenhermet AI-RRAINE ~~~~~~Finn Rime PAKISTAN Rachel Stenhennet AERII A!NL ~~~~~~~Nrr,ERIAN Cr sILE!IS Ar IHISR1I' Rcsrc 6 CrO.4' AM!KATLEIR.IA S!siMPS,\ GeIhenneN Jacques Chareyre Patrick Okonjo L7 !. Salman Nasim Sarah Walsh Fll).AFRICA / roc onm E Lillann Bugge A. F FLER(LSON r C(r DeepalNw,,\GRIRS INmr PRmmIC e ATFR1t'.SLCOOPLRS Raphael E. Emezie SCHI' 'F LA!w FIRAI Khalid F lahmood Deepal Kumar Dominiqrle Taty PA N'APINA tVORI II' TRANsORTS Class R. Flinder A. E FLR';ULO srv CI!- SIAIPLIIN GRIEFRSLN FIDAE4RICA / (Ni:ERLA) LTII. SLkI(NStN FOYEN Rashid lbriihini Shelles Cave ETolulope Olanrev.41a'I)VKALTFIRA.A DA A. F FER( rSoN 6 C'O. SIMPrSO'N GRESISIN' Edosard Miessou oooeOarwj FIDAFRICA / PrRI' L!ALTERHoIISFC()I'PRS Helge Onsrud Jawad A. Sarwania Kervn White PrIIALIRIIDI sLCD''LFRS Steve Okello STATFN5 KARI L'ERK (NORrT'GIIA\'N ABRAH1AM & SARWt!.ANA SIAmPsoN GRIFR[(,N NIslounkaila Adamna PRI-iLA'A7 I RootA! stC!PERS ASrPl NI,I ANI CAASTRF Farooq Abdullah Hershla Lfwersen Fati Kountche Ken Aitken Finn Erik Engzelius4sNA SIMIPSO)N GRIFRIE IN CABIN.ET EAr! KIllUNIl IE PRICE AlSERHOUI Al CLOIPERS THOAiMLEE' KSEgINe i fRE! E lasood Ahnied NMichael Cole Beroiar Oliver Kouaovi Steve Kanyatte LI I'h AS .4AB.RHAM C SARrwrANA SI1sOIN GRIEISoN' CAI4INEi KILI! ovi PRII LII rILRHW'i SECOLrPI 1R Stein Fagerhaug WVaheed Ahmad NICARAGUA Miarc Lebihan Henrietta Onaga THOJN!A5rES5LN KRELL\A(; GRE!'L .4Ak11.AR SHIBIR LAIr ASsI jrAILs CABINL I AIAR( LFIEH.rsN C PRIC LIuAII.R! H .SEC!'IPERS LuNI' AS lrlishael Ahmed NSartin Garcia RanLdez C(OLI.ABRSATELURSc A4CZALAW1!' Chike Obiansvu Jorgen LLnd 4/,A! CHAI A! 'R! 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Nazir (REPLIRLIC OF PALAC) Carlos Vegas CALALANO; L-ov OFFIC-ES AzAm CHACLHRy LAIR John Ridgeway Rob Aarvold CASMARA PERUJAN.A DL LA Jesuito Morallos AsSOCLAILS STE AMSHIPS SHIPPINLG & CONS TRUCCIOIN PACIFIC LEGAL NETLWORK TRANSPLORT FOLLOSCO MIORALLOS &- HERCF Tariq Bilal Sergio Valencoso BILAL LAtE ASSocLlTES PANAMA Gaudi KidU CERTICOIA Ofelia Abueg-Sta.Maria STRUCT()N ARt HIIELTs, LoIt. LANL) REGISTRATION AUTHORITY Tariq Nasim Ian Raul Zuofiga Brid Anabeli Gonzalez DALACHACK (PlT) LimLilTED ALE.L4N, CORLELRO, GALINDO & PARAGUAY ESTEUDcL FFRREROARBOiADOS NMelva NM. Evangelista-Valdez LEE ~~~~~~~~~~~~~~~~~~~~~~~NARCILCO LSiRENEz GONZALES Omair Nasim LEL Luis Breuer Guillermo Ferrero LilANAG BGRI-LID VALDEZ & EmALPIRE LOGIsTICS Alfredo Ramirez Jr. BERKEMEYER Al IGORNLERSANOI ESTULYCLDRI-FERRERcD AROGADOS CALUCA Ahmad Syed Akhter ALFARO, FERRER ANI- RAAIIREZ COUNSELLIRS Marco Antonio Alarcon Piana Shirly E. Almazan GRUIP 'O' PIE4AIIL LoGsTisIL Francisco Arias G. Hugo Berkemeyer ESTUIIO LuIS ECHECOIEAR PANA4LPINA WORLD TRAN.VSPORT GROUPL/Af-S. PYRAMILD PAKSTAN ARIAS FABRELA A FABRLGA BERKLAILYER ATTORNEYS ANIL GARCIA (PHILIPPINES) INS-. Haider Shamsi Jorge Gonzalez CLLUSISELIRS Ricardo P. Silva Victoria R. Tamayao HAIDER SHA.ISI ANIt CO ARIAS, ALEAIAN JEJOLLA Julio Gonzalez Caballero) EsIL LLGo MLNLz, FORSYTH, Pl(AZO BurCo TAN FILLER ANt. Salman Talibuddin Jose Miguel Navarrete CLNTRAL IIE RIES(OS RAMIIKFZ, PIREz-TALELAN el SANlOS KABRRAL1 A TALIBRIPIAN AROSEIMENA, NLIRIE(A 4 CREDITICIOIS LE BCP LUNA \VICTORLA Genevieve Limbo AiLwOCALES & LI-GAL CONTRERAS' Pablo Livieres Guggiari Mvlanuel P. Olaechea Du Bois PRIE VVELAERHOLSECOOPERS CO)UNSFIL.ORKS Julio Cesar Cooitreras, 111, Esq. EsL 7LI)L JCRLILICLL CANIZA ESTUDIO OLAECHEA' Tammy Lipana Saleem uz Zaman AROSFAIENA, NORIEGA LI LIMRES lose Antonio Olaechea PRICI-EVATERHOULECOOPERS KARERALi A TALLELALILIDN CONTRERAS Nestor Loizaga ETuLLo OLALCHE.A Zaber Protacio AILLocATEs eA LELGAL ZbrPoai CoT UALEt LORS Shanina Jean Contreras |. FI-EERI At (5 AILLIS Jestis NMatos PRLICI-EVATI-RHOU'SECOOPLRS Khalid Daudpota AROSEMrENA, NORI-EGA A Juan Bautista Fiorio Gimenez ESTLOLII OLAECHEA Redentor Zapata KHALILD DACILEIPA A CL. CONTRFRA. FiLRLL I, CARL LIZ(I A ALI-RALO Manuel Villa-Garcia QUASHA ANCHELLA PEAL el Luz NMaria Salamina NMarcelo Alvarado ESI't)otO OLFAECHEA NOLASCo Anwar M-ansoor Khan AsCLIHAIL ' PLNAIN.A IL) FILiLEO, CAILL )LO & ALLAILL Guilhermo Alceu Auler Janice Kae Ramirez Armindo Riquelme FRIHYLD A ARILE AEIOAlLOL QuASHA ANCHETDI PLN.A A Mansoor Khan Ricardo Eskildsen NMorales FLIRII, CARLOzA AivAAALLO Gianina Gotuzzo NGLASCUL KHAN A ASsot IRS1L FESSLLSEN AE.sI-ILL SE.N Ramon Antonio Castillo HERENANDLEZ Le ROSSLLLO Jazmin Banal Said Khan Jorge Garrido Saenz ABRLLLALDLS RomuILo, AIABANTA, NIF(iRs-VIS CREILT GARRIIOL A CARRIDO INFOILRMLNI S.A. JuaLi Luis Herndndez BL'NAVL'N URA, SAYOC AL Dr INFORMAION SERICLSloan Tejada Mlora Roherto NMoreno Rodriguez HEIRNANELLEN A RosSELLLOLsANfL Mahomed Jaffer LAZNA, GONNA iI7-Rurz eA A Mcala AROGAILLO Olivia T. Olalia ORR DOLL?N,AL & CL. ALEL IAN AIL RENO REEFhINILILI e limy Francisco Atunga Rios ROAL LC, ALUA ANTA, Mamoon Khan Ramon Varela AsLLCL,II)Ls MAXV LoL;ISTICA 1' TRANSPORTE LOS ANGELES ORR Di(LNAAI & Co. AlLR(,AN A MOLLRGAN Esteban Burt S.A. Ricardo A. Romulo Nadeem Ahmad Francisco Perez PLROLAV, SISA, TELLEL.HLA, BLtRl Carlos Gamarra Roi'do LIARoANTA, ORR DiCNAkI & Co. PATTON AICfRLENO &A StAT L NARAIA t MIINISTERiO DE JUsTICIA ILEL BUVALV'N\TIUR.A, SAL-DC A DE Rajesh Khanna Ebrahim Asvat Daniel Elicetche PLR' LOS ANGLLLS PL(IR SLRL ICES CORPORATION P-IL ION MORENO A AsLAT PRICELTFAERHL,CSECLOPLERS Juan Luis Avendafio C. Romeo NI. Miendoza Soli Parakh Ivette Islartinez S. Nadia Gorostiaga MIRANDA A Am-LL O AROGAIDOS ROmIULO, ALABANTA, PRLCr-LLATERHULLSECOOPLRS PATTON MORENOL A AsiAL PRICE(Ll-LIRHOUSFCOOPERS Thomas Von Der Heyden BUESLu ENTURA, SA10C C DE Rashid Ibrahim Alejandro Fernandez Ana Laura Godin PANAMLENI TRANSPORTES LOS ANGELES PRICRELATERHOUSECOOPERS PRLCI-EAVTERHOULSECOnPERS PRICELLATERHLLL'ECOUPORS ULNI 'ALLS S.A. Connie Chu lkram Fayaz Rdmon Ortega Karina Lozano Alonso Rey Bustamante RBmL'Lo, MNABANTA, thram Fayaz ~~~~Ramon Ortega PAYEE, REt;~ Cuv iI ABOGADLOS BLENALENTURA, SAIDOC A DE- QAMIAR ABBAS A COSAIRE' PRICELLATERHOUSECOOPFRS PRICELIWATLRHOI 'SECOLIPLLRS AT, RL LOS ANCELES Abdul Rahman Ludovino Colon Sanchez Andrea Downes MlsNathias Reiser Nicanor N. Padilla QAASAR ABR-t A COSIAm,C PRICEILATERHOUSECOOPFRS SLL'LvNIEx SACI ACU,\'LALLS S.4 SIGCION REt NA MONTECILLO A layeR Khan Alexandra Duque Rodolfo Vouga RauJ Lozano-Merino ONGSIAKO RAAZIQ INTERNALIONAL PLY SuLRE. ARIAS A RI-IES VLLU'LA A- OGLIELL PENS, LoNANL', FAUNA e oad MroG Voc LTD. TNaria Sol Martinez ASOCLADOS SGU/ON REYNA MIONTECILLLL A Thais Chalmers MraSlMrieASCALLONGSLA I-L Miasood Khan Afridi SULCRE, ARIAS C RLYLs VOLES A OLAIELI Humberto Allemant RL/vL, ISA, AERILIL A ANL,E LII-Og isPLRLARIICEOL-R Romarie Villonco lose JiLan Marquez Olga Dies PRI(-EI\Z4TERHOUSECOOPr.RS SIL;CILN RELNA MONTECIILO A- Ali Adnan Ibrahim SULCRE, ARIAS e REELS VLL GA eA OLAIRL'O Pedro Grados Smith ONSLSIAKO Rizv I, ISA, AL RIL)I C- ANGFLI Ernesto B. Arias Alejandro Piera SUCPERINTENLL ENCLA IE BANC.A I Cecile NI.E. Camo Javed Iqbal Qureshi SL-CRE, ARILS A RITES ZAC4ARLAS YFER.vANILEZ SERIURLOS SYCIP SALAZAR HERNANLIEZ A RIzLI, lI-A, AERILLI e-ANCELL Sebastian Lovera PHILIPPINES GATLLLALTAN Faisal Fazli PAPUA NEW ZA(LARIAS Y FRNANIEZA Emmanuel C. Paras RIzRI, ISA, AFRIDI A AN;LELL GUINEA Tadeo F. Hilado SYECIP SALAZAR HERNAN.TEZ A PERU ARELLO CLNCLPCECON REGLLAA eA GA ItAITAN Muhammed Akhtar Javed Anthony Smare CPUELA LAtE FIRt STATE BANK OI PAKLSL:AN ALLENS ARTHUR ROBINSLIN ErnLesto Andrade Veloz Riza Faith Ybanez Aftab Ahmed Khan Vincent Bull ANILRLII-r - VULOZ ANDI Teodore Regala SYCIP SALAZAR HERNANDEZ A SLEELILLI A RLLCILNLL ALLEA ARTOLIRROELESON ALIMLL?L7ES ANLLALEA AILLLLLL CLNC\'CI-CONL GAiLUAITAN SUYRRII-CGL. e- BEECHEIV\O ALLENs ARTH R ROBINSON A 4Lois Fuentes VillarAn RELA CRElena NIelita Chica Khurran Rashid Lynette Baratai-Pokas BRIS Fuentes URQUIan Emerico de Guzman THL rAw FIRA/ Or COLLSO, SU-RRILDGE A BEECHENLL CELCOR INC. AN;RALL AFL-FETESUCOAGAPEILLL'R(S CIN-PCN HI ( CLL CSO,1.41s ...... Jose A. Delmar REGALA A CRLLA Huma Shah Winifred T. Kamit BRENLT:S, DE LA4 0s.AS, FLLRN.L SERRLILYE A BRI-ECHEMN GALLNS LAWLIERS & Lc,4Z ACKNOWLEDGMENTS 181 lazmin Banal Piotr Kowalski Francisco Lino Dias Carlos Bernardes Crenguta Leaua Romurio, AIARSNTA, PRICEIWATERIOOLUSECO/OPERS BARROS, SO(BRAL, G. GowFs &- PRICEIYATERHO/'SECOOPERS LEKAu - CAl/AR BULINAiENTL PIA, Loot0 & OF AS.OCiADOS Lo ANGVEVrtLE , S4)0G CSI)E Josef Banach NMarta Elisa Machado Gelu-Titus Maravela PRICEIATER/IoLUSECOOPERS Sonia Goncalves Anjo PRICEIATERRHOAUSECOOPLRS AIUSAT e-ASOCIA/IL POLAND Bartlomiej Raczkowski BARROS, SOBRAL, G. GoNiEs & Jorge Figueiredo Ion Dragulin ASSOC/ADOS Andrzej Siemiatkowski SZLEZAK, M KBSR OF lC s Susana B PRICEI RHOUSECOOFERS NAIIONAL BANK OF ROMAN/A ALLEN & O/RY LABORIS BARROS, SOMRAL, G. GOmES & Rita Granado Antunes Manuela MI. Nestor Tomasz WVojniarowicz Joanna Luzak ASSASisCoA Vs Do S KAM\/-,S7( 1N N PN I CKSEN C ALLEN & O/ETR SOLI ISINsKI KAIWECKI & Ines Reis Arkadiusz Pedzich Ski EZ7AK, Itk MER OF IUL CARLOS AGOIAR, P PINTO e- Fernando Resina da Silva Cristina Virtopeanu ALLLN - OVERY LABORIS ASsuCLADOS-, IEMILR OF ItS V/EIRA DEOALMEIDA & NESTOR NES ITOR DICULESCU Radomil Charzvnski Krzvsztof Pawlak LAivORIS AssocFAD S KINGSION PETERSEN ALLEN- 0'TrY SOLTLSINSKI KAwLEcKi a Carlos de Sousa e Brito Patricia Vinagre e Silva Laura Ardeleanu SZLEZAK, AIMPEIR IS Ist CARLOS DE SOU SA E BRITO &l VIE/S ODE ALmELA & NESTOR NESTOR DICULESCU Mlaciej Duszczyk LABORLS ASS(0LDOOS A5SOCILSDOS KINGSTUN PETERSEN B/LERO L RvFaxAc/I KPEmiToIxE/ Taniasz Kanski Antonio Souta PUERTO RICO Paraschiva Suica-Neagu Aleksander Borowicz SOLId/INSKI KALCECKI & CENTRO 1SF FORsALOLDSADES DE NEsTOR NESlOR DICuLESCU B/LaRO INFLRMA/( 1I KRFaI')TCALI SZLZAK, ML/I/FIR ()F I1US E EPRFSA Ruben M. Medina-Lugo KINGSITON PLEIRSEN Karina Kusz L,AiiOR/S Fernando Marta CANCIO, NsDAL, RI/ERA &- DfAZ Laura Duca CAR/OF(ORTE SP 7).0. Stesen Wood CREDINFORAIACOES fulio Vizcarrondo NESTL/R NESTOR DICL LESCU Tomasz Dvs rFGC POLSKA LA/I FIRM Joao Noucheira DF.SARROLLOS AIETROFPOLITSNOS KINi;STON PETERSEN Tomasa Dys loao Moucheira ~~~~~~~~~~~~~~~~~~SE Cristina Clujescu DYSTLEALSE L.Aw OFI(E Anna Dzieciatkowska DIRECTi/RATF GENFRAI OFi TCC POLESKA LA/I' F/Rkit RE/ISTRYAND NOT4R);CIVIL Juan Carlos Perez Oterm PRICE/ATERHOUSECOOPERS Jaroslaw WVysocki S GCF/I/Esi ANWl CARPT?GREFPHi Dariusz WVasylkowski SERF/CF Pioocia, GONZALEZ & Oana Manuceanu tVAR/IlA SKI I 14SPOLNI(Y Antonio Luis Figueiredo RoIRI(;UEZ PRICEWiTIFRIFOUSLCOOPFRS Stanislas Dwernicki D/IRCTOaRATE GENERAL OF Lois Mlongil-Casasnovas Am aec C/I/F LO/S1 LI E N/LiEL PO/LiLA WAeronica PeIc REGLATRYA WO N/TARY C/I-I MlARTINE7 OLELI E& CALABRI/A Alina Manescu Anna Rataiczyk tVARDI',~SKI I IV.SPOINICY SE lIAE /RISKII4ITERo10UhLCOSa/IC GIAn LoYRETTE NOEKEL POLSKA Krzysztof Wierzbowski Vitorino Oliveira Samuel Cespedes, Jr Roxana Teodorovici C/I/F L//LEFTTF Niiiii POLIKA ~Vtorno liviraMCCONNELL VALDES PRICL ////ERF/OL'SECOOPERS Nfagdalena Wolowska IVIFR/xO3/'.SKI I JVSPALN/C/ DIRECToRATF GENEkAL OF GN,F Loa Rdaen F NO owIk POLaK4 Bozena Ciosek REGISTRY AND NOTARY C/IV/L Harry Cook Romulus Badea IVICFZI/F // KN I ;VVSPOLNI( P - SEa/-ICE MICCO!slNsLL VALDES PRICF/ATERHOLUSECOOPERS Rafal Dziedzic Rita Gouveira Jorge Ruiz Montilla Andreea Vatui G///r L/SYPYT7F NoF/l POLSKA PORTUGAL GO.NCALVES PEREIRA, CAsiELO AICCOFNNELL VALD/ES PRICE/i4TERF/OI:SLCOOPERS Robert lJdrzejczyk BRKAN/:LO 6ASSOCIA ToS GiiC/ Li/REiLTE NoLEL POLSIA Marta Leitlo Ttras Acevedo Dan Badin AaBREIT & MARQE SFl, VINLAS F NI. Bowman MCCONNELL VALDES PRICFE/AITERFIOUSECOOPERS Sergiusz Ciolkosvski A-sSOCIADOS IBICO Victor Rodriguez Diana Coroaba CIotF L(/) E I/ E IV/ EL POLSKAS Isabel Pires NMarques Cristina Dein MULTcToTAFEORT & AVIAR/NL PRICE/LATFRIOUSECOOPERS lean Rossi AaREU - MALRQSUES, V/K/HiSE ALLLS A///-OGADOS CO. Gii// LO/RF7TE Nt/IEL POLIKA A,sOCIADOcS Djamila Osman Carmen Eva Garcias Cardenas PACOTI, PREDOIO & PAETNERS Grzegorz Banasluk Nliguel de Avillez Pereira MlIRKANDA, CORaEIA, N/CHOLAS NoGuERAS es Co. Daniel Lungu GII)L Li)/RL /li /(LTEL PLSKAW ABREIT, CARDIGOS & AIiENDOEIRA &AssoCIA/L/s Victor Rodriguez PACOTI, PRE//Olo & PARTNERS Dariusz Tokarczuk Ass/ 1TA//os Segismundo Pinto Basto PRICECL/TERHOUSECOOPERS GimI L,)YRE11F TINC)UEL PCOLSK4 Jolo Goncalves Assunrco MORLALs LEITAo, J. GCAit/ Fernando 1. Bonilla Esq. Nell NMcGregor Pioitr Sadownik ASSaCitRI)O TE.l EN b 5ABE, CARDI/COS 6- TL/FL &AIsOcAALTosR S. C.PPA. PiL-c RC/ Pe AsAcTmT CIoF. iS/oREn 1 NisioL P AiAoC os MIargarida Lima Rego Ralph Vaico 1 IR Arina Dobrescu Filipa Nevoa Al/sim)S LEITA//, J. GALAAO alp atone Jr. S.CPA. POPFSCL & AsociAm Robert WVindmill ABL LF 6 CARD-I(Os e TLLS e AssoWCIADOS RALPH VALLONE IR., LA/F HAA4AIEAI\NN HLAIMEIR-ATH & APRL CA//GO s .5 LeS OFFICES Anamaria Corbescu PARTNER Pedro Filipa Pedroso /lyriam Matos-Bermudez SALANS Ewelina Stobiecka Pedro Sousa Uva AT/ELE; LEITAO, J. GSL/AO SOSA LLOREIS CRUZ NERIS & Perry V. Zizzi HEAR.IA.N HStioIFI R.4TH Aa CARDGOl & FELLS e- AssociA/os ASsLCi.4TEs SALANS PARTANER Catara SoCLArSa Vicky Rodriguez lames A. Arroyo Obie L. Moore Tomasz Brudkowski Catarina Araijo NFL/VLLEI/F ROLU/ESiONT TFANS UNION DE PUERTO RICO SALAIVS AICCOPN AssocFo/os K(/CI4,ASki BRatI/O/SKI - Tiberiu Csaki PRARTNER Francisco Jose NMaia Coelho Francisco Salgueiro ROMANIA 5 AICCOPN NElILYE DF ROUGE,/ONT & SALAMS lanusz Zaleski ASSOCIADOS Silviu Cinju Nlihaela Marin NAY/ON-AL ASAOC-LAIION O/F Pedro Porto DordioADCRo SA LAMS BL'LDINOi ElFPIOLERS ANTONIO FRUTIIOSO IDF MELO E Ines Mendes Oliveira ARGO Marta Soltvsik As/O( IADos NESILLE DE RoUGGFMONT 6- Veronica Grunzsnicki Acsinte Constantin Cristian Maria Siiltysik ~~~~~~~~~~~~Aslo/:iADOS BsAiuc SiT/os &- Assoc/ATEs SC RON/TRATS SA UCLEAREST IN//RR STIFFENHOFLER LU/k LA/i lose J. Iomaz Gomes FIRAI As5s/CiSc//S DE E/RFELSAS I/E Rosemary de Rougemont Catalin Tripon Razvan Dinca Patryk Figiel CCON,IRUTAio E OREAS PUBLICAS NFL-/LEE iF Roil/litNI 7' BA//I/I SULICA 6- AsSCIA ES STOICA e-AS//CLATFIAT0ERNLSY NI/LRR S71LFL/s//FLhER Lui-z LA// Niargarida Ramalho Serban Epure AT LA/i FI/AI Ass(/( IA (S/S //D Eli/RLs:-s I/E Rui Amerndoeira BIR/LLi DE CRELLIT Cristiana Stoiica Katarzyna Donxanska- C.INIRN (,() L OBR-S PIBLCAS PERLIR LIE MIRANDA, CCIRRLL Potyesz Tiberu STOICs &Asoc/.4A7TATTORNESY tloldawa Jiili Cadete de Nlatos BITRANS LIDl, MEMRBER OF S4- L4"I NtI/RR ST/LFEN-FO/LR LI /z L.//L BAN/// IDE P(/ERTU GC-/ Ana Nlargarida Mlaia tiORLD ANEDIATRE,Is GROLEP Theodor Catalin Nicolescu FIRMNI Manuel P. Barrocas PEREIRA DS /E IRFN/a , CORREL Daniel Bruma TELoDo(R N/c/i.ELCsu LA/i Peter Urbanek BARR/O)S 6 AL/LES PLEI-KAD BOsTL\lA4 &ASSOCIAIES OFFICF NoRR STIFFENH(/EER Li-TZ L.A/i Jorge Lopes FI/kEi Cristina Cabral Ribeiro POLYTECHANIC L\STIl-L"Il OF Ctpriain Glodeanu RUSSIA BARROCAS e- ALVLS PEREIRA BRA-2/NQA BOSTIIA - AsoCIATEYS Pior KAdinli Irmna Strizhakova PRICF/AITLRII//UsF Ci)OP/ERS Jorge Neves Rita Marques Christina Spyridon ANDRFO s NEOCLLOU5 6- COi. BARROCAS &ALVES PERELR/ PRIC/E/AL4TRR/A/U'ECOOPERS IKRP RoLls 6- PARTNAERS 182 DOING BUSINESS IN 2006 Aexey Tokovinin Jean Marie Vianney Maiava V. Peteru George Sayen Mamadou Sereme ANDREAS NEOCLFUS e- CO. Mugemana AILAIAA VFR. PETERU LAWI FIRSI LEGAL ADVISORS IN ASSOICIATIOIN CENTRALE DES RIsQUES DE IDARINFI I)IAVOC.ATS MUC(E. IANA .\'T .hLR&ACEVI T. Lt.INAosIIEOF5 Evgeny Reyzman C ASSOC-IES John Ridgway wr1TH BA KER eMCKENZIE LTD. L'UNIONATNE ILIRE QUEST BiKER 6 AICKENZIE PACIFIC LEILAL NE lTTORK Adel ElZein AFRICAINE Emile Masumbuko MOFHAAIED, BEN LADEN L.SIT Ibrahima NMbodj Andrey Zhdanov CABINET MfAITRE EmILE Elon P Betham FIRm ETULDE AIATlRE BRA HIAHL BAKER e& AIcKENziE MASUMBuKo NDLE SAMOA SHIPFING SERvICES LTD. Adel Etsaid AIBOII Stepan Lubavsky Isaie Mpayimana Leulua'iali'i Tasi NMalifa PANALFP.N.S / GHASSAN Ndjaye Mbodj BAKER 6- MCKENzIE CABINET AlE ISAIE EIVPAILSANA SOCILAIISr ETUIDE AIAITRE IBRAENIMA Vladimir Dragunov lean Haguma Ray Schuster SPamR AT-Sarraj ACRBODI BAKER &eI AFCKENZIE HAGl MA & ANSocIEs OFFICE OIf THE Al IIORNE T Sidv Abdallah Kanoute GENERAL Fahd Al-Nlufarrij ETUDE AIAITRE SI1Y KANOUIL Dmitry Besedin Christian Ndorndera -SlulI ARABIIAN MONETARY BESEDIN AvAKOv TAR.ASOV 6- HAGDMA 6-ASSOCIES Amaramo Sialoa AGENCY Jacques Chareyre PARTNERS KXA COINSUL7 FIDAFRICA / Eugene Rurangwa Tariq laved PRICEIVSTERHIOUSFCOOPFER.5 David Griston gINISTeR DES TERRERa , Grace Stowers SAUDI .4RABIAN MONFLIAR1 CATS CAMIEROIN McKENNA ENVIRONNEAIENT, FoRETS, EAL STFV'ENSDNs LAIAVYLRs AGENCY Saliou Niang Victor Sneguirev E RESSO[TRCES NATURELLES Keilani Soloi Mohammad S. Aba Al-Khail FIDAFRICA / DLA PIPER RUDINICK GRNA CARY Angelique Kantangwa SOLOII SLEUEl SLRVICES SAuLDI ARABIAN ATIONLIARE PRICLIATERHOUSECOOPERS NMarc Solovei NATIONAL BANK (IF RIIANDIA Toleafoa Toailoa AGENCA Olivier Wybo FIDAFRICA / GII)E LOIRETTE NOUEL' Annie Kairaba-Kyambadde TOAIELIA R.S. Nahil Abdullah Al-Mlubarak PRICEATF.RHOUSEC(OOPERS Olga Revzina RIE4NVLA INITIA11L FOuR Steve Baker S4LADI CREDIIT B(:RLAU-SIAfAH GIDE LO1RETTE NOUTE VOSTOK SUS TAINAREF DLVELPDMENT WVFITRAC Ali Abedi francoo Sarr Julia Koroleva (RS)/LNNTTHE ALTIANCE OF ARRAS EFIACh AR&sohs Eric Nsengimana SAO TOME AND GTAZ4Z77Aw e- CI. ANI HA.SL%USI Edgar Julienne GIDE LolIRETTE NouEE VOSTOK WORLT ERFIUH I SARL PRINCIPE e-AL-AIEHDSAR AE.AERSV LODISTICS janna Nfansourova GIl 'E LOTRETTF. NOUEL VOSTOK SAMOA Fl6vio Mliguel Viegas Pinto Abdul Kareen Steven Jansen CEN RAL BRANK OF SSn TOME E THL ALI LANCE OF ABRAS F. ALAERSK SEALANI' David Lasfargue Sili M. Alapati Brown PRINCIPE GUAZZSwi 'I C°-CN. HAA IAID Ramatoulaye Diagne GIDE LowRErTF NOUTL VOSTOK ALCc BROIN ENI. CI'. LIL. Julio Miguel Silva &.Ai-AIEHDAR ORDRE lES ARCHITFCIS Dimitry Kafanov Andrew Holford COINS IROMIE Ceyda Okur INMAR LEGAL CO. ANZB SAMoA Us'. TIlE AITANCE OFABBAS . Maine Adama Gueye ANZ4RANK S.4,o4 LTI. ) Kiluange Tiny GiI.AZZAw'A 6 CII. .ANI' HASAL4L SCP MfAAIE AlIASEA GUEYE & Darya Angelo Unmni Kesaan I[URISTEP 6 .4[-AfEHD4R AssCciES LAWT FIRAI ALRUD ANZ BANK S,511 LTD. Edmar Carvalho NMohammed Al-Jaddan NMamadou A4baye Anna Zvereva Lawrie Burich MIIRANI'A, COIRRLLA, THE LAwK FIRSI 1SF YOUSET AND SCPANTAIEADASA GuEYE & LAWT FIRSIALRLTD L. BURICH-BuILDINI; AEINIC)OEIRA e- ASs(IUAI'[)O MOHAMMED AL-JADDLAN ASSOcItS Sergey GerasiTmov CONETNACTORS Alberto Galhardo Sirmnes Abdullah Al-Hashini SERBIA - LAW FIRAiALRUD Shelley Burich MIIRANL)A, CORRLLT, THE LAlE FIRSI OF YOUSEF AND MONTENEGRO Alexander Belov L. BuRICH-BuILDIING ASIEfIRI 'FlEA & AsI )CIA 'OS IEoHAAMriEI AL-JADDS4N LAwP FIRM ALRUD CONTRNACORS Fernando Barros John Beaumont Katarina Nedeljkovic Fedor Bogatyrev Jerry James S. Brunt PRICERATERHOLUSEC[OFPFR.S THE LAI, FIRAS o[ YO['STF AND lovana Ilic LAIT FIRM ALRUD BRWNT & KELI Julian Ince ATOHAMMEID AL-JADDSAN PRIChWTRTELIHOUSECOOPERS Anatoly E. Andriash NMurray Drake PRICEI4IALRHOUSFCOOPERS SamehbN. Toban Jelena Djokic MACLEOI) DEKON DRAKE 6 C). Pedno Calixto TOBAN LAT PIREM PRICEIVATERHOUSECOOPERS Jason Sande Ruby Drake PRICFIIATERHOUSEC00PIRS SENEGAL Mike Ahern AAUCLEOD DLEON DN AKE 6 Co. Mlaria Cristina Lourenfo do PRICE IwATERIIOusECooPERS Albert Abdouline Patrick Fepulea l Sacramento Moustapha NDoye Robert Brugger AMAERSK LoGISrICS RUSSIA FEPEFU.ATI C SHUSSIRE ATS-ACENCEA IF TRANSIDIS PRIIATE A-ISORNET PANALPINA WVVETIN RANSORT Alexandra Andreeva George Latu VTAIENA1 F LoGISTIIA LIlA Andr/e Diop-Depret GAtEH PANAlPINA WORLD TNeANev OR7 LATLE LAN, OFFICE SAUDI ARABIA ARCHIIECTE Nenad Tisma Irma In Fiona Ey Pap Oumar Sakho BN BOS SPEED Irina Im TnLA U LAIT Ev TICE Smaer Pharaon CABINET ISAVOCASS OU'AR Neli NMarkovic PRICE1uZATERH(hLISEC)OPhRS LAL t 'Ei, LAW OFF A.u-GHAZALFHI LEGAL SAKHO CREDIT INFORINAIbON S) STEM Steven Snaith Robert Barlow David K. Jobnson Rita Fall Mlila Kasalica PERICIEAIERHOUSECOOPERS KRASE, ENARI 6l BARLO AL A[R.4III 6- CMFPANY/ ACENF CHLARIEE I 'F LA CREDIT INFORMALTION SiSTEM Andrey Shpak Ntaria Melei PRICELATFIIOIHSECOOPERS PROSIOTlIN OIE OF COSIMERUE ~~~~~~~~L'INVESTIS5ESIEN7 FT lIES Todd Robinson PRICEWA:4TERHOL15LCOOPERS SAARf( A CHAMBER Oh COMMERCE Soudki Zawaydeh GNANI'S TEAlSuNx HA TOURST ROBINSON LAWT PRIUEIIATERHOUSFCOOFERN L'DISUTEEI At JICRAIL) el COSIFANT1 /FIE Evgeny Sheenko Paparu John Ryan PRICEuI.IA4TFRInSEC(OOPERS Amadou C. Sall SASIoA PORTS AUTHORITE .5~~~~~~~A,UFNCL CILARGEE lIE US Mliodrag Mlarkovic PRICEWVATERHOUSECOOPERS SAMSOA POR7S AuITHORITY Taj Eldin Nf. Hassan PRC ENCE IH4(E ON L4 HAHT S ROBINSON LAWkvi Elena Subocheva Ta ESi 1 l Hasa PROAIOIION T'E HATHUERST RORIN\SONV LAO'F ElUaS N6Vubchev J. Saufoi Mloors AL-GH.AzzATI PROIFESSIONAL L'INVESSISIESIENT FT lIES OFFICES RUSSIN '- VECCHI MfiNISTRY or WORKS, A S()(CL4 -O.N GRA.NDs TRAVAUXYOFIE Natalia Prisekina TRANSPORT O INFRKS, RUCIUIRE eII?TaIa Nl A Nlanolis Ktistakis PUSSIN 6- VECUI TEANSFORT 6 NFRASIRUUSA RE Belal Talal Al Ghazzawi Ameth Ba IKRP ROKAs 6 PARTnNERs Ru[SSIN e-°' VEC.CH/ Chris Grant AL-GHAZzAII PROFESSIOINAL CARINET BA 6 TANI'.A.N Sergei Lazarev LAND EQIITY INTERNATIONAL ASSOCIATION Petar Stojanovic RL'SSIN 6- X'ECUHI Talal Amin Al Ghaaaawi ~~~~~~~~~~Kbaled Houda JISKSIIVIC, SI'OJANOV'IC el R[FSSIN CY V'E(CHI Denis Bracy Talal Amin Al Ghazzawi CARINET KANvDo KuITA PARTNERS LAND EQUITY LVINRNATIONAI AL-GHA//NAWI PROFESSIONSL RWANDA AssocCIATION Fatimatou Zahra Diop Jtilijana levtic Kevin Nettle CENIRALE lIES RISQuFES DE LA,F OFFICES JANKOR'IC, POPFL'IC Andre Verbruggen LAND EQUITE INTFRNAII()NAL Jochen Hundt LEUNION A(IONETAIRE OUENT U' NMTIC AVLA PS Y LTI). AL-504R LAIT FIRAI AFRI(A Es v Francois Bikolimana Arthur R. Penn Abdulaziz Zaibag Francois Nare LAta OFFICES JANKOVOC, PISPO'EIC CABINIEI ATGECO SARL LESA SAL PENN ALZAIIRAS CONSULTANTS CENTNSLE I'FS RIsQI'ES DE DE ATIS- Semi Leung Wai Majed NMohammed Garoub L'UTNIIN ATONE TAIRE OIF,LI LE NC WVAI LAI", FIRAI LAWT FIRM (IT AIFI' Al. AFRICAINE GAR() IR ACKNOWLEDGMENTS 183 Ivan Petrovic SINGAPORE Jana Moravcikova lan Budinsky Natasa Pipan Nahtigal LJAI OFFRS JLANKOA u1, P(EPO, IC CECNARLH! A RAKOV'SE! SCB - SLOVAK CREDIT BUREALU, SELIII, SLLIH, JANEZIC C M7 ADE Aloysius Leng Ceh S.R.O. JARKIO IC Srdja Mf. Popovic ARRAACCEhNAHOA A RPAKOVK' Dagmar Zukalova Alojz Zupantit LAOIAI(LAS P&P PE P)OPOVC(, Aionica Neo LTorma Rybr SKLEGAL, LA!!, OFFI( F SLM ENIAN CUTOAStS SAAFARI)Z114 C& POPOVIC CH4N74N LLC (ENAR0!,A RAKCWSKC Michal Luknar ADAIINISTRAY ION Lidija Tomasovic George Tan ih Iuk SQLIIRE, SANDERS & DEPSEY Borut Cvar L,Al OFFICES PDPED,IC, PLEPOV(, CHANTAN LLC ibl ae J lurkova sR. . SURVEFYIN; ANI) MA4'PINU SAM5ARD)ZI!A & P11'! IC CE!:NARH!vA RAKOV'sKE ALYIHARIRTF OF TIlER RERUBIF OIF Sam Bonifant Lenka Subenikova SILl! ONLA Zivka Diuric CLIFFORE ) CHAN(E TomaC ZareckJ WoLF THEiss MI,'Ds FE! ''F LA4R(LR, (LCNAH0VAA RAKODSKI Bozena Lipej LEE() %E!! N! IN! SOCIAL Nandakumar Poniniya Zuzana Petrasova Erik Steger SU.RVEYING, AN!' MAFFPING .AEEAES' CLIFFDRF' CIIAN,C . P WLI!F THEISS AuTHFCriF lIE THE REPI'BLIC (IF ALFAIRS OE~~~~~~~~~~~CENAHCIVA RAKED!SE! SLOVENIA Relija Zdravkovic Ai-Chun Serene Cbee TomaE Mlaretta SLOVENIA SI RHEILIZI R? RE I1!SAIN!IAELTE DLINALESD IN & BvR',!HAV' CECIVAR!!! A R.ACVSK! TaOVmNKA SOLOMON ISLANDS Oliver Haussmzann Sharon Tay TRna RoCman Kasnik SU(LNECER REa RsSaNnIA!IFF Roman BNrcak RA NRUOF SLNsRAVIRA(A Don Whinfield (hiH()LA'HERR KI,-IIIS4NI& ' DuhAn Coo)V 'EhlNS ('RLNAIA R Sh; Simon Bratun THE BLLTF CONSL'LTINL; AND Reija Zdravkovic. Ch Da GootJana Stelbacka COLIA, RoI(' ,& PARTNERLI AGRIL!UL)LRE S( HOENHERR RO-117SANIVAELiE Di'l NAN!C!I ',A ND!SKIBBruc Saunder SI RI IENRFRR RE (Fl SAN'!IAE!IE 1:NAL0k~ P,KCISKYBarbara Kozaric BueSudr Oliver Haussmann David Ten BRS ALENI IEs LiiNTEI) SI RI ENRI I! RELIIS.IN!lIE!E DLUAE!ISIN 6 B'RKUN!LA!I CEUNAHI 11 RAND!VSEE TDRSmAT_SI John Ridgway Dubravka Kosic Chit Fai Keiry Loi AINP(FI( LFGAi NLkWORK Si!!'!'! Ll';ALE SU TT! Do.NA I'ADN' & BL'RKLN"HAA!I' ati javorcekAdaBfdik CNIS CARNOUIIRSKI DEU 'IT VIE &- To!tCRE Wayne Miorris Boiana Bregovic Bok Hoay Tan J EliaS TOHMATSU PRIC'WATERHOUSFCOOPLRS IVOIF TTTFS DONALDON & BuRRN_SFLAV~ MS CARNOL.!REK~I Nada Drobnic Vidak Kovacevic Latiff Ibrahim TornasKarnenec DELOI11Le' ToLUCHF SOUTH AFRICA WODF T!! ISs HARRF' ELIAS P4RTNFRSHLP r)iEh & PT4RToNsERn , S.R.O. ToHIArSu Fatima Bhyat Milos ZiFkoEic ~~~~Alvin Lingam Mlarina Ferfollia Howland Roelof Grove Zfilos Zi, kovic HARRY ELAS PARTNERSHIP Jana Brezinova FERFOI A, LiL El IN PARTNTRII Ao'Aof Grove ZIAK(WR &SAMARIVi( LAW ~~~~~DEIHAK 6 PARTNERS, S.RI. 0 i~Ase im OFFIC E Ivfun WVah Cheong Renata Sterbenc Michael Adcock SIERRA LEONE ITC C)RP(RhTION Peter Nertepny LA!F OFICUE J.A!'EK d PENS4 BAMAN GILFILLAV SIERRA LEONE DE!v.u LL'!NE ALAIF (('D(ARCSiBLuDFK tIAN C!U EVLLOS Benjamtn Yap Aleksandra lenc Claire Tucker Denis Cordel KEELVIN CHLA PARTNER5HI/' lozef Maly LAhl OEFII FEJADEE e PLNSNA ACUAN Tucker B()LL()RL DTI -SDI To,vCua DE1 L'K MALYT UoyAR(bS Pavle Pensa Fatim Laher jean Msarcel Gariador IAERSE SIN AFCEE PIE Li '. Milos Kachak LAw! OFFICE LAIU 6F PENSA Fatima Laber B()LL()RE DTI - .51)1 DL7*41Freddy Roan rcoadUkITiAmL LTi ARS Gcrdn Gr Darcy White ArUUTISICy AL TRANAEDRT Nlichaela Spetkova L(A OE!'C JADSEK 6 PFNSA Tim Gordon-Grant PER!( Llt I ERHRULSECILPEFRS GROtP ENE I WO)RK GLOEU)!IF, iARTLODERAPIIY AN!' BO'! MAN GIlFILLAN CA4IAS.RL AUTH(LR/TI OF TIlE Ursa Penca Nlicharl Vorster George Kwatia Eric Swee SRoAVK RLPL BLIL LAII' OFFICE JLA'E 6 PENSA BOLEMAN CVLFIULAN PR1CFElVATERHD '%SFC0011'ERS PANALPINA DVORII) TRA NSPORE (S! PIE LTD Nadezda Ndksova Boris Ruztc Heidi Bell Charles Egan GE!DIES!, CARTOGRAPHY AND AI!.NiStR(F LEO L.ARBo, FAStLi e PRI( ElWA ERHRL SEC()()PERS See Tiat Quek CAI'ASTRE AuVTCIIOR I OL THE AN'! SOUIIAL AFFAIR Shaira Adamali PRICLEIA7,RHRLU SECO!OPERS SLUOVAK REI! EBI K Bornt Brezovar Kim Goss PR1C EIATERIHO 'SEfC ISEPERS Deepak Kaul Martin Bednar AMINISTR.A oC LABEUR, FPAmc BOWAAN GIl FILLAN AbdL.t Teian-Cole PRI(EL!ATFE!MOUSLCECO)PERS HMIG C PARTNERS, S.ER.. ANI) SOCI(AL AFFAIR Paul Coetser Abdul Tejan Cole A TElAN-C ILL ANI) ASsICIA7lES Paula Eastwood Alonika Berecova Grega Pelihan BRINK C(LHEN LF Rou x Sonkita Conteb PE!L'ERICAER47RHLUSECi(PERST AMINISTRY Ct LABOCUR, SLICL4L OD1ET.NIN.A E R)RUBA CLILIA, Randall van Voore .Rn Tl/4NC,,L IN!' ASS' !AT s Kala AnandarajaL A !FFAIRS ANI' FAtIL! RoLS f PARTNFERI, O.P, !L.N.O. CLIEFE DEEKER Oliver Onylander RA{'RIAH 6 TASI,N Milan Semelak Robert Brugger Osafo Gyimah Oliver Onvlander ~~~~~~~~~AINI5TRF CF LARIBLUR, SLOCIAL PANALEUNA IVELTTRANSPECRT CIINSTRU'CTEININ!'LUSIRE .4!'EIEt CR IAIRERS Lim WVee Teck AEEALRs .INI) FASCLF GAfEH DIEVEUOPMESNT BoAE!' Berthan Slacauilar RAIA!I 6 T.AN.N Roman Tutrok-Hetes janja Ovsenik Llevellyn Van WVyk BASs!! A N l Al 4A1 Ong Hway Cheng NATIONA! BA3AE OF SLOVA4KIA PRICEIAATFR!!HUISECLOOPERS (SIR Mariama Dumbuya RAJAH 6 TANN Lenka Otkaikova Danilo Mlarinovic Ivan Tshimaiigwe LilA(!i Ac( LLE. THRORU(H Lee Lay See PILERKA 6 PARTNERS PR!EI(ATERHL'SECOIPERI S LLANE LN IV LAI! N\ 1 ARSNlI,( EQL'ALITI R.ALA!! 6 TAlN NE .,N RINYATSRAN!'SO EQ11.4L IL 5!!! I Ondrej Dusek Lucijan Klemencic Eamonn Quinn IL.A.IV. E.R.S. I Priya Selv an PETERKA f PARINERS PR!CEAIELRHCLUSECEOPERS EAMR)NN DLAI il) QUUNN Farid Alghali Robert Brugger Crtomir Borec A! !CRNEI RAILERI .sIN!' PARTNER Teng Sin log PANALPINA W1ELl IRANSPEIRT PR!! ElI ATFRICHOUSECL!PEREIS Miranda Feinstein Ibrahim S. Yillah SINGAPCRE LAND A!'T!!LR!! GIBEH lain NMcGuire EDCIARI) N\7HAN RoRBIRTS ANI) P4ART7NR Beng Hong Ong Todd Bradshaw PRICEIIAIEERHLUSECOOPERS Gretchen De Smit EmmanLIel Roberts W'N', TAN e MLOLL) LUAt LLC PRICE'AlAERRHOL SECF'IP'RS Florian Kirchhof E!wIAR!' NAMAN RItEEIS ,ANIN PARTN/R SLOVAKIA Georgina Galova SCH(UENHRER RECHTSANIIA'11Eh Andrea Bezuidenhout Ccntus Slacauley Renatus Kollar PElI I)EERDL'SECIII 'FEsS Simon Seibert FINAIARK TRELS RIIFRTS A4NI) PAR7NI R ALLEN 6 OI'FRI Radmila Benkova SEIBERI SEIBERT Jude Kearney ROBERTS ANII PAlaINIT ALLLN & O~ Flo, PR!! EIATEERHCU.ECUIIPERES Ruh§hLE CFLIBGEN Cornelcins Adeyemi Hlaxs Sonia Horvathova MRRudi Selih LEBDElE LAR GREENE 6 Williams I ALLEN & Od LRYBRATI.SLACA4 Clare Mioger SkLlH, SELIII, JANEZLC &IAI RAE SII-KRR Lk.NE SIPPIAIII; sK.O R PRICF!1A I'EE RL SECOOPEERS JARKI)SI NMary Chege-Mwangi AG(.ENCIIS L,Ii) V hPavol Erben Zuzana Valerova Andrej JarkoviE LEBoL(lF LAMs GREENE 6 Rowland S.\' Wright BAR,ERN6P!NE! PR!CELA!7ERHOU'SECD(IP'EES SE!LIR, SEL!H. IA NEZIC 6 lA&A IVRINHR & C(o. BARRISTERS e Bl.HA, ERBEN - P6RTNhRI JARKOV! I S, JLI( ITURl 184 DO NG BUSINESS IN 2006 Rajen Ranchhoojee Ricardo Rebate Labrandero SUDAN Christa Perssoni Hans R. Hintermeister LEBOEUF LAMB GREENE e- SANCHEZ PINTADO, NUNEZ & PANALPINA- SIVEDEN AB ZEK SIWTZERLANL) MAcRAE AsoLADOS NMohamed Osmran Victor Mesquita Pilar Salinas DARKA FOR TRA4DINC AND Hedda Stiernstedt SYRIA SERVICFS Co. LTI. PRICEuAIERHOUSFCOOPERS MANILA AERicA SANCHEZ PINTADD. NuNEz & ErNIeA Kooets ASOCIADOS Abdel Gadir Warsama Ghalib Roger Gavelin Movazza Al-Ashhab Erle Koomets . DR. ABDEL GADIR WARSAMA PRICEIIATERHOUSECOOPERS ACCOLINIING CENTER PRICEIWATERHOUSECOOPERS Marco Zambrini GIALIRB & ASSOCIATES LEGAL Ake Radberg Kanaan Al Ahmar Jenny Murphy URIA &l MENENIEZ' FIRI S1EDDH C(SSTR(I'CIIDN AL-AHMAR & PARTNERS SAFCOR PANSLPINA Arancha Seva Garcia Abdullah A. Abozaid EE IERATION Alissar Al-Ahmar Peter Sands LTRIA & MENENDEZ LA, OFPICE (IF AEDDELLAI A. Tommv Bisander AL-AIEVAR & PARTNERS SDV TRANSAUI (PTY) LTD Charles Coward ARZ7AID UC AB Noussa Nlitry Ralph Zulman URIA e- MENENNDZ Tarig NMahmoud Elsheikh NMalin Ohlin-Akermark DAMASCUIIS I TNIVERSITY / Lot SQl SUPREME COURI OF APPEAL OF Candido Paz-Ares AIIIMDoui) ELSHEIKH OMEEL R INGF6 KB. Am O7 41LAN & MiTit LAWOFFICE SoTuTH AFRICA URFS & MENVENDEZ ASSOCIATES Ousama Larawani Lauren Flemming Alejandro Ferreres SWEDEN SWITZERLAND KARAIEANI LAN OFFICE TRANSUNION ITC URIA C MENENIDEZ Carl Ostring Robert Lussi Fady Kardous Ann Boulton Pablo Gonzdlez-Espejo A I - F KB AIDMINISTRATION FEIDERILE DES KARDCUS LAIv Ol-EiCE TRANSUNIoN ITC URIA 6 MENENDEZ DDI'ATFIR,AN FLGIA DouANES Str SSES Nlazen Khaddour Renee Kruger Rafael Sebastian Lars Nylund Peter R. Alteniburger LAIW OFFRIE OF Al KHAIrI-l:R WEBRER WVENTZEL BODIENS U/RIA e- MENENDE -Anusra C r ATENRER PRTNERS Housam Safadi SPAIN Eduardo Rodriguez-Rovira AII reFreAE Nic BetrLsev SAN ADBAE& CNAtZ UTREA 6- MENP.NDY7ATOAFRMNLmkH AKR&MKNI Nabih Aihafez Lose Gomez Garrido Olof Hallberg Philippe de Salis SFS (SPEEI EDIIRiARI SHIPPING;) ALTIUS S.A. SRI LANKA ADI'DKATFIRAIAN LiNoiAI B3DRW 6- BARBEY Riad Daoudi Cristina Calvo Ajith Nivard Cabraal Pernilla Carriig Andrea Nlolino SIRElA AEAR CONSUITANTs LAI' ASHURST CARRAAL CONSULTING GRrIuP AI'I'crn4IIERAIAN LINI1AHL BRUNONI PELIRAZZINI AIOLINO OFbLCE Anselmo Diaz FernAndez (PVT) LTD, MAN4AEEMENS NMartin Pagrotsky MTol S Hani Bitar BANK OF SPAIN ()AV5CETANTS AIIVSIKAWILSRAIAN VINCT Barbara Stockli-Klaus SIRIAN AR.A4 CONSULTANTS LAIT N.P.H. Amarasena Robert Wikholm FREIEiP RENCICrLI OFFICE Nicolas Nogueroles CREDIT NTORASIATIN BuREAU AIK47ERSIA NIE Beat Nl. Brthold TAIWAN, CHINA COLEECID DE RESGITRAIDORES CE OE SRI LANK.ABetN.BrhlTAW ,CH A LA PROPIEDAL) r MvfERCANTILES Lars Hartzell FRORIEp RENGI I1 DE EsPA&A AvindraRodrigo EIZELEL ADoIEIAIIIRA HB, NMarc-Andre Tudisco Andrew Yeh Guillermo Fruhbeck E. 6 C Dr SARAAI SIFSIRER HE 11:5 LARORIS INTTRKANS()NALER \VERRAND FUER PANALPINA TAIPEI DR. FRUHBECK AROGADOS Y Roshani Kobbekaduwa Karl-Arne Olssoni ARIEITNEHSIMERS(CU!1Z Justin Liang ECONOMIISIAS Fl. e- G DE SAR4AI GARDIE WVESLAI' NVassilos Lytras BAKFR 6- AlcKE.XZZIE Fermin Cordoba Gavin Ayomi Aluwihare- Peder Hammarskiold ALAERSK LDDISISTCA Bee Leay Teo ECHECOPAR ARI30ADoS LAtw Gunawardene H1AM4RSNKI)LII e- CO. S1IISZERLAND LTD. BAKER 6 ACKENZIE FlEEt FJ 6- G BE SARAMr Eric Halvarsson lacques Tissot Cindy Cbou NMiquel Palleres John Wilson, Ir. ASARAKIIII CO. OEEtLE CHARCE IDE 1)17 Ci7EN, SHoTu:'6 PEN ED ALTAYA IOHN VVIISOIN PAR7NERS RFGIATRE FCN(CIER ES /1)! IROIT Susanne Ohbom YONCIER James Hong Nicolas Vedrenne Rujaratnam Senathi Rajah HoKERBERG 6 SIIERQVEISS CHEN Sill UU PUN EXPERIAN BUREALU DE CREDITO JULIUS & CREASY AtIIILORTRYRA KB Urs Kloti Ana Just Amia Fernando Nfattias Ornulf PESTALOZZi LACIIr'4L P4TRY' Zue Min Hwang LURIS VALLS ABOGADOSS JTlIUS e- CREeAST HOKT.RER,, - S-4 R.4K ST Robert Furter OF GENERAL CONTRACASTORS Carlos Vail T.G. Gooneratne ADISTKATRIRR.S KB PYATALrIzzi LACHSENAr PATRY HE GENERaLi OTATR LuRis VALLS AROCADIIS IDrIL 6- C-RASY Bengt Kjellson Eva Leuthold DEEP s EAR, ATTORNEYSAT L.AW, Calvin A. Hamilton NMadawan Amarasiri LANTS MAI ERIFT PEATAzzi LACHNA PATR fohn h MONEREO, MEtER 6 MEDA TRENI) INTERNATIC )NAL Camilla Levinsson Karl Arnold FOBRIHSA TRANSNATIONA,L MARINEL-Lo PIT. LTL). MIAGNUSSO IN WA'AHLIN QVIST PFSTALozzi LACHENAL RATRY ATTERNEYS AT LAIt' Sonke Schlaich Asiri Perera STANBRROOK AIEDOKAT Guy-Philippe Rubeli Yuling Hsu MONEREO, MEYER C- MIT CARGO LTD NMats Berter PESTALIIzzi L.CIIENAL PATRY FORMOISA TR4NSNATIONAL, MARINEL-LO Paul Ratnayeke MVIAGNC'SS)N WAHYIN QI 1S1 NMichael Kramer Al DORNEYS AT LAIw Andres Mlonereo Velasco PAUE R4TNAPAEKE ASSOCIATFS STANBROOK Ai'VOKAT PE EALOZZri L.CHENAL PATRY Chun-Yih Cheng MANEL ML Daya Weeraratne Martin Wallin Marcel Zehnder FORSMOSA TRANSN4TKIN()AL, MARNEL-LD oPRICEA4TERHOUSECOOPERS MAISRELELKLAITERS PRICEItATERHEIUSECOnPERS ATTORNEYS AT LAIr Alfonso Pedrajas Al% IIATBERA MLILLERA j Subashini Abraham Henric Diefke Katja Roppelt Fang-Ting Kuo SUDATIT PERER, ASso(IEAMS PRICIV'ATFRHOL'AECD)I'ERS JOINT CREIJlL INFORMAITION Ivan Delgado MANNHEAIER StsARTLIN,; CENTER PEREZ-LLORCA Sudath Perera AImOIiASByRK Andrin Waldburger SCIIATH PERERA ASSEII:EASES Han Andesn PRICEIIAIERHDU'SECDDEEID JlieCh Pedro Perez-Llorca Zamora SATans ndersson PRC R P PEREz-LLORCA Ramani lMluttettuwegama MINISTRY OF INIUSTRY, NMartinia Schmid h TuTIIHREEISI ASsoCIATES EuSPL) N7'SITANT ) PRUI-EAS ERHIEOUSECI 1IPERS Serina CUIng Siro Arias COMMArNIU AlIONS JONES DAT PRICEHVATERHOUSECOOPERS Asanka Abeysekera Beat Buchler TiTICEREIAINS ASSOCIATELS Leninart Palm SBI GRU'PEE DIEE Miargaret Huang Basilio Aguirre NNR (BOSARD) OF SWEIRISII SCHIEIZLROSCHEN LCS 6- PARTNERS RECISTRO DE LA PRDPIEDAII DE Sharmela de Silva INDIUNTRE AND COPMMSERCE FOIR BRIINlI USTRIE Victor Chang ESPA.V.4 TIRUFCITELV4.ki AiSOC~I.4TES BEL'TER RLutTI/ 4//O)N) Daniel Steudler LCS e- PAR7NERS Roser Rafols Niranjan Sinnethamby Tomas Loov SiSsss FEIEKRAL DiRECTDRATE OF locelyn Liu RocA JUNYENTAiw()CATA TIRuCHEiEAI ASSoCIAI,S NNR (B(ARU lIE SIL HIISH CAIASTERY SI'RIEIING LCS 6 PARTNERS ligo Sagardoy de Simon Nlayuri Kodikara INIUSTREE .\ND COMSMSERCE EoR TIllo Sagardoy HdIe ASimonATES Myr ldkrBEl ILR RT;' YATIrON) Suzanne Eckert Rich Lin SAGARDO0 6- ABOGAIICS, TiRUCHMAii ASSOCLAM Stefan Slom WENGER PLAS SNER LCS - PARTNERS AlEASBER HF lUs LABORDS Mahinda Haradasa PANAII.IN SnH LN AB Nbarc Tutsch \VARNERS LANE A OFFICE WENG;ER PLASIINEE ACKNOWLEDGMENTS 185 Wen Hlorrng Kao THAILAND Noppramart Prasitmonthon Francisco Soares Manu NMataele PRIX EXEATERHIOU SECCXniEX RS TILLCKE & GIBEINS SERXVICO DXO IOSIO70 LIE TIAXOR OCEANI RANZ Joyce Cheng Stephen Ogunlana L,TERNATLISoxAL LTD. LErTE William Clive Edwards PRICE IATr.R I FCOOPLRS ASIAN LSXIITI TE OF David Lyman Benjamin Sanches TONGAXAT Shing Pinlg Linl Narong Leongbootnak TIIIFKE C- G7BBNvs THE ASIA FOXUNDXATION Christiine Uta'atu SRing-Pi.)g Li( R Narong Leungbootnak ISIFRINATIONAL LTr,. Dionisio Babo Soares UTA ATU ANXI ASSOCIATFS PR- FIXAIFRH-IICFE PER A. IAN 1o13 1 1k7 (I Harold K. Vlckery Jr. THE ASIA FI(XNIXATIXAN Elmer Sionasa C.l. Huallg TEl ON OF t C KCRXI &- 4VERACOHXi LTD Americo Laia UTAsATUSNI' AAsEXIATES TSAiR 6 TSAI L.Xw FIDRM Suovat kerdphbon Ttsto TrCs SA EdgarVl: Citenz BANGKOK AIETRO(POLITAN LANIX Chinnavat Chinsangaram TETOR TELECOM SA Paut Pelzer Edgar . Ctieji OFHCE WHITE &COFE K Rui Gomes ANZ T,sAR J T,Al LHw Fmv Ratana Poonsombudlert Sakchai Linlsirlpothong UNDP-UNLTFI NATIONs David Garrett fames 7M. Hw1-Iang CHANDIER K.NI1 THON-FE WVHITI C CASE DEVLLFXPXENT PROGNAMAIf GARRETt & AsAocIatt s TS~AR ISAI, LAWIXRHAt oaad r ART -ASCAE Chen Hoiling Jessada Sasvatdipong TIMOR-LESTE LTNAIISET Petunia Tupou it'INKLER PARTNESR CHANI)LER A4Nr Ts ONI X -FG nLnM Vanc FuN'.ATEIKI LAte OFFICE Rachel Chiao Peradach Patanachan ARI) LNC. LtSAID -tTeip LEsTE Teleisia v Sifisa WIVIKLFR PARTNERS CLIFEIORI CEHANCF Kiwi (TONGA) LTD. WVasne l.ee Paul Gregory AEin UNs.ta TOGO Arthur Budvietas W .SvjneSX PeIRI SEESHACEAR)NC KRAMER TONGA LyiI. Y4N-,UIN(. PIRINR 1Rawee Wan ThongsrimadumiE Phoebe Kalazane Fransois Nare Step hen Franck R.lwee EVan I hongorima um ARo IN( . CEIXRALt IXES RPSQuES DE Btryan Welch 4AN;NI1N . PAR T'\NRs s LIFFORDT CHANCE TUION Al(NETAIRE OCEUST PXIf im FINANCE 6- INVESTMENrT Nipa Wongyeekul Tiago Sarmiento AFRICAIINE LOX, Charles Hswang DEIUL-X/OXlI &ASS(X LArFs AIEXITORDI PRO(.R.4AIF Jean-JUarie Adenka John Ridgway t'ASDMIXSR P IR I ASE/INTRNGPORAW janNaieA>k Kowit Somrnalya Eusebio G.oterres CABINET ADENK-4 PsucEin LEG.XL NETWSORK TAN ZAN I A LASXIPFI b LT LX. LAIFET CnfsELETNT ANt Galolo Soed1ede Tomasi Fakahua Slanish WV-as Pornsaran Sangsatra ADX% O,AX I CAINfNET L1AvOATS SioNE TOALASI NAITE F4KAHIIA Pamela DaEId PANAFEISA lt'ORLD' 7RANSPORT Pedro Sousa John Kokou FI XE OFFr E PanIela DavirRFNX t BI .AXA THAILANI LTD. AluISsTREOF JEsTICF CABINET OAVOCATS Diana Warner ArEK A L71X. Suttipong Srisaard Georgina de Mello Mlartial Akakpo SKIES COSTOAI rEEE/FRI LTD. Johnson lasson PEICXWAITRHOU XFCORXPERS PILT SEP CABINET MARTIAL AK AKPO Tapu Penuve JOXHNSON lASS CS'N c& CXI. Thavorn Rujivanarom Amandino Benevides Alexis Aquereburo TON-cA CHAAMBER OF COMMERCE A I1,oci,;]LS PRICI CFAXfXXIIEXI SELl-(IPERE PR, X El (IRS OFEIXE CAIRNE LIE A.C. Aol FREfIX Rr Aisea Petelo Leopold Thomas Kalunga Vira Kamniee Silveiro Pinto Koffi Alinon TOmNA DFVELOPAIENi BANK KAIl Nt,NI C- C(). ADiX XATES SIXS (CIT L.AI OFEicEs PEO XOR'S DEER IE CRCD / LAANDNET Simione Sefanaia Nailmli Dyer LTviTED Sebastiao Dias Xinienes Kofi Kumodzi TONGA DEVELOPMENT BANK KALEUSNIA - Co: ADs(cAXEs Picham Sukparangsee PROEVRDOR'S OFFIC-E DRH-GIO.AL ExCEL Lee Miller enpold Thomas Kalonga SIAM CtIII LAwI OEEIC ES IN$TERINXIONAL ToNGA NEXE ZEALAND BOXINESS Ieopold ThonLas Kaluriga LIXIEf Amandino Benevides AssocNAAoIN Kr1aI ShN4 CO ICAIEN Sawat Sangkavisit PR, 'CIV)ORES DPFICl Jacques Chareyre Alvina Tu inukuafe Manu Grace Shao ~~~~~~~~~~~~~~~~FIDAFRICA / Avn unkaeMn SIAMI PRLAIIER INTERNATIONAL Silveiro Pinto PRlC-EXAMTERXI(XAXSECEXOPFRS WrEqpTm AIA.4F IA . RXEOCHuNla CClE L AXE OFFICEF Lill. PREX 'E IXOR 'S OFFICE A(Ulex ]\14 C!> Af.4r 4in1Veronica Siow Alzira Lav FIDAFRICA TUNISIA Alex NgnLluna SLAM PRELI lA INIER.NATInNAL SDI LXXX ISTIC PRICEWYEXERHCXUSECOOPERX Ibed Tanazefti A..1R, RtNEHu.Nc,LR-A, L.4il OFFICL LID}. NX,XI U N XK\NI Eric Afancini Edouard Ntessou Lamine Bellagha Charles R. B. RNvecllulgura S Villiam Lehane SO) Locri 11s5 FIDAFRICA / A4r BELIAGHA ANI) ASSOCIATES AL,X.XIXR, RXX ECHX'SX.CA A, SLAMXOt PFATICR17RA1()A Rafael Riheiro PRICOXATFRHCXUsECOOPEERS DIE El SIX C' /s! XC XILA SDOFLOXFISTICS Adty Bellagba N(;L,L.\%iIC&A[lK.4A Erik lalasa SDI'Locisucs Richard Akpoto-Kougbleneou AXILT BELLACHA AND ASSOCIATES Nlvanijala Niama S-VEX FX'EXUHXI H(XCXA>'XSl Jose Pedro Camoes L'ECCLEFAFRICINE IEhS AIETIERS S-NEi FRuam TE%T)R LL~~iE Li- IF ILARIXAITEX TI'RE FT ilk Mobamed Mloncef Barouni AIAFRS. L(TL( P7-l LR A I LAHRBANISM lE (EAALAUI AVOC AT COSSEILS REuNIS LTI. Sanmma Kitsin L STLIDIOALPHA A.I.C. F . Siri A. MNlalai THAI CROXICT BUREXC Vital dos Santos Yves tctaillot CENTRAL BANS OF TI NASIA AIAIAI FREI(;HI anna VakyaIAI PS SANTOXS S)t /SAGA BoCLLOXRE GROLP Radhi Medde Wanna Rakyao ~~~PARTNEW RahiNede NimrId Atkono LXXX AILANE LTOEND TITLIN. EJean Marcel Gariador CC).iktE EN;,INEERISh. AlN(xoe- CO. 14ii TlR.l PRvoJFc1 O>l(:E G,ustavo Bussinger D )1FT BANK PAIYENT ACTHORI I (DV- BOLLORF OFI Noureddine Ferchiou WVilbert Kapinga Cynithia Pornavalai Denis Cordel FERCHlOU c AssnCIATES AIKICNI c- CO L-AXY~ FI S ILLEKF 6- GiJXiN's H-au Kiuim Fonoei odlFRHCC6 XYCAE Aisha Naiga INIERNAIONC-AF LT.N CHI.NStE Bt NKESs ASSOCEXTION SDV- BOLLORE DTI MEZI'U KN. MCXONXX & C,O, LI-ERAI Pimvimol Vipamaneerut Pedro Aparicio TONGA FFRCHInaoo RAchssOATES Rishit Shah TILLEKE C GERBLNt CONSELI ICIA DIE LEI SiER TintC Fn ASSEX K IXTEE INTIRNAIRINIL LTD.' ~~~~~~~Sione Tuitav'ake Fonua IEl NN PRIs SALRHah EXCTI INTA.4XNL LTD. Martin Breen PRIIATE LAXWYER Hela Ben Miiled David Tarimo TJoh Gl C U R Penisimani L. Latu FERCHIOL 6-A.AsIoXCATES PRIEtXXATLRHOEUAtECXXPER5 TLLTERKNETIOe LTGX. NEdio da Costa ILYTELLEC7I EL PROPERTY AND AMEZIOX KNrNI Philippe de la Whetlle N L INISTRY OF DFVELOPEAIFNT COmp.4ANT REGC,XRATION Elyes Ben Niansour Si)\i AAI TANS .NfA TlEK E cP GIRRINas Rui Castro Hastings L. Faapoi G4]/I AND BEN M.NSOuR Nlohamed Suniar INTERNAITTINAL LTD. PEIXATE IMlEAXXXR HASDRA Amina Larbi SEUIAR VARAIA A,SOICIATES Pascale Prud'homme Alzira Lay Teimumu Tapueluelu GIDE LOYRETTE NOUEL Santosh Gaiiar TILLkKE e- GIBBINS SDO' LOX/sTICS WESTEAC Amel Ferchichi SI `tAR V4RAXIA .4A5C AITFS LINTERN5ATION4AL LIIX. Eric Nltancini Laki NI. Niu GIDE LOTRETTE NOLEE Dussadee Rattanopas SDVLoCIISLTCs LAKI NiEl OFFIC.ES Kamel Ben Salah TILLkER e- GIBRINS Rafael Riheiro Salesi Mataele GIDE LOX REl rE NOUEL INTFRNSA71N0CA.L LTD. SDLVLoGsSTIs OCEANTRANZ Sami Kallel KALLE eF As5ocIATEs 186 DO NG BUSINESS IN 2006 Adel Saibi Baris Kalayci Charles Odere Maria Livinska Abdul Latif Essa MAFERSK LOGISTICS MEHSIET GuN 6Co). LEX UGANDA AICcAl4Es & PRIC.EIATERHOU'SECOOPERS HILAL ASSOCIATES Mouelhi Lotfi Bilge Saltan SOLICITORS Jorge Intriago Rashid Ahmed Hilal ALSERSK TUNISIE AIEHMET GuN 6 CO. Rachel Mwanje Mlusoke PRICMEtATERHOU'SECOOPERS HILAL ASSOciAT'ES Faouzi Miii Ugur Aktekin MI AADvoc MAS Svetlana Bilyk Henrik Petersen AIfILI AND)ASSoCITLES MELSALES GIN e'- CO. Aup PRICEIVATERHSOULSECOOPERS MLAERSK SEALAND NMabrouk Maalaoui Selma TopIl Unlu NANGLAtLA, REigsA e Co. Oleg Shevchuk Desmond Balendra PRICEITATERHOUSECOOPERS NfEHAIES GLtN 6 CO. ADVOCATES PROXrN PANALPI.VA GELF LLC NMarie Louise Gam Elvan Aziz Alex Rezida Victor Kachtcrenko Dean Rolfe PRICEItATERHOUSECOOPERS PAKSOe & Co. NANGLLALA, REzNwA C CO. SHEVUCHENKO DioKOVSKITY PRICEInAITERHOUSECOOPERS Abderrahmen Fendri Serdar Paksoy ADvOCATES PARTNERS Sanjay Nlanchanda PRICE IATERHOUSLCOOPERS PAKSAYT C(c. Oshorne Wanyoike Oleksandr Padalka PRICELIATERHIOUSECOOPERS Salaheddine Caid Essebsi Peter lM. Anetsberger PRIC ELATERHOUSECOOPERS SHE -ECHENKO DIDKOvKSKlY Khaled Amin PARTN',ERSKhldAi THE SALAHEDDINE CAID ESSEBS] PANSLPINA VVORLI) TRANSPO)RI Russell Eastaugh SHALAKANA LA)V OFFICE AND ASSOCIATES NAKLIIAT LTIn. TURKEY PRR EI6AIERHOUSECOOPERS Igor A. Shevchenko SHE CHENKo DIDOVS)'SK)Yr I Ayman Hamdy TURKEY Sefika Pekin Paul Frobisher h4ugambwa PARTNERS SHALAKANY LA))' DEHEE Righan Derici PElIN Bcan AR LA4t FIRm, PRIVATERHOUSECOOPERS Igor Svechkar Jennifer Bibbings R3Eqhan D erAicLiK Elif Tezcan SIL P. B. FFatuma Nabulime SHE) CHEN\Ko DIIgKOVKmr TROLLERS C- H4MLINS 3E DANISAMANLIK LTD. STE PEKIN e BAYAR LAEL FIRS) SDV TRANSAALI - UGANDA PARTNERS Natalie Seeff Feyza Tukel Selim Yasvuz Stephen Batanda Nlarkian Sileckv TROLURS TEE H.AM)LIN'S BIRCANO10GEC LAwE FRNi PEKIhN PFKIN SDV) TRANSAAII - UGANI'A SILECKY LA)) FIRAM Senem Gursoy Ahmed Pekin Ezekiel Tuna Nlaryana Yarmolenko UNITED KINGDOM BIRCANOGLu LALL FIRAI PEKIN 6 PEKIN SHON'sBI, NlU'S(OKE 6 CO. SILECKE' LA))' FIRM Simon Cookson Erol Bircanoglu lr. Burcu Acarturk Alan Shonubi Oleg Alyoshin ASHURST BIREANOGLT LALV FIRAt PEKIN 6- PEKIN SHONL'UI., MULSOKF & CO. VASIL KISIL 6 PARTNERS Laura Cram Sebnem Onder Sezin Okkan Valeriy Lukinov ASHLIRST CZAKSIAK CREAKAL'LK.ST PEKIN 6- PEKIN UKRAINE VlryLknvAEUS BCROSUE VURNSSA LTI). Paul Sillis Hande Hamevi Yevgeniy Karpov COLLVER-BRISTOWL CAZeyneOp'IAKmAkuKT PEKIN 6 PEKIN ASTApTo LA)s'TERS UNITED David Crosthwaite BU'ROS)I Pinar Tanilkan Valeria Kazadorova EMIRATESDAis LNDON 1. Hakki Arslan PEKIN - PEKIN BAKER 6 MICKENZIE Nabil A. Issa Jim Meikle CENTRAL BANK OF THE Lale Girav Yaroslav Gregirchak AERIDI r ANLTELLL DAvS LANGDON REP RBLIC OF TURKEY PEKIN - PEKIN CHADRBORNE ANI) PARKE Hassen A. Ferris Sarah Lawson Devrim Cukur Fuat Tuac Alexei Sirenko AFRIDI &ANGEL. DENTOAN IVWLIE SAPTE CL'KUR 6 YILNLAZ PEKIN e PEKIN DEI.TA EXPRESS INTERNAISONAL Vandana Rupani Nlichael Steiner Dilara Duman Faruk Sabuncu Vadinm Nenmirovskiy AERIDI &ANGELL DENTON WILD)E SAMTE DTB DLs TICARET BlEi PRICErHATERHOL'SECOOPERS FORMIA(. Hussan NM.K. Hourani ˇNlichael Brown Ekin Altintas Ruslan Israpilov .A1 TASLII-rl 6 COA/PANY EPTERSHED)S LA)L FIRS) Y. Selim Sariibrahimoglu PRr:EWATERHOUSECOOPERS GRISCHENKO 6 PARTNERS Sydene Helwick Gillian Key-Vice D)TB Dos TCARET BILGI MfERKEZI H. Baric Yal0n Sergei Voitovich AL TALSAIr el CLEASPANI EXPERLAN LTD PRITETIAIERHOLUSECOOPERS GRISCHENKO & PARTNERS Ammar Al-Saleh Paul Samuel Gilbert KKB KREDIT KNLl BEAL Mehmet Artemel Natalia Artemova AL TA5IAI1 6 COTPANI FINERS STEPHENS INNOCENT Selen Cures SERAP ZUVIN L.w OFFICES GRISCHENK)) 6 PARINERS Lisa Dale Daniel Joseph Gabay LLw OFFICES OF Af. FADLUILLAH Canan Ersen Viktor Andriyaka Al TASIISII 6 COMPANE REDLWOOD (INTL ) LTI. CERRAHOGLU SERAP ZLVIrN LA)E OLEICES GR)SCHENNO 6 PARTNERS Precilla D'Souza Julia Yates Ayseguil Yaloinmani Serap Zuvin Vira Potyekhina AL TAcSu 6 COLMPANY FRESELIELDS BRucLHOLS's L.5E OFFICES OF M. FADLULLAEI SERAP ZUVIN L.Lit EFLICES GRISCHENKO 6 PARM[NERS Suneer Kumar DERINI;ER CERRAHIOELT NM. Selcuk Polat Galina P. Zagorodnyuk Ai -SuL))i) C COMRLANE John Meadows Mlelis Biskin TU'RKISH CONIRACTORS K(vNOm 6 SnZ4NOA'VSKY Mahamed Suwaidi HA! LAND REGISTREE LA)L ODFICES OF Al. FAIDLLLEAVH ASSo(IATION Ilona Melnichuk AI -Su'))AI) C COMPIANT Steve Mallen CERRAIHOGLU Nihat Ozdemir KoNNOV' SOZAN))VSKYT Theresa Abrefa KNNL, LHT FRANK Fadlullah Cerrahoglu TUIRKISH CONTRACTOR.S Alexey Pokotylo BERRIALNS LA(C FIAOER Richard Lister LAC DEOVICES KL NO. FVIA;LLSH ASSOCLATION KcNLUSE 6 SOZANOVSK) Saeed Abdulla Al Hamiz LEWIS SILKIN SOLICLTORS, CERRAS-IOCC ]Kadriye Batysal .. . AEABLEER OF ILs LABORIS Burcu Mutulu TURKISH CDNTR.ACTL)RS Sergei Konnov CENSaES) BANK OF THE UAE LAIL DEVIL-ES Dl Al. PADELLELH ASSOCIATION KoENNOm 6 SOZANOVI'SK Neil Taylor Sandro Knecht CERRAHOGLI.' Yuriy Brykaylo D1Avs LANPSL'ON Yelda Dogan UGANDA KONENMS SOZANLIV'SKY Satish Mehta Nick Francis LAO DEELCES OF Af. FADIYLALII Stuart Forster Maksym Kopeychykov DIN C BRAWLSIREUT SAME PRICEIVATERHOI'SECOOPERS CERRAHOGLU BR/SHsL H,IGH CcLMALISI.\ON LALLFIRAL "ILIASUV' AND) LIS. Kerry Coston Sule Dilek Celik David FBK. Nlpanga PARTNERS" Zahid 1. Hameed PRICEIIATERHOUSECOOPERA LA))' OFFICES LIF Nl. FADLUL'LAH A.F AMPVAN) 7.4, AD OCA7ES llya Onvschenko FiSHTE C COArPANY LEGAL Richard Collier-Keywood CERRAHOGLU ,CC( LTANCY PRICTWA/ERHOUSECOOPERS Robert Kiggundu LALL FLEA) "IP6"C CON) 'LI CaliNd 'KTrNC PerIemy)'ayEHI'ECTR Arcan Fayatorbay ARcH FORLwI LID Mharkveyev Sergiy Walid Karan Jeremy Ray AIAERSK DENL7CLIK A.S. . HABIR AL MI'L.A 6 CO. PRI(CEATEERHOUSE COODERS NMehmct GCn Rose NamaromeM Oleg Zagnltko Habib NI. Al NMulla Phil Nforrison AfEHLAET GuN 6 Co. SLAUICGATAS AAv4; SOeR 6r PARTNERS HABIB AL. MILLS - Co. FREIGHTNFT Nee Tasdemir Pious Olaki Pavel Zakharov Salah El Dien Al Nahas Andrew D. Haywood AfEHALET GulN e CO. LEy U;ANDAN ADEcCASLS C PANLIP'INA WVOREI TRANSA'ORT HADEr AL DALA R ROLLINS I,(INS SOLICITORS Ural Ozbek SOLICITD'S LTD AS' 'CIAIES Christopher NMallon MEHIMFT GIN 6- CO. I'E)L, GOTsilIAL 6 MLANGES ACKNOWLEDGMENTS 187 Katherine Stones Veronica Glanville Ibrahim Nlukhamedjanov Ruben Gotberg Doan Chien iVlt, GmoSHo L & MANxCS UNITED STAiES BANKRL PI,1 AzIzov & PARINERS E!piNELIRA, SHEIZON I GuE LoYRETTE N(;LEi Sally %Villcock COL RI Ibrahim NMukhamedjanov ASOCIADOS/PRICEIVATERHIOUSL Florent Fassier WLIL, GOTS4IAL AIANGES Stephen Raslavich Azrzov & PARTNESCRS GiDE LOYRET'IL NO!'EL m aNITEID STATES BANKRUPTCY Fernando Mfiranda Emma htalkmn ECOLRT lanol Askarov ESPINEIRA, SHELLION lulien Madon tIV/EI, GCITSHAI C6- AfANI,E CHADBOURNE ANI) PARnE AsCI IA1I)0S/PRICEIVA7ERIRICATSE GItE LolRL RErE NoL EL Simon Graham URUGUAY Sergey Shirov COOPERS Nicholas Audier WRA,;IA & C(. LLP Cesar 1. Aroztegui DENTON WVILlIE SAPTE NMaria Corina Arocha GiIIE LIIYRETTE N(iLEi lane Bates AROzTEGiC 6- AsoCIAIRS0 / Nlouborak Kambarova ESPIN EIRA, SFEIS)ON I Phong anh Hoang WE-RAE, C, C.1 LLP BRONS 6 SILAS DEN'ION WILlIE SAPILE As()( IAIIO.S/PRI(EII'ATERHOESE GboE LOrREy I F NOLIEL COOPERS Andrew Glaze Luis Baccino Sofiya Shakhrazieva Le Quang Phong WRAOG(;E & Co. LLP ARLITTEOLA 6 ASLIE lAO-Is / DENLI ON I/tIDrE .SAPIL Alejandro Giolito LSrEco. LTD). INIERNA IONA! WRAGGE Co. LLP BR07TGU e SA Asom s DNO VI1 A'EEAELNEIRA, SHI ION T FREIGHT FIRWII-RDE STATES la~~RceNS FemenIAS Uniid A. Aripdianov AsoIIA41OOS/PRICEIXAI4ERHOOI'E UNITED STATES NfarceloFemenias GRATI LA!' FIRAI CODELRs Nguyen Suong Dao Brian E. Clark BAIlD, KuSTER. ZERRINO CI Alexanider Samborsky Jorge Acedo-Prato JCIIINSON STOKES C A[ASTER APAI TERAILSALS RPA( IELTTI AfNADMINISIRAIRIN oF HNIE7 PELLEZ CASTILLO( 6 Thomas J. Treutler Craig Foil Elhio L. 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FT7I1, C6 Boc K RELISTREs Z lark Stafford DuQLE Ravmond McGuire Gabriel Eigenberg BDC) BARREL) I PARTNERS Luiz IgnaclioNendoza Richard Irwin CoNIRAC TORs A5so(LAIIN lIT ESTUII1 BER(STEIN Christopher Dawson ROF,RIoCTuEz A&NIESDozA PRICETI4TERHIULSECOOPERS G(RLAIFR NFI YORK Nellv Kleckin DnAtsoN B!UILDERS Servio T. Altuve Jr. Van Thi Quynh Dinh Pierre le RKLox ESTLM111 BERGSItO! Chris K;ernot SER IO T ALT'UvE R. e PRIL, HATERHOLUSECOIOPERS INiERGREPH AIAPPIN AN!) Ricardlo Nezzera FAmIoLuS PACIFIC SHIPPINA. Do Thi Thu Ha GEOSIATIAL SOL I I10NS ESTIDrDi DR. AMEZ7FRA VNINLW Al Edison Carrero PRIC EIATERHOUIFICIOPERS Charles L. Kerr Agustin Etcheverry Reyes John Mialcolm SEEPR!NITENFIENTF DAE BAN(lOS Uan Phanm Cong AILIRRUsSN ANI) FILiES IFR Esi uIO DR. AfEzzLR,A GEOFFREI GEL C PARTNERS Francisco Aleman Planchart SoioE BANK F O ILINAM BARRISTERS -SOLICITOARS T!NoCo, TREA IESO), PLANCIIART Nguyen Tuan ltinh Mlatthew Mleade Federico Carrau Nr NNEz gynTunMn AIORRISON AND FE)LR IE-R ES£1 Io) DR. AfEZZERA David Hudson TILLLEKE 6 GIBBINS Hi D)ALI\ 6 SLoIW1)N Gustavo Enrique Planchart INI1'ERNATI0ONAi LTD,. Deodat Ramsarran Diego Galante Pocaterra NYC DLPERIAIENT Ol GALANTE 6/ALARIINS John Ridgwvay TINOC o TRAVIES%O PLTACHIART Viet D. Phan Bu ILOIN),s PAL(iiiE LEG.4A NETTIORK C NU".rZ TRAN H. N. A. Ass5LEATES C~arlos Brandes N T David Nelson GUI-ER C REandLEs Garry Blake Oscar Ignacio Torres Pham Nghiem XuanBac RFIND EII.A Gu R&R,,L.'RKii,EAlt BLAKE PARTNERS VFS)ION 6 As iOCLATES Corina Bove TRA /ESO EiAs ARRI4 RENGEL IN!VES! EN7 6 ALANAGENIENI Kurt Diener GIL ER & RE!(uLFS Silas Charles Hakwa 6 PAZ CONSUITAN7S PANAIPIAN SIL As CHARLES HIKEIA e6 Alejandro Niller Artola ASSOCIATES VIETNAM WEST BANK AND Robert Ntorris GuTER c- REcI'LES * PRI, P1VA71LRHOA'SECOvPa TarbVENEZUELA Yee Chung Seck GAZA Alvaro Tarabai BAKLR 6 AMCKENZIE Fadi Kattan Penny Vaughin GE LER C REGULES Tanrara Adrian Giles Thomas Cooper AIARi ClEARLNOAIEN7 Mlaria Duran AI)RIAN &, ADRIAN BAKER 6 AfCKENZIEH Gregory A. Lee HOIT6 -GOSRndo auciAcaaHIba Husseini PR IC rA7ERHOI SI C,o lPERS HOGIrS el HUGHES Rinaldo Mauricio Alcala ThanhHa Tran HiCSSEINI ANIR HI SSEINI Noelia Eiras PANALPIN- C.A. BIlKER 6 AlcKENZIE Rami Husseini PRI( EJ. uERr)y SICPERS I S 6 HrHES Carlos Velandia Sanchez Frederick Burke HI SSEINI AN!) HI SSEINI SamuelA N(leHonS1,C0OPER Laura Arocena As ('IE ION VFNEcZILAN4A IE BAKER 6- AICKEFNIE Mlohamed Khader Samuel Nolen Hr 115H 6 HuGHES DEREEHo REGISTEAL RIc!IAR]S, L-OIo2N 6^ F! NoER, IA IP d Nguyfen Hoang KXim Oanh LAT5.ANNE TRAI-INVC PA' Conrado Hughes Delgado Mligtel Angel Perez Lavaud Hoang Kim Oanh LAUSANN HIlA. H HES C HIuGIlLs AVELEDI K)ESiPRFR RnlAs BAKER &EMcKEN!iE CONS ULTANIS Bradford L. Livingstoni PEREZ TRuHIlo SANZ 6 Tran Nlanh Hung YEMEN SEYILART11 SHAio LLIP AlEORI:R Juan Frederico Fischer A4511LIIIEIS BAKER 6 NIE!KLNZ!E IS ITS LAHoRiES LV. ATTORNE)S A4 LAO Carlos Plaza Tran YenTrang Phan Moh'd Ali Lajam David Snyder Ricardo Olivera-Garcia BAKER & All KENZIE BAKER C AJI KENzIE IKIIIIILE EASI SIIPPING Co.L,7n SNI I)TR C' SNI1)ER OIIlERA 6 DELPIAZZO Rossanna D'Ouiza Dang Linh Chi Ali Sheikh Alamakdi Frederick Turner Fabrizio Fava BAKER & MU KINZIE BAKER C AIcKENZIE YE.IPAnC CAROLl SNI) ER C& SNY1DER PANAILPINA Nliercedes Briceno Anna On Abdalla Al-Meqbeli %I ike Calder Alfredo Inciarte Blanco) CON'IAPRI BAKER C-' AICKFNZIE ABIDALLA AL MEQREII C IHE FIRSI A.1RIICAN PEREZ DU14 CASTLLO NAIARRO . PocrlgASS TIlES CORPORATIOEN, I FIRSI - IN(TARI4 E CARI Edard PorcarelNoura Yahya H Al-Adhh MNaria lose Santos CENTRAl BANK (IF IEAIEN lohn Ralls PRICI IIATERHOUshECOLOPERS Patricia NMilano Hernindez Brett Ashton THELEN RE)!) 6 PRIEST LLP Sergio Franco DE SOILA PAIE 6 BRIOWN CHE.5IERTON PFTTY Abdulla AN-Olofi Jason Vonderhaar PRICI u'ATERHOL'SECOOPIERs Arturo de Sola Lander Nasir PKNI Abdul TRANSL'-NIN DL SILAT PATE C BROiD N FLECTELux N NCo e AssOCIEs Khaled Al BuLRaihi loinel lordan UZBEKISTAN Alvaro Gonzalez-Ravelo Pierre Angles d'Auriac Alo L(4c Al 6 LEGIAL SERVICTS TRAN SUNIOIN Sergio Purin ESCRVTNRI C irU ANTI FUEl IELIG, NG O C'ASS))) IES AHLT IR 188 DOING BUSINESS IN 2006 Mohamed Taha Hamood Robin Durairajah Noah Siasimuna Thembiwe NMazingi Mark Badenhorst Al-Hashimi CORPUS GLOBE ADVOCATES MINISTRY OF L4BOUR AND COGHLAN, WVELSH 6 GUEST PRICFRIATERHOnUSECOOPLRS MOHAMED TAHA HAMOOD . SOCIAL SECURITY e Co. Mwelwa Chtbesakunda Peter Lloyd Mvlanuel Lopes CORPUS GLOBE ADVOCATES Pixie Kasonde-Yangailo GILL GODIONION & GERRANS PRICEWATERHOUSECOOPERS Nageeb Alkadi RH YANGAILO & COMPAN NAGELB ALRADI & ASSOCIATE Elias Chipimo Hayley Thornicroft Stenford Moyo OFFICES CORPUS GLOBE ADVOCATES Shaira Adamali GILL GOILONTON & GERRIANS SCANLEN &- HOLIDERNESS Saeed Sohbi Harriet Kapampa Kapekele PRICEWLATERHOUSECOOPERS Obert Chaurura Gutu John Meyburgh SAEED HASSAN SOHBI CORPLS GLOBE ADUOCATES Jyoti Mistry GU'TU &'e CHIKOWI'ERO STUMBLES AND RoUtE John Sichinsambwe PRICE WATERHOUSECOOPERS Archibald Munyoro Gijima Richard H. S. Beattie ZAMBIA DEPARTMENT OF OCCU.PATIONAL Danmore Nyanga HARARE LAw, THE STONE BESIDIE STLUDIO Victor Mesquita HEALTH AND SAFL L PRICEWVSTERHOUSECnOPERS H.M. Kantor Tshuma MIANICA AFRICA Bonaventure Chibamba ZIMBABWE KANTOR & IAIStERPIAN 1VERB, LOwL & BARRY Azizhusein Adam Mutale ZICOEPaul Fraser Trust Salpisio Manjegwah AD ADAMS & Co. ELTI & CO. Lindsay Cook LOFTYT FRASER LG.AL IVINTLERTO!Ss LAwV FIRsM Kanti Patel Henry Mlusonda AIHERSTO.NF CODE PRACI7IIONERS Filonzi Bosha CHRISTOPHER, RUSSL LL COOK KIRAN &- MUSONDA ASSOCIATES Innocent Chagonda Grant Davies ZimBARBwE REVENUEAUTHORITL & Co. David Doyle ATHERSTONE & COtOKc MANIcA AFRICA Rachel Ngala MANICA ZAMBLA Jonathan Moyo Victor Mesquita CHRISTOPHER, RUSSELL COOK Marjorie Grace Mwenda CALI)ERILO,OID, BRCEF, HENL)RIE MA4,VI.4 AFRICA &I Co. MG JOHMSON-MIl'ENIIA C CO. e PARTNLERS 'Member of Lex Mun odi Additional PricewaterhouseCoopers contributors as Doing Bustness went to press: Khalid Mehmood Igor Dankov Roger Ouk Aija Klavinska Wanita Lala Salman Nasim BELARUS CAA?BODIA LATVIA NEtvZEALAND AFGHANISTAN Fousseni Traore Anthony Nkinzo Ami Ravelomanana Fousseni Traore Kledi Kodra Jean Claude Wognin CONGO, DEAI. REP. William Randrianarivelo Jean Claude Wognin ALBANIA BENIN Benedicte Wiberg MADAGASCAR NICER Ludmila Kosarenko Suada Slijivo DENMIARK Fousseni Traore Bukkie Adewuyi ARMENIA BOSNIA AND HERZEGOVINA Peep Kalamae Jean Claude Wognin NIGERIA Jacqueline Hassarati L. layawickrama ESTONIA MALI Linda Levett Irene Yeung BOTsLANA Agatha Chan Ram L. Roy PAPU4 NELw GLi,YLEA AUSTRALIA Fousseni Traore HONG KONG, CHINA Ramesh Doma Gregory ltseph Sojnocki Rudolf Krickl Jean Claude Wognin Zsofia Domotor MAL'RITIUS SOLOMON ISLANDS AUSTRIA BuRKINA FASO HUN(.ARY Robert Walker Jaume Cornudella AS1IIMIQLL SPAIN - Doing Business in 2006: Creating Jobs is the third in a series of annual reports investigating the scope and manner of regula- tions that enhance business activty and those that constrain it. New quantitative indctos on business regulations and their enforce- ment can be compared across more tan 1SO countries, and over time. The lndi ators used to analyze economic outcones and identify what reforms hav worked whreo, and why. For more information, visit our Web site at http://rru.worldbank.org/doingbusiness dII FC t*'lli 15749ls1lt t1l , t1 THE WORLD RANK Jose W. Santos 07767 ISN U 2 MC 6-340 WASHINGTON DC