58008 Quick response to crisis Some economies showed a quick response to the crisis. Faced by Global highlights rising numbers of insolvencies and debt disputes, 16 economies, - A new measure shows that business regulation worldwide is mostly Eastern European and OECD high-income economies, reformed becoming more conducive to doing business. Over the past 5 years their insolvency regimes. These include the Baltic states as well as about 85% of economies have made it easier for local entrepreneurs Belgium, the Czech Republic, Hungary, Romania, Spain and the United Kingdom. ICELAND to start and operate a business. - Developing economies are increasingly active. In 2009/10, NORWAY SWEDEN THE NETHERLANDS 66% reformed business regulation; 6 years before, only 34% did. CANADA DENMARK RUSSIAN - Between June 2009 and May 2010 governments in 117 POLAND UNITED FED IRELAND KINGDOM GERMANY POL UKRAINE GERMANY economies implemented 216 business regulation reforms making it CZECH REPUBLIC BELGIUM easier to start and operate a business. SLOVAK REPUBLIC LUXEMBOURG - New technology is saving time and cost around the world. For AUSTRIA SWITZERLAND HUNGARY FRANCE ITALY example, more than 100 economies use electronic systems for SLOVENIA ROMANIA traders. And 105 use information and communication technology for CROATIA PORTUGAL SPAIN business start-up. Singapore's online system saves new firms an UNITED STATES BOSNIA & estimated $42 million a year. In Mauritius a computerized system cut HERZ. SERBIA the time for all types of business registrations by 80%. ITALY KOSOVO BULG. TUNISIA MONTENEGRO MOROCCO FYR ALBANIA MACEDONIA ALGERIA W THE BAHAMAS GREECE DOMINICAN REP. PUERTO RICO (U.S.) MEXICO JAMAICA HAITI ANTIGUA AND BARBUDA CAPE VERDE MAURITANIA BELIZE ST. KITTS AND NEVIS DOMINICA MALI NIGER GUATEMALA HONDURAS ST. LUCIA SENEGAL ST. VINCENT AND THE GAMBIA BURKINA EL SALVADOR NICARAGUA THE GRENADINES GRENADA GUINEA-BISSAU GUINEA FASO BENIN COSTA RICA PANAMA R.B. DE TRINIDAD AND TOBAGO NIGERIA VENEZUELA GUYANA SURINAME SIERRA LEONE CÔTE GHANA D'IVOIRE COLOMBIA LIBERIA TOGO CAMEROON EQUATORIAL GUINEA ECUADOR SĂO TOMÉ AND PRÍNCIPE GABON KIRIBATI CONGO Sub-Saharan Africa & Middle East and North Africa SAMOA PERU BRAZIL Trade was a big focus in Sub-Saharan Africa and the Middle East and North Africa. The 2 regions accounted for half of all trade A facilitation reforms. Latin America and the Caribbean BOLIVIA FIJI TONGA Economies in Latin America and the Caribbean focused on NA making it easier to trade across borders and register property in 2009/10. Peru and Grenada, for example, made trading faster and PARAGUAY halved the time to transfer property. URUGUAY CHILE ARGENTINA HIGHLIGHTS FROM DOING BUSINESS 2011 Economies that improved the most in the ease of doing business in 2009/10 Economies that made the largest absolute improvements over the past 5 years Kazakhstan and Rwanda improved the most in the ease of doing business in 2009/10 and made among the largest absolute improvements over the past 5 years. Source: Doing Business database A COPUBLICATION OF THE WORLD BANK AND THE INTERNATIONAL FINANCE CORPORATION © 2010 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone 978-750-8400; fax 978- 750-4470; Internet www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax 202-522-2422; e-mail pubrights@worldbank.org. Additional copies of Doing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010: Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and Doing Business in 2004: Understanding Regulations may be purchased at www.doingbusiness.org. ISBN: 978-0-8213-7960-8 E-ISBN: 978-0-8213-8630-9 DOI: 10.1596/978-0-8213-7960-8 ISSN: 1729-2638 Library of Congress Cataloging-in-Publication data has been applied for. Printed in the United States Contents Doing Business 2011 is the eighth in a series of annual reports investigating the Preface v regulations that enhance business activity and those that constrain it. Doing Business Executive summary 1 presents quantitative indicators on business regulations and the protection of property About Doing Business: rights that can be compared across 183 economies--from Afghanistan to Zimbabwe-- measuring for impact 12 and over time. Starting a business 18 Regulations affecting 11 areas of the life of a business are covered: starting a business, Dealing with construction permits 26 dealing with construction permits, registering property, getting credit, protecting Registering property 32 investors, paying taxes, trading across borders, enforcing contracts, closing a busi- Getting credit 39 ness, getting electricity and employing workers. The getting electricity and employing workers data are not included in the ranking on the ease of doing business in Doing Protecting investors 47 Business 2011. Paying taxes 54 Trading across borders 63 Data in Doing Business 2011 are current as of June 1, 2010. The indicators are used to analyze economic outcomes and identify what reforms have worked, where and why. Enforcing contracts 70 Closing a business 77 The methodology for the employing workers indicators changed for Doing Business 2011. See Data notes for details. Annex: pilot indicators on getting electricity 84 THE DOING BUSINESS WEBSITE Download reports Annex: employing workers 93 Access to Doing Business reports as well as Current features subnational and regional reports, reform case News on the Doing Business project http://www.doingbusiness.org studies and customized country and regional References 105 profiles Rankings http://www.doingbusiness.org/Reports Data notes 110 How economies rank--from 1 to 183 Subnational and regional projects Summaries of Doing Business http://www.doingbusiness.org/Rankings Differences in business regulations at the reforms in 2009/10 134 Doing Business reforms subnational and regional level Country tables 144 Short summaries of DB2011 reforms, lists of http://www.doingbusiness.org/ reformers since DB2004 Subnational-Reports http://www.doingbusiness.org/Reforms Law library Acknowledgments 206 Historical data Online collection of laws and regulations Customized data sets since DB2004 relating to business and gender issues http://www.doingbusiness.org/Custom-Query http://www.doingbusiness.org/Law-library http://wbl.worldbank.org Methodology and research The methodology and research papers Local partners underlying Doing Business More than 8,200 specialists in 183 economies http://www.doingbusiness.org/Methodology who participate in Doing Business http://www.doingbusiness.org/Research http://www.doingbusiness.org/Local-Partners/ Doing-Business Business Planet Interactive map on the ease of doing business http://rru.worldbank.org/businessplanet v Preface A vibrant private sector--with firms making investments, creating jobs and improving productivity--promotes growth and expands opportunities for the poor. In the words of an 18-year-old Ecuadoran in Voices of the Poor, a World Bank survey capturing the perspectives of poor people around the world, "First, I would like to have work of any kind." Enabling private sector growth--and ensuring that poor people can participate in its benefits--requires a regulatory environment where new entrants with drive and good ideas, regardless of their gender or ethnic origin, can get started in business and where firms can invest and grow, generating more jobs. Doing Business 2011 is the eighth in a series of annual reports benchmarking the regulations that enhance business activity and those that constrain it. The report presents quantitative indicators on business regulation and the protection of property rights for 183 economies--from Afghanistan to Zimbabwe. The data are cur- rent as of June 2010. A fundamental premise of Doing Business is that economic activity requires good rules--rules that establish and clarify property rights and reduce the cost of resolving disputes; rules that increase the predictability of economic interac- tions and provide contractual partners with certainty and protection against abuse. The objective is regulations designed to be efficient, accessible to all and simple in their implementation. Doing Business gives higher scores in some areas for stronger property rights and investor protections, such as stricter disclosure requirements in related-party transactions. Doing Business takes the perspective of domestic, primarily smaller companies and measures the regulations applying to them through their life cycle. Economies are ranked on the basis of 9 areas of regulation--for starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. In addition, data are presented for regulations on employing workers and for a set of pilot indica- tors on getting electricity. Doing Business is limited in scope. It does not consider the costs and benefits of regula- tion from the perspective of society as a whole. Nor does it measure all aspects of the business environment that matter to firms and investors or affect the competitiveness of an economy. Its aim is simply to supply business leaders and policy makers with a fact base for informing policy making and to provide open data for research on how business regulations and institutions affect such economic outcomes as productivity, investment, informality, corruption, unemployment and poverty. Through its indicators, Doing Business has tracked changes to business regulation around the world, recording more than 1,500 important improvements since 2004. Against the backdrop of the global financial and economic crisis, policy makers around the world continue to reform business regulation at the level of the firm, in some areas at an even faster pace than before. These continued efforts prompt questions: What has been the impact? How has busi- ness regulation changed around the world--and how have the changes affected firms and economies? Doing Business 2011 presents new data and findings toward answer- ing these questions. Drawing on a now longer time series, the report introduces a new measure to illustrate how the regulatory environment for business has changed in absolute terms in each economy over the 5 years since Doing Business 2006 was pub- lished. This measure complements the aggregate ranking on the ease of doing business, which benchmarks each economy's current performance on the indicators against that of all other economies in the Doing Business sample. Research is also taking advantage vi DOING BUSINESS 2011 of the longer time series, and studies on business regulation reforms in Latin America and Eastern Europe and Central Asia show some promising results. But this is only the beginning. The coming years will be exciting as this growing time series and other emerging data sets allow researchers and policy makers to find out more about what works in business regulation--and how and why. Since its launch in 2003, Doing Business has stimulated debate about policy through its data and benchmarks, both by exposing potential challenges and by identifying where policy makers might look for lessons and good practices. Governments have reported more than 270 business regulation reforms inspired or informed by Doing Business since 2003. Most were nested in broader programs of investment climate reform aimed at enhancing economic competitiveness, as in Colombia, Kenya and Liberia. In struc- turing their reform programs for the business environment, governments use multiple data sources and indicators. And reformers respond to many stakeholders and interest groups, all of whom bring important issues and concerns to the debate. World Bank Group dialogue with governments on the investment climate is designed to encourage critical use of the data, sharpening judgment, avoiding a narrow focus on improv- ing Doing Business rankings and encouraging broad-based reforms that enhance the investment climate. Doing Business would not be possible without the expertise and generous input of a network of more than 8,200 local experts, including lawyers, business consultants, ac- countants, freight forwarders, government officials and other professionals routinely administering or advising on the relevant legal and regulatory requirements in the 183 economies covered. In particular, the Doing Business team would like to thank its global contributors: Allen & Overy LLP; Baker & McKenzie; Cleary Gottlieb Steen & Hamilton LLP; Ius Laboris, Alliance of Labor, Employment, Benefits and Pensions Law Firms; KPMG; the Law Society of England and Wales; Lex Mundi, Association of Independent Law Firms; Noronha Advogados; Panalpina; PricewaterhouseCoopers; PricewaterhouseCoopers Legal Services; Russell Bedford International; SDV Interna- tional Logistics; and Toboc Inc. The project also benefited throughout the past year from advice and input from gov- ernments and policy makers around the world. In particular, the team would like to thank the governments of Burkina Faso, Colombia, the Arab Republic of Egypt, the Republic of Korea, the former Yugoslav Republic of Macedonia, Mexico, Portugal and Rwanda for providing statistical information on the impact of business regulation re- forms as well as the more than 60 governments that contributed detailed information on business regulation reforms in 2009/10. This volume is a product of the staff of the World Bank Group. The team would like to thank all World Bank Group colleagues from the regional departments and networks for their contributions to this effort. Janamitra Devan Vice President and Head of Network Financial & Private Sector Development The World Bank­International Finance Corporation 1 Executive FIGURE 1.1 Easing start-up, payment of taxes and trade most popular in 2009/10 Share of economies with at least 1 Doing Business reform making it easier to do business, by topic (%) summary Starting a business 0 20 40 60 80 Paying taxes Trading across borders Registering property Dealing with construction permits Doing Business reform Getting by report year credit Closing DB2011 only a business DB2005­DB2011 Enforcing contracts Protecting investors Against the backdrop of the global finan- Note: Not all indicators are covered for the full period. Paying taxes, trading across borders, dealing with construction permits and protecting investors were introduced in Doing Business 2006. cial and economic crisis, policy makers Source: Doing Business database. around the world took steps in the past year to make it easier for local firms start-up to closing (box 1.1). The results factors relevant for business. For exam- to start up and operate. This is impor- have stimulated policy debates in more ple, it does not evaluate macroeconomic tant. Throughout 2009/10 firms around than 80 economies and enabled a grow- conditions, infrastructure, workforce the world felt the repercussions of what ing body of research on how firm-level skills or security. Nor does it assess mar- began as a financial crisis in mostly high- regulation relates to economic outcomes ket regulation or the strength of financial income economies and then spread as across economies.1 A fundamental prem- systems, both key factors in understand- an economic crisis to many more. While ise of Doing Business is that economic ing some of the underlying causes of the some economies have been hit harder activity requires good rules that are trans- financial crisis. But where business regu- than others, how easy or difficult it is to parent and accessible to all. lation is transparent and efficient, oppor- start and run a business, and how effi- Doing Business does not cover all tunities are less likely to be based on per- cient courts and insolvency proceedings are, can influence how firms cope with BOX 1.1 Measuring regulation throughout the life cycle of a local business crises and how quickly they can seize new opportunities. This year's aggregate ranking on the ease of doing business is based on indicator sets that Between June 2009 and May 2010 measure and benchmark regulations affecting 9 areas in the life cycle of a business: starting governments in 117 economies imple- a business, dealing with construction permits, registering property, getting credit, protecting mented 216 business regulation reforms investors, paying taxes, trading across borders, enforcing contracts and closing a business. Doing Business also looks at regulations on employing workers and, as a new initiative, get- making it easier to start and operate ting electricity (neither of which is included in this year's aggregate ranking).1 a business, strengthening transparency and property rights and improving the Doing Business encompasses 2 types of data and indicators. "Legal scoring indicators," such efficiency of commercial dispute resolu- as those on investor protections and legal rights for borrowers and lenders, provide a mea- tion and bankruptcy procedures. More sure of legal provisions in the laws and regulations on the books. Doing Business gives higher than half those policy changes eased scores in some areas for stronger property rights and investor protections, such as stricter start-up, trade and the payment of taxes disclosure requirements in related-party transactions. "Time and motion indicators," such (figure 1.1). as those on starting a business, registering property and dealing with construction permits, Through indicators benchmarking measure the efficiency and complexity in achieving a regulatory goal by recording the pro- 183 economies, Doing Business sheds light cedures, time and cost to complete a transaction in accordance with all relevant regulations on how easy or difficult it is for a local from the point of view of the entrepreneur. Any interaction of the company with external entrepreneur to open and run a small to parties such as government agencies counts as one procedure. Cost estimates are recorded medium-size business when complying from official fee schedules where these apply. For a detailed explanation of the Doing Business with relevant regulations. It measures methodology, see Data notes. and tracks changes in the regulations 1. The methodology underlying the employing workers indicators is being refined in consultation with relevant experts and stakehold- ers. The getting electricity indicators are a pilot data set. (For more detail, see the annexes on these indicator sets.) Aggregate rankings applying to domestic, primarily smaller published in Doing Business 2010 were based on 10 indicator sets and are therefore not comparable. Comparable rankings based on 9 topics for last year along with this year are presented in table 1.2 and on the Doing Business website (http://www.doingbusiness.org). companies through their life cycle, from 2 DOING BUSINESS 2011 FIGURE 1.2 mostly in Eastern Europe and Central Seventy-five percent of economies in East Asia and the Pacific reformed Asia and the OECD high-income group, business regulation in 2009/10 reformed their insolvency regimes, in- Share of economies with at least 1 Doing Business reform making it easier to do business (%) cluding Belgium, the Czech Republic, Eastern Europe & Central Asia 84 Hungary, Japan, the Republic of Korea, East Asia 75 Romania, Spain, the United Kingdom & Pacific and the Baltic states (table 1.1).6 Particu- OECD high income 67 larly in times of economic distress, ef- South 63 ficient court and bankruptcy procedures Asia Middle East are needed to ensure that assets can be & North Africa 61 reallocated quickly and do not get stuck Sub-Saharan in court. Most of the reforms in this area Africa 59 Latin America focused on improving or introducing & Caribbean 47 reorganization procedures to ensure that Source: Doing Business database. viable firms can continue operating. Be- fore, it was common for insolvent firms in many economies of Eastern Europe sonal connections or special privileges, land.4 It makes sense for policy makers and Central Asia to be liquidated even and more economic activity is likely to to help such businesses grow. Improving if they were still viable. Not surprisingly, take place in the formal economy, where their regulatory environment is one way the average recovery rate in the region as it can be subject to beneficial regulations of supporting them. calculated by Doing Business is 33 cents and taxation. Since 2003, when the Doing Consider the story of Bedi Limited, on the dollar. In OECD high-income Business project started, policy makers in a garment producer in Nakuru, Kenya.5 economies the average is 69 cents. more than 75% of the world's economies After spending 18 months pursuing a Swift action has been the name of have made it easier to start a business in trial order for school items from Tesco, the game in Eastern Europe and Central the formal sector. A recent study using one of the largest retail chains in the Asia. The region's policy makers have data collected from company registries United Kingdom, Bedi lost out on the been the most active in implementing in 100 economies over 8 years found chance to become part of its global supply business regulation reforms as measured that economies with efficient business chain. Bedi had everything well planned by Doing Business since 2004. This past registration systems have a higher firm to meet a delivery date set for July. But year was no different, with 21 of 25 entry rate and greater business density the goods were delayed at the port. When economies (84%) reforming business on average.2 they arrived in the United Kingdom in regulation. Besides improving insolvency Ultimately this is about people. The August, it was too late. The back-to- procedures, making it easier for firms economic crisis has made it more im- school promotion was over. Changes to to start up and to pay taxes were popu- portant than ever to create new jobs and regulations and procedures can help im- lar measures--more than a third of the preserve existing ones. As the number of prove the overall trade logistics environ- region's economies introduced changes unemployed people reached 212 million ment, enabling companies like Bedi to in each of these areas. Less happened in in 2009, 34 million more than at the onset capture such growth opportunities. some of the other areas, such as credit of the crisis in 2007,3 job creation became information systems. But thanks to 36 a top priority for policy makers around WHAT WERE THE TRENDS reforms in this area since 2004, such the world. With public budgets tighter IN 2009/10? TABLE 1.1 as a result of stimulus packages and con- Economies improving the most in each tracting fiscal revenues, governments For policy makers seeking to improve Doing Business topic in 2009/10 must now do more with less. Unleashing the regulatory environment for business, Starting a business Peru the job creation potential of small private priorities varied across regions this past Dealing with construction Congo, Dem. Rep. enterprises is therefore vital. year. permits Small and medium-size businesses Registering property Samoa Getting credit Ghana indeed have great potential to create QUICK RESPONSE TO CRISIS Protecting investors Swaziland jobs. They account for an estimated 95% Paying taxes Tunisia of firms and 60­70% of employment in The global crisis triggered major legal Trading across borders Peru OECD high-income economies and 60­ and institutional reforms in 2009/10. Enforcing contracts Malawi 80% of employment in such economies Facing rising numbers of insolven- Closing a business Czech Republic as Chile, China, South Africa and Thai- cies and debt disputes, 16 economies, Source: Doing Business database. EXECUTIVE SUMMARY 3 systems are already better developed. Doing Business by 25% by 2015. Small mies introduced changes (7 in all), India Average coverage is up from 3% of the Pacific island states, which face special continued improvements to its electronic adult population to 30%. challenges, have also been active, getting registration system for new firms by key support from donors. allowing online payment of stamp fees. ECONOMIES IN EAST ASIA AND THE Across Eastern Europe the implemen- PACIFIC HIT THEIR STRIDE TRADE FACILITATION POPULAR IN tation of European Union regulations For the first time in the 8 years of Doing AFRICA AND THE MIDDLE EAST encouraging electronic systems triggered Business reports, economies in East Asia About half of all trade facilitation re- such changes as the implementation of and the Pacific were among the most forms in 2009/10 took place in Sub- electronic customs systems in Latvia and active in making it easier for local firms Saharan Africa (with 9) and the Middle Lithuania. to do business. Eighteen of 24 econo- East and North Africa (6). Several were mies reformed business regulations and motivated by regional integration. Some WHERE IS IT EASIEST TO DO institutions--more than in any other of these efforts built on existing ini- BUSINESS? year. The pace of Doing Business reforms tiatives such as the Southern African had been steadily picking up since 2006, Customs Union. In East Africa single Globally, doing business remains easi- when only a third of the region's econo- border controls speeded up crossings est in OECD high-income economies. mies implemented such reforms. In the between Rwanda and Uganda. Different In Sub-Saharan Africa and South Asia past year 75% did (figure 1.2). electronic data systems are still used by entrepreneurs have it hardest and prop- Emerging-market economies such customs authorities in Kenya, Tanzania erty protections are weakest across the 9 as Indonesia, Malaysia and Vietnam and Uganda. But efforts are under way areas of business regulation included in took the lead, easing start-up, permit- to create a single interface between these this year's ranking on the ease of doing ting and property registration for small systems. Overall, 27 of 46 Sub-Saharan business (figure 1.3). and medium-size firms and improving African economies implemented Doing Singapore retains the top ranking credit information sharing. Hong Kong Business reforms, 49 in all. on the ease of doing business this year, SAR (China), after seeing the number of In the Middle East and North Af- followed by Hong Kong SAR (China), bankruptcy petitions rise from 10,918 in rica 11 of 18 economies implemented New Zealand, the United Kingdom, the 2007 to 15,784 in 2009, is working on a business regulation reforms, 22 in all. United States, Denmark, Canada, Nor- new reorganization procedure. Six modernized customs procedures and way, Ireland and Australia (table 1.2). The momentum in the region may port infrastructure to facilitate trade and Change continued at the top. Among the continue. Recently leaders of the Asia- align with international standards. These top 25 economies, 18 made it even easier Pacific Economic Cooperation (APEC) include Bahrain, the Arab Republic of to do business this past year. Within the organization launched an initiative Egypt and the United Arab Emirates. FIGURE 1.3 aimed at making it easier for small and Which regions have the most business- medium-size companies to do business ELECTRONIC SYSTEMS ON THE RISE friendly environment in Doing Business? through systematic peer learning and AROUND THE GLOBE #1 assistance across economies. The idea is In economies around the world, regard- economy that economies in the region that have less of location and income level, policy OECD high income 30 benefited from making it easier to do makers adopted technology to make it business can now share their experience easier to do business, lower transac- with others. The Korea Customs Service, tions costs and increase transparency. In for example, estimates that predictable Latin America and the Caribbean, where Eastern Europe & Central Asia 72 cargo processing times and rapid turn- 47% of economies implemented business East Asia & Pacific 87 over by ports provide a benefit of some regulation reforms in the past year, 23 of Latin America & Caribbean 96 Middle East & North Africa $2 billion annually. Singapore's online the 25 reforms simplified administrative South Asia 117 registration system for new firms saves processes. Many did so by introducing businesses an estimated $42 million an- online procedures or synchronizing the Sub-Saharan Africa 137 nually.7 Using firm surveys, planners operations of different agencies through identified 5 priority areas for the APEC electronic systems. In this way Brazil, initiative--starting a business, getting Chile, Ecuador and Mexico simplified credit, trading across borders, enforcing start-up, Colombia eased construction 183 Average ranking on contracts and dealing with permits. The permitting, and Nicaragua made it easier the ease of doing business goal is to improve regulatory perfor- to trade across borders. (1­183) mance in those areas as measured by In South Asia, where 5 of 8 econo- Source: Doing Business database. 4 DOING BUSINESS 2011 TABLE 1.2 Rankings on the ease of doing business DB2011 DB2010 DB2011 DB2011 DB2010 DB2011 DB2011 DB2010 DB2011 RANK RANK ECONOMY REFORMS RANK RANK ECONOMY REFORMS RANK RANK ECONOMY REFORMS 1 1 Singapore 0 62 61 Fiji 1 123 116 Russian Federation 2 2 2 Hong Kong SAR, China 2 63 82 Czech Republic 2 124 122 Uruguay 1 3 3 New Zealand 1 64 56 Antigua and Barbuda 0 125 121 Costa Rica 0 4 4 United Kingdom 2 65 60 Turkey 0 126 130 Mozambique 1 5 5 United States 0 66 65 Montenegro 3 127 124 Brazil 1 6 6 Denmark 2 67 77 Ghana 2 128 125 Tanzania 0 7 9 Canada 2 68 64 Belarus 4 129 131 Iran, Islamic Rep. 3 8 7 Norway 0 69 68 Namibia 0 130 127 Ecuador 1 9 8 Ireland 0 70 73 Poland 1 131 128 Honduras 0 10 10 Australia 0 71 66 Tonga 1 132 142 Cape Verde 3 11 12 Saudi Arabia 4 72 62 Panama 2 133 132 Malawi 2 12 13 Georgia 4 73 63 Mongolia 0 134 135 India 2 13 11 Finland 0 74 69 Kuwait 0 135 133 West Bank and Gaza 1 14 18 Sweden 3 75 72 St. Vincent and the Grenadines 0 136 136 Algeria 0 15 14 Iceland 0 76 84 Zambia 3 137 134 Nigeria 0 16 15 Korea, Rep. 1 77 71 Bahamas, The 0 138 137 Lesotho 0 17 17 Estonia 3 78 88 Vietnam 3 139 149 Tajikistan 3 18 19 Japan 1 79 78 China 1 140 138 Madagascar 2 19 16 Thailand 1 80 76 Italy 1 141 139 Micronesia, Fed. Sts. 0 20 20 Mauritius 1 81 79 Jamaica 1 142 140 Bhutan 1 21 23 Malaysia 3 82 81 Albania 1 143 143 Sierra Leone 3 22 21 Germany 1 83 75 Pakistan 1 144 144 Syrian Arab Republic 3 23 26 Lithuania 5 84 89 Croatia 2 145 147 Ukraine 3 24 27 Latvia 2 85 96 Maldives 1 146 141 Gambia, The 0 25 22 Belgium 1 86 80 El Salvador 0 147 145 Cambodia 1 26 28 France 0 87 83 St. Kitts and Nevis 0 148 146 Philippines 2 27 24 Switzerland 0 88 85 Dominica 0 149 148 Bolivia 0 28 25 Bahrain 1 89 90 Serbia 1 150 150 Uzbekistan 0 29 30 Israel 1 90 87 Moldova 1 151 154 Burkina Faso 4 30 29 Netherlands 1 91 86 Dominican Republic 0 152 151 Senegal 0 31 33 Portugal 2 92 98 Grenada 3 153 155 Mali 3 32 31 Austria 1 93 91 Kiribati 0 154 153 Sudan 0 33 34 Taiwan, China 2 94 99 Egypt, Arab Rep. 2 155 152 Liberia 0 34 32 South Africa 0 95 92 Seychelles 1 156 158 Gabon 0 35 41 Mexico 2 96 106 Solomon Islands 1 157 156 Zimbabwe 3 36 46 Peru 4 97 95 Trinidad and Tobago 0 158 157 Djibouti 0 37 35 Cyprus 0 98 94 Kenya 2 159 159 Comoros 0 38 36 Macedonia, FYR 2 99 93 Belize 0 160 162 Togo 0 39 38 Colombia 1 100 101 Guyana 3 161 160 Suriname 0 40 37 United Arab Emirates 2 101 100 Guatemala 0 162 163 Haiti 1 41 40 Slovak Republic 0 102 102 Sri Lanka 0 163 164 Angola 1 42 43 Slovenia 3 103 108 Papua New Guinea 1 164 161 Equatorial Guinea 0 43 53 Chile 2 104 103 Ethiopia 1 165 167 Mauritania 0 44 47 Kyrgyz Republic 1 105 104 Yemen, Rep. 0 166 166 Iraq 0 45 42 Luxembourg 1 106 105 Paraguay 1 167 165 Afghanistan 0 46 52 Hungary 4 107 111 Bangladesh 2 168 173 Cameroon 1 47 49 Puerto Rico 0 108 123 Marshall Islands 1 169 168 Côte d'Ivoire 1 48 44 Armenia 1 109 97 Greece 0 170 172 Benin 1 49 48 Spain 3 110 110 Bosnia and Herzegovina 2 171 169 Lao PDR 1 50 39 Qatar 0 111 107 Jordan 2 172 170 Venezuela, RB 1 51 51 Bulgaria 2 112 117 Brunei Darussalam 3 173 171 Niger 1 52 50 Botswana 0 113 109 Lebanon 1 174 174 Timor-Leste 1 53 45 St. Lucia 0 114 114 Morocco 1 175 179 Congo, Dem. Rep. 3 54 55 Azerbaijan 2 115 113 Argentina 0 176 175 Guinea-Bissau 1 55 58 Tunisia 2 116 112 Nepal 0 177 177 Congo, Rep. 1 56 54 Romania 2 117 119 Nicaragua 1 178 176 Săo Tomé and Principe 1 57 57 Oman 0 118 126 Swaziland 2 179 178 Guinea 0 58 70 Rwanda 3 119 118 Kosovo 0 180 180 Eritrea 0 59 74 Kazakhstan 4 120 120 Palau 0 181 181 Burundi 1 60 59 Vanuatu 0 121 115 Indonesia 3 182 182 Central African Republic 0 61 67 Samoa 1 122 129 Uganda 2 183 183 Chad 0 Note: The rankings for all economies are benchmarked to June 2010 and reported in the country tables. This year's rankings on the ease of doing business are the average of the economy's rankings on 9 topics (see box 1.1). Last year's rankings, shown in italics, are adjusted: they are based on the same 9 topics and reflect data corrections. The number of business regulation reforms includes all measures making it easier to do business. Source: Doing Business database. EXECUTIVE SUMMARY 5 group of top 25, Sweden improved the used performance measures in the judi- goods crossing the national border and most in the ease of doing business, rising ciary since the late 1990s. Malaysia in- a modern inspection system (TC-SCAN) from 18 to 14 in the rankings. It reduced troduced a performance index for judges at the border crossing point shared with the minimum capital requirement for in 2009. Case disposal rates are already China. As a result, the time to export fell business start-up, streamlined property improving. by 8 days, the time to import by 9 days registration and strengthened investor and the number of documents required protections by increasing requirements MORE WAYS OF TRACKING for trade by 1. Kazakhstan also increased for corporate disclosure and regulating CHANGE IN BUSINESS the legal requirements for disclosure in the approval of transactions between in- REGULATION related-party transactions. Thanks to the terested parties. amendments to its company law, compa- Economies where it is easy for Every year Doing Business recognizes the nies must describe transactions involv- firms to do business often have advanced 10 economies that improved the most in ing conflicts of interest in their annual e-government initiatives. E-government the ease of doing business in the previous report. kicked off in the 1980s, and economies year and introduced policy changes in 3 The runner-up this year was Rwanda, with well-developed systems continue to or more areas. This past year Kazakhstan followed by Peru, Vietnam, Cape Verde, improve them. Hong Kong SAR (China) took the lead (table 1.3). Kazakhstan Tajikistan, Zambia, Hungary, Grenada and Singapore turned their one-stop amended its company law and intro- and Brunei Darussalam. shops for building permits into online duced regulations to streamline business Yearly movements in rankings can systems in 2008. Denmark just intro- start-up and reduce the minimum capi- provide some indication of changes in duced a new computerized land reg- tal requirement to 100 tenge ($0.70). It an economy's regulatory environment istration system. The United Kingdom made dealing with construction permits for firms, but they are always relative. recently introduced online filing at com- less cumbersome by introducing several An economy's ranking might change be- mercial courts. new building regulations in 2009, a new cause of developments in other econo- Top-ranking economies also often one-stop shop for construction-related mies. Moreover, year-to-year changes in use risk-based systems to focus their formalities and a risk-based approach for rankings do not reflect how the business resources where they matter most, such permit approvals. Traders benefit from regulatory environment in an economy as the supervision of complex building improvements to the automated customs has changed over time. projects. Germany and Singapore are information system and risk-based sys- To illustrate how the regulatory en- among the 85 economies that have fast- tems. Several trade-related documents, vironment as measured by Doing Busi- track permit application processes for such as the bill of lading, can now be ness has changed within economies over small commercial buildings. submitted online, and customs declara- time, this year's report introduces a new Finally, these economies tend to tions can be sent in before the cargo measure. The DB change score provides hold public servants accountable through arrives. Modernization efforts, already a 5-year measure of how business regu- performance-based systems. Australia, under way for several years, also include lations have changed in 174 economies.8 Singapore and the United States have a risk management system to control It reflects all changes in an economy's TABLE 1.3 The 10 economies improving the most in the ease of doing business in 2009/10 Dealing with Trading Starting a construction Registering Protecting Paying across Enforcing Closing a Economy business permits property Getting credit investors taxes borders contracts business Kazakhstan Rwanda Peru Vietnam Cape Verde Tajikistan Zambia Hungary Grenada Brunei Darussalam Note: Economies are ranked on the number and impact of reforms. First, Doing Business selects the economies that implemented reforms making it easier to do business in 3 or more of the 9 topics included in this year's aggregate ranking (see box 1.1). Second, it ranks these economies on the increase in their ranking on the ease of doing business from the previous year using comparable rankings. The larger the improve- ment, the higher the ranking as a reformer. Source: Doing Business database. 6 DOING BUSINESS 2011 FIGURE 1.4 DB change score In the past 5 years about 85% of economies made it easier to do business 0.5 Five-year measure of cumulative change in Doing Business indicators between DB2006 and DB2011 0.4 0.3 Doing business became easier 0.2 0.1 GEORGIA RWANDA BELARUS BURKINA FASO MALI KYRGYZ REPUBLIC CROATIA KAZAKHSTAN GHANA MACEDONIA, FYR EGYPT, ARAB REP. UKRAINE MOZAMBIQUE CHINA ALBANIA TAJIKISTAN NIGERIA CZECH REPUBLIC SYRIAN ARAB REPUBLIC UZBEKISTAN COLOMBIA AZERBAIJAN SENEGAL MADAGASCAR ARMENIA PERU MAURITIUS VIETNAM SIERRA LEONE TIMOR-LESTE BOSNIA AND HERZEGOVINA POLAND GUATEMALA MEXICO HAITI ZAMBIA INDIA DOMINICAN REPUBLIC YEMEN, REP. RUSSIAN FEDERATION TOGO MALAWI TUNISIA DENMARK CAMBODIA INDONESIA CÔTE D'IVOIRE FRANCE IRAN, ISLAMIC REP. NIGER ANGOLA MOROCCO SLOVENIA THAILAND LAO PDR SLOVAK REPUBLIC PORTUGAL HONG KONG SAR, CHINA CONGO, DEM. REP. UNITED KINGDOM SERBIA BENIN GUINEA-BISSAU GAMBIA, THE ROMANIA SUDAN PARAGUAY BULGARIA BANGLADESH MALDIVES UGANDA MAURITANIA SWEDEN ALGERIA BOTSWANA VANUATU ETHIOPIA CAMEROON SAUDI ARABIA SWAZILAND TANZANIA TURKEY AUSTRALIA JORDAN UNITED ARAB EMIRATES BRAZIL PAPUA NEW GUINEA Note: The DB change score illustrates the level of change in the regulatory environment for local entrepreneurs as measured by 9 Doing Business indicator sets over a period of 5 years. This year's DB change score ranges from ­0.1 to 0.54. More details on how the DB change score is constructed can be found in the Data notes. Source: Doing Business database. business regulation as measured by the not a one-time effort and that the changes It created its first credit bureau, computer- Doing Business indicators--such as a introduced were substantial. Since 2005 ized the company registry and overhauled reduction in the time to start a business Rwanda has implemented 22 business its property registration system, moving thanks to a one-stop shop or an increase regulation reforms in the areas measured from a deed to a title registration system. in the strength of investor protection by Doing Business. Results show on the The multiyear reform reduced the time index thanks to new stock exchange rules ground. In 2005 starting a business in to transfer property from 24 weeks to 5. that tighten disclosure requirements for Rwanda took 9 procedures and cost 223% The state now guarantees the title and its related-party transactions. The findings of income per capita. Today entrepre- authenticity. Regulatory reforms in Mali are encouraging: in about 85% of the 174 neurs can register a new business in 3 picked up in recent years. Key achieve- economies, doing business is now easier days, paying official fees that amount to ments include customs reforms, a new for local firms (figure 1.4). 8.9% of income per capita. More than one-stop shop for business start-up and The 10 economies that made the 3,000 entrepreneurs took advantage of amendments to the civil procedure code largest strides in making their regulatory the efficient process in 2008, up from an in 2009 that strengthened protections for environment more favorable to business average of 700 annually in previous years. minority shareholders and improved the are Georgia, Rwanda, Belarus, Burkina Registering property in 2005 took more (still lengthy) court procedures to resolve Faso, Saudi Arabia, Mali, the Kyrgyz Re- than a year (371 days), and the transfer commercial disputes. public, Croatia, Kazakhstan and Ghana. fees amounted to 9.8% of the property Some large emerging-market econ- All implemented more than a dozen value. Today the process takes 2 months omies also made significant changes at Doing Business reforms over the 5 years. and costs 0.4% of the value. A new com- a steady pace. China is one. Over sev- Several--including Georgia, Rwanda, pany law adopted in 2009 strengthened eral years China introduced 14 policy Belarus, Burkina Faso, the Kyrgyz Re- investor protections by requiring greater changes making it easier to do business, public, Croatia and Kazakhstan--have corporate disclosure, increasing the li- affecting 9 areas covered by Doing Busi- also been recognized as top 10 Doing ability of directors and improving share- ness. In 2005 a new company law reduced Business reformers in previous years. holders' access to information. what had been one of the world's high- Rwanda, for example, was recog- Others, such as Ghana and Mali, est minimum capital requirements from nized last year. The cumulative improve- took a steady approach, improving the 1,236% of income per capita to 118%. ment over the past 5 years as measured by business environment over several years. In 2006 a new credit registry started the DB change score shows that this was Ghana implemented measures in 6 areas. operating. Today 64% of adults have a EXECUTIVE SUMMARY 7 DB change score 0.5 0.4 0.3 0.2 0.1 VENEZUELA, RB SWITZERLAND ARGENTINA SINGAPORE ZIMBABWE GRENADA PAKISTAN NORWAY ICELAND ESTONIA GUINEA GABON PALAU CHAD ITALY FIJI SOLOMON ISLANDS UNITED STATES KOREA, REP. COSTA RICA AFGHANISTAN BHUTAN HONDURAS WEST BANK AND GAZA CAPE VERDE MONGOLIA GUYANA MICRONESIA, FED. STS. LESOTHO TAIWAN, CHINA ISRAEL EL SALVADOR MOLDOVA IRELAND HUNGARY MARSHALL ISLANDS SAMOA MALAYSIA URUGUAY IRAQ BELGIUM BURUNDI OMAN NICARAGUA DJIBOUTI TONGA PUERTO RICO LEBANON ECUADOR GREECE LATVIA KENYA PHILIPPINES KUWAIT SOUTH AFRICA ERITREA CANADA ST. VINCENT AND THE GRENADINES ANTIGUA AND BARBUDA TRINIDAD AND TOBAGO SRI LANKA KIRIBATI BELIZE JAMAICA EQUATORIAL GUINEA AUSTRIA CENTRAL AFRICAN REPUBLIC DOMINICA SEYCHELLES BOLIVIA NEW ZEALAND PANAMA ST. KITTS AND NEVIS SPAIN ST. LUCIA NEPAL SĂO TOMÉ AND PRINCIPE NETHERLANDS JAPAN CHILE GERMANY COMOROS LITHUANIA NAMIBIA FINLAND CONGO, REP. SURINAME ­0.1 Doing business became more difficult credit history. In 2007, after 14 years of reform but also on the starting point. especially well researched. But corre- consultation, a new property rights law For example, Finland or Singapore, with lation does not mean causality. Other came into effect, offering equal protec- efficient e-government systems in place country-specific factors or other changes tion to public and private property and and strong property rights protections by taking place simultaneously--such as expanding the range of assets that can be law, has less room for improvement. Oth- macroeconomic reforms--may also have used as collateral. ers, such as Italy, implemented several played a part. India implemented 18 business reg- regulatory reforms in areas where results How do we know whether things ulation reforms in 7 areas. Many focused might be seen only in the longer term, would have been any different without on technology--implementing electronic such as judiciary or insolvency reforms. the regulatory reform? Some studies business registration, electronic filing for have been able to test this by investi- taxes, an electronic collateral registry and WHAT IS THE EFFECT ON FIRMS, gating variations within a country over online submission of customs forms and JOBS AND GROWTH? time, as when Colombia implemented payments. Changes also occurred at the a bankruptcy reform that streamlined subnational level. In India, as in other Rankings and the 5-year measure of cu- reorganization procedures. Following the large nations, business regulations can mulative change (DB change score) are reform, viable firms were more likely vary among states and cities. While Doing still only indicative. Few would doubt the to be reorganized than liquidated, and Business focuses on the largest business benefit of reducing red tape for business, firms' recoveries improved.11 Other stud- city in an economy, it complements its particularly for small and medium-size ies investigated policy changes that af- national indicators with subnational businesses. But how do business regula- fected only certain firms or groups. Using studies, recognizing the interest of gov- tion reforms affect the performance of the unaffected group as a control, they ernments in these variations. According firms and contribute to jobs and growth? found that reforms easing formal busi- to Doing Business in India, 14 of the 17 A growing body of empirical research ness entry in Colombia, India and Mexico Indian cities covered in the study imple- has established a link between the regu- led to an increase in new firm entry and mented changes to ease business start- latory environment for firms and such competition.12 Thanks to simplified mu- up, construction permitting and property outcomes as the level of informality, nicipal registration formalities for firms registration between 2006 and 2009.9 employment and growth across econo- in Mexico, the number of registered busi- The level of change depends not mies.10 The broader economic impact nesses increased by 5%, and employment only on the pace of business regulation of lowering barriers to entry has been by 2.8%, in affected industries. 8 DOING BUSINESS 2011 FIGURE 1.5 DB2011 Eastern Europe and Central Asia setting a strong pace DB2010 Share of economies with at least 1 Doing Business reform making it easier to do business by Doing Business report year (%) DB2009 100 100 DB2008 96 91 91 DB2007 89 83 84 83 DB2006 80 79 75 73 75 71 67 67 67 67 67 63 63 60 59 61 62 62 61 63 59 57 58 56 56 53 52 48 50 50 46 47 40 39 38 35 25 20 0 East Asia Eastern Europe OECD Latin America Middle East South Sub-Saharan & Pacific & Central Asia high income & Caribbean & North Africa Asia Africa Note: Several economies have been reclassified to the OECD high-income group and are treated as if part of that group for the full period: the Czech Republic, Hungary and the Slovak Republic from Eastern Europe and Central Asia in 2008, and Poland and Slovenia in 2010; and Israel from the Middle East and North Africa in 2010. In addition, 15 additional economies were added to the sample between Doing Business 2006 and Doing Business 2011. Source: Doing Business database. Other promising results are emerg- WHERE ARE THE OPPORTUNITIES There they lack access to formal business ing. Using panel data from enterprise IN DEVELOPING ECONOMIES? credit and markets, and their employees surveys, new research associates busi- receive fewer benefits and no protec- ness regulation reforms in Eastern Eu- More than 1,500 improvements to busi- tions. Globally, 1.8 billion people are rope and Central Asia with improved ness regulations have been recorded by estimated to be employed in the informal firm performance.13 While such factors Doing Business in 183 economies since sector, more than the 1.2 billion in the as macroeconomic reforms, technologi- 2004. Increasingly, firms in developing formal sector.15 cal improvements and firm characteris- economies are benefiting. In the past While overly complicated proce- tics may also influence productivity, the year about 66% of these economies made dures can hinder business activity, so results are encouraging. it easier to do business, up from only 34% can the lack of institutions or regulations The region's economies were the of this group 6 years before. Compelling that protect property rights, increase most active in improving business regu- results are starting to show, as illustrated transparency and enable entrepreneurs lation over the past 6 years, often in re- by Rwanda and Ghana, and these results to make effective use of their assets. sponse to new circumstances such as the have inspired others. When institutions such as courts, col- prospect of joining the European Union This is good news, because oppor- lateral registries and credit information or, more recently, the financial crisis tunities for regulatory reform remain. bureaus are inefficient or missing, the (figure 1.5). Some 93% of its economies Entrepreneurs and investors in low- and talented poor and entrepreneurs who eased business start-up, and 20 econo- lower-middle-income economies con- lack connections, collateral and credit mies established one-stop shops. Starting tinue to face more bureaucratic formali- histories are most at risk of losing out.16 a business in the region is now almost as ties and weaker protections of prop- So are women, because institutions and easy as it is in OECD high-income econo- erty rights than their counterparts in regulations such as credit bureaus and mies. Immediate benefits for firms are high-income economies. Exporting, for laws on movable collateral support the often cost and time savings. In Georgia a example, requires 11 documents in the types of businesses that women typically 2009 survey found that the new start-up Republic of Congo but only 2 in France. run--small firms in low-capital-inten- service center helped businesses save an Starting a business still costs 18 times as sive industries in both the formal and the average of 3.25% of profits--and this much in Sub-Saharan Africa as in OECD informal sector (box 1.2).17 is just for registration services. For all high-income economies (relative to in- Today only 1.3% of adults in low-in- businesses served, the direct and indirect come per capita). Many businesses in come economies are covered by a credit savings amounted to $7.2 million.14 developing economies might simply opt bureau. Many micro, small and medium- out and remain in the informal sector. size enterprises, which typically have EXECUTIVE SUMMARY 9 BOX 1.2 Encouraging women in business Women make up more than 50% of the world's population but less than 30% of the labor force in some economies. This represents untapped potential. For policy makers seeking to increase women's participation in the economy, a good place to start is to ensure that institutions and laws are accessible to the types of businesses and jobs women currently hold. Take credit bureaus. With the advent of microfinance institutions in the 1970s, poor women in some parts of the world were able to access credit for the first time. By 2006 more than 3,330 microfinance institutions had reached 133 million clients. Among these clients, 93 million had been in the poorest groups when they took their first loans, and 85% of the poorest were women. But only 42 of 128 credit bureaus in the world cover microfinance institutions, limiting the ability of their borrowers to build a credit history. A new World Bank Group project, Women, Business and the Law, looks into discrepancies such as these as well as regulations that explicitly differentiate on the basis of gender.1 A recent analysis of existing literature concludes that aspects of the business regulatory environment are estimated to disproportionately af- fect women in their decision to become an entrepreneur and their performance in running a formal business. Barriers to women's access to finance might drive their concentration in low-capital-intensive industries, which require less funding but also have less potential for growth and development. One possible barrier is that women may have less physical and "reputational" collateral than men.2 Women can benefit from laws facilitating the use of movable assets such as equipment or accounts receivable as security for loans. While women often lack legal title to land or buildings that could serve as collateral, they are more likely to have movable assets. In Sri Lanka women commonly hold wealth in the form of gold jewelry. Thankfully, this is accepted by banks as security for loans.3 Women often resort to informal credit, which involves high transactions costs. A recent study in Ghana reports that women, to ensure access to credit, invest considerable time in maintaining complex networks of informal credit providers.4 Improving firms' access to formal finance has been shown to pay off, by promoting entrepreneurship, innovation, better asset allocation and firm growth.5 Everyone should be able to benefit, regardless of gender. 1. http://wbl.worldbank.org/. 2. Klapper and Parker (2010). 3. Pal (1997). 4. Schindler (2010). 5. World Bank (2008). 95% of their assets in movable property added 50 economies to the sample. In access levels that exist outside the Doing rather than real estate, cannot use those the past year Doing Business has been Business report as well as other data on assets to raise funds to expand their busi- working on 2 indicator sets--a new set the availability and reliability of electric- ness. But this is not so everywhere. While on getting electricity and a refined one ity supply and consumption prices. The only 35% of Sub-Saharan African econo- on employing workers.18 new data allow objective comparison of mies have laws encouraging the use of the procedures, time and cost to obtain all types of assets as collateral, 71% of IDENTIFYING REGULATORY REFORM a new electricity connection across a East Asian and Pacific and 68% of OECD POSSIBILITIES IN GETTING ELECTRICITY wide range of economies. Some, such as high-income economies do. Seventy low- According to World Bank surveys of Germany, Iceland and Thailand, perform and lower-middle-income economies businesses, managers in 108 economies well: a business with moderate electricity lack centralized collateral registries that consider the availability and reliability of demand can get a connection in 40 days tell creditors whether assets are already electricity to be the second most impor- or less. But in the Czech Republic it can subject to the security right of another tant constraint to their business activ- take 279 days, in Ukraine 309 and in the creditor. All this presents an opportunity ity, after access to finance. Studies have Kyrgyz Republic 337. for changes that can promote the growth shown that poor electricity supply ad- Analysis of the data presented in the of firms and employment. versely affects the productivity of firms annex on getting electricity sheds some and the investments they make in their light on both bottlenecks and possible WHAT'S NEXT? productive capacity.19 But electricity ser- starting points for dialogue on regulatory vices not only matter to businesses; they reform. In 100 of 176 economies con- Doing Business has been measuring busi- also are among the most regulated areas nection costs are insufficiently transpar- ness regulation from the perspective of of economic activity. Doing Business ent.20 Utilities present customers with local firms and tracking changes over measures how such regulations affect individual budgets rather than clearly time since 2003. Since its initiation, the businesses when getting a new connec- regulated capital contribution formu- project has introduced 5 new topics and tion. The indicators complement data on las. This reduces the accountability of 10 DOING BUSINESS 2011 World Bank Group initiatives provide BOX 1.3 Other World Bank indicator sets on business regulations valuable complementary data based on a different approach. These include the Women, Business and the Law (http://wbl.worldbank.org/) World Bank Enterprise Surveys. Data on legal differentiation on the basis of gender in 128 economies, covering 6 areas As Doing Business continues to Investing Across Borders (http://iab.worldbank.org/) measure and track changes to business Data on laws and regulations affecting foreign direct investment in 87 economies, covering 4 areas regulation around the world from the Subnational Doing Business (http://www.doingbusiness.org/Subnational/) perspective of local firms, these and Doing Business data comparing states and cities within economies (41 studies covering other data sets provide a rich base for 299 cities) policy makers and researchers alike to World Bank Enterprise Surveys (http://www.enterprisesurveys.org/) continually test and improve their under- Business data on more than 100,000 firms in 125 economies, covering a broad range of standing of what works and what does business environment topics not--and why. utilities that provide a critical economic balance is no easy task. service, exposes customers to potential To inform policy makers and re- abuse and might mask excessively high searchers, Doing Business is working to 1. Some 656 articles have been published in peer-reviewed academic journals, and utility cost structures. In many econo- refine the methodology for its employing about 2,060 working papers are available mies it is customers, not the utility, that workers indicators and expand the data through Google Scholar (http://scholar. must take on the complex process of set. Based on input from a consultative google.com). coordinating clearances across multiple group of experts and stakeholders, new 2. Klapper, Lewin and Quesada Delgado government agencies, because oppor- thresholds are being introduced to recog- (2009). Entry rate refers to newly regis- tered firms as a percentage of total regis- tunities to streamline the coordination nize minimum levels of protection in line tered firms. Business density is defined as between the utility and other agencies with relevant conventions of the Interna- the number of businesses as a percent- are missed. In many middle-income tional Labour Organization--those for age of the working-age population (ages economies customers also face unneces- minimum wage, paid annual leave and 18­65). sarily complex procedural steps for fire the maximum number of working days 3. International Labour Organization (ILO) and wiring safety checks, while some per week. This provides a framework data. governments in Sub-Saharan Africa and for balancing worker protection against 4. OECD (2004b); ILO and SERCOTEC (2010, p. 12); South Africa, Department the Middle East and North Africa omit employment restrictions in the areas of Trade and Industry (2004, p. 18); requirements for such checks entirely. covered by the indicators. In addition, China, State Administration for Industry These and other findings suggest that new data are being collected on regula- and Commerce, http://www.saic.gov many governments and regulators could tions according to length of job tenure (9 .cn/english/; and Ayyagari, Beck and Demirgüç-Kunt (2007). ease a critical bottleneck for businesses by months, 1 year, 5 years and 10 years). The 5. Bedi (2009). encouraging reforms around the electric- annex on employing workers presents 6. In the United Kingdom, for example, ity connection process. Requiring more initial findings from this work. 19,077 companies were liquidated in transparency in utility connection pric- 2009, 22.8% more than in the previous ing and encouraging better interagency INITIATIVES COMPLEMENTING DOING year. coordination could be a start. BUSINESS 7. World Bank conference, "The Singapore The World Bank Group has introduced Experience: Ingredients for Successful Nation-Wide eTransformation," Singa- REFINING THE EMPLOYING WORKERS additional benchmarking indicator sets pore, September 30, 2009. INDICATORS that complement the perspectives of 8. Doing Business has tracked regulatory Maintaining and creating productive Doing Business (box 1.3). The Women, reforms affecting businesses throughout jobs and businesses is a priority for Business and the Law database, launched their life cycle--from start-up to clos- policy makers around the world, partic- in March 2010, for the first time provides ing--in 174 or more economies since ularly in these times. Good labor regu- objective measures of differential treat- 2005. Between 2003 and 2005 Doing Business added 5 topics and increased lation is flexible enough to help those ment based on gender. Investing Across the number of economies covered from currently unemployed or working in the Borders, launched in July 2010, provides 133 to 174. For more information on the informal sector to obtain new jobs in measures of business regulations from motivation for the 5-year measure of cu- the formal sector. At the same time, it the perspective of foreign investors. mulative change (DB change score), see About Doing Business. For more on how provides adequate protections for those Subnational Doing Business reports, in- the measure is constructed, see Data already holding a job, so that their pro- troduced in 2004, provide insights into notes. ductivity is not stifled. Finding the right variations within large economies. Other EXECUTIVE SUMMARY 11 9. World Bank (2009a). 10. For a comprehensive literature review on business start-up regulation as it relates to such economic outcomes as produc- tivity and employment, see Djankov (2009b) and Motta, Oviedo and Santini (2010). See also Djankov, McLiesh and Ramalho (2006). More research can be found on the Doing Business website (http://www.doingbusiness.org/). 11. Giné and Love (2006). 12. Aghion and others (2008), Bruhn (2008), Kaplan, Piedra and Seira (2007) and Cardenas and Rozo (2009). 13. Amin and Ramalho (forthcoming). Using data on a panel of about 2,100 firms in 28 economies in Eastern Europe and Central Asia, the authors compare changes in labor productivity over time in reforming and nonreforming econo- mies. The difference in the change in labor productivity between the 2 groups of economies is statistically significant at less than the 5% level. Differences in time-invariant factors such as firm com- position or GDP per capita do not affect the results. 14. International Finance Corporation, "IFC Helps Simplify Procedures for Georgian Businesses to Save Time and Resources," accessed September 20, 2010, http:// www.ifc.org/. 15. ILO data. 16. World Bank (2008). 17. Chhabra (2003) and Amin (2010). 18. Neither is included in this year's aggre- gate ranking on the ease of doing busi- ness. 19. See, for example, Calderon and Servén (2003), Dollar, Hallward-Driemeier and Mengistae (2005), Reinikka and Svens- son (1999) and Eifert (2007). Using firm-level data, Iimi (2008) finds that in Eastern Europe and Central Asia elimi- nating electricity outages could increase GDP by 0.5­6%. 20. In these economies the fixed connection fee based on publicly available fee sched- ules represents less than 1% of the total cost of connection. 12 DOING BUSINESS 2011 About Doing Business: measuring for impact Governments committed to the economic applying to them through their life cycle. establish and clarify property rights and health of their country and opportuni- Doing Business and the standard cost reduce the cost of resolving disputes, ties for its citizens focus on more than model initially developed and applied in rules that increase the predictability of macroeconomic conditions. They also the Netherlands are, for the present, the economic interactions and rules that pay attention to the laws, regulations and only standard tools used across a broad provide contractual partners with core institutional arrangements that shape range of jurisdictions to measure the protections against abuse. The objective: daily economic activity. impact of government rule-making on regulations designed to be efficient in The global financial crisis has business activity.1 their implementation, to be accessible renewed interest in good rules and regu- The first Doing Business report, pub- to all who need to use them and to be lation. In times of recession, effective lished in 2003, covered 5 indicator sets simple in their implementation. Accord- business regulation and institutions can and 133 economies. This year's report ingly, some Doing Business indicators support economic adjustment. Easy covers 11 indicator sets and 183 econo- give a higher score for more regulation, entry and exit of firms, and flexibility mies. Nine topics are included in the such as stricter disclosure requirements in redeploying resources, make it easier aggregate ranking on the ease of doing in related-party transactions. Some give to stop doing things for which demand business. The project has benefited from a higher score for a simplified way of has weakened and to start doing new feedback from governments, academics, implementing existing regulation, such things. Clarification of property rights practitioners and reviewers.2 The initial as completing business start-up formali- and strengthening of market infrastruc- goal remains: to provide an objective ties in a one-stop shop. ture (such as credit information and basis for understanding and improving The Doing Business project encom- collateral systems) can contribute to con- the regulatory environment for business. passes 2 types of data. The first come from fidence as investors and entrepreneurs readings of laws and regulations. The sec- look to rebuild. WHAT DOING BUSINESS COVERS ond are time and motion indicators that Until recently, however, there were measure the efficiency and complexity no globally available indicator sets for Doing Business provides a quantitative in achieving a regulatory goal (such as monitoring such microeconomic factors measure of regulations for starting a granting the legal identity of a business). and analyzing their relevance. The first business, dealing with construction per- Within the time and motion indicators, efforts, in the 1980s, drew on percep- mits, registering property, getting credit, cost estimates are recorded from official tions data from expert or business sur- protecting investors, paying taxes, trad- fee schedules where applicable.3 Here, veys. Such surveys are useful gauges ing across borders, enforcing contracts Doing Business builds on Hernando de of economic and policy conditions. But and closing a business--as they apply to Soto's pioneering work in applying the their reliance on perceptions and their domestic small and medium-size enter- time and motion approach first used by incomplete coverage of poor countries prises. It also looks at regulations on em- Frederick Taylor to revolutionize the pro- constrain their usefulness for analysis. ploying workers as well as a new measure duction of the Model T Ford. De Soto The Doing Business project, initi- on getting electricity. used the approach in the 1980s to show ated 9 years ago, goes one step further. It A fundamental premise of Doing the obstacles to setting up a garment fac- looks at domestic small and medium-size Business is that economic activity requires tory on the outskirts of Lima.4 companies and measures the regulations good rules. These include rules that ABOUT DOING BUSINESS 13 WHAT DOING BUSINESS DOES BASED ON STANDARDIZED entrepreneurs may spend considerable CASE SCENARIOS NOT COVER time finding out where to go and what Doing Business indicators are built on the documents to submit. Or they may avoid Just as important as knowing what Doing basis of standardized case scenarios with legally required procedures altogether-- Business does is to know what it does specific assumptions, such as the busi- by not registering for social security, for not do--to understand what limitations ness being located in the largest business example. must be kept in mind in interpreting city of the economy. Economic indicators Where regulation is particularly onerous, the data. commonly make limiting assumptions levels of informality are higher. Informal- of this kind. Inflation statistics, for ex- ity comes at a cost: firms in the informal LIMITED IN SCOPE ample, are often based on prices of con- sector typically grow more slowly, have Doing Business focuses on 11 topics, with sumer goods in a few urban areas. poorer access to credit and employ fewer the specific aim of measuring the regula- Such assumptions allow global workers--and their workers remain out- tion and red tape relevant to the life cycle coverage and enhance comparability. But side the protections of labor law.7 Doing of a domestic small to medium-size firm. they come at the expense of generality. Business measures one set of factors that Accordingly: Doing Business recognizes the limitations help explain the occurrence of infor- · Doing Business does not measure all of including data on only the largest busi- mality and give policy makers insights aspects of the business environment ness city. Business regulation and its en- into potential areas of reform. Gaining a that matter to firms or investors--or all forcement, particularly in federal states fuller understanding of the broader busi- factors that affect competitiveness. It and large economies, differ across the ness environment, and a broader per- does not, for example, measure security, country. And of course the challenges spective on policy challenges, requires macroeconomic stability, corruption, and opportunities of the largest business combining insights from Doing Business the labor skills of the population, the city--whether Mumbai or Săo Paulo, with data from other sources, such as underlying strength of institutions Nuku'alofa or Nassau--vary greatly across the World Bank Enterprise Surveys.8 or the quality of infrastructure.5 Nor countries. Recognizing governments' in- does it focus on regulations specific to terest in such variation, Doing Business WHY THIS FOCUS foreign investment. has complemented its global indicators · Doing Business does not assess the with subnational studies in such countries Doing Business functions as a kind of strength of the financial system or market as Brazil, China, Colombia, the Arab Re- cholesterol test for the regulatory envi- regulations, both important factors in public of Egypt, India, Indonesia, Kenya, ronment for domestic businesses. A cho- understanding some of the underlying Mexico, Morocco, Nigeria, Pakistan and lesterol test does not tell us everything causes of the global financial crisis. the Philippines.6 about the state of our health. But it does · Doing Business does not cover all In areas where regulation is complex measure something important for our regulations, or all regulatory goals, and highly differentiated, the standard- health. And it puts us on watch to change in any economy. As economies and ized case used to construct the Doing behaviors in ways that will improve not technology advance, more areas of Business indicator needs to be carefully only our cholesterol rating but also our economic activity are being regulated. defined. Where relevant, the standard- overall health. For example, the European Union's ized case assumes a limited liability One way to test whether Doing Busi- body of laws (acquis) has now grown to company. This choice is in part empiri- ness serves as a proxy for the broader no fewer than 14,500 rule sets. Doing cal: private, limited liability companies business environment and for com- Business covers 11 areas of a company's are the most prevalent business form in petitiveness is to look at correlations life cycle, through 11 specific sets of most economies around the world. The between the Doing Business rankings and indicators. These indicator sets do choice also reflects one focus of Doing other major economic benchmarks. The not cover all aspects of regulation in Business: expanding opportunities for indicator set closest to Doing Business in the area of focus. For example, the entrepreneurship. Investors are encour- what it measures is the OECD indicators indicators on starting a business or aged to venture into business when po- of product market regulation;9 the corre- protecting investors do not cover all tential losses are limited to their capital lation here is 0.72. The World Economic aspects of commercial legislation. The participation. Forum's Global Competitiveness Index employing workers indicators do not and IMD's World Competitiveness Year- cover all areas of labor regulation. The FOCUSED ON THE FORMAL SECTOR book are broader in scope, but these too current indicator set does not include, In constructing the indicators, Doing are strongly correlated with Doing Busi- for example, measures of regulations Business assumes that entrepreneurs are ness (0.79 and 0.64, respectively).10 addressing safety at work or the knowledgeable about all regulations in A bigger question is whether the right of collective bargaining. place and comply with them. In practice, issues on which Doing Business focuses 14 DOING BUSINESS 2011 matter for development and poverty portunities. But many have limited fiscal local entrepreuneurs improves matters reduction. The World Bank study Voices space for publicly funded activities such more than their relative ranking. To aid in of the Poor asked 60,000 poor people as infrastructure investment or for the assessing such improvements, this year's around the world how they thought they provision of publicly funded safety nets report presents a new metric (DB change might escape poverty.11 The answers and social services. Reforms aimed at score) that allows economies to compare were unequivocal: women and men alike creating a better investment climate, in- where they are today with where they pin their hopes above all on income cluding reforms of business regulation, were 5 years ago. The 5-year measure from their own business or wages earned can be beneficial for several reasons. of cumulative change shows how much in employment. Enabling growth--and Flexible regulation and effective institu- economies have reformed business regu- ensuring that poor people can participate tions, including efficient processes for lations over time (for more details, see in its benefits--requires an environment starting a business and efficient insol- Data notes). This complements the yearly where new entrants with drive and good vency or bankruptcy systems, can facili- ease of doing business rankings that ideas, regardless of their gender or ethnic tate reallocation of labor and capital. As compare economies with one another at origin, can get started in business and businesses rebuild and start to create new a point in time. where good firms can invest and grow, jobs, this helps to lay the groundwork for As economies develop, they generating more jobs. countries' economic recovery. And regu- strengthen and add to regulations to Small and medium-size enterprises latory institutions and processes that are protect investor and property rights. are key drivers of competition, growth streamlined and accessible can help en- Meanwhile, they find more efficient ways and job creation, particularly in develop- sure that as businesses rebuild, barriers to implement existing regulations and ing countries. But in these economies up between the informal and formal sectors cut outdated ones. One finding of Doing to 80% of economic activity takes place are lowered, creating more opportunities Business: dynamic and growing econo- in the informal sector. Firms may be pre- for the poor. mies continually reform and update their vented from entering the formal sector DOING BUSINESS AS A regulations and their way of implement- by excessive bureaucracy and regulation. BENCHMARKING EXERCISE ing them, while many poor economies Where regulation is burdensome still work with regulatory systems dating and competition limited, success tends Doing Business, in capturing some key to the late 1800s. to depend more on whom you know dimensions of regulatory regimes, has than on what you can do. But where been found useful for benchmarking. DOING BUSINESS-- regulation is transparent, efficient and Any benchmarking--for individuals, A USER'S GUIDE implemented in a simple way, it becomes firms or economies--is necessarily par- easier for any aspiring entrepreneurs, tial: it is valid and useful if it helps Quantitative data and benchmarking regardless of their connections, to oper- sharpen judgment, less so if it substitutes can be useful in stimulating debate ate within the rule of law and to benefit for judgment. about policy, both by exposing poten- from the opportunities and protections Doing Business provides 2 takes on tial challenges and by identifying where that the law provides. the data it collects: it presents "absolute" policy makers might look for lessons In this sense Doing Business values indicators for each economy for each of and good practices. These data also pro- good rules as a key to social inclusion. It the 11 regulatory topics it addresses, and vide a basis for analyzing how different also provides a basis for studying effects it provides rankings of economies for 9 policy approaches--and different policy of regulations and their application. For topics, both by indicator and in aggre- reforms--contribute to desired out- example, Doing Business 2004 found that gate.13 Judgment is required in interpret- comes such as competitiveness, growth faster contract enforcement was associ- ing these measures for any economy and and greater employment and incomes. ated with perceptions of greater judicial in determining a sensible and politically Eight years of Doing Business data fairness--suggesting that justice delayed feasible path for reform. have enabled a growing body of research is justice denied.12 Reviewing the Doing Business rank- on how performance on Doing Busi- In the context of the global crisis ings in isolation may show unexpected ness indicators--and reforms relevant policy makers continue to face particular results. Some economies may rank un- to those indicators--relate to desired challenges. Both developed and devel- expectedly high on some indicators. And social and economic outcomes. Some oping economies have been seeing the some economies that have had rapid 656 articles have been published in impact of the financial crisis flowing growth or attracted a great deal of invest- peer-reviewed academic journals, and through to the real economy, with rising ment may rank lower than others that about 2,060 working papers are available unemployment and income loss. The fore- appear to be less dynamic. through Google Scholar.14 Among the most challenge for many governments is For reform-minded governments, findings: to create new jobs and economic op- how much the regulatory environment for ABOUT DOING BUSINESS 15 · Lower barriers to start-up are in broader programs of reform aimed The Doing Business data are based on associated with a smaller informal at enhancing economic competitiveness, domestic laws and regulations as well as sector.15 as in Colombia, Kenya and Liberia, for administrative requirements. (For a de- · Lower costs of entry encourage example. In structuring their reform tailed explanation of the Doing Business entrepreneurship, enhance firm programs for the business environment, methodology, see Data notes.) productivity and reduce corruption.16 governments use multiple data sources · Simpler start-up translates into greater and indicators. And reformers respond to INFORMATION SOURCES FOR THE DATA employment opportunities.17 many stakeholders and interest groups, · The quality of a country's contracting all of whom bring important issues and Most of the indicators are based on laws environment is a source of comparative concerns to the reform debate. World and regulations. In addition, most of the advantage in trade patterns. Countries Bank Group dialogue with governments cost indicators are backed by official fee with good contract enforcement on the investment climate is designed to schedules. Doing Business respondents specialize in industries where encourage critical use of the data, sharp- both fill out written surveys and provide relationship-specific investments are ening judgment, avoiding a narrow focus references to the relevant laws, regu- most important.18 on improving Doing Business rankings lations and fee schedules, aiding data · Greater information sharing through and encouraging broad-based reforms checking and quality assurance. credit bureaus is associated with that enhance the investment climate. For some indicators--for example, higher bank profitability and lower the indicators on dealing with construc- bank risk.19 METHODOLOGY AND DATA tion permits, enforcing contracts and How do governments use Doing closing a business--part of the cost Business? A common first reaction is to Doing Business covers 183 economies-- component (where fee schedules are ask questions about the quality and rel- including small economies and some of lacking) and the time component are evance of the Doing Business data and the poorest countries, for which little or based on actual practice rather than the on how the results are calculated. Yet no data are available in other data sets. law on the books. This introduces a de- the debate typically proceeds to a deeper discussion exploring the relevance of BOX 2.1 the data to the economy and areas How economies have used Doing Business in regulatory reform programs where business regulation reform might make sense. To ensure coordination of efforts across agencies, such economies as Most reformers start out by seek- Colombia, Rwanda and Sierra Leone have formed regulatory reform com- ing examples, and Doing Business helps mittees reporting directly to the president that use the Doing Business in- in this (box 2.1). For example, Saudi dicators as one input to inform their programs for improving the business Arabia used the company law of France environment. More than 20 other economies have formed such committees at as a model for revising its own. Many the interministerial level. These include India, Malaysia, Taiwan (China) and countries in Africa look to Mauritius-- Vietnam in East and South Asia; the Arab Republic of Egypt, Morocco, Saudi the region's strongest performer on Arabia, the Syrian Arab Republic, the United Arab Emirates and the Republic of Doing Business indicators--as a source Yemen in the Middle East and North Africa; Georgia, Kazakhstan, the Kyrgyz Re- of good practices for reform. In the words public, Moldova and Tajikistan in Eastern Europe and Central Asia; Kenya, Liberia, of Luis Guillermo Plata, the former Malawi and Zambia in Sub-Saharan Africa; and Guatemala, Mexico and Peru in minister of commerce, industry and Latin America. tourism of Colombia, Beyond the level of the economy, the Asia-Pacific Economic Cooperation (APEC) It's not like baking a cake where you follow organization uses Doing Business to identify potential areas of regulatory reform, to the recipe. No. We are all different. But we champion economies that can help others improve and to set measurable targets. In can take certain things, certain key les- 2009 APEC launched the Ease of Doing Business Action Plan with the goal of mak- sons, and apply those lessons and see how ing it 25% cheaper, faster and easier to do business in the region by 2015. Drawing they work in our environment. on a firm survey, planners identified 5 priority areas: starting a business, getting credit, enforcing contracts, trading across borders and dealing with permits. The next 2 steps: the APEC economies setting targets to measure results, and the cham- Over the past 8 years there has been pion economies selected, such as Japan, New Zealand and the United States, de- much activity by governments in re- veloping programs to build capacity to carry out regulatory reform in these areas.1 forming the regulatory environment for domestic businesses. Most reforms relat- 1. Muhamad Noor (executive director of APEC), speech delivered at ASEAN-NZ Combined Business Council breakfast meeting, Auck- land, New Zealand, March 25, 2010, http://www.apec.org. ing to Doing Business topics were nested 16 DOING BUSINESS 2011 gree of subjectivity. The Doing Business DEVELOPMENT OF creation, Doing Business has made a se- THE METHODOLOGY approach has therefore been to work ries of amendments to the methodol- with legal practitioners or professionals The methodology for calculating each ogy for the employing workers indicators who regularly undertake the transac- indicator is transparent, objective and over the past 3 years, including in this tions involved. Following the standard easily replicable. Leading academics col- year's report. While this process has been methodological approach for time and laborate in the development of the indi- under way, the World Bank has removed motion studies, Doing Business breaks cators, ensuring academic rigor. Eight of the employing workers indicators as a down each process or transaction, the background papers underlying the guidepost from its Country Policy and such as starting and legally operating a indicators have been published in lead- Institutional Assessment questionnaire business, into separate steps to ensure a ing economic journals. and instructed staff not to use the indica- better estimate of time. The time estimate Doing Business uses a simple aver- tors as a basis for providing policy advice for each step is given by practitioners aging approach for weighting compo- or evaluating country development pro- with significant and routine experience nent indicators and calculating rankings. grams or assistance strategies. A note to in the transaction. Other approaches were explored, includ- staff issued in October 2009 outlines the Over the past 8 years more than ing using principal components and un- guidelines for using the indicators.20 11,000 professionals in 183 economies observed components. They turn out to In addition, the World Bank Group have assisted in providing the data that yield results nearly identical to those of has been working with a consultative inform the Doing Business indicators. simple averaging. The 9 sets of indicators group--including labor lawyers, em- This year's report draws on the inputs included in this year's aggregate ranking ployer and employee representatives and of more than 8,200 professionals. Table on the ease of doing business provide experts from the International Labour 14.1 lists the number of respondents sufficiently broad coverage across topics. Organization (ILO), the Organisation for for each indicator set. The Doing Busi- Therefore, the simple averaging approach Economic Co-operation and Develop- ness website indicates the number of is used. ment (OECD), civil society and the pri- respondents for each economy and each vate sector--to review the methodology indicator. Respondents are professionals IMPROVEMENTS TO THE and explore future areas of research.21 METHODOLOGY AND DATA REVISIONS or government officials who routinely The consultative group has met several administer or advise on the legal and The methodology has undergone contin- times over the past year, and its guidance regulatory requirements covered in each ual improvement over the years. Changes has provided the basis for several changes Doing Business topic. Because of the focus have been made mainly in response to in methodology, some of which have on legal and regulatory arrangements, country suggestions. For enforcing con- been implemented in this year's report. most of the respondents are lawyers. The tracts, for example, the amount of the Because the consultative process and credit information survey is answered by disputed claim in the case study was consequent changes to the methodology officials of the credit registry or bureau. increased from 50% to 200% of income are not yet complete, this year's report Freight forwarders, accountants, archi- per capita after the first year of data col- does not present rankings of economies tects and other professionals answer the lection, as it became clear that smaller on the employing workers indicators or surveys related to trading across borders, claims were unlikely to go to court. include the topic in the aggregate ranking taxes and construction permits. Another change relates to starting a on the ease of doing business. But it does The Doing Business approach to business. The minimum capital require- present the data collected for the indica- data collection contrasts with that of ment can be an obstacle for potential tors. Additional data collected on labor enterprise or firm surveys, which capture entrepreneurs. Initially Doing Business regulations are available on the Doing often one-time perceptions and experi- measured the required minimum capital Business website.22 ences of businesses. A corporate lawyer regardless of whether it had to be paid The changes so far in the methodol- registering 100­150 businesses a year up front or not. In many economies only ogy for the employing workers indicators will be more familiar with the process part of the minimum capital has to be recognize minimum levels of protection than an entrepreneur, who will register paid up front. To reflect the actual po- in line with relevant ILO conventions as a business only once or maybe twice. A tential barrier to entry, the paid-in mini- well as excessive levels of regulation that bankruptcy judge deciding dozens of mum capital has been used since 2004. may stifle job creation. Floors and ceil- cases a year will have more insight into This year's report includes changes ings in such areas as paid annual leave, bankruptcy than a company that may in the core methodology for one set of working days per week and the minimum undergo the process. indicators, those on employing workers. wage provide a framework for balancing With the aim of measuring the balance worker protection against excessive re- between worker protection and efficient strictiveness in employment regulations employment regulation that favors job (see Data notes). ABOUT DOING BUSINESS 17 Doing Business also continues to 10. The World Economic Forum's Global benefit from discussions with external Competitiveness Report uses part of the Doing Business data sets on starting a stakeholders, including participants in 1. The standard cost model is a quantita- business, employing workers, protect- the International Tax Dialogue, on the tive methodology for determining the ing investors and getting credit (legal administrative burdens that regulation survey instrument and methodology. rights). imposes on businesses. The method can All changes in methodology are ex- be used to measure the effect of a single 11. Narayan and others (2000). plained in the Data notes as well as on law or of selected areas of legislation or 12. World Bank (2003). the Doing Business website. In addition, to perform a baseline measurement of 13. This year's report does not present rank- all legislation in a country. ings of economies on the pilot getting data time series for each indicator and 2. This has included a review by the World electricity indicators or the employing economy are available on the website, be- Bank Independent Evaluation Group workers indicators. Nor does it include ginning with the first year the indicator (2008) as well as ongoing input from the these topics in the aggregate ranking on or economy was included in the report. International Tax Dialogue. the ease of doing business. To provide a comparable time series for 3. Local experts in 183 economies are sur- 14. http://scholar.google.com. research, the data set is back-calculated veyed annually to collect and update the 15. For example, Masatlioglu and Rigo- data. The local experts for each economy lini (2008), Kaplan, Piedra and Seira to adjust for changes in methodology are listed on the Doing Business website and any revisions in data due to correc- (2007), Ardagna and Lusardi (2009) and (http://www.doingbusiness.org). Djankov (2009b). tions. The website also makes available 4. De Soto (2000). 16. For example, Alesina and others (2005), all original data sets used for background 5. The indicators related to trading across Perotti and Volpin (2004), Klapper, papers. borders and dealing with construction Laeven and Rajan (2006), Fisman and Information on data corrections is permits and the pilot indicators on get- Sarria-Allende (2004), Antunes and ting electricity take into account limited Cavalcanti (2007), Barseghyan (2008), provided in the Data notes and on the web- aspects of an economy's infrastructure, Djankov and others (2010) and Klapper, site. A transparent complaint procedure including the inland transport of goods Lewin and Quesada Delgado (2009). allows anyone to challenge the data. If and utility connections for businesses. 17. For example, Freund and Bolaky (2008), errors are confirmed after a data veri- 6. http://www.doingbusiness.org/ Chang, Kaltani and Loayza (2009) and fication process, they are expeditiously Subnational/. Helpman, Melitz and Rubinstein (2008). corrected. 7. Schneider (2005). 18. Nunn (2007). 8. http://www.enterprisesurveys.org. 19. Houston and others (2010). 9. OECD, "Indicators of Product Market 20. World Bank (2009e). Regulation Homepage," http://www 21. For the terms of reference and com- .oecd.org/. position of the consultative group, see World Bank, "Doing Business Employing Workers Indicator Consultative Group," http://www.doingbusiness.org. 22. http://www.doingbusiness.org. 18 DOING BUSINESS 2011 Starting a FIGURE 3.1 Peru cut the time and procedures to start a business by a third business Time to start a business (days) 40 2009 Who improved the most in starting a business? Dealing with construction permits Time cut Cost cut from Registering property $685 to $564 from 41 days 1. Peru to 27 ­18% 2. Croatia Getting credit 30 ­34% 3. Kazakhstan Protecting investors 2010 Simplifying postregistration formalities 4. Zambia Paying taxes and creating an online one-stop shop 5. Cameroon Trading across borders made start-up easier 6. Mozambique 20 Enforcing contracts 7. Montenegro Closing a business 8. Mexico 9. Bangladesh 10 10. Cape Verde Procedures cut from 9 to 6 ­33% 2010 2009 0 Kainaz Messman, a successful young en- 1 9 trepreneur in Mumbai, says that she "grew Procedures (number) Source: Doing Business database. up in a sweet-smelling home." Her mother ran a small confectionery business there. several shareholders join together. Lim- found that government clerks seeking Her father also worked for himself. So it ited liability companies limit the finan- "speed payments" to process applications was no surprise when Kainaz started her cial liability of company owners to their were more likely to target women.2 In the own business. But it was not easy. "When investments, so personal assets are not worst case, additional barriers such as I started my business I knew how to put at risk. And companies have access to long, complex registration and licensing bake cakes and little else. Suddenly I was services and institutions from courts to procedures can make it impossible for thrown into the deep end without a float banks as well as to new markets. women to formalize a business. Indeed, and had no option but to swim."1 Many economies have simplified women typically make up a minority of Starting a business always takes a business registration. In India women like the owners of registered businesses--less leap of faith. And governments increas- Kainaz can now complete many registra- than 10% in the Democratic Republic of ingly are encouraging the daring. Since tion formalities online, including filing Congo and about 40% in Rwanda, for 2004 policy makers in more than 75% of incorporation documents, paying stamp example. the world's economies have made it easier fees and registering for value added tax. Research finds that business regula- for entrepreneurs to start a business in the They no longer have to stand in line. tions affect women's decision to become formal sector. Formal incorporation has This is a good thing, because bur- an entrepreneur.3 Many other factors many benefits. Legal entities outlive their densome procedures can affect women also determine whether women (and founders. Resources can be pooled as more than men. A study in India found men) become entrepreneurs, including TABLE 3.1 that women had to wait 37% longer than education level and cultural norms and Where is starting a business easy-- men on average to see the same local gov- traditions. But governments can help and where not? ernment official. Another, in Bangladesh, ensure a level playing field for all through Easiest RANK Most difficult RANK FIGURE 3.2 New Zealand 1 Iraq 174 What are the time, cost, paid-in minimum capital and number of procedures Australia 2 Djibouti 175 to get a local, limited liability company up and running? Canada 3 Congo, Rep. 176 Singapore 4 Săo Tomé 177 and Principe COST Macedonia, FYR 5 (% of income per capita) Haiti 178 Formal Hong Kong SAR, 6 operation China Equatorial Guinea 179 Belarus 7 Eritrea 180 $ NUMBER OF Georgia 8 Guinea 181 PROCEDURES Paid-in United States 9 Chad 182 minimum Rwanda 10 capital Guinea-Bissau 183 Note: Rankings are the average of the economy's rankings on the Entrepreneur procedures, time, cost and paid-in minimum capital for starting a TIME (days) business. See Data notes for details. Preincorporation Registration, incorporation Postincorporation Source: Doing Business database. STARTING A BUSINESS 19 TABLE 3.2 Who made starting a business easier in 2009/10--and what did they do? Feature Economies Some highlights Simplified registration formalities Bangladesh, Brunei Darussalam, Chile, Democratic Haiti, before the earthquake, eliminated the (seal, publication, notarization, inspection, Republic of Congo, Croatia, Grenada, Guyana, requirement that the office of the president or other requirements) Haiti, India, Kazakhstan, Kenya, Kyrgyz Republic, prime minister authorize publication of company Lithuania, Luxembourg, Panama, Syrian Arab statutes in the official gazette. Entrepreneurs can Republic, Tajikistan, Zimbabwe now publish them directly in the gazette. This cut start-up time by 90 days. Bangladesh replaced the requirement for buying a physical stamp with payment of stamp fees at a designated bank. It also enhanced its electronic registration system. Start-up time fell by 25 days. Introduced or improved online procedures Brazil, Brunei Darussalam, Chile, Croatia, Ecuador, Croatia made it possible for limited liability com- Germany, India, Indonesia, Islamic Republic of Iran, panies to file registration applications electroni- Italy, Malaysia, Mexico, Peru cally through the notary public. This cut 1 proce- dure and 15 days from the start-up process. Cut or simplified postregistration procedures (tax Brazil, Cape Verde, Arab Republic of Egypt, The Philippines introduced a one-stop shop for registration, social security registration, licensing) Montenegro, Mozambique, Peru, Philippines, Taiwan the municipal license and cut the inspection by (China) the mayor's office, reducing start-up time by 15 days. Created or improved one-stop shop Cameroon, FYR Macedonia, Mexico, Peru, Slovenia, Peru created an online one-stop shop allowing Tajikistan, Vietnam an entrepreneur to receive confirmation of busi- ness registration and the tax registration number at the same time. This cut 3 procedures and 14 days from start-up. Abolished or r e d u c e d Bulgaria, Denmark, Kazakhstan, Sweden, Syrian Arab Zambia eliminated its minimum capital require- minimum capital requirement Republic, Ukraine, Zambia ment. Syria reduced its requirement by two- thirds. Source: Doing Business database. transparent and easily accessible regula- interactions an entrepreneur is required these reforms, the average time to start tory processes. to have with government agencies. Busi- a company fell from 49 days to 34, and Rich or poor, men and women ness entry requirements go beyond simple the average cost from 86% of income per around the world seek to run and profit incorporation to include the registration capita to 41%. from their own business. A 2007 survey of a business name; tax registration; regis- among young people in the United States tration with statistical, social security and STREAMLINED PROCEDURES showed that 4 in 10 have started a busi- pension administrations; and registration Seventy-one economies streamlined the ness or would like to someday.4 With with local authorities.8 procedures to start a business. Of these, some 550,000 small businesses created In 2009/10, 42 economies made it some established or improved a one-stop across the country every month,5 entre- easier to start a business, with stream- shop by consolidating procedures into preneurs are a powerful economic force, lining registration formalities the most a single access point. But simplifying contributing half the GDP and 64% of popular feature of business registration procedures does not necessarily require net new jobs over the past 15 years.6 reforms (table 3.2). Peru improved the creating new institutions: 19 economies Such impacts are possible where business ease of starting a business the most, estab- simply merged procedural requirements registration is efficient and affordable. A lishing a one-stop shop and simplifying or delegated them to one agency. Georgia recent study using data collected from postregistration formalities at the district merged tax registration with company company registries in 100 economies council level. This reduced the number of registration in 2007. Kazakhstan did the over 8 years found that simple business procedures to start a business by 33%, the same in 2009. Ghana, Hungary, Monte- start-up is critical for fostering formal time by 34% and the cost by 18%. negro, Samoa and Singapore allow firms entrepreneurship. Economies with smart to check and reserve the company name business registration have a higher entry WHAT ARE THE TRENDS? at the time of company registration. In rate as well as greater business density.7 Portugal, Serbia and Ukraine the registry Doing Business measures the pro- Starting a business has become easier can now publish information about the cedures, time and cost for a small to across all regions of the world. In the company registration, so companies no medium-size enterprise to start up and past 7 years Doing Business recorded longer have to arrange with a newspaper operate formally (figure 3.2). The number 296 business registration reforms in 140 to advertise it. of procedures shows how many separate economies (figure 3.3). As a result of Other economies merged postregis- 20 DOING BUSINESS 2011 FIGURE 3.3 BIG CUTS IN PAID-IN MINIMUM CAPITAL Sub-Saharan Africa, Eastern Europe & Central Asia most active in start-up reforms Thirty-nine economies around the world Number of Doing Business reforms making it easier to start a business by Doing Business report year DB2006 reduced or abolished their minimum DB2005 DB2007 DB2008 DB2009 DB2010 DB2011 capital requirement in the past 7 years. Sub-Saharan Africa 65 Local entrepreneurs in the Middle East (46 economies) and North Africa benefited the most. Eastern Europe The average paid-in minimum capital & Central Asia 64 (25 economies) requirement in the region dropped from a record 847% of income per capita in OECD high income 49 2005 to 104% in 2010 (figure 3.4). (30 economies) Economies in the region also stream- Latin America lined processes by introducing new tech- & Caribbean 43 (32 economies) nologies, particularly since 2008. Com- Middle East & pared with other regions, however, the North Africa 35 use of e-services is still low. (18 economies) East Asia WHAT HAS WORKED? & Pacific 29 (24 economies) South Asia Policy makers can encourage entre- (8 economies) 11 preneurs to "take the plunge" by mak- ing start-up fast, easy and inexpensive. Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2005 (2004) includes 155 economies. Twenty-eight more were added in subsequent years. Among the most common measures have Source: Doing Business database. been creating a single interface, reducing or abolishing minimum capital require- tration procedures. This makes particu- face the highest paid-in minimum capi- ments and adopting technology. lar sense for tax registrations. In 2006 tal requirements, 146% of income per Armenia unified tax and social security capita on average. By contrast, entre- MAKING IT SIMPLE: ONE INTERFACE registrations, and Liberia merged value preneurs in two-thirds of economies in Businesses created what might have been added and income tax registrations. In Latin America and the Caribbean face no one of the world's first one-stop shops the past year Montenegro introduced a such requirements. 150 years ago, when the first department single form for registering with the em- store, Le Bon Marché, opened its doors ployment bureau, health fund, pension MANY ONE-STOP SHOPS IN EASTERN in Paris. The public loved the conve- fund and tax administration. EUROPE AND CENTRAL ASIA nience of one-stop shopping. Achieving Economies in Eastern Europe and Cen- this kind of convenience has been among PERSISTENT GAPS tral Asia were the most active in easing the main motivations for governments Despite business entry reforms, discrep- business start-up over the past 7 years, that have adopted this concept for busi- ancies remain among regions and in- with 93% introducing improvements. nesses since the 1980s. come groups. Entrepreneurs in OECD More one-stop shops have been estab- Today 72 economies around the high-income economies still benefit lished in this region than in any other. In world have some kind of one-stop shop from the fastest and least costly pro- 2002 the Russian Federation integrated for business registration, including the cesses to start a business, taking 14 days several registers under one function,9 50 that established or enhanced one in and costing 5.34% of income per capita freeing entrepreneurs from having to the past 7 years (table 3.3). It is not on average. And OECD high-income visit separate agencies involved in busi- surprising that such setups are popular. economies continue to improve, with 9 ness start-up. Since then 19 other econo- They do not necessarily require legal introducing or upgrading online proce- mies in the region, including Azerbaijan, changes. And entrepreneurs and govern- dures in the past 7 years. Belarus, the former Yugoslav Republic ments alike often see immediate benefits. Compared with OECD high-income of Macedonia, Serbia and Ukraine, have The coordination among government economies, starting a business takes 4 adopted similar approaches. The changes agencies eliminates the need for entre- times as long on average in Latin America in the region since 2005 reduced the preneurs to visit each agency separately, and the Caribbean--and costs 18 times average number of procedures by 4, the often to file similar or even identical as much (relative to income per capita) time by 21 days and the cost by 8.8% of information--yet maintains regulatory in Sub-Saharan Africa. Entrepreneurs income per capita. checks. In 2006 FYR Macedonia estab- in Sub-Saharan Africa also continue to lished a central registry allowing entre- STARTING A BUSINESS 21 FIGURE 3.4 DB2011 DB2006 Minimum capital reduced the most in the Middle East and North Africa Regional averages in starting a business 2010 Procedures (number) Time (days) global average OECD high income 6 7 OECD high income 14 22 Eastern Europe & Central Asia 6 10 Eastern Europe & Central Asia 16 37 South Asia 7 8 South Asia 25 38 East Asia & Pacific 8 8 East Asia & Pacific 39 51 Middle East & North Africa 8 11 Middle East & North Africa 20 39 Sub-Saharan Africa 9 11 Sub-Saharan Africa 45 62 Latin America & Caribbean 9 10 Latin America & Caribbean 57 74 8 34 Cost (% of income per capita) Paid-in minimum capital (% of income per capita) OECD high income 5.3 8.2 OECD high income 15.3 46.0 Eastern Europe & Central Asia 8.5 17.3 Eastern Europe & Central Asia 12.3 58.2 South Asia 24.5 41.1 South Asia 24.1 44.8 East Asia & Pacific 27.1 49.6 East Asia & Pacific 50.6 107.4 Middle East & North Africa 38.0 67.8 Middle East & North Africa 104.0 846.9 Sub-Saharan Africa 95.4 233.0 Sub-Saharan Africa 145.7 280.5 Latin America & Caribbean 36.2 58.4 Latin America & Caribbean 4.6 15.0 40.7 59.6 Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. Source: Doing Business database. preneurs to complete company, tax and 25,000 to 100,000 rupiah, further reduc- One-stop shops are starting to ex- statistics registrations; open a company ing discretion. In Jakarta work is under pand beyond business registration for- bank account; and publish the notice of way to set up a one-stop shop that will in- malities. In Tbilisi, Georgia, a public the company's formation on the registry's clude business registration and licensing service center assists entrepreneurs not website. In the past year it streamlined for small and medium-size enterprises. only with business licenses and permits the process even more by adding regis- Zambia implemented a one-stop shop but also with investment, privatization tration with the social fund. One-stop like the one Jakarta is setting up. procedures, tourism-related issues and shops in economies as diverse as El Sal- While some one-stop shops are state-owned property management. Ac- vador and Mali offer similar services. solely for business registration, others cording to a firm survey in 2008, senior Single interfaces not only save time carry out many integrated functions, managers in Georgia spend only 2% and money; they also increase transpar- such as postregistration formalities. of their time dealing with regulatory ency. In Indonesia a new one-stop shop Some of these are virtual; others are requirements--and 92% of firms report for business permits opened recently in physical, with one or more windows. spending less than 10% of their time on Solo (formally known as Surakarta).10 In the 72 economies that have one-stop such requirements.11 By saving time, Civil servants sit in full view behind open shops offering at least one service besides Georgian entrepreneurs save money too. counters. There is no opportunity to seek business registration, start-up is more Another survey, in 2009, found that the "speed money." A flat fee of 5,000 rupiah than twice as fast as in those without service center's simplified procedures replaced a fee schedule ranging from such services (figure 3.5). helped businesses save an average of 3.25% of profits that year. For all busi- TABLE 3.3 nesses served, this amounted to direct Good practices around the world in making it easy to start a business and indirect savings of $7.2 million.12 Practice Economiesa Examples Economies with established one- stop shops are inspiring others to fol- Putting procedures online 105 Cape Verde, FYR Macedonia, Maldives, New Zealand, Puerto Rico, Saudi Arabia, Singapore low their lead. Portugal's one-stop shop, Having no minimum capital 80 Bangladesh, Belarus, Canada, Colombia, Mauritius, Tunisia, Empresa no dia (company in a day), was requirement Vietnam the inspiration for Uruguay's similarly Having a one-stop shop 72 Afghanistan, Azerbaijan, Italy, Jordan, Peru, Philippines, named Empresa en el dia. Rwanda a. Among 183 economies surveyed. Source: Doing Business database; World Bank (2009f ). 22 DOING BUSINESS 2011 FIGURE 3.5 Economies with a one-stop shop make starting a business easier Procedures and time by type of one-stop shop 10 Average, Number of Average Average economies without Type of one-stop shop economies procedures days 40 one-stop shop 8 (111 economies) Commercial registry sharing site with other agencies 7 30 6 Commercial registry coordinating with other agencies 22 20 Average, Nonregistry 4 economies with 14 one-stop shop coordinating with other agencies 10 (72 economies) Integrated 2 12 registration function 0 0 Online registration facility 17 Procedures Time (number) (days) 0 5 10 15 20 25 Source: Doing Business database. REDUCING OR ELIMINATING a company has invested is enough to total registration time fell by 80%. Sin- MINIMUM CAPITAL cover its establishment cost. gapore's online registration system saves The minimum capital requirement dates The reduction or elimination of businesses an estimated $42 million to the 18th century. Yet today 103 econo- minimum capital requirements in sev- annually.14 Electronic services are also mies still require entrepreneurs to put up eral economies was followed by a jump more accessible, saving entrepreneurs a set amount of capital before even start- in initial registrations. In the year after the time and cost of traveling to govern- ing registration formalities. Such require- Jordan reduced its requirement from ment agencies and waiting in line.15 ments are intended to protect investors 30,000 Jordanian dinars to 1,000, the Today 105 economies use informa- and creditors. But they have not proved number of newly registered companies tion and communication technology for to be effective. In 71% of the economies in the country increased by 18%. In Mo- services ranging from name search to en- requiring paid-in capital, the capital can rocco a reduction from 30,000 to 1,000 tirely online business registration. New be withdrawn immediately after incor- dirham led to a 40% increase in the fol- Zealand, the easiest place to start a busi- poration. So entrepreneurs often simply lowing year. Morocco is now considering ness, was the first to launch an online borrow the money. "It even created a abolishing the requirement altogether. In company registration system, in 1996 new market," explains an official from the many of the economies that did so, such (table 3.4). The online option has been United Arab Emirates. "Entrepreneurs as the Arab Republic of Egypt and the mandatory since July 1, 2008. Canada, would pay $20 just to borrow the required Republic of Yemen, companies are more the third easiest place to start a business, money for one day. A much higher inter- likely to declare their actual capital. followed suit in 1999. Its system has been est rate than anyone would ever receive entirely paperless since May 2006. India, from a bank." Moreover, fixed require- USING TECHNOLOGY TO BOOST Italy and Singapore also made online fil- ments do not account for differences in EFFICIENCY ing mandatory. Egypt recently launched firms' credit and investment risk. Governments around the world are a new system to establish companies Minimum capital requirements can increasingly using technology to im- electronically. The first phase of the sys- also have counterproductive effects. Re- prove the efficiency of services and tem, allowing online submission of the cent research suggests that they lower the accountability of public officials. registration application, is in place. entrepreneurship rates across the 39 E-government initiatives range from To encourage use, some economies economies studied.13 Not surprisingly, the data centers and shared networks to set lower fees for online registration. In economies that originally introduced the government-wide information infra- Belgium online registration costs 140 requirement have long since removed it. structure and unified service centers for and paper registration 2,004. In Canada Some economies have found other the public. Fifty-four economies intro- the costs are Can$200 and Can$350. In ways to protect investors and creditors, duced information and communication Estonia documents filed online no longer particularly in the case of limited liability technology in their business start-up have to be notarized. companies. Hong Kong SAR (China) out- processes in the past 7 years, saving lines provisions on solvency safeguards time and effort for businesses and gov- in its company act. Mauritius conducts ernments alike. When Mauritius intro- solvency tests. Taiwan (China) requires duced a computerized system for all an audit report showing that the amount types of business registrations in 2006, STARTING A BUSINESS 23 TABLE 3.4 WHAT ARE SOME RESULTS? Who makes starting a business easy--and who does not? Procedures (number) Making business entry easier has been Fewest Most popular around the world. Many econo- mies have undertaken business registra- Canada 1 China 14 New Zealand 1 Bolivia 15 tion reforms in stages--and often as part Australia 2 Brazil 15 of a larger regulatory reform program Kyrgyz Republic 2 Brunei Darussalam 15 (figure 3.6). Among the benefits have Madagascar 2 Greece 15 been greater firm satisfaction and sav- Rwanda 2 Philippines 15 ings and more registered businesses, fi- Slovenia 2 Guinea-Bissau 17 nancial resources and job opportunities. Belgium 3 Venezuela, RB 17 Finland 3 Uganda 18 BIG JUMPS IN REGISTRATIONS Hong Kong SAR, China 3 Equatorial Guinea 20 Egypt introduced a one-stop shop in Time (days) 2005. Further reforms included incor- Fastest Slowest porating more agencies in the one-stop New Zealand 1 Lao PDR 100 shop, introducing a flat fee structure and Australia 2 Brunei Darussalam 105 reducing and then abolishing the paid-in Georgia 3 Haiti 105 minimum capital requirement. The time Macedonia, FYR 3 Brazil 120 and cost of incorporation were reduced Rwanda 3 Equatorial Guinea 136 in both 2005 and 2006, and by 2007 Singapore 3 Venezuela, RB 141 the number of registered companies had Belgium 4 Săo Tomé and Principe 144 increased by more than 60%. Reductions Hungary 4 Congo, Rep. 160 Albania 5 Guinea-Bissau 216 of the minimum capital requirement in Canada 5 Suriname 694 2007 and 2008 led to an increase of more than 30% in the number of limited liabil- Cost (% of income per capita) ity companies. Least Most Business registration reforms in Denmark 0.0 Djibouti 169.9 FYR Macedonia made it one of the easi- Slovenia 0.0 Comoros 176.5 est places to start a business today. In Ireland 0.4 Togo 178.1 2006 company registration was changed New Zealand 0.4 Zimbabwe 182.8 from a judicial process to an administra- Canada 0.4 Guinea-Bissau 183.3 tive one, and a one-stop shop combined Sweden 0.6 Gambia, The 199.6 company, tax and statistics registrations. Puerto Rico 0.7 Haiti 212.0 United Kingdom 0.7 Chad 226.9 The publication requirement in the offi- Australia 0.7 Central African Republic 228.4 cial gazette was replaced with automatic Singapore 0.7 Congo, Dem. Rep. 735.1 registration on the registrar's website. In the year following these first changes, Paid-in minimum capital new firm registrations increased by % of income about 20%. Most per capita US$ Portugal eased business start-up in Chad 387 2,397 2006 and 2007, reducing the time to start Mauritania 412 3,956 Guinea-Bissau 415 2,117 a business from 54 days to 5. In 2007 and Burkina Faso 416 2,122 2008 new business registrations were up Djibouti 434 5,556 by 60% compared with 2006. In Belarus, Central African Republic 469 2,109 which reformed business entry in 2006, Togo 487 2,142 the number of new businesses registered Guinea 519 1,922 almost tripled in 2007 and 2008. In 2008 Niger 613 2,084 Colombia introduced online company Timor-Leste 921 5,000 registration. In 2009 new company reg- Note: Eighty economies have no paid-in minimum capital requirement. Source: Doing Business database. istrations increased by 20%, twice the increase experienced in previous years. In 2006 Rwanda simplified its registra- 24 DOING BUSINESS 2011 FIGURE 3.6 flexible employment regulations and One-stop shops popular in Eastern Europe and Central Asia and Sub-Saharan Africa low corporate taxes.24 Number of economies implementing change by region and feature, DB2005­DB2011 In evaluating impact, researchers Eastern Europe often face the dilemma of the counterfac- & Central Asia tual: how to determine what would have Sub-Saharan happened if there had been no action? Africa OECD Created or improved Luckily, some measures affect only a spe- one-stop shop high income Reduced or abolished cific group, allowing researchers to com- Latin America minimum capital requirement pare that group with those unaffected. & Caribbean Introduced online Middle East business registration When Mexico implemented a business & North Africa registration reform across municipalities East Asia in stages, researchers took advantage & Pacific of the opportunity. One study found South Asia that the reform increased the number of registered businesses by 5% and em- 0 5 10 15 Source: Doing Business database. ployment by 2.8%. Moreover, consumers benefited. Competition from new en- tion formalities. The following year 77% where it takes less time to register new trants lowered prices by 0.6%25.Another more firms registered. Malaysia reduced businesses have seen higher rates of entry study, using a different approach, found registration fees in 2008, in response to in industries with a potential for expan- similar results: a 5% increase in new reg- the economic crisis. New business regis- sion.17 Another finds that regulations af- istrations. It also found that the program trations increased by 15.8% in 2009. fect the decision to start a new business, was more effective in municipalities with Entrepreneurs open new businesses particularly for individuals who engage less corruption and cheaper additional even in times of economic crisis. In 2008 in an entrepreneurial activity to pursue postregistration procedures.26 Germany introduced a new legal form a business opportunity.18 Yet another Other recent studies investigate of limited liability company (Unterneh- study finds that regulatory costs remain whether reforms of business registra- mergesellschaft, or UG) with no minimum more burdensome for small firms than tion have different effects on economic capital requirement while maintaining for large ones.19 outcomes depending on the local insti- the 25,000 requirement for the standard A recent study finds that higher tutional setting. One such study looked form (GmbH). While many still opt for entry costs are associated with a larger at India's gradual elimination of the bu- the traditional form, the number of reg- informal sector and a smaller number of reaucratic industrial licensing system istered UGs increased by 12,000 between legally registered firms.20 Informal firms known as the "license raj." It shows that November 2008 and January 2010.16 Co- are typically less productive or efficient, the effect on manufacturing output, em- lombia also introduced a new type of adversely affecting overall productivity ployment, entry and investment varied limited liability company (sociedad por and growth.21 The same study also finds across Indian states, depending on the acciones simplificadas, or SAS) in 2008. that variations in regulatory costs across institutional environment.27 This type is incorporated by the share- countries lead to differences in total pro- Another study finds that in econo- holders through a private document, with ductivity and output. When regulation is mies with a favorable regulatory environ- no need for a public deed. Over the next too heavy handed, compliance and start- ment for firms, particularly for firm entry, year almost 18,000 such companies were up costs increase, cutting into firms' trade is more likely to improve living created, representing a big shift from the profits. This discourages entrepreneurs standards. If the structure for business traditional type to the new one. and increases the share of the population entry is flexible, trade openness can have choosing to become employees instead. a stronger impact on the allocation of re- BETTER ECONOMIC AND SOCIAL Job creation suffers.22 These costs also sources across and within industries. The OUTCOMES deter entrepreneurship driven by oppor- authors show that a 1% increase in trade These experiences in easing start-up il- tunity but have no impact on that driven is associated with a more than 0.5% rise lustrate some of the more immediate by necessity.23 Another recent study in income per capita in economies that results in cost savings and increased among 95 economies concluded that facilitate firm entry and has no positive registrations. Empirical research is in- more dynamic formal business cre- income effects in more rigid economies.28 creasingly focusing on economic and so- ation occurs in economies that pro- Lower entry costs combined with better cial outcomes such as entrepreneurship, vide entrepreuners with a stable legal credit information sharing are also associ- competition, corruption and productiv- and regulatory regime, fast and in- ated with a larger small and medium-size ity. One study shows that economies expensive registration process, more enterprise sector.29 STARTING A BUSINESS 25 10. World Bank (2009b). 11. World Bank (2009h). 1. Speech by Kainaz Messman at a May 5, 12. International Finance Corporation, "IFC 2010, ceremony held by the Federation Helps Simplify Procedures for Georgian of Indian Chambers of Commerce and Businesses to Save Time and Resources," Industry (FICCI) Ladies Organization accessed September 20, 2010, http:// in Mumbai, where she was honored as a www.ifc.org/. "young entrepreneur." 13. Van Stel, Storey and Thurik (2007). 2. Simavi, Manuel and Blackden (2010) cit- 14. World Bank conference, "The Singapore ing Corbridge (2007) and Government Experience: Ingredients for Successful of Bangladesh (2007). Nation-Wide eTransformation," Singa- 3. Ardagna and Lusardi (2010). pore, September 30, 2009. 4. Kauffman Foundation (n.d.). 15. World Bank (2009g). 5. "The United States of Entrepreneurs: 16. Common Register Portal of the German America Still Leads the World," The Federal States, https://www Economist, March 12, 2009. .handelsregister.de/rp_web. 6. U.S. Small Business Administration, 17. Ciccone and Papaioannou (2007). "Frequently Asked Questions: Advocacy 18. Ardagna and Lusardi (2008). Small Business Statistics and Research," accessed July 28, 2010, http://web.sba 19. Crain (2005). .gov/faqs/faqindex.cfm?areaID=24. 20. Barseghyan and DiCecio (2009). 7. Klapper, Lewin and Quesada Delgado 21. Dabla-Norris and Inchauste (2008). (2009). Entry rate refers to newly regis- 22. Fonseca, Lopez-Garcia and Pissarides tered firms as a percentage of total regis- (2001). tered firms. Business density is defined as the number of businesses as a percent- 23. Ho and Wong (2006). age of the working-age population (ages 24. Klapper and Love(2010). 18­65). 25. Bruhn (2008). 8. International Finance Corporation, FIAS, 26. Kaplan, Piedra and Seira (2007). "Business Entry," accessed September 23, 2010, http://www.fias.net/. 27. Aghion and others (2008). 9. World Bank (2009f). 28. Freund and Bolaky (2008). 29. Ayyagari, Beck and Demirgüç-Kunt (2007). 26 DOING BUSINESS 2011 Starting a business Dealing with FIGURE 4.1 The Democratic Republic of Congo made dealing with construction permits faster and cheaper construction Time (days) 240 2009 Who improved the most in dealing with construction permits 210 Time cut from 248 days to 128 permits? Registering property 1. Congo, Dem. Rep. 180 Getting credit 2. Paraguay Cutting fees and enforcing time limits Protecting investors 150 made it easier to deal with construction permits 3. Saudi Arabia 4. Croatia Paying taxes 120 5. Mexico Trading across borders 2010 90 6. Benin Enforcing contracts 7. Kazakhstan Closing a business 60 8. Romania Cost cut from $6,908 to $4,307 9. Vietnam 30 10. Peru 0 1 14 Source: Doing Business database. Procedures The devastating earthquake in Port-au- Prince in January 2010 left more than efficient, to avoid excessive constraints the global construction industry disap- 1.3 million Haitians homeless. Virtually on a sector that plays an important part peared in 2008 alone.4 every building in the capital was dam- in every economy (table 4.1). According In 2009/10, 19 economies made it aged or destroyed. Haiti lacks a com- to a recent OECD study, the construction easier to deal with construction per- prehensive national building law and industry accounts on average for 6.5% mits (table 4.2). Sub-Saharan Africa ac- seismic design code, and construction in of GDP.1 The building sector is Europe's counted for the most reforms of the con- Port-au-Prince had followed inadequate largest industrial employer, accounting struction permitting process, followed by standards and building practices. Just for about 7% of employment. In the Eastern Europe and Central Asia. For the a month later Chile was rocked by an European Union, the United States and first time a conflict-affected economy, earthquake 500 times as powerful as Japan combined, more than 40 million the Democratic Republic of Congo, im- the one in Haiti. The earthquake dam- people work in construction. It is es- proved the ease of dealing with construc- aged 750,000 homes. Many believe the timated that for every 10 jobs directly tion permits the most (figure 4.1). A outcome could have been worse. Chile's related to a construction project, an- regulatory reform program streamlined building codes and risk-based building other 8 jobs may be created in the local construction permitting in Kinshasa, re- rules have been regularly updated since economy.2 Small domestic firms account ducing the time to deal with construc- their adoption in 1931. for most of the sector's output and most tion permits from 248 days to 128 and Regulation of construction is critical of its jobs. the average cost from $6,908 to $4,307. to protect the public. But it needs to be Some of the jobs have been lost as Doing Business measures the pro- TABLE 4.1 a result of the global economic crisis. cedures, time and cost for a small to Where is dealing with construction Between December 2007 and January medium-size business to obtain all the permits easy--and where not? 2010, 1.9 million construction workers necessary approvals to build a simple Easiest RANK Most difficult RANK in the United States lost their jobs.3 commercial warehouse and connect it to Hong Kong SAR, 1 Malawi 174 According to the ILO, 5 million jobs in basic utility services (figure 4.2). Such in- China Burundi 175 Singapore 2 Serbia 176 FIGURE 4.2 St. Vincent and the 3 India 177 What are the time, cost and number of procedures to comply with formalities Grenadines to build a warehouse? Tajikistan 178 Belize 4 Ukraine 179 COST New Zealand 5 Tanzania 180 (% of income per capita) Marshall Islands 6 Completed China 181 warehouse Georgia 7 Russian Federation 182 NUMBER OF St. Kitts and Nevis 8 Eritreaa 183 PROCEDURES Maldives 9 Denmark 10 A business in Note: Rankings are the average of the economy's rankings on the the construction procedures, time and cost to comply with formalities to build a industry warehouse. See Data notes for details. TIME (days) a. No practice. Source: Doing Business database. Preconstruction Construction Postconstruction and utilities DEALING WITH CONSTRUC TION PERMITS 27 FIGURE 4.3 683% of income per capita to complete Eastern Europe and Central Asia leads in number of reforms in construction permitting all required procedures, down from 220 Number of Doing Business reforms making it easier to deal with construction permits by Doing Business report year days and 839% of income per capita DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 in 2005. OECD high-income economies Eastern Europe & Central Asia 33 have streamlined their systems the most. (25 economies) Obtaining approvals for building a sim- Sub-Saharan ple warehouse now takes on average Africa 23 (46 economies) 16 procedures, 166 days and 62.1% of OECD income per capita. high income 17 A large gap remains for much of (30 economies) the rest of the world. Authorities in East- Latin America ern Europe and Central Asia require & Caribbean 14 (32 economies) the most procedures to obtain construc- Middle East & tion approvals, 22 on average. Delays North Africa 12 are common in Sub-Saharan Africa. To (18 economies) comply with formalities takes longer East Asia & Pacific 11 than 2 months there than in OECD high- (24 economies) income economies. And in South Asia South Asia an entrepreneur has to pay on average (8 economies) 0 2,039% of income per capita in permit- Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2005) includes 174 ting fees. economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. Source: Doing Business database. MORE REFORMS IN EASTERN EUROPE AND CENTRAL ASIA dicators can be telling. A recent competi- WHAT ARE THE TRENDS? Eastern Europe and Central Asia was tiveness report by KPMG indicated that the region with the most reforms of con- construction costs and the permitting In an effort to ensure building safety struction permitting in the past 6 years process were among the top 20 factors while keeping compliance costs reason- (figure 4.3). Twenty economies imple- determining the location of a start-up in able, governments around the world mented 33 new regulations, mainly to re- the United States.5 have worked on consolidating permit- vamp outdated construction formalities ting requirements. Today an entrepre- from the communist era. And the region neur spends on average 202 days and that used to have the longest average TABLE 4.2 Who made dealing with construction permits easier in 2009/10--and what did they do? Feature Economies Some highlights Reduced time for processing permit applications Benin, Burkina Faso, Democratic Republic of Congo, In Benin a new commission to process building Croatia, Hungary, Kazakhstan, Mexico, Peru, Romania, permit applications reduced the average time Rwanda, Sierra Leone for dealing with construction permits from 410 days to 320. Streamlined procedures Côte d'Ivoire, Croatia, Kazakhstan, Mali, Mexico, Saudi Ukraine cut 9 of 31 procedures, reducing time by Arabia, Ukraine a third and cost by 6%. Adopted new building regulations Croatia, Hungary, Kazakhstan, Romania Amendments to Romania's construction law and building regulations cut time by 15 days and cost by 12.9%. Reduced fees Burkina Faso, Democratic Republic of Congo, Rwanda, Vietnam's new registration fee for completed Vietnam buildings cut total cost by 43%. Introduced or improved one-stop shop Kazakhstan, Paraguay, Russian Federation, Saudi In Paraguay a new single-window approach in Arabia the municipality cut time from 291 days to 179. Introduced risk-based approvals Kazakhstan, Mali Mali's new simplified environmental impact as- sessment for noncomplex commercial buildings cut time by 9% and cost by 32.7%. Improved electronic platforms or online services Colombia Colombia improved its electronic verification of prebuilding certificates, which cut 1 procedure. Source: Doing Business database. 28 DOING BUSINESS 2011 TABLE 4.3 The cost remains the second highest Good practices around the world in making it easy to deal with construction permits globally, at 1,631% of income per capita Practice Economiesa Examples on average. The high cost largely reflects Using risk-based building approvals 84 Colombia, Germany, Mauritius, Singapore high fees to connect to water, telephone Having an approved building code 43 Croatia, Kenya, New Zealand, Republic of Yemen Having a one-stop shop 22 Bahrain, Chile, Georgia, Hong Kong SAR (China) and electricity service. a. Among 183 economies surveyed. Source: Doing Business database. ONLINE IN THE MIDDLE EAST AND NORTH AFRICA... COST STILL HIGH IN AFRICA delays achieved significant time savings. Economies in the Middle East and North These changes reduced the average time In Sub-Saharan Africa 23 reforms mak- Africa that made dealing with construc- for dealing with construction formalities ing it easier to deal with construction tion permits easier focused on intro- by 30 days, from 280 to 250 (figure 4.4). permits were implemented in the past ducing online services and electronic Performance varies within the region. 6 years. Burkina Faso set up a new platforms. This trend was initiated in the Georgia, after 6 years of steady improve- one-stop shop, Kenya introduced risk- early 1990s by some Gulf Cooperation ments, has the most efficient permitting based approvals, Liberia reduced fees, Council countries (Bahrain, Qatar, Saudi system. To comply with formalities in and Benin, the Democratic Republic of Arabia and the United Arab Emirates). Tbilisi takes 98 days, far fewer than the Congo, Mali and Rwanda streamlined In Bahrain, where complying with build- regional average of 250 days or the Alba- permitting procedures. These improve- ing formalities takes the least time in the nian one of 331. ments have reduced permitting delays in region, applicants can download forms, the region by 16 days. More can be done. submit applications and building plans, FIGURE 4.4 track the status of their applications and Biggest time savings in the Middle East and North Africa pay bills--all online.6 The changes in the Regional averages in dealing with construction permits DB2011 DB2006 region reduced the average permitting Procedures (number) time by 41 days, making the Middle East OECD high income 16 16 2010 and North Africa the fastest globally. global Latin America & Caribbean 17 17 average 18 19 ...AND IN EAST ASIA Sub-Saharan Africa South Asia 18 18 The Middle East and North Africa was East Asia & Pacific 19 19 not the only region where technology Middle East & North Africa 19 20 was used to make construction permit- Eastern Europe & Central Asia 22 26 ting more efficient. In East Asia and the 17.9 Pacific, Singapore and Hong Kong SAR Time (days) (China) converted their one-stop shops OECD high income 166 175 for building permits to online systems Latin America & Caribbean 220 233 in 2008. In Singapore the Building and Sub-Saharan Africa 222 238 Construction Authority provides easy South Asia 241 244 access to relevant information and allows East Asia & Pacific 167 183 online submission of all paperwork. In Middle East & North Africa 152 193 Hong Kong SAR (China), while the appli- Eastern Europe & Central Asia 250 280 cation process still has to be completed 202 in person, all application forms and zon- Cost (% of income per capita) ing maps are now online. OECD high income 62.1 74.1 Latin America & Caribbean 191.1 332.0 WHAT HAS WORKED? Sub-Saharan Africa 1,631.3 1,753.7 South Asia 2,039.2 3,957.5 Smart regulation ensures that standards East Asia & Pacific 168.7 240.9 are met while making compliance easy and Middle East & North Africa 409.7 699.7 accessible to all. Coherent and transparent Eastern Europe & Central Asia 645.5 1,332.5 rules, efficient processes and adequate allo- 683.1 cation of resources are especially important Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, in sectors where safety is at stake (table Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. Zimbabwe is not included in the samples due to the impact of inflation on the average cost estimates. 4.3). Construction is one of them. Source: Doing Business database. DEALING WITH CONSTRUC TION PERMITS 29 TABLE 4.4 growing environmental concerns. New Who makes dealing with construction permits easy--and who does not? Zealand chose an effective approach: Procedures (number) performance-focused building codes set Fewest Most targets and overall technical standards Denmark 6 Azerbaijan 31 but do not regulate how to achieve those Hong Kong SAR, China 7 Brunei Darussalam 32 standards. This allows room for innova- New Zealand 7 Guinea 32 tion in building techniques. Vanuatu 7 Poland 32 If provisions are too precise, this Sweden 8 El Salvador 34 creates a challenge for keeping regulation Maldives 9 Kazakhstan 34 up to date. Some building codes specify St. Lucia 9 Czech Republic 36 what materials can be used in construc- Georgia 10 China 37 Grenada 10 India 37 tion. This seems to make sense. The Marshall Islands 10 Russian Federation 53 materials are tested for safety, and their technical parameters mandated in the Time (days) code. But this approach works only when Fastest Slowest codes are up to date. And they rarely are Singapore 25 Brazil 411 in the transition economies of Eastern Korea, Rep. 34 Nepal 424 Europe and Central Asia, where such United States 40 Suriname 431 rules are most common. Construction Bahrain 43 Russian Federation 540 norms in Ukraine still refer to materials Colombia 50 Côte d'Ivoire 592 that used to be produced in the Soviet Vanuatu 51 Lesotho 601 Marshall Islands 55 Cyprus 677 Union. Today these materials are no lon- Solomon Islands 62 Cambodia 709 ger available, so no one can fully comply United Arab Emirates 64 Zimbabwe 1,012 with the regulations. New Zealand 65 Haiti 1,179 USING ONE-STOP SHOPS TO IMPROVE Cost (% of income per capita) COORDINATION Least Most Before a building plan is approved, ap- Qatar 0.8 Niger 2,352 propriate clearances are needed to en- St. Kitts and Nevis 4.8 Zambia 2,454 sure quality and safety. Often several Palau 5.1 Congo, Dem. Rep. 2,692 agencies are involved. To prevent overlap Trinidad and Tobago 5.1 Tanzania 2,756 and ensure efficiency, many economies Brunei Darussalam 6.7 Russian Federation 4,141 have opted to put the agencies in one St. Vincent and the Grenadines 7.0 Chad 6,684 location. These one-stop shops improve Malaysia 7.9 Burundi 7,048 Thailand 9.5 Zimbabwe 8,021 the organization of the review process-- Hungary 9.8 Afghanistan 11,355 not by reducing the number of checks Dominica 11.0 Liberia 29,574 needed but by better coordinating the Source: Doing Business database. efforts of different agencies. That way, more resources can be devoted to safety FOCUSING ON RESULTS In Nigeria a new national building checks rather than to paperwork. Efficient regulation starts with a uni- code was drafted in 2006, but it has yet to There are different ways to organize form building code--and its uniform be enforced. Some Nigerian states have a one-stop shop. In Paraguay authori- implementation. Forty-three economies started implementing several provisions ties moved professionals from 7 munici- globally have adopted uniform construc- of the code, such as by amending local pal departments into 1. Since early 2010 tion rules. Most commonly, a central urban and regional planning laws to Burkina Faso has held periodic meetings authority outlines the rules and local require new inspections and certificates. of all approving bodies to speed up clear- authorities implement them. When regu- Others have not. The result is wide varia- ances. In 2009 the local government in lations are not organized and applied tion across states--confusing for build- Hong Kong SAR (China), as part of its "Be coherently, builders and authorities can ers with projects in more than one.7 the Smart Regulator" program, merged 8 become confused about how to proceed. Building rules also have to be procedures involving 6 different agencies This often leads to delays, uncertainty adaptable so that they can keep up with and 2 private utilities through a one-stop and disputes. economic and technological change-- center. A single window facilitates interac- particularly important in the light of tion for customers. Globally, 22 economies 30 DOING BUSINESS 2011 FIGURE 4.5 Taking advantage of one-stop shops and streamlined procedures in construction permits One-stop shop 611 Streamlined procedures One-stop shop BURKINA FASO CANADA HONG KONG SAR, CHINA 9,757 171 All building permits issued Commercial building 9,375 Commercial building permits issued permits issued 150 209 213 7,899 Before reform After 1 year After 2 years Before reform After 1 year After 2 years Before reform After 1 year (2007/08) (2008/09) (2009/10) (2005) (2006) (2007) (2008) (2009) Source: Burkina Faso, Centre de Facilitation des Actes de Construire (CEFAC); Toronto City Building Department; Hong Kong SAR Government, Hong Kong Economic and Trade Office, Washington, D.C. coordinate agencies involved in approving WHAT ARE SOME RESULTS? the most dynamic and rapidly growing construction permits through some form sectors of the economy. The construction of one-stop shop. Over the past 6 years Doing Business area in the capital tripled between 2004 recorded 110 reforms streamlining con- and 2007, from 463,000 square meters to DIFFERENTIATING PROJECTS BY RISK struction permitting procedures world- 1.5 million. During the same period the Not all buildings involve the same social, wide. Governments, the private sector construction sector expanded from 6.3% cultural, economic or environmental im- and citizens alike are starting to see of GDP to 11%.10 pacts. A hospital or skyscraper cannot benefits. In other economies too, more effi- be compared with a 2-story commercial cient approval procedures allowed agen- warehouse. Efficient governments have GREATER CAPACITY cies to process greater volumes of permit implemented rigorous yet differentiated More efficient systems can prepare gov- approvals and increased client satisfac- construction permitting processes to ernments to take advantage of a pickup in tion. In 2006 Burkina Faso was among treat buildings according to their risk construction activity. Look at Colombia. the 10 economies with the most complex level and location. In 1995 obtaining building authorizations requirements in the world. Not surpris- Simple or low-risk buildings require in Bogotá took 3 years on average. Today ingly, a survey that year found that more less documentation than more complex it takes about a month. This is thanks to than 23% of local companies identified structures and can be approved faster. a broad program of reforms targeting licenses and permits as a major con- This saves time for both entrepreneurs the construction permitting process. The straint to doing business in the country.11 and authorities and allows them to di- government transferred the administra- To address this concern, a one-stop shop rect their efforts and resources more tion of building permits to the private for construction permits, the Centre de efficiently. Kazakhstan recently imple- sector, created a risk-based approval Facilitation des Actes de Construire, was mented differentiated approval proce- process and introduced electronic veri- opened in May 2008. A new regulation dures for complex and noncomplex proj- fication of the ownership status of build- merged 32 procedures into 15, reduced ects, allowing a fast-track procedure for ings and land. The changes were timely, the time required from 226 days to 122 projects under 1,000 square meters. Be- because construction activity took off. In and cut the cost by 40%. Entrepreneurs larus, Canada, Colombia and Germany 1996 the approved building construction took note. From May 2009 to May 2010 are among the 84 economies that have area was 11.3 million square meters. In 611 building permits were granted in functioning fast-track application pro- 2007 it was 19.2 million--70% more. Ouagadougou, up from an average of cesses for small commercial buildings. Meanwhile, the construction sector grew about 150 a year in 2002­06 (figure After Bavaria implemented differentiated from 6% of GDP to 7%.9 4.5).12 Another firm survey, conducted permitting approaches for low- and high- Georgia's story is similar. The gov- in 2009, showed that the share of entre- risk projects, builders saved an estimated ernment overhauled the construction preneurs considering the construction 154 million in building permit fees in a permitting system between 2005 and permitting process to be problematic had year, while building authorities needed 2009. Among other things, it created a dropped by 6 percentage points in the 270 fewer employees on their payroll.8 one-stop shop and gradually consoli- previous 3 years.13 dated 25 procedures into 10, reducing the time to comply with formalities from 195 days to 98. Today construction is among DEALING WITH CONSTRUC TION PERMITS 31 Hong Kong SAR (China), after fin- duced by 80% the number of in-person buildings erected do not comply with ishing 2 years of regulatory changes to visits made to building authorities by proper safety standards. Without clear reengineer its construction permitting out-of-state owners and architects.15 rules, enforcing even basic standards is a system, also saw an increase in volume. Reducing delays benefits more than daunting task. Structural incidents have The number of commercial building per- just builders and owners. A study in the multiplied. According to the Nigerian mits grew by 14%, from 150 in 2008 to United States estimates that accelerat- Institute of Building, 84 buildings col- 171 in 2009--despite the global eco- ing permit approvals by 3 months in a lapsed in the past 20 years, killing more nomic downturn. 22-month project cycle could increase than 400 people.22 The Canadian city of Toronto re- construction spending by 5.7% and vamped its construction permitting property tax revenue for local govern- process in 2005 by introducing time ments by 16%.16 limits for different stages of the process 1. OECD (2010). and presenting a unique basic list of GREATER SAFETY AND 2. PricewaterhouseCoopers (2005). TRANSPARENCY 3. U.S. Bureau of Labor Statistics, "Employ- requirements for each project. Later it provided for electronic information By some estimates 60­80% of building ment Situation," January 2010, http:// www.bls.gov/. and risk-based approvals with fast-track projects in developing economies are 4. ILO (2009). procedures ("Commercial Xpress" for undertaken without the proper permits 5. KPMG (2009). commercial buildings and "Residential and approvals.17 In the Philippines 57% 6. Bahrain, Ministry of Municipalities and Fast Track" for residential buildings). of new construction is considered illegal. Agricultural Affairs, http://websrv Between 2005 and 2007 the number of In Egypt this share might reach 90%.18 .municipality.gov.bh/. commercial building permits increased In Georgia before the new permitting 7. World Bank (2010a). by 24% and between 2005 and 2008 the process that was initiated in 2005, fewer 8. Bayerisches Staatsministerium des In- construction value of new commercial than 45% of construction projects had nern (2002). buildings rose by 84%.14 legal permits. If procedures are overly 9. Espinosa-Wang (forthcoming). complicated or costly, builders tend to 10. IFC (2008a). LOWER COST--FOR BUILDERS AND proceed without a permit. This leads to 11. World Bank Enterprise Surveys (http:// REGULATORS revenue losses for local authorities, limi- www.enterprisesurveys.org/). Effective and efficient use of information tations on access to credit for the build- 12. Information provided by Burkina Faso's technology can reduce the regulatory ers and owners and the loss of formal Centre de Facilitation des Actes de cost of construction. Jurisdictions across jobs in the construction sector.19 Construire. the United States are using informa- Overly complicated construction 13. World Bank Enterprise Surveys (http:// www.enterprisesurveys.org/). tion technology to increase efficiency. rules also can increase opportunities for 14. According to information provided by More than 500 now use an advanced corruption. World Bank Enterprise Sur- the City of Toronto's Office of the Chief e-permit processing system. Introduced vey data show that the share of firms Building Official, the construction value since 2003, the system has reduced the expecting to give gifts in exchange for of commercial buildings (excluding time that professionals in the construc- construction approvals is correlated with industrial and institutional buildings) rose from Can$1.56 billion in 2005 to tion industry spend on permits by 30­ the level of complexity and cost of deal- Can$2.87 billion in 2008. 40%. Interactive voice response systems ing with construction permits.20 Accord- 15. Information available at http://www enable customers to use a touch-tone ing to a 2005 survey conducted in 15 .natlpartnerstreamline.org/. telephone to connect with a jurisdiction's countries by Transparency International, 16. PricewaterhouseCoopers (2005). database of building code and land man- entrepreneurs perceive construction as 17. De Soto (2000). agement applications, reducing the time one of the most corrupt industries, sur- 18. De Soto (2000). to schedule and conduct inspections passing arms and defense, oil and gas, 19. Moullier (2009). from 2­3 days to less than 24 hours. real estate and mining.21 20. World Bank (2009d). Mobile field inspection technology has Good regulation ensures compli- 21. Kenny (2007). increased the number of inspections per ance with the standards and protects 22. Agence France Presse, "Nigeria Approves day by 25% and reduced contractors' the public while making the permitting Building Code," News24.com, August 3, downtime while waiting for inspections process transparent and affordable for 2006, http://www.news24.com/. Because and their results by 20%. More than 20 construction companies. Where infor- many cases go unreported, the actual U.S. cities use e-plan review. This system mal construction is rampant, the pub- figure is probably higher. of online submission of building plans lic can suffer. Nigeria, like Haiti, lacks has shortened the review period by 40%, a uniform building code that sets the eliminated the risk of lost plans and re- standards for construction. Many of the 32 DOING BUSINESS 2011 Starting a business FIGURE 5.1 Dealing with construction permits Samoa increased the efficiency of property registration Who improved the most Registering Time to register property (days) 150 2009 in registering property? 1. Samoa property Getting credit 120 2. 3. Maldives Cape Verde A 5-year project 4. Malaysia Protecting investors 90 introduced a title system Time cut by 5. Grenada and computerized 120 days Paying taxes 6. Malawi the property registry Trading across borders 60 7. Portugal Enforcing contracts Registration at Land, Survey 8. Hungary and Environment Department 9. Jamaica Closing a business 30 10. Denmark 2010 0 1 5 Procedures Source: Doing Business database. In the early 1990s people wanting to property is informal or poorly adminis- formal titles might go informal again. register property in Minsk needed to tered, it has little chance of being used Even if titles remain formal, property arrive outside the land registry by 5 a.m. as a guarantee. Hernando de Soto calls markets will not function effectively if and, if it was winter, keep a fire going to such assets "dead capital."2 The result regulations keep investment from being stay warm during the long wait.1 Newly is limited access to finance, which can channeled to its most productive use. independent Belarus had a complicated limit economic growth.3 Women can be And titles won't lead to more credit if col- registration process with many layers particularly affected. "I tried many times lateral laws make mortgaging property of duplication, leading to delays of up to apply for a loan but didn't get even a expensive and inefficient courts prevent to 231 days. The system could not keep quarter. They tell me to bring collateral banks from enforcing collateral when up with the growing real estate market. that I can't provide... One time they a debtor defaults. Some studies report That changed after 2004 (table 5.1). A asked for land and I don't even have land. cases where titling failed to bring signifi- new one-stop shop cut unnecessary pro- Sometimes they ask for buildings as col- cant increases in credit or income.5 cedures by centralizing the registration lateral as well," says Antonia, a detergent Doing Business records the full se- process and hired 10 times as many reg- manufacturer in Ghana. Her experience quence of procedures necessary for a istrars. Today registering property takes is not uncommon. In 9 of 128 economies, business to purchase a property from an- 15 days, and the system covers 5 mil- including Cameroon and Chile, women's other business and transfer the property lion property units and manages 760,000 ownership rights over movable and im- title to the buyer's name. The transaction sales and first-time registrations a year. movable property are not equal to men's, is considered complete when it is oppos- Property is often requested by and in even more economies women able to third parties and the purchasing banks as collateral for loans. But where have less right than men to mortgage it.4 company can use the property, use it TABLE 5.1 Ensuring formal property rights is as collateral in taking new loans or, if Where is registering property easy--and fundamental. Effective administration of necessary, sell it to another business where not? land is part of that. If formal property (figure 5.2). Easiest RANK Most difficult RANK transfer is too costly or complicated, In 2009/10, 21 economies made it Saudi Arabia 1 Angola 174 Georgia 2 Guinea-Bissau 175 FIGURE 5.2 New Zealand 3 Liberia 176 What are the time, cost and number of procedures required to transfer a property United Arab 4 Belgium 177 between 2 local companies? Emirates Eritrea 178 Armenia 5 COST Buyer can use Nigeria 179 Belarus 6 (% of property value) the property, Timor-Leste 180 resell it or use Lithuania 7 Micronesia, Fed. Sts. 181 it as collateral Norway 8 PROCEDURES Marshall Islands 182 Slovak Republic 9 Brunei Darussalam 183 Azerbaijan 10 Land & 2-story warehouse Seller with property Note: Rankings are the average of the economy's rankings on the registered and no procedures, time and cost to register property. See Data notes TIME for details. title disputes (days) Source: Doing Business database. Preregistration Registration Postregistration REGISTERING PROPERT Y 33 TABLE 5.2 Who made registering property easier in 2009/10--and what did they do? Feature Economies Some highlights Reduced taxes or fees Bangladesh, Cape Verde, Democratic Re- Average cost reduction: 3.6% of the property value public of Congo, Hungary, Jamaica, Mali Changes ranged from 2% of the property value in Jamaica to 6% in Hun- gary (which halved the transfer tax). Cape Verde introduced a fixed registra- tion fee, going from 2% of the property value to $256. Increased administrative efficiency Bosnia and Herzegovina, Grenada, Malawi, Average time saved: 66 days Maldives, Samoa, Sierra Leone Sierra Leone cut 150 days by removing restrictions on private land transfers. Grenada's registrar now focuses only on property matters. Malawi decentral- ized government consents for property transfers, saving 39 days. Computerized procedures Denmark, Malaysia, Poland, Samoa, Average time saved: 4 months Slovenia Time savings were greatest in Slovenia (9 months) and Samoa (4 months). Malaysia digitized property registration, saving more than 2 months. Introduced online procedures Austria, Denmark, Jamaica, Malaysia, Average time saved: 4 days Poland Malaysia introduced online procedures to assess and pay stamp duties, cut- ting 6 days. Jamaica provided online access to the company registry. Austria introduced electronic communication between notaries and the registry. Combined and streamlined procedures Denmark, Portugal, Sweden, Uruguay Average reduction: 4 days and 2 procedures New one-stop shops merged 3 procedures in Denmark and 4 in Portugal. Municipalities in Sweden and Uruguay abolished the requirement for clear- ance of preemption rights. Introduced fast-track procedures Jamaica, Peru Registration for simple property sales is possible in 2 days in Jamaica (down from 7) and Peru (down from 9). Source: Doing Business database. easier to register property, 7 of them in GLOBAL TRENDS brance and cadastre information. The 2 the OECD high-income group and 4 in The most popular feature of property reg- certificates are now issued together. Latin America and the Caribbean. Samoa istration reform in those 6 years, imple- Eight economies in Sub-Saharan improved the ease of registering property mented in 52 economies, was lowering Africa undertook similar measures. the most. It completed a 5-year project to transfer taxes and government fees. This Ethiopia and Rwanda decentralized their move to a title system and computerized reduced the cost by 3.1% of the property land registries to eliminate bottlenecks, the property registry, saving 4 months value on average. Sub-Saharan Africa creating new branches responsible for from the time to register property. Six was the most active, with 22 economies properties in their jurisdiction. Ethiopia's economies lowered the cost, and 6 (in- lowering costs. Two gradually reduced 10 new branches and Rwanda's 5 coordi- cluding Samoa) increased administrative high transfer costs, Burundi by 10% of nate the work with municipalities and efficiency at their registries (table 5.2). the property value and Burkina Faso by tax agencies. And Ethiopia's registry now Five others raised the cost to transfer 7%. Two others made big cuts all at once, assesses property's market value using property (compared with 2 on average in Rwanda by 8.8% of the property value predetermined tables, eliminating the previous years). Bahrain, Greece, Paki- and Mozambique by 7.5%. need for physical inspections. stan, Panama and Thailand raised the The second most popular feature, im- Twenty-eight economies, 9 in Sub- transfer tax by an average of 4.2% of the plemented in 32 economies, was streamlin- Saharan Africa, increased administrative property value--with Greece reversing ing procedures and linking or improving efficiency. Botswana and Madagascar previous cuts and Thailand reversing a agencies' systems to simplify registration. reorganized their land registries, hired temporary cut. Antigua and Barbuda and These measures reduced interactions be- more staff and added more comput- Belgium added new procedures. tween entrepreneurs and agencies--saving ers and branches. Botswana also linked 2 procedures on average--while maintain- staff salary increases to the achievement WHAT ARE THE TRENDS? ing security and controls. of targets set by the land department's Thirteen such reforms took place in 3-year plan. Mali and Niger reorganized In the past 6 years 105 economies un- Eastern Europe and Central Asia. Besides their land registries by reassigning work- dertook 146 reforms making it easier to Belarus, Azerbaijan and Kazakhstan also loads and enhancing supervision. transfer property (figure 5.3). Globally, created one-stop shops for property With 7 similar reforms, Latin Amer- the time to transfer property fell by 38% transfers. In Latvia the land registry can ica and the Caribbean was also active. and the cost by 10%. now check municipal tax databases di- Grenada recently nominated 2 new reg- rectly, saving entrepreneurs a step. FYR istrars, 1 dedicated to property transac- Macedonia centralized property encum- tions. This reduced the court registrar's 34 DOING BUSINESS 2011 FIGURE 5.3 average. The reason? High transfer taxes Fast pace in property registration reforms in Sub-Saharan Africa over the years (averaging 7% of the property value) and Number of Doing Business reforms making it easier to register property by Doing Business report year high professional fees, such as for law- DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 yers and notaries. In Brazzaville, in the Sub-Saharan Africa 42 Republic of Congo, notary fees amount (46 economies) to 4% of the property value. The transfer Eastern Europe process is also complicated, requiring 7 & Central Asia 29 (25 economies) procedures on average. Nineteen econo- mies require an assessment of taxes to be OECD high income 25 paid. This can add up to 3 procedures in (30 economies) such economies as Kenya and Uganda, Latin America where physical inspections are required. & Caribbean 22 (32 economies) A cumbersome system can create Middle East & opportunities for corruption. In Kenya in North Africa 12 2010 a raid uncovered thousands of land (18 economies) files blocked in the drawers of public South Asia officials hoping to collect bribes.6 The 9 (8 economies) need for ministerial consents can also East Asia add delays, up to 60­75 days in such & Pacific 7 economies as The Gambia, Lesotho, Ma- (24 economies) lawi and Nigeria. The good news: Ghana Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, eliminated this consent in 2006. In 2005 Montenegro and Qatar, for a total of 183 economies. Côte d'Ivoire limited its use to proper- Source: Doing Business database. ties not included in the zoning plan, and workload, cutting the time to register Eleven, including France, the Nether- property sales doubled. Across the re- property by half. Guatemala's registry lands and New Zealand, offer electronic gion, land registries are still mostly paper improved customer service by install- registration. Portugal's new customer ser- based. This partly explains registration ing delegates in major banks, providing vice center, Casa pronto, has processed delays such as the 113 days in Benin and text message notifications and offering 109,000 transactions since its 2007 270 in Togo. The average time to transfer a special service for frequent users such launch and now covers 30% of sales. It property in the region is 68 days; the as notaries. Another new service blocks allows users not only to register property world average, 58. sales as extra security for customers not transfers but also to complete all due But efforts to improve property reg- expecting to sell property for a while. diligence--including checking tax pay- istration have been picking up. Econo- Employees benefit from an incentive ments, ownership and encumbrances-- mies such as Botswana, Burkina Faso, system that accounts for the speed and in one step. Madagascar, Mali and Mauritius have quality of their work. Combined with made agencies and systems more effi- computerization, these efforts halved the ...AND IN EASTERN EUROPE AND cient through incentives, reorganization CENTRAL ASIA time to transfer property in Guatemala. and better management tools. Despite In Eastern Europe and Central Asia most being paper based, the land registry in COMPUTERIZATION IN OECD property registration systems have un- Bamako, Mali, can complete registration HIGH-INCOME ECONOMIES... dergone a complete overhaul. Land and in 2­3 weeks. Through broad property OECD high-income economies, along building databases have been unified, reforms implemented since 2007, Mauri- with the Middle East and North Africa, then computerized. Today the region ac- tius has reduced the transfer tax by 5% of have the fastest property registration, counts for 5 of the top 10 economies on the property value, eliminated separate taking 33 days on average (figure 5.4). the ease of registering property. Trans- clearances by utilities and set strict time Compare that with the slowest--around ferring property takes on average 6 pro- limits for notaries and the land registry. 3 months on average in South Asia and cedures and costs 2.4% of the property Like most African economies, Mauritius East Asia and the Pacific. value, less than in any other region. lacks a cadastre, and it still requires Twenty-nine of 30 OECD high- a physical valuation for each property income economies have electronic reg- COST HIGHEST IN AFRICA sale. But a new computerized property istries, and 85% allow online access to In Sub-Saharan Africa, despite improve- registry linking the valuation office with information on encumbrances, either for ments, transferring property still costs a new cadastre that will use aerial maps all or for such professionals as notaries. the most, 9.6% of the property value on is expected to change this. REGISTERING PROPERT Y 35 FIGURE 5.4 delays. Checking for encumbrances still Property registration a third faster around the world since 2005 DB2011 DB2006 Regional averages in registering property takes 5 days on average, compared with 2010 only 1 in OECD high-income economies. Procedures (number) global OECD high income 5 5 average SPEEDY PROCESS IN THE MIDDLE East Asia & Pacific 5 5 EAST AND NORTH AFRICA Eastern Europe & Central Asia 6 7 Middle East & North Africa 6 6 Transferring property in the Middle East South Asia 6 7 and North Africa is as fast as in OECD Sub-Saharan Africa 7 7 high-income economies at 33 days on Latin America & Caribbean 7 7 average. In the United Arab Emirates it is 6 just 2 days. Eleven of 18 economies have Time (days) electronic databases for encumbrances OECD high income 33 44 and ownership verification, though Bah- East Asia & Pacific 87 99 rain is the only one offering online reg- Eastern Europe & Central Asia 38 121 istration. The average cost in the region Middle East & North Africa 33 52 remains fairly high, at 5.7% of the prop- South Asia 100 138 68 110 erty value. But in 5 economies, including Sub-Saharan Africa 69 86 Kuwait and Qatar, the cost is less than 1% Latin America & Caribbean 58 of the property value. In 9 others the cost Cost (% of property value) exceeds 5%--and it ranges up to 28% OECD high income 4.4 4.7 in the Syrian Arab Republic, with the East Asia & Pacific 4.1 4.5 world's highest transfer taxes. Eastern Europe & Central Asia 2.4 2.8 Middle East & North Africa 5.7 7.2 SOME LONG DELAYS IN SOUTH AND South Asia 6.3 6.9 EAST ASIA Sub-Saharan Africa 9.6 12.3 Transferring property can take time in Latin America & Caribbean 5.9 6.1 South Asia, 100 days on average. The cost 5.9 is also high, averaging 6.9% of the prop- Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. erty value and ranging from almost 0 in Source: Doing Business database. Bhutan to 17% in Maldives. The process takes 6 procedures on average. COMPLEXITY IN LATIN AMERICA economies require a tax clearance. While East Asia and the Pacific has the Registering property in Latin America this generally takes 1 or 2 days, it can take second lowest average transfer cost, 4.1% and the Caribbean tends to be complex, up to 20 in Paraguay and 42 in Trinidad of the property value. While the aver- taking 7 procedures and 69 days on aver- and Tobago. Linking all agencies through age time to transfer property is 87 days, age. Numerous visits to different agencies a common database could help. several economies, mostly small island are often the reason. Seven economies Remarkably, 20 of the region's econ- states, stand out for the longest delays require a separate certificate from the omies have an electronic database for globally. In Kiribati transferring property commercial registry. Seven others man- encumbrances and ownership. But only takes 513 days, mostly for court verifica- date registrations beyond the land reg- 6 of them make their electronic database tion. In the Solomon Islands, where one istry, such as with the municipality, the available online for all. So paper cer- registry handles property, companies, tax agency or the cadastre. Sixteen of 32 tificates are still widely used, increasing movable property and intellectual prop- erty rights, registration takes 240 days. TABLE 5.3 And as in Sub-Saharan Africa, trans- Good practices around the world in making it easy to register property ferring property can require high-level Practice Economiesa Examples government consents. These take time, Using an electronic database for 108 Jamaica, Sweden, United Kingdom ranging from 25 days in the Solomon encumbrances Islands to 105 in Tonga. Setting time limits for registration 49 Botswana, Guatemala, Indonesia Some economies are moving for- Setting fixed transfer costs 17 Arab Republic of Egypt, Estonia, New Zealand ward with online services. In Hong Kong Offering expedited procedures 16 Azerbaijan, Bulgaria, Georgia SAR (China) and Malaysia taxes can be a. Among 177 economies surveyed. paid online. In Singapore all due diligence Source: Doing Business database. can be done online, through one portal. 36 DOING BUSINESS 2011 FIGURE 5.5 from 1 day to 32 and fees from $14 to Most economies in Eastern Europe and Central Asia have time limits for property registration Share of economies in region (%) $450. "I often get calls from friends who need to expedite a transfer," says a land Time limits, Time limits, No statutory and complying but not complying time limits registrar in Central America. But if expe- Eastern Europe 60 16 24 dited service is available to all, it doesn't & Central Asia matter whom you know in the registry. East Asia & Pacific 25 13 63 Expedited procedures are most OECD 23 3 73 popular in Eastern Europe and Central high income Latin America Asia, where 9 economies offer them. 16 84 & Caribbean In Moldova property can be registered Sub-Saharan 11 4 85 in 10 days (for $38), 3 days ($111) or 1 Africa day ($185). In Georgia in 2009 nearly South Asia 12 88 13% of transactions at the registry were Middle East expedited. Azerbaijan, Bulgaria and Ro- & North Africa 100 100% mania all introduced this option in the Note: Time limits are for final registration at the land registry. Source: Doing Business database. past 6 years. Expedited procedures can also apply to certificates. They save 6 WHAT HAS WORKED? COMPLYING WITH TIME LIMITS days for nonencumbrance certificates in Forty-nine economies worldwide have Argentina and 4 days for tax clearance by Governments worldwide have been mak- legal time limits for registration pro- Asmara Municipality in Eritrea. ing it easier for entrepreneurs to regis- cedures, and 13 of them have expe- ter and transfer property. Some good dited procedures. Globally, 77% of SETTING LOW FIXED FEES practices can help in achieving that goal economies comply with statutory time Seventeen economies have low fixed (table 5.3). limits. Eastern Europe and Central Asia, taxes and fees for property transfer, rang- OECD high-income economies and Latin ing from around $20 to $300, regardless GOING ELECTRONIC America and the Caribbean stand out for of the property value. Nine economies in Worldwide, 61% of economies have an the highest compliance (figure 5.5). Eastern Europe and Central Asia apply electronic database for encumbrances, In Eastern Europe and Central Asia fixed transfer taxes and fees, including including almost all OECD high-income 19 of 25 economies have time limits. Estonia, the Kyrgyz Republic and Rus- and Eastern European and Central Asian Most are a success. In only 4 economies-- sia. Egypt and New Zealand also do so. economies. But in Sub-Saharan Africa Bulgaria, FYR Macedonia, Serbia and Twelve others, including Finland, the and South Asia more than 80% still Ukraine--is compliance a problem. In Republic of Korea and Malawi, have fixed have paper-based systems. This makes Latin America and the Caribbean only 5 fees for registration but charge other a difference. In economies with comput- of 32 economies have statutory time lim- taxes and stamp duties in proportion to erized registries, transferring property its, ranging from 2 days in Peru to 30 in the property value. takes about half as much time. Properly Brazil. All 5 have good compliance. Spain Governments' administrative cost backed up, electronic databases can also has an innovative way to ensure compli- for registration is independent of the help ensure property security. In Haiti ance: the registry's fees are cut by 30% if property value, so registration fees can after the 2010 earthquake, damaged re- registration takes more than 15 days. be fixed and low. Combined with low cords in the paper-based land registry In the past 6 years 14 economies in- transfer taxes, this may encourage for- make reconstruction even harder.7 troduced time limits. But most went fur- mal registration and prevent under- Twenty-four economies as diverse ther. Twelve, including Belarus, Burkina reporting of property values. Four econo- as Belarus, Portugal and Zambia com- Faso, Egypt, FYR Macedonia, Mauritius mies switched to fixed registration fees puterized their registries in the past 6 and Rwanda, did so as part of broader re- in the past 6 years: Egypt and Poland in years. Full implementation can take forms that included merging procedures 2006, Rwanda in 2008 and Cape Verde time, ranging from 3 to 10 years. Gradual through computerization, reorganization in 2009. Rwanda made a radical change, implementation or a pilot approach can of the land registry or creation of one- reducing fees from 6% of the property facilitate the process. The cost can reach stop shops. value to $33. $2 million or more if surveying and ca- Among the 154 economies with dastre work is involved. But the impact OFFERING FAST-TRACK PROCEDURES transfer costs that vary with the property is substantial. These 24 economies cut Sixteen economies offer expedited regis- value, at least 21 have sliding scales for their average time to transfer a property tration procedures at a premium of 2­5 fees or taxes. In 16 economies tax rates in- in half, by about 3 months on average. times the basic fee. Time savings range crease with the property value. In Angola REGISTERING PROPERT Y 37 TABLE 5.4 of registration from 5.9% of the property Who makes registering property easy--and who does not? value to 1% in 2006, new property regis- Procedures (number) trations jumped by 39% in the following Fewest Most year. After Burkina Faso halved registra- tion taxes to 8%, the stock of properties Georgia 1 Ethiopia 10 Norway 1 Liberia 10 registered increased by 63% in the coun- Portugal 1 Qatar 10 try as a whole--and by 93% in the capital Sweden 1 Algeria 11 city, Ouagadougou. But with less than United Arab Emirates 1 Eritrea 11 10% of properties formally registered, Bahrain 2 Greece 11 there is still a long way to go. New Zealand 2 Uzbekistan 12 Increasing the efficiency of property Oman 2 Nigeria 13 registration systems benefits users as well Saudi Arabia 2 Uganda 13 Thailand 2 Brazil 14 as administrators. FYR Macedonia cut the time to register property by 40 days. Time (days) For the 177,000 people buying property Fastest Slowest in 2009, that meant being able to use or Portugal 1 Vanuatu 188 mortgage their property 40 days earlier. Georgia 2 Puerto Rico 194 Many benefited: twice as many proper- New Zealand 2 Suriname 197 ties were sold in 2009 as in 2007, despite Saudi Arabia 2 Guinea-Bissau 211 the financial crisis. New delays to regis- Thailand 2 Bangladesh 245 United Arab Emirates 2 Afghanistan 250 ter property sales cut the other way. In Lithuania 3 Togo 295 Denmark in 2009 practitioners reported Norway 3 Solomon Islands 297 losing thousands of kroner in interest be- Iceland 4 Haiti 405 cause transaction money was blocked in Australia 5 Kiribati 513 escrow accounts for more than a month Cost (% of property value) while the new online registry was being Least Most implemented.13 But new systems may be worth the wait. Electronic interactions Bhutan 0.00 Côte d'Ivoire 13.9 are more transparent. A survey in India Saudi Arabia 0.00 Guinea 14.0 Belarus 0.03 Maldives 16.9 found that fewer users paid bribes to ac- Kiribati 0.04 Chad 18.2 celerate e-government services.14 Slovak Republic 0.05 Central African Republic 18.5 Guatemala halved the time to trans- Kazakhstan 0.06 Cameroon 19.3 fer property, saving 45 days for each of New Zealand 0.08 Senegal 20.6 the about 100,000 people selling property Georgia 0.10 Comoros 20.8 each year.15 The land registry, digitized Russian Federation 0.14 Nigeria 20.9 over the past 5 years, offers cadastral Azerbaijan 0.23 Syrian Arab Republic 27.9 certificates as well as electronic access Source: Doing Business database. to data on encumbrances and owner- and Lithuania rates initially increase and found that receipt of a title increased ship. People choose to use electronic then decrease as the property value rises. land values by 30% as well as the pro- services: in 2005, 66% of certificates were pensity to invest.9 In Argentina property requested electronically; now 80% are. WHAT ARE SOME RESULTS? owners with formal title invested up to Buyers save the time and cost of going 47% more in their property.10 Security to the registry, standing in line and wait- Formal titles can help facilitate access in property ownership can also reduce ing 3 days for the paper certificate. And to credit. A study in Peru, where a large the need to defend land rights: a study they can get instant information about land titling program was implemented, in Peru showed that property titles al- encumbrances just before closing a prop- suggests that when requested by lend- lowed people to work more away from erty sale, increasing security. ers, property titles are associated with the home.11 Georgia now allows property trans- approval rates on public sector loans as In surveys in 99 economies, an aver- fers to be completed through 500 autho- much as 12% higher. And regardless of age of 21% of firms considered access to rized users, notably banks. This saves whether collateral is requested, interest land a major constraint to business.12 For time for entrepreneurs. A third of people rates are significantly lower for appli- some, formalizing title might simply be transferring property in 2009 chose au- cants with title.8 A study in Nicaragua too costly. When Egypt reduced the cost thorized users, up from 7% in 2007. 38 DOING BUSINESS 2011 Efficient systems also prepare econ- omies for the development of vibrant property markets. Belarus's unified and computerized registry was able to cope with the addition of 1.2 million new units over 3 years. The registry issued 1 million electronic property certificates in 2009. Georgia's new electronic registry managed 68,000 sales in 2007, twice as many as in 2003. FYR Macedonia's elec- tronic registry now covers almost all the country, twice as much as in 2006. 1. Interview with Andrei A. Gayev, State Property Committee, Minsk, Belarus, September 2008. 2. De Soto (2000). 3. World Bank (2008). 4. World Bank, Women, Business and the Law database (http://wbl.worldbank .org/). 5. Pande and Udry (2005). 6. "Lands Ministry Officers on the Spot," Daily Nation (Nairobi), March 1, 2010, http://www.nation.co.ke/; "Missing Titles, Logbooks Starve Small Firms of Credit," Financial Post (Nairobi), March 22, 2010. 7. Anastasia Moloney, "Unclear Land Rights Hinder Haiti's Reconstruction," Reuters, AlertNet, July 5, 2010, http:// alertnet.org/. 8. Field and Torero (2006). 9. Deininger and Chamorro (2002). 10. Galiani and Schargrodsky (2006). 11. Field (2007). 12. World Bank Enterprise Surveys, 2006­ 09 (http://www.enterprisesurveys.org). 13. Conference call with contributor. 14. Bhatia, Bhatnagar and Tominaga (2009). 15. Information provided by Guatemala's land registry and Doing Business data- base. 39 Starting a business FIGURE 6.1 Dealing with construction permits Do lenders have credit information on entrepreneurs seeking credit? Is the law favorable to borrowers and lenders using movable assets as collateral? Registering property Getting credit Credit information Protecting investors Potential Can movable assets be Paying taxes borrower used as collateral? Trading across borders MOVABLE Collateral Credit registries and Lender ASSET registry credit bureaus Enforcing contracts Closing a business Can lenders access credit information What types can be on borrowers? used as collateral? Maria produces soybeans for export. She such as future crops and inventory as than 80% of countries.3 Supporting the registered her small business after ob- collateral. It requires a specific descrip- use of collateral to lower the risks associ- taining her first microfinance loan. For tion of collateral in the loan agreement. ated with lending therefore matters in the past 5 years she has consistently Yet how can Maria know at the begin- the current economic context. repaid her loans, each time qualifying ning of the season how many pounds Doing Business measures 2 types of for a larger amount. Now she wants to of soybeans she will harvest? Where the institutions and systems that can facili- obtain a commercial loan to diversify secured transactions system has been tate access to finance and improve its al- production. Maria's several years as a improved--as it has in such economies location: credit information registries or diligent microfinance borrower will not as Bosnia and Herzegovina, Cambodia bureaus and the legal rights of borrowers go unnoticed. In Bolivia, as in 45 other and Vanuatu--farmers, retailers and and lenders in secured transactions and economies, private credit bureaus obtain other small businesses do not face this bankruptcy laws. These institutions and data on the repayment patterns of micro- problem (table 6.1). systems work best together. Informa- finance borrowers. Around the world movable assets, tion sharing helps creditors assess the Ideally, Maria's willingness to give not land or buildings, often account for creditworthiness of clients, while legal her next soybean harvest as collateral most of the capital stock of private firms rights can facilitate the use of collateral would also help her loan application. and an especially large share for micro, and the ability to enforce claims in the But Bolivia's legal framework for secured small and medium-size enterprises. event of default. transactions makes it extremely diffi- In the United States movable property Credit histories are no substitute cult for banks to accept movable assets makes up about 60% of the capital stock for risk analysis, whose importance has of enterprises.1 Unlike in Bolivia and been underscored by the global financial TABLE 6.1 other economies that do not allow a crisis. But when banks share informa- Where is getting credit easy-- general description of assets granted as tion, loan officers can assess borrowers' and where not? collateral, in the United States most of creditworthiness using objective crite- Easiest RANK Most difficult RANK this movable property could serve as ria. For regulators, credit information Malaysia 1 Syrian Arab 174 collateral for a loan. Research shows that systems provide a powerful tool for su- Hong Kong SAR, 2 Republic in developed economies borrowers with pervising and monitoring credit risk in China Tajikistan 175 collateral get 9 times as much credit as the economy. And greater information New Zealand 3 Bhutan 176 South Africa Djibouti 177 those without it. They also benefit from sharing can support competition. A re- 4 United Kingdom 5 Eritrea 178 repayment periods 11 times as long and cent study in the Middle East and North Australia 6 Madagascar 179 interest rates up to 50% lower.2 Africa found that lack of credit informa- Bulgaria 7 Săo Tomé and 180 In 2009, however, the global finan- tion systems may curtail competition in Israel Principe 8 Venezuela, RB 181 cial crisis adversely affected access to the banking sector.4 Singapore 9 United States Timor-Leste 182 credit globally. According to recent re- The 2 types of institutions are mea- 10 Palau 183 search, the volume of loans around the sured by 2 sets of indicators. One de- Note: Rankings are based on the sum of the strength of legal world declined from 74% of global GDP scribes how well collateral and bank- rights index and the depth of credit information index. See Data to 65%, while the volume at the national ruptcy laws facilitate lending. The other notes for details. Source: Doing Business database. level declined as a share of GDP in more measures the scope and accessibility of 40 DOING BUSINESS 2011 FIGURE 6.2 borrowers and lenders in Eastern Eu- Eastern Europe and Central Asia still leading in credit reforms rope and Central Asia. In East Asia and Number of Doing Business reforms making it easier to get credit by Doing Business report year the Pacific 10 economies strengthened DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 the legal rights of borrowers and lend- Eastern Europe & Central Asia 52 ers. These include Cambodia, China, the (25 economies) Solomon Islands and Vanuatu, all of Sub-Saharan which have introduced laws since 2007 Africa 26 allowing small and medium-size com- (46 economies) panies to use inventory and accounts Middle East & North Africa 23 receivable as collateral. In Tonga, in Au- (18 economies) gust 2010 the parliament adopted the East Asia Personal Property Securities Bill, which & Pacific 21 (24 economies) is about to come into force. Some OECD high-income economies, such as Den- Latin America & Caribbean 19 mark, also improved their collateral laws. (32 economies) And Australia will soon implement its OECD 2009 Personal Property Securities Act high income 18 (30 economies) establishing a national system for the registration of security interests in per- South Asia (8 economies) 11 sonal property.6 Still, secured transactions systems Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, differ substantially among the 3 regions. Montenegro and Qatar, for a total of 183 economies. Most economies encourage the use of Source: Doing Business database. all types of assets as collateral through credit information available through relevant institutions, such as the registries laws allowing a general description of public credit registries and private credit for movable assets in Serbia (established assets in the loan contract. In East Asia bureaus and provides information on in 2005)5 and Cambodia (2007). and the Pacific almost 71% of econo- coverage (figure 6.1). Doing Business recorded 13 changes mies have such laws, and in the OECD Nineteen economies made it easier in laws to improve the legal rights of high-income group 67% do--though in to get credit in 2009/10. Ghana improved the most in both credit information and FIGURE 6.3 DB2006 DB2011 legal rights. Better regulations and institutions easing access to credit Regional averages in getting credit indicators 2010 global average WHAT ARE THE TRENDS? Strength of legal rights index (0­10) OECD high income 6.8 6.9 Doing Business data since 2005 show that Eastern Europe & Central Asia 5.7 6.6 credit information and secured transac- East Asia & Pacific 4.7 6.1 tions systems continue to vary across Latin America & Caribbean 5.1 5.5 regions, as do their strengths and weak- South Asia 4.4 5.4 nesses. A brief snapshot of trends over Sub-Saharan Africa 4.4 4.6 the past 6 years follows (figure 6.2). Middle East & North Africa 2.8 3.0 5.4 LEADING THE WAY IN LEGAL RIGHTS Depth of credit information index (0­6) Economies in the OECD high-income OECD high income 4.7 4.9 group, Eastern Europe and Central Asia Middle East & North Africa 1.9 3.3 and East Asia and the Pacific stand out Eastern Europe & Central Asia 2.3 4.0 globally for their regulations facilitating South Asia 1.6 2.1 the use of movable collateral and modern East Asia & Pacific 1.8 2.1 Latin America & Caribbean 3.3 4.5 secured transactions systems (figure 6.3). Sub-Saharan Africa 1.1 1.7 Economies in these 3 regions also had the 3.0 most reforms strengthening their legal Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, frameworks as recorded by Doing Busi- Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. ness over the past 6 years. Some created Source: Doing Business database. GE T TING CREDIT 41 TABLE 6.2 Who made getting credit easier in 2009/10--and what did they do? Feature Economies Some highlights Created a unified registry for movable property Georgia, Ghana, Marshall Islands, The Marshall Islands and the Solomon Islands outsourced collateral Solomon Islands registration to virtual registries (accessible at http://www.stformi.com and http://www.stfosi.com). Ghana now requires any secured credit agreement covering an amount of 500 cedi (about $350) or above to be registered with the collateral registry. Allowed out-of-court enforcement of collateral Belarus, Estonia, Saudi Arabia, Estonia amended its code of enforcement procedure to allow out-of- Solomon Islands court enforcement after notarization of an agreement providing for this. Expanded range of revolving movable assets Marshall Islands, Saudi Arabia, The Solomon Islands passed Secured Transactions Act No. 5 of 2008. that can be used as collateral Solomon Islands Since the filing office started operating in 2009, 6,439 new registrations of movable collateral have been entered. Allowed a general description of debts Marshall Islands, Solomon Islands In both the Marshall Islands and the Solomon Islands the secured trans- and obligations actions act permits security interests to secure obligations described specifically or generally. Gave priority to secured creditors' claims outside Marshall Islands The Marshall Islands' secured transactions act provides that parties bankruptcy procedures secured by a security interest or lien have priority over all other claims except those associated with expenses relating to the disposition of the collateral. Improved regulatory framework related to shar- Guyana, Jordan, Rwanda, Rwanda reformed its regulatory framework, and a new private credit ing credit information United Arab Emirates, Vietnam bureau is starting operations. Created a new credit registry or bureau Ghana, Islamic Republic of Iran, Uganda's first private credit bureau covers more than 200,000 individu- Papua New Guinea, Uganda als. A new biometric data system allows each new loan applicant to be identified and issued a financial identity card. Papua New Guinea's credit bureau was set up at the initiative of a group of financial institu- tions with the goal of sharing credit information about their customers. Expanded set of information collected in credit Lithuania, Syrian Arab Republic Syria's public credit registry removed the minimum threshold for loans registry or bureau to be reported to the central bank. Provided online access to data at credit registry Azerbaijan, Lebanon Azerbaijan improved its infrastructure and communications systems. or bureau Commercial banks can now provide and receive information using an online platform. In Lebanon banks and financial institutions can now access the public credit registry online. Source: Doing Business database. Eastern Europe and Central Asia only is not enough, though. Clear priority formation systems, more than any other 54% do. Where a general description rules to resolve conflicting claims be- region (figure 6.4). The average coverage of assets is not allowed, the use of cer- tween secured creditors when a debtor by public credit registries and private tain types of movable collateral--such defaults can influence lending decisions credit bureaus increased from 4% of the as inventory and accounts receivable--is too. Strong creditor rights expand the adult population to 30%, while in OECD less appealing. Imagine a computer sales availability of loans because where lend- high-income economies it rose from 54% company wanting to use its inventory ers have better legal protection during to 67%. While coverage remains uneven, as collateral where the law requires that bankruptcy and reorganization, they are and a reliable credit information system each computer be identified by serial more willing to extend credit on favor- is only one element of stable financial number, color, weight and value. Using able terms.7 A recent study finds that markets, some economies benefited from the inventory as collateral would be al- where secured creditors have priority such systems during the global financial most impossible--because any changes over unsecured claims, the recovery rate crisis. A recent study suggests that in to it would have to be recorded at the for loans tends to be higher and the risks Serbia the credit bureau helped preserve registry or in the loan agreement. for creditors lower.8 liquidity in the banking sector and en- In Eastern Europe and Central Asia sure its stability during the crisis.9 A 69% of economies give the highest prior- CATCHING UP IN CREDIT study in transition economies suggests INFORMATION ity possible in bankruptcy to secured that in economies with poor creditor creditors (including, in several cases, Credit information systems are well rights, information sharing can improve priority over labor and tax claims). Only developed in most OECD high-income both access to credit and the terms of 16% of economies in the Middle East economies, and economies in Eastern loan contracts.10 and North Africa and 9% of those in Europe and Central Asia are catching In East Asia and the Pacific half Latin America and the Caribbean do up. In the past 6 years the region imple- the economies have no credit bureau or so. First priority for secured creditors mented 36 improvements to credit in- registry, scoring 0 on the depth of credit 42 DOING BUSINESS 2011 IBRD 37997 FIGURE 6.4 CR DIT REGISTRIES AND CREDIT RE OR BUREAUS AROUND THE WORLD Both private bureau and public registry exist Only private bureau exists Only public registry exists No private bureau or public registry exists Not in the Doing Business sample r r A public credit registry is defined as a database managed by the public sector, usually by the central bank or the d This map was produced by th e superintendent of banks, that collects information on the creditworthiness of borrowers (individuals or firms) in the r r r d Map Design Unit of The World Ban k. The boundaries, colors, denominations r financial system and facilitates the exchange of credit information amongst banks and financial institutions. and any other information shown on A private credit bureau is defined as a private firm or nonprofit organization that maintains a database on the r this map do not imply, on the part of The World Bank Group, any judgment r r creditworthiness of borrowers (individuals or firms) in the financial system and facilitates the exchange of credit on the legal status of any territory, or information among banks and financial institutions. r any endorsement or acceptance of such boundaries. s Source: Doing Business database OCTOBER 2010 information index. But things are im- collateral registry. West Bank and Gaza is Credit information is hardly shared proving. Timor-Leste is working to make in the process of adopting a new secured in Sub-Saharan Africa, even though its new public credit registry fully op- transactions law. South Africa is thought to have the erational. In the Pacific a regional credit In contrast, about three-fourths of world's oldest private credit bureau, es- bureau project is under way. The aim is the region's economies have reformed tablished in 1901. But efforts to develop to provide credit information across the their credit information systems since much-needed credit information systems islands using a "hub and spoke" system. 2005. Indeed, the region ranks second started picking up in 2008, when Zambia Such a system is generally built around a in the number of such reforms, with 22. established a private credit bureau. Its central hub that serves as the host for the In 2005 only 3 economies in the region database initially covered about 25,000 data and the main information technol- had private credit bureaus; today 7 do. borrowers. Thanks to a strong commu- ogy infrastructure. Participating econo- Yet the credit bureaus differ greatly in nications campaign and a central bank mies are linked into the hub as "spokes," scope. Nearly half the economies in the directive, coverage has grown almost benefiting from economies of scale. region have a score of 3 or less on the 10-fold, to more than 200,000 by the be- depth of credit information index, while ginning of 2010. A new private credit bu- CREDIT INFORMATION GAINS IN THE half have a score of 4 or more. Among reau started operating in Ghana in 2010, MIDDLE EAST AND NORTH AFRICA the best performers are Egypt, Lebanon, and one in Uganda in 2009. Another, in In the Middle East and North Africa Morocco, Saudi Arabia, Tunisia and the Rwanda, is getting ready to begin operat- banks cite lack of transparency among United Arab Emirates. ing. Kenya and Nigeria have started issu- small and medium-size enterprises and ing licenses for private credit bureaus. the weak financial infrastructure (credit GROWING MOMENTUM IN AFRICA information, creditor rights and collat- In Sub-Saharan Africa only 35% of econ- CONTINUED LEGAL CONSTRAINTS IN LATIN AMERICA eral infrastructure) as the main obstacles omies allow a general description of en- to lending more to such enterprises.11 cumbered assets. And only 13% give pri- The coverage provided by credit infor- Legal frameworks do little to encourage ority to secured creditors. A major effort mation systems in Latin America and the use of movable collateral. Only 11% is under way in the 16 member countries the Caribbean is among the highest in of economies in the region allow a gen- of the Organization for the Harmoniza- the world. But legal frameworks do not eral description of encumbered assets. tion of Business Law in Africa to amend necessarily encourage lending. Less than And until recently few had attempted the Uniform Act Organizing Securities, 9% of the region's economies give pri- to modify their legal structure. Saudi first implemented in 1998. In the mean- ority to secured creditors. Of the 32 Arabia amended its commercial lien law time Ghana introduced a new collateral economies in the region, only 14 permit in 2010 to expand the range of assets registry, in February 2010. out-of-court enforcement and 15 allow that can be used as collateral (table 6.2). a general description of assets. Only It also plans to implement an electronic 3 economies--Guatemala, Haiti and GE T TING CREDIT 43 Peru--have updated their secured trans- Now a project is under way to set up a WHAT HAS WORKED IN SECURED actions legislation since 2005. But Chile, regional credit bureau in the Caribbean. TRANSACTIONS? Honduras, Mexico and Nicaragua are Guyana recently passed the first credit expected to adopt new laws and regula- bureau law in Latin America to allow the A sound secured transactions system tions in the near future.12 They will join transfer of data to a regional credit bu- has 3 main pillars. The first, already ad- the growing number of countries that reau, the Credit Reporting Act 2010. dressed, relates to creation of the security are adopting the Inter-American Model interest, covering how and what kind of Law on Secured Transactions developed MORE OPPORTUNITY IN SOUTH ASIA movable property can be used as collat- under the umbrella of the Organization South Asia has opportunity for further eral. The second consists of the methods of American States in 2002. improvement. So far only India has a reg- of publicizing the security interest, usu- Initiatives are also under way to fur- istry that is unified geographically and by ally through registration. The third deals ther improve credit information sharing. asset type and that covers security inter- with priority rules and enforcement of Eighteen economies already have good ests in companies' movable property. But the security interest, determining how systems, with a score of 5 or higher on the registry is limited because it registers easily creditors can recover their invest- the depth of credit information index. only security interests over the assets of ment after default by the debtor. Over And Latin America has the largest per- incorporated companies, excluding such the years economies have focused on centage of economies with systems that entities as sole proprietorships. Afghani- a number of features of these 3 pillars include data from utilities, retailers and stan adopted a new secured transactions (table 6.3). trade creditors. But 12 economies, most law in 2009 but has not yet implemented of them small economies or Caribbean its registry. Nepal also adopted such a UNIFYING REGISTRIES island states, lack any kind of credit law, in 2006, but its registry too is not yet A centralized collateral registry protects bureau. operating. And Sri Lanka passed a new secured creditors' rights by providing For small economies, the high fixed secured transactions law in 2009 but has objective information on whether assets costs of private credit bureaus can be not yet implemented it. are already subject to the security right prohibitive. One alternative, if allowed South Asia has had the fewest im- of another creditor. It also helps clarify by law, is to transfer the data to a neigh- provements to credit information sys- priority among creditors. boring economy.13 Another is to create tems, limited mainly to India and Sri Sixty-seven of the 183 economies a regional credit bureau. Credit bureaus Lanka. But Afghanistan is now under- covered by Doing Business have an ef- covering Costa Rica, El Salvador and taking a groundbreaking effort to estab- ficient institution for registering security Honduras work out of a hub in Gua- lish a modern credit registry. interests in business assets over their temala. Such a system makes services entire geographic area.14 Thirteen econo- efficient while reducing the initial invest- mies, most of them in Eastern Europe ment for each participating economy. and Central Asia and East Asia and the Pacific, have collateral registries that fol- TABLE 6.3 low good practice standards (figure 6.5). Good practices around the world in making it easy to get credit These feature online access for registra- Practice Economiesa Examples tion and searches; register almost all Allowing out-of-court enforcement 105 Australia, India, Nepal, Peru, Russian Federation, types of assets as collateral, regardless Serbia, Sri Lanka, United States of the nature of the parties involved; es- Allowing a general description of 87 Cambodia, Canada, Nigeria, Romania, Rwanda, tablish clear parameters for priority; and collateral Singapore, Vanuatu, Vietnam maintain a central database searchable Maintaining a unified registry 67 Bosnia and Herzegovina, Ghana, Guatemala, by the debtor's name or a "unique identi- Marshall Islands, Federated States of Micronesia, fier." Once registered, security interests Montenegro, New Zealand, Romania, Solomon Islands immediately have effect against third parties. Distributing data on loans below 1% of 110 Albania, Bolivia, Bulgaria, France, Republic of income per capita Korea, Mexico, Saudi Arabia Electronic systems can increase ef- ficiency, but they are no magic wand. Distributing both positive and negative 96 Argentina, Brazil, China, Ecuador, Lithuania, credit information Morocco, Portugal, Rwanda, United Kingdom Spain created an electronic registration system in 2002. But since the law still Distributing credit information from 51 Australia, Canada, Denmark, Japan, Kenya, retailers, trade creditors or utilities as Kuwait, Netherlands, South Africa, United States, requires registrants to have their deed well as financial institutions Uruguay notarized before completing registration, a. Among 183 economies surveyed. most people still submit a paper-based Source: Doing Business database. registration form. As a result, there have 44 DOING BUSINESS 2011 TABLE 6.4 laws, with separate laws dealing with Who has the most credit information and the most legal rights for borrowers and different subsets of lenders or types of lenders--and who the least? collateral.17 Hong Kong SAR (China), Legal rights for borrowers and lenders (strength of legal rights index, 0­10) Ireland, Malaysia and Singapore are all Most Least examples. This fragmentation increases Hong Kong SAR, China 10 Bhutan 2 the risk of conflict between laws, such Kenya 10 Burundi 2 Kyrgyz Republic 10 Eritrea 2 as when determining the priority rules Malaysia 10 Madagascar 2 for secured creditors. It also increases Montenegro 10 Bolivia 1 the risk of the same security being regis- New Zealand 10 Djibouti 1 tered in different places, and that means Singapore 10 Syrian Arab Republic 1 greater risk for lenders. Such systems are Australia 9 Timor-Leste 1 not only less transparent but also more Denmark 9 Palau 0 United Kingdom 9 West Bank and Gaza 0 costly to operate. Borrowers covered by credit registries (% of adults) ALLOWING OUT-OF-COURT Most Least ENFORCEMENT Argentina 100 Burundi 0.21 For security interests to be cost-effective Australia 100 Djibouti 0.20 requires quick and inexpensive enforce- Canada 100 Côte d'Ivoire 0.19 Iceland 100 Burkina Faso 0.18 ment in case of default.18 Efficient en- Ireland 100 Ethiopia 0.13 forcement procedures are particularly New Zealand 100 Niger 0.13 important for movable property, which Norway 100 Qatar 0.10 generally depreciates over time. The ef- Sweden 100 Mauritania 0.10 ficiency of enforcement can influence the United Kingdom 100 Mali 0.10 United States 100 Madagascar 0.05 accessibility and terms of credit. Most economies recognize this: 105 of the 183 Note: The rankings reflected in the table on legal rights for borrowers and lenders consider solely the law. Problems may occur in the implementation of legal provisions and are not reflected in the scoring. Those on borrower coverage include only economies with a public economies covered by Doing Business credit registry or private credit bureau (139 in total). Another 44 economies have no credit registry or bureau and therefore no coverage. See Data notes for details. have legal provisions allowing the parties Source: Doing Business database. to a security agreement to agree to some form of out-of-court enforcement. been fewer online registrations than ex- legal framework. Some economies, such pected. In 2007 there were 10,472 on- as New Zealand and Romania, have a WHAT HAS WORKED IN CREDIT line registrations but 24,941 paper-based secured transactions law that treats all INFORMATION? ones. And in 2009, while 20,586 online security interests in movable property registrations were recorded, there were equally with respect to publicity, priority Forty-four economies around the world 32,739 paper-based registrations.15 and enforcement, regardless of the form still lack any kind of credit information Cost matters for the use of collateral in which the security interest is given system. But not just any credit bureau registries. A survey of 31 registries sug- (whether a pledge, a financial lease or a will do; many continue to cover only gests that the higher the fees to register loan and trust agreement, for example). a tiny fraction of the adult population or amend a security interest or to search Such laws are in line with internationally (table 6.4). Specific practices help in- the registry, the lower the volume of accepted practices. New Zealand adopted crease coverage, encourage use and pro- transactions recorded. The 2 economies its law in 1999. Called the Personal Prop- tect borrowers. with the lowest registration fees, New erty Securities Act, it includes all types Zealand ($2) and Romania ($10), have of collateral. New Zealand also has a CASTING A WIDE NET the most registrations. New Zealand's modern, online collateral registry for An ongoing study in Italy has looked peak was 649,188 registrations, in 2005, all types of movable assets. Not surpris- at the effect of providing a credit bu- while Romania's was 531,205, in 2007. ingly, the filings to register collateral far reau with repayment information from Malaysia, with one of the highest reg- outnumber those in similar economies. a water supply company. The findings istration fees ($90), had a peak of only And searches in the registry rose from show that more than 83% of water cus- 25,066, in 2008. 661,944 in 2002 to close to 2.5 million tomers who previously lacked a credit in 2009.16 history now have a positive one thanks UNIFYING THE LAWS Although movable property is to paying their utility bills.19 This makes To function properly, collateral regis- widely used as collateral, many econ- it easier for them to obtain credit. tries must be supported by an adequate omies still have fragmented collateral Including such data in credit bu- GE T TING CREDIT 45 FIGURE 6.5 PUBLICIZING THE SECURITY INTEREST: A COLLATERAL REGISTRIES AROUND THE WOR g Registries with centralized database for secured claims over com panies' assets Collateral registries likely to become operational i Collateral registries per province or state IBRD 37998 Good practice notice-based collateral registries d This map was produced by th e d Map Design Unit of The World Ban k. The boundaries, colors, denominations and any other information shown on this map do not imply, on the part of s Source: Doing Business database The World Bank Group, any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries. OCTOBER 2010 reaus can also benefit the utility compa- for financial institutions seeking proven WHAT ARE SOME RESULTS? nies. According to a recent study survey- good customers. A study of Latin Ameri- ing 70 utility companies in the United can economies suggests that private credit In a world with asymmetric information, States, 72% reported that the benefits of bureaus that distribute both positive and banks are more likely to lend to larger credit reporting amounted to at least 2­5 negative information and have 100% par- firms, which typically are more trans- times the costs. Half of all customers in- ticipation from banks help increase lend- parent and use international accounting dicated that they would be more likely to ing to the private sector.22 standards. But supported by information pay their bills on time if those payments sharing systems, banks can sensibly ex- were fully reported to credit bureaus and STEERING CLEAR OF HIGH tend credit to smaller and less transpar- THRESHOLDS could affect their credit score.20 ent firms by basing their credit decisions In emerging markets, where the Coverage can also be affected by mini- on past borrower behavior.24 This can working poor make up more than 60% mum thresholds for the loans reported. increase entrepreneurs' opportunities for of the labor force,21 allowing the dis- High thresholds hurt groups that could success, regardless of personal connec- tribution of payment information from benefit most from credit information tions. One study found that an increase sources other than banks could make systems--such as small and medium- of 10 percentage points in the population a big difference. China has close to 750 size enterprises and female entrepre- share covered by a private credit bureau million mobile phone subscribers. Only neurs, whose loans are typically smaller. is associated with a 6% increase in pri- a fraction have taken out a commercial Private credit bureaus tend to have lower vate sector lending.25 loan in the past. For all others, the abil- minimum loan thresholds, with a global Lending officers tend to have sub- ity to unlock credit through a history of average of $459. For public credit regis- stantial discretion in offering loans, in- reliably paying mobile phone bills could tries the average exceeds $30,000. cluding in the interest rates they set open new opportunities. When smaller loans are reported and even in the types of collateral they to credit bureaus, more borrowers can require from a borrower. This can open REPORTING GOOD AS WELL AS BAD establish credit histories. When Belarus the door to bribery. By reducing the A credit information system that reports eliminated its $10,000 threshold in 2008, discretion in evaluating loan applicants, only negative information penalizes bor- more than 1 million women and men credit information systems can help re- rowers who default on payments--but benefited from having their loans--no duce corruption in bank lending.26 fails to reward diligent borrowers who pay matter the size--reported to the credit Access to credit remains particularly on time. Sharing information on reliable registry. Coverage of individuals rose sparse in developing economies. In devel- repayment allows customers to establish a from around 113,000 to 1,920,000 in a oped economies adults have an estimated positive credit history, useful information single year.23 3.2 bank accounts on average, and 81% 46 DOING BUSINESS 2011 FIGURE 6.6 Users take advantage of electronic registries for movable property as collateral Percentage increase in registrations indexed to the first year of the registry's existence Romania 2001­07 1. Fleisig, Safavian and de la Peńa (2006). 2. Alvarez de la Campa and others (2010). First year of electronic 3. CGAP and World Bank (2010). registry 4. Anzoategui, Martinez Pería and Rocha 1,000 (2010). Kosovo 2008­09 5. Simpson and Menze (2000). 6. The Australian law was still awaiting implementation on June 1, 2010. Bosnia and Herzegovina 2004­09 Serbia 2005­09 7. Qian and Strahan (2007). 500 Albania 2001­07 8. Djankov, Hart, McLiesh and Shleifer (2008). 9. Simovic, Vaskovic and Poznanovic Slovak Republic 2003­08 (2009). 100 10. Brown, Jappelli and Pagano (2009). Year prior 1 2 3 4 5 6 to creation 11. Rocha and others (2010). of registry Years since creation of electronic registry 12. Kozolchyk (2009). Source: Doing Business database. 13. The Czech Republic, with a population of around 10 million, decided to out- have accounts. In developing economies system in the past 10 years--Albania, source its credit information services adults have 0.9 accounts on average, and Bosnia and Herzegovina, New Zealand in 2002 to a private firm already set up 28% have accounts.27 But the outlook is and Serbia--registrations of movable col- in Italy. The bureau has already reached almost 100% penetration in retail bank- improving. In the past 6 years 71 econo- lateral increased sharply (figure 6.6). Ser- ing. The banking register contains more mies implemented more than 121 re- bia's volume of registrations jumped from than 13 million records, covering 6.5 forms to improve credit information sys- 4,346 in 2005 to 24,059 in 2009, while million individuals. tems. Low-income economies increased Albania's rose from 1,874 in 2001 to 4,105 14. These may include company registries, the coverage of private or public credit in 2009, peaking at 9,860 in 2007. deed registries, filing offices and any other institution with a central elec- registries from 0.6% of the adult popula- Romania also improved its secured tronic database that records security tion to 2.3%.28 And 20 more economies transactions system, in 1999. In the next interests over companies' assets. gained a private credit bureau. 4 years 600,000 new security interests 15. Data provided by the Spanish registry, Institutions are of no benefit if they were registered, generating at least $60 Colegio de Registradores de la Propie- go unused. But a recent survey of col- million in sustainable credit.29 Viet- dad, Mercantiles y Bienes Muebles de Espańa. lateral registries is encouraging: 20 of 27 nam is another good example. It passed 16. Doing Business database. registries that provided information on Decree 163 in 2006. Although its registry 17. Fleisig and de la Peńa (2003). the volume of registrations showed a sub- is still being computerized, the number stantial increase since 2000 or since the of registrations increased from 43,000 in 18. Kozolchyk and Furnish (2006). year they were created. In 4 economies 2005 to 120,000 by the end of 2008.30 19. Preliminary findings of ongoing internal study at CRIF SpA, Italy (credit informa- that improved their secured transactions tion services firm). 20. Turner and others (2009). 21. Stein (2010). 22. Turner and Varghese (2007). 23. Doing Business database. 24. Brown, Jappelli and Pagano (2009). 25. Turner, Varghese and Walker (2007). 26. Barth and others (2009). 27. Kendall, Mylenko and Ponce (2010). 28. Doing Business database. 29. Fleisig, Safavian and de la Peńa (2006). 30. Alvarez de la Campa and others (2010). 47 Starting a business FIGURE 7.1 Dealing with construction permits Swaziland's new company act strengthened investor protections 10 10 10 10 #1 Registering property economy Getting credit Eased access Protecting to corporate documents Average of investors Improved approval and disclosure Clarified 3 subindices 4.3 DB2011 Paying taxes requirements directors' 120 duties Trading across borders 2010 2.0 Enforcing contracts DB2010 Closing a business 2009 0 180 Extent of Extent of Ease of Strength Ranking on strength disclosure director shareholder of investor of investor protection index liability suits index protection index index index (1­183) Source: Doing Business database. In 2007 the directors of CNOOC Ltd., Legal provisions requiring disclo- sets by company insiders for personal a Chinese oil company incorporated in sure and access to information allow mi- gain. Related-party transactions are the Hong Kong SAR (China) and listed on the nority investors to monitor the activities most common example. High owner- Hong Kong Stock Exchange, wanted to de- of companies and preserve firm value. ship concentration and informal busi- posit funds in its sister company CNOOC These provisions matter for the ability of ness relations can create the perfect en- Finance Ltd. for 3 years.1 The transaction companies to raise the capital needed to vironment for such transactions, which represented more than 10% of CNOOC's grow, innovate, diversify and compete. allow controlling shareholders to profit net assets. Shareholders were concerned One common way to raise capital is to at the expense of the company's financial because the transaction was unsecured. obtain credit from banks--but with the health--whether because company as- If CNOOC Finance were to default or file global financial crisis, this has become sets are sold at an excessively low price, for bankruptcy, CNOOC would be unable increasingly challenging. Another way is assets are purchased at an inflated price to recover the money. A shareholders to issue or sell company shares to equity or loans are given by the company to meeting was called to approve the trans- investors. In return, investors ask for controlling shareholders on terms far action. More than 52% of independent transparency and accountability from better than the market offers. shareholders voted against it, forcing the the company's directors and the ability To ensure transparency and prevent company to recover the money already to take part in major decisions of the abuse, policy makers regulate related- deposited with CNOOC Finance. Poten- company. If the laws do not provide such party transactions. Research has found tial damage was prevented--thanks to protections, investors may be reluctant to that companies can independently im- the disclosure and approval requirements invest unless they become the controlling prove investor protections by adopting of the securities and company laws in shareholders.2 internal corporate governance codes. But Hong Kong SAR (China). One of the most important issues these are no substitute for a good legal in corporate governance, and a particu- framework.3 Strong regulations clearly TABLE 7.1 lar concern for minority investors, is define related-party transactions, pro- Where are investors protected--and self-dealing, the use of corporate as- mote clear and efficient disclosure re- where not? Most protected RANK Least protected RANK FIGURE 7.2 New Zealand 1 Guinea 174 How well are minority shareholders protected against self-dealing Singapore 2 Gambia, The 175 in related-party transactions? Hong Kong SAR, China 3 Micronesia, Fed. Sts. 176 Malaysia 4 Palau 177 Lawsuit Mr. James Extent of disclosure Canada 5 Vietnam 178 Disclosure and approval Colombia 6 Venezuela, RB 179 requirements 60% ownership, 90% ownership, Extent of director liability sits on board of directors sits on board of directors Ireland 7 Djibouti 180 Ability to sue directors Israel 8 Suriname 181 for damages Company A Company B United States 9 Lao PDR 182 Minority (buyer) (seller) Transaction United Kingdom 10 Afghanistan 183 shareholders involving Note: Rankings are based on the strength of investor protection conflict of interest Ease of shareholder suits index. See Data notes for details. Access by shareholders to documents Source: Doing Business database. plus other evidence for trial 48 DOING BUSINESS 2011 TABLE 7.2 2009/10 (table 7.2), slightly fewer than in Who strengthened investor protections in 2009/10--and what did they do? previous years. Swaziland strengthened Economy Area Some highlights investor protections the most (figure Chile Approval of An October 2009 amendment to the securities law requires stricter cor- 7.1). It adopted a new company act that related-party porate disclosure and approval of transactions between interested par- requires greater corporate disclosure, transactions ties. Improved score on the extent of disclosure index by 1 point. higher standards of accountability for Georgia Access to A November 2009 amendment to the civil procedure code allows par- internal ties to question their opponents during trial. The judge can interfere company directors and greater access corporate when the questions are inappropriate or irrelevant. Improved score on to corporate information. After about information the ease of shareholder suits index by 2 points. 10 years of discussion and drafting, the Kazakhstan Disclosure of Amendments to the Joint Stock Company Law and the Law on Account- new law came into force at the end of information ing and Financial Reports adopted in July 2009 require greater corpo- rate disclosure in company annual reports. Improved score on the extent April 2010. of disclosure index by 1 point. Morocco Disclosure of A decree was issued clarifying the interpretation of the company law WHAT ARE THE TRENDS? information with respect to the type of information in the report of the independent auditor who reviews related-party transactions. Improved score on the extent of disclosure index by 1 point. Over the past 6 years the most reforms Swaziland Approval of A new company act enacted in April 2010 requires approval by the to strengthen investor protections took related-party board of directors for related-party transactions. The director with a place in OECD high-income economies transactions conflict is allowed to participate in the voting. Improved score on the extent of disclosure index by 1 point. and the fewest in South Asia. Eastern Europe and Central Asia was the second Disclosure of Directors are now required to immediately disclose their conflict of in- information terest to the board of directors. Improved score on the extent of disclosure most active region. Progress was mixed index by 1 point. in East Asia and the Pacific and in the Directors' Directors found liable must now compensate the company for damages Middle East and North Africa. Investor liability caused and disgorge profits made from prejudicial related-party trans- actions. Improved score on the extent of director liability index by 4 points. protection reforms started to pick up in Access to Minority investors holding 5% of company shares can now request the Sub-Saharan Africa and in Latin Amer- internal appointment of a government inspector if they suspect mismanage- ica and the Caribbean (figure 7.3). corporate ment of the company's affairs. Improved score on the ease of shareholder information suits index by 1 point. STRONGEST PROTECTIONS IN OECD Sweden Approval of The NASDAQ Stockholm Stock Exchange adopted a new rulebook in HIGH-INCOME ECONOMIES related-party January 2010 requiring approval of transactions between interested transactions parties by a shareholders meeting. Improved score on the extent of disclo- OECD high-income economies have on sure index by 1 point. average the strongest protections of mi- External The rulebook also mandates an independent review of the terms of nority shareholder rights in the areas review of related-party transactions before approval by the shareholders. related-party Improved score on the extent of disclosure index by 1 point. measured. Four economies stand out transactions for their strict regulations on the trans- Tajikistan Disclosure of A January 2010 amendment to the Joint Stock Company Law requires parency of related-party transactions, information detailed disclosure of transactions between interested parties in the an- nual report. Improved score on the extent of disclosure index by 2 points. liability of company directors for self- dealing and ability of shareholders to sue Access to The amended law grants minority shareholders access to all corporate internal documents. Improved score on the ease of shareholder suits index by 1 directors for misconduct: Canada, New corporate point. Zealand, the United Kingdom and the information United States. Source: Doing Business database. Others offer strong protections in quirements, require shareholder partici- the areas measured. The indicator does some areas but not all. Fifteen of 30 pation in major decisions of the company not measure all aspects related to the economies, including Australia, France and set clear standards of accountability protection of minority investors, such as and Italy, clearly regulate approval and for company insiders. dilution of share value or insider trading. disclosure of related-party transactions. Doing Business measures the trans- Nor does it measure the dynamism of Seventeen economies, including Bel- parency of related-party transactions, capital markets or protections specific to gium, Japan and the United Kingdom, the liability of company directors for foreign investors. have clear provisions on director liability, self-dealing and the ability of sharehold- This year's ranking shows that New allowing minority investors to sue direc- ers to sue directors for misconduct. A Zealand protects minority investors the tors for misuse of corporate assets. Only 4 higher ranking on the strength of inves- most (table 7.1). Since 2005, 51 econo- economies, including France and Korea, tor protection index indicates that an mies have strengthened investor protec- limit the liability of directors to fraudu- economy's regulations offer stronger in- tions as measured by Doing Business, lent transactions. Five economies offer vestor protections against self-dealing in through 68 legal changes. Seven did so in easy access to corporate documents, both PROTEC TING INVESTORS 49 FIGURE 7.3 46 economies. Such efforts are worth- Steady strengthening of investor protections in Eastern Europe and Central Asia Number of Doing Business reforms strengthening investor protections by Doing Business report year while. More than half the region's econo- mies still have poor provisions or none at DB2006 DB2007 DB2008 DB2009 DB2011 all on disclosure and approval of related- OECD high income 18 party transactions, and regulations on (30 economies) DB2010 the liability of company directors for Eastern Europe mismanagement are often outdated. & Central Asia 15 (25 economies) MIXED PROGRESS IN EAST ASIA East Asia & Pacific 11 Six of the 24 economies in East Asia (24 economies) and the Pacific implemented 11 inves- Latin America tor protection reforms, aimed mostly at & Caribbean 9 (32 economies) strengthening disclosure requirements Sub-Saharan and directors' duties. Regional competi- Africa 7 tion for investment spurred legal changes (46 economies) in Indonesia and Thailand, inspired by Middle East & neighboring Hong Kong SAR (China) and North Africa 6 (18 economies) Singapore. These economies as well as Malaysia now offer strict protections for South Asia (8 economies) 2 minority investors: regulated approval of related-party transactions, a high level of Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, disclosure, clear duties for directors and Montenegro and Qatar, for a total of 183 economies. easy access to corporate information. Source: Doing Business database. Others can still improve. The Lao directly and through a government in- in the region have also moved toward People's Democratic Republic and the spector, including Hungary and Sweden. defining clear standards and duties for Federated States of Micronesia lack In the past 6 years Doing Business directors. Only Bulgaria and Moldova clear rules on disclosure and approval of recorded 18 reforms in investor protec- still allow directors to waive their liability related-party transactions. Holding direc- tions in 14 of the 30 OECD high-income for misconduct. tors liable can be difficult in some coun- economies. These economies, includ- tries, including Vietnam. And Cambodia ing Iceland, Italy and Sweden, focused MANY NEW LAWS IN SUB-SAHARAN permits only limited access to corporate mainly on improving disclosure require- AFRICA documents for minority investors. ments for related-party transactions. Sub-Saharan Africa has had some of the most comprehensive investor protection MANY OUTDATED LAWS IN LATIN ACCELERATING CHANGE IN EASTERN reforms. Such economies as Botswana, AMERICA EUROPE AND CENTRAL ASIA Mozambique, Rwanda, Sierra Leone, Investor protection reforms were sparse In Eastern Europe and Central Asia Doing Swaziland and Tanzania updated their in Latin America and the Caribbean in Business recorded 14 reforms in investor company laws following global good the past 6 years, with a few exceptions. protections in 11 of the 25 economies. practices (figure 7.5). Rather than modi- Colombia consistently improved its leg- Most adopted new legislation. Exam- fying a few provisions, policy makers islation in the past 4 years. The Domini- ples are Albania and Tajikistan.4 Policy adopted entirely new laws. And more is can Republic adopted a new company makers emphasized stricter disclosure expected. The 16 member countries of law in 2009. Mexico adopted a new requirements and better standards for the Organization for the Harmonization securities law in 2006.5 Chile amended company directors. The region's average of Business Law in Africa have started its securities law in December 2009. score on the extent of disclosure index reviewing the Uniform Commercial Act. Doing Business recorded 9 reforms in rose from 4.9 to 6.3 between 2005 and Burundi, Kenya, Malawi and Uganda are investor protections in 7 of the region's 2010 (figure 7.4). developing new commercial laws to im- 32 economies. Thanks in part to these changes, prove corporate governance. Once these Rules governing self-dealing remain approval requirements for related-party are adopted, almost half the region's weak across the region. Clear provisions transactions are now well defined. Only 4 economies will have adopted a new com- are often missing, particularly on disclo- economies--Azerbaijan, Croatia, Cyprus mercial law since 2005. sure and approval. Only Colombia and El and Lithuania--still allow directors with Doing Business recorded 7 reforms Salvador require shareholder approval for a conflict of interest to vote. Economies in investor protections in 7 of the region's related-party transactions. Bolivia, Hon- 50 DOING BUSINESS 2011 FIGURE 7.4 DB2006 DB2011 Strongest investor protections in OECD high-income economies Regional averages in protecting investors indicators 2010 global Strength of investor protection index (0­10) Ease of shareholder suits index (0­10) average OECD high income 5.9 6.0 Eastern Europe & Central Asia 6.1 6.2 Eastern Europe & Central Asia 4.7 5.5 Middle East & North Africa 3.3 3.4 6.8 6.9 Middle East & North Africa 4.5 4.8 OECD high income East Asia & Pacific 5.2 5.3 East Asia & Pacific 6.0 6.3 Sub-Saharan Africa 4.2 4.4 Sub-Saharan Africa 4.9 5.0 South Asia 5.0 5.0 South Asia 6.3 6.3 Latin America & Caribbean 4.9 5.1 Latin America & Caribbean 6.0 6.0 5.1 5.7 Extent of director Extent of disclosure index (0­10) liability index (0­10) Eastern Europe & Central Asia 4.9 6.3 Eastern Europe & Central Asia 3.1 4.0 Middle East & North Africa 5.7 6.3 Middle East & North Africa 4.4 4.6 OECD high income 5.7 6.0 OECD high income 5.2 5.2 East Asia & Pacific 5.1 5.2 East Asia & Pacific 4.4 4.5 Sub-Saharan Africa 4.7 4.8 Sub-Saharan Africa 3.1 3.4 South Asia 4.4 4.4 South Asia 4.4 4.4 Latin America & Caribbean 4.0 4.1 Latin America & Caribbean 4.8 5.3 5.3 4.4 Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. Source: Doing Business database. duras and Panama require no disclosure. term in the local language and context. WHAT HAS WORKED? Part of the reason might be out- Thanks to a committee of linguists from dated legislation. Most company laws in across the region, hawkamat al-sharikat, Economies with the strongest protections continental Latin America were adopted meaning "the governance of companies," of minority investors from self-dealing in the early 1970s. Nicaragua's dates to was agreed on after about a year.6 require more disclosure and define clear 1914, and Honduras's to 1948. The Carib- Despite recent improvements, legal duties for directors. They also have well- bean islands updated their legislation in protections in the region are often weak. functioning courts and up-to-date proce- the 1990s and more strictly regulate con- Access to corporate information during dural rules that give minority investors flicts of interest. One exception is Haiti, a trial to establish director liability is the means to prove their case and obtain which still uses commercial legislation often limited. Such access helps minority a judgment within a reasonable time. from the 19th century. The countries investors who suspect that the company that brought their legal traditions to the has been run improperly to gather the SETTING STRICT RULES OF DISCLOSURE region periodically update their laws, evidence needed to prove their case. Four Thirty-seven of the 183 economies cov- with Portugal last updating its securi- economies--Egypt, Morocco, Saudi Ara- ered by Doing Business stand out for the ties regulations in 2008, France its com- bia and Tunisia--have started to focus strictest rules on disclosure of related- mercial code in 2005 and Spain its civil more on regulating corporate disclosure party transactions. These include New procedure code in 2004. and related-party transactions. Zealand, Singapore, Albania and, thanks to investor protection reforms in 2009, PROTECTIONS OFTEN WEAK IN THE FEWEST INVESTOR PROTECTION Rwanda (table 7.3). The global financial MIDDLE EAST AND NORTH AFRICA REFORMS IN SOUTH ASIA crisis as well as earlier corporate scandals In the Middle East and North Africa South Asia has been the least active prompted governments around the world 6 investor protection reforms in 4 of in strengthening investor protections to strengthen disclosure requirements. the 18 economies have been recorded against self-dealing. Doing Business re- This has been the most popular feature in since 2005. When corporate governance corded 2 reforms in investor protections investor protection reforms since 2005, reforms started in 2001, the first chal- in 2 of the region's 8 economies--India accounting for 33 of the total. lenge was to find an Arabic equivalent and Pakistan. These 2, along with Ban- Eight economies, including Croa- for corporate governance. The reforms gladesh, have the strongest investor pro- tia, Maldives and Panama, require no would not have been possible without tections in the region. disclosure of related-party transactions. an agreement about the meaning of the Austria and Switzerland have strict dis- PROTEC TING INVESTORS 51 FIGURE 7.5 rectors in case of abusive related-party Stronger investor protections in Sub-Saharan African economies since 2005 transactions. These include Canada, Strength of investor protection index (0­10) Mexico and the United Arab Emirates, 6.3 6.3 which have rules encouraging directors 6.0 6.0 2010 to be prudent in the company's day- 5.7 5.0 to-day management. Thirty-seven econ- 4.7 4.3 omies, including Bulgaria, China and 2005 4.3 Kazakhstan, do not clearly regulate the 4.0 liability of directors for abusive related- party transactions. There, as long as the 2.7 interested parties comply with require- 2.0 ments for disclosure and approval of related-party transactions, they are not liable for any harm that results. The other 103 economies have rules on the liability Botswana Mozambique Rwanda Sierra Leone Swaziland Tanzania of directors, but often with loopholes. Source: Doing Business database. ALLOWING ACCESS TO EVIDENCE closure provisions--but only for "mate- without defining that concept. Once a potentially prejudicial related- rial" transactions not carried out "in In 21 economies, including Costa party transaction has occurred, what the ordinary course of business." Since Rica, the Philippines and Spain, related- recourse do minority shareholders have Austrian and Swiss law does not define party transactions can be approved by in court? This depends in part on their "material" transactions outside the "ordi- the manager, director, chief executive of- access to documentary evidence before nary course of business," even a related- ficer or whoever is specified in the com- and during the trial. Without access to party transaction representing 10% of pany statutes. In 44 economies, including evidence, it is more difficult for minor- the company's assets could be considered the Czech Republic, Israel and the United ity investors to prove that directors have to be in the "ordinary course of business." States, these transactions are approved been managing the company's affairs im- This contrasts with Belgian and French by the board of directors and interested properly. Economies can have good laws, law, which defines "ordinary course of parties are allowed to vote. Allowing but if access to corporate information is business" as excluding transactions rep- interested parties to vote can open the limited and courts are inefficient, inves- resenting 10% or more of assets. door to abuse. tors are unlikely to resort to the courts. Only 15 of the 183 economies cov- REGULATING APPROVAL OF RELATED- MAKING DIRECTORS LIABLE ered by Doing Business, including Israel PARTY TRANSACTIONS Economies with the strongest protections and Japan, permit full access to docu- The more participation by shareholders-- regulate not only disclosure and approval mentary evidence both before and dur- and the less by interested directors--in of related-party transactions but also the ing the trial. More than 30, including the approval of related-party transactions, liability of directors when such transac- Canada, the Dominican Republic and the greater the protections. Fifty-seven tions turn out to be prejudicial. This can Hong Kong SAR (China), allow share- economies require shareholder approval be done by adopting a clear catalogue holders access to any corporate docu- of large related-party transactions. Alba- of the rights and duties of directors or ment before the trial. Cyprus, France and nia and Tajikistan adopted such rules in a special regime of liability for directors the United Kingdom allow shareholders the past 5 years. in the event of an abusive related-party to request the appointment of a gov- Such approval mechanisms work transaction. The board of directors is ernment inspector with full powers to well only if the law does not allow many responsible for monitoring managerial verify and obtain copies of any corporate exceptions and if the approval is required performance and achieving an adequate document. Kazakhstan, New Zealand, at the time of the transaction. In Cam- return for shareholders while prevent- Peru and South Africa require that all eroon and Lebanon shareholders can ing conflicts of interest and balancing company documents related to the case vote on the transaction only at the an- competing demands on the corporation.7 be open for inspection during the trial. nual meeting, after the transaction has To fulfill their responsibilities effectively, Mauritania, Syria and the Republic of already occurred. Greece and the Slovak directors need clear rules and indepen- Yemen permit limited or no access to Republic require shareholder approval dent judgment. evidence during the trial, making it vir- only if the transaction does not take place Forty-three economies have clear tually impossible for minority investors "in the ordinary course of business"-- rules on the liability of company di- to prove their case. 52 DOING BUSINESS 2011 TABLE 7.3 ership to mitigate weaknesses in corpo- Who provides strong minority investor protections--and who does not? rate governance. Both ex ante protec- Extent of disclosure index (0­10) tions (extensive disclosure and approval Most Least requirements) and ex post measures against self-dealing (rights of action for Bulgaria 10 Afghanistan 1 minority shareholders) seem important. China 10 Bolivia 1 France 10 Cape Verde 1 The 2 combined are associated with Hong Kong SAR, China 10 Croatia 1 larger and more active stock markets, Indonesia 10 Honduras 0 lower block premiums, more listed firms, Ireland 10 Maldives 0 higher market capitalization and higher Malaysia 10 Micronesia, Fed. Sts. 0 rates of initial public offerings. New Zealand 10 Palau 0 Most economies that strengthened Singapore 10 Sudan 0 investor protections did so as part of Thailand 10 Switzerland 0 wider corporate governance programs-- Extent of director liability index (0­10) including Albania, Colombia, the Do- Most Least minican Republic, FYR Macedonia, Albania 9 Afghanistan 1 Mexico, Mozambique, Rwanda, Sierra Cambodia 9 Belarus 1 Leone and Thailand. This is a good thing. Canada 9 Benin 1 Most research suggests a positive rela- Israel 9 Bulgaria 1 tionship between sound corporate gov- Malaysia 9 Zimbabwe 1 ernance systems and firms' performance New Zealand 9 Marshall Islands 0 Rwanda 9 Micronesia, Fed. Sts. 0 as measured by valuation, operating per- Singapore 9 Palau 0 formance or stock returns.10 A Deutsche Slovenia 9 Suriname 0 Bank study of the Standard & Poor's 500 United States 9 Vietnam 0 shows that companies with strong or Ease of shareholder suits index (0­10) improved corporate governance struc- Easiest Most difficult tures outperformed those with poor or deteriorating governance practices by Kenya 10 Lao PDR 2 about 19% over a 2-year period.11 There New Zealand 10 Senegal 2 Colombia 9 Syrian Arab Republic 2 is room for more research to fully under- Hong Kong SAR, China 9 United Arab Emirates 2 stand which corporate governance provi- Ireland 9 Venezuela, RB 2 sions are important for different types of Israel 9 Yemen, Rep. 2 firms and environments.12 Mauritius 9 Guinea 1 Poland 9 Morocco 1 BENEFITS FOR MORE INVESTORS Singapore 9 Djibouti 0 For legal protections to be effective, United States 9 Iran, Islamic Rep. 0 they must be applied. But pinning down Source: Doing Business database. the precise effect of specific legislative changes in an economy is difficult. Such WHAT ARE SOME RESULTS? considered companies with a history of changes generally apply to all firms at the such transactions (even if not prejudicial) same time, leaving no counterfactual to Corporate scandals have shown the con- to be riskier investments than those with assess what would have occurred with- sequences of inadequate transparency no such history.8 out them. But the experiences of several and weak investor protections. Investors economies show how increased protec- take note. A study analyzing the effects PAYOFFS IN PERFORMANCE tions are benefiting greater numbers of of related-party transactions on com- Empirical research shows that stricter investors thanks to growth in both the panies listed on the Hong Kong Stock regulation of self-dealing is associated number of listed firms and the number Exchange during 1998­2000 finds that with greater equity investment and lower of enforcement cases uncovering preju- they led to significant losses in value for concentration of ownership.9 This is in dicial transactions. minority shareholders. Indeed, the mere line with the view that stronger legal Thailand amended its laws in 2006 announcement of a related-party trans- protections make minority investors and in 2008. Since 2005 more than 30 new action led to abnormal negative stock re- more confident about their investments, companies have joined its stock exchange, turns. The study concludes that investors reducing the need for concentrated own- bringing the number of listed companies PROTEC TING INVESTORS 53 TABLE 7.4 Good practices around the world in protecting investors Practice Economiesa Examples 1. OECD (2009). Allowing rescission of prejudicial 69 Brazil, Mauritius, Rwanda, United States 2. Dahya, Dimitrov and McConnell (2008). related-party transactions 3. Klapper and Love (2004). Regulating approval of related-party 57 Albania, France, United Kingdom 4. Lobet (2009). transactions 5. Johns and Lobet (2007). Requiring detailed disclosure 48 Hong Kong SAR (China), New Zealand, 6. Anna Nadgrodkiewicz and Aleksandr Singapore Sckolnikov, "What's in a Word? Cor- Allowing access to all corporate documents 43 Chile, Ireland, Israel porate Governance, Language and during the trial Institutional Change," Development Blog, Requiring external review of related-party 38 Australia, Arab Republic of Egypt, March 2, 2010, http://www.cipe.org. transactions Sweden 7. OECD (2004a). Allowing access to all corporate documents 30 Japan, Sweden, Tajikistan 8. Cheung, Rau and Stouraitis (2006). before the trial 9. Djankov, La Porta, López-de-Silanes and Defining clear duties for directors 27 Colombia, Malaysia, Mexico, Shleifer (2008). United States 10. Cross-country studies include Klap- a. Among 183 economies surveyed. per and Love (2004), Durnev and Kim Source: Doing Business database. (2005), Bauer, Guenster and Otten (2004) and Baker and others (2007). to 523. Since 2005 more than 85 trans- Exchange (BOVESPA) Index had fallen 11. Grandmont, Grant and Silva (2004). actions that failed to comply with the by 14% in U.S. dollar terms. But the mar- 12. Love (2010). disclosure standards have been suspended ket showed that it could recognize value 13. Information provided by the Securities while the Thai regulator requests clarifica- in solid businesses that offered good gov- and Exchange Commission of Thailand. tion. Thirteen of these were deemed to be ernance.16 In 2001 a special segment of 14. Indonesia Stock Exchange (2009). prejudicial and were therefore canceled, the exchange, Novo Mercado, had been 15. Information provided by Securities in each case preventing damage to the created for trading shares in companies Commission Malaysia. company and preserving its value.13 that voluntarily adopted corporate gov- 16. IFC (2006). In Indonesia, another economy that ernance practices that went beyond what 17. Doing Business does not take into ac- consistently improved its laws regulating was required under Brazilian law.17 The count the rules that apply in Novo Mer- investor protections, the number of firms assumption was that an investor per- cado because they are voluntary. listed on the Indonesia Stock Exchange ception of better corporate governance 18. IFC (2008b). increased from 331 to 396 between 2004 would boost share values. 19. BOVESPA (2010). and 2009. Meanwhile, market capitaliza- Initially people had little faith in this tion grew from 680 trillion rupiah ($75 possibility. But by 2004, for the first time billion) to 1,077 trillion rupiah ($119 in more than a decade, several leading billion).14 Malaysia and Singapore, both companies decided to go public. Their regional leaders in investor protections, initial public offerings, the first in Brazil have seen the number of listed firms rise since January 2002, signaled the begin- by more than 100 since 2005. In that same ning of a renaissance for the stock market. period the Malaysian securities commis- Toward the end of 2004 Novo Mercado sion has sanctioned more than 100 com- had 7 new listings. By the end of 2007 it panies for noncompliance with disclosure had 156 companies listed, representing requirements and more than 20 for non- 57% of BOVESPA's market capitalization, compliance with approval requirements 66% of its trading value and 74% of the for related-party transactions.15 number of trades in the cash market.18 Brazil's experience shows the value By the end of 2009 Novo Mercado had 3 that investors place on strong corporate more new listings.19 Imagine the benefits governance rules. For firms seeking eq- if its corporate governance rules applied uity funding in Brazil, 2002 and 2003 to all companies. were tough years. The Săo Paulo Stock 54 DOING BUSINESS 2011 Starting a business FIGURE 8.1 Dealing with construction permits Entrepreneurs in Tunisia benefit from e-system for paying taxes Who improved the most Registering property in paying taxes? Improvement (%) Getting credit 2008 1. Tunisia Protecting investors 84 hours 37% 2. Cape Verde Paying taxes 14 fewer 64% payments saved 3. 4. 5. Săo Tomé and Principe Canada Macedonia, FYR Trading across borders 6. Bulgaria Enforcing contracts 7. China Closing a business 2009 8. Hungary 9. Taiwan, China 10. Netherlands Payments Time Source: Doing Business database. For Carolina, who owns and manages a 35.7% of her profit in taxes. But that's not Taxes are essential. In most econo- Colombian-based retail business, pay- all. Recent evidence suggests that in deal- mies the tax system is the primary source ing taxes has become easier in the past ing with government authorities, female- of funding for a wide range of social and few years. In 2004 she had to make 69 owned businesses in Uganda are forced economic programs. How much revenue payments of 13 different types of taxes to pay significantly more bribes and are these economies need to raise through and spend 57 days (456 hours), almost 3 at greater risk of harassment than male- taxes will depend on several factors, months, to comply with tax regulations.1 owned businesses.2 including the government's capacity to Today, thanks to new electronic systems Some economies treat women dif- raise revenue in other ways, such as rents to pay social security contributions, she ferently by law. Côte d'Ivoire is an ex- on natural resources. Besides paying for needs to make only 20 payments and ample. There, married women can pay public goods and services, taxes also pro- spend 26 days (208 hours) a year on the 5 times as much personal income tax as vide a means of redistributing income, same task. But high tax rates mean that their husbands do on the same amount of including to children, the aged and the her firm still has to pay about 78.7% of income. Three other economies also im- unemployed. But the level of tax rates profit in taxes. Juliana, the owner of a pose higher taxes on women--Burkina needs to be carefully chosen. Recent firm juice processing factory in Uganda, faces Faso, Indonesia and Lebanon. But Israel, surveys in 123 economies show that com- a different environment. She makes 32 Korea and Singapore impose lower taxes panies consider tax rates to be among the payments cutting across 16 tax regimes on women, to encourage them to enter top 4 constraints to their business.4 The and spends about 20 days (161 hours) a the workforce. Explicit gender bias in economic and financial crisis has caused year on compliance. She has to pay only the tax law can affect women's decision fiscal constraints for many economies, to work in the formal sector and report yet many are still choosing to lower tax TABLE 8.1 Where is paying taxes easy-- their income for tax purposes.3 Reforms rates on businesses. Seventeen reduced and where not? that simplify tax administration and profit tax rates in 2009/10. Canada, Ger- Easiest RANK Most difficult RANK make it easier for everyone--individ- many and Singapore implemented tax Maldives 1 Jamaica 174 uals and firms--to pay taxes can also cuts in 2009 to help businesses cope with Qatar 2 Panama 175 remove gender biases. economic slowdown.5 Hong Kong SAR, 3 Gambia, The 176 China Bolivia 177 FIGURE 8.2 Singapore 4 Venezuela, RB 178 What are the time, total tax rate and number of payments United Arab 5 Chad 179 necessary for a local medium-sized company to pay all taxes? Emirates Congo, Rep. 180 Total tax rate Time Saudi Arabia 6 Ukraine 181 Ireland 7 Central African 182 To prepare, file and pay Republic % of profit Hours value added or sales tax, Oman 8 per year before all taxes profit tax and labor Kuwait 9 Belarus 183 taxes and contributions Canada 10 Note: Rankings are the average of the economy's rankings on the number of payments, time and total tax rate. See Data notes for details. Number of payments Source: Doing Business database. (per year) PAYING TAXES 55 BOX 8.1 Does an economy's size or resource wealth matter for the ease of paying taxes? Some economies, especially small ones, rely on 1 or 2 sectors to generate most government revenue. This enables them to function with a nar- rower tax base than would be possible in larger, more diverse economies. Maldives and Kiribati, for example, choose to tax mainly hotels and tourism, sectors not captured by the Doing Business indicators, which focus on manufacturing. Other economies, such as Qatar, the United Arab Emirates, Saudi Arabia and Oman, are resource-rich economies that raise most public revenue through means other than taxation. Among both resource-rich economies and small island developing states there is great variation in rankings on the ease of paying taxes (see figure).1 Differences in applicable tax rates account for some of the variation. But so do differences in the administrative burden. Among resource-rich economies the total tax rate ranges from as low as 11% of profit in Qatar to as high as 72% in Algeria. Among small economies the total tax rate averages around 38%. The administrative burden of paying taxes varies just as dramatically--being small or obtaining revenue from resources does not always make taxation administratively easy. To comply with profit, consumption and labor taxes can take as little as 12 hours a year in the United Arab Emirates and 58 in The Bahamas--and as much as 424 hours in Săo Tomé and Principe and 938 in Nigeria. Total tax rate and payments Time 250 1,000 180 Time (hours per year) Total tax rate 200 800 (% of profit) 150 600 Payments (number per year) 100 Ranking on the ease of paying taxes 100 400 50 50 200 0 10 0 MALDIVES QATAR SAUDI ARABIA OMAN KUWAIT KIRIBATI BAHRAIN NORWAY VANUATU TIMOR-LESTE BRUNEI DARUSSALAM TONGA SURINAME SEYCHELLES ST. LUCIA BAHAMAS, THE SOLOMON ISLANDS IRAQ ST. VINCENT AND THE GRENADINES DOMINICA SAMOA BELIZE FIJI GRENADA MICRONESIA, FED. STS. PALAU MARSHALL ISLANDS TRINIDAD AND TOBAGO COMOROS ST. KITTS AND NEVIS CAPE VERDE AZERBAIJAN IRAN, ISLAMIC REP. GUYANA ANTIGUA AND BARBUDA SĂO TOMÉ AND PRINCIPE NIGERIA EL SALVADOR ANGOLA ALGERIA CONGO, REP. UNITED ARAB EMIRATES 1. Resource-rich economies analyzed are those where fiscal revenues from hydrocarbons and minerals account for more than 50% of the total (based on International Monetary Fund estimates). Keeping tax rates at a reasonable vices that improve lives. Keeping rules as and pay 3 major types of taxes: profit level can be important for encouraging simple and clear as possible is undoubt- taxes, consumption taxes and labor taxes the development of the private sector edly helpful to taxpayers. Overly compli- and mandatory contributions. The total and the formalization of businesses. This cated tax systems risk high evasion. High tax rate measures the tax cost borne by the is particularly relevant for small and me- tax compliance costs are associated with standard firm (figure 8.2).8 dium-size enterprises, which contribute larger informal sectors, more corruption With these indicators, Doing Busi- to job creation and growth but do not and less investment. Economies with ness compares tax systems and tracks add significantly to tax revenue.6 Taxa- well-designed tax systems are able to tax reforms around the world from the tion largely bypasses the informal sec- help the growth of businesses and, ulti- perspective of local businesses, cover- tor, and overtaxing a shrinking formal mately, the growth of overall investment ing both the direct cost of taxes and sector leads to resentment and greater and employment.7 the administrative burden of complying tax avoidance. Decisions on whom to Doing Business addresses these con- with them. It does not measure the fiscal tax and at what part of the business cerns with 3 indicators: payments, time health of economies, the macroeconomic cycle can be influenced by many differ- and the total tax rate borne by a stan- conditions under which governments ent factors that go beyond the scope of dard firm with 60 employees in a given collect revenue or the provision of public this study. year. The number of payments indicator services supported by taxation. Tax revenue also depends on gov- measures the frequency with which the The top 10 economies on the ease of ernments' administrative capacity to company has to file and pay different paying taxes represent a range of revenue collect taxes and firms' willingness to types of taxes and contributions, adjusted models, each with different implications comply. Compliance with tax laws is im- for the way in which those payments are for the tax burden of a domestic medium- portant to keep the system working for made. The time indicator captures the size business (table 8.1). The top 10 in- all and to support the programs and ser- number of hours it takes to prepare, file clude several economies that are small or 56 DOING BUSINESS 2011 FIGURE 8.3 have it easiest. On average, they spend Tax reforms implemented by more than 60% of economies in the past 6 years 22 days (172 hours) on 15 tax pay- Number of Doing Business reforms making it easier to pay taxes by Doing Business report year ments a year. Businesses in low-income DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 economies continue to face the highest Eastern Europe & Central Asia 58 administrative burden (table 8.2). Glob- (25 economies) ally on average, businesses pay 47.8% of Sub-Saharan commercial profit in taxes and manda- Africa 40 tory contributions, 5.0 percentage points (46 economies) less than in 2004. OECD high income 40 (30 economies) TAX COMPLIANCE BECOMING EASIER Latin America Eleven economies in Eastern Europe and & Caribbean 24 (32 economies) Central Asia simplified tax payment in the 6 years since 2004. Average compli- East Asia & Pacific 23 ance time for businesses fell by about (24 economies) 2 working weeks as a result. The mo- Middle East & mentum for change started building in North Africa 18 (18 economies) Bulgaria and Latvia in 2005 and swept across the region to Azerbaijan, Turkey South Asia (8 economies) 8 and Uzbekistan in 2006, Belarus and Ukraine in 2007, the Kyrgyz Republic Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2004) includes 174 economies. The sample for DB2011 (2009) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, and FYR Macedonia in 2008 and Alba- Montenegro and Qatar, for a total of 183 economies. nia and Montenegro in 2009. But the Source: Doing Business database. administrative burden generally remains resource rich. But these characteristics compliance easier so as to reduce costs for high. Five of the region's economies rank do not necessarily matter for the admin- firms and encourage job creation. As in among those with the highest number of istrative burden or total tax rate faced by previous years, the most popular measure payments globally (table 8.3). businesses (box 8.1). was to reduce profit tax rates. Some Sub-Saharan African econo- Also among the top 10, Hong Kong mies also focused on easing tax compli- SAR (China), Singapore, Ireland and WHAT ARE THE TRENDS? ance. In 2010 Sierra Leone introduced Canada apply a low tax cost, with total administrative reforms at the tax author- tax rates averaging less than 30% of In the past 6 years more than 60% of the ity and replaced 4 different sales taxes profit. They also stand out for their low economies covered by Doing Business with a value added tax. In the past 5 years administrative burdens. They levy up to made paying taxes easier or lowered the 7 other economies--Burkina Faso, Cam- 9 different taxes on businesses, yet for a tax burden for local enterprises (figure eroon, Cape Verde, Ghana, Madagas- local business to comply with taxes takes 8.3). Globally on average, firms spend car, South Africa and Sudan--reduced only about 1 day a month and 6 pay- 35 days (282 hours) a year complying the number of payments by eliminating, ments. Electronic filing and payment and with 30 tax payments. A comparison merging or reducing the frequency of joint forms for multiple taxes are com- with global averages in 2004 shows that filings and payments. Mozambique, Săo mon practice among these 4 economies. payments have been reduced by 4 and Tomé and Principe, Sierra Leone, Sudan Tunisia, the economy that improved compliance time by 5 days (39 hours).10 and Zambia revamped existing tax codes the ease of paying taxes the most in Companies in high-income economies or enacted new ones in the past 6 years. 2009/10, followed their example. It fully TABLE 8.2 implemented electronic payment sys- Administrative burden lowest in high-income economies tems for corporate income tax and value Payments Time Total tax rate added tax and broadened their use to Income group (number per year) (hours per year) (% of profit) most firms. The changes reduced the Low 38 295 71.0 number of payments a year by 14 and Lower middle 35 359 40.3 compliance time by 84 hours. Thirty-nine other economies also Upper middle 31 272 43.4 made it easier for businesses to pay taxes in High 15 172 38.8 2009/10.9 Governments continued to lower Average 30 282 47.8 tax rates, broaden the tax base and make Source: Doing Business database. PAYING TAXES 57 TABLE 8.3 many economies in the region have sim- Who makes paying taxes easy and who does not--and where is the total tax rate highest and lowest? plified the process of paying taxes since 2004, saving businesses an average of 3 Payments (number per year) days a year. Still, only 12 of the region's 32 Fewest Most economies offer electronic filing and pay- Sweden 2 Sri Lanka 62 ment for firms. Colombia, the Dominican Hong Kong SAR, China 3 Côte d'Ivoire 64 Republic, Guatemala, Honduras, Mexico Maldives 3 Nicaragua 64 Qatar 3 Serbia 66 and Peru have introduced online filing Norway 4 Venezuela, RB 70 and payment systems since 2004, elimi- Singapore 5 Jamaica 72 nating the need for 25 separate tax pay- Mexico 6 Montenegro 77 ments a year and reducing compliance Timor-Leste 6 Belarus 82 time by 11 days (83 hours) on average. Kiribati 7 Romania 113 Mauritius 7 Ukraine 135 The boldest measures: since 2004 Colom- bia has reduced the number of payments Time (hours per year) by 49 and compliance time by 248 hours, Fastest Slowest the Dominican Republic has cut pay- Maldives 0 Ukraine 657 ments by 65 and time by 156 hours, and United Arab Emirates 12 Senegal 666 Mexico has reduced the number of pay- Bahrain 36 Mauritania 696 Qatar 36 Chad 732 ments by 21 and the time to comply with Bahamas, The 58 Belarus 798 them by 148 hours. And these economies Luxembourg 59 Venezuela, RB 864 continue work to further reduce the ad- Oman 62 Nigeria 938 ministrative burden for firms. Switzerland 63 Vietnam 941 Economies in East Asia and the Pa- Ireland 76 Bolivia 1,080 Seychelles 76 Brazil 2,600 cific have reduced compliance time since 2004 by about 8 business days, the most Total tax rate (% of profit) after Eastern Europe and Central Asia. Lowest Highest Most recently, Lao PDR consolidated Timor-Leste 0.2 Eritrea 84.5 the filings for business turnover tax and Vanuatu 8.4 Tajikistan 86.0 excise tax as well as personal income tax Maldives 9.3 Uzbekistan 95.6 Namibia 9.6 Argentina 108.2 withholding in a single tax return. Busi- Macedonia, FYR 10.6 Burundi 153.4 nesses now spend 25 fewer days a year Qatar 11.3 Central African Republic 203.8 complying with tax laws. China unified United Arab Emirates 14.1 Comoros 217.9 accounting methods and expanded the Saudi Arabia 14.5 Sierra Leone 235.6 use of electronic tax filing and payment Bahrain 15.0 Gambia, The 292.3 systems in 2007, saving firms 368 hours Georgia 15.3 Congo, Dem. Rep. 339.7 and 26 payments a year. In 2008 and Note: The indicator on payments is adjusted for the possibility of electronic or joint filing and payment when used by the majority of firms 2009 China unified criteria for corporate in an economy. See Data notes for more details. Source: Doing Business database. income tax deduction and shifted from a production-oriented value added system Firms in OECD high-income econ- In the Middle East and North Africa to a consumption-oriented one, saving omies have the lowest administrative businesses must comply with only 22 firms another 106 hours a year. Brunei burden. Businesses in these economies payments a year on average, the second Darussalam, Malaysia, Taiwan (China) spend on average 25 days a year com- lowest among regions. Yet there is great and Thailand introduced or enhanced plying with 14 tax payments. All but 2, variation, with up to 44 payments in electronic systems in the past 6 years. the Slovak Republic and Switzerland, the Republic of Yemen and as few as 3 In South Asia payments and com- have fully implemented electronic filing payments in Qatar. In 2009/10 only 2 tax pliance time changed little overall. In and payment for firms. Between 2006 reforms were recorded, in Jordan and 2009/10 Doing Business recorded only and 2009 the Czech Republic, Finland, Tunisia. 1 tax reform--in India, which abolished Greece, the Netherlands, Poland and In Latin America and the Caribbean fringe benefit tax and enhanced elec- Spain mandated or enhanced electronic firms continue to spend substantial time tronic filing. filing or simplified the process of paying paying taxes--385 hours a year on aver- taxes, reducing compliance time by 13 age. They have to make an average of 33 days (101 hours) on average. payments a year (figure 8.4). Thankfully, 58 DOING BUSINESS 2011 FIGURE 8.4 for most economies is between 30% and Paying taxes easier in East Asia and the Pacific Regional averages in paying taxes DB2011 DB2006 50% of profit. Payments (number per year) Economies in Eastern Europe and 2009 OECD high income 14 17 global Central Asia have implemented the most average reforms affecting the paying taxes indica- Middle East & North Africa 22 24 East Asia & Pacific 25 28 tors since 2004, with 23 of the region's 25 South Asia 31 31 economies implementing 58 such reforms. Latin America & Caribbean 33 40 The most popular feature in the past 6 Sub-Saharan Africa 37 38 years was lowering profit tax rates (done Eastern Europe & Central Asia 42 50 by 19 economies). The changes reduced 30 the average total tax rate in the region by Time (hours per year) 13.1 percentage points (figure 8.5). OECD high income 199 237 In the past year economies in Sub- Middle East & North Africa 194 223 Saharan Africa implemented almost a East Asia & Pacific 218 291 quarter of all reforms affecting the pay- South Asia 283 305 ing taxes indicators, a record for the Latin America & Caribbean 385 411 region compared with previous years. Sub-Saharan Africa 315 343 In the past 6 years the most popular Eastern Europe & Central Asia 314 431 feature in the region was reducing profit 282 tax rates (28 reforms). The reductions Note: The data sample for DB2006 (2004) includes 174 economies. The sample for DB2011 (2009) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. lowered the average total tax rate for Source: Doing Business database. the region by 2.7 percentage points. But profit tax, just one of many taxes for busi- TOTAL TAX RATES BECOMING LOWER mandatory contributions add up to more nesses in Africa, accounts for only a third When considering the burden of taxes than 100% of assumed profit, ranging of the total tax paid. Firms in the region on business, it is important to look at all from 108.2% to 339.7%. Doing Business still face the highest average total tax rate the taxes that companies pay. These may assumes that the standard firm in its tax in the world, 68% of profit. include labor taxes and mandatory contri- case study has a fixed gross profit margin Firms in OECD high-income econo- butions paid by employers, sales tax, prop- of 20%. Where the indicator shows that mies pay 43.0% of profit in taxes on aver- erty tax and other smaller taxes such as taxes exceed profit, the company has to age. Nineteen of these economies low- property transfer tax, dividend tax, capital earn a gross profit margin in excess of ered profit tax rates in the past 6 years. gains tax, financial transactions tax, waste 20% to pay its taxes. Corporate income tax And more changes are on the horizon. collection tax and vehicle and road tax. In is only one of many taxes with which the Australia, Finland and the United King- 7 economies around the world, taxes and company has to comply. The total tax rate dom have announced major reforms of FIGURE 8.5 their tax systems in the next few years.11 Eastern Europe and Central Asia has biggest reduction in total tax rate The average total tax rate in the Total tax rate (% of profit) Middle East and North Africa, at 32.8% DB2011 Total tax rate of profit, is the lowest in the world-- reduction Profit tax Labor tax Other 2004­09 thanks in part to tax reforms reducing Middle East DB2006 & North Africa total tax rate it by 10.8 percentage points since 2004. East Asia Algeria, Djibouti, Egypt, Morocco, Syria, & Pacific Tunisia, West Bank and Gaza and the South Republic of Yemen have all lowered profit Asia Eastern Europe tax rates, abolished taxes or replaced & Central Asia cascading taxes. OECD The average total tax rate for Latin high income Latin America America and the Caribbean is the sec- & Caribbean ond highest, amounting to 48% of profit. Sub-Saharan Seven economies, including Mexico, Africa Paraguay and Uruguay, reduced tax rates 0 10 20 30 40 50 60 70 in the past 6 years, lowering the region's Note: The data sample for DB2006 (2004) includes 174 economies. The sample for DB2011 (2009) also includes The Bahamas, Bahrain, total tax rate by 2.3 percentage points. Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. Source: Doing Business database. The total tax rate in East Asia and PAYING TAXES 59 the Pacific is relatively low. At 35.4% of TABLE 8.4 Good practices around the world in making it easy to pay taxes profit, it is the second lowest after that in the Middle East and North Africa. Practice Economiesa Examples Still, 13 economies in the region reduced Allowing self-assessment 136 Botswana, Georgia, India, Malaysia, Oman, profit tax rates in the past 6 years, in- Peru, United Kingdom cluding China, Indonesia, Malaysia, the Allowing electronic filing and payment 61 Australia, Dominican Republic, India, Lithu- ania, Singapore, South Africa, Tunisia Philippines, Thailand and Vietnam. Few economies in South Asia have Having one tax per tax base 50 Afghanistan, Hong Kong SAR (China), FYR Macedonia, Morocco, Namibia, Paraguay, made changes affecting the paying taxes Sweden indicators since 2004. Afghanistan, Ban- a. Among 183 economies surveyed. gladesh, India and Pakistan reduced Source: Doing Business database. profit tax rates, but the reductions had little effect on the region's average total KEEPING IT SIMPLE: ONE TAX BASE, tario. The Canadian province harmo- ONE TAX tax rate. nized its corporate income tax base with Multiple taxation--where the same tax the federal one. And the Canada Revenue WHAT HAS WORKED? base is subject to more than one tax Agency now administers Ontario's cor- treatment--makes efficient tax manage- porate capital tax and corporate mini- Worldwide, economies that make paying ment challenging. It increases firms' cost mum tax. Starting with the 2009 tax taxes easy for domestic firms typically offer of doing business as well as the govern- year, Ontario businesses have been able electronic systems for tax filing and pay- ment's cost of revenue administration to make combined payments and file a ment, have one tax per tax base and use and risks damaging investor confidence. single corporate tax return. a filing system based on self-assessment Fifty economies have one tax per tax Brazil also aims to simplify a sys- (table 8.4). They also focus on lower tax base. Having more types of taxes requires tem that requires businesses to interact rates accompanied by wider tax bases. more interaction between businesses and with 3 levels of government. In 2010 it tax agencies. In Nigeria corporate in- introduced a new system of digital book- OFFERING AN ELECTRONIC OPTION come tax, education tax and information keeping (Sistema Público de Escrituraçăo Electronic filing and payment of taxes technology tax are all levied on a com- Digitalor, or SPED) to integrate federal, eliminates excessive paperwork and in- pany's taxable income. In New York City state and municipal tax agencies. The teraction with tax officers. Offered by 61 taxes are levied at the municipal, state successful implementation of SPED will economies, this option can reduce the and federal levels. Each is calculated on a ease the administrative burden of com- time businesses spend in complying with different tax base, so businesses must do plying with taxes in Brazil by reducing tax laws, increase tax compliance and 3 different calculations. the number of tax payments and possibly reduce the cost of revenue administration. This is no longer the case in On- the time for compliance. But this is possible only with effective TABLE 8.5 implementation. Simple processes and Major cuts in corporate income tax rates in 2009/10 high-quality security systems are needed. Region Reduction in corporate income tax rate (%) Year effective In Tunisia, thanks to a now fully Sub-Saharan Africa Burkina Faso from 30 to 27.5 2010 implemented electronic filing and pay- Republic of Congo from 38 to 36 2010 ment system, businesses spend 37% less Madagascar from 25 to 23 2010 time complying with corporate income Niger from 35 to 30 2010 tax and value added tax. Azerbaijan in- Săo Tomé and Principe from 30 to 25 2009 troduced electronic systems and online Seychelles from progressive 0­40 to 25­33 2010 payment for value added tax in 2007 Zimbabwe from 30 to 25 2010 and expanded them to property and Eastern Europe & Central Asia Azerbaijan from 22 to 20 2010 land taxes in 2009. Belarus enhanced Lithuania from 20 to 15 2010 electronic filing and payment systems, FYR Macedonia from 10 to 0 (for undistributed profits) 2009 reducing the compliance time for value Tajikistan from 25 to 15 2009 added tax, corporate income tax and East Asia & Pacific Brunei Darussalam from 23.5 to 22 2010 labor taxes by 14 days. The reverse hap- Indonesia from 28 to 25 2009 pened in Uganda. There, compliance time Taiwan (China) from 25 to 17 2010 has increased despite the introduction of Tonga from progressive 15­30 to 25 2009 an electronic system. Online forms were Latin America & Caribbean Panama from 30 to 25 2010 simply too complex. Source: Doing Business database. 60 DOING BUSINESS 2011 TABLE 8.6 Who made paying taxes easier and lowered the tax burden in 2009/10--and what did they do? Feature Economies Some highlights Easing Merged or eliminated taxes Belarus, Bosnia and Herzegovina, Burkina Faso, Cape Verde eliminated all stamp duties. compliance other than profit tax Cape Verde, Hong Kong SAR (China), Hungary, India, Jordan, Montenegro, Slovenia, República Bo- livariana de Venezuela Simplified tax compliance Azerbaijan, Belarus, Canada, China, Czech Republic, The Netherlands made value added tax filings process FYR Macedonia, Montenegro, Netherlands, Sierra and payments quarterly and eased profit tax Leone, Taiwan (China), Ukraine, Zimbabwe calculations. Belarus changed from monthly to quarterly payments for several taxes. Introduced or enhanced Albania, Azerbaijan, Belarus, Brunei Darussalam, A big increase in online filing in Azerbaijan reduced electronic systems India, Jordan, Tunisia, Ukraine the time for filing and the number of payments. Reducing Reduced profit tax rate by 2 per- Azerbaijan, Brunei Darussalam, Burkina Faso, Burkina Faso reduced the profit tax rate from tax rates centage points or more Republic of Congo, Indonesia, Lithuania, FYR 30% to 27.5% and merged 3 taxes. Niger lowered Macedonia, Madagascar, Niger, Panama, Săo Tomé the rate from 35% to 30%. Lithuania reversed an and Principe, Seychelles, Taiwan (China), Tajikistan, increase (from 15% to 20%) made the previous Thailand, Tonga, Zimbabwe year. Reduced labor taxes and Albania, Bosnia and Herzegovina, Bulgaria, Canada, Hungary reduced employers' social security con- mandatory contributions Hungary, Moldova, Portugal tribution rate from 29% of gross salaries to 26%. Introducing Introduced new or substantially Azerbaijan, Belarus, Hungary, Jordan, Panama, Jordan's new tax law abolished certain taxes and new systems revised tax law Portugal, Săo Tomé and Principe reduced rates. Introduced change Burundi, Lao PDR, Sierra Leone Burundi introduced a value added tax in place of in cascading sales tax its transactions tax. Source: Doing Business database. TRUSTING THE TAXPAYER WHAT ARE SOME RESULTS? moved exemptions and industry-specific Voluntary compliance and self-assessment allowances, such as its investment allow- have become a popular way to efficiently Franklin D. Roosevelt once said, "Taxes, ance and tax holidays for manufacturing. administer a country's tax system. Tax- after all, are the dues that we pay for the Authorities aimed to increase revenue by payers are expected and trusted to deter- privileges of membership in an orga- combining a low tax rate, a transparent mine their own liability under the law and nized society."15 There is no doubt about system, a reinforced tax administration pay the correct amount. With high rates the need for and benefits of taxation. But and efficient collection--and they did. In of voluntary compliance, administrative how economies approach taxation for the 2007/08 fiscal year corporate income costs are much lower and so is the burden small and medium-size businesses varies tax revenue grew by 27%, and in 2008/09 of compliance actions.12 Self-assessment substantially. More than 119 economies it increased by 65%. systems also reduce the discretionary made their business tax systems more ef- FYR Macedonia has implemented powers of tax officials and opportunities ficient and effective in the past 6 years-- major tax reforms for the past several for corruption.13 To be effective, however, and have seen concrete results. years in a row. In 2007 it introduced a self-assessment needs to be properly in- troduced and implemented, with trans- EASIER PROCESS, MORE REVENUE FIGURE 8.6 parent rules, penalties for noncompliance Colombia introduced a new electronic Size of informal sector is associated with ease of paying taxes and established audit processes. system, PILA, that unified in one on- Informal sector share of GDP Of the 183 economies covered by line payment all contributions to so- Doing Business, 74% allow firms to cial security, the welfare security sys- High calculate their own tax bills and file the tem and labor risk insurance. Its use returns. These include all economies in became mandatory for all companies in Eastern Europe and Central Asia and 2007. By 2008 the number of companies almost two-thirds in East Asia and the registered to pay contributions through Pacific, the Middle East and North Af- PILA had increased by 55%. The social Low rica and South Asia. Both taxpayers and security contributions collected that year revenue authorities can benefit. Malaysia from small and medium-size companies Least Most difficult difficult shifted to a self-assessment system for rose by 42%, to 550 billion pesos. Economies ranked by ease businesses in stages starting in 2001. Mauritius implemented a major tax of paying taxes, quintiles Taxpayer compliance increased, and so reform in 2006. It reduced the corporate Note: Relationships are significant at the 1% level and remain significant when controlling for income per capita. did revenue collection.14 income tax rate from 25% to 15% and re- Source: Doing Business database; Schneider and Buehn (2009). PAYING TAXES 61 new electronic tax service. In 2008 it accounts for as much as half of GDP, amended the tax law to cut the profit tax can significantly affect the tax revenue rate from 15% to 10%. In 2009 it imple- collected as a percentage of GDP.17 But 1. Days refer to working days, calculated by assuming 8 working hours a day. mented a new, clearer Law on Contribu- the reverse is also true: the structure of Months are calculated by assuming 20 tions for Mandatory Social Security-- the tax system and the perception of the working days a month. and imposed the corporate income tax quality of government services can affect 2. Ellis, Manuel and Blackden (2006). only on distributed profits. Despite the the size of the informal sector in a coun- 3. World Bank (2010b). global downturn, the number of com- try. Larger informal sectors as well as 4. Globally, companies ranked tax rates 4th panies registered as taxpayers in FYR greater corruption are found where the among 16 obstacles to business in World Macedonia increased by 16% between majority of firms perceive taxes as not Bank Enterprise Surveys in 2006­09 2008 and 2009. "worth paying" because of low-quality (http://www.enterprisesurveys.org). In an effort to stimulate economic public goods and poor infrastructure. 5. Canada, as part of a plan to stimulate growth and restore confidence, reduced growth and create a more business- This view is supported by a recent survey the general corporate tax rate to 19% friendly environment, Korea reduced the of business and law students in Guate- as of January 1, 2009. In Germany a corporate income tax rate from 25% to mala. Most participants believed that tax stimulus package adopted in Novem- 22% in 2009 and plans to reduce it even evasion was ethical where tax systems ber 2008 introduced declining balance depreciation at 25% for movable assets further in future years. The revenue col- are unfair or corrupt and where govern- for 2 years and temporarily expanded lected by the government in 2009 did ment commits human rights abuses.18 special depreciation allowances for small not fall. Instead, the number of com- Doing Business data show that econo- and medium-size enterprises. A second panies registered for corporate income mies where it is more difficult and costly stimulus package, approved in February 2009, provided further tax cuts. In Janu- tax increased by 7%--and the corporate to pay taxes have larger shares of infor- ary 2009 Singapore's Ministry of Finance income tax revenue by 11%. mal sector activity (figure 8.6). announced a $15 billion "resilience Sensitivity to tax reforms is affected package" to help businesses and workers WHAT FIRMS VALUE by firm size. Large firms are usually more and reduced the corporate income tax rate from 18% to 17%. These results illustrate some of the ben- directly affected by changes. But small 6. International Tax Dialogue (2007). efits of more effective tax systems and firms have a higher tendency to be un- 7. Djankov and others (2010). appropriate tax rates. Recent research registered if tax rates are high, and tend has found that in developing economies, to underreport income and size if higher 8. The company has 60 employees and start-up capital of 102 times income per where many firms are likely to be small incomes and bigger firms are taxed at capita. and heavily involved in informal activity, a higher rate.19 In Côte d'Ivoire, where 9. This year's report records all reforms reducing profit tax rates helps reduce firms must pay 44% of profit and make with an impact on the paying taxes indi- informality and raise tax compliance, more than 64 payments a year to comply cators between June 2009 and May 2010. increasing growth and revenue.16 with 14 different taxes, a recent study Because the case study underlying the paying taxes indicators refers to the fi- The size of the informal sector, finds that firms avoid growing in order nancial year ending December 31, 2009, which in many developing economies to pay less tax.20 reforms on the paying taxes indicators FIGURE 8.7 implemented between January 2010 and Total tax rates between 30% and 50% are most common May 2010 are recorded in this year's re- port, but the impact will be reflected in Number of economies by income group the data in next year's report. 50 10. The comparison of global averages refers to the 174 economies included in Doing Low and lower middle 40 income Business 2006. Additional economies were added in subsequent years. Upper middle and high income 11. Australia intends to reduce the corporate 30 income tax rate from 30% to 29% from July 1, 2013, and then to 28% from July 1, 2014. In Finland an initial proposal 20 includes reducing the corporate income tax rate from 26% to 22% and increas- 10 ing the standard value added tax rate of 22% by 2 percentage points. In the United Kingdom the emergency budget 0 for 2010­11 calls for reducing the cor- <10 10s 20s 30s 40s 50s 60s 70s 80s 90s 100+ poration tax rate to 27% for the 2011 fi- nancial year and then, through cuts over Total tax rate (% of profit) the next 4 years, to 24%. It also calls for Source: Doing Business database. 62 DOING BUSINESS 2011 reducing the small company tax rate to 20% and increasing the standard value added tax rate from 17.5% to 20%. 12. Ricard (2008). 13. Imam and Davina (2007). 14. bin Haji Ridzuan (2006). 15. Address delivered at Worcester, Mass., October 21, 1936. John T. Woolley and Gerhard Peters, The American Presidency Project, http://www.presidency.ucsb .edu/. 16. Hibbs and Piculescu (2010). 17. Gordon and Li (2009). 18. McGee and Lingle (2008). 19. OECD (2008). 20. Klapper and Richmond (2010). 63 Starting a business FIGURE 9.1 Dealing with construction permits Traders in Peru benefit from risk-based inspections and electronic systems Who improved the most Registering property 24 in trading across borders? Getting credit Days 21 1. Peru 2009 ­7 days Protecting investors 2. Grenada Paying taxes ­9 days 3. Armenia 17 Trading across 2010 4. 5. Montenegro Nicaragua borders 12 6. 7. 8. Rwanda Cambodia Egypt, Arab Rep. Enforcing contracts 9. Spain Closing a business 10. Philippines Time to Time to export import Source: Doing Business database. Traders at the Chirundu crossing between important for business. Bedi Limited, one study shows that during the recent Zambia and Zimbabwe have long dealt a garment producer in Nakuru, Kenya, slump in global demand, making trade with congestion and delays at the busy spent 18 months pursuing a trial order easier helped to mitigate the drop in an border post. Procedures duplicated on for school items from Tesco, one of the economy's exports by promoting stron- each side of the border and involving up United Kingdom's largest retail chains. ger links between suppliers and buyers. to 15 government agencies often require Bedi landed the order and the delivery By contrast, an extra day's delay led to a wait of 2­3 days to clear goods. This is date was set for early July, in time for about an additional 0.5% fall in exports starting to change, thanks to a one-stop the August back-to-school promotions. to the United States.4 border post that was recently established. Bedi's goods arrived in Kenya's port city While trade recovered in 2010 and Trucking companies will save, because of Mombasa at the end of June, ready for fears of a surge in protectionism have delays "cost each truck $140 per day in shipment. But they were delayed at the largely subsided, burdensome documen- fixed costs and driver's time," notes Juma port due to congestion and didn't arrive tation requirements, time-consuming Mwapachu, the secretary general of the in the United Kingdom until August. customs procedures, inefficient port op- East African Community. "The potential Bedi missed Tesco's school promotions-- erations and inadequate transport infra- cost saving is about $486 million per and lost out on the chance to become structure still lead to unnecessary costs year, which accrues to our economies part of its global supply chain.2 and delays for traders. Poor performance and competitiveness."1 The ability of firms and economies in just 1 or 2 of these areas can have seri- In a globalized world, making trade to compete in global markets has been ous repercussions for an economy's over- between countries easier is increasingly put to the test in the past 2 years of eco- all trade competitiveness, as shown by nomic turmoil. In 2009 world trade re- the World Bank's Logistics Performance TABLE 9.1 Where is trading across borders easy-- corded its largest decline in more than 70 Index.5 By removing these obstacles, and where not? years. No region was left untouched.3 But governments can create an environment Easiest RANK Most difficult RANK FIGURE 9.2 Singapore 1 Niger 174 How much time, how many documents and what cost to export and import across borders by ocean transport? Hong Kong SAR, 2 Burkina Faso 175 China Burundi 176 United Arab 3 Azerbaijan 177 TIME TIME Emirates Tajikistan 178 COST COST Estonia 4 Iraq 179 To export To import Finland 5 Congo, Rep. 180 DOCUMENTS DOCUMENTS Denmark 6 Kazakhstan 181 Full, 20-foot container Sweden 7 Central African 182 Korea, Rep. 8 Republic Import Norway 9 Afghanistan 183 Israel 10 Note: Rankings are the average of the economy's rankings on the documents, time and cost required to export and import. See Data Export notes for details. Port and terminal Customs and Inland Source: Doing Business database. handling border agencies transport 64 DOING BUSINESS 2011 TABLE 9.2 Who made trading across borders easier in 2009/10--and what did they do? Feature Economies Some highlights Introduced or improved electronic Bahrain, Belarus, Brunei Darussalam, Arab Republic of Egypt, Israel, Latvia and Lithuania improved their electronic data interchange system Kazakhstan, Latvia, Lithuania, Nicaragua, Pakistan, Peru, Philippines, declaration systems to comply with EU require- Swaziland, Tunisia, United Arab Emirates, Zambia ments on paperless customs that entered into force in 2009. Improved customs administration Armenia, Arab Republic of Egypt, Ethiopia, Fiji, Grenada, Mali, Peru, Traders in Grenada are benefiting from the West Bank and Gaza modernization of the customs administration, in the context of a World Bank Technical As- sistance Project. Improved procedures at ports Angola, Bahrain, Kenya, Nicaragua, Pakistan, Saudi Arabia Containers can now move more easily through the Port of Luanda in Angola thanks to the completion of 2 dry ports and new equipment. Reduced number of trade documents Burkina Faso, Cambodia, Kazakhstan, Montenegro, Rwanda, Spain Imports and exports in Cambodia no longer require preshipment inspection. Introduced or improved risk-based Armenia, Guyana, Kazakhstan, Peru Improved risk profiling along with the use of inspections new equipment reduced the time for inspec- tions at Armenia's border posts. Introduced or improved single window Indonesia, Israel, Madagascar An integrated electronic national single win- dow service system became operational in 2010 at several of Indonesia's main seaports. Implemented border cooperation Rwanda, Zambia Better cooperation between the agencies agreements involved in customs clearance at the border be- tween Zambia and Zimbabwe reduced waiting time for traders. Source: Doing Business database. that encourages entrepreneurs to look change systems was the most popular WHAT ARE THE TRENDS? beyond their own borders for business change, followed by improving customs opportunities (table 9.1). administration and port performance Trading across borders as measured by Doing Business measures the time (table 9.2). Doing Business has become faster and and cost (excluding tariffs) associated Peru improved the ease of trading easier over the years. From the conclu- with exporting and importing by ocean across borders the most. A new web- sion of a contractual agreement between transport, and the number of documents based electronic data interchange sys- the exporter and importer to the mo- necessary to complete the transaction tem is helping to speed up document ment goods are shipped or received (ex- (figure 9.2). The indicators cover proce- submission as well as clearance time. cluding maritime transport) takes 23.1 dural requirements such as documen- Fewer physical inspections of cargo are days on average for exporting and 25.8 tation requirements and procedures at now needed at customs offices thanks for importing. In 2006 it took 26.4 days customs and other regulatory agencies as to further implementation of risk-based on average to export and 30.9 to import. well as at the port. They also cover trade inspections, though there remains room Traders in OECD high-income econo- logistics, including the time and cost of for improvement. The introduction of mies have it easiest: to export or import inland transport to the largest business payment deferrals for import duties and takes about 11 days and fewer than 5 city. These are key dimensions of the taxes has also reduced import time, since documents on average. Traders in Sub- ease of trading--the more time consum- cargo no longer needs to sit at the port Saharan Africa, where trade is slowest ing and costly it is to export or import, until tariffs and tax payments are settled. and most expensive, typically face delays the more difficult it is for traders to be Rwanda further improved its trade logis- 3 times as long, with the time to export competitive and to reach international tics environment by reducing the num- averaging 32 days and the time to import markets. ber of trade documents required and 38 (figure 9.3). In 2009/10, 33 economies made it continuing its efforts toward establishing Disparities among regions have easier to trade. Sub-Saharan Africa ac- joint border management procedures changed little over the years. Exporting counted for the most improvements in with Uganda and other neighbors. The and importing remain least expensive in trading across borders, followed by the improvements build on earlier efforts in East Asia and the Pacific. Inland trans- Middle East and North Africa and East- Rwanda to implement electronic submis- port is a challenge for many economies ern Europe and Central Asia. Introduc- sion of customs declarations and increase of Eastern Europe and Central Asia be- ing or enhancing electronic data inter- acceptance points for submission. cause of their distance from ports. And TRADING ACROSS BORDERS 65 FIGURE 9.3 DB2011 DB2007 Trade becoming faster around the world--with biggest gains in the Middle East and North Africa Regional averages in trading across borders 2010 Documents to export (number) Time to export (days) global average OECD high income 4.4 4.5 OECD high income 11 11 East Asia & Pacific 6.4 6.8 East Asia & Pacific 23 24 Latin America & Caribbean 6.6 6.6 Latin America & Caribbean 18 22 Middle East & North Africa 6.4 7.5 Middle East & North Africa 20 25 Eastern Europe & Central Asia 6.4 7.1 Eastern Europe & Central Asia 27 32 Sub-Saharan Africa 7.7 8.3 Sub-Saharan Africa 32 37 South Asia 8.4 8.5 South Asia 32 35 6.5 23.1 Documents to import (number) Time to import (days) OECD high income 4.9 5.2 OECD high income 11 12 East Asia & Pacific 6.9 7.5 East Asia & Pacific 24 26 Latin America & Caribbean 7.1 7.3 Latin America & Caribbean 20 27 Middle East & North Africa 7.5 8.6 Middle East & North Africa 24 32 Eastern Europe & Central Asia 7.6 8.5 Eastern Europe & Central Asia 28 34 Sub-Saharan Africa 8.7 9.3 Sub-Saharan Africa 38 45 South Asia 9.0 9.4 South Asia 33 38 7.3 25.8 Note: The data sample for DB2007 (2006) includes 178 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Cyprus, Kosovo and Qatar, for a total of 183 economies. Source: Doing Business database. economies in South Asia require the and Peru.6 Efforts in several Eastern ports, were common in the Middle East. largest number of trade-related docu- European economies to ease trade were These were motivated by years of record- ments on average. Nevertheless, thanks motivated by the need to comply with EU high oil prices coupled with integration to efforts at global, regional and national trade regulations or by the conditions for with global markets, as seen in Dubai, levels, the global trade environment has accession to EU membership. for example. improved. Trade facilitation has become The time to trade has fallen in all an important part of governments' strate- regions, for a number of reasons. In Sub- OVERCOMING GEOGRAPHIC BARRIERS gies to increase national competitiveness Saharan Africa much of the drop in the and diversify exports, often supported time for exporting and importing was The geographic characteristics of econo- by multilateral organizations--including achieved by introducing electronic data mies can also influence their approach the World Trade Organization, the World interchange systems--as in Madagascar, to trade reforms. For small island states, Customs Organization and the World Mali and Tanzania--and by reducing trade is often critical. Some, such as Bank--and bilateral donors. delays at ports and customs through in- Singapore, have used their reliance on frastructure improvements--as in Benin sea transport to their advantage and CUTTING RED TAPE and Eritrea. Sometimes simply extend- become trade hubs for their region. The Trade agreements and customs unions ing office hours--as in Kenya, Rwanda close proximity of the largest business have spurred reforms around the world and Senegal--made processes faster. city to the port and the small volume of making it easier to trade across bor- OECD high-income economies have cargo can mean speedy inland transport ders. Cargo can move more easily within advanced the most in the use of elec- and customs clearance. But many islands trade blocs such as the Southern Afri- tronic customs declarations. Economies are isolated--container vessels call at can Customs Union thanks to a com- now achieve customs clearance times the port only every 35­40 days in Săo mon transit document that can be used of hours or even minutes, as in France, Tomé and Principe, for example--and in all member nations. The Association Korea and New Zealand. In the European lack economies of scale. of Southeast Asian Nations (ASEAN) Union paperless electronic declaration By contrast, many landlocked econ- has been working on an ASEAN-wide became mandatory in January 2010. omies face high inland transport costs to single window since 2004. Negotiations Elimination of unnecessary docu- reach ports and delays at border posts. on free trade agreements with the United mentation was popular in Latin America Not surprisingly, traders in landlocked States have often been a driving force and the Caribbean. The Dominican Re- economies face a higher average time and for improvements in trade facilitation public, Ecuador and Honduras elimi- cost to export and import than traders in Latin America and the Caribbean, as nated notarization requirements. Large elsewhere. But geography is not destiny. in Colombia, the Dominican Republic investments in infrastructure, including Border cooperation agreements can en- 66 DOING BUSINESS 2011 TABLE 9.3 disputes. In addition, users will ben- Good practices around the world in making it easy to trade across borders efit only if they have received adequate Practice Economiesa Examples training and if systems are user friendly Using electronic data interchange 116 b Chile, Malaysia, Slovenia, United Arab Emirates and easy to install. In many economies Using risk-based inspections 112 Arab Republic of Egypt, Estonia, Kenya, Thailand that have electronic systems, such as Bo- Providing a single window 40 Colombia, Israel, Senegal, Singapore tswana, The Gambia and St. Vincent and the Grenadines, customs authorities still a. Among 149 economies surveyed. b. Twenty-eight have a full electronic data interchange system, 88 a partial one. require traders to submit hard copies. Source: Doing Business database. This neutralizes potential benefits and may even generate extra work for users. able cargo to move freely--without being but so do developing economies such as stopped for customs--until it reaches Mauritius, Panama and Thailand. OPENING A SINGLE WINDOW its destination. A trader in Vienna, in Some economies go a step further by landlocked Austria, needs only 2 days to LINKING UP ELECTRONICALLY linking not only traders and customs arrange for and complete the transport Electronic data interchange systems have but all agencies involved in trade. An of cargo to the German port of Hamburg become common around the world: electronic single-window system allows despite the distance of 900 kilometers. 78% of the 149 surveyed economies users to submit their export or import This is similar to the distance that cargo allow traders to submit at least some of information in a virtual location that in Ouagadougou, in landlocked Burkina their export and import declarations, communicates with all the relevant au- Faso, must travel to reach a port in neigh- manifests and other trade-related docu- thorities for obtaining documents and boring Ghana or Togo. Yet transporting ments to customs authorities electroni- approvals. Traders no longer need to visit a container between Ouagadougou and cally (table 9.3). Traders can submit all different physical locations. The most Tema (in Ghana) or Lomé (in Togo) can trade documents electronically in half advanced systems, such as the electronic take a week or considerably longer. The of OECD high-income economies but trade portal in Korea, also connect pri- difference is due in part to inadequate only in less than 5% of economies in vate sector participants such as banks, infrastructure. But it also results from Sub-Saharan Africa and Eastern Europe customs brokers, insurance companies additional controls and waiting time at and Central Asia. The newest systems are and freight forwarders. border posts. web-based, allowing traders to submit Single-window systems are most To ensure speed while address- their documents from anywhere and at prevalent among OECD high-income ing security concerns, some develop- any time. This saves precious time and economies. Given the cost and complex- ing economies are introducing fast-track money (not to mention paper). And ity of setting up such systems, this is systems for traders with a good track fewer interactions with officials mean not surprising. But Colombia and Sen- record--"compliant trader" or "gold card fewer opportunities for corruption. egal have also successfully implemented trader" programs. The European Union Electronic data interchange systems single-window systems. and OECD high-income economies such can support regional integration. In Cen- as the United States have developed a tral America the International Goods in FACTORING IN RISK more sophisticated but complex certi- Transit (TIM) system harmonizes previ- Requiring imports and exports to un- fication system that authorizes certain ously cumbersome procedures in a single dergo several types of inspections--for businesses to move faster through the electronic document for managing the tax, security, environmental, border con- logistics of importing and exporting. movement of goods across 9 economies. trol and health and safety reasons--is a At some border locations this has re- normal thing. But how these inspections WHAT HAS WORKED? duced clearance times for goods in tran- are carried out is critical. Done with a sit by up to 90%.7 heavy hand, they can be a serious ob- The economies with the most efficient But simply having an electronic sys- stacle to efficient and transparent trade. trade share common features. They allow tem in place is not enough. Other fac- Over the years customs administra- traders to exchange information with tors have to be considered. To function tions around the world have developed customs and other control agencies elec- properly, electronic data interchange sys- systems for establishing risk profiles that tronically. And they use risk-based as- tems require basic infrastructure such as allow them to limit physical inspections to sessments to limit physical inspections adequate electricity supply and reliable only the riskiest consignments. The use of to only a small percentage of shipments, internet connections--a challenge for scanners in conjunction with risk-based reducing customs clearance times. Many many low-income economies. Electronic profiling eliminates the need to open cargo, OECD high-income economies rank high signature and transaction laws must be contributing to the efficiency of inspec- on the ease of trading across borders, in place to ensure legal validity and avoid tions. Traders in landlocked Kazakhstan TRADING ACROSS BORDERS 67 face shorter customs clearance delays at FIGURE 9.4 Sub-Saharan Africa continues to lead in trade reforms the border with China thanks to the instal- Number of Doing Business reforms making it easier to trade across borders by Doing Business report year lation and implementation of a TC-SCAN DB2007 DB2008 DB2009 DB2010 DB2011 system in recent years. Albania, Cameroon, Sub-Saharan the Islamic Republic of Iran, FYR Macedo- Africa 45 (46 economies) nia, Nigeria and the Philippines are other examples of economies that use scanners. Latin America & Caribbean 28 But in some cases, such as in Zambia, the (32 economies) use of scanners alone has made delays Eastern Europe worse--because customs authorities scan & Central Asia 22 (25 economies) all consignments that pass through the border rather than using risk management Middle East & North Africa 22 to select just the risky ones for scanning. (18 economies) Risk-based inspections are the norm East Asia in OECD high-income economies. They & Pacific 16 (24 economies) are also becoming increasingly common elsewhere. In Eastern Europe and Cen- OECD high income 8 tral Asia 86% of surveyed economies (30 economies) have adopted risk-based inspections. South Asia 7 (8 economies) WHAT ARE SOME RESULTS? Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2007 (2006) includes 178 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Cyprus, Kosovo and Qatar, for a total of 183 economies. Implementing new services to ease trade Source: Doing Business database. matters only if they provide real benefits to both users and providers. In the best global economy, improving the trade fa- truck. In 2006, with about 139,000 truck cases they can lead to economy-wide cilitation environment can help give busi- crossings, this translated into estimated gains. More than 100 economies im- nesses a competitive edge. This is often a annual savings of $40 million. Two years proved trade procedures in the past 5 major impetus for government action. Yet later the number of truck crossings had years and are reaping the benefits of support from the private sector cannot be grown to more than 600,000 annually-- more efficient systems (figure 9.4). taken for granted. When Kenya introduced and the annual savings by an additional its electronic customs system, Simba, in $133 million.9 COMPETITIVE EDGE FOR BUSINESSES 2005, the Kenya International Freight and Ahmet Baslikaya, a Turkish exporter of Warehousing Association initiated a court GREATER INTEGRATION industrial equipment, reports that cus- action. Members felt that Simba imposed Easing trade can also open opportunities toms reforms have reduced his clearance unfair and costly requirements, such as for domestic firms to be part of global costs by 10­15%. "I can send all docu- the need for computerization and train- production networks. Firms in develop- ments by e-mail to the customs authori- ing.8 Traders in the Dominican Republic ing economies often miss out on global ties. Apart from the savings in time, we make similar complaints, claiming that production links because of unfavorable are also saving on labor costs. I used to the country's electronic system creates trade facilitation environments that cre- employ a courier to deliver these docu- more obstacles than benefits. They report ate delays--like those encountered by ments on my behalf to customs, paying technical glitches and feel that the system Bedi. him $400 a month. This is now savings was developed without getting input from Traders in Korea need not worry to my company." Rasheed, an exporter in users or adequately preparing them for about such delays. Korea Customs Ser- the United Arab Emirates, tells a similar the change. vice estimates that predictable cargo story. "Formerly we were employing 2 Transitions are challenging. But processing times and rapid cargo turn- people working full time; each one was policy makers can avoid bigger problems over by ports and warehouses provide a paid a salary of $500 a month. Now we down the road by involving stakeholders benefit to the Korean economy of some need only one person, and even that one throughout the process. Implemented $2 billion annually.10 Indeed, for Korean- person needs to work for only about 5­6 correctly, trade facilitation reforms can based companies such as Samsung and hours a day for the customs clearance yield big cost savings. Such reforms in LG, global leaders in the electronics in- tasks and spends the rest of the time Georgia reduced the customs clearance dustry, the rapid and predictable turn- doing other data entry work." time for a commercial truck by a day. around times are an important part of In an increasingly competitive That saves a day's operating cost, $288 per their competitiveness strategies. 68 DOING BUSINESS 2011 TABLE 9.4 Where is exporting easy--and where not? Where is importing easy--and where not? Documents (number) Documents (number) Fewest Most Fewest Most France 2 Burkina Faso 10 France 2 Burkina Faso 10 Armenia 3 Cambodia 10 Denmark 3 Afghanistan 11 Canada 3 Kazakhstan 10 Korea, Rep. 3 Bhutan 11 Estonia 3 Angola 11 Sweden 3 Mauritania 11 Korea, Rep. 3 Cameroon 11 Thailand 3 Cameroon 12 Micronesia, Fed. Sts. 3 Congo, Rep. 11 Estonia 4 Kazakhstan 12 Panama 3 Malawi 11 Hong Kong SAR, China 4 Eritrea 13 Sweden 3 Mauritania 11 Norway 4 Russian Federation 13 Finland 4 Namibia 11 Panama 4 Azerbaijan 14 Hong Kong SAR, China 4 Afghanistan 12 Singapore 4 Central African Republic 17 Time (days) Time (days) Fastest Slowest Fastest Slowest Denmark 5 Zimbabwe 53 Singapore 4 Kazakhstan 67 Estonia 5 Central African Republic 54 Cyprus 5 Burundi 71 Singapore 5 Niger 59 Denmark 5 Venezuela, RB 71 Hong Kong SAR, China 6 Kyrgyz Republic 63 Estonia 5 Kyrgyz Republic 72 Luxembourg 6 Uzbekistan 71 Hong Kong SAR, China 5 Zimbabwe 73 Netherlands 6 Afghanistan 74 United States 5 Afghanistan 77 United States 6 Chad 75 Luxembourg 6 Iraq 83 Cyprus 7 Iraq 80 Netherlands 6 Tajikistan 83 Germany 7 Kazakhstan 81 Sweden 6 Uzbekistan 92 Norway 7 Tajikistan 82 United Kingdom 6 Chad 101 Cost (US$ per container) Cost (US$ per container) Least Most Least Most Malaysia 450 Rwanda 3,275 Singapore 439 Afghanistan 3,830 Singapore 456 Zimbabwe 3,280 Malaysia 450 Burkina Faso 4,030 China 500 Tajikistan 3,350 United Arab Emirates 542 Burundi 4,285 United Arab Emirates 521 Congo, Dem. Rep. 3,505 China 545 Tajikistan 4,550 Finland 540 Niger 3,545 Săo Tomé and Principe 577 Uzbekistan 4,650 Vietnam 555 Iraq 3,550 Hong Kong SAR, China 600 Rwanda 4,990 Saudi Arabia 580 Congo, Rep. 3,818 Israel 605 Zimbabwe 5,101 Latvia 600 Afghanistan 3,865 Finland 620 Central African Republic 5,554 Pakistan 611 Central African Republic 5,491 Fiji 630 Congo, Rep. 7,709 Egypt, Arab Rep. 613 Chad 5,902 Vietnam 645 Chad 8,150 Source: Doing Business database. GAINS FOR GOVERNMENTS border) between 2005 and 2009. Ghana together more than 35 border agencies, Businesses are not the only ones to ben- saw customs revenue grow by 49% in estimates that for every $1 earned in efit. Making it easier to trade across the first 18 months after implementing customs revenue it spends only 1 cent-- borders can lead to significant benefits GCNet, its electronic data interchange a profit margin of 9,900%.12 Such gains for the government by boosting cus- system for customs procedures.11 have allowed it to pass on the benefits to toms revenue. In Angola between 2001 Making it easier to trade across traders. In 1988, under the manual sys- and 2008, customs revenue increased by borders also assists government opera- tem, traders were charged a processing more than 1,600%, though from a low tions. Rwanda's consistent reforms easing and transmission fee of S$10. Today the base. Not all governments experience trade have led to increased productiv- fee is only S$1.80. such big surges in revenue, but steady ity of customs officials (figure 9.5). The While electronic systems can yield increases add up. In Georgia improve- implementation of single windows in big gains, initial investments and op- ments in customs clearance procedures, Korea and Singapore also led to big gains erations can be costly. Korea Customs coupled with greater trade, contributed in productivity. Singapore, which estab- Service estimates that it spends some to a 92% increase in value added tax rev- lished the world's first national single $38 million annually on its information enue (60­65% of which is collected at the window (TradeNet) in 1989 by bringing technology infrastructure, $9 million of TRADING ACROSS BORDERS 69 FIGURE 9.5 BEYOND ANECDOTES Improvements in customs administration boost efficiency in Rwanda The case for trade facilitation reforms goes beyond anecdotal evidence. It is well 1. Statement during the official launch of 611 the Chirundu one-stop border post, De- 2009 grounded in the economics literature. A cember 5, 2009. 39% increase study in Sub-Saharan Africa finds that 2. Bedi (2009). a 10% reduction in exporting costs in- 2006 3. WTO (2010). 440 creases exports by 4.7%, a greater impact 4. Dennis (2010). than would come from further reductions 5. World Bank, Logistics Performance in tariffs by richer economies.13 Accord- Index, 2007 and 2010 (http://www ing to another study, African economies' .worldbank.org/lpi). limited participation in global supply 6. The United States­Colombia Trade 63 chains for textiles and garments--both Promotion Agreement was signed on time-sensitive products--can be attrib- November 22, 2006, but is awaiting ap- Customs transactions cleared proval by the U.S. Congress before it can per customs official per year uted to delays at customs.14 enter into force. A study focusing on Asia-Pacific Source: Government of Rwanda. 7. Sarmiento, Lucenti and Garcia (2010). Economic Cooperation (APEC) econo- 8. BIZCLIR (2007). mies shows that cutting the days to clear 9. Beruashvili and McGill (2010). which is for the single-window system. exports by half could enable a small to 10. Korea Customs Service (2010). But the estimated benefits, $2­3.3 bil- medium-size enterprise to increase its 11. De Wulf and Sokol (2004). lion a year according to the agency, far share of exports in total sales from 1.6% outweigh the costs. For economies with to 4.5%.15 Another study on APEC econ- 12. Singapore Customs Service (2007). basic computer systems, however, the omies finds that eliminating layers of 13. Hoekman and Nicita (2009). cost of implementing automated systems trade regulation and improving institu- 14. Yoshino (2008). can be significant. tions would cut information and compli- 15. Li and Wilson (2009). Moreover, automated systems can ance costs for businesses--and lead to an 16. Helble, Shepherd and Wilson (2009). speed up customs procedures only if estimated 7.5% increase in intraregional 17. Bhattacharya and Wolde (2010). customs officials and private sector users trade and $406 billion in global welfare 18. Cuńat and Melitz (2007), Depken and are adequately trained to use the new gains.16 Transport constraints can play Sonora (2005), Levchenko (2007) and Ranjan and Lee (2007). technology. Inadequate infrastructure an important part in trade competitive- can also be a constraint, such as when ness, according to a recent study. In the customs officials are forced to stop work- Middle East and North Africa, reducing ing every time an unreliable electricity transport constraints to the world aver- supply disrupts internet connections. age could increase exports by about 10% Nevertheless, many economies continue and imports by more than 11%.17 to learn from Singapore's experience. But trade facilitation alone is not Ghana, Madagascar, Mauritius, Panama enough. Other factors in the business and Saudi Arabia are all using adapted environment, some of which are con- versions of TradeNet. sidered elsewhere in this report, play a complementary part in boosting trade. Recent studies point to the importance of such factors as the depth of credit in- formation, enforcement of contracts and flexibility of labor markets.18 70 DOING BUSINESS 2011 Starting a business FIGURE 10.1 cesses for dispute resolution are needed Dealing with construction permits Higher ceiling for claims made enforcing now more than ever (table 10.1). Registering property contracts faster and cheaper in Malawi Time (days) For some economies growing case- 2009 Getting credit 400 loads have offered an opportunity to Cost cut from Protecting investors 142% of the claim come up with new solutions to improve to 94% Paying taxes the working of their courts. Dubai re- 300 Trading across borders Time 2010 sponded to pressures on its legal system cut by Enforcing 200 120 days by creating specialized courts. While the volume of cases has continued to grow, contracts 100 the courts in Dubai can now handle a greater number--resolving 58% more Closing a business cases in 2009 than in the previous year.8 0 Improving court functions remains es- Filing and Trial and Enforcement sential to sustaining a healthy, stable service judgment Source: Doing Business database. economy, especially during a credit crunch. A recent study found that effi- Businesses worldwide continue to face of cases. In the past 5 years foreclosure cient contract enforcement is associated challenges as a result of the global fi- cases in the state doubled while contract with greater access to credit for firms.9 nancial crisis--and are more concerned disputes increased by 23%.4 Thirteen economies made it faster, than ever about recovering losses fast. In China in 2009 the number of con- cheaper or less cumbersome to enforce In the past 2 years more disputes in- tract disputes was up by 8.6% from the a contract through the courts in 2009/10 volving property, supply contracts and year before.5 In Montenegro the commer- (table 10.2). Malawi improved the ease banking transactions ended up in court, cial court of Podgorica had a nearly 300% of enforcing contracts the most by rais- increasing caseloads and backlogs. Ire- jump in cases in 2009.6 In Serbia the 17 ing the ceiling for commercial claims land's commercial court had a record commercial courts saw incoming cases that small magistrates courts can hear number of cases listed in 2009.1 In the grow from 135,497 in 2008 to 165,013 in (figure 10.1). first 6 months of the year it had 192 cases 2009, an increase of 22%--more than 3 Doing Business measures the time, entered, compared with 76 in the same times the 7% increase in 2007 and 2008.7 cost and procedural complexity of re- period of 2007.2 In Denmark caseloads in The Belgrade commercial court experi- solving a commercial lawsuit between 2 enforcement courts increased by 38% in enced an even larger increase: about 40% domestic businesses. The dispute involves 2009 compared with 2007.3 In the United more cases were brought in 2009 than in the breach of a sales contract worth twice States, New York State courts finished the the year before. the income per capita of the economy. The year with the highest ever annual tally Reflecting the effects of the global case study assumes that the court hears crisis, most cases were filed by large an expert on the quality of the goods in TABLE 10.1 creditors, such as utility companies and dispute. This distinguishes the case from Where is enforcing contracts easy--and mobile phone providers trying to collect where not? simple debt enforcement (figure 10.2). from defaulting debtors. Efficient pro- Easiest RANK Most difficult RANK Luxembourg 1 Central African 174 Republic FIGURE 10.2 Hong Kong SAR, 2 China Honduras 175 What are the time, cost and number of procedures to resolve a commercial Iceland 3 Syrian Arab 176 dispute through the courts? Norway 4 Republic Korea, Rep. 5 Benin 177 Court Germany 6 Suriname 178 France 7 Bangladesh 179 Time United States 8 Săo Tomé and 180 Cost Austria 9 Principe Number of procedures New Zealand 10 Angola 181 Company A Company B COMMERCIAL DISPUTE India 182 (seller & plaintiff) (buyer & defendant) Timor-Leste 183 Note: Rankings are the average of the economy's rankings on the Filing of Trial & procedures, time and cost to resolve a commercial dispute through court case judgment Enforcement the courts. See Data notes for details. Source: Doing Business database. ENFORCING CONTRAC TS 71 TABLE 10.2 Who made enforcing contracts easier in 2009/10--and what did they do? Feature Economies Some highlights Increased procedural efficiency at Burkina Faso, Canada, Hong Kong SAR In Hong Kong SAR (China) civil justice reforms improved case manage- main trial court (China), Malawi, Mauritius, New Zealand, ment, imposed limits on certain applications and appeals, limited the time Timor-Leste, Uganda for witness examination and oral submissions and extended discovery procedures. Introduced or expanded computerized Canada, Hong Kong SAR (China), United Zambia is moving to electronic forms, real-time court reporting, electronic case management system Kingdom, Zambia storage and computer searches of registry files. Records of court proceed- ings are immediately available to litigants and court officials--as well as to the public, through computer terminals in the courts. Introduced or expanded specialized Burkina Faso, Guinea-Bissau In Guinea-Bissau the new commercial court was set up, and judges as well commercial court as clerks and other support personnel received training. Made enforcement of judgment more Georgia In Georgia private enforcement officers were introduced alongside state efficient enforcement agents, increasing enforcement capacity. And debtors can now pay creditors the outstanding debt before the closing of an auction to avoid the sale of their assets. Reviewed rules on modes of service Islamic Republic of Iran The Islamic Republic of Iran is introducing electronic filing, allowing par- and notification ties to file petitions electronically with certain courts. Several courts have also implemented text message notification. An electronic case manage- ment system has been implemented in branches of Tehran's court of first instance. Source: Doing Business database. WHAT ARE THE TRENDS? nological innovations include systems to forcement of judgments to the private electronically store court documents on sector. In 2003, inspired by the French Economies in all regions have imple- microfilm (as in Germany) and the use model, Lithuania introduced private mented reforms easing contract enforce- of electronic communication through enforcement officers. In 2006 Bulgaria ment in the past 7 years (figure 10.3). A data mailboxes to serve process (as in and FYR Macedonia followed suit, re- judiciary can be improved in different the Czech Republic). In Norway a com- placing state enforcement officers with ways. Higher-income economies tend puter system that tracks deadlines and self-employed private bailiffs.10 Georgia to look for ways to enhance efficiency requires judges to justify postponements, combined the state and private mod- by introducing new technology. Lower- together with new procedural rules since els, introducing private bailiffs in 2008 income economies often work on re- 2008, helped reduce the time for trial by alongside the state bailiffs to increase en- ducing backlogs by introducing periodic a month. The United Kingdom recently forcement capacity. Since 2009 the Geor- reviews to clear inactive cases from the introduced an electronic system in its gian Ministry of Justice has issued 38 docket and by making procedures faster. commercial court that allows filings 24 licenses to private enforcement agents. hours a day, so litigants can now initiate Kazakhstan has a draft law aimed at in- MORE AUTOMATION IN OECD lawsuits outside normal court hours. troducing private enforcement agents by HIGH-INCOME ECONOMIES 2011. Armenia studied the introduction OECD high-income economies lead in MORE SPEED IN EASTERN EUROPE of private bailiffs but decided to focus for AND CENTRAL ASIA the ease of enforcing contracts, with now on improving the performance of court processes that are the cheapest Courts in Eastern Europe and Central state enforcement agencies. and among the fastest for commercial Asia are the fastest globally, resolving litigants. For a plaintiff to go from filing commercial disputes in 402 days on av- INCREASED EFFICIENCY IN SUB-SAHARAN AFRICA a claim to collecting the proceeds from erage. Thanks to consistent efforts to the sale of movable assets costs 19% streamline courts, they have also acceler- Court reforms in Sub-Saharan Africa of the claim value and takes about 518 ated the process the most since 2003--by have had the second greatest impact in days on average. nearly 7 weeks on average. Many in the speeding up the enforcement of con- What has driven the advances region focused on the enforcement of tracts. New case management systems, made? Investing in automation. Half of judgments after the trial, reducing the commercial courts and measures to re- OECD high-income economies have set time it takes by an average of 15 days duce backlogs have cut the time it takes up electronic processes for filing claims since 2003. to resolve a commercial dispute by an in commercial disputes, far more than A trend that started in Estonia in average of nearly 4 weeks since 2005. But in any other region (table 10.3). Tech- 2001 and Latvia in 2002 is to move en- resolving a commercial dispute still costs 72 DOING BUSINESS 2011 businesses 50% of the claim value on TABLE 10.3 Good practices around the world in making it easy to enforce contracts average. The main reason: high lawyers' fees relative to the value of the claim. Practice Economiesa Examples One solution being explored by Using active case management 100b Armenia, Ghana, Japan, Jordan, Malaysia, Puerto some African countries is to introduce Rico, Sri Lanka small claims courts or small claims pro- Maintaining specialized commercial 85 El Salvador, Germany, Malaysia, Maldives, Mauri- cedures. These offer simplified processes court, division or judge tius, Russian Federation, Tunisia that take less time. Parties can often rep- Allowing electronic filing 19 Australia, Czech Republic, Estonia, Singapore, Tur- of complaints key, United Arab Emirates, United States resent themselves, saving fees that they a. Among 183 economies surveyed, unless otherwise specified. would normally spend on lawyers. In b. Among 164 economies surveyed. addition, filing fees are lower, and judges Source: Doing Business database. issue decisions more quickly.11 Particu- larly for female entrepreneurs, who typi- FEW COURT REFORMS IN SOUTH ASIA recorded no major court reforms in the cally own small businesses, small claims In some parts of the world slow courts region in the past 2 years. To avoid courts can be a preferable forum for still risk delaying commercial justice. lengthy court trials, the private sector has resolving simple disputes. In Zimbabwe South Asia has the longest court de- introduced systems of alternative dispute the small claims court takes cases up lays. The process of deciding a standard resolution as a way to bypass the courts to $250, and no lawyers are allowed. In commercial dispute and enforcing the in such countries as Bangladesh, India neighboring Zambia a new small claims judgment takes on average more than and Pakistan. court for cases up to about $5,000 started 1,000 days, or nearly 3 years--almost operating in 2009. One limitation is that twice as much time as the average for BUT A PICKUP IN PACE IN 2 REGIONS a company cannot file a claim in the other regions, 585 days (figure 10.4). Efforts to reduce delays in the judicial court but can appear only to respond to Contributing to the delays are the inade- system have also been slow to get off the a claim filed against it by an individual. quate number of judges; the lack of strict ground in the Middle East and North Kampala, Uganda, is piloting a small deadlines, which encourages constant Africa and in Latin America and the Ca- claims procedure with magistrates dedi- adjournments; and the large caseloads ribbean. But the pace has recently picked cated to hearing simple cases. and backlogs. up. Doing Business recorded 5 major South Asian economies have been reforms to improve court efficiency in LESS COMPLEXITY IN EAST ASIA AND slow to make changes. Doing Business the Middle East and North Africa in the THE PACIFIC In East Asia and the Pacific changes to FIGURE 10.3 civil procedure laws have been aimed Pace of reform in enforcing contracts picks up in Sub-Saharan Africa Number of Doing Business reforms making it easier to enforce contracts by Doing Business report year at reducing procedural complexity. In 2009/10 Hong Kong SAR (China) intro- DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 Sub-Saharan duced wide-ranging civil justice reforms, Africa 26 including procedural deadlines, case (46 economies) DB2005 management, limits on appeals, flexible OECD settlement arrangements and an em- high income 25 (30 economies) phasis on alternative dispute resolution. Eastern Europe The previous year Malaysia introduced & Central Asia 21 stricter enforcement of procedural dead- (25 economies) lines to process documents and created Latin America & Caribbean 14 a separate "fast track" for disposing of (32 economies) interlocutory matters. Among the Pacific East Asia islands, Papua New Guinea introduced & Pacific 11 (24 economies) a specialized commercial division in its national court in 2007, now fully op- Middle East & North Africa 5 erational. Tonga set up court-referred (18 economies) mediation in 2008. The Solomon Islands South Asia is scheduled to launch it in 2010. (8 economies) 1 Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2005 (2004) includes 155 economies. Twenty-eight more were added in subsequent years. Source: Doing Business database. ENFORCING CONTRAC TS 73 FIGURE 10 .4 change. In the past year, thanks to previ- Fastest courts in Eastern Europe and Central Asia Regional averages in enforcing contracts ous years' reforms to improve efficiency, DB2011 DB2006 Botswana, Mali, Rwanda and West Bank Time (days) and Gaza reduced the time to file and try a 389 2010 Eastern Europe & Central Asia 402 global case by 40 days on average (table 10.4). average OECD high income 518 533 South Asia 1,047 1,053 SPECIALIZING FOR SPEED East Asia & Pacific 532 557 Introducing specialized courts has been Middle East & North Africa 664 683 a popular improvement. A specialized Sub-Saharan Africa 639 665 commercial procedure can be estab- Latin America & Caribbean 707 726 lished by setting up a dedicated stand- 605 alone court, a specialized commercial Procedures (number of steps) section within existing courts or special- OECD high income 31 32 ized judges within a general civil court. Eastern Europe & Central Asia 36 37 44 44 Economies with stand-alone commercial South Asia 36 37 courts include Sierra Leone, Sri Lanka East Asia & Pacific Middle East & North Africa 44 44 and Tanzania. Those with commercial Sub-Saharan Africa 39 39 divisions within high courts include Ire- Latin America & Caribbean 39 40 land, Kenya, Nigeria, Uganda and the 38 United Kingdom. In some economies Cost (% of claim) the specialized commercial courts decide 19.3 OECD high income 19.2 only cases relating to bankruptcy, securi- Eastern Europe & Central Asia 24.8 26.7 ties, maritime transport or intellectual South Asia 27.0 38.9 property while general commercial cases East Asia & Pacific 48.5 48.7 remain with the ordinary courts. This is Middle East & North Africa 23.6 24.6 49.4 the case in such economies as Algeria, Sub-Saharan Africa 50.0 Indonesia, the Slovak Republic, Thailand Latin America & Caribbean 31.2 32.0 and Uruguay. Specialized courts, besides 34.7 offering the benefits of specialization, Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. also generally resolve commercial dis- Source: Doing Business database. putes faster. Several economies have recently in- past 2 years. Some solutions involved limited recourse to interlocutory ap- troduced reforms increasing court spe- introducing computer-aided case man- peals, eliminated the need for a separate cialization. Jordan set up commercial di- agement systems. Jordan and West Bank enforcement procedure and introduced visions in its courts of first instance and and Gaza introduced software featur- electronic filing of certain documents its conciliation courts in 2008, assigning ing online access to court records and in court. Brazil's superior court has judges to hear solely commercial cases. automated notification and case track- scanned 231,000 paper proceedings In Mauritius a specialized commercial ing. Algeria and Saudi Arabia are also since 2007, saving 108 million sheets division in the supreme court began developing automated case management of paper. This spares 1,836 hectares of hearing cases in 2009. Burkina Faso and systems. Saudi Arabia's will allow elec- forest--covering the equivalent of more Guinea-Bissau established dedicated tronic filing and automatic assignment than 300 soccer fields--annually.12 commercial courts the same year. Syria of court dates as well as keep a log of all plans to follow suit. If creating special- proceedings. WHAT HAS WORKED? ized courts yields satisfied users, it can In Latin America and the Carib- embolden governments to try broader bean improvements have speeded up In the past 7 years Doing Business re- judicial reforms. contract enforcement by an average of corded 103 reforms to improve court ef- 3 weeks since 2004. In the past several ficiency. Few have been successful, and INTRODUCING TECHNOLOGY years such economies as Brazil, Colom- many have been slow to show impact. Using technology to track court pro- bia and Peru have aimed to increase Court reform takes time to show results. cesses can make managing cases easier procedural efficiency and reduce back- As the courts and users become accus- while increasing transparency and limit- logs. Brazil has been pioneering change tomed to the new system, efficiency can ing opportunities for corruption in the at the federal level. Since 2006 it has continue to improve for years after the judiciary. Automated court processes 74 DOING BUSINESS 2011 BOX 10.1 pointed and trained a master to improve Civil conflict and the courts case management in the high court. In War and civil strife in a country disrupt the judicial system by destroying court buildings and the country's magistrates' courts case records and driving qualified professionals out of the country. Uncertainty about the legiti- management reportedly reduced the macy of the courts often discourages their use. Fragile states commonly face broad strikes backlog of cases from 5 months to 2.5.18 in the judiciary. Chad and Zimbabwe have contended with judges' strikes for higher salaries Case management includes the pos- in recent years. Burundi had to overcome a lawyers' strike in 2006. In West Bank and Gaza sibility for a judge to conduct prepara- increased security threats against judges triggered a strike by all courts in 2005. tory hearings to help the parties narrow the issues in dispute, to encourage them During a conflict, informal economic activity increases. Once the conflict ends, a key issue is to settle and to fix procedural timelines how to efficiently resolve disputes over property.1 Rebuilding the judiciary can take years, and and monitor compliance. In Norway pre- legal professionals may be in short supply. Chad has only about 150 practicing lawyers, and in paratory meetings held in civil cases at 2009 it had only 6 new law graduates. Liberia has only about 300 practicing lawyers for a popu- the Midhordland district court led to lation of 3.4 million, and some have little legal training. But judges are being trained, courts settlement in more than 80% of cases.19 equipped with new resources and legal academies given the support they need. In the Slovak Republic the Bratislava Despite the challenges, postconflict economies are revitalizing their judiciaries. Burundi and district court keeps cases moving by al- Rwanda have enacted new civil procedure codes and reorganized their judiciaries since 2004. lowing adjournments only when there is Before the new commercial courts were established in Kigali, Rwanda had to change its law a compelling reason.20 In Israel in 2009 to allow the hiring of non-Rwandese expatriate judges. In May 2008, 2 Mauritian judges were the chief justice of the supreme court is- sworn in to help local judges run the new courts during the first 3 years of operation.2 Sierra sued an official instruction requiring the Leone is creating a new division of its high court for commercial cases, expected to start courts to refuse adjournments and pre- operating by the end of 2010, and is also working toward launching a fast-track commercial vent delay tactics in all but the most seri- court. Liberia is creating a new commercial court. Timor-Leste is improving the internal ous situations. In Ireland the Dublin com- organization of the district court of Dili, including by training and recruiting new judges. mercial court has the power to strike out 1. Samuels (2006). cases or order fines for failure to follow 2. Hertveldt (2008). the court's directions and timelines.21 can also prevent the loss, destruction distribution.14 In 2008 Moldova comput- MEASURING PERFORMANCE or concealment of court records.13 And erized its courts and introduced web- Measuring the performance of courts and allowing litigants to file complaints elec- sites and audio recording equipment. individual judges can increase efficiency. tronically in commercial cases, as the Court administrators reported that the Assessments of a court's performance United Kingdom recently did, makes changes made the courts' work faster, can help its personnel set concrete tar- initiating a lawsuit faster. In Armenia the easier and more efficient.15 Bulgaria's gets and aid in evaluating the court's introduction of electronic case manage- supreme courts computerized their court progress toward its goals, in setting bud- ment has increased transparency. Public records system in 2006, enabling litigants gets and in motivating staff to improve kiosks with touch screens located in to access court documents and track a performance.22 What gets measured can court buildings make case information case to its completion.16 All judgments of range from user satisfaction to costs, available to the public. But simply intro- the supreme courts have been accessible timeliness and clearance rates.23 Econo- ducing information technology does not online since October 2008. mies such as Australia, Singapore and solve underlying procedural inefficiency. the United States have been using tools to A thorough overhaul of court processes MANAGING CASES measure performance in the judicial sec- is also necessary. Judicial case management has proved to tor since the late 1990s.24 Others started Electronic systems also improve be effective in reducing procedural de- more recently. efficiency within the courts, making lays. It also helps in monitoring perfor- In 2005 the Netherlands introduced the work of judges and staff easier. In mance. Croatia is adopting an automated an innovative system that ties court Egypt employees in the Alexandria and case management system that it expects performance to budget allocation. The El Mansűra courts of first instance used will not only improve efficiency but also new system measures the output of the to transcribe judges' handwritten de- produce better statistical data for moni- courts--the number of cases resolved cisions on typewriters. But thanks to toring the performance of judges.17 in each case category--and the Minis- court modernization efforts, now they Botswana introduced case manage- try of Justice then allocates a budget to can transcribe decisions directly into ment in its high court rules in 2008. The each court on that basis. Any operating an electronic system, to be archived and average duration of trials has since fallen surplus can be added to a court's future promptly produced for docketing and from 912 days to 550. In 2006 Fiji ap- budget, giving the court an incentive to ENFORCING CONTRAC TS 75 TABLE 10.4 WHAT ARE SOME RESULTS? Who makes enforcing contracts easy--and who does not? Procedures (number of steps) Well-functioning courts help businesses Fewest Most expand their networks and markets. Ireland 20 Guinea 50 Without effective contract enforcement, Singapore 21 Kuwait 50 people might well do business only with Hong Kong SAR, China 24 Belize 51 family, friends and others with whom Rwanda 24 Iraq 51 they have established relationships. Austria 25 Oman 51 Successful court reforms increase Belgium 26 Timor-Leste 51 efficiency and save time. That's the case Luxembourg 26 Kosovo 53 Netherlands 26 Sudan 53 in Rwanda. The commercial courts inau- Czech Republic 27 Syrian Arab Republic 55 gurated in Kigali in May 2008 have com- Iceland 27 Brunei Darussalam 58 pleted more than 81.5% of the cases re- Time (days) ceived. Because half the 6,806 cases that the Kigali commercial courts received Fastest Slowest and resolved in 2008­09 had been trans- Singapore 150 Timor-Leste 1,285 ferred from other courts, that means Uzbekistan 195 Slovenia 1,290 a big reduction in the case backlog.27 New Zealand 216 Sri Lanka 1,318 Belarus 225 Trinidad and Tobago 1,340 The improved infrastructure of the new Bhutan 225 Colombia 1,346 commercial courts also reduced delays Korea, Rep. 230 India 1,420 in commercial dispute resolution. The Rwanda 230 Bangladesh 1,442 registry, having mastered the new case Azerbaijan 237 Guatemala 1,459 registration system, now enters cases Kyrgyz Republic 260 Afghanistan 1,642 into the system swiftly. And time for ser- Namibia 270 Suriname 1,715 vice by bailiffs has decreased. Since 2008 Cost (% of claim) the average time to resolve a commercial Least Most dispute has declined by nearly 3 months, Bhutan 0.1 Comoros 89.4 from 310 days to 230. Iceland 8.2 Malawi 94.1 In 2002 Pakistan implemented the Luxembourg 9.7 Cambodia 102.7 Access to Justice Program to reduce de- Norway 9.9 Papua New Guinea 110.3 lays in a number of pilot courts. The Korea, Rep. 10.3 Zimbabwe 113.1 improvements cost $350 million and fo- China 11.1 Indonesia 122.7 cused on providing more training, such Poland 12.0 Mozambique 142.5 as in case management techniques. Re- Thailand 12.3 Sierra Leone 149.5 Slovenia 12.7 Congo, Dem. Rep. 151.8 search analyzing court data for 2001­03 Portugal 13.0 Timor-Leste 163.2 shows that after the court reform, 25% Source: Doing Business database. more cases were decided in the affected districts.28 In 1993 India introduced debt improve its efficiency. Besides output, of decisions, the treatment of the par- recovery tribunals, an expedited enforce- the Dutch system also evaluates judicial ties, the promptness of the proceedings, ment mechanism that bypasses normal quality, which includes the quality of the competence of the judge and the court procedures. Research drawing on judicial decisions, the timeliness of pro- organization and management of adju- data for 2000­03 finds that introducing ceedings, the degree to which court of- dication.26 Malaysia introduced a per- the tribunals reduced nonpayment of ficials treat the parties in a case with due formance index for judges in 2009. The debt by 3­11% and made loans 1.4­2 respect and the expertise, independence index, fixed by the judges themselves, percentage points cheaper.29 and impartiality of judges.25 is aimed at allowing them to assess and Extending the use of information Finland introduced quality bench- monitor their performance. The result: and communication technology can re- marks in a number of courts in 2006. case disposal rates in Malaysian courts duce costs. In Austria a "data highway" These are used to measure the opera- are already improving. for the courts that allows documents to tional performance of courts, the quality be sent electronically has produced huge savings. In 2009 there were about 3.4 million electronic exchanges of docu- ments related to summary proceedings 76 DOING BUSINESS 2011 FIGURE 10.5 14. U.S. Agency for International Develop- Information technology in Austrian courts ment, "Egypt--Before & After: Modern- saved more than 11 million over 3 years 1. Dearbhail McDonald, "Disputes before ization Raises Court's Efficiency," http:// the Commercial Court Soar to Record www.usaid.gov/stories/. 11.2 Level," Irish Independent, July 6, 2009, 15. Millennium Partners, "The Moldova http://www.independent.ie/. Governance Threshold Country Program Total 8.8 4.4 (MCC)/USAID," http://www 2. Dearbhail McDonald, "Business and Debt Lawsuits Double in Wake of Down- .millenniumpartners.org. See also 2009 3.4 turn," Irish Independent, July 24, 2009, USAID (2010). http://www.independent.ie/. 16. See Pepys (2003) and Supreme Adminis- 3.6 trative Court of the Republic of Bulgaria, 2008 3.1 3. Courts of Denmark, "Statistics," http:// www.domstol.dk/. http://www.sac.government.bg/. 3.2 4. Lippman (2010) and William Glaberson 17. Botero and others (2003). 2007 2.3 "The Recession Begins Flooding into the 18. AusAID (2005, p. 51). Courts," New York Times, December 28, 19. CEPEJ (2006). Documents Savings 2009. submitted in postage 20. CEPEJ (2006). electronically ( millions) 5. Zhu Zhe and Yang Wanli, "Court Cases (millions) 21. CEPEJ (2006). Reach Record High in 2009," Source: Austrian Judicial System, http://www.justiz.gv.at. China Daily, March 12, 2010, http:// 22. See National Center for State Courts www.chinadaily.com.cn. (2005a). 6. Commercial Court of Podgorica (2009). 23. National Center for State Courts (2005a, (figure 10.5). The savings in postage 2005b). 7. Commercial Courts of Serbia, http:// alone amounted to 4.4 million. In Tur- www.portal.sud.rs. 24. For the United States, see the official key the use of text messaging for legal website of the National Center for State 8. Awad Mustafa, "Specialised Courts notifications--such as to communicate Courts (http://www.ncsconline.org/) and Tackle 51% Increase in Cases," The Na- North Carolina Court System, "Court the dates of court hearings--has allowed tional (Dubai), April 18, 2010, http:// Performance Management System," savings in postage of up to 7 million www.thenational.ae/. http://www.nccourts.org/. Turkish liras (about 3.3 million) a year. 9. Bae and Goyal (2009, p. 823) show that 25. Albers (2009). "banks respond to poor enforceability By early 2010 nearly 2,000 lawyers and of contracts by reducing loan amounts, 26. See Finland Judiciary (2006). 80,000 citizens in Turkey were using the shortening loan maturities, and increas- 27. Interview by the Business Times (Kigali) system, and the numbers were growing ing loan spreads." with the vice president of the commer- by 500 a day.30 10. See EBRD (2006). cial high court, Benoit Gatete, January 12, 2010, http://allafrica.com/. 11. World Bank (2010b, p. 34), citing Zucker and Herr (2003). 28. Chemin (2009). 12. Electronic Proceedings Project (2010). 29. Visaria (2009). 13. See Pepys (2003). 30. European Commission (2010). 77 Starting a business FIGURE 11.1 Dealing with construction permits Insolvency act starts to pay off in the Czech Republic Who improved the most Registering property in closing a business? Getting credit 55.9 1. Czech Republic Protecting investors 2. Serbia Paying taxes 3. Latvia Trading across borders 4. United Kingdom Enforcing contracts 5. Belgium 17.0 6. Japan Closing a 2009 6.5 14.5 20.9 7. 8. Spain Korea, Rep. business 2010 3.2 9. 10. Lithuania Hungary Time Cost Recovery rate (years) (% of estate (cents on value) the dollar) Source: Doing Business database. When Jan checked into Starý zámek, Historically, crises have been used as an out-of-court debt restructuring. In Hong a business hotel in downtown Prague, opportunity to improve insolvency laws. Kong SAR (China), following an increase he found everything just as expected: a As anticipated in Doing Business 2010, in bankruptcy petitions from 10,918 in polite greeting from the reception staff, a several legislative changes in 2009/10 2007 to 15,784 in 2009,1 a new "corporate comfortable room, neatly arranged tow- were inspired by the recent global fi- rescue" reorganization procedure was els. Imagine his surprise when a waiter nancial and economic crisis. Germany under consideration in June 2010. serving him breakfast in the café the next extended until 2013 its suspension of Keeping viable businesses operating morning mentioned that the hotel could the obligation to file for insolvency for is one of the important goals of bank- close any day--because the company overindebted companies whose business ruptcy systems.2 A firm suffering from running it had been badly hit by the cri- would be likely to continue. The suspen- bad management choices or a temporary sis. Jan, an attorney, checked the online sion, made in 2008 and initially sched- economic downturn may still be capable insolvency register. He was relieved to uled to run only until the end of 2010, of being turned around. In most cases find documents showing that the com- is aimed at keeping courts from being keeping the business alive is the most pany was being reorganized. So the hotel overwhelmed by the many filings result- efficient outcome. Creditors get a chance was likely to continue operating well ing from the crisis. to recover a larger part of their credit, beyond his planned 3-week stay. Other changes addressed increases more employees keep their jobs, and Saving viable businesses becomes es- in insolvency cases. Latvia introduced the network of suppliers and customers pecially important in times of recession. a new out-of-court procedure in 2009. is preserved. But not all businesses that Romania established special preinsol- become insolvent are viable. A good TABLE 11.1 vency procedures in 2010 for distressed bankruptcy system weeds out the bad Where is closing a business easy-- and where not? companies trying to avoid bankruptcy. from the good. RECOVERY RECOVERY In another response to the crisis, Spain Many recent reforms of bankruptcy Easiest RATE Most difficult RATE passed a new law in 2009 introducing laws have been aimed at promoting reor- Japan 92.7 Liberia 8.4 FIGURE 11.2 Singapore 91.3 Sierra Leone 8.4 What are the time, cost and outcome of the insolvency proceedings against a local company? Canada 91.2 Ukraine 7.9 Norway 90.9 Haiti 6.7 Denmark 89.4 Venezuela, RB 5.9 Court Finland 89.4 Philippines 4.5 United 88.6 Micronesia, Fed. Sts. 3.2 Outcome Kingdom Time Congo, Dem. 1.1 Cost Belgium 87.6 Rep. Recovery rate Ireland 87.4 Zimbabwe 0.2 Taiwan, China 82.2 Central African 0.0 Secured INSOLVENCY Republic creditor Insolvent Unsecured (bank) company creditors Note: Rankings are based on the recovery rate: how many cents on the dollar creditors recover from an insolvent firm. See Data notes for details. SECURED OTHER Source: Doing Business database. LOAN CLAIMS 78 DOING BUSINESS 2011 ganization as the most intuitively effec- FIGURE 11.3 Rapid pace of bankruptcy reforms in OECD high-income economies and tive way for viable businesses to survive. Eastern Europe and Central Asia The new bankruptcy law that went into Number of Doing Business reforms making it easier to close a business by Doing Business report year effect in Brazil in 2005 is one example. DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 Estonia passed a special reorganization OECD act in 2008. In 2009 Japan made it easier high income 29 (30 economies) to transfer necessary business permits to the new companies created as a result of Eastern Europe & Central Asia 24 reorganization. In June 2010 new legisla- (25 economies) tion focusing on the reorganization of East Asia small and medium-size enterprises was & Pacific 8 (24 economies) being discussed in India. The Czech Republic adopted a new Latin America & Caribbean 8 insolvency act in 2006 to help more viable (32 economies) businesses survive. Under the previous Sub-Saharan law, adopted in 1991, insolvency always Africa 7 (46 economies) resulted in liquidation. Debt could be Middle East & restructured, but only through informal North Africa 3 means, outside the official bankruptcy (18 economies) procedures. By June 2010 more than 50 South Asia 1 filings for reorganization had been re- (8 economies) corded and 31 reorganizations approved Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2006 (2005) includes 174 under the new law.3 The full benefits of economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. the new law will take time to material- Source: Doing Business database. ize. Insolvency proceedings in the Czech Republic can still take more than 3 years, banca rupta, referring to the practice of of the value of the estate. and the number of approved reorganiza- breaking a moneylender's bench, some- In 22 of the 30 OECD high-income tions remains low, with 6 in 2008, 16 in times over his head. Today the stigma of economies, businesses have a chance to 2009 and 9 in the first 6 months of 2010.4 bankruptcy continues to be among the survive as a going concern following in- Doing Business studies the time, reasons that debtors in many economies solvency proceedings. In the past 20 years cost and outcome of insolvency proceed- in the Caribbean, Central America, the many OECD high-income economies ings involving domestic entities (figure Middle East and North Africa and Sub- introduced or strengthened insolvency 11.2).5 Speed, low costs and continua- Saharan Africa do not easily resort to regimes along the principles of the U.S. tion of viable businesses characterize insolvency procedures. Older laws take chapter 11 process. Sweden reformed in- the top-performing economies. Doing a much more punitive approach than solvency regulations in 1996, Belgium in Business does not measure insolvency newer ones. Modern bankruptcy laws 1997, Germany in 1999, France and Italy proceedings of individuals and financial focus on the survival of viable businesses in 2006 and Finland in 2007, among oth- institutions.6 and the creation of solid reorganization ers.7 A parallel trend was to improve the procedures. infrastructure of bankruptcy systems. In WHAT ARE THE TRENDS? 2006 the Czech Republic increased trans- EVER-GREATER EFFICIENCY IN OECD parency by introducing an online register Bankruptcy regulation continues to vary HIGH-INCOME ECONOMIES for documents produced in the course of across regions, and so does the pace of Bankruptcy processes tend to be more proceedings. In 2009 the United Kingdom bankruptcy reform (figure 11.3). And efficient in OECD high-income econo- allowed court documents to be signed and while some economies have made con- mies (figure 11.4). This is reflected in filed electronically as part of the courts' tinual efforts to improve their insolvency their average recovery rate of 69.1 cents greater use of information technology. laws, implementing the new legal provi- on the dollar, the highest rate globally. In June 2010 Poland was in the early sions and supporting them with adequate These economies also have the fastest stages of implementing a comprehensive infrastructure remain crucial. proceedings, taking an average of 1.7 training program for insolvency judges. A declaration of bankruptcy origi- years (down from 2.0 in 2004). And The country plans to position its training nally carried great stigma. This is clear they have the cheapest proceedings after institutions as international leaders. from the word's origins in the Italian South Asia's, costing an average of 9.1% CLOSING A BUSINESS 79 FIGURE 11.4 vency administrators. In May 2009, 10 Big increase in recovery rate in Eastern Europe and Central Asia Regional averages in closing a business economies signed a joint declaration on intended reforms of their insolvency re- Recovery rate (cents on the dollar) gimes. The legislative changes in Egypt, OECD high income 67.0 69.1 Jordan and the other economies were East Asia & Pacific 33.0 34.4 still being discussed in June 2010. Eastern Europe & Central Asia 26.5 32.6 DB2011 DB2006 Insolvency proceedings in the Mid- Latin America & Caribbean 29.7 32.8 dle East and North Africa are the lon- Sub-Saharan Africa 19.1 23.2 28.3 33.0 2010 gest after South Asia's. The number of Middle East & North Africa global 28.0 28.7 average cases that go through court remains low. South Asia 37.7 Creditors and debtors rarely resort to Time (years) collective procedures. OECD high income 1.7 2.0 East Asia & Pacific 2.7 2.8 NEW LAWS AND INCENTIVES IN LATIN Eastern Europe & Central Asia 2.9 3.1 AMERICA Latin America & Caribbean 3.3 3.5 Several economies in Latin America and Sub-Saharan Africa 3.4 3.4 the Caribbean have recently introduced Middle East & North Africa 3.4 3.6 or are contemplating changes to the reg- South Asia 4.5 5.0 ulation of insolvency administrators. In 2.9 2005 Chile linked the calculation of ad- Cost (% of estate) ministrators' fees to the amounts realized OECD high income 9.1 9.1 from the sale of distressed companies' East Asia & Pacific 23.2 24.2 assets. This was done to encourage quick Eastern Europe & Central Asia 13.4 13.5 15.9 16.3 and efficient sales. Similarly, in 2009 Latin America & Caribbean 19.9 20.7 Colombia introduced monetary incen- Sub-Saharan Africa 13.3 13.6 tives for speedy resolution of bankruptcy Middle East & North Africa South Asia 6.5 6.5 processes by insolvency representatives, 15.6 along with additional rules on their qual- ifications and training. In June 2010 Peru Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies. was considering a reform of its regula- Source: Doing Business database. tion of insolvency administrators. A regional trend in the past 3 years A MIXED STORY IN EAST ASIA AND THE PACIFIC mon. Reorganization rarely happens. was to focus on improving reorganiza- Recent changes include a new company tion procedures. Colombia and Mexico Bankruptcy systems in East Asia and the law and a receivership law that went into passed reorganization laws in 2007. Uru- Pacific show a mixed story. The average effect in Samoa in 2008. In June 2010 guay did the same in 2008. recovery rate in Hong Kong SAR (China), new insolvency legislation, modeled on Singapore and Taiwan (China) is 84.9 the New Zealand system, was pending BROAD PROGRESS IN EASTERN cents on the dollar, while the region- in Tonga. EUROPE AND CENTRAL ASIA wide average is 34.4. The average cost of In Eastern Europe and Central Asia most insolvency proceedings in the region is BANKRUPTCY REFORMS RARE IN THE of the economies have postsocialist legal the highest in the world, at 23.2% of the MIDDLE EAST AND NORTH AFRICA systems. Bankruptcy was virtually nonex- value of the debtor's estate. On the other The average recovery rate in the Middle istent there 20 years ago. This is no longer hand, proceedings take 2.7 years on aver- East and North Africa is low, at 33.0 cents the case regionwide, with Albania, Azer- age, making the region the second fastest on the dollar. And changes to improve in- baijan and Tajikistan among the few ex- after the OECD high-income economies. solvency regulations are rare. In the past ceptions. Improvements have been made Many of the region's economies are year Saudi Arabia established additional in a range of areas, from regulation of in- small island nations where bankruptcy committees for amicable settlement of solvency administrators (Belarus, Estonia, proceedings are naturally rare because insolvencies. Egypt consulted interna- Lithuania and Russia) and out-of-court creditors and debtors tend to resolve tional experts and insolvency judges on settlements (Latvia, Romania and Serbia) insolvency situations through informal a new bill, to be aligned with its recently to the prevention of fraud and abuse in means. Among the formal mechanisms created commercial courts. Jordan is insolvency proceedings (Romania, Russia to address defaults, foreclosure is com- contemplating new regulations on insol- and Serbia; table 11.2). 80 DOING BUSINESS 2011 TABLE 11.2 Who made closing a business easier in 2009/10--and what did they do? Feature Economies Some highlights Established or promoted reorganiza- Belgium, Czech Republic, Hungary, Japan, Korea granted superpriority to postfiling financings in reorganiza- tion procedures or prepackaged Republic of Korea, Latvia, Romania, tions. reorganizations Russian Federation, Saudi Arabia, Serbia, Spain Eliminated formalities or introduced or Estonia, Georgia, Latvia, Saudi Arabia, Serbia, Spain, Serbia passed a new bankruptcy law aimed at, among other as- tightened time limits United Kingdom pects, reducing the length of insolvency procedures. Regulated the profession of insolvency Belarus, Estonia, Lithuania, Russian Federation, The United Kingdom improved the calculation of insolvency ad- administrators United Kingdom ministrators' fees. Took steps to prevent abuse Romania, Russian Federation, Serbia Russia enhanced the voidable transactions regime. Modified obligation for management Czech Republic, Russian Federation The Czech Republic suspended management's obligation to file for to file for insolvency insolvency in certain circumstances. Promoted specialized courts Romania Special insolvency departments were created within Romanian courts. Source: Doing Business database. Despite improvements, the average enforcement, judges have little or no expe- WHAT HAS WORKED? recovery rate in Eastern Europe and Cen- rience in handling bankruptcy cases, and tral Asia remains low, at 32.6 cents on the costs are prohibitive. Indeed, only East Many features can enhance a bankruptcy dollar, mainly because of the weak insti- Asia and the Pacific has more expensive system. Key are the mechanisms for cred- tutional framework. The implementa- insolvency proceedings on average, and itor coordination, qualified insolvency tion of insolvency laws and professional only South Asia and the Middle East and administrators and a framework that en- standards for administrators is lagging North Africa have longer ones. To close ables parties to negotiate out of court. An behind the rapid pace of reform in bank- a business in Sub-Saharan Africa costs efficient judicial process is also critical. ruptcy regimes. 20.7% of the value of the debtor's estate and takes 3.4 years on average. EMPOWERING CREDITORS NEW INSOLVENCY REGULATIONS Only a small number of economies Creditors' committees ensure control for EXPECTED IN SOUTH ASIA in the region have improved their insol- the creditors over bankruptcy proceed- In South Asia outdated laws based on vency systems in recent years. Mauritius ings. They supervise the operation of a the British "winding-up" model are still and Rwanda implemented new insol- business by a debtor-in-possession and binding in several economies. Insolvency vency acts in 2009. In June 2010 Malawi sometimes participate in the preparation proceedings in the region are the longest was working on a new insolvency act, of a reorganization plan. In Finland credi- in the world, taking 4.5 years on average. and South Africa was contemplating a tors' committees play a significant role in But the cost of proceedings is the lowest reform of its regulation of insolvency ad- reorganization proceedings. globally, averaging 6.5% of the value of ministrators. Meanwhile, the 16 member More than half the 183 economies the debtor's estate. states of the Organization for the Harmo- covered by Doing Business recognize In June 2010 bankruptcy reforms nization of Business Law in Africa were creditors' committees (table 11.3). Almost were being discussed in at least 3 econo- discussing an amendment of the uniform all insolvency laws in Eastern Europe mies. Afghanistan was working with in- act on insolvency. and Central Asia, OECD high-income ternational insolvency experts on ways to improve its insolvency framework. India and Pakistan were considering passing TABLE 11.3 Good practices around the world in making it easy to close a business laws on restructuring. Practice Economiesa Examples LITTLE PRACTICE IN AFRICA Allowing creditors' committees a 100 Colombia, Finland, Singapore Sub-Saharan Africa has the largest share say in relevant decisions of economies with little or no insolvency Requiring professional or academic 62b Botswana, Hong Kong SAR (China), Mexico practice. Twelve of the region's 46 econ- qualifications for insolvency admin- istrators by law omies--more than a quarter--have had Providing a legal framework for 45 Cyprus, Italy, Puerto Rico fewer than 5 insolvency cases annually in out-of-court workouts recent years. In these economies the law a. Among 149 economies surveyed, unless otherwise specified. still contemplates imprisonment (con- b. Among 147 economies surveyed. Source: Doing Business database. trainte par corps) as a method of debt CLOSING A BUSINESS 81 economies and South Asia acknowledge lished specific professional or academic mies surveyed by Doing Business legally a creditors' committee as a participant requirements to ensure that the person requires professional qualifications for in bankruptcy proceedings. In the Mid- replacing management has the knowl- administrators. In the Middle East and dle East and North Africa, by contrast, edge and skills to do so. Most of the sur- North Africa only 3 economies do. creditors' committees are not popular. In veyed economies in Eastern Europe and Mandatory qualification require- Sub-Saharan Africa 69% of the surveyed Central Asia and the OECD high-income ments are based on the notion that where economies allow creditors' committees a group have done so. But approaches dif- qualified insolvency professionals are in- say in insolvency proceedings, while 65% fer. Germany's insolvency act only has a volved, viable businesses should have do in East Asia and the Pacific. general requirement that an administra- higher chances of survival and nonviable tor be qualified for the case and experi- ones should generate higher proceeds INSISTING ON QUALIFICATIONS enced in business. By contrast, in Canada in liquidation. Where the law has no re- Professional insolvency administrators trustees in bankruptcy are licensed by quirements, the insolvency administra- assist and sometimes replace the man- the Office of the Superintendent of Bank- tor is generally a trusted representative agement of an insolvent company. Their ruptcy. The Canadian Association of In- of the creditors or a person deemed by a tasks normally include registering all the solvency and Restructuring Professionals court to be up to the job. creditors' claims, assessing and admin- administers the official qualification pro- istering the company's assets (on their cess for individuals seeking to become li- PROMOTING OUT-OF-COURT WORKOUTS own or with the debtor's management or censed trustees and establishes the rules creditors' committee), recovering assets of professional conduct and standards of The global financial crisis caused a surge disposed of shortly before the insolvency professional practice for the members. in insolvency filings, especially in East- and liquidating a bankrupt estate. Na- The insolvency laws of most of the ern Europe and Central Asia and OECD tional laws vary in their approaches to surveyed economies in East Asia and the high-income economies. In Hungary the determining whether insolvency admin- Pacific, Latin America and the Carib- number of bankruptcy filings increased istrators are qualified for these tasks. bean and Sub-Saharan Africa contain no by 29% in 2009 compared with 2008.8 In Only 42% of the economies sur- requirements for insolvency administra- England and Wales the number of com- veyed by Doing Business have estab- tors. In South Asia none of the econo- pany liquidations rose by 22.8% in 2009 TABLE 11.4 compared with the previous year.9 Who makes closing a business easy--and who does not? One way to ease the burden on courts is to limit their involvement to Time (years) cases where parties cannot agree on their Fastest Slowest own. Yet only about 45 economies in a sample of 149 have a framework for Ireland 0.4 Ecuador 5.3 Japan 0.6 Micronesia, Fed. Sts. 5.3 out-of-court workouts that allows credi- Canada 0.8 Indonesia 5.5 tors and debtors to bring to a court a Singapore 0.8 Haiti 5.7 prenegotiated reorganization plan. The Belgium 0.9 Philippines 5.7 restructuring framework that the Bank Finland 0.9 Belarus 5.8 of England began to develop after the Norway 0.9 Angola 6.2 recession of the mid-1970s in the United Australia 1.0 Maldives 6.7 Kingdom, known as the "London ap- Belize 1.0 India 7.0 Iceland 1.0 Mauritania 8.0 proach," ensured the survival of many companies in later crises. And it inspired Cost (% of estate) similar sets of rules in other economies, Least Most including Indonesia, Korea, Malaysia, Colombia 1.0 Micronesia, Fed. Sts. 38.0 Thailand and Turkey.10 Kuwait 1.0 Philippines 38.0 Out-of-court workouts are most Norway 1.0 Samoa 38.0 common in OECD high-income econo- Singapore 1.0 Solomon Islands 38.0 mies. In Sub-Saharan Africa only 22% Bahamas, The 3.5 Vanuatu 38.0 Belgium 3.5 Venezuela, RB 38.0 of the surveyed economies have rules on Brunei Darussalam 3.5 Sierra Leone 42.0 out-of-court settlement for bankruptcy. Canada 3.5 Ukraine 42.0 Where there are no explicit rules, credi- Finland 3.5 Liberia 42.5 tors and debtors can usually negotiate Georgia 3.5 Central African Republic 76.0 the restructuring of debt by using the Source: Doing Business database. generally applicable laws on contracts 82 DOING BUSINESS 2011 FIGURE 11.5 Thus to avoid abuse of well-in- A reform of bankruptcy laws can Big jump in reorganization filings after a new law in the Republic of Korea tended provisions, the law should al- lead to important time and cost savings. ways include a system of checks and In 1999 Colombia limited the duration 600 Reorganization balances--such as liability for frivolous of a reorganization procedure by setting filings 500 Debtor Rehabilitation filings or robust practices for bringing a maximum of 8 months for negotia- and Bankruptcy Act assets tunneled out of a debtor's business tions. If no agreement is reached within 400 takes effect in April 2006 back into the estate. 8 months, liquidation becomes manda- 300 tory. According to a study of Colombian WHAT ARE SOME RESULTS? firms that filed for insolvency between 200 Liquidation 1995/96 and 2003/04, the duration and filings 100 A well-balanced bankruptcy system cost of the reorganization process fell. functions as a filter, separating compa- Moreover, the selection of viable firms 0 nies that are financially distressed but into reorganization improved.16 In 2009 2006 2007 2008 2009 economically viable from inefficient Spain raised the ceiling for its expedited Source: Supreme Court of Korea. companies that should be liquidated.11 bankruptcy procedure from a debt value By giving efficient companies a chance of 1 million to 10 million. As a result, and obligations. The disadvantage of such at a fresh start, bankruptcy law helps about 70% of bankruptcy proceedings in agreements is that they are not opposable maintain a higher overall level of entre- Spain are now eligible for the expedited to any of the creditors who did not par- preneurship in an economy.12 And by procedure. This procedure is less costly ticipate in the settlement negotiations or letting inefficient companies go, it fosters than the regular one because it requires become party to the ultimate agreement. an efficient reallocation of resources. appointing only 1 insolvency adminis- Well-functioning insolvency re- trator (rather than 3). The changes are KEEPING ABUSE IN CHECK gimes can facilitate access to finance, expected to reduce the backlog in insol- Debtors filing for reorganization often do especially for small and medium-size vency courts, which may also result in so because once a court accepts the case, enterprises, and thereby improve growth shorter proceedings. it usually puts the enforcement of claims in the economy overall.13 A study of the A study of the 2000 bankruptcy of individual creditors on hold. This al- 2005 bankruptcy reform in Brazil finds reform in Mexico also shows clear gains. lows management and shareholders to that it led to an average reduction of 22% Looking at a sample of 78 bankruptcy gain time, often for legitimate reasons in the cost of debt for Brazilian compa- cases in 1991­2005, the study finds that but sometimes to tunnel valuable assets nies, a 39% increase in overall credit and the average time to go through bank- out of the company. Moreover, debtors a 79% increase in long-term credit in the ruptcy fell from 7.8 years to 2.3 years, may threaten to file for reorganization economy.14 Improvements in protection thus increasing the amounts recovered and use this threat as leverage in restruc- for creditors led them to expect that by creditors.17 In 2008 Lithuania elimi- turing negotiations with creditors. more assets would be available to them nated a statutory prefiling waiting period Creditors too can use the threat to in insolvency. Since the risks for credi- of 3 months. Creditors could give debtors file for bankruptcy, to force their terms tors were reduced, the costs for debtors 1 month's notice of their intention to file on debtors. In many economies banks were reduced as well.15 for bankruptcy, and insolvency proceed- and companies prefer to avoid doing The efficiency of bankruptcy systems ings could commence 2 months earlier business with a bankrupt firm, so a can be tested only if they are used. Cam- than before. debtor will go to great lengths to try to bodia passed an insolvency law in 2007, avoid bankruptcy. Where the law estab- but by the end of 2009 not a single case lishes criminal liability of managers and had been filed under the new law. While shareholders for the company's simple Mexico introduced a framework for out- 1. Official Receiver's Office of the govern- ment of Hong Kong SAR (China), http:// failure to repay regular commercial debt, of-court workouts in 2007, this option has www.oro.gov.hk. this often leads to abuse by creditors. not been widely used. Korea had a differ- 2. See Djankov, Hart, McLiesh and Shleifer This happens in some Sub-Saharan Af- ent experience after it adopted the 2006 (2008). rican economies and in the Middle East Debtor Rehabilitation and Bankruptcy 3. Ministry of Justice of the Czech and North Africa. A more reasonable Act introducing debtor-in-possession re- Republic, http://portal.justice.cz. option is for the law to establish manag- organization and allowing management 4. Ministry of Justice of the Czech ers' personal liability for failure to file to remain onboard to administer the Republic, http://portal.justice.cz. for insolvency when mandated by law company's turnaround. The number of 5. Outcome refers to whether the hotel or criminal liability only for engaging in reorganization filings jumped from 76 in business in the Doing Business case study emerges from the proceedings as a going fraudulent transactions. 2006 to 670 in 2009 (figure 11.5). CLOSING A BUSINESS 83 concern or whether the company's assets are sold piecemeal (see Data notes). 6. See Djankov (2009a). 7. See Dewaelheyns and Van Hulle (2009a). 8. Hungarian Association of Insolvency Practitioners, http://www.foe.hu. 9. Insolvency Service of the United Kingdom, http://www.insolvency.gov.uk. 10. See Lieberman and others (2005) and Mako (2005). 11. See Dewaelheyns and Van Hulle (2009b). 12. See Armour and Cumming (2008). 13. See Uttamchandani and Menezes (2010). 14. See Funchal (2008). 15. See Funchal (2008). 16. See Giné and Love (2006). 17. See Gamboa-Cavazos and Schneider (2007). 84 DOING BUSINESS 2011 Annex: FIGURE 12.1 Getting Electricity measures the connection process at the level of distribution utilities pilot indicators on getting GENERATION TRANSMISSION electricity DISTRIBUTION New connections Network operation and maintenance Metering and billing CUSTOMER A young entrepreneur who manufactures warehouse in Berlin-Westhafen. His ware- providing reliable and affordable elec- home furnishings in Moscow is working house is hooked up to electricity in less tricity to businesses. hard to expand her business by setting than 3 weeks. The process involves just 3 Whether electricity is reliably avail- up a new warehouse. She negotiated interactions with the utility and costs only able or not, the first step for a customer is financing with the bank, spent weeks half the country's income per capita. always to gain access by obtaining a con- getting building and operating permits World Bank Enterprise Surveys in nection. It is this first and key step that and invested in new machinery as well as 108 economies show that firms consider Doing Business aims to measure through a new building. She has employees lined electricity to be among the biggest con- a new set of indicators. Introduced in up and is ready to get started. But the straints to their business.2 Poor electric- Doing Business 2010 with data for an young entrepreneur will have to wait. She ity supply has adverse effects on firms' initial 140 economies, these indicators needs to obtain a new electricity connec- productivity and the investments they measure the procedures, time and cost tion for the warehouse, and in Moscow make in their productive capacity.3 To for obtaining a new electricity connec- that requires many interactions with the counter weak electricity supply, many tion. The Getting Electricity data set cov- utility, takes more than 10 months on firms in developing economies have to ers only a small part of electricity service average and costs more than 40 times the rely on self-supply through a generator.4 (figure 12.1). Yet it provides information income per capita.1 The cost of self-supply is often prohibi- on a number of issues for which data Compare the experience of a similar tively high, especially for small firms,5 previously did not exist for such a large entrepreneur in Germany, constructing a underlining the importance of utilities' number of economies. FIGURE 12.2 Procedures to obtain an electricity connection in Azerbaijan add up to an 8-month process Time (days) 241 days 1. Application and technical 240 conditions 2. External inspection by utility 3. Technical design 180 4. Design approval from utility 5. Excavation permit 120 6. External connection works 7. External inspection by Ministry of Emergency Situations 60 8. External and internal inspection by Energy Inspectorate 9. Supply contract 0 1 2 3 4 5 6 7 8 9 Procedures Source: Getting Electricity database. ANNEX · GE T TING ELEC TRICIT Y 85 In 2009/10 Doing Business dissemi- TABLE 12.1 Who makes getting electricity easy--and who does not? nated a report with more detailed find- ings among regulators and academics to Procedures (number) solicit feedback on the Getting Electricity Fewest Most methodology and increased the sample Germany 3 Armenia 8 of economies surveyed to 176.6 As a re- Japan 3 Kyrgyz Republic 8 sult of the additional research and feed- Mauritius 3 Mongolia 8 back, minor changes were made to the Micronesia, Fed. Sts. 3 Nigeria 8 Qatar 3 Sierra Leone 8 methodology to clarify the underlying St. Vincent and the Grenadines 3 Azerbaijan 9 case study (for details on the methodol- Sweden 3 Russian Federation 9 ogy, see Data notes). Switzerland 3 Tajikistan 9 Timor-Leste 3 Uzbekistan 9 WHERE ARE CONNECTION Iceland 4 Ukraine 11 PROCESSES LONG AND CUMBERSOME--AND WHY? Time (days) Fastest Slowest In Baku, Azerbaijan, to get connected Germany 17 Vanuatu 257 to electricity by the local distribution St. Kitts and Nevis 18 Nigeria 260 utility requires 9 procedures, including Iceland 22 Pakistan 266 undergoing multiple inspections by the Austria 23 Czech Republic 279 utility and 2 outside agencies and getting Samoa 23 Russian Federation 302 a permit from the Ministry of Transport Taiwan, China 23 Ukraine 309 (figure 12.2). The cumbersome process St. Lucia 25 Kyrgyz Republic 337 takes 241 days and costs $31,848, or Rwanda 30 Madagascar 419 Chile 31 Guinea-Bissau 455 658% of income per capita. Puerto Rico 32 Liberia 586 Among the 176 economies sur- Source: Getting Electricity database. veyed, Azerbaijan ranks among the 10 with the most procedures. Economies thorities, including the telecommuni- burden to customers is not the only op- such as Germany, Japan, Mauritius and cations authority, sewerage authority, tion. Successful utilities engage actively the Federated States of Micronesia make public works department, municipality, with other service providers to ensure it much easier for businesses to connect archaeological department and fire bri- that working relationships are clear and to electricity (table 12.1). gade. This clearance process alone takes function smoothly. Take recent efforts The economies where the connec- 3­6 months. Meanwhile, the work to in Hong Kong SAR (China). In March tion process involves relatively few pro- install the connection must wait. 2010 the utility established a working cedures are also those where customers Where delays occur because other group with the police force and highway get connected faster. Where businesses public agencies are excessively slow and and transport departments to work out have to go through 3­5 procedures to bureaucratic, utilities may be tempted performance pledges that would allow get connected, the process takes 99 days to shift the administrative hassle to their quicker turnaround of approvals for ex- on average. But in economies with 6­11 customers.7 Among the procedures most cavation permits. procedures, it takes 138 days on average. commonly transferred to customers is And in the 10 economies with the most, applying to the municipality or the de- DIFFERENT WAYS TO DEAL WITH SAFETY CONCERNS it takes 233. partment of roads or transport for an ex- Why are particular procedures cavation permit or right of way so that the According to a survey by the Vietnam needed, and how can utilities minimize utility can lay the cables or extend wires Standards and Consumer Protection As- their effect in delaying connections? for the connection. Customers seeking a sociation, 83% of electrical wiring in connection undertake such procedures Ho Chi Minh City fails to meet quality MISSED OPPORTUNITIES FOR in 39 economies. Wait times range from standards.8 In the United States during STREAMLINING 1 day in Algeria to 60 in Madagascar, a typical year, home electrical problems Connection delays increase significantly Mongolia and República Bolivariana de account for 67,800 fires, 485 deaths and where utilities and other public agencies Venezuela. In Egypt customers have to $868 million in property losses. In urban miss opportunities to streamline approv- contact 2 agencies to obtain an excava- areas faulty wiring accounts for 33% of als. Take Cyprus. Before the utility can tion permit: the district office and the residential electrical fires.9 issue an estimate to a new customer, it Greater Cairo Utility Data Center. The safety of internal wiring instal- must contact several government au- But relegating the administrative lations is a concern not only for those 86 DOING BUSINESS 2011 FIGURE 12.3 Who is responsible for enforcing safety standards? Economies by type of safety certification for internal wiring (%) 100 No regulations for internal wiring safety Electrical contractor Combination of checks Utility or other agency 0 Eastern Europe OECD South Asia Latin America East Asia Sub-Saharan Middle East & & Central Asia high income & Caribbean & Pacific Africa North Africa Source: Getting Electricity database. using a building but also for utilities. One evant professional bodies. The customer suance of compliance certificates and customer's faulty internal wiring can lead is not involved. introducing nonmandatory inspections to power outages affecting other custom- But where professional standards by a new independent authority. The ers connected to the same distribution are poorly established or qualified elec- government is also working to reduce line. Because the quality of the internal trical professionals are in short supply, the shortage of skilled electricians in the installation matters to utilities and the utilities or designated agencies may be country. public alike, in most economies custom- better placed to carry out inspections While different approaches to deal- ers seeking a connection for their busi- that ensure the safety of customers, even ing with the safety of internal wiring ness need to go through some procedure if this leads to connection delays. In 15 installations can make sense in different to ensure that quality. of the 31 economies surveyed in Latin environments, some cases emerging from The approach taken to address safety America and the Caribbean, custom- the Getting Electricity data clearly suggest issues varies. Some economies regulate ers are required to contact an outside room for immediate improvement. Be- the electrical profession by establishing agency--often a regulatory agency, mu- cause electrical safety is a public concern, clear liability arrangements for electrical nicipality or fire department--to inspect governments that require no checks of contractors. Others regulate the connec- the internal wiring. electrical installations may fail to provide tion process by requiring customers to Economies seeking to shift from reg- an important public good. Twenty-nine obtain additional inspections and certifi- ulating the connection process to regulat- economies, many of them in the Middle cations from the utility or outside agen- ing the electrical profession have to be East and North Africa and Sub-Saharan cies before a new connection is granted careful not to transfer responsibility to Africa, fall into this category. At the other (figure 12.3). private professionals too early. Take the extreme are governments that require Getting Electricity data suggest that experience in South Africa.10 In 1992, multiple checks, imposing an excessive economies that regulate the electrical in an attempt to free utilities from the burden on customers seeking to get con- profession rather than the connection burden of inspecting internal wiring, the nected. Twenty-two economies, many process itself not only lessen the burden government made private electricians li- of them in Eastern Europe and Central on customers but also have shorter av- able for the quality of their wiring instal- Asia, are in this category. erage connection delays. In economies lations. But the shortage of qualified elec- such as Denmark, Germany and Japan trical professionals, and the ambiguity of MATERIAL SHORTAGES the quality of the internal wiring is the the regulations in assigning responsibili- Connecting a new customer to an elec- responsibility of the electrical contractor ties, led to an increase in customer com- tricity network requires materials and who did the installation. The utility sim- plaints about substandard wiring. After equipment. If the new connection is ply requests certification by the electrical 8 years of heated debate the government through an overhead line, wires must contractor that the internal wiring was introduced new internal wiring regula- be extended; if it is through an under- done in accordance with the prevailing tions in May 2009, clarifying standards ground connection, cables must be laid. standards, usually established by the rel- for electrical installations and the is- Often the utility will also have to install ANNEX · GE T TING ELEC TRICIT Y 87 FIGURE 12.4 Just buying the materials sometimes where the installed electrical capacity Lack of materials causes delays for utilities in 56% of low-income economies is not enough. Where utilities shift this tends to be more constrained--driving Share of economies where lack of materials responsibility to customers, they have to up absolute connection costs for new delays new electricity connections (%) ensure that the customers buy the right customers. The 10 economies with the 56 materials. This can mean additional pro- lowest costs are all high income except cedures. Customers in such economies as the Marshall Islands and Panama. The 10 Côte d'Ivoire, Guyana, Kosovo, Madagas- with the highest costs are all low income car, Nepal and Sierra Leone have to prove except Djibouti (table 12.2). Yet connec- to the utility that the materials they tion costs are not just a function of the purchased comply with the standards. general infrastructure in an economy. Sometimes they must even present the They vary significantly among econo- 24 materials for testing at the utility. mies within income groups, suggesting room to reduce the cost regardless of 14 WHAT DOES IT COST TO GET existing infrastructure (figure 12.5). CONNECTED? 2 TRANSPARENCY AND Low Lower Upper High ACCOUNTABILITY MATTER The same electricity need can require income middle middle income income income different connection works, depending As utilities allocate the costs for new Source: Getting Electricity database. on how constrained installed capacity connections between existing and pro- is. In some economies the Getting Elec- spective customers, they have to balance meters, new electricity poles and heavy tricity customer requesting a not trivial considerations of economic efficiency equipment such as distribution trans- but still relatively modest 140-kilovolt- and fairness. In practice, it is often diffi- formers. Requirements for materials not ampere (kVA) connection would simply cult to distinguish between capital works only translate into costs; they also can receive an overhead line or underground needed to connect specific customers lead to longer wait times. cable connection.11 But in many oth- and those needed to accommodate pro- Utilities, especially those in low- and ers the capacity of the existing network jected growth or to improve the safety lower-middle-income economies, often is constrained, and 140-kVA electricity or reliability of the distribution network. have to delay new connections because therefore requires a more complicated This leaves room to make new custom- they lack the materials needed (figure connection effectively leading to an ex- ers pay for investments in the network 12.4). In 39 economies survey respon- pansion of the distribution network. Such that will benefit other customers as well. dents reported additional wait times-- connections require significant capital Connection costs should therefore be as up to 180 days in Vanuatu--because investments (such as the installation of transparent as possible, to allow custom- in more than 50% of cases where new distribution transformers), often covered ers to contest them when they feel they connections were requested, the utility by the new customer. are paying more than they should. did not have such critical materials as Accommodating the demand of the But connection costs in many of the meters or distribution transformers in Getting Electricity customer is naturally economies surveyed are not fully trans- stock and had to order them specially. more likely to require additional capital parent. Utilities far too often present cus- This suggests that the utility faces either investment in low-income economies, tomers with individual budgets rather financial or inventory and procurement TABLE 12.2 management constraints. Who makes getting electricity least costly--and who most costly? In 16 economies the utility com- Cost (% of income per capita) pleting the external connection works asked customers to provide such materi- Least Most als as poles, meter boxes or transformers Japan 0.0 Madagascar 8,268.0 because it did not have them in stock. Hong Kong SAR, China 1.9 Djibouti 10,008.1 Requiring individual customers to pur- Trinidad and Tobago 2.5 Malawi 11,703.7 Qatar 5.1 Guinea 13,275.4 chase materials is not a cost-effective Marshall Islands 6.5 Central African Republic 13,298.3 way to maintain a distribution network. Iceland 6.6 Chad 14,719.8 But customers are often happy to com- Norway 7.3 Burkina Faso 14,901.3 ply. In Malawi customers purchasing the Australia 9.5 Benin 15,452.0 materials themselves reduced the time Panama 9.9 Congo, Dem. Rep. 27,089.4 required for obtaining a connection from Israel 12.6 Burundi 36,696.7 2­3 years to 8 months on average. Source: Getting Electricity database. 88 DOING BUSINESS 2011 FIGURE 12.5 121% of income per capita--and being Connection costs vary by type of connection and among $437,000 prevented from putting the money to a economies within income groups US$ thousands more productive use. Connection involving an extension and installation of a distribution transformer Not surprisingly, where court sys- 150 tems are inefficient and contracts can Connection involving only an extension be enforced only with significant delays, of an overhead line or underground cable 120 utilities are more likely to request a secu- Highest cost rity deposit (figure 12.7). Where utilities feel that they have 90 to rely on security deposits, they should at least consider lessening the financial 60 burden for customers. In 20 economies utilities do so by allowing customers to Average cost settle the security deposit with a bank 30 guarantee or bond rather than deposit Lowest the entire amount with the utility. The 0 cost service cost for such bank guarantees Low Lower Upper High Low Lower Upper High usually amounts to less than the interest middle middle middle middle Income group Income group that customers lose on the deposit. More Source: Getting Electricity database. important, bank guarantees both allow customers to keep control of their finan- than follow clearly regulated capital con- material and inspections required.12 cial assets and improve their cash flow. tribution policies aimed at spreading the The fixed connection fee represents Where credit reports are widely fixed costs of expanding the network a far bigger share of the total cost in available, utilities can be more selective, over several customers. To illustrate, Get- high-income economies than in low- and asking only customers with a weak credit ting Electricity divides costs into 2 main middle-income economies (figure 12.6). history to put up a security deposit. This categories: a fixed connection fee based And where the share of those fixed costs is done in Australia and Austria. Where on a clear formula (often linked to the is higher, connection costs also tend to be credit reports are hard to come by, own- peak electricity demand of the customer lower. This suggests a potential for lower- ership can also be used as a screening to be connected), which is usually pub- ing connection costs by improving the device. In Argentina and El Salvador only licly available; and the variable costs for transparency of the costs and strength- customers that do not own the property the connection, accounting for the labor, ening the accountability of utilities. being connected must put up a deposit. FIGURE 12.6 BURDENSOME SECURITY DEPOSITS FIGURE 12.7 Variable fees a big share of the cost in Security deposits are one cost item worth Utilities more likely to require security low- and middle-income economies highlighting. Utilities in 82 of the 176 deposits where courts are inefficient Share of total connection cost (%) #1 economies surveyed charge customers economy 100 security deposits as a guarantee against nonpayment of future electricity bills.13 80 Variable Security deposits are particularly com- Economies connection where utilities fees mon in Latin America and the Caribbean charge no deposit 72 60 and in Sub-Saharan Africa. While they average $9,988, they can run as high as $55,609, as in Dominica.14 Economies 113 40 where utilities Because most utilities hold the de- charge a deposit Fixed posit until the end of the contract and connection 20 fees repay it without interest, this require- ment can impose a substantial finan- 0 cial burden on small and medium-size Average ranking on businesses, especially those facing credit ease of enforcing contracts Low Lower Upper High (1­183) income middle middle income constraints. In Ethiopia a medium-size income income Note: Relationships are significant at the 1% level and remain company is effectively granting the util- significant when controlling for income per capita. Source: Getting Electricity database. ity an interest-free credit equivalent to Source: Getting Electricity database; Doing Business database. ANNEX · GE T TING ELEC TRICIT Y 89 WHO MADE GETTING veloped by the working group it formed WHAT'S NEXT? ELECTRICITY EASIER IN 2009/10? are expected to reduce the time for the utility to obtain an excavation permit This annex presents findings on the Reforms making it easier to get an elec- from 2 months to 23 days. kinds of constraints entrepreneurs in tricity connection are complex--often Changes to the system for checking 176 economies face in getting access involving such stakeholders as regula- internal wiring can also cut connection to electricity and illustrates patterns in tory agencies and other public service delays. Moldova eliminated duplication connection processes. By measuring the providers--and take time to implement. in inspections. Before, both the util- procedures, time and cost for obtaining a Connection processes were reformed in 8 ity and the State Energy Inspectorate new electricity connection, Getting Elec- economies in 2009/10. inspected internal wiring installations, tricity allows an objective comparison Mexico had the most radical reform effectively doing the same job twice. from the perspective of businesses (table in getting electricity. The government Now only the State Energy Inspectorate 12.3). And it provides insights into the liquidated the state-owned electrical util- inspects the installations. efficiency of distribution utilities and ity company that served Mexico City Trinidad and Tobago clarified con- the environment in which they operate. because severe structural problems had nection costs through a new capital Feedback from governments and utili- made the company financially nonviable. contribution policy that took effect in ties on the Getting Electricity indicators The distribution concession for the city August 2009. Before, connection costs and the findings presented in this report was transferred to Mexico's largest state were calculated case by case, making it is welcome and will be used to further power company. In less than a year the difficult for customers to assess whether refine the methodology. new concessionaire was able to substan- they were charged too much or not. Now Electricity connections are provided tially shorten connection delays. Before, the utility bears the connection costs, by distribution utilities that retain mo- customers in Mexico City had to be then distributes them across all custom- nopolistic positions even in otherwise prepared to wait 10 months to get a new ers through clearly regulated consump- liberalized electricity markets. Busi- electricity connection, the longest wait in tion tariffs. This reduced the connection nesses and other customers are therefore Latin America and the Caribbean. Now cost for the Getting Electricity customer captive to the utility. By providing data the average wait is 4 months. in Port of Spain by 52% of income per for benchmarking, Getting Electricity can Several other utilities also cut con- capita. More important, the new policy benefit these distribution utilities and nection times by streamlining internal increased the transparency of connec- their customers. With more economies procedures. Changing procurement prac- tion costs for customers. included next year and more years of tices for materials and making applica- Important improvements substan- data, Getting Electricity can help identify tion procedures faster cut wait times at tially increased the electricity supply in 2 good practices that can inform future the utility in Tanzania by 9 months. postconflict economies, Afghanistan and efforts to improve interactions between In Suriname the utility introduced an Sierra Leone. Customers that would have utility service providers and businesses. improved customer service policy in the had no choice before but to buy their second quarter of 2009 that reduced the own generator can now obtain a con- wait for inspections and external connec- nection to the local electricity network. tion works. Other efforts under way are In Afghanistan a new transmission line expected to further streamline internal is bringing electricity from neighboring procedures. In Bosnia and Herzegovina Uzbekistan to Kabul. In Sierra Leone a a new law shifted responsibility for ex- long-awaited hydroelectric power project ternal connection works from the client started generating electricity, bringing to the utility. This cut 2 procedures for more power to Freetown. An entrepre- the customer. In Uganda the utility began neur running an internet café in western outsourcing external connection works Freetown reports that 1 month's electric- to registered construction firms, cutting ity supply now costs him what he used connection times by 60 days. to spend for 4 days of power from a gen- Serving customers faster by improv- erator. But, he says, there is room for im- ing working relationships with other provement.16 Connection costs went up, public agencies was the aim of the ini- and wait times remain long as utilities in tiative by the utility in Hong Kong SAR both countries work through a backlog of (China).15 The performance pledges de- connection applications. 90 DOING BUSINESS 2011 TABLE 12.3 Getting electricity data Cost Cost Procedures Time (% of income Procedures Time (% of income Economy (number) (days) per capita) Economy (number) (days) per capita) Afghanistan 4 191 5,768.2 France 5 123 39.6 Albania 5 162 614.9 Gabon 6 160 316.8 Algeria 6 119 1,430.4 Gambia, The 4 178 6,526.3 Angola 8 48 1,278.5 Georgia 5 97 759.4 Antigua and Barbuda 4 42 132.2 Germany 3 17 51.9 Argentina 6 74 25.2 Ghana 4 78 2,423.5 Armenia 8 242 787.0 Greece 6 77 57.5 Australia 5 81 9.5 Grenada 5 49 370.2 Austria 5 23 113.0 Guatemala 4 39 655.5 Azerbaijan 9 241 658.0 Guinea 5 69 13,275.4 Bahamas, The 7 101 101.5 Guinea-Bissau 7 455 2,133.5 Bahrain 5 90 67.0 Guyana 7 109 568.5 Bangladesh 7 109 2,762.0 Haiti 4 66 3,345.3 Belarus 7 254 1,383.0 Honduras 8 33 1,109.9 Belgium 6 88 96.7 Hong Kong SAR, China 4 93 1.9 Belize 5 66 369.4 Hungary 5 252 126.5 Benin 4 172 15,452.0 Iceland 4 22 6.6 Bhutan 5 225 1,493.9 India 7 67 400.6 Bolivia 8 42 1,297.3 Indonesia 7 108 1,350.0 Bosnia and Herzegovina 8 125 535.6 Iran, Islamic Rep. 7 140 1,108.4 Botswana 5 121 495.3 Ireland 5 205 86.6 Brazil 6 59 150.5 Israel 6 132 12.6 Brunei Darussalam 5 86 46.7 Italy 5 192 332.9 Bulgaria 6 137 381.5 Jamaica 6 86 222.5 Burkina Faso 4 158 14,901.3 Japan 3 105 0.0 Burundi 4 188 36,696.7 Jordan 5 43 323.8 Cambodia 4 183 3,581.5 Kazakhstan 6 88 111.3 Cameroon 4 67 1,846.0 Kenya 4 163 1,449.6 Canada 8 168 152.3 Kiribati 6 142 4,297.0 Cape Verde 5 58 1,217.5 Kosovo 7 60 910.1 Central African Republic 6 210 13,298.3 Kuwait 7 36 63.4 Chad 5 66.5 14,719.8 Kyrgyz Republic 8 337 2,111.1 Chile 6 31 82.8 Lao PDR 5 134 2,734.3 China 5 132 755.2 Latvia 6 198 405.2 Colombia 5 165 1,182.7 Lebanon 5 75 23.9 Congo, Dem. Rep. 6 58 27,089.4 Lesotho 5 140 2,664.0 Congo, Rep. 5 55 7,647.2 Liberia 4 586 5,294.1 Costa Rica 5 62 316.7 Lithuania 4 98 46.0 Côte d'Ivoire 5 44 4,137.0 Luxembourg 5 120 66.1 Croatia 5 70 327.5 Macedonia, FYR 5 151 34.5 Cyprus 5 247 88.9 Madagascar 6 419 8,268.0 Czech Republic 6 279 187.2 Malawi 5 244 11,703.7 Denmark 4 38 128.2 Malaysia 6 51 55.8 Djibouti 4 180 10,008.1 Maldives 6 101 761.6 Dominica 5 73 1,187.7 Mali 4 120 3,877.9 Dominican Republic 7 87 405.3 Marshall Islands 5 172 6.5 Ecuador 6 89 899.4 Mauritania 5 80 7,591.9 Egypt, Arab Rep. 7 54 499.9 Mauritius 3 59 212.7 El Salvador 7 78 522.2 Mexico 7 114 436.0 Eritrea 5 59 4,156.7 Micronesia, Fed. Sts. 3 75 519.9 Estonia 4 111 229.1 Moldova 7 140 796.0 Ethiopia 4 75 3,734.8 Mongolia 8 156 1,261.7 Fiji 6 57 1,209.2 Montenegro 5 71 458.0 Finland 5 53 33.9 Morocco 5 71 2,725.5 ANNEX · GE T TING ELEC TRICIT Y 91 TABLE 12.3 Getting electricity data Cost Cost Procedures Time (% of income Procedures Time (% of income Economy (number) (days) per capita) Economy (number) (days) per capita) Mozambique 7 87 2,523.9 South Africa 4 214 1,780.4 Namibia 7 55 576.6 Spain 4 101 229.8 Nepal 5 74 2,370.7 Sri Lanka 4 132 1,381.6 Netherlands 5 143 29.5 St. Kitts and Nevis 5 18 377.1 New Zealand 5 47 66.8 St. Lucia 4 25 212.6 Nicaragua 6 70 1,768.4 St. Vincent and the Grenadines 3 52 280.7 Niger 4 120 4,419.9 Suriname 5 58 795.3 Nigeria 8 260 1,180.3 Swaziland 6 137 1,472.2 Norway 4 66 7.3 Sweden 3 52 21.8 Oman 6 62 66.3 Switzerland 3 39 70.7 Pakistan 6 266 1,829.2 Syrian Arab Republic 5 71 1,045.9 Palau 5 125 132.7 Taiwan, China 4 23 56.8 Panama 5 35 9.9 Tajikistan 9 224 1,240.9 Papua New Guinea 4 66 2,230.3 Tanzania 4 109 265.3 Paraguay 4 53 287.5 Thailand 4 35 86.3 Peru 5 100 500.0 Timor-Leste 3 39 7,389.0 Philippines 5 63 479.2 Togo 4 89 6,020.7 Poland 4 143 303.4 Tonga 5 50 115.1 Portugal 5 64 57.3 Trinidad and Tobago 5 61 2.5 Puerto Rico 5 32 428.6 Tunisia 4 65 1,062.8 Qatar 3 90 5.1 Turkey 5 70 714.3 Romania 7 244 544.7 Uganda 5 91 5,793.4 Russian Federation 9 302 4,671.7 Ukraine 11 309 275.6 Rwanda 4 30 5,513.6 United Arab Emirates 4 55 18.6 Samoa 5 23 881.9 United Kingdom 5 111 43.3 Saudi Arabia 4 71 21.3 United States 4 68 16.9 Senegal 7 125 6,018.5 Uzbekistan 9 117 2,070.8 Serbia 4 131 574.7 Vanuatu 5 257 1,200.1 Seychelles 6 147 565.6 Venezuela, RB 6 125 1,461.3 Sierra Leone 8 137 2,914.1 Vietnam 5 142 1,536.0 Singapore 4 36 33.9 West Bank and Gaza 5 63 1,560.6 Slovak Republic 5 177 197.5 Yemen, Rep. 4 35 4,973.4 Slovenia 5 38 122.9 Zambia 5 117 1,250.5 Solomon Islands 4 39 2,244.6 Zimbabwe 6 125 6,511.9 Source: Getting Electricity database. 92 DOING BUSINESS 2011 8. Th. H. (translated by Cong Dung), "83% of Electrical Wiring Fails to Meet Qual- 1. World Bank (2009c), comparing the ease ity Standards," Saigon-GP Daily, May 19, of doing business across 10 cities in Rus- 2010, http://www.saigon-gpdaily.com.vn. sia, shows that dealing with construction 9. U.S. Fire Administration (2008). permits is more complex in Moscow 10. Srinivasan and Turlakova (2010). than in the other cities in part because 11. By comparison, the demand of a resi- of differences in the number of proce- dential connection is about 20 kVA. dures required to obtain an electricity hookup. 12. Detailed information on cost compo- nents for each economy can be found on 2. According to the survey data, which the Doing Business website (http://www cover the years 2006­09, 15.2% of .doingbusiness.org). managers consider electricity the most serious constraint, while 15.68% con- 13. The number of economies where utili- sider access to finance the most serious ties charge security deposits does not (http://www.enterprisesurveys.org). include those where security deposits are rolled over into consumption bills 3. See, for example, Calderon and Servén for the first 3 months (Malaysia and the (2003), Dollar, Hallward-Driemeier and United States). Mengistae (2005), Reinikka and Svens- son (1999) and Eifert (2007). Using 14. Although Getting Electricity records only firm-level data, Iimi (2008) finds that in the present value of the interest lost on Eastern Europe and Central Asia elimi- the security deposit, even those amounts nating electricity outages could increase can be high--in Haiti, as high as GDP by 0.5­6%. $11,421. On average, the present value of the interest lost on the security deposit 4. Foster and Steinbuks (2009). accounts for 13% of the entire connec- 5. Lee, Anas and Oh (1996). tion cost for the customer. 6. The report is available for further com- 15. GovHK, "Process Review: Application ments on the Doing Business website for Excavation Permit," http://www.gov (http://www.doingbusiness.org). A final .hk/. draft of the methodology paper is under 16. Fid Thompson, "Sierra Leone's Hydro- preparation. Power Dam Lighting Up Freetown," VOA 7. Geginat and Ramalho (2010) find that News, February 10, 2010, http://www1 connecting a new customer to electricity .voanews.com/. takes more than twice as long on average in low-income economies as in high- income ones. They find that the dif- ferences can be explained in part by the overall level of bureaucracy in an economy, especially where utilities are majority state owned. 93 Annex: employing workers Before the global economic crisis Slove- 60,000 poor people around the world ployed in the informal sector.8 Workers nia was among the fastest-growing econ- how they thought they might escape in the informal sector are twice as likely omies in Europe, with an unemployment poverty, the majority of men and women to become unemployed as those in the rate hovering near 4% at its 2008 low. But pinned their hopes above all on income formal sector.9 the country, with an export-focused econ- from their own business or wages earned Creating productive jobs in the for- omy, was hit hard by the crisis. By early in employment.2 Smart employment reg- mal sector is key. So is shielding work- 2010 the unemployment rate had risen to ulation, which enhances job security and ers from abusive or arbitrary treatment. 6.3%. The government responded with 2 improves productivity through employer- Where labor rules do not exist, or where new laws. Under the Partial Reimburse- worker cooperation, means that both the rules are too flexible and fail to ment of Payment Compensation Act, a workers and firms benefit.3 offer sufficient protection, workers are at temporary measure expiring in 2011, Good labor regulation promotes risk of abusive work conditions--such as the government reimburses employers new businesses and can help shift work- working long hours without rest periods. for education expenses and wages paid ers to the formal sector, where they will When employers are hit by difficult times to employees put on temporary leave benefit the most from worker protection and economic redundancy becomes in- because of work shortages. This helps and where higher productivity boosts evitable, lack of sufficient severance pay employers stay in business while keep- economic growth.4 By contrast, labor or unemployment benefits can also leave ing workers on the payroll. And workers market restrictions can be an obstacle to workers in precarious conditions. In use their time off to receive training that the development of businesses, which is Latin American countries, for example, can help them and their employers in consistently apparent in surveys of en- workers dismissed from a job often turn the future. Another provisional measure trepreneurs in more than 80 countries.5 to the informal sector because the lack enables employers facing work shortages Moreover, strict labor rules and policies of unemployment benefits prevents a to reduce their employees' workweek that increase the cost of formality are proper search for another formal sector from 40 hours to 32. The employer pays considered one of the main contribu- job.10 only for the 32 hours worked, and the tors to the persistence and growth of the Evidence suggests that unemploy- government makes up the difference. informal sector in low-income econo- ment benefits can have a strong effect This way workers still receive their full mies, where it accounts for an estimated in reducing poverty.11 Lack of access to wages, while struggling employers face 30­70% of the workforce.6 Workers often insurance among poor rural households lower costs. become caught in the "informality trap": pushes them to take up low-risk ac- Maintaining and creating produc- those who do not leave the informal sec- tivities with lower returns. This reduces tive jobs and businesses is a priority for tor soon enough may find themselves their income potential--by 25% in rural economies recovering from the crisis. remaining there for a long time.7 As a Tanzania and by 50% in a sample of rural As the International Labour Organiza- result, in developing economies exces- villages in India, according to a recent tion's (ILO) Decent Work Agenda ac- sively rigid employment rules can end study.12 Mauritius took such consider- knowledges, work plays a central part in up providing a relatively high standard of ations into account when it implemented people's lives,1 providing economic and protection to a few workers in the formal a new labor law in 2008 aimed at balanc- social opportunities. When the World sector--but minimal protection or none ing flexibility and worker protection. As Bank study Voices of the Poor asked at all for the majority of workers, em- part of the unemployment protection 94 DOING BUSINESS 2011 FIGURE 13.1 Further changes have been made to The change in the worker's tenure Most economies balance flexibility and take into account the need for a balance affects the measurements of annual protection in the length of the workweek between worker protection and flexibil- leave, notice period and severance pay. Share of economies (%) 79.8% ity in employment regulation that favors Before, all these related to a worker with job creation. Over the past year a consul- 20 years of tenure. Now they relate to the Rigidity tative group--including labor lawyers, average for a worker with 1 year of ten- Balance between employer and employee representatives ure, a worker with 5 years and a worker flexibility and protection and experts from the ILO, the OECD, with 10 years (see Data notes for a full Excessive flexibilitya civil society and the private sector--has description). been meeting to review the methodol- For working days per week, for ogy as well as to suggest future areas of example, the new methodology is in research. Because this consultation is not accord with ILO Convention 14, which yet complete, this year's report does not states that every worker "shall enjoy in 6.6% 7.6% 6.0% rank economies on the employing work- every period of seven days a period of ers indicators or include the indicators rest comprising at least twenty-four con- 5 5˝ 6 7 in the aggregate ranking on the ease of secutive hours." Under the new meth- Working days per week in manufacturing doing business. odology economies requiring less than (maximum allowed) The consultative process has in- 1 day (24 hours) of rest time a week re- a. Accords with ILO Convention 14. Source: Doing Business database. formed several changes in the methodol- ceive a lower score, indicating excessive ogy for the employing workers indicators, flexibility. Economies achieve the high- scheme, the law introduced a recycling some of which have been implemented est score by striking a balance between fee--a lump sum payment from a na- in this year's report. New thresholds have flexibility and worker protection (figure tional savings fund account to which been introduced to recognize minimum 13.1). For a discussion of the results of employers contribute over time--rather levels of protection in line with relevant some of the other changes in methodol- than severance pay in the case of justi- ILO conventions. This provides a frame- ogy, see the section in this chapter on fied economic redundancies. Economies work for balancing worker protection emerging patterns. achieve this balance in different ways, against employment restrictions in the depending in part on their organiza- areas measured by the indicators. WHO REFORMED LABOR tional and financial means. Some estab- Four main aspects are affected by the REGULATIONS IN 2009/10? lish a centralized system of government changes in methodology: the minimum payments. Others mandate direct pay- wage, paid annual leave, the maximum Governments have continued to respond ments from employers. number of working days per week and the to the global economic crisis with short- tenure of the worker in the case study. term, emergency legislation aimed at CHANGES IN METHODOLOGY For the minimum wage, an economy mitigating its adverse effects. Some have would receive a score indicating excessive focused on combating unemployment by Doing Business, in its indicators on em- flexibility if it has no minimum wage attempting to help businesses adjust and ploying workers, measures flexibility in at all, if the law provides a regulatory recover, others on increasing assistance the regulation of hiring, working hours mechanism for the minimum wage that for those already unemployed. Spain now and redundancy in a manner consistent is not enforced in practice, if there is only exempts a portion of severance payments with the ILO conventions. Changes in a customary minimum wage or if the from taxation. Romania exempts em- the methodology for these indicators minimum wage applies only to the pub- ployers that hire previously unemployed have been made in the past 3 years so as lic sector. For paid annual leave there is workers from paying the workers' social to ensure consistency with relevant ILO now a minimum threshold of 15 working insurance contributions for 6 months. conventions and to avoid scoring that days below which scoring would indicate Poland and Serbia have adopted legis- rewards economies for flexibility that excessive flexibility. For paid annual leave lative measures allowing employers to comes at the cost of a basic level of social above 26 working days, scoring would in- respond to a decline in work volume by protection (including unemployment dicate excessive rigidity. For paid annual reducing their workers' hours or plac- protection). In Doing Business 2010, for leave between 22 and 26 working days, ing workers on temporary leave with example, the indicators started taking an intermediate score would be assigned reduced pay. Eleven economies made into account the existence of unemploy- indicating semirigidity. For the number changes to their labor regulations in ment protection schemes in cases of of working days per week there is now 2009/10 that affect the employing work- redundancy dismissal where workers re- a maximum of 6 above which scoring ers indicators. ceive less than 8 weeks of severance pay. would reflect excessive flexibility. Australia passed the Fair Work Act ANNEX · EMPLOYING WORKERS 95 in 2009 and National Employment Stan- fixed-term contracts, introduced a limit panded over the years. The following ad- dards in 2010. These led to significant of 24 months. The Slovak Republic re- ditional data are presented in this year's changes, including the introduction of a duced its limit from 36 months to 24. report or on the Doing Business website: severance pay requirement when before Spain passed a royal decree-law to the generally applicable minimum wage there had been none. Now workers in urgently implement several changes. One as well as any minimum wage applying to manufacturing are entitled to up to 12 measure reduced the notice period for a 19-year-old worker, or an apprentice, in weeks of severance pay, depending on redundancy dismissal for workers with the manufacturing sector; the maximum the length of their tenure. In addition, an all lengths of tenure from 30 calendar duration for a single fixed-term con- employer must look into the feasibility of days to 15. tract; and provisions relating to the work reassigning an employee to another posi- Syria passed a new labor law in schedule, such as the length of a standard tion before considering redundancy. An- 2010 to replace its 1959 law. Among workday, the limit on overtime both nual leave requirements changed from other changes, the new law increases in normal and in exceptional circum- 20 working days (4 weeks for a worker notice periods to 2 months, introduces stances, the minimum number of rest with a 5-day workweek) to 4 weeks for a new restrictions on weekly holiday work hours between working days required nonshift worker and 5 for a shift worker. and slightly increases annual leave--now by law and premiums for overtime work, Bhutan set a minimum for paid 14­30 working days a year, depending on night work and weekly holiday work. annual leave, having previously required a worker's tenure. Doing Business also gathered new none. Under the 2009 Leave Regulation Zimbabwe lowered its severance information on regulations according to most workers are entitled to a minimum pay requirements. When the country length of job tenure (9 months, 1 year, of 18 days of leave a year. The regulation converted its wages into U.S. dollars 5 years and 10 years). Some aspects was one in a series Bhutan adopted in in response to hyperinflation, it also measured by the employing workers 2009 to further implement aspects of its converted severance pay amounts. As indicators--such as paid annual leave, 2007 Labor and Employment Act. a result, common law practices shifted. notice period and severance payment-- Estonia adopted a new Employ- Retrenchment boards now grant 2­4 can vary with different tenures. And ment Contracts Act in 2009. Under the months' wages as severance rather than while the indicators previously consid- new law there are no priority rules for 4­6 months' wages. ered a worker with 20 years of tenure, rehiring. Collective dismissals meeting this length of tenure may not be typical threshold numbers trigger requirements WHAT PATTERNS ARE EMERGING? for small and medium-size businesses in for notification of and consultation with many economies. employee representatives and govern- Since its inception Doing Business has The data Doing Business has gath- ment authorities. Notice periods were re- been collecting increasingly detailed in- ered on employment and labor laws and duced to a range of 15­90 calendar days, formation on labor regulation as a basis regulations point to global and regional depending on an employee's seniority, for the employing workers indicators.13 patterns in how the 183 economies it and severance payments to 1 month's The employing workers data set has ex- covers regulate the conditions on which wages. But now an unemployment insur- FIGURE 13.2 ance fund disburses an additional 1­3 Almost half of economies balance flexibility and protection in annual leave months' wages, a solution that balances Share of economies (%) flexibility and worker protection. Kuwait increased its notice period Excessive flexibility (24.6%) for dismissal from 15 calendar days to 3 10 Balance between flexibility months. It expanded minimum require- and protection (45.4%) ments for annual leave from 14 or 21 Semirigidity (24.0%) calendar days, depending on a worker's Excessive rigidity (6.0%) tenure, to 26 working days for all. 5 Malaysia changed its restrictions on redundancy dismissals. Before, an em- ployer had to notify the Department of Labor in writing of all redundancy dis- missals. A 2009 circular now limits that 0 0 10 20 30 requirement to the redundancy dismissal Average annual leave required of 5 or more employees. (working days) Poland, which previously had no Note: The designation excessive flexibility accords with ILO Convention 132. Annual leave is the average for 1, 5 and 10 years of tenure. restriction on the maximum duration of Source: Doing Business database. 96 DOING BUSINESS 2011 FIGURE 13.3 worker's tenure. Cape Verde, where the considered to have semirigid regulations, The most common premium for work done on the weekly holiday is 100% severance payment is 1 month's wages with average paid annual leave of be- Share of economies (%) for each year of work, is an example. tween 22 and 26 working days. The 11 40.4 In other economies the notice period economies in the last group have the is fixed but the severance payment is most rigid regulations, requiring more 35.5 proportionally higher at the beginning than 26 working days of paid annual of the worker's tenure. In Thailand, for leave for workers. example, a worker with 5 years of tenure is given 180 days of severance pay while a VARYING PREMIUMS FOR WEEKLY 18.6 worker with 20 years is given 300. HOLIDAY WORK In 18 economies governments adopt Economies also vary in the premium yet another approach, which results in they require for work performed on the 5.5 redundancy costs being proportionally weekly holiday, with 74 economies re- higher toward the end of service. This is quiring no premium. The most common None <50 50­99 100+ the case in Paraguay, where workers with holiday work premium is 100% of the Premium for work on weekly holiday 5 years of tenure are granted 75 calendar hourly pay, while the highest observed (% of normal hourly wage) days of severance pay while those with 20 premium is 150% of the hourly pay Source: Doing Business database. years receive 600. (figure 13.3). firms employ workers. These data can High-income economies have lower also be used to assess how regulation BALANCING PROTECTION AND premiums on average than low- and balances worker protection and employ- FLEXIBILITY IN ANNUAL LEAVE middle-income economies. But there is ment flexibility. Previously, the employing workers indi- a significant difference within this group, cators scored economies on the basis of with non-OECD high-income economies FIXED OR PROPORTIONAL excessive rigidity in the number of days having a lower average premium than REDUNDANCY COSTS of annual leave. Now the data also high- OECD high-income economies. Among In cases of redundancy dismissal, how light excessive flexibility--a change that regions, Latin America and the Carib- do severance pay and notice period re- reflects input from the consultative pro- bean has the highest average premium, quirements vary for workers with differ- cess. To illustrate, economies are divided and South Asia the lowest (figure 13.4). ent tenures? Eleven economies require into 4 groups based on average manda- no severance payment or notice period, tory paid annual leave (figure 13.2). The LOOKING FORWARD which together make up the redundancy first group consists of 43 economies that cost (expressed in weeks of wages). on the basis of ILO Convention 132 can The employing workers indicators are Among the rest, economies take 2 broad be considered to have excessive flexibil- changing to reflect a balance between approaches: they set the same require- ity, with average paid annual leave of less worker protection and flexibility in em- ments for workers with different tenures, than 15 working days. The second group, ployment regulation that favors job cre- or they set requirements proportional to 85 economies, shows a balance between ation. The changes are being driven by a worker's tenure. flexibility and worker protection, with the useful engagement with experts and Thirty-one economies take a fixed- average paid annual leave of between 15 stakeholders through the ongoing con- cost approach. In Montenegro, for ex- and 21 working days. The third group sultative process. Initial analysis of the ample, the redundancy cost is 28.1 weeks is formed of 44 economies that can be impact of the changes to the indicators il- of wages whether the worker has 1, 5, 10 FIGURE 13.4 or 20 years of service. Six economies fol- Where are premiums for working on the weekly holiday highest? low a proportional approach. One is the Average premium for work on weekly holiday (% of normal hourly wage) Islamic Republic of Iran, where workers are granted severance pay equal to 1 East Asia & Pacific 45.0 month's salary for each year worked. Eastern Europe & Central Asia 58.2 The majority, 117 economies, fall Latin America & Caribbean 67.2 between these 2 approaches. In these Middle East & North Africa 49.4 economies the redundancy cost is pro- OECD high income 39.0 portionally higher at the beginning of South Asia 37.5 the worker's service. In most, this is because of a fixed notice period and a Sub-Saharan Africa 40.1 severance payment proportional to the Source: Doing Business database. ANNEX · EMPLOYING WORKERS 97 lustrates how economies tend to regulate the employment of workers and which regulations are excessively rigid, exces- 1. ILO, "Decent Work FAQ: Making Decent Work a Global Goal," accessed June 23, sively flexible or balanced between them. 2010, http://www.ilo.org/. Further analysis of the data collected will 2. Narayan and others (2000). provide a deeper understanding of labor 3. Pierre and Scarpetta (2007). regulation and the patterns that emerge 4. La Porta and Shleifer (2008). globally. 5. World Business Environment Surveys Following is some of the informa- and Investment Climate Surveys, con- tion collected for the employing workers ducted in more than 80 countries by the data set across 183 economies. The com- World Bank in 1999­2000. plete data set is available on the Doing 6. Bosch and Esteban-Pretel (2009). Business website. 7. Masatlioglu and Rigolini (2008). 8. Pierre and Scarpetta (2007). 9. Duryea and others (2006). 10. Pierre and Scarpetta (2007). 11. Vodopivec (2009). 12. Pierre and Scarpetta (2007) citing Rosenzweig and Binswanger (1993). 13. Detailed data are available for 183 economies on the Doing Business website (http://www.doingbusiness.org). Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Afghanistan No NO LIMIT 0.0 0.00 Yes 5.6 25 50 No No 20.0 Yes Yes No Yes Yes No No Yes 4.3 17.3 Albania Yes NO LIMIT 201.3 0.41 Yes 6.0 50 25 Yes No 20.0 Yes No No No No No No Yes 11.6 10.7 Algeria Yes NO LIMIT 228.1 0.42 No 6.0 0 0 No No 22.0 Yes Yes No Yes No Yes Yes No 4.3 13.0 Angola Yes 12 122.0 0.22 Yes 6.0 25 100 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 10.7 Antigua and Barbuda No NO LIMIT 576.5 0.36 Yes 6.0 0 0 No No 12.0 Yes No No No No Yes Yes No 3.4 12.8 Argentina Yes 60 447.6 0.45 Yes 6.0 13 50 No No 18.0 Yes No No No No No No No 7.2 23.1 Armenia Yes 60 88.3 0.23 Yes 6.0 150 100 No No 20.0 Yes No No No No Yes No No 8.7 4.3 Australia No NO LIMIT 1,291.1 0.24 Yes 7.0 0 0 No No 20.0 Yes No No No No Yes No No 4.0 8.7 Austria No NO LIMIT 716.3 0.12 Yes 5.5 17 100 No No 25.0 Yes Yes No Yes No No Yes Yes 2.0 0.0 Azerbaijan No 60 98.6 0.17 Yes 6.0 40 150 Yes No 17.0 Yes No No No No No Yes No 8.7 13.0 Bahamas, The No NO LIMIT 693.3 0.24 Yes 5.5 0 0 No No 11.7 Yes Yes No Yes No No Yes Yes 0.0 10.7 Bahrain No NO LIMIT 0.0 0.00 Yes 6.0 50 0 No No 18.3 Yes No No No No No No No 4.3 0.0 Bangladesh Yes NO LIMIT 23.2 0.30 Yes 6.0 0 0 No No 17.0 Yes Yes No Yes No No Yes Yes 4.3 26.7 Belarus No NO LIMIT 102.7 0.16 Yes 6.0 20 100 No No 18.0 Yes No No No No Yes Yes No 8.7 13.0 Belgium No NO LIMIT 1,746.7 0.30 Yes 6.0 4 100 No Yes 20.0 Yes No No No No No No No 6.0 0.0 Belize No NO LIMIT 291.7 0.50 Yes 6.0 0 50 No No 10.0 Yes No No No No No No No 3.3 5.0 Benin No 48 67.7 0.58 Yes 6.0 0 0 No No 24.0 Yes Yes No Yes No No Yes Yes 4.3 7.3 Bhutan No NO LIMIT 33.0 0.13 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 8.3 0.0 Bolivia g Yes 24 88.8 0.38 Yes 6.0 30 100 No No 21.7 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Bosnia and Herzegovina No 24 529.6 0.95 Yes 6.0 30 20 No No 18.0 Yes No No Yes No Yes No Yes 2.0 7.2 Botswana No NO LIMIT 110.5 0.13 Yes 6.0 0 100 No No 15.0 Yes Yes No Yes No No Yes Yes 4.9 16.8 Brazil Yes 24 279.3 0.28 Yes 6.0 20 100 Yes No 26.0 Yes No No No No No No No 4.3 8.9 Brunei DOING BUSINESS 2011 Darussalam No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No No 13.3 Yes No No No No No No No 3.0 0.0 Bulgaria No 36 166.2 0.24 Yes 6.0 10 0 Yes No 20.0 Yes No No No No No No No 4.3 3.2 Burkina Faso No NO LIMIT 65.1 0.79 Yes 6.0 0 0 No No 22.0 Yes No No Yes No No Yes Yes 4.3 6.1 Burundi No NO LIMIT 3.0 0.14 Yes 6.0 30 0 No Yes 21.0 Yes No No Yes No No Yes Yes 8.7 7.2 Cambodia No 24 41.0 0.47 Yes 6.0 30 100 No No 19.3 Yes No No Yes No No Yes Yes 7.9 10.7 Cameroon No 48 63.3 0.36 Yes 6.0 50 0 No No 26.0 Yes Yes Yes Yes Yes No Yes Yes 6.5 8.1 98 99 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost ANNEX · EMPLOYING WORKERS Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Canada No NO LIMIT 1,703.7 0.34 Yes 6.0 0 0 No No 10.0 Yes No No No No No No No 7.0 5.0 Cape Verde Yes 60 0.0 0.00 Yes 6.0 25 100 No No 22.0 Yes Yes Yes Yes Yes Yes Yes No 6.4 23.1 Central African Yes 48 39.8 0.59 Yes 5.0 0 50 No Yes 25.3 Yes Yes No Yes Yes No Yes Yes 4.3 17.3 Republic Chad No 48 71.9 0.71 Yes 6.0 0 100 No No 24.7 Yes Yes No Yes No No Yes Yes 7.2 5.8 Chile No 24 0.0 0.00 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 12.0 China No NO LIMIT 159.9 0.38 Yes 6.0 39 100 No No 6.7 Yes Yes No Yes No Yes Yes Yes 4.3 23.1 Colombia No NO LIMIT 244.2 0.39 Yes 6.0 35 75 No No 15.0 Yes No No No No No No No 0.0 19.0 Comoros No 36 64.8 0.52 Yes 6.0 0 0 No Yes 22.0 Yes Yes No Yes No No Yes Yes 13.0 23.1 Congo, Dem. Rep. Yes 48 65.0 2.46 Yes 5.0 25 0 No No 13.0 Yes Yes Yes Yes Yes No Yes Yes 10.3 0.0 Congo, Rep. Yes 24 119.7 0.44 Yes 6.0 0 50 No Yes 29.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 6.5 Costa Rica Yes 12 334.5 0.43 Yes 6.0 0 100 Yes No 12.0 Yes No No No No No No No 4.3 14.4 Côte d'Ivoire No 24 0.0 0.00 No 6.0 38 0 No No 27.4 Yes No No Yes No No No Yes 5.8 7.3 Croatia Yes 36 534.3 0.31 Yes 6.0 10 35 No Yes 20.0 Yes Yes No Yes No Yes Yes Yes 7.9 7.2 Cyprus No 30 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes Yes No Yes No Yes No Yes 5.7 0.0 Czech Republic No 24 427.8 0.21 Yes 6.0 10 10 No No 20.0 Yes No No No No No No No 8.7 13.0 Denmark No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 25.0 Yes No No No No No No No 0.0 0.0 Djibouti Yes 24 0.0 0.00 Yes 6.0 0 0 No No 30.0 Yes Yes No Yes No No No Yes 4.3 0.0 Dominica No NO LIMIT 257.2 0.40 Yes 6.0 0 100 No No 15.0 Yes No No No No No Yes Yes 5.8 9.3 Dominican Republic Yes NO LIMIT 226.0 0.37 Yes 6.0 0 100 No Yes 14.0 Yes No No No No No No No 4.0 22.2 Ecuador No 24 229.7 0.43 Yes 5.0 25 100 No No 12.3 Yes No No Yes Yes No Yes Yes 4.3 31.8 Egypt, Arab Rep. No NO LIMIT 31.4 0.11 Yes 6.0 0 0 No No 24.0 Yes Yes Yes Yes Yes No Yes No 10.1 26.7 El Salvador Yes NO LIMIT 80.1 0.17 Yes 6.0 25 100 Yes Yes 11.0 Yes No No No No No No No 0.0 22.9 Equatorial Guinea Yes 24 291.4 0.16 Yes 6.0 25 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 34.3 Eritrea Yes NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 19.0 Yes No No Yes Yes No No No 3.1 12.3 Estonia Yes 120 393.0 0.23 Yes 5.0 25 0 Yes No 24.0 Yes No No No No Yes Yes No 8.6 4.3 Ethiopia Yes NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 18.3 Yes No No Yes No Yes Yes No 10.1 10.5 Fiji No NO LIMIT 290.8 0.56 Yes 6.0 6 100 No No 10.0 Yes Yes No Yes No No No No 4.3 5.3 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Finland Yes 60 2,063.9 0.36 Yes 6.0 8 100 No No 30.0 Yes Yes No Yes No Yes Yes Yes 10.1 0.0 France Yes 18 788.2 0.14 No 6.0 0 0 No Yes 30.0 Yes No No Yes No Yes Yes Yes 7.2 4.6 Gabon No 48 48.2 0.05 Yes 6.0 50 100 No No 24.0 Yes Yes Yes Yes Yes No Yes Yes 10.4 4.3 Gambia, The No NO LIMIT 0.0 0.00 Yes 5.0 0 0 No No 21.0 Yes Yes No Yes No No Yes Yes 26.0 0.0 Georgia No NO LIMIT 25.1 0.08 Yes 7.0 0 0 No No 24.0 Yes No No No No No No No 0.0 4.3 Germany No 24 1,139.6 0.21 Yes 6.0 13 100 No No 24.0 Yes Yes No Yes No Yes Yes No 10.0 11.6 Ghana No NO LIMIT 25.8 0.26 Yes 5.0 0 0 No No 15.0 Yes Yes Yes Yes Yes No No No 3.6 46.2 Greece Yes NO LIMIT 1,015.8 0.29 Yes 5.0 25 75 No Yes 23.3 Yes No No Yes Yes Yes Yes No 0.0 24.0 Grenada Yes NO LIMIT 225.3 0.31 Yes 6.0 0 0 No No 13.3 Yes No No No No No No No 7.2 5.3 Guatemala Yes NO LIMIT 169.8 0.41 Yes 6.0 0 50 Yes Yes 15.0 Yes No No No No No No No 0.0 27.0 Guinea No 24 0.0 0.00 Yes 6.0 20 45 No Yes 30.0 Yes Yes No Yes Yes No Yes Yes 2.1 5.8 Guinea-Bissau Yes 12 0.0 0.00 Yes 6.0 25 50 No No 21.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 26.0 Guyana No NO LIMIT 145.0 0.45 Yes 7.0 0 100 No No 12.0 Yes Yes No Yes No No No No 4.3 12.3 Haiti No NO LIMIT 43.2 0.41 Yes 6.0 50 50 No No 13.0 Yes No No No No No No No 10.1 0.0 Honduras Yes 24 259.2 0.99 Yes 6.0 25 100 Yes No 16.7 Yes Yes Yes Yes Yes No No No 7.2 23.1 Hong Kong SAR, China No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 11.3 Yes No No No No No No No 4.3 1.5 Hungary No 60 390.0 0.25 Yes 5.0 40 100 No No 21.3 Yes No No No No No No No 6.2 7.2 Iceland No 24 1,707.7 0.32 Yes 6.0 80 80 No No 24.0 Yes No No No No No No No 10.1 0.0 India No NO LIMIT 24.1 0.16 Yes 6.0 0 0 No No 15.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 11.4 Indonesia Yes 36 105.9 0.38 Yes 6.0 0 0 No No 12.0 Yes Yes Yes Yes Yes Yes No No 0.0 34.7 Iran, Islamic Rep. No NO LIMIT 309.1 0.58 Yes 6.0 23 40 No No 24.0 Yes Yes Yes Yes Yes No No No 0.0 23.1 Iraq Yes NO LIMIT 115.5 0.35 Yes 5.0 100 50 No No 22.0 Yes Yes No Yes No No No No 0.0 0.0 DOING BUSINESS 2011 Ireland No NO LIMIT 1,793.9 0.33 Yes 6.0 0 0 No No 20.0 Yes Yes No Yes No No No No 4.0 2.8 Israel No NO LIMIT 985.7 0.29 Yes 5.5 0 50 No Yes 18.0 Yes No No No No No No No 4.3 23.1 Italy Yes NO LIMIT 1,582.7 0.36 Yes 6.0 30 50 Yes No 20.3 Yes No No Yes No Yes Yes Yes 8.7 0.0 Jamaica No NO LIMIT 207.3 0.31 Yes 7.0 0 0 No No 11.3 Yes No No No No No No No 4.0 10.0 Japan No NO LIMIT 1,361.4 0.28 Yes 6.0 25 35 No No 15.3 Yes Yes No Yes No Yes No No 4.3 0.0 Jordan No NO LIMIT 201.0 0.40 Yes 6.0 0 150 No No 18.7 Yes Yes Yes Yes Yes No No Yes 4.3 0.0 100 Kazakhstan No NO LIMIT 111.6 0.14 Yes 6.0 50 100 No No 18.0 Yes Yes No Yes No Yes No No 4.3 4.3 101 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost ANNEX · EMPLOYING WORKERS Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Kenya No NO LIMIT 67.4 0.57 Yes 6.0 0 0 No No 21.0 Yes Yes No Yes No No Yes No 4.3 11.4 Kiribati No NO LIMIT 0.0 0.00 Yes 7.0 0 0 No No 0.0 Yes Yes Yes Yes Yes No No No 4.3 0.0 Korea, Rep. No 24 579.9 0.25 Yes 6.0 50 50 Yes No 17.0 Yes Yes No Yes No No No Yes 4.3 23.1 Kosovo No NO LIMIT 0.0 0.00 Yes 6.0 20 0 No No 16.0 Yes No No No No Yes Yes Yes 13.0 7.2 Kuwait No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No No 26.0 Yes No No No No No No No 13.0 15.1 Kyrgyz Republic Yes 60 12.2 0.11 Yes 6.0 50 100 No No 20.0 Yes No No No No No No No 4.3 13.0 Lao PDR No NO LIMIT 63.9 0.51 Yes 6.0 15 150 No No 15.0 Yes Yes Yes Yes Yes No No No 6.4 40.7 Latvia Yes 36 354.4 0.24 Yes 5.5 50 0 Yes No 20.0 Yes Yes No Yes No Yes Yes No 1.0 8.7 Lebanon No 24 317.3 0.32 Yes 6.0 0 50 No No 15.0 Yes No No Yes No No Yes Yes 8.7 0.0 Lesotho No NO LIMIT 93.8 0.62 Yes 6.0 0 100 Yes No 12.0 Yes No No No No Yes No No 4.3 10.7 Liberia No NO LIMIT 52.0 2.11 Yes 6.0 0 50 No No 16.0 Yes Yes No Yes No No Yes Yes 4.3 21.3 Lithuania Yes 60 329.7 0.24 No 5.5 50 50 No No 20.0 Yes No No No No Yes Yes No 8.7 15.9 Luxembourg Yes 24 2,407.2 0.26 No 5.5 15 70 No Yes 25.0 Yes Yes No Yes No No No Yes 17.3 4.3 Macedonia, FYR No 60 169.0 0.32 Yes 6.0 35 50 Yes No 20.0 Yes No No Yes No No No No 4.3 8.7 Madagascar Yes 24 34.0 0.47 Yes 6.0 30 40 No No 24.0 Yes No No Yes Yes No Yes Yes 3.4 8.9 Malawi Yes NO LIMIT 22.6 0.49 Yes 6.0 0 100 No No 15.0 Yes Yes No Yes No No No No 4.3 14.0 Malaysia No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 13.3 Yes No No Yes No No No No 6.7 17.2 Maldives No 24 0.0 0.00 Yes 6.0 0 50 No No 30.0 Yes No No No No No No No 5.8 0.0 Mali Yes 72 14.8 0.14 Yes 6.0 0 0 No No 22.0 Yes Yes No Yes No No Yes Yes 4.3 9.3 Marshall Islands No NO LIMIT 0.0 0.00 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Mauritania No 24 83.1 0.60 Yes 6.0 100 50 Yes No 18.0 Yes Yes No Yes No No Yes Yes 4.3 6.1 Mauritius No NO LIMIT 156.5 0.18 Yes 6.0 0 100 No No 22.0 Yes Yes No Yes No No No No 4.3 6.3 Mexico Yes NO LIMIT 123.6 0.11 Yes 6.0 0 25 Yes No 12.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 22.0 Micronesia, Fed. Sts. No NO LIMIT 212.7 0.68 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Moldova Yes NO LIMIT 96.6 0.52 Yes 6.0 50 100 Yes Yes 20.0 Yes Yes No Yes No Yes Yes No 8.7 13.9 Mongolia No NO LIMIT 82.4 0.42 Yes 5.0 0 0 No No 17.7 Yes No No No No No No No 4.3 4.3 Montenegro No NO LIMIT 76.4 0.09 Yes 6.0 40 0 No No 19.0 Yes No No No No Yes Yes No 2.1 26.0 Morocco Yes 12 254.1 0.72 Yes 6.0 0 0 No Yes 19.5 Yes No No Yes Yes Yes Yes Yes 7.2 13.5 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Mozambique Yes 72 87.9 1.26 Yes 6.0 0 100 No Yes 21.3 Yes Yes No Yes No No No No 4.3 36.8 Namibia No NO LIMIT 0.0 0.00 Yes 6.0 6 100 No Yes 20.0 Yes Yes No Yes No No No No 4.3 5.3 Nepal Yes NO LIMIT 60.8 0.97 Yes 6.0 0 50 No No 0.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 22.9 Netherlands No 36 1,062.7 0.17 Yes 5.5 0 0 Yes Yes 20.0 Yes Yes Yes Yes Yes Yes Yes No 8.7 0.0 New Zealand No NO LIMIT 1,552.3 0.45 Yes 7.0 0 0 No No 20.0 Yes No No No No Yes No No 0.0 0.0 Nicaragua No NO LIMIT 121.5 0.86 Yes 6.0 0 100 Yes Yes 30.0 Yes No No No No No No No 0.0 14.9 Niger Yes 24 59.1 1.01 No 6.0 38 0 No No 22.0 Yes Yes No Yes No Yes Yes Yes 4.3 5.8 Nigeria No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes No No Yes No No Yes No 4.0 12.2 Norway Yes 48 3,647.4 0.34 Yes 6.0 0 0 Yes Yes 21.0 Yes No No No No Yes Yes Yes 8.7 0.0 Oman No NO LIMIT 363.6 0.15 Yes 6.0 50 100 No No 18.3 Yes No No No No No No No 4.3 0.0 Pakistan Yes 9 44.8 0.31 Yes 6.0 0 100 No Yes 14.0 Yes No No No No Yes Yes Yes 4.3 22.9 Palau No NO LIMIT 450.6 0.38 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Panama Yes 12 370.3 0.42 Yes 6.0 0 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes No 0.0 19.0 Papua New Guinea No NO LIMIT 119.8 0.70 Yes 6.0 0 0 No No 11.0 Yes No No No No No No No 3.3 9.2 Paraguay Yes NO LIMIT 168.6 0.54 Yes 6.0 30 100 Yes No 20.0 Yes Yes Yes Yes Yes No No Yes 7.5 18.6 Peru Yes 60 185.8 0.34 Yes 6.0 35 100 No No 13.0 Yes Yes Yes Yes Yes No No Yes 0.0 11.4 Philippines Yes NO LIMIT 173.2 0.72 Yes 6.0 10 30 No No 5.0 Yes Yes No Yes No No Yes No 4.3 23.1 Poland No 24 379.4 0.27 Yes 6.0 20 100 No No 26.0 Yes No No No No Yes Yes Yes 10.1 0.0 Portugal Yes 72 677.9 0.26 Yes 6.0 25 100 No Yes 22.0 Yes Yes No Yes No Yes Yes Yes 7.9 26.0 Puerto Rico No NO LIMIT 1,256.7 0.64 Yes 7.0 0 100 No No 15.0 Yes No No No No No Yes Yes 0.0 0.0 Qatar No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 22.0 Yes Yes No Yes No No No No 7.2 16.0 Romania Yes 24 214.5 0.22 Yes 5.0 25 100 No No 21.0 Yes No No No No Yes Yes Yes 4.0 4.3 Russian Federation Yes 60 150.8 0.14 Yes 6.0 20 100 No No 22.0 Yes Yes No Yes No Yes Yes No 8.7 8.7 DOING BUSINESS 2011 Rwanda No NO LIMIT 17.6 0.25 Yes 6.0 0 0 No No 19.3 Yes No No No No No Yes No 4.3 8.7 Samoa No NO LIMIT 128.7 0.30 Yes 6.0 0 100 No No 10.0 Yes No No No No No No No 5.8 0.0 Săo Tomé and Principe Yes 36 0.0 0.00 No 6.0 25 0 No Yes 26.0 Yes Yes Yes Yes Yes No No Yes 4.3 26.0 Saudi Arabia No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 20.7 Yes No No No No No No No 4.3 15.2 Senegal Yes 48 77.3 0.48 Yes 6.0 38 0 No Yes 24.3 Yes Yes No Yes No Yes Yes Yes 3.2 10.5 102 103 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost ANNEX · EMPLOYING WORKERS Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Serbia Yes 12 186.8 0.25 Yes 6.0 26 26 No No 20.0 Yes No No No No Yes Yes Yes 0.0 7.7 Seychelles Yes NO LIMIT 287.0 0.26 Yes 6.0 0 100 No No 21.0 Yes Yes Yes Yes Yes No No No 4.3 9.1 Sierra Leone Yes NO LIMIT 12.7 0.25 Yes 5.0 15 0 No No 21.7 Yes Yes No Yes No Yes Yes Yes 8.7 34.8 Singapore No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 10.7 Yes No No No No No No No 3.0 0.0 Slovak Republic No 24 441.2 0.24 Yes 6.0 20 0 No No 25.0 Yes Yes No Yes No Yes No No 11.6 11.6 Slovenia Yes 24 1,036.7 0.37 Yes 6.0 30 50 No Yes 21.0 Yes No No No No Yes Yes Yes 5.7 5.7 Solomon Islands No NO LIMIT 96.3 0.73 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 10.7 South Africa Yes NO LIMIT 516.4 0.70 Yes 6.0 0 100 Yes No 15.0 Yes Yes No Yes No Yes No No 4.0 5.3 Spain Yes 12 1,059.4 0.27 Yes 5.5 25 0 No Yes 22.0 Yes Yes No Yes No No No No 2.1 15.2 Sri Lanka No NO LIMIT 35.6 0.15 Yes 5.5 0 50 No Yes 14.0 Yes Yes Yes Yes Yes No Yes No 4.3 54.2 St. Kitts and Nevis No NO LIMIT 505.1 0.38 Yes 7.0 0 0 No No 14.0 Yes No No No No No No Yes 8.7 0.0 St. Lucia No NO LIMIT 0.0 0.00 Yes 6.0 0 150 No No 21.0 Yes No No No No No No No 3.7 9.7 St. Vincent and the Grenadines No NO LIMIT 176.0 0.27 Yes 6.0 0 0 No No 19.3 Yes No No Yes No No No Yes 4.0 10.0 Sudan No 48 90.6 0.50 Yes 6.0 0 0 No No 23.3 Yes Yes Yes Yes Yes No No No 4.3 21.7 Suriname No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 16.0 Yes Yes Yes Yes Yes No No No 0.0 8.8 Swaziland No NO LIMIT 85.5 0.25 Yes 5.5 0 0 No No 11.0 Yes No No Yes No No Yes No 5.9 8.7 Sweden No 24 0.0 0.00 Yes 5.5 0 0 No Yes 25.0 Yes No No Yes No Yes Yes Yes 14.4 0.0 Switzerland No 120 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes No No No No No No No 10.1 0.0 Syrian Arab Republic No 60 133.7 0.41 Yes 6.0 0 100 No Yes 19.3 Yes Yes Yes Yes Yes No No No 8.7 0.0 Taiwan, China Yes 12 525.2 0.26 Yes 6.0 0 100 No No 12.0 Yes Yes No Yes No Yes No Yes 4.3 18.8 Tajikistan Yes NO LIMIT 14.3 0.14 No 6.0 0 100 Yes No 23.3 Yes Yes No Yes No Yes Yes No 8.7 6.9 Tanzania Yes 0 60.0 0.75 Yes 6.0 5 100 No No 20.0 Yes Yes Yes Yes Yes No No No 4.0 5.3 Thailand Yes NO LIMIT 78.9 0.18 Yes 6.0 0 0 No No 6.0 Yes No No No No No No No 4.3 31.7 Timor-Leste Yes NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 12.0 Yes Yes Yes Yes Yes No No No 4.3 0.0 Togo Yes 48 60.0 0.92 Yes 6.0 38 60 No No 30.0 Yes Yes No Yes No No Yes Yes 4.3 7.3 Tonga No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No Yes 0.0 Yes No No No No No No No 0.0 0.0 Trinidad and Tobago No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 10.0 Yes No No Yes No No Yes No 6.4 14.1 Redundancy Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost Minimum wage for a 19-year-old Fixed-term contracts prohibited Maximum length of fixed-term Severance pay for redundancy 50-hour workweek allowed? c Notice period for redundancy Retraining or reassignment? f Dismissal due to redundancy Premium for work on weekly dismissal (weeks of salary) e dismissal (weeks of salary) e rest day (% of hourly pay) d Ratio of minimum wage to if 9 workers are dismissed? if 9 workers are dismissed? if 1 worker is dismissed? if 1 worker is dismissed? Maximum working days worker or an apprentice Premium for night work value added per worker Third-party notification Third-party notification weekly holiday work? d for permanent tasks? Major restrictions on Major restrictions on Third-party approval Third-party approval contracts (months) a for reemployment? (% of hourly pay) d (US$ per month) b for redundancies? Paid annual leave (working days) e allowed by law? night work? d Priority rules Priority rules per week Tunisia No 48 120.5 0.27 Yes 6.0 0 0 No No 13.0 Yes Yes Yes Yes Yes Yes Yes Yes 4.3 7.8 Turkey Yes NO LIMIT 505.4 0.47 Yes 6.0 0 100 Yes No 18.0 Yes No No No No Yes No Yes 6.7 23.1 Uganda No NO LIMIT 3.1 0.04 Yes 6.0 0 0 No No 21.0 Yes No No No No No No No 8.7 0.0 Ukraine Yes NO LIMIT 125.1 0.38 No 5.5 20 100 No No 18.0 Yes Yes No Yes No Yes Yes Yes 8.7 4.3 United Arab Emirates No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No Yes 26.0 Yes No No No No No No No 4.3 18.1 United Kingdom No NO LIMIT 1,805.0 0.35 Yes 6.0 0 0 No No 28.0 Yes No No No No No No No 5.3 2.6 United States No NO LIMIT 1,252.9 0.21 Yes 6.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Uruguay Yes NO LIMIT 235.2 0.19 Yes 6.0 0 100 No No 21.0 Yes No No No No No No No 0.0 20.8 Uzbekistan Yes 60 23.9 0.17 Yes 6.0 50 100 Yes No 15.0 Yes No No Yes No Yes Yes No 8.7 13.0 Vanuatu No NO LIMIT 247.0 0.65 Yes 6.0 75 50 No No 15.0 Yes No No No No No No No 9.3 23.1 Venezuela, RBg Yes 24 326.4 0.25 Yes 6.0 30 50 Yes No 19.3 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Vietnam No 72 40.7 0.33 Yes 6.0 30 100 No No 13.0 Yes No No Yes Yes Yes Yes No 0.0 23.1 West Bank and Gaza No 24 0.0 0.00 Yes 6.0 0 150 Yes Yes 18.0 Yes Yes No Yes No No No No 4.3 23.1 Yemen, Rep. No NO LIMIT 99.1 0.60 Yes 6.0 15 100 No No 30.0 Yes Yes No Yes No No No Yes 4.3 23.1 Zambia No NO LIMIT 63.7 0.40 Yes 5.5 4 100 No No 24.0 Yes Yes No Yes No No No No 4.3 46.2 Zimbabwe No NO LIMIT 90.0 1.80 Yes 6.0 0 0 No No 22.0 Yes Yes Yes Yes Yes Yes No No 13.0 69.3 a. Including renewals. b. Economies for which 0.0 is shown have no minimum wage. c. For 2 months a year in case of increase in production. d. In case of continuous operations. e. Average for workers with 1, 5 and 10 years of tenure. f. Whether compulsory before redundancy. g. Some questions are not applicable ("n.a.") for economies where dismissal due to redundancy is disallowed. Source: Doing Business database. DOING BUSINESS 2011 104 105 References Research, Cambridge, MA. ___. 2009. "Where Does Regulation Hurt? 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To start, the Doing this limitation, subnational Doing Busi- Business team, with academic advisers, ness indicators were created for 6 econo- designs a survey. The survey uses a simple mies in 2009/10: Colombia, Indonesia, business case to ensure comparability Kenya, Nigeria, Pakistan and Russia.2 A across economies and over time--with city profile on Zanzibar, Tanzania, was assumptions about the legal form of the also published in 2009/10. A subnational business, its size, its location and the study is under way in the Philippines. In The indicators presented and analyzed in nature of its operations. Surveys are ad- addition, a city profile is under way for Doing Business measure business regu- ministered through more than 8,200 local Juba, Southern Sudan, and a regional lation and the protection of property experts, including lawyers, business con- report has been started in Southeastern rights--and their effect on businesses, sultants, accountants, freight forwarders, Europe, covering 7 economies--Albania, especially small and medium-size do- government officials and other profession- Bosnia and Herzegovina, Kosovo, FYR mestic firms. First, the indicators docu- als routinely administering or advising on Macedonia, Moldova, Montenegro and ment the degree of regulation, such as legal and regulatory requirements (table Serbia--and 16 cities. Increasingly, such the number of procedures to start a busi- 14.1). These experts have several rounds studies are being periodically updated to ness or to register and transfer commer- of interaction with the Doing Business measure progress over time or to expand cial property. Second, they gauge regu- team, involving conference calls, written geographic coverage to additional cities. latory outcomes, such as the time and correspondence and visits by the team. This year that is the case for the sub- cost to enforce a contract, go through For Doing Business 2011 team members national studies in Colombia, Nigeria, bankruptcy or trade across borders. visited 33 economies to verify data and Pakistan and the Philippines and for the Third, they measure the extent of legal recruit respondents. The data from sur- regional study in Southeast Europe. The protections of property, for example, the veys are subjected to numerous tests for subnational studies point to significant protections of investors against looting robustness, which lead to revisions or differences in the speed of reform and by company directors or the range of expansions of the information collected. the ease of doing business across cities in assets that can be used as collateral ac- The Doing Business methodology of- the same economy. cording to secured transactions laws. fers several advantages. It is transparent, Second, the data often focus on Fourth, a set of indicators documents the using factual information about what a specific business form--generally a TABLE 14.1 laws and regulations say and allowing limited liability company (or its legal How many experts does Doing Business multiple interactions with local respon- equivalent) of a specified size--and may consult? dents to clarify potential misinterpreta- not be representative of the regulation Indicator set Contributors tions of questions. Having representative on other businesses, for example, sole · Starting a business 1,406 samples of respondents is not an issue, as proprietorships. Third, transactions de- · Dealing with 605 the texts of the relevant laws and regula- scribed in a standardized case scenario construction permits tions are collected and answers checked refer to a specific set of issues and may · Registering property 1,128 for accuracy. The methodology is inex- not represent the full set of issues a busi- · Getting credit 1,127 pensive and easily replicable, so data can ness encounters. Fourth, the measures of · Protecting investors 874 be collected in a large sample of econo- time involve an element of judgment by · Paying taxes 891 mies. Because standard assumptions are the expert respondents. When sources · Trading across borders 1,279 used in the data collection, comparisons indicate different estimates, the time · Enforcing contracts 984 and benchmarks are valid across econo- indicators reported in Doing Business · Closing a business 852 mies. Finally, the data not only highlight represent the median values of several the extent of specific regulatory obstacles responses given under the assumptions · Getting electricity 602 to business but also identify their source of the standardized case. · Employing workers 862 and point to what might be reformed. DATA NOTES 111 Finally, the methodology assumes Economy characteristics that a business has full information on what is required and does not waste GROSS NATIONAL INCOME (GNI) and the Economist Intelligence Unit PER CAPITA were used. time when completing procedures. In Doing Business 2011 reports 2009 practice, completing a procedure may income per capita as published REGION AND INCOME GROUP take longer if the business lacks informa- in the World Bank's World Devel- Doing Business uses the World Bank tion or is unable to follow up promptly. opment Indicators 2010. Income is regional and income group clas- Alternatively, the business may choose calculated using the Atlas method sifications, available at http://www. to disregard some burdensome proce- (current US$). For cost indicators worldbank.org/data/countryclass. The dures. For both reasons the time delays expressed as a percentage of income World Bank does not assign regional reported in Doing Business 2011 would per capita, 2009 GNI in U.S. dollars classifications to high-income econo- differ from the recollection of entre- is used as the denominator. GNI data mies. For the purpose of the Doing preneurs reported in the World Bank were not available from the World Business report, high-income OECD Enterprise Surveys or other perception Bank for Afghanistan, The Bahamas, economies are assigned the "regional" surveys. Bahrain, Belize, Cyprus, Eritrea, Guy- classification OECD high income. Fig- ana, Haiti, Hong Kong SAR (China), ures and tables presenting regional CHANGES IN WHAT IS MEASURED Madagascar, New Zealand, Oman, averages include economies from all Puerto Rico, Qatar, Saudi Arabia, Su- income groups (low, lower middle, The methodology for the employing riname, Switzerland, Taiwan (China), upper middle and high income). workers indicators was updated this Timor-Leste, the United Arab Emir- year, with guidance from a consultative ates, West Bank and Gaza and Zim- POPULATION group of relevant experts and stakehold- babwe. In these cases GDP or GNP Doing Business 2011 reports midyear ers.3 The employing workers indicators per capita data and growth rates from 2009 population statistics as pub- are not included in this year's aggregate the International Monetary Fund's lished in World Development Indica- ranking on the ease of doing business. World Economic Outlook database tors 2010. Changes agreed as of the date of pub- lication are the following: the calculation of the minimum wage ratio was changed DATA CHALLENGES AND any revisions in data due to corrections. to ensure that no economy can receive REVISIONS The website also makes available all orig- the highest score if it has no minimum inal data sets used for background pa- wage at all, if the law provides a regula- Most laws and regulations underlying the pers. The correction rate between Doing tory mechanism for the minimum wage Doing Business data are available on the Business 2010 and Doing Business 2011 that is not enforced in practice, if there Doing Business website at http://www.do- is 5.7%. is only a customary minimum wage or ingbusiness.org. All the sample surveys if the minimum wage applies only to and the details underlying the indicators FIVE-YEAR MEASURE OF the public sector. A minimum threshold are also published on the website. Ques- CUMULATIVE CHANGE: was set for paid annual leave and a ceil- tions on the methodology and challenges DB CHANGE SCORE ing for working days allowed per week to data can be submitted through the to ensure that no economy benefits in website's "Ask a Question" function at Doing Business 2011 is introducing a new the scoring from excessive flexibility in http://www.doingbusiness.org. measure to illustrate how the regulatory these areas. Finally, the calculation of the Doing Business publishes 8,967 in- environment for business has changed redundancy cost and of the annual leave dicators each year. To create these in- in absolute terms in each economy over period for the rigidity of hours index was dicators, the team measures more than the 5 years since Doing Business 2006 changed to refer to the average value for 52,000 data points, each of which is was published. This measure is called the a worker with 1 year of tenure, a worker made available on the Doing Business DB change score. In the 9 areas of busi- with 5 years and a worker with 10 years website. Historical data for each indica- ness regulation included in the aggregate rather than the value for a worker with tor and economy are available on the ranking on the ease of doing business in 20 years of tenure. website, beginning with the first year Doing Business 2011, the new measure the indicator or economy was included assigns a neutral score if there were no in the report. To provide a comparable changes in the underlying data, a positive time series for research, the Doing Busi- score for changes leading to improve- ness website provides historical data sets ments in the indicators and a negative adjusted for changes in methodology and score for changes having an adverse im- 112 DOING BUSINESS 2011 pact on the indicators. change of 150 would be recorded for EASE OF DOING BUSINESS This measure complements the ag- the economy. If instead the time had RANKING gregate ease of doing business rank- increased to 350 days, a change of ing, which benchmarks each economy's -150 would be recorded. The ease of doing business index ranks current performance on the indicators economies from 1 to 183. For each against that of all other economies in 2. To allow aggregation across all indi- economy the index is calculated as the the Doing Business sample. By showing cators, the results for each indicator ranking on the simple average of its per- absolute change over time, the measure are made comparable by normalizing centile rankings on each of the 9 topics illustrates for each economy how much the change values on a scale of 0­1, included in the index in Doing Business its regulatory environment for business where a higher value indicates that 2011: starting a business, dealing with as measured through the Doing Business an economy made a larger absolute construction permits, registering prop- indicators has changed compared with 5 improvement on a particular indicator erty, getting credit, protecting investors, years ago. Economies that achieved the than other economies. As a second paying taxes, trading across borders, en- biggest cumulative change in the past 5 step, the values are rescaled once more forcing contracts and closing a business. years are assigned the highest DB change so that any lowering of an indicator is The ranking on each topic is the simple score. reflected by a negative score and any average of the percentile rankings on its improvement by a positive score. A component indicators (table 14.2). The DB change score is constructed in score of 0 indicates that no change oc- If an economy has no laws or reg- 4 steps. curred.4 ulations covering a specific area--for 1. As a first step, the absolute differ- example, bankruptcy--it receives a "no ence in scores is calculated for each 3. To illustrate the change across all 9 practice" mark. Similarly, an economy of the component indicators of the areas of business regulation, a simple receives a "no practice" or "not possible" 9 Doing Business topics, 28 in all. average of all scores obtained for the mark if regulation exists but is never For example, for starting a business different indicators is taken to calcu- used in practice or if a competing regula- there are 4 indicators: procedures, late a total annual measure of change tion prohibits such practice. Either way, a time, cost (as a percentage of GNI per for each economy. By using a simple "no practice" mark puts the economy at capita) and paid-in minimum capital average, the new measure follows the the bottom of the ranking on the relevant requirement (as a percentage of GNI approach used in the ease of doing indicator. per capita). Annual absolute changes business ranking. Here is one example of how the are calculated economy by economy ranking is constructed. In Iceland it takes for each of these indicators. For ex- 4. Finally, the annual measures of change 5 procedures, 5 days and 2.3% of an- ample, if starting a business in an for each economy are added to il- nual income per capita in fees to open a economy took 200 days as measured lustrate the cumulative change in its business. The minimum capital required in Doing Business 2006 and only 50 as business regulatory environment over amounts to 11.97% of income per capita. measured in Doing Business 2007, a the past 5 years. On these 4 indicators Iceland ranks in TABLE 14.2 Which indicators make up the ranking? Starting a business Paying taxes · Procedures, time, cost and paid-in minimum capital to open · Number of tax payments, time to prepare and file tax returns and to pay taxes, a new business total taxes as a share of profit before all taxes borne Dealing with construction permits Trading across borders · Procedures, time and cost to obtain construction permits, inspections and · Documents, time and cost to export and import utility connections Registering property Enforcing contracts · Procedures, time and cost to transfer commercial real estate · Procedures, time and cost to resolve a commercial dispute Getting credit Closing a business · Strength of legal rights index, depth of credit information index · Recovery rate in bankruptcy Protecting investors · Strength of investor protection index: extent of disclosure index, extent of director liability index and ease of shareholder suits index DATA NOTES 113 the 13th, 4th, 15th and 63th percentiles. stan, Lithuania, Mali, Montenegro, Peru, So on average Iceland ranks in the 24th Rwanda, Saudi Arabia, Sierra Leone, percentile on the ease of starting a busi- Slovenia, Sweden, Tajikistan, Ukraine, ness. It ranks in the 50th percentile on Vietnam and Zambia. Second, Doing protecting investors, 40th percentile on Business ranks these economies on the trading across borders, 10th percentile increase in their ranking on the ease of on enforcing contracts, 9th percentile doing business from the previous year on closing a business and so on. Higher using comparable rankings.INDICA- rankings indicate simpler regulation and TORS INCLUDED stronger protection of property rights. IN THE EASE OF DOING The simple average of Iceland's percentile BUSINESS RANKING rankings on all topics is 25%. When all economies are ordered by their average This year's aggregate ranking on the ease percentile rank, Iceland is in 15th place. of doing business is based on 9 indicator More complex aggregation meth- sets: starting a business, dealing with ods--such as principal components and construction permits, registering prop- unobserved components--yield a nearly erty, getting credit, protecting investors, experts differ, inquiries continue until identical ranking.5 The choice of ag- paying taxes, trading across borders, en- the data are reconciled. gregation method has little influence on forcing contracts and closing a business. To make the data comparable across the rankings because the 9 sets of indica- economies, several assumptions about tors provide sufficiently broad coverage STARTING A BUSINESS the business and the procedures are across topics. So Doing Business uses the used. simplest method. Doing Business records all procedures The ease of doing business index is that are officially required for an entre- ASSUMPTIONS ABOUT THE BUSINESS limited in scope. It does not account for preneur to start up and formally operate The business: an economy's proximity to large markets, an industrial or commercial business. · Is a limited liability company. If there the quality of its infrastructure services These include obtaining all necessary is more than one type of limited (other than services related to trading licenses and permits and completing any liability company in the economy, the across borders), the strength of its finan- required notifications, verifications or limited liability form most popular cial system, the security of property from inscriptions for the company and em- among domestic firms is chosen. theft and looting, its macroeconomic ployees with relevant authorities. The Information on the most popular conditions or the strength of underlying ranking on the ease of starting a business form is obtained from incorporation institutions. There remains a large unfin- is the simple average of the percentile lawyers or the statistical office. ished agenda for research into what regu- rankings on its component indicators · Operates in the economy's largest lation constitutes binding constraints, (figure 14.1). business city. what package of reforms is most effective After a study of laws, regulations · Is 100% domestically owned and has and how these issues are shaped by the and publicly available information on 5 owners, none of whom is a legal context in an economy. The Doing Busi- business entry, a detailed list of proce- entity. ness indicators provide a new empirical dures is developed, along with the time · Has start-up capital of 10 times data set that may improve understanding and cost of complying with each proce- income per capita at the end of 2009, of these issues. dure under normal circumstances and paid in cash. Doing Business 2011 also uses a sim- the paid-in minimum capital require- · Performs general industrial or ple method to calculate which economies ments. Subsequently, local incorpora- commercial activities, such as the improve the most on the ease of doing tion lawyers and government officials production or sale to the public of business. First, it selects the economies complete and verify the data. products or services. The business that reformed in 3 or more of the 9 top- Information is also collected on the does not perform foreign trade ics included in this year's ease of doing sequence in which procedures are to activities and does not handle business ranking. Twenty-five econo- be completed and whether procedures products subject to a special tax mies met this criterion: Belarus, Brunei may be carried out simultaneously. It is regime, for example, liquor or Darussalam, Burkina Faso, Cape Verde, assumed that any required information tobacco. It is not using heavily the Democratic Republic of Congo, Geor- is readily available and that all agencies polluting production processes. gia, Grenada, Guyana, Hungary, Indone- involved in the start-up process function sia, the Islamic Republic of Iran, Kazakh- without corruption. If answers by local 114 DOING BUSINESS 2011 · Leases the commercial plant and professionals on behalf of the company dergoes to connect to electricity, water, offices and is not a proprietor of real are counted separately. Each electronic gas and waste disposal services are not estate. procedure is counted separately. If 2 pro- included. · Does not qualify for investment cedures can be completed through the incentives or any special benefits. same website but require separate filings, TIME · Has at least 10 and up to 50 they are counted as 2 procedures. Time is recorded in calendar days. The employees 1 month after the Both pre- and postincorporation measure captures the median duration commencement of operations, all of procedures that are officially required that incorporation lawyers indicate is them nationals. for an entrepreneur to formally operate a necessary to complete a procedure with · Has a turnover of at least 100 times business are recorded (table 14.3). minimum follow-up with government income per capita. Procedures required for official cor- agencies and no extra payments. It is as- · Has a company deed 10 pages long. respondence or transactions with public sumed that the minimum time required agencies are also included. For example, for each procedure is 1 day. Although PROCEDURES if a company seal or stamp is required procedures may take place simultane- A procedure is defined as any interaction on official documents, such as tax dec- ously, they cannot start on the same day of the company founders with external larations, obtaining the seal or stamp is (that is, simultaneous procedures start parties (for example, government agen- counted. Similarly, if a company must on consecutive days). A procedure is cies, lawyers, auditors or notaries). In- open a bank account before registering considered completed once the company teractions between company founders or for sales tax or value added tax, this has received the final document, such as company officers and employees are not transaction is included as a procedure. the company registration certificate or counted as procedures. Procedures that Shortcuts are counted only if they fulfill 4 tax number. If a procedure can be accel- must be completed in the same build- criteria: they are legal, they are available erated for an additional cost, the fastest ing but in different offices are counted to the general public, they are used by procedure is chosen. It is assumed that as separate procedures. If founders have the majority of companies, and avoiding the entrepreneur does not waste time to visit the same office several times for them causes substantial delays. and commits to completing each remain- different sequential procedures, each is Only procedures required of all ing procedure without delay. The time counted separately. The founders are as- businesses are covered. Industry-specific that the entrepreneur spends on gather- sumed to complete all procedures them- procedures are excluded. For example, ing information is ignored. It is assumed selves, without middlemen, facilitators, procedures to comply with environmen- that the entrepreneur is aware of all entry accountants or lawyers, unless the use tal regulations are included only when regulations and their sequence from the of such a third party is mandated by they apply to all businesses conducting beginning but has had no prior contact law. If the services of professionals are general commercial or industrial activi- with any of the officials. required, procedures conducted by such ties. Procedures that the company un- COST TABLE 14.3 Cost is recorded as a percentage of the What do the starting a business indicators measure? economy's income per capita. It includes Procedures to legally start and operate a company (number) all official fees and fees for legal or pro- · Preregistration (for example, name verification or reservation, notarization) fessional services if such services are · Registration in the economy's largest business city required by law. Fees for purchasing and · Postregistration (for example, social security registration, company seal) legalizing company books are included if these transactions are required by law. Time required to complete each procedure (calendar days) The company law, the commercial code · Does not include time spent gathering information and specific regulations and fee sched- · Each procedure starts on a separate day ules are used as sources for calculating · Procedure completed once final document is received costs. In the absence of fee schedules, a · No prior contact with officials government officer's estimate is taken Cost required to complete each procedure (% of income per capita) as an official source. In the absence of a · Official costs only, no bribes government officer's estimate, estimates · No professional fees unless services required by law of incorporation lawyers are used. If several incorporation lawyers provide Paid-in minimum capital (% of income per capita) different estimates, the median reported · Deposited in a bank or with a notary before registration begins value is applied. In all cases the cost ex- Source: Doing Business database. cludes bribes. DATA NOTES 115 PAID-IN MINIMUM CAPITAL · Is fully licensed and insured to carry The paid-in minimum capital require- out construction projects, such as ment reflects the amount that the en- building warehouses. trepreneur needs to deposit in a bank · Has 60 builders and other employees, or with a notary before registration and all of them nationals with the up to 3 months following incorpora- technical expertise and professional tion and is recorded as a percentage of experience necessary to obtain the economy's income per capita. The construction permits and approvals. amount is typically specified in the com- · Has at least 1 employee who is a mercial code or the company law. Many licensed architect and registered with economies have a minimum capital re- the local association of architects. quirement but allow businesses to pay · Has paid all taxes and taken out all only a part of it before registration, with necessary insurance applicable to its the rest to be paid after the first year general business activity (for example, of operation. In Italy in June 2009 the accidental insurance for construction minimum capital requirement for lim- workers and third-person liability). ited liability companies was 10,000, of erage and a fixed land line. Procedures · Owns the land on which the which at least 2,500 was payable before necessary to register the property so that warehouse is built. registration. The paid-in minimum capi- it can be used as collateral or transferred tal recorded for Italy is therefore 2,500, to another entity are also counted. The ASSUMPTIONS ABOUT THE WAREHOUSE or 10.1% of income per capita. In Mexico survey divides the process of building a The warehouse: the minimum capital requirement was warehouse into distinct procedures and · Will be used for general storage 50,000 pesos, of which one-fifth needed calculates the time and cost of complet- activities, such as storage of books or to be paid before registration. The paid- ing each procedure in practice under stationery. The warehouse will not be in minimum capital recorded for Mexico normal circumstances. The ranking on used for any goods requiring special is therefore 10,000 pesos, or 9.2% of the ease of dealing with construction conditions, such as food, chemicals income per capita. permits is the simple average of the or pharmaceuticals. percentile rankings on its component · Has 2 stories, both above ground, The data details on starting a business indicators (figure 14.2). with a total surface of approximately can be found for each economy at http:// Information is collected from ex- 1,300.6 square meters (14,000 square www.doingbusiness.org by selecting the perts in construction licensing, includ- feet). Each floor is 3 meters (9 feet, economy in the drop-down list. This meth- ing architects, construction lawyers, 10 inches) high. odology was developed in Djankov and construction firms, utility service pro- · Has road access and is located in others (2002) and is adopted here with viders and public officials who deal with the periurban area of the economy's minor changes. building regulations, including approvals largest business city (that is, on the and inspections. To make the data com- fringes of the city but still within its DEALING WITH CONSTRUCTION parable across economies, several as- official limits). PERMITS sumptions about the business, the ware- · Is not located in a special economic house project and the utility connections or industrial zone. The zoning Doing Business records all procedures are used. requirements for warehouses are met required for a business in the construc- by building in an area where similar tion industry to build a standardized ASSUMPTIONS ABOUT THE warehouses can be found. CONSTRUCTION COMPANY warehouse. These procedures include · Is located on a land plot of 929 square submitting all relevant project-specific The business (BuildCo): meters (10,000 square feet) that documents (for example, building plans · Is a limited liability company. is 100% owned by BuildCo and is and site maps) to the authorities; obtain- · Operates in the economy's largest accurately registered in the cadastre ing all necessary clearances, licenses, business city. and land registry. permits and certificates; completing all · Is 100% domestically and privately · Is a new construction (there was no required notifications; and receiving all owned. previous construction on the land). necessary inspections. Doing Business · Has 5 owners, none of whom is a · Has complete architectural and also records procedures for obtaining legal entity. technical plans prepared by a licensed connections for electricity, water, sew- architect. 116 DOING BUSINESS 2011 · Will include all technical equipment · Is 10 meters (32 feet, 10 inches) from (that is, simultaneous procedures start required to make the warehouse fully the main telephone network. on consecutive days). If a procedure can operational. · Is a fixed land line. be accelerated legally for an additional · Will take 30 weeks to construct cost, the fastest procedure is chosen. It (excluding all delays due to PROCEDURES is assumed that BuildCo does not waste administrative and regulatory A procedure is any interaction of the time and commits to completing each requirements). company's employees or managers with remaining procedure without delay. The external parties, including government time that BuildCo spends on gathering ASSUMPTIONS ABOUT THE agencies, notaries, the land registry, the information is ignored. It is assumed UTILITY CONNECTIONS cadastre, utility companies, public and that BuildCo is aware of all building The electricity connection: private inspectors and technical experts requirements and their sequence from · Is 10 meters (32 feet, 10 inches) from apart from in-house architects and en- the beginning. the main electricity network. gineers. Interactions between company · Is a medium-tension, 3-phase, employees, such as development of the COST 4-wire Y, 140-kilovolt-ampere (kVA) warehouse plans and inspections con- Cost is recorded as a percentage of the connection. Three-phase service is ducted by employees, are not counted economy's income per capita. Only of- available in the construction area. as procedures. Procedures that the com- ficial costs are recorded. All the fees · Will be delivered by an overhead pany undergoes to connect to electricity, associated with completing the proce- service, unless overhead service is not water, sewerage and telephone services dures to legally build a warehouse are available in the periurban area. are included. All procedures that are recorded, including those associated · Consists of a simple hookup unless legally or in practice required for build- with obtaining land use approvals and installation of a private substation ing a warehouse are counted, even if preconstruction design clearances; re- (transformer) or extension of network they may be avoided in exceptional cases ceiving inspections before, during and is required. (table 14.4). after construction; getting utility con- · Requires the installation of only one nections; and registering the warehouse electricity meter. TIME property. Nonrecurring taxes required BuildCo is assumed to have a li- Time is recorded in calendar days. The for the completion of the warehouse censed electrician on its team to complete measure captures the median duration project also are recorded. The building the internal wiring for the warehouse. that local experts indicate is necessary to code, information from local experts and The water and sewerage connection: complete a procedure in practice. It is as- specific regulations and fee schedules are · Is 10 meters (32 feet, 10 inches) from sumed that the minimum time required used as sources for costs. If several local the existing water source and sewer for each procedure is 1 day. Although partners provide different estimates, the tap. procedures may take place simultane- median reported value is used. · Does not require water for ously, they cannot start on the same day fire protection reasons; a fire extinguishing system (dry system) TABLE 14.4 will be used instead. If a wet fire What do the dealing with construction permits indicators measure? protection system is required by law, Procedures to legally build a warehouse (number) it is assumed that the water demand · Submitting all relevant documents and obtaining all necessary clearances, licenses, permits specified below also covers the water and certificates needed for fire protection. · Completing all required notifications and receiving all necessary inspections · Has an average water use of 662 liters · Obtaining utility connections for electricity, water, sewerage and a land telephone line (175 gallons) a day and an average · Registering the warehouse after its completion (if required for use as collateral or for transfer wastewater flow of 568 liters (150 of warehouse) gallons) a day. Time required to complete each procedure (calendar days) · Has a peak water use of 1,325 liters · Does not include time spent gathering information (350 gallons) a day and a peak · Each procedure starts on a separate day wastewater flow of 1,136 liters (300 · Procedure completed once final document is received gallons) a day. · No prior contact with officials · Will have a constant level of water Cost required to complete each procedure (% of income per capita) demand and wastewater flow throughout the year. Official costs only, no bribes The telephone connection: Source: Doing Business database. DATA NOTES 117 The data details on dealing with con- cedures as well as the time and cost to struction permits can be found for each complete each of them. economy at http://www.doingbusiness.org To make the data comparable across by selecting the economy in the drop- economies, several assumptions about down list. the parties to the transaction, the prop- erty and the procedures are used. REGISTERING PROPERTY REGISTERING PROPERTY ASSUMPTIONS ABOUT THE PARTIES Doing Business records the full sequence The parties (buyer and seller): of procedures necessary for a business · Are limited liability companies. (buyer) to purchase a property from · Are located in the periurban area of another business (seller) and to transfer the economy's largest business city. the property title to the buyer's name so · Are 100% domestically and privately that the buyer can use the property for owned. expanding its business, use the property · Have 50 employees each, all of whom as collateral in taking new loans or, if are nationals. necessary, sell the property to another · Perform general commercial (10,000 square feet) is located on the business. The process starts with obtain- activities. land. The warehouse is 10 years old, is ing the necessary documents, such as a in good condition and complies with copy of the seller's title if necessary, and ASSUMPTIONS ABOUT THE PROPERTY all safety standards, building codes conducting due diligence if required. The The property: and other legal requirements. The transaction is considered complete when · Has a value of 50 times income per property of land and building will be it is opposable to third parties and when capita. The sale price equals the value. transferred in its entirety. the buyer can use the property, use it as · Is fully owned by the seller. · Will not be subject to renovations collateral for a bank loan or resell it. The · Has no mortgages attached and has or additional building following the ranking on the ease of registering prop- been under the same ownership for purchase. erty is the simple average of the percen- the past 10 years. · Has no trees, natural water sources, tile rankings on its component indicators · Is registered in the land registry or natural reserves or historical (figure 14.3). cadastre, or both, and is free of title monuments of any kind. Every procedure required by law disputes. · Will not be used for special purposes, or necessary in practice is included, · Is located in a periurban commercial and no special permits, such as for whether it is the responsibility of the zone, and no rezoning is required. residential use, industrial plants, seller or the buyer or must be completed · Consists of land and a building. The waste storage or certain types of by a third party on their behalf. Local land area is 557.4 square meters agricultural activities, are required. property lawyers, notaries and property (6,000 square feet). A 2-story · Has no occupants (legal or illegal), registries provide information on pro- warehouse of 929 square meters and no other party holds a legal interest in it. TABLE 14.5 What do the registering property indicators measure? PROCEDURES Procedures to legally transfer title on immovable property (number) A procedure is defined as any interaction · Preregistration (for example, checking for liens, notarizing sales agreement, paying property transfer taxes) of the buyer or the seller, their agents · Registration in the economy's largest business city (if an agent is legally or in practice · Postregistration (for example, transactions with the local authority, tax authority or cadastre) required) or the property with exter- Time required to complete each procedure (calendar days) nal parties, including government agen- cies, inspectors, notaries and lawyers. · Does not include time spent gathering information Interactions between company officers · Each procedure starts on a separate day and employees are not considered. All · Procedure completed once final document is received procedures that are legally or in prac- · No prior contact with officials tice required for registering property Cost required to complete each procedure (% of property value) are recorded, even if they may be · Official costs only, no bribes avoided in exceptional cases (table 14.5). · No value added or capital gains taxes included It is assumed that the buyer follows the Source: Doing Business database. fastest legal option available and used 118 DOING BUSINESS 2011 by the majority of property owners. Al- ing third parties and consulting public though the buyer may use lawyers or sources. The survey data are confirmed other professionals where necessary in through teleconference calls or on-site the registration process, it is assumed visits in all economies. that it does not employ an outside fa- cilitator in the registration process unless STRENGTH OF LEGAL RIGHTS INDEX legally or in practice required to do so. The strength of legal rights index mea- sures the degree to which collateral and TIME bankruptcy laws protect the rights of Time is recorded in calendar days. The borrowers and lenders and thus facilitate measure captures the median duration lending (table 14.6). Two case scenarios, that property lawyers, notaries or reg- case A and case B, are used to determine istry officials indicate is necessary to the scope of the secured transactions complete a procedure. It is assumed that system, involving a secured borrower, the minimum time required for each the company ABC, and a secured lender, procedure is 1 day. Although procedures BizBank. In certain economies the legal may take place simultaneously, they can- framework on secured transactions not start on the same day. It is assumed GETTING CREDIT means that only case A or case B can that the buyer does not waste time and apply (not both). Both cases examine the commits to completing each remaining Doing Business measures the legal rights same set of legal restrictions on the use of procedure without delay. If a procedure of borrowers and lenders with respect to movable collateral. can be accelerated for an additional cost, secured transactions through one set of Several assumptions about the secured the fastest legal procedure available and indicators and the sharing of credit infor- borrower and lender are used: used by the majority of property owners mation through another. The first set of · ABC is a domestic, limited liability is chosen. If procedures can be under- indicators describes how well collateral company. taken simultaneously, it is assumed that and bankruptcy laws facilitate lending. · ABC has its headquarters and only they are. It is assumed that the parties The second set measures the coverage, base of operations in the economy's involved are aware of all regulations and scope and accessibility of credit infor- largest business city. their sequence from the beginning. Time mation available through public credit · To fund its business expansion plans, spent on gathering information is not registries and private credit bureaus. The ABC obtains a loan from BizBank for considered. ranking on the ease of getting credit an amount up to 10 times income per is the simple average of the percentile capita in local currency. COST rankings on its component indicators Cost is recorded as a percentage of the (figure 14.4). TABLE 14.6 property value, assumed to be equiva- The data on the legal rights of bor- What do the getting credit indicators measure? lent to 50 times income per capita. Only rowers and lenders are gathered through Strength of legal rights index (0­10) official costs required by law are re- a survey of financial lawyers and verified corded, including fees, transfer taxes, through analysis of laws and regulations · Protection of rights of borrowers and lenders stamp duties and any other payment to as well as public sources of information through collateral laws the property registry, notaries, public on collateral and bankruptcy laws. The · Protection of secured creditors' rights through bankruptcy laws agencies or lawyers. Other taxes, such as data on credit information sharing are capital gains tax or value added tax, are built in 2 stages. First, banking super- Depth of credit information index (0­6) excluded from the cost measure. Both vision authorities and public informa- · Scope and accessibility of credit information distrib- costs borne by the buyer and those borne tion sources are surveyed to confirm the uted by public credit registries and private credit by the seller are included. If cost esti- presence of a public credit registry or bureaus mates differ among sources, the median private credit bureau. Second, when ap- Public credit registry coverage (% of adults) reported value is used. plicable, a detailed survey on the public · Number of individuals and firms listed in public credit registry's or private credit bureau's credit registry as percentage of adult population The data details on registering property structure, laws and associated rules is Private credit bureau coverage (% of adults) can be found for each economy at http:// administered to the entity itself. Survey · Number of individuals and firms listed in larg- www.doingbusiness.org by selecting the responses are verified through several est private credit bureau as percentage of adult economy in the drop-down list. rounds of follow-up communication population with respondents as well as by contact- Source: Doing Business database. DATA NOTES 119 · Both ABC and BizBank are 100% · A general description of debts amount of defaults and bankruptcies) domestically owned. and obligations is permitted in are distributed. The case scenarios also involve the collateral agreements and in · Data on both firms and individuals assumptions. In case A, as collateral for registration documents: all types of are distributed. the loan, ABC grants BizBank a non- debts and obligations can be secured · Data from retailers and utility possessory security interest in one cat- between the parties, and the collateral companies as well as financial egory of movable assets, for example, agreement can include a maximum institutions are distributed. its accounts receivable or its inventory. amount for which the assets are · More than 2 years of historical data ABC wants to keep both possession and encumbered. are distributed. Credit registries and ownership of the collateral. In economies · A collateral registry or registration bureaus that erase data on defaults as in which the law does not allow non- institution is in operation, unified soon as they are repaid obtain a score possessory security interests in movable geographically and by asset type, with of 0 for this indicator. property, ABC and BizBank use a fidu- an electronic database indexed by · Data on loan amounts below 1% of ciary transfer-of-title arrangement (or a debtors' names. income per capita are distributed. similar substitute for nonpossessory se- · Secured creditors are paid first (for Note that a credit registry or bureau curity interests). example, before general tax claims must have a minimum coverage of 1% In case B, ABC grants BizBank a and employee claims) when a debtor of the adult population to score a 1 on business charge, enterprise charge, float- defaults outside an insolvency this indicator. ing charge or any charge that gives Bi- procedure. · By law, borrowers have the right to zBank a security interest over ABC's · Secured creditors are paid first (for access their data in the largest credit combined movable assets (or as much of example, before general tax claims registry or bureau in the economy. ABC's movable assets as possible). ABC and employee claims) when a The index ranges from 0 to 6, with keeps ownership and possession of the business is liquidated. higher values indicating the availability assets. · Secured creditors are not subject to of more credit information, from either The strength of legal rights index an automatic stay or moratorium a public credit registry or a private credit includes 8 aspects related to legal rights on enforcement procedures when bureau, to facilitate lending decisions. If in collateral law and 2 aspects in bank- a debtor enters a court-supervised the credit registry or bureau is not opera- ruptcy law. A score of 1 is assigned for reorganization procedure. tional or has a coverage of less than 0.1% each of the following features of the · The law allows parties to agree in a of the adult population, the score on the laws: collateral agreement that the lender depth of credit information index is 0. may enforce its security right out of In Lithuania, for example, both a · Any business may use movable assets court. public credit registry and a private credit as collateral while keeping possession The index ranges from 0 to 10, with bureau operate. Both distribute posi- of the assets, and any financial higher scores indicating that collateral tive and negative information (a score institution may accept such assets as and bankruptcy laws are better designed of 1). Both distribute data on firms and collateral. to expand access to credit. individuals (a score of 1). Although the · The law allows a business to grant public credit registry does not distrib- a nonpossessory security right in DEPTH OF CREDIT ute data from retailers or utilities, the INFORMATION INDEX a single category of movable assets private credit bureau does do so (a score (such as accounts receivable or The depth of credit information index of 1). Although the private credit bureau inventory), without requiring a measures rules and practices affecting does not distribute more than 2 years of specific description of the collateral. the coverage, scope and accessibility of historical data, the public credit registry · The law allows a business to grant credit information available through ei- does do so (a score of 1). Although the a nonpossessory security right ther a public credit registry or a private public credit registry has a threshold of in substantially all its movable credit bureau. A score of 1 is assigned 50,000 litai, the private credit bureau assets, without requiring a specific for each of the following 6 features of the distributes data on loans of any value (a description of the collateral. public credit registry or private credit score of 1). Borrowers have the right to · A security right may extend to future bureau (or both): access their data in both the public credit or after-acquired assets and may · Both positive credit information (for registry and the private credit bureau (a extend automatically to the products, example, outstanding loan amounts score of 1). Summing across the indica- proceeds or replacements of the and pattern of on-time repayments) tors gives Lithuania a total score of 6. original assets. and negative information (for example, late payments, number and 120 DOING BUSINESS 2011 tates the exchange of credit information · Has a board of directors and a among banks and financial institutions. chief executive officer (CEO) who Credit investigative bureaus and credit may legally act on behalf of Buyer reporting firms that do not directly facili- where permitted, even if this is not tate information exchange among banks specifically required by law. and other financial institutions are not · Is a food manufacturer. considered. If no private bureau operates, · Has its own distribution network. the coverage value is 0. ASSUMPTIONS ABOUT The data details on getting credit can be THE TRANSACTION found for each economy at http://www. · Mr. James is Buyer's controlling doingbusiness.org by selecting the econ- shareholder and a member of Buyer's omy in the drop-down list. This method- board of directors. He owns 60% ology was developed in Djankov, McLiesh of Buyer and elected 2 directors to and Shleifer (2007) and is adopted here Buyer's 5-member board. with minor changes. · Mr. James also owns 90% of Seller, PUBLIC CREDIT REGISTRY COVERAGE a company that operates a chain of The public credit registry coverage indi- PROTECTING INVESTORS retail hardware stores. Seller recently cator reports the number of individuals closed a large number of its stores. and firms listed in a public credit registry Doing Business measures the strength of · Mr. James proposes that Buyer with information on their borrowing his- minority shareholder protections against purchase Seller's unused fleet of tory from the past 5 years. The number directors' misuse of corporate assets for trucks to expand Buyer's distribution is expressed as a percentage of the adult personal gain. The indicators distinguish of its food products, a proposal to population (the population age 15 and 3 dimensions of investor protections: which Buyer agrees. The price is equal above in 2009 according to the World transparency of related-party transac- to 10% of Buyer's assets and is higher Bank's World Development Indicators). tions (extent of disclosure index), liabil- than the market value. A public credit registry is defined as a ity for self-dealing (extent of director li- · The proposed transaction is part database managed by the public sec- ability index) and shareholders' ability to of the company's ordinary course tor, usually by the central bank or the sue officers and directors for misconduct of business and is not outside the superintendent of banks, that collects (ease of shareholder suits index). The authority of the company. information on the creditworthiness data come from a survey of corporate · Buyer enters into the transaction. All of borrowers (individuals or firms) in and securities lawyers and are based on required approvals are obtained, and the financial system and facilitates the securities regulations, company laws and all required disclosures made (that is, exchange of credit information among court rules of evidence. The ranking on the transaction is not fraudulent). banks and financial institutions. If no the strength of investor protection index · The transaction causes damages to public registry operates, the coverage is the simple average of the percentile Buyer. Shareholders sue Mr. James value is 0. rankings on its component indicators and the other parties that approved (figure 14.5). the transaction. PRIVATE CREDIT BUREAU COVERAGE To make the data comparable across The private credit bureau coverage indi- economies, several assumptions about the EXTENT OF DISCLOSURE INDEX cator reports the number of individuals business and the transaction are used. The extent of disclosure index has 5 com- and firms listed by a private credit bureau ponents (table 14.7): with information on their borrowing his- ASSUMPTIONS ABOUT THE BUSINESS · What corporate body can provide tory from the past 5 years. The number The business (Buyer): legally sufficient approval for the is expressed as a percentage of the adult · Is a publicly traded corporation listed transaction. A score of 0 is assigned if population (the population age 15 and on the economy's most important it is the CEO or the managing director above in 2009 according to the World stock exchange. If the number of alone; 1 if the board of directors Bank's World Development Indicators). publicly traded companies listed or shareholders must vote and Mr. A private credit bureau is defined as a on that exchange is less than 10, or James is permitted to vote; 2 if the private firm or nonprofit organization if there is no stock exchange in the board of directors must vote and Mr. that maintains a database on the credit- economy, it is assumed that Buyer is James is not permitted to vote; 3 if worthiness of borrowers (individuals or a large private company with multiple firms) in the financial system and facili- shareholders. DATA NOTES 121 shareholders must vote and Mr. James transaction before it takes place. A liable or can be held liable only for is not permitted to vote. score of 0 is assigned if no; 1 if yes. fraud or bad faith; 1 if Mr. James can · Whether immediate disclosure of The index ranges from 0 to 10, with be held liable only if he influenced the transaction to the public, the higher values indicating greater disclo- the approval of the transaction or regulator or the shareholders is sure. In Poland, for example, the board was negligent; 2 if Mr. James can required.6 A score of 0 is assigned of directors must approve the transaction be held liable when the transaction if no disclosure is required; 1 if and Mr. James is not allowed to vote (a is unfair or prejudicial to the other disclosure on the terms of the score of 2). Buyer is required to disclose shareholders. transaction is required but not on immediately all information affecting the · Whether a shareholder plaintiff is Mr. James's conflict of interest; 2 if stock price, including the conflict of in- able to hold the approving body (the disclosure on both the terms and Mr. terest (a score of 2). In its annual report CEO or board of directors) liable for James's conflict of interest is required. Buyer must also disclose the terms of the the damage the transaction causes to · Whether disclosure in the annual transaction and Mr. James's ownership the company. A score of 0 is assigned report is required. A score of 0 is in Buyer and Seller (a score of 2). Before if the approving body cannot be held assigned if no disclosure on the the transaction Mr. James must disclose liable or can be held liable only for transaction is required; 1 if disclosure his conflict of interest to the other direc- fraud or bad faith; 1 if the approving on the terms of the transaction is tors, but he is not required to provide body can be held liable for negligence; required but not on Mr. James's specific information about it (a score of 2 if the approving body can be conflict of interest; 2 if disclosure 1). Poland does not require an external held liable when the transaction is on both the terms and Mr. James's body to review the transaction (a score of unfair or prejudicial to the other conflict of interest is required. 0). Adding these numbers gives Poland shareholders. · Whether disclosure by Mr. James to a score of 7 on the extent of disclosure · Whether a court can void the the board of directors is required. A index. transaction upon a successful claim score of 0 is assigned if no disclosure by a shareholder plaintiff. A score of 0 is required; 1 if a general disclosure of EXTENT OF DIRECTOR is assigned if rescission is unavailable LIABILITY INDEX the existence of a conflict of interest or is available only in case of fraud or is required without any specifics; 2 The extent of director liability index has bad faith; 1 if rescission is available if full disclosure of all material facts 7 components:7 when the transaction is oppressive or relating to Mr. James's interest in the · Whether a shareholder plaintiff is prejudicial to the other shareholders; Buyer-Seller transaction is required. able to hold Mr. James liable for 2 if rescission is available when the · Whether it is required that an damage the Buyer-Seller transaction transaction is unfair or entails a external body, for example, an causes to the company. A score of 0 is conflict of interest. external auditor, review the assigned if Mr. James cannot be held · Whether Mr. James pays damages for the harm caused to the company TABLE 14.7 upon a successful claim by the What do the protecting investors indicators measure? shareholder plaintiff. A score of 0 is assigned if no; 1 if yes. Extent of disclosure index (0­10) · Whether Mr. James repays profits · Who can approve related-party transactions made from the transaction upon a · Requirements for external and internal disclosure in case of related-party transactions successful claim by the shareholder Extent of director liability index (0­10) plaintiff. A score of 0 is assigned if no; · Ability of shareholders to hold the interested party and the approving body liable in case of a prejudicial related- 1 if yes. party transaction · Whether both fines and · Available legal remedies (damages, repayment of profits, fines, imprisonment and rescission of the transaction) imprisonment can be applied against · Ability of shareholders to sue directly or derivatively Mr. James. A score of 0 is assigned if Ease of shareholder suits index (0­10) no; 1 if yes. · Whether shareholder plaintiffs are · Documents and information available during trial able to sue directly or derivatively for · Access to internal corporate documents (directly and/or through a government inspector) the damage the transaction causes to Strength of investor protection index (0­10) the company. A score of 0 is assigned · Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices if suits are unavailable or are available Source: Doing Business database. only for shareholders holding more than 10% of the company's share 122 DOING BUSINESS 2011 capital; 1 if direct or derivative suits each document specifically. A score of STRENGTH OF INVESTOR PROTECTION INDEX are available for shareholders holding 0 is assigned if no; 1 if yes. 10% or less of share capital. · Whether shareholders owning 10% The strength of investor protection index The index ranges from 0 to 10, with or less of the company's share capital is the average of the extent of disclosure higher values indicating greater liability can request that a government index, the extent of director liability of directors. Assuming that the prejudi- inspector investigate the Buyer-Seller index and the ease of shareholder suits cial transaction was duly approved and transaction without filing suit in index. The index ranges from 0 to 10, disclosed, in order to hold Mr. James court. A score of 0 is assigned if no; with higher values indicating more in- liable in Panama, for example, a plaintiff 1 if yes. vestor protection. must prove that Mr. James influenced · Whether shareholders owning the approving body or acted negligently 10% or less of the company's share The data details on protecting investors (a score of 1). To hold the other direc- capital have the right to inspect the can be found for each economy at http:// tors liable, a plaintiff must prove that transaction documents before filing www.doingbusiness.org by selecting the they acted negligently (a score of 1). The suit. A score of 0 is assigned if no; 1 economy in the drop-down list. This prejudicial transaction cannot be voided if yes. methodology was developed in Djankov, (a score of 0). If Mr. James is found li- · Whether the standard of proof for La Porta, López-de-Silanes and Shleifer able, he must pay damages (a score of civil suits is lower than that for a (2008). 1) but he is not required to disgorge his criminal case. A score of 0 is assigned profits (a score of 0). Mr. James cannot if no; 1 if yes. PAYING TAXES be fined and imprisoned (a score of 0). The index ranges from 0 to 10, with Direct or derivative suits are available higher values indicating greater powers Doing Business records the taxes and for shareholders holding 10% or less of of shareholders to challenge the transac- mandatory contributions that a medium- share capital (a score of 1). Adding these tion. In Greece, for example, the plaintiff size company must pay in a given year as numbers gives Panama a score of 4 on can access documents that the defendant well as measures of the administrative the extent of director liability index. intends to rely on for his defense and that burden of paying taxes and contribu- directly prove facts in the plaintiff 's claim tions. The project was developed and EASE OF SHAREHOLDER SUITS INDEX (a score of 2). The plaintiff can examine implemented in cooperation with Price- The ease of shareholder suits index has 6 the defendant and witnesses during trial, waterhouseCoopers. Taxes and contribu- components: though only with prior approval of the tions measured include the profit or cor- · What range of documents is available questions by the court (a score of 1). The porate income tax, social contributions to the shareholder plaintiff from the plaintiff must specifically identify the and labor taxes paid by the employer, defendant and witnesses during trial. documents being sought (for example, property taxes, property transfer taxes, A score of 1 is assigned for each of the Buyer-Seller purchase agreement of dividend tax, capital gains tax, financial the following types of documents July 15, 2006) and cannot just request transactions tax, waste collection taxes, available: information that the categories (for example, all documents vehicle and road taxes and any other defendant has indicated he intends to related to the transaction) (a score of small taxes or fees. The ranking on the rely on for his defense; information 0). A shareholder holding 5% of Buyer's ease of paying taxes is the simple average that directly proves specific facts in shares can request that a government of the percentile rankings on its compo- the plaintiff 's claim; any information inspector review suspected mismanage- relevant to the subject matter of ment by Mr. James and the CEO without the claim; and any information that filing suit in court (a score of 1). Any may lead to the discovery of relevant shareholder can inspect the transaction information. documents before deciding whether to · Whether the plaintiff can directly sue (a score of 1). The standard of proof examine the defendant and witnesses for civil suits is the same as that for a during trial. A score of 0 is assigned criminal case (a score of 0). Adding these if no; 1 if yes, with prior approval of numbers gives Greece a score of 5 on the the questions by the judge; 2 if yes, ease of shareholder suits index. without prior approval. · Whether the plaintiff can obtain categories of relevant documents from the defendant without identifying DATA NOTES 123 nent indicators (figure 14.6). as well as time taken to comply with tax expenses are considered fringe ben- Doing Business measures all taxes laws in an economy. To make the data efits. When applicable, it is assumed and contributions that are government comparable across economies, several that the company pays the fringe mandated (at any level--federal, state or assumptions about the business and the benefit tax on this expense or that the local) and that apply to the standardized taxes and contributions are used. benefit becomes taxable income for business and have an impact in its finan- the employee. The case study assumes cial statements. In doing so, Doing Busi- ASSUMPTIONS ABOUT THE BUSINESS no additional salary additions for ness goes beyond the traditional defini- The business: meals, transportation, education or tion of a tax. As defined for the purposes · Is a limited liability, taxable company. others. Therefore, even when such of government national accounts, taxes If there is more than one type of benefits are frequent, they are not include only compulsory, unrequited limited liability company in the added to or removed from the taxable payments to general government. Doing economy, the limited liability form gross salaries to arrive at the labor tax Business departs from this definition be- most popular among domestic firms or contribution calculation. cause it measures imposed charges that is chosen. The most popular form is · Has a turnover of 1,050 times income affect business accounts, not government reported by incorporation lawyers or per capita. accounts. The main differences relate the statistical office. · Makes a loss in the first year of to labor contributions. The Doing Busi- · Started operations on January 1, 2008. operation. ness measure includes government-man- At that time the company purchased · Has a gross margin (pretax) of 20% dated contributions paid by the employer all the assets shown in its balance (that is, sales are 120% of the cost of to a requited private pension fund or sheet and hired all its workers. goods sold). workers' insurance fund. The indicator · Operates in the economy's largest · Distributes 50% of its net profits as includes, for example, Australia's com- business city. dividends to the owners at the end of pulsory superannuation guarantee and · Is 100% domestically owned and has the second year. workers' compensation insurance. For 5 owners, all of whom are natural · Sells one of its plots of land at a profit the purpose of calculating the total tax persons. at the beginning of the second year. rate (defined below), only taxes borne · At the end of 2008, has a start-up · Has annual fuel costs for its trucks are included. For example, value added capital of 102 times income per equal to twice income per capita. taxes are generally excluded (provided capita. · Is subject to a series of detailed they are not irrecoverable) because they · Performs general industrial or assumptions on expenses and do not affect the accounting profits of commercial activities. Specifically, it transactions to further standardize the business--that is, they are not re- produces ceramic flowerpots and sells the case. All financial statement flected in the income statement. They them at retail. It does not participate variables are proportional to 2005 are, however, included for the purpose in foreign trade (no import or export) income per capita. For example, the of the compliance measures (time and and does not handle products subject owner who is also a manager spends payments), as they add to the burden of to a special tax regime, for example, 10% of income per capita on traveling complying with the tax system. liquor or tobacco. for the company (20% of this owner's Doing Business uses a case scenario · At the beginning of 2009, owns 2 expenses are purely private, 20% are to measure the taxes and contributions plots of land, 1 building, machinery, for entertaining customers and 60% paid by a standardized business and the office equipment, computers and 1 for business travel). complexity of an economy's tax compli- truck and leases 1 truck. ance system. This case scenario uses a · Does not qualify for investment ASSUMPTIONS ABOUT THE TAXES AND CONTRIBUTIONS set of financial statements and assump- incentives or any benefits apart from tions about transactions made over the those related to the age or size of the · All the taxes and contributions year. In each economy tax experts from company. recorded are those paid in the a number of different firms (in many · Has 60 employees--4 managers, 8 second year of operation (calendar economies these include Pricewater- assistants and 48 workers. All are year 2009). A tax or contribution is houseCoopers) compute the taxes and nationals, and 1 manager is also an considered distinct if it has a different mandatory contributions due in their ju- owner. The company pays for addi- name or is collected by a different risdiction based on the standardized case tional medical insurance for employ- agency. Taxes and contributions study facts. Information is also compiled ees (not mandated by any law) as with the same name and agency, but on the frequency of filing and payments an additional benefit. In addition, in charged at different rates depending some economies reimbursable busi- on the business, are counted as the ness travel and client entertainment same tax or contribution. 124 DOING BUSINESS 2011 · The number of times the company once a year even if filings and payments work is not enough to fulfill the tax ac- pays taxes and contributions in are more frequent. For payments made counting requirements. Filing time in- a year is the number of different through third parties, such as tax on cludes the time to complete all necessary taxes or contributions multiplied interest paid by a financial institution or tax return forms and file the relevant by the frequency of payment (or fuel tax paid by a fuel distributor, only returns at the tax authority. Payment withholding) for each tax. The one payment is included even if pay- time considers the hours needed to make frequency of payment includes ments are more frequent. the payment online or at the tax authori- advance payments (or withholding) Where 2 or more taxes or contribu- ties. Where taxes and contributions are as well as regular payments (or tions are filed for and paid jointly using paid in person, the time includes delays withholding). the same form, each of these joint pay- while waiting. ments is counted once. For example, if TAX PAYMENTS mandatory health insurance contribu- TOTAL TAX RATE The tax payments indicator reflects the tions and mandatory pension contribu- The total tax rate measures the amount total number of taxes and contributions tions are filed for and paid together, of taxes and mandatory contributions paid, the method of payment, the fre- only one of these contributions would be borne by the business in the second year quency of payment, the frequency of fil- included in the number of payments. of operation, expressed as a share of ing and the number of agencies involved commercial profit. Doing Business 2011 for this standardized case study company TIME reports the total tax rate for calendar during the second year of operation (table Time is recorded in hours per year. The year 2009. The total amount of taxes 14.8). It includes consumption taxes paid indicator measures the time taken to pre- borne is the sum of all the different by the company, such as sales tax or value pare, file and pay 3 major types of taxes taxes and contributions payable after added tax. These taxes are traditionally col- and contributions: the corporate income accounting for allowable deductions and lected from the consumer on behalf of the tax, value added or sales tax and labor exemptions. The taxes withheld (such as tax agencies. Although they do not affect taxes, including payroll taxes and social personal income tax) or collected by the the income statements of the company, contributions. Preparation time includes company and remitted to the tax authori- they add to the administrative burden of the time to collect all information neces- ties (such as value added tax, sales tax complying with the tax system and so are sary to compute the tax payable and to or goods and service tax) but not borne included in the tax payments measure. calculate the amount payable. If sepa- by the company are excluded. The taxes The number of payments takes into rate accounting books must be kept for included can be divided into 5 categories: account electronic filing. Where full elec- tax purposes--or separate calculations profit or corporate income tax, social tronic filing and payment is allowed and made--the time associated with these contributions and labor taxes paid by the it is used by the majority of medium-size processes is included. This extra time is employer (in respect of which all manda- businesses, the tax is counted as paid included only if the regular accounting tory contributions are included, even if TABLE 14.8 paid to a private entity such as a requited What do the paying taxes indicators measure? pension fund), property taxes, turnover Tax payments for a manufacturing company in 2009 (number per year adjusted for electronic or taxes and other taxes (such as municipal joint filing and payment) fees and vehicle and fuel taxes). · Total number of taxes and contributions paid, including consumption taxes (value added tax, sales tax The total tax rate is designed to pro- or goods and service tax) vide a comprehensive measure of the cost · Method and frequency of filing and payment of all the taxes a business bears. It differs Time required to comply with 3 major taxes (hours per year) from the statutory tax rate, which merely provides the factor to be applied to the · Collecting information and computing the tax payable tax base. In computing the total tax rate, · Completing tax return forms, filing with proper agencies the actual tax payable is divided by com- · Arranging payment or withholding mercial profit. Data for Sweden illustrate · Preparing separate tax accounting books, if required (table 14.9). Total tax rate (% of profit) Commercial profit is essentially net · Profit or corporate income tax profit before all taxes borne. It differs · Social contributions and labor taxes paid by the employer from the conventional profit before tax, · Property and property transfer taxes reported in financial statements. In com- · Dividend, capital gains and financial transactions taxes puting profit before tax, many of the · Waste collection, vehicle, road and other taxes taxes borne by a firm are deductible. Source: Doing Business database. In computing commercial profit, these DATA NOTES 125 TABLE 14.9 Computing the total tax rate for Sweden Statutory rate Statutory tax base Actual tax payable Commercial profit1 Total tax rate (r) (b) (a) (c) (t) a=rxb t = a /c Type of tax (tax base) SKr SKr SKr Corporate income tax (taxable income) 28% 10,330,966 2,892,670 17,619,223 16.4% Real estate tax (land and buildings) 0.38% 26,103,545 97,888 17,619,223 0.6% Payroll tax (taxable wages) 32.42% 19,880,222 6,445,168 17,619,223 36.6% Fuel tax (fuel price) SKr 4.16 per liter 45,565 liters 189,550 17,619,223 1.1% TOTAL 9,625,276 54.6% 1. Profit before all taxes borne. Note: SKr is Swedish kronor. Commercial profit is assumed to be 59.4 times income per capita. Source: Doing Business database. taxes are not deductible. Commercial instrument and the collection of pilot Local freight forwarders, shipping profit therefore presents a clear picture data on the labor tax wedge for further lines, customs brokers, port officials and of the actual profit of a business before research. banks provide information on required any of the taxes it bears in the course of documents and cost as well as the time the fiscal year. The data details on paying taxes can be to complete each procedure. To make Commercial profit is computed as found for each economy at http://www. the data comparable across economies, sales minus cost of goods sold, minus doingbusiness.org by selecting the econ- several assumptions about the business gross salaries, minus administrative ex- omy in the drop-down list. This methodol- and the traded goods are used. penses, minus other expenses, minus ogy was developed in Djankov and others provisions, plus capital gains (from the (2010). ASSUMPTIONS ABOUT THE BUSINESS property sale) minus interest expense, The business: plus interest income and minus com- TRADING ACROSS BORDERS · Has at least 60 employees. mercial depreciation. To compute the · Is located in the economy's largest commercial depreciation, a straight-line Doing Business compiles procedural re- business city. depreciation method is applied, with the quirements for exporting and importing · Is a private, limited liability company. following rates: 0% for the land, 5% for a standardized cargo of goods by ocean It does not operate in an export the building, 10% for the machinery, transport. Every official procedure for processing zone or an industrial 33% for the computers, 20% for the of- exporting and importing the goods is re- estate with special export or import fice equipment, 20% for the truck and corded--from the contractual agreement privileges. 10% for business development expenses. between the 2 parties to the delivery of · Is domestically owned with no foreign Commercial profit amounts to 59.4 times goods--along with the time and cost ownership. income per capita. necessary for completion. All documents · Exports more than 10% of its sales. The methodology for calculating the needed by the trader to export or import total tax rate is broadly consistent with the goods across the border are also re- the Total Tax Contribution framework corded. For exporting goods, procedures developed by PricewaterhouseCoopers range from packing the goods at the and the calculation within this frame- warehouse to their departure from the work for taxes borne. But while the work port of exit. For importing goods, proce- undertaken by PricewaterhouseCoopers dures range from the vessel's arrival at the is usually based on data received from port of entry to the cargo's delivery at the the largest companies in the economy, warehouse. The time and cost for ocean Doing Business focuses on a case study transport are not included. Payment is for standardized medium-size company. made by letter of credit, and the time, cost The methodology for the paying and documents required for the issuance taxes indicators has further benefited or advising of a letter of credit are taken from discussion with members of the into account. The ranking on the ease International Tax Dialogue, which led of trading across borders is the simple to a refinement of the questions on the average of the percentile rankings on its time to pay taxes indicator in the survey component indicators (figure 14.7). 126 DOING BUSINESS 2011 ASSUMPTIONS ABOUT THE TRADED curing of a letter of credit are also taken ENFORCING CONTRACTS GOODS into account. Documents that are re- The traded product travels in a dry- newed annually and that do not require Indicators on enforcing contracts mea- cargo, 20-foot, full container load. It renewal per shipment (for example, an sure the efficiency of the judicial system weighs 10 tons and is valued at $20,000. annual tax clearance certificate) are not in resolving a commercial dispute. The The product: included. data are built by following the step- · Is not hazardous nor does it include by-step evolution of a commercial sale military items. TIME dispute before local courts. The data are · Does not require refrigeration or any The time for exporting and importing collected through study of the codes of other special environment. is recorded in calendar days. The time civil procedure and other court regula- · Does not require any special calculation for a procedure starts from tions as well as surveys completed by phytosanitary or environmental the moment it is initiated and runs until local litigation lawyers and by judges. safety standards other than accepted it is completed. If a procedure can be The ranking on the ease of enforcing international standards. accelerated for an additional cost and contracts is the simple average of the · Is one of the economy's leading export is available to all trading companies, percentile rankings on its component or import products. the fastest legal procedure is chosen. indicators (figure 14.8). Fast-track procedures applying to firms The name of the relevant court in DOCUMENTS located in an export processing zone are each economy--the court in the larg- All documents required per shipment not taken into account because they are est business city with jurisdiction over to export and import the goods are re- not available to all trading companies. commercial cases worth 200% of in- corded (table 14.10). It is assumed that Ocean transport time is not included. It come per capita--is published at http:// the contract has already been agreed is assumed that neither the exporter nor www.doingbusiness.org/ExploreTopics/ upon and signed by both parties. Docu- the importer wastes time and that each EnforcingContracts/. ments required for clearance by gov- commits to completing each remaining ernment ministries, customs authorities, procedure without delay. Procedures that ASSUMPTIONS ABOUT THE CASE port and container terminal authorities, can be completed in parallel are mea- · The value of the claim equals 200% of health and technical control agencies and sured as simultaneous. The waiting time the economy's income per capita. banks are taken into account. Since pay- between procedures--for example, dur- · The dispute concerns a lawful ment is by letter of credit, all documents ing unloading of the cargo--is included transaction between 2 businesses required by banks for the issuance or se- in the measure. (Seller and Buyer), located in the TABLE 14.10 economy's largest business city. What do the trading across borders COST Seller sells goods worth 200% of the indicators measure? Cost measures the fees levied on a 20- economy's income per capita to Buyer. Documents required to export and import foot container in U.S. dollars. All the fees After Seller delivers the goods to Buyer, (number) associated with completing the proce- Buyer refuses to pay for the goods on · Bank documents dures to export or import the goods are the grounds that the delivered goods · Customs clearance documents included. These include costs for docu- were not of adequate quality. · Port and terminal handling documents ments, administrative fees for customs · Transport documents clearance and technical control, customs Time required to export and import (days) broker fees, terminal handling charges · Obtaining all the documents and inland transport. The cost does not · Inland transport and handling include customs tariffs and duties or · Customs clearance and inspections costs related to ocean transport. Only · Port and terminal handling official costs are recorded. · Does not include ocean transport time Cost required to export and import The data details on trading across bor- (US$ per container) ders can be found for each economy at · All documentation http://www.doingbusiness.org by selecting · Inland transport and handling the economy in the drop-down list. This · Customs clearance and inspections methodology was developed in Djankov, · Port and terminal handling Freund and Pham (2010) and is adopted · Official costs only, no bribes here with minor changes. Source: Doing Business database. DATA NOTES 127 · Seller (the plaintiff ) sues Buyer (the record procedures that exist in civil law TABLE 14.11 What do the enforcing contracts defendant) to recover the amount but not common law jurisdictions and indicators measure? under the sales agreement (that is, vice versa. For example, in civil law Procedures to enforce a contract (number) 200% of the economy's income per countries the judge can appoint an in- · Any interaction between the parties in a capita). Buyer opposes Seller's claim, dependent expert, while in common law commercial dispute, or between them and saying that the quality of the goods is countries each party submits a list of the judge or court officer not adequate. The claim is disputed expert witnesses to the court. To indicate · Steps to file the case on the merits. overall efficiency, 1 procedure is sub- · Steps for trial and judgment · A court in the economy's largest tracted from the total number for econo- · Steps to enforce the judgment business city with jurisdiction over mies that have specialized commercial Time required to complete procedures commercial cases worth 200% of courts, and 1 procedure for economies (calendar days) income per capita decides the dispute. that allow electronic filing of court cases. · Time to file and serve the case · Seller attaches Buyer's movable assets Some procedural steps that take place · Time for trial and obtaining judgment (for example, office equipment and simultaneously with or are included in · Time to enforce the judgment vehicles) before obtaining a judgment other procedural steps are not counted in Cost required to complete procedures because Seller fears that Buyer may the total number of procedures. (% of claim) become insolvent. · No bribes · An expert opinion is given on the TIME · Average attorney fees quality of the delivered goods. If it Time is recorded in calendar days, · Court costs, including expert fees is standard practice in the economy counted from the moment the plaintiff · Enforcement costs for each party to call its own expert decides to file the lawsuit in court until Source: Doing Business database. witness, the parties each call one payment. This includes both the days expert witness. If it is standard when actions take place and the waiting practice for the judge to appoint an periods between. The average duration The data details on enforcing contracts independent expert, the judge does of different stages of dispute resolution can be found for each economy at http:// so. In this case the judge does not is recorded: the completion of service of www.doingbusiness.org by selecting the allow opposing expert testimony. process (time to file and serve the case), economy in the drop-down list. This meth- · The judgment is 100% in favor of the issuance of judgment (time for the odology was developed in Djankov and Seller: the judge decides that the trial and obtaining the judgment) and others (2003) and is adopted here with goods are of adequate quality and that the moment of payment (time for en- minor changes. Buyer must pay the agreed price. forcement of judgment). · Buyer does not appeal the judgment. CLOSING A BUSINESS The judgment becomes final. COST · Seller takes all required steps for Cost is recorded as a percentage of the Doing Business studies the time, cost prompt enforcement of the judgment. claim, assumed to be equivalent to 200% and outcome of insolvency proceedings The money is successfully collected of income per capita. No bribes are re- involving domestic entities. The data are through a public sale of Buyer's corded. Three types of costs are recorded: derived from survey responses by local movable assets (for example, office court costs, enforcement costs and aver- insolvency practitioners and verified equipment and vehicles). age attorney fees. through a study of laws and regula- Court costs include all court costs tions as well as public information on PROCEDURES and expert fees that Seller (plaintiff ) bankruptcy systems. The ranking on the The list of procedural steps compiled for must advance to the court, regardless ease of closing a business is based on the each economy traces the chronology of a of the final cost to Seller. Expert fees, recovery rate (figure 14.9). commercial dispute before the relevant if required by law or commonly used To make the data comparable across court. A procedure is defined as any in- in practice, are included in court costs. economies, several assumptions about teraction, required by law or commonly Enforcement costs are all costs that Seller the business and the case are used. used in practice, between the parties or (plaintiff ) must advance to enforce the between them and the judge or court of- judgment through a public sale of Buyer's ASSUMPTIONS ABOUT THE BUSINESS ficer. This includes steps to file and serve movable assets, regardless of the final The business: the case, steps for trial and judgment and cost to Seller. Average attorney fees are · Is a limited liability company. steps necessary to enforce the judgment the fees that Seller (plaintiff ) must ad- · Operates in the economy's largest (table 14.11). vance to a local attorney to represent business city. The survey allows respondents to Seller in the standardized case. 128 DOING BUSINESS 2011 the bank interest or principal in full, due TABLE 14.12 What do the closing a business indicators the next day, January 2. The business will measure? therefore default on its loan. Manage- Time required to recover debt (years) ment believes that losses will be incurred · Measured in calendar years in 2010 and 2011 as well. · Appeals and requests for extension are included The amount outstanding under the loan agreement is exactly equal to the Cost required to recover debt market value of the hotel business and (% of debtor's estate) · Measured as percentage of estate value represents 74% of the company's total · Court fees debt. The other 26% of its debt is held by · Fees of insolvency administrators unsecured creditors (suppliers, employ- · Lawyers' fees ees, tax authorities). · Assessors' and auctioneers' fees The company has too many credi- tors to negotiate an informal out-of- Recovery rate for creditors (cents on the dollar) court workout. The following options · Measures the cents on the dollar recovered · Is 100% domestically owned, with the are available: a judicial procedure aimed by creditors founder, who is also the chairman of at the rehabilitation or reorganization · Present value of debt recovered the supervisory board, owning 51% of the company to permit its continued · Official costs of the insolvency proceedings are deducted (no other shareholder holds more operation; a judicial procedure aimed · Depreciation of furniture is taken into account than 5% of shares). at the liquidation or winding-up of the · Outcome for the business (survival or not) affects · Has downtown real estate, where it company; or a debt enforcement or fore- the maximum value that can be recovered runs a hotel, as its major asset. The closure procedure against the company, Source: Doing Business database. hotel is valued at 100 times income enforced either in court (or through COST per capita or $200,000, whichever is another government authority) or out larger. of court (for example, by appointing a The cost of the proceedings is recorded · Has a professional general manager. receiver). as a percentage of the value of the debt- · Has 201 employees and 50 suppliers, or's estate. The cost is calculated on the each of which is owed money for the ASSUMPTIONS ABOUT THE PARTIES basis of survey responses and includes last delivery. The bank wants to recover as much court fees and government levies; fees · Has a 10-year loan agreement with a as possible of its loan, as quickly and of insolvency administrators, auction- domestic bank secured by a universal cheaply as possible. The unsecured credi- eers, assessors and lawyers; and all other business charge (for example, a tors will do everything permitted under fees and costs. Respondents provide cost floating charge) in economies where the applicable laws to avoid a piecemeal estimates from among the following op- such collateral is recognized or by sale of the assets. The majority share- tions: less than 2%, 2­5%, 5­8%, 8­11%, the hotel property. If the laws of the holder wants to keep the company oper- 11­18%, 18­25%, 25­33%, 33­50%, economy do not specifically provide ating and under its control. Management 50­75% and more than 75% of the value for a universal business charge but wants to keep the company operating of the estate. contracts commonly use some other and preserve their jobs. All the parties provision to that effect, this provision are local entities or citizens; no foreign OUTCOME is specified in the loan agreement. parties are involved. Recovery by creditors depends on · Has observed the payment schedule whether the hotel business emerges from and all other conditions of the loan TIME the proceedings as a going concern or up to now. Time for creditors to recover their credit the company's assets are sold piecemeal. · Has a mortgage, with the value of is recorded in calendar years (table If the business keeps operating, no value the mortgage principal being exactly 14.12). The period of time measured by is lost and the bank can satisfy its claim equal to the market value of the hotel. Doing Business is from the company's in full, or recover 100 cents on the dol- default until the payment of some or all lar. If the assets are sold piecemeal, the ASSUMPTIONS ABOUT THE CASE of the money owed to the bank. Potential maximum amount that can be recovered The business is experiencing liquidity delay tactics by the parties, such as the will not exceed 70% of the bank's claim, problems. The company's loss in 2009 re- filing of dilatory appeals or requests for which translates into 70 cents on the duced its net worth to a negative figure. It extension, are taken into consideration. dollar. is January 1, 2010. There is no cash to pay DATA NOTES 129 RECOVERY RATE NOT IN THE EASE OF DOING the warehouse and the electricity con- The recovery rate is recorded as cents on BUSINESS RANKING nection are used. the dollar recouped by creditors through reorganization, liquidation or debt en- Two indicator sets are not included in ASSUMPTIONS ABOUT THE WAREHOUSE forcement (foreclosure) proceedings. this year's aggregate ranking on the ease The calculation takes into account the of doing business: the getting electricity The warehouse: outcome: whether the business emerges indicators, a pilot data set, and the em- · Is owned by a local entrepreneur. from the proceedings as a going con- ploying workers indicators, for which the · Is located in the economy's largest cern or the assets are sold piecemeal. methodology is being refined. business city. Then the costs of the proceedings are · Is located within the city's official deducted (1 cent for each percentage GETTING ELECTRICITY limits and in an area in which point of the value of the debtor's estate). other warehouses are located (a Finally, the value lost as a result of the Doing Business records all procedures nonresidential area). time the money remains tied up in insol- required for a business to obtain a per- · Is not located in a special economic or vency proceedings is taken into account, manent electricity connection and sup- investment zone; that is, the electricity including the loss of value due to depre- ply for a standardized warehouse. These connection is not eligible for subsidi- ciation of the hotel furniture. Consistent procedures include applications and con- zation or faster service under a special with international accounting practice, tracts with electricity utilities, all neces- investment promotion regime. If sev- the annual depreciation rate for furni- sary clearances from other agencies and eral options for location are available, ture is taken to be 20%. The furniture is the external and final connection works the warehouse is located where elec- assumed to account for a quarter of the (table 14.13). tricity is most easily available. total value of assets. The recovery rate is Data are collected from the electric- · Has road access. The connection the present value of the remaining pro- ity distribution utility, then completed works involve the crossing of a road ceeds, based on end-2009 lending rates and verified by electricity regulatory or roads (for excavation, overhead from the International Monetary Fund's agencies and independent professionals lines and the like), but they are all International Financial Statistics, sup- such as electrical engineers, electrical carried out on public land; that is, plemented with data from central banks contractors and construction companies. there is no crossing into other private and the Economist Intelligence Unit. The electricity distribution utility sur- property. veyed is the one serving the area (or · Is located in an area with no physical NO PRACTICE areas) in which warehouses are located. constraints. For example, the property If an economy has had fewer than 5 cases If there is a choice of distribution utili- is not near a railway. a year over the past 5 years involving ties, the one serving the largest number · Is used for storage of refrigerated a judicial reorganization, judicial liqui- of customers is selected. goods. dation or debt enforcement procedure To make the data comparable across · Is a new construction (that is, there (foreclosure), the economy receives a economies, several assumptions about was no previous construction on the "no practice" ranking. This means that creditors are unlikely to recover their TABLE 14.13 money through a formal legal process (in What do the getting electricity indicators measure? or out of court). The recovery rate for "no Procedures to obtain an electricity connection (number) practice" economies is zero. · Submitting all relevant documents and obtaining all necessary clearances and permits · Completing all required notifications and receiving all necessary inspections This methodology was developed in · Obtaining external installation works and possibly purchasing any needed material Djankov, Hart, McLiesh and Shleifer · Concluding any necessary supply contract and obtaining final supply (2008) and is adopted here with minor Time required to complete each procedure (calendar days) changes. · Is at least 1 calendar day · Each procedure starts on a separate day · Does not include time spent gathering information · Reflects the time spent in practice, with little follow-up and no prior contact with officials Cost required to complete each procedure (% of income per capita) · Official costs only, no bribes · Excludes value added tax Source: Doing Business database. 130 DOING BUSINESS 2011 land where it is located). It is being sumed to complete all procedures them- and specific regulations and fee schedules connected to electricity for the first selves unless the use of a third party are used as sources for costs. If several time. is mandated (for example, if only an local partners provide different estimates, · Has 2 stories, both above ground, electrician registered with the utility is the median reported value is used. In all with a total surface of approximately allowed to submit an application). If the cases the cost excludes bribes. 1,300.6 square meters (14,000 square company can, but is not required to, re- feet). The plot of land on which it is quest the services of professionals (such SECURITY DEPOSIT built is 929 square meters (10,000 as a private firm rather than the utility Utilities require security deposits as a square feet). for the external works), these procedures guarantee against the possible failure are recorded if they are commonly done. of customers to pay their consumption ASSUMPTIONS ABOUT THE For all procedures, only the most likely bills. For this reason the security deposit ELECTRICITY CONNECTION cases (for example, more than 50% of for a new customer is most often cal- The electricity connection: the time the utility has the material) and culated as a function of the customer's · Is a permanent one. those followed in practice for connecting estimated consumption. · Is a 3-phase, 4-wire Y, 140-kVA a warehouse to electricity are counted. Doing Business does not record the (subscribed capacity) connection. full amount of the security deposit. In- · Is a low-voltage connection 150 TIME stead, it records the present value of the meters long (unless a distribution Time is recorded in calendar days. The losses in interest earnings experienced transformer is installed on the measure captures the median duration by the customer because the utility holds customer's property, in which case the that the electricity utility and experts the security deposit over a prolonged length of the low-voltage connection indicate is necessary in practice, rather period, in most cases until the end of the is 0).8 The connection is overhead than required by law, to complete a pro- contract (assumed to be after 5 years). or underground, whichever is more cedure with minimum follow-up and no In cases in which the security deposit is common in the economy and in extra payments. It is also assumed that used to cover the first monthly consump- the area in which the warehouse is the minimum time required for each tion bills, it is not recorded. To calculate located. The length in the customer's procedure is 1 day. Although procedures the present value of the lost interest earn- private domain is negligible. may take place simultaneously, they can- ings, the end-2009 lending rates from · Involves the installation of only not start on the same day (that is, simul- the International Monetary Fund's Inter- one electricity meter. The monthly taneous procedures start on consecutive national Financial Statistics are used. electricity consumption will be 0.07 days). It is assumed that the company In cases in which the security deposit gigawatt-hour (GWh). does not waste time and commits to is returned with interest, the difference The internal electrical wiring has already completing each remaining procedure between the lending rate and the interest been completed. without delay. The time that the com- paid by the utility is used to calculate the pany spends on gathering information is present value. PROCEDURES ignored. It is assumed that the company In some economies the security de- A procedure is defined as any interac- is aware of all electricity connection re- posit can be put up in the form of a bond: tion of the company's employees or its quirements and their sequence from the the company can obtain from a bank or main electrician or electrical engineer beginning. an insurance company a guarantee issued (that is, the one who may have done the on the assets it holds with that financial internal wiring) with external parties COST institution. In contrast to the scenario such as the electricity distribution utility, Cost is recorded as a percentage of the in which the customer pays the deposit electricity supply utilities, government economy's income per capita. Costs are in cash to the utility, in this scenario the agencies, electrical contractors and elec- recorded exclusive of value added tax. All company does not lose ownership con- trical firms. Interactions between com- the fees and costs associated with com- trol over the full amount and can con- pany employees and steps related to the pleting the procedures to connect a ware- tinue using it. In return the company will internal electrical wiring, such as the house to electricity are recorded, includ- pay the bank a commission for obtaining design and execution of the internal elec- ing those related to obtaining clearances the bond. The commission charged may trical installation plans, are not counted from government agencies, applying for vary depending on the credit standing as procedures. Procedures that must be the connection, receiving inspections of of the company. The best possible credit completed with the same utility but with both the site and the internal wiring, standing and thus the lowest possible different departments are counted as purchasing material, getting the actual commission are assumed. Where a bond separate procedures. connection works and paying a security can be put up, the value recorded for the The company's employees are as- deposit. Information from local experts deposit is the annual commission times DATA NOTES 131 the 5 years assumed to be the length of child labor and equitable treatment in of tenure, a worker with 5 years and a the contract. If both options exist, the employment practices. worker with 10 years is used rather than cheaper alternative is recorded. In 2009 additional changes were the value for a worker with 20 years of In Belize in June 2010 a customer made to the methodology for the em- tenure. requesting a 140-kVA electricity connec- ploying workers indicators. The data on employing workers are tion would have had to put up a security First, the standardized case study based on a detailed survey of employ- deposit of 22,662 Belize dollars in cash or was changed to refer to a small to me- ment regulations that is completed by check, and the deposit would be returned dium-size company with 60 employees local lawyers and public officials. Em- only at the end of the contract. The cus- rather than 201. Second, restrictions on ployment laws and regulations as well as tomer could instead have invested this night and weekly holiday work are taken secondary sources are reviewed to ensure money at the prevailing lending rate of into account if they apply to manufac- accuracy. To make the data comparable 14.05%. Over the 5 years of the contract turing activities in which continuous across economies, several assumptions this would imply a present value of lost operation is economically necessary. about the worker and the business are interest earnings of BZ$10,918. In con- Third, legally mandated wage premiums used. trast, if the customer had been allowed to for work performed on the designated settle the deposit with a bank guarantee weekly holiday or for night work are ASSUMPTIONS ABOUT THE WORKER at an annual rate of 1.75%, the amount scored on the basis of a 4-tiered scale. The worker: lost over the 5 years would have been Fourth, economies that mandate 8 or · Is a 42-year-old, nonexecutive, full- just BZ$1,983. fewer weeks of severance pay and do time, male employee. not offer unemployment protection do · Earns a salary plus benefits equal to The data details on getting electric- not receive the highest score. Finally, the economy's average wage during ity can be found for each economy at the calculation of the minimum wage the entire period of his employment. http://www.doingbusiness.org. ratio was modified to ensure that an · Has a pay period that is the most economy would not benefit in the scor- common for workers in the economy. EMPLOYING WORKERS ing from lowering the minimum wage to · Is a lawful citizen who belongs to the below $1.25 a day, adjusted for purchas- same race and religion as the majority Doing Business measures the regulation ing power parity. This level is consistent of the economy's population. of employment, specifically as it affects with recent adjustments to the absolute · Resides in the economy's largest the hiring and redundancy of workers poverty line. business city. and the rigidity of working hours. In 2007 This year further modifications · Is not a member of a labor union, improvements were made to align the were made to the methodology based on unless membership is mandatory. methodology for the employing workers consultations with a consultative group indicators with the International Labour of relevant stakeholders. For more infor- ASSUMPTIONS ABOUT THE BUSINESS Organization (ILO) conventions. Only 4 mation on the consultation process, see The business: of the 188 ILO conventions cover areas the Doing Business website (http://www. · Is a limited liability company. measured by Doing Business: employee doingbusiness.org). Changes agreed as of · Operates in the economy's largest termination, weekend work, holiday the date of publication are the following: business city. with pay and night work. The Doing Busi- For the scoring of the minimum wage, · Is 100% domestically owned. ness methodology is fully consistent with no economy can receive the highest score · Operates in the manufacturing sector. these 4 conventions. It is possible for an if it has no minimum wage at all, if the · Has 60 employees. economy to receive the best score on the law provides a regulatory mechanism for · Is subject to collective bargaining ease of employing workers and comply the minimum wage that is not enforced agreements in economies where such with all relevant ILO conventions (spe- in practice, if there is only a custom- agreements cover more than half the cifically, the 4 covering areas measured ary minimum wage or if the minimum manufacturing sector and apply even by Doing Business)--and no economy wage applies only to the public sector. A to firms not party to them. can achieve a better score by failing to threshold was set for excessive flexibility · Abides by every law and regulation comply with these conventions. in the paid annual leave period and the but does not grant workers more The ILO conventions covering areas maximum number of working days per benefits than mandated by law, related to the employing workers indica- week. In addition, for the scoring of the regulation or (if applicable) collective tors do not include the ILO core labor annual leave period for the rigidity of bargaining agreement. standards--8 conventions covering the hours index and the notice period and right to collective bargaining, the elimi- severance pay for the redundancy cost, nation of forced labor, the abolition of the average value for a worker with 1 year 132 DOING BUSINESS 2011 TABLE 14.14 there are restrictions on weekly holiday What do the employing workers indicators measure? work; (iii) whether the workweek can Difficulty of hiring index (0­100) consist of 5.5 days or is more than 6 · Applicability and maximum duration of fixed-term contracts days; (iv) whether the workweek can · Minimum wage for trainee or first-time employee extend to 50 hours or more (including overtime) for 2 months a year to respond Rigidity of hours index (0­100) to a seasonal increase in production; · Restrictions on night work and weekend work and (v) whether the average paid annual · Allowed maximum length of the workweek in days and hours, including overtime leave for a worker with 1 year of tenure, · Paid annual vacation days a worker with 5 years and a worker Difficulty of redundancy index (0­100) with 10 years is more than 26 working · Notification and approval requirements for termination of a redundant worker or group of redundant workers days or fewer than 15 working days. · Obligation to reassign or retrain and priority rules for redundancy and reemployment For questions (i) and (ii), if restrictions other than premiums apply, a score of 1 Rigidity of employment index (0­100) is given. If the only restriction is a pre- · Simple average of the difficulty of hiring, rigidity of hours and difficulty of redundancy indices mium for night work or weekly holiday Redundancy cost (weeks of salary) work, a score of 0, 0.33, 0.66 or 1 is given, · Notice requirements, severance payments and penalties due when terminating a redundant worker, expressed depending on the quartile in which the in weeks of salary economy's premium falls. If there are Source: Doing Business database. no restrictions, the economy receives a score of 0. For question (iii) a score of 1 is assigned if the legally permitted work- RIGIDITY OF EMPLOYMENT INDEX ratio of less than 0.25. A score of 0 is also week is less than 5.5 days or more than 6 The rigidity of employment index is the assigned if the minimum wage is set by days; otherwise a score of 0 is assigned. average of 3 subindices: a difficulty of a collective bargaining agreement that For question (iv), if the answer is "no", a hiring index, a rigidity of hours index applies to less than half the manufactur- score of 1 is assigned; otherwise a score and a difficulty of redundancy index ing sector or does not apply to firms not of 0 is assigned. For question (v) a score (table 14.14). All the subindices have party to it, or if the minimum wage is of 0 is assigned if the average paid annual several components. And all take values set by law but does not apply to workers leave is between 15 and 21 working days, between 0 and 100, with higher values who are in their apprentice period. A a score of 0.5 if it is between 22 and 26 indicating more rigid regulation. ratio of 0.251 (and therefore a score of working days and a score of 1 if it is less The difficulty of hiring index mea- 0.33) is automatically assigned in 4 cases: than 15 or more than 26 working days. sures (i) whether fixed-term contracts if there is no minimum wage, if the law For example, Honduras imposes re- are prohibited for permanent tasks; (ii) provides a regulatory mechanism for the strictions on night work (a score of 1) the maximum cumulative duration of minimum wage that is not enforced in but not on weekly holiday work (a score fixed-term contracts; and (iii) the ratio practice, if there is no minimum wage set of 0), allows 6-day workweeks (a score of the minimum wage for a trainee or by law but there is a wage amount that of 0), permits 50-hour workweeks for 2 first-time employee to the average value is customarily used as a minimum or if months (a score of 0) and requires aver- added per worker.9 An economy is as- there is no minimum wage set by law in age paid annual leave of 16.7 working signed a score of 1 if fixed-term contracts the private sector but there is one in the days (a score of 0). Averaging the scores are prohibited for permanent tasks and public sector. and scaling the result to 100 gives a final a score of 0 if they can be used for any In Benin, for example, fixed-term index of 20 for Honduras. task. A score of 1 is assigned if the maxi- contracts are not prohibited for perma- The difficulty of redundancy index mum cumulative duration of fixed-term nent tasks (a score of 0), and they can be has 8 components: (i) whether redun- contracts is less than 3 years; 0.5 if it is 3 used for a maximum of 4 years (a score dancy is disallowed as a basis for ter- years or more but less than 5 years; and of 0.5). The ratio of the mandated mini- minating workers; (ii) whether the em- 0 if fixed-term contracts can last 5 years mum wage to the value added per worker ployer needs to notify a third party (such or more. Finally, a score of 1 is assigned is 0.58 (a score of 0.67). Averaging the 3 as a government agency) to terminate if the ratio of the minimum wage to the values and scaling the index to 100 gives 1 redundant worker; (iii) whether the average value added per worker is 0.75 Benin a score of 39. employer needs to notify a third party to or more; 0.67 for a ratio of 0.50 or more The rigidity of hours index has 5 terminate a group of 9 redundant work- but less than 0.75; 0.33 for a ratio of 0.25 components: (i) whether there are re- ers; (iv) whether the employer needs or more but less than 0.50; and 0 for a strictions on night work; (ii) whether approval from a third party to terminate DATA NOTES 133 1 redundant worker; (v) whether the em- unemployment protection, a score of 8.1 ence between the highest and lowest ployer needs approval from a third party weeks is assigned, although the actual observations. An alternative approach is to subtract from each value the mean to terminate a group of 9 redundant number of weeks is published. If the cost value within each indicator's distribution workers; (vi) whether the law requires adds up to more than 8 weeks of salary, and divide the result by the standard the employer to reassign or retrain a the score is the number of weeks. One deviation within that same distribution. worker before making the worker redun- month is recorded as 4 and 1/3 weeks. The resulting statistic is what is widely referred to as the Z-score. The main point dant; (vii) whether priority rules apply In Mauritania, for example, an em- of divergence between the normalization for redundancies; and (viii) whether ployer is required to give an average of approach chosen for the new measure and priority rules apply for reemployment. 1 month's notice before a redundancy the Z-score method is the reference point For question (i) an answer of "yes" for termination, and the average severance to which an economy's improvement is benchmarked. In the first approach an workers of any income level gives a score pay for a worker with 1 year of service, economy's measure of improvement on of 10 and means that the rest of the ques- a worker with 5 years and a worker with a particular indicator is benchmarked tions do not apply. An answer of "yes" to 10 years equals 1.42 months of wages. to the best and worst performance on question (iv) gives a score of 2. For every No penalty is levied. Altogether, the em- that indicator. In the second approach the reference point for benchmarking an other question, if the answer is "yes," a ployer pays the equivalent of 10.5 weeks economy's performance is the average for score of 1 is assigned; otherwise a score of salary to dismiss a worker. the other 182 economies in the sample. of 0 is given. Questions (i) and (iv), as the This means that an economy's reform most restrictive regulations, have greater The data details on employing workers efforts again are ultimately scored rela- tive to all other economies. Because the weight in the construction of the index. can be found for each economy at http:// new measure is aimed at moving away In Tunisia, for example, redundancy www.doingbusiness.org by selecting the from the relativeness of the ease of doing is allowed as grounds for termination (a economy in the drop-down list. This meth- business ranking to focus on absolute score of 0). An employer has to both no- odology was developed in Botero and improvements within economies, the first approach was chosen. tify a third party (a score of 1) and obtain others (2004) and is adopted here with Given the alternatives available, a sensi- its approval (a score of 2) to terminate a changes. tivity analysis was carried out to see how single redundant worker, and has to both much the results would differ if a Z-score notify a third party (a score of 1) and were adopted instead. Using data from obtain its approval (a score of 1) to termi- Doing Business 2009 and Doing Business 1. The data for paying taxes refer to 2010, the correlation coefficient of results nate a group of 9 redundant workers. The between the main approach used and January­December 2009. law mandates retraining or alternative the Z-score approach was computed. The placement before termination (a score of 2. These are available at http://www. results show a strong degree of correla- doingbusiness.org/Subnational/. tion between the 2 approaches (correla- 1). There are priority rules for termina- 3. The Doing Business website (http://www. tion coefficient of 0.81). tion (a score of 1) and reemployment (a doingbusiness.org) provides a comparable 5. See Djankov and others (2005). score of 1). Adding the scores and scaling time series of historical data for research, with a data set back-calculated to adjust 6. This question is usually regulated by stock to 100 gives a final index of 80. exchange or securities laws. Points are for changes in methodology and data revisions due to corrections. awarded only to economies with more REDUNDANCY COST than 10 listed firms in their most impor- For the terms of reference and composi- tant stock exchange. The redundancy cost indicator measures tion of the consultative group, see World the cost of advance notice requirements, Bank, "Doing Business Employing Work- 7. When evaluating the regime of liability for company directors for a prejudicial severance payments and penalties due ers Indicator Consultative Group," http:// www.doingbusiness.org. related-party transaction, Doing Business when terminating a redundant worker, assumes that the transaction was duly expressed in weeks of salary. The average 4. Changes in Doing Business indicators disclosed and approved. Doing Business follow very different increments. For does not measure director liability in the value of notice requirements and sever- example, the possible scores an economy event of fraud. ance payments applicable to a worker can obtain on the protecting investors with 1 year of tenure, a worker with 5 indicators can range from 0 to 10, while 8. The distance of the assumed electricity the procedures, time and cost for, say, connection was increased from 10 meters years and a worker with 10 years is used to what respondents considered to be a starting a business can potentially range to assign the score. If the redundancy from 1 to infinity. more realistic 150 meters. This change cost adds up to 8 or fewer weeks of sal- translated in some cases into a higher Because normalizing the scores intro- cost or longer time (or both) for the con- ary and the workers can benefit from duces an element of relativeness, a nor- nection. unemployment protection, a score of 0 is malization approach has been chosen that minimizes this element: scores are 9. The average value added per worker is the assigned, but the actual number of weeks ratio of an economy's GNI per capita to normalized on a scale of 0­1 by subtract- is published. If the redundancy cost adds the working-age population as a percent- ing from each value the smallest change up to 8 or fewer weeks of salary and the and dividing the result by the differ- age of the total population. workers cannot benefit from any type of 134 DOING BUSINESS 2011 Summaries AUSTRIA Registering property for property taxes along with continued efforts to encourage electronic filing made of Doing Austria made it easier to transfer property by requiring online submission of all appli- it easier and less costly for companies in Belarus to pay taxes. Business cations to register property transfers. Trading across borders reforms in AZERBAIJAN Getting credit Belarus reduced the time to trade by introducing electronic declaration of exports and imports. 2009/10 Azerbaijan improved access to credit by Closing a business establishing an online platform allowing fi- Belarus amended regulations governing nancial institutions to provide information the activities of insolvency administrators to, and retrieve it from, the public credit and strengthened the protection of creditor registry. rights in bankruptcy. Paying taxes A revision of Azerbaijan's tax code lowered BELGIUM Doing Business reforms affecting all sets of in- several tax rates, including the profit tax Registering property dicators included in this year's ranking on the rate, and simplified the process of paying Belgium's capital city, Brussels, made ease of doing business, implemented between June 2009 and May 2010. corporate income tax and value added tax. it more difficult to transfer property by re- quiring a clean-soil certificate. Doing Business reform making it easier to BAHRAIN do business Closing a business Registering property Doing Business reform making it more dif- Belgium introduced a new law that will Bahrain made registering property more ficult to do business promote and facilitate the survival of burdensome by increasing the fees at the viable businesses experiencing financial Survey and Land Registration Bureau. ALBANIA difficulties. Paying taxes Trading across borders Bahrain made it easier to trade by building BENIN Albania made it easier and less costly for companies to pay taxes by amending sev- a modern new port, improving the elec- Dealing with construction permits eral laws, reducing social security contribu- tronic data interchange system and intro- Benin created a new municipal commis- tions and introducing electronic filing and ducing risk-based inspections. sion to streamline construction permitting payment. and set up an ad hoc commission to deal BANGLADESH with the backlog in permit application ANGOLA Starting a business Trading across borders Bangladesh made business start-up easier BOSNIA AND HERZEGOVINA Angola reduced the time for trading across by eliminating the requirement to buy ad- Registering property borders by making investments in port in- hesive stamps and further enhancing the Bosnia and Herzegovina reduced delays in frastructure and administration. online registration system. property registration at the land registry in Registering property Sarajevo. ANTIGUA AND BARBUDA Bangladesh reduced the property transfer Paying taxes Registering property tax to 6.7% of the property value. Bosnia and Herzegovina simplified its labor In Antigua and Barbuda, to trans- tax processes, reduced employer contribu- fer property now requires clearance by BELARUS tion rates for social security and abolished the chief surveyor to avoid mischievous Getting credit its payroll tax. declarations. ARMENIA Belarus enhanced access to credit by Trading across borders facilitating the use of the pledge as a BRAZIL Armenia made trading easier by intro- security arrangement and providing Starting a business ducing self-declaration desks at customs for out-of-court enforcement of the pledge Brazil eased business start-up by fur- houses and warehouses, investing in on default. ther enhancing the electronic synchroni- new equipment to improve border Paying taxes zation between federal and state tax operations and introducing a risk manage- authorities. ment system. Reductions in the turnover tax, so- cial security contributions and the base SUMMARIES OF DOING BUSINESS REFORMS 135 BRUNEI DARUSSALAM BURUNDI CHILE Starting a business Paying taxes Starting a business Brunei Darussalam made starting a Burundi made paying taxes simpler by re- Chile made business start-up easier business easier by improving efficiency at placing the transactions tax with a value by introducing an online system for the company registrar and implementing added tax. registration and for filing the request for an electronic system for name searches. publication. CAMBODIA Paying taxes Protecting investors Trading across borders Brunei Darussalam reduced the corporate An amendment to Chile's securities law Cambodia eliminated preshipment strengthened investor protections by income tax rate from 23.5% to 22% while inspections, reducing the time and number requiring greater corporate disclosure and also introducing a lower tax rate for small of documents required for importing and regulating the approval of transactions be- businesses, ranging from 5.5% to 11%. exporting. tween interested parties. Trading across borders The introduction of an electronic CAMEROON CHINA customs system in Brunei Darussalam Starting a business Paying taxes made trading easier. Cameroon made starting a business easier China's new corporate income tax law by establishing a new one-stop shop and unified the tax regimes for domestic and BULGARIA abolishing the requirement for verifying foreign enterprises and clarified the calcu- Starting a business business premises and its corresponding lation of taxable income for corporate in- Bulgaria eased business start-up by fees. come tax purposes. reducing the minimum capital requirement from 5,000 leva ($3,250) to 2 leva ($1.30). CANADA COLOMBIA Paying taxes Dealing with construction permits Paying taxes Canada harmonized the Ontario and Colombia eased construction permitting Bulgaria reduced employer contribution federal tax returns and reduced the rates for social security. by improving the electronic verification of corporate and employee tax rates. prebuilding certificates. BURKINA FASO Enforcing contracts CONGO, DEM. REP. Dealing with construction permits Canada increased the efficiency of the courts by expanding electronic document Starting a business Burkina Faso made dealing with construction permits easier by cutting the submission and streamlining procedures. The Democratic Republic of Congo eased cost of the soil survey in half and the time business start-up by eliminating proce- to process a building permit application by CAPE VERDE dures, including the company seal. a third. Starting a business Dealing with construction permits Cape Verde made start-up easier by Dealing with construction permits Paying taxes eliminating the need for a municipal became easier in the Democratic Republic Burkina Faso reduced the statutory tax rate inspection before a business begins opera- of Congo thanks to a reduction in the cost and the number of taxes for business and tions and computerizing the system for de- of a building permit from 1% of the esti- introduced simpler, uniform compliance livering the municipal license. mated construction cost to 0.6% and a time procedures. limit for issuing building permits. Registering property Trading across borders Cape Verde eased property registration by Registering property Burkina Faso reduced documentation switching from fees based on a percentage requirements for importers and exporters, The Democratic Republic of Congo of the property value to lower fixed rates. making it easier to trade. reduced by half the property transfer Paying taxes tax to 3% of the property value. Enforcing contracts Cape Verde abolished the stamp duties on Burkina Faso made enforcing contracts sales and checks. CONGO, REP. easier by setting up a specialized commer- Paying taxes cial court and abolishing the fee to register CHAD The Republic of Congo reduced its judicial decisions. Paying taxes corporate income tax rate from 38% to Chad increased taxes on business through 36% in 2010. changes to its social security contribution rates. 136 DOING BUSINESS 2011 CÔTE D'IVOIRE ECUADOR GEORGIA Dealing with construction permits Starting a business Getting credit Côte d'Ivoire eased construction permit- Ecuador made starting a business easier by Georgia improved access to credit by imple- ting by eliminating the need to obtain a introducing an online registration system menting a central collateral registry with an preliminary approval. for social security. electronic database accessible online. CROATIA EGYPT, ARAB REP. Protecting investors Starting a business Starting a business Georgia strengthened investor protections by allowing greater access to corporate in- Croatia eased business start-up by allow- Egypt reduced the cost to start a business. ing limited liability companies to file their formation during the trial. registration application with the court reg- Trading across borders Enforcing contracts istries electronically through the notary Egypt made trading easier by introducing public. an electronic system for submitting export Georgia made the enforcement of contracts and import documents. easier by streamlining the procedures for Dealing with construction permits public auctions, intrducing private enforce- Croatia replaced the location permit and ESTONIA ment officers and modernizing its dispute project design confirmation with a single resolution system. Dealing with construction permits certificate, simplifying and speeding up the Closing a business construction permitting process. Estonia made dealing with construction permits more complex by increasing the Georgia improved insolvency proceedings time for obtaining design criteria from the by streamlining the regulation of auction CZECH REPUBLIC municipality. sales. Paying taxes The Czech Republic simplified its labor tax Getting credit GERMANY processes and reduced employer contribu- Estonia improved access to credit by amend- Starting a business tion rates for social security. ing the Code of Enforcement Procedure and allowing out-of-court enforcement of collat- Germany eased business start-up Closing a business eral by secured creditors. by increasing the efficiency of com- The Czech Republic made it easier munications between the notary and to deal with insolvency by introducing fur- Paying taxes the commercial registry and eliminating ther legal amendments to restrict setoffs in Estonia increased the unemployment the need to publish an announcement in a insolvency cases and suspending for some insurance contribution rate and raised the newspaper. insolvent debtors the obligation to file for standard value added tax rate from 18% to bankruptcy. 20%. GHANA Closing a business Getting credit DENMARK Ghana enhanced access to credit by Amendments to Estonia's recent insol- Starting a business vency law increased the chances that establishing a centralized collateral regis- Denmark eased business start-up by reduc- try and by granting an operating license viable businesses will survive insolvency ing the minimum capital requirement for to a private credit bureau that began by improving procedures and changing the limited liability companies from 125,000 operations in April 2010. qualification requirements for insolvency Danish kroner ($22,850) to 80,000 Danish administrators. kroner ($14,620). GREECE ETHIOPIA Registering property Registering property Trading across borders Greece made transferring property more Computerization of Denmark's land costly by increasing the transfer tax from registry cut the number of procedures Ethiopia made trading easier by addressing 1% of the property value to 10%. required to register property by half. internal bureaucratic inefficiencies. GRENADA DOMINICAN REPUBLIC FIJI Trading across borders Starting a business Starting a business Grenada eased business start-up by trans- The Dominican Republic made it more dif- Fiji made trading easier by opening ferring responsibility for the commercial ficult to start a business by setting a mini- customer care service centers and improv- registry from the courts to the civil admin- mum capital requirement of 100,000 Do- ing customs operations. istration. minican pesos ($2,855) for its new type of company, sociedad de responsabilidad limi- tada (limited liability company). SUMMARIES OF DOING BUSINESS REFORMS 137 Registering property HONG KONG SAR, CHINA INDONESIA The appointment of a registrar focus- Paying taxes Starting a business ing only on property cut the time needed Hong Kong SAR (China) abolished the fuel Indonesia eased business start-up by to transfer property in Grenada by tax on diesel. reducing the cost for company name almost half. clearance and reservation and the Enforcing contracts time required to reserve the name and Trading across borders Reforms implemented in the civil justice approve the deed of incorporation. Grenada's customs administration made system of Hong Kong SAR (China) trading faster by simplifying procedures, will help increase the efficiency and Paying taxes reducing inspections, improving staff cost-effectiveness of commercial dispute Indonesia reduced its corporate income tax training and enhancing communication resolution. rate. with users. HUNGARY Trading across borders GUINEA Dealing with construction permits Indonesia reduced the time to export by Dealing with construction permits launching a single-window service. Hungary implemented a time limit for the Guinea increased the cost of obtaining a issuance of building permits. IRAN, ISLAMIC REP. building permit. Registering property Starting a business GUINEA-BISSAU Hungary reduced the property registration The Islamic Republic of Iran eased Enforcing contracts fee by 6% of the property value. business start-up by installing a web portal allowing entrepreneurs to search for and Guinea-Bissau established a specialized Paying taxes reserve a unique company name. commercial court, speeding up the enforce- Hungary simplified taxes and tax bases. ment of contracts. Getting credit Closing a business The establishment of a new private GUYANA Amendments to Hungary's bankruptcy law credit bureau improved access to credit Starting a business encourage insolvent companies to consider information. reaching agreements with creditors out of Guyana eased business start-up by Enforcing contracts court so as to avoid bankruptcy. digitizing company records, which speeded The Islamic Republic of Iran made up the process of company name search ICELAND enforcing contracts easier and faster by and reservation. Dealing with construction permits introducing electronic filing of some docu- Getting credit ments, text message notification and an Iceland made dealing with construction electronic case management system. Guyana enhanced access to credit by permits more costly by increasing the fees establishing a regulatory framework to obtain the design approval and receive that allows the licensing of private credit ISRAEL inspections. bureaus and gives borrowers the right Trading across borders to inspect their data. Paying taxes Israel is expanding its electronic data in- Iceland increased the corporate income terchange system and developing a single- Trading across borders tax rate from 15% to 18% and raised window framework, allowing easier assem- Guyana improved its risk profiling social security and pension contribution bly of documents required by different au- system for customs inspection, reducing rates. thorities and reducing the time to trade. physical inspections of shipments and the time to trade. INDIA ITALY HAITI Starting a business Starting a business India eased business start-up by establish- Italy made starting a business easier by en- Starting a business ing an online VAT registration system and hancing an online registration system. Haiti eased business start-up by eliminat- replacing the physical stamp previously re- ing the review by the president's or the quired with an online version. JAMAICA prime minister's office of the incorporation act submitted for publication. Paying taxes Registering property India reduced the administrative burden Jamaica eased the transfer of property by of paying taxes by abolishing the fringe lowering transfer taxes and fees, offer- benefit tax and improving electronic ing expedited registration procedures and payment. making information from the company registrar available online. 138 DOING BUSINESS 2011 JAPAN KENYA LAO PDR Closing a business Starting a business Paying taxes Japan made it easier to deal with insolvency Kenya eased business start-up by reduc- Lao PDR replaced the business turnover tax by establishing a new entity, the Enterprise ing the time it takes to get the memoran- with a new value added tax. Turnaround Initiative Corporation, to sup- dum and articles of association stamped, port the revitalization of companies suffer- merging the tax and value added tax LATVIA ing from excessive debt but professionally registration procedures and digitizing Trading across borders managed. records at the registrar. Latvia reduced the time to export and im- Paying taxes port by introducing electronic submission JORDAN Kenya increased the administrative of customs declarations. Getting credit burden of paying taxes by requiring quar- Jordan improved its credit information terly filing of payroll taxes. Closing a business system by setting up a regulatory frame- Latvia introduced a mechanism for work for establishing a private credit Trading across borders out-of-court settlement of insolvencies to bureau as well as lowering the threshold Kenya speeded up trade by implementing alleviate pressure on courts and tightened for loans to be reported to the public credit an electronic cargo tracking system and some procedural deadlines. registry. linking this system to the Kenya Revenue Authority's electronic data interchange sys- LEBANON Paying taxes tem for customs clearance. Jordan abolished certain taxes and made Starting a business it possible to file income and sales tax KOREA, REP. Lebanon increased the cost of starting a returns electronically. business. Closing a business KAZAKHSTAN Korea made it easier to deal with insol- Getting credit vency by introducing postfiling financing, Lebanon improved its credit information Starting a business granting superpriority to the repayment of system by allowing banks online access to Kazakhstan eased business start-up by loans given to companies undergoing reor- the public credit registry's reports. reducing the minimum capital requirement ganization. to 100 tenge ($0.70) and eliminating the LITHUANIA need to have the memorandum of associa- KOSOVO Starting a business tion and company charter notarized. Starting a business Lithuania tightened the time limit for com- Dealing with construction permits Kosovo made business start-up more pleting the registration of a company. Kazakhstan made dealing with construc- difficult by replacing the tax number pre- viously required with a "fiscal number," Getting credit tion permits easier by implementing a one- stop shop related to technical conditions which takes longer to issue and requires Lithuania's private credit bureau now for utilities. the tax administration to first inspect the collects and distributes positive informa- business premises. tion on borrowers. Protecting investors Kazakhstan strengthened investor protec- KYRGYZ REPUBLIC Paying taxes tions by requiring greater corporate disclo- Starting a business Lithuania reduced corporate tax rates. sure in company annual reports. The Kyrgyz Republic eased business start- Trading across borders Trading across borders up by eliminating the requirement to have Lithuania reduced the time to import by the signatures of company founders nota- Kazakhstan speeded up trade through ef- introducing, in compliance with EU law, an rized. forts to modernize customs, including electronic system for submitting customs implementation of a risk management Closing a business declarations. system and improvements in customs The Kyrgyz Republic streamlined insol- automation. Closing a business vency proceedings and updated require- Lithuania introduced regulations relating ments for administrators, but new formali- to insolvency administrators that set ties added to prevent abuse of proceedings out clear rules of liability for violations made closing a business more difficult. of law. SUMMARIES OF DOING BUSINESS REFORMS 139 LUXEMBOURG MALDIVES Paying taxes Starting a business Registering property Mexico increased taxes on companies by Luxembourg eased business start-up by Maldives now allows registered companies raising several tax rates, including the cor- speeding up the delivery of the business to own land as long as all company shares porate income tax and the rate on cash de- license. are owned by Maldivians. posits. At the same time, the administrative burden continued to decrease with more MACEDONIA, FYR MALI options for online payment and increased use of accounting software. Starting a business Dealing with construction permits FYR Macedonia made it easier to start a Mali eased construction permitting by MOLDOVA business by further improving its one-stop implementing a simplified environmental shop. impact assessment for noncomplex com- Paying taxes mercial buildings. Moldova reduced employer contribution Paying taxes rates for social security. FYR Macedonia lowered tax costs for busi- Registering property nesses by requiring that corporate income Mali eased property transfers by reducing MONTENEGRO tax be paid only on distributed profits. the property transfer tax for firms from 15% Starting a business of the property value to 7%. Montenegro eliminated several procedures MADAGASCAR Trading across borders for business start-up by introducing a sin- Paying taxes gle registration form for submission to the Mali eliminated redundant inspections Madagascar continued to reduce corporate of imported goods, reducing the time for tax administration. tax rates. trading across borders. Paying taxes Trading across borders An amendment to Montenegro's corporate MARSHALL ISLANDS Madagascar improved communica- income tax law removed the obligation for tion and coordination between customs Getting credit advance payments and abolished the con- and the terminal port operators through The Marshall Islands improved access struction land charge. its single-window system (GASYNET), to credit through a new law on secured reducing both the time and the cost to ex- transactions that establishes a central Trading across borders port and import. collateral registry, broadens the range Montenegro's customs administration sim- of assets that can be used as collateral, plified trade by eliminating the require- MALAWI allows a general description of debts and ment to present a terminal handling receipt Registering property obligations and assets granted as collateral for exporting and importing. and establishes clear priority rules outside Malawi eased property transfers by bankruptcy for secured creditors. MOROCCO cutting the wait for consents and registra- tion of legal instruments by half. Protecting investors MAURITIUS Morocco strengthened investor protections Enforcing contracts Paying taxes by requiring greater disclosure in compa- Malawi simplified the enforcement of con- Mauritius introduced a new corporate so- nies' annual reports. tracts by raising the ceiling for commercial cial responsibility tax. claims that can be brought to the magis- MOZAMBIQUE trate's courts. Enforcing contracts Starting a business Mauritius speeded up the resolution of MALAYSIA commercial disputes by recruiting more Mozambique eased business start-up judges and adding more courtrooms. by introducing a simplified licensing Starting a business process. Malaysia eased business start-up by MEXICO introducing more online services. NETHERLANDS Starting a business Registering property Paying taxes Mexico launched an online one-stop shop Malaysia's introduction of online stamping The Netherlands reduced the frequency for initiating business registration. reduced the time and cost to transfer prop- of filing and paying value added tax- erty. Dealing with construction permits es from monthly to quarterly and al- Mexico improved construction permitting lowed small entities to use their annual by merging and streamlining procedures accounts as the basis for computing their corporate income tax. related to zoning and utilities. 140 DOING BUSINESS 2011 NEW ZEALAND PAPUA NEW GUINEA POLAND Enforcing contracts Getting credit Registering property New Zealand enacted new district court Operation of a new private credit bureau Poland eased property registration by com- rules that make the process for enforcing improved the credit information system in puterizing its land registry. contracts user friendly. Papua New Guinea. PORTUGAL NICARAGUA PARAGUAY Registering property Paying taxes Dealing with construction permits Portugal established a one-stop shop for Nicaragua increased taxes on firms by rais- Paraguay made dealing with construction property registration. ing social security contribution rates and permits easier by creating a new adminis- introducing a 10% withholding tax on the trative structure and a better tracking sys- Paying taxes gross interest accrued from deposits. It tem in the municipality of Asunción. Portugal introduced a new social security also improved electronic payment of taxes code and lowered corporate tax rates. through bank transfer. PERU Starting a business PUERTO RICO Trading across borders Peru eased business start-up by simplify- Paying taxes Nicaragua expedited trade by migrating to a new electronic data interchange system ing the requirements for operating Puerto Rico made paying taxes more for customs, setting up a physical one- licenses and creating an online one-stop costly for business by introducing a spe- stop shop for exports and investing in new shop for business registration. cial surtax of 5% on the tax liability equipment at the port of Corinto. in addition to the normal corporate Dealing with construction permits income tax. Peru streamlined construction permit- NIGER ting by implementing administrative QATAR Paying taxes reforms. Starting a business Niger reduced its corporate income tax rate. Registering property Qatar made starting a business more Peru introduced fast-track procedures at difficult by adding a procedure to register PAKISTAN the land registry, cutting by half the time for taxes and obtain a company seal. Registering property needed to register property. Pakistan made registering property more ROMANIA expensive by doubling the capital value tax Trading across borders Dealing with construction permits to 4%. Peru made trading easier by implement- Romania amended regulations related to Trading across borders ing a new web-based electronic data construction permitting to reduce fees and interchange system, risk-based inspections expedite the process. Pakistan reduced the time to export by and payment deferrals. improving electronic communication be- Paying taxes tween the Karachi Port authorities and the private terminals, which have also boosted PHILIPPINES Romania introduced tax changes, efficiency by introducing new equipment. Starting a business including a new minimum tax on profit, that made paying taxes more The Philippines eased business start- costly for companies. PANAMA up by setting up a one-stop shop at the Starting a business municipal level. Closing a business Panama eased business start-up by Dealing with construction permits Substantial amendments to Romania's increasing efficiency at the registrar. bankruptcy laws--introducing, among The Philippines made construction other things, a procedure for out-of- Registering property permitting more cumbersome through up- court workouts--made dealing with Panama made it more expensive to dated electricity connection costs. insolvency easier. transfer property by requiring that Trading across borders an amount equal to 3% of the property value be paid upon registration. The Philippines reduced the time and cost to trade by improving its electronic cus- Paying taxes toms systems, adding such functions as Panama reduced the corporate income tax electronic payments and online submission rate, modified various taxes and created a of declarations. new tax court of appeals. SUMMARIES OF DOING BUSINESS REFORMS 141 RUSSIAN FEDERATION SAUDI ARABIA SLOVENIA Dealing with construction permits Dealing with construction permits Starting a business Russia eased construction permitting by Saudi Arabia made dealing with construc- Slovenia made starting a business easier implementing a single window for all pro- tion permits easier for the second year in through improvements to its one-stop shop cedures related to land use. a row by introducing a new, streamlined that allowed more online services. process. Closing a business Registering property Russia introduced a series of legislative Getting credit Greater computerization in Slovenia's land measures in 2009 to improve creditor rights An amendment to Saudi Arabia's commer- registry reduced delays in property regis- and the insolvency system. cial lien law enhanced access to credit by tration by 75%. making secured lending more flexible and RWANDA allowing out-of-court enforcement in case Paying taxes Dealing with construction permits of default. Slovenia abolished its payroll tax and reduced its corporate income tax rate. Rwanda made dealing with construction Trading across borders permits easier by passing new building Saudi Arabia reduced the time to import by SOLOMON ISLANDS regulations at the end of April 2010 and launching a new container terminal at the Getting credit implementing new time limits for the Jeddah Islamic Port. issuance of various permits. The Solomon Islands strengthened Closing a business access to credit by passing a new secured Getting credit transactions law that broadens the range Saudi Arabia speeded up the insolvency Rwanda enhanced access to credit by allow- of assets that can be used as collateral, process by providing earlier access to ami- ing borrowers the right to inspect their own allows a general description of debts cable settlements and putting time limits credit report and mandating that loans of and obligations secured by collateral, per- on the settlements to encourage creditors all sizes be reported to the central bank's mits out-of-court enforcement and creates to participate. public credit registry. a collateral registry. Trading across borders SERBIA SPAIN Rwanda reduced the number of trade Closing a business documents required and enhanced its Trading across borders Serbia passed a new bankruptcy law that joint border management procedures introduced out-of-court workouts and a Spain streamlined the documentation for with Uganda and other neighbors, unified reorganization procedure. imports by including tax-related informa- leading to an improvement in the trade lo- tion on its single administrative document. gistics environment. SEYCHELLES Closing a business Paying taxes Spain amended its regulations governing SAMOA The Seychelles removed the tax-free thresh- insolvency proceedings with the aim of Registering property old limit and lowered corporate income tax reducing the cost and time. The new regu- Samoa shifted from a deed system to a rates. lations also introduced out-of-court work- title system and fully computerized its outs. land registry, which reduced the time SIERRA LEONE required to register property by 4 months. SWAZILAND Dealing with construction permits Sierra Leone made dealing with construc- Protecting investors SĂO TOMÉ AND PRINCIPE tion permits easier by streamlining the is- Swaziland strengthened investor protect- Starting a business suance of location clearances and building ions by requiring greater corporate Săo Tomé and Principe made starting a permits. disclosure, higher standards of ac- business more difficult by introducing countability for company directors and a minimum capital requirement for Registering property greater access to corporate information for limited liability companies. Sierra Leone lifted a moratorium on sales of minority investors. privately owned properties. Paying taxes Trading across borders Săo Tomé and Principe reduced the corpo- Paying taxes Swaziland reduced the time to import by rate income tax rate to a standard 25%. Sierra Leone replaced sales and service implementing an electronic data inter- taxes with a goods and service tax. change system for customs at its border posts. 142 DOING BUSINESS 2011 SWEDEN Protecting investors UGANDA Starting a business Tajikistan strengthened investor protec- Starting a business Sweden cut the minimum capital require- tions by requiring greater corporate dis- Uganda made it more difficult to start a ment for limited liability companies by half, closure in the annual report and greater business by increasing the trade licensing making it easier to start a business. access to corporate information for fees. minority investors. Registering property Getting credit Sweden made registering property Paying taxes Uganda enhanced access to credit by easier by eliminating the requirement Tajikistan lowered its corporate income tax establishing a new private credit bureau. to obtain a preemption waiver from rate. the municipality. Enforcing contracts THAILAND Uganda continues to improve the efficiency Protecting investors of its court system, greatly reducing the Registering property Sweden strengthened investor protections time to file and serve a claim. by requiring greater corporate disclosure Thailand made registering property more and regulating the approval of transactions costly by repealing a 2-year temporary tax UKRAINE between interested parties. reduction for property transfers. Starting a business Paying taxes Ukraine eased business start-up by SYRIAN ARAB REPUBLIC Thailand temporarily lowered taxes on substantially reducing the minimum capi- Starting a business business by reducing its specific business tal requirement. Syria eased business start-up by reducing tax for 12 months. the minimum capital requirement for lim- Dealing with construction permits ited liability companies by two-thirds. It TIMOR-LESTE Ukraine made dealing with construction also decentralized approval of the company Enforcing contracts permits easier by implementing national memorandum. and local regulations that streamlined pro- Timor-Leste increased court efficiency by cedures. Getting credit training and appointing new judges and Syria enhanced access to credit by passing a new civil procedure code. Paying taxes eliminating the minimum threshold for Ukraine eased tax compliance by loans included in the database, which TONGA introducing and continually enhancing expanded the coverage of individuals Paying taxes an electronic filing system for value and firms to 2.2% of the adult population. Tonga simplified the payment of taxes by added tax. replacing a 2-tier system with a 25% cor- TAIWAN, CHINA porate income tax rate for both domestic UNITED ARAB EMIRATES Starting a business and foreign companies and introducing tax Getting credit Taiwan (China) eased business start-up by incentives with a broad-based capital al- The United Arab Emirates enhanced access reducing the time required to check com- lowance system to replace tax holidays and to credit by setting up a legal framework for pany names, register retirement plans and other tax concessions. the operation of the private credit bureau apply for health, pension and labor insur- and requiring that financial institutions TUNISIA share credit information. ance. Paying taxes Paying taxes Trading across borders Tunisia introduced the use of electronic Taiwan (China) reduced the corporate in- The United Arab Emirates streamlined systems for payment of corporate income come tax rate and simplified tax return document preparation and reduced the tax and value added tax. forms, rules for assessing corporate income time to trade with the launch of Dubai Cus- tax and the calculation of interim tax pay- Trading across borders toms' comprehensive new customs system, ments. Tunisia upgraded its electronic data Mirsal 2. interchange system for imports and TAJIKISTAN exports, speeding up the assembly of Starting a business import documents. Tajikistan made starting a business easier by creating a one-stop shop that consoli- dates registration with the state and the tax authority. SUMMARIES OF DOING BUSINESS REFORMS 143 UNITED KINGDOM VIETNAM ZIMBABWE Enforcing contracts Starting a business Starting a business The United Kingdom improved the process Vietnam eased company start-up by creat- Zimbabwe eased business start-up by for enforcing contracts by modernizing civ- ing a one-stop shop that combines the pro- reducing registration fees and speeding up il procedures in the commercial court. cesses for obtaining a business license and the name search process and company and tax license and by eliminating the need for tax registration. Closing a business a seal for company licensing. Amendments to the United Kingdom's Paying taxes insolvency rules streamline bankruptcy Dealing with construction permits Zimbabwe reduced the corporate in- procedures, favor the sale of the firm as a Vietnam made dealing with construction come tax rate from 30% to 25%, lowered whole and improve the calculation of ad- permits easier by reducing the cost to regis- the capital gains tax from 20% to 5% ministrators' fees. ter newly completed buildings by 50% and and simplified the payment of corporate transferring the authority to register build- income tax by allowing quarterly payment UNITED STATES ings from local authorities to the Depart- through commercial banks. Paying taxes ment of National Resources and Environ- ment. In the United States the introduction of a new tax on payroll increased taxes on com- Getting credit panies operating within the New York City Vietnam improved its credit information metropolitan commuter transportation system by allowing borrowers to examine district. their own credit report and correct errors. URUGUAY WEST BANK AND GAZA Registering property Starting a business In Uruguay the Municipality of Montevi- West Bank and Gaza made starting a busi- deo made registering property easier by ness more difficult by increasing the law- eliminating the need to obtain a mandatory yers' fees that must be paid for incorpora- waiver for preemption rights. tion. UZBEKISTAN Trading across borders Dealing with construction permits More efficient processes at Palestinian customs made trading easier in the West Uzbekistan increased all fees for procedures Bank. relating to construction permits. ZAMBIA VENEZUELA, RB Starting a business Starting a business Zambia eased business start-up by elimi- República Bolivariana de Venezuela made nating the minimum capital requirement. starting a business more difficult by intro- ducing a new procedure for registering a Trading across borders company. Zambia eased trade by implementing a one- Paying taxes stop border post with Zimbabwe, launching web-based submission of customs declara- República Bolivariana de Venezuela abol- tions and introducing scanning machines ished the tax on financial transactions. at border posts. Enforcing contracts Zambia improved contract enforcement by introducing an electronic case manage- ment system in the courts that provides electronic referencing of cases, a database of laws, real-time court reporting and pub- lic access to court records. 144 DOING BUSINESS 2011 Country tables COUNTRY TABLES 145 AFGHANISTAN South Asia GNI per capita (US$) 486 Ease of doing business (rank) 167 Low income Population (m) 29.8 Starting a business (rank) 25 Getting credit (rank) 128 Trading across borders (rank) 183 Procedures (number) 4 Strength of legal rights index (0-10) 6 Documents to export (number) 12 Time (days) 7 Depth of credit information index (0-6) 0 Time to export (days) 74 Cost (% of income per capita) 26.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,865 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 11 Time to import (days) 77 Dealing with construction permits (rank) 149 Protecting investors (rank) 183 Cost to import (US$ per container) 3,830 Procedures (number) 13 Extent of disclosure index (0-10) 1 Time (days) 340 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 162 Cost (% of income per capita) 11,355.3 Ease of shareholder suits index (0-10) 1 Procedures (number) 47 Strength of investor protection index (0-10) 1.0 Time (days) 1,642 Registering property (rank) 170 Cost (% of claim) 25.0 Procedures (number) 9 Paying taxes (rank) 53 Time (days) 250 Payments (number per year) 8 Closing a business (rank) 183 Cost (% of property value) 5.0 Time (hours per year) 275 Time (years) NO PRACTICE Total tax rate (% of profit) 36.4 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ALBANIA Eastern Europe & Central Asia GNI per capita (US$) 3,950 Ease of doing business (rank) 82 Upper middle income Population (m) 3.2 Starting a business (rank) 45 Getting credit (rank) 15 Trading across borders (rank) 75 Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 7 Time (days) 5 Depth of credit information index (0-6) 4 Time to export (days) 19 Cost (% of income per capita) 16.8 Public registry coverage (% of adults) 8.3 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 18 Dealing with construction permits (rank) 170 Protecting investors (rank) 15 Cost to import (US$ per container) 710 Procedures (number) 24 Extent of disclosure index (0-10) 8 Time (days) 331 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 89 Cost (% of income per capita) 381.3 Ease of shareholder suits index (0-10) 5 Procedures (number) 39 Strength of investor protection index (0-10) 7.3 Time (days) 390 Registering property (rank) 72 Cost (% of claim) 38.7 Procedures (number) 6 Paying taxes (rank) 149 Time (days) 42 Payments (number per year) 44 Closing a business (rank) 183 Cost (% of property value) 3.4 Time (hours per year) 360 Time (years) NO PRACTICE Total tax rate (% of profit) 40.6 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ALGERIA Middle East & North Africa GNI per capita (US$) 4,420 Ease of doing business (rank) 136 Upper middle income Population (m) 34.9 Starting a business (rank) 150 Getting credit (rank) 138 Trading across borders (rank) 124 Procedures (number) 14 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 24 Depth of credit information index (0-6) 2 Time to export (days) 17 Cost (% of income per capita) 12.9 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 1,248 Minimum capital (% of income per capita) 34.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 23 Dealing with construction permits (rank) 113 Protecting investors (rank) 74 Cost to import (US$ per container) 1,428 Procedures (number) 22 Extent of disclosure index (0-10) 6 Time (days) 240 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 127 Cost (% of income per capita) 44.0 Ease of shareholder suits index (0-10) 4 Procedures (number) 46 Strength of investor protection index (0-10) 5.3 Time (days) 630 Registering property (rank) 165 Cost (% of claim) 21.9 Procedures (number) 11 Paying taxes (rank) 168 Time (days) 47 Payments (number per year) 34 Closing a business (rank) 51 Cost (% of property value) 7.1 Time (hours per year) 451 Time (years) 2.5 Total tax rate (% of profit) 72.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 41.7 146 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business ANGOLA Sub-Saharan Africa GNI per capita (US$) 3,490 Ease of doing business (rank) 163 Lower middle income Population (m) 18.5 Starting a business (rank) 164 Getting credit (rank) 116 Trading across borders (rank) 166 Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 11 Time (days) 68 Depth of credit information index (0-6) 3 Time to export (days) 52 Cost (% of income per capita) 163.0 Public registry coverage (% of adults) 2.4 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 28.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 49 Dealing with construction permits (rank) 128 Protecting investors (rank) 59 Cost to import (US$ per container) 2,840 Procedures (number) 12 Extent of disclosure index (0-10) 5 Time (days) 328 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 181 Cost (% of income per capita) 694.3 Ease of shareholder suits index (0-10) 6 Procedures (number) 46 Strength of investor protection index (0-10) 5.7 Time (days) 1,011 Registering property (rank) 174 Cost (% of claim) 44.4 Procedures (number) 7 Paying taxes (rank) 142 Time (days) 184 Payments (number per year) 31 Closing a business (rank) 147 Cost (% of property value) 11.5 Time (hours per year) 282 Time (years) 6.2 Total tax rate (% of profit) 53.2 Cost (% of estate) 22 Recovery rate (cents on the dollar) 8.4 ANTIGUA AND BARBUDA Latin America & Caribbean GNI per capita (US$) 12,130 Ease of doing business (rank) 64 Upper middle income Population (m) 0.1 Starting a business (rank) 72 Getting credit (rank) 116 Trading across borders (rank) 63 Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 5 Time (days) 21 Depth of credit information index (0-6) 0 Time to export (days) 15 Cost (% of income per capita) 11.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,133 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 15 Dealing with construction permits (rank) 25 Protecting investors (rank) 28 Cost to import (US$ per container) 1,633 Procedures (number) 13 Extent of disclosure index (0-10) 4 Time (days) 156 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 73 Cost (% of income per capita) 24.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 45 Strength of investor protection index (0-10) 6.3 Time (days) 351 Registering property (rank) 123 Cost (% of claim) 22.7 Procedures (number) 7 Paying taxes (rank) 132 Time (days) 26 Payments (number per year) 56 Closing a business (rank) 66 Cost (% of property value) 10.9 Time (hours per year) 207 Time (years) 3.0 Total tax rate (% of profit) 41.5 Cost (% of estate) 7 Recovery rate (cents on the dollar) 36.7 ARGENTINA Latin America & Caribbean GNI per capita (US$) 7,600 Ease of doing business (rank) 115 Upper middle income Population (m) 40.3 Starting a business (rank) 142 Getting credit (rank) 65 Trading across borders (rank) 115 Procedures (number) 14 Strength of legal rights index (0-10) 4 Documents to export (number) 9 Time (days) 26 Depth of credit information index (0-6) 6 Time to export (days) 13 Cost (% of income per capita) 14.2 Public registry coverage (% of adults) 30.8 Cost to export (US$ per container) 1,480 Minimum capital (% of income per capita) 2.7 Private bureau coverage (% of adults) 100.0 Documents to import (number) 7 Time to import (days) 16 Dealing with construction permits (rank) 168 Protecting investors (rank) 109 Cost to import (US$ per container) 1,810 Procedures (number) 28 Extent of disclosure index (0-10) 6 Time (days) 338 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 45 Cost (% of income per capita) 133.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 4.7 Time (days) 590 Registering property (rank) 118 Cost (% of claim) 16.5 Procedures (number) 6 Paying taxes (rank) 143 Time (days) 52 Payments (number per year) 9 Closing a business (rank) 77 Cost (% of property value) 7.0 Time (hours per year) 453 Time (years) 2.8 Total tax rate (% of profit) 108.2 Cost (% of estate) 12 Recovery rate (cents on the dollar) 32.8 COUNTRY TABLES 147 ARMENIA Eastern Europe & Central Asia GNI per capita (US$) 3,100 Ease of doing business (rank) 48 Lower middle income Population (m) 3.1 Starting a business (rank) 22 Getting credit (rank) 46 Trading across borders (rank) 82 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 3 Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 13 Cost (% of income per capita) 3.1 Public registry coverage (% of adults) 16.9 Cost to export (US$ per container) 1,665 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 38.3 Documents to import (number) 6 Time to import (days) 18 Dealing with construction permits (rank) 78 Protecting investors (rank) 93 Cost to import (US$ per container) 2,045 Procedures (number) 20 Extent of disclosure index (0-10) 5 Time (days) 137 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 63 Cost (% of income per capita) 122.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 49 Strength of investor protection index (0-10) 5.0 Time (days) 285 Registering property (rank) 5 Cost (% of claim) 19.0 Procedures (number) 3 Paying taxes (rank) 159 Time (days) 7 Payments (number per year) 50 Closing a business (rank) 54 Cost (% of property value) 0.3 Time (hours per year) 581 Time (years) 1.9 Total tax rate (% of profit) 40.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 40.6 AUSTRALIA OECD high income GNI per capita (US$) 43,770 Ease of doing business (rank) 10 High income Population (m) 21.9 Starting a business (rank) 2 Getting credit (rank) 6 Trading across borders (rank) 29 Procedures (number) 2 Strength of legal rights index (0-10) 9 Documents to export (number) 6 Time (days) 2 Depth of credit information index (0-6) 5 Time to export (days) 9 Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,060 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5 Time to import (days) 8 Dealing with construction permits (rank) 63 Protecting investors (rank) 59 Cost to import (US$ per container) 1,119 Procedures (number) 16 Extent of disclosure index (0-10) 8 Time (days) 221 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 16 Cost (% of income per capita) 11.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 28 Strength of investor protection index (0-10) 5.7 Time (days) 395 Registering property (rank) 35 Cost (% of claim) 20.7 Procedures (number) 5 Paying taxes (rank) 48 Time (days) 5 Payments (number per year) 11 Closing a business (rank) 12 Cost (% of property value) 5.0 Time (hours per year) 109 Time (years) 1.0 Total tax rate (% of profit) 47.9 Cost (% of estate) 8 Recovery rate (cents on the dollar) 81.8 AUSTRIA OECD high income GNI per capita (US$) 46,850 Ease of doing business (rank) 32 High income Population (m) 8.4 Starting a business (rank) 125 Getting credit (rank) 15 Trading across borders (rank) 25 Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 28 Depth of credit information index (0-6) 6 Time to export (days) 7 Cost (% of income per capita) 5.2 Public registry coverage (% of adults) 1.4 Cost to export (US$ per container) 1,180 Minimum capital (% of income per capita) 53.1 Private bureau coverage (% of adults) 40.6 Documents to import (number) 5 Time to import (days) 8 Dealing with construction permits (rank) 57 Protecting investors (rank) 132 Cost to import (US$ per container) 1,195 Procedures (number) 14 Extent of disclosure index (0-10) 3 Time (days) 194 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 9 Cost (% of income per capita) 72.9 Ease of shareholder suits index (0-10) 4 Procedures (number) 25 Strength of investor protection index (0-10) 4.0 Time (days) 397 Registering property (rank) 33 Cost (% of claim) 18.0 Procedures (number) 3 Paying taxes (rank) 104 Time (days) 21 Payments (number per year) 22 Closing a business (rank) 20 Cost (% of property value) 4.5 Time (hours per year) 170 Time (years) 1.1 Total tax rate (% of profit) 55.5 Cost (% of estate) 18 Recovery rate (cents on the dollar) 73.1 148 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business AZERBAIJAN Eastern Europe & Central Asia GNI per capita (US$) 4,840 Ease of doing business (rank) 54 Upper middle income Population (m) 8.8 Starting a business (rank) 15 Getting credit (rank) 46 Trading across borders (rank) 177 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 9 Time (days) 8 Depth of credit information index (0-6) 5 Time to export (days) 43 Cost (% of income per capita) 3.1 Public registry coverage (% of adults) 7.0 Cost to export (US$ per container) 2,980 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 14 Time to import (days) 46 Dealing with construction permits (rank) 160 Protecting investors (rank) 20 Cost to import (US$ per container) 3,480 Procedures (number) 31 Extent of disclosure index (0-10) 7 Time (days) 207 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 27 Cost (% of income per capita) 388.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 39 Strength of investor protection index (0-10) 6.7 Time (days) 237 Registering property (rank) 10 Cost (% of claim) 18.5 Procedures (number) 4 Paying taxes (rank) 103 Time (days) 11 Payments (number per year) 18 Closing a business (rank) 88 Cost (% of property value) 0.2 Time (hours per year) 306 Time (years) 2.7 Total tax rate (% of profit) 40.9 Cost (% of estate) 8 Recovery rate (cents on the dollar) 28.8 BAHAMAS, THE Latin America & Caribbean GNI per capita (US$) 21,529 Ease of doing business (rank) 77 High income Population (m) 0.3 Starting a business (rank) 66 Getting credit (rank) 72 Trading across borders (rank) 45 Procedures (number) 7 Strength of legal rights index (0-10) 9 Documents to export (number) 5 Time (days) 31 Depth of credit information index (0-6) 0 Time to export (days) 19 Cost (% of income per capita) 9.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 930 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 13 Dealing with construction permits (rank) 107 Protecting investors (rank) 109 Cost to import (US$ per container) 1,380 Procedures (number) 18 Extent of disclosure index (0-10) 2 Time (days) 197 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 120 Cost (% of income per capita) 222.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 49 Strength of investor protection index (0-10) 4.7 Time (days) 427 Registering property (rank) 154 Cost (% of claim) 28.9 Procedures (number) 7 Paying taxes (rank) 50 Time (days) 48 Payments (number per year) 18 Closing a business (rank) 34 Cost (% of property value) 12.5 Time (hours per year) 58 Time (years) 5.0 Total tax rate (% of profit) 46.1 Cost (% of estate) 4 Recovery rate (cents on the dollar) 54.7 BAHRAIN Middle East & North Africa GNI per capita (US$) 19,455 Ease of doing business (rank) 28 High income Population (m) 0.8 Starting a business (rank) 78 Getting credit (rank) 89 Trading across borders (rank) 33 Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 5 Time (days) 9 Depth of credit information index (0-6) 4 Time to export (days) 11 Cost (% of income per capita) 0.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 955 Minimum capital (% of income per capita) 273.4 Private bureau coverage (% of adults) 35.9 Documents to import (number) 6 Time to import (days) 15 Dealing with construction permits (rank) 17 Protecting investors (rank) 59 Cost to import (US$ per container) 995 Procedures (number) 13 Extent of disclosure index (0-10) 8 Time (days) 43 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 117 Cost (% of income per capita) 78.3 Ease of shareholder suits index (0-10) 5 Procedures (number) 48 Strength of investor protection index (0-10) 5.7 Time (days) 635 Registering property (rank) 29 Cost (% of claim) 14.7 Procedures (number) 2 Paying taxes (rank) 14 Time (days) 31 Payments (number per year) 25 Closing a business (rank) 26 Cost (% of property value) 2.7 Time (hours per year) 36 Time (years) 2.5 Total tax rate (% of profit) 15.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 64.2 COUNTRY TABLES 149 BANGLADESH South Asia GNI per capita (US$) 590 Ease of doing business (rank) 107 Low income Population (m) 162.2 Starting a business (rank) 79 Getting credit (rank) 72 Trading across borders (rank) 112 Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 19 Depth of credit information index (0-6) 2 Time to export (days) 25 Cost (% of income per capita) 33.3 Public registry coverage (% of adults) 0.6 Cost to export (US$ per container) 985 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 31 Dealing with construction permits (rank) 116 Protecting investors (rank) 20 Cost to import (US$ per container) 1,390 Procedures (number) 14 Extent of disclosure index (0-10) 6 Time (days) 231 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 179 Cost (% of income per capita) 558.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 41 Strength of investor protection index (0-10) 6.7 Time (days) 1,442 Registering property (rank) 172 Cost (% of claim) 63.3 Procedures (number) 8 Paying taxes (rank) 93 Time (days) 245 Payments (number per year) 21 Closing a business (rank) 101 Cost (% of property value) 6.6 Time (hours per year) 302 Time (years) 4.0 Total tax rate (% of profit) 35.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 25.8 BELARUS Eastern Europe & Central Asia GNI per capita (US$) 5,540 Ease of doing business (rank) 68 Upper middle income Population (m) 9.7 Starting a business (rank) 7 Getting credit (rank) 89 Trading across borders (rank) 128 Procedures (number) 5 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 5 Depth of credit information index (0-6) 5 Time to export (days) 15 Cost (% of income per capita) 1.6 Public registry coverage (% of adults) 33.5 Cost to export (US$ per container) 1,772 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 20 Dealing with construction permits (rank) 44 Protecting investors (rank) 109 Cost to import (US$ per container) 1,770 Procedures (number) 16 Extent of disclosure index (0-10) 5 Time (days) 151 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 12 Cost (% of income per capita) 50.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 28 Strength of investor protection index (0-10) 4.7 Time (days) 225 Registering property (rank) 6 Cost (% of claim) 23.4 Procedures (number) 3 Paying taxes (rank) 183 Time (days) 15 Payments (number per year) 82 Closing a business (rank) 93 Cost (% of property value) 0.0 Time (hours per year) 798 Time (years) 5.8 Total tax rate (% of profit) 80.4 Cost (% of estate) 22 Recovery rate (cents on the dollar) 28.0 BELGIUM OECD high income GNI per capita (US$) 45,310 Ease of doing business (rank) 25 High income Population (m) 10.8 Starting a business (rank) 31 Getting credit (rank) 46 Trading across borders (rank) 44 Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 4 Depth of credit information index (0-6) 4 Time to export (days) 8 Cost (% of income per capita) 5.4 Public registry coverage (% of adults) 57.2 Cost to export (US$ per container) 1,619 Minimum capital (% of income per capita) 19.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 9 Dealing with construction permits (rank) 41 Protecting investors (rank) 16 Cost to import (US$ per container) 1,600 Procedures (number) 14 Extent of disclosure index (0-10) 8 Time (days) 169 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 21 Cost (% of income per capita) 64.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 26 Strength of investor protection index (0-10) 7.0 Time (days) 505 Registering property (rank) 177 Cost (% of claim) 16.6 Procedures (number) 8 Paying taxes (rank) 70 Time (days) 79 Payments (number per year) 11 Closing a business (rank) 8 Cost (% of property value) 12.7 Time (hours per year) 156 Time (years) 0.9 Total tax rate (% of profit) 57.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 87.6 150 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business BELIZE Latin America & Caribbean GNI per capita (US$) 4,045 Ease of doing business (rank) 99 Lower middle income Population (m) 0.3 Starting a business (rank) 148 Getting credit (rank) 89 Trading across borders (rank) 119 Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 7 Time (days) 44 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 47.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,710 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 21 Dealing with construction permits (rank) 4 Protecting investors (rank) 120 Cost to import (US$ per container) 1,870 Procedures (number) 11 Extent of disclosure index (0-10) 3 Time (days) 66 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 168 Cost (% of income per capita) 16.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 51 Strength of investor protection index (0-10) 4.3 Time (days) 892 Registering property (rank) 134 Cost (% of claim) 27.5 Procedures (number) 8 Paying taxes (rank) 69 Time (days) 60 Payments (number per year) 40 Closing a business (rank) 28 Cost (% of property value) 4.8 Time (hours per year) 147 Time (years) 1.0 Total tax rate (% of profit) 33.2 Cost (% of estate) 23 Recovery rate (cents on the dollar) 63.6 BENIN Sub-Saharan Africa GNI per capita (US$) 750 Ease of doing business (rank) 170 Low income Population (m) 8.9 Starting a business (rank) 157 Getting credit (rank) 152 Trading across borders (rank) 127 Procedures (number) 7 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 31 Depth of credit information index (0-6) 1 Time to export (days) 30 Cost (% of income per capita) 152.6 Public registry coverage (% of adults) 10.4 Cost to export (US$ per container) 1,251 Minimum capital (% of income per capita) 285.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 32 Dealing with construction permits (rank) 125 Protecting investors (rank) 154 Cost to import (US$ per container) 1,400 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 320 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 177 Cost (% of income per capita) 249.6 Ease of shareholder suits index (0-10) 3 Procedures (number) 42 Strength of investor protection index (0-10) 3.3 Time (days) 825 Registering property (rank) 129 Cost (% of claim) 64.7 Procedures (number) 4 Paying taxes (rank) 167 Time (days) 120 Payments (number per year) 55 Closing a business (rank) 118 Cost (% of property value) 11.8 Time (hours per year) 270 Time (years) 4.0 Total tax rate (% of profit) 66.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 20.2 BHUTAN South Asia GNI per capita (US$) 2,020 Ease of doing business (rank) 142 Lower middle income Population (m) 0.7 Starting a business (rank) 84 Getting credit (rank) 176 Trading across borders (rank) 161 Procedures (number) 8 Strength of legal rights index (0-10) 2 Documents to export (number) 8 Time (days) 46 Depth of credit information index (0-6) 0 Time to export (days) 38 Cost (% of income per capita) 7.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,352 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 11 Time to import (days) 38 Dealing with construction permits (rank) 123 Protecting investors (rank) 132 Cost to import (US$ per container) 2,665 Procedures (number) 25 Extent of disclosure index (0-10) 5 Time (days) 183 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 33 Cost (% of income per capita) 132.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 47 Strength of investor protection index (0-10) 4.0 Time (days) 225 Registering property (rank) 48 Cost (% of claim) 0.1 Procedures (number) 5 Paying taxes (rank) 94 Time (days) 64 Payments (number per year) 18 Closing a business (rank) 183 Cost (% of property value) 0.0 Time (hours per year) 274 Time (years) NO PRACTICE Total tax rate (% of profit) 40.6 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 COUNTRY TABLES 151 BOLIVIA Latin America & Caribbean GNI per capita (US$) 1,630 Ease of doing business (rank) 149 Lower middle income Population (m) 9.9 Starting a business (rank) 166 Getting credit (rank) 116 Trading across borders (rank) 125 Procedures (number) 15 Strength of legal rights index (0-10) 1 Documents to export (number) 8 Time (days) 50 Depth of credit information index (0-6) 6 Time to export (days) 19 Cost (% of income per capita) 100.8 Public registry coverage (% of adults) 11.3 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 2.5 Private bureau coverage (% of adults) 31.4 Documents to import (number) 7 Time to import (days) 23 Dealing with construction permits (rank) 98 Protecting investors (rank) 132 Cost to import (US$ per container) 1,747 Procedures (number) 17 Extent of disclosure index (0-10) 1 Time (days) 249 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 136 Cost (% of income per capita) 109.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 40 Strength of investor protection index (0-10) 4.0 Time (days) 591 Registering property (rank) 139 Cost (% of claim) 33.2 Procedures (number) 7 Paying taxes (rank) 177 Time (days) 92 Payments (number per year) 42 Closing a business (rank) 58 Cost (% of property value) 4.8 Time (hours per year) 1,080 Time (years) 1.8 Total tax rate (% of profit) 80.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 39.3 BOSNIA AND HERZEGOVINA Eastern Europe & Central Asia GNI per capita (US$) 4,700 Ease of doing business (rank) 110 Upper middle income Population (m) 3.8 Starting a business (rank) 160 Getting credit (rank) 65 Trading across borders (rank) 71 Procedures (number) 12 Strength of legal rights index (0-10) 5 Documents to export (number) 5 Time (days) 55 Depth of credit information index (0-6) 5 Time to export (days) 16 Cost (% of income per capita) 17.7 Public registry coverage (% of adults) 30.2 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 30.5 Private bureau coverage (% of adults) 47.2 Documents to import (number) 7 Time to import (days) 16 Dealing with construction permits (rank) 139 Protecting investors (rank) 93 Cost to import (US$ per container) 1,200 Procedures (number) 16 Extent of disclosure index (0-10) 3 Time (days) 255 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 124 Cost (% of income per capita) 578.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 37 Strength of investor protection index (0-10) 5.0 Time (days) 595 Registering property (rank) 103 Cost (% of claim) 40.4 Procedures (number) 7 Paying taxes (rank) 127 Time (days) 33 Payments (number per year) 51 Closing a business (rank) 73 Cost (% of property value) 5.3 Time (hours per year) 422 Time (years) 3.3 Total tax rate (% of profit) 23.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 34.7 BOTSWANA Sub-Saharan Africa GNI per capita (US$) 6,260 Ease of doing business (rank) 52 Upper middle income Population (m) 1.9 Starting a business (rank) 90 Getting credit (rank) 46 Trading across borders (rank) 151 Procedures (number) 10 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 61 Depth of credit information index (0-6) 4 Time to export (days) 28 Cost (% of income per capita) 2.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,010 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 57.6 Documents to import (number) 9 Time to import (days) 41 Dealing with construction permits (rank) 127 Protecting investors (rank) 44 Cost to import (US$ per container) 3,390 Procedures (number) 24 Extent of disclosure index (0-10) 7 Time (days) 167 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 70 Cost (% of income per capita) 264.5 Ease of shareholder suits index (0-10) 3 Procedures (number) 29 Strength of investor protection index (0-10) 6.0 Time (days) 625 Registering property (rank) 44 Cost (% of claim) 28.1 Procedures (number) 5 Paying taxes (rank) 21 Time (days) 16 Payments (number per year) 19 Closing a business (rank) 27 Cost (% of property value) 5.0 Time (hours per year) 152 Time (years) 1.7 Total tax rate (% of profit) 19.5 Cost (% of estate) 15 Recovery rate (cents on the dollar) 63.7 152 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business BRAZIL Latin America & Caribbean GNI per capita (US$) 8,070 Ease of doing business (rank) 127 Upper middle income Population (m) 193.7 Starting a business (rank) 128 Getting credit (rank) 89 Trading across borders (rank) 114 Procedures (number) 15 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 120 Depth of credit information index (0-6) 5 Time to export (days) 13 Cost (% of income per capita) 7.3 Public registry coverage (% of adults) 26.9 Cost to export (US$ per container) 1,790 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 53.5 Documents to import (number) 7 Time to import (days) 17 Dealing with construction permits (rank) 112 Protecting investors (rank) 74 Cost to import (US$ per container) 1,730 Procedures (number) 18 Extent of disclosure index (0-10) 6 Time (days) 411 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 98 Cost (% of income per capita) 46.6 Ease of shareholder suits index (0-10) 3 Procedures (number) 45 Strength of investor protection index (0-10) 5.3 Time (days) 616 Registering property (rank) 122 Cost (% of claim) 16.5 Procedures (number) 14 Paying taxes (rank) 152 Time (days) 42 Payments (number per year) 10 Closing a business (rank) 132 Cost (% of property value) 2.7 Time (hours per year) 2,600 Time (years) 4.0 Total tax rate (% of profit) 69.0 Cost (% of estate) 12 Recovery rate (cents on the dollar) 17.1 BRUNEI DARUSSALAM East Asia & Pacific GNI per capita (US$) 26,325 Ease of doing business (rank) 112 High income Population (m) 0.4 Starting a business (rank) 133 Getting credit (rank) 116 Trading across borders (rank) 52 Procedures (number) 15 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 105 Depth of credit information index (0-6) 0 Time to export (days) 25 Cost (% of income per capita) 13.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 630 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 20 Dealing with construction permits (rank) 74 Protecting investors (rank) 120 Cost to import (US$ per container) 708 Procedures (number) 32 Extent of disclosure index (0-10) 3 Time (days) 163 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 159 Cost (% of income per capita) 6.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 58 Strength of investor protection index (0-10) 4.3 Time (days) 540 Registering property (rank) 183 Cost (% of claim) 36.6 Procedures (number) NO PRACTICE Paying taxes (rank) 22 Time (days) NO PRACTICE Payments (number per year) 15 Closing a business (rank) 42 Cost (% of property value) NO PRACTICE Time (hours per year) 144 Time (years) 2.5 Total tax rate (% of profit) 29.8 Cost (% of estate) 4 Recovery rate (cents on the dollar) 47.2 BULGARIA Eastern Europe & Central Asia GNI per capita (US$) 5,770 Ease of doing business (rank) 51 Upper middle income Population (m) 7.6 Starting a business (rank) 43 Getting credit (rank) 6 Trading across borders (rank) 108 Procedures (number) 4 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 18 Depth of credit information index (0-6) 6 Time to export (days) 23 Cost (% of income per capita) 1.6 Public registry coverage (% of adults) 37.0 Cost to export (US$ per container) 1,551 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 13.1 Documents to import (number) 7 Time to import (days) 21 Dealing with construction permits (rank) 119 Protecting investors (rank) 44 Cost to import (US$ per container) 1,666 Procedures (number) 24 Extent of disclosure index (0-10) 10 Time (days) 139 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 87 Cost (% of income per capita) 442.3 Ease of shareholder suits index (0-10) 7 Procedures (number) 39 Strength of investor protection index (0-10) 6.0 Time (days) 564 Registering property (rank) 62 Cost (% of claim) 23.8 Procedures (number) 8 Paying taxes (rank) 85 Time (days) 15 Payments (number per year) 17 Closing a business (rank) 83 Cost (% of property value) 3.0 Time (hours per year) 616 Time (years) 3.3 Total tax rate (% of profit) 29.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 31.0 COUNTRY TABLES 153 BURKINA FASO Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business (rank) 151 Low income Population (m) 15.8 Starting a business (rank) 119 Getting credit (rank) 152 Trading across borders (rank) 175 Procedures (number) 4 Strength of legal rights index (0-10) 3 Documents to export (number) 10 Time (days) 14 Depth of credit information index (0-6) 1 Time to export (days) 41 Cost (% of income per capita) 49.8 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 2,412 Minimum capital (% of income per capita) 416.2 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 49 Dealing with construction permits (rank) 77 Protecting investors (rank) 147 Cost to import (US$ per container) 4,030 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 122 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 108 Cost (% of income per capita) 576.1 Ease of shareholder suits index (0-10) 4 Procedures (number) 37 Strength of investor protection index (0-10) 3.7 Time (days) 446 Registering property (rank) 118 Cost (% of claim) 81.7 Procedures (number) 4 Paying taxes (rank) 148 Time (days) 59 Payments (number per year) 46 Closing a business (rank) 100 Cost (% of property value) 13.1 Time (hours per year) 270 Time (years) 4.0 Total tax rate (% of profit) 44.9 Cost (% of estate) 9 Recovery rate (cents on the dollar) 26.8 BURUNDI Sub-Saharan Africa GNI per capita (US$) 150 Ease of doing business (rank) 181 Low income Population (m) 8.3 Starting a business (rank) 135 Getting credit (rank) 168 Trading across borders (rank) 176 Procedures (number) 11 Strength of legal rights index (0-10) 2 Documents to export (number) 9 Time (days) 32 Depth of credit information index (0-6) 1 Time to export (days) 47 Cost (% of income per capita) 129.3 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 2,747 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 71 Dealing with construction permits (rank) 175 Protecting investors (rank) 154 Cost to import (US$ per container) 4,285 Procedures (number) 25 Extent of disclosure index (0-10) 4 Time (days) 212 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 171 Cost (% of income per capita) 7,047.6 Ease of shareholder suits index (0-10) 5 Procedures (number) 44 Strength of investor protection index (0-10) 3.3 Time (days) 832 Registering property (rank) 115 Cost (% of claim) 38.6 Procedures (number) 5 Paying taxes (rank) 141 Time (days) 94 Payments (number per year) 32 Closing a business (rank) 183 Cost (% of property value) 5.8 Time (hours per year) 211 Time (years) NO PRACTICE Total tax rate (% of profit) 153.4 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 CAMBODIA East Asia & Pacific GNI per capita (US$) 650 Ease of doing business (rank) 147 Low income Population (m) 14.8 Starting a business (rank) 170 Getting credit (rank) 89 Trading across borders (rank) 118 Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 10 Time (days) 85 Depth of credit information index (0-6) 0 Time to export (days) 22 Cost (% of income per capita) 128.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 732 Minimum capital (% of income per capita) 37.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 26 Dealing with construction permits (rank) 146 Protecting investors (rank) 74 Cost to import (US$ per container) 872 Procedures (number) 23 Extent of disclosure index (0-10) 5 Time (days) 709 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 142 Cost (% of income per capita) 54.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 44 Strength of investor protection index (0-10) 5.3 Time (days) 401 Registering property (rank) 117 Cost (% of claim) 102.7 Procedures (number) 7 Paying taxes (rank) 57 Time (days) 56 Payments (number per year) 39 Closing a business (rank) 183 Cost (% of property value) 4.3 Time (hours per year) 173 Time (years) NO PRACTICE Total tax rate (% of profit) 22.5 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 154 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business CAMEROON Sub-Saharan Africa GNI per capita (US$) 1,170 Ease of doing business (rank) 168 Lower middle income Population (m) 19.5 Starting a business (rank) 131 Getting credit (rank) 138 Trading across borders (rank) 155 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 11 Time (days) 19 Depth of credit information index (0-6) 2 Time to export (days) 23 Cost (% of income per capita) 51.2 Public registry coverage (% of adults) 2.9 Cost to export (US$ per container) 1,379 Minimum capital (% of income per capita) 191.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 12 Time to import (days) 26 Dealing with construction permits (rank) 118 Protecting investors (rank) 120 Cost to import (US$ per container) 1,978 Procedures (number) 14 Extent of disclosure index (0-10) 6 Time (days) 213 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 173 Cost (% of income per capita) 1,235.8 Ease of shareholder suits index (0-10) 6 Procedures (number) 43 Strength of investor protection index (0-10) 4.3 Time (days) 800 Registering property (rank) 149 Cost (% of claim) 46.6 Procedures (number) 5 Paying taxes (rank) 169 Time (days) 93 Payments (number per year) 44 Closing a business (rank) 141 Cost (% of property value) 19.3 Time (hours per year) 654 Time (years) 3.2 Total tax rate (% of profit) 49.1 Cost (% of estate) 34 Recovery rate (cents on the dollar) 13.6 CANADA OECD high income GNI per capita (US$) 42,170 Ease of doing business (rank) 7 High income Population (m) 33.7 Starting a business (rank) 3 Getting credit (rank) 32 Trading across borders (rank) 41 Procedures (number) 1 Strength of legal rights index (0-10) 6 Documents to export (number) 3 Time (days) 5 Depth of credit information index (0-6) 6 Time to export (days) 7 Cost (% of income per capita) 0.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,610 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 4 Time to import (days) 11 Dealing with construction permits (rank) 29 Protecting investors (rank) 5 Cost to import (US$ per container) 1,660 Procedures (number) 14 Extent of disclosure index (0-10) 8 Time (days) 75 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 58 Cost (% of income per capita) 101.0 Ease of shareholder suits index (0-10) 8 Procedures (number) 36 Strength of investor protection index (0-10) 8.3 Time (days) 570 Registering property (rank) 37 Cost (% of claim) 22.3 Procedures (number) 6 Paying taxes (rank) 10 Time (days) 17 Payments (number per year) 8 Closing a business (rank) 3 Cost (% of property value) 1.8 Time (hours per year) 131 Time (years) 0.8 Total tax rate (% of profit) 29.2 Cost (% of estate) 4 Recovery rate (cents on the dollar) 91.2 CAPE VERDE Sub-Saharan Africa GNI per capita (US$) 3,010 Ease of doing business (rank) 132 Lower middle income Population (m) 0.5 Starting a business (rank) 120 Getting credit (rank) 152 Trading across borders (rank) 55 Procedures (number) 8 Strength of legal rights index (0-10) 2 Documents to export (number) 5 Time (days) 11 Depth of credit information index (0-6) 2 Time to export (days) 19 Cost (% of income per capita) 18.5 Public registry coverage (% of adults) 22.1 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 42.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 18 Dealing with construction permits (rank) 89 Protecting investors (rank) 132 Cost to import (US$ per container) 1,000 Procedures (number) 18 Extent of disclosure index (0-10) 1 Time (days) 120 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 38 Cost (% of income per capita) 570.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 37 Strength of investor protection index (0-10) 4.0 Time (days) 425 Registering property (rank) 104 Cost (% of claim) 21.8 Procedures (number) 6 Paying taxes (rank) 100 Time (days) 73 Payments (number per year) 43 Closing a business (rank) 183 Cost (% of property value) 3.9 Time (hours per year) 186 Time (years) NO PRACTICE Total tax rate (% of profit) 37.1 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 COUNTRY TABLES 155 CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 450 Ease of doing business (rank) 182 Low income Population (m) 4.4 Starting a business (rank) 161 Getting credit (rank) 138 Trading across borders (rank) 182 Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 9 Time (days) 22 Depth of credit information index (0-6) 2 Time to export (days) 54 Cost (% of income per capita) 228.4 Public registry coverage (% of adults) 2.0 Cost to export (US$ per container) 5,491 Minimum capital (% of income per capita) 468.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 17 Time to import (days) 62 Dealing with construction permits (rank) 148 Protecting investors (rank) 132 Cost to import (US$ per container) 5,554 Procedures (number) 21 Extent of disclosure index (0-10) 6 Time (days) 239 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 173 Cost (% of income per capita) 259.5 Ease of shareholder suits index (0-10) 5 Procedures (number) 43 Strength of investor protection index (0-10) 4.0 Time (days) 660 Registering property (rank) 141 Cost (% of claim) 82.0 Procedures (number) 5 Paying taxes (rank) 182 Time (days) 75 Payments (number per year) 54 Closing a business (rank) 183 Cost (% of property value) 18.5 Time (hours per year) 504 Time (years) 4.8 Total tax rate (% of profit) 203.8 Cost (% of estate) 76 Recovery rate (cents on the dollar) 0.0 CHAD Sub-Saharan Africa GNI per capita (US$) 620 Ease of doing business (rank) 183 Low income Population (m) 11.2 Starting a business (rank) 182 Getting credit (rank) 152 Trading across borders (rank) 171 Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 75 Depth of credit information index (0-6) 1 Time to export (days) 75 Cost (% of income per capita) 226.9 Public registry coverage (% of adults) 0.8 Cost to export (US$ per container) 5,902 Minimum capital (% of income per capita) 386.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 101 Dealing with construction permits (rank) 101 Protecting investors (rank) 154 Cost to import (US$ per container) 8,150 Procedures (number) 14 Extent of disclosure index (0-10) 6 Time (days) 164 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 164 Cost (% of income per capita) 6,684.4 Ease of shareholder suits index (0-10) 3 Procedures (number) 41 Strength of investor protection index (0-10) 3.3 Time (days) 743 Registering property (rank) 137 Cost (% of claim) 45.7 Procedures (number) 6 Paying taxes (rank) 179 Time (days) 44 Payments (number per year) 54 Closing a business (rank) 183 Cost (% of property value) 18.2 Time (hours per year) 732 Time (years) NO PRACTICE Total tax rate (% of profit) 65.4 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 CHILE Latin America & Caribbean GNI per capita (US$) 9,460 Ease of doing business (rank) 43 Upper middle income Population (m) 17.0 Starting a business (rank) 62 Getting credit (rank) 72 Trading across borders (rank) 68 Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 6 Time (days) 22 Depth of credit information index (0-6) 5 Time to export (days) 21 Cost (% of income per capita) 6.8 Public registry coverage (% of adults) 30.9 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 22.9 Documents to import (number) 7 Time to import (days) 21 Dealing with construction permits (rank) 68 Protecting investors (rank) 28 Cost to import (US$ per container) 795 Procedures (number) 18 Extent of disclosure index (0-10) 8 Time (days) 155 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 68 Cost (% of income per capita) 93.8 Ease of shareholder suits index (0-10) 5 Procedures (number) 36 Strength of investor protection index (0-10) 6.3 Time (days) 480 Registering property (rank) 45 Cost (% of claim) 28.6 Procedures (number) 6 Paying taxes (rank) 46 Time (days) 31 Payments (number per year) 9 Closing a business (rank) 91 Cost (% of property value) 1.3 Time (hours per year) 316 Time (years) 4.5 Total tax rate (% of profit) 25.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 28.2 156 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business CHINA East Asia & Pacific GNI per capita (US$) 3,620 Ease of doing business (rank) 79 Lower middle income Population (m) 1,331.5 Starting a business (rank) 151 Getting credit (rank) 65 Trading across borders (rank) 50 Procedures (number) 14 Strength of legal rights index (0-10) 6 Documents to export (number) 7 Time (days) 38 Depth of credit information index (0-6) 4 Time to export (days) 21 Cost (% of income per capita) 4.5 Public registry coverage (% of adults) 63.9 Cost to export (US$ per container) 500 Minimum capital (% of income per capita) 118.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 24 Dealing with construction permits (rank) 181 Protecting investors (rank) 93 Cost to import (US$ per container) 545 Procedures (number) 37 Extent of disclosure index (0-10) 10 Time (days) 336 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 15 Cost (% of income per capita) 523.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 34 Strength of investor protection index (0-10) 5.0 Time (days) 406 Registering property (rank) 38 Cost (% of claim) 11.1 Procedures (number) 4 Paying taxes (rank) 114 Time (days) 29 Payments (number per year) 7 Closing a business (rank) 68 Cost (% of property value) 3.6 Time (hours per year) 398 Time (years) 1.7 Total tax rate (% of profit) 63.5 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.4 COLOMBIA Latin America & Caribbean GNI per capita (US$) 4,950 Ease of doing business (rank) 39 Upper middle income Population (m) 45.7 Starting a business (rank) 73 Getting credit (rank) 65 Trading across borders (rank) 99 Procedures (number) 9 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 14 Depth of credit information index (0-6) 5 Time to export (days) 14 Cost (% of income per capita) 14.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,770 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 63.1 Documents to import (number) 8 Time to import (days) 13 Dealing with construction permits (rank) 32 Protecting investors (rank) 5 Cost to import (US$ per container) 1,700 Procedures (number) 10 Extent of disclosure index (0-10) 8 Time (days) 50 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 150 Cost (% of income per capita) 405.9 Ease of shareholder suits index (0-10) 9 Procedures (number) 34 Strength of investor protection index (0-10) 8.3 Time (days) 1,346 Registering property (rank) 55 Cost (% of claim) 47.9 Procedures (number) 7 Paying taxes (rank) 118 Time (days) 20 Payments (number per year) 20 Closing a business (rank) 29 Cost (% of property value) 2.0 Time (hours per year) 208 Time (years) 3.0 Total tax rate (% of profit) 78.7 Cost (% of estate) 1 Recovery rate (cents on the dollar) 62.4 COMOROS Sub-Saharan Africa GNI per capita (US$) 870 Ease of doing business (rank) 159 Low income Population (m) 0.7 Starting a business (rank) 168 Getting credit (rank) 168 Trading across borders (rank) 135 Procedures (number) 11 Strength of legal rights index (0-10) 3 Documents to export (number) 10 Time (days) 24 Depth of credit information index (0-6) 0 Time to export (days) 30 Cost (% of income per capita) 176.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,073 Minimum capital (% of income per capita) 245.5 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 21 Dealing with construction permits (rank) 68 Protecting investors (rank) 132 Cost to import (US$ per container) 1,057 Procedures (number) 18 Extent of disclosure index (0-10) 6 Time (days) 164 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 152 Cost (% of income per capita) 68.1 Ease of shareholder suits index (0-10) 5 Procedures (number) 43 Strength of investor protection index (0-10) 4.0 Time (days) 506 Registering property (rank) 99 Cost (% of claim) 89.4 Procedures (number) 5 Paying taxes (rank) 96 Time (days) 24 Payments (number per year) 20 Closing a business (rank) 183 Cost (% of property value) 20.8 Time (hours per year) 100 Time (years) NO PRACTICE Total tax rate (% of profit) 217.9 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 COUNTRY TABLES 157 CONGO, DEM. REP. Sub-Saharan Africa GNI per capita (US$) 160 Ease of doing business (rank) 175 Low income Population (m) 66.0 Starting a business (rank) 146 Getting credit (rank) 168 Trading across borders (rank) 172 Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 84 Depth of credit information index (0-6) 0 Time to export (days) 44 Cost (% of income per capita) 735.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,505 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 63 Dealing with construction permits (rank) 81 Protecting investors (rank) 154 Cost to import (US$ per container) 3,735 Procedures (number) 14 Extent of disclosure index (0-10) 3 Time (days) 128 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 172 Cost (% of income per capita) 2,692.2 Ease of shareholder suits index (0-10) 4 Procedures (number) 43 Strength of investor protection index (0-10) 3.3 Time (days) 625 Registering property (rank) 118 Cost (% of claim) 151.8 Procedures (number) 6 Paying taxes (rank) 163 Time (days) 54 Payments (number per year) 32 Closing a business (rank) 155 Cost (% of property value) 7.0 Time (hours per year) 336 Time (years) 5.2 Total tax rate (% of profit) 339.7 Cost (% of estate) 29 Recovery rate (cents on the dollar) 1.1 CONGO, REP. Sub-Saharan Africa GNI per capita (US$) 1,830 Ease of doing business (rank) 177 Lower middle income Population (m) 3.7 Starting a business (rank) 176 Getting credit (rank) 138 Trading across borders (rank) 180 Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 11 Time (days) 160 Depth of credit information index (0-6) 2 Time to export (days) 50 Cost (% of income per capita) 111.4 Public registry coverage (% of adults) 2.9 Cost to export (US$ per container) 3,818 Minimum capital (% of income per capita) 129.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 62 Dealing with construction permits (rank) 83 Protecting investors (rank) 154 Cost to import (US$ per container) 7,709 Procedures (number) 17 Extent of disclosure index (0-10) 6 Time (days) 169 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 158 Cost (% of income per capita) 241.1 Ease of shareholder suits index (0-10) 3 Procedures (number) 44 Strength of investor protection index (0-10) 3.3 Time (days) 560 Registering property (rank) 133 Cost (% of claim) 53.2 Procedures (number) 6 Paying taxes (rank) 180 Time (days) 55 Payments (number per year) 61 Closing a business (rank) 128 Cost (% of property value) 10.7 Time (hours per year) 606 Time (years) 3.3 Total tax rate (% of profit) 65.5 Cost (% of estate) 25 Recovery rate (cents on the dollar) 17.8 COSTA RICA Latin America & Caribbean GNI per capita (US$) 6,260 Ease of doing business (rank) 125 Upper middle income Population (m) 4.6 Starting a business (rank) 116 Getting credit (rank) 65 Trading across borders (rank) 69 Procedures (number) 12 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 60 Depth of credit information index (0-6) 5 Time to export (days) 13 Cost (% of income per capita) 10.5 Public registry coverage (% of adults) 23.3 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 64.8 Documents to import (number) 7 Time to import (days) 15 Dealing with construction permits (rank) 131 Protecting investors (rank) 167 Cost to import (US$ per container) 1,190 Procedures (number) 23 Extent of disclosure index (0-10) 2 Time (days) 191 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 130 Cost (% of income per capita) 172.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 40 Strength of investor protection index (0-10) 3.0 Time (days) 852 Registering property (rank) 52 Cost (% of claim) 24.3 Procedures (number) 6 Paying taxes (rank) 155 Time (days) 21 Payments (number per year) 42 Closing a business (rank) 114 Cost (% of property value) 3.4 Time (hours per year) 272 Time (years) 3.5 Total tax rate (% of profit) 55.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 21.2 158 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business CÔTE D'IVOIRE Sub-Saharan Africa GNI per capita (US$) 1,060 Ease of doing business (rank) 169 Lower middle income Population (m) 21.1 Starting a business (rank) 172 Getting credit (rank) 152 Trading across borders (rank) 160 Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 10 Time (days) 40 Depth of credit information index (0-6) 1 Time to export (days) 25 Cost (% of income per capita) 133.0 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 1,969 Minimum capital (% of income per capita) 202.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 36 Dealing with construction permits (rank) 165 Protecting investors (rank) 154 Cost to import (US$ per container) 2,577 Procedures (number) 21 Extent of disclosure index (0-10) 6 Time (days) 592 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 126 Cost (% of income per capita) 227.6 Ease of shareholder suits index (0-10) 3 Procedures (number) 33 Strength of investor protection index (0-10) 3.3 Time (days) 770 Registering property (rank) 151 Cost (% of claim) 41.7 Procedures (number) 6 Paying taxes (rank) 153 Time (days) 62 Payments (number per year) 64 Closing a business (rank) 76 Cost (% of property value) 13.9 Time (hours per year) 270 Time (years) 2.2 Total tax rate (% of profit) 44.4 Cost (% of estate) 18 Recovery rate (cents on the dollar) 32.8 CROATIA Eastern Europe & Central Asia GNI per capita (US$) 13,810 Ease of doing business (rank) 84 High income Population (m) 4.4 Starting a business (rank) 56 Getting credit (rank) 65 Trading across borders (rank) 98 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 7 Time (days) 7 Depth of credit information index (0-6) 4 Time to export (days) 20 Cost (% of income per capita) 8.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,281 Minimum capital (% of income per capita) 13.7 Private bureau coverage (% of adults) 81.2 Documents to import (number) 8 Time to import (days) 16 Dealing with construction permits (rank) 132 Protecting investors (rank) 132 Cost to import (US$ per container) 1,141 Procedures (number) 13 Extent of disclosure index (0-10) 1 Time (days) 315 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 47 Cost (% of income per capita) 850.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 38 Strength of investor protection index (0-10) 4.0 Time (days) 561 Registering property (rank) 110 Cost (% of claim) 13.8 Procedures (number) 5 Paying taxes (rank) 42 Time (days) 104 Payments (number per year) 17 Closing a business (rank) 89 Cost (% of property value) 5.0 Time (hours per year) 196 Time (years) 3.1 Total tax rate (% of profit) 32.5 Cost (% of estate) 15 Recovery rate (cents on the dollar) 28.7 CYPRUS Eastern Europe & Central Asia GNI per capita (US$) 29,620 Ease of doing business (rank) 37 High income Population (m) 0.9 Starting a business (rank) 26 Getting credit (rank) 72 Trading across borders (rank) 19 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 5 Time (days) 8 Depth of credit information index (0-6) 0 Time to export (days) 7 Cost (% of income per capita) 12.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 820 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 5 Dealing with construction permits (rank) 75 Protecting investors (rank) 93 Cost to import (US$ per container) 1,030 Procedures (number) 13 Extent of disclosure index (0-10) 4 Time (days) 677 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 104 Cost (% of income per capita) 45.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 43 Strength of investor protection index (0-10) 5.0 Time (days) 735 Registering property (rank) 66 Cost (% of claim) 16.4 Procedures (number) 3 Paying taxes (rank) 32 Time (days) 34 Payments (number per year) 27 Closing a business (rank) 22 Cost (% of property value) 10.0 Time (hours per year) 149 Time (years) 1.5 Total tax rate (% of profit) 23.2 Cost (% of estate) 15 Recovery rate (cents on the dollar) 70.4 COUNTRY TABLES 159 CZECH REPUBLIC OECD high income GNI per capita (US$) 17,310 Ease of doing business (rank) 63 High income Population (m) 10.5 Starting a business (rank) 130 Getting credit (rank) 46 Trading across borders (rank) 62 Procedures (number) 9 Strength of legal rights index (0-10) 6 Documents to export (number) 4 Time (days) 20 Depth of credit information index (0-6) 5 Time to export (days) 17 Cost (% of income per capita) 9.3 Public registry coverage (% of adults) 4.9 Cost to export (US$ per container) 1,060 Minimum capital (% of income per capita) 30.9 Private bureau coverage (% of adults) 73.2 Documents to import (number) 7 Time to import (days) 20 Dealing with construction permits (rank) 76 Protecting investors (rank) 93 Cost to import (US$ per container) 1,165 Procedures (number) 36 Extent of disclosure index (0-10) 2 Time (days) 150 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 78 Cost (% of income per capita) 16.4 Ease of shareholder suits index (0-10) 8 Procedures (number) 27 Strength of investor protection index (0-10) 5.0 Time (days) 611 Registering property (rank) 47 Cost (% of claim) 33.0 Procedures (number) 4 Paying taxes (rank) 128 Time (days) 43 Payments (number per year) 12 Closing a business (rank) 32 Cost (% of property value) 3.0 Time (hours per year) 557 Time (years) 3.2 Total tax rate (% of profit) 48.8 Cost (% of estate) 17 Recovery rate (cents on the dollar) 55.9 DENMARK OECD high income GNI per capita (US$) 58,930 Ease of doing business (rank) 6 High income Population (m) 5.5 Starting a business (rank) 27 Getting credit (rank) 15 Trading across borders (rank) 5 Procedures (number) 4 Strength of legal rights index (0-10) 9 Documents to export (number) 4 Time (days) 6 Depth of credit information index (0-6) 4 Time to export (days) 5 Cost (% of income per capita) 0.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 744 Minimum capital (% of income per capita) 26.0 Private bureau coverage (% of adults) 5.4 Documents to import (number) 3 Time to import (days) 5 Dealing with construction permits (rank) 10 Protecting investors (rank) 28 Cost to import (US$ per container) 744 Procedures (number) 6 Extent of disclosure index (0-10) 7 Time (days) 69 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 30 Cost (% of income per capita) 61.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 35 Strength of investor protection index (0-10) 6.3 Time (days) 410 Registering property (rank) 30 Cost (% of claim) 23.3 Procedures (number) 3 Paying taxes (rank) 13 Time (days) 42 Payments (number per year) 9 Closing a business (rank) 5 Cost (% of property value) 0.6 Time (hours per year) 135 Time (years) 1.1 Total tax rate (% of profit) 29.2 Cost (% of estate) 4 Recovery rate (cents on the dollar) 89.4 DJIBOUTI Middle East & North Africa GNI per capita (US$) 1,280 Ease of doing business (rank) 158 Lower middle income Population (m) 0.9 Starting a business (rank) 175 Getting credit (rank) 176 Trading across borders (rank) 38 Procedures (number) 11 Strength of legal rights index (0-10) 1 Documents to export (number) 5 Time (days) 37 Depth of credit information index (0-6) 1 Time to export (days) 19 Cost (% of income per capita) 169.9 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 836 Minimum capital (% of income per capita) 434.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 18 Dealing with construction permits (rank) 125 Protecting investors (rank) 179 Cost to import (US$ per container) 911 Procedures (number) 16 Extent of disclosure index (0-10) 5 Time (days) 179 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 160 Cost (% of income per capita) 1,862.8 Ease of shareholder suits index (0-10) 0 Procedures (number) 40 Strength of investor protection index (0-10) 2.3 Time (days) 1,225 Registering property (rank) 140 Cost (% of claim) 34.0 Procedures (number) 7 Paying taxes (rank) 60 Time (days) 40 Payments (number per year) 35 Closing a business (rank) 137 Cost (% of property value) 13.0 Time (hours per year) 90 Time (years) 5.0 Total tax rate (% of profit) 38.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 15.6 160 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business DOMINICA Latin America & Caribbean GNI per capita (US$) 4,900 Ease of doing business (rank) 88 Upper middle income Population (m) 0.1 Starting a business (rank) 38 Getting credit (rank) 72 Trading across borders (rank) 90 Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 7 Time (days) 14 Depth of credit information index (0-6) 0 Time to export (days) 13 Cost (% of income per capita) 22.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,297 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 15 Dealing with construction permits (rank) 28 Protecting investors (rank) 28 Cost to import (US$ per container) 1,310 Procedures (number) 13 Extent of disclosure index (0-10) 4 Time (days) 182 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 167 Cost (% of income per capita) 11.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 47 Strength of investor protection index (0-10) 6.3 Time (days) 681 Registering property (rank) 112 Cost (% of claim) 36.0 Procedures (number) 5 Paying taxes (rank) 67 Time (days) 42 Payments (number per year) 38 Closing a business (rank) 183 Cost (% of property value) 13.7 Time (hours per year) 120 Time (years) NO PRACTICE Total tax rate (% of profit) 37.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 DOMINICAN REPUBLIC Latin America & Caribbean GNI per capita (US$) 4,530 Ease of doing business (rank) 91 Upper middle income Population (m) 10.1 Starting a business (rank) 137 Getting credit (rank) 72 Trading across borders (rank) 40 Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 19 Depth of credit information index (0-6) 6 Time to export (days) 9 Cost (% of income per capita) 19.2 Public registry coverage (% of adults) 28.5 Cost to export (US$ per container) 916 Minimum capital (% of income per capita) 62.6 Private bureau coverage (% of adults) 47.3 Documents to import (number) 7 Time to import (days) 10 Dealing with construction permits (rank) 89 Protecting investors (rank) 59 Cost to import (US$ per container) 1,150 Procedures (number) 17 Extent of disclosure index (0-10) 5 Time (days) 214 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 84 Cost (% of income per capita) 126.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 34 Strength of investor protection index (0-10) 5.7 Time (days) 460 Registering property (rank) 114 Cost (% of claim) 40.9 Procedures (number) 7 Paying taxes (rank) 76 Time (days) 60 Payments (number per year) 9 Closing a business (rank) 145 Cost (% of property value) 3.7 Time (hours per year) 324 Time (years) 3.5 Total tax rate (% of profit) 40.7 Cost (% of estate) 38 Recovery rate (cents on the dollar) 9.1 ECUADOR Latin America & Caribbean GNI per capita (US$) 3,940 Ease of doing business (rank) 130 Lower middle income Population (m) 13.6 Starting a business (rank) 158 Getting credit (rank) 89 Trading across borders (rank) 126 Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 9 Time (days) 56 Depth of credit information index (0-6) 5 Time to export (days) 20 Cost (% of income per capita) 32.6 Public registry coverage (% of adults) 36.5 Cost to export (US$ per container) 1,345 Minimum capital (% of income per capita) 4.9 Private bureau coverage (% of adults) 45.0 Documents to import (number) 7 Time to import (days) 29 Dealing with construction permits (rank) 88 Protecting investors (rank) 132 Cost to import (US$ per container) 1,332 Procedures (number) 19 Extent of disclosure index (0-10) 1 Time (days) 155 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 100 Cost (% of income per capita) 213.2 Ease of shareholder suits index (0-10) 6 Procedures (number) 39 Strength of investor protection index (0-10) 4.0 Time (days) 588 Registering property (rank) 69 Cost (% of claim) 27.2 Procedures (number) 9 Paying taxes (rank) 81 Time (days) 16 Payments (number per year) 8 Closing a business (rank) 133 Cost (% of property value) 2.2 Time (hours per year) 654 Time (years) 5.3 Total tax rate (% of profit) 35.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 17.0 COUNTRY TABLES 161 EGYPT, ARAB REP. Middle East & North Africa GNI per capita (US$) 2,070 Ease of doing business (rank) 94 Lower middle income Population (m) 83.0 Starting a business (rank) 18 Getting credit (rank) 72 Trading across borders (rank) 21 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 7 Depth of credit information index (0-6) 6 Time to export (days) 12 Cost (% of income per capita) 6.3 Public registry coverage (% of adults) 2.9 Cost to export (US$ per container) 613 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 10.3 Documents to import (number) 6 Time to import (days) 12 Dealing with construction permits (rank) 154 Protecting investors (rank) 74 Cost to import (US$ per container) 698 Procedures (number) 25 Extent of disclosure index (0-10) 8 Time (days) 218 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 143 Cost (% of income per capita) 293.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 41 Strength of investor protection index (0-10) 5.3 Time (days) 1,010 Registering property (rank) 93 Cost (% of claim) 26.2 Procedures (number) 7 Paying taxes (rank) 136 Time (days) 72 Payments (number per year) 29 Closing a business (rank) 131 Cost (% of property value) 0.8 Time (hours per year) 433 Time (years) 4.2 Total tax rate (% of profit) 42.6 Cost (% of estate) 22 Recovery rate (cents on the dollar) 17.4 EL SALVADOR Latin America & Caribbean GNI per capita (US$) 3,370 Ease of doing business (rank) 86 Lower middle income Population (m) 6.2 Starting a business (rank) 129 Getting credit (rank) 46 Trading across borders (rank) 65 Procedures (number) 8 Strength of legal rights index (0-10) 5 Documents to export (number) 8 Time (days) 17 Depth of credit information index (0-6) 6 Time to export (days) 14 Cost (% of income per capita) 45.0 Public registry coverage (% of adults) 21.8 Cost to export (US$ per container) 845 Minimum capital (% of income per capita) 3.0 Private bureau coverage (% of adults) 95.0 Documents to import (number) 8 Time to import (days) 10 Dealing with construction permits (rank) 124 Protecting investors (rank) 120 Cost to import (US$ per container) 845 Procedures (number) 34 Extent of disclosure index (0-10) 5 Time (days) 155 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 51 Cost (% of income per capita) 171.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 30 Strength of investor protection index (0-10) 4.3 Time (days) 786 Registering property (rank) 49 Cost (% of claim) 19.2 Procedures (number) 5 Paying taxes (rank) 137 Time (days) 31 Payments (number per year) 53 Closing a business (rank) 87 Cost (% of property value) 3.8 Time (hours per year) 320 Time (years) 4.0 Total tax rate (% of profit) 35.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 29.2 EQUATORIAL GUINEA Sub-Saharan Africa GNI per capita (US$) 12,420 Ease of doing business (rank) 164 High income Population (m) 0.7 Starting a business (rank) 179 Getting credit (rank) 138 Trading across borders (rank) 137 Procedures (number) 20 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 136 Depth of credit information index (0-6) 2 Time to export (days) 29 Cost (% of income per capita) 104.3 Public registry coverage (% of adults) 2.5 Cost to export (US$ per container) 1,411 Minimum capital (% of income per capita) 21.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 48 Dealing with construction permits (rank) 109 Protecting investors (rank) 147 Cost to import (US$ per container) 1,411 Procedures (number) 18 Extent of disclosure index (0-10) 6 Time (days) 201 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 72 Cost (% of income per capita) 220.7 Ease of shareholder suits index (0-10) 4 Procedures (number) 40 Strength of investor protection index (0-10) 3.7 Time (days) 553 Registering property (rank) 79 Cost (% of claim) 18.5 Procedures (number) 6 Paying taxes (rank) 170 Time (days) 23 Payments (number per year) 46 Closing a business (rank) 183 Cost (% of property value) 6.3 Time (hours per year) 492 Time (years) NO PRACTICE Total tax rate (% of profit) 59.5 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 162 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business ERITREA Sub-Saharan Africa GNI per capita (US$) 363 Ease of doing business (rank) 180 Low income Population (m) 5.1 Starting a business (rank) 180 Getting credit (rank) 176 Trading across borders (rank) 165 Procedures (number) 13 Strength of legal rights index (0-10) 2 Documents to export (number) 9 Time (days) 84 Depth of credit information index (0-6) 0 Time to export (days) 50 Cost (% of income per capita) 69.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,431 Minimum capital (% of income per capita) 268.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 13 Time to import (days) 59 Dealing with construction permits (rank) 183 Protecting investors (rank) 109 Cost to import (US$ per container) 1,581 Procedures (number) NO PRACTICE Extent of disclosure index (0-10) 4 Time (days) NO PRACTICE Extent of director liability index (0-10) 5 Enforcing contracts (rank) 48 Cost (% of income per capita) NO PRACTICE Ease of shareholder suits index (0-10) 5 Procedures (number) 39 Strength of investor protection index (0-10) 4.7 Time (days) 405 Registering property (rank) 178 Cost (% of claim) 22.6 Procedures (number) 11 Paying taxes (rank) 113 Time (days) 78 Payments (number per year) 18 Closing a business (rank) 183 Cost (% of property value) 9.1 Time (hours per year) 216 Time (years) NO PRACTICE Total tax rate (% of profit) 84.5 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ESTONIA Eastern Europe & Central Asia GNI per capita (US$) 14,060 Ease of doing business (rank) 17 High income Population (m) 1.3 Starting a business (rank) 37 Getting credit (rank) 32 Trading across borders (rank) 4 Procedures (number) 5 Strength of legal rights index (0-10) 7 Documents to export (number) 3 Time (days) 7 Depth of credit information index (0-6) 5 Time to export (days) 5 Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 25.7 Private bureau coverage (% of adults) 22.4 Documents to import (number) 4 Time to import (days) 5 Dealing with construction permits (rank) 24 Protecting investors (rank) 59 Cost to import (US$ per container) 725 Procedures (number) 14 Extent of disclosure index (0-10) 8 Time (days) 134 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 50 Cost (% of income per capita) 29.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 5.7 Time (days) 425 Registering property (rank) 13 Cost (% of claim) 26.3 Procedures (number) 3 Paying taxes (rank) 30 Time (days) 18 Payments (number per year) 7 Closing a business (rank) 70 Cost (% of property value) 0.5 Time (hours per year) 81 Time (years) 3.0 Total tax rate (% of profit) 49.6 Cost (% of estate) 9 Recovery rate (cents on the dollar) 35.5 ETHIOPIA Sub-Saharan Africa GNI per capita (US$) 330 Ease of doing business (rank) 104 Low income Population (m) 82.8 Starting a business (rank) 89 Getting credit (rank) 128 Trading across borders (rank) 157 Procedures (number) 5 Strength of legal rights index (0-10) 4 Documents to export (number) 8 Time (days) 9 Depth of credit information index (0-6) 2 Time to export (days) 44 Cost (% of income per capita) 14.1 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 1,890 Minimum capital (% of income per capita) 367.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 45 Dealing with construction permits (rank) 53 Protecting investors (rank) 120 Cost to import (US$ per container) 2,993 Procedures (number) 12 Extent of disclosure index (0-10) 4 Time (days) 128 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 57 Cost (% of income per capita) 419.6 Ease of shareholder suits index (0-10) 5 Procedures (number) 37 Strength of investor protection index (0-10) 4.3 Time (days) 620 Registering property (rank) 109 Cost (% of claim) 15.2 Procedures (number) 10 Paying taxes (rank) 47 Time (days) 41 Payments (number per year) 19 Closing a business (rank) 82 Cost (% of property value) 2.1 Time (hours per year) 198 Time (years) 3.0 Total tax rate (% of profit) 31.1 Cost (% of estate) 15 Recovery rate (cents on the dollar) 31.3 COUNTRY TABLES 163 FIJI East Asia & Pacific GNI per capita (US$) 3,950 Ease of doing business (rank) 62 Upper middle income Population (m) 0.8 Starting a business (rank) 104 Getting credit (rank) 46 Trading across borders (rank) 103 Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 10 Time (days) 46 Depth of credit information index (0-6) 4 Time to export (days) 22 Cost (% of income per capita) 23.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 654 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 47.7 Documents to import (number) 10 Time to import (days) 23 Dealing with construction permits (rank) 58 Protecting investors (rank) 44 Cost to import (US$ per container) 630 Procedures (number) 19 Extent of disclosure index (0-10) 3 Time (days) 135 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 63 Cost (% of income per capita) 47.4 Ease of shareholder suits index (0-10) 7 Procedures (number) 34 Strength of investor protection index (0-10) 6.0 Time (days) 397 Registering property (rank) 50 Cost (% of claim) 38.9 Procedures (number) 3 Paying taxes (rank) 77 Time (days) 68 Payments (number per year) 33 Closing a business (rank) 117 Cost (% of property value) 2.0 Time (hours per year) 163 Time (years) 1.8 Total tax rate (% of profit) 39.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 20.5 FINLAND OECD high income GNI per capita (US$) 45,680 Ease of doing business (rank) 13 High income Population (m) 5.3 Starting a business (rank) 32 Getting credit (rank) 32 Trading across borders (rank) 6 Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 14 Depth of credit information index (0-6) 5 Time to export (days) 8 Cost (% of income per capita) 1.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 540 Minimum capital (% of income per capita) 7.9 Private bureau coverage (% of adults) 14.9 Documents to import (number) 5 Time to import (days) 8 Dealing with construction permits (rank) 55 Protecting investors (rank) 59 Cost to import (US$ per container) 620 Procedures (number) 18 Extent of disclosure index (0-10) 6 Time (days) 66 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 11 Cost (% of income per capita) 134.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 32 Strength of investor protection index (0-10) 5.7 Time (days) 375 Registering property (rank) 26 Cost (% of claim) 13.3 Procedures (number) 3 Paying taxes (rank) 65 Time (days) 14 Payments (number per year) 8 Closing a business (rank) 6 Cost (% of property value) 4.0 Time (hours per year) 243 Time (years) 0.9 Total tax rate (% of profit) 44.6 Cost (% of estate) 4 Recovery rate (cents on the dollar) 89.4 FRANCE OECD high income GNI per capita (US$) 43,990 Ease of doing business (rank) 26 High income Population (m) 62.6 Starting a business (rank) 21 Getting credit (rank) 46 Trading across borders (rank) 26 Procedures (number) 5 Strength of legal rights index (0-10) 7 Documents to export (number) 2 Time (days) 7 Depth of credit information index (0-6) 4 Time to export (days) 9 Cost (% of income per capita) 0.9 Public registry coverage (% of adults) 33.3 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 2 Time to import (days) 11 Dealing with construction permits (rank) 19 Protecting investors (rank) 74 Cost to import (US$ per container) 1,248 Procedures (number) 13 Extent of disclosure index (0-10) 10 Time (days) 137 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 7 Cost (% of income per capita) 23.6 Ease of shareholder suits index (0-10) 5 Procedures (number) 29 Strength of investor protection index (0-10) 5.3 Time (days) 331 Registering property (rank) 142 Cost (% of claim) 17.4 Procedures (number) 8 Paying taxes (rank) 55 Time (days) 59 Payments (number per year) 7 Closing a business (rank) 44 Cost (% of property value) 6.1 Time (hours per year) 132 Time (years) 1.9 Total tax rate (% of profit) 65.8 Cost (% of estate) 9 Recovery rate (cents on the dollar) 45.2 164 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business GABON Sub-Saharan Africa GNI per capita (US$) 7,370 Ease of doing business (rank) 156 Upper middle income Population (m) 1.5 Starting a business (rank) 153 Getting credit (rank) 138 Trading across borders (rank) 134 Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 58 Depth of credit information index (0-6) 2 Time to export (days) 20 Cost (% of income per capita) 21.9 Public registry coverage (% of adults) 22.5 Cost to export (US$ per container) 1,945 Minimum capital (% of income per capita) 32.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 22 Dealing with construction permits (rank) 67 Protecting investors (rank) 154 Cost to import (US$ per container) 1,955 Procedures (number) 16 Extent of disclosure index (0-10) 6 Time (days) 210 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 148 Cost (% of income per capita) 42.9 Ease of shareholder suits index (0-10) 3 Procedures (number) 38 Strength of investor protection index (0-10) 3.3 Time (days) 1,070 Registering property (rank) 132 Cost (% of claim) 34.3 Procedures (number) 7 Paying taxes (rank) 140 Time (days) 39 Payments (number per year) 26 Closing a business (rank) 139 Cost (% of property value) 10.5 Time (hours per year) 488 Time (years) 5.0 Total tax rate (% of profit) 43.5 Cost (% of estate) 15 Recovery rate (cents on the dollar) 15.2 GAMBIA, THE Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 146 Low income Population (m) 1.7 Starting a business (rank) 115 Getting credit (rank) 138 Trading across borders (rank) 87 Procedures (number) 8 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 27 Depth of credit information index (0-6) 0 Time to export (days) 23 Cost (% of income per capita) 199.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 831 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 23 Dealing with construction permits (rank) 80 Protecting investors (rank) 173 Cost to import (US$ per container) 975 Procedures (number) 17 Extent of disclosure index (0-10) 2 Time (days) 146 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 67 Cost (% of income per capita) 314.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 32 Strength of investor protection index (0-10) 2.7 Time (days) 434 Registering property (rank) 121 Cost (% of claim) 37.9 Procedures (number) 5 Paying taxes (rank) 176 Time (days) 66 Payments (number per year) 50 Closing a business (rank) 121 Cost (% of property value) 7.6 Time (hours per year) 376 Time (years) 3.0 Total tax rate (% of profit) 292.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 19.8 GEORGIA Eastern Europe & Central Asia GNI per capita (US$) 2,530 Ease of doing business (rank) 12 Lower middle income Population (m) 4.3 Starting a business (rank) 8 Getting credit (rank) 15 Trading across borders (rank) 35 Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 3 Depth of credit information index (0-6) 6 Time to export (days) 10 Cost (% of income per capita) 5.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,329 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 16.4 Documents to import (number) 4 Time to import (days) 13 Dealing with construction permits (rank) 7 Protecting investors (rank) 20 Cost to import (US$ per container) 1,316 Procedures (number) 10 Extent of disclosure index (0-10) 8 Time (days) 98 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 41 Cost (% of income per capita) 23.2 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 6.7 Time (days) 285 Registering property (rank) 2 Cost (% of claim) 29.9 Procedures (number) 1 Paying taxes (rank) 61 Time (days) 2 Payments (number per year) 18 Closing a business (rank) 105 Cost (% of property value) 0.1 Time (hours per year) 387 Time (years) 3.3 Total tax rate (% of profit) 15.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 25.1 COUNTRY TABLES 165 GERMANY OECD high income GNI per capita (US$) 42,560 Ease of doing business (rank) 22 High income Population (m) 81.9 Starting a business (rank) 88 Getting credit (rank) 15 Trading across borders (rank) 14 Procedures (number) 9 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 15 Depth of credit information index (0-6) 6 Time to export (days) 7 Cost (% of income per capita) 4.8 Public registry coverage (% of adults) 1.0 Cost to export (US$ per container) 872 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 98.4 Documents to import (number) 5 Time to import (days) 7 Dealing with construction permits (rank) 18 Protecting investors (rank) 93 Cost to import (US$ per container) 937 Procedures (number) 12 Extent of disclosure index (0-10) 5 Time (days) 100 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 6 Cost (% of income per capita) 61.8 Ease of shareholder suits index (0-10) 5 Procedures (number) 30 Strength of investor protection index (0-10) 5.0 Time (days) 394 Registering property (rank) 67 Cost (% of claim) 14.4 Procedures (number) 5 Paying taxes (rank) 88 Time (days) 40 Payments (number per year) 16 Closing a business (rank) 35 Cost (% of property value) 5.1 Time (hours per year) 215 Time (years) 1.2 Total tax rate (% of profit) 48.2 Cost (% of estate) 8 Recovery rate (cents on the dollar) 53.1 GHANA Sub-Saharan Africa GNI per capita (US$) 700 Ease of doing business (rank) 67 Low income Population (m) 23.8 Starting a business (rank) 99 Getting credit (rank) 46 Trading across borders (rank) 89 Procedures (number) 7 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 12 Depth of credit information index (0-6) 3 Time to export (days) 19 Cost (% of income per capita) 20.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,013 Minimum capital (% of income per capita) 11.0 Private bureau coverage (% of adults) 10.3 Documents to import (number) 7 Time to import (days) 29 Dealing with construction permits (rank) 151 Protecting investors (rank) 44 Cost to import (US$ per container) 1,203 Procedures (number) 18 Extent of disclosure index (0-10) 7 Time (days) 220 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 45 Cost (% of income per capita) 1,017.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 6.0 Time (days) 487 Registering property (rank) 36 Cost (% of claim) 23.0 Procedures (number) 5 Paying taxes (rank) 78 Time (days) 34 Payments (number per year) 33 Closing a business (rank) 109 Cost (% of property value) 1.0 Time (hours per year) 224 Time (years) 1.9 Total tax rate (% of profit) 32.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 23.7 GREECE OECD high income GNI per capita (US$) 28,630 Ease of doing business (rank) 109 High income Population (m) 11.3 Starting a business (rank) 149 Getting credit (rank) 89 Trading across borders (rank) 84 Procedures (number) 15 Strength of legal rights index (0-10) 3 Documents to export (number) 5 Time (days) 19 Depth of credit information index (0-6) 5 Time to export (days) 20 Cost (% of income per capita) 20.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,153 Minimum capital (% of income per capita) 22.3 Private bureau coverage (% of adults) 61.5 Documents to import (number) 6 Time to import (days) 25 Dealing with construction permits (rank) 51 Protecting investors (rank) 154 Cost to import (US$ per container) 1,265 Procedures (number) 15 Extent of disclosure index (0-10) 1 Time (days) 169 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 88 Cost (% of income per capita) 52.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 39 Strength of investor protection index (0-10) 3.3 Time (days) 819 Registering property (rank) 153 Cost (% of claim) 14.4 Procedures (number) 11 Paying taxes (rank) 74 Time (days) 22 Payments (number per year) 10 Closing a business (rank) 49 Cost (% of property value) 12.7 Time (hours per year) 224 Time (years) 2.0 Total tax rate (% of profit) 47.2 Cost (% of estate) 9 Recovery rate (cents on the dollar) 43.2 166 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business GRENADA Latin America & Caribbean GNI per capita (US$) 5,580 Ease of doing business (rank) 92 Upper middle income Population (m) 0.1 Starting a business (rank) 49 Getting credit (rank) 89 Trading across borders (rank) 57 Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 15 Depth of credit information index (0-6) 0 Time to export (days) 10 Cost (% of income per capita) 25.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 876 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 15 Dealing with construction permits (rank) 15 Protecting investors (rank) 28 Cost to import (US$ per container) 2,129 Procedures (number) 10 Extent of disclosure index (0-10) 4 Time (days) 149 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 161 Cost (% of income per capita) 25.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 47 Strength of investor protection index (0-10) 6.3 Time (days) 688 Registering property (rank) 145 Cost (% of claim) 32.6 Procedures (number) 8 Paying taxes (rank) 79 Time (days) 47 Payments (number per year) 30 Closing a business (rank) 183 Cost (% of property value) 7.4 Time (hours per year) 140 Time (years) NO PRACTICE Total tax rate (% of profit) 45.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 GUATEMALA Latin America & Caribbean GNI per capita (US$) 2,630 Ease of doing business (rank) 101 Lower middle income Population (m) 14.0 Starting a business (rank) 162 Getting credit (rank) 6 Trading across borders (rank) 122 Procedures (number) 12 Strength of legal rights index (0-10) 8 Documents to export (number) 10 Time (days) 37 Depth of credit information index (0-6) 6 Time to export (days) 17 Cost (% of income per capita) 49.1 Public registry coverage (% of adults) 16.4 Cost to export (US$ per container) 1,182 Minimum capital (% of income per capita) 24.2 Private bureau coverage (% of adults) 8.8 Documents to import (number) 10 Time to import (days) 17 Dealing with construction permits (rank) 144 Protecting investors (rank) 132 Cost to import (US$ per container) 1,302 Procedures (number) 22 Extent of disclosure index (0-10) 3 Time (days) 178 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 101 Cost (% of income per capita) 599.4 Ease of shareholder suits index (0-10) 6 Procedures (number) 31 Strength of investor protection index (0-10) 4.0 Time (days) 1,459 Registering property (rank) 23 Cost (% of claim) 26.5 Procedures (number) 4 Paying taxes (rank) 116 Time (days) 23 Payments (number per year) 24 Closing a business (rank) 94 Cost (% of property value) 1.0 Time (hours per year) 344 Time (years) 3.0 Total tax rate (% of profit) 40.9 Cost (% of estate) 15 Recovery rate (cents on the dollar) 27.5 GUINEA Sub-Saharan Africa GNI per capita (US$) 370 Ease of doing business (rank) 179 Low income Population (m) 10.1 Starting a business (rank) 181 Getting credit (rank) 168 Trading across borders (rank) 129 Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 41 Depth of credit information index (0-6) 0 Time to export (days) 35 Cost (% of income per capita) 146.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 519.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 32 Dealing with construction permits (rank) 171 Protecting investors (rank) 173 Cost to import (US$ per container) 1,391 Procedures (number) 32 Extent of disclosure index (0-10) 6 Time (days) 255 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 130 Cost (% of income per capita) 419.0 Ease of shareholder suits index (0-10) 1 Procedures (number) 50 Strength of investor protection index (0-10) 2.7 Time (days) 276 Registering property (rank) 166 Cost (% of claim) 45.0 Procedures (number) 6 Paying taxes (rank) 173 Time (days) 104 Payments (number per year) 56 Closing a business (rank) 123 Cost (% of property value) 14.0 Time (hours per year) 416 Time (years) 3.8 Total tax rate (% of profit) 54.6 Cost (% of estate) 8 Recovery rate (cents on the dollar) 19.4 COUNTRY TABLES 167 GUINEA-BISSAU Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business (rank) 176 Low income Population (m) 1.6 Starting a business (rank) 183 Getting credit (rank) 152 Trading across borders (rank) 117 Procedures (number) 17 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 216 Depth of credit information index (0-6) 1 Time to export (days) 23 Cost (% of income per capita) 183.3 Public registry coverage (% of adults) 0.3 Cost to export (US$ per container) 1,545 Minimum capital (% of income per capita) 415.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 22 Dealing with construction permits (rank) 103 Protecting investors (rank) 132 Cost to import (US$ per container) 2,349 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 167 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 139 Cost (% of income per capita) 1,075.0 Ease of shareholder suits index (0-10) 5 Procedures (number) 40 Strength of investor protection index (0-10) 4.0 Time (days) 1,140 Registering property (rank) 175 Cost (% of claim) 25.0 Procedures (number) 9 Paying taxes (rank) 133 Time (days) 211 Payments (number per year) 46 Closing a business (rank) 183 Cost (% of property value) 6.1 Time (hours per year) 208 Time (years) NO PRACTICE Total tax rate (% of profit) 45.9 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 GUYANA Latin America & Caribbean GNI per capita (US$) 2,629 Ease of doing business (rank) 100 Lower middle income Population (m) 0.8 Starting a business (rank) 90 Getting credit (rank) 152 Trading across borders (rank) 78 Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 7 Time (days) 30 Depth of credit information index (0-6) 0 Time to export (days) 19 Cost (% of income per capita) 18.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 22 Dealing with construction permits (rank) 33 Protecting investors (rank) 74 Cost to import (US$ per container) 745 Procedures (number) 11 Extent of disclosure index (0-10) 5 Time (days) 133 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 74 Cost (% of income per capita) 130.5 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 5.3 Time (days) 581 Registering property (rank) 75 Cost (% of claim) 25.2 Procedures (number) 6 Paying taxes (rank) 119 Time (days) 34 Payments (number per year) 34 Closing a business (rank) 130 Cost (% of property value) 4.5 Time (hours per year) 288 Time (years) 3.0 Total tax rate (% of profit) 38.9 Cost (% of estate) 29 Recovery rate (cents on the dollar) 17.6 HAITI Latin America & Caribbean GNI per capita (US$) 733 Ease of doing business (rank) 162 Low income Population (m) 10.0 Starting a business (rank) 178 Getting credit (rank) 138 Trading across borders (rank) 145 Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 105 Depth of credit information index (0-6) 2 Time to export (days) 35 Cost (% of income per capita) 212.0 Public registry coverage (% of adults) 0.7 Cost to export (US$ per container) 1,005 Minimum capital (% of income per capita) 20.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 33 Dealing with construction permits (rank) 122 Protecting investors (rank) 167 Cost to import (US$ per container) 1,545 Procedures (number) 11 Extent of disclosure index (0-10) 2 Time (days) 1,179 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 91 Cost (% of income per capita) 525.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 35 Strength of investor protection index (0-10) 3.0 Time (days) 508 Registering property (rank) 128 Cost (% of claim) 42.6 Procedures (number) 5 Paying taxes (rank) 97 Time (days) 405 Payments (number per year) 42 Closing a business (rank) 151 Cost (% of property value) 6.3 Time (hours per year) 160 Time (years) 5.7 Total tax rate (% of profit) 40.1 Cost (% of estate) 30 Recovery rate (cents on the dollar) 6.7 168 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business HONDURAS Latin America & Caribbean GNI per capita (US$) 1,820 Ease of doing business (rank) 131 Lower middle income Population (m) 7.5 Starting a business (rank) 145 Getting credit (rank) 32 Trading across borders (rank) 110 Procedures (number) 13 Strength of legal rights index (0-10) 6 Documents to export (number) 6 Time (days) 14 Depth of credit information index (0-6) 6 Time to export (days) 19 Cost (% of income per capita) 47.2 Public registry coverage (% of adults) 22.7 Cost to export (US$ per container) 1,193 Minimum capital (% of income per capita) 17.5 Private bureau coverage (% of adults) 100.0 Documents to import (number) 10 Time to import (days) 23 Dealing with construction permits (rank) 73 Protecting investors (rank) 167 Cost to import (US$ per container) 1,205 Procedures (number) 17 Extent of disclosure index (0-10) 0 Time (days) 106 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 175 Cost (% of income per capita) 469.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 45 Strength of investor protection index (0-10) 3.0 Time (days) 900 Registering property (rank) 89 Cost (% of claim) 35.2 Procedures (number) 7 Paying taxes (rank) 147 Time (days) 23 Payments (number per year) 47 Closing a business (rank) 120 Cost (% of property value) 5.5 Time (hours per year) 224 Time (years) 3.8 Total tax rate (% of profit) 48.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 19.9 HONG KONG SAR, CHINA East Asia & Pacific GNI per capita (US$) 29,826 Ease of doing business (rank) 2 High income Population (m) 7.0 Starting a business (rank) 6 Getting credit (rank) 2 Trading across borders (rank) 2 Procedures (number) 3 Strength of legal rights index (0-10) 10 Documents to export (number) 4 Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 6 Cost (% of income per capita) 2.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 72.0 Documents to import (number) 4 Time to import (days) 5 Dealing with construction permits (rank) 1 Protecting investors (rank) 3 Cost to import (US$ per container) 600 Procedures (number) 7 Extent of disclosure index (0-10) 10 Time (days) 67 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 2 Cost (% of income per capita) 19.4 Ease of shareholder suits index (0-10) 9 Procedures (number) 24 Strength of investor protection index (0-10) 9.0 Time (days) 280 Registering property (rank) 56 Cost (% of claim) 19.5 Procedures (number) 5 Paying taxes (rank) 3 Time (days) 36 Payments (number per year) 3 Closing a business (rank) 15 Cost (% of property value) 4.2 Time (hours per year) 80 Time (years) 1.1 Total tax rate (% of profit) 24.1 Cost (% of estate) 9 Recovery rate (cents on the dollar) 81.2 HUNGARY OECD high income GNI per capita (US$) 12,980 Ease of doing business (rank) 46 High income Population (m) 10.0 Starting a business (rank) 35 Getting credit (rank) 32 Trading across borders (rank) 73 Procedures (number) 4 Strength of legal rights index (0-10) 7 Documents to export (number) 5 Time (days) 4 Depth of credit information index (0-6) 5 Time to export (days) 18 Cost (% of income per capita) 8.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,225 Minimum capital (% of income per capita) 10.2 Private bureau coverage (% of adults) 11.4 Documents to import (number) 7 Time to import (days) 17 Dealing with construction permits (rank) 86 Protecting investors (rank) 120 Cost to import (US$ per container) 1,215 Procedures (number) 31 Extent of disclosure index (0-10) 2 Time (days) 189 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 22 Cost (% of income per capita) 9.8 Ease of shareholder suits index (0-10) 7 Procedures (number) 35 Strength of investor protection index (0-10) 4.3 Time (days) 395 Registering property (rank) 41 Cost (% of claim) 15.0 Procedures (number) 4 Paying taxes (rank) 109 Time (days) 17 Payments (number per year) 14 Closing a business (rank) 62 Cost (% of property value) 5.0 Time (hours per year) 277 Time (years) 2.0 Total tax rate (% of profit) 53.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 37.9 COUNTRY TABLES 169 ICELAND OECD high income GNI per capita (US$) 43,220 Ease of doing business (rank) 15 High income Population (m) 0.3 Starting a business (rank) 29 Getting credit (rank) 32 Trading across borders (rank) 79 Procedures (number) 5 Strength of legal rights index (0-10) 7 Documents to export (number) 5 Time (days) 5 Depth of credit information index (0-6) 5 Time to export (days) 19 Cost (% of income per capita) 2.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,532 Minimum capital (% of income per capita) 12.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5 Time to import (days) 14 Dealing with construction permits (rank) 31 Protecting investors (rank) 74 Cost to import (US$ per container) 1,674 Procedures (number) 18 Extent of disclosure index (0-10) 5 Time (days) 75 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 3 Cost (% of income per capita) 19.6 Ease of shareholder suits index (0-10) 6 Procedures (number) 27 Strength of investor protection index (0-10) 5.3 Time (days) 417 Registering property (rank) 11 Cost (% of claim) 8.2 Procedures (number) 3 Paying taxes (rank) 35 Time (days) 4 Payments (number per year) 31 Closing a business (rank) 17 Cost (% of property value) 2.4 Time (hours per year) 140 Time (years) 1.0 Total tax rate (% of profit) 26.8 Cost (% of estate) 4 Recovery rate (cents on the dollar) 78.5 INDIA South Asia GNI per capita (US$) 1,170 Ease of doing business (rank) 134 Lower middle income Population (m) 1,155.3 Starting a business (rank) 165 Getting credit (rank) 32 Trading across borders (rank) 100 Procedures (number) 12 Strength of legal rights index (0-10) 8 Documents to export (number) 8 Time (days) 29 Depth of credit information index (0-6) 4 Time to export (days) 17 Cost (% of income per capita) 56.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,055 Minimum capital (% of income per capita) 188.8 Private bureau coverage (% of adults) 10.0 Documents to import (number) 9 Time to import (days) 20 Dealing with construction permits (rank) 177 Protecting investors (rank) 44 Cost to import (US$ per container) 1,025 Procedures (number) 37 Extent of disclosure index (0-10) 7 Time (days) 195 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 182 Cost (% of income per capita) 2,143.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 46 Strength of investor protection index (0-10) 6.0 Time (days) 1,420 Registering property (rank) 94 Cost (% of claim) 39.6 Procedures (number) 5 Paying taxes (rank) 164 Time (days) 44 Payments (number per year) 56 Closing a business (rank) 134 Cost (% of property value) 7.4 Time (hours per year) 258 Time (years) 7.0 Total tax rate (% of profit) 63.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 16.3 INDONESIA East Asia & Pacific GNI per capita (US$) 2,230 Ease of doing business (rank) 121 Lower middle income Population (m) 230.0 Starting a business (rank) 155 Getting credit (rank) 116 Trading across borders (rank) 47 Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 5 Time (days) 47 Depth of credit information index (0-6) 4 Time to export (days) 20 Cost (% of income per capita) 22.3 Public registry coverage (% of adults) 25.2 Cost to export (US$ per container) 704 Minimum capital (% of income per capita) 53.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 27 Dealing with construction permits (rank) 60 Protecting investors (rank) 44 Cost to import (US$ per container) 660 Procedures (number) 14 Extent of disclosure index (0-10) 10 Time (days) 160 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 154 Cost (% of income per capita) 173.3 Ease of shareholder suits index (0-10) 3 Procedures (number) 40 Strength of investor protection index (0-10) 6.0 Time (days) 570 Registering property (rank) 98 Cost (% of claim) 122.7 Procedures (number) 6 Paying taxes (rank) 130 Time (days) 22 Payments (number per year) 51 Closing a business (rank) 142 Cost (% of property value) 10.9 Time (hours per year) 266 Time (years) 5.5 Total tax rate (% of profit) 37.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 13.2 170 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business IRAN, ISLAMIC REP. Middle East & North Africa GNI per capita (US$) 4,530 Ease of doing business (rank) 129 Upper middle income Population (m) 72.9 Starting a business (rank) 42 Getting credit (rank) 89 Trading across borders (rank) 131 Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 7 Time (days) 8 Depth of credit information index (0-6) 4 Time to export (days) 25 Cost (% of income per capita) 4.0 Public registry coverage (% of adults) 22.7 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.8 Private bureau coverage (% of adults) 4.5 Documents to import (number) 8 Time to import (days) 32 Dealing with construction permits (rank) 143 Protecting investors (rank) 167 Cost to import (US$ per container) 1,735 Procedures (number) 17 Extent of disclosure index (0-10) 5 Time (days) 322 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 49 Cost (% of income per capita) 382.3 Ease of shareholder suits index (0-10) 0 Procedures (number) 39 Strength of investor protection index (0-10) 3.0 Time (days) 505 Registering property (rank) 156 Cost (% of claim) 17.0 Procedures (number) 9 Paying taxes (rank) 115 Time (days) 36 Payments (number per year) 20 Closing a business (rank) 111 Cost (% of property value) 10.5 Time (hours per year) 344 Time (years) 4.5 Total tax rate (% of profit) 44.1 Cost (% of estate) 9 Recovery rate (cents on the dollar) 23.1 IRAQ Middle East & North Africa GNI per capita (US$) 2,210 Ease of doing business (rank) 166 Lower middle income Population (m) 31.5 Starting a business (rank) 174 Getting credit (rank) 168 Trading across borders (rank) 179 Procedures (number) 11 Strength of legal rights index (0-10) 3 Documents to export (number) 10 Time (days) 77 Depth of credit information index (0-6) 0 Time to export (days) 80 Cost (% of income per capita) 107.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,550 Minimum capital (% of income per capita) 43.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 83 Dealing with construction permits (rank) 102 Protecting investors (rank) 120 Cost to import (US$ per container) 3,650 Procedures (number) 14 Extent of disclosure index (0-10) 4 Time (days) 215 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 141 Cost (% of income per capita) 506.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 51 Strength of investor protection index (0-10) 4.3 Time (days) 520 Registering property (rank) 96 Cost (% of claim) 28.1 Procedures (number) 5 Paying taxes (rank) 54 Time (days) 51 Payments (number per year) 13 Closing a business (rank) 183 Cost (% of property value) 6.4 Time (hours per year) 312 Time (years) NO PRACTICE Total tax rate (% of profit) 28.4 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 IRELAND OECD high income GNI per capita (US$) 44,310 Ease of doing business (rank) 9 High income Population (m) 4.5 Starting a business (rank) 11 Getting credit (rank) 15 Trading across borders (rank) 23 Procedures (number) 4 Strength of legal rights index (0-10) 8 Documents to export (number) 4 Time (days) 13 Depth of credit information index (0-6) 5 Time to export (days) 7 Cost (% of income per capita) 0.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 4 Time to import (days) 12 Dealing with construction permits (rank) 38 Protecting investors (rank) 5 Cost to import (US$ per container) 1,121 Procedures (number) 11 Extent of disclosure index (0-10) 10 Time (days) 192 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 37 Cost (% of income per capita) 57.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 20 Strength of investor protection index (0-10) 8.3 Time (days) 515 Registering property (rank) 78 Cost (% of claim) 26.9 Procedures (number) 5 Paying taxes (rank) 7 Time (days) 38 Payments (number per year) 9 Closing a business (rank) 9 Cost (% of property value) 6.3 Time (hours per year) 76 Time (years) 0.4 Total tax rate (% of profit) 26.5 Cost (% of estate) 9 Recovery rate (cents on the dollar) 87.4 COUNTRY TABLES 171 ISRAEL OECD high income GNI per capita (US$) 25,740 Ease of doing business (rank) 29 High income Population (m) 7.4 Starting a business (rank) 36 Getting credit (rank) 6 Trading across borders (rank) 10 Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 5 Time (days) 34 Depth of credit information index (0-6) 5 Time to export (days) 11 Cost (% of income per capita) 4.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 670 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 88.2 Documents to import (number) 4 Time to import (days) 10 Dealing with construction permits (rank) 121 Protecting investors (rank) 5 Cost to import (US$ per container) 605 Procedures (number) 20 Extent of disclosure index (0-10) 7 Time (days) 235 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 96 Cost (% of income per capita) 104.0 Ease of shareholder suits index (0-10) 9 Procedures (number) 35 Strength of investor protection index (0-10) 8.3 Time (days) 890 Registering property (rank) 147 Cost (% of claim) 25.3 Procedures (number) 7 Paying taxes (rank) 82 Time (days) 144 Payments (number per year) 33 Closing a business (rank) 40 Cost (% of property value) 5.0 Time (hours per year) 235 Time (years) 4.0 Total tax rate (% of profit) 31.7 Cost (% of estate) 23 Recovery rate (cents on the dollar) 49.1 ITALY OECD high income GNI per capita (US$) 35,080 Ease of doing business (rank) 80 High income Population (m) 60.2 Starting a business (rank) 68 Getting credit (rank) 89 Trading across borders (rank) 59 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 4 Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 20 Cost (% of income per capita) 18.5 Public registry coverage (% of adults) 16.6 Cost to export (US$ per container) 1,245 Minimum capital (% of income per capita) 10.1 Private bureau coverage (% of adults) 80.5 Documents to import (number) 4 Time to import (days) 18 Dealing with construction permits (rank) 92 Protecting investors (rank) 59 Cost to import (US$ per container) 1,245 Procedures (number) 14 Extent of disclosure index (0-10) 7 Time (days) 257 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 157 Cost (% of income per capita) 142.3 Ease of shareholder suits index (0-10) 6 Procedures (number) 41 Strength of investor protection index (0-10) 5.7 Time (days) 1,210 Registering property (rank) 95 Cost (% of claim) 29.9 Procedures (number) 8 Paying taxes (rank) 128 Time (days) 27 Payments (number per year) 15 Closing a business (rank) 30 Cost (% of property value) 4.5 Time (hours per year) 285 Time (years) 1.8 Total tax rate (% of profit) 68.6 Cost (% of estate) 22 Recovery rate (cents on the dollar) 58.0 JAMAICA Latin America & Caribbean GNI per capita (US$) 5,020 Ease of doing business (rank) 81 Upper middle income Population (m) 2.7 Starting a business (rank) 18 Getting credit (rank) 89 Trading across borders (rank) 104 Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 8 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 5.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,750 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 22 Dealing with construction permits (rank) 47 Protecting investors (rank) 74 Cost to import (US$ per container) 1,420 Procedures (number) 10 Extent of disclosure index (0-10) 4 Time (days) 156 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 128 Cost (% of income per capita) 258.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 35 Strength of investor protection index (0-10) 5.3 Time (days) 655 Registering property (rank) 106 Cost (% of claim) 45.6 Procedures (number) 6 Paying taxes (rank) 174 Time (days) 37 Payments (number per year) 72 Closing a business (rank) 24 Cost (% of property value) 7.5 Time (hours per year) 414 Time (years) 1.1 Total tax rate (% of profit) 50.1 Cost (% of estate) 18 Recovery rate (cents on the dollar) 65.1 172 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business JAPAN OECD high income GNI per capita (US$) 37,870 Ease of doing business (rank) 18 High income Population (m) 127.6 Starting a business (rank) 98 Getting credit (rank) 15 Trading across borders (rank) 24 Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 23 Depth of credit information index (0-6) 6 Time to export (days) 10 Cost (% of income per capita) 7.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,010 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 76.1 Documents to import (number) 5 Time to import (days) 11 Dealing with construction permits (rank) 44 Protecting investors (rank) 16 Cost to import (US$ per container) 1,060 Procedures (number) 15 Extent of disclosure index (0-10) 7 Time (days) 187 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 19 Cost (% of income per capita) 20.8 Ease of shareholder suits index (0-10) 8 Procedures (number) 30 Strength of investor protection index (0-10) 7.0 Time (days) 360 Registering property (rank) 59 Cost (% of claim) 22.7 Procedures (number) 6 Paying taxes (rank) 112 Time (days) 14 Payments (number per year) 14 Closing a business (rank) 1 Cost (% of property value) 5.5 Time (hours per year) 355 Time (years) 0.6 Total tax rate (% of profit) 48.6 Cost (% of estate) 4 Recovery rate (cents on the dollar) 92.7 JORDAN Middle East & North Africa GNI per capita (US$) 3,740 Ease of doing business (rank) 111 Lower middle income Population (m) 6.0 Starting a business (rank) 127 Getting credit (rank) 128 Trading across borders (rank) 77 Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 7 Time (days) 13 Depth of credit information index (0-6) 2 Time to export (days) 14 Cost (% of income per capita) 44.6 Public registry coverage (% of adults) 1.5 Cost to export (US$ per container) 825 Minimum capital (% of income per capita) 17.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 18 Dealing with construction permits (rank) 92 Protecting investors (rank) 120 Cost to import (US$ per container) 1,335 Procedures (number) 19 Extent of disclosure index (0-10) 5 Time (days) 87 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 129 Cost (% of income per capita) 634.1 Ease of shareholder suits index (0-10) 4 Procedures (number) 38 Strength of investor protection index (0-10) 4.3 Time (days) 689 Registering property (rank) 106 Cost (% of claim) 31.2 Procedures (number) 7 Paying taxes (rank) 29 Time (days) 21 Payments (number per year) 26 Closing a business (rank) 98 Cost (% of property value) 7.5 Time (hours per year) 101 Time (years) 4.3 Total tax rate (% of profit) 31.2 Cost (% of estate) 9 Recovery rate (cents on the dollar) 26.9 KAZAKHSTAN Eastern Europe & Central Asia GNI per capita (US$) 6,740 Ease of doing business (rank) 59 Upper middle income Population (m) 15.9 Starting a business (rank) 47 Getting credit (rank) 72 Trading across borders (rank) 181 Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 10 Time (days) 19 Depth of credit information index (0-6) 5 Time to export (days) 81 Cost (% of income per capita) 1.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,005 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 29.9 Documents to import (number) 12 Time to import (days) 67 Dealing with construction permits (rank) 147 Protecting investors (rank) 44 Cost to import (US$ per container) 3,055 Procedures (number) 34 Extent of disclosure index (0-10) 8 Time (days) 219 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 36 Cost (% of income per capita) 119.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 38 Strength of investor protection index (0-10) 6.0 Time (days) 390 Registering property (rank) 28 Cost (% of claim) 22.0 Procedures (number) 4 Paying taxes (rank) 39 Time (days) 40 Payments (number per year) 9 Closing a business (rank) 48 Cost (% of property value) 0.1 Time (hours per year) 271 Time (years) 1.5 Total tax rate (% of profit) 29.6 Cost (% of estate) 15 Recovery rate (cents on the dollar) 43.3 COUNTRY TABLES 173 KENYA Sub-Saharan Africa GNI per capita (US$) 770 Ease of doing business (rank) 98 Low income Population (m) 39.8 Starting a business (rank) 125 Getting credit (rank) 6 Trading across borders (rank) 144 Procedures (number) 11 Strength of legal rights index (0-10) 10 Documents to export (number) 8 Time (days) 33 Depth of credit information index (0-6) 4 Time to export (days) 26 Cost (% of income per capita) 38.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,055 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 3.3 Documents to import (number) 7 Time to import (days) 24 Dealing with construction permits (rank) 35 Protecting investors (rank) 93 Cost to import (US$ per container) 2,190 Procedures (number) 11 Extent of disclosure index (0-10) 3 Time (days) 120 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 125 Cost (% of income per capita) 167.8 Ease of shareholder suits index (0-10) 10 Procedures (number) 40 Strength of investor protection index (0-10) 5.0 Time (days) 465 Registering property (rank) 129 Cost (% of claim) 47.2 Procedures (number) 8 Paying taxes (rank) 162 Time (days) 64 Payments (number per year) 41 Closing a business (rank) 85 Cost (% of property value) 4.2 Time (hours per year) 393 Time (years) 4.5 Total tax rate (% of profit) 49.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 29.8 KIRIBATI East Asia & Pacific GNI per capita (US$) 1,890 Ease of doing business (rank) 93 Lower middle income Population (m) 0.1 Starting a business (rank) 123 Getting credit (rank) 138 Trading across borders (rank) 83 Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 21 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 40.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 21.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 21 Dealing with construction permits (rank) 72 Protecting investors (rank) 44 Cost to import (US$ per container) 1,070 Procedures (number) 14 Extent of disclosure index (0-10) 6 Time (days) 160 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 80 Cost (% of income per capita) 446.5 Ease of shareholder suits index (0-10) 7 Procedures (number) 32 Strength of investor protection index (0-10) 6.0 Time (days) 660 Registering property (rank) 68 Cost (% of claim) 25.8 Procedures (number) 5 Paying taxes (rank) 10 Time (days) 513 Payments (number per year) 7 Closing a business (rank) 183 Cost (% of property value) 0.0 Time (hours per year) 120 Time (years) NO PRACTICE Total tax rate (% of profit) 31.8 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 KOREA, REP. OECD high income GNI per capita (US$) 19,830 Ease of doing business (rank) 16 High income Population (m) 48.7 Starting a business (rank) 60 Getting credit (rank) 15 Trading across borders (rank) 8 Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 3 Time (days) 14 Depth of credit information index (0-6) 6 Time to export (days) 8 Cost (% of income per capita) 14.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 790 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 93.3 Documents to import (number) 3 Time to import (days) 7 Dealing with construction permits (rank) 22 Protecting investors (rank) 74 Cost to import (US$ per container) 790 Procedures (number) 13 Extent of disclosure index (0-10) 7 Time (days) 34 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 5 Cost (% of income per capita) 131.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 35 Strength of investor protection index (0-10) 5.3 Time (days) 230 Registering property (rank) 74 Cost (% of claim) 10.3 Procedures (number) 7 Paying taxes (rank) 49 Time (days) 11 Payments (number per year) 14 Closing a business (rank) 13 Cost (% of property value) 5.1 Time (hours per year) 250 Time (years) 1.5 Total tax rate (% of profit) 29.8 Cost (% of estate) 4 Recovery rate (cents on the dollar) 81.7 174 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business KOSOVO Eastern Europe & Central Asia GNI per capita (US$) 3,240 Ease of doing business (rank) 119 Lower middle income Population (m) 1.8 Starting a business (rank) 163 Getting credit (rank) 32 Trading across borders (rank) 130 Procedures (number) 10 Strength of legal rights index (0-10) 8 Documents to export (number) 8 Time (days) 58 Depth of credit information index (0-6) 4 Time to export (days) 17 Cost (% of income per capita) 28.7 Public registry coverage (% of adults) 16.9 Cost to export (US$ per container) 2,230 Minimum capital (% of income per capita) 112.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 16 Dealing with construction permits (rank) 173 Protecting investors (rank) 173 Cost to import (US$ per container) 2,280 Procedures (number) 21 Extent of disclosure index (0-10) 3 Time (days) 320 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 155 Cost (% of income per capita) 856.5 Ease of shareholder suits index (0-10) 3 Procedures (number) 53 Strength of investor protection index (0-10) 2.7 Time (days) 420 Registering property (rank) 65 Cost (% of claim) 61.2 Procedures (number) 8 Paying taxes (rank) 41 Time (days) 33 Payments (number per year) 33 Closing a business (rank) 31 Cost (% of property value) 0.6 Time (hours per year) 163 Time (years) 2 Total tax rate (% of profit) 16.5 Cost (% of estate) 15 Recovery rate (cents on the dollar) 57.4 KUWAIT Middle East & North Africa GNI per capita (US$) 31,482 Ease of doing business (rank) 74 High income Population (m) 2.8 Starting a business (rank) 141 Getting credit (rank) 89 Trading across borders (rank) 113 Procedures (number) 13 Strength of legal rights index (0-10) 4 Documents to export (number) 8 Time (days) 35 Depth of credit information index (0-6) 4 Time to export (days) 17 Cost (% of income per capita) 1.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,060 Minimum capital (% of income per capita) 82.7 Private bureau coverage (% of adults) 29.6 Documents to import (number) 10 Time to import (days) 19 Dealing with construction permits (rank) 91 Protecting investors (rank) 28 Cost to import (US$ per container) 1,217 Procedures (number) 25 Extent of disclosure index (0-10) 7 Time (days) 104 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 114 Cost (% of income per capita) 173.4 Ease of shareholder suits index (0-10) 5 Procedures (number) 50 Strength of investor protection index (0-10) 6.3 Time (days) 566 Registering property (rank) 90 Cost (% of claim) 18.8 Procedures (number) 8 Paying taxes (rank) 9 Time (days) 55 Payments (number per year) 15 Closing a business (rank) 61 Cost (% of property value) 0.5 Time (hours per year) 118 Time (years) 4.2 Total tax rate (% of profit) 15.5 Cost (% of estate) 1 Recovery rate (cents on the dollar) 37.9 KYRGYZ REPUBLIC Eastern Europe & Central Asia GNI per capita (US$) 870 Ease of doing business (rank) 44 Low income Population (m) 5.3 Starting a business (rank) 14 Getting credit (rank) 15 Trading across borders (rank) 156 Procedures (number) 2 Strength of legal rights index (0-10) 10 Documents to export (number) 7 Time (days) 10 Depth of credit information index (0-6) 3 Time to export (days) 63 Cost (% of income per capita) 3.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,010 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 11.9 Documents to import (number) 7 Time to import (days) 72 Dealing with construction permits (rank) 43 Protecting investors (rank) 12 Cost to import (US$ per container) 3,280 Procedures (number) 13 Extent of disclosure index (0-10) 8 Time (days) 143 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 54 Cost (% of income per capita) 153.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 39 Strength of investor protection index (0-10) 7.7 Time (days) 260 Registering property (rank) 17 Cost (% of claim) 29.0 Procedures (number) 4 Paying taxes (rank) 150 Time (days) 5 Payments (number per year) 48 Closing a business (rank) 138 Cost (% of property value) 2.3 Time (hours per year) 202 Time (years) 4.0 Total tax rate (% of profit) 57.2 Cost (% of estate) 15 Recovery rate (cents on the dollar) 15.3 COUNTRY TABLES 175 LAO PDR East Asia & Pacific GNI per capita (US$) 880 Ease of doing business (rank) 171 Low income Population (m) 6.3 Starting a business (rank) 93 Getting credit (rank) 152 Trading across borders (rank) 170 Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 9 Time (days) 100 Depth of credit information index (0-6) 0 Time to export (days) 48 Cost (% of income per capita) 11.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,860 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 50 Dealing with construction permits (rank) 115 Protecting investors (rank) 182 Cost to import (US$ per container) 2,040 Procedures (number) 24 Extent of disclosure index (0-10) 2 Time (days) 172 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 110 Cost (% of income per capita) 131.3 Ease of shareholder suits index (0-10) 2 Procedures (number) 42 Strength of investor protection index (0-10) 1.7 Time (days) 443 Registering property (rank) 163 Cost (% of claim) 31.6 Procedures (number) 9 Paying taxes (rank) 116 Time (days) 135 Payments (number per year) 34 Closing a business (rank) 183 Cost (% of property value) 4.1 Time (hours per year) 362 Time (years) NO PRACTICE Total tax rate (% of profit) 33.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 LATVIA Eastern Europe & Central Asia GNI per capita (US$) 12,390 Ease of doing business (rank) 24 High income Population (m) 2.3 Starting a business (rank) 53 Getting credit (rank) 6 Trading across borders (rank) 16 Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 5 Time (days) 16 Depth of credit information index (0-6) 5 Time to export (days) 10 Cost (% of income per capita) 1.5 Public registry coverage (% of adults) 57.2 Cost to export (US$ per container) 600 Minimum capital (% of income per capita) 15.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 11 Dealing with construction permits (rank) 79 Protecting investors (rank) 59 Cost to import (US$ per container) 801 Procedures (number) 24 Extent of disclosure index (0-10) 5 Time (days) 186 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 14 Cost (% of income per capita) 19.3 Ease of shareholder suits index (0-10) 8 Procedures (number) 27 Strength of investor protection index (0-10) 5.7 Time (days) 309 Registering property (rank) 57 Cost (% of claim) 23.1 Procedures (number) 6 Paying taxes (rank) 59 Time (days) 42 Payments (number per year) 7 Closing a business (rank) 80 Cost (% of property value) 2.0 Time (hours per year) 293 Time (years) 3.0 Total tax rate (% of profit) 38.5 Cost (% of estate) 13 Recovery rate (cents on the dollar) 31.9 LEBANON Middle East & North Africa GNI per capita (US$) 7,970 Ease of doing business (rank) 113 Upper middle income Population (m) 4.2 Starting a business (rank) 103 Getting credit (rank) 89 Trading across borders (rank) 95 Procedures (number) 5 Strength of legal rights index (0-10) 3 Documents to export (number) 5 Time (days) 9 Depth of credit information index (0-6) 5 Time to export (days) 26 Cost (% of income per capita) 75.0 Public registry coverage (% of adults) 8.7 Cost to export (US$ per container) 1,000 Minimum capital (% of income per capita) 39.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 35 Dealing with construction permits (rank) 142 Protecting investors (rank) 93 Cost to import (US$ per container) 1,200 Procedures (number) 21 Extent of disclosure index (0-10) 9 Time (days) 218 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 122 Cost (% of income per capita) 284.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 37 Strength of investor protection index (0-10) 5.0 Time (days) 721 Registering property (rank) 111 Cost (% of claim) 30.8 Procedures (number) 8 Paying taxes (rank) 36 Time (days) 25 Payments (number per year) 19 Closing a business (rank) 122 Cost (% of property value) 5.8 Time (hours per year) 180 Time (years) 4.0 Total tax rate (% of profit) 30.2 Cost (% of estate) 22 Recovery rate (cents on the dollar) 19.8 176 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business LESOTHO Sub-Saharan Africa GNI per capita (US$) 1,020 Ease of doing business (rank) 138 Lower middle income Population (m) 2.1 Starting a business (rank) 140 Getting credit (rank) 128 Trading across borders (rank) 140 Procedures (number) 7 Strength of legal rights index (0-10) 6 Documents to export (number) 6 Time (days) 40 Depth of credit information index (0-6) 0 Time to export (days) 31 Cost (% of income per capita) 26.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,680 Minimum capital (% of income per capita) 12.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 35 Dealing with construction permits (rank) 163 Protecting investors (rank) 147 Cost to import (US$ per container) 1,610 Procedures (number) 15 Extent of disclosure index (0-10) 2 Time (days) 601 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 116 Cost (% of income per capita) 1,290.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 41 Strength of investor protection index (0-10) 3.7 Time (days) 785 Registering property (rank) 146 Cost (% of claim) 19.5 Procedures (number) 6 Paying taxes (rank) 64 Time (days) 101 Payments (number per year) 21 Closing a business (rank) 69 Cost (% of property value) 8.0 Time (hours per year) 324 Time (years) 2.6 Total tax rate (% of profit) 19.6 Cost (% of estate) 8 Recovery rate (cents on the dollar) 36.4 LIBERIA Sub-Saharan Africa GNI per capita (US$) 160 Ease of doing business (rank) 155 Low income Population (m) 4.0 Starting a business (rank) 64 Getting credit (rank) 138 Trading across borders (rank) 116 Procedures (number) 5 Strength of legal rights index (0-10) 4 Documents to export (number) 10 Time (days) 20 Depth of credit information index (0-6) 1 Time to export (days) 17 Cost (% of income per capita) 54.6 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 1,232 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 15 Dealing with construction permits (rank) 135 Protecting investors (rank) 147 Cost to import (US$ per container) 1,212 Procedures (number) 24 Extent of disclosure index (0-10) 4 Time (days) 77 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 166 Cost (% of income per capita) 29,574.4 Ease of shareholder suits index (0-10) 6 Procedures (number) 41 Strength of investor protection index (0-10) 3.7 Time (days) 1,280 Registering property (rank) 176 Cost (% of claim) 35.0 Procedures (number) 10 Paying taxes (rank) 84 Time (days) 50 Payments (number per year) 32 Closing a business (rank) 148 Cost (% of property value) 13.2 Time (hours per year) 158 Time (years) 3.0 Total tax rate (% of profit) 43.7 Cost (% of estate) 43 Recovery rate (cents on the dollar) 8.4 LITHUANIA Eastern Europe & Central Asia GNI per capita (US$) 11,410 Ease of doing business (rank) 23 Upper middle income Population (m) 3.3 Starting a business (rank) 87 Getting credit (rank) 46 Trading across borders (rank) 31 Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 22 Depth of credit information index (0-6) 6 Time to export (days) 10 Cost (% of income per capita) 2.8 Public registry coverage (% of adults) 20.0 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 36.1 Private bureau coverage (% of adults) 67.8 Documents to import (number) 6 Time to import (days) 10 Dealing with construction permits (rank) 59 Protecting investors (rank) 93 Cost to import (US$ per container) 980 Procedures (number) 17 Extent of disclosure index (0-10) 5 Time (days) 162 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 17 Cost (% of income per capita) 68.8 Ease of shareholder suits index (0-10) 6 Procedures (number) 30 Strength of investor protection index (0-10) 5.0 Time (days) 275 Registering property (rank) 7 Cost (% of claim) 23.6 Procedures (number) 3 Paying taxes (rank) 44 Time (days) 3 Payments (number per year) 11 Closing a business (rank) 39 Cost (% of property value) 1.9 Time (hours per year) 175 Time (years) 1.5 Total tax rate (% of profit) 38.7 Cost (% of estate) 7 Recovery rate (cents on the dollar) 49.6 COUNTRY TABLES 177 LUXEMBOURG OECD high income GNI per capita (US$) 74,430 Ease of doing business (rank) 45 High income Population (m) 0.5 Starting a business (rank) 77 Getting credit (rank) 116 Trading across borders (rank) 32 Procedures (number) 6 Strength of legal rights index (0-10) 7 Documents to export (number) 5 Time (days) 19 Depth of credit information index (0-6) 0 Time to export (days) 6 Cost (% of income per capita) 2.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,420 Minimum capital (% of income per capita) 23.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 4 Time to import (days) 6 Dealing with construction permits (rank) 42 Protecting investors (rank) 120 Cost to import (US$ per container) 1,420 Procedures (number) 13 Extent of disclosure index (0-10) 6 Time (days) 217 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 1 Cost (% of income per capita) 23.8 Ease of shareholder suits index (0-10) 3 Procedures (number) 26 Strength of investor protection index (0-10) 4.3 Time (days) 321 Registering property (rank) 129 Cost (% of claim) 9.7 Procedures (number) 8 Paying taxes (rank) 15 Time (days) 29 Payments (number per year) 22 Closing a business (rank) 45 Cost (% of property value) 10.2 Time (hours per year) 59 Time (years) 2.0 Total tax rate (% of profit) 21.1 Cost (% of estate) 15 Recovery rate (cents on the dollar) 43.7 MACEDONIA, FYR Eastern Europe & Central Asia GNI per capita (US$) 4,400 Ease of doing business (rank) 38 Upper middle income Population (m) 2.0 Starting a business (rank) 5 Getting credit (rank) 46 Trading across borders (rank) 66 Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 3 Depth of credit information index (0-6) 4 Time to export (days) 12 Cost (% of income per capita) 2.5 Public registry coverage (% of adults) 39.4 Cost to export (US$ per container) 1,376 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 11 Dealing with construction permits (rank) 136 Protecting investors (rank) 20 Cost to import (US$ per container) 1,380 Procedures (number) 21 Extent of disclosure index (0-10) 9 Time (days) 146 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 65 Cost (% of income per capita) 1,601.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 37 Strength of investor protection index (0-10) 6.7 Time (days) 370 Registering property (rank) 69 Cost (% of claim) 33.1 Procedures (number) 5 Paying taxes (rank) 33 Time (days) 58 Payments (number per year) 40 Closing a business (rank) 116 Cost (% of property value) 3.2 Time (hours per year) 119 Time (years) 2.9 Total tax rate (% of profit) 10.6 Cost (% of estate) 28 Recovery rate (cents on the dollar) 20.7 MADAGASCAR Sub-Saharan Africa GNI per capita (US$) 412 Ease of doing business (rank) 140 Low income Population (m) 19.6 Starting a business (rank) 70 Getting credit (rank) 176 Trading across borders (rank) 106 Procedures (number) 2 Strength of legal rights index (0-10) 2 Documents to export (number) 4 Time (days) 7 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 12.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,197 Minimum capital (% of income per capita) 248.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 24 Dealing with construction permits (rank) 110 Protecting investors (rank) 59 Cost to import (US$ per container) 1,555 Procedures (number) 16 Extent of disclosure index (0-10) 5 Time (days) 178 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 153 Cost (% of income per capita) 654.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 38 Strength of investor protection index (0-10) 5.7 Time (days) 871 Registering property (rank) 162 Cost (% of claim) 42.4 Procedures (number) 7 Paying taxes (rank) 72 Time (days) 74 Payments (number per year) 23 Closing a business (rank) 183 Cost (% of property value) 9.8 Time (hours per year) 201 Time (years) NO PRACTICE Total tax rate (% of profit) 37.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 178 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business MALAWI Sub-Saharan Africa GNI per capita (US$) 280 Ease of doing business (rank) 133 Low income Population (m) 15.3 Starting a business (rank) 132 Getting credit (rank) 116 Trading across borders (rank) 173 Procedures (number) 10 Strength of legal rights index (0-10) 7 Documents to export (number) 11 Time (days) 39 Depth of credit information index (0-6) 0 Time to export (days) 41 Cost (% of income per capita) 108.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,713 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 51 Dealing with construction permits (rank) 174 Protecting investors (rank) 74 Cost to import (US$ per container) 2,570 Procedures (number) 21 Extent of disclosure index (0-10) 4 Time (days) 268 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 121 Cost (% of income per capita) 1,316.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 42 Strength of investor protection index (0-10) 5.3 Time (days) 312 Registering property (rank) 81 Cost (% of claim) 94.1 Procedures (number) 6 Paying taxes (rank) 25 Time (days) 49 Payments (number per year) 19 Closing a business (rank) 126 Cost (% of property value) 3.2 Time (hours per year) 157 Time (years) 2.6 Total tax rate (% of profit) 25.1 Cost (% of estate) 25 Recovery rate (cents on the dollar) 17.9 MALAYSIA East Asia & Pacific GNI per capita (US$) 7,230 Ease of doing business (rank) 21 Upper middle income Population (m) 27.5 Starting a business (rank) 113 Getting credit (rank) 1 Trading across borders (rank) 37 Procedures (number) 9 Strength of legal rights index (0-10) 10 Documents to export (number) 7 Time (days) 17 Depth of credit information index (0-6) 6 Time to export (days) 18 Cost (% of income per capita) 17.5 Public registry coverage (% of adults) 62.0 Cost to export (US$ per container) 450 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 7 Time to import (days) 14 Dealing with construction permits (rank) 108 Protecting investors (rank) 4 Cost to import (US$ per container) 450 Procedures (number) 25 Extent of disclosure index (0-10) 10 Time (days) 261 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 59 Cost (% of income per capita) 7.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 30 Strength of investor protection index (0-10) 8.7 Time (days) 585 Registering property (rank) 60 Cost (% of claim) 27.5 Procedures (number) 5 Paying taxes (rank) 23 Time (days) 56 Payments (number per year) 12 Closing a business (rank) 55 Cost (% of property value) 2.5 Time (hours per year) 145 Time (years) 2.3 Total tax rate (% of profit) 33.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 39.8 MALDIVES South Asia GNI per capita (US$) 3,870 Ease of doing business (rank) 85 Lower middle income Population (m) 0.3 Starting a business (rank) 50 Getting credit (rank) 152 Trading across borders (rank) 138 Procedures (number) 5 Strength of legal rights index (0-10) 4 Documents to export (number) 8 Time (days) 9 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 9.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,550 Minimum capital (% of income per capita) 3.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 22 Dealing with construction permits (rank) 9 Protecting investors (rank) 74 Cost to import (US$ per container) 1,526 Procedures (number) 9 Extent of disclosure index (0-10) 0 Time (days) 118 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 92 Cost (% of income per capita) 20.3 Ease of shareholder suits index (0-10) 8 Procedures (number) 41 Strength of investor protection index (0-10) 5.3 Time (days) 665 Registering property (rank) 147 Cost (% of claim) 16.5 Procedures (number) 6 Paying taxes (rank) 1 Time (days) 57 Payments (number per year) 3 Closing a business (rank) 125 Cost (% of property value) 16.9 Time (hours per year) 0 Time (years) 6.7 Total tax rate (% of profit) 9.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 18.2 COUNTRY TABLES 179 MALI Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 153 Low income Population (m) 13.0 Starting a business (rank) 117 Getting credit (rank) 152 Trading across borders (rank) 154 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 8 Depth of credit information index (0-6) 1 Time to export (days) 26 Cost (% of income per capita) 79.7 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 2,202 Minimum capital (% of income per capita) 306.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 31 Dealing with construction permits (rank) 87 Protecting investors (rank) 147 Cost to import (US$ per container) 3,067 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 168 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 133 Cost (% of income per capita) 505.0 Ease of shareholder suits index (0-10) 4 Procedures (number) 36 Strength of investor protection index (0-10) 3.7 Time (days) 620 Registering property (rank) 88 Cost (% of claim) 52.0 Procedures (number) 5 Paying taxes (rank) 159 Time (days) 29 Payments (number per year) 59 Closing a business (rank) 106 Cost (% of property value) 11.9 Time (hours per year) 270 Time (years) 3.6 Total tax rate (% of profit) 52.2 Cost (% of estate) 18 Recovery rate (cents on the dollar) 24.6 MARSHALL ISLANDS East Asia & Pacific GNI per capita (US$) 3,060 Ease of doing business (rank) 108 Lower middle income Population (m) 0.1 Starting a business (rank) 39 Getting credit (rank) 89 Trading across borders (rank) 70 Procedures (number) 5 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 17 Depth of credit information index (0-6) 0 Time to export (days) 21 Cost (% of income per capita) 17.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 945 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 33 Dealing with construction permits (rank) 6 Protecting investors (rank) 154 Cost to import (US$ per container) 945 Procedures (number) 10 Extent of disclosure index (0-10) 2 Time (days) 55 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 62 Cost (% of income per capita) 36.0 Ease of shareholder suits index (0-10) 8 Procedures (number) 36 Strength of investor protection index (0-10) 3.3 Time (days) 476 Registering property (rank) 183 Cost (% of claim) 27.4 Procedures (number) NO PRACTICE Paying taxes (rank) 90 Time (days) NO PRACTICE Payments (number per year) 21 Closing a business (rank) 127 Cost (% of property value) NO PRACTICE Time (hours per year) 128 Time (years) 2.0 Total tax rate (% of profit) 64.9 Cost (% of estate) 38 Recovery rate (cents on the dollar) 17.9 MAURITANIA Sub-Saharan Africa GNI per capita (US$) 960 Ease of doing business (rank) 165 Low income Population (m) 3.3 Starting a business (rank) 152 Getting credit (rank) 152 Trading across borders (rank) 163 Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 11 Time (days) 19 Depth of credit information index (0-6) 1 Time to export (days) 39 Cost (% of income per capita) 33.6 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 1,520 Minimum capital (% of income per capita) 412.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 11 Time to import (days) 42 Dealing with construction permits (rank) 153 Protecting investors (rank) 147 Cost to import (US$ per container) 1,523 Procedures (number) 25 Extent of disclosure index (0-10) 5 Time (days) 201 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 83 Cost (% of income per capita) 463.2 Ease of shareholder suits index (0-10) 3 Procedures (number) 46 Strength of investor protection index (0-10) 3.7 Time (days) 370 Registering property (rank) 73 Cost (% of claim) 23.2 Procedures (number) 4 Paying taxes (rank) 172 Time (days) 49 Payments (number per year) 38 Closing a business (rank) 144 Cost (% of property value) 5.2 Time (hours per year) 696 Time (years) 8.0 Total tax rate (% of profit) 68.4 Cost (% of estate) 9 Recovery rate (cents on the dollar) 10.3 180 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business MAURITIUS Sub-Saharan Africa GNI per capita (US$) 7,240 Ease of doing business (rank) 20 Upper middle income Population (m) 1.3 Starting a business (rank) 12 Getting credit (rank) 89 Trading across borders (rank) 22 Procedures (number) 5 Strength of legal rights index (0-10) 5 Documents to export (number) 5 Time (days) 6 Depth of credit information index (0-6) 3 Time to export (days) 13 Cost (% of income per capita) 3.8 Public registry coverage (% of adults) 49.8 Cost to export (US$ per container) 737 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 13 Dealing with construction permits (rank) 39 Protecting investors (rank) 12 Cost to import (US$ per container) 689 Procedures (number) 18 Extent of disclosure index (0-10) 6 Time (days) 107 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 61 Cost (% of income per capita) 32.3 Ease of shareholder suits index (0-10) 9 Procedures (number) 36 Strength of investor protection index (0-10) 7.7 Time (days) 645 Registering property (rank) 69 Cost (% of claim) 17.4 Procedures (number) 4 Paying taxes (rank) 12 Time (days) 26 Payments (number per year) 7 Closing a business (rank) 71 Cost (% of property value) 10.6 Time (hours per year) 161 Time (years) 1.7 Total tax rate (% of profit) 24.1 Cost (% of estate) 15 Recovery rate (cents on the dollar) 35.1 MEXICO Latin America & Caribbean GNI per capita (US$) 8,960 Ease of doing business (rank) 35 Upper middle income Population (m) 107.4 Starting a business (rank) 67 Getting credit (rank) 46 Trading across borders (rank) 58 Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 5 Time (days) 9 Depth of credit information index (0-6) 6 Time to export (days) 12 Cost (% of income per capita) 12.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,420 Minimum capital (% of income per capita) 9.2 Private bureau coverage (% of adults) 71.6 Documents to import (number) 4 Time to import (days) 12 Dealing with construction permits (rank) 22 Protecting investors (rank) 44 Cost to import (US$ per container) 1,880 Procedures (number) 11 Extent of disclosure index (0-10) 8 Time (days) 105 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 81 Cost (% of income per capita) 117.0 Ease of shareholder suits index (0-10) 5 Procedures (number) 38 Strength of investor protection index (0-10) 6.0 Time (days) 415 Registering property (rank) 105 Cost (% of claim) 32.0 Procedures (number) 5 Paying taxes (rank) 107 Time (days) 74 Payments (number per year) 6 Closing a business (rank) 23 Cost (% of property value) 5.2 Time (hours per year) 404 Time (years) 1.8 Total tax rate (% of profit) 50.5 Cost (% of estate) 18 Recovery rate (cents on the dollar) 66.7 MICRONESIA, FED. STS. East Asia & Pacific GNI per capita (US$) 2,220 Ease of doing business (rank) 141 Lower middle income Population (m) 0.1 Starting a business (rank) 92 Getting credit (rank) 116 Trading across borders (rank) 97 Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 3 Time (days) 16 Depth of credit information index (0-6) 0 Time to export (days) 30 Cost (% of income per capita) 150.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,295 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 30 Dealing with construction permits (rank) 11 Protecting investors (rank) 173 Cost to import (US$ per container) 1,295 Procedures (number) 14 Extent of disclosure index (0-10) 0 Time (days) 73 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 147 Cost (% of income per capita) 19.2 Ease of shareholder suits index (0-10) 8 Procedures (number) 34 Strength of investor protection index (0-10) 2.7 Time (days) 965 Registering property (rank) 183 Cost (% of claim) 66.0 Procedures (number) NO PRACTICE Paying taxes (rank) 83 Time (days) NO PRACTICE Payments (number per year) 21 Closing a business (rank) 154 Cost (% of property value) NO PRACTICE Time (hours per year) 128 Time (years) 5.3 Total tax rate (% of profit) 58.7 Cost (% of estate) 38 Recovery rate (cents on the dollar) 3.2 COUNTRY TABLES 181 MOLDOVA Eastern Europe & Central Asia GNI per capita (US$) 1,590 Ease of doing business (rank) 90 Lower middle income Population (m) 3.6 Starting a business (rank) 94 Getting credit (rank) 89 Trading across borders (rank) 141 Procedures (number) 8 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 10 Depth of credit information index (0-6) 0 Time to export (days) 32 Cost (% of income per capita) 10.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,765 Minimum capital (% of income per capita) 11.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 35 Dealing with construction permits (rank) 159 Protecting investors (rank) 109 Cost to import (US$ per container) 1,960 Procedures (number) 30 Extent of disclosure index (0-10) 7 Time (days) 292 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 20 Cost (% of income per capita) 120.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 31 Strength of investor protection index (0-10) 4.7 Time (days) 365 Registering property (rank) 18 Cost (% of claim) 20.9 Procedures (number) 5 Paying taxes (rank) 106 Time (days) 5 Payments (number per year) 48 Closing a business (rank) 92 Cost (% of property value) 0.9 Time (hours per year) 228 Time (years) 2.8 Total tax rate (% of profit) 30.9 Cost (% of estate) 9 Recovery rate (cents on the dollar) 28.2 MONGOLIA East Asia & Pacific GNI per capita (US$) 1,630 Ease of doing business (rank) 73 Lower middle income Population (m) 2.7 Starting a business (rank) 86 Getting credit (rank) 72 Trading across borders (rank) 158 Procedures (number) 7 Strength of legal rights index (0-10) 6 Documents to export (number) 8 Time (days) 13 Depth of credit information index (0-6) 3 Time to export (days) 46 Cost (% of income per capita) 3.2 Public registry coverage (% of adults) 19.2 Cost to export (US$ per container) 2,131 Minimum capital (% of income per capita) 46.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 47 Dealing with construction permits (rank) 104 Protecting investors (rank) 28 Cost to import (US$ per container) 2,274 Procedures (number) 21 Extent of disclosure index (0-10) 5 Time (days) 215 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 35 Cost (% of income per capita) 65.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 32 Strength of investor protection index (0-10) 6.3 Time (days) 314 Registering property (rank) 27 Cost (% of claim) 30.6 Procedures (number) 5 Paying taxes (rank) 66 Time (days) 11 Payments (number per year) 43 Closing a business (rank) 119 Cost (% of property value) 2.2 Time (hours per year) 192 Time (years) 4.0 Total tax rate (% of profit) 23.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 20.0 MONTENEGRO Eastern Europe & Central Asia GNI per capita (US$) 6,550 Ease of doing business (rank) 66 Upper middle income Population (m) 0.6 Starting a business (rank) 51 Getting credit (rank) 32 Trading across borders (rank) 34 Procedures (number) 7 Strength of legal rights index (0-10) 10 Documents to export (number) 6 Time (days) 10 Depth of credit information index (0-6) 2 Time to export (days) 14 Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 26.7 Cost to export (US$ per container) 775 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 14 Dealing with construction permits (rank) 161 Protecting investors (rank) 28 Cost to import (US$ per container) 890 Procedures (number) 19 Extent of disclosure index (0-10) 5 Time (days) 230 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 135 Cost (% of income per capita) 1,215.0 Ease of shareholder suits index (0-10) 6 Procedures (number) 49 Strength of investor protection index (0-10) 6.3 Time (days) 545 Registering property (rank) 116 Cost (% of claim) 25.7 Procedures (number) 7 Paying taxes (rank) 139 Time (days) 71 Payments (number per year) 77 Closing a business (rank) 47 Cost (% of property value) 3.3 Time (hours per year) 372 Time (years) 2.0 Total tax rate (% of profit) 26.6 Cost (% of estate) 8 Recovery rate (cents on the dollar) 43.4 182 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business MOROCCO Middle East & North Africa GNI per capita (US$) 2,790 Ease of doing business (rank) 114 Lower middle income Population (m) 32.0 Starting a business (rank) 82 Getting credit (rank) 89 Trading across borders (rank) 80 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 7 Time (days) 12 Depth of credit information index (0-6) 5 Time to export (days) 14 Cost (% of income per capita) 15.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 700 Minimum capital (% of income per capita) 11.2 Private bureau coverage (% of adults) 9.9 Documents to import (number) 10 Time to import (days) 17 Dealing with construction permits (rank) 98 Protecting investors (rank) 154 Cost to import (US$ per container) 1,000 Procedures (number) 19 Extent of disclosure index (0-10) 7 Time (days) 163 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 106 Cost (% of income per capita) 251.5 Ease of shareholder suits index (0-10) 1 Procedures (number) 40 Strength of investor protection index (0-10) 3.3 Time (days) 615 Registering property (rank) 124 Cost (% of claim) 25.2 Procedures (number) 8 Paying taxes (rank) 124 Time (days) 47 Payments (number per year) 28 Closing a business (rank) 59 Cost (% of property value) 4.9 Time (hours per year) 358 Time (years) 1.8 Total tax rate (% of profit) 41.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 38.4 MOZAMBIQUE Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 126 Low income Population (m) 22.9 Starting a business (rank) 65 Getting credit (rank) 128 Trading across borders (rank) 133 Procedures (number) 9 Strength of legal rights index (0-10) 2 Documents to export (number) 7 Time (days) 13 Depth of credit information index (0-6) 4 Time to export (days) 23 Cost (% of income per capita) 13.9 Public registry coverage (% of adults) 2.2 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 30 Dealing with construction permits (rank) 155 Protecting investors (rank) 44 Cost to import (US$ per container) 1,475 Procedures (number) 17 Extent of disclosure index (0-10) 5 Time (days) 381 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 132 Cost (% of income per capita) 530.3 Ease of shareholder suits index (0-10) 9 Procedures (number) 30 Strength of investor protection index (0-10) 6.0 Time (days) 730 Registering property (rank) 144 Cost (% of claim) 142.5 Procedures (number) 8 Paying taxes (rank) 101 Time (days) 42 Payments (number per year) 37 Closing a business (rank) 129 Cost (% of property value) 9.9 Time (hours per year) 230 Time (years) 5.0 Total tax rate (% of profit) 34.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 17.7 NAMIBIA Sub-Saharan Africa GNI per capita (US$) 4,310 Ease of doing business (rank) 69 Upper middle income Population (m) 2.2 Starting a business (rank) 124 Getting credit (rank) 15 Trading across borders (rank) 153 Procedures (number) 10 Strength of legal rights index (0-10) 8 Documents to export (number) 11 Time (days) 66 Depth of credit information index (0-6) 5 Time to export (days) 29 Cost (% of income per capita) 18.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,686 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 58.5 Documents to import (number) 9 Time to import (days) 24 Dealing with construction permits (rank) 36 Protecting investors (rank) 74 Cost to import (US$ per container) 1,813 Procedures (number) 12 Extent of disclosure index (0-10) 5 Time (days) 139 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 41 Cost (% of income per capita) 113.0 Ease of shareholder suits index (0-10) 6 Procedures (number) 33 Strength of investor protection index (0-10) 5.3 Time (days) 270 Registering property (rank) 136 Cost (% of claim) 35.8 Procedures (number) 9 Paying taxes (rank) 99 Time (days) 23 Payments (number per year) 37 Closing a business (rank) 53 Cost (% of property value) 9.6 Time (hours per year) 375 Time (years) 1.5 Total tax rate (% of profit) 9.6 Cost (% of estate) 15 Recovery rate (cents on the dollar) 41.5 COUNTRY TABLES 183 NEPAL South Asia GNI per capita (US$) 440 Ease of doing business (rank) 116 Low income Population (m) 29.3 Starting a business (rank) 96 Getting credit (rank) 89 Trading across borders (rank) 164 Procedures (number) 7 Strength of legal rights index (0-10) 6 Documents to export (number) 9 Time (days) 31 Depth of credit information index (0-6) 2 Time to export (days) 41 Cost (% of income per capita) 46.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,960 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.3 Documents to import (number) 10 Time to import (days) 35 Dealing with construction permits (rank) 130 Protecting investors (rank) 74 Cost to import (US$ per container) 2,095 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 424 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 123 Cost (% of income per capita) 192.1 Ease of shareholder suits index (0-10) 9 Procedures (number) 39 Strength of investor protection index (0-10) 5.3 Time (days) 735 Registering property (rank) 25 Cost (% of claim) 26.8 Procedures (number) 3 Paying taxes (rank) 123 Time (days) 5 Payments (number per year) 34 Closing a business (rank) 107 Cost (% of property value) 4.8 Time (hours per year) 338 Time (years) 5.0 Total tax rate (% of profit) 38.2 Cost (% of estate) 9 Recovery rate (cents on the dollar) 24.5 NETHERLANDS OECD high income GNI per capita (US$) 49,350 Ease of doing business (rank) 30 High income Population (m) 16.5 Starting a business (rank) 71 Getting credit (rank) 46 Trading across borders (rank) 13 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 4 Time (days) 8 Depth of credit information index (0-6) 5 Time to export (days) 6 Cost (% of income per capita) 5.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 895 Minimum capital (% of income per capita) 52.4 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5 Time to import (days) 6 Dealing with construction permits (rank) 105 Protecting investors (rank) 109 Cost to import (US$ per container) 942 Procedures (number) 18 Extent of disclosure index (0-10) 4 Time (days) 230 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 29 Cost (% of income per capita) 113.8 Ease of shareholder suits index (0-10) 6 Procedures (number) 26 Strength of investor protection index (0-10) 4.7 Time (days) 514 Registering property (rank) 46 Cost (% of claim) 24.4 Procedures (number) 5 Paying taxes (rank) 27 Time (days) 7 Payments (number per year) 9 Closing a business (rank) 11 Cost (% of property value) 6.1 Time (hours per year) 134 Time (years) 1.1 Total tax rate (% of profit) 40.5 Cost (% of estate) 4 Recovery rate (cents on the dollar) 81.9 NEW ZEALAND OECD high income GNI per capita (US$) 27,259 Ease of doing business (rank) 3 High income Population (m) 4.3 Starting a business (rank) 1 Getting credit (rank) 2 Trading across borders (rank) 28 Procedures (number) 1 Strength of legal rights index (0-10) 10 Documents to export (number) 7 Time (days) 1 Depth of credit information index (0-6) 5 Time to export (days) 10 Cost (% of income per capita) 0.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5 Time to import (days) 9 Dealing with construction permits (rank) 5 Protecting investors (rank) 1 Cost to import (US$ per container) 825 Procedures (number) 7 Extent of disclosure index (0-10) 10 Time (days) 65 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 9 Cost (% of income per capita) 35.1 Ease of shareholder suits index (0-10) 10 Procedures (number) 30 Strength of investor protection index (0-10) 9.7 Time (days) 216 Registering property (rank) 3 Cost (% of claim) 22.4 Procedures (number) 2 Paying taxes (rank) 26 Time (days) 2 Payments (number per year) 8 Closing a business (rank) 16 Cost (% of property value) 0.1 Time (hours per year) 192 Time (years) 1.3 Total tax rate (% of profit) 34.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 79.1 184 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business NICARAGUA Latin America & Caribbean GNI per capita (US$) 1,010 Ease of doing business (rank) 117 Lower middle income Population (m) 5.7 Starting a business (rank) 97 Getting credit (rank) 89 Trading across borders (rank) 85 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 5 Time (days) 39 Depth of credit information index (0-6) 5 Time to export (days) 26 Cost (% of income per capita) 117.9 Public registry coverage (% of adults) 14.0 Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 21.4 Documents to import (number) 5 Time to import (days) 26 Dealing with construction permits (rank) 138 Protecting investors (rank) 93 Cost to import (US$ per container) 1,220 Procedures (number) 17 Extent of disclosure index (0-10) 4 Time (days) 219 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 66 Cost (% of income per capita) 767.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 35 Strength of investor protection index (0-10) 5.0 Time (days) 540 Registering property (rank) 142 Cost (% of claim) 26.8 Procedures (number) 8 Paying taxes (rank) 158 Time (days) 124 Payments (number per year) 64 Closing a business (rank) 75 Cost (% of property value) 3.9 Time (hours per year) 222 Time (years) 2.2 Total tax rate (% of profit) 63.2 Cost (% of estate) 15 Recovery rate (cents on the dollar) 33.7 NIGER Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 173 Low income Population (m) 15.3 Starting a business (rank) 159 Getting credit (rank) 152 Trading across borders (rank) 174 Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 17 Depth of credit information index (0-6) 1 Time to export (days) 59 Cost (% of income per capita) 118.6 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 3,545 Minimum capital (% of income per capita) 613.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 64 Dealing with construction permits (rank) 162 Protecting investors (rank) 154 Cost to import (US$ per container) 3,545 Procedures (number) 17 Extent of disclosure index (0-10) 6 Time (days) 265 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 138 Cost (% of income per capita) 2,352.3 Ease of shareholder suits index (0-10) 3 Procedures (number) 39 Strength of investor protection index (0-10) 3.3 Time (days) 545 Registering property (rank) 84 Cost (% of claim) 59.6 Procedures (number) 4 Paying taxes (rank) 144 Time (days) 35 Payments (number per year) 41 Closing a business (rank) 136 Cost (% of property value) 11.0 Time (hours per year) 270 Time (years) 5.0 Total tax rate (% of profit) 46.5 Cost (% of estate) 18 Recovery rate (cents on the dollar) 16.0 NIGERIA Sub-Saharan Africa GNI per capita (US$) 1,140 Ease of doing business (rank) 137 Lower middle income Population (m) 154.7 Starting a business (rank) 110 Getting credit (rank) 89 Trading across borders (rank) 146 Procedures (number) 8 Strength of legal rights index (0-10) 8 Documents to export (number) 10 Time (days) 31 Depth of credit information index (0-6) 0 Time to export (days) 24 Cost (% of income per capita) 78.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,263 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 39 Dealing with construction permits (rank) 167 Protecting investors (rank) 59 Cost to import (US$ per container) 1,440 Procedures (number) 18 Extent of disclosure index (0-10) 5 Time (days) 350 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 97 Cost (% of income per capita) 597.5 Ease of shareholder suits index (0-10) 5 Procedures (number) 40 Strength of investor protection index (0-10) 5.7 Time (days) 457 Registering property (rank) 179 Cost (% of claim) 32.0 Procedures (number) 13 Paying taxes (rank) 134 Time (days) 82 Payments (number per year) 35 Closing a business (rank) 99 Cost (% of property value) 20.9 Time (hours per year) 938 Time (years) 2.0 Total tax rate (% of profit) 32.2 Cost (% of estate) 22 Recovery rate (cents on the dollar) 26.8 COUNTRY TABLES 185 NORWAY OECD high income GNI per capita (US$) 86,440 Ease of doing business (rank) 8 High income Population (m) 4.8 Starting a business (rank) 33 Getting credit (rank) 46 Trading across borders (rank) 9 Procedures (number) 5 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 7 Depth of credit information index (0-6) 4 Time to export (days) 7 Cost (% of income per capita) 1.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 830 Minimum capital (% of income per capita) 20.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 4 Time to import (days) 7 Dealing with construction permits (rank) 65 Protecting investors (rank) 20 Cost to import (US$ per container) 729 Procedures (number) 14 Extent of disclosure index (0-10) 7 Time (days) 252 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 4 Cost (% of income per capita) 43.8 Ease of shareholder suits index (0-10) 7 Procedures (number) 33 Strength of investor protection index (0-10) 6.7 Time (days) 280 Registering property (rank) 8 Cost (% of claim) 9.9 Procedures (number) 1 Paying taxes (rank) 18 Time (days) 3 Payments (number per year) 4 Closing a business (rank) 4 Cost (% of property value) 2.5 Time (hours per year) 87 Time (years) 0.9 Total tax rate (% of profit) 41.6 Cost (% of estate) 1 Recovery rate (cents on the dollar) 90.9 OMAN Middle East & North Africa GNI per capita (US$) 18,013 Ease of doing business (rank) 57 High income Population (m) 2.8 Starting a business (rank) 76 Getting credit (rank) 128 Trading across borders (rank) 88 Procedures (number) 5 Strength of legal rights index (0-10) 4 Documents to export (number) 9 Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 14 Cost (% of income per capita) 3.3 Public registry coverage (% of adults) 19.6 Cost to export (US$ per container) 766 Minimum capital (% of income per capita) 288.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 17 Dealing with construction permits (rank) 70 Protecting investors (rank) 93 Cost to import (US$ per container) 890 Procedures (number) 15 Extent of disclosure index (0-10) 8 Time (days) 186 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 104 Cost (% of income per capita) 106.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 51 Strength of investor protection index (0-10) 5.0 Time (days) 598 Registering property (rank) 21 Cost (% of claim) 13.5 Procedures (number) 2 Paying taxes (rank) 8 Time (days) 16 Payments (number per year) 14 Closing a business (rank) 72 Cost (% of property value) 3.0 Time (hours per year) 62 Time (years) 4.0 Total tax rate (% of profit) 21.6 Cost (% of estate) 4 Recovery rate (cents on the dollar) 34.9 PAKISTAN South Asia GNI per capita (US$) 1,020 Ease of doing business (rank) 83 Lower middle income Population (m) 169.7 Starting a business (rank) 85 Getting credit (rank) 65 Trading across borders (rank) 81 Procedures (number) 10 Strength of legal rights index (0-10) 6 Documents to export (number) 9 Time (days) 21 Depth of credit information index (0-6) 4 Time to export (days) 21 Cost (% of income per capita) 10.7 Public registry coverage (% of adults) 5.8 Cost to export (US$ per container) 611 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 1.4 Documents to import (number) 8 Time to import (days) 18 Dealing with construction permits (rank) 98 Protecting investors (rank) 28 Cost to import (US$ per container) 680 Procedures (number) 12 Extent of disclosure index (0-10) 6 Time (days) 223 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 155 Cost (% of income per capita) 575.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 47 Strength of investor protection index (0-10) 6.3 Time (days) 976 Registering property (rank) 126 Cost (% of claim) 23.8 Procedures (number) 6 Paying taxes (rank) 145 Time (days) 50 Payments (number per year) 47 Closing a business (rank) 67 Cost (% of property value) 9.2 Time (hours per year) 560 Time (years) 2.8 Total tax rate (% of profit) 31.6 Cost (% of estate) 4 Recovery rate (cents on the dollar) 36.5 186 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business PALAU East Asia & Pacific GNI per capita (US$) 8,940 Ease of doing business (rank) 120 Upper middle income Population (m) 0.02 Starting a business (rank) 105 Getting credit (rank) 183 Trading across borders (rank) 121 Procedures (number) 8 Strength of legal rights index (0-10) 0 Documents to export (number) 6 Time (days) 28 Depth of credit information index (0-6) 0 Time to export (days) 29 Cost (% of income per capita) 4.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 11.2 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 33 Dealing with construction permits (rank) 54 Protecting investors (rank) 173 Cost to import (US$ per container) 1,022 Procedures (number) 25 Extent of disclosure index (0-10) 0 Time (days) 118 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 145 Cost (% of income per capita) 5.1 Ease of shareholder suits index (0-10) 8 Procedures (number) 38 Strength of investor protection index (0-10) 2.7 Time (days) 885 Registering property (rank) 20 Cost (% of claim) 35.3 Procedures (number) 5 Paying taxes (rank) 89 Time (days) 14 Payments (number per year) 19 Closing a business (rank) 60 Cost (% of property value) 0.3 Time (hours per year) 128 Time (years) 1.0 Total tax rate (% of profit) 73.0 Cost (% of estate) 23 Recovery rate (cents on the dollar) 37.9 PANAMA Latin America & Caribbean GNI per capita (US$) 6,740 Ease of doing business (rank) 72 Upper middle income Population (m) 3.5 Starting a business (rank) 23 Getting credit (rank) 32 Trading across borders (rank) 11 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 3 Time (days) 9 Depth of credit information index (0-6) 6 Time to export (days) 9 Cost (% of income per capita) 10.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 765 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 31.9 Documents to import (number) 4 Time to import (days) 9 Dealing with construction permits (rank) 66 Protecting investors (rank) 109 Cost to import (US$ per container) 915 Procedures (number) 20 Extent of disclosure index (0-10) 1 Time (days) 116 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 119 Cost (% of income per capita) 99.1 Ease of shareholder suits index (0-10) 9 Procedures (number) 31 Strength of investor protection index (0-10) 4.7 Time (days) 686 Registering property (rank) 113 Cost (% of claim) 50.0 Procedures (number) 8 Paying taxes (rank) 175 Time (days) 32 Payments (number per year) 62 Closing a business (rank) 78 Cost (% of property value) 5.4 Time (hours per year) 482 Time (years) 2.5 Total tax rate (% of profit) 50.1 Cost (% of estate) 18 Recovery rate (cents on the dollar) 32.4 PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 1,180 Ease of doing business (rank) 103 Lower middle income Population (m) 6.7 Starting a business (rank) 81 Getting credit (rank) 89 Trading across borders (rank) 96 Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 7 Time (days) 51 Depth of credit information index (0-6) 3 Time to export (days) 26 Cost (% of income per capita) 17.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 664 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.6 Documents to import (number) 9 Time to import (days) 29 Dealing with construction permits (rank) 120 Protecting investors (rank) 44 Cost to import (US$ per container) 722 Procedures (number) 24 Extent of disclosure index (0-10) 5 Time (days) 217 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 163 Cost (% of income per capita) 77.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 42 Strength of investor protection index (0-10) 6.0 Time (days) 591 Registering property (rank) 85 Cost (% of claim) 110.3 Procedures (number) 4 Paying taxes (rank) 101 Time (days) 72 Payments (number per year) 33 Closing a business (rank) 108 Cost (% of property value) 5.1 Time (hours per year) 194 Time (years) 3.0 Total tax rate (% of profit) 42.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 23.9 COUNTRY TABLES 187 PARAGUAY Latin America & Caribbean GNI per capita (US$) 2,280 Ease of doing business (rank) 106 Lower middle income Population (m) 6.3 Starting a business (rank) 102 Getting credit (rank) 72 Trading across borders (rank) 152 Procedures (number) 7 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 35 Depth of credit information index (0-6) 6 Time to export (days) 33 Cost (% of income per capita) 55.1 Public registry coverage (% of adults) 13.9 Cost to export (US$ per container) 1,440 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10 Time to import (days) 33 Dealing with construction permits (rank) 71 Protecting investors (rank) 59 Cost to import (US$ per container) 1,750 Procedures (number) 13 Extent of disclosure index (0-10) 6 Time (days) 179 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 107 Cost (% of income per capita) 298.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 38 Strength of investor protection index (0-10) 5.7 Time (days) 591 Registering property (rank) 60 Cost (% of claim) 30.0 Procedures (number) 6 Paying taxes (rank) 110 Time (days) 46 Payments (number per year) 35 Closing a business (rank) 135 Cost (% of property value) 1.9 Time (hours per year) 311 Time (years) 3.9 Total tax rate (% of profit) 35.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 16.1 PERU Latin America & Caribbean GNI per capita (US$) 4,160 Ease of doing business (rank) 36 Upper middle income Population (m) 29.2 Starting a business (rank) 54 Getting credit (rank) 15 Trading across borders (rank) 53 Procedures (number) 6 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 27 Depth of credit information index (0-6) 6 Time to export (days) 12 Cost (% of income per capita) 13.6 Public registry coverage (% of adults) 25.5 Cost to export (US$ per container) 860 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 33.3 Documents to import (number) 8 Time to import (days) 17 Dealing with construction permits (rank) 97 Protecting investors (rank) 20 Cost to import (US$ per container) 880 Procedures (number) 19 Extent of disclosure index (0-10) 8 Time (days) 188 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 110 Cost (% of income per capita) 128.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 41 Strength of investor protection index (0-10) 6.7 Time (days) 428 Registering property (rank) 24 Cost (% of claim) 35.7 Procedures (number) 4 Paying taxes (rank) 86 Time (days) 7 Payments (number per year) 9 Closing a business (rank) 96 Cost (% of property value) 3.3 Time (hours per year) 380 Time (years) 3.1 Total tax rate (% of profit) 40.2 Cost (% of estate) 7 Recovery rate (cents on the dollar) 27.2 PHILIPPINES East Asia & Pacific GNI per capita (US$) 1,790 Ease of doing business (rank) 148 Lower middle income Population (m) 92.0 Starting a business (rank) 156 Getting credit (rank) 128 Trading across borders (rank) 61 Procedures (number) 15 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 38 Depth of credit information index (0-6) 3 Time to export (days) 15 Cost (% of income per capita) 29.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 675 Minimum capital (% of income per capita) 6.0 Private bureau coverage (% of adults) 7.4 Documents to import (number) 8 Time to import (days) 14 Dealing with construction permits (rank) 156 Protecting investors (rank) 132 Cost to import (US$ per container) 730 Procedures (number) 26 Extent of disclosure index (0-10) 2 Time (days) 169 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 118 Cost (% of income per capita) 778.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 37 Strength of investor protection index (0-10) 4.0 Time (days) 842 Registering property (rank) 102 Cost (% of claim) 26.0 Procedures (number) 8 Paying taxes (rank) 124 Time (days) 33 Payments (number per year) 47 Closing a business (rank) 153 Cost (% of property value) 4.3 Time (hours per year) 195 Time (years) 5.7 Total tax rate (% of profit) 45.8 Cost (% of estate) 38 Recovery rate (cents on the dollar) 4.5 188 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business POLAND OECD high income GNI per capita (US$) 12,260 Ease of doing business (rank) 70 High income Population (m) 38.1 Starting a business (rank) 113 Getting credit (rank) 15 Trading across borders (rank) 49 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 5 Time (days) 32 Depth of credit information index (0-6) 4 Time to export (days) 17 Cost (% of income per capita) 17.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 884 Minimum capital (% of income per capita) 14.7 Private bureau coverage (% of adults) 91.7 Documents to import (number) 5 Time to import (days) 25 Dealing with construction permits (rank) 164 Protecting investors (rank) 44 Cost to import (US$ per container) 884 Procedures (number) 32 Extent of disclosure index (0-10) 7 Time (days) 311 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 77 Cost (% of income per capita) 121.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 38 Strength of investor protection index (0-10) 6.0 Time (days) 830 Registering property (rank) 86 Cost (% of claim) 12.0 Procedures (number) 6 Paying taxes (rank) 121 Time (days) 152 Payments (number per year) 29 Closing a business (rank) 81 Cost (% of property value) 0.4 Time (hours per year) 325 Time (years) 3.0 Total tax rate (% of profit) 42.3 Cost (% of estate) 20 Recovery rate (cents on the dollar) 31.3 PORTUGAL OECD high income GNI per capita (US$) 20,940 Ease of doing business (rank) 31 High income Population (m) 10.6 Starting a business (rank) 59 Getting credit (rank) 89 Trading across borders (rank) 27 Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 4 Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 16 Cost (% of income per capita) 6.5 Public registry coverage (% of adults) 67.1 Cost to export (US$ per container) 685 Minimum capital (% of income per capita) 34.1 Private bureau coverage (% of adults) 16.3 Documents to import (number) 5 Time to import (days) 15 Dealing with construction permits (rank) 111 Protecting investors (rank) 44 Cost to import (US$ per container) 999 Procedures (number) 19 Extent of disclosure index (0-10) 6 Time (days) 272 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 24 Cost (% of income per capita) 53.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 31 Strength of investor protection index (0-10) 6.0 Time (days) 547 Registering property (rank) 31 Cost (% of claim) 13.0 Procedures (number) 1 Paying taxes (rank) 73 Time (days) 1 Payments (number per year) 8 Closing a business (rank) 21 Cost (% of property value) 7.4 Time (hours per year) 298 Time (years) 2.0 Total tax rate (% of profit) 43.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 72.6 PUERTO RICO Latin America & Caribbean GNI per capita (US$) 15,819 Ease of doing business (rank) 47 High income Population (m) 4.0 Starting a business (rank) 16 Getting credit (rank) 32 Trading across borders (rank) 107 Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 7 Time (days) 7 Depth of credit information index (0-6) 5 Time to export (days) 15 Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,250 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 71.5 Documents to import (number) 10 Time to import (days) 16 Dealing with construction permits (rank) 150 Protecting investors (rank) 16 Cost to import (US$ per container) 1,250 Procedures (number) 22 Extent of disclosure index (0-10) 7 Time (days) 209 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 99 Cost (% of income per capita) 500.4 Ease of shareholder suits index (0-10) 8 Procedures (number) 39 Strength of investor protection index (0-10) 7.0 Time (days) 620 Registering property (rank) 127 Cost (% of claim) 25.6 Procedures (number) 8 Paying taxes (rank) 108 Time (days) 194 Payments (number per year) 16 Closing a business (rank) 25 Cost (% of property value) 0.9 Time (hours per year) 218 Time (years) 3.8 Total tax rate (% of profit) 67.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 64.7 COUNTRY TABLES 189 QATAR Middle East & North Africa GNI per capita (US$) 68,872 Ease of doing business (rank) 50 High income Population (m) 1.4 Starting a business (rank) 111 Getting credit (rank) 138 Trading across borders (rank) 46 Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 5 Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 21 Cost (% of income per capita) 9.7 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 735 Minimum capital (% of income per capita) 79.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 20 Dealing with construction permits (rank) 30 Protecting investors (rank) 93 Cost to import (US$ per container) 657 Procedures (number) 19 Extent of disclosure index (0-10) 5 Time (days) 76 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 95 Cost (% of income per capita) 0.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 43 Strength of investor protection index (0-10) 5.0 Time (days) 570 Registering property (rank) 58 Cost (% of claim) 21.6 Procedures (number) 10 Paying taxes (rank) 2 Time (days) 16 Payments (number per year) 3 Closing a business (rank) 36 Cost (% of property value) 0.3 Time (hours per year) 36 Time (years) 2.8 Total tax rate (% of profit) 11.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 53.0 ROMANIA Eastern Europe & Central Asia GNI per capita (US$) 8,330 Ease of doing business (rank) 56 Upper middle income Population (m) 21.5 Starting a business (rank) 44 Getting credit (rank) 15 Trading across borders (rank) 47 Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 10 Depth of credit information index (0-6) 5 Time to export (days) 12 Cost (% of income per capita) 2.6 Public registry coverage (% of adults) 13.0 Cost to export (US$ per container) 1,275 Minimum capital (% of income per capita) 0.9 Private bureau coverage (% of adults) 33.3 Documents to import (number) 6 Time to import (days) 13 Dealing with construction permits (rank) 84 Protecting investors (rank) 44 Cost to import (US$ per container) 1,175 Procedures (number) 17 Extent of disclosure index (0-10) 9 Time (days) 228 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 54 Cost (% of income per capita) 73.9 Ease of shareholder suits index (0-10) 4 Procedures (number) 31 Strength of investor protection index (0-10) 6.0 Time (days) 512 Registering property (rank) 92 Cost (% of claim) 28.9 Procedures (number) 8 Paying taxes (rank) 151 Time (days) 48 Payments (number per year) 113 Closing a business (rank) 102 Cost (% of property value) 1.3 Time (hours per year) 222 Time (years) 3.3 Total tax rate (% of profit) 44.9 Cost (% of estate) 11 Recovery rate (cents on the dollar) 25.7 RUSSIAN FEDERATION Eastern Europe & Central Asia GNI per capita (US$) 9,370 Ease of doing business (rank) 123 Upper middle income Population (m) 141.9 Starting a business (rank) 108 Getting credit (rank) 89 Trading across borders (rank) 162 Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 8 Time (days) 30 Depth of credit information index (0-6) 5 Time to export (days) 36 Cost (% of income per capita) 3.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 1.9 Private bureau coverage (% of adults) 14.4 Documents to import (number) 13 Time to import (days) 36 Dealing with construction permits (rank) 182 Protecting investors (rank) 93 Cost to import (US$ per container) 1,850 Procedures (number) 53 Extent of disclosure index (0-10) 6 Time (days) 540 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 18 Cost (% of income per capita) 4,141.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 37 Strength of investor protection index (0-10) 5.0 Time (days) 281 Registering property (rank) 51 Cost (% of claim) 13.4 Procedures (number) 6 Paying taxes (rank) 105 Time (days) 43 Payments (number per year) 11 Closing a business (rank) 103 Cost (% of property value) 0.1 Time (hours per year) 320 Time (years) 3.8 Total tax rate (% of profit) 46.5 Cost (% of estate) 9 Recovery rate (cents on the dollar) 25.3 190 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business RWANDA Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 58 Low income Population (m) 10.0 Starting a business (rank) 9 Getting credit (rank) 32 Trading across borders (rank) 159 Procedures (number) 2 Strength of legal rights index (0-10) 8 Documents to export (number) 8 Time (days) 3 Depth of credit information index (0-6) 4 Time to export (days) 35 Cost (% of income per capita) 8.8 Public registry coverage (% of adults) 0.7 Cost to export (US$ per container) 3,275 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 34 Dealing with construction permits (rank) 82 Protecting investors (rank) 28 Cost to import (US$ per container) 4,990 Procedures (number) 14 Extent of disclosure index (0-10) 7 Time (days) 195 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 39 Cost (% of income per capita) 353.6 Ease of shareholder suits index (0-10) 3 Procedures (number) 24 Strength of investor protection index (0-10) 6.3 Time (days) 230 Registering property (rank) 41 Cost (% of claim) 78.7 Procedures (number) 4 Paying taxes (rank) 43 Time (days) 55 Payments (number per year) 26 Closing a business (rank) 183 Cost (% of property value) 0.4 Time (hours per year) 148 Time (years) NO PRACTICE Total tax rate (% of profit) 31.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 SAMOA East Asia & Pacific GNI per capita (US$) 2,840 Ease of doing business (rank) 61 Lower middle income Population (m) 0.2 Starting a business (rank) 20 Getting credit (rank) 128 Trading across borders (rank) 94 Procedures (number) 5 Strength of legal rights index (0-10) 6 Documents to export (number) 7 Time (days) 9 Depth of credit information index (0-6) 0 Time to export (days) 27 Cost (% of income per capita) 9.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 820 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 31 Dealing with construction permits (rank) 47 Protecting investors (rank) 28 Cost to import (US$ per container) 848 Procedures (number) 18 Extent of disclosure index (0-10) 5 Time (days) 88 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 82 Cost (% of income per capita) 78.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 44 Strength of investor protection index (0-10) 6.3 Time (days) 455 Registering property (rank) 34 Cost (% of claim) 19.7 Procedures (number) 5 Paying taxes (rank) 68 Time (days) 27 Payments (number per year) 37 Closing a business (rank) 140 Cost (% of property value) 1.6 Time (hours per year) 224 Time (years) 2.5 Total tax rate (% of profit) 18.9 Cost (% of estate) 38 Recovery rate (cents on the dollar) 14.6 SĂO TOMÉ AND PRINCIPE Sub-Saharan Africa GNI per capita (US$) 1,140 Ease of doing business (rank) 178 Lower middle income Population (m) 0.2 Starting a business (rank) 177 Getting credit (rank) 176 Trading across borders (rank) 92 Procedures (number) 10 Strength of legal rights index (0-10) 2 Documents to export (number) 8 Time (days) 144 Depth of credit information index (0-6) 0 Time to export (days) 27 Cost (% of income per capita) 77.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 385.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 29 Dealing with construction permits (rank) 113 Protecting investors (rank) 154 Cost to import (US$ per container) 577 Procedures (number) 13 Extent of disclosure index (0-10) 3 Time (days) 255 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 179 Cost (% of income per capita) 565.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 43 Strength of investor protection index (0-10) 3.3 Time (days) 1,185 Registering property (rank) 161 Cost (% of claim) 50.5 Procedures (number) 7 Paying taxes (rank) 135 Time (days) 62 Payments (number per year) 42 Closing a business (rank) 183 Cost (% of property value) 10.9 Time (hours per year) 424 Time (years) NO PRACTICE Total tax rate (% of profit) 33.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 COUNTRY TABLES 191 SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 14,486 Ease of doing business (rank) 11 High income Population (m) 25.4 Starting a business (rank) 13 Getting credit (rank) 46 Trading across borders (rank) 18 Procedures (number) 4 Strength of legal rights index (0-10) 5 Documents to export (number) 5 Time (days) 5 Depth of credit information index (0-6) 6 Time to export (days) 13 Cost (% of income per capita) 7.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 580 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 18.0 Documents to import (number) 5 Time to import (days) 17 Dealing with construction permits (rank) 14 Protecting investors (rank) 16 Cost to import (US$ per container) 686 Procedures (number) 12 Extent of disclosure index (0-10) 9 Time (days) 89 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 140 Cost (% of income per capita) 43.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 43 Strength of investor protection index (0-10) 7.0 Time (days) 635 Registering property (rank) 1 Cost (% of claim) 27.5 Procedures (number) 2 Paying taxes (rank) 6 Time (days) 2 Payments (number per year) 14 Closing a business (rank) 65 Cost (% of property value) 0.0 Time (hours per year) 79 Time (years) 1.5 Total tax rate (% of profit) 14.5 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.8 SENEGAL Sub-Saharan Africa GNI per capita (US$) 1,040 Ease of doing business (rank) 152 Lower middle income Population (m) 12.5 Starting a business (rank) 101 Getting credit (rank) 152 Trading across borders (rank) 67 Procedures (number) 4 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 8 Depth of credit information index (0-6) 1 Time to export (days) 11 Cost (% of income per capita) 63.1 Public registry coverage (% of adults) 0.4 Cost to export (US$ per container) 1,098 Minimum capital (% of income per capita) 205.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 14 Dealing with construction permits (rank) 117 Protecting investors (rank) 167 Cost to import (US$ per container) 1,940 Procedures (number) 16 Extent of disclosure index (0-10) 6 Time (days) 210 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 148 Cost (% of income per capita) 459.0 Ease of shareholder suits index (0-10) 2 Procedures (number) 44 Strength of investor protection index (0-10) 3.0 Time (days) 780 Registering property (rank) 167 Cost (% of claim) 26.5 Procedures (number) 6 Paying taxes (rank) 170 Time (days) 122 Payments (number per year) 59 Closing a business (rank) 79 Cost (% of property value) 20.6 Time (hours per year) 666 Time (years) 3.0 Total tax rate (% of profit) 46.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 32.0 SERBIA Eastern Europe & Central Asia GNI per capita (US$) 5,990 Ease of doing business (rank) 89 Upper middle income Population (m) 7.3 Starting a business (rank) 83 Getting credit (rank) 15 Trading across borders (rank) 74 Procedures (number) 7 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 13 Depth of credit information index (0-6) 5 Time to export (days) 12 Cost (% of income per capita) 7.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,398 Minimum capital (% of income per capita) 6.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 6 Time to import (days) 14 Dealing with construction permits (rank) 176 Protecting investors (rank) 74 Cost to import (US$ per container) 1,559 Procedures (number) 20 Extent of disclosure index (0-10) 7 Time (days) 279 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 94 Cost (% of income per capita) 1,821.4 Ease of shareholder suits index (0-10) 3 Procedures (number) 36 Strength of investor protection index (0-10) 5.3 Time (days) 635 Registering property (rank) 100 Cost (% of claim) 28.9 Procedures (number) 6 Paying taxes (rank) 138 Time (days) 91 Payments (number per year) 66 Closing a business (rank) 86 Cost (% of property value) 2.7 Time (hours per year) 279 Time (years) 2.7 Total tax rate (% of profit) 34.0 Cost (% of estate) 23 Recovery rate (cents on the dollar) 29.5 192 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business SEYCHELLES Sub-Saharan Africa GNI per capita (US$) 8,480 Ease of doing business (rank) 95 Upper middle income Population (m) 0.1 Starting a business (rank) 109 Getting credit (rank) 152 Trading across borders (rank) 36 Procedures (number) 10 Strength of legal rights index (0-10) 4 Documents to export (number) 5 Time (days) 39 Depth of credit information index (0-6) 0 Time to export (days) 17 Cost (% of income per capita) 17.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 876 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 18 Dealing with construction permits (rank) 61 Protecting investors (rank) 59 Cost to import (US$ per container) 876 Procedures (number) 20 Extent of disclosure index (0-10) 4 Time (days) 144 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 69 Cost (% of income per capita) 38.0 Ease of shareholder suits index (0-10) 5 Procedures (number) 37 Strength of investor protection index (0-10) 5.7 Time (days) 720 Registering property (rank) 62 Cost (% of claim) 15.4 Procedures (number) 4 Paying taxes (rank) 38 Time (days) 33 Payments (number per year) 16 Closing a business (rank) 183 Cost (% of property value) 7.0 Time (hours per year) 76 Time (years) NO PRACTICE Total tax rate (% of profit) 44.1 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 SIERRA LEONE Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 143 Low income Population (m) 5.7 Starting a business (rank) 61 Getting credit (rank) 128 Trading across borders (rank) 136 Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 7 Time (days) 12 Depth of credit information index (0-6) 0 Time to export (days) 26 Cost (% of income per capita) 110.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,573 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 31 Dealing with construction permits (rank) 166 Protecting investors (rank) 28 Cost to import (US$ per container) 1,639 Procedures (number) 25 Extent of disclosure index (0-10) 6 Time (days) 252 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 144 Cost (% of income per capita) 343.3 Ease of shareholder suits index (0-10) 6 Procedures (number) 40 Strength of investor protection index (0-10) 6.3 Time (days) 515 Registering property (rank) 169 Cost (% of claim) 149.5 Procedures (number) 7 Paying taxes (rank) 159 Time (days) 86 Payments (number per year) 29 Closing a business (rank) 149 Cost (% of property value) 12.2 Time (hours per year) 357 Time (years) 2.6 Total tax rate (% of profit) 235.6 Cost (% of estate) 42 Recovery rate (cents on the dollar) 8.4 SINGAPORE East Asia & Pacific GNI per capita (US$) 37,220 Ease of doing business (rank) 1 High income Population (m) 5.0 Starting a business (rank) 4 Getting credit (rank) 6 Trading across borders (rank) 1 Procedures (number) 3 Strength of legal rights index (0-10) 10 Documents to export (number) 4 Time (days) 3 Depth of credit information index (0-6) 4 Time to export (days) 5 Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 456 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 60.8 Documents to import (number) 4 Time to import (days) 4 Dealing with construction permits (rank) 2 Protecting investors (rank) 2 Cost to import (US$ per container) 439 Procedures (number) 11 Extent of disclosure index (0-10) 10 Time (days) 25 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 13 Cost (% of income per capita) 19.7 Ease of shareholder suits index (0-10) 9 Procedures (number) 21 Strength of investor protection index (0-10) 9.3 Time (days) 150 Registering property (rank) 15 Cost (% of claim) 25.8 Procedures (number) 3 Paying taxes (rank) 4 Time (days) 5 Payments (number per year) 5 Closing a business (rank) 2 Cost (% of property value) 2.8 Time (hours per year) 84 Time (years) 0.8 Total tax rate (% of profit) 25.4 Cost (% of estate) 1 Recovery rate (cents on the dollar) 91.3 COUNTRY TABLES 193 SLOVAK REPUBLIC OECD high income GNI per capita (US$) 16,130 Ease of doing business (rank) 41 High income Population (m) 5.4 Starting a business (rank) 68 Getting credit (rank) 15 Trading across borders (rank) 102 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 6 Time (days) 16 Depth of credit information index (0-6) 4 Time to export (days) 17 Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 2.2 Cost to export (US$ per container) 1,530 Minimum capital (% of income per capita) 22.2 Private bureau coverage (% of adults) 44.5 Documents to import (number) 8 Time to import (days) 19 Dealing with construction permits (rank) 56 Protecting investors (rank) 109 Cost to import (US$ per container) 1,505 Procedures (number) 13 Extent of disclosure index (0-10) 3 Time (days) 287 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 71 Cost (% of income per capita) 12.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 31 Strength of investor protection index (0-10) 4.7 Time (days) 565 Registering property (rank) 9 Cost (% of claim) 30.0 Procedures (number) 3 Paying taxes (rank) 122 Time (days) 17 Payments (number per year) 31 Closing a business (rank) 33 Cost (% of property value) 0.0 Time (hours per year) 257 Time (years) 4.0 Total tax rate (% of profit) 48.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 55.3 SLOVENIA OECD high income GNI per capita (US$) 23,520 Ease of doing business (rank) 42 High income Population (m) 2.0 Starting a business (rank) 28 Getting credit (rank) 116 Trading across borders (rank) 56 Procedures (number) 2 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 6 Depth of credit information index (0-6) 2 Time to export (days) 19 Cost (% of income per capita) 0.0 Public registry coverage (% of adults) 2.7 Cost to export (US$ per container) 710 Minimum capital (% of income per capita) 45.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 17 Dealing with construction permits (rank) 63 Protecting investors (rank) 20 Cost to import (US$ per container) 765 Procedures (number) 14 Extent of disclosure index (0-10) 3 Time (days) 199 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 60 Cost (% of income per capita) 85.1 Ease of shareholder suits index (0-10) 8 Procedures (number) 32 Strength of investor protection index (0-10) 6.7 Time (days) 1,290 Registering property (rank) 97 Cost (% of claim) 12.7 Procedures (number) 6 Paying taxes (rank) 80 Time (days) 113 Payments (number per year) 22 Closing a business (rank) 38 Cost (% of property value) 2.1 Time (hours per year) 260 Time (years) 2.0 Total tax rate (% of profit) 35.4 Cost (% of estate) 4 Recovery rate (cents on the dollar) 50.9 SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 910 Ease of doing business (rank) 96 Low income Population (m) 0.5 Starting a business (rank) 112 Getting credit (rank) 89 Trading across borders (rank) 86 Procedures (number) 7 Strength of legal rights index (0-10) 8 Documents to export (number) 7 Time (days) 57 Depth of credit information index (0-6) 0 Time to export (days) 24 Cost (% of income per capita) 68.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,023 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 4 Time to import (days) 21 Dealing with construction permits (rank) 46 Protecting investors (rank) 59 Cost to import (US$ per container) 1,237 Procedures (number) 12 Extent of disclosure index (0-10) 3 Time (days) 62 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 108 Cost (% of income per capita) 665.4 Ease of shareholder suits index (0-10) 7 Procedures (number) 37 Strength of investor protection index (0-10) 5.7 Time (days) 455 Registering property (rank) 173 Cost (% of claim) 78.9 Procedures (number) 10 Paying taxes (rank) 51 Time (days) 297 Payments (number per year) 33 Closing a business (rank) 110 Cost (% of property value) 4.9 Time (hours per year) 80 Time (years) 1.0 Total tax rate (% of profit) 36.4 Cost (% of estate) 38 Recovery rate (cents on the dollar) 23.4 194 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business SOUTH AFRICA Sub-Saharan Africa GNI per capita (US$) 5,770 Ease of doing business (rank) 34 Upper middle income Population (m) 49.3 Starting a business (rank) 75 Getting credit (rank) 2 Trading across borders (rank) 149 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 8 Time (days) 22 Depth of credit information index (0-6) 6 Time to export (days) 30 Cost (% of income per capita) 6.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,531 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 54.9 Documents to import (number) 9 Time to import (days) 35 Dealing with construction permits (rank) 52 Protecting investors (rank) 10 Cost to import (US$ per container) 1,807 Procedures (number) 17 Extent of disclosure index (0-10) 8 Time (days) 174 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 85 Cost (% of income per capita) 23.1 Ease of shareholder suits index (0-10) 8 Procedures (number) 30 Strength of investor protection index (0-10) 8.0 Time (days) 600 Registering property (rank) 91 Cost (% of claim) 33.2 Procedures (number) 6 Paying taxes (rank) 24 Time (days) 24 Payments (number per year) 9 Closing a business (rank) 74 Cost (% of property value) 8.8 Time (hours per year) 200 Time (years) 2.0 Total tax rate (% of profit) 30.5 Cost (% of estate) 18 Recovery rate (cents on the dollar) 34.4 SPAIN OECD high income GNI per capita (US$) 31,870 Ease of doing business (rank) 49 High income Population (m) 46.0 Starting a business (rank) 147 Getting credit (rank) 46 Trading across borders (rank) 54 Procedures (number) 10 Strength of legal rights index (0-10) 6 Documents to export (number) 6 Time (days) 47 Depth of credit information index (0-6) 5 Time to export (days) 9 Cost (% of income per capita) 15.1 Public registry coverage (% of adults) 54.6 Cost to export (US$ per container) 1,221 Minimum capital (% of income per capita) 13.5 Private bureau coverage (% of adults) 10.7 Documents to import (number) 7 Time to import (days) 10 Dealing with construction permits (rank) 49 Protecting investors (rank) 93 Cost to import (US$ per container) 1,221 Procedures (number) 11 Extent of disclosure index (0-10) 5 Time (days) 233 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 52 Cost (% of income per capita) 47.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 39 Strength of investor protection index (0-10) 5.0 Time (days) 515 Registering property (rank) 54 Cost (% of claim) 17.2 Procedures (number) 4 Paying taxes (rank) 71 Time (days) 18 Payments (number per year) 8 Closing a business (rank) 19 Cost (% of property value) 7.1 Time (hours per year) 197 Time (years) 1.0 Total tax rate (% of profit) 56.5 Cost (% of estate) 11 Recovery rate (cents on the dollar) 76.3 SRI LANKA South Asia GNI per capita (US$) 1,990 Ease of doing business (rank) 102 Lower middle income Population (m) 20.3 Starting a business (rank) 34 Getting credit (rank) 72 Trading across borders (rank) 72 Procedures (number) 4 Strength of legal rights index (0-10) 4 Documents to export (number) 8 Time (days) 35 Depth of credit information index (0-6) 5 Time to export (days) 21 Cost (% of income per capita) 5.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 715 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 18.6 Documents to import (number) 6 Time to import (days) 19 Dealing with construction permits (rank) 169 Protecting investors (rank) 74 Cost to import (US$ per container) 745 Procedures (number) 22 Extent of disclosure index (0-10) 4 Time (days) 214 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 137 Cost (% of income per capita) 1,335.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 40 Strength of investor protection index (0-10) 5.3 Time (days) 1,318 Registering property (rank) 155 Cost (% of claim) 22.8 Procedures (number) 8 Paying taxes (rank) 166 Time (days) 83 Payments (number per year) 62 Closing a business (rank) 43 Cost (% of property value) 5.1 Time (hours per year) 256 Time (years) 1.7 Total tax rate (% of profit) 64.7 Cost (% of estate) 5 Recovery rate (cents on the dollar) 47.0 COUNTRY TABLES 195 ST. KITTS AND NEVIS Latin America & Caribbean GNI per capita (US$) 10,150 Ease of doing business (rank) 87 Upper middle income Population (m) 0.05 Starting a business (rank) 55 Getting credit (rank) 116 Trading across borders (rank) 39 Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 4 Time (days) 19 Depth of credit information index (0-6) 0 Time to export (days) 12 Cost (% of income per capita) 11.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 850 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5 Time to import (days) 13 Dealing with construction permits (rank) 8 Protecting investors (rank) 28 Cost to import (US$ per container) 2,138 Procedures (number) 14 Extent of disclosure index (0-10) 4 Time (days) 67 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 115 Cost (% of income per capita) 4.8 Ease of shareholder suits index (0-10) 7 Procedures (number) 47 Strength of investor protection index (0-10) 6.3 Time (days) 578 Registering property (rank) 160 Cost (% of claim) 20.5 Procedures (number) 6 Paying taxes (rank) 98 Time (days) 81 Payments (number per year) 24 Closing a business (rank) 183 Cost (% of property value) 13.3 Time (hours per year) 155 Time (years) NO PRACTICE Total tax rate (% of profit) 52.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 ST. LUCIA Latin America & Caribbean GNI per capita (US$) 5,190 Ease of doing business (rank) 53 Upper middle income Population (m) 0.2 Starting a business (rank) 41 Getting credit (rank) 89 Trading across borders (rank) 105 Procedures (number) 5 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 14 Depth of credit information index (0-6) 0 Time to export (days) 14 Cost (% of income per capita) 23.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,700 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 18 Dealing with construction permits (rank) 13 Protecting investors (rank) 28 Cost to import (US$ per container) 2,745 Procedures (number) 9 Extent of disclosure index (0-10) 4 Time (days) 139 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 165 Cost (% of income per capita) 32.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 47 Strength of investor protection index (0-10) 6.3 Time (days) 635 Registering property (rank) 77 Cost (% of claim) 37.3 Procedures (number) 6 Paying taxes (rank) 45 Time (days) 16 Payments (number per year) 32 Closing a business (rank) 52 Cost (% of property value) 7.4 Time (hours per year) 92 Time (years) 2.0 Total tax rate (% of profit) 34.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 41.5 ST. VINCENT AND THE GRENADINES Latin America & Caribbean GNI per capita (US$) 5,130 Ease of doing business (rank) 75 Upper middle income Population (m) 0.1 Starting a business (rank) 52 Getting credit (rank) 116 Trading across borders (rank) 41 Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 5 Time (days) 10 Depth of credit information index (0-6) 0 Time to export (days) 12 Cost (% of income per capita) 21.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,075 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 4 Time to import (days) 12 Dealing with construction permits (rank) 3 Protecting investors (rank) 28 Cost to import (US$ per container) 1,605 Procedures (number) 11 Extent of disclosure index (0-10) 4 Time (days) 74 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 103 Cost (% of income per capita) 7.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 45 Strength of investor protection index (0-10) 6.3 Time (days) 394 Registering property (rank) 138 Cost (% of claim) 30.3 Procedures (number) 7 Paying taxes (rank) 55 Time (days) 38 Payments (number per year) 32 Closing a business (rank) 183 Cost (% of property value) 11.9 Time (hours per year) 111 Time (years) NO PRACTICE Total tax rate (% of profit) 38.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 196 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business SUDAN Sub-Saharan Africa GNI per capita (US$) 1,230 Ease of doing business (rank) 154 Lower middle income Population (m) 42.3 Starting a business (rank) 121 Getting credit (rank) 138 Trading across borders (rank) 143 Procedures (number) 10 Strength of legal rights index (0-10) 5 Documents to export (number) 6 Time (days) 36 Depth of credit information index (0-6) 0 Time to export (days) 32 Cost (% of income per capita) 33.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,050 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 46 Dealing with construction permits (rank) 139 Protecting investors (rank) 154 Cost to import (US$ per container) 2,900 Procedures (number) 19 Extent of disclosure index (0-10) 0 Time (days) 271 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 146 Cost (% of income per capita) 192.2 Ease of shareholder suits index (0-10) 4 Procedures (number) 53 Strength of investor protection index (0-10) 3.3 Time (days) 810 Registering property (rank) 40 Cost (% of claim) 19.8 Procedures (number) 6 Paying taxes (rank) 94 Time (days) 9 Payments (number per year) 42 Closing a business (rank) 183 Cost (% of property value) 3.0 Time (hours per year) 180 Time (years) NO PRACTICE Total tax rate (% of profit) 36.1 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 SURINAME Latin America & Caribbean GNI per capita (US$) 5,676 Ease of doing business (rank) 161 Upper middle income Population (m) 0.5 Starting a business (rank) 171 Getting credit (rank) 138 Trading across borders (rank) 101 Procedures (number) 13 Strength of legal rights index (0-10) 5 Documents to export (number) 8 Time (days) 694 Depth of credit information index (0-6) 0 Time to export (days) 25 Cost (% of income per capita) 119.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 0.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 25 Dealing with construction permits (rank) 94 Protecting investors (rank) 181 Cost to import (US$ per container) 945 Procedures (number) 14 Extent of disclosure index (0-10) 1 Time (days) 431 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 178 Cost (% of income per capita) 88.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 44 Strength of investor protection index (0-10) 2.0 Time (days) 1,715 Registering property (rank) 168 Cost (% of claim) 37.1 Procedures (number) 6 Paying taxes (rank) 34 Time (days) 197 Payments (number per year) 17 Closing a business (rank) 146 Cost (% of property value) 13.8 Time (hours per year) 199 Time (years) 5.0 Total tax rate (% of profit) 27.9 Cost (% of estate) 30 Recovery rate (cents on the dollar) 8.7 SWAZILAND Sub-Saharan Africa GNI per capita (US$) 2,350 Ease of doing business (rank) 118 Lower middle income Population (m) 1.2 Starting a business (rank) 153 Getting credit (rank) 46 Trading across borders (rank) 147 Procedures (number) 12 Strength of legal rights index (0-10) 6 Documents to export (number) 9 Time (days) 56 Depth of credit information index (0-6) 5 Time to export (days) 18 Cost (% of income per capita) 33.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,754 Minimum capital (% of income per capita) 0.5 Private bureau coverage (% of adults) 35.7 Documents to import (number) 10 Time to import (days) 27 Dealing with construction permits (rank) 40 Protecting investors (rank) 120 Cost to import (US$ per container) 1,849 Procedures (number) 14 Extent of disclosure index (0-10) 2 Time (days) 116 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 170 Cost (% of income per capita) 143.0 Ease of shareholder suits index (0-10) 6 Procedures (number) 40 Strength of investor protection index (0-10) 4.3 Time (days) 972 Registering property (rank) 156 Cost (% of claim) 56.1 Procedures (number) 9 Paying taxes (rank) 52 Time (days) 44 Payments (number per year) 33 Closing a business (rank) 63 Cost (% of property value) 7.1 Time (hours per year) 104 Time (years) 2.0 Total tax rate (% of profit) 36.8 Cost (% of estate) 15 Recovery rate (cents on the dollar) 37.6 COUNTRY TABLES 197 SWEDEN OECD high income GNI per capita (US$) 48,930 Ease of doing business (rank) 14 High income Population (m) 9.3 Starting a business (rank) 39 Getting credit (rank) 72 Trading across borders (rank) 7 Procedures (number) 3 Strength of legal rights index (0-10) 5 Documents to export (number) 3 Time (days) 15 Depth of credit information index (0-6) 4 Time to export (days) 8 Cost (% of income per capita) 0.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 697 Minimum capital (% of income per capita) 14.7 Private bureau coverage (% of adults) 100.0 Documents to import (number) 3 Time to import (days) 6 Dealing with construction permits (rank) 20 Protecting investors (rank) 28 Cost to import (US$ per container) 735 Procedures (number) 8 Extent of disclosure index (0-10) 8 Time (days) 116 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 52 Cost (% of income per capita) 106.5 Ease of shareholder suits index (0-10) 7 Procedures (number) 30 Strength of investor protection index (0-10) 6.3 Time (days) 508 Registering property (rank) 15 Cost (% of claim) 31.2 Procedures (number) 1 Paying taxes (rank) 39 Time (days) 7 Payments (number per year) 2 Closing a business (rank) 18 Cost (% of property value) 3.0 Time (hours per year) 122 Time (years) 2.0 Total tax rate (% of profit) 54.6 Cost (% of estate) 9 Recovery rate (cents on the dollar) 77.3 SWITZERLAND OECD high income GNI per capita (US$) 67,560 Ease of doing business (rank) 27 High income Population (m) 7.7 Starting a business (rank) 80 Getting credit (rank) 15 Trading across borders (rank) 43 Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 4 Time (days) 20 Depth of credit information index (0-6) 5 Time to export (days) 8 Cost (% of income per capita) 2.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,537 Minimum capital (% of income per capita) 27.2 Private bureau coverage (% of adults) 22.3 Documents to import (number) 5 Time to import (days) 9 Dealing with construction permits (rank) 37 Protecting investors (rank) 167 Cost to import (US$ per container) 1,540 Procedures (number) 14 Extent of disclosure index (0-10) 0 Time (days) 154 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 28 Cost (% of income per capita) 51.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 31 Strength of investor protection index (0-10) 3.0 Time (days) 417 Registering property (rank) 14 Cost (% of claim) 24.0 Procedures (number) 4 Paying taxes (rank) 16 Time (days) 16 Payments (number per year) 19 Closing a business (rank) 41 Cost (% of property value) 0.4 Time (hours per year) 63 Time (years) 3.0 Total tax rate (% of profit) 30.1 Cost (% of estate) 4 Recovery rate (cents on the dollar) 47.5 SYRIAN ARAB REPUBLIC Middle East & North Africa GNI per capita (US$) 2,410 Ease of doing business (rank) 144 Lower middle income Population (m) 21.1 Starting a business (rank) 134 Getting credit (rank) 168 Trading across borders (rank) 120 Procedures (number) 7 Strength of legal rights index (0-10) 1 Documents to export (number) 8 Time (days) 13 Depth of credit information index (0-6) 2 Time to export (days) 15 Cost (% of income per capita) 38.1 Public registry coverage (% of adults) 2.2 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 355.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 21 Dealing with construction permits (rank) 134 Protecting investors (rank) 109 Cost to import (US$ per container) 1,625 Procedures (number) 26 Extent of disclosure index (0-10) 7 Time (days) 128 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 176 Cost (% of income per capita) 568.4 Ease of shareholder suits index (0-10) 2 Procedures (number) 55 Strength of investor protection index (0-10) 4.7 Time (days) 872 Registering property (rank) 80 Cost (% of claim) 29.3 Procedures (number) 4 Paying taxes (rank) 110 Time (days) 19 Payments (number per year) 20 Closing a business (rank) 95 Cost (% of property value) 27.9 Time (hours per year) 336 Time (years) 4.1 Total tax rate (% of profit) 42.9 Cost (% of estate) 9 Recovery rate (cents on the dollar) 27.4 198 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business TAIWAN, CHINA East Asia & Pacific GNI per capita (US$) 16,392 Ease of doing business (rank) 33 High income Population (m) 23.1 Starting a business (rank) 24 Getting credit (rank) 72 Trading across borders (rank) 17 Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 5 Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 12 Cost (% of income per capita) 4.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 645 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 90.4 Documents to import (number) 6 Time to import (days) 12 Dealing with construction permits (rank) 95 Protecting investors (rank) 74 Cost to import (US$ per container) 700 Procedures (number) 28 Extent of disclosure index (0-10) 7 Time (days) 142 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 90 Cost (% of income per capita) 100.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 47 Strength of investor protection index (0-10) 5.3 Time (days) 510 Registering property (rank) 32 Cost (% of claim) 17.7 Procedures (number) 3 Paying taxes (rank) 87 Time (days) 5 Payments (number per year) 17 Closing a business (rank) 10 Cost (% of property value) 6.2 Time (hours per year) 269 Time (years) 1.9 Total tax rate (% of profit) 41.9 Cost (% of estate) 4 Recovery rate (cents on the dollar) 82.2 TAJIKISTAN Eastern Europe & Central Asia GNI per capita (US$) 700 Ease of doing business (rank) 139 Low income Population (m) 7.0 Starting a business (rank) 136 Getting credit (rank) 168 Trading across borders (rank) 178 Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 10 Time (days) 27 Depth of credit information index (0-6) 0 Time to export (days) 82 Cost (% of income per capita) 36.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,350 Minimum capital (% of income per capita) 8.5 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 83 Dealing with construction permits (rank) 178 Protecting investors (rank) 59 Cost to import (US$ per container) 4,550 Procedures (number) 30 Extent of disclosure index (0-10) 8 Time (days) 228 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 40 Cost (% of income per capita) 996.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 34 Strength of investor protection index (0-10) 5.7 Time (days) 430 Registering property (rank) 87 Cost (% of claim) 25.5 Procedures (number) 6 Paying taxes (rank) 165 Time (days) 37 Payments (number per year) 54 Closing a business (rank) 64 Cost (% of property value) 5.5 Time (hours per year) 224 Time (years) 1.7 Total tax rate (% of profit) 86.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 37.4 TANZANIA Sub-Saharan Africa GNI per capita (US$) 500 Ease of doing business (rank) 128 Low income Population (m) 43.7 Starting a business (rank) 122 Getting credit (rank) 89 Trading across borders (rank) 109 Procedures (number) 12 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 29 Depth of credit information index (0-6) 0 Time to export (days) 24 Cost (% of income per capita) 30.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,262 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 31 Dealing with construction permits (rank) 179 Protecting investors (rank) 93 Cost to import (US$ per container) 1,475 Procedures (number) 22 Extent of disclosure index (0-10) 3 Time (days) 328 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 32 Cost (% of income per capita) 2,756.3 Ease of shareholder suits index (0-10) 8 Procedures (number) 38 Strength of investor protection index (0-10) 5.0 Time (days) 462 Registering property (rank) 151 Cost (% of claim) 14.3 Procedures (number) 9 Paying taxes (rank) 120 Time (days) 73 Payments (number per year) 48 Closing a business (rank) 113 Cost (% of property value) 4.4 Time (hours per year) 172 Time (years) 3.0 Total tax rate (% of profit) 45.2 Cost (% of estate) 22 Recovery rate (cents on the dollar) 21.9 COUNTRY TABLES 199 THAILAND East Asia & Pacific GNI per capita (US$) 3,760 Ease of doing business (rank) 19 Lower middle income Population (m) 67.8 Starting a business (rank) 95 Getting credit (rank) 72 Trading across borders (rank) 12 Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 4 Time (days) 32 Depth of credit information index (0-6) 5 Time to export (days) 14 Cost (% of income per capita) 5.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 35.7 Documents to import (number) 3 Time to import (days) 13 Dealing with construction permits (rank) 12 Protecting investors (rank) 12 Cost to import (US$ per container) 795 Procedures (number) 11 Extent of disclosure index (0-10) 10 Time (days) 156 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 25 Cost (% of income per capita) 9.5 Ease of shareholder suits index (0-10) 6 Procedures (number) 36 Strength of investor protection index (0-10) 7.7 Time (days) 479 Registering property (rank) 19 Cost (% of claim) 12.3 Procedures (number) 2 Paying taxes (rank) 91 Time (days) 2 Payments (number per year) 23 Closing a business (rank) 46 Cost (% of property value) 4.3 Time (hours per year) 264 Time (years) 2.7 Total tax rate (% of profit) 37.4 Cost (% of estate) 36 Recovery rate (cents on the dollar) 43.5 TIMOR-LESTE East Asia & Pacific GNI per capita (US$) 543 Ease of doing business (rank) 174 Lower middle income Population (m) 1.1 Starting a business (rank) 167 Getting credit (rank) 182 Trading across borders (rank) 91 Procedures (number) 10 Strength of legal rights index (0-10) 1 Documents to export (number) 6 Time (days) 83 Depth of credit information index (0-6) 0 Time to export (days) 25 Cost (% of income per capita) 18.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,010 Minimum capital (% of income per capita) 921.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 26 Dealing with construction permits (rank) 128 Protecting investors (rank) 132 Cost to import (US$ per container) 1,015 Procedures (number) 22 Extent of disclosure index (0-10) 3 Time (days) 208 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 183 Cost (% of income per capita) 138.2 Ease of shareholder suits index (0-10) 5 Procedures (number) 51 Strength of investor protection index (0-10) 4.0 Time (days) 1,285 Registering property (rank) 183 Cost (% of claim) 163.2 Procedures (number) NO PRACTICE Paying taxes (rank) 20 Time (days) NO PRACTICE Payments (number per year) 6 Closing a business (rank) 183 Cost (% of property value) NO PRACTICE Time (hours per year) 276 Time (years) NO PRACTICE Total tax rate (% of profit) 0.2 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 TOGO Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 160 Low income Population (m) 6.6 Starting a business (rank) 169 Getting credit (rank) 152 Trading across borders (rank) 93 Procedures (number) 7 Strength of legal rights index (0-10) 3 Documents to export (number) 6 Time (days) 75 Depth of credit information index (0-6) 1 Time to export (days) 24 Cost (% of income per capita) 178.1 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 486.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 28 Dealing with construction permits (rank) 152 Protecting investors (rank) 147 Cost to import (US$ per container) 963 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 277 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 151 Cost (% of income per capita) 1,241.9 Ease of shareholder suits index (0-10) 4 Procedures (number) 41 Strength of investor protection index (0-10) 3.7 Time (days) 588 Registering property (rank) 158 Cost (% of claim) 47.5 Procedures (number) 5 Paying taxes (rank) 157 Time (days) 295 Payments (number per year) 53 Closing a business (rank) 84 Cost (% of property value) 13.0 Time (hours per year) 270 Time (years) 3.0 Total tax rate (% of profit) 50.8 Cost (% of estate) 15 Recovery rate (cents on the dollar) 30.6 200 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business TONGA East Asia & Pacific GNI per capita (US$) 3,260 Ease of doing business (rank) 71 Lower middle income Population (m) 0.1 Starting a business (rank) 30 Getting credit (rank) 116 Trading across borders (rank) 60 Procedures (number) 4 Strength of legal rights index (0-10) 7 Documents to export (number) 7 Time (days) 25 Depth of credit information index (0-6) 0 Time to export (days) 19 Cost (% of income per capita) 7.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 650 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 24 Dealing with construction permits (rank) 34 Protecting investors (rank) 109 Cost to import (US$ per container) 725 Procedures (number) 11 Extent of disclosure index (0-10) 3 Time (days) 76 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 56 Cost (% of income per capita) 269.6 Ease of shareholder suits index (0-10) 8 Procedures (number) 37 Strength of investor protection index (0-10) 4.7 Time (days) 350 Registering property (rank) 125 Cost (% of claim) 30.5 Procedures (number) 4 Paying taxes (rank) 31 Time (days) 108 Payments (number per year) 20 Closing a business (rank) 104 Cost (% of property value) 10.2 Time (hours per year) 164 Time (years) 2.7 Total tax rate (% of profit) 25.5 Cost (% of estate) 22 Recovery rate (cents on the dollar) 25.3 TRINIDAD AND TOBAGO Latin America & Caribbean GNI per capita (US$) 16,560 Ease of doing business (rank) 97 High income Population (m) 1.3 Starting a business (rank) 74 Getting credit (rank) 32 Trading across borders (rank) 51 Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 5 Time (days) 43 Depth of credit information index (0-6) 4 Time to export (days) 14 Cost (% of income per capita) 0.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 808 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 45.2 Documents to import (number) 6 Time to import (days) 19 Dealing with construction permits (rank) 85 Protecting investors (rank) 20 Cost to import (US$ per container) 1,250 Procedures (number) 20 Extent of disclosure index (0-10) 4 Time (days) 261 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 169 Cost (% of income per capita) 5.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 42 Strength of investor protection index (0-10) 6.7 Time (days) 1,340 Registering property (rank) 171 Cost (% of claim) 33.5 Procedures (number) 8 Paying taxes (rank) 91 Time (days) 162 Payments (number per year) 40 Closing a business (rank) 183 Cost (% of property value) 7.0 Time (hours per year) 210 Time (years) NO PRACTICE Total tax rate (% of profit) 33.1 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 TUNISIA Middle East & North Africa GNI per capita (US$) 3,720 Ease of doing business (rank) 55 Lower middle income Population (m) 10.4 Starting a business (rank) 48 Getting credit (rank) 89 Trading across borders (rank) 30 Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 4 Time (days) 11 Depth of credit information index (0-6) 5 Time to export (days) 13 Cost (% of income per capita) 5.0 Public registry coverage (% of adults) 22.9 Cost to export (US$ per container) 773 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7 Time to import (days) 17 Dealing with construction permits (rank) 106 Protecting investors (rank) 74 Cost to import (US$ per container) 858 Procedures (number) 20 Extent of disclosure index (0-10) 5 Time (days) 97 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 78 Cost (% of income per capita) 858.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 39 Strength of investor protection index (0-10) 5.3 Time (days) 565 Registering property (rank) 64 Cost (% of claim) 21.8 Procedures (number) 4 Paying taxes (rank) 58 Time (days) 39 Payments (number per year) 8 Closing a business (rank) 37 Cost (% of property value) 6.1 Time (hours per year) 144 Time (years) 1.3 Total tax rate (% of profit) 62.8 Cost (% of estate) 7 Recovery rate (cents on the dollar) 51.7 COUNTRY TABLES 201 TURKEY Eastern Europe & Central Asia GNI per capita (US$) 8,730 Ease of doing business (rank) 65 Upper middle income Population (m) 74.8 Starting a business (rank) 63 Getting credit (rank) 72 Trading across borders (rank) 76 Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 7 Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 14 Cost (% of income per capita) 17.2 Public registry coverage (% of adults) 18.3 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 9.9 Private bureau coverage (% of adults) 42.2 Documents to import (number) 8 Time to import (days) 15 Dealing with construction permits (rank) 137 Protecting investors (rank) 59 Cost to import (US$ per container) 1,063 Procedures (number) 25 Extent of disclosure index (0-10) 9 Time (days) 188 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 26 Cost (% of income per capita) 231.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 35 Strength of investor protection index (0-10) 5.7 Time (days) 420 Registering property (rank) 38 Cost (% of claim) 18.8 Procedures (number) 6 Paying taxes (rank) 75 Time (days) 6 Payments (number per year) 15 Closing a business (rank) 115 Cost (% of property value) 3.0 Time (hours per year) 223 Time (years) 3.3 Total tax rate (% of profit) 44.5 Cost (% of estate) 15 Recovery rate (cents on the dollar) 21.1 UGANDA Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 122 Low income Population (m) 32.7 Starting a business (rank) 137 Getting credit (rank) 46 Trading across borders (rank) 148 Procedures (number) 18 Strength of legal rights index (0-10) 7 Documents to export (number) 6 Time (days) 25 Depth of credit information index (0-6) 4 Time to export (days) 37 Cost (% of income per capita) 94.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,780 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 1.1 Documents to import (number) 8 Time to import (days) 34 Dealing with construction permits (rank) 133 Protecting investors (rank) 132 Cost to import (US$ per container) 2,940 Procedures (number) 18 Extent of disclosure index (0-10) 2 Time (days) 171 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 113 Cost (% of income per capita) 1,287.8 Ease of shareholder suits index (0-10) 5 Procedures (number) 38 Strength of investor protection index (0-10) 4.0 Time (days) 490 Registering property (rank) 150 Cost (% of claim) 44.9 Procedures (number) 13 Paying taxes (rank) 62 Time (days) 77 Payments (number per year) 32 Closing a business (rank) 56 Cost (% of property value) 3.2 Time (hours per year) 161 Time (years) 2.2 Total tax rate (% of profit) 35.7 Cost (% of estate) 30 Recovery rate (cents on the dollar) 39.7 UKRAINE Eastern Europe & Central Asia GNI per capita (US$) 2,800 Ease of doing business (rank) 145 Lower middle income Population (m) 46.0 Starting a business (rank) 118 Getting credit (rank) 32 Trading across borders (rank) 139 Procedures (number) 10 Strength of legal rights index (0-10) 9 Documents to export (number) 6 Time (days) 27 Depth of credit information index (0-6) 3 Time to export (days) 31 Cost (% of income per capita) 6.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,560 Minimum capital (% of income per capita) 2.2 Private bureau coverage (% of adults) 10.1 Documents to import (number) 8 Time to import (days) 36 Dealing with construction permits (rank) 179 Protecting investors (rank) 109 Cost to import (US$ per container) 1,580 Procedures (number) 22 Extent of disclosure index (0-10) 5 Time (days) 374 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 43 Cost (% of income per capita) 1,737.6 Ease of shareholder suits index (0-10) 7 Procedures (number) 30 Strength of investor protection index (0-10) 4.7 Time (days) 345 Registering property (rank) 164 Cost (% of claim) 41.5 Procedures (number) 10 Paying taxes (rank) 181 Time (days) 117 Payments (number per year) 135 Closing a business (rank) 150 Cost (% of property value) 4.1 Time (hours per year) 657 Time (years) 2.9 Total tax rate (% of profit) 55.5 Cost (% of estate) 42 Recovery rate (cents on the dollar) 7.9 202 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 46,857 Ease of doing business (rank) 40 High income Population (m) 4.6 Starting a business (rank) 46 Getting credit (rank) 72 Trading across borders (rank) 3 Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 4 Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 7 Cost (% of income per capita) 6.4 Public registry coverage (% of adults) 8.4 Cost to export (US$ per container) 521 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 17.7 Documents to import (number) 5 Time to import (days) 7 Dealing with construction permits (rank) 26 Protecting investors (rank) 120 Cost to import (US$ per container) 542 Procedures (number) 17 Extent of disclosure index (0-10) 4 Time (days) 64 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 134 Cost (% of income per capita) 35.8 Ease of shareholder suits index (0-10) 2 Procedures (number) 49 Strength of investor protection index (0-10) 4.3 Time (days) 537 Registering property (rank) 4 Cost (% of claim) 26.2 Procedures (number) 1 Paying taxes (rank) 5 Time (days) 2 Payments (number per year) 14 Closing a business (rank) 143 Cost (% of property value) 2.0 Time (hours per year) 12 Time (years) 5.1 Total tax rate (% of profit) 14.1 Cost (% of estate) 30 Recovery rate (cents on the dollar) 11.2 UNITED KINGDOM OECD high income GNI per capita (US$) 41,520 Ease of doing business (rank) 4 High income Population (m) 61.8 Starting a business (rank) 17 Getting credit (rank) 2 Trading across borders (rank) 15 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 4 Time (days) 13 Depth of credit information index (0-6) 6 Time to export (days) 7 Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 950 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 4 Time to import (days) 6 Dealing with construction permits (rank) 16 Protecting investors (rank) 10 Cost to import (US$ per container) 1,045 Procedures (number) 11 Extent of disclosure index (0-10) 10 Time (days) 95 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 23 Cost (% of income per capita) 70.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 28 Strength of investor protection index (0-10) 8.0 Time (days) 399 Registering property (rank) 22 Cost (% of claim) 23.4 Procedures (number) 2 Paying taxes (rank) 16 Time (days) 8 Payments (number per year) 8 Closing a business (rank) 7 Cost (% of property value) 4.1 Time (hours per year) 110 Time (years) 1.0 Total tax rate (% of profit) 37.3 Cost (% of estate) 6 Recovery rate (cents on the dollar) 88.6 UNITED STATES OECD high income GNI per capita (US$) 47,240 Ease of doing business (rank) 5 High income Population (m) 307.0 Starting a business (rank) 9 Getting credit (rank) 6 Trading across borders (rank) 20 Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 4 Time (days) 6 Depth of credit information index (0-6) 6 Time to export (days) 6 Cost (% of income per capita) 1.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5 Time to import (days) 5 Dealing with construction permits (rank) 27 Protecting investors (rank) 5 Cost to import (US$ per container) 1,315 Procedures (number) 19 Extent of disclosure index (0-10) 7 Time (days) 40 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 8 Cost (% of income per capita) 12.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 32 Strength of investor protection index (0-10) 8.3 Time (days) 300 Registering property (rank) 12 Cost (% of claim) 14.4 Procedures (number) 4 Paying taxes (rank) 62 Time (days) 12 Payments (number per year) 11 Closing a business (rank) 14 Cost (% of property value) 0.5 Time (hours per year) 187 Time (years) 1.5 Total tax rate (% of profit) 46.8 Cost (% of estate) 7 Recovery rate (cents on the dollar) 81.5 COUNTRY TABLES 203 URUGUAY Latin America & Caribbean GNI per capita (US$) 9,400 Ease of doing business (rank) 124 Upper middle income Population (m) 3.3 Starting a business (rank) 139 Getting credit (rank) 46 Trading across borders (rank) 132 Procedures (number) 11 Strength of legal rights index (0-10) 5 Documents to export (number) 10 Time (days) 65 Depth of credit information index (0-6) 6 Time to export (days) 19 Cost (% of income per capita) 42.1 Public registry coverage (% of adults) 19.4 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 10 Time to import (days) 22 Dealing with construction permits (rank) 141 Protecting investors (rank) 93 Cost to import (US$ per container) 1,330 Procedures (number) 30 Extent of disclosure index (0-10) 3 Time (days) 234 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 102 Cost (% of income per capita) 84.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 41 Strength of investor protection index (0-10) 5.0 Time (days) 720 Registering property (rank) 159 Cost (% of claim) 19.0 Procedures (number) 8 Paying taxes (rank) 155 Time (days) 66 Payments (number per year) 53 Closing a business (rank) 57 Cost (% of property value) 7.1 Time (hours per year) 336 Time (years) 2.1 Total tax rate (% of profit) 42.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 39.7 UZBEKISTAN Eastern Europe & Central Asia GNI per capita (US$) 1,100 Ease of doing business (rank) 150 Lower middle income Population (m) 27.8 Starting a business (rank) 106 Getting credit (rank) 138 Trading across borders (rank) 169 Procedures (number) 7 Strength of legal rights index (0-10) 2 Documents to export (number) 7 Time (days) 15 Depth of credit information index (0-6) 3 Time to export (days) 71 Cost (% of income per capita) 11.9 Public registry coverage (% of adults) 4.5 Cost to export (US$ per container) 3,150 Minimum capital (% of income per capita) 32.5 Private bureau coverage (% of adults) 3.3 Documents to import (number) 9 Time to import (days) 92 Dealing with construction permits (rank) 145 Protecting investors (rank) 132 Cost to import (US$ per container) 4,650 Procedures (number) 28 Extent of disclosure index (0-10) 4 Time (days) 274 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 44 Cost (% of income per capita) 67.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 42 Strength of investor protection index (0-10) 4.0 Time (days) 195 Registering property (rank) 135 Cost (% of claim) 22.2 Procedures (number) 12 Paying taxes (rank) 154 Time (days) 78 Payments (number per year) 44 Closing a business (rank) 112 Cost (% of property value) 1.2 Time (hours per year) 205 Time (years) 4.0 Total tax rate (% of profit) 95.6 Cost (% of estate) 10 Recovery rate (cents on the dollar) 22.2 VANUATU East Asia & Pacific GNI per capita (US$) 2,620 Ease of doing business (rank) 60 Lower middle income Population (m) 0.2 Starting a business (rank) 107 Getting credit (rank) 72 Trading across borders (rank) 142 Procedures (number) 8 Strength of legal rights index (0-10) 9 Documents to export (number) 7 Time (days) 39 Depth of credit information index (0-6) 0 Time to export (days) 26 Cost (% of income per capita) 37.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,565 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 30 Dealing with construction permits (rank) 21 Protecting investors (rank) 74 Cost to import (US$ per container) 1,465 Procedures (number) 7 Extent of disclosure index (0-10) 5 Time (days) 51 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 76 Cost (% of income per capita) 246.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 30 Strength of investor protection index (0-10) 5.3 Time (days) 430 Registering property (rank) 108 Cost (% of claim) 74.7 Procedures (number) 2 Paying taxes (rank) 19 Time (days) 188 Payments (number per year) 31 Closing a business (rank) 50 Cost (% of property value) 7.0 Time (hours per year) 120 Time (years) 2.6 Total tax rate (% of profit) 8.4 Cost (% of estate) 38 Recovery rate (cents on the dollar) 42.7 204 DOING BUSINESS 2011 Reforms making it easier to do business Reforms making it more difficult to do business VENEZUELA, RB Latin America & Caribbean GNI per capita (US$) 10,200 Ease of doing business (rank) 172 Upper middle income Population (m) 28.4 Starting a business (rank) 144 Getting credit (rank) 176 Trading across borders (rank) 167 Procedures (number) 17 Strength of legal rights index (0-10) 2 Documents to export (number) 8 Time (days) 141 Depth of credit information index (0-6) 0 Time to export (days) 49 Cost (% of income per capita) 30.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,590 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 71 Dealing with construction permits (rank) 96 Protecting investors (rank) 179 Cost to import (US$ per container) 2,868 Procedures (number) 11 Extent of disclosure index (0-10) 3 Time (days) 395 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 74 Cost (% of income per capita) 227.7 Ease of shareholder suits index (0-10) 2 Procedures (number) 29 Strength of investor protection index (0-10) 2.3 Time (days) 510 Registering property (rank) 101 Cost (% of claim) 43.7 Procedures (number) 8 Paying taxes (rank) 178 Time (days) 47 Payments (number per year) 70 Closing a business (rank) 152 Cost (% of property value) 2.2 Time (hours per year) 864 Time (years) 4.0 Total tax rate (% of profit) 52.6 Cost (% of estate) 38 Recovery rate (cents on the dollar) 5.9 VIETNAM East Asia & Pacific GNI per capita (US$) 1,010 Ease of doing business (rank) 78 Lower middle income Population (m) 87.3 Starting a business (rank) 100 Getting credit (rank) 15 Trading across borders (rank) 63 Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 6 Time (days) 44 Depth of credit information index (0-6) 5 Time to export (days) 22 Cost (% of income per capita) 12.1 Public registry coverage (% of adults) 26.4 Cost to export (US$ per container) 555 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8 Time to import (days) 21 Dealing with construction permits (rank) 62 Protecting investors (rank) 173 Cost to import (US$ per container) 645 Procedures (number) 13 Extent of disclosure index (0-10) 6 Time (days) 194 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 31 Cost (% of income per capita) 128.4 Ease of shareholder suits index (0-10) 2 Procedures (number) 34 Strength of investor protection index (0-10) 2.7 Time (days) 295 Registering property (rank) 43 Cost (% of claim) 28.5 Procedures (number) 4 Paying taxes (rank) 124 Time (days) 57 Payments (number per year) 32 Closing a business (rank) 124 Cost (% of property value) 0.6 Time (hours per year) 941 Time (years) 5.0 Total tax rate (% of profit) 33.1 Cost (% of estate) 15 Recovery rate (cents on the dollar) 18.6 WEST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,554 Ease of doing business (rank) 135 Lower middle income Population (m) 4.0 Starting a business (rank) 173 Getting credit (rank) 168 Trading across borders (rank) 111 Procedures (number) 11 Strength of legal rights index (0-10) 0 Documents to export (number) 6 Time (days) 49 Depth of credit information index (0-6) 3 Time to export (days) 23 Cost (% of income per capita) 93.7 Public registry coverage (% of adults) 5.6 Cost to export (US$ per container) 1,310 Minimum capital (% of income per capita) 211.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6 Time to import (days) 40 Dealing with construction permits (rank) 157 Protecting investors (rank) 44 Cost to import (US$ per container) 1,225 Procedures (number) 21 Extent of disclosure index (0-10) 6 Time (days) 199 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 93 Cost (% of income per capita) 1,113.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 44 Strength of investor protection index (0-10) 6.0 Time (days) 540 Registering property (rank) 76 Cost (% of claim) 21.2 Procedures (number) 7 Paying taxes (rank) 28 Time (days) 47 Payments (number per year) 27 Closing a business (rank) 183 Cost (% of property value) 0.7 Time (hours per year) 154 Time (years) NO PRACTICE Total tax rate (% of profit) 16.8 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 COUNTRY TABLES 205 YEMEN, REP. Middle East & North Africa GNI per capita (US$) 1,060 Ease of doing business (rank) 105 Lower middle income Population (m) 23.6 Starting a business (rank) 57 Getting credit (rank) 152 Trading across borders (rank) 123 Procedures (number) 6 Strength of legal rights index (0-10) 2 Documents to export (number) 6 Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 27 Cost (% of income per capita) 82.1 Public registry coverage (% of adults) 0.3 Cost to export (US$ per container) 1,129 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 25 Dealing with construction permits (rank) 50 Protecting investors (rank) 132 Cost to import (US$ per container) 1,475 Procedures (number) 15 Extent of disclosure index (0-10) 6 Time (days) 107 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 34 Cost (% of income per capita) 136.6 Ease of shareholder suits index (0-10) 2 Procedures (number) 36 Strength of investor protection index (0-10) 4.0 Time (days) 520 Registering property (rank) 53 Cost (% of claim) 16.5 Procedures (number) 6 Paying taxes (rank) 146 Time (days) 19 Payments (number per year) 44 Closing a business (rank) 90 Cost (% of property value) 3.8 Time (hours per year) 248 Time (years) 3.0 Total tax rate (% of profit) 47.8 Cost (% of estate) 8 Recovery rate (cents on the dollar) 28.6 ZAMBIA Sub-Saharan Africa GNI per capita (US$) 970 Ease of doing business (rank) 76 Low income Population (m) 12.9 Starting a business (rank) 57 Getting credit (rank) 6 Trading across borders (rank) 150 Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 6 Time (days) 18 Depth of credit information index (0-6) 5 Time to export (days) 44 Cost (% of income per capita) 27.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,664 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 3.0 Documents to import (number) 8 Time to import (days) 56 Dealing with construction permits (rank) 158 Protecting investors (rank) 74 Cost to import (US$ per container) 3,315 Procedures (number) 17 Extent of disclosure index (0-10) 3 Time (days) 254 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 86 Cost (% of income per capita) 2,454.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 35 Strength of investor protection index (0-10) 5.3 Time (days) 471 Registering property (rank) 83 Cost (% of claim) 38.7 Procedures (number) 5 Paying taxes (rank) 37 Time (days) 40 Payments (number per year) 37 Closing a business (rank) 97 Cost (% of property value) 6.6 Time (hours per year) 132 Time (years) 2.7 Total tax rate (% of profit) 16.1 Cost (% of estate) 9 Recovery rate (cents on the dollar) 27.2 ZIMBABWE Sub-Saharan Africa GNI per capita (US$) 375 Ease of doing business (rank) 157 Low income Population (m) 12.5 Starting a business (rank) 143 Getting credit (rank) 128 Trading across borders (rank) 168 Procedures (number) 9 Strength of legal rights index (0-10) 6 Documents to export (number) 7 Time (days) 90 Depth of credit information index (0-6) 0 Time to export (days) 53 Cost (% of income per capita) 182.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,280 Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9 Time to import (days) 73 Dealing with construction permits (rank) 172 Protecting investors (rank) 120 Cost to import (US$ per container) 5,101 Procedures (number) 17 Extent of disclosure index (0-10) 8 Time (days) 1,012 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 110 Cost (% of income per capita) 8,020.6 Ease of shareholder suits index (0-10) 4 Procedures (number) 38 Strength of investor protection index (0-10) 4.3 Time (days) 410 Registering property (rank) 82 Cost (% of claim) 113.1 Procedures (number) 5 Paying taxes (rank) 131 Time (days) 31 Payments (number per year) 49 Closing a business (rank) 156 Cost (% of property value) 8.5 Time (hours per year) 242 Time (years) 3.3 Total tax rate (% of profit) 40.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 0.2 206 DOING BUSINESS IN THE ARAB WORLD 2010 Acknowledgments Doing Business 2011 was prepared by a The Doing Business team is grateful for team led by Sylvia Solf, Penelope Brook valuable comments provided by col- (through May 2010) and Neil Gregory (from leagues across the World Bank Group June 2010) under the general direction and for the guidance of World Bank of Janamitra Devan. The team comprised Group Executive Directors. Svetlana Bagaudinova, Jose Becerra Marta, Karim O. Belayachi, Frederic Bustelo, César Oliver Hart and Andrei Shleifer provided Chaparro Yedro, Maya Choueiri, Santiago academic advice on the project. The pay- Croci Downes, Karen Sarah Cuttaree, Marie ing taxes project was conducted in collab- Contact details for local partners Delion, Allen Dennis, Jacqueline den Otter, oration with PricewaterhouseCoopers, led are available on the Doing Raian Divanbeigi, Alejandro Espinosa- by Robert Morris. The development of the Wang, Antonio Garcia Cueto, Carolin getting electricity indicators was financed Business website at Geginat, Cemile Hacibeyoglu, Betina by the Norwegian Trust Fund. http://www.doingbusiness.org Hennig, Sabine Hertveldt, Mikiko Imai Ollison, Ludmila Januan, Nan Jiang, Palarp Alison Strong copyedited the manuscript. Jumpasut, Dahlia Khalifa, Eugenia Levine, Gerry Quinn designed the report and Jean Michel Lobet, Valerie Marechal, the graphs. Alexandra Quinn and Karen Andres Martinez, Frederic Meunier, Jackson provided desktopping services. Alexandra Mincu, Robert Murillo, Joanna Nasr, Titilayo Oke, Oleksandr Olshanskyy, The report was made possible by the gen- Dana Omran, Caroline Otonglo, Yara Salem, erous contributions of more than 8,200 Pilar Salgado-Otónel, Jayashree Srinivasan, lawyers, accountants, judges, business- Susanne Szymanski, Tea Trumbic, Marina people and public officials in 183 econo- Turlakova and Lior Ziv. Koichi Ito, Lizhi mies.1 Global and regional contributors Liu, Junko Miyazaki, Janet Morris, Di Wang are firms that have completed multiple and Bryan Welsh assisted in the months surveys in their various offices around prior to publication. the world. The online service of the Doing Business Quotations in this report are from Doing database is managed by Ramin Aliyev, Business local partners unless otherwise Preeti Endlaw, Felipe Iturralde Escudero, indicated. The names of those wishing to Graeme Littler, Kunal H. Patel, Vinod be acknowledged individually are listed Thottikkatu and Hashim Zia. The Doing below. Contact details are posted on the Business 2011 report media and mar- Doing Business website at http://www keting strategy is managed by Nadine .doingbusiness.org. Ghannam. The events and road-show strategy is managed by Jamile Ramadan. 1. The team regrets the loss of Courtney Fowler, who passed away in 2010. A partner at Pricewa- All knowledge management and out- terhouseCoopers, Ms. Fowler had contributed to reach activities are under the direction the paying taxes indicators since their introduc- tion in Doing Business 2006 and oversaw surveys and guidance of Suzanne Smith. for several Central Asian economies. ACKNOWLEDGMENTS 207 G L OBA L C ON T R I BU TOR S Dorian Collaku Besa Tauzi Dib Said Bank of Albania Boga & Associates Banque d'Algérie Allen & Overy LLP Ilir Daci Ketrin Topciu Aloui Salima Baker & McKenzie OPTIMA Legal and Bozo & Associates Law Law Firm Goussanem & Cleary Gottlieb Steen & Hamilton LLP Financial Firm Aloui Ius Laboris, Alliance of Labor, Employment, Benefits and Sajmir Dautaj Fioralba Trebicka Benabid Mohammed Tahar Pensions Law Firms Tonucci & Partners Hoxha, Memi & Hoxha Cabinet Mohammed Tahar Albania Sh.p.k Benabid KPMG Gerhard Velaj Distribution System Boga & Associates Hassan Yassine Law Society of England and Wales Operator Albanian Power Thompson & Knight LLP Cooperation Silva Velaj Lex Mundi, Association of Independent Law Firms Nabiha Zerigui Boga & Associates Noronha Advogados Dael Dervishi Cabinet d'Avocats OPTIMA Legal and Zamira Xhaferri Samir Hamouda Panalpina Financial IKRP Rokas & Partners correspondent of PricewaterhouseCoopers Eniana Dupi Stefan Xhillari PricewaterhouseCoopers PricewaterhouseCoopers Legal Services AECO consulting Kalo & Associates A N G OL A Russell Bedford International Sokol Elmazaj Selena Ymeri Boga & Associates Hoxha, Memi & Hoxha José Rodrigues Alentejo SDV International Logistics Câmara de Comércio e Sokol Elmazaj Enida Zeneli Indústria de Angola Toboc Inc. Bozo & Associates Law Boga & Associates Firm Suely Odete Moreira Arcanjo R E G I ONA L C ON T R I BU TOR S Lorena Gega AVM Advogados PricewaterhouseCoopers A L G E R IA Adora Group (Freightnet) Fernando Barros Aurela Gjokutaj PricewaterhouseCoopers APL Branka Achari-Djokic Al-Tax Studio Banque d'Algérie Pedro Calixto A.P. Moller-Maersk Group Eduart Gjokutaj Mohammed Salim Azzouz PricewaterhouseCoopers BNT Al-Tax Studio Deramchi & Azzouz Anacleta Cipriano Consortium of European Building Control Valbona Gjonçari - Russell Bedford Faria de Bastos, Sebastiăo Boga & Associates International e Lopes - Advogados Federación Interamericana de la Industria de la Construcción Anjeza Harizaj Khodja Bachir Associados García & Bodán Bank of Albania SNC Khodja & Co. Miguel de Avillez Pereira Emel Haxhillari Nabil Belloula Abreu Advogados Globalink Transportation & Logistics Worldwide LLP Kalo & Associates Cabinet Belloula Joao de Freitas e Costa Grata Law Firm Abreu Advogados Shpati Hoxha Tayeb Belloula IKRP Rokas & Partners Hoxha, Memi & Hoxha Cabinet Belloula Myline Dias Manica Africa Pty. Ltd. Oltjan Hoxholli Samir Benslimane PricewaterhouseCoopers Talal Abu-Ghazaleh Legal (TAG-Legal) Kalo & Associates Cabinet Benslimane Alexandre Patrício Fernandes Transunion International Ilir Johollari Adnane Bouchaib PricewaterhouseCoopers Hoxha, Memi & Hoxha Bouchaib Law Firm Brian Glazier Renata Leka Abdelkader Boussourdi EDI Architecture Inc. A F G HA N I STA N Mirza Taqi Ud-Din Ahmad PricewaterhouseCoopers Boga & Associates Société Distribution de Victor Leonel Khan Afzal l'Electricité et du Gaz Ordem dos Arquitectos ManeTCI (Mane Trading d'Alger (SDA) Da Afghanistan Bank A L BA N IA Construction & Paulette Lopes Naseem Akbar Investment) Abdallah Deramchi Faria de Bastos, Sebastiăo Erjola Aliaj Russell Bedford AISA IKRP Rokas & Partners Aigest Milo e Lopes - Advogados International Associados Katherine Blanchette Kalo & Associates Artur Asllani Mohamed Riad Deramchi Deloitte Consulting LLP Lorenc Nele Teresinha Lopes Tonucci & Partners Deramchi & Azzouz Albania Sh.p.k Bozo & Associates Law Faria de Bastos, Sebastiăo Jay Doeden - Russell Bedford e Lopes - Advogados Deloitte Consulting LLP Firm International Sabina Baboci Associados Oliver Dziggel Kalo & Associates Kostanca Papa Asmaa El Ouazzani Josephine Matambo Deloitte Consulting LLP Bozo & Associates Law Landwell & Associés - BALFIN sh.p.k, Balkan Firm KPMG Finance Investment Group PricewaterhouseCoopers Abdul Wassay Haqiqi Legal Services Janota Nzogi Haqiqi Legal Services Loreta Peci Indrit Banka EDEL-EP PricewaterhouseCoopers Brahim Embouazza Saduddin Haziq Bank of Albania Florian Piperi MCDConsulting Walter Paixăo Afghan United Bank Ledia Beçi PricewaterhouseCoopers OPTIMA Legal and Mohamed El-Amine Haddad Rashid Ibrahim Hoxha, Memi & Hoxha Financial Cabinet Avocat Amine Jorge Leăo Peres A.F. Ferguson & Co. Alban Bello Haddad Banco Nacional de Angola Kristaq Profkola Gaurav Lekh Raj Kukreja IKRP Rokas & Partners Boga & Associates Sakina Haddad Elisa Rangel Nunes Afghan Container Jona Bica Crédit Populaire d'Algerie ERN Advogados Transport Company Andi Qinam Kalo & Associates OPTIMA Legal and Goussanem Khaled Víctor Anjos Santos Richard Laliberte Emiliano Bicaku Financial Law Firm Goussanem & AVM Advogados Deloitte Consulting LLP Bozo & Associates Law Aloui Laura Qorlaze N'Gunu Tiny Tali Mohammed Firm PricewaterhouseCoopers Karine Lasne CFRA Advogados Afghanistan Investment Juna Bozdo Landwell & Associés - Associados Support Agency Artila Rama Bank of Albania Boga & Associates PricewaterhouseCoopers Wahidulla Qais Legal Services A N T I G UA A N D Artan Bozo Ermira Rapushi NRC Bozo & Associates Law Adnane Merad BA R BU DA Bozo & Associates Law Mudassir Rizwan Firm Firm Etude de Me Kaddour Hastin Barnes PricewaterhouseCoopers Merad Peter Burnie Enkelejd Seitllari Antigua Public Utilities Richard Scarth PricewaterhouseCoopers Mohamed Mokrane Authority Kalo & Associates Property Consulting Ministčre des Finances, Vernon Bird Alban Caushi Ardjana Shehi Direction Generale du Afghanistan Kalo & Associates Land Registry Kalo & Associates Domaine National 208 DOING BUSINESS 2011 Neil Coates Gabriela Bindi Ignacio Funes de Rioja Miguel P. Murray Joaquín Emilio Zappa PricewaterhouseCoopers Zang, Bergel & Vińes Funes de Rioja & Asociados, Murray, d´André & Sirito J.P. O'Farrell Abogados Abogados member of Ius Laboris de Zavalía Nicolette Doherty Carlos Zima Nicolette M. Doherty Sebastián Bittner Gianluca Galeotti Pablo Murray PricewaterhouseCoopers Attorney at Law and Jebsen & Co. M. & M. Bomchil Fiorito Murray & Diaz Notary Public Cordero Sofia Zuloaga Pilar Etcheverry Boneo Manuel Garford Nuńez Rattagan, Macchiavello Brian D'Ornellas Marval, O'Farrell & Alfaro Abogados Damián Mauricio Najenson Arocena & Peńa Robirosa OBM International Mairal, member of Lex Estudio Spota Abogados Mundi Javier M. Gattó Bicain Vernon Edwards Jr. Candioti Gatto Bicain & Alfredo Miguel O'Farrell Julieta Bontempi A R M E N IA Freight Forwarding & Ocantos Marval, O'Farrell & Deconsolidating Estudio Beccar Varela Mairal, member of Lex Armen L. Alaverdyan Giselle Rita Geuna Mundi Ann Henry Matias Borderes Alfaro Abogados State Revenue Committee Henry & Burnette Fortunati & Asociados Hernan Papa of the Government of the Mariano Gonzalez Alfaro Abogados Republic of Armenia Jefferson Hunte Ignacio Fernández Borzese Gonzalez & Ferraro Mila PricewaterhouseCoopers Luna Requena & Fernández Gustavo Papeschi Artak Arzoyan Borzese Tax Law Firm Pablo González del Solar Estudio Beccar Varela ACRA Credit Bureau Alfred McKelly James PricewaterhouseCoopers James & Associates Mariano Bourdieu Mariano Payaslian Sedrak Asatryan Severgnini Robiola Matías Grinberg GYPM Concern-Dialog Law Firm Hugh C. Marshall Grinberg & Larrechea Severgnini Robiola Marshall & Co. Grinberg & Larrechea Javier Martín Petrantonio Inessa Avzhiyan Ivan Burin M. & M. Bomchil Global SPC Victor Meade Zang, Bergel & Vińes Eduardo Guglielmini Antigua Public Utilities Eduardo Guglielmini Alejandro Poletto Sayad S. Badalyan Abogados Investment Law Group LLC Authority Fortunati & Asociados Adriana Estefanía Camańo Sandra S. Guillan Septimus A. Rhudd De Dios & Goyena José Miguel Puccinelli Anna Baghdasaryan Canosa Abogados Ter-Tachatyan Legal and Rhudd & Associates Abogados Consultores Estudio Beccar Varela Javier Canosa Business Consulting Stacy A. Richards-Anjo Canosa Abogados Daniel Intile Julio Alberto Pueyrredón Richards & Co. Daniel Intile & Assoc., PricewaterhouseCoopers Seda Baghdasaryan Federico Carenzo member of Russell Bedford Global SPC Alice N. Roberts Leonhardt, Dietl, Graf & International Federico José Reibestein Roberts & Co. Reibestein Asociados Vardan Bezhanyan von der Fecht Law Faculty, Yerevan State Martín Jebsen Lestroy Samuel Mariano E. Carricart Jebsen & Co. Sebastián Rodrigo University Antigua and Barbuda Fornieles Law Firm Alfaro Abogados Investment Authority Santiago Laclau Hovhannes Burmanyan Gustavo Casir Marval, O'Farrell & Ignacio Rodriguez Corporate Integral Sharon Simmons Quattrini, Laprida & Mairal, member of Lex PricewaterhouseCoopers Solutions LLC Land Registry Asociados Mundi Rocio Rojas Iglesias Paul Cooper Patricia Simon-Forde Agustín Castro Bravo Francisco Lagger Fortunati & Asociados PricewaterhouseCoopers Chambers Patricia Simon- Estudio Beccar Varela Severgnini Robiola Forde Juan Rosolen Kristina Dudukchyan Grinberg & Larrechea Vitolo Abogados KPMG Pablo L. Cavallaro Arthur Thomas Estudio Cavallaro Bastiana Locurscio Thomas, John & Co. Mariana Sanchez Aikanush Edigaryan Abogados Rattagan, Macchiavello Quattrini, Laprida & Trans-Alliance Charles Walwyn Arocena & Peńa Robirosa Asociados Nicolas Cesario Abogados Samvel Gevorgyan PricewaterhouseCoopers Quattrini, Laprida & Jorge Sanchez Diaz BSC LLC Asociados Dolores Madueńo A RG E N T I NA Ecobamboo S.A. Jebsen & Co. Shoghik Gharibyan Jimena Congo Esteban Aguirre Saravia Rodrigo Marchan KPMG María Victoria Abudara PricewaterhouseCoopers Luna Requena & Fernández M. & M. Bomchil GYPM Borzese Tax Law Firm Hayk Ghazazyan Roberto H. Crouzel Patricio Martin KPMG Fernando Aguinaga Estudio Beccar Varela Florencia Saviotti Zang, Bergel & Vińes M. & M. Bomchil Canosa Abogados Narek Grigoryan Valeria D'Alessandro Abogados Pablo Mastromarino State Committee of the Marval, O'Farrell & Rocío Soriano Real Property Cadastre María Agustina Vítolo Mairal, member of Lex Estudio Beccar Varela M. & M. Bomchil Vitolo Abogados Mundi Sargis Grigoryan Pedro Mazer Adolfo Tombolini Ángeles del Prado GPartners Dolores Aispuru Alfaro Abogados Daniel Intile & Assoc., PricewaterhouseCoopers Zang, Bergel & Vińes member of Russell Bedford Sargis H. Martirosyan Abogados Sean McCormick International Trans-Alliance Carlos Alfaro Severgnini Robiola Alfaro Abogados Oscar Alberto del Río Grinberg & Larrechea Martín Torres Girotti Armine Hakobyan Central Bank of M. & M. Bomchil Global SPC Lisandro A. Allende Argentina Julian Melis Brons & Salas Abogados Candioti Gatto Bicain & Marcelo Torterola Davit Harutyunyan Leonardo Damián Diaz Ocantos PricewaterhouseCoopers María Florencia Angélico Quattrini, Laprida & PricewaterhouseCoopers Asociados Canosa Abogados José Oscar Mira Isabella Hovhannisyan Marcelo Dinocco Central Bank of Pablo Trevisán Investment Law Group LLC Ignacio E. Aramburu PricewaterhouseCoopers Argentina Rattagan, Macchiavello Estudio Trevisán Davit Iskandarian Arocena & Peńa Robirosa Andrés Edelstein Jorge Miranda María Paola Trigiani HSBC Bank Armenia CJSC Abogados PricewaterhouseCoopers Clippers S.A. Alfaro Abogados Paruyr Jangulyan Tomás M. Araya Mercedes Escrińa Francisco Molinari Agustin Waisman Ministry of Economy of M. & M. Bomchil Quattrini, Laprida & PricewaterhouseCoopers Fortunati & Asociados Armenia Asociados Vanesa Balda Enrique Monsegur Silvana Wasersztrom Vahe G. Kakoyan Vitale, Manoff & Juan M. Espeso Clippers S.A. Investment Law Group LLC Zang, Bergel & Vińes Feilbogen Jebsen & Co. Abogados Mariana Morelli Ishkhan Karapetyan Ricardo Balestra Diego Etchepare Alfaro Abogados Carolina Zang Small & Medium M. & M. Bomchil PricewaterhouseCoopers Zang, Bergel & Vińes Entreprenurship Natalia Virginia Muller Alejandro D. Fiuza Abogados Development National Gonzalo Carlos Ballester De Dios & Goyena Center of Armenia J.P. O'Farrell Abogados Marval, O'Farrell & Abogados Consultores Saúl Zang Mairal, member of Lex Zang, Bergel & Vińes Federico Martín Basile Mundi M. & M. Bomchil Abogados ACKNOWLEDGMENTS 209 Gurgen Migranovich Tim Cox Nicholas Sedgwick Alexander Klauser Vagif Ahmadov Minasyan PricewaterhouseCoopers Marque Lawyers Brauneis Klauser Prändl Salans Union of Builders of Rechtsanwälte GmbH Armenia Kathryn Dent Damian Sturzaker Shahla Ahmadova Gadens Lawyers Marque Lawyers Florian Kremslehner Deloitte Ani Mkrtchian Dorda Brugger Jordis Global SPC Lisa Dounis Simon Truskett Aliagha Akhundov PricewaterhouseCoopers Clayton Utz, member of Rudolf Krickl Baker & McKenzie Nerses Nersisyan Lex Mundi PricewaterhouseCoopers PricewaterhouseCoopers Ian Farmer Gunel Alpman PricewaterhouseCoopers David Twigg Ulrike Langwallner Baker & McKenzie Marianna Nikoghosyan EnergyAustralia Schönherr Rechtsanwälte Global SPC Brett Feltham GmbH / Attorneys-at-Law Aykhan Asadov PricewaterhouseCoopers Nicholas Vesic Baker & McKenzie Aram Orbelyan Marque Lawyers Peter Madl Concern-Dialog Law Firm Joan Fitzhenry Schönherr Rechtsanwälte Ismail Askerov Baker & McKenzie Peter Walker GmbH / Attorneys-at-Law MGB Law Offices Naira Petrosyan Ferrier Hodgson Limited Paradigma Armenia' CJSC Mark Geniale Wolfgang Messeritsch Natavan Baghirova Office of State Revenue, Andrew Wheeler National Bank of Austria BM International LLC Vahe Petrosyan NSW Treasury PricewaterhouseCoopers Logicon Development LLC Felix Neuwirther Samir Balayev Mark Grdovich Radhika Withana Freshfields Bruckhaus Unibank Apetnak Poghosyan Blake Dawson Baker & McKenzie Deringer Corporate Integral Zaur Fati-zadeh Solutions LLC Benjamin Harris Mandi Xu Ayten Pacariz Ministry of Taxes PricewaterhouseCoopers PricewaterhouseCoopers KSV 1870 Aram Poghosyan Fidan Gayibova Grant Thornton Legal & Jason Henniker Michael Podesser BM International LLC AU S T R IA Tax LLC EnergyAustralia PricewaterhouseCoopers Abbas Guliyev Eva Hucker Austrian Regulatory Baker & McKenzie Aida Saribekyan Agency Barbara Pogacar Global SPC Baker & McKenzie Law Partners Arif Guliyev Ian Humphreys Georg Bahn Rechtsanwälte Artak Shaboyan PricewaterhouseCoopers Blake Dawson Freshfields Bruckhaus State Revenue Committee Deringer Friedrich Roedler Elchin Habibov of the Government of the David Lipworth PricewaterhouseCoopers National Bank of Republic of Armenia Georg Brandstetter PricewaterhouseCoopers Gottfried Schellmann Azerbaijan Brandstetter Pritz & Guzh Sinanyan John Lobban Partner Brauneis Klauser Prändl Samir Hadjiyev Global SPC Blake Dawson Rechtsanwälte GmbH Michael Wilson & Partners Doris Buxbaum Hakob Tadevosyan Georg Schima Ltd. Tim Manefield Binder Grösswang Grant Thornton Legal & PricewaterhouseCoopers Rechtsanwälte GmbH Kunz Schima Wallentin Nigar Hajieva Tax LLC Rechtsanwälte KEG, Baker & McKenzie Anna Manthopoulos Martin Eckel member of Ius Laboris Artur Tunyan e|n|w|c Natlacen Arzu Hajiyeva Chang, Pistilli & Simmons Stephan Schmalzl Judicial Reform Project Walderdorff Cancola Ernst & Young John Martin Rechtsanwälte GmbH Graf & Pitkowitz Tigran Yedigaryan Rechtsanwälte GmbH Zumrud Ibrahim Thomson Playford Converse Bank CJSC Agnes Eigner Baker & McKenzie Louise Massey Brandstetter Pritz & Ernst Schmidt Liana Yordanyan Halpern & Prinz Vagif Karimli PricewaterhouseCoopers Partner Ter-Tachatyan Legal and Baker & McKenzie Business Consulting Christie McGregor Tibor Fabian Christian Schuppich PricewaterhouseCoopers Binder Grösswang CHSH Cerha Hempel Nuran Kerimov Anush Zadoyan Spiegelfeld Hlawati Rechtsanwälte GmbH Deloitte Global SPC Kylie McPherson Marque Lawyers Julian Feichtinger Franz Schwarzinger Kamal Mamedzade Samuel Zakarian Revisionstreuhand, CHSH Cerha Hempel Salans Global SPC Louise Murphy member of Russell Bedford Spiegelfeld Hlawati Javanshir Mammadov Arman Zargaryan Marque Lawyers International Ferdinand Graf Grata Law Firm State Revenue Committee Matthew Nelson Maria Spalt of the Government of the Graf & Pitkowitz Kamil Mammadov PricewaterhouseCoopers Rechtsanwälte GmbH Austrian Embassy Republic of Armenia Mammadov & Partners Stephanie Newton Andreas Hable Benedikt Spiegelfeld Law Firm AU ST R A L IA PricewaterhouseCoopers Binder Grösswang CHSH Cerha Hempel Spiegelfeld Hlawati Daniel Matthews Carly Neylan Rechtsanwälte GmbH Paul Agnew Baker & McKenzie Gadens Lawyers Alexander Hofmann Wolfgang Tichy McKays Solicitors Sabina Mikayilova Maja Osterman RA Dr. Alexander Schönherr Rechtsanwälte Elizabeth Allen Hofmann, LL.M. GmbH / Attorneys-at-Law Deloitte Blake Dawson PricewaterhouseCoopers Thomas Trettnak Ruslan Mukhtarov Kylie Parker Lothar Hofmann Matthew Allison HLAW CHSH Cerha Hempel BM International LLC Logicca Chartered Spiegelfeld Hlawati Veda Advantage Accountants Rauf Namazov Helmut Hofmanninger Lynda Brumm Graf & Pitkowitz Birgit Vogt-Majarek Ministry of Taxes Enjel Phoon PricewaterhouseCoopers Rechtsanwälte GmbH Kunz Schima Wallentin Movlan Pashayev Marque Lawyers Rechtsanwälte KEG, David Buda Sandro Huber member of Ius Laboris PricewaterhouseCoopers Malcolm Pickford RBHM Commercial Lawyers EnergyAustralia Kammer der Architekten Mustafa Salamov und Ingenieurkonsulenten Gerhard Wagner Alicia Castillo KSV 1870 BM International LLC Mark Pistilli Wien Alicia Castillo Wealthing Chang, Pistilli & Simmons Vakhid Saparov Group Alexander Isola Anton Zeilinger Ministry of Finance Grata Law Firm Greg Ralph Graf & Pitkowitz Joe Catanzariti Emma Silyayeva Gould Ralph Pty Ltd, Rechtsanwälte GmbH Thomas Zottl Clayton Utz, member of member of Russell Bedford Salans Lex Mundi Susanne Jetschgo Freshfields Bruckhaus International Deringer Binder Grösswang Kamil Valiyev Gaibrielle Cleary Bob Ronai Rechtsanwälte GmbH Marcus Zuccato Salans Gould Ralph Pty Ltd, Import-Export Services member of Russell Bedford Rudolf Kaindl Ministry of Finance Matlab Valiyev Pty. Ltd. International Koehler, Kaindl, Duerr PricewaterhouseCoopers Claus Schmidt & Partner, Civil Law A Z E R BA I JA N Michael Cooper Murad Yahyayev Panalpina Gulf Notaries Gadens Lawyers Ulviyya Abdullayeva Unibank MGB Law Offices 210 DOING BUSINESS 2011 Mahmud Yusifli Seema Isa Al-Thawadi Nasirud Doulah Sergey Chistyakov Dmitry Montik Baker & McKenzie Ministry of Municipalities Doulah & Doulah Stepanovski, Papakul and Dmitry Montik Individual & Agriculture Affairs. Advocates Partners Ltd. Entrepreneur BA HA M AS , T H E Municipal One Stop Shop Shamsud Doulah Aliaksandr Danilevich Elena Murashko Kevin Basden Noora Janahi Doulah & Doulah Danilevich Revera Consulting Group Bahamas Electricity Hassan Radhi & Associates Advocates Aleksey Daryin Valiantsina Neizvestnaya Corporation David Jayaseelan Moin Ghani Revera Consulting Group Audit and Consulting Ltd., Erica Culmer-Curry PricewaterhouseCoopers Dr. Kamal Hossain & Belarus Associates Sergei Dubovik PricewaterhouseCoopers Ebrahim Karolia National Bank of the Tatyana Novik Makeba Darville PricewaterhouseCoopers K M A Halim Republic of Belarus Private Notary Lennox Paton Upright Textile Supports Elie Kassis Andrej Ermolenko Pavel Patorskij Chaunece M. Ferguson Agility Logistics Abdullah Hasan Vlasova Mikhel & Partners Olga Pepenina Mackay & Moxey Chambers Dr. Kamal Hossain & Mohammed Abdul Khaliq Associates Olga Grechko Bernotas & Dominas Amos J. Ferguson Jr. Tameer Vlasova Mikhel & Partners Glimstedt Abdul Hye Ferguson Associates & Ming Huey Lim Antonina Ivanova Ludmila Pichuha Planners Bank of Bangladesh PricewaterhouseCoopers DICSA Audit, Law & Bank Moscow-Minsk Wendy Forsythe Amir-Ul Islam Consulting Mohammed Mirza Abdul Sergey Pinchuk Import Export Brokers Amir & Amir Law Hussain Associates, member of Lex Marina Kalinovskaya Sergey Pinchuk Anticrisis Ltd. Ministry of Municipalities Law Firm Jurznak, LLC Manager Mundi Vann P. Gaitor & Agriculture Affairs. Galina Podrezenok Municipal One Stop Shop Sohel Kasem Michail Aleksandrovich Higgs & Johnson Karpovich Ministry of Justice PricewaterhouseCoopers Michael Moss Abdul-Haq Mohammed Minsk Cable (Electrical) Company Registry Trowers & Hamlins Asif Khan Network Ministry of Finance Antonina Raduk Bahamas PricewaterhouseCoopers Hassan Ali Radhi Dmitry Khalimonchyk Law Firm Jurznak, LLC Castino D. Sands Hassan Radhi & Associates Amina Khatoon Law Firm Jurznak, LLC Vassili I. Salei Lennox Paton Doulah & Doulah Kavi Rajesh Advocates Sergey Khostovich Borovtsov & Salei Law Kevin Seymour Electrotech GS Plus Offices Nabila Rafique PricewaterhouseCoopers Mohamed Salahuddin Alexander Khrapoutski Elena Sapego Amir & Amir Law Burlington Strachan Mohamed Salahuddin Associates, member of Lex Stepanovski, Papakul and Stepanovski, Papakul and Consulting Engineering Mundi Partners Ltd. Partners Ltd. Bahamas Electricity Corporation Bureau Sergei Senchuk Mizanur Rahaman Alexandre Klenovski Thamer Salahuddin Ministry of Law, Justice & Spartis State Committee for Real BA H R A I N Mohamed Salahuddin Parlimentary Affairs Estate Registration Consulting Engineering Nina Knyazeva Khalid Abdulla Ahmedur Rahim Businessconsult Law Firm Alexander Shevko Bureau Tameer Registrar, Joint Stock National Bank of the Esmond Hugh Stokes Irina Koikova Republic of Belarus Najma AbdulRedha Hassan Companies & Firms DICSA Audit, Law & Hatim S. Zu'bi & Partners Anna Shinkevitch Ministry of Municipalities Al Amin Rahman Consulting & Agriculture Affairs. Baiju Thomas Al Amin Sabrina & Yurex Law Firm Agility Logistics Oksana Kotel Municipal One Stop Shop Associates Dmitry Skorodulin Revera Consulting Group Khaled Hassan Ajaji Robin Watson Sajed Sami Law Firm Jurznak, LLC The Benefit Company Dmitry Kovalchik Kingdom of Bahrain, Farooq and Associates Anna Skorodulina Ministry of Justice & Stepanovski, Papakul and Mohammad Shahidul Haque Partners Ltd. Law Firm Jurznak, LLC Islamic Affairs BA NG L A DE SH Ministry of Law, Justice Mikhail Kozlov Vyacheslav Slabodnik Faten Al Haddad Zainul Abedin and Parliamentary Affairs AsstrA Weissrussland Ltd. Univest-M Talal Abu-Ghazaleh Legal PricewaterhouseCoopers (TAG-Legal) Shahriar Syeed Kristina Kriscinait Lubov Slobodchikova Tafria Ahmed V-Teac Fashion Pvt Ltd. PricewaterhouseCoopers National Bank of the Raju Alagarsamy Dr. Kamal Hossain & Abdul Wahab Republic of Belarus Hassan Radhi & Associates Associates Gleb Kripan A. Wahab & Co. $2)ladimir Kukuruzin Andrey Sviridov Mohamed Al-Ahmadi M. Aslam Alam Nurul Wahab CHSH Cerha Hempel Slonim Trade Center Bahrain Investors Center Directorate of Land A. Wahab & Co. Spiegelfeld Hlawati Natalia Talai Samer Al-Ajjawi Records and Surveys Sabrina Zarin Elena Kulchitskaya Vlasova Mikhel & Partners Ernst & Young Md. Shafiul Alam Al Amin Sabrina & AsstrA Weissrussland Ltd. Ivan Timshin Basma AlAlawi The Hongkong and Shanghai Banking Associates Dmitry Kulik Revera Consulting Group Qays H. Zu'bi Corporation Ltd. DSV Transport (BY) Ltd. Pavel Tsarev Ebtihal Al-Hashimi B E L A RU S MD. Nurul Amin Valery Schepochkin Kulik Revera Consulting Group Ministry of Municipalities Amir Al-Haidar & Agriculture Affairs. Development DSV Transport (BY) Ltd. Pavel Tsarou Municipal One Stop Shop Constructions Ltd. Revera Consulting Group Egidijus Kundelis Revera Consulting Group Haider Alnoaimi Noorul Azhar Alexey Anischenko PricewaterhouseCoopers Natalya Ulasevich Mohamed Salahuddin Azhar & Associates Sorainen & Partners FLLC Tatiana Kuvshinova Bernotas & Dominas Consulting Engineering Probir Barua Aleksandr Anisovitch Revera Consulting Group Glimstedt Bureau Jubilee Enterprise Promaudit Oksana Lyakhova Sviatlana Valueva Shaji Alukkal Sharif Bhuiyan Aleksander V. Antushevich Stepanovski, Papakul and Bernotas & Dominas Panalpina World Dr. Kamal Hossain & National Bank of the Glimstedt Partners Ltd. Transport LLP Associates Republic of Belarus Sergei Makarchuk Gregory Verinskij Maaria Ashraf Jamilur Reza Choudhury Dmitry Arkhipenko Minsk City Center for CHSH Cerha Hempel Hatim S. Zu'bi & Partners BRAC University Revera Consulting Group Spiegelfeld Hlawati Engineering Services Michael Durgavich Ahmed Zaker Chowdhury Andrey Bartashevich Mikalai Markounik Igor Verkhovodko ASAR Al Ruwayeh & Dr. Kamal Hossain & INSTAR Logistics Vlasova Mikhel & Partners Businessconsult Law Firm Partners Associates Alexander Botian Dmitry Matveyev Khmelnitskiy Vitaliy Elham Hassan Badrud Doulah Borovtsov & Salei Law Revera Consulting Group Law Group Argument PricewaterhouseCoopers Doulah & Doulah Offices Konstantin Mikhel Maria Yurieva Advocates Vlasova Mikhel & Partners Sorainen & Partners FLLC ACKNOWLEDGMENTS 211 Ekaterina Zabello Philippe Massart Carlton Young B H U TA N Julio César Landívar Vlasova Mikhel & Partners Sibelga Young's Engineering Guevara & Gutiérrez S.C. Consultancy Ltd. Tashi Chenzom Darya Zhuk Dominique Mougenot Ministry of Labor & César Lora Moretto Bernotas & Dominas Commercial Court Mons Philip Zuniga Human Resources PricewaterhouseCoopers Glimstedt Barrister & Attorney- Didier Muraille at-Law Kincho Dorjee Daniel Mariaca Maxim Znak National Bank of Belgium Leko Packers Criales, Urcullo & Law Firm Jurznak, LLC BENIN Antezana Sabrina Otten Ugyen Dorji PricewaterhouseCoopers Thimphu City Co. Ariel Morales Vasquez BELGIUM Safia Abdoulaye C.R. & F. Rojas, member of Tim Roelans Cabinet d'Avocats Sonam Gyeltshen Lex Mundi Hubert André-Dumont ELEGIS McGuire Woods LLP Diaby Aboubakar Bhutan Power Corporation Ltd. Jaime Muńoz-Reyes G. Frédéric Souchon BCEAO Corporative Law Bolivia Jan Bael PricewaterhouseCoopers Agathe Affougnon Ago Mr Kunzang Consultores Asociados Notariskantoor Jan Bael - Ilse De Brauwere William Timmermans Cabinet Agathe Affougnon Ministry of Finance Pablo Ordonez Altius Ago Game Tshering Ayoroa & Ordonez Herlinde Baert Notariskantoor Jan Bael - Jan Van Celst Saďdou Agbantou Construction Assocation of Bhutan Alejandro Peláez Kay Ilse De Brauwere DLA Piper UK LLP Cabinet d'Avocats Indacochea & Asociados Erik Bomans Suzy Vande Wiele Sybel Akuesson Sonam Tshering Ministry of Finance Mariana Pereira Nava Deminor International Loyens & Loeff Cabinet Fiduciaire Indacochea & Asociados SCRL d'Afrique Sonam Wangchuk Sybille Vandenberghe Oscar Antonio Plaza Ponte Charlotte Boumal PricewaterhouseCoopers Rafikou Alabi Ministry of Finance Entidad De Servicios De Altius Cabinet Maître Alabi Tshering Wangchuk Información Enserbic S.A. Grégory Vandenbussche Ellen Carmeliet AREN, architects and Dieu-Donné Mamert Assogba Royal Court of Justice Julio Quintanilla Quiroga Stibbe engineers sprl Cabinet Maître Adjai Sonam P. Wangdi Quintanilla, Soria & Pol Cools Marie-Noëlle Vanderhoven Jacques Moďse Atchade Ministry of Economic Nishizawa Soc. Civ McGuire Woods LLP PricewaterhouseCoopers Cabinet de Maitre Atchade Affairs Diego Rojas Adriaan Dauwe Tom Vantroyen Charles Badou Tashi Yezer C.R. & F. Rojas, member of Altius Altius Cabinet d'Avocat Charles Royal Securities Exchange Lex Mundi Badou of Bhutan Ltd. Arnaud Dawans Reinout Vleugels Fernando Rojas Lucid - Lab for User Squire, Sanders & Dempsey Bienvenu Koffi Bedie B OL I V IA C.R. & F. Rojas, member of Cognition and Innovative LLP Cabinet d'Avocats Lex Mundi Design Fernando Aguirre Patricio Rojas Johan Vonckers Godefroy Chekete Bufete Aguirre Soc. Civ. Kris De Schutter McGuire Woods LLP Societe Beninoise D'Energie C.R. & F. Rojas, member of Loyens & Loeff Electrique (SBEE) Ignacio Aguirre Lex Mundi Katrien Vorlat Bufete Aguirre Soc. Civ. Didier De Vliegher Alice Codjia-Sohouenou Esteban Salazar-Machicado Stibbe NautaDutilh Attorney-at-Law Carolina Aguirre Urioste Salazar, Salazar & Bram Vuylsteke Bufete Aguirre Soc. Civ. Asociados, Soc. Civ. Olivier Debray Notary Bram Vuylsteke Marc Da Costa Christian Amestegui Sergio Salazar-Machicado Claeys & Engels, member Service des Affaires of Ius Laboris Christian Willems Domaniales Asesores Legales CP Salazar, Salazar & Loyens & Loeff Asociados, Soc. Civ. Amaury Della Faille Johannčs Dagnon Daniela Aragones Cortez Dirk Wouters Rodolpho Raul Sanjines PricewaterhouseCoopers Groupe Helios Afrique Sanjinés & Asociados Soc. Elizagoyen WVM-Bedrijfsrevisoren Civ. Abogados Jean-Michel Detry BVBA, member of Russell Aline Dossou-Yovo Sanjinés & Asociados Soc. DLA Piper UK LLP Bedford International Cabinet d'Avocats Eduardo Aramayo Civ. Abogados PricewaterhouseCoopers Maria Kim Shin Frank Dierckx Henri Fadonougbo BELIZE Raúl A. Baldivia Würth Kim Costa du Rels PricewaterhouseCoopers Tribunal de Premiere Emil Arguelles Instance de Cotonou Baldivia Unzaga & Edmond Tondu David DuPont Asociados Ashurst Arguelles & Company LLC Guy Médard Agbo Fayemi Bolivian Intermodal John Avery Cabinet d'Architecture Adrián Barrenechea Container Aline Etienne ARCADE International Criales, Urcullo & NautaDutilh Public Utilities A. Mauricio Torrico Galindo Commission Antezana Carine Hounkponou Quintanilla, Soria & Jean Pierre Fierens Cabinet d'Avocats Alexandra Blanco Nishizawa Soc. Civ Stibbe Sherman Ferguson Belize Electricity Ltd. Guevara & Gutiérrez S.C. Javier Urcullo Yacouba Konate Pierrette Fraisse France Transfo Jose A. Criales Criales, Urcullo & SPF Finances - AGDP Rodolfo Gutierrez Criales, Urcullo & Antezana Belize Electricity Ltd. Olagnika Salam Conny Grenson Antezana Jaime Urcullo Reyes Russell Longsworth Office Notarial Olagnika Eubelius Attorneys Petronila Gismondi Criales, Urcullo & Caribbean Shipping Adegbindin Saliou Antezana Kurt Grillet Agencies Ltd. Consultora "Gismondi" - Altius Hauvy Séka Mathieu Contable Tributario Roberto Viscafé Reynaldo F. Magana FIDAFRICA / Sandrine Hirsch Primitivo Gutiérrez PricewaterhouseCoopers Frontier International PricewaterhouseCoopers Simont Braun Business Services Ltd. Guevara & Gutiérrez S.C. Mauricio Zambrana Cuéllar Nelly Tagnon Gambor Enrique F. Hurtado Infocred - Servicio de Thibaut Hollanders Tania Moody Cabinet Fiduciaire Superintencia de Bancos y Informacion Crediticia DLA Piper UK LLP Barrow & Williams d'Afrique BIC s.a. Entidades Financieras Erika Leenknecht Jose Moreno Dominique Taty Jaime M. Jiménez Alvarez B O SN IA A N D Eubelius Attorneys Belize Electricity Ltd. FIDAFRICA / Medidas Electricas (Jaime H E R Z E G OV I NA Stephan Legein Patricia Rodriguez PricewaterhouseCoopers Jiménez Alvarez) Federal Public Service Belize Companies Registry Jean-Bosco Todjinou Paola Justiniano Arias Aida Ajanovi Finance Ltd. ECOPLAN sarl IKRP Rokas & Partners Sanjinés & Asociados Soc. Luc Legon Dawn Sampson Emmanuel Yehouessi Civ. Abogados Dunja Arnaut PricewaterhouseCoopers Belize Electricity Ltd. BCEAO Mario Kempff Law Office Spaho Axel Maeterlinck Saidi Vaccaro Brice Zinsindohoue C.R. & F. Rojas, member of Dario Biscevi Simont Braun Arguelles & Company LLC Cabinet d'Avocats Lex Mundi DB Schenker 212 DOING BUSINESS 2011 Mubera Brkovi Finola McMahon Adriano Borges Joao Paulo F.A. Fagundes Adriana Sforcini Lavrik Esper PricewaterhouseCoopers Osei-Ofei Swabi & Co. De Vivo, Whitaker, Castro Rayes, Fagundes & Oliveira Amaral Gurgel Fischer & e Gonçalves Advogados Ramos Advogados Forster Advogados Peter Burnie Diniar Minwalla PricewaterhouseCoopers PricewaterhouseCoopers Sergio Bronstein Vanessa Felício Fernando Loeser Veirano Advogados Sao Veirano Advogados Sao Loeser e Portela Vianja Dizdarevi Mmatshipi Motsepe Paulo Paulo Advogados Branko Mari Law Office Manica Africa Pty. Ltd. Clarissa Abrahăo Bruzzi Thomas Benes Felsberg Marina Maccabelli Dragan Draca Jack Allan Mutua Noronha Advogados Felsberg, Pedretti, Demarest e Almeida PricewaterhouseCoopers Tectura International Mannrich e Aidar Advogados Botswana Júlio César Bueno Advogados e Consultores Ezmana Hadziavdi Pinheiro Neto Advogados Newton N.T. Machado Branko Mari Law Office Buhlebenkosi Ncube Legais Rayes, Fagundes & Oliveira Luke & Associates Paulo Campana Alexsander Fernandes de Ramos Advogados Senada Havi Hrenovica Felsberg, Pedretti, Kwadwo Osei-Ofei Andrade LRC Credit Bureau Mannrich e Aidar Pedro Maciel Osei-Ofei Swabi & Co. Duarte Garcia, Caselli Merima Hodzi Advogados e Consultores Guimarăes e Terra Veirano Advogados Sao Law Office Spaho Butler Phirie Legais Advogados Paulo PricewaterhouseCoopers Ana Paula Carvalho Josney Ferraz Viviane Maria Barbosa da Ismeta Huremovi Claudio Rossi Noronha Advogados Units Auditores Silva Land Registry Office of the Sarajevo Municipal Sharps Electrical (Pty) Independentes Machado, Meyer, Sendacz Eduardo Castro e Opice Court Ltd. Machado Meyer Sendacz Silvia Fiszman Amra Isic Daniel Swabi e Opice Advogados Machado, Meyer, Sendacz André Marques Branko Mari Law Office Osei-Ofei Swabi & Co. Advagados e Opice Pinheiro Neto Advogados Muhidin Karsi Flávia Coelho Warde Álvaro Luis Fleury Malheiros Georges Louis Martens Filho BRAZIL Demarest e Almeida Fleury Malheiros, De Vivo, Whitaker, Castro Law Office of Emir Kovacevi Advogados Gasparini, De Cresci e Gonçalves Advogados Antonio Aires Gilberto Deon Corręa Junior e Nogueira de Lima Fernando Martines Vieira Emmanuel Koenig Demarest e Almeida Advogados PricewaterhouseCoopers Advogados Veirano Advogados Porto Noronha Advogados Alegre Susan Christina Forster Tom Kyriakopoulos Leonardo Gutierrez Alves Thiago Martins Sidinei Corręa Marques Amaral Gurgel Fischer & Araújo e Policastro Kelemenis & Co. Guerra e Batista Forster Advogados Advogados Banco Central do Brasil Advogados Branko Mari Luís Franciozi Natalia Alves Mirella da Costa Andreola de Laura Massetto Meyer Branko Mari Law Office Almeida Pinheiro Neto Advogados Demarest e Almeida Pinheiro Guimarăes Zoran Micevic Advogados Noronha Advogados Florencia Ortiz Freuler Advogados Edisa Pestek Antonio Amendola Anderson Bispo da Silva Machado, Meyer, Sendacz Rodrigo Matos Independent Lawyer Guerra e Batista e Opice MBM Brasil Ltda Felsberg, Pedretti, Mannrich e Aidar Advogados Rafael Frota ore Rackovi Eduardo Augusto Mattar Advogados e Consultores Adriana Daiuto Vitor Costa Advogados Central Bank of Bosnia Legais Pinheiro Guimarăes and Herzegovina Demarest e Almeida Rafael Gagliardi Advogados Lucia Aragao Advogados Demarest e Almeida Alma Ramezi Felipe Oliveira Mavignier Veirano Advogados Sao Cleber Dar Rovere Peluzo Advogados PricewaterhouseCoopers Paulo Fleury Malheiros, Abreu Caio Gargione Habice Prado Gasparini, De Cresci Adela Rizvi Mariana Aranha Cunha Oricchio Ricca e Nogueira de Lima Lawyers' office Bojana Machado Meyer Sendacz e Machado, Meyer, Sendacz e Lopes Advogados Opice Advogados Advogados Tkalci - Djuli, Olodar Opice Advagados Prebani, Adela Rizvi & Bruno Henrique de Aguiar Thiago Giantomassi Medeiros Thiago Medaglia Arela Jusufbasi - Goloman Pedro Vitor Araujo da Costa Rayes, Fagundes & Oliveira Demarest e Almeida Felsberg, Pedretti, Vitor Costa Advogados Ramos Advogados Advogados Mannrich e Aidar Selma Sabani Advogados e Consultores IKRP Rokas & Partners Fernanda Azevedo Anderson Rivas de Almeida Michelle Giraldi Lacerda Legais Rayes, Fagundes & Oliveira Guerra e Batista PricewaterhouseCoopers Adina Salkanovi Advogados Denise Medeiros Ramos Advogados Mehmed Spaho Lara Gomes Dias Noronha Advogados Bruno Balduccini Sólon de Almeida Cunha Machado, Meyer, Sendacz Law Office Spaho Machado, Meyer, Sendacz e Marianne Mendes Webber Pinheiro Neto Advogados e Opice Opice Advagados Noronha Advogados B OT S WA NA Priscyla Barbosa Rodrigo Gomes Maia Veirano Advogados Sao Aldo de Cresci Neto Noronha Advogados Cássio Mesquita Barros John Carr-Hartley Paulo Fleury Malheiros, Mesquita Barros Armstrongs Attorneys Gasparini, De Cresci Adriana Grizante de Almeida Advogados, member of Ius Juliana Bastianello Baldin e Nogueira de Lima PricewaterhouseCoopers Laboris Ofentse Chifedi Machado, Meyer, Sendacz e Advogados Hoya Removals & Freight Opice Advagados Eduardo Ferraz Guerra Gustavo Morel Edilson De Morais Guerra e Batista Veirano Advogados Sao Yvonne K. Chilume Guilherme Bertolini Serasa S.A. Advogados Paulo Chilume & Company Fernandes dos Santos Fleury Malheiros, Nadia Demoliner Lacerda Enrique Hadad Renata Morelli Diba M. Diba Mesquita Barros Loeser e Portela Rayes, Fagundes & Oliveira Gasparini, De Cresci Minchin & Kelly e Nogueira de Lima Advogados, member of Ius Advogados Ramos Advogados Edward W. Fasholé-Luke II Advogados Laboris Carlos Alberto Iacia Thaís Moretz Sohn Fernandes Luke & Associates Bernardo Bessa Felipe Di Marzo Trezza PricewaterhouseCoopers APEXBRASIL Vincent Galeromeloe Felsberg, Pedretti, Fleury Malheiros, Gasparini, De Cresci Roberta Ibanez Marianna Morselli TransUnion ITC Mannrich e Aidar Advogados e Consultores e Nogueira de Lima Pinheiro Guimarăes Pinheiro Neto Advogados Laknath Jayawickrama Legais Advogados Advogados Luana Murinelli Bastos PricewaterhouseCoopers Ubajara Arcas Dias Marcelo Inglez de Souza Machado, Meyer, Sendacz Camila Biral Akheel Jinabhai Demarest e Almeida Fleury Malheiros, Demarest e Almeida e Opice Akheel Jinabhai & Advogados Gasparini, De Cresci Advogados Paulo Nasser Associates e Nogueira de Lima Eduardo Takemi Kataoka Demarest e Almeida Richard Blanchet Advogados Laurence Khupe Loeser e Portela Castro, Barros, Sobral, Advogados Collins Newman & Co. Advogados José Ricardo dos Santos Luz Gomes Advogados Jorge Nemr Júnior José Paulo Lago Alves Sylvester Lekone Adriano Boni De Souza Leite, Tosto e Barros Duarte Garcia, Caselli Pequeno Manica Africa Pty. Ltd. Noronha Advogados Guimarăes e Terra Noronha Advogados Advogados ACKNOWLEDGMENTS 213 Walter Nimir Carolina Schreier Colin Ong Angel Kalaidjiev Georgi Tzvetkov De Vivo, Whitaker, Castro KLA-Koury Lopes Dr. Colin Ong Legal Kalaidjiev, Georgiev & Djingov, Gouginski, e Gonçalves Advogados Advogados Services Minchev Kyutchukov & Velichkov Felipe Oliveira Ingrid Schwarz R. de See Tiat Quek Yavor Kambourov Maria Urmanova Veirano Advogados Porto Mendonça PricewaterhouseCoopers Kambourov & Partners Landwell & Associés - Alegre Noronha Advogados PricewaterhouseCoopers David Sandison Hristina Kirilova Legal Services Andrea Oricchio Kirsh Raissa Simőes Tavares de Melo PricewaterhouseCoopers Kambourov & Partners Cunha Oricchio Ricca Demarest e Almeida Kamena Valcheva Lopes Advogados Advogados Michelle Sim Lilia Kisseva Tsvetkova, Bebov and Co. Ernst & Young Djingov, Gouginski, Adriana Pallis Romano Keila Fonseca Soares Kyutchukov & Velichkov Miroslav Varnaliev Machado, Meyer, Sendacz Noronha Advogados Martin Sinnung Jr. Unimasters Logistics Plc. e Opice Brunei Tansporting Donko Kolev Walter Stuber Company Kg Kiulap Partner Bulgaria Ltd. Venzi Vassilev Andre Pan Walter Stuber Consultoria Rex Consulting Ltd, Consult Group, member Juridica Shazali Sulaiman Nikolay Kolev member of Russell Bedford of Russell Bedford KPMG Borislav Boyanov & Co. International International Claudio Taveira Pinheiro Neto Advogados Joanita Zain Ilya Komarevsky Kalina Vitkovska Rafael Passaro The Brunei Economic Tsvetkova, Bebov and Co. Economou International Machado, Meyer, Sendacz Milena Tesser Development Board Shipping Agency Limited Rayes, Fagundes & Oliveira Boika Komsulova e Opice PricewaterhouseCoopers Ramos Advogados BU L G A R IA Vessela Tcherneva Yankova Fabio Luis Pereira Barboza Stephan Kyutchukov V Consulting Bulgaria Cunha Oricchio Ricca Marcos Tiraboschi Svetlin Adrianov Veirano Advogados Sao Djingov, Gouginski, Lopes Advogados Penkov, Markov & Partners Kyutchukov & Velichkov BU R K I NA FAS O Paulo Monica Pinheiro dos Anjos Andrey Aleksandrov Polina Marinova Diaby Aboubakar Planeta Brasil Carlos Tortelli Kambourov & Partners Landwell & Associés - BCEAO Consultancy Consult Group, member of Russell Bedford Borislav Atanasov PricewaterhouseCoopers Legal Services Bernard Bamouni Laércio Pinto International Djingov, Gouginski, SINCAT Serasa S.A. Kyutchukov & Velichkov Ivan Markov Paulo Trani Mello Fortune Bicaba Andréa Pitthan Françolin Noronha Advogados Svetlana Balabanova Penkov, Markov & Partners Etude de Maitre Fortune De Vivo, Whitaker, Castro TravelInn Ltd. Vladimir Natchev Bicaba e Gonçalves Advogados Luiz Fernando Valente De Paiva Lilia Banakieva Arsov Natchev Ganeva Flora Josiane Bila Durval Portela Pinheiro Neto Advogados Penkov, Markov & Partners Yordan Naydenov Cabinet Yaguibou & Loeser e Portela Borislav Boyanov & Co. Yanogo Advogados Juliana Vasconcelos Nikolay Bandakov APEXBRASIL Kambourov & Partners Neli Nedkova Aimé Bonkoungou Rodrigo Eduardo Pricoli José Wahle Kalin Bonev Wolf Theiss SONABEL Rayes, Fagundes & Oliveira Ramos Advogados Veirano Advogados Sao Landwell & Associés - Darina Oresharova Dieudonne Bonkoungou Paulo PricewaterhouseCoopers Experian Bulgaria EAD Cabinet Ouedraogo & Daniela Prieto Legal Services Eduardo Guimarăes Bonkoungou Veirano Advogados Sao Yulia Peeva Paulo Wanderley Nikolai Bozhilov Bobson Coulibaly Rex Consulting Ltd., Veirano Advogados Sao Unimasters Logistics Plc. member of Russell Bedford Cabinet d'Avocats Fernanda Rabelo Paulo Maria Danailova International Barthélemy Kere Pinheiro Guimarăes Advogados Celso Xavier Wolf Theiss Lilia Pencheva Denis Dawende Demarest e Almeida Experian Bulgaria EAD Office Notarial Me Jean Luiz Gustavo Ramos Advogados George Dimitrov Dimitrov, Petrov & Co. Celestin Zoure Rayes, Fagundes & Oliveira Miglena Peneva Ramos Advogados Marcos Yanaka Jean-Claude Gnamien Kristina Dimitrova Georgiev, Todorov & Co. MBM Brasil Ltda FIDAFRICA / Domingos Fernando Refinetti Landwell & Associés - Veselka Petrova PricewaterhouseCoopers PricewaterhouseCoopers Machado, Meyer, Sendacz B RU N E I Tsvetkova, Bebov and Co. e Opice DA RU S S A L A M Legal Services Fulgence Habiyaremye Martin Plamenov Stanchev Cabinet d'Avocats Lukas Matthias Rhomberg Vesselin Dinkov Dobrev, Kinkin & Danny Chua Landwell & Associés - Barthélemy Kere De Vivo, Whitaker, Castro Lyutskanov e Gonçalves Advogados Brunei Transporting PricewaterhouseCoopers Barthélémy Kere Company Legal Services Gergana Popova Jose Ribeiro do Pardo Junior Cabinet d'Avocats Cynthia Kong Georgiev, Todorov & Co. Barthélemy Kere Machado, Meyer, Sendacz Silvia Dulevska e Opice Widdows Kong & Bulgarian National Bank Alexander Rangelov Gilbert Kibtonre Associates PricewaterhouseCoopers Eliane Ribeiro Gago Anastas Georgiev CEFAC Kevin Lee Registry Agency of Elina Ruseva Duarte Garcia, Caselli Clarisse Kienou Guimarăes e Terra Wisma Management Bulgaria Penkov, Markov & Partners Direction générale des Advogados Kin Chee Lee Georgy Georgiev Roman Stoyanov impots Guilherme Rizzo Amaral Lee Corporatehouse Landwell & Associés - Penkov, Markov & Partners Vincent Armand Kobiane Veirano Advogados Porto Associates PricewaterhouseCoopers Margarita Stoyanova ARDI Architectes Alegre Lennon Lee Legal Services Conseils Kambourov & Partners Cezar Roedel PricewaterhouseCoopers Velislava Georgieva Eddie Komboďgo Economou International Laura Thomas Halley do Brasil Yew Choh Lee Komboďgo & Assocíes Shipping Agency Limited LM Legal Services Ltd. Lia Roston Y.C. Lee & Lee Advocates & Colette Lefebvre Solicitors Marieta Getcheva Kaloyan Todorov Rayes, Fagundes & Oliveira Inspection du Travail Ramos Advogados PricewaterhouseCoopers Wolf Theiss Siew Yen Lim Svilen Todorov Frédéric O. Lompo José Samurai Saiani The Judicial Department Matea Gospodinova Brunei Todorov & Doykova Law Etude Maître Lompo Machado, Meyer, Sendacz Djingov, Gouginski, e Opice Kyutchukov & Velichkov Firm N. Henri Ouedraogo Teck Guan Lim Ernst & Young Nona Todorova Ministere des Finances et Bruno Sanchez Belo Ralitsa Gougleva du Budget Noronha Advogados Djingov, Gouginski, Experian Bulgaria EAD Chris Loh Kyutchukov & Velichkov Lily Trifonova Ousmane Honore Ouedraogo Joana Scarpa PricewaterhouseCoopers Rex Consulting Ltd., Maison de l'entreprise du Veirano Advogados Sao Naimah Md Ali Katerina Gramatikova Burkina Faso Paulo Dobrev, Kinkin & member of Russell Bedford Attorney General's International Chambers Lyutskanov 214 DOING BUSINESS 2011 Pascal Ouedraogo Lambert Nigarura Vichet Phang Isidore Biyiha Augustin Yves Mbock Keked Cabinet d'Avocats Mkono & Co Advocates B.N.G. - Advocates & Guichet Unique des Cadire Barthélemy Kere Solicitors Opérations du Commerce Gustave Niyonzima Extérieur-Gie Rosine Adčle Mekeu Sonfack Alain Serge Paré Mkono & Co Advocates Ham Phea Nimba Conseil SARL Cabinet Yaguibou & Ham Phea Law Office Hiol Bonheur Yanogo Alain Niyubahwe Cabinet SFR Patrick Menyeng Manga Financial and Private Thea Pheng Cabinet d'Avocats Abeng Marie Jeanne Saba sectors development B.N.G. - Advocates & Miafo Bonny Bonn Roland Direction Génerale des Project Solicitors Bonnybonn Enterprises Impôts Ingrid Martinette Mezang Antoine Ntisigana Saray Phomra David Boyo Mvom Hermann Lambert Sanon SODETRA Ltd. B.N.G. - Advocates & Boyo & Patimark LLP Nimba Conseil SARL Groupe Hage Solicitors Happy Ntwari Oscar D'Estaing Deffosso Jules Minamo Moussa Sawadogo Mkono & Co Advocates Allen Prak FIDAFRICA / Karvan Finance Direction du Cadastre B.N.G. - Advocates & PricewaterhouseCoopers Gilbert L.P. Nyatanyi Solicitors A.D. Monkam Moussa Sogodogo Mkono & Co Advocates Anne Marie Diboundje Etude de notaire Wo'o Cabinet Ledoux Seina Kuntheapini Saing Njocke Déogratias Nzemba Arbitration Council Cabinet Ekobo Jacqueline Moussinga Bapes Hyppolite Tapsoba Attorney-at-Law Foundation Etude Me Jacqueline Tribunal d'Instance de Paul Marie Djamen Moussinga Ouagadougou Prosper Ringuyeneza Muny Samreth BICEC Architecture et PricewaterhouseCoopers Valerie Moussombo Dominique Taty Construction (A.C.) Auelien Djengue Kotte Cabinet Maître Marie FIDAFRICA / Chanthy Sin Cabinet Ekobo Andrée NGWE PricewaterhouseCoopers Willy Rubeya Linex Rubeya & Co - Advocates Laurent Dongmo Henri Moutalen Moussa Traore Lor Sok Jing & Partners FIDAFRICA / Direction générale des Benjamin Rufagari Arbitration Council PricewaterhouseCoopers impots Deloitte Foundation Régine Dooh Collins Jean Jacques Mpanjo Lobe Fousséni Traoré Fabien Segatwa Suy Sokha Annette Ebelle MCA Audit & Conseil FIDAFRICA / Etude Me Segatwa HR Inc. (Cambodia) Co., Cadire PricewaterhouseCoopers Ltd. Aimé Ndock Len Gabriel Sinarinzi Marie Marceline Enganalim M & N Law Firm, cabinet Yacouba Traoré Cabinet Me Gabriel Sorphea Sou Etude Me Enganalim d'avocats Commune de Ouagadougou Sinarinzi Arbitration Council Marceline Foundation Marcelin Yoyo Ndoum Laurent Traore Sy Audace Sunzu Pascal Enpe Etude de notaire Wo'o ONEA REGIDESO-Burundi Vuthy Sreng Lucas Florent Essomba PricewaterhouseCoopers Isidore Baudouin Ndzana Bouba Yaguibou Egide Uwimana Cabinet Essomba & Associés FIDAFRICA/ SCPA Yaguibou & Yanogo Tribunal du Travail de Ousaphea Suos PricewaterhouseCoopers Bujumbura Acleda Bank Plc. Badjeck Esther Emmanuel Yehouessi Félix Faustin Ngoh David Symansky Freelance Lawyer BCEAO C A M B ODIA Cabinet d'Avocats Henri HR Inc. (Cambodia) Co., Marie-Claude Etoke Job Rahmatou Zongo Kosal Chan Ltd. Cabinet Yaguibou & Mbu Etonga Ephraim Ngwafor Acleda Bank Plc. Michael Tan Yanogo Ngwafor & Partners Ngwafor & Partners Rithy Chey RAF International Ousmane Prosper Zoungrana Forwarding (Cambodia) Fankam Gaelle Laure Marie-Andrée Ngwe B.N.G. - Advocates & Tribunal de Grande Solicitors Inc. Cabinet SFR Cabinet Maître Marie Instance de Ouagadougou Andrée NGWE Charya Chum Rathvisal Thara Hervé Guiffo Jean Celéstin Zoure B.N.G. - Advocates & Damco Cameroun SA Patrice Guy Njoya Arbitration Council Office Notarial Me Jean Foundation Solicitors Cabinet Maître Marie Celestin Zoure Caroline Idrissou-Belingar Andrée NGWE Naryth Hem Hour Janvibol Tip BEAC Tip & Partners Jacques Nyemb BU RU N DI B.N.G. - Advocates & Samuel Iyug Iyug Solicitors Cabinet Nyemb Sinath Un Groupement des Joseph Bahizi Entreprises de Fret et Olivier Priso Banque de la République Phalla Im DFDL Mekong Law Group Sciaroni & Associates Messagerie du Cameroun Ville de Douala du Burundi Communauté Urbaine de C A M E RO ON Angoh Angoh Jacob Sylvestre Banzubaze Visal Iv Douala Electricite du Cambodge Legal Power Law Firm Avocat au barreau du Roland Abeng Nisrine Senoussi Burundi Chhorpornpisey Keo Cabinet d'Avocats Abeng Paul T. Jing FIDAFRICA / Acleda Bank Plc. Roland Jing & Partners PricewaterhouseCoopers Jean De Dieu Basabakwinshi IMATCO Vicheka Lay Pierre Aloma Henri Pierre Job Hakilas Paul Tchagna B.N.G. - Advocates & Guichet Unique des Cabinet d'Avocats Henri FIDAFRICA / Cyprien Bigirimana Operations du Commerce Job Tribunal de Grande Solicitors PricewaterhouseCoopers Exterieur-Gie Instance de Gitega Michael Liam Garvey Etoke Joël Nadine Tinen Tchangoum Gilbert Awah Bongam FIDAFRICA / Ange Gakundwakazi BNG Legal Serge Jokung Achu and Fon-Ndikum Law PricewaterhouseCoopers Deloitte Jean Loi Firm Cabinet Maître Marie Andrée NGWE Duga Titanji Gerard Handika PricewaterhouseCoopers Feh Henry Baaboh Deloitte Serge Albert Jokung Duga & Co. Law Firm Alexander May Henry, Samuelson & Co. Cabinet Maître Marie Chrétien Toudjui Dominik Kohlhagen DFDL Mekong Law Group Esther Badjeck Andrée NGWE Institute of Development Afrique Audit Conseil Long Mom Andritz Vatech Hydro Julienne Kengue Piam Baker Tilly Policy and Management RAF International (IOB), University of Caroline BARLA Nimba Conseil SARL Eliane Yomsi Forwarding (Cambodia) Antwerp Inc. CeB CRéA Jean Aime Kounga Karvan Finance Ildephonse Nahimana Kaing MoniKa Thomas Didier Remy Cabinet d'Avocats Abeng Banque de la République Batoumboug Roland C A NA DA The Garment du Burundi Manufacturers Cadire Sarah Limunga Saad Ahmad Bonaventure Nicimpaye Association in Cambodia Pierre Bertin Simbafo High Court Fako Blake, Cassels & Graydon, Intercontact Services, S.A. Phan Phalla BICEC Jean Michel Mbock Biumla member of Lex Mundi Claver Nigarura Supreme National M & N Law Firm, cabinet David Bish Rubeya & Co - Advocates Economic Council d'avocats Goodmans LLP ACKNOWLEDGMENTS 215 Ann Borooah Jenifer Robertson Aguinaldo Rosario Oscar D'Estaing Deffosso Issouf Traore Toronto City Hall Electrical Safety CIC- Cabo Verde LDA FIDAFRICA / Imperial Tobacco Authority PricewaterhouseCoopers Cindy Chung Tito Lívio Santos Oliveira Sobdibé Zoua Corporations Canada Harris M. Rosen Ramos Thomas Dingamgoto Cabinet Sobdibe Zoua Fogler Rubinoff Engic Cabinet Thomas Allan Coleman Dingamgoto Patedjore Zoukalne Osler, Hoskin & Harcourt Kelly Russell Arnaldo Silva Direction de LLP PricewaterhouseCoopers Arnaldo Silva & Ernest Djagba Balandi l'enregistrement des Associados BEAC - Chad Domaines, du Timbre et de John Craig Paul Schabas la Conservation Fonciere Heenan Blaikie LLP, Blake, Cassels & Graydon, Jose Spinola Alex Djekadom member of Ius Laboris member of Lex Mundi FPS Ministere des Finances CHILE - Direction des grandes Rod Davidge Karen Simmons Joăo Carlos Tavares Fidalgo entreprises Osler, Hoskin & Harcourt Toronto City Hall Banco Central de Cabo Luis Avello LLP Verde Amane Rosine Djibergui PricewaterhouseCoopers Shane Todd Cabinet Notarial Djibergui Legal Services David G. Ellis Heenan Blaikie LLP, Liza Helena Vaz CB Richard Ellis d.o.o. member of Ius Laboris PricewaterhouseCoopers Mahamat Ousman Djidda Angeles Barría Cabinet d'Architecture & Philippi, Yrarrazaval, Jeremy Fraiberg Sharon Vogel Leendert Verschoor Urbanisme Pulido & Brunner, Osler, Hoskin & Harcourt Borden Ladner Gervais LLP PricewaterhouseCoopers Abogados Ltda LLP N'Doningar Djimasna George Waggott Faculté de Droit, Magdalena Barros Bhavin Ganatra CENTRAL AFRICAN Lang Michener LLP Université de N'Djamena Baker & McKenzie Forwarding Unlimited Inc. REPUBLIC Elysee Eldjimbaye Sandra Benedetto Yoine Goldstein C A P E V E R DE Jean Christophe Bakossa Mbaihoudou PricewaterhouseCoopers McMillan LLP Hermínio Afonso L'ordre Centraficain des Huissier de Justice/ Architectes José Benitez Steven Golick PricewaterhouseCoopers Chambre Nationale des PricewaterhouseCoopers Osler, Hoskin & Harcourt Christiane Doraz-Serefessenet Huissiers de Justice du Legal Services Bruno Andrade Alves Tchad LLP Cabinet Notaire Doraz- PricewaterhouseCoopers Serefessenet Jorge Benitez Urrutia John Humphries Mahamat Nour Idriss Haggar Susana Caetano Urrutia & Cía Toronto City Council Emile Doraz-Serefessenet Société Tchadienne d'Eau PricewaterhouseCoopers Cabinet Notaire Doraz- et d'Electricité (STEE) Carolina Benito Kelly (Building Department) Liver Canuto Serefessenet Caroline Idrissou-Belingar Núńez Muńoz y Cia Ltda Pamela S. Hughes Abogados PricewaterhouseCoopers Marie-Edith Douzima-Lawson BEAC Blake, Cassels & Graydon, member of Lex Mundi Ana Catarina Carnaz Cabinet Douzima & Miguel Capo Valdes Delphine K Djiraibe PricewaterhouseCoopers Ministčre de la fonction Besalco S.A. Robert Hughes Avocate ŕ la Cour publique Myriam Caro Osler, Hoskin & Harcourt Ana Raquel Costa Francis Kadjilembaye LLP PricewaterhouseCoopers Dolly Gotilogue PricewaterhouseCoopers Cabinet Thomas Cabinet Ledoux Seina Dingamgoto Héctor Carrasco Armando Iannuzzi Ilíldio Cruz Russell Bedford Gabinete de Advocacia Caroline Idrissou-Belingar Béchir Madet Superintendencia de International Consultoria e BEAC Bancos e Instituciones Office Notarial Financieras Andrew Kent Procuradoria Juridica Groupe Kamach Moustapha Ali Moustapha Josefina Casals McMillan LLP Jorge Lima Delgado Lopes Jean Paul Maradas Nado Ministere de la Justice Núcleo Operacional da PricewaterhouseCoopers Harris Kligman Ministčre de l'Urbanisme Garde des Sceaux/ Tribunal Sociedade de Informaçăo de Commerce de N'Djamena Andrés Chirgwin Russell Bedford Timothee M'beto International Quilda do Canto Jean Paul Nendigui Chirgwin SpA Abogados TTCI Joshua Kochath AUDITEC - Auditores & N Consulting Cristobal Correa Echavarria Consultores Serge Médard Missamou Guerrero, Olivos, Novoa y Forwarding Unlimited Inc. Club OHADA Josue Ngadjadoum Joana Gomes Rosa Errázuriz George Kotsifas Avocat Advocacia/Consultoria Jacob Ngaya Camilo Cortés City of London Direction Génerale des Issa Ngarmbassa Energie Centrafricaine Guerrero, Olivos, Novoa y Susan Leslie Impôts Etude Me Issa Ngar mbassa Errázuriz (ENERCA) First Canadian Title Gina Roosalem Hissen Ngaro Jose Manuel Fausto Lima Karla Cortez Craig Lockwood Chambre des Notaires de Huissier de Justice/ PricewaterhouseCoopers Empresa de Electricidade E Centrafrique Chambre Nationale des Osler, Hoskin & Harcourt Agua (Electra) Legal Services LLP Huissiers de Justice du Nicolas Tiangaye Tchad Ramon Delpiano Luis Pedro Maximiano William McCarthy Nicolas Tiangaye Law Firm Jaime Guzman E. Fundacion Millennium Challenge Tchoutcha Ousman First Canadian Title Account - MCA Cape Verde C HA D Société Tchadienne d'Eau Eduardo Dorat Artem Miakichev Francisco Guimarăes Melo et d'Electricité (STEE) Cariola Diez Perez- Osler, Hoskin & Harcourt PricewaterhouseCoopers Adoum Daoud Adoum Nissaouabé Passang Copatos & Cia LLP Haroun Joăo M.A. Mendes Etude Me Passang César Valenzuela Escalona Thomas O'Brien S.C.G.A.D.A. et Fils AUDITEC - Auditores & Nisrine Senoussi Chilectra PricewaterhouseCoopers Consultores Ahmat Affono Tchari FIDAFRICA / Claudia Paz Escobar Alfred Page Société Tchadienne d'Eau PricewaterhouseCoopers Ana Pinto Morais et d'Electricité (STEE) Chirgwin SpA Abogados Borden Ladner Gervais LLP PricewaterhouseCoopers Senoussi Ahmat Senoussi Amir Allamine Nicolas Fernandez Eric Paton Catarina Nunes Cabinet d'Architecture & Cariola Diez Perez- Ministere de la Justice Urbanisme PricewaterhouseCoopers PricewaterhouseCoopers Garde des Sceaux/ Tribunal Copatos & Cia Saul Plener José Manuel Pinto Monteiro de Commerce de N'Djamena Koulamallah Souradj Pamela Flores PricewaterhouseCoopers Advogados & Gabriel Nathé Amady Chamber of Commerce, PricewaterhouseCoopers Jurisconsultos Industry, Agriculture, Antonin Pribetic Avocat Mine and Crafts of Chad Pabla Gainza Steinberg Morton Hope & Miguel Garoupa Puim Atadet Azarak Mogro Cariola Diez Perez- Israel LLP Amos D. Tatoloum Onde Copatos & Cia PricewaterhouseCoopers Société Tchadienne d'Eau Societe Africaine Christopher Richter Armando J.F. Rodrigues et d'Electricité (STEE) d'Architecture et Rodrigo Galleguillos Woods LLP PricewaterhouseCoopers Theophile B. Bongoro d'Ingenierie Núńez Muńoz y Cia Ltda Cabinet Notarial Bongoro Abogados Damian Rigolo Elisa Rodrigues Nadine Tinen Tchangoum Osler, Hoskin & Harcourt Núcleo Operacional da FIDAFRICA / Cristian Garcia-Huidobro LLP Sociedade de Informaçăo PricewaterhouseCoopers Boletin Comercial 216 DOING BUSINESS 2011 Andrés González Ricardo Riesco Elliott Youchun Chen Terence Tung Lorena Arambula Núńez Muńoz y Cia Ltda Philippi, Yrarrazaval, Jun Ze Jun Law Offices Mayer Brown LLP Cárdenas & Cárdenas Abogados Pulido & Brunner, Abogados Ltda Jie Chen Andy Wang Alexandra Arbelaez Juan Pablo Gonzalez M. Jun He Law Offices, member Pinsent Masons Russell Bedford Colombia, Guerrero, Olivos, Novoa y Isabel Rios of Lex Mundi member of Russell Bedford Errázuriz Baker & McKenzie Audrey Wang International Yixin Chen Qindao Law Firm José Gutiérrez Constanza Rodriguez Davis Polk & Wardwell Manuela Arizmendi PricewaterhouseCoopers Philippi, Yrarrazaval, Celia Wang Posse Herrera & Ruiz Pulido & Brunner, Yw Chung PricewaterhouseCoopers Christian Hermansen Abogados Ltda Baker Botts LLP María Camila Bagés Rebolledo Fenghe Wang Brigard & Urrutia, member ACTIC Consultores Edmundo Rojas García Yu Du Dacheng Law Offices of Lex Mundi Conservador de Bienes MMLC Group Manuel Hinojosa Guoqi Wang Marcela Barberena Raíces de Santiago Hongtao Fan Hua-Ander CPAs, member Núńez Muńoz y Cia Ltda Cavelier Abogados Abogados Pamela Rubio JoinWay Lawfirm of Russell Bedford Núńez Muńoz y Cia Ltda International Luis Alfredo Barragán Javier Hurtado Grace Fang Brigard & Urrutia, member Abogados Pinsent Masons Jin Wang Cámara Chilena de la of Lex Mundi Construcción Bernardita Saez Lovells Wei Gao Claudia Benavides Alessandri & Compańía ZY & Partners Kelly Wang Fernando Jamarne Gómez-Pinzón Zuleta Alessandri & Compańía Marco Salgado MMLC Group Abogados S.A. Leo Ge Alcaíno, Rodríguez & Sahli Global Star Logistics Co. Li Wang Andrés Jara Limitada Juan Pablo Bonilla Guerrero, Olivos, Novoa y Ltd. DeHeng Law Offices Baker & McKenzie Errázuriz Andrés Sanfuentes Alexander Gong William Wang Philippi, Yrarrazaval, Gloria María Borrero Restrepo Marcelo Laport Baker & McKenzie PricewaterhouseCoopers Corporación Excelencia en Pulido & Brunner, PricewaterhouseCoopers Abogados Ltda Scott Guan Anthea Wong la Justicia León Larrain Martín Santa María O. Jade & Fountain Law PricewaterhouseCoopers Leonardo Calderón Perdomo Baker & McKenzie Offices (PRC) Colegio de Registradores Guerrero, Olivos, Novoa y Cassie Wong Errázuriz Lawrence Guo PricewaterhouseCoopers de Instrumentos Públicos Carolina Lastra de Colombia PricewaterhouseCoopers Francisco Selamé Jade & Fountain Law Offices (PRC) Kent Woo PricewaterhouseCoopers Ana Maria Calero Jose Luis Letelier Guangda Law Firm Legal Services Kian Heong Hew Cavelier Abogados Cariola Diez Perez- Jingjun Wu Copatos & Cia Marcela Silva Pinsent Masons Carolina Camacho Davis Polk & Wardwell Philippi, Yrarrazaval, Mark Ho Posse Herrera & Ruiz Luis Maldonado Croquevielle Sarah Xuan Conservador de Bienes Pulido & Brunner, Jade & Fountain Law Claudia Marcela Camargo Abogados Ltda Offices (PRC) MMLC Group Raíces de Santiago PricewaterhouseCoopers Luis Fernando Silva Ibańez Min (Cindy) Huang Frank Yang Pablo Martel Darío Cárdenas Yrarrázaval, Ruiz-Tagle, O'Melveny & Myers LLP Mayer Brown LLP Núńez Muńoz y Cia Ltda Cárdenas & Cárdenas Abogados Goldenberg, Lagos & Silva Bo Yu John T. Kuzmik Daniel Cardoso Carolina Masihy Cristobal Smythe Baker Botts LLP PricewaterhouseCoopers PricewaterhouseCoopers Carey y Cía Ltda. Bahamondez, Alvarez & Natalie Yu Zegers Edward E. Lehman Ernesto Cavelier Juan Pablo Matus Lehman, Lee & Xu Shu Jin Law Firm Alan Spencer Rodriguez & Cavelier Cariola Diez Perez- Ian Lewis Xia Yu Copatos & Cia Alessandri & Compańía Juan Pablo Cepeda Mayer Brown LLP MMLC Group Charles Spencer Sociedad Portuaria Consuelo Maze Clare Li Laura Yuan Regional de Cartagena Núńez Muńoz y Cia Ltda Spencer Global Chile Noronha Advogados King & Wood PRC Lawyers Felipe Cuberos Abogados Cristobal Sumar Qing Li Josey Zhang Prieto & Carrizosa S.A. Raimundo Moreno PricewaterhouseCoopers Qing K&L Gates LLP María Helena Díaz Méndez Cariola Diez Perez- Juan Turner Copatos & Cia Deng Liang Nicholas Zhang PricewaterhouseCoopers Bahamondez, Alvarez & Zegers Jun He Law Office, member PricewaterhouseCoopers Carlos Fradique-Méndez Enrique Munita of Lex Mundi Yi Zhang Brigard & Urrutia, member Philippi, Yrarrazaval, Sebastián Valdivieso Pulido & Brunner, Derek Liu King & Wood PRC Lawyers of Lex Mundi Yrarrázaval, Ruiz-Tagle, Abogados Ltda Goldenberg, Lagos & Silva Lovells Johnson Zheng Liliana Fuentes Rodrigo Muńoz Luis Felipe Vergara Lucy Lu Xiamen All Carbon Russell Bedford Colombia, Núńez Muńoz y Cia Ltda Maldonado King & Wood PRC Lawyers Corporation member of Russell Bedford Abogados International Conservador de Bienes Matthew Murphy Cevela Zhou Gerardo Ovalle Mahns Raíces de Santiago O'Melveny & Myers LLP Luis Hernando Gallo Medina MMLC Group Yrarrázaval, Ruiz-Tagle, Paula Warnier Gallo Medina Abogados Jackie Qi Judy Zhu Asociados Goldenberg, Lagos & Silva PricewaterhouseCoopers Pinsent Masons Mayer Brown LLP Luis Parada Hoyl Isabella Gandini Arturo Yrarrázaval Wang Zichuan Bahamondez, Alvarez & Covarrubias Gustavo Rabello Rodriguez & Cavelier Zegers Noronha Advogados DeHeng Law Offices Yrarrázaval, Ruiz-Tagle, Hermes García Miguel Pavez Goldenberg, Lagos & Silva Stephen Rynhart C OL OM B IA Cavelier Abogados Russell Bedford Chile, Matías Zegers Jones Lang LaSalle Clara Inés Gómez member of Russell Bedford Bahamondez, Alvarez & Carlos Alcala Han Shen Lloreda Camacho & Co. International Zegers Lloreda Camacho & Co. Davis Polk & Wardwell Olga Lucía Guevara Maria Fernanda Peters Enrique Alvarez C H I NA Jack Sun Brigard & Urrutia, member Cariola Diez Perez- Lloreda Camacho & Co. of Lex Mundi Copatos & Cia Lovells May Bai Natalia Angel Santiago Gutiérrez Alberto Pulido A. Sarah Sun Lovells Brigard & Urrutia, member Lloreda Camacho & Co. Philippi, Yrarrazaval, PricewaterhouseCoopers of Lex Mundi Pulido & Brunner, Rex Chan Monica Hernandez Lawrence Sussman Jaime Mauricio Angulo Abogados Ltda PricewaterhouseCoopers Arrieta Bustamante O'Melveny & Myers LLP Sanchez Alfonso Reymond Larrain Rico Chan Computec - DataCrédito John Herreno Jessie Tang Chadwick & Aldunate Baker & McKenzie HM & Company LTDA Global Star Logistics Co. Abogados Ltd. ACKNOWLEDGMENTS 217 Jorge Lara-Urbaneja Carolina Villadiego Burbano Jean-Délphin Lokonde Prosper Bizitou Françoise Mbongo Lara Consultores Corporación Excelencia en Mvulukunda FIDAFRICA / Cabinet Mbongo la Justicia Cabinet Masamba PricewaterhouseCoopers Ernesto López Norbert Diétrich M'Foutou Cárdenas & Cárdenas Laura Villaveces Nobel Lubamba Nguba Antoine Bokolo Joue Etude de Maitres Séraphin Brigard & Urrutia, member Cabinet Avocats Associés CAP Architects Mcakosso-Douta et Gabriela Mancero of Lex Mundi Andre et Vincent Norbert M'Foutou Cavelier Abogados Mroin Boris Alberto Zuleta Serge Mwankana Lulu Martial Wildovert Moukoko Luisa Fernanda Mantilla Andre Boungou Gómez-Pinzón Zuleta Vital Lwanga Bizanbila Societe Nationale des Eaux Cavelier Abogados Abogados S.A. Ministere de la Cabinet Vital Lwanga Construction, de Robert Ngabou María Nella Marquez l'Urbanisme et de l'Habitat CAP Architects Cavelier Abogados C OM ORO S Crispin Makaya Cabinet Jean Bosco Muaka David Bourion Brigitte Ngolete Cristina Mejía Hassoumani Assoumani & Associates FIDAFRICA / Mairie de Brazzaville Posse Herrera & Ruiz Tribunal de premičre PricewaterhouseCoopers instance de Moroni Noel Mangala Paulin Ntsouari Carlos Mejia Gomez Cabinet Certac Claude Coelho Lloreda Camacho & Co. Remy Grondin Cabinet d'Avocats Claude Regina Nicole Okandza Yoka Vitogaz Comores Jean Claude Mbaki Siluzaku Coelho Direction Génerale des Luis Gabriel Morcillo Cabinet Mbaki et Associés Impôts Brigard & Urrutia, member Haroussi Idrissa J. F. Dathet of Lex Mundi Tribunal de premičre Bernard Claude Mbu ne SDV Armand Robert Okoko instance de Moroni Letang Fabian Moreno Georges Ebale Brice Ondongo-Ezhet Cabinet de Maître Mbu Ne Lloreda Camacho & Co. Ahamada Mahamoudou Letang Tribunal de Commerce de CAC Cabinet Ledoux Seina Brazzavile Jean Petro María Neira Tobón Didier Mopiti Holguín, Neira & Pombo Mohamed Maoulida MBM Conseil Jean-Philippe Esseau Cabinet d'Avocats Jean Abogados Audit Conseil- Cabinet Esseau Petro International Louman Mpoy Luis E. Nieto Mathias Essereke Adrien Pittie Cabinet Mpoy - Louman & Nieto & Chalela Associés Cabinet d'Avocats Claude SDV C ON G O, DE M . R E P. Mónica Pedroza Garcés Coelho Chimčne Prisca Nina Pongui Jean Bosco Muaka Corporación Excelencia en Alphin Babala Mangala Henriette Lucie Arlette Galiba Etude de Me Chimčne Cabinet Jean Bosco Muaka la Justicia GTS Express & Associates Office Notarial Me Galiba Prisca Nina Pongui Carlos Felipe Pinilla Acevedo Jean Adolphe Bitenu Emery Mukendi Wafwana Gaston Gapo Alexis Sah Pinilla González & Prieto ANAPI Cabinet Emery Mukendi Atelier d'Architecture et Pouvoir Judiciaire Abogados Deo Bukayafwa Wafwana & Associés d'Urbanisme Jean Bertin Sela Carolina Posada MBM Conseil M. Hilaire Mumvudi Mulangi A.A. Matondo Goma Cabinet Notarial Sela Posse Herrera & Ruiz Armand Ciamala Ministčre de l'Urbanisme Cour d'Appel de Dominique Taty Raul Quevedo Ciamala & Partners et de l'Habitat Brazzaville Congo Rep. FIDAFRICA / Lloreda Camacho & Co. Jacques Munday David Guarnieri PricewaterhouseCoopers Edmond Cibamba Diata Catalina Reyes Cabinet Emery Mukendi Cabinet Ntoto et Nswal PricewaterhouseCoopers Louis Zingat-Makosso Wafwana & Associés Legal Services Société Nationale Lloreda Camacho & Co. Marius Muzembe Mpungu Cabinet Kabasele - Mfumu Caroline Idrissou-Belingar d'Electricité (SNEL) Irma Rivera Victor Créspel Musafiri Cabinet d'avocat JCC & A & Associés BEAC Brigard & Urrutia, member C O S TA R I C A of Lex Mundi Hervé Diakiese Victorine Bibiche Nsimba Karelle Koubatika Cabinet Ledoux Seina Kilembe Office 2K Aisha Acuńa Luis Carlos Robayo Barreau de Kinshasa/ André Tinoco Abogados Russell Bedford Colombia, Prosper Djuma Bilali Matete Sylvert Bérenger Kymbassa member of Russell Bedford Cabinet Masamba Boussi Mariana Alfaro International Laurent Okitonembo Etude Maitre Béatrice Cordero & Cordero Irénée Falanka Cabinet Djunga & Risasi Dianzolo, Huissier de Abogados Sonia Elizabeth Rojas Izaquita Cabinet Jean Bosco Muaka Justice Gallo Medina Abogados & Associates Jean-Louis Paquet Carlos Araya Asociados Atelier d' Architecture Emmanuel Le Bras Quirós & Asociados Patrick Gérenthon FIDAFRICA / Central Law Cristina Rueda Londońo Marc Perazzone Agetraf s.a.r.l. - SDV PricewaterhouseCoopers Baker & McKenzie Cabinet Architecte Marc Carlos Barrantes David Guarnieri Perazzone Christian Eric Locko PricewaterhouseCoopers Angela Salazar Blanco PricewaterhouseCoopers Brudey, Ondziel Gnelenga, Lloreda Camacho & Co. Legal Services Pierre Risasi Locko Cabinet d'Avocats Alejandro Bettoni Traube Paula Samper Salazar Cabinet Djunga & Risasi Doninelli & Doninelli Amisi Herady Salomon Louboula - Asesores Jurídicos Gómez-Pinzón Zuleta ANAPI Dominique Taty Etude Notariale Asociados Abogados S.A. FIDAFRICA / Sandra Kabuya PricewaterhouseCoopers Jean Prosper Mabassi Eduardo Calderón-Odio Juan Daniel Sierra Cabinet Jean Bosco Muaka Ordre National des BLP Abogados Rodriguez & Cavelier & Associates Mbuyi Tshibuabua Avocats du Congo Barreau Société Nationale de Brazzaville Bernardo Calvo Pablo Sierra Mukaba Kalambayi d'Electricité (SNEL) Grupo Mega de Costa Rica Posse Herrera & Ruiz Société Nationale Guy Remy Makosso BR, S.A d'Electricité (SNEL) Yoko Yakembe Ordre National des Paola Spada Juan José Carreras Corporación Excelencia en C ON G O, R E P. Avocats du Congo Barreau Pierre Kazadi Tshibanda de Brazzaville BLP Abogados la Justicia Cabinet Masamba Jean Francois Apoko Felix Makosso Lassi Adriana Castro Raúl Alberto Suárez Arcila Arly Khuty Mairie de Brazzaville Cabinet Notarial Lassi BLP Abogados Independent Practitioner Avocat (Attorney-at-Law) Jean Roger Bakoulou Roger Masamba Makela Leonardo Castro Eldon Khuty Banque des Etats de Universite Protestante au Oller Abogados Maria Teresa Tamara l'Afrique Centrale Agetraf s.a.r.l. - SDV Congo Lloreda Camacho & Co. Silvia Chacon Phistian Kubangusu Makiese Felicte Clarisse Batantou Ado Patricia Marlene Matissa Alfredo Fournier & Gustavo Tamayo Arango Direction départmentale Cabinet Masamba Cabinet Notarial Matissa Asociados Lloreda Camacho & Co. de la Reforme Foncičre du Pierre-Pépin Kwampuku Latur cadastre Rose Mavoungou Daniel Chaves Jose Alejandro Torres Cabinet Pepin Kwampuku Centre de Formalites CINDE Posse Herrera & Ruiz Prosper Bianga Jerome A. Mbuyi Kabeya Laba Administratives des Ricardo Cordero B. Patricia Vergara Conseil du Barreau de Entreprises Ciamala & Partners Brazzaville Cordero & Cordero Gómez-Pinzón Zuleta Abogados Abogados S.A. 218 DOING BUSINESS 2011 Hernán Cordero Maduro Fernando Sanchez Castillo Patricia N'guessan Anita Hersak Klobcarevi Irena Sribar Radi Cordero & Cordero Russell Bedford Costa Cabinet Jean-François Porobija & Porobija Law Law Firm Gjurgjan & Sribar Abogados Rica, member of Russell Chauveau Firm Radi Bedford International Luis Fernando Escalante J. Jacques Otro Jana Hitrec Mario Stefani Grupo Mega de Costa Rica Luis Sibaja Conseil National de Caci & Partners Transadria BR, S.A LEX Counsel l'Ordre des Architectes Branimir Ivekovi Porobija & Porobija Roberto Esquivel Miguel Golcher Valverde Athanase Raux Vidan Law Office Zoran Tasi Oller Abogados Colegio de Engenieros Cabinet Raux, Amien & Electricistas Associés Irina Jelci CMS Zagreb Freddy Fachler Hanzekovi, Radakovi & Marianela Vargas Dominique Taty Ivan uk Pacheco Coto Partners, member of Lex PricewaterhouseCoopers FIDAFRICA / Mundi Vukmir & Asociates Law Marianna Fonseca PricewaterhouseCoopers Firm BLP Abogados Ricardo Vargas Kresimir Jelakovi Fatoumata Konaté Touré Bebo Ivana Urem Oller Abogados Savori & Partners V. Andrés Gómez Cabinet de notaire Konaté Assono Ltd. Croatia PricewaterhouseCoopers Rocio Vega Touré Bebo Sanja Jurkovi Hrvoje Vidan Grupo Mega de Costa Rica PricewaterhouseCoopers Rolando Gonzalez BR, S.A Fousséni Traoré Vidan Law Office Cordero & Cordero FIDAFRICA / Janos Kelemen Rodrigo Zapata Zrinka Vrtari Abogados PricewaterhouseCoopers PricewaterhouseCoopers LEX Counsel CMS Zagreb Andrea González Jean Christian Turkson Branko Kirin Jafet Zúńiga Salas Zeljko Vrban BLP Abogados CIE Caci & Partners Superintendencia General Eugen Zadravec Randall González de Entidades Financieras Emmanuel Yehouessi Marija Krizanec Eugen Zadravec Law Firm BLP Abogados BCEAO Juric and Partners C ÔT E D' I VOI R E Attorneys at Law David Gutierrez Léon Désiré Zalo C Y P RU S BLP Abogados Ministčre d'Etat, Ministčre Anita Krizmani Diaby Aboubakar Macesi & Partners, Alexandros Alexandrou Carolina Gutiérrez BCEAO de l'Agriculture Odvjetnicko drustvo Tornaritis Law Firm Oller Abogados Seydou Zerbo Ika Raymond Any-Gbayere Dubravka Lackovi Irene Anastassiou Paola Gutiérrez Mora Any Ray & Partners SCPA Dogué-Abbé Yao & Associés CMS Zagreb Dr. K. Chrysostomides & LEX Counsel Co LLC César Asman Miroslav Leko Mario Gutiérrez Quintero Cabinet N'Goan, Asman & C ROAT IA Leko & Partners Andreas Andreou LEX Counsel Associés Cyprus Global Logistics Andrea August Kresimir Ljubi Jorge Guzmán Jean-Luc Bernard Financial agency - Centre Leko & Partners Anita Boyadjian LEX Counsel SDV - SAGA CI for HITRO.HR Info Credit Group Marko Lovri Roy Guzman Ramirez Aminata Cone Zoran Avramovi Divjak, Topi & Antonis Charalambous Compańía Nacional de SCPA Dogué-Abbé Yao & Ministry of Justice Bahtijarevi Limassol Municipality Fuerza y Luz Associés Ivana Bandov Miroljub Macesi Antonis Christodoulides María del Mar Herrera Issa Diabaté Juric and Partners Macesi & Partners, PricewaterhouseCoopers BLP Abogados Koffi & Diabaté Attorneys at Law Odvjetnicko drustvo Kypros Chrysostomides Milena Hidalgo Junior Doukoure Hrvoje Bardek Josip Marohni Dr. K. Chrysostomides & Teletec S.A. Any Ray & Partners CMS Zagreb Divjak, Topi & Co LLC Randall Zamora Hidalgo Dorothée K. Dreesen Bahtijarevi Achilleas Demetriades Ivo Bijeli Costa Rica ABC Etude Maitre Dreesen PricewaterhouseCoopers Andrej Matijevich Lellos P Demetriades Law Vivian Jiménez Bertrand Fleury Matijevich Law Office Office LLC Marijana Bozi Oller Abogados SDV - SAGA CI Divjak, Topi & Tomislav Pedisi Alexandros Economou Ivannia Méndez Rodríguez Jean Claude Gnamien Bahtijarevi Vukmir & Asociates Law Chrysses Demetriades & Co Oller Abogados FIDAFRICA / Firm Marios Eliades Marko Borsky PricewaterhouseCoopers Divjak, Topi & Marija Petrovi M.Eliades & Partners LLC Andres Mercado Oller Abogados Barnabe Kabore Bahtijarevi Divjak, Topi & Haris Fereos NOVELEC Sarl Bahtijarevi Gabriela Miranda Irena Brezovecki Fereos & Associates Guillaume Koffi Vidan Law Office Ivan Podvorec Oller Abogados Pavlos Fereos Conseil National de MBB UWS Prom d.o.o. Jorge Montenegro Lana Brlek Fereos & Associates l'Ordre des Architectes PricewaterhouseCoopers Sanja Porobija SCGMT Arquitectura y Stephanos Fereos Diseńo Dogbémin Gérard Kone Porobija & Porobija Law Belinda Caci Firm Fereos & Associates SCPA Nambeya-Dogbemin & Caci & Partners Eduardo Montoya Solano Associes Panicos Florides Tihana Posavec Superintendencia General Stefanija Cukman P.G. Economides & Co de Entidades Financieras Kiyobien Kone Divjak, Topi & Juri and Partners Bahtijarevi Limited, member of Russell Société civile Attorneys at Law Bedford International Cecilia Naranjo professionnelle d'Avocats Gordan Rotkvic LEX Counsel (SCPA) Le Paraclet Martina Culap Stefani Gabriel PricewaterhouseCoopers Pedro Oller Leko & Partners PricewaterhouseCoopers Mahoua Kone Anita Rubini-Puller Oller Abogados Etude de Maître Kone Sasa Divjak Iacovos Hadjivarnavas Porobija & Porobija Law Ramón Ortega Mahoua Divjak, Topi & Firm Cyprus General Bonded Bahtijarevi and Transit Stores PricewaterhouseCoopers Germain Kouame Boris Sarovic Association Alvaro Quesada Loría CIE Ronald Given Savori & Partners Wolf Theiss Zagreb Nasia Hadjivasili Aguilar Castillo Love Arsčne Dablé Kouassi Djuro Sessa PricewaterhouseCoopers Mauricio Quiros SCPA Dogué-Abbé Yao & Ivan Gjurgjan County Court in Zagreb Associés Law Firm Gjurgjan & Sribar Samantha G. Hellicar Quiros & Asociados, Ana Sihtar Antis Triantafyllides & Abogados y Notarios Radi Charlotte-Yolande Mangoua Sihtar Attorneys at Law Sons LLC Miguel Ruiz Herrera Etude de Maître Mangoua Tom Hadzija Sikiric & Hadzija Attorney Dragutin Sikiri Christina Ioannidou LEX Counsel Adeline Messou Ioannides Demetriou LLC Partnership Sikiric & Hadzija Attorney Jose Luis Salinas FIDAFRICA / Partnership PricewaterhouseCoopers Lidija Hanzek Demetra Kalogerou SCGMT Arquitectura y Manuela Spoljari Cyprus Stock Exchange Diseńo HROK d.o.o. Leko & Partners ACKNOWLEDGMENTS 219 Panicos Kaouris Tamara Brixiová Veronika Mistova Thomas Booker Jette H. Ronře PricewaterhouseCoopers Peterka & Partners PRK Partners s.r.o. Accura Bech-Bruun Law Firm advokátní kancelá Advokataktieselskab George Karakannas Michal Buchta Louise Krarup Simonsen CH.P. Karakannas Ambruz & Dark Law Firm Lenka Mrazova Ole Borch Kromann Reumert, member Electrical Ltd. PricewaterhouseCoopers Bech-Bruun Law Firm of Lex Mundi Hana Cekalova Thomas Keane Squire, Sanders & Dempsey, David Musil Katrine Bundgaard Rajvinder Singh Chrysses Demetriades & Co v.o.s., advokatni kancelar PricewaterhouseCoopers Philip Law Firm Experian Northern Europe Harris Kleanthous Filip Celadnik Jarmila Musilova Peter Burhřj Martin Sřrensen Deloitte Peterka & Partners Czech National Bank Kromann Reumert, member 2M El-installation A/S of Lex Mundi Christina Kotsapa Jií Cerný Lenka Navrátilová Niels Bang Sřrensen Antis Triantafyllides & Peterka & Partners Ambruz & Dark Law Firm Jeppe Buskov Gorrissen Federspiel Sons LLC Kromann Reumert, member Kierkegaard Pavel Cirek Petr Novotny of Lex Mundi Nicholas Ktenas Energy Regulator Office Ambruz & Dark Law Firm Kolja Staunstrup Andreas Neocleous & Co. Czech Republic Frants Dalgaard-Knudsen Kromann Reumert, member Legal Consultants Marketa Penazova Plesner of Lex Mundi Martin Dancisin Ambruz & Dark Law Firm George M. Leptos Glatzová & Co. Mogens Ebeling Kim Trenskow Leptos Group Jan Petík Bruun & Hjejle Kromann Reumert, member Dagmar Dubecka Brzobohatý Broz & Honsa, of Lex Mundi Pieris M. Markou Kocian Solc Balastik v.o.s. Eivind Einersen Deloitte Philip Law Firm Ulla Trolle Tereza Erényi Jan Procházka Ministry of Taxation Christos Mavrellis PRK Partners s.r.o. Ambruz & Dark Law Firm Jakob Eriksen Chrysses Demetriades & Co advokátní kancelá Lett Law Firm Knud Villemoes Hansen Markéta Protivankova National Survey and Alexia Mouskou Jitka Ernestová Vejmelka & Wünsch, s.r.o. Lars Fogh Cadastre Ioannides Demetriou LLC Peterka & Partners Accura Pavla PYikrylová Advokataktieselskab Marios Panagiotou Kristýna Fiaerová Peterka & Partners DJ I B O U T I Tornaritis Law Firm Peterka & Partners Anne Birgitte Gammeljord Petros Rialas Gorrissen Federspiel Rahma Abdi Abdillahi Themis Panayi Panicos Florides P.G. Economides & Co Kierkegaard Banque Centrale de Cyprus Stock Exchange P.G. Economides & Co Limited, member of Russell Djibouti Limited, member of Russell Bedford International Anne Louise Haack Andersen Georgios Papadopoulos Bedford International Lett Law Firm Abdillahi Aidid Farah M.Eliades & Partners LLC Zdenek Rosicky Avocat ŕ la Cour Michal Forýtek Squire, Sanders & Dempsey, Lita Misozi Hansen Christina Papakyriakou Linklaters v.o.s., advokatni kancelar PricewaterhouseCoopers Wabat Daoud Hasikou Cabinet Ledoux Seina Antis Triantafyllides & Martin Fronk Leona Sevcíková Anders Hjortsholm Sons LLC White & Case Panalpina Czech s.r.o. Kromann Reumert, member Félix Emok N'Dolo of Lex Mundi CHD Group Marios Pelekanos Jakub Hajek Robert Sgariboldi Mesaritis Pelekanos Ambruz & Dark Law Firm Panalpina Czech s.r.o. Jens Hjortskov Mourad Farah Architects - Engineers Philip Law Firm Notary Michal Hanko Dana Sládecková Maria Pilikou Bubnik, Myslil & Partners Czech National Bank Peter Honoré Fatouma Mahamoud Hassan Dr. K. Chrysostomides & Kromann Reumert, member Cabinet Mahamoud Co LLC Jarmila Hanzalova Ladislav Smejkal of Lex Mundi PRK Partners s.r.o. White & Case Mayank Metha Michael Pistoula advokátní kancelá Jens Steen Jensen Maersk Sealand Line Limassol Municipality Petra Sochorova Kromann Reumert, member Djibouti Jitka Hlavova Havel & Holásek s.r.o., of Lex Mundi Petros Rialas PRK Partners s.r.o. advokátní kancelá Ibrahim Mohamed Omar P.G. Economides & Co advokátní kancelá Jeppe Jřrgensen Cabinet CECA Limited, member of Russell Anna Staková Bech-Bruun Law Firm Michal Hrncí Havel & Holásek s.r.o., Abdallah Mohammed Kamil Bedford International Etude Notariale Ambruz & Dark Law Firm advokátní kancelá William Kanta Criton Tornaritis Kromann Reumert, member Mohamed Omar Mohamed Tornaritis Law Firm Pavel Jakab Paul Stewart of Lex Mundi Peterka & Partners PricewaterhouseCoopers Cabinet Medomar Stelios Triantafyllides Lars Kjaer Lantosoa Hurfin Ralaiarinosy Antis Triantafyllides & Ludvik Juicka Marie Strachotová Bech-Bruun Law Firm Ambruz & Dark Law Firm Peterka & Partners Groupement Cosmezz Sons LLC Djibouti S.A. Dorte Kjćrgaard Panikos Tsiailis Adela Krbcová Nina Studentova Accura Peterka & Partners PRK Partners s.r.o. Aicha Youssouf Abdi PricewaterhouseCoopers Advokataktieselskab Cabinet CECA advokátní kancelá Christodoulos Vassiliades Martin Krechler Aage Krogh Christodoulos G. Glatzová & Co. Marek Svehlík Magnusson D OM I N I C A Vassiliades & Co LLC Marek Svehlík Alea Kubá Christine Larsen Alix Boyd-Knights Ambruz & Dark Law Firm Rzena Trojánková Plesner CZECH REPUBLIC House of Assembly Kinstellar Petr Kucera Susanne Schjřlin Larsen Kathy Buffong Allen & Overy LLP CCB - Czech Credit Bureau Klara Valentova Kromann Reumert, member Attorney General's Vladimír Ambruz Ambruz & Dark Law Firm of Lex Mundi Chambers Petr Kuhn Ambruz & Dark Law Firm White & Case Luděk Vrána Alexander M. P. Johannessen Carl Duncan Tomas Babacek Vrána & Pelikán Kromann Reumert, member Independent Regulatory Zuzana Luklova Ambruz & Dark Law Firm Ambruz & Dark Law Firm Vaclav Zaloudek of Lex Mundi Commission Libor Basl White & Case Andreas Nielsen Marvlyn Estrado Ondrej Machala Baker & McKenzie Notary Chamber, Czech Bruun & Hjejle KPB Chartered DE N M A R K Accountants Stanislav Bedná Republic Susanne Nřrgaard Peterka & Partners Petr Msánek Elsebeth Aaes-Jřrgensen PricewaterhouseCoopers Kareem Guiste Kinstellar Norrbom Vinding, member Jim Řksnebjerg Independent Regulatory Stanislav Beran of Ius Laboris Commission Peterka & Partners Jií Markvart Advokataktieselskabet Ambruz & Dark Law Firm Peter Bang Horten F. Adler Hamlet Tomás Bhounek Plesner Realco Company Limited BNT - pravda & partner, Peter Maysenhölder Henrik Pedersen v.o.s. bnt - pravda & partner, Thomas Bang PricewaterhouseCoopers Foued Issa v.o.s. Lett Law Firm Issa Trading Ltd. 220 DOING BUSINESS 2011 Sandra Julien Jose Ernesto Garcia A. Diego Cabezas-Klaere Gustavo Romero member of Russell Bedford Companies and Transglobal Logistic Cabezas & Cabezas-Klaere Romero Arteta Ponce International Intellectual Property Sameh Dahroug Office Gloria Gasso Xavier Andrade Cadena Myriam Dolores Rosales Headrick Rizik Alvarez & Andrade Veloz & Garcés Ibrachy & Dermarkar Law Alick C. Lawrence Fernández Asociados Superintendencia de Firm Lawrence Alick C. Bancos y Seguros Said Diab Chambers Pablo Gonzalez Tapia Silvana Coka G. González & Coiscou Geotransport S.A. Montserrat Sánchez Sherif Dabbous, Auditors Charlene Mae Magnaye Coronel y Pérez & Financial Consultancies, PricewaterhouseCoopers Luis J. Jiménez Fernando Coral member of Russell Bedford Jiménez Cruz Peńa Panalpina World Pablo Fernando Sarzosa Játiva International Richard Peterkin Transport Ecuador Quito API Ecuador PricewaterhouseCoopers José Antonio Logrońo Morales Amany El Bagoury Adams Guzman & Logrońo Lucía Cordero Ledergerber Michelle Semanate Al Kamel Law Office Joan K.R. Prevost Falconi Puig Abogados Falconi Puig Abogados Prevost & Roberts José Ramón Logrońo Morales Hanan el Dib Adams Guzman & Logrońo Renato Coronel Leonardo Sempértegui Al-Ahl Firm Eugene G. Royer Pinto & Garces Asoc. Cia Sempértegui Ontaneda Eugene G. Royer Chartered Fabiola Medina Ltda, member of Russell Hussein El Gebaly Architect Medina & Rizek, Abogados Bedford International Esmeralda Tipán Ministry of Housing, Empresa Eléctrica "Quito" Utilities & Urban Leah Shillingford Laura Medina Fernando Del Pozo Contreras SA Development Dominica Amalgamated Jiménez Cruz Peńa Gallegos, Valarezo & Workers Union Neira Max Torres Mohamed Refaat El Houshy Ramón Ortega PricewaterhouseCoopers The Egyptian Credit PricewaterhouseCoopers Miguel Falconi-Puig Bureau I-Score D OM I N IC A N Ruth Urbano Andrea Paniagua Falconi Puig Abogados R E P U B L IC Sempértegui Ontaneda Hassan El Maraashly PricewaterhouseCoopers Martin Galarza AAW Consulting Engineers Lilly Acevedo Puente Reyes & Galarza Felipe Urdaneta Carolina Pichardo Acredita Buró de Amr El Monayer Headrick Rizik Alvarez & Attorneys At Law Cia. Fernández Biaggi & Messina información crediticia S.A Ministry of Finance Ltda. Cristian Alvarez Sandra Pińa César Vélez Calderón Amina El Oteify Juan Carlos Gallegos Happle RC Advisors, member Headrick Rizik Alvarez & Covelcal Egyptian Financial Fernández Gallegos, Valarezo & of Russell Bedford Niera Supervisory Authority International Edward Pińa Fernandez E G Y P T, A R A B R E P. Enrique Gomez Mai El- Shaarawy Caroline Bono Biaggi & Messina Trowers & Hamlins Puente Reyes & Galarza Abdel Aal Aly PricewaterhouseCoopers Hilda Patricia Polanco Attorneys At Law Cia. Afifi World Transport Emad El Shalakany Ana Isabel Caceres Morales Ltda. Naguib Abadir Shalakany Law Office, Troncoso y Caceres Sánchez Raful Sicard & Leopoldo González R. member of Lex Mundi Polanco Abogados Nacita Corporation Giselle Castillo Paz Horowitz Abogados Khaled El Shalakany Maria Portes Amal Abd El Razek Superintendencia de Rodrigo Jijón Egyptian Tax Authority Shalakany Law Office, Bancos Castillo y Castillo member of Lex Mundi Pérez, Bustamante y Ponce, Alejandro Miguel Ramirez member of Lex Mundi Sara Abdel Gabbar Laureana Corral Trowers & Hamlins Passant El Tabei Suzańa Danna Consulting Juan Manuel Marchán PricewaterhouseCoopers Ramirez Suzańa & Asoc. Ibrahim Mustafa Ibrahim Leandro Corral Pérez, Bustamante y Ponce, Soheir Elbanna Aristides Reyes member of Lex Mundi Abdel Khalek Estrella & Tupete General Authority for Ibrachy Law Firm EDEESTE Francisco Javier Naranjo Mariano Corral Investment GAFI Karim Elhelaly Nelson Rodriguez Grijalva Danna Consulting Paz Horowitz Abogados Said Abdel Moniem Al-Ahl Firm GAMEI José Cruz Campillo AAW Consulting Engineers Ashraf Elibrachy Katherine Rosa Esteban Ortiz Jiménez Cruz Peńa Pérez, Bustamante y Ponce, Ahmed Abou Ali Ibrachy Law Firm Jiménez Cruz Peńa Robinson Cuello Shanlatte member of Lex Mundi Hassouna & Abou Ali Mostafa Elshafei Francisco Sánchez Programa de Jorge Paz Durini Gamal Abou Ali Ibrachy Law Firm Consolidacion de la Ceballos & Sanchez, Ingeniería y Energía, C. Paz Horowitz Abogados Hassouna & Abou Ali Hassan Fahmy Jurisdiccion Inmobiliaria poder Judicial por A. Bruno Pineda-Cordero Ghada Adel Ministry of Investment Maricell Silvestre Rodriguez Pérez, Bustamante y Ponce, PricewaterhouseCoopers Ghada Farouk Lisa de Freitas Jiménez Cruz Peńa member of Lex Mundi Hazem Ahmed Fathi Shalakany Law Office, de Freitas de Freitas and Johnson Katherine Stefan Xavier Amador Pino Hassouna & Abou Ali member of Lex Mundi Richard De la Cruz Jiménez Cruz Peńa Estudio Juridico Amador Abd El Wahab Aly Ibrahim Tarek Gadllah RC Advisors, member Miriam Stern Ramiro Pinto Abd El Wahab Sons Ibrachy Law Firm of Russell Bedford Sánchez Raful Sicard & Pinto & Garces Asoc. Cia Emad Hassan International Sara Ammar Polanco Abogados Ltda, member of Russell Ministry of State Bedford International Al Kamel Law Offices Marcos de Leon Juan Tejeda for Administrative Superintendencia de Patricia Ponce Arteta Sayed Ammar Development PricewaterhouseCoopers Al Kamel Law Offices Bancos Bustamante y Bustamante Tarek Hassib Vilma Verras Terrero Hanan Arafat Sarah de León Perelló Juan Jose Puente Al Kamel Law Offices Jiménez Cruz Peńa Ministry of Housing, Headrick Rizik Alvarez & Puente Reyes & Galarza Omneia Helmy Fernández Patricia Villar Attorneys At Law Cia. Utilities & Urban Development Egyptian Center for Panalpina World Ltda. Economic Studies Rosa Díaz Transport Dominican Jiménez Cruz Peńa Angel Alfonso Puente Reyes Tim Armsby Republic Santo Domingo Trowers & Hamlins Mohamed Hisham Hassan Joaquín Guillermo Estrella Puente, Gomez & Co Law Ministry of Investment Chery Zacarías Firm Cia. Ltda. Khaled Balbaa Ramia Medina & Rizek, Abogados Stephan Jäger Estrella & Tupete Falconi Puig KPMG Amereller Rechtsanwälte Alejandro Fernández de E C UA D OR Falconi Puig Abogados Karim Dabbous Sherif Dabbous, Auditors Mohamed Kamel Castro Diego Ramírez Pablo Aguirre & Financial Consultancies, Al Kamel Law Office PricewaterhouseCoopers Fabara & Compańia PricewaterhouseCoopers Abogados member of Russell Bedford Mohanad Khaled Mary Fernández Rodríguez International Jaime Mauricio Angulo BDO, Khaled & Co Headrick Rizik Alvarez & Sandra Reed Fernández Data-Credito Sherif Dabbous Shahira Khaled Pérez, Bustamante y Ponce, member of Lex Mundi Sherif Dabbous, Auditors Al Kamel Law Office Juan Arias & Financial Consultancies, Falconi Puig Abogados ACKNOWLEDGMENTS 221 Taha Khaled Alejandro Fernández de Flor Sanchez Mark Butzmann Karl J. Paadam BDO, Khaled & Co Castro PricewaterhouseCoopers BNT Attorneys-at-law OÜ Sorainen PricewaterhouseCoopers Minas Khatchadourian Alonso V. Saravia Ülleke Eerik Karina Paatsi Egypt Legal Desk Roberta Gallardo de Asociacion Salvadoreńa de Estonian Land Board Luiga Mody Hääl Borenius Cromeyer Ingenieros y Arquitectos Ussama Khattab Arias & Muńoz (ASIA) Indrek Ergma Raino Paron Bridges To Business Sorainen Raidla Lejins & Norcous Carlos Hernán Gil Juan Tejeda Adel Kheir Lexincorp PricewaterhouseCoopers Valters Gencs Kirsti Pent Adel Kheir Law Office Gencs Valters Law Firm Law Office Tark & Co. Federico Gurdian Manuel Telles Suvillaga Mustafa Makram García & Bodán Lexincorp Helen Ginter Leho Pihkva BDO, Khaled & Co Sorainen Sorainen Erwin Alexander Haas Mauricio Antonio Urrutia Sherif Mansour Quinteros Superintendencia del Külli Haab Kristiina Puuste PricewaterhouseCoopers Rusconi, Valdez, Medina & Sistema Financiero Konkurentsiamet Estonian KPMG Asociados Competition Authority Mostafa Mostafa Julio Vargas Liza Rastorgujeva Al Kamel Law Office Carlos Henriquez García & Bodán Heili Haabu MAQS Law Firm Gold Service Luiga Mody Hääl Borenius Mostafa Mohamed Mostafa Ligia Villeda Ants Ratas Al Kamel Law Office Emilio Iraheta Arrieta Bustamante Kristjan Hänni CF&S AS Gold Service Kawe Kapital Ahmed Refat Heidi Rätsep Egyptian Tax Authority Luis Lievano E Q UATOR IA L Pirkko-Liis Harkmaa Centre of Registers & Associacion de Ingenieros GUINEA Lepik & Luhaäär LAWIN Information Systems Tarek Fouad Riad Kosheri, Rashed & Riad y Arquitectos Caroline Idrissou-Belingar Triinu Hiob Kaidi Reiljan-Sihvart Thelma Dinora Lizama de BEAC Lepik & Luhaäär LAWIN Lepik & Luhaäär LAWIN Fatma Salah Osorio Risto Hübner Dmitri Rozenblat Ibrachy & Dermarkar Law Heidi B. Johansen Firm Superintendencia del Law Office Tark & Co. Lepik & Luhaäär LAWIN Sistema Financiero GlobalTrans Mohamed Serry Internacional Annika Jaanson Piret Saartee Jerson Lopez Serry Law Office Sébastien Lechęne Luiga Mody Hääl Borenius Ministry of Justice Gold Service Ramy Shalash FIDAFRICA / Andres Juss Martin Simovart Fidel Márquez PricewaterhouseCoopers Abdallah Shalash Estonian Land Board Lepik & Luhaäär LAWIN Arias & Muńoz Paulino Mbo Obama Omar Sherif Meelis Kaps Monika Tamm Luis Alonso Medina Lopez Oficina de estudieos - Shalakany Law Office, ATEG Eesti Energia Jaotusvőrk Lepik & Luhaäär LAWIN member of Lex Mundi Rusconi, Valdez, Medina & OÜ (Distribution Grid) Asociados Ponciano Mbomio Nvo Marjaa Teder Randa Tharwat Kadri-Catre Kasak Luiga Mody Hääl Borenius Astrud María Meléndez Gabinete Juridico Nacita Corporation Ministry of Justice Asociación Protectora de François Münzer Tarvi Thomberg Greiss Youssef Créditos de El Salvador Gerli Kilusk Eesti Energia Jaotusvőrk (PROCREDITO) FIDAFRICA / Afifi World Transport PricewaterhouseCoopers Lepik & Luhaäär LAWIN OÜ (Distribution Grid) Eman Zakaria Jorge Mendez Ermo Kosk Holger Tilk Dominique Taty Ministry of Manpower & Romero Pineda & Lepik & Luhaäär LAWIN Lepik & Luhaäär LAWIN Asociados, member of Lex FIDAFRICA / Migration PricewaterhouseCoopers Mundi Villu Kőve Villi Tőntson Shereen Zaky Estonian Supreme Court PricewaterhouseCoopers Shalakany Law Office, Edgar Mendoza ERITREA member of Lex Mundi PricewaterhouseCoopers Tanja Kriisa Veikko Toomere Rahel Abera PricewaterhouseCoopers MAQS Law Firm Mohsen Ziko Miriam Eleana Mixco Reyna Berhane Gila-Michael Al Kamel Law Office Gold Service Paul Künnap Karolina Ullman Law Firm Sorainen MAQS Law Firm Mona Zobaa Jocelyn Mónico Senai Andemariam Ministry of Investment Aguilar Castillo Love Piret Lappert Neve Uudelt University of Asmara Sorainen Raidla Lejins & Norcous Jose Navas Paulos Bereket E L S A LVA D OR All World Cargo, SA de CV Priit Lepasepp Ingmar Vali Ministry of Land, Water and Environment Sorainen Registrite ja Ana Margoth Arévalo Ramón Ortega infosusteemide Keskus Superintendencia del PricewaterhouseCoopers Tesfai Ghebrehiwet Liina Linsi Sistema Financiero Lepik & Luhaäär LAWIN Hannes Vallikivi Susana Palacios Department of Energy Law Office Tark & Co. Francisco Armando Arias Arias & Muńoz Biniam Ghebremichael Kaidi Lippus Rivera Ministry of Justice Mirjam Vili Jose Antonio Polanco Eritrean Airlines Arias & Muńoz bnt Attorneys-at-law OÜ Lexincorp Kebreab Habte Michael Karin Madisson Irene Arrieta de Díaz Nuila Sorainen Ago Vilu Ana Patricia Portillo Reyes Kebreab Habte Michael Arrieta Bustamante Legal Consulting PricewaterhouseCoopers Guandique Segovia Margus Magi Carlos Castillo Quintanilla Tekeste Mesghenna Ministry of Justice Andres Vinkel Romero Pineda & MTD Enterprises PLC Hansa Law Offices Asociados, member of Lex Hector Rios Siiri Malmberg Mundi Consortium Centro Habtemicael Weldegiorgis Hansa Law Offices Vesse Vőhma América Abogados Ministry of Land, Water Lepik & Luhaäär LAWIN Ricardo Cevallos Johan Maunsbach Kelly Beatriz Romero and Environment MAQS Law Firm Urman Volens Consortium Centro América Abogados Rusconi, Valdez, Medina & Sorainen E S TON IA Veiko Meos Asociados Urmas Volens Walter Chávez Krediidiinfo A.S. Gold Service Roxana Romero Risto Agur Sorainen Jaanus Mody Romero Pineda & Sorainen Joel Zernask Maria Marta Delgado Asociados, member of Lex Luiga Mody Hääl Borenius Arias & Muńoz Mundi Katrin Altmets KPMG Margus Mugu Sorainen Porfirio Diaz Fuentes Adonay Rosales Luiga Mody Hääl Borenius E T H I OP IA DLM & Asociados PricewaterhouseCoopers Airi Asperk Liina Naaber-Kivisoo Konkurentsiamet Estonian Daniel Alemu Laura Duran De Jimemez Mario Enrique Sáenz Competition Authority Lepik & Luhaäär LAWIN Consultant & Attorney- Asociación Protectora de Sáenz & Asociados Arne Ots at-Law Créditos de El Salvador Aet Bergmann Ana Guadalupe Sáenz Padilla Luiga Mody Hääl Borenius Raidla Lejins & Norcous (PROCREDITO) Abdella Ali Sáenz & Asociados Abdella Ali Law Office 222 DOING BUSINESS 2011 Fikadu Asfaw Shelvin Singh Sakari Kauppinen Romain Arnaud Virginie Sabag Fikadu Law Office Parshotam & Co. National Board of Patents Vaughan Avocats Confédération & Registration Française du Commerce Teklu Asqualu Narotam Solanki Antoine Azam-Darley Interentreprises (CGI) Express Transit Service PricewaterhouseCoopers Antti Kivipuro Azam-Darley & Associés Enterprise PLC. Energy Market Authority Carole Sabbah Shayne Sorby Finland Nicolas Barberis Mayer Brown LLP Bekure Assefa Munro Leys Ashurst Bekure Assefa Law Office Suvi Knaapila Isabelle Smith Monnerville Chirk Yam Dittmar & Indrenius Andrew Booth Vaughan Avocats Berhanu Yegezu Beyene PricewaterhouseCoopers Andrew Booth Architect GAD construction PLC Elina Kumpulainen Jean Luc Vallens Eddie Yuen PricewaterhouseCoopers Franck Buffaud Court of Appeal Wossen Teshome Bokan Williams & Gosling Ltd. Legal Services Delsol Avocats Teshome Gabre-Mariam François Verdot Law Firm Mina Lang Laure Canu Salans FINLAND Mayer Brown LLP Castrén & Snellman Teferra Demiss Hanna Ahtikoski Attorneys Ltd. Philippe Xavier-Bender Legal and Insurance Frédérique Chifflot Bourgeois Gide Loyrette Nouel Law Office ADVOCARE Jouni Lehtinen Lawyer at the Bar of Paris Consultant and Attorney A.A.R.P.I. Ville Ahtola Helen Sähköverkko Oy Michel Combe Solomon Desta Claire Zuliani Castrén & Snellman Tiina Leppälahti Landwell & Associés - National Bank of Ethiopia Attorneys Ltd. Transparence, member Helen Sähköverkko Oy PricewaterhouseCoopers of Russel Bedford Bahre Gezahagn Manne Airaksinen Legal Services International Express Transit Service Patrik Lindfors Roschier Attorneys Ltd., Stephane Coulaux Enterprise PLC. member of Lex Mundi Lindfors & Co, Attorneys- G A B ON at-Law Ltd. Coulaux-Maricot- Berhane Ghebray Kasper Björkstén Georganta (CMG LEGAL) Berhane Ghebray & Patrick Lindgren Marcellin Massila Helen Sähköverkko Oy Ann Creelman Akendengue Associates Law office ADVOCARE Claudio Busi Vatier & Associés SEEG, Société d'Energie et Zekarias Keneaa Tuomas Lukkarinen d'Eau du Gabon Castrén & Snellman Raphaëlle de Ruffi de Pontevčs Addis Ababa University Attorneys Ltd. National Land Survey of Finland Landwell & Associés - Marie Carmel Ketty Taddesse Lencho Mikko Eerola PricewaterhouseCoopers Ayimambenwe Addis Ababa University Lasse Luukkainen Legal Services Banque Internationale Waselius & Wist Castrén & Snellman pour le Commerce et Molla Mengistu Marja Eskola Attorneys Ltd. Anne Delerable l'Industrie du Gabon Addis Ababa University PricewaterhouseCoopers Gide Loyrette Nouel Natalia Malgina A.A.R.P.I. Benoît Boulikou Semenh Sisay Johannes Frände Hedman Osborne Clarke SEEG, Société d'Energie et Lewa PLC Olivier Everaere d'Eau du Gabon Roschier Attorneys Ltd., Tero Malmivaara member of Lex Mundi Agence Epure SARL Eyasu Tequame PricewaterhouseCoopers Daniel Chevallon Jehoiachin Techno Pvt. Esa Halmari Legal Services Benoit Fauvelet Matelec Ltd. Co. Hedman Partners Banque de France Anna-Kaisa Nenonen Fabrice Guida Amsale Tsehaye Johanna Haltia-Tapio Castrén & Snellman Sylvie Ghesquiere Club OHADA Gabon Amsale Tsehaye & Hannes Snellman LLC Attorneys Ltd. Banque de France Associates Law Office Caroline Idrissou-Belingar Tuija Hartikainen Minna Oksa Kevin Grossmann BEAC Tameru Wondmagegnehu PricewaterhouseCoopers Mayer Brown LLP PricewaterhouseCoopers Michael Jeannot Tameru Wondmagegnehu Legal Services Law Offices Seppo Havia Christophe Guenard Matelec Dittmar & Indrenius Ilkka Pesonen Landwell & Associés - Wabuco Oy, member PricewaterhouseCoopers Pélagie Massamba Mouckocko FIJI Harry Hedman of Russell Bedford Legal Services FIDAFRICA / David Aidney Hedman Osborne Clarke International PricewaterhouseCoopers Philipe Guibert Williams & Gosling Ltd. Heikki Hiltunen Markku Pulkkinen FIEEC Mirielle Moundakou Mapicka Caroll Sela Ali Roschier Attorneys Ltd., Hedman Partners Club OHADA Gabon Marc Jobert Cromptons Solicitors member of Lex Mundi Jean Hilaire Moussavou Mikko Reinikainen Jobert & Associés Eddielin Almonte Mia Hukkinen PricewaterhouseCoopers Fumu Technologie Caroline Joly PricewaterhouseCoopers Roschier Attorneys Ltd., Célestin Ndelia member of Lex Mundi Veli-Pekka Saajo Landwell & Associés - Jon Apted Energy Market Authority PricewaterhouseCoopers Etude Maître Ndelia Munro Leys Jenni Hupli Finland Legal Services Célestin Castrén & Snellman Carol Khoury Joel Ndong Nehla Basawaiya Attorneys Ltd. Tatu Simula Munro Leys Roschier Attorneys Ltd., Jones Day Direction Générale de Nina Isokorpi member of Lex Mundi l'Urbanisme Mahendra Chand Daniel Arthur Laprčs Roschier Attorneys Ltd., Ruben Mindonga Ndongo Munro Leys member of Lex Mundi Petri Taivalkoski Cabinet d'Avocats Roschier Attorneys Ltd., Cabinet Maître Anguiler William Wylie Clarke Lauri Jääskeläinen Magali Lemaistre member of Lex Mundi Confédération Lubin Ntoutoume Howards Lawyers Building Control Department of the City of Esa Tiainen Française du Commerce Avocat Dilip Jamnadas Helsinki National Land Survey of Interentreprises (CGI) Olivier P. N'Zahou Jamnadas and Associates Finland Jean-Louis Martin Pekka Jaatinen Club OHADA Gabon Nilesh Prasad Castrén & Snellman Marko Vuori Jones Day Marie-Jose Ongo Mendou Mitchell, Keil & Attorneys Ltd. Krogerus Attorneys Ltd. Nicolas Mordaunt-Crook Associates FFA Juridique & Fiscal Virpi Jalonen Rauli Werdermann Landwell & Associés - Ramesh Prasad Lal PricewaterhouseCoopers Nadine Owanga Tetey Logi PricewaterhouseCoopers Schenker Corp. Club OHADA Gabon Carpenters Shipping Legal Services Nina Järvinen Gunnar Westerlund Laurent Pommera Colin Radford Roschier Attorneys Ltd., Nathalie Morel Cargoworld Ab/Oy FIDAFRICA / Larsen Holtom Maybin member of Lex Mundi Mayer Brown LLP & Company Limited, Jukka-Pekka Joensuu PricewaterhouseCoopers Kai Wist Frédéric Roussel Architects & Engineers PricewaterhouseCoopers Christ Hermann Pounah PricewaterhouseCoopers Fontaine, Roussel & Varun Shandil Juuso Jokela Associés Club OHADA Gabon Munro Leys Suomen Asiakastieto Oy - FRANCE Hugues Roux Christophe A. Relongoué Finska FIDAFRICA / Om Dutt Sharma Banque de France Allen & Overy LLP PricewaterhouseCoopers Fiji Electricity Authority ACKNOWLEDGMENTS 223 G A M B IA , T H E David Giorgadze Tato Urjumelashvili Christof Kautzsch Katharina von Rosenstiel Association for Protection State Procurement Agency Salans Orrick Hölters & Elsing Alpha Amadou Barry of Landowners Rights Deloitte (APLR) Johann Klein Lena Wallenhorst GERMANY Beeh & Happich GmbH Cleary Gottlieb Steen & Abdul Aziz Bensouda Lasha Gogiberidze Friedhold E. Andreas Wirtschaftsprüfungs- Hamilton LLP Amie Bensouda & Co. BGI Legal Freiling, Andreas & gesellschaft Steuerberatungsge- Stephan Werner Amie N.D. Bensouda Mamuka Gordeziani Partner sellschaft, member Annekatren Werthmann- Amie Bensouda & Co. ITM Global Logistics Gabriele Apfelbacher of Russell Bedford Feldhues Lamin Ceesay Levan Gotua Cleary Gottlieb Steen & International PricewaterhouseCoopers Solie Law Chambers Ministry of Finance Hamilton LLP Jörg Kraffel Legal Services Ida Denise Drameh Bela Gutidze Marco Bach White & Case Thomas Winkler Ida D. Drameh & Associates GDC Solutions PricewaterhouseCoopers Peter Limmer Domus AG, member Henning Berger Notare Dr. Limmer & Dr. of Russell Bedford Cherno Alieu Jallow Tamuna Gvaramia International Deloitte BGI Legal White & Case Friederich Christoph Lindenau Gerlind Wisskirchen Kulo Jatta Batu Gvasalia Astrid Berle PricewaterhouseCoopers CMS Hasche Sigle Department of Land and National Agency of Public SCHUFA Holding AG Surveys Registry Legal Services Boris Witt Jennifer Bierly Frank Lohrmann Cleary Gottlieb Steen & Lamin S. Jatta Nino Javakhadze GSK Stockmann + Kollegen Hamilton LLP Deloitte Chancellery of the Cleary Gottlieb Steen & Joerg Boehmer Hamilton LLP Uwe Witt Government of Georgia Sulayman M. Joof Michael Brems PricewaterhouseCoopers David Kakabadze Cornelia Marquardt S.M. Joof Agency Cleary Gottlieb Steen & Legal Services Georgian Legal Norton Rose Nani Juwara Hamilton LLP Christian Zeissler Partnership Susanne Mattern National Water and Thomas Büssow C·B·H Rechtsanwälte Electricity Company Ltd. Irakli Kandashvili PricewaterhouseCoopers PricewaterhouseCoopers George Kwatia Pasha Karim Werner Meier G HA NA Thomas Buhl Cleary Gottlieb Steen & PricewaterhouseCoopers Globalink Logistics Group Cleary Gottlieb Steen & Hamilton LLP George K Acquah Tijan Mbye Mari Khardziani Hamilton LLP Laryea, Laryea & Co. P.C. National Agency of Public Dirk Meyer-Claassen Maj Consult Ltd. Nikolaus Bunting Larry Adjetey Registry Senatsverwaltung für Omar Njie Institute for Law and Stadtentwicklung Berlin Law Trust Company Law Firm Omar Njie Koba Koakhidze Finance Germany JSC Creditinfo Georgia Eike Najork Benjamin Agbotse Pa M. M. N'jie Helge Dammann C·B·H Rechtsanwälte H & G Architects and Trust Bank Ltd. David Koberidze PricewaterhouseCoopers Consultants Chancellery of the Legal Services Wolfgang Nardi Maxwell Ntiri Government of Georgia Kirkland & Ellis LLP Godwin Amartey Andreas Eckhardt Andah and Andah PricewaterhouseCoopers Dirk Otto Aieti Kukava PricewaterhouseCoopers Kingsley Owusu-Ewli Alliance Group Holding Legal Services Norton Rose Nene Amegatcher PricewaterhouseCoopers Sam Okudzeto & Associates Vakhtang Lejava Dieter Endres Daniel Panajotow Ebrima Sambou Chancellery of the PricewaterhouseCoopers Cleary Gottlieb Steen & K. B. Andah Office of the Chief Justice, Government of Georgia Hamilton LLP Andah and Andah Peter Fissenewert Judiciary of The Gambia Peter Polke Wilfred Kwabena Anim- Ekaterine Meskhidze Buse Heberer Fromm Hawa Sisay-Sabally National Agency of Public Cleary Gottlieb Steen & Odame Sabine Funke Hamilton LLP Land Valuation Board Raymond Sock Registry Cleary Gottlieb Steen & Legal Consultant Merab Narmania Hamilton LLP Sebastian Prügel Ellen Bannerman Chancellery of the White & Case Bruce-Lyle Bannerman & Darcy White Markus J. Goetzmann Associates PricewaterhouseCoopers Government of Georgia C·B·H Rechtsanwälte Michael Roemer Vachtang Okreshidze Vattenfall Europe Stella Bentsi-Enchill Jana Greiser Distribution Hamburg Lexconsult and Company G E ORG IA Georgia National PricewaterhouseCoopers GmbH Energy and Water Supply Legal Services Abed Buabur Zurab Antelidze Regulatory Commission Christoph Schauenburg Andah and Andah Ministry of Finance Björn Grund Vakhtang Paresishvili Cleary Gottlieb Steen & Natalia Babakishvili Cleary Gottlieb Steen & Hamilton LLP Emmanuel Dorsu DLA Piper Georgia LP Hamilton LLP Town and Country Mgaloblishvili, Kipiani, Friedrich Tobias Schoene Dzidziguri (MKD) Law Firm Irakli Pipia Planning Department Andrea Gruss Hogan & Hartson LLP DLA Piper Georgia LP Merget + Partner Clifford Fiadjoe Giorgi Begiashvili Tamar Popkhadze Kirstin Schwedt Andah and Andah Begiashvili & Co. Limited Klaus Günther Law Offices PricewaterhouseCoopers Linklaters Oppenhoff & Linklaters Oppenhoff & Rädler Angela Gyasi Ketevan Beradze Joseph Salukvadze Rädler Bentsi-Enchill & Letsa, Tbilisi State University Ingrid Seitz member of Lex Mundi BGI Legal Robert Gutte Deutsche Bundesbank Sandro Bibilashvili Natia Samushia Cleary Gottlieb Steen & Farida Karim Chancellery of the Hamilton LLP Ahmad Soltan Crown Agents Ghana Ltd. BGI Legal Government of Georgia Wimexas Ltd.. Vladimer Chkhaidze Rüdiger Harms Rosa Kudoadzi Manzoor Shah Cleary Gottlieb Steen & Dirk Stiller Bentsi-Enchill & Letsa, National Agency of Public Registry Globalink Logistics Group Hamilton LLP PricewaterhouseCoopers member of Lex Mundi Legal Services Paul Cooper Manana Shurghulaia Ilka Heinemeyer George Kwatia Chancellery of the SJ Berwin LLP Tobias Taetzner PricewaterhouseCoopers PricewaterhouseCoopers Government of Georgia PricewaterhouseCoopers Kakha Damenia Stefan Heinrich Samuel Kwofie Rusa Sreseli Cleary Gottlieb Steen & Holger Thomas Ghana Grid Company GDC Solutions GDC Solutions Hamilton LLP SJ Berwin LLP Tsitsi Doborjginidze Kenneth D. Laryea Anna Tabidze Götz-Sebastian Hök Matthias Thorns Laryea, Laryea & Co. P.C. Caucastransexpress Ltd. Mgaloblishvili, Kipiani, Dr. Hök Stieglmeier & BDA | Confederation of Tsotne Ebralidze Partner German Employers Nortey Miriam Dzidziguri (MKD) Law Firm PricewaterhouseCoopers ARCI Architecture & Markus Jakoby Valentin Todorow Development Giorgi Tavartkiladze Sam Okudzeto Deloitte Jakoby Rechtsanwälte Hogan & Hartson LLP Courtney Fowler Sam Okudzeto & Associates PricewaterhouseCoopers 224 DOING BUSINESS 2011 Kingsley Owusu-Ewli Olga Koromilia Mania Tsoumita María de los Angeles Barillas Rita Pérez PricewaterhouseCoopers PricewaterhouseCoopers Kelemenis & Co. Buchhalter Aragón & Aragón Legal Services Saravia & Muńoz Stefan Peter Ioannis Vekris Melida Pineda Panalpina Ltd. Yannis Kourniotis PotamitisVekris Edgar Baltazar Barquín Durán Carrillo & Asociados M & P Bernitsas Law Superintendencia de Jacob Saah Offices Sofia Xanthoulea Bancos Evelyn Rebuli Saah & Co. John M. Tripidakis and Quińones, Ibargüen & Luján Tom Kyriakopoulos Associates Jorge Rolando Barrios Julien Tardy Kelemenis & Co. Bonilla, Montano, Alfredo Rodríguez Mahuad SDV (Ghana) Ltd. Vicky Xourafa Toriello & Barrios Consortium Legal, Dimitrios Kremalis Kyriakides Georgopoulos & Rodríguez, Archila, Darcy White Kremalis Law Firm, member Daniolos Issaias Law Firm Neri Benitez Castellanos, Solares & PricewaterhouseCoopers of Ius Laboris Empresa Eléctrica de Aguilar Fredy Yatracou Guatemala, S.A. GREECE Vassiliki G. Lazarakou PricewaterhouseCoopers Rodrigo Salguero Zepos & Yannopoulos, Cecilia Bonilla PricewaterhouseCoopers George Apostolakos member of Lex Mundi G R E NA DA Aguilar Castillo Love Cynthia Sequeira Apostolakos Architects Ioanna Lazaridou - Maria del Pilar Bonilla Raymond Anthony Palacios & Asociados Ioanna Argyraki Elmaloglou Bonilla, Montano, Raymond Anthony & Co. José Augusto Toledo Cruz Kyriakides Georgopoulos & Kelemenis & Co. Toriello & Barrios Daniolos Issaias Law Firm Robert Branch Arias & Muńoz Konstantinos Logaras Agustín Buezo Supreme Court Elmer Vargas Andreas Bagias Zepos & Yannopoulos, Arrow Cargo Kelemenis & Co. member of Lex Mundi James Bristol ACZALAW Edy Cabrera Evangelia Martinovits Henry, Henry & Bristol Sergio Velásquez Antonis Bavas PricewaterhouseCoopers Stephenson Harwood I.K. Rokas & Partners Thaddus Charles Comisión Nacional de Rodrigo Callejas Aquino Energía Eléctrica Margarita Matsi Inland Revenue Ira Charisiadou Department Carrillo & Asociados Kelemenis & Co. Ernesto Viteri Arriola Elias Paraskevas Attorneys José Alfredo Cándido Durón 1933 Christopher DeRiggs Viteri & Viteri John Mazarakos Superintendencia de Ministry of Finance, Alkistis - Marina Christofilou Elias Paraskevas Attorneys Planning, Energy, Foreign Bancos GUINEA I.K. Rokas & Partners 1933 Trade & Co-operatives Juan Pablo Carrasco de Aminata Bah Tall Sotiris Constantinou Makariou Panagiota Carlyle Felix Groote Nimba Conseil SARL Grant Thornton Grant Thornton Ministry of Finance, Díaz-Durán & Asociados Planning, Energy, Foreign Central Law Boubacar Barry Theodora D. Karagiorgou Panayis Panagiotopoulos Trade & Co-operatives Francisco José Castillo Jurifis Consult Guinée Koutalidis Law Firm Kremmydas-Doris & Associates Law Firm Jo Francis Chacón Mohamed Camara Eleni Dikonimaki Aguilar Castillo Love SOCOPAO - SDV Teiresias S.A. Interbanking Antonis Pantazis Ministry of Legal Affairs Information Systems PricewaterhouseCoopers Anette Henry Juan Carlos Castillo Chacón Oumar Dabo Supreme Court Aguilar Castillo Love ARCHI Panagiotis Drakopoulos Elena Papachristou Drakopoulos Law Firm Zepos & Yannopoulos, Kelvin Jacobs Paola van der Beek de Ahmadou Diallo member of Lex Mundi Andrino Chambre des Notaires Alexandra Economou Creative Design Cámara Guatemalteca de Drakopoulos Law Firm Konstantinos Papadiamantis Kurt LaBarrie la Construcción Djenabou Diallo PotamitisVekris Creative Design Nimba Conseil SARL Margarita Flerianou Rolando De Paz Barrientos Economou International Constantinos Papadogiannis Niel Noel Solutions of Informatica Maimouna Diallo Shipping Agencies ACRON Technical Henry Hudson - Phillips of Central America, Inc. Nimba Conseil SARL Commercial Ltd. & Co. Sotiris Gioussios Luis Diaz El Hajj Barry Djoudja Grant Thornton Kyriakos Papadogiannis Darshan Ramdhani TransUnion Guatemala AICHFEET ACRON Technical Ministry of Legal Affairs Antigoni Gkarla Commercial Ltd. Hugo Daniel Figueroa Estrada Abdel Aziz Kaba PricewaterhouseCoopers Valentino Sawney Superintendencia de Nimba Conseil SARL Athanassia Papantoniou Bancos Yanos Gramatidis Tradship International Lansana Kaba Kelemenis & Co. Bahas, Gramatidis & David Sinclair Rodolfo Fuentes CARIG Partners Alexios Papastavrou Protectora de Crčdito Sinclair Enterprises Nouke Kourouma PotamitisVekris Limited Comercial Elina Kanataki Direction Nationale Drakopoulos Law Firm Dimitris E. Paraskevas Trevor St. Bernard José Gonzalez de l'Habitat et de la Elias Paraskevas Attorneys Lewis & Renwick Precon Construction Constantinos Kapitsinos 1933 Spyridakis Tsoukala Law Lisa Telessord Raúl Stuardo Juárez Leal Mohamed Lahlou Firm (ST Law Firm) Katerina Politi Superintendencia de FIDAFRICA / Supreme Court Kyriakides Georgopoulos & Bancos PricewaterhouseCoopers Evangelos Karaindros Daniolos Issaias Law Firm Shireen Wilkinson Evangelos Karaindros Law Wilkinson, Wilkinson & María Isabel Luján Guy Piam Firm Mary Psylla Zilbermann Nimba Conseil SARL Wilkinson PricewaterhouseCoopers Quińones, Ibargüen & Luján Artemis Karathanassi Daniella Williams Mitchell Raffi Raja PricewaterhouseCoopers Vasiliki Salaka Eduardo Mayora Alvarado Cabinet Koűmy Danny Williams & Co. Karatzas & Partners Mayora & Mayora, S.C. Constantine Karydis Dominique Taty PricewaterhouseCoopers Harris Skordakis G UAT E M A L A Edgar Mendoza FIDAFRICA / Legal Services PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Legal Services José Aguilar Yannis Kelemenis Mayora & Mayora, S.C. Christian Michelangeli Abdourahamane Tounkara Kelemenis & Co. Iro Stamataki Carrillo & Asociados Guinée Consulting Kelemenis & Co. Pedro Aragón Constantinos Klissouras Aragón & Aragón Roberto Moreno Rodríguez Aboubacar Salimatou Toure Anagnostopoulos Bazinas Alexia Stratou Alcalá Nimba Conseil SARL Kremalis Law Firm, member Elias Arriaza Alexandra Kondyli Moreno Ruffinelli & Yansane Fatoumata Yari of Ius Laboris Consortium Legal, Asociados Karatzas & Partners Rodríguez, Archila, Soumah John Tripidakis Castellanos, Solares & Roberto Ozaeta Office Notarial Nicholas Kontizas John M. Tripidakis and Aguilar PricewaterhouseCoopers Zepos & Yannopoulos, Associates Legal Services G U I N E A- B I S S AU member of Lex Mundi Anabella Arzú Antonios Tsavdaridis ACZALAW Marco Antonio Palacios Panos Koromantzos Diaby Aboubakar I.K. Rokas & Partners Palacios & Asociados Bahas, Gramatidis & Ruby María Asturias Castillo BCEAO Partners ACZALAW ACKNOWLEDGMENTS 225 Marceano Barbosa Garry Lhérisson José Rafael Rivera Ferrari Kok Leong Ngan Norbert Izer Registrar Ministčre des Travaux Consortium Centro CLP Power Hong Kong PricewaterhouseCoopers Publics, Transports et America Abogados Limited Jaimentino Có Communications Zsuzsanna Károlyi Ministério do Comércio Enrique Rodriguez Burchard Randolph Perry PRK Bellák & Partners Louis Gary Lissade Aguilar Castillo Love Orrick, Herrington & Adelaida Mesa D'Almeida Cabinet Lissade Sutcliffe LLP Petra Lencs JURISCONTA SRL Fanny Rodríguez del Cid Bárd, Cseri & Partners Joseph Paillant Arias & Muńoz Kenneth Poon Law Firm Agostinho Joaquim Gomes Ordre des Comptables The Land Registry of Hong Municipality of Bissau Professionels Agrées René Serrano Kong Lívia Mihovics d'Haďti Arias & Muńoz Réti, Antall & Madl Octávio Lopes Martinal Quan Landwell Law Firm Octávio Lopes Advogados - Micosky Pompilus Godofredo Siercke Metopro Associates Miranda Alliance Cabinet d'Avocats García & Bodán Limited László Mohai Chalmers Mohai Law Office Osiris Francisco Pina Ferreira Cristian Stefan Handal Jude Ryan Conselho judicial da Paul Emile Simon Zacarías & Asociados Orrick, Herrington & Robert Nagy magistradura Architect Sutcliffe LLP BISZ Central Credit Roberto Manuel Zacarías Information Plc. Djunco Suleiman Ture Salim Succar Urrutia Alex Sahi Municipality of Bissau Cabinet Lissade Zacarías & Asociados Top Impetus Sándor Németh Szecskay Attorneys at Law Carlos Vamain Ervin Tan HON DU R AS H O N G KON G S A R , Christopher Noblet Gomes & Vamain Orrick Herrington & Associados C H I NA Partos & Noblet Lovells Juan José Alcerro Milla Sutcliffe Emmanuel Yehouessi Aguilar Castillo Love Allen & Overy LLP Eric Tang Faith Okpukpan BCEAO Albert P.C. Chan Asia Business Service Jones Lang LaSalle Jose Miguel Alvarez Consortium Centro The Hong Kong Limited Örs Pénzes G U YA NA Polytechnic University America Abogados Sara Tong Nagy és Trócsányi Law Ashton Chase Allan Chan Temple Chambers Office, member of Lex José Simón Azcona Mundi Law Office of Ashton IABSA The Land Registry of Hong Laurence Tsong Chase Associates Kong Andrea Soós Manuel Betancourth TransUnion Hong Kong Desmond Correia Nicholas Chan SoosLaw office DYCELEC S de R.L. Yeeling Wan Correia & Correia Ltd. Squire, Sanders & Dempsey Vera Szalkai César Cabrera Stephenson Harwood & Lo Geoffrey Da Silva Vashi Ram Chandi KÖZTI Zrt. TransUnion Yuen-ho Wan Guyana Office for Excellence International András Szecskay Investment Jose Ernesto Calix Russell Bedford Hong Deborah Y. Cheng Kong Limited, member Szecskay Attorneys at Law Empresa Nacional de Lucia Desir Energía Eléctrica Squire, Sanders & Dempsey of Russell Bedford Ágnes Szent-Ivány D & J Shipping Services L.L.P. International Sándor Szegedi Szent-Ivány Janeth Castańeda de Aquino Komáromi Eversheds Guyana Power & Light Inc. Candace Chu Fergus Wong Grupo Cropa Panalpina Economic Analysis and PricewaterhouseCoopers Viktória Szilágyi Kashir Khan Carmen Chevez Business Facilitation Jackson Wong Nagy és Trócsányi Law Attorney-at-Law CNBS - Comision Nacional Unit, Hong Kong SAR Hong Kong Economic & Office, member of Lex Rakesh Latchana de Bancos y Seguros Government Mundi Trade Office Ram & McRae Jaime Colindres Rosales Jimmy Chung Ricky Yiu László Szqcs Carolyn Paul DYCELES S de R.L. Russell Bedford Hong Réti, Antall & Madl Kong Limited, member Baker & McKenzie Supreme Court of Ramón Discua Landwell Law Firm Judicature of Russell Bedford Peter Yu Batres, Discua, Martinez International Adrienn Tar Abogados PricewaterhouseCoopers R.N. Poonai Szecskay Attorneys at Law Poonai & Poonai Keith Man Kei Ho Frank Yuen Gilda Espinal Veliz Wilkinson & Grist Ádám Tóth ASJ - Asociacion para una KLC Kennic Lui & Co Public Utilities Dr. Tóth & Dr. Gáspár Commission Guyana Sociedad mas Justa Rod Houng-Lee KözjegyzQi Iroda PricewaterhouseCoopers H U N G A RY Christopher Ram Angela Figueroa Gábor Varga Ram & McRae ASJ - Asociacion para una Tam Yuen Hung Mark Balastyai BISZ Central Credit Sociedad mas Justa Guangdong and Hong Kong Futureal Group Information Plc. Vishwamint Ramnarine Feeder Association Ltd. PFK Barcellos, Narine Lillizeth Garay Péter Bárdos Vera Várkonyi & Co CNBS - Comision Nacional Salina Ko Dr. Bárdos Attorney-at- Notary de Bancos y Seguros APL Law Reginald Roach Agnes Wolford R&D Engineering Jessica Handal Howard Lam Sándor Békési Budapest Viii. district Arias & Muńoz Linklaters Partos & Noblet Lovells Municipality Gidel Thomside National Shipping Juan Diego Lacayo González Lauren Lau Hedi Bozsonyik Blanka Zombori Corporation Ltd. Aguilar Castillo Love KLC Kennic Lui & Co Szecskay Attorneys at Law PricewaterhouseCoopers Josephine Whitehead Marcela López Carrillo Damon Law Zsuzsanna Cseri Cameron & Shepherd PricewaterhouseCoopers Baker and McKenzie Bárd, Cseri & Partners ICEL AND Law Firm Troy Williams Dennis Matamoros Batson Phila Law Halla Ýr Albertsdóttir Ram & McRae Arias & Muńoz Economic Analysis and Gabriella Erdos PricewaterhouseCoopers Business Facilitation PricewaterhouseCoopers Ramón E. Morales Unit, Hong Kong SAR Elin Arnadottir HA I T I PricewaterhouseCoopers Ágnes Fábry PricewaterhouseCoopers Government Lionel Allen PRK Bellák & Partners Vanessa Oquelí Tommy Li Kristján Ásgeirsson Architect García & Bodán Burke, Fung & Li Solicitors Éva Gargya Arkitektastofan OG Martin Camille Cangé Nagy és Trócsányi Law Ramón Ortega Kennic L H Lui Office, member of Lex Ţórđur Búason Electricité d'Haďti PricewaterhouseCoopers KLC Kennic Lui & Co Mundi Reykjavik Construction Jean Gerard Eveillard Agency Mauricio Quińónez Justin Ma Anna Gáspár Cabinet Eveillard PricewaterhouseCoopers Linklaters Build-Econ Ltd. Eymundur Einarsson Gilbert Giordani Endurskođun og ráđgjöf Dino Rietti James Ngai Dóra Horváth ehf, member of Russell Etude Brisson Cassagnol Arquitecnic Russell Bedford Hong Réti, Antall & Madl Bedford International Robert Laforest Kong Limited, member Landwell Law Firm Cabinet LaForest of Russell Bedford International 226 DOING BUSINESS 2011 Ólafur Eiríksson Vanita Bhargava Ruchi Jain Jignesh Makwana Ashok Ramgir LOGOS, member of Lex Khaitan & Co PricewaterhouseCoopers SwiftIndiaInc Corporate Harsh Impex Mundi Legal Services Services Private Limited Atul Bhatia Harsh Ramgir Skuli Th. Fjeldsted Trilegal Anil Jarial Som Mandal Harsh Impex Fjeldsted, Blöndal & Juris Corp Fox Mandal Fjeldsted Gaurav Bhattacharya Ami Ranjan Juris Chambers Sunaina Jhingan Vipender Mann Singhania & Partners, Elísabet Guđbjörnsdóttir Singh & Associates KNM & Partners, Law Solicitors & Advocates PricewaterhouseCoopers Prabjot Bhullar Advocates and Solicitors Offices Khaitan & Co Dipak Rao Guđrún Guđmundsdóttir Dharmendra Johari Rishabh G Mastaram Singhania & Partners, Jónar Transport Nidhi Bothra Stonex Inc. Desai & Diwanji Solicitors & Advocates Vinod Kothari & Co., Hjördís Gulla Gylfadóttir Company Secretaries Rajat Joneja Dara Mehta Rahul Renavikar BBA Legal KNM & Partners, Law Little & Co. PricewaterhouseCoopers Bharat Budholia Offices Bryndís Gunnlaugsdóttir Juris Corp Jitesh Mehta Abhishek Saket PricewaterhouseCoopers Nitin Kala Source India Infini Juridique Binoy Chacko Fox Mandal Reynir Haraldsson Companiesinn.com India Preeti G. Mehta Vandana Sekhri Jónar Transport Private Limited Rajas Kasbekar Kanga & Co. Juris Corp Little & Co. Margrét Hauksdóttir Subhayu Chatterjee Shishir Mehta Ramani Seshadri The Land Registry of Khaitan & Co Charandeep Kaur Khaitan DPAS Groups Iceland Trilegal Jyoti Chaudhari Sharad Mishra Parag Shah Jón Ingi Ingibergsson Legasis Services Pvt. Ltd. Anuj Keashri Neo Multimedian Fox Mandal PricewaterhouseCoopers K n J Partners Prashant Chauhan Saurabh Misra Abhsihek Sharma Erlingur E. Jónasson Amruta Kelkar Saurabh Misra & Khaitan & Co Vijay Pratap Singh Chauhan ISTAK Juris Corp Associates, Advocates Khaitan & Co (PKA) Shweta Sharma Jóhanna Áskels Jónsdóttir Anup Khanna PricewaterhouseCoopers Daizy Chawla Hemal Modi PricewaterhouseCoopers Majmudar & Co. Legal Services Singh & Associates Sharp and Tannan - member Tómas J. Jónsson Advocates and Solicitors Bhavna Kohli of Russell Bedford Vina Sharma Lögfrćđistofu Reykjavíkur Manjula Chawla PricewaterhouseCoopers Infini Juridique Legal Services Shyamal Mukherjee Hrafnhildur Kristinsdóttir Phoenix Legal PricewaterhouseCoopers K.M. Aasim Shehzad LOGOS, member of Lex Anuraag Kothari BFS Legal Sachin Chugh Sudip Mullick Mundi Trilegal Singhi Chugh & Kumar, Khaitan & Co Vikram Shroff Ásta Kristjánsdóttir Chartered Accountants Vinod Kothari Nishith Desai Associates PricewaterhouseCoopers Vinod Kothari & Co., Rajiv Mundhra Ketan Dalal Manjosh K Sidhu Company Secretaries Crown Agents (India) Pvt Benedetto Nardini PricewaterhouseCoopers Ltd. Avinash Kumar Praveen Singh BBA Legal Vishwang Desai K n J Partners Ramaratnam Muralidharan Fox Mandal Dagbjört Oddsdóttir Desai & Diwanji PricewaterhouseCoopers Hitesh Kumar Ravinder Pal Singh BBA Legal Thambi Durai Singhania & Partners, Vijay Nair International Surgical Kristján Pálsson T. Durai & Co. Solicitors & Advocates KNM & Partners, Law Inds. Jónar Transport D. Ferdinand Offices Mukesh Singhal Mukesh Kumar Eyvindur Sólnes BFS Legal KNM & Partners, Law Huzefa Nasikwala KNM & Partners, Law LVA-legal services Offices Juris Corp Offices Vir Gandhi Jóhannes Stephensen Profound Outsourcing Yashasvini Kumar Chandra Nilesh Ravinder Singhania Creditinfo Iceland Solutions Pvt. Ltd. Trilegal Phoenix Legal Singhania & Partners, Solicitors & Advocates Gunnar Sturluson Rahul Garg Manoj Kumar Singh G. Pal LOGOS, member of Lex PricewaterhouseCoopers Abhishek Singla Singh & Associates Little & Co. Mundi Advocates and Solicitors PricewaterhouseCoopers Tanushree Ghildiyal Girija Shankar Pandey Legal Services Rúnar Svavar Svavarsson KNM & Partners, Law Sougata Kundu Max New York Life Orkuveita Reykjavíkur, Offices Harshita Srivastava PricewaterhouseCoopers Insurance Company Limited Distribution-Electrical Legal Services Nishith Desai Associates Arindam Ghosh Shreyas Patel System Rajesh Tayal Khaitan & Co Shreedhar Kunte Majmudar & Co. Stefán A. Svensson Sharp and Tannan - member KNM & Partners, Law Indranil Ghosh Sanjay Patil Offices Juris Law office of Russell Bedford Fox Mandal BDH INDUSTRIES LIMITED Moin Ladha Praveen Tiwary I N DIA Karanvir Gill Dhruv Paul Fox Mandal Khaitan & Co Khaitan & Co Amit Agarwal Trilegal Praveen Kumar Tiwary Vijay Goel Rozmin Lakhani PricewaterhouseCoopers Bhadrinath madhusudan Fox Mandal Singhania & Co. LLP Juris Corp Mahima Ahluwalia Pogul Debasis Law Aparna Tripathy Trilegal Chandrika Gogia Kalki International Fox Mandal Infini Juridique PricewaterhouseCoopers Nitin Potdar P. V. Balasubramaniam Suhas Tuljapurkar Sameer Guha Prachi Loona J. Sagar Associates, BFS Legal Legasis Services Pvt. Ltd. Trilegal Juris Corp Advocates & Solicitors Meghalee Barthakur Suneet Tyagi Nikhil Gupta Rajiv Luthra Anand Prasad PricewaterhouseCoopers Singhania & Partners, Legal Services PricewaterhouseCoopers Luthra & Luthra Trilegal Solicitors & Advocates Ramanuj Basu Rikha Gupta Neha Madan Kaushik Rajan Navratan Uppal PricewaterhouseCoopers Khaitan & Co Kesar Dass B & Associates Khaitan & Co B M Metal Crafts Legal Services Akil Hirani Manish Madhukar Mohan Rajasekharan Ratandeep Uppal Piyush Bhandari Majmudar & Co. Infini Juridique Phoenix Legal B M Metal Crafts Proteam Consulting Joy Jacob Ravi Mahto Gopalakrishnan Private Limited Ramachandran Ajay Verma Khaitan Trilegal Fox Mandal Juris Chambers Pradeep Bhandari Shipra Makkar Rishi Jain Ramesh Babu Vishwanathula Proteam Consulting Singh & Associates Smrithi Ramesh Private Limited PricewaterhouseCoopers Vishwanath & Global Legal Services Advocates and Solicitors BFS Legal Attorneys ACKNOWLEDGMENTS 227 Rajat Vohra Winita E. Kusnandar Nazem Ahmadian Nasrabadi Behboud Hosseinpour Arvind Sinha Trilegal Kusnandar & Co. State Organization for Port and Maritime Business Advisors Group Registration of Deeds Organization Hoshedar Wadia Ferry P. Madian &Properties Abdollah Soltani Juris Corp Ali Budiardjo, Nugroho, Mohammad Jalili The State Organization Reksodiputro, member of Behrooz Akhlaghi Iran Credit Scoring for Registration of Deeds Amit Yadkikar Lex Mundi International Law Office and Properties Desai & Diwanji of Dr. Behrooz Akhlaghi & Mehdi Jariani Ella Melany Associates Temad Company Mohammad Soltani I N D ON E SIA Hanafiah Ponggawa & Securities and Exchange Partners Hamid Alaedini Hossein Kakhki Organization of Iran Nafis Adwani Port and Maritime Iran Customs Office Karen Mills Organization Pedram Soltani Ali Budiardjo, Nugroho, Kiumars Kermanshahi Reksodiputro, member of KarimSyah Law Firm PERSOL Corporation Mohammad Alimohammadi Iran Trade Promotion Lex Mundi Norma Mutalib Organization Abbas Taghipour Novinalloys Semnan Almer Apon Makarim & Taira S. Central Bank of Iran Ali Amani Kheirollah Khadem PT Buana Mas Citra Suria Nataadmadja Iran Trade Promotion Mohammad Reza Talischi Lestari Dayarayan Auditing & Suria Nataadmadja & Financial Services Organization PERSOL Corporation Hamud M. Balfas Associates Mahdi Amouri Alireza Khanjan Farhad Yazdi Ali Budiardjo, Nugroho, Mia Noni Yuniar Iranian National Tax Farhad Yazdi Reksodiputro, member of Iranian National Tax Brigitta I. Rahayoe & Administration Administration Lex Mundi Partners I R AQ Mehenoosh Aryanpoor Majid Mahallati Rick Beckmann Denny Rahmansyah Mahallati & Co. Brigitta I. Rahayoe & International Law Office Hadeel Salih Abboud Soewito Suhardiman of Dr. Behrooz Akhlaghi & Chartered Accountants Al-Janabi Partners Eddymurthy Kardono Associates Shahrzad Majdameli Mena Associates, Fabian Buddy Pascoal Ilman Rakhmat International Law Office member of Amereller Hassan Badamchi Hanafiah Ponggawa & KarimSyah Law Firm of Dr. Behrooz Akhlaghi & Rechtsanwälte Partners HAMI Legal Services Associates Faik Abdul Rasool Muhammad Razikun Mohammad Badamchi Ita Budhi MUC Consulting Group, Fatemeh Sadat Mirsharifi Iraqi Institute for PT Prima Wahana Caraka / HAMI Legal Services Economic Reform member of Russell Bedford Iran Ministry of Commerce PricewaterhouseCoopers International Peyman Barazandeh Younes Gharbali Moghadam Ghassan Abdul Sada Tony Budidjaja Ghods Niroo Engineering Ministry of Labor & Social Gatot Sanyoto Company Port and Maritime Budidjaja & Associates Law Kusnandar & Co. Organization Affairs Offices Gholamhossein Davani Nur Asyura Anggini Sari Mozaffar Mohammadian Imad Abdul Satar Al Qassab S.H Juni Dani Dayarayan Auditing & Imad Al Qassab Law Office Bank Indonesia Financial Services Teema Bar International Budidjaja & Associates Law Transport Offices Indra Setiawan Saad Abdul Wahab A. Qader Morteza Dezfoulian Ali Budiardjo, Nugroho, Mohammad Iraqi Engineers Union Melli Darsa Morteza Reksodiputro, member of Mohammadinejad Emad Abdullatif Melli Darsa & Co. Lex Mundi Maryam Ebrahimi Namavaran Mohandesi Iraqi Institute for Utari Dyah Kusuma Tehran Stock International Investment Economic Reform Nurul Setyorini Exchange(TSE) Co Brigitta I. Rahayoe & Melli Darsa & Co. Partners Mohammad Al Jabouri Mona Ebrahimi Mehrdad Mostaghimi Kevin Omar Sidharta Talal Abu-Ghazaleh Legal Ira A. Eddymurthy International Law Office Ghods Niroo Engineering (TAG-Legal) Ali Budiardjo, Nugroho, of Dr. Behrooz Akhlaghi & Company Soewito Suhardiman Reksodiputro, member of Eddymurthy Kardono Associates Hadeel Al Janabi Lex Mundi Rasoul Nowrouzi Sarah Es,haghi Mena Associates, Ayik Gunadi Iran Trade Promotion member of Amereller Bambang Soelaksono The State Organization Organization Ali Budiardjo, Nugroho, The SMERU Research Rechtsanwälte Reksodiputro, member of for Registration of Deeds Institute and Properties Mohammad Reza Pasban Ahmad Al Jannabi Lex Mundi Allame Tabatabaei Un.- Galinar R. Kartakusuma Pejman Eshtehardi Mena Associates, Didik S. Hadiwidodo Iranian Central Bar member of Amereller Summitmas Iran Counselors Association PT. Nasio Karya Pratama Makarim & Taira S. Rechtsanwälte Michael Hasian Giovanni Mahmoud Eskandari Farmand Pourkarim Tariq Al Jibori Gatot Triprasetio Iran Trade Promotion Tehran Municipality Brigitta I. Rahayoe & Widyawan & Partners Al -Wahda Municipality Partners Organization Yehya Rayegani Mohamed Al Kawaz Jono Yeo Shirzad Eslami Farjam Law Office Ray Headifen Budidjaja & Associates Law Al Rafan Co. For General PT Prima Wahana Caraka / OJE Law office Trading Offices Kazem Sammak PricewaterhouseCoopers Hossein Fahimi Namavaran Mohandesi Omar Al Nemer Erwandi Hendarta I R A N , I SL A M I C Securities and Exchange International Investment Talal Abu-Ghazaleh Legal Hadiputranto, Hadinoto & R E P. Organization of Iran Co (TAG-Legal) Partners Zahra Farzaliyan Amin Setayesh Mohammad Reza Abdi Luay Al-Kayssi Mohammad Kamal Hidayat State Organization for State Organization for Iraqi Association of Iranian National Tax Registration of Deeds & Registration of Deeds Furniture Fikamar Administration Securities Dealers Properties &Properties of Islamic Rahayuningsih Hoed Camellia Abdolsamad Republic of Mustafa Alshawi Behzad Feizi Makarim & Taira S. International Law Office Encyeh Seyed Sadr Iraqi Institute for Agahan & Co. Economic Reform Brigitta Imam Rahayoe of Dr. Behrooz Akhlaghi & International Law Office Associates Mashallah Gerami of Dr. Behrooz Akhlaghi & Munther B. Hamoudi Brigitta I. Rahayoe & Partners Hamid Reza Adabi The State Organization Associates Al Attar Real- Estate for Registration of Deeds Office Adiwidya Imam Rahayu State Organization for and Properties Farhand Shaafi Registration of Deeds Namavaran Mohandesi Ali Baker Brigitta I. Rahayoe & &Properties Abbas Ali Ghassai Partners International Investment Al-Furat for Legal and Mostafa Agah Zarin Iran Porcelain Co Business Consultancy LLC Mirza Karim Industries Agah Law Firm Mir Shahbiz Shafe'e Duraid Basil KarimSyah Law Firm Mohammad Reza Hajian Allah Mohammad Aghaee Dr. Jamal Seifi & Iraqi Institute for Herry N. Kurniawan Central Bank of Iran Associates Economic Reform Iranian National Tax Ali Budiardjo, Nugroho, Administration Akbar Hendizadeh Reksodiputro, member of Cyrus Shafizadeh Majed Butrous Lex Mundi Iran Counselors Tavakoli & Shahabi Ahmed Dawood Rudy Kusmanto S. Hamid Hosseini Farzan Shirranbeigi Al -Wahda Municipality Makarim & Taira S. Meraat Int'l Group Tehran Municipality 228 DOING BUSINESS 2011 Hassan Dhiaa Yasir Yahya Al Mana Deirdre O'Mahony Jakob Melcer Adv. Guido Boni Hassan Dhiaa Law office Khaled Yaseen Arthur Cox, member of Lex E.S. Shimron, I. Molho, European University Mundi Persky & Co. Institute Hassan Fouad Munam Iraqi National Investment Court of First Instance in Commission Robert O'Shea Rotem Muntner Luigi Brunetti Al Karada District Matheson Ormsby Prentice Ruth Cargo SDV Logistics Ltd. IRELAND Jabar Hamza Lateef Richard O'Sullivan Doron Nathaniel Sergio Calderara Khalid Haseeb Khalil Margaret Austin P.J. O'Driscolls, Solicitors Haim Nathaniel Ltd. Almaviva S.p.A. / G.Matica Eugene F. Collins S.r.l. Khalid Haseeb Office for Judith Riordan Meir Nussbaum Book Keeping Solicitors Mason Hayes + Curran Deloitte Alessandro Cardia Naem Hassan Andrew Bates Grieco e Associati Leanne Robson Danit Rimon Al -Wahda Municipality Dillon Eustace Matheson Ormsby Prentice Lipa Meir & Co. Cecilia Carrara Yasir Husam Roisin Bennett Legance Brendan Sharkey David Rosen Al -Wahda Municipality Reddy Charlton McKnight Reddy Charlton McKnight Idiliti Maritime Lucia Ceccarelli Ryadh Ibrahim Fadhil Mairead Britton Consulting Portolano Colella Gavin Simons Cavallo Ministry of Labor & Social Matheson Ormsby Prentice ByrneWallace Gerry Seligman Affairs Alan Browning PricewaterhouseCoopers Giorgio Cherubini Michael Treacy Pirola Pennuto Zei & Stephan Jäger LK Shields Solicitors, Property Registration Amir Shani member of Ius Laboris Associati Amereller Rechtsanwälte Authority AMIT Ltd. Aisling Burke Sabrina Chibbaro Bilal Jasim Colm Walsh Maya Shaton Arthur Cox, member of Lex Studio notarile eliana Al Mi'amar Real Estate Irish International S. Horowitz & Co., member morandi Office Mundi Freight Association of Lex Mundi Diarmuid Clancy Domenico Colella Kadhum Jawad Aljibori Maeve Walsh Yifat Shkedi-Shatz Property Registration Portolano Colella Al Mansour Law Office Reddy Charlton McKnight S. Horowitz & Co., member Cavallo Authority of Lex Mundi Fakhri Kadhum Fabrizio Colonna Al -Wahda Municipality Ronan Cotter I SR A E L Daniel Singerman Arthur Cox, member of Lex CBA Studio Legale e Dhia M. Hashim Paul Baris Business Data Israel + Tributario Mundi Personal Check Yigal Arnon & Co. Mattia Colonnelli de Gasperis Ali Mawlawi Eoin Cunneen Ofer Bar-On Helena Storm Colonnelli de Gasperis Iraq Center for Economic LK Shields Solicitors, Reform Shavit Bar-On Gal-On Tzin Russell Bedford Studio Legale member of Ius Laboris International Nov Yagur, Law Offices Gian Franco Condo Jamal Mehdi Shalal Richard Curran Jeremy Benjamin Daphna Tsarfaty Al Attar Real- Estate LK Shields Solicitors, Barbara Corsetti Office Goldfarb Levy Eran Meiri Goldfarb Levy Eran Meiri member of Ius Laboris Tzafrir & Co. Portolano Colella Tzafrir & Co. Cavallo Ali Mohamed Aboud Saied John Fitzgerald Marina Benvenisti Eylam Weiss Baghdad Bureau For Real- ByrneWallace Filippo Corsini Estate Investment Ruth Cargo Weiss- Porat & Co. Ciara Garry Chiomenti Studio Legale Mudher Mohammed Salih FGS Dublin Yitzchak Chikorel I TA LY Sabrina Costanzo Iraq Central Bank Deloitte Cleary Gottlieb Steen & James Gilhooly Allen & Overy LLP Mohammad Murad Law Library Koby Cohen Hamilton LLP Al Rafidain Brokers PricewaterhouseCoopers Marianna Abbaticchio Paul Glenfield Salvatore Cuzzocrea Ristuccia & Tufarelli Ibrahim Musa Qadori Ahmed Matheson Ormsby Prentice Clifford Davis PricewaterhouseCoopers Al Rawdha Real-estate S. Horowitz & Co., member Fabrizio Acerbis Micheál Grace Antonio de Martinis Office of Lex Mundi PricewaterhouseCoopers Mason Hayes + Curran Spasaro De Martinis Law Husham Mustafa Ahmed Ido Gonen Federico Antich Firm Al Asfar Co. Commercial Niamh Hackett Goldfarb Levy Eran Meiri Studio dell'Avvocato Raffaella De Martinis agencies LK Shields Solicitors, Tzafrir & Co. Antich member of Ius Laboris Spasaro De Martinis Law Ammar Naji Roee Hecht Gea Arcella Firm Al-Furat for Legal and Darren Isaacson Shavit Bar-On Gal-On Tzin Gaetano Arnň Claudio Di Falco Business Consultancy LLC Arthur Cox, member of Lex Nov Yagur, Law Offices Mundi TLS / Cleary Gottlieb Steen & Auday Najim Ali Aaron Jaffe PricewaterhouseCoopers Hamilton LLP Ashour International William Johnston Yigal Arnon & Co. Legal Services Massimo Cremona Bank Arthur Cox, member of Lex Maria Pia Ascenzo Mundi Yossi Katsav Pirola Pennuto Zei & Riadh Raouf Al Heeti Ruth Cargo Bank of Italy Associati Bruneau Joseph Talal Sabeeh Shawqy Ameen Zeev Katz Romina Ballanca Emanuele Ferrari LK Shields Solicitors, Ministry of Labor & Social member of Ius Laboris PricewaterhouseCoopers PricewaterhouseCoopers Studio Notarile Ferrari Affairs Paola Barazzetta Paola Flora Colm Kelly Vered Kirshner Issam Saied Khalil Al Ani PricewaterhouseCoopers PricewaterhouseCoopers TLS / Ashurst Issam Al Ani Law Office PricewaterhouseCoopers Damien Keogh Adam Klein Legal Services Maria Theresa Fontana Ahmed Salih Al-Janabi Matheson Ormsby Prentice Goldfarb Levy Eran Meiri Spasaro De Martinis Law Mena Associates, Tzafrir & Co. Lamberto Barbieri Firm member of Amereller Jennifer Malone CRIF S. P. A. Gideon Koren Pier Andrea Fré Torelli Rechtsanwälte ByrneWallace Matteo Bascelli Massini Gideon Koren & Co. Law Haider Salman Peter McLay Offices Orrick, Herrington & Carabba & Partners Bait Al Hikma for Legal Matheson Ormsby Prentice Sutcliffe LLP Orna Kornreich-Cohen Linda Nicoletta Frigo Services and Consultancy Giuseppe Battaglia LLC Julie Murphy O'Connor Shavit Bar-On Gal-On Tzin Gruppo Pam S.p.A. Matheson Ormsby Prentice Nov Yagur, Law Offices Portolano Colella Hider Salman Cavallo Andrea Gangemi Haider Salman Al-Jnabi Regan O' Driscoll Benjamin Leventhal Portolano Colella Matheson Ormsby Prentice Gideon Fisher & Co. Susanna Beltramo Cavallo Law office Studio Legale Beltramo Mohamed Shareef Ali Michael O'Connor Michelle Liberman Vincenzo Fabrizio Giglio Matheson Ormsby Prentice S. Horowitz & Co., member Maria Clementina Binacchi Studio Legale Giglio Mohamed Shareef Law Office of Lex Mundi Studio notarile eliana Niav Ohiggins morandi Antonio Grieco Arthur Cox, member of Lex Grieco e Associati Mundi ACKNOWLEDGMENTS 229 Guido Grisi Laura Prosperetti Nicole Goodin Osamu Fujiwara Yoshihito Shibata Paolo Grondona Cleary Gottlieb Steen & Jamaica Public Service Orrick, Herrington & Bingham McCutchen Hamilton LLP Company Limited Sutcliffe LLP Murase, Sakai & Mimura Norton Rose Foreign Law Joint Sharon Reilly Inger Hainsley-Bennett Tastuya Fukui Enterprise Valentino Guarini Toffoletto e Soci Law Company's Office of Atsumi & Partners TLS / Firm, member of Ius Laboris Jamaica Hiroaki Shinomiya PricewaterhouseCoopers Nozomi Fukushima Atsumi & Partners Legal Services Marianna Ristuccia Michael Hall Zeirishi-Hojin Ristuccia & Tufarelli PricewaterhouseCoopers PricewaterhouseCoopers Hisako Shiotani Federico Guasti Atsumi & Partners Studio Legale Guasti Tommaso Edoardo Romolotti Corrine N. Henry Mika Haga Studio Legale Romolotti Myers, Fletcher & Gordon, Atsumi & Partners Sachiko Sugawara Goffredo Guerra Marretta member of Lex Mundi Atsumi & Partners Studio Legale Tributario Shigeru Hasegawa Associato Carlo Umberto Rossi Hopeton Heron Zeirishi-Hojin Hidetaka Sumomogi Francesco Iodice Rossi Budelli Law Firm Office of Utilities PricewaterhouseCoopers Nishimura & Asahi Regulation Cleary Gottlieb Steen & Giovanni B. Sandicchi Tamotsu Hatasawa Hiroyuki Suzuki Hamilton LLP Cleary Gottlieb Steen & Karen Hughes Hatasawa & Wakai Law Zeirishi-Hojin Giovanni Izzo Hamilton LLP Ministry of Justice and Firm PricewaterhouseCoopers Legal Affairs Abbatescianni Studio Lamberto Schiona Kan Hayashi Yuri Suzuki Legale e Tributario Studio Legale Schiona Joan Lawla Zeirishi-Hojin Atsumi & Partners Ignazio la Candia Noelle Llewellyn Heron PricewaterhouseCoopers Mario Scofferi Hiroaki Takahashi Pirola Pennuto Zei & Scofferi Studio legale Tax Administration Akiko Hiraoka Atsumi & Partners Associati Services Department Atsumi & Partners Massimiliano Silvetti Junichi Tobimatsu Paolo Lucarini Nunziante Magrone Zia Mian Takashi Hirose Mori Hamada & PricewaterhouseCoopers Office of Utilities Oh-Ebashi LPC & Partners Matsumoto Carlo Sinatra Regulation Stefano Macchi di Cellere Lombardi Molinari e Kane Huang Shuhei Tsudo Jones Day Associati Viveen Morrison Orrick, Herrington & Orrick, Herrington & PricewaterhouseCoopers- Sutcliffe LLP Sutcliffe LLP Chiara Magnante Pierluigi Sodini Duke Street Portolano Colella Unioncamere Michiya Iwasaki Kenji Utsumi Cavallo Kellie-Ann Murray Atsumi & Partners Nagashima Ohno & Piervincenzo Spasaro Jamaica Promotions Tsunematsu Donatella Martinelli Spasaro De Martinis Law Corporation (JAMPRO) Tomomi Kagawa Alegal International Law Firm Credit Information Center Jun Yamada Firm Gina Phillips Black Corp. Anderson Mori & Maria Antonietta Tanico Myers, Fletcher & Gordon, Tomotsune Cristiano Martinez Studio Legale Tanico member of Lex Mundi Aya Kamimura Orrick, Herrington & Nishimura & Asahi Michi Yamagami Sutcliffe LLP Andrea Tedioli Andrea E. Rattray Anderson Mori & Tedioli Law Firm Rattray Patterson Rattray Yosuke Kanegae Tomotsune Pietro Masi Oh-Ebashi LPC & Partners Portolano Colella Maria Lucia Tizzani Hilary Reid Akio Yamamoto Cavallo CBA Studio Legale e Myers, Fletcher & Gordon, Hideki Thurgood Kano Kajima Corporation Tributario member of Lex Mundi Anderson Mori & Patrizia Masselli Tomotsune Kazuhiro Yanagida Cleary Gottlieb Steen & Giacinto Tommasini Venice Ricketts Nishimura & Asahi Hamilton LLP Alegal International Law Jamaica Inland Revenue Chie Kasahara Firm Department Atsumi & Partners JOR DA N Maria Grazia Medici Verusio e Cosmelli Studio Luca Tufarelli Yvonne Riley Kazumoto Kitamura Ristuccia & Tufarelli Atsumi & Partners Saleh Abd El-Ati Legale Jamaica National Insurance Scheme (NIS) Ali Sharif Zu'bi, Advocates Mario Miccoli Rachele Vacca de Dominicis Kenichi Kojima & Legal Consultants, Office Notaio Miccoli Grieco e Associati Ushijima & Partners member of Lex Mundi Heather Rowe Riccardo Micheli Mario Valentini Yukie Kurosawa Hayja'a Abu AlHayja'a Jamaica Public Service Ristuccia & Tufarelli Pirola Pennuto Zei & Company Limited O'Melveny & Myers LLP Talal Abu-Ghazaleh Associati Legal (TAG-Legal) Jordan Nunzia Moliterni Humprey Taylor Yoji Maeda Amman Jones Lang LaSalle SpA Angelo Zambelli O'Melveny & Myers LLP Taylor Construction Ltd. Anas Abunameh Dewey & LeBoeuf Micael Montinari Densil Thorpe Yuki Maeda Law & Arbitration Centre Portolano Colella Filippo Zucchinelli Nishimura & Asahi Jamaica National Ibrahim Abunameh Cavallo TLS / Insurance Scheme (NIS) PricewaterhouseCoopers Toshio Miyatake Law & Arbitration Centre Eliana Morandi Office Adachi, Henderson, Legal Services Studio notarile eliana Sophia Williams Miyatake & Fujita Bushra Abu-Tayeh morandi JA M A IC A National Land Agency Ali Sharif Zu'bi, Advocates Tsuyoshi Mizoguchi & Legal Consultants, Gianmatteo Nunziante George Wright Zeirishi-Hojin member of Lex Mundi Theresa Bowen PricewaterhouseCoopers Nunziante Magrone Jamaica's Tax LEX Caribbean Maha Al Abdallat Francesco Nuzzolo Administration at the Michihiro Mori Michael A. Bryce Ministry of Finance & Central Bank of Jordan PricewaterhouseCoopers Nishimura & Asahi Office of Utilities Public Service Eman M. Al-Dabbas Marcella Panucci Regulation Naomasa Nakagawa International Business Confindustria (National JA PA N Orrick, Herrington & Legal Associates Solomon Burchell Sutcliffe LLP Business Association) Ministry of Energy and Allen & Overy LLP Arafat Alfayoumi Paolo Pasqualis Mining Miho Niunoya Central Bank of Jordan Notary Fumiko Amano Atsumi & Partners Robert Colley Zeirishi-Hojin Omar Aljazy Giovanni Patti Myers, Fletcher & Gordon, PricewaterhouseCoopers Tokyo Electric Power Aljazy & Co.Advocates & Abbatescianni Studio member of Lex Mundi Company Legal Consultants Legale e Tributario Miho Arimura Eric Alexander Crawford Takefumi Sato Ali Almashaqba Hatasawa & Wakai Law Federica Peres PricewaterhouseCoopers Firm Anderson Mori & Electricity Regulatory Portolano Colella Tomotsune Commission (ERC) Natalie Farrell-Ross Toyoki Emoto Cavallo Tetsuro Sato Myers, Fletcher & Gordon, Atsumi & Partners Zaina Al-Nabulsi Martina Pivetti member of Lex Mundi Baker & McKenzie Ali Sharif Zu'bi, Advocates TLS / Mijo Fujita & Legal Consultants, Nicole Foga Adachi, Henderson, PricewaterhouseCoopers member of Lex Mundi Legal Services Foga Daley Miyatake & Fujita 230 DOING BUSINESS 2011 Micheal T. Dabit Ainur Atekeyeva Tatiana Muratova Francis Gichuhi Cephas Osoro Michael T. Dabit & Salans Chadbourne & Parke LLP Prism Designs Africa Osoro and Co, Certified Associates Public Accountants Assel Aubakirova Assel Mussina Edmond Gichuru Tariq Hammouri Chadbourne & Parke LLP Denton Wilde Sapte & Co Post Bank Sonal Sejpal Hammouri & Partners Anjarwalla & Khanna Nailya Azizova Abylkhair Nakipov William Ikutha Maema Advocates George Hazboun Panalpina World Signum Law Firm Iseme, Kamau & Maema HAZBOUN & Co. for Transport LLP Advocates Deepen Shah International Legal Nazira Nurbayeva Walker Kontos Advocates Business Consultations Jypar Beishenalieva PricewaterhouseCoopers James Kamau Michael Wilson & Partners Iseme, Kamau & Maema Rajesh Shah Tayseer Ismail Ltd. Nadezhda Oparina Advocates PricewaterhouseCoopers East Echo Co. Chadbourne & Parke LLP Assel Bekturganova Karori Kamau Diana Situma Zeina Jaradat Grata Law Firm Zhanar Ordabayeva Iseme, Kamau & Maema Walker Kontos Advocates PricewaterhouseCoopers McGuire Woods LLP Advocates Richard Bregonje David Tanki Youssef S. Khalilieh PricewaterhouseCoopers Yuliya Penzova Patrick Karara Lan-x Africa Ltd. Rajai Dajani & Associates Aequitas Law Firm PricewaterhouseCoopers Law Office Shaimerden Chikanayev Joseph Taracha Grata Law Firm Yelena Pestereva Judith Kavuki Central Bank of Kenya Enad Khirfan Chadbourne & Parke LLP KOKA Koimburi & Co. Ali Sharif Zu'bi, Advocates Yulia Demurova Elvis Roberts Hamish Keith K I R I BAT I & Legal Consultants, Denton Wilde Sapte & Co Cruz Logistics Daly & Figgis Advocates member of Lex Mundi Botakoz Dykanbayeva Kenneth Barden Grata Law Firm Olga Salimova Peter Kiara Attorney-at-Law Rasha Laswi ORIS Law Firm Peter Kiara- Individual Zalloum & Laswi Law Firm Ardak Dyussembayeva Taake Cama Kanat Skakov Architect Ministry of Finance Emad Majid Aequitas Law Firm Salans Felix Kioko PricewaterhouseCoopers Courtney Fowler Paul McLaughlin Myrza Sokurov B.M. Musau & Co. Ca Bella Betio Rola Makhadmeh PricewaterhouseCoopers Advocates PricewaterhouseCoopers Construction Khalifeh & Partners Vladimir P. Furman Karina Sultanaliyeva Meshack T. Kipturgo Batitea Tekanito Firas Malhas McGuire Woods LLP Siginon Freight Ltd. Aequitas Law Firm Development Bank of International Business Togzhan Ibrayeva Kiribati Legal Associates Edil Tunlikbaev Owen Koimburi Signum Law Firm KOKA Koimburi & Co. Ridha Nasair Almaty Urban Planning KOR E A , R E P. Semion Issyk and Architecture Evelyn Masita Law Gate Attorneys org Aequitas Law Firm Department KOKA Koimburi & Co. Cheolhyo Ahn Mustafa Nasereddin Thomas Johnson Amir Tussupkhanov Yulchon Talal Abu-Ghazaleh Legal Rosemary Mburu Denton Wilde Sapte & Co ORIS Law Firm Institute of Trade Dong-Ook Byun (TAG-Legal) Jordan Amman Mariyash Kabikenova Yekaterina V. Kim Development Korea Customs Service Khaldoun Nazer Rehabilitation Manager Michael Wilson & Partners Mansoor A. Mohamed Min-Sook Chae Ltd. Ruman shipcontractors Korea Credit Bureau Khalifeh & Partners Elena Kaeva PricewaterhouseCoopers Michael Wilson Limited Mutasem Nsair Hyeong-Tae Cho Michael Wilson & Partners Evelyn Mukhebi Samil Khalifeh & Partners Ramina Kaliyeva Ltd. Salans PricewaterhouseCoopers PricewaterhouseCoopers Ahmad Quandour Severin Wilson Khalifeh & Partners Viktoria Katanayeva Nkatha Murungi Min-Jung Cho Kazakhstan Consulting Kaplan & Stratton Korea Credit Bureau Osama Y. Sabbagh Grata Law Firm Marina Yudina Amyn Mussa Han-Jun Chon The Jordanian Electric Assel Kazbekova Panalpina World Power Co. Ltd. (JEPCO) Michael Wilson & Partners Anjarwalla & Khanna Samil Transport LLP Advocates PricewaterhouseCoopers Noreen Simonian Ltd. Dubek Zhabykenov Wachira Ndege Eui Jong Chung Crown Logistics Tatyana Kim BA Services International Marka Audit ACF LLP Credit Reference Bureau Bae, Kim & Lee LLC Stephan Stephan LLC Africa Ltd. PricewaterhouseCoopers Yerbol Konarbayev Sang-goo Han Danat Zhakenov Christina Ndiho Grata Law Firm Yoon Yang Kim Shin & Yu Azzam Zalloum Zhakenov & Partners Kaplan & Stratton Zalloum & Laswi Law Firm Ana Kravchenko C.W. Hyun Valerie A. Zhakenov James Ngomeli Grata Law Firm Kim & Chang Kareem Zureikat Zhakenov & Partners The Kenya Power and Ali Sharif Zu'bi, Advocates Sholpanai Kudaibergenova Lighting Company Ltd. James I.S. Jeon Sofiya Zhylkaidarov & Legal Consultants, LLP IAC Buisness Sojong Partners Signum Law Firm Beatrice Bosibori Nyabira member of Lex Mundi Consulting, member In Bum Jin of Russell Bedford Iseme, Kamau & Maema Abdelmajeed Zwairi K E N YA Advocates Cheon Ji Accounting International Corporation, member Odat & Co Gulfiya Kurmanova Abdulwahid Aboo Julia Nyaga of Russell Bedford KA Z A K H STA N Halyk Bank Kazakhstan Abdulwahid Aboo Kaplan & Stratton International & Company, member Conrad Nyukuri Irina Latipova of Russell Bedford Hye-Sun Kim Askar Abubakirov Chunga Associates Marka Audit ACF LLP International Chamjon Apparel Aequitas Law Firm Assel Makhadiyeva Zulfiquarali Aboo Stephen Okello Hyo-Sang Kim Kirill Afanasyev PricewaterhouseCoopers ORIS Law Firm Abdulwahid Aboo Kim & Chang Kazakhstan Consulting & Company, member Sean Omondi Jung-In Kim Zulfiya Akchurina Aigerim Malikova of Russell Bedford PricewaterhouseCoopers Daly & Figgis Advocates Korea Credit Bureau Grata Law Firm International Sanju Mani Sam Omukoko Keunyeop Kim Aktan Akhmetov Jackson Awele Metropol East Africa Ltd. M&M Logistics Panalpina IAF Ltd. First Credit Bureau Kaplan & Stratton Vsevolod Markov Esther Omulele Kyu-Dong Kim Saida Akhmetova Vicky Bharij Muriu Mungai & Co McGuire Woods LLP Samil Salans Daly & Figgis Advocates Advocates PricewaterhouseCoopers Zhabelov Alim Bolat Miyatov Oliver Fowler Tom Odhiambo Onyango Kyung-Jung Kim Panalpina World Grata Law Firm Kaplan & Stratton Ochieng, Onyango, Kibet PANKO Transport LLP Victor Mokrousov & Ohaga Peter Gachuhi S.E. Stephan Kim Chadbourne & Parke LLP Kaplan & Stratton Sojong Partners ACKNOWLEDGMENTS 231 Se Jin Kim Mustafa Hasani Paul Day Tatiana Kim Darika Soponawat Hwang Mok Park P.C. Kosovo Investment ASAR-Al Ruwayeh & International PricewaterhouseCoopers Promotion Agency Partners Entrepreneurship Fund Wonhyung Kim Souvanno Sphabmixay Yoon Yang Kim Shin & Yu Menagjer Rarhim Hoxha Sam Habbas Nurdin Kumushbekov PricewaterhouseCoopers ISARS ASAR-Al Ruwayeh & USAID Business Yoon Young Kim Partners Environment Project Kristy Thatcher Hwang Mok Park P.C. Albert Islami DFDL Mekong Law Group Albert Islami & Partners Chirine Krayem Moujaes Svetlana Lebedeva Joong Hoon Kwak The Law Offices of Mishari Lorenz International Law Sengdara Tiamtisack Lee & Ko Bejtush Isufi Al-Ghazali Firm Lao Freight Forwarder Interlex Associates l.l.c. Co. Ltd. Ki Hyun Kwon Medhat Mubarak Marina Lim Cheon Ji Accounting Agron Krasniqi Al Markaz Law Firm Kalikova & Associates Law Andrea Wilson Corporation, member Boga & Associates Firm DFDL Mekong Law Group of Russell Bedford Amer Nabulsi International Isak Mehmeti DLA Piper Vyacheslav Vasilievich Lunev L AT V IA Municipality of Prishtina Hye Jeong Lee Anupama Nair Barno Marazykova Arben Mustafa Ilze Abika Ahnse Law Offices Abdullah Kh. Al-Ayoub & "Partner" Law Firm Intereuropa Kosovo Skudra & Udris Law Associates, member of Lex Ase Momoshova Offices Jin-Young Lee Prishtina Mundi Samil Kalikova & Associates Law Martins Aljens PricewaterhouseCoopers Besim Osmani Mohamed Omar Firm Interlex Associates l.l.c. Raidla Lejins & Norcous Al Markaz Law Firm Almas Nakipov Jong Ho Lee Ilona Bauda Sojong Partners Mehdi Pllashniku Mohammed Ramadan PricewaterhouseCoopers Kosovo Business Loze, Grunte & Cers Al Markaz Law Firm Karlygash Ospankulova Jung Myung Lee Registartion Agency Elina Bedanova Hwang Mok Park P.C. Shafeek Rhaman Kalikova & Associates Law Laura Qorlaze Firm Raidla Lejins & Norcous AA May International for Kyu Wha Lee PricewaterhouseCoopers Global Shipping Eva Berlaus-Gulbe Lee & Ko Natalya Pak Iliriana Osmani Serreqi Mini Shivadas "Partner" Law Firm Sorainen Myun Ok Lee Avokatura Osmani The Law Firm of Labeed Iveta Berzina Yoon Yang Kim Shin & Yu Magomec Saaduev Bardhyl Shehu Abdal Skudra & Udris Law Kalikova & Associates Law Ji Woong Lim TRUST Ahmed Zakaria Firm Offices Yulchon ASAR-Al Ruwayeh & Andis Burkevics Jeton Vokshi Kanat Seidaliev Jung Ha Lim Intereuropa Kosovo Partners Sorainen Grata Law Firm Hwang Mok Park P.C. Prishtina Andis Conka K Y RG Y Z R E P U B L I C Mirgul Smanalieva Paul McLaughlin Shaha Zylfiu "Partner" Law Firm Latvijas Banka Ca'Bella Betio Central Bank of the Shuhrat Akhmatakhunov Zane Dzule Construction Republic of Kosovo Kalikova & Associates Law Maksim Smirnov Kalikova & Associates Law Liepa, Skopia/ Borenius Firm Ho Joon Moon Atdhe Dika Firm Ingrida Dimina Lee & Ko Kalo & Associates Niyazbek Aldashev Aisuluu Sydygalieva PricewaterhouseCoopers Lorenz International Law Timothy O'Brien Firm USAID BEI Project Valters Diure K U WA I T Kim & Chang Klavins & Slaidins LAWIN Nurlan Alymbaev Azamat Talantbek uulu Yon-Kyun Oh Ihab Abbas USAID, Judicial Reform USAID Business Zlata Elksnina-Zascirinska Kim & Chang Deloitte Environment Project Assistance Project, Kyrgyz PricewaterhouseCoopers Sang Il Park Labeed Abdal Republic, Millennium Gulnara Uskenbaeva The Law Firm of Labeed Challenge Account Valters Gencs Hwang Mok Park P.C. Alpha Sheersfield Gencs Valters Law Firm Abdal Threshold Program Soo-Hwan Park Ali Ramazanovich Vodyanov Ilga Gudrenika-Krebs Nazih Abdul Hameed Beishenbek Alymkulov Samil Electrosila Klavins & Slaidins LAWIN PricewaterhouseCoopers Al Markaz Law Firm Lorenz International Law Firm Janis Irbe Jeong Seo Mahmoud Abdulfattah L AO P DR The Law Offices of Mishari Akjoltoi Elebesova Latvenergo AS, Sadales Kim & Chang Sithong Chanthasouk Tikls Al-Ghazali Credit Information Bureau Yoo Soon Shim Ishenim DFDL Mekong Law Group Sandis Jermuts Cheon Ji Accounting Waleed Abdulrahim Abdullah Kh. Al-Ayoub & Aiperi Esengeldieva Aristotle David Sabiedrisko pakalpojumu Corporation, member regul aanas komisija of Russell Bedford Associates, member of Lex Lorenz International Law DFDL Mekong Law Group International Mundi Firm Dace Kalnmeiere Daodeuane Duangdara Won-Il Sohn Lina A.K. Adlouni Courtney Fowler PricewaterhouseCoopers Liepa, Skopina/ Borenius Yulchon KIPCO Asset Management PricewaterhouseCoopers Nikita Koroteckis Walter Heiser Company K.S.C Natalia Galliamova LINKORG.EU Jin-Ho Song DFDL Mekong Law Group Kim & Chang Abdullah Al-Ayoub Third Party Arbitrage Irina Kostina Court Chris Manley Abdullah Kh. Al-Ayoub & Klavins & Slaidins LAWIN Kyung Hee Suh Associates, member of Lex DFDL Mekong Law Group Saltanat Ismailova Yulchon Mundi Varavudh Meesaiyati Indrikis Liepa PricewaterhouseCoopers Dong-Suk Wang Mishari M. Al-Ghazali PricewaterhouseCoopers Liepa, Skopina/ Borenius Nurbek Ismankulov Korea Credit Bureau The Law Offices of Mishari Vongphacnanh Onepaseuth Janis Loze Al-Ghazali M&M Transport Logistic Services DFDL Mekong Law Group Loze, Grunte & Cers KO S OVO Reema Ali Nurzhan Issatov Somphone Phasavath Alexey Melsitov Agron E. Beka Ali & Partners Lao Freight Forwarder MTA Maritime Transport PricewaterhouseCoopers Immobilia Akusa Batwala Co. Ltd. & Agencies Merim Kachkynbaeva Peter Burnie ASAR-Al Ruwayeh & Ketsana Phommachanh Irina Olevska Partners Kalikova & Associates Law PricewaterhouseCoopers Firm Ministry of Justice Liepa, Skopina/ Borenius Sokol Elmazaj Nada Bourahmah Thavorn Rujivanarom Zane Paeglite Elena Kaeva Boga & Associates The Law Offices of Mishari PricewaterhouseCoopers Sorainen Al-Ghazali PricewaterhouseCoopers Lorena Gega Gulnara Kalikova Vichit Sadettan Sergejs Rudans Tim Bullock Lao Freight Forwarder Liepa, Skopina/ Borenius PricewaterhouseCoopers Kalikova & Associates Law Deloitte Co. Ltd. Maliq Gjyshinca Firm Lsma Rugte Mary Carmel Byrne Senesakoune Sihanouvong Sorainen Intereuropa Kosovo Prishtina Al Markaz Law Firm DFDL Mekong Law Group 232 DOING BUSINESS 2011 Dace Silava-Tomsone Claudine Karaki Qhalehang Letsika Khalil Azar Sarnas Basijokas Raidla Lejins & Norcous Ministry of Finance Mei & Mei Attorneys Inc. Beever Company Bernotas & Dominas Glimstedt Sarmis Spilbergs Najib Khattar Vincent Mabulu Christiana Baah Klavins & Slaidins LAWIN Khattar Associates Lesotho Architects, PricewaterhouseCoopers Vilius Bernatonis Engineers & Surveyors Sutkiene, Pilkauskas & Zane Stlberga ­ Markvarte Albert Laham Association F. Augustus Caesar, Jr. Partners Markvarte Lexchange Law Law Office of Albert Caesar Architects, Inc. Office Laham Realeboha Makamane Eglé Jankauskaité High Court Henry Reed Cooper Bernotas & Dominas Marite Straume-Cerbule Sader Makram Cooper & Togbah Law Firm Glimstedt RE & RE Ltd. Association of Banks in Thabo Makeka Lebanon (ABL) Association of Lesotho Frank Musah Dean Andrius Bogdanovicius Maija Tipaine Employers and Business Dean & Associates JSC "Creditinfo Lietuva" Raidla Lejins & Norcous Georges Mallat Hyam G. Mallat Law Firm Tseliso Daniel Makhaphela S. Peter Doe-Kpar Ina Budelinait Agate Ziverte Ministry of Local Monthly and Probate Sorainen PricewaterhouseCoopers Nabil Mallat Government Court Hyam G. Mallat Law Firm Dovil Burgien Thakane Makume Christine Sonpon Freeman Law Firm Lideika, L E BA NON Fadi Moghaizel Lesotho Electricity Cooper & Togbah Law Firm Petrauskas, Valiknas ir Hanan Abboud Moghaizel Law Firm, Company (Pty) Ltd. partneriai LAWIN, member member of Lex Mundi Paul Greene PricewaterhouseCoopers Ministry of Finance, of Lex Mundi Moeketsi Marumo Wassim Abou Nader Mario Mohanna PowerConsult (Pty) Ltd. Liberia Sergej Butov Mena City Lawyers Patrimoine Conseil SARL Sorainen Leoma Matamne Winleta Henries Reeves Wadih Abou Nasr Mirvat Mostafa Molepe Quantity Dean & Associates Robertas Ciocys PricewaterhouseCoopers Mena City Lawyers Surveyors Law Firm Lideika, Cyril Jones Rania Mrad Jones & Jones Petrauskas, Valiknas ir Manal Assir Mathias Matshe partneriai LAWIN, member UNDP Khattar Associates Sheeran & Associates Abu Kamara of Lex Mundi Antoine Baaklini Pierre Nehme Tony Mcalpine Ministry of Commerce & Giedre Dailidenaite BAB International Bureau d'Etudes Pierre Moores Rowland Industry Nehme BNT Attorneys APB Jean Baroudi Thandiwe Metsing George Kwatia Toufic Nehme Gintaras Daugela Baroudi & Associates PricewaterhouseCoopers Law Office of Albert Moeletsi Moamohe Bank of Lithuania Tarek Baz Laham Safmarine Maersk Martha Lackay Vita Dauksaite Hyam G. Mallat Law Firm Liberia Electricity Elias Rammouz Molomo Mohale Corporation Law Firm Lideika, Melynda BouAoun Mena City Lawyers Systematic Architects Petrauskas, Valiknas ir J. Johnny Momoh partneriai LAWIN, member Badri and Salim El Mireille Richa Lebenya Moleko of Lex Mundi Meouchi Law Firm, member Sherman & Sherman Tyan & Zgheib Law Firm Moleko Electrial of Interleges Contractors Sylvanus O' Connor Goda Deltuvait Najib Choucair Jihane Rizk Khattar AEP Consultants Inc. Sorainen Khattar Associates Denis Molyneaux Central Bank of Lebanon Webber Newdigate Kingsley Owusu-Ewli Giedre Domkute Alice Choueiri Jihad Rizkallah PricewaterhouseCoopers AAA Baltic Service Badri and Salim El Tseliso Monaphathi Company -Law firm Mena City Lawyers High Court Bloh Sayeh Meouchi Law Firm, member Antanas Dzinga Sanaa Daakour of Interleges Center for National Mamophete Mophethe Documents & Records / Sorainen Mena City Lawyers Elias A. Saadé Phillips Clearing & National Archives Dalia Foigt-Norvaiaien Michel Doueihy Moghaizel Law Firm, Forwarding Agent (Pty) member of Lex Mundi Ltd. Amos Siebo Regija Borenius Badri and Salim El Meouchi Law Firm, member Liberia Reconstruction Valters Gencs Rached Sarkis Ebenezer Keneiloe Mopoti and Development of Interleges Archiplane Studio Lesotho Gencs Valters Law Firm Rached Sarkis Office Committee Hanadi El Hajj LTD. Simas Gudynas Antoine Sfeir Nyenati Tuan Mena City Lawyers Theodore Ntlatlapa Law Firm Lideika, Badri and Salim El Tuan Wreh Law Firm Chadia El Meouchi Meouchi Law Firm, member DNT Architects Petrauskas, Valiknas ir of Interleges Darcy White partneriai LAWIN, member Badri and Salim El A.R.Thabiso Ramokoena of Lex Mundi Meouchi Law Firm, member PricewaterhouseCoopers George Tannous NedBank Lesotho Ltd. of Interleges Melvin Yates Frank Heemann Beirut International Duduzile Seamatha Dania George Movers Compass Inc., Clearing and bnt Attorneys APB Sheeran & Associates Forwarding PricewaterhouseCoopers Bassel Tohme Egl Jankauskait Tiisetso Sello-Mafatle Harvy T. Yuan, Sr. Bernotas & Dominas Abdallah Hayek Mena City Lawyers Sello-Mafatle Attorneys Liberia Electricity Glimstedt Hayek Group Hala. Tyan Mokhethi Shelile Corporation Agne Jonaityt Walid Honein Moghaizel Law Firm, member of Lex Mundi Lesotho National Sorainen Badri and Salim El Development Corporation L I T H UA N IA Meouchi Law Firm, member Nady Tyan Povilas Junevicius of Interleges Marorisang Thekiso Kstutis Adamonis Law Firm Lideika, Tyan & Zgheib Law Firm Sorainen Maher Hoteit Sheeran & Associates Petrauskas, Valiknas ir Rania Yazbeck Lina Aleknaite - Van der partneriai LAWIN, member Mena City Lawyers Phoka Thene of Lex Mundi Tyan & Zgheib Law Firm Molen Mahdi Husseini Sello-Mafatle Attorneys Eversheds Saladzius Aurimas Kacinskas Badri and Salim El L E S OT HO George Thokoa JSC "Creditinfo Lietuva" Meouchi Law Firm, member Maseru Electro Services Gintas Andruaka of Interleges Tankiso Hlaoli Pty Ltd. Raidla Lejins & Norcous Romas Karaliunas Fady Jamaleddine Bernice Khoachele Petras Baltusevicius Bank of Lithuania Mahlape Tjela Mena City Lawyers National Environment NedBank Lesotho Ltd. DSV Transport UAB Povilas Karlonas Secretariat Sorainen Elie Kachouh Donatas Baranauskas ELC Transport Services Selebalo Lekokoto L I B E R IA Vilniaus Miesto 14 - Asis Romualdas Kasperavicius SAL Lesotho National Notaru Biuras State Enterprise Centre of Development Corporation Christian Allison Georges Kadige Central Bank of Liberia Kim Bartholdy Registers Kadige & Kadige Law Firm Makhala Leteba DSV Transport UAB Jonas Kiauleikis Sheeran & Associates Amos P. Andrews Michel Kadige Ecobank Regija Borenius Kadige & Kadige Law Firm Lebereko Lethobane Labour Court Lesotho ACKNOWLEDGMENTS 233 Jurate Kraujalyte Milda Rucinskait Françoise Pfeiffer Dejan Knezovi Philippe Antoine Amerinde Consolidated, Ministry of Economy of Pfeiffer & Sagnard Law Office Knezovic & Harilalanorohanitra Inc Lithuania Vilnius the Republic of Lithuania Associates Madagascar Law Offices Judith Raijmakers Kristina Kriscinait Dalia Sidagiene Loyens & Loeff Zlatko T. Kolevski Raphaël Jakoba PricewaterhouseCoopers Ministry of Economy of Kolevski Law Office Madagascar Conseil the Republic of Lithuania Geoffrey Scardoni International Ronaldas Kubilius Loyens & Loeff Lidija Krstevska PricewaterhouseCoopers Rimantas Simaitis EU Harmonization Unit Hanna Keyserlingk Raidla Lejins & Norcous Jean-Luc Schaus Cabinet HK Jurifisc. Egidijus Kundelis Loyens & Loeff Miroslav Marchev PricewaterhouseCoopers Alius Stamkauskas PricewaterhouseCoopers Pascaline R. Rasamoeliarisoa UAB Elmonta Roger Schintgen Deloitte Zilvinas Kvietkus Paul Wurth S.A Irena Mitkovska Raidla Lejins & Norcous Jonas Stamkauskas Lawyers Antevski Sahondra Rabenarivo UAB Elmonta Alex Schmitt Madagascar Law Offices Valdis Leikus Bonn Schmitt Steichen, Biljana Mladenovska Ernst & Young Baltic UAB Rimantas Vaicenavicius Member of Lex Mundi Lawyers Antevski Serge Lucien Rajoelina Bank of Lithuania Jiro Sy Rano Malagasy Giedr Liaugminait Elodie Simonian Valerjan Monevski (JIRAMA) KPMG Vilija Vaitkut Pavan Oostvogels Monevski Law Firm Law Firm Lideika, Lanto Tiana Ralison Viktorija Ma iulien Petrauskas, Valiknas ir Alessandro Sorcinelli Svetlana Neceva FIDAFRICA / Sorainen partneriai LAWIN, member Linklaters Law Office Pepeljugoski PricewaterhouseCoopers Asta Macijauskiene of Lex Mundi Goran Nikolovski M AC E D ON IA , F Y R Laingoniaina Bernotas & Dominas Rolandas Valiknas Law office Nikolovski Ramarimbahoaka Glimstedt Law Firm Lideika, Natasa Andreeva Madagascar Conseil Zlatko Nikolovski Gytis Malinauskas Petrauskas, Valiknas ir National Bank of the Notary Chamber of R. of International Sorainen partneriai LAWIN, member Republic of Macedonia Macedonia of Lex Mundi Michel Ramboa Linas Margevicius Svetlana Andreovska Kiril Papazoski Madagascar Law Offices Egle Valiuliene Monevski Law Firm Legal Bureau of Linas Monevski Law Firm Fanja Randriamanantena Margevicius Law Firm Lideika, Petrauskas, Valiknas ir Zlatko Antevski Vasko Pejkov FIDAFRICA / Marius Matiukas partneriai LAWIN, member Lawyers Antevski Republic of Macedonia PricewaterhouseCoopers Sutkiene, Pilkauskas & of Lex Mundi Aleksandra Arsoska Securities and Exchange Rivolalaina Randrianarisoa Partners Lina Vosylien IKRP Rokas & Partners Commission FIDAFRICA / Rkta Matonien KPMG Ljubica Ruben PricewaterhouseCoopers Benita Beleskova Vilnius City Municipality Darius Zabiela IKRP Rokas & Partners Mens Legis Law Firm William Randrianarivelo Vaidotas Melynavicius Law Firm Zabiela, Lidija Sarafimova Danevska FIDAFRICA / Dragan Blazev PricewaterhouseCoopers AAA Baltic Service Zabielaite & Partners National Bank of the Timelproject Engineering Company -Law firm Indre Zakalskyte Republic of Macedonia Michael Ratrimo Eli Bocevska Madagascar International Tomas Mieliauskas Ernst & Young Baltic UAB Biljana Saraginova PricewaterhouseCoopers Container Terminal Law Firm Foresta Giedre Zalpyte Monevski Law Firm Vladimir Bocevski Services Ltd. Bronislovas Mikkta BNT Attorneys APB Zdravko Stefanovski Mens Legis Cakmakova Mialy Ratsimba State Enterprise Centre of Jkrat Zarankien Advocates Toplifikacija Engeneering Registers FIDAFRICA / Ernst & Young Baltic UAB Biljana Cakmakova Ljupka Stojanovska PricewaterhouseCoopers Tadas Milasius Law office Nikolovski Audrius Zvybas Mens Legis Cakmakova Théodore Raveloarison Sorainen Advocates Bernotas & Dominas Biljana Tanevska JARY - Bureau d'Etudes Indr Minkuvien Glimstedt Tanja Cenova-Mitrovska Lawyers Antevski Architecture Ingenierie Ernst & Young Baltic UAB Katastar Andriamisa Ravelomanana LU X E M B O U RG Slavica Trckova Asta Misiukiene Ljupco Georgievski Law Office Trckova FIDAFRICA / Ministry of Economy of Allen & Overy LLP PricewaterhouseCoopers Katastar Vladimir Vasilevski the Republic of Lithuania Jean Marcel Razafimahenina Eleonora Broman Theodoros Giannitsakis Betasped International Simona Oliakevi ikt -Cic nien Loyens & Loeff Freight Forwarding Deloitte IKRP Rokas & Partners Law Firm Lideika, Rivolala Razanatsimba Petrauskas, Valiknas ir Guy Castegnaro Pavlinka Golejski Eva Veljanovska partneriai LAWIN, member Castegnaro Cabinet Mens Legis Cakmakova Jiro Sy Rano Malagasy Mens Legis Cakmakova (JIRAMA) of Lex Mundi d'avocats, member of Ius Advocates Advocates Laboris Sanja Veljanovska Njiva Razanatsoa Zygimantas Pacevicius Ana Hadzieva Regija Borenius Christel Dumont Mens Legis Law Firm Banque Centrale de Polenak Law Firm Madagascar Oostvogels Metodija Velkov Rytis Paukat Vesna Hristova Thomas Ecker Polenak Law Firm Louis Sagot Law Firm Lideika, Law office Nikolovski Petrauskas, Valiknas ir Ville de Luxembourg - Cabinet d'Avocat Louis partneriai LAWIN, member Service de l'électricité Natasha Hroneska M A DAG AS C A R Sagot of Lex Mundi Gérard Eischen Biljana Ickovska Ida Soamiliarimana Rakotondrazaka Aina Mindaugas Peicius Chamber of Commerce Law office Nikolovski Madagascar Conseil Madagascar Conseil International Bank of Lithuania of the Grand-Duchy of Aleksandar Ickovski International Luxembourg Dominique Taty Algirdas Pekays PricewaterhouseCoopers Eric Robson Andriamihaja Sorainen Martine Gerber Lemaire FIDAFRICA / Nena Ivanovska Economic Development PricewaterhouseCoopers Oostvogels Board of Madagascar Mantas Petkevicius Judicial Reform Sorainen François Kremer Implementation Project Tsiry Nambinina M A L AW I Arendt & Medernach Maja Jakimovska Andriamisamanana Angelija Petrauskien Sylvia Ali Tom Loesch Mens Legis Cakmakova Madagascar Conseil Vilnius City Municipality International Knight Frank Linklaters Advocates Aidas Petrosius Josoa Lucien Andrianelinjaka Johann Boshoff State Enterprise Centre of Nuria Martin Aneta Jovanoska - Trajanovska Lawyers Antevski Banque Centrale de PricewaterhouseCoopers Registers Loyens & Loeff Madagascar Kevin M. Carpenter Marius Rindinas Peter Moons Valentina Jovanovska Vasileva IKRP Rokas & Partners Andriamanalina Andrianjaka PricewaterhouseCoopers Law Firm Zabiela, Loyens & Loeff Office Notarial de Joseph Chavula Zabielaite & Partners Elisabeth Omes Sam Juncker Tamatave Macedonian Court SDV Logistics Ltd. Bonn Schmitt Steichen, Member of Lex Mundi Modernization Project 234 DOING BUSINESS 2011 Marshal Chilenga Ruban Chelliah Lay Sim Lim Ah Sah Wee Abou Diallo TF & Partners Stanco and Ruche Russell Bedford LC Selangor Freight API Mali Consulting & Company, member Forwarders and Logistics Aamir Rashid Jakhura of Russell Bedford Association Fatimata Dicko Zouboye Fargo Group of Companies Yuan Yuan Cheng International Peter Wee Mohamed Abdoulaye Diop Skrine, member of Lex Wiseman Kabwazi Mundi Theresa Lim PricewaterhouseCoopers SDV ESCOM PricewaterhouseCoopers Djénéba Diop Sidibe Andrew Ean Vooi Chiew Mun Yi Omar Paison Kaisi Lee Hishammuddin Allen & Kok Leong Loh Shearn Delamore & Co. SCP D'avocat Diop-Diallo 4th Architectural Geldhill Russell Bedford LC Mahamane Djiteye Dimension & Company, member Melina Yong Meng Sim Chuah Raslan - Loong Jurifis Consult Chimwemwe Kalua of Russell Bedford Russell Bedford LC International Yacouba Guindo Golden & Law & Company, member Mohamad Ridzwan Zainal Abidin AD Cyprian Kambili of Russell Bedford Caesar Loong International Raslan - Loong SNO Architect Sdn Bhd Gaoussou Haîdara IFC Malawi Nur Ishqi Hayati Zakaria Etude Gaoussou Haidara Kalekeni Kaphale Tze Keong Chung Nurliyana Md Zukri CTOS Sdn Bhd Azmi & Associates Companies Commission of Maiga Seydou Ibrahim Kalekeni Kaphale Malaysia Cabinet d'Avocats Seydou Alfred Majamanda Mukhriz Hamzah Suhara Mohamad Sidik Ibrahim Maiga Ministry of International Azmi & Associates Shezlina Zakaria Mbendera & Nkhono Malaysia Productivity Adama Kane Associates Trade and Industry Azmi Mohd Ali Corporation SCAE Misheck Msiska Hasnah Binti Dato' Azmi & Associates Mohammed Hashim Mohd Yazid Zamr Yacouba Massama Keďta PricewaterhouseCoopers Aminuddin Mohd Khalil SNO Architect Sdn Bhd Federal Court of Malaysia Charles Mvula Arkitek Kitas Sdn Bhd Mamadou Ismaďla Konate Sien Yian Hee Ar Mohd Zulhemlee An DUMA Electrics - Control Zuhaidi Mohd Shahari W and W Architects Jurifis Consult Systems and Energy PricewaterhouseCoopers Azmi & Associates Gaoussou A. G. Konaté Management Hj. Hasim Hj. Ismail M A L DI V E S Land & Mines Office Oy Moon Ng Cabinet d'Architecture - Mtchuka Mwale CTOS Sdn Bhd Etudes Techniques Nicholls & Brookes Mifzal Ahmad Hung Hoong Aminah BT Abd. Rahman Ministry of Economic Arbonkana Maiga Grant Nyirongo Shearn Delamore & Co. Development Ministry of Housing Lobou Conseils Elemech Designs Mohd Razali Hussain and Local Government Jatindra Bhattray Soumana Makadji Dinker A. Raval Malaysia Productivity Malaysia PricewaterhouseCoopers Corporation GMI - Audit Wilson & Morgan N Ravi Asma Chan-Rahim Maiga Mamadou Duncan Singano Nazariah Ibrahim Mitsui O.S.K lines (M) sdn Shah, Hussain & Co. Kafo Jiginew Savjani & Co. Tenaga Nasional Berhad bhd Barristers & Attorneys Subkiah Binti Jamaludin Norhaslinda Salleh Fata Mariko Mohamed Hameed Damco M A L AYSIA Inland Revene Board of Companies Commission of Antrac Pvt. Ltd. Malaysia Malaysia Adeline Messou Jamil A. Hamid Dheena Hussain Kumar Kanagasabai Sharizan Sarif FIDAFRICA / Arkitek Kitas Sdn Bhd Shah, Hussain & Co. PricewaterhouseCoopers Skrine, member of Lex Azmi & Associates Barristers & Attorneys Nor Azimah Abdul Aziz Mundi Bérenger Y. Meuke Companies Commission of Andy Seo Yudhishtran Kanagasabai Kumar Kanagasingam Federation of Malaysian Jurifis Consult Malaysia PricewaterhouseCoopers Lee Hishammuddin Allen & Manufacturers Keita Zeďnabou Sacko Dato' Hasmah BT. Abdullah Geldhill Ahmed Murad Hui Shan Siah API Mali Inland Revene Board of Bank of Maldives Plc. Malaysia Mohammad Sanusi Abdul Wong & Partners Alassane T. Sangaré Karim Aishath Samah Sonia Abraham Ministry of International S Parameswaran Nouhoum Sidibe Shanmughanathan Bank of Maldives Plc. Azman, Davidson & Co. Trade and Industry Direction Nationale de Tenaga Nasional Berhad Shuaib M. Shah l'Urbanisme et de l'Habitat Wan Ahmad Iskandar Wan Kesavan Karuppiah Shah, Hussain & Co. Adnan Ministry of Human Noeline Chanan Singh Malick Badara Sow Barristers & Attorneys Ministry of International Resources Malaysia Productivity Atelier d'Architecture et Trade and Industry Corporation Ahmed Shibau d'Urbanisme Dato' Azemi Kasim Cube X Company Pvt Ltd. Ar Saifuddin Ahmad Administrative and Veerinderjeet Singh Mamadou Moustapha Sow SNO Architect Sdn Bhd Diplomatic Service, Malaysian Institute of Mariyam Sunaina Cabinet SOW & Associés Malaysia Taxation Bank of Maldives Plc. Alwizah Al-Yafii Ahmad Abdoul Kader Sylla Kamal Abdul Kadir Bin Kassim Visu Sinnadurai Damco MALI Zaid Ibrahim & Co Kadir, Andri & Partners Yong Hsian Siong Perignama Sylla Dato' Abdul Halim Ain Geeta Kaur Wong & Partners Imirane Abdoulaye Architect DE/AU Administrative and SDV Sdn Bhd Malaysia Direction Nationale de Muhendaran Suppiah l'Urbanisme et de l'Habitat Salif Tall Diplomatic Service, Muhendaran Sri Malaysia Ng Swee Kee Etude de Maître Ahmadou Diaby Aboubakar TOURE Shearn Delamore & Co. Francis Tan Dato' Sh. Yahya bin Sh. BCEAO Mohamed Almurisi Chuan Keat Khoo Azman, Davidson & Co. Dominique Taty Faradji Baba FIDAFRICA / Ministry of Human PricewaterhouseCoopers Kenneth Tiong Cour d'Appel de Bamako PricewaterhouseCoopers Resources Christopher Lee The Associated Chinese Chambers of Commerce Amadou Camara Alhousseini Touré Mohd Azlan B. Mohd Radzi Christopher Lee & Co. and Industry of Malaysia SCP Camara Traoré Arcade SARL Land & Mines Office Mai Yeen Leong (ACCCIM) Céline Camara Sib Mahamadou Traore Shamsuddin Bardan Professional Innovators Hock Chai Toh Sdn. Bhd. Etude Me Celine Camara Malaysian Employers Bank Negara Malaysia Sib Alassane Traoré Federation Bernard Lim ICON sarl Sugumaran Vairavappillai Mahamane I. Cisse Azryain Borhan Phk Management Services Fousséni Traoré Sdn Bhd Ministry of Human Cabinet Lexis Conseils Companies Commission of Resource Malaysia FIDAFRICA / Malaysia Koon Huan Lim Boubacar Coulibaly PricewaterhouseCoopers Heng Choon Wan Matrans Mali sarl Hong Yun Chang Skrine, member of Lex Amidou Wague Mundi PricewaterhouseCoopers Tay & Partners Sekou Dembele SDV Ar Teoh Chee Wui Etude de Maître Sekou Dembele Emmanuel Yehouessi Archicentre Sdn Bhd BCEAO ACKNOWLEDGMENTS 235 M A R SHA L L Rajendra Dassyne Gilbert Seeyave Luis Miguel Esparza Bernardo Martínez Negrete I SL A N D S Chambers of Notaries of BDO De Chazal Du Mee PricewaterhouseCooper Galicia y Robles, S.C. Mauritius Kenneth Barden Gaetan Siew Salvador Esquivel Carla E. Mendoza Pérez Catherine de Rosnay L&S Architects PricewaterhouseCoopers Baker & McKenzie Attorney-at-Law Legis & Partners Mary Sheryl Jane Profeta Deviantee Sobarun Roberto Fagoaga María del Carmen Monforte Ujoodha Dhanun Ministry of Finance Sánchez-DeVanny Eseverri, Larrańaga Marshall Islands Social Security Administration Kross Border Trust S.C. PricewaterhouseCoopers Services Ltd., member Parikshat Teeluck Phillip Welch of Russell Bedford Damco Logistics Julio Flores Luna Carlos E. Montemayor Micronesian Shipping International (Mauritius) Goodrich, Riquelme y PricewaterhouseCoopers Agencies Inc. Asociados Shalinee Dreepaul-Halkhoree Shamina Toofanee Rocío Montes Juristconsult Chambers PricewaterhouseCoopers Salvador Fonseca PricewaterhouseCoopers M AU R I TA N IA Chadbourne & Parke Robert Ferrat Natasha Towokul-Jiagoo Mexico Humberto Morales- Barron Ishagh Ahmed Miske Legis & Partners Juristconsult Sánchez-DeVanny Eseverri, Cabinet Ishagh Miske International & Co Ltd. Carlos Frias S.C. Yannick Fok PricewaterhouseCoopers Rodolphe Kadoukpe Akoto Glover & Glover Chambers Cindy Upiah José de Jesús Moreno Ruíz Maersk Mauritania Banymandhub Boolell Manuel Galicia CFE-DVMS (Federal Nouadhibou Branch Gavin Glover Chambers Galicia y Robles, S.C. Electricity Commission) Glover & Glover Chambers Esteit Mohamedou Amane Muhammad R.C. Uteem Hans Goebel Jaime Israel Moreno-Trevińo Mauritanienne de J. Gilbert Gnany Uteem Chambers Jáuregui, Navarrete y Sánchez-DeVanny Eseverri, Construction et Mauritius Commercial Nader, S.C. S.C. d'Equipements (MCE) Bank Ltd. MEXICO Dalia Goldsmit Eloy F. Muoz M. Tidiane Bal Yandraduth Googoolye Gabriel Aguilar PricewaterhouseCoopers IMEYEL Soluciones BSD & Associés Bank of Mauritius PricewaterhouseCoopers Integrales, S.A Daniel Gómez Alba Fatoumata Diarra Darmalingum Goorriah Jesus Alvarado Nieto CAAAREM Omar Nieto BSD & Associés Etude Me Darmalingum Baker & McKenzie PricewaterhouseCooper Goorriah Teresa de Lourdes Gómez Mine Ould Abdoullah Francisco Samuel Arias Neri Boris Otto Private Practice Arvin Halkhoree González Goodrich, Riquelme y Chadbourne & Parke CITILAW NOTARY PUBLIC 28 Asociados Mexico Abdallahi Ould Ahmed Baba Atelier d'Architecture et Mikash Hassamal Jose Garcia Bautista César Gonzalez Lázaro Peńa Design Glover & Glover Chambers Deloitte PricewaterhouseCoopers PricewaterhouseCoopers Ahmed Salem Ould Marc Hein Carlos Cano Alvaro Gonzalez-Schiaffino Arturo Perdomo Bouhoubeyni Juristconsult Chambers PricewaterhouseCoopers PricewaterhouseCoopers Galicia y Robles, S.C. Cabinet Bouhoubeyni Nitish Hurnaum Luis Enrique Graham Pablo Perezalonso Eguía Oscar O. Cano Brahim Ould Daddah Glover & Glover Chambers Adeath Logistics S.A de Chadbourne & Parke Ritch Mueller, S. C. Cabinet Daddah Conseils C.V. Mexico Jane Jouanis Eduardo Perez Armienta Aliou Sall Juristconsult Chambers Josue Cantu Carlos R. Grimm Moore Stephens Orozco Assurim Consulting Baker & McKenzie Medina S.C. Thierry Koenig Pedro Flores Carrillo Ndeye Khar Sarr De Comarmond & Koenig Moore Stephens Orozco Yves Hayaux-du-Tilly Fernando Perez-Correa BSD & Associés Medina S.C. Jáuregui, Navarrete y Solorzano, Carvajal, Anthony Leung Shing Nader, S.C. Gonzalez y Perez-Correa, Dominique Taty PricewaterhouseCoopers María Casas López S.C. FIDAFRICA / Baker & McKenzie Eduardo Heftye Stephen John Mendes Lopez Velarde, Heftye y Guillermo Piecarchic PricewaterhouseCoopers Customs and Excise Tania Castellanos Soria PMC Asociados Department PricewaterhouseCooper M AU R I T I U S Jorge Jimenez Gerardo Prado-Hernandez Ramdas Mootanah Hector Castro Lopez Velarde, Heftye y Sánchez-DeVanny Eseverri, Jean-François Boisvenu Architecture & Design PricewaterhouseCoopers Soria S.C. BLC Chambers Ltd. Rodrigo Conesa Jorge Jiménez David Puente-Tostado André Bonieux Loganayagan Munian Ritch Mueller, S. C. Russell Bedford Mexico, Sánchez-DeVanny Eseverri, PricewaterhouseCoopers Artisco International member of Russell Bedford S.C. Fabio Corominas de la Pera International Urmila Boolell Jingree Neeshal Samer Qudah Baker & McKenzie Banymandhub Boolell Kross Border Trust Alejandro Ledesma Al Tamimi & Company Chambers Services Ltd., member Eduardo Corzo Ramos PricewaterhouseCoopers Advocates & Legal Beche Bruno of Russell Bedford Holland & Knight- Consultants International Gallástegui y Lozano, S.C. Josue Lee Kross Border Trust Inaki Echeverria Alvaro Quintana Services Ltd., member Daniel Ng Cheong Hin Jose Covarrubias-Azuela Arquitectos Alvaro Quintana SC of Russell Bedford Mauritius Cargo Solorzano, Carvajal, International Community Services Ltd. Gonzalez y Perez-Correa, Ricardo León-Santacruz Mariel Rebollo Jean Phillipe Chan See S.C. Sánchez-DeVanny Eseverri, Jáuregui, Navarrete y Marie Cristelle Joanna S.C. Nader, S.C. Maersk Ltd. Parsooramen Raul de la Sierra Cauley Banymandhub Boolell Barrera, Siqueiros y Torres Gerardo Lozano Alarcón Hector Reyes Freaner D.P. Chinien Chambers Landa Holland & Knight- Baker & McKenzie Registrar of Companies Gallástegui y Lozano, S.C. and Businesses, Office Priscilla Pattoo-Mungur Oscar de La Vega Claudia Ríos of the Registrar of Juristconsult Chambers Basham, Ringe y Correa, Lucia Manzo PricewaterhouseCoopers Companies member of Ius Laboris Galicia y Robles, S.C. Siv Potayya Sergio Rodriguez Vincent Chong Leung Juristconsult Frederico de Noriega Olea José Antonio Marquez Chadbourne & Parke Juristconsult Chambers International & Co Ltd. Barrera, Siqueiros y Torres González Mexico Sandy Chuong Landa NOTARY PUBLIC 28 Iqbal Rajahbalee Cecilia Rojas Glover & Glover Chambers BLC Chambers Felipe Dominguez Renato Martínes Quezada Galicia y Robles, S.C. Sootam Chutoori Moore Stephens Orozco Baker & McKenzie André Robert Medina S.C. Jose Rodriguez Sanchez Dagon Ingenieur Conseil Attorney-at-Law Carlos Manuel Martinez Russell Bedford Mexico, Ltée Dolores Enriquez PricewaterhouseCoopers member of Russell Bedford Anjali Roy PricewaterhouseCoopers International Roland Constantin Etude Guy Rivalland Edgar Francisco Martínez Etude Constantin Pablo Escalante Herrasti Cristina Sánchez-Urtiz Shailesh Seebaruth Deloitte Goodrich, Riquelme y Miranda & Estavillo, S.C. Glover & Glover Chambers Asociados 236 DOING BUSINESS 2011 Francisco Santoyo Marin Chicu Maygmarsuren Lkhagvasuren Montenegro Real Estate Predrag Vujovi Comisión Federal de Turcan & Turcan Anderson & Anderson Administration Zetatrans Electricidad Nikola Martinovi Vitalie Ciofu Daniel Mahoney Veselin Vukovi Monica Schiaffino Pérez Gladei & Partners Lynch & Mahoney Advokatska Kancelarija Central Bank of Basham, Ringe y Correa, Zeljko Mijovi Montenegro member of Ius Laboris Alla Cotos Sebastian Merriman PricewaterhouseCoopers PricewaterhouseCoopers Zetatrans Raúl Uribe Garcia M ORO C C O Anna Cusnir Odonhuu Muuzee Momir Milickovi Uribe Engenieros S.A. Samir Agoumi Schonherr Tsets Law Firm Tax Authority Juan Francisco Torres Landa Montenegro Dar Alkhibra Ruffo Igor Domente Tsogt Tsend S.C. "Luvitan Grup" SRL Administrative Court of Djordje Nikoli Lamya Alami Barrera, Siqueiros y Torres Landa Capital City Nikoli Kokanovi Younes Anibar Sergiu Dumitrasco Otasevi Law Office PricewaterhouseCoopers Jane Wang Cabinet Younes Anibar Laura Astrid Trevińo-Perez PricewaterhouseCoopers Mio Orlandi Linda Oumama Benali Sánchez-DeVanny Eseverri, Serghei Filatov S.C. Government of Cabinet Notaire ACI Partners Law Office M ON T E N E G RO the Republic of Maribel Trigo Aja Iulia Furtuna Montenegro Real Estate Khalid Boumichi Goodrich, Riquelme y Aleksandar Adamovic Administration Tecnomar Turcan & Turcan Asociados Pacorini Montenegro Djuro Otasevi Roger Gladei Richard Cantin G. Roberto Quintana Vargas Bojana Andri Nikoli Kokanovi Juristructures - Project Gladei & Partners Otasevi Law Office Instalaciones Quintana Celebi Management & Legal Vargas Oxana Gutu Mirjana Pesalj Advisory Services LLP Mobiasbanca Groupe Veselin Anusi Layla Vargas Muga Celebi Government of the Sylvain Da Fonseca Societe Generale Republic of Montenegro Goodrich, Riquelme y Alleance advisory Maroc Asociados Adrian Guzun Safeta Babaci FinancePlus Novica Pesi Mohssin El Makoudi Carlos Vela Schonherr Law Office Vujaci Dar Alkhibra PricewaterhouseCoopers Vladimir Iurkovsky Bojana Boskovi Ministry of Finance Nikola Perovi Nadia Fajr Claudio Villavicencio Schonherr Plantaze Fernández Vasilije Boskovi Fatima Zohra Gouttaya Roman Ivanov Dragan Prelevi Deloitte Law Firm Boskovi Etude de notariat moderne Vernon David & associates Prelevi Law Firm Rafael Villamar-Ramos Peter Burnie Nicolas Granier Remy Kormos Slobodan Rascanin Sánchez-DeVanny Eseverri, PricewaterhouseCoopers Alleance advisory Maroc DAI UNHCR S.C. Marija Crnogorac Amin Hajji Mihaela Mitroi Dragana Radevi Humberto Zapien KN Karanovi& Nikoli Amin Hajji & Associés PricewaterhouseCoopers CEED Association d'Avocats Deloitte Savo Djurovi Igor Odobescu Ana Radivojevi Zohra Hasnaoui Ernesto Zarate Leon ACI Partners Law Office Adriatic Marinas doo Thorsa PricewaterhouseCoopers Hasnaoui Law Firm Aelita Orhei Vuk Draskovi Bojovic Dasic Kojovic Radmila Radoici Ahmad Hussein M IC RON E SIA , F E D. Gladei & Partners Law Office Vujaci Talal Abu-Ghazaleh Legal Attorneys at Law STS. Carolina Parcalab (TAG-Legal) Dragan Draca Novo Radovi Turcan & Turcan Tax Authority Bahya Ibn Khaldoun Kenneth Barden PricewaterhouseCoopers Attorney-at-Law Tatiana Stefanet Montenegro Université Mohamed V Gladei & Partners Vesko Dragicevi Patrick Mackenzie Chamber of Economy of Slavko Radovi Naoual Jellouli Bank of FSM Mariana Stratan Montenegro, Association Cijevna Komerc Ministčre de l'économie et Turcan & Turcan of Small Enterprises and des finances Silberio S. Mathias Drazen Raickovi Entrepreneurs FinancePlus Mehdi Kettani Micropc Alexander Turcan Turcan & Turcan Rina Ivancevi Kettani & Associés Ronald Pangelinan Slaana Raickovi Municipality of Podgorica FinancePlus Nadia Kettani A&P Enterprises, Inc. Irina Verhovetchi ACI Partners Law Office Marko Ivkovi Kettani & Associés Kevin Pelep Dragan Rakocevi KN Karanovi & Nikoli Commercial Court of Karine Lasne Office of the Registrar of Marina Zanoga Corporations Turcan & Turcan Tanja Janovi Podgorica Landwell & Associés - Law Office Vujaci PricewaterhouseCoopers Salomon Saimon Admir Rebronja Legal Services M ON G OL IA Maja Jokanovi FinancePlus Micronesia legal services corporation Ministry of Economy Wilfried Le Bihan Badarch Bayarmaa Tijana Saveljic CMS Bureau Francis Joe Vitt Lynch & Mahoney Sran Kalezi Prelevi Law Firm Lefebvre Pohnpei Transfer & Batzaya Bodikhuu Tax Authority Slaven Sepanovi Storage, Inc. Montenegro Medhi Lebady Anand & Batzaya Lidija Sekovi Cabinet d'Architecture Advocates Law Firm Stevan Karadagli Lebady M OL D OVA Tax Authority Richard Bregonje Chamber of Economy of Montenegro Montenegro, Sector for Anis Mahfoud Nicolae Botan PricewaterhouseCoopers Abouakil & Benjelloun Associations and Economic Velimir Strugar Business Research Company Avocats - AB AVOCATS David C. Buxbaum Development EPCG AD Niksi Robert Beto Brunn Anderson & Anderson Abdelaziz Messaoudi Rados-Lolo Kastratovi Goran Tuponja DAI Ministčre de l'économie et Batbayar Byambaa Advokatska Kancelarija German Technical Victor Burac GTs Advocates LLC Cooperation des finances Marija Klikovac Victor Burac Law Firm Dusko Vojinovi Aboulfadl Najat Ts. Dagvadorj Law Office Vujaci Andrei Caciurenco Gobi Corporation Government of Etude de notariat moderne Ivana Koji the Republic of ACI Partners Law Office Hicham Oughza Khatanbat Dashdarjaa KN Karanovi & Nikoli Montenegro Real Estate Andrian Candu Arlex Consulting Services Dar Alkhibra Darko Konjevi Administration PricewaterhouseCoopers Jamal Rahal Legal Services Byambatseren Dorjpurev CEED Sasa Vujaci Arlex Consulting Services Experian Ana Krsmanovi Law Office Vujaci Octavian Cazac Nesrine Roudane Turcan & Turcan Courtney Fowler Ministry of Finance Jelena Vujisi PricewaterhouseCoopers Nero Boutique Law Firm Mirjana Ljumovi Law Office Vujaci Svetlana Ceban PricewaterhouseCoopers Odmaa Khurelbold Government of Anderson & Anderson the Republic of ACKNOWLEDGMENTS 237 Mehdi Salmouni-Zerhouni Rui Laforte Frank Köpplinger Dirk-Jan Berkenbosch Paul van der Molen Salmouni-Zerhouni Law Furtado, Bhikha, Loforte, G.F. Köpplinger Legal PricewaterhouseCoopers Cadastre, Land Registry Firm Popat & Associados, Practitioners and Mapping Agency Advogados Karin W.M. Bodewes Houcine Sefrioui Richard Traugott Diethelm Baker & McKenzie Marije Van der Veer Etude de notariat moderne Pedro Lemos Mueller De Brauw Blackstone Sal & Caldeira - Koep & Partners Mark Bodt Westbroek Abdeselam Tazi Advogados e Consultores, PricewaterhouseCoopers Area sarl Lda Axel Stritter Gert-Jan van Gijs Engling, Stritter & Sytso Boonstra VAT Logistics (Ocean Marc Veuillot Marla Mandlate Partners PricewaterhouseCoopers Freight) BV Alleance advisory Maroc Sal & Caldeira - Marius van Breda Roland Brandsma Sjaak van Leeuwen Chigar Zineb Advogados e Consultores, PricewaterhouseCoopers Lda TransUnion Namibia Stichting Bureau Krediet Etude de notariat moderne Registratie Meyer Van den Berg Martin Brink Joao Martins M O Z A M B IQ U E Koep & Partners Van Benthem & Keulen NV Jan van Oorschot PricewaterhouseCoopers Stephan de Baan Liander Calu Abubacar Lara Narcy Paul A. E. Wolff Manica Africa Pty. Ltd. Berkman Forwarding B.V. Petra van Raad Electrovisao Lda H. Gamito, Couto, Gonçalves Pereira Namibia Margriet de Boer PricewaterhouseCoopers Sheila Ali e Castelo Branco & De Brauw Blackstone Marcel Willems MGA Advogados & Associados N E PA L Westbroek Consultores Kennedy Van der Laan Auxílio Eugénio Nhabanga Lalit Aryal Hans J.H. de Wilde Christiaan Zijderveld Mark Badenhorst FBLP - R.Furtado, N. LA & Associates Chartered Kab Auditors & Tax PricewaterhouseCoopers Simmons & Simmons Bhikha, R.Loforte, M. Accountants Advisers, member Carolina Balate Popat & Associados, of Russell Bedford Advogados, Lda Tulasi Bhatta NEW ZEALAND PricewaterhouseCoopers International Unity Law Firm & Paulo Pimenta Consultancy Henriette Derks Matthew Allison Loren Benjamin Veda Advantage Pimenta, Dionísio e Liander PricewaterhouseCoopers Associados Tankahari Dahal Niraula Law Chamber & Myrna Dop Jania Baigent António Baltazar Bungallah Álvaro Pinto Basto Simpson Grierson, member Sal & Caldeira - Co. Royal Netherlands MGA Advogados & Notarial Organization of Lex Mundi Advogados e Consultores, Consultores Prakash Kafle Lda Agni Cement Industries Arjan Enneman Kevin Best Malaika Ribeiro P. Ltd. Expatax BV PricewaterhouseCoopers Eduardo Calú PricewaterhouseCoopers Geoff Bevan Sal & Caldeira - Gourish K. Kharel Ruud Horak Advogados e Consultores, Luís Filipe Rodrigues KTO Inc. Elektrotechniek Boermans Chapman Tripp Lda Sal & Caldeira - BV Mohan Krishna Kharel Shelley Cave Neide Chande Advogados e Consultores, Lda KTO Inc. Kitty Hutten Simpson Grierson, member Pimenta, Dionísio e PricewaterhouseCoopers of Lex Mundi Associados Firza Sadek Ashok Man Kapali Shangri-La Freight Pvt. Marcel Kettenis Philip Coombe Dipak Chandulal Pimenta, Dionísio e Associados Ltd. PricewaterhouseCoopers Panalpina World MGA Advogados & Transport New Zealand Consultores Leonardo Uamusse Bijaya Mishra Christian Koedam Auckland Electricidade de Pradhan & Associates PricewaterhouseCoopers António Chicachama Phil Creagh Moçambique Matrika Niraula Andrej Kwitowski Direcçăo Nacional de Anderson Creagh Lai Energia Eléctrica Niraula Law Chamber & DHV B.V. NA M I B IA Co. John Cuthbertson Pedro Couto Stefan Leening PricewaterhouseCoopers H. Gamito, Couto, Joos Agenbach Rajan Niraula PricewaterhouseCoopers Gonçalves Pereira Koep & Partners Niraula Law Chamber & Daniel De Vries e Castelo Branco & Co. Hugo Oppelaar Veda Advantage Ronnie Beukes Houthoff Buruma Associados William Fotherby City of Windhoek Dev Raj Paudyal Coöperatief U.A. Avelar Da Silva Electricity Department Ministry of Land Reform Bell Gully Intertek International and Management Peter Plug Benita Blume Office of Energy Koustabh Gadgil Ltd. Investment New Zealand H.D. Bossau & Co. Devendra Pradhan Regulation Thera Dai Pradhan & Associates (a division of New Zealand Hanno D. Bossau Mark G. Rebergen Trade and Enterprise) Furtado, Bhikha, Loforte, Popat & Associados, H.D. Bossau & Co. Anup Raj Upreti De Brauw Blackstone Pioneer Law Associates Westbroek David Harte Advogados Chris Brandt Insolvency and Trustee Paul De Chalain Chris Brandt & Associates Chiranjivi Sharma Helena Redons Schaatsberen Services PricewaterhouseCoopers Andy Chase Nepal Electricity Municipality of Authority Amsterdam Matt Kersey Carlos de Sousa e Brito Stauch+Partners Russell McVeagh Carlos de Sousa & Brito & Architects Madan Sharma Hugo Reumkens PricewaterhouseCoopers Van Doorne N.V. Greg King Associados Dirk Hendrik Conradie Jackson Russell Rita Furtado Conradie & Damaseb Ramji Shrestha Jan Willem Schenk Pradhan & Associates Baker & McKenzie Jeffrey Lai H. Gamito, Couto, Ferdinand Diener Anderson Creagh Lai Gonçalves Pereira City of Windhoek Ram Chandra Subedi Françoise Schoordijk e Castelo Branco & Electricity Department Apex Law Chamber DLA Piper Nederland N.V. Mahesh Lala Associados Jackson Russell Hans-Bruno Gerdes L.R. Tamang Salima Seamari Jorge Graça Engling, Stritter & Kate Lane Hyonjan Electrical De Brauw Blackstone MGA Advogados & Partners Engineering Fabricator Westbroek Minter Ellison Rudd Watts Consultores P, Ltd. Ismeralda Hangue Stéphanie Spoelder Leroy Langeveld Soraia Issufo Deeds Office Mahesh Kumar Thapa Simpson Grierson, member Baker & McKenzie Sal & Caldeira - Sinha - Verma Law Concern of Lex Mundi Advogados e Consultores, Sakaria Kadhila Amoomo Fedor Tanke Lda Pereira Fishing (Pty) Ltd. Sajjan B.S. Thapa Baker & McKenzie John Lawrence Legal Research Associates Auckland City Council Ássma Omar Nordine Jeque Herman Charl Kinghorn Maarten Tinnemans Sal & Caldeira - HC Kinghorn Legal De Brauw Blackstone Thomas Leslie Advogados e Consultores, Practitioner NETHERLANDS Bell Gully Westbroek Lda Joost Achterberg Helene van Bommel Kennedy Van der Laan PricewaterhouseCoopers 238 DOING BUSINESS 2011 Andrew Minturn Maricarmen Espinosa de N IG E R Diaby Aboubakar Samuel Etuk Qualtech International Molina BCEAO 1ST ATTORNEYS Ltd. Molina & Asociados Mamane Badamassi Annou Central Law Millennium Challenge Olaleye Adebiyi Anse Agu Ezetah Nicholas Moffatt Account - Niger WTS Adebiyi & Associates Chief Law Agu Ezetah Bell Gully Melvin Estrada & Co. García & Bodán Mamoudou Aoula Folaranmi Adetunji Adegbite Robert Muir Projet de Développement F.A. Adegbite & Associates Babatunde Fagbohunlu Land Information New Terencio Garcia Montenegro des Infrastructures Aluko & Oyebode Zealand García & Bodán Kunle Adegbite Locales-PDIL-Bureau Adegbite - Stevens & Co Olubunmi Fayokun Catherine Otten Engelsberth Gómez National de Coor Aluko & Oyebode New Zealand Companies Pro Nicaragua Steve Adehi Sidi Sanoussi Baba Sidi Adejoke A. Gbenro Office Steve Adehi and Co Claudia Guevara Cabinet d'Avocats Souna- Adebanke Adeola &Co. Ian Page Aguilar Castillo Love Coulibaly Olufunke Adekoya BRANZ Aelex, Legal Practitioners Justice Idehen-Nathaniel Eduardo Jose Gutierrez Rueda Boniface Combary & Arbitrators Perchstone & Graeys Mihai Pascariu Consortium Taboada y Direction de l'Urbanisme Minter Ellison Rudd Watts Asociados et de l'Habitat Taiwo Adeshina Oluwaseyi Ikuewumi Moussa Coulibaly Jackson, Etti & Edu PricewaterhouseCoopers John Powell Gerardo Hernandez Russell McVeagh Consortium Taboada y Cabinet d'Avocats Souna- Francis Adewale Stanley Ikwendu Asociados Coulibaly Vista Bridge Global Aelex, Legal Practitioners David Quigg Resources Limited & Arbitrators Ruth Huete Jonathan Darboux Quigg Partners PricewaterhouseCoopers BCEAO Oloruntobi Adewale Margaret Ivowi Jim Roberts Vista Bridge Global PricewaterhouseCoopers Rodrigo Ibarra Rodney Abdou Djando Hesketh Henry Lawyers Resources Limited Arias & Muńoz EMTEF Okorie Kalu Catherine Rowe Duro Adeyele Punuka Attorneys & Leonardo Icaza Aďssatou Djibo PricewaterhouseCoopers Bayo Ojo & Co. Solicitors Municipalidad de Managua Etude de Maître Djibo Michael Slyuzberg Aďssatou Olusola Adun Tomisin Lagundoye Inland Revenue María Fernanda Jarquín Nouveau Associates Udo Udoma & Belo-Osagie Jean-Claude Gnamien Department Arias & Muńoz FIDAFRICA / Adesegun Agbebiyi Adenike laoye Neill Sullivan Fabiola Martinez PricewaterhouseCoopers Aluko & Oyebode Ecobank Land Information New Ventanilla Unica de Sani Halilou Zealand Inversiones Oluwatomi Agbola Ibrahim Eddy Mark Maersk S.A. Olaniwun Ajayi LP Nigerian Bar Association Murray Tingey Alvaro Molina Issoufou Harouna Daniel Agbor Egwuagu Emmanuel Nomso Bell Gully Molina & Asociados Central Law S.C.P.A. Mandela Udo Udoma & Belo-Osagie Obla & Co. Michael McLean Toepfer Roberto Montes Ali Idrissa Sounna Izinegbe Aibangbee Chidnma Nwaogu Wanaka Office AWS Legal Arias & Muńoz Toutelec Niger SA PricewaterhouseCoopers Punuka Attorneys & Ben Upton Solicitors Soraya Montoya Herrera Bernar-Oliver Kouaovi Kenneth Aitken Simpson Grierson, member of Lex Mundi Molina & Asociados Cabinet Kouaovi PricewaterhouseCoopers Victor Obaro Central Law Diallo Rayanatou Loutou Libra Law Office Richard Wilson Tolulola Akintimehin Jackson Russell Michael Navas Cabinet Loutou - Nouveau Associates Oluwakemi Oduntan Pro Nicaragua Architectes Jade & Stone Solicitors Dafe Akpeneye N IC A R AG UA Ramón Ortega Issaka Manzo PricewaterhouseCoopers Nelson Ogbuanya PricewaterhouseCoopers EGTC Nocs Consults Adriana Acuńa Segun Aluko Municipalidad de Managua Mazziel Rivera Ibrahim Mounouni Aluko & Oyebode Godson Ogheneochuko ACZALAW Bureau d'Etudes Bala & Udo Udoma & Belo-Osagie Bertha Argüello de Rizo Himo Tracy Amadigwe Arias & Muńoz Ana Teresa Rizo Briseńo Alkingshola Chambers Ozofu Ogiemudia Achimi M. Riliwanou Udo Udoma & Belo-Osagie Favio Josué Batres Arias & Muńoz Linda Arifayan Etude de Maître Achimi Alvarado y Asociados, Erwin Rodriguez Riliwanou WTS Adebiyi & Associates Alayo Ogunbiyi member of Lex Mundi ACZALAW Abdulai, Taiwo & Co. Daouda Samna Esther Atoyebi Minerva Adriana Bellorín Felipe Sánchez S.C.P.A. Mandela Okonjo, Odiawa & Ebie Ayokunle Ogundipe Rodríguez ACZALAW Perchstone & Graeys ACZALAW Maman Sani Kanta Akinshola Babatunde Alfonso José Sandino Granera Millennium Challenge Alkingshola Chambers Oghenetekevwe Okobiah María José Bendańa Guerrero Consortium Taboada y Account - Niger Jackson, Etti & Edu Bendańa & Bendańa Olalekan Bakare Asociados Ali Seyni Perchstone & Graeys Christine Okokon Carlos Alberto Bonilla López Julio E. Sequeira Millennium Challenge Udo Udoma & Belo-Osagie Superintendencia de Yetunde Bamidele Evenor Valdivia P. & Account - Niger Patrick Okonjo Bancos Akinwunmi & Busari, Legal Asociados Dominique Taty Practioners (A & B) Okonjo, Odiawa & Ebie Blanca Buitrago Arnulfo Somarriba FIDAFRICA / García & Bodán Rabi Bawa Dozie Okwuosah TransUnion PricewaterhouseCoopers Perchstone & Graeys Central Bank of Nigeria Ramón Castro Denis González Torres Idrissa Tchernaka Arias & Muńoz Barr. N.U. Chianakwalam Stephen Ola Jagun G.E. Electromecánica & Etude d'Avocats Marc Le Bihan & Collaborateurs Legal Standard Consulting Jagun Associates Sergio David Corrales Cia Ltda. Montenegro Fousséni Traoré Weyinmi Edodo Adefunke Oladosu Rodrigo Taboada García & Bodán FIDAFRICA / IPDC Limited Akinwunmi & Busari, Legal Consortium Taboada y Practioners (A & B) Juan Carlos Cortes Espinoza Asociados PricewaterhouseCoopers Emmanuel Egwuagu PricewaterhouseCoopers Ramatou Wankoye Obla & Co. Banke Olanikpekun Manuel Ignacio Tefel Cuadra Office Notarial Etude WTS Adebiyi & Associates Zayda Cubas PricewaterhouseCoopers Nnenna Ejekam Wankoye Nnenna Ejekam Associates Ayotunde Ologe Alvarado y Asociados, Carlos Tellez member of Lex Mundi Synergy Legal García & Bodán N IG E R IA 0 Ekar Practitioners and Gloria Maria de Alvarado Daysi Ivette Torres Bosques Jackson, Etti & Edu property Consultants Alvarado y Asociados, Olusegun Abijo Daysi Ivette Ebele Enedah Bimbola Olowe member of Lex Mundi FNA Architects LTD. Juana Vargas Punuka Attorneys & Jackson, Etti & Edu Oluseyi Abiodun Akinwunmi Solicitors Daysi Ivette Babatunde Olubando Akinwunmi & Busari, Legal Practioners (A & B) Babatunde Olubando & Co ACKNOWLEDGMENTS 239 Tolulope Omidiji Lars Davidsen Stine Bryn Sverdrup Robert Kenedy Ahmad Syed Akhter PricewaterhouseCoopers Hafslund PricewaterhouseCoopers Curtis Mallet - Prevost, Pyramid Transportation Colt & Mosle LLP Group Jennifer Omozuwa Lars Ekeland Espen Trćdal Perchstone & Graeys Advokatfirmaet Hjort DA, Advokatfirmaet Salim Khairulla Ali Javed Bajwa member of Ius Laboris PricewaterhouseCoopers Oman Flour Mills Haseeb Law Associates Fred Onuobia AS G. Elias & Co. Solicitors Knut Ekern Ziad Khattab Major Javed Bashir and Advocates PricewaterhouseCoopers Marita Vidvei Bjelland Talal Abu-Ghazaleh Legal Greenfields International PricewaterhouseCoopers (TAG-Legal) Ijeoma Onweluzo Simen Aasen Engebretsen Faisal Daudpota Olaniwun Ajayi LP Deloitte Joakim Zahl Fjell P.E. Lalachen MJ Khalid Daudpota & Co. PricewaterhouseCoopers Independent Consultant Donald Orji Stein Fagerhaug Junaid Daudpota Jackson, Etti & Edu Dalan advokatfirma DA Jose Madukakuzhy Khalid Daudpota & Co. OM A N Khimji Ramdas Christian Oronsaye Line Foss Hals Zaki Ejaz Aluko & Oyebode Wikborg, Rein & Co. Hamad Al Abri Pushpa Malani Zaki & Zaki (Advocates Muscat Electricity PricewaterhouseCoopers and Solicitors) Tunde Osasona Amund Fougner Distribution Company Whitestone Worldwide Advokatfirmaet Hjort DA, Mansoor Jamal Malik Kausar Fecto Ltd. member of Ius Laboris Zahir Abdulla Al Abri Al Busaidy, Mansoor Jamal Kausar Fecto & Co. Muscat Electricity & Co. Chartered Accountants Kola Osholeye Christian Friestad Distribution Company Elektrint (Nigeria) Limited Advokatfirmaet Tufol Mehdi Khalid Habibullah PricewaterhouseCoopers Zubaida Fakir Mohamed Al Muscat Municipality Abraham & Sarwana Olufunilayo Otsemebor AS Balushi Aluko & Oyebode Central Bank of Oman Yashpal Mehta Irfan Haider Line Granhol BDO Jawad Habib Pyramid Transportation Abraham Oyakhilome Advokatfirma DLA Piper Ahmed Al Barwani Group First & First International Norway DA Denton Wilde Sapte & Co Subha Mohan Agencies Curtis Mallet - Prevost, Irfan Mir Halepota Andreas Hanssen Salman Ali Al Hattali Colt & Mosle LLP Law Firm Irfan M. Gbenga Oyebode Advokatfirma DLA Piper Muscat Electricity Halepota Aluko & Oyebode Norway DA Distribution Company Ahmed Naveed Farooqui Oman Cables Industry Asim Hameed Khan Taiwo Oyedele Pĺl Hasner Said bin Saad Al Shahry (SAOG) Ivon Trading Company PricewaterhouseCoopers PricewaterhouseCoopers Said Al Shahry Law Office Pvt. Ltd. Bruce Palmer Bukola Oyinlola Olav Hermansen Zuhaira Al Sulaimani Curtis Mallet - Prevost, Asma Hameed Khan Perchstone & Graeys NorStella Foundation Al Busaidy, Mansoor Jamal Colt & Mosle LLP Surridge & Beecheno & Co. Titilola Rotifa Heidi Holmelin Raghavendra Pangala Rashid Ibrahim Okonjo, Odiawa & Ebie Advokatfirmaet Selmer DA Majid Al Toky Semac & Partners LLC A.F. Ferguson & Co. Trowers & Hamlins Konyin Ajayi San Therese Hřyer Grimstad Dali Rahmattala Habboub Fiza Islam Olaniwun Ajayi LP Advokatfirmaet Hjort DA, Hussain Al Zadjali Denton Wilde Sapte & Co LEGIS INN (Attorneys & member of Ius Laboris Bank Muscat Corporate Consultants) Yewande Senbore Paul Sheridan Olaniwun Ajayi LP Odd Hylland Khalid Khamis Al-Hashmi Denton Wilde Sapte & Co Muzaffar Islam PricewaterhouseCoopers Muscat Municipality LEGIS INN (Attorneys & Serifat Solebo Rajshekhar Singh Land Services Directorate Leyan Al-Mawali Corporate Consultants) Hanne Karlsen Bank Muscat Raeder Advokatfirma Trowers & Hamlins Masooma Jaffer Alabi Sule Ganesan Sridhar Elektrint (Nigeria) Limited Hilal Almayahi Abraham & Sarwana Per Einar Lunde Bank Muscat PricewaterhouseCoopers Muscat Municipality Rubina Javed Adeola Sunmola Sridhar Sridharan Udo Udoma & Belo-Osagie Ahmed al-Mukhaini Texperts (Private) Limited Joakim Marstrander Ernst & Young Advokatfirma Vogt & Said Al Shahry Law Office M Javed Hassan Nneamaka Udekwe Paul Suddaby PricewaterhouseCoopers Wiig AS Mohamed Alrashdi Texperts (Private) Limited PricewaterhouseCoopers Knut Martinsen Muscat Municipality Aftab Ahmed Khan Reginald Udom Yasser Taqi Aluko & Oyebode Thommessen AS Russell Aycock Surridge & Beecheno Curtis Mallet - Prevost, Karl Erik Nedregotten PricewaterhouseCoopers Colt & Mosle LLP Fiza lslam Aniekan Ukpanah Udo Udoma & Belo-Osagie PricewaterhouseCoopers David Ball LEGIS INN (Attorneys & Mathai Thomas Corporate Consultants) Halfdan Nitter Said Al Shahry Law Office Trowers & Hamlins Adamu M. Usman Nitter AS, member Richard L. Baltimore III Nasir Mehmood Ahmed F.O. Akinrele & Co. of Russell Bedford Said Al Shahry Law Office PA K I S TA N Bunker Logistics Emmanuel Yehouessi International Mahmoud Bilal Adeel Abbas Rashid Rahman Mir BCEAO Thomas Nordgĺrd Said Al Shahry Law Office Maxim International Law Rahman Sarfaraz Rahim Advokatfirma Vogt & Firm Iqbal Rafiq Chartered NORWAY Wiig AS Francis D'Souza Accountants, member Anders Aasland Kittelsen BDO Jawad Habib Ali Jafar Abidi of Russell Bedford Ole Kristian Olsby International Advokatfirmaet Schjřdt State Bank of Pakistan Homble Olsby Precilla D'Souza DA advokatfirma AS Al Tamimi & Company Masooma Afzal Faiza Muzaffar Jan L. Backer Advocates & Legal Haseeb Law Associates LEGIS INN (Attorneys & Helge Onsrud Corporate Consultants) Wikborg, Rein & Co. Consultants Norwegian Mapping Owais Ahmad Authority, Cadastre and Mehreen B. Elahi United Law Associates Abdul Rahman Kristian Berentsen Land Registry, Centre Al Busaidy, Mansoor Jamal Qamar Abbas & Co. Advokatfirma DLA Piper for Property Rights and Taqi Ahmad Norway DA & Co. Zaki Rahman Development PricewaterhouseCoopers Stig Berge Zareen George Ebrahim Hosain, Advocates Johan Ratvik Al Busaidy, Mansoor Jamal Waheed Ahmad and Corporate Counsel Thommessen AS Advokatfirma DLA Piper Maxim International Law & Co. Tariq Saeed Rana Trine Bjerke Welhaven Norway DA Firm Hind Hadi Surridge & Beecheno Homble Olsby Stĺle Skutle Arneson Jawad Ahmed advokatfirma AS Al Busaidy, Mansoor Jamal Abdur Razzaq Advokatfirma Vogt & & Co. Muhammad Farooq & Co. Eirik Brřnner Wiig AS Chartered Accountants Qamar Abbas & Co. Justine Harding Kvale Advokatfirma DA Christel Spannow Zaki Ahmed Mudassir Rizwan Denton Wilde Sapte & Co Einard Brunes PricewaterhouseCoopers Abraham & Sarwana PricewaterhouseCoopers Raeder Advokatfirma Svein Sulland Advokatfirmaet Selmer DA 240 DOING BUSINESS 2011 Qamar Sajjad Francisco A. Barrios G. Alois Daton Carl Thomas Gwynn Juan Luis Avendańo Cisneros Maxim International Law PricewaterhouseCoopers IRC Internal Revenue Gwynn & Gwynn - Miranda & Amado Firm Commission Legal Counselling and Abogados Gustavo Adolfo Bernal Translations Abdul Salam Sociedad Panameńa de Richard Flynn Sergio Barboza LEGIS INN (Attorneys & Ingenieros y Arquitectos Blake Dawson María Antonia Gwynn Pizarro, Botto & Escobar Corporate Consultants) Berkemeyer, Attorneys & Abogados Carlos Klaus Bieberach Gary Jufa Counselors Hamza Saleem PricewaterhouseCoopers IRC Internal Revenue Milagros A. Barrera Mohsin Tayebaly & Commission Norman Gwynn Barrios Fuentes Gallo Co., Corporate Legal Jose A. Bozzo Gwynn & Gwynn - Abogados Consultants, Barristers Garrido & Garrido Ignatius Kadiko Legal Counselling and and Advocates Department of Commerce Translations Raul Barrios Luis Chalhoub and Industry Barrios Fuentes Gallo Jawad A. Sarwana Icaza, Gonzalez-Ruiz & Carlos R. Gwynn S. Abogados Abraham & Sarwana Aleman Ambeng Kandakasi Gwynn & Gwynn - Supreme Court of Justice Legal Counselling and Vanessa Barzola Shahid Sattar Aurelia Chen PricewaterhouseCoopers Mossack Fonseca & Co. Sarah Kuman Translations Apex Power Solutions Legal Services (Pvt.) Ltd. Allens Arthur Robinson Carmelo Insfran Rigoberto Coronado Maritza Barzola Vilchez Mossack Fonseca & Co. John Leahy Administración Nacional Muhammad Siddique de Electricidad Barzola & Asociados s.c., Securities and Exchange Peter Allan Lowing member of Russell Bedford Jeanina Aileen Diaz Lawyers Commission of Pakistan Jorge Jimenez Rey International PricewaterhouseCoopers Bruce Mackinlay Banco Central del Mirza Taqi Ud-Din Ahmad Marisol Ellis Paraguay Rocio Barzola Vilchez PricewaterhouseCoopers Credit & Data Bureau Barzola & Asociados s.c., Icaza, Gonzalez-Ruiz & Limited Nestor Loizaga Aleman member of Russell Bedford Mian Haseeb ul Hassan Ferrere Attorneys International Haseeb Law Associates Angela Mageto Michael Fernandez NCDC -Municipality Rocío Penayo Cesar Bazan Naveda Chaudhary Usman CAPAC (Cámara Panameńa de la Construcción) Antonia Nohou Moreno Ruffinelli & Colegio de Notarios Ebrahim Hosain, Advocates Asociados and Corporate Counsel PricewaterhouseCoopers Carol Flores Bernal Jorge R. González Byrne John Numapo Yolanda Pereira ONUDFI Saleem uz Zaman Arias, Alemán & Mora Magisterial Services Berkemeyer, Attorneys & Hayat Noorwala and Khiet Le Trinh Counselors Vanessa Calderon Barcelo Zaman District Office Municipalidad de San Sucre, Arias & Reyes Juan Pablo Pesce Ivan Pomaleu Isidro Ali Yasir Virk Ricardo Madrid Vivion S.A. Haseeb Law Associates IPA Fernando Castro Kahn PricewaterhouseCoopers Beatriz Pisano Lawrence Stocks Muńiz, Ramírez, Peréz- Sana Waheed Ana Lucia Márquez Ferrere Attorneys Taiman & Luna Victoria Zafar & Associates LLP Stocks & Partners Arosemena Noriega & Attorneys at Law Thomas Taberia Enrique Riera Muhammad Yousuf Contreras Sandro Cogorno Peter Allan Lowing Estudio Jurídico Riera Haider Shamsi & Co., Ivette Elisa Martínez Saenz Abogados Avendańo, Forsyth & Arbe Chartered Accountants Lawyers Patton, Moreno & Asvat Abogados Armindo Riquelme Ilyas Zafar Erick Rogelio Muńoz PA R AG UAY Fiorio, Cardozo & Anahi Com Zafar & Associates LLP Sucre, Arias & Reyes Alvarado Rebaza, Alcazar & De Perla Alderete Las Casas Abogados Abdul Salam Zahed José Miguel Navarrete Natalio Rubinsztein Vouga & Olmedo Abogados Financieros AISA Arosemena Noriega & BDO Rubinsztein & Guillén Contreras Manuel Arias Talí Cordero Akhtar Zaidi María Inés Segura Vouga & Olmedo Abogados PricewaterhouseCoopers Zain Consulting Ramón Ortega Moreno Ruffinelli & PricewaterhouseCoopers Florinda Benitez Asociados Joanna Dawson Asf Ali Zaidi Notary public Estudio Olaechea, member Pyramid Transportation Sebastian Perez Federico Silva Group Ligia Benitez of Lex Mundi Union Fenosa - EDEMET ­ Ferrere Attorneys EDECHI Ligia Benitez Escribania Alfonso De Los Heros Pérez PA L AU Ruben Taboada Albela Jorge Quijano Hugo T. Berkemeyer PricewaterhouseCoopers Estudio Echecopar Kenneth Barden Arosemena Noriega & Berkemeyer, Attorneys & Counselors Maria Gloria Triguis Gonzalez Paula Devescovi Attorney-at-Law Contreras Berkemeyer, Attorneys & Barrios Fuentes Gallo Cristina Castro Luz María Salamina Luis Alberto Breuer Counselors Abogados Western Caroline Trading Asociación Panameńa de Berkemeyer, Attorneys & Co. Crédito Counselors P E RU Ana María Diez Esteban Burt Estudio Olaechea, member Yukiwo P. Dengokl Veronica Sinisterra Daniel Abramovich of Lex Mundi Dengokl & Parkinson Arosemena Noriega & Peroni, Sosa, Tellechea, Burt & Narvaja, member of Payet, Rey, Cauvi Abogados Juan Carlos Durand Contreras Kevin N. Kirk Lex Mundi Walter Aguirre Grahammer The Law Office of Kirk and Valentín Ureńa PricewaterhouseCoopers Durand Abogados Shadel Arosemena Noriega & Lorena Dolsa Contreras Berkemeyer, Attorneys & Jose Alarcon Luis Fernando Edwards Rose Ongalibang Counselors Colegio de Notarios Barrios Fuentes Gallo Palau Supreme Court Ramón Varela Abogados Morgan & Morgan Estefanía Elicetche Marco Antonio Alarcón Piana William L. Ridpath Peroni, Sosa, Tellechea, Estudio Echecopar Luis Felipe Espinosa William L. Ridpath, PA P UA N E W Burt & Narvaja, member of Rebaza, Alcazar & De Attorney at Law Lex Mundi Milagros Alfageme Navarro Las Casas Abogados GUINEA PricewaterhouseCoopers David Shadel Natalia Enciso Benitez Financieros The Law Office of Kirk and Paul Barker Notary public Humberto Allemant Arturo Ferrari Shadel Consultative PricewaterhouseCoopers Muńiz, Ramírez, Peréz- Implementation & Ana Franco Peter C. Tsao Pamela Arce Taiman & Luna Victoria Monitoring Council BDO Rubinsztein & Guillén Attorneys at Law Western Caroline Trading Rebaza, Alcazar & De Co. David Caradus Néstor Gamarra Las Casas Abogados Guillermo Ferrero PricewaterhouseCoopers Servimex SACI Financieros Estudio Ferrero Abogados PA NA M A Dave Conn Jorge Guillermo Gomez Guilhermo Auler Inés Flores-Araoz POM Chamber of PricewaterhouseCoopers Avendańo, Forsyth & Arbe Barzola & Asociados s.c., Amanda Barraza de Wong Commerce and Industry Nadia Gorostiaga Abogados member of Russell Bedford PricewaterhouseCoopers PricewaterhouseCoopers International ACKNOWLEDGMENTS 241 Luis Enrique Narro Forno Augusto Palma Agustín Yrigoyen Victoria Limkico Ma. Melva Valdez SUNAT PricewaterhouseCoopers Estudio Aurelio García Jimenez Gonzales Jimenez Gonzales Sayán- Abogados Bello Valdez Caluya & Bello Valdez Caluya & Maria Frassinetti Danilo Peláez Fernandez Fernandez Tax Administration of Peru Swissotel PHILIPPINES Recio Marichelle Maria Winda Ysibido Carol Fuentes Lucianna Polar Angara Abello Concepcion PricewaterhouseCoopers CONUDFI Estudio Olaechea, member Myla Gloria Amboy Jimenez Gonzales Regala & Cruz Law Offices of Lex Mundi (ACCRALAW) Redentor C. Zapata Jorge Fuentes Bello Valdez Caluya & Quasha Ancheta Pena & Estudio Rubio, Leguía, Nelly Poquis Fernandez Lory Anne McMullin Nolasco Normand y Asociados Municipalidad de San Jimenez Gonzales Isidro Manuel Batallones Gil Roberto Zerrudo Carlos Gallardo Torres BAP Credit Bureau Bello Valdez Caluya & Fernandez Quisumbing Torres, member General Agency of Foreign Bruno Marchese Quintana firm of Baker & McKenzie Economic Matters, Estudio Rubio, Leguía, Anna Bianca Torres Cheryll Grace Montealegre International Competition and Private Normand y Asociados PJS Law PricewaterhouseCoopers / Investment Alexander Cabrera Isla Lipana & Co. P OL A N D Carlos Javier Rabanal Sobrino Viviana García Durand Abogados PricewaterhouseCoopers / Jesusito G. Morallos Delmar Ugarte Abogados Isla Lipana & Co. Allen & Overy LLP Fernando M. Ramos Follosco Morallos & Juan García Montúfar Ernesto Caluya Jr Herce Ewa Aachowska - Brol Barrios Fuentes Gallo Estudio Rubio, Leguía, Abogados Jimenez Gonzales Wierzbowski Eversheds, Freddie Naagas member of Eversheds Normand y Asociados Bello Valdez Caluya & Alberto Rebaza Fernandez SCM Creative Concepts International Ltd. Antonio Guarniz Rebaza, Alcazar & De Inc. Cecile M.E. Caro Bruno Andrade Alves Estudio Ferrero Abogados Las Casas Abogados Alan Ortiz Financieros SyCip Salazar Hernandez & PricewaterhouseCoopers Marco Tulio Gutierrez Gatmaitan Follosco Morallos & Sonia L. Rengifo Herce Piotr Andrzejak Estudio Juridico Marco Tulio Gutierrez S Civil RL Barrios Fuentes Gallo Sandhya Marie Castro SoBtysiDski Kawecki & Carla Ortiz Szl zak Abogados Romulo, Mabanta, Cecilia Guzman-Barron Buenaventura, Sayoc & de Romulo, Mabanta, Alonso Rey Bustamante Buenaventura, Sayoc & de Michal BarBowski Barrios Fuentes Gallo los Angeles, member of Lex Abogados Payet, Rey, Cauvi Abogados Mundi los Angeles, member of Lex WardyDski & Partners, Mundi member of Lex Mundi Oscar J. Hernandez Emil Ruppert Kenneth Chua Emmanuel C. Paras Barbara Berckmoes Gamma Cargo S.A.C. Estudio Rubio, Leguía, Quisumbing Torres, member Normand y Asociados firm of Baker & McKenzie SyCip Salazar Hernandez & PricewaterhouseCoopers Ronald Hidalgo International Gatmaitan Carolina Sáenz Llanos Aleksander Borowicz Nissan Maquinarias SA Lianne Ivy Pascua-Medina Estudio Rubio, Leguía, Barbara Jil Clara Biuro Informacji Alfonso Higueras Suarez Normand y Asociados SyCip Salazar Hernandez & Quasha Ancheta Pena & Kredytowej S.A. Equifax Peru S.A. Gatmaitan Nolasco Pío Salazar Ana Catarina Carnaz Jose A. Honda Emerico O. de Guzman Zayber John Protacio PricewaterhouseCoopers Barrios Fuentes Gallo Estudio Olaechea, member Abogados Angara Abello Concepcion PricewaterhouseCoopers PaweB Chrupek of Lex Mundi Regala & Cruz Law Offices / Isla Lipana & Co. Adolfo Sanabria Mercado PKF Tax Sp. z o.o. Diego Huertas del Pino (ACCRALAW) Muńiz, Ramírez, Peréz- Kristine Quimpo Krzysztof Ciepliski Barrios Fuentes Gallo Taiman & Luna Victoria Jaime Raphael Feliciano Jimenez Gonzales Abogados Gide Loyrette Nouel, Attorneys at Law Romulo, Mabanta, Bello Valdez Caluya & member of Lex Mundi Rafael Junco Buenaventura, Sayoc & de Fernandez Arturo Ruiz Sanchez los Angeles, member of Lex Bo|ena Ciosek Camara Peruana de la Estudio Rubio, Leguía, Senen Quizon Construccion Mundi Wierzbowski Eversheds, Normand y Asociados Punongbayan & Araullo member of Eversheds Juan Carlos Leon Anthony Fernandes International Ltd. Martin Serkovic First Balfour, Inc Janice Kae Ramirez ADEX Estudio Olaechea, member Quasha Ancheta Pena & Ana Raquel Costa Lilly Llanos Sanchodavila of Lex Mundi Rachel Follosco Nolasco PricewaterhouseCoopers Colegio de Notarios Follosco Morallos & Claudia Sevillano Herce Judy Alice Repol Jaroslaw Czech José Llosa Pizarro, Botto & Escobar Angara Abello Concepcion WardyDski & Partners, Abogados Catherine Franco Regala & Cruz Law Offices member of Lex Mundi Creditex Quisumbing Torres, member (ACCRALAW) German Lora Hugo Silva firm of Baker & McKenzie Edyta Dubikowska Payet, Rey, Cauvi Abogados Rodrigo, Elías, Medrano International Roderick Reyes Squire Sanders wicicki Abogados Jimenez Gonzales Krzeniak sp. k. Milagros Maravi Sumar Geraldine Garcia Bello Valdez Caluya & Liliana Tsuboyama Follosco Morallos & John Duggan Estudio Rubio, Leguía, Fernandez Normand y Asociados Estudio Echecopar Herce PricewaterhouseCoopers Ricardo J. Romulo Carlos Martinez Ebell Manuel A. Ugarte Andres Gatmaitan Rafal Dziedzic Romulo, Mabanta, Estudio Rubio, Leguía, Delmar Ugarte Abogados SyCip Salazar Hernandez & Buenaventura, Sayoc & de Gide Loyrette Nouel, Normand y Asociados Daniel Ulloa Gatmaitan los Angeles, member of Lex member of Lex Mundi Rebaza, Alcazar & De Gwen Grecia-de Vera Mundi Jaime Esteves Jesús Matos Estudio Olaechea, member Las Casas Abogados PJS Law Neptali Salvanera PricewaterhouseCoopers of Lex Mundi Financieros Angara Abello Concepcion Kathlyn Joy Guanzon Pawel Grzekowiak Rodrigo Urrutia Regala & Cruz Law Offices Cecilia Mercado Jimenez Gonzales (ACCRALAW) Gide Loyrette Nouel, Gamma Cargo S.A.C. Rebaza, Alcazar & De Bello Valdez Caluya & member of Lex Mundi Las Casas Abogados Fernandez Felix Sy Jorge Mogrovejo Financieros Jakub Guzik Tadeo F. Hilado Baker & McKenzie Superintendentency of SoBtysiDski Kawecki & Jack Vainstein Angara Abello Concepcion Sheryl Tanquilut Szl zak Banking Vainstein & Ingenieros S.A. Regala & Cruz Law Offices Romulo, Mabanta, Claudio Mundaca (ACCRALAW) Tomasz Kaski Erick Valderrama Villalobos Buenaventura, Sayoc & de Barrios Fuentes Gallo los Angeles, member of Lex Soltysiski Kawecki & Abogados PricewaterhouseCoopers Karen Jimeno Szlzak Mundi José Antonio Valdez Baker & McKenzie Franco Muschi Loayza Angelo Tapales Piotr Kaim Payet, Rey, Cauvi Abogados Estudio Olaechea, member Rafael Khan PricewaterhouseCoopers of Lex Mundi Quisumbing Torres, member Siguion Reyna Montecillo firm of Baker & McKenzie Gabriel Musso Canepa & Ongsiako Iwona Karasek Manuel Villa-García International Jagiellonian University Estudio Rubio, Leguía, Normand y Asociados Estudio Olaechea, member Krakow of Lex Mundi 242 DOING BUSINESS 2011 Katarzyna Konstanty Dariusz Tokarczuk Marcelo Correia Alves José Monteiro Manuel Silveira Botelho Nikiel i Zacharzewski Gide Loyrette Nouel, Barrocas Sarmento Neves JMSROC, lda, member António Frutuoso de Melo Adwokaci i Radcowie member of Lex Mundi of Russell Bedford e Associados - Sociedade de prawni Ana Raquel Costa International Advogados, R.L. Otylia Trzaskalska-Stroinska PricewaterhouseCoopers Zbigniew Korba Ministry of Economy Leonor Monteiro Isa Simones de Carvalho PricewaterhouseCoopers Poland Duarte de Athayde Abreu Advogados Noronha Advogados Abreu Advogados Olga Koszewska Liza Helena Vaz Ana Pinto Morais Ricardo Soares Domingos Chadbourne & Parke LLP PricewaterhouseCoopers Miguel de Avillez Pereira PricewaterhouseCoopers Noronha Advogados Abreu Advogados Jan Kucicki Dominika Wagrodzka António Mouteira Guerreiro Luís Filipe Sousa Ministry of Infrastructure BNT Neupert Zamorska & Joăo Cadete de Matos Mouteira Guerreiro, Rosa PricewaterhouseCoopers Partnerzy s.c. Banco de Portugal Amaral & Associados - Agnieszka Lisiecka Sociedade de Advogados Carmo Sousa Machado WardyDski & Partners Tomasz WardyDski Carlos de Sousa e Brito Abreu Advogados Carlos de Sousa & Brito & R.L. WardyDski & Partners, Monika Majewska member of Lex Mundi Associados Rita Nogueira Neto Joăo Paulo Teixeira de Matos Ministry of Infrastructure J & A Garrigues, S.L. J & A Garrigues, S.L. Radoslaw Waszkiewicz John Duggan Monika Makosa SoBtysiDski Kawecki & PricewaterhouseCoopers Catarina Nunes Nuno Telleria PricewaterhouseCoopers Szl zak PricewaterhouseCoopers Barros, Sobral, G. Gomes & Jaime Esteves Associados Mateusz Medyski Robert Windmill PricewaterhouseCoopers Ema Palma Wardyski & Partners, Windmill G siewski & JMSROC, lda, member Maria Valente member of Lex Mundi Bruno Ferreira SRS Advogados Roman Law Office J & A Garrigues, S.L. of Russell Bedford Francisco Guimarăes Melo International Liza Helena Vaz Steven Wood Jorge Figueiredo PricewaterhouseCoopers Blackstones Rui Peixoto Duarte PricewaterhouseCoopers PricewaterhouseCoopers Aleksandra Minkowicz-Flanek Abreu Advogados Leendert Verschoor Tomasz Zabost Ana Freitas PricewaterhouseCoopers Pedro Pereira Coutinho PricewaterhouseCoopers Malgorzata Zamorska Direcçăo Municipal de Ana Pinto Morais Gestăo Urbanística J & A Garrigues, S.L. BNT Neupert Zamorska & P U E RTO R I C O PricewaterhouseCoopers Partnerzy s.c. António Luís Pereira Bruno Garcia Borragine Michal Niemirowicz-Szczytt Figueiredo Alfredo Alvarez-Ibańez Tomasz Zasacki Noronha Advogados BNT Neupert Zamorska & Instituto Dos Registos e O'Neill & Borges WardyDski & Partners, Paulo Henriques Do Notario Partnerzy s.c. member of Lex Mundi Juan Aquino University of Coimbra Raquel Pereira Santos Catarina Nunes Cezary elanicki O'Neill & Borges PricewaterhouseCoopers Miguel Inácio Castro Morais Leităo, Galvăo PricewaterhouseCoopers Teles, Soares da Silva & James A. Arroyo Mouteira Guerreiro, Rosa Jacek PawBowski Amaral & Associados - Associados, Member of Lex TransUnion De Puerto PricewaterhouseCoopers P ORT U G A L Sociedade de Advogados Mundi Rico Victor Abrantes R.L. Acácio Pita Negrăo Hermann Bauer Krzysztof Pawlak SoBtysiDski Kawecki & Victor Abrantes - Maria Joăo Ricou PLEN - Sociedade de O'Neill & Borges Szl zak International Sales Agent Cuatrecasas, Gonçalves Advogados, RL Giancarlo Bracamonte Hermínio Afonso Pereira & Associados Margarida Ramalho Ransa Weronika Pelc WardyDski & Partners, PricewaterhouseCoopers Andreia Junior Associaçăo de Empresas Stephany Bravo de Rueda Arce member of Lex Mundi CGM Gonçalo Capităo, de Construçăo, Obras Alc-Servicos ao Domicilio Públicas e Serviços Ransa Gali Macedo e associados BartBomiej Raczkowski Paula Alegria Martins Nikos Buxeda Ferrer BartBomiej Raczkowski Patric Lamarca Carla Ramos Mouteira Guerreiro, Rosa Barros, Sobral, G. Gomes & Adsuar Muńiz Goyco Seda Kancelaria Prawa Pracy Amaral & Associados - Noronha Advogados & Pérez-Ochoa, P.S.C Associados Manuel Raposo Sociedade de Advogados Caetano Leităo R.L. Manuel Raposo Jorge Capó Matos PricewaterhouseCoopers Barros, Sobral, G. Gomes & O'Neill & Borges Bruno Andrade Alves Associados PricewaterhouseCoopers Anna Ratajczyk-Salamacha Samuel Céspedes Jr Gide Loyrette Nouel, PricewaterhouseCoopers Maria Manuel Leităo Marques Armando J.F. Rodrigues PricewaterhouseCoopers McConnell Valdés LLC member of Lex Mundi Carlos Andrade Secretary of State Direcçăo Municipal de for Administrative Filomena Rosa Walter F. Chow Piotr Sadownik Modernisation Gestăo Urbanística Instituto Dos Registos e O'Neill & Borges Gide Loyrette Nouel, member of Lex Mundi Filipa Arantes Pedroso Tiago Lemos Do Notario Andrés Colberg Morais Leităo, Galvăo PLEN - Sociedade de César Sá Esteves William Estrella Law Katarzyna Sarek Advogados, RL Teles, Soares da Silva & SRS Advogados Offices BartBomiej Raczkowski Kancelaria Prawa Pracy Associados, Member of Lex Tiago Gali Macedo Shylene De Jesus Mundi David Salgado Areias CGM Gonçalo Capităo, O'Neill & Borges Zbigniew SkórczyDski Gali Macedo e associados Areias Advogados Chadbourne & Parke LLP Miguel Azevedo Myrtelena Díaz Pedora J & A Garrigues, S.L. Ana Margarida Maia Francisco Salgueiro Dariusz Smiechowski Neville de Rougemont & Adsuar Muńiz Goyco Seda Manuel P. Barrocas Miranda Correia & Pérez-Ochoa, P.S.C Union of Polish Architects Amendoeira & Associados Associados Barrocas Sarmento Neves Alberto G. Estrella Iwona Smith Miguel Marques dos Santos Pedro Santos Barbara Berckmoes Grant Thornton William Estrella Law PricewaterhouseCoopers J & A Garrigues, S.L. Offices PricewaterhouseCoopers Consultores, Lda. Luís Filipe Sousa Isabel Martínez de Salas Ubaldo Fernandez PricewaterhouseCoopers Marco Bicó da Costa Filipe Santos Barata Credinformaçőes/ Equifax J & A Garrigues, S.L. O'Neill & Borges Cuatrecasas, Gonçalves Agnieszka Stenzel-Rosa Francisco Guimarăes Melo Pereira Dagmar Fernández WardyDski & Partners, Diana Borges CGM Gonçalo Capităo, PricewaterhouseCoopers Alexandra Santos Dias Quińones & Sánchez, PSC member of Lex Mundi Gali Macedo e associados Susana Melo Mouteira Guerreiro, Rosa David Freedman Ewelina Stobiecka Grant Thornton Amaral & Associados - Ana Catarina Carnaz O'Neill & Borges e/n/w/c Rechtsanwalte Consultores, Lda. Sociedade de Advogados E.Stobiecka Kancelaria PricewaterhouseCoopers R.L. Carla Garcia prawna sp.k. Tiago Castanheira Marques Joaquim Luis Mendes O'Neill & Borges Grant Thornton Inęs Saraiva de Aguilar Aukasz Szegda Abreu Advogados António Frutuoso de Melo Virginia Gomez Consultores, Lda. WardyDski & Partners, Gabriel Cordeiro e Associados - Sociedade de Puerto Rico Electric member of Lex Mundi Luis Mendes de Almeida Advogados, R.L. Power Authority Direcçăo Municipal de Gestăo Urbanística Abreu Advogados Ewa Szurminska-Jaworska Gerardo Hernandez PricewaterhouseCoopers Marianne Mendes Webber William Estrella Law Noronha Advogados Offices ACKNOWLEDGMENTS 243 Sary Iglesias Mohamed Fouad Adriana Dobre Madalin Niculeasa RU S SIA N PricewaterhouseCoopers Sultan Al-Abdulla & D & B David si Baias S.C.A. Nestor Nestor Diculescu F E DE R AT I ON Partners Kingston Petersen Grisselle Lebron Emilia Dragu Allen & Overy LLP PricewaterhouseCoopers Samar A. Ismail Taxhouse SRL Tudor Oancea Khatib & Alami Oancea Ciocîltan & Marat Agabalyan Frederick B. Martínez Ion Dragulin Asociatii Herbert Smith CIS LLP Martínez Odell & Milan Joshi National Bank of Romania Calabria Bin Yousef Cargo Express Delia Paceagiu Alexey Almazov W.L.L Laura Adina Duca Nestor Nestor Diculescu Prosperity Project Oscar O Meléndez - Sauri Nestor Nestor Diculescu Kingston Petersen Management Coto Malley & Tamargo, Upuli Kasturiarachchi Kingston Petersen LLP PricewaterhouseCoopers Cosmin Petru-Bonea Maxim Anisimov Serban Epure Salans Prosperity Project Luis Mongil-Casasnovas Sajid Khan Biroul de Credit Management Martinez Odell & PricewaterhouseCoopers Alina Popescu Calabria Corneliu Frunzescu Muat & Asociaii Ekaterina Avilova Sujani Nisansala D & B David si Baias S.C.A. PricewaterhouseCoopers Carlos Nieves PricewaterhouseCoopers Mariana Popescu Legal Services Quińones & Sánchez, PSC Adriana Gaspar National Bank of Romania Fadi Sabsabi Nestor Nestor Diculescu Fedor Bogatyrev Keila Ortega Al Tamimi & Company Kingston Petersen Cristian Predan Law Firm ALRUD Ralph Vallone Jr., Law Advocates & Legal Gebrueder Weiss srl Offices Consultants Monica Georgiadis Maria Bykovskaya Marian Dinu Law Office Irina Preoteasa Gide Loyrette Nouel Rafael Pérez-Villarini David Salt D&B David si Baias SCA Vostok FPV & Galindez CPAs, PSC, Clyde & Co. Legal Gina Gheorghe member of Russell Bedford Consultants Tanasescu, Leaua, Cadar & Monica Preotescu Andrey Demusenko International Asociatii Nestor Nestor Diculescu Russia Consulting Aarij Wasti Kingston Petersen Edwin Quińones Denton Wilde Sapte & Co Georgiana Ghitu Valery Fedoreev Quińones & Sánchez, PSC Marian Dinu Law Office Radu Protopopescu Baker & McKenzie Terence G.C. Witzmann Sulica Protopopescu Thelma Rivera HSBC Florentina Golisteanu Vonica Maria Gorban Goldman Antonetti & Salans Gide Loyrette Nouel Córdova P.S.C Marius Ptrcanu Vostok ROM A N IA Florina Gradeanu Muat & Asociaii Victor Rodriguez Gradeanu & Partners Igor Gorchakov Allen & Overy LLP Adriana Puscas Multitransport & Marine Mihai Grigoriu Baker & McKenzie Co. Adriana Almasan Sulica Protopopescu Gradeanu & Partners Vonica Evgeniy Gouk Stoica & Asociatii Edgardo Rosa Attorneys-at-Law Andreea Grigorescu PricewaterhouseCooper FPV & Galindez CPAs, PSC, Raluca Radu Lungu Ana-Maria PricewaterhouseCoopers Salans Dina Gracheva member of Russell Bedford International D&B David si Baias SCA - Mihai Guia Law Firm ALRUD Cristian Radulescu Romania Lina & Guia S.C.A Taxhouse SRL Bill Henry Jorge M. Ruiz Montilla McConnell Valdés LLC Cosmin Anghel Iulian Iosif PricewaterhouseCoopers Angela Rosca Badea Asociatii in Muat & Asociaii Taxhouse SRL Anton Kalanov Carlos Sagardía Association with Clifford O'Neill & Borges Diana Emanuela Ispas Interexpertiza LLC Chance Laura Sarghiuta Patricia Salichs Nestor Nestor Diculescu Sarghiuta laura law Pavel Karpunin Andrei Badiu Kingston Petersen O'Neill & Borges office Capital Legal Services LLC 3B EXPERT AUDIT, member of Russell Bedford Stanciulescu Iulia Cristina Romana Schuster Maria Kosova Antonio Santos International D&B David si Baias SCA - PricewaterhouseCoopers Orrick, Herrington & Pietrantoni Méndez & Romania Alvarez LLP Cristopher Berlew Sutcliffe LLP Alexandru Slujitoru Salans Vasile Iulian D & B David si Baias S.C.A. Alyona Kozyreva Eduardo Tamargo Conelectro Macleod Dixon Coto Malley & Tamargo, Monica Biciusca David Stabb LLP Anghel Stabb & Partners Crenguta Leaua Anghel Stabb & Partners Irina Kultina Yasmin Umpierre-Chaar Tanasescu, Leaua, Cadar & Russell Bedford Emanuel Bncil Asociatii Sorin Corneliu Stratula O'Neill & Borges International D&B David si Baias SCA Stratula Mocanu & Cristian Lina Asociatii Stepan Lubavsky Carlos Valldejuly Lucian Catrinoiu Lina & Guia S.C.A Hannes Snellman LLC O'Neill & Borges Stoica & Asociatii Andrei Svescu Attorneys-at-Law Amalia Lincaru Svescu si Asociatii Dmitry Lyakhov Travis Wheatley Salans Russin & Vecchi, LLC. O'Neill & Borges Mara Ciju Laura Tiuca Lina & Guia S.C.A Edita Lovin Salans Ilya Murzinov QATA R Retired Judge of Romanian Baker & McKenzie Victor Ciocîltan Supreme Court of Justice Anda Todor Abdelmoniem Abutiffa Oancea Ciocîltan & Salans Sergey Naumkin Qatar International Law Asociatii Dumitru Viorel Manescu National Union of Civil Madalina Trifan Igor Nevsky Firm Marinela Cioroab Law Notaries of Romania Salans Russell Bedford Ahmad Anani Savescu si Asociatii International Al Tamimi & Company Oana Manuceanu Lorena Tudor Anamaria Corbescu D&B David si Baias SCA PricewaterhouseCoopers Andrey Odabashian Advocates & Legal Consultants Salans PricewaterhouseCooper Gelu Titus Maravela Anca Vatasoiu Nisrine Boutros Dorin Coza Muat & Asociaii Salans Gennady Odarich International Legal Sulica Protopopescu PricewaterhouseCoopers Vonica Carmen Medar Mihai Vintu Legal Services Consultants LLC D & B David si Baias S.C.A. D&B David si Baias SCA Ian Clay Tiberiu Csaki Olga Sirodoeva Salans Rodica Miu Cristina Virtopeanu Orrick, Herrington & PricewaterhouseCoopers D&B David si Baias SCA Nestor Nestor Diculescu Sutcliffe LLP Michel Daillet Anca Danilescu Kingston Petersen Zamfirescu Racoci Predoiu Dominic Morega Rainer Stawinoga International Legal Muat & Asociaii Roxana Vornicu Consultants LLC Law Partnership Russia Consulting Nestor Nestor Diculescu Peter De Ruiter Adriana Neagoe Kingston Petersen Ivetta Tchistiakova-Berd Hasan El Shafiey PricewaterhouseCoopers National Bank of Romania Gide Loyrette Nouel Nadoury & Nahas Law Alina Zarzu Offices Manuela Marina Nestor Vostok Luminita Dima Taxhouse SRL Dalal K. Farhat Nestor Nestor Diculescu Nestor Nestor Diculescu Pavel Timofeev Kingston Petersen Kingston Petersen Hannes Snellman LLC Arab Engineering Bureau 244 DOING BUSINESS 2011 Vladislav Zabrodin Sandrali Sebakara Ali. R. Al-Edrees Mustafa Saleh Alioune Ka Capital Legal Services LLC Bureau d'Etudes CAEDEC Al-Bassam EMDAD Arriyadh Etude Notariale Ka Evgeny Zavarzin Ravi Vadgama Nasser Alfaraj Firas` Sawaf Papa Ismaél Ka Orrick (CIS) LLC Credit Reference Bureau Baker & McKenzie Bahrain Law Office of Hassan Etude Notariale Ka Africa Limited, Kenya Manama Mahassni Andrey Zelenin Oumy Kalsoum Gaye Lidings Law Firm Nader Alharbi George Sayen Chambre de Commerce S A M OA Al-Jadaan & Partners Law Baker & McKenzie Bahrain d'Industrie et Alexei Zhuk Firm Manama d'Agriculture de Dakar Hannes Snellman LLC Mike Betham Transam Ltd. Abdullah Al-Hashim Abdul Shakoor Sidy Kanoute RWA N DA Lawrie Burich Al-Jadaan & Partners Law Globe Marine Services Co. Cabinet Ledoux Seina Quantum Contrax Ltd. Firm Emmanuel Abijuru Wisam Sindi Mouhamed Kebe Murray Drake Hesham Al-Homoud The Allaince of Abbas SCP GENI, SANKALE & Cabinet d'Expertise en Droit des Affaires Drake & Co. The Law Firm of Dr. F. Ghazzawi & Co. and KEBE Hesham Al-Homoud Hammad, Al-Mehdar & Co. Nippur Aranibar Ruby Drake Ousseynou Lagnane Abdulrahman Al-Ibrahim Peter Stansfield BDS National Bank of Rwanda Drake & Co. Electricity & Al-Jadaan & Partners Law Purushothaman Balakrishnan Graham Hogarth Co-Generation Regulatory Firm Patricia Lake Diop Swift Freight Transam Ltd. Authority Etude Me Patricia Lake Sameh M. Toban Diop International (Rwanda) Ahmed Aljabr George Latu Toban, Attorneys at law & Alberto Basomingera Advanced Elements Est Legal Advisors Moussa Mbacke Latu Ey Lawyers Cabinet d'Avocats Etude notariale Moussa Vitaoa Pele Fuata'i Mohammed Al-Jadaan Natasha Zahid Mbacke Mhayimana Ministry of Natural Al-Jadaan & Partners Law Baker Botts LLP Guillermo Bolańos Firm Mamadou Mbaye Resources & Environment Abdul Aziz Zaibag National Bank of Rwanda SCP Mame Adama Gueye & John Ryan Nabil Abdullah Al-Mubarak Alzaibag Consultants Associés Pierre Célestin Bumbakare Transam Ltd. Saudi Credit Bureau - SIMAH Soudki Zawaydeh Ibrahima Mbodj Rwanda Revenue Authority Patea Malo Setefano Al Juraid & Company / Cabinet Ledoux Seina Ministry of Natural Fayez Al-Nemer PricewaterhouseCoopers Claudine Gasarabwe Talal Bin Naif Al-Harbi Adeline Messou Resources & Environment Gasarabwe Claudine & Law Firm SE N E G A L FIDAFRICA / Associes Tanya Toailoa PricewaterhouseCoopers To'ailoa Law Office Ayedh Al-Otaibi Khaled Abou El Houda Jean Havugimana Saudi Arabian General Pierre Michaux Toleafoa RS Toailoa Cabinet Kanjo Koita FIDAFRICA / Rwanda Revenue Investment Authority Authority To'ailoa Law Office Diaby Aboubakar PricewaterhouseCoopers Mohammed Al-Soaib BCEAO Aly Mar NDIAYE Désiré Kamanzi S ĂO TOM É A N D Al-Soaib Law Firm Kamanzi, Ntaganira & M. Cissé Commission de Régulation PRINCIPE Wicki Andersen du Secteur de l'Electricité Associates Construction Metallique Baker Botts LLP Africaine Angélique Kantengwa António de Barros A. Aguiar Cheikh Tidiane Ndiaye SOCOGESTA Abdul Moeen Arnous Rita Da Costa Fall Secom-Afrique National Bank of Rwanda Law Office of Hassan APIX -Agence chargée Theophile Kazaneza André Aureliano Aragăo Mahassni Pape M. Ndiaye André Aureliano Aragăo de la Promotion de Damco Senegal Dakar Kigali Bar Association Khalid Asitani l'Investissement et des Jurisconsulta & Advogado Rodolphe Kembukuswa EMDAD Arriyadh Grands Travaux Ablaye N'Diaye Edmar Carvalho Service Régional de l'Urba SDV Logistics Ltd. Wael Bafakieh Amadou Diouldé Diallo Miranda Correia de Dakar D.A.U Isaďe Mhayimana Amendoeira & Associados Bafakih & Nassief Ministčre de l'Urbanisme,de l'Habitat, Joséphine Ngom Cabinet d'Avocats Abreu Conceiçăo Mahmoud Yahya Fallatah Mhayimana de la Construction et de l' FIDAFRICA / Soares Da Costa National Water Company Hydraulique PricewaterhouseCoopers Joseph Mpunga Celiza Deus Lima Majed Mohammed Garoub Fidčle Dieme Bara Sady Kigali City Construction One Stop Centre JPALMS Advogados Law Firm of Majed M. Senelec Port Autonome de Dakar Garoub Alexandre Mugenzangabo Saul Fonseca Issa Dione Mbacké Sene Miranda Correia Imad El-Dine Ghazi Senelec Senelec Mucyo & Associés Amendoeira & Associados Law Office of Hassan Richard Mugisha Mahassni Alassane Diop Daniel-Sedar Senghor Raul Mota Cerveira DP World Etude Notariale Trust Law Chambers Rahu Goswami Miranda Correia Virginie Mukashema Amendoeira & Associados Law Office of Hassan Fodé Diop Allé Sine Mahassni Art Ingegierie Afrique Direction Générale des Léopold Munderere Cláudia Santos Impôts et Domaines - DGID Avocat Miranda Correia Shadi Haroon Khadijatou Fary Diop Amendoeira & Associados Law Office of Mohanned Thiombane Codou Sow-Seck Pothin Muvara Bin Saud Al-Rasheed in Cabinet Jurafrik Conseil SCP GENI, SANKALE & Office of the Registrar of S AU DI A R A B IA association with Baker en Affaires (JCA) KEBE Land Titles Botts LLP Amadou Drame Mor Talla Tandian Ernest Mwiza Asad Abedi Cabinet d'Avocat Etude Ba & Tandian Jochen Hundt Ernest Mwiza The Allaince of Abbas F. Ghazzawi & Co. and Al-Soaib Law Firm Cheikh Fall Dominique Taty Andre Ndejuru Hammad, Al-Mehdar & Co. Zaid Mahayni Cabinet d'Avocat FIDAFRICA / Mr Andre Ndejuru Law Office of Hassan PricewaterhouseCoopers Danya Aboalola Hamza Fall Martin Nkurunziza Bafakih & Nassief Mahassni SCP Mame Adama Gueye & Ousmane Thiam Deloitte Ahmed Mekkawy Associés Maersk Logistics Senegal Anas Akel Dakar Abel Nsengiyumva Bafakih & Nassief Bafakih & Nassief Balla Gningue Cabinet Abel Nsengiyumva Abdulrahman M. Al Mohizai SCP Mame Adama Gueye & Ibra Thiombane Naďm Al Chami Associés Cabinet Jurafrik Conseil Jean Claude Nsengiyumva Talal Abu-Ghazaleh Legal Electricity & Co-Generation Regulatory en Affaires (JCA) Tribunal de Commerce de (TAG-Legal) Khaled A. Houda Musanze Authority Cabinet Ledoux Seina Emmanuel Yehouessi Ahmed Al Jaber BCEAO Paul Pavlidis Fadi Obaidat Matthias Hubert EMDAD Arriyadh Credit Reference Bureau Talal Abu Gazaleh Legal FIDAFRICA / Africa Limited Fayez Aldebs (TAG-Legal) PricewaterhouseCoopers Al Juraid & Company / PricewaterhouseCoopers ACKNOWLEDGMENTS 245 SE R B IA Aleksandar Mancev Milos Vuli Leslie Theophilus Clarkson K. Latha Prica & Partners Law Prica & Partners Law Ahmry Services Accounting & Corporate Milos Andjelkovi Office Office Regulatory Authority, Wolf Theiss Michaela Kadijatu Conteh ACRA Milena Manojlovi Milenko Vucaj Wright & Co. Bojana Babi Gide Loyrette Nouel, Elektrodistribucija Yvonne Lay Bojovi Dasi Kojovi member of Lex Mundi Beograd d.o.o. Mariama Dumbuya Ministry of Finance Renner Thomas & Co., Dragan Bando Vladimir Mili Bojan Zepini Adele Chambers Eng Beng Lee Legal Advisory Group PricewaterhouseCoopers BSD Advisors Tax & Rajah & Tann LLP Finance William L. Farmer Marija Bojovi Vladimir Milosevi Ministry of Lands, Jonathan Lee Bojovi Dasi Kojovi Joksovi, Stojanovi and Milos Zivkovi Country Planning and the Rajah & Tann LLP Partners Zivkovi & Samardzi Law Environment Milan Brkovi office Kwok Ting Lee Association of Serbian Marko Mrvi Eke Ahmed Halloway Partners Group Pte Ltd. Banks Law Office Kosi SE YC H E L L E S Halloway & Partners (Singapore) Branko Bukvi Djordje Nikoli Millicent Hamilton-Hazeley Laura Liew Zivkovi & Samardzi Law Nikoli Kokanovi Laura. A. Alcindor Valabhji Clas Legal Legis Point LLC office Otasevi Law Office Sterling Offshore Limited Francis Kaifala Yik Wee Liew Peter Burnie Lidija Obrenovi France Gonzalves Bonte Wright & Co. WongPartnership LLP PricewaterhouseCoopers Bojovi Dasi Kojovi Barristers Notary Public Mariama Kallay Kexin Lim Ana Cali Darija Ognjenovi Bobby Brantley Jr. Government of Sierra PricewaterhouseCoopers Prica & Partners Law Prica & Partners Law Sterling Offshore Limited Leone Office Office William Lim Francis Chang-Sam Samuel Kargbo Credit Bureau Singapore Jovan Cirkovi Igor Oljaci Law Chambers of Francis Clas Legal Pte Ltd. Harrison Solicitors Law Office Kosi Chang-Sam Shiaka Kawa Chris Loh Natasa Cveticanin Djuro Otasevi Lucienne Charlette Edra Consultancy PricewaterhouseCoopers Law Offices Jankovi, Nikoli Kokanovi Seychelles Registrar Popovi & Miti Otasevi Law Office General George Kwatia Mei Xin Loh PricewaterhouseCoopers Wong Tan & Molly Lim LLC Vladimir Dabi Vladimir Peri Andre D. Ciseau The International Center Prica & Partners Law Seychelles Ports Thelma Kelechi Osili Hwei Min Ng for Financial Market Office Authority Wright & Co. Ministry of Manpower Development Antony Derjacques Kingsley Owusu-Ewli Max Ng Vukasin Petkovi Lidija Djeri Prica & Partners Law Derjacques & Elizabeth PricewaterhouseCoopers Gateway Law Corporation Law Offices Popovi, Office Chambers Christopher J. Peacock Sheikh Babu Nooruddin Popovi, Samardzija & Alex Ellenberger Serpico Trading Al Noor International Popovi Mihajlo Prica Prica & Partners Law Locus Architecture Pty. Enterprises (Singapore) Pte. Ltd. Uros Djordjevi Office Ltd. Fatmata Sorie Beng Hong Ong Zivkovi & Samardzi Law Gerard Esparon Wright & Co. Wong Tan & Molly Lim LLC office Branko Radulovi Regulatory Review Unit Seychelles Ministry of National Development Eddinia Swallow Terrence Ong Bojana Djurovi Nebojsa Savicevi Wright & Co. Accounting & Corporate Wolf Theiss Conrad Lablache Regulatory Authority, Trimo inzenjering d.o.o. Alhaji Timbo François d'Ornano Pardiwalla Twomey ACRA Ana Stankovi Lablache National Power Authority Gide Loyrette Nouel, Tan Peng Chin member of Lex Mundi Moravcevic, Vojnovi Darcy White & Zdravkovi o.a.d. u Roy Labrosse Tan Peng Chin LLC Dragan Draca Electrical Solutions PricewaterhouseCoopers saradnji sa Schönherr See Tiat Quek PricewaterhouseCoopers Margaret Nourice Rowland Wright PricewaterhouseCoopers Milan Stefanovi Danica Gligorijevi Stamp Duty Commission Wright & Co. Regulatory Review Unit Shari Rasanayagam Prica & Partners Law Unice Romain Kinetica Pte. Ltd. (the Office Milo Stevanovich SI N G A P OR E Booz Allen Hamilton Seychelles Ports corporate services arm Petar Kojdi Serbia Belgrade Authority Malcolm BH Tan associated with Kelvin Moravcevic, Vojnovi Insolvency & Public Chia Partnership) Jovana Stevovi Serge Rouillon & Zdravkovi o.a.d. u Trustee's Office David Sandison Nikoli Kokanovi Attorney-at-Law saradnji sa Schönherr Hooi Yen Chin PricewaterhouseCoopers Otasevi Law Office Divino Sabino Cedomir Kokanovi Gateway Law Corporation Disa Sim Petar Stojanovi Pardiwalla Twomey Nikoli Kokanovi Lablache Paerin Choa Rajah & Tann LLP Otasevi Law Office Joksovi, Stojanovi and Partners Kieran B. Shah TSMP Law Corporation Douglas Tan Dubravka Kosi Milena Tasi Barrister & Attorney- Douglas Chow Steven Tan PAC, member Law Office Kosi at-Law of Russell Bedford Nikoli Kokanovi Ministry of Trade & Marija Kosti Otasevi Law Office Industry International Rupert Simeon Law Offices Jankovi, Seychelles Ministry of Kit Min Chye Roy Tan Popovi & Miti Lidija Tomasovi Law Offices Popovi, Finance Tan Peng Chin LLC Singapore Customs Vidak Kovacevi Popovi, Samardzija & Harry Tirant Winston Tay Paula Eastwood Wolf Theiss Popovi Tirant & Associates Singapore Customs PricewaterhouseCoopers Marija Krizanec Ana Tomi Melchior Vidot Siu Ing Teng Aaron Goh Juric and Partners Joksovi, Stojanovi and Supreme Court of Singapore Land Authority Attorneys at Law Partners PricewaterhouseCoopers Seychelles May Ching Ida Han Jennifer Yeo Zach Kuvizi Jovana Tomi SI E R R A L E ON E Donaldson & Burkinshaw Yeo-Leong & Peh LLC Kuvizi Law Office Zivkovi & Samardzi Law office Sheau Peng Hoo Stefanie Yuen Thio Marc Lassman Desmond D. Beckley Snezana Tosi Subordinate Courts TSMP Law Corporation Booz Allen Hamilton Dalttech / DESMI Serbia Belgrade Serbian Business Registers Enterprises Janet Koh Agency SL OVA K R E P U B L IC Miladin Maglov Evelyn Bening Accounting & Corporate Serbian Business Registers Tanja Vasi Regulatory Authority, Allen & Overy LLP PricewaterhouseCoopers ACRA Agency Bojovi Dasi Kojovi Zuzana Amrichová Roy Chalkley Ashok Kumar Marijana Malidzan Shipping Agencies Ltd. PricewaterhouseCoopers Regulatory Review Unit Allen & Gledhill LLP (Bolloré Africa Logistics) 246 DOING BUSINESS 2011 Martina Behuliaková Maria SvidroHová Mia Kalas Andrej Poglajen Gretchen de Smit Geodesy, Cartography and Monarex audit consulting Odvetniki Selih & Chamber of Craft and Edward Nathan Cadastre Authority of the Partnerji Small Business of Slovenia Sonnenbergs Inc. Slovak Republic Michal Toman PricewaterhouseCoopers Janos Kelemen Aleksander Rajh Daniel Francois Fyfer Jana Borská PricewaterhouseCoopers Viator & Vektor Cliffe Dekker Hofmeyr Inc. Cechová & Partners, Roman Turok-Hetes member of Lex Mundi National Bank of Slovakia Miro Koaak Marjana Ristevski Elise Gibson Vid Kobe PricewaterhouseCoopers Grosskopff Lombart Margareta Boskova Peter Varga Huyberechts & Ass PricewaterhouseCoopers PRK Partners s.r.o. Filipov, Petrovic, Jeraj Bostjan Sedmak advokátní kancelá in partnerji o.p., d.o.o. Schönherr Rechtsanwälte Tim Gordon-Grant Todd Bradshaw in cooperation with GmbH / Attorneys-at-Law Bowman Gilfillan, member PricewaterhouseCoopers Martin Vavrincík Schönherr of Lex Mundi Cechová & Partners, Nina Selih Ján Budinský member of Lex Mundi Marijan Kocbek Odvetniki Selih & Kim Goss Slovak Credit Bureau, s.r.o. DLA Piper Prague LLP Partnerji Bowman Gilfillan, member Zuzana Wallova of Lex Mundi Peter Cavojsky National Bank of Slovakia Rok Kokalj Melita Trop CLServices, s.r.o. Rojs, Peljhan, Prelesnik & Miro Senica in Odvetniki Igno Gouws Dagmar Zukalová partnerji, o.p., d.o.o. Webber Wentzel Katarína Cechová Zukalová - Advokátska Lea Volovec Cechová & Partners, kancelária s.r.o. Vita Korinaek Law Office Jadek & Pensa Danie Hattingh member of Lex Mundi City Studio d.n.o. - o.p. Multi Freight Services Kristina Cermakova SL OV E N IA Vida Kovse Matthias Wahl Simone Immelman Peterka & Partners Marjan Babi Odvetniki Selih & Schönherr Rechtsanwälte Cliffe Dekker Hofmeyr Inc. Partnerji GmbH / Attorneys-at-Law Jana Fabianova Agency of the Republic Unathi Kondile Cechová & Partners, of Slovenia for Public Nevenka Krzan Katja Wostner Bowman Gilfillan, member member of Lex Mundi Legal Records and Related KPMG Slovenia Ljubljana BDO EOS Svetovanje d.o.o. of Lex Mundi Services Peter Formela Nada Kumar Anka Zagar Ryan Kraut ABONEX, s.r.o. Barbara Balanti Cargo-Partner BDO Spencer Steward Odvetniki Selih & Alea Lunder CMS Reich-Rohrwig Hainz Southern African Miroslava Terem Greatiaková Partnerji Tina Zvanut Mioc Co-Ordination (Pty) PricewaterhouseCoopers d.o.o Law Office Jadek & Pensa Teja Batagelj Limited Marjan Mahni d.n.o. - o.p. Simona Halakova Agency of the Republic Matthew Kruger Cechová & Partners, of Slovenia for Public KPMG Slovenia Ljubljana James Apaniai Webber Wentzel member of Lex Mundi Legal Records and Related Nina Mlakar James Apaniai Lawyers Services Njah Martins Radoslava Hoglová Eva Mozina University of Stellenbosch Ana Berce S OL OM ON Zukalová - Advokátska Miro Senica in Odvetniki kancelária s.r.o. Odvetniki Selih & I SL A N D S Gabriel Meyer Partnerji Clare Moger Deneys Reitz Inc./ Africa Miroslav Jalec Ruth Liloqula PricewaterhouseCoopers Legal Zapadoslovenska Natasa Bozovi Ministry of Justice and energetika, a.s. Bank of Slovenia Lojze Mrhar Legal Affairs Kacey Moses Viator & Vektor Haelo Pelu African Seas Freight Michaela Jurková Erika Braniselj Forwarders Cechová & Partners, Matjaz Nahtigal Ministry of Justice and Egon Breitenberger Legal Affairs Sizwe Msimang member of Lex Mundi Odvetniki Selih & Administration Unit Partnerji Bowman Gilfillan, member Tomáa Kamenec Ljubljana Roselle R. Rosales of Lex Mundi Dedák & Partners Siniaa Niaavi Pacific Architects Ltd. Mitja Cerne Kemp Munnik Data d.o.o Gregory Joseph Sojnocki Veronika Keszeliova BDO EOS Svetovanje d.o.o. BDO Spencer Steward Cechová & Partners, Jure Nikoli Morris & Sojnocki Southern African Vid Cibej Chartered Accountants member of Lex Mundi Cargo-Partner Co-Ordination (Pty) PricewaterhouseCoopers Roman Konrad Matic Novak Pamela Wilde Limited Andrej Cvar Ministry for Justice and Profinam, s.r.o. Rojs, Peljhan, Prelesnik & Dave Oshry City Studio partnerji, o.p., d.o.o. Legal Affairs Soa Krocková Fordham & Oshry Inc., Energy Agency of the Sonja Omerza member of Russell Bedford PricewaterhouseCoopers Republic of Slovenia SOUTH AFRICA PricewaterhouseCoopers International Lubomir Lesko Luka Fabiani Grega Peljhan Ann Aitken Bradleigh Scott Peterka & Partners Filipov, Petrovic, Jeraj Rojs, Peljhan, Prelesnik & Baker & McKenzie TransUnion Marek Lovas in partnerji o.p., d.o.o. in cooperation with partnerji, o.p., d.o.o. Ross Alcock Andres Sepp PricewaterhouseCoopers Schönherr Pavle Pensa Edward Nathan Office of the Chief Lucia Magova Law Office Jadek & Pensa Sonnenbergs Inc. Registrar of Deeds PricewaterhouseCoopers Ana Filipov Filipov, Petrovic, Jeraj d.n.o. - o.p. Mark Badenhorst Richard Shein Pemysl Marek in partnerji o.p., d.o.o. Bostjan Petauer PricewaterhouseCoopers Bowman Gilfillan, member Peterka & Partners in cooperation with BDO EOS Svetovanje d.o.o. of Lex Mundi Loren Benjamin Schönherr Arvind Sinha Jaroslav Niznansky Tomaz Petek PricewaterhouseCoopers MN Legal s.r.o. Ana Grabnar Surveying & Mapping Business Advisors Group Kobus Blignaut Rojs, Peljhan, Prelesnik & Authority Johann Spies Ladislav Pompura partnerji, o.p., d.o.o. Edward Nathan Monarex audit consulting Tomaz Petrovic Sonnenbergs Inc. Webber Wentzel Barbara Guzina Schönherr Rechtsanwälte Gerta Sámelová-Flassiková Matthew Bonner Jane Strydom Deloitte GmbH / Attorneys-at-Law Alianciaadvokátov ak, Baker & McKenzie TransUnion s.r.o. Andrej Jarkovic Natasa Pipan Nahtigal Johan Botes Claire van Zuylen Law Firm Janezic & Odvetniki Selih & Michal Simunic Jarkovic Ltd. Cliffe Dekker Hofmeyr Inc. Bowman Gilfillan, member Cechová & Partners, Partnerji of Lex Mundi Jernej Jeraj Beric Croome member of Lex Mundi Petra Plevnik St Elmo Wilken Filipov, Petrovic, Jeraj Edward Nathan Jaroslav Skubal Miro Senica in Odvetniki Sonnenbergs Inc. Mervyn Taback in partnerji o.p., d.o.o. PRK Partners s.r.o. in cooperation with Igor Podbelsek Incorporated Haydn Davies advokátní kancelá Schönherr Elektro Ljubljana d.d Andrew Wood Webber Wentzel Lubica Suhajova Ziva Juznic Bojan Podgoraek Grosskopff Lombart Paul De Chalain Huyberechts & Ass PricewaterhouseCoopers Odvetniki Selih & Notariat PricewaterhouseCoopers Partnerji Zambia Lusaka ACKNOWLEDGMENTS 247 SPA I N Daniel Marín Chamindi Ekanayake Neil Coates Charles Walwyn Gómez-Acebo & Pombo Nithya Partners PricewaterhouseCoopers PricewaterhouseCoopers Allen & Overy LLP Abogados Amila Fernando Joanna Collins Deidre N. Williams Basilio Aguirre Ana Martín Julius & Creasy Inland Revenue Authority WalwynLaw Registro de la Propiedad J & A Garrigues, S.L. de Espańa Jivan Goonetilleke Tamara Daniel Jorge Martín - Fernández ST. LU C IA D.L. & F. De Saram Henderson Legal Chambers Nuria Armas Clifford Chance Naomal Goonewardena Jan Dash Clive Antoine Banco de Espańa Gabriel Martínez Nithya Partners Liburd and Dash Ministry of Ana Armijo Martinez, Ojeda y Communications Works Ashurst Asociados, member Merinka Gunawardane Peter Davids Transport and Public of Russell Bedford Sudath Perera Associates P.W.Davids & Associates Utilities Jacobo Baltar International Sean Henricus Kennedy de Silva Thaddeus M. Antoine Baker & McKenzie José Manuel Mateo Tiruchelvam Associates Customs and Excise Francis & Antoine Santiago Barrenechea Department J & A Garrigues, S.L. Dharshika Herath Gunarathna Candace Cadasse Landwell, PricewaterhouseCoopers Nicolás Nogueroles Peiró Sudath Perera Associates Terence Decosta Nicholas John & Co. Legal Services Colegio de Registradores Ministry of Sustainable Sonali Jayasuriya Development Peter I. Foster Vicente Bootello de la Propiedad y D.L. & F. De Saram Peter I. Foster & Mercantiles de Espańa H. Grant Associates J & A Garrigues, S.L. Tudor Jayasuriya Ana Novoa Caribbean Associated Agustín Bou F.J. & G. De Saram, member Attorneys Peterson D. Francis Baker & McKenzie of Lex Mundi Peterson D. Francis Jausas Jose Palacios Barbara L. Hardtman Worldwide Shipping & Héctor Bouzo Cortejosa Inoka Jayawardhana Hardtman & Associates Customs Services Ltd. J & A Garrigues, S.L. F.J. & G. De Saram, member Solcaisur S.L. Daniel Parejo Ballesteros of Lex Mundi K. Gregory Hardtman Trevor Louisy Antonio Bravo Hardtman & Associates St. Lucia Electricity J & A Garrigues, S.L. Mahes Jeyadevan Eversheds Lupicinio Services Ltd. Guillermo Rodrigo PricewaterhouseCoopers Marsha T. Henderson Laura Camarero Henderson Legal Chambers Charlene Mae Magnaye Clifford Chance Yudhishtran Kanagasabai Baker & McKenzie PricewaterhouseCoopers Déborah Rodríguez PricewaterhouseCoopers Dollrita Jack-Cato Lorenzo Clemente Naranjo Webster Dyrud Mitchell Duane C. Marquis Clifford Chance Janaka Lakmal J & A Garrigues, S.L. NLBA Architects Eduardo Rodríguez-Rovira Credit Information Bureau Stanley Jacobs Francisco Conde Vińuelas Ltd. SKIPA Bradley Paul Uría & Menéndez, member Cuatrecasas, Gonçalves of Lex Mundi Bradley Paul Associates Pereira Poorna Mendis Peter Jenkins Ińigo Sagardoy F.J. & G. De Saram, member Jenkins & Associates Richard Peterkin Jaume Cornudella i Marqučs of Lex Mundi PricewaterhouseCoopers Sagardoy Abogados, Dahlia Joseph Landwell, Abogados y member of Ius Laboris Asesores Fiscales Fathima Mohamed Daniel Brantley & Leandra Gabrielle Verneuil Eduardo Santamaría Moral Sudath Perera Associates Associates Chambers of Jennifer Remy Sara Crespo & Associates J & A Garrigues, S.L. Fathima Amra Mohamed Damian E. S. Kelsick J & A Garrigues, S.L. Ramón Santillán Sudath Perera Associates Kelsick, Wilkin and Andie A. Wilkie Patricia de Anduaga Ferdinand Gordon & Gordon Co. Banco de Espańa Thilanka Ratnayaka Echecopar Abogados Law Firm Catalina Santos Tiruchelvam Associates Elizabeth A. Kelsick ST. V I NC E N T A N D J & A Garrigues, S.L. Kelsick, Wilkin and Almudena del Río Galán Hiranthi Ratnayake Ferdinand T H E G R E NA DI N E S Colegio de Registradores Pablo Santos PricewaterhouseCoopers de la Propiedad y Herman Liburd Kay R.A. Bacchus-Browne Gómez-Acebo & Pombo Perera Sanjeevani Mercantiles de Espańa Abogados Liburd and Dash Kay Bacchus - Browne Nithya Partners Chambers Agustín Del Río Galeote Cristina Soler Marcella Liburd Shane Silva Bryant & Liburd Aurin Bennett Gómez-Acebo & Pombo Gómez-Acebo & Pombo Abogados Julius & Creasy Aurin Bennett Architects Abogados Tamara Malcolm Anselmo Diaz Fernández Priya Sivagananathan Liburd and Dash Graham Bollers Angel Suárez-Barcena Bank of Spain Julius & Creasy Regal Chambers Francisco Téllez Adeola Moore Yune Dirube Rubio Malarmathy Tharmaratnam Inland Revenue Authority Rickie Burnett J & A Garrigues, S.L. Echecopar Abogados Law Tiruchelvam Associates High Court Adrián Thery Jeoffrey Nisbett Firm Sithie Tiruchelvam Parnel R. Campbell J & A Garrigues, S.L. Jeffrey & Nisbetts Rossanna D'Onza Tiruchelvam Associates Campbell's Chambers Alejandro Valls Miselle O'Brien Baker & McKenzie Charmalie Weerasekera Mira E. Commissiong Baker & McKenzie Dublin and Johnson Antonio Fernández Sudath Perera Associates Equity Chambers Ricardo Veloso Sandrine Powell-Huggins J & A Garrigues, S.L. Shashi Weththasinghe Natalie Creese VMP - Veloso, Mendes, Pato Henderson Legal Chambers Valentín García González e Associados - Sociedade de Julius & Creasy National Commercial Bank Randy Prentice (SVG) Ltd. (NCB (SVG) Ltd.) Cuatrecasas, Gonçalves Pereira Juan Verdugo ST. K I T T S A N D Frank B. Armstrong Ltd. J & A Garrigues, S.L. Gillian DaSilva NEVIS Nervin Rawlins Borja García-Alamán National Commercial Bank J & A Garrigues, S.L. Carlos Vérgez Muńoz Michella Adrien Inland Revenue Authority (SVG) Ltd. (NCB (SVG) Ltd.) Clifford Chance Michella Adrien Law Larkland M. Richards Cristina Gomendio Theona R. Elizee-Stapleton Office Larkland M. Richards & Commerce & Intellectual J & A Garrigues, S.L. SR I L A N K A Rublin Audain Associates Property Office (CIPO) Juan Ignacio Gomeza Villa Shanaka Amarasinghe Audain & Associates Arlene Ross-Daisley Tamara Gibson-Marks Notario de Bilbao Julius & Creasy Georid Belle Webster Dyrud Mitchell High Court Registrary Joaquín Rodriguez Hernández Savantha De Saram Customs & Excise Anastacia Saunders Sean Joachim Colegio de Registradores D.L. & F. De Saram Department Frank B. Armstrong Ltd. CaribTrans Igor Kokorev Sharmela de Silva Nicholas Brisbane Warren Thompson Robin John Pérez - Llorca Tiruchelvam Associates N. Brisbane & Associates Constsvcs KPMG Jaime Llopis Sadhini Edirisinghe Idris Fidela Clarke Vernon S. Veira Stanley John Cuatrecasas, Gonçalves F.J. & G. De Saram, member Financial Services Pereira Vernon S. Veira & Elizabeth Law Chambers of Lex Mundi Department Associates 248 DOING BUSINESS 2011 Brenan B. King SU R I NA M E José Rodrigues Jesper Schönbeck Patrick Weber Equinox Marine Surveying Rodrigues & Associates Advokatfirman Vinge KB, EKZ Elektrizitätswerke & Consulting Marcel K. Eyndhoven member of Lex Mundi des Kantons Zürich N.V. Energiebedrijven P.M. Shilubane Roxann Knights Suriname P.M. Shilubane & Marc Widmer SWITZERLAND Knights Chambers Associates Froriep Renggli Stanley Marica Amr Abdel Aziz Serge L'Africain Advokatenkantoor Marica Bob Sigwane Pascal Wirth Scotiabank Sigwane and Partners CMS von Erlach Henrici PricewaterhouseCooper Law Firm AG Errol E. Layne Anouschka Nabibaks Pieter Smoor Rashid Bahar SY R IA N A R A B Errol E. Layne Chambers BDO AbrahamsRaijmann & Building design group Bär & Karrer AG REPUBLIC Charlene Mae Magnaye Partners Bradford Mark Walker PricewaterhouseCoopers Brad Walker Architects Beat M. Barthold Boulos Al Ashhab Nannan Panday J.C.P. Froriep Renggli Auditing Consulting Moulton Mayers Nannan Panday Lawyers Patricia Zwane Christian Berger Accounting Center Moulton Mayers Rita Ramdat - Thakoer TransUnion ITC Architects PricewaterhouseCoopers Mouazza Al Ashhab Chamber of Commerce & Industry S W E DE N Marc Bernheim Auditing Consulting Sabrina Neehall Accounting Center Scotiabank Angčle J. Ramsaransing-Karg Staiger, Schwald & Nicklas Anth Partner Ltd. Rawaa Al Midani Floyd A. Patterson BDO AbrahamsRaijmann & Panalpina AB Partners Sébastien Bettschart Ministry of Trade & International Liaison Martin Bergander Economy Partner BDO Eastern Adiel Sakoer Abels Avocats Gärde Wesslau Bisher Al-Houssami Caribbean N.V. Global Expedition Advokatbyrĺ Bernhard G. Burkard AL-ISRAA Int'l Freight Richard Peterkin Inder Sardjoe Notariat Bernhard Forwarder Mats Berter Burkard PricewaterhouseCoopers N.V. Easy Electric MAQS Law Firm Abdul Raouf Hamwi Pamella Phillips Andrea Cesare Canonica Martha P. Schaap Alexander Broch Civil Engineering Office St. Vincent Port Authority Swiss Customs Hakrinbank N.V. Brochs Redovisningsbyraa Bashir Haza Irwina Phills KB Maxime Chollet Albert D. Soedamah Director: Directorate of St. Vincent Customs Tavernier Tschanz internal trade. Ministry Lawfirm Soedamah & Linda Broström-Cabrera Authority Associates PricewaterhouseCoopers Damien Conus of Trade & Economy Kalvin Pompey Radjen A. Soerdjbalie Tavernier Tschanz Yaser Hmedan Pernilla Carring Inland Revenue Authority Notariaat R.A. Soerdjbalie Advokatfirman Lindahl Robert P. Desax Yaser I. Hmedan's Law Firm Patrice Roberts-Samuel Jennifer van Dijk-Silos PricewaterhouseCoopers Mazen Ibrahim Jenny Dangre Labour Department Law Firm Van Dijk-Silos Advokatfirman Vinge KB, Suzanne Eckert Ibrahim & Alousy Law Firm Shelford Stowe Rene van Essen member of Lex Mundi Wenger Plattner Fadi Kardous Physical planning and Vereniging Surinaams Roger Gavelin Gaudenz Geiger Kardous Law Office control Dep. Bedrijfsleven, Suriname PricewaterhouseCoopers Staiger, Schwald & Mazen N. Khaddour Arthur F. Williams Trade & Industry Partner Ltd. Association Lars Hartzell International Legal Williams & Williams Elmzell Advokatbyrĺ AB, Mark W. Hippenmeyer Bureau L.A. Douglas Williams Carel van Hest member of Ius Laboris Altenburger Ltd. Loubna Khoury Law Firm of Phillips & Dayenne Wielingen - Verwey legal+tax Auditing Consulting Emil Hedberg Williams Vereniging Surinaams Advokatfirman Vinge KB, Jakob Hoehn Accounting Center Bedrijfsleven, Suriname member of Lex Mundi Pestalozzi, member of Lex SU DA N Trade & Industry Saad Kurdy Mundi Elsaad Pharma Association Petter Holm Abdullah Abozaid Gärde Wesslau Ueli Huber Zena Nahat Law Office of Abdullah A. S WA Z I L A N D Advokatbyrĺ Homburger Kardous Law Office Abozaid Veli Dlamini Carl-Axel Holmberg Urs Klöti Gabriel Oussi Abdalla Abuzeid Elmzell Advokatbyrĺ AB, Pestalozzi, member of Lex Interfreight Pty. Ltd. Oussi Law Firm Law Office of Abdalla A. Swaziland member of Ius Laboris Mundi Abuzeid Housam Safadi Vincent Galeromeloe Mats Holmlund Armin Marti Mohamed Ibrahim Adam Safadi Bureau TransUnion ITC Vattenfall Eldistribution PricewaterhouseCoopers Dr. Adam & Associates AB Phumlile Tina Khoza Migros-Genossenschafts- TA I WA N , C H I NA Eihab Babiker Bengt Kjellson Bund Municipal Council of Vera Chang Eihab Babiker & Associates Manzini Lantmäteriet Georg Naegeli - Advocates LCS & Partners Paul Lewis Niklas Körling Homburger Elmugtaba Bannaga Setterwalls Advokatbyrĺ Victor Chang PricewaterhouseCoopers Patrick Niklaus LCS & Partners Elkarib and Medani Andrew Linsey Johan Lannering PricewaterhouseCoopers Tagwa Bashir MAQS Law Firm Yu-Chien Chang PricewaterhouseCoopers Sara Rousselle-Ruffieux PricewaterhouseCoopers SDV Transintra Sudan Mangaliso Magagula Johan Lindberg Tavernier Tschanz Amani Ejami Advokatfirman Lindahl Christine Chen Magagula & Hlophe Daniel Schmitz Winkler Partners El Karib & Medani Advocates Naledi Makhubu Christoffer Monell PricewaterhouseCoopers Mannheimer Swartling Edgar Y. Chen Tariq Mohmoud Elsheikh TransUnion ITC Andreas Staubli Tsar & Tsai Law Firm, Advokatbyrĺ Omer Sabelo Masuku PricewaterhouseCoopers member of Lex Mundi Mahmoud Elsheikh Omer & Dain Nevonen Maphanga Howe Masuku Daniel Steudler Eve Chen Associates Advocates Nsibande Advokatfirman Vinge KB, member of Lex Mundi Swisstopo, Directorate for Eiger Law Ahmed Mahdi Caroline Mlambo Cadastral Surveying Karl-Arne Olsson Hui-ling Chen Mahmoud Elsheikh Omer & Standard Bank Edmond Tavernier Associates Advocates Gärde Wesslau Winkler Partners Kenneth J. Motsa Advokatbyrĺ Tavernier Tschanz Amel M. Sharif Yo-Yi Chen Robinson Bertram Mattias Örnulf Stephane Valat Formosa Transnational Mahmoud Elsheikh Omer & Orrick, Herrington & Associates Advocates Bongani Mtshali Hökerberg & Söderqvist Chun-Yih Cheng Advokatbyrĺ KB Sutcliffe LLP Federation of Swaziland Formosa Transnational Abdel Gadir Warsama Employers and Chamber of Beatrice Vetsch Dr. Abdel Gadir Warsama Carl Östring Commerce PricewaterhouseCoopers Yu-Chung Chiu Ghalib & Associates Legal Magnusson Nozizwa Mulela Ministry of The Interior Firm Flurin von Planta Standard Bank Planta & Planta ACKNOWLEDGMENTS 249 Peter Dernbach Lloyd G. Roberts III Takhir Nabiev Jean Bosco Mugemana Sakchai Limsiripothong Winkler Partners Winkler Partners AITEN Consulting Group Info Consultancy Limited Weerawong, Chinnavat & Peangpanor Ltd. John Eastwood Michael Schreiber Sharif Rahimzoda Exaud Mushi Eiger Law Yangming Partners National Bank of NORPLAN Tanzania Pratchayapa Mahamontree Tajikistan Limited Siam City Law Offices Ltd. Steven Go Tanya Y. Teng PricewaterhouseCoopers Huang & Partners Jamshed Rahmonberdiev Octavian Mushukuma Angsuma Montienkasem Somon Capital JSC CRB Attorneys PricewaterhouseCoopers Ainsley Hsieh Bee Leay Teo Eiger Law Baker & McKenzie Faizali Rajabov Cheggy Mziray Sally Mouhim Technoinvest CRB Attorneys Tilleke & Gibbins Sophia Hsieh C.F. Tsai International Ltd. Tsar & Tsai Law Firm, Deep & Far, Attorneys- Ravshan Rashidov Alex Thomas Nguluma member of Lex Mundi at-Law Law Firm Lex REX Attorneys Felchesmi Mramba Tanzania Electric Supply Barbara Hsu Eric Tsai Bakhtiyor Rustamov Charles R.B. Rwechungura Company Limited ­ Tanesco SDV Logistics Ltd. PricewaterhouseCoopers Asian Business Group, CRB Attorneys member of Russell Bedford Anuwat Ngamprasertkul Robert Hsu Rita Tsai International Eric Rwelamira PricewaterhouseCoopers SDV Logistics Ltd. APL Adept Chambers Firdavs Sadikov Tanadee Pantumkomol Tony Hsu Joe Tseng Somon Capital JSC Emmy Salewi Chandler & Thong-ek Pamir Law Group LCS & Partners NORPLAN Tanzania Emin Sanginov Limited Ratana Poonsombudlert Margaret Huang Chao-Yu Wang Ministry of Labor Chandler & Thong-ek LCS & Partners Yangming Partners Tajikistan Rishit Shah PricewaterhouseCoopers Supan Poshyananda Nelson Huang Chien-jui Wang Marina Shamilova Securities and Exchange Yangming Partners CEPD Legal Consulting Group Geoffrey Sikira Commission CRB Attorneys T.C. Huang Shih-Ming You Takdir Sharifov Chitchai Punsan Huang & Partners Ministry of The Interior Association of Anti Crisis Eve Hawa Sinare Tilleke & Gibbins Managers Tajikistan REX Attorneys International Ltd. Charles Hwang TAJ I K I STA N Richard Sisa Yangming Partners Nurali Shukurov Sudthana Puntheeranurak Bakhtiyor Abdulhamidov USAID/BEI, Pragma Corp Gapcs National Credit Bureau James J.M. Hwang Tsar & Tsai Law Firm, Akhmedov, Azizov & Mohamed H. Sumar Co. Ltd. Elena Simonova member of Lex Mundi Abdulhamidov Attorneys Sumar Varma Associates Ratchaburi Electricity Konsultant Audit Joan Jing Rasul Abdullaev David Tarimo Generating Holding Pcl. Habibullo Sulaymonov PricewaterhouseCoopers Representative PricewaterhouseCoopers Sutatip Raktiprakorn of "GAZPROM Stroy Service Nathan Kaiser Construction Association Mustafa Tharoo Siam City Law Offices Ltd. zarubejneftegaz" in RT Eiger Law Mahmadyusuf Tashrifov Adept Chambers Piyanuj Ratprasatporn Sherzod Abdurakhmanov Chih-Shan Lee National Bank of Sinare Zaharan Tilleke & Gibbins USAID/BEI, Pragma Corp International Ltd. Winkler Partners Tajikistan REX Attorneys Zarrina Adham Anake Rattanajitbanjong Yu-Hsun Li Aliya Utegaliyeva Humo T HA I L A N D Tilleke & Gibbins PricewaterhouseCoopers PricewaterhouseCoopers Shavkat Akhmedov International Ltd. Justin Liang Jamshed Yusufiyon Allen & Overy LLP Akhmedov, Azizov & Vunnipa Ruamrangsri Baker & McKenzie Abdulhamidov Attorneys National Bank of Tajikistan Janist Aphornratana PricewaterhouseCoopers Chuh Ru Lin Najib Ashraf PricewaterhouseCoopers Thavorn Rujivanarom Joint Credit Information KN Ibrakom FZCo. TA N Z A N IA Chanakarn Boonyasith PricewaterhouseCoopers Center Siam City Law Offices Ltd. Gulshan Ashurbekova Patrick Ache Sawat Sangkavisit Emily Lin USAID/BEI, Pragma Corp Mkono & Co Advocates Phadet Charoensivakorn Allens Arthur Robinson / Pamir Law Group National Credit Bureau Siam Premier International Farhad Azizov Krista Bates van Winkelhof Frank Lin Akhmedov, Azizov & Co. Ltd. Law Office Limited Ako Law Rexmed Industries Co., Ltd. Abdulhamidov Attorneys Thunyaporn Chartisathian Somchai Sathiramongkolkul Moses Dancan Allens Arthur Robinson / Jennifer C. Lin Jienshoh Bukhoriev PricewaterhouseCoopers Gapcs Siam Premier International Tsar & Tsai Law Firm, USAID/BEI, Pragma Corp Jeffrey Sok member of Lex Mundi Theresia Dominic Law Office Limited Firuz Bulbulov Allens Arthur Robinson / University of Dar es Chinnavat Chinsangaram Siam Premier International Ming-Yen Lin The Collegium of Auditors Salaam Deep & Far, Attorneys- of Tajikistan Weerawong, Chinnavat & Law Office Limited at-Law Nasra Hassan Peangpanor Ltd. Courtney Fowler Kowit Somwaiya Mkono & Co Advocates EEC Lincolne Scott Co Ltd. LawPlus Ltd. Nelson J Lin PricewaterhouseCoopers Huang & Partners Johnson Jasson Muncharee Ittipalin Pornchai Srisawang Sobir Abduvaliyevich Haitov Johnson Jasson & Rich Lin APL Tilleke & Gibbins AgroinvestBank Associates Advocates LCS & Partners Tayvee Kanokjote International Ltd. Ashraf Sharifovich Ikromov Wilbert B. Kapinga Yishian Lin Thailand Land Titling Picharn Sukparangsee LLC "Movarounnahr" Mkono & Co Advocates Project Office PricewaterhouseCoopers Siam City Law Offices Ltd. Elena Kaeva Rehema Khalid-Saria Yingyong Karnchanapayap Catherine Liu PricewaterhouseCoopers Siripong Supakijjanusorn Mkono & Co Advocates Tilleke & Gibbins PricewaterhouseCoopers SDV Logistics Ltd. International Ltd. Parviz Kamoliddinov Daniel Krips Julia Liu TSG - USAID Regional Hunt Talmage Mkono & Co Advocates Chaiwat Keratisuthisathorn Chandler & Thong-ek SDV Logistics Ltd. Trade Liberalisation and Tilleke & Gibbins Customs Project (RTLC) Victoria Makani Pattara Vasinwatanapong Violet Lo International Ltd. CRB Attorneys Vickery & Worachai Ltd. PricewaterhouseCoopers Manuchehr Kasimov Suwat Kerdphon Globalink Logistics Group Lotus Menezes Harold K. Vickery Jr. Joseph Ni Department of Lands Mkono & Co Advocates Vickery & Worachai Ltd. Good Earth CPA Assel Khamzina Chanida Leelanuntakul PricewaterhouseCoopers Vincent Mhina Patcharaporn Vinitnuntarat Lawrence S. Ong Siam City Law Offices Ltd. Ako Law Siam City Law Offices Ltd. PricewaterhouseCoopers Valeriy Kim William Lehane Nimrod Mkono Pimvimol Vipamaneerut J. F. Pun Umar Muhammadkarim Allens Arthur Robinson / Mkono & Co Advocates Siam Premier International Tilleke & Gibbins Chen, Shyuu & Pun Globalink Logistics Group Angela Mndolwa Law Office Limited International Ltd. Ako Law 250 DOING BUSINESS 2011 Nopporn Vongsrivong Komlan Cyrille Houssin Gerard Emmanuel-Rodriguez Miriam Ben Rejeb Imen Nouira PricewaterhouseCoopers SCP Martial Akakpo Regulated Industries PricewaterhouseCoopers Conservation Foncičre Commission Legal Services Tunisia Kamol Watcharamanee Kodjo John Kokou PricewaterhouseCoopers Cabinet d'Avocats John Nadia Henriques Abdelfetah Benahji Habiba Raouadi Kokou M. Hamel-Smith & Co., Ferchiou & Associés Chafter Raouadi Law Firm Auradee Wongsaroj member of Lex Mundi Chandler & Thong-ek Atchroe Leonard Johnson Manel Bondi Rachid Tmar SCP Aquereburu & Peter Inglefield PricewaterhouseCoopers PricewaterhouseCoopers T I M OR- L E ST E Partners PricewaterhouseCoopers Legal Services Elyes Chafter Jose Pedro Camoes Akpénč Amito Kpégba Terence Inniss Chafter Raouadi Law Firm TURKEY Asosiasaun Advogado SCP Martial Akakpo LEX Caribbean Zine el Abidine Chafter Comlan Eli-Eli N'soukpoé Rehanna La Borde Chafter Raouadi Law Firm hsan Akar David Dyer Ernst & Young DAI SCP Martial Akakpo PricewaterhouseCoopers Kmar Chaďbi Theophile Komla Nyaku Colin Laird Banque Centrale de Emre Akarkarasu Jofino Ronuel Fernandes Reci PricewaterhouseCoopers Credit Registry Autorite de Colin Laird Associates Tunisie Information System BPA Reglemengtation du Cansu Akgün Secteur de L'Electricite Marcia Leonard Faouzi Cheikh The Fast Freight Group Banque Centrale de SDEO Attorneys at Law Renato Guerra de Almeida Olivier Pedanou Tunisie Sami Aksoy Miranda Correia Keomi Lourenco Amendoeira & Associados Cabinet Lucreatif Tiryakioglu & Partners M. Hamel-Smith & Co., Abdelmalek Dahmani Timor-Leste Dili Hauvy Séka Mathieu member of Lex Mundi Dahmani Transit Seza Ceren Akta Eusebio Guterres FIDAFRICA / International PricewaterhouseCoopers PricewaterhouseCoopers Wendell Mayers UNIDO Business Trinidad & Tobago Mohamed Derbel Regulatory consultant Kenan Alpdündar Galolo Soedjede Electricity Commission BDO Tunisie Central Bank of the Alzira Lay Cabinet Ledoux Seina Republic of Turkey Marjorie Nunez Mohamed Lotfi El Ajeri SDV Logistics Ltd. Dominique Taty LEX Caribbean Avocat a la Cour et Mustafa Alper Aderito LCA de Araujo FIDAFRICA / mediateur agree par le YASED - International PricewaterhouseCoopers Gregory Pantin B.B.MC Archtimor Engineering Hamel-Smith & Co. Investors Association Consultant Inčs Mazalo Tekpa Yassine El Hafi John Phillip Arda Alposkay Rafael Ribeiro Cabinet Lucreatif Adly Bellagha & Devres Law office Government Electrical Associates SDV Logistics Ltd. Emmanuel Yehouessi Inspectorate Melsa Ararat Tjia Soh Siang BCEAO Abderrahmen Fendri Fanta Punch Corporate Governance Tjia & Tchai Associates PricewaterhouseCoopers Forum of Turkey, Sabanci Edem Amétéfé Zotchi M. Hamel-Smith & Co., SCP Martial Akakpo member of Lex Mundi Yessine Ferah University TO G O F & A Law Firm Ozgur Asik Kelvin Ramsook TON G A Amel Ferchichi INLAWCO Law Firm Diaby Aboubakar Trinidad & Tobago BCEAO Inoke Afu Electricity Commission Gide Loyrette Nouel, Melis Atasagun Dateline Transam Shipping member of Lex Mundi Pekin & Bayar Law Firm Jean-Marie Adenka Myrna Robinson-Walters Cabinet Adenka Christopher Andrew Hartwell M. Hamel-Smith & Co., Noureddine Ferchiou Ugur Ates IFC Tonga member of Lex Mundi Ferchiou & Associés Serap Zuvin Law Offices Kokou Gadémon Agbessi Cabinet Lucratif Ashleigh Matheson Stephen A. Singh Slim Gargouri Erdem Atilla Westpac Bank of Tonga Johnson, Camacho & Singh CPA Pekin & Pekin Kafoui Agboyibor Cabinet Me Yawovi Tapu Panuve Jonathan Walker Anis Jabnoun Derya Baksi Pekyalçin Agboyibor Electricity Commission M. Hamel-Smith & Co., Gide Loyrette Nouel, Tarlan & Pekyalçin Law member of Lex Mundi member of Lex Mundi Office Martial Akakpo Sipiloni Raas SCP Martial Akakpo Allyson West Badis Jedidi Gokce Balcioglu Jaimi Associates - Architects PricewaterhouseCoopers Gide Loyrette Nouel, Özel & Özel Attorneys Adzewoda Ametsiagbe member of Lex Mundi Direction Générale de Grantley Wiltshire At Law Dana Stephenson l'Urbanisme et de l'Habitat M. Hamel-Smith & Co., Sami Kallel Tuba Baltaci Law Office member of Lex Mundi Kallel & Associates ADMD Law Firm Coffi Alexis Aquereburu Fine Tohi Aquereburu and Partners Amina Larbi Hatice Bas Dateline Transam Shipping T U N I SIA Cabinet d'Avocats Gide Loyrette Nouel, INLAWCO Law Firm Jone Vuli Abdelmonęm Achour member of Lex Mundi Cecile Assogbavi Westpac Bank of Tonga Binnaz Basaran Etude Notariale Cabinet Achour Mabrouk Maalaoui Abu-Ghazaleh Mohamed Moncef Barouni PricewaterhouseCoopers Intellectual Property Sylvanus Dodzi Awutey T R I N I DA D A N D Cabinet Lucratif TOBAG O ACR Dina Magroun Arzu Basmaci Adly Bellagha Avocat a la Cour et Mehmet Gün & Partners Romain Dansou Israiell Ali mediateur agree par le Agence EPAUC nouvelle Adly Bellagha & Trinidad & Tobago Associates B.B.MC Ayça Bayburan Foli Doe-Bruce Electricity Commission ADMD Law Firm Hend Ben Achour Mohamed Ali Masmoudi A.U.D.E.P. International Nigel Bobb PricewaterhouseCoopers Pelin Baysal Adly Bellagha & Compagnie Energie Trinidad & Tobago Associates Legal Services Mehmet Gün & Partners Electrique du Togo (la Electricity Commission Olfa Ben Aicha-Saidi Sarah Mebazaa Yildirim Bozbiyik CEET) Stephanie Bonaparte-Primus Comete Engineering Ministry of Finance PricewaterhouseCoopers Koffi Joseph Dogbevi S. I. Primus & Sons Ltd. Legal Services Radhi Meddeb Burcu Çakalli Cabinet Lucratif Tiffanny Castillo Comete Engineering KPMG Othman Ben Arfa Akouvi Thčrese Donu M. Hamel-Smith & Co., Société Tunisienne de member of Lex Mundi Faouzi Mili Erdal Calikoglu SCP Martial Akakpo l'Elecricité et du Gaz Mili and Associates Ernst & Young Colvin Chen (STEG) Messan Raphael Ekoue Ben Afia Mohamed Salah Esin Çamlibel Hagbonon Gillespiie & Steel Ltd. Ismail Ben Farhat Orga Audit, member Turunç Law Office Centre d'etudes Terry Curtis Adly Bellagha & of Russell Bedford d'architecture et TransUnion Associates International Mustafa Çamlica d'urbanisme Ernst & Young Stacy Lee Daniell Wassim Ben Mahmoud Mohamed Taieb Mrabet Sonhaye Gbati M. Hamel-Smith & Co., Architect Banque Centrale de Maria Lianides Çelebi Fondation Heinrich Klose member of Lex Mundi Tunisie Bener Law Office, member of Ius Laboris ACKNOWLEDGMENTS 251 M. Fadlullah Cerraholu Gül Incesulu Dursun Ozcan Elif Tezcan Bayirli Oscar Kambona Cerraholu Law Firm Çakmak Avukatlik Bürosu Ernst & Young Bayirli & Muratolu Law Kampala Associated Firm Advocates Fikret Çetinkaya ebnem Iik Selin Ozdamar KPMG Mehmet Gün & Partners Özel & Özel Attorneys Bilgin Tiryakioglu Francis Kamulegeya At Law Tiryakioglu & Partners PricewaterhouseCoopers Orçun Çetinkaya Özlem Kizil Mehmet Gün & Partners Çakmak Avukatlik Bürosu Caner Özen Güzel Toker Didymus Byenkya Kato Özel & Özel Attorneys PricewaterhouseCoopers Ataco Freight Services Dilek Çolakel Melis Saliha Kiziltay At Law Ltd. PricewaterhouseCoopers ADMD Law Firm Berna Toksoy Mert Özerden Turkish Industrialists' and Peter Kauma Niyazi Çömez Ozgur Kahraman ADMD Law Firm Businessmen's Association Kiwanuka & Karugire Deloitte Ernst & Young (TUSIAD) Advocates Saziye Saadet Ozfirat Yavuz Dayiolu Ibrahim Kara SDEO Attorneys at Law Noyan Turunç Andrew Kibaya PricewaterhouseCoopers Kredit Kayit Bureau Turunç Law Office Shonubi, Musoke & Co. Ekin Kavukçuolu Özgülsen Advocates Maria de la Colina Ali Ozan Karaduman Deloitte Ibrahim Tutar PricewaterhouseCoopers Mehmet Gün & Partners Penetra Consulting and Muzamiru Kibeedi Legal Services Pinar Ozhan Auditing Kibeedi & Co. Aslan Kaya Tiryakioglu & Partners Rüçhan Derici DMF System International Ebru Tuygun Paul Kibuuka 3e Danimanlik Ltd. ti. Independent Auditing, Tuba Özsezen Deloitte Kibuuka Consulting Group Consulting & Certified YASED - International Kazim Derman Public Accounting Co., Investors Association N.Kerem Üler Robert Kiggundu Kredit Kayit Bureau member of Russell Bedford Özel & Özel Attorneys Arch Forum Ltd. International Neva Ozturk At Law Emine Devres Ankara University Geoffrey Kiryabwire Devres Law office Gözde Kayacik Hilal Ünal Commercial Division, High Pekin & Bayar Law Firm Yasemin Pamuk Gokser Machine Ltd. Court of Uganda Ebru Dicle Acacia International Turkish Industrialists' and Betül Kencebay Lawyers Yegan Üreyen Kiryowa Kiwanuka Businessmen's Association YASED - International Mehmet Gün & Partners Kiwanuka & Karugire (TUSIAD) Investors Association Serkan Pamukkale Advocates Birsel Law Offices Serdar Unver Baak Diclehan Burak Kepkep Acacia International Robert Komakec KPMG Akdogan Uslas Attorneys Ahmed Pekin Lawyers Arch Forum Ltd. at Law Pekin & Pekin Murat Volkan Dülger Hülya Yilmaz Kitugwanidde Krespo Dülger Law Firm Çidem Koar Ferhat Pekin Deloitte Marma Technical Services Central Bank of the Pekin & Bayar Law Firm Çisil Durgun H.Bari Yalçin James Kyazze Cerraholu Law Firm Republic of Turkey Suzet Rodikli PricewaterhouseCoopers Shonubi, Musoke & Co. Tuncay Köroglu PricewaterhouseCoopers Advocates Cemal Dursun Selcen Yalçin SDEO Attorneys at Law Cerraholu Law Firm Çail ahin Biber Mehmet Gün & Partners Timothy Kyepa Nergis Kundakçiolu PricewaterhouseCoopers Shonubi, Musoke & Co. Murat Emirhanolu Ayegül Yalçinmani Merler KPMG Cerraholu Law Firm Batuhan ahmay Advocates Cerraholu Law Firm Zeki Kurtçu Bener Law Office, member Hakim Lugemwa Sedat Eratalar of Ius Laboris Begüm Yavuzdoan Deloitte Deloitte Uganda Entrepreneurs Mehmet Gün & Partners Business Foundation Orhan Yavuz Maviolu Bilge Saltan Gökben Erdem Dirican Dülger Law Firm Beril Yayla ADMD Law Firm Joseph Luswata Pekin & Pekin Mehmet Gün & Partners Hasan Sariçiçek Sebalu & Lule Advocates Sadik Ferik Didem Meray and Legal Consultants Serap Zuvin Law Offices KPMG Hande Yemisci Ernst & Young law Robinah Lutaaya Banu Mert Sinan Sariaslan Umurcan Gago DMF System International Aylin Yontar PricewaterhouseCoopers PricewaterhouseCoopers Cerraholu Law Firm Independent Auditing, Cerraholu Law Firm Michael Malan Zeynephan Gemiciolu Sila Muratolu Consulting & Certified Compuscan CRB Ltd. Bayirli & Muratolu Law Public Accounting Co., Filiz Yüksel Cerraholu Law Firm Cerraholu Law Firm Cornelius Mukiibi Firm member of Russell Bedford Arman Gezer International Murat Yülek C.Mukiibi.Sentamu & Co. Didem Muslu Advocates Deloitte Duygu eftalici PGlobal Global Advisory Baaran Nas YMM A.S. Caglar Gezer Cerraholu Law Firm and Training Services Ltd. Andrew Munanura Kamuteera Lerzan Nalbantolu Sebalu & Lule Advocates PricewaterhouseCoopers Ömer Kayhan Seyhun Serap Zuvin Turunç Law Office and Legal Consultants Osman Nuri Gönenç Central Bank of the Serap Zuvin Law Offices Adnan Nas Republic of Turkey Peters Musoke Central Bank of the Republic of Turkey PricewaterhouseCoopers U G A N DA Shonubi, Musoke & Co. Burcu Sezgin Advocates Sait Gözüm ebnem Önder INLAWCO Law Firm Bernard Baingana Deloitte Çakmak Avukatlik Bürosu PricewaterhouseCoopers Rachel Mwanje Musoke Defne Zeynep Sirakaya MMAKS Advocates Sezin Güner Mert Oner Cerraholu Law Firm Michael Balimukuubo Pekin & Pekin KPMG MMAKS Advocates Noah Mwesigwa M. Ufuk Söütlüolu Shonubi, Musoke & Co. A. Feridun Güngör Hakan Orhan Deloitte Bernard Bamwine Ernst & Young Advocates Ernst & Young Esin Taboglu Kwesigabo, Bamwine & Çalayan Orhaner Dündar Walubiri Advocates Diana Ninsiima Ahmet Güran Corporate Governance MMAKS Advocates Turunç Law Office Orhaner Law Office Forum of Turkey, Sabanci Nicholas Ecimu Zeynephan Ouz University Sebalu & Lule Advocates Eddie Nsamba-Gayiya Ayegül Gürsoy and Legal Consultants Consultant Surveyors and Cerraholu Law Firm Cerraholu Law Firm Aylin Tarlan Tüzemen Planners Özlem Ouzlar Tarlan & Pekyalçin Law Matovu Emmy Riza Gumbusoglu Office Marma Technical Services Julius Ojok Mehmet Gün & Partners Turunç Law Office Sebalu & Lule Advocates Fatih Özahin Baris Teksoy Sarfaraz Jiwani and Legal Consultants Salih Zeki Hakli Tiryakioglu & Partners Seyani Bros. & Co. TOBB Deloitte Godwin Othieno Ayse Ozcan Muge Temel Charles Kalu Kalumiya Kampala City Council Aydin Bugra Ilter Özel & Özel Attorneys Kampala Associated Tanriover Attorneys at Acacia International Alex Rezida Lawyers At Law Advocates Law Nangwala, Rezida & Co. Advocates 252 DOING BUSINESS 2011 Harriet Wandira Rumanyika Michael Kharenko Oleg Shevchuk Hiten Bhatia Vijendra Vikram Singh Paul SDV Transami (U) Ltd. Sayenko Kharenko Proxen & Partners Silver Line Shipping & Talal Abu-Ghazaleh Legal Clearing (TAG-Legal) Ruth Sebatindira Oleksii Kharitonov Hanna Shtepa Ligomarc Advocates LF - INYURPOLIS Law Firm Baker & McKenzie Jennifer Bibbings V. Prakash Trowers & Hamlins Al Tajir Glass Industries Monica Kisubi Senjako Natalya Kim Anzhelika Shtukaturova SDV Transami (U) Ltd. Chadbourne & Parke LLP Salans Ukraine Kiev Mazen Boustany Yusuf Rafiudeen Habib Al Mulla & Co. Dubai Electricity and Alan Shonubi Andriy Kirmach Roman Shulyar Water Authority Shonubi, Musoke & Co. Chadbourne & Parke LLP Chadbourne & Parke LLP R Chandran Advocates Sea Bridge Shipping Co. LLC Dorai Raj Arno Klijbroek Markian B. Silecky Goldline Worldwide Inc. Manish Siyani AJK Trade & Investment Salans Ukraine Kiev Lisa Dale Seyani Brothers & Co. (U) Consultancy Al Tamimi & Company Dean Rolfe Ltd. Anna Sisetska Advocates & Legal PricewaterhouseCoopers Sergei Konnov Vasil Kisil & Partners Consultants Isaac Walukagga Konnov & Sozanovsky Shoeb Saher MMAKS Advocates Svitlana Teush Indira Deepa Habib Al Mulla & Co. Maxim Kopeychykov Arzinger & Partners PricewaterhouseCoopers Godfrey Zziwa Ilyashev & Partners International Law Firm Khalid Mohamed Saleh Muwanguzi, Zziwa & Musisi Mohammad A. El-Ghul Dubai Municipality Advocates Evgeniy Kornievskiy Nataliya Tkachenko Habib Al Mulla & Co. Konnov & Sozanovsky DLA Piper Ukraine LLC Mohammed Ahmed Saleh Gorashi Elsheikh Dubai Municipality UKRAINE Ivan Korotkov Zakhar Tropin Dubai Municipality KPMG Proxen & Partners Herbert Schroder Oleg Y. Alyoshin Anthea Fernandes Emcredit Vasil Kisil & Partners Tatyana Kuzmenko Oleksandr Vygovskyy Shalakany Law Office, Astapov Lawyers Asters member of Lex Mundi M. Vivekanand Shetty Andrey Astapov International Law Group Eros Group Astapov Lawyers Zeeshan Wani Laëtitia Fernandes International Law Group Tatiana Lizogub Globalink Transportation Helene Mathieu Legal Surendar Singh Panalpina World & Logistics Worldwide LLP Consultants IAL Logistics Emirates LLC Roman Badalis Transport Ukraine Kiev BNT & partners Olexiy Yanov Laetitia Fernandez Arvind Sinha Borys Lobovyk Law Firm IP & C. Consult, Helene Mathieu Legal Business Advisors Group Ron J. Barden Konnov & Sozanovsky LLC PricewaterhouseCoopers Consultants Sreekumar Sivasankaran Yulia Logunova Yulia Yashenkova Rohit Ghai Globelink West Star Olena Basanska DLA Piper Ukraine LLC Astapov Lawyers Shipping L.L.C. CMS Cameron McKenna Al Jabha Group International Law Group Ukraine Olga Mikheieva Mona Hammadi Douglas Smith CMS Cameron McKenna Tatiana Zamorska Baker Botts LLP Habib Al Mulla & Co. Anastasiya Bolkhovitinova Ukraine KPMG DLA Piper Ukraine LLC Samer Hamzeh Rachel Storr Arsenyy Milyutin Marina V. Zarina Trowers & Hamlins Gates Engineering & Timur Bondaryev Magisters Private Notary Services Arzinger & Partners Omar Hegazy International Law Firm Vladyslava V. Motrenko Anton Zinchuk Shalakany Law Office, Mohammed Thani Vasil Kisil & Partners LF - INYURPOLIS Law Firm member of Lex Mundi Dubai Land Department Alexander Borisov Grant Thornton Ukraine Svitlana Musienko Sydene Helwick Raju V. Varghese UNITED ARAB Kiev DLA Piper Ukraine LLC Al Tamimi & Company Al Yousuf L.L.C E M I R AT E S Maksym Borodchuk Adam Mycyk Advocates & Legal Robyn Waller Chadbourne & Parke LLP CMS Cameron McKenna Karim Abaza Consultants Trowers & Hamlins Ukraine Shalakany Law Office, Ashiq Hussain Olena Brodovska member of Lex Mundi Gary Watts CMS Cameron McKenna Iryna Mykolayenko Dubai Trade Al Tamimi & Company Ukraine IBCH Moutaz Abddullat Zaid Kamhawi Advocates & Legal Talal Abu-Ghazaleh Legal Emcredit Consultants Anna Bukvych Yuliya Nogovitsyna (TAG-Legal) Baker & McKenzie KPMG Salim Ahmed Khan Rania Yousseph Yakub Ahmed Habib Al Mulla & Co. Maryna Bychkova Oleksandr Padalka Dubai Trade Orchid Paper Trading DLA Piper Ukraine LLC Asters Shahid M. Khan Natasha Zahid Obaid Saif Atiq Al Falasi Baker Botts LLP Serhiy Chorny Magdalena Patrzyk Busit Al Roken & Dubai Electricity and Associates Baker & McKenzie PricewaterhouseCoopers Water Authority U N I T E D K I NG D OM Aleksandr Deputat Iryna Pidlisna Vipul Kothari Alya Hussain Al Hammadi Elit Group Salans Ukraine Kiev Kothari Auditors & Allen & Overy LLP Dubai Trade Accountants Anna Deshko Sava Poliakov Varsha Aithala Essam Al Tamimi B.S. Krishna Moorthy Damco Grischenko & Partners Simmons & Simmons Al Tamimi & Company Landmark group Maxim Dikiy Vitaliy Pravdyuk Advocates & Legal Tim Andrews Consultants Ravi Kumar Stephenson Harwood HLB Ukraine Konnov & Sozanovsky Mahmood Albastaki Dubai Trade Tetyana Dovgan Maria Prysyazhnyuk Kwame Asamoah Dubai Trade Senthil Kumar Macintyre Hudson LLP Chadbourne & Parke LLP PricewaterhouseCoopers Saeed Al-Hamiz GLG Shipping Michael Eritspokhov Dmitry Pyatachenko Jon Atkey Central Bank of the UAE Charles S. Laubach Her Majesty's Land Panalpina World IFC Transport Ukraine Kiev Wicki Andersen Afridi & Angell, member of Registry Yuliana Revyuk Lex Mundi Anna Gebeleva Baker Botts LLP Graham Bartlett KPMG Gagan Malhotra LF - INYURPOLIS Law Firm Wicki Andersen SITPRO Ltd. Oleksandr Rudenko Dubai Trade Sergiy Gryshko Baker Botts LLP Nick Benwell Astapov Lawyers Helene Mathieu CMS Cameron McKenna International Law Group T Sureh Babu Simmons & Simmons Ukraine Helene Mathieu Legal Vladimir Sayenko Landmark group Consultants Jim Bligh Ivanna Honina Sayenko Kharenko Piyush Bhandari CBI - The Confederation of Ravi Nandi British Industry Grischenko & Partners Proteam Consulting Olga Serbul BASF Chemicals Vitaliy Kazakov Private Limited Georgie Blyth Law Firm IP & C. Consult, Yasser Omar Grant Thornton Ukraine LLC Prakash Bhanushali PricewaterhouseCoopers Kiev Shalakany Law Office, Legal Services Mykhailo Shchitka Alsahm Al Saree Transport member of Lex Mundi & Clearing Vasil Kisil & Partners ACKNOWLEDGMENTS 253 Katy Byatt Charles Mayo James Denn Stephen Raslavich Federico Florin Weil, Gotshal & Manges Simmons & Simmons New York State Public United States Bankruptcy Guyer & Regules, member LLP Service Commission Court of Lex Mundi Hannah Morley Joy Chen Simmons & Simmons Joshua L. Ditelberg Rolando Rocha Federico Formento Simmons & Simmons Seyfarth Shaw LLP Global Link Network Fischer & Schickendantz Roya Motalleb-Zadeh Stephanie Chiu Cleary Gottlieb Steen & Lindsay Dunn Sandra Rocks Sergio Franco Simmons & Simmons Hamilton LLP Cleary Gottlieb Steen & Cleary Gottlieb Steen & PricewaterhouseCoopers Hamilton LLP Hamilton LLP Mark Corby Alison Murrin Diego Galante Jabil Global Services Ashurst Patrick Fuller Fuller, Esq. Barbara Roth Galante & Martins Cleary Gottlieb Steen & Hogan & Hartson LLP Vera Dantas Innes Annemarie Payne Hamilton LLP Pablo Galmarini Noronha Advogados Mayer Brown LLP David Snyder Galmarini Benjamin E. Gehrt Snyder & Snyder, LLP Paul de Bernier David Pickstone Seyfarth Shaw LLP Enrique Garcia Pini Mayer Brown LLP PricewaterhouseCoopers Frederick Turner Administración Nacional Legal Services Boris Grosman Snyder & Snyder, LLP de Usinas y Transmisión Ben Digby L & B electrical Eléctrica (UTE) CBI - The Confederation of Steve Pocock international David Wilson British Industry Crown Agents Holme Robert & Owen Andres Hessdorfer Rozen Sonya H.S. Lee Olivera & Delpiazzo Darryl Evans Alex Rogan Cleary Gottlieb Steen & Clemens Ziegler PricewaterhouseCoopers Skadden, Arps, Slate, Hamilton LLP Cleary Gottlieb Steen & Ariel Imken Legal Services Meagher & Flom LLP Hamilton LLP Superintendencia Adam Heintz de Instituciones de Nick Francis Andrew Shutter Morrison and Foerster Intermediación Financiera U RU G UAY PricewaterhouseCoopers Cleary Gottlieb Steen & - Banco Central del Hamilton LLP Steven Horowitz Juan Achugar Uruguay Paul Gilbert Cleary Gottlieb Steen & Caroline Stakim Banco Central del Alfredo Inciarte Blanco Ursula Goniszewska Hamilton LLP Uruguay Shepherd & Wedderburn Estudio Pérez del Castillo, Simmons & Simmons James Hough Sharmin Takin Martin S. Acosta Inciarte, Gari Abogados Helen Hall Morrison and Foerster Galante & Martins Cleary Gottlieb Steen & Cecilia Larrosa DLA Piper UK LLP Hamilton LLP Neil Jacobs Eduardo Ameglio Guyer & Regules, member Jonathan Harries NI Jacobs & Associates Guyer & Regules, member of Lex Mundi Lance Terry PricewaterhouseCoopers Glanvilles Solicitors Charles L. Kerr of Lex Mundi Legal Services Ricardo Mezzera Morrison and Foerster Fernando Bado Estudio Dr. Mezzera Paul Timmins Katie Harrison Joshua Kochath Estudio Dr. Mezzera Approved Inspector Matilde Milicevic Santana Simmons & Simmons Services Limited Forwarding Unlimited Inc. Alicia Barral Equifax - Clearing de Lynn Hiestand Mark Waddington Arthur Kohn PricewaterhouseCoopers Informes Skadden, Arps, Slate, Crown Agents Cleary Gottlieb Steen & Meagher & Flom LLP Carlos Brandes Alejandro Miller Artola Hamilton LLP Guyer & Regules, member Guyer & Regules, member Nicola Walker Neville Howlett Walter Krauklis of Lex Mundi of Lex Mundi CBI - The Confederation of PricewaterhouseCoopers British Industry Jarvis International Virginia Brause Pablo Moyal Stephen Hubner Freight, Inc Jiménez de Aréchaga, Viana Stavros Moyal y Asociados, Carmel Weitzmann Shepherd & Wedderburn PricewaterhouseCoopers Michael Lazerwitz, Esq. & Brause member of Russell Bedford Legal Services Cleary Gottlieb Steen & International Simon Jay Luz Calvo de Gross Cleary Gottlieb Steen & Hamilton LLP Calvo-Lopardo-Prats & Alfredo H. Navarro Geoffrey Wilkinson Hamilton LLP MLM Building Control Jay Lee Asociodos Navarro Abogados Emily Jee Cleary Gottlieb Steen & Martín Colombo Juan Martín Olivera Sally Willcock Hamilton LLP DLA Piper UK LLP Weil, Gotshal & Manges Ferrere Internacional Olivera & Delpiazzo Magnus Jones LLP Bradford L. Livingston Nicolas Constantinidi María Concepción Olivera Cleary Gottlieb Steen & Seyfarth Shaw LLP Jiménez de Aréchaga, Viana Olivera & Delpiazzo Andrew Wilson Hamilton LLP Andrew Wilson & Co Tom McNamara & Brause Ricardo Olivera-García Esther Kelly Davis Graham & Stubbs LLP Leonardo Couto Olivera & Delpiazzo Dermot Winters Cleary Gottlieb Steen & Freeth Cartwright LLP Howard Miller Jose Maria Facal & Co. Hamilton LLP María Cecilia Orlando Girardi Keese Jorge De Vita Guyer & Regules, member Gillian Key-Vice U N I T E D S TAT E S Randy Moes Jorge de Vita Studio of Lex Mundi Experian Ltd. Office of Secretary State Stephen Anderson Javier Dominguez Juan Orticochea Shahriar Khan PricewaterhouseCoopers of Texas Guyer & Regules, member Guyer & Regules, member Crown Agents Robert Morris of Lex Mundi of Lex Mundi Pamy Arora Susan Knowles Cornell Group, Inc PricewaterhouseCoopers María Durán Ismael Pignatta Sánchez Her Majesty's Land Kelly J. Murray Hughes & Hughes Guyer & Regules, member Registry Luke A. Barefoot of Lex Mundi Cleary Gottlieb Steen & PricewaterhouseCoopers Noelia Eiras Jessica LLoyd Hamilton LLP David Newberg Hughes & Hughes María José Poey PricewaterhouseCoopers Collier, Halpern, Newberg, Guyer & Regules, member Eli Best Gabriel Ejgenberg of Lex Mundi Mushtak Macci Cleary Gottlieb Steen & Nolletti, & Bock Estudio Bergstein Lubbock Fine, member Hamilton LLP Samuel Nolen Nathalie Polak of Russell Bedford Agustín Etcheverry Reyes Guyer & Regules, member Courtney Brown Richards, Layton & Finger, Estudio Blanco & International P.A., member of Lex Mundi of Lex Mundi Cleary Gottlieb Steen & Etcheverry James Macdonald Hamilton LLP Sean O'Neal Carlos Rodríguez Capurro Noronha Advogados Agustina Fernández Estudio Blanco & Victor Chiu Cleary Gottlieb Steen & Giambruno Hamilton LLP Etcheverry Christopher Mallon Cleary Gottlieb Steen & Fernandez Secco & Skadden, Arps, Slate, Hamilton LLP Jeffrey Penn Asociados Fabian Roizen Meagher & Flom LLP Cleary Gottlieb Steen & Guyer & Regules, member Richard Conza, Esq. Javier Fernández Zerbino of Lex Mundi Andrew Maple Cleary Gottlieb Steen & Hamilton LLP Bado, Kuster, Zerbino & Approved Inspector Hamilton LLP Igor Putilov Rachetti Lucia Salaverry Services Limited Link Lines Logistics Inc Fernandez Secco & Margaret Cowan Juan Federico Fischer Asociados Barry Marshall Cleary Gottlieb Steen & Fischer & Schickendantz PricewaterhouseCoopers Hamilton LLP 254 DOING BUSINESS 2011 Eliana Sartori Mouzaffar Salomov Arturo De Sola Lander V I E T NA M Ronald Parks PricewaterhouseCoopers Banklararo Kredit Byurosi De Sola Pate & Brown, Grant Thornton Vietnam Abogados - Consultores Minh Hong Bui Enrique Schickendantz Valeria Samborskaya LDV Lawyers Viet D. Phan Fischer & Schickendantz National Centre of Carlos Domínguez Hernández Tran H.N. & Associates Geodesy & Cartography Hoet Pelaez Castillo & Giles Thomas Cooper Leonardo Slinger Duque Duane Morris LLC Vu Anh Phan Guyer & Regules, member Alexander Samborsky Indochine Counsel of Lex Mundi National Centre of Jose Fereira Nguyen Dang Viet Geodesy & Cartography Rodriguez & Mendoza Bizconsult Law firm Mai Phan Thi Alvaro Tarabal Duane Morris LLC Guyer & Regules, member Nizomiddin Shakhabutdinov Francisco Gámez Arcaya My Linh Dao of Lex Mundi Law Firm Leges Advokat Gámez & Vera Abogados Baker & McKenzie Yee Chung Seck Baker & McKenzie Ana Inés Terra Sofia Shakhrazieva Antulio Giménez François d'Hautefeuille Estudio Bergstein Grata Law Firm Hotel Meliŕ Caracas Gide Loyrette Nouel Dinh The Phuc A.A.R.P.I. Electricity Regulatory Augusto Tricotti Alisher Shaykhov Alejandro Giolito Authority of Vietnam ERT Chamber of Commerce and PricewaterhouseCoopers Van Dinh Thi Quynh Industry of Uzbekistan PricewaterhouseCoopers Nguyen Thi Thu Hong Juan Ignacio Troccoli Diego Gonzalez Crespo Gide Loyrette Nouel Fischer & Schickendantz Judge Tadjiev Casas Rincon Gonzalez Ngoan Doan A.A.R.P.I. Tashkent Commercial Rubio & Asociados Grant Thornton Vietnam Horacio Viana Court Nguyen Thi Thu Huyen Jimenez de Aréchaga Viana Carlos Gouveia Dang The Duc Gide Loyrette Nouel & Brause Petros Tsakanyan ARKI Eléctrica CA Indochine Counsel A.A.R.P.I. Azizov & Partners Gerardo Vińoles Vanessa Hernández David Fitzgerald Nhung Thieu Hong Vińoles Arquitect Studio Laziza Walter PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Grata Law Firm Mónica Vitovich Alfredo Hurtado Albert Franceskinj Ngo Quang Thuy Stavros Moyal y Asociados, Nodir Yuldashev Hurtado Esteban & DS Avocats NT Trade Law LLC member of Russell Bedford Grata Law Firm Asociados, member International of Russell Bedford Giang Ha Thi Phuong Tan Heng Thye VA N UAT U International PricewaterhouseCoopers Chen Shan & Partners U Z B E K I STA N Maigualida Ifill Franz Hepp De Sevelinges Antoine Toussaint Christopher Dawson Gide Loyrette Nouel Gide Loyrette Nouel Askar K. Abdusagatov Dawson Builders PricewaterhouseCoopers A.A.R.P.I. A.A.R.P.I. OOO "Progress- Ana Lugo Development" Paul de Montgolfier Nguyen Hoang Kim Oanh V.N. Trinh Cabinet AJC Hoet Pelaez Castillo & Duque Baker & McKenzie Panalpina World Ravshan Adilov Transport Vietnam Ho Chi Denton Wilde Sapte & Co David Hudson Le Hong Phong Lorena Mingarelli Lozzi Minh City Hudson & Sugden Bizconsult Law firm Mels Akhmedov De Sola Pate & Brown, Chris Kernot Abogados - Consultores Nguyen Anh Tuan BAS Kim Ngoan Huynh DP Consulting Ltd. Fr8 Logistics Ltd. Fernando Miranda Gide Loyrette Nouel Natalya Apukhtina A.A.R.P.I. Tuyęt Hanh VM Thi Denton Wilde Sapte & Co John Malcolm PricewaterhouseCoopers Geoffrey Gee & Partners Chen Shan & Partners John R. Pate Tuong Long Huynh Umid Aripdjanov Gide Loyrette Nouel Nguyen Thu Thuy Vo Grata Law Firm Jean-Marc Pierre De Sola Pate & Brown, Department of Lands, Abogados - Consultores A.A.R.P.I. SDV Logistics Ltd. Sevil Bekirova Surveys & Records Anh Tuan Le Dzung Vu Thomas J. Pate Páez Globalink Logistics Group Credit Information Centre YKVN Lawyers Mark Stafford De Sola Pate & Brown, Khalid Farooq Barrett & Partners Abogados - Consultores - State Bank of Vietnam Andrea Wilson Globalink Logistics Group Eduardo Porcarelli Phuc Le Hong DFDL Mekong Law Group Irina Gosteva VENEZUELA, RB CONAPRI LuatViet - Advocates & Denton Wilde Sapte & Co Solicitors W E ST BA N K A N D Jorge Acedo-Prato Juan Carlos Pró-Rísquez Thuy Le Nguyen Huy GAZA Larissa Grigoryevna Hoet Pelaez Castillo & Macleod Dixon Tashkent Commercial Duque Indochine Counsel Hani Sobhi Abd Jildeh Melissa Puga Santaella Court Yanet Aguiar Nguyen Phan Manh Long Jerusalem District CONAPRI Nodir B. Hakimov Macleod Dixon Hung & Partners Electricity Company Daniel Rosas (JDECo) European Elite Juan Enrique Aigster Ho Phuong Luan Construction Macleod Dixon Ata Al Biary Hoet Pelaez Castillo & Indochine Counsel Nail Hassanov Duque Pedro Saghy Jerusalem District Macleod Dixon Hoang Ha Luu Electricity Company Law Firm Leges Advokat Servio T. Altuve Jr. LDV Lawyers (JDECo) Mouborak Kambarova Servio T. Altuve R. & Anatoliy Sattarov Tien Ngoc Luu Sharhabeel Al-Zaeem Denton Wilde Sapte & Co Asociados Laura Silva Aparicio Vision & Associates Sharhabeel Al-Zaeem and Pasha Karim Andrea Ignacia Alvarado Hoet Pelaez Castillo & Associates Duque Hoang Minh Duc Globalink Logistics Group Hoet Pelaez Castillo & Duque Duane Morris LLC Haytham L. Al-Zu'bi John Tucker Al-Zu'bi Law Office, Alisher T. Kasimov Duy Minh Ngo Ramon Alvins Hoet Pelaez Castillo & Advocates & Legal European Elite Duque DC Law Construction Macleod Dixon Consultants Carlos Bachrich Nagy Ricardo Useche Dao Nguyen Mohammed Amarneh Nurali Eshibaevich Mayer Brown LLP Khalmuratov De Sola Pate & Brown, Electrificaciones Guayana The Democracy and Abogados - Consultores CA Hai Thao Nguyen Workers Rights Center National Institute of Credit Information of Edgar Berroteran Uzbekenergo Baker & McKenzie Moayad Amouri Central Bank of the Hoet Pelaez Castillo & PricewaterhouseCoopers Republic of Uzbekistan Carlos Velandia Sanchez Linh Chi Nguyen Duque Asociación Venezolana Baker & McKenzie Nada Atrash Olga Kim Claudia Bustamante de Derecho Registral Minh Tuan Nguyen Architecture & Design Grata Law Firm PricewaterhouseCoopers "AVEDER" Quang Minh Nam Law Firm Ali Faroun Marina Kondratova Sergio Casinelli Anhelisa Villarroel Ltd. Palestinian Monetary Marikon Audit LLC, Macleod Dixon CONAPRI Authority member of Russell Bedford Van Anh Nguyen International Diego Castagnino Olga Vinogradova Vietbid Law Firm Samir Huleileh Hoet Pelaez Castillo & Globalink Logistics Group PADICO Laziza Rakhimova Tram Nguyen - Huyen Duque Gide Loyrette Nouel Grata Law Firm A.A.R.P.I. ACKNOWLEDGMENTS 255 Hiba I. Husseini Sydney Chisenga Patrick Jonhera Husseini & Husseini Corpus Legal Gutu & Chikowero Practitioners Nabil Isifan R.T. Katsande Netham, DPK Consulting, a Eddie Musonda Chunga Zimbabwe Electricity Division of ARD Ministry of Land Transmission & Distribution Company Fadi Kattan Arshad A Dudhia Transjordanian Musa Dudhia & Company Peter Lloyd Engineering Ltd. Gill, Godlonton & Gerrans Robin Durairajah Mohamed Khader Chibesakunda & Company Manuel Lopes Lausanne Trading (part of DLA Piper Group) PricewaterhouseCoopers Consultants Grant Henderson Rita Makarau Michael F. Orfaly Chibesakunda & Company High Court Zimbabwe PricewaterhouseCoopers (part of DLA Piper Group) Trust Salpisio Manjengwah Wael Sa'adi Mubanga Kangwa Wintertons Law Firm PricewaterhouseCoopers Chibesakunda & Company (part of DLA Piper Group) Rumbidzai Matambo Samir Sahhar Dube, Manikai and Hwacha Office of Samir Sahhar Liywalii Kanyimba Legal Practitioners PricewaterhouseCoopers Maysa Sirhan Lloyd Mhishi Palestinian Monetary Chance Kaonga Dube, Manikai and Hwacha Authority National Council for Legal Practitioners Construction Honour P. Mkushi Y E M E N , R E P. Mutale Kasonde Sawyer & Mkushi Tariq Abdullah Chibesakunda & Company (part of DLA Piper Group) Sternford Moyo Law Offices of Sheikh Scanlen & Holderness Tariq Abdullah Kirstie Krige Chibesakunda&Co Benjamin Mukandi Khaled Al Buraihi Freight World (Pvt) Ltd Khaled Al Buraihi for Bonaventure Mbewe Advocacy & Legal Services Barclays Bank T. Muringani Speartec Yaser Al-Adimi Jyoti Mistry Abdul Gabar A. Al-Adimi PricewaterhouseCoopers Canicious Mushavi for Construction & Trade CNMIG Gerald Mkandawire Adel Aldhahab SDV Ostern Mutero Alsanabani & Aldhahab Sawyer & Mkushi Law Office Paul Frobisher Mugambwa PricewaterhouseCoopers Maxwell Ngorima Mohamed Taha Hamood BDO Kudenga & Company Al-Hashimi Henry Musonda Mohamed Taha Hamood Kiran & Musonda Vanani Nyangulu & Co. Associates V.S. Nyangulu & Associates Abdulkadir AL-Hebshi Francis Mwape Ben Rafemoyo ALCO - Advocacy and National Council for Zesa Holdings Limited Legal Consultatians Office Construction C.M. Ruzengwe Rashad Khalid Al-Howiadi Kanti Patel HLB Ruzengwe & Company Central Bank of Yemen Christopher, Russell Cook Rex Shana & Co. High Court Zimbabwe Ismail Ahmed Alwazir Alwazir Consultants, Solly Patel Chris Venturas Advocates & Legal Christopher, Russell Cook Byron Venturas & Partners Research & Co. Randall Cameron Aleksandar Perunicic KPMG SDV Abdulla Farouk Luqman Mabvuto Sakala Luqman Legal Advocates & Corpus Legal Legal Consultants Practitioners Nowar M. Mejanni Valerie Sesia KPMG Customized Clearing And Forwarding Ltd. Esam Nadeesh ALCO - Advocacy and Ligal Anderson Zikonda Consultatians Office High Court Judge Khaled Mohammed Salem Ali Z I M BA BW E Luqman Legal Advocates & Legal Consultants Richard Beattie The Stone/ Beattie Studio Z A M B IA Peter Cawood Anessie Banda Bobo PricewaterhouseCoopers Patents and Companies Registration Office Innocent Chagonda (PACRO) Atherstone & Cook Gyavira Bwalya Eliab T. Chikwenhere ZESCO Ltd Zesa Holdings Limited Bonaventure Chibamba Beloved Dhlakama Mutale Byron Venturas & Partners Ellis & Co. Paul Fraser Mwelwa Chibesakunda Lofty & Fraser Chibesakunda & Company Obert Chaurura Gutu (part of DLA Piper Group) Gutu & Chikowero Doing Business 2011 STANDING ORDER FORM Standing orders are available to institutional customers only. If you or your organization would like to automatically receive each new edition of Doing Business as it is published, please check the box below, complete your address details, and mail or fax this order form to us. This will establish a standing order for your organization, and you will be invoiced each year upon publication. You may also e-mail books@worldbank.org requesting your standing order for Doing Business. At any time you can cancel the standing order by sending an e-mail to books@worldbank.org. I would like to automatically receive each new edition of Doing Business. I understand that I will be invoiced each year upon publication. Name By mail Title World Bank Publications Organization P.O. Box 960, Herndon VA 20172-0960, USA Address City Online State Zip/Postal code www.worldbank.org/publications Country By fax Phone + 1-703-661-1501 Fax Questions E-mail E-mail us at books@worldbank.org Institutional customers in the U.S. only: Please include purchase order By phone + 1-703-661-1580 or 800-645-7247 Available for US customers only, international customers please contact your local distributor to establish a standing order. Individuals interested in receiving future editions of Doing Business may ask to be added to our mailing list at books@worldbank.org. Please indicate in your e-mail that you would like to be added to the Doing Business e-mail list. DDBS06 IBRD 38121 Eastern Europe and Central Asia Eastern Europe and Central Asia was the most active in making it easier to do business in 2009/10, for the 7th year in a row. Results include one-stop shops for business start-up in 20 of its 25 economies. Business start-up is now as efficient as in OECD high-income economies. Five of the region's economies rank among the top 10 on the efficiency of property registration. Credit bureaus cover 30% of adults, up from 3% in 2004. RUSSIAN FEDERATION NIA RUS UKRAINE MOLDOVA KAZAKHSTAN MONGOLIA MANIA LGARIA GEORGIA UZBEKISTAN AZER- KYRGYZ REP. TURKEY ARMENIA BAIJAN TAJIKISTAN CYPRUS SYRIAN REP.OF JAPAN EBANON ARAB ISLAMIC REP. AFGHANISTAN CHINA KOREA ISRAEL REP. IRAQ OF IRAN East Asia and the Pacific ND GAZA JORDAN PAKISTAN BHUTAN Economies in East Asia and the Pacific hit their stride. In 2006 KUWAIT BAHRAIN NEPAL only a third of them made doing business easier. In 2009/10, 75% ARAB REP. SAUDI OF EGYPT QATAR did. Indonesia, Malaysia and Vietnam took the lead. ARABIA BANGLADESH UNITED ARAB INDIA EMIRATES LAO HONG KONG SAR, CHINA OMAN P.D.R. ERITREA REP. OF THAILAND VIETNAM SUDAN YEMEN DJIBOUTI CAMBODIA PHILIPPINES MARSHALL IS. ETHIOPIA SRI LANKA BRUNEI P. MALAYSIA PALAU FEDERATED STATES OF MICRONESIA MALDIVES KIRIBATI UGANDA KENYA SINGAPORE RWANDA South Asia REP. NGO BURUNDI Between June 2009 and May 2010, 5 of 8 economies in South SOLOMON SEYCHELLES Asia reformed business regulation making use of technology. INDONESIA PAPUA ISLANDS TANZANIA NEW GUINEA COMOROS India and Bangladesh, for example, expanded e-government services TIMOR-LESTE for business start-up. MALAWI ZAMBIA VANUATU FIJI ZIMBABWE MOZAMBIQUE MAURITIUS MADAGASCAR WANA AUSTRALIA SWAZILAND LESOTHO Top economies Top economies make it easy for local entrepreneurs to do business through e-government initiatives and risk-based and performance-based systems. Singapore tops the ranking on the ease of doing business for the 5th year in a row, followed this year NEW by Hong Kong SAR (China), New Zealand, the United Kingdom, the ZEALAND United States, Denmark, Canada, Norway, Ireland and Australia. This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on this map do not imply, on the part of The World Bank Group, any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries. OCTOBER 2010 Cert no. SGS-COC-005200