82360 Doing Business 2014 Understanding Regulations for Small and Medium-Size Enterprises Comparing Business Regulations for Domestic Firms in 189 Economies 11TH EDITION A World Bank Group Corporate Flagship © 2013 International Bank for Reconstruction and Development/The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 15 14 13 12 A copublication of The World Bank and the International Finance Corporation. This work is a product of the staff of The World Bank with external contributions. Note that The World Bank does not necessarily own each component of the content included in the work. The World Bank therefore does not warrant that the use of the content contained in the work will not infringe on the rights of third parties. The risk of claims resulting from such infringement rests solely with you. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accu- racy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 Unported license (CC BY 3.0) http://creative commons.org/licenses/by/3.0. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: World Bank. 2013. Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises. Washington, DC: World Bank Group. DOI: 10.1596/978-0-8213-9984-2. License: Creative Commons Attribution CC BY 3.0 Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Additional copies of all 11 editions of Doing Business may be purchased at www.doingbusiness.org. ISBN (paper): 978-0-8213-9984-2 ISBN (electronic): 978-0-8213-9983-5 DOI: 10.1596/978-0-8213-9984-2 Cover design: The Word Express Doing Business 2014 Understanding Regulations for Small and Medium-Size Enterprises Comparing Business Regulations for Domestic Firms in 189 Economies A World Bank Group Corporate Flagship Resources on the Doing Business website Current features Law library News on the Doing Business project Online collection of business laws and http://www.doingbusiness.org regulations relating to business and gen- der issues http://www.doingbusiness.org/law-library Rankings http://wbl.worldbank.org How economies rank—from 1 to 189 http://www.doingbusiness.org/rankings Contributors More than 10,200 specialists in 189 econ- Data omies who participate in Doing Business All the data for  189  economies—topic http://www.doingbusiness.org/contributors/ rankings, indicator values, lists of regu- doing-business latory procedures and details underlying indicators http://www.doingbusiness.org/data Entrepreneurship data Data on business density (number of new- ly registered companies per 1,000 work- Reports ing-age people) for 139 economies Access to Doing Business reports as well http://www.doingbusiness.org /data/ as subnational and regional reports, re- exploretopics/entrepreneurship form case studies and customized econ- omy and regional profiles http://www.doingbusiness.org/reports Distance to frontier Data benchmarking 189 economies to the frontier in regulatory practice Methodology http://www.doingbusiness.org/data/dis- The methodologies and research papers tance-to-frontier underlying Doing Business http://www.doingbusiness.org/methodology Information on good practices Showing where the many good practic- Research es identified by Doing Business have been Abstracts of papers on Doing Business adopted topics and related policy issues http://www.doingbusiness.org /data/ http://www.doingbusiness.org/research good-practice Doing Business reforms Doing Business iPhone App Short summaries of DB2014  business Doing Business at a Glance presents the full regulation reforms, lists of reforms since report, rankings and highlights from each DB2008 and a ranking simulation tool indicator for the iPhone, iPad and iPod http://www.doingbusiness.org/reforms touch http://www.doingbusiness.org/special- Historical data features/iphone Customized data sets since DB2004 http://www.doingbusiness.org/custom-query Contents v Preface 1 Overview 20 About Doing Business: measuring for impact 30 Research on the e ects of business regulations Case studies 41 Why are minimum capital requirements a concern for entrepreneurs? 46 What role should risk-based inspections play in construction? 52 Tackling high electricity connection costs: Trinidad and Tobago’s new approach 56 Implementing electronic tax filing and payments in Malaysia 60 Implementing trade single windows in Singapore, Colombia and Azerbaijan 66 Improving court e ciency: the Republic of Korea’s e-court experience Doing Business 2014 is the 11th in a series of annual reports investigating the reg- Topic notes ulations that enhance business activity 72 Starting a business and those that constrain it. Doing Business presents quantitative indicators on 77 Dealing with construction permits business regulations and the protection 82 Getting electricity of property rights that can be compared 86 Registering property across 189 economies—from Afghani- 90 Getting credit stan to Zimbabwe—and over time. 96 Protecting investors Regulations a ecting 11 areas of the 100 Paying taxes life of a business are covered: starting 105 Trading across borders a business, dealing with construction 110 Enforcing contracts permits, getting electricity, registering 114 Resolving insolvency property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving 118 Annex: employing workers insolvency and employing workers. The 123 References employing workers data are not includ- ed in this year’s ranking on the ease of 130 Data notes doing business. 155 Ease of doing business and distance to frontier Data in Doing Business 2014 are current 159 Summaries of Doing Business reforms in 2012/13 as of June 1, 2013. The indicators are 173 Country tables used to analyze economic outcomes and identify what reforms of business 237 Employing workers data regulation have worked, where and why. 248 Acknowledgments Preface A thriving private sector—with new firms a more prosperous world, with increased entering the market, creating jobs and opportunities for everyone developing innovative products—con- tributes to a more prosperous society. We have been excited to see a global Governments play a crucial role in sup- convergence toward good practices in porting a dynamic ecosystem for firms. business regulations. The data show that They set the rules that establish and economies in all regions of the world and clarify property rights, reduce the cost of all income levels have made important of resolving disputes and increase the strides in improving the quality of the predictability of economic transactions. rules underpinning private sector activi- Without good rules that are evenly en- ty. This year the findings have been even forced, entrepreneurs have a harder time more encouraging—low-income econo- starting and growing the small and me- mies have improved their business regu- dium-size firms that are the engines of lations at twice the rate that high-income growth and job creation for most econo- economies have. mies around the world. These developments support the twin Doing Business 2014 is the 11th in a series World Bank Group goals of ending ex- of annual reports benchmarking the regu- treme poverty and boosting shared pros- lations that a ect private sector firms, in perity. By providing useful insights into particular small and medium-size enter- good practices worldwide in business prises. The report presents quantitative regulations, Doing Business helps mobi- indicators on 11 areas of business regula- lize policy makers to reduce the cost and tion for 189 economies. Four economies complexity of government procedures have been added this year—Libya, Myan- and to improve the quality of institutions. mar, San Marino and South Sudan. The Such change serves the underprivileged data are current as of June 2013. the most—where more firms enter the formal sector, entrepreneurs have a great- The Doing Business project aims to deliv- er chance to grow their businesses and er a body of knowledge that will catalyze produce jobs, and workers are more likely reforms and help improve the quality of to enjoy the benefit of regulations such as the rules underpinning the activities of social protections and safety regulations. the private sector. This matters because in a global economy characterized by We encourage you to give feedback on constant change and transformation, it the Doing Business website (http://www. makes a di erence whether the rules doingbusiness.org) and join the conversa- are sensible or excessively burdensome, tion as we shape the project in the years whether they create perverse incentives to come to make it a more e ective mech- or help establish a level playing field, anism for better business regulation. whether they safeguard transparency and encourage adequate levels of competi- Sincerely, tion. To have a tool that allows economies to track progress over time and with re- spect to each other in the development Sri Mulyani Indrawati of the building blocks of a good business Managing Director environment is crucial for the creation of World Bank Group V Overview Regulation is a reality from the beginning shareholders’ conflicts of interest—or of a firm’s life to the end (figure 1.1). Nav- none at all. This undermines trust in the igating it can be complex and costly. On system, making it less likely that investors average around the world, starting a busi- will take a minority stake in a firm. ness takes  7  procedures, 25  days and costs  32% of income per capita in fees. Similarly, creditors need guarantees that • In 2012/13, 114 economies implemented 238 regulatory But while it takes as little as 1 procedure, their loans will be repaid. Information reforms making it easier to do half a day and almost nothing in fees in about potential borrowers and solid le- business—18% more reforms New Zealand, an entrepreneur must gal rights for creditors play an impor- than in the previous year. wait  208  days in Suriname and  144  in tant part in providing those guarantees. • If economies around the world República Bolivariana de Venezuela. Yet institutions providing these are not followed the best practice in universal among the  189  economies: regulatory processes for starting And this is just the tip of the iceberg. Con- 35 have no credit bureau or registry that a business, entrepreneurs sider what the new firm must go through distributes information about borrowers, would spend 45.4 million fewer to complete other transactions at the and  124  lack a  modern collateral regis- days each year satisfying average level of time and effort required try where a  creditor can check whether bureaucratic requirements. around the world. Preparing, filing and a movable asset being pledged as collat- • Ukraine, Rwanda, the Russian paying the firm’s annual taxes could take eral has any other liens on it. If despite all Federation, the Philippines and up another 268 hours of its staff’s time. Ex- efforts the firm ends up insolvent, having Kosovo are among the economies porting just one shipment of its final prod- institutions in place that enable creditors improving the most in 2012/13 in ucts could take 6 documents, 22 days and to recover their assets is also important. areas tracked by Doing Business. more than $1,500. If the firm needs a sim- On average around the world, creditors • Reforms reducing the complexity and ple warehouse, getting the facility ready to recover no more than 35% of their initial cost of regulatory processes continue start operating could take 26 procedures loan in case of bankruptcy as measured to be the most common. Less than and 331 days more—to buy the land, reg- by Doing Business. a third of the reforms recorded by ister its ownership, build the warehouse Doing Business in 2012/13—and in and get electricity and other utility con- In many parts of the world in recent years, the years since 2009—focused on strengthening legal institutions. nections. Having sorted out these initial Doing Business data show that there has • Sub-Saharan Africa is home to 9 of formalities, if the firm becomes embroiled been remarkable progress in removing the 20 economies narrowing the gap in a legal dispute with one of its suppliers some of the biggest bureaucratic obsta- with the regulatory frontier the most or customers, resolving the dispute could cles to private sector activity. Yet small since 2009. Low-income economies mean being stuck in court for  622  days, and medium-size enterprises still are narrowed this gap twice as much as with costs amounting to 35% of the value subject to burdensome regulations and high-income economies did. of the claim. vague rules that are unevenly applied • Economies that improve in areas and that impose inefficiencies on the en- measured by Doing Business are on To operate and expand, the firm will need terprise sector. This curtails the overall average more likely than others to financing—from shareholders or from competitiveness of economies and their also implement reforms in other creditors. Raising money in the capital potential for creating jobs. areas—such as governance, health, market is easier and less costly where education and gender equality. minority shareholders feel protected • Economies that perform well from self-interested transactions by large on Doing Business indicators shareholders. Good corporate governance WHAT DOES DOING BUSINESS do not necessarily have rules can provide this kind of protection. MEASURE—AND WHO smaller governments. But among the 189 economies covered by PERFORMS WELL? Doing Business, 46 still have only very lim- Through its indicators Doing Business ited requirements for disclosing majority measures and tracks changes in the 2 DOING BUSINESS 2014 economies that have no regulations in the FiguRe 1.1 Regulations as measured by Doing business affect firms throughout area being measured or do not apply their their life cycle regulations (considered “no practice” economies), penalizing them for lacking appropriate regulation. At start-up • Starting a business The economies ranking highest on the • Employing workers ease of doing business therefore are not those with no regulation but those whose governments have managed to create a regulatory system that facilitates inter- In getting a When things In daily location actions in the marketplace and protects operations important public interests without unnec- go wrong • Dealing with • Paying taxes • Enforcing contracts • Trading across construction permits essarily hindering the development of the • Getting electricity • Resolving insolvency borders • Registering property private sector—in other words, a regula- tory system with strong institutions and low transactions costs (table  1.1). These economies all have both a well-developed In getting private sector and a  reasonably efficient financing • Getting credit regulatory system that has managed to • Protecting investors strike a  sensible balance between the protections that good rules provide and the need to have a dynamic private sec- tor unhindered by excessively burden- some regulations. regulations applying to domestic small through indicators relating to the com- WHERE IS THE REGULATORY and medium-size companies, operating plexity and cost of regulatory processes. GAP WIDER? in the largest business city of each econ- The indicators in the first group measure omy, in 10 areas in their life cycle: starting the strength of the legal and regulatory To complement the ease of doing busi- a business, dealing with construction per- framework for getting credit, protecting ness ranking, a  relative measure, Doing mits, getting electricity, registering prop- investors, enforcing contracts and resolv- Business  2012  introduced the distance to erty, getting credit, protecting investors, ing insolvency. Those in the second group frontier, an absolute measure of business paying taxes, trading across borders, en- measure the cost and efficiency of regu- regulatory efficiency. This measure aids forcing contracts and resolving insolven- latory processes for starting a  business, in assessing how much the regulatory cy. The aggregate ranking on the ease of dealing with construction permits, getting environment for local entrepreneurs im- doing business is based on these indica- electricity, registering property, paying proves in absolute terms over time by tors. Doing Business also documents reg- taxes and trading across borders. Based showing the distance of each economy ulations on employing workers, which are on time-and-motion case studies from to the “frontier,” which represents the not included in the aggregate ranking. In the perspective of the business, these best performance by any economy ob- addition, Doing Business tracks good prac- indicators measure the procedures, time served on each of the Doing Business in- tices around the world to provide insights and cost required to complete a  trans- dicators since 2003 or the year in which into how governments have improved the action in accordance with the relevant data for the indicator were first collect- regulatory environment in the past in the regulations (for a detailed explanation of ed. Because the distance to frontier is areas that it measures (see table 1.5 at the the Doing Business methodology, see the an absolute measure, it can be used for end of this overview). data notes and the chapter “About Doing comparisons over time. The measure is Business”). normalized to range between 0 and 100, Regulations that protect consumers, with  100  representing the frontier. A shareholders and the public without over- Doing Business is not about less regulation higher score indicates a more efficient burdening firms help create an environ- but about better regulation. According- business environment and stronger legal ment where the private sector can thrive. ly, some Doing Business indicators give institutions (for a detailed description of Sound business regulation requires both a higher score for better and more devel- the methodology, see the chapter on the efficient procedures and strong institu- oped regulation, as the protecting inves- ease of doing business and distance to tions that establish transparent and en- tors indicators do for stricter disclosure frontier). forceable rules. Doing Business measures requirements for related-party transac- both these elements: through indicators tions. Other indicators, such as those Analysis based on the distance to fron- relating to the strength of legal institu- on dealing with construction permits, tier measure shows that on average tions relevant to business regulation and automatically assign the lowest score to across all regions, economies are closest Overview 3 Table 1.1  Rankings on the ease of doing business DB2014 DB2014 DB2014 Rank Economy reforms Rank Economy reforms Rank Economy reforms 1 Singapore 2 64 St. Lucia 0 127 Honduras 0 2 Hong Kong SAR, China 1 65 Italy 3 128 Egypt, Arab Rep. 0 3 New Zealand 1 66 Trinidad and Tobago 1 129 Kenya 0 4 United States 0 67 Ghana 0 130 Bangladesh 1 5 Denmark 0 68 Kyrgyz Republic 0 131 Bosnia and Herzegovina 0 6 Malaysia 3 69 Turkey 3 132 Uganda 1 7 Korea, Rep. 1 70 Azerbaijan 3 133 Yemen, Rep. 0 8 Georgia 1 71 Antigua and Barbuda 0 134 India 0 9 Norway 0 72 Greece 3 135 Ecuador 1 10 United Kingdom 2 73 Romania 3 136 Lesotho 1 11 Australia 1 74 Vanuatu 1 137 Cambodia 0 12 Finland 0 75 Czech Republic 1 138 West Bank and Gaza 1 13 Iceland 1 76 Mongolia 3 139 Mozambique 2 14 Sweden 1 77 Dominica 0 140 Burundi 6 15 Ireland 0 78 Moldova 3 141 Bhutan 2 16 Taiwan, China 0 79 Guatemala 3 142 Sierra Leone 0 17 Lithuania 2 80 Seychelles 0 143 Tajikistan 2 18 Thailand 1 81 San Marino 0 144 Liberia 2 19 Canada 0 82 St. Vincent and the Grenadines 0 145 Tanzania 2 20 Mauritius 3 83 Zambia 1 146 Uzbekistan 6 21 Germany 0 84 Bahamas, The 2 147 Nigeria 0 22 Estonia 1 85 Sri Lanka 4 148 Madagascar 2 23 United Arab Emirates 3 86 Kosovo 3 149 Sudan 0 24 Latvia 4 87 Morocco 3 150 Gambia, The 1 25 Macedonia, FYR 6 88 Uruguay 1 151 Iraq 0 26 Saudi Arabia 0 89 Croatia 5 152 Iran, Islamic Rep. 0 27 Japan 0 90 Albania 1 153 Algeria 0 28 Netherlands 2 91 Barbados 0 154 Burkina Faso 1 29 Switzerland 0 92 Russian Federation 5 155 Mali 0 30 Austria 0 93 Serbia 0 156 Micronesia, Fed. Sts. 0 31 Portugal 1 94 Jamaica 3 157 Togo 3 32 Rwanda 8 95 Maldives 1 158 Comoros 1 33 Slovenia 1 96 China 2 159 Lao PDR 1 34 Chile 1 97 Solomon Islands 0 160 Djibouti 3 35 Israel 2 98 Namibia 0 161 Suriname 2 36 Belgium 0 99 Vietnam 2 162 Bolivia 0 37 Armenia 2 100 Palau 2 163 Gabon 3 38 France 1 101 St. Kitts and Nevis 0 164 Afghanistan 2 39 Cyprus 0 102 Costa Rica 2 165 Syrian Arab Republic 0 40 Puerto Rico (U.S.) 0 103 Malta 1 166 Equatorial Guinea 0 41 South Africa 1 104 Kuwait 1 167 Côte d'Ivoire 4 42 Peru 0 105 Nepal 1 168 Cameroon 0 43 Colombia 2 106 Belize 0 169 São Tomé and Príncipe 0 44 Montenegro 2 107 Grenada 0 170 Zimbabwe 0 45 Poland 2 108 Philippines 3 171 Malawi 1 46 Bahrain 1 109 Paraguay 1 172 Timor-Leste 0 47 Oman 0 110 Pakistan 0 173 Mauritania 1 48 Qatar 1 111 Lebanon 0 174 Benin 2 49 Slovak Republic 0 112 Ukraine 8 175 Guinea 3 50 Kazakhstan 2 113 Papua New Guinea 0 176 Niger 2 51 Tunisia 0 114 Marshall Islands 0 177 Haiti 0 52 Spain 1 115 Guyana 1 178 Senegal 1 53 Mexico 3 116 Brazil 0 179 Angola 0 54 Hungary 0 117 Dominican Republic 0 180 Guinea-Bissau 1 55 Panama 4 118 El Salvador 1 181 Venezuela, RB 1 56 Botswana 1 119 Jordan 0 182 Myanmar 1 57 Tonga 1 120 Indonesia 1 183 Congo, Dem. Rep. 3 58 Bulgaria 0 121 Cape Verde 2 184 Eritrea 0 59 Brunei Darussalam 1 122 Kiribati 0 185 Congo, Rep. 3 60 Luxembourg 0 123 Swaziland 2 186 South Sudan 0 61 Samoa 0 124 Nicaragua 2 187 Libya 0 62 Fiji 0 125 Ethiopia 0 188 Central African Republic 1 63 Belarus 4 126 Argentina 1 189 Chad 1 Note: The rankings for all economies are benchmarked to June 2013 and reported in the country tables. This year‘s rankings on the ease of doing business are the average of the economy‘s percentile rankings on the 10 topics included in this year‘s aggregate ranking. The number of reforms excludes those making it more difficult to do business. Source: Doing Business database. 4 Doing Business 2014 to the frontier—or best practice—in the area of starting a business. And they are OECD high-income economies are closest to the frontier in regulatory practice Figure 1.2   furthest from the frontier on average in 100 resolving insolvency. Starting a  busi- Regulatory frontier 90 Average distance to frontier ness is also the area where all regions 80 are closest together, in line with the ev- (percentage points) 70 idence on convergence presented later in 60 the overview. Performance in such areas 50 as getting credit, enforcing contracts and 40 resolving insolvency varies considerably 30 20 across regions. ss with its y erty es rders credit contracts ors ency electricit a busine x tion perm g invest Paying ta ng prop g insolv Across most areas measured by Doing o Dealing across b Getting Business, OECD high-income economies g Getting n Starting Enforcin Registeri construc Protecti Resolvin are closer to the frontier on average than Trading those of any other region (figure 1.2). The exceptions are starting a  business and registering property, where Europe and OECD high income Europe & Central Asia South Asia Central Asia is slightly ahead. Sub-Saha- ran African economies are furthest from Middle East & North Africa East Asia & Pacific Latin America & Caribbean the frontier on average in 6 of the 10 areas Sub-Saharan Africa measured by Doing Business: starting a business, getting electricity, paying taxes, trading across borders, protecting inves- Source: Doing Business database. tors and resolving insolvency Regional performance varies considerably across the areas measured by Doing Busi- ness. In several areas Europe and Central performance across areas of regulation growth of new firms, discouraging entre- Asia has an average performance similar measured by Doing Business. Rankings of preneurship. to that of OECD high-income economies. economies in these areas provide anoth- But in dealing with construction permits er. The ease of doing business ranking is this region is further from the regulatory just one number—aggregating an average of more than  300  data points for each WHAT IS THE BIGGER PICTURE? frontier than any other. East Asia and the Pacific follows Europe and Central Asia economy. Not surprisingly, the full set Doing Business recognizes that the state closely in some areas but outperforms of rankings and data across Doing Busi- plays a  fundamental role in private sec- that region in dealing with construction ness topics for an economy can present tor development. Governments support permits, getting electricity, paying taxes a very different picture than the aggregate economic activity by establishing and and trading across borders. Latin America ranking (figure  1.3). Take Estonia, which enforcing rules that clarify property rights and the Caribbean has a performance re- stands at 22 in the ease of doing business and reduce the cost of resolving disputes, markably similar to that of East Asia and ranking. Its rankings on individual topics that increase the predictability of eco- the Pacific except in paying taxes. range from  7  in trading across borders nomic interactions and that provide con- to 68 in protecting investors. Japan’s low- tractual partners with core protections The Middle East and North Africa has est 3 rankings (in paying taxes, starting a against abuse. So it is no surprise to find a  very diverse performance. In some ar- business and dealing with construction that there is no evidence suggesting that eas, such as paying taxes, it is almost as permits) average 117, while its highest 3 (in economies that do well on Doing Business close to the frontier as OECD high-in- resolving insolvency, protecting investors indicators tend to have governments driv- come economies. In other areas, such and trading across borders) average 13. Ja- en by a “smaller government” philosophy. as getting credit, the Middle East and pan’s ranking on the overall ease of doing Indeed, the data suggest otherwise. It is North Africa has the lowest performance business is 27. Three economies added to generally the bigger governments (as among regions. South Asia has a gap with the Doing Business sample this year—Lib- measured by government consumption the frontier similar to that of Sub-Saharan ya, Myanmar and South Sudan—show expenditure as a percentage of GDP), not Africa in most areas, though it substan- similar variation across topics (box 1.1). the small ones, that tend to provide more tially outperforms that region in 3 areas— of the protections and efficient rules pro- starting a  business, resolving insolvency This variation can point to important reg- moted by Doing Business. and getting credit. ulatory obstacles for firms. An economy may make it easy to start a business, for Economies performing well on Doing The distance to frontier measure pro- example. But if getting financing is dif- Business indicators include examples vides one perspective on variation in ficult, the constraints will hamper the with large governments as well as those OVERVIEW 5 FiguRe 1.3 an economy’s regulatory environment may be more business-friendly in some areas than in others 180 160 140 Average ranking 120 100 80 60 Average of lowest 3 topic rankings 40 Average of all topic rankings 20 Average of highest 3 topic rankings 0 Singapore Hong Kong SAR, China United States Korea, Rep. Georgia Finland Iceland Taiwan, China Ireland Estonia Mauritius Germany Portugal Switzerland Saudi Arabia Austria Rwanda France Belgium Qatar Bahrain Armenia Israel Spain Poland Puerto Rico (U.S.) Slovak Republic Hungary Luxembourg Mexico St. Lucia Greece Bulgaria St. Vincent and the Grenadines Kyrgyz Republic Italy Ghana Vanuatu Guatemala Bahamas, The Morocco Zambia San Marino Barbados Kosovo Solomon Islands St. Kitts and Nevis Vietnam Maldives Namibia Costa Rica Grenada Albania Belize Ukraine Lebanon Guyana Cape Verde Papua New Guinea Kiribati Indonesia El Salvador Ecuador Bhutan Argentina Bangladesh Honduras Lesotho Kenya Uzbekistan India Tanzania Mozambique Gambia, The Micronesia, Fed. Sts. Sudan Nigeria Comoros Iran, Islamic Rep. Equatorial Guinea Syrian Arab Republic Afghanistan Djibouti Bolivia Cameroon Zimbabwe Mauritania Haiti Angola Guinea Guinea-Bissau Myanmar Libya Congo, Rep. Central African Republic Note: Rankings reflected are those on the 10 Doing Business topics included in this year’s aggregate ranking on the ease of doing business. Figure is illustrative only; it does not include all 189 economies covered by this year’s report. See the country tables for rankings on the ease of doing business and each Doing Business topic for all economies. Source: Doing Business database. with small ones. Denmark, with among to more effectively allocate resources. No set of indicators can possibly capture the largest governments in the world, is This means not hampering the produc- the full complexity of a  particular reali- number 5 in the ease of doing business tivity of formal businesses through over- ty—in the case of the Doing Business indi- ranking; the Netherlands, also with one of ly burdensome rules. And it means not cators, that faced by entrepreneurs as they the largest governments, is number  28. needlessly depriving the economy of the go about their activities while attempting Hong Kong SAR, China, with a  relative- skills and contributions of women. Over- to comply with the rules established by ly small government, is number 2 in the all, economies with smarter business government. Having a  state-of-the-art ranking. Economies performing poorly regulations are more likely to nurture an business registry has less impact on job on Doing Business indicators also include environment conducive to greater eco- creation or private sector investment in examples with large and small govern- nomic inclusion. an economy if roads are lacking, crime is ments. Zimbabwe, with a  large govern- ment relative to GDP, ranks at 170; Equa- torial Guinea, with a  small government, FiguRe 1.4 good performance on Doing business indicators is not associated with ranks at  166. Nevertheless, on average smaller governments economies with smaller governments do not perform better on Doing Business 100 Distance to frontier (percentage points), 2012 indicators than those with larger govern- ments (figure 1.4). 80 Moreover, economies performing well on Doing Business indicators are on average more inclusive along at least  2  dimen- 60 sions. They tend to have smaller informal sectors, meaning that more people have access to the formal market and can 40 benefit from such regulations as social protections and workplace safety regula- 20 tions (figure 1.5). And they are more like- 0 10 20 30 40 ly to have gender equality under the law General government final consumption expenditure as % of GDP, 2012 as measured by the World Bank Group’s Women, Business and the Law indica- Note: The correlation between the distance to frontier and government expenditure is 0.20 and significantly tors.1  These  2  aspects of inclusiveness different from zero. reflect in part a  desire by governments Source: Doing Business database; World Bank, World Development Indicators database. 6 Doing Business 2014 The right time to improve business regulations Box 1.1  For the first time, this year’s report measures business regulations in Libya, Myanmar and South Sudan, economies that emerged from conflict or are starting to open up to the global economy after years of isolation. This is the right time to improve business regulations. Old laws and regulations still apply in Myanmar, including the Companies Act of 1914, the Code of Civil Procedure of 1908 and the Evidence Act, 1872. In Libya the civil code and the civil and commercial procedure codes all date back to 1953. In South Sudan the challenge is not updating old laws and regulations but creating new ones from scratch. This process takes time. Yet since independence in 2011, South Sudan has passed a company law, tax law and insolvency law. Doing Business provides baseline data that can help inform policy makers designing laws and their implementation. Data in this year’s report show that these 3 economies rank among the bottom 10 on the ease of doing business. Although their performance varies somewhat across Doing Business topics, the data consistently show that these economies have complex and costly regulatory procedures and weak institutions relevant to business regulation (see figure). But in all 3 economies new laws are under discussion that may affect future editions of the Doing Business data. Doing Business will continue to measure and monitor potential improvements. There are many areas for regulatory improvement in fragile and conflict-affected states Global ranking, by Doing Business topic Starting a Libya 189 171business Dealing with 189 189 Myanmar Resolving Starting a business insolvency construction 112 155 Resolving 105 108 permits insolvency 150 Dealing with construction 100 permits 150 Enforcing contracts 118 Getting 68 108 77 electricity 188 Enforcing 76 126 Getting electricity contracts 91 79 Trading 89 93 Registering 75 92 143 across property189 113 Trading across 154 Registering borders 64 borders 73 81 property Libya 86 Myanmar 116 133 113 Getting credit 107 Paying taxes 170 Getting credit Paying taxes Middle East & East Asia & 186 Protecting Protecting North Africa Pacific investors investors 187 182 South 189 Starting a 120 Starting a business Syrian Sudan Resolving business 140 Dealing with Resolving 135 Dealing with 189 Arab 112 construction insolvency construction 171 permits insolvency 105 permits Republic Enforcing 108 87 Enforcing 134 124 Getting 184 contracts Getting electricity 117 contracts 123 135 electricity 179 118 77 82 147 Trading across 89 64 93 Registering Trading 141 121 Registering borders property 82 187 across property 183 133 borders 113 126 113 Getting credit 114 South Sudan Paying taxes 180 Syrian Arab Paying taxes Getting 120 Protecting Republic 92 Protecting credit Sub-Saharan investors Middle East & investors 180 182 Africa 115 North Africa Note: Numbers are economy and regional average rankings, with 1 denoting the highest ranking on a topic and 189 the lowest. Source: Doing Business database. In economies affected by conflict, reforming business regulations is almost always a difficult task—even as firms often face increasing challenges in the business regulatory environment. Civil strife, a substantial weakening in the state’s ability to enforce the law and other characteristics of conflict-affected states often bring about a substantial worsening of the conditions in which the private sector operates. The Syrian Arab Republic was the economy that showed the greatest deterioration in 2012/13 in the areas measured by Doing Business. The time and cost associated with trading across borders increased substantially, for example, and no building permits are being issued in Damascus, making it impossible to legally build new construction. Yet there is encouraging news from other fragile and conflict-affected states. A recently published report, Doing Business in the g7+ 2013, shows that all economies in the g7+ group have improved their business regulatory environment since 2005, narrowing the gap with the best performance observed globally by Doing Business.a Sierra Leone, Burundi, Guinea-Bissau, Timor-Leste, Côte d’Ivoire, Togo and the Solomon Islands are all among the 50 economies making the biggest improvements between 2005 and 2012. a. A special report, Doing Business in the g7+ 2013 compares business regulations in economies of the g7+ group: Afghanistan, Burundi, the Central African Republic, Chad, the Comoros, the Democratic Republic of Congo, Côte d’Ivoire, Guinea, Guinea-Bissau, Haiti, Liberia, Papua New Guinea, Sierra Leone, the Solomon Islands, South Sudan, Timor-Leste and Togo. The g7+ group is a country-owned and country-led global mechanism established in April 2010 to monitor, report and draw attention to the unique challenges faced by fragile states. Overview 7 Figure 1.5  Good performers on Doing Business indicators are likely to be more inclusive—with a smaller informal sector and greater gender equality under the law 100 100 (percentage points), 2013 (percentage points), 2007 80 Distance to frontier 80 Distance to frontier 60 60 40 40 20 20 10 20 30 40 50 60 0 10 20 30 Informal sector as % of GDP, 2007 Number of restrictions for women in the law, 2013 Note: The correlation between the distance to frontier and the size of the informal sector is −0.65. The correlation between the distance to frontier and the number of restrictions for women in the law is −0.34. Both relationships are significant at the 1% level after controlling for income per capita. The number of restrictions for women in the law refers to those measured by Women, Business and the Law, a data set capturing 47 legal restrictions on women’s employment and entrepreneurship. Source: Doing Business database; Schneider, Buehn and Montenegro 2010; World Bank Group, Women, Business and the Law database. rampant and state capture or corruption an initial fixed cost). Firms benefit from by about  2,400 (11%) and the time by is the norm. To understand the challeng- more streamlined and less costly process- about 40,000 days. es faced by businesses, the Doing Business es or more reliable institutions. And econ- rankings and underlying data therefore omies as a  whole benefit from new firm These calculations are for a  hypothetical need to be used in conjunction with oth- start-ups, more jobs, growth in trade and case taking  1  firm through all procedures er information. Of course, sound business greater overall economic dynamism (see measured by Doing Business in every regulations are not the only thing on which the chapter on research on the effects of economy covered. But some economies a  thriving business environment depends. business regulations). are much larger than others, and in these Other areas beyond the focus of Doing Busi- economies the burden of poor regula- ness are also important—including stable In 2012/13 such efforts continued around tion affects a  larger number of firms. In macroeconomic policy, a  well-educated the world: 114  economies implement- the 107 economies covered by both Doing workforce and well-developed infrastruc- ed  238  regulatory reforms making it Business and the World Bank’s Entrepre- ture, just to name a few. easier to do business, about  18% more neurship Database, an estimated  3.1  mil- reforms than in the previous year. This lion limited liability companies were newly is the second highest number of reforms registered in  2012  alone.3  Assuming that implemented in a year since the financial they followed the rules and regulations WHAT GAINS WERE ACHIEVED crisis of 2009. for company incorporation in their home IN 2012/13? economy as measured by Doing Busi- Reforming in any area of government policy ness, these 3.1 million firms together dealt is a challenge. Business regulation is no ex- Inroads in reducing formalities with 18.7 million different procedures and ception. Implementing regulatory changes The results of these reforms are tangible. spent  46.9  million days to get incorpo- often requires agreement among multiple They can be quantified by adding up all the rated. But if all  107  economies followed agencies in a government. Consider a one- regulatory procedures, payments and doc- best practice in regulatory processes for stop shop for business registration. Creat- uments required for a  small to medium- starting a business, these new firms would ing one involves coordination across the size firm to complete a  set of transac- have had to spend only  1.5  million days business registry, the statistical office, the tions—such as to start a business, regis- dealing with the local bureaucracy, leaving municipal tax office and the state tax of- ter property and so on—in every economy them a greater share of their time and en- fice, to name just a few. But 96 economies covered by Doing Business. In  2012  such trepreneurial energy to devote to their new have nevertheless done so. formalities would have come to a  to- business. In other words, because not all tal of  21,272  and taken  248,745  days to economies followed best practice, entre- Governments undertake such reforms be- complete (table  1.2). Thanks to the reg- preneurs spent an extra 45.4 million days cause reducing the complexity and cost of ulatory reforms undertaken in  2012/13, satisfying bureaucratic requirements. regulatory processes or strengthening le- this regulatory maze now contains gal institutions relevant to business regu- about 300 (1.3%) fewer formalities than lation brings many benefits. Governments in  2012.2  Compared with  2005, the first Patterns across regions benefit from cost savings because the year in which data for  9  of the  10  Doing Patterns of regulatory reform vary across new systems often are easier to maintain Business indicator sets were first collect- regions. In  2012/13  South Asia had the (though setting up a new system involves ed, the number of formalities has fallen largest share of economies (75%) with 8 Doing Business 2014 regulatory reforms in at least 1 area mea- Total formalities, time and cost to complete one transaction in every economy Table 1.2   sured by Doing Business.4 Europe and Cen- 2012 2013 Savings tral Asia, continuing its steady pace of regulatory reform, had the second largest Starting a business share (73%), closely followed by Sub-Sa- Procedures (number) 1,393 1,335 58 haran Africa (66%). In East Asia and the Pacific 60% of economies had at least 1 Time (days) 5,590 4,700 890 regulatory reform, while in Latin America Cost (US$) 203,765 201,648 2,117 and the Caribbean only 53% did. The Mid- Minimum capital (US$) 523,148 480,337 42,811 dle East and North Africa had the smallest share of economies implementing reg- Dealing with construction permits ulatory reforms in at least  1  area (40%), Procedures (number) 2,865 2,777 88 a development that is partly linked to the current political turmoil in the region. Time (days) 33,532 31,951 1,581 Cost (US$) 2,773,595 2,570,251 203,344 As in previous years, reforms aimed at Getting electricity reducing the complexity and cost of reg- ulatory processes were more common Procedures (number) 1,010 1,002 8 around the world than those focused on Time (days) 20,651 20,625 26 strengthening legal institutions relevant to business regulation (figure  1.6). In Cost (US$) 5,640,846 5,506,263 134,583 South Asia, for example, 75% of econo- Registering property mies implemented at least  1  reform re- Procedures (number) 1,105 1,090 15 ducing regulatory complexity and cost, while only  25% had at least  1  aimed at Time (days) 10,082 9,488 594 strengthening legal institutions. The pat- Cost (US$) 5,476,360 5,543,489 –67,129 tern is similar across all other regions ex- cept East Asia and the Pacific. Paying taxes Payments (number per year) 5,141 5,046 95 Time (hours per year) 50,804 50,607 197 WHO IMPROVED THE MOST Trading across borders IN 2012/13? Documents to export (number) 1,174 1,175 –1 In  2012/13, 29  economies implemented in net 3 or more reforms improving their Time to export (days) 4,171 4,132 39 business regulatory systems or related Cost to export (US$ per container) 278,546 286,385 –7,839 institutions as measured by Doing Busi- ness. These  29  include economies from Documents to import (number) 1,372 1,369 3 all income groups: high income (5), upper Time to import (days) 4,702 4,661 41 middle income (9), lower middle income Cost to import (US$ per container) 334,393 344,573 –10,180 (12) and low income (3). And they in- clude economies from all regions. Enforcing contracts Procedures (number) 7,212 7,207 5 Among the 29 economies, 10 stand out as having narrowed the distance to fron- Time (days) 117,847 117,489 358 tier the most: Ukraine, Rwanda, the Rus- Resolving insolvency sian Federation, the Philippines, Kosovo, Time (years) 460 454 6 Djibouti, Côte d’Ivoire, Burundi, the for- mer Yugoslav Republic of Macedonia and 2012 2013 Total savings Guatemala (table 1.3). Five of these—Bu- Total formalities (number) 21,272 21,001 271 rundi, Guatemala, FYR Macedonia, Rwan- da and Ukraine—have placed among the Total time (days) 248,745 243,283 5,462 economies improving the most in previ- Total cost (US$) 15,230,653 14,932,946 297,707 ous years. Together, 10 economies imple- Source: Doing Business database. mented 49 reforms making it easier to do business in  2012/13. Of these reforms, 38  were aimed at reducing the com- plexity and cost of regulatory processes and 11 at strengthening legal institutions. Overview 9 Ukraine was the top improver in 2012/13, implementing reforms in 8 of the 10 ar- Reforms reducing regulatory complexity and cost continued to be more Figure 1.6   common in 2012/13 eas measured by Doing Business. Ukraine made starting a business easier by elim- inating a  separate procedure for reg- 75 Share of economies with at least 69 istration with the statistical office and 1 Doing Business reform (%) 60 abolishing the fee for value added tax reg- 50 istration. It made dealing with construc- 46 42 tion permits easier by instituting a  risk- 36 32 30 based approval system that streamlined 25 26 procedures for simpler buildings with 19 20 13 fewer risk factors. And an amendment to the property rights law simplifying the process for registering ownership rights South Asia Europe Sub-Saharan Latin America OECD high East Asia Middle East to real estate made both dealing with & Central Asia Africa & Caribbean income & Pacific & North Africa construction permits and registering Reforms to reduce complexity and cost of regulatory processes property easier. Reforms to strengthen legal institutions In addition, Ukraine’s private credit bu- Note: Reforms to reduce the complexity and cost of regulatory processes are those in the areas of starting a busi- ness, dealing with construction permits, getting electricity, registering property, paying taxes and trading across reau (IBCH) began collecting data on borders. Reforms to strengthen legal institutions are those in the areas of getting credit, protecting investors, firms from banks, expanding the infor- enforcing contracts and resolving insolvency. mation available to creditors and debtors. Source: Doing Business database. The introduction of simpler forms for val- ue added tax and the unified social contri- bution reduced the time required for tax export and import. And an amendment to Dealing with construction permits was compliance. The implementation of the the bankruptcy law made resolving insol- the most common area of regulatory new customs code reduced the time to vency easier. reform among the top improvers. Nine The 10 economies improving the most across 3 or more areas measured by Doing Business in 2012/13 Table 1.3   Reforms making it easier to do business Ease of Dealing doing with Trading business Starting a construction Getting Registering Getting Protecting Paying across Enforcing Resolving rank business permits electricity property credit investors taxes borders contracts insolvency 1 Ukraine 112 √ √ √ √ √ √ √ √ 2 Rwanda 32 √ √ √ √ √ √ √ √ 3 Russian 92 √ √ √ √ √ Federation 4 Philippines 108 √ √ √ 5 Kosovo 86 √ √ √ 6 Djibouti 160 √ √ √ 7 Côte d‘Ivoire 167 √ √ √ √ 8 Burundi 140 √ √ √ √ √ √ 9 Macedonia, 25 √ √ √ √ √ √ FYR 10 Guatemala 79 √ √ √ Note: Economies are selected on the basis of the number of their reforms and ranked on how much they improved in the distance to frontier measure. First, Doing Business selects the economies that implemented reforms making it easier to do business in 3 or more of the 10 topics included in this year’s aggregate ranking. Regulatory reforms making it more difficult to do business are subtracted from the number of those making it easier. Second, Doing Business ranks these economies on the improvement in their distance to frontier score from the previous year. The improvement in their score is calculated not by using the data published in 2012 but by using comparable data that capture data revisions. The choice of the most improved economies is determined by the largest improvements in the distance to frontier score among those with at least 3 reforms. Source: Doing Business database. 10 Doing Business 2014 Figure 1.7  How far have economies moved toward the frontier in regulatory practice since 2009? 100 Distance to frontier (percentage points) Regulatory frontier 75 50 25 0 St. Vincent and the Grenadines Singapore Hong Kong SAR, China New Zealand Denmark United States Korea, Rep. United Kingdom Ireland Norway Sweden Malaysia Iceland Finland Georgia Australia Germany Canada Japan Taiwan, China Austria Netherlands Thailand Lithuania Latvia Portugal Switzerland Estonia United Arab Emirates Mauritius Belgium Macedonia, FYR Israel Saudi Arabia Puerto Rico (U.S.) France Poland Spain Slovenia Rwanda Montenegro South Africa Mexico Peru Chile Colombia Bahrain Qatar Slovak Republic Tunisia Bulgaria Cyprus Armenia Oman Ghana Italy Botswana Guatemala Turkey Fiji Panama Luxembourg Tonga Czech Republic Vanuatu Hungary Samoa St. Lucia Belarus Bahamas, The Romania Kosovo Jamaica Croatia Morocco Zambia Moldova Antigua and Barbuda Dominica Belize Trinidad and Tobago Uruguay Kazakhstan Maldives Seychelles Greece Namibia Brunei Darussalam Note: The distance to frontier measure shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2003 or the first year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in Doing Business 2010 (2009). Six economies were added in subsequent years. The vertical bars show the change in the distance to frontier from 2009 to 2013. The 20 economies improving the most are highlighted in red. Source: Doing Business database. of the  10  made changes in this area. Other top improvers enhanced insol- receive verifications and approvals elec- Improvements in construction permit- vency legislation, strengthened the le- tronically. ting often show results only after a long gal rights of creditors or increased the lag following the approval of new laws scope of credit information available. Four economies among the  10  top im- or systems. In Russia it took more than The Philippines improved credit infor- provers reduced the complexity and a decade for the national urban planning mation sharing by guaranteeing bor- cost of getting an electricity connection. code of 1997 to be implemented in Mos- rowers’ right to access their data in the Russia made obtaining a  connection cow. The mayor finally adopted the code country’s largest credit bureau. In FYR simpler and less costly by streamlining in April  2011, replacing multiple ad hoc Macedonia new amendments to the procedures and setting standard connec- regulations. But builders in Moscow are Law on Contractual Pledge, adopted in tion tariffs. only now experiencing the positive ef- June  2012, allow more flexibility in the fects of its implementation. In Guatemala design of debt agreements using mov- Only 2 of the 10 top improvers strength- City the municipality expanded the one- able collateral. And in Djibouti a  new ened the protections of minority inves- stop shop for construction permitting to commercial code that replaced the one tors—Rwanda and FYR Macedonia. And include the water company, EMPAGUA, from 1986 strengthened the legal rights only 1 made enforcing contracts easier— in 2012. of creditors and improved the insolven- Côte d’Ivoire, by introducing a specialized cy framework. commercial court. Property registration was another com- mon focus, with  7  of the top improvers Improvements to the import and export implementing changes in this area. The process were also common. Russia in- Rwanda Natural Resources Authority im- troduced a  new data interchange sys- WHO IMPROVED THE MOST IN THE PAST 5 YEARS? plemented a  systematic land registration tem in  2009  enabling traders to submit program, and now  90% of properties in customs declarations and supporting Many of the top improvers in 2012/13 have the country are registered. In March 2013 documents electronically. The number of been actively reforming business regula- Burundi established a one-­ stop shop for users has since grown, and it is now the tions for several years. This year’s report property transfers. most popular method of submitting cus- presents the global trends since 2009. That toms declarations. Rwanda implemented year was chosen for 2 main reasons. First, Guatemala, FYR Macedonia, the Philip- an electronic single-window system in starting with 2009 provides 5 annual data pines, Rwanda and Ukraine simplified the January 2013 at the Rusumo border post points, allowing analysis of medium-term process of paying taxes for firms. Expand- with Tanzania, the post used to access improvements. And second, it means that ing or introducing online filing and pay- the port of Dar es Salaam. Connected to the distance to frontier measure can be ment systems and simplifying tax forms such institutions as the Rwanda Bureau used to analyze the improvement across all were the most common features of the of Standards and the Rwanda Develop- 10 topics now included in the ease of doing reforms in these economies. ment Board, the system allows traders to business ranking, since 2009 was the first Overview 11 2013 2009 Serbia Russian Federation Costa Rica Kyrgyz Republic Sri Lanka Lebanon Azerbaijan China Solomon Islands Mongolia Nepal Vietnam Paraguay Dominican Republic Kuwait Grenada St. Kitts and Nevis Philippines Palau Jordan Swaziland Papua New Guinea El Salvador Kenya Cape Verde Nicaragua Ukraine Honduras Guyana Pakistan Indonesia Bosnia and Herzegovina Ethiopia Ecuador Kiribati Lesotho Tanzania Yemen, Rep. Egypt, Arab Rep. Marshall Islands Argentina Bhutan Mozambique West Bank and Gaza Iran, Islamic Rep. Uganda Brazil India Sudan Algeria Mali Gabon Sierra Leone Bangladesh Liberia Cambodia Gambia, The Iraq Cameroon Côte d‘Ivoire Madagascar Lao PDR Togo Bolivia São Tomé and Príncipe Comoros Equatorial Guinea Burkina Faso Burundi Uzbekistan Tajikistan Suriname Nigeria Benin Malawi Senegal Micronesia, Fed. Sts. Djibouti Guinea-Bissau Syrian Arab Republic Angola Timor-Leste Guinea Niger Mauritania Haiti Afghanistan Zimbabwe Venezuela, RB Congo, Rep. Congo, Dem. Rep. Eritrea Central African Republic Chad Albania year in which data were collected for the economies that typically rank low on the average. Moreover, improvement is hap- getting electricity indicators. ease of doing business. pening where it is most needed. The re- gions where regulatory processes are Regulations have become more business- In some economies the absence of reg- longer and costlier and regulatory insti- friendly over time, but for a  large num- ulatory reforms may reflect a  turbulent tutions are weaker are also those where ber of economies there is ample room political and institutional environment, the biggest improvements have occurred. for more improvement. On average which sharply limits the government’s Over the past 5 years Sub-Saharan Africa since  2009, the  183  economies included ability to focus on creating a  more reduced the gap with the regulatory fron- in the analysis have narrowed the gap with business-­ friendly regulatory environ- tier by 3 times as much as OECD high- the regulatory frontier by  3.1  percentage ment. Civil conflicts, widespread poverty income economies did (figure  1.8). And points (figure  1.7). In  2009  these econo- and serious constraints in administra- low-income economies improved their mies were 41.3 percentage points from the tive capacity may make it difficult, for average distance to frontier score at twice frontier on average, with the closest econ- example, to strengthen creditors’ rights, the rate that high-income economies did omy  9.3  percentage points away and the create a  more efficient judicial system (figure 1.9). Part of the explanation is that furthest one 72.3 percentage points away. or expand the range of protections af- high-income economies were much clos- Now these  183  economies are  38.1  per- forded to minority shareholders. In oth- er to the frontier to start with and there- centage points from the frontier on aver- er economies, however, the issue is not fore had less room to improve. But low- age, with the closest economy  7.8  per- capacity or resource constraints but the income economies have nevertheless centage points away and the furthest policy choices the authorities have made, made an important effort to improve economy 68.8 percentage points away. often biased against the private sector. In business regulations since 2009. these economies the distance to frontier Two-thirds of the reforms recorded by measure reveals a  significant worsening Business regulatory reform is particularly Doing Business in the past  5  years fo- in the quality of the business regulatory relevant in low-income economies. In- cused on reducing the complexity and environment over the past several years, formation presented in this year’s report cost of regulatory processes; the re- with small and medium-size enterprises shows the link between better business maining third sought to strengthen the facing a growing number of cumbersome regulations and economic growth (see institutional framework for business restrictions and distortions. the chapter on research on the effects of regulation. Among the  183  economies, business regulations). Moreover, recent only  7  implemented no changes in any research shows that economic growth of the areas measured by Doing Busi- Improvement across regions and remains the most important factor in de- ness—Antigua and Barbuda, Bolivia, Er- income groups termining the pace of income growth for itrea, Iraq, Kiribati, the Federated States Since  2009  all regions of the world and poor people.5  Together, this evidence in- of Micronesia and the United States. economies at all income levels have im- dicates that having sensible business reg- Except for the United States, these are proved their business regulations on ulations contributes to reducing poverty 12 Doing Business 2014 Beyond starting a  business, different Figure 1.8  All regions are improving in the areas measured by Doing Business regions focused their regulatory reform efforts on different areas. In Sub-Saharan 100 Regulatory frontier Africa the second greatest area of fo- OECD cus since 2009 has been trading across Average distance to frontier borders, while in South Asia economies (percentage points) 70 Gap between OECD high-income economies and rest of the world were more likely to focus on registering ECA property. In East Asia and the Pacific and EAP Latin America and the Caribbean the MENA 60 LAC focus was on paying taxes, and in the SAS Middle East and North Africa on get- ting credit. 50 SSA Although starting a  business has been the most common area of regulatory 40 reform, it is not the area with the big- 2009 2010 2011 2012 2013 gest improvements at the regional level since 2009—mainly because the starting Note: The distance to frontier measure shows how far on average an economy is at a point in time from the best point in  2009  was already closer to the performance achieved by any economy on each Doing Business indicator since 2003 or the first year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 rep- regulatory frontier than it was in other resenting the frontier. The data refer to the 183 economies included in Doing Business 2010 (2009) and to the areas. OECD high-income economies regional classifications for 2013. Six economies were added in subsequent years. EAP = East Asia and the Pacific; narrowed the gap with the frontier the ECA = Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa; most in resolving insolvency, Europe and OECD = OECD high income; SAS = South Asia; SSA = Sub-Saharan Africa. Central Asia in paying taxes, South Asia in Source: Doing Business database. registering property, and the Middle East and North Africa, East Asia and the Pacific and Sub-Saharan Africa in getting credit. and boosting shared prosperity, the twin A  similar pattern can be seen in Europe goals of the World Bank Group. and Central Asia, where  73% of econ- omies reformed in resolving insolvency The 20 economies narrowing the Across regions, starting a  business and  85% in paying taxes. These reform gap the most emerges as the area with the largest share choices partly reflect the response to Of the  20  economies narrowing the gap of reforms since  2009. Among OECD the global financial crisis, which created with the regulatory frontier the most high-income economies resolving insol- a pressing need to streamline insolvency since  2009, 9  are in Sub-Saharan Africa, vency and paying taxes are the areas with processes and lighten the burden of tax 8 are in Europe and Central Asia, 2 are in the second highest shares of reformers. administration on the enterprise sector. East Asia and the Pacific, and 1 is an OECD high-income economy (figure 1.7). None are in the Middle East and North Africa or Lat- in America and the Caribbean, the regions that consistently have smaller numbers of Figure 1.9  Low-income economies have narrowed the gap with the regulatory frontier reformers. Among the  20  economies are the most since 2009 both small and large economies as well as economies at all income levels, though High income there is a  higher incidence of low- and lower-middle-income economies. Togeth- Upper middle er over the past 5 years, these 20 econo- income mies implemented 253 regulatory reforms Lower middle making it easier to do business, about 20% income of the global total for the period. Two of them—Ukraine and Rwanda—implement- Low income ed at least  1  regulatory reform in every 0 1 2 3 4 5 area measured by Doing Business. In line Average improvement in distance to frontier (percentage points), 2009–13 with the global trend, starting a  business was the most common area of regulatory Note: The distance to frontier measure shows how far on average an economy is at a point in time from the best reform among the 20 economies, followed performance achieved by any economy on each Doing Business indicator since 2003 or the first year in which by paying taxes. data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 rep- resenting the frontier. The data refer to the 183 economies included in Doing Business 2010 (2009) and to the income group classifications for 2013. Six economies were added in subsequent years. The  20  economies narrowing the regu- Source: Doing Business database. latory gap the most are dynamic in other OVERVIEW 13 ways as well. Overall, new firm creation in these economies has at least kept pace FiguRe 1.10 a steady increase in total firm density among economies narrowing the regulatory gap the most since 2009 with the world average in recent years. Total firm density—the number of firms per 1,000 adults—has steadily increased 70 (figure  1.10). In Russia, for example, the 60 Macedonia, FYR (firms per 1,000 adults) number of firms per  1,000  adults grew Malaysia Total firm density 50 from 22 in 2006 to 35 in 2012. In a few 40 of the Sub-Saharan African economies 30 Russian Federation the number increased more than  10- Georgia fold. In Rwanda the number of firms 20 Armenia per  1,000  adults rose from  0.3  to  3.4. 10 World average While this is still substantially below 0 the world average of  12.4, the increase 2006 2007 2008 2009 2010 2011 2012 over time is impressive. Globally, both total firm density and new firm densi- ty (the number of new firms created 14 per  1,000  adults) are significantly cor- World average 12 related with performance on the Doing (firms per 1,000 adults) Total firm density Business indicators (figure 1.11). 10 8 6 Belarus IN WHAT AREAS HAS THE GAP 4 Rwanda Kosovo BEEN NARROWING THE MOST? 2 Sierra Leone Togo Among the more encouraging trends 0 shown by Doing Business data over the 2006 2007 2008 2009 2010 2011 2012 past decade is the gradual convergence in economies’ performance in the areas Note: Data refer to limited liability companies. Other economies among the 20 narrowing the regulatory gap the tracked by the indicators. Economies with most are excluded from the figure because of missing data. the weakest regulatory institutions and Source: World Bank Group Entrepreneurship Snapshots, 2013 edition. the most complex and costly regulatory processes tend to undertake regulato- ry reform less often. But when they do, they focus on the areas where their reg- ulatory performance is worse, slowly but ranking in the worst quartile on this in- at 33 days, it is considerably smaller than steadily beginning to adopt some of the dicator averaged  113  days. Among the the 85 days in 2005 (figure 1.12). better practices seen among the best per- best 3 quartiles it averaged 29 days. To- formers. Here is an example: In 2005 the day that gap is substantially narrower. Similar trends can be seen in other indica- time to start a business in the economies While the difference is still substantial tors measuring the complexity and cost FiguRe 1.11 greater firm density in economies closer to the regulatory frontier 100 100 (percentage points), 2012 (percentage points), 2012 80 80 Distance to frontier Distance to frontier 60 60 40 40 0 20 0 100 200 300 400 0 10 20 30 Total firm density (firms per 1,000 adults), 2012 New firm density (newly registered firms per 1,000 adults), 2012 Note: The correlation between the distance to frontier and total firm density is 0.44. The correlation between the distance to frontier and new firm density is 0.43. Both correlations are significant at the 1% level. Data refer to limited liability companies. Source: Doing Business database; World Bank Group Entrepreneurship Snapshots, 2013 edition. 14 Doing Business 2014 Strong convergence across economies since 2005 Figure 1.12   Averages by group Time to start a business (days) Time to pay taxes (hours per year) 120 800 700 100 Worst quartile Worst quartile 600 80 500 60 400 300 Best 3 quartiles 40 Best 3 quartiles 200 20 100 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 Time to deal with construction permits (days) Time to register property (days) 400 250 Worst quartile 350 200 300 Worst quartile 250 150 200 Best 3 quartiles 150 100 100 Best 3 quartiles 50 50 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 Time to export (days) Time to import (days) 60 70 50 Worst quartile 60 Worst quartile 50 40 40 30 Best 3 quartiles 30 Best 3 quartiles 20 20 10 10 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 Cost to start a business (% of income per capita) Cost to register property (% of property value) 350 16 300 14 Worst quartile 12 250 Worst quartile 10 200 8 150 6 Best 3 quartiles 100 4 Best 3 quartiles 50 2 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: Economies are ranked in quartiles by performance in 2005 on the indicator shown. The data refer to the 174 economies included in Doing Business 2006 (2005). Fifteen economies were added in subsequent years. Source: Doing Business database. Overview 15 of regulatory processes. These trends are transactions law, or to create a  one- wholly in keeping with the World Bank stop shop for company incorporation, Group’s mandate of helping to narrow DO DOING BUSINESS REFORMS is insignificant compared with the cost the differences between high- and upper- GO HAND IN HAND WITH to build a  hospital or university. There middle-income economies at relatively OTHER REFORMS? is no evidence to support the view that advanced stages of development and Since its inception in 2003 Doing Business progress in one policy area necessarily low- or lower-middle-income economies has recorded more than 2,100 regulatory preempts progress in others. facing more adverse circumstances. reforms making it easier to do business, Accelerating this convergence is at the about  25% of which have been inspired In addition, many economies imple- heart of effective development policies, or informed by the report and the associ- menting reforms in areas measured by and the improvements in performance ated database.6 Most economies that un- Doing Business are also putting in place on Doing Business indicators by econo- dertake regulatory reforms as recorded by measures to improve gender equality. mies around the world are an encourag- Doing Business do so as part of a broader Among the  42  economies identified by ing sign. reform agenda. Data show that govern- Women, Business and the Law as having ments investing resources in Doing Busi- moved their laws and regulations to- A similar convergence can be seen when ness reforms in the past decade have also ward greater gender equality over the the data are aggregated by region. While introduced many policy changes in other past  2  years, 65% also reformed in ar- OECD high-income economies continue important areas. eas tracked by Doing Business during the to have the strongest legal institutions same period. and the least complex and costly reg- One such area is governance. Data show ulatory processes on average, Europe that improvements in the areas mea- and Central Asia has been narrowing sured by Doing Business are positively the gap with their performance, more so correlated with changes in general regu- WHAT IS IN THIS YEAR’S than any other region. To a great extent REPORT? latory quality, a key element of the overall this reflects efforts by the  8  economies quality of governance. This suggests that This year’s report presents for the first joining the European Union in  2004, economies reforming in areas tracked by time a separate chapter about research on which have largely continued on a  path Doing Business are likely to be reforming the effects of business regulations. There of comprehensive and ambitious eco- regulation more broadly, not just busi- is a rapidly growing body of empirical re- nomic and institutional reforms. In the ness regulation. There is also a  positive search examining the impact of improve- period leading up to EU entry the in- association between improvements in ments in many of the regulatory areas centive was to meet the entry criteria. Doing Business indicators and improve- tracked by the Doing Business indicators, But after  2004  the emphasis shifted to ments in rule of law and control of cor- and this chapter provides a  useful—and ensuring that they could compete with ruption. This result is confirmed using encouraging—synthesis. This year’s re- their more developed high-income part- other data sources as well. Economies port also presents an expanded data set. ners. Thus in  2012, for example, Poland that have improved their performance It includes  189  economies, featuring for was the economy that had narrowed on Doing Business indicators have also the first time data for Libya, Myanmar, the gap with the regulatory frontier the improved their performance on gover- San Marino and South Sudan. most over the previous year, among nance measures such as those published all 185 economies ranked. This suggests by Transparency International, Freedom Like previous reports, this year’s report that the economic integration in the Eu- House and the World Bank, in its Coun- includes case studies. These focus on ropean Union over the past decade has try Policy and Institutional Assessments good practices in  6  of the areas mea- been an effective mechanism in promot- (CPIA) (figure 1.13).7 sured by Doing Business indicator sets, ing convergence. Indeed, Poland is now with a  particular focus on e-government classified as a  high-income economy, Another such area is health and edu- and online government services. The a  remarkable achievement over  2  de- cation. Economies that implement re- case studies look at the role of minimum cades. forms in areas measured by Doing Busi- capital requirements in starting a  busi- ness also improve health and education ness; risk-based inspections in deal- Every region has a  leading champion at least as fast on average as economies ing with construction permits; the cost in the scope of improvements made not focusing on such reforms (fig- structure in getting electricity; single- since  2005—whether Poland for OECD ure  1.14). This relationship is assessed window systems in trading across bor- high-income economies, China for East using the Human Development Index ders; e-filing and e-payment in paying Asia and the Pacific or Colombia for Lat- and its components on health and edu- taxes; and e-courts in enforcing contracts. in America and the Caribbean. And this cation.8 The result suggests that a focus In choosing case studies and describing year a  small country in Sub-Saharan Af- on improving the quality of the regula- attempts in different parts of the world rica, Rwanda, overtook another small tory framework underpinning private to implement better practices, the report country—Georgia, in Europe and Central sector activity need not imply a simul- has attempted to illustrate experiences Asia—as the economy advancing furthest taneous lack of attention to improve- and highlight processes with broad rele- toward the regulatory frontier since 2005 ments in health and education. The vance for governments considering sim- (table 1.4). cost to amend a  company or secured ilar reforms. There are potentially useful 16 Doing Business 2014 Table 1.4  The 50 economies narrowing the distance to frontier the most since 2005  Distance to frontier (percentage points) Economy Region 2005 2013 Improvement Total regulatory reformsa 1 Rwanda SSA 37.4 70.5 33.1 34 2 Georgia ECA 48.4 80.8 32.3 36 3 Belarus ECA 41.1 67.1 26.0 29 4 Ukraine ECA 38.2 61.3 23.1 26 5 Macedonia, FYR ECA 54.3 74.2 19.9 31 6 Burkina Faso SSA 30.6 50.0 19.4 20 7 Kyrgyz Republic ECA 44.9 63.7 18.8 14 8 Tajikistan ECA 30.8 48.4 17.6 14 9 Burundi SSA 33.2 50.6 17.4 21 10 Egypt, Arab Rep. MENA 38.0 55.1 17.1 23 11 Mali SSA 34.3 51.2 16.9 16 12 Sierra Leone SSA 37.3 54.1 16.8 20 13 China EAP 45.0 60.9 15.9 18 14 Poland OECD 57.6 73.4 15.8 22 15 Azerbaijan ECA 49.0 64.6 15.6 18 16 Colombia LAC 55.1 70.3 15.2 27 17 Ghana SSA 52.0 67.0 15.0 12 18 Guinea-Bissau SSA 32.9 47.2 14.2 7 19 Croatia ECA 49.1 63.2 14.0 23 20 Côte d'Ivoire SSA 36.5 50.2 13.7 14 21 Guatemala LAC 51.1 64.7 13.6 18 22 Kazakhstan ECA 48.4 61.8 13.5 20 23 Armenia ECA 56.2 69.7 13.5 23 24 Madagascar SSA 41.9 54.2 12.3 19 25 Mauritius SSA 61.4 73.5 12.0 23 26 Angola SSA 32.5 44.5 12.0 9 27 Senegal SSA 35.7 47.6 12.0 11 28 Morocco MENA 52.0 63.9 11.8 18 29 Russian Federation ECA 49.9 61.6 11.6 22 30 Togo SSA 36.7 48.1 11.3 9 31 Yemen, Rep. MENA 43.9 55.1 11.2 7 32 Saudi Arabia MENA 60.1 71.3 11.1 19 33 Lao PDR EAP 37.2 48.3 11.1 12 34 Czech Republic OECD 57.6 68.7 11.1 22 35 Moldova ECA 54.5 65.6 11.1 21 36 Timor-Leste EAP 27.9 38.8 10.9 6 37 India SAS 40.7 51.3 10.6 17 38 Mozambique SSA 45.0 55.5 10.5 12 39 Niger SSA 31.8 42.3 10.5 11 40 Peru LAC 60.0 70.4 10.4 19 41 São Tomé and Principe SSA 35.7 46.0 10.3 5 42 Costa Rica LAC 49.7 60.0 10.3 12 43 Malaysia EAP 71.4 81.6 10.2 17 44 Uzbekistan ECA 38.2 48.3 10.0 19 45 Slovenia OECD 60.0 70.0 10.0 17 46 Lesotho SSA 46.0 56.0 10.0 9 47 Zambia SSA 54.8 64.8 10.0 10 48 Mexico LAC 61.9 71.8 9.9 19 49 Cambodia EAP 40.3 50.1 9.8 8 50 Solomon Islands EAP 51.3 61.0 9.8 5 Note: Rankings are based on the absolute difference for each economy between its distance to frontier in 2005 and that in 2013. The data refer to the 174 economies included in Doing Business 2006 (2005). Fifteen economies were added in subsequent years. The distance to frontier measure shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2003 or the first year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. EAP = East Asia and the Pacific; ECA = Eastern Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa; OECD = OECD high income; SAS = South Asia; SSA = Sub-Saharan Africa. a. Reforms making it easier to do business as recorded by Doing Business since 2005. Source: Doing Business database. Overview 17 Table 1.5  Good practices around the world, by Doing Business topic Topic Practice Economiesa Examples Making it easy to Putting procedures online 109 Azerbaijan; Chile; Costa Rica; Hong Kong SAR, China; FYR start a business Macedonia; New Zealand; Peru; Singapore Having no minimum capital requirement 99 Cape Verde; Greece; Kazakhstan; Kenya; Kosovo; Lithuania; Mexico; Mongolia; Morocco; Netherlands; Serbia; United Kingdom; West Bank and Gaza Having a one-stop shop 96 Bahrain; Benin; Burkina Faso; Burundi; Côte d’Ivoire; Georgia; Guatemala; Republic of Korea; Kosovo; Peru; Vietnam Making it easy Having comprehensive building rules 140 Azerbaijan; Comoros; France; Taiwan, China to deal with Using risk-based building approvals 87 Belize; Estonia; Indonesia; Namibia construction permits Having a one-stop shop 36 Burundi; Guatemala; Malaysia; Montenegro Making it Streamlining approval processes (utility obtains excavation 107b Armenia; Austria; Cambodia; China; Kuwait; Malaysia; Panama easy to obtain permit or right of way if required) an electricity Providing transparent connection costs and processes 103c France; Germany; Ireland; Netherlands; Trinidad and Tobago connection Reducing the financial burden of security deposits for new 98 Argentina; Austria; Brazil; Kyrgyz Republic; Latvia; Mozambique; connections Nepal; Russian Federation Ensuring the safety of internal wiring by regulating the 41 Denmark; Germany; Iceland; Japan; San Marino electrical profession rather than the connection process Making it easy to Using an electronic database for encumbrances 116 Chile; Denmark; Jamaica; Republic of Korea; Sweden register property Offering cadastre information online 51 Colombia; Finland; Malaysia; South Africa; United Kingdom Offering expedited procedures 18 Kazakhstan; Mongolia; Nicaragua; Portugal; Romania Setting fixed transfer fees 10 Georgia; New Zealand; Russian Federation; Rwanda; Slovak Republic Making it easy to Legal rights get credit Allowing out-of-court enforcement 124 Australia; Guatemala; India; Peru; Russian Federation; Serbia; Sri Lanka Allowing a general description of collateral 92 Cambodia; Canada; Nigeria; Puerto Rico (U.S.); Romania; Rwanda; Singapore Maintaining a unified registry 65 Afghanistan; Bosnia and Herzegovina; Ghana; Honduras; Montenegro; New Zealand; Romania Credit information Distributing data on loans below 1% of income per capita 128 Brazil; Bulgaria; Germany; Kenya; Malaysia; Sri Lanka; Tunisia Distributing both positive and negative credit information 109 China; Croatia; India; Italy; Jordan; Panama; South Africa Distributing credit information from retailers or utilities as 57 Fiji; Lithuania; Nicaragua; Rwanda; Saudi Arabia; Spain well as financial institutions Protecting Allowing rescission of prejudicial related-party transactionsd 74 Brazil; Ghana; Iceland; India; Mauritius; Rwanda investors Regulating approval of related-party transactions 62 Belarus; Bulgaria; France; Thailand; United Kingdom Requiring detailed disclosure 52 Hong Kong SAR, China; New Zealand; Singapore; United Arab Emirates; Vietnam Allowing access to all corporate documents during the trial 47 Chile; Ireland; Israel; Slovak Republic; Tanzania Requiring external review of related-party transactions 43 Australia; Arab Republic of Egypt; Sweden; Turkey; Zimbabwe Allowing access to all corporate documents before the trial 31 Greece; Indonesia; Japan; South Africa; Timor-Leste Defining clear duties for directors 30 Colombia; Kuwait; Malaysia; Mexico; Slovenia; United States Making it easy to Allowing self-assessment 160 Argentina; Canada; China; Rwanda; Sri Lanka; Turkey pay taxes Allowing electronic filing and payment 76 Australia; Colombia; India; Lithuania; Malta; Mauritius; Tunisia Having one tax per tax base 55 FYR Macedonia; Namibia; Paraguay; United Kingdom Making it easy Allowing electronic submission and processing 151e Greece; Lao PDR; South Africa; Uruguay to trade across 134 Botswana; Georgia; Mauritania; United States borders Using risk-based inspectionsf Providing a single windowf 73g Azerbaijan; Colombia; Mexico; Mozambique Making it easy to Maintaining specialized commercial court, division or judge 90 Canada; Côte d’Ivoire; Hungary; Luxembourg; Mauritius; Togo enforce contracts Allowing electronic filing of complaints 17 Austria; Israel; Malaysia; United Arab Emirates; United States Making it easy to Requiring professional or academic qualifications for 110 The Bahamas; Belarus; Colombia; Namibia; Poland; United resolve insolvency insolvency administrators by law Kingdom Allowing creditors’ committees a say in insolvency 109 Australia; Bulgaria; Philippines; United States; Uzbekistan proceeding decisions Specifying time limits for the majority of insolvency 97 Albania; Italy; Japan; Republic of Korea; Lesotho; Ukraine procedures Providing a legal framework for out-of-court workouts 84 Argentina; Hong Kong SAR, China; Latvia; Philippines; Romania a. Among 189 economies surveyed, unless otherwise specified. b. Among 154 economies surveyed. c. Based on data from Doing Business 2013. d. Rescission is the right of parties involved in a contract to return to a state identical to that before they entered into the agreement. e. Forty-four have a full electronic data interchange system, 107 a partial one. f. Among 181 economies surveyed. g. Eighteen have a single-window system that links all relevant government agencies, 55 a system that does so partially. Source: Doing Business database. 18 Doing Business 2014 Figure 1.13  Improvements in Doing Business indicators are positively correlated with improvements in institutional and governance measures Modification de la distance à la frontière Modification de la distance à la frontière 30 30 (points de pourcentage) 2005–12 (points de pourcentage) 2005–12 20 20 10 10 0 0 –2 –1 0 1 2 3 –0,5 0 0,5 Changement de l‘indice de perceptions de la corruption – 2005–12 Note moyenne du changement de l‘IPC – 2005–12 Note: For years before 2009 the distance to frontier data exclude the getting electricity indicators because data for these indicators are not available. The correlation be- tween the change in the distance to frontier and the change in the Corruption Perceptions Index is 0.36. The correlation between the change in the distance to frontier and the change in the CPIA average rating is 0.23. Both relationships are significant at the 5% level after controlling for income per capita. The CPIA data refer to 77 economies covered in 2005. Source: Doing Business database; Transparency International data; World Bank data. encourage adequate competition—all Figure 1.14  Economies making it easier to do business are also improving human this is largely within the control of gov- development, including education and health ernments. As governments over the past decade have increasingly understood 10 the importance of business regulation as Modification de l‘indice de la frontière a  driving force of competitiveness, they (points de pourcentage) 2005–12 have turned to Doing Business as a repos- itory of actionable data providing useful 5 insights into good practices worldwide (table 1.5). 0 notes –5 1. See http://wbl.worldbank.org for more information about the Women, Business and –0,01 0 0,01 0,02 0,03 0,04 the Law project. Changement de l‘indice de développement humain – 2009–12 2. Formalities include procedures in starting a business, dealing with construction per- Note: The correlation between the change in the distance to frontier and the change in the Human Development mits, getting electricity, registering property Index is 0.31. The relationship is significant at the 1% level after controlling for income per capita. and enforcing contracts; documents in Source: Doing Business database; United Nations Development Programme data. trading across borders; and payments in paying taxes. The reduction is the difference between the total number captured in Doing Business 2013 and that captured in Doing lessons to be learned from the experienc- especially those in the developing world; Business 2014, across all economies covered es of others. global interest rates, the international by Doing Business. prices of primary commodities, the quali- 3. The total number of firms registered ex- The kind of data delivered by Doing Busi- ty of macroeconomic management in the ceeds 3.1 million, but because Doing Business ness over the years has sustained the in- larger economies, are all examples that focuses only on limited liability companies terest of policy makers. One reason is that come to mind. But the rules and regula- a subset of firms was chosen here. 4. The share of economies with 1 or more reg- implementing coherent economic poli- tions that governments choose to put in ulatory reforms of any type might not be the cies in the face of a rapidly changing glob- place to underpin private sector activity same as the sum of the share of economies al economy and an uncertain economic are largely homemade. Whether the rules with at least 1 reform to strengthen legal outlook is a great challenge. Many of the are sensible or excessively burdensome, institutions and the share with at least 1 re- factors shaping the environment in which whether they create perverse incentives form to reduce the complexity and cost of economic policies are formulated lie well or help establish a  level playing field, regulatory processes (see figure 1.6) because outside the control of most policy makers, whether they safeguard transparency and economies can have reforms of both types. Overview 19 5. Dollar, Kleineberg and Kraay 2013. 7. One of the 16 questions in the CPIA uses the change in the distance to frontier and 6. These are reforms for which Doing Business Doing Business indicators as guideposts. the change in the schooling component of is aware that information provided by the 8. The correlation between the change in the the Human Development Index is 0.16. Both Doing Business report was used in shaping distance to frontier and the change in the relationships are significant at the 1% level the reform agenda. health component of the Human Develop- after controlling for income per capita. ment Index is 0.28. The correlation between about Doing Business: measuring for impact Sound business regulations are important firm-level surveys can better measure for a thriving private sector—and a thriv- actual experiences. Over the years the ing private sector is important for overall choice of indicators for Doing Business development. In the developing world has therefore been guided by economic the private sector is the largest employ- research and firm-level data, in particular • The choice of indicators for Doing er, providing an estimated 90% of jobs.1 from the World Bank Enterprise Surveys. Business has been guided by Having the right business regulations and These surveys provide data highlighting economic research and firm-level related institutions is therefore essential the main obstacles to business activi- data. for the health of an economy.2 ty as reported by entrepreneurs in more • Doing Business captures several than 120 economies. Among the factors important dimensions of the This is the 11th Doing Business report. that the surveys have identified as im- regulatory environment as it applies Before the first report was produced, in portant to businesses have been access to local firms. 2003, few measures of business reg- to finance and electricity—inspiring the • In constructing the indicators Doing ulations existed, and even fewer that design of the Doing Business indicators on Business uses 2 types of data—data were globally comparable. Earlier ef- getting credit and getting electricity. that come from readings of laws forts from the 1980s and 1990s drew and regulations and data that on perceptions data. These expert or The design of the Doing Business indi- measure the complexity and cost of business surveys focused on broad as- cators has also drawn on theoretical in- regulatory processes. pects of the business environment and sights gleaned from extensive research • The indicators are developed often captured the experiences of busi- literature. One early inspiration was a around standardized case scenarios nesses. These surveys often lacked the background paper for the World Bank’s with specific assumptions. One specificity and cross-country compara- World Development Report 2002: Building such assumption is the location of a bility that Doing Business provides—by Institutions for Markets, which created an business in the largest business city focusing on well-defined transactions, index measuring the efficiency of judicial of the economy. laws and institutions rather than generic, systems.3 This paper contributed to a • The objective of Doing Business: perceptions-based questions on the busi- new stream of research literature in law regulations designed to be e cient, ness environment. and economics. The background papers accessible to all who use them and developing the methodology for each of simple in their implementation. Doing Business measures business regula- the Doing Business indicator sets are part • Over the past 11 years more tions for local firms. The project focuses of this research stream.4 These papers es- than 25,000 professionals in on small and medium-size companies tablished the importance of the rules and 189 economies have assisted in operating in the largest business city of regulations that Doing Business measures providing the data that inform the an economy. Based on standardized case for such economic outcomes as trade Doing Business indicators. studies, it presents quantitative indica- volumes, foreign direct investment, mar- tors on the regulations that apply to firms ket capitalization in stock exchanges and at different stages of their life cycle. The private credit as a percentage of GDP. results for each economy can be bench- marked to those for 188 other economies Rules and regulations are under the di- and over time. rect control of policy makers—and policy makers intending to change the set of De jure rules, such as those that are the incentives under which businesses op- focus of Doing Business, can be measured erate will often start by changing rules in a standardized way and are directly and regulations that have an impact on amenable to policy reforms. But these firm behavior. Doing Business goes beyond measures may not reflect the de facto ex- identifying an existing problem in the reg- periences of firms. Data collected through ulatory framework and points to specific ABOUT DOING BUSINESS: MEASURING FOR IMPACT 21 regulations or regulatory procedures that in 189 economies are available on the Do- regulate different aspects of private sector may lend themselves to regulatory re- ing Business website.6 activity. Yet all these economies perform form. And its quantitative measures of well not only on the Doing Business indi- business regulations enable research on cators but also in other international data how specific regulations affect firm be- An emphasis on smart regulations sets capturing dimensions of competitive- havior and economic outcomes. Doing Business is not about eliminating ness. The economies performing best in the role of the state from private sector the Doing Business rankings therefore are The first Doing Business report covered 5 development. On the contrary, Doing not those with no regulation but those topics and 133 economies. This year’s re- Business recognizes that the state has a whose governments have managed to cre- port covers 11 topics and 189 economies. fundamental role in private sector devel- ate rules that facilitate interactions in the Ten topics are included in both the aggre- opment. A key premise of Doing Business marketplace without needlessly hindering gate ranking on the ease of doing business is that economic activity requires good the development of the private sector. Ulti- and the distance to frontier measure.5 The rules. These include rules that establish mately, Doing Business is about smart reg- Doing Business methodology makes it pos- and clarify property rights, reduce the ulations, and these can be provided only sible to update the indicators in a relative- cost of resolving disputes, increase the by a well-functioning state (figure 2.1). ly inexpensive and replicable way. predictability of economic interactions and provide contractual partners with The project has benefited from feed- core protections against abuse. The ob- Two types of data back from governments, academics, jective is to have regulations designed In constructing the indicators the Doing practitioners and independent review- to be efficient, accessible to all who use Business project uses 2 types of data. The ers—most recently an independent panel them and simple in their implementation. first comes from readings of laws and appointed by the president of the World regulations in each economy. The Doing Bank Group. The panel’s recommenda- Accordingly, some Doing Business indi- Business team, in collaboration with local tions came too late for significant chang- cators give a higher score for better and expert respondents, examines the com- es to this year’s report, but the project more developed regulation, as the pro- pany law to find, for example, the disclo- will explore options for improvement in tecting investors indicators do for stricter sure requirements for related-party trans- coming editions. To this end, operation- disclosure requirements for related-party actions. It reads the civil law to find the al oversight for the project will be moved transactions. Other indicators, such as number of procedures necessary to re- to the Development Economics Vice those on dealing with construction per- solve a commercial sale dispute through Presidency of the World Bank Group, mits, automatically assign the lowest local courts. It reviews the labor code to to strengthen synergies between Doing score to economies that have no reg- find data on a range of issues concern- Business and other World Bank Group ulations in the area measured or do not ing employer-employee relations. And it flagship reports. The initial goal remains: apply their regulations (considered “no plumbs other legal instruments for other to provide an objective basis for under- practice” economies), penalizing them for key pieces of data used in the indicators, standing and improving the regulatory lacking appropriate regulation. Still others several of which have a large legal dimen- environment for business. give a higher score for a simplified way sion. Indeed, about three-quarters of the of applying regulation with lower com- pliance costs for firms—as the starting a business indicators do, for example, if FIGURe 2.1 How does Doing business What Doing Business covers firms can comply with business start-up define SMaRT business Doing Business captures several important formalities in a one-stop shop or through regulations? dimensions of the regulatory environment a single online filing portal. And finally, as it applies to local firms. It provides some indicators recognize economies STREAMLINED—regulations that quantitative measures of regulations for that apply a risk-based approach to regu- accomplish the desired outcome in the S most efficient way starting a business, dealing with con- lation as a way to address environmental struction permits, getting electricity, reg- and social concerns—that is, by imposing MEANINGFUL—regulations that have a istering property, getting credit, protect- greater regulatory requirements on activ- measurable positive impact in facilitating interactions in the marketplace ing investors, paying taxes, trading across ities that pose a higher risk to the popu- M borders, enforcing contracts and resolving lation and lesser regulatory requirements insolvency. Doing Business also measures on lower-risk activities. ADAPTABLE—regulations that adapt to changes in the environment regulations on employing workers. A Among the 30 economies ranking high- RELEVANT—regulations that are This year’s report does not present rank- est on the ease of doing business, a sub- proportionate to the problem they are ings of economies on the employing stantial number—Canada, Denmark, R designed to solve workers indicators or include the topic in Germany, Japan, the Republic of Korea, the aggregate ranking on the ease of do- New Zealand, Norway, Sweden—come TRANSPARENT—regulations that are clear and accessible to anyone who needs to use ing business. It does present the data on from a tradition of the government having them T the employing workers indicators. Addi- quite a prominent presence in the econo- tional data on labor regulations collected my, including through setting out rules to 22 Doing Business 2014 data used in Doing Business are of this stitutions that affect the quality of the ers 11 areas of a company’s life cycle, type and are easily verifiable against the business environment in an econo- through 11 specific sets of indicators law. The local expert respondents play a my or its national competitiveness. (table 2.1). Similar to the indicators on vital role in corroborating the Doing Busi- It does not, for example, capture as- getting electricity, those on starting a ness team’s understanding and interpre- pects of security, the prevalence of business or protecting investors do tation of rules and laws. bribery and corruption, market size, not cover all aspects of commercial macroeconomic stability (including legislation. And those on employing Data of the second type serve as inputs whether the government manages its workers do not cover all areas of la- into indicators on the complexity and cost public finances in a sustainable way), bor regulation; for example, they do of regulatory processes. These indicators the state of the financial system, the not measure regulations addressing measure the efficiency in achieving a reg- state of the rental or resale property health and safety issues at work or ulatory goal, such as the number of pro- market or the level of training and the right of collective bargaining. cedures to obtain a building permit or the skills of the labor force. • Doing Business does not attempt to time taken to grant legal identity to a busi- • Even within the relatively small set of measure all costs and benefits of a ness. In this group of indicators cost esti- indicators included in Doing Business, particular law or regulation to society mates are recorded from official fee sched- the focus is deliberately narrow. The as a whole. The paying taxes indica- ules where applicable. Time estimates getting electricity indicators, for ex- tors, for example, measure the total often involve an element of judgment by ample, capture the procedures, time tax rate, which in isolation is a cost respondents who routinely administer the and cost involved for a business to to businesses. The indicators do not relevant regulations or undertake the rel- obtain a permanent electricity con- measure, nor are they intended to evant transactions. To construct the time nection to supply a standardized measure, the benefits of the social and indicators, a regulatory process such as warehouse, but they do not attempt economic programs funded through starting a business is broken down into to measure the reliability of the elec- tax revenues. Measuring business clearly defined steps and procedures (for tricity supply itself. Through these in- laws and regulations provides one in- more details, see the discussion on meth- dicators Doing Business thus provides put into the debate on the regulatory odology in this chapter). In constructing a narrow perspective on the range of burden associated with achieving reg- the starting a business indicators Doing infrastructure challenges that firms ulatory objectives. Those objectives Business builds on Hernando de Soto’s pi- face, particularly in the developing can differ across economies. Doing oneering work in applying the time-and- world. It does not address the extent Business provides a starting point for motion approach in the 1980s to show the to which inadequate roads, rail, ports this discussion. obstacles to setting up a garment factory and communications may add to on the outskirts of Lima.7 firms’ costs and undermine compet- itiveness (except to the extent that Limited to standardized case In developing the data of this second type, the quality of ports and roads is mea- scenarios the Doing Business team conducts several sured through the trading across bor- A key consideration for the Doing Busi- rounds of interaction with the expert re- ders indicators). Doing Business cov- ness indicators is that they should ensure spondents—through conference calls, written correspondence and visits by the team—until there is convergence on the Table 2.1  Doing Business—benchmarking 11 areas of business regulation final answer.8 For data of the first type, be- Complexity and cost of regulatory processes cause they are based on the law, there is less need for convergence and for a larger Starting a business Procedures, time, cost and paid-in minimum capital requirement sample of experts to ensure accuracy. Dealing with construction permits Procedures, time and cost Getting electricity Procedures, time and cost Registering property Procedures, time and cost What Doing Business does Paying taxes Payments, time and total tax rate not cover Trading across borders Documents, time and cost The Doing Business data have key limita- Strength of legal institutions tions that should be kept in mind by those who use them. Getting credit Movable collateral laws and credit information systems Protecting investors Disclosure and liability in related-party transactions Enforcing contracts Procedures, time and cost to resolve a commercial dispute Limited in scope The Doing Business indicators are limited Resolving insolvency Time, cost, outcome and recovery rate in scope. In particular: Employing workers Flexibility in the regulation of employment Note: The employing workers indicators are not included in this year’s ranking on the ease of doing business nor • Doing Business does not measure the in the calculation of distance to frontier or any data on the strength of legal institutions included in figures in the full range of factors, policies and in- report. About Doing Business: Measuring for impact 23 comparability of the data across a glob- al set of economies. The indicators are therefore developed around standardized Comparing regulations at the local level: Subnational Box 2.1  case scenarios with specific assumptions. Doing Business One such assumption is the location of a notional business—the subject of the Subnational Doing Business expands the Doing Business analysis beyond the largest Doing Business case study—in the largest business city of an economy. It captures differences in regulations or in the im- business city of the economy. The reali- plementation of national laws across locations within an economy (as in India) ty is that business regulations and their or a region (as in South East Europe). Projects are undertaken at the request of enforcement very often differ within a governments. country, particularly in federal states and large economies. But gathering data for Subnational Doing Business produces disaggregated data on business regulations every relevant jurisdiction in each of the in locations where information has been nonexistent or where national data are 189 economies covered by Doing Business insufficient to fully assess the regulatory environment. But it is more than a data would be far too costly. collection exercise. Subnational Doing Business has proved to be a strong motivator for regulatory reform: Doing Business recognizes the limitations of the standardized case scenarios and • Subnational Doing Business involves multiple interactions with government part- assumptions. But while such assump- ners at national, regional and municipal levels, resulting in local ownership and tions come at the expense of generality, capacity building. they also help ensure the comparability of • The data produced are comparable across locations within the economy and data. For this reason it is common to see internationally, enabling locations to benchmark their results both locally and limiting assumptions of this kind in eco- globally. Comparisons of locations that are within the same economy and nomic indicators. Inflation statistics, for therefore share the same legal and regulatory framework can be revealing: local example, are often based on prices of a set officials find it hard to explain why doing business is more difficult in their juris- of consumer goods in a few urban areas, diction than in a neighboring one. since collecting nationally representative • Pointing out good practices that exist in some locations but not others in an price data at high frequencies would be economy helps policy makers recognize the potential for achieving a regula- prohibitively costly in many countries. To tory performance far better than that suggested by the ranking captured in the capture regional variation in the business global Doing Business report. This can prompt discussions of regulatory reform environment within economies, Doing across different levels of government, providing opportunities for local govern- Business has complemented its global in- ments and agencies to learn from one another. dicators with subnational studies in some • Subnational Doing Business indicators are actionable, because most of the areas economies where resources and interest measured are within governments’ mandate. In addition, the reports provide have come together (box 2.1). policy recommendations and examples of good practice that are easy to repli- cate because of the shared legal traditions and institutions. Some Doing Business topics include com- plex areas, and so it is important that the Since 2005 subnational reports have covered 355 cities in 55 economies, includ- standardized cases are carefully defined. ing Brazil, China, India, Kenya, Morocco, Pakistan and the Philippines.a This year For example, the standardized case sce- subnational studies were completed in Colombia and Italy, and a report covering nario usually involves a limited liability one data set was produced for Hargeisa (Somaliland). Studies are ongoing in 15 company or its legal equivalent. The con- cities and 3 ports in the Arab Republic of Egypt, in 31 states and the Federal Dis- siderations in defining this assumption trict in Mexico and in 36 states and the Federal Capital Territory in Nigeria. In are twofold. First, private limited liabili- addition, 2 regional reports were published this year: ty companies are, empirically, the most prevalent business form for firms with • Doing Business in the g7+, comparing business regulations in economies of the more than one owner in many economies g7+ group—Afghanistan, Burundi, the Central African Republic, Chad, the Co- around the world. Second, this choice re- moros, the Democratic Republic of Congo, Côte d’Ivoire, Guinea, Guinea-Bis- flects the focus of Doing Business on ex- sau, Haiti, Liberia, Papua New Guinea, Sierra Leone, the Solomon Islands, South panding opportunities for entrepreneur- Sudan, Timor-Leste and Togo.b The g7+ group is a country-owned and coun- ship: investors are encouraged to venture try-led global mechanism established in April 2010 to monitor, report and draw into business when potential losses are attention to the unique challenges faced by fragile states. limited to their capital participation. • Doing Business in the East African Community, covering Burundi, Kenya, Rwanda, Tanzania and Uganda. Limited to the formal sector a. Subnational reports are available on the Doing Business website at http:/ /www. The Doing Business indicators assume doingbusiness.org/subnational. that entrepreneurs have knowledge of b. Doing Business does not collect data for Somalia, also a member of the g7+ group. and comply with applicable regulations. 24 DOING BUSINESS 2014 In practice, entrepreneurs may not know what needs to be done or how to comply, FIGURe 2.2 a strong correlation between Doing business rankings and World economic Forum rankings on global competitiveness and may lose considerable time in trying to find out. Or they may deliberately avoid 140 compliance altogether—by not registering 2013/14 ranking on Global for social security, for example. Where 120 Competitiveness Index regulation is particularly onerous, levels of 100 informality tend to be higher.9 Compared 80 with their formal sector counterparts, 60 firms in the informal sector typically grow 40 more slowly, have poorer access to cred- 20 it and employ fewer workers—and these 0 workers remain outside the protections 0 20 40 60 80 100 120 140 160 180 of labor law.10 Firms in the informal sector DB2014 ranking on the ease of doing business are also less likely to pay taxes. Note: Relationships are significant at the 1% level after controlling for income per capita. Source: Doing Business database; WEF 2013. Doing Business measures one set of factors that help explain the occurrence of infor- mality and give policy makers insights into can get started in business and where regulatory barriers, the prevalence of dis- potential areas of regulatory reform. Gain- good firms can invest and grow, thereby criminatory procedures and the degree ing a fuller understanding of the broader creating more jobs. of government control over business business environment, and a broader enterprises.12 These indicators—for the perspective on policy challenges, requires Doing Business functions as a barometer 39 countries that are covered, several of combining insights from Doing Business of the regulatory environment for domes- them large emerging markets—are cor- with data from other sources, such as the tic businesses. To use a medical analogy, related with the Doing Business rankings World Bank Enterprise Surveys.11 Doing Business is similar to a cholesterol (the correlation here is 0.49). test. A cholesterol test does not tell us everything about our health. But our cho- There is a high correlation (0.84) be- lesterol level is easier to measure than tween the Doing Business rankings and the Why thIs Focus? our overall health, and the test provides rankings on the World Economic Forum’s Why does Doing Business focus on the us with important information, warning Global Competitiveness Index, a much regulatory environment for small and me- us when we need to adjust our behavior. broader measure capturing such factors dium-size enterprises? These enterprises Similarly, Doing Business does not tell us as macroeconomic stability, aspects of are key drivers of competition, growth and everything we need to know about the human capital, the soundness of public job creation, particularly in developing regulatory environment for domestic institutions and the sophistication of the economies. But in these economies up to businesses. But its indicators cover as- business community (figure 2.2).13 For 65% of output is produced in the informal pects that are more easily measured than several of these factors the Global Com- sector, often because of excessive bureau- the entire regulatory environment, and petitiveness Index uses data collected by cracy and regulation—and in the informal they provide important information about other organizations. For others it uses pri- sector firms lack access to the opportuni- where change is needed. mary data, collected through surveys of ties and protections that the law provides. the business community’s perceptions of Even firms operating in the formal sector To test whether Doing Business serves as the business environment.14 Self-reported might not all have equal access to these a proxy for the broader business environ- experiences with business regulations, opportunities and protections. ment and for competitiveness, one ap- such as those captured by the Global proach is to look at correlations between Competitiveness Index, often vary much Where regulation is burdensome and the Doing Business rankings and other more within economies (across respon- competition limited, success tends to major economic benchmarks. Closest dents in the same economy) than across depend on whom one knows. But where to Doing Business in what it measures is economies, suggesting that different regulation is transparent, efficient and the set of indicators on product market firms experience the same regulatory en- implemented in a simple way, it be- regulation compiled by the Organisation vironment in very different ways.15 comes easier for aspiring entrepreneurs for Economic Co-operation and Develop- to compete on an equal footing and to ment (OECD). These indicators are de- innovate and expand. In this sense Do- signed to help assess the extent to which ing Business values good rules as a key to the regulatory environment promotes or Doing Business as a social inclusion. Enabling growth—and inhibits competition. They include mea- BenchmarKIng eXercIse ensuring that all people, regardless of sures of the extent of price controls, the By capturing key dimensions of regula- income level, can participate in its ben- licensing and permit system, the degree tory regimes, Doing Business provides a efits—requires an environment where of simplification of rules and procedures, rich opportunity for benchmarking. Such new entrants with drive and good ideas the administrative burdens and legal and a benchmarking exercise is necessarily About Doing Business: Measuring for impact 25 incomplete, just as the Doing Business score at 2 points in time allows users to challenges and by identifying good prac- data are limited in scope. It is useful when assess the absolute change over time tices and lessons learned. Despite the it aids judgment, but not when it sup- in the economy’s regulatory environ- narrow focus of the indicators, the initial plants judgment. ment as measured by Doing Business, debate in an economy on the results they rather than simply the change in the highlight typically turns into a deeper dis- Since 2006 Doing Business has sought to economy’s performance relative to oth- cussion on their relevance to the econo- provide 2 perspectives on the data that ers. In this way the distance to frontier my and on areas where business regu- it collects: it presents “absolute” indi- measure complements the yearly ease latory reform is needed, including areas cators for each economy for 10 of the 11 of doing business ranking, which com- well beyond those measured by Doing regulatory topics that it addresses, and it pares economies with one another at a Business. provides rankings of economies for these point in time. 10 topics, by topic and also in the aggre- gate. Judgment is required in interpreting Doing Business uses a simple averaging Part of a broad approach to policy these measures for any economy and in approach for weighting component indi- reform determining an economically sensible cators and calculating rankings and the Many of the Doing Business indicators can and politically feasible path for regulatory distance to frontier measure. Other ap- be considered “actionable.” For example, reform. proaches were explored, including using governments have direct control over the principal components and unobserved minimum capital requirement for new Reviewing the Doing Business rankings components.16 They turn out to yield re- firms. They can invest in company and in isolation may reveal unexpected re- sults nearly identical to those of simple property registries to increase the effi- sults. Some economies may rank un- averaging. In the absence of a strong ciency of these public agencies. They can expectedly high on some topics. And theoretical framework that assigns dif- improve the efficiency of tax administra- some economies that have had rapid ferent weights to the topics covered for tion by adopting the latest technologies growth or attracted a great deal of in- the 189 economies by Doing Business, to facilitate the preparation, filing and pay- vestment may rank lower than others the simplest method is used: weighting ment of taxes by the business community. that appear to be less dynamic. As all topics equally and, within each topic, And they can undertake court reforms to economies develop, they may add to giving equal weight to each of the topic shorten delays in the enforcement of con- or improve on regulations that protect components.17 tracts. But some Doing Business indicators investor and property rights. Many also capture procedures, time and costs that tend to streamline existing regulations Each topic covered by Doing Business re- involve private sector participants, such as and prune outdated ones. One finding lates to a different aspect of the business lawyers, notaries, architects, electricians of Doing Business is that dynamic and regulatory environment. The rankings of or freight forwarders. Governments may growing economies continually reform each economy vary, often substantially, have little influence in the short run over and update their business regulations across topics, indicating that strong per- the fees these professions charge, though and the implementation of those regu- formance by an economy in one area of much can be achieved by strengthening lations, while many poor economies still regulation can coexist with weak perfor- professional licensing regimes and pre- work with regulatory systems dating to mance in another. A quick way to assess venting anticompetitive behavior. And the late 1800s. the variability of an economy’s regulatory governments have no control over the geo- performance across the different areas graphic location of their economy, a factor For reform-minded governments, how is to look at the topic rankings (see the that can adversely affect businesses. much the regulatory environment for lo- country tables). Guatemala, for example, cal entrepreneurs improves in an absolute stands at 79 in the overall ease of doing While Doing Business indicators are ac- sense matters far more than their econo- business ranking. Its ranking is 13 on the tionable, this does not necessarily mean my’s ranking relative to other economies. ease of getting credit, 23 on the ease of that they are all “action-worthy” in a To aid in assessing the absolute level of registering property and 34 on the ease particular context. Business regulatory regulatory performance and how it im- of getting electricity. At the same time, it reforms are one element of a strategy proves over time, this year’s report again has a ranking of 116 on the ease of trading aimed at improving competitiveness presents the distance to frontier mea- across borders, 145 on the ease of start- and establishing a solid foundation for sure. This measure shows the distance ing a business and 157 on the strength of sustainable economic growth. There are of each economy to the “frontier,” which investor protections (see figure 1.3 in the many other important goals to pursue— represents the highest performance ob- overview). such as effective management of public served on each of the indicators across finances, adequate attention to education all economies included in Doing Business and training, adoption of the latest tech- since 2003. nologies to boost economic productivity How governments use and the quality of public services, and Doing Business appropriate regard for air and water qual- At any point in time the distance to frontier measure shows how far an Doing Business offers policy makers a ity to safeguard people’s health. Govern- economy is from the highest perfor- benchmarking tool useful in stimulating ments have to decide what set of priori- mance. And comparing an economy’s policy debate, both by exposing potential ties best fits the needs they face. To say 26 Doing Business 2014 that governments should work toward Insights into good practices Doing Business made it easier by creating a sensible set of rules for private sector As governments over the past decade a common language comparing business activity (as embodied, for example, in the have increasingly understood the impor- regulations around the world. Doing Business indicators) does not sug- tance of business regulation as a driv- gest that doing so should come at the ex- ing force of competitiveness, they have Over the past decade governments pense of other worthy policy goals. turned to Doing Business as a repository worldwide have been actively improv- of actionable, objective data providing ing the regulatory environment for do- There is no evidence that Doing Business unique insights into good practices mestic companies. Most reforms relat- reforms are crowding out reforms in other worldwide. Reform-minded governments ing to Doing Business topics have been areas, such as in fiscal policy or in health seeking success stories in business reg- nested in broader reform programs and education. Indeed, governments are ulation find examples in Doing Business aimed at enhancing economic competi- increasingly recognizing that improving (box 2.2). Saudi Arabia, for example, used tiveness, as in Colombia, Kenya, Liberia competitiveness and creating a better the company law of France as a model for and the Russian Federation. In structur- climate for private sector activity requires revising its own law. Many African gov- ing reform programs for the business actions across a broad front, addressing ernments may look to Mauritius—the environment, governments use multiple factors and policies that extend well be- region’s strongest performer on Doing data sources and indicators. This recog- yond those captured by the Doing Busi- Business indicators—as a source of good nizes the reality that the Doing Business ness indicators. practices to inspire regulatory reforms in data on their own provide an incom- their own countries. Governments shared plete roadmap for successful business Over several years of engaging with au- knowledge of business regulations be- regulatory reforms.18 It also reflects the thorities in a large number of economies, fore the Doing Business project began. But need to respond to many stakeholders the Doing Business team has never seen a case where the binding constraint to, say, improvements in tax administra- tion or contract enforcement was the feverish pace of reforms in other policy How economies have used Doing Business in regulatory Box 2.2  areas. Increasingly, the opposite seems reform programs to be the case, with governments rec- ognizing the synergies of multifaceted To ensure the coordination of efforts across agencies, such economies as Brunei reforms across a broad range of areas. Darussalam, Colombia and Rwanda have formed regulatory reform committees, Moreover, because the areas measured reporting directly to the president. These committees use the Doing Business in- by Doing Business indicators encompass dicators as one input to inform their programs for improving the business envi- many government departments—typi- ronment. More than 45 other economies have formed such committees at the cally including the ministries of justice, interministerial level. In East and South Asia they include the Republic of Korea; commerce, industry, finance, trade and Malaysia; the Philippines; Taiwan, China; and Vietnam. In the Middle East and energy, to name just a few—the admin- North Africa: Morocco, Saudi Arabia and the United Arab Emirates. In Europe and istrative burden of regulatory reforms is Central Asia: Croatia, Georgia, Kazakhstan, Kosovo, the Kyrgyz Republic, the for- more equitably shared. mer Yugoslav Republic of Macedonia, Moldova, Montenegro, Poland, the Russian Federation, Tajikistan, Ukraine and Uzbekistan. In Sub-Saharan Africa: Botswana, Another factor has also helped sustain Burundi, the Central African Republic, the Comoros, the Democratic Republic of the interest of policy makers in the Do- Congo, the Republic of Congo, Côte d’Ivoire, Guinea, Kenya, Liberia, Malawi, Mali, ing Business data. Implementing coherent Nigeria, Sierra Leone, Togo and Zambia. And in Latin America: Chile, Costa Rica, economic policies in the face of a rapidly the Dominican Republic, Guatemala, Mexico, Panama and Peru. changing global economy and an uncer- tain economic outlook is a great chal- Since 2003 governments have reported more than 530 regulatory reforms that lenge. Many of the factors shaping the en- have been informed by Doing Business.a Many economies share knowledge on vironment in which economic policies are the regulatory reform process related to the areas measured by Doing Business. formulated lie well outside the control of Among the most common venues for this knowledge sharing are peer-to-peer most policy makers, especially those in the learning events—workshops where officials from different governments across a developing world. But the rules and regu- region or even across the globe meet to discuss the challenges of regulatory re- lations that governments put in place to form and to share their experiences. In recent years such events have taken place underpin private sector activity are largely in Panama and Colombia (for Latin America and the Caribbean), in South Africa homemade. Whether these rules are sen- (for Sub-Saharan Africa), in Georgia (for Europe and Central Asia), in Malaysia sible or excessively burdensome, whether (for East Asia and the Pacific) and in Morocco (for the Middle East and North they create perverse incentives or help es- Africa). tablish a level playing field, whether they safeguard transparency and encourage a. These are reforms for which Doing Business is aware that information provided by the adequate competition—all this is largely Doing Business report was used in shaping the reform agenda. within the control of governments. About Doing Business: Measuring for impact 27 and interest groups, all of whom bring Doing Business. Because of the focus on Relevant laws and regulations important issues and concerns to the legal and regulatory arrangements, most Most of the Doing Business indicators are reform debate. of the respondents are legal professionals based on laws and regulations. Doing such as lawyers, judges or notaries. The Business respondents both fill out writ- When the World Bank Group engag- credit information questionnaire is com- ten questionnaires and provide referenc- es with governments on the subject of pleted by officials of the credit registry or es to the relevant laws, regulations and improving the investment climate, the bureau. Freight forwarders, accountants, fee schedules, aiding data checking and dialogue aims to encourage the critical architects, engineers and other profes- quality assurance. Having representative use of the Doing Business data—to sharp- sionals answer the questionnaires relat- samples of respondents is not an issue, as en judgment and promote broad-based ed to trading across borders, taxes and the texts of the relevant laws and regula- reforms that enhance the investment construction permits. Certain public of- tions are collected and answers checked climate rather than a narrow focus on ficials (such as registrars from the com- for accuracy. For example, the Doing Busi- improving the Doing Business rankings. mercial or property registry) also provide ness team will examine the commercial The World Bank Group uses a vast range information that is incorporated into the code of Greece to confirm the paid-in of indicators and analytics in this policy indicators. minimum capital requirement, look at the dialogue, including its Global Poverty banking law of Ghana to see whether bor- Monitoring Indicators, World Develop- Doing Business does not survey firms for rowers have the right to access their data ment Indicators, Logistics Performance 2 main reasons. The first relates to the at the credit bureau and read the tax code Indicators and many others. The open frequency with which firms engage in the of Guatemala to find applicable tax rates. data initiative has made data for many transactions captured by the indicators, Indeed, 72% of the data embedded in the such indicators conveniently available to which is generally low. For example, a firm Doing Business indicators are based on a the public at http://data.worldbank.org. goes through the start-up process once reading of the law. In principle in these in its existence, while an incorporation cases, as long as there are no issues of lawyer may carry out several dozen such language, the role of the contributors is transactions in a year. The incorporation largely advisory—helping in the corrob- Methodology and data lawyers and other experts providing in- oration of the Doing Business team’s un- The Doing Business data are based on do- formation to Doing Business are there- derstanding of the laws and regulations— mestic laws and regulations as well as ad- fore better able to assess the process of and there are quickly diminishing returns ministrative requirements. The data cover starting a business than are individual to an expansion in their number. 189 economies—including small econo- firms. The second reason is that the Do- mies and some of the poorest economies, ing Business questionnaires mostly gather For the other 28% of the data the team for which little or no data are available in legal information, which firms are unlike- conducts extensive consultations with other data sets. (For a detailed explana- ly to be fully familiar with. For example, multiple contributors to minimize mea- tion of the Doing Business methodology, few firms will know about all the many surement error. For some indicators—for see the data notes.) Doing Business uses legal procedures involved in resolving a example, those on dealing with construc- 4 main sources of information: Doing commercial dispute through the courts, tion permits, enforcing contracts and re- Business respondents, the relevant laws even if they have gone through the pro- solving insolvency—the time component and regulations, the governments of the cess themselves. But a litigation lawyer and part of the cost component (where economies covered and the World Bank would have no difficulty in identifying all fee schedules are lacking) are based on Group regional staff. the necessary steps. actual practice rather than the law on the books. This introduces a degree of judg- The annual data collection exercise is an ment. The Doing Business approach has Doing Business respondents update of the database. The Doing Busi- therefore been to work with legal prac- Over the past 11 years more than 25,000 ness team and the contributors examine titioners or professionals who regularly professionals in 189 economies have as- the extent to which the regulatory frame- undertake the transactions involved. Fol- sisted in providing the data that inform work has changed in ways relevant for the lowing the standard methodological ap- the Doing Business indicators. This year’s features captured by the indicators. The proach for time-and-motion studies, Do- report draws on the inputs of more than data collection process should therefore ing Business breaks down each process or 10,200 professionals.19 Table 21.2 in the be seen as adding each year to an exist- transaction, such as starting a business data notes lists the number of respon- ing stock of knowledge reflected in the or registering a building, into separate dents for each indicator set. The Doing previous year’s report, not as creating an steps to ensure a better estimate of time. Business website shows the number of entirely new data set. Here is an example: The time estimate for each step is given respondents for each economy and each In Doing Business 2012 and Doing Business by practitioners with significant and rou- indicator. Respondents are professionals 2013 there were an average of 13 econo- tine experience in the transaction. When who routinely administer or advise on mies for which changes in legislation af- time estimates differ, further interactions the legal and regulatory requirements fected the scores embedded in the pro- with respondents are pursued to con- covered in each Doing Business topic. tecting investors indicators. For all other verge on one estimate or a narrow range They are selected on the basis of their economies the protecting investors data that reflects the majority of applicable expertise in the specific areas covered by remained unchanged. cases. 28 DOING BUSINESS 2014 Governments and World Bank income per capita to 200% after the fully completed online in just a few hours. Group regional staff first year of data collection, as it became When the indicators were first developed After receiving the completed question- clear that smaller claims were unlikely to in 2002, online procedures were not naires from the Doing Business respon- go to court. Another change related to widespread globally. In the ensuing years dents, verifying the information against starting a business. The minimum cap- there has been an impressive acceleration the law and conducting follow-up inqui- ital requirement can be an obstacle for in the adoption by governments and the ries to ensure that all relevant informa- potential entrepreneurs. Doing Business private sector of the latest information tion is captured, the Doing Business team measured the required minimum capital and communication technologies for the shares the preliminary findings of the re- regardless of whether it had to be paid provision of various services. While at the port with governments through the Board up front or not. In many economies only time Doing Business did not see the need of Executive Directors and the regional part of the minimum capital has to be to create a separate rule to account for staff of the World Bank Group (figure paid up front. To reflect the relevant bar- online procedures, the widespread use 2.3). Through this process government rier to entry, the paid-in minimum capital of the new technologies today suggests authorities and local World Bank Group has been used rather than the required that such distinction is now justified and staff in the 189 economies covered can minimum capital. the Doing Business methodology was alert the team about, for example, regula- changed this year to reflect the practice. tory reforms not picked up by the respon- This year’s report includes an update in This change affects the time indicator dents or additional achievements of reg- the methodology for 2 indicator sets— for starting a business, dealing with con- ulatory reforms already captured in the paying taxes and trading across borders. struction permits and registering proper- database. In response to such feedback, For trading across borders, documents ty.20 For procedures that can be fully com- the Doing Business team turns to the local that are required purely for purposes of pleted online, the duration is now set at private sector experts for further consul- preferential treatment are no longer in- half a day rather than a full day. tation and, as needed, corroboration. In cluded in the list of documents (for ex- addition, the team responds formally to ample, a certificate of origin if the use is the comments of governments or region- only to qualify for a preferential tariff rate Data adjustments al staff and provides explanations of the under trade agreements). For paying tax- All changes in methodology are explained scoring decisions. es, the value of fuel taxes is no longer in- in the data notes as well as on the Doing cluded in the total tax rate because of the Business website. In addition, data time difficulty of computing these small taxes. series for each indicator and economy are Improvements to the methodology Fuel taxes continue to be counted in the available on the website, beginning with The methodology has undergone con- number of payments. the first year the indicator or economy tinual improvement over the years. For was included in the report. To provide a enforcing contracts, for example, the In addition, the rule establishing that comparable time series for research, the amount of the disputed claim in the each procedure must take at least 1 day data set is back-calculated to adjust for case study was increased from 50% of was removed for procedures that can be changes in methodology, including those FIGURe 2.3 The Doing business data collection cycle Data verification • Conference calls and videoconferences with contributors Questionnaires administered • Written correspondence Questionnaires developed November: 17,500 sent • Travel to 33 economies for data collection and reform Questionnaires developed in for DB2014 verification for DB2014 consultation with different expert groups Data analysis and government feedback • Analysis and verification of data received Dec−Jan • 13,000 contributions for DB2014 March−April: Request for input from all World Bank Group regional teams and 25 Executive Sept−Nov Feb−May Director offices representing their country governments June−Aug June 1: cutoff date for Data scoring Media preparation and reforms • 58,000 data points coded in DB2014 report launch recorded September−October: • 238 reforms in 114 economies recorded in Coordination with regional DB2014 communication teams for media June: Request to review reforms captured sent to all outreach and prelaunch briefings Writing and publication August: Comments on the report World Bank Group regional teams and 25 Executive with World Bank Group regional Director offices representing their country governments teams and data received from across the World Bank Group through an internal review process About Doing Business: Measuring for impact 29 described in the previous section, and any 9. Kaplan, Piedra and Seira 2011; Cuñat and Business indicators are virtually uncorrelated revisions in data due to corrections. The Melitz 2007; Micco and Pagés 2006; with ex post firm-level responses, providing data set is not back-calculated for year-to- Cardenas and Rozo 2009; Dulleck, Frijters evidence that deals rather than rules prevail year revisions in income per capita data and Winter-Ebmer 2006; Ciccone and Pa- in Africa. The authors find that the gap (that is, when the income per capita data paioannou 2007; Klapper, Lewin and Que- between de jure and de facto conditions are revised by the original data sources, sada Delgado 2009; Branstetter and others grows with the formal regulatory burden. Doing Business does not update the cost 2013; Bruhn 2011, 2013; Sharma 2009. The evidence also shows that more burden- measures for previous years). The website 10. Schneider 2005; La Porta and Shleifer some processes open up more space for also makes available all original data sets 2008. making deals and that firms may not incur used for background papers. 11. http://www.enterprisesurveys.org. the official costs of compliance but still pay 12. OECD, “Indicators of Product Market to avoid them. Information on data corrections is provid- Regulation,” http:/ /www.oecd.org/. The 16. A technical note on the different aggrega- ed in the data notes and on the website. measures are aggregated into 3 broad tion and weighting methods is available on A transparent complaint procedure al- families that capture state control, bar- the Doing Business website (http://www. lows anyone to challenge the data. Over riers to entrepreneurship and barriers to doingbusiness.org). the past year the team received and re- international trade and investment. The 17. For more details, see the chapter on the sponded to more than 140 queries on the 39 countries included in the OECD market ease of doing business and distance to data. These queries led to corrections of regulation indicators are Australia, Austria, frontier. less than 8.5% of the data points. If errors Belgium, Brazil, Canada, Chile, China, the 18. One study using Doing Business indicators are confirmed after a data verification Czech Republic, Denmark, Estonia, Finland, illustrates the difficulties in using highly process, they are expeditiously corrected. France, Germany, Greece, Hungary, Iceland, disaggregated indicators to identify reform India, Ireland, Israel, Italy, Japan, Korea, priorities (Kraay and Tawara 2011). Luxembourg, Mexico, the Netherlands, New 19. While about 10,200 contributors provided Zealand, Norway, Poland, Portugal, Russia, data for this year’s report, many of them Notes the Slovak Republic, Slovenia, South Africa, completed a questionnaire for more than Spain, Sweden, Switzerland, Turkey, the one Doing Business indicator set. Indeed, 1. World Bank 2005; Stampini and others United Kingdom and the United States. the total number of contributions received 2011. 13. The World Economic Forum’s Global for this year’s report is more than 13,000, 2. See, for example, Alesina and others (2005); Competitiveness Report uses Doing Business which represents a true measure of the Perotti and Volpin (2005); Fisman and Sar- data sets on starting a business, employing inputs received. The average number of ria-Allende (2010); Antunes and Cavalcanti workers, protecting investors and getting contributions per indicator set and econ- (2007); Barseghyan (2008); Klapper, Lewin credit (legal rights), representing 7 of a total omy is just over 6. For more details, see and Quesada Delgado (2009); Freund and of 113 different indicators (or 6.19%). http://www.doingbusiness.org/contribu- Bolaky (2008); Chang, Kaltani and Loayza 14. The World Economic Forum constructs tors/doing-­business. (2009); Helpman, Melitz and Rubinstein much of the Global Competitiveness Index 20. For getting electricity the rule that each (2008); Klapper, Laeven and Rajan (2006); mainly from secondary data. For exam- procedure must take a minimum of 1 day World Bank (2005); and Ardagna and ple, it uses macroeconomic data from still applies because in practice there are Lusardi (2010). the International Monetary Fund’s World no cases in which procedures can be fully 3. Djankov, La Porta and others 2001. Economic Outlook database, penetration completed online in less than a day. For 4. These papers include Djankov and others rates for various technologies from the example, even though in some cases it is (2002); Djankov and Shleifer (2007); International Telecommunication Union, possible to apply for an electricity connec- Djankov and others (2008); Djankov and school enrollment rates and public health tion online, additional requirements mean Pham (2010); Djankov and others (2003); indicators from the World Bank’s World that the process cannot be completed in Djankov and others (2008); Botero and Development Indicators database and in- less than 1 day. others (2004); and Djankov and others dicators from other such sources, including (2010). Doing Business. It also supplements the 5. For more details on how the aggregate secondary data with some primary data, ranking is created, see the chapter on the collected from relatively small-sample ease of doing business and distance to opinion surveys of enterprise managers frontier. (Executive Opinion Surveys), for compo- 6. http://www.doingbusiness.org. nents accounting for 64% of the indicators 7. De Soto 2000. captured in the index. By contrast, the Doing 8. Questionnaires are administered annually Business indicators are based entirely on to local experts in 189 economies to collect primary data. and update the data. The local experts for 15. Hallward-Driemeier, Khun-Jush and Pritch- each economy are listed on the Doing Busi- ett (2010), analyzing data from World Bank ness website (http://www.doingbusiness. Enterprise Surveys for Sub-Saharan Africa, org) and in the acknowledgments at the show that de jure measures such as Doing end of this report. research on the effects of business regulations Doing Business has provided new data on because with this method it is difficult to business regulations, enabling research isolate the effects of other factors. on them to flourish. Extensive empirical literature has assessed how the regula- At the other end, some studies use natural tory environment for business affects a experiments, in the spirit of randomized • Since 2003, 1,578 research articles broad range of economic outcomes at evaluations, that to some extent control using Doing Business data have both the macro and micro levels—includ- for everything else affecting the outcome been published in peer-reviewed ing productivity, growth, employment, variable and can isolate the causal part of academic journals and another trade, investment, access to finance and this relationship (box 3.1). For example, 4,464 have been posted online. the informal economy. Since 2003, when assume that the goal is to assess how a • According to the findings of the this report was first published, 1,578 re- regulatory reform affects productivity in research, reforms simplifying search articles discussing how regula- a given economy. Simple correlations can business registration lead to tions in the areas measured by Doing only show whether the reform is positive- more firm creation. Nevertheless, Business influence economic outcomes ly or negatively associated with produc- firms that do not see the benefits have been published in peer-reviewed ac- tivity. But natural experiments make it of formalizing are less likely to ademic journals. Another 4,464 working possible to see if the reform has a positive respond to policies aimed at papers have been posted online.1 or negative impact on productivity—as improving business regulations. well as the magnitude of that impact. • Increasing trade openness has To provide some insight into the findings A methodology called difference-in-dif- larger e ects on growth when labor of this fast-growing literature, this chap- ference estimation, which is similar in markets are more flexible. ter reviews articles published in top-rank- principle to natural experiments and is • Research supports the view that the ing economics journals over the past 5 commonly used in the literature, also al- cumbersome, poorly functioning years or disseminated as working papers lows for the assessment of the sign and regulatory business environments in the past 2 years.2 The chapter only cov- magnitude of the impact of a reform on undermine entrepreneurship and ers studies that use Doing Business data an outcome variable (box 3.1). economic performance. for analysis or motivation, or else rely on • The introduction of collateral conceptually and methodologically simi- Other estimation methods frequently registries and debt recovery lar indicators (tables 3.1 and 3.2). used in economic analysis are panel data tribunals leads to better and instrumental variable analyses, which performing credit markets. The methodologies underpinning empiri- lie somewhere between pure cross-sec- cal work affect the reliability of its findings tional analysis and natural experiments and ability to influence future research in terms of their ability to show wheth- and policies. Papers in the regulatory er there is a causal link between vari- business environment literature also vary ables of interest. Panel data include both in how much they can demonstrate caus- cross-sectional and time series data—for al effects between better business regula- instance, a dataset that covers multiple tion and outcomes of interest. economies over time. Such data enable researchers to control for the impact of At one end, some studies simply docu- economy-specific factors that do not vary ment cross-country correlations between over time, such as location. This method- business regulatory variables and out- ology can yield more convincing results come variables, showing whether these than pure cross-sectional analysis. But variables are positively or negatively as- in many cases, given the complexity of sociated. But such studies cannot indicate economic settings, they may not estab- whether and how much business regula- lish causality between regulatory changes tory variables changed outcome variables and outcomes of interest. RESEARCH ON THE EFFECTS OF BUSINESS REGULATIONS 31 idea is that European colonizers did not establish institutions in economies with BOX 3.1 What are randomized evaluations and natural experiments? high mortality rates. Thus the mortali- ty rates of colonizers hundreds of years Randomized evaluations bring experimental methods normally used in medicine ago shaped the current institutions of or chemistry into economics. This approach tries to transform the world into a many economies, independent of their lab where researchers can clearly define control groups and treatment groups, current incomes, making it an appropri- with the treatment groups receiving interventions and control groups do not. Such ate instrumental variable for institutions experiments can be randomized by design when the choice of being part of either and allowing the authors to assess how group is random. institutions affect incomes. However, the For instance, when assessing how school books affect children’s learning, one can credibility of this approach depends on design a randomized experiment where chance determines which children get the plausibility of the assumption that books and which do not. Such experiments are almost impossible to conduct for the instrument has no direct effect on business regulations. For example, it is impossible to randomly assign who has the outcome of interest. For example, if access to a new one-stop shop for business registration and who does not. So there is a direct link between mortality researchers look for natural experiments—interventions not designed by them— rates of European settlers and current with treatment and control groups and where the rule assigning the data to the incomes (for example, through climate, groups is unrelated to the outcome being studied. This is a fundamental char- which affects the disease environment), acteristic of a natural experiment because without it causal interpretation is not this approach will not be effective in iso- possible. lating causal effects of institutions on income. For business regulations a control group can be formed by collecting data from, for example, cities in an economy not affected by a change in a law, regulation or economic policy, while a treatment group can be formed by collecting the same data from affected cities but otherwise identical to unaffected ones. To see if the firM enTry and laBor change in a law, regulation or economic policy affected an outcome variable—say, MarkeT regulaTions income—one can assess whether the incomes of the treatment and control cities One of the most cited theoretical mech- differed significantly after the change. For a causal interpretation to be possible, anisms on how excessive business reg- the treatment and control cities should have evolved similarly if the change had ulation affects economic performance not been made. This assumption is unlikely to hold in most cases, making natural and development is that it makes it too experiments rare. costly for firms to engage in the formal economy, causing them not to invest A more commonly used methodology in the literature similar in principle to natu- or to move to the informal economy. ral experiments and has weaker assumptions is called difference-in-difference es- Recent studies have conducted exten- timation. The main difference between natural experiments and difference-in-dif- sive empirical testing of this proposition ference estimation is that in natural experiments treatment and control groups using Doing Business and other related are assumed to be analogous prior to intervention and evolved similarly in the indicators. absence of intervention. In difference-in-difference estimation, these assumptions do not need to hold priori. The differences between treatment and control groups Bruhn (2011, 2013), among the leading are removed by subtracting the change in means of control group from the change studies employing natural experiments, in means of treatment group over the time period considered in the study. The use quarterly national employment data impact of intervention on outcome variable then is estimated using panel data collected by the Mexican government be- technique and differenced data. tween 2000 and 2004 and the fact that different regions started implementing business registration reform—called Sys- tems of Fast Opening of Firms (SARE)— at different times to identify how the re- Instrumental variable analysis allows re- tend to have high incomes and vice ver- form affected the occupational choices of searchers to establish the direction and sa, cross-sectional or panel data analysis business owners in the informal economy. magnitude of causality by incorporating would not allow the authors to separate Bruhn (2011) finds that reform increased an exogenous “instrumental variable” the impact of institutions on income from the number of registered businesses by closely correlated with the variable be- the impact of income on institutions. 5%, which was entirely because former ing considered (say, regulatory reform) wage employees started businesses−not and not with the outcome variable (say, To address this two-way relationship, the because formerly unregistered busi- productivity). For instance, Acemoglu, authors use mortality rates of European nesses got registered. Bruhn (2011) also Johnson and Robinson (2002) use an settlers as an instrument for institutions shows that the reform increased wage instrumental variable to analyze how in- because it is closely correlated with the employment by 2% and reduced the in- stitutions affect income per capita. Be- institutional environment in former col- come of incumbent businesses by 3% cause economies with strong institutions onies but not with their incomes. The due to increased competition. 32 Doing Business 2014 Recent research using Doing Business and related indicators by area of study and methodology Table 3.1   Instrumental Natural experiments and Instrumental variable difference-in-difference variable panel cross-sectional Other cross-sectional Methodology/area of study estimators estimators Other panel estimators estimators estimators Firm entry and labor market Branstetter and others Dreher and Gassebner 2013 Amin 2009 regulations 2013; Bruhn 2013, 2011; de Mel, McKenzie and Woodruff 2013; Kaplan, Piedra and Seira 2011; Monteiro and Assunção 2012 Trade regulations and costs Chang , Kaltani and Loayza Djankov, Freund and Hoekman and Nicita 2009; Busse, Hoekstra and Pham 2010; Freund 2011 Königer 2012; Portugal-Perez and Rocha 2011 and Wilson 2011; S¸ eker 2011 Regulations on courts, credit Giannetti and Jentzsch Cavalcanti 2010; Büyükkarabacak and Valev Houston and others markets, bankruptcy laws and 2013; Giné and Love 2010; John, Litov and 2012 2010 investor protection Lilienfeld-Toal, Mookherjee Yeung 2008 and Visaria 2012; Love, Martinez- Peria and Singh 2013; Visaria 2009 Tax regulations Monteiro and Assunção Lawless 2013 Djankov and others 2012 2010 Business regulatory Amiti and Khandelwal 2011 Barseghyan 2008; Dall’Olio and others 2013; Dutz Djankov, McLiesh environment and economic Freund and Bolaky and others 2011 and Ramalho 2006 performance 2008 Note: Janiak (2013) and di Giovanni and Levchenko (2013) are not included here because they are theoretical papers, not empirical. Nevertheless, the authors use Doing Business data to calibrate their theoretical models. To take into account the effects of in- Kaplan, Piedra and Seira (2011) use the the scarcity of marketable ideas and the dividual characteristics of informal same data from Mexico to construct a limited benefits of being formal are far business owners on their occupational counterfactual scenario showing how more important obstacles to creating choices after the reform, Bruhn (2013) quickly new firms would have been cre- and formalizing firms. Accordingly, they separates informal business owners into ated without the business registration conclude that for reform to have a large 2 groups: those with characteristics sim- reform. Their scenario uses two control impact on formality and firm creation, it ilar to formal business owners and those groups: municipalities that did not adopt should be comprehensive. with characteristics similar to wage the reform and industries not eligible for workers. It then estimates the impact it. The idea is that control municipalities Branstetter and others (2013) offer further that the reform had on the occupational and industries are good proxies for what evidence that simpler business registra- choices of the 2 groups. Bruhn finds that would have happened in treatment mu- tion helps create formal firms. The authors in municipalities with high pre-reform nicipalities and industries in the absence use nationwide, micro-level matched em- obstacles to formal entrepreneurship, of the reform. The authors find that the ployer-employee data from Portugal col- the reform caused 14.9% of informal simplified entry regulations led 5% of in- lected in 2000 and 2006 to examine the business owners with characteristics formal firms to shift to the formal econ- impact of a reform program, called On the similar to those of formal business own- omy, though they note that this effect is Spot Firms, introduced in 2005. The pro- ers to shift to the formal economy— not permanent. gram substantially cut business registra- while it caused 6% of informal business tion procedures and costs by introducing owners with characteristics similar to Bruhn (2013) explains the modest per- one-stop-shops. Using a difference-in-dif- those of wage workers to shift to wage centage shift of firms from the informal ference methodology based on a compar- employment. These results suggest economy in response to the reform as ative analysis of firms established before that the informal economy has different partly resulting from lower benefits of and after the program to isolate the pro- types of business owners who react to formalization and the fact that the reform gram’s impact on business start-ups, the reforms differently. For example, some only covered business registration at the authors find that reducing the time and individuals become informal business municipal level and business owners still cost of firm registration increased the owners because of cumbersome regu- needed to register with the federal tax number of start-ups by 17% and created lations while others do so temporarily authority. But Kaplan, Piedra and Seira about 7 new jobs a month per 100,000 until they find a job. (2011) point out that the cost of taxes, county inhabitants in eligible industries. Research on the effects of business regulations 33 Table 3.2  Summary findings of recent research using Doing Business and related indicators by methodology Methodology Findings of recent research Natural experiments/ In Portugal cutting the time and cost of firm registration increased the number of business start-ups by 17% and created about 7 new difference-in-difference jobs a month per 100,000 county inhabitants in eligible industries. The start-ups created after the reform are smaller, more likely to be estimates owned by women, headed by relatively inexperienced and poorly educated entrepreneurs and have lower sales per worker than start- ups created before the reform (Branstetter and others 2013). In municipalities with high constraints to formal entrepreneurship, business registration reform caused 14.9% of informal business owners with characteristics similar to those of formal business owners to shift to the formal economy in Mexico (Bruhn 2013). A reform that simplified business registration in Mexican municipalities increased registration by 5% and wage employment by 2.2%. It also decreased the income of incumbent businesses by 3% due to increased competition (Bruhn 2011). Providing information about registration or paying for it do not necessarily increase formalization, particularly when there are other barriers to it (de Mel, McKenzie and Woodruff 2013). Simplified entry regulations led 5% of informal firms to shift to the formal economy in Mexico, though this effect is not permanent (Kaplan, Piedra and Seira 2011). Mandatory credit reporting systems improve financial intermediation and access, particularly when used in conjunction with credit information systems (Giannetti and Jentzsch 2013). A reform making bankruptcy laws more efficient significantly improved the recovery rate of viable firms in Colombia (Giné and Love 2010). Debt recovery tribunals in India caused a decrease in the borrowing and fixed assets of small firms and an increase in the borrowing, fixed assets, and profits of large firms (Lilienfeld-Toal, Mookherjee and Visaria 2012). Introduction of collateral registries for movable assets increased the firms’ access to finance by around 8%. The impact was larger for smaller firms (Love, Martinez-Peria and Singh 2013). Debt recovery tribunals reduced nonperforming loans by 28% and interest rates on larger loans, implying that faster processing of debt recovery suit cut the cost of credit in India (Visaria 2009). Business licensing among retail firms rose 13% after a tax reform in Brazil (Monteiro and Assunção 2012). Import competition leads to much smaller quality upgrading in OECD economies with more cumbersome regulations, while in non-OECD economies with more cumbersome regulations it does not have effect on quality (Amiti and Khandelwal 2011). Instrumental variable When credit market frictions are low, a reduction in credit market frictions decreases the impact of financial shocks on macroeconomic panel estimates volatility (Cavalcanti 2010). Strong investor rights lead to higher corporate risk-taking and growth (John, Litov and Yeung 2008). An increase in entry costs of 80% of income per capita decreases total factor productivity by 22% and output per worker by 29% (Barseghyan 2008). A 1% increase in trade is associated with more than a 0.5% increase in income per capita in economies with flexible entry regulations, but has no positive income effects in more rigid economies (Freund and Bolaky 2008). Other panel data Cumbersome procedures and high levels of minimum capital are negatively associated with firm entry. Stringent regulations go hand in estimates hand with corruption (Dreher and Gassebner 2013). Increasing trade openness has larger effects on growth when labor markets are more flexible (Chang, Kaltani and Loayza 2009). Better regulations are associated with lower time and costs of trading in developing economies (Busse, Hoekstra and Königer 2012). Good, efficient infrastructure and a healthy business environment are positively linked to export performance (Portugal-Perez and Wilson 2011). Improvements in trade facilitation and entry regulations raise export volumes and reduce distortions caused by restrictions on access to ¸ eker 2011). foreign markets (S Public credit registries and private credit bureaus reduce the probability of bank crises, particularly in low-income economies (Büyükkarabacak and Valev 2012). Complex tax systems are associated with lower numbers of foreign direct investment in an economy but do not affect its level. A high corporate tax rate, on the other hand, is negatively related to both the number and level of foreign direct investment. A 10% reduction in tax complexity is comparable to a 1% reduction in effective corporate tax rates (Lawless 2013). Improvements in the Doing Business indicators are positively associated with increases in labor productivity in the manufacturing and services sectors in EU-15 and EU-12 countries, though this association is stronger in EU-12 countries (Dall’Olio and others 2013). Doing Business indicators such as getting credit, protecting investors and trading across borders are positively associated with product and process innovation for young firms in non-OECD countries (Dutz and others 2011). (continued on next page) 34 Doing Business 2014 Table 3.2  Summary findings of recent research using Doing Business and related indicators by methodology (continued) Methodology Findings of recent research Instrumental variable One day of delay in transport time reduces trade by at least 1%. The impact of this delay is larger for time-sensitive agricultural and cross-sectional estimates manufacturing products and for transit times abroad for landlocked economies (Djankov, Freund and Pham 2010). A 1-day increase in transit time reduces exports by an average of 7% in Sub-Saharan Africa (Freund and Rocha 2011). Stronger creditor rights increase bank risk-taking and the likelihood of financial crises as well as growth. Sharing information among creditors, on the other hand, reduces the likelihood of financial crisis and increases growth (Houston and others 2010). Economies with good business regulatory environments grow faster. Output growth is 2.3% higher for the best quartile in the sample than for the worst (Djankov, McLiesh and Ramalho 2006). Other cross-sectional Labor reforms can increase employment in the retail sector by 22% and reduce informal economic activity by 33% (Amin 2009). estimates Import and export costs are highly negatively related to trade volume (Hoekman and Nicita 2011). Higher effective corporate tax rates are associated with lower investment, foreign direct investment and entrepreneurial activity (Djankov and others 2010). The authors also find that start-ups cre- Thus business entry regulations cannot than 9.4% of the formal jobs. Amin also ated after reform tend to be smaller, more be seen in isolation because the benefits shows that labor reforms can shrink the likely to be owned by women, headed by of improving the start-up process are con- informal economy by 33%. relatively inexperienced and poorly edu- ditional on many other factors, including cated entrepreneurs and have lower sales land regulations, taxation and labor regu- Using a theoretical model where a few per worker than start-ups created before lations. In addition, firms that do not see large firms account for a disproportionate the reform, suggesting that the pre-re- the benefits of formalizing are less likely share of economic activity and calibrat- form regulatory barriers to entry mattered to respond to policies aimed at improv- ing this model with Doing Business data, mostly for marginal firms. ing business registration. This conclusion di Giovanni and Levchenko (2013) show is supported by Bruhn and McKenzie that reducing entry costs to levels simi- Excessive entry regulation can be detri- (2013), who survey the current literature lar to those in the United States improves mental to entrepreneurship and a source on business entry reforms. Small informal welfare as measured by real income per of corruption. To test this, Dreher and firms in particular do not seem to benefit capita by 3.3%. One of the study’s main Gassebner (2013) use panel data for 43 from simpler business entry and are not assumptions is the distribution of firm economies from 2003 to 2005. They more likely to formalize after such policy size. In economies where large firms do find that high numbers of procedures interventions. not account for a disproportionate share and high minimum capital requirements of economic activity (which is more like- impede firm entry. Furthermore, high Overregulated labor markets, like over- ly in developing economies), gains from levels of regulation go hand in hand with regulated business entry, can also lead to lowering entry barriers−such as those corruption. The authors find that cor- a large informal economy and high unem- measured by Doing Business—are likely to ruption is used to “grease the wheels,” ployment because they increase barriers be larger. reducing the burdensome impact of reg- to formal employment and make markets ulations. too rigid to adjust to changing conditions in an economy. Amin (2009) examines this point using data on 1,948 formal re- Trade Regulations and Using a field experiment in Sri Lanka with one control and four treatment groups tail stores in 16 major states and 41 cities Costs and offering incentives to informal firms of India from 2006. Based on cross-sec- As the world’s economies have become to formalize, de Mel, McKenzie and tional regression analysis and controlling more interlinked, both public and private Woodruff (2013) find that providing in- for a large number of factors that affect sectors have become increasingly con- formation on registration or paying for it unemployment, he shows that labor reg- cerned about becoming more competitive do not necessarily increase formalization. ulations in India’s retail sector undermine in global markets. But in many economies, These interventions had a low impact job creation. He further notes that labor companies engaged in international trade because many firms that did not register reforms could increase employment in still struggle with high trade costs arising had informal leases or agreements and the retail sector by as much as 22% for from transport, logistics and regulations, were not able to provide authorities with an average store—a significant effect giv- impeding their competitiveness and pre- the required proof of ownership for the en that the retail sector is India’s second venting them from taking full advantage land where they operated. largest employer, accounting for more of their production capacity. With the Research on the effects of business regulations 35 availability of Doing Business indicators on environment are associated with strong export volumes and reduce distortions trading across borders—which measure export performance. caused by restrictions on access to for- the time, procedural and monetary costs eign markets. These findings suggest that of exporting and importing—several em- This conclusion is supported by studies investment climate reforms help econo- pirical studies have assessed how trade on Sub-Saharan Africa and other devel- mies respond to export opportunities. costs affect the export and import perfor- oping economies. Using cross-sectional mance of economies. data for Sub-Saharan economies, Freund Chang, Kaltani and Loayza (2009) use and Rocha (2011) investigate whether Doing Business indicators on labor mar- Hoekman and Nicita (2011) use 3 types of export costs—time spent on ket flexibility and firm entry and exit to cross-sectional data from 105 econo- inland transit, customs and ports, and analyze how regulatory reforms support- mies in 2006 and a gravity-type regres- documents—have different effects on ing open trade affect economic growth. sion model that controls for logistics bilateral exports. To control for the po- They find that increasing trade openness quality and several tariff and nontariff tential impact of export volumes on each has larger effects on growth when labor costs to show that import and export type of export cost, and to establish cau- markets are more flexible—making it eas- costs are highly negatively related to sality between export costs and volumes, ier for firms to adjust to changing condi- trade volume. Similarly, Djankov, Freund the authors use instrumental variable tions—and firms can enter and exit mar- and Pham (2010) assess the impact of analysis for landlocked economies. Each kets more easily. time delays in exporting on aggregate component of export costs listed above bilateral trade volumes in 98 economies is instrumented with the corresponding in 2005 using instrumental variable variable faced by exporters in the transit analysis to identify the causation be- economy. For example, time spent on Regulations on Courts, exports during inland transit is instru- Credit Markets, tween time delays and trade volumes. As an instrumental variable they use mented by time spent on inland transit in Bankruptcy Laws and landlocked economies and their export neighboring economies to take containers Investor Protection delays in neighboring economies during to ports. The assumption is that export Courts, credit markets, bankruptcy laws the transport of their containers to ports. costs incurred in neighboring economies and investor protection are among the The intuition here is that trade volumes are less likely to be affected by the export regulatory areas covered by Doing Busi- of an economy are less likely to affect volumes of exporting economies. ness that have received less attention transit times in neighboring economies in most developing economies when it because they account for a small share The authors also separate the impacts of comes to the number of reforms. Recent of trade in those economies. The authors two sets of inland transit time: distance to empirical work provides eye-opening evi- show that, on average, each day of delay ports and congestion costs such as bor- dence on these issues. reduces trade by at least 1%. They also der delays, road security, fleet class and find a larger effect on time-sensitive agri- competition. Inland transit has the largest Visaria (2009) uses project loan data cultural and manufacturing products and negative impact on exports, especial- for 1993–2000 from a large private bank on transit times abroad for landlocked ly congestion costs. A 1-day increase in with branches throughout India to assess economies. transit time reduces exports by an aver- how debt recovery rates were affected by age of 7% in Sub-Saharan Africa, which debt recovery tribunals introduced by In- Portugal-Perez and Wilson (2011) use donors should consider when crafting dia in 1993 to shorten debt recovery suits panel data from 101 developing econo- “aid for trade” policies in Africa and else- and strengthen the rights of lenders to mies between 2004 and 2007 to assess where. In a related study, Busse, Hoekstra recover assets of defaulting borrowers. To how infrastructure, border and transport and Königer (2012) use panel data from isolate the effect of the tribunals on debt efficiency and the business environment 2004 to 2009 for 99 developing econo- repayments, Visaria analyzes loan repay- affect export performance. Border and mies, including 33 of the least developed ments in states that had the tribunals transport efficiency is measured by a ones, to show that regulatory improve- relative to states that did not, covering Doing Business indicator on the number ments are linked to lower trade times and the same period and controlling for state- of days and procedures it takes to ex- financial costs. and industry-specific characteristics. Her port and import in an economy, while analysis finds that the tribunals reduced the measure of the business environment Different types of regulations, not just nonperforming loans by 28%, implying combines various institutional indicators for trade, can help reap the benefits of that faster processing of debt recovery including government transparency, cor- international trade. Şeker (2011) focus- suits cuts the cost of credit (figure 3.1). ruption, public trust in government, gov- es on the links between export volumes ernment favoritism for well-connected and regulations on trade and entry. The In another study on debt recovery tribu- firms and irregular payments for exports analysis uses two Doing Business indica- nals in India, Lilienfeld-Toal, Mookherjee and imports. After controlling for country tors—time to export and number of pro- and Visaria (2012) use firm-level panel fixed effects and several other factors af- cedures required to start a business—for data for 1993–2000 and take into ac- fecting export performance, the authors 137 economies between 2005 and 2007. count the elasticity of credit supply and find that good infrastructure, transport Şeker finds that improvements in trade the asset size of borrowers. They show and port efficiency and a healthy business facilitation and entry regulations raise that the tribunals caused a reduction in 36 Doing Business 2014 the borrowing and fixed assets of small firms but an increase in the borrowing, For all loan amounts, the probability of timely repayment was higher after Figure 3.1   India established debt recovery tribunals fixed assets and profits of large firms. The reason is that interest rates increased af- Probability installment paid within 180 days ter the tribunals making it harder for small firms to apply for large loans given that 0.7 they had insufficient collateral. 0.6 In the majority of the world economies 0.5 movable assets are less likely to be ac- cepted as collateral for loans than im- 0.4 movable assets limiting the access of 0.3 small firms to finance. A study on this point is provided by Love, Martinez-Peria 0.2 0 1 2 3 4 and Singh (2013) who examine the im- pact of the introduction of movable as- Amount overdue (millions of rupees) sets as collaterals on firms’ access to After tribunals Before tribunals bank finance using data from Enterprise Surveys and Doing Business indicator on Note: The figure plots the probability of loan repayments before and after the Indian government created debt collateral registries for movable assets recovery tribunals in 1993 to reduce the time taken to resolve cases. in 73 countries between 2002 and 2011. Source: Visaria 2009. Their difference-in-difference estimation that compares firms’ access to finance over time and across countries with and credit market frictions, a reduction in likelihood of bank crises. They find that without such registries reveals that in anti-creditor bias actually increases the the existence of public registries, private countries introducing movable assets as impact of financial shocks on macroeco- bureaus or both reduced the probability collaterals the number of firms with ac- nomic volatility. of bank crises, particularly in low-income cess to finance increased by around 8%. economies. They also show that the benefits of the Credit reporting systems reduce infor- introduction of these registries are larger mation asymmetries in financial markets. Houston and others (2010) reach similar for smaller firms. Giannetti and Jentzsch (2013) use panel conclusions. The authors merge data for data for 172 economies between 2000 2002 to 2007 from nearly 2,400 banks Cavalcanti (2010) present theoretical and and 2008 to test how credit reporting in 69 economies with Doing Business empirical analyses of the complementa- and identification systems affect financial indicators on creditor rights and cred- ry effect of financial shocks and credit intermediation. They use a more sophis- it information sharing. Based on both market imperfections on macroeconomic ticated method than standard panel data cross-sectional and instrumental variable volatility using data for 62 economies be- analysis by creating a synthetic control regression analyses that use legal origins tween 1981 and 1998. They measure cred- group that is intended to consist of coun- (English, French, German and Nordic) as it market frictions by using Doing Business tries as similar as possible to those that instrumental variables for the creditor indicators on contract enforcement costs did not implement credit reporting and rights and credit information sharing in- and anti-creditor bias. In contrast to the identification system reforms. The au- dicators, they find that stronger creditor widely held view that the impact of finan- thors find that mandatory credit reporting rights increase bank risk-taking and the cial shocks on macroeconomic volatility systems improve financial intermediation likelihood of financial crises. But stronger increases with credit market frictions, the and access, particularly when used in creditor rights are also associated with authors’ theoretical model shows that the conjunction with credit information sys- higher growth. On the other hand, shar- effects of financial shocks can increase or tems. ing information among creditors always decrease with credit market frictions, de- seems to have positive effects—reducing pending on the source and initial level of Credit information systems can also re- the likelihood of financial crisis and rais- such frictions. Their panel data analysis— duce the likelihood of bank crises because ing economic growth. which instruments indicators on contract they reduce information asymmetries enforcement costs and anti-creditor bias between banks and borrowers, enabling Laws and regulations that protect in- with their past values to establish a caus- banks to make better lending decisions. vestors and help them quickly resolve al link between them and macroeconomic In addition, they increase the probability issues related to their businesses can be volatility—shows that in economies with of loan repayments because bad cred- crucial for business creation and surviv- fewer credit market frictions, reductions it histories make it harder for borrowers al because they encourage investment, in both contract enforcement costs and to obtain future loans. Büyükkarabacak facilitate smooth business operations anti-creditor bias dampen the impact of and Valev (2012) use panel data from and help viable firms recover if they be- financial shocks on macroeconomic vol- 98 economies for 1975 to 2006 to study come insolvent. John, Litov and Yeung atility. But in economies with extensive how sharing credit information affects the (2008) provide an interesting analysis Research on the effects of business regulations 37 Therefore, the higher the degrees of di- Higher entry costs and lower recovery rates are associated with higher Figure 3.2   minishing returns to scale (the lower the unemployment rates returns to scale from unity) the higher the impact of entry costs on unemployment. 0.20 Unemployment rate 0.15 Tax Regulations 0.10 Tax regulations are one of the most con- 0.05 tentious topics in public policy and eco- nomics and have prompted a large body 0 of theoretical and empirical work inves- 0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 tigating the effects of high tax rates and Administrative entry costs (share of output per capita) cumbersome and complex tax codes and 0.20 procedures. Though determining the op- timal tax system is difficult because dif- Unemployment rate 0.15 ferent economies need different systems to maximize their welfare, there is less 0.10 uncertainty—from both theoretical and empirical perspectives—about the distor- 0.05 tionary effects of high taxes and cumber- 0 some tax systems. 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Recovery rate Djankov and others (2010) examine how effective corporate tax rates affect Source: Janiak 2013. entrepreneurship and investment using cross-sectional data from 85 economies in 2004. The authors collected the corpo- of investor protection. They investigate reorganization and liquidation cases be- rate income tax data based on a standard- the relationship between laws and reg- fore and after the reform, finds that the ized case study used for the paying taxes ulations protecting investors, risk-taking reform significantly improved the recov- indicator of Doing Business. They find that and economic growth using firm and na- ery rate of viable firms. higher effective corporate tax rates are tional data for 39 economies from 1992 strongly associated with lower aggregate to 2002. Investor protection is measured Janiak (2013) uses a theoretical model investment, foreign direct investment and by variables including the rule of law, dis- calibrated using Doing Business data to as- entrepreneurial activity (figure 3.3). closure standards and shareholder rights sess the impact of firm entry and exit reg- that include minority shareholders. The ulations on unemployment. He finds that Lawless (2013) investigates the impact findings of their instrumental variable firm exit regulations explain half of the of high corporate tax rates and tax com- panel data regression analysis, which unemployment gap between continental plexity on foreign direct investment in 57 instruments firms’ risk-taking by a loga- Europe and the United States. These find- economies. Using panel data regression rithm of initial assets, disclosure, rule of ings are based on the assumptions that analysis and controlling for a wide range law and anti-director rights index, show there is perfect competition in the market, of factors affecting such investment, she that corporate risk-taking and growth are the degree of returns to scale is 0.85 and finds that complex tax systems are asso- positively affected by the quality of inves- firms buy fixed capital on entry, some of ciated with fewer—but not smaller—for- tor protection, supporting the proposition which is sunk because of exit regulations. eign direct investments. A high corporate that protecting investors promotes entre- Janiak also finds that when the degree of tax rate, on the other hand, is negatively preneurial activity and economic growth returns to scale is lower, regulation ex- associated with both numbers and size because it enables entrepreneurs to make plains more of the unemployment gap of foreign investments. Lawless shows risky but high value added investments. and entry regulations become more in- that a 10% reduction in tax complexity is fluential than exit regulations (figure 3.2). comparable to a 1% reduction in effective To investigate the relationship between This is because when entry costs are high, corporate tax rates in terms of its effect efficient bankruptcy laws and recovery firms need to earn more profit to recover on foreign direct investment. rates among economically viable firms, those costs by increasing their size. How- Giné and Love (2010) use data on a large ever, when there are decreasing returns Monteiro and Assunção (2012) examine number of firms that filed for bankrupt- to scale (i.e. returns to scale below unity), the effect on the formal economy of a tax cy in Colombia between 1996 and 2003 the marginal product of labor and capital reform, called SIMPLES, that reduced the and analyze how a 1999 reform in bank- will fall as firms expand, causing firms to number of taxes and tax procedures for ruptcy laws affected recovery rates. Their decrease their demand for labor, which micro and small firms in Brazil. Based on a analysis, which compares the length of in turn will increase unemployment. cross-sectional survey of firms in Brazilian 38 Doing Business 2014 living standards in economies with flexi- Higher effective tax rates are associated with lower business density Figure 3.3   ble regulatory environments but not in those with rigid regulatory environments. 15 They also show that business regulation is more important than financial develop- Business density per 100 people ment, higher education enrollment or rule of law for complementing trade liberal- 10 ization. In addition, the authors find that a 1% increase in trade is associated with more than a 0.5% increase in income per 5 capita in economies with flexible entry regulations, but has no positive income effects in more rigid economies. 0 0 10 20 30 40 Using World Bank Enterprise Surveys 1st year effective tax rate data from a large number of manufactur- ing firms between 2002 and 2006 in 71 economies, Dutz and others (2011) show Source: Djankov and others 2010. that the aggregate Doing Business indica- tor, as well as its sub-indexes (including state capitals and metropolitan areas, the French, German, Nordic and socialist), getting credit, protecting investors and authors estimate the impact of SIMPLES the main religion in the economy (Cath- trading across borders), are positively on formal business licensing through nat- olic, Muslim, Protestant or other), per- associated with product and process in- ural experiments that compare firms eli- centage of English-speaking population, novation for young firms in non-OECD gible to benefit from the reform and those initial income per capita and geographic countries. Based on their findings, the au- that are not. Their finding that business latitude. They find that economies with thors emphasize the importance of busi- licensing among retail firms rose by 13% good business regulatory environments ness environment in spurring incentives after SIMPLES was enacted is robust to a grow faster and that output growth is for competition and innovation. series of sensitivity tests—indicating that 2.3% higher for the best quartile in the tax simplification helps expand the formal sample than for the worst. The literature has shown that entry costs economy. increase the size of the informal econo- Dall’Olio and others (2013) provide further my and decrease job creation, which are insight on links between the business envi- likely to hurt economic performance. ronment and growth. Using the aggregate Barseghyan (2008) investigates how en- Business Regulatory Doing Business indicator and its sub-index- try costs affect output and productivity Environment and OVERALL using Doing Business data on entry costs es, such as construction permits, trading Economic Performance across borders, paying taxes and em- for 97 economies and instrumental vari- The research reviewed so far was about ploying workers, they investigate whether able estimation. He instruments entry the effects of different business regu- structural or firm-specific characteristics costs by geographic latitude, share of the lations on intermediate outcomes. But contributed more to labor productivity population speaking a major European it is also important to know whether growth in the European Union between language, European settler mortality rates strengthening the business regulatory en- 2002 and 2008. Panel data analysis found in the early stages of colonization and in- vironment has a significant impact on the that improvements in the Doing Business digenous population density in the early overall economic performance of firms indicators are positively associated with 16th century. Barseghyan shows that and economies, through for example its increased labor productivity in manufac- higher entry costs significantly reduce effect on growth rate of output, produc- turing and services in EU-15 and EU-12 output per worker by lowering total factor tivity and innovation. A number of studies countries, though the magnitude of this productivity. He finds that an increase in have assessed how much a good business association is larger in EU-12 countries.3 entry costs of 80% of income per capi- regulatory environment, as measured ta decreases total factor productivity by by aggregate Doing Business, matters for Freund and Bolaky (2008) draw on data 22% and output per worker by 29%. economic growth, higher productivity and for 126 economies between 2000 and innovation. 2005 and use predicted trade, gener- On a related issue, Amiti and Khandelw- ated from a regression of bilateral trade al (2011) examine how improvements in Djankov, McLiesh, and Ramalho (2006) on distance, as an instrument for trade business regulatory environment, mea- shed some light on this issue using openness to establish the direction of sured by aggregate Doing Business, affect cross-sectional data from 135 economies causality from Doing Business indicators— the quality upgrading of products based covering the period from 1993 to 2002 covering areas including business entry, on disaggregated data from 56 econo- and instrumenting business regulation labor and property registration—to open- mies for 10,000 products. The authors indicators with their legal origins (English, ness. They find that trade leads to higher use panel data regression analysis and a Research on the effects of business regulations 39 natural experiment to investigate how the for entrepreneurs and small and medi- implementation in ways that lend them- regulatory environment and import com- um-size firms—and not obstruct their cre- selves well to empirical analysis of their petition affect product quality upgrading ation, productivity and competitiveness. effects, so that they can better under- in economies that are OECD members stand whether their reforms are leading and those that are not. For OECD mem- These results are encouraging, showing to desired outcomes. This may consist of bers the authors find that import com- the relevance of the policy reforms in the (i) collecting careful baseline and follow- petition leads to much smaller quality areas measured by Doing Business. But up data, and (ii) deliberately deciding to upgrading in economies with more cum- further research is needed. For instance, phase in reforms for different groups of bersome regulations. In non-OECD econ- although empirical research provides am- users, perhaps even randomly selecting omies import competition does not lead ple evidence for positive links between locations in which reforms will be pilot- to any quality improvements if regulations better business regulations and econom- ed, in order to be able to draw conclu- are more cumbersome. These findings ic performance, more rigorous research sions about the causal impacts of their suggest that reforms might be needed for is needed to better understand whether reforms. import competition to improve product and to what extent the former causes quality because of impediments created the latter. Some of the most convincing by bureaucratic red tape, nontariff barri- evidence to date comes from natural ers and other entry regulations. experiments, which have focused most- notes ly on firm entry regulation. Other areas of business regulations—such as trade, 1. Based on searches for citations in the 9 taxation, labor markets, credit markets background papers that form the basis for Conclusion and protecting investors—would benefit the Doing Business indicators in the Social Science Citation Index and Google Scholar The empirical work reviewed in this chap- greatly from future research using similar (http://scholar.google.com). ter provides evidence that cumbersome, techniques. Furthermore, given that only 2. The only exception to this rule is that Djan- poorly functioning regulatory business en- a handful of studies separate out the im- kov, McLiesh and Ramalho (2006) is includ- vironments undermine entrepreneurship pact of business regulatory environment ed in the review although it was published and the economic performance of firms on the overall performance of economies, more than five years ago, given that it is one and economies. They do so by, for ex- such as economic growth, productivity of the few studies examining the impact of ample, impeding entry to production and and investment, more research on these overall regulatory business environment on labor markets, which promotes the infor- issues would substantially enhance our economic growth. mal economy and unemployment, and by understanding of the multifaceted rela- 3. The EU-12 are those that have joined the European Union since 2004: Bulgaria, Cy- making trading, accessing credit markets tionships between business regulations, prus, the Czech Republic, Estonia, Hungary, and resolving legal issues more expensive economic performance and development. Latvia, Lithuania, Malta, Poland, Romania, for businesses. Thus efforts to promote the Slovak Republic and Slovenia. The EU-15 economic and social development should Policymakers contemplating business consists of Austria, Belgium, Denmark, focus on formulating policies that make regulatory reforms should consid- Finland, France, Germany, Greece, Ireland, business regulatory environments work er designing these reforms and their Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom. Why are minimum capital requirements a concern for entrepreneurs? Minimum capital requirements signifi- Denmark slashed its minimum capital re- cantly slow entrepreneurship.1 Such re- quirement for limited liability companies quirements also fail to serve their intend- from about $22,000 to about $14,000. ed purpose of protecting consumers and All of these changes lower the costs to creditors from hastily established and entrepreneurs to operate in the formal potentially insolvent firms. In recent years sector. The other 90 economies still re- • Across regions, minimum capital many governments have stopped requir- quire entrepreneurs to deposit capital be- requirements are lowest in Europe ing new businesses to deposit minimum fore registering a business. This amount and Central Asia. capital in banks or with notaries before varies greatly—from €1 in Germany to • Of the 189 economies studied in they can begin operations. more than $58,000 in Myanmar. Doing Business 2014, 99 do not have minimum capital requirements for What is a minimum capital requirement? firms. Some economies have never It is the share capital that must be depos- had them, while 39 have eliminated ited by shareholders before starting busi- WHERE IS THE MINIMUM them in the past seven years. ness operations. For the Doing Business CAPITAL REQUIREMENT MORE • Minimum capital requirements starting a business indicator the paid-in PREVALENT? are comparatively higher in low- minimum capital is usually the amount Across regions, minimum capital require- income economies. that an entrepreneur needs to deposit in • Paid-in minimum capital is often ments are lowest in Europe and Central a commercial bank or with a notary when, a fixed amount that does not take Asia, Latin America and the Caribbean or shortly after, incorporating a business, into account firms’ economic and OECD high-income economies (fig- even if the deposited amount can be activities, size or risk related to ure 4.1). In Latin America and the Ca- withdrawn soon after a company is cre- their activity. ribbean only 10 of 32 economies require ated.2 In most cases this required amount • Higher minimum capital new businesses to deposit minimum requirements are associated with is specified in an economy’s commercial capital, with the Dominican Republic im- less access to finance for small and code or company law.3 Research shows posing the most—almost half of income medium-size firms. that the existence of a minimum capital per capita, or about $2,500. Still, most • Higher minimum capital requirement directly hinders business de- of the 10 economies that had enforced requirements are associated with velopment and growth.4 capital requirements keep them low. In weaker regulations on minority Suriname it is about $30—0.4 percent investor protections and tend to Of the 189 economies studied in Do- of income per capita—and in Bolivia it is enable the informal economy. ing Business 2014, 99 have no minimum $40, equivalent to 1.8 percent of income capital requirements. Some economies per capita. And in the past 10 years other never required firms to deposit money economies in the region, such as Mexico, for incorporation, while 39 have eliminat- St. Kitts and Nevis, and Uruguay, have ed minimum capital requirements in the eliminated minimum capital require- past seven years. Armenia, Belarus, Bul- ments altogether. garia, Denmark, Kosovo, the Republic of Korea, the Kyrgyz Republic and the Unit- Among OECD high-income economies, ed Kingdom are among these economies Austria and Slovenia have the highest that have cut or eliminated such require- minimum capital requirements, asking ments. For instance, Belarus halved its entrepreneurs to commit more than 40% minimum capital requirement for private of gross national income per capita. In limited liability companies in 2008, then Sub-Saharan Africa 13 economies have abolished it a year later. In 2009 Bulgaria minimum capital requirements exceeding reduced its minimum capital requirement 200% of income per capita. An extreme by 99%, to less than $2. That same year, example is Niger, where the minimum 42 Doing Business 2014 compared with other regions. For in- Figure 4.1  Minimum capital requirements by region stance, in 2012/13, Sri Lanka was the only economy of 8 in those studied that sim- 150 plified business registration−compared 125.7 with 10 of 21 in Europe and Central Asia.5 min. cap. (% of GNI pc) 100 Minimum capital requirements are rel- atively higher in low-income economies 50 45.4 than in lower-middle, upper-middle and high-income ones. Among high-income 10.4 13.2 15.8 3.5 3.6 economies, 25% have a minimum capital 0 requirement ranging from 1.5% to 230% Europe & Central Asia Latin America & OECD high income East Asia & Pacific South Asia Middle East & North Africa Sub-Saharan Africa of income per capita—from about $1,500 Caribbean in Malta to more than $50,000 in Bahrain. Bahrain and Oman require new limited lia- bility companies to deposit the equivalent of more than 200% of income per capita Note: Myanmar is excluded from the sample as it is a significant outlier. in bank accounts to complete registration Source: Doing Business database. and commence business operations. Of the 34 low-income economies stud- capital requirement is equivalent to 528% $14,000 to less than $2. Similarly, in 2013, ied, 18 do not have minimum capital re- of income per capita—about $2,000. Morocco eliminated its minimum capi- quirements. Among the other 16, 11 are tal requirement for limited liability com- members of the Organization for the Globally, except in South Asia, minimum panies. Many economies in Europe and Harmonization of Business Law in Afri- capital requirements have been cut over Central Asia and the OECD high-income ca,6 which has fixed the minimum capital the past seven years. The biggest chang- region have also sharply cut or eliminated requirement at about $2,000. es have occurred in the Middle East and minimum capital requirements. North Africa, where the share of econo- mies with minimum capital requirements In South Asia only India and Maldives of less than 5% of income per capita fell still have minimum capital requirements. DO MINIMUM CAPITAL from over 60% in 2006 to 6% in 2013 In India it is about $1,900; in Maldives, REQUIREMENTS FULFILL THEIR (figure 4.2). In 2011 Jordan reduced its $135. In general, South Asia is lagging be- REGULATORY FUNCTIONS? minimum capital requirement from about hind on business entry regulatory reforms The minimum capital requirement finds its roots in continental Europe of the 20th century.7 Back then, the minimum paid- up capital was stipulated by law and its primary legislative purpose was to pro- Figure 4.2  Share of economies where the minimum capital requirement is less than 5% tect creditors and nurture confidence in of income per capita financial markets. Nowadays, despite the financial burden that minimum capital OECD high income 50.0 (30 economies) 30.0 requirements impose on potential entre- Europe & Central Asia 85.7 preneurs, some argue that they protect (22 economies) 23.8 investors and consumers from new firms South Asia 87.5 (8 economies) 75.0 that are set up carelessly, might not be Middle East & North Africa 62.5 financially viable and will likely close (16 economies) 6.3 soon after launching. Advocates of this Sub-Saharan Africa 51.1 (45 economies) 44.4 argument claim that minimum capital East Asia & Pacific 73.9 requirements enable prospective inves- (23 economies) 56.5 tors to consider investments more cau- Latin America & Caribbean 80.6 (30 economies) 67.7 tiously. 0 20 40 60 80 100 Percent But this regulatory fix does not adequate- DB2014 DB2006 ly address the problem. Paid-in minimum capital is often a fixed amount that does Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2014 (2013) also includes not take into account firms’ economic ac- The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Malta, Montenegro, tivities, size or risks. In some cases it is Qatar and San Marino, for a total of 185 economies. DB2006 data have been adjusted for data revisions and changes in methodology and regional classifications of economies. the same for different types of companies Source: Doing Business database. as well. For instance, a small company Why are minimum capital requirements a concern for entrepreneurs? 43 in the services industry with low start- freezing capital in a bank account may rules have lost virtually all of their value up capital has to pay as much as a large undermine a company’s growth. In Bo- for stockholders and creditors because manufacturing company with high initial livia and Ghana minimum capital can be better approaches have been developed. capital in Gabon, despite the difference withdrawn in full only after a company’s Today creditors must rely primarily on in business activity and size. Moreover, dissolution. Moreover, high minimum negotiated contractual protections, as funds tied up in minimum capital require- capital requirements can enable fraudu- stipulated in statutory and incorporation ments, particularly in economies where lent activities that they are supposed to agreements.21 the amount is sizable, could impose fi- prevent. Entrepreneurs eager to incorpo- nancial constraints on companies that rate companies but lacking the required A study of 5 EU economies shows that have other needs, such as hiring, buying funds, often falsify company incorpora- eliminating minimum capital require- equipment or developing services.8 tion forms or withdraw funds soon after ments makes it easier to start small and incorporation.15 medium-size enterprises. The number Others argue that minimum capital re- of registered businesses has increased quirements shield firms from insolvency If the capital requirement is too low, it in 4 of the economies studied that have and so protect creditors and investors.9 fails to screen out potentially unviable lowered or abolished minimum capital But lenders tend to base their decisions businesses. A low requirement does little requirements (France, Germany, Hungary on commercial risks rather than govern- to protect creditors if a company under- and Poland). Research also shows that, in ment-imposed minimum capital require- goes financial distress.16 In many econo- addition to significantly increasing the to- ments.10 Creditors usually prefer to eval- mies the requirement is merely symbolic tal number of limited liability companies, uate firms’ income statements, business because governments and company reg- such legal reforms have raised the num- plans and other representative indicators. istries cannot predetermine how much ber of new firms created.22 Thus, many economies have found oth- money might be needed to cover compa- er ways to protect investors, particularly nies’ liabilities if they become insolvent.17 Another study on the effects of deregula- with limited liability companies. For in- For example, France, Germany, Japan and tion of corporate laws on company incor- stance, Hong Kong SAR, China outlines Jordan have minimum capital require- poration shows that entrepreneurs have solvency safeguards in its Companies Act ments of less than $5. In addition, a min- taken advantage of recent rulings by the and does not require a specific amount imum capital requirement does not limit European Court of Justice allowing them of paid-in minimum capital for business company debt because once the capital to select the economy where they incor- incorporations. Furthermore, companies amount has been established, there are porate regardless of their initial location. have different probabilities of becoming usually no limits on the borrowing of For instance, cross-country incorporation insolvent. Even with a minimum capital companies.18 from businesses in other EU economies requirement there is no guarantee that a increased significantly in the United King- firm would not face insolvency because of Minimum capital requirements are espe- dom, driven by low capital requirements other factors such as poor management cially futile if funds can be withdrawn and and start-up costs.23 and decision making, bad business condi- possibly used to cover expenses unrelat- tions and market changes.11 ed to the business soon after a company is incorporated. For instance, in Estonia, If the enforced minimum capital require- Luxembourg and Thailand entrepreneurs WHAT IS THE ECONOMIC ment is too high, it might impede the can withdraw start-up capital immedi- RELEVANCE OF MINIMUM development of start-ups. It could block ately after incorporating a business—so CAPITAL REQUIREMENTS? potential entrepreneurs seeking to start minimum capital requirements provide Through the analysis of minimum capital businesses as alternatives to unemploy- no security to potential creditors.19 requirements it is possible to identify 2 ment.12 In Ethiopia the official unemploy- main types of correlations: one relating ment figure is more than 20%, yet the A better way to make markets more ef- minimum capital requirements to other minimum capital requirement is 184% of ficient and protect creditors would be types of regulations and another relat- income per capita. Though the minimum to enforce mandatory disclosure of in- ing minimum capital requirements with capital requirement alone does not ac- formation, such as mandatory filing of economic outcomes, such as the size of count for Ethiopia’s high unemployment, annual financial accounts in company the informal economy. All the results pre- it does hamper the development of small registries and enhancing the supervisory sented here are based on correlations and and medium-size formal businesses that role of company registries. Other forms of cannot be interpreted as causal. might be a source of employment.13 creditor protection already exist in many economies, including corporate gov- The analysis shows that minimum capi- Some researchers also argue that high ernance monitoring, setting of interest tal requirements are related to 2 types of minimum capital requirements distort rates and contractual provisions such as regulations: insolvency laws and its im- healthy competition by putting at disad- bond indentures and loan agreements.20 plementation and minority shareholder vantage entrepreneurs with less finan- The United States, for instance, once im- protection. The efficiency of insolvency cial capacity.14 A firm is expected to use posed significant requirements on how laws is measured by the Doing Business its financial resources to establish the much capital had to be contributed and recovery rate indicator. The regression business and day-to-day operations. So maintained in a corporation. But those analysis suggests that minimum capital 44 Doing Business 2014 requirements might not help creditors re- Higher minimum capital requirements are associated with weaker investor Figure 4.3   cover their investments. There is a strong protection negative association between such re- quirements as measured as a percentage of an economy’s income per capita and the recovery rate of creditors. The recov- ery rate for investors tends to be higher min. cap. (% of GNI pc) in economies that do not have minimum capital requirements.24 So, indeed, such requirements do not play a crucial role in safeguarding creditors against company bankruptcies. The negative correlation between min- imum capital requirements and the strength of investor protection index Strength of investor protection index (which measures legally required minori- ty shareholder protections provided by Source: Doing Business database. law) is also significant (figure 4.3).25,26 Economies that do not have minimum capital requirements or set them very low Figure 4.4   Higher minimum capital requirements are associated with less access to tend to better protect investors by being finance for small and medium-size enterprises more likely to promote transparency in corporate transactions, provide easy ac- cess to corporate information and have stricter director liability standards. With regards to economic outcomes, min. cap. (% of GNI pc) the analysis shows that in economies with high minimum capital requirements, small and medium-size firms have less access to bank financing.27 The analysis also reveals a strong correlation between the amount of minimum capital required and the percentage of small and me- dium-size enterprises that cite access Share of firms identifying access to finance as a major constraint to finance as a major constraint to their business operations (figure 4.4). Source: World Bank Enterprise Surveys, 2012. Furthermore, there is a strong positive association between minimum capi- tal requirements and the percentage Higher minimum capital requirements are associated with more informality Figure 4.5   of firms in economies who say that the informal economy severely constrains their growth (figure 4.5). If entry costs are prohibitively high, entrepreneurs might be disinclined to formalize their businesses. There is also a strong nega- min. cap. (% of GNI pc) tive relationship between the number of years that firms operate without formal registration and the burden of minimum capital requirements.28 Based on this relationship, higher minimum capital requirements are associated with lon- ger periods when firms operate without formal licenses. The less money that Share of firms competing against informal sector firms have to spend on minimum capital requirements, the less likely they are to Source: World Bank Enterprise Surveys, 2012. compete against informal businesses as Why are minimum capital requirements a concern for entrepreneurs? 45 those firms have a greater incentive to 7. The German AktG of 1937 and the Italian become formally registered. Civil Code of 1942. notes 8. Chan 2009. This case study was written by Valentina Saltane 9. Miola 2005. There is also a strong negative association and Paula Garcia Serna. 10. Djankov 2009; Ewang 2007; Alonso Ledes- between minimum capital requirements ma 2007. and the number of new formal business- 1. vanStel, Storey and Thurik (2007); Blanch- 11. Mülbert 2006. es.29 This result supports the argument flower, Oswald and Stutzer (2001); Klapper 12. Hornuf and others 2011. that minimum capital requirements deter and Love (2011); Dreher and Gassebner 13. World Development Indicators 2012 and entrepreneurial activity, creating obsta- (2011). Doing Business database. cles for business development. 2. The paid-in minimum capital measured by 14. Chan 2009. the starting a business indicator represents 15. Chan 2009. the amount an entrepreneur needs to depos- 16. Miola 2005. it within 3 months of business incorporation. 17. Ewang 2007. CONCLUSION In the following sections it is referred to as 18. Alonso Ledesma 2007. minimum capital. 19. Miola 2005. Despite its shortcomings, minimum 3. For instance, in Belgium the required 20. Miola 2005. capital requirements remain a reali- minimum capital is defined in the Company 21. Booth 2005. ty for many economies, especially in Code, in Ecuador in the Companies Act and 22. Hornuf and others 2011. the Middle East and North Africa and in Togo in the Organisation pour l’Harmon- 23. Becht, Mayer and Wagner 2008. Sub-Saharan Africa. But every year more isation en Afrique du Droit des Affaires 24. The results are significant at the 5% level economies slash or eliminate how much (OHADA) Uniform Act on the General after controlling for income per capita. money entrepreneurs must deposit to Commercial Law. 25. The strength of the investor protection index start businesses. Governments can take 4. vanStel, Storey and Thurik (2007); Blanch- is the average of the extent of the disclosure various other steps to protect investors flower, Oswald and Stutzer (2001). index, the extent of the director liability index 5. Belarus, Bulgaria, Kazakhstan, Kosovo, and the ease of the shareholder suits index. and creditors, minimize risks of bank- Lithuania, FYR Macedonia, Romania, Serbia, The index ranges from 0 to 10, with higher ruptcy and safeguard consumers from Ukraine and Uzbekistan. values indicating more investor protection. potentially hazardous products. 6. OHADA members are Benin, Burkina Faso, 26. The results are significant at the 5% level Cameroon, the Central African Republic, after controlling for income per capita. Chad, the Comoros, the Republic of Congo, 27. The results are significant at the 5% level Côte d’Ivoire, the Democratic Republic of after controlling for income per capita. Congo, Gabon, Guinea, Guinea-Bissau, Mali, 28. The results are significant at the 5% level Niger, Senegal and Togo. after controlling for income per capita. 29. The results are significant at the 5% level after controlling for income per capita. What role should risk-based inspections play in construction? Construction accounts for a large share of plant, such as the pollution it is expected GDP in most economies. In 2005, during to emit, which will affect how thorough- a period of high growth, it was the source ly it needs to be inspected. Accordingly, of at least 7% of GDP in Bangladesh, India there has been growing consensus in the and the United Arab Emirates. Govern- construction industry on the need for su- • Inspections during the construc- ments often use construction to stimulate pervisory bodies to consider the potential tion of buildings are crucial, but economic activity because of its benefits risks imposed by a building, rather than assessing the potential risks of a for people across socioeconomic strata.1 applying the same inspections standards building—such as its environmental From New York to Shanghai, economies to all buildings. Many economies are impact—is even more important. are competing to build the tallest, biggest, adopting innovative approaches to con- • Risk-based inspections, which focus most beautiful buildings. struction controls, with the focus shifting on what to inspect and when, have from random, systematic and untargeted become more popular in the past Ensuring safety in construction is not inspections to more targeted, selective decade. They are conducted to easy. A single structural failure can cause and risk-based inspections. ensure a building’s structural safety, an entire building to collapse, often lead- fire safety, worker safety and public ing to injuries and deaths. The collapse of Both developed and developing econo- safety. the Kihonge high-rise in Kenya in 2006, mies have implemented risk-based in- • In Australia risk management for a multistory Melcom department store spections, which take into account the construction emerged in 1999 but in Ghana in 2012 and the Rana Plaza varying risks for different types of build- not all aspects of the system were Building—a multiuse building including a ings. Since 2005, 18 economies have incorporated immediately. The garment factory—in Bangladesh in 2013 incorporated elements of risk-based in- 2005 Building Professionals Act show that strong regulation for building spection systems.2 For example, Germa- introduced the accreditation and construction and equally strong enforce- ny adopted a system similar to Australia’s regulation of private inspectors, ment of the law are essential for worker that makes private inspectors responsible creating competition between the and public safety. Furthermore, the mon- for ensuring buildings’ safety and thus public and private sectors. etary costs incurred by governments or responsible for conducting the required • France strengthened its liability private sector to replace the buildings or inspections based on the type of building. regimes and introduced a risk- fix the damages can be substantial. based inspections system based on Over the past three decades other govern- building classifications that already These incidents do not imply that these ments have also worked with the private existed in the law but were never countries do not officially require inspec- sector to develop risk-based inspections, implemented. tions. Ghana’s Building Inspectorate is resulting in new laws and regulations • Economies seeking to adopt risk- legally required to inspect buildings at 4 that make safety a central focus of the based inspections should consider stages before the official final inspection. construction industry while maintaining that successful implementation Similarly, Bangladesh’s City Development efficiency. Risk-based inspections, as op- requires strong legislation for Authority is supposed to conduct exca- posed to random, untargeted inspections, construction, strong enforcement vation and foundation inspections before allow governments to allocate resourc- institutions, conflict resolution conducting a final inspection. But such in- es where they are most needed without mechanisms, adequate resources spection requirements do not do enough compromising worker and public safety. and a liability and insurance regime. to guarantee worker and public safety. But their effectiveness depends on sev- eral factors, including strong oversight, Inspections during the construction of proper enforcement of legislation, suffi- buildings are crucial—but assessing po- cient resources and technical expertise. tential risks might be even more import- ant. For example, several factors must be Economies require inspectors to inspect taken into account when building a power buildings to ensure that builders comply WHAT ROLE SHOULD RISK-BASED INSPECTIONS PLAY IN CONSTRUCTION? 47 with legal requirements for worker safety (construction inspections), structural in- Table 5.1 The United Kingdom requires a range of building inspections tegrity (building inspections) and fire safe- Phased inspections required for all buildings Inspections based on risk assessment ty. There can be too few inspections or too many; neither approach benefits the con- • Commencement of works In addition to key stage inspections, high- • Excavation of foundation risk sites must undergo extra inspections. struction industry or the public interest. • Superstructure, structural frame or components The assessment is adjusted accordingly • First fix (pre-plaster) during construction. In some economies obtaining a con- • In-situ testing, such as for drains, sound, air pressure, electrical and fire alarms struction permit requires dozens of pro- • Intermediate inspections when required cedures. It can take more than a year to • Pre-occupation issue of a completion certificate comply with these, and they can cost Source: http://www.teignbridge.gov.uk. several times annual income per capi- ta. Moreover, the process is often little more than a way to extract rents and so is associated with corruption. In contrast, based on factors such as geographical bodies to private engineers and inspec- countries such as France, New Zealand location.4 Thus both countries have im- tors. Private practitioners tend to have and the United Kingdom have created plemented hybrid systems that include the skills, expertise and experience to permit procedures that strike a much both phased and risk-based inspections. function without controls or with limited better balance, ensuring high levels of On the other hand, Bhutan inspects all controls.5 They are also held liable for the public safety while not burdening the buildings at 7 phases of construction, safety of buildings and subject to inde- private sector with excessive red tape. without additional risk-based inspections. pendent oversight. Builders in such economies are creating A phased inspection strategy demands simpler structures that are generally sub- that authorities have enough resources ject to less requirements and inspections to inspect every building at each required due to their lower risks. phase. An insufficient number of inspec- hOW ARE RISK-bASED tors can lead to missed, hurried or incom- INSPECTIONS IMPLEMENTED? plete inspections. Efforts to develop risk-based inspections must consider several elements, including: WhAT TYPES OF INSPECTIONS Risk-based inspections have become ARE ThERE? more popular in the past decade, resolv- • Classifying and assessing buildings. Unannounced or unscheduled inspec- ing some of the issues from random and Building classifications and assess- tions are known as random inspections. phased inspections. Though many risk- ments are important for determining They can occur at any time and any stage based inspection systems include a min- the frequency and scope of inspec- of a construction project. There can be as imum number of phased inspections for tions. Not all buildings face the same many inspections as the building inspec- all buildings, they typically give priority to risks. Thus risk evaluation requires a tor deems necessary. For a 30-week con- buildings with high risks—such as envi- holistic approach, and understanding struction project—the model measured ronmental ones—and optimize the pro- the risks associated with different by Doing Business—several economies cess. For example, the United Kingdom types of buildings is essential for suc- have 1 random inspection, while the Lao has defined key stages of inspections for cessful risk-based inspections. Build- People’s Democratic Republic and Liberia all buildings, plus additional inspections ing classification is just as important have 12 and Guinea has 15.3 based on the building’s risk level (table when determining the necessary lev- 5.1). Hence risk-based inspections focus els of review for the building plans pri- Though random inspections can reveal on what to inspect and when. Risk-based or to construction, for construction of more instances of noncompliance with inspections are conducted to ensure a the building itself and for assessment building regulations than do phased in- building’s structural safety, fire safety, of the building after construction to spections, they also create more oppor- worker safety and public safety but in a ensure its compliance with safety tunities for graft. And requiring a lot of more efficient manner. Riskier buildings standards. inspections might not be necessary for face more inspections. Having fewer in- • Identifying who will conduct inspections. smaller buildings that do not pose serious spections for less risky buildings lowers Risk-based inspections rely on profes- environmental or hazardous risks. Still, costs without compromising safety, in- sional inspectors who are responsible having no inspections is a safety risk. creasing flexibility and enabling inspec- for ensuring that buildings are con- tors to move away from random and structed according to safety standards. Phased inspections occur during specific phased inspections. If violations occur, inspectors must phases of construction. They occur re- hold insurance to cover the loss of any gardless of a building’s size, location or In addition to defining the inspections structural damages. Accordingly, only use. Economies such as Canada and the that must take place for different types experts certified by the state or a legal United Kingdom recommend conducting of buildings, risk-based inspections sys- body should perform inspections. such inspections in 9 phases, but this tems have involved a growing shift in risk, • Identifying the responsibilities of those number might differ for other economies responsibility and liability from public authorities. Inspectors’ mandates must 48 Doing Business 2014 be clearly defined. In addition, a formal techniques developed by Standards France: establishing insurance- enforcement mechanism must be in Australia, an independent nonprofit con- driven building control and place to ensure compliance with regu- sidered the country’s leading nongovern- mandating risk-based inspections lations and administer penalties for vi- mental standard-setting body.7 Buildings France’s 1978 Spinetta Law provided olations, as well as a conflict resolution began being inspected by local councils, a legal framework for creating techni- mechanism in cases of disagreement and risk assessments by those councils cal control agencies and dramatically between inspectors and developers. determined the number of inspections modifying liabilities in construction needed, with standards varying by coun- works. 11 Until then it was unclear who Different economies have taken different cil. But the 2005 Building Professionals was responsible for inspecting build- approaches to risk-based inspections. In Act allowed for accreditation and regu- ings during construction. The govern- the 1990s Austria introduced three class- lation of private inspectors.8 By opening ment had limited involvement in the es of construction so not every building to the private sector, Australia intro- construction industry. Builders and ar- requires a building permit, as had been duced competition to a system that had chitects were simply required to have the case: primarily been the responsibility of local 10-year warranty insurance for damag- councils. Furthermore, in 2005 Australia es caused by a building collapse. Fur- • First class. For small expansions or amended its Building Code to introduce thermore, while previous legislation had other small construction works ex- a risk-based categorization system for stipulated various categorizations of empt from building permits and plan- buildings that inspectors had to follow buildings, it had never stipulated what ning and zoning reviews. (see next section for more details on the types of inspections should be conduct- • Second class. For construction works categorization). ed for each category. up to 20 square meters that do not require building permits and technical In addition, in 2010 changes were made Under the Spinetta Law only private, reviews. But these projects are subject to the Building Professionals Board, which state-licensed technical control agen- to planning reviews, and signatures had been the sole body authorized to cies can inspect construction sites.12 must be obtained from neighbors to accredit private inspectors, regulate the Technical controllers cannot be direct- ensure they have no objections to the profession and enforce disciplinary and ly involved in construction-related ac- project. legal actions against private inspectors. tivities. They must be accredited for • Third class. These projects require Now principal certifying authorities can 5-year terms based on requirements building permits with third-party re- accredit professionals from various back- defined by a state decree, including for view of all crucial elements. A sub- grounds—including engineers, planners technical competence and profession- category in the third class known as and building and land surveyors—to serve al conduct.13 Technical control agencies the “light procedure” requires little as inspectors. In addition, the board be- must verify buildings’ strength, safe- or no independent review of building came responsible for accrediting, regulat- ty and compliance with building reg- design and construction. In Vienna a ing and enforcing actions against certified ulations, including standards for seis- structural review is the only require- inspectors.9 mic construction and accessibility for ment for this subcategory. Though the disabled. In addition, all parties in- notifications to the relevant agency As a result principal certifying authori- volved in construction—such as con- are required once certain stages of ties can retain both private and council tractors, builders, and technical con- construction are completed, inspec- inspectors, who report back during and trol agencies—must obtain insurance tions are the exception rather than the after construction. By law, principal cer- covering defects in construction. Com- rule under the light procedure.6 tifying authorities must be designated to pliance with regulations has improved conduct the mandatory inspections at dramatically since the Spinetta Law Economies that have been using risk- the critical stages (stipulated in the En- was implemented.14 based inspections the longest, such as vironmental Planning and Assessment Australia and France, have comprehensive Act), manage inspections and decide if classifications of building categories and additional inspections are needed based Building classifications in Australia risks based on size and use. Their systems on a building’s risk level. The principal and France have proved quite successful over the certifying authority must also issue the A building’s risk level is based on its clas- years. Thus the case study has focused on certificate of construction (a mandatory sification, use and height. Volume 1 of the experiences of these two countries. certificate that must be obtained prior the 2005 Building Code of Australia con- to the commencement of construction siders all buildings low risk regardless of works) and certify the safety of the build- their class if they are less than 4 stories ing upon completion of construction. The except class 9 (table 5.2).15 Class 9 build- AUSTRALIA AND FRANCE: TWO principal certifying authority is held liable ings are considered high risk due to their EXAMPLES OF GOOD PRACTICE if any issues arise related to the building uses and regardless of their height. More- construction.10 However, inspectors must over, some buildings are considered high Australia: privatizing inspections obtain an annual professional insurance risk because of their importance as class In Australia risk management for con- up to a minimum of AUD 1,000,000 in 3 or 4 buildings. Class 3 buildings house struction emerged in 1999 based on order to be retained in their position. more than 250 guests, motels or guest What role should risk-based inspections play in construction? 49 • Category L (Legal aspects—excluding Table 5.2  What building classifications does Australia use? seismic risk level): This type of control Building class Use Risk level focuses on the structural strength, the foundation, the framing, the roofing 1 Standalone residence n.a. and the mandatory equipment to be 2, 3, 4 Residential Low for up to three stories used for each step. Medium for more than three stories but less than • Category S (Safety): This category 25 meters concerns the safety of the workers on High for more than 25 meters the construction site. 5, 6, 7 Office building for commercial Low for up to three stories Depending on a building’s class and type, purposes Medium for more than three stories but less than the safety control agency conducts either 25 meters category L or S inspections. High-risk High for more than 25 meters buildings have both types of inspections. 8 Laboratory Low for up to three stories A special category, category PS (Paraseis- mic), is applied to zones prone to seismic Medium for more than three stories but less than 25 meters activity. In this case, all three categories of High for more than 25 meters inspections are mandatory. 9 Building of a public nature High 10 Other domestic utilities n.a. What challenges have been Note: Buildings in any class with a risk level of 3 or 4 are considered high-risk buildings. n.a. = not applicable. faced? Source: 2005 Building Code of Australia. Economies seeking to adopt risk-based inspections can face several challenges. houses. Class 4 is the residential part of First, economies with weak legal insti- buildings classified under classes 5, 6, 7, What building classifications Table 5.3   tutions will find it nearly impossible to 8 or 9. For example, if an office building does France use for ERP? implement such a complex system. It has one floor with residential apartments, Number of Mandatory requires passing legislation that, among that floor is classified as class 4. people the inspection other things, clearly stipulates catego- Classification building houses required?  rization of buildings, identifies qualifi- Risk levels and building classes enable Category 1 More than 1,500 YES cation and licensing requirements for principal certifying authorities to de- private practitioners, calls for strong velop inspections that protect public Category 2 701–1,500 YES oversight mechanisms and calls for the safety. For example, 2 buildings might Category 3 301–700 YES establishment of agencies that are well- be considered low risk because of their equipped and trained to ensure the safe- height. But depending on their uses, 1 Category 4 300 YES ty standards of buildings. Having clear might require more inspections because Category 5 a 300 or fewer b NO zoning and land regulations is also key. of the complexity of its construction. In In some economies implementing risk- Note: In addition to ERP, residential buildings up to addition to the risk-based inspections 50 meters high are also classified according to the based inspections has been a challenge that principal certifying authorities deem 5 categories above. because authorities do not know if the necessary, several critical inspections are a. Includes only visitors. building that will be constructed is in a set by law for each building class, includ- b. Refers to small construction works with or without high-risk zone (such as a zone prone to ing standalone residences (class 1) and sleeping quarters. flooding or seismic activity, has natural garages and parking lots (class 10). For Source: 2009 Building and Housing Code of France. reserves, is a historical heritage site, or classes 1 and 10, 7 inspections are re- the like). quired, compared with just 3 for class 7 warehouses.16 (table 5.3). For categories 1 to 4 the Second, enforcement of the legal frame- threshold includes both employees and work is essential to ensuring its success- In France building classifications are visitors, while only visitors are considered ful implementation. The relevant agen- mainly based on occupancy and use, for category 5 (which has more lenient cies must be independent enough to though height also plays a role. Only safety regulations). enforce the law and exercise their right nonresidential buildings that receive vis- to conduct any needed oversight. For itors—such as malls, office buildings or Mandatory inspections are required for example, they must establish mecha- movie theaters (établissement recevant du categories 1 to 4 and are classified into 2 nisms whereby clients can submit com- public, or ERP) and residential buildings main categories: L and S. Each category plaints about their dissatisfaction with up to 50 meters tall are categorized. The has sub-categories that relate to a spe- an inspector, then investigate the case 5 categories for these buildings are based cific part of the building such as framing, and take disciplinary actions against on the number of people they can house roofing or thermal performance. the inspector if the case is confirmed. 50 Doing Business 2014 Corruption can be reduced as well in Ciudad de Guatemala issued a new tech- public authorities. This has greatly ben- these cases; without the proper en- nical manual on construction permits efited clients because if they choose a forcement mechanisms, it becomes that introduced a risk-based approach to private inspector, they can involve the easier to engage in paying bribes to the inspections conducted during construc- inspectors at an earlier stage of the pro- inspectors. Economies with successful tion. Low-risk projects—buildings smaller cess (meaning, before construction even risk-based inspections have strong le- than 3,000 square meters with 3 floors or begins). A public inspector is only in- gal institutions and solid enforcement fewer—were exempted from inspections volved during construction. In 2012, 60 mechanisms. during construction but remain subject to or so private inspectors—including sev- a final inspection. Before, random inspec- eral large corporate inspection firms— Consider Brazil, where the construction tions for low-risk projects occurred about handled 30% of building control work. industry has expressed strong and grow- once a month. Introducing a private alternative to pub- ing demand for risk-based inspections. lic building control has made the process But because of a weak legal framework Finally, economies implementing risk- more efficient and expedited services.22 and poor dissemination of a risk assess- based inspections must develop liability Inspections in the United Kingdom are ment methodology, only São Paulo was and insurance systems. Doing so helps not free of charge, so by having clients able to implement risk-based inspec- hold building inspectors and enforcement choose private inspectors, local public tions—and the system remains limited. agencies accountable and deters them authorities are losing revenue and thus Many practitioners lacked sufficient from delaying the issuance of permits. have an incentive to compete with the knowledge and were not well-trained to Building inspectors in those economies, private sector. properly identify the various types of risk such as Australia, France and the United involved in the different types of build- Kingdom, hold insurance regimes that But much of the success of these econ- ings.17 guarantee compensation in case of de- omies has also been a result of strong fects. But in most developing economies implementation and oversight of the pri- Establishing a conflict resolution mech- implementing such a regime can be a vatized systems. First, a robust system of anism can also be challenging. It entails challenge since insurance systems are qualification and licensing requirements establishing a system where entities not readily available.19 exists for private inspectors. Inspectors in adversely affected by permitting author- these economies have extensive technical ities’ decisions can appeal them. Like expertise, which results in higher compli- the enforcement mechanisms, conflict ance with building codes.23 And enforce- resolution mechanisms can only be suc- What benefits have been ment agencies operate with considerable realized? cessful if there is technical competence, independence and can hold private prac- procedural safeguards and transparent Implementing risk-based inspections can titioners accountable for wrongdoing. processes. For example, Canada’s Build- present enormous challenges, but the Without these necessary safeguards, the ing Code Commission members have the benefits are greater. After France imple- effectiveness of a privatized system can appropriate technical expertise and are mented its Spinetta Law, construction-re- remain limited. appointed from both the regulatory and lated conflicts and litigation fell, protec- industry sectors. The commission’s deci- tion improved for owners and contracting For example, the former Yugoslav Re- sions are binding and hearings on tech- authorities, and building safety, quality public of Macedonia privatized its design nical issues almost never exceed 6 to 8 and compliance with building standards and construction reviews process. Many weeks.18 increased. The reforms also lowered re- requirements and documentation were pair costs.20 streamlined or eliminated. In just one year Another main challenge is securing ad- the time needed to obtain a construction equate resources. Developing a sound Indicators of construction quality—as permit was cut by 22 days and the num- risk management system to implement measured by the percentage of buildings ber of procedures required by 10 as mea- risk-based inspections requires investing for which insurance claims are filed and sured by Doing Business. For inspections, time and money. Risk-based inspections related repair costs relative to the cost FYR Macedonia introduced two catego- involve identifying and assessing the of the building—have also improved. For ries of buildings: those of national impor- risks of every building. Such efforts are instance, repair costs as a percentage of tance and those of local importance, such time-consuming and require staff with construction costs fell from more than as commercial warehouses. The 5 phased technical expertise. Thus sufficient fi- 4% in the 1990s to 3.6% for buildings inspections previously required by the nancial resources have to be allocated to completed after 2001. That these figures State Inspectorate for Construction and training. And to allocate these resources are both low and declining reflects the Urban Planning for buildings of local im- wisely, agencies must be run by individ- system's effectiveness.21 portance were eliminated, and construc- uals who are technically competent and tion oversight can now be performed by can act independently. In 1984 the United Kingdom began independent professionals hired by inves- modernizing its building regulation. As tors. But licensing requirements for engi- Still, economies can start with small- in Australia, builders can now choose neers are not yet robust and oversight of er steps that do not require extensive whether to have inspections conducted their work remains weak. resources. In 2012 the municipality of by licensed private inspectors or local What role should risk-based inspections play in construction? 51 10. Environmental Planning and Assessment Act (EPAA) 1979. These classes are 1 Conclusion notes (standalone houses) and 10 (other domestic This case study was written by Marie Lily Delion utilities such as garages). Introducing risk-based inspections is and Joyce Ibrahim. 11. While technical control agencies are primari- challenging. Among the many prereq- ly responsible for the inspection of buildings, uisites are sound legislation, accurate 1. World Bank, https://openknowledge. they also play a role at the outset with the categorization of buildings and effective worldbank.org/bitstream/han- design and plans of the building. agencies with sufficient resources, well- dle/10986/7671/416300PK.txt?se- 12. Building and Housing Code of France (Code trained workers and legal mandates to quence=2); http://siteresources.worldbank. de la construction et de l’habitation), Arti- conduct inspections. Economies that org/SOUTHASIAEXT/Resources/Publica- cles L111-23 to L111-26, 2009. have successfully implemented such sys- tions/448813-1202436185914/ch4PIIC.pdf. 13. Law on Liability and Insurance System (Loi tems have seen more efficient inspections 2. World Bank Group 2013b. The economies sur l’assurance-construction), Article 10, of their construction industries without are Australia, Austria, Republic of Congo, 1978. Czech Republic, Denmark, Finland, Germany, 14. World Bank Group 2013b. compromising the safety of workers, the Iceland, Ireland, Kenya, Mali, Mauritius, the 15. Building Code of Australia, Volume 1, 2005. public or buildings. Netherlands, New Zealand, Portugal, Slovak 16. Clause 162A of the Environmental Planning Republic, Spain and the United Kingdom. and Assessment Act 1979 addresses Australia privatized its inspection system, 3. Doing Business database. the critical inspections required for each while France strengthened and clarified its 4. http://www.rbwm.gov.uk/web/bc_nine_ category. liability regime. Technical controllers must stages_of_work.htm.; http://ottawa.ca/en/ 17. Martins and others 2011. be licensed, and technical control agencies residents/laws-licenses-and-permits/build- 18. World Bank Group 2013b. are held accountable for building safety. ing-and-renovating/building-inspections 19. World Bank Group 2013b. And while Australia categorizes buildings 5. World Bank Group 2013b. 20. World Bank Group 2013b. based on their uses, France categorizes 6. World Bank Group 2013b. 21. World Bank Group 2013b. 7. Baccarini 2000. 22. World Bank Group 2013b. its buildings based on their occupancy. 8. Independent Commission Against Corrup- 23. World Bank Group 2013b. Though the two countries took different tion Act, Section 3, 1988. approaches, both emerged with far more 9. Building Professionals Board, http://www. efficient construction inspection systems. bpb.nsw.gov.au. tackling high electricity connection costs: trinidad and tobago’s new approach Access to electricity is essential for firms. areas. Alternatively, if a  large share of Yet many entrepreneurs around the world the costs is recovered through tariffs struggle with high costs to connect to rather than through advance lump sum electricity grids. In 2013 the cost to con- payments, new customers enjoy a  sig- nect a single warehouse to a power sup- nificant benefit at the expense of other • Around the world, high connection ply ranged from an average of $19,112  in customers. costs are a barrier to getting South Asia to $38,500  in Sub-Saharan electricity. The getting electricity Africa. Globally the average was $29,134 indicator shows that connection (figure 6.1). Self-supply is much more costs for entrepreneurs are highest costly—often prohibitively so.1 Moreover, utilitiEs haVE to balanCE in Sub-Saharan Africa. high electricity connection costs often go nEW ConnECtion Costs • The most e ective regulatory hand in hand with high transmission and bEtWEEn prEsEnt and systems govern connection costs distribution losses.2 futurE rEQuEsts in a way that is cost e ective for Many studies have focused on the bal- utilities and fair for customers. Experts contacted by Doing Business iden- ance between connection costs and tar- • Studies often focused on the tified high connection costs as the main iffs. This case study highlights one way of balance between connection costs barrier to accessing electricity in their striking the right balance between costs and consumption tari s. But when countries (figure 6.2). That was the case for new and future connection requests. analyzing connection costs, few for all income groups except low-income studies assessed cost allocation economies, for whom a lack of generation Costs for electricity connections are usu- between new customers requesting capacity is the main barrier. ally set by distribution companies and connections and future customers often reviewed by regulators when such who might benefit from them, agencies exist. Because utilities allocate which is the focus of this case costs for new connections between exist- study. utilitiEs sprEad nEW ing and prospective customers, they also • Trinidad and Tobago lowered ConnECtion Costs bEtWEEn have to balance economic efficiency and connection costs by introducing tariffs and ConnECtion fEEs fairness. But it is often difficult to distin- a capital contribution scheme to guish between capital works for specific Every electricity utility has to recoup the resolve the “free rider” issue (which customers and those needed for project- costs of a generation plant, transmission occurs when first customers fund ed growth or safety and reliability. That and distribution networks and to foster the entire construction works, to leaves room for new customers to pay for income for future expansion. One way of the benefit of future customers). investments in the network that will ben- doing so is by levying network costs to • The new scheme was implemented efit other customers as well. new customers, in the form of an advance through extensive collaboration lump sum payment to facilitate infra- among multiple stakeholders, Consider a customer who wants to con- structure works for an electricity supply. including the regulator, electricity nect a warehouse to electricity. The cus- This lump sum is called customer’s cap- utility and entrepreneurs. tomer’s premises could get connected to ital contribution. an existing transformer with sufficient If a customer is not near the existing net- spare capacity, or the utility could install work or the network is already fully used a new transformer. This latter case could and new capacity is required, the cost of happen because a transformer is required extending the network might be high. In for the customer but it could also be that such cases customers have to pay all or the utility has development plans and part of the capital cost—which might be wants to connect future customers to this a  significant barrier to obtaining a  new transformer. Transformers are expensive. connection, especially in low-income Customers can end up paying for more TACKLING HIGH ELECTRICITY CONNECTION COSTS: TRINIDAD AND TOBAGO’S NEW APPROACH 53 Figure 6.1 The average cost to connect to electricity varies by region Figure 6.2 High connection costs are the main barrier to accessing electricity 45,000 40,000 Others Complicated 35,000 connection High connection 30,000 procedures costs Cost (US$) 25,000 13% 20,000 6% 15,000 11% 42% 10,000 5,000 0 28% Sub-Saharan Africa Middle East & North Africa World average OECD high income Latin America & Caribbean Europe & Central Asia East Asia South Asia Poor quality & Pacific of supply Lack of generation capacity Source: Doing Business database. Source: Doing Business database. than is needed for connection requests, utility has a payment scheme that allows 2006  T&TEC—Trinidad and Tobago’s subsidizing future customers. Explicit customers to pay capital contributions public, regulated electricity utility—got rules on the allocation of costs are essen- in monthly electricity bills. complaints about the costs of connect- tial for fairness to customers. ing to electricity. The most controversial The indicator shows that costs can usu- issue was the capital contribution. Where In addition, connection costs are not fully ally be divided into 2 categories: a clearly the distance of the customer was far from transparent in many economies. Utilities regulated connection fee based on a for- the network or the network was fully used often present customers with individu- mula or set as a fixed price, and variable and new capacity was required, extending al budgets instead of regulated capital costs for the connection that take into the network would increase the overall contribution policies aimed at spreading account the labor and material required. cost. the fixed costs of expanding networks. It Where a  new connection can be made makes it even more difficult for custom- directly to the low-voltage network, reg- Customers paid for extensions (less the ers to assess how connection costs are ulated and fixed fees represent a  larger offset of revenues from the connection spread among their requests and possibly share of the connection cost in high-in- in the third year) required to connect to reinforce the electricity network. come economies. In general, the higher the system. If another customer sought the income per capita is in an economy, a connection the new customer would be the higher is the share of regulated fees in able to use the assets funded by the first the total cost. customer. So a  free-rider problem arose. What has thE gEtting There was no mechanism to reimburse ElECtriCity data shoWn? Sweden is among those that provide clear customers that had funded connection While there are many datasets on en- regulation of fees. For the 140-kilovoltam- assets shared by others whose emer- ergy demand and supply quality, pre- pere (kVA) connection assumed in the gence was not anticipated at the time of viously no global dataset existed on getting electricity case study, costs are original application. benchmarking connection costs across fixed and based on an average for similar economies. The getting electricity indi- projects in the area. Information on fees The legal basis for the capital contribution cator offers an annual comparison of the also tends to be more easily accessible in imposed by T&TEC arose from the T&TEC procedures, time and cost of obtaining higher-income economies—in a  regula- Act, Chapter 54:70 which states that cli- an electricity connection in 189  econo- tion, on a website or through a brochure ents had to pay for new electricity con- mies, with data going back to 2009. Of or board at a customer service office. nections if they were more than 60  feet the 3  indicators, costs vary most. This away from the existing grid. T&TEC pre- study aims to identify bottlenecks and sented individual quotes to customers good practices about calculating costs who had no basis to contest them should for new customers. Economies have trinidad and tobago’s they want to. A  customer requesting tackled high connection costs in differ- Efforts to makE aCCEssing a new connection of 140 kVA for a ware- ent ways. In Japan, it costs nothing for ElECtriCity fairEr house located 150 meters away from the an entrepreneur to connect a warehouse Trinidad and Tobago’s strategy for lower- existing network had to pay more than to electricity—the costs of expanding ing electricity connection costs focused $8,000 in Port of Spain in 2009. the distribution network are covered by on finding a fair scheme to allocate costs electricity tariffs. Papua New Guinea’s between new and future customers. In 54 Doing Business 2014 customers paying only for the assets re- more than what it would cost to be quired to connect to a system, excluding commercially viable. This approach Establishing a Capital the costs of extending and reinforcing the allows a  balanced allocation of costs Contribution Working distribution system. A  third option fol- because a  new connection is also Group helped lowed by a  few service providers, where a  source of future revenue. But large Trinidad and Tobago’s regulator, the Reg- the costs of assets for a new connection industrial customers still bear the full ulated Industries Commission (RIC), are deemed part of the general system capital costs of connecting to the net- recognized that the capital contribution and so are recoverable from all users work, and connection costs are small was contentious because the calculation through tariffs or system charges. relative to the company’s turnover. of connection costs was complex and • Involving the private sector. Customers somewhat subjective. In 2006  the RIC can use T&TEC employees or con- established a  working group to review tractors for conducting connection capital contributions. The group was Recommendations from works. But T&TEC should prepare comprised of representatives from non- the Capital Contribution a  list of prequalified contractors for governmental organizations, the Cham- Working Group and final customers, specify technical criteria ber of Industry and Commerce, Bureau of proposal by the Regulated and inform customers about the av- Standards, Ministry of Legal Affairs, Elec- Industries Commission erage costs of works in various areas. tricity Commission and the RIC. The chair The Capital Contribution Working Group Many economies have opened their of the group was a  representative from submitted its report to the Regulated In- electricity markets to prequalified the Network of NGOs of Trinidad and To- dustries Commission in early 2007, and contractors—offering more options to bago for the Advancement of Women. the report was widely circulated to stake- customers and helping utilities meet holders and the public.3  The document the demand for new connections in The group adopted a comprehensive ap- was finalized in 2008  and implemented a timely, cost-effective way. proach that examined procedures and by T&TEC in 2009/10, making connec- acts regulating capital contributions and tion costs fairer and more transparent. looked into what utilities in other econo- The groups also made 3 main recommen- mies were doing. Their research focused dations for Trinidad and Tobago that have Obstacles to implementing on whether there was a  clear, formal been implemented: the new policy capital contribution policy¸ the issues ad- As with any new policy, there was some dressed in the policy (such as for exemp- • Introducing a  reimbursement scheme. resistance from the party administering tions, reimbursement and dispute resolu- To ensure that connection costs are the changes. T&TEC initially found it diffi- tion) and the methods used to determine more widely spread across different cult to get its staff to support the new pol- the capital contribution. users, assets eventually shared by icy. Workers considered reimbursement customers connecting later must be the most burdensome issue because it The group found that globally, service reimbursed to initial customers by required keeping records of the first cli- providers give users different ways to T&TEC (figure 6.3). ent and subsequent ones, along with the connect to electricity networks. One in- • Setting connection costs with revenue works concluded for each. The task is volves customers paying the total costs from electricity supply. T&TEC is re- tedious, as a detailed break-down of the incurred as a result of connecting a new quired to show that a connection is not works and associated costs is needed to load to the system, including the costs of commercially viable without a capital identify future parts that benefit custom- network reinforcement. Another involves contribution and that it should be no ers connected later. T&TEC upgraded its system to track new connections with the required details and provided training to implement the policy. The Regulated Industries Commission also extensively Figure 6.3  How does the reimbursement of capital contribution work? publicized the new policy in major news- papers and met repeatedly with T&TEC leadership and distribution staff. First customer paid for 1 the construction of the connection The scheme is working Utility reimburses customers Later, new customers By 2013  T&TEC had implemented the 3 who paid for the construction 2 request connection to utility. regulator’s recommendations. When in- of the electricity line They can be connected to the line already constructed stalling new connections, the electricity company’s engineers clearly mark the installed equipment and materials and link them with the customer’s records in the utility’s database. If new customers Tackling High Electricity connection costs: Trinidad and Tobago’s New Approach 55 request connections, the utility person- Caribbean found that Trinidad and well-informed recommendations and nel inspect the location and verify if the Tobago’s Regulated Industries Com- decisions. surrounding network has been marked mission ranks highest in electrici- • Clearly communicating about the re- earlier. Based on this information, T&TEC ty governance.4  The commission’s form. The Regulated Industries Com- staff calculates how much should be re- strong push for reform of the capital mission conducted a thorough public imbursed to previous customers. contribution policy made it work. relations campaign—including tele- • Involving stakeholders from the start. vision, radio and newspapers—to This reform has allowed for a  broader Bringing in stakeholders from the explain the new policy. People could distribution of connection costs in Trini- beginning and getting the utility on call in during television and radio pro- dad and Tobago. It has also lowered the board was a  good idea. The utility grams to ask questions, an approach cost for connecting a standardized ware- was part of the working group, and that was highly appreciated. Most of house as measured by the getting elec- its views were taken into account at the questions were about reimburse- tricity indicator. After the reform the cost all stages. Public consultations were ment and contestability. of a  connection for a  small warehouse conducted by the Regulated Indus- dropped by more than eight times, to less tries Commission on the Working than $1,000 in 2013. Group’s report and enabled people to NOTES contribute to the process. This case study was written by Maya Choueiri, • Learning from other utilities. The Reg- Caroline Frontigny and Jayashree Srinivasan. ulated Industries Commission and What worked well? T&TEC conducted extensive re- 1. Foster and Steinbucks 2009. • Having an active regulator. A study of search on reform and learned from 2. Geginat, Gonzalez and Saltane 2012. regulators in Latin America and the global good practices—and so made 3. Regulated Industries Commission 2008. 4. World Bank 2009. Implementing electronic tax filing and payments in malaysia Taxation is essential for sustainable eco- allows for the collection of required taxes nomic development, and tax administra- at minimum cost. A tax authority engag- tion is a basic function of a successful es in many activities, such as processing state. Taxation also helps make a govern- returns and related information from tax- ment accountable to its citizens. When payers, entering tax return data into a da- • By 2012, 76 of the economies governments spend taxpayers’ money, tabase, matching returns against filing re- measured by Doing Business had they are more accountable to make bud- quirements, processing tax payments and implemented electronic tax filing get decisions transparent and accessible. matching them against assessments, and (e-filing) and electronic payment issuing assessments and refunds. One (e-payment) systems. By 2012, 76 of the economies measured way to boost a tax authority’s efficiency • In 2004 Malaysia’s Inland Revenue by Doing Business had implemented elec- is by expanding its use of information Board (IRB) launched e-filing and tronic tax filing and payment systems. and communication technology. Such e-payment for income taxes. This case study examines Malaysia’s ex- technology can facilitate a broad range of • IRB encountered several perience with modernizing manual tax fil- services, including registering taxpayers, implementation challenges, key ing and payment and moving to a paper- filing returns, processing payments, is- among them the public’s initial less online system. Malaysia shows the suing assessments and checking against reluctance to use the new system. opportunities that technology can pro- third-party information. So IRB increased its promotion vide to taxpayers and governments—as e orts, upgraded the system and well as the challenges that may emerge E-filing systems increase the quality and hired sta to show taxpayers how during the transition. quantity of information available to tax to use it. officers, enabling them to complete trans- • The number of individuals and In 2004 Malaysia’s Inland Revenue Board actions faster and more accurately. Re- companies using e-filing jumped (IRB) spearheaded an initiative to imple- turns filed electronically have much lower from 5% of active taxpayers in ment a system for filing and paying taxes error rates than paper returns and sub- 2006 to 37% in 2012. that would promote electronic, paperless stantially cut the need to impose penal- • The time that businesses need transactions. IRB’s goal was to become ties and other punitive measures to foster to comply with Malaysia’s tax a global leader in tax administration. It compliance. The more efficient handling regulations fell from 190 hours in sought to shift from the conventional way provided by electronic returns allows tax 2004 to 133 in 2012 as measured by of submitting paper forms to earn the officers to issue assessments and refunds Doing Business. public’s trust and confidence. more quickly, and taxpayers know right away if their returns have been accepted Tax systems in developing economies, like by the tax authorities.2 E-filing lowers the those in more developed ones, face both cost of handling returns—allowing ad- new challenges and new possibilities as a ministrative resources to be reallocated result of technological change. Malaysia’s to other tasks such as auditing, customer ongoing reform of its electronic tax filing services and tracking non-compliance. and payment system shows how and un- der what conditions technology can ben- The benefits of e-filing and e-payment efit both tax authorities and taxpayers.1 systems extend to other electronic pro- cesses in the tax authority. E-filing and e-payment allow for better, safer data storage that can be used to implement a BeneFIts oF electronIc taX risk management system for auditing and FIlIng anD payment enforcement. Automation helps estab- The goal of any tax authority is to estab- lish a good system for tracking case files, lish a system of tax administration that which is essential for effective auditing IMPLEMENTING ELECTRONIC TAX FILING AND PAYMENTS IN MALAYSIA 57 and increases the speed and quality of Chile’s Internal Revenue Service was the e-filing, the time savings partly offset the data provided to auditors.3 In addition, country’s first public agency to adopt on- costs of processing the still-large volume e-filing systems are usually complement- line technology—well before most other of signed paper documents.10 In 1999 the ed by software that standardizes and fa- public services. Electronic methods were IRS introduced an electronic option to cilitates processes for taxpayers, making intended to facilitate tax compliance and replace signed paper documents. In addi- compliance easier. decrease direct interaction with taxpay- tion to lowering processing costs, e-filing ers. Chile is one of the few economies has cut the time required to get refunds— Finally, well-designed electronic systems that have managed to approach nearly making more taxpayers willing to file re- can lower corruption by reducing face-to- 100% use of electronic systems. Online turns electronically.11 face interactions. To ensure that taxes are tax returns were submitted for the first collected efficiently and reduce opportu- time in 1998.7 nities for corruption, a generally accepted principle is that tax authorities should not malaysIa’s eXperIence Chile faced several barriers at the outset handle money directly. Ideally, tax offi- of e-filing. Taxpayers had limited Internet Seeking the benefits of electronic tax cials should have little direct contact with access, and tax preparers were reluctant systems and reflecting the government’s taxpayers and so less discretion in decid- to use the new system because they vision of leveraging online technology, ing how to treat them. were unfamiliar with the technology and Malaysia’s Inland Revenue Board (IRB) saw it as a threat to their profession. In launched its electronic system for taxes E-filing is also easy, flexible and con- addition, the revenue service’s informa- in 2004. IRB aimed to increase revenue venient for taxpayers. E-filing makes it tion technology system could not han- collection by improving taxpayer ser- possible to file returns from a taxpayer’s dle the huge congestion of tax returns, vices. The goal was to cut time and cost home, library, financial institution, work- especially in the few days just before the and to allow taxpayers to comply with tax place, tax professional’s business or even deadline. So Chile continuously upgraded obligations more easily, enabling IRB to stores and shopping malls. With an in- its electronic system and offered prefilled maintain a good reputation with taxpay- tegrated e-filing and e-payment system, electronic forms to simplify the process ers even as it widened its tax base. taxes can be filed and paid online from for taxpayers. The tax authority also in- any place.4 troduced ambitious initiatives to over- With the new system, taxpayers can come connectivity shortages by creating complete forms and provide needed pay- a public-private network of more than ment details online instead of sending 880 e-filing centers, providing more than them by mail or taking them to a tax of- gloBal eXperIences 30,000 connectivity points. In addition, fice. The online system was developed by WIth anD lessons From it made arrangements with internet cafes IRB’s information technology department. electronIc FIlIng so that taxpayers could use their equip- IRB implemented a roaming public key in- Singapore was one of the first economies ment for free and trained operators at frastructure system that gives users se- to adopt electronic systems in its public access points. It even developed a mobile cure access to sensitive information from administration. In 1992 the Inland Rev- training and awareness unit that traveled any location without having to carry dig- enue Department was replaced by the to different parts of the country to help ital identification. The electronic system Inland Revenue Authority of Singapore, people file taxes online.8 integrated tax filing and payment on one which developed an integrated, comput- server—a major advantage over manual erized tax administration system.5 The use of technology to foster tax com- procedures. pliance by the United States Internal Rev- The authority’s first step was shifting enue Service (IRS) shows that more de- For every tax filing or payment, taxpay- from a hard-copy filing system to pa- veloped economies also face challenges ers have to log in, select and complete perless imaging. Going electronic made in increasing the use of e-filing. The IRS the appropriate forms, sign and submit administrative processes more efficient introduced e-filing of federal tax returns them digitally. An acknowledgment is by freeing staff from unproductive pa- in 1986. Though this system predated received immediately. The e-filing sys- per shuffling, enabling better taxpayer Singapore’s, it was initially less compre- tem automatically calculates the nec- service. The time needed to issue as- hensive. In fact, even though the number essary payment details. It also limits sessments dropped from 12–18 months of electronic returns filed increased over deductions that taxpayers are entitled to 3–5 between 1992 and 2000.6 This time, the potential savings from that in- to based on deduction rules—enabling change allowed staff to work more on crease were partly offset by the ongoing taxpayers to avoid mistakes that would auditing and investigation. Automated use of paper filings for complex returns. result in penalties. standard taxation procedures also made But by 2012 the IRS achieved 80% e-filing the system less dependent on the sub- of major returns.9 In addition, prefilled online tax returns jective expertise of individual tax officers, have been available since 2006, starting reducing the potential for corruption. Re- Initially, e-filing was not entirely paper- with taxpayers basic information and lat- turn processing, auditing and payment less. Until 1999 electronic filers still had to er extended to include their incomes and functions were separated, and officials’ submit signed paper documents. The IRS reliefs. In 2012 IRB enhanced its e-filing attitudes toward taxpayers improved. realized that when taxpayers switched to system by introducing smartphone filing 58 Doing Business 2014 for individual taxpayers. That same year, incentives and services to encourage it introduced organizational e-filing for e-filing. For example, IRB offers a grace company managing directors to enable A change in strategy period of 15 days from its official dead- companies to use their digital certificates Because of the low initial participation in line if returns are filed electronically.15 to file returns electronically. Previously, the electronic system, in 2008 IRB ex- In addition, if a tax return is submitted directors had to use their personal certif- panded its promotion efforts, sponsoring late, the IRB penalty is 5% less if the re- icates. seminars, talks and television advertise- turn was submitted electronically. The ments and distributing flyers and pam- charter for IRB clients was redrawn to In addition, IRB introduced automatic re- phlets. IRB also set up booths at con- include a pledge to refund any excess funds. Due to the big number of refund ventions and held roadshows to promote taxes within 30 working days from the cases and to expedite refunds, refunds the electronic system and raise public date of receipt if the returns were filed were directly credited to taxpayers’ ac- awareness, using the slogan “as easy as electronically. counts through electronic fund trans- 1, 2, 3.” IRB also realized the importance fers—reducing the number of unclaimed of involving the private sector and asked IRB continues to encourage taxpayers to checks12. professional bodies such as tax prepar- file online. Among its latest initiatives, it ers and accountants to share ideas on is offering to do presentations at compa- how to enhance the online system. IRB nies with at least 200 employees who also gathered feedback from taxpayers use the service. The use of the online Implementation challenges through its customer care centers and system has picked up dramatically: by IRB encountered several challenges im- branches. 2012, 37% of active taxpayers filed elec- plementing e-filing and e-payment, key tronically.16 among them is the public’s readiness to At first some taxpayers and tax preparers use it. When the system was introduced reported that the server was slow and in 2004, both Malaysian and non-Ma- often failed. Authorities responded with laysian citizens could choose to file their several upgrades to make it accessible Positive outcomes tax returns manually or electronically. with different browsers. IRB also installed Malaysia’s efforts are showing results. The private sector was not involved in the computers in its offices so that taxpayers Between 2006 and 2011 the share of in- development of the project. Its feedback could file electronically, and hired workers dividuals and companies filing electroni- was sought later. to train taxpayers on how to use the sys- cally increased from 5% to 34% (figure tem. And it launched a program to help 7.1). Over the same period, tax collections Two years into the project, few Malay- taxpayers during the peak filing season. increased from 14.5% of GDP to 15.3%.17 sians were using e-filing. Though tax- Special counters with extended operating Further analysis would be needed to fully payers and tax preparers recognized its hours at all branches were made avail- understand the link between e-filing and benefits, the number of taxpayers using able for the public to submit their returns revenues. the e-filing system remained far below through e-filing. expectations, with individuals and firms IRB’s ongoing efforts to improve its elec- using e-filing accounting for just 5% of A tax authority gains the most benefits tronic tax system have lowered the ad- the taxpayer population in 2006.13 There from e-filing when it achieves 100% ministrative burden of complying with may be many reasons for this initial use of the online system for filing and corporate tax obligations as measured by lack of enthusiasm. When tax systems paying taxes. Accordingly, IRB provided Doing Business. In 2006 it took 24 fewer change, taxpayers and tax authorities take time and incur costs adapting to and adopting them. Since 2006 e-filing usage has jumped among individuals and companies in Figure 7.1   Malaysia The low use of the electronic system was mainly due to the initial reluctance 40 of Malaysian taxpayers to abandon pa- 35 33.9 32.2 per-based processes. Studies were con- 28.9 30 ducted to analyze taxpayers’ intentions 25 23.4 to file electronically and their willingness to do so.14 Uncertainty about the security 20 14.5 15.2 14.7 14.9 15.3 14.3 13.8 and privacy of information transmitted 15 online was one of the reasons for low use 10 5.0 of e-filing. The new system also created 5 anxiety for users uncomfortable with the 0 technology. Returns had to be complet- 2006 2007 2008 2009 2010 2011 ed online; users could not complete soft Tax revenues (% of GDP) Number of e-filers (% of total taxpayers) copies of their returns offline and upload them to IRB. Source: World Bank, World Development Indicators database; Malaysia Inland Revenue Board data. implementing electronic tax filing and payments in malaysia 59 Malaysia’s electronic filing system has eased compliance with tax obligations Figure 7.2   for businesses notes This case study was written by Joanna Nasr. 200 190 190 40 166 180 Bird and Zolt 2008. Payments (number per year) 35 1. 160 35 Time (hours per year) 35 145 145 145 30 2. Edwards-Dowe 2008. 140 35 133 133 133 3. Bird and Zolt 2008. 120 25 4. Edwards-Dowe 2008. 100 20 5. World Bank 2000. 80 15 6. World Bank 2000. 60 13 13 13 7. Alvarez Voullième, Capdevila de la Cerda, 12 12 12 10 40 5 Flores Labra, Foxley Rioseco and Navarro 20 Haeussler 2006. 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 8. Dohrmann and Pinshaw 2009. 9. Electronic Tax Administration Advisory Time Payments Committee 2012. 10. GAO 2002. Source: Doing Business database. 11. Kopczuk and Pop-Eleches 2005. 12. Malaysia Inland Revenue Board data. 13. IRB data. This is the percentage of taxpayers who used e-filing but did not necessarily pay hours to file taxes than in 2005 (figure taxes electronically. 7.2). By 2007 far more small and medi- 14. Abdul Aziz and Idris 2012; Azmi and Ka- um-size companies were filing electron- CONCLUSION marulzaman 2010. ically, further reducing time to comply Electronic systems for filing and paying 15. Malaysia Inland Revenue Board website. with corporate income and labor taxes taxes, if implemented well and used by For corporate taxpayers, the due date is 7 obligations from 166 hours in 2006 to most taxpayers, benefit both tax au- months from the closing of account. If a 145 in 2007. In 2010 tax preparers de- thorities and taxpayers. Malaysia’s ex- company’s accounting period ends with the ployed new software linked to IRB’s e-fil- perience has shown the opportunities calendar year (which is usually the case), the deadline for manual submission is the end of ing system. In addition, IRB improved its that technology can provide as well as July, with an additional 15 days if filings are e-filing system and introduced online fil- the challenges that may emerge as the submitted electronically. ing of tax estimates. These improvements users are phasing in the change over 16. Malaysia Inland Revenue Board data. cut compliance time to 133 hours a year. time. 17. World Bank, World Development Indicators database. implementing trade single windows in singapore, Colombia and azerbaijan An economy’s competitiveness is driven enables consignments to be categorized by many factors, including how quickly, more easily based on the associated risk reliably and cost-effectively the private by allowing creation of trader profiles, sector can trade goods. Today’s manufac- limiting physical inspections to risky turers and agricultural producers operate cargo and potentially making trade pro- • Trade single window systems can in a global supply chain. Thus an efficient cedures more secure and efficient. By cut trade times and costs by making international trade system can increase combining a portal where up-to-date in- information flows more efficient economic opportunities and improve live- formation on tariffs and other legal and and streamlining trade procedures. lihoods—especially in poor economies procedural requirements are available • Implementing a single window with small domestic markets. and by integrating a payment system, du- system involves many stakeholders ties and other charges can be paid more and requires long-term But in many parts of the world, interna- quickly and accurately, raising govern- commitment from government tional traders must spend a lot of time ment revenues. and business. preparing and submitting information to • Systems must fit the environment government offices ranging from customs Today 73 economies have single window and level of development where to port authorities, each with its own systems of varying complexity.2 Export- they operate. rules and form requirements. These re- ing and importing a standardized cargo • Singapore’s TradeNet system, in porting requirements are often confusing, container is faster in such economies. In operation since 1989, has evolved overlapping and onerous. In Madagascar addition, fewer documents are required into a highly integrated virtual the government offices involved in trade for importing, but the impact is smaller platform. span 350 kilometers, and hard copies of than the impact on time—an average of • Colombia’s Single Window for forms had to be submitted to each until 6.6 documents in economies with single Foreign Trade, launched in 2005, an electronic platform introduced in 2011 window systems compared with 7.8 in has adopted a gradual approach, transformed the document submission those without—underscoring the point adding functions and integrating process and reduced delays (see the that single window systems are mainly agencies over time. chapter on trading across borders). making submission of information more • Azerbaijan has sought to learn efficient (figure 8.1). from other economies while A single window system can improve implementing its single window Using a single window to lodge informa- information flows by sharing needed system. tion can even fight corruption by reduc- information with all parties involved in trade, including private participants such ing interactions between traders and au- as banks and insurance companies and thorities. And it can make the clearance public agencies such as immigration and process more predictable and enhance vehicle registration authorities. The key transparency. Among the 73 economies concept for an effective system is to en- with single window systems, 86% make able traders to submit standardized infor- information on duties and tariffs publicly mation and documents through a single available, while only 54% of the other 110 gateway, eliminate redundant processes economies measured by Doing Business by traders and government agencies and do so. improve coordination and cooperation be- tween authorities.1 Reducing multiple data Though a single window system brings submissions to different agencies helps considerable gains, implementation is a minimize errors during data entry too. major undertaking involving many stake- holders and requiring long-term com- Single window systems have other bene- mitment from multiple players in gov- fits. One that collects data systematically ernment and business.3 Implementation IMPLEMENTING TRADE SINGLE WINDOWS IN SINGAPORE, COLOMBIA AND AZERBAIJAN 61 From vision to implementation FIGURE 8.1 Economies with single window systems spend less time preparing documents Singapore’s government created a steer- and clearing customs ing committee for TradeNet to oversee the conceptualization of a national elec- 14 tronic data interchange system for trade declarations and permits. Three subcom- 8 8 mittees—1 each for sea shipping, air ship- 7 ping and government agencies—were 4 2 then formed to improve exporting and importing processes, and to specify func- Import Import Import tional requirements and propose data time time documents standards. Before TradeNet some clear- Document preparation Customs clearance (number) (days) (days) ances were done manually and no overall Economies with no single window system Economies with single window system computer system coordinated them. Ev- ery subcommittee developed profiles of essential trade documentation activities Source: Doing Business database. and cut the more than 20 forms used in international trade to a single online form for nearly all trade. This form was the core takes many years and might have to be of the new computerized system. done in phases. Though their overarching goals are the same, single window sys- sinGaPoRe The government created a private com- tems differ greatly, highlighting the need Singapore’s single window for trade—Tra- pany to manage TradeNet, which in to adapt them to each economy—taking deNet, which began operating in 1989— 1988 led to the formation of Singapore into account the computerization of us- began as an electronic data interchange Network Services, now known as Crim- ers, internet connectivity and the capacity system that allows computer-to-com- sonLogic. Though funded by government of implementing bodies. puter exchange of structured trade agencies, the company is structured as a messages between the government private, for-profit firm. The government This case study describes the experiences and members of Singapore’s trading reasoned that this approach would not of Singapore, Colombia and Azerbaijan. In community.4 require it to bear the cost of operating a the late 1980s Singapore became one of nationwide network of infrastructure and the first economies to embrace the single After experiencing a recession in the services. Each account user pays $20 a window concept, and it has evolved into 1980s, Singapore’s government estab- month and less than $3 per transaction or a highly integrated virtual system, recog- lished a high-level committee to review permit. The first transaction on TradeNet nized as global good practice. Colombia’s the weaknesses of the economy and was a shipping application submitted on single window was launched in 2005 and develop strategies to improve economic January 1, 1989. By the end of that year has also developed in stages. Today the competitiveness. One of the commit- TradeNet handled 45% of documentation system links 21 trade entities and is contin- tee’s recommendations was to increase for sea and air shipments in Singapore. uously adapting its system to make things the use of information technology in more efficient for traders and government. trade. Azerbaijan’s single window is the newest overcoming obstacles covered in this chapter and provides a The government had previously estab- Early on, the main challenge was to con- revealing contrast to Singapore’s mature lished a 2-day standard for normal pro- vince users to switch to electronic trade system. Azerbaijan launched its system cessing of trade documents. But traders declaration. Singapore adopted a phased in 2009 and so is still in the early stages wanted quicker turnaround for just-in- approach to minimize the efforts involved of implementation. But the government is time inventory management and deemed in making the change. First it implemented leveraging its position as a latecomer by that waiting 2 days for normal processing electronic processing and approval of trade learning from other economies. (which could extend to 4 days for permit permit applications for noncontrolled and approvals) was too long. nondutiable goods, later extended to con- By choosing 3 economies in different trolled and dutiable goods. In the initial regions with different degrees of single So the government embarked on a phase the system was piloted on 50 users. window implementation, this case study large-scale effort to streamline the reg- Even after the system was extended, using aims to show the various approaches that ulatory processes involved in approving it was voluntary for more than 2 years and governments take and the challenges trade permits. Committees of senior did not become mandatory until 1991. encountered of pursuing effective single government officials and business lead- windows. The case study does not aim to ers were created to ensure sufficient Singapore also launched a nationwide promote a particular type of single win- backing for using technology to reengi- campaign to promote the system and dow system nor endorse the experiences neer and improve trade regulations and smooth the transition to it. Even today, of these economies. processes. when the government rolls out major 62 Doing Business 2014 changes to the system, it deploys mass Unica de Comercio Exterior (VUCE) in Features and implementation marketing and communication programs Spanish—in the early 2000s.7 After The single window connects 21 public to raise awareness and prepare users. years of financial crises and economic agencies involved in foreign trade—mostly slowdowns, in 2002 the new administra- ministries and health and safety entities— While promoting the new electronic tion made modernizing public agencies and 3 private companies that provide system, the government recognized the and services a high priority. As part of a e-signature certificates and legal informa- challenges facing some businesses. Some wide-ranging e-government initiative, tion on registered traders. The single win- companies were more computerized, so the Ministry of Commerce, Industry and dow links them with importers, exporters, adjustments and burdens imposed by Tourism introduced the single window for customs agents and brokers through an the new system differed. The govern- foreign trade with the support of the Min- online platform that allows users to re- ment provided training and assistance istry of Information and Communications quest procedures, approvals, authoriza- for operations. Singapore Customs con- Technologies. tions and other certifications needed to ducted courses, and public terminals import and export goods. In addition, tax were installed for small companies. And The push for new technology in the pub- identification and business registration to encourage companies to switch, man- lic sector came at a time when Colombia records are available to the agencies con- ual processing fees were raised to S$10 was becoming increasingly integrated nected to the system. a document, while TradeNet users paid with global trade markets. Negotiations S$6.5 Thanks to such initiatives, today for a free trade agreement with the Unit- The single window is being implemented TradeNet handles more than 30,000 dec- ed States began in 2003 and went into in stages. The first involved the import larations a day, processes 99% of permits force in 2012, while other accords were module, which handled import regis- in 10 minutes and receives all collections negotiated with the European Union, tration requests and import licenses for through interbank deductions.6 Israel, Japan, the Republic of Korea and certain products. By November 2006, af- Turkey, among many others. The public ter the module’s gradual rollout, all such and private sectors agreed on the need to requests were made electronically. That What’s next? address the bureaucratic, uncoordinat- same year the government introduced the Since 2007 Singapore has been pushing ed, inefficient nature of significant parts export module for export authorizations. to extend aspects of TradeNet to com- of the public administration. The gov- The third component, the single foreign mercial transactions in the trade commu- ernment also wanted better information trade form module, went online in 2008 nity through TradeXchange. This system systems. and integrates registers of domestic pro- includes trade-finance transactions (for ducers and handles some export quota example, cargo insurance applications Many ministries and public agencies in- requests. and supporting documents for factoring volved in foreign trade were working in applications) and commercial documents isolation, sharing little or no information Existing laws and regulations offered the (including commercial invoices and way- on trade procedures despite requiring es- legal basis for using electronic signatures bills). The government envisions achieving sentially the same information from users and payments, though implementation a more seamless flow of information along and each other. Depending on the type of was not always easy. For example, some the supply chain. But as in other econo- good exported or imported, traders had to banks and companies were initially un- mies with similar initiatives—u-TradeHub visit and complete similar procedures at prepared to conduct payments online. in the Republic of Korea, the Digital Trade the different agencies in charge of issuing & Transportation Network in Hong Kong permits and approvals—such as the Co- In 2010 a fourth module of simultaneous SAR, China—the system is yet to be em- lombian Agricultural Institute, National inspection was launched. Key among its braced by the business world at large. Institute for the Surveillance of Drugs and features is a system to facilitate exchange Food and Ministry of Commerce, Industry of information among control entities and Singapore is an active member of the and Tourism. This led to duplicated pro- anti-narcotics agencies so that inspec- Association of Southeast Asian Nations cesses, inefficient controls and reduced tions can be conducted simultaneously. (ASEAN), a regional body that has em- transparency in public administrations. The current scope is for containerized braced the concept of single window For traders it increased delays and trans- maritime exports. systems and has an ambitious goal to es- actions costs. tablish an ASEAN-wide single window by 2015. Plans call for integrating members’ After consulting with stakeholders, re- From resistance to endorsement national single windows so that a single viewing the process and identifying bot- At first, users and the officials in charge submission of information suffices for all tlenecks, Colombia’s government estab- of processing requests resisted switching ASEAN members. lished an action plan and created a task from the paper-based system. But their force to lead efforts to harmonize re- resistance eased thanks to the staged quirements, procedures and documents implementation of the modules, each among the entities involved in foreign featuring transition periods and training Colombia trade. That led to the creation of the sin- and outreach for all the parties involved. Colombia began developing its single win- gle window for foreign trade, which be- Officials also educated and trained users dow system for foreign trade—Ventanilla came operational in early 2005. through conferences, workshops, official IMPLEMENTING TRADE SINGLE WINDOWS IN SINGAPORE, COLOMBIA AND AZERBAIJAN 63 communications and e-learning soft- for export and import through a separate Furthermore, a logistic module to link ware. Moreover, the private sector tested system. Furthermore, though the single public and private users to facilitate the electronic procedures through the single window allows traders in Colombia to information exchange at ports and air- window before they were fully operation- conduct processes related to approvals ports will be developed. al, making evident the advantages of the and authorizations electronically, reliance system from an early stage. on paper and manual procedures during importing and exporting persists, creat- The single window has provided benefits ing processing delays that slow the flow aZeRbaiJan to entities involved in trade, increasing of trade transactions. The government of Azerbaijan has long efficiency and cutting times and costs. considered establishing a single window According to government sources, the The government recognizes these con- system a key step toward modernizing system streamlined 135 procedures and straints and is examining how to ensure customs services and improving the trade 35 forms needed for importing into 1 step that all agencies involved in trade reach environment. The desire for a single win- for traders, eliminating the need to visit the desired levels of efficiency. A 2012 de- dow has been further motivated by the agencies, reducing reliance on messen- cree established time limits for the agen- need to simplify and expedite exchanges ger services and minimizing the use of cies linked to the single window. Between of information between the public and hard copies. The average response time 2012 and early 2013 that decree helped to private sectors and to increase transpar- has dropped by about 5 days for requests cut response times for import registration ency in trade.11 With these goals in mind, made at territorial offices that require ap- requests at the Ministry of Commerce, in 2008 the president of Azerbaijan made proval from an agency linked to the single Industry and Tourism by more than 95% the State Customs Committee the lead window.8 In addition, it takes 30% less (figure 8.2). authority for controlling goods and trans- time to issue a license requested through portation crossing state borders.12 the system.9 In addition, Colombia’s single window system is being reengineered to opti- The system has enhanced the safety and mize business processes. In addition to Choosing from global good integrity of trade transactions and gener- enhancing data management, the effort practices ated more reliable data on foreign trade aims to standardize the information in As a first step, the State Customs Com- procedures and volumes for customs and line with international standards. As a re- mittee analyzed the process for inspect- other government agencies. There have sult some functions of the single window ing goods and transportation passing also been gains for the entities linked to were made inactive in late 2012 and will through border checkpoints. It also stud- the single window for foreign trade. Be- not become operational again until 2014. ied global good practices for implement- sides better coordination and lower costs, ing a single window and researched inter- the system has enabled agencies to ex- The Colombian government is working national norms and standards. pand their geographic reach and increase to include new functionalities for the 4th users. Updated equipment and electronic module of simultaneous inspection sys- The government considered 3 types of systems are helping agencies improve tems for exports and to develop a similar common single windows. The first is internal processes as well—a benefit not system for imports. A risk management based on the principle of a single au- originally anticipated. The system has in- module for reviewing and approving im- thority, where customs authorities are creased use of e-payment systems and port requests according to established responsible for exercising or coordinat- e-signatures for procedures that go be- criteria is planned for launch in 2014. ing all border control functions for other yond foreign trade. According to an index that assesses e-government, Colombia ranks 43rd in the world, second only to Chile among Latin American and Carib- FIGURE 8.2 Response times for import registration requests plummeted at Colombia’s bean economies.10 Ministry of Commerce, Industry and Tourism between 2012 and early 2013 1.5 A work in progress 1.2 Despite all the improvements, Colombia’s move toward a fully integrated single win- 0.9 Days dow system is still a work in progress, and challenges remain. The speeds at which 0.6 the different entities linked to the single 0.3 window have implemented electronic and streamlined procedures internally 0.0 Jan–12 Feb–12 Mar–12 Apr–12 May–12 Jun–12 Jul–12 Aug–12 Sep–12 Oct–12 Nov–12 Dec–12 Jan–13 Feb–13 Mar–13 Apr–13 have varied. For example, the Colombi- an National Tax and Customs Authori- ty (DIAN) is electronically linked to the single window but handles declarations Source: Colombia Ministry of Commerce, Industry and Tourism. 64 Doing Business 2014 agencies. The Netherlands and Sweden responsible for controlling and checking that 29 customs checkpoints at the state use such a system. The second type is a all required permits and certificates for border are to follow the single window single system, which collects standard- goods crossing the borders. While traders principle—meaning that the single win- ized data from traders, then processes no longer interact directly with relevant dow covers all of the country’s customs and distributes it to all agencies involved agencies (veterinary, phytosanitary and posts.17 in international trade. The United States quarantine agencies), these agencies still uses such a system. The third type is monitor the clearances performed by cus- an automated system, where traders toms on their behalf. This approach has Building on initial successes submit a single electronic declaration helped to eliminate duplication of control The efforts to implement a single win- to relevant authorities for processing function at the border and has simplified dow were well received by the private and approvals and these agencies send document processing. sector, and even in its initial phases the users electronic releases and approvals. single window system helped reduce Mauritius and Singapore use this type of Introduction of the single window has also waiting times for customs procedures at single window.13 led to the development of a central data- the border from 2 to 3 hours to 15 to 20 base used by various government authori- minutes.18 Azerbaijan chose to implement the ties. It gathers information on the types of single authority model, which involved goods and transportation crossing the bor- Most small and medium-size enterprises, transferring certain responsibilities from der, the exchange of electronic certificates however, still physically submit customs relevant agencies to the Customs Com- among relevant ministries, pre-arrival in- declarations and supporting documents mittee. formation for declared goods and pre-ar- for customs clearance. In May 2011 the rival notices for transportation crossing president signed a decree requiring gov- the border, reports on violations of cus- ernment agencies to introduce electronic Implementation toms rules, financial reports of traders and services as a first priority.19 Plans are to Before the introduction of single window reports on savings in foreign currency.15 mainstream electronic submission of all the same documents had to be submit- documents for customs clearance, intro- ted multiple times to various authorities Azerbaijan’s single window system is duce e-signatures and e-payments and operating at the border. Each authority fully financed by the government. As a integrate information systems of other (such as veterinary, phytosanitary and first step, an automated customs clear- state agencies such as the railway, air- quarantine agencies) relied on their local ance system was implemented at inland ports and Caspian seaports by 2016. databases, which were not connected border crossings on January 1, 2009 and electronically. Such lack of coordination became available to users free of charge. hindered control and coordination at the Implementation continued through 2011 border as well as caused delays for the in Baku and Sumgayit.16 In addition, an ar- Lessons traders. ticle on the single window was included in Single window systems can benefit the the new customs code that entered into entire trading community, public and pri- To prepare for the transition to the single force on January 1, 2012. It establishes vate, by streamlining complex systems of window, the Customs Committee estab- lished a commission to implement the new system. The government identified the main authorities to be integrated into the single window system as the Cus- toms Committee, Ministry of Agriculture, United Nations recommendations for establishing trade Box 8.1  Ministry of Health, Ministry of Internal single window systems Affairs, Ministry of Taxes, Ministry of Transport, Central Bank, State Road Po- The UN has identified key factors for successful implementation of single lice, State Committee on Standardiza- windows: tion, Metrology and Patents, a state sea • Political will administration and a state nuclear and • Strong lead agency radiological agency under the Ministry of • Partnership between government and trade community Emergency Situations. Among the chal- • Establishment of clear project boundaries and objectives lenges for the State Customs Committee • User friendliness and accessibility was to prepare its staff to work with the • Enabling legal environment new system. The government improved • International standards and recommendations the staffing of local customs authorities • Identification of possible obstacles and developed hardware and software for • Appropriate financial model for the system the system.14 • Communications, promotion and marketing Upon the single window implementa- Source: UN/CEFACT 2005. tion, the Customs Committee became IMPLEMENTING TRADE SINGLE WINDOWS IN SINGAPORE, COLOMBIA AND AZERBAIJAN 65 intertwined and duplicative data submis- Overcoming behavioral hurdles 1. UN/CEFACT 2005. sion. The need to make trade more effi- requires persistence 2. Doing Business database, based on infor- mation from local experts. Eighteen have cient is greater in a globalized economy, The 3 economies studied show that mov- a single window system that links relevant where fast and cheap delivery of goods ing from a paper-based to an electron- government agencies electronically, 55 a is essential. Governments considering ic system requires behavioral changes system that does so partially. the implementation of such systems can among users in both government and the 3. UN/CEFACT 2005. look to other economies to learn what has trading community. People used to writ- 4. This section is based on Koh Tat Tsen 2010; worked well and what had to be overcome ing information in a paper-based system UNECE 2010; Crown Agents 2012, and input for a smooth transition to a new system. must be trained to enter it on a computer, from Singapore Customs. and may feel that it takes longer to do so. 5. Neo and Long 1994. Though the overarching principles and Moreover, the switch might require ad- 6. All fees, taxes and duties are computed au- motivations for implementing single win- ditional investments, such as computer tomatically and deducted from the traders’ bank accounts. dow systems are the same, the systems purchases and internet connections. For 7. This section is based on WTO 2011; Crown in Azerbaijan, Colombia and Singapore developing economies adequate elec- Agents 2012; Fuentes 2010; Rodriguez 2011; differ enormously. The maturity and lev- tricity supply might also be a large con- Ulloa Urritia and Constain 2012; UNECE el of integration of these systems vary, straint. Thus the authority in charge of 2009. partly because of differences in when implementation must have the patience 8. Ministerio de Comunicaciones, Republica de they started being implemented. As im- and persistence to ensure sufficient time, Colombia 2008. portant, these economies have learned training and outreach. 9. World Bank Group 2013a. from their peers and developed systems 10. UNDESA 2012. adapted to the environment and level of 11. Customs Committee of the Republic of development where they operate. Collaboration with the private Azerbaijan. 2007. “Decree of the President of Azerbaijan #1925 from February 1, 2007 sector is essential establishing a State program on develop- Still, Azerbaijan, Colombia and Singapore The business community must be fully on ment of customs system in the Republic of offer some common lessons. To success- board with the move to a single window Azerbaijan during 2007–2011." Available at fully implement single window systems system, and its needs properly addressed. http://www.customs.gov.az/ru/abr11.html economies must do so through strong Businesses must be involved from the 12. Customs Committee of the Republic of political will and commitment. Moreover, design stage through implementation. Azerbaijan. 2008. “Decree of the President to sustain momentum for reform over Moreover, they should have opportunities of Azerbaijan # 12 from November 11, 2008 many years and move things forward, it to provide feedback. Colombia used sat- on the implementation of the principle of is crucial to have a lead agency as well as isfaction surveys to identify issues, and single window when checking goods and collaboration between government and Singapore provided facilities for online methods of transportation crossing the borders of the Republic of Azerbaijan the trade community (box 8.1). inquiries to maintain open, positive rela- 13. Mirzoev 2009. tions between the government and users 14. State Customs Committee of the Republic of of its single window system. Azerbaijan, 2013. A single window system is a long- 15. UNECE 2011. term commitment 16. Ahundov, A. “Azerbaijan Customs Extends Singapore’s single window system is Legal basis must be established the Application of the Single Window Princi- more than 20 years old and still evolving. Single window systems require changes pal.”Trend, September 12, 2011, http://www. Yet there are many nonperforming sin- to procedures in customs agencies and trend.az/capital/business/1930232.html. gle windows around the world. A single affect many other authorities. To ensure 17. Customs Code of the Republic of Azerbaijan. window is analogous to a complex piece a smooth transition, a clear and compre- 18. State Customs Committee of the Republic of Azerbaijan. 2013. These efforts were recog- of machinery with many moving parts: hensive legal basis must be established nized in the Doing Business 2010 report. it only needs 1 faulty part to derail the for implementation of the new system. 19. Customs Committee of the Republic of entire system.20 Perhaps some projects Azerbaijan. 2011. “Decree of the President were too ambitious or expensive, lacked of the Republic of Azerbaijan # 429 from high-level government commitment or May 23, 2011 on some measures in the funding, or were poorly managed. As Notes area of electronic services provided by the seen in Colombia, some governments This case study was written by Mikiko Imai government." take an incremental approach—adding Ollison, Iryna Bilotserkivska and Robert Murillo. 20. UNESCWA 2011. functions and integrating more entities over time. Improving court e ciency: the Republic of Korea’s e-court experience Fair, speedy trials are essential for small enterprises embroiled in disputes. If business disputes take months or even the CoMputeriZAtion of years for courts to resolve, small firms KoreAn Courts might not have the financial strength For Korea efforts to achieve well-func- • Korea was a pioneer in using to stay in business that long, regardless tioning e-courts started in the late 1970s, electronic features to streamline of trial outcomes.1 In such cases justice when visionary judges sought to create court processes, launching delayed is justice denied. Though small an orderly database of cases flowing electronic case management in the and medium-size enterprises usually try through courts. After a group of judges mid-1980s. to avoid going to trial, effective contract started recording some cases on floppy • The electronic case filing enforcement systems matter for them.2 disks, in 1979 the judiciary contacted the system—which allows for Efficient courts and enforcement reduce Korea Institute of Science and Technol- electronic filing of civil, informality, improve access to credit and ogy to study the feasibility of electronic commercial, administrative and increase trade.3 judicial proceedings. Convinced of the family-a airs cases and will soon benefits of using information technology integrate insolvency cases—began E-government has been adopted by pol- in courts, judges started creating more operating in 2010, and by June icy makers around the world to increase advanced databases and developing case 2013 almost half of civil cases were efficiency. Korea ranks first in the world management software. e-filed. on the E-Government Readiness Index, a • E-court solutions in Korea mainly composite measure of the capacity and Before word processing software was encompass features to help judges, willingness of economies to use e-govern- introduced in the early 1980s, Korean facilitate the filing of cases for ment for development.4 judges faced challenges such as writing litigants and inform the public judgments by hand and otherwise deal- about case outcomes. ing with a paper-based system. Though An e-court is a suite of services that • Savings from the implementation some judges lacked basic information entails minimum use of paper from the of e-court systems can be technology skills, Korea decided to start moment a case is filed until its disposal. substantial and result from a streamlining court processes through With e-courts, information is captured reduction in the use of paper, the computerization. Efficient processes, in- and passed on digitally, data exchange time spent in court, the need for creased transparency and better acces- is not fragmented and case histories are storage space, as well as easier sibility sought to increase public trust in complete and ready on demand, case archiving of documents and a the judiciary. management is automated, correspon- general streamlining of processes dence is exchanged electronically, fee and services. In 1986 the case management system payments are dealt with through dedi- cated websites and forms that simplify was launched. This platform enabled in- and streamline court proceedings are ternal court users such as clerks and judg- available to court users online. In Seoul es to search all civil cases in the database. attorneys and litigants can file lawsuits It was not easy to convince court users electronically. Lawsuits are automatical- to change how they worked. But the new ly registered through the electronic case system had the potential to help judges filing system, and then assigned to a deal with their caseloads more efficiently. judge who can access the corresponding Korea invested considerable resources in files, organize and schedule cases and making the system as efficient and user start processing claims. friendly as possible. IMPROVING COURT EFFICIENCY: THE REPUBLIC OF KOREA’S E-COURT EXPERIENCE 67 A master plan for creating e-courts was are registered with the system—but only Korean judiciary, $180 million went to in- then conceived and the case management 20%, or approximately 2,500 attorneys formation and communication technology. system expanded and shifted from a client use it regularly. In 2012 lawyers filed just and server system (a centralized server over a third of the nearly 1 million cases The return on investment from comput- accessible only in specific locations) to a electronically. Every month more attor- erizing the judiciary cannot be quantified web-based system (accessible through a neys are using the new system, attracted in a single way. Research on courts in the web browser), allowing external users to by its convenience, including: U.S. state of New York found that reduc- search the database of cases. In addition, ing the need to travel to a courthouse electronic signatures and digital certifi- • 24/7 access to registries and court and eliminating the requirement to serve cates (for safety) were added to the sys- documents. the opposing party could save $75–95 tem and—thanks to a nationwide informa- • Easier, faster access to information for each document.7 Given the number tion network—immediate national data on that no longer requires a trip to court. of cases e-filed per year, the savings are court activities became available, allowing • Increased transparency because liti- significant. E-courts can also help level for better resource allocation in courts. gants can also access the system. the playing field between small and large • Document security, guaranteed by law firms, especially because small firms E-filing of cases ensures better record- a high-tech information technology have fewer staff and benefit more from ing and faster processing. In 2010 Korea system. not having to visit courthouses.8 launched the electronic case filing sys- tem, which enables electronic submis- Convincing users to transition to e-filing sion, registration, service notification and requires training and adjustment on both access to court documents. To implement sides of the electronic platform. It might funCtions of the e-Court this system, Korea had to modernize its also require financial incentives. For ex- sYsteM information technology infrastructure ample, Korea recently cut court fees by Approaches to e-courts vary by economy and amend laws and regulations to shift 10% for lawyers who use e-filing. An elec- depending on the priorities of the judi- to paperless approaches. The system al- tronic docket viewer that allows lawyers ciary. The tools available to court users lows for e-filing of civil, commercial, ad- to manage multiple lawsuits in different in Korea have regularly expanded (table ministrative and family-affairs cases, and jurisdictions was also implemented. 9.1). The system now mainly encompass- will soon integrate insolvency cases. It es features dedicated to help judges (case enables some judges to adjudicate up to Another challenge was to secure funding management system and judge support 3,000 cases a year, manage up to 400 a to maintain and enhance the system. Ko- system), facilitate the filing of cases for month and hear up to 100 pleas a month.5 rea invested about $20 million in devel- litigants (e-filing) and inform the public oping the e-court system, and about as (publication of cases). much will be needed to integrate new fea- tures by 2015. Maintenance fees and data In the two months after the launch of the ChAllenges When preservation cost about $30 million a year. e-filing system for civil cases approxi- trAnsitioning to e-Courts In 2012, of the $1.8 billion budget for the mately 5% were filed electronically. This The popularity of a new system depends on its user friendliness, and it is some- times difficult to anticipate the needs of TABLe 9.1 Korea’s courts have a range of features and support systems users at the design stage—in this case, if technicians are not familiar with legal pro- Case Management System E-courts System ceedings or if judges are not well-versed • Docket System ECF E-Courtroom in information technology. According to a • Case Allocation System Korean judge, “The users are the heart of • Case Filing System • Electronic Money • Standard any judicial [information technology] sys- • Calendaring System Claim E-Courtroom tem; to develop any such system efficient- • Service System • Electronic Entrusting • Audio Video ly you must know what the people want, • Payment System Recording, Video- what they need.”6 In other words, a step- • Deposit System • Electronic Property Conferencing • Case Files Archiving Inquiry by-step approach should gradually imple- • Common Service System ment the desired system. Korea did not go paperless immediately; it started with Judge Support System Public Information Service paper-on-demand to allow users to adapt • Case Workflow System • Court Homepage and then moved to a paperless system. • Groupware • Case Information • Decision Support System • Certificate Issuance Despite the system’s sophistication, • Law Search • Law Search Korea has a long way to go in changing • Self Help Center the mindset of lawyers and court users. Information Exchange Among Korea’s 50 million inhabitants Note: ECF means Electronic Case Filing. are about 12,500 lawyers, 40% of whom Source: Presentation from the Supreme Court of the Republic of Korea. 68 Doing Business 2014 number almost decupled in 18 months (figure 9.1). In fact, two years later, in June Civil cases filed under Korea’s e-litigation system jumped between May 2011 Figure 9.1   2013, that share had soared to more than and December 2012 45%. 100,000 90,000 To further streamline procedures, a sys- 80,000 tem facilitates payment of all submission Number of cases 70,000 fees electronically using credit card or 60,000 wire transfers at the time of filing. In ad- 50,000 dition, users are notified by e-mail or text 40,000 message of any submission of additional 30,000 documents by the opposing party. And 20,000 after the case allocation system assigns 10,000 0 cases, the designated judge and the at- May June July August September October November December January February March April May June July August September October November December torneys can view all their cases online, including PDFs of all documents filed in a given lawsuit. 2011 2012 Paper filing E-filing Online help centers featuring frequently asked questions and tools for pro se liti- Note: Refers to first instance cases. gants were also created to allow the pub- Source: Supreme Court of the Republic of Korea database. lic to get fast answers on questions about the Supreme Court and its processes.9 One of the most important components of these help centers is the self-repre- By comparison, a 150 gigabyte hard drive sented litigation homepage, which pro- costs less than $100 and has storage ca- Benefits of E-Courts pacity equivalent to 70 filing cabinets. vides information and templates needed to file a case and respond to claims of Research in the United States has found That many filing cabinets, with the floor counterparties without the help of a cer- that more than 80% of judges consider space required, cost $22,000.14 The U.S. tified lawyer. e-filing superior to paper-based filing.10 National Center for State Courts offers E-courts make claim processing faster, tools to estimate savings from e-courts.15 For judges, the support system includes more reliable and convenient, minimize four main features: courthouse visits and reduce record stor- age and reproduction costs. Security • The case management system, Computerized court systems also make which allows judges to organize their archives more secure. Risks such as doc- work based on the status of pro- Cost and space savings ument loss, files being stolen and archive cedures and to separately manage The implementation of Korea’s e-court destruction can be significantly reduced or cases for which special measures are system resulted in savings of $221 per eliminated. E-filing minimizes the costs of needed. e-filing.11 These savings result from a re- these risks, especially because paper doc- • “My case history,” which allows judg- duction in the use of paper, the time spent uments can be misfiled or stolen. Though es to track cases they have disposed in court, cheaper service of process, lower it is possible to recreate court files from and the final determination of the transportation costs, easier archiving of litigant copies, this approach is inefficient. cases. documents, and easier payment of fees. • A scheduling system to organize cas- Electronic storage reduces these risks. For es by day, week or month that is inte- In terms of space savings, in 2008 in instance, an e-filing system can improve grated with the court registry. Chicago, Illinois a paper document filing file security and confidentiality by making • A writing support system with fea- took up to 5 days for a circuit court clerk it easier to restrict access to case files or tures such as automatic document to process, whereas e-filing took just 4 documents sealed by court order. In ad- formatting, multiple judgment editing seconds.12 And given that courthouses dition, electronic files can be encrypted, in small cases and collaborative deci- are expensive storage spaces, eliminating providing additional security.16 sion writing in panel cases. This sys- several miles of archives can save a lot of tem automatically creates a draft of money. A courthouse can cost $300 or the final judgment after the relevant more per square foot to construct, and Transparency case and desired template have been maintenance can be expensive too.13 In E-courts can also enhance transparency. selected. Once completed, judges en- the United States it costs $360,000 to By making judicial decisions more trans- ter a digital signature and register the build and $18,000 a year to heat, cool parent, more trade and investment is decision in a searchable database of and maintain a 20 by 60 foot file room— likely, fostering economic growth.17 Pub- judgments. assuming a low maintenance cost of 5%. lishing the cases rendered in a jurisdiction Improving court efficiency: the Republic of Korea’s e-court experience 69 allows attorneys and court users to better and costs 10% of the claim—making Ko- equipment and launched an e-filing sys- understand case law and increases legal rea the runner-up in Doing Business’s ease tem and electronic case management predictability. Making decisions available of enforcing contracts ranking. By con- system that automated manual process- to the public online also helps make judg- trast, it takes 400 days, 36 procedures es, provided courts with registries of case es more accountable because anyone and 29% of the value of the claim in Viet- filings and events and introduced modules can comment on and assess the quality nam; 842 days, 37 procedures and 26% to handle e-filing, schedule hearings and of decisions. In the United States case of the value of the claim in the Philippines the like. The new equipment is expected information, including docket sheets and and 622 days, 38 procedures and 35% of to expedite hearings and reduce back of- filed documents, are provided online for the value of the claim globally. Contract fice processing.21 viewing and downloading by attorneys enforcement is faster in economies with and the public at any time from locations e-filing (figure 9.2). Rwanda and Tanzania, two countries with other than the courthouse. income per capita below $1,000, have also Concerns about budget and technology started computerizing their courts. Tanza- In some countries e-filing systems can limitations are among the most common nia’s project received funds from several also fight corruption. If formal procedures reasons for not implementing e-court fea- donors and provided the judiciary with are streamlined and attorneys are no lon- tures.20 That should not prevent less devel- modern information technology—includ- ger required to file claims in person, there oped economies from looking into e-courts. ing computers and digital court record- is less traffic in courthouses—reducing E-courts can be implemented with donor ing equipment—and training for judges opportunities for bribery.18 assistance, and reforms can be inspired by and staff. Computerization has had many peer learning from leading economies. benefits, such as improving the quality of research by judges.22 Rwanda’s Strategic Access to justice Malaysia, with an income per capita half Plan of the Supreme Court has recruited E-court services significantly extend the that of Korea’s, has been implementing an new court officers well trained in the use availability of justice, as with a 24/7 sys- ambitious upgrade of the computeriza- of information technology. Thanks to do- tem for filing, registration and auctions.19 tion of its courts. In late 2008, with the nor funds, the country now has an e-filing Moreover, providing remote access to appointment of a new chief justice, Ma- system, electronic records management judges makes the system convenient and laysia initiated reforms targeting judicial system and legal information portal.23 Ac- efficient. Most systems employ extensive delays and court backlogs that included cording to data collected for Doing Business security to mitigate tampering with the two information technology contracts 2014, Rwanda and Tanzania are top per- integrity of files. Singapore’s system, in totaling $43 million. The program intro- formers in Sub-Saharan Africa in the ease addition to providing full remote access duced court recording and transcription of enforcing contracts ranking. to judges, has a “pack and go” feature that allows court files to be transferred to CD-ROMs or USB memory devices for offline use. Figure 9.2  Globally, contract enforcement is faster in economies with e-filing E-courts can also aid cases where geo- graphic distance makes it difficult for par- 1,600 1,402 ties to attend, making videoconferencing 1,400 1,296 a pragmatic solution. While some trials 1,185 Time (calendar days) 1,200 last only about 30 minutes, advocates 1,010 1,000 842 often must spend a lot of time traveling. 731 800 Thus videoconferencing saves time and 635 642 600 524 money. In the United States, it was esti- 456 mated that about $900 could be saved 400 230 195 230 per trial by not having to pay for trans- 200 150 port fares, accommodations and relat- 0 Korea, Rep. Egypt, Arab Rep. Italy Singapore Philippines Uzbekistan Serbia Brazil Guatemala United Arab Emirates Rwanda Angola With e-filing Without e-filing ed allowances. In other economies poor infrastructure makes it difficult to travel between cities, justifying an investment in such information technology. OECD EAP ECA LAC MENA SSA Globally Sharing good practices through peer learning Note: OECD = OECD high income; EAP = East Asia and the Pacific; ECA = Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa; SSA = Sub- According to Doing Business, in Seoul re- Saharan Africa. solving a standard contract enforcement Source: Doing Business database. dispute takes 230 days, 33 procedures 70 Doing Business 2014 Through its involvement in the Asia-Pa- should take into account costs of data document and 4 million cases filed elec- cific Economic Cooperation forum, Korea preservation and system maintenance. tronically each year, would save the private has helped improve the region’s business • Users should receive adequate training. sector and government hundreds of millions regulations.24 Korea, named a “champion” • Cases covering various subject mat- of dollars a year. in judicial reform by APEC, has invested ter should be integrated. 8. Pfau 2011. significant resources to help countries • Systems in other economies can offer 9. Pro se legal representation means advo- such as Indonesia, Peru, the Philippines useful guidance. cating on one’s behalf rather than being and Thailand improve contract enforce- represented by a lawyer. ment. A Korean delegation visited partner 10. The National Judicial College, Judicial economies in 2011 to review systems and Survey: Electronic Filing in U.S. State Trial procedures for enforcing contracts and Courts. proposed reforms based on its experi- Notes 11. This amount is the result of calculations ence in expediting court proceedings. In provided to the Doing Business team by the addition, peer-learning events were held This case study was written by Julien Supreme Court of Korea. to focus on improving such systems. To- Vilquin and Erica Bosio. 12. Chicago Bar Association Task Force on gether these events attracted more than Green Courts Initiative for the Circuit 200 participants, including judges, at- 1. Kingston 2000; Doing Business 2012, enforc- Court of Green County 2008. torneys, professors and government offi- ing contracts chapter. 13. Ibid. cials. In addition, in 2011 the Korean gov- 2. Kingston (2000) found that only about 14. McMillan, Pettijohn and Berg 2012. ernment brought together legal experts 20% of the responding small and medi- 15. National Center for State Courts 2013. and high-level policy makers to discuss um-size enterprises using courts to defend http://www.ncsc.org/information- the future of those economies’ systems their patents actually went to trial. and-resources/budget-resource-center/ for enforcing contracts. 3. Dabla-Norris and Inchauste Comboni calculators.aspx. 2008; Safavian and Sharma (2007), in 16. McMillan 2010. a study on Eastern Europe, found that 17. Hayo and Voigt 2008. in economies with slower courts, firms 18. Djankov, La Porta and others 2003. tend to have less bank financing for new 19. Horowitz and Zorza 2006; Mapp 2008. Lessons investments. Duval and Utoktham (2009) 20. The National Judicial College, Judicial Experiences with e-courts in Korea and found that simplifying contract enforcement Survey: Electronic Filing in U.S. State Trial elsewhere show that: procedures increases bilateral trade. Courts. 4. UNDESA 2012. 21. World Bank 2011a. • The system must be user friendly and 5. Interview with Korean Judge Hoshin Won, 22. Ramadhani 2010. adapt in response to comments from who has been active in promoting e-courts. 23. International Records Management Trust users; a thorough needs analysis is 6. Ibid. 2011. required. 7. Pfau 2011. A conservative estimate for 24. See the case study on APEC economies in • The information technology budget New York, with $40 in savings for each World Bank Group (2012). starting a business Starting a business is an act of faith. preregistration—nonexistent in econo- Many entrepreneurs invest and risk their mies following good practices—is gen- personal savings in business plans they erally the least time-consuming process believe in. Starting a new business in- measured by Doing Business (figure 10.1). volves multiple unavoidable obstacles, • Starting a business is easiest in but excessive bureaucracy should not Starting a business is the Doing Business New Zealand, where it takes 1 be one of them—because entrepreneur- indicator set that has consistently had procedure, half a day, less than 1% ship matters for economies’ economic the most reforms each year, and econo- of income per capita and no paid-in performance. In fact, there is a positive mies have enjoyed the benefits of these minimum capital. relationship between entrepreneurship, reforms. Reforms making it easier to start • Doing Business recorded 51 reforms growth and job creation.1 In 2007 young a formal business are associated with making it easier to start a business start-ups accounted for nearly 8 million increases in the number of newly regis- worldwide between June 2012 and of the 12 million new jobs created in the tered firms and sustained gains in eco- June 2013 and 244 over the past 5 U.S. economy.2 nomic performance—including improve- years. ments in employment and productivity.3 • Greece made the biggest Doing Business data measure the num- In the Philippines start-up simplification improvement in the ease of starting ber of procedures, time, cost and paid-in in the municipality of San Jose de Bue- a business in the past year. minimum capital required for small and navista reduced the number of proce- • Guinea-Bissau and Côte d’Ivoire medium-size limited liability companies dures, time and cost to obtain business are among the economies making to formally operate. To make the data permits. These changes increased the the greatest progress toward the comparable across 189 economies, Do- number of registered businesses, gener- frontier in regulatory practice in ing Business uses a standardized business ating revenue for the local government.4 starting a business since 2009. that is 100% domestically owned, has Portugal’s introduction of one-stop shops • Most economies improving start-up capital equivalent to 10 times raised the number of registered enter- business start-up processes income per capita, engages in general in- prises by about 17% and created 7 new over the past 5 years focused on dustrial or commercial activities and em- jobs a month for every 100,000 inhabi- simplifying company registration. ploys between 10 and 50 people within tants.5 Peru’s simplification of obtaining • Among regions, Sub-Saharan Africa the first month of operations. a start-up business license nearly quin- has improved business start-up tupled business registrations between processes the most since 2009. Doing Business measures the main stag- the year before and the year after, when es of starting a business: preregistration, 8,517 new firms were registered.6 Sim- registration and postregistration. Prereg- plified business registration in Mexi- For more information on good practices istration may involve checking the avail- co increased the number of registered and research related to starting a ability of the proposed company name, firms by 5% and employment by 2.2%.7 business, visit http://www having a notary draft and notarize stat- Informal business owners, particularly .doingbusiness.org/data/exploretopics/ utes and depositing minimum capital those with an entrepreneurial drive, were starting-a-business. For more in a bank account. Registration includes 14.3% more inclined to formally register on the methodology, see the section on procedures under the mandate of the their businesses.8 starting a business in the data notes. commercial registry. Postregistration in- cludes registering with tax authorities, obtaining a business license, buying and legalizing company books and obtaining WHo ReFoRMeD IN stARtING A a company seal. Although registration BUsINess IN 2012/13? includes on average a low number of pro- In 2012/13, 51 economies made it easier cedures, it is often the most costly part of to start a business (table 10.1). Anoth- starting a business. On the other hand, er 13 made it more difficult, mostly by STARTING A BUSINESS 73 Figure 10.1 Postregistration procedures can be costly and time-consuming Averages by ranking group WHAt HAVe We LeARNeD FRoM 5 YeARs oF DAtA? 14 Over the past 5 years Doing Business re- 12 corded 244 business registration reforms Procedures (number) 10 in 135 economies. All regions have ac- 8 tively reformed in the area of starting a 6 business. Globally since 2009 the av- 4 erage time to start a business has fallen 2 by about 13 days. By region, Sub-Saharan Africa has shown the most improvement, 0 Poor practice Good practice with the average time to start a business economies economies falling from 55 days to 30 (figure 10.3). Still, relative to other regions, the time 100 90 to start a business in Sub-Saharan Afri- 80 ca remains high, leaving ample room for 70 further improvement. OECD high-income Time (days) 60 and European and Central Asian econo- 50 40 mies remain the front runners on the ease 30 of starting a business. 20 10 0 Economies sustaining reform efforts Poor practice Good practice over time have considerably revamped economies economies their start-up processes, substantially 160 improving their rankings on the ease of starting a business. Chile, for instance, Cost (% of income per capita) 140 120 has been an active reformer over the 100 past 5 years. In 2010 it introduced an 80 online system for company registration. 60 In 2011 a new law required local gov- 40 ernments to provide temporary or per- 20 manent working licenses to companies 0 immediately upon request.9 That same Poor practice Good practice year the Internal Revenue Service began economies economies authorizing electronic invoicing for com- Preregistration Registration Postregistration panies that had obtained revenue iden- tification numbers and initiated business Note: Poor practice economies are the 5 lowest-ranked economies on the ease of starting a business. The second activities—enabling entrepreneurs to le- column represents the 5 economies ranked from 140 to 144 on the ease of starting a business. The third column gally operate immediately after formaliz- represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies ranked from 45 ing their companies. Finally, in 2013 Chile to 49. Good practice economies are the 5 top-ranked economies. Source: Doing Business database. introduced a law allowing entrepreneurs to register certain types of legal entities online and free of charge.10 As a result of these improvements, the time to register increasing start-up costs and minimum simplified postregistration procedures. a business in Santiago fell from 27 days capital requirements. Among those mak- In Poland entrepreneurs no longer have in 2009 to 5.5 in 2013. ing it easier, several created online one- to register new companies at the Na- stop shops allowing entrepreneurs to tional Labor Inspectorate and National Armenia also has been continuously re- register with different agencies through a Sanitary Inspectorate. Globally, Greek forming its business incorporation reg- single website. entrepreneurs experienced the biggest ulations in recent years. Armenia estab- improvement in the ease of starting a lished a one-stop shop in 2010, allowing For example, Côte d’Ivoire created a business in the past year. In 2012 the electronic registration and merging pro- one-stop shop for firm creation and Greek government introduced a simpler cedures for reserving a business name, replaced the requirement to obtain type of limited liability company, called registering a business and issuing a tax a copy of founders’ criminal records a private company, that is cheaper to identification number. In 2013 Armenia with a sworn declaration at the time incorporate (figure 10.2). A year later eliminated company registration fees. of company registration. Other econo- Greece abolished the minimum capital Azerbaijan, Bulgaria, Colombia, Côte mies, including Costa Rica and Portugal, requirement. d’Ivoire, Jordan, Lithuania, the former Yu- 74 Doing Business 2014 Table 10.1  Who made starting a business easier in 2012/13—and what did they do? Feature Economies Some highlights Simplified preregistration and registration Afghanistan; Armenia; Azerbaijan; Belarus; Hong Kong SAR, China abolished the capital duty levied on local formalities (publication, notarization, Bhutan; Republic of Congo; Gabon; Greece; companies. Morocco cut registration fees from 3,129 Moroccan dirhams inspection and other requirements) Hong Kong SAR, China; Israel; Italy; to 1,700—about 6% of income per capita. Suriname adopted a new civil Jamaica; Kazakhstan; Liberia; Lithuania; code, shortening the time to obtain a declaration of no objection and Malaysia; Moldova; Mongolia; Morocco; approval of the president from 500 days to 14. Nepal; Nicaragua; Niger; Romania; Russian Federation; Rwanda; Suriname; Swaziland; Trinidad and Tobago; Ukraine; Zambia Abolished or reduced minimum capital Cape Verde; Croatia; Djibouti; Greece; Croatia, Greece and Lithuania introduced a new corporate form with no requirement Kyrgyz Republic; Lithuania; Netherlands; minimum capital requirement. The Netherlands eliminated the minimum Poland; West Bank and Gaza capital requirement for limited liability companies. Created or improved one-stop shop Benin; Burundi; Costa Rica; Côte d’Ivoire; Guatemala launched an electronic platform that allows new companies to Guatemala; Guinea; Kosovo; Togo register with the commercial registrar, tax authority, social security institute and Ministry of Labor through a single online form. Cut or simplified postregistration Afghanistan; Costa Rica; Kosovo; Panama; Costa Rica eliminated the requirement to legalize accounting books procedures (tax registration, social Poland; Portugal and simplified legalization of corporate books. Panama eliminated the security registration, licensing) requirement to visit municipalities to obtain municipal taxpayer numbers. Introduced or improved online Azerbaijan; Chile; Nepal; Panama Chile introduced an online facility for business registration, allowing procedures entrepreneurs to register certain types of legal entities online for free. Nepal introduced electronic filing of documents, reducing registration time from 15 days to 7. Source: Doing Business database. Since 2009 Guinea-Bissau and Côte Figure 10.2  Greece made starting a business easier in 2012/13 by introducing a simpler d’Ivoire have been among the economies type of limited liability company and abolishing the minimum capital making the fastest advances toward the requirement frontier in regulatory practice for starting a business (figure 10.4). In addition to 15 previous reforms, in 2012 Côte d’Ivoire 14 launched a one-stop shop for business 13 6 procedures eliminated incorporation, allowing entrepreneurs to 12 register with the commercial registrar, Time to start a business (days) 11 10 tax authority and social security institute 9 at the same time instead of visiting them 8 separately. 7 6 Similarly, Guinea-Bissau created a one- 5 Changes in 2012/13 stop shop for business creation in 2011. 4 eliminated 6 procedures and cut cost by 16% of income Launched on May 15, the Centro de For- 3 2 per capita malização de Empresas led to a significant 1 reduction in the procedures, time and 0 cost to register a business. Guinea-Bissau 1 2 3 4 5 6 7 8 9 10 11 also eliminated the requirement to obtain Procedures a business license for low-risk activities. 2012 2013 Instead, a simple declaration of commer- cial activities is required to be submitted Source: Doing Business database. at the one-stop shop. In addition, the requirement for a copy of the founders’ criminal records was replaced by one for a sworn declaration, and the cost for the goslav Republic of Macedonia, Moldova, included making notarization of incorpo- publication of the notice of incorporation Mozambique, Peru, Portugal, the Slovak ration documents optional, introducing was reduced. Republic and Ukraine are among other online features for company registration economies that have steadily improved and creating and improving one-stop Since 2009 the time and cost of starting business incorporation regulations. Com- shops. a business has dropped worldwide. Sim- mon features of the most recent reforms plifying registration has been the most Starting a business 75 and business registration can be complet- Sub-Saharan Africa has shown the greatest improvement in the time to start Figure 10.3   ed online in 1.5 days. In addition, Liberian a business entrepreneurs can track their application status online. In Rwanda the number of 70 70 companies using the online business reg- Number of reforms making it 60 60 istration system has been steadily increas- easier to start a business Average time (days) 50 50 ing since its creation in 2009. In India the 40 40 director of a company can obtain an iden- tification number online. 30 30 20 20 Over the past 5 years economies from all 10 10 regions either lowered or eliminated reg- 61 43 53 36 51 0 0 istration costs. Benin and South Africa DB2010 DB2011 DB2012 DB2013 DB2014 considerably reduced notary fees, while Number of reforms Spain exempted small and medium-size Time: Latin America & Caribbean East Asia & Pacific Sub-Saharan Africa enterprises from the burdensome Asset Middle East & North Africa South Asia Europe & Central Asia Transfer and Legal Documented Acts Tax. Other economies simplified or eliminated OECD high income preregistration requirements such as hav- ing company documents notarized and ob- Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so taining approvals from different agencies. excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional classifications for 2013. The past 5 years saw other changes as Source: Doing Business database. well. Lesotho, Mongolia and Uruguay simplified start-up processes by elim- inating notarization requirements and common feature of start-up reforms. On- fastest business registration systems all introducing standardized articles of as- line services ranging from company name offer at least some electronic services. sociation. Bhutan and Romania simplified searches to business registration have More than 20 low- and lower-middle- the process for obtaining a security clear- lowered the time and cost of starting a income economies offer electronic ser- ance certificate. The Dominican Repub- business worldwide. Economies with the vices. In Liberia company name reservation lic, Peru and the Philippines eliminated Figure 10.4  Guinea-Bissau and Côte d’Ivoire are among the economies advancing the most toward the frontier in starting a business over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Honduras Swaziland Argentina Namibia Mali Sri Lanka Lao PDR Togo New Zealand Macedonia, FYR Kyrgyz Republic Australia Portugal Azerbaijan Malaysia Taiwan, China Burundi Lithuania Ireland Sweden Hungary France Iceland Belarus Panama Romania Maldives United States Israel Greece United Arab Emirates Kazakhstan Zambia Croatia Marshall Islands Serbia St. Lucia Russian Federation Luxembourg Cape Verde St. Vincent and the Grenadines Bangladesh Sierra Leone Tajikistan Qatar Japan Trinidad and Tobago Mozambique Saudi Arabia Guatemala Bhutan Kiribati El Salvador Spain Côte d'Ivoire São Tomé and Príncipe Cameroon Senegal Gabon Vietnam Nigeria Syrian Arab Republic Sudan Botswana Iraq Guinea Benin Ethiopia Mauritania Guinea-Bissau Timor-Leste Djibouti Comoros Bolivia Brunei Darussalam Congo, Rep. Venezuela, RB Suriname Chad Congo, Dem. Rep. Antigua and Barbuda Ukraine Kosovo Uruguay Slovak Republic Solomon Islands India Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the starting a business indicators since DB2004 (2003). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in starting a business between 2009 and 2013. Source: Doing Business database. 76 Doing Business 2014 the requirement to obtain a document Ninety-six economies have at least some confirming payment of share capital in a type of one-stop shop for business reg- bank. Ukraine eliminated the requirement istration, including 35 that established or Notes to obtain approval for a corporate seal, improved theirs in the past 5 years. Nine- This topic note was written by Valentina and Suriname significantly reduced the ty-nine economies require no paid-in Saltane, Paula García Serna, Baria Nabil Daye time to obtain the president’s approval for minimum capital, and many others have and Fernanda Maretto de Barros. company incorporation. lowered the requirement.11 1. Fritsch and Noseleit 2013. 2. Stangler and Litan 2009. 3. Motta, Oviedo and Santini 2010; Klapper and Love 2011. 4. Gumasing 2013. 5. Branstetter, and others 2013. The study notes that the increase in the number of business registrations as a result of start-up reforms was largely due to the entry of marginal firms. 6. Mullainathan and Schnabl 2010. 7. Bruhn 2011. 8. Bruhn 2013. 9. Law No. 20.494. 10. Law No. 20.659. 11. For more information on minimum capital reforms, see the case study on minimum capital requirements. dealing with construction permits Sound regulation of construction helps High-risk projects such as hotels and protect the public from faulty building movie theaters would have at least as practices. Besides enhancing public safe- many inspections as low-risk projects at ty, well-functioning building permitting key stages of construction—and in most and inspection systems can also strength- cases would require additional inspec- en property rights and contribute to the tions to comply with safety regulations. • Dealing with construction permits process of capital formation.1 But if proce- The use of risk assessment has improved is easiest in Hong Kong SAR, China, dures are too complicated or costly, build- the inspection system. Since 2008 it has where it takes 6 procedures and 71 ers tend to proceed without a permit.2 eliminated 8 procedures and 49 days days and costs 15.4% of income per By some estimates 60–80% of building from the process of obtaining a construc- capita to comply with requirements projects in developing economies are un- tion permit and connecting to utilities, as for building a storage warehouse dertaken without the proper permits and measured by Doing Business.6 and connecting it to water, approvals.3 And because the construction sewerage and a fixed telephone line. permitting process generally involves li- Introducing a risk-based inspection sys- • Doing Business recorded 24 reforms censing requirements from several differ- tem is not the only route to sound regu- making it easier to deal with ent agencies, those using the process are lation. Economies continually working to construction permits worldwide exposed to different bureaucracies, which improve their building regulatory systems between June 2012 and June 2013 creates opportunities for rent seeking. have also reformed in many other areas. and 109 over the past 5 years. Some are taking advantage of increasing- • Ukraine made the biggest improvement in the ease of dealing One way to adopt sound regulation is ly sophisticated technological systems with construction permits in the by implementing risk-based inspection that enhance not only the efficiency of the past year. systems. Such systems can help ensure construction permitting process but also • Ukraine has also made the fastest a safe, well-functioning approach that its transparency. And some are adopting performance-based building codes that progress toward the frontier in does not impose overly burdensome re- regulatory practice in construction quirements on less complex buildings. focus more on outcomes and on demon- permitting since 2009. Economies at all income levels are imple- strating compliance with performance • Among regions, Europe and menting these systems to account for the requirements.7 Beyond these elements, Central Asia has made the biggest varying risk levels of different buildings.4 qualification requirements for inspectors, improvements in the ease of dealing In fact, there has been growing awareness liability regimes for faulty construction, with construction permits since in the construction industry about the ad- conflict resolution systems, information 2009. vantages of a system in which less risky technology and other factors can all help • Streamlining processes and structures are subject to fewer inspec- strengthen building regulatory systems. implementing risk-based approval tions than more complicated ones, which systems were among the most might need more inspections at various To measure the ease of dealing with con- common features of construction stages of construction. struction permits, Doing Business records permitting reforms in the past 5 the procedures, time and cost required years. The United Kingdom started modifying for a small or medium-size business to its building control system in 2007 to add obtain the approvals needed to build a a risk-based component. The goal was to simple commercial warehouse and con- For more information on good practices develop a risk assessment tool for build- nect it to water, sewerage and a fixed and research related to dealing with ing inspectors and move from strict pub- telephone line. That includes all the in- construction permits, visit http://www lic enforcement toward a combination of spections and certificates needed be- .doingbusiness.org/data/exploretopics/ public and private practices. In 2009 the fore, during and after construction of the dealing-with-construction-permits. For Department for Communities and Local warehouse. To make the data comparable more on the methodology, see the section Government partnered with the private across 189 economies, it is assumed that on dealing with construction permits in sector to develop a risk assessment tool.5 the warehouse is in the periurban area of the data notes. 78 Doing Business 2014 the largest business city, is not in a spe- cial economic or industrial zone and will Formalities before construction begins are the most time-consuming and Figure 11.1   costly part of dealing with construction permits be used for general storage. Averages by ranking group While Doing Business identifies burden- 30 some practices in many economies, other hurdles are not captured by the data. For 25 Procedures (number) example, Doing Business does not address 20 the extent to which the necessary permits 15 may include provisional or conditional permits—which in some economies can 10 be used as a mechanism for the author- 5 ities to impose further conditions or ex- 0 tract further payments once construction Poor practice Good practice is under way or completed. economies economies 300 In economies where it is easy to obtain construction permits, many preconstruc- 250 tion procedures—such as clearances 200 Time (days) and approvals—are streamlined, often 150 through a one-stop shop. Alternatively, preliminary clearances are not required 100 and construction companies can apply 50 for building permits when submitting 0 the required blueprints. The average Poor practice Good practice time to complete preconstruction proce- economies economies dures in the 5 top-ranked economies is just 30 days, compared with 137 in the 900 Cost (% of income per capita) 5 lowest-ranked economies (figure 11.1). 800 700 Economies that make it difficult to obtain 600 construction permits require several lay- 500 ers of clearances that must be obtained 400 separately from different agencies. They 300 often also require many more inspec- 200 tions. Economies ranking in the middle 100 of the distribution require an average of 0 Poor practice Good practice 3 inspections during construction, while economies economies those ranking in the top 5 require only 1. Before construction During construction After construction Utilities Note: Poor practice economies are the 5 lowest-ranked economies on the ease of dealing with construction per- Who reformed in dealing mits, excluding “no practice” economies. The second column represents the 5 economies ranked from 140 to 144 on the ease of dealing with construction permits. The third column represents the 5 economies ranked from 93 to with construction permits 97. The fourth column represents the economies ranked from 45 to 49. Good practice economies are the 5 top- in 2012/13? ranked economies. The “before construction” stage involves all procedures that must be completed before the start of construction, such as obtaining approvals of construction drawings and obtaining building permits. The Between June 2012 and June 2013 Doing “during construction” stage involves all procedures that occur during construction, such as on-site inspections Business recorded 24 reforms making it by relevant agencies. The “after construction” stage involves all procedures that must be completed after con- easier to deal with construction permits struction for the warehouse to become operational, such as obtaining an occupancy permit and registering the and 2 making it more difficult (table 11.1). warehouse. The “utilities” stage involves all procedures required to connect the warehouse to water, sewerage and a fixed telephone line, such as an on-site inspection from the relevant water authority. Europe and Central Asia had the most Source: Doing Business database. reforms making it easier, with 8. Sub- Saharan Africa had 7 making it easier but 1 making it more difficult. East Asia and the Pacific had 3 making it easier, In the past year Ukraine made the big- being simpler buildings. This has simpli- Latin America and the Caribbean and gest improvement in the ease of dealing fied the process and streamlined the pro- OECD high-income economies each had with construction permits (figure 11.2). In cedures needed to obtain construction 2, and South Asia and the Middle East mid-2012 the government adopted a risk- permits for less complex buildings like and North Africa each had 1. OECD high- based approval system, classifying con- warehouses, which fall into category 3. income economies also had 1 making the struction projects into 5 categories based For warehouses the requirement to obtain process more difficult. on their complexity, with categories 1–3 a construction permit was replaced with Dealing with construction permits 79 Who made dealing with construction permits easier in 2012/13—and what did they do? Table 11.1   Feature Economies Some highlights Streamlined procedures Botswana; Costa Rica; Côte d’Ivoire; Gabon; The Russian Federation eliminated duplicate clearances from several Guatemala; Kosovo; Latvia; FYR Macedonia; government agencies. Malaysia; Montenegro; Mozambique; Philippines; Poland; Russian Federation; Rwanda; Sri Lanka; Togo; Ukraine Reduced time for processing Botswana; Costa Rica; Côte d’Ivoire; Gabon; Turkey implemented strict time limits to obtain a lot plan and simplified permit applications Guatemala; Latvia; Malaysia; Montenegro; documentation requirements to obtain an occupancy permit. Mozambique; Russian Federation; Slovenia; Sri Lanka; Turkey Introduced or improved one-stop Burundi; Gabon; Guatemala; Malaysia; Mongolia; Guatemala and Malaysia introduced one-stop shops for construction permits shop Montenegro and postconstruction approvals. Reduced fees Kosovo; Malaysia; Malta; Mongolia; Rwanda; Sri Lanka reduced the fee to obtain a construction permit by eliminating the Sri Lanka development tax. Introduced or improved online Costa Rica; Gabon; Guatemala; Mozambique; Costa Rica launched an e-government platform that allows online submission services Rwanda of construction permit applications and streamlines internal reviews. Introduced risk-based approvals Botswana; Malaysia; Ukraine Botswana clarified environmental impact assessment requirements for projects. Ukraine introduced a risk-based approval system, eliminating preconstruction utility approvals and postconstruction certification procedures. Adopted a new building code Azerbaijan Azerbaijan adopted a new construction code that streamlined procedures and established official time limits for completing various procedures in the construction permitting process. Improved building control Togo Togo improved its workflow communication and implemented a standard process procedure for processing applications. Source: Doing Business database. a requirement to provide notification that by streamlining procedures and elimi- simplified by eliminating the requirement construction works had commenced. nating the requirement to obtain tech- to develop a preproject city planning nical requirements from the Fire Safety justification for the State Enterprises In addition, the process for obtaining Department and Department of State (Ukrderzhbudexpertyza) and the State technical requirements was simplified Auto Inspection. Project supervision was Inspectorate of Architecture and Con- struction Control in Kiev. Ukraine also amended the Law on State Registration of Property Rights to Real Estate and Figure 11.2  Ukraine made dealing with construction permits faster and easier Their Encumbrances, which went into effect on January 1, 2013. The law re- 10 procedures eliminated duced the number of agencies that can 400 register ownership rights over real estate and issue ownership certificates and in- 350 Introducing risk-based approvals and troduced strict time limits for registering 300 simplifying registration 302 days real estate. Together these changes elim- of ownership rights cut procedures and time saved inated 10 procedures and reduced the 250 time for dealing with construction per- Time (days) 200 mits by 302 days. 150 100 What have we learned from 5 years of data? 50 Since 2009, 73 economies have imple- 0 mented 109 reforms making it easier to 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 deal with construction permits. Europe Procedures and Central Asia made the most reforms, 2012 2013 with 29, followed by Sub-Saharan Africa with 26, Latin America and the Caribbean Source: Doing Business database. with 17, OECD high-income economies 80 Doing Business 2014 good coordination among all agencies in- Figure 11.3  Europe and Central Asia has achieved the most time savings in dealing with volved and often requires overarching leg- construction permits islation that ensures information sharing and establishes oversight mechanisms to minimize cases of noncompliance. easier to deal with construction permits 300 35 Number of reforms making it 250 30 In 2011 Taiwan, China established its first Average time (days) 25 one-stop shop for construction permits 200 20 and continues to improve its operations. 150 By 2012 the number of procedures re- 15 100 quired to process permit applications had 10 fallen from 25 to 11 and the time from 125 50 5 days to 94. Since 2009, 17 economies 31 19 15 20 24 0 0 have successfully implemented one-stop DB2010 DB2011 DB2012 DB2013 DB2014 shops for permit applications. Number of reforms Time: Latin America & Caribbean Europe & Central Asia South Asia Ukraine saw the fastest progress to- Sub-Saharan Africa OECD high income East Asia & Pacific ward the frontier in regulatory practice in construction permitting over the past Middle East & North Africa 5 years (figure 11.4), largely due to the improvements in more recent years dis- Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so cussed above. But Ukraine began reform- excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional ing construction permitting before that. classifications for 2013. In 2005 it adopted the Provincial Act on Source: Doing Business database. Construction of Buildings, which clearly defined procedures for obtaining permits to design and develop buildings and for with 14, East Asia and the Pacific with 11, Over the past 5 years the most common drafting, approving and ensuring the ac- the Middle East and North Africa with 10 feature of these reforms was streamlining curacy of project documentation. The act and South Asia with 2. Since 2009 Eu- project clearances. Building approvals tend also identified the main requirements for rope and Central Asia has achieved the to require technical oversight by multiple construction work. most time savings, reducing the time to agencies, and one way to simplify this pro- deal with construction permits by 64 cess is by establishing one-stop shops. But In 2006 the Law on the System of Per- days on average (figure 11.3). the success of one-stop shops depends on mits for Business Activity introduced a Figure 11.4  Ukraine has advanced the most toward the frontier in dealing with construction permits over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Hong Kong SAR, China Singapore Georgia St. Lucia Sweden United Arab Emirates Grenada Taiwan, China Thailand Jamaica United Kingdom Tonga Antigua and Barbados Norway Maldives Vanuatu Mexico Ukraine St. Kitts and Nevis Nambia Belarus Comoros Finland Guatemala Qatar Macedonia, FYR Kyrgyz Republic Paraguay United States France Portugal Estonia Micronesia, Fed. Sts. Costa Rica Switzerland Morocco Malaysia Iceland São Tomé and Principe Gabon Benin Gambia, The Bangladesh Spain Angola Ireland Togo Chile Fiji Jordan Suriname Pakistan Japan Bulgaria Italy Armenia Montenegro Latvia Guinea-Bissau Poland Palau Brunei Darussalam Kosovo Slovak Republic Sri Lanka Congo, Dem. Rep. Cameroon Trinidad and Tobago Israel Congo, Rep. Nicaragua Philippines Turkey Mauritius Mongolia Ghana Puerto Rico (U.S.) Romania Kuwait Venezuela, RB Algeria Sudan Cyprus Tanzania Sierra Leone Czech Republic Lesotho Uruguay Burundi Haiti Kazakhstan Uzbekistan Malawi Takikistan Azerbaijan China Serbia Cambodia Russian Federation Nigeria Afghanistan India Zimbabwe Eritrea Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the dealing with construction permits indicators since DB2006 (2005). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in dealing with construction permits between 2009 and 2013. Source: Doing Business database. Dealing with construction permits 81 principle under which any authorization for issuing certificates of compliance. 3. De Soto 2000. or permit required to conduct business These changes reduced the number of 4. For more information, see the case study on activity as well as procedures for its issu- procedures by 9 and the time to obtain risk-based inspections. 5. Berman 2012. ance must be provided for exclusively in a permit by 161 days. And in a region in 6. Under the Doing Business methodology, if a the laws of Ukraine (as opposed to local which many economies still have cum- private inspection firm is hired, only 1 proce- legislation and similar regulation). The bersome construction permitting proce- dure is recorded for the firm. Subsequent in- law also provided for administrative lia- dures, Ukraine’s reforms can serve as an spections are not recorded. Private inspection bility of officials in violation of issuance example for others. firms tend to operate more efficiently than procedures. Together the 2005 and 2006 government agencies that conduct inspec- legislation cut the time to obtain a permit tions because government agencies usually by 23 days. conduct other tasks as well. Furthermore, NOTES there is generally less opportunity for rent In 2009 more dramatic changes were seeking with private firms. This topic note was written by Marie Lily Deli- 7. World Bank Group 2013b. introduced. Legislation eliminated the on, Anushavan Hambardzumyan, Joyce Ibrahim, need for preproject city planning approv- Momodou Salifu Sey and Matthew Williger. als if projects comply with town planning documentation and rules for building in 1. World Bank Group 2013b. Kiev and set a limit of 10 business days 2. Moullier 2009. Getting electricity Electricity matters for businesses. Un- Across regions, increasing the efficien- reliable electricity supply, lack of distri- cy of utilities’ internal processes has bution network in rural areas and high been the most common reform. It is connection costs all hinder business ac- also among the most effective ways to tivity. Where the quality and accessibility reduce connection delays. In Colombia • Getting an electricity connection of infrastructure services are good, they the utility Codensa opened a  one-stop is easiest in Iceland, where it takes encourage investment, productivity and shop for builders that provides coun- 4 procedures and 22 days and growth.1  World Bank Enterprise Surveys seling on and review and approval of costs 14.4% of income per capita in 137 economies show that firms consid- electricity connection projects. Codensa ($5,554). er getting electricity the second biggest reduced the time to prepare feasibili- • Doing Business recorded 14 reforms obstacle to their business.2  Self-supply is ty studies by eliminating the prepara- making it easier to get electricity often prohibitively expensive, especially tion of quotes and enabling clients to worldwide between June 2012 and for small firms.3  The first step in getting request the studies online. Utilities in June 2013—and has recorded electricity is for a  customer to obtain Malaysia and Sri Lanka made getting 45 since 2010. a  connection—and this is the key step electricity easier by improving commu- • The Russian Federation made the that the getting electricity indicators aim nications with contractors, introducing biggest improvement in the ease of to measure. electronic document management sys- getting electricity in 2012/13. tems and increasing staff and resources • The Russian Federation and Doing Business measures the proce- for inspections. Tanzania are among the economies dures, time and cost for a  small to making the greatest progress medium-size business to get a  new Other economies have adopted broader toward the frontier in regulatory electricity connection for a  warehouse approaches. The Russian Federation’s practice in getting electricity since (figure 12.1). To make the data compa- MOESK, Moscow’s electricity utility, 2009. rable across 189 economies, Doing Busi- overhauled the steps required to obtain • Europe and Central Asia has the ness uses a  standardized case study of a  connection (figure 12.2). For example, most complex processes for getting a new warehouse requiring a connection the utility now obtains excavation permits electricity but also implemented the 150 meters long and with a power need for customers and eliminated the need for most reforms to make electricity of 140 kilovolt-amperes. The warehouse them to get electricity applications from regulations more business-friendly is assumed to be located in the largest MKS, a subsidiary of MOESK. In addition, in 2012/13. business city, in an area where ware- the Federal Service for Ecological, • Making utilities’ internal processes houses usually locate and electricity is Technological and Nuclear Supervision more e cient has been the most most easily available.4 now conducts risk-based inspections common feature of reforms to make only for larger installations. And the it easier to get electricity since Moscow Regional Energy Commission 2010. revised fee structures and lowered WHO REFORMED IN GETTING connection charges to standardized ELECTRICITY IN 2012/13? rates.5  These changes have halved the For more information on good practices Economies where getting an electricity number of procedures required to obtain and research related to getting electricity, connection is easy share several good an electricity connection, reduced the visit http://www.doingbusiness.org/data/ practices. Other economies are adopt- time by more than 40% and cut the exploretopics/getting-electricity. For more ing some of these practices (table 12.1). cost by nearly 80%, making the Russian on the methodology, see the section on Between June 2012 and June 2013  Do- Federation the economy that improved getting electricity in the data notes. ing Business recorded 14  reforms that the most in the ease of getting electricity made getting electricity easier. in 2012/13. GETTING ELECTRICITY 83 In Burundi the electricity utility Regideso Figure 12.1 Duplicated inspections and long delays make it harder to get electricity ended its monopoly on the sale of trans- Averages by ranking group formers and other equipment needed 9 for electricity connections. Since June 8 2012  this change has decreased the Procedures (number) 7 time to obtain a connection by 30 days 6 5 because customers can now import 4 materials instead of buying them from 3 2 Regideso if the materials are not in the 1 company’s stock. The utility also opened 0 a  center that combines all the internal Poor practice Good practice economies economies services of the utility involving new con- 250 nections. 200 Time (days) 150 100 WHAT HAVE WE LEARNED FROM 5 YEARS OF DATA? 50 Since 2010, 41  economies have imple- 0 Poor practice Good practice mented 45  changes to regulations and economies economies their implementation that made it easi- Cost (% of income per capita) 4,000 er to get electricity. Sub-Saharan Africa made the most such reforms, with 12, 3,000 followed by Europe and Central Asia 2,000 with 10. The average time to connect to the electrical grid fell in Latin Amer- 1,000 ica and the Caribbean from 77  days to 200 65 and in Europe and Central Asia from 0 Poor practice Good practice 170  days to 150. In Sub-Saharan Africa economies economies it dropped from 159 days to 134 (figure Application and estimate External works Other inspections Final connection 12.3). Note: Poor practice economies are the 5 lowest-ranked economies on the ease of getting electricity. The second column represents the 5 economies ranked from 137 to 141 on the ease of getting electricity. The third column The types of reforms recorded in get- represents the 5 economies ranked from 90 to 94. The fourth column represents the 5 economies ranked from ting electricity have varied by income 45 to 49. Good practice economies are the 5 top-ranked economies. The application and estimate stage involves group. Upper-middle-income economies all procedures related to submitting an application and obtaining an estimate of the cost of works or technical have made the most changes in the past conditions to obtain a connection. This stage also includes the time needed for any inspections by the electricity utility. The external works stage involves all procedures that occur during construction, such as purchasing mate- 4 years, with 16. More than half of these rials and establishing the connection. The other inspections stage involves all procedures related to approval of improved connection process efficiency. internal wiring or the connection by agencies outside the electricity utility. The final connection stage involves all procedures required to finalize the connection, such as signing the supply contract and installing the meter. Source: Doing Business database. TABLe 12.1 Who made getting electricity easier in 2012/13—and what did they do? Feature economies Some highlights Improved process Belarus; Colombia; Ecuador; In Colombia the utility Codensa opened a one-stop shop for electricity connections and made its internal efficiencya Malaysia; Mexico; Mongolia; processes more efficient, reducing the time to get a connection by 60 days. Sri Lanka’s Ceylon Electricity Board Nicaragua; Sri Lanka; United introduced an electronic document management system that streamlined its internal workflow and cut by Arab Emirates; Turkey 22 days the time to process new applications. Improved regulation Burundi; FYR Macedonia; In the former Yugoslav Republic of Macedonia the government adopted a new distribution grid code that set of connection Mongolia; Russian time limits for approving new connections and standardized connections with capacity below 400 kilowatts. processes and costs Federation The law also fixed connection fees per kilowatt. The time to obtain an electricity connection was reduced by 44 days and the cost by 13%. Streamlined Russian Federation; Ukraine In the Russian Federation the utility MOESK reduced the steps in getting a connection. The utility obtains permits approval processb for customers, who also no longer need electricity applications from MKS, a MOESK subsidiary. The Federal Service for Ecological, Technological and Nuclear Supervision now conducts risk-based inspections only for larger installations. a. Refers to utilities or public agencies reengineering their internal processes to reduce the time and number of internal approvals. b. Refers to utilities or public agencies working with each other to centralize procedures on behalf of the customer or to reduce the duplication of formalities. Source: Doing Business database. 84 Doing Business 2014 Electricity utilities in these economies tended to focus on streamlining proce- The Russian Federation made obtaining an electricity connection easier, Figure 12.2   dures and reducing delays by making in- faster and cheaper ternal processes more efficient and train- ing staff. For example, Mexico’s electricity 300 utility, Comisión Federal de Electricidad, streamlined the process for obtaining 250 Cost reduced from electricity, offered training to contractors $163,668 to $37,307 Time to get electricity (days) and implemented a  geographic informa- Time cut from tion system (GIS) that maps the electric- 200 281 days to 162 ity network. This commitment has paid off: the time to obtain a  new electricity 150 Procedures cut from 10 to 5 connection in Mexico City dropped from 291 days in 2009 to 85 in 2013. 100 Most reforms in lower-middle-income 50 economies have involved streamlining coordination among agencies to eliminate unnecessary or duplicate approval require- 0 1 2 3 4 5 6 7 8 9 10 ments. These procedures become a  bur- Procedures den when they are carried out by several agencies, or when it is the customer and 2012 2013 not the utility who obtains the required ad- ministrative permits for the construction Source: Doing Business database. works. Ukraine’s Ministry of Energy and Coal Industry eliminated the need for the State Energy Inspectorate to inspect elec- trical installations because other agencies Sub-Saharan Africa has achieved the most time savings in getting electricity Figure 12.3   conduct similar inspections. Shortening connection times and streamlining processes were not the 180 16 only reforms. Since 2010, 27 economies 160 14 Average time to get electricity (days) have reduced electricity connection Number of reforms making it easier 140 costs using different strategies. Trinidad 12 and Tobago thoroughly revised its capi- 120 10 to get electricity tal contribution policy, drastically lower- 100 ing costs for customers to connect to the 8 80 grid.6 Between 2009 and 2013 the Rus- 6 sian Federation cut the cost of an elec- 60 tricity connection by more than 90%. In 40 4 2012  the Republic of Korea introduced 20 2 a  policy under which customers pay 9 9 13 14 only 30% of connection costs up front 0 0 and the remaining 70% over the next DB2010 DB2011 DB2012 DB2013 DB2014 2 years, enabling entrepreneurs to invest Number of reforms the outstanding amount in developing Time: Europe & Central Asia South Asia Sub-Saharan Africa their businesses. East Asia & Pacific OECD high income Middle East & North Africa Latin America & Caribbean Since 2009 the Russian Federation and Tanzania have been among the econ- omies making the most progress in Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from narrowing the gap with the regulatory DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so systems of economies with the most ef- excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional ficient practices in connecting new cus- classifications for 2013. Doing Business began recording reforms in getting electricity in DB2011. tomers (figure 12.4). Source: Doing Business database. Getting electricity 85 The Russian Federation and Tanzania are among the economies advancing the most toward the frontier in getting electricity Figure 12.4   over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 United Arab Emirates Germany Switzerland Sweden Korea, Rep. Taiwan, China St. Kitts and Nevis Singapore Thailand Denmark Guatemala Japan United States Saudi Arabia Norway Suriname Austria Malaysia Georgia Slovenia Qatar Finland Tonga Uruguay Iraq Cameroon Estonia Costa Rica Bahamas, The Paraguay Belize Dominica Chile Fiji Comoros Marshall Islands Rwanda Spain Ghana Namibia Ethiopia Grenada Tanzania Afghanistan Oman Haiti Latvia Colombia Luxembourg Palau Italy Nicaragua Belgium Argentina Eritrea Vanuatu China Jamaica Indonesia Sudan Kosovo India Russian Federation Mali Togo Israel Dominican Republic Ecuador Zambia Mexico Gambia, The Honduras Vietnam Guinea Canada Niger Zimbabwe Hungary Angola South Africa Mongolia Liberia Mozambique Kiribati Pakistan Czech Republic Kyrgyz Republic Romania Congo, Dem. Rep. Chad Sierra Leone Benin Burundi Senegal Uganda Nigeria Central African Republic Malawi Madagascar Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the getting electricity indicators since DB2010 (2009). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in getting electricity between 2009 and 2013. Source: Doing Business database. 2. World Bank Group 2010. 3 aspects have the same weight, and the 3. Iimi 2008. ranking on the ease of getting electricity is NOTES 4. For more details on the methodology, see the simple average of an economy’s per- This topic note was written by Iana Ashchian, the data notes. Doing Business records centile rankings on those 3 components. Maya Choueiri, Caroline Frontigny and Jayashree all the procedures, the time and the cost 5. Resolution 421 adopted by the Moscow Srinivasan. required for a business to obtain an elec- Regional Energy Commission on December tricity connection for a newly construct- 12, 2012. 1. World Bank 2010. ed building, including an extension or 6. For more information, see the case study expansion of the existing infrastructure. All on Trinidad and Tobago. registering property Unregistered property cannot be used and pay the associated transfer taxes. as collateral by banks, limiting financing • Publication procedures to give public opportunities for new businesses and ex- notice of the intention to transfer a pansion opportunities for existing ones. property so as to allow any interested In developing economies only 30% of third parties to object. • As measured by Doing Business, land is subject to a form of land registra- registering property is easiest in tion.1 Just 10% of land in Sub-Saharan Af- Economies that rank well on the ease of Georgia. rica is registered.2 Providing an efficient, registering property tend to have simple • Doing Business recorded 31 reforms transparent and affordable system to procedures, effective administrative time making it easier to register property register new titles and transfer existing limits, fixed registration fees, low transfer worldwide between June 2012 and ones is an important first step toward taxes and online registries (figure 13.1). June 2013. guaranteeing secure access to land and • Burundi made the biggest improving access to credit.3 improvement in the ease of registering property in the past Who reformed In Doing Business records the full sequence year. of procedures needed for a business to reGIsterInG ProPerty In • Over the past 5 years 90 economies purchase an immovable property from 2012/13? undertook 124 reforms increasing another business and formally transfer In 2012/13, 31 economies made it easi- the e ciency of property transfer the property title to the buyer’s name. er for businesses to register property by procedures. The process starts with obtaining the reducing the time, procedures or cost re- • Maldives has advanced the furthest required documents, such as a copy quired (table 13.1). The most common im- in narrowing the gap with the most of the seller’s title, and ends when the provements were combining procedures, e cient practice and regulations in buyer is registered as the new proper- increasing administrative efficiency, com- registering property since 2009. ty owner. Every procedure required by puterizing registries and lowering prop- • Economies that have improved their law or necessary in practice is included, erty transfer taxes. On the other hand, property registration systems have whether it is the responsibility of the 6 economies raised the cost of transfer- looked at the property transaction seller or the buyer and even if it must ring property. No economy increased the as a whole and implemented be completed by a third party on their time or number of procedures to transfer regulatory reforms that centralize behalf. property. procedures in a single agency. In addition, they have used Burundi made the biggest improvement The registering property indicators identi- information and communication in the ease of registering property in the fy 5 main types of procedures: technology or better caseload past year by creating a one-stop shop management systems to make the • Due diligence procedures to obtain for property registration (figure 13.2). process faster and cheaper. the necessary guarantees on the se- Opened in March 2013, the one-stop curity of the transaction. shop combined the services of the mu- • Legalization procedures to make the nicipality of Bujumbura, Burundi Reve- For more information on good practices and sale agreement legally binding. nue Authority and land registry, enabling research related to registering property, • Tax requirement procedures to com- companies to complete property trans- visit http://www.doingbusiness.org/data/ ply with tax regulations related to the fers faster without making multiple visits exploretopics/registering-property. For transfer of a property, including in- to different agencies. This was the first more on the methodology, see the section spections or surveys of the property step toward a more efficient property reg- on registering property in the data notes. to determine its value and thus the istration system. taxes to be paid. • Registration procedures to register the Among regions, Sub-Saharan Africa property in the name of the new owner made the most reforms making it easier REGISTERING PROPERTY 87 Figure 13.1 registration and due diligence are the most cumbersome aspects of transferring property Averages by ranking group 10 9 8 Procedures (number) 7 6 5 4 3 2 1 0 Poor practice Good practice economies economies 90 80 70 60 Time (days) 50 40 30 20 10 0 Poor practice Good practice economies economies 16 Cost (% of property value) 14 12 10 8 6 4 2 0 Poor practice Good practice economies economies Due diligence Legalization Tax requirements Registration Publication Note: Poor practice economies are the 5 lowest-ranked economies on the ease of registering property, excluding “no practice” economies. The second column represents the 5 economies ranked from 140 to 144 on the ease of registering property. The third column represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies ranked from 45 to 49. Good practice economies are the 5 top-ranked economies. Source: Doing Business database. to register property in 2012/13. For ex- digitized. In the Russian Federation the The Netherlands made it possible to sub- ample, Guinea-Bissau opened a nota- creation of a unified electronic land and mit deed registrations and obtain docu- ry office in charge of property-related property database eliminated the need mentation related to property transfers transactions. Lesotho eliminated the for applicants to visit Bureau of Techni- online. In the United Kingdom, the Land ministerial approval for property trans- cal Inventory offices and obtain cadastral Registry for England and Wales intro- fers and recruited new staff at the reg- passports. In addition, Ukraine intro- duced electronic lodgment of property istry. Uganda reduced time by introduc- duced a new system of registration of transfer applications. ing a new system, eStamp, for certifying property rights and encumbrances over documents subject to a stamp duty. real property. The system requires sellers Between 2012 and 2013 average prop- to re-register titles before transferring erty transfer costs went down. But di- In Europe and Central Asia new fast- them to buyers. verging trends appeared within income track procedures and time limits were groups. Though low-income economies successfully enforced. In addition, land Online procedures were introduced by made transferring property more afford- and building databases were being some OECD high-income economies. able (reducing the cost from 7.9% of 88 Doing Business 2014 Table 13.1  Who made registering property easier in 2012/13—and what did they do? Feature Economies Some highlights Combined Burundi; Italy; Kosovo; Kosovo and Montenegro introduced new notary systems and combined procedures for drafting and legalizing sale or reduced Montenegro; Panama; and purchase agreements. Rwanda cut 2 procedures by eliminating the property valuation requirement for tax procedures Rwanda; Ukraine purposes. Increased France; Guinea-Bissau; France reorganized its land registry and reduced the time for registering a deed of sale by 10 days. The United Arab administrative Lesotho; Morocco; Emirates extended the working hours of the Dubai Land Registry, making property transfers 4 days faster. efficiency Suriname; United Arab Emirates Computerized Cape Verde; Liberia; FYR Cape Verde and the former Yugoslav Republic of Macedonia digitized their land registries. Liberia stopped writing procedures Macedonia; Uganda deeds by hand and computerized its land registry—reducing the time to transfer property by 6 days. Introduced online Netherlands; Singapore; Singapore introduced an online fast-track registration process for single transfers, enabling property transfers to procedures United Kingdom be completed in 1 day. Introduced fast- Belarus; Kazakhstan Belarus cut the time to register property by 5 days by implementing an expedited procedure. Kazakhstan track procedures introduced a fast-track procedure, saving 16 days. Set up effective Russian Federation The Russian Federation introduced a 20-day limit for the Federal Service of State Registration, Cadastre and time limits Cartography to transfer a property. Reduced taxes The Bahamas; Chad; Côte Guinea decreased the transfer tax from 10% to 5%. Senegal lowered the transfer tax from 15% to 10%. or fees d’Ivoire; Guinea; Malawi; Niger; Senegal; United Arab Emirates; Uzbekistan Source: Doing Business database. the property value to 7.5% on average), Figure 13.2  Burundi made transferring property faster and easier 6 middle- and high-income economies raised property transfer taxes. In Febru- ary 2013, to slow down the real estate 65 Procedures cut from 8 to 5 market and prevent the risk of a bubble, 60 Hong Kong SAR, China doubled its stamp 55 Time to register property (days) duty (from 3.75% to 7.5% for commer- 50 Time cut from 64 days to 26 cial properties worth 6.72–20 million 45 Hong Kong dollars). 40 35 30 25 What have we learned 20 from 5 years of data? 15 Over the past 5 years the average time 10 to transfer property worldwide fell by 5 15 days, from 65 to 50, and the average 0 1 2 3 4 5 6 7 8 cost by 0.2 percentage point, from 6% Procedures of the property value to 5.8% (figure 13.3). 2012 2013 Computerizing property transfer pro- Source: Doing Business database. cesses helps reduce processing times and enhance efficiency. In the 45 econ- omies that computerized procedures— as diverse as Malaysia, the Netherlands Implementing a fully computerized Information was kept by local district and Sierra Leone—the average time to system takes several years and re- courts that were not connected. As a transfer a property was cut in half, from quires a step-by-step approach. In the preliminary step, all the information 64 days to 32, over the past 5 years. past the Danish property registration stored in local courts had to be cen- Going electronic also makes it easier system was time consuming, and gov- tralized in a single place. This is why a to identify errors and overlapping titles, ernment employees had to maintain an unified land registry was set up in the improving title security. archive of 80 million paper documents. city of Hobro. Registering property 89 started screening applications in a fast Figure 13.3  The average time to transfer property is falling worldwide and efficient way. As a result, over 5 years the time to transfer a property was 120 35 slashed from 42 days to 4 (figure 13.4). Number of reforms making it 30 easier to register property 100 Average time to register 25 The Danish system was designed to property (days) 80 20 respond to the needs of a variety of 60 stakeholders, from citizens to financial 15 40 institutions. With online access to a sin- 10 gle source of land registry information, 20 5 citizens and businesses could transfer 33 23 20 17 31 0 0 property on their own with no third party DB2010 DB2011 DB2012 DB2013 DB2014 and get information on any property. In Number of reforms addition, the Danish financial sector cre- Time: South Asia East Asia & Pacific Latin America & Caribbean ated a central hub for sharing land regis- Sub-Saharan Africa Middle East & North Africa Europe & Central Asia tration data between banks and the land registry—facilitating access to informa- OECD high income tion and credit. Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional classifications for 2013. Source: Doing Business database. notes This topic note was written by Edgar Chavez Sanchez, Laura Diniz, Frédéric Meunier and Parvina Rakhimova. In 2009 the Danish government began were progressively digitized. Once digi- 1. UN-Habitat 2012. modernizing its land registry by digitiz- tization was complete, the land registry 2. UNDP 2008. ing and automating property registration. introduced electronic lodgment of prop- 3. For instance, Dower and Potamites (2012), Processes had to be streamlined and re- erty transfers. By 2011 property transfer in a recent paper on land titling, find that organized. The centralized land registry applications were only accepted online possessing a formal land title is an important initiated its computerization and records and the information technology system factor in accessing formal credit in Indonesia. Maldives, Denmark and Portugal are among the economies advancing the most toward the frontier in Figure 13.4   registering property over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Egypt, Arab Rep. Korea, Rep. Georgia New Zealand Belarus United Arab Emirates Norway Lithuania Armenia Denmark Rwanda Slovak Republic Estonia Kyrgyz Republic Iceland Bahrain Azerbaijan Kazakhstan Russian Federation Portugal Saudi Arabia Guatemala Thailand Moldova Nepal Czech Republic Austria United States Mongolia Taiwan, China Singapore China Italy Malaysia Poland Costa Rica Samoa Burundi Ireland Chile Australia Serbia El Salvador Kosovo Turkey Tunisia Colombia Cape Verde Bhutan Lao PDR Bulgaria Spain Panama Malawi Japan Romania Slovenia Niger Lesotho India Zimbabwe Ecuador Honduras Dominican Republic Croatia Gambia, The Mali Mexico Israel Central African Republic Antigua and Barbuda Uzbekistan Uruguay Benin Puerto Rico (U.S.) Kiribati Chad Ukraine Sierra Leone Djibouti Angola Guinea-Bissau Solomon Islands Maldives Belgium Bahamas, The Cameroon Haiti Nigeria Marshall Islands Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the registering property indicators since DB2005 (2004). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in registering property between 2009 and 2013. Source: Doing Business database. Getting credit Promoting access to finance for small and The legal rights of borrowers and lenders medium-size firms has been on the agen- and the strength of credit reporting sys- da of national governments and the inter- tems are assessed by 2 sets of measures. national community for many years, with The first analyzes the legal framework for an increased focus since the recent finan- secured transactions by looking at how • Malaysia and the United Kingdom cial crisis. These firms are more likely than well collateral and bankruptcy laws facil- remain tied at the top of the ranking large ones to face constraints on credit in itate lending. The second examines the on the ease of getting credit. all regions of the developing world.1 There coverage, scope and quality of credit in- • Between June 2012 and are many reasons why firms, especially formation available through public cred- June 2013 Doing Business small and medium-size ones, do not get it registries and private credit bureaus. recorded 9 reforms strengthening the finance they need. Doing Business fo- But these institutions are not enough to legal rights of borrowers and cuses on 2 regulatory areas in which gov- guarantee access to finance for small and lenders and 20 improving ernments can take measures making it medium-size firms or firms in general, be- credit information systems. easier for firms to get credit. cause the availability of credit depends on Since 2009, 49 economies have many other factors as well. implemented 53 reforms to Doing Business measures  2  types of sys- strengthen legal rights, and 77 have tems and institutions that can facilitate Rankings on the ease of getting credit implemented 100 reforms to deepen access to finance and improve its allo- are based on the sum of the strength credit information. cation: the legal rights of borrowers and of legal rights index and the depth of • Palau made the biggest lenders in secured transactions and bank- credit information index. The getting improvement in the ease of getting ruptcy laws and the strength of credit credit indicators make it possible to credit in the past year. registries and bureaus. These systems compare economies in different parts of • Ghana is among the 10 economies and institutions work best together.2  Le- the world. Such comparisons show, for making the fastest progress gal rights can facilitate the use of collater- example, that the existence of an institu- toward the frontier in regulatory al and the ability to enforce claims in the tion that efficiently records security in- practice in the area of getting credit event of default, while information is one terests in companies’ movable property since 2009. tool to help creditors assess the credit- is strongly correlated with a higher score • In the past 5 years Pacific worthiness of borrowers. on the strength of legal rights index (fig- island economies have made ure 14.1). concerted e orts to improve their For legal rights, the World Bank and other secured transactions and credit international institutions have recognized Credit registries and bureaus aim to information systems. that secured credit is more widely avail- achieve  3  main goals in credit reporting: • Implementing collateral registries able to businesses in economies with to cover as many targeted borrowers as was among the most common efficient, effective laws that provide for possible, to provide as much information features of reforms strengthening consistent, predictable outcomes for se- in credit reports as possible and to guar- legal rights of borrowers and cured lenders in the event of nonpayment antee the privacy of the information and lenders. Among economies by borrowers.3 Sharing credit information the accuracy of products and services. improving credit information through credit registries and bureaus fa- systems, the most common change cilitates access to credit because it can Most credit registries and bureaus start was establishing a new credit empower both lenders and borrowers. by building inclusive databases covering registry or bureau. By reducing information asymmetries, it both firms and individuals and both big enables lenders to make more informed and small loans (figure  14.2). As they decisions. And it allows borrowers to develop, registries and bureaus tend to For more information on good practices develop good reputations for repayment, broaden the type of information pro- and research related to getting credit, visit which they can use as collateral, supple- vided in credit reports. While some http://www.doingbusiness.org/data/ mentary to traditional collateral that they registries and bureaus receive only neg- exploretopics/getting-credit. For more might not have. ative credit information from banks and on the methodology, see the section on getting credit in the data notes. GETTING CREDIT 91 Palau improved the most in the ease of FIGURe 14.1 The biggest variations in the strength of secured creditors’ rights are in the getting credit in 2012/13 with the imple- existence of collateral registries and the creation of security interests mentation of a new legal framework for 10 secured transactions. Average score on strength of 9 8 Three economies in Europe and Central legal rights index 7 Asia made major reforms by amend- 6 5 ing existing laws or implementing new 4 ones. Lithuania amended the Civil Code 3 (chapters on pledges and mortgages) 2 and Code of Civil Procedure, making it 1 0 possible to create a pledge over a prop- Poor practice Good practice erty complex. This means that debtors economies economies can now use as collateral any group of Enforcement of security interest Existence of collateral registry movable assets, whose configuration Creation of security interest or composition is constantly changing. The amendments also made it possible Note: Poor practice economies are the 15 economies that score 1–2 of 10 points on the strength of legal rights to create an enterprise mortgage using index. The second column represents the 19 economies that score 4 points, the third column the 31 economies that score 6 points and the fourth column the 15 economies that score 8 points. Good practice economies are part of or the whole business enterprise the 10 economies that score the maximum 10 points. as collateral, including its immovable Source: Doing Business database. property. In addition, the execution pro- cedure for pledges was simplified to allow for speedier out-of-court enforce- FIGURe 14.2 More developed credit information systems have higher coverage rates ment. 100 70 Secured transactions legislation was Share of economies with element of also changed in other regions. In credit information system (%) Credit information coverage 60 75 Sub-Saharan Africa the Democratic 50 Republic of Congo joined the Organiza- (% of adults) 40 tion for the Harmonization of Business 50 30 Law in Africa by adopting the Uniform Act on Secured Transactions. Djibouti 25 20 adopted a new Commercial Code that 10 regulates security interests over mov- 0 0 able property and secured creditors’ Poor practice Good practice economies economies rights in bankruptcy. Rwanda continued Distributing both positive Guaranteeing by law Covering both firms and improving its legal framework by adopt- and negative data, data borrowers’ right to individuals and small ing a new Law on Security Interests over from retailers and utilities inspect their data borrowers Movable Property. and historical data Credit information coverage Latin America and the Caribbean is the only region where no reforms were Note: Poor practice economies are the 15 economies that score 1 of 6 points on the depth of credit information recorded in the areas covered by the index. The second group represents the 18 economies that score 2–3 points, the third group the 32 economies that score 4 points and the fourth group the 57 economies that score 5 points. Good practice economies are strength of legal rights index. But re- the 31 economies that score the maximum 6 points. The figure excludes the 35 economies that do not have a forms are expected in the near future in credit registry or bureau and the 1 economy that has a registry but scores 0 points. Credit information coverage is at least  3  economies. Colombia’s Con- not included in the calculation of rankings on the ease of getting credit. For economies with both a credit registry gress recently approved a new secured and a credit bureau, the credit information coverage is the higher of the 2. transactions law, and Costa Rica and El Source: Doing Business database. Salvador plan to follow suit in the next few months. other financial institutions, the more In 2012/13, 20 economies improved their advanced ones collect positive credit in- credit reporting systems (table  14.2). formation as well. Three credit registries Who reformed In GettInG Eleven of these—Australia, Bhutan, Chi- and 55 credit bureaus also include retail- CredIt In 2012/13? na, Georgia, Indonesia, Jamaica, Latvia, ers and utilities as data providers. Many In 2012/13, 9 economies improved se- the Philippines, Singapore, Tanzania and registries and bureaus distribute more cured transactions legislation or strength- Vietnam—enhanced access to credit in- than 2 years of historical data, including ened secured creditors’ rights in bank- formation by adopting laws or regulations on repaid defaults. ruptcy procedures (table 14.1). Globally improving frameworks for sharing credit 92 Doing Business 2014 Table 14.1  Who strengthened legal rights of borrowers and lenders in 2012/13—and what did they do? Feature Economies Some highlights Expanded range of movable assets that can Democratic Republic of Congo; Palau’s Secured Transactions Act established that all types of movable assets, be used as collateral Djibouti; Lithuania; Palau present or future, can be used as collateral to secure loans. Moreover, the act allows a general or specific description of the collateral and states that any types of obligations can be secured with movable property. Created a unified registry for movable Afghanistan; Republic of Korea Afghanistan introduced an online national registry that allows for registration property of notices and searches of liens on movable property. Searches can be performed using the identification number of the debtor. Expanded the types of obligations that can be FYR Macedonia; Rwanda Rwanda’s Law on Security Interests over Movable Property repealed the secured with movable property previous legal framework for secured transactions, clearly defining the types of obligations that can be secured with movable property. Strengthened rights of secured creditors Moldova Moldova’s new insolvency law changed reorganization procedures, specifying during reorganization procedures conditions under which secured creditors can apply for relief of the moratorium during insolvency and restructuring proceedings. Source: Doing Business database. information or protecting borrowers’ right Tajikistan, Tonga and Vanuatu estab- gap the most, Ghana improved the legal to inspect their data. lished credit bureaus in  2012/13, and rights of borrowers and lenders in secured Brunei Darussalam created a credit reg- transactions and the sharing of credit in- Most credit information reforms provided istry. The new credit bureaus and reg- formation (figure  14.3). In  2008  Ghana for the licensing and establishment of fu- istry in these  4  economies collect and began reforming its legal framework and ture registries or bureaus. Credit bureaus distribute data on both individuals and registration mechanism for movable col- are often established after the financial firms and on loan amounts below  1% of lateral. When the Borrowers and Lenders industry sees the need for a credit report- income per capita. The credit registry in Act was enacted that year, the Bank of ing system to support informed decisions Brunei Darussalam and credit bureau in Ghana established a collateral registry. and facilitate fact-based risk manage- Tajikistan also distribute both positive By June 2013 more than 53,000 security ment. Historically, credit registries start- and negative credit information as well interests had been registered by finan- ed as internal databases in central banks as guarantee borrowers’ right to inspect cial institutions. These account for more with the goal of supervising financial ac- their data. than $10  billion in loans secured with tivities in economies to allow for better movable property—loans that have ben- enforcement of regulations. Over time efited more than 7,000 small and medi- many of these registries started issuing um-size enterprises and  30,000  micro- credit reports to share information ex- What have we learned enterprises.5 ternally because functioning credit infor- from 5 years of data? mation systems did not exist.4 The Bank Worldwide, 74  of  183  economies have In  2010  XDS Data Ghana, the country’s of Tanzania enacted new credit bureau advanced toward the frontier in regulato- first credit bureau, started operations. By regulations and issued the first licenses ry practice in getting credit since 2009. January  1, 2013, it listed  1,357,230  indi- to 2 credit bureaus at the end of 2012. Among the 10 economies narrowing the viduals and 170,141 firms with information Table 14.2  Who improved the sharing of credit information in 2012/13—and what did they do? Feature Economies Some highlights Improved regulatory framework for Australia; Bhutan; Georgia; Indonesia; Jamaica; Tanzania adopted regulations that provide for the licensing of credit sharing credit information Latvia; Tanzania; Vietnam bureaus and specify the functions and purposes of their databases. Expanded set of information collected Bahrain; Mauritius; Ukraine; Uzbekistan; Bahrain’s credit bureau started distributing payment histories and distributed by credit registry or Venezuela, RB from retailers. bureau Created a credit registry or bureau Brunei Darussalam; Tajikistan; Tonga; Vanuatu Brunei Darussalam established a credit registry that retrieves and provides information from private commercial banks and finance corporations. Guaranteed by law borrowers’ right to Bhutan; China; Philippines; Singapore In China the new Credit Information Industry Regulations guarantee access data borrowers’ right to access their data in the credit registry free of charge twice a year. Source: Doing Business database. GETTING CREDIT 93 FIGURe 14.3 Ghana is among the 10 economies advancing the most toward the frontier in getting credit over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Malaysia Macedonia, FYR Georgia Australia Hong Kong SAR, China United States Moldova Nigeria Rwanda Ireland Kenya Korea, Rep. Kyrgyz Republic Romania Ghana Austria Denmark Japan Kosovo South Africa Trinidad and Tobago Uganda Cambodia Mauritius Croatia Mexico Iceland Slovak Republic Vietnam Brunei Darussalam Tonga Chile Mongolia Vanuatu Czech Republic Fiji Namibia Panama Swaziland China Argentina Bosnia and Herzegovina Colombia Pakistan Thailand Netherlands Palau Solomon Islands Liberia Marshall Islands Papua New Guinea Bangladesh Dominican Republic Egypt, Arab Rep. Indonesia Turkey Bhutan Cameroon Central African Republic Equatorial Guinea Ethiopia Brazil Jamaica Maldives Nicaragua Russian Federation Tunisia Venezuela, RB Benin Chad Guinea-Bissau Niger Togo Qatar Afghanistan Bahrain Antigua and Barbuda Bolivia Kuwait Micronesia, Fed. Sts. Samoa St. Lucia Tanzania Comoros Guinea Lao PDR Timor-Leste Gambia, The Guyana Luxembourg Seychelles Suriname Syrian Arab Republic Iraq Eritrea Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the getting credit indi- cators since DB2005 (2004). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 16 economies advancing the most toward the frontier in getting credit between 2009 and 2013. Source: Doing Business database. on their borrowing history from the previ- Strengthening legal rights Economies in East Asia and the Pacif- ous 5 years. All financial institutions and High rankings on the strength of legal ic have consistently improved secured insurance companies are required to pro- rights index capture economies where transactions regimes for small and vide data on loans of all sizes to the credit laws allow registered entities to easily use medium-size firms (figure  14.4). Various bureau. Lenders can access valuable in- movable property as collateral—while se- Pacific island economies have implement- formation on firms and individuals—such cured creditors’ rights are protected. In ed new secured transactions legislation as payment history, default information, the past 5 years Doing Business has re- and registries. Over the past year Palau re- property information and loan guaran- corded 53 reforms affecting the strength placed an outdated framework with a new tor details. of legal rights index. Secured Transactions Act. Since 2006 the Marshall Islands, the Federated States of Micronesia, Samoa, the Solomon Islands, Tonga and Vanuatu have passed new col- FIGURe 14.4 europe and Central asia and OeCD high-income economies remain at the lateral laws that strengthened their se- top on the strength of legal rights index cured transactions regimes. 10 25 legal rights of borrowers and lenders All these laws except Samoa’s took a uni- Number of reforms strengthening 9 8 20 tary approach to secured transactions, Average strength of treating all types of security interests legal rights index 7 6 15 in movable property—such as pledges, 5 charges and financial leases—equally in 4 10 terms of creation, publicity, priority and 3 enforcement. Among their many mod- 2 5 1 ern features, the new laws broadened the 10 7 22 5 9 range of assets that can be used as collat- 0 0 DB2010 DB2011 DB2012 DB2013 DB2014 eral. The types of obligations—such as fu- Number of reforms ture or conditional obligations—that can Strength of legal rights index: Europe & Central Asia East Asia & Pacific be secured with movable property were OECD high income South Asia Sub-Saharan Africa also broadened. The new frameworks pro- Latin America & Caribbean Middle East & North Africa vide for clear priority rules outside bank- ruptcy and out-of-court enforcement pro- cedures for secured creditors, so they can Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so provide credit on more favorable terms. excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional classifications for 2013. A key feature of these reforms was the Source: Doing Business database. establishment of notice-based collateral 94 DOING BUSINESS 2014 registries, where security rights are publi- adopted the Uniform Act on Secured These include 5 in East Asia and the cized and subsequently effective against Transactions. Overall, 16 economies, Pacific (China, Mongolia, the Philip- third-party claims. The Marshall Islands, representing all regions except the Mid- pines, Singapore, Vietnam), 5 in Europe the Federated States of Micronesia, Pa- dle East and North Africa, introduced and Central Asia (Cyprus, Montenegro, lau, the Solomon Islands, Tonga and Van- collateral registries over the past 5 years. Serbia, Tajikistan, Uzbekistan), 4 in the uatu have established such registries. In Nevertheless, enactment of secured Middle East and North Africa (Alge- economies that introduce modern mov- transactions laws is planned for Jordan, ria, Oman, West Bank and Gaza, the able collateral registries, firms tend to the United Arab Emirates, and West Republic of Yemen), 4 in Sub-Saharan receive increased access to bank finance, Bank and Gaza. The reform process has Africa (Angola, Ethiopia, Rwanda, Si- lower interest rates and longer loan ma- also started in Morocco. erra Leone), 3 in Latin America and the turities. Recent studies show that the Caribbean (Colombia, Costa Rica, Gua- impact of a new collateral registry can be temala), 1 in South Asia (Bhutan) and 1 economically significant. In economies Deepening credit information OECD high-income economy (the Slo- with such reforms, the number of firms In the past  5  years  77  economies—half vak Republic). with access to bank finance increases by of those with a credit reporting system about 8% on average, with a 3 percent- as recorded by Doing Business (154  in Today  111  of the  189  economies cov- age point reduction in interest rates and total)—implemented  100  regulatory ered by Doing Business guarantee by law a  6-month extension of the maturity of reforms to improve their credit informa- consumers’ right to access their credit loans. And a bigger positive impact is felt tion systems (figure  14.5). All  7  regions information. In the other  78  economies by smaller firms.6 implemented at least  1  reform a year in borrowers do not have that right by law, the past  5  years except in  2011, when though many credit registries and bu- Reform momentum in the region seems only  5  regions made such reforms. East reaus allow borrowers to inspect their to be continuing. Papua New Guinea is Asia and the Pacific is the region imple- own data in practice. While some credit awaiting the implementation of a new menting the most reforms in the past registries and bureaus charge a fee for the collateral registry. A new secured trans- year, with 8. access, more than half of the responding actions regime is also expected in Samoa, registries and bureaus grant free access which adopted collateral provisions for Since 2009, 23 economies have passed at least once a year or under certain cir- corporations with its  2001  Companies legislation that provides borrowers with cumstances (such as following an ad- Act and passed the Personal Property the right to access data held on them.7 verse action by a lender).8 Securities Act in  2013, which is pending implementation of its collateral regis- try. After East Asia and the Pacific, Latin America and the Caribbean is the other region where economies have established FIGURe 14.5 latin america and the Caribbean leads the world in the depth of credit the most collateral registries, with Chile, information index Guatemala, Honduras and Mexico doing so in the past 5 years. 6 25 Number of reforms improving credit information systems 5 Average depth of credit Other regions have also made great 20 information index strides in improving their collateral re- 4 15 gimes. Europe and Central Asia has 3 slightly surpassed OECD high-income 10 economies as the region with the high- 2 est average score on the strength of legal 5 1 rights index. In the past 5 years 9 econo- 23 16 23 18 20 mies in Europe and Central Asia—includ- 0 0 DB2010 DB2011 DB2012 DB2013 DB2014 ing Estonia, Georgia, Kazakhstan, Lith- uania and the former Yugoslav Republic Number of reforms of Macedonia—have modernized their Depth of credit information index: Latin America & Caribbean OECD high income secured transactions systems, compared Europe & Central Asia East Asia & Pacific Middle East & North Africa with  4  OECD high-income economies South Asia Sub-Saharan Africa (Australia, the Republic of Korea, Poland and Sweden). Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so Sub-Saharan Africa has the most econ- excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional omies reforming secured transactions, classifications for 2013. The data on the depth of credit information index exclude the 35 economies that do not have a credit registry or bureau: 12 in Latin America and the Caribbean, 11 in Sub-Saharan Africa, 7 in East Asia with 22—17 of which became members and the Pacific, 2 in the Middle East and North Africa, 1 in Europe and Central Asia, 1 in South Asia and 1 OECD of the Organization for the Harmoni- high-income economy. zation of Business Law in Africa and Source: Doing Business database. Getting credit 95 Many economies expanded the coverage phone bills can help establish good cred- information about borrowers through of borrowers by lowering the minimum it histories for people without previous the registry.10  Among  47  economies in threshold for loans included in registry or bank loans or credit cards. In Rwanda, Sub-Saharan Africa, more than half have bureau databases.9 From 2009 to 2013 when  2  mobile phone companies and a credit registry but only  11  have credit the number of economies with a mini- an electricity and gas company start- bureaus. But a project is under way to mum loan threshold below 1% of income ed providing credit information in  2011, establish credit bureaus in the 8 member per capita (including those where loans the country’s credit bureau saw an im- states of the West African Economic of all sizes are reported) increased from mediate  2% increase in the number of and Monetary Union. Bureaus have also 104 to 129. The minimum threshold is firms and individuals registered in its been licensed in Jamaica, Tanzania and often lowered by enacting new laws and database. Today credit registries and bu- Vietnam, and a new registry is being regulations. In 2012 Algeria issued a Reg- reaus in  57  economies collect and dis- established in the United Arab Emirates. ulation on the Organization and Function- tribute credit information from retailers ing of the Risk Center requiring banks and and utilities. other financial institutions to declare all loans every month. In Brazil a circular that Two other prominent features of credit in- NOTES went into force in 2011 reduced the mini- formation reforms were the development This topic note was written by Santiago Croci mum threshold for loans reported by the of online platforms to retrieve data and Downes, Catrice Christ, Nan Jiang, Magdalini central bank’s credit information system the provision of additional value added Konidari and Yasmin Zand. by 80%. In 2010 Mongolia’s credit regis- services. In the past 5 years 8 economies try eliminated the minimum threshold for have established online platforms that 1. Kuntchev and others 2012. loans included in its database. As a result allow for the retrieval and exchange of 2. Djankov, McLiesh and Shleifer 2007. the registry’s coverage doubled after just credit information. Credit bureaus also of- 3. World Bank 2011b; UNCITRAL 2007. 1 year. fer fraud detection, debt collection, mar- 4. World Bank 2012, p. 21. keting services and credit scoring, while 5. Earlier findings were discussed at the Globally  8  economies expanded the set credit registries offer ratings to financial International Finance Corporation’s Secured Transactions and Collateral Registries of information collected and distributed institutions and other services to finan- Peer to Peer Learning Event, Accra, Ghana, by adding data from retailers and utilities cial supervisors. July 3–5, 2012. to credit reports. In 2010 Armenia adopt- 6. Love, Martínez Pería and Singh 2013. ed a decree granting the Armenian Credit In the past 5 years 19 economies estab- 7. In addition, Guyana adopted the Credit Re- Reporting Agency access to data of 3 na- lished credit registries or bureaus. Seven porting Act No. 9 of 2010, which guarantees tional utility companies (Armenian Water are in East Asia and the Pacific (Brunei consumers’ right to access their data. The and Sewerage, Electric Networks of Ar- Darussalam, Cambodia, the Lao People’s first credit bureau license was granted to menia and ArmRosGazprom). In 2011 the Democratic Republic, Papua New Guin- Creditinfo with effect from July 15, 2013, and Bank of Mauritius Act went into force, ex- ea, Timor-Leste, Tonga, Vanuatu), 5  in it is expected to be open for business to the tending coverage by the Mauritius Cred- Sub-Saharan Africa (Ethiopia, Ghana, public starting December 1, 2013. 8. Eighty of  99  credit bureaus and  61  of  93  it Information Bureau to all institutions Rwanda, Sierra Leone, Uganda), 4 in Eu- credit registries responded to the question, offering credit facilities—including leas- rope and Central Asia (Cyprus, the former “What is the cost for borrowers to inspect ing facilities, hire-purchase companies Yugoslav Republic of Macedonia, Moldo- their data?” and utilities. va, Tajikistan), 2  in the Middle East and 9. While lowering a minimum threshold for North Africa (the Islamic Republic of Iran, loans included in registry or bureau databas- Including credit information from retailers Morocco) and 1 in South Asia (Bhutan). es is an effective way of expanding coverage, and utilities is an effective way of expand- it may have side effects in increasing the ing the range of information distributed In China the introduction of a public number of borrowers blacklisted for small by credit registries and bureaus. Informa- credit registry increased access to credit incidents. tion on payment of, say, electricity and credit when banks learned additional 10. Cheng and Degryse 2010. Protecting investors Following suspicions raised by share- shareholders—reducing an economy’s holders and former executives, the Japa- ability to finance private sector growth. nese group Olympus Corporation admit- ted to overpaying for goods and services A recent OECD study highlighted how purchased from related parties. In one policy makers have strengthened reg- • New Zealand provides the strongest instance Olympus executives agreed ulation to prevent the potential dam- minority investor protections to consultancy fees of more than 30% age that related-party transactions can in related-party transactions as for the $2 billion acquisition of medical cause to investor confidence. Measures measured by Doing Business—for equipment maker Gyrus Group. They did taken to improve effectiveness include the ninth year in a row. so to hide losses. In 2012 shareholders increasing scrutiny by market super- • Doing Business recorded 9 legal filed a lawsuit seeking $240 million in visors, establishing specialized courts changes strengthening minority compensation for the resulting losses on and offsetting legal fees for shareholder investor protections in related- their investments.1 actions.2 Another study shows that mi- party transactions between June nority shareholder expropriation by con- 2012 and June 2013 and 54 in the Obtaining capital is essential for en- trolling shareholders is the main channel past 5 years. trepreneurs. But investors may be re- through which corporate governance af- • The United Arab Emirates made luctant to provide funding if corporate fects firm value.3 the biggest improvement in the insiders might simply pocket the funds. strength of investor protections in When legislation does not allow minori- Doing Business assesses the strength of 2012/13. ty shareholders to bring suits and hold minority shareholder protections against • Burundi has advanced the furthest company directors accountable, inves- directors’ misuse of corporate assets for toward the frontier in regulatory tors tend to refrain from funding corpo- personal gain. The indicators measure 3 practice in protecting investors in rations unless they become controlling aspects of investor protections: approval related-party transactions since 2009. • Increasing disclosure requirements was the most common feature of Figure 15.1 economies with extensive legislation on related-party transactions address investor protection reforms in the the 3 aspects of regulation measured by Doing business past 5 years. • Among regions, economies in 30 Average cumulative index score Europe and Central Asia have 25 strengthened investor protections (higher is better) 20 the most since 2009—increasing disclosure obligations and 15 amending the approval process for 10 related-party transactions. 5 0 Poor practice Good practice For more information on good practices economies economies and research related to protecting Ease of shareholder suits Extent of director liability investors, visit http://www.doingbusiness Extent of disclosure .org/data/exploretopics/protecting- investors. For more on the methodology, Note: Poor practice economies are the 5 lowest-ranked economies on the strength of investor protections. The see the section on protecting investors in second column represents the 5 economies ranked from 140 to 144 on the strength of investor protections. The the data notes. third column represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies ranked from 45 to 49. Good practice economies are the 5 top-ranked economies. Source: Doing Business database. PROTECTING INVESTORS 97 Figure 15.2 The united arab emirates strengthened investor protections the most in 2012/13 Macedonia, FYR +6.7 Rwanda +3.4 Turkey +6.4 Panama +3.3 Kuwait +3.3 United Arab Emirates +10 Congo, Dem. Rep. +3.4 Vietnam +3.3 25 30 35 40 45 50 55 60 65 70 75 Distance to frontier (percentage points) Improvement 2012 2013 Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the protecting investors indicators since DB2006 (2005). The scores are normalized to range between 0 and 100, with 100 representing the frontier. Source: Doing Business database. and transparency of related-party trans- shareholder and a member of the boards civil or commercial jurisdictions all play a actions (extent of disclosure index), liabil- of directors of both. The transaction is role. In New Zealand the Companies Act, ity of company directors for self-dealing overpriced and causes damages to the Financial Reporting Act, Securities Market (extent of director liability index) and buying company. Act, Exchange Listing Rules, Evidence Act, shareholders’ ability to obtain corporate Limitation Act, Judicature Act, High Court documents before and during derivative Though seemingly narrow in scope, reg- Rules and Rules of Professional Conduct or direct shareholder litigation (ease of ulation of related-party transactions in- for Barristers and Solicitors are all taken shareholder suits index; figure 15.1). The volves many aspects of an economy’s legal into account by Doing Business. Together standard case study assumes a relat- framework. Securities regulation, com- they create the most detailed and strin- ed-party transaction between 2 compa- pany law and procedural rules governing gent regulation applying specifically to nies where 1 individual is the controlling related-party transactions as measured by Doing Business. Figure 15.3 european and Central asian economies improved the most on investor protections against self-dealing WHO REFORMED INVESTOR 6.5 14 PROTECTIONS IN 2012/13? Number of reforms strengthening Nine economies implemented legal Average strength of investor 12 protection index (0–10) 6.0 changes strengthening minority investor investor protections 10 5.5 protections in related-party transactions 8 between June 2012 and June 2013. The 5.0 6 United Arab Emirates was the economy 4 improving minority shareholder protec- 4.5 tions the most in 2012/13 (figure 15.2). 2 12 7 13 13 9 Ministerial Decree 239-1, adopted in 4.0 0 August 2012, requires companies to in- DB2010 DB2011 DB2012 DB2013 DB2014 clude in their annual financial statements Number of reforms detailed information on transactions con- Strength of investor protection index: OECD high income Europe & Central Asia cluded in the past year with parties close- East Asia & Pacific South Asia Latin America & Caribbean ly related to the company through family Middle East & North Africa Sub-Saharan Africa ties, cross-investments or common ex- ecutives. No such disclosure obligation Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from previously existed. It also entitles any DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so shareholder of a company to file a petition excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional in court seeking to suspend transactions classifications for 2013. Source: Doing Business database. allegedly concluded in breach of the law’s 98 Doing Business 2014 Who strengthened investor protections in 2012/13—and what did they do? Table 15.1   Feature Economies Some highlights Increased disclosure requirements Democratic Republic of Congo; Panama; Panama amended its rules on form, content and timing for communication United Arab Emirates; Vietnam of significant events of issuers registered with the National Securities Commission. The sale or acquisition of assets that represent 10% or more of a company’s value must now be publicly disclosed. Made it easier to sue directors Democratic Republic of Congo; Turkey; Turkey adopted a new Commercial Code. Interested directors are now United Arab Emirates required to reveal profits from related-party transactions. Regulated approval of related- Democratic Republic of Congo; Greece The Democratic Republic of Congo adopted the Organization for the party transactions Harmonization of Business Law in Africa’s Uniform Act on Commercial Companies and Economic Interest Groups. Now both shareholders and boards of directors must approve related-party transactions. Increased access to corporate Rwanda; Turkey Rwanda adopted the Law Relating to the Civil, Commercial, Labor and information Administrative Procedure 21/2012, which amends provisions of the Civil Procedure Code. The parties are now entitled to confront each other in civil and commercial hearings and, with court authorization, cross-examine witnesses. Allowed company inspections by Kuwait Kuwait amended its Companies Law. Shareholders who hold 5% of the external auditors shares of a company may now request the Ministry of Commerce and Industry to appoint an external auditor to inspect the company. Source: Doing Business database. requirements. In addition, Kuwait amend- Organization for the Harmonization of Rwanda allowed parties to confront each ed its Companies Law, making it possible Business Law in Africa in July 2012. As a other in civil and commercial hearings to appoint external auditors to inspect result the organization’s Uniform Act on and, with court authorization, cross-ex- companies. Commercial Companies and Economic amine witnesses. Interest Groups became applicable. The Two economies in Sub-Saharan Africa act provides approval and disclosure re- also amended legislation to better protect quirements for related-party transactions minority shareholders (table 15.1). The and makes it possible to sue directors WHAT HAVE WE LEARNED Democratic Republic of Congo joined the for mismanagement of company affairs. FROM 5 YEARS OF DATA? Figure 15.4  Burundi has advanced the most toward the frontier in protecting investors over the past 5 years 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Korea, Rep. Iran, Islamic Rep. Congo, Dem. Rep. Micronesia, Fed. Sts. Dominican Republic Bahamas, The Vietnam New Zealand Hong Kong SAR, China West Bank and Gaza Kosovo Kenya Swaziland Malaysia Ireland United States United Kingdom Thailand Albania Peru Tajikistan Tanzania Russian Federation Cape Verde Slovenia Georgia Macedonia, FYR Belgium Kazakhstan Armenia Mongolia Rwanda Kyrgyz Republic Saudi Arabia Trinidad and Tobago Burundi Cyprus Taiwan, China Sweden Turkey Chile Antigua and Barbuda Dominica Grenada Pakistan St. Kitts and Nevis St. Vincent and the Grenadines Iceland Sri Lanka Solomon Islands Bulgaria Indonesia Kiribati Poland Romania Lithuania Australia Mexico Madagascar Nigeria Paraguay Greece Moldova Kuwait Angola Cambodia Guyana Malawi Namibia Serbia Lesotho United Arab Emirates Belarus Algeria Austria Czech Republic Oman Tonga Morocco Netherlands Brunei Darussalam Timor-Leste Cameroon Luxembourg Qatar Zimbabwe Comoros Guinea-Bissau Uzbekistan Burkina Faso Equatorial Guinea Mali Togo Chad Côte d'Ivoire Niger Croatia Guatemala Sudan Costa Rica Honduras Senegal Gambia, The Djibouti Suriname Afghanistan Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the protecting investors indicators since DB2006 (2005). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 26 economies advancing the most toward the frontier in protecting investors between 2009 and 2013. Source: Doing Business database. Protecting investors 99 Over the past 5 years Europe and Central Contrary to global trends, most econo- Law enacted in May 2011 introduced Asia has been the most active region in mies in Latin America and the Caribbe- several good practices and principles de- strengthening minority shareholder pro- an that amended legislation focused on signed to prevent the misuse of corpo- tections against self-dealing, continuing increasing the liability of company direc- rate funds, such as shareholder approval a trend of closing the gap with OECD tors in cases of prejudicial related-party for related-party transactions, extensive high-income economies (figure 15.3). transactions. Meanwhile, Sub-Saharan disclosure requirements, prior external Almost half the economies in the region Africa had the largest share of econo- review of related-party transactions and (48%) implemented at least 1 such re- mies undertaking a comprehensive over- explicit penalties for company execu- form, followed by 35% in the Middle East haul of regulations affecting all 3 aspects tives found liable in case of losses. and North Africa, 20% in East Asia and of investor protections measured by Do- the Pacific, 19% among OECD high-in- ing Business. come economies, 18% in Latin America and the Caribbean, 15% in Sub-Saharan Over the past 5 years Albania, Burundi, Notes Africa and 13% in South Asia. Kosovo, Mexico, Rwanda, Swaziland, Ta- This topic note was written by Hervé Kaddoura jikistan and Thailand have been among and Nadine Abi Chakra. During that period the most common the economies making comprehensive change has been increasing disclosure ob- changes to several areas of regulation 1. Hiroko Tabuchi, "Arrests in Olympus Scandal ligations and amending the approval pro- that affect the protections of minority Point to Widening Inquiry Into a Cover-Up," cess for related-party transactions—with shareholders in related-party transac- New York Times, February 16, 2012, http:// 70% of reformers doing so—as opposed tions. Burundi, the economy that has ad- www.nytimes.com/2012/02/17/business/ to, for example, increasing director liabil- vanced the furthest toward the frontier global/7-arrested-in-olympus-account- ity or access to evidence. Among OECD in regulatory practice in protecting in- ing-cover-up.html. 2. OECD 2012. high-income economies that share was vestors since 2009, did so by thoroughly 3. Bae and others 2012. even higher, at 85%. updating the way private companies are governed (figure 15.4). A new Company Paying taxes Russian cosmonaut Pavel Vinogradov, an administrative processes and modern- International Space Station crew mem- ize payment systems. Today firms can ber, has become the first person ever to file tax returns electronically in  76  of pay taxes from space. Pavel paid his land the  189  economies covered by Doing tax using the Russian Federation’s Sber- Business—from the taxpayer’s home, li- • Between June 2012 and bank online banking system.1  Revenue brary, workplace or, as Russia shows, June 2013 Doing Business authorities around the world are contin- even from space. recorded 32 reforms making it uously making great efforts to streamline easier or less costly for companies to pay taxes—and since 2009 has recorded 189. • Guatemala made the biggest Figure 16.1 Labor taxes and mandatory contributions account for a large share of the improvement in the ease of paying tax payments in many economies taxes in the past year. • Belarus has advanced the most 70 Payments (number per year) toward the frontier in regulatory 60 practice in paying taxes since 2008. 50 • The most common feature of tax 40 reforms in the past 5 years was to 30 reduce profit tax rates, often in 20 the context of parallel e orts to improve tax compliance. But in 10 the past 3 years more economies 0 Poor practice Good practice focused on introducing or improving economies economies electronic systems. 1,400 • Among regions, Europe and Central Asia made the biggest improvement 1,200 Time (hours per year) in the ease of paying taxes over the 1,000 past 5 years. 800 600 400 For more information on good practices 200 and research related to paying taxes, visit 0 http://www.doingbusiness.org/data/ Poor practice Good practice exploretopics/paying-taxes. For more economies economies on the methodology, see the section on Profit tax Labor tax Consumption tax (sales and VAT) Other taxes paying taxes in the data notes. Note: Poor practice economies are the 5 lowest-ranked economies on the ease of paying taxes. The second column represents the 5 economies ranked from 140 to 144 on the ease of paying taxes. The third column represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies ranked from 45 to 49. Good practice economies are the 5 top-ranked economies. Profit tax refers to taxes levied on taxable income or capital gains. Labor tax refers to all labor taxes and mandatory contributions levied on gross salaries, net salaries or number of employees. Consumption tax refers to value added tax (VAT) and sales tax for which the statutory incidence does not fall on the firm. Other taxes refers to all other taxes except labor, profit and consumption taxes, such as property taxes, vehicle taxes, interest taxes and municipal fees. Doing Business measures only the time to comply with 3 major taxes: profit tax, labor tax and consumption tax. Source: Doing Business database. PAYING TAXES 101 Doing Business records the taxes and majority of these economies business- sectors, more corruption and less in- mandatory contributions that a stan- es consider tax rates to be among the vestment.10 dard medium-size firm must pay in a top 5 constraints to their business, and given year and measures the adminis- tax administration to be among the top trative burden of paying taxes and con- 11.6 Research has shown that high corpo- tributions.2 It does so using 3 indicators: rate tax rates are negatively associated Who reformed In PayInG number of payments, time and total tax with levels of corporate investment and taXes In 2012/13? rate. The number of payments indicates entrepreneurship. Moreover, economies Between June 2012 and June 2013  Do- the frequency with which the company with high tax rates have larger informal ing Business recorded 32 reforms making has to file and pay different types of taxes sectors.7 And corporate tax rates might it easier or less costly for firms to pay and contributions, adjusted for the man- be negatively correlated with econom- taxes (table  16.1). Europe and Central ner in which those filings and payments ic growth.8 Another study showed that Asia recorded the most reforms eas- are made.3  The time indicator captures a 1 percentage point increase in the total ing compliance with tax obligations the number of hours it takes to prepare, tax rate can be associated with a 3 per- (by  9  economies of  26), followed by file and pay 3 major types of taxes: prof- centage point increase in evasion.9  Yet Sub-Saharan Africa (8 of 47) and Latin it taxes, consumption taxes, and labor taxes are essential to raise revenues America and the Caribbean (5  of  32). taxes and mandatory contributions. The so that governments can fund social Eleven economies introduced or en- total tax rate measures the amount of programs and public investments that hanced electronic filing, eliminating the taxes and mandatory contributions borne promote economic growth and devel- need for 74 separate tax payments and by the standard firm (as a percentage of opment. reducing compliance time by  almost commercial profit).4  These indicators do 200 hours in total. not take into account the fiscal health of Striking the right balance is therefore a economies, the macroeconomic condi- great challenge for governments when Guatemala improved the most on the tions under which governments collect designing tax policies. Whom to tax, ease of paying taxes in  2012/13. The revenue or the public services support- by how much and how? One way to Guatemalan tax authority in Janu- ed by taxation. Rankings on the ease of encourage compliance and have an ef- ary 2012 launched its new online system, paying taxes are simple averages of the fective tax system is to keep rules as Declaraguate, for filing and paying all percentile rankings of its component in- clear and simple as possible. Thus it is taxes (except labor taxes and mandato- dicators, with a threshold applied to the important to measure both the level of ry contributions). The new system allows total tax rate.5 tax rates and the administrative burden taxpayers to pay their taxes online with- of compliance (figure 16.1). Overly com- out a need to sign a contract and open According to World Bank Enterprise plicated tax systems encourage evasion an account with a specific bank. In ad- Surveys covering 121 economies, in the and are associated with larger informal dition, Declaraguate has expanded the TABLe 16.1 Who made paying taxes easier and lowered the tax burden in 2012/13—and what did they do? Feature economies Some highlights Introduced or enhanced Croatia; Guatemala; FYR Macedonia; Rwanda introduced e-filing for corporate income tax, value added tax and labor electronic systems Madagascar; Maldives; Moldova; Morocco; contributions. The system was fully rolled out in 2012. Paraguay; Philippines; Rwanda; Sri Lanka Reduced profit tax rate Burundi; Gabon; Guyana; Jamaica; Lao PDR; The government of Sweden, in its 2013 budget statement, reduced the corporate income by 2 percentage points Myanmar; Sweden; Tajikistan tax rate from 26.3% to 22% for 2013. or more Merged or eliminated Armenia; Burkina Faso; Republic of Congo; Tajikistan merged the minimal income tax with the corporate income tax and abolished taxes other than profit Iceland; South Africa; Tajikistan; Uzbekistan the retail sales tax. tax Decreased number of tax Albania; Panama; Romania Panama changed the payment frequency for corporate income taxes from monthly filings or payments to quarterly. Reduced labor taxes and Republic of Congo; Thailand Thailand decreased employers’ social security contribution rate from 5% in 2011 to 3% mandatory contributions for January–June 2012 and 4% for July–December 2012. Simplified tax compliance Qatar; Ukraine Qatar relaxed the disclosure requirements accompanying the corporate income tax return process for entities 100% owned by Qatari or Gulf Cooperation Council nationals. Introduced change in The Gambia The Gambia replaced the sales tax with the value added tax, now set at 15%. cascading sales tax Source: Doing Business database. 102 Doing Business 2014 Figure 16.2  Ukraine has systematically reduced the time to comply with tax obligations Total tax rate (% of commercial profit) 160 2,500 140 Payments (number per year) 2,000 Time (hours per year) 120 100 1,500 80 60 1,000 40 500 20 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Payments Total tax rate Time Source: Doing Business database. electronic filing and payment option to Lao People’s Democratic Republic) and in Europe and Central Asia and globally such taxes as the solidarity tax. An elec- 3 low-income ones (Burundi, Myanmar since 2008 (figure 16.4). tronic system for generation, transmis- and Tajikistan). Reductions in profit tax sion, validation and payment of social rates are often combined with efforts Besides easing the administrative bur- security contributions has been available to widen the tax base by eliminating den of taxes, many economies also since 2009, through the online platform exemptions and with increases in the reduced tax rates, often from relative- administered by the Guatemalan Social rates of other taxes, such as the VAT. ly high levels and with complementa- Security Institute, and by 2012 this pay- ry efforts to improve tax compliance. ment method had been picked up by the In  2012/13  some economies increased Among regions, Sub-Saharan Africa majority of medium-size businesses. the tax burden for small and medium-size had the largest reduction in the total tax This reduced the number of payments firms. Eight increased profit or income tax- rate: 17.5  percentage points on average from 21 to 7 and the time to comply with es (the Arab Republic of Egypt, El Salvador, since 2008. Some of this reduction came tax obligations by 6 hours as measured Greece, Senegal, Serbia, the Slovak Repub- from the introduction of the VAT, which by Doing Business. lic, South Sudan and Togo). Four increased replaced the cascading sales tax.11  Bu- labor taxes and mandatory contributions rundi, the Democratic Republic of Con- Twelve economies implemented other (the Democratic Republic of Congo, Côte go, Djibouti, The Gambia, Mozambique, measures to ease compliance with tax d’Ivoire, Tonga and Vietnam). And Bosnia Sierra Leone and Swaziland all intro- obligations. Three economies (Albania, and Herzegovina, Fiji, Mauritania, the Sey- duced VAT systems. Some Sub-Saharan Panama and Romania) lowered the num- chelles and Tonga introduced new taxes in economies also lowered profit tax rates ber of tax filings or payments. In Albania the past year. over the past 5 years, including Benin, and Panama corporate income taxes are Cape Verde, the Republic of Congo, The now paid quarterly rather than monthly. Gambia, Madagascar, Mali, Niger and Seven economies merged or eliminated Sudan. Over the same period, the big- What have we learned some types of taxes (Armenia, Burkina gest reduction in the share of profit taxes from 5 years of data? in the total tax rate occurred in East Asia Faso, the Republic of Congo, Iceland, South Africa, Tajikistan and Uzbeki- Since  2009  Doing Business has record- and the Pacific, where it fell by 5.3 per- stan). Two other economies, Qatar and ed  189  tax reforms in  114  economies. centage points on average. Ukraine, simplified tax returns. Ukraine Of these reforms, 57  introduced or en- simplified the corporate income tax, hanced online filing systems. These and Electronic systems for filing and paying VAT and social security contribution re- other improvements to simplify tax com- taxes, if implemented well and used by ports filed by companies. In 2012 these pliance reduced the time to comply with most taxpayers, benefit both tax au- efforts reduced the time to comply with the 3 main taxes measured (profit, labor thorities and firms. For tax authorities, Ukrainian tax regulations by  101  hours, and consumption) by 20 hours on aver- e-filing lightens workloads and reduces from 491 to 390 hours (figure 16.2). age, and the number of payments by 4. operational costs such as for process- Europe and Central Asia had the biggest ing, handling and storing tax returns. At Eight economies reduced profit tax rates improvement, reducing the number of the same time, e-filing increases com- in 2012/13: 1 high-income economy payments by 20 on average and the time pliance with tax obligations and saves (Sweden), 2 upper-middle-income by  80  hours (figure  16.3). Belarus has time.12 By 2012, 76 economies had fully ones (Gabon and Jamaica), 2 lower- advanced the furthest toward the fron- implemented electronic filing and pay- middle-income ones (Guyana and the tier in regulatory practice in paying taxes ment of taxes. PAYING TAXES 103 The Kenya Revenue Authority began in- Figure 16.3 economies in europe and Central Asia have decreased the time to comply troducing an online filing system for VAT with tax obligations the most since 2008 in 2009, and over the past 3 years use of the system picked up among taxpayers. 450 60 Companies have reported improvements Average time (hours per year) 400 Number of reforms making it 50 in the processing speed on the filing web- 350 site, a major source of delay in previous easier to pay taxes 300 40 years. The time required to comply with 250 30 VAT has fallen from 340 hours to 308. 200 150 20 In Latin America and the Caribbean, 100 10 economies including Colombia, Guate- 50 50 43 33 31 32 mala, Mexico, Paraguay and Uruguay 0 0 DB2010 DB2011 DB2012 DB2013 DB2014 have implemented electronic systems for filing and paying taxes over the Number of reforms past  5  years. In  2010  Colombia began Time: Latin America & Caribbean South Asia Sub-Saharan Africa requiring all companies with turnover Europe & Central Asia East Asia & Pacific Middle East & North Africa equal to or above Col$500 million (about OECD high income $262,885) to file and pay the corporate income tax and VAT through the Elec- Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from tronic Informatic Services provided by DB2010 (2008) to DB2014 (2012). The economies added to the Doing Business sample after DB2010 and so the National Tax Authority. In the same excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional classifications for DB2014. year, Colombia upgraded its electronic Source: Doing Business database. system, the MUISCA (Single Automated Model of Income, Services and Control) system, to ease e-filing and payment for Sub-Saharan economies face particular- broadband access, power shortages, slow the corporate income tax and VAT. As a ly difficult challenges with implementing network speeds and system failures, im- result the time to comply with these tax electronic systems for filing and paying plementation is slow and the challenges obligations dropped by 15 hours, and the taxes. Rolling out new information and are even greater.13 number of payments by 11. communication technologies, and then educating taxpayers and tax officials in In  2012/13, however, electronic systems In East Asia and the Pacific 7 of 25 econ- their use, are not easy tasks for any gov- became more popular among taxpayers in omies have established electronic sys- ernment. But where citizens face limited Kenya, Madagascar, Rwanda and Uganda. tems for filing and paying taxes: China; Figure 16.4 Belarus has advanced the most toward the frontier in paying taxes since 2008 100 Distance to frontier (percentage points) 2012 75 2008 50 25 0 United Arab Emirates Saudi Arabia Singapore Ireland Oman Denmark Kiribati Kazakhstan Switzerland Korea, Rep. Georgia New Zealand Finland Rwanda Malaysia Estonia Macedonia, FYR Latvia Taiwan, China Sweden Timor-Leste Greece Bahamas, The Peru Turkey Liberia Botswana United States Suriname Thailand Belize Tonga Morocco Gautemala Germany West Bank and Gaza Austria Bulgaria Bangladesh Armenia Spain Montenegro Cape Verde Bhutan St. Vincent and the Grenadines Tunisia Poland Malawi Hungary Lesotho Grenada Guyana Ethiopia Lao PDR Belarus Czech Republic Japan Mozambique Sierra Leone Philippines Costa Rica Romania Palau Burundi Uruguay Kyrgyz Republic Albania Colombia Italy Angola Mali São Tomé and Príncipe Burkina Faso Jamaica Antigua and Barbuda Ukraine India Nicaragua Comoros Argentina Sri Lanka Equatorial Guinea Brazil Algeria Uzbekistan Congo, Dem. Rep. Congo, Rep. Gambia, The Guinea Venezuela, RB Chad Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the paying taxes indi- cators since DB2006 (2004). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in paying taxes between 2008 and 2012. Source: Doing Business database. 104 Doing Business 2014 Hong Kong SAR, China; Malaysia; the this year’s report (for 2012) is 25.5%. All Philippines; Singapore; Taiwan, China; economies with a total tax rate below this and Thailand. In the past  5  years only NOTES level receive the same percentile ranking on this component. The threshold is not Malaysia and the Philippines have further This topic note was written by Valter Deperon, Michelle Hanf, Joanna Nasr, Nadia Novik and based on any economic theory of an “op- rolled out their electronic systems. Nina Paustian. timal tax rate” that minimizes distortions or maximizes efficiency in the tax system Similarly, economies in the Middle East of an economy overall. Instead it is mainly 1. Svetlana Kalmykova, “Taxmen Reach and North Africa have been slow in pick- empirical, set at the lower end of the distri- Agreement on Cooperation,” The Voice of ing up the pace on new technology for fil- bution of tax rates levied on medium-size Russia, May 16, 2013. http://voiceofrussia ing and paying taxes. Only 5 of 20 econ- .com/2013_05_16/Taxmen-reach enterprises in the manufacturing sector as omies have implemented electronic -agreement-on-cooperation. observed through the paying taxes indica- systems for submitting tax declarations tors. This approach reduces the bias in the 2. The case study company started operations and paying taxes. These include Morocco, indicators toward economies that do not on January 1, 2011. Doing Business measures need to levy significant taxes on compa- Saudi Arabia and the United Arab Emir- all taxes and mandatory contributions that nies like the Doing Business standardized ates, which reformed in this area in the apply to the standardized business in its company because they raise revenue in past 5 years. second year of operation, January 1– other ways—for example, through taxes December 31, 2012. on foreign companies, taxes on sectors 3. Companies sometimes prefer more frequent In South Asia, India is the only economy other than manufacturing or from natural payments to smooth cash flows. (of 8) with a complete online system for resources (all of which are outside the 4. Commercial profit is essentially net profit filing and paying taxes. But in the past before all taxes borne. It differs from the scope of the methodology). year Maldives and Sri Lanka have in- conventional profit before tax, reported in 6. http://www.enterprisesurveys.org/. troduced online platforms for filing and 7. Djankov and others 2010. financial statements. In computing profit paying labor contributions, easing the 8. Lee and Gordon 2005. before tax, many of the taxes borne by a firm 9. Fisman and Wei 2004. administrative burden for businesses of are deductible. In computing commercial 10. Djankov and others 2010. complying with labor regulations. Still, as profit, these taxes are not deductible. Com- 11. The VAT is collected by firms and its cost is of  2012  most companies were not tak- mercial profit is computed as sales minus fully passed on to consumers. Because firms ing advantage of the electronic payment cost of goods sold, minus gross salaries, have to make the payments and spend time minus administrative expenses, minus other options. Pakistan also has an established filling out returns, the VAT is included in the expenses, minus provisions, plus capital electronic system for filing and paying the indicators on payments and time. But the gains (from the property sale) minus interest corporate income tax and VAT, but up- expense, plus interest income and minus amount of VAT paid is not included in the take has been limited. commercial depreciation. To compute the total tax rate. A cascading sales tax, which is paid at every point of the supply chain, is commercial depreciation, a straight-line included in the total tax rate because firms depreciation method is applied, with the cannot deduct the sales tax they pay on following rates: 0% for the land, 5% for the supplies from the amount they owe on sales. building, 10% for the machinery, 33% for the Economies introducing the VAT to replace computers, 20% for the office equipment, the sales tax have therefore seen a reduction 20% for the truck and 10% for business in their total tax rate. development expenses. Commercial profit 12. Edwards-Dowe 2008. amounts to 59.4 times income per capita. 13. For more information, see the case study 5. The threshold is set at the 15th percentile on Malaysia. of the total tax rate distribution, which in trading across borders In the past year the time to import in the more difficult it is for local companies Madagascar fell by 13%. “Before the to reach international markets, especially MIDAC (Ministries, Departments and in landlocked economies. Outdated and Control Agencies) system was rolled out, inefficient border procedures, inadequate I would spend more than a week complet- infrastructure and unreliable logistics ser- ing the necessary paperwork for the im- vices are all likely to increase the time it • Trading across borders is easiest in port process. Paper documents had to be takes to trade—driving up costs like stor- Singapore for the seventh year in obtained and submitted through different age fees and inspection charges. a row. government offices spanning over 350 ki- • Doing Business recorded 22 reforms lometers,” says a trader in Antananarivo, To shed light on the bureaucratic and making it easier to trade across speaking about an electronic platform in- logistical hindrances facing traders, Do- borders between June 2012 and June troduced in 2012 that connects ministries, ing Business measures the time and cost 2013 and 133 in the past 5 years. operators and control agencies involved in (excluding tariffs) of exporting and im- • Benin made the biggest trade. “Those days are over. I now submit porting a standard containerized cargo improvement in the ease of trading most documents on the electronic plat- by sea transport and the number of doc- across borders in the past year. form, which gives me additional resources uments needed to complete the trans- • Belarus has made the greatest for my core operations as I handle more action.5 The indicators cover documen- progress toward the frontier in imports every month. My bottom line has tation requirements and procedures at regulatory practice in trading across increased, and so has trade.” customs and other regulatory agencies borders since 2009. The other 9 of as well as at ports. They also cover logis- the 10 economies that have made Red tape and costs to ship goods over- tical aspects, including the time and cost the most progress are in Sub- seas are significant impediments to trade. of inland transport between the largest Saharan Africa. Complicated border processes and bu- business city and the main port used by • The most common feature of reaucratic bottlenecks hinder economic traders. As measured by Doing Business, trade facilitation reforms recorded growth considerably by reducing access trading across borders has been easiest by Doing Business in the past to global markets. This is a particular in Singapore since 2007. Of the 4 com- 5 years was the introduction problem in developing economies: in ponents of trade covered by Doing Busi- or improvement of electronic some African economies revenue losses ness—document preparation, port and submission and processing. But in from inefficient border procedures are es- terminal handling, customs clearance and 2012/13 the most common feature timated to exceed 5% of GDP.1 inland transport—the 2 biggest obstacles was the improvement of customs for traders in low-ranking economies are administration. document preparation and inland trans- • Among regions, Sub-Saharan Africa Excessive delays in exporting and import- port because of administrative hurdles made the biggest reductions in the ing can lower the volume of trade. A 10% and poor infrastructure (figure 17.1). time to trade across borders in the reduction in the time it takes to move past 5 years. Europe and Central cargo from the production line to the ship Asia made the biggest reductions in increases exports by 4%, all else being the number of documents required equal.2 In Sub-Saharan Africa reducing inland travel time by 1 day increases ex- Who reformed In tradInG to export and import. OECD ports by 7%.3 In Uruguay a 10% increase aCross Borders In 2012/13? high-income economies made the biggest reductions in export and in the median time spent in customs low- Benin recorded the biggest improvement import costs. ers the growth rate of exports by 1.8%.4 in the ease of trading across borders in 2012/13. The government implemented In short, trade competitiveness is greatly a series of changes affecting exports and For more information on good practices affected by economies’ trade procedures imports that helped cut delays by 10% in and research related to trading across and infrastructure. The more costly and 2012/13 alone. But many improvements borders, visit http://www.doingbusiness time-consuming it is to export or import, started earlier. In 2007 Benin began .org/data/exploretopics/trading-across- borders. For more on the methodology, see the section on trading across borders in the data notes. 106 Doing Business 2014 Building on these reforms, in 2012/13 Figure 17.1  It is easier, less time-consuming and cheaper to trade in economies following good practices the port of Cotonou reduced vessel wait- Averages by ranking group ing times by implementing a window berthing system to use terminal resourc- es optimally according to cargo ship ar- 14 14 rivals. In the meantime, infrastructure Documents to import (number) Documents to export (number) 12 12 upgrades increased the number of exit points and terminals, while designated 10 10 parking areas and loading and unloading 8 8 time limits for trucks reduced conges- 6 6 tion around the port, which had added 4 4 considerably to transport time in previ- 2 2 ous years. 0 0 Poor Good Poor Good Though administrative burdens remain in practice practice practice practice economies economies economies economies Benin, the situation for traders has great- ly improved: it takes 29% less time to im- 80 100 90 port and 24% less time to export than in 70 2006 (figure 17.2). As a result export and Time to import (days) Time to export (days) 80 60 70 50 import times in Benin are now aligned 60 40 50 with those in many neighboring econo- 30 40 mies. Improvements in Benin have also 30 had effects beyond its borders. Because 20 20 10 10 overseas goods that go to and from Ni- 0 0 ger transit through the port of Cotonou, Poor Good Poor Good practice practice practice practice Nigerien traders have also seen lower ex- economies economies economies economies port and import times. 7,000 9,000 Benin was not alone. Another 21 econ- Cost to import (US$ per container) Cost to export (US$ per container) 8,000 6,000 omies also recorded reforms making it 7,000 5,000 easier to trade across borders in 2012/13 6,000 (table 17.1). Of the total of 22 reforms, 4,000 5,000 Sub-Saharan Africa had 10, followed by 3,000 4,000 Europe and Central Asia with 6. Reforms 3,000 2,000 were also recorded in Latin America and 2,000 1,000 the Caribbean (4), OECD high-income 1,000 economies (1) and South Asia (1). 0 0 Poor Good Poor Good Four economies made trading across practice practice practice practice borders more difficult: 3 in Sub-Saharan economies economies economies economies Africa and 1 in Latin America and the Inland transport Customs clearance Port and terminal handling Document preparation Caribbean. Improving customs administration was Note: Poor practice economies are the 5 lowest-ranked economies on the ease of trading across borders. The the most common feature of trade fa- second column represents the 5 economies ranked from 140 to 144 on the ease of trading across borders. The cilitation reforms in 2012/13, with 8 third column represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies ranked from 45 to 49. Good practice economies are the 5 top-ranked economies. Document preparation includes economies reducing the number of doc- the obtainment, preparation and submission of all documents involved in trade. Port and terminal handling uments required by customs or stream- includes all processes at ports. Customs clearance includes clearance by customs authorities and all other border lining the process to obtain and submit agencies involved. Inland transport refers to transport between the trader’s warehouse in the largest business city forms. Four of these economies are in to the port most used by the trader. Sub-Saharan Africa, where document Source: Doing Business database. preparation time is a considerable hur- dle for trade—with an average delay of 16.8 days for exports and 20.6 days for renovating its ports to increase access and installed, allowing for electronic submis- imports. efficiency and improve conditions through sion of the documents required to export 24-hour operations, secure payment sys- and import. And in 2012 an electronic Automation continued to play an tems and an expanded container terminal single window and electronic payment important role in reforms as well. As in in Cotonou. In 2010 an Automated Sys- system was introduced, further reducing previous years, several economies—for tem for Customs Data (Asycuda++) was document preparation times. example, Greece, Madagascar and the trading across borders 107 also had a large share of economies re- Who made trading across borders easier in 2012/13—and what did Table 17.1   forming—67% in both regions. they do? Feature Economies Some highlights The effects recorded from the reforms varied by region. Europe and Central Improved customs Argentina; Azerbaijan; Benin; Uzbekistan abolished the need Asia made the biggest reductions in administration Burundi; Republic of Congo; to register import contracts with Swaziland; Ukraine; Uzbekistan customs. the number of documents required to export and import. OECD high-income Introduced or improved El Salvador; Greece; Madagascar; The Russian Federation introduced economies made the biggest reductions in electronic submission and Russian Federation; Sri Lanka; an electronic system for submitting processing Uruguay export and import documents. export and import costs. And Sub-Saharan Africa made the biggest reductions in the Introduced electronic single El Salvador; Mexico; Mozambique; Mexico implemented an electronic time to trade. window Rwanda single window for trade. Strengthened transport and Benin; Central African Republic; The Central African Republic The 133 reforms recorded in the past port infrastructure Croatia rehabilitated the key transit road at 5 years in 100 economies have made its border with Cameroon. trading across borders faster and easier Improved port procedures Benin; Guinea; Latvia Latvia launched a new electronic around the world. In 2009 the world av- container terminal booking system at erage to export a standard containerized the port of Riga. cargo by sea transport was 23.5 days, Introduced or improved risk- Mauritania Mauritania introduced a risk-based and 25.9 days to import.6 Today it takes based inspections inspection system with scanners. 21.8 days on average to export and 24.2 Source: Doing Business database. days to import (figure 17.3). The approx- imately 2-day cut in the average world trading time could seem like a small feat, but even small gains can provide signif- icant benefits. Research has found that for each additional day that a product is Figure 17.2   A series of reforms made importing faster in Benin delayed before being shipped, trade vol- ume falls by more than 1%.7 40 2 3 Though many economies have made 35 3 4 4 great strides in improving international 30 5 3 3 3 trade practices in the past 5 years, Belar- Time to import (days) 6 6 4 25 7 5 5 5 3 3 us’ case is particularly noteworthy. Belar- 2 20 4 4 4 5 4 us has undertaken a series of reforms in 15 customs administration and electronic submission, including the implementa- 10 tion of a risk-based management system 5 and the improvement of border crossing 26 25 22 20 20 20 18 18 0 operations. All this has resulted in consid- 2006 2007 2008 2009 2010 2011 2012 2013 erable gains in narrowing the gap with the Inland transport Customs clearance Port and terminal handling Document preparation frontier in regulatory practice in trading across borders—especially since 2009 Source: Doing Business database. (figure 17.4). Equally remarkably, 9 of the 10 econo- mies that made the greatest progress Russian Federation—automated customs toward the frontier in regulatory practice submission and processing by allowing in trading across borders over the past electronic lodgment and payments. What have we learned 5 years are in Sub-Saharan Africa. In a from 5 years of data? region where trading across borders re- Economies are also virtually linking trad- Over the past 5 years Doing Business re- mains the most difficult, Angola, Burundi, ers and agencies involved in trade and corded 133 trade facilitation reforms Ethiopia, Lesotho, Rwanda, South Africa, transport through electronic single win- around the world. Sub-Saharan Africa Sudan, Uganda and Zambia took steps dows. This report features a case study implemented the most reforms by far, to make it easier for traders to trade with on single window systems that tracks the with 46. During the same period, 70% of their overseas partners. challenges and successes associated with economies in that region implemented at the systems implemented in Azerbaijan, least 1 reform. Europe and Central Asia as Globally the most common feature of Colombia and Singapore. well as the Middle East and North Africa trade facilitation reforms in all regions 108 Doing Business 2014 over the past 5 years was the intro- Figure 17.3  Export and import times have fallen by an average of 2 days across regions duction or improvement of electronic since 2009 submission and processing of customs declarations. Improving customs admin- 40 40 Number of reforms making it easier istration and enhancing port procedures Average time to export (days) 35 35 were the second and third most com- to trade across borders 30 30 mon features, especially in Sub-Saharan 25 25 Africa and the Middle East and North 20 20 Africa. The introduction or improvement 15 15 of risk-based inspection systems has 10 10 also facilitated trade, especially in Eu- 5 5 rope and Central Asia and Latin America 38 33 18 22 22 and the Caribbean. 0 0 DB2010 DB2011 DB2012 DB2013 DB2014 40 40 Number of reforms making it easier Average time to import (days) 35 35 NOTES to trade across borders 30 30 This topic note was written by Jean Arlet, Iryna 25 25 Bilotserkivska, Robert Murillo and Mikiko Imai 20 20 Ollison. 15 15 10 10 1. The OECD Trade Facilitation Indicators 5 5 (TFIs) measure the relative economic 38 33 18 22 22 impact of addressing specific hurdles in the 0 0 trade and border procedures in 133 coun- DB2010 DB2011 DB2012 DB2013 DB2014 tries. Moise and Sorescu (2013) provide Number of reforms further details on the methodology and Time: South Asia Sub-Saharan Africa Europe & Central Asia findings from the TFIs. They find that the policy areas that seem to have the greatest East Asia & Pacific Latin America & Caribbean Middle East & North Africa impact on trade volumes and trade costs OECD high income are the availability of trade-related infor- mation, the simplification and harmoni- Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from zation of documents, the streamlining DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so of procedures and the use of automated excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional classifications for 2013. processes. Source: Doing Business database. Of the 10 economies making the greatest progress toward the frontier in trading across borders over the past 5 years, 9 are Figure 17.4   in Sub-Saharan Africa 100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Singapore Korea, Rep. Estonia Panama France Israel Austria United States United Kingdom Japan Belgium New Zealand Spain Georgia Luxembourg Mexico Dominican Republic Chile Costa Rica St. Vincent and the Grenadines Greece Grenada Djibouti Peru Jordan Bahamas, The St. Kitts and Nevis Senegal Samoa Nicaragua Honduras Kiribati Guyana Puerto Rico (U.S.) Bahrain Uruguay China Lebanon South Africa Albania Slovak Republic Timor-Leste Micronesia, Fed. Sts. Palau Madagascar Armenia Vanuatu Guinea-Bissau Benin Bolivia Kuwait Kosovo West Bank and Gaza Swaziland Cambodia Bangladesh Fiji Papua New Guinea Sierra Leone Tanzania Guinea Lesotho Paraguay Belarus Mauritania Liberia Kenya Botswana Lao PDR Sudan Russian Federation Mali Uganda Rwanda Ethiopia Angola Zambia Azerbaijan Bhutan Malawi Nepal Burundi Eritrea Burkina Faso Congo, Dem. Rep. Mongolia Venezuela, RB Zimbabwe Niger Central African Republic Tajikistan Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the trading across borders indicators since DB2006 (2005). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subse- quent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in trading across borders between 2009 and 2013. Source: Doing Business database. trading across borders 109 2. Djankov, Freund and Pham 2010. The 4. Carballo, Graziano and Martincus 2013. cargo container of goods by sea transport, authors determine how time delays affect The authors estimate the trade effects of except for the time and cost at sea. Because international trade, especially the days it customs delays on firm exports in Uruguay the Doing Business methodology only takes to move a standard cargo from the during 2002–11. Using a dataset that considers trade by sea transport, regional factory gate to the vessel. They use a grav- consists of nearly all export transactions trade—which is becoming increasingly ity equation that controls for remoteness in Uruguay during that period—with the important for small and medium-size en- and find significant effects of time and associated time it took for each of these terprises—might not be captured in regions costs on trade. transactions to go through customs—the such as Sub-Saharan Africa and Europe and 3. Freund and Rocha 2011. The authors use authors find a significant correlation Central Asia. To ensure comparability across a modified gravity equation that controls between time delays and export flows. economies, Doing Business assumes trade for importer fixed effects and exporter Effects are particularly severe for exports of by sea transport because it accounted for remoteness to determine whether different time-sensitive products to secondary buyers 80% of the volume of global trade in 2012 types of export costs affect trade different- in OECD economies. (UNCTAD 2013). ly. A key conclusion is that inland transit 5. Doing Business measures the time and 6. Includes every official procedure but delays have a robust negative effect on the cost (excluding tariffs) of exporting and excludes the actual time at sea. value of exports. importing a standardized 20-foot, 10-ton 7. Djankov, Freund and Pham 2010. Enforcing contracts Efficient contract enforcement is essen- 4 years in Bangladesh. The trial and tial for a business-friendly environment. judgment phase, which mainly involves It reduces informality, improves access to exchanging briefs, appearing in court credit and increases trade. A study of 27 and obtaining a judgment—as well as economies found that the informal sec- corresponding waiting periods—is the • Enforcing contracts is easiest in tor’s share in overall economic activity most time-consuming one. On average it Luxembourg, where resolving the decreases with better contract enforce- accounts for 64% of the time to resolve standardized commercial dispute ment quality, measured by a country-wide the standardized case measured by the measured by Doing Business takes measure of rule of law, as well as by the enforcing contracts indicators. 321 days and 26 procedures and firm’s perception of the fairness of courts.1 costs 9.7% of the value of the claim. A study in Eastern Europe found that in There are also wide variations in the cost • Doing Business recorded 14 reforms economies with slower courts, firms tend of contract enforcement, ranging from making it easier to enforce to have less bank financing for new in- 21% of the value of the claim in OECD contracts between June 2012 and vestments.2 And recent research on East high-income economies to 51.6% in June 2013—and 66 over the past 5 Asia and the Pacific found that simplifying Sub-Saharan Africa. The largest expense years. contract enforcement was associated with is attorney fees to try cases and enforce • Côte d’Ivoire improved the most in higher international trade.3 judgments. On average such fees account the ease of enforcing contracts in for two-thirds of total costs. 2012/13 after creating a specialized Doing Business measures the time, cost commercial court. Among the 189 economies covered by and procedures involved in resolving a • Among regions, Sub-Saharan Africa Doing Business, Luxembourg has the top standardized commercial lawsuit between made the most reforms in enforcing ranking on the ease of enforcing con- 2 domestic businesses through the local contracts over the past 5 years. tracts. But contract enforcement is fast- first-instance court. The dispute involves • Since 2009 Poland has made est in Singapore, where it takes just 150 the breach of a sales contract worth twice the greatest progress toward the days to resolve the standardized case the income per capita of the economy. frontier in regulatory practice in measured by Doing Business. On aver- The case study assumes that a seller de- enforcing contracts. age the enforcement phase—the period livers custom-made goods to a buyer who • Introducing e-filing was a common from when the time to file an appeal has refuses delivery of the goods, alleging that feature of reforms making it easier elapsed until the plaintiff has recovered they are of inadequate quality. To enforce to enforce contracts in the past 5 the value of the claim—accounts for the sales agreement, the seller files a claim years, considerably streamlining 29.6% of the time for contract enforce- with a local court, which hears arguments court procedures. ment globally, but only 21.9% in the 5 on the merits of the case. Before reaching a decision in favor of the seller, the judge top-ranked economies (figure 18.1). appoints an expert who provides an opin- For more information on good practices ion on the quality of the goods in dispute. and research related to enforcing contracts, This distinguishes the case from simple visit http://www.doingbusiness.org/data/ debt enforcement. The time, cost and WHO REFORMED IN ENFORCING exploretopics/enforcing-contracts. For procedures are measured throughout the CONTRACTS IN 2012/13? more on the methodology, see the section 3 main phases of court proceedings: filing Between June 2012 and June 2013 Doing on enforcing contracts in the data notes. and service of process, trial and judgment, Business recorded 14 reforms making it and enforcement. easier to enforce contracts (table 18.1). During that time Côte d’Ivoire improved The efficiency of courts continues to vary the most in the ease of enforcing con- greatly around the world. Contract en- tracts. After the postelectoral crisis of forcement can take less than 10 months 2011, resolving a commercial dispute in New Zealand and Norway but almost in Abidjan took 770 days. Civil courts ENFORCING CONTRACTS 111 electronically—increasing transparency, Figure 18.1 The enforcement phase takes proportionally less time in the 5 top-ranked expediting the filing and service of pro- economies cess and preventing the loss, destruction or concealment of court records. 1,400 1,200 Making execution proceedings more ef- 1,000 Time (days) 800 ficient has also been a common feature 600 of reforms in enforcing contracts. Three 400 economies implemented such changes 200 in 2012/13. In 2012 the Czech Republic 0 established that for most cases, courts Poor practice Good practice economies economies are no longer responsible for ordering execution proceedings and nominating Filing and service Trial and judgment Enforcement executors, instead delegating execution proceedings to entrusted executors and Note: Poor practice economies are the 5 lowest-ranked economies on the ease of enforcing contracts. The making the process cheaper and faster. second column represents the 5 economies ranked from 140 to 144 on the ease of enforcing contracts. The third column represents the 5 economies ranked from 93 to 97. The fourth column represents the 5 economies That same year Mauritius liberalized the ranked from 45 to 49. Good practice economies are the 5 top-ranked economies. The filing and service phase enforcement officer profession, allow- is the period from when the plaintiff brings a lawsuit until process is served on the defendant. This includes ing winning parties to choose between seeking compliance with the contract outside of court, mandatory mediation if applicable, meeting with a private and court bailiffs to conduct en- lawyer, drafting the statement of claim, filing it with the court and serving it on the defendant. The trial and forcement proceedings. judgment phase is the period from when process is served on the defendant until the time to file an appeal has elapsed. This includes exchanging written briefs between the parties, 1 or more hearings, appointing an expert, writing the judgment and the appeal time. The enforcement phase is the period from when the time to file an China, Colombia, Mexico and Romania appeal has elapsed until the plaintiff has recovered the value of the claim. This includes locating and seizing amended procedural rules for commercial the defendant’s movable assets, organizing and advertising the public sale, holding the sale and recovering the cases, mainly to reduce backlogs, simplify value of the claim. Source: Doing Business database. and expedite court proceedings and lim- it obstructive tactics by the parties. New legislation adopted by China in August 2012 imposes more stringent rules on ser- in Abidjan were backlogged, and com- Other economies also reformed in enforc- vice of process and requires judgments to mercial cases were stuck among civil ing contracts in 2012/13. New Zealand be made publicly available online. cases. In 2012, to provide more suitable implemented an electronic case manage- responses to business disputes, a stand- ment system that monitors and manages Since June 2012 Italy has reduced attor- alone commercial court was created in cases on court dockets from the filing of ney fees the most among all the econ- Abidjan. In addition, professional judg- claims until judgments are issued, which omies measured. Judges were given es were appointed to work with newly should lead to lower costs and shorter an official fee schedule to determine recruited lay judges. Today it takes 585 resolution times. Palau made its courts attorney fees when agreements are not days to resolve a commercial dispute in more efficient by introducing e-filing. The reached between attorneys and clients, Abidjan (figure 18.2). system allows litigants to file complaints which contributed to the adjustment of the market price for legal services and cut attorney fees by 6.8 percentage points, to 15% of the value of the claim. TABLe 18.1 Who made enforcing contracts easier in 2012/13—and what did they do? Feature economies Some highlights WHAT HAVE WE LEARNED Increased procedural efficiency at China; Colombia; China made enforcing contracts easier by FROM 5 YEARS OF DATA? main trial court Estonia; Italy; amending its Code of Civil Procedure to Mexico; New streamline and expedite court proceedings. In the past 5 years Doing Business recorded Zealand; Romania 66 reforms that made it easier to enforce contracts (figure 18.3). Sub-Saharan Africa Made enforcement of judgment Croatia; Czech The Czech Republic established that for more efficient Republic; Mauritius most cases, courts are no longer responsible had the most reforms, with 22. Some econ- for ordering execution proceedings and omies in the region overhauled the organi- nominating executors, instead delegating execution proceedings to entrusted executors. zation of their courts or systems of judicial case management for commercial dispute Introduced or expanded specialized Côte d’Ivoire; Togo Côte d’Ivoire created a specialized commercial resolution, but the main trend has been to commercial court court. introduce specialized commercial courts. Introduced electronic filing Palau; Uzbekistan Palau made enforcing contracts easier by Three other regions—East Asia and the Pa- introducing an e-filing system. cific, South Asia and the Middle East and Source: Doing Business database. North Africa—shortened litigation times. 112 Doing Business 2014 Over the years the most significant im- provements in enforcing contracts have Côte d’Ivoire introduced a commercial court and cut the time to enforce Figure 18.2   contracts been made by economies that have introduced commercial courts, imple- Total time cut by 185 days—from 770 days to 585 mented case management systems or 800 Time to enforce a contract made e-filing readily available. 700 600 Since 2009 Poland has made the most 500 (days) progress toward the frontier in regulato- 400 ry practice in enforcing contracts (figure 300 18.4). Poland has benefited from imple- 200 menting a case management system, 100 0 introducing an electronic court in Lub- Filing and service Trial and judgment Enforcement lin, deregulating the bailiff profession, 2011 2013 increasing the number of judges and amending the Civil Procedure Code. Note: The white arrow indicates the decrease in the time for trial and judgment. The blue arrow indicates the The introduction of specialized courts decrease in the enforcement time. The red arrow indicates the decrease in the total time. tends to lead to greater specialization Source: Doing Business database. of judges—resulting in faster resolution times, cheaper contract enforcement, shorter court backlogs and increased efficiency.4 Of the 189 economies cov- Figure 18.3  Contract enforcement remains fastest in Europe and Central Asia ered by Doing Business, 90 have dedi- cated standalone courts for enforcing 1,200 18 contracts, specialized commercial sec- 1,100 16 Number of reforms making it easier to enforce contracts tions in existing courts or specialized 1,000 14 judges in general civil courts. In the 10 enforce a contract 900 Average time to 12 Sub-Saharan economies that have in- 800 10 troduced commercial courts or sections 700 8 since 2003—Burkina Faso, Cameroon, 600 6 500 the Democratic Republic of Congo, Côte 4 400 d’Ivoire, Ghana, Mauritania, Mozam- 300 2 bique, Nigeria, Rwanda and Togo—the 17 13 11 11 14 200 0 average time to resolve the standardized DB2010 DB2011 DB2012 DB2013 DB2014 case measured by Doing Business has re- Number of reforms duced by 2.5 months. Time: South Asia Latin America & Caribbean Sub-Saharan Africa Middle East & North Africa East Asia & Pacific OECD high income Other economies have made courts more Europe & Central Asia efficient by introducing comprehensive case management systems that control Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from the movement of cases through courts or DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so the total workload of courts. Case man- excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional agement is often performed by judges but classifications for 2013. Source: Doing Business database. can also be done by court administrators, especially if fully automated. Benefits as- sociated with efficient case management systems include better record-keeping Some economies have paired the intro- service of process. In Malaysia, which and better assessments of judges’ per- duction of electronic case management introduced an electronic case manage- formance and workloads. Sophisticated with the implementation of e-filing, al- ment system and e-filing between 2009 systems, such as that of the Republic lowing for the electronic transmission of and 2011, court backlogs were reduced by of Korea (described in this report’s case initial complaints and supporting docu- more than 50% and the time to enforce study on the country’s e-court system), ments to courts. Advanced e-filing sys- contracts by almost 30% by 2012. can also include detailed statistics that al- tems usually also allow court users to pay low for more efficient distribution of tasks fees online and deliver service of process Of the 10 top performers in enforcing among court officials. Such information electronically, resulting in speedier tri- contracts, 7 have introduced e-filing or facilitates reallocation of resources in als, lower storage costs, better access specialized commercial courts—and 3 courts and raises judiciary productivity. to courts and more reliable and efficient have both. Enforcing contracts 113 Poland has made the greatest progress toward the frontier in regulatory practice in enforcing contracts in the past 5 years Figure 18.4   100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Singapore Iceland Korea, Rep. Hong Kong SAR, China Belgium France Norway Ireland Netherlands Lithuania Russian Federation Sweden Malaysia Switzerland Hungary Georgia China United Kingdom Thailand Czech Republic Denmark Bhutan Uzbekistan Rwanda Tajikistan South Africa Slovak Republic Vietnam Tonga Botswana Poland Nicaragua Mauritius Fiji Marshall Islands Chile Canada Mexico Guyana Eritrea El Salvador Côte d'Ivoire Bulgaria Yemen, Rep. Morocco Macedonia, FYR Haiti Paraguay Zambia Bosnia and Herzegovina Maldives Peru Albania St. Vincent and the Grenadines Seychelles West Bank and Gaza Lebanon Saudi Arabia Israel Bolivia Philippines Lesotho Cyprus St. Kitts and Nevis Mali Palau Costa Rica Bahrain Kuwait Togo Nepal Kenya Iraq Guatemala Italy Solomon Islands Senegal Chad Dominica Congo, Rep. Greece Micronesia, Fed. Sts. Burundi Zimbabwe Sri Lanka Colombia Nigeria Djibouti Sierra Leone Indonesia Malawi Comoros São Tomé and Príncipe Cambodia Papua New Guinea Afghanistan India Bangladesh Timor-Leste Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the enforcing contracts indicators since DB2004 (2003). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in enforcing contracts between 2009 and 2013. Source: Doing Business database. NOTES This topic note was written by Erica Bosio and Julien Vilquin. 1. Dabla-Norris and Inchauste Comboni 2008. 2. Safavian and Sharma 2007. 3. Duval and Utoktham 2009. 4. Djankov and others 2003. Resolving insolvency The financial crisis tested insolvency creditors, led to a significant reduction in frameworks around the world. In the Unit- the cost of debt and an increase in both ed States the number of business insol- short-term and long-term debt.5 vency filings rose from 39,307 in 2008 to 55,645 in 2009. Though the number of To analyze the efficiency of insolvency • Creditors of firms facing insolvency new cases fell after 2009—to 51,259 in frameworks across economies, Doing in Japan have higher recovery rates 2010 and 43,470 in 2011—not until 2012 Business measures the time, cost and out- than in other economies. did the system return to precrisis filing come of insolvency proceedings involving • Doing Business recorded 12 reforms levels.1 In Western Europe corporate in- domestic entities. The time for creditors aimed at improving insolvency solvency filings rose 22% between 2008 to recover loans is recorded in calendar proceedings between June 2012 and 2009, with the biggest increases in years. The cost of proceedings is recorded and June 2013 and 92 in the past 5 Ireland (81%) and Spain (77%).2 as a percentage of the value of the debt- years. or’s estate. The recovery rate for credi- • The Philippines made the biggest Western Europe is still far from return- tors depends on whether the distressed improvement in the e ciency of ing to its precrisis numbers. At the end company emerges from the proceedings insolvency proceedings in the past of 2011 corporate insolvency filings as a going concern or its assets are sold year. were still 17% higher than in 2008. Be- piecemeal. The rate is recorded as cents • The Czech Republic has made the tween 2008 and 2012 Spain recorded on the dollar recouped by secured credi- most progress toward the frontier one of the biggest increases—182%. tors through reorganization, liquidation or in regulatory practice in resolving In 2012 alone the number of corporate debt collection (foreclosure or receiver- insolvency since 2009. insolvency filings in Spain jumped from ship) proceedings. If an economy had no • Common features of insolvency 5,666 to 7,780.3 The increase in corpo- reorganization, liquidation, receivership reforms in the past 5 years or foreclosure cases over the past 5 years, rate insolvency filings in Ireland between include passing new bankruptcy it receives a “no practice” classification— 2008 and 2012 was nearly as stagger- laws, eliminating formalities and meaning that creditors are unlikely to re- ing—118%. But Ireland has shown some tightening time limits of insolvency cover their money through a formal legal improvement, with only negligible in- proceedings, and regulating process, in or out of court. Rankings on creases between 2011 and 2012.4 the profession of insolvency the ease of resolving insolvency are based administrators. on the recovery rate, which is affected by Weaknesses of insolvency regimes be- • OECD high-income economies had the time, cost and outcome associated come apparent during crises. When a the biggest increase in the recovery with the most likely insolvency procedure weak insolvency framework does not pro- rate in the past 5 years, while applicable to the indicator’s case study in vide for effective formal and out-of-court Europe and Central Asia had the each economy. mechanisms to address financial distress, most insolvency reforms. more debts remain unresolved and more companies languish, unprofitable but Doing Business analyzes 1 of the 4 types of with their assets unavailable to their cred- procedures that may apply to an insolvent For more information on good practices firm: reorganization, liquidation, receiver- itors and little chance of turnaround. An and research related to resolving ship and foreclosure. These procedures insolvency framework that allows debtors insolvency, visit http://doingbusiness.org/ differ in 3 main ways: the extent to which and creditors to find solutions through data/exploretopics/resolving-insolvency. they allow secured creditors to recov- fast, inexpensive, transparent procedures For more on the methodology, see the er their debt, the likelihood that a viable can facilitate debt repayment, encour- section on resolving insolvency in the data business will continue operating as a go- age lending and lead to a higher survival notes. ing concern after insolvency proceedings rate for viable enterprises. A recent study shows that Brazil’s 2005 reform, which and the extent to which the concerns of established greater protection for secured unsecured creditors are addressed. RESOLVING INSOLVENCY 115 Reorganization has the advantage of ad- (figure 19.1). Recovery rates vary signifi- timeframes, while Moldova introduced dressing debts of all creditors, secured cantly among economies where liqui- the option of prepackaged reorganiza- and unsecured, and allows viable busi- dation is the most common procedure tions. Rwanda instituted a moratorium on nesses to continue operating as a going because of major differences in the le- enforcement actions during reorganiza- concern. This is the most economically gal institutions (such as courts and in- tions, and Ukraine adopted a new insol- efficient outcome for the Doing Business solvency representatives) applying the vency framework that strengthened pro- case study, since it assumes a company insolvency framework. Individual debt tections of secured creditors, introduced that is viable. Liquidation also addresses enforcement proceedings (receiverships debt-equity swaps and streamlined the the concerns of all creditors collectively, and foreclosures) result in comparatively insolvency process. though the business is usually shut down high recovery rates for secured creditors, upon the completion of proceedings. In though unsecured creditors receive nil re- Italy made its restructuring proceedings receiverships, where a secured creditor turns. Finally, Doing Business has observed more accessible and flexible. Debtors can takes over the operation of the debtor’s 19 “no practice” economies, where the re- now take advantage of a moratorium on company to protect its collateral, the covery rate is recorded as zero. creditor collection actions to allow suffi- business may continue operating as a cient time to negotiate and develop a re- going concern. But the secured creditor is structuring plan. Before this change, debt- in full control of the process, not allowing ors applying for restructuring proceedings unsecured creditors to participate at all. WHO REFORMED IN RESOLVING had to propose a plan at the time of com- At the same time, the receiver is obligat- INSOLVENCY IN 2012/13? mencement, which discouraged many ed to pay unsecured creditors if there are Between June 2012 and June 2013 Doing from seeking restructuring and caused sufficient funds after the secured creditor Business recorded 12 reforms aimed at them to pursue liquidation instead. As has been paid in full. Finally, foreclosures making resolving insolvency easier (table a result of the reform viable businesses may maximize the interests of secured 19.1). Most reforms were recorded in Eu- have a better chance of coming through creditors but do not allow the continua- rope and Central Asia and Sub-Saharan restructuring and continuing to operate tion of the business and ignore the con- Africa. as a going concern. cerns of unsecured creditors. Promoting reorganization was a com- The highest recovery rates are record- mon feature of several recent reforms. ed in economies where reorganization is Croatia established an expedited out-of- WHAT HAVE WE LEARNED the most common insolvency proceeding court restructuring procedure with strict FROM 5 YEARS OF DATA? In the past 5 years Doing Business record- ed 92 insolvency reforms in 62 economies Figure 19.1 Higher recovery rates are more likely in economies where reorganization is (figure 19.2). These reforms have differ- the most common insolvency proceeding ent purposes and objectives and can be classified into 2 categories: foundational and evolutionary. Foundational reforms 100 100 procedure is most common (%) 90 90 create an insolvency framework or estab- Share of economies where lish new insolvency procedures and usu- Average recovery rate 80 80 (cents on the dollar) 70 70 ally require legislative action. Evolution- 60 60 ary reforms improve existing procedures 50 50 40 40 by strengthening the legal framework or 30 30 the institutions applying it, to achieve the 20 20 most economically efficient outcomes. 10 10 0 0 Economies undertaking foundational re- Poor practice Good practice economies economies forms usually have no formal insolvency Foreclosure Liquidation Receivership Reorganization Recovery rate regime, and creditors mostly rely on in- dividual proceedings as a means of debt enforcement in cases of debtor default. Note: Poor practice economies are the 15 lowest-ranked economies on the ease of resolving insolvency, excluding “no practice” economies. The second column represents the 15 economies ranked from 135 to 149 Individual court proceedings such as on the ease of resolving insolvency. The third column represents the 15 economies ranked from 88 to 102. The foreclosures can be effective for return- fourth column represents the economies ranked from 40 to 54. Good practice economies are the 15 top-ranked ing secured creditors’ investment but do economies. The line refers to the average recovery rate for the 15 economies represented by each column. not allow the reorganization and rescue Reorganization is the process aimed at restoring the financial health and viability of a debtor’s business so that it can continue to operate as a going concern. Liquidation is the process of assembling and selling the assets of of a viable business, which maximizes an insolvent debtor in order to dissolve it and distribute the proceeds to its creditors. Liquidation may include a the economic value of debtors’ assets. piecemeal sale of the debtor’s assets or a sale of all or most of its assets as a going concern. Receivership is the To address these problems, most econ- process of appointing a receiver to take custody of the business of a defaulting debtor for the benefit of secured omies have adopted insolvency frame- creditors. Foreclosure is the process of taking possession of a mortgaged property as a result of the debtor’s works with one or more collective debt failure to keep up mortgage payments in order to sell the property and distribute the proceeds to its creditors. Source: Doing Business database. proceedings. 116 Doing Business 2014 Table 19.1  Who made resolving insolvency easier in 2012/13—and what did they do? Feature Economies Some highlights Increased the likelihood of successful Israel; Italy; Moldova; Rwanda; Italy extended moratorium protections to the period when restructuring plans are reorganization Ukraine being prepared, granted priority to postcommencement financing and allowed debtors under restructuring to participate in public tenders. Regulated profession of insolvency The Bahamas; Belarus; Moldova; The Bahamas clearly defined professional requirements, duties, powers and administrators Ukraine remuneration of insolvency practitioners and liquidators. Eliminated formalities or introduced or Moldova; Rwanda; Tanzania; Moldova shortened statutory periods for several stages of insolvency proceedings, tightened time limits Ukraine including the maximum duration of liquidation and restructuring procedures, and reduced opportunities for appeal. Established or promoted reorganization, Democratic Republic of Congo; The Democratic Republic of Congo and Djibouti established clear frameworks for 3 liquidation or foreclosure procedures Djibouti proceedings—preventive settlement, composition with creditors and liquidation. Strengthened the rights of secured Italy; Ukraine Ukraine allowed creditors to file claims after statutory deadlines and granted creditors secured creditors the right to veto proposed rehabilitation plans. Introduced framework for out-of-court Croatia; Mauritius Croatia established a prebankruptcy settlement procedure. restructurings Source: Doing Business database. Nearly a third of the reforms in the past 5 Commercial Code that largely follows the as well as effective institutions in charge years were foundational. Two economies provisions in that act. of implementing regulations and main- with recent foundational reforms are the taining established practices, such as Democratic Republic of Congo and Dji- Economies undertaking evolutionary applicable courts and insolvency repre- bouti. The Democratic Republic of Congo reforms already have insolvency frame- sentatives. Evolutionary reforms improve established new legal frameworks for liq- works with one or more collective pro- regulations and institutions and remedy uidation and reorganization proceedings ceedings, but aspects of these frame- problems identified through practice. in 2012, implementing provisions of the works need improvement. A successful Organization for the Harmonization of insolvency framework consists of more Just over two-thirds of the reforms in the Business Law in Africa’s Uniform Act Or- than comprehensive laws and regula- past 5 years were evolutionary. Such re- ganizing Collective Proceedings for Wip- tions—it encompasses established prac- forms include creating specialized bank- ing Off Debts. Djibouti adopted a new tices related to insolvency proceedings ruptcy courts, expediting insolvency pro- ceedings, making business operations during reorganization easier and regulat- Figure 19.2   OECD high-income economies have consistently had the highest recovery rate ing the profession of insolvency represen- tatives. 80 35 70 30 Number of reforms making it easier to resolve insolvency 60 Average recovery rate (cents on the dollar) 25 50 The Czech Republic made Figure 19.3   20 40 insolvency proceedings more 15 efficient 30 20 10 Recovery 10 5 Recovery rate (cents on the dollar) 70 rate tripled 7 0 18 16 29 17 12 0 65.0 60 6.5 6 DB2010 DB2011 DB2012 DB2013 DB2014 55.9 50 5 Time (years) Time cut by Recovery rate: Number of reforms two-thirds 40 4 OECD high income Europe & Central Asia East Asia & Pacific 30 3 Latin America & Caribbean Middle East & North Africa South Asia 3.2 20 20.9 2 Sub-Saharan Africa 2.1 10 1 Note: To ensure accurate comparisons, the figure shows data for the same 183 economies for all years, from 0 0 2008 2010 2013 DB2010 (2009) to DB2014 (2013). The economies added to the Doing Business sample after 2009 and so excluded here are Barbados, Libya, Malta, Myanmar, San Marino and South Sudan. This figure uses regional Time Recovery rate classifications for 2013. Source: Doing Business database. Source: Doing Business database. Resolving insolvency 117 The Czech Republic has advanced the most toward the frontier in resolving insolvency in the past 5 years Figure 19.4   100 Distance to frontier (percentage points) 2013 75 2009 50 25 0 Japan Finland Netherlands United Kingdom Canada Iceland New Zealand Germany Austria Korea, Rep. United States Hong Kong SAR, China Sweden Puerto Rico (U.S.) Spain Cyprus Colombia Mexico Czech Republic Belize Bahamas, The Italy Botswana Israel Qatar Poland Slovak Republic Tunisia Slovenia Malaysia Latvia Lithuania France Brunei Darussalam Uruguay Luxembourg Russian Federation Vanuatu Sri Lanka Mauritius Albania Uzbekistan Seychelles Bolivia Morocco Pakistan Zambia Ethiopia China Antigua and Barbuda South Africa Nicaragua Azerbaijan Georgia El Salvador Bulgaria Kuwait Palau Croatia Philippines Serbia Saudi Arabia Gambia, The Peru Panama Trinidad and Tobago Ghana Tonga Syrian Arab Republic India Kenya Nepal Solomon Islands Iran, Islamic Rep. Mali Kyrgyz Republic Mongolia Brazil Honduras Rwanda Samoa Guyana Ecuador Guinea Djibouti Vietnam Cameroon Gabon Zimbabwe Sierra Leone Suriname Ukraine Burundi São Tomé and Príncipe Micronesia, Fed. Sts. Bhutan Comoros Eritrea Guinea Equatorial Guinea Haiti Kiribati Lao PDR Chad St. Vincent and the Grenadines Note: The distance to frontier scores shown in the figure indicate how far each economy is from the best performance achieved by any economy on the resolving insolvency indicators since DB2004 (2003). The scores are normalized to range between 0 and 100, with 100 representing the frontier. The data refer to the 183 economies included in DB2010 (though for practical reasons the figure does not show all 183). Barbados, Libya, Malta, Myanmar, San Marino and South Sudan were added in subsequent years. The vertical bars show the improvement in the 20 economies advancing the most toward the frontier in resolving insolvency between 2009 and 2013. Source: Doing Business database. The Czech Republic provides a good ex- Examples like the Czech Republic, as well Rehabilitation and Insolvency Act of ample of successful evolutionary reforms, as many other economies, show that 2010—was adopted in July 2010, but its achieving some of the biggest improve- meaningful improvements to insolvency impact was felt in the resolving insolven- ments in the past 5 years as measured by systems require sustained, continuous ef- cy indicators only in 2012/13. Doing Business by continuously strength- forts. Foundational reforms can produce ening its insolvency framework. A new results, but they are often insufficient to insolvency law went into effect in 2008 facilitate the most economically efficient and declared reorganization the preferred outcomes of insolvency proceedings— NOTES method of resolving insolvency. Liquida- the reorganization of businesses that are This topic note was written by Fernando Dan- tion and reorganization proceedings were economically viable and the liquidation of causa, Rong Chen and Olena Koltko. streamlined, and insolvency represen- businesses that are not. By implementing tatives became subject to educational both foundational and evolutionary re- 1. United States Courts: Bankruptcy Statis- and professional requirements as well as forms over the past 5 years, economies tics, http://www.uscourts.gov/Statistics/ stricter government oversight. have significantly narrowed the gap with BankruptcyStatistics.aspx. Statistics repre- the frontier in regulatory practice in re- sent business filings under Chapter 11 and Application of the new regulations iden- solving insolvency (figure 19.4). Chapter 7 of the U.S. Bankruptcy Code. tified some inefficiencies that led to fur- 2. Creditreform 2010. ther reforms in 2009 and 2012. By 2011 In many cases effects of reforms are not http://www.insolvencyjournal.ie/stats. reorganization was the most common in- immediately evident, and it may take sev- Statistics represent corporate insolvency filings that include both liquidations and solvency procedure in the Czech Repub- eral years before they can be quantified. reorganizations. lic, and survival of distressed but viable An absence of instant results should not 3. Instituto Nacional de Estadística, http:// companies was the prevailing outcome. discourage economies from adopting www.ine.es/. Statistics represent corporate By 2013 the time to complete insolvency further reforms and continuing to im- insolvency filings that include both liquida- proceedings had fallen by 4.4 years com- prove the insolvency framework. A good tions and reorganizations. pared with 2008 (figure 19.3). The recov- example is the Philippines, the economy 4. Creditreform 2012. ery rate of creditors in the Czech Republic that made the biggest improvement in http://www.insolvencyjournal.ie/stats. more than tripled over the past 6 years the efficiency of insolvency proceedings Statistics represent corporate insolvency (from 20.9 cents on the dollar in 2008 to in 2012/13. The new insolvency law that filings that include both liquidations and 65.0 cents on the dollar in 2013). led to this improvement—the Financial reorganizations. 5. Funchal 2008. annex: employing workers Rules governing relations between em- ployers and employees are a  key com- ponent of an economy’s regulatory envi- highlights from the ronment. All economies covered by Doing employing Workers data Business have some type of labor regula- Doing Business covers  29  areas related • Thirteen economies implemented tions. These regulations most commonly to employing workers, all listed in the em- reforms in labor regulation a ecting address areas where labor markets do not ploying workers data section on the Doing the Doing Business indicators work efficiently and equitably. Examples Business website and summarized at  the on employing workers between include information asymmetries be- end of this report. This year’s report high- June 2012 and June 2013; 51 did so  tween employers and employees, uneven lights 3 of them: probationary period, paid in the past 5 years. bargaining power between the  2  parties annual leave and length of the workweek. • This annex highlights 3 of and insufficient insurance against risks the 29 areas of labor regulation related to  employment (such as  loss measured: probationary period, of employment). Probationary period paid annual leave and length The probationary period is a fixed-length of the workweek. These types of market imperfections can monitoring period imposed on new em- • Most economies set 3–6 months result in inefficient and unjust outcomes ployees to determine whether they have as the maximum duration for and should be  addressed by  labor laws. the skills and abilities needed to perform probationary periods. But it  is possible to  have excessively the work agreed to in their employment • Seventy-nine economies burdensome regulation that is  coun- contracts. By  asking new employees provide 15–21 days paid annual terproductive, adversely affecting the to  serve probationary periods, busi- leave, consistent with International interests of  the people (employees) the nesses can gain important informa- Labour Organization (ILO) regulation is  intended to  protect. Overly tion on  the workers’ skills, work quality Convention 132 on holidays rigid labor regulations can slow job cre- and habits, and level of  cooperation. with pay. ation and hinder economic performance. If  employers are not satisfied, they can • One hundred and seventy-eight Well-functioning employment laws ad- terminate the employment contracts economies limit employees’ dress the imperfections of labor markets of  workers under probation with more workweek in manufacturing without imposing excessive rigidities flexible conditions than for regular work- to 6 or fewer days, complying with on the economy.1 ers.3 The probationary period can make ILO Convention 14 on the length the transition of young workers into the of the workweek. Doing Business, through its employing labor market easier because it provides workers indicators, measures flexibili- them with training opportunities and ty in  regulation of  employment relating removes some of  the risks to  employ- For more information on the methodology to  hiring, work scheduling, redundancy ers of hiring employees with little or no for the employing workers indicators, see rules and redundancy costs. These mea- work experience. the section on employing workers in the sures are fully consistent with the con- data notes or visit http://www ventions of  the International Labour Or- Probation also provides an  opportunity .doingbusiness.org/data/exploretopics/ ganization (ILO) but focus on formal labor for new employees to  acquire organiza- employing-workers. regulations rather than whether such tional and professional knowledge while regulations are enforced in  practice.2  To displaying their skills. Because learning make data comparable across 189 econ- processes are gradual, employees acquire omies, Doing Business uses a standardized the abilities needed to perform their jobs case study that assumes, among other adequately only after a  certain period, things, a  limited liability manufacturing at the end of which their performance can company with 60 employees. be evaluated.4 ANNEX: EMPLOYING WORKERS 119 But if  some critical elements are over- Moreover, new employees will not Paid annual leave looked, probation provisions might fail be  able to  receive sufficient training for Paid annual leave is the time that em- to  generate the expected benefits. First, their jobs. Conversely, workers might ployees are granted leave with social pro- in economies with rigid employment con- lack adequate protection if an excessive- tection and income. Paid annual leave is tracts, employers might seek flexibility ly long probationary period is  allowed. in addition to public holidays, sick leave, by  abusing probation and hiring work- Jobs entailing complex tasks typically re- weekly rest, and maternity and paternal ers only for the trial period, then replac- quire longer learning horizons, so in many leave. According to ILO Convention 132 ing them at  the end of  their probation. economies trial periods tend to be longer on holidays with pay, employees have As a solution some labor laws set a max- for positions requiring greater skills and the right to 3 weeks of paid leave a year. imum number of  trial workers for a  sin- specialization.5 The Doing Business paid annual leave in- gle position. dicator shows that 24% of economies Among the  189  economies covered provide less than 3 weeks of paid annual Second, efficient regulations should set by  Doing Business, 7% do  not allow any leave—provisions that can be character- the probationary period for an appropri- probation, 59% allow a  probationary ized as excessively flexible. For example, ate duration. If  the probationary period period of  3  months or  less, 2% allow average paid annual leave in Hong Kong is  too short, employers will not be  able between  3  and  6  months and  32% al- SAR, China for workers with 1, 5 and 10 to  correctly assess new employees. low 6 months or more (figure 20.1). years of tenure is 10.33 days. More than  40% (79) of  the economies covered by  Doing Business balance flex- Figure 20.1 The most common maximum limits for probationary periods ibility and worker protection by  offer- are 3 and 6 months ing  15–21  days of  paid annual leave (fig- ure  20.2).6  Examples include Cambodia, Distribution of economies by maximum length of probationary period (%) where the average is 19.33 days, and the 40 Netherlands, where it is 20. 35 30 Economies with different income lev- 25 els tend to  have different provisions for 20 paid annual leave. On  average, upper- 15 middle-income and lower-middle-income 10 economies mandate less paid an- 5 nual leave than do  high- and low- income economies (figure  20.3). The 0 No Less than 3 months Between 3 and 6 months More than formal sectors of  low-income economies probation 3 months 6 months 6 months provide the most days of  mandatory paid annual leave. But in  these economies Source: Doing Business database. the formal sector does not include most workers, so this benefit is available to only a small group of workers. Figure 20.2 More than 40% of economies balance flexibility and protection in mandatory paid annual leave Length of the workweek Distribution of economies by mandatory paid annual leave (%) 45 Regulation on  the maximum number 40 of workdays per week is among the main 35 subjects of  labor legislation. A  proper amount of weekly rest is needed to en- 30 sure high productivity and work efficien- 25 cy while maintaining employees’ physi- 20 cal and mental health. While ensuring 15 that workers are entitled to  sufficient 10 time off, labor legislation should also 5 provide firms with the flexibility they 0 need to  shape their operations around Excessively flexible Balanced Semirigid Excessively rigid (less than 15 days) (15–21 days) (21–26 days) (more than 26 days) market dynamics. Note: The designation excessively flexible accords with ILO Convention 132, which states that paid annual leave In  166  of the  189  economies covered should not be less than 3 working weeks (15 working days if a 5-day workweek is assumed). The designations by  Doing Business, labor regulations bal- semirigid and excessively rigid are based on the final report of the Employing Workers Consultative Group. Paid annual leave refers to economy averages for workers with 1, 5 and 10 years of tenure. ance flexibility and worker protection Source: Doing Business database. by  limiting the length of  the workweek 120 Doing Business 2014 to between 5.5 and 6 days (figure 20.4). Conversely, in  11  economies labor leg- Figure 20.3  Upper-middle-income economies require the least paid annual leave islation is  excessively flexible, allowing Average mandatory paid annual leave (working days) employees to work 7 days a week in case of  need. Finally, in  12  of the economies Low income covered, weekly rest provisions prohibit firms from employing workers for more Lower middle than 5 days a week. In Ghana the maxi- income mum number of  working days per week Upper middle is  5. In  Austria, Latvia, the Netherlands income and Sweden it  is  5.5. In  Barbados, New High income Zealand and Puerto Rico (territory of the United States) it is 7. 0 5 10 15 20 25 Most of the economies covered by  Doing Note: Paid annual leave refers to economy averages for workers with 1, 5 and 10 years of tenure. Business have balanced provisions. This Source: Doing Business database. is true across all income groups. But when focusing on  economies with excessive- ly rigid or  flexible workweek regulations, some interesting trends emerge. More Almost 90% of economies balance flexibility with worker protection Figure 20.4   than 10% of low-income economies limit in setting the maximum length of the workweek the workweek to 5 days. Conversely, when workweek regulations are off balance Distribution of economies by maximum length of workweek (%) 100 in high-income and lower-middle-income 90 economies, it  is often because of  exces- 80 sive flexibility (figure 20.5). 70 60 50 Who reformed in 40 30 employing workers in 20 2012/13? 10 In 2012/13, 13 economies changed their 0 Excessively rigid (5 days) Balanced (5.5–6 days) Excessively flexible (7 days) labor regulations in ways that affect the Doing Business indicators on employing Note: The designation excessively flexible accords with ILO Convention 14, which states that all staff in any workers (table 20.1). Of these, 7 econ- industrial undertaking should enjoy in every period of 7 days a period of rest comprising at least 24 consecutive omies changed their laws to  increase hours. The designation excessively rigid is based on the final report of the Employing Workers Consultative Group. labor market flexibility, while  6  did Source: Doing Business database. the opposite. Of  those  7  economies, 2  are in  the OECD high-income group and  2  are in  East Asia and the Pacific. While most of  the changes increasing Figure 20.5  More than 10% of low-income economies limit the workweek to 5 days labor market flexibility focused on  re- dundancy costs or procedures, 2 econ- Share of economies with excessively rigid or flexible workweek provisions (%) 14 omies introduced a minimum wage for the first time. 12 10 8 What have we learned 6 from 5 years of data? 4 In the past  5  years  51  economies imple- 2 mented  69  reforms affecting the em- 0 High income Upper middle income Lower middle income Low income ploying workers indicators (figure  20.6). Excessively rigid (5 days) Excessively flexible (7 days) OECD high-income economies made the most changes, with  24, followed by  Eu- Note: The designation excessively flexible accords with ILO Convention 14, which states that all staff in any rope and Central Asia with 17, Sub-Saharan industrial undertaking should enjoy in every period of 7 days a period of rest comprising at least 24 consecutive Africa with  8  and East Asia and the Pa- hours. The designation excessively rigid is based on the final report of the Employing Workers Consultative Group. cific with 7. Source: Doing Business database. Annex: employing workers 121 implemented a number of changes, includ- Table 20.1  Who changed labor legislation in 2012/13? ing an increase in mandatory annual leave, Feature Economies Some highlights removal of  the obligation for third-party approval in cases of redundancy dismissal Hiring rules Bahrain; Czech Bahrain restricted previously unlimited fixed-term contracts and a reduction of the notice period in cas- Republic; Malaysia; to 5 years. The Czech Republic abolished the lower minimum Niger; Slovak Republic; wage for an apprentice. Malaysia and West Bank and Gaza es of  redundancy, which was longer than Spain; West Bank and implemented a minimum wage in the private sector for the in other economies in the region. Gaza first time. Niger extended the maximum cumulative duration of fixed-term contracts from 24 months to 48. The Slovak Republic decreased the maximum duration of fixed-term Governments in OECD high-income econ- contracts from 36 months to 24. Spain restricted previously omies followed a different pattern. On the unlimited fixed-term contracts to 12 months. one hand they focused on  reforming re- Redundancy Ireland; Portugal; Slovak Ireland removed the third-party notification requirement gimes for fixed-term contracts, generally costs and Republic; Slovenia; for terminating a redundant worker. Portugal eliminated allowing them to run longer. For example, procedures United Kingdom; the priority rules that applied to redundancy dismissals Vietnam or layoffs. The Slovak Republic reintroduced the obligation in 2012 the Czech Republic increased the to notify an employee’s representatives upon termination maximum duration of  fixed-term con- of the employment relationship and mandatory severance tracts to 36 months, and to 108 months pay for employees who worked at a company for more than 2 years. Slovenia shortened notice periods, decreased including all renewals. On the other hand, severance payments in cases of redundancy dismissal and 5  labor regulation changes introduced eliminated priority rules for reemployment. The United Kingdom increased the cap on weekly wage provided to employees on by OECD high-income economies in the the severance payment. Vietnam abolished priority rules for past 5 years either shortened the required redundancies. notice period or  reduced severance pay- Work Hungary; Portugal Hungary lowered the premium for work performed at night ments in cases of redundancy dismissal. scheduling or on a weekly rest day. Portugal reduced the wage premium Today the average notice period globally for weekly holiday work, the time worked beyond the standard is  5.1  weeks and the average severance workweek, from 100% to 50%. payment is 11.9 weeks of salary. Five years Source: Doing Business database. ago these averages were  5.25  weeks and 12.3 weeks. The changes were usual- ly linked to efforts to increase labor mar- Governments in  Sub-Saharan Africa fo- In  2010  Zimbabwe reduced severance ket flexibility as  part of  strategies aimed cused on  reforming redundancy cost payments to  redundant workers; these at boosting employment. and work scheduling provisions. For ex- were perceived by the authorities as being ample, Togo increased the wage pre- high, providing perverse incentives to em- Economies in  Latin America and the mium for weekly holiday work in  2012. ployers not to  hire. In  2009  Mauritius Caribbean focused on  reforms related Figure 20.6  Since 2009 governments in every region have implemented reforms affecting different areas of labor regulation 16 10 8 7 7 6 6 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 1 1 1 0 0 0 East Asia Europe Latin America Middle East OECD high South Asia Sub-Saharan & Pacific & Central Asia & Caribbean & North Africa income Africa Hiring rules Work scheduling Redundancy rules Redundancy cost Note: A single regulatory reform can affect more than 1 of the 4 areas covered by the employing workers indicators. Source: Doing Business database. 122 Doing Business 2014 to  redundancy costs, generally chang- 4. Riphahn and Thalmaier 1999. ing the required notice period for em- 5. Pierre and Scarpetta 2004. ployees or the severance pay applicable NOTES 6. As noted in figures in this annex, some des- ignations relating to paid annual leave as well in  cases of  redundancy dismissal. One This annex was written by  Raian Divanbeigi, Dorina Georgieva, Jiawen Pan and Morgann Ross. as length of the workweek are based on the such change occurred in Belize in 2013. final report of  the Employing Workers Con- The number of  labor regulation reforms sultative Group, whose members included 1. World Bank 2013b. in  Europe and Central Asia has been the ILO, International Trade Union Confed- 2. The employing workers indicators do  not significant, and the reforms are evenly eration (ITUC), International Organisation cover any of  the ILO core labor standards, distributed among the different areas such as  the right to  collective bargaining, of  Employers (IOE) and Organisation for measured by the employing workers in- the elimination of  forced labor, the abolition Economic Co-operation and Development dicators. of child labor and equitable treatment in em- (OECD). More information about the consul- ployment practices. tative group can be found on the Doing Busi- 3. Zhang 2012. ness website. References Abdul Aziz, Saliza, and Kamil Md. Idris. 2012. Ardagna, Silvia, and Annamaria Lusardi. “The Determinants of Tax E-filing among 2010. “Explaining International Differ- Tax Preparers in Malaysia.” World Journal ences in Entrepreneurship: The Role of of Social Sciences 2 (3): 182–88. Individual Characteristics and Regulatory Constraints.” In International Differences Acemoglu, Daron, Simon Johnson and James in Entrepreneurship, edited by Josh Lerner A. Robinson. 2002. “Reversal of Fortunes: and Antoinette Schoar. Chicago: Univer- Geography and Institutions in the Mak- sity of Chicago Press. ing of the Modern World Income Distri- bution.” Quarterly Journal of Economics 117 Azmi, Anna A. Che, and Yusniza Kamarulz- (4): 1231–94. aman. 2010. “Adoption of Tax E-Filing: A Conceptual Paper.” African Journal of Busi- Alesina, Alberto, Silvia Ardagna, Giuseppe ness Management 4 (5): 599–603. Nicoletti and Fabio Schiantarelli. 2005. “Regulation and Investment.” Journal of Baccarini, David. 2000. “Risk Management the European Economic Association 3 (4): Australian Style—Theory vs. Practice.” 791–825. In Proceedings of the Project Management Institute Annual Seminars & Symposium, Alonso Ledesma, Carmen. 2007. ”Algunas re- Sydney, Australia, September 7–16. New- flexiones sobre la función (la utilidad) del ton Square, PA: Project Management In- capital social como técnica de protección stitute. de los acreedores.”  Estudios de derecho de sociedade s y derecho concursal: Libro hom- Bae, Kee-Hong, Jae-Seung Baekb, Jun-Koo enaje al Profesor Rafael García Villaverde. Kangc and Wei-Lin Liud. 2012. “Do Con- Madrid: Marcial Pons. trolling Shareholders’ Expropriation In- centives Imply a Link between Corporate Alvarez Voullième, Carlos, Constanza Cap- Governance and Firm Value? Theory and devila de la Cerda, Fernando Flores Labra, Evidence.” Journal of Financial Economics Alejandro Foxley Rioseco and Andrés Na- 105 (2): 412–35. varro Haeussler. 2006. “Information and Communication Technologies in Chile: Barseghyan, Levon. 2008. “Entry Costs and Past Efforts, Future Challenges.” In Global Cross-Country Differences in Produc- Information Technology Report 2005–2006. tivity and Output.” Journal of Economic Hampshire: Palgrave Macmillan. Growth 13 (2): 145–67. Amin, Mohammad. 2009. “Labour Regu- Becht, Marco, Colin Mayer and Hannes F. lation and Employment in India’s Retail Wagner. 2008. “Where Do Firms Incor- Stores.” Journal of Comparative Economics porate? Deregulation and the Cost of 37: 47–61. Entry.” Journal of Corporate Finance 14 (3). Amiti, Mary, and Amit K. Khandelwal . 2011. Beck, Thorsten, Chen Lin and Yue Ma. Forth- “Import Competition and Quality Up- coming. “Why Do Firms Evade Taxes? grading.” Review of Statistics and Econom- The Role of Information Sharing and ics 95 (2): 476–90. Financial Sector Outreach” Journal of Fi- nance. Antunes, Antonio, and Tiago Cavalcanti. 2007. “Start Up Costs, Limited Enforce- Berman, Greenstreet. 2012. “Risk Assessment ment, and the Hidden Economy.” Europe- Decision Making Tool for Building Control an Economic Review 51 (1): 203–24. Bodies, Summary Report.” Department 124 Doing Business 2014 for Communities and Local Government, Countries.” Policy Research Working Pa- NavigationMenu/Home/Files/Green- United Kingdom. https:/ /www.gov.uk/ per 6507, World Bank, Washington, DC. CourtsInitiativeJan2009.pdf. government/uploads/system/uploads/ Busse, Matthias, Ruth Hoekstra and Jens Ciccone, Antonio and Elias Papaioannou. attachment_data/file/8383/2076733. Königer. 2012. “The Impact of Aid for 2007. “Red Tape and Delayed Entry.” pdf. Trade Facilitation on the Costs of Trad- Journal of the European Economic Associa- Bird, Richard M., and Oliver Oldman. 2000. ing.” Kyklos 65: 143–63. tion 5 (2–3): 444–58. “Improving Taxpayer Service and Facili- Büyükkarabacak, Berrak, and Neven Valev. Creditreform. 2010. “Insolvencies in Europe tating Compliance in Singapore.” PREM- 2012. “Credit Information Sharing and 2009/10: A Survey by the Creditreform note 48, World Bank, Washington, DC. Banking Crises: An Empirical Investiga- Economic Research Unit.” Federation of http://www1.worldbank.org /prem / tion.” Journal of Macroeconomics 34 (3): Creditreform Associations. http:/ /www. PREMNotes/premnote48.pdf. 788–800. creditreform.com/. Bird, Richard M., and Eric M. Zolt. 2008. Carballo, Jeronimo, Alejandro Graziano and ———. 2012. “Insolvencies in Europe 2011/12: “Technology and Taxation in Developing Christrian Martincus. 2013. “Customs as A Survey by the Creditreform Econom- Countries: From Hand to Mouse.” Nation- Doorkeepers: What Are Their Effects on ic Research Unit.” Federation of Cred- al Tax Journal 2 (61): 791. International Trade?” Inter-American De- itreform Associations. http://www. Blanchflower, David G., Andrew Oswald and velopment Bank, Washington, DC. creditreform.com/fileadmin/user_up- Aloi Stutzer. 2001. “Latent Entrepreneur- Cardenas, Mauricio and Sandra Rozo. 2009. load/CR-International/local_docu- ship across Nations.” European Economic “Firm Informality in Colombia: Problems ments/Analysen/Insolvencies_in_Eu- Review 45 (4): 680–91. and Solutions.” Desarrollo y Sociedad 63: rope_2011-12.pdf. Booth, Richard A. 2005. “Capital Require- 211–43. Crown Agents. 2012a. “Dominican Republic ments in United States Corporation Law.” Cavalcanti, Marco Antonio F. H. 2010. “Credit Single Window for External Trade Project, http://digitalcommons.law.umaryland. Market Imperfections and the Power of Product 1 Report Annex: Single Window edu/cgi/viewcontent.cgi?article=1013&- the Financial Accelerator: A Theoretical Case Studies, Colombia.” https:/ /www. context=fac_pubs. and Empirical Investigation.” Journal of aduanas.gob.do/vuce/files/documenta- Macroeconomics 32: 118–44. cion /productos-entregables/Prod- Botero, Juan Carlos, Rafael La Porta, Florencio uct%201-Annex-Feb-2012_EN.pdf. López-de-Silanes, Andrei Shleifer and Al- Chan, Gordon Y. M. 2009. “Why Does China exander Volokh. 2003. “Judicial Reform.” Not Abolish the Minimum Capital Re- ———. 2012b. “Dominican Republic Single The World Bank Research Observer 18 (1): quirement for Limited Liability Compa- Window for External Trade Project, Prod- 67–88. nies?” Company Lawyer 30 (10): 306–11. uct 1 Report Annex: Single Window Case Studies, Singapore.” https://www.adua- Botero, Juan Carlos, Simeon Djankov, Rafael Chang, Roberto, Linda Kaltani and Norman nas.gob.do/vuce/files/documentacion/ La Porta, Florencio López-de-Silanes and Loayza. 2009. “Openness Can Be Good productos-entregables/Product%20 Andrei Shleifer. 2004. “The Regulation of for Growth: The Role of Policy Comple- 1-Annex-Feb-2012_EN.pdf. Labor.” Quarterly Journal of Economics 119 mentarities.” Journal of Development Eco- (4): 1339–82. nomics 90: 33–49. Cullen, Scott. 2012. “Risk Management.” Branstetter, Lee G., Francisco Lima, Lowell J. Whole Building Design Guide, National Chen, Zhihong, Bin Ke and Zhifeng Yang. Taylor and Ana Venâncio. 2013. “Do En- Institute of Building Sciences, Washing- Forthcoming. “Minority Shareholders’ try Regulations Deter Entrepreneurship ton, DC. http:/ /www.wbdg.org/project/ Control Rights and the Quality of Cor- and Job Creation? Evidence from Recent riskmanage.php. porate Decisions in Weak Investor Pro- Reforms in Portugal.” The Economic Jour- tection Countries: A Natural Experiment Cuñat, Alejandro, and Marc J. Melitz. 2007. nal (July 16). http://onlinelibrary.wiley. from China.” The Accounting Review. “Volatility, Labor Market Flexibility, and com/doi/10.1111/ecoj.12044/abstract. http://ssrn.com/abstract=1602868. the Pattern of Comparative Advantage.” Bruhn, Miriam. 2011. “License to Sell: The NBER Working Paper 13062, National Cheng, Xiaoqiang and Hans Degryse. 2010. Effect of Business Registration Reform Bureau of Economic Research, Cam- “Information Sharing and Credit Ra- on Entrepreneurial Activity in Mexico.” bridge, MA. tioning: Evidence from the Introduc- Review of Economics and Statistics 93 (1): tion of a Public Credit Registry.” CentER Dabla-Norris, Era, and Maria Gabriela In- 382–86. Discussion Paper 2010-34S, Center for chauste Comboni. 2008. “Informality and ———. 2013. “A Tale of Two Species: Revisit- Economic Research, Tilburg University, Regulations: What Drives the Growth of ing the Effect of Registration Reform on Tilburg. Firms?” IMF Staff Papers 55 (1): 50–82. Informal Business Owners in Mexico.” http://www.palgrave-journals.com/imf- Chicago Bar Association Task Force on Journal of Development Economics 103: sp/journal/v55/n1/full/9450030a.html. Green Courts Initiative for the Circuit 275–83. Court of Cook County. 2008. “Final Re- Dall’Olio, Andrea, Mariana Lootty, Naoto Ka- port and Recommendations.” Chicago, neira and Federica Saliola. 2013. “Produc- Bruhn, Miriam, and David McKenzie. 2013. IL. http://www.chicagobar.org/AM/ tivity Growth in Europe.” Policy Research “Entry Regulation and Formalization Working Paper 6425, World Bank, Wash- of Microenterprises in Developing ington, DC. references 125 de Mel, Suresh, David McKenzie and Chris- Djankov, Simeon, Tim Ganser, Caralee Mc- Ewang, Fritz N. 2007. “An Analysis and Cri- topher Woodruff. 2013. “The Demand Liesh, Rita Ramalho and Andrei Shleifer. tique of the European Union’s Minimum for, and Consequences of, Formaliza- 2010. “The Effect of Corporate Taxes on Capitalization Requirement.” Faculty of tion among Informal Firms in Sri Lanka.” Investment and Entrepreneurship.” Amer- Law, Charles Sturt University, Australia. American Economic Journal: Applied Eco- ican Economic Journal: Macroeconomics 2 http://ssrn.com/abstract=1015708. nomics 5 (2): 122–50. (3): 31–64. Fisman, Raymond, and Virginia Sarria-Al- de Soto, Hernando. 2000. The Mystery of Cap- Dollar, David, Tatjana Kleineberg, and Aart lende. 2010. “Regulation of Entry and ital: Why Capitalism Triumphs in the West Kraay. 2013. “Growth Still Is Good for the Distortion of Industrial Organiza- and Fails Everywhere Else. New York: Basic the Poor” Policy Research Working Paper tion.” Journal of Applied Economics 13 (1): Books. 6568, World Bank, Washington, DC. 91–120. di Giovanni, Julian, and Andrei A. Levchenko. Dorhman, Thomas, and Gary Pinshaw. 2009. Fisman, Raymond, and Shang-Jin Wei. 2004. 2013. “Firm Entry, Trade, and Welfare in “The Road to Improved Compliance: A “Tax Rates and Tax Evasion: Evidence Zipf’s World.” Journal of International Eco- McKinsey Benchmarking Study of Tax from ‘Missing Imports’ in China.” Journal nomics 89 (2): 283–96. Administrations 2008-2009.” McKinsey of Political Economy 112 (2): 471–96. Djankov, Simeon. 2009. “The Regulation of & Company, Washington, DC. Foster, Vivien, and Jevgenijs Steinbucks. Entry: A Survey.” The University Press 24 Dower, Paul Castãneda, and Elizabeth Pota- 2009. “Paying the Price for Unreliable (2): 183–203. mites. 2012. “Signaling Credit-Worthi- Power Supplies: In-house Generation of Djankov, Simeon, Caroline Freund and Cong ness: Land Titles, Banking Practices and Electricity by Firms in Africa.” Policy Re- S. Pham. 2010. “Trading on Time.” Review Formal Credit in Indonesia.” Working search Working Paper 4913, World Bank, of Economics and Statistics 92 (1): 166–73. Paper 186, Center for Economic and Fi- Washington, DC. nancial Research, New Economic School, Djankov, Simeon, Caralee McLiesh and Freund, Caroline, and Bineswaree Bolaky. Moscow. Rita Ramalho. 2006. “Regulation and 2008. “Trade, Regulations, and Income.” Growth.” Economics Letters 92: 395–401. Dreher, Axel, and Martin Gassebner. 2013. Journal of Development Economics 87: Djankov, Simeon, Caralee McLiesh and An- “Greasing the Wheels? The Impact of 309–21. drei Shleifer. 2007. “Private Credit in 129 Regulations and Corruption on Firm En- Freund, Caroline, and Nadia Rocha. 2011. Countries.” Journal of Financial Economics try.” Public Choice 155 (3–4): 413–32. “What Constrains Africa’s Exports?” 84 (2): 299–329. Dulleck, Uwe, Paul Frijters and R. Winter-Eb- The World Bank Economic Review 25 (3): Djankov, Simeon, Oliver Hart, Caralee Mc- mer. 2006. “Reducing Start-up Costs for 361–86. Liesh and Andrei Shleifer. 2008. “Debt New Firms: The Double Dividend on the Fritsch, Michael, and Florian Noseleit. 2013. Enforcement around the World.” Journal Labor Market.” Scandinavian Journal of “Investigating the Anatomy of the Em- of Political Economy 116 (6): 1105–49. Economics 108: 317–37. ployment Effect of New Business Forma- Djankov, Simeon, Rafael La Porta, Florencio Dutz, Mark A., Ioannis Kessides, Stephen tion.” Cambridge Journal of Economics 37 López-de-Silanes and Andrei Shleifer. O’Connell and Robert D. Willig. 2011. (2): 349–77. 2001. “Legal Structure and Judicial Effi- “Competition and Innovation-Driven In- Fuentes, Luis Fernando. 2010. “Ventanilla nica ciency: The Lex Mundi Project.” Harvard clusive Growth.” Policy Research Work- de Comercio Exterior—VUCE—Avances University, Cambridge, MA. ing Paper 5852, World Bank, Washing- y Proyectos.” Colombia Ministry of Com- ton, DC. Djankov, Simeon, Rafael La Porta, Florencio merce, Industry and Tourism. Presented López-de-Silanes and Andrei Shleifer. Duval, Yann, and Chorthip Utoktham. 2009. at II Encuentro Regional Latinoamericano 2002. “The Regulation of Entry.” Quarter- “Behind-the-Border Trade Facilitation in y del Caribe sobre Ventanillas nicas de ly Journal of Economics 117 (1): 1–37. Asia-Pacific: Cost of Trade, Credit Infor- Comercio Exterior: Avances y Retos Pen- mation, Contract Enforcement and Reg- dientes, December 1–2, Valparaiso, Chile. Djankov, Simeon, Rafael La Porta, Florencio ulatory Coherence.” Working Paper 67, López-de-Silanes and Andrei Shleifer. Funchal, Bruno. 2008. “The effects of the Asia-Pacific Research and Training Net- 2003. “Courts.” Quarterly Journal of Eco- 2005 Bankruptcy Reform in Brazil” Eco- work on Trade, Bangkok. nomics 118 (2): 453–517. nomics Letters 101 (2008) 84–86. Edwards-Dowe, Denise. 2008. “E-Filing and Djankov, Simeon, Rafael La Porta, Florencio GAO (U.S. General Accounting Office). E-Payments—The Way Forward.” Pre- López-de-Silanes and Andrei Shleif- 2002. “Tax Administration: Electronic Fil- sented at the Caribbean Organization of er. 2008. “The Law and Economics of ing’s Past and Future Impact on Process- Tax Administration (COTA) General As- Self-Dealing.” Journal of Financial Econom- ing Costs Dependent on Several Factors.” sembly, Belize City, Belize. ics 88 (3): 430–65. Report to the Chairman, Subcommit- Electronic Tax Administration Advisory Com- tee on Oversight, Committee on Ways Djankov, Simeon, Darshini Manraj, Caralee mittee. 2012. Annual Report. Washington, and Means, House of Representatives, McLiesh and Rita Ramalho. 2005. “Doing DC: U.S. Internal Revenue Service. Washington, DC. http:/ /www.gao.gov/ Business Indicators: Why Aggregate, and assets/240/233334.pdf. How to Do It.” World Bank, Washington, DC. 126 Doing Business 2014 Geginat, Carolin, Adrian Gonzalez and Val- Justice System Professionals.” The Justice Single Window Trading Environment Brief 2. entina Saltane. 2012. “Cutting Out the System Journal 27 (3): 248–67. UNNExt (United Nations Network of Ex- Middle Man: Transparent Government perts for Paperless Trade in Asia and the Houston, Joel, Chen Lin, Ping Lin and Yue and Business Regulation.” Draft. Doing Pacific), Bangkok. Ma. 2010. “Creditor Rights, Information Business Unit, World Bank Group, Wash- Sharing, and Bank Risk Taking.” Journal of Kopczuk, Wojciech, and Cristian Pop-Eleches. ington, DC. Financial Economics 96 (3): 485–512. 2005. “Electronic Filing, Tax Preparers, Giannetti, Caterina, and Nicola Jentzsch. and Participation in the Earned Income International Records Management Trust. 2013. “Credit Reporting, Financial Inter- Tax Credit.” NBER Working Paper 11768, 2011. “Managing Records as Reliable mediation and Identification Systems: National Bureau of Economic Research, Evidence for ICT/ e-Government and International Evidence.” Journal of Inter- Cambridge, MA. Freedom of Information: Rwanda Coun- national Money and Finance 33: 60–80. Kraay, Aart and Norikazu Tawara. 2011. “Can try Report.” London. http://irmt.org/de- Giné, Xavier, and Inessa Love. 2010. “Do Re- velopment-research/research-reports-2/ Disaggregated Indicators Identify Gover- organization Costs Matter for Efficiency? attachment/rwanda-country-report. nance Reform Priorities?” Policy Research Evidence from a Bankruptcy Reform in Working Paper 5254, World Bank, Wash- Iimi, Atsushi. 2008. “Effects of Improving In- ington, DC. Colombia.” Journal of Law and Economics frastructure Quality on Business Costs: 53 (4): 833–64. Kuntchev, Veselin, Rita Ramalho, Jorge Rodrí- Evidence from Firm-Level Data.” Policy Gumasing, Rhea L. 2013. “Promoting MSME Research Working Paper 4581, World guez-Meza and Judy Yang. 2012. “What Development through Streamlining of Bank, Washington, DC. Have We Learned from the Enterprise BPLS of the Municipality of San Jose de Surveys Regarding Access to Finance by Janiak, Alexandre. 2013. “Structural Unem- SMEs?” World Bank, Washington, DC. Buenavista, Philippines.” World Journal of ployment and the Costs of Firm Entry and Social Sciences 3 (2): 25–35. La Porta, Rafael, and Andrei Shleifer. 2008. Exit.” Labour Economics 23 (August): 1–19. Hallward-Driemeier, Mary, Gita Khun-Jush “The Unofficial Economy and Economic John, Kose, Lubomir Litov and Bernard Yeung. and Lant Pritchett. 2010. “Deals versus Development.” Tuck School of Business 2008. “Corporate Governance and Rules: Policy Implementation Uncertain- Working Paper 2009-57, Hanover, NH. Risk-Taking” Journal of Finance 53 (4): ty and Why Firms Hate It.” NBER Work- http://ssrn.com/abstract=1304760. 1679–1728. ing Paper 16001, National Bureau of Eco- Lawless, Martina. 2013. “Do Complicated Tax nomic Research, Cambridge, MA. Kaplan, David, Eduardo Piedra and Enrique Systems Prevent Foreign Direct Invest- Seira. 2011. “Entry Regulation and Busi- Hayo, Bernd, and Stefan Voigt. 2008. “The ment?” Economica 80: 1–22. ness Start-ups: Evidence from Mexico.” Relevance of Judicial Procedure for Eco- Journal of Development Economics 95: Lee, Young, and Roger H. Gordon. 2005. “Tax nomic Growth.” CESifo Working Paper 1501–15. Structure and Economic Growth.” Journal 2514, CESifo Group Munich, Munich. of Public Economics 89 (5–6): 1027–43. Kingston, William. 2000. “Enforcing Small http://ssrn.com/abstract=1318292. Firms’ Patent Rights.” School of Business Lilienfeld-Toal, Ulf von, Dilip Mookherjee, and Helpman, Elhanan, Marc Melitz and Yona Ru- Studies, Trinity College, University of SujataVisaria. 2012. “The Distributive Im- binstein. 2008. “Estimating Trade Flows: Dublin. ftp:/ /ftp.cordis.europa.eu/pub/ pact of Reforms in Credit enforcement: Trading Partners and Trading Volumes.” innovation-policy/studies/studies_en- Evidence from Indian Debt Recovery Tri- Quarterly Journal of Economics 123 (2): forcing_firms_patent_rights.pdf. bunals.” Econometrica 80: 497–558. 441–87. Klapper, Leora and Inessa Love. 2011. “The Love, Inessa, María Soledad Martínez Pería Hoekman, Bernard, and Alessandro Nicita. Impact of Business Environment Reforms and Sandeep Singh. 2013. “Collater- 2011. “Trade Policy, Trade Costs and De- on New Firm Registration.” Policy Re- al Registries for Movable Assets: Does veloping Country Trade.” World Develop- search Working Paper 5493, World Bank, Their Introduction Spur Firms’ Access to ment 39 (12): 2069–79. Washington, DC. Bank Finance?” Policy Research Working Hornuf, Lars, Horst G. M. Eidenmueller, An- Klapper, Leora, Luc Laeven and Raghuram Ra- Paper 6477, World Bank, Washington, dreas Engert and Reiner Braun. 2011. jan. 2006. “Entry Regulation as a Barrier DC. “Does Charter Competition Foster Entre- to Entrepreneurship.” Journal of Financial Mapp, Charles Allen Sr. 2008. “Providing preneurship? A Difference-in-Difference Economics 82 (3): 591–629. Electronic Access to Justice in the First Approach to European Company Law Klapper, Leora, Anat Lewin and Juan Manuel Judicial District of Pennsylvania Phil- Reforms.” ECGI Finance Working Paper Quesada Delgado. 2009. “The Impact of adelphia Court of Common Pleas Tri- 308/2011, European Corporate Gover- the Business Environment on the Busi- al Division—Civil.” Institute for Court nance Institute (ECGI) - Finance Research ness Creation Process.” Policy Research Management, National Center for State Paper Series, Brussels. Working Paper 4937, World Bank, Wash- Courts, Philadelphia, PA. http:/ /www. Horowitz, Donald J., and Richard Zorza. 2006. ington, DC. ncsc.org /~/media/Files/PDF/Educa- “The Washington State Access to Justice tion%20and%20Careers/CEDP%20Pa- Koh Tat Tsen, Jonathan. 2010. “Best Practice Technology Principles: A Perspective for pers/2008/Mapp_ElecAccessToJustice. in Single Window Implementation: Case ashx. of Singapore’s TradeNet.” In Towards a references 127 Martins, Claudia Garrido, Morano Cássia An- 144, Organisation for Economic Co-oper- Perotti, Enrico and Paolo Volpin. 2005. “The dréa Ruotolo, Ferreira Miguel Luiz Ribeiro ation and Development, Paris. Political Economy of Entry: Lobbying and and Haddad Assed Naked. 2011. “Risk Financial Development.” Paper present- Monteiro, C. M. Joana, and Juliano J. Identification Techniques Knowledge and ed at the American Finance Associa- Assunção. 2012. “Coming Out of the Application in the Brazilian Construc- tion 2005 Philadelphia Meetings, Haas Shadows? Estimating the Impact of Bu- tion.” Journal of Civil Engineering and Con- School of Business, University of Califor- reaucracy Simplification and Tax Cut on struction Technology 2 (11): 242–52. nia, Berkeley. Formality in Brazilian Microenterprises.” McMillan, James E. 2010. “Electronic Docu- Journal of Development Economics 99: Pfau, Ann. 2011. “eFiling in the New York State ments: Benefits and Potential Pitfalls.” In 105–15. Courts: Report of the Chief Adminis- Future Trends in State Courts 2010. Nation- trative Judge to the Governor, the Chief Motta, Marialisa, Ana Maria Oviedo and al Center for State Courts, Williamsburg Judge, and the Legislature.” New York Massimiliano Santini. 2010. “An Open VA. http://cdm16501.contentdm.oclc. State Unified Court System. http://www. Door for Firms: The Impact of Business org/cdm/ref/collection/tech/id/767. courts.state.ny.us/whatsnew/pdf/eFil- Entry Reforms.” Viewpoint 323, World ing-Report_6-2011.pdf. McMillan, James E., Carole D. Pettijohn Bank Group, Washington, DC. https:/ / and Jennifer K. Berg. 2012. “Calculat- www.wbginvestmentclimate.org /up- Pierre, Gaëlle and Stefano Scarpetta. 2004. ing an E-Court Return on Investment.” loads/323-Business-entry-reforms.pdf. “Employment Regulations through the Court Technology Bulletin (February Eyes of Employers : Do They Matter and Moullier, Thomas. 2009. “Reforming Building 16). http://courttechbulletin.blogspot. How Do Firms Respond to Them?” World Permits: Why Is It Important and What com/2012/02/calculating-e-court-re- Bank, Washington, DC. Can IFC Really Do?” International Fi- turn-on.html. nance Corporation. Washington, DC. Portugal-Perez, Alberto and John S. Wilson. Micco, Alejandro, and Carmen Pagés. 2006. 2011. “Export Performance and Trade Mülbert, Peter O. 2006. “A Synthetic View “The Economic Effects of Employment Facilitation Reform: Hard and Soft In- of Different Concepts of Creditor Pro- Protection: Evidence from International frastructure.” World Development 40 tection, Or: A High-Level Framework for Industry-Level Data.” IZA Discussion Pa- (7):1295–1307. Corporate Creditor Protection.” ECGI Law per 2433, Institute for the Study of Labor, Working Paper 60, European Corporate Ramadhani, Hon. Augustino S. L. 2010. “Com- Bonn. Governance Institute (ECGI) - Law Re- puterization of Judiciary: Advantages and Ministerio de Comunicaciones, Republica de search Paper Series, Brussels. Disadvantages.” Judiciary of Tanzania. Colombia. 2008. “Estudio de Caso: Min- Presented at the South African Chief Mullainathan, Sendhil, and Philipp Schnabl. isterio de Comercio, Industria y Turismo, Justices Forum Conference on Sustaining 2010. “Does Less Market Entry Regula- Ventanilla Única de Comercio Exterior the Independence of the Judiciary. http:// tion Generate More Entrepreneurs? Evi- —VUCE—www.vuce.gov.co.” Presented www.venice.coe.int/SACJF/2010_08_ dence from a Regulatory Reform in Peru.” at Programa Agenda de Contectividad RSA_Johannesburg/Tanzania.pdf. National Bureau of Economic Research 5: por Unión Temporal Sigma DOS - DBB, 159–77. REDGEALC (Red de Gobierno Electronico Bogotá, December. http://viejoprograma. gobiernoenlinea.gov.co/apc-aa-files/ Neo, Boon Siong, and Kwong Sin Leong. 1994. de America Latina y el Caribe). 2012. 5854534aee4eee4102f0bd5ca294791f/ “Managing Risks in Information Technol- “Ventanilla nica de Comercio Exterior.” GEL_ME_EstudioCaso_MinComercio_ ogy Projects: A Case Study of TradeNet.” http://www.redgealc.net/sitio/conteni- VUCE2008.pdf. Journal of Information Technology Manage- do/2379/. Miola, Massiomo. 2005. “Legal Capital and ment 5 (3). Regulated Industries Commission. 2008. Limited Liability Companies: The Euro- Ocampo, Jose Antonio. 2010. “Impact of “Capital Contribution Policy for the Trin- pean Perspective.” European Company and Trade Facilitation Mechanisms on Ex- idad and Tobago Electricity Commission, Financial Law Review 2 (4). ports Competitiveness: A Regional Per- Final Decision.” Port of Spain. http:/ / spective.” Studies in Trade and Invest- www.ric.org.tt/home/news/documents/ Mirzoev, Farhad. 2009. менение системы ment 66, United Nations Economic and Capital%20Contribution%20for%20 «единое окно» на таможне – это пропуск Social Commission for Asia and the Pa- TTEC.pdf. для более тесной интеграции Азербайд- жана в международную торговлю (Im- cific, New York. Riphahn, Regina T., and Anja Thalmaier. 1999. plementation of a “Single Window” for OECD (Organisation for Economic Co-oper- “Behavioral Effects of Probation Periods: Customs Clearance—Is a Road of Better ation and Development). 2012. “Related An Analysis of Worker Absenteeism.” Integration of Azerbaijan into Interna- Party Transactions and Minority Share- IZA Discussion Paper 67, Institute for the tional Trade).” Business Time 8. http:// holder Rights.” Paris. http://www.oecd. Study of Labor, Bonn. btime.az/page.html?id_node=416&id_ org/daf/ca/corporategovernanceprinci- Rodriguez, Martha. 2011. “Single Win- file=1117. ples/50089215.pdf. dow for Foreign Trade in Colom- Moïsé, E., and Silvia Sorescu. 2013. “Trade Fa- Payne, Jennifer. 2006. “Legal Capital in the bia: A Case Study on Trade Trans- cilitation Indicators: The Potential Impact UK Following the Companies Act 2006.” actions.” International Trade Forum of Trade Facilitation on Developing Coun- Oxford Legal Studies Research Paper 13, Magazine (April 1). http://www.intracen. tries’ Trade.” OECD Trade Policy Paper Oxford University. 128 Doing Business 2014 org/Single-window-for-foreign-trade-in- and Development, Paris. http://www. tratop_e/tradfa_e/case_studies_e/es- Colombia-A-case-study-on-trade-trans- oecd.org/dac/aft/Colombiacasestudy2. cwa_e.pdf. actions. pdf. UN-Habitat (United Nations Human Settle- Safavian, Mehnaz, and Siddharth Sharma. UN/CEFACT (United Nations Centre for ments Programme). 2012. “Designing a 2007. “When Do Creditor Rights Work?” Trade Facilitation and Electronic Busi- Land Records System for the Poor.” Nai- Journal of Comparative Economics 35 (3): ness). 2005. “Recommendation and robi. http:/ /www.unhabitat.org/pmss/ 484–508. Guidelines on Establishing a Single Win- listItemDetails.aspx?publicationID=3319. dow to Enhance the Efficient Exchange Schneider, Friedrich. 2005. “The Informal Urritia, Alfie Ulloa, and Silvia Constain. 2012. of Information between Trade and Gov- Sector in 145 Countries.” Department of “Managing Aid for Trade and Develop- ernment.” Recommendation 33, Geneva. Economics, University Linz, Linz. ment Results—Colombia Case Study.” http://www.unece.org/fileadmin/DAM/ Schneider, Friedrich, Andreas Buehn and Policy Dialogue on Aid for Trade, Organ- cefact/recommendations/rec33/rec33_ Claudio E. Montenegro. 2010. “New Es- isation for Economic Co-operation and trd352e.pdf. timates for the Shadow Economies All Development, Paris. Over the World.” International Economic UNCITRAL (United Nations Commission on vanStel, André, David J. Storey and A. Roy Journal 24 (4): 443–61. International Trade Law). 2007. Legisla- Thurik. 2007. “The Effect of Business tive Guide on Secured Transactions. New Regulations on Nascent and Young Busi- Şeker, Murat. 2011. “Trade Policies, Invest- York. ment Climate, and Exports.” Policy Re- ness Entrepreneurship.” Small Business search Working Paper 5654, World Bank, UNCTAD (United Nations Conference on Economics 28: 171–86. Washington, DC. Trade and Development). 2013. Recent Visaria, Sujata. 2009. “Legal Reform and Loan Developments and Trends in International Repayment: The Microeconomic Impact Sharma, Siddharth. 2009. “Entry Regulation, Maritime Transport Affecting Trade of De- of Debt Recovery Tribunals in India.” Labor Laws and Informality: Evidence veloping Countries. Geneva. American Economic Journal: Applied Eco- from India.” Enterprise Survey Working Paper, Enterprise Analysis Unit, World UNDESA (United Nations Department of nomics 1 (3): 59–81. Bank Group, Washington, DC. Economic and Social Affairs). 2012. Unit- WEF (World Economic Forum). 2013. The ed Nations E-Government Survey 2012: Global Competitiveness Report 2013–2014. Smith, Nigel. 1995. “Low Cost Electricity In- E-Government for the People. New York. Geneva. stallation.” Overseas Development Ad- http://unpan1.un.org/intradoc/groups/ ministration, London. http://r4d.dfid.gov. World Bank. 2005. World Development Re- public/documents/un/unpan048065. uk/PDF/Outputs/R5685.pdf. port 2005: A Better Investment Climate for pdf. Stampini, Marco, Ron Leung, Setou M. Diarra Everyone. New York: Oxford University UNDP (United Nations Development Pro- Press. and Lauréline Pla. 2011. “How Large Is the gramme). 2008. “Making the Law Work Private Sector in Africa? Evidence from ———. 2007. “Pakistan Infrastructure Imple- for Everyone.” Report of the Commission National Accounts and Labor Markets.” mentation Capacity Assessment (PII- on Legal Empowerment of the Poor 1. New IZA Discussion Paper 6267, Institute for CA).” Report 41630-PK, South Asia Sus- York. the Study of Labor, Bonn. tainable Development Unit, South Asia Stangler, Dane, and Robert E. Litan. 2009. ———. 2012. “Human Development Index.” Region, Washington, DC. https:/ /open- “Where Will the Jobs Come From?” In Human Development Report. New York. knowledge.worldbank.org/bitstream/ Kauffman Foundation Research Series: Firm http://hdr.undp.org. handle/10986/7671/416300PK.txt?se- Formation and Economic Growth. Kansas quence=2. UNECE (United Nations Economic Commis- City, MO: Ewing Marion Kaufmann Foun- sion for Europe). 2010. “Case Studies on ———. 2009. “Understanding Sector Per- dation. http://www.kauffman.org/up- Implementing a Single Window: Singa- formance: The Case of Utilities in Latin loadedFiles/where_will_the_jobs_come_ pore.” Geneva. http:/ /www.unece.org/ America and the Caribbean.” Washing- from.pdf. fileadmin/DAM/cefact/single_window/ ton, DC. State Customs Committee of the Republic sw_cases/Download/Singapore.pdf. ———. 2010. Getting Electricity: A Pilot Indi- of Azerbaijan. 2013. “The Essence of the ———. 2011. “Single Window Repository: cator Set from the Doing Business Project. ‘Single Window.” Baku. http://www.cus- Azerbaijan.” Geneva. http://www.unece. Washington, DC. toms.gov.az/ru/sw_sut.html. org /cefact/single_window/welcome. html. ———. 2011a. “Malaysia Court Backlog and Transparency International. 2012. Corruption Delay Reduction Program: A Progress Perceptions Index. Berlin. http://www. UNESCWA (United Nations Economic and Report.” Poverty Reduction and Economic transparency.org/. Social Commission for Western Africa). Management Sector Unit, East Asia and Ulloa Urritia, Alfie A. and Silvia Constain. 2011. “Key Factors in Establishing Single Pacific Region, Washington, DC. 2012. “Managing Aid for Trade and Windows for Handling Import/Export Procedures and Formalities: Trade Fa- ———. 2011b. “Principles for Effective Insol- Development Results: Colombia Case cilitation and the Single Window.” New vency and Creditor/Debtor Regimes.” Study.” Policy Dialogue on Aid for Trade, York. http://www.wto.org/english/ Revised draft. Washington, DC. http:// Organisation for Economic Co-operation references 129 siteresources.worldbank.org/EXTGILD/ ———. 2013a. “Examples of Our Work—Co- WTO (World Trade Organization). 2011. “Sin- Resources/5807554-1357753926066/ lombia”. Investment Climate, Wash- gle Window for Foreign Trade (VUCE): ICRPrinciples-Jan2011[FINAL].pdf. ington, DC. https:/ /www.wbginvest- Case Study—Colombia.” Trade Facilita- mentclimate.org /advisory-services/ tion: Members’ Implementation-Relat- ———. 2012. Credit Reporting Knowledge Guide. regulatory-simplification/trade-logistics/ ed Reports and Case Studies. Geneva. Washington, DC. examples-of-our-work-colombia.cfm. https://www.wto.org/english/tratop_e/ ———. 2013a. Entrepreneurship Snapshots tradfa_e/case_studies_e/single_window_ ———. 2013b. Good Practices for Construction 2013. Washington, DC. http://www.en- col_e.doc; see also https://www.wto.org/ Regulation and Enforcement Reform: Guide- terprisesurveys.org/. english/tratop_e/tradfa_e/casestudies_ lines for Reformers. Investment Climate, reports_e.htm. ———. 2013b. World Development Report 2013: Washington, DC. Jobs. New York: Oxford University Press. Zhang, Lifeng. 2012. “Information Specifici- World Bank Independent Evaluation Group. ty, Employee Turnover and Information World Bank Group. 2010. World Bank Enter- 2008. Doing Business: An Independent Loss.” Zhejiang University of Finance and prise Surveys (2002–10). Washington, DC. Evaluation—Taking the Measure of the Economics, Hangzhou, China. http:/ /ssrn. World Bank–IFC Doing Business Indicators. ———. 2012. Doing Business 2013: Smarter com/abstract=2103531. Washington, DC. Regulations for Small and Medium-Size En- terprises. Washington, DC. Data notes The indicators presented and analyzed indicators documents the tax burden on in Doing Business measure business reg- businesses. Finally, a set of data covers ulation and the protection of property different aspects of employment regula- rights—and their effect on businesses, es- tion. The 11 sets of indicators measured pecially small and medium-size domestic in Doing Business were added over time, firms. First, the indicators document the and the sample of economies expanded complexity of regulation, such as the (table 21.1). number of procedures to start a business or to register and transfer commercial The data for all sets of indicators in Doing property. Second, they gauge the time Business 2014 are for June 2013.1 and cost to achieve a regulatory goal or comply with regulation, such as the time and cost to enforce a contract, go through bankruptcy or trade across borders. Third, METHODOLOGY they measure the extent of legal protec- The Doing Business data are collected in tions of property, for example, the pro- a standardized way. To start, the Doing tections of investors against looting by Business team, with academic advisers, company directors or the range of assets designs a questionnaire. The question- that can be used as collateral according to naire uses a simple business case to secured transactions laws. Fourth, a set of ensure comparability across economies Table 21.1 Topics and economies covered by each Doing business report Db Db Db Db Db Db Db Db Db Db Db Topic 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Getting electricity Dealing with construction permits Trading across borders Paying taxes Protecting investors Registering property Getting credit Resolving insolvency Enforcing contracts Employing workers Starting a business Number of economies 133 145 155 175 178 181 183 183 183 185 189 Note: Data for the economies added to the sample each year are back-calculated to the previous year. The excep- tion is Kosovo, which was added to the sample after it became a member of the World Bank Group. DATA NOTES 131 and over time—with assumptions about the legal form of the business, its size, its location and the nature of its opera- ECONOMY CHARACTERISTICS tions. Questionnaires are administered to more than 10,200 local experts, in- Gross national income per capita Doing Business 2014 reports 2012 income per capita as published in the World cluding lawyers, business consultants, Bank’s World Development Indicators 2013. Income is calculated using the Atlas accountants, freight forwarders, govern- method (current U.S. dollars). For cost indicators expressed as a percentage of ment officials and other professionals income per capita, 2012 gross national income (GNI) in U.S. dollars is used as routinely administering or advising on the denominator. GNI data were not available from the World Bank for Afghan- legal and regulatory requirements (table istan, The Bahamas, Bahrain, Barbados, Brunei Darussalam, Djibouti, the Islamic 21.2). These experts have several rounds Republic of Iran, Kuwait, Libya, Myanmar, New Zealand, Oman, San Marino, the of interaction with the Doing Business Syrian Arab Republic, West Bank and Gaza, and the Republic of Yemen. In these team, involving conference calls, written cases GDP or GNP per capita data and growth rates from other sources, such correspondence and visits by the team. as the International Monetary Fund’s World Economic Outlook database and the For Doing Business 2014 team members Economist Intelligence Unit, were used. visited 33 economies to verify data and recruit respondents. The data from ques- tionnaires are subjected to numerous Region and income group Doing Business uses the World Bank regional and income group classifications, rounds of verification, leading to revi- available at http://data.worldbank.org/about/country-classifications. The World sions or expansions of the information Bank does not assign regional classifications to high-income economies. For the collected. purpose of the Doing Business report, high-income OECD economies are assigned the “regional” classification OECD high income. Figures and tables presenting re- The Doing Business methodology offers gional averages include economies from all income groups (low, lower middle, several advantages. It is transparent, us- upper middle and high income). ing factual information about what laws and regulations say and allowing multi- ple interactions with local respondents Population Doing Business 2014 reports midyear 2012 population statistics as published in to clarify potential misinterpretations of World Development Indicators 2013. questions. Having representative sam- ples of respondents is not an issue; Doing Business is not a statistical survey, and the texts of the relevant laws and regulations in the data collection, comparisons and are collected and answers checked for benchmarks are valid across economies. LIMITS TO WHAT IS MEASURED accuracy. The methodology is inexpen- Finally, the data not only highlight the sive and easily replicable, so data can be extent of specific regulatory obstacles to The Doing Business methodology has 5 collected in a large sample of economies. business but also identify their source and limitations that should be considered Because standard assumptions are used point to what might be reformed. when interpreting the data. First, the Table 21.2 How many experts does Doing business consult? economies with given number of respondents (%) Indicator set Respondents 1–2 3–5 5+ Starting a business 1,831 5 28 67 Dealing with construction permits 956 25 37 38 Getting electricity 811 25 50 24 Registering property 1,189 17 35 47 Getting credit 1,453 7 33 60 Protecting investors 1,110 24 37 40 Paying taxes 1,186 8 39 52 Trading across borders 1,040 20 49 31 Enforcing contracts 1,248 18 39 43 Resolving insolvency 1,047 23 37 40 Employing workers 1,155 19 40 42 Total 13,026 17 39 44 132 Doing Business 2014 collected data refer to businesses in the recollection of entrepreneurs reported completed online, the duration is now set economy’s largest business city (which in in the World Bank Enterprise Surveys or at half a day rather than a full day. some economies differs from the capital) other perception surveys. and may not be representative of regu- The threshold for the total tax rate intro- lation in other parts of the economy. To duced in 2011 for the purpose of calcu- address this limitation, subnational Do- lating the ranking on the ease of paying ing Business indicators were created (box CHANGES IN WHAT IS taxes was updated. All economies with a 21.1). Second, the data often focus on a MEASURED total tax rate below the threshold (which specific business form—generally a limit- The methodology for 2 indicator sets— is calculated and adjusted on a yearly ed liability company (or its legal equiva- trading across borders and paying taxes— basis) receive the same ranking on the lent) of a specified size—and may not be was updated this year. For trading across total tax rate indicator. The threshold is representative of the regulation on other borders, documents that are required not based on any economic theory of an businesses, for example, sole proprietor- purely for purposes of preferential treat- “optimal tax rate” that minimizes distor- ships. Third, transactions described in a ment are no longer included in the list of tions or maximizes efficiency in the tax standardized case scenario refer to a spe- documents (for example, a certificate system of an economy overall. Instead, cific set of issues and may not represent of origin if the use is only to qualify for a it is mainly empirical in nature, set at the full set of issues a business encoun- preferential tariff rate under trade agree- the lower end of the distribution of tax ters. Fourth, the measures of time involve ments). For paying taxes, the value of fuel rates levied on medium-size enterprises an element of judgment by the expert taxes is no longer included in the total tax in the manufacturing sector as observed respondents. When sources indicate rate because of the difficulty of computing through the paying taxes indicators. This different estimates, the time indicators these taxes in a consistent way across all reduces the bias in the indicators toward reported in Doing Business represent the economies covered. The fuel tax amounts economies that do not need to levy sig- median values of several responses given are in most cases very small, and measur- nificant taxes on companies like the Doing under the assumptions of the standard- ing these amounts is often complicated Business standardized case study compa- ized case. because they depend on fuel consump- ny because they raise public revenue in tion. Fuel taxes continue to be counted in other ways—for example, through taxes Finally, the methodology assumes that a the number of payments. on foreign companies, through taxes on business has full information on what is sectors other than manufacturing or from required and does not waste time when In a change involving several indicator natural resources (all of which are outside completing procedures. In practice, com- sets, the rule establishing that each pro- the scope of the methodology). This year pleting a procedure may take longer if cedure must take at least 1 day was re- the threshold is 25,5%. the business lacks information or is un- moved for procedures that can be fully able to follow up promptly. Alternatively, completed online in just a few hours. the business may choose to disregard This change affects the time indicator some burdensome procedures. For both for starting a business, dealing with con- DATA CHALLENGES AND reasons the time delays reported in Do- struction permits and registering prop- REVISIONS ing Business 2014 would differ from the erty.2 For procedures that can be fully Most laws and regulations underlying the Doing Business data are available on the Doing Business website at http://www .doingbusiness.org. All the sample ques- Box 21.1 Subnational Doing Business indicators tionnaires and the details underlying the indicators are also published on the This year Doing Business completed subnational studies in Colombia, Italy and the website. Questions on the methodology city of Hargeisa (Somaliland) and is currently updating indicators in Egypt, Mex- and challenges to data can be submitted ico and Nigeria. Doing Business also published regional studies for the g7+ and through the website’s “Ask a Question” the East African Community. The g7+ group is a country-owned and country-led function at http://www.doingbusiness.org. global mechanism established in April 2010 to monitor, report and draw attention to the unique challenges faced by fragile states. The member countries included Doing Business publishes 10,584 indi- in the report are Afghanistan, Burundi, the Central African Republic, Chad, the Co- cators (56 indicators per country) each moros, the Democratic Republic of Congo, Côte d’Ivoire, Guinea, Guinea-Bissau, year. To create these indicators, the team Haiti, Liberia, Papua New Guinea, Sierra Leone, the Solomon Islands, South Sudan, measures more than about 58,000 data Timor-Leste and Togo. points, each of which is made available on the Doing Business website. Historical The subnational studies point to differences in business regulation and its imple- data for each indicator and economy are mentation—as well as in the pace of regulatory reform—across cities in the same available on the website, beginning with economy. For several economies subnational studies are now periodically updat- the first year the indicator or economy ed to measure change over time or to expand geographic coverage to additional was included in the report. To provide a cities. This year that is the case for all the subnational studies published. comparable time series for research, the data set is back-calculated to adjust for DATA NOTES 133 changes in methodology and any revi- government officials complete and verify or services. The business does not sions in data due to corrections. The web- the data. perform foreign trade activities and site also makes available all original data does not handle products subject to a sets used for background papers. The cor- Information is also collected on the se- special tax regime, for example, liquor rection rate between Doing Business 2013 quence in which procedures are to be or tobacco. It is not using heavily pol- and Doing Business 2014 is 8.5%.3 completed and whether procedures may luting production processes. be carried out simultaneously. It is as- • Leases the commercial plant or offices Governments submit queries on the data sumed that any required information is and is not a proprietor of real estate. and provide new information to Doing readily available and that the entrepre- • Does not qualify for investment in- Business. During the Doing Business 2014 neur will pay no bribes. If answers by local centives or any special benefits. production cycle the team received 82 experts differ, inquiries continue until the • Has at least 10 and up to 50 employ- such queries from governments. data are reconciled. ees 1 month after the commencement of operations, all of them domestic To make the data comparable across nationals. economies, several assumptions about • Has a turnover of at least 100 times STARTING A BUSINESS the business and the procedures are used. income per capita. Doing Business records all procedures of- • Has a company deed 10 pages long. ficially required, or commonly done in practice, for an entrepreneur to start up Assumptions about the business and formally operate an industrial or com- The business: Procedures mercial business, as well as the time and A procedure is defined as any interaction of cost to complete these procedures and • Is a limited liability company (or its the company founders with external par- the paid-in minimum capital requirement legal equivalent). If there is more than ties (for example, government agencies, (figure 21.1). These procedures include ob- one type of limited liability company lawyers, auditors or notaries). Interactions taining all necessary licenses and permits in the economy, the limited liability between company founders or company and completing any required notifications, form most popular among domestic officers and employees are not counted as verifications or inscriptions for the com- firms is chosen. Information on the procedures. Procedures that must be com- pany and employees with relevant author- most popular form is obtained from pleted in the same building but in different ities. The ranking on the ease of starting incorporation lawyers or the statisti- offices or at different counters are count- a business is the simple average of the cal office. ed separately. If founders have to visit the percentile rankings on its component in- • Operates in the economy’s largest same office several times for different se- dicators (figure 21.2). business city (see table 21A.1 at the quential procedures, each is counted sep- end of the data notes). arately. The founders are assumed to com- After a study of laws, regulations and • Is 100% domestically owned and has plete all procedures themselves, without publicly available information on business 5 owners, none of whom is a legal en- middlemen, facilitators, accountants or entry, a detailed list of procedures is de- tity. lawyers, unless the use of such a third par- veloped, along with the time and cost to • Has start-up capital of 10 times in- ty is mandated by law or solicited by the comply with each procedure under nor- come per capita, paid in cash. majority of entrepreneurs. If the services mal circumstances and the paid-in mini- • Performs general industrial or com- mum capital requirement. Subsequently, mercial activities, such as the produc- local incorporation lawyers, notaries and tion or sale to the public of products FIGURe 21.2 Starting a business: getting a local limited liability company up and running FIGURe 21.1 What are the time, cost, paid-in minimum capital and number of procedures to Rankings are based on get a local limited liability company up and running? 4 indicators Rankings are based on 4 indicators Cost Preregistration, As % of income (% of income per capita) registration and per capita, no postregistration bribes included Formal (in calendar days) operation Paid-in Number of 25% 25% minimum $ Time Cost procedures capital 25% 25% Procedures Paid-in minimum capital Entrepreneur Procedures are Funds deposited in a Time completed when bank or with a notary Preregistration Registration, Postregistration (days) final document before registration, as % incorporation is received of income per capita 134 Doing Business 2014 of professionals are required, procedures added tax, this transaction is included as professional services if such services are conducted by such professionals on behalf a procedure. Shortcuts are counted only required by law. Fees for purchasing and of the company are counted separately. if they fulfill 4 criteria: they are legal, they legalizing company books are included Each electronic procedure is counted sep- are available to the general public, they are if these transactions are required by law. arately. If 2 procedures can be completed used by the majority of companies, and Although value added tax registration can through the same website but require sep- avoiding them causes substantial delays. be counted as a separate procedure, value arate filings, they are counted as 2 sepa- added tax is not part of the incorporation rate procedures. Only procedures required of all business- cost. The company law, the commercial es are covered. Industry-specific proce- code and specific regulations and fee Both pre- and postincorporation proce- dures are excluded. For example, pro- schedules are used as sources for calcu- dures that are officially required for an en- cedures to comply with environmental lating costs. In the absence of fee sched- trepreneur to formally operate a business regulations are included only when they ules, a government officer’s estimate is are recorded (table 21.3). apply to all businesses conducting gen- taken as an official source. In the absence eral commercial or industrial activities. of a government officer’s estimate, esti- Procedures required for official correspon- Procedures that the company undergoes mates of incorporation lawyers are used. dence or transactions with public agencies to connect to electricity, water, gas and If several incorporation lawyers provide are also included. For example, if a compa- waste disposal services are not included. different estimates, the median reported ny seal or stamp is required on official doc- value is applied. In all cases the cost ex- uments, such as tax declarations, obtain- cludes bribes. ing the seal or stamp is counted. Similarly, Time if a company must open a bank account Time is recorded in calendar days. The before registering for sales tax or value measure captures the median duration Paid-in minimum capital that incorporation lawyers indicate is The paid-in minimum capital requirement necessary in practice to complete a pro- reflects the amount that the entrepreneur cedure with minimum follow-up with needs to deposit in a bank or with a nota- What do the starting a Table 21.3  government agencies and no extra pay- ry before registration and up to 3 months business indicators measure? ments. It is assumed that the minimum following incorporation and is recorded time required for each procedure is 1 day, as a percentage of the economy’s income Procedures to legally start and operate a except for procedures that can be fully per capita. The amount is typically spec- company (number) completed online, for which the time re- ified in the commercial code or the com- Preregistration (for example, name verification or quired is recorded as half a day. Although pany law. Many economies require mini- reservation, notarization) procedures may take place simultaneous- mum capital but allow businesses to pay Registration in the economy’s largest business ly, they cannot start on the same day (that only a part of it before registration, with city is, simultaneous procedures start on con- the rest to be paid after the first year of Postregistration (for example, social security secutive days), again with the exception operation. In Turkey in June 2013, for ex- registration, company seal) of procedures that can be fully completed ample, the minimum capital requirement online. A procedure is considered com- was 10,000 Turkish liras, of which one- Time required to complete each procedure (calendar days) pleted once the company has received fourth needed to be paid before registra- the final incorporation document, such tion. The paid-in minimum capital record- Does not include time spent gathering information as the company registration certificate or ed for Turkey is therefore 2,500 Turkish tax number. If a procedure can be accel- liras, or 14.35% of income per capita. Each procedure starts on a separate day (2 erated for an additional cost, the fastest procedures cannot start on the same day). Procedures that can be fully completed online procedure is chosen if that option is more The data details on starting a business can are an exception to this rule. beneficial to the economy’s ranking. It is be found for each economy at http://www Procedure considered completed once final assumed that the entrepreneur does not .doingbusiness.org by selecting the economy incorporation document is received waste time and commits to completing in the drop-down list. This methodology was each remaining procedure without delay. developed by Djankov and others (2002) No prior contact with officials The time that the entrepreneur spends on and is adopted here with minor changes. gathering information is ignored. It is as- Cost required to complete each procedure (% of income per capita) sumed that the entrepreneur is aware of all entry requirements and their sequence Official costs only, no bribes from the beginning but has had no prior DEALING WITH CONSTRUCTION contact with any of the officials. PERMITS No professional fees unless services required Doing Business records all procedures re- by law quired for a business in the construction Paid-in minimum capital (% of income per Cost industry to build a warehouse (figure 21.3). capita) Cost is recorded as a percentage of These procedures include obtaining and Funds deposited in a bank or with a notary the economy’s income per capita. It in- submitting all relevant project-specific before registration (or within 3 months) cludes all official fees and fees for legal or documents (for example, building plans, DATA NOTES 135 architects or engineers. FIGURe 21.3 What are the time, cost and number of procedures to comply with formalities • Has paid all taxes and taken out all to build a warehouse? necessary insurance applicable to its Cost general business activity (for example, (% of income per capita) accidental insurance for construction workers and third-person liability). Completed warehouse • Owns the land on which the ware- house is built. Number of procedures Assumptions about the warehouse The warehouse: A business in the construction • Will be used for general storage ac- industry Time tivities, such as storage of books or Preconstruction Construction Postconstruction and utilities (days) stationery. The warehouse will not be used for any goods requiring special conditions, such as food, chemicals or pharmaceuticals. site maps and certificates of urbanism) to each procedure. The ranking on the ease • Has 2 stories, both above ground, with the authorities; hiring external third-party of dealing with construction permits is the a total surface of 1,300.6 square me- supervisors, engineers or inspectors (if simple average of the percentile rankings ters (14,000 square feet). Each floor is necessary); obtaining all necessary clear- on its component indicators (figure 21.4). 3 meters (9 feet, 10 inches) high. ances, licenses, permits and certificates; • Has road access and is located in the submitting all required notifications; and Information is collected from experts in periurban area of the economy’s larg- requesting and receiving all necessary in- construction licensing, including archi- est business city (that is, on the fring- spections (unless completed by a private, tects, civil engineers, construction law- es of the city but still within its official third-party inspector). Doing Business also yers, construction firms, utility service limits). records procedures for obtaining con- providers and public officials who deal • Is not located in a special econom- nections for water, sewerage and a fixed with building regulations, including ap- ic or industrial zone. The zoning re- landline. Procedures necessary to register provals, permit issuance and inspections. quirements for warehouses are met the property so that it can be used as col- To make the data comparable across by building in an area where similar lateral or transferred to another entity are economies, several assumptions about warehouses can be found. also counted. The questionnaire divides the business, the warehouse project and • Is located on a land plot of 929 square the process of building a warehouse into the utility connections are used. meters (10,000 square feet) that is distinct procedures and solicits data for 100% owned by BuildCo and is accu- calculating the time and cost to complete rately registered in the cadastre and Assumptions about the land registry. construction company • Is a new construction (there was no The business (BuildCo): previous construction on the land). • Has complete architectural and tech- FIGURe 21.4 Dealing with construction nical plans prepared by a licensed ar- • Is a limited liability company. permits: building a warehouse chitect. • Operates in the economy’s largest Rankings are based on • Will include all technical equipment business city (see table 21A.1). 3 indicators required to make the warehouse fully • Is 100% domestically and privately Days to build As % of income owned. operational. a warehouse per capita, no in main city bribes included • Has 5 owners, none of whom is a legal • Will take 30 weeks to construct (ex- entity. cluding all delays due to administra- • Is fully licensed and insured to carry tive and regulatory requirements). 33.3% 33.3% out construction projects, such as Time Cost building warehouses. • Has 60 builders and other employees, Assumptions about the utility 33.3% all of them nationals with the techni- connections Procedures cal expertise and professional experi- The water and sewerage connection: ence necessary to obtain construction permits and approvals. • Is 10 meters (32 feet, 10 inches) from Procedures are completed when final document is • Has at least 1 employee who is a li- the existing water source and sewer tap. received; construction permits, inspections and utility connections included censed architect or engineer and reg- • Does not require water for fire pro- istered with the local association of tection reasons; a fire extinguishing 136 Doing Business 2014 system (dry system) will be used each procedure is 1 day, except for proce- official costs are recorded. All the fees as- instead. If a wet fire protection system dures that can be fully completed online, sociated with completing the procedures is required by law, it is assumed that for which the time required is recorded as to legally build a warehouse are recorded, the water demand specified below half a day. Although procedures may take including those associated with obtaining also covers the water needed for fire place simultaneously, they cannot start on land use approvals and preconstruction protection. the same day (that is, simultaneous pro- design clearances; receiving inspections • Has an average water use of 662 liters cedures start on consecutive days), again before, during and after construction; (175 gallons) a day and an average with the exception of procedures that can obtaining utility connections; and regis- wastewater flow of 568 liters (150 be fully completed online. If a procedure tering the warehouse property. Nonrecur- gallons) a day. can be accelerated legally for an addition- ring taxes required for the completion of • Has a peak water use of 1,325 liters (350 al cost and the accelerated procedure is the warehouse project are also recorded. gallons) a day and a peak wastewater used by the majority of companies, the Sales taxes (such as value added tax) or flow of 1,136 liters (300 gallons) a day. fastest procedure is chosen. It is assumed capital gains taxes are not recorded. Nor • Will have a constant level of water de- that BuildCo does not waste time and are deposits that must be paid up front mand and wastewater flow through- commits to completing each remaining and are later refunded. The building code, out the year. procedure without delay. The time that information from local experts and spe- BuildCo spends on gathering information cific regulations and fee schedules are The telephone connection: is ignored. It is assumed that BuildCo is used as sources for costs. If several local aware of all building requirements and partners provide different estimates, the • Is 10 meters (32 feet, 10 inches) from their sequence from the beginning. median reported value is used. the main telephone network. • Is a fixed landline. The data details on dealing with construction Cost permits can be found for each economy at Cost is recorded as a percentage of the http://www.doingbusiness.org by selecting Procedures economy’s income per capita. Only the economy in the drop-down list. A procedure is any interaction of the company’s employees or managers, or any party acting on behalf of the com- What do the dealing with Table 21.4   pany, with external parties, including construction permits GETTING ELECTRICITY government agencies, notaries, the land indicators measure? Doing Business records all procedures re- registry, the cadastre, utility companies quired for a business to obtain a perma- Procedures to legally build a warehouse and public inspectors—or the hiring of (number) nent electricity connection and supply for private inspectors and technical experts a standardized warehouse (figure 21.5). apart from in-house architects and en- Submitting all relevant documents and obtaining These procedures include applications all necessary clearances, licenses, permits and gineers. Interactions between company certificates and contracts with electricity utilities, employees, such as development of the all necessary inspections and clearances warehouse plans and inspections con- Submitting all required notifications and from the utility and other agencies and receiving all necessary inspections ducted by employees, are not counted as the external and final connection works. procedures. But interactions necessary to Obtaining utility connections for water, sewerage The questionnaire divides the process obtain any plans, drawings or other doc- and a land telephone line of getting an electricity connection into uments from external parties, or to have distinct procedures and solicits data for Registering the warehouse after its completion such documents approved or stamped (if required for use as collateral or for transfer of calculating the time and cost to complete by external parties, are counted as pro- the warehouse) each procedure. The ranking on the ease cedures. Procedures that the company of getting electricity is the simple average undergoes to connect to water, sewerage Time required to complete each procedure of the percentile rankings on its compo- (calendar days) and telephone services are included. All nent indicators (figure 21.6). procedures that are legally required, or Does not include time spent gathering that are done in practice by the majority information Data are collected from the electricity of companies, to build a warehouse are Each procedure starts on a separate day. distribution utility, then completed and counted, even if they may be avoided in Procedures that can be fully completed online verified by electricity regulatory agencies exceptional cases (table 21.4). are an exception to this rule. and independent professionals such as Procedure considered completed once final electrical engineers, electrical contrac- document is received tors and construction companies. The Time electricity distribution utility consulted Time is recorded in calendar days. The No prior contact with officials is the one serving the area (or areas) measure captures the median duration Cost required to complete each procedure where warehouses are located. If there is that local experts indicate is necessary to (% of income per capita) a choice of distribution utilities, the one complete a procedure in practice. It is as- serving the largest number of customers sumed that the minimum time required for Official costs only, no bribes is selected. DATA NOTES 137 FIGURe 21.5 Doing business measures the connection process at the level of distribution FIGURe 21.6 Getting electricity: obtaining utilities an electricity connection Rankings are based on 3 indicators Days to obtain As % of income an electricity per capita, no connection in bribes included main city Generation Transmission 33.3% 33.3% Time Cost Distribution New connections 33.3% Network operation and maintenance Procedures Metering and billing Customer Steps to file an application, prepare a design, complete works, obtain approvals, go through inspections, install a meter and sign a supply contract To make the data comparable across • Has 2 stories, both above ground, economies, several assumptions about with a total surface area of ap- supply utilities, government agencies, the warehouse and the electricity con- proximately 1,300.6 square meters electrical contractors and electrical firms. nection are used. (14,000 square feet). The plot of land Interactions between company employ- on which it is built is 929 square me- ees and steps related to the internal ters (10,000 square feet). electrical wiring, such as the design and Assumptions about the warehouse execution of the internal electrical instal- The warehouse: lation plans, are not counted as proce- Assumptions about the electricity dures. Procedures that must be complet- • Is owned by a local entrepreneur. connection ed with the same utility but with different • Is located in the economy’s largest The electricity connection: departments are counted as separate business city (see table 21A.1). procedures (table 21.5). • Is located within the city’s official limits • Is a permanent one. and in an area where other warehouses • Is a 3-phase, 4-wire Y, 140-kilovolt- The company’s employees are assumed are located (a nonresidential area). ampere (kVA) (subscribed capacity) to complete all procedures themselves • Is not located in a special economic connection. unless the use of a third party is mandated or investment zone; that is, the elec- • Is 150 meters long. The connection is to (for example, if only an electrician regis- tricity connection is not eligible for either the low-voltage or the medium- tered with the utility is allowed to submit subsidization or faster service under voltage distribution network and ei- an application). If the company can, but a special investment promotion re- ther overhead or underground, which- is not required to, request the services of gime. If several options for location ever is more common in the economy professionals (such as a private firm rath- are available, the warehouse is lo- and in the area where the warehouse er than the utility for the external works), cated where electricity is most easily is located. The length of any connec- these procedures are recorded if they are available. tion in the customer’s private domain commonly done. For all procedures, only • Has road access. The connection is negligible. the most likely cases (for example, more works involve the crossing of a road • Involves the installation of only one than 50% of the time the utility has the (for excavation, overhead lines and electricity meter. The monthly elec- material) and those followed in practice the like), but they are all carried out on tricity consumption will be 0.07 giga- for connecting a warehouse to electricity public land; that is, there is no crossing watt-hour (GWh). The internal electri- are counted. onto another owner’s private property. cal wiring has already been completed. • Is located in an area with no physical constraints. For example, the property Time is not near a railway. Procedures Time is recorded in calendar days. The • Is used for storage of refrigerated A procedure is defined as any interaction measure captures the median duration goods. of the company’s employees or its main that the electricity utility and experts • Is a new construction (that is, there electrician or electrical engineer (that is, indicate is necessary in practice, rather was no previous construction on the the one who may have done the internal than required by law, to complete a pro- land where it is located). It is being con- wiring) with external parties such as the cedure with minimum follow-up and no nected to electricity for the first time. electricity distribution utility, electricity extra payments. It is also assumed that 138 Doing Business 2014 the minimum time required for each pro- actual connection works and paying a can be put up, the value recorded for the cedure is 1 day. Although procedures may security deposit. Information from local deposit is the annual commission times take place simultaneously, they cannot experts and specific regulations and fee the 5 years assumed to be the length of start on the same day (that is, simulta- schedules are used as sources for costs. the contract. If both options exist, the neous procedures start on consecutive If several local partners provide different cheaper alternative is recorded. days). It is assumed that the company estimates, the median reported value is does not waste time and commits to com- used. In all cases the cost excludes bribes. In Honduras in June 2013 a customer pleting each remaining procedure without requesting a 140-kVA electricity connec- delay. The time that the company spends tion would have had to put up a security on gathering information is ignored. It is Security deposit deposit of 126,894 Honduran lempiras assumed that the company is aware of all Utilities require security deposits as a (L) in cash or check, and the deposit electricity connection requirements and guarantee against the possible failure of would have been returned only at the their sequence from the beginning. customers to pay their consumption bills. end of the contract. The customer could For this reason the security deposit for a instead have invested this money at the new customer is most often calculated prevailing lending rate of 18.45%. Over Cost as a function of the customer’s estimated the 5 years of the contract this would im- Cost is recorded as a percentage of the consumption. ply a present value of lost interest earn- economy’s income per capita. Costs are ings of L 72,475. In contrast, if the cus- recorded exclusive of value added tax. Doing Business does not record the full tomer chose to settle the deposit with a All the fees and costs associated with amount of the security deposit. If the de- bank guarantee at an annual rate of 2.5%, completing the procedures to connect posit is based on the customer’s actual the amount lost over the 5 years would a warehouse to electricity are record- consumption, this basis is the one as- be just L 15,862. ed, including those related to obtaining sumed in the case study. Rather than the clearances from government agencies, full amount of the security deposit, Doing The data details on getting electricity can applying for the connection, receiving in- Business records the present value of the be found for each economy at http://www spections of both the site and the internal losses in interest earnings experienced by .doingbusiness.org. wiring, purchasing material, getting the the customer because the utility holds the security deposit over a prolonged period, in most cases until the end of the contract (assumed to be after 5 years). In cases REGISTERING PROPERTY What do the getting Table 21.5   electricity indicators where the security deposit is used to cov- Doing Business records the full sequence measure? er the first monthly consumption bills, it is of procedures necessary for a business not recorded. To calculate the present val- (buyer) to purchase a property from an- Procedures to obtain an electricity connection ue of the lost interest earnings, the end- other business (seller) and to transfer (number) 2012 lending rates from the International the property title to the buyer’s name so Submitting all relevant documents and obtaining Monetary Fund’s International Financial that the buyer can use the property for all necessary clearances and permits Statistics are used. In cases where the expanding its business, use the proper- Completing all required notifications and security deposit is returned with interest, ty as collateral in taking new loans or, if receiving all necessary inspections the difference between the lending rate necessary, sell the property to another and the interest paid by the utility is used business. The process starts with obtain- Obtaining external installation works and possibly purchasing material for these works to calculate the present value. ing the necessary documents, such as a copy of the seller’s title if necessary, and Concluding any necessary supply contract and obtaining final supply In some economies the security deposit conducting due diligence if required. The can be put up in the form of a bond: the transaction is considered complete when Time required to complete each procedure company can obtain from a bank or an it is opposable to third parties and when (calendar days) insurance company a guarantee issued the buyer can use the property, use it as Is at least 1 calendar day on the assets it holds with that financial collateral for a bank loan or resell it (fig- institution. In contrast to the scenario ure 21.7). The ranking on the ease of reg- Each procedure starts on a separate day in which the customer pays the deposit istering property is the simple average of in cash to the utility, in this scenario the the percentile rankings on its component Does not include time spent gathering information company does not lose ownership con- indicators (figure 21.8). trol over the full amount and can con- Reflects the time spent in practice, with little follow-up and no prior contact with officials tinue using it. In return the company will Every procedure required by law or neces- pay the bank a commission for obtaining sary in practice is included, whether it is Cost required to complete each procedure the bond. The commission charged may the responsibility of the seller or the buy- (% of income per capita) vary depending on the credit standing er or must be completed by a third party Official costs only, no bribes of the company. The best possible cred- on their behalf. Local property lawyers, it standing and thus the lowest possible notaries and property registries provide Value added tax excluded commission are assumed. Where a bond information on procedures as well as the DATA NOTES 139 FIGURe 21.7 What are the time, cost and number of procedures required to transfer FIGURe 21.8 Registering property: transfer property between 2 local companies? of property between 2 local companies Cost Rankings are based on (% of property value) 3 indicators Buyer can use Days to transfer As % of property the property, property in value, no bribes resell it or use main city included it as collateral Number of procedures Land & 2-story 33.3% 33.3% warehouse Time Cost Seller with property 33.3% registered and no Procedures title disputes Time Preregistration Registration Postregistration (days) Steps to check encumbrances, obtain clearance certificates, prepare deed and transfer title so that the property can be occupied, sold or used as collateral time and cost to complete each of them. • Is located in a periurban commercial The registering property indicators do zone, and no rezoning is required. not measure the accessibility of proper- • Consists of land and a building. The ty registration systems, the legal security land area is 557.4 square meters they may be avoided in exceptional cases offered by formal registration, the use of (6,000 square feet). A 2-story ware- (table 21.6). It is assumed that the buyer informal property registration systems or house of 929 square meters (10,000 follows the fastest legal option available the equity of land policies. square feet) is located on the land. and used by the majority of property The warehouse is 10 years old, is in owners. Although the buyer may use To make the data comparable across good condition and complies with all lawyers or other professionals where economies, several assumptions about safety standards, building codes and necessary in the registration process, it is the parties to the transaction, the proper- other legal requirements. It has no assumed that the buyer does not employ ty and the procedures are used. heating system. The property of land an outside facilitator in the registration and building will be transferred in its process unless legally or in practice re- entirety. quired to do so. Assumptions about the parties • Will not be subject to renovations or The parties (buyer and seller): additional building following the pur- chase. Time • Are limited liability companies. • Has no trees, natural water sources, Time is recorded in calendar days. The • Are located in the periurban area of natural reserves or historical monu- measure captures the median dura- the economy’s largest business city ments of any kind. tion that property lawyers, notaries or (see table 21A.1). • Will not be used for special purpos- registry officials indicate is necessary • Are 100% domestically and privately es, and no special permits, such as to complete a procedure. It is assumed owned. for residential use, industrial plants, that the minimum time required for each • Have 50 employees each, all of whom waste storage or certain types of agri- procedure is 1 day, except for procedures are nationals. cultural activities, are required. that can be fully completed online, for • Perform general commercial activities. • Has no occupants, and no other party which the time required is recorded as holds a legal interest in it. half a day. Although procedures may take place simultaneously, they cannot Assumptions about the property start on the same day, again with the The property: Procedures exception of procedures that can be A procedure is defined as any interaction fully completed online. It is assumed • Has a value of 50 times income per of the buyer or the seller, their agents (if that the buyer does not waste time and capita. The sale price equals the value. an agent is legally or in practice required) commits to completing each remaining • Is fully owned by the seller. or the property with external parties, procedure without delay. If a procedure • Has no mortgages attached and has including government agencies, inspec- can be accelerated for an additional cost, been under the same ownership for tors, notaries and lawyers. Interactions the fastest legal procedure available and the past 10 years. between company officers and employ- used by the majority of property owners • Is registered in the land registry or ees are not considered. All procedures is chosen. If procedures can be under- cadastre, or both, and is free of title that are legally or in practice required for taken simultaneously, it is assumed that disputes. registering property are recorded, even if they are. It is assumed that the parties 140 DOING BUSINESS 2014 involved are aware of all requirements bankruptcy laws protect the rights of and their sequence from the beginning. borrowers and lenders and thus facilitate Time spent on gathering information is GETTING CREDIT lending (table 21.7). Two case scenarios, not considered. Doing Business measures the legal rights of case A and case B, are used to determine borrowers and lenders with respect to se- the scope of the secured transactions cured transactions through one set of indi- system. The case scenarios involve a se- Cost cators and the sharing of credit information cured borrower, the incorporated compa- Cost is recorded as a percentage of the through another. The first set of indicators ny ABC, and a secured lender, BizBank. property value, assumed to be equivalent measures whether certain features that fa- For example, in some economies the legal to 50 times income per capita. Only of- cilitate lending exist within the applicable framework for secured transactions will ficial costs required by law are recorded, collateral and bankruptcy laws. The second allow only case A or case B to apply (not including fees, transfer taxes, stamp du- set measures the coverage, scope and ac- both). Both cases examine the same set ties and any other payment to the prop- cessibility of credit information available of legal provisions relating to the use of erty registry, notaries, public agencies through public credit registries and private movable collateral. or lawyers. Other taxes, such as capital credit bureaus (figure 21.9). The ranking gains tax or value added tax, are excluded on the ease of getting credit is based on Several assumptions about the secured from the cost measure. Both costs borne the percentile rankings on the sum of its borrower and lender are used: by the buyer and those borne by the sell- component indicators: the depth of credit er are included. If cost estimates differ information index and the strength of legal • ABC is a domestically incorporated, among sources, the median reported val- rights index (figure 21.10). limited liability company. ue is used. • The company has up to 50 employees. • ABC has its headquarters and only The data details on registering property can Legal rights base of operations in the economy’s be found for each economy at http://www The data on the legal rights of borrowers largest business city (see table 21A.1). .doingbusiness.org by selecting the economy and lenders are gathered through a ques- • Both ABC and BizBank are 100% do- in the drop-down list. tionnaire administered to financial lawyers mestically owned. and verified through analysis of laws and regulations as well as public sources of The case scenarios also involve assump- information on collateral and bankruptcy tions. In case A, as collateral for the loan, laws. Questionnaire responses are verified ABC grants BizBank a nonpossessory se- Table 21.6 What do the registering through several rounds of follow-up com- curity interest in one category of movable property indicators munication with respondents as well as assets, for example, its machinery or its measure? by contacting third parties and consulting inventory. ABC wants to keep both pos- public sources. The questionnaire data are session and ownership of the collateral. In Procedures to legally transfer title on immovable property (number) confirmed through teleconference calls or economies where the law does not allow on-site visits in all economies. nonpossessory security interests in mov- Preregistration procedures (for example, checking able property, ABC and BizBank use a fi- for liens, notarizing sales agreement, paying property transfer taxes) duciary transfer-of-title arrangement (or a Strength of legal rights index similar substitute for nonpossessory secu- Registration procedures in the economy’s largest The strength of legal rights index mea- rity interests). The strength of legal rights business city sures the degree to which collateral and index does not cover functional equivalents Postregistration procedures (for example, filing title with municipality) Time required to complete each procedure (calendar days) FIGURe 21.9 Do lenders have credit information on entrepreneurs seeking credit? Is the law Does not include time spent gathering favorable to borrowers and lenders using movable assets as collateral? information Each procedure starts on a separate day. Credit information Procedures that can be fully completed online are an exception to this rule. Potential Can movable Procedure considered completed once final borrower assets be used document is received as collateral? Credit No prior contact with officials Movable Collateral registries asset registry Lender and credit Cost required to complete each procedure bureaus (% of property value) What types can Can lenders access be used as credit information Official costs only, no bribes collateral? on borrowers? No value added or capital gains taxes included DATA NOTES 141 The strength of legal rights index includes • The law allows parties to agree in a FIGURe 21.10 Getting credit: collateral 8 aspects related to legal rights in collat- collateral agreement that the lender rules and credit information eral law and 2 aspects in bankruptcy law. may enforce its security right out of Rankings are based on A score of 1 is assigned for each of the fol- court. Rankings are based on 2 indicators 2 indicators lowing features of the laws: The index ranges from 0 to 10, with higher 100% • Any business may use movable scores indicating that collateral and bank- Sum of depth of credit assets as collateral while keeping ruptcy laws are better designed to expand information index (0–6) possession of the assets, and any fi- access to credit. and nancial institution may accept such strength of legal rights index (0–10) assets as collateral. • The law allows a business to grant a Credit information Scope, quality and accessibility of credit nonpossessory security right in a sin- The data on credit information sharing information through public and private gle category of movable assets (such are built in 2 stages. First, banking super- credit registries and bureaus as accounts receivable or inventory), vision authorities and public information Regulations on nonpossessory security without requiring a specific descrip- sources are surveyed to confirm the pres- interests in movable property tion of the collateral. ence of a public credit registry or private • The law allows a business to grant a credit bureau. Second, when applicable, Note: Private bureau coverage and public registry cov- nonpossessory security right in sub- a detailed questionnaire on the public erage are measured but do not count for the rankings. stantially all its movable assets, with- credit registry’s or private credit bureau’s out requiring a specific description of structure, laws and associated rules is the collateral. administered to the entity itself. Ques- • A security right may be given over fu- tionnaire responses are verified through to security over movable assets (for exam- ture or after-acquired assets and may several rounds of follow-up communica- ple, leasing or reservation of title). extend automatically to the products, tion with respondents as well as by con- proceeds or replacements of the orig- tacting third parties and consulting public In case B, ABC grants BizBank a business inal assets. sources. The questionnaire data are con- charge, enterprise charge, floating charge • A general description of debts and firmed through teleconference calls or or any charge that gives BizBank a securi- obligations is permitted in the col- on-site visits in all economies. ty interest over ABC’s combined movable lateral agreement and in registration assets (or as much of ABC’s movable as- documents; all types of debts and ob- sets as possible). ABC keeps ownership ligations can be secured between the Depth of credit information index and possession of the assets. parties, and the collateral agreement The depth of credit information index can include a maximum amount for measures rules and practices affecting which the assets are encumbered. the coverage, scope and accessibility of • A collateral registry or registration credit information available through ei- institution for security interests over ther a public credit registry or a private Table 21.7 What do the getting credit movable property is in operation, uni- credit bureau. A score of 1 is assigned for indicators measure? fied geographically and by asset type, each of the following 6 features of the with an electronic database indexed public credit registry or private credit bu- Strength of legal rights index (0–10) by debtors’ names. reau (or both): Protection of rights of borrowers and lenders • Secured creditors are paid first (for through collateral laws example, before tax claims and em- • Data on both firms and individuals are Protection of secured creditors’ rights through ployee claims) when a debtor defaults distributed. bankruptcy laws outside an insolvency procedure. • Both positive credit information (for • Secured creditors are paid first (for example, outstanding loan amounts Depth of credit information index (0–6) example, before tax claims and em- and pattern of on-time repayments) Scope and accessibility of credit information ployee claims) when a business is and negative information (for exam- distributed by public credit registries and private liquidated. ple, late payments and the number credit bureaus • Secured creditors either are not sub- and amount of defaults and bankrupt- Public credit registry coverage (% of adults) ject to an automatic stay or mora- cies) are distributed. torium on enforcement procedures • Data from retailers and utility com- Number of individuals and firms listed in a public when a debtor enters a court-super- panies as well as financial institutions credit registry as percentage of adult population vised reorganization procedure, or the are distributed. law provides secured creditors with • More than 2 years of historical data Private credit bureau coverage (% of adults) grounds for relief from an automatic are distributed. Credit registries and Number of individuals and firms listed in largest stay or moratorium (for example, if the bureaus that erase data on defaults as private credit bureau as percentage of adult movable property is in danger) or sets soon as they are repaid obtain a score population a time limit for the automatic stay. of 0 for this indicator. 142 DOING BUSINESS 2014 • Data on loan amounts below 1% of in- financial institutions. If no public registry distinguish 3 dimensions of investor come per capita are distributed. Note operates, the coverage value is 0.0%. protections: transparency of relat- that a credit registry or bureau must ed-party transactions (extent of dis- have a minimum coverage of 1% of closure index), liability for self-dealing the adult population to score a 1 on Private credit bureau coverage (extent of director liability index) and this indicator. The private credit bureau coverage indica- shareholders’ ability to sue officers • By law, borrowers have the right to tor reports the number of individuals and and directors for misconduct (ease of access their data in the largest credit firms listed in a private credit bureau’s shareholder suits index) (figure 21.11). registry or bureau in the economy. database as of January 1, 2013, with in- The data come from a questionnaire formation on their borrowing history administered to corporate and securi- The index ranges from 0 to 6, with higher from the past 5 years. The number is ex- ties lawyers and are based on securities values indicating the availability of more pressed as a percentage of the adult pop- regulations, company laws, civil proce- credit information, from either a public ulation (the population age 15 and above dure codes and court rules of evidence. credit registry or a private credit bureau, in 2012 according to the World Bank’s The ranking on the strength of investor to facilitate lending decisions. If the cred- World Development Indicators). A private protection index is the simple average it registry or bureau is not operational or credit bureau is defined as a private firm of the percentile rankings on its compo- has a coverage of less than 0.1% of the or nonprofit organization that maintains a nent indicators (figure 21.12). adult population, the score on the depth database on the creditworthiness of bor- of credit information index is 0. rowers (individuals or firms) in the finan- To make the data comparable across cial system and facilitates the exchange economies, several assumptions about In Lithuania, for example, both a public of credit information among creditors. the business and the transaction are used. credit registry and a private credit bureau Credit investigative bureaus and credit operate. Both distribute positive and nega- reporting firms that do not directly facil- tive information (a score of 1). Both distrib- itate information exchange among banks Assumptions about the business ute data on firms and individuals (a score and other financial institutions are not The business (Buyer): of 1). Both distribute more than 2 years of considered. If no private bureau operates, historical data (a score of 1). Although the the coverage value is 0.0%. • Is a publicly traded corporation list- public credit registry does not distribute ed on the economy’s most important data from retailers or utilities, the private The data details on getting credit can be stock exchange. If the number of pub- credit bureau does do so (a score of 1). found for each economy at http://www. licly traded companies listed on that Although the public credit registry has a doingbusiness.org by selecting the economy exchange is less than 10, or if there is threshold of 1,000 litai, the private credit in the drop-down list. This methodology was no stock exchange in the economy, it bureau distributes data on loans of any val- developed by Djankov, McLiesh and Shleif- is assumed that Buyer is a large pri- ue (a score of 1). Borrowers have the right er (2007) and is adopted here with minor vate company with multiple share- to access their data in both the public cred- changes. holders. it registry and the private credit bureau (a • Has a board of directors and a chief score of 1). Summing across the indicators executive officer (CEO) who may le- gives Lithuania a total score of 6. gally act on behalf of Buyer where PROTECTING INVESTORS permitted, even if this is not specifi- Doing Business measures the strength cally required by law. Public credit registry coverage of minority shareholder protections • Has a supervisory board (applicable to The public credit registry coverage indi- against directors’ misuse of corporate economies with a 2-tier board system) cator reports the number of individuals assets for personal gain. The indicators on which 60% of the shareholder- and firms listed in a public credit regis- try’s database as of January 1, 2013, with information on their borrowing history from the past 5 years. The number is ex- FIGURe 21.11 How well are minority shareholders protected against self-dealing in related- pressed as a percentage of the adult pop- party transactions? ulation (the population age 15 and above in 2012 according to the World Bank’s Extent of disclosure Lawsuit Mr. James Disclosure and approval World Development Indicators). A public requirements 60% ownership, 90% ownership, credit registry is defined as a database sits on board of sits on board of Extent of director liability managed by the public sector, usually by Ability to sue directors directors directors the central bank or the superintendent of for damages Company A Company B banks, that collects information on the Ease of shareholder suits (buyer) (seller) creditworthiness of borrowers (individu- Access by shareholders to documents plus other Minority Transaction als or firms) in the financial system and evidence for trial shareholders involving conflict facilitates the exchange of credit infor- of interest mation among banks and other regulated DATA NOTES 143 Extent of disclosure index Buyer must also disclose the terms of the FIGURe 21.12 Protecting investors: minority transaction and Mr. James’s ownership in The extent of disclosure index has 5 com- shareholder rights in related- ponents (table 21.8): Buyer and Seller (a score of 2). Before the party transactions transaction Mr. James must disclose his Rankings are based on • Which corporate body can provide le- conflict of interest to the other directors, 3 indicators Rankings are based on 3 indicators gally sufficient approval for the trans- but he is not required to provide specific Requirements on Liability of CEO and action. A score of 0 is assigned if it information about it (a score of 1). Poland approval and disclosure board of directors in a of related-party related-party is the CEO or the managing director does not require an external body to re- transactions transaction alone; 1 if the board of directors, the view the transaction (a score of 0). Add- supervisory board or shareholders ing these numbers gives Poland a score of 33.3% 33.3% Extent of Extent of must vote and Mr. James is permitted 7 on the extent of disclosure index. disclosure director to vote; 2 if the board of directors or index liability index the supervisory board must vote and 33.3% Mr. James is not permitted to vote; Extent of director liability index Ease of shareholder 3 if shareholders must vote and Mr. The extent of director liability index has 7 suits index James is not permitted to vote. components:5 • Whether immediate disclosure of the Type of evidence that can be collected transaction to the public, the regula- • Whether a shareholder plaintiff is before and during the trial tor or the shareholders is required.4 A able to hold Mr. James liable for the score of 0 is assigned if no disclosure damage the Buyer-Seller transaction is required; 1 if disclosure on the terms causes to the company. A score of of the transaction is required but not 0 is assigned if Mr. James cannot be on Mr. James’s conflict of interest; 2 if held liable or can be held liable only elected members have been appoint- disclosure on both the terms and Mr. for fraud, bad faith or gross negli- ed by Mr. James. James’s conflict of interest is required. gence; 1 if Mr. James can be held lia- • Is a manufacturing company. • Whether disclosure in the annual ble only if he influenced the approval • Has its own distribution network. report is required. A score of 0 is as- of the transaction or was negligent; 2 signed if no disclosure on the transac- if Mr. James can be held liable when tion is required; 1 if disclosure on the Assumptions about the terms of the transaction is required transaction but not on Mr. James’s conflict of • Mr. James is Buyer’s controlling interest; 2 if disclosure on both the Table 21.8 What do the protecting shareholder and a member of Buyer’s terms and Mr. James’s conflict of in- investors indicators board of directors. He owns 60% of terest is required. measure? Buyer and elected 2 directors to Buy- • Whether disclosure by Mr. James extent of disclosure index (0–10) er’s 5-member board. to the board of directors or the su- • Mr. James also owns 90% of Seller, pervisory board is required. A score Approval process for related-party transactions a company that operates a chain of of 0 is assigned if no disclosure is Disclosure requirements in case of related-party retail hardware stores. Seller recently required; 1 if a general disclosure of transactions closed a large number of its stores. the existence of a conflict of interest extent of director liability index (0–10) • Mr. James proposes that Buyer pur- is required without any specifics; 2 chase Seller’s unused fleet of trucks to if full disclosure of all material facts Ability of minority shareholders to file a direct or expand Buyer’s distribution of its food relating to Mr. James’s interest in the derivative lawsuit products, a proposal to which Buyer Buyer-Seller transaction is required. Ability of minority shareholders to hold agrees. The price is equal to 10% of • Whether it is required that an external interested parties and members of the approving body liable for prejudicial related-party Buyer’s assets and is higher than the body, for example, an external auditor, transactions market value. review the transaction before it takes • The proposed transaction is part of place. A score of 0 is assigned if no; Available legal remedies (damages, disgorgement of profits, fines, imprisonment and the company’s ordinary course of 1 if yes. rescission of the transaction) business and is not outside the au- thority of the company. The index ranges from 0 to 10, with high- Ease of shareholder suits index (0–10) • Buyer enters into the transaction. All er values indicating greater disclosure. Access to internal corporate documents (directly required approvals are obtained, and In Poland, for example, the board of di- or through a government inspector) all required disclosures made (that is, rectors must approve the transaction Documents and information available during trial the transaction is not fraudulent). and Mr. James is not allowed to vote (a • The transaction causes damages to score of 2). Buyer is required to disclose Strength of investor protection index (0–10) Buyer. Shareholders sue Mr. James immediately all information affecting the Simple average of the extent of disclosure, extent and the other parties that approved stock price, including the conflict of in- of director liability and ease of shareholder suits indices the transaction. terest (a score of 2). In its annual report 144 Doing Business 2014 the transaction is unfair or prejudicial body or acted negligently (a score of 1). The index ranges from 0 to 10, with high- to the other shareholders. To hold the other directors liable, a plain- er values indicating greater powers of • Whether a shareholder plaintiff is able tiff must prove that they acted negligently shareholders to challenge the transaction. to hold the approving body (the CEO, (a score of 1). The prejudicial transaction In Croatia, for example, the plaintiff can members of the board of directors or cannot be voided (a score of 0). If Mr. access documents that the defendant in- members of the supervisory board) James is found liable, he must pay dam- tends to rely on for his defense (a score of liable for the damage the transaction ages (a score of 1) but he is not required 1). The plaintiff can examine the defendant causes to the company. A score of 0 to disgorge his profits (a score of 0). Mr. and witnesses during trial, without prior is assigned if the approving body can- James cannot be fined and imprisoned (a approval of the questions by the court (a not be held liable or can be held liable score of 0). Direct or derivative suits are score of 2). The plaintiff must specifical- only for fraud, bad faith or gross neg- available for shareholders holding 10% or ly identify the documents being sought ligence; 1 if the approving body can be less of share capital (a score of 1). Adding (for example, the Buyer-Seller purchase held liable for negligence; 2 if the ap- these numbers gives Panama a score of 4 agreement of July 15, 2006) and cannot proving body can be held liable when on the extent of director liability index. simply request categories (for example, the transaction is unfair or prejudicial all documents related to the transaction) to the other shareholders. (a score of 0). A shareholder holding 5% • Whether a court can void the trans- Ease of shareholder suits index of Buyer’s shares can request that a gov- action upon a successful claim by a The ease of shareholder suits index has 6 ernment inspector review suspected mis- shareholder plaintiff. A score of 0 is components: management by Mr. James and the CEO assigned if rescission is unavailable without filing suit in court (a score of 1). or is available only in case of fraud, • What range of documents is available Shareholders cannot inspect the transac- bad faith or gross negligence; 1 if re- to the shareholder plaintiff from the tion documents before deciding wheth- scission is available when the trans- defendant and witnesses during trial. er to sue (a score of 0). The standard of action is oppressive or prejudicial to A score of 1 is assigned for each of the proof for civil suits is the same as that for a the other shareholders; 2 if rescission following types of documents avail- criminal case (a score of 0). Adding these is available when the transaction is able: information that the defendant numbers gives Croatia a score of 4 on the unfair or entails a conflict of interest. has indicated he intends to rely on for ease of shareholder suits index. • Whether Mr. James pays damages his defense; information that directly for the harm caused to the compa- proves specific facts in the plaintiff’s ny upon a successful claim by the claim; any information relevant to the Strength of investor protection shareholder plaintiff. A score of 0 is subject matter of the claim; and any index assigned if no; 1 if yes. information that may lead to the dis- The strength of investor protection index • Whether Mr. James repays profits covery of relevant information. is the average of the extent of disclosure made from the transaction upon a • Whether the plaintiff can directly ex- index, the extent of director liability index successful claim by the shareholder amine the defendant and witnesses and the ease of shareholder suits index. plaintiff. A score of 0 is assigned if no; during trial. A score of 0 is assigned if The index ranges from 0 to 10, with higher 1 if yes. no; 1 if yes, with prior approval of the values indicating more investor protection. • Whether both fines and imprison- questions by the judge; 2 if yes, with- ment can be applied against Mr. out prior approval. The data details on protecting investors can James. A score of 0 is assigned if no; • Whether the plaintiff can obtain cat- be found for each economy at http://www 1 if yes. egories of relevant documents from .doingbusiness.org by selecting the economy • Whether shareholder plaintiffs are the defendant without identifying in the drop-down list. This methodology was able to sue directly or derivatively for each document specifically. A score developed by Djankov and others (2008). the damage the transaction causes to of 0 is assigned if no; 1 if yes. the company. A score of 0 is assigned • Whether shareholders owning 10% if suits are unavailable or are available or less of the company’s share cap- only for shareholders holding more ital can request that a government PAYING TAXES than 10% of the company’s share inspector investigate the Buyer-Seller Doing Business records the taxes and man- capital; 1 if direct or derivative suits transaction without filing suit in court. datory contributions that a medium-size are available for shareholders holding A score of 0 is assigned if no; 1 if yes. company must pay in a given year as well 10% or less of share capital. • Whether shareholders owning 10% as measures of the administrative burden or less of the company’s share capital of paying taxes and contributions (figure The index ranges from 0 to 10, with higher have the right to inspect the transac- 21.13). The project was developed and values indicating greater liability of direc- tion documents before filing suit. A implemented in cooperation with PwC.6 tors. Assuming that the prejudicial trans- score of 0 is assigned if no; 1 if yes. Taxes and contributions measured in- action was duly approved and disclosed, • Whether the standard of proof for civ- clude the profit or corporate income tax, in order to hold Mr. James liable in Pan- il suits is lower than that for a criminal social contributions and labor taxes paid ama, for example, a plaintiff must prove case. A score of 0 is assigned if no; 1 by the employer, property taxes, property that Mr. James influenced the approving if yes. transfer taxes, dividend tax, capital gains DATA NOTES 145 tax, financial transactions tax, waste col- cal) and that apply to the standardized number of different firms (in many econ- lection taxes, vehicle and road taxes, and business and have an impact in its finan- omies these include PwC) compute the any other small taxes or fees. cial statements. In doing so, Doing Busi- taxes and mandatory contributions due in ness goes beyond the traditional definition their jurisdiction based on the standard- The ranking on the ease of paying taxes is of a tax. As defined for the purposes of ized case study facts. Information is also the simple average of the percentile rank- government national accounts, taxes compiled on the frequency of filing and ings on its component indicators, with include only compulsory, unrequited payments as well as time taken to comply a threshold being applied to one of the payments to general government. Doing with tax laws in an economy. To make the component indicators, the total tax rate Business departs from this definition be- data comparable across economies, sever- (figure 21.14). The threshold is defined as cause it measures imposed charges that al assumptions about the business and the the highest total tax rate among the top affect business accounts, not government taxes and contributions are used. 15% of economies in the ranking on the accounts. One main difference relates to total tax rate. It is calculated and adjust- labor contributions. The Doing Business The methodology for the paying taxes ed on a yearly basis. This year’s threshold measure includes government-mandated indicators has benefited from discussion is 25.5%. All economies with a total tax contributions paid by the employer to a with members of the International Tax rate below this threshold receive the same requited private pension fund or workers’ Dialogue and other stakeholders, which score as the economy at the threshold. The insurance fund. The indicator includes, led to a refinement of the questions on threshold is not based on any economic for example, Australia’s compulsory su- the time to pay taxes, the collection of theory of an “optimal tax rate” that mini- perannuation guarantee and workers’ additional data on the labor tax wedge for mizes distortions or maximizes efficiency compensation insurance. For the purpose further research and the introduction of a in the tax system of an economy overall. of calculating the total tax rate (defined threshold applied to the total tax rate for Instead, it is mainly empirical in nature, set below), only taxes borne are included. For the purpose of calculating the ranking on at the lower end of the distribution of tax example, value added taxes are generally the ease of paying taxes. rates levied on medium-size enterprises excluded (provided they are not irrecov- in the manufacturing sector as observed erable) because they do not affect the ac- through the paying taxes indicators. This counting profits of the business—that is, Assumptions about the business reduces the bias in the indicators toward they are not reflected in the income state- The business: economies that do not need to levy sig- ment. They are, however, included for nificant taxes on companies like the Doing the purpose of the compliance measures • Is a limited liability, taxable compa- Business standardized case study company (time and payments), as they add to the ny. If there is more than one type of because they raise public revenue in other burden of complying with the tax system. limited liability company in the econ- ways—for example, through taxes on for- omy, the limited liability form most eign companies, through taxes on sectors Doing Business uses a case scenario to common among domestic firms is other than manufacturing or from natural measure the taxes and contributions paid chosen. The most common form is resources (all of which are outside the by a standardized business and the com- reported by incorporation lawyers or scope of the methodology). plexity of an economy’s tax compliance the statistical office. system. This case scenario uses a set of fi- • Started operations on January 1, 2011. Doing Business measures all taxes and nancial statements and assumptions about contributions that are government man- transactions made over the course of the dated (at any level—federal, state or lo- year. In each economy tax experts from a FIGURe 21.14 Paying taxes: tax compliance for a local manufacturing company Rankings are based on FIGURe 21.13 What are the time, total tax rate and number of payments necessary for a 3 indicators local medium-size company to pay all taxes? Number of hours per Firm tax liability as year to prepare, file % of profits before returns and pay taxes all taxes borne Total tax rate Time 33.3% 33.3% Time Total To prepare, file and tax rate pay value added or 33.3% sales tax, profit tax Payments % of profit Hours and labor taxes and before all taxes per year contributions Number of tax payments per year Note: All economies below the threshold receive the Number of payments (per year) same score in the total tax rate component as the economies at the threshold. 146 Doing Business 2014 At that time the company purchased at the beginning of the second year. with the tax system and so are included all the assets shown in its balance • Has annual fuel costs for its trucks in the tax payments measure. sheet and hired all its workers. equal to twice income per capita. • Operates in the economy’s largest • Is subject to a series of detailed as- The number of payments takes into ac- business city (see table 21A.1). sumptions on expenses and transac- count electronic filing. Where full electron- • Is 100% domestically owned and has tions to further standardize the case. ic filing and payment is allowed and it is 5 owners, all of whom are natural per- All financial statement variables are used by the majority of medium-size busi- sons. proportional to 2005 income per nesses, the tax is counted as paid once a • At the end of 2011, has a start-up cap- capita. For example, the owner who year even if filings and payments are more ital of 102 times income per capita. is also a manager spends 10% of in- frequent. For payments made through third • Performs general industrial or com- come per capita on traveling for the parties, such as tax on interest paid by a fi- mercial activities. Specifically, it pro- company (20% of this owner’s ex- nancial institution or fuel tax paid by a fuel duces ceramic flowerpots and sells penses are purely private, 20% are for distributor, only one payment is included them at retail. It does not participate entertaining customers and 60% for even if payments are more frequent. in foreign trade (no import or export) business travel). and does not handle products subject Where 2 or more taxes or contributions to a special tax regime, for example, are filed for and paid jointly using the liquor or tobacco. Assumptions about the taxes and same form, each of these joint payments • At the beginning of 2012, owns 2 contributions is counted once. For example, if manda- plots of land, 1 building, machinery, • All the taxes and contributions re- tory health insurance contributions and office equipment, computers and 1 corded are those paid in the second mandatory pension contributions are truck and leases 1 truck. year of operation (calendar year filed for and paid together, only one of • Does not qualify for investment in- 2012). A tax or contribution is consid- these contributions would be included in centives or any benefits apart from ered distinct if it has a different name the number of payments. those related to the age or size of the or is collected by a different agency. company. Taxes and contributions with the • Has 60 employees—4 managers, 8 same name and agency, but charged assistants and 48 workers. All are na- at different rates depending on the tionals, and 1 manager is also an own- business, are counted as the same tax What do the paying taxes Table 21.9  er. The company pays for additional or contribution. indicators measure? medical insurance for employees • The number of times the compa- Tax payments for a manufacturing company in (not mandated by any law) as an ad- ny pays taxes and contributions in a 2012 (number per year adjusted for electronic ditional benefit. In addition, in some year is the number of different taxes and joint filing and payment) economies reimbursable business or contributions multiplied by the fre- Total number of taxes and contributions paid, travel and client entertainment ex- quency of payment (or withholding) including consumption taxes (value added tax, penses are considered fringe benefits. for each tax. The frequency of pay- sales tax or goods and service tax) When applicable, it is assumed that ment includes advance payments (or Method and frequency of filing and payment the company pays the fringe benefit withholding) as well as regular pay- tax on this expense or that the benefit ments (or withholding). Time required to comply with 3 major taxes becomes taxable income for the em- (hours per year) ployee. The case study assumes no Collecting information and computing the tax additional salary additions for meals, Tax payments payable transportation, education or others. The tax payments indicator reflects the Completing tax return forms, filing with proper Therefore, even when such benefits total number of taxes and contributions agencies are frequent, they are not added to or paid, the method of payment, the fre- removed from the taxable gross sala- quency of payment, the frequency of fil- Arranging payment or withholding ries to arrive at the labor tax or contri- ing and the number of agencies involved Preparing separate mandatory tax accounting bution calculation. for this standardized case study compa- books, if required • Has a turnover of 1,050 times income ny during the second year of operation Total tax rate (% of profit before all taxes) per capita. (table 21.9). It includes taxes withheld • Makes a loss in the first year of op- by the company, such as sales tax, value Profit or corporate income tax eration. added tax and employee-borne labor tax- • Has a gross margin (pretax) of 20% es. These taxes are traditionally collected Social contributions and labor taxes paid by the employer (that is, sales are 120% of the cost of by the company from the consumer or goods sold). employee on behalf of the tax agencies. Property and property transfer taxes • Distributes 50% of its net profits as Although they do not affect the income Dividend, capital gains and financial transactions dividends to the owners at the end of statements of the company, they add to taxes the second year. the administrative burden of complying • Sells one of its plots of land at a profit Waste collection, vehicle, road and other taxes data notes 147 Time service tax) but not borne by the compa- Commercial profit is computed as sales Time is recorded in hours per year. The ny are excluded. The taxes included can minus cost of goods sold, minus gross indicator measures the time taken to pre- be divided into 5 categories: profit or cor- salaries, minus administrative expenses, pare, file and pay 3 major types of taxes porate income tax, social contributions minus other expenses, minus provisions, and contributions: the corporate income and labor taxes paid by the employer plus capital gains (from the property sale) tax, value added or sales tax, and labor (in respect of which all mandatory con- minus interest expense, plus interest in- taxes, including payroll taxes and social tributions are included, even if paid to a come and minus commercial deprecia- contributions. Preparation time includes private entity such as a requited pension tion. To compute the commercial depreci- the time to collect all information nec- fund), property taxes, turnover taxes and ation, a straight-line depreciation method essary to compute the tax payable and other taxes (such as municipal fees and is applied, with the following rates: 0% for to calculate the amount payable. If sep- vehicle taxes). Fuel taxes are no longer the land, 5% for the building, 10% for the arate accounting books must be kept for included in the total tax rate because of machinery, 33% for the computers, 20% tax purposes—or separate calculations the difficulty of computing these taxes in for the office equipment, 20% for the made—the time associated with these a consistent way for all economies cov- truck and 10% for business development processes is included. This extra time is in- ered. The fuel tax amounts are in most expenses. Commercial profit amounts to cluded only if the regular accounting work cases very small, and measuring these 59.4 times income per capita. is not enough to fulfill the tax accounting amounts is often complicated because requirements. Filing time includes the they depend on fuel consumption. Fuel The methodology for calculating the to- time to complete all necessary tax return taxes continue to be counted in the num- tal tax rate is broadly consistent with the forms and file the relevant returns at the ber of payments. Total Tax Contribution framework devel- tax authority. Payment time considers the oped by PwC and the calculation within hours needed to make the payment online The total tax rate is designed to provide a this framework for taxes borne. But while or at the tax authorities. Where taxes and comprehensive measure of the cost of all the work undertaken by PwC is usually contributions are paid in person, the time the taxes a business bears. It differs from based on data received from the largest includes delays while waiting. the statutory tax rate, which merely pro- companies in the economy, Doing Busi- vides the factor to be applied to the tax ness focuses on a case study for a stan- base. In computing the total tax rate, the dardized medium-size company. Total tax rate actual tax payable is divided by commer- The total tax rate measures the amount cial profit. Data for Kiribati are provided as The data details on paying taxes can be of taxes and mandatory contributions an example (table 21.10). found for each economy at http://www. borne by the business in the second year doingbusiness.org by selecting the economy of operation, expressed as a share of Commercial profit is essentially net profit in the drop-down list. This methodology was commercial profit. Doing Business 2014 before all taxes borne. It differs from the developed by Djankov and others (2010). reports the total tax rate for calendar year conventional profit before tax, reported in 2012. The total amount of taxes borne is financial statements. In computing profit the sum of all the different taxes and con- before tax, many of the taxes borne by a firm are deductible. In computing com- TRADING ACROSS BORDERS tributions payable after accounting for al- lowable deductions and exemptions. The mercial profit, these taxes are not deduct- Doing Business measures the time and taxes withheld (such as personal income ible. Commercial profit therefore presents cost (excluding tariffs) associated with tax) or collected by the company and a clear picture of the actual profit of a exporting and importing a standardized remitted to the tax authorities (such as business before any of the taxes it bears cargo of goods by sea transport. The time value added tax, sales tax or goods and in the course of the fiscal year. and cost necessary to complete every official procedure for exporting and im- porting the goods are recorded; however, the time and cost for sea transport are Table 21.10  Computing the total tax rate for Kiribati not included. All documents needed by the trader to export or import the goods Statutory Statutory Actual tax Commercial Total across the border are also recorded. For rate tax base payable profit* tax rate r b a = r × b c t = a/c exporting goods, procedures range from Type of tax (tax base) (%) ($A) ($A) ($A) (%) packing the goods into the container at Corporate income tax the warehouse to their departure from 20.0–35.0 87,565 25,647 109,801 23.4 the port of exit. For importing goods, (taxable income) procedures range from the vessel’s arriv- Employer-paid social security contributions 7.5 123,854 9,289 109,801 8.5 al at the port of entry to the cargo’s de- (taxable wages) livery at the warehouse. For landlocked Total     34,936   31.8 economies, these include procedures at * Profit before all taxes borne. the inland border post, since the port is Note: Commercial profit is assumed to be 59.4 times income per capita. $A is Australian dollar. located in the transit economy. Payment Source: Doing Business database. is made by letter of credit, and the time, 148 DOING BUSINESS 2014 cost and documents required for the issuance or advising of a letter of cred- FIGURe 21.15 How much time, how many documents and what cost to export and import it are taken into account (figure 21.15). by sea transport? The ranking on the ease of trading across borders is the simple average of the per- centile rankings on its component indi- cators (figure 21.16). Time Time To export Cost Cost To import Local freight forwarders, shipping lines, Documents Documents Full, 20-foot container customs brokers, port officials and banks provide information on required docu- Import ments and cost as well as the time to complete each procedure. To make the data comparable across economies, sev- Export eral assumptions about the business and the traded goods are used. Port and terminal Customs and Inland handling border agencies transport Assumptions about the traded goods The traded product travels in a dry- Assumptions about the business of origin if the use is only to qualify for a cargo, 20-foot,7 full container load. It The business: preferential tariff rate under trade agree- weighs 10 tons and is valued at $20,000. ments. It is assumed that the exporter will The product: • Has at least 60 employees. • Is located in the economy’s largest • Is not hazardous nor does it include business city (see table 21A.1). Table 21.11 What do the trading military items. • Is a private, limited liability company. across borders indicators • Does not require refrigeration or any • Does not operate in an export process- measure? other special environment. ing zone or an industrial estate with • Does not require any special phy- special export or import privileges. Documents required to export and import (number) tosanitary or environmental safety • Is 100% domestically owned. standards other than accepted inter- • Exports more than 10% of its sales. Bank documents national standards. Customs clearance documents • Is one of the economy’s leading ex- port or import products. Documents Port and terminal handling documents All documents required per shipment to Transport documents export and import the goods are record- ed (table 21.11). It is assumed that a new Time required to export and import (days) contract is drafted per shipment and that the contract has already been agreed Obtaining, filling out and submitting all the FIGURe 21.16 Trading across borders: documents exporting and importing by upon and executed by both parties. Doc- sea transport uments required for clearance by relevant Inland transport and handling agencies—including government minis- Rankings are based on Customs clearance and inspections 3 indicators tries, customs, port authorities and other control agencies—are taken into account. Port and terminal handling All Document preparation, documents customs clearance and For landlocked economies, documents re- required by technical control, port quired by authorities in the transit econ- Does not include sea transport time customs and and terminal handling, omy are also included. Since payment is other inland transport Cost required to export and import (US$ per agencies and handling by letter of credit, all documents required container) by banks for the issuance or securing of a 33.3% 33.3% letter of credit are also taken into account. All documentation Documents Time to to export export and Documents that are requested at the time and import import Inland transport and handling of clearance but that are valid for a year 33.3% or longer and do not require renewal per Customs clearance and inspections Cost to export shipment (for example, an annual tax and import clearance certificate) are not included. Port and terminal handling Documents that are required purely for US$ per 20-foot container, purposes of preferential treatment are no Official costs only, no bribes no bribes or tariffs included longer included—for example, a certificate DATA NOTES 149 always obtain a certificate of origin for its trade partner, however, and the time and FIGURe 21.17 What are the time, cost and cost associated with obtaining it are in- ENFORCING CONTRACTS number of procedures to resolve a commercial dispute cluded in the time and cost to export. Indicators on enforcing contracts mea- through the courts? sure the efficiency of the judicial system in resolving a commercial dispute. The Court Time data are built by following the step-by- The time for exporting and importing step evolution of a commercial sale dis- Time is recorded in calendar days. The time pute before local courts. The data are col- Cost calculation for a procedure starts from lected through study of the codes of civil Number of the moment it is initiated and runs un- procedure and other court regulations as procedures til it is completed. If a procedure can be well as questionnaires completed by local accelerated for an additional cost and is litigation lawyers and by judges (figure available to all trading companies, the 21.17). The ranking on the ease of enforc- Company A Company B (seller Commercial (buyer fastest legal procedure is chosen. Fast- ing contracts is the simple average of the & plaintiff) dispute & defendant) track procedures applying only to firms percentile rankings on its component in- Filing of court Trial & Enforcement located in an export processing zone, or dicators (figure 21.18). case judgment only to certain accredited firms under authorized economic operator programs, The name of the relevant court in each are not taken into account because they economy—the court in the largest busi- are not available to all trading companies. ness city with jurisdiction over com- Sea transport time is not included. It is as- mercial cases worth 200% of income sumed that neither the exporter nor the per capita—is published at http://www • An expert opinion is given on the qual- importer wastes time and that each com- .doingbusiness.org/data/exploretopics/ ity of the delivered goods. If it is stan- mits to completing each remaining proce- enforcing-contracts. dard practice in the economy for each dure without delay. Procedures that can party to call its own expert witness, the be completed in parallel are measured parties each call one expert witness. as simultaneous. But it is assumed that Assumptions about the case If it is standard practice for the judge document preparation, inland transport, • The value of the claim equals 200% to appoint an independent expert, the customs and other clearance, and port of the economy’s income per capita. judge does so. In this case the judge and terminal handling require a minimum • The dispute concerns a lawful trans- does not allow opposing expert testi- time of 1 day each and cannot take place action between 2 businesses (Seller mony. simultaneously. The waiting time be- and Buyer), located in the economy’s • The judgment is 100% in favor of Sell- tween procedures—for example, during largest business city (see table 21A.1). er: the judge decides that the goods unloading of the cargo—is included in the Seller sells goods worth 200% of the are of adequate quality and that Buyer measure. economy’s income per capita to Buyer. must pay the agreed price. After Seller delivers the goods to Buy- • Buyer does not appeal the judgment. er, Buyer refuses to pay for the goods Seller decides to start enforcing the Cost on the grounds that the delivered Cost measures the fees levied on a 20- goods were not of adequate quality. foot container in U.S. dollars. All the fees • Seller (the plaintiff) sues Buyer (the FIGURe 21.18 enforcing contracts: associated with completing the proce- defendant) to recover the amount resolving a commercial dures to export or import the goods are under the sales agreement (that is, dispute through the courts taken into account. These include costs 200% of the economy’s income per Rankings are based on for documents, administrative fees for capita). Buyer opposes Seller’s claim, 3 indicators customs clearance and inspections, cus- saying that the quality of the goods Days to resolve Attorney, court and toms broker fees, port-related charges is not adequate. The claim is disput- commercial sale dispute enforcement costs as and inland transport costs. The cost does ed on the merits. The court cannot through the courts % of claim value not include customs tariffs and duties or decide the case on the basis of doc- costs related to sea transport. Only offi- umentary evidence or legal title alone. cial costs are recorded. • A court in the economy’s largest busi- 33.3% 33.3% Time Cost ness city with jurisdiction over com- The data details on trading across borders mercial cases worth 200% of income can be found for each economy at http:// per capita decides the dispute. 33.3% Procedures www.doingbusiness.org by selecting the • Seller attaches Buyer’s movable assets economy in the drop-down list. This meth- (for example, office equipment and odology was developed by Djankov, Freund vehicles) before obtaining a judgment and Pham (2010) and is adopted here with because Seller fears that Buyer may Steps to file claim, obtain judgment and enforce it minor changes. become insolvent. 150 DOING BUSINESS 2014 are not counted in the total number of Table 21.12 What do the enforcing procedures. FIGURe 21.19 What are the time, cost and contracts indicators outcome of the insolvency measure? proceedings against a local company? Procedures to enforce a contract through the Time courts (number) Time is recorded in calendar days, count- Court Steps to file and serve the case ed from the moment the plaintiff decides to file the lawsuit in court until payment. Outcome Steps for trial and judgment This includes both the days when actions Time take place and the waiting periods be- Cost Steps to enforce the judgment tween. The average duration of different Recovery rate Time required to complete procedures stages of dispute resolution is record- (calendar days) ed: the completion of service of process Secured creditor Insolvent Unsecured Time to file and serve the case (time to file and serve the case), the company creditors (bank) Time for trial and obtaining judgment issuance of judgment (time for the trial and obtaining the judgment) and the mo- Time to enforce the judgment ment of payment (time for enforcement Secured Other of the judgment). loan claims Cost required to complete procedures (% of claim) Average attorney fees Cost Court costs Cost is recorded as a percentage of the ease of resolving insolvency is based on Enforcement costs claim, assumed to be equivalent to 200% the recovery rate (figure 21.20). of income per capita. No bribes are re- corded. Three types of costs are recorded: To make the data comparable across judgment as soon as the time allocat- court costs, enforcement costs and aver- economies, several assumptions about ed by law for appeal expires. age attorney fees. the business and the case are used. • Seller takes all required steps for prompt enforcement of the judgment. Court costs include all court costs that The money is successfully collected Seller (plaintiff ) must advance to the through a public sale of Buyer’s mov- court, regardless of the final cost to Assumptions about the business The business: able assets (for example, office equip- Seller. Enforcement costs are all costs ment and vehicles). that Seller (plaintiff ) must advance to • Is a limited liability company. enforce the judgment through a public • Operates in the economy’s largest sale of Buyer’s movable assets, regard- business city (see table 21A.1). Procedures less of the final cost to Seller. Average The list of procedural steps compiled for attorney fees are the fees that Seller each economy traces the chronology of (plaintiff ) must advance to a local attor- a commercial dispute before the relevant ney to represent Seller in the standard- FIGURe 21.20 Resolving insolvency: time, court. A procedure is defined as any in- ized case. cost and outcome of the teraction, required by law or commonly insolvency proceedings against a local company used in practice, between the parties or The data details on enforcing contracts can between them and the judge or court be found for each economy at http://www Rankings Rankings are are based based onon 1 indicators 1 indicator officer. Other procedural steps, internal .doingbusiness.org by selecting the economy to the court or between the parties and in the drop-down list. This methodology was Recovery rate is a function of time, cost and other their counsel, may be counted as well. developed by Djankov and others (2003) factors such as lending rate and the likelihood of the company continuing to operate Procedural steps include steps to file and and is adopted here with minor changes. serve the case, steps to assign the case to a judge, steps for trial and judgment and steps necessary to enforce the judgment RESOLVING INSOLVENCY (table 21.12). 100% Doing Business studies the time, cost and To indicate overall efficiency, 1 proce- outcome of insolvency proceedings in- Recovery rate dure is subtracted from the total num- volving domestic entities. The data are ber for economies that have specialized derived from questionnaire responses by commercial courts, and 1 procedure for local insolvency practitioners and verified economies that allow electronic filing of through a study of laws and regulations as the initial complaint in court cases. Some well as public information on bankruptcy Note: Time and cost do not count separately for the procedural steps that are part of others systems (figure 21.19). The ranking on the rankings. data notes 151 • Is 100% domestically owned, with judicial procedure aimed at the liquidation Recovery rate the founder, who is also the chairman or winding-up of the company; or a debt The recovery rate is recorded as cents on of the supervisory board, owning 51% enforcement or foreclosure procedure the dollar recouped by creditors through (no other shareholder holds more against the company, enforced either in reorganization, liquidation or debt en- than 5% of shares). court (or through another government forcement (foreclosure) proceedings. • Has downtown real estate, where it authority) or out of court (for example, by The calculation takes into account the runs a hotel, as its major asset. appointing a receiver). outcome: whether the business emerges • Has a professional general manager. from the proceedings as a going concern • Has 201 employees and 50 suppliers, or the assets are sold piecemeal. Then the each of which is owed money for the Assumptions about the parties costs of the proceedings are deducted (1 last delivery. The bank wants to recover as much as cent for each percentage point of the val- • Has a 10-year loan agreement with a possible of its loan, as quickly and cheap- ue of the debtor’s estate). Finally, the val- domestic bank secured by a mortgage ly as possible. The unsecured creditors ue lost as a result of the time the money over the hotel’s real estate property. A will do everything permitted under the remains tied up in insolvency proceedings universal business charge (for exam- applicable laws to avoid a piecemeal sale is taken into account, including the loss ple, a floating charge) is also assumed of the assets. The majority shareholder of value due to depreciation of the hotel in economies where such collateral is wants to keep the company operating and furniture. Consistent with international recognized. If the laws of the econo- under its control. Management wants to accounting practice, the annual depreci- my do not specifically provide for a keep the company operating and preserve ation rate for furniture is taken to be 20%. universal business charge but con- its employees’ jobs. All the parties are lo- The furniture is assumed to account for a tracts commonly use some other pro- cal entities or citizens; no foreign parties quarter of the total value of assets. The vision to that effect, this provision is are involved. recovery rate is the present value of the specified in the loan agreement. • Has observed the payment schedule and all other conditions of the loan up Time to now. Time for creditors to recover their credit What do the resolving Table 21.13  • The business’s market value, operat- is recorded in calendar years (table 21.13). insolvency indicators ing as a going concern, is 100 times The period of time measured by Doing measure? income per capita or $200,000, Business is from the company’s default Time required to recover debt (years) whichever is greater. The market val- until the payment of some or all of the ue of the company’s assets, if sold money owed to the bank. Potential delay Measured in calendar years piecemeal, is 70% of the business’s tactics by the parties, such as the filing of Appeals and requests for extension are included market value. dilatory appeals or requests for extension, are taken into consideration. Cost required to recover debt (% of debtor’s estate) Assumptions about the case Measured as percentage of estate value The business is experiencing liquidity Cost Court fees problems. The company’s loss in 2012 re- The cost of the proceedings is recorded as duced its net worth to a negative figure. It a percentage of the value of the debtor’s Fees of insolvency administrators is January 1, 2013. There is no cash to pay estate. The cost is calculated on the basis Lawyers’ fees the bank interest or principal in full, due of questionnaire responses and includes the next day, January 2. The business will court fees and government levies; fees of Assessors’ and auctioneers’ fees therefore default on its loan. Manage- insolvency administrators, auctioneers, Other related fees ment believes that losses will be incurred assessors and lawyers; and all other fees in 2013 and 2014 as well. and costs. Outcome Whether business continues operating as a The amount outstanding under the loan going concern or business assets are sold agreement is exactly equal to the market Outcome piecemeal value of the hotel business and represents Recovery by creditors depends on wheth- Recovery rate for creditors (cents on the dollar) 74% of the company’s total debt. The other er the hotel business emerges from the 26% of its debt is held by unsecured credi- proceedings as a going concern or the Measures the cents on the dollar recovered by creditors tors (suppliers, employees, tax authorities). company’s assets are sold piecemeal. If the business keeps operating, no value is Present value of debt recovered The company has too many creditors to lost and the bank can satisfy its claim in Official costs of the insolvency proceedings are negotiate an informal out-of-court work- full, or recover 100 cents on the dollar. If deducted out. The following options are available: the assets are sold piecemeal, the maxi- Depreciation of furniture is taken into account a judicial procedure aimed at the reha- mum amount that can be recovered will bilitation or reorganization of the com- not exceed 70% of the bank’s claim, which Outcome for the business (survival or not) affects pany to permit its continued operation; a translates into 70 cents on the dollar. the maximum value that can be recovered 152 DOING BUSINESS 2014 remaining proceeds, based on end-2012 lending rates from the International Mon- FIGURe 21.21 How flexible are hiring, work scheduling and redundancy rules? etary Fund’s International Financial Statis- tics, supplemented with data from central banks and the Economist Intelligence Unit. 2. Work scheduling Schedule No practice Hours If an economy had zero cases a year over the past 5 years involving a judicial reor- 1. Hiring 3. Redundancy ganization, judicial liquidation or debt en- forcement procedure (foreclosure), the economy receives a “no practice” ranking. This means that creditors are unlikely to recover their money through a formal legal process (in or out of court). The recovery rate for “no practice” economies is zero. This methodology was developed by Djankov and others (2008) and is adopted here with minor changes. employing-workers. This year Doing Busi- Assumptions about the business ness continued research collecting addi- The business: tional data on regulations covering work- EMPLOYING WORKERS ers’ probationary period. • Is a limited liability company. • Operates in the economy’s largest Doing Business measures flexibility in the Doing Business 2014 presents the data on the business city. regulation of employment, specifically employing workers indicators in an annex. • Is 100% domestically owned. as it affects the hiring and redundancy of The report does not present rankings of econ- • Operates in the manufacturing sec- workers and the rigidity of working hours omies on the employing workers indicators tor. (figure 21.21). Over the period from 2007 or include the topic in the aggregate ranking • Has 60 employees. to 2011 improvements were made to align on the ease of doing business. Detailed data • Is subject to collective bargaining the methodology for the employing work- collected on labor regulations are available agreements in economies where ers indicators with the letter and spirit of on the Doing Business website (http:/ /www such agreements cover more than the ILO conventions. Only 4 of the 188 ILO .doingbusiness.org). The data on employing half the manufacturing sector and conventions cover areas measured by Do- workers are based on a detailed ques- apply even to firms not party to them. ing Business: employee termination, week- tionnaire on employment regulations that • Abides by every law and regulation end work, holiday with pay and night work. is completed by local lawyers and public but does not grant workers more The Doing Business methodology is fully officials. Employment laws and regulations benefits than mandated by law, reg- consistent with these 4 conventions. The as well as secondary sources are reviewed to ulation or (if applicable) collective ILO conventions covering areas related to ensure accuracy. To make the data compara- bargaining agreement. the employing workers indicators do not ble across economies, several assumptions include the ILO core labor standards—8 about the worker and the business are used. conventions covering the right to collec- Rigidity of employment tive bargaining, the elimination of forced Rigidity of employment covers 3 areas: labor, the abolition of child labor and equi- Assumptions about the worker difficulty of hiring, rigidity of hours and table treatment in employment practices. The worker: difficulty of redundancy (table 21.14). Between 2009 and 2011 the World Bank • Earns a salary plus benefits equal to Difficulty of hiring covers (i) whether Group worked with a consultative group— the economy’s average wage during fixed-term contracts are prohibited for including labor lawyers, employer and the entire period of his employment. permanent tasks; (ii) the maximum cu- employee representatives, and experts • Has a pay period that is the most mulative duration of fixed-term contracts; from the ILO, the OECD, civil society and common for workers in the economy. and (iii) the ratio of the minimum wage the private sector—to review the employ- • Is a lawful citizen who belongs to the for a trainee or first-time employee to the ing workers methodology and explore fu- same race and religion as the majority average value added per worker.9 ture areas of research.8 A full report with of the economy’s population. the conclusions of the consultative group, • Resides in the economy’s largest busi- Rigidity of hours covers 5 areas: (i) wheth- along with the employing workers meth- ness city (see table 21A.1). er there are restrictions on night work; odology it proposed, is available at http:// • Is not a member of a labor union, un- (ii) whether there are restrictions on www.doingbusiness.org/methodology/ less membership is mandatory. weekly holiday work; (iii) whether the data notes 153 9 redundant workers; (iv) whether the only to economies with more than 10 listed What do the employing Table 21.14   employer needs approval from a third firms in their most important stock exchange. workers indicators party to terminate 1 redundant worker; 5. When evaluating the regime of liability for measure? (v) whether the employer needs ap- company directors for a prejudicial relat- Rigidity of employment proval from a third party to terminate ed-party transaction, Doing Business assumes a group of 9 redundant workers; (vi) that the transaction was duly disclosed and Difficulty of hiring whether the law requires the employer approved. Doing Business does not measure Fixed-term contracts prohibited for permanent to reassign or retrain a worker before director liability in the event of fraud. tasks? making the worker redundant; (vii) 6. PwC refers to the network of member firms Maximum duration of fixed-term contracts whether priority rules apply for redun- of PricewaterhouseCoopers International Ratio of minimum wage for trainee or first-time dancies; and (viii) whether priority rules Limited (PwCIL), or, as the context requires, employee to value added per worker apply for reemployment. individual member firms of the PwC net- Rigidity of hours work. Each member firm is a separate legal Restrictions on night work and weekend work? entity and does not act as agent of PwCIL Allowed maximum length of the workweek in Redundancy cost or any other member firm. PwCIL does days and hours, including overtime Redundancy cost measures the cost of not provide any services to clients. PwCIL Fifty-hour workweeks permitted for 2 months due advance notice requirements, severance is not responsible or liable for the acts or to an increase in production? payments and penalties due when ter- omissions of any of its member firms nor Paid annual vacation days minating a redundant worker, expressed can it control the exercise of their profes- Difficulty of redundancy in weeks of salary. The average value of sional judgment or bind them in any way. notice requirements and severance pay- No member firm is responsible or liable for Redundancy allowed as grounds for termination? ments applicable to a worker with 1 year the acts or omissions of any other member Notification required for termination of a of tenure, a worker with 5 years and a firm nor can it control the exercise of an- redundant worker or group of workers? worker with 10 years is considered. One other member firm’s professional judgment Approval required for termination of a redundant worker or group of workers? month is recorded as 4 and 1/3 weeks. or bind another member firm or PwCIL in Employer obligated to reassign or retrain and any way. to follow priority rules for redundancy and The data details on employing workers can 7. While different types of containers are used reemployment? be found for each economy at http://www. around the world, the 2 most important are Redundancy cost (weeks of salary) doingbusiness.org. The Doing Business 20-foot and 40-foot containers. Use of 40- Notice requirements, severance payments and website provides historical data sets to allow foot containers is growing, but this year’s penalties due when terminating a redundant comparison of data across years. The em- research confirms that 20-foot containers worker, expressed in weeks of salary ploying workers methodology was developed are still common in the majority of econo- by Botero and others (2004). Doing Busi- mies. According to respondents questioned ness 2014 does not present rankings of econ- in each of the 189 economies covered by omies on the employing workers indicators. Doing Business, 20-foot and 40-foot con- workweek can consist of 5.5 days or tainers are equally common in 49% of the is more than 6 days; (iv) whether the economies, 20-foot containers are more workweek can extend to 50 hours or common in 29%, and 40-foot containers more (including overtime) for 2 months Notes are mostly relied on in only 10%. For the a year to respond to a seasonal increase remaining 12% of economies no data on in production; and (v) whether the aver- 1. The data for paying taxes refer to January– the use of the 2 types of containers were age paid annual leave for a worker with 1 December 2012. available. The trading across borders indi- year of tenure, a worker with 5 years and 2. For getting electricity the rule that each cators will continue to be based on 20-foot a worker with 10 years is more than 26 procedure must take a minimum of 1 day containers because this size remains the working days or fewer than 15 working still applies because in practice there are no most relevant for international trade across days. cases in which procedures can be fully com- the globe. pleted online in less than a day. For example, 8. For the terms of reference and com- Difficulty of redundancy looks at 8 ques- even though in some cases it is possible to position of the consultative group, see tions: (i) whether redundancy is disal- apply for an electricity connection online, World Bank, “Doing Business Employing lowed as a basis for terminating workers; additional requirements mean that the pro- Workers Indicator Consultative Group,” (ii) whether the employer needs to no- cess cannot be completed in less than 1 day. http://www.doingbusiness.org. tify a third party (such as a government 3. This correction rate reflects changes that ex- 9. The average value added per worker is the agency) to terminate 1 redundant worker; ceed 5% up or down. ratio of an economy’s GNI per capita to the (iii) whether the employer needs to no- 4. This question is usually regulated by stock ex- working-age population as a percentage of tify a third party to terminate a group of change or securities laws. Points are awarded the total population. 154 Doing Business 2014 Largest business city in each economy covered by the Doing Business report Table 21A.1  Economy City   Economy City   Economy City Afghanistan Kabul   Greece Athens   Pakistan Karachi Albania Tirana   Grenada St. George’s   Palau Koror Algeria Algiers   Guatemala Guatemala City   Panama Panama City Angola Luanda   Guinea Conakry   Papua New Guinea Port Moresby Antigua and Barbuda St. John’s   Guinea-Bissau Bissau   Paraguay Asunción Argentina Buenos Aires   Guyana Georgetown   Peru Lima Armenia Yerevan   Haiti Port-au-Prince   Philippines Quezon City Australia Sydney   Honduras Tegucigalpa   Poland Warsaw Austria Vienna   Hong Kong SAR, China Hong Kong SAR, China   Portugal Lisbon Azerbaijan Baku   Hungary Budapest   Puerto Rico (U.S.) San Juan Bahamas, The Nassau   Iceland Reykjavik   Qatar Doha Bahrain Manama   India Mumbai   Romania Bucharest Bangladesh Dhaka   Indonesia Jakarta   Russian Federation Moscow Barbados Bridgetown   Iran, Islamic Rep. Tehran   Rwanda Kigali Belarus Minsk   Iraq Baghdad   Samoa Apia Belgium Brussels   Ireland Dublin   San Marino San Marino Belize Belize City   Israel Tel Aviv   São Tomé and Príncipe São Tomé Benin Cotonou   Italy Rome   Saudi Arabia Riyadh Bhutan Thimphu   Jamaica Kingston   Senegal Dakar Bolivia La Paz   Japan Tokyo   Serbia Belgrade Bosnia and Herzegovina Sarajevo   Jordan Amman   Seychelles Victoria Botswana Gaborone   Kazakhstan Almaty   Sierra Leone Freetown Brazil São Paulo   Kenya Nairobi   Singapore Singapore Brunei Darussalam Bandar Seri Begawan   Kiribati Tarawa   Slovak Republic Bratislava Bulgaria Sofia   Korea, Rep. Seoul   Slovenia Ljubljana Burkina Faso Ouagadougou   Kosovo Pristina   Solomon Islands Honiara Burundi Bujumbura   Kuwait Kuwait City   South Africa Johannesburg Cambodia Phnom Penh   Kyrgyz Republic Bishkek   South Sudan Juba Cameroon Douala   Lao PDR Vientiane   Spain Madrid Canada Toronto   Latvia Riga   Sri Lanka Colombo Cape Verde Praia   Lebanon Beirut   St. Kitts and Nevis Basseterre Central African Republic Bangui   Lesotho Maseru   St. Lucia Castries St. Vincent and the Chad N’Djamena   Liberia Monrovia   Kingstown Grenadines Chile Santiago   Libya Tripoli   Sudan Khartoum China Shanghai   Lithuania Vilnius   Suriname Paramaribo Colombia Bogotá   Luxembourg Luxembourg   Swaziland Mbabane Comoros Moroni   Macedonia, FYR Skopje   Sweden Stockholm Congo, Dem. Rep. Kinshasa   Madagascar Antananarivo   Switzerland Zurich Congo, Rep. Brazzaville   Malawi Blantyre   Syrian Arab Republic Damascus Costa Rica San José   Malaysia Kuala Lumpur   Taiwan, China Taipei Côte d’Ivoire Abidjan   Maldives Malé   Tajikistan Dushanbe Croatia Zagreb   Mali Bamako   Tanzania Dar es Salaam Cyprus Nicosia   Malta Valletta   Thailand Bangkok Czech Republic Prague   Marshall Islands Majuro   Timor-Leste Dili Denmark Copenhagen   Mauritania Nouakchott   Togo Lomé Djibouti Djibouti Ville   Mauritius Port Louis   Tonga Nuku’alofa Dominica Roseau   Mexico Mexico City   Trinidad and Tobago Port of Spain Dominican Republic Santo Domingo   Micronesia, Fed. Sts. Island of Pohnpei   Tunisia Tunis Ecuador Quito   Moldova Chis¸ ina ˘u   Turkey Istanbul Egypt, Arab Rep. Cairo   Mongolia Ulaanbaatar   Uganda Kampala El Salvador San Salvador   Montenegro Podgorica   Ukraine Kiev Equatorial Guinea Malabo   Morocco Casablanca   United Arab Emirates Dubai Eritrea Asmara   Mozambique Maputo   United Kingdom London Estonia Tallinn   Myanmar Yangon   United States New York City Ethiopia Addis Ababa   Namibia Windhoek   Uruguay Montevideo Fiji Suva   Nepal Kathmandu   Uzbekistan Tashkent Finland Helsinki   Netherlands Amsterdam   Vanuatu Port-Vila France Paris   New Zealand Auckland   Venezuela, RB Caracas Gabon Libreville   Nicaragua Managua   Vietnam Ho Chi Minh City Gambia, The Banjul   Niger Niamey   West Bank and Gaza Ramallah Georgia Tbilisi   Nigeria Lagos   Yemen, Rep. Sana’a Germany Berlin   Norway Oslo   Zambia Lusaka Ghana Accra   Oman Muscat   Zimbabwe Harare ease of doing business and distance to frontier This year’s report presents results for 2 capital requirement is 24% of annual in- aggregate measures: the aggregate rank- come per capita. On these 4 indicators ing on the ease of doing business and the Denmark ranks in the 12th, 11th, 1st and distance to frontier measure. The ease of 79th percentiles. So on average Denmark doing business ranking compares econ- ranks in the 25th percentile on the ease omies with one another, while the dis- of starting a business. It ranks in the 21st tance to frontier measure benchmarks percentile on getting credit, 19th percen- economies to the frontier in regulatory tile on paying taxes, 27th percentile on practice, measuring the absolute dis- enforcing contracts, 5th percentile on tance to the best performance on each resolving insolvency and so on. Higher indicator. Both measures can be used for rankings indicate simpler regulation and comparisons over time. When compared stronger protection of property rights. across years, the distance to frontier The simple average of Denmark’s percen- measure shows how much the regulato- tile rankings on all topics is 17th. When all ry environment for local entrepreneurs in economies are ordered by their average each economy has changed over time in percentile rankings, Denmark stands at absolute terms, while the ease of doing 5 in the aggregate ranking on the ease of business ranking can show only relative doing business. change. More complex aggregation methods —such as principal components and un- observed components—yield a ranking ease of DoinG Business nearly identical to the simple average The ease of doing business index ranks used by Doing Business.1 Thus Doing Busi- economies from 1 to 189. For each econo- ness uses the simplest method: weighting my the ranking is calculated as the simple all topics equally and, within each topic, average of the percentile rankings on each giving equal weight to each of the topic of the 10 topics included in the index in components. Doing Business 2014: starting a business, dealing with construction permits, get- If an economy has no laws or regulations ting electricity, registering property, get- covering a specific area—for example, ting credit, protecting investors, paying insolvency—it receives a “no practice” taxes, trading across borders, enforcing mark. Similarly, an economy receives contracts and resolving insolvency. The a “no practice” or “not possible” mark employing workers indicators are not if regulation exists but is never used in included in this year’s aggregate ease of practice or if a competing regulation doing business ranking. prohibits such practice. Either way, a “no practice” mark puts the economy at the bottom of the ranking on the relevant in- Construction of the ease of doing dicator. business index Here is one example of how the ease of The ease of doing business index is limited doing business index is constructed. In in scope. It does not account for an econo- Denmark it takes 4 procedures, 5.5 days my’s proximity to large markets, the quali- and 0.2% of annual income per capita in ty of its infrastructure services (other than fees to open a business. The minimum services related to trading across borders 156 Doing Business 2014 and getting electricity), the strength of its Figure 1.3 in the overview illustrates the regulatory performance of economies financial system, the security of property degree of variability in each economy’s only relative to the performance of oth- from theft and looting, macroeconomic performance across the different areas ers. It does not provide information on conditions or the strength of underlying of business regulation covered by Doing how the absolute quality of the regulatory institutions. Business. The figure draws attention to environment is improving over time. Nor economies with a particularly uneven does it provide information on how large performance by showing the distance be- the gaps are between economies at a sin- Variability of economies’ rankings tween the average of the highest 3 topic gle point in time. across topics rankings and the average of the lowest 3 Each indicator set measures a different for each of 189 economies across the 10 The distance to frontier measure is de- aspect of the business regulatory envi- topics included in this year’s aggregate signed to address both shortcomings, ronment. The rankings of an economy ranking. While a relatively small distance complementing the ease of doing busi- can vary, sometimes significantly, across between these 2 averages suggests a ness ranking. This measure illustrates the indicator sets. The average correlation broadly consistent approach across the distance of an economy to the “frontier,” coefficient between the 10 indicator areas of business regulation measured by and the change in the measure over time sets included in the aggregate ranking is Doing Business, a relatively large distance shows the extent to which the economy 0.38, and the coefficients between 2 sets suggests a more uneven approach, with has closed this gap. The frontier is a score of indicators range from 0.18 (between greater room for improvement in some derived from the most efficient practice getting credit and getting electricity) to areas than in others. or highest score achieved on each of the 0.58 (between trading across borders component indicators in 10 Doing Busi- and resolving insolvency and between Variation in performance across the indi- ness indicator sets (excluding the em- trading across borders and getting elec- cator sets is not at all unusual. It reflects ploying workers indicators) by any econ- tricity). These correlations suggest that differences in the degree of priority that omy. In starting a business, for example, economies rarely score universally well or government authorities give to particular Canada and New Zealand have achieved universally badly on the indicators (table areas of business regulation reform and the highest performance on the number 22.1). the ability of different government agen- of procedures required (1) and on the cies to deliver tangible results in their area time (0.5 days), Denmark and Slovenia Consider the example of Canada. It of responsibility. on the cost (0% of income per capita) stands at 19 in the aggregate ranking on and Chile, Zambia and 99 other econ- the ease of doing business. Its ranking is omies on the paid-in minimum capital 2 on starting a business, 4 on protecting requirement (0% of income per capita) investors, and 8 on paying taxes. But its Distance to frontier (table 22.2). ranking is only 58 on enforcing contracts, measure 116 on dealing with construction permits A drawback of the ease of doing busi- Calculating the distance to frontier for and 145 on getting electricity. ness ranking is that it can measure the each economy involves 2 main steps. Table 22.1 Correlations between economy rankings on Doing Business topics Dealing with Trading construction Registering Getting Protecting across Enforcing Resolving Getting permits property credit investors Paying taxes borders contracts insolvency electricity Starting a business 0.33 0.35 0.47 0.57 0.41 0.40 0.42 0.46 0.25 Dealing with construction   0.24 0.26 0.24 0.39 0.45 0.22 0.33 0.45 permits Registering property     0.41 0.34 0.38 0.28 0.50 0.39 0.25 Getting credit       0.49 0.27 0.39 0.39 0.52 0.18 Protecting investors         0.39 0.38 0.30 0.45 0.23 Paying taxes           0.51 0.35 0.44 0.47 Trading across borders             0.39 0.58 0.58 Enforcing contracts               0.49 0.28 Resolving insolvency                 0.37 Source: Doing Business database. Ease of doing business and distance to frontier 157 First, individual indicator scores are nor- malized to a common unit: except for the Table 22.2 Who sets the frontier in regulatory practice? total tax rate, each of the 31 component indicators y is rescaled to (max − y)/ Best performance Worst performance Topic and indicator Who sets the frontier (frontier) (95th percentile)a (max − min), with the minimum value (min) representing the frontier—the high- Starting a business est performance on that indicator across Procedures (number) Canada; New Zealand 1 15 all economies since 2003 or the first year the indicator was collected.2 For the total Time (days) New Zealand 0.5 115 tax rate, consistent with the calculation of Cost (% of income per capita) Slovenia; Denmark 0 208 the rankings, the frontier is defined as the total tax rate at the 15th percentile of the Minimum capital (% of income Chile; Zambiab 0 507 overall distribution of total tax rates for per capita) all years. Second, for each economy the Dealing with construction permits scores obtained for individual indicators Procedures (number) Hong Kong SAR, China 6 28 are aggregated through simple averaging into one distance to frontier score, first Time (days) Singapore 26 395 for each topic and then across all topics. Cost (% of income per capita) Azerbaijan 0.2 2,560 An economy’s distance to frontier is in- dicated on a scale from 0 to 100, where Getting electricity 0 represents the lowest performance and Procedures (number) 3 8 Sweden; Switzerlandc 100 the frontier. Time (days) Germany 17 257 The maximum (max) and minimum Cost (% of income per capita) Japan 0 9,057 (min) observed values are computed for all economies included in the Doing Registering property Business sample since 2003 and for all Procedures (number) Georgia; Norway; Portugal; 1 10 years (from 2003 to 2013). To mitigate Sweden the effects of extreme outliers in the dis- Time (days) New Zealand; Portugal 1 245 tributions of the rescaled data (very few economies need 694 days to complete Cost (% of property value) Saudi Arabia 0 17 the procedures to start a business, but Getting credit many need 9 days), the maximum (max) is defined as the 95th percentile of the Strength of legal rights index Australia; New Zealandd 10 0 pooled data for all economies and all (0–10) years for each indicator. The exceptions Depth of credit information 6 0 Peru; Polande are the getting credit, protecting inves- index (0–6) tors and resolving insolvency indicators, whose construction precludes outliers. Protecting investors In addition, the cost to export and cost Extent of disclosure index China; Indonesiaf 10 0 to import for each year are divided by (0–10) the GDP deflator, so as to take the gen- Extent of director liability index Cambodia 10 0 eral price level into account when bench- (0–10) marking these absolute-cost indicators across economies with different inflation Ease of shareholder suits index Hong Kong SAR, China; 10 0 trends. The base year for the deflator is (0–10) Kenya; New Zealand 2013 for all economies. Paying taxes Payments (number per year) Hong Kong SAR, China; 3 64 The difference between an economy’s Saudi Arabia distance to frontier score in any previous year and its score in 2013 illustrates the Time (hours per year) Maldives 0 696 extent to which the economy has closed Total tax rate (% of Canada 26.2g 85 the gap to the frontier over time. And in commercial profit) any given year the score measures how far an economy is from the highest per- Trading across borders formance at that time. Documents to export (number) France; Ireland 2 10 Take Colombia, which has a score of Time to export (days) Estonia; United States h 6 57 70.5 on the distance to frontier measure (continued on next page) 158 Doing Business 2014 for 2014. This score indicates that the economy is 29.5 percentage points away Table 22.2 Who sets the frontier in regulatory practice? (continued) from the frontier constructed from the Best performance Worst performance best performances across all econo- Topic and indicator Who sets the frontier (frontier) (95th percentile)a mies and all years. Colombia was further from the frontier in 2009, with a score of Cost to export (US$ per China 390 3,210 66.2. The difference between the scores container) shows an improvement over time. Documents to import (number) France; Ireland 2 12 The distance to frontier measure can Time to import (days) Singapore 4 67 also be used for comparisons across Cost to import (US$ per Singapore 367 3,830 economies in the same year, comple- container) menting the ease of doing business Enforcing contracts ranking. For example, Colombia stands at 43 this year in the ease of doing busi- Procedures (number) Ireland; Singapore 21 49 ness ranking, while Peru, which is 29.3 Time (days) Singapore 120 1,340 percentage points from the frontier, stands at 42. Cost (% of claim) Bhutan 0.1 92 Resolving insolvency Economies that improved the most Recovery rate (cents on the Norway 94.4 0 across 3 or more Doing Business dollar) topics in 2012/13 a. Worst performance is defined as the 95th percentile for each indicator. For getting credit, protecting investors Doing Business 2014 uses a simple meth- and resolving insolvency, worst performance refers to the worst value recorded. od to calculate which economies im- b. Ninety-nine other economies also have a minimum capital requirement of 0. proved the most in the ease of doing c. In 8 other economies it also takes only 3 procedures to get an electricity connection. business. First, it selects the economies d. Eight other economies also score 10 points on the strength of legal rights index. that in 2012/13 implemented regulatory e. Twenty-nine other economies also score 6 points on the depth of credit information index. reforms making it easier to do business in f. Eight other economies also score 10 points on the extent of disclosure index. 3 or more of the 10 topics included in this g. The total tax rate shown is the threshold set for the indicator from the overall distribution of total tax rates for year’s ease of doing business ranking.3 all years. Twenty-nine economies meet this crite- h. In 3 other economies it also takes only 6 days to export. rion: Azerbaijan, Belarus, Burundi, Côte Source: Doing Business database. d’Ivoire, Croatia, Djibouti, Gabon, Gua- temala, Guinea, Italy, Kosovo, Latvia, the former Yugoslav Republic of Macedonia, identifying the top improvers was changed method because both these methods Malaysia, Mauritius, Mexico, Moldova, from last year.  The improvement in ease assign roughly equal weights to the topics, Mongolia, Morocco, Panama, the Philip- of doing business ranking is no longer since the pairwise correlations among in- pines, the Republic of Congo, Romania, used. The improvement in the distance to dicators do not differ much. An alternative the Russian Federation, Rwanda, Sri Lan- frontier measure is used instead because to the simple average method is to give ka, Ukraine, Uzbekistan and the United under this measure economies are sorted different weights to the topics, depending Arab Emirates. Second, Doing Business according to their absolute improvement on which are considered of more or less sorts these economies on the increase instead of relative improvement. importance in the context of a specific in their distance to frontier measure from economy. the previous year using comparable data. 2. Even though scores for the distance to frontier are calculated from 2005, data Selecting the economies that implement- notes from as early as 2003 are used to define ed regulatory reforms in at least 3 topics the frontier and improved the most in the distance 1. See Djankov, Manraj and others (2005). 3. Doing Business reforms making it more to frontier measure is intended to high- Principal components and unobserved difficult to do business are subtracted from light economies with ongoing, broad- components methods yield a ranking nearly the total number of those making it easier based reform programs. The criterion for identical to that from the simple average to do business. Summaries of Doing Business reforms in 2012/13 Doing Business reforms affecting all sets Argentina of indicators included in this year’s re- port, implemented from June 2012 to June  Starting a business 2013. Argentina made starting a business more difficult by increasing the incor-  Doing Business reform making it easier poration costs. to do business  Doing Business reform making it more  Trading across borders difficult to do business Argentina reduced the number of doc- uments necessary for importing by eliminating nonautomatic license re- Afghanistan quirements.  Starting a business Afghanistan made starting a busi- Armenia ness easier by reducing the time and cost to obtain a business license and  Starting a business by eliminating the inspection of the Armenia made starting a business eas- premises of newly registered compa- ier by eliminating the company regis- nies. tration fees.  Getting credit  Paying taxes Afghanistan strengthened its secured Armenia made paying taxes easier by transactions system by implementing merging the employee and employer a unified collateral registry. social contributions and individual in- come tax into one unified income tax. Albania Australia  Paying taxes Albania made paying taxes easier by al-  Getting credit lowing corporate income tax to be paid Australia improved its credit infor- quarterly. mation system through the Privacy Amendment (Enhancing Privacy Pro- tection) Act 2012, which permits credit Angola bureaus to collect account payment his-  Trading across borders tory with improved privacy protection. Angola increased documentation re- quirements for cross-border trade by Azerbaijan introducing a mandatory registration for all traders and a new license for ex-  Starting a business port and import transactions. Azerbaijan made starting a busi- ness easier by introducing free online Reforms affecting the employing workers indicators are included here but do not affect the ranking on the ease of doing business. 160 Doing Business 2014 registration services and eliminating Belarus Bosnia and Herzegovina preregistration formalities.  Starting a business  Paying taxes  Dealing with construction permits Belarus made starting a business eas- Bosnia and Herzegovina introduced Azerbaijan adopted a new construc- ier by reducing the registration fees a penalty for failure to employ the re- tion code that streamlined procedures and eliminating the requirement for an quired minimum number of people relating to the issuance of building per- initial capital deposit at a bank before in special categories—though it also mits and established official time limits registration. temporarily abolished the forestry tax. for some procedures.  Getting electricity Belarus made getting electricity easier Botswana  Trading across borders Azerbaijan made trading across bor- by speeding up the process of issuing  Dealing with construction permits ders easier by streamlining internal technical specifications and excava- Botswana made dealing with construc- customs procedures. tion permits and by reducing the time tion permits easier by eliminating the needed to connect to the electricity requirement for an environmental im- network. pact assessment for low-risk projects. Bahamas, The  Registering property  Registering property Belarus made transferring property Brunei Darussalam The Bahamas made transferring prop- erty easier by reducing the stamp duty. easier by introducing a fast-track pro-  Getting credit cedure for property registration. Brunei Darussalam improved access  Resolving insolvency to credit information by establishing a The Bahamas enhanced its insolvency  Resolving insolvency public credit registry. process by implementing rules for the Belarus improved its insolvency pro- remuneration of liquidators, allowing cess through a new insolvency law that, among other things, changes the Burkina Faso voluntary liquidations and outlining clawback provisions for suspect trans- appointment process for insolvency  Paying taxes actions. administrators and encourages the sale Burkina Faso made paying taxes easier of assets in insolvency. The law also for companies by abolishing the sep- regulates the liability of shareholders arate capital gains tax on real estate Bahrain and directors of the insolvent company. properties.  Starting a business Bahrain made starting a business more Benin Burundi expensive by increasing the cost of the business registration certificate.  Starting a business  Starting a business Benin made starting a business easier Burundi made starting a business eas-  Getting credit by creating a one-stop shop. ier by allowing registration with the Bahrain improved access to credit in- Ministry of Labor at the one-stop shop formation by starting to collect pay-  Trading across borders and by speeding up the process of ob- ment information from retailers. Benin made trading across borders taining the registration certificate. easier by improving port management Employing workers systems, enhancing the infrastructure  Dealing with construction permits Bahrain reduced the maximum cumu- around the port and putting in place Burundi made dealing with construc- lative duration of fixed-term contracts, new rules for the transit of trucks. tion permits easier by establishing a made third-party notification manda- one-stop shop for obtaining building tory for redundancy dismissals and permits and utility connections. Bhutan increased paid annual leave.  Starting a business  Getting electricity Bhutan made starting a business easi- Burundi made getting electricity easier Bangladesh er by reducing the time required to ob- by eliminating the electricity utility’s  Starting a business tain the security clearance certificate. monopoly on the sale of materials need- Bangladesh made starting a business ed for new connections and by dropping easier by automating the registration  Getting credit the processing fee for new connections. process and reducing the time required Bhutan improved access to credit in- to obtain a trading license and to com- formation through new regulations  Registering property plete the tax and value added tax reg- governing the licensing and functioning Burundi made transferring property istration. of the credit bureau and guaranteeing easier by creating a one-stop shop for borrowers’ right to access their data. property registration. Summaries of Doing Business reforms in 2012/13 161  Paying taxes Chad Congo, Dem. Rep. Burundi made paying taxes less costly for companies by reducing the corpo-  Registering property  Starting a business rate income tax rate. Chad made transferring property eas- The Democratic Republic of Congo ier by lowering the property transfer made starting a business more com-  Trading across borders tax. plicated by increasing the minimum Burundi made trading across borders capital requirement. At the same time, easier by eliminating the requirement  Trading across borders it made the process easier by reducing for a preshipment inspection clean re- Chad made trading across borders the time and cost and by eliminating port of findings. more difficult by introducing a new ex- the requirement to obtain a certificate port and import document. confirming the location of the new company’s headquarters. Cambodia Chile  Starting a business  Getting credit Cambodia made starting a business  Starting a business The Democratic Republic of Congo more difficult by introducing a require- Chile made starting a business easier strengthened its secured transactions ment for a company name check at by creating a new online system for system by adopting the OHADA (Or- the Department of Intellectual Prop- business registration. ganization for the Harmonization of erty and by increasing the costs both Business Law in Africa) Uniform Act for getting registration documents on Secured Transactions. The new law China approved and stamped by the Phnom broadens the range of assets that can Penh Tax Department and for complet-  Getting credit be used as collateral (including future ing incorporation with the commercial China improved its credit information assets) and the range of obligations registrar. system by introducing credit informa- that can be secured, extends security tion industry regulations, which guar- interests to the proceeds of the original antee borrowers’ right to inspect their asset and introduces the possibility of Cameroon data. out-of-court enforcement.  Dealing with construction permits Cameroon made dealing with con-  Enforcing contracts  Protecting investors struction permits more complex by China made enforcing contracts easier The Democratic Republic of Congo introducing notification and inspec- by amending its civil procedure code to strengthened investor protections by tion requirements. At the same time, streamline and speed up all court pro- adopting the OHADA Uniform Act on Cameroon made it easier by decen- ceedings. Commercial Companies and Econom- tralizing the process for obtaining a ic Interest Groups, which introduces building permit and by introducing additional approval and disclosure Colombia strict time limits for processing the requirements for related-party trans- application and issuing the certificate  Getting electricity actions and makes it possible to sue of conformity. Colombia made getting electricity directors when such transactions harm easier by opening a one-stop shop for the company. electricity connections and improving Cape Verde the efficiency of the utility’s internal  Paying taxes  Starting a business processes. The Democratic Republic of Congo Cape Verde made starting a business made paying taxes more costly for easier by abolishing the minimum cap-  Enforcing contracts companies by increasing the employ- ital requirement. Colombia made enforcing contracts ers’ social security contribution rate— easier by simplifying and speeding up though it also reduced the corporate  Registering property the proceedings for commercial dis- income tax rate. Cape Verde made property transfers putes. faster by digitizing its land registry.  Resolving insolvency The Democratic Republic of Congo Comoros made resolving insolvency easier by Central African Republic  Starting a business adopting the OHADA Uniform Act  Trading across borders Comoros made starting a business Organizing Collective Proceedings for The Central African Republic made easier by eliminating the requirement Wiping Off Debts. The law allows an trading across borders easier by re- to deposit the minimum capital in a insolvent debtor to file for preventive habilitating the key transit road at the bank before incorporation. settlement, legal redress or liquidation border with Cameroon. and sets out clear rules on the steps and procedures for each of the options available. 162 Doing Business 2014 Congo, Rep.  Registering property Czech Republic Côte d’Ivoire made transferring  Starting a business property easier by streamlining pro-  Registering property The Republic of Congo made starting a cedures and reducing the property The Czech Republic made transferring business easier by reducing the regis- transfer tax. property more costly by increasing the tration costs and eliminating the mer- property transfer tax rate. chant card.  Paying taxes Côte d’Ivoire made paying taxes more  Enforcing contracts  Paying taxes costly for companies by increasing the The Czech Republic made enforcing The Republic of Congo made paying employers’ contribution rate for social contracts easier by simplifying and taxes easier and less costly for compa- security related to retirement and by speeding up the proceedings for the nies by merging several employment increasing the rate for the special tax execution and enforcement of judg- taxes into a single tax, reducing the on equipment. ments. corporate income tax rate and lower- ing the tax rate on rental value.  Enforcing contracts Employing workers Côte d’Ivoire made enforcing contracts The Czech Republic abolished the min-  Trading across borders easier by creating a specialized com- imum wage for young workers. The Republic of Congo made trading mercial court. across borders easier by implementing prearrival processing of ship manifests Denmark and making improvements in customs Croatia  Dealing with construction permits administration.  Starting a business Denmark made dealing with construc- Croatia made starting a business easi- tion permits more costly by increasing er by introducing a new form of limited the fee for building permits. Costa Rica liability company with a lower mini-  Starting a business mum capital requirement and simpli- Costa Rica made starting a business Djibouti fied incorporation procedures. easier by creating an online platform  Starting a business for business registration, reducing  Paying taxes Djibouti made starting a business the time to register with social secu- Croatia made paying taxes easier for easier by simplifying registration for- rity and simplifying the legalization of companies by introducing an electron- malities and eliminating the minimum company books. ic system for social security contri- capital requirement for limited liability butions and by reducing the rates for companies.  Dealing with construction permits the forest and Chamber of Commerce Costa Rica made dealing with con- contributions.  Getting credit struction permits easier by eliminat- Djibouti strengthened its secured ing procedures, improving efficiency  Trading across borders transactions system by adopting a new and launching an online platform that Croatia made trading across borders commercial code, which broadens the streamlined the building permit pro- easier by improving the physical and range of movable assets that can be cess by integrating different agencies’ information system infrastructure at used as collateral. approval processes. the port of Rijeka and by streamlining export customs procedures in prepa-  Resolving insolvency ration for accession to the Common Djibouti made resolving insolvency Côte d’Ivoire Transit Convention of the European easier through its new commercial  Starting a business Union. code, which allows an insolvent debt- Côte d’Ivoire made starting a business or to file for preventive settlement, easier by creating a one-stop shop,  Enforcing contracts legal redress or liquidation and sets reducing the notary fees and replac- Croatia made enforcing contracts eas- out clear rules on the steps and pro- ing the requirement for a copy of the ier by streamlining litigation proceed- cedures for each of the alternatives founders’ criminal records with one ings and transferring certain enforce- available. for a sworn declaration at the time of ment procedures from the courts to company registration. state agencies. Ecuador  Dealing with construction permits  Resolving insolvency  Getting electricity Côte d’Ivoire reduced the time re- Croatia made resolving insolvency Ecuador made getting electricity easier quired for obtaining a building permit easier by introducing an expedited out- by dividing the city of Quito into zones by streamlining procedures at the one- of-court restructuring procedure. for the purpose of handling applica- stop shop (Service du Guichet Unique tions for new connections—a change du Foncier et de l’Habitat). that improved the utility’s customer Summaries of Doing Business reforms in 2012/13 163 service—and by reducing the fees to by eliminating the requirement for an Guatemala obtain a connection. on-site inspection before construction starts.  Starting a business Guatemala made starting a business Egypt, Arab Rep.  Paying taxes easier by creating an online platform  Paying taxes Gabon made paying taxes less costly that allows simultaneous registration Egypt made paying taxes more costly for companies by reducing the corpo- of a new company with different gov- for companies by increasing the corpo- rate income tax rate. ernment agencies. rate income tax rate.  Dealing with construction permits Gambia, The Guatemala made dealing with con- El Salvador struction permits easier by streamlin-  Paying taxes  Paying taxes The Gambia made paying taxes easier ing procedures through the creation El Salvador made paying taxes more for companies by replacing the sales of a one-stop shop, backed by agree- costly for companies by increasing the tax with a value added tax. ments between institutions and agen- corporate income tax rate. cies involved in the permitting process.  Trading across borders Georgia  Paying taxes El Salvador made trading across bor-  Getting credit Guatemala made paying taxes easier ders easier by developing a one-stop Georgia improved its credit informa- for companies by introducing a new shop for exporting and by implement- tion system by implementing a new electronic filing and payment system. ing electronic data interchange sys- law on personal data protection. tems. Guinea Ghana  Starting a business Estonia Guinea made starting a business eas-  Starting a business  Enforcing contracts Ghana made starting a business more ier by enabling the one-stop shop to Estonia made enforcing contracts eas- difficult by requiring entrepreneurs to publish incorporation notices and by ier by lowering court fees. obtain a tax identification number prior reducing the notary fees. to company incorporation.  Registering property Fiji Guinea made transferring property easi- Greece er by reducing the property transfer tax.  Paying taxes Fiji made paying taxes more compli-  Starting a business cated for companies by transferring Greece made starting a business eas-  Trading across borders the fringe benefit tax liability from em- ier by introducing a simpler form of Guinea made trading across borders ployees to employers and by limiting limited liability company and abolish- easier by improving port management the deductibility of mandatory contri- ing the minimum capital requirement systems. butions. for such companies. Guinea-Bissau  Protecting investors France Greece strengthened investor protec-  Registering property  Registering property tions by introducing a requirement Guinea-Bissau made transferring prop- France made transferring property eas- for director approval of related-party erty easier by increasing the number of ier by speeding up the registration of transactions. notaries dealing with property transac- the deed of sale at the land registry. tions.  Paying taxes Greece made paying taxes more costly Gabon Guyana for companies by increasing the cor-  Starting a business porate income tax rate—though it also  Paying taxes Gabon made starting a business easier reduced the employers’ contribution Guyana made paying taxes easier for by replacing the requirement for a copy rate to the social security fund. companies by reducing the corporate of the founders’ criminal records with income tax rate. one for a sworn declaration.  Trading across borders Greece made trading across borders Hong Kong SAR, China  Dealing with construction permits easier by implementing a system al- Gabon made dealing with construction lowing electronic submission of cus-  Starting a business permits easier by reducing the time re- toms declarations for exports. Hong Kong SAR, China, made starting quired to obtain a building permit and a business less costly by abolishing 164 Doing Business 2014 the capital duty levied on local com- the maximum period of moratorium Kazakhstan panies. during restructuring proceedings and allowing the sale of secured assets  Starting a business  Registering property when necessary to ensure a successful Kazakhstan made starting a business Hong Kong SAR, China, made transfer- restructuring. easier by reducing the time required to ring property more costly by increasing register a company at the Public Regis- the stamp duty. tration Center. Italy  Registering property  Registering property Hungary Italy made transferring property eas- Kazakhstan made transferring prop- Employing workers ier by eliminating the requirement for erty easier by introducing a fast-track Hungary reduced the premium for an energy performance certificate for procedure for property registration. night work and weekly holiday work commercial buildings with no heating and increased the minimum wage. system. Korea, Rep.  Enforcing contracts  Getting credit Iceland Italy made enforcing contracts eas- Korea strengthened its secured trans-  Paying taxes ier by regulating attorneys’ fees and actions system by creating new types Iceland made paying taxes easier for streamlining some court proceedings. of security rights that can be publi- companies by reducing employers’ cized through registration. social security contribution rate and  Resolving insolvency abolishing the weight distance tax— Italy made resolving insolvency easier Kosovo though it also introduced a new reha- through amendments to its bankrupt- bilitation fund contribution. cy code that introduce a stay period for  Starting a business enforcement actions while the debtor Kosovo made starting a business eas- is preparing a restructuring plan, make ier by creating a one-stop shop for in- Indonesia it easier to convert from one type of corporation.  Getting credit restructuring proceeding to another, Indonesia improved its credit informa- facilitate continued operation by the  Dealing with construction permits tion system through a new regulation debtor during restructuring and im- Kosovo made dealing with construc- setting up a legal framework for estab- pose stricter requirements on auditors tion permits easier by eliminating the lishing credit bureaus. evaluating a restructuring plan. requirement for validation of the main construction project, eliminating fees for technical approvals from the mu- Ireland Jamaica nicipality and reducing the building Employing workers  Starting a business permit fee. Ireland ended a 60% rebate for employ- Jamaica made starting a business easi- ers on severance payments and elimi- er by enabling the Companies Office of  Registering property nated the requirement for third-party Jamaica to stamp the new company’s Kosovo made transferring property notification when terminating a redun- articles of incorporation at registration. easier by introducing a new notary dant worker. system and by combining procedures  Registering property for drafting and legalizing sale and pur- Jamaica made transferring property chase agreements. Israel more difficult by increasing the trans-  Starting a business fer tax and the stamp duty. Kuwait Israel made starting a business eas- ier by reducing the time required for  Getting credit  Starting a business registration at the Income Tax De- Jamaica improved its credit informa- Kuwait made starting a business more partment and the National Insurance tion system by creating a legal and difficult by increasing the minimum Institute. regulatory framework for private credit capital requirement. bureaus.  Resolving insolvency  Protecting investors Israel made resolving insolvency eas-  Paying taxes Kuwait strengthened investor protec- ier through amendments to its com- Jamaica made paying taxes less costly tions by making it possible for minority panies law allowing the assumption for companies by reducing the corpo- shareholders to request the appoint- or rejection of executory contracts, rate income tax rate—though it also ment of an auditor to review the com- granting maximum priority to post- increased vehicle and asset taxes. pany’s activities. commencement credit, extending Summaries of Doing Business reforms in 2012/13 165  Paying taxes Lao PDR Lithuania FYR Macedonia made paying taxes  Paying taxes  Starting a business easier for companies by encouraging Lao PDR made paying taxes less Lithuania made starting a business the use of electronic filing and pay- costly for companies by reducing the easier by creating a new form of limit- ment systems for corporate income corporate income tax rate—though it ed liability company with no minimum and value added taxes. also introduced a new property trans- capital requirement. fer tax.  Getting credit Madagascar Lithuania strengthened its secured  Starting a business Latvia transactions system by broaden- Madagascar made starting a business  Starting a business ing the range of movable assets that more difficult by increasing the cost to Latvia made starting a business eas- can be used as collateral, allowing register with the National Center for ier by making it possible to file the a general description in the security Statistics. applications for company registra- agreement of the assets pledged as tion and value added tax registration collateral and permitting out-of-court  Paying taxes simultaneously at the commercial enforcement. Madagascar made paying taxes easier registry. and less costly for companies by train- ing taxpayers in the use of the online Macedonia, FYR  Dealing with construction permits system for value added tax declara- Latvia made dealing with construction  Dealing with construction permits tions and by reducing the corporate permits easier by introducing new time FYR Macedonia made dealing with income tax rate. limits for issuing a building permit and construction permits easier by re- by eliminating the Public Health Agen- ducing the time required to register a  Trading across borders cy’s role in approving building permits new building and by authorizing the Madagascar made trading across bor- and conducting inspections. municipality to register the building on ders easier by rolling out an online behalf of the owner. platform linking trade operators with  Getting credit government agencies involved in the Latvia improved its credit information  Getting electricity trade process and customs clearance. system by adopting a new law regulat- FYR Macedonia made getting electric- ing the public credit registry. ity easier by reducing the time required to obtain a new connection and by Malawi  Trading across borders setting fixed connection fees per kilo-  Registering property Latvia made trading across borders watt (kW) for connections requiring a Malawi made transferring property easier by reducing the number of doc- capacity below 400 kW. easier by reducing the stamp duty. uments required for importing.  Registering property FYR Macedonia made property reg- Malaysia Lesotho istration faster and less costly by dig-  Starting a business  Registering property itizing the real estate cadastre and Malaysia made starting a business less Lesotho made transferring property eliminating the requirement for an en- costly by reducing the company regis- easier by streamlining procedures cumbrance certificate. tration fees. and increasing administrative effi- ciency.  Getting credit  Dealing with construction permits FYR Macedonia strengthened its se- Malaysia made dealing with construc- cured transactions system by provid- tion permits easier by establishing a Liberia ing more flexibility on the description one-stop shop.  Starting a business of assets in a collateral agreement and Liberia made starting a business eas- on the types of debts and obligations  Getting electricity ier by eliminating the business trade that can be secured. Malaysia made getting electricity easi- license fees and reducing the time to er by increasing the efficiency of inter- obtain the business registration certif-  Protecting investors nal processes at the utility and improv- icate. FYR Macedonia strengthened investor ing its communication and dialogue protections by allowing sharehold- with contractors.  Registering property ers to request the rescission of unfair Liberia made transferring property related-party transactions and the ap- Employing workers easier by digitizing the records at the pointment of an auditor to investigate Malaysia introduced a minimum wage. land registry. alleged irregularities in the company’s activities. 166 Doing Business 2014 standardizing the process of registra- register a new company with the local Maldives tion, suspension and removal of insol- tax office.  Paying taxes vency practitioners. Maldives made paying taxes easier for  Dealing with construction permits companies by introducing electronic Mongolia made dealing with construc- filing systems for corporate income tax, Mexico tion permits easier by eliminating the sales tax and pension contributions.  Getting electricity requirement for a technical review Mexico made getting electricity easier of the building plans by the state for by increasing the efficiency of the util- low- and medium-risk construction Mali ity’s internal processes and by enforc- projects.  Starting a business ing a “silence is consent” rule for the Mali made starting a business more approval of the feasibility study for a  Getting electricity difficult by ceasing to regularly publish new connection. Mongolia made getting electricity eas- the incorporation notices of new com- ier by increasing the efficiency of the panies on the official website of the  Trading across borders utility’s internal processes, enforcing one-stop shop. Mexico made trading across borders time limits at different stages of the easier by implementing an electronic connection process and eliminating single-window system. the fees for testing the installation. Malta  Dealing with construction permits  Enforcing contracts Malta made dealing with construction Mexico made enforcing contracts easi- Montenegro permits less costly by significantly re- er by creating small claims courts, with  Dealing with construction permits ducing the building permit fees. oral proceedings, that can hear both Montenegro made dealing with con- civil and commercial cases. struction permits easier by introducing a one-stop shop and imposing strict Mauritania time limits for the issuance of approvals.  Paying taxes Moldova Mauritania made paying taxes more  Getting credit  Registering property costly for companies by introducing a Moldova strengthened its secured Montenegro made registering property new health insurance contribution for transactions system by introducing easier by introducing a notary system. employers that is levied on gross sal- new grounds for relief from an auto- aries. matic stay during insolvency and re- structuring proceedings. Morocco  Trading across borders  Starting a business Mauritania made trading across bor-  Paying taxes Morocco made starting a business ders easier by introducing a new risk- Moldova made paying taxes easier for easier by reducing the company regis- based inspection system with scan- companies by introducing an electron- tration fees. ners. ic filing and payment system for the value added tax, corporate income tax,  Registering property land improvement tax and tax on im- Morocco made transferring property Mauritius movable property. easier by reducing the time required  Getting credit to register a deed of transfer at the tax Mauritius improved access to credit  Resolving insolvency authority. information by expanding the scope of Moldova made resolving insolvency credit information and increasing the easier by introducing new restructur-  Paying taxes coverage of the historical data distrib- ing mechanisms, reducing opportu- Morocco made paying taxes easier for uted from 2 years to 3. nities for appeals, adding moratorium companies by increasing the use of the provisions and establishing strict stat- electronic filing and payment system  Enforcing contracts utory periods for several stages of the for social security contributions. Mauritius made enforcing contracts insolvency proceeding. easier by liberalizing the profession of ushers, providing competitive options Mozambique for litigants to enforce binding deci- Mongolia  Dealing with construction permits sions.  Starting a business Mozambique made dealing with con- Mongolia made starting a business struction permits easier by improving  Resolving insolvency easier by eliminating the requirement internal processes at the Department of Mauritius made resolving insolven- to get company statutes and charters Construction and Urbanization—though cy easier by introducing guidelines notarized as well as the requirement to it also increased the fees for building for out-of-court restructuring and permits and occupancy permits. Summaries of Doing Business reforms in 2012/13 167  Trading across borders Nicaragua Panama Mozambique made trading across bor- ders easier by implementing an elec-  Starting a business  Starting a business tronic single-window system. Nicaragua made starting a business Panama made starting a business eas- easier by merging the procedures for ier by eliminating the need to visit the registering with the revenue authority municipality to obtain the municipal Myanmar and with the municipality and by re- taxpayer number.  Paying taxes ducing the time required for incorpo- Myanmar made paying taxes less ration.  Registering property costly for companies by reducing the Panama made transferring property corporate income tax rate.  Getting electricity easier by connecting the land registry Nicaragua reduced the time required with the cadastre. for getting electricity by increasing effi- Namibia ciency in granting approval of the con-  Protecting investors  Registering property nection design and by informing the Panama strengthened investor pro- Namibia made transferring proper- customer in advance what the amount tections by increasing the disclosure ty more expensive by increasing the of the security deposit will be. requirements for publicly held com- transfer and stamp duties. panies. Niger  Paying taxes Nepal  Starting a business Panama made paying taxes easier for  Starting a business Niger made starting a business easier companies by changing the payment Nepal made starting a business easier by replacing the requirement for a copy frequency for corporate income taxes by reducing the administrative process- of the founders’ criminal records with from monthly to quarterly and by im- ing time at the company registrar and one for a sworn declaration at the time plementing a new online platform for by establishing a data link between of company registration. filing the social security payroll. agencies involved in the incorporation process.  Registering property Niger made transferring property easi- Paraguay er by reducing the registration fees.  Paying taxes Netherlands Paraguay made paying taxes easier for  Starting a business Employing workers companies by making electronic filing The Netherlands made starting a busi- Niger increased the maximum cumu- and payment mandatory for corporate ness easier by abolishing the minimum lative duration of fixed-term contracts. income and value added taxes. capital requirement. Palau Philippines  Registering property The Netherlands made transferring  Getting credit  Dealing with construction permits property easier by increasing the effi- Palau strengthened its secured trans- The Philippines made dealing with ciency of the title search process. actions system through a new law construction permits easier by elim- that establishes a centralized collat- inating the requirement to obtain a  Getting credit eral registry, broadens the range of health certificate. The Netherlands weakened its se- assets that can be used as collateral cured transactions system through an to include future assets, allows a gen-  Getting credit amendment to the Collection of State eral description in the security agree- The Philippines improved access to Taxes Act that grants priority outside ment of debts and obligations as well credit information by beginning to bankruptcy to tax claims over secured as assets pledged as collateral, es- distribute both positive and negative creditors’ claims. tablishes clear priority rules outside information and by enacting a data bankruptcy for secured creditors and privacy act that guarantees borrowers’ allows out-of-court enforcement of right to access their data. New Zealand the collateral.  Enforcing contracts  Paying taxes New Zealand made enforcing contracts  Enforcing contracts The Philippines made paying taxes easier by improving its case manage- Palau made enforcing contracts easier easier for companies by introducing an ment system to ensure a speedier and by introducing an electronic filing sys- electronic filing and payment system less costly adjudication of cases. tem for court users. for social security contributions. 168 Doing Business 2014  Getting credit Poland Russian Federation Rwanda strengthened its secured  Starting a business  Starting a business transactions system by providing more Poland made starting a business easier Russia made starting a business eas- flexibility on the types of debts and ob- by eliminating the requirement to reg- ier by abolishing the requirement to ligations that can be secured through a ister the new company at the National have the bank signature card nota- collateral agreement. Labor Inspectorate and the National rized before opening a company bank Sanitary Inspectorate. account.  Protecting investors Rwanda strengthened investor protec-  Dealing with construction permits  Dealing with construction permits tions through a new law allowing plain- Poland made dealing with construc- Russia made dealing with construction tiffs to cross-examine defendants and tion permits easier by eliminating the permits easier by eliminating sever- witnesses with prior approval of the requirement to obtain a description al requirements for project approvals questions by the court. of the geotechnical documentation of from government agencies and by re- the land. ducing the time required to register a  Paying taxes new building. Rwanda made paying taxes easier and less costly for companies by fully roll- Portugal  Getting electricity ing out its electronic filing system to  Starting a business Russia made getting electricity sim- the majority of businesses and by re- Portugal made starting a business eas- pler and less costly by setting stan- ducing the property tax rate and busi- ier by eliminating the requirement to dard connection tariffs and eliminating ness trading license fee. report to the Ministry of Labor. many procedures previously required.  Trading across borders Employing workers  Registering property Rwanda made trading across borders Portugal reduced the wage premium Russia made transferring property easier by introducing an electronic for weekly holiday work and abolished easier by streamlining procedures and single-window system at the border. priority rules for redundancy dismiss- implementing effective time limits for als. processing transfer applications.  Resolving insolvency Rwanda made resolving insolvency  Trading across borders easier through a new law clarifying Qatar Russia made trading across borders the standards for beginning insolvency  Paying taxes easier by implementing an electronic proceedings; preventing the separation Qatar made paying taxes easier for system for submitting export and im- of the debtor’s assets during reorgani- companies by eliminating certain re- port documents and by reducing the zation proceedings; setting clear time quirements associated with the corpo- number of physical inspections. limits for the submission of a reorgani- rate income tax return. zation plan; and implementing an au- tomatic stay of creditors’ enforcement Rwanda actions. Romania  Starting a business  Starting a business Rwanda made starting a business easi- Romania made starting a business er by reducing the time required to ob- Samoa easier by transferring responsibility tain a registration certificate.  Registering property for issuing the headquarters clearance Samoa made transferring proper- certificate from the Fiscal Administra-  Dealing with construction permits ty more expensive by increasing the tion Office to the Trade Registry. Rwanda made dealing with construc- stamp duty. tion permits easier and less costly  Paying taxes by reducing the building permit fees, Romania made paying taxes easier and implementing an electronic platform Senegal less costly for companies by reducing for building permit applications and  Registering property the payment frequency for the firm tax streamlining procedures. Senegal made transferring property from quarterly to twice a year and by easier by reducing the property trans- reducing the vehicle tax rate.  Registering property fer tax. Rwanda made transferring property  Enforcing contracts easier by eliminating the requirement  Paying taxes Romania made enforcing contracts to obtain a tax clearance certificate Senegal made paying taxes more easier by adopting a new civil proce- and by implementing the web-based costly by increasing the corporate dure code that streamlines and speeds Land Administration Information income tax rate. At the same time, up all court proceedings. System for processing land transac- Senegal facilitated tax payments by tions. making tax forms available online and Summaries of Doing Business reforms in 2012/13 169 creating the Center for Medium En- requirement to obtain project condi- electronic filing system for social secu- terprises. tions from the water and sewerage rity contributions. provider.  Trading across borders Serbia Employing workers Sri Lanka made trading across borders  Paying taxes Slovenia abolished priority rules for easier by introducing an electronic Serbia made paying taxes more costly reemployment, changed the notice pe- payment system for port services. for companies by increasing the corpo- riod and severance pay provisions for rate income tax rate. redundancy dismissals and increased the minimum wage. St. Lucia  Trading across borders Seychelles St. Lucia made trading across borders South Africa  Paying taxes more difficult by introducing a new ex- The Seychelles made paying taxes  Paying taxes port document. more complicated for companies by South Africa made paying taxes easier introducing a value added tax. for companies by replacing the sec- ondary tax on companies with a divi- Suriname dend tax borne by shareholders.  Starting a business Singapore Suriname made starting a business  Registering property easier by reducing the time required to Singapore made transferring property South Sudan obtain the president’s approval for the easier by introducing an online proce-  Paying taxes registration of a new company. dure for property transfers. South Sudan made paying taxes more costly for companies by increasing the  Registering property  Getting credit corporate income tax rate. Suriname made transferring property Singapore improved its credit informa- easier by increasing administrative ef- tion system by guaranteeing by law bor- ficiency at the land registry. Spain rowers’ right to inspect their own data.  Starting a business Spain made starting a business easier Swaziland Slovak Republic by eliminating the requirement to ob-  Starting a business  Starting a business tain a municipal license before starting Swaziland made starting a business The Slovak Republic made starting a operations and by improving the effi- easier by shortening the administra- business more difficult by adding a ciency of the commercial registry. tive processing times for registering a new procedure for establishing a lim- new business and obtaining a trading ited liability company. Employing workers license. Spain reduced the maximum cumula-  Paying taxes tive duration of fixed-term contracts  Trading across borders The Slovak Republic made paying tax- and increased the minimum wage. Swaziland made trading across bor- es more costly for companies by in- ders easier by streamlining the process creasing the corporate income tax rate for obtaining a certificate of origin. and by adjusting land appraisal values. Sri Lanka  Dealing with construction permits Employing workers Sweden Sri Lanka made dealing with con- The Slovak Republic reduced the max- struction permits easier by eliminat-  Paying taxes imum cumulative duration of fixed- ing the requirement to obtain a tax Sweden made paying taxes less costly term contracts, reintroduced the re- clearance and by reducing building for companies by reducing the corpo- quirement for third-party notification permit fees. rate income tax rate. when terminating an employee, rein- troduced mandatory severance pay  Getting electricity for workers with more than 2 years of Sri Lanka made getting electricity eas- Tajikistan service in the company and increased ier by improving the utility’s internal  Starting a business the minimum wage. workflow and by reducing the time re- Tajikistan made starting a business quired to process new applications for more difficult by requiring preliminary connections. approval from the tax authority and the Slovenia submission of additional documents at  Dealing with construction permits  Paying taxes registration. Slovenia made dealing with construc- Sri Lanka made paying taxes easi- tion permits easier by eliminating the er for companies by introducing an 170 Doing Business 2014  Getting credit cars. At the same time, Togo reduced  Getting electricity Tajikistan improved access to credit the payroll tax rate. Turkey made getting electricity easier information by establishing a private by eliminating external inspections and credit bureau.  Trading across borders reducing some administrative costs. Togo made trading across borders  Paying taxes more difficult by granting monopoly  Registering property Tajikistan made paying taxes easier control of all port activities at the port Turkey made transferring property and less costly for companies by re- of Lomé to a private company. more costly by increasing the registra- ducing the corporate income tax rate, tion and several other fees. merging the minimal income tax with  Enforcing contracts the corporate income tax and abol- Togo made enforcing contracts easier  Protecting investors ishing the retail sales tax. At the same by creating specialized commercial Turkey strengthened investor protec- time, Tajikistan increased the land and divisions within the court of first in- tions through a new commercial code vehicle tax rates. stance. that requires directors found liable in abusive related-party transactions to disgorge their profits and that al- Tanzania Tonga lows shareholders to request the  Getting credit  Getting credit appointment of an auditor to inves- Tanzania improved its credit informa- Tonga improved access to credit infor- tigate alleged prejudicial conflicts of tion system through new regulations mation by establishing a private credit interest. that provide for the licensing of credit bureau. reference bureaus and outline the func-  Paying taxes Uganda tions of the credit reference data bank. Tonga made paying taxes more com-  Registering property  Resolving insolvency plicated for companies by introducing Uganda made transferring property Tanzania made resolving insolvency a superannuation levy—though it also easier by eliminating the need to have easier through new rules clearly spec- abolished the business license for 2013. instruments of land transfer physical- ifying the professional requirements ly embossed to certify payment of the and remuneration for insolvency prac- stamp duty. titioners, promoting reorganization Trinidad and Tobago proceedings and streamlining insol-  Starting a business vency proceedings. Ukraine Trinidad and Tobago made starting a business easier by merging the stat-  Starting a business utory declaration of compliance into Ukraine made starting a business eas- Thailand the standard articles of incorporation ier by eliminating the requirement for  Paying taxes form. registration with the statistics authori- Thailand made paying taxes less costly ty and by eliminating the cost for value for companies by reducing employers’ added tax registration. social security contribution rate. Tunisia  Starting a business  Dealing with construction permits Tunisia made starting a business more Ukraine made dealing with construc- Togo difficult by increasing the cost of com- tion permits easier by introducing a  Starting a business pany registration. risk-based approval system, eliminat- Togo made starting a business easier ing requirements for certain approvals by reducing the time required to regis- and technical conditions and simplify- ter at the one-stop shop and by reduc- Turkey ing the process for registering real es- ing registration costs.  Starting a business tate ownership rights. Turkey made starting a business more  Dealing with construction permits difficult by increasing the minimum  Getting electricity Togo made dealing with construction capital requirement. Ukraine made getting electricity easier permits easier by improving internal by streamlining the process for obtain- operations at the City Hall of Lomé.  Dealing with construction permits ing a new connection. Turkey reduced the time required for  Paying taxes dealing with construction permits by  Registering property Togo made paying taxes more costly setting strict time limits for granting a Ukraine made transferring property for companies by increasing the cor- lot plan and by reducing the documen- easier by streamlining procedures and porate income tax rate and employers’ tation requirements for an occupancy revamping the property registration social security contribution rate and permit. system. by introducing a new tax on corporate Summaries of Doing Business reforms in 2012/13 171  Getting credit  Registering property Vanuatu Ukraine improved access to credit in- The United Kingdom made transfer- formation by beginning to collect data ring property easier by introducing  Getting credit on firms from financial institutions. electronic lodgment for property trans- Vanuatu improved access to credit fer applications. information by establishing a private  Paying taxes credit bureau. Ukraine made paying taxes easier for Employing workers companies by simplifying tax returns United Kingdom increased the cap on Venezuela, RB and further improving its electronic fil- weekly wage provided to employees ing system. on the severance payment and the  Starting a business minimum wage. República Bolivariana de Venezuela  Trading across borders made starting a business more costly Ukraine made trading across borders by increasing the company registration easier by releasing customs declara- Uruguay fees. tions more quickly and reducing the  Trading across borders number of physical inspections. Uruguay made trading across borders  Getting credit easier by implementing an electronic República Bolivariana de Venezuela  Resolving insolvency customs declaration system. improved access to credit information Ukraine made resolving insolvency by starting to collect data on firms easier by strengthening the rights of from financial institutions. secured creditors, introducing new Uzbekistan rehabilitation procedures and mech-  Starting a business Vietnam anisms, making it easier to invalidate Uzbekistan made starting a business suspect transactions and shortening easier by abolishing the paid-in mini-  Getting credit the statutory periods for several steps mum capital requirement and by elim- Vietnam improved its credit informa- of the insolvency process. inating the requirement to have signa- tion system through a decree setting ture samples notarized before opening up a legal framework for the establish- a bank account. ment of private credit bureaus. United Arab Emirates  Getting electricity  Registering property  Protecting investors The United Arab Emirates made get- Uzbekistan made transferring property Vietnam strengthened investor pro- ting electricity easier by eliminating easier by reducing the notary fees. tections by introducing greater dis- the requirement for site inspections closure requirements for publicly held and reducing the time required to pro-  Getting credit companies in cases of related-party vide new connections. Uzbekistan improved access to credit transactions. information by expanding the scope of  Registering property credit information and requiring that  Paying taxes The United Arab Emirates made trans- more than 2 years of historical data be Vietnam made paying taxes more ferring property easier by increasing collected and distributed. costly for companies by increasing the operating hours of the land registry employers’ social security contribution and reducing transfer fees.  Paying taxes rate. Uzbekistan made paying taxes easier  Protecting investors for companies by eliminating some Employing workers The United Arab Emirates strength- small taxes. Vietnam abolished priority rules for ened investor protections by introduc- redundancy dismissals or layoffs and ing greater disclosure requirements for  Trading across borders increased the minimum wage. related-party transactions in the an- Uzbekistan made trading across bor- nual report and to the stock exchange ders easier by eliminating the need West Bank and Gaza and by making it possible to sue direc- to register import contracts with cus- tors when such transactions harm the toms, tightening the time limits for  Starting a business company. banks to register export or import West Bank and Gaza made starting a contracts and reducing the number of business less costly by eliminating the export documents required. paid-in minimum capital requirement. United Kingdom  Starting a business  Enforcing contracts Employing workers The United Kingdom made starting a Uzbekistan made enforcing contracts West Bank and Gaza introduced a business easier by providing model easier by introducing an electronic fil- minimum wage. articles for use in preparing memoran- ing system for court users. dums and articles of association. 172 Doing Business 2014 Zambia  Starting a business Zambia made starting a business easi- er by raising the threshold at which val- ue added tax registration is required. Country tables Reform making it easier to do business Reform making it more difficult to do business AFGHANISTAN South Asia GNI per capita (US$) 622 Ease of doing business (rank) 164 Low income Population (m) 29.8 Starting a business (rank) 24 Registering property (rank) 175 Trading across borders (rank) 184 Procedures (number) 3 Procedures (number) 9 Documents to export (number) 10 Time (days) 5 Time (days) 250 Time to export (days) 81 Cost (% of income per capita) 14.4 Cost (% of property value) 5.0 Cost to export (US$ per container) 4,645 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 130 Time to import (days) 85 Dealing with construction permits (rank) 167 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 5,180 Procedures (number) 12 Depth of credit information index (0–6) 0 Time (days) 330 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 168 Cost (% of income per capita) 3,247.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 1,642 Getting electricity (rank) 104 Protecting investors (rank) 189 Cost (% of claim) 25.0 Procedures (number) 4 Extent of disclosure index (0–10) 1 Time (days) 109 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 115 Cost (% of income per capita) 1,731.7 Ease of shareholder suits index (0–10) 1 Time (years) 2.0 Strength of investor protection index (0–10) 1.0 Cost (% of estate) 25 Recovery rate (cents on the dollar) 26.5 Paying taxes (rank) 98 Payments (number per year) 20 Time (hours per year) 275 Total tax rate (% of profit) 36.3 ALBANIA Europe & Central Asia GNI per capita (US$) 4,090 Ease of doing business (rank) 90 Upper middle income Population (m) 3.2 Starting a business (rank) 76 Registering property (rank) 119 Trading across borders (rank) 85 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 4.5 Time (days) 33 Time to export (days) 19 Cost (% of income per capita) 21.1 Cost (% of property value) 11.1 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 13 Time to import (days) 18 Dealing with construction permits (rank) 189 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 730 Procedures (number) NO PRACTICE Depth of credit information index (0–6) 5 Time (days) NO PRACTICE Public registry coverage (% of adults) 13.1 Enforcing contracts (rank) 124 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 525 Getting electricity (rank) 158 Protecting investors (rank) 14 Cost (% of claim) 35.7 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 177 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 62 Cost (% of income per capita) 543.3 Ease of shareholder suits index (0–10) 6 Time (years) 2.0 Strength of investor protection index (0–10) 7.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 40.7 Paying taxes (rank) 146 Payments (number per year) 42 Time (hours per year) 357 Total tax rate (% of profit) 31.7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 174 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business ALGERIA Middle East & North Africa GNI per capita (US$) 4,110 Ease of doing business (rank) 153 Upper middle income Population (m) 38.5 Starting a business (rank) 164 Registering property (rank) 176 Trading across borders (rank) 133 Procedures (number) 14 Procedures (number) 10 Documents to export (number) 8 Time (days) 25 Time (days) 63 Time to export (days) 17 Cost (% of income per capita) 12.4 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,270 Minimum capital (% of income per capita) 28.6 Documents to import (number) 9 Getting credit (rank) 130 Time to import (days) 27 Dealing with construction permits (rank) 147 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,330 Procedures (number) 19 Depth of credit information index (0–6) 4 Time (days) 241 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 129 Cost (% of income per capita) 60.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 630 Getting electricity (rank) 148 Protecting investors (rank) 98 Cost (% of claim) 21.9 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 180 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 60 Cost (% of income per capita) 1,562.9 Ease of shareholder suits index (0–10) 4 Time (years) 2.5 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 174 Payments (number per year) 29 Time (hours per year) 451 Total tax rate (% of profit) 71.9 ANGOLA Sub-Saharan Africa GNI per capita (US$) 4,580 Ease of doing business (rank) 179 Upper middle income Population (m) 20.8 Starting a business (rank) 178 Registering property (rank) 132 Trading across borders (rank) 169 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 10 Time (days) 66 Time (days) 191 Time to export (days) 40 Cost (% of income per capita) 130.1 Cost (% of property value) 3.0 Cost to export (US$ per container) 1,860 Minimum capital (% of income per capita) 21.8 Documents to import (number) 9 Getting credit (rank) 130 Time to import (days) 43 Dealing with construction permits (rank) 65 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,700 Procedures (number) 12 Depth of credit information index (0–6) 4 Time (days) 204 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 187 Cost (% of income per capita) 28.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,296 Getting electricity (rank) 170 Protecting investors (rank) 80 Cost (% of claim) 44.4 Procedures (number) 7 Extent of disclosure index (0–10) 4 Time (days) 145 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 189 Cost (% of income per capita) 689.7 Ease of shareholder suits index (0–10) 6 Time (years) NO PRACTICE Strength of investor protection index (0–10) 5.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 155 Payments (number per year) 30 Time (hours per year) 282 Total tax rate (% of profit) 52.1 ANTIGUA AND BARBUDA Latin America & Caribbean GNI per capita (US$) 12,640 Ease of doing business (rank) 71 High income Population (m) 0.1 Starting a business (rank) 92 Registering property (rank) 128 Trading across borders (rank) 93 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 21 Time (days) 26 Time to export (days) 16 Cost (% of income per capita) 10.5 Cost (% of property value) 10.8 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 23 Dealing with construction permits (rank) 21 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,520 Procedures (number) 10 Depth of credit information index (0–6) 0 Time (days) 134 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 65 Cost (% of income per capita) 22.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 351 Getting electricity (rank) 20 Protecting investors (rank) 34 Cost (% of claim) 22.7 Procedures (number) 4 Extent of disclosure index (0–10) 4 Time (days) 42 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 80 Cost (% of income per capita) 126.2 Ease of shareholder suits index (0–10) 7 Time (years) 3.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 7 Recovery rate (cents on the dollar) 35.9 Paying taxes (rank) 151 Payments (number per year) 57 Time (hours per year) 207 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 175 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 41.0 ARGENTINA Latin America & Caribbean GNI per capita (US$) 9,740 Ease of doing business (rank) 126 Upper middle income Population (m) 41.1 Starting a business (rank) 164 Registering property (rank) 138 Trading across borders (rank) 129 Procedures (number) 14 Procedures (number) 7 Documents to export (number) 6 Time (days) 25 Time (days) 53.5 Time to export (days) 12 Cost (% of income per capita) 19.9 Cost (% of property value) 6.6 Cost to export (US$ per container) 1,650 Minimum capital (% of income per capita) 5.7 Documents to import (number) 8 Getting credit (rank) 73 Time to import (days) 30 Dealing with construction permits (rank) 181 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 2,260 Procedures (number) 24 Depth of credit information index (0–6) 6 Time (days) 365 Public registry coverage (% of adults) 41.9 Enforcing contracts (rank) 57 Cost (% of income per capita) 234.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 590 Getting electricity (rank) 80 Protecting investors (rank) 98 Cost (% of claim) 20.5 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 91 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 97 Cost (% of income per capita) 40.3 Ease of shareholder suits index (0–10) 6 Time (years) 2.8 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 12 Recovery rate (cents on the dollar) 30.8 Paying taxes (rank) 153 Payments (number per year) 9 Time (hours per year) 405 Total tax rate (% of profit) 107.8 ARMENIA Europe & Central Asia GNI per capita (US$) 3,720 Ease of doing business (rank) 37 Lower middle income Population (m) 3.0 Starting a business (rank) 6 Registering property (rank) 5 Trading across borders (rank) 117 Procedures (number) 2 Procedures (number) 3 Documents to export (number) 5 Time (days) 4 Time (days) 7 Time to export (days) 16 Cost (% of income per capita) 1.1 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,885 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 42 Time to import (days) 18 Dealing with construction permits (rank) 79 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,175 Procedures (number) 21 Depth of credit information index (0–6) 6 Time (days) 84 Public registry coverage (% of adults) 21.9 Enforcing contracts (rank) 112 Cost (% of income per capita) 68.4 Private bureau coverage (% of adults) 63.8 Procedures (number) 49 Time (days) 570 Getting electricity (rank) 109 Protecting investors (rank) 22 Cost (% of claim) 19.0 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 242 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 76 Cost (% of income per capita) 98.9 Ease of shareholder suits index (0–10) 8 Time (years) 1.9 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 11 Recovery rate (cents on the dollar) 36.4 Paying taxes (rank) 103 Payments (number per year) 10 Time (hours per year) 380 Total tax rate (% of profit) 38.8 AUSTRALIA OECD high income GNI per capita (US$) 59,570 Ease of doing business (rank) 11 High income Population (m) 22.7 Starting a business (rank) 4 Registering property (rank) 40 Trading across borders (rank) 46 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 5 Time (days) 2.5 Time (days) 4.5 Time to export (days) 9 Cost (% of income per capita) 0.7 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,150 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 3 Time to import (days) 8 Dealing with construction permits (rank) 10 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 1,170 Procedures (number) 11 Depth of credit information index (0–6) 5 Time (days) 112 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 14 Cost (% of income per capita) 13.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 395 Getting electricity (rank) 34 Protecting investors (rank) 68 Cost (% of claim) 21.8 Procedures (number) 5 Extent of disclosure index (0–10) 8 Time (days) 75 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 18 Cost (% of income per capita) 8.7 Ease of shareholder suits index (0–10) 7 Time (years) 1.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 81.3 Paying taxes (rank) 44 Payments (number per year) 11 Time (hours per year) 105 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 176 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 47.0 AUSTRIA OECD high income GNI per capita (US$) 48,160 Ease of doing business (rank) 30 High income Population (m) 8.5 Starting a business (rank) 138 Registering property (rank) 36 Trading across borders (rank) 19 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 3 Time (days) 25 Time (days) 20.5 Time to export (days) 9 Cost (% of income per capita) 4.8 Cost (% of property value) 4.6 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 47.8 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 8 Dealing with construction permits (rank) 94 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,155 Procedures (number) 13 Depth of credit information index (0–6) 6 Time (days) 194 Public registry coverage (% of adults) 1.7 Enforcing contracts (rank) 6 Cost (% of income per capita) 55.8 Private bureau coverage (% of adults) 51.8 Procedures (number) 25 Time (days) 397 Getting electricity (rank) 28 Protecting investors (rank) 98 Cost (% of claim) 18.0 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 23 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 14 Cost (% of income per capita) 101.7 Ease of shareholder suits index (0–10) 5 Time (years) 1.1 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 82.4 Paying taxes (rank) 79 Payments (number per year) 12 Time (hours per year) 166 Total tax rate (% of profit) 52.4 AZERBAIJAN Europe & Central Asia GNI per capita (US$) 6,050 Ease of doing business (rank) 70 Upper middle income Population (m) 9.3 Starting a business (rank) 10 Registering property (rank) 13 Trading across borders (rank) 168 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 9 Time (days) 7 Time (days) 11 Time to export (days) 28 Cost (% of income per capita) 1.0 Cost (% of property value) 0.5 Cost to export (US$ per container) 3,540 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 55 Time to import (days) 25 Dealing with construction permits (rank) 180 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 3,560 Procedures (number) 28 Depth of credit information index (0–6) 5 Time (days) 212 Public registry coverage (% of adults) 23.0 Enforcing contracts (rank) 28 Cost (% of income per capita) 282.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 237 Getting electricity (rank) 181 Protecting investors (rank) 22 Cost (% of claim) 18.5 Procedures (number) 9 Extent of disclosure index (0–10) 7 Time (days) 241 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 86 Cost (% of income per capita) 570.8 Ease of shareholder suits index (0–10) 8 Time (years) 2.3 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 34.0 Paying taxes (rank) 77 Payments (number per year) 18 Time (hours per year) 214 Total tax rate (% of profit) 40.0 BAHAMAS, THE Latin America & Caribbean GNI per capita (US$) 22,833 Ease of doing business (rank) 84 High income Population (m) 0.4 Starting a business (rank) 83 Registering property (rank) 182 Trading across borders (rank) 72 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 23.5 Time (days) 122 Time to export (days) 19 Cost (% of income per capita) 10.4 Cost (% of property value) 12.1 Cost to export (US$ per container) 1,005 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 13 Dealing with construction permits (rank) 75 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,770 Procedures (number) 14 Depth of credit information index (0–6) 0 Time (days) 178 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 125 Cost (% of income per capita) 28.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 427 Getting electricity (rank) 45 Protecting investors (rank) 115 Cost (% of claim) 28.9 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 67 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 32 Cost (% of income per capita) 102.1 Ease of shareholder suits index (0–10) 7 Time (years) 3.0 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 12 Recovery rate (cents on the dollar) 63.5 Paying taxes (rank) 45 Payments (number per year) 18 Time (hours per year) 58 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 177 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 46.6 BAHRAIN Middle East & North Africa GNI per capita (US$) 23,477 Ease of doing business (rank) 46 High income Population (m) 1.3 Starting a business (rank) 99 Registering property (rank) 32 Trading across borders (rank) 81 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 7 Time (days) 9 Time (days) 31 Time to export (days) 11 Cost (% of income per capita) 0.9 Cost (% of property value) 2.7 Cost to export (US$ per container) 955 Minimum capital (% of income per capita) 226.6 Documents to import (number) 8 Getting credit (rank) 130 Time to import (days) 15 Dealing with construction permits (rank) 4 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 995 Procedures (number) 12 Depth of credit information index (0–6) 4 Time (days) 60 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 122 Cost (% of income per capita) 9.3 Private bureau coverage (% of adults) 26.0 Procedures (number) 48 Time (days) 635 Getting electricity (rank) 52 Protecting investors (rank) 115 Cost (% of claim) 14.7 Procedures (number) 5 Extent of disclosure index (0–10) 8 Time (days) 90 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 27 Cost (% of income per capita) 55.5 Ease of shareholder suits index (0–10) 2 Time (years) 2.5 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 10 Recovery rate (cents on the dollar) 67.4 Paying taxes (rank) 7 Payments (number per year) 13 Time (hours per year) 36 Total tax rate (% of profit) 13.5 BANGLADESH South Asia GNI per capita (US$) 840 Ease of doing business (rank) 130 Low income Population (m) 154.7 Starting a business (rank) 74 Registering property (rank) 177 Trading across borders (rank) 130 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 6 Time (days) 10.5 Time (days) 245 Time to export (days) 25 Cost (% of income per capita) 19.9 Cost (% of property value) 6.7 Cost to export (US$ per container) 1,075 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 86 Time to import (days) 35 Dealing with construction permits (rank) 93 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,470 Procedures (number) 11 Depth of credit information index (0–6) 2 Time (days) 201 Public registry coverage (% of adults) 0.8 Enforcing contracts (rank) 185 Cost (% of income per capita) 110.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,442 Getting electricity (rank) 189 Protecting investors (rank) 22 Cost (% of claim) 66.8 Procedures (number) 9 Extent of disclosure index (0–10) 6 Time (days) 404 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 119 Cost (% of income per capita) 4,483.4 Ease of shareholder suits index (0–10) 7 Time (years) 4.0 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 25.8 Paying taxes (rank) 100 Payments (number per year) 20 Time (hours per year) 302 Total tax rate (% of profit) 35.0 BARBADOS Latin America & Caribbean GNI per capita (US$) 16,152 Ease of doing business (rank) 91 High income Population (m) 0.3 Starting a business (rank) 77 Registering property (rank) 142 Trading across borders (rank) 30 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 5 Time (days) 18 Time (days) 153 Time to export (days) 9 Cost (% of income per capita) 7.2 Cost (% of property value) 5.6 Cost to export (US$ per container) 810 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 8 Dealing with construction permits (rank) 56 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,615 Procedures (number) 10 Depth of credit information index (0–6) 0 Time (days) 442 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 110 Cost (% of income per capita) 8.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,340 Getting electricity (rank) 83 Protecting investors (rank) 170 Cost (% of claim) 19.7 Procedures (number) 7 Extent of disclosure index (0–10) 2 Time (days) 65 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 28 Cost (% of income per capita) 60.9 Ease of shareholder suits index (0–10) 6 Time (years) 1.8 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 65.1 Paying taxes (rank) 112 Payments (number per year) 28 Time (hours per year) 237 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 178 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 40.8 BELARUS Europe & Central Asia GNI per capita (US$) 6,530 Ease of doing business (rank) 63 Upper middle income Population (m) 9.5 Starting a business (rank) 15 Registering property (rank) 3 Trading across borders (rank) 149 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 9 Time (days) 9 Time (days) 4 Time to export (days) 15 Cost (% of income per capita) 0.8 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,510 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 30 Dealing with construction permits (rank) 30 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,315 Procedures (number) 12 Depth of credit information index (0–6) 5 Time (days) 128 Public registry coverage (% of adults) 60.3 Enforcing contracts (rank) 13 Cost (% of income per capita) 21.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 275 Getting electricity (rank) 168 Protecting investors (rank) 98 Cost (% of claim) 23.4 Procedures (number) 7 Extent of disclosure index (0–10) 7 Time (days) 161 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 74 Cost (% of income per capita) 431.7 Ease of shareholder suits index (0–10) 8 Time (years) 3.0 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.9 Paying taxes (rank) 133 Payments (number per year) 10 Time (hours per year) 319 Total tax rate (% of profit) 54.0 BELGIUM OECD high income GNI per capita (US$) 44,990 Ease of doing business (rank) 36 High income Population (m) 11.1 Starting a business (rank) 49 Registering property (rank) 180 Trading across borders (rank) 28 Procedures (number) 3 Procedures (number) 8 Documents to export (number) 4 Time (days) 4 Time (days) 64 Time to export (days) 9 Cost (% of income per capita) 5.2 Cost (% of property value) 12.7 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 18.2 Documents to import (number) 4 Getting credit (rank) 73 Time to import (days) 8 Dealing with construction permits (rank) 100 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,400 Procedures (number) 13 Depth of credit information index (0–6) 4 Time (days) 214 Public registry coverage (% of adults) 96.2 Enforcing contracts (rank) 16 Cost (% of income per capita) 54.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 505 Getting electricity (rank) 90 Protecting investors (rank) 16 Cost (% of claim) 17.7 Procedures (number) 6 Extent of disclosure index (0–10) 8 Time (days) 88 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 6 Cost (% of income per capita) 92.5 Ease of shareholder suits index (0–10) 7 Time (years) 0.9 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 89.0 Paying taxes (rank) 76 Payments (number per year) 11 Time (hours per year) 160 Total tax rate (% of profit) 57.5 BELIZE Latin America & Caribbean GNI per capita (US$) 4,180 Ease of doing business (rank) 106 Upper middle income Population (m) 0.3 Starting a business (rank) 167 Registering property (rank) 143 Trading across borders (rank) 101 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 5 Time (days) 44 Time (days) 60 Time to export (days) 17 Cost (% of income per capita) 46.3 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 19 Dealing with construction permits (rank) 16 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,580 Procedures (number) 8 Depth of credit information index (0–6) 0 Time (days) 91 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 173 Cost (% of income per capita) 87.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 892 Getting electricity (rank) 57 Protecting investors (rank) 128 Cost (% of claim) 27.5 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 66 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 30 Cost (% of income per capita) 357.5 Ease of shareholder suits index (0–10) 6 Time (years) 1.0 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 64.5 Paying taxes (rank) 48 Payments (number per year) 29 Time (hours per year) 147 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 179 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 33.2 BENIN Sub-Saharan Africa GNI per capita (US$) 750 Ease of doing business (rank) 174 Low income Population (m) 10.1 Starting a business (rank) 139 Registering property (rank) 137 Trading across borders (rank) 119 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 15 Time (days) 120 Time to export (days) 26 Cost (% of income per capita) 122.7 Cost (% of property value) 11.7 Cost to export (US$ per container) 1,030 Minimum capital (% of income per capita) 261.2 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 27 Dealing with construction permits (rank) 95 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,520 Procedures (number) 11 Depth of credit information index (0–6) 1 Time (days) 188 Public registry coverage (% of adults) 10.1 Enforcing contracts (rank) 181 Cost (% of income per capita) 165.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 795 Getting electricity (rank) 160 Protecting investors (rank) 157 Cost (% of claim) 64.7 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 158 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 140 Cost (% of income per capita) 16,321.0 Ease of shareholder suits index (0–10) 3 Time (years) 4.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 18.1 Paying taxes (rank) 179 Payments (number per year) 55 Time (hours per year) 270 Total tax rate (% of profit) 65.9 BHUTAN South Asia GNI per capita (US$) 2,420 Ease of doing business (rank) 141 Lower middle income Population (m) 0.7 Starting a business (rank) 86 Registering property (rank) 86 Trading across borders (rank) 172 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 9 Time (days) 32 Time (days) 92 Time to export (days) 38 Cost (% of income per capita) 5.0 Cost (% of property value) 5.0 Cost to export (US$ per container) 2,230 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 109 Time to import (days) 38 Dealing with construction permits (rank) 132 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,330 Procedures (number) 22 Depth of credit information index (0–6) 5 Time (days) 150 Public registry coverage (% of adults) 15.6 Enforcing contracts (rank) 37 Cost (% of income per capita) 77.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 225 Getting electricity (rank) 91 Protecting investors (rank) 147 Cost (% of claim) 0.1 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 82 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 189 Cost (% of income per capita) 693.1 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 3.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 104 Payments (number per year) 19 Time (hours per year) 274 Total tax rate (% of profit) 40.8 BOLIVIA Latin America & Caribbean GNI per capita (US$) 2,220 Ease of doing business (rank) 162 Lower middle income Population (m) 10.5 Starting a business (rank) 180 Registering property (rank) 144 Trading across borders (rank) 126 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 7 Time (days) 49 Time (days) 91 Time to export (days) 21 Cost (% of income per capita) 71.6 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,440 Minimum capital (% of income per capita) 1.8 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 24 Dealing with construction permits (rank) 136 Strength of legal rights index (0–10) 1 Cost to import (US$ per container) 1,745 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 275.5 Public registry coverage (% of adults) 14.1 Enforcing contracts (rank) 131 Cost (% of income per capita) 61.4 Private bureau coverage (% of adults) 36.5 Procedures (number) 40 Time (days) 591 Getting electricity (rank) 128 Protecting investors (rank) 138 Cost (% of claim) 33.2 Procedures (number) 8 Extent of disclosure index (0–10) 1 Time (days) 42 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 67 Cost (% of income per capita) 952.3 Ease of shareholder suits index (0–10) 6 Time (years) 1.8 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 38.9 Paying taxes (rank) 185 Payments (number per year) 42 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 180 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (hours per year) 1,025 Total tax rate (% of profit) 83.4 BOSNIA AND HERZEGOVINA Europe & Central Asia GNI per capita (US$) 4,650 Ease of doing business (rank) 131 Upper middle income Population (m) 3.8 Starting a business (rank) 174 Registering property (rank) 96 Trading across borders (rank) 107 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 8 Time (days) 37 Time (days) 25 Time to export (days) 16 Cost (% of income per capita) 14.9 Cost (% of property value) 5.3 Cost to export (US$ per container) 1,260 Minimum capital (% of income per capita) 29.1 Documents to import (number) 8 Getting credit (rank) 73 Time to import (days) 13 Dealing with construction permits (rank) 175 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 1,200 Procedures (number) 17 Depth of credit information index (0–6) 5 Time (days) 179 Public registry coverage (% of adults) 39.1 Enforcing contracts (rank) 115 Cost (% of income per capita) 1,100.2 Private bureau coverage (% of adults) 4.9 Procedures (number) 37 Time (days) 595 Getting electricity (rank) 164 Protecting investors (rank) 115 Cost (% of claim) 34.0 Procedures (number) 8 Extent of disclosure index (0–10) 3 Time (days) 125 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 77 Cost (% of income per capita) 492.4 Ease of shareholder suits index (0–10) 5 Time (years) 3.3 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 36.0 Paying taxes (rank) 135 Payments (number per year) 40 Time (hours per year) 407 Total tax rate (% of profit) 25.5 BOTSWANA Sub-Saharan Africa GNI per capita (US$) 7,720 Ease of doing business (rank) 56 Upper middle income Population (m) 2.0 Starting a business (rank) 96 Registering property (rank) 41 Trading across borders (rank) 145 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 6 Time (days) 60 Time (days) 15 Time to export (days) 27 Cost (% of income per capita) 1.2 Cost (% of property value) 5.1 Cost to export (US$ per container) 3,045 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 73 Time to import (days) 35 Dealing with construction permits (rank) 69 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 3,610 Procedures (number) 21 Depth of credit information index (0–6) 4 Time (days) 111 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 86 Cost (% of income per capita) 17.6 Private bureau coverage (% of adults) 60.7 Procedures (number) 28 Time (days) 625 Getting electricity (rank) 107 Protecting investors (rank) 52 Cost (% of claim) 39.8 Procedures (number) 5 Extent of disclosure index (0–10) 7 Time (days) 121 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 34 Cost (% of income per capita) 389.1 Ease of shareholder suits index (0–10) 3 Time (years) 1.7 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 61.9 Paying taxes (rank) 47 Payments (number per year) 34 Time (hours per year) 152 Total tax rate (% of profit) 25.4 BRAZIL Latin America & Caribbean GNI per capita (US$) 11,630 Ease of doing business (rank) 116 Upper middle income Population (m) 198.7 Starting a business (rank) 123 Registering property (rank) 107 Trading across borders (rank) 124 Procedures (number) 13 Procedures (number) 14 Documents to export (number) 6 Time (days) 107.5 Time (days) 30 Time to export (days) 13 Cost (% of income per capita) 4.6 Cost (% of property value) 2.6 Cost to export (US$ per container) 2,215 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 109 Time to import (days) 17 Dealing with construction permits (rank) 130 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,275 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 400 Public registry coverage (% of adults) 50.4 Enforcing contracts (rank) 121 Cost (% of income per capita) 34.8 Private bureau coverage (% of adults) 63.4 Procedures (number) 44 Time (days) 731 Getting electricity (rank) 14 Protecting investors (rank) 80 Cost (% of claim) 16.5 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 58 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 135 Cost (% of income per capita) 34.4 Ease of shareholder suits index (0–10) 3 Time (years) 4.0 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 12 Recovery rate (cents on the dollar) 19.5 Paying taxes (rank) 159 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 181 Reform making it easier to do business   Reform making it more difficult to do business Payments (number per year) 9 Time (hours per year) 2,600 Total tax rate (% of profit) 68.3 BRUNEI DARUSSALAM East Asia & Pacific GNI per capita (US$) 41,703 Ease of doing business (rank) 59 High income Population (m) 0.4 Starting a business (rank) 137 Registering property (rank) 116 Trading across borders (rank) 39 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 5 Time (days) 101 Time (days) 298 Time to export (days) 19 Cost (% of income per capita) 9.9 Cost (% of property value) 0.6 Cost to export (US$ per container) 705 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 55 Time to import (days) 15 Dealing with construction permits (rank) 46 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 770 Procedures (number) 22 Depth of credit information index (0–6) 4 Time (days) 95 Public registry coverage (% of adults) 55.7 Enforcing contracts (rank) 161 Cost (% of income per capita) 3.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 540 Getting electricity (rank) 29 Protecting investors (rank) 115 Cost (% of claim) 36.6 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 56 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 48 Cost (% of income per capita) 35.9 Ease of shareholder suits index (0–10) 8 Time (years) 2.5 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 47.2 Paying taxes (rank) 20 Payments (number per year) 27 Time (hours per year) 96 Total tax rate (% of profit) 16.1 BULGARIA Europe & Central Asia GNI per capita (US$) 6,870 Ease of doing business (rank) 58 Upper middle income Population (m) 7.3 Starting a business (rank) 65 Registering property (rank) 62 Trading across borders (rank) 79 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 4 Time (days) 18 Time (days) 14 Time to export (days) 20 Cost (% of income per capita) 1.0 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,375 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 17 Dealing with construction permits (rank) 118 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,365 Procedures (number) 18 Depth of credit information index (0–6) 4 Time (days) 104 Public registry coverage (% of adults) 61.0 Enforcing contracts (rank) 79 Cost (% of income per capita) 222.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 564 Getting electricity (rank) 135 Protecting investors (rank) 52 Cost (% of claim) 23.8 Procedures (number) 6 Extent of disclosure index (0–10) 10 Time (days) 130 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 92 Cost (% of income per capita) 320.0 Ease of shareholder suits index (0–10) 6 Time (years) 3.3 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 32.6 Paying taxes (rank) 81 Payments (number per year) 13 Time (hours per year) 454 Total tax rate (% of profit) 27.7 BURKINA FASO Sub-Saharan Africa GNI per capita (US$) 670 Ease of doing business (rank) 154 Low income Population (m) 16.5 Starting a business (rank) 125 Registering property (rank) 123 Trading across borders (rank) 174 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 10 Time (days) 13 Time (days) 67 Time to export (days) 41 Cost (% of income per capita) 44.5 Cost (% of property value) 12.3 Cost to export (US$ per container) 2,455 Minimum capital (% of income per capita) 306.2 Documents to import (number) 9 Getting credit (rank) 130 Time to import (days) 49 Dealing with construction permits (rank) 60 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 4,430 Procedures (number) 12 Depth of credit information index (0–6) 1 Time (days) 98 Public registry coverage (% of adults) 2.0 Enforcing contracts (rank) 108 Cost (% of income per capita) 329.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 446 Getting electricity (rank) 141 Protecting investors (rank) 147 Cost (% of claim) 81.7 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 158 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 117 Cost (% of income per capita) 10,956.6 Ease of shareholder suits index (0–10) 4 Time (years) 4.0 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 26.1 Paying taxes (rank) 160 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 182 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Payments (number per year) 45 Time (hours per year) 270 Total tax rate (% of profit) 43.9 BURUNDI Sub-Saharan Africa GNI per capita (US$) 240 Ease of doing business (rank) 140 Low income Population (m) 9.8 Starting a business (rank) 27 Registering property (rank) 52 Trading across borders (rank) 175 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 9 Time (days) 5 Time (days) 26 Time to export (days) 32 Cost (% of income per capita) 17.5 Cost (% of property value) 3.2 Cost to export (US$ per container) 2,905 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 170 Time to import (days) 46 Dealing with construction permits (rank) 126 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 4,420 Procedures (number) 15 Depth of credit information index (0–6) 1 Time (days) 99 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 177 Cost (% of income per capita) 2,262.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 832 Getting electricity (rank) 161 Protecting investors (rank) 34 Cost (% of claim) 38.6 Procedures (number) 5 Extent of disclosure index (0–10) 8 Time (days) 158 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 164 Cost (% of income per capita) 20,509.0 Ease of shareholder suits index (0–10) 4 Time (years) 5.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 30 Recovery rate (cents on the dollar) 7.7 Paying taxes (rank) 143 Payments (number per year) 25 Time (hours per year) 274 Total tax rate (% of profit) 51.6 CAMBODIA East Asia & Pacific GNI per capita (US$) 880 Ease of doing business (rank) 137 Low income Population (m) 14.9 Starting a business (rank) 184 Registering property (rank) 118 Trading across borders (rank) 114 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 8 Time (days) 104 Time (days) 56 Time to export (days) 22 Cost (% of income per capita) 150.6 Cost (% of property value) 4.4 Cost to export (US$ per container) 795 Minimum capital (% of income per capita) 27.5 Documents to import (number) 9 Getting credit (rank) 42 Time to import (days) 24 Dealing with construction permits (rank) 161 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 930 Procedures (number) 21 Depth of credit information index (0–6) 4 Time (days) 652 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 162 Cost (% of income per capita) 35.7 Private bureau coverage (% of adults) 21.1 Procedures (number) 44 Time (days) 483 Getting electricity (rank) 134 Protecting investors (rank) 80 Cost (% of claim) 103.4 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 168 Extent of director liability index (0–10) 10 Resolving insolvency (rank) 163 Cost (% of income per capita) 2,636.1 Ease of shareholder suits index (0–10) 1 Time (years) 6.0 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 28 Recovery rate (cents on the dollar) 8.2 Paying taxes (rank) 65 Payments (number per year) 40 Time (hours per year) 173 Total tax rate (% of profit) 21.4 CAMEROON Sub-Saharan Africa GNI per capita (US$) 1,170 Ease of doing business (rank) 168 Lower middle income Population (m) 21.7 Starting a business (rank) 132 Registering property (rank) 159 Trading across borders (rank) 159 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 11 Time (days) 15 Time (days) 86 Time to export (days) 23 Cost (% of income per capita) 36.2 Cost (% of property value) 19.1 Cost to export (US$ per container) 1,379 Minimum capital (% of income per capita) 171.8 Documents to import (number) 11 Getting credit (rank) 109 Time to import (days) 25 Dealing with construction permits (rank) 127 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,167 Procedures (number) 13 Depth of credit information index (0–6) 2 Time (days) 139 Public registry coverage (% of adults) 8.9 Enforcing contracts (rank) 175 Cost (% of income per capita) 1,020.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 800 Getting electricity (rank) 62 Protecting investors (rank) 128 Cost (% of claim) 46.6 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 64 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 151 Cost (% of income per capita) 1,831.8 Ease of shareholder suits index (0–10) 6 Time (years) 2.8 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 34 Recovery rate (cents on the dollar) 15.4 Paying taxes (rank) 180 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 183 Reform making it easier to do business   Reform making it more difficult to do business Payments (number per year) 44 Time (hours per year) 630 Total tax rate (% of profit) 48.8 CANADA OECD high income GNI per capita (US$) 50,970 Ease of doing business (rank) 19 High income Population (m) 34.9 Starting a business (rank) 2 Registering property (rank) 55 Trading across borders (rank) 45 Procedures (number) 1 Procedures (number) 6 Documents to export (number) 3 Time (days) 5 Time (days) 16.5 Time to export (days) 8 Cost (% of income per capita) 0.4 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,680 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 28 Time to import (days) 10 Dealing with construction permits (rank) 116 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,680 Procedures (number) 13 Depth of credit information index (0–6) 6 Time (days) 249 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 58 Cost (% of income per capita) 61.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 570 Getting electricity (rank) 145 Protecting investors (rank) 4 Cost (% of claim) 22.3 Procedures (number) 7 Extent of disclosure index (0–10) 8 Time (days) 142 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 9 Cost (% of income per capita) 131.8 Ease of shareholder suits index (0–10) 9 Time (years) 0.8 Strength of investor protection index (0–10) 8.7 Cost (% of estate) 7 Recovery rate (cents on the dollar) 87.3 Paying taxes (rank) 8 Payments (number per year) 8 Time (hours per year) 131 Total tax rate (% of profit) 24.3 CAPE VERDE Sub-Saharan Africa GNI per capita (US$) 3,810 Ease of doing business (rank) 121 Lower middle income Population (m) 0.5 Starting a business (rank) 66 Registering property (rank) 64 Trading across borders (rank) 95 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 7 Time (days) 10 Time (days) 22 Time to export (days) 19 Cost (% of income per capita) 13.5 Cost (% of property value) 3.7 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 18 Dealing with construction permits (rank) 135 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 925 Procedures (number) 17 Depth of credit information index (0–6) 5 Time (days) 117 Public registry coverage (% of adults) 17.3 Enforcing contracts (rank) 35 Cost (% of income per capita) 416.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 425 Getting electricity (rank) 151 Protecting investors (rank) 138 Cost (% of claim) 19.8 Procedures (number) 7 Extent of disclosure index (0–10) 1 Time (days) 88 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 189 Cost (% of income per capita) 888.0 Ease of shareholder suits index (0–10) 6 Time (years) NO PRACTICE Strength of investor protection index (0–10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 80 Payments (number per year) 30 Time (hours per year) 186 Total tax rate (% of profit) 37.2 CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 490 Ease of doing business (rank) 188 Low income Population (m) 4.5 Starting a business (rank) 177 Registering property (rank) 141 Trading across borders (rank) 185 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 9 Time (days) 22 Time (days) 75 Time to export (days) 46 Cost (% of income per capita) 162.0 Cost (% of property value) 11.0 Cost to export (US$ per container) 5,490 Minimum capital (% of income per capita) 411.4 Documents to import (number) 17 Getting credit (rank) 109 Time to import (days) 55 Dealing with construction permits (rank) 156 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 5,555 Procedures (number) 18 Depth of credit information index (0–6) 2 Time (days) 203 Public registry coverage (% of adults) 3.1 Enforcing contracts (rank) 180 Cost (% of income per capita) 179.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 660 Getting electricity (rank) 177 Protecting investors (rank) 138 Cost (% of claim) 82.0 Procedures (number) 7 Extent of disclosure index (0–10) 6 Time (days) 102 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 11,674.9 Ease of shareholder suits index (0–10) 5 Time (years) 4.8 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 76 Recovery rate (cents on the dollar) 0.0 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 184 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 188 Payments (number per year) 56 Time (hours per year) 483 Total tax rate (% of profit) 87.6 CHAD Sub-Saharan Africa GNI per capita (US$) 740 Ease of doing business (rank) 189 Low income Population (m) 12.4 Starting a business (rank) 183 Registering property (rank) 146 Trading across borders (rank) 183 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 8 Time (days) 62 Time (days) 44 Time to export (days) 73 Cost (% of income per capita) 186.3 Cost (% of property value) 15.4 Cost to export (US$ per container) 6,615 Minimum capital (% of income per capita) 251.6 Documents to import (number) 11 Getting credit (rank) 130 Time to import (days) 98 Dealing with construction permits (rank) 139 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 9,025 Procedures (number) 13 Depth of credit information index (0–6) 1 Time (days) 154 Public registry coverage (% of adults) 0.8 Enforcing contracts (rank) 171 Cost (% of income per capita) 4,438.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 743 Getting electricity (rank) 149 Protecting investors (rank) 157 Cost (% of claim) 45.7 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 67 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 9,580.1 Ease of shareholder suits index (0–10) 3 Time (years) 4.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 60 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 189 Payments (number per year) 54 Time (hours per year) 732 Total tax rate (% of profit) 73.8 CHILE OECD high income GNI per capita (US$) 14,280 Ease of doing business (rank) 34 High income Population (m) 17.5 Starting a business (rank) 22 Registering property (rank) 55 Trading across borders (rank) 40 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 5 Time (days) 5.5 Time (days) 28.5 Time to export (days) 15 Cost (% of income per capita) 0.7 Cost (% of property value) 1.2 Cost to export (US$ per container) 980 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 55 Time to import (days) 12 Dealing with construction permits (rank) 101 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 930 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 155 Public registry coverage (% of adults) 40.5 Enforcing contracts (rank) 64 Cost (% of income per capita) 69.9 Private bureau coverage (% of adults) 5.9 Procedures (number) 36 Time (days) 480 Getting electricity (rank) 43 Protecting investors (rank) 34 Cost (% of claim) 28.6 Procedures (number) 6 Extent of disclosure index (0–10) 8 Time (days) 30 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 102 Cost (% of income per capita) 63.9 Ease of shareholder suits index (0–10) 5 Time (years) 3.2 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 29.1 Paying taxes (rank) 38 Payments (number per year) 7 Time (hours per year) 291 Total tax rate (% of profit) 27.7 CHINA East Asia & Pacific GNI per capita (US$) 5,740 Ease of doing business (rank) 96 Upper middle income Population (m) 1,350.7 Starting a business (rank) 158 Registering property (rank) 48 Trading across borders (rank) 74 Procedures (number) 13 Procedures (number) 4 Documents to export (number) 8 Time (days) 33 Time (days) 29 Time to export (days) 21 Cost (% of income per capita) 2.0 Cost (% of property value) 3.6 Cost to export (US$ per container) 620 Minimum capital (% of income per capita) 78.2 Documents to import (number) 5 Getting credit (rank) 73 Time to import (days) 24 Dealing with construction permits (rank) 185 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 615 Procedures (number) 25 Depth of credit information index (0–6) 5 Time (days) 270 Public registry coverage (% of adults) 30.2 Enforcing contracts (rank) 19 Cost (% of income per capita) 344.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 406 Getting electricity (rank) 119 Protecting investors (rank) 98 Cost (% of claim) 11.1 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 145 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 78 Cost (% of income per capita) 499.2 Ease of shareholder suits index (0–10) 4 Time (years) 1.7 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 36.0 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 185 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 120 Payments (number per year) 7 Time (hours per year) 318 Total tax rate (% of profit) 63.7 COLOMBIA Latin America & Caribbean GNI per capita (US$) 6,990 Ease of doing business (rank) 43 Upper middle income Population (m) 47.7 Starting a business (rank) 79 Registering property (rank) 53 Trading across borders (rank) 94 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 4 Time (days) 15 Time (days) 13 Time to export (days) 14 Cost (% of income per capita) 7.5 Cost (% of property value) 2.0 Cost to export (US$ per container) 2,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 73 Time to import (days) 13 Dealing with construction permits (rank) 24 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 2,470 Procedures (number) 8 Depth of credit information index (0–6) 5 Time (days) 54 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 155 Cost (% of income per capita) 295.4 Private bureau coverage (% of adults) 83.8 Procedures (number) 34 Time (days) 1,288 Getting electricity (rank) 101 Protecting investors (rank) 6 Cost (% of claim) 47.9 Procedures (number) 5 Extent of disclosure index (0–10) 9 Time (days) 105 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 25 Cost (% of income per capita) 541.6 Ease of shareholder suits index (0–10) 8 Time (years) 1.7 Strength of investor protection index (0–10) 8.3 Cost (% of estate) 6 Recovery rate (cents on the dollar) 70.3 Paying taxes (rank) 104 Payments (number per year) 10 Time (hours per year) 203 Total tax rate (% of profit) 76.0 COMOROS Sub-Saharan Africa GNI per capita (US$) 840 Ease of doing business (rank) 158 Low income Population (m) 0.7 Starting a business (rank) 163 Registering property (rank) 79 Trading across borders (rank) 146 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 9 Time (days) 15 Time (days) 30 Time to export (days) 31 Cost (% of income per capita) 119.2 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,295 Minimum capital (% of income per capita) 237.0 Documents to import (number) 10 Getting credit (rank) 159 Time to import (days) 26 Dealing with construction permits (rank) 44 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,295 Procedures (number) 13 Depth of credit information index (0–6) 0 Time (days) 109 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 159 Cost (% of income per capita) 67.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 506 Getting electricity (rank) 109 Protecting investors (rank) 138 Cost (% of claim) 89.4 Procedures (number) 3 Extent of disclosure index (0–10) 6 Time (days) 120 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 2,224.9 Ease of shareholder suits index (0–10) 5 Time (years) NO PRACTICE Strength of investor protection index (0–10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 123 Payments (number per year) 33 Time (hours per year) 100 Total tax rate (% of profit) 217.9 CONGO, DEM. REP. Sub-Saharan Africa GNI per capita (US$) 220 Ease of doing business (rank) 183 Low income Population (m) 65.7 Starting a business (rank) 185 Registering property (rank) 133 Trading across borders (rank) 171 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 8 Time (days) 31 Time (days) 49 Time to export (days) 44 Cost (% of income per capita) 200.1 Cost (% of property value) 6.6 Cost to export (US$ per container) 3,155 Minimum capital (% of income per capita) 909.1 Documents to import (number) 9 Getting credit (rank) 159 Time to import (days) 63 Dealing with construction permits (rank) 90 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 3,890 Procedures (number) 11 Depth of credit information index (0–6) 0 Time (days) 117 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 177 Cost (% of income per capita) 1,366.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 610 Getting electricity (rank) 142 Protecting investors (rank) 147 Cost (% of claim) 147.6 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 58 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 167 Cost (% of income per capita) 23,025.1 Ease of shareholder suits index (0–10) 4 Time (years) 5.2 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 29 Recovery rate (cents on the dollar) 4.5 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 186 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 176 Payments (number per year) 32 Time (hours per year) 348 Total tax rate (% of profit) 118.1 CONGO, REP. Sub-Saharan Africa GNI per capita (US$) 2,550 Ease of doing business (rank) 185 Lower middle income Population (m) 4.3 Starting a business (rank) 182 Registering property (rank) 164 Trading across borders (rank) 180 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 11 Time (days) 101 Time (days) 55 Time to export (days) 50 Cost (% of income per capita) 52.1 Cost (% of property value) 21.2 Cost to export (US$ per container) 3,795 Minimum capital (% of income per capita) 78.5 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 54 Dealing with construction permits (rank) 142 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 7,590 Procedures (number) 14 Depth of credit information index (0–6) 2 Time (days) 161 Public registry coverage (% of adults) 9.0 Enforcing contracts (rank) 164 Cost (% of income per capita) 878.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 560 Getting electricity (rank) 175 Protecting investors (rank) 157 Cost (% of claim) 53.2 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 135 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 142 Cost (% of income per capita) 4,657.6 Ease of shareholder suits index (0–10) 3 Time (years) 3.3 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 183 Payments (number per year) 49 Time (hours per year) 602 Total tax rate (% of profit) 63.8 COSTA RICA Latin America & Caribbean GNI per capita (US$) 8,740 Ease of doing business (rank) 102 Upper middle income Population (m) 4.8 Starting a business (rank) 102 Registering property (rank) 46 Trading across borders (rank) 44 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 5 Time (days) 24 Time (days) 19 Time to export (days) 13 Cost (% of income per capita) 9.5 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,015 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 14 Dealing with construction permits (rank) 82 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,070 Procedures (number) 14 Depth of credit information index (0–6) 6 Time (days) 123 Public registry coverage (% of adults) 25.4 Enforcing contracts (rank) 130 Cost (% of income per capita) 137.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 40 Time (days) 852 Getting electricity (rank) 47 Protecting investors (rank) 170 Cost (% of claim) 24.3 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 62 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 124 Cost (% of income per capita) 226.9 Ease of shareholder suits index (0–10) 2 Time (years) 3.0 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 24.5 Paying taxes (rank) 136 Payments (number per year) 22 Time (hours per year) 226 Total tax rate (% of profit) 55.3 CÔTE D’IVOIRE Sub-Saharan Africa GNI per capita (US$) 1,220 Ease of doing business (rank) 167 Lower middle income Population (m) 19.8 Starting a business (rank) 115 Registering property (rank) 127 Trading across borders (rank) 165 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 9 Time (days) 8 Time (days) 42 Time to export (days) 25 Cost (% of income per capita) 44.4 Cost (% of property value) 10.8 Cost to export (US$ per container) 1,990 Minimum capital (% of income per capita) 164.4 Documents to import (number) 10 Getting credit (rank) 130 Time to import (days) 34 Dealing with construction permits (rank) 162 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,710 Procedures (number) 16 Depth of credit information index (0–6) 1 Time (days) 364 Public registry coverage (% of adults) 3.2 Enforcing contracts (rank) 88 Cost (% of income per capita) 134.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 585 Getting electricity (rank) 153 Protecting investors (rank) 157 Cost (% of claim) 41.7 Procedures (number) 8 Extent of disclosure index (0–10) 6 Time (days) 55 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 95 Cost (% of income per capita) 3,366.3 Ease of shareholder suits index (0–10) 3 Time (years) 2.2 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 31.8 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 187 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 173 Payments (number per year) 62 Time (hours per year) 270 Total tax rate (% of profit) 46.4 CROATIA Europe & Central Asia GNI per capita (US$) 13,290 Ease of doing business (rank) 89 High income Population (m) 4.3 Starting a business (rank) 80 Registering property (rank) 106 Trading across borders (rank) 99 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 7 Time (days) 8 Time (days) 102.5 Time to export (days) 18 Cost (% of income per capita) 9.3 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,335 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 42 Time to import (days) 15 Dealing with construction permits (rank) 152 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,185 Procedures (number) 12 Depth of credit information index (0–6) 5 Time (days) 317 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 49 Cost (% of income per capita) 646.5 Private bureau coverage (% of adults) 100.0 Procedures (number) 38 Time (days) 572 Getting electricity (rank) 60 Protecting investors (rank) 157 Cost (% of claim) 13.8 Procedures (number) 5 Extent of disclosure index (0–10) 1 Time (days) 70 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 98 Cost (% of income per capita) 319.8 Ease of shareholder suits index (0–10) 4 Time (years) 3.1 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 30.3 Paying taxes (rank) 34 Payments (number per year) 19 Time (hours per year) 196 Total tax rate (% of profit) 19.8 CYPRUS Europe & Central Asia GNI per capita (US$) 26,000 Ease of doing business (rank) 39 High income Population (m) 1.1 Starting a business (rank) 44 Registering property (rank) 103 Trading across borders (rank) 27 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 8 Time (days) 28 Time to export (days) 7 Cost (% of income per capita) 12.3 Cost (% of property value) 10.3 Cost to export (US$ per container) 865 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 55 Time to import (days) 5 Dealing with construction permits (rank) 86 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,010 Procedures (number) 9 Depth of credit information index (0–6) 2 Time (days) 677 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 110 Cost (% of income per capita) 57.0 Private bureau coverage (% of adults) 6.7 Procedures (number) 43 Time (days) 735 Getting electricity (rank) 108 Protecting investors (rank) 34 Cost (% of claim) 16.4 Procedures (number) 5 Extent of disclosure index (0–10) 8 Time (days) 247 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 24 Cost (% of income per capita) 96.6 Ease of shareholder suits index (0–10) 7 Time (years) 1.5 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 70.5 Paying taxes (rank) 33 Payments (number per year) 30 Time (hours per year) 147 Total tax rate (% of profit) 22.5 CZECH REPUBLIC OECD high income GNI per capita (US$) 18,130 Ease of doing business (rank) 75 High income Population (m) 10.5 Starting a business (rank) 146 Registering property (rank) 37 Trading across borders (rank) 68 Procedures (number) 9 Procedures (number) 3 Documents to export (number) 4 Time (days) 19.5 Time (days) 24 Time to export (days) 17 Cost (% of income per capita) 8.2 Cost (% of property value) 4.0 Cost to export (US$ per container) 1,215 Minimum capital (% of income per capita) 29.5 Documents to import (number) 6 Getting credit (rank) 55 Time to import (days) 17 Dealing with construction permits (rank) 86 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,190 Procedures (number) 33 Depth of credit information index (0–6) 5 Time (days) 120 Public registry coverage (% of adults) 6.4 Enforcing contracts (rank) 75 Cost (% of income per capita) 10.5 Private bureau coverage (% of adults) 76.0 Procedures (number) 27 Time (days) 611 Getting electricity (rank) 146 Protecting investors (rank) 98 Cost (% of claim) 33.0 Procedures (number) 6 Extent of disclosure index (0–10) 2 Time (days) 279 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 29 Cost (% of income per capita) 179.0 Ease of shareholder suits index (0–10) 8 Time (years) 2.1 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 17 Recovery rate (cents on the dollar) 65.0 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 188 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 122 Payments (number per year) 8 Time (hours per year) 413 Total tax rate (% of profit) 48.1 DENMARK OECD high income GNI per capita (US$) 59,770 Ease of doing business (rank) 5 High income Population (m) 5.6 Starting a business (rank) 40 Registering property (rank) 7 Trading across borders (rank) 8 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 5.5 Time (days) 4 Time to export (days) 6 Cost (% of income per capita) 0.2 Cost (% of property value) 0.6 Cost to export (US$ per container) 795 Minimum capital (% of income per capita) 23.9 Documents to import (number) 3 Getting credit (rank) 28 Time to import (days) 5 Dealing with construction permits (rank) 8 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 745 Procedures (number) 8 Depth of credit information index (0–6) 4 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 32 Cost (% of income per capita) 87.2 Private bureau coverage (% of adults) 7.5 Procedures (number) 35 Time (days) 410 Getting electricity (rank) 18 Protecting investors (rank) 34 Cost (% of claim) 23.3 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 38 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 10 Cost (% of income per capita) 118.4 Ease of shareholder suits index (0–10) 7 Time (years) 1.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 87.0 Paying taxes (rank) 12 Payments (number per year) 10 Time (hours per year) 130 Total tax rate (% of profit) 27.0 DJIBOUTI Middle East & North Africa GNI per capita (US$) 1,523 Ease of doing business (rank) 160 Lower middle income Population (m) 0.9 Starting a business (rank) 127 Registering property (rank) 133 Trading across borders (rank) 60 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 5 Time (days) 17 Time (days) 39 Time to export (days) 20 Cost (% of income per capita) 184.7 Cost (% of property value) 12.8 Cost to export (US$ per container) 885 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 180 Time to import (days) 18 Dealing with construction permits (rank) 157 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 910 Procedures (number) 15 Depth of credit information index (0–6) 1 Time (days) 167 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 163 Cost (% of income per capita) 1,949.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,225 Getting electricity (rank) 144 Protecting investors (rank) 182 Cost (% of claim) 34.0 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 180 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 147 Cost (% of income per capita) 7,487.0 Ease of shareholder suits index (0–10) 0 Time (years) 5.0 Strength of investor protection index (0–10) 2.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 16.8 Paying taxes (rank) 66 Payments (number per year) 35 Time (hours per year) 82 Total tax rate (% of profit) 37.8 DOMINICA Latin America & Caribbean GNI per capita (US$) 6,460 Ease of doing business (rank) 77 Upper middle income Population (m) 0.1 Starting a business (rank) 51 Registering property (rank) 119 Trading across borders (rank) 88 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 6 Time (days) 12 Time (days) 42 Time to export (days) 13 Cost (% of income per capita) 16.6 Cost (% of property value) 13.3 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 86 Time to import (days) 14 Dealing with construction permits (rank) 22 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,600 Procedures (number) 9 Depth of credit information index (0–6) 0 Time (days) 171 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 172 Cost (% of income per capita) 8.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 681 Getting electricity (rank) 64 Protecting investors (rank) 34 Cost (% of claim) 36.0 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 61 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 105 Cost (% of income per capita) 649.7 Ease of shareholder suits index (0–10) 7 Time (years) 4.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 28.3 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 189 Reform making it easier to do business   Reform making it more difficult to do business Paying taxes (rank) 75 Payments (number per year) 37 Time (hours per year) 117 Total tax rate (% of profit) 37.1 DOMINICAN REPUBLIC Latin America & Caribbean GNI per capita (US$) 5,470 Ease of doing business (rank) 117 Upper middle income Population (m) 10.3 Starting a business (rank) 144 Registering property (rank) 115 Trading across borders (rank) 33 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 18.5 Time (days) 60 Time to export (days) 8 Cost (% of income per capita) 17.3 Cost (% of property value) 3.7 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 46.0 Documents to import (number) 6 Getting credit (rank) 86 Time to import (days) 10 Dealing with construction permits (rank) 121 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,145 Procedures (number) 14 Depth of credit information index (0–6) 6 Time (days) 216 Public registry coverage (% of adults) 59.7 Enforcing contracts (rank) 81 Cost (% of income per capita) 67.9 Private bureau coverage (% of adults) 59.8 Procedures (number) 34 Time (days) 460 Getting electricity (rank) 127 Protecting investors (rank) 98 Cost (% of claim) 40.9 Procedures (number) 7 Extent of disclosure index (0–10) 5 Time (days) 82 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 159 Cost (% of income per capita) 300.9 Ease of shareholder suits index (0–10) 6 Time (years) 3.5 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 38 Recovery rate (cents on the dollar) 8.8 Paying taxes (rank) 106 Payments (number per year) 9 Time (hours per year) 324 Total tax rate (% of profit) 43.5 ECUADOR Latin America & Caribbean GNI per capita (US$) 5,190 Ease of doing business (rank) 135 Upper middle income Population (m) 15.5 Starting a business (rank) 176 Registering property (rank) 91 Trading across borders (rank) 122 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 7 Time (days) 55.5 Time (days) 39 Time to export (days) 20 Cost (% of income per capita) 25.3 Cost (% of property value) 2.0 Cost to export (US$ per container) 1,535 Minimum capital (% of income per capita) 3.7 Documents to import (number) 6 Getting credit (rank) 86 Time to import (days) 25 Dealing with construction permits (rank) 64 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,520 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 115 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 99 Cost (% of income per capita) 55.6 Private bureau coverage (% of adults) 70.9 Procedures (number) 39 Time (days) 588 Getting electricity (rank) 138 Protecting investors (rank) 138 Cost (% of claim) 27.2 Procedures (number) 7 Extent of disclosure index (0–10) 1 Time (days) 74 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 143 Cost (% of income per capita) 677.7 Ease of shareholder suits index (0–10) 6 Time (years) 5.3 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 91 Payments (number per year) 8 Time (hours per year) 654 Total tax rate (% of profit) 33.9 EGYPT, ARAB REP. Middle East & North Africa GNI per capita (US$) 3,000 Ease of doing business (rank) 128 Lower middle income Population (m) 80.7 Starting a business (rank) 50 Registering property (rank) 105 Trading across borders (rank) 83 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 8 Time (days) 8 Time (days) 63 Time to export (days) 12 Cost (% of income per capita) 9.7 Cost (% of property value) 0.7 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 86 Time to import (days) 15 Dealing with construction permits (rank) 149 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 790 Procedures (number) 21 Depth of credit information index (0–6) 6 Time (days) 179 Public registry coverage (% of adults) 5.3 Enforcing contracts (rank) 156 Cost (% of income per capita) 108.0 Private bureau coverage (% of adults) 19.6 Procedures (number) 42 Time (days) 1,010 Getting electricity (rank) 105 Protecting investors (rank) 147 Cost (% of claim) 26.2 Procedures (number) 7 Extent of disclosure index (0–10) 5 Time (days) 54 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 146 Cost (% of income per capita) 337.4 Ease of shareholder suits index (0–10) 3 Time (years) 4.2 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 22 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 190 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Recovery rate (cents on the dollar) 16.9 Paying taxes (rank) 148 Payments (number per year) 29 Time (hours per year) 392 Total tax rate (% of profit) 42.6 EL SALVADOR Latin America & Caribbean GNI per capita (US$) 3,580 Ease of doing business (rank) 118 Lower middle income Population (m) 6.3 Starting a business (rank) 148 Registering property (rank) 59 Trading across borders (rank) 64 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 7 Time (days) 16.5 Time (days) 31 Time to export (days) 13 Cost (% of income per capita) 45.5 Cost (% of property value) 3.8 Cost to export (US$ per container) 980 Minimum capital (% of income per capita) 2.8 Documents to import (number) 7 Getting credit (rank) 55 Time to import (days) 10 Dealing with construction permits (rank) 144 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 970 Procedures (number) 24 Depth of credit information index (0–6) 6 Time (days) 144 Public registry coverage (% of adults) 27.3 Enforcing contracts (rank) 68 Cost (% of income per capita) 157.0 Private bureau coverage (% of adults) 83.3 Procedures (number) 34 Time (days) 786 Getting electricity (rank) 154 Protecting investors (rank) 170 Cost (% of claim) 19.2 Procedures (number) 8 Extent of disclosure index (0–10) 3 Time (days) 88 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 90 Cost (% of income per capita) 563.1 Ease of shareholder suits index (0–10) 6 Time (years) 3.5 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 12 Recovery rate (cents on the dollar) 32.8 Paying taxes (rank) 165 Payments (number per year) 53 Time (hours per year) 320 Total tax rate (% of profit) 38.1 EQUATORIAL GUINEA Sub-Saharan Africa GNI per capita (US$) 13,560 Ease of doing business (rank) 166 High income Population (m) 0.7 Starting a business (rank) 185 Registering property (rank) 109 Trading across borders (rank) 137 Procedures (number) 18 Procedures (number) 6 Documents to export (number) 7 Time (days) 135 Time (days) 23 Time to export (days) 29 Cost (% of income per capita) 98.6 Cost (% of property value) 12.5 Cost to export (US$ per container) 1,390 Minimum capital (% of income per capita) 13.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 44 Dealing with construction permits (rank) 125 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,600 Procedures (number) 15 Depth of credit information index (0–6) 2 Time (days) 166 Public registry coverage (% of adults) 4.7 Enforcing contracts (rank) 50 Cost (% of income per capita) 134.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 475 Getting electricity (rank) 99 Protecting investors (rank) 147 Cost (% of claim) 18.5 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 106 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 509.8 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 3.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 177 Payments (number per year) 46 Time (hours per year) 492 Total tax rate (% of profit) 44.1 ERITREA Sub-Saharan Africa GNI per capita (US$) 450 Ease of doing business (rank) 184 Low income Population (m) 6.1 Starting a business (rank) 188 Registering property (rank) 184 Trading across borders (rank) 170 Procedures (number) 13 Procedures (number) 11 Documents to export (number) 10 Time (days) 84 Time (days) 78 Time to export (days) 50 Cost (% of income per capita) 50.5 Cost (% of property value) 9.1 Cost to export (US$ per container) 1,460 Minimum capital (% of income per capita) 196.1 Documents to import (number) 12 Getting credit (rank) 186 Time to import (days) 59 Dealing with construction permits (rank) 189 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 1,600 Procedures (number) NO PRACTICE Depth of credit information index (0–6) 0 Time (days) NO PRACTICE Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 67 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 490 Getting electricity (rank) 95 Protecting investors (rank) 115 Cost (% of claim) 22.6 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 59 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 189 Cost (% of income per capita) 3,352.1 Ease of shareholder suits index (0–10) 5 Time (years) NO PRACTICE Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 191 Reform making it easier to do business   Reform making it more difficult to do business Strength of investor protection index (0–10) 4.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 150 Payments (number per year) 30 Time (hours per year) 216 Total tax rate (% of profit) 84.5 ESTONIA OECD high income GNI per capita (US$) 15,830 Ease of doing business (rank) 22 High income Population (m) 1.3 Starting a business (rank) 61 Registering property (rank) 15 Trading across borders (rank) 7 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 3 Time (days) 6.5 Time (days) 17.5 Time to export (days) 6 Cost (% of income per capita) 1.5 Cost (% of property value) 0.5 Cost to export (US$ per container) 765 Minimum capital (% of income per capita) 20.6 Documents to import (number) 4 Getting credit (rank) 42 Time to import (days) 5 Dealing with construction permits (rank) 38 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 795 Procedures (number) 13 Depth of credit information index (0–6) 5 Time (days) 148 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 26 Cost (% of income per capita) 15.0 Private bureau coverage (% of adults) 33.7 Procedures (number) 35 Time (days) 425 Getting electricity (rank) 56 Protecting investors (rank) 68 Cost (% of claim) 21.9 Procedures (number) 4 Extent of disclosure index (0–10) 8 Time (days) 111 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 66 Cost (% of income per capita) 188.0 Ease of shareholder suits index (0–10) 6 Time (years) 3.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 38.9 Paying taxes (rank) 32 Payments (number per year) 7 Time (hours per year) 81 Total tax rate (% of profit) 49.4 ETHIOPIA Sub-Saharan Africa GNI per capita (US$) 410 Ease of doing business (rank) 125 Low income Population (m) 91.7 Starting a business (rank) 166 Registering property (rank) 113 Trading across borders (rank) 166 Procedures (number) 9 Procedures (number) 10 Documents to export (number) 7 Time (days) 15 Time (days) 41 Time to export (days) 44 Cost (% of income per capita) 100.1 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,180 Minimum capital (% of income per capita) 184.2 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 44 Dealing with construction permits (rank) 55 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 2,760 Procedures (number) 9 Depth of credit information index (0–6) 4 Time (days) 128 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 44 Cost (% of income per capita) 203.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 530 Getting electricity (rank) 91 Protecting investors (rank) 157 Cost (% of claim) 15.2 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 95 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 75 Cost (% of income per capita) 1,879.5 Ease of shareholder suits index (0–10) 3 Time (years) 1.8 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 36.9 Paying taxes (rank) 109 Payments (number per year) 30 Time (hours per year) 306 Total tax rate (% of profit) 33.4 FIJI East Asia & Pacific GNI per capita (US$) 4,200 Ease of doing business (rank) 62 Upper middle income Population (m) 0.9 Starting a business (rank) 141 Registering property (rank) 63 Trading across borders (rank) 111 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 9 Time (days) 59 Time (days) 69 Time to export (days) 18 Cost (% of income per capita) 23.1 Cost (% of property value) 2.0 Cost to export (US$ per container) 790 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 55 Time to import (days) 22 Dealing with construction permits (rank) 74 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 760 Procedures (number) 16 Depth of credit information index (0–6) 4 Time (days) 142 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 63 Cost (% of income per capita) 44.8 Private bureau coverage (% of adults) 72.9 Procedures (number) 34 Time (days) 397 Getting electricity (rank) 81 Protecting investors (rank) 52 Cost (% of claim) 38.9 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 81 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 50 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 192 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 1,835.3 Ease of shareholder suits index (0–10) 7 Time (years) 1.8 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 45.6 Paying taxes (rank) 88 Payments (number per year) 38 Time (hours per year) 185 Total tax rate (% of profit) 31.2 FINLAND OECD high income GNI per capita (US$) 46,940 Ease of doing business (rank) 12 High income Population (m) 5.4 Starting a business (rank) 55 Registering property (rank) 26 Trading across borders (rank) 9 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 14 Time (days) 14 Time to export (days) 9 Cost (% of income per capita) 1.1 Cost (% of property value) 4.0 Cost to export (US$ per container) 615 Minimum capital (% of income per capita) 7.0 Documents to import (number) 5 Getting credit (rank) 42 Time to import (days) 7 Dealing with construction permits (rank) 36 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 625 Procedures (number) 16 Depth of credit information index (0–6) 4 Time (days) 66 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 8 Cost (% of income per capita) 43.3 Private bureau coverage (% of adults) 19.5 Procedures (number) 33 Time (days) 375 Getting electricity (rank) 22 Protecting investors (rank) 68 Cost (% of claim) 13.3 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 42 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 3 Cost (% of income per capita) 29.6 Ease of shareholder suits index (0–10) 7 Time (years) 0.9 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 90.2 Paying taxes (rank) 21 Payments (number per year) 8 Time (hours per year) 93 Total tax rate (% of profit) 39.8 FRANCE OECD high income GNI per capita (US$) 41,750 Ease of doing business (rank) 38 High income Population (m) 65.7 Starting a business (rank) 41 Registering property (rank) 149 Trading across borders (rank) 36 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 2 Time (days) 6.5 Time (days) 49 Time to export (days) 10 Cost (% of income per capita) 0.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 1,335 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 55 Time to import (days) 11 Dealing with construction permits (rank) 92 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,445 Procedures (number) 9 Depth of credit information index (0–6) 4 Time (days) 184 Public registry coverage (% of adults) 43.6 Enforcing contracts (rank) 7 Cost (% of income per capita) 244.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 395 Getting electricity (rank) 42 Protecting investors (rank) 80 Cost (% of claim) 17.4 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 79 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 46 Cost (% of income per capita) 43.3 Ease of shareholder suits index (0–10) 5 Time (years) 1.9 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 48.3 Paying taxes (rank) 52 Payments (number per year) 7 Time (hours per year) 132 Total tax rate (% of profit) 64.7 GABON Sub-Saharan Africa GNI per capita (US$) 10,070 Ease of doing business (rank) 163 Upper middle income Population (m) 1.6 Starting a business (rank) 153 Registering property (rank) 166 Trading across borders (rank) 135 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 50 Time (days) 103 Time to export (days) 20 Cost (% of income per capita) 12.5 Cost (% of property value) 10.5 Cost to export (US$ per container) 2,045 Minimum capital (% of income per capita) 19.3 Documents to import (number) 8 Getting credit (rank) 109 Time to import (days) 22 Dealing with construction permits (rank) 71 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,175 Procedures (number) 12 Depth of credit information index (0–6) 2 Time (days) 178 Public registry coverage (% of adults) 51.1 Enforcing contracts (rank) 157 Cost (% of income per capita) 68.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,070 Getting electricity (rank) 138 Protecting investors (rank) 157 Cost (% of claim) 34.3 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 141 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 153 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 193 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 306.7 Ease of shareholder suits index (0–10) 3 Time (years) 5.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 152 Payments (number per year) 26 Time (hours per year) 488 Total tax rate (% of profit) 43.5 GAMBIA, THE Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business (rank) 150 Low income Population (m) 1.8 Starting a business (rank) 130 Registering property (rank) 117 Trading across borders (rank) 99 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 27 Time (days) 66 Time to export (days) 23 Cost (% of income per capita) 174.3 Cost (% of property value) 7.7 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days) 21 Dealing with construction permits (rank) 104 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 895 Procedures (number) 14 Depth of credit information index (0–6) 0 Time (days) 143 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 60 Cost (% of income per capita) 142.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 407 Getting electricity (rank) 120 Protecting investors (rank) 178 Cost (% of claim) 37.9 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 78 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 108 Cost (% of income per capita) 4,526.3 Ease of shareholder suits index (0–10) 5 Time (years) 2.0 Strength of investor protection index (0–10) 2.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 27.8 Paying taxes (rank) 184 Payments (number per year) 50 Time (hours per year) 376 Total tax rate (% of profit) 283.2 GEORGIA Europe & Central Asia GNI per capita (US$) 3,280 Ease of doing business (rank) 8 Lower middle income Population (m) 4.5 Starting a business (rank) 8 Registering property (rank) 1 Trading across borders (rank) 43 Procedures (number) 2 Procedures (number) 1 Documents to export (number) 4 Time (days) 2 Time (days) 2 Time to export (days) 9 Cost (% of income per capita) 3.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 3 Time to import (days) 10 Dealing with construction permits (rank) 2 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,595 Procedures (number) 9 Depth of credit information index (0–6) 6 Time (days) 73.5 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 33 Cost (% of income per capita) 14.9 Private bureau coverage (% of adults) 46.1 Procedures (number) 33 Time (days) 285 Getting electricity (rank) 54 Protecting investors (rank) 16 Cost (% of claim) 29.9 Procedures (number) 4 Extent of disclosure index (0–10) 9 Time (days) 71 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 88 Cost (% of income per capita) 515.0 Ease of shareholder suits index (0–10) 6 Time (years) 2.0 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 33.6 Paying taxes (rank) 29 Payments (number per year) 5 Time (hours per year) 280 Total tax rate (% of profit) 16.4 GERMANY OECD high income GNI per capita (US$) 44,010 Ease of doing business (rank) 21 High income Population (m) 81.9 Starting a business (rank) 111 Registering property (rank) 81 Trading across borders (rank) 14 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 4 Time (days) 14.5 Time (days) 40 Time to export (days) 9 Cost (% of income per capita) 4.7 Cost (% of property value) 5.7 Cost to export (US$ per container) 905 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 7 Dealing with construction permits (rank) 12 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 940 Procedures (number) 9 Depth of credit information index (0–6) 6 Time (days) 97 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 5 Cost (% of income per capita) 46.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 394 Getting electricity (rank) 3 Protecting investors (rank) 98 Cost (% of claim) 14.4 Procedures (number) 3 Extent of disclosure index (0–10) 5 Time (days) 17 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 13 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 194 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 46.9 Ease of shareholder suits index (0–10) 5 Time (years) 1.2 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 82.9 Paying taxes (rank) 89 Payments (number per year) 9 Time (hours per year) 218 Total tax rate (% of profit) 49.4 GHANA Sub-Saharan Africa GNI per capita (US$) 1,550 Ease of doing business (rank) 67 Lower middle income Population (m) 25.4 Starting a business (rank) 128 Registering property (rank) 49 Trading across borders (rank) 109 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 14 Time (days) 34 Time to export (days) 19 Cost (% of income per capita) 15.7 Cost (% of property value) 1.2 Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 3.7 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 42 Dealing with construction permits (rank) 159 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,360 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 246.5 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 43 Cost (% of income per capita) 259.6 Private bureau coverage (% of adults) 10.4 Procedures (number) 36 Time (days) 495 Getting electricity (rank) 85 Protecting investors (rank) 34 Cost (% of claim) 23.0 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 79 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 116 Cost (% of income per capita) 2,295.3 Ease of shareholder suits index (0–10) 7 Time (years) 1.9 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 26.2 Paying taxes (rank) 68 Payments (number per year) 32 Time (hours per year) 224 Total tax rate (% of profit) 22.9 GREECE OECD high income GNI per capita (US$) 23,260 Ease of doing business (rank) 72 High income Population (m) 11.3 Starting a business (rank) 36 Registering property (rank) 161 Trading across borders (rank) 52 Procedures (number) 5 Procedures (number) 11 Documents to export (number) 4 Time (days) 14 Time (days) 20 Time to export (days) 16 Cost (% of income per capita) 4.6 Cost (% of property value) 11.7 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 86 Time to import (days) 15 Dealing with construction permits (rank) 66 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,135 Procedures (number) 19 Depth of credit information index (0–6) 5 Time (days) 105 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 98 Cost (% of income per capita) 27.1 Private bureau coverage (% of adults) 84.4 Procedures (number) 39 Time (days) 1,300 Getting electricity (rank) 61 Protecting investors (rank) 80 Cost (% of claim) 14.4 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 62 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 87 Cost (% of income per capita) 66.7 Ease of shareholder suits index (0–10) 5 Time (years) 3.5 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 34.0 Paying taxes (rank) 53 Payments (number per year) 8 Time (hours per year) 193 Total tax rate (% of profit) 44.0 GRENADA Latin America & Caribbean GNI per capita (US$) 7,110 Ease of doing business (rank) 107 Upper middle income Population (m) 0.1 Starting a business (rank) 72 Registering property (rank) 157 Trading across borders (rank) 61 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 4 Time (days) 15 Time (days) 47 Time to export (days) 9 Cost (% of income per capita) 19.7 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 9 Dealing with construction permits (rank) 9 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 2,235 Procedures (number) 8 Depth of credit information index (0–6) 0 Time (days) 123 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 166 Cost (% of income per capita) 18.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 688 Getting electricity (rank) 71 Protecting investors (rank) 34 Cost (% of claim) 32.6 Procedures (number) 6 Extent of disclosure index (0–10) 4 Time (days) 49 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 189 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 195 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 280.9 Ease of shareholder suits index (0–10) 7 Time (years) NO PRACTICE Strength of investor protection index (0–10) 6.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 90 Payments (number per year) 30 Time (hours per year) 140 Total tax rate (% of profit) 45.3 GUATEMALA Latin America & Caribbean GNI per capita (US$) 3,120 Ease of doing business (rank) 79 Lower middle income Population (m) 15.1 Starting a business (rank) 145 Registering property (rank) 23 Trading across borders (rank) 116 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 8 Time (days) 19.5 Time (days) 23 Time to export (days) 17 Cost (% of income per capita) 46.4 Cost (% of property value) 0.8 Cost to export (US$ per container) 1,435 Minimum capital (% of income per capita) 19.6 Documents to import (number) 7 Getting credit (rank) 13 Time to import (days) 17 Dealing with construction permits (rank) 61 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,500 Procedures (number) 11 Depth of credit information index (0–6) 6 Time (days) 107 Public registry coverage (% of adults) 19.1 Enforcing contracts (rank) 97 Cost (% of income per capita) 414.9 Private bureau coverage (% of adults) 8.6 Procedures (number) 31 Time (days) 1,402 Getting electricity (rank) 34 Protecting investors (rank) 157 Cost (% of claim) 26.5 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 39 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 109 Cost (% of income per capita) 548.8 Ease of shareholder suits index (0–10) 5 Time (years) 3.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 27.7 Paying taxes (rank) 85 Payments (number per year) 7 Time (hours per year) 326 Total tax rate (% of profit) 40.9 GUINEA Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business (rank) 175 Low income Population (m) 11.5 Starting a business (rank) 146 Registering property (rank) 140 Trading across borders (rank) 136 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 16 Time (days) 59 Time to export (days) 36 Cost (% of income per capita) 81.0 Cost (% of property value) 9.1 Cost to export (US$ per container) 915 Minimum capital (% of income per capita) 313.8 Documents to import (number) 9 Getting credit (rank) 159 Time to import (days) 31 Dealing with construction permits (rank) 155 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,390 Procedures (number) 29 Depth of credit information index (0–6) 0 Time (days) 170 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 134 Cost (% of income per capita) 91.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 276 Getting electricity (rank) 91 Protecting investors (rank) 178 Cost (% of claim) 45.0 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 69 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 145 Cost (% of income per capita) 8,082.0 Ease of shareholder suits index (0–10) 1 Time (years) 3.8 Strength of investor protection index (0–10) 2.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 17.6 Paying taxes (rank) 186 Payments (number per year) 57 Time (hours per year) 440 Total tax rate (% of profit) 91.2 GUINEA-BISSAU Sub-Saharan Africa GNI per capita (US$) 550 Ease of doing business (rank) 180 Low income Population (m) 1.7 Starting a business (rank) 159 Registering property (rank) 170 Trading across borders (rank) 125 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 9 Time (days) 51 Time to export (days) 25 Cost (% of income per capita) 45.5 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,448 Minimum capital (% of income per capita) 364.1 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 22 Dealing with construction permits (rank) 119 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,006 Procedures (number) 12 Depth of credit information index (0–6) 1 Time (days) 152 Public registry coverage (% of adults) 1.1 Enforcing contracts (rank) 148 Cost (% of income per capita) 845.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,715 Getting electricity (rank) 188 Protecting investors (rank) 138 Cost (% of claim) 25.0 Procedures (number) 7 Extent of disclosure index (0–10) 6 Time (days) 455 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 196 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 1,871.3 Ease of shareholder suits index (0–10) 5 Time (years) NO PRACTICE Strength of investor protection index (0–10) 4.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 153 Payments (number per year) 46 Time (hours per year) 208 Total tax rate (% of profit) 45.9 GUYANA Latin America & Caribbean GNI per capita (US$) 3,410 Ease of doing business (rank) 115 Lower middle income Population (m) 0.8 Starting a business (rank) 94 Registering property (rank) 111 Trading across borders (rank) 71 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 6 Time (days) 20 Time (days) 75 Time to export (days) 19 Cost (% of income per capita) 12.4 Cost (% of property value) 4.6 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 170 Time to import (days) 22 Dealing with construction permits (rank) 33 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 720 Procedures (number) 8 Depth of credit information index (0–6) 0 Time (days) 195 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 16.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 581 Getting electricity (rank) 155 Protecting investors (rank) 80 Cost (% of claim) 25.2 Procedures (number) 8 Extent of disclosure index (0–10) 5 Time (days) 109 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 141 Cost (% of income per capita) 479.5 Ease of shareholder suits index (0–10) 6 Time (years) 3.0 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 29 Recovery rate (cents on the dollar) 18.0 Paying taxes (rank) 110 Payments (number per year) 35 Time (hours per year) 256 Total tax rate (% of profit) 32.5 HAITI Latin America & Caribbean GNI per capita (US$) 760 Ease of doing business (rank) 177 Low income Population (m) 10.2 Starting a business (rank) 187 Registering property (rank) 138 Trading across borders (rank) 151 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 8 Time (days) 97 Time (days) 312 Time to export (days) 33 Cost (% of income per capita) 264.8 Cost (% of property value) 7.2 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 19.1 Documents to import (number) 10 Getting credit (rank) 165 Time to import (days) 31 Dealing with construction permits (rank) 141 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,555 Procedures (number) 9 Depth of credit information index (0–6) 2 Time (days) 1,129 Public registry coverage (% of adults) 1.1 Enforcing contracts (rank) 96 Cost (% of income per capita) 627.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 530 Getting electricity (rank) 67 Protecting investors (rank) 170 Cost (% of claim) 42.6 Procedures (number) 4 Extent of disclosure index (0–10) 2 Time (days) 60 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 189 Cost (% of income per capita) 3,800.1 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 3.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 132 Payments (number per year) 47 Time (hours per year) 184 Total tax rate (% of profit) 40.4 HONDURAS Latin America & Caribbean GNI per capita (US$) 2,070 Ease of doing business (rank) 127 Lower middle income Population (m) 7.9 Starting a business (rank) 162 Registering property (rank) 94 Trading across borders (rank) 84 Procedures (number) 13 Procedures (number) 7 Documents to export (number) 5 Time (days) 14 Time (days) 23 Time to export (days) 12 Cost (% of income per capita) 45.3 Cost (% of property value) 5.7 Cost to export (US$ per container) 1,345 Minimum capital (% of income per capita) 15.2 Documents to import (number) 7 Getting credit (rank) 13 Time to import (days) 16 Dealing with construction permits (rank) 83 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,500 Procedures (number) 13 Depth of credit information index (0–6) 6 Time (days) 109 Public registry coverage (% of adults) 21.1 Enforcing contracts (rank) 182 Cost (% of income per capita) 350.9 Private bureau coverage (% of adults) 31.9 Procedures (number) 47 Time (days) 920 Getting electricity (rank) 125 Protecting investors (rank) 170 Cost (% of claim) 35.2 Procedures (number) 8 Extent of disclosure index (0–10) 0 Time (days) 33 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 136 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 197 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 968.5 Ease of shareholder suits index (0–10) 4 Time (years) 3.8 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 19.5 Paying taxes (rank) 144 Payments (number per year) 47 Time (hours per year) 224 Total tax rate (% of profit) 39.2 HONG KONG SAR, CHINA East Asia & Pacific GNI per capita (US$) 36,560 Ease of doing business (rank) 2 High income Population (m) 7.2 Starting a business (rank) 5 Registering property (rank) 89 Trading across borders (rank) 2 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 3 Time (days) 2.5 Time (days) 35.5 Time to export (days) 6 Cost (% of income per capita) 0.8 Cost (% of property value) 7.7 Cost to export (US$ per container) 590 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 3 Time to import (days) 5 Dealing with construction permits (rank) 1 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 565 Procedures (number) 6 Depth of credit information index (0–6) 5 Time (days) 71 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 9 Cost (% of income per capita) 15.4 Private bureau coverage (% of adults) 93.6 Procedures (number) 27 Time (days) 360 Getting electricity (rank) 5 Protecting investors (rank) 3 Cost (% of claim) 21.2 Procedures (number) 4 Extent of disclosure index (0–10) 9 Time (days) 38 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 19 Cost (% of income per capita) 1.5 Ease of shareholder suits index (0–10) 10 Time (years) 1.1 Strength of investor protection index (0–10) 9.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 81.2 Paying taxes (rank) 4 Payments (number per year) 3 Time (hours per year) 78 Total tax rate (% of profit) 22.9 HUNGARY Europe & Central Asia GNI per capita (US$) 12,390 Ease of doing business (rank) 54 Upper middle income Population (m) 9.9 Starting a business (rank) 59 Registering property (rank) 45 Trading across borders (rank) 70 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 5 Time (days) 16.5 Time to export (days) 17 Cost (% of income per capita) 8.6 Cost (% of property value) 5.0 Cost to export (US$ per container) 885 Minimum capital (% of income per capita) 9.4 Documents to import (number) 6 Getting credit (rank) 55 Time to import (days) 19 Dealing with construction permits (rank) 47 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 845 Procedures (number) 24 Depth of credit information index (0–6) 4 Time (days) 79 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 15 Cost (% of income per capita) 9.2 Private bureau coverage (% of adults) 73.2 Procedures (number) 35 Time (days) 395 Getting electricity (rank) 112 Protecting investors (rank) 128 Cost (% of claim) 15.0 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 252 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 70 Cost (% of income per capita) 116.4 Ease of shareholder suits index (0–10) 7 Time (years) 2.0 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 38.3 Paying taxes (rank) 124 Payments (number per year) 12 Time (hours per year) 277 Total tax rate (% of profit) 49.7 ICELAND OECD high income GNI per capita (US$) 38,710 Ease of doing business (rank) 13 High income Population (m) 0.3 Starting a business (rank) 52 Registering property (rank) 12 Trading across borders (rank) 50 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 4 Time (days) 4.5 Time (days) 3.5 Time to export (days) 10 Cost (% of income per capita) 2.7 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,530 Minimum capital (% of income per capita) 10.5 Documents to import (number) 4 Getting credit (rank) 42 Time to import (days) 9 Dealing with construction permits (rank) 41 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,620 Procedures (number) 18 Depth of credit information index (0–6) 5 Time (days) 77 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 3 Cost (% of income per capita) 25.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 27 Time (days) 417 Getting electricity (rank) 1 Protecting investors (rank) 52 Cost (% of claim) 9.0 Procedures (number) 4 Extent of disclosure index (0–10) 7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 198 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 22 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 11 Cost (% of income per capita) 14.3 Ease of shareholder suits index (0–10) 6 Time (years) 1.0 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 84.5 Paying taxes (rank) 37 Payments (number per year) 26 Time (hours per year) 140 Total tax rate (% of profit) 29.9 INDIA South Asia GNI per capita (US$) 1,530 Ease of doing business (rank) 134 Lower middle income Population (m) 1,236.7 Starting a business (rank) 179 Registering property (rank) 92 Trading across borders (rank) 132 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 9 Time (days) 27 Time (days) 44 Time to export (days) 16 Cost (% of income per capita) 47.3 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,170 Minimum capital (% of income per capita) 124.4 Documents to import (number) 11 Getting credit (rank) 28 Time to import (days) 20 Dealing with construction permits (rank) 182 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,250 Procedures (number) 35 Depth of credit information index (0–6) 5 Time (days) 168 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 186 Cost (% of income per capita) 2,640.4 Private bureau coverage (% of adults) 19.8 Procedures (number) 46 Time (days) 1,420 Getting electricity (rank) 111 Protecting investors (rank) 34 Cost (% of claim) 39.6 Procedures (number) 7 Extent of disclosure index (0–10) 7 Time (days) 67 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 121 Cost (% of income per capita) 230.7 Ease of shareholder suits index (0–10) 8 Time (years) 4.3 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 25.6 Paying taxes (rank) 158 Payments (number per year) 33 Time (hours per year) 243 Total tax rate (% of profit) 62.8 INDONESIA East Asia & Pacific GNI per capita (US$) 3,420 Ease of doing business (rank) 120 Lower middle income Population (m) 246.9 Starting a business (rank) 175 Registering property (rank) 101 Trading across borders (rank) 54 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 4 Time (days) 48 Time (days) 22 Time to export (days) 17 Cost (% of income per capita) 20.5 Cost (% of property value) 10.9 Cost to export (US$ per container) 615 Minimum capital (% of income per capita) 38.5 Documents to import (number) 8 Getting credit (rank) 86 Time to import (days) 23 Dealing with construction permits (rank) 88 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 660 Procedures (number) 13 Depth of credit information index (0–6) 4 Time (days) 158 Public registry coverage (% of adults) 41.2 Enforcing contracts (rank) 147 Cost (% of income per capita) 87.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 498 Getting electricity (rank) 121 Protecting investors (rank) 52 Cost (% of claim) 139.4 Procedures (number) 6 Extent of disclosure index (0–10) 10 Time (days) 101 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 144 Cost (% of income per capita) 370.6 Ease of shareholder suits index (0–10) 3 Time (years) 4.5 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 137 Payments (number per year) 52 Time (hours per year) 259 Total tax rate (% of profit) 32.2 IRAN, ISLAMIC REP. Middle East & North Africa GNI per capita (US$) 7,211 Ease of doing business (rank) 152 Upper middle income Population (m) 76.4 Starting a business (rank) 107 Registering property (rank) 168 Trading across borders (rank) 153 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 7 Time (days) 16 Time (days) 36 Time to export (days) 25 Cost (% of income per capita) 3.1 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,470 Minimum capital (% of income per capita) 0.4 Documents to import (number) 10 Getting credit (rank) 86 Time to import (days) 37 Dealing with construction permits (rank) 169 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 2,100 Procedures (number) 16 Depth of credit information index (0–6) 5 Time (days) 319.5 Public registry coverage (% of adults) 41.6 Enforcing contracts (rank) 51 Cost (% of income per capita) 224.7 Private bureau coverage (% of adults) 33.3 Procedures (number) 40 Time (days) 505 Getting electricity (rank) 169 Protecting investors (rank) 147 Cost (% of claim) 17.0 Procedures (number) 7 Extent of disclosure index (0–10) 7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 199 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 140 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 129 Cost (% of income per capita) 694.9 Ease of shareholder suits index (0–10) 0 Time (years) 4.5 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 22.4 Paying taxes (rank) 139 Payments (number per year) 20 Time (hours per year) 344 Total tax rate (% of profit) 44.1 IRAQ Middle East & North Africa GNI per capita (US$) 5,870 Ease of doing business (rank) 151 Upper middle income Population (m) 32.6 Starting a business (rank) 169 Registering property (rank) 108 Trading across borders (rank) 179 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 10 Time (days) 29 Time (days) 51 Time to export (days) 80 Cost (% of income per capita) 39.3 Cost (% of property value) 8.2 Cost to export (US$ per container) 3,550 Minimum capital (% of income per capita) 13.1 Documents to import (number) 10 Getting credit (rank) 180 Time to import (days) 82 Dealing with construction permits (rank) 20 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 3,650 Procedures (number) 10 Depth of credit information index (0–6) 0 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 142 Cost (% of income per capita) 17.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 520 Getting electricity (rank) 39 Protecting investors (rank) 128 Cost (% of claim) 28.1 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 47 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 189 Cost (% of income per capita) 238.1 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 4.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 63 Payments (number per year) 13 Time (hours per year) 312 Total tax rate (% of profit) 27.8 IRELAND OECD high income GNI per capita (US$) 38,970 Ease of doing business (rank) 15 High income Population (m) 4.6 Starting a business (rank) 12 Registering property (rank) 57 Trading across borders (rank) 20 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 2 Time (days) 10 Time (days) 37 Time to export (days) 8 Cost (% of income per capita) 0.3 Cost (% of property value) 2.6 Cost to export (US$ per container) 1,160 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 13 Time to import (days) 10 Dealing with construction permits (rank) 115 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,121 Procedures (number) 12 Depth of credit information index (0–6) 5 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 62 Cost (% of income per capita) 446.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 21 Time (days) 650 Getting electricity (rank) 100 Protecting investors (rank) 6 Cost (% of claim) 26.9 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 205 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 8 Cost (% of income per capita) 89.4 Ease of shareholder suits index (0–10) 9 Time (years) 0.4 Strength of investor protection index (0–10) 8.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 87.6 Paying taxes (rank) 6 Payments (number per year) 9 Time (hours per year) 80 Total tax rate (% of profit) 25.7 ISRAEL OECD high income GNI per capita (US$) 28,930 Ease of doing business (rank) 35 High income Population (m) 7.9 Starting a business (rank) 35 Registering property (rank) 151 Trading across borders (rank) 10 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 4 Time (days) 14 Time (days) 81 Time to export (days) 10 Cost (% of income per capita) 4.1 Cost (% of property value) 7.3 Cost to export (US$ per container) 620 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 13 Time to import (days) 10 Dealing with construction permits (rank) 140 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 565 Procedures (number) 17 Depth of credit information index (0–6) 5 Time (days) 210 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 93 Cost (% of income per capita) 86.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 35 Time (days) 890 Getting electricity (rank) 103 Protecting investors (rank) 6 Cost (% of claim) 25.3 Procedures (number) 6 Extent of disclosure index (0–10) 7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 200 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 132 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 35 Cost (% of income per capita) 13.8 Ease of shareholder suits index (0–10) 9 Time (years) 2.0 Strength of investor protection index (0–10) 8.3 Cost (% of estate) 23 Recovery rate (cents on the dollar) 60.6 Paying taxes (rank) 93 Payments (number per year) 33 Time (hours per year) 235 Total tax rate (% of profit) 29.9 ITALY OECD high income GNI per capita (US$) 33,840 Ease of doing business (rank) 65 High income Population (m) 60.9 Starting a business (rank) 90 Registering property (rank) 34 Trading across borders (rank) 56 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 3 Time (days) 6 Time (days) 16 Time to export (days) 19 Cost (% of income per capita) 14.2 Cost (% of property value) 4.4 Cost to export (US$ per container) 1,195 Minimum capital (% of income per capita) 9.8 Documents to import (number) 3 Getting credit (rank) 109 Time to import (days) 18 Dealing with construction permits (rank) 112 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,145 Procedures (number) 11 Depth of credit information index (0–6) 5 Time (days) 233.5 Public registry coverage (% of adults) 25.6 Enforcing contracts (rank) 103 Cost (% of income per capita) 186.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 37 Time (days) 1,185 Getting electricity (rank) 89 Protecting investors (rank) 52 Cost (% of claim) 23.1 Procedures (number) 5 Extent of disclosure index (0–10) 7 Time (days) 124 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 33 Cost (% of income per capita) 215.9 Ease of shareholder suits index (0–10) 7 Time (years) 1.8 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 62.7 Paying taxes (rank) 138 Payments (number per year) 15 Time (hours per year) 269 Total tax rate (% of profit) 65.8 JAMAICA Latin America & Caribbean GNI per capita (US$) 5,140 Ease of doing business (rank) 94 Upper middle income Population (m) 2.7 Starting a business (rank) 23 Registering property (rank) 114 Trading across borders (rank) 118 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 6 Time (days) 6 Time (days) 36 Time to export (days) 20 Cost (% of income per capita) 6.4 Cost (% of property value) 9.5 Cost to export (US$ per container) 1,530 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 17 Dealing with construction permits (rank) 52 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 2,130 Procedures (number) 8 Depth of credit information index (0–6) 0 Time (days) 135 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 131 Cost (% of income per capita) 207.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 655 Getting electricity (rank) 132 Protecting investors (rank) 80 Cost (% of claim) 45.6 Procedures (number) 6 Extent of disclosure index (0–10) 4 Time (days) 96 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 31 Cost (% of income per capita) 540.6 Ease of shareholder suits index (0–10) 4 Time (years) 1.1 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 64.2 Paying taxes (rank) 168 Payments (number per year) 36 Time (hours per year) 368 Total tax rate (% of profit) 44.3 JAPAN OECD high income GNI per capita (US$) 47,870 Ease of doing business (rank) 27 High income Population (m) 127.6 Starting a business (rank) 120 Registering property (rank) 66 Trading across borders (rank) 23 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 3 Time (days) 22 Time (days) 13 Time to export (days) 11 Cost (% of income per capita) 7.5 Cost (% of property value) 5.8 Cost to export (US$ per container) 890 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 11 Dealing with construction permits (rank) 91 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 970 Procedures (number) 14 Depth of credit information index (0–6) 6 Time (days) 193 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 36 Cost (% of income per capita) 28.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 31 Time (days) 360 Getting electricity (rank) 26 Protecting investors (rank) 16 Cost (% of claim) 32.2 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 201 Reform making it easier to do business   Reform making it more difficult to do business Procedures (number) 3 Extent of disclosure index (0–10) 7 Time (days) 105 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 1 Cost (% of income per capita) 0.0 Ease of shareholder suits index (0–10) 8 Time (years) 0.6 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 92.8 Paying taxes (rank) 140 Payments (number per year) 14 Time (hours per year) 330 Total tax rate (% of profit) 49.7 JORDAN Middle East & North Africa GNI per capita (US$) 4,720 Ease of doing business (rank) 119 Upper middle income Population (m) 6.3 Starting a business (rank) 117 Registering property (rank) 104 Trading across borders (rank) 57 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 12 Time (days) 21 Time to export (days) 13 Cost (% of income per capita) 22.3 Cost (% of property value) 7.5 Cost to export (US$ per container) 825 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 170 Time to import (days) 15 Dealing with construction permits (rank) 111 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 1,235 Procedures (number) 17 Depth of credit information index (0–6) 2 Time (days) 70 Public registry coverage (% of adults) 2.0 Enforcing contracts (rank) 133 Cost (% of income per capita) 499.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 689 Getting electricity (rank) 41 Protecting investors (rank) 170 Cost (% of claim) 31.2 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 47 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 113 Cost (% of income per capita) 276.3 Ease of shareholder suits index (0–10) 1 Time (years) 3.0 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 20 Recovery rate (cents on the dollar) 27.2 Paying taxes (rank) 35 Payments (number per year) 25 Time (hours per year) 151 Total tax rate (% of profit) 28.9 KAZAKHSTAN Europe & Central Asia GNI per capita (US$) 9,730 Ease of doing business (rank) 50 Upper middle income Population (m) 16.8 Starting a business (rank) 30 Registering property (rank) 18 Trading across borders (rank) 186 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 10 Time (days) 12 Time (days) 23 Time to export (days) 81 Cost (% of income per capita) 0.6 Cost (% of property value) 0.1 Cost to export (US$ per container) 4,885 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 86 Time to import (days) 69 Dealing with construction permits (rank) 145 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 4,865 Procedures (number) 29 Depth of credit information index (0–6) 5 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 27 Cost (% of income per capita) 87.3 Private bureau coverage (% of adults) 45.6 Procedures (number) 37 Time (days) 370 Getting electricity (rank) 87 Protecting investors (rank) 22 Cost (% of claim) 22.0 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 88 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 54 Cost (% of income per capita) 65.3 Ease of shareholder suits index (0–10) 7 Time (years) 1.5 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 43.2 Paying taxes (rank) 18 Payments (number per year) 7 Time (hours per year) 188 Total tax rate (% of profit) 28.6 KENYA Sub-Saharan Africa GNI per capita (US$) 840 Ease of doing business (rank) 129 Low income Population (m) 43.2 Starting a business (rank) 134 Registering property (rank) 163 Trading across borders (rank) 156 Procedures (number) 10 Procedures (number) 9 Documents to export (number) 8 Time (days) 32 Time (days) 73 Time to export (days) 26 Cost (% of income per capita) 38.2 Cost (% of property value) 4.3 Cost to export (US$ per container) 2,255 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 13 Time to import (days) 26 Dealing with construction permits (rank) 47 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 2,350 Procedures (number) 9 Depth of credit information index (0–6) 4 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 151 Cost (% of income per capita) 191.3 Private bureau coverage (% of adults) 4.7 Procedures (number) 44 Time (days) 465 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 202 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Getting electricity (rank) 166 Protecting investors (rank) 98 Cost (% of claim) 47.2 Procedures (number) 6 Extent of disclosure index (0–10) 3 Time (days) 158 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 123 Cost (% of income per capita) 1,090.7 Ease of shareholder suits index (0–10) 10 Time (years) 4.5 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 24.7 Paying taxes (rank) 166 Payments (number per year) 41 Time (hours per year) 308 Total tax rate (% of profit) 44.2 KIRIBATI East Asia & Pacific GNI per capita (US$) 2,260 Ease of doing business (rank) 122 Lower middle income Population (m) 0.1 Starting a business (rank) 156 Registering property (rank) 73 Trading across borders (rank) 77 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 31 Time (days) 513 Time to export (days) 20 Cost (% of income per capita) 22.7 Cost (% of property value) 0.0 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 21.7 Documents to import (number) 6 Getting credit (rank) 165 Time to import (days) 21 Dealing with construction permits (rank) 133 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 870 Procedures (number) 16 Depth of credit information index (0–6) 0 Time (days) 170 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 74 Cost (% of income per capita) 167.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 660 Getting electricity (rank) 159 Protecting investors (rank) 52 Cost (% of claim) 25.8 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 97 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 189 Cost (% of income per capita) 5,296.4 Ease of shareholder suits index (0–10) 7 Time (years) NO PRACTICE Strength of investor protection index (0–10) 6.0 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 10 Payments (number per year) 7 Time (hours per year) 120 Total tax rate (% of profit) 31.8 KOREA, REP. OECD high income GNI per capita (US$) 22,670 Ease of doing business (rank) 7 High income Population (m) 50.0 Starting a business (rank) 34 Registering property (rank) 75 Trading across borders (rank) 3 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 3 Time (days) 5.5 Time (days) 9 Time to export (days) 8 Cost (% of income per capita) 14.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 670 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 13 Time to import (days) 7 Dealing with construction permits (rank) 18 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 695 Procedures (number) 11 Depth of credit information index (0–6) 6 Time (days) 29 Public registry coverage (% of adults) 100.0 Enforcing contracts (rank) 2 Cost (% of income per capita) 123.9 Private bureau coverage (% of adults) 100.0 Procedures (number) 33 Time (days) 230 Getting electricity (rank) 2 Protecting investors (rank) 52 Cost (% of claim) 10.3 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 18 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 15 Cost (% of income per capita) 17.7 Ease of shareholder suits index (0–10) 7 Time (years) 1.5 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 82.3 Paying taxes (rank) 25 Payments (number per year) 10 Time (hours per year) 187 Total tax rate (% of profit) 27.9 KOSOVO Europe & Central Asia GNI per capita (US$) 3,640 Ease of doing business (rank) 86 Lower middle income Population (m) 1.8 Starting a business (rank) 100 Registering property (rank) 58 Trading across borders (rank) 121 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 8 Time (days) 30 Time (days) 28 Time to export (days) 15 Cost (% of income per capita) 22.1 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,775 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 15 Dealing with construction permits (rank) 136 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,810 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 151 Public registry coverage (% of adults) 22.1 Enforcing contracts (rank) 138 Cost (% of income per capita) 514.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 420 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 203 Reform making it easier to do business   Reform making it more difficult to do business Getting electricity (rank) 121 Protecting investors (rank) 98 Cost (% of claim) 33.0 Procedures (number) 7 Extent of disclosure index (0–10) 6 Time (days) 48 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 83 Cost (% of income per capita) 881.1 Ease of shareholder suits index (0–10) 3 Time (years) 2.0 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 35.3 Paying taxes (rank) 43 Payments (number per year) 33 Time (hours per year) 162 Total tax rate (% of profit) 15.4 KUWAIT Middle East & North Africa GNI per capita (US$) 45,824 Ease of doing business (rank) 104 High income Population (m) 3.3 Starting a business (rank) 152 Registering property (rank) 90 Trading across borders (rank) 112 Procedures (number) 12 Procedures (number) 8 Documents to export (number) 7 Time (days) 32 Time (days) 47 Time to export (days) 16 Cost (% of income per capita) 1.1 Cost (% of property value) 0.5 Cost to export (US$ per container) 1,085 Minimum capital (% of income per capita) 77.9 Documents to import (number) 10 Getting credit (rank) 130 Time to import (days) 19 Dealing with construction permits (rank) 133 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,250 Procedures (number) 24 Depth of credit information index (0–6) 4 Time (days) 130 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 119 Cost (% of income per capita) 99.2 Private bureau coverage (% of adults) 29.0 Procedures (number) 50 Time (days) 566 Getting electricity (rank) 59 Protecting investors (rank) 80 Cost (% of claim) 18.8 Procedures (number) 7 Extent of disclosure index (0–10) 4 Time (days) 42 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 94 Cost (% of income per capita) 44.7 Ease of shareholder suits index (0–10) 3 Time (years) 4.2 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 10 Recovery rate (cents on the dollar) 32.0 Paying taxes (rank) 11 Payments (number per year) 12 Time (hours per year) 98 Total tax rate (% of profit) 12.4 KYRGYZ REPUBLIC Europe & Central Asia GNI per capita (US$) 990 Ease of doing business (rank) 68 Low income Population (m) 5.6 Starting a business (rank) 12 Registering property (rank) 9 Trading across borders (rank) 182 Procedures (number) 2 Procedures (number) 4 Documents to export (number) 9 Time (days) 8 Time (days) 6 Time to export (days) 63 Cost (% of income per capita) 2.7 Cost (% of property value) 0.3 Cost to export (US$ per container) 4,360 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 13 Time to import (days) 75 Dealing with construction permits (rank) 66 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 5,150 Procedures (number) 12 Depth of credit information index (0–6) 4 Time (days) 142 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 70 Cost (% of income per capita) 128.7 Private bureau coverage (% of adults) 32.1 Procedures (number) 38 Time (days) 260 Getting electricity (rank) 180 Protecting investors (rank) 22 Cost (% of claim) 37.0 Procedures (number) 7 Extent of disclosure index (0–10) 7 Time (days) 159 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 132 Cost (% of income per capita) 2,256.4 Ease of shareholder suits index (0–10) 8 Time (years) 4.0 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 21.7 Paying taxes (rank) 127 Payments (number per year) 51 Time (hours per year) 210 Total tax rate (% of profit) 33.4 LAO PDR East Asia & Pacific GNI per capita (US$) 1,260 Ease of doing business (rank) 159 Lower middle income Population (m) 6.6 Starting a business (rank) 85 Registering property (rank) 76 Trading across borders (rank) 161 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 10 Time (days) 92 Time (days) 98 Time to export (days) 23 Cost (% of income per capita) 6.7 Cost (% of property value) 1.1 Cost to export (US$ per container) 1,950 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 159 Time to import (days) 26 Dealing with construction permits (rank) 96 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,910 Procedures (number) 23 Depth of credit information index (0–6) 2 Time (days) 108 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 104 Cost (% of income per capita) 45.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 443 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 204 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Getting electricity (rank) 140 Protecting investors (rank) 187 Cost (% of claim) 31.6 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 134 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 1,913.0 Ease of shareholder suits index (0–10) 2 Time (years) NO PRACTICE Strength of investor protection index (0–10) 1.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 119 Payments (number per year) 34 Time (hours per year) 362 Total tax rate (% of profit) 26.8 LATVIA Europe & Central Asia GNI per capita (US$) 14,180 Ease of doing business (rank) 24 High income Population (m) 2.0 Starting a business (rank) 57 Registering property (rank) 33 Trading across borders (rank) 17 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 5 Time (days) 12.5 Time (days) 18 Time to export (days) 10 Cost (% of income per capita) 1.9 Cost (% of property value) 2.0 Cost to export (US$ per container) 600 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 3 Time to import (days) 11 Dealing with construction permits (rank) 79 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 801 Procedures (number) 18 Depth of credit information index (0–6) 5 Time (days) 152 Public registry coverage (% of adults) 73.6 Enforcing contracts (rank) 21 Cost (% of income per capita) 15.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 469 Getting electricity (rank) 83 Protecting investors (rank) 68 Cost (% of claim) 23.1 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 108 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 43 Cost (% of income per capita) 326.1 Ease of shareholder suits index (0–10) 8 Time (years) 1.5 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 10 Recovery rate (cents on the dollar) 48.4 Paying taxes (rank) 49 Payments (number per year) 7 Time (hours per year) 264 Total tax rate (% of profit) 35.9 LEBANON Middle East & North Africa GNI per capita (US$) 9,190 Ease of doing business (rank) 111 Upper middle income Population (m) 4.4 Starting a business (rank) 120 Registering property (rank) 112 Trading across borders (rank) 97 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 4 Time (days) 9 Time (days) 25 Time to export (days) 22 Cost (% of income per capita) 76.5 Cost (% of property value) 5.9 Cost to export (US$ per container) 1,080 Minimum capital (% of income per capita) 34.7 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 30 Dealing with construction permits (rank) 179 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,365 Procedures (number) 20 Depth of credit information index (0–6) 5 Time (days) 246 Public registry coverage (% of adults) 19.2 Enforcing contracts (rank) 126 Cost (% of income per capita) 352.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 721 Getting electricity (rank) 51 Protecting investors (rank) 98 Cost (% of claim) 30.8 Procedures (number) 5 Extent of disclosure index (0–10) 9 Time (days) 75 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 93 Cost (% of income per capita) 98.0 Ease of shareholder suits index (0–10) 5 Time (years) 3.0 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 32.4 Paying taxes (rank) 39 Payments (number per year) 19 Time (hours per year) 180 Total tax rate (% of profit) 30.2 LESOTHO Sub-Saharan Africa GNI per capita (US$) 1,380 Ease of doing business (rank) 136 Lower middle income Population (m) 2.1 Starting a business (rank) 89 Registering property (rank) 88 Trading across borders (rank) 144 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 7 Time (days) 29 Time (days) 43 Time to export (days) 31 Cost (% of income per capita) 11.4 Cost (% of property value) 8.7 Cost to export (US$ per container) 1,695 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 159 Time to import (days) 33 Dealing with construction permits (rank) 145 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,945 Procedures (number) 11 Depth of credit information index (0–6) 0 Time (days) 330 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 144 Cost (% of income per capita) 832.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 205 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 615 Getting electricity (rank) 136 Protecting investors (rank) 98 Cost (% of claim) 31.3 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 125 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 104 Cost (% of income per capita) 1,991.8 Ease of shareholder suits index (0–10) 8 Time (years) 2.6 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 20 Recovery rate (cents on the dollar) 28.6 Paying taxes (rank) 101 Payments (number per year) 33 Time (hours per year) 324 Total tax rate (% of profit) 16.0 LIBERIA Sub-Saharan Africa GNI per capita (US$) 370 Ease of doing business (rank) 144 Low income Population (m) 4.2 Starting a business (rank) 31 Registering property (rank) 181 Trading across borders (rank) 142 Procedures (number) 4 Procedures (number) 10 Documents to export (number) 10 Time (days) 4.5 Time (days) 44 Time to export (days) 15 Cost (% of income per capita) 19.1 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,220 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 86 Time to import (days) 28 Dealing with construction permits (rank) 129 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,320 Procedures (number) 23 Depth of credit information index (0–6) 2 Time (days) 75 Public registry coverage (% of adults) 1.4 Enforcing contracts (rank) 165 Cost (% of income per capita) 363.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,280 Getting electricity (rank) 142 Protecting investors (rank) 147 Cost (% of claim) 35.0 Procedures (number) 4 Extent of disclosure index (0–10) 4 Time (days) 465 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 161 Cost (% of income per capita) 2,288.5 Ease of shareholder suits index (0–10) 6 Time (years) 3.0 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 43 Recovery rate (cents on the dollar) 8.5 Paying taxes (rank) 42 Payments (number per year) 33 Time (hours per year) 151 Total tax rate (% of profit) 26.6 LIBYA Middle East & North Africa GNI per capita (US$) 12,778 Ease of doing business (rank) 187 Upper middle income Population (m) 6.2 Starting a business (rank) 171 Registering property (rank) 189 Trading across borders (rank) 143 Procedures (number) 10 Procedures (number) NO PRACTICE Documents to export (number) 7 Time (days) 35 Time (days) NO PRACTICE Time to export (days) 23 Cost (% of income per capita) 19.1 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 31.0 Documents to import (number) 9 Getting credit (rank) 186 Time to import (days) 37 Dealing with construction permits (rank) 189 Strength of legal rights index (0–10) 1 Cost to import (US$ per container) 2,255 Procedures (number) NO PRACTICE Depth of credit information index (0–6) 1 Time (days) NO PRACTICE Public registry coverage (% of adults) 0.5 Enforcing contracts (rank) 150 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 690 Getting electricity (rank) 68 Protecting investors (rank) 187 Cost (% of claim) 27.0 Procedures (number) 4 Extent of disclosure index (0–10) 1 Time (days) 118 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 378.3 Ease of shareholder suits index (0–10) 3 Time (years) NO PRACTICE Strength of investor protection index (0–10) 1.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 116 Payments (number per year) 19 Time (hours per year) 889 Total tax rate (% of profit) 31.6 LITHUANIA Europe & Central Asia GNI per capita (US$) 13,850 Ease of doing business (rank) 17 High income Population (m) 3.0 Starting a business (rank) 11 Registering property (rank) 6 Trading across borders (rank) 15 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 6.5 Time (days) 2.5 Time to export (days) 10 Cost (% of income per capita) 0.9 Cost (% of property value) 0.8 Cost to export (US$ per container) 750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 9 Dealing with construction permits (rank) 39 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 800 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 105 Public registry coverage (% of adults) 28.3 Enforcing contracts (rank) 17 Cost (% of income per capita) 18.0 Private bureau coverage (% of adults) 89.4 Procedures (number) 32 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 206 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 300 Getting electricity (rank) 75 Protecting investors (rank) 68 Cost (% of claim) 23.6 Procedures (number) 5 Extent of disclosure index (0–10) 7 Time (days) 148 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 44 Cost (% of income per capita) 48.1 Ease of shareholder suits index (0–10) 6 Time (years) 1.9 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 7 Recovery rate (cents on the dollar) 48.4 Paying taxes (rank) 56 Payments (number per year) 11 Time (hours per year) 175 Total tax rate (% of profit) 43.1 LUXEMBOURG OECD high income GNI per capita (US$) 76,960 Ease of doing business (rank) 60 High income Population (m) 0.5 Starting a business (rank) 103 Registering property (rank) 124 Trading across borders (rank) 41 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 5 Time (days) 18.5 Time (days) 26.5 Time to export (days) 8 Cost (% of income per capita) 1.9 Cost (% of property value) 10.1 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 20.8 Documents to import (number) 4 Getting credit (rank) 170 Time to import (days) 7 Dealing with construction permits (rank) 37 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,420 Procedures (number) 12 Depth of credit information index (0–6) 0 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 1 Cost (% of income per capita) 19.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 321 Getting electricity (rank) 66 Protecting investors (rank) 128 Cost (% of claim) 9.7 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 120 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 53 Cost (% of income per capita) 57.7 Ease of shareholder suits index (0–10) 3 Time (years) 2.0 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 43.5 Paying taxes (rank) 15 Payments (number per year) 23 Time (hours per year) 55 Total tax rate (% of profit) 20.7 MACEDONIA, FYR Europe & Central Asia GNI per capita (US$) 4,690 Ease of doing business (rank) 25 Upper middle income Population (m) 2.1 Starting a business (rank) 7 Registering property (rank) 84 Trading across borders (rank) 89 Procedures (number) 2 Procedures (number) 7 Documents to export (number) 6 Time (days) 2 Time (days) 31 Time to export (days) 12 Cost (% of income per capita) 1.9 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,376 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 3 Time to import (days) 11 Dealing with construction permits (rank) 63 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,380 Procedures (number) 12 Depth of credit information index (0–6) 6 Time (days) 90 Public registry coverage (% of adults) 34.8 Enforcing contracts (rank) 95 Cost (% of income per capita) 512.1 Private bureau coverage (% of adults) 77.1 Procedures (number) 37 Time (days) 604 Getting electricity (rank) 76 Protecting investors (rank) 16 Cost (% of claim) 28.8 Procedures (number) 5 Extent of disclosure index (0–10) 9 Time (days) 107 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 52 Cost (% of income per capita) 258.6 Ease of shareholder suits index (0–10) 4 Time (years) 1.8 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 43.8 Paying taxes (rank) 26 Payments (number per year) 29 Time (hours per year) 119 Total tax rate (% of profit) 8.2 MADAGASCAR Sub-Saharan Africa GNI per capita (US$) 430 Ease of doing business (rank) 148 Low income Population (m) 22.3 Starting a business (rank) 29 Registering property (rank) 155 Trading across borders (rank) 115 Procedures (number) 2 Procedures (number) 6 Documents to export (number) 5 Time (days) 8 Time (days) 74 Time to export (days) 22 Cost (% of income per capita) 12.9 Cost (% of property value) 10.3 Cost to export (US$ per container) 1,195 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 180 Time to import (days) 21 Dealing with construction permits (rank) 157 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 1,555 Procedures (number) 16 Depth of credit information index (0–6) 1 Time (days) 160 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 160 Cost (% of income per capita) 1,105.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 207 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 871 Getting electricity (rank) 187 Protecting investors (rank) 68 Cost (% of claim) 42.4 Procedures (number) 6 Extent of disclosure index (0–10) 5 Time (days) 450 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 157 Cost (% of income per capita) 9,050.2 Ease of shareholder suits index (0–10) 6 Time (years) 2.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 30 Recovery rate (cents on the dollar) 11.7 Paying taxes (rank) 61 Payments (number per year) 23 Time (hours per year) 183 Total tax rate (% of profit) 35.8 MALAWI Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 171 Low income Population (m) 15.9 Starting a business (rank) 149 Registering property (rank) 85 Trading across borders (rank) 176 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 10 Time (days) 40 Time (days) 69 Time to export (days) 34 Cost (% of income per capita) 120.1 Cost (% of property value) 2.0 Cost to export (US$ per container) 2,175 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 130 Time to import (days) 43 Dealing with construction permits (rank) 173 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 2,870 Procedures (number) 16 Depth of credit information index (0–6) 0 Time (days) 183 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 145 Cost (% of income per capita) 1,755.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 432 Getting electricity (rank) 183 Protecting investors (rank) 80 Cost (% of claim) 94.1 Procedures (number) 6 Extent of disclosure index (0–10) 4 Time (days) 222 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 150 Cost (% of income per capita) 7,468.4 Ease of shareholder suits index (0–10) 5 Time (years) 2.6 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 15.6 Paying taxes (rank) 81 Payments (number per year) 35 Time (hours per year) 175 Total tax rate (% of profit) 34.9 MALAYSIA East Asia & Pacific GNI per capita (US$) 9,800 Ease of doing business (rank) 6 Upper middle income Population (m) 29.2 Starting a business (rank) 16 Registering property (rank) 35 Trading across borders (rank) 5 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 4 Time (days) 6 Time (days) 14 Time to export (days) 11 Cost (% of income per capita) 7.6 Cost (% of property value) 3.3 Cost to export (US$ per container) 450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 1 Time to import (days) 8 Dealing with construction permits (rank) 43 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 485 Procedures (number) 15 Depth of credit information index (0–6) 6 Time (days) 130 Public registry coverage (% of adults) 52.9 Enforcing contracts (rank) 30 Cost (% of income per capita) 14.7 Private bureau coverage (% of adults) 77.2 Procedures (number) 29 Time (days) 425 Getting electricity (rank) 21 Protecting investors (rank) 4 Cost (% of claim) 27.5 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 32 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 42 Cost (% of income per capita) 49.1 Ease of shareholder suits index (0–10) 7 Time (years) 1.5 Strength of investor protection index (0–10) 8.7 Cost (% of estate) 10 Recovery rate (cents on the dollar) 48.9 Paying taxes (rank) 36 Payments (number per year) 13 Time (hours per year) 133 Total tax rate (% of profit) 36.3 MALDIVES South Asia GNI per capita (US$) 5,750 Ease of doing business (rank) 95 Upper middle income Population (m) 0.3 Starting a business (rank) 71 Registering property (rank) 161 Trading across borders (rank) 138 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 9 Time (days) 57 Time to export (days) 21 Cost (% of income per capita) 6.2 Cost (% of property value) 16.2 Cost to export (US$ per container) 1,625 Minimum capital (% of income per capita) 2.3 Documents to import (number) 9 Getting credit (rank) 109 Time to import (days) 22 Dealing with construction permits (rank) 18 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,610 Procedures (number) 8 Depth of credit information index (0–6) 4 Time (days) 174 Public registry coverage (% of adults) 17.5 Enforcing contracts (rank) 90 Cost (% of income per capita) 8.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 208 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 665 Getting electricity (rank) 131 Protecting investors (rank) 80 Cost (% of claim) 16.5 Procedures (number) 6 Extent of disclosure index (0–10) 0 Time (days) 108 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 40 Cost (% of income per capita) 398.0 Ease of shareholder suits index (0–10) 8 Time (years) 1.5 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 50.4 Paying taxes (rank) 115 Payments (number per year) 30 Time (hours per year) 413 Total tax rate (% of profit) 28.9 MALI Sub-Saharan Africa GNI per capita (US$) 660 Ease of doing business (rank) 155 Low income Population (m) 14.9 Starting a business (rank) 136 Registering property (rank) 99 Trading across borders (rank) 160 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 6 Time (days) 11 Time (days) 29 Time to export (days) 26 Cost (% of income per capita) 76.7 Cost (% of property value) 12.0 Cost to export (US$ per container) 2,440 Minimum capital (% of income per capita) 295.2 Documents to import (number) 10 Getting credit (rank) 130 Time to import (days) 32 Dealing with construction permits (rank) 113 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 4,405 Procedures (number) 11 Depth of credit information index (0–6) 1 Time (days) 179 Public registry coverage (% of adults) 3.7 Enforcing contracts (rank) 140 Cost (% of income per capita) 372.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 620 Getting electricity (rank) 118 Protecting investors (rank) 147 Cost (% of claim) 52.0 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 120 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 131 Cost (% of income per capita) 3,771.9 Ease of shareholder suits index (0–10) 4 Time (years) 3.6 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 22.2 Paying taxes (rank) 157 Payments (number per year) 35 Time (hours per year) 270 Total tax rate (% of profit) 49.5 MALTA Middle East & North Africa GNI per capita (US$) 19,760 Ease of doing business (rank) 103 High income Population (m) 0.4 Starting a business (rank) 161 Registering property (rank) 77 Trading across borders (rank) 34 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 5 Time (days) 39.5 Time (days) 15 Time to export (days) 11 Cost (% of income per capita) 10.8 Cost (% of property value) 5.1 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 1.5 Documents to import (number) 7 Getting credit (rank) 180 Time to import (days) 9 Dealing with construction permits (rank) 163 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 970 Procedures (number) 18 Depth of credit information index (0–6) 0 Time (days) 224 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 122 Cost (% of income per capita) 150.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 505 Getting electricity (rank) 115 Protecting investors (rank) 68 Cost (% of claim) 35.9 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 136 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 64 Cost (% of income per capita) 463.2 Ease of shareholder suits index (0–10) 8 Time (years) 3.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 10 Recovery rate (cents on the dollar) 39.2 Paying taxes (rank) 27 Payments (number per year) 7 Time (hours per year) 139 Total tax rate (% of profit) 41.0 MARSHALL ISLANDS East Asia & Pacific GNI per capita (US$) 4,140 Ease of doing business (rank) 114 Upper middle income Population (m) 0.1 Starting a business (rank) 56 Registering property (rank) 189 Trading across borders (rank) 62 Procedures (number) 5 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 17 Time (days) NO PRACTICE Time to export (days) 23 Cost (% of income per capita) 12.8 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 695 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 25 Dealing with construction permits (rank) 32 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 720 Procedures (number) 12 Depth of credit information index (0–6) 0 Time (days) 76 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 61 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 209 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 124.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 476 Getting electricity (rank) 77 Protecting investors (rank) 157 Cost (% of claim) 27.4 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 67 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 138 Cost (% of income per capita) 729.5 Ease of shareholder suits index (0–10) 8 Time (years) 2.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 18.6 Paying taxes (rank) 96 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 64.8 MAURITANIA Sub-Saharan Africa GNI per capita (US$) 1,110 Ease of doing business (rank) 173 Lower middle income Population (m) 3.8 Starting a business (rank) 173 Registering property (rank) 67 Trading across borders (rank) 152 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 8 Time (days) 19 Time (days) 49 Time to export (days) 31 Cost (% of income per capita) 46.1 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,640 Minimum capital (% of income per capita) 314.4 Documents to import (number) 8 Getting credit (rank) 170 Time to import (days) 38 Dealing with construction permits (rank) 123 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,523 Procedures (number) 16 Depth of credit information index (0–6) 1 Time (days) 82 Public registry coverage (% of adults) 1.4 Enforcing contracts (rank) 75 Cost (% of income per capita) 2,681.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 370 Getting electricity (rank) 124 Protecting investors (rank) 147 Cost (% of claim) 23.2 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 75 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 7,404.2 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 3.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 181 Payments (number per year) 37 Time (hours per year) 696 Total tax rate (% of profit) 68.2 MAURITIUS Sub-Saharan Africa GNI per capita (US$) 8,570 Ease of doing business (rank) 20 Upper middle income Population (m) 1.3 Starting a business (rank) 19 Registering property (rank) 65 Trading across borders (rank) 12 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 4 Time (days) 6 Time (days) 15 Time to export (days) 10 Cost (% of income per capita) 3.6 Cost (% of property value) 10.6 Cost to export (US$ per container) 675 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 42 Time to import (days) 10 Dealing with construction permits (rank) 123 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 710 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 248 Public registry coverage (% of adults) 69.2 Enforcing contracts (rank) 54 Cost (% of income per capita) 27.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 529 Getting electricity (rank) 48 Protecting investors (rank) 12 Cost (% of claim) 25.0 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 84 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 61 Cost (% of income per capita) 281.1 Ease of shareholder suits index (0–10) 9 Time (years) 1.7 Strength of investor protection index (0–10) 7.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 41.0 Paying taxes (rank) 13 Payments (number per year) 8 Time (hours per year) 152 Total tax rate (% of profit) 28.2 MEXICO Latin America & Caribbean GNI per capita (US$) 9,740 Ease of doing business (rank) 53 Upper middle income Population (m) 120.8 Starting a business (rank) 48 Registering property (rank) 150 Trading across borders (rank) 59 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 4 Time (days) 6 Time (days) 74 Time to export (days) 11 Cost (% of income per capita) 19.7 Cost (% of property value) 5.3 Cost to export (US$ per container) 1,450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 42 Time to import (days) 11 Dealing with construction permits (rank) 40 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,740 Procedures (number) 11 Depth of credit information index (0–6) 6 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 210 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 82 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 71 Cost (% of income per capita) 353.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 38 Time (days) 400 Getting electricity (rank) 133 Protecting investors (rank) 68 Cost (% of claim) 31.0 Procedures (number) 7 Extent of disclosure index (0–10) 8 Time (days) 85 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 26 Cost (% of income per capita) 369.0 Ease of shareholder suits index (0–10) 4 Time (years) 1.8 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 67.6 Paying taxes (rank) 118 Payments (number per year) 6 Time (hours per year) 334 Total tax rate (% of profit) 53.7 MICRONESIA, FED. STS. East Asia & Pacific GNI per capita (US$) 3,310 Ease of doing business (rank) 156 Lower middle income Population (m) 0.1 Starting a business (rank) 106 Registering property (rank) 189 Trading across borders (rank) 103 Procedures (number) 7 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 16 Time (days) NO PRACTICE Time to export (days) 30 Cost (% of income per capita) 144.4 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,045 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 31 Dealing with construction permits (rank) 54 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,045 Procedures (number) 15 Depth of credit information index (0–6) 0 Time (days) 114 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 152 Cost (% of income per capita) 28.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 885 Getting electricity (rank) 106 Protecting investors (rank) 178 Cost (% of claim) 66.0 Procedures (number) 3 Extent of disclosure index (0–10) 0 Time (days) 470 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 168 Cost (% of income per capita) 374.7 Ease of shareholder suits index (0–10) 8 Time (years) 5.3 Strength of investor protection index (0–10) 2.7 Cost (% of estate) 38 Recovery rate (cents on the dollar) 3.4 Paying taxes (rank) 94 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 59.9 MOLDOVA Europe & Central Asia GNI per capita (US$) 2,070 Ease of doing business (rank) 78 Lower middle income Population (m) 3.6 Starting a business (rank) 81 Registering property (rank) 19 Trading across borders (rank) 150 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 7 Time (days) 7 Time (days) 6 Time to export (days) 32 Cost (% of income per capita) 5.4 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,545 Minimum capital (% of income per capita) 8.1 Documents to import (number) 8 Getting credit (rank) 13 Time to import (days) 35 Dealing with construction permits (rank) 174 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,870 Procedures (number) 26 Depth of credit information index (0–6) 5 Time (days) 291 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 23 Cost (% of income per capita) 65.0 Private bureau coverage (% of adults) 4.5 Procedures (number) 31 Time (days) 337 Getting electricity (rank) 165 Protecting investors (rank) 80 Cost (% of claim) 28.6 Procedures (number) 7 Extent of disclosure index (0–10) 7 Time (days) 140 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 91 Cost (% of income per capita) 542.1 Ease of shareholder suits index (0–10) 6 Time (years) 2.8 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 32.8 Paying taxes (rank) 95 Payments (number per year) 31 Time (hours per year) 181 Total tax rate (% of profit) 40.4 MONGOLIA East Asia & Pacific GNI per capita (US$) 3,160 Ease of doing business (rank) 76 Lower middle income Population (m) 2.8 Starting a business (rank) 25 Registering property (rank) 27 Trading across borders (rank) 181 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 11 Time (days) 11 Time (days) 10.5 Time to export (days) 49 Cost (% of income per capita) 1.5 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 55 Time to import (days) 50 Dealing with construction permits (rank) 107 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,950 Procedures (number) 20 Depth of credit information index (0–6) 5 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 211 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 186 Public registry coverage (% of adults) 58.3 Enforcing contracts (rank) 30 Cost (% of income per capita) 7.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 314 Getting electricity (rank) 162 Protecting investors (rank) 22 Cost (% of claim) 30.6 Procedures (number) 8 Extent of disclosure index (0–10) 5 Time (days) 104 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 133 Cost (% of income per capita) 742.7 Ease of shareholder suits index (0–10) 7 Time (years) 4.0 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 8 Recovery rate (cents on the dollar) 21.6 Paying taxes (rank) 74 Payments (number per year) 41 Time (hours per year) 192 Total tax rate (% of profit) 24.6 MONTENEGRO Europe & Central Asia GNI per capita (US$) 6,940 Ease of doing business (rank) 44 Upper middle income Population (m) 0.6 Starting a business (rank) 69 Registering property (rank) 98 Trading across borders (rank) 53 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 10 Time (days) 70 Time to export (days) 14 Cost (% of income per capita) 1.5 Cost (% of property value) 3.1 Cost to export (US$ per container) 985 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 3 Time to import (days) 14 Dealing with construction permits (rank) 106 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 985 Procedures (number) 9 Depth of credit information index (0–6) 5 Time (days) 158 Public registry coverage (% of adults) 25.2 Enforcing contracts (rank) 136 Cost (% of income per capita) 1,159.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 545 Getting electricity (rank) 69 Protecting investors (rank) 34 Cost (% of claim) 25.7 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 71 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 45 Cost (% of income per capita) 487.6 Ease of shareholder suits index (0–10) 6 Time (years) 1.4 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 8 Recovery rate (cents on the dollar) 48.4 Paying taxes (rank) 86 Payments (number per year) 29 Time (hours per year) 320 Total tax rate (% of profit) 20.9 MOROCCO Middle East & North Africa GNI per capita (US$) 2,940 Ease of doing business (rank) 87 Lower middle income Population (m) 32.5 Starting a business (rank) 39 Registering property (rank) 156 Trading across borders (rank) 37 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 11 Time (days) 60 Time to export (days) 11 Cost (% of income per capita) 9.5 Cost (% of property value) 5.9 Cost to export (US$ per container) 595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 16 Dealing with construction permits (rank) 83 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 970 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 97 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 83 Cost (% of income per capita) 218.2 Private bureau coverage (% of adults) 19.6 Procedures (number) 40 Time (days) 510 Getting electricity (rank) 97 Protecting investors (rank) 115 Cost (% of claim) 25.2 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 62 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 69 Cost (% of income per capita) 2,476.3 Ease of shareholder suits index (0–10) 6 Time (years) 1.8 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 38.3 Paying taxes (rank) 78 Payments (number per year) 6 Time (hours per year) 232 Total tax rate (% of profit) 49.6 MOZAMBIQUE Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business (rank) 139 Low income Population (m) 25.2 Starting a business (rank) 95 Registering property (rank) 152 Trading across borders (rank) 131 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 13 Time (days) 39 Time to export (days) 21 Cost (% of income per capita) 18.7 Cost (% of property value) 7.7 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 130 Time to import (days) 25 Dealing with construction permits (rank) 77 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,600 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 212 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Procedures (number) 12 Depth of credit information index (0–6) 4 Time (days) 130 Public registry coverage (% of adults) 4.3 Enforcing contracts (rank) 145 Cost (% of income per capita) 257.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 950 Getting electricity (rank) 171 Protecting investors (rank) 52 Cost (% of claim) 119.0 Procedures (number) 7 Extent of disclosure index (0–10) 5 Time (days) 107 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 148 Cost (% of income per capita) 2,857.7 Ease of shareholder suits index (0–10) 9 Time (years) 5.0 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 16.6 Paying taxes (rank) 129 Payments (number per year) 37 Time (hours per year) 230 Total tax rate (% of profit) 37.5 MYANMAR East Asia & Pacific GNI per capita (US$) 835 Ease of doing business (rank) 182 Low income Population (m) 52.8 Starting a business (rank) 189 Registering property (rank) 154 Trading across borders (rank) 113 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 9 Time (days) 72 Time (days) 113 Time to export (days) 25 Cost (% of income per capita) 176.7 Cost (% of property value) 7.2 Cost to export (US$ per container) 670 Minimum capital (% of income per capita) 7,016.0 Documents to import (number) 9 Getting credit (rank) 170 Time to import (days) 27 Dealing with construction permits (rank) 150 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 660 Procedures (number) 16 Depth of credit information index (0–6) 0 Time (days) 159 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 188 Cost (% of income per capita) 566.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 1,160 Getting electricity (rank) 126 Protecting investors (rank) 182 Cost (% of claim) 51.5 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 91 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 155 Cost (% of income per capita) 3,175.5 Ease of shareholder suits index (0–10) 4 Time (years) 5.0 Strength of investor protection index (0–10) 2.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 14.7 Paying taxes (rank) 107 Payments (number per year) 31 Time (hours per year) 155 Total tax rate (% of profit) 48.9 NAMIBIA Sub-Saharan Africa GNI per capita (US$) 5,670 Ease of doing business (rank) 98 Upper middle income Population (m) 2.3 Starting a business (rank) 132 Registering property (rank) 178 Trading across borders (rank) 141 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 8 Time (days) 66 Time (days) 54 Time to export (days) 25 Cost (% of income per capita) 14.7 Cost (% of property value) 13.8 Cost to export (US$ per container) 1,750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 55 Time to import (days) 20 Dealing with construction permits (rank) 31 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,905 Procedures (number) 12 Depth of credit information index (0–6) 4 Time (days) 123 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 69 Cost (% of income per capita) 30.6 Private bureau coverage (% of adults) 66.2 Procedures (number) 33 Time (days) 460 Getting electricity (rank) 72 Protecting investors (rank) 80 Cost (% of claim) 35.8 Procedures (number) 6 Extent of disclosure index (0–10) 5 Time (days) 37 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 85 Cost (% of income per capita) 395.9 Ease of shareholder suits index (0–10) 6 Time (years) 2.5 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 34.9 Paying taxes (rank) 114 Payments (number per year) 37 Time (hours per year) 314 Total tax rate (% of profit) 21.8 NEPAL South Asia GNI per capita (US$) 700 Ease of doing business (rank) 105 Low income Population (m) 27.5 Starting a business (rank) 97 Registering property (rank) 24 Trading across borders (rank) 177 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 11 Time (days) 17 Time (days) 5 Time to export (days) 42 Cost (% of income per capita) 34.6 Cost (% of property value) 4.8 Cost to export (US$ per container) 2,295 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 55 Time to import (days) 39 Dealing with construction permits (rank) 105 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 2,400 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 213 Reform making it easier to do business   Reform making it more difficult to do business Procedures (number) 13 Depth of credit information index (0–6) 3 Time (days) 115 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 139 Cost (% of income per capita) 512.7 Private bureau coverage (% of adults) 0.7 Procedures (number) 39 Time (days) 910 Getting electricity (rank) 98 Protecting investors (rank) 80 Cost (% of claim) 26.8 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 70 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 125 Cost (% of income per capita) 1,380.7 Ease of shareholder suits index (0–10) 9 Time (years) 5.0 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 24.5 Paying taxes (rank) 126 Payments (number per year) 34 Time (hours per year) 326 Total tax rate (% of profit) 31.5 NETHERLANDS OECD high income GNI per capita (US$) 48,250 Ease of doing business (rank) 28 High income Population (m) 16.8 Starting a business (rank) 14 Registering property (rank) 47 Trading across borders (rank) 13 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 4 Time (days) 4 Time (days) 2.5 Time to export (days) 7 Cost (% of income per capita) 5.2 Cost (% of property value) 6.1 Cost to export (US$ per container) 925 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 73 Time to import (days) 6 Dealing with construction permits (rank) 97 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 975 Procedures (number) 14 Depth of credit information index (0–6) 5 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 29 Cost (% of income per capita) 79.4 Private bureau coverage (% of adults) 79.9 Procedures (number) 26 Time (days) 514 Getting electricity (rank) 70 Protecting investors (rank) 115 Cost (% of claim) 23.9 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 143 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 5 Cost (% of income per capita) 35.8 Ease of shareholder suits index (0–10) 6 Time (years) 1.1 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 89.2 Paying taxes (rank) 28 Payments (number per year) 9 Time (hours per year) 123 Total tax rate (% of profit) 39.3 NEW ZEALAND OECD high income GNI per capita (US$) 38,222 Ease of doing business (rank) 3 High income Population (m) 4.4 Starting a business (rank) 1 Registering property (rank) 2 Trading across borders (rank) 21 Procedures (number) 1 Procedures (number) 2 Documents to export (number) 4 Time (days) 0.5 Time (days) 1 Time to export (days) 10 Cost (% of income per capita) 0.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 3 Time to import (days) 9 Dealing with construction permits (rank) 12 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 825 Procedures (number) 11 Depth of credit information index (0–6) 5 Time (days) 94 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 18 Cost (% of income per capita) 28.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 216 Getting electricity (rank) 45 Protecting investors (rank) 1 Cost (% of claim) 27.2 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 69 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 12 Cost (% of income per capita) 97.0 Ease of shareholder suits index (0–10) 10 Time (years) 1.3 Strength of investor protection index (0–10) 9.7 Cost (% of estate) 4 Recovery rate (cents on the dollar) 83.3 Paying taxes (rank) 23 Payments (number per year) 8 Time (hours per year) 152 Total tax rate (% of profit) 34.6 NICARAGUA Latin America & Caribbean GNI per capita (US$) 1,650 Ease of doing business (rank) 124 Lower middle income Population (m) 6.0 Starting a business (rank) 123 Registering property (rank) 135 Trading across borders (rank) 82 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 5 Time (days) 36 Time (days) 49 Time to export (days) 21 Cost (% of income per capita) 77.0 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 109 Time to import (days) 20 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 214 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Dealing with construction permits (rank) 152 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,245 Procedures (number) 16 Depth of credit information index (0–6) 5 Time (days) 208 Public registry coverage (% of adults) 16.0 Enforcing contracts (rank) 47 Cost (% of income per capita) 249.4 Private bureau coverage (% of adults) 32.3 Procedures (number) 37 Time (days) 409 Getting electricity (rank) 114 Protecting investors (rank) 138 Cost (% of claim) 26.8 Procedures (number) 6 Extent of disclosure index (0–10) 1 Time (days) 55 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 84 Cost (% of income per capita) 1,082.5 Ease of shareholder suits index (0–10) 6 Time (years) 2.2 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 34.9 Paying taxes (rank) 163 Payments (number per year) 42 Time (hours per year) 207 Total tax rate (% of profit) 64.9 NIGER Sub-Saharan Africa GNI per capita (US$) 370 Ease of doing business (rank) 176 Low income Population (m) 17.2 Starting a business (rank) 159 Registering property (rank) 80 Trading across borders (rank) 178 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 8 Time (days) 17 Time (days) 35 Time to export (days) 57 Cost (% of income per capita) 80.1 Cost (% of property value) 9.0 Cost to export (US$ per container) 4,475 Minimum capital (% of income per capita) 527.8 Documents to import (number) 10 Getting credit (rank) 130 Time to import (days) 62 Dealing with construction permits (rank) 164 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 4,500 Procedures (number) 12 Depth of credit information index (0–6) 1 Time (days) 326 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 143 Cost (% of income per capita) 1,486.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 545 Getting electricity (rank) 123 Protecting investors (rank) 157 Cost (% of claim) 59.6 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 115 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 154 Cost (% of income per capita) 6,936.4 Ease of shareholder suits index (0–10) 3 Time (years) 5.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 18 Recovery rate (cents on the dollar) 14.9 Paying taxes (rank) 162 Payments (number per year) 41 Time (hours per year) 270 Total tax rate (% of profit) 48.0 NIGERIA Sub-Saharan Africa GNI per capita (US$) 1,430 Ease of doing business (rank) 147 Lower middle income Population (m) 168.8 Starting a business (rank) 122 Registering property (rank) 185 Trading across borders (rank) 158 Procedures (number) 8 Procedures (number) 13 Documents to export (number) 9 Time (days) 28 Time (days) 77 Time to export (days) 22 Cost (% of income per capita) 58.3 Cost (% of property value) 20.8 Cost to export (US$ per container) 1,380 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 13 Time to import (days) 33 Dealing with construction permits (rank) 151 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,695 Procedures (number) 18 Depth of credit information index (0–6) 5 Time (days) 116 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 136 Cost (% of income per capita) 3,504.8 Private bureau coverage (% of adults) 4.9 Procedures (number) 40 Time (days) 447 Getting electricity (rank) 185 Protecting investors (rank) 68 Cost (% of claim) 92.0 Procedures (number) 8 Extent of disclosure index (0–10) 5 Time (days) 260 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 107 Cost (% of income per capita) 960.5 Ease of shareholder suits index (0–10) 5 Time (years) 2.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 27.9 Paying taxes (rank) 170 Payments (number per year) 47 Time (hours per year) 956 Total tax rate (% of profit) 33.8 NORWAY OECD high income GNI per capita (US$) 98,860 Ease of doing business (rank) 9 High income Population (m) 5.0 Starting a business (rank) 53 Registering property (rank) 10 Trading across borders (rank) 26 Procedures (number) 5 Procedures (number) 1 Documents to export (number) 4 Time (days) 7 Time (days) 3 Time to export (days) 8 Cost (% of income per capita) 1.6 Cost (% of property value) 2.5 Cost to export (US$ per container) 1,225 Minimum capital (% of income per capita) 5.1 Documents to import (number) 5 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 215 Reform making it easier to do business   Reform making it more difficult to do business Getting credit (rank) 73 Time to import (days) 7 Dealing with construction permits (rank) 28 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,100 Procedures (number) 10 Depth of credit information index (0–6) 4 Time (days) 136 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 4 Cost (% of income per capita) 28.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 34 Time (days) 280 Getting electricity (rank) 17 Protecting investors (rank) 22 Cost (% of claim) 9.9 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 66 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 2 Cost (% of income per capita) 12.1 Ease of shareholder suits index (0–10) 7 Time (years) 0.9 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 1 Recovery rate (cents on the dollar) 91.3 Paying taxes (rank) 17 Payments (number per year) 4 Time (hours per year) 83 Total tax rate (% of profit) 40.7 OMAN Middle East & North Africa GNI per capita (US$) 24,765 Ease of doing business (rank) 47 High income Population (m) 3.3 Starting a business (rank) 77 Registering property (rank) 21 Trading across borders (rank) 47 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 7 Time (days) 8 Time (days) 16 Time to export (days) 10 Cost (% of income per capita) 2.4 Cost (% of property value) 3.0 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 209.8 Documents to import (number) 8 Getting credit (rank) 86 Time to import (days) 9 Dealing with construction permits (rank) 69 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 680 Procedures (number) 13 Depth of credit information index (0–6) 5 Time (days) 174 Public registry coverage (% of adults) 21.0 Enforcing contracts (rank) 107 Cost (% of income per capita) 35.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 598 Getting electricity (rank) 58 Protecting investors (rank) 98 Cost (% of claim) 13.5 Procedures (number) 6 Extent of disclosure index (0–10) 8 Time (days) 62 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 72 Cost (% of income per capita) 49.7 Ease of shareholder suits index (0–10) 2 Time (years) 4.0 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 37.3 Paying taxes (rank) 9 Payments (number per year) 14 Time (hours per year) 68 Total tax rate (% of profit) 22.0 PAKISTAN South Asia GNI per capita (US$) 1,260 Ease of doing business (rank) 110 Lower middle income Population (m) 179.2 Starting a business (rank) 105 Registering property (rank) 125 Trading across borders (rank) 91 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 8 Time (days) 21 Time (days) 50 Time to export (days) 21 Cost (% of income per capita) 10.4 Cost (% of property value) 7.7 Cost to export (US$ per container) 660 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 73 Time to import (days) 18 Dealing with construction permits (rank) 109 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 725 Procedures (number) 11 Depth of credit information index (0–6) 4 Time (days) 222 Public registry coverage (% of adults) 8.0 Enforcing contracts (rank) 158 Cost (% of income per capita) 190.4 Private bureau coverage (% of adults) 2.1 Procedures (number) 46 Time (days) 976 Getting electricity (rank) 175 Protecting investors (rank) 34 Cost (% of claim) 23.8 Procedures (number) 6 Extent of disclosure index (0–10) 6 Time (days) 206 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 71 Cost (% of income per capita) 1,600.9 Ease of shareholder suits index (0–10) 7 Time (years) 2.8 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 37.7 Paying taxes (rank) 166 Payments (number per year) 47 Time (hours per year) 577 Total tax rate (% of profit) 34.7 PALAU East Asia & Pacific GNI per capita (US$) 9,860 Ease of doing business (rank) 100 Upper middle income Population (m) 0.0 Starting a business (rank) 129 Registering property (rank) 20 Trading across borders (rank) 96 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 5 Time (days) 28 Time (days) 14 Time to export (days) 26 Cost (% of income per capita) 3.8 Cost (% of property value) 0.3 Cost to export (US$ per container) 720 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 216 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Minimum capital (% of income per capita) 10.1 Documents to import (number) 9 Getting credit (rank) 86 Time to import (days) 31 Dealing with construction permits (rank) 45 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 680 Procedures (number) 22 Depth of credit information index (0–6) 0 Time (days) 93 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 141 Cost (% of income per capita) 5.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 810 Getting electricity (rank) 78 Protecting investors (rank) 178 Cost (% of claim) 35.3 Procedures (number) 5 Extent of disclosure index (0–10) 0 Time (days) 125 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 96 Cost (% of income per capita) 99.5 Ease of shareholder suits index (0–10) 8 Time (years) 2.0 Strength of investor protection index (0–10) 2.7 Cost (% of estate) 23 Recovery rate (cents on the dollar) 31.0 Paying taxes (rank) 84 Payments (number per year) 11 Time (hours per year) 142 Total tax rate (% of profit) 75.2 PANAMA Latin America & Caribbean GNI per capita (US$) 9,910 Ease of doing business (rank) 55 Upper middle income Population (m) 3.8 Starting a business (rank) 25 Registering property (rank) 74 Trading across borders (rank) 11 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 3 Time (days) 6 Time (days) 29.5 Time to export (days) 10 Cost (% of income per capita) 7.2 Cost (% of property value) 2.3 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 55 Time to import (days) 9 Dealing with construction permits (rank) 62 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 965 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 99.5 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 127 Cost (% of income per capita) 66.0 Private bureau coverage (% of adults) 60.8 Procedures (number) 32 Time (days) 686 Getting electricity (rank) 16 Protecting investors (rank) 80 Cost (% of claim) 50.0 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 35 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 112 Cost (% of income per capita) 10.3 Ease of shareholder suits index (0–10) 8 Time (years) 2.5 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 25 Recovery rate (cents on the dollar) 27.5 Paying taxes (rank) 175 Payments (number per year) 52 Time (hours per year) 417 Total tax rate (% of profit) 40.5 PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 1,790 Ease of doing business (rank) 113 Lower middle income Population (m) 7.2 Starting a business (rank) 101 Registering property (rank) 87 Trading across borders (rank) 134 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 7 Time (days) 53 Time (days) 72 Time to export (days) 23 Cost (% of income per capita) 13.0 Cost (% of property value) 5.1 Cost to export (US$ per container) 1,149 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 86 Time to import (days) 32 Dealing with construction permits (rank) 165 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 1,250 Procedures (number) 21 Depth of credit information index (0–6) 4 Time (days) 219 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 168 Cost (% of income per capita) 110.0 Private bureau coverage (% of adults) 2.8 Procedures (number) 42 Time (days) 591 Getting electricity (rank) 24 Protecting investors (rank) 68 Cost (% of claim) 110.3 Procedures (number) 4 Extent of disclosure index (0–10) 4 Time (days) 66 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 128 Cost (% of income per capita) 57.5 Ease of shareholder suits index (0–10) 8 Time (years) 3.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 23 Recovery rate (cents on the dollar) 23.5 Paying taxes (rank) 116 Payments (number per year) 32 Time (hours per year) 207 Total tax rate (% of profit) 42.1 PARAGUAY Latin America & Caribbean GNI per capita (US$) 3,290 Ease of doing business (rank) 109 Lower middle income Population (m) 6.7 Starting a business (rank) 113 Registering property (rank) 71 Trading across borders (rank) 154 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 7 Time (days) 35 Time (days) 46 Time to export (days) 29 Cost (% of income per capita) 44.2 Cost (% of property value) 1.9 Cost to export (US$ per container) 1,850 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 217 Reform making it easier to do business   Reform making it more difficult to do business Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 86 Time to import (days) 30 Dealing with construction permits (rank) 71 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,275 Procedures (number) 12 Depth of credit information index (0–6) 6 Time (days) 137 Public registry coverage (% of adults) 20.9 Enforcing contracts (rank) 102 Cost (% of income per capita) 195.4 Private bureau coverage (% of adults) 46.5 Procedures (number) 38 Time (days) 591 Getting electricity (rank) 50 Protecting investors (rank) 68 Cost (% of claim) 30.0 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 67 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 152 Cost (% of income per capita) 202.6 Ease of shareholder suits index (0–10) 6 Time (years) 3.9 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 125 Payments (number per year) 28 Time (hours per year) 384 Total tax rate (% of profit) 35.0 PERU Latin America & Caribbean GNI per capita (US$) 5,880 Ease of doing business (rank) 42 Upper middle income Population (m) 30.0 Starting a business (rank) 63 Registering property (rank) 22 Trading across borders (rank) 55 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 5 Time (days) 25 Time (days) 6.5 Time to export (days) 12 Cost (% of income per capita) 10.1 Cost (% of property value) 3.3 Cost to export (US$ per container) 890 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 17 Dealing with construction permits (rank) 117 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,010 Procedures (number) 14 Depth of credit information index (0–6) 6 Time (days) 173 Public registry coverage (% of adults) 31.7 Enforcing contracts (rank) 105 Cost (% of income per capita) 109.3 Private bureau coverage (% of adults) 41.5 Procedures (number) 41 Time (days) 426 Getting electricity (rank) 79 Protecting investors (rank) 16 Cost (% of claim) 35.7 Procedures (number) 5 Extent of disclosure index (0–10) 9 Time (days) 100 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 110 Cost (% of income per capita) 353.7 Ease of shareholder suits index (0–10) 6 Time (years) 3.1 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 27.7 Paying taxes (rank) 73 Payments (number per year) 9 Time (hours per year) 293 Total tax rate (% of profit) 36.4 PHILIPPINES East Asia & Pacific GNI per capita (US$) 2,470 Ease of doing business (rank) 108 Lower middle income Population (m) 96.7 Starting a business (rank) 170 Registering property (rank) 121 Trading across borders (rank) 42 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 6 Time (days) 35 Time (days) 39 Time to export (days) 15 Cost (% of income per capita) 18.7 Cost (% of property value) 4.8 Cost to export (US$ per container) 585 Minimum capital (% of income per capita) 4.6 Documents to import (number) 7 Getting credit (rank) 86 Time to import (days) 14 Dealing with construction permits (rank) 99 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 660 Procedures (number) 25 Depth of credit information index (0–6) 5 Time (days) 77 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 79.4 Private bureau coverage (% of adults) 9.3 Procedures (number) 37 Time (days) 842 Getting electricity (rank) 33 Protecting investors (rank) 128 Cost (% of claim) 26.0 Procedures (number) 5 Extent of disclosure index (0–10) 2 Time (days) 42 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 100 Cost (% of income per capita) 118.2 Ease of shareholder suits index (0–10) 8 Time (years) 2.7 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 29.9 Paying taxes (rank) 131 Payments (number per year) 36 Time (hours per year) 193 Total tax rate (% of profit) 44.5 POLAND OECD high income GNI per capita (US$) 12,670 Ease of doing business (rank) 45 High income Population (m) 38.5 Starting a business (rank) 116 Registering property (rank) 54 Trading across borders (rank) 49 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 5 Time (days) 30 Time (days) 35 Time to export (days) 17 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 218 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 14.3 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 12.6 Documents to import (number) 4 Getting credit (rank) 3 Time to import (days) 14 Dealing with construction permits (rank) 88 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,025 Procedures (number) 18 Depth of credit information index (0–6) 6 Time (days) 161 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 55 Cost (% of income per capita) 10.6 Private bureau coverage (% of adults) 82.8 Procedures (number) 33 Time (days) 685 Getting electricity (rank) 137 Protecting investors (rank) 52 Cost (% of claim) 19.0 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 161 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 37 Cost (% of income per capita) 205.2 Ease of shareholder suits index (0–10) 9 Time (years) 3.0 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 15 Recovery rate (cents on the dollar) 54.8 Paying taxes (rank) 113 Payments (number per year) 18 Time (hours per year) 286 Total tax rate (% of profit) 41.6 PORTUGAL OECD high income GNI per capita (US$) 20,580 Ease of doing business (rank) 31 High income Population (m) 10.5 Starting a business (rank) 32 Registering property (rank) 30 Trading across borders (rank) 25 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 4 Time (days) 2.5 Time (days) 1 Time to export (days) 15 Cost (% of income per capita) 2.4 Cost (% of property value) 7.3 Cost to export (US$ per container) 780 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 109 Time to import (days) 13 Dealing with construction permits (rank) 76 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 925 Procedures (number) 13 Depth of credit information index (0–6) 5 Time (days) 99 Public registry coverage (% of adults) 100.0 Enforcing contracts (rank) 24 Cost (% of income per capita) 374.9 Private bureau coverage (% of adults) 23.2 Procedures (number) 34 Time (days) 547 Getting electricity (rank) 36 Protecting investors (rank) 52 Cost (% of claim) 13.0 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 64 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 23 Cost (% of income per capita) 53.6 Ease of shareholder suits index (0–10) 7 Time (years) 2.0 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 9 Recovery rate (cents on the dollar) 71.6 Paying taxes (rank) 81 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of profit) 42.3 PUERTO RICO (U.S.) Latin America & Caribbean GNI per capita (US$) 18,000 Ease of doing business (rank) 40 High income Population (m) 3.7 Starting a business (rank) 18 Registering property (rank) 131 Trading across borders (rank) 87 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 6 Time (days) 193.5 Time to export (days) 15 Cost (% of income per capita) 0.9 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 13 Time to import (days) 15 Dealing with construction permits (rank) 172 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,350 Procedures (number) 18 Depth of credit information index (0–6) 5 Time (days) 189 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 101 Cost (% of income per capita) 354.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 39 Time (days) 620 Getting electricity (rank) 38 Protecting investors (rank) 16 Cost (% of claim) 25.6 Procedures (number) 5 Extent of disclosure index (0–10) 7 Time (days) 32 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 21 Cost (% of income per capita) 376.7 Ease of shareholder suits index (0–10) 8 Time (years) 2.5 Strength of investor protection index (0–10) 7.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 73.4 Paying taxes (rank) 110 Payments (number per year) 16 Time (hours per year) 218 Total tax rate (% of profit) 50.7 QATAR Middle East & North Africa GNI per capita (US$) 78,720 Ease of doing business (rank) 48 High income Population (m) 2.1 Starting a business (rank) 112 Registering property (rank) 43 Trading across borders (rank) 67 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 8.5 Time (days) 13 Time to export (days) 17 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 219 Reform making it easier to do business   Reform making it more difficult to do business Cost (% of income per capita) 5.1 Cost (% of property value) 0.3 Cost to export (US$ per container) 885 Minimum capital (% of income per capita) 62.0 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 17 Dealing with construction permits (rank) 23 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 1,033 Procedures (number) 17 Depth of credit information index (0–6) 4 Time (days) 62.5 Public registry coverage (% of adults) 22.7 Enforcing contracts (rank) 93 Cost (% of income per capita) 1.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 570 Getting electricity (rank) 27 Protecting investors (rank) 128 Cost (% of claim) 21.6 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 90 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 36 Cost (% of income per capita) 4.0 Ease of shareholder suits index (0–10) 2 Time (years) 2.8 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 55.6 Paying taxes (rank) 2 Payments (number per year) 4 Time (hours per year) 41 Total tax rate (% of profit) 11.3 ROMANIA Europe & Central Asia GNI per capita (US$) 8,420 Ease of doing business (rank) 73 Upper middle income Population (m) 21.3 Starting a business (rank) 60 Registering property (rank) 70 Trading across borders (rank) 76 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 8.5 Time (days) 20 Time to export (days) 13 Cost (% of income per capita) 2.4 Cost (% of property value) 1.6 Cost to export (US$ per container) 1,485 Minimum capital (% of income per capita) 0.7 Documents to import (number) 6 Getting credit (rank) 13 Time to import (days) 13 Dealing with construction permits (rank) 136 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,495 Procedures (number) 15 Depth of credit information index (0–6) 5 Time (days) 287 Public registry coverage (% of adults) 11.8 Enforcing contracts (rank) 53 Cost (% of income per capita) 71.2 Private bureau coverage (% of adults) 46.9 Procedures (number) 32 Time (days) 512 Getting electricity (rank) 174 Protecting investors (rank) 52 Cost (% of claim) 28.9 Procedures (number) 7 Extent of disclosure index (0–10) 9 Time (days) 223 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 99 Cost (% of income per capita) 534.0 Ease of shareholder suits index (0–10) 4 Time (years) 3.3 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 11 Recovery rate (cents on the dollar) 30.0 Paying taxes (rank) 134 Payments (number per year) 39 Time (hours per year) 200 Total tax rate (% of profit) 42.9 RUSSIAN FEDERATION Europe & Central Asia GNI per capita (US$) 12,700 Ease of doing business (rank) 92 High income Population (m) 143.5 Starting a business (rank) 88 Registering property (rank) 17 Trading across borders (rank) 157 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 9 Time (days) 15 Time (days) 22 Time to export (days) 22 Cost (% of income per capita) 1.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 2,615 Minimum capital (% of income per capita) 1.2 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 21 Dealing with construction permits (rank) 178 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 2,810 Procedures (number) 36 Depth of credit information index (0–6) 5 Time (days) 297 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 10 Cost (% of income per capita) 89.0 Private bureau coverage (% of adults) 59.2 Procedures (number) 36 Time (days) 270 Getting electricity (rank) 117 Protecting investors (rank) 115 Cost (% of claim) 13.4 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 162 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 55 Cost (% of income per capita) 293.8 Ease of shareholder suits index (0–10) 6 Time (years) 2.0 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 42.8 Paying taxes (rank) 56 Payments (number per year) 7 Time (hours per year) 177 Total tax rate (% of profit) 50.7 RWANDA Sub-Saharan Africa GNI per capita (US$) 560 Ease of doing business (rank) 32 Low income Population (m) 11.5 Starting a business (rank) 9 Registering property (rank) 8 Trading across borders (rank) 162 Procedures (number) 2 Procedures (number) 3 Documents to export (number) 7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 220 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 2 Time (days) 12 Time to export (days) 26 Cost (% of income per capita) 4.4 Cost (% of property value) 0.2 Cost to export (US$ per container) 3,245 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 13 Time to import (days) 30 Dealing with construction permits (rank) 85 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 4,990 Procedures (number) 13 Depth of credit information index (0–6) 6 Time (days) 104 Public registry coverage (% of adults) 2.1 Enforcing contracts (rank) 40 Cost (% of income per capita) 375.7 Private bureau coverage (% of adults) 13.0 Procedures (number) 23 Time (days) 230 Getting electricity (rank) 53 Protecting investors (rank) 22 Cost (% of claim) 78.7 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 30 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 137 Cost (% of income per capita) 4,018.7 Ease of shareholder suits index (0–10) 4 Time (years) 2.5 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 29 Recovery rate (cents on the dollar) 19.0 Paying taxes (rank) 22 Payments (number per year) 17 Time (hours per year) 113 Total tax rate (% of profit) 29.9 SAMOA East Asia & Pacific GNI per capita (US$) 3,220 Ease of doing business (rank) 61 Lower middle income Population (m) 0.2 Starting a business (rank) 33 Registering property (rank) 39 Trading across borders (rank) 58 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 5 Time (days) 9 Time (days) 15 Time to export (days) 22 Cost (% of income per capita) 9.6 Cost (% of property value) 3.7 Cost to export (US$ per container) 490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 28 Dealing with construction permits (rank) 73 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 575 Procedures (number) 21 Depth of credit information index (0–6) 0 Time (days) 87 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 77 Cost (% of income per capita) 58.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 455 Getting electricity (rank) 37 Protecting investors (rank) 34 Cost (% of claim) 19.7 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 34 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 139 Cost (% of income per capita) 783.6 Ease of shareholder suits index (0–10) 8 Time (years) 2.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 18.2 Paying taxes (rank) 86 Payments (number per year) 37 Time (hours per year) 224 Total tax rate (% of profit) 18.9 SAN MARINO Europe & Central Asia GNI per capita (US$) 59,366 Ease of doing business (rank) 81 High income Population (m) 0.0 Starting a business (rank) 155 Registering property (rank) 158 Trading across borders (rank) 75 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 4 Time (days) 40 Time (days) 42.5 Time to export (days) 15 Cost (% of income per capita) 8.7 Cost (% of property value) 6.6 Cost to export (US$ per container) 1,900 Minimum capital (% of income per capita) 28.5 Documents to import (number) 4 Getting credit (rank) 186 Time to import (days) 13 Dealing with construction permits (rank) 120 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 1,890 Procedures (number) 14 Depth of credit information index (0–6) 0 Time (days) 145.5 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 34 Cost (% of income per capita) 255.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 575 Getting electricity (rank) 10 Protecting investors (rank) 52 Cost (% of claim) 13.9 Procedures (number) 3 Extent of disclosure index (0–10) 3 Time (days) 45 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 49 Cost (% of income per capita) 57.1 Ease of shareholder suits index (0–10) 8 Time (years) 2.3 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 5 Recovery rate (cents on the dollar) 46.6 Paying taxes (rank) 40 Payments (number per year) 19 Time (hours per year) 52 Total tax rate (% of profit) 42.2 SÃO TOMÉ AND PRÍNCIPE Sub-Saharan Africa GNI per capita (US$) 1,320 Ease of doing business (rank) 169 Lower middle income Population (m) 0.2 Starting a business (rank) 98 Registering property (rank) 165 Trading across borders (rank) 102 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 8 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 221 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 5 Time (days) 62 Time to export (days) 26 Cost (% of income per capita) 18.7 Cost (% of property value) 9.0 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 281.2 Documents to import (number) 7 Getting credit (rank) 186 Time to import (days) 28 Dealing with construction permits (rank) 103 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 577 Procedures (number) 13 Depth of credit information index (0–6) 0 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 183 Cost (% of income per capita) 381.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 1,065 Getting electricity (rank) 73 Protecting investors (rank) 157 Cost (% of claim) 50.5 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 89 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 166 Cost (% of income per capita) 1,049.9 Ease of shareholder suits index (0–10) 6 Time (years) 6.2 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 5.4 Paying taxes (rank) 156 Payments (number per year) 42 Time (hours per year) 424 Total tax rate (% of profit) 32.5 SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 18,030 Ease of doing business (rank) 26 High income Population (m) 28.3 Starting a business (rank) 84 Registering property (rank) 14 Trading across borders (rank) 69 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 5 Time (days) 20.5 Time (days) 8 Time to export (days) 13 Cost (% of income per capita) 5.0 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,055 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 55 Time to import (days) 17 Dealing with construction permits (rank) 17 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 1,229 Procedures (number) 12 Depth of credit information index (0–6) 6 Time (days) 102 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 127 Cost (% of income per capita) 24.5 Private bureau coverage (% of adults) 44.3 Procedures (number) 40 Time (days) 635 Getting electricity (rank) 15 Protecting investors (rank) 22 Cost (% of claim) 27.5 Procedures (number) 4 Extent of disclosure index (0–10) 8 Time (days) 61 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 106 Cost (% of income per capita) 31.1 Ease of shareholder suits index (0–10) 4 Time (years) 2.8 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 28.3 Paying taxes (rank) 3 Payments (number per year) 3 Time (hours per year) 72 Total tax rate (% of profit) 14.5 SENEGAL Sub-Saharan Africa GNI per capita (US$) 1,040 Ease of doing business (rank) 178 Lower middle income Population (m) 13.7 Starting a business (rank) 110 Registering property (rank) 174 Trading across borders (rank) 80 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 6 Time (days) 6 Time (days) 122 Time to export (days) 12 Cost (% of income per capita) 64.3 Cost (% of property value) 15.2 Cost to export (US$ per container) 1,225 Minimum capital (% of income per capita) 192.1 Documents to import (number) 5 Getting credit (rank) 130 Time to import (days) 14 Dealing with construction permits (rank) 165 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,740 Procedures (number) 14 Depth of credit information index (0–6) 1 Time (days) 245 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 167 Cost (% of income per capita) 531.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 770 Getting electricity (rank) 182 Protecting investors (rank) 170 Cost (% of claim) 36.4 Procedures (number) 8 Extent of disclosure index (0–10) 6 Time (days) 113 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 122 Cost (% of income per capita) 5,918.2 Ease of shareholder suits index (0–10) 2 Time (years) 3.0 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 20 Recovery rate (cents on the dollar) 25.3 Paying taxes (rank) 182 Payments (number per year) 59 Time (hours per year) 644 Total tax rate (% of profit) 48.5 SERBIA Europe & Central Asia GNI per capita (US$) 5,280 Ease of doing business (rank) 93 Upper middle income Population (m) 7.2 Starting a business (rank) 45 Registering property (rank) 44 Trading across borders (rank) 98 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 222 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 11.5 Time (days) 11 Time to export (days) 12 Cost (% of income per capita) 7.2 Cost (% of property value) 2.8 Cost to export (US$ per container) 1,455 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 42 Time to import (days) 15 Dealing with construction permits (rank) 182 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,760 Procedures (number) 18 Depth of credit information index (0–6) 5 Time (days) 269 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 116 Cost (% of income per capita) 1,433.5 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 635 Getting electricity (rank) 85 Protecting investors (rank) 80 Cost (% of claim) 34.0 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 131 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 103 Cost (% of income per capita) 505.6 Ease of shareholder suits index (0–10) 3 Time (years) 2.0 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 20 Recovery rate (cents on the dollar) 29.0 Paying taxes (rank) 161 Payments (number per year) 66 Time (hours per year) 279 Total tax rate (% of profit) 36.8 SEYCHELLES Sub-Saharan Africa GNI per capita (US$) 11,640 Ease of doing business (rank) 80 Upper middle income Population (m) 0.1 Starting a business (rank) 118 Registering property (rank) 69 Trading across borders (rank) 29 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 39 Time (days) 33 Time to export (days) 16 Cost (% of income per capita) 11.1 Cost (% of property value) 7.0 Cost to export (US$ per container) 705 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 170 Time to import (days) 17 Dealing with construction permits (rank) 68 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 675 Procedures (number) 17 Depth of credit information index (0–6) 0 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 82 Cost (% of income per capita) 22.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 915 Getting electricity (rank) 147 Protecting investors (rank) 68 Cost (% of claim) 15.4 Procedures (number) 6 Extent of disclosure index (0–10) 4 Time (days) 137 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 65 Cost (% of income per capita) 489.3 Ease of shareholder suits index (0–10) 5 Time (years) 2.0 Strength of investor protection index (0–10) 5.7 Cost (% of estate) 11 Recovery rate (cents on the dollar) 38.9 Paying taxes (rank) 19 Payments (number per year) 27 Time (hours per year) 76 Total tax rate (% of profit) 25.7 SIERRA LEONE Sub-Saharan Africa GNI per capita (US$) 580 Ease of doing business (rank) 142 Low income Population (m) 6.0 Starting a business (rank) 75 Registering property (rank) 170 Trading across borders (rank) 140 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 7 Time (days) 12 Time (days) 67 Time to export (days) 25 Cost (% of income per capita) 44.1 Cost (% of property value) 10.9 Cost to export (US$ per container) 1,185 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 86 Time to import (days) 30 Dealing with construction permits (rank) 176 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,575 Procedures (number) 19 Depth of credit information index (0–6) 2 Time (days) 258 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 149 Cost (% of income per capita) 182.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 515 Getting electricity (rank) 179 Protecting investors (rank) 22 Cost (% of claim) 149.5 Procedures (number) 8 Extent of disclosure index (0–10) 6 Time (days) 113 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 158 Cost (% of income per capita) 4,958.1 Ease of shareholder suits index (0–10) 6 Time (years) 2.3 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 42 Recovery rate (cents on the dollar) 10.5 Paying taxes (rank) 128 Payments (number per year) 33 Time (hours per year) 353 Total tax rate (% of profit) 32.4 SINGAPORE East Asia & Pacific GNI per capita (US$) 47,210 Ease of doing business (rank) 1 High income Population (m) 5.3 Starting a business (rank) 3 Registering property (rank) 28 Trading across borders (rank) 1 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 3 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 223 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 2.5 Time (days) 5.5 Time to export (days) 6 Cost (% of income per capita) 0.6 Cost (% of property value) 2.9 Cost to export (US$ per container) 460 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 3 Time to import (days) 4 Dealing with construction permits (rank) 3 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 440 Procedures (number) 11 Depth of credit information index (0–6) 5 Time (days) 26 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 12 Cost (% of income per capita) 15.7 Private bureau coverage (% of adults) 60.3 Procedures (number) 21 Time (days) 150 Getting electricity (rank) 6 Protecting investors (rank) 2 Cost (% of claim) 25.8 Procedures (number) 4 Extent of disclosure index (0–10) 10 Time (days) 36 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 4 Cost (% of income per capita) 27.5 Ease of shareholder suits index (0–10) 9 Time (years) 0.8 Strength of investor protection index (0–10) 9.3 Cost (% of estate) 3 Recovery rate (cents on the dollar) 89.4 Paying taxes (rank) 5 Payments (number per year) 5 Time (hours per year) 82 Total tax rate (% of profit) 27.1 SLOVAK REPUBLIC OECD high income GNI per capita (US$) 17,170 Ease of doing business (rank) 49 High income Population (m) 5.4 Starting a business (rank) 108 Registering property (rank) 11 Trading across borders (rank) 108 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 7 Time (days) 18.5 Time (days) 16.5 Time to export (days) 17 Cost (% of income per capita) 1.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,500 Minimum capital (% of income per capita) 19.3 Documents to import (number) 6 Getting credit (rank) 42 Time to import (days) 16 Dealing with construction permits (rank) 53 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,480 Procedures (number) 11 Depth of credit information index (0–6) 4 Time (days) 286 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 65 Cost (% of income per capita) 6.6 Private bureau coverage (% of adults) 61.6 Procedures (number) 32 Time (days) 545 Getting electricity (rank) 65 Protecting investors (rank) 115 Cost (% of claim) 30.0 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 158 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 38 Cost (% of income per capita) 10.5 Ease of shareholder suits index (0–10) 7 Time (years) 4.0 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 18 Recovery rate (cents on the dollar) 54.1 Paying taxes (rank) 102 Payments (number per year) 20 Time (hours per year) 207 Total tax rate (% of profit) 47.2 SLOVENIA OECD high income GNI per capita (US$) 22,710 Ease of doing business (rank) 33 High income Population (m) 2.1 Starting a business (rank) 38 Registering property (rank) 83 Trading across borders (rank) 48 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 5 Time (days) 6 Time (days) 109.5 Time to export (days) 16 Cost (% of income per capita) 0.0 Cost (% of property value) 2.0 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 44.1 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 14 Dealing with construction permits (rank) 59 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 830 Procedures (number) 10 Depth of credit information index (0–6) 4 Time (days) 182 Public registry coverage (% of adults) 3.3 Enforcing contracts (rank) 52 Cost (% of income per capita) 66.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 1,270 Getting electricity (rank) 32 Protecting investors (rank) 14 Cost (% of claim) 12.7 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 38 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 41 Cost (% of income per capita) 120.3 Ease of shareholder suits index (0–10) 8 Time (years) 2.0 Strength of investor protection index (0–10) 7.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 50.1 Paying taxes (rank) 54 Payments (number per year) 11 Time (hours per year) 260 Total tax rate (% of profit) 32.5 SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 1,130 Ease of doing business (rank) 97 Lower middle income Population (m) 0.5 Starting a business (rank) 82 Registering property (rank) 172 Trading across borders (rank) 78 Procedures (number) 7 Procedures (number) 10 Documents to export (number) 7 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 224 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (days) 9 Time (days) 86.5 Time to export (days) 22 Cost (% of income per capita) 47.5 Cost (% of property value) 4.8 Cost to export (US$ per container) 840 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 20 Dealing with construction permits (rank) 81 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 785 Procedures (number) 15 Depth of credit information index (0–6) 0 Time (days) 92 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 109 Cost (% of income per capita) 246.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 455 Getting electricity (rank) 130 Protecting investors (rank) 52 Cost (% of claim) 78.9 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 160 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 127 Cost (% of income per capita) 2,113.7 Ease of shareholder suits index (0–10) 8 Time (years) 1.0 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 38 Recovery rate (cents on the dollar) 24.3 Paying taxes (rank) 30 Payments (number per year) 34 Time (hours per year) 80 Total tax rate (% of profit) 24.9 SOUTH AFRICA Sub-Saharan Africa GNI per capita (US$) 7,610 Ease of doing business (rank) 41 Upper middle income Population (m) 51.2 Starting a business (rank) 64 Registering property (rank) 99 Trading across borders (rank) 106 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 5 Time (days) 19 Time (days) 23 Time to export (days) 16 Cost (% of income per capita) 0.3 Cost (% of property value) 6.1 Cost to export (US$ per container) 1,705 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 28 Time to import (days) 21 Dealing with construction permits (rank) 26 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,980 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 78 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 80 Cost (% of income per capita) 9.9 Private bureau coverage (% of adults) 55.6 Procedures (number) 29 Time (days) 600 Getting electricity (rank) 150 Protecting investors (rank) 10 Cost (% of claim) 33.2 Procedures (number) 5 Extent of disclosure index (0–10) 8 Time (days) 226 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 82 Cost (% of income per capita) 1,432.1 Ease of shareholder suits index (0–10) 8 Time (years) 2.0 Strength of investor protection index (0–10) 8.0 Cost (% of estate) 18 Recovery rate (cents on the dollar) 35.5 Paying taxes (rank) 24 Payments (number per year) 7 Time (hours per year) 200 Total tax rate (% of profit) 30.1 SOUTH SUDAN Sub-Saharan Africa GNI per capita (US$) 650 Ease of doing business (rank) 186 Low income Population (m) 10.8 Starting a business (rank) 140 Registering property (rank) 183 Trading across borders (rank) 187 Procedures (number) 13 Procedures (number) 9 Documents to export (number) 10 Time (days) 17 Time (days) 50 Time to export (days) 55 Cost (% of income per capita) 372.1 Cost (% of property value) 16.2 Cost to export (US$ per container) 5,335 Minimum capital (% of income per capita) 0 Documents to import (number) 12 Getting credit (rank) 180 Time to import (days) 130 Dealing with construction permits (rank) 171 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 9,285 Procedures (number) 24 Depth of credit information index (0–6) 0 Time (days) 124 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 87 Cost (% of income per capita) 1,427.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 48 Time (days) 228 Getting electricity (rank) 184 Protecting investors (rank) 182 Cost (% of claim) 30.0 Procedures (number) 6 Extent of disclosure index (0–10) 2 Time (days) 468 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 189 Cost (% of income per capita) 4,976.7 Ease of shareholder suits index (0–10) 4 Time (years) NO PRACTICE Strength of investor protection index (0–10) 2.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 92 Payments (number per year) 36 Time (hours per year) 218 Total tax rate (% of profit) 28.7 SPAIN OECD high income GNI per capita (US$) 30,110 Ease of doing business (rank) 52 High income Population (m) 46.2 Starting a business (rank) 142 Registering property (rank) 60 Trading across borders (rank) 32 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 225 Reform making it easier to do business   Reform making it more difficult to do business Procedures (number) 10 Procedures (number) 5 Documents to export (number) 4 Time (days) 23 Time (days) 12.5 Time to export (days) 10 Cost (% of income per capita) 4.7 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,310 Minimum capital (% of income per capita) 13.4 Documents to import (number) 4 Getting credit (rank) 55 Time to import (days) 9 Dealing with construction permits (rank) 98 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,350 Procedures (number) 9 Depth of credit information index (0–6) 5 Time (days) 230 Public registry coverage (% of adults) 51.9 Enforcing contracts (rank) 59 Cost (% of income per capita) 172.9 Private bureau coverage (% of adults) 15.6 Procedures (number) 40 Time (days) 510 Getting electricity (rank) 62 Protecting investors (rank) 98 Cost (% of claim) 18.5 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 85 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 22 Cost (% of income per capita) 234.4 Ease of shareholder suits index (0–10) 4 Time (years) 1.5 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 11 Recovery rate (cents on the dollar) 72.3 Paying taxes (rank) 67 Payments (number per year) 8 Time (hours per year) 167 Total tax rate (% of profit) 58.6 SRI LANKA South Asia GNI per capita (US$) 2,920 Ease of doing business (rank) 85 Lower middle income Population (m) 20.3 Starting a business (rank) 54 Registering property (rank) 145 Trading across borders (rank) 51 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 8 Time (days) 52 Time to export (days) 20 Cost (% of income per capita) 20.5 Cost (% of property value) 5.1 Cost to export (US$ per container) 595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 73 Time to import (days) 17 Dealing with construction permits (rank) 108 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 775 Procedures (number) 17 Depth of credit information index (0–6) 5 Time (days) 186 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 135 Cost (% of income per capita) 18.4 Private bureau coverage (% of adults) 39.0 Procedures (number) 40 Time (days) 1,318 Getting electricity (rank) 91 Protecting investors (rank) 52 Cost (% of claim) 22.8 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 110 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 59 Cost (% of income per capita) 1,076.6 Ease of shareholder suits index (0–10) 7 Time (years) 1.7 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 41.9 Paying taxes (rank) 171 Payments (number per year) 58 Time (hours per year) 210 Total tax rate (% of profit) 55.1 ST. KITTS AND NEVIS Latin America & Caribbean GNI per capita (US$) 13,330 Ease of doing business (rank) 101 High income Population (m) 0.1 Starting a business (rank) 73 Registering property (rank) 169 Trading across borders (rank) 66 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 4 Time (days) 18.5 Time (days) 82 Time to export (days) 13 Cost (% of income per capita) 8.7 Cost (% of property value) 13.3 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 12 Dealing with construction permits (rank) 15 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 2,615 Procedures (number) 11 Depth of credit information index (0–6) 0 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 112 Cost (% of income per capita) 5.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 578 Getting electricity (rank) 19 Protecting investors (rank) 34 Cost (% of claim) 20.5 Procedures (number) 4 Extent of disclosure index (0–10) 4 Time (days) 18 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 189 Cost (% of income per capita) 290.6 Ease of shareholder suits index (0–10) 7 Time (years) NO PRACTICE Strength of investor protection index (0–10) 6.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 145 Payments (number per year) 36 Time (hours per year) 203 Total tax rate (% of profit) 51.9 ST. LUCIA Latin America & Caribbean GNI per capita (US$) 6,530 Ease of doing business (rank) 64 Upper middle income Population (m) 0.2 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 226 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Starting a business (rank) 57 Registering property (rank) 129 Trading across borders (rank) 104 Procedures (number) 5 Procedures (number) 9 Documents to export (number) 7 Time (days) 15 Time (days) 17 Time to export (days) 14 Cost (% of income per capita) 18.6 Cost (% of property value) 7.5 Cost to export (US$ per container) 935 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 130 Time to import (days) 13 Dealing with construction permits (rank) 11 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 2,260 Procedures (number) 7 Depth of credit information index (0–6) 0 Time (days) 110 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 170 Cost (% of income per capita) 37.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 635 Getting electricity (rank) 31 Protecting investors (rank) 34 Cost (% of claim) 37.3 Procedures (number) 5 Extent of disclosure index (0–10) 4 Time (days) 26 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 56 Cost (% of income per capita) 211.9 Ease of shareholder suits index (0–10) 7 Time (years) 2.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 42.5 Paying taxes (rank) 45 Payments (number per year) 32 Time (hours per year) 97 Total tax rate (% of profit) 34.6 ST. VINCENT AND THE GRENADINES Latin America & Caribbean GNI per capita (US$) 6,380 Ease of doing business (rank) 82 Upper middle income Population (m) 0.1 Starting a business (rank) 68 Registering property (rank) 153 Trading across borders (rank) 38 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 10 Time (days) 38 Time to export (days) 12 Cost (% of income per capita) 17.2 Cost (% of property value) 11.8 Cost to export (US$ per container) 585 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 130 Time to import (days) 13 Dealing with construction permits (rank) 6 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,425 Procedures (number) 8 Depth of credit information index (0–6) 0 Time (days) 112 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 90 Cost (% of income per capita) 9.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 394 Getting electricity (rank) 25 Protecting investors (rank) 34 Cost (% of claim) 30.3 Procedures (number) 3 Extent of disclosure index (0–10) 4 Time (days) 52 Extent of director liability index (0–10) 8 Resolving insolvency (rank) 189 Cost (% of income per capita) 241.0 Ease of shareholder suits index (0–10) 7 Time (years) NO PRACTICE Strength of investor protection index (0–10) 6.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 72 Payments (number per year) 36 Time (hours per year) 108 Total tax rate (% of profit) 38.7 SUDAN Sub-Saharan Africa GNI per capita (US$) 1,450 Ease of doing business (rank) 149 Lower middle income Population (m) 37.2 Starting a business (rank) 131 Registering property (rank) 41 Trading across borders (rank) 155 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 7 Time (days) 36 Time (days) 9 Time to export (days) 32 Cost (% of income per capita) 20.7 Cost (% of property value) 2.8 Cost to export (US$ per container) 2,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 170 Time to import (days) 46 Dealing with construction permits (rank) 167 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 2,900 Procedures (number) 16 Depth of credit information index (0–6) 0 Time (days) 270 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 154 Cost (% of income per capita) 248.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 810 Getting electricity (rank) 113 Protecting investors (rank) 157 Cost (% of claim) 19.8 Procedures (number) 5 Extent of disclosure index (0–10) 0 Time (days) 70 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 89 Cost (% of income per capita) 3,435.1 Ease of shareholder suits index (0–10) 4 Time (years) 2.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 20 Recovery rate (cents on the dollar) 33.2 Paying taxes (rank) 108 Payments (number per year) 42 Time (hours per year) 180 Total tax rate (% of profit) 36.1 SURINAME Latin America & Caribbean GNI per capita (US$) 8,480 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 227 Reform making it easier to do business   Reform making it more difficult to do business Ease of doing business (rank) 161 Upper middle income Population (m) 0.5 Starting a business (rank) 181 Registering property (rank) 173 Trading across borders (rank) 105 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 8 Time (days) 208 Time (days) 107 Time to export (days) 22 Cost (% of income per capita) 107.7 Cost (% of property value) 13.7 Cost to export (US$ per container) 1,000 Minimum capital (% of income per capita) 0.4 Documents to import (number) 6 Getting credit (rank) 170 Time to import (days) 19 Dealing with construction permits (rank) 49 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,165 Procedures (number) 11 Depth of credit information index (0–6) 0 Time (days) 239 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 184 Cost (% of income per capita) 10.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 1,715 Getting electricity (rank) 40 Protecting investors (rank) 186 Cost (% of claim) 37.1 Procedures (number) 4 Extent of disclosure index (0–10) 1 Time (days) 58 Extent of director liability index (0–10) 0 Resolving insolvency (rank) 160 Cost (% of income per capita) 530.9 Ease of shareholder suits index (0–10) 5 Time (years) 5.0 Strength of investor protection index (0–10) 2.0 Cost (% of estate) 30 Recovery rate (cents on the dollar) 8.6 Paying taxes (rank) 50 Payments (number per year) 29 Time (hours per year) 199 Total tax rate (% of profit) 27.9 SWAZILAND Sub-Saharan Africa GNI per capita (US$) 2,860 Ease of doing business (rank) 123 Lower middle income Population (m) 1.2 Starting a business (rank) 172 Registering property (rank) 130 Trading across borders (rank) 127 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 7 Time (days) 38 Time (days) 21 Time to export (days) 17 Cost (% of income per capita) 27.7 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,880 Minimum capital (% of income per capita) 0.4 Documents to import (number) 6 Getting credit (rank) 55 Time to import (days) 23 Dealing with construction permits (rank) 51 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 2,145 Procedures (number) 13 Depth of credit information index (0–6) 5 Time (days) 95 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 176 Cost (% of income per capita) 109.1 Private bureau coverage (% of adults) 41.6 Procedures (number) 40 Time (days) 956 Getting electricity (rank) 163 Protecting investors (rank) 128 Cost (% of claim) 56.1 Procedures (number) 6 Extent of disclosure index (0–10) 2 Time (days) 137 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 68 Cost (% of income per capita) 1,232.7 Ease of shareholder suits index (0–10) 6 Time (years) 2.0 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 38.5 Paying taxes (rank) 59 Payments (number per year) 33 Time (hours per year) 110 Total tax rate (% of profit) 36.5 SWEDEN OECD high income GNI per capita (US$) 56,210 Ease of doing business (rank) 14 High income Population (m) 9.5 Starting a business (rank) 61 Registering property (rank) 38 Trading across borders (rank) 6 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 3 Time (days) 16 Time (days) 28 Time to export (days) 9 Cost (% of income per capita) 0.5 Cost (% of property value) 4.3 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 13.1 Documents to import (number) 3 Getting credit (rank) 42 Time to import (days) 6 Dealing with construction permits (rank) 24 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 735 Procedures (number) 7 Depth of credit information index (0–6) 4 Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 25 Cost (% of income per capita) 76.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 314 Getting electricity (rank) 9 Protecting investors (rank) 34 Cost (% of claim) 31.2 Procedures (number) 3 Extent of disclosure index (0–10) 8 Time (days) 52 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 20 Cost (% of income per capita) 36.6 Ease of shareholder suits index (0–10) 7 Time (years) 2.0 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 75.5 Paying taxes (rank) 41 Payments (number per year) 4 Time (hours per year) 122 Total tax rate (% of profit) 52.0 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 228 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business SWITZERLAND OECD high income GNI per capita (US$) 82,730 Ease of doing business (rank) 29 High income Population (m) 8.0 Starting a business (rank) 104 Registering property (rank) 16 Trading across borders (rank) 35 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 3 Time (days) 18 Time (days) 16 Time to export (days) 8 Cost (% of income per capita) 2.0 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,635 Minimum capital (% of income per capita) 25.6 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 8 Dealing with construction permits (rank) 58 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 1,440 Procedures (number) 13 Depth of credit information index (0–6) 5 Time (days) 154 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 20 Cost (% of income per capita) 38.1 Private bureau coverage (% of adults) 26.5 Procedures (number) 32 Time (days) 390 Getting electricity (rank) 8 Protecting investors (rank) 170 Cost (% of claim) 24.0 Procedures (number) 3 Extent of disclosure index (0–10) 0 Time (days) 39 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 47 Cost (% of income per capita) 59.5 Ease of shareholder suits index (0–10) 4 Time (years) 3.0 Strength of investor protection index (0–10) 3.0 Cost (% of estate) 4 Recovery rate (cents on the dollar) 47.6 Paying taxes (rank) 16 Payments (number per year) 19 Time (hours per year) 63 Total tax rate (% of profit) 29.1 SYRIAN ARAB REPUBLIC Middle East & North Africa GNI per capita (US$) 2,803 Ease of doing business (rank) 165 Lower middle income Population (m) 22.4 Starting a business (rank) 135 Registering property (rank) 82 Trading across borders (rank) 147 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 8 Time (days) 13 Time (days) 19 Time to export (days) 20 Cost (% of income per capita) 12.5 Cost (% of property value) 27.8 Cost to export (US$ per container) 1,740 Minimum capital (% of income per capita) 221.6 Documents to import (number) 9 Getting credit (rank) 180 Time to import (days) 26 Dealing with construction permits (rank) 189 Strength of legal rights index (0–10) 1 Cost to import (US$ per container) 2,075 Procedures (number) NO PRACTICE Depth of credit information index (0–6) 2 Time (days) NO PRACTICE Public registry coverage (% of adults) 7.0 Enforcing contracts (rank) 179 Cost (% of income per capita) NO PRACTICE Private bureau coverage (% of adults) 0.0 Procedures (number) 55 Time (days) 872 Getting electricity (rank) 82 Protecting investors (rank) 115 Cost (% of claim) 29.3 Procedures (number) 5 Extent of disclosure index (0–10) 7 Time (days) 71 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 120 Cost (% of income per capita) 652.8 Ease of shareholder suits index (0–10) 2 Time (years) 4.1 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 25.7 Paying taxes (rank) 120 Payments (number per year) 19 Time (hours per year) 336 Total tax rate (% of profit) 39.7 TAIWAN, CHINA East Asia & Pacific GNI per capita (US$) 20,910 Ease of doing business (rank) 16 High income Population (m) 23.3 Starting a business (rank) 17 Registering property (rank) 31 Trading across borders (rank) 18 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 5 Time (days) 10 Time (days) 4 Time to export (days) 10 Cost (% of income per capita) 2.3 Cost (% of property value) 6.2 Cost to export (US$ per container) 655 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 73 Time to import (days) 10 Dealing with construction permits (rank) 7 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 720 Procedures (number) 10 Depth of credit information index (0–6) 5 Time (days) 94 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 84 Cost (% of income per capita) 15.9 Private bureau coverage (% of adults) 94.1 Procedures (number) 45 Time (days) 510 Getting electricity (rank) 7 Protecting investors (rank) 34 Cost (% of claim) 17.7 Procedures (number) 4 Extent of disclosure index (0–10) 9 Time (days) 24 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 16 Cost (% of income per capita) 49.4 Ease of shareholder suits index (0–10) 5 Time (years) 1.9 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 4 Recovery rate (cents on the dollar) 81.8 Paying taxes (rank) 58 Payments (number per year) 12 Time (hours per year) 221 Total tax rate (% of profit) 35.0 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 229 Reform making it easier to do business   Reform making it more difficult to do business TAJIKISTAN Europe & Central Asia GNI per capita (US$) 860 Ease of doing business (rank) 143 Low income Population (m) 8.0 Starting a business (rank) 87 Registering property (rank) 78 Trading across borders (rank) 188 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 12 Time (days) 33 Time (days) 37 Time to export (days) 71 Cost (% of income per capita) 25.6 Cost (% of property value) 4.1 Cost to export (US$ per container) 8,650 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 159 Time to import (days) 72 Dealing with construction permits (rank) 184 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 10,250 Procedures (number) 24 Depth of credit information index (0–6) 4 Time (days) 228 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 39 Cost (% of income per capita) 604.5 Private bureau coverage (% of adults) 2.1 Procedures (number) 35 Time (days) 430 Getting electricity (rank) 186 Protecting investors (rank) 22 Cost (% of claim) 25.5 Procedures (number) 9 Extent of disclosure index (0–10) 8 Time (days) 185 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 81 Cost (% of income per capita) 1,077.4 Ease of shareholder suits index (0–10) 6 Time (years) 1.7 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 9 Recovery rate (cents on the dollar) 35.8 Paying taxes (rank) 178 Payments (number per year) 69 Time (hours per year) 224 Total tax rate (% of profit) 86.0 TANZANIA Sub-Saharan Africa GNI per capita (US$) 570 Ease of doing business (rank) 145 Low income Population (m) 47.8 Starting a business (rank) 119 Registering property (rank) 146 Trading across borders (rank) 139 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 26 Time (days) 68 Time to export (days) 18 Cost (% of income per capita) 27.7 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 130 Time to import (days) 31 Dealing with construction permits (rank) 177 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 1,615 Procedures (number) 19 Depth of credit information index (0–6) 0 Time (days) 206 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 42 Cost (% of income per capita) 490.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 515 Getting electricity (rank) 102 Protecting investors (rank) 98 Cost (% of claim) 14.3 Procedures (number) 4 Extent of disclosure index (0–10) 3 Time (days) 109 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 134 Cost (% of income per capita) 1,690.6 Ease of shareholder suits index (0–10) 8 Time (years) 3.0 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 22 Recovery rate (cents on the dollar) 21.4 Paying taxes (rank) 141 Payments (number per year) 48 Time (hours per year) 176 Total tax rate (% of profit) 44.9 THAILAND East Asia & Pacific GNI per capita (US$) 5,210 Ease of doing business (rank) 18 Upper middle income Population (m) 66.8 Starting a business (rank) 91 Registering property (rank) 29 Trading across borders (rank) 24 Procedures (number) 4 Procedures (number) 2 Documents to export (number) 5 Time (days) 27.5 Time (days) 2 Time to export (days) 14 Cost (% of income per capita) 6.7 Cost (% of property value) 6.3 Cost to export (US$ per container) 595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 73 Time to import (days) 13 Dealing with construction permits (rank) 14 Strength of legal rights index (0–10) 5 Cost to import (US$ per container) 760 Procedures (number) 8 Depth of credit information index (0–6) 5 Time (days) 157 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 22 Cost (% of income per capita) 8.3 Private bureau coverage (% of adults) 49.2 Procedures (number) 36 Time (days) 440 Getting electricity (rank) 12 Protecting investors (rank) 12 Cost (% of claim) 15.0 Procedures (number) 4 Extent of disclosure index (0–10) 10 Time (days) 35 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 58 Cost (% of income per capita) 67.3 Ease of shareholder suits index (0–10) 6 Time (years) 2.7 Strength of investor protection index (0–10) 7.7 Cost (% of estate) 36 Recovery rate (cents on the dollar) 42.2 Paying taxes (rank) 70 Payments (number per year) 22 Time (hours per year) 264 Total tax rate (% of profit) 29.8 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 230 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business TIMOR-LESTE East Asia & Pacific GNI per capita (US$) 3,670 Ease of doing business (rank) 172 Lower middle income Population (m) 1.2 Starting a business (rank) 154 Registering property (rank) 189 Trading across borders (rank) 92 Procedures (number) 8 Procedures (number) NO PRACTICE Documents to export (number) 6 Time (days) 94 Time (days) NO PRACTICE Time to export (days) 28 Cost (% of income per capita) 3.1 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 750 Minimum capital (% of income per capita) 136.2 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days) 26 Dealing with construction permits (rank) 128 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 755 Procedures (number) 19 Depth of credit information index (0–6) 3 Time (days) 238 Public registry coverage (% of adults) 5.4 Enforcing contracts (rank) 189 Cost (% of income per capita) 15.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 1,285 Getting electricity (rank) 44 Protecting investors (rank) 115 Cost (% of claim) 163.2 Procedures (number) 3 Extent of disclosure index (0–10) 5 Time (days) 63 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 189 Cost (% of income per capita) 638.0 Ease of shareholder suits index (0–10) 5 Time (years) NO PRACTICE Strength of investor protection index (0–10) 4.7 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 55 Payments (number per year) 18 Time (hours per year) 276 Total tax rate (% of profit) 11.0 TOGO Sub-Saharan Africa GNI per capita (US$) 500 Ease of doing business (rank) 157 Low income Population (m) 6.6 Starting a business (rank) 168 Registering property (rank) 159 Trading across borders (rank) 110 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 19 Time (days) 295 Time to export (days) 24 Cost (% of income per capita) 121.4 Cost (% of property value) 11.4 Cost to export (US$ per container) 1,015 Minimum capital (% of income per capita) 388.5 Documents to import (number) 7 Getting credit (rank) 130 Time to import (days) 29 Dealing with construction permits (rank) 114 Strength of legal rights index (0–10) 6 Cost to import (US$ per container) 1,190 Procedures (number) 12 Depth of credit information index (0–6) 1 Time (days) 155 Public registry coverage (% of adults) 3.1 Enforcing contracts (rank) 153 Cost (% of income per capita) 458.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 588 Getting electricity (rank) 96 Protecting investors (rank) 147 Cost (% of claim) 47.5 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 74 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 111 Cost (% of income per capita) 5,800.4 Ease of shareholder suits index (0–10) 4 Time (years) 3.0 Strength of investor protection index (0–10) 3.7 Cost (% of estate) 15 Recovery rate (cents on the dollar) 27.6 Paying taxes (rank) 172 Payments (number per year) 50 Time (hours per year) 270 Total tax rate (% of profit) 49.4 TONGA East Asia & Pacific GNI per capita (US$) 4,240 Ease of doing business (rank) 57 Upper middle income Population (m) 0.1 Starting a business (rank) 42 Registering property (rank) 146 Trading across borders (rank) 63 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 16 Time (days) 112 Time to export (days) 22 Cost (% of income per capita) 7.7 Cost (% of property value) 15.1 Cost to export (US$ per container) 505 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 55 Time to import (days) 25 Dealing with construction permits (rank) 35 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 490 Procedures (number) 13 Depth of credit information index (0–6) 2 Time (days) 69 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 48 Cost (% of income per capita) 96.2 Private bureau coverage (% of adults) 6.5 Procedures (number) 37 Time (days) 350 Getting electricity (rank) 30 Protecting investors (rank) 115 Cost (% of claim) 30.5 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 42 Extent of director liability index (0–10) 3 Resolving insolvency (rank) 118 Cost (% of income per capita) 94.4 Ease of shareholder suits index (0–10) 8 Time (years) 2.7 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 22 Recovery rate (cents on the dollar) 26.1 Paying taxes (rank) 51 Payments (number per year) 30 Time (hours per year) 182 Total tax rate (% of profit) 29.6 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 231 Reform making it easier to do business   Reform making it more difficult to do business TRINIDAD AND TOBAGO Latin America & Caribbean GNI per capita (US$) 14,400 Ease of doing business (rank) 66 High income Population (m) 1.3 Starting a business (rank) 67 Registering property (rank) 178 Trading across borders (rank) 73 Procedures (number) 7 Procedures (number) 9 Documents to export (number) 5 Time (days) 37.5 Time (days) 77.5 Time to export (days) 11 Cost (% of income per capita) 0.8 Cost (% of property value) 7.0 Cost to export (US$ per container) 843 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 77 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,260 Procedures (number) 14 Depth of credit information index (0–6) 4 Time (days) 265 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 174 Cost (% of income per capita) 5.6 Private bureau coverage (% of adults) 63.2 Procedures (number) 42 Time (days) 1,340 Getting electricity (rank) 10 Protecting investors (rank) 22 Cost (% of claim) 33.5 Procedures (number) 4 Extent of disclosure index (0–10) 4 Time (days) 61 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 114 Cost (% of income per capita) 7.0 Ease of shareholder suits index (0–10) 7 Time (years) 2.5 Strength of investor protection index (0–10) 6.7 Cost (% of estate) 25 Recovery rate (cents on the dollar) 26.9 Paying taxes (rank) 97 Payments (number per year) 39 Time (hours per year) 210 Total tax rate (% of profit) 29.1 TUNISIA Middle East & North Africa GNI per capita (US$) 4,150 Ease of doing business (rank) 51 Upper middle income Population (m) 10.8 Starting a business (rank) 70 Registering property (rank) 72 Trading across borders (rank) 31 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 4 Time (days) 11 Time (days) 39 Time to export (days) 13 Cost (% of income per capita) 4.7 Cost (% of property value) 6.1 Cost to export (US$ per container) 775 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 17 Dealing with construction permits (rank) 122 Strength of legal rights index (0–10) 3 Cost to import (US$ per container) 860 Procedures (number) 19 Depth of credit information index (0–6) 5 Time (days) 94 Public registry coverage (% of adults) 28.8 Enforcing contracts (rank) 78 Cost (% of income per capita) 255.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 565 Getting electricity (rank) 55 Protecting investors (rank) 52 Cost (% of claim) 21.8 Procedures (number) 4 Extent of disclosure index (0–10) 5 Time (days) 65 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 39 Cost (% of income per capita) 811.9 Ease of shareholder suits index (0–10) 6 Time (years) 1.3 Strength of investor protection index (0–10) 6.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 52.0 Paying taxes (rank) 60 Payments (number per year) 8 Time (hours per year) 144 Total tax rate (% of profit) 62.4 TURKEY Europe & Central Asia GNI per capita (US$) 10,830 Ease of doing business (rank) 69 Upper middle income Population (m) 74.0 Starting a business (rank) 93 Registering property (rank) 50 Trading across borders (rank) 86 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 6 Time (days) 6 Time to export (days) 13 Cost (% of income per capita) 12.7 Cost (% of property value) 4.0 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 13.2 Documents to import (number) 8 Getting credit (rank) 86 Time to import (days) 14 Dealing with construction permits (rank) 148 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,235 Procedures (number) 20 Depth of credit information index (0–6) 5 Time (days) 164 Public registry coverage (% of adults) 27.0 Enforcing contracts (rank) 38 Cost (% of income per capita) 142.5 Private bureau coverage (% of adults) 71.7 Procedures (number) 36 Time (days) 420 Getting electricity (rank) 49 Protecting investors (rank) 34 Cost (% of claim) 24.9 Procedures (number) 4 Extent of disclosure index (0–10) 9 Time (days) 70 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 130 Cost (% of income per capita) 475.3 Ease of shareholder suits index (0–10) 5 Time (years) 3.3 Strength of investor protection index (0–10) 6.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 22.3 Paying taxes (rank) 71 Payments (number per year) 11 Time (hours per year) 226 Total tax rate (% of profit) 40.2 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 232 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business UGANDA Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business (rank) 132 Low income Population (m) 36.3 Starting a business (rank) 151 Registering property (rank) 126 Trading across borders (rank) 164 Procedures (number) 15 Procedures (number) 11 Documents to export (number) 7 Time (days) 32 Time (days) 47 Time to export (days) 30 Cost (% of income per capita) 78.3 Cost (% of property value) 2.6 Cost to export (US$ per container) 2,800 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 42 Time to import (days) 33 Dealing with construction permits (rank) 143 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 3,375 Procedures (number) 16 Depth of credit information index (0–6) 5 Time (days) 146 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 117 Cost (% of income per capita) 742.9 Private bureau coverage (% of adults) 4.1 Procedures (number) 38 Time (days) 490 Getting electricity (rank) 178 Protecting investors (rank) 115 Cost (% of claim) 44.9 Procedures (number) 6 Extent of disclosure index (0–10) 3 Time (days) 132 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 79 Cost (% of income per capita) 13,456.7 Ease of shareholder suits index (0–10) 6 Time (years) 2.2 Strength of investor protection index (0–10) 4.7 Cost (% of estate) 30 Recovery rate (cents on the dollar) 36.0 Paying taxes (rank) 98 Payments (number per year) 31 Time (hours per year) 209 Total tax rate (% of profit) 36.6 UKRAINE Europe & Central Asia GNI per capita (US$) 3,500 Ease of doing business (rank) 112 Lower middle income Population (m) 45.6 Starting a business (rank) 47 Registering property (rank) 97 Trading across borders (rank) 148 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 6 Time (days) 21 Time (days) 45 Time to export (days) 29 Cost (% of income per capita) 1.3 Cost (% of property value) 1.9 Cost to export (US$ per container) 1,930 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 13 Time to import (days) 28 Dealing with construction permits (rank) 41 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 2,505 Procedures (number) 10 Depth of credit information index (0–6) 5 Time (days) 73 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 45 Cost (% of income per capita) 607.1 Private bureau coverage (% of adults) 28.3 Procedures (number) 30 Time (days) 378 Getting electricity (rank) 172 Protecting investors (rank) 128 Cost (% of claim) 43.8 Procedures (number) 10 Extent of disclosure index (0–10) 5 Time (days) 277 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 162 Cost (% of income per capita) 178.0 Ease of shareholder suits index (0–10) 6 Time (years) 2.9 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 42 Recovery rate (cents on the dollar) 8.2 Paying taxes (rank) 164 Payments (number per year) 28 Time (hours per year) 390 Total tax rate (% of profit) 54.9 UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 36,040 Ease of doing business (rank) 23 High income Population (m) 9.2 Starting a business (rank) 37 Registering property (rank) 4 Trading across borders (rank) 4 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 3 Time (days) 8 Time (days) 6 Time to export (days) 7 Cost (% of income per capita) 6.4 Cost (% of property value) 0.4 Cost to export (US$ per container) 655 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 86 Time to import (days) 7 Dealing with construction permits (rank) 5 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 615 Procedures (number) 12 Depth of credit information index (0–6) 5 Time (days) 44 Public registry coverage (% of adults) 5.8 Enforcing contracts (rank) 100 Cost (% of income per capita) 12.0 Private bureau coverage (% of adults) 27.0 Procedures (number) 49 Time (days) 524 Getting electricity (rank) 4 Protecting investors (rank) 98 Cost (% of claim) 19.5 Procedures (number) 3 Extent of disclosure index (0–10) 6 Time (days) 35 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 101 Cost (% of income per capita) 21.9 Ease of shareholder suits index (0–10) 2 Time (years) 3.2 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 20 Recovery rate (cents on the dollar) 29.4 Paying taxes (rank) 1 Payments (number per year) 4 Time (hours per year) 12 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 233 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 14.9 UNITED KINGDOM OECD high income GNI per capita (US$) 38,250 Ease of doing business (rank) 10 High income Population (m) 63.2 Starting a business (rank) 28 Registering property (rank) 68 Trading across borders (rank) 16 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 4 Time (days) 12 Time (days) 21.5 Time to export (days) 8 Cost (% of income per capita) 0.3 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,005 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 1 Time to import (days) 6 Dealing with construction permits (rank) 27 Strength of legal rights index (0–10) 10 Cost to import (US$ per container) 1,050 Procedures (number) 12 Depth of credit information index (0–6) 6 Time (days) 88 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 56 Cost (% of income per capita) 66.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 437 Getting electricity (rank) 74 Protecting investors (rank) 10 Cost (% of claim) 39.9 Procedures (number) 5 Extent of disclosure index (0–10) 10 Time (days) 126 Extent of director liability index (0–10) 7 Resolving insolvency (rank) 7 Cost (% of income per capita) 91.9 Ease of shareholder suits index (0–10) 7 Time (years) 1.0 Strength of investor protection index (0–10) 8.0 Cost (% of estate) 6 Recovery rate (cents on the dollar) 88.6 Paying taxes (rank) 14 Payments (number per year) 8 Time (hours per year) 110 Total tax rate (% of profit) 34.0 UNITED STATES OECD high income GNI per capita (US$) 50,120 Ease of doing business (rank) 4 High income Population (m) 313.9 Starting a business (rank) 20 Registering property (rank) 25 Trading across borders (rank) 22 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 3 Time (days) 5 Time (days) 12 Time to export (days) 6 Cost (% of income per capita) 1.5 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 3 Time to import (days) 5 Dealing with construction permits (rank) 34 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,315 Procedures (number) 16 Depth of credit information index (0–6) 6 Time (days) 91 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 11 Cost (% of income per capita) 16.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 370 Getting electricity (rank) 13 Protecting investors (rank) 6 Cost (% of claim) 18.4 Procedures (number) 4 Extent of disclosure index (0–10) 7 Time (days) 60 Extent of director liability index (0–10) 9 Resolving insolvency (rank) 17 Cost (% of income per capita) 15.6 Ease of shareholder suits index (0–10) 9 Time (years) 1.5 Strength of investor protection index (0–10) 8.3 Cost (% of estate) 7 Recovery rate (cents on the dollar) 81.5 Paying taxes (rank) 64 Payments (number per year) 11 Time (hours per year) 175 Total tax rate (% of profit) 46.3 URUGUAY Latin America & Caribbean GNI per capita (US$) 13,510 Ease of doing business (rank) 88 High income Population (m) 3.4 Starting a business (rank) 43 Registering property (rank) 167 Trading across borders (rank) 90 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 6 Time (days) 6.5 Time (days) 66 Time to export (days) 16 Cost (% of income per capita) 22.7 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 73 Time to import (days) 16 Dealing with construction permits (rank) 154 Strength of legal rights index (0–10) 4 Cost to import (US$ per container) 1,440 Procedures (number) 22 Depth of credit information index (0–6) 6 Time (days) 256 Public registry coverage (% of adults) 80.2 Enforcing contracts (rank) 105 Cost (% of income per capita) 46.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 41 Time (days) 725 Getting electricity (rank) 23 Protecting investors (rank) 98 Cost (% of claim) 19.0 Procedures (number) 5 Extent of disclosure index (0–10) 3 Time (days) 48 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 51 Cost (% of income per capita) 16.5 Ease of shareholder suits index (0–10) 8 Time (years) 1.8 Strength of investor protection index (0–10) 5.0 Cost (% of estate) 7 Recovery rate (cents on the dollar) 45.1 Paying taxes (rank) 146 Payments (number per year) 33 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 234 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Time (hours per year) 310 Total tax rate (% of profit) 41.9 UZBEKISTAN Europe & Central Asia GNI per capita (US$) 1,720 Ease of doing business (rank) 146 Lower middle income Population (m) 29.8 Starting a business (rank) 21 Registering property (rank) 136 Trading across borders (rank) 189 Procedures (number) 4 Procedures (number) 14 Documents to export (number) 12 Time (days) 8.5 Time (days) 77 Time to export (days) 79 Cost (% of income per capita) 3.5 Cost (% of property value) 0.6 Cost to export (US$ per container) 4,785 Minimum capital (% of income per capita) 0.0 Documents to import (number) 14 Getting credit (rank) 130 Time to import (days) 95 Dealing with construction permits (rank) 159 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 5,235 Procedures (number) 25 Depth of credit information index (0–6) 5 Time (days) 243 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 40 Cost (% of income per capita) 49.6 Private bureau coverage (% of adults) 16.5 Procedures (number) 41 Time (days) 195 Getting electricity (rank) 173 Protecting investors (rank) 138 Cost (% of claim) 22.2 Procedures (number) 9 Extent of disclosure index (0–10) 4 Time (days) 108 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 63 Cost (% of income per capita) 1,159.6 Ease of shareholder suits index (0–10) 7 Time (years) 2.0 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 10 Recovery rate (cents on the dollar) 39.9 Paying taxes (rank) 168 Payments (number per year) 41 Time (hours per year) 205 Total tax rate (% of profit) 99.3 VANUATU East Asia & Pacific GNI per capita (US$) 3,080 Ease of doing business (rank) 74 Lower middle income Population (m) 0.2 Starting a business (rank) 126 Registering property (rank) 110 Trading across borders (rank) 119 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 6 Time (days) 35 Time (days) 118 Time to export (days) 21 Cost (% of income per capita) 46.2 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 55 Time to import (days) 24 Dealing with construction permits (rank) 50 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 1,440 Procedures (number) 12 Depth of credit information index (0–6) 2 Time (days) 54 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 72 Cost (% of income per capita) 422.5 Private bureau coverage (% of adults) 5.5 Procedures (number) 30 Time (days) 430 Getting electricity (rank) 129 Protecting investors (rank) 80 Cost (% of claim) 56.0 Procedures (number) 5 Extent of disclosure index (0–10) 5 Time (days) 122 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 57 Cost (% of income per capita) 1,230.1 Ease of shareholder suits index (0–10) 5 Time (years) 2.6 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 42.2 Paying taxes (rank) 30 Payments (number per year) 31 Time (hours per year) 120 Total tax rate (% of profit) 8.4 VENEZUELA, RB Latin America & Caribbean GNI per capita (US$) 12,470 Ease of doing business (rank) 181 Upper middle income Population (m) 30.0 Starting a business (rank) 157 Registering property (rank) 95 Trading across borders (rank) 173 Procedures (number) 17 Procedures (number) 8 Documents to export (number) 8 Time (days) 144 Time (days) 38 Time to export (days) 56 Cost (% of income per capita) 35.6 Cost (% of property value) 2.5 Cost to export (US$ per container) 3,490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 130 Time to import (days) 82 Dealing with construction permits (rank) 110 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 3,695 Procedures (number) 10 Depth of credit information index (0–6) 5 Time (days) 381 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 92 Cost (% of income per capita) 96.8 Private bureau coverage (% of adults) 16.7 Procedures (number) 30 Time (days) 610 Getting electricity (rank) 167 Protecting investors (rank) 182 Cost (% of claim) 43.7 Procedures (number) 6 Extent of disclosure index (0–10) 3 Time (days) 158 Extent of director liability index (0–10) 2 Resolving insolvency (rank) 165 Cost (% of income per capita) 1,133.7 Ease of shareholder suits index (0–10) 2 Time (years) 4.0 Strength of investor protection index (0–10) 2.3 Cost (% of estate) 38 Recovery rate (cents on the dollar) 6.5 Paying taxes (rank) 187 Payments (number per year) 71 Time (hours per year) 792 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Country tables 235 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 61.7 VIETNAM East Asia & Pacific GNI per capita (US$) 1,400 Ease of doing business (rank) 99 Lower middle income Population (m) 88.8 Starting a business (rank) 109 Registering property (rank) 51 Trading across borders (rank) 65 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 34 Time (days) 57 Time to export (days) 21 Cost (% of income per capita) 7.7 Cost (% of property value) 0.6 Cost to export (US$ per container) 610 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 42 Time to import (days) 21 Dealing with construction permits (rank) 29 Strength of legal rights index (0–10) 8 Cost to import (US$ per container) 600 Procedures (number) 11 Depth of credit information index (0–6) 4 Time (days) 114 Public registry coverage (% of adults) 39.1 Enforcing contracts (rank) 46 Cost (% of income per capita) 56.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 400 Getting electricity (rank) 156 Protecting investors (rank) 157 Cost (% of claim) 29.0 Procedures (number) 6 Extent of disclosure index (0–10) 7 Time (days) 115 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 149 Cost (% of income per capita) 1,726.4 Ease of shareholder suits index (0–10) 2 Time (years) 5.0 Strength of investor protection index (0–10) 3.3 Cost (% of estate) 15 Recovery rate (cents on the dollar) 16.2 Paying taxes (rank) 149 Payments (number per year) 32 Time (hours per year) 872 Total tax rate (% of profit) 35.2 WEST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,679 Ease of doing business (rank) 138 Lower middle income Population (m) 4.0 Starting a business (rank) 143 Registering property (rank) 122 Trading across borders (rank) 123 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 45 Time (days) 56 Time to export (days) 23 Cost (% of income per capita) 85.5 Cost (% of property value) 3.0 Cost to export (US$ per container) 1,360 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 165 Time to import (days) 38 Dealing with construction permits (rank) 131 Strength of legal rights index (0–10) 1 Cost to import (US$ per container) 1,390 Procedures (number) 18 Depth of credit information index (0–6) 4 Time (days) 87 Public registry coverage (% of adults) 8.8 Enforcing contracts (rank) 88 Cost (% of income per capita) 1,033.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 540 Getting electricity (rank) 87 Protecting investors (rank) 80 Cost (% of claim) 21.2 Procedures (number) 5 Extent of disclosure index (0–10) 6 Time (days) 63 Extent of director liability index (0–10) 5 Resolving insolvency (rank) 189 Cost (% of income per capita) 1,472.2 Ease of shareholder suits index (0–10) 5 Time (years) NO PRACTICE Strength of investor protection index (0–10) 5.3 Cost (% of estate) NO PRACTICE Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 62 Payments (number per year) 39 Time (hours per year) 170 Total tax rate (% of profit) 16.5 YEMEN, REP. Middle East & North Africa GNI per capita (US$) 1,377 Ease of doing business (rank) 133 Lower middle income Population (m) 23.9 Starting a business (rank) 114 Registering property (rank) 61 Trading across borders (rank) 128 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 40 Time (days) 19 Time to export (days) 29 Cost (% of income per capita) 66.1 Cost (% of property value) 3.8 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 170 Time to import (days) 25 Dealing with construction permits (rank) 101 Strength of legal rights index (0–10) 2 Cost to import (US$ per container) 1,490 Procedures (number) 14 Depth of credit information index (0–6) 2 Time (days) 186 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 85 Cost (% of income per capita) 48.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 645 Getting electricity (rank) 116 Protecting investors (rank) 138 Cost (% of claim) 26.5 Procedures (number) 4 Extent of disclosure index (0–10) 6 Time (days) 110 Extent of director liability index (0–10) 4 Resolving insolvency (rank) 126 Cost (% of income per capita) 3,604.0 Ease of shareholder suits index (0–10) 2 Time (years) 3.0 Strength of investor protection index (0–10) 4.0 Cost (% of estate) 8 Recovery rate (cents on the dollar) 24.4 Paying taxes (rank) 129 Payments (number per year) 44 Time (hours per year) 248 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. 236 Doing Business 2014 Reform making it easier to do business   Reform making it more difficult to do business Total tax rate (% of profit) 32.7 ZAMBIA Sub-Saharan Africa GNI per capita (US$) 1,350 Ease of doing business (rank) 83 Lower middle income Population (m) 14.1 Starting a business (rank) 45 Registering property (rank) 102 Trading across borders (rank) 163 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 7 Time (days) 6.5 Time (days) 45 Time to export (days) 44 Cost (% of income per capita) 26.8 Cost (% of property value) 8.6 Cost to export (US$ per container) 2,765 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 13 Time to import (days) 49 Dealing with construction permits (rank) 57 Strength of legal rights index (0–10) 9 Cost to import (US$ per container) 3,560 Procedures (number) 11 Depth of credit information index (0–6) 5 Time (days) 124 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 120 Cost (% of income per capita) 198.5 Private bureau coverage (% of adults) 12.0 Procedures (number) 35 Time (days) 611 Getting electricity (rank) 152 Protecting investors (rank) 80 Cost (% of claim) 38.7 Procedures (number) 6 Extent of disclosure index (0–10) 3 Time (days) 117 Extent of director liability index (0–10) 6 Resolving insolvency (rank) 73 Cost (% of income per capita) 955.8 Ease of shareholder suits index (0–10) 7 Time (years) 2.4 Strength of investor protection index (0–10) 5.3 Cost (% of estate) 9 Recovery rate (cents on the dollar) 37.1 Paying taxes (rank) 68 Payments (number per year) 38 Time (hours per year) 183 Total tax rate (% of profit) 15.1 ZIMBABWE Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 170 Low income Population (m) 13.7 Starting a business (rank) 150 Registering property (rank) 93 Trading across borders (rank) 167 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 90 Time (days) 36 Time to export (days) 53 Cost (% of income per capita) 141.2 Cost (% of property value) 7.8 Cost to export (US$ per container) 3,765 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 109 Time to import (days) 71 Dealing with construction permits (rank) 170 Strength of legal rights index (0–10) 7 Cost to import (US$ per container) 5,660 Procedures (number) 12 Depth of credit information index (0–6) 1 Time (days) 496 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 118 Cost (% of income per capita) 3,055.6 Private bureau coverage (% of adults) 3.7 Procedures (number) 38 Time (days) 410 Getting electricity (rank) 157 Protecting investors (rank) 128 Cost (% of claim) 113.1 Procedures (number) 6 Extent of disclosure index (0–10) 8 Time (days) 106 Extent of director liability index (0–10) 1 Resolving insolvency (rank) 156 Cost (% of income per capita) 3,686.8 Ease of shareholder suits index (0–10) 4 Time (years) 3.3 Strength of investor protection index (0–10) 4.3 Cost (% of estate) 22 Recovery rate (cents on the dollar) 13.1 Paying taxes (rank) 142 Payments (number per year) 49 Time (hours per year) 242 Total tax rate (% of profit) 35.3 Note: Most indicator sets refer to a case scenario in an economy’s largest business city. For more details, see the data notes. Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Afghanistan No No limit 0.0 0.00 Yes 6.0 25 50 No No 20.0 Yes Yes No Yes Yes No No Yes 4.3 17.3 Albania Yes No limit 201.0 0.40 Yes 6.0 50 25 Yes No 20.0 Yes No No No No No No Yes 10.1 10.7 Algeria Yes No limit 211.3 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 12 144.3 0.19 Yes 6.0 25 100 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 26.7 Antigua and Barbuda No No limit 573.2 0.37 Yes 6.0 0 0 No No 12.0 Yes No No No No Yes Yes No 3.4 12.8 Argentina Yes 60 635.1 0.51 Yes 6.0 13 50 No No 18.0 Yes No No No No No No No 7.2 23.1 Armenia Yes No limit 92.4 0.21 Yes 6.0 30 100 No No 20.0 Yes No No No No Yes No No 6.0 5.0 Australia No No limit 2,104.4 0.28 No 7.0 15 100 No No 25.0 Yes No No No No Yes No No 3.0 8.7 Austria No No limit 725.5 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 60 112.5 0.16 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 0.26 Yes 6.0 0 0 No No 11.7 Yes Yes No Yes No No No No 2.0 10.7 Bahrain No 60 0.0 0.00 Yes 6.0 50 50 No No 30.0 Yes Yes No Yes No No No No 4.3 0.0 Bangladesh Yes No limit 334.6 0.36 Yes 6.0 0 0 No No 17.0 Yes Yes No Yes No No Yes Yes 4.3 26.7 Barbados No No limit 0.0 0.00 Yes 7.0 0 0 No No 20.3 Yes No No No No No No No 2.7 13.3 Belarus No No limit 167.4 0.22 Yes 6.0 20 100 No No 18.0 Yes No No No No Yes Yes No 8.7 13.0 Doing Business 2014 Belgium No No limit 1,744.3 0.30 Yes 6.0 4 100 No Yes 20.0 Yes No No No No No No No 7.2 0.0 Belize No No limit 386.2 0.68 Yes 6.0 0 50 No No 10.0 Yes Yes No Yes No No No No 4.7 5.0 Benin No 48 62.0 0.54 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 0.0 0.00 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 8.3 0.0 Boliviag Yes 24 132.7 0.43 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. 238 239 Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Bosnia and Herzegovina No 24 382.3 0.67 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 105.0 0.10 Yes 6.0 0 100 No No 15.0 Yes Yes No Yes No No Yes Yes 4.9 16.8 Brazil Yes 24 442.0 0.31 Yes 6.0 20 100 Yes No 26.0 Yes No No No No No No No 6.6 8.9 Brunei 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 36 207.5 0.24 Yes 6.0 3 0 Yes No 20.0 Yes No No No No No No No 4.3 3.2 Burkina Faso No No limit 68.0 0.63 Yes 6.0 0 0 No Yes 22.0 Yes No No Yes No No Yes Yes 4.3 6.1 Burundi No No limit 2.7 0.07 Yes 6.0 35 100 No Yes 21.0 Yes No No Yes No No Yes Yes 8.7 7.2 Cambodia No 24 43.0 0.37 Yes 6.0 30 100 No No 19.3 Yes No No Yes No No Yes Yes 7.9 11.4 Cameroon No 48 56.7 0.31 Yes 6.0 50 0 No No 19.0 Yes Yes Yes Yes Yes No Yes Yes 7.2 8.1 Canada No No limit 1,735.6 0.28 Yes 6.0 0 0 No No 10.0 Yes No No No No No No No 5.0 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 Republic Yes 48 38.0 0.52 Yes 5.0 0 50 No Yes 25.3 Yes Yes No Yes Yes No Yes Yes 4.3 17.3 Chad No 48 111.7 0.89 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 23.1 China No No limit 242.4 0.37 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 309.9 0.35 Yes 6.0 35 75 No No 15.0 Yes No No No No No No No 0.0 16.7 Comoros No 36 0.0 0.00 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 1.85 Yes 5.0 25 0 No No 13.0 Yes Yes Yes Yes Yes No Yes Yes 10.3 0.0 Congo, Rep. Yes 24 100.9 0.26 Yes 6.0 0 50 No Yes 29.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 6.5 Costa Rica Yes 12 478.0 0.45 Yes 6.0 0 100 Yes No 12.0 Yes No No No No No No No 4.3 14.4 employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week 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 36 502.1 0.30 Yes 6.0 10 35 Yes 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 108 428.4 0.20 Yes 6.0 10 10 No No 20.0 Yes No No No No No No No 8.7 11.6 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 231.3 0.28 Yes 6.0 0 100 No No 13.3 Yes No No No No No Yes Yes 5.8 9.3 Dominican Republic Yes No limit 270.3 0.38 Yes 5.5 0 100 No Yes 14.0 Yes No No No No No No No 4.0 22.2 Ecuador No 24 287.0 0.42 Yes 5.0 25 100 No No 12.0 Yes Yes No Yes No No No No 0.0 31.8 Egypt, Arab Rep. No No limit 111.1 0.28 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 93.5 0.20 Yes 6.0 25 100 Yes Yes 11.0 Yes No No No No No No No 0.0 22.9 Equatorial Guinea Yes 24 290.6 0.15 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 120 417.8 0.21 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 8.7 10.5 Doing Business 2014 Fiji No No limit 334.6 0.63 Yes 6.0 4 100 No No 10.0 Yes Yes No Yes No No No No 4.3 5.3 Finland Yes 60 1,962.9 0.33 Yes 6.0 8 100 No No 30.0 Yes Yes No Yes No Yes Yes Yes 10.1 0.0 France Yes 18 778.1 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 72.8 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 0.0 240 241 Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Georgia No No limit 22.8 0.06 Yes 7.0 0 0 No No 24.0 Yes No No No No No No No 0.0 4.3 Germany No 24 1,139.9 0.20 Yes 6.0 15 100 No No 24.0 Yes Yes No Yes No Yes Yes No 10.0 11.6 Ghana No No limit 27.6 0.12 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 666.7 0.23 Yes 5.0 25 75 No Yes 22.3 Yes No No Yes Yes No Yes No 0.0 15.9 Grenada Yes No limit 360.5 0.40 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 345.2 0.73 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 No No No No 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 162.9 0.34 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 72.3 0.69 Yes 6.0 50 50 No No 13.0 Yes No No No No No No No 10.1 0.0 Honduras Yes 24 430.1 1.49 Yes 6.0 25 100 Yes No 16.7 Yes Yes Yes Yes Yes No Yes No 7.2 23.1 Hong Kong SAR, China No No limit 0.0 0.00 Yes 6.0 0 0 No No 10.3 Yes No No No No No No No 4.3 1.4 Hungary No 60 456.6 0.30 No 5.0 30 50 No No 21.3 Yes No No No No No No No 6.2 7.2 Iceland No 24 1,655.7 0.34 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 28.4 0.15 Yes 6.0 0 0 No No 15.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 11.4 Indonesia Yes 36 232.0 0.53 Yes 6.0 0 0 No No 12.0 Yes Yes Yes Yes Yes Yes No No 0.0 57.8 Iran, Islamic Rep. No No limit 4,000.9 4.73 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 92.3 0.11 Yes 6.0 0 50 Yes No 22.0 Yes Yes No Yes No No No No 0.0 0.0 Ireland No No limit 1,593.3 0.33 Yes 6.0 0 0 No No 20.0 Yes No No Yes No No No No 4.0 8.2 Israel No No limit 1,140.9 0.29 Yes 5.5 14 50 No Yes 18.0 Yes No No No No No No No 4.3 23.1 employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Italy No 44 1,779.0 0.41 Yes 6.0 15 50 Yes No 20.3 Yes No No Yes No Yes Yes Yes 7.2 0.0 Jamaica No No limit 235.4 0.35 Yes 6.0 0 100 No No 11.7 Yes No No No No No No No 4.0 10.0 Japan No No limit 1,833.6 0.29 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 256.9 0.41 Yes 6.0 0 150 No No 18.7 Yes Yes Yes Yes Yes No No Yes 4.3 0.0 Kazakhstan No No limit 117.9 0.10 Yes 6.0 50 100 No No 18.0 Yes Yes No Yes No Yes No No 4.3 4.3 Kenya No No limit 117.1 0.92 Yes 6.0 0 0 No No 21.0 Yes Yes No Yes No No Yes No 4.3 2.1 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 24 727.8 0.28 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 171.6 0.15 No 6.0 30 0 No No 21.0 Yes No No No No Yes Yes Yes 4.3 7.2 Kuwait No No limit 214.3 0.04 Yes 6.0 0 50 No Yes 30.0 Yes No No No No No No No 13.0 15.1 Kyrgyz Republic Yes 60 16.3 0.13 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 75.6 0.44 Yes 6.0 15 150 No No 15.0 Yes Yes Yes Yes Yes No No No 6.4 40.7 Latvia Yes 36 370.0 0.21 Yes 5.5 50 0 Yes No 20.0 Yes No No No No Yes Yes No 1.0 8.7 Lebanon No 24 430.3 0.39 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 104.1 0.53 Yes 6.0 0 100 Yes No 12.0 Yes No No No No No No No 4.3 10.7 Doing Business 2014 Liberia No No limit 52.0 0.91 Yes 6.0 0 50 No No 16.0 Yes Yes No Yes No No Yes Yes 4.3 21.3 Libya No 48 317.0 0.20 Yes 6.0 0 0 No No 30.0 Yes Yes No Yes No No No No 4.3 6.0 Lithuania No 60 376.0 0.23 No 5.5 50 100 No No 20.7 Yes No No No No Yes Yes No 8.7 15.9 Luxembourg Yes 24 2,418.7 0.26 No 5.5 0 70 No Yes 25.0 Yes Yes No Yes No No No Yes 17.3 4.3 Macedonia, FYR No 60 132.5 0.24 Yes 6.0 35 50 Yes No 20.0 Yes No No No No No No No 4.3 8.7 242 243 Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Madagascar Yes 24 45.4 0.69 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 22.7 0.44 Yes 6.0 0 100 No No 18.0 Yes Yes No Yes No No No No 4.3 12.3 Malaysia No No limit 199.6 0.17 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 13.9 0.13 Yes 6.0 0 0 No No 22.0 Yes Yes No Yes No No Yes Yes 4.3 9.3 Malta No 48 918.2 0.39 No 6.0 0 0 No No 24.0 Yes No No No No No Yes Yes 7.3 0.0 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 73.3 0.45 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 164.8 0.16 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 128.1 0.10 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 355.2 0.78 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 101.2 0.42 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 95.4 0.25 Yes 5.0 0 50 No No 16.0 Yes No No No No No No No 4.3 4.3 Montenegro No 24 285.8 0.34 Yes 6.0 40 0 No No 21.0 Yes No No No No Yes Yes No 4.3 6.9 Morocco Yes 12 279.8 0.77 Yes 6.0 0 0 No Yes 19.5 Yes No No Yes Yes Yes Yes Yes 7.2 13.5 Mozambique Yes 72 111.6 1.35 Yes 6.0 0 100 No Yes 24.0 Yes Yes No Yes No No No No 4.3 33.2 Myanmar Yes 36 0.0 0.00 Yes 6.0 0 100 No No 10.0 Yes No No No No No No No 4.3 15.9 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 75.9 0.77 Yes 6.0 0 50 No No 18.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 22.9 Netherlands No 36 1,029.0 0.17 Yes 5.5 0 0 Yes Yes 20.0 Yes Yes Yes Yes Yes Yes Yes No 8.7 0.0 employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week New Zealand No No limit 1,933.0 0.40 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 135.2 0.61 Yes 6.0 0 100 Yes Yes 30.0 Yes No No No No No No No 0.0 14.9 Niger Yes 48 55.4 0.85 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 115.7 0.52 Yes 6.0 0 0 No No 6.0 Yes No No Yes No No Yes No 4.0 12.2 Norway Yes 48 4,400.1 0.35 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 844.2 0.30 Yes 5.0 50 100 No No 22.0 Yes No No No No No No No 4.3 0.0 Pakistan Yes 9 41.6 0.24 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 517.2 0.40 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0 Panama Yes 12 467.5 0.36 Yes 6.0 0 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes No 0.0 18.1 Papua New Guinea No No limit 133.9 0.53 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 212.7 0.48 Yes 6.0 30 100 Yes No 20.0 Yes Yes Yes Yes Yes No No Yes 7.5 18.6 Peru Yes 60 268.8 0.35 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 218.3 0.65 Yes 6.0 10 30 No No 5.0 Yes Yes No Yes No No Yes No 4.3 23.1 Poland No No limit 410.2 0.28 Yes 6.0 20 100 No No 22.0 Yes No No No No Yes Yes Yes 10.1 8.7 Portugal Yes 54 761.0 0.30 Yes 6.0 25 50 No Yes 22.0 Yes Yes No Yes No Yes No Yes 7.9 15.2 Doing Business 2014 Puerto Rico (U.S.) No No limit 1,246.4 0.55 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 No No No No No No No 7.2 16.0 Romania Yes 60 232.2 0.23 Yes 5.0 25 100 No No 20.0 Yes No No No No Yes Yes Yes 4.0 0.0 Russian Federation Yes 60 352.4 0.24 Yes 6.0 20 100 No No 22.0 Yes Yes No Yes No Yes Yes No 8.7 8.7 Rwanda No No limit 0.0 0.00 Yes 6.0 0 0 No No 19.3 Yes Yes No Yes No No Yes No 4.3 8.7 244 245 Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Samoa No No limit 171.7 0.36 Yes 6.0 0 0 No No 10.0 Yes No No No No No No No 5.8 0.0 San Marino Yes 18 1,841.7 0.26 Yes 6.0 35 0 No No 26.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 0.0 São Tomé and Príncipe Yes 36 0.0 0.00 No 6.0 25 100 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 50 No No 20.7 Yes No No No No No No No 4.3 15.2 Senegal Yes 24 72.4 0.45 Yes 6.0 38 0 No Yes 24.3 Yes Yes No Yes No Yes Yes Yes 3.2 10.5 Serbia Yes 12 190.5 0.30 Yes 6.0 26 26 No No 20.0 Yes No No No No Yes No Yes 0.0 7.7 Seychelles Yes No limit 330.8 0.24 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 34.8 0.40 Yes 5.0 15 100 No No 21.3 Yes Yes No Yes No Yes Yes Yes 8.7 69.6 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 24 448.4 0.23 Yes 6.0 20 0 No No 25.0 Yes Yes No Yes No Yes No No 11.6 7.2 Slovenia Yes 24 1,045.8 0.38 Yes 6.0 50 50 No Yes 21.0 Yes No No No No Yes Yes No 5.3 5.3 Solomon Islands No No limit 112.8 0.67 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 646.4 0.66 Yes 6.0 0 100 Yes No 15.0 Yes Yes No Yes No Yes No No 4.0 5.3 South Sudan No 48 59.2 0.59 Yes 6.0 0 0 No No 23.3 Yes Yes Yes Yes Yes No No No 4.3 21.7 Spain Yes 12 1,009.2 0.27 Yes 5.5 25 0 Yes No 22.0 Yes Yes No Yes No No No No 2.1 15.2 Sri Lanka No No limit 38.6 0.11 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 511.6 0.29 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 9.3 St. Vincent and the No No limit 191.7 0.24 Yes 6.0 0 0 No No 19.3 Yes No No Yes No No No Yes 4.0 10.0 Grenadines employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week Sudan No 48 55.5 0.25 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 107.5 0.26 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 60 151.6 0.39 Yes 6.0 0 100 No Yes 21.7 Yes Yes Yes Yes Yes No No No 8.7 0.0 Taiwan, China Yes 12 630.2 0.26 Yes 6.0 0 100 No No 12.0 Yes Yes No Yes No Yes No Yes 3.8 18.8 Tajikistan Yes No limit 38.3 0.33 No 6.0 50 100 Yes No 23.3 Yes Yes No Yes No Yes Yes No 8.7 6.9 Tanzania Yes No limit 48.1 0.53 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 248.5 0.41 Yes 6.0 0 0 No No 6.0 Yes No No No No No No No 4.3 31.7 Timor-Leste Yes 36 0.0 0.00 Yes 6.0 25 100 No No 12.0 Yes Yes No Yes No No No No 4.3 0.0 Togo Yes 48 68.0 0.90 Yes 6.0 200 65 No No 30.0 Yes Yes No Yes No No Yes Yes 4.3 8.8 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 Tunisia No 48 118.9 0.24 Yes 6.0 0 100 No No 13.0 Yes Yes Yes Yes Yes Yes Yes Yes 4.3 7.8 Doing Business 2014 Turkey Yes No limit 167.5 0.12 Yes 6.0 0 100 Yes No 16.0 Yes No No No No No No Yes 6.7 23.1 Uganda No No limit 2.3 0.03 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 132.2 0.32 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 0.0 United Kingdom No No limit 1,355.1 0.28 Yes 6.0 0 0 No No 28.0 Yes No No No No No No No 5.3 3.1 246 247 Employing workers data employing workers datA Difficulty of hiring Rigidity of hours Difficulty of redundancy Redundancy cost Fixed-term contracts prohibited Priority rules for redundancies? Maximum length of fixed-term Severance pay for redundancy Minimum wage for a 19-year- 50-hour workweek allowed?c Notice period for redundancy Premium for work on weekly Dismissal due to redundancy Retraining or reassignment?f Major restrictions on weekly Maximum working days per old worker or an apprentice dismissal (weeks of salary)e dismissal (weeks of salary)e Paid annual leave (working Ratio of minimum wage to rest day (% of hourly pay)d Major restrictions on night 9 workers are dismissed? Third-party notification if Third-party notification if Third-party approval if 9 Premium for night work value added per worker workers are dismissed? 1 worker is dismissed? 1 worker is dismissed? Third-party approval if for permanent tasks? contracts (months)a (% of hourly pay)d allowed by law? Priority rules for reemployment? holiday work?d (US$/month)b work?d days)e week United States No No limit 1,244.6 0.20 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 363.5 0.21 Yes 6.0 0 100 No No 21.0 Yes No No No No No No No 0.0 20.8 Uzbekistan Yes 60 40.5 0.19 Yes 6.0 50 100 Yes No 15.0 Yes No No Yes No Yes Yes No 8.7 8.7 Vanuatu No No limit 321.3 0.73 Yes 6.0 75 50 No No 17.0 Yes No No No No No No No 9.3 23.1 Venezuela, RBg Yes 24 356.0 0.22 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 73.1 0.44 Yes 6.0 30 100 No No 13.0 Yes No No Yes Yes Yes No No 0.0 24.6 West Bank and Gaza No 24 384.7 1.55 Yes 6.0 0 150 Yes Yes 12.0 Yes Yes No Yes No No No No 4.3 23.1 Yemen, Rep. No No limit 93.3 0.46 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 131.7 0.59 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 246.5 2.43 Yes 6.0 15 100 Yes 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 in the private sector. c. For 2 months a year in case of a seasonal 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 answers are not applicable (n.a.) for economies where dismissal due to redundancy is disallowed. Source: Doing Business database. Acknowledgments Doing Business would not be possible The online service of the Doing Business without the expertise and generous input database is managed by Andres Baque- of a network of more than 10,200 local ro Franco, Varun Doiphode, Kunal Patel, partners, including legal experts, business Mohan Pathapati, Vinod Thottikkatu and consultants, accountants, freight for- Hashim Zia under the direction of Preeti warders, government officials and other Endlaw. The Doing Business 2014 outreach professionals routinely administering or strategy is executed by a communica- advising on the relevant legal and regula- tions team led by Nadine Ghannam and tory requirements in the 189 economies including Hyun Kyong Lee and Sushmitha covered. Contact details for local partners Malini Narsiah, with support from Nicole are available on the Doing Business web- Frost and World Bank Group communica- site at http://www.doingbusiness.org. tions colleagues around the world. Data collection and analysis for Doing The team is grateful for valuable com- Business 2014 were conducted through ments provided by colleagues across the the Global Indicators and Analysis De- World Bank Group and for the guidance partment under the general direction of of World Bank Group Executive Directors. Augusto Lopez-Claros. The project was It would especially like to acknowledge managed by Rita Ramalho with the sup- the comments and guidance of Aart C. port of Carolin Geginat, Adrian Gonzalez, Kraay. Comments were also received Jean Michel Lobet and Hulya Ulku. Other from Zoubida Allaoua, Alejandro Alva- team members included Jean Arlet, Iana rez de la Campa, Pedro Antmann, Shahin Ashchian, Pablo Baquero, Iryna Bilot- Bagirov, Carol Balkaran, Arup Banerjee, serkivska, Erica Bosio, Nadine Abi Chakra, Karim Ouled Belayachi, Najy Benhass- Edgar Chavez Sanchez, Rong Chen, Maya ine, Alexander Berg, Charmaine Chua, Choueiri, Catrice Christ, Santiago Croci Laurent Corthay, Pasquale di Benedetta, Downes, Fernando Dancausa Diaz, Baria Makhtar Diop, Sylvie Dossou, Raja Ro- Nabil Daye, Marie Lily Delion, Laura Di- slan Effendy, Harold Epineuse, Alejandro niz, Raian Divanbeigi, Margherita Fabbri, Espinosa-Wang, Jorge Familiar Calderon, Caroline Frontigny, Paula García Serna, Enrique Fanta, Robert L. Floyd, Viven Dorina Georgieva, Anushavan Hambard- Foster, Samuel Freije-Rodriguez, William zumyan, Michelle-Christine Hanf, Joyce John Gain, Raluca Golumbeanu, Heike Ibrahim, Nan Jiang, Hervé Kaddoura, Gramckow, Mona Haddad, Caroline Olena Koltko, Magdalini Konidari, Dmitri Heider, Thea Hilhorst, Giuseppe Iarossi, Lohvinski, Fernanda Maretto de Barros, Moses Misach Kajubi, Clayton Bryant Betty Mensah, Frédéric Meunier, Rob- Kerswell, Jeni Klugman, Jonathan Koh Tat ert Murillo, Joanna Nasr, Marie-Jeanne Tsen, Arvo Kuddo, Anjali Kumar, Grace Ndiaye, Nadia Novik, Mikiko Imai Ollison, Lee, Philippe Le Houérou, Anne-Marie Jiawen Pan, Nina Paustian, Parvina Rakhi- Leroy, Larisa Leshchenko, Andres Mar- mova, Morgann Courtney Ross, Valentina tinez, Gerard McLinden, Maria Cristina Saltane, Momodou Salifu Sey, Anastasia Mejia, Philippe de Meneval, Trimor Mici, Shegay, Jayashree Srinivasan, Moussa Andrei Mikhnev, Fredesvinda Fatima Traoré, Julien Vilquin, Matthew Williger Montes, Connel Mottley, Thomas Moul- and Yasmin Zand. The team would espe- lier, Brian G. Mtonya, Cyril Muller, Cecile cially like to acknowledge the comments Niang, Alban Pruthi, Sexavet Qarayev, and support of Melissa Johns. Bikki Randhawa, David Robalino, Jaime ACKNOWLEDGMENTS 249 Saavedra-Chanduvi, Frederico Gil Sander, The paying taxes project was conducted Quotations in this report are from Doing Shalini Sankaranarayan, Shahrol Anuwar in collaboration with PwC, led by John Business local partners unless otherwise Sarman, Jordan Z. Schwartz, Rick Sco- Preston. The development of the getting indicated. The names of those wishing to bey, Harris Selod, Harjinder Singh-Atwal, electricity indicators was financed by the be acknowledged individually are listed Andrew Stone, Mark Sundberg, Roberto Norwegian Trust Fund. below. The global and regional contribu- Tarallo, Laura Tuck, Hasan A. Tuluy, Ma- tors listed are firms that have completed hesh Uttamchandani, Tunc Tahsin Uyanik, Paul Holtz and Alison Strong edited the multiple surveys in their various offices Maria Vagliasindi, Michael Thomas Will- manuscript. The Word Express, Inc. de- around the world. cock, Hoshin Won and Nikole Catalina signed the report and the graphs. Zamudio. 250 Doing Business 2014 Global contributors Tariq Ahmad Sarfaraz Shirli Gorenca Alketa Uruçi Ministry of Commerce and Industry Kalo & Associates Boga & Associates Tirana Advocates for International Development Richard Scarth Mateo Gosnishti Gerhard Velaj Allen & Overy LLP Property Consulting Afghanistan ALB BB Auditing SHPK - Boga & Associates Tirana American Bar Association, Section of International Law correspondent of Russell Bedford Khalil Sediq Silva Velaj International Baker & McKenzie Afghanistan International Bank Boga & Associates Tirana Emel Haxhillari Cleary Gottlieb Steen & Hamilton LLP Said Mubin Shah Selena Ymeri Kalo & Associates Afghanistan Investment Support Hoxha, Memi & Hoxha Dentons Agency Blerina Hilaj Enida Zeneli A&B Business Consulting DLA Piper Mohammad Ibrahim Shams Bozo & Associates Law Firm Afghanistan Investment Support Shpati Hoxha Ernst & Young Agency Hoxha, Memi & Hoxha ALGERIA Ius Laboris, Alliance of Labor, Employment, Benefits and Pensions Law Firms Asiyah Sharifi Elona Hoxhaj Deloitte Algérie KPMG Afghanistan Financial Services, LLC Boga & Associates Tirana Branka Achari-Djokic Law Society of England and Wales Sharifullah Shirzad Xhet Hushi Banque d'Algérie Da Afghanistan Bank Kalo & Associates Lex Mundi, Association of Independent Law Firms Salima Aloui Haris Syed Raza Evis Jani Mayer Brown Law Firm Goussanem & Aloui Maersk & Safmarine Drakopoulos Law Firm Mohamed Atbi Panalpina Najibullah Wardak Evandro Janka Etude Notariale Mohamed Atbi Ministry of Finance Bozo & Associates Law Firm PwC1 Samir Benslimane Abdul Saleem Waziry Ilir Johollari Russell Bedford International Cabinet Benslimane Waziry Global Construction Hoxha, Memi & Hoxha SDV International Logistics Projects Adnane Bouchaib Miranda Kapllani Bouchaib Law Firm Mohammadi Khan Yaqoobi Benimpex & Co. Regional contributors Da Afghanistan Bank Amin Bouhaddi Erlind Kodhelaj Entreprise Bouhaddi A.P. Moller-Maersk Group Boga & Associates Tirana ALBANIA Ryad Chabouni Association of Consumer Credit Information Suppliers (ACCIS) Sabina Lalaj NSC Maghreb Ernst & Young Boga & Associates Cabinet John W. Ffooks & Co. Alain Chedal Kuehne + Nagel Ltd. Renata Leka Landwell & Associés DFDL Boga & Associates Tirana ManeTCI (Mane Trading Mohamed Dhif Gide Loyrette Nouel, member of Lex Mundi Construction & Investment) Loreta Loli Centre National du Registre du Albakontroll Globalink Transportation & Logistics Worldwide LLP Wolf Theiss Commerce Andi Memi GRATA Law Firm Eduard Ahmeti Said Dib Hoxha, Memi & Hoxha Boga & Associates Tirana Banque d’Algérie Raposo Bernardo & Associados Aigest Milo Artur Asllani Souhila Djamouh Chaib SORAINEN Kalo & Associates Tonucci & Partners Cabinet Djamouh Talal Abu-Ghazaleh Legal (TAG-Legal) Enio Minxhozi Sabina Baboci Samir Hadj Ali Kalo & Associates Kalo & Associates Mazars Algeria TransUnion International Loreta Peci Redjan Basha Mustapha Hamdane PwC Albania A&B Business Consulting Mustapha Hamdane Law Office AFGHANISTAN Florian Piperi Ledia Beçi Goussanem Khaled OPTIMA Legal and Financial Independent Joint Anti-Corruption Rashid Ibrahim Hoxha, Memi & Hoxha Law Firm Goussanem & Aloui Monitoring and Evaluation A.F. Ferguson & Co., Chartered Eng Shpresa Prodani Artan Bozo Bachir Khodja Committee Accountants, a member firm of Dyrrahsped sh.p.k Bozo & Associates Law Firm SNC Khodja & Co. PwC network Artila Rama Kabul Municipality Jori Bregasi Raffa Hakim Lakhdar Sanzar Kakar Boga & Associates Tirana Mirza Taqi Ud Din Ahmad Hoxha, Memi & Hoxha NSC Maghreb Afghanistan Financial Services, LLC Loriana Robo A.F. Ferguson & Co., Chartered Alban Caushi Mohamed Lakroum Accountants, a member firm of Mohammed Masood Khwaja Kalo & Associates Kalo & Associates Landwell & Associés PwC network Da Afghanistan Breshna Sherkat Ergis Sefa Ina Curri Samira Lalig Mohammad Zarif Alam Gaurav Lekh Raj Kukreja ERG Managerial PwC Albania Global Assistance Stanikzai Afghan Container Transport Enkelejd Seitllari Afghan Bar Association Company Ilir Daci Karine Lasne Kalo & Associates OPTIMA Legal and Financial Landwell & Associés Mirwais Alami Khalid Mafton Ardjana Shehi Da Afghanistan Breshna Sherkat Ministry of Commerce and Industry Sajmir Dautaj Vincent Lunel Kalo & Associates Tonucci & Partners Lefèvre Pelletier & Associés Raiyt Alamyar Khalid Massoudi Alban Shehri Da Afghanistan Bank Massoudi Legal Consultancy Erinda Duraj Abdelaziz Mahsas Albakontroll Bozo & Associates Law Firm Ministère des Finances - Direction Khwaja Shaheryar Aziz Tali Mohammad Nives Shtylla Générale des Impôts A.F. Ferguson & Co., Chartered Afghanistan Investment Support Sokol Elmazaj Kalo & Associates Accountants, a member firm of Agency Boga & Associates Tirana Sid-Ahmed Mekerba PwC network Elda Shuraja Ghellal & Mekerba Shekeeb Nessar Alba Fagu Hoxha, Memi & Hoxha Nadia Bazidwal Da Afghanistan Breshna Sherkat Bank of Albania Hamid Ould Hocine Ministry of Commerce and Industry Majlinda Sulstarova Studio A Gul Pacha Lisjana Fusha Tonucci & Partners Amanda Galton Afghanistan Investment Support ALB BB Auditing SHPK – Mourad Seghir Orrick, Herrington & Sutcliffe LLP Agency correspondent of Russell Bedford Besa Tauzi Ghellal & Mekerba International Boga & Associates Tirana Sayed Jawid Hashemi Qasem Benabid Mohammed Tahar Massoudi Legal Consultancy Lorena Gega Ketrin Topçiu Cabinet Mohammed Tahar Benabid Tamsil Rashid PwC Albania Bozo & Associates Law Firm Saduddin Haziq Afghanistan International Bank Afghan United Bank Eduart Gjokutaj Ened Topi ANGOLA Abdul Rahim Saeedi Al-Tax Center Boga & Associates Tirana Ministry of Commerce and Industry Angola Customs National Valbona Gjonçari Fioralba Trebicka Directorate Boga & Associates Tirana Hoxha, Memi & Hoxha 1. PwC refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or PwCIL in any way. Acknowledgments 251 Banco Nacional de Angola Antonio Sanchez Fernando Aguinaga Diego M. Fissore José Miguel Puccinelli EDEL-EP Zang, Bergel & Viñes Abogados G. Breuer Estudio Beccar Varela Ernst & Young Beatriz Calcida Soares Javier Alegria Victoria Funes María Clara Pujol Lourdes Caposso Fernandes & Catumbela Estudio Alegria Buey Fernandez Wiener Soto Caparrós Associados Martín Gastaldi Conservatória do Registro Predial Fissore Montemerlo Estudio Beccar Varela Ignacio Questa Etcheberry Sika Awoonor de Luanda (1ª Secção) Lisandro A. Allende Alfaro Abogados Global Choice Angola, Lda Javier M. Gattó Bicain Cristina Teixeira Brons & Salas Abogados Candioti Gatto Bicain & Ocantos Federico José Reibestein Gilberto Buanga Silva PwC Angola Marina Altieri Reibestein & Asociados CCBS Advogados Giselle Rita Geuna N’Zinga Teixeira Jasse De Dios & Goyena Abogados Alfaro Abogados Miguel Remmer Nelson Couto Cabral AG & LP Escritório de Advogados Consultores Estudio Beccar Varela CCBS Advogados Juan Jose Glusman Kiluange Tiny Ignacio E. Aramburu PwC Argentina Armando Ricci Alexandre Caldas Menezes CFA Firma de Advogados Estudio Moltedo Zang, Bergel & Viñes Abogados Caldas Menezes Rosalina Goñi Moreno Ludmilo Tiny Luis Arana Tagle Quattrini, Laprida & Asociados Sebastián Rodrigo Pedro Calixto NTA – Noronha Tiny Advogados Negri, Busso & Fariña Alfaro Abogados PwC Angola Sandra S. Guillan N’Gunu Tiny Tomás M. Araya De Dios & Goyena Abogados Andrés Sebastián Rojas Guilherme Carreira CFA Firma de Advogados M. & M. Bomchil Consultores Estudio Beccar Varela Soares Da Costa Antônio Vicente Marques Natalia Artmann Sofía Harilaos Fernanda Sabbatini Vitor Carvalho AVM Advogados Alfaro Abogados Quattrini, Laprida & Asociados Wiener Soto Caparrós Vitor Carvalho & Associados Ariadna Artopoulos Gabriela Hidalgo Luz María Salomón Anacleta Cipriano ANTIGUA AND BARBUDA M. & M. Bomchil Staszewski & Assoc. J.P. O’Farrell Abogados FBL Advogados Ricki Camacho Alejo Baca Castex Daniel Intile Mariela Alejandra Sas Miguel Coutinho Antigua & Barbuda Intellectual G. Breuer Daniel Intile & Asoc. – member of M. & M. Bomchil KPMG Property & Commerce Office Vanesa Balda Russell Bedford International (ABIPCO) Maria Florencia Sota Vazquez Patricia Dias Vitale, Manoff & Feilbogen Martín Jebsen Alfaro Abogados AVM Advogados Eleanor R. Clark Ricardo Balestra Jebsen & Co. Clarke & Clarke Pablo Staszewski Luís Ferreira M. & M. Bomchil Bruna Kruger Staszewski & Assoc. On Corporate Neil Coates Néstor J. Belgrano De Dios & Goyena Abogados PwC Antigua Adolfo Tombolini Pedro José Filipe Mbandango Nicolás Belgrano Consultores Daniel Intile & Asoc. – member of Guiché Único de Empresa Terence Dornellas Sebastián Bittner Federico Hernán Laprida Russell Bedford International Consolidated Maritime Services Fátima Freitas Jebsen & Co. Quattrini, Laprida & Asociados María Paola Trigiani Fátima Freitas Advogados Vernon Edwards Jr. Ignacio Fernández Borzese Bastiana Locurscio Alfaro Abogados Freight Forwarding & Francisco Goes Pinheiro Luna Requena & Fernández Borzese Rattagan, Macchiavello Arocena Deconsolidating Victoria Tuculet AVM Advogados Tax Law Firm & Peña Robirosa Abogados John Fuller Susana Urresti Berta Grilo Maria Sol Boselli Lucas Loviscek John E. Fuller & Co. Edesur Electricidad Distribuidora FBL Advogados Estudio Alegria Buey Fernandez Estudio Beccar Varela Sur S.A. Robert Giraldo Fissore Montemerlo Victor Leonel Dolores Madueño CaribTrans Nicolás Usandivaras Ordem dos Arquitectos Iván Burín Jebsen & Co. Negri, Busso & Fariña Lisa M. John Weste Zang, Bergel & Viñes Abogados Catarina Levy Osório Juan Manuel Magadan Thomas, John & Co. Emilio Beccar Varela Angola Legal Circle Adriana Paola Caballero PwC Argentina Estudio Beccar Varela Hugh C. Marshall Wiener Soto Caparrós Guiomar Lopes María Lucila Marchini Marshall & Co. Abraham Viera FBL Advogados María Soledad Capozzi Estudio Beccar Varela Planosnet.com Consultoria Jason Peters Quattrini, Laprida & Asociados Teresinha Lopes Daniel Martini Municipal Antigua Public Utility Authority FBL Advogados Federico Carenzo Edesur Electricidad Distribuidora Paz Villamil Girvan Pigott Leonhardt, Dietl, Graf & von Sur S.A. João Machado Rattagan, Macchiavello Arocena Antigua Public Utility Authority der Fecht PwC Angola Soledad Matteozzi & Peña Robirosa Abogados Septimus A. Rhudd Mariano E. Carricart Alfaro Abogados Arlete Maia Saúl Zang Rhudd & Associates Badeni, Cantilo, Laplacette & CFA Firma de Advogados Pedro Mazer Zang, Bergel & Viñes Abogados Carricart Stacy A. Richards-Anjo Alfaro Abogados Guirec Malfait Joaquín Emilio Zappa Richards & Co. Luciano Cativa SDV Logistics Julian Melis J.P. O’Farrell Abogados Luna Requena & Fernández Borzese Steadroy Roach Candioti Gatto Bicain Ulanga Gaspar Martins Tax Law Firm Carlos Zima Antigua Public Utility Authority & Ocantos Banco Privado Atlântico PwC Argentina Pablo L. Cavallaro Andrea Roberts Maria Fernanda Mierez Carlos Martins Lopes Estudio Cavallaro Abogados Roberts & Co. Estudio Beccar Varela KPMG ARMENIA Guadalupe Cores Cathrona Samuel José Oscar Mira Arcelio Matias Quattrini, Laprida & Asociados Anna Abovyan Antigua Public Utility Authority Central Bank of Argentina Arcélio Inácio de Almeida Matias Logicon Development LLC Roberto H. Crouzel – Ardja-Prestação de Serviços e Patricia Simon-Forde Jorge Miranda Estudio Beccar Varela Armen Alaverdyan Consultoria, Lda Chambers Patricia Simon-Forde Clippers S.A. State Revenue Committee of the María Amalia Cruz Nicole Mendes Frederick Southwell Pablo Murray Government of the Republic of Zang, Bergel & Viñes Abogados Vitor Carvalho & Associados Development Control Authority Fiorito Murray & Diaz Cordero Armenia Valeria D’Alessandro Itweva Nogueira Arthur Thomas Damián Mauricio Najenson Ruzan Alaverdyan Marval, O’Farrell & Mairal, CFA Firma de Advogados Thomas, John & Co. Estudio Spota Ministry of Urban Development member of Lex Mundi Eduardo Paiva Marsha Thomas Alfredo Miguel O’Farrell Karen Arabyan Nicolás de Ezcurra PwC Angola PwC Antigua Marval, O’Farrell & Mairal, Amber Capital Estudio Beccar Varela member of Lex Mundi Tiago Pereira Monteiro Charles Walwyn Sedrak Asatryan Oscar Alberto del Río AVM Advogados PwC Antigua Gonzalo Oliva Beltran Concern-Dialog Law Firm Central Bank of Argentina Llerena Amadeo, Dondo & Oliva Djamila Pinto de Andrade Marietta Warren Lilit Avenyan Andrés Edelstein Beltrán FBL Advogados Interfreight Ltd. Ministry of Economy PwC Argentina Gabriela Orsini Nair Pitra Hesketh Williams David Babasyan Joaquín Eppens Echague Sentido Común CFA Firma de Advogados Ministry of Labor Central Bank of Armenia Fiorito Murray & Diaz Cordero Paula Oviedo Luis Filipe Pizarro Oliver Woollard Albert Babayan Daniel Escolá Negri, Busso & Fariña AG & LP Escritório de Advogados Caribbean Current Ministry of Economy Quattrini, Laprida & Asociados Inés Poffo Helena Prata Karapet Badalyan Juan M. Espeso Zang, Bergel & Viñes Abogados Angola Legal Circle ARGENTINA Prudence Legal Jebsen & Co. Alejandro Poletto João Robles Ignacio Acedo Sayad Badalyan Pablo Ferraro Mila Estudio Beccar Varela F. Castelo Branco & Associados Gonzalez & Ferraro Mila Investment Law Group LLC Gonzalez & Ferraro Mila 252 Doing Business 2014 Armen Baghdasaryan Karen Khachaturyan Hovhannes Toroyan John Reid Gerhard Muggenhuber Armadel Consulting The State Committee of the Ameria Group CJSC Office of State Revenue, NSW BEV - Federal Office of Metrology Real Property Cadastre of the Treasury & Surveying Vardan Bezhanyan Arman Yesayan Government of the Republic of Law Faculty, Yerevan State Alfa System Technologies Bob Ronai Elke Napokoj Armenia University Import-Export Services Pty. Ltd. bpv Hügel Rechtsanwälte OG Liana Yordanyan Marine Khchoyan Abgar Budaghyan Ter-Tachatyan Legal and Business Marisha Steinberg Felix Neuwirther Logicon Development LLC Public Services Regulatory Consulting King & Wood Mallesons Freshfields Bruckhaus Deringer Commission of Armenia Liana Kirakosyan Aram Zakaryan Damian Sturzaker Martin Oppitz Artyom Chakhalyan Nelly Kirakosyan ACRA Credit Bureau Marque Lawyers Oesterreichische National Bank Logicon Development LLC Central Bank of Armenia Owen Thomas Christopher Peitsch Kristina Dudukchyan Suren Kocharyan AUSTRALIA Clifford Chance CHSH Cerha Hempel Spiegelfeld KPMG Ameria Group CJSC Hlawati, member of Lex Mundi DLA Piper Rosie Thomas Aikanush Edigaryan Tigran Kocharyan King & Wood Mallesons Christian Pöchlinger Treasury of Australia Trans-Alliance Compact Real Estate Agency LLC PwC Austria Simon Truskett Veda Advantage Koryun Gevorgyan Arayik Kurdyan Clayton Utz, member of Lex Mundi Barbara Pogacar Ministry of Economy Republic of Armenia Yerevan Carol Basili bpv Hügel Rechtsanwälte OG Municipality Marque Lawyers Levon Gevorgyan AUSTRIA Martina Raczova Harutiunian & Partners Law Firm Gor Margaryan Jacinta Bishop Graf & Pitkowitz Rechtsanwälte KSV 1870 Legelata Marque Lawyers GmbH Vahe Ghavalyan Clemens Baerenthaler Paradigma Armenia CJSC Hovhannes Matevosyan Lynda Brumm Georg Schima DLA Piper Weiss-Tessbach Legelata PwC Australia Kunz Schima Wallentin Arsen Ghazaryan Rechtsanwälte GmbH Rechtsanwälte OG, member of Union of Manufacturers and Lilit Matevosyan David Buda Georg Bahn Ius Laboris Businessmen (Employers) of PwC Armenia RBHM Commercial Lawyers Freshfields Bruckhaus Deringer Armenia Stephan Schmalzl Arsen Matikyan Christopher Camillin Thomas Bareder Graf & Pitkowitz Rechtsanwälte Hayk Ghazazyan CMA CGM Holman Webb Lawyers Oesterreichische National Bank GmbH KPMG Robin McCone Greg Channell Constantin Benes Ernst Schmidt Suren Gomtsyan PwC Georgia Department of Lands Schoenherr Halpern & Prinz Concern-Dialog Law Firm Armen Melkumyan Gaibrielle Cleary Georg Brandstetter Günther Sedlacek Armine Grigoryan Fidelity Consulting CJSC Gould Ralph Pty Ltd. – member of Brandstetter Pritz & Partner Oesterreichische National Bank The State Committee of the Russell Bedford International Eduard Mesropyan Real Property Cadastre of the Bruno Clemente Palma Teresa Steininger JINJ Ltd. Mark Dalby Government of the Republic of PwC Austria Graf & Pitkowitz Rechtsanwälte Office of State Revenue, NSW Armenia Vahe Movsisyan GmbH Treasury Peter Czajkowski Investment Law Group LLC Narek Grigoryan Transocean Shipping Thomas Strassner Chaz Dheer The State Committee of the Ashot Musayan Orrick, Herrington & Sutcliffe LLP Marque Lawyers Martin Eckel Real Property Cadastre of the The State Committee of the TaylorWessing e|n|w|c Thomas Trettnak Government of the Republic of Real Property Cadastre of the Robert Downing Natlacen Walderdorff Cancola CHSH Cerha Hempel Spiegelfeld Armenia Government of the Republic of Macpherson + Kelley Lawyers Rechtsanwälte GmbH Hlawati, member of Lex Mundi Armenia Tigran Grigoryan Karen Evans-Cullen Agnes Eigner Wolfgang Vanas Ameria Group CJSC Narine Nersisyan Clayton Utz, member of Lex Mundi Brandstetter Pritz & Partner Graf & Pitkowitz Rechtsanwälte PwC Armenia Sargis H. Martirosyan Ian Humphreys GmbH Tibor Fabian Trans-Alliance Nerses Nersisyan Ashurst LLP Binder Grösswang Rechtsanwälte Birgit Vogt-Majarek PwC Armenia Alla Hakhnazaryan Jennifer Ingram GmbH Kunz Schima Wallentin Legelata Artur Nikoyan Clayton Utz, member of Lex Mundi Rechtsanwälte OG, member of Julian Feichtinger Trans-Alliance Ius Laboris Gevorg Hakobyan John Karantonis CHSH Cerha Hempel Spiegelfeld Concern-Dialog Law Firm Aram Orbelyan Clayton Utz, member of Lex Mundi Hlawati, member of Lex Mundi Lukas A Weber Ministry of Justice Brauneis Klauser Prändl Haik Harutiunian Morgan Kelly Ferdinand Graf Rechtsanwälte GmbH Harutiunian & Partners Law Firm Karen Petrosyan Ferrier Hodgson Limited Graf & Pitkowitz Rechtsanwälte Investment Law Group LLC GmbH Jakob Weinrich Davit Harutyunyan David Larish Binder Grösswang Rechtsanwälte PwC Armenia Naira Petrosyan King & Wood Mallesons Andreas Hable GmbH Paradigma Armenia CJSC Binder Grösswang Rechtsanwälte Artak Hovakimyan John Lobban GmbH Elisabeth Zehetner Big Energo LLC Vahe Petrosyan Ashurst LLP Austrian Chamber of Commerce Logicon Development LLC Tina Hausensteiner Andreas Hovhannisyan Suzy Madar bpv Hügel Rechtsanwälte OG Thomas Zottl Fintechaudit Aram Poghosyan King & Wood Mallesons Freshfields Bruckhaus Deringer Grant Thornton LLP Friedrich Helml Hovhannes Hovhannisyan John Martin SCWP Schindhelm Austria The State Committee of the Hayk Pogosyan Thomson Playford AZERBAIJAN Real Property Cadastre of the Arsarqtex LLC Alexander Hofmann Melody Martin Government of the Republic of RA Dr. Alexander Hofmann, LL.M. Parviz Abdullayev Vahagh Rostomyan Ashurst LLP Armenia PwC Azerbaijan The State Committee of the Armin Immervoll Mitchell Mathas Isabella Hovhannisyan Real Property Cadastre of the Ministry of Finance Aliagha Akhundov Norton Rose Fulbright EBRD Business Support Office Government of the Republic of Baker & McKenzie – CIS, Limited Rudolf Kaindl Armenia Nicholas Mavrakis Davit Iskandaryan Koehler, Kaindl, Duerr & Partner, Elnur Aliyev Clayton Utz, member of Lex Mundi Converse Bank CJSC Suren Sahakyan Civil Law Notaries BHM Baku Law Centre LLC Sahakyanshin CJSC Des Mooney Paruyr Jangulyan Alexander Klauser Sevinj Aliyeva Department of Lands Ministry of Economy Ruben Shahmuradyan Brauneis Klauser Prändl MGB Law Offices Comfort R&V Patricia Muscat Rechtsanwälte GmbH Vahram Jotyan Jamil Alizada PwC Australia Gosselin Gayane Shimshiryan Christian Koettl Baker & McKenzie – CIS, Limited Claudia Newman-Martin Ministry of Finance Vahe G. Kakoyan Aleksey Sukoyan Ismail Askerov King & Wood Mallesons Investment Law Group LLC Court of First Instance Rudolf Krickl MGB Law Offices Kylie Parker PwC Austria Arshak Karapetyan Hakob Tadevosyan Esmer Atakishiyeva Logicca Chartered Accountants Investment Law Group LLC Grant Thornton LLP Barbara Luger Azerbaijan Global Logistic Meredith Paynter Freshfields Bruckhaus Deringer Andranik Kasaryan Arsen Tavadyan Iftixar Axundov King & Wood Mallesons Republic of Armenia Yerevan Ter-Tachatyan Legal and Business Peter Madl Ministry of Taxes Municipality Consulting Mark Pistilli Schoenherr Anar Baghirov Clifford Chance Hakob Khachatourian Armen Ter-Tachatyan Gerald Mitteregger BHM Baku Law Centre LLC Elektrashinarar Ter-Tachatyan Legal and Business Garry Pritchard International Logistic Gateway Samir Balayev Consulting Emil Ford Lawyers Unibank Acknowledgments 253 Johanna Cronin BAHAMAS, THE Reem Al Rayes BANGLADESH Eeshith Monzul Shohiny BHM Baku Law Centre LLC Zeenat Al Mansoori & Associates Amir & Amir Law Associates, Bryan A. Glinton Zainul Abedin member of Lex Mundi Zaur Fatizadeh Clinton, Sweeting, O’Brien Raju Alagarsamy A. Qasem & Co. Ministry of Taxes Hassan Radhi & Associates Tasmiah Nuhiya Ahmed David F. Allen Jasim U. Ahmed Lex Legal Simuzar Feyzullayeva Bahamas Law Chambers Mohamed Al-Ahmadi Baker & McKenzie – CIS, Limited Bahrain Investors Center Rajid Ahmed Tanveer Haque Probal L. Gerard Archer Doulah & Doulah Advocates Building For Future Ltd. Rustam Gasimov Taylor Industries Ltd. Mohamed Abdulla Alahmedi Baker & McKenzie – CIS, Limited Ministry of Industry & Commerce Sabbir Ahmed Eva Quasem Natasha Bosfield A.S. & Associates Amir & Amir Law Associates, Sevil Gasimova Lennox Paton Ebtihal Al-Hashimi K. M. Tanzib Alam member of Lex Mundi Baker & McKenzie – CIS, Limited Ministry of Municipalities and Ricardo Bow Urban Planning Tanjib ul Alam and Associates Al Amin Rahman Abbas Guliyev Callenders & Co Kazi Ershadul Alam FM Associates Baker & McKenzie – CIS, Limited Haider Al-Noaimi Llewellyn V. Boyer-Cartwright Mohamed Salahuddin Consulting Tanjib ul Alam and Associates Kazi Rahman Arif Guliyev Callenders & Co Engineering Bureau M.D. Nurul Amin FM Associates PwC Azerbaijan Dayrrl Butler Shaji Alukkal Development Constructions Ltd. Yadnan Rafique Rossy Shaban Gurbanov Moore Stephens Butler & Taylor Panalpina World Transport LLP Mehedy Amin Amir & Amir Law Associates, BM Morrison Partners Law Firm Chartered Accountants and Development Constructions Ltd. member of Lex Mundi Business Advisors Michael Durgavich Gulnar Gurbanova ASAR – Al Ruwayeh & Partners Saady Amin Sabrina Zarin BHM Baku Law Centre LLC Cheryl D. Cartwright Development Constructions Ltd. FM Associates Callenders & Co Simon Green Elchin Habibov Charles Russell LLP Mohammed Asaduzzaman Central Bank of Azerbaijan Clyde Cartwright Syed Ishtiaq Ahmed & Associates BARBADOS Carty’s Electrical Sercices Qays H. Zu’bi Samir Hadjiyev Zu’bi & Partners Attorneys & Noorul Azhar Ramon Alleyne GRATA Law Firm Wayde A. Brenford Christie Legal Consultants Azhar & Associates Clarke Gittens Farmer Ilkin Hasanov Lord Ellor & Co. Ken Healy A.S.A. Bari Alicia Archer Ministry of Taxes Craig G. Delancy PwC Bahrain A.S. & Associates Artemis Law Gunel Hasanzade Ministry of Works & Transport Brian Howard Anirban Bhowmik Patricia Boyce GRATA Law Firm Amos J. Ferguson Jr. Trowers & Hamlins Bank of Bangladesh Everson R. Elcock & Co. Ltd. Nijat Huseynov Ferguson Associates & Planners Hessa Hussain Md. Zahir Hossain Bhuiyan Andrew F. Brathwaite Leale International Michael Forsythe The Benefit Company RP Construction Pvt Ltd. AFB Consulting Zaur Huseynov Import Export Brokers Ltd. Seema Isa Al-Thawadi Gouranga Chakraborty Anthony Brooks OJSC Bakielektrikshebeke Wendy Forsythe Ministry of Municipalities and Bank of Bangladesh Tony Brooks Architects Ltd. Jeyhun Huseynzada Import Export Brokers Ltd. Urban Planning Ayub Chowdhury Louis Christie PwC Azerbaijan Vann P. Gaitor Jawad Habib Jawad Ayub Chy & Mahmud Chartered TMR Sales & Service Ltd. Idris Isayev Higgs & Johnson BDO Public Accountants Accountant Heather A. Clarke The State Social Protection Fund Cathleen Hassan Essa Jawahery Badrud Doulah Corporate Affairs and Intellectual Ulvia Jabbarova Johnson-Nassan & Co Elham Ali Hassan & Associates Property Office Doulah & Doulah Advocates DemirBank Colin Higgs Ebrahim Karolia Nasirud Doulah Joy-Ann Clarke Ummi Jalilova Ministry of Works & Transport PwC Bahrain Land Registry Department Doulah & Doulah Advocates GRATA Law Firm Lester J. Mortimer Jr. Brian Kelleher Shamsud Doulah Horace Cobham Vagif Karimli Callenders & Co Trowers & Hamlins RBC Royal Bank Doulah & Doulah Advocates Baker & McKenzie - CIS, Limited Portia Nicholson Saifuddin Mahmood Dewanl Faisal Andrew Cox Emin Karimov Higgs & Johnson Hassan Radhi & Associates Ministry of Labor and Social A.S. & Associates Andrew G.S. O’Brien II Security and Human Resource Fuad Karimov Omar Manassaki Moin Ghani Glinton, Sweeting,O’Brien Law Development KERMUR Specialized Bureau of Zu’bi & Partners Attorneys & Dr. Kamal Hossain & Associates Advocates Firm Legal Consultants Madam Justice Maureen K. M. A. Halim Crane-Scott Gunduz Karimov Lindsy Pinders Nicolas Mantis Upright Textile Supports Supreme Court of Barbados Baker & McKenzie – CIS, Limited Pinders Customs Brokerage PwC Bahrain Md. Russel Haque Dustin Delany Ferid Madatli Chad D. Roberts Abdul-Haq Mohammed Amir & Amir Law Associates, Delany & Associates Attorneys- BM Morrison Partners Law Firm Callenders & Co Trowers & Hamlins member of Lex Mundi at-Law Kamal Mamedzade Sophie Rolle Eman Omar Mirza Quamrul Hasan Adrian M. Elcock Dentons Lennox Paton Zu’bi & Partners Attorneys & Adviser’s Legal Alliance Firm Everson R. Elcock & Co. Ltd. Castino D. Sands Legal Consultants Elshad Mammadov Syed Afzal Hasan Uddin Lennox Paton Antonio Elcock Leale International Hassan Ali Radhi Syed Ishtiaq Ahmed Everson R. Elcock & Co. Ltd. Rochelle Sealy Hassan Radhi & Associates & Associates Daniel Matthews PwC Bahamas Marcel El-Daher Baker & McKenzie – CIS, Limited Hameed Yousif Rahma Arif Imtiaz Daher & Associates Kevin Seymour Ministry of Industry & Commerce FM Associates Rauf Memmedov PwC Bahamas Andrew C. Ferreira States Customs Committee Najib F. Saade M. Amir-Ul Islam Chancery Chambers Jody Wells ASAR – Al Ruwayeh & Partners Amir & Amir Law Associates, Farhad Mirzayev Lennox Paton member of Lex Mundi Lorenzo Forde BM Morrison Partners Law Firm Thamer Salahuddin PwC Barbados Mohamed Salahuddin Consulting Md Aminul Islam Ruslan Mukhtarov BAHRAIN Engineering Bureau City Apparel-Tex Co. Basil A. Giles BM Morrison Partners Law Firm Yearwood and Boyce Electricity & Water Authority Hamza Saleem Seema Karim Movlan Pashayev Zu’bi & Partners Attorneys & Amir & Amir Law Associates, Sharalee Gittens PwC Azerbaijan Ernst & Young Legal Consultants member of Lex Mundi Chancery Chambers Leyla Safarova Najma Abdul-Redha Hassan Cecile Scaros Sohel Kasem Stanton Gittens Baker & McKenzie – CIS, Limited Ministry of Municipalities and Zu’bi & Partners Attorneys & A. Qasem & Co. Stangitts Limited Natig Shirinov Urban Planning Legal Consultants Asif Khan Anice C.N. Granville Ministry of Taxes Talal Al Ayoobi Claus Schmidt A. Qasem & Co. LEX Caribbean Sona Taghiyeva Talal Abu Ghazaleh Legal (TAG- Panalpina Gulf Legal) Farhana Islam Khan Yolande F. Howard Dentons Esmond Hugh Stokes Syed Ishtiaq Ahmed Ministry of Labor and Social Anar A. Umudov Eman Al Haji Zu’bi & Partners Attorneys & Security and Human Resource & Associates Alibi Professional Legal & Talal Abu Ghazaleh Legal (TAG- Legal Consultants Development Consulting Services Legal) Jasmine Khan Baiju Thomas Lex Legal Keisha N Hyde Porchetta Yagub Zamanov Reem Al Mahroos Agility Logistics Harridyal-Sodha & Associates GRATA Law Firm Charles Russell LLP Rizwan Mannan Hatim S. Zu’bi Amir & Amir Law Associates, Ruan C. Martinez Ulvia Zeynalova-Bockin Zeenat Al Mansoori Zu’bi & Partners Attorneys & BCF Attorneys-at-Law member of Lex Mundi Dentons Zeenat Al Mansoori & Associates Legal Consultants 254 Doing Business 2014 Jennivieve Maynard Nadezhda Koroleva Maksim Slepitch Kris De Schutter Sibylle Vandenberghe Inn Chambers Sysouev, Bondar, Khrapoutski Arzinger & Partners International Loyens & Loeff PwC Belgium Law Firm Law Firm David McCollin Didier De Vliegher Grégory Vandenbussche Land Registry Department Alexander Korsak Klim Stashevsky NautaDutilh Aren Architects and Engineers Arzinger & Partners International Arzinger & Partners International SPRL Percy Murrell Frank Dierckx Law Firm Law Firm Big P. Customs Brokers and Air Sea PwC Belgium Tom Vantroyen and Land Transport Inc. Dmitry Kovalchik Alla Sundukova Altius Vincent Dieudonne Stepanovski, Papakul and Partners Ministry of Taxes and Duties Ricardo Norville Sibelga Robert Vermetten Ltd. Ministry of Labor and Social Natalia Talai Transport & Project Logistics Camille Dümm Security and Human Resource Anna Kozlova Vlasova Mikhel & Partners National Bank of Belgium Ivan Verougstraete Development BNT Legal & Tax Nikita Tolkanitsa Cour de Cassation David DuPont Noel M. Nurse Kristina Kriščiūnaitė CHSH Cerha Hempel Spiegelfeld Ashurst LLP Bart Volders The Booth Steamship Co. Barbados PwC Lithuania Hlawati Stibbe Ltd. Jürgen Egger Olga Kuchinskaya Alesia Tsekhanava Laga Katrien Vorlat Laurel Odle Vlasova Mikhel & Partners Attorney Stibbe PwC Barbados Alain François Anastasiya Kudryakova Dennis Turovets Eubelius Attorneys Bram Vuylsteke Stephen Worme National Cadastral Agency Egorov Pugisnky Afanasiev and Notary Bram Vuylsteke The Barbados Light and Power Partners (EPA&P) Conny Grenson Dzmitry Loisha Company Ltd. Eubelius Attorneys Christian Willems Law Firm Glimstedt Natalia Ulasevich Loyens & Loeff Aleinikov & Partners Jean-Luc Hagon Valery Lovtsov BELARUS Loyens & Loeff Dirk Wouters Raidla Lejins & Norcous Irina Veremeichuk Wouters, Van Merode & Co. Alexey Anischenko Verkhovodko & Partners LLC An Jacobs Andrei Machalou – member of Russell Bedford SORAINEN Belarus Liedekerke Wolters Waelbroeck Peterka & Partners Oleg Veremeychik International Kirkpatrick, member of Lex Mundi Aliaksandr Anisovich National Bank of the Republic of Sergei Makarchuk Promaudit Belarus Grégoire Jakhian CHSH Cerha Hempel Spiegelfeld BELIZE Loyens & Loeff Dzmitry Barouka Hlawati Igor Verkhovodko Emil Arguelles Arzinger & Partners International Verkhovodko & Partners LLC Stéphanie Kervyn de Meerendré Mikalai Markounik Arguelles & Company LLC Law Firm Deminor International SCRL Vlasova Mikhel & Partners Dmitry Viltovsky Emory K. Bennett Vladimir G. Biruk Arzinger & Partners International Erika Leenknecht Sergey Mashonsky Young’s Engineering Consultancy Capital Group Law Firm Eubelius Attorneys Arzinger & Partners International Ltd. Arthur Biryukov Law Firm Irina Voronchuk Stephan Legein Herbert Bradley The Supreme Economic Court of Arzinger & Partners International Federal Public Service Finance Tatiana I. Melnik Herbert Bradley Custom house The Republic of Belarus Law Firm The Supreme Economic Court of Luc Legon brokers Ekaterina V. Borovtsova The Republic of Belarus Igor Yatskovsky PwC Belgium Derek Davis The Supreme Economic Court of Egorov Pugisnky Afanasiev and Konstantin Mikhel Axel Maeterlinck Public Utilities Commission The Republic of Belarus Partners (EPA&P) Vlasova Mikhel & Partners Simont Braun Julius Espat Alexander Botian Natalia Yurieva Ilya Mogilny Philippe Massart Strukture Architects Borovtsov & Salei Law Offices SORAINEN Belarus Verkhovodko & Partners LLC Sibelga Velda Flowers Aliaksandr Danilevich Irina Zabailovich Dmitry Montik Glenn Moolenschot Belize Companies and Corporate Danilevich Law Office Ministry of Taxes and Duties Individual Entrepreneur Eubelius Attorneys Affairs Registry Olga Demidchik Ekaterina Zabello Helen Mourashko Pascale Moreau Gian C. Gandhi Attorneys of JurZnak, Advocates Vlasova Mikhel & Partners Revera Consulting Group PwC Belgium International Financial Services Andrej Ermolenko Olga Zdobnova Commission Inesa Nazarova Dominique Mougenot Vlasova Mikhel & Partners Vlasova Mikhel & Partners PwC Belarus Commercial Court Mons Ethel Emelisa Gladden Evgeniia Goriounova Dmitri Zikratski Ministry of Natural Resources and Valentina Neizvestnaya Sabrina Otten Law Firm Glimstedt Peterka & Partners Agriculture Audit and Consulting Ltd. Belarus PwC Belgium Ulyana Evseeva Siarhej Zikratski Fred Lumor Sergei Odintsov Leo Peeters BNT Legal & Tax Siarhej Zikratski Law Agency Fred Lumor & Co. PwC Belarus Peeters Advocaten-Avocats Alena Gavdur Maxim Znak Reynaldo Magaña Volha Parfenchyk Frédéric Souchon Arzinger & Partners International Attorneys of JurZnak, Advocates Moore Stephens Magaña LLP CHSH Cerha Hempel Spiegelfeld PwC Belgium Law Firm Hlawati Nadya Znak Samantha Matute Timothy Speelman Elena Hmeleva Attorneys of JurZnak, Advocates Belize Companies and Corporate Ekaterina Pastukhovich McGuireWoods LLP Verkhovodko & Partners LLC Affairs Registry National Bank of the Republic of Joseph Spinks Antonina Ivanova Belarus BELGIUM Tania Moody Altius Antonina Ivanova Legal Practice Barrow & Williams Olga Pepenina Centre Administratif de la Ville de Damien Stas de Richelle Alina Kalinovskaya Capital Dialog Bruxelles Kareem D. Musa DLA Piper UK LLP Musa & Balderamos Nataliya Kaliuta Victor Pleonkin Hubert André-Dumont Nicolas Stoffels Egorov Pugisnky Afanasiev and National Bank of the Republic of McGuireWoods LLP Madri Ramdass PwC Belgium Partners (EPA&P) Belarus International Financial Services Jan Bael Bernard Thuysbaert Commission Dmitry Khalimonchyk Illia Salei Notariskantoor Jan Bael - Ilse De Deminor International SCRL Attorneys of JurZnak, Advocates Law Offices of Borovtsov & Salei Brauwere Aldo Reyes William Timmermans Reyes Retreage LLP Alexandre Khrapoutski Elena Sapego Herlinde Baert Altius Sysouev, Bondar, Khrapoutski Stepanovski, Papakul and Partners Notariskantoor Jan Bael - Ilse De Wilfred Rhaburn Law Firm. Ltd. Brauwere Hans Van Bavel W. Rhaburn Consulting Stibbe Sergey Khromov Anna Shalimo Erik Bomans Oscar Sabido S.C. Verkhovodko & Partners LLC Verkhovodko & Partners LLC Deminor International SCRL Jan Van Celst Sabido & Company DLA Piper UK LLP Alexander Kirilenko Kristina Shibeko Hakim Boularbah Saidi Vaccaro Agency of Ternaround Lawyer Liedekerke Wolters Waelbroeck Gill Van Damme Arguelles & Company LLC Technologies Kirkpatrick, member of Lex Mundi PwC Belgium Yulia Shuba Ivan Williams Nina Knyazeva Borovtsov & Salei Law Offices Laura Charlier Erwin van de Velde Ministry of Education and Labour Verkhovodko & Partners LLC Stibbe SPF Finances - AGDP Dmitry Skorodulin Ryan Wrobel Vladimir Kolotov Adriaan Dauwe Ruben Van Impe Wrobel & Co., Attorneys-at-Law Anna Skorodulina Business-Advocate Altius Van Impe Accountancy BVBA Attorneys of JurZnak, Advocates Carlton Young Michael Koltinov Koenraad De Bie Peter Van Melkebeke Young’s Engineering Consultancy Vyacheslav Slabodnik Raidla Lejins & Norcous PwC Belgium Notaires Berquin Ltd. Univest-M Esther De Raymaeker Bart Van Rossum Lisa Zayden DLA Piper UK LLP B.T.V. Horwath Belize LLP Acknowledgments 255 BENIN BHUTAN Rigoberto Paredes Ayllón Carlos Pinto Stevan Dimitrijevic Rigoberto Paredes & Associates Ferrere Attorneys KN Karanović & Nikolić Ganiou Adechy Bhutan Power Corporation Ltd. Etude de Me Ganiou Adechy Maria del Carmen Ballivián Rocio Plata Slaven Dizdar Ministry of Finance C.R. & F. Rojas, member of Lex Rigoberto Paredes & Associates Marić & Co Law Firm A. Abdou Kabir Adoumbou Mundi Thimphu Thromde Oscar Antonio Plaza Ponte Sosa Višnja Dizdarević Cabinet Maître Rafikou Alabi Bhakta Acharya Hugo Berthin Entidad de Servicios De Marić & Co Law Firm Symphorien Agbessadji BDO Berthin Amengual & Información Enserbic S.A. BCEAO Tashi Chenzom Ozren Dolic Asociados Ministry of Labour and Human Guillermo Pou Munt FedEx Express Rodolphe Kadoukpe Akoto Cristian Bustos Resources Julio Quintanilla Quiroga Anel Droce Coman S.A. Ferrere Attorneys Sonam Chophel Quintanilla, Soria & Nishizawa Kebo & Guzin Sybel Akuesson Jose Callau Soc. Civ Royal Monetary Authority of Feđa Dupovac Fiduciaire Conseil et Assistance Ferrere Attorneys Bhutan Patricio Rojas Advokatska Kancelarija Spaho (FCA) Eden Dema Dionicio Calle C.R. & F. Rojas, member of Lex Ahmadou Al Aminou Lo Dina Duraković Morankić Royal Monetary Authority of Criales, Urcullo & Antezana Mundi BCEAO Law Office Durakovic in Bhutan Asdruval Columba Jofre Mariela Rojas de Hamel association with Wolf Theiss Rafikou Agnila Alabi AC Consultores Legales Entidad de Servicios De Ugyen Dhendup Azer Guzin Cabinet Maître Rafikou Alabi Información Enserbic S.A. Bhutan Development Finance Cynthia Cortés Kebo & Guzin Françoise Amoussou Corporation Ltd. PwC Bolivia Sergio Salazar-Machicado Nouvelle Vision Semir Guzin Bhim L. Dhungel Salazar, Salazar & Asociados, Mauricio Costa du Rels Kebo & Guzin Jacques Moïse Atchade Zorig Consultancy Soc. Civ. Würth Kim Costa du Rels Cabinet de Maître Atchade Dulizara Hadzimustafic Jigme Dorji Abogados SC Fernando Salazar-Paredes FERK (Regulatory Commission Charles Badou Thimphu City Corporation Salazar, Salazar & Asociados, Dorian de Rojas for Electricity in the Federation of Cabinet d’Avocats Charles Badou Soc. Civ. Kencho Dorji Gava Bolivia Bosnia and Herzegovina) Is-Dine Bouraima Leko Packers Sandra Salinas Salomon Eid Belma Hodzic Guichet Unique de Formalisation C.R. & F. Rojas, member of Lex Tashi Dorji Ferrere Attorneys CMS Reich-Rohrwig Hainz d.o.o. des Entreprises Mundi KaMaLa Tours & Treks Beatriz Espinoza Ahmet Hukic Sètondji Pierre Codjia Rodolfo Raúl Sanjinés Elizagoyen Ugyen Dorji FERK (Regulatory Commission Cabinet d’Avocats Charles Badou Isabel Ferrufino Sanjinés & Asociados Soc. Civ. Druk Integrated Green Buildings for Electricity in the Federation of Ferrere Attorneys Abogados Alice Codjia-Sohouenou Bosnia and Herzegovina) Chheku Dukpa Dante Flores Jorge Nelson Serrate Cabinet d’Avocats Alice Codjia Nusmir Huskić Construction Association of Rigoberto Paredes & Associates Würth Kim Costa du Rels Sohouénou Huskic Law Office Bhutan Abogados SC Veronique Akankossi Deguenon Ursula Font N. B. Gurung Arela Jusufbasić-Goloman Etude Me Veronique Akankossi Indacochea & Asociados Lindsay Sykes Global Logistics Lawyers Office Tkalcic-Dulic, Deguenon Ferrere Abogados Kattia Galdo Prebanic, Rizvic & Jusufbasic- Deki Kesang Ferrere Attorneys A. Mauricio Torrico Galindo Goloman Michel Djossouvi Office Notarial Olagnika Salam Sonam Letho Quintanilla, Soria & Nishizawa Nicolás Grossman Nedžada Kapidžić Bhutan Development Finance Soc. Civ Jean Claude Gnamien Martinez Paz Empresa Notary Corporation Ltd. Constructora S.A. Andrea Urcullo PwC Côte d’Ivoire Muhidin Karšić Shera Lhendup Criales, Urcullo & Antezana Noel Kelembho Primitivo Gutiérrez Bhutan Law Services – Attorneys Miro Kebo SDV Logistics Guevara & Gutiérrez S.C. Javier Urcullo and Consultants Kebo & Guzin Criales, Urcullo & Antezana Taïrou Mama Rachel Hardcastle Semon Neeopaney Jovana Kojic Société Internationale de Transit Würth Kim Costa du Rels Ramiro Velasco Spark Engineering Works KN Karanović & Nikolić Touré Abogados SC Colegio de Ingenieros Electricistas y Tashi Pem Electrónicos La Paz Sejda Kruščica-Fejzić Emmanuella Moulod Jaime M. Jiménez Alvarez JP Elektroprivreda BiH Podružnica PwC Côte d’Ivoire Tashi Penjor Colegio de Ingenieros Electricistas y Olga Villarroel Elektrodistribucija Sarajevo Ministry of Economic Affairs Electrónicos La Paz Würth Kim Costa du Rels Taoïdi Osseni Abogados SC Krzysztof Lipka Société Béninoise d’Energie T. B. Rai Rodrigo Jimenez-Cusicanqui PwC Serbia Electrique Zorig Consultancy Salazar, Salazar & Asociados, Karla Würth Soc. Civ. Würth Kim Costa du Rels Branko Marić Camille Razalison Govinda Sharma Abogados SC Marić & Co Law Firm Cabinet John W. Ffooks & Co. Thimphu City Corporation Paola Justiniano Arias Sanjinés & Asociados Soc. Civ. Santiago Zegada Davorin Marinkovic Olagnika Salam Sonam Tshering Abogados AMECO Ltda. KN Karanović & Nikolić Office Notarial Olagnika Salam Ministry of Finance Julio César Landívar Castro Elizabeth Zegarra Adnan Mataradžija Adegbindin Saliou Deki Wangmo Guevara & Gutiérrez S.C. EZ Logistic MERFI, d.o.o. – correspondent of Cabinet des Experts Associés - Bhutan National Bank Russell Bedford International CEA Sarl César Lora Moretto Karma Yeshey PwC Bolivia BOSNIA AND Sead Miljković Hermann Senou Ministry of Economic Affairs HERZEGOVINA Law Office Miljković Entreprise Générale De Edith Loza Tshering Zam College of Architects Amar Bajramović Đemaludin Mutapčić Construction MACKHO Law Office Bajramovic Notary Nelly Tagnon Gambor BOLIVIA Ramiro Martinez Paz Fiduciaire Conseil et Assistance Martinez Paz Empresa Edisa Bakovic Monija Nogulic Fernando Aguirre Constructora S.A. Law Office Femil Curt (part of FERK (Regulatory Commission (FCA) Bufete Aguirre Soc. Civ. DLA Piper Group) for Electricity in the Federation of Dominique Taty Iván Monje Castro Ignacio Aguirre Bosnia and Herzegovina) PwC Côte d’Ivoire Prime Technologies Fedja Bicakcic Bufete Aguirre Soc. Civ. KN Karanović & Nikolić Ermin Omeragić Antoine Traore Pilar Montesinos Carolina Aguirre Urioste FedEx Express BCEAO ABC Dario Biščević Bufete Aguirre Soc. Civ. DB Schenker Mehmed Omeragić Fousséni Traoré Ariel Morales Vasquez Christian Amestegui Čovjek i Prostor PwC Côte d’Ivoire C.R. & F. Rojas, member of Lex Petar Bosnić Asesores Legales CP Mundi USAID Tax and Fiscal Project in Aldina Pita Bruno Vaupres BiH (TAF) Notary Daniela Aragones Cortez Ana Carola Muñoz BV Shipping Sarl Sanjinés & Asociados Soc. Civ. Würth Kim Costa du Rels Mubera Brković Đorđe Racković Père Venance Abogados Abogados SC PwC Bosnia and Herzegovina Central Bank of Bosnia and Logistique Commerciale D’afrique Herzegovina Eduardo Aramayo Andrea Nemer Femil Čurt (LCA) PwC Bolivia Würth Kim Costa du Rels Law Office Femil Curt (part of Predrag Radovanović Francine Vittin Abogados SC DLA Piper Group) Marić & Co Law Firm Miguel Angel Ardúz Ayllón Office Notarial Olagnika Salam Electropaz S.A. Alejandro Peláez Kay Selma Demirović-Hamzić Alma Ramezić Emmanuel Yehouessi Indacochea & Asociados Marić & Co Law Firm PwC Bosnia and Herzegovina Johnny Arteaga Chavez BCEAO Mauricio Ayala Orlando Pérez Djordje Dimitrijevic Faruk Sahinagic Brignon Zizindohoue Electropaz S.A. KN Karanović & Nikolić FedEx Express AC Consultores Legales 256 Doing Business 2014 Nedzida Salihović-Whalen Mark Mckee Bruno Balduccini Valter Deperon André Hernandes CMS Reich-Rohrwig Hainz d.o.o. Armstrongs Attorneys Pinheiro Neto Advogados PwC Brazil Souza, Cescon, Barrieu & Flesch Advogados Adina Salkanović Finola McMahon Sarah Barbassa Claudia Derenusson Riedel Osei-Ofei Swabi & Co. Souza, Cescon, Barrieu & Flesch De Luca, Derenusson, Schuttoff e Ricardo Higashitani Hasib Salkić Advogados Azevedo Advogados KLA-Koury Lopes Advogados Jump Logistics d.o.o. Neo Thelma Moatlhodi Júlio Henrique Batista José Ricardo dos Santos Luz Carlos Alberto Iacia Adnan Sarajlić Abel Walter Modimo Guerra e Batista Advogados Júnior PwC Brazil Law Office Durakovic in Modimo & Associates Duarte Garcia, Caselli Guimarães e association with Wolf Theiss Gilberto Belleza Marcelo Inglez de Souza Mmatshipi Motsepe Terra Advogados Camila Biral Demarest e Almeida Advogados Alma Šečić Manica Africa Pty. Ltd. Demarest e Almeida Advogados Andre Drighetti Law Office Femil Curt (part of Rogério Jorge Leonard Muza Lazzarini Moretti e Moraes DLA Piper Group) Adriano Borges AES Eletropaulo KPMG Advogados Arjana Selimić De Vivo, Whitaker, Castro e Gabriela Krieck Olivia Muzvidziwa Gonçalves Advogados Brigida Melo e Cruz Gama Filho JP Elektroprivreda BiH Podružnica Souza, Cescon, Barrieu & Flesch KPMG Pinheiro Neto Advogados Elektrodistribucija Sarajevo Vanessa Boulos Advogados Buhle Ncube Rayes & Fagundes Advogados Ingrid E.T. Schwarz de Nihad Sijerčić Everaldo Lacerda Lawyer Mendonça KN Karanović & Nikolić Alexandre Brack Cartorio Maritimo Noronha Advogados Godfrey N. Nthomiwa Odebrecht Properties Maja Šimunac Thomás Lampster Administration of Justice – High João Paulo F.A. Fagundes Wolf Theiss d.o.o. Carlos Braga Pinheiro Neto Advogados Court of Botswana Rayes & Fagundes Advogados Emir Spaho Souza, Cescon, Barrieu & Flesch Rodrigo Lara Kwadwo Osei-Ofei Advogados Beatriz Felitte Advokatska Kancelarija Spaho Rayes & Fagundes Advogados Osei-Ofei Swabi & Co. Souza, Cescon, Barrieu & Flesch Mehmed Spaho Danilo Breve Advogados Juliano Lazzarini Moretti Chabo Peo Souza, Cescon, Barrieu & Flesch Advokatska Kancelarija Spaho Lazzarini Moretti e Moraes Bookbinder Business Law Advogados Iara Ferfoglia Gomes Dias Advogados Selma Spaho Machado Meyer Sendacz e Opice Butler Phirie João Henrique Brum Advokatska Kancelarija Spaho Advogados José Augusto Leal PwC Botswana Dominges E Pinho Contadores Castro, Barros, Sobral, Gomes Bojana Tkalčić-Djulić Alexsander Fernandes de Caroline Polder Frederico Buosi Advogados Lawyers Office Tkalcic-Dulic, Andrade Collins Newman & Co. Vella Pugliese Buosi Guidoni Prebanic, Rizvic & Jusufbasic- Duarte Garcia, Caselli Guimarães e Alexandre Leite Goloman Samuel Rathedi Érika Carvalho Terra Advogados Souza, Cescon, Barrieu & Flesch Ministry of Environment, Wildlife Souza, Cescon, Barrieu & Flesch Advogados Ivana Vragovic Isabelle Ferrarini Bueno and Tourism Karanovic & Nikolic Law Office Advogados Veirano Advogados Maury Lobo de Athayde Claudio Rossi Paulo Carvalho Campos Mello Advogados Edin Zametica Glaucia Ferreira Sharps Electrical (Pty) Ltd. PP&C DERK (State Electricity Regulatory Demarest e Almeida Advogados Fernando Loeser Commission) Brent Rouse Ramon Castilho Loeser e Portela Advogados Marilia Ferreira de Miranda Elliott Mobility Souza, Cescon, Barrieu & Flesch Oficial de Registro Civil das Ricardo Loureiro BOTSWANA Portia Segomelo Advogados Pessoas Naturais e de Interdições Serasa S.A. Ministry of Environment, Wildlife Veridiana Celestino e Tutelas da Sede da Comarca de David Aniku Eduardo Luise Gonzalez and Tourism Brotas-SP Ministry of Environment, Wildlife Veirano Advogados Bronzatti and Tourism Moemedi J. Tafa José Fidalgo Pinheiro Guimarães Advogados Eduardo Chaves Armstrongs Attorneys Rayes & Fagundes Advogados De Luca, Derenusson, Schuttoff e Tawana Bodohla Marina Maccabelli Azevedo Advogados Chibanda, Makgalemele & Co. Frederick Webb Isabela Coelho Demarest e Almeida Advogados Armstrongs Attorneys Souza, Cescon, Barrieu & Flesch Clarissa Figueiredo Jeffrey Bookbinder Camila Mansur Advogados Machado Meyer Sendacz e Opice Bookbinder Business Law Nilusha Weeraratne Lazzarini Moretti e Moraes Advogados PwC Botswana Ricardo E. Vieira Coelho Advogados John Carr-Hartley Pinheiro Neto Advogados Rafael Figueiredo Armstrongs Attorneys Sipho Ziga Glaucia Mara Coelho Souza, Cescon, Barrieu & Flesch Armstrongs Attorneys Vivian Coelho dos Santos Breder Machado Meyer Sendacz e Opice Andrew Chifedi Advogados Ulhôa Canto, Rezende e Guerra- Advogados Hoya Removals & Freight Advogados Guilherme Filardi BRAZIL Deborah Marques Guri Dobo De Luca, Derenusson, Schuttoff e Jarbas Contin Souza, Cescon, Barrieu & Flesch Dobson and Company, Certified Biroex Export Import Ltda Azevedo Advogados PwC Brazil Advogados Public Accountants Expertness Brazil Freight Silvia Fiszman Adriana Correa Laura Massetto Meyer Tatenda Dumba Forwarding & Consulting Ltda. Machado Meyer Sendacz e Opice Souza, Cescon, Barrieu & Flesch Pinheiro Guimarães Advogados Armstrongs Attorneys Advogados Marina Agueda Advogados Eduardo Augusto Mattar Edward W. Fasholé-Luke II De Luca, Derenusson, Schuttoff e Paulo Roberto Fogarolli Filho Bruno Henrique Coutinho de Pinheiro Guimarães Advogados Luke & Associates Azevedo Advogados Duarte Garcia, Caselli Guimarães e Aguiar Terra Advogados Aloysio Meirelles de Miranda Noreen Jere Antônio Aires Rayes & Fagundes Advogados Ulhôa Canto, Rezende e Guerra- Chibanda, Makgalemele & Co. Demarest e Almeida Advogados Fernanda Frezarin Gisela da Silva Freire Advogados Mundie e Advogados Victor Jimere Ana Beatriz Almeida Loboe Porto Advogados Marianne Mendes Webber Inex Electrical Contractors Demarest e Almeida Advogados Rafael Frota Adriana Daiuto Souza, Cescon, Barrieu & Flesch Vitor Costa Advogados Akheel Jinabhai Kleber Altale Demarest e Almeida Advogados Advogados Akheel Jinabhai & Associates Machado Meyer Sendacz e Opice Henrique Funk Lo Sardo João Luis Ribeiro de Almeida Renata Moreira Lima Advogados Lazzarini Moretti e Moraes Julius Mwaniki Kanja Demarest e Almeida Advogados Lazzarini Moretti e Moraes Advogados Chibanda, Makgalemele & Co. Lúcia Aragao Advogados Veirano Advogados Rafael De Conti Renato G.R. Maggio Laurence Khupe De Conti Law Office Gustavo Morel Machado Meyer Sendacz e Opice Collins Newman & Co. Mariana Aranha Veirano Advogados João Claudio De Luca Junior Advogados Machado Meyer Sendacz e Opice David Lawrence De Luca, Derenusson, Schuttoff e Renata Morelli Advogados Rafael Gagliardi Sharps Electrical (Pty) Ltd. Azevedo Advogados Rayes & Fagundes Advogados Demarest e Almeida Advogados Pedro Vitor Araujo da Costa Bokani Machinya Beatriz Gross Bueno de Moraes Thaís Moretz Sohn Fernandes Vitor Costa Advogados Thiago Giantomassi Medeiros Collins Newman & Co. Visnevski ApexBrasil Demarest e Almeida Advogados Bruna Argento De Vivo, Whitaker, Castro e Godfrey Madanha Marcio Moura Machado Meyer Sendacz e Opice Gonçalves Advogados Rodrigo Gomes Maia Chocholoza Building Construction Demarest e Almeida Advogados Advogados Noronha Advogados Pty. Ltd. Marília de Paula Giorgia Nagalli Leonardo Ricardo Arvate De Vivo, Whitaker, Castro e Diógenes Gonçalves Mogabagaba Mailula Souza, Cescon, Barrieu & Flesch Alvares Gonçalves Advogados Pinheiro Neto Advogados Collins Newman & Co. Advogados Souza, Cescon, Barrieu & Flesch Nádia Demoliner Lacerda da Eduardo Ferraz Guerra Mercia Bonzo Makgalemele Advogados Cássio S. Namur Silva Guerra e Batista Advogados Chibanda, Makgalemele & Co. Souza, Cescon, Barrieu & Flesch Leonardo Azevedo Mundie e Advogados Enrique Hadad Advogados Paul Masena Rayes & Fagundes Advogados Eduardo Depassier Loeser e Portela Advogados Registrar of Companies and Intellectual Property Loeser e Portela Advogados Acknowledgments 257 Diogo Nebias Lia Roston BRUNEI DARUSSALAM Iva Georgieva Daniela Petkova Souza, Cescon, Barrieu & Flesch Rayes & Fagundes Advogados Tsvetkova, Bebov and Partners Dobrev, Kinkin & Lyutskanov Advogados Department of Electrical Services Luis Augusto Roux Azevedo Dimitar Gochev Irena Petkova Jorge Nemr De Luca, Derenusson, Schuttoff e Ernst & Young Danailova, Todorov and Partners Kambourov & Partners Leite, Tosto e Barros Azevedo Advogados Jonathan Cheok law firm Gergana Popova Walter Nimir Marcelo Saciotto Cheok Advocates & Solicitors Ralitsa Gougleva Georgiev, Todorov & Co. De Vivo, Whitaker, Castro e Rayes & Fagundes Advogados Robin Cheok Djingov, Gouginski, Kyutchukov Nikolav Radev Gonçalves Advogados Cheok Advocates & Solicitors & Velichkov José Samurai Saiani Dobrev, Kinkin & Lyutskanov Michael O’Connor Machado Meyer Sendacz e Opice Danny Chua Kristina Gouneva Stefan Radev Guerra e Batista Advogados Advogados Brunei Transporting Company Dobrev, Kinkin & Lyutskanov Multibrands Daniel Oliveira Anelise Maria Jircik Sasson Roaizan Johari Katerina Gramatikova Konstantin Rizov Souza, Cescon, Barrieu & Flesch AES Eletropaulo Autoriti Monetari Brunei Dobrev, Kinkin & Lyutskanov Gyurov & Rizov Law Office Advogados Darussalam Sabine Schuttoff Mariya Grigorova Milen Rusev Evany Oliveira De Luca, Derenusson, Schuttoff e Zuleana Kassim Dinova Rusev & Partners Dinova Rusev & Partners PwC Brazil Azevedo Advogados Lee Corporatehouse Associates Stefan Gugushev Svetoslav Shterev João Otávio Pinheiro Olivério Gabriel Seijo Cynthia Kong Gugushev & Partners Virtus DLA Piper US LLP Souza, Cescon, Barrieu & Flesch Widdows Kong & Associates Ivan Gyurovski Advogados Elizabeth Sidi Eduardo Ono Terashima Kin Chee Lee CEZ Distribution Bulgaria AD, PwC Bulgaria Demarest e Almeida Advogados Sydney Simonaggio Lee Corporatehouse Associates member of CEZ Group AES Eletropaulo Julian Spassov Andréa Oricchio Kirsh Lennon Lee Tatyana Hristova McGregor & Partners Cunha Oricchio Ricca Lopes Beatriz Souza PwC Singapore Legalex Law Office Advogados Souza, Cescon, Barrieu & Flesch Krum Stanchev Christina Lim Velyana Hristova Advogados Mihail Stankov Gyedre Palma Carneiro de Cheok Advocates & Solicitors Penkov, Markov & Partners Oliveira Walter Stuber Dobrev, Kinkin & Lyutskanov Kelvin Lim Iliya Iliev Souza, Cescon, Barrieu & Flesch Walter Stuber Consultoria Konstantin Stoyanov Ridzlan Lim Advocates & Solicitors Primorska Audit Company Advogados Jurídica Gugushev & Partners - member of Russell Bedford Franco Parente Rodrigo Takano Colin Ong International Dr. Colin Ong Legal Services Roman Stoyanov Souza, Cescon, Barrieu & Flesch Machado Meyer Sendacz e Opice Penkov, Markov & Partners Ginka Iskrova Advogados Advogados Martin Sinnung Jr. PwC Bulgaria Margarita Stoyanova Rogerio Rabelo Peixoto Milena Tesser Brunei Transporting Company Vesela Kabatliyska Kambourov & Partners Banco Central do Brasil Rayes & Fagundes Advogados Karthigeyan Srinivasan Dinova Rusev & Partners Vessela Tcherneva-Yankova Luciana Pereira Costa Marcos Tiraboschi Autoriti Monetari Brunei Darussalam Angel Kalaidjiev V Consulting Bulgaria Ulhôa Canto, Rezende e Guerra- De Luca, Derenusson, Schuttoff e Kalaidjiev & Georgiev Yordan Terziev Advogados Azevedo Advogados Shazali Sulaiman KPMG Yavor Kambourov Arsov Natchev Ganeva Luanda Pinto Backheuser Priscila Trevisan Kambourov & Partners Aleksandrina Terziyska De Luca, Derenusson, Schuttoff e Rayes & Fagundes Advogados Ting Tiu Pheng Azevedo Advogados Arkitek Ting Mina Kapsazova Gugushev & Partners Gisele Trindade PwC Bulgaria Kaloyan Todorov Antonio Claudio Pinto da Vella Pugliese Buosi Guidoni Cecilia Wong Fonseca Tricor (B) Sdn Bhd Rositsa Kebedjieva Danailova, Todorov and Partners Oswaldo Cesar Trunci de Construtora MG Ltda. Penkov, Markov & Partners law firm Oliveira Raphael Polito Machado Meyer Sendacz e Opice BULGARIA Hristina Kirilova Svilen Todorov Rayes & Fagundes Advogados Advogados Kambourov & Partners Todorov & Doykova Law Firm Svetlin Adrianov Durval Portela Suslei Tufaniuk Penkov, Markov & Partners Donko Kolev Todor Todorov Loeser e Portela Advogados AES Eletropaulo Raiffeisen Real Estate Ltd. Toveton Ekaterina Aleksova José Ribeiro do Prado Junior Luciana Macedo V.G. da Silva PwC Bulgaria Nikolay Kolev Georgi Tzvetkov Machado Meyer Sendacz e Opice Souza, Cescon, Barrieu & Flesch Boyanov & Co. Djingov, Gouginski, Kyutchukov Advogados Advogados Anton Andreev & Velichkov Schoenherr Ilya Komarevski Aline Prado Silva Ana Luísa Valentim Pereira Tsvetkova, Bebov and Partners Rossitsa Valeva De Conti Law Office Noronha Advogados Stefan Angelov PwC Bulgaria V Consulting Bulgaria Tsvetan Krumov Daniela Prieto Juliana Vasconcelos Schoenherr Miroslav Varnaliev Veirano Advogados ApexBrasil Rusalena Angelova Unimasters Logistics Plc. Djingov, Gouginski, Kyutchukov Stephan Kyutchukov Dario Rabay Ronaldo C. Veirano & Velichkov Djingov, Gouginski, Kyutchukov Katya Yurukova Souza, Cescon, Barrieu & Flesch Veirano Advogados & Velichkov Penkov, Markov & Partners Advogados Ganka Belcheva Rafael Vitelli Depieri Belcheva & Karadjova LLP Dessislava Lukarova Daniela Zandova Ronaldo Rayes 1º Cartório de Notas de São José Arsov Natchev Ganeva Atrend Eood Rayes & Fagundes Advogados dos Campos Ilian Beslemeshki Georgiev, Todorov & Co. Jordan Manahilov Andreza Ribeiro Karina Vlahos Bulgarian National Bank BURKINA FASO Souza, Cescon, Barrieu & Flesch De Luca, Derenusson, Schuttoff e Plamen Borissov Borissov & Partners Iliyana Mavrodieva Bolloré Africa Logistics Advogados Azevedo Advogados Kalaidjiev & Georgiev Pierre Abadie Eliane Ribeiro Gago Eduardo Guimarães Wanderley Christopher Christov Penev LLP Dimitrinka Metodieva Cabinet Pierre Abadie Duarte Garcia, Caselli Guimarães e Veirano Advogados Gugushev & Partners Symphorien Agbessadji Terra Advogados Maria Danailova Leticia Wanderley BCEAO Danailova, Todorov and Partners Slavi Mikinski Laura Ribeiro Vissotto Demarest e Almeida Advogados law firm Legalex Law Office Ahmadou Al Aminou Lo 1º Cartório de Notas de São José Thiago Wscieklica BCEAO dos Campos Kostadinka Deleva Blagomir Minov Souza, Cescon, Barrieu & Flesch Gugushev & Partners Tsvetkova, Bebov and Partners Seydou Balama Thiago Rodovalho Advogados Lawyer George Dimitrov Tzvetoslav Mitev Etude Maître Balama Seydou Karin Yamauti Hatanaka Dimitrov, Petrov & Co. Georgiev, Todorov & Co. Babou Bayili Mariana Rodrigues Souza, Cescon, Barrieu & Flesch Souza, Cescon, Barrieu & Flesch Advogados Alexandra Doytchinova Vladimir Natchev Laboratoire National du Bâtiment Advogados Schoenherr Arsov Natchev Ganeva et des Travaux Publics (LNBTP) Carolina Zanolo Burkina Faso Viviane Rodrigues Machado Meyer Sendacz e Opice Silvia Dulevska Yordan Naydenov Souza, Cescon, Barrieu & Flesch Advogados Bulgarian National Bank Boyanov & Co. Aimé Bonkoungou Advogados SONABEL Alessandra Zequi Salybe de Ivo Emanuilov Maria Pashalieva Ana Carolina Rua Rodriguez Moura Penev LLP Penkov, Markov & Partners Serge Damiba Rochedo Souza, Cescon, Barrieu & Flesch Archi Consult Tereza Enicharova Lilia Pencheva Noronha Advogados Advogados Denis Dawende Dobrev, Kinkin & Lyutskanov Experian Bulgaria EAD Cezar Roedel Office Notarial Me Jean Celestin Spas Georgiev Sergey Penev Zoure Halley do Brasil Vibo 71 Ltd. Penev LLP 258 Doing Business 2014 Seydou Diarra Nahimana Ildephonse Chanmalise Bun Vannarith Siv Etienne Donfack Jean Claude Gnamien Banque de la République du PwC Cambodia BNG Legal GIEA PwC Côte d’Ivoire Burundi Phanin Cheam Lor Sok Laurent Dongmo Karim Ilboudo René-Claude Madebari Municipality of Phnom Penh Arbitration Council Foundation Jing & Partners CEFAC ENSafrica Burundi Limited Bureau of Urban Affairs Ponlok Sok Lucas Florent Essomba Olé Alain Kam Stanislas Makoroka Rithy Chey BNG Legal Cabinet Essomba & Associés Dembs Associates Sarl Université du Burundi BNG Legal Sum Sokhamphou Hyacinthe Clément Fansi Césaire Kambou Kelly Mategeko Oknha Seng Chhay Our Royal Academy for Judicial Ngamou Cabinet d’Architecture Agora Le Génie Civil SPRL Seng Enterprises Co., Ltd Professions SCP Ngassam Njike & Associes Issaka Kargougou Anatole Miburo Chea Chhaynora Pheang Sokvirak Abdoullahi Faouzi Maison de l’Entreprise du Burkina Cabinet Anatole Miburo HBS Law PwC Cambodia Guichet Unique des Operations du Faso Commerce Exterieur-Gie Patrick Ndayishimiye Piseth Chun Nop Sophea Gilbert Kibtonré Albert Ndereyimana Electricité du Cambodge (EDC) Electricité du Cambodge (EDC) Oréol Marcel Fetue CEFAC GETRA Nimba Conseil SARL Susanna Coghlan Vannaroth Sovann Alain Gilbert Koala Gregoire Nduwimana AAA Cambodia Ltd. BNG Legal Isabelle Fomukong Ordre des Architectes du Burkina SDV Logistics Cabinet d’Avocats Fomukong Chea Dina Phin Sovath Frédéric O. Lompo Claver Nigarura Bun & Associates Bun & Associates Atsishi Fon Ndikum Etude Maître Lompo Rubeya & Co - Advocates Achu and Fon-Ndikum Law Firm Antoine Fontaine Ousaphea Suos Adeline Messou Lambert Nigarura Bun & Associates Acleda Bank Plc. Georges Fopa PwC Côte d’Ivoire Mkono & Co Advocates GIEA Bradley J. Gordon Michael Tan Emmanuella Moulod Charles Nihangaza Gordon & Associates RAF International Forwarding Philippe Fouda Fouda PwC Côte d’Ivoire (Cambodia) Inc. BEAC Cameroon Alice Nijimbere Hour Naryth Hem Hamadé Ouedraogo Mkono & Co Advocates BNG Legal Rathvisal Thara Fankam Gaelle Laure Bâtir S.A.R.L. BNG Legal Fiduciaire Ratio Gustave Nijimbere Phalla Im Oumarou Ouedraogo Mkono & Co Advocates CBD Partner & Consultancy Heng Thy Bertrand Gieangnitchoke Cabinet Ouedraogo PwC Cambodia GIEA Consolate Ningarukiye Prorseth Ing Roger Omer Ouédraogo Rubeya & Co - Advocates Electricité du Cambodge (EDC) Janvibol Tip Nicaise Ibohn Association Professionnelle des Tip & Partners The Abeng Law Firm Jean-Marie Niyubahwe Sophealeak Ing Transitaires & Commissionnaires en Sénat du Burundi Bun & Associates Seng Vantha Samuel Iyug Iyug Douane Agrées Seng Enterprises Co., Ltd Groupement des Entreprises de Amissi Ntangibingura Sira Intarakumthornchai Alain Serge Paré Frêt et Messagerie du Cameroun Guichet Unique de Burundi PwC Cambodia Garry Wood Cabinet Yaguibou & Yanogo (GEFMCAM) Credit Bureau (Cambodia) Co. Ltd. Jocelyne Ntibangana Visal Iv Linda Rakotonavalona Paul T. Jing Cabinet de Maître Ntibangana Electricité du Cambodge (EDC) Bun Youdy Cabinet John W. Ffooks & Co. Jing & Partners Bun & Associates Antoine Ntisigana Chhorpornpisey Keo Bénéwendé S. Sankara Serge Jokung SODETRA Ltd. Acleda Bank Plc. Potim Yun Cabinet Maître Sankara Cabinet Maître Marie Andrée VDB Loi Happy Hervé Ntwari Ke Kimsoeun Ngwe Hermann Lambert Sanon Mkono & Co Advocates Acleda Bank Plc. Sophal Yun Groupe Hage Michel Kangmeni Arbitration Council Foundation François Nyamoya Chan Kosal Cabinet Auditec-Foirier Moussa Ousmane Sawadogo Avocat à la Cour Acleda Bank Plc. Direction Générale des Impôts Eugène Romeo Kengne Sikadi CAMEROON Gilbert L.P. Nyatanyi Alex Larkin Nimba Conseil SARL Abdoul Aziz Son ENSafrica Burundi Limited DFDL Mekong (Cambodia) Co., Roland Abeng Cabinet Pierre Abadie Julienne Kengue Piam Ltd. The Abeng Law Firm Déogratias Nzemba Nimba Conseil SARL Dominique Taty Avocat à la Cour Sopoirvichny Ly Rosine Pauline Amboa PwC Côte d’Ivoire Jean Aime Kounga Arbitration Council Foundation Legal Power Law Firm Prosper Ringuyeneza Cabinet d’Avocats Abeng Roland Antoine Traore Le Génie Civil SPRL Y Manou Abel Epse Piskopani Armelle BCEAO Merlin Arsene Kouogang BNG Legal Silvana Willy Rubeya The Abeng Law Firm Moussa Traore MOJUFISC Monde Juridique Rubeya & Co - Advocates Peter Mewes et Fiscal Jean Michel Mbock Biumla Direction Générale des Impôts HBS Law Thierry Rujerwaka M&N Law Firm Moussa Traore Armand Atono Laboratoire National du Bâtiment Clint O’Connell Maison de l’Entreprise du Burkina AES Sonel Augustin Yves Mbock Keked et des Travaux Publics (LNBTP) VDB Loi Faso CADIRE Burundi Gilbert Awah Bongam Piseth Path Fousséni Traoré Achu and Fon-Ndikum Law Firm Martial Mbongue Mpallawoh Isaac Rwankineza BNG Legal PwC Côte d’Ivoire Legal Power Law Firm Entreprise BTCE Thomas Didier Remy Thea Pheng Yacouba Traoré Batoumbouck Constantin Medou Fabien Segatwa BNG Legal Commune de Ouagadougou CADIRE Cabinet Medou Etude Me Segatwa Sotheaphal Pho Bouba Yaguibou Pierre Bertin Simbafo Ivan Mélachéo Martin Sindabizera Bassac Law Office SCPA Yaguibou & Yanogo BICEC Vanture Consulting Audace Sunzu Allen Prak Emmanuel Yehouessi Isidore Biyiha Patrick Menyeng Manga REGIDESO P&A Asia Law Firm BCEAO Guichet Unique des Operations du The Abeng Law Firm Borapyn Py Commerce Exterieur-Gie Dieudonne Zongo Rémi Milol CAMBODIA DFDL Mekong (Cambodia) Co., Navitrans Hiol Bonheur Guichet Unique des Operations du Ltd. Gordon & Associates Fiduciaire Ratio Commerce Exterieur-Gie Kry Rattanak BURUNDI Linehaul Express (Cambodia) Miafo Bonny Bonn Jules Minamo Royal Academy for Judicial Co., Ltd. Bonny Bonn Enterprises Karvan Finance Joseph Bahizi Professions Banque de la République du Morison Kak & Associés Anne Marie Diboundje Njocke A.D. Monkam Matthew Rendall Burundi Cabinet Diboundje Njocke & Etude de Notaire Wo’o Red Furnesse Co Ltd Sciaroni & Associates Associés Cyprien Bigirimana Laurence Idelette Mouafo Sok & Heng Chhim Sam Ol Tribunal de Grande Instance de Paul Marie Djamen Djeutchou Vinick & Associates Gitega Trois S (Cambodge) Logistics Mobile Telephone Networks SCP Ngassam Njike & Associes Solution Samroul San Cameroon (MTN) Adolphe Birehanisenge Marie Agathe Ndeme BNG Legal Agence de Promotion des Maya Ballard-Downs Tognia Djanko CADIRE Investissements DFDL Mekong (Cambodia) Co., Bun Huy Seng Cabinet Tognia et Associes André François Ndjami Ltd. P&A Asia Law Firm Ida Djuma Aurélien Djengue Kotte Guichet Unique des Operations du Rubeya & Co - Advocates Vincent Martin Bidez Sophea Sin Cabinet Ekobo Commerce Exterieur-Gie HBS Law BNG Legal Jean Bosco Habumuremyi Joseph Djeuga Marcelin Yoyo Ndoum Guichet Unique de Burundi Lafarge Etude de Notaire Wo’o Acknowledgments 259 Simon Pierre Nemba Pamela S. Hughes Jorge Lima Delgado Lopes Mauricette Monthe-Psimhis CHILE Cabinet Maître Marie Andrée Ngwe Blakes, Cassels & Graydon LLP, Núcleo Operacional da Sociedade Cabinet d’Avocats & Juristes member of Lex Mundi de Informação Associés Leticia Acosta Aguirre Virgile Ngassam Njiké Redlines Group SCP Ngassam Njike & Associes Simon Jason Sofia Ferreira Enriquez Jacob Ngaya Kestenberg Rabinowicz Partners Raposo Bernardo & Associados Ministère des Finances - Direction Alberto Alcalde Dorothée Marie Ngo Yomb III PUGA Ortiz Abogados LLP - member of Russell Bedford Générale des Impôts et des Nimba Conseil SARL Florentino Jorge Fonseca Jesus International Domaines Fernando Alzate Engineer Julius Ngu Tabe Achu Notaría Antonieta Mendoza Andrew Kent Oesimbola Randriamampianina Achu and Fon-Ndikum Law Firm Solange Furtado Sanches McMillan LLP Cabinet John W. Ffooks & Co. Alejandra Anguita Avaria SF&LB, sociedade de advogados, RL Marie-Andrée Ngwe Superintendencia de Quiebras Gloria Kim Venant Paul Sadam Cabinet Maître Marie Andrée João Gomes PwC Canada Cabinet d’Avocats & Juristes Felipe Aracena Ngwe D. Hopffer Almada & Associados Associés Chirgwin Larreta Peñafiel Joshua Kochath Moliki Nitua Tabot Joana Gomes Rosa Comage Container Lines Ghislain Samba Mokamanede Josefina Montenegro Araneda Legal Power Law Firm Advocacia - Consultoria Bamelec Superintendencia de Quiebras Christopher Kong Mosely Njebayi Teresa Livramento Monteiro PwC Canada Bandiba Max Symphorien Luis Avello CSE Dulce Lopes, Solange Lisboa Ramos, Club OHADA République PwC Chile May Luong Teresa Livramento Monteiro- Olivier Priso Centrafricaine Borden Ladner Gervais LLP Sociedade de Advogados Angeles Barría Ville de Douala Communauté Urbaine de Douala Alena Makavets Julio Martins Junior Philippi, Yrarrazaval, Pulido & CHAD Brunner, Abogados Ltda. PwC Canada Raposo Bernardo & Associados Camille Razalison Cabinet John W. Ffooks & Co. Sandra Benedetto Cabinet John W. Ffooks & Co. Terry McCann João Pereira MLG Enterprises Ltd. FPS Adoum Daoud Adoum Haroun PwC Chile Willy Ndie Tadmi S.C.G.A.D.A. et Fils Enrique Benitez Urrutia Legal Power Law Firm William McCarthy Arlindo Pereira Tavares First Canadian Title Arlindo Tavares Advogados Abdelkerim Ahmat Urrutia & Cía Magloire Tchande SDV Logistics Jorge Benitez Urrutia PricewaterhouseCoopers Tax & Patricia Meehan Rita Ramos Legal SARL PwC Canada Land Registry Benga Nomen Christopher Urrutia & Cía Express Cargo Mario Bezanilla Pierre Morgant Tchuikwa William Northcote Nelson Raposo Bernardo CADIRE Shibley Righton LLP Raposo Bernardo & Associados Wandi Dassidi Alcaíno Rodríguez Abogados Ministère de l’Urbanisme, de Manuel Brunet Bofill Nadine Tinen Tchadgoum Alfred Page José Rui de Sena l’Habitat, des Affaires Foncières et Cámara Chilena de la PwC Cameroun Borden Ladner Gervais LLP Agência de Despacho aduaneiro des Domaines Construcción Ferreira e Sena Lda Tamfu Ngarka Tristel Richard Eric Paton Oscar d’Estaing Deffosso Francisco Cabezas Legal Power Law Firm PwC Canada Tito Lívio Santos Oliveira Ramos PricewaterhouseCoopers Tax & Alessandri ENGIC Engenheiros Associados Eliane Yomsi Nikita Poplavsky Legal SARL Lda Raimundo Camus Karvan Finance Blakes, Cassels & Graydon LLP, Thomas Dingamgoto Yrarrázaval, Ruiz-Tagle, member of Lex Mundi Henrique Semedo Borges Philippe Zouna Cabinet Thomas Dingamgoto Goldenberg, Lagos & Silva Law Firm Semedo Borges PwC Cameroun Andrew Robertson Mahamat Ousman Djidda Miguel Capo Valdes Blakes, Cassels & Graydon LLP, Arnaldo Silva Architectural Besalco S.A. member of Lex Mundi Arnaldo Silva & Associados CANADA N’Doningar Djimasna Héctor Carrasco Tony Rodrigues Luís Filipe Sousa First Canadian Title Faculté de Droit, Université de Superintendencia de Bancos y Gaynor Roger PwC Portugal N’Djamena Instituciones Financieras Chile Osler, Hoskin & Harcourt LLP Shibley Righton LLP José Spinola Germain Djomian Javier Carrasco Toronto Hydro Paul Schabas FPS Etude Me Djomian Germain Núñez Muñoz & Cía Ltda. Torys LLP Blakes, Cassels & Graydon LLP, Frantz Tavares Abogados member of Lex Mundi Philippe Fouda Fouda INOVE - Consultores Empresariais TransUnion Canada BEAC Cameroon Paola Casorzo Lincoln Schreiner Salvador Varela Philippi, Yrarrazaval, Pulido & Jon A. Levin PwC Canada Innocent MJM Advogados Brunner, Abogados Ltda. Fasken Martineau DuMoulin LLP Societe Africaine d’Architecture et Adam Shipowick Liza Helena Vaz d’Ingenierie Juan Luis Castellon Bekhzod Abdurazzakov Borden Ladner Gervais LLP PwC Portugal Núñez Muñoz & Cía Ltda. Borden Ladner Gervais LLP Delphine K. Djiraibe Shane Todd Leendert Verschoor Avocate à la Cour Abogados Saad Ahmad Heenan Blaikie LLP, member of Ius PwC Portugal Andrés Chirgwin Blakes, Cassels & Graydon LLP, Laboris Francis Kadjilembaye member of Lex Mundi Cabinet Thomas Dingamgoto Chirgwin Larreta Peñafiel Sharon Vogel CENTRAL AFRICAN REPUBLIC María Alejandra Corvalán David Bish Borden Ladner Gervais LLP Gérard Leclaire Torys LLP Jean Christophe Bakossa Architectural Yrarrázaval, Ruiz-Tagle, George Waggot L'ordre Centrafricaine des Goldenberg, Lagos & Silva Ann Borooah McMillan LLP Béchir Madet Architectes Luis Alberto Cruchaga Toronto City Hall Office Notarial Andrea White Jean-Noël Bangue Bofill Mir & Alvarez Hinzpeter Colin L. Campbell Shibley Righton LLP Hayatte N’Djiaye Jana Cour de Cassation de Bangui Superior Court of Justice of Profession Libérale Ontario Blaise Banguitoumba Francisco della Maggiora CAPE VERDE Jean Paul Maradas Nado Urenda, Rencoret, Orrego y Dörr ENERCA (Energie Centrafricaine) Adrian Cochrane Ministère de l'Urbanisme Blakes, Cassels & Graydon LLP, Banco Central de Cabo Verde Maurice Dibert- Dollet Andrés Dighero Jean Paul Nendigui Alessandri member of Lex Mundi Ministère de la Justice Empresa de Electricidade E Agua N Consulting John Craig (Electra) Emile Doraz-Serefessenet Oscar Douglas Nissaouabé Passang PwC Chile Heenan Blaikie LLP, member of Ius José Manuel Andrade Cabinet Notaire Doraz-Serefessenet Etude Me Passang Laboris Núcleo Operacional da Sociedade Fernando Echeverria Philippe Fouda Fouda de Informação Ahmat Senoussi Cámara Chilena de la Ralph Cuervo-Lorens BEAC Cameroon Architectural Construcción Blaney McMurtry, LLP Joana Andrade Correia Dolly Gotilogue Raposo Bernardo & Associados Amos D. Tatoloum Onde Ernesto Eckholt James Farley Avocate à la Cour Societe Africaine d’Architecture et Bahamondez, Alvarez & Zegers McCarthy Tetrault LLP Luisa Borges Cyr Gregbanda d’Ingenierie Isabelle Foley SF&LB, sociedade de advogados, RL Bamelec Alejandro Eliash Nadine Tinen Tchadgoum Cámara Chilena de la Corporations Canada Susana Caetano Marious Guibaut Metongo PwC Cameroun Construcción Paul Gasparatto PwC Portugal Transimex Centrafrique Abdoulaye Yacouba Claudia Paz Escobar Ontario Energy Board Vasco Carvalho Oliveira Ramos Laurent Hankof Mairie de N’Djamena Chirgwin Larreta Peñafiel Jennifer Gaudet ENGIC Engenheiros Associados ENERCA (Energie Centrafricaine) Lda Sobdibé Zoua Maria Teresa Fernandez Borden Ladner Gervais LLP Serge Médard Missamou Cabinet Sobdibe Zoua Bahamondez, Alvarez & Zegers Anne Glover Manuel de Pina Club OHADA République SAMP - Sociedades de Advogados Patedjore Zoukalne Benjamín Ferrada Blakes, Cassels & Graydon LLP, Centrafricaine Ministère de l’Urbanisme, de Guerrero, Olivos, Novoa & member of Lex Mundi l’Habitat, des Affaires Foncières et Errázuriz Abogados des Domaines 260 Doing Business 2014 Pamela Flores Cristian Olavarria Goldenberg, Lagos & Silva Jonathan Mok Notaría 41 de Bogotá PwC Chile Philippi, Yrarrazaval, Pulido & Angela Wang & Co. Matías Zegers Enrique Alvarez Brunner, Abogados Ltda. Cristian Garcia-Huidobro Bahamondez, Alvarez & Zegers Matthew Mui Jose Lloreda Camacho & Co. Boletín de Informaciones Sergio Orrego PwC China Rony Zimerman M. Jaime Mauricio Angulo Sanchez Comerciales Urenda, Rencoret, Orrego y Dörr Bofill Mir & Alvarez Hinzpeter Matthew Murphy Experian - Datacrédito Gianfranco Gazzana Felipe Ossa Jana MMLC Group Lorena Arambula Guerrero, Olivos, Novoa & Claro & Cía., member of Lex Mundi Lei Niu Cárdenas & Cárdenas Errázuriz Abogados Gerardo Ovalle Mahns CHINA Zhong Lun Law Firm Octavio Arango Raúl Gómez Yáñez Yrarrázaval, Ruiz-Tagle, Allen & Overy LLP Giovanni Pisacane SIAP S.A. Urenda, Rencoret, Orrego y Dörr Goldenberg, Lagos & Silva GWA Greatway Advisory DLA Piper Alexandra Arbeláez Cardona Carolina Gonzalez Luis Parada Hoyl Andrea Ren Russell Bedford Colombia - member PwC Chile Bahamondez, Alvarez & Zegers Shanghai Hai Cheng Economy & Mayer Brown JSM of Russell Bedford International Trade Development Co., Ltd. José Gutiérrez Gonzalo Paredes Tina Shi María Alejandra Arboleda PwC Chile Núñez Muñoz & Cía Ltda. Bjarne Bauer Mayer Brown JSM Posse Herrera Ruiz Abogados Sofia Group Sofía Haupt Joe Tam Alvaro Armenta Alessandri Carmen Paz Cruz Lozano Russell Brown Mayer Brown JSM Armenta Chavarro S A S Alberto Pulido A. LehmanBrown Cristian Hermansen Rebolledo Philippi, Yrarrazaval, Pulido & Jessie Tang Patricia Arrázola-Bustillo ACTIC Consultores Raymond Cai Brunner, Abogados Ltda. Gómez-Pinzón Zuleta Abogados Mayer Brown JSM Michael Tso Manuel Hinojosa S.A. Gonzalo Rencoret Shekou Law Firm Núñez Muñoz & Cía Ltda. Elliott Youchun Chen Urenda, Rencoret, Orrego y Dörr Cesar Barajas Abogados Jun Ze Jun Law Offices Terence Tung Parra, Rodríguez & Cavelier SAS Alfonso Reymond Larrain Mayer Brown JSM Jorge Hirmas Jie Chen Reymond & Fleischmann Abogados Luis Alfonso Barón Caro Albagli Zaliasnik Abogados Jun He Law Office, member of Lex Rico W.K. Chan Caribbsa Ricardo Riesco Mundi Baker & McKenzie Javier Hurtado Philippi, Yrarrazaval, Pulido & Luis Alfredo Barragán Cámara Chilena de la Mingqing Chen Celia Wang Brunner, Abogados Ltda. Brigard & Urrutia, member of Construcción Mayer Brown JSM PwC China Lex Mundi Fernando Jamarne Constanza Rodriguez Michael Diaz Jr. Eileen Wang Philippi, Yrarrazaval, Pulido & Aurora Barroso Alessandri Diaz, Reus & Targ, LLP Mayer Brown JSM Brunner, Abogados Ltda. Parra, Rodríguez & Cavelier SAS José Ignacio Jiménez Zhitong Ding Guoqi Wang Edmundo Rojas García Martha Bonett Guerrero, Olivos, Novoa & Credit Reference Center of People’s Hua-Ander CPAs - member of Conservador de Bienes Raíces y Cavelier Abogados Errázuriz Abogados Bank of China Russell Bedford International Comercio de Santiago Leonardo Calderón Perdomo Ignacio Larraín Chenmin Dong Kevin Wang Alvaro Rosenblut Colegio de Registradores de Philippi, Yrarrazaval, Pulido & Noronha Advogados AllBright Law Office Albagli Zaliasnik Abogados Instrumentos Públicos de Colombia Brunner, Abogados Ltda. Ella Thomas Wang Hugo Salinas Carolina Camacho Andrés Laymuns Y-Axis International Trading Co. JoinWay Lawfirm PwC Chile Posse Herrera Ruiz Urenda, Rencoret, Orrego y Dörr Helen Feng Xiaolei Wang Andrés Sanfuentes Claudia Camargo Jose Luis Letelier Angela Wang & Co. Credit Reference Center of People’s Philippi, Yrarrazaval, Pulido & PwC Colombia Cariola Diez Perez-Copatos & Cia Bank of China Brunner, Abogados Ltda. Wei Gao Camilo Cantor Andrés Lira Beijing Zhongyin Law Firm Xuehua Wang Francisco Selamé Gómez-Pinzón Zuleta Abogados Urenda, Rencoret, Orrego y Dörr Beijing Huanzhong & Partners PwC Chile Joanna Guo S.A. Santiago Lopez Zhong Lun Law Firm Kent Woo Marcela Silva Darío Cárdenas PwC Chile Guangda Law Firm Philippi, Yrarrazaval, Pulido & Yong Hai Cárdenas & Cárdenas María Esther López Di Rubba Brunner, Abogados Ltda. Baker & McKenzie Tony Wu Carlos Carvajal Fiscalía Banco de Chile JoinWay Lawfirm Luis Fernando Silva Ibañez Shuquan He Jose Lloreda Camacho & Co. Gianfranco Lotito Yrarrázaval, Ruiz-Tagle, Shanghai Univesity Vincent Wu Mauricio Carvajal Cordoba Claro & Cía., member of Lex Mundi Goldenberg, Lagos & Silva Mayer Brown JSM Wenmin He Ministry of Finance Nicole Lüer Alan Smith Zhong Lun Law Firm Liu Yan Ouk Chittra Urenda, Rencoret, Orrego y Dörr Smith y Cía Y-Axis International Trading Co. Huizhong Hu Electricité du Cambodge (EDC) Luis Maldonado Croquevielle Consuelo Tarud Beijing Huanzhong & Partners Flora Yang Felipe Cuberos Conservador de Bienes Raíces y Urenda, Rencoret, Orrego y Dörr Baker & McKenzie Jinquan Hu Prieto & Carrizosa S.A. Comercio de Santiago Ricardo Tisi L. King & Wood Mallesons Lawyers Tian Yongsheng Maria Cristina Cuestas Marcelo Mardones Cariola Diez Perez-Copatos & Cia Y-Axis International Trading Co. Tony Jian DHL Global Forwarding Núñez Muñoz & Cía Ltda. Carlos Torres Mayer Brown JSM Natalie Yu Abogados Lorena Diaz Redlines Group Shu Jin Law Firm Ian Lewis Jose Lloreda Camacho & Co. Juan Ignacio Marín Juan Camilo Uribe Mayer Brown JSM Xia Yu Guerrero, Olivos, Novoa & María Helena Díaz Méndez Philippi, Yrarrazaval, Pulido & MMLC Group Errázuriz Abogados Audry Li PwC Colombia Brunner, Abogados Ltda. Zhong Lun Law Firm Jianan Yuan Carolina Masihy Juan Eslava Sebastián Valdivieso Jun He Law Office, member of Lex Carey y Cía Ltda. Qing Li Colombiana de Ingeniera y Yrarrázaval, Ruiz-Tagle, Mundi Jun He Law Office, member of Lex Suministros Ltda Consuelo Maze Goldenberg, Lagos & Silva Mundi Bing Zhai Núñez Muñoz & Cía Ltda. Jairo Flechas Víctor Hugo Valenzuela Millán Jun He Law Office, member of Lex Abogados Jane Liang GENELEC Ltda. Mundi Matías Varas King & Wood Mallesons Lawyers Ignacio Mehech María Fernanda Florez Yrarrázaval, Ruiz-Tagle, Yi Zhang Núñez Muñoz & Cía Ltda. Haiyan Liao Posse Herrera Ruiz Goldenberg, Lagos & Silva King & Wood Mallesons Lawyers Abogados Mayer Brown JSM Luis Hernando Gallo Medina Nicolás Velasco Jenschke Xingjian Zhao Pablo Menchaca Grace Liu Gallo Medina Abogados Superintendencia de Quiebras Diaz, Reus & Targ, LLP Cariola Diez Perez-Copatos & Cia Hua-Ander CPAs - member of Asociados Luis Felipe Vergara Russell Bedford International Alina Zhu Nicholas Mocarquer Catalina Garcia Conservador de Bienes Raíces y Zhong Lun Law Firm Urenda, Rencoret, Orrego y Dörr Rui Liu Brigard & Urrutia, member of Comercio de Santiago Jun He Law Office, member of Lex Roy Zhu Lex Mundi Enrique Munita Nicolas Vial Mundi Zhong Lun Law Firm Philippi, Yrarrazaval, Pulido & Natalia García Brunner, Abogados Ltda. Bahamondez, Alvarez & Zegers Zhiqiang Liu Roy Zou Jose Lloreda Camacho & Co. Kenneth Werner King & Wood Mallesons Lawyers Hogan Lovells Rodrigo Muñoz Alejandro Garcia Botero Núñez Muñoz & Cía Ltda. Agencia de Aduana Jorge Vio y Lucy Lu Gómez-Pinzón Zuleta Abogados Abogados Cía Ltda. King & Wood Mallesons Lawyers COLOMBIA S.A. Raúl Muñoz Prieto Arturo Yrarrázaval Covarrubias Hongli Ma Codensa S.A. ESP Francisco González Russell Bedford Chile - member of Yrarrázaval, Ruiz-Tagle, Jun He Law Office, member of Lex Parra, Rodríguez & Cavelier SAS Lewin & Wills, Abogados Russell Bedford International Mundi Acknowledgments 261 Santiago Gutierrez María Carolina Sarmiento Said Mohamed Nassur Louman Mpoy l’Urbanisme et Habitat Jose Lloreda Camacho & Co. Posse Herrera Ruiz Energie Comoros Mpoy Louman & Associés Regina Nicole Okandza Yoka Mónica Hernández Carlos Silva Meznoudi Nizar Freddy Mulamba Senene Direction Générale des Impôts Prieto & Carrizosa S.A. Cavelier Abogados ANPI Invest in Comoros Cabinet Munkindji Jean Petro Andrés Hidalgo Alexandra Silveira Nasser Radjabou Hilaire Mumvudi Mulangi Cabinet d’Avocats Jean Petro Jose Lloreda Camacho & Co. Jose Lloreda Camacho & Co. Direction Générale des routes et Ministère de l’Urbanisme et de Andre Francois Quenum transport routiers l’Habitat Juan José Huertas Cristina Stiefken Cabinet Andre Francois Quenum Posse Herrera Ruiz Lewin & Wills, Abogados Daoud Saidali Toihiri Benoit Mutambayi Kanyuka Francis Sassa ANPI Invest in Comoros Cabinet Irénée Falanka Jhovanna Jiménez Raúl Alberto Suárez Arcila Cabinet d’Avocats Jean Petro Brigard & Urrutia, member of Diana Talero Victorine Bibiche Nsimba Alpha Zinga Moko Lex Mundi Superintendency of Corporation CONGO, DEM. REP. Kilembe PwC Barreau de Kinshasa/Matete Leydi Yurany Joya Florez Gustavo Tamayo Arango Cabinet d’Architecte Marc Russell Bedford Colombia - member Jose Lloreda Camacho & Co. Perazzone Jean-Bienvenu Ntwali Byavulwa of Russell Bedford International Etude Kabinda - Cabinet d’Avocats COSTA RICA Olga Viviana Tapias Garcia Société Nationale d’Electricité Aisha Acuña Carlos Mario Lafaurie Escorce Russell Bedford Colombia - member (SNEL) Leon Nzimbi Lexincorp PwC Colombia of Russell Bedford International PwC Congo (Democratic Republic Romain Battajon of) Mariana Alfaro Jorge Lara-Urbaneja Paola Tapiero Cabinet Battajon Cordero & Cordero Abogados Lara Consultores Trade Leader Destin Pelete Prince Bintene Federico Altamura Alejandro Linares-Cantillo Jose Alejandro Torres Cabinet Masamba Christie Madudu Sulubika JD CANO Gómez-Pinzón Zuleta Abogados Posse Herrera Ruiz Cabinet Madudu Sulubika Jean Adolphe Bitenu S.A. Gloriana Alvarado Julia Elena Uribe Eastman ANAPI Sylvie Tshilanda Kabongo Pacheco Coto Ernesto López Jose Lloreda Camacho & Co. Cabinet Madudu Sulubika Guillaume Bononge Litobaka Cárdenas & Cárdenas Arnoldo André Angela Vaca Rocat Sprl Toto Wa Kinkela Andre Tinoco Abogados Victoria Maria del Socorro PwC Colombia Toto & Associés Cabinet d’Avocats Nicaise Chikuru Munyiogwarha Savince Ltda Carlos Araya Diana Vaughan Chikuru & Associés Nadine Mundala Walo Central Law - Quiros Abogados Luis Mendoza Lewin & Wills, Abogados Cabinet Madudu Sulubika Edmond Cibamba Diata Jose Lloreda Camacho & Co. Luis Diego Barahona Frank Velandia Cabinet Emery Mukendi Wafwana PwC Costa Rica Catalina Menjura Teclogic Ltda & Associés CONGO, REP. Posse Herrera Ruiz Carlos Barrantes Daniela Vergel Jean-Paul Dambana Cabinet John W. Ffooks & Co. PwC Costa Rica Ricardo Molano Cárdenas & Cárdenas Socodam Ltd Franck Export Congo Posse Herrera Ruiz Alejandro Bettoni Traube Adriana Zapata Daniel Dede Saga Congo - Groupe Bolloré Doninelli & Doninelli - Asesores Juan Carlos Moreno Peralta Cavelier Abogados PwC Jurídicos Asociados Rodríguez, Retamoso & Asociados Cynthia Adoua Alberto Zuleta Prosper Djuma Bilali SAS PwC Michael Bruce Cárdenas & Cárdenas Cabinet Masamba ACZALAW Francisco Javier Morón López Jean Roger Bakoulou Diana Zuleta Edouard D’Oreye Parra, Rodríguez & Cavelier SAS Banque des Etats de l’Afrique Oswald Bruce Parra, Rodríguez & Cavelier SAS PwC Centrale ACZALAW Adriana Motta Holly Embonga Tomboli Cavelier Abogados Prosper Bizitou Eduardo Calderón-Odio COMOROS Chikuru & Associés PwC BLP Abogados María Neira Tobón UCCIA - Union des Chambres Irénée Falanka Holguín, Neira & Pombo Abogados Antoine Bokolo Joue Maria Campos de Commerce, D’Industrie, et Cabinet Irénée Falanka CAP Architects Oller Abogados Jorge Osuna Díaz D’Agriculture Des Comores Lydie Isengingo Luanzo Gestión Integral Eléctrica - GIE Morin Boris Adriana Castro Chabani Abdallah Halifa Barreau de Kinshasa/Matete Transporter BLP Abogados Alvaro Parra Groupe Hassanati Soilihi - Groupe Edgar Kalonji Parra, Rodríguez & Cavelier SAS Hasoil Claude Coelho Silvia Chacon PwC Cabinet d’Avocats Claude Coelho Soley, Saborio & Asociados Natalia Ponce de León Said Ahmed Aboudou Vincent Kangulumba Mbambi Parra, Rodríguez & Cavelier SAS Toping Mathias Essereke Roberto Esquivel André & Vincent Avocats Associés Cabinet d’Avocats Mathias Oller Abogados Carolina Posada Hilmy Aboudsaid Robert Katambu Essereke Posse Herrera Ruiz Comores Cargo International Freddy Fachler Cabinet Lubala & associés Philippe Fouda Fouda Pacheco Coto Raul Quevedo Abdillahe Ahamed Ahamada Dolores Sonia Kimpwene BEAC Cameroon Jose Lloreda Camacho & Co. Direction Générale des Impôts Graciela Fuentes Brealey Etude Kabinda - Cabinet d’Avocats Joe Pépin Foundoux Central Law - Quiros Abogados María Margarita Reyes Uribe Yassian Ahamed Phistian Kubangusu Makiese PwC Lawyer Direction de l’Energie Neftali Garro Cabinet Masamba Gaston Gapo BLP Abogados Irma Isabel Rivera Bahassani Ahmed Emmanuel Le Bras Atelier d’Architecture et Brigard & Urrutia, member of Cabinet d'Avocat Bahassani Miguel Golcher Valverde PwC d’Urbanisme Lex Mundi Colegio de Ingenieros Electricistas, Mbaraka Al Ibrahim Jean-Délphin Lokonde Maria Eduarda de Lemos Mecánicos e Industriales Luis Carlos Robayo Higuera Service de l’ Urbanisme Comoros Mvulukunda Godinho Russell Bedford Colombia - member Roy Guzman Ramirez Omar Said Allaoui Cabinet Masamba Miranda Correia Amendoeira of Russell Bedford International Compañía Nacional de Fuerza E.C.D.I. & Associados - Sociedade de Jean-Ambroise Longo Lunga y Luz Bernardo Rodriguez Advogados RL Mouzaoui Amroine Cabinet Irénée Falanka Parra, Rodríguez & Cavelier SAS Jorge Hernández Organisation Patronale des Moise Kokolo Serge Mwankana Lulu Colegio de Ingenieros Electricistas, Maria Isabel Rodriguez Comores PwC Avocat Mecánicos e Industriales Posse Herrera Ruiz Said Ali Said Athouman Pascal Kouo Vital Lwanga Bizanbila Randall Zamora Hidalgo Jaime Alberto Rodríguez Union of the Chamber of Sogeco - ETDE Congo Cabinet Vital Lwanga Costa Rica ABC Cuestas Commerce Emmanuel Le Bras Notaría 13 de Bogotá Aubin Mabanza Ernesto Hütt Crespo Fahmi Said Ibrahim PwC Klam & Partners Avocats Facio & Cañas, member of Lex Liliana Maria Rodriguez Cabinet Fahmi Said Ibrahim Zahour Mbemba Mundi Retamoso Munir Malik Youssouf Ismael Business Lawyer and Interpreter Rodríguez, Retamoso & Asociados Pacific Trading SPRL Vivian Jiménez SAS Direction Générale des Impôts Jean Paul Moliso Samba Oller Abogados Noel Mangala Nomane Mohamed Mkavavo SOCAB Sonia Elizabeth Rojas Izaquita Cabinet Certac Elvis Eduardo Jiménez Gutiérrez Gallo Medina Abogados ANPI Invest in Comoros Robert Ngabou Superintendencia General de Jean Claude Mbaki Siluzaku Asociados Abdoulbastoi Moudjahidi CAP Architects Entidades Financieras Cabinet Mbaki et Associés Paula Samper Salazar Club OHADA Comores François Ngaka Margarita Libby Hernandez Tanayi Mbuy-Mbiye Gómez-Pinzón Zuleta Abogados Farahati Moussa Banque des Etats de l’Afrique Margarita Libby y Asociados S.A. Cabinet Mbuy-Mbiye & Associés S.A. Organisation Patronale des Centrale Carlos Marin Castro Comores Junior Mosei Mbongo Prospèr K. Nzengue Ministerio de Comercio Exterior Cabinet Masamba Ministère de la Construction, de 262 Doing Business 2014 Ivannia Méndez Rodríguez CÔTE D’IVOIRE Antoine Traore Sanja Jurković Marin Svić Oller Abogados BCEAO PwC Croatia Praljak & Svić Cabinet John W. Ffooks & Co. Andres Mercado Kotokou Kouakou Urbain Petra Jurković Mutabžija Zoran Tasić Oller Abogados Cabinet Kouassi et Associés ATK Croatian Bank for Reconstruction CMS Legal Symphorien Agbessadji and Development Gabriela Miranda Emmanuel Yehouessi Branka Tutek Oller Abogados BCEAO BCEAO Dina Kalaš Juric & Vrbanovic, Ltd. Ahmadou Al Aminou Lo Babić & Partners Mario Miranda Sutvid Uglesic Gestoría de Desarrollo Inmobiliario BCEAO CROATIA Branko Kirin Divjak, Topić & Bahtijarević GDI, S.A. Claude Aman Čačić & Partners Ernst & Young Lana Vdović Jaime Molina Bolloré Africa Logistics Ozren Kobsa Wolf Theiss Boris Andrejaš Proyectos ICC S.A. Ika Raymond Any-Gbayere Divjak, Topić & Bahtijarević Babić & Partners Hrvoje Vidan Jorge Montenegro AnyRay & Partners Anita Krizmanić Vidan Attorneys-at-Law Hrvoje Bardek SCGMT Arquitectura y Diseño Michel Kizito Brizoua-Bi Mačešić & Partners, Odvjetnicko CMS Legal Željko Vrban Eduardo Montoya Solano Bile-Aka, Brizoua-Bi & Associés drustvo HEP Distribution System Operator Marija Beber Superintendencia General de Lassiney Kathann Camara Andrea Lončar Ltd. Vidan Attorneys-at-Law Entidades Financieras CLK Avocats Glinska & Mišković Ltd. Zrinka Vrtarić Ivo Bijelić Cecilia Naranjo Asman César Marko Lovrić CMS Legal PwC Croatia LEX Counsel Cabinet N’Goan, Asman & Associés Divjak, Topić & Bahtijarević Marin Vuković Natko Bilić Pedro Oller Aly Djiohou Josip Lusetic Divjak, Topić & Bahtijarević Studio 3lhd Oller Abogados IJF Conseils Juridiques Customs Administration of Croatia Suzana Vulin Iva Bjelinski Ramón Ortega Junior Doukoure Miran Macesic Croatian Bank for Reconstruction Glinska & Mišković Ltd. PwC El Salvador AnyRay & Partners Mačešić & Partners, Odvjetnicko and Development Karmen Boban drustvo Diana Pál-Hegedüs Bamba Douty Petar Živković Glinska & Mišković Ltd. Pál-Hegedüs & Ortega Abogados SID Miroljub Mačešić Divjak, Topić & Bahtijarević Zoran Bohaček Mačešić & Partners, Odvjetnicko Marianne Pál-Hegedüs Ortega Hippolyte Ebagnitchie Jelena Zjacic Croatian Banking Association drustvo Pál-Hegedüs & Ortega Abogados Autorité Nationale de Régulation Mačešić & Partners, Odvjetnicko du secteur de l’Electricité Marko Borsky Ivana Manovelo drustvo Fernando Pereira Divjak, Topić & Bahtijarević Mačešić & Partners, Odvjetnicko Compañía Nacional de Fuerza Stéphane Eholie drustvo y Luz SIMAT Marijana Božić CYPRUS Odvjetnički ured Božić Law Office Josip Martinić Sergio Pérez Liadé Vaudy Gbetibouo Electricity Authority of Cyprus Wolf Theiss Lexincorp CLK Avocats Iva Božović P.G. Economides & Co Limited Croatian Bank for Reconstruction Iva Masten Alvaro Quesada Loría Koupo Gnoleba - member of Russell Bedford and Development Vidan Attorneys-at-Law Aguilar Castillo Love Ministère de la Construction International Linda Brčić Petra Matas Mauricio Quiros Claude-Andrée Groga Olga Adamidou Divjak, Topić & Bahtijarević Matijevich Law Office Central Law - Quiros Abogados Cabinet Jean-François Chauveau Antis Triantafyllides & Sons LLC Lana Brlek Tin Matić Ana Quiros Vaglio Nanette Kaba Ackah Achilleas Amvrosiou PwC Croatia Tin Matić Law Office TransUnion Bolloré Africa Logistics Artemis Bank Information Systems Nana Bulat Domagoj Matica Ltd. Ricardo Rodriguez Barnabe Kabore Čačić & Partners Čačić & Partners Central Law - Quiros Abogados NOVELEC SARL Andreas Andreou Belinda Čačić Andrej Matijevich Cyprus Global Logistics Néstor Rodríguez Noël Koffi Čačić & Partners Matijevich Law Office Compañía Nacional de Fuerza Cabinet Noël Y. Koffi George Antoniades y Luz Vlatka Cikac Igor Mirosevic Gantoni General Enterprises Fatoumata Konate Toure-B. Law Office Cikac Divjak, Topić & Bahtijarević Karla Rojas Etude de Me Konate Toure-B. Pavlos Aristodemou Gestoría de Desarrollo Inmobiliario Fatoumata Ivan Ćuk Zeljana Muslim Aristodemou Loizides Yiolitis LLC GDI, S.A. Vukmir & Asociates Financial Agency - Center for Kiyobien Kone Anita Boyadjian HITRO.HR Manrique Rojas Société Civile Professionnelle Saša Divjak Info Credit Group Lexincorp d’Avocats (SCPA) LE PARACLET Divjak, Topić & Bahtijarević Ana Padjen Amanda Cacoyanni Mačešić & Partners, Odvjetnicko Miguel Ruiz Herrera Dramane Kouakou Renata Duka Chrysses Demetriades & Co. drustvo LEX Counsel Bolloré Africa Logistics Ministry of Justice Harry S. Charalambous Tomislav Pedišić Jose Luis Salinas N’Dri Marielle-Ange Kouakou Juraj Fabijanic KPMG Vukmir & Asociates Grupo Inmobiliario del Parque CLK Avocats Divjak, Topić & Bahtijarević Antonis Christodoulides Marija Petrović Luis Sánchez Arsène Dablé Kouassi Željko Franjić PwC Cyprus Divjak, Topić & Bahtijarević Facio & Cañas, member of Lex SCPA Dogué-Abbé Yao & Associés Customs Administration of Croatia Alexia Christodoulou Mundi Miroslav Plašćar Dominique Kouyate Ronald Given Cyprus Investment Promotion Žurić i Partneri Fernando Sánchez Castillo Bolloré Africa Logistics Wolf Theiss Agency Russell Bedford Costa Rica / Hrvoje Radić Tape Likane Tonka Gjoić Thomas Christodoulou ABBQ Consultores, S.A. - member Gjurgjan & Šribar Radić Law Firm Cabinet N’Goan, Asman & Associés Glinska & Mišković Ltd. Chrysses Demetriades & Co. of Russell Bedford International Anđa Redžić Clarck Limbin Ivan Gjurgjan Kypros Chrysostomides Ronny Michel Valverde Mena Tax Administration Etude de Maître Mangoua Gjurgjan & Šribar Radić Law Firm Dr. K. Chrysostomides & Co. LLC Extrusiones de Aluminio S.A. Gordan Rotkvić Charlotte-Yolande Mangoua Krešimir Golubić Andrea Chrysostomou Alonso Vargas PwC Croatia Etude de Maître Mangoua Tom Hadzija PwC Cyprus Lexincorp Korper & Partneri Law Firm Davor Rukonić Adeline Messou Achilleas Demetriades Daniela Vargas Divjak, Topić & Bahtijarević PwC Côte d’Ivoire Lidija Hanžek Lellos P. Demetriades Law Office PwC Costa Rica HROK d.o.o. Boris Šavorić LLC Ismael Vargas Georges N’Goan Šavorić & Partners Cabinet N’Goan, Asman & Associés Romana Ilić Eleni Droussioti PwC Costa Rica Studio 3lhd Ana Sihtar Dr. K. Chrysostomides & Co. LLC Marianela Vargas Patricia N’guessan Sihtar Attorneys-at-Law Cabinet Jean-François Chauveau Branimir Iveković Alexandros Economou PwC Costa Rica Iveković Law Office Irena Šribar Radić Chrysses Demetriades & Co. Khalid Williams Jacques Otro Gjurgjan & Šribar Radić Law Firm Conseil National de l’Ordre des Irina Jelčić Lefteris S. Eleftheriou Compañía Nacional de Fuerza Architectes Hanžeković & Partners Ltd., Ingrid Stefan Cyprus Investment Promotion y Luz member of Lex Mundi Transadria Agency Rodrigo Zapata Athanase Raux Cabinet Raux, Amien & Associés Ivica Jelovcic Marko Stilinović Elena Frixou Gestoría de Desarrollo Inmobiliario Damco Čačić & Partners Artemis Bank Information Systems GDI, S.A. Stephane Samba Ltd. NOVELEC SARL Saša Jovičić Ognjeslav Sutic Jafet Zúñiga Salas Wolf Theiss Luca-sped d.o.o. Zenonas G. Achillides Superintendencia General de Simon Dognima Silué Cyprus Stock Exchange Entidades Financieras Bile-Aka, Brizoua-Bi & Associés Acknowledgments 263 Elvira Georgiou Anna Stylianou Petr Kucera DENMARK Sisse Riis-Hansen Antis Triantafyllides & Sons LLC Artemis Bank Information Systems CRIF - Czech Credit Bureau, a.s. Kromann Reumert, member of Lex Ltd. Center for Construction Mundi Marios Hadjigavriel Zdeněk Kučera Antis Triantafyllides & Sons LLC Stelios Triantafyllides Baker & McKenzie Elsebeth Aaes-Jørgensen Michael Schebye Larsen Antis Triantafyllides & Sons LLC Norrbom Vinding, member of Ius Gorrissen Federspiel Christodoulos Hadjiodysseos Petr Kuhn Laboris Scientific Technical Chamber of Irene Tziakouri White & Case Kim Sejberg Cyprus (ETEK) PwC Cyprus Nima Baharlooie Bohumil Kunc Bruun & Hjejle Terry A. Selzer Iacovos Hadjivarnavas Amalia Vassiliadou Notary Chamber, Czech Republic Husen Advokater Famagusta Chamber of Commerce PwC Cyprus Niels Bang Lukas Lejcek Gorrissen Federspiel Line Seyffert and Industry Christiana Vassiliou Miliou BDP-Wakestone s.r.o. Experian Northern Europe Marina Ierokipiotou Antis Triantafyllides & Sons LLC Peter Bang Zuzana Luklová Plesner Louise Krarup Simonsen Antis Triantafyllides & Sons LLC Kromann Reumert, member of Lex Xenios Xenopoulos Ambruz & Dark, advokáti, s.r.o. Christina Ioannidou Lawyer Thomas Bang Mundi Ondrej Lukas Machala Lett Law Firm Ioannides Demetriou LLC Henrik Thuesen Attorney Georgios Karrotsakis CZECH REPUBLIC Frants Dalgaard-Knudsen Pavel Mark Plesner Anders Worsøe Department of Registrar of Magnusson Allen & Overy (Czech Republic) DLA Piper Prague LLP Companies and Official Receiver Frederik Jacob Estrup LLP, organizační složka Jens Zilstorff Jiří Markvart Kromann Reumert, member of Lex Spyros G. Kokkinos Plesner Lawfirm Vladimír Ambruz Ambruz & Dark, advokáti, s.r.o. Mundi Department of Registrar of Ambruz & Dark, advokáti, s.r.o. Companies and Official Receiver Peter Maysenhölder Anne Birgitte Gammeljord Michaela Baranyková BNT - Pravda & Partner, s.r.o. Gorrissen Federspiel DJIBOUTI Christina Kotsapa Euro-Trend, s.r.o. - member of Ouloufa Ismail Abdo Antis Triantafyllides & Sons LLC Simon Mesrobyanme Anne Louise Haack Andersen Russell Bedford International Office Djiboutien de la Propriété Peterka & Partners Lett Law Firm Theodoros Kringou Industrielle et Commerciale Libor Basl First Cyprus Credit Bureau Petr Měšťánek Merry Hansen (ODPIC) Baker & McKenzie Kinstellar Plesner Nicholas Ktenas Nima Ali Warsama Stanislav Bednár Andreas Neocleous & Co. Legal Vojtech Mlynar Finn Hasselriis Banque pour le Commerce et Peterka & Partners Consultants White & Case Husen Advokater l’Industrie - Mer Rouge (BCI MR) Tomáš Běhounek Olga Lambrou Miroslava Mojžišová Annette Hastrup Lubna Bawazir BNT - Pravda & Partner, s.r.o. Mouaimis & Mouaimis Advocates Ambruz & Dark, advokáti, s.r.o. Magnusson Bank of Africa Mer Rouge Stanislav Beran Margarita Liasi David Musil Heidi Hoelgaard Wabat Daoud Peterka & Partners KPMG PwC Czech Republic Experian Northern Europe Wabat Daoud Law Firm Martin Bohuslav Antonis Loizou Jarmila Musilova Mette Højberg Ali Dini Ambruz & Dark, advokáti, s.r.o. Antonis Loizou & Associates Czech National Bank Bech-Bruun Law Firm Avocat à la Cour Jiří Černý George V. Markides Lenka Navrátilová Jens Steen Jensen Daniel Dubois Peterka & Partners KPMG Ambruz & Dark, advokáti, s.r.o. Kromann Reumert, member of Lex Atelier d’Architecture Ivan Chalupa Mundi Pieris M. Markou Lenka Nemcova Hassan Mohamed Egue Squire Sanders v.o.s. advokátní Deloitte LLP Ambruz & Dark, advokáti, s.r.o. Hans-Peter Jørgensen Direction Legislation & kancelář Christos Mavrellis Michal Pravda Gorrissen Federspiel Contentieux de la Directions des Peter Chrenko Impots Chrysses Demetriades & Co. Wolf Theiss Advokáti s.r.o. Eva Kaya PwC Czech Republic Demosthenes Mavrellis Jan Procházka Advokatgruppen Mourad Farah Jakub Cisar Chrysses Demetriades & Co. Ambruz & Dark, advokáti, s.r.o. Lars Kjaer Malik Garad DLA Piper Prague LLP Costas Mavrocordatos Zdenek Rosicky Bech-Bruun Law Firm Banque Centrale de Djibouti Martin Dančišin PwC Cyprus Squire Sanders v.o.s. advokátní Christian Th. Kjølbye Mohamed Ali Houssein Glatzová & Co. Antigoni Milikouri kancelář Plesner Lawfirm Direction de l’Habitat et de Matěj Daněk l’Urbanisme Cyprus Stock Exchange Kamila Rychtarova Mikkel Stig Larsen PRK Partners s.r.o. advokátní White & Case Kromann Reumert, member of Lex Vincent Istasse Panayotis Mouaimis kancelář, member of Lex Mundi Mouaimis & Mouaimis Advocates Dana Sládečková Mundi Bank of Africa Mer Rouge Anna Diblikova Czech National Bank Susanne Schjølin Larsen Ismael Mahamoud Demetris Nicolaou Wolf Theiss Advokáti s.r.o. Aristodemou Loizides Yiolitis LLC David Šmejdíř Kromann Reumert, member of Lex Universite de Djibouti Svatava Dokoupilova Mundi PRK Partners s.r.o. advokátní Alain Martinet Varnavas Nicolaou Czech Office for Surveying, kancelář, member of Lex Mundi Jesper Avnborg Lentz Cabinet d’Avocats Martinet & PwC Cyprus Mapping and Cadastre Ladislav Smejkal Gorrissen Federspiel Martinet Stella Papadopoulou Robert Elefant White & Case Jesper Lindell Gotfredsen Ibrahim Mohamed Omar Ministry of Interior PwC Czech Republic Pavel Srb Accura Advokatpartnerselskab Cabinet CECA Christina Papakyriakou Hasikou Tereza Erényi Wolf Theiss Advokáti s.r.o. Morten Bang Mikkelsen Abdallah Mohammed Kamil Antis Triantafyllides & Sons LLC PRK Partners s.r.o. advokátní kancelář, member of Lex Mundi Martin Štěpaník PwC Denmark Etude Maître Mohammed Kamil Christakis Paroutis Peterka & Partners Lita Misozi Hansen Abdou Ali Moussa Electricity Authority of Cyprus Michal Forýtek Kinstellar Marek Švehlík PwC Denmark Pil Djibouti Marilou Pavlou Švehlí & Mikuláš advokáti s.r.o. Andreas Nielsen Ayman Said Antis Triantafyllides & Sons LLC Michal Hanko Bubnik, Myslil & Partners Stanislav Travnicek Bruun & Hjejle Wabat Daoud Law Firm Chrysilios Pelekanos Energy Regulator Office Czech Michael Vilhelm Nielsen Aicha Youssouf Abdi PwC Cyprus Vít Horáček Republic Plesner Lawfirm Cabinet CECA Glatzová & Co. Marios Pelekanos Růžena Trojánková Susanne Nørgaard Mesaritis Pelekanos Architects - Pavel Jakab Kinstellar PwC Denmark DOMINICA Engineers Peterka & Partners Daniel Vitouš Jim Øksnebjerg Joelle A.V. Harris Ioanna Petrou Marketa Penazova Jancurova Ambruz & Dark, advokáti, s.r.o. Advokataktieselskabet Horten Harris & Harris PwC Cyprus Ambruz & Dark, advokáti, s.r.o. Jiri Vlastnik Anders Ørskov Melballe Wilmot Alexander Maria Petsa Lenka Katolicka Vejmelka & Wünsch, s.r.o. Accura Advokatpartnerselskab Dev Trading Ltd. Cyprus Stock Exchange Ambruz & Dark, advokáti, s.r.o. Tomáš Volejník Carsten Pedersen Joseph Archille Yiannos Pipis Jakub Krabec BNT - Pravda & Partner, s.r.o. Bech-Bruun Law Firm Dominica Employers’ Federation Nice Day Developers Baker & McKenzie Ludek Vrána Lars Lindencrone Petersen Michael Astaphan Ioanna Sapidou Adela Krbcová Vrána & Pelikán Bech-Bruun Law Firm Marinor Enterprizes Dr. K. Chrysostomides & Co. LLC Peterka & Partners Vaclav Zaloudek Marianne Philip Kertist Augustus Kritonas Savvides Martin Krechler White & Case Kromann Reumert, member of Lex Waterfront and Alied Workers Nice Day Developers Glatzová & Co. Radka Zemanová Mundi Union Lambros Soteriou Aleš Kubáč White & Case Michael Kyprianou & Co. LLC Ambruz & Dark, advokáti, s.r.o. 264 Doing Business 2014 Gerald D. Burton Rosa Díaz Jeannerette Vergez Soto Luis Marin-Tobar Mostafa Abdel Rahim Gerald D. Burton’s Chambers Jiménez Cruz Peña Job, Báez, Soto & Asociados Pérez, Bustamante y Ponce, member Al Kamel Law Office - member of Russell Bedford of Lex Mundi Rene Akobi Butcher Rafael Dickson Morales Ahmed Abdel Warith International Isidore & Associates LLP Dickson Morales - Abogados | Javier Mori Cockburn AAW Consulting Engineers Consultores Monica Villafaña Equifax Peru S.A. Jo-Anne Commodore Fayez Abdelaziz Russin & Vecchi Supreme Court Registry Alejandro Fernández de Castro Francisco Javier Naranjo Grijalva Cairo Municipality PwC Dominican Republic Chery Zacarías Paz Horowitz Robalino Garcés Lisa de Freitas Adel Sayed Abdelfattah Medina & Rizek, Abogados Abogados de Freitas de Freitas and Johnson Mary Fernández Rodríguez Consultancies Group for Headrick Rizik Alvarez & María Dolores Orbe Architecture and Decor Marvlyn Estrado Fernández ECUADOR Vivanco & Vivanco Stephen K.M. Isidore Omar Abdelsalam Isidore & Associates LLP Milagros Figuereo DLL Law Office Andrea Pavon TELELAWS Job, Báez, Soto & Asociados Vicsan Logistics SA Sandra Julien MZ Sistemas Electricos y Sherine Abdulla - member of Russell Bedford Companies and Intellectual Electronicos Rodrigo Pesantez Egyptian Electric Utility and International Property Office Pérez, Bustamante y Ponce, member Consumer Protection Regulatory Panalpina World Transport LLP Jose Ernesto Garcia A. of Lex Mundi Agency Noelize N. Knight Transglobal Logistic Pablo Aguirre Gerald D. Burton’s Chambers Bruno Pineda-Cordero Amr Abo Elfetouh PwC Ecuador Gloria Gassó Pérez, Bustamante y Ponce, member Ministry of Investment Richard Peterkin OMG Maria Isabel Aillon of Lex Mundi PwC St. Lucia Ahmed Abou Ali Pérez, Bustamante y Ponce, member Melissa Gilbert Daniel Pino Arroba Hassouna & Abou Ali of Lex Mundi Joan K.R. Prevost Jiménez Cruz Peña Coronel y Pérez Prevost & Roberts Gamal Abou Ali Natalia Almeida-Oleas Pablo Gonzalez Tapia Ramiro Pinto Hassouna & Abou Ali Eugene G. Royer Pérez, Bustamante y Ponce, member González & Coiscou Pinto & Garcés Asoc. Cía Ltda. of Lex Mundi Ashraf Abou Elkheir Eugene G. Royer Chartered - member of Russell Bedford Architect Fabio Guzmán-Ariza Alliance Law Firm Jorge Aymar International Guzmán-Ariza Anya Trim Equifax Ecuador Buró de Deema Abu Zulaikha Patricia Ponce Arteta PwC St. Lucia Luis Heredia Bonetti Información Crediticia C.A. Talal Abu Ghazaleh Legal (TAG- Bustamante & Bustamante Russin & Vecchi Legal) Barbara Wallace Diego Cabezas-Klaere Martin Portilla Dominica Association for Industry Nelson Jáquez Cabezas & Cabezas-Klaere Maged Ackad Vivanco & Vivanco & Commerce González & Coiscou Ackad Law Office Pablo Chiriboga Dechiara Juan Carlos Proaño Kevin Williams Luis J. Jiménez Puente Reyes & Galarza Mohamed Reda Afifi Panalpina World Transport LLP Attorney-at-Law Jiménez Cruz Peña Attorneys-at-Law Cia. Ltda. Engineering Consultancies Office Angel Alfonso Puente Reyes Dawn Yearwood Fernando Marranzini Fernando Coral Suzan Saad Ahmed Puente Reyes & Galarza Yearwood Chambers Headrick Rizik Alvarez & Panalpina World Transport LLP Al-Saad for Engineering Designs Attorneys-at-Law Cia. Ltda. Fernández Lucía Cordero Ledergerber Hazem Ahmed Fathi Juan José Puente Reyes DOMINICAN REPUBLIC Carlos Marte Falconi Puig Abogados Hassouna & Abou Ali Puente Reyes & Galarza Agencia de Comercio Exterior CM TransUnion Dominican Republic Renato Coronel Attorneys-at-Law Cia. Ltda. Hussein Al Shafi Jesús Geraldo Martínez Pinto & Garcés Asoc. Cía Ltda. Cairo Municipality Rhadys Abreu de Polanco Manuel Ramos Alcántara - member of Russell Bedford Union Internacional del Notariado PwC Ecuador Mohamed Ali Superintendencia de Bancos International Latino Central Bank of Egypt Sandra Reed-Serrano Fabiola Medina José Luis Cuesta Ribadeneira Maria Teresa Acta Pérez, Bustamante y Ponce, member Mamdoh Aly Medina & Rizek, Abogados LEXIM Abogados of Lex Mundi AAW Consulting Engineers Headrick Rizik Alvarez & Fernández Laura Medina Gonzalo Diez P. Amparo Romero Abd El Wahab Aly Ibrahim Jiménez Cruz Peña Gonzalo Diez Arquitectos Juan Alcalde Romero Arteta Ponce Abd El Wahab Sons OMG Doris Miranda Miguel Falconi-Puig Diego Romero Ahmed Amin González & Coiscou Falconi Puig Abogados Merielin Almonte Romero Arteta Ponce Shalakany Law Office, member of Merielin Almonte Estudio Legal Ramón Ortega Martín Galarza Lanas Lex Mundi Gustavo Romero PwC El Salvador Puente Reyes & Galarza Joan Carolina Arbaje Berges Romero Arteta Ponce Sarah Ammar Attorneys-at-Law Cia. Ltda. Jiménez Cruz Peña Elisabetta Pedersini Al Kamel Law Office Manuel Rueda Aaron Suero & Pedersini Leopoldo González R. Lissette Balbuena Empresa Eléctrica Quito SA Sayed Ammar Paz Horowitz Robalino Garcés Stewart Title Dominicana, S.A. Carolina Pichardo Al Kamel Law Office Abogados Montserrat Sánchez Biaggi & Messina Jennifer Beauchamps Coronel y Pérez Khaled Balbaa Jaime Gordillo Jiménez Cruz Peña Edward Piña Fernandez KPMG PwC Ecuador Leonardo Sempértegui Biaggi & Messina Laura Bobea Sempértegui Ontaneda Wagih Barakat Maria Emilia Granja Romero Medina & Rizek, Abogados Julio Pinedo AAW Consulting Engineers LEXIM Abogados Esmeralda Tipán PwC Dominican Republic Ana Isabel Caceres Empresa Eléctrica Quito SA Karim Dabbous Arturo Griffin Troncoso y Caceres Maria Portes Sherif Dabbous - member of Russell Pérez, Bustamante y Ponce, member Ruth Urbano Castillo y Castillo Bedford International of Lex Mundi Sempértegui Ontaneda Giselle Castillo Superintendencia de Bancos Arturo Ramirez Sherif Dabbous Vanessa Izquierdo D. Aaron Suero & Pedersini Sherif Dabbous - member of Russell Ramon Ceballos LEXIM Abogados EGYPT, ARAB REP. Bedford International Ceballos & Sánchez, Ingeniería y Katherine Rosa Vanessa Izquierdo Duncan Talal Abu Ghazaleh Legal (TAG- Energía, C. por A. Jiménez Cruz Peña Sameh Dahroug LEXIM Abogados Legal) Ibrachy & Dermarkar Law Firm Leandro Corral Carolina Silié Raul Izurieta Abdel Aal Aly Estrella & Tupete Headrick Rizik Alvarez & Mohamed Darwish Izurieta Mora Bowen Law Afifi World Transport Alexandria Fernández Cobbetts International Cairo Mariano Corral Veronica Jaramillo Naguib Abadir Danna Consulting Juan Manuel Suero Amal Afifi Dawood Panalpina World Transport LLP Nacita Corporation Aaron Suero & Pedersini Dentons Solano Corral Alvaro Jarrín Mostafa Abd El Rahim Danna Consulting Gilbert Suero Abreu Amany El Bagoury Superintendencia de Bancos y Al Kamel Law Office Dickson Morales - Abogados | AM Law Firm José Cruz Campillo Seguros Consultores Mohamed Abd El-Sadek Jiménez Cruz Peña Ahmed El Gammal Rubby Lucero International Center for Law, Juan Tejeda Shalakany Law Office, member of Marcos de León Cabezas & Cabezas-Klaere Intellectual Property and PwC Dominican Republic Lex Mundi Superintendencia de Bancos Arbitration (ICLIPA) María Isabel Machado Gisselle Valera Florencio Mohamed Refaat El Houshi Sarah de León Perelló Falconi Puig Abogados Ghada Abdel Aziz Jiménez Cruz Peña The Egyptian Credit Bureau I-Score Headrick Rizik Alvarez & Ibrachy & Dermarkar Law Firm Carlos Alberto Maldonado Fernández Ana Gisselle Valerio Hassan El Maraashly Terneus Ibrahim Mustafa Ibrahim Abdel Troncoso y Caceres AAW Consulting Engineers Juan Carlos De Moya Empresa Eléctrica Quito SA Khalek González & Coiscou Vilma Veras Terrero General Authority for Investment Amr El Monayer Juan Manuel Marchán Jiménez Cruz Peña GAFI PwC Egypt Pérez, Bustamante y Ponce, member of Lex Mundi Acknowledgments 265 Farah El Nahas Hassan Fahmy Mohamed Ricardo Cevallos Jaime Salinas Fessahaie Habte Shalakany Law Office, member of General Authority for Investment Consortium Centro América García & Bodán Attorney-at-Law and Legal Lex Mundi GAFI Abogados Consultant Alonso V. Saravia Khaled El Shalakany Alia Monieb Walter Chávez Asociación Salvadoreña de Mebrahtom Habtemariam Shalakany Law Office, member of Ibrachy & Partners Gold Service Ingenieros y Arquitectos (ASIA) Ali Reza Lex Mundi Elmi Olindo & Co. PLC - General Mostafa Mostafa Celina Cruz Benjamín M. Valdez Tamayo Aly El Shalakany Al Kamel Law Office La Oficina de Planificación del Benjamín Valdez & Asociados Contractor Shalakany Law Office, member of Área Metropolitana de San Berhane Woldu Mostafa Mohamed Mostafa Manuel Telles Suvillaga Lex Mundi Salvador (OPAMSS) Service Effectiveness Research Al Kamel Law Office Lexincorp Passant El Tabei Porfirio Diaz Fuentes Group Vivan Nabil Oscar Torres PwC Egypt DLM, Abogados, Notarios & Ghetahun Yohannes TELELAWS García & Bodán Consultores Advocate & Counselor at Law Salma ElAmir Marwa Omara María Alejandra Tulipano TELELAWS Lorena Dueñas TELELAWS Consortium Centro América Superintendencia del Sistema ESTONIA Amr Eleish Abogados Ingy Rasekh Financiero General Authority for Investment Metaprint Ltd. Mena Associates, member of Mauricio Antonio Urrutia GAFI Ericka Elias Amereller Rechtsanwälte Superintendencia del Sistema Ott Aava PwC El Salvador Ashraf Elibrachy Financiero Attorneys-at-Law BORENIUS Menha Samy Ibrachy & Partners David Ernesto Claros Flores Ibrachy & Dermarkar Law Firm Julio Vargas Angela Agur García & Bodán Mostafa Elshafei García & Bodán MAQS Law Firm Estonia Tallinn Mohamed Serry Ibrachy & Partners Enrique Escobar Serry Law Office A. Vargas Mora Risto Agur Lexincorp Abd-Allah El-Shazly Lexincorp Advokaadibüroo SORAINEN AS Wael Shaker Egyptian Public Prosecution Alejandra María Escobar Aguilar Island Group Rene Velasquez Sigrid Aljas ACZALAW Yara Elshennawy Arias & Muñoz Advokaadibüroo SORAINEN AS Abdallah Shalash Shalakany Law Office, member of Roberta Gallardo de Cromeyer Abdallah Shalash & Co. Luis Mario Villalta Katrin Altmets Lex Mundi Arias & Muñoz Consortium Centro América Advokaadibüroo SORAINEN AS Ramy Shalash Adham El-Shetehy America Hernandez Abogados Abdallah Shalash & Co. Kedli Anvelt Arab Academy for Science, Ale Cargo S.A. de C.V. Technology and Maritime Abdelrahman Sherif Varul Luis Lievano EQUATORIAL GUINEA Transport (AASTMT) Mena Associates, member of Maria Beljajeva Instituto Salvadoreño de la Amereller Rechtsanwälte Equatorial Guinea Constitutional Raidla Lejins & Norcous Karim Emam Construcción - ISC Court PwC Egypt Omar Sherif Aet Bergmann Thelma Dinora Lizama de Shalakany Law Office, member of Segesa (Sociedad de Electricidad de bnt Klauberg Krauklis Mariam Fahmy Osorio Lex Mundi Guinea Ecuatorial) Advokaadibüroo Shalakany Law Office, member of Superintendencia del Sistema Lex Mundi Sharif Shihata Financiero Gabriel Amugu Ülleke Eerik Shalakany Law Office, member of Interactivos GE Estonian Land Board Shehab Fawzy Mario Lozano Lex Mundi Ibrachy & Partners Arias & Muñoz N.J. Ayuk Heili Haabu Shaimaa Solaiman Centurion LLP Attorneys-at-Law BORENIUS Tarek Gadallah Luis Alfredo Cornejo Martínez Challenge Law Firm Ibrachy & Partners Cornejo & Umaña, Ltda. de C.V. - a Raphaël Beilvert Kadriann Habakukk Amira Thabet member firm of Russell Bedford PwC Equatorial Guinea Ahmed Hantera Varul Sherif Dabbous - member of Russell International Egyptian Public Prosecution Francisco Campos Braz Pirkko-Liis Harkmaa Bedford International Astrud María Meléndez Solege LAWIN Nafisa Mahmoud Hashem Randa Tharwat Asociación Protectora de Créditos Ministry of Housing and Urban Angel-Francisco Ela Ngomo Hedi Hepner Nacita Corporation de El Salvador (PROCREDITO) Communities Nchama Raidla Lejins & Norcous Ehab Yehia Miriam Eleana Mixco Reyna Juzgado de Instruccion de Bata Mohamed Hashish Triinu Hiob Egyptian Public Prosecution Gold Service TELELAWS Philippe Fouda Fouda LAWIN Nabil A.B. Yehia Jocelyn Mónico BEAC Cameroon Maha Hassan Annika Jaanson Cairo University Francisco Jose Barrientos, S.A. Afifi World Transport Alexandria Eddy Garrigo Attorneys-at-Law BORENIUS de C.V. Fady Youssef PwC Equatorial Guinea Tarek Hassib Andres Juss Tarek Zahran Fernando Montano Al Kamel Law Office Javier Iñiguez Estonian Land Board Al Kamel Law Office Arias & Muñoz PwC Equatorial Guinea Mohamed Hazzaa Marko Kairjak Mona Zobaa Mario Moran Sharkawy & Sarhan Law Firm Marcel Juetsop Varul Ministry of Investment M. Representaciones Omneia Helmy Sébastien Lechêne Jose Navas Erica Kaldre Egyptian Center for Economic PwC Equatorial Guinea All World Cargo, SA de CV Hough, Hutt & Partners OU Studies EL SALVADOR Angel Mba Abeso Mauricio Orellana Helerin Kaldvee Mohamed Hisham Hassan AES El Salvador Centurion LLP PwC El Salvador Raidla Lejins & Norcous Ministry of Investment Romero Pineda & Asociados, Paulino Mbo Obama Iris Palma Kadri Kallas Ramy Hussein member of Lex Mundi Oficina de estudieos - ATEG OEA Advokaadibüroo SORAINEN AS Ministry of Investment Miguel Angel Maria Luz Ndjondjo Andrada Andrea Paniagua Kristo Kallas Mohamed Kamal Ale Cargo S.A. de C.V. Centurion LLP PwC Dominican Republic MAQS Law Firm Estonia Tallinn Shalakany Law Office, member of Giancarlo Angelucci Gustavo Ndong Edu Lex Mundi Carlos Pastrana Meelis Kaps Lexincorp Afri Logistics Restauro Elettricità è Costruzioni Eesti Energia Jaotusvõrk OÜ Salma Kamal Francisco Armando Arias Rivera Pierre Ngon (Distribution Grid) Shalakany Law Office, member of Arias & Muñoz Mónica Pineda Machuca SDV Logistics Lex Mundi ACZALAW Katre Kasepold Irene Arrieta de Díaz Nuila Antonio-Pascual Oko Ebobo Estonian Logistics and Freight Ahmed Kamel Arrieta Bustamante Jose Polanco Attorney-at-Law Forwarding Association PwC Egypt Lexincorp Carlos Baez Jacinto Ona Triin Kaurson Mohamed Kamel Nassar Abogados Ana Patricia Portillo Reyes Centurion LLP MAQS Law Firm Estonia Tallinn Al Kamel Law Office Guandique Segovia Quintanilla Francisco José Barrientos Jevgeni Kazutkin Mohanad Khaled Francisco Jose Barrientos, S.A. Hector Rios ERITREA Hough, Hutt & Partners OU BDO, Khaled & Co de C.V. Consortium Centro América Abogados Senai Andemariam Igor Kostjuk Taha Khaled Hazel Alexandra Cabezas Berhane Gila-Michael Law Firm Hough, Hutt & Partners OU BDO, Khaled & Co Aguilar Castillo Love Flor de Maria Rodriguez Arias & Muñoz Biniam Fessehazion Andreas Kotsjuba Lobna Magdy Ana Marcela Canjura Ghebremichael Attorneys-at-Law BORENIUS Shalakany Law Office, member of Arrieta Bustamante Otto Rodríguez Eritrean Airlines Lex Mundi Benjamín Valdez & Asociados Villu Kõve Carlos Roberto Alfaro Castillo Berhane Gila-Michael Estonian Supreme Court Mustafa Makram Aguilar Castillo Love Kelly Beatriz Romero Berhane Gila-Michael Law Firm BDO, Khaled & Co Nassar Abogados Ksenia Kravtshenko Law Office Vares & Partnerid 266 Doing Business 2014 Tanja Kriisa Neve Uudelt Caroll Sela Ali Eddie Yuen Aino Saarilahti PwC Estonia Raidla Lejins & Norcous Cromptons Solicitors Williams & Gosling Ltd. Attorneys-at-Law Juridia Ltd. Anu Maria Kütimaa Erle Uus Eddielin Almonte Matti Sanaksenaho Advokaadibüroo SORAINEN AS KPMG Baltics OÜ PwC Fiji FINLAND Sanaksenaho Arkkitehdit Peeter Kutman Ingmar Vali Jon Apted Ville Ahtola Petri Seppälä Attorneys-at-Law BORENIUS Registrite ja infosusteemide Keskus Munro Leys Castrén & Snellman Attorneys PwC Finland Ltd. Kaia Kuusler Ivo Vanasaun Lisa Apted Mirja Sikander Advokaadibüroo SORAINEN AS Deloitte Advisory AS KPMG Manne Airaksinen Krogerus Attorneys Ltd. Roschier Attorneys Ltd. Erik Lepik Aleksander Vares Nehla Basawaiya Petri Taivalkoski LAWIN Law Office Vares & Partnerid Munro Leys Timo Airisto Roschier Attorneys Ltd. White & Case Kerstin Linnart Paul Varul Rishi Deo Seija Vartiainen Raidla Lejins & Norcous Varul Fiji Customs Joona Haapamäki PwC Finland Roschier Attorneys Ltd. Liina Linsi Peeter Viirsalu Delores Elliott Marko Vuori LAWIN Varul Data Bureau (Fiji) Limited Esa Halmari Krogerus Attorneys Ltd. Hedman Partners Karin Madisson Ago Vilu Isireli Fa Gunnar Westerlund Advokaadibüroo SORAINEN AS PwC Estonia The Fiji Law Society / FA & Pekka Halme Roschier Attorneys Ltd. Company Barristers & Solicitors National Land Survey of Finland Mart Maidla Vesse Võhma Samuli Woolston Eesti Energia Jaotusvõrk OÜ Urmas Volens Lawrence Fung Johanna Haltia-Tapio ALA Architects (Distribution Grid) Advokaadibüroo SORAINEN AS Munro Leys Hannes Snellman LLC Tiina Maldre Dilip Jamnadas Tuija Hartikainen FRANCE Konkurentsiamet Estonian ETHIOPIA Jamnadas and Associates PwC Finland Allen & Overy LLP Competition Authority Siraj Ahmed Jerome Kado Joni Hatanmaa Brémond & Associés Marko Mehilane Packford International PwC Fiji Hedman Partners LAWIN Centre de Formalités des Fikadu Asfaw Viren Kapadia Seppo Havia Entreprises Veiko Meos Fikadu Asfaw Law Office Sherani & Co. Dittmar & Indrenius Krediidiinfo AS Chamber of Commerce Wubetu Assefa Releshni Karan Leenamaija Heinonen Sandra Metsamärt Bunna International Bank Mishra Prakash & Associates Roschier Attorneys Ltd. CIC Bank Advokaadibüroo SORAINEN AS Adamseled Belay Intiyaz Khan Eeva Impiö Mairie de Paris Jaanus Mody Zemen Bank Fiji Department of Energy Castrén & Snellman Attorneys Société Générale Attorneys-at-Law BORENIUS Ltd. Teshome Gabre-Mariam Bokan Emily King Bruno Amigues Margus Mugu Teshome Gabre-Mariam Bokan Munro Leys Nina Isokorpi Amigues Auberty Jouary Pommier Attorneys-at-Law BORENIUS Law Firm Roschier Attorneys Ltd. Besant Kumar Yves Ardaillou Jaana Nõgisto Semere Wolde Bonge Fiji Electricity Authority Lauri Jääskeläinen Bersay Associes Law Office Nordeus National Bank of Ethiopia Building Control Department of Roneel Lal the City of Helsinki Nicolas Barberis Airi Noor Kumlachew Dagne Williams & Gosling Ltd. Ashurst LLP Konkurentsiamet Estonian Pekka Jaatinen Berhane Ghebray Brenda Nanius Competition Authority Castrén & Snellman Attorneys Hervé Beloeuvre Berhane Ghebray & Associates Siwatibau & Sloan Ltd. Cabinet Beloeuvre Irina Nossova Yodit Gurji Jon Orton Varul Juuso Jokela Bruno Berger-Perrin Fikadu Asfaw Law Office Orton Architects Suomen Asiakastieto Oy Fidal Arne Ots Getu Jemaneh Pradeep Patel Raidla Lejins & Norcous Tanja Jussila Thomas Binet HST Consulting BDO Waselius & Wist Gide Loyrette Nouel, member of Karina Paatsi Yosef Kebede Nilesh Prasad Lex Mundi Attorneys-at-Law BORENIUS Mika Karpinnen Dashen Bank S.C. Mitchell, Keil & Associates Hannes Snellman LLC Andrew Booth Sven Papp Belay Kebede Alemu Ramesh Prasad Lal Andrew Booth Architect Raidla Lejins & Norcous Aki Kauppinen Ethiopian Insurance Corporation Carpenters Shipping Roschier Attorneys Ltd. Dominique Borde Kirsti Pent Tamrat Assefa Liban Rahul Ral Paul Hastings Law Office Nordeus Sakari Kauppinen Tamrat Assefa Liban Law Offices Carpenters Shipping National Board of Patents & Guillaume Bordier Sigrid Polli Misrak Mengehsa Abhi Ram Registration Capstan Deloitte Advisory AS Packford International Companies Registrar Suvi Knaapila Franck Buffaud Sirje Rogova Mahlet Mesganaw Ronlyn Sahib Dittmar & Indrenius Delsol Avocats Centre of Registers & Information Mahlet Mesganaw Legal Advisory Siwatibau & Sloan Systems Tiina Komppa Audrey Calvas Office Varun Shandil Hannes Snellman LLC Mayer Brown Tuuli Saarits Mathewos Shamo Munro Leys bnt Klauberg Krauklis Mika Lahtinen Isabelle-Victoria Carbuccia Advokaadibüroo Independent Consultant Om Dutt Sharma PwC Finland IVCH Paris Menelik Solomon Fiji Electricity Authority Piret Saartee Jan Lilius Frédérique Chifflot Bourgeois Ministry of Justice Dashen Bank S.C. Jagindar Singh Hannes Snellman LLC Lawyer at the Bar of Paris Mesfin Tafesse Carpenters Shipping Katrin Sarap Patrik Lindfors Michel Combe MAQS Law Firm Estonia Tallinn Mesfin Tafese Law Office Ronal Singh Lindfors & Co, Attorneys-at- Landwell & Associés Eyasu Tequame Munro Leys Law Ltd. Kristjan Tamm Christian Courivaud Advokaadibüroo SORAINEN AS Jehoiachin Techno Pvt. Ltd. Co. Shelvin Singh Tuomas Lukkarinen SCP Courivaud - Morange - Loriot Dagnachew Tesfaye Parshotam & Co. National Land Survey of Finland Cheron Aivar Taro Attorneys-at-Law BORENIUS Dagnachew Tesfaye Law Office Atunaisa Siwatibau Kimmo Mettälä Patricia de Suzzoni Michael Teshome Siwatibau & Sloan Krogerus Attorneys Ltd. Commission de Régulation de Tarvi Thomberg l’Energie Eesti Energia Jaotusvõrk OÜ Teshome Gabre-Mariam Bokan James Sloan Eeva-Leena Niemelä (Distribution Grid) Law Firm Siwatibau & Sloan Roschier Attorneys Ltd. Jean-Marc Desaché Amsalah Tsehaye Gide Loyrette Nouel, member of Villi Tõntson Narotam Solanki Ulrika Nirkkonen Amsale Tsehaye & Associates Law Lex Mundi PwC Estonia PwC Fiji Roschier Attorneys Ltd. Office Marie-Noelle Dompe Veikko Toomere Shayne Sorby Juha-Pekka Nuutinen Roman Woldekidn Darrois Villey Maillot & Brochier MAQS Law Firm Estonia Tallinn Munro Leys Maria Parker Tekleyohannes Segolene Dufetel Maris Tudre BW International Business PLC Eparama Tawake PwC Finland Mayer Brown Centre of Registers & Information Fiji Electricity Authority Elina Pesonen Systems Castrén & Snellman Attorneys Jean-Marc Dufour FIJI Vulisere Tukama Ltd. France eCommerce International Karolina Ullman Suva City Council MAQS Law Firm Estonia Tallinn David Aidney Benoit Fauvelet Williams & Gosling Ltd. Chirk Yam Mikko Reinikainen PwC Finland Banque de France PwC Fiji Acknowledgments 267 Ingrid Fauvelière Lionel Spizzichino GAMBIA, THE Solutions Roin Migriauli Gide Loyrette Nouel, member of Paul Hastings Law Office Migriauli & Partners Gideon Ayi-Owoo Olga Gejadze Lex Mundi Marlène-Johanne Suberville PwC Ghana Georgian Bar Association Nino Mirtskhulava Jean-Gabriel Flandrois Delsol Avocats APM Terminals Poti Alpha Amadou Barry Rusudan Gergauli Gide Loyrette Nouel, member of Jean Svasta DT Associates, Independent LPA LLC Law Firm Nodar Mtvarelidze Lex Mundi Mayer Brown Correspondence Firm of Deloitte The Union of Human Rights and Ilia Giorgadze Sidonie Fraiche-Dupeyrat Touche Tohmatsu Limited Law Supremacy Defense Sophie Tavergnier ARCI Architecture & Development Lefèvre Pelletier & Associés Gide Loyrette Nouel, member of Abdul Aziz Bensouda Kakhaber Nariashvili Lasha Gogiberidze Nassim Ghalimi Lex Mundi Amie Bensouda & Co. Lasha Nodia BGI Legal Veil Jourde Nodia, Urumashvili & Partners Jean-Marc Valot Amie N.D. Bensouda Tsira Gogichaishvili Thierry Gomot Beylouni Carbasse Guény Valot Amie Bensouda & Co. Maia Okruashvili Georgian Bar Association Banque de France Vernet Georgian Legal Partnership Lamin B.S. Camara Lali Gogoberidze Régine Goury Martin Vergier Dandimayo Cambers Tamta Otiashvili Ministry of Economic Development Mayer Brown Commission de Régulation de Ministry of Economic Development l’Energie Roy Chalkley Alexander Gomiashvili Kevin Grossmann Joseph Salukvadze Nana Ama Dodoo JSC Credit Info Georgia Cabinet Kevin Grossmann Philippe Xavier-Bender Tbilisi State University PwC Ghana Gide Loyrette Nouel, member of Mamuka Gordeziani Beatrice Guernan Salin Manzoor Shah Lex Mundi Jon Goldy ITM Global Logistics Federation du Batiment Globalink Logistics Group Amie Bensouda & Co. Claire Zuliani Nana Gurgenidze Philippe Guibert Manana Shurghulaia Transparence - member of Russell Badgie Ismaila LPA LLC Law Firm FIEEC Competition and State Bedford International Cherno Alieu Jallow Izabela Gutidze Procurement Agency Aurelien Hamelle DT Associates, Independent Gutidze Damenia Chantladze Metzner Associes Correspondence Firm of Deloitte Eka Siradze GABON Solutions Marc Jobert Touche Tohmatsu Limited Colibri Law Firm Cabinet John W. Ffooks & Co. Batu Gvasalia Jobert & Associés Edrissa Jarjue Irakli Siradze National Agency of Public Registry Etude Maître Gey Bekale National Water and Electricity Gutidze Damenia Chantladze Philippe Jouary Company Ltd. Rusudan Gvazava Solutions Amigues Auberty Jouary Pommier Ministère de la Justice, Garde des BGI Legal Sceaux Lamin S. Jatta Rusudan Sreseli Didier Laffaille DT Associates, Independent Salome Iobidze Gutidze Damenia Chantladze Commission de Régulation de Municipalité de Libreville Correspondence Firm of Deloitte Ministry of Economic Development Solutions l’Energie Panalpina World Transport Touche Tohmatsu Limited Gia Jandieri Giorgi Tavartkiladze Daniel Arthur Laprès Y.A. Adetona Sulayman M. Joof New Economic School Deloitte LLP Avocat à la Cour d’Appel de Paris Cabinet Fidexce S.M. Joof Agency Salome Janelidze Levan Tektumanidze Charlotte Lavedrine Marcellin Massila Akendengue Sophie Kayemba Mutebi Alliance Group Holding Andreas Sofocleous & Co. Bouygues Immobilier Société d’Energie et d’Eau du PwC Ghana David Javakhadze Tamara Tevdoradze Julien Maire du Poset Gabon (SEEG) Lamin Keita Ministry of Economic Development BGI Legal Smith Violet Gianni Ardizzone Msita Enterprise Revaz Javelidze David Tomadze Pauline Malaplate SATRAM George Kwatia Colibri Law Firm PwC Georgia Conseil Supérieur du Notariat Madeleine Berre PwC Ghana (Paris) David Kakabadze Nino Tsaturova Deloitte Juridique et Fiscal Wladimir Mangel Omar Njie Grigol Kakauridze LPA LLC Law Firm Benoît Boulikou Law Firm Omar Njie Mayer Brown Ministry of Economic Development Société d’Energie et d’Eau du Besik Tsimakuridze Nathalie Morel Gabon (SEEG) Mary Abdoulie Samba- Irakli Kandashvili Vakhtang Tsintsadze Mayer Brown Christensen Ministry of Economic Development Jean-Pierre Bozec Tamar Katamadze Legal Practitioner Wye-Peygn Morter Project Law Firm Ministry of Economic Development Samson Uridia Mayer Brown Hawa Sisay-Sabally Georgia Revenue Service Daniel Chevallon Mari Khardziani Lawyer Jerome Orsel Matelec National Agency of Public Registry Zviad Voshakidze DB Schenker Darcy White Telasi Philippe Fouda Fouda Anastasia Kipiani PwC Ghana Cynthia Oussadon BEAC Cameroon PwC Georgia Maka Zhorzholiani Arnaud Pelpel Maria Eduarda de Lemos Sergi Kobakhidze Eristavi Law Group GEORGIA PwC Georgia Pelpel Avocats Godinho Ketevan Zukakishvili Miranda Correia Amendoeira Irakli Adeishvili Alliance Group Capital Pierre Petit Pas Tamar Kovziashvili & Associados - Sociedade de Deputy Minister of Economy Bouygues Immobilier Georgian Bar Association Advogados RL and Sustainable Development of Thomas Philippe Georgia Aieti Kukava GERMANY Mayer Brown Michael Jeannot Alliance Group Holding Matelec Nino Bakakuri Allen & Overy LLP Etienne Pichat Nodia, Urumashvili & Partners Tamar Lakerbaia Arenth Alexander Allez & Associés Pélagie Massamba Mouckocko Eristavi Law Group PricewaterhouseCoopers Tax & Nino Begalishvili PwC Germany Nicolas Rontchevsky Legal SA Colibri Law Firm Mirab-Dmitry Lomadze Friedhold E. Andreas Lawyer & Professor Eteri Mamukelashvili Freiling, Andreas & Partner Jean-Joel Mebaley Giorgi Begiashvili Philippe Roussel-Galle Destiny Executives Architects - Begiashvili & Co. Limited Law Deputy Minister of Economy Markus Beaumart Université Paris Descartes Agence du Bord de Mer Offices and Sustainable Development of Georgia DLA Piper UK LLP Hugues Roux Ruben Mindonga Ndongo Lily Begiashvili Henning Berger Banque de France Georgia Revenue Service Jaba Mamulashvili Thierry Ngomo Begiashvili & Co. Limited Law White & Case Jennifer Sachetat ARCHi Pro International Nino Berianidze Offices Jennifer Bierly Ashurst LLP Ministry of Economic Development GSK Stockmann + Kollegen François Nguema Ebane Irakli Matkava Pierre-Nicolas Sanzey Cabinet Atelier 5A Revaz Beridze Ministry of Economic Development Simon Boll Herbert Smith Freehills Eristavi Law Group DLA Piper UK LLP Lubin Ntoutoume Robin McCone Paris LLP Cabinet SCP Ntoutoume et Mezher Temur Bolotashvili PwC Georgia Simeon-Tobias Bolz Charles Sarrazin USAID Economic Prosperity HEUSSEN Josette Cadie Olendo Elene Mebonia Ministère de l’Economie des Initiative Rechtsanwaltsgesellschaft mbH Finances César Apollinaire Ondo Mve LPA LLC Law Firm Mettre Cour de Cassation du Giorgi Chichinadze Jan Bunnemann Emmanuel Schulte Ministry of Economic Development Maya Meskhia Gabon Law Office Migriauli & Partners DLA Piper UK LLP Bersay Associes Laurent Pommera Zviad Chkhartishvili Thomas Büssow Isabelle Smith Monnerville APM Terminals Poti Ekaterina Meskhidze PricewaterhouseCoopers Tax & National Agency of Public Registry PwC Germany Smith Violet Legal SA Ketevan Chokhonelidze Vanessa Miriam Carlow Camille Sparfel The Bank of Georgia Manana Meskhishvili Christophe A. Relongoué Eristavi Law Group COBE Berlin Capstan PricewaterhouseCoopers Tax & Kakha Damenia Legal SA Gutidze Damenia Chantladze 268 Doing Business 2014 Lorenz Czajka Sven Müller Torsten Wehrhahn Joe Biney Daniel Osei-Kufuor Graf von Westphalen SCHUFA Holding AG Deutsche Annington Immobilien SE Baj Freight & Logistics Osei-Kufuor, Sohne & Partners Rechtsanwälte Partnerschaft Eike Najork Hartmut Wicke Thomas Blankson Awudu Osman Helge Dammann C·B·H Rechtsanwälte Notare Rudolf Spoerer & Dr. XDSDATA Ghana Ltd. Ghana Revenue Authority PricewaterhouseCoopers Hartmut Wicke Ethel Nanaeva Stephen Boakye Humphrey Otu Legal Aktiengesellschaft Noerr LLP, member of Lex Mundi Thomas Winkler PwC Ghana Ghana Revenue Authority Rechtsanwaltsgesellschaft Domus AG - member of Russell Michael Neuhausen Isabel Boaten Jemima Oware Andreas Eckhardt Bedford International PricewaterhouseCoopers AB & David The Registrar General PricewaterhouseCoopers Legal Aktiengesellschaft Stefan Wirsch Legal Aktiengesellschaft William Callaghan Bernard Owusu-Twumasi Rechtsanwaltsgesellschaft Latham & Watkins LLP Rechtsanwaltsgesellschaft Andah and Andah Chartered Oak House Martin Ostermann Gerlind Wisskirchen Accountants Dieter Endres Nana Esi Quansah-Soderberg Magma Architecture CMS Hasche Sigle PwC Germany Diana Asonaba Dapaah Ghana Ports and Harbours Dirk Otto Uwe Witt Sam Okudzeto & Associates Authority Sigrun Erber-Faller Gobbers & Denk PricewaterhouseCoopers Notare Erber-Faller und Voran Ras Afful Davis Wilhelmina Quist-Therson Legal Aktiengesellschaft Oliver Otto Climate Shipping & Trading AB & David Alexander Freiherr von Aretin Rechtsanwaltsgesellschaft DLA Piper UK LLP Graf von Westphalen Anthony Doku Cynthia Rockson Florian Wolff Rechtsanwälte Partnerschaft Laura Pfirrmann Ghana Revenue Authority Lawfields Consulting Graf von Westphalen Cleary Gottlieb Steen & Hamilton Armineh Gharibian Rechtsanwälte Partnerschaft Saviour Dzuali Jacob Saah LLP Mayer Brown Bollore Africa Logistics Ghana Saah & Co. Christian Zeissler Marlena Polic Kirsten Girnth C·B·H Rechtsanwälte Clifford Gershon Fiadjoe Felix Tetteh PricewaterhouseCoopers DLA Piper UK LLP Andah and Andah Chartered Town and Country Planning Legal Aktiengesellschaft Accountants Department Markus J. Goetzmann Rechtsanwaltsgesellschaft GHANA C·B·H Rechtsanwälte Emmanuel Fiati Doris Tettey Thomas Poss George K. Acquah Public Utilities Regulatory Town and Country Planning Andrea Gruss Latham & Watkins LLP Radar Consult Commission of Ghana Department Merget + Partner Sebastian Prügel Larry Adjetey Anna Fordjour Darcy White Klaus Günther White & Case Law Trust Company AB & David PwC Ghana Oppenhoff & Partner Julia Pullen Stephen N. Adu Frank Fugar Dorothy Sena Woanya Marc Alexander Häger C·B·H Rechtsanwälte Public Utilities Regulatory College of Architecture and Laryea, Laryea & Co. P.C. Oppenhoff & Partner Commission of Ghana Wilhelm Reinhardt Planning Götz-Sebastian Hök Latham & Watkins LLP Benjamin Agbotse Vivor Gershon Marlet GREECE Dr. Hök Stieglmeier & Partner H & G Architects and Consultants Sebastian Reinsch Public Utilities Regulatory Ioanna Alexopoulou Peter Holzhäuser Janke Könnecke Naujok George Ahiafor Commission of Ghana Kremalis Law Firm, member of Ius PricewaterhouseCoopers XDSDATA Ghana Ltd. Carl Renner Roland Horsoo Laboris Legal Aktiengesellschaft DLA Piper UK LLP Cecilia Akyeampong Crown Agents Ltd. Rechtsanwaltsgesellschaft Sophia Ampoulidou Town and Country Planning Alexander Reus Daniel Imadi Drakopoulos Law Firm Ralph Hummel Department Diaz Reus & Targ LLP Bentsi-Enchill, Letsa & Ankomah, Avocado Law Maria Balatsou Nana Akonu G. P. Amartey member of Lex Mundi Jan Rudolph Koutalidis Law Firm Helmuth Jordan Andah and Andah Chartered Linklaters LLP Adam Imoru Ayarna Jordan & Wagner Accountants Amalia Balla Cadesmee International Rechtsanwaltsgesellschaft mbH Philipp Ruehland Potamitis-Vekris Nene Amegatcher PricewaterhouseCoopers Dorothy Kingsley Nyinah Christof Kautzsch Sam Okudzeto & Associates Ira Charisiadou Legal Aktiengesellschaft Commercial Division, High Court Dentons Charisiadou Law Office Rechtsanwaltsgesellschaft Kennedy Paschal Anaba Emmanuel Kissi-Boateng Michael Kern Lawfields Consulting Euthimiios Chrisis Sönke Schröder Public Utilities Regulatory Cleary Gottlieb Steen & Hamilton Engineer SALGER Rechtsanwälte Kweku Brebu Andah Commission of Ghana LLP Andah and Andah Chartered Alkistis Marina Christofilou Dietmar Schulz Edem Kofi Penty Henrik Kirchhoff Accountants IKRP Rokas & Partners DLA Piper UK LLP Law Trust Company GSK Stockmann + Kollegen Wilfred Kwabena Anim-Odame Leda Condoyanni Thomas Schulz Rosa Kudoadzi Jens Kirchner Lands Commission Hellenic Corporate Gouvernance Noerr LLP, member of Lex Mundi Bentsi-Enchill, Letsa & Ankomah, DLA Piper UK LLP Council Angelina Asabea Anno member of Lex Mundi Eva-Maria Schünemann Britta Klatte Electricity Company of Ghana Sotiris Constantinou DLA Piper UK LLP George Kwatia SCHUFA Holding AG Grant Thornton LLP Charles Antwi PwC Ghana Frank Schwem Dirk Kohlenberg Laryea, Laryea & Co. P.C. Theodora D. Karagiorgou DLA Piper UK LLP Gloria Laryea PricewaterhouseCoopers Koutalidis Law Firm Ellis Arthur Bentsi-Enchill, Letsa & Ankomah, Legal Aktiengesellschaft Ingrid Seitz Beyuo & Company member of Lex Mundi Eleni Dikonimaki Rechtsanwaltsgesellschaft Deutsche Bundesbank Teiresias S.A.- Bank Information Adwoa S. Asamoah-Addo Stanley Mawuli Sallah Thorsten Korder Michael Sörgel Systems Nana Akuoku Sarpong & Partners Electricity Company of Ghana Logwin Air & Ocean Deutschland DLA Piper UK LLP Anastasia Dritsa GmbH Fred Asiamah-Koranteng Eric Nii Yarboi Mensah Dirk Stiller Kyriakides Georgopoulos & Bank of Ghana Sam Okudzeto & Associates Jörg Kraffel PwC Germany Daniolos Issaias Law Firm White & Case Addo Atuah Jackson Kwaku Obeng Berko Thomas Strassner Katerina Filippatou Addo Atuah & Co. Ghana Revenue Authority Ernst-Otto Kuchenbrandt Orrick, Herrington & Sutcliffe LLP C. Papacostopoulos & Associates Deutsche Bundesbank Gideon Ayi-Owoo Wordsworth Odame Larbi Tobias Taetzner Dionyssia I. Gamvrakis PwC Ghana Independent Consultant Ghana Peter Limmer PwC Germany Sarantitis Law Firm Notare Dr. Limmer & Dr. Friederich Kwadwo Baafi N.O. Odotei Nora Thies John Gavanozis Bollore Africa Logistics Ghana David Ofosu-Dorte Roland Maaß Graf von Westphalen J.G. Tech Latham & Watkins LLP Rechtsanwälte Partnerschaft Samuel Baddoo AB & David Dionysios Gavounelis Blay & Associates Sam Okudzeto Sabine Malik Arne Vogel K | P Law Firm SCHUFA Holding AG PricewaterhouseCoopers Ellen Bannerman Sam Okudzeto & Associates Dimitra Georgaraki Legal Aktiengesellschaft Bruce-Lyle Bannerman & Stella Olerkwor Ackwerh Jan Geert Meents TaxExperts Rechtsanwaltsgesellschaft Associates Land Title Registry DLA Piper UK LLP Antonis Giannakodimos Heiko Vogt Reginald Bannerman Kofi Opong Werner Meier Zepos & Yannopoulos Law Firm, Panalpina Welttransport GmbH Bruce-Lyle Bannerman & Kora Electrical Services Cleary Gottlieb Steen & Hamilton member of Lex Mundi Associates LLP Katharina von Rosenstiel Rexford Oppong Antigoni Gkarla Orrick Hölters & Elsing Stella Bentsi-Enchill KNUST Daniel Meier-Greve PwC Greece Lexconsult and Company PricewaterhouseCoopers Raimund E. Walch Mike Oppong Adusah Antonios Gkiokas Legal Aktiengesellschaft Wendler Tremml Rechtsanwälte Kizito Beyuo Bank of Ghana PwC Greece Rechtsanwaltsgesellschaft Beyuo & Company Acknowledgments 269 Katerina Grivaki Dionysios Pantazis Vicky Xourafa Alejandra Bermúdez Anajoyce Oliva PwC Greece Pantazis & Associates Kyriakides Georgopoulos & Consortium - RACSA City Hall of Guatemala City Daniolos Issaias Law Firm Dimitris V. Hatzihristidis Christina Papachristopoulou Maria del Pilar Bonilla Monica Ordoñez Electrical Engineer K | P Law Firm Fredy Yatracou Bonilla, Montano, Toriello & Registro General de la Propriedad PwC Greece Barrios de Guatemala Peter Kapasouris Elena Papachristou Teiresias S.A.- Bank Information Zepos & Yannopoulos Law Firm, Rodrigo Callejas Aquino Hugo Rafael Oroxóm Mérida Systems member of Lex Mundi GRENADA Carrillo & Asociados Superintendencia de Bancos Evangelos Karaindros Konstantinos Papadiamantis W.R. Agostini Juan Pablo Cardenas Villamar Carlos Ortega Evangelos Karaindros Law Firm Potamitis-Vekris W. R. Agostini & Co. City Hall of Guatemala City Mayora & Mayora, S.C. Artemis Karathanassi Alexios Papastavrou Raymond Anthony Gelder Carranza Roberto Ozaeta PwC Greece Potamitis-Vekris Raymond Anthony & Co. PwC Guatemala PwC Guatemala Catherine M. Karatzas Dimitris E. Paraskevas James Bristol Juan Pablo Carrasco de Groote Marco Antonio Palacios Karatzas & Partners Elias Paraskevas Attorneys 1933 Henry, Henry & Bristol Díaz-Durán & Asociados Central Palacios & Asociados Law Rita Katsoula Michalis Pattakos Gregory Delsol Maria Jose Pepio Pensabene Potamitis-Vekris Zepos & Yannopoulos Law Firm, Ministry of Agriculture, Lands, Francisco José Castillo Chacón Cámara Guatemalteca de la member of Lex Mundi Forestry, Fisheries and the Aguilar Castillo Love Construcción Nikolas Kazatzidis Environment Topographer Margarita Peristeraki Juan Carlos Castillo Chacón Claudia Pereira Mayer Brown Carlyle Felix Aguilar Castillo Love Mayora & Mayora, S.C. Anastasia Kelveridou Customs Kyriakides Georgopoulos & Spiros Pilios Gerardo Alberto de León Francisco Pilona Daniolos Issaias Law Firm Phoenix Cyrus Griffith FEDECOCAGUA City Hall of Guatemala City Labour Department Constantinos Klissouras Stathis Potamitis Anabella de León Ruiz Mélida Pineda K | P Law Firm Potamitis-Vekris Madonna Harford Registro General de la Propriedad Carrillo & Asociados Grenada Trade Union Council de Guatemala Ioanna Kombou Ioanna Poulakou Carla Beatriz Ramirez Cabrera Elias Paraskevas Attorneys 1933 Zepos & Yannopoulos Law Firm, Keith Hosten Karla de Mata Díaz-Durán & Asociados Central member of Lex Mundi Hosten’s (Electrical Services) Ltd. CPS Logistics Law Nicholas Kontizas Zepos & Yannopoulos Law Firm, Maria Preka Winston Hosten Luis Diaz Andres Rivera member of Lex Mundi Logica Hosten’s (Electrical Services) Ltd. TransUnion Guatemala Aceros Arquitectónicos Lena Kontogeorgou Vicky Psaltaki Henry Joseph Ana Sofia Escriba Barnoya Alfredo Rodríguez Mahuad Notary Sarantitis Law Firm PKF International Consortium - RACSA Consortium - RACSA Panos Koromantzos Vicky Psaltis Psyche Julien Fanny Estrada Glendy Salguero Bahas, Gramatidis & Partners Potamitis-Vekris St. Louis Service Asociación Guatemalteca de PwC Guatemala Exportadores Olga Koromilia Mary Psylla Danile Lewis Salvador A. Saravia Castillo PwC Greece PwC Greece Ministry of Agriculture, Lands, Héctor Flores Saravia & Muñoz Forestry, Fisheries and the City Hall of Guatemala City Dimitrios Kremalis Terina Raptis Salvador Augusto Saravia Environment Kremalis Law Firm, member of Ius Sarantitis Law Firm Rodolfo Fuentes Mendoza Laboris Sterl Lyons Protectora de Crèdito Comercial Saravia & Muñoz Smaragda Rigakou Bank of Nova Scotia- Grenada K. Krisilas IKRP Rokas & Partners Antonio Roberto Garcia Escobar Klamcy Solorzano BDO Niel Noel Comisión Nacional de Energía City Hall of Guatemala City Vasiliki Salaka Henry Hudson - Phillips & Co. Eléctrica Dimitris Kyparissis Karatzas & Partners Ramón Benjamín Tobar Morales TT Helenic Postbank Ambrose Phillip José Estuardo Golóm Superintendencia de Bancos Aikaterini Savvaidou Grenada Port Authority City Hall of Guatemala City Ilias S. Kyriakopoulos PwC Greece José Augusto Toledo Cruz S.K. Aegis Valentino Sawney Jose Gonzalez Arias & Muñoz Konstantinos Siakoulis Tradship International Precon Tom Kyriakopoulos Geniko Emboriko Mitroo - G.E.M.I. Elmer Vargas Kelemenis & Co. David R. Sinclair Erick Gordillo ACZALAW Sirigos Sotiris Sinclair Enterprises Limited City Hall of Guatemala City Angela lliadis Logica Arelis Yariza Torres de Alfaro KPMG Trevor St. Bernard Miguel Angel Gualim Superintendencia de Bancos Anastasia Stamou Lewis & Renwick City Hall of Guatemala City Konstantinos Logaras Athens Exchange SA Zepos & Yannopoulos Law Firm, Lisa Telesford Andrés Hernández GUINEA Natassa Stamou member of Lex Mundi Supreme Court Registry Carrillo & Asociados Hellenic Exchanges S.A. Ernst & Young Maragou Lori Shireen Wilkinson Carlos Guillermo Herrera Nikolaos Stasinopoulos Camara Aly Badara Elias Paraskevas Attorneys 1933 Wilkinson, Wilkinson & Wilkinson Registro General de la Propriedad Notary Mohamed Baldé de Guatemala Christos Makris Selwyn Woodroffe PwC Guinea Nehtarios Stefanidis Emmanuel Mastromanolis Consulting Engineers Partnership Raúl Stuardo Juárez Leal Oinoktima Mamadou Barry Zepos & Yannopoulos Law Firm, Ltd Superintendencia de Bancos Alexia Stratou Ministère de la Construction, de member of Lex Mundi Nils Leporowski Kremalis Law Firm, member of Ius l’Urbanisme et Habitat John Mazarakos GUATEMALA Asociación Nacional del Café Laboris Mamadou Sanoussy Barry Elias Paraskevas Attorneys 1933 DHL Global Forwarding Eva Lima Ligeri Tamvakou Cabinet d’Avocats BAO & Fils Alexandros N. Metaxas City Hall of Guatemala City Engineer Ernst & Young Mody Oumar Barry Sarantitis Law Firm María Isabel Luján Zilbermann John Tripidakis Rafael Alvarado-Riedel Cabinet d’Avocats BAO & Fils Theodora G. Monochartzi Quiñones, Ibargüen, Luján & John Tripidakis & Associates Consortium - RACSA Mouhamed Lamine Bayo Sarantitis Law Firm Mata S.C. Law Firm APIP Guinée - Agence de Pedro Aragón Efi Moucha Marco Antonio Martinez Promotion des Investissements Panagiota D. Tsitsa Aragón & Aragón Militzer & Münch CPS Logistics Privés Spyros Valvis Mario R. Archila Cruz Konstantinos Nanopoulos PwC Greece Eduardo Mayora Alvarado Ibrahima Kalil Berete Consortium - RACSA TaxExperts Mayora & Mayora, S.C. Sogufiret Anna Vamialis Elías Arriaza Sáenz Anthony Narlis Kelemenis & Co. Edgar Mendoza Jean Delahaye Consortium - RACSA Calberson SA PwC Guatemala Bolloré Africa Logistics Vasiliki Vasilopoulou Roberto Avila George D. Naskaris K | P Law Firm Christian Michelangeli Ahmadou Diallo García & Bodán Koutalidis Law Firm Carrillo & Asociados Chambre des Notaires Kalliopi Vlachopoulou María de los Angeles Barillas Marianna Niavi Kelemenis & Co. Edgar Montes Mohamed Kadialiou Diallo Buchhalter Kelemenis & Co. Registro General de la Propriedad Electricité de Guinée Sofia Xanthoulea Saravia & Muñoz de Guatemala Nikos Panagiotopoulos John Tripidakis & Associates Amaury Barrera Soukeina Fofana Ektelonistiki Law Firm Edvin Montoya Banque Centrale de Guinée City Hall of Guatemala City Lexincorp (BCRG) Antonis Pantazis Amalia Xeini Jorge Rolando Barrios PwC Greece Kremalis Law Firm, member of Ius María José Nájera Christophe Grenier Bonilla, Montano, Toriello & Laboris Carrillo & Asociados AMA (African Maritime Agencies) Barrios Guinea 270 Doing Business 2014 Yannick Gui A. Ussumane So Lesly Alphonse Daphne Louissaint Denia Escalon AnyRay & Partners Guinée (ARP Losser Lda Business Development Notary Sogesol PwC Honduras Guinée) consultants Mark Kinson Antoine Kathia Magloire Oscar Armando Girón Jean Baptiste Jocamey Fernando Tavares ADEKO Enterprises Cabinet Gassant Asociación Hondureña de Cabinet Koûmy Transmar Services Compañías y Representantes Ronald Augustin Dieuphète Maloir Navieros (AHCORENA) Amadou Thidiane Kaba Antoine Traore Le Cabinet Augustin SAM Construction Avocat au Barreau de Guinée BCEAO Jessica Handal Theodore Avhille III Alexandrine Nelson Arias & Muñoz Lansana Kaba Djunco Suleiman Ture UNOPS Chatelain Cargo Services SA CARIG Municipality of Bissau Andrea Idiáquez Jean-Batiste Brown Jean Yves Noel Aguilar Castillo Love Louis Marie Kakdeu Carlos Vamain Brown Legal Group Noel, Cabinet d’Expert-Comptables Nimba Conseil SARL Gomes & Vamain Associados Maria Irias Martin Camille Cangé Joseph Paillant Irías & Asociados - correspondent Joseph Koundouno Emmanuel Yehouessi Electricité d’Haïti BUCOFISC of Russell Bedford International Ministère de la Construction, de BCEAO Jean-Henry Céant Micosky Pompilus l’Urbanisme et Habitat Evangelina Lardizábal Notaire Public, Membre de Lasnop Cabinet Chalmers and Chalmers Arias & Muñoz Nounké Kourouma GUYANA Conseiller General de L’Union Georges Andy Rene Administration et Contrôle des Internationale du Notariat Carlos Lopez Contreras Dela Britton Centre de Facilitation Des Grands Projets ACZALAW Britton, Hamilton & Adams Monique César Guillaume investissements Mohamed Lahlou PAGS - Cabinet d’Experts Armida María López de Arguello Ashton Chase Jean Louis Richard PwC Guinea Comptables ACZALAW Law Office of Ashton Chase BUCOFISC Fofana Naby Moussa Associates Djacaman Charles Guadalupe Martinez Casas Erol Saint-Louis Banque Centrale de Guinée Cabinet Gassant Central Law Medina, Rosenthal & Lucia Desir-John Banque de la République d’Haïti (BCRG) Asociados D & J Shipping Services Karine Chenet Jean Frederic Sales Philippe Niamkey Diggan d’Adesky Claribel Medina Marlon Gonsalves Cabinet Sales Bolloré Africa Logistics D’Adesky Import Export S.A. Central Law Medina, Rosenthal & Rodrigues Architects Ltd. Margarette Sanon Asociados Guy Piam Philocles Desir Orin Hinds Banque de la République d’Haiti Nimba Conseil SARL Atcac Hope Center Jesús Humberto Medina-Alva Orin Hinds & Associates Arch. Ltd. Francois Serant Central Law Medina, Rosenthal & Mamadou Saliou Baldé Jean Baden Dubois Renford Homer Ministère de l’Economie et des Asociados Ministère de la Construction, de Banque de la République d’Haiti Guyana Power & Light Inc. Finances l’Urbanisme et Habitat Juan Carlos Mejía Cotto Teni Housty Fritz Duroseau Jean Luvien St. Louis Instituto de la Propiedad Satouma Yari Sounah Banque de la République d’Haïti Fraser, Housty & Yearwood Conservation Foncière Etude Yansane Iván Alfredo Vigíl Molina Attorneys-at-Law Paul Valmy Eugene Michel Succar Abogado Assiatou Sow Ministère de l’Economie et des Rexford Jackson Cabinet Lissade Ministère de la Construction, de Finances Ricardo Montes Belot Singh, Doodnauth Law Firm l’Urbanisme et Habitat Salim Succar Arias & Muñoz Cliffton Mortimer Llewelyn John Camille Fièvre Cabinet Lissade Paul Tchagna Jurisexcel Cabinet d’Avocat Ramón E. Morales Attorney-at-Law PwC Guinea Paul Edouard Ternier PwC Honduras Kalam Azad Juman-Yassin Lucien Fresnel Cabinet Sales Aboubacar Salimatou Toure Cabinet Gassant Vanessa Oquelí Guyana Olympic Association NTM Areeba Guinee S.A. Sibylle Theard Mevs García & Bodán Kashir Khan Frédéric Fritz Theard & Associes Fatoumata Yari Soumah Le Cabinet Augustin Ramón Ortega Yansane Rakesh Latchana Jean Vandal PwC El Salvador Office Notarial Ram & McRae Chartered Enerlio Gassant Vandal & Vandal Accountants Cabinet Gassant Jose Conrado Osorio Serge Henri Vieux McCormick GUINEA-BISSAU Alexis Monize Bernard Honorat Gousse Cabinet Vieux & Associés Grupo McCOS Guyana Office for Investment Pasquet Gousse & Associés Electricidade e Aguas da Guine- Antwan Zele Danna Paredes Bissau Manzoor Nadir Carlo Hubert Janvier Hotteenmusic PwC Honduras Digicom Banque de la République d’Haïti Ministério da Economia e José Ramón Paz Integração Regional Harry Noel Narine Georgette Jean-Louis HONDURAS Consortium Centro América PKF International Banque de la République d’Haiti Abogados Ministério da Justiça CNBS - Comision Nacional de Alvin Parag Anne-Gernide Joint Bancos y Seguros Marco Ponce Symphorien Agbessadji PAS Cargo Guyana Inc (PAS Unibank Central Law Medina, Rosenthal & BCEAO Cargo Group) Mario Aguero Nadyne M. Joseph Asociados Arias & Muñoz Ahmadou Al Aminou Lo R.N. Poonai Unibank Dino Rietti BCEAO Poonai & Poonai Gustavo Argüello Agüero Jean-Marie Lafontant Arquitecnic ACZALAW Humiliano Alves Cardoso Christopher Ram Registre des Sûretés Mobilières Milton Rivera Gabinete Advocacia Ram & McRae Chartered Juan José Alcerro Milla Robert Laforest PwC Honduras Accountants Aguilar Castillo Love Adelaida Mesa D’Almeida Cabinet LaForest Enrique Rodriguez Burchard Jurisconta SRL Vishwamint Ramnarine Jose Miguel Alvarez Ronald Laraque Aguilar Castillo Love PFK Barcellos, Narine & Co Consortium Centro América Octávio Lopes Ministère des Travaux Publics Abogados René Serrano GB Legal - Miranda Alliance Albert Rodrigues Patrick D. Frantz Laurent Arias & Muñoz Rodrigues Architects Ltd. José Simón Azcona Jorge Mandinga Cabinet Patrick Laurent & Associés Inmobiliaria Alianza SA Cristian Stefan Handal Mandinga Empreiteros SA Leslie Sobers Camille Leblanc Advocatus Law Firm Adrián Burgos Miguel Mango Shaundell Stephenson Lebalanc & Associés Consortium Centro América Hilsy Villalobos Audi - Conta Lda Office of the Prime Minister Patricia Lebrun Abogados García & Bodán Vitor Marques da Cruz Gidel Thomside Cabinet Vieux & Associés Fredy Castillo Armida Villela MC&A - Sociedade de Advogados, National Shipping Corporation Ltd. Wilhem Lemke García & Bodán ACZALAW R.L. Allyson West Enmarcolda SA Carlos Chavarria Roberto Manuel Zacarías Francisco Mendes PwC Garry Lhérisson Consortium Centro América Urrutia Ministry of Foreign Affairs Tonika Wilson Ministère des Travaux Publics, Abogados Zacarías & Asociados Teresa Pala Schwalbach PwC Transports et Communications Graciela Cruz Gabriela Zelaya MC&A - Sociedade de Advogados, Roger Yearwood Garry Lherissson García & Bodán ACZALAW R.L. Britton, Hamilton & Adams Atelier d’Architecture et Víctor Manuel Cuadra Burlero Mario Rubén Zelaya Eduardo Pimentel d’Urbanisme Constructora Urbe Energía Integral S. de R.L. de C.V. Centro de Formalização de Empresas HAITI Louis Gary Lissade Ricardo Duarte Carlos Zúniga Benjamin-Jadotte, Ingénieurs, Cabinet Lissade García & Bodán Irías & Asociados - correspondent Armando Procel of Russell Bedford International República da Guiné-Bissau Architectes et Urbanistes Associés Roberson Louis Francisco Guillermo Durón Theodore Achille III Cabinet Gassant Lopez Rogério Reis UNDP Bufete Durón Rogério Reis Despachante Acknowledgments 271 HONG KONG SAR, CHINA Mat Ng Gábor Felsen Ásta Guðrún Beck Jolly Abraham JLA-Asia Felsen Katona Registers Iceland Desai & Diwanji DLA Piper Kok Leong Ngan Veronika Francis-Hegedűs Karen Bragadóttir Mahima Ahluwalia Y H Tsang & Co. CLP Power Hong Kong Limited bpv | Jádi Németh Attorneys- Tollstjóri - Directorate of Customs Trilegal Duncan Abate at-Law Kenneth Poon Þórður Ólafur Búason Lzafeer Ahmad Mayer Brown JSM The Land Registry of Hong Kong Ernő Garamvölgyi Reykjavik Municipal Building Trilegal Albert P.C. Chan Budapest IX District Municipality Control Office Martinal Quan Fraser Alexander The Hong Kong Polytechnic Metopro Associates Limited Éva Gargya Eymundur Einarsson Juris Corp University Nagy és Trócsányi Law Office, Endurskoðun og ráðgjöf ehf Matthias Schemuth P. V. Balasubramaniam Kenneth Chan member of Lex Mundi - member of Russell Bedford Ashurst LLP BFS Legal Hong Kong Economic & Trade International Anna Gáspár Office Holden Slutsky Ashish Banga Build-Econ Ltd. Ólafur Eiríksson Pacific Chambers Juris Corp Leonard Chan LOGOS, member of Lex Mundi Csaba Attila Hajdu JLA-Asia Ted Tang Sumitava Basu bnt Szabó Tom Burmeister Ügyvédi Sigríður Anna Ellerup Mayer Brown JSM Juris Corp Nick Chan Iroda Registers Iceland Squire Sanders Thomas Tang Neeraj Bhagat Tamas Robert Halmos Skuli Th. Fjeldsted Maunsell AECOM Group Neeraj Bhagat & Co. Vashi Chandiramani Partos & Noblet Hogan Lovells Fjeldsted, Blöndal & Fjeldsted Excellence International Charles To M.L Bhakta Dóra Horváth Erlendur Gíslason Squire Sanders Kanga & Co. Winnie Cheung Reti, Antall and Partners Law Firm LOGOS, member of Lex Mundi The Land Registry of Hong Kong Hong Tran Pradeep Bhandari Norbert Izer Guðrún Guðmundsdóttir Mayer Brown JSM Intuit Management Consultancy Robert Chu PwC Hungary Jónar Transport Economic Analysis and Business Anita Tsang Sushil Bhasin Andrea Jádi Németh Sigríður H. Kristjánsdóttir Facilitation Unit PwC Hong Kong Bhasin International bpv | Jádi Németh Attorneys- LOGOS, member of Lex Mundi Jimmy Chung Derek Tsang at-Law Rachita Bhat Reynir Haraldsson James Ngai & Partners CPA Limited Mayer Brown JSM Amarchand & Mangaldas & Ferenc Kása Jónar Transport - member of Russell Bedford Suresh A. Shroff & Co. Laurence Tsong bpv | Jádi Németh Attorneys- International Hörður Davíð Harðarson TransUnion Hong Kong at-Law Saurav Bhattacharya Tollstjóri - Directorate of Customs Nicholas Cook PwC India Cliff Tsui Adrienn Keszei Mayer Brown JSM Margrét Hauksdóttir JLA-Asia BISZ Central Credit Information Rewati Bobde Registers Iceland Jeremy Cunningham (PLC) Juris Corp Paul Tsui Mayer Brown JSM Jón Ingi Ingibergsson Hong Kong Association of Freight Dorottya Kovacsics Nidhi Bothra PricewaterhouseCoopers Legal ehf Dominic Gregory Forwarding & Logistics Ltd Partos & Noblet Hogan Lovells Vinod Kothari & Co. Practicing Ashurst LLP (HAFFA) Aðalsteinn E. Jónasson Company Secretaries Petra Lencs LEX Law Offices Keith Man Kei Ho Leung Wan Cseri & Partners Law Offices Leena Chacko Wilkinson & Grist Inland Revenue Department, Erlingur E. Jónasson Amarchand & Mangaldas & Dóra Máthé HKSAR ISTAK Suresh A. Shroff & Co. Basil Hwang PwC Hungary Dechert Christopher Whiteley Thora Jónsdóttir Harshala Chandorkar László Mohai Ashurst LLP Juris Law Office Credit Information Bureau (India) Salina Ko Mohai Law Office Ltd. APL Hong Kong Agnes Wong Jóhann Magnús Jóhannsson András Multas Companies Registry, HKSAR LOGOS, member of Lex Mundi Jyoti Chaudhari KK Kwan Partos & Noblet Hogan Lovells Legasis Services Pvt. Ltd. Customs and Excise Department Charlton Wong Einar Malmberg Robert Nagy Maunsell AECOM Group Landsbankinn Prashant Chauhan Peter Kwon BISZ Central Credit Information Advocate Ashurst LLP Fergus Wong (PLC) Benedetto Nardini PwC Hong Kong BBA Legal Daizy Chawla Anita Lam Sándor Németh Singh & Associates, Advocates and Mayer Brown JSM Patrick Wong Szecskay Attorneys-at-Law Dagbjört Oddsdóttir Solicitors Mayer Brown JSM BBA Legal Billy Lam Christopher Noblet Manjula Chawla Mayer Brown JSM Peter Yu Partos & Noblet Hogan Lovells Helga Melkorka Óttarsdóttir Phoenix Legal PwC Hong Kong LOGOS, member of Lex Mundi Christie Lam István Sándor Poorvi Chothani Hong Kong Financial Secretary Kelemen, Meszaros, Sandor & Kristján Pálsson HUNGARY Partners Jónar Transport Sachin Chugh Cindy Lam Singhi Chugh & Kumar, Chartered The Land Registry of Hong Kong Allen & Overy LLP Gergely Szabó Ásgeir Á. Ragnarsson Accountants Reti, Antall and Partners Law Firm BBA Legal Andas Lau Cargo-Partner Ketan Dalal The Land Registry of Hong Kong Ágnes Szent-Ivány Fridgeir Sigurdsson Mark Balastyai PwC India Sándor Szegedi Szent-Ivány PwC Iceland Dong Ho Lee Futureal Group Komáromi Eversheds Amrita Decruz Orrick, Herrington & Sutcliffe LLP Olafur Arinbjorn Sigurdsson Diana Balazs Trilegal Viktória Szilágyi LOGOS, member of Lex Mundi Juliana Lee PwC Hungary Nagy és Trócsányi Law Office, Vishwang Desai Mayer Brown JSM Eyvindur Sólnes Péter Bárdos member of Lex Mundi Desai & Diwanji CATO Lögmenn John Lees Law Firm Dr. Péter and Rita Angéla Szőke Deepak Deshmukh JLA-Asia Bárdos Jóhannes Stephensen BDO Hungary Juris Corp Creditinfo Iceland Rita Leung Sándor Békési Adrienn Tar Prashant Dharia Squire Sanders Partos & Noblet Hogan Lovells Gunnar Sturluson Szecskay Attorneys-at-Law Anant Industries LOGOS, member of Lex Mundi Shung Chi Leung Erika Berdi Ágnes Tigelmann Manish Dhingra Customs and Excise Department Cseri & Partners Law Offices Rúnar Svavar Svavarsson bpv | Jádi Németh Attorneys- Dhingra & Singh - Attorneys- Orkuveita Reykjavíkur, Gabrielle Liu Péter Berethalmi at-Law at-Law Distribution-Electrical System Mayer Brown JSM Nagy és Trócsányi Law Office, Ádám Tóth Farida Dholkawala member of Lex Mundi Stefán A. Svensson Terry LK Kan Dr. Tóth Ádám Közjegyzői Iroda Desai & Diwanji Juris Law Office SHINEWING Specialist Advisory Hedi Bozsonyik Thambi Durai Servivces Limited Szecskay Attorneys-at-Law Helgi Þór Þorsteinsson ICELAND T. Durai & Co. LEX Law Offices Dickson Lo Zsuzsanna Cseri PwC Iceland Ferdinand Duraimanickam Maunsell AECOM Group Cseri & Partners Law Offices Steinþór Þorsteinsson BFS Legal Ásta Sólveig Andrésdóttir Tollstjóri - Directorate of Customs Jonathan Luk Gábor Dohány Registers Iceland Prithwijit Gangopadhyay Mayer Brown JSM Partos & Noblet Hogan Lovells Trilegal Adri Árnason INDIA Psyche S.F. Luk András Elekes Juris Law Office Ritika Ganju Fairbairn Catley Low & Kong Immobilia Real Estate Development G. D. International Phoenix Legal kft Heiðar Ásberg Atlason Kay McArdle Shri Sai Exports LOGOS, member of Lex Mundi Rahul Garg Mayer Brown JSM Tamás Esze PwC India bpv | ádi Németh Attorneys-at-Law 272 Doing Business 2014 Lorraine George Sougata Kundu Ajay Raghavan Rajat Vohra Theo Kumaat SGSL Shipping & Logistics Pvt. Ltd. Vaish Associates Advocates Trilegal Trilegal Indonesian Logistics and Forwarders Association Oommen George Shreedhar T. Kunte Ravishankar Raghavan Hufriz Wadia SGSL Shipping & Logistics Pvt. Ltd. Sharp and Tannan - member of Majmudar & Partners Juris Corp Herry N. Kurniawan Russell Bedford International Ali Budiardjo, Nugroho, Veena Gopalakrishnan Mohan Rajasekharan Ankita Wagle Reksodiputro, member of Lex Mundi Nishith Desai Associates Chandni Lochan Phoenix Legal Kochhar & Co. Trilegal Winita E. Kusnandar Sameer Guha Smrithi Ramesh Sonam Wangmo Kusnandar & Co. Trilegal Minhaz Lokhandwala BFS Legal Juris Corp Desai & Diwanji Diana Kusumasari Atul Gupta Ashok Ramgir Manoj Yadav Simbolon & Partners Law Firm Trilegal Sarika Malhotra Harsh Impex Neeraj Bhagat & Co. PwC India Arno F. Rizaldi Kwok Deepak Gupta Harsh Ramgir Kusnandar & Co. PwC India Vipender Mann Harsh Impex INDONESIA KNM & Partners, Law Offices Eddy M. Leks Ruchira Gupta Neha Ranjit ABR Counselor at Law Leks & Co. The Juris Sociis Avadesh Marthur Khaitan & Co. DLA Piper Harsh Impex Ferry P. Madian Sandeep Gupta Abhishek A. Rastogi Jakarta Province’s Building Ali Budiardjo, Nugroho, KNM & Partners, Law Offices Gajendra Mehta PwC India Supervision & Administration Reksodiputro, member of Lex Mundi Nimbus Corporation Akil Hirani S.B. Sawant Office Benny Marbun Majmudar & Partners Isha Mehta S.B. Sawant and Associates Nafis Adwani PT PLN (Persero) Indonesia State Kesar Dass B & Associates Anil Jagtiani Aayushi Sehgal Ali Budiardjo, Nugroho, Electricity Corporation Santa Fe Moving Services Pvt Ltd Jitesh Mehta Khaitan & Co. Reksodiputro, member of Lex Mundi Heru Mardijarto Source India Vipin Jain Rajesh Sehgal Deni Agustinus Damayanto Makarim & Taira S. Shree Bhikshu Marble and Granites Preeti G. Mehta Fox Mandal & Co. Brigitta I. Rahayoe & Partners Angela Maryska Kanga & Co. Jayant Jape Ramani Seshadri Wulan Anggiet Purnamasari Hendra - Soenardi Separation Techniques Vikas Mehta DPAS Groups Simbolon & Partners Law Firm Ella Melany Pradeep Traders Yogesh Jare Parag Shah Irina Anindita Hanafiah Ponggawa & Partners Suhasini Impex Aathira Menon Parag G Shah and Associates Makarim & Taira S. Noor Meurling Majmudar & Partners H. Jayesh Tapaswani Shah Almer Apon Oentoeng Suria & Partners Juris Corp Dhiraj Mhetre Juris Corp IWA Logistics (Indonesia) Nico Mooduto Desai & Diwanji Rajat Joneja Avnish Sharma Hamud M. Balfas Soewito Suhardiman Eddymurthy KNM & Partners, Law Offices Sharad Mishra Amarchand & Mangaldas & Ali Budiardjo, Nugroho, Kardono Neo Multimedian Suresh A. Shroff & Co. Reksodiputro, member of Lex Mundi Sumeet Kachwaha Dimas Nanda Kachwaha & Partners Shivani Mishra Rupali Sharma Benny Bernarto Hadiputranto, Hadinoto & Neo Multimedian Kochhar & Co. Makarim & Taira S. Partners Jayesh Karandikar Kochhar & Co. Saurabh Misra K.M. Aasim Shehzad Fabian Buddy Pascoal Mia Noni Yuniar Saurabh Misra & Associates, BFS Legal Hanafiah Ponggawa & Partners Brigitta I. Rahayoe & Partners Rajas Kasbekar Advocates Little & Co. Vikram Shroff Ita Budhi Betty Panggabean Atul Mittal Nishith Desai Associates PwC Indonesia Simbolon & Partners Law Firm Kripi Kathuria PwC India Phoenix Legal Easha Singh Prianto Budi Soenardi Pardi Rajesh Modani PwC India PT Pratama Indomitra Konsultan Hendra - Soenardi Anuj Kaul Trilegal - member of Russell Bedford Legasis Services Pvt. Ltd. Kartikeya Singh Ivor Pasaribu International Manu Mohan Phoenix Legal Leks & Co. Charandeep Kaur Mayer Brown Tony Budidjaja Trilegal Ravinder Pal Singh Ay Tjhing Phan Budidjaja & Associates Law Offices Moiz Motiwala International Surgical Inds. PwC Indonesia Mitalee Kaushal Sharp and Tannan - member of Juni Dani KNM & Partners, Law Offices Mukesh Singhal Denny Rahmansyah Russell Bedford International Budidjaja & Associates Law Offices KNM & Partners, Law Offices Soewito Suhardiman Eddymurthy Anshul Khosla Shyamal Mukherjee Natasha Djamin Kardono Khaitan & Co. Arvind Sinha PwC India Oentoeng Suria & Partners RCS Pvt. Ltd. Business Advisors Sophia Rengganis Bhavna Kohli Deepa Murthy Group Sani Eka Duta PwC Indonesia PwC India Fox Mandal & Co. Bank Indonesia Rajat Ratan Sinha Adrio Rivadi Ravinder Komaragiri Vaidehi Naik RCS Pvt. Ltd. Business Advisors Donny Fadilah Kusnandar & Co. The Tata Power Company Limited Phoenix Legal Group Bahar & Partners Gatot Sanyoto Jayanthi Konar Vidya Nashimath Vinay Sirohia Widigdya Sukma Gitaya Kusnandar & Co. PwC India TOBOC Axon Partners LLP WSG Tax Advisor Mahardikha K. Sardjana Anuraag Kothari Dharmesh Panchal Anubha Sital Dedet Hardiansyah Hadiputranto, Hadinoto & Trilegal PwC India Trilegal Budiman and Partners Partners Vinod Kothari Madhav Pande Veena Sivaramakrishnan Erwandi Hendarta Nur Asyura Anggini Sari Vinod Kothari & Co. Practicing Janak Pandya Juris Corp Hadiputranto, Hadinoto & Bank Indonesia Company Secretaries Nishith Desai Associates Partners P.N. Swaroop Nova Ismayanti Saroso Harsh Kumar Swagateeka Patel Modern Cargo Services Pvt. Ltd. Eddy Hendra Soewito Suhardiman Eddymurthy Singhi Chugh & Kumar, Chartered Kesar Dass B & Associates Hendra - Soenardi Kardono Accountants Rajesh Tayal Sanjay Patil KNM & Partners, Law Offices Joseph Hendrik Marinza Savanthy Mrinal Kumar BDH Industries Limited Makarim & Taira S. Widyawan & Partners Amarchand & Mangaldas & Chetan Thakkar Suresh A. Shroff & Co. Dhruv Paul Kanga & Co. Alexander Augustinus Hutauruk Natasha A. Sebayang Trilegal Hadiputranto, Hadinoto & Soewito Suhardiman Eddymurthy Mrityunjay Kumar Shruti Thampi Partners Kardono Dhingra & Singh - Attorneys- Bhadrinath Madhusudan Pogul Juris Corp at-Law Brigitta Imam Rahayoe Arie Setiawan Kalki International Piyush Thareja Brigitta I. Rahayoe & Partners PT Sahabat Utama Indonesia Mukesh Kumar Madhusudan Venkatesh Pogul Neeraj Bhagat & Co. KNM & Partners, Law Offices Renga Match Adiwidya Imam Rahayu Indra Setiawan Suhas Tuljapurkar Brigitta I. Rahayoe & Partners Ali Budiardjo, Nugroho, Vikram Kumar Avinash Poojari Legasis Services Pvt. Ltd. Reksodiputro, member of Lex Mundi Supply Source India Nishith Desai Associates Darrell R. Johnson Kanisshka Tyagi Soewito Suhardiman Eddymurthy Taji M. Sianturi Manoj Kumar Singh Nitin Potdar Kesar Dass B & Associates Kardono TAJI & REKAN Singh & Associates, Advocates and J. Sagar Associates, Advocates & Sameep Vijayvergiya Solicitors Solicitors Mirza Karim Bernard Sihombing Dhingra & Singh - Attorneys- KarimSyah Law Firm Budidjaja & Associates Law Offices Vijay Kumar Singh at-Law M. Prabhakaran Singh & Associates, Advocates and Consulta Juris Galinar R. Kartakusuma Ricardo Simanjuntak Solicitors Makarim & Taira S. Ricardo Simanjuntak & Partners Acknowledgments 273 Yudianta Medio N. Simbolon Mahmoud Ebadi Tabrizi Akram Roozbeh Amereller Rechtsanwälte Robert O’Shea Simbolon & Partners Law Firm Law Offices M. Ebadi Tabrizi & Tavakoli & Shahabi Matheson Stephan Stephan Associates Attorneys-at-Law Atik Susanto Amin Setayesh PwC Jordan Maurice Phelan Oentoeng Suria & Partners Maryam Ebrahimi State Organization for Mason Hayes & Curran Khaled Yaseen Tehran Stock Exchange (TSE) Registration of Deeds & Properties Teuku Anggra Syahreza Al-Saqer Advisers & legal services Sinead Power of Islamic Republic of Iran Ali Budiardjo, Nugroho, Mona Ebrahimi Irish Credit Bureau Dahlia Zamel Reksodiputro, member of Lex Mundi IMIDRO Encyeh Seyed Sadr Mena Associates, member of Jilian Pringle International Law Office of Dr. Offy Syofiah Ahmad Ehtesham Amereller Rechtsanwälte OLM Consultancy Behrooz Akhlaghi & Associates KarimSyah Law Firm Tavakoli & Shahabi Haythem Zayed Kevin Quinn Ahmad Shabanifard Calma Taher Shirzad Eslami PwC Jordan PwC Ireland Barid Samaneh Novin Widyawan & Partners OWJ Law Office Ilza Zwein John Ruddy Samaneh Shafiee Febiriyansa Tandjung Hossein Fahimi Airut Law Offices Matheson Leks & Co. Securities and Exchange Ali Shahabi International Law Office of Dr. Brendan Sharkey Organization of Iran S.H. Anggra Syah Reza Tengku Behrooz Akhlaghi & Associates IRELAND Reddy Charlton Ali Budiardjo, Nugroho, Zahra Farzaliyan Narges Shariati PwC Ireland Gavin Simons Reksodiputro, member of Lex Mundi State Organization for International Law Office of Dr. Daniel Murphy Solicitors Registration of Deeds & Properties Sarah Berkery Yuliana Tjhai Behrooz Akhlaghi & Associates of Islamic Republic of Iran Dillon Eustace Caroline Sommers Bahar & Partners Farzan Shirvanbeigi Matheson Hengameh Fazeli Daie Zangi Alan Browning Hanum Ariana Tobing Tehran Municipality - Fanavaran State Organization for LK Shields Solicitors, member of Lorcan Tiernan Budidjaja & Associates Law Offices Shahr Co. Registration of Deeds & Properties Ius Laboris Dillon Eustace Gatot Triprasetio of Islamic Republic of Iran Rajat Ratan Sinha John Comerford Mark Traynor Widyawan & Partners RCS Pvt. Ltd. Business Advisors Behazin Hasibi Cooney Carey - member of Russell A&L Goodbody Wahyu Tunggono International Law Office of Dr. Group Bedford International Joe Tynan Aramex International (Indonesia) Behrooz Akhlaghi & Associates Mohammad Soltani Áine Connor PwC Ireland Runi Tusita Bahareh Hedayat Securities and Exchange Philip Lee Organization of Iran Barry Walsh PwC Indonesia International Law Office of Dr. Richard Curran Mason Hayes & Curran Behrooz Akhlaghi & Associates Sahar Sotoodehnia Yukiko Lyla Usman LK Shields Solicitors, member of International Law Office of Dr. Colm Walsh Bank Indonesia S. Hamid Hosseini Ius Laboris Behrooz Akhlaghi & Associates Irish International Freight Meraat International Group Ilham Wahyu Amanda Daly Association Ali Budiardjo, Nugroho, Morad Iranzadi Abbas Taghipour Matheson Central Bank of the Islamic Maeve Walsh Reksodiputro, member of Lex Mundi Dara Pooya Republic of Iran William Darmody Reddy Charlton Adhie Wicaksono Nassim Jahanbani LK Shields Solicitors, member of Mazyar Tataie Patrick Walshe Bank Indonesia Great Tehran Electricity Ius Laboris Tavakoli & Shahabi Philip Lee Distribution Company (GTEDC) Aditya Kesha Wijayanto Emma Doherty Ebrahim Tavakoli Tadhg Whelan Widyawan & Partners Mohammad Jalili Matheson Tavakoli & Shahabi Mason Hayes & Curran Iran Credit Scoring Gavin Doherty IRAN, ISLAMIC REP. Seyed Hamid Jelveh Tabaei Meghdad Torabi Eugene F. Collins Solicitors Tavakoli & Shahabi ISRAEL Registration Companies Office Camellia Abdolsamad Eoghan Doyle A. Moskovits & Sons Ltd. International Law Office of Dr. Farid Kani Philip Lee Behrooz Akhlaghi & Associates Atieh Associates IRAQ Hilman & Co. CPAs (Isr.) John Doyle Ernst & Young Moshe Balter Morteza Adab Behnam Khatami Dillon Eustace Balter, Guth, Aloni LLP Registration Companies Office Atieh Associates Riyadh Adnan Al-Haidary Ray Duffy USAID-Tarabot Yuval Bar-Gil Hamid Reza Adabi Amir Kheirollahy The Property Registration Yigal Arnon & Co. State Organization for HT Co, Ltd. Marie Antoinette Airut Authority Registration of Deeds & Properties Airut Law Offices Ofer Bar-On Isar Khodadadi Bryan Dunne of Islamic Republic of Iran Shavit Bar-On Gal-On Tzin Behin Moshaveran Ahmed Al-Jannabi Matheson Yagur, Law Offices Nazem Ahmadian Nasrabadi Mena Associates, member of Majid Mahallati Jamie Ensor State Organization for Amereller Rechtsanwälte Jacob Ben-Chitrit Mahallati & Co. Chartered Dillon Eustace Registration of Deeds & Properties Yigal Arnon & Co. Accountants Florian Amereller of Islamic Republic of Iran Frank Flanagan Amereller Rechtsanwälte Jeremy Benjamin Shahrzad Majdameli Mason Hayes & Curran Hamede Akhavan Goldfarb Seligman & Co. International Law Office of Dr. Munther B. Hamoudi Securities and Exchange Aileen Gittens Behrooz Akhlaghi & Associates Al Attar Real Estate Office Ron Ben-Menachem Organization of Iran Arthur Cox, member of Lex Mundi Herzog, Fox & Neeman Gholam Reza Malekshoar Majed Butrous Behrooz Akhlaghi Thomas Johnson Central Bank of the Islamic Marina Benvenisti International Law Office of Dr. Thomas David Irish Building Control Institute Republic of Iran Ruth Cargo Behrooz Akhlaghi & Associates Panalpina Gulf William Johnston Seyed Ali Mirshafiei Moshe Ben-Yair Mehrdad Asadpour Ahmed Dawood Arthur Cox, member of Lex Mundi Tehran Chamber of Commerce, Public Utility Authority- Organization for Investment, Bayt al-Hikmah for Legal Services Industries and Mines Georgina Kabemba Electricity Economic & Technical Assistance and Consultancy LLC Matheson of Iran Fatemeh Sadat Mirsharifi Rona Bergman Naveh Ministry of Commerce Jabar Hamza Lateef Jonathan Kelly Gross, Kleinhendler, Hodak, Gholam Ali Asghari Stephan Jäger Philip Lee Halevy, Greenberg & Co. Great Tehran Electricity Seyedeh Fatemeh Moghimi Distribution Company (GTEDC) Sadid Bar Int Transport Amereller Rechtsanwälte Maeve Larkin Nohar Bresler Rasha Nadeem Arthur Cox, member of Lex Mundi Fischer Behar Chen Well Orion Hassan Badamchi Seyed Iman Mohamadian Bayt al-Hikmah for Legal Services and Co
 HAMI Legal Services International Law Office of Dr. Mary Liz Mahony Behrooz Akhlaghi & Associates and Consultancy LLC Arthur Cox, member of Lex Mundi Roy Caner Mohammad Badamchi Ammar Naji Erdinast Ben Nathan & Co. HAMI Legal Services Mozaffar Mohammadian Jamie McGee Confluent Law Group Advocates Teema Bar International Transport Arthur Cox, member of Lex Mundi Rambod Barandoust Omar Salih Yitzchak Chikorel Consultant Shahram Moradi Kevin Meehan Talal Abu Ghazaleh Legal (TAG- Deloitte LLP Moradi Lawyer Company Compass Maritime Ltd. Hamid Berenjkar Legal) Doron Cohen Office of Hamid Berenjkar Farmand Pourkarim Shane Neville Ahmed Salih Al-Janabi Raveh, Ravid & Co CPAs - member Tehran Municipality - Fanavaran LK Shields Solicitors, member of Golsa Daghighi Mena Associates, member of of Russell Bedford International Shahr Co. Ius Laboris International Law Office of Dr. Amereller Rechtsanwälte Rona Cohen Behrooz Akhlaghi & Associates Shahla Pournazeri Michael O’Connor Claus Schmidt Erdinast Ben Nathan & Co. Law Offices of Shahla Pournazeri Matheson Morteza Dezfoulian Panalpina Gulf Advocates & Associates Morteza Deirdre O’Mahony Abdelrahman Sherif Danny Dilbary Mohamad Rezayi Mazrae Arthur Cox, member of Lex Mundi Mena Associates, member of Goldfarb Seligman & Co. 274 Doing Business 2014 Jacob Enoch Eyal Rosovsky Cecilia Carrara Carlo Ghia Serena Nasuti M. Firon & Co. Zellermayer, Pelossof, Rosovsky, Legance - Studio Legale Associato Ghia Law Firm Jones Day Tsafrir, Toledano & Co. Ran Feldman Paolo Carta Enrica Maria Ghia Davide Neirotti S. Horowitz & Co., member of Doron Sadan Acea S.p.A. Ghia Law Firm PwC - Tax and Legal Services Lex Mundi PwC Israel Fausto Caruso Lucio Ghia Gianmatteo Nunziante Israel Fischer Eyal Shaltieli NCTM - Studio Legale Associato Ghia Law Firm Nunziante Magrone Fischer Behar Chen Well Orion Herzog, Fox & Neeman Gennaro Cassiani Vincenzo Fabrizio Giglio Francesco Nuzzolo and Co Amir Shani GC Architecture Buro Giglio & Scofferi Studio Legale PwC Italy Keren Freund Amit (Panalpina) del Lavoro Maria Castiglione Minischetti Aldo Olivo Goldfarb Seligman & Co. Daniel Singerman PwC - Tax and Legal Services Andrea Grappelli Om Architetti Shmulik Fried Business Data Israel + Personal Tonucci & Partners, in alliance Lucia Ceccarelli Luciano Panzani Goldfarb Seligman & Co. Check with Mayer Brown LLP Portolano Cavallo Studio Legale Torino Court of First Instance Eliran Furman Eran Taussig Antonio Grieco Giorgio Cherubini Sara Parmiggiani Yigal Arnon & Co. Balter, Guth, Aloni LLP Grieco e Associati Pirola Pennuto Zei & Associati Cleary Gottlieb Steen & Hamilton Viva Gayer Eylam Weiss Valentino Guarini LLP Stefano Colla Erdinast Ben Nathan & Co. Weiss-Porat & Co. PwC - Tax and Legal Services PwC - Tax and Legal Services Giovanni Patti Advocates Zeev Weiss Federico Guasti Abbatescianni Studio Legale e Fabrizio Colonna Tuvia Geffen Weiss-Porat & Co. Studio Legale Guasti Tributario LCA - Lega Colucci e Associati Naschitz, Brandes & Co. Dave Wolf Francesco Iodice Yan Pecoraro Mattia Colonnelli de Gasperis Orna Golan Hacohen Wolf Law Offices Cleary Gottlieb Steen & Hamilton Portolano Cavallo Studio Legale Colonnelli de Gasperis Studio The Israel Electric Corporation LLP Legale Davide Petris Ltd.- Dan district ITALY Giovanni Izzo Portolano Cavallo Studio Legale Barbara Corsetti Ido Gonen Abbatescianni Studio Legale e Marco Sebastiano Accorrà Portolano Cavallo Studio Legale Angelo Piraino Goldfarb Seligman & Co. Tributario PwC - Tax and Legal Services Civil Court of Termini Imerese Filippo Corsini Ruth Grant-Porat Ignazio la Candia (Palermo) Fabrizio Acerbis Chiomenti Studio Legale The Israel Electric Corporation Pirola Pennuto Zei & Associati PwC Italy Andrea Pivanti Ltd.- Dan district Barbara Cortesi Laura Liguori Ghia Law Firm Giuseppe Alemani Studio Legale Guasti Amos Hacmun Orsingher Ortu – Avvocati Alemani e Associati Maria Progida Heskia-Hacmun Law Firm Catherine Costaggiu Associati PwC - Tax and Legal Services Mario Altavilla Cleary Gottlieb Steen & Hamilton Liron HaCohen Alessandra Livreri Unioncamere LLP Laura Prosperetti Yigal Arnon & Co. A. Hartrodt Italiana SRL Cleary Gottlieb Steen & Hamilton Federico Antich Domenica Cotroneo Aharon Havdala Enrico Lodi LLP Studio dell’Avvocato Antich PwC - Tax and Legal Services The Israel Electric Corporation CRIF S.p.A. Giulia Quatrini Ltd.- Dan district Stefano Aprile Massimo Cremona Cesare Lombrassa Portolano Cavallo studio legale Penal Court of Rome Pirola Pennuto Zei & Associati Yael Hershkovitz Studio Legale Lombrassa Laura Ratto Gross, Kleinhendler, Hodak, Roberto Argeri Salvatore Cuzzocrea Riccardo Lonardi APL SRL Halevy, Greenberg & Co. Cleary Gottlieb Steen & Hamilton PwC - Tax and Legal Services PwC - Tax and Legal Services LLP Sharon Reilly Yossi Katsav Antonio De Martinis Artemisia Lorusso LabLaw Studio Legale Ruth Cargo Gaetano Arnò Spasaro De Martinis Law Firm Tonucci & Partners, in alliance PwC - Tax and Legal Services Fabrizio Revelli Zeev Katz Raffaella De Martinis with Mayer Brown LLP Lawyer PwC Israel Romina Ballanca Spasaro De Martinis Law Firm Paolo Lucarini PwC - Tax and Legal Services Arnaldo Righetti Vered Kirshner Francesca De Paolis PwC Italy 1877 Stein SRL PwC Israel Paola Barazzetta Tarter Krinsky Drogin LLP Stefano Macchi di Cellere PwC - Tax and Legal Services Consuelo Rigo Orna Kornreich-Cohen Rosa Del Sindaco Jones Day CRIF S.p.A. Shavit Bar-On Gal-On Tzin Gianluigi Baroni Abbatescianni Studio Legale e Matteo Magistrelli Yagur, Law Offices PwC - Tax and Legal Services Tributario Marianna Ristuccia Portolano Cavallo Studio Legale Ristuccia & Tufarelli Meira Kowalsky Giuseppe Battaglia Claudio Di Falco Giorgio Marcolongo Efrat-Kowalsky Architects Portolano Cavallo Studio Legale Cleary Gottlieb Steen & Hamilton Filippo Maria Riva Sorefisa S.p.A. LLP PwC - Tax and Legal Services Ezra Izy Levy Alvise Becker Fabrizio Mariotti Haim Nathaniel Ltd PwC - Tax and Legal Services Antonella Di Maria Carlo Umberto Rossi Studio Legale Beltramo M&M Associati Rossi & Rossi Law Firm Michal Liberman Vlad Beffa Donatella Martinelli S. Horowitz & Co., member of Studio Savoia Maria Di Noia Davide Rossini Studio Legale Associato Tommasini Lex Mundi Bank of Italy APL SRL Susanna Beltramo e Martinelli Danielle Loewenstein Studio Legale Beltramo Emanuele Ferrari Michele Salemo Pietro Masi S. Horowitz & Co., member of Studio Notarile Ferrari KRCOM Gianluca Borghetto Portolano Cavallo Studio Legale Lex Mundi Nunziante Magrone Maddalena Ferrari Francesca Salerno Laura Mellone Amnon Lorch Studio Notarile Ferrari Legance - Studio Legale Associato Giampaolo Botta Bank of Italy Yigal Arnon & Co. Spediporto - Associazione Guiseppe Ferrelli Mike Salerno Priscilla Merlino Michael Mograbi Spedizionieri Corrieri e Studio Legale Sinatra KRCOM Nunziante Magrone Peltransport Trasportatori di Genova Barbara Mirta Ferri Filippo Savoia Andrea Messuti Rotem Muntner Carmine Bruno PwC - Tax and Legal Services Studio Savoia LCA - Lega Colucci e Associati Ruth Cargo Studio Legale associato ad Ashurst Gianclaudio Fischetti Lamberto Schiona LLP Luca Milan Doron Nathaniel PwC - Tax and Legal Services Studio Legale Schiona Studio Associato Giannessi Milan Haim Nathaniel Ltd Claudio Burello Giulia Minetti Floccari Mario Scofferi PwC - Tax and Legal Services Stefano Miniati Aviv Neter Studio Legale associato ad Ashurst Giglio & Scofferi Studio Legale PwC - Tax and Legal Services Haim Nathaniel Ltd Sergio Calderara LLP del Lavoro Almaviva S.p.A. - Direzione Affari Marco Monaco Sorge Gil Oren Paola Flora Alice Scotti Legali Tonucci & Partners, in alliance Yigal Arnon & Co. Studio Legale associato ad Ashurst Studio Legale Guasti with Mayer Brown LLP Gianluca Cambareri LLP Yuval Peled Susanna Servi Tonucci & Partners, in alliance Luisa Monti Deloitte LLP Pier Andrea Fré Torelli Massini Carabba & Partners with Mayer Brown LLP CRIF S.p.A. Carabba & Partners Yoav Razin Massimiliano Silvetti Stefano Cancarini Micael Montinari Naschitz, Brandes & Co. Paolo Gallarati Nunziante Magrone PwC - Tax and Legal Services Portolano Cavallo Studio Legale NCTM - Studio Legale Associato Carlo Sinatra Mirit Reif Alessandro Cardia Daniela Morante Studio Legale Sinatra Hacohen Wolf Law Offices Andrea Gangemi Grieco e Associati Milan Chamber of Arbitration Portolano Cavallo Studio Legale Luca Spallarossa Nimrod Rosenblum Carlo Pozzi Valeria Morosini Aprile S.p.A. Epstein Rosenblum Maoz (ERM) Daniele Geronzi Aprile S.p.A. Toffoletto e Soci Law Firm, member Legance - Studio Legale Associato of Ius Laboris Acknowledgments 275 Annalisa Stirpe Carla-Anne Harris Roper Loxley Tulloch Hirosato Nabika Mohammad Al-Said Abbatescianni Studio Legale e Ministry of Labour and Social Gateway Shipping International City-Yuwa Partners Khaled Asfour Tributario Security Limited Ali Sharif Zu’bi, Advocates & Legal Haruka Onishi Elisa Sulcis Meris Haughton Debra Wahlberg Nishimura & Asahi Consultants, member of Lex Mundi Studio Legale Sinatra Tax Administration Jamaica Pride Jamaica Alaa Bjan Takashi Saito Andrea Tedioli Wilbert Hoo Junior Waugh City-Yuwa Partners Aqaba Container Terminal Co. Studio legale Tedioli Jamaica Mechanical & Electrical Jamaica Society of Customs (ACT) Yuka Sakai Engineering Brokers Michael T. Dabit Francesca Tironi City-Yuwa Partners PwC - Tax and Legal Services Donovan Jackson Coleen Weise Michael T. Dabit & Associates Rieko Sasaki Nunes, Scholefield DeLeon & Co. Donovan Wignal Richard Davidsen Giacinto Tommasini Atsumi & Sakai Studio Legale Associato Tommasini Christine Johnston Mairtrans International Logistics Aqaba Container Terminal Co. Ltd. Takefumi Sato (ACT) e Martinelli Jamaica Freight and Shipping Co. Anderson Mori & Tomotsune Limited Sophia Williams Anwar Elliyan Luca Tufarelli National Land Agency Yoshihito Shibata The Jordanian Electric Power Co. Ristuccia & Tufarelli Peter Knight Bingham McCutchen Murase, Ltd. (JEPCO) National Environment & Planning Maia Wilson Laura Tumolo Sakai Mimura Aizawa - Foreign Agency LEX Caribbean Lubna Hawamdeh NCTM - Studio Legale Associato Law Joint Enterprise Joan Lawla Ali Sharif Zu’bi, Advocates & Legal Simona Urciuoli Angelean Young-Daley Tomoko Shimomukai Manager, Academician Consultants, member of Lex Mundi PwC - Tax and Legal Services Jamaica Public Service Company Nishimura & Asahi Grace Lindo Limited George Hazboun Rachele Vacca de Dominicis Hiroaki Shinomiya Hazboun & Co. for International Nunes, Scholefield DeLeon & Co. Grieco e Associati Davis & Takahashi Legal Business Consultations Noelle Llewellyn Heron JAPAN Mario Valentini Kentaro Shoji Reem Hazboun Tax Administration Services PwC Japan Pirola Pennuto Zei & Associati O’Melveny & Myers LLP Hazboun & Co. for International Department Vito Vittore Tokyo Electric Power Company Inc. Sachiko Sugawara Legal Business Consultations Melinda Lloyd Nunziante Magrone Marie Eguchi Atsumi & Sakai Tayseer Ismail Jamaica Public Service Company Giovanni Vivarelli Limited Atsumi & Sakai Yuri Suzuki East Echo Co. Acea S.p.A. Naoaki Eguchi Atsumi & Sakai Emad Karkar Denise Lyn Fatt Bruno Benvenuto Zerbini Freight Handlers Limited Baker & McKenzie Hiroaki Takahashi PwC Jordan Studio Legale Beltramo Toyoki Emoto Davis & Takahashi Walid Khalifeh Zaila McCalla Filippo Zucchinelli The Supreme Court of Jamaica Atsumi & Sakai Mikio Tasaka Ali Sharif Zu’bi, Advocates & Legal PwC - Tax and Legal Services Nittsu Research Institute and Consultants, member of Lex Mundi Mark McConnell Miho Fujita Adachi, Henderson, Miyatake & Consulting, Inc. Hussein Kofahy Bare Nutrition Limited JAMAICA Fujita Junichi Tobimatsu Central Bank of Jordan Karen McHugh Tatsuya Fukui Mori Hamada & Matsumoto Rasha Laswi The Shipping Association of PwC Jamaica Jamaica Atsumi & Sakai Yoshito Tsuji Zalloum & Laswi Law Firm Andrine McLaren Shinnosuke Fukuoka Obayashi Corporation Firas Malhas Martin Addington Kingston and St. Andrew Interplan Corporation Nishimura & Asahi Kenji Utsumi International Business Legal Nagashima Ohno & Tsunematsu Associates Frances Blair Alton Morgan Mika Haga National Environment & Planning Legis-Alton E. Morgan & Co. Davis & Takahashi Jun Yamada Daniah Murad Agency Attorneys-at-Law Anderson Mori & Tomotsune Ali Sharif Zu’bi, Advocates & Legal Yuichi Hasegawa Consultants, member of Lex Mundi Christopher Bovell Viveen Morrison Adachi, Henderson, Miyatake & Michi Yamagami DunnCox PwC Jamaica Fujita Anderson Mori & Tomotsune Nizar Musleh Hazboun & Co. for International Mitzie W. Gordon Burke-Green Wilford Morrison Akiko Hiraoka Legal Business Consultations Jamaica Trading Services Ltd. Companies Office of Jamaica Atsumi & Sakai JORDAN Omar B. Naim Leon Campbell Nardia Pessoa-White Katsuo Hosoyama Ernst & Young National Construction Company Lannaman and Morris Group Pride Jamaica Azabu Aiwa & Co. Hassan Abdullah Ridha Nasair Limited Tomomi Kagawa Gina Phillipps Black The Jordanian Electric Power Co. Law Gate Attorneys & Legal Errington Case Myers, Fletcher & Gordon, member Credit Information Center Corp. Ltd. (JEPCO) Counselors Jamaica Public Service Company of Lex Mundi Chie Kasahara Mazen Abu Alghanam Laith Nasrawin Limited Atsumi & Sakai Judith Ramlogan Hayja’a Abu AlHayja’a Aljazy & Co. Advocates & Legal Carl Chen Companies Office of Jamaica Takahiro Kato Talal Abu Ghazaleh Legal (TAG- Consultants Carl Chen & Associates Nishimura & Asahi Legal) Andrea E. Rattray Khaldoun Nazer Colleen Coleman-Wright Rattray Patterson Rattray Kohei Kawamura Nayef Abu Alim Khalifeh & Partners Lawyers LEX Caribbean Nishimura & Asahi Premier Law Firm LLP Hilary Reid Main Nsair Joseph Cooper Myers, Fletcher & Gordon, member Hayato Kimura Basel Abu Ghazaleh Nsair & Partners - Lawyers of Lex Mundi Terrence Cooper Atsumi & Sakai PwC Jordan Mutasem Nsair CRIF-NM Credit Assure Ltd. Andre Rochester Reiko Koizumi Deema Abu Zulaikha Nsair & Partners - Lawyers Eric Crawford Maritime and Transport Limited Atsumi & Sakai Talal Abu Ghazaleh Legal (TAG- Ahmad Quandour PwC Jamaica Norman Shand Legal) Kenichi Kojima Khalifeh & Partners Lawyers Jemelia Davis Kingston and St. Andrew Ushijima & Partners Ibrahim Abunameh Corporation Osama Y. Sabbagh The Supreme Court of Jamaica Abunameh & Partners Law Firm Yasuyuki Kuribayashi The Jordanian Electric Power Co. Megan Deane Stephanie Sterling City-Yuwa Partners Maha Al Abdallat Ltd. (JEPCO) Creditinfo Jamaica Limited Myers, Fletcher & Gordon, member Central Bank of Jordan of Lex Mundi Yukie Kurosawa Fouad Shaban Natalie Farrell-Ross O’Melveny & Myers LLP Mohammad Al Smadi Ali Sharif Zu’bi, Advocates & Legal Myers, Fletcher & Gordon, member Arturo Stewart International Business Legal Consultants, member of Lex Mundi Grant, Stewart, Phillips & Co. Yoji Maeda of Lex Mundi Associates O’Melveny & Myers LLP Stephan Stephan Nicole Foga Douglas Stiebel Eman M. Al-Dabbas PwC Jordan Stiebel & Company Limited Takafumi Masukata Foga Daley International Business Legal Nippon Express Co., Ltd. Dima Taan Marjorie Straw Associates Rivi Gardener Law Gate Attorneys & Legal Jamaica Promotions Corporation Nobuaki Matsuoka Rivi Gardener & Associate Ltd. Razan Al-Hosban Counselors (JAMPRO) Osaka International Law Offices Ali Sharif Zu’bi, Advocates & Legal Hugh Gordon Samir Talhouni Humprey Taylor Ryoya Megumi Consultants, member of Lex Mundi National Environment & Planning Khalifeh & Partners Lawyers Taylor Construction Ltd. Nishimura & Asahi Agency Gehad Ali Mohammed Tarawneh Lorraine Thomas-Harris Toshio Miyatake Arab Bank Herbert Winston Grant Mahmoud Wafa LTN Logistics International Co. Adachi, Henderson, Miyatake & Grant, Stewart, Phillips & Co. Omar Aljazy Ltd. Fujita Azzam Zalloum Aljazy & Co. Advocates & Legal Lissa L. Grant Zalloum & Laswi Law Firm Vivienne Thompson Michihiro Mori Consultants Pride Jamaica International Shipping Limited Nishimura & Asahi 276 Doing Business 2014 Salma Zibdeh Alina Larina Hamish Keith Rajesh Shah Han-Jun Chon Ali Sharif Zu’bi, Advocates & Legal M&M Logistics Daly & Figgis Advocates PwC Kenya Samil PricewaterhouseCoopers Consultants, member of Lex Mundi Marzhan Mardenova Peter Kiara Joseph Taracha Eui Jong Chung Malek Zreiqat PwC Kazakhstan Architect Central Bank of Kenya Bae, Kim & Lee LLC Ali Sharif Zu’bi, Advocates & Legal Vsevolod Markov Owen Koimburi Harpreet Ubhi Jun-Seok Heo Consultants, member of Lex Mundi BMF Group LLP KOKA Koimburi & Co., member of Daly & Figgis Advocates Sojong Partners MAZARS Yessen Massalin Aleem Visram Won-Wook Hong KAZAKHSTAN Olympex Advisers Caroline Kyalo Daly & Figgis Advocates Samil PricewaterhouseCoopers Askar Abubakirov B.M. Musau & Co. Advocates Bolat Miyatov Peter Wahome Jin-Young Hwang Aequitas Law Firm GRATA Law Firm David Lekerai PwC Kenya Samil PricewaterhouseCoopers Zulfiya Akchurina Iseme, Kamau & Maema Advocates Toregali Muhamedzhanov Nicholas Wambua C.W. Hyun GRATA Law Firm Rehabilitation Manager Jean M.Onyinkwa B.M. Musau & Co. Advocates Kim & Chang Duman Akhmetov B.M. Musau & Co. Advocates Daniyar Mussakhan Angela Waweru James I.S. Jeon Integrites Kazakhstan LLP Norton Rose Fulbright Robert Maina Kaplan & Stratton Sojong Partners Ildus Bariev KOKA Koimburi & Co., member of Assel Mussina Min-Sik Jun Globalink Logistics Group MAZARS SNR Denton Kazakhstan Limited KIRIBATI Korea Customs Service Amir Begdesenov Victor Majani Ruslan Omarov Ministry of Environment, Lands Bo Moon Jung Sayat Zholshy & Partners Crowe Horwath EA, member First Credit Bureau & Agriculture Development Kim & Chang Crowe Horwath International Aigerim Bektenova (MELAD) Aliya Ospanova Goo-Chun Jung GRATA Law Firm Ravinder Matharu Ministry of Finance Public Utilities Board Korea Customs Service Coronation Electrical Ltd. Arman Berdalin Yuliya V. Petrenko Kibae Akaaka Ji Eun Jung Sayat Zholshy & Partners Rosemary Mburu BMF Group LLP Ministry of Finance Ahnse Law Offices Institute of Trade Development Talgat Bidaybekov Yerlan Serikbayev Mary Amanu Bong-Cherl Kang Olympex Advisers James Mburu Kamau Michael Wilson & Partners Ltd. Moel Trading Co Ltd Korea Customs Service Iseme, Kamau & Maema Advocates Aidyn Bikebayev Ruslan Serkebulanov Amoro Amten Sang Wook Kang Sayat Zholshy & Partners Mansoor A. Mohamed Rehabilitation Manager ANZ Bank (Kiribati) Ltd. Korean Electrical Contractors Ruman Ship Contractors Limited Richard Bregonje Association Svetlana Shtopol Neiran Areta PwC Kazakhstan George Muchiri Integrites Kazakhstan LLP Ministry of Commerce, Industry Young-Ju Kang Daly & Figgis Advocates Yelena Bychkova and Cooperatives Sojong Partners Alzhan Stamkulov Aequitas Law Firm John Muoria Synergy Partners Law Firm Kenneth Barden Eun-Kyung Kim Waruhiu K’owade & Ng’ang’a Irina Chen Attorney-at-Law Korea Credit Bureau Nurzhan Stamkulov Advocates M&M Logistics Synergy Partners Law Firm Rengaua Bauro Mike (Yeontaek) Kim Murigu Murithi Dana Chernyakova Ministry of Finance Ahnse Law Offices Kurmangazy Talzhanov ARCS Africa Aequitas Law Firm Integrites Kazakhstan LLP Taake Cama Stephan Kim Benjamin Musau Dmitriy Chumakov Ministry of Finance Sojong Partners Almas Tleupov B.M. Musau & Co. Advocates Sayat Zholshy & Partners Integrites Kazakhstan LLP Tomitiana Eritama Sung Jin Kim Patrick Musyoka Dina Daumova Ministry of Labour & Human Yulchon Yerzhan Toktarov KOKA Koimburi & Co., member of GRATA Law Firm Resources Development Sayat Zholshy & Partners MAZARS Sung Won (David) Kim Ardak Dyussembayeva AngoAngo Fakaua Hanaro TNS Bakhyt Tukulov Kennedy Mutiso Aequitas Law Firm Ministry of Commerce, Industry GRATA Law Firm B.M. Musau & Co. Advocates Wonhyung Kim and Cooperatives Shestakov Gennady Yoon & Yang LLC Yekaterina V. Kim Angela Namwakira Kazakhstan Logistics Service Anthony Frazier Michael Wilson & Partners Ltd. Chunga Associates Yong-Seong Kim Alexandr Giros Pesega Iaribwebwe Sojong Partners Marla Valdez Wachira Ndege Ministry of Commerce, Industry Aristan Project Management SNR Denton Kazakhstan Limited Credit Reference Bureau Africa and Cooperatives Joong Hoon Kwak Group (APMG) Ltd. Lee & Ko Vitaliy Vodolazkin Willie Karakaua Maen Tatyana Gustap Sayat Zholshy & Partners Killian Ngala Moel Trading Co Ltd Ann Seung-Eun Lee Aequitas Law Firm Mediterranean Shipping Company Kim & Chang Arlan Yerzhanov Seri Kautuntamoa Aliya Ibrayeva (MSC), Oceanfreight (E.A.) Ltd. GRATA Law Firm Business & Companies Regulatory Heeryoung Lee PwC Kazakhstan Raphael Ngalatu Division, Business Regulatory Sojong Partners Yerzhan Yessimkhanov Ardak Idayatova B.M. Musau & Co. Advocates Centre, Ministry of Commerce, GRATA Law Firm Hee-Ryoung Lee Aequitas Law Firm Industry & Cooperatives Mbage Ng’ang’a Sojong Partners Dubek Zhabykenov Semion Issyk Waruhiu K’owade & Ng’ang’a Mary Kum Kee BA Oilfield Services Hongyou Lee Aequitas Law Firm Advocates Moel Trading Co Ltd Serik Zhamanbalin Hye Jeong Lee Kamil Jambakiyev Joseph Ng’ang’ira Terengauea Maio Ahnse Law Offices Olympex Advisers Norton Rose Fulbright Daly & Figgis Advocates Kiribati Trades Union Congress Kogarshin Zhamikanova Kwon H. Lee Thomas Johnson James Ngomeli Kinateao Rokonimwane Hanjin Shipping Co. Ltd. Rehabilitation Manager SNR Denton Kazakhstan Limited The Kenya Power and Lighting Ministry of Commerce, Industry Anton Zinoviev Company Ltd. Kyu Wha Lee Mariyash Kabikenova and Cooperatives Booz Allen Hamilton Lee & Ko Rehabilitation Manager Kenneth Njuguna Tetoka Tionatan Zarina Ziyayeva PwC Kenya Sang-don Lee Elena Kaeva Kiribati Provident Fund Integrites Kazakhstan LLP Shin & Kim PwC Kazakhstan Conrad Nyukuri Chunga Associates Seung Yoon Lee Elvira Khairoullina KOREA, REP. KENYA Kim & Chang Integrites Kazakhstan LLP Richard Omwela DLA Piper Metropol Corporation Ltd. Hamilton Harrison & Mathews Chul Kee Lim Yekaterina Khamidullina Jae Beom Ahn Korea Credit Bureau Law Firm Aequitas Law Firm Mohammed A. Bhatti Ahnse Law Offices Bhatti Electrical Limited Denis Augustine Onyango Cheol-Kyu Maeng Marina Kolesnikova Won-Mo Ahn Korea Customs Service Frontier Designs GRATA Law Firm Oliver Fowler Ahn & Chang Kaplan & Stratton Cephas Osoro Yon Kyun Oh Yerbol Konarbayev Jong-Hyun Baek Kim & Chang Crowe Horwath EA, member SNR Denton Kazakhstan Limited Peter Gachuhi Daham Broker Crowe Horwath International Stephen Pak Kaplan & Stratton Askar Konysbayev Jennifer Min-Sook Chae Yulchon Don Priestman GRATA Law Firm William Ikutha Maema Korea Credit Bureau The Kenya Power and Lighting Soo-Hwan Park Iseme, Kamau & Maema Advocates Anna Kravchenko Company Ltd. Kyoung Soo Chang Samil PricewaterhouseCoopers GRATA Law Firm Milly Jalega Shin & Kim Deepen Shah Yong Seok Park Iseme, Kamau & Maema Advocates Natalya Kulagina Walker Kontos Advocates Sung-Soo Choi Shin & Kim M&M Logistics Kenneth Kamaitha Kim & Chang Kaplan & Stratton Acknowledgments 277 Jeong Seo Mehdi Pllashniku Nada Bourahmah Bella Kazakbaeva Inthapanya Khieovongphachanh Kim & Chang Kosovo Business Registartion The Law Offices of Mishari Law Firm Lex Ministry of Justice Agency Al-Ghazali and Rawan Mishari Mi Jin Shin Amanbek Kebekov Anongsack Manilak Al-Ghazali Kim & Chang Blerim Prestreshi Department of Cadastre and PricewaterhouseCoopers (Lao) Ltd. SCLR Partners Kevin J. Burke Registration of Rights on Philippe Shin Vongphacnanh Onepaseuth The Law Office of Bader Saud Immovable Property Shin & Kim Vigan Rogova DFDL Mekong Law Group Al-Bader & Partners Ethem Rogova Law Firm Evgeny Kim Tony Moon-Bae Sohn Intong Oudom Fouad Douglas Lorenz International Law Firm Korea Credit Bureau Ariana Rozhaja Seneoudom Co., Ltd PricewaterhouseCoopers Al-Shatti VALA Consulting Galina Kucheryavaya Bong Woo Song & Co. Khamphaeng Phochanthilath Demir Kyrgyz International Bank Hanjin Shipping Co. Ltd. Valentina Salihu VNA Legal Sole Co. Ltd. Charbel Fadel VALA Consulting Miras Kurmangaliyev Jin-Ho Song ASAR – Al Ruwayeh & Partners Bounthanong Phonethipasa PwC Kazakhstan Kim & Chang Iliriana Osmani Serreqi Sengvasang Co. LTD. Dany Labaky Avokatura I.O.T. Marina Lim Jiwon Suh The Law Office of Al-Essa & Isabelle Robineau Kalikova & Associates Law Firm Ministry of Strategy and Finance Dardan Shala Partners VNA Legal Sole Co. Ltd. SCLR Partners Chinara Moldobaeva Kiwon Suh Medhat Mubarak Khamsene Sayavong Cheon Ji Accounting Corporation Lea Shllaku The Law Offices of Mishari Asel Momoshova Lao Law & Consultancy Group - member of Russell Bedford IPAK Al-Ghazali and Rawan Mishari Kalikova & Associates Law Firm Prachith Sayavong International Al-Ghazali Umtul Murat kyzy Kreshnik Thaqi Societe Mixte de Transport (SMT) IPAK Mai Nakli Lorenz International Law Firm Siri Sayavong KOSOVO The Law Office of Bader Saud Almas Nakipov Gëzim Xharavina Lao Law & Consultancy Group Al-Bader & Partners PwC Kazakhstan Tax Administration of Kosovo Architectural, Design and Sivath Sengdouangchanh Engineering Mohammed Ramadan Dmitry No Shaqir Behrami R&T Khoun Muang Lao Co., Ltd. Al Markaz Law Firm Partner Law Firm N.P.SH Tomi Elektro Ruzhdi Zenelaj Senesakoune Sihanouvong PwC Hanaa Razzouqi Aidar Oruzbaev Hajzer Bublaku DFDL Mekong Law Group Credit Information Network Lorenz International Law Firm Kosovo Cadastral Agency Leke Zogaj Phatthana Simmalavong 2M Consulting Ibrahim Sattout Karlygash Ospankulova Ardiana Bunjaku Gaupa Lao ASAR – Al Ruwayeh & Partners Society of Certified Accountants Shaha Zylfiu Nurbek Sabirov Phonexay Southiphong and Auditors of Kosovo (SCAAK) Central Bank of the Republic of Afrah Shabeeb Kalikova & Associates Law Firm Design Group Co Ltd. Kosovo The Law Offices of Mishari Shyqiri Bytyqi Aisanat Safarbek kyzy Al-Ghazali and Rawan Mishari VALA Consulting GRATA Law Firm Al-Ghazali LATVIA KUWAIT Muzafer Çaka Emil Saryazhiev Sherif Shawki Abdel Fattah Baltic Legal Kosovo Cadastral Agency Freight Excel Logistics Credit Information Bureau Ishenim PricewaterhouseCoopers Al-Shatti Colliers International Sokol Elmazaj Talal Abu Ghazaleh Legal (TAG- & Co. Kanat Seidaliev Boga & Associates Tirana Legal) GRATA Law Firm Ilze Abika Afrah Shbeeb Skudra & Udris Law Offices Mirjeta Emini Labeed Abdal The Law Offices of Mishari Tatyana Shapovalova Boga & Associates The Law Firm of Labeed Abdal Al-Ghazali and Rawan Mishari Martins Aljens Al-Ghazali Saken Shayakhmetov Raidla Lejins & Norcous Lorena Gega Lina A.K. Adlouni PwC Kazakhstan PwC Albania KIPCO Asset Management Prateek Shete Svetlana Beitane Company KSC Abdullah Kh. Al-Ayoub & Darya Shevtsova Estma Ltd. Klinti Golemi PwC Kazakhstan Associates, member of Lex Mundi PwC Hussein Mohammed Hassan Marija Berdova Ahmed Fatma Waizani Mirgul Smanalieva Attorneys-at-Law BORENIUS Valon Hasani Partner Law Firm Abdullah Kh. Al-Ayoub & Credit Information Network Interlex Associates LLC Eva Berlaus Associates, member of Lex Mundi Ruslan Sulaimanov SORAINEN Hekuran Haxhimusa Kalikova & Associates Law Firm Bader Al Abduljader KYRGYZ REPUBLIC SCLR Partners Kristine Bumbure Russell Bedford International Ulan Tilenbaev Yulia Abdumanapova PwC Latvia Rrahim Hoxha Kalikova & Associates Law Firm Ali Al Faqan Baker Tilly Bishkek LLC ISARS Andis Čonka International Counsel Bureau Aktilek Tungatarov Alexander Ahn Latvijas Banka Naim Huruglica International Business Council Abdullah Musfir Al Hayyan Kalikova & Associates Law Firm Kosovo Customs Ainis Dabols Kuwait University Daniyar Ubyshev Myrzagul Aidaralieva Latvian Association of Tax Virtyt Ibrahimaga Partner Law Firm Faten Al Naqeeb Lorenz International Law Firm Advisers Avokatura I.O.T. Ali & Partners Gulnara Uskenbaeva Shuhrat Akhmatakhunov Valters Diure Albert Islami Audit Plus Fahad Al Zumai Kalikova & Associates Law Firm LAWIN, member of Lex Mundi Albert Islami & Partners Gust University Azim Usmanov Gulnara Akhmatova Edvīns Draba Besarta Kllokoqi Colibri Law Firm Aiman Alaraj International Business Council Bunkus Law Firm Boga & Associates KEO International Consultants Malikam Usmanova Nurzhan Albanov Zane Džule Sabina Lalaj Partner Law Firm Abdullah Al-Ayoub Aizhan T. Albanova Attorneys-at-Law BORENIUS Boga & Associates Abdullah Kh. Al-Ayoub & Niyazbek Aldashev Zlata Elksniņa-Zaščirinska Valdrin Lluka Associates, member of Lex Mundi LAO PDR Lorenz International Law Firm PwC Latvia IPAK Omar Hamad Yousuf Al-Essa Gnoykham Aphayalath Daria Bulatova Zanda Frišfelde Florim Maxharraj The Law Office of Al-Essa & Lorenz International Law Firm Sithong Chanthasouk SORAINEN Central Bank of the Republic of Partners Kosovo Bakytbek Djusupbekov Lasonexay Chanthavong Elina Girne Nada F. A. Al-Fahad Department of Cadastre and DFDL Mekong Law Group Law Firm Girne & Partners Ilir Murseli GEC DAR Gulf Engineers Murseli Architects & Partners Consultants Registration of Rights on Brennan Coleman Andris Ignatenko Immovable Property DFDL Mekong Law Group Estma Ltd. Delvina Nallbani Mishari M. Al-Ghazali Boga & Associates The Law Offices of Mishari Samara Dumanaeva Aristotle David Janis Irbe Al-Ghazali and Rawan Mishari Lorenz International Law Firm VNA Legal Sole Co. Ltd. Latvenergo AS, Sadales Tikls Bernard Nikaj Al-Ghazali Akjoltoi Elebesova Ministry of Trade and Industry Sornpheth Douangdy Zinta Jansons Rawan M. Al-Ghazali Credit Information Bureau Ishenim PricewaterhouseCoopers (Lao) Ltd. LAWIN, member of Lex Mundi Gazmend Nushi The Law Offices of Mishari Kymbat Ibakova Kalo & Associates Duangkamol Ingkapattanakul Andris Jekabsons Al-Ghazali and Rawan Mishari Lorenz International Law Firm DFDL Mekong Law Group LEXTAL Valdet Osmani Al-Ghazali Architect Association of Kosovo Nurbek Ismankulov Phetlamphone Khanophet Sandis Jermuts Reema Ali M&M Transport Logistic Services Bank of Lao PDR Public Utilities Commission Latvia Loreta Peci Ali & Partners PwC Albania Merim Kachkynbaeva Sisomephieng Khanthalivanh Irina Kostina Abdullah AlKharafi Kalikova & Associates Law Firm Bank of Lao PDR LAWIN, member of Lex Mundi Denis Pitarka International Counsel Bureau Kosovo Cadastral Agency Gulnara Kalikova 278 Doing Business 2014 Dainis Leons Amanda El Madani Thakane Chimombe J. Johnny Momoh Yvonne Goldammer Sadales tīkls AS MENA City Lawyers Naledi Chambers Inc. Sherman & Sherman BNT Heemann Klauberg Krauklis APB Indriķis Liepa Nada ElSayed Manandi Hoohlo Barnabas Norris Attorneys-at-Law BORENIUS PwC Lebanon High Court Center For National Documents & Arturas Gutauskas Records (National Archives) Law Office VARUL and Partners Linda Matisane Abdallah Hayek Sean Johnson State Labour Inspectorate Hayek Group Land Administration Authority Sylvester Rennie Frank Heemann Cooper & Togbah Law Office BNT Heemann Klauberg Krauklis Alexey Melsitov Daniel Hayek Qhalehang Letsika APB MTA Maritime Transport & Hayek Group Mei & Mei Attorneys Inc. Philomena Bloh Sayeh Agencies Center For National Documents & Indrė Jonaitytė-Gricė Walid Honein Thakane Makume Records (National Archives) Law Firm LAWIN, member of Lex Baiba Orbidane Badri and Salim El Meouchi Law Lesotho Electricity Company Mundi LAWIN, member of Lex Mundi Firm, member of Interleges (Pty) Ltd. Amos Siebo Ministry of State for Presidential Ieva Kairytė Zane Paeglite Fady Jamaleddine Andrew Marumo Affairs PwC Lithuania SORAINEN MENA City Lawyers Sheeran & Associates Justin Tengbeh Inga Karulaityte-Kvainauskiene Kristine Parsonse Mohammad Joumaa M.R. Mokhethi National Custom Brokers Proventuslaw LT UAB ECB SIA - correspondent of PwC Lebanon Maseru City Council Association of Liberia Russell Bedford International Romualdas Kasperavičius Elie Kachouh Denis Molyneaux Benjamin M. Togbah State Enterprise Centre of Registers Kristine Patmalniece ELC Transport Services SAL Webber Newdigate Cooper & Togbah Law Office Raidla Lejins & Norcous Jonas Kiauleikis Georges Kadige Phillip Mophethe Nyenati Tuan Attorneys-at-Law BORENIUS Galina Pitulina Kadige & Kadige Law Firm Phillips Clearing & Forwarding Tuan Wreh Law Firm ECB SIA - correspondent of Agent (Pty) Ltd. Anatolijus Kisielis Michel Kadige Russell Bedford International Mustapha Wesseh JSC Creditinfo Lietuva Kadige & Kadige Law Firm Bulane None Center For National Documents & Jevgenijs Salims ElectroTechno Services Jurgita Kiškiūnaitė Lea Kai Records (National Archives) Raidla Lejins & Norcous Law Firm Zabiela, Zabielaite & MENA City Lawyers Duduzile Seamatha Darcy White Partners Māris Simulis Sheeran & Associates Najib Khattar PwC Ghana Attorneys-at-Law BORENIUS Kristina Kriščiūnaitė Khattar Associates Tiisetso Sello-Mafatle Phillip Williams PwC Lithuania Mihails Špika Sello-Mafatle Attorneys Lena Maalouf Ministry of Labour & Social JSC Dzintars Ronaldas Kubilius Smayra Law Office Lindiwe Sephomolo Security PwC Lithuania Sarmis Spilbergs L. Sephomolo Chambers Jeanette Makhoul Melvin Yates LAWIN, member of Lex Mundi Gediminas Kuncevicius Badri and Salim El Meouchi Law Marorisang Thekiso Compass Inc., Clearing and Intermodal Container Service Zane Štālberga-Markvarte Firm, member of Interleges Sheeran & Associates Forwarding Markvarte Lexchange Law Office Egidijus Kundelis Georges Mallat Phoka Thene PwC Lithuania Ruta Teresko Hyam G. Mallat Law Firm Sechaba Thibeli LIBYA AZ Service Ltd. Triangle Freight Žilvinas Kvietkus Nabil Mallat Names of contributors for Raidla Lejins & Norcous Ziedonis Udris Hyam G. Mallat Law Firm Libya are not being disclosed. Skudra & Udris Law Offices LIBERIA The contributors section of the Lina Lemenožaitė Mirvat Mostafa Doing Business website lists Law Firm SORAINEN & Partners Baiba Vevere MENA City Lawyers AEP Consultants Inc. the number of Libya experts Vilnius office Latvijas Banka Andre Nader Amos P. Andrews by topic. Gytis Malinauskas Daiga Zivtina Nader Law Office Ecobank Law Firm SORAINEN & Partners LAWIN, member of Lex Mundi LITHUANIA Rana Nader Gideon Ayi-Owoo Vilnius office Nader Law Office PwC Ghana Bank of Lithuania Linas Margevicius LEBANON Toufic Nehme Khalil Azar Ernst & Young Legal Bureau of Linas Margevicius Electricité du Liban Law Offices of Albert Laham Beever Company Lina Aleknaite - Van der Molen Vilius Martišius Ernst & Young Hala Raphael-Abillama Henry Reed Cooper Eversheds Saladzius Law Firm of Reda Zaboliene Raphaël & Associés Cooper & Togbah Law Office Nadim Abboud Loreta Andziulyte Rūta Matonienė Law Office of A. Abboud & Mireille Richa Frank Musah Dean Proventuslaw LT UAB Vilnius City Municipality Associates Tyan & Zgheib Law Firm Dean & Associates Pavel Balbatunov Vaidotas Melynavicius Nada Abdelsater-Abusamra Jihan Rizk Khattar Fonsia Donzo Petras Baltusevičius AAA Baltic Service Company - Raphaël & Associés Khattar Associates Central Bank of Liberia DSV Transport UAB Law Firm Wadih Abou Nasr Jihad Rizkallah Uzoma Ebeku Donatas Baranauskas Tomas Mieliauskas PwC Lebanon Badri and Salim El Meouchi Law Cooper & Togbah Law Office Vilniaus Miesto 14 - Asis Notaru Law Firm Yves Firm, member of Interleges Biuras Alina Achy Christine Sonpon Freeman Bronislovas Mikūta PwC Lebanon Rached Sarkis Cooper & Togbah Law Office Šarūnas Basijokas State Enterprise Centre of Registers Consultant Glimstedt Nadim Arej Saade Jerry Gwenconde Eugenijus Miliukas Baroudi & Associates Antoine Sfeir Liberia Electricity Corporation Vilius Bernatonis Law Firm SORAINEN & Partners Badri and Salim El Meouchi Law Tark Grunte Sutkiene Vilnius office Karen Baroud Winleta Henries Reeves Firm, member of Interleges PwC Lebanon Dean & Associates Renata Beržanskienė Jurate Misionyte Mona Sfeir Law Firm SORAINEN & Partners Tark Grunte Sutkiene Jean Baroudi Anthony Henry Hyam G. Mallat Law Firm Vilnius office Baroudi & Associates Cuttington University Graduate Jurgita Nikita Rami Smayra School Andrius Bogdanovičius Law Firm SORAINEN & Partners Tarek Baz Smayra Law Office JSC Creditinfo Lietuva Vilnius office Hyam G. Mallat Law Firm Yahaya Jalingo George Tannous Eltracol Giedre Cerniauske Žygimantas Pacevičius Rami Bou Raad Beirut International Movers Law Firm LAWIN, member of Lex Attorneys-at-Law BORENIUS Raphaël & Associés David A.B. Jallah Bassel Tohme Mundi Rytis Paukste Nayla Chemaly The David A.B. Jallah Law Firm MENA City Lawyers Giedre Dailidenaite Law Firm LAWIN, member of Lex MENA City Lawyers Cyril Jones Law Office VARUL and Partners Mundi Nady Tyan Jones & Jones Najib Choucair Tyan & Zgheib Law Firm Renata Damanskyte Algirdas Pekšys Central Bank of Lebanon Mohamedu F. Jones Tark Grunte Sutkiene Law Firm SORAINEN & Partners Rania Yazbeck Sanaa Daakour Abu Kamara Vilnius office Tyan & Zgheib Law Firm Giedre Domkute MENA City Lawyers Ministry of Commerce & Industry AAA Baltic Service Company - Mantas Petkevičius Georges Zakhour Hadi Diab Sophie Kayemba Mutebi Law Firm Law Firm SORAINEN & Partners Badri and Salim El Meouchi Law Smayra Law Office PwC Ghana Vilnius office Firm, member of Interleges Evaldas Dūdonis Michel Doueihy Samuel T. K. Kortimai Law Firm SORAINEN & Partners Angelija Petrauskienė Badri and Salim El Meouchi Law Cooper & Togbah Law Office Vilnius office Vilnius City Municipality LESOTHO Firm, member of Interleges George Kwatia Rimante Gentvilaite Aidas Petrosius Archiplan Studio Hanadi El Hajj PwC Ghana Law Office VARUL and Partners State Enterprise Centre of Registers MENA City Lawyers Harley & Morris Acknowledgments 279 Justina Rakauskaitė Alain Grosjean Elena Dimova Irena Mitkovska Dragan Trajkovski Glimstedt Bonn & Schmitt Cakmakova Advocates Lawyers Antevski Eltek Lina Ramanauskaite Andreas Heinzmann Ilina Dimovska Jovana Mitrovska Toni Trajkovski Liudas Ramanauskas Bonn & Schmitt Polenak Law Firm Law Firm Trpenoski Municipality of Gazi Baba - Skopje Law Firm SORAINEN & Partners Vincent Hieff Nikodinovska Elena Biljana Mladenovska Dimitrova Stefan Trost Vilnius office Chamber of Commerce of the Debarliev, Dameski & Kelesoska Lawyers Antevski EVN Macedonia Marius Rindinas Grand-Duchy of Luxembourg Attorneys-at-Law Martin Monevski Natasha Trpenoska Trenchevska Law Firm Zabiela, Zabielaite & Véronique Hoffeld Boro Gadjovski Monevski Law Firm Law Firm Trpenoski Partners Loyens & Loeff Studio R Valerjan Monevski Slavce Trspeski Laura Ryzgelytė François Kremer Ana Georgievska Monevski Law Firm Agency for Real Estate Cadastre Law Firm SORAINEN & Partners Arendt & Medernach DIMA Forwarders Vilnius office Elena Muceva Vladimir Vasilevski Tom Loesch Dimche Georgievski National Bank of the Republic of BETASPED d.o.o. Auste Saliamoraite Study Loesch DIMA Forwarders Macedonia Law Firm LAWIN, member of Lex Metodija Velkov Mundi Nathalie Mangen Katarina Ginoska Vladimir Naumovski Polenak Law Firm Bonn & Schmitt Georgi Dimitrov Attorneys Central Registry of the Republic of Andrius Šidlauskas Tome Velkovski Macedonia Attorneys-at-Law BORENIUS Paul Mousel Marijana Gjoreska Ministry of Economy Arendt & Medernach Central Registry of the Republic of Svetlana Neceva Justinas Sileika Jane Vojceski Macedonia Law Office Pepeljugoski BNT Heemann Klauberg Krauklis Stéphanie Musialski Law Office Nikolovski APB Chamber of Commerce of the Verica Hadzi Vasileva- Ilija Nedelkoski Marija Zekmanovska Grand-Duchy of Luxembourg Markovska Cakmakova Advocates Mingailė Šilkūnaitė Rafajlovski Konsalting d.o.o. AAG - Analysis and Advisory Glimstedt Judith Raijmakers Elena Nikodinovska Group Loyens & Loeff DDK Attorneys at law Rimantas Simaitis MADAGASCAR Werner Hengst Raidla Lejins & Norcous Roger Schintgen Marina Nikoloska EVN Macedonia Banque Centrale de Madagascar Paul Wurth S.A. Société anonyme Cakmakova Advocates Simonas Skukauskas Biljana Ickovska Cabinet John W. Ffooks & Co. Attorneys-at-Law BORENIUS Alex Schmitt Marija Nikolova Law Office Nikolovski Bonn & Schmitt Law Office Knezovic & Associates Serge Andretseheno Tomas Soltanovičius Aleksandar Ickovski Cabinet AS Architecte Attorneys-at-Law BORENIUS Service de l’Urbanisme Vesna Nikolovska Police des Bâtisses Jasmina Ilieva Jovanovikj Law Office Nikolovski Eric Robson Andriamihaja Alius Stamkauskas Debarliev, Dameski & Kelesoska Economic Development Board of UAB Elmonta Alessandro Sorcinelli Attorneys-at-Law Goran Nikolovski Madagascar Linklaters Law Office Nikolovski Jonas Stamkauskas Dimitar Ivanovski Tsiry Andriamisamanana UAB Elmonta Frank Thihatmar IKRP Rokas & Partners Martin Odzaklieski Madagascar Conseil International Russell Bedford International Ministry of Transport and Simona Stančiukaitė Maja Jakimovska Communications Andriamanalina Andrianjaka Law Firm SORAINEN & Partners Cakmakova Advocates Office Notarial de Tamatave Vilnius office MACEDONIA, FYR Vasil Pavloski Dragana Jasevic Ministry of Economy Yves Duchateau Marius Stračkaitis Dom - Dizajn Law Office Nikolovski SDV Logistics Lithuanian Notary Chamber Kristijan Polenak IKRP Rokas & Partners Biljana Joanidis Polenak Law Firm Raphaël Jakoba Vygantas Vaitkus Igor Aleksandrovski Law & Patent Office Joanidis Madagascar Conseil International National Control Commission for Nenad Radjenovic Apostolska & Aleksandrovski Svetlana Jovanoska Prices and Energy Studio R Hanna Keyserlingk Ljubinka Andonovska Municipality of Gazi Baba - Skopje Cabinet HK Jurifisc Vilija Vaitkutė Pavan Radovan Radjenovic Central Registry of the Republic of Aneta Jovanoska Trajanovska Law Firm LAWIN, member of Lex Studio R Ravelojaona Marie Albert Macedonia Lawyers Antevski Mundi Jiro Sy Rano Malagasy (JIRAMA) Jasmina Rafajlovska Zoran Andonovski Lenche Karpuzovska Darius Zabiela Rafajlovski Konsalting d.o.o. Pascaline R. Rasamoeliarisoa Polenak Law Firm EVN Macedonia Law Firm Zabiela, Zabielaite & Delta Audit Deloitte Goran Rafajlovski Partners Natasha Andreeva Aleksandar Kcev Rafajlovski Konsalting d.o.o. Sahondra Rabenarivo National Bank of the Republic of Polenak Law Firm Agnietė Žukauskaitė Madagascar Law Offices Macedonia Viktor Ristovski Law Firm SORAINEN & Partners Emilija Kelesoska Sholjakovska Cakmakova Advocates Pierrette Rajaonarisoa Vilnius office Zlatko Antevski Debarliev, Dameski & Kelesoska SDV Logistics Lawyers Antevski Attorneys-at-Law Ljubica Ruben Audrius Žvybas Mens Legis Law Firm Serge Lucien Rajoelina Glimstedt Emilija Apostolska Dejan Knezović Jiro Sy Rano Malagasy (JIRAMA) Apostolska & Aleksandrovski Law Office Knezovic & Associates Lidija Sarafimova Danevska National Bank of the Republic of Heritiana Rakotosalama LUXEMBOURG Rubin Atanasoski Zlatko T. Kolevski Macedonia Legislink Consulting Timelproject Engineering Kolevski Law Office Allen & Overy Luxembourg Milica Shutova Mamisoa Rakotosalama Benita Beleshkova Vancho Kostadinovski PwC Luxembourg Cakmakova Advocates Legislink Consulting IKRP Rokas & Partners Central Registry of the Republic of Thielen et Associés Macedonia Silvana Simic Lanto Tiana Ralison Dragan Blažev Tutunska Banka PwC Madagascar Yusen Logistics Luxembourg Timelproject Engineering George Kostov TP Gjorge Kostov – Skopje Alexander Sipek Gérard Ramarijaona Louis Berns Vladimir Bocevski EVN Macedonia Prime Lex Arendt & Medernach Cakmakova Advocates Aleksandar Krsteski Cakmakova Advocates Tatjana Siskovska Roland Ramarijaona Sabrina Bodson Slavica Bogoeva Polenak Law Firm Delta Audit Deloitte Arendt & Medernach Macedonian Credit Bureau AD Ivana Lekic Skopje PwC Macedonia Vasko Sotkaroski Laingo Ramarimbahoaka Eleonora Broman Polenak Law Firm Madagascar Conseil International Loyens & Loeff Jela Boskovic Ognjanoska Natasa Ljubeckji Angjelic IKRP Rokas & Partners Macedonian Consulting Group Dime Spasov Heritiana Rambeloson Guy Castegnaro Agency for Real Estate Cadastre Jiro Sy Rano Malagasy (JIRAMA) Ius Laboris Luxembourg, Ljupco Cubrinovski Katerina Makreska Castegnaro Energo Dizajn Law Firm Trpenoski Biljana Stepanuleska Tsiry Ramiadanarivelo Tutunska Banka Growin’ Madagascar Serguei Chevtchenko Andrej Dameski Miroslav Marchev Loyens & Loeff PwC Macedonia PwC Macedonia Ivan Stojanov William Randrianarivelo Rafajlovski Konsalting d.o.o. PwC Madagascar Ariane Claverie Dragan Dameski Antonije Marinoski Ius Laboris Luxembourg, Debarliev, Dameski & Kelesoska Ohridska Banka SG Blagoj Stojevski Sahondra Rasoarisoa Castegnaro Attorneys at Law EVN Macedonia Delta Audit Deloitte Elena Miceva Gérard Eischen Aleksandar Dimić Debarliev, Dameski & Kelesoska Suzana Stojkoska Michael Ratrimo Chamber of Commerce of the Polenak Law Firm Attorneys-at-Law Cakmakova Advocates Madagascar International Grand-Duchy of Luxembourg Container Terminal Services Ltd. Bojan Dimitrovski Oliver Mirchevski Dragica Tasevska Polenak Law Firm EVN Macedonia National Bank of the Republic of Mahery Ratsimandresy Macedonia Prime Lex 280 Doing Business 2014 Théodore Raveloarison Nor Azimah Abdul Aziz Marina Nathan Asma Chan-Rahim Gaoussou A. G. Konaté JARY - Bureau d’études Companies Commission of Malaysia Companies Commission of Malaysia Shah, Hussain & Co. Barristers & Cabinet d’Architecture - Etudes Architecture Ingénierie Attorneys Techniques Mohammad Rohaimy Abdul Oy Moon Ng Andriamisa Ravelomanana Rahim CTOS Data Systems Sdn Bhd Aishath Haifa Abdoul Karim Kone PwC Madagascar Ministry of International Trade Shah, Hussain & Co. Barristers & Cabinet Berth - Kone - Avocats Swee Kee Ng and Industry Attorneys Associés Jean Marcel Razafimahenina Shearn Delamore & Co. Delta Audit Deloitte Sonia Abraham Mohamed Hameed Bamary Kone Allison Ong Azman, Davidson & Co. Antrac Pvt. Ltd. Cabinet d’Avocats Seydou Ibrahim Louis Sagot Azman, Davidson & Co. Maiga Cabinet d’Avocat Louis Sagot Wilfred Abraham Dheena Hussain Hock An Ong Zul Rafique & Partners, Advocate Shah, Hussain & Co. Barristers & Jean-Guy Kouvahe Ida Soamiliarimana KPMG & Solicitors Attorneys Damco Madagascar Conseil International Aminah BT Abd. Rahman Anita Balakrishnan Abdul Rasheed Ibrahim Amadou Maiga Ministry of Housing and Local Shearn Delamore & Co. Customs Service Mairie de la Commune, Direction MALAWI Government Nationale de l’Urbanisme Shamsuddin Bardan Laila Manik Malawi Revenue Authority Nirmala Ramadass Malaysian Employers Federation Attorney Adeline Messou Companies Commission of Malaysia Manica Africa Pty. Ltd. PwC Côte d’Ivoire Lizawati Basri Prasanta Misra Himahlini Ramalingam Dino Amritlal Raval Malaysia Department of Insolvency PwC Maldives Bérenger Y. Meuke Lee Hishammuddin Allen & Geldhill Wilson & Morgan Jurifis Consult Datuk Arpah Binti Abdul Razak Ahmed Murad Sakaya Johns Rani William Chagona Ministry of Housing and Local Mazlan & Murad Law Associates Alassane T. Sangaré PwC Malaysia PwC Malawi Government Notary Ibrahim Muthalib Sugumar Saminathan Richard Chakana Hong Yun Chang Association of Construction Djibril Semega Malaysia Productivity Corporation Vincent Chikaonda Tay & Partners Industry Cabinet SEAG Conseil Savjani & Co. Shaleni Sangaran Tze Keong Chung Ismail Nashid Dominique Taty Skrine, member of Lex Mundi Brian Chikho CTOS Data Systems Sdn Bhd Maldives Customs Service PwC Côte d’Ivoire City Building Contractors Tan Lai Seng Walter Culas Hussein Nazeer Lasseni Touré Ministry of Housing and Local Alan Chinula Air Freight Forwarders Association Otium Group Etude Gaoussou Haidara Government of Malaysia (AFAM) William Faulkner Shuaib M. Shah Antoine Traore Andy Seo Gautoni D. Kainja Mohd Naim Daruwish Shah, Hussain & Co. Barristers & BCEAO Companies Commission of Malaysia Fiona Sequerah Attorneys Kainja & Dzonzi Alassane Traoré Christopher Lee & Co. Frank Edgar Kapanda Nadesh Ganabaskaran Mizna Shareef ICON sarl Zul Rafique & Partners, Advocate Su Sieng Mee Shah, Hussain & Co. Barristers & High Court of Malawi Fousséni Traoré & Solicitors Top Glove Sdn. Bhd. Attorneys Enoch Kasambara PwC Côte d’Ivoire Tiew Hai San Chan Kum Siew Fathimath Sodhaf Kas Freight Limited Emmanuel Yehouessi Ministry of Federal Territories and Malaysia Productivity Corporation Maldives Customs Service Shabir Latif BCEAO Urban Wellbeing Hadiman Bin Simin Sacranie, Gow & Co. Ramli Hazra Izadi Ministry of Housing and Local MALI Alfred Majamanda Government MALTA LKMD Architecture Mbendera & Nkhono Associates Cabinet John W. Ffooks & Co. Jagdev Singh Malta Financial Services Authority Hung Hoong Joseph Malingamoyo PwC Malaysia Cabinet Juri-Partner (MFSA) Shearn Delamore & Co. Quant Consult Associates Etude de Maître Ahmadou Toure Christabelle Agius Mohamed Zanyuin Ismail Rishwant Singh James Masumbu Zul Rafique & Partners, Advocate CSB Advocates Companies Commission of Malaysia Symphorien Agbessadji Tembenu, Masumbu & Co. & Solicitors BCEAO Matthew Attard Rohani Ismail Raphael Mhone David Soong Ganado Advocates Selangor Mediation Centre Ahmadou Al Aminou Lo Racane Associates Raslan - Loong BCEAO Richard Bernard Norhaiza Jemon Vyamala Aggriel Moyo Adeline Thor Sue Lyn CSB Advocates Companies Commission of Malaysia Maître Abdourhamane B. Maiga PwC Malawi Russell Bedford LC & Company Cabinet d’Avocats Seydou Ibrahim Leonard Bonello Kumar Kanagasingam - member of Russell Bedford Arthur Alick Msowoya Maiga Ganado Advocates Lee Hishammuddin Allen & Geldhill International Wilson & Morgan Oumar Bane Paul Bonello Kesavan Karuppiah Nor Fajariah Sulaiman Hutch Mthinda Jurifis Consult Ministry of Finance Department Ministry of Human Resources Kuala Lumpur City Hall of Customs Structural Consultancy Services Nadia Biouele-Camara Ltd. Azemi Kasim Kenneth Tiong O&B Consulting Kris Borg Department of Director General of The Associated Chinese Chambers Charles Mvula Dr Kris Borg & Associates - Land & Mines of Commerce and Industry of Amadou Camara DUMA Electrics - Control Advocates Malaysia (ACCCIM) SCP Camara Traoré Systems and Energy Management Mohd. Fauzi Abdul Kayum Mario Raymond Borg Edaran IT Services Sdn Bhd Sugumaran Vairavappillai Céline Camara Sib Nanariwa Nanguwo Inland Revenue Department Tenaga Nasional Berhad Etude Me Celine Camara Sib Blantyre City Council LOH Kok Leong Nicolai Borg Sant Russell Bedford LC & Company Heng Choon Wan Mahamane I. Cisse Remmie Ng’omba PwC Malta - member of Russell Bedford PwC Malaysia Cabinet Lexis Conseils Wilson & Morgan International Mario Brincat Chee Lin Wong Boubacar Coulibaly Grant Nyirongo Ministry of Finance Department Jeremy Koo Skrine, member of Lex Mundi Matrans of Customs Elemech Designs Westports Malaysia Sdn Bhd Clifford Eng Hong Yap Elvis Danon Krishna Savjani Ann M. Bugeja Suresh Kumar PwC Malaysia PwC Côte d’Ivoire Savjani & Co. CSB Advocates North Port (Malaysia) Bhd. Muhammad Azizul Bin Zahidin Sekou Dembele Duncan Singano Johann Buttigieg Christopher Lee Westports Malaysia Sdn Bhd Etude Maître Sekou Dembele Savjani & Co. Malta Environment & Planning Christopher Lee & Co. Norina Zainol Abidin Abou Diallo Authority (MEPA) Koon Huan Lim Malaysia Department of Insolvency API Mali MALAYSIA Jeanelle Cachia Skrine, member of Lex Mundi Djibril Guindo Scerri & Bonello Advocates Bank Negara Malaysia San Peen Lim Jurifis Consult MALDIVES Simon Camilleri Ernst & Young PwC Malaysia Aima Construction Company Mansour Haidara CreditInfo Integrated Logistics Solutions Ir. Bashir Ahamed Maideen Pvt Ltd. API Mali Perit Vincent Cassar Sdn Bhd Nadi Consult Era Sdn Bhd Ernst & Young Gaoussou Haîdara Malta Environment & Planning Port Klang Authorities Alias Marjoh Etude Gaoussou Haidara Authority (MEPA) Kuala Lumpur City Hall Mohamed Shahdy Anwar Shamsuddin Ab Rahman Suood Anwar & Co - Attorneys- Seydou Ibrahim Maiga Fazleena Fakir ESB MTO Integrated Sdn Bhd Zuhaidi Mohd Shahari at-Law Cabinet d’Avocats Seydou Ibrahim Maldives Monetary Authority Azmi & Associates Maiga Halimi Abd Manaf Jatindra Bhattray David Felice Ministry of Housing and Local Chew Yin Mok PwC Maldives Awa Kane Architecture Project Government BDO Matrans Acknowledgments 281 Stephen Ferrito Bori Ysawa Sandy Chuong Geetanjali Seewoosurrun Guillermo Escamilla Malta Environment & Planning Majuro Marine GeroudisGlover Ghurburrun CEB Notary Public 243 Mexico City Authority (MEPA) Roland Constantin Gilbert Seeyave Luis Esparza Neville Gatt MAURITANIA Etude Constantin DCDM Financial Services Ltd. Gonzalez Calvillo, S.C. PwC Malta Sid’Ahmed Abeidna Zulfi J. Currimjee Sentokee Miguel Espitia Christabelle Gauci SOGECO Mauritania ZAC Associates Ltd. City Council of Port Louis Bufete Internacional CSB Advocates Esteit Mohamedou Amane Marc Daruty de Grandpre Deviantee Sobarun Samira Esquiliano Keith German Etudes recherches et maintenance Daruty de Grandpre & Partners Ministry of Finance & Economic Creel, García-Cuéllar, Aiza y Land Registry (Architects) Ltd Development Enriquez, S.C. Moussa Aw Joseph Ghio BSD & Associés Martine de Fleuriot de la Oudesh Suddul Lucía Fernández Fenech & Fenech Advocates Colinière Kross Border Trust Services Gonzalez Calvillo, S.C. Tidiane Bal De Comarmond & Koenig Ltd. - member of Russell Bedford Steve Gingell BSD & Associés Julio Flores Luna International PwC Malta Catherine de Rosnay Goodrich, Riquelme y Asociados Mohamed Cheikh Abdallahi Legis & Partners Avinash Teeluck Karl Grech Orr AFACOR - Audit Finance Manuel Galicia Legis & Partners Ganado Advocates Assistance Comptable Organisation Sufyaan Dosemahamed Galicia Abogados, S.C. SARL PwC Mauritius Parikshat Teeluck Peter Grima Mauricio Gamboa Damco Logistics (Mauritius) Enemalta Corporation Hamoud Ismail Shalinee Dreepaul-Halkhoree TransUnion de Mexico SA SIC SMPN JurisTax Ltd. Vikash Thakoor Kurt Hyzler Mauricio Garza Bulnes Bank of Mauritius CSB Advocates Cheikany Jules Sapna Dwarka J.A. Treviño Abogados S.A. de C.V. Cheikhany Jules Law Office Banymandhub Boolell Chambers Shiam Krisht Thannoo Kevin Loughborough Hans Goebel CEB Cobra Installations Mohamed Lemine Salem Ould Yannick Fok Nader, Hayaux & Goebel Béchir GeroudisGlover Ghurburrun Natasha Towokul-Jiagoo Doran Magri Demajo Ismael Gonzalez Exaco JurisTax Ltd. CSB Advocates Poonam Geemul PwC Mexico Abdou M’Bodj Banymandhub Boolell Chambers Muhammad R.C. Uteem Nicola Mallia Patricia Gonzalez Communauté Urbaine de Uteem Chambers Fenech & Fenech Advocates Gavin Glover PwC Mexico Nouakchott GeroudisGlover Ghurburrun Allan Micallef Eugenia González Wedou Mohamed MEXICO Enemalta Corporation J. Gilbert Gnany Goodrich, Riquelme y Asociados Maurihandling The Mauritius Commercial Bank Gustavo I. Alarcón Caballero Henri Mizzi Luis Enrique Graham Mine Ould Abdoullah Limited Baker & McKenzie Camilleri Preziosi Chadbourne & Parke LLP Cabinet d’Avocat Ould Abdoullah Darmalingum Goorriah Jaime Alejandro Gutiérrez Vidal John Paris Mario Alberto Gutiérrez Ahmed Salem Ould Etude Me Darmalingum Goorriah Instituto Federal de Especialistas de CreditInfo PwC Mexico Bouhoubeyni Concursos Mercantiles Arvin Halkhoree Joseph Scicluna Cabinet Bouhoubeyni Yves Hayaux-du-Tilly NS Management Ltd. Juan Antonio Araujo Garrido Scicluna & Associates Nader, Hayaux & Goebel Abdellahi Ould Charrouck Gonzalez Calvillo, S.C. Marc Hein Noel Vella Atelier Architecture et Design Roberto Hernandez Garcia JurisTax Ltd. Carlos Cano Department of Industrial and COMAD, S.C. Brahim Ould Ebety PwC Mexico Employment Relations Feroz Hematally Lawyer Angélica Huacuja PwC Mauritius Pedro Carreon Simone Vella Lenicker Chadbourne & Parke LLP Abdallahi Ould Gah PwC Mexico Architecture Project Elodie Hermelin Etude Gah Mauricio Hurtado Legis & Partners María Casas López Mark Wirth PwC Mexico Ahmed Ould Radhi Baker & McKenzie PwC Malta Reshma Hurday Banque Centrale de Mauritanie María Concepción Isoard Viesca Kross Border Trust Services Ana Casasús Trejo Lerdo Quentin Zahra Ritch Mueller, S.C. Abdel Fettah Ould Sidi Ltd. - member of Russell Bedford Ritch Mueller, S.C. Eurofreight Mohamed International Jorge Jimenez Hermilo Ceja Andrew J. Zammit Société Mauritanienne d’Electricité Lopez Velarde, Heftye y Soria, S.C. Nitish Hurnaum Comisión Federal de Electricidad CSB Advocates (SOMELEC) GeroudisGlover Ghurburrun Jorge Jiménez Carlos Chávez Aliou Sall Russell Bedford México - member Poornima Kisto Galicia Abogados, S.C. MARSHALL ISLANDS Assurim Consulting of Russell Bedford International PwC Mauritius Ernesto Chávez Marshall Islands Registry Aicha Coura Samake Josue Lee Thierry Koenig Intercontinental Network Services BSD & Associés Inaki Echeverria Arquitectos Marshalls Energy Company De Comarmond & Koenig Rodrigo Conesa Aissetou Sy Diego López Vargas Kenneth Barden Anthony Leung Shing Ritch Mueller, S.C. BSD & Associés PwC Mexico Attorney-at-Law PwC Mauritius Jose Covarrubias-Azuela Fabián López Xochipa Wilfredo Candilas Jayram Luximon Solorzano, Carvajal, Gonzalez y MAURITIUS COMAD, S.C. Tobolar Copra Processing CEB Perez-Correa, S.C. Authority Kursline Bégué Julio Luna Castillo Sindhia M.Potayya Julio César Cristiani CEB Colegio de Ingenieros Mecánicos y Tatyana E. Cerullo De Comarmond & Koenig Miranda & Estavillo, S.C. Electricistas (CIME) Marshall Islands Lawyers Mohamed Iqbal Belath Ally Meeajun Miguel de la Fuente Bank of Mauritius Jorge Madrid Raquel De Leon GeroudisGlover Ghurburrun Nader, Hayaux & Goebel Maqueo Abogados, S.C. Marshall Islands Social Security Rishi Bhoyroo Malcolm Moller Fernando De la Garza Administration GeroudisGlover Ghurburrun Daniel Maldonado Appleby Bryan, González Baz Sánchez DeVanny Eseverri, S.C. Donna Lacuesta Latasha Bissessur Jugroo Ramdas Mootanah Oscar de La Vega Robert Reimers Enterprises, Inc. Banymandhub Boolell Chambers Gabriel Manrique Architecture & Design Ltd. Littler de La Vega y Conde, S.C. Russell Bedford México - member Philip A. Okney Vanesha Babooa Bissonauth Loganayagan Munian Jorge de Presno of Russell Bedford International Law Office of Philip A. Okney De Comarmond & Koenig Artisco International Basham, Ringe y Correa, member of Lucía Manzo Steve Philip Jean-François Boisvenu Ius Laboris Mushtaq Namdarkhan Galicia Abogados, S.C. Chamber of Commerce BLC Chambers BLC Chambers Tracy Delgadillo Miranda Esteban Maqueo Barnetche Michael Slinger Urmila Boolell J.A. Treviño Abogados S.A. de C.V. Siv Potayya Maqueo Abogados, S.C. Chamber of Commerce Banymandhub Boolell Chambers Wortels Lexus Carlos Diaz de Leon Sanchez José Antonio Marquez González Scott H. Stege Jagwantsing Chetlall Gonzalez Calvillo, S.C. Dheerend Puholoo Notary Public 2 Law Offices of Scott Stege Gamma PwC Mauritius Carlos Ramon Diaz Sordo Edgar Francisco Martínez David M. Strauss Jaimie Chiniah Lopez Velarde, Heftye y Soria, S.C. Iqbal Rajahbalee Herrasti Chamber of Commerce Banymandhub Boolell Chambers BLC Chambers Carlos Diez Garcia Goodrich, Riquelme y Asociados Itibo Tofinga D.P. Chinien Gonzalez Calvillo, S.C. Vivekanand Ramburun Debby McKey Duran Marshall Islands Tax Authority Registrar of Companies and Mauritius Revenue Authority Dolores Enriquez Sánchez DeVanny Eseverri, S.C. Businesses, Office of the Registrar Anthony Tomlinson PwC Mexico of Companies André Robert Carla E. Mendoza Pérez Beca International Consultants Attorney-at-Law Baker & McKenzie Ltd. 282 Doing Business 2014 Carlos E. Montemayor Juan Francisco Torres Landa Roger Gladei Buyantogos Baljinnyam Anastasiia Zherbakhanova PwC Mexico Ruffo Gladei & Partners Anderson and Anderson LLP Anderson and Anderson LLP Barrera, Siqueiros y Torres Mario Morales Silvia Grosu Turtuvshin Bat-Erdene Michelle Zorig Landa, S.C. Comisión Federal de Electricidad PwC Moldova Anderson and Anderson LLP Arlex Consulting Services Jaime A. Treviño Oscar Moreno Silva Andrian Guzun Naranchanga Battulga J.A. Treviño Abogados Gonzalez Calvillo, S.C. Schoenherr Nomin Construction LLC MONTENEGRO Maribel Trigo Aja Jaime Israel Moreno Treviño Diana Ichim Sammy Beedan Anja Abramovic Goodrich, Riquelme y Asociados Sánchez DeVanny Eseverri, S.C. Turcan Cazac Mahoney Liotta LLC Prelević Law Firm Rafael Vallejo Enrique Muñoz Vladimir Iurkovski Eboné Bishop Aleksandar Adamovic Gonzalez Calvillo, S.C. Gonzalez Calvillo, S.C. Schoenherr Mahoney Liotta LLC Pacorini Montenegro Alberto Vázquez Juan Nájera Roman Ivanov Batzaya Bodikhuu Bojana Bošković Comisión Federal de Electricidad NDA Vernon David & Associates Anand & Batzaya Advocates Ministry of Finance Claudio Villavicencio Law Firm María Isabel Nuñez Vargas Valentin Kiba Jelena Bovan Galaz, Yamazaki, Ruiz Urquiza, Gonzalez Calvillo, S.C. Insigma-Lux Peter Burnie Čelebić S.C., member of Deloitte Touche PwC Kazakhstan Juan Manuel Ochoa Tohmatsu Limited Vasile Lipcan Sebek Branislav Rivadeneyra, Trevino & De Campo, Orizont JSC David C. Buxbaum Montinspekt d.o.o Judith A. Wilson S. C. Anderson and Anderson LLP Bryan, González Baz Cristina Martin Dragan Ćorac Juan Manuel Ortiz ACI Partners Law Office Otgonbaatar Chuluun Law Office Vujačić David Zavala Herrera PwC Mexico Anand & Batzaya Advocates Sánchez DeVanny Eseverri, S.C. Elena Mocanu Goran Darmanović Law Firm Arturo Perdomo Public Notary Čelebić Galicia Abogados, S.C. Khatanbat Dashdarjaa MICRONESIA, FED. STS. Alexandru Munteanu Vladimir Dasić Arlex Consulting Services Gerardo Perez Monter Intreprinderea cu Capital Strain Bojović Dašić Kojović FSM Development Bank Colegio de Ingenieros Mecánicos y PricewaterhouseCoopers Legal SRL Uyanga del Sol Stojan Denkic Electricistas (CIME) Pohnpei Transfer & Storage, Inc. Tsets Oxana Novicov PwC Serbia Pablo Perezalonso Eguía Shiro Akinaga National Union of Judicial Onchinsuren Dendevsambuu Savo Djurović Ritch Mueller, S.C. Apsco Construction Co. Officers Deloitte LLP Adriatic Marinas d.o.o. Fernando Perez-Correa Kenneth Barden Aelita Orhei Emma Enkhriimaa Dragan Draca Solorzano, Carvajal, Gonzalez y Attorney-at-Law Gladei & Partners Tuushin Company Ltd. PwC Serbia Perez-Correa, S.C. Lam Dang Vladimir Palamarciuc Tulga G. Darko Globarević Guillermo Piecarchic Congress of the FSM Turcan Cazac Tulga Project LLC Zetatrans PMC & Asociados Mark Heath Ilona Panurco Ganzaya Ganbaatar Božidar Gogić José Piecarchic Cohen Micronesia Registration Advisors, Intreprinderea cu Capital Strain Most Learing LLC Montecco INC d.o.o. PMC & Asociados Inc. PricewaterhouseCoopers Legal SRL Selenge Gantulga Mile Grujić Gizeh Polo Ballinas Albert Johnny Carolina Parcalab Mahoney Liotta LLC Normal Company Creel, García-Cuéllar, Aiza y Mesenieng Credit Union ACI Partners Law Office Baigalmaa Geleg Enriquez, S.C. Milorad Janjević Stevenson A. Joseph Vladimir Plehov Wagner Asia Equipment Law Office Vujačić Jose Antonio Postigo-Uribe FSM Development Bank Maritimtrans Darin Hoffman Sánchez DeVanny Eseverri, S.C. Maja Jokanović Charles Lohn Dimitru Popescu Mahoney Liotta LLC Ministry of Economy Alvaro Quintana Pohnpei State Environmental Intreprinderea cu Capital Strain Tuvshin Javkhlant Alvaro Quintana SC Protection Agency PricewaterhouseCoopers Legal SRL Jelena Jovetic Global Investment and Equity Ministry of Finance Brindisi Reyes Delgado Sisananto Loyola Olga Saveliev Advisory Partners LLC Ritch Mueller, S.C. Pohnpei State Environmental Turcan Cazac Radoš-Lolo Kastratović Batbayar Jigmedsuren Protection Agency Advokatska Kancelarija Eduardo Reyes Díaz-Leal Alexander Savva UB Trans LLC Bufete Internacional Anna H. Mendiola Turcan Cazac Milena Knezevic Unurbayar Khurelbaatar FSM Development Bank Central Bank of Montenegro Claudia Ríos Foca Silviu Tuushin Company Ltd. PwC Mexico Ronald Pangelinan Biroul de Credit - Moldova Darko Konjević Bat-Ulzii Lkhaasuren A&P Enterprises, Inc. CEED Fernando Rivadeneyra Ionut Simion Monsar LLC Rivadeneyra, Trevino & De Campo, Kevin Pelep PwC Romania Ana Krsmanović Zolbayar Luvsansharav S. C. Office of the Registrar of Ministry of Finance Mariana Stratan Tsets Corporations Cecilia Rojas Turcan Cazac Krzysztof Lipka Daniel Mahoney Galicia Abogados, S.C. Salomon Saimon PwC Serbia Elena Talmazan Mahoney Liotta LLC Micronesian Legal Services Ivonne M. Rojas Rangel SC Contabil Principal SRL Dragana Ljumovic Corporation Khulangoo Mendsaikhan PMC & Asociados Bojović Dašić Kojović Alexander Tuceac Anand & Batzaya Advocates Nora Sigrah Raúl Sahagun Turcan Cazac Law Firm Nikola Martinović FSM Development Bank Bufete Internacional Advokatska Kancelarija Tatiana Vasiliu Enkhtsetseg Nergui Jorge Sanchez Vernon David & Associates Anand & Batzaya Advocates Vesna Milojević MOLDOVA Goodrich, Riquelme y Asociados Law Firm ARCVS Corina Voda Oxana Anre Rodrigo Sanchez Mejorada Gladei & Partners Sarantsatsral Ochirpurev Ivan Nikolic National Energy Regulatory Sánchez-Mejorada, Velasco y Ribé Urkh Company Total sped Agency of the Republic of Moldova Cristina Sanchez Vebber MONGOLIA Sara K. Phillips Goran Nikolić Gabrielle Bulgari Sánchez DeVanny Eseverri, S.C. Anderson and Anderson LLP Ministry of Economy Vernon David & Associates Development Solutions NGO Cristina Sánchez-Urtiz Jargalan Purev Nenad Pavličić Octavian Cazac GTs Advocates LLC Miranda & Estavillo, S.C. Arlex Consulting Services Pavličić Law Office Turcan Cazac PwC Mongolia Alonso Sandoval Norovtseren Sanjmyatav Predrag Pavličić Vitalie Ciofu Goodrich, Riquelme y Asociados Altanzul Arlex Consulting Services Montecco INC d.o.o. Gladei & Partners Monlogistics Worldwide LLC Francisco Santoyo Bayarjargal Sodbaatar Milorad Peković Anastasia Dereveanchina Comisión Federal de Electricidad Odgerel Amgalan Anand & Batzaya Advocates FinancePlus PwC Moldova Monlogistics Worldwide LLC Law Firm Monica Schiaffino Pérez Nikola Perović Viorica Diminet-Bejan Littler de La Vega y Conde, S.C. Telenged Baast Nestor Umbac Plantaže Gladei & Partners Monlogistics Worldwide LLC Deloitte LLP Ernesto Silvas Luka Popovic Sergiu Dumitrasco Sánchez DeVanny Eseverri, S.C. Bayarmaa Badarch Arslaa Urjin Bojović Dašić Kojović PwC Moldova Global Investment and Equity Ulaanbaatar Electricity Yazbek Taja Ana Radivojević Iulia Furtuna Advisory Partners LLC Distribution Network Company Rivadeneyra, Trevino & De Campo, PwC Serbia Turcan Cazac S. C. Bolortsogoo Baldandorj D. Zaya Radmila Radoičić Ana Galus Ulaanbaatar Electricity Tuushin Company Ltd. Law Office Vujačić Turcan Cazac Distribution Network Company Acknowledgments 283 Ivan Radulović Fatima Zahrae Gouttaya Henrique Castro Malaika Ribeiro Ezer Hosea Angula Ministry of Finance Etude de Notariat Moderne Amaro Arquitectos e Associados PwC Mozambique LorentzAngula Incorporated, Lda Attorneys Vesna Radunović Karima Hadrya Ana Filipa Russo de Sá R&P Auditing Caisse Nationale de Sécurité Natércio Chambule Silva Garcia Robert Araeb Sociale Maputo City Court (Commercial KPMG Namibia Tijana Saveljic Bilal Ismail Seedat Chamber) Prelević Law Firm Djamila Hamel B’ilm Consulting Tiaan Bazuin Oulamine Law Group Izidro Chibique Namibian Stock Exchange Itana Scekic Mario Ussene SCAN, Advogados e Consultores Harrisons Solicitors Nouza Hassani Senoussi CACM Adeline Beukes Notary Simeai Cuamba KPMG Namibia Miljan Sestovic Ricardo Veloso Cuamba Advogado Association of Freight Forwarders Bahya Ibn Khaldoun VMP - Veloso, Mendes, Pato Ronnie Beukes Université M.V. Souissi Rabat, Simeão Cuamba e Associados, Sociedade de City of Windhoek Electricity Igor V. Stijović MAROC Simeão Cuamba Advogados Advogados RL Department Igor Stijović Law Office Ali Kettani Avelar da Silva Benita Blume Velimir Strugar Kettani Associés Intertek International Ltd. MYANMAR H.D. Bossau & Co. EPCG AD Nikšić Mehdi Kettani Carla de Sousa AGX Logistics Myanmar Co. Ltd. Christian Bohlke Renata Todorović Kettani Associés Fernanda Lopes & Associados Mayer Consulting Engineers Law Office Vujačić Care Freight Services Ltd. Advogados Nadia Kettani Hanno D. Bossau Vladislav Tomic CB Bank Kettani Law Firm Elisio De Sousa H.D. Bossau & Co. Picard Kentz & Rowe LLP Fernanda Lopes & Associados CP World Ltd. Rita Kettani Ferdi Brinkman Saša Vujačić Advogados Kettani Associés Directorate of Investment and Department of Infrastructure, Law Office Vujačić Fulgêncio Dimande Company Administration (DICA) Water & Waste Management Nabyl Lakhdar Jelena Vujisić Manica Freight Services S.A.R.L Administration des Douanes et K&W Construction and Elysia Brits Law Office Vujačić Impots Indirects Rita Donato Management Bank Windhoek Lana Vukmirovic-Misic CGA - Couto, Graça e Associados, Béatrice Larrègle Myanmar Advantage Co. Ltd. Lorna Celliers Harrisons Solicitors Sociedade de Advogados Experian BDO Spencer Steward (Namibia) NTG Construction Sandra Zdravkovic Paula Duarte Rocha Amine Mahfoud Andy Chase Montecco INC d.o.o. Mozambique Legal Circle PricewaterhouseCoopers Myanmar Amine Mahfoud Notaire Stauch+Partners Architects Co. Ltd. Telmo Ferreira Anis Mahfoud Ruth Chun MOROCCO CGA - Couto, Graça e Associados, Pro Myanmar Services Co. Ltd. Abouakil, Benjelloun & Mahfoud LorentzAngula Incorporated, Sociedade de Advogados Sidimohamed Abouchikhi Avocats Win Consulting Limited Attorneys Experian Maria Fatima Fonseca Noureddine Marzouk Yangon City Development Carla da Silva Maputo City Court (Commercial Samir Agoumi PwC Advisory Maroc Committee Bank Windhoek ltd. Chamber) Dar Alkhibra Abdelkhalek Merzouki Yangon City Electricity Supply Anton de Wit Pinto Fulane Hanane Ait Addi Administration des Douanes et Boards Bank Windhoek Banco de Moçambique Bassamat & Associée Impots Indirects Thida Aye Ferdinand Diener Amália Garrine Adnane Bahija Lahlou M’hamed DFDL Mekong Law Group City of Windhoek Electricity Fernanda Lopes & Associados Dar Alkhibra Etude de Notariat Moderne Department Khin Leinmar Ban Aye Xiluva Gonçalves Nogueira da Fassi-Fihri Bassamat Mahboub Mohamed Kelvin Chia Yangon Ltd. Luziem Diergaardt Costa Bassamat & Associée Etude de Me Mahboub Transworld Cargo Transworld Sal & Caldeira Advogados, Lda Cheah Swee Gim Cargo (Pty.) Ltd. Hamid Ben Elfadil Said Mouhcine Kelvin Chia Yangon Ltd. Jorge Graça Centre Régional d’Investissement Impact Architecture, Morocco Marcha Erni CGA - Couto, Graça e Associados, Henri-Frédéric Hibon TransUnion Imane Benchekroun Hicham Oughza Sociedade de Advogados DFDL Mekong Law Group Etude de Notariat Moderne Dar Alkhibra Johann Espag Victoria Gundanhane Vimaljit Kaur Clarke Architects Azel-arab Benjelloun Réda Oulamine SDV Moçambique SA Rajah & Tann LLP Agence d’Architecture d’Urbanisme Oulamine Law Group Ulrich Etzold Valdir Jethá Nyein Kyaw et de Decoration Etzold-Duvenhage Firm Nesrine Roudane BCI Rajah & Tann NK Legal Mohamed Benkhalid Nero Boutique Law Firm Dagmar Honsbein Rui Loforte Khin Cho Kyi Caisse Nationale de Sécurité Business and Intellectual Property Ghalia Sebti CGA - Couto, Graça e Associados, Myanmar Legal Services Limited Sociale Authority (BIPA) Ait Manos Sociedade de Advogados Zin Maung Maung Karim Benkirane Stefan Hugo Houcine Sefrioui Fernanda Lopes Kelvin Chia Yangon Ltd. Espace Transit PwC Namibia Etude de Notariat Moderne Fernanda Lopes & Associados Cho Cho Myint Mohamed Benkirane Advogados Chantell Husselmann Khalil Yassir Interactive Co. Ltd. Espace Transit PwC Namibia Yassir Khalil Studio Rufino Lucas U Maung Maung (Arthur) Rachid Boubakry TEC Ténicos Construtores Lda Denis Hyman Myint Audit Concept PwC Namibia MOZAMBIQUE Gimina Luís Mahumana LS Horizon Es-Said Boujida Sal & Caldeira Advogados, Lda Gert Kandinda AVM Advogados Mozambique San San Susan Myint Wai Etude de Notaire Boujida Bank Windhoek ltd. Marla Mandlate LS Horizon Electricidade de Moçambique E.P. Khalid Boumichi Sal & Caldeira Advogados, Lda Edward Kawesha Daw Than Nwe Tecnomar Calú Abubacar City of Windhoek Electricity Enio Manjate University of Yangon. Department Electrovisão Ltda Department Mahat Chraibi Silva Garcia of Law PwC Advisory Maroc Miguel-Angelo Almeida Mignon Klein Crescêncio Maposse Sa Sa Nyunt Sal & Caldeira Advogados, Lda G.F. Köpplinger Legal Practitioners Driss Debbagh Arcus Consultores, Ltda Interactive Co. Ltd. Kettani Associés Lino Antonio Frank Köpplinger Vítor Marques da Cruz Alessio Polastri Ferreira Rocha & Advogados G.F. Köpplinger Legal Practitioners Youssef El Falah FCB&A in association with Law & Polastri Wint & Partners ABA Rule of Law Initiative- Francisco Avillez Mark Advogados e Consultores Norbert Liebich Thethan Soe Morocco SCAN, Advogados e Consultores Lda Transworld Cargo Transworld Kyaw Soe Min Cargo (Pty.) Ltd. Najat El Khayat Carolina Balate João Martins Myanma Apex Bank Notaire à Casablanca PwC Mozambique PwC Mozambique John D. Mandy Edwin Vanderbruggen Namibian Stock Exchange Mohssin El Makoudi Ebrahim Bhikha Teresa Pala Schwalbach VDB Loi Myanmar Dar Alkhibra PwC Mozambique MC&A - Sociedade de Advogados, Marie Mandy R.L. MMM Consultancy Driss Ettaki José Manuel Caldeira NAMIBIA Administration des Douanes et Sal & Caldeira Advogados, Lda António de Vasconcelos Porto Henk Mayer Impots Indirects Vasconcelos Porto & Associados Ernst & Young Mayer Consulting Engineers Eduardo Calú Youssef Fassi Fihri Sal & Caldeira Advogados, Lda Diana Ramalho Woker Freight Services Ian McLaren Fyba Lawyers Sal & Caldeira Advogados, Lda Joos Agenbach Investment Trust Company Adélia Canda Silva Garcia Advogados Koep & Partners 284 Doing Business 2014 Harold Mouton Devendra Pradhan Matthias Noorlander Justin Cameron Ben Thomson Bank Windhoek ltd. Pradhan & Associates Office of Energy Regulation Lowndes Associates - Corporate Simpson Grierson, member of Lex and Commercial Law Specialists Mundi Johan Nel Purnachitra Pradhan Peter Plug PwC Namibia Karja Suchana Kendra Ltd. (CIB) Office of Energy Regulation Shelley Cave Susan Tov Simpson Grierson, member of Lex PwC New Zealand Brigitte Nependa Deepak K. Shrestha Peter Radema Mundi H.D. Bossau & Co. Nepal Investment Bank Merzario BV Ben Upton Ross Crotty Simpson Grierson, member of Lex Mari-Nelia Nieuwoudt P. L. Shrestha Mark G. Rebergen Lowndes Associates - Corporate Mundi PwC Namibia Evergreen Cargo Services Pvt. Ltd. De Brauw Blackstone Westbroek and Commercial Law Specialists Matthew Wentz Tim Parkhouse Rup Narayan Shrestha Jeske Remmers John Cuthbertson Bell Gully Namibian Employer’s Federation Avenue Law Firm Van Doorne N.V. PwC New Zealand Mike Whale Johny M. Smith Suman Lal Shrestha Hugo Reumkens Daniel De Vries Lowndes Associates - Corporate Walvis Bay Corridor Group H.R. Logistic Pvt Ltd. Van Doorne N.V. Veda Advantage and Commercial Law Specialists Axel Stritter Baburam Subedi Maayke Rooijendijk Kerr Dewe Nelson Wu Engling, Stritter & Partners Nepal Electricity Authority De Brauw Blackstone Westbroek Lowndes Associates - Corporate Lowndes Associates - Corporate Andre Swanepoel Ram Chandra Subedi Jan Willem Schenk and Commercial Law Specialists and Commercial Law Specialists Dr. Weder, Kauta & Hoveka Inc Apex Law Chamber Van Doorne N.V. Joanne Dickson Erentia Tromp Krishna Suwal Hans Londonck Sluijk Simpson Grierson, member of Lex NICARAGUA Institute of Chartered Pradhan & Associates Houthoff Buruma Mundi Exportadora Atlantic S.A. Accountants of Namibia Mahesh Kumar Thapa Michiel Stoové Igor Drinkovic Elias Alvarez Kotie Tromp Sinha Verma Law Concern Bosselaar & Strengers Advocaten Minter Ellison Rudd Watts PwC Nicaragua Jimmey Construction Hariraj Wagle Natusia Szeliga Vince Duffin Minerva Adriana Bellorín Andreas Vaatz Wagle Electric Firm Baker & McKenzie Amsterdam N.V. Vector Electricity Rodríguez Andreas Vaatz & Partners Fedor Tanke Joseph Harrop ACZALAW Hugo Van den Berg NETHERLANDS Baker & McKenzie Amsterdam N.V. Minter Ellison Rudd Watts María José Bendaña Guerrero Koep & Partners Damco Netherlands Maarten Tinnemans David Harte Bendaña & Bendaña De Brauw Blackstone Westbroek Insolvency and Trustee Services Municipality of Amsterdam - Carlos Alberto Bonilla López NEPAL South District Office Jaap Jan Trommel Richard Hellaby Superintendencia de Bancos Anil Chandra Adhikari NautaDutilh Attorneys Simpson Grierson, member of Lex Joost Achterberg Blanca Buitrago Credit Information Bureau Ltd. Mundi Kennedy Van der Laan Annet van Balen García & Bodán Nepal Bosselaar & Strengers Advocaten Matt Kersey Jan Biemans Orlando Cardoza Sulakshan Adhikari Russell McVeagh De Brauw Blackstone Westbroek Liane van de Vrugt Bufete Juridico Obregon y Shangri-La Freight Pvt. Ltd. VédéVé Legal BV Kate Lane Asociados Karin W.M. Bodewes Lalit Aryal Minter Ellison Rudd Watts Baker & McKenzie Amsterdam N.V. Leonard Van den Ende Thelma Carrion LA & Associates Chartered Baker & McKenzie Amsterdam N.V. Helen Langley Aguilar Castillo Love Accountants Jurrien Boon Insolvency and Trustee Services Allard Architecture Jos van der Schans Francisco Castro Narayan Bajaj De Brauw Blackstone Westbroek John Lawrence PwC Nicaragua Narayan Bajaj & Associates Sytso Boonstra Auckland City Council PwC Netherlands Gert-Jan van Gijs Dorisabel Conrado Tulasi Bhatta VAT Logistics (Ocean Freight) BV Lina Lim Consortium Taboada y Asociados Unity Law Firm & Consultancy Roland Brandsma Simpson Grierson, member of Lex PwC Netherlands Sjaak van Leeuwen Sergio David Corrales Poojan Bhattarai Mundi Stichting Bureau Krediet Montenegro CSC & Co. Martin Brink Registratie Mark Lowndes García & Bodán Van Benthem & Keulen NV Tankahari Dahal Lowndes Associates - Corporate Petra van Raad Erick Coto Niraula Law Chamber & Co. Joey Clark and Commercial Law Specialists PwC Netherlands Modular Arquitectura y Stibbe BM Dhungana Mandy McDonald Construcción S.A. IJsbrand Van Straten B&B Associates - Russell Bedford Margriet de Boer Ministry of Business, Innovation & Stibbe Eugenia Cruz International De Brauw Blackstone Westbroek Employment CETREX Franck van Uden Shirshak Ghimire Taco de Lange Andrew Minturn Baker & McKenzie Amsterdam N.V. Brenda Darce Pradhan & Associates Lexence Qualtech International Ltd. CETREX Rodolfo Van Vlooten Sunil Gupta Petra de Rooy Robert Muir Kennedy Van der Laan Gloria Maria de Alvarado Gupta Counsel DLA Piper Nederland N.V. Land Information New Zealand Alvarado y Asociados, member of Janine Verweij Gourish K. Kharel Robert de Vries Catherine Otten Lex Mundi Office of Energy Regulation KTO Inc. Bosselaar & Strengers Advocaten New Zealand Companies Office Maricarmen Espinosa de Molina Reinout Vriesendorp Edward Koos J.C. Dekkers Ian Page Molina & Asociados Central Law De Brauw Blackstone Westbroek Amir Maharjan Houthoff Buruma BRANZ Luz Marina Espinoza SAFE Consulting Architects & Frank Werger Wilfrank Driesprong Mihai Pascariu Alvarado y Asociados, member of Engineers Pvt. Ltd. PwC Netherlands Stichting Bureau Krediet Minter Ellison Rudd Watts Lex Mundi Lumb Mahat Registratie Stephan Westera John Powell Luis Fuentes Balladares CSC & Co. Lexence Andy Furr Russell McVeagh Arquitectura Fuentes Bikash Malla Thakuri De Brauw Blackstone Westbroek Berto Winters David Quigg Terencio Garcia Montenegro Unity Law Firm & Consultancy De Brauw Blackstone Westbroek Ingrid Greveling Quigg Partners García & Bodán Ashok Man Kapali NautaDutilh Attorneys Marleen Zandbergen Nils Reardon Engelsberth Gómez Shangri-La Freight Pvt. Ltd. NautaDutilh Attorneys Ruud Hermans Russell McVeagh Pro Nicaragua Purna Man Napit De Brauw Blackstone Westbroek Christiaan Zijderveld Silvana Schenone Denis González Torres NIC Bank Simmons & Simmons LLP Bas Jongtien Minter Ellison Rudd Watts G.E. Electromecánica & Cia Ltda. Anjan Neupane Bosselaar & Strengers Advocaten Ravin Sena Claudia Guevara Neupane Law Associates NEW ZEALAND Marcel Kettenis Insolvency and Trustee Services Aguilar Castillo Love Balkrishna Neupane PwC Netherlands DLA Phillips Fox Maxim Sherstobitov Maryeling Guevara Neupane Law Associates Edwin M.A.J. Kleefstra Inland Revenue Department Easy Freight Arias & Muñoz Matrika Niraula Kab West - member of Russell Connor Archbold Kelvin Sue Federico Gurdian Niraula Law Chamber & Co. Bedford International Bell Gully Simpson Grierson, member of Lex García & Bodán Rajan Niraula Christian Koedam Mundi Rowena Boereboom Eduardo Gutierrez Niraula Law Chamber & Co. PwC Netherlands Lowndes Associates - Corporate Mike Tames ACZALAW Andrej Kwitowski and Commercial Law Specialists PwC New Zealand Arun Pant Marianela Gutierrez Design Cell Ltd Akadis BV James Caird Howard Thomas Aguilar Castillo Love Sewa Pathak Stefan Leening Simpson Grierson, member of Lex Lowndes Associates - Corporate Sewa Pathak & Associates PwC Netherlands Mundi and Commercial Law Specialists Acknowledgments 285 Mauricio Herdocia Moussa Dantia Kentuadei Adefe Ayobayo Babade Ifedayo Iroche García & Bodán Centre des Formalites des Kentuadei Adefe, Legal Perchstone & Graeys Perchstone & Graeys Entreprises Practitioners, Mediators and Gerardo Hernandez Damilola Babalola Okorie Kalu Arbitrators Consortium Taboada y Asociados Abdou Djando Olaniwun Ajayi LP Punuka Attorneys & Solicitors EMTEF Kunle Adegbite Rodrigo Ibarra Rodney Masud Balogun Atiku Lawal Canaan Solicitors Arias & Muñoz Boureïma Fodi Olaniwun Ajayi LP Nigerian Communications Cabinet d’Avocats Souna- Steve Adehi Commission Eduardo Lacayo Ngozi Chianakwalam Coulibaly Steve Adehi and Co TransUnion Legal Standard Consulting Olufemi D. Lijadu Jean Claude Gnamien Olufunke Adekoya Ajumogobia & Okeke Brenda Martinez Aleruchi Chisor-Wabali PwC Côte d’Ivoire Aelex, Legal Practitioners & Consortium Taboada y Asociados F.O. Akinrele & Co. Ishaya Livinus Etsu Arbitrators Ibrahim Baoua Gogé Nigerian Electricity Regulatory Fabiola Martinez Chinwe Chiwete Ministère de l’Economie et des Hakeem Adeniji Commission (NERC) Ventanilla Unica de Inversiones Punuka Attorneys & Solicitors Finances du Niger Lagos State Government Hakeem Muri-Okunola José Mejía Ukata Christian Sani Halilou Alkali Tolulope Aderemi Lagos State Government García & Bodán Afriglobe Shipping Lines Ltd. Damco Niger S.A., A.P. Moller Perchstone & Graeys Haliru Musia Alvaro Molina Maersk Group’s Representative Nnamd Dimbga Taiwo Adeshina Corporate Affairs Commission Molina & Asociados Central Law Olaniwun Ajayi LP Moussa Gros Ibrahim Jackson, Etti & Edu Ugochi Ndebbio Jorge Molina Lacayo Millennium Challenge Account Rebecca Dokun Yetunde Adewale KPMG CETREX Aluko & Oyebode Abdoulaye Idé Akinwunmi & Busari Legal Pauline Nwafor Roberto Montes-Doña Ali Idrissa Sounna Practitioners Weyinmi Edodo WTS Adebiyi & Associates Arias & Muñoz Toutelec Niger SA IPDC Limited Olusola Adun Kenechi Nwizu Soraya Montoya Herrera Seybou Issifi Nouveau Associates Judith Egbeadumah Ikeyi & Arifayan Molina & Asociados Central Law Ville de Niamey Perchstone & Graeys Shola Afolabi Tochi Nwogu Norma Elena Morales Barquero Armel Kpodo Sidoine F.O. Akinrele & Co. Colin Egemonye Punuka Attorneys & Solicitors Arias & Muñoz Colin Egemonye & Associates Ari Malla Daniel Agbor Afolake Obawunmi Jeanethe Morales Núñez Millennium Challenge Account Udo Udoma & Belo-Osagie Emmanuel Egwuagu Olaniwun Ajayi LP Superintendencia de Bancos Obla & Co. Issaka Manzo Aslar Agbowaje Wole Obayomi Amilcar Navarro Amador EGTC Deloitte-Nigeria Oyindamola Ehiwere KPMG García & Bodán Alsec Nominees Limited André Monso Kunle Ajagbe V. Uche Obi Michael Navas PwC Côte d’Ivoire Perchstone & Graeys Nnenna Ejekam Alliance Law Firm Pro Nicaragua Nnenna Ejekam Associates Amadou Moussa Olaoluwa Ajala Yetunde Obitayo Jacinto Obregon Sanchez Millennium Challenge Account Gbenga Biobaku & Co Mary Ekemezie CRC Credit Bureau Limited Bufete Juridico Obregon y Udo Udoma & Belo-Osagie Moukaïla Nouhou Hamani Konyin Ajayi Asociados Godwin Obla Cour Suprême Olaniwun Ajayi LP Nelson Ekere Obla & Co. José Aníbal Olivas Cajina 1st Attorneys Sahabi Oumarou Mayowa Ajibade Alvarado y Asociados, member of Damilola Odetola Themis International Consultants WTS Adebiyi & Associates Nkem Ekwere Lex Mundi Olaniwun Ajayi LP Alliance Law Firm Linda Rakotonavalona Ben Akabueze Andrea Paniagua Abimbola Odeyemi Cabinet John W. Ffooks & Co. Lagos State Government Harrison Emmanuel PwC Dominican Republic Fortis LP Abdulai, Taiwo & Co. Naissa Sabiou Mamane Udo Akalezi Róger Pérez Olufunlola Odunlami Cour Suprême KPMG Ikeakonwu Emmanuel Arias & Muñoz Lagos State Government Deloitte-Nigeria Ousmane Sidibé Manuel Akinshola Alonso Porras Oluwakemi Oduntan Audit & Conseil Sidibé & Conseil Jacobs & Bigaels Wolemi Esan ACZALAW Jade & Stone Solicitors (A.C.S.A.) Olaniwun Ajayi LP Tolulola Akintimehin Jessica Porras J.O. Odupitan Dominique Taty Nouveau Associates Samuel Etuk García & Bodán Lagos State Government PwC Côte d’Ivoire 1st Attorneys Dayo Akintoye Mazziel Rivera Nelson Ogbuanya Idrissa Tchernaka Lagos State Government Marcellina Eya Abang ACZALAW Nocs Consults Etude d’Avocats Marc Le Bihan & Nigerian Electricity Regulatory Dafe Akpeneye Erwin Rodriguez Collaborateurs Commission (NERC) Godson Ogheneochuko PwC Nigeria PwC Nicaragua Udo Udoma & Belo-Osagie Antoine Traore Chris Eze Folake Alabi Carlos Taboada Rodríguez BCEAO Nnenna Ejekam Associates Ozofu Ogiemudia Olaniwun Ajayi LP Consortium Legal Udo Udoma & Belo-Osagie Fousséni Traoré Adanma Ezegbulam Belema Alagun Gabriel Sánchez G. PwC Côte d’Ivoire WTS Adebiyi & Associates Kunle Ogunbamowo Olaniwun Ajayi LP Pro Nicaragua Deloitte-Nigeria Père Venance Anse Agu Ezetah Jonathan Aluju Alfonso José Sandino Granera Logistique Commerciale D’afrique Chief Law Agu Ezetah & Co. Abimbola Ogunbanjo Olaniwun Ajayi LP Consortium Taboada y Asociados (LCA) Chris Ogunbanjo & Co. Babatunde Fagbohunlu Segun Aluko Rodrigo Taboada Emmanuel Yehouessi Aluko & Oyebode Alayo Ogunbiyi Aluko & Oyebode Consortium Taboada y Asociados BCEAO Abdulai, Taiwo & Co. Omowum Fajemiroye Francis Amadi Carlos Téllez Olaniwun Ajayi LP Ayokunle Ogundipe Corporate Affairs Commission García & Bodán NIGERIA Perchstone & Graeys Olubunmi Fayokun Oluchi Aniaka Diogenes Velasquez Ernst & Young Aluko & Oyebode Niyi Ogunwole Alliance Law Firm ACZALAW Base4 Investment (Nig.) Ltd. Sterling Partnership Fatai Folarin Owolabi Animashaun Deloitte-Nigeria Olaniyi Ogunwole Tony Elumelu Foundation Globalex Classic Limited NIGER Base4 Investment (Nig.) Ltd. Niyi Folayan Ijeoma Abalogu Sola Arifayan Kassoum Abari Folizit Nig Ltd. Chudi Ojukwu Gbenga Biobaku & Co Ikeyi & Arifayan Ville de Niamey Infrastructure Consulting Bimbola Fowler-Ekar Mohammed K. Abdulsalam Temitayo Arikenbi Partnership Symphorien Agbessadji Jackson, Etti & Edu GITRAS Ltd. CRC Credit Bureau Limited BCEAO Patrick Okonjo Adejoke A. Gbenro Innocent Abidoye Ige Asemudara Okonjo, Odiawa & Ebie Ahmadou Al Aminou Lo Adebanke Adeola &Co. Nnenna Ejekam Associates Punuka Attorneys & Solicitors BCEAO Dozie Okwuosah Justice Idehen-Nathaniel Oluseyi Abiodun Akinwunmi Patrick Ayanbanji Ojo Central Bank of Nigeria Takoubakoye Aminata Perchstone & Graeys Akinwunmi & Busari Legal Nigerian Communications Millennium Challenge Account Stephen Ola Jagun Practitioners Commission Chimezie Ihekweazu Jagun Associates Mamoudou Aoula Chikwem Chambers Patrick Abuka Francis Ayodel Ministère de l’Urbanisme, de Tumininu Oladipo Abuka & Partners Folizit Nig Ltd. Nduka Ikeyi l’Habitat et du Cadastre Nnenna Ejekam Associates Ikeyi & Arifayan Chetanna Achara Olusola Ayodele Moussa Coulibaly Olaseni Oladipupo Okonjo, Odiawa & Ebie Manufacturers Association of Femi David Ikotun Cabinet d’Avocats Souna- Nigerian Communications Nigeria Ziongate Chamers Coulibaly Commission 286 Doing Business 2014 Adefunke Oladosu Ovie E. Ukiri Knut Martinsen Ahmed Choudhry Khwaja Shaheryar Aziz Akinwunmi & Busari Legal Ajumogobia & Okeke Advokatfirmaet Thommessen AS SNR Denton & Co. A.F. Ferguson & Co., Chartered Practitioners Accountants, a member firm of Aniekan Ukpanah Ole Kristian Olsby Johnny Drysdale PwC network Moshood Olajide Udo Udoma & Belo-Osagie Homble Olsby advokatfirma AS SNR Denton & Co. PwC Nigeria Akeel Bilgrami Maxwell Ukpebor Ståle Skutle Arneson Francis D’Souza Najmi Bilgrami Collaborative Adebayo Ologe WTS Adebiyi & Associates Advokatfirma Simonsen Vogt Wiig BDO Jawad Habib (Pvt) Ltd. Perchstone & Graeys Adamu M. Usman Marthe Stømner Smestad Jamie Gibson Waheed Chaudhary Ayotunde Ologe F.O. Akinrele & Co. Advokatfirmaet Schjødt AS Trowers & Hamlins LEGIS INN Attorneys & Corporate Synergy Legal Practitioners and Ebere Uzum Svein Sulland Justine Harding Consultants Consultants Udo Udoma & Belo-Osagie Advokatfirmaet Selmer DA SNR Denton & Co. Faisal Daudpota Ajibola Olomola Oghogho Violet Eguasa Sigurd Tuntland Christine Holland Khalid Daudpota & Co. KPMG Perchstone & Graeys Advokatfirma Ræder DA Trowers & Hamlins Junaid Daudpota Oladipo Olukuewu Lande Wright Kai Sølve Urke Hussein Khalid Daudpota & Co. Oladipo Olukuewu & Company Akinwunmi & Busari Legal Wikborg, Rein & Co. Muscat Electricity Distribution Harish Dhamania Sina Olumide Practitioners Company Anders Utne Pyramid Pakistan Ikeyi & Arifayan Remi Yussuf Advokatfirma Ræder DA O. A. Kuraishy Zaki Ejaz Adeshina Oluwaji Adol Engineering Services Hasan Juma Backer Trading & Oyvind Vagan Zaki & Zaki Advocates and Base4 Investment (Nig.) Ltd. Contracting The Bronnoysund Register Center Solicitors Kemi Oluwaji NORWAY S. Madhu Ida Winters Salman Faisal Base4 Investment (Nig.) Ltd. Jose Madukakuzhy Advokatfirmaet Hjort DA, member Homble Olsby advokatfirma AS Haseeb Law Associates Lekan Oluwaji of Ius Laboris Khimji Ramdas Kausar Fecto Base4 Investment (Nig.) Ltd. Pushpa Malani Erik Aasland OMAN Kausar Fecto & Co. Chartered Abijo Oluwasegun Advokatfirma Ræder DA PwC Oman Accountants Ernst & Young FMA Architects Ltd. Mansoor Jamal Malik Sverre Ardø Tabish Gauhar Jehanzeb Afridi Al Busaidy Mansoor Jamal & Co. Jennifer Omozuwa Experian Norway KESC Al Busaidy Mansoor Jamal & Co. Perchstone & Graeys Saman Malik Jan L. Backer Asim Hameed Khan Hamad Al Abri Al Busaidy Mansoor Jamal & Co. Ekundayo Onajobi Wikborg, Rein & Co. Brothers Trading Corporation Muscat Electricity Distribution Udo Udoma & Belo-Osagie Krishnadas Mathilakath Pakistan Pvt. Ltd. Guro Bakke Haga Company Ngozi Onianwa PwC Norway Bank Muscat Asma Hameed Khan Zahir Abdulla Al Abri Punuka Attorneys & Solicitors Yashpal Mehta Surridge & Beecheno Rannveig Bakke Tvedten Muscat Electricity Distribution Gabriel Onojason Homble Olsby advokatfirma AS Company Subha Mohan Rashid Ibrahim Alliance Law Firm Curtis Mallet-Prevost, Colt & A.F. Ferguson & Co., Chartered Stig Berge Z|ubaida Fakir Mohammed Al Mosle LLP Accountants, a member firm of Fred Onuobia Advokatfirmaet Thommessen AS Balushi PwC network G. Elias & Co. Solicitors and Central Bank of Oman (CBO) Ahmed Naveed Farooqui Jacob S. Bjønnes-Jacobsen Advocates Oman Cables Industry (SAOG) Fiza Islam Grette Law Firm DA Mohammed Taki Al Jamalani LEGIS INN Attorneys & Corporate Chiago Orakwusi Capital Market Authority of Bruce Palmer Tron Dalheim Consultants KPMG Oman Curtis Mallet-Prevost, Colt & Arntzen de Besche Advokatfirma Mosle LLP Muzaffar Islam Donald Orji AS Najeeb Al Mahrooqi LEGIS INN Attorneys & Corporate Jackson, Etti & Edu Muscat Electricity Distribution Raghavendra Pangala Magnar Danielsen Consultants Company Semac & Partners LLC Samuel Orji Ministry of the Environment Saila Jamshaid Ikeyi & Arifayan Hanaan Al Marhuby Sulaiman Salmi Lars Davidsen Securities and Exchange PwC Oman Al Busaidy Mansoor Jamal & Co. Tunde Osasona Hafslund Commission of Pakistan Whitestone Worldwide Ltd. Fatma Al Rashdi George Sandars Elisabeth Ege Tariq Nasim Jan SNR Denton & Co. SNR Denton & Co. Olufemi Ososanya Advokatfirma Ræder DA Datacheck Pvt. Ltd. HLB Z.O. Ososanya & Co. Amer Al Rawas Madhu Sathyaseelan Knut Ekern Rubina Javed Omantel Jihad Al-Taie & Associates Taiwo Oyedele PwC Norway Texperts International PwC Nigeria Zuhaira Al Sulaimani Charles Schofield Lars Eliassen M Javed Hassan Curtis Mallet-Prevost, Colt & Addleshaw Goddard LLP Femi Oyetosho The Bronnoysund Register Center Texperts International Mosle LLP BIOS 2 Limited Roy Thomas Turid Ellingsen Aftab Ahmed Khan Majid Al Toky Oman Cables Industry (SAOG) Tunde Popoola Statens Kartverk Surridge & Beecheno Trowers & Hamlins CRC Credit Bureau Limited Nikka Feldskou Guffran Atta Khan Ibrahim Al-Abri PAKISTAN Radhika Roy GAC Norway AS KESC Muscat Municipality Perchstone & Graeys Ali Jafar Abidi Christian Friestad Farah Malik Jalila Al-Akhzami State Bank of Pakistan Akinwunmi Salau PwC Norway Haseeb Law Associates Capital Market Authority of Chris Ogunbanjo & Co. Mirza Taqi Ud Din Ahmad Erlend Haaskjold Oman Mavra Mann Yewande Senbore Arntzen de Besche Advokatfirma A.F. Ferguson & Co., Chartered Zafar & Associates LLP Khalid Khamis Al-Hashmi Accountants, a member firm of Olaniwun Ajayi LP AS Muscat Municipality PwC network Rashid Rahman Mir Taofeek Shittu Hilde Høksnes Rahman Sarfaraz Rahim Iqbal Zaid Al-Khattab Nadeem Ahmad Ikeyi & Arifayan Advokatfirmaet Selmer DA Rafiq - member of Russell Bedford Talal Abu Ghazaleh Legal (TAG- Orr, Dignam & Co., Advocates International Christine Sijuwade Heidi Holmelin Legal) Udo Udoma & Belo-Osagie Advokatfirmaet Selmer DA Waheed Ahmad Moazzam Mughal Leyan Al-Mawali Maxim International Law Firm Boxing Winner Olugbenga Sokan Odd Hylland Trowers & Hamlins Perchstone & Graeys PwC Norway Jawad Ahmed Faiza Muzaffar Mohamed Alrashdi Muhammad Farooq & Co. LEGIS INN Attorneys & Corporate Adeola Sunmola Knut-Aleksander Hymer Muscat Municipality Chartered Accountants Consultants Udo Udoma & Belo-Osagie Advokatfirma Ræder DA Mohammed Alshahri Naima Ahmed Maham Nabeel Olufemi Sunmonu Hanne Karlsen Mohammed Alshahri & Associates Ebrahim Hosain, Advocates and Zafar & Associates LLP Femi Sunmonu & Associates-Qais Advokatfirma Ræder DA Corporate Counsel Jihad Al-Taie Conrad Laureate Solicitors & Rizwan Pir Muhammad Bjørn H. Kise Jihad Al-Taie & Associates Nasir Mehmood Ahmed Notary Public Maersk Line Advokatfirma Simonsen Vogt Wiig Bunker Logistics Mona Taha Amer Rafiu Sunmonu Manzar Naeem Qureshi Trond Larsen Qais Al-Qasmi and Mona Amer Syed Akhter Ahmed Delmore Engineering and Hagler Bailley Pakistan (Pvt) Ltd. Experian Norway Lawyers Pyramid Pakistan Construction Company Limited Zaki Rahman Carl Longva Hasan Juma Backer Syed Asif Ali Olubukola Thomas Ebrahim Hosain, Advocates and GAC Norway AS Hasan Juma Backer Trading & Pyramid Pakistan Perchstone & Graeys Corporate Counsel Contracting Per Einar Lunde Zarina Aslam Evans Tomety Ameeruddin Rana PwC Norway Sadaf Buchanan Abraham & Sarwana Deloitte-Nigeria Abraham & Sarwana SNR Denton & Co. Acknowledgments 287 Khalid Rehman Eduardo Achurra Malory Olmos Chey Scovell Rocío Penayo Surridge & Beecheno - Karachi Pardini & Asociados PwC Panama Manufactures Council Moreno Ruffinelli & Asociados Jawad A. Sarwana Ascanio Alberola Linda Quintero Thomas Taberia Yolanda Pereira Abraham & Sarwana Ministry of Economy and Finances Pinzon Lozano & Asociados Leahy Lewin Nutley Sullivan Berkemeyer, Attorneys & Arquitectos Lawyers Counselors Rafiq Sazir Alejandro Alemán Azam Chaudhry Law Associates Alfaro, Ferrer & Ramírez Alfredo Ramírez Jr. Raul H. Pereira de Souza Fleury Alfaro, Ferrer & Ramírez PARAGUAY Fiorio, Cardozo & Alvarado Mohammad Ali Seena Aristides Anguizola Surridge & Beecheno - Karachi Morgan & Morgan Mario Rognoni Administración Nacional de María Antonia Ramírez de Arosemena Noriega & Contreras Electricidad Gwynn Mian Ali Shabbir Mercedes Araúz de Grimaldo Gwynn & Gwynn - Legal Haseeb Law Associates Morgan & Morgan Luz María Salamina Magalí Rodríguez Alcalá Counsellors Asociación Panameña de Crédito Berkemeyer, Attorneys & Huma Shah Lorena Arcia Counselors Natalio Rubinsztein M/s Sheikh Shah Rana & Ijaz Aimar Group Nelson E. Sales BDO Rubinsztein & Guillén Alfaro, Ferrer & Ramírez Perla Alderete Muhammad Siddique Khatiya Asvat Vouga & Olmedo Abogados Mauricio Salgueiro Securities and Exchange Patton, Moreno & Asvat Carla Salvatierra Vouga & Olmedo Abogados Commission of Pakistan Dirección de Obras y Enrique Benítez Fernando Aued Construcciones Municipio de BDO Rubinsztein & Guillén Federico Silva Mian Hamdoon Subhani Arias, Fábrega & Fábrega Panama Ferrere Abogados M.H.S. Associates Hugo T. Berkemeyer Ana Ayarza Verónica Sinisterra Berkemeyer, Attorneys & Ruben Taboada Haris Syed Raza Panalpina World Transport LLP Arosemena Noriega & Contreras Counselors PwC Paraguay Maersk & Safmarine Adelaida Barahona Raul Soto Esteban Burt Ninfa Rolanda Torres de Paredes Mian Haseeb ul Hassan Dirección de Obras y Arosemena Noriega & Contreras Peroni, Sosa, Tellechea, Burt & Agencia Paredes Haseeb Law Associates Construcciones Municipio de Narvaja, member of Lex Mundi Panama Marlaine Tuñón Carlos Vasconsellos Najeeb Ullah Ministerio de Comercio e Industria Julio Gonzalez Caballero Ferrere Abogados Allied Bank Limited Francisco A. Barrios G. Superintendencia de Bancos - BCP PwC Panama Ramón Varela Ernesto Velázquez-Argaña Chaudhary Usman Morgan & Morgan Marcelo Cortese Fiorio, Cardozo & Alvarado Ebrahim Hosain, Advocates and Gustavo Adolfo Bernal Cortese & Asociados Corporate Counsel Sociedad Panameña de Ingenieros y Juan Manuel Vasquez Rodolfo Vouga Muller Arquitectos Dirección de Obras y Lorena Dolsa Vouga & Olmedo Abogados Saleem uz Zaman Construcciones Municipio de Berkemeyer, Attorneys & Saleem uz Zaman & Co. Carlos Klaus Bieberach Lia Zanotti Panama Counselors Javier Bouche Peroni, Sosa, Tellechea, Burt & Saad Ehsan Waraich Union Fenosa - EDEMET - Paolo Doria Narvaja, member of Lex Mundi Surridge & Beecheno EDECHI PAPUA NEW GUINEA Peroni, Sosa, Tellechea, Burt & Muhammad Yousuf Narvaja, member of Lex Mundi Jose A. Bozzo Express Freight Management PERU Haider Shamsi & Co., Chartered Garrido & Garrido Estefanía Elicetche Accountants Marjorie Andrew Equifax Peru S.A. Peroni, Sosa, Tellechea, Burt & Luis Carlos Bustamante Consultative Implementation & Ilyas Zafar Narvaja, member of Lex Mundi Lima Chamber of Commerce Panamá Soluciones Logísticas Monitoring Council Zafar & Associates LLP Int. - PSLI Natalia Enciso Benitez Walter Aguirre Paul Barker Vaqar Zakaria Notary Public Aguirre Abogados & Asesores Hernando Carrasquilla Consultative Implementation & Hagler Bailley Pakistan (Pvt) Ltd. Registro Público de Panamá Monitoring Council Bruno Fiorio Carrizosa Marco Antonio Alarcón Piana Fiorio, Cardozo & Alvarado Estudio Luis Echecopar García SRL Irene Carrizo David Caradus PALAU Ministry of Economy and Finances PwC Papua New Guinea Juan Bautista Fiorio Gimenez Alfonso Alvarez Calderón Financial Institutions Commission Fiorio, Cardozo & Alvarado Estudio Alvarez Calderon Aurelia Chen Dickson Palau Public Utility Corporation Mossack Fonseca & Co. NCDC Municipality Sergio Franco Mariela Angeles PwC Uruguay Estudio Olaechea, member of Lex Lisa Abraham Julio Cesar Contreras III Moira Eka Mundi Small Business Development Center Arosemena Noriega & Contreras Ashurst LLP Néstor Gamarra (SBDC) Servimex SACI Mirella Arteta Rigoberto Coronado Richard Flynn Russell Bedford Perú / Barzola & Kenneth Barden Mossack Fonseca & Co. Ashurst LLP Jorge Guillermo Gomez Asociados S.C. - member of Russell Attorney-at-Law PwC Paraguay Eduardo De Alba Clarence Hoot Bedford International Ricardo Bausoch Arias, Fábrega & Fábrega IPA Santiago Gomez Guilhermo Auler Bureau of Revenue, Customs and Ferrere Abogados Jorge G. Lombardi Dutari Steven Kami Forsyth Abogados Taxation Lombardi Aguilar Group Gadens Lawyers Nadia Gorostiaga Maritza Barzola Maria Cristina Castro PwC Paraguay Mailyn Espinosa Stanley Kewa Russell Bedford Perú / Barzola & Western Caroline Trading Co. PwC Panama PNG Power Ltd. Sigfrido Gross Brown Asociados S.C. - member of Russell Rachel Dimitruk Estudio Juridico Gross Brown Bedford International Enna Ferrer John Leahy Dimitruk Law Office Alfaro, Ferrer & Ramírez Leahy Lewin Nutley Sullivan Carl Thomas Gwynn Stephany Giovanna Bravo de Suzanne Finney Lawyers Gwynn & Gwynn - Legal Rueda Arce Palau Historic Preservation Office Jorge Garrido Counsellors Ransa Garrido & Garrido Heidi Liviko Anthony Frazier PwC Papua New Guinea Norman Gwynn Jorge Calle William Gonzalez Gwynn & Gwynn - Legal Rubio Leguía Normand Ronnie Giman Bruce Mackinlay PwC Panama Counsellors CTSI Logistics Credit & Data Bureau Limited Fernando Castro Angie Guzmán Jorge Jimenez Rey Muñiz, Ramírez, Peréz-Taiman & Renan Jusay Stephen Massa Morgan & Morgan Banco Central del Paraguay Olaya Abogados CTSI Logistics Gadens Lawyers Jonathan Kraemer Pablo Livieres Guggiari Cecilia Catacora Lily Rdechor Vaughan Mills Arosemena Noriega & Contreras Estudio Jurídico Livieres Guggiari Estudio Olaechea, member of Lex Palau Environmental Quality Allens Arthur Robinson Protection Board Ivettedel E.C. Llerena Mundi Nestor Loizaga Pedreschi & Pedreschi Lata Milner William L. Ridpath Ferrere Abogados Norka Chirinos La Torre Twivey Lawyers William L. Ridpath, Attorney Alexander Enrique Garcia Lopez SUNARP Augusto César Mengual at Law Lombardi Aguilar Group Camillus Narokobi Mazacotte Tomas Cosco Narokobi Lawyers David Shadel Ivette Elisa Martínez Saenz Fiorio, Cardozo & Alvarado Russell Bedford Perú / Barzola & The Law Office of Kirk and Shadel Patton, Moreno & Asvat Antonia Nohou Asociados S.C. - member of Russell Alessandro Molfesi PwC Papua New Guinea Bedford International Peter C. Tsao Maricela Moreno Panalpina Paraguay Western Caroline Trading Co. Dirección de Obras y Ray Paul Ricardo de la Piedra Roberto Moreno Rodríguez Construcciones Municipio de PNG Customs Service Estudio Olaechea, member of Lex Alcalá Panama Mundi PANAMA Lou Pipi Moreno Ruffinelli & Asociados Erick Rogelio Muñoz NCDC Municipality Alfonso De Los Heros Pérez Ernst & Young Natalia Oddone Sucre, Arias & Reyes Albela John Brian Sam Berkemeyer, Attorneys & Fabrega, Molino & Mulino Estudio Luis Echecopar García SRL Franklin I. Oduber PNG Customs Service Counselors ANATI Patricia Demarini Traverso SUNARP 288 Doing Business 2014 Paula Devescovi Bruno Marchese Quintana Ruben Gerald Capones Carina Laforteza Jose Voltaire Sagles Barrios & Fuentes Abogados Rubio Leguía Normand SyCip Salazar Hernandez & SyCip Salazar Hernandez & Prople BPO, Inc Gatmaitan Gatmaitan Carlos Diaz Fernando M. Ramos Rowena Fatima Salonga SUNARP Barrios & Fuentes Abogados Cecile Margaret Caro Mary Rhauline Lambino Puyat Jacinto Santos Law Office SyCip Salazar Hernandez & SyCip Salazar Hernandez & José Carlos Eyzaguirre Jorge Reategui Neptali Salvanera Gatmaitan Gatmaitan CONUDFI Estudio Ferrero Abogados Angara Abello Concepcion Domingo Castillo Earla Kahlila Langit Regala & Cruz Law Offices Guillermo Ferrero Sonia L. Rengifo SyCip Salazar Hernandez & SyCip Salazar Hernandez & (ACCRALAW) Estudio Ferrero Abogados Barrios & Fuentes Abogados Gatmaitan Gatmaitan Froilan Savet Luis Enrique Narro Forno Alonso Rey Bustamante Jon Edmarc Castillo Grace Ann Lazaro MERALCO SUNAT Payet, Rey, Cauvi Abogados SyCip Salazar Hernandez & SyCip Salazar Hernandez & Richmund Sta Lucia Mariana Franco Jose M. Reyes Gatmaitan Gatmaitan Baker & McKenzie Estudio Ferrero Abogados Barrios & Fuentes Abogados Joseph Omar A. Castillo Jaydee Justine Legaspi-Buduan Felix Sy Luis Fuentes Andrea Rieckhof Puyat Jacinto Santos Law Office Isla Lipana & Co. Baker & McKenzie Barrios & Fuentes Abogados Gallo Barrios Pickmann Sandhya Marie Castro Benjamin Lerma Carlos Martin Tayag Julio Gallo Yulissa Rivero Romulo, Mabanta, Buenaventura, Romulo, Mabanta, Buenaventura, Romulo, Mabanta, Buenaventura, Gallo Barrios Pickmann Forsyth Abogados Sayoc & de los Angeles, member of Sayoc & de los Angeles, member of Sayoc & de los Angeles, member of Lex Mundi Lex Mundi Pedro Grados Smith Rocio Rodriguez Lex Mundi Superintendency of Banking, Gamma Cargo S.A.C. Kenneth Chua Esther Claudine F. Lim Anna Bianca Torres Insurance and Private Pension Fund Quisumbing Torres, member firm of Angara Abello Concepcion Guillermo Acuña Roeder Puyat, Jacinto & Santos Law Administrator Baker & McKenzie International Regala & Cruz Law Offices Rubio Leguía Normand Office (ACCRALAW) Cecilia Guzmán-Barrón Daniel Nicholas Darvin Erick Rojas Patrick Tovey Gallo Barrios Pickmann Quisumbing Torres, member firm of Genevieve M. Limbo Camara Peruana de la International Container Terminal Baker & McKenzie International Isla Lipana & Co. Oscar J. Hernandez Construccion Services, Inc. Gamma Cargo S.A.C. Reynaldo B. Daway Victoria Limkico Emil Ruppert Glenn T. Tuazon Regional Trial Court (RTC) - Jimenez Gonzales Bello Valdez Carlos Hernández Ladera Rubio Leguía Normand Romulo, Mabanta, Buenaventura, Branch 90 Caluya & Fernandez Ransa Sayoc & de los Angeles, member of Carolina Sáenz Llanos Emerico O. de Guzman Ronald Mark Lleno Lex Mundi Giuliana Higuchi Rubio Leguía Normand Angara Abello Concepcion SyCip Salazar Hernandez & Barrios & Fuentes Abogados Manuel V. Pangilinan Adolfo Sanabria Regala & Cruz Law Offices Gatmaitan Maynilad Water Services, Inc. Jose Antonio Honda Muñiz, Ramírez, Peréz-Taiman & (ACCRALAW) Roberto Locsin Estudio Olaechea, member of Lex Olaya Abogados Ma. Melva Valdez Dino de los Angeles International Container Terminal Mundi Jimenez Gonzales Bello Valdez Arturo Ruiz Sanchez Romulo, Mabanta, Buenaventura, Services, Inc. Caluya & Fernandez César Ballón Izquierdo Rubio Leguía Normand Sayoc & de los Angeles, member of Eleanor Lucas Roque Ransa Lex Mundi Shirley Velasquez Victor Scarsi Punongbayan & Araullo Puyat, Jacinto & Santos Law Rafael Junco Luz del Sur Emilio S. De Quiros Jr. Marianne Miguel Office Camara Peruana de la Republic of the Philippines Social Martin Serkovic SyCip Salazar Hernandez & Construccion Security System Isagani Versoza Estudio Olaechea, member of Lex Gatmaitan DBO Juan Carlos Leon Mundi Anthony Dee Jose Salvador Mirasol Claudia López SyCip Salazar Hernandez & Ivy Villamor Hugo Silva Romulo, Mabanta, Buenaventura, Barrios & Fuentes Abogados Gatmaitan Prople BPO, Inc Rodrigo, Elías, Medrano Abogados Sayoc & de los Angeles, member of German Lora Rafael del Rosario Lex Mundi Erwin Villasanta Mario Solari Zerpa Payet, Rey, Cauvi Abogados Romulo, Mabanta, Buenaventura, DMCI SUNARP Jesusito G. Morallos Sayoc & de los Angeles, member of Milagros Maravi Sumar Follosco Morallos & Herce Vernon Ray Vinluan Liliana Tsuboyama Shiohama Lex Mundi Rubio Leguía Normand Department of Energy Estudio Luis Echecopar García SRL Freddie Naagas Frances Yani Domingo Carlos Martínez SCM Creative Concepts Inc. Peter Young Yahaida Uribe SyCip Salazar Hernandez & Rubio Leguía Normand International Container Terminal Barrios & Fuentes Abogados Gatmaitan Jomini C. Nazareno Services, Inc. Ricardo Martinez Alvarez Romulo, Mabanta, Buenaventura, Jack Vainstein Redel Domingo ACREDITA S.A.C. Sayoc & de los Angeles, member of Redentor C. Zapata Vainstein & Ingenieros S.A. MERALCO Lex Mundi Quasha Ancheta Pena & Nolasco Carlos Martínez Ebell José Antonio Valdez Larry Fernandez Rubio Leguía Normand Amanda Nograles Gil Roberto Zerrudo Estudio Olaechea, member of Lex Manila Electric Company Romulo, Mabanta, Buenaventura, Quisumbing Torres, member firm of Jesús Matos Mundi Catherine Franco Sayoc & de los Angeles, member of Baker & McKenzie International Estudio Olaechea, member of Lex Mariella Vilela Guevara Quisumbing Torres, member firm of Lex Mundi Mundi SUNARP Baker & McKenzie International Carla Ortiz POLAND Alejandro Medina Manuel Villa-García Geraldine S. Garcia Romulo, Mabanta, Buenaventura, Superintendency of Banking, Agencja Transportowa Makro Estudio Olaechea, member of Lex Follosco Morallos & Herce Sayoc & de los Angeles, member of Insurance and Private Pension Fund Service Mundi Lex Mundi Administrator Andres Gatmaitan Business & Law Blog Vanessa Watanabe SyCip Salazar Hernandez & Maria Christina Ortua Cecilia Mercado Gallo Barrios Pickmann Gatmaitan SyCip Salazar Hernandez & PwC Poland Gamma Cargo S.A.C. Gatmaitan Agustín Yrigoyen Victor Genuino Kaja Agnieszka Laszczych Francisco Lira Miro Quesada García Sayán Abogados MERALCO Benedicto Panigbatan Raposo Bernardo & Associados SUNARP SyCip Salazar Hernandez & Heidy Zuzunaga Gwen Grecia-de Vera Michał Anastasiu Ronaldo Moreno-Aramburú Gatmaitan Aguirre Abogados & Asesores Puyat, Jacinto & Santos Law Kancelaria Prawa Gospodarczego Barrios & Fuentes Abogados Office Emmanuel C. Paras i Ekologicznego dr Bartosz Ariel Orrego-Villacorta SyCip Salazar Hernandez & Draniewicz PHILIPPINES Jessica Hilado Barrios & Fuentes Abogados Gatmaitan Puyat, Jacinto & Santos Law Andrzej Balicki SEC Max Panay Cuya Office Floriza Poblete DLA Piper Wiater sp.k. SUNARP Manuel Batallones Isla Lipana & Co. Tadeo F. Hilado Michał Barłowski BAP Credit Bureau, Inc. Edmundo Paredes Angara Abello Concepcion Elaine Patricia S. Reyes Wardyński & Partners Superintendency of Banking, Pearl Grace Cabali Regala & Cruz Law Offices Angara Abello Concepcion Michal Białobrzeski Insurance and Private Pension Fund Puyat Jacinto Santos Law Office (ACCRALAW) Regala & Cruz Law Offices Hogan Lovells (Warszawa) LLP Administrator (ACCRALAW) Alexander Cabrera Nancy Joan M. Javier Katarzyna Bilewska Lucianna Polar Isla Lipana & Co. Javier Law Ruben Gerald Ricasata Dentons Estudio Olaechea, member of Lex Puyat Jacinto Santos Law Office Mylene Capangcol Thea Marie Jimenez Mundi Aleksander Borowicz Department of Energy Quasha Ancheta Pena & Nolasco Ricardo J. Romulo Biuro Informacji Kredytowej S.A. Maribel Príncipe Romulo, Mabanta, Buenaventura, Joanna Eileen Capones Salma Kuhutan Rubio Leguía Normand Sayoc & de los Angeles, member of Adrian Branny SyCip Salazar Hernandez & Puyat Jacinto Santos Law Office Lex Mundi Deloitte Doradztwo Podatkowe María José Puertas Gatmaitan Sp. z o.o. Gallo Barrios Pickmann Acknowledgments 289 Urszula Brzezińska Katarzyna Kopyłowska Michał Steinhagen Fernando Cardoso da Cunha Isabel Martínez de Salas Blackstones DLA Piper Wiater sp.k. Wardyński & Partners Gali Macedo & Associados Garrigues Portugal S.L.P. - Sucursal Kinga Cekiera Olga Koszewska Michal Suska Tiago Castanheira Marques Stopczyk & Mikulski Chadbourne & Parke LLP Ergonomix Abreu Advogados Bruna Melo PwC Portugal Michal Chyla Kinga Kowalska Peter Święcicki Susana Cebola Deloitte Doradztwo Podatkowe Gide Loyrette Nouel Poland Squire Sanders Święcicki Krześniak Instituto dos Registos e do Susana Melo Sp. z o.o. Warsaw sp.k. Notariado Grant Thornton LLP Krzysztof Ciepliński Joanna Kozlowska Izabela Szczygielska Marcelo Correia Alves Joaquim Luis Mendes Gide Loyrette Nouel Poland Raposo Bernardo & Associados WKB Wiercinski, Kwiecinski, Baehr Barrocas Advogados Grant Thornton LLP Warsaw Adam Krause Łukasz Szegda Joaquim Correia Teixeira Marianne Mendes Webber Tomasz Czech Krause Legal Wardyński & Partners EDP Distribuição - Energia, SA Souza, Cescon, Barrieu & Flesch Raiffeisen Bank Polska S.A. Advogados Ewa Łachowska - Brol Maciej Szwedowski Andreia Damásio Michał Dąbrowski Wierzbowski Eversheds, member of Squire Sanders Święcicki Krześniak Pedro Raposo & Associados João Moucheira Ministry of Justice Eversheds International Ltd. sp.k. Instituto dos Registos e do Miguel de Avillez Pereira Notariado Tomasz Dąbrowski Konrad Piotr Lewandowski Anna Tarasiuk-Flodrowska Abreu Advogados Ministry of Economy Agnieszka Lisiecka Hogan Lovells (Warszawa) LLP António Mouteira Guerreiro Cristina Dein Wardyński & Partners Mouteira Guerreiro, Rosa Amaral Stanisław Deńko Dariusz Tokarczuk Dein Advogados & Associados - Sociedade de Izba Architektów Wojciech Łuczka Gide Loyrette Nouel Poland João Duarte de Sousa Advogados R.L. Hogan Lovells (Warszawa) LLP Warsaw Andrzej Dmowski Garrigues Portugal S.L.P. - Rodrigo Natanael Costa Russell Bedford DZO Sp. z Krzysztof Markowski Ryszard Trykosko Sucursal PwC Portugal o.o. - member of Russell Bedford Polish Association of Civil Biuro Informacji Kredytowej S.A. Jaime Esteves International Engineers Vânia Nicolau Tomasz Michalak PwC Portugal Pedro Raposo & Associados Bartosz Draniewicz Ministry of Finance Dominika Wagrodzka Bruno Ferreira Kancelaria Prawa Gospodarczego bnt Neupert Zamorska & Partnerzy Rita Nogueira Neto Sebastian Michalik Garrigues Portugal S.L.P. - i Ekologicznego dr Bartosz sp.j. Garrigues Portugal S.L.P. - Cargo-Partner spedycja sp. z.o.o. Sucursal Draniewicz Sucursal Dariusz Wasylkowski Tomasz Michalik Sofia Ferreira Enriquez Anna Drozd Wardyński & Partners Benedita Nunes MDDP Michalik Dłuska Dziedzic Raposo Bernardo & Associados Ministry of Finance Morais Leitão, Galvão Teles, i Partnerzy Jerzy Widzyk Ana Filipa Ribeiro Soares da Silva & Associados, Mateusz Dróżdż Warbud Marko Mihajic PwC Portugal member of Lex Mundi Gide Loyrette Nouel Poland Maersk Line Poland Robert Windmill Warsaw Tereza Garcia André Catarina Nunes Windmill Gąsiewski & Roman Robert Mikulski Miranda Correia Amendoeira PwC Portugal Edyta Dubikowska Law Office Stopczyk & Mikulski & Associados - Sociedade de Squire Sanders Święcicki Krześniak Vitorino Oliveira Steven Wood Advogados RL sp.k. Instituto dos Registos e do Michal Niemirowicz-Szczytt Blackstones bnt Neupert Zamorska & Partnerzy Francisco Goes Pinheiro Notariado Rafal Dziedzic sp.j. Tomasz Zabost AVM Advogados Gide Loyrette Nouel Poland Rui Peixoto Duarte ProLogis Warsaw Zygmunt Niewiadomski Nuno Pimentel Gomes Abreu Advogados Warsaw School of Economics Małgorzata Zamorska Abreu Advogados Agnieszka Fedor Pedro Pereira Coutinho bnt Neupert Zamorska & Partnerzy WKB Wiercinski, Kwiecinski, Baehr Joanna Nowakowska-Drapała Patricia Gomes Garrigues Portugal S.L.P. - sp.j. Notariat Polski Morais Leitão, Galvão Teles, Sucursal Krzysztof Feluch Grazyna Zaremba Soares da Silva & Associados, Wierzbowski Eversheds, member of Filip Opoka António Luís Pereira Figueiredo Russell Bedford DZO Sp. z member of Lex Mundi Eversheds International Ltd. DLA Piper Wiater sp.k. Instituto dos Registos e do o.o. - member of Russell Bedford Tania Gomes Notariado Sofia Ferreira Enriquez Krzysztof Pawlak International Neville de Rougemont & Raposo Bernardo & Associados Sołtysiński Kawecki & Szlęzak Tiago Pereira Monteiro Associados AVM Advogados Marek Firlej Alexandra Pereira dos Reis PORTUGAL Paulo Henriques Ministry of Finance Raposo Bernardo & Associados Inga Petkelyte-Kilikeviciene Victor Abrantes P. Henriques - Consultoria, Lda KPL Legal Lech Gilicinski Łukasz Piebiak Joana Abreu Miguel Inácio Castro K&L Gates Poland Ministry of Justice Abreu Advogados Frederica Pinto Mouteira Guerreiro, Rosa Amaral Raposo Bernardo & Associados Judith Gliniecki Włodzimierz Płachciński Bruno Andrade Alves & Associados - Sociedade de Wierzbowski Eversheds, member of Skanska S.A. PwC Portugal Advogados R.L. Andreia Pires Prazeres Eversheds International Ltd. PwC Portugal Adrian Praczuk Natália Garcia Alves Francisco Lemos Michał Gliński Ministry of Finance Abreu Advogados AVM Advogados Portugal Acácio Pita Negrão Wardyński & Partners PLEN - Sociedade de Advogados, Tomasz Protas Nuno Alves Mansilha Tiago Lemos RL Rafał Godlewski Warbud Miranda Correia Amendoeira PLEN - Sociedade de Advogados, Wardyński & Partners & Associados - Sociedade de RL Rita Pitacas Bartłomiej Raczkowski Pedro Raposo & Associados Jaromir Grabowski Advogados RL Bruno Lobato Bartłomiej Raczkowski Kancelaria Wojewòdzki Inspektorat Nadzoru Prawa Pracy Joana Andrade Correia Mouteira Guerreiro, Rosa Amaral Nelson Raposo Bernardo Budowlanego w Warszawie Raposo Bernardo & Associados & Associados - Sociedade de Raposo Bernardo & Associados Karol Ruszkowski Advogados R.L. Mirosław Hagemejer Hogan Lovells (Warszawa) LLP Filipa Arantes Pedroso Pedro Reis e Silva Urząd Miasta Lublin Morais Leitão, Galvão Teles, Jorge Pedro Lopes Pedro Raposo & Associados Piotr Sadownik Polytechnic Institute of Bragança Monika Hartung Soares da Silva & Associados, Maria João Ricou Gide Loyrette Nouel Poland Wardyński & Partners member of Lex Mundi Rita Lopes Cuatrecasas, Gonçalves Pereira Warsaw Miguel Azevedo Morais Leitão, Galvão Teles, Łukasz Iwański Aneta Saramak Filomena Rosa Garrigues Portugal S.L.P. - Soares da Silva & Associados, Ergonomix Deloitte Doradztwo Podatkowe Instituto dos Registos e do member of Lex Mundi Sucursal Notariado Justyna Jamroży Sp. z o.o. Diana Bandeira Helga Lopes Ribeiro Chadbourne & Parke LLP Katarzyna Sarek Francisco Salgueiro Pedro Raposo & Associados Mouteira Guerreiro, Rosa Amaral Bartłomiej Raczkowski Kancelaria Neville de Rougemont & Joanna Jasiewicz & Associados - Sociedade de Prawa Pracy João Banza Associados Gide Loyrette Nouel Poland Advogados R.L. Warsaw PwC Portugal Maria do Ceu Santiago Joanna Sebzda-Załuska Tiago Gali Macedo GWW Legal Manuel P. Barrocas MCS Advogados Jakub Jędrzejak Gali Macedo & Associados WKB Wiercinski, Kwiecinski, Baehr Barrocas Advogados Pedro Santos Karol Skibniewski Ana Margarida Maia Sołtysiński Kawecki & Szlęzak Mark Bekker Grant Thornton LLP Magdalena Kalińska Miranda Correia Amendoeira WKB Wiercinski, Kwiecinski, Baehr Bekker Logistica & Associados - Sociedade de Raquel Santos Zbigniew Skórczyński Chadbourne & Parke LLP João Cadete de Matos Advogados RL Morais Leitão, Galvão Teles, Tomasz Kański Banco de Portugal Soares da Silva & Associados, Sołtysiński Kawecki & Szlęzak Marek Sosnowski Miguel Marques dos Santos member of Lex Mundi Gide Loyrette Nouel Poland Rui Capote Garrigues Portugal S.L.P. - Mariusz Każuch Warsaw PLEN - Sociedade de Advogados, Sucursal Filipe Santos Barata Ministry of Finance RL Gómez-Acebo & Pombo Abogados, S.L.P. Sucursal em Portugal 290 Doing Business 2014 Susana Santos Valente Pedro Janer Karim Hamdy Alice Burtea Adina Grosu Pedro Raposo & Associados CMA Architects & Engineers LLP Sultan Al-Abdulla & Partners POP PEPA SCA Attorneys-at-Law Salans FMC SNR Denton Europe – Todor si Asociatii SCA Cristina Serrazina Larissa Maldonado Walid Honein Maria Cambien Pedro Raposo & Associados American Bar Association Badri and Salim El Meouchi Law PwC Romania Argentina Hincu Firm, member of Interleges Salans FMC SNR Denton Europe – Ana Sofia Silva Jerry Marrero Vadim Chiriac Todor si Asociatii SCA Cuatrecasas, Gonçalves Pereira O’Neill & Borges Rafiq Jaffer DLA Piper Dinu SCA Al Tamimi & Company Advocates Ana-Maria Hrituc Carmen Silva Oscar O Meléndez-Sauri Diana Chitea & Legal Consultants Sulica Protopopescu Vonica Credinformações/ Equifax Malley Tamargo & Meléndez- D&B David şi Baias Law Firm Sauri, LLC Upuli Kasthuriarachchi Cristina Iacobescu Luís Filipe Sousa Alin Chitu PwC Qatar POP PEPA SCA Attorneys-at-Law PwC Portugal Luis Mongil-Casasnovas Ţuca Zbârcea & Asociaţii Martinez Odell & Calabria Sajid Khan Diana Emanuela Ispas Francisco Sousa Guedes Mariana Ciocoiu PwC Qatar Nestor Nestor Diculescu Kingston SGOC Sousa Guedes, Oliveira Jose Morales Jinga, Maravela & Asociatii Petersen Couto & Associados, Soc. Multi-Pak Postal Service Frank Lucente Cristina Ciuca Advogados R.L. Al Tamimi & Company Advocates Horia Ispas Isis Perez D&B David şi Baias Law Firm & Legal Consultants Ţuca Zbârcea & Asociaţii Carmo Sousa Machado O’Neill & Borges Veronica Cocârlea Abreu Advogados Elias Matni Mihai Jelea Victor Rodriguez Jinga, Maravela & Asociatii Badri and Salim El Meouchi Law Eversheds Lina & Guia SCA Rui Souto Multitransport & Marine Co. Firm, member of Interleges Raluca Coman Pedro Raposo & Associados Mircea Jinga Victor Rodriguez Clifford Chance Badea SCA Arnaud Montouché Jinga, Maravela & Asociatii João Paulo Teixeira de Matos PwC Puerto Rico UGGC Avocats Doha Anamaria Corbescu Garrigues Portugal S.L.P. - Crenguta Leaua Ana Margarita Rodríguez Salans FMC SNR Denton Europe – Sucursal Declan Mordaunt Leaua & Asociatii O’Neill & Borges Todor si Asociatii SCA PwC Qatar Ricardo Veloso Andreea Lepadatu Victor R. Rodríguez Oana Cornescu VMP - Veloso, Mendes, Patoe Safwan Moubaydeen Salans FMC SNR Denton Europe – O’Neill & Borges Ţuca Zbârcea & Asociaţii Associados, Sociedade de Dentons Todor si Asociatii SCA Advogados RL Loudres Rodriguez-Morera Tiberiu Csaki Nadine Naji Cristian Lina Antonio Roig Salans FMC SNR Denton Europe – Antônio Vicente Marques Dentons Lina & Guia SCA O’Neill & Borges Todor si Asociatii SCA AVM Advogados Zaher Nammour Edita Lovin Edgardo Rosa-Ortiz Radu Damaschin Dentons Retired Judge of Romanian Supreme FPV & Galíndez CPAs, PSC Nestor Nestor Diculescu Kingston PUERTO RICO (U.S.) Court of Justice - member of Russell Bedford Charbel Neaman Petersen TransUnion De Puerto Rico International Clyde & Co. Ileana Lucian Crina Danila Muşat & Asociaţii Viviana Aguilu Jorge M. Ruiz Montilla Sujani Nisansala Muşat & Asociaţii PwC Puerto Rico McConnell Valdés LLC PwC Qatar Andreea-Maria Lupulet Peter De Ruiter POP PEPA SCA Attorneys-at-Law Alfredo Alvarez-Ibañez Patricia Salichs-Rosselló Michael Palmer PwC Romania O’Neill & Borges McConnell Valdés LLC Patton Boggs LLP Smaranda Mandrescu Luminita Dima POP PEPA SCA Attorneys-at-Law Salvador Antonetti Jaime Santos Mohamed Riaz Nestor Nestor Diculescu Kingston O’Neill & Borges Pietrantoni Méndez & Alvarez LLP Sultan Al-Abdulla & Partners Petersen Dumitru Viorel Manescu National Union of Civil Law Juan Aquino Eduardo Tamargo David Salt Adriana Dobre Notaries of Romania O’Neill & Borges Malley Tamargo & Meléndez- Clyde & Co. D&B David şi Baias Law Firm Sauri, LLC Gelu Maravela Antonio A. Arias-Larcada Annette Seiffert Madalina Dobre Jinga, Maravela & Asociaţii McConnell Valdés LLC Jennifer Tejada Clyde & Co. D&B David şi Baias Law Firm Banco Popular de Puerto Rico Alina Matei Vanessa Badillo Zain Al Abdin Sharar Rodica Dobre Săvescu & Asociaţii O’Neill & Borges Paola Ubiñas Qatar Financial Markets PwC Romania O’Neill & Borges Authority (QFMA) Neil McGregor Hermann Bauer Monia Dobrescu McGregor & Partners S.C.A. O’Neill & Borges Tania Vazquez Maldonado Muşat & Asociaţii Banco Popular de Puerto Rico ROMANIA Carmen Medar Nikos Buxeda Ferrer Ion Dragulin D&B David şi Baias Law Firm Adsuar Muñiz Goyco Seda & Travis Wheatley National Trade Registry Office National Bank of Romania Pérez-Ochoa, PSC O’Neill & Borges Mariana Mercescu National Union of Civil Law Marina Dranga Cabinet Consultanta Economica Jorge Capó Matos Nayuan Zouairabani Notaries of Romania Drakopoulos Law Firm Mercescu O’Neill & Borges O’Neill & Borges Nicolaie Adam Laura Adina Duca Cătălina Mihăilescu Samuel Céspedes Jr. Ţuca Zbârcea & Asociaţii Nestor Nestor Diculescu Kingston Ţuca Zbârcea & Asociaţii McConnell Valdés LLC QATAR Petersen Ana Anghel Mihaela Mihu Odemaris Chacon Badri and Salim El Meouchi Law Anghel Stabb & Partners Alina Dumitrascu Salans FMC SNR Denton Europe – William Estrella | Attorneys & Firm, member of Interleges Cabinet Consultanta Economica Cosmin Anghel Todor si Asociatii SCA Counselors Mercescu Hani Al Naddaf Clifford Chance Badea SCA Dan Minoiu Walter F. Chow Al Tamimi & Company Advocates Serban Epure Mihai Anghel Muşat & Asociaţii O’Neill & Borges & Legal Consultants Biroul de Credit Ţuca Zbârcea & Asociaţii Bianca Mircea Manuel De Lemos Rashed Albuflasa Georgiana Evi Gabriela Anton POP PEPA SCA Attorneys-at-Law Manuel de Lemos Aia Noble Global Logistics Clifford Chance Badea SCA Ţuca Zbârcea & Asociaţii Ana Mirea Myrtelena Diaz-Pedrosa A. Rahman Mohamed Al-Jufairi Oana Felea Andrei Badiu Clifford Chance Badea SCA Adsuar Muñiz Goyco Seda & Advocates & Legal Consultants POP PEPA SCA Attorneys-at-Law 3B Expert Audit - member of Pérez-Ochoa, PSC Ioana Morar Monita Barghachieh Russell Bedford International Iulia Ferăstrău-Grigore DLA Piper Dinu SCA Antonio Escudero Pinsent Masons LLP Jinga, Maravela & Asociatii Florina Balanescu McConnell Valdés LLC Mona Musat Arnaud Depierrefeu ENEL Sorina Galea Muşat & Asociaţii Alfonso Fernandez UGGC Avocats Doha PwC Romania Emanuel Băncilă Ivyport Logistical Services Inc. Razvan Nanescu Karim El Gebaily D&B David şi Baias Law Firm Adriana Gaspar Nestor Nestor Diculescu Kingston Ubaldo Fernandez Talal Abu Ghazaleh Legal (TAG- Nestor Nestor Diculescu Kingston Irina Elena Bănică Petersen O’Neill & Borges Legal) Petersen POP PEPA SCA Attorneys-at-Law Carmen Năstase Bennett Díaz Figueroa Fouad El Haddad Monica Georgiadis Alexandra Barac Ţuca Zbârcea & Asociaţii Colegio de Arquitectos y Lalive LLC DLA Piper Dinu SCA POP PEPA SCA Attorneys-at-Law Arquitectos Paisajistas de Puerto Adriana Neagoe Chadia El Meouchi Laurentiu Gorun Rico Monica Biciusca National Bank of Romania Badri and Salim El Meouchi Law Drakopoulos Law Firm Anghel Stabb & Partners Julio A. Galíndez Firm, member of Interleges Manuela Marina Nestor Mădălina Grigoraș FPV & Galíndez CPAs, PSC Paula Boteanu Nestor Nestor Diculescu Kingston James Elwen Jinga, Maravela & Asociatii - member of Russell Bedford DLA Piper Dinu SCA Petersen International Pinsent Masons LLP Marius Grigorescu Alin Buftea Theodor Catalin Nicolescu Dalal K. Farhat Harb Leaua & Asociatii Rocio Herrera DLA Piper Dinu SCA Nicolescu & Perianu Law Firm Banco Popular de Puerto Rico Arab Engineering Bureau Acknowledgments 291 Ariana Elena Pantea Ruxandra Tarlescu Elvira Gadelshina Aleksandr Panarin Maxim Yashkov Jinga, Maravela & Asociatii PwC Romania Khrenov & Partners Logistic Service Publishing House Customs Terminals Marius Pătrășcanu Florin Tineghe Oleg Ganeles Andrey Panov Jinga, Maravela & Asociatii DLA Piper Dinu SCA Roman Goldberg Norton Rose Fulbright (Central Vladislav Zabrodin Europe) LLP Capital Legal Services LLC Steven Pepa Laura Tiuca Victoria Gourinovitch POP PEPA SCA Attorneys-at-Law Salans FMC SNR Denton Europe – Groupe SEB Sergey Parinov Marina Zaykova Todor si Asociatii SCA Russin & Vecchi Closed Stock Company STS Energy Laurențiu Petre Andrey Grinev Săvescu & Asociaţii Andra Trantea State Development Roman Peikrishvili Roman Zhavner DLA Piper Dinu SCA TNB-Line Egorov Puginsky Afanasiev & Alina Pintica Andrey Gruzintsev Partners Ţuca Zbârcea & Asociaţii Ada Țucă North Star Andrey Pestov Jinga, Maravela & Asociaţii ZAO 2B2 Evgeny Zhilin Monica Pirvulescu Julia Iglina Yust Law Firm POP PEPA SCA Attorneys-at-Law Anca Maria Ulea Egorov Puginsky Afanasiev & Yulia Petrakova Muşat & Asociaţii Partners ALRUD Law Firm Ana Maria Placintescu RWANDA Muşat & Asociaţii Cristina Vedel Maria Ivakina Sergei Pikin POP PEPA SCA Attorneys-at-Law ALRUD Law Firm Energy Development Fund Bolloré Africa Logistics Carolina Pletniuc Lina & Guia SCA Ivan Ivanov Olga Pimanova Bralirwa Ltd. RUSSIAN FEDERATION Finec ALRUD Law Firm Claudiu Pop National Bank of Rwanda POP PEPA SCA Attorneys-at-Law Allen & Overy LLP Anna Ivanova Vyacheslav Platonov Emmanuel Abijuru Egorov Puginsky Afanasiev & Moscow Municipality Department Alina Elena Popescu ESPRO Real Estate Capital Performance Advocates of Urban Policy Jinga, Maravela & Asociaţii Partners Andrei Afanasiev Alberto Basomingera Anton Kalanov Anna Polishuk Iulian Popescu Baker & McKenzie - CIS, Limited Cabinet d’Avocats Mhayimana Interexpertiza LLC, member of AGN State Development Muşat & Asociaţii Marat Agabalyan International Eric Cyaga Victor Poslavsky Mariana Popescu Herbert Smith Freehills CIS LLP K-Solutions and Partners Guzaliya Kamalova Groupe SEB National Bank of Romania Alexey Agafonov Badis Patrick Gashagaza Sergey Pozdnyakov Tiberiu Potyesz North Star Deloitte LLP Pavel Karpunin ZAO Znak Bitrans Ltd. Mike Allen Capital Legal Services LLC Edward Gasore Maxim Rasputin Elena Preotescu Russia Consulting LLC National Bank of Rwanda Ekaterina Karunets Egorov Puginsky Afanasiev & DLA Piper Dinu SCA Julia Andreeva Baker & McKenzie - CIS, Limited Partners Jean Havugimana Sebastian Radocea Capital Legal Services LLC ECODESEP Ltd. Alexander Khretinin Vera Rikhterman Ţuca Zbârcea & Asociaţii Anatoly E. Andriash Herbert Smith Freehills CIS LLP Egorov Puginsky Afanasiev & Francois Xavier Kalinda Cristian Radu Norton Rose Fulbright (Central Partners Université Nationale du Rwanda Ţuca Zbârcea & Asociaţii Europe) LLP Sergey Klimiashvili JSC Alan Cargo Mark Rovinskiy Désiré Kamanzi Laura Radu Mikhail Anosov Egorov Puginsky Afanasiev & ENSafrica Rwanda STOICA & Asociaţii - Societate Capital Legal Services LLC Anastasia Konovalova Partners Norton Rose Fulbright (Central Marcellin Kamanzi Civilă de Avocaţi Irina Anyukhina Europe) LLP Jonathan Russin Julien Kavaruganda Ana Maria Ralea ALRUD Law Firm Russin & Vecchi K-Solutions and Partners D&B David şi Baias Law Firm Oksana Kostenko Stefan Bakh CMS Legal Stanislav Sachnev Théophile Kazeneza Alexandra-Elena Rimbu Publishing House Customs Russin & Vecchi Cabinet d’Avocats Kazeneza Jinga, Maravela & Asociatii Terminals Igor Kostjuk Hough Trofimov & Partners Maria Sarycheva Bernice Kimacia Anda Rojanschi Konstantin Baranov DLA Piper Rus Limited PwC D&B David şi Baias Law Firm CMS Legal Alyona Kozyreva Norton Rose Fulbright (Central André Scholz Isaïe Mhayimana Angela Rosca Maxim Barashev Europe) LLP Rödl & Partner Cabinet d’Avocats Mhayimana Taxhouse SRL Barabashev & Partners Law Firm Aleksey Kryuchkov Kirill Shcherbakov Frobisher Mugambwa Adrian Rotaru Edward Bekeschenko DSK-1 JSC Barabashev & Partners Law Firm PwC Uganda Clifford Chance Badea SCA Baker & McKenzie Artem Kukin Victoria Sivachenko Richard Mugisha Silvia Sandu Derek Bloom Yust Law Firm ALRUD Law Firm Trust Law Chambers Muşat & Asociaţii Capital Legal Services LLC Victoria Kushner Inga Skvortsova Elonie Mukandoli Raluca Sanucean Egor Bogdanov Pepeliaev Group Law Firm Cliff National Bank of Rwanda Ţuca Zbârcea & Asociaţii Gide Loyrette Nouel, member of Natalia Kuznetsova Alexey Soldatov Léopold Munderere Lex Mundi Andrei Săvescu Russin & Vecchi ABU Accounting Services Cabinet d’Avocats-Conseils Săvescu & Asociaţii Margarita Borisenkova Ekaterina Evgenievna Lamanova Maria Solovykh Claude Mutabazi Abayo Badis Alexandru Slujitoru MOESK ALRUD Law Firm Mutabazi Abayo Law Firm D&B David şi Baias Law Firm Julia Borozdna Vitalii Larionov Valentina Subbotina Pothin Muvara Pepeliaev Group Catalina Sodolescu Rosstandart Interexpertiza LLC, member of AGN Nestor Nestor Diculescu Kingston Alexander Bryantsev International Frank Muvunyi Petersen LEVINE Bridge David Lasfargue EWSA Gide Loyrette Nouel, member of Ivetta Tchistiakova-Berd Oana Soviani Sergey Budylin Gide Loyrette Nouel, member of Ernest Mwiza Lex Mundi Salans FMC SNR Denton Europe – Roche & Duffay Lex Mundi Town Nice View Todor si Asociatii SCA Olga Leonova Maria Bykovskaya Ivan Teselkin Kizito Niyonshuti Roche & Duffay David Stabb Gide Loyrette Nouel, member of Herbert Smith Freehills CIS LLP ENSafrica Rwanda Anghel Stabb & Partners Lex Mundi Stepan Lubavsky Ilya Titov Aimable Nkuranga Finec Anca Stanciulescu Aleksandr Bystrov Hough Trofimov & Partners Credit Reference Bureau Africa Law Offices Cornel Tabarta JSC Alan Cargo Dmitry Lyakhov Ltd. Russin & Vecchi Elena Tretiuhina Lorena Stanciulescu Svetlana Chechina VTB Martin Nkurunziza Law Offices Lorena Stanciulescu Baker & McKenzie - CIS, Limited Igor N. Makarov Deloitte LLP Baker & McKenzie - CIS, Limited Irina Vasileva Ionut Stancu Vasina Ekaterina Major Joy Ntare Nestor Nestor Diculescu Kingston ALRUD Law Firm Borisenkova Margarita National Bank of Rwanda Badis Nikolay Vereshko Petersen Hervé Ntege Valeria Fedyuk Mikhailov & Partners - member of Sorin Corneliu Stratula DLA Piper Rus Limited Andrey Mikhailov Russell Bedford International ENSafrica Rwanda Stratula Mocanu & Asociatii Hough Trofimov & Partners Evgenia Fomicheva Aleksei Volkov Lewis Manzi Rugema Mariana Sturza Mosinzhproekt OJSC Ekaterina Motyvan National Bureau of Credit Ecobank Rwanda Ltd. Ţuca Zbârcea & Asociaţii Yust Law Firm Histories Olga Fonotova Lucien Ruterana Roxana Talasman Abrasu Norton Rose Fulbright (Central Radmila Nikitina Maria Yadykina (Gorban) EWSA Nestor Nestor Diculescu Kingston Europe) LLP Yust Law Firm Gide Loyrette Nouel, member of Etienne Ruzibiza Petersen Elena Ogawa Lex Mundi LEVINE Bridge 292 Doing Business 2014 Sandrali Sebakara Debora Cenni Rui Amaral Wicki Andersen Abdoulaye Drame Bureau d’Etudes CAEDEC Studio Legale e Notarile Miranda Correia Amendoeira & Baker Botts LLP Cabinet Abdoulaye Drame Associados São Tomé and Príncipe Nelly Umugwaneza Alberto Chezzi John Balouziyeh Amadou Drame Advocare Rwanda Studio Chezzi André Aureliano Aragão Dentons Cabinet d’Avocat Cheikh Fall Jurisconsulta & Advogado Florence Umurungi Marco Ciacci Majed Mohammed Garoub Cheikh Fall Freight Logistic Services Ltd. Banca Agricola Saul Fonseca Law Firm of Majed M. Garoub Cabinet d’Avocat Cheikh Fall Miranda Correia Amendoeira Lilian Uwanziga Mupende Alessandro de Mattia John Harris Bakary Faye & Associados - Sociedade de One Stop Center Azienda Autonoma di Stato per i Jones Lang LaSalle BDS Advogados RL Servizi Pubblici Ravi Vadgama Chadi F. Hourani Seynabou Faye Amadeu Goncalves CRB Holdings Limited Gilberto Felici Hourani & Associates Cabinet d’Avocat Cheikh Fall Manuel Roque Ltda. Tribunale Unico della Repubblica di Amgad Husein Balla Gningue San Marino Pedro Guiomar SAMOA Dentons SCP Mame Adama Gueye & Supermaritime São Tomé Simone Gatti Associés Leavai Law Zaid Mahayni World Line Fernando Lima da Trindade Law Office of Hassan Mahassni Antoine Gomis Ministry of Works, Transport & Ministry of Publics Works, Mario Giannini SCP Senghor & Sarr, Notaires Infrastructure Geographical-Cadastre, Natural Eyad R. Reda Banca Centrale Associés Resources, and Environment DLA Piper Mike Betham Giovanni Guerra Papa Bathie Gueye Transam Ltd. Raul Mota Cerveira Nadeem Shaikh Telecom Italia San Marino S.p.A. RMA Sénégal Miranda Correia Amendoeira Globe Marine Services Co. Lawrie Burich Antonio Gumina & Associados - Sociedade de Mamadou Guye Quantum Contrax Ltd. Abdul Shakoor Banca Centrale Advogados RL Customs (Direction de la Globe Marine Services Co. Shelly Burich Reglementation Douaniere) Anna Maria Lonfernini Guilherme Posser da Costa Quantum Contrax Ltd. Archana Sinha Studio Legale e Notarile Posser da Costa Advogados Alioune Ka RCS Pvt. Ltd. Business Advisors Murray Drake Associados Étude SCP Mes Ka Cristina Lonfernini Group Drake & Co. Studio Legale e Notarile Lonfernini Hugo Rita Mahi Kane Arvind Sinha Ruby Drake Terra Forma PricewaterhouseCoopers Tax & Erika Marani RCS Pvt. Ltd. Business Advisors Drake & Co. Legal SA Studio Legale e Notarile Marani- Ana Roque Group Fiona Ey Beccari Manuel Roque Ltda. Sidy Kanoute Peter Stansfield Clarke Ey Lawyers Avocat à la Cour Fabio Mazza José Manuel Roque Al-Jadaan & Partners Law Firm Richard Tapeni Faaiuaso Banca Centrale Manuel Roque Ltda. Mouhamed Kebe Abdul Aziz Zaibag Richard’s Law Firm Geni & Kebe Lucia Mazza Cláudia Santos Malaquias Alzaibag Consultants Anthony Frazier Ufficio Tecnico del Catasto Miranda Correia Amendoeira Ousseynou Lagnane Soudki Zawaydeh Margaret Fruean & Associados - Sociedade de BDS Daniela Mina PwC Saudi Arabia Ministry of Commerce, Industry Advogados RL Studio Commerciale Moussa Mbacke and Labour Rui Veríssimo Etude Notariale Moussa Mbacke Oscar Mina SENEGAL Misa Ioane Esoto Soares Da Costa Azienda Autonoma di Stato per i Dame Mbaye Misa Electrical Bolloré Africa Logistics Servizi Pubblici Teresa Veríssimo Transfret Dakar Siíliíli Aumua Isaia Lameko Soares Da Costa Société Civile Professionnelle Gianlucca Minguzzi Birame Mbaye Seck d’Avocats François Sarr & Ministry of Commerce, Industry Antao Progetti S.P.A Antônio Vicente Marques Direction du Developpement Urbain and Labour Associés AVM Advogados Lorenzo Moretti Papa Alboury Ndao Tuala Pat Leota Khaled Abou El Houda Studio Legale e Notarile RMA Sénégal Public Accountant Cabinet Kanjo Koita SAUDI ARABIA Alfredo Nicolini Aly Mar Ndiaye Leulua’iali’i Tasi Malifa Symphorien Agbessadji Lawyer Ernst & Young Commission de Régulation du Malifa Law BCEAO Secteur de l’Electricité Sara Pelliccioni Saudi Electricity Company Arthur R. Penn Ahmadou Al Aminou Lo Bussoletti Nuzzo & Associati Amadou Moustapha Ndiaye Lesa ma Penn Abdulaziz Abdullatif BCEAO (BNM) SCP Ndiaye & Diagne, Notaires Al-Soaib Law Firm Faletasi Sao Magatte Dabo Valeria Pierfelici Layti Ndiaye Samoe Realty Estate Asad Abedi Transfret Dakar Tribunale Unico della Repubblica di Bolloré Africa Logistics The Law Firm of Hatem Abbas Faiiletasi Elaine Seuao San Marino Cheikhou Dia Ghazzawi & Co. Mariama Ndiaye Ministry of Commerce, Industry RMA Sénégal Cesare Pisani PricewaterhouseCoopers Tax & and Labour Fayyaz Ahmad Telecom Italia San Marino S.p.A. Ibrahima Diagne Legal SA Jones Lang LaSalle Keilani Soloi Gainde 2000 Giuseppe Ragini Macodou Ndour Soloi Survey Services Anas Akel Studio Notarìle e Legale Amadou Diouldé Diallo Cabinet Mocodou Ndour Bafakih & Nassief Ministère de l’Urbanisme et de Roberto Ragini Moustapha Ndoye Fayez Aldebs l’Assainissement SAN MARINO Antao Progetti S.P.A Cabinet Maitre Moustapha Ndoye PwC Saudi Arabia Mauro Amici Maciré Diallo Marco Giancarlo Rossini Camille Razalison Azienda Autonoma di Stato per i Abdullah Al-Hashim SCP Ndiaye & Diagne, Notaires Studio Legale e Notarile Cabinet John W. Ffooks & Co. Servizi Pubblici Al-Jadaan & Partners Law Firm Fidèle Dieme Alessia Scarano Babacar Sall Simone Arcangeli Omar AlHoshan Senelec Studio Scarano BDS Avvocato e Notaio AlHoshan CPAs & Consultants - Abdoul Aziz Dieng Daniela Tombeni correspondent of Russell Bedford Elhadji Madiop Sene Renzo Balsimelli Centre de Gestion Agréé de Dakar S.M. Studio Sped International COSELEC Ufficio Urbanistica Issa Dione Marco Valli Mohammed Al-Jadaan Mbacké Sene Dennis Beccari Senelec Bussoletti Nuzzo & Associati Al-Jadaan & Partners Law Firm Senelec Studio Legale e Notarile Marani- (BNM) Abdou Birahim Diop Beccari Yousef A. Al-Joufi Daniel-Sédar Senghor Direction du Developpement Urbain Andrea Vivoli Al-Joufi Law Firm SCP Senghor & Sarr, Notaires Gian Luca Belluzzi Banca Centrale Amadou Diop Associés Studio Commerciale Belluzzi Nabil Abdullah Al-Mubarak Gainde 2000 Monica Zafferani Saudi Credit Bureau - SIMAH Yaya Sow Luciano Bollini Deloitte Studio Tributario e Angelique Pouye Diop Cadastre Senegal Registro Imprese – Ufficio Bander A. Alnogaithan Societario Agence chargée de la Promotion Industria, Artigianato e Commercio The Law Office of Bander Codou Sow-Seck de l’Investissement et des Grands Alnogaithan Geni & Kebe Gianna Burgagni Travaux SÃO TOMÉ AND PRÍNCIPE Studio Legale e Notarile Saad Al-Owain Djibril Sy Fodé Diop António de Barros A. Aguiar Unified Registry- Ministry of Secom-Afrique Cecilia Cardogna Art Ingegierie Afrique SOCOGESTA Commerce & Industry Avvocato e Notaio Ndongo Samba Sylla Mohamed Abdoulaye Diop Eudes Aguiar Ahmed A. Al-Sabti Foundation Rosa Luxemburg Fabrizio Castiglioni Bolloré Africa Logistics Aguiar & Pedronho Studio Saudi Arabian General Investment Costruzioni Edilizie Sammarinesi Traore Tamsir Ousmane Authority Andrée Diop-Depret (C.E.S.) S.A. Adelino Amado Pereira Tex Courrier Ga 2 D Amado Pereira & Associados, Mohammed Al-Soaib Sociedade de Advogados Al-Soaib Law Firm Acknowledgments 293 Babacar Thiome Cedomir Kokanovic Miloš Vulić Manilius Garber Soo How Koh Senelec Nikolic Kokanovic Otasevic Law Prica & Partners Law Office Jarrett-Yaskey, Garber & PwC Singapore Office Associates: Architects (JYGA) Antoine Traore Miloš Živković Wong Kum Hoong BCEAO Ivan Krsikapa Živković & Samardžić Law Office Francis Kaifala Energy Market Authority Ninković Law Office Wright & Co. Emmanuel Yehouessi Ashok Kumar BCEAO Zach Kuvizić SEYCHELLES Mariama Seray Kallay K. Latha Kuvizic & Tadic Law Office Government of Sierra Leone Accounting & Corporate Diouf Yoro International Law & Corporate COSELEC Krzysztof Lipka Services Ltd. A. Santos Kamara Regulatory Authority, ACRA PwC Serbia National Revenue Authority Yvonne Lay Ministry of Labour and Human SERBIA Ruzica Macukat Resources Development Raymond Fleance Kamara Ministry of Finance Serbian Business Registers Agency National Revenue Authority Lee Lay See PD Elektrodistribucija Beograd Public Utilities Corporation d.o.o. Miladin Maglov Alieyah Keita Rajah & Tann LLP Gerry Adam Serbian Business Registers Agency George Kwatia Eng Beng Lee Milos Andjelkovic Mahe Shipping Co. Ltd. Wolf Theiss Rastko Malisic PwC Ghana Rajah & Tann LLP Andre D. Ciseau Marić, Mališić & Dostanić o.a.d., Millicent Lewis-Ojumu Grace Lee Aleksandar Andrejic Seychelles Ports Authority correspondent law firm of Gide Prica & Partners Law Office CLAS Legal Singapore Customs Loyrette Nouel Alex Ellenberger Vlada Babic Locus Architecture Pty. Ltd. Corneleius Max-Williams Ho Ming Lee Aleksandar Mančev Destiny Shipping Agencies Ltd. Accounting & Corporate Air Speed Prica & Partners Law Office Gerard Esparon Regulatory Authority, ACRA Milan Brkovic Ministry of National Development Harold McCarthy Ines Matijević-Papulin National Power Authority James Leong Association of Serbian Banks Harrison Solicitors Conrad Lablache Subordinate Courts Marina Bulatovic Pardiwalla Twomey Lablache Foday Ahmed Musa Jelena Milacic Ministry of Labor and Social Yik Wee Liew Wolf Theiss Nikolic Kokanovic Otasevic Law Malcolm Moller Security Wong Partnership LLP Ana Čalić Office Appleby Prica & Partners Law Office Mohamed Salisu Kexin Lim Aleksandar Mladenović Joe Morin Ministry of Finance PwC Singapore Ivan Cavdarevic IKRP Rokas & Partners Mahe Shipping Co. Ltd. Prica & Partners Law Office Nana Adjoa Anaisewa Sey William Lim Marina Nikolic Margaret Nourice PwC Ghana Credit Bureau Singapore Pte Ltd. Jovan Cirkovic Moravčević, Vojnović & Stamp Duty Commission Harrison Solicitors Zdravković u saradnji sa Edward Siaffa Girish Naik Brian Orr National Revenue Authority PwC Singapore Schonherr Vladimir Dabić MEJ Electrical The International Center for Dimitrije Nikolić Fatmata Sorie Sushil Nair Divino Sabino Wright & Co. Drew Napier Financial Market Development Cargo T. Weiss d.o.o. Pardiwalla Twomey Lablache Vladimir Dasić Djurdje Ninković Eddinia Swallow Max Ng Kieran B. Shah Wright & Co. Polaris Law Corporation Bojović Dašić Kojović Ninković Law Office Barrister & Attorney-at-Law Vera Davidović Bojana Noskov Alpha Tejan-Jalloh Shari Rasanayagam Marić, Mališić & Dostanić o.a.d., Wolf Theiss Tropical and Environmental Kinetica Pte. Ltd., in association SIERRA LEONE Associates with Kelvin Chia Partnership correspondent law firm of Gide Jelena Obradović Loyrette Nouel Alfred Akibo-Betts Alhaji Timbo David Sandison Živković & Samardžić Law Office National Revenue Authority National Power Authority PwC Singapore Simon Dayes Zvonko Obradović CMS Cameron McKenna Gideon Ayi-Owoo Mohamed Ahmad Tunis Manoj Sandrasegara Serbian Business Registers Agency PwC Ghana Ahmry Services Drew Napier Stojan Denkic Darija Ognjenović PwC Serbia Abdul Akim Bangura Darcy White Kwan Kiat Sim Prica & Partners Law Office Association of Clearing and PwC Ghana Rajah & Tann LLP Lidija Djeric Vladimir Perić Forwarding Agencies Sierra Leone Law Offices Popovic, Popovic, Franklyn Williams Douglas Tan Prica & Partners Law Office Samardzija & Popovic Mallay F. Bangura Sierra Leone Business Forum Ltd. Steven Tan PAC - member of Mihajlo Prica National Power Authority Russell Bedford International Uroš Djordjević Yada Williams Prica & Partners Law Office Živković & Samardžić Law Office Philip Bangura Yada Williams and Associate Hak Khoon Tan Ana Radivojević Bank of Sierra Leone Energy Market Authority Nemanja Djukic Rowland Wright PwC Serbia Živković & Samardžić Law Office Desmond Dalton Beckley Wright & Co. Nicky Tan Ljiljana Ristic Dalttech / DESMI Enterprises nTan Corporate Advisory Pte Ltd. Jelena Kuveljic Dmitric Kuvizic & Tadic Law Office Law Offices Zecevic & Lukic Cheryl Blake SINGAPORE Nicole Tang Stojan Semiz B&J Partners Credit Bureau Singapore Pte Ltd. Stefan Dobrić Allen & Gledhill LLP CMS Cameron McKenna Law Offices Janković, Popović Sonia Browne Siu Ing Teng & Mitić Dragana Stanojević CLAS Legal DLA Piper Singapore Land Authority USAID Business Enabling Project Schenker Veljko Dostanic Charles Campbell Joseph Toh (by Cardno Emerging Markets Marić, Mališić & Dostanić o.a.d., Charles Campbell & Co. Lim Ah Kuan Beca Carter Holdings & Ferner USA) correspondent law firm of Gide Paul Chiy SP PowerGrid Ltd. (S.E. Asia) Pte. Ltd. Loyrette Nouel Dubravka Stijović CLAS Legal Malcolm BH Tan Peck Wong Marić, Mališić & Dostanić o.a.d., Dragan Draca Insolvency & Public Trustee’s Subordinate Courts correspondent law firm of Gide Leslie Theophilus Clarkson PwC Serbia Office Loyrette Nouel Ahmry Services Siew Kwong Wong Jelena Gazivoda Shi-Chien Chia Energy Market Authority Petar Stojanović Susan E. Coker Law Offices Janković, Popović Ministry of Trade & Industry Joksovic, Stojanovic and Partners ESSCON Services Jennifer Yeo & Mitić Ana Tomic Kpana M. Conteh Hooi Yen Chin Yeo-Leong & Peh LLC Danica Gligorijevic Polaris Law Corporation Joksovic, Stojanovic and Partners National Revenue Authority Stefanie Yuen Thio Prica & Partners Law Office Jovana Tomić Michaela Kadijatu Conteh Chee Beow Chng TSMP Law Corporation Ana Jankov Živković & Samardžić Law Office Wright & Co. Beng Chye Chua Wilson Zhu Bojović Dašić Kojović Snežana Tosić Sahid Conteh Rajah & Tann LLP Rajah & Tann LLP Nikola Janković Serbian Business Registers Agency National Revenue Authority William Chua Law Offices Janković, Popović & Mitić Sanja Vesic Abu Bakr Dexter Ministry of Trade & Industry SLOVAK REPUBLIC A.D. InterEuropa, Belgrade E.E.C. Shears-Moses & Co. Kit Min Chye Allen & Overy Bratislava, s.r.o. Milovan Jocovic Bojović Dašić Kojović Srećko Vujaković Momoh Dumbuya Tan Peng Chin LLC Katarína Bartal Moravčević, Vojnović & National Power Authority You Ying Karen Hsu CLS Čavojský & Partners, s.r.o. Aleksandra Jović Zdravković u saradnji sa Wong Tan & Molly Lim LLC CMS Cameron McKenna Joseph Fofanah Martina Behuliaková Schonherr Office of the Administrator and Eric Heah Kian Heng Geodesy, Cartography and Nemanja Kačavenda Tanja Vukotić Marinković Registrar General (OARG) PwC Singapore Cadastre Authority of the Slovak A.D. InterEuropa, Belgrade Serbian Business Registers Agency Republic Dimitris Katsaros IKRP Rokas & Partners 294 Doing Business 2014 Silvia Belovičová Christiana Serugova Jernej Jeraj Tilen Terlep Edward Brooks White & Case s.r.o. PwC Slovakia CMS Reich-Rohrwig Hainz Odvetniki Šelih & Partnerji Activate Architecture (Pty) Ltd. Peter Bollardt Michal Simunic Sabina Jereb Melita Trop Brendon Christian Čechová & Partners, member of Lex Čechová & Partners, member of Lex Ministry for Environmental and Law Firm Miro Senica and Business Law BC Mundi and WSG Mundi and WSG Spatial Planning Attorneys, d.o.o Beric Croome Ján Budinský Jakub Skaloš Ana Kavčič Katja Wostner ENS Slovak Credit Bureau, s.r.o. Ministry of Economy Agency of the Republic of Slovenia BDO Svetovanje d.o.o. Haydn Davies for Public Legal Records and Peter Cavojsky Jaroslav Škubal Nina Žefran Webber Wentzel Related Services CLS Čavojský & Partners, s.r.o. PRK Partners s.r.o. Deloitte LLP Veronica De Freitas Lovro Kleindienst Katarína Čechová Lubica Suhajova Alojz Zupančič ENS Transocean Shipping Čechová & Partners, member of Lex PwC Slovakia Customs Administration of the Henk De Klerk Mundi and WSG Miro Košak Republic of Slovenia Andrea Šupáková DN Freight Notary Office Košak Kristina Čermáková Detvai Ludik Malý Udvaros Tina Žvanut Mioč Gretchen de Smit Peterka & Partners Brigita Kraljič Law Office Jadek & Pensa d.n.o. Maria Svidroňová ENS CMS Reich-Rohrwig Hainz - o.p. Elena Červenová Monarex Audit Consulting Steve Donninger White & Case s.r.o. Marko Kranjc Natália Tunegová Rawlins Wales & Partners CMS Reich-Rohrwig Hainz SOLOMON ISLANDS Matus Chmelo Čechová & Partners, member of Lex Jeff Epstein Peterka & Partners Mundi and WSG Nina Kristarič Don Boykin Bidvest Panalpina Logistics Law Office Jadek & Pensa d.n.o. Pacific Architects Ltd. Tomas Cibula Jakub Vojtko - o.p. Elise Gibson White & Case s.r.o. JNC Legal s.r.o. Anthony Frazier Grosskopff Lombart Huyberechts & Tjaša Lahovnik Michael Ipo Jan Dvorecky Otakar Weis Associates Architects Odvetniki Šelih & Partnerji Whitlam K Togamae Lawyers Green Integrated Logistics PwC Slovakia Tim Gordon-Grant (Slovakia) s.r.o. Borut Leskovec Nathan Kama Petra Zabuďková Bowman Gilfillan Inc. Law Office Jadek & Pensa d.n.o. – o.p. Solomon Islands Customs Sona Farkasova White & Case s.r.o. Kim Goss Monarex Audit Consulting Tanja Magister John Katahanas Dagmar Zukalová Bowman Gilfillan Inc. Deloitte LLP Sol - Law Matej Firicky Zukalová - Advokátska kancelária Roelof Grové White & Case s.r.o. s.r.o. Jera Majzelj John Keniapisia Adams & Adams Odvetniki Šelih & Partnerji Lawyer Simona Haláková Richard Hadebe Čechová & Partners, member of Lex SLOVENIA Matjaž Miklavčič Melanie Khalegedi City of Johannesburg Mundi and WSG SODO d.o.o. Whitlam K Togamae Lawyers Marjan Babič Jenna Hamilton Peter Hodál Agency of the Republic of Slovenia Mateja Mikloška Nancy Kwalea White & Case LLP White & Case s.r.o. for Public Legal Records and Odvetniki Šelih & Partnerji Solomon Islands Chamber of Related Services Commerce Christopher Holfeld Veronika Hrušovská Evelina Novak Webber Wentzel PRK Partners s.r.o. Ana Berce PwC Slovenia Dennis McGuire Odvetniki Šelih & Partnerji Sol - Law Tobie Jordaan Lucia Huntatová Nejc Novak Cliffe Dekker Hofmeyr Inc. JNC Legal s.r.o. Damjana Bogataj Demšar Law Firm Miro Senica and Norman Nicholls Agency of the Republic of Slovenia Attorneys, d.o.o Solomon Islands Electricity Lisa Koenig Vladimir Ivanco for Public Legal Records and TransUnion White & Case s.r.o. Ela Omersa Authority Related Services CMS Reich-Rohrwig Hainz Haelo Pelu Christa Koklow Miroslav Jalec Jana Bozic Ministry of Justice and Legal CIPC (Companies and Intellectual Zapadoslovenska energetika, a.s. Pavle Pensa Law Firm Miro Senica and Affairs Property Commission) Law Office Jadek & Pensa d.n.o. Tomáš Kamenec Attorneys, d.o.o - o.p. Livingston Saepio Leza Marie Kotzé Dedák & Partners Erika Braniselj Honiara City Council Shepstone & Wylie Nataša Pipan Nahtigal Sebastian Klokner Notary Office Braniselj Odvetniki Šelih & Partnerji Martin B. Sam Paul Lategan Čechová & Partners, member of Lex Črtomir Brvar Solomon Islands Electricity Shepstone & Wylie Mundi and WSG Petra Plevnik Energy Agency of the Republic of Authority Law Firm Miro Senica and Johnathan Leibbrandt Roman Konrad Slovenia Attorneys, d.o.o Gregory Joseph Sojnocki Webber Wentzel Profinam, s.r.o. Akos Burjan Morris & Sojnocki Chartered Bojan Podgoršek Eric Levenstein Miroslav Kopac PwC Slovenia Accountants Notariat Werksmans Inc. National Bank of Slovakia Franc Cmok Gerald Stenzel Marija Remic Amanda Lotheringen Petra Krchova Filipov o.p.d.o.o. in cooperation TRADCO Shipping Agency of the Republic of Slovenia CIPC (Companies and Intellectual Blaha, Erben & Partneri with Schoenherr Rechtsanwalte for Public Legal Records and Property Commission) GmbH John Sullivan Jaroslav Krupec Related Services Sol - Law Thomas Makamo Peterka & Partners Nada Drobnic Kostanca Rettinger Whitlam K. Togamae Rivoningo Engineers KPMG Sonja Lozo Kreditni biro SISBON, d.o.o. Whitlam K Togamae Lawyers Kyle Mandy Blaha, Erben & Partneri Ana Filipov Marijana Ristevski Pamela Wilde PwC South Africa Filipov o.p.d.o.o. in cooperation Maria Malovcova PwC Slovenia Ministry for Justice and Legal with Schoenherr Rechtsanwalte Joey Mathekga PwC Slovakia Affairs GmbH Ines Rostohar CIPC (Companies and Intellectual Jozef Malý Law Firm Miro Senica and Property Commission) Alenka Gorenčič Detvai Ludik Malý Udvaros Attorneys, d.o.o SOUTH AFRICA Deloitte LLP Duncan McMeekin Přemysl Marek Patricija Rot Q & N West Export Trading House Bowman Gilfillan Inc. Mira Goršič Peterka & Partners Law Office Jadek & Pensa d.n.o. PwC Slovenia Gerome Mogamat Abrahams Burton Meyer - o.p. Thomas Mehes Abraham and Mulligan Financial Cliffe Dekker Hofmeyr Inc. Eva Gostisa Panalpina Slovakia, s.r.o. Bostjan Sedmak Consultants Law Office Jadek & Pensa d.n.o. Gabriel Meyer Attorney Office Kosmac d.o.o. Jaroslav Niznansky - o.p. Nicolaos Akritidis Norton Rose Fulbright South Katarína Nováková Jaka Simončič Paradigm Architects Africa Hermina Govekar Vičič Monarex Audit Consulting Law Office Jadek & Pensa d.n.o. Kreditni biro SISBON, d.o.o. Ross Alcock Katlego Mmuoe - o.p. Peter Ondrejka Barbara Guzina ENS Glory Moumakwe Ministry of Economy Andreja Škofič CIPC (Companies and Intellectual Deloitte LLP Claire Barclay Deloitte LLP Property Commission) Veronika Pázmányová Samo Heric Cliffe Dekker Hofmeyr Inc. White & Case s.r.o. Branka Španič Sizwe Msimang Heric Attorney-at-Law Lauren Barnett Law Office Jadek & Pensa d.n.o. Bowman Gilfillan Inc. Ladislav Pompura Damjana Iglič - o.p. Werksmans Inc. Monarex Audit Consulting Bank of Slovenia Abraham Mulligan Jožef Strmšek Kobus Blignaut Abraham and Mulligan Financial Simona Rapavá Dunja Jandl Bank of Slovenia Attorney Consultants White & Case s.r.o. CMS Reich-Rohrwig Hainz Gregor Strojin Kerri Brockway Graeme Palmer Marek Samoš Andrej Jarkovič Supreme Court of the Republic of Webber Wentzel Garlicke & Bousfield Inc. White & Case s.r.o. Law Firm Janežič & Jarkovič Ltd. Slovenia Acknowledgments 295 Joshua Parbhu Monyluak Alor Kuol Angel Alonso Hernández Carlos Gonzalez Gutierrez- Álvaro Rifá White & Case LLP Liberty Advocates LLP Uría & Menéndez, member of Lex Barquin Uría Menéndez Mundi Asociación Española de la Janine Pt Ian Alsworth-Elvey Jaime Ruiz Rocamora Industria Eléctrica Kwanele Radebe Southern Sudan Beverages Limited Joana Andrade Correia Cuatrecasas, Gonçalves Pereira The Standard Bank of South (SSBL) Raposo Bernardo & Associados Esther González Pérez Guillermo Rodrigo García Africa Limited Uría & Menéndez, member of Lex Gabriel Isaac Awow Ana Armijo Clifford Chance Mundi Vivek Ramsaroop Ministry of Justice Ashurst LLP Noemi Rodriguez Alonso Bowman Gilfillan Inc. Wenceslao Gracia Zubiri Premal Bataviya Antonio Bautista Sagardoy Abogados, member of Gracia Carabantes Abogados Hansuya Reddy Infotech Group Cleanergetic SEERS Solutions, Ius Laboris Norton Rose Fulbright South S.L.U. Vicente Guilarte Gutiérrez Gabriel Muorwel Buoc Eduardo Rodríguez-Rovira Africa Colegio de Registradores de la Central Bank of South Sudan Denise Bejarano Uría & Menéndez, member of Lex Propiedad y Mercantiles de España Jenny Retief Pérez - Llorca Mundi Hoth Giw Chan Bidvest Panalpina Logistics Jorge Hernandez Southern Sudan Beverages Limited Andrés Berral Javier Romeu Equifax Iberica Lucinde Rhoodie (SSBL) Clifford Chance TIBA Internacional, S.A. Cliffe Dekker Hofmeyr Inc. Carlos Hernández Francis Yousif Christopher Vicente Bootello Javier Ruz Cerezo Metropolitana de Aduanas y Lauren Richards Central Bank of South Sudan Garrigues Abogados y Asesores Lightsource Transportes & Icontainers.com Bowman Gilfillan Inc. Tributarios Canon Undo Elisa Mukasi Álvaro Ryan Murua Alejandro Huertas León Mark Ross Ministry of Commerce, Industry & Agustín Bou Iberdrola S.A. Garrigues Abogados y Asesores PwC South Africa Investment Jausas Tributarios Iñigo Sagardoy de Simón Andres Sepp Michael Fend Héctor Bouzo Cortejosa Sagardoy Abogados, member of Jaime Llopis Office of the Chief Registrar of South Sudan Electricity Company Solcaisur S.L. Ius Laboris Cuatrecasas, Gonçalves Pereira Deeds Peter Gatkouth Kor Laura Camarero Jaime Salvador Marina Lorente Richard Shein Ministry of Justice Baker & McKenzie Russell Bedford España Auditores Garrigues Abogados y Asesores y Consultores, S.L. - member of Bowman Gilfillan Inc. Kersten Jauer Jesús Camy Tributarios Russell Bedford International Alex Short Ministry of Finance Registro de la Propiedad Granada Alberto Lorenzo Russell Bedford International 6 Eduardo Santamaría Moral Godfrey Khayo Banco de España J&A Garrigues, S.L.P. David Short Spedag Interfreight Ignacio Castrillón Jorge Diego Luis Luque Hurtado Fairbridges Attorneys Iberdrola S.A. Ramón Santillán Alexander Kitain Cazorla Abogados, SLP Banco de España Themba Sikhosana Deloitte Economic Governance Lorenzo Clemente Naranjo Joaquin Macias Cliffe Dekker Hofmeyr Inc. Project in South Sudan (EGPSS) Garrigues Abogados y Asesores Pablo Santos Ashurst LLP Tributarios Gómez-Acebo & Pombo Abogados Archana Sinha Biju Kumar MS Alberto Manzanares RCS Pvt. Ltd. Business Advisors Bolloré Africa Logistics Jaume Cornudella i Marquès Cristina Soler Ashurst LLP Group PwC Spain Gómez-Acebo & Pombo Abogados Kur Paul Kuol Daniel Marín Arvind Sinha Central Bank of South Sudan Juan Jose Corral Moreno Raimon Tagliavini Gómez-Acebo & Pombo Abogados RCS Pvt. Ltd. Business Advisors Cuatrecasas, Gonçalves Pereira Uría Menéndez Josepho Lokuku Group Ignacio Martín Martín Jophco Engineering and Miguel Cruz Amorós Francisco Téllez de Gregorio Fernández Rajat Ratan Sinha Construction PwC Spain Garrigues Abogados y Asesores Cazorla Abogados, SLP RCS Pvt. Ltd. Business Advisors Tributarios Robert Lwoki Pelayo de Salvador Group Jorge Martín-Fernández South Sudan Land Commission Garrigues Abogados y Asesores Adrián Thery Clifford Chance Jane Strydom Tributarios Garrigues Abogados y Asesores Hakim-D Mabior Nyueny TransUnion José Manuel Mateo Tributarios Ministry of Justice Almudena del Río Galán Garrigues Abogados y Asesores Anton Theron Colegio de Registradores de la Ivan Tintore Subirana Petro Maduk Deng Tributarios Tonkin Clacey Propiedad y Mercantiles de España Metropolitana de Aduanas y Qatar National Bank South Sudan Guillermo Garcia Mayoral Transportes & Icontainers.com Bright Tibane Agustín Del Río Galeote Nicholas Malesi Cleanergetic SEERS Solutions, Bowman Gilfillan Inc. Gómez-Acebo & Pombo Abogados Roberto Tojo Thomas de UAP Insurance Sudan Limited S.L.U. Carranza Lerato Tshabalala Iván Delgado González Richard Marisin Valentin Merino Lopez Clifford Chance Cliffe Dekker Hofmeyr Inc. Pérez - Llorca UAP Insurance Sudan Limited Valentin Merino Arquitectos, SL. Victoriano Travieso Dawid Van der Berg Rossanna D’Onza Ramadhan A.M. Mogga Alberto Monreal Lasheras Stepinlaw S.L.P. BDO Spencer Steward Southern Baker & McKenzie Ramadhan & Law Associates PwC Spain African Co-Ordination (Pty) Alejandro Valls Iván Escribano Limited Mulla Eva Mur Mestre Baker & McKenzie Garrigues Abogados y Asesores Mulla Advocates PwC Spain Naomi Van der Merwe Tributarios Ricardo Veloso BDO Spencer Steward Southern Peter Atem Ngor Nicolás Nogueroles Peiró VMP - Veloso, Mendes, Pato Antonio Fernández African Co-Ordination (Pty) Rhino Star Colegio de Registradores de la e Associados, Sociedade de Garrigues Abogados y Asesores Limited Propiedad y Mercantiles de España Advogados RL Hannington O. Ouko Tributarios Colin Van Rooyen Equity Bank South Sudan Ltd. Álvaro Felipe Ochoa Pinzón Juan Verdugo Luis Fernandez Del Pozo TransUnion Garrigues Abogados y Asesores Garrigues Abogados y Asesores Daniel Kech Puoch Colegio de Registradores de la Tributarios Tributarios Anastasia Vatalidis Central Bank of South Sudan Propiedad y Mercantiles de España Werksmans Inc. Juan Oñate Fernando Vives Ruiz Lomoro Robert Bullen Sofia Ferreira Enriquez Linklaters J&A Garrigues, S.L.P. Pete Williams Lomoro & Co. Advocates Raposo Bernardo & Associados FedEx Carlos Pardo Sanz Alfred Sokiri Lokujo Jorge Garcia Carrique Giménez Torres & Yúfera SRI LANKA Merwyn Wolder South Sudan Investment Authority DLA Piper Spain S.L. Abogados Redlow Solar Power Melissa Abeyasinghe Eugene Torero Ignacio García Errandonea Daniel Parejo Ballesteros Tiruchelvam Associates Andrew Wood Trade Mark East Africa Garrigues Abogados y Asesores J&A Garrigues, S.L.P. Grosskopff Lombart Huyberechts & Tributarios Asanka Abeysekera Paul Ukuni Associates Architects Óscar Parra Tiruchelvam Associates South Sudan Business Forum Monica Garcia Prieto Giménez Torres & Yúfera Arquitecta Monica Garcia Prieto Sanath Dasanayake Samuel T. Youziel Abogados SOUTH SUDAN Ceylon Electricity Board Ministry of Electricity and Dams Borja García-Alamán Maria Jose Perez Martin The Judiciary of South Sudan Garrigues Abogados y Asesores Gerard David Colegio de Registradores de la Tributarios SJMS Associates Santino Tito Tipo Adibo SPAIN Propiedad y Mercantiles de España Nile Pharmacy Pedro Garrido Chamorro Savantha De Saram Allen & Overy Carolina Posse Notaría Perales-Farrés D.L. & F. De Saram Marya Ajith Gómez-Acebo & Pombo Abogados Raposo Bernardo & Associados Ministry of Justice Luis Giménez Godosar Chamari de Silva Nelson Raposo Bernardo Basilio Aguirre Giménez Torres & Yúfera F.J. & G. De Saram, member of Abrahim Akoi Raposo Bernardo & Associados Registro de la Propiedad de España Abogados Lex Mundi Ministry of Finance Maria Redondo Orson Alcocer Juan Ignacio Gomeza Villa Chamindi Ekanayake Gabriel Aliga Baker & McKenzie DLA Piper Spain S.L. Notario de Bilbao Nithya Partners Equity Bank South Sudan Ltd. 296 Doing Business 2014 Manjula Ellepola Janath Silva Leonora Walwyn ST. VINCENT AND THE SURINAME F.J. & G. De Saram, member of SA Engineers WalwynLaw GRENADINES Lex Mundi Aurora Architects Shane Silva St. Vincent Electricity Services Ltd. Amila Fernando Julius & Creasy ST. LUCIA Handels-, Krediet- en Industrie Julius & Creasy Mrs. Kay R.A. Bacchus-Browne Bank (Hakrinbank) N.V. Kumar Subramaniam Charles Mangal and Paul Kay Bacchus-Browne Chambers Anjali Fernando SJMS Associates KPMG Lucelec Aurin Bennett F.J. & G. De Saram, member of Kathleen Juanita Brandon A.H. Sumathipala Aurin Bennett Architects Lex Mundi Michelle Anthony-Desir Advocatenkantoor Kraag Murugesu & Neelakandan Du Boulay, Anthony & Co. Allan P. Burke Bimal Fernando Sieglien Burleson J.M. Swaminathan Perry’s Customs and Shipping Bimal & Partners Clive Antoine Competitiveness Unit Suriname Julius & Creasy Agency, Ltd. Ministry of Sustainable Lasantha Garusinghe G. Clide Cambridge Thilini Thilakaratne Development, Energy, Science and Stanley DeFreitas Tiruchelvam Associates Paramaribo Custom Broker & Tiruchelvam Associates Technology Defreitas & Associates Jivan Goonetilleke Packer Bandula S. Tilakasena Thaddeus M. Antoine Bernadine Dublin D.L. & F. De Saram Dennis Chandansingh Ceylon Electricity Board Francis & Antoine Labour Department Naomal Goonewardena DCA Accountants & Consultants Shehara Varia Gerard Bergasse Tamara Gibson-Marks Nithya Partners Anneke Chin A Lin F.J. & G. De Saram, member of Tropical Shipping High Court Registrar P. Mervyn Gunasekera Lex Mundi Jadnanansingh Notary Desma F. Charles Stanley John LAN Management Development Anoeschka Debipersad Charmalie Weerasekera Registry of Companies and Elizabeth Law Chambers Service A.E. Debipersad & Associates Lawyer Intellectual Property Lalanga Gunawardane Errol E. Layne John Wilson Shannon Chitolie Helen Doelwijt SJMS Associates Errol E. Layne Chambers John Wilson Partners Gordon & Gordon Co. Vereniging Surinaams Bedrijfsleven, Thilanka Namalie Haputhanthrie Moulton Mayers Suriname Trade & Industry Sean Compton Moulton Mayers Architects Association Julius & Creasy ST. KITTS AND NEVIS melon|design:architecture Mahinda Haradasa Richard Peterkin Marcel K. Eyndhoven St. Kitts Electricity Department Swithin Donelly PwC St. Lucia N.V. Energiebedrijven Suriname Varners Lanka Office Ministry of Economic Affairs, Michella Adrien Beth-ann Roth Kenneth Foe A Man Dharshika Herath Gunaratne Economic Planning & National The Law Offices of Michella ESG Global Impact Suriprint Sudath Perera Associates Development Adrien Sonali Jayasuriya Raquel Du Boulay-Chastanet Martin Sheel Dirk Heave Nicholas Brisbane Commerce & Intellectual Property Ministry of Trade and Industry D.L. & F. De Saram Du Boulay, Anthony & Co. Brisbane O’Garro Alvaranga Office (CIPO) Shamalie Jayatunge Kurt Elibox Susilkumar Gyandath Idris Fidela Clarke Anya Trim Rudrepersad Khoen Khoen Tiruchelvam Associates Blueprint Construction Ltd. Financial Services Regulatory PwC St. Lucia Acharya Advocaten Sanjaya Jayawardene Commission Peter I. Foster Progressive Design Associates Peter I. Foster & Associates Andrea Young-Lewis Henk Naarendorp Neil Coates Commerce & Intellectual Property Chamber of Commerce & Industry Mahes Jeyadevan PwC Antigua Peterson D. Francis Office (CIPO) PwC Sri Lanka Peterson D. Francis Worldwide B.M. Oemraw Nadrine Daniel N.V. Global Expedition Shipping & Customs Services Ltd. Niral Kadawatharatchie Customs and Excise Department SUDAN Freight Links International (Pte) Garth George Joanne Pancham Tamara Daniel Omer Abdel Ati Chamber of Commerce & Industry Ltd. St. Lucia Electricity Services Ltd. Henderson Legal Chambers Omer Abdel Ati Solicitors Yudhishtran Kanagasabai Michael B.G. Gordon Marcel Persad Jan Dash Ali Abdelrahman Khalil BDO Abrahams Raijmann & PwC Sri Lanka Gordon & Gordon Co. Liburd and Dash Shami, Khalil & Siddig Advocates Partners Charana Kanankegamage Claire Greene-Malaykhan Rodney Harris Wael Abdin Frank E. M. Raijmann F.J. & G. De Saram, member of Peter I. Foster & Associates Customs and Excise Department Sudanese Commercial Law Office BDO Abrahams Raijmann & Lex Mundi Claude Guillaume Partners Marsha T. Henderson Abdalla Abuzeid Neelakandan Kandiah Interisland Architects and Henderson Legal Chambers Abdalla A. Abuzeid & Associates Adiel Sakoer Murugesu & Neelakandan Planners Dahlia Joseph N.V. Global Expedition Uma Kitulgoda Anderson Lake Mohamed Ibrahim Adam Daniel Brantley & Associates Dr. Adam & Associates Albert D. Soedamah F.J. & G. De Saram, member of Bank of Saint Lucia Limited Lex Mundi Damian E. S. Kelsick Lawfirm Soedamah & Associates Louisa Lewis-Ward Al Fadel Ahmed Al Mahdi Kelsick, Wilkin and Ferdinand Al Mahdi Law Office Radjen A. Soerdjbalie Janaka Lakmal PwC Barbados Credit Information Bureau Ltd. Adeola Moore Notariaat R.A. Soerdjbalie Clare Mallaychan Heba EL Sayed Abdu Inland Revenue Authority Mahmoud Elsheikh Omer & Silvano Tjong-Ahin Ishara Madarasinghe Peter I. Foster & Associates F.J. & G. De Saram, member of Mahailia Pencheon Associates Advocates Management Institute GLIS Stephen Mcnamara Lex Mundi PwC Antigua Ahmed M. Elhillali Carol-Ann Tjon-Pian-Gi Mcnamara & Co. Ramani Muttettuwegama Sandrine Powell-Huggins American Sudanese Consulting Inc. Lawyer & Sworn Translator Candace Polius Tiruchelvam Associates Henderson Legal Chambers Mohamed Ibrahim Cindy Uden Nicholas John & Co. Laila Nasry Nervin Rawlins Somarain Oriental Co BDO Abrahams Raijmann & Catherine Sealys Partners Tiruchelvam Associates Inland Revenue Authority Ahmed Mahdi Procurement Services International Michael Paiva Larkland M. Richards Mahmoud Elsheikh Omer & Milton van Brussel Michael Sewordor Associates Advocates BDO Abrahams Raijmann & Tiruchelvam Associates Larkland M. Richards & Associates Ministry of Communications, Partners Nirosha Peiris Reginald Richards Works, Transport and Public Amin Mekki Medani Tiruchelvam Associates R & R Electrical Engineering Air Utilities El Karib & Medani Advocates Jennifer van Dijk-Silos Conditioning & Refrigeration Law Firm Van Dijk-Silos Mahinda Perera Renee St. Rose Tarig Monim Services Ltd. Dayenne Wielingen-Verwey Varners Lanka Office Peter I. Foster & Associates Tariq Mubarak Corey Rodney El Karib & Medani Advocates Vereniging Surinaams Bedrijfsleven, Tharika Pussewela Shellone Surage Suriname Trade & Industry Customs and Excise Department SJMS Associates Peter I. Foster & Associates Nafisa Omer Association Tony Scatliffe II Omer Abdel Ati Solicitors Lilangi Randeni Diana Thomas Andy Wong R & T Design-Build Consultants F.J. & G. De Saram, member of Peter I. Foster & Associates Rayan Omer N.V. Energiebedrijven Suriname Group Ltd Lex Mundi Omer Abdel Ati Solicitors Leandra Gabrielle Verneuil Anthony Wong Heidi Lynn Sutton Sanjeewanie Rathnayake Chambers of Jennifer Remy & Mohamed Alaa Eldin Osman General Contractors Association Law Offices of T.A.C.T. Liburd & Credit Information Bureau Ltd. Associates Darka for Trading & Services of Suriname H.D. Sutton Co. Ltd. Hiranthi Ratnayake Andie A. Wilkie Warren Thompson PwC Sri Lanka Gordon & Gordon Co. Amel M. Sharif SWAZILAND Construction Management and Mahmoud Elsheikh Omer & Paul Ratnayeke Consulting Agency Inc. (CMCAI) Brenda M. Williams Office of the Registrar Swaziland Associates Advocates Paul Ratnayeke Associates BDO St. Lucia Larry Vaughn Swaziland Electricity Company Marwa Taha Rozani Rodrigo Customs and Excise Department Shami, Khalil & Siddig Advocates TransUnion ITC Sudath Perera Associates Acknowledgments 297 Musa Dlamini Erik Hygrell Massimo Calderan Meinrad Vetter Victor Chang M.L. Dlamini Attorneys Wistrand Advokatbyrå Altenburger Ltd. Legal and Tax Economiesuisse LCS & Partners Veli Dlamini Magnus Johnsson Andrea Cesare Canonica Flurin von Planta Christine Chen Interfreight Pty. Ltd. PwC Sweden Swiss Customs Planta & Planta Winkler Partners Ncamsile Hlanze Niklas Körling Sonia de la Fuente Patrick Weber Edgar Y. Chen DHL Wistrand Advokatbyrå ABELS Avocats EKZ Elektrizitätswerke des Tsar & Tsai Law Firm, member of Kantons Zürich Lex Mundi Phumlile Tina Khoza Caroline Lagergréen Stefan Eberhard Swaziland Building Society Elmzell Advokatbyrå AB, member ABELS Avocats Stefan Zangger Hui-ling Chen of Ius Laboris Belsped Global Logistics Winkler Partners Mbuso Kingsley Suzanne Eckert Lang Mitchell Associates Jasmine Lawson Wenger Plattner Nicholas V. Chen PwC Sweden SYRIAN ARAB REPUBLIC Pamir Law Group Andrew Linsey Brigitte Ernst PwC Swaziland Ari Leinnonen Commercial Register of the Canton Wadih Abou Nasr Patrick Chen Scheiwiller Svensson Zurich PwC Lebanon Lexcel Partners Dommy Lukhele Arkitektkontor AB DHL Jana Essebier Alina Achy Yo-Yi Chen Rikard Lindahl Vischer AG PwC Lebanon Formosa Transnational Mangaliso Magagula Advokatfirman Vinge KB, member Magagula & Hlophe Benjamin Fehr Boulos Al Ashhab Chun-Yih Cheng of Lex Mundi PwC Switzerland Auditing Consulting Accounting Formosa Transnational Nhlanhla Maphanga Johan Lindberg Center Lang Mitchell Associates Amiel Feldman Yu-Chung Chiu Advokatfirman Lindahl Baker & McKenzie Mouazza Al Ashhab Ministry of Interior Sabelo Masuku Inger Lindhe Auditing Consulting Accounting Maphanga Howe Masuku Robert Furter Dennis Chou Lantmäteriet Center Nsibande Pestalozzi, member of Lex Mundi Via Justice Law Offices Jens Malmqvist Rawaa Al Midani Bongani Mtshali Gaudenz Geiger Peter Dernbach Advokatfirman Lindahl Ministry of Economy & Trade Federation of Swaziland Employers Staiger, Schwald & Partner Ltd. Winkler Partners and Chamber of Commerce Christoffer Monell Bisher Al-Houssami Riccardo Geiser Philip T. C. Fei Mannheimer Swartling AL-ISRAA International Freight George Mzungu Altenburger Ltd. Legal and Tax Fei & Cheng Associates Advokatbyrå Forwarder M&E Consulting Engineers Debora Ghilardotti Mark Harty Johan Nylander H. Altass Jerome Ndzimandze Molino Adami Galante LCS & Partners CMA Scandinavia AB Damascus University FJ Building Construction Michael Gwelessiani Sophia Hsieh Michael Nyman Jamil Ammar Kobla Quashie Commercial Register of the Canton Tsar & Tsai Law Firm, member of Advokatfirman Lindahl Syrian Strategic Think Tank Kobla Quashie and Associates Zurich Lex Mundi Research Center Eric Ödling John Resting Nicolas Herzog Barbara Hsu Advokatfirman Vinge KB, member Ghada Armali Bicon Consulting Engineers Niedermann Rechtsanwälte SDV Logistics of Lex Mundi Sarkis & Associates José Rodrigues Patrick Hünerwadel Robert Hsu Karl-Arne Olsson John Balouziyeh Rodrigues & Associates Lenz & Staehelin SDV Logistics Gärde Wesslau Advokatbyrå Dentons Bongani Simelane David Jenny Tony Hsu Kjell Olsson Karen Baroud Municipal Council of Mbabane Vischer AG Pamir Law Group Advokatfirman Lindahl PwC Lebanon Manene Thwala Mattias Johnson Jack J.T. Huang Ola Lo Olsson Diaa Dannan Thwala Attorneys Froriep Renggli Jones Day Elmzell Advokatbyrå AB, member Talal Abu Ghazaleh Legal (TAG- Bradford Mark Walker of Ius Laboris Cyril Kaiser Legal) Margaret Huang Brad Walker Architects Lenz & Staehelin LCS & Partners Mattias Ömulf Mohammad Khaled Darwicheh Hökerberg & Söderqvist Ludmila Koroleva Talal Abu Ghazaleh Legal (TAG- Nicole Huang SWEDEN Advokatbyrå KB Audiconsult SA - member of Legal) LCS & Partners Russell Bedford International Magnus Andersson Jesper Schönbeck Nada ElSayed Charles Hwang Gärde Wesslau Advokatbyrå Advokatfirman Vinge KB, member Michael Kramer PwC Lebanon Yangming Partners of Lex Mundi Pestalozzi, member of Lex Mundi Mats Berter Anas Ghazi Charlotte J. Lin MAQS Law Firm Sara Sjöholm Deborah Maravic Meethak - Lawyers & Consultants LCS & Partners Foyen Advokatfirma AB Lenz & Staehelin Stefan Bessman Hudda Hasree Gladys Kao Baker & McKenzie Gustav Ståhl Armin Marti Arab International Univeristy Winkler Partners Baker & McKenzie PwC Switzerland Karl Björlin Yazan Hosari Howard Kuo Advokatfirman Lindahl Bo Thomaeus Barbara Meyer Central Bank of Syria PwC Taiwan Gärde Wesslau Advokatbyrå Vischer AG Teodor Brissman Amgad Husein Chih-Shan Lee PwC Sweden Astrid Trolle Adams Andrea Molino Dentons Winkler Partners Miller Rosenfalck LLP Molino Adami Galante Alexander Broch Mohammad Joumaa Michael D. Lee Öresunds Redovisning AB Fredrik Wahlberg Andreas Müller PwC Lebanon Pamir Law Group Hammarskiöld & Co. Andreas Müller Architekten Yves Chantereau Azzam Kaddour Yu Lee Swedish Federation of Consulting Albert Wållgren Roland Niklaus International Legal Bureau Taipei City Government Engineers and Architects Advokatfirman Vinge KB, member NCMB Notaires associés Mazen N. Khaddour Justin Liang of Lex Mundi Ake Dahlqvist Gema Olivar Pascual International Legal Bureau Baker & McKenzie UC PwC Switzerland Loubna Khoury Frank Lin SWITZERLAND Jenny Dangré Daniela Reinhardt Auditing Consulting Accounting Rexmed Industries Co., Ltd. Advokatfirman Vinge KB, member Ernst & Young PwC Switzerland Center Lilian Lin of Lex Mundi Handelsregisteramt des Kantons Guy-Philippe Rubeli Randa Moftah Financial Supervisory Commission, Sebastian Fichtel Pestalozzi, member of Lex Mundi Central Bank of Syria Banking Bureau Beat M. Barthold Advokatfirman Vinge KB, member Froriep Renggli Marc Schenk Gabriel Oussi Lisa Lin of Lex Mundi PwC Switzerland Oussi Law Firm Yangming Partners Marc Bernheim Ylva Forsberg Staiger, Schwald & Partner Ltd. Daniel Schmitz Housam Safadi Ming-Yen Lin ROSCHIER Sweden PwC Switzerland Safadi Bureau Deep & Far, Attorneys-at-Law Sébastien Bettschart Magnus Graner ABELS Avocats Roland Stadler Fadi Sarkis Rich Lin Advokatfirman Lindahl Migros-Genossenschafts-Bund Sarkis & Associates LCS & Partners Myriam Büchi-Bänteli Peder Hammarskiöld PwC Switzerland Andreas Staubli Kang-Shen Liu Hammarskiöld & Co. PwC Switzerland TAIWAN, CHINA Lexcel Partners Lucas Bühlmann Lars Hartzell PwC Switzerland Daniel Steudler Chen, Shyuu & Pun Stacy Lo Elmzell Advokatbyrå AB, member Swisstopo, Directorate for Lexcel Partners of Ius Laboris Martin Burkhardt Gibsin Electrical Consultancy Cadastral Surveying Lenz & Staehelin Christopher Neumeyer Emil Hedberg Mark Brown Thomas Strassner Asia Law ROSCHIER Sweden Winkler Partners Orrick, Herrington & Sutcliffe LLP 298 Doing Business 2014 Joseph Ni Tatyana Savinykh Shamiza Ratansi Sakchai Limsiripothong Harold K. Vickery Jr. Good Earth CPA PwC Kazakhstan Adept Chambers Weerawong, Chinnavat & Vickery & Worachai Ltd. Peangpanor Ltd. Mark Ohlson Marina Shamilova Frederick Ringo Patcharaporn Vinitnuntarat Yangming Partners Legal Consulting Group Adept Chambers Surapol Opasatien Siam City Law Offices Ltd. National Credit Bureau Co. Ltd. Patrick Pai-ChiangChu Sherzod Sodatkadamov Charles R.B. Rwechungura Pimvimol Vipamaneerut Lee and Li Nazrisho & Mirzoev Law Firm, LLC CRB Africa Legal Tanadee Pantumkomol Tilleke & Gibbins Chandler & Thong-ek Bee Leay Teo Maltuba Ujdjabaeva Nabihah Seif Athicha Vuttiviroj Baker & McKenzie National Association of Business East African Law Chambers Thidarat Patjaisomboon Mayer Brown JSM APL Sean Tung Evarist Sekaboyi Auradee Wongsaroj LCS & Partners TANZANIA Frostee Attorneys Thawatchai Pittayasophon Chandler & Thong-ek Securities and Exchange Chao-Yu Wang Zukra Ally Robi Simon Ahmet Yesilkaya Commission Yangming Partners PwC Tanzania Frostee Attorneys Tilleke & Gibbins Thunsamorn Fran Wang Said Athuman Eve Hawa Sinare Somchai Yungkarn Pochjanapanichakul Yangming Partners Tanzania Revenue Authority REX Attorneys Chandler & Thong-ek Vickery & Worachai Ltd. Yi-Fan Wang Moses Dancan Aisha Ally Sinda Alexander Polgar Yangming Partners Gapcs Mkono & Co Advocates TIMOR-LESTE Antares Consulting Ltd Richard Watanabe Beatus Idama Richard Sisa Banco Central de Timor-Leste Ratana Poonsombudlert PwC Taiwan PKF Accountants & Business Gapcs (BCTL) Chandler & Thong-ek Advisor Tanzania Ja Lin Wu David Tarimo DLA Piper Cynthia M. Pornavalai Council for Economic Planning & Protase R. G. Ishengoma PwC Tanzania Tilleke & Gibbins Henrique Araujo Sobreira Development Ishengoma, Karume, Masha & Reginald Tarimo Miranda Correia Amendoeira & Magai Advocates Supan Poshyananda Pei-Yu Wu Bank of Tanzania Associados Securities and Exchange Baker & McKenzie John R. Kahyoza Sarah Thomas Massamu Commission Jose Pedro Camoes Alex Yeh Kamanga W. Kapinga Adept Chambers Associacao dos Advogados Timor Mkono & Co Advocates Chitchai Punsan LCS & Partners Leste Regis Tissier Tilleke & Gibbins Wilbert B. Kapinga Bolloré Africa Logistics Miguel Carreira Martins Mkono & Co Advocates Chinnavit Putanapibul TAJIKISTAN National University of Timor-Leste Siam City Law Offices Ltd. Antonia Kilama (UNTL) Barki Tojik THAILAND REX Attorneys Rangsima Rattana Joana Custoias BDO Tajikistan DLA Piper Legal Execution Department Shani Kinswaga Miranda Correia Amendoeira & CIBT - Credit Information Bureau PwC Tanzania Janist Aphornratana Thavorn Rujivanarom Associados in Tajikistan PwC Thailand PwC Thailand Adam Lovett Anthony Frazier Timur Abdulaev Norton Rose Fulbright Aungsurus Areekul Arnon Rungthanakarn Renato Guerra de Almeida Legal Consulting Group Thai Contractors Association Siam City Law Offices Ltd. Miranda Correia Amendoeira & Amalia Lui under H.M. The King’s Patronage Bakhtiyor Abdulhamidov Maythawee Sarathai Associados FB Attorneys Akhmedov, Azizov & Chanakarn Boonyasith Mayer Brown JSM Eusebio Guterres Abdulhamidov Attorneys Christine M.S. Shekidele Siam City Law Offices Ltd. Somchai Sathiramongkolkul UNIDO Business Regulatory Tanzania Revenue Authority Bakhtiyor Abdulloev Chalee Chantanayingyong PricewaterhouseCoopers Legal & Consultant ABM Trans Service LLC Victoria Makani Securities and Exchange Tax Consultants Limited Jackson Lay VELMA Law Chambers Commission Zarrina Adham Charunun Sathitsuksomboon Palm Spring Estate Humo and Partners Robert Makaramba Stefan Chapman Tilleke & Gibbins Naomi Leong High Court of Tanzania Chandler & Thong-ek Zulfiya Akchurina Salisa K. Skinner Deloitte LLP Commercial Division GRATA Law Firm Chinnavat Chinsangaram Chandler & Thong-ek Vega Ramadhan Hyacintha Benedict Makileo Weerawong, Chinnavat & Shavkat Akhmedov Theerapat Sombatsatapornkul PwC Indonesia National Construction Council Peangpanor Ltd. Akhmedov, Azizov & Tilleke & Gibbins Fernando Torrão Alves Abdulhamidov Attorneys Siri A. Malai Wachakorn Chiramongkolkul Kowit Somwaiya Caixa Geral de Depositos (CGD) Malai Freight Forwarders Ltd. PwC Thailand Khujanazar Aslamshoev LawPlus Ltd. Tim Robert Watson Colibri Law Firm Lydia Massawe Sirijitt Choosak Nuttakom Sorakum PwC Indonesia NMM Attorneys Siam City Law Offices Ltd. Amirbek Azizov ORBIS Legal Advisory Ltd. Christian Yo Ministry of Labor & Social Hellen Masumba Ramin Chuayriang Rachamarn Suchitchon PwC Indonesia Protection PwC Tanzania Metropolitan Electricity Authority Securities and Exchange Denis Bagrov Sophia Mgonja Paul Connelly Commission TOGO Colibri Law Firm Tanesco Ltd. International Legal Counsellors Picharn Sukparangsee Agence Epauc Nouvelle Nimrod Mkono Thailand Limited (ILCT) Jienshoh Bukhoriev Siam City Law Offices Ltd. USAID BEI Business Environment Mkono & Co Advocates Laksamon Dhamminch Direction des Services Technique Kesara Summacarava de la Mairie Improvement Project (by Pragma George Mpeli Kilindu Antares Consulting Ltd Mayer Brown JSM Corporation) REX Attorneys Edzodzi Délato Adonsou Alexandre Dupont Luxsiri Supakijjanusorn Direction de l’Habitat et du Firuz Bulbulov Ayoub Mtafya ORBIS Legal Advisory Ltd. Siam City Law Offices Ltd. Patrimoine Immobilier The Collegium of Auditors of Nexlaw Advocates Frederic Favre Tajikistan Siripong Supakijjanusorn Koudzo Mawuéna Agbemaple Gerald Nangi Vovan & Associes PricewaterhouseCoopers Legal & Autorité de Réglementation du Ashraf Sharifovich Ikromov FB Attorneys Seetha Gopalakrishnan Tax Consultants Limited Secteur de l’Electricité Samad soz LLC Maningo Nassoro PwC Thailand Naddaporn Suwanvajukkasikij Symphorien Agbessadji Amirhonov Ilhom Prime Minister’s Office Amélie Guardiola LawPlus Ltd. BCEAO ABM Trans Service LLC Stella Ndikimi Vovan & Associes Hunt Talmage Kokou Gadémon Agbessi Elena Kaeva East African Law Chambers Sitra Horshinchai Chandler & Thong-ek Cabinet Lucreatif PwC Kazakhstan Burure Ngocho Siam City Law Offices Ltd. Supanon Triumnuk Franck Akakpo Assel Khamzina Ishengoma, Karume, Masha & Yothin Intaraprasong Tilleke & Gibbins Maersk Line PwC Kazakhstan Magai Advocates Chandler & Thong-ek Paisan Tulapornpipat Martial Akakpo Rahmon Muratov Alex Thomas Nguluma Muncharee Ittipalin Blue Ocean Logistics Co., Ltd. SCP Martial Akakpo & Associés KN Ibrakom FZCo. REX Attorneys APL Pleotian Uttarachai Nicolas Kossi Akidjetan Rustam Nazrisho Neema Nyiti Pattaraporn Kaiboriboon Siam City Law Offices Ltd. Ordre National des Architectes du Nazrisho & Mirzoev Law Firm, LLC CRB Africa Legal LawPlus Ltd. Togo (ONAT) Sutharm Valaisathien Firdavs S. Mirzoev Cyril Pesha Saran Kleesuwan International Legal Counsellors Richard Kowovi A. Akpoto- Nazrisho & Mirzoev Law Firm, LLC CRB Africa Legal Tilleke & Gibbins Thailand Limited (ILCT) Kougblenou Emin Sanginov Abdul Qaubid Abdallah Studio Alpha A.I.C. Siri Lerdsirisopon Pattara Vasinwatanapong Ministry of Labor & Social CRB Africa Legal Vovan & Associes Vickery & Worachai Ltd. Protection Acknowledgments 299 Ahmadou Al Aminou Lo TONGA Rachel Maria Jaggernauth Hend Ben Achour Mohamed Taieb Mrabet BCEAO LEX Caribbean Adly Bellagha & Associates Banque Centrale de Tunisie Inoke Afu Prosper Gato Amegnido Pacific Finance & Investment Ltd. Aisha Kujifi Leila Ben Mbarek Atf Nasri Groupe Gato Employers’ Consultative Legalys Ferchiou & Associés Lord Dalgety Association of Trinidad & Tobago Coffi Alexis Aquereburu Electricity Commission Saif Allah Ben Mefteh Imen Nouira Aquereburu and Partners Cabinet Ann-Marie Mahabir Abdelly & Associes Conservation Foncière Tunisia d’Avocats Delores Elliott M. Hamel-Smith & Co., member of Data Bureau (Tonga) Limited Amel Ben Rahal Olfa Othmane Lex Mundi Cécile Assogbavi Banque Centrale de Tunisie Banque Centrale de Tunisie Etude Notariale Assogbavi Kolotia Fotu David Montgomery Ministry of Labour, Commerce and Miriam Ben Rejeb Habiba Raouadi D. Montgomery & Co. - Sylvanus Dodzi Awutey Industries CAF Juridique et Fiscal SARL Chafter Raouadi Law Firm correspondent of Russell Bedford Cabinet Lucreatif Peni Lavakeiaho Makoni International Abdelfetah Benahji Hédi Rezgui Koli-Yidaou Bako Ministry of Works Ferchiou & Associés Société Tunisienne de l’Elecricité et Nicole Moonan Compagnie Energie Electrique du du Gaz (STEG) James Lutui Registrar General’s Department of Peter Bismuth Togo (CEET) Crown Law Trinidad and Tobago Tunisie Electro Technique Koubaa Rym Sockna Diaby CRK Salesi Mataele Dean Nieves Salaheddine Caid Essebsi PwC Côte d’Ivoire Oceantranz Tonga Ltd. TransUnion Caid Essebsi and Partners Law Firm Rachid Tmar Koffi Joseph Dogbevi CAF Juridique et Fiscal SARL Sione Tomasi Naite Fakahua Marjorie Nunez Salma Chaari Cabinet Lucreatif Fakahua-Fa’otusia & Associates LEX Caribbean Abdelly & Associes Anis Wahabi Simon Dogbo AWT Audit & Conseil Laki M. Niu Kevin Nurse Elyes Chafter Maersk Line Laki Niu Offices Johnson, Camacho & Singh Chafter Raouadi Law Firm Amatékoé Kangni TURKEY Alani Schaumkel Steven M. Paul Zine el Abidine Chafter SCP Martial Akakpo & Associés Dateline Trans-Am Shipping J.D. Sellier & Co. Chafter Raouadi Law Firm Armada Ltd. Sti. Vitalice Kangni Ralph Stephenson Sonji Pierre Chase Afef Challouf Ernst & Young SCP Martial Akakpo & Associés Stephenson Associates Johnson, Camacho & Singh Société Tunisienne de l’Elecricité et Somay Hukuk Bürosu Komivi Kassegne du Gaz (STEG) Hiva Tatila Brandon Primus Compagnie Energie Electrique du Undersecretariat of Treasury Tonga Development Bank LEX Caribbean Abdelmalek Dahmani Togo (CEET) Dahmani Transit International Union of Chambers and Commodity Fine Tohi Fanta Punch Bleounou Komlan Exchanges of Turkey Dateline Trans-Am Shipping M. Hamel-Smith & Co., member of Mohamed Derbel Avocat à la Cour Lex Mundi BDO Erol Acun Hokaméto Kpenou Lesina Tonga Özak Tekstil Lesina Tonga Law Firm Mark Ramkerrysingh Mohamed Lotfi El Ajeri Autorité de Réglementation du Fitzwilliam Stone Furness-Smith El Ajeri Lawyers, Partenaire de DS Umut Akabay Secteur de l’Electricité Distquaine P. Tu’ihalamaka & Morgan Avocats Ministry of Customs and Trade Sibivi Elina Lawson-Atutu Ministry of Labour, Commerce and Industries Ramlogan Myriam Escheikh Emre Akarkarasu SCP Martial Akakpo & Associés Town and Country Planning Legalys PwC Turkey Emmanuel Mamlan Kisione Tupou Division JKCA Wafa Essayeh Cuneyt Akcal SCP Martial Akakpo & Associés Kelvin Ramsook PwC Tunisia 3e Danışmanlık Ltd. Şti. Adeline Messou Christine Uta’atu Trinidad & Tobago Electricity Uta’atu & Associates Noureddine Ferchiou Besim Berk Akcan PwC Côte d’Ivoire Commission Ferchiou & Associés PricewaterhouseCoopers Yawovi Negbegble Fataimoemanu Lafaele Vaihu Myrna Robinson-Walters F.L. Vaihu Law Firm Slim Gargouri Basak Akin Autorité de Réglementation du M. Hamel-Smith & Co., member of CPA Aydaş Liman Kurman Attorneys- Secteur de l’Electricité Jone Vuli Lex Mundi at-Law Westpac Bank of Tonga Samah Ghrab Comlan Eli-Eli N’soukpoé Anne Rocke CAF Juridique et Fiscal SARL Serdar Akinci SCP Martial Akakpo & Associés Registrar General’s Department of Ministry of Economy TRINIDAD AND TOBAGO Trinidad and Tobago Imene Hanafi Olivier Pedanou Legalys Susen Aklan Cabinet Lucreatif Regulated Industries Commission Andre Rudder Serap Zuvin Law Offices J.D. Sellier & Co. Anis Jabnoun Oesimbola Randriamampianina Christopher Alexander Gide Loyrette Nouel, member of Deniz Akman Cabinet John W. Ffooks & Co. Phoenix Logistics (Trinidad) Ltd. Alice Salandy Lex Mundi Bener Law Office, member of Ius GSAL Designs Ltd. Nourou Sama Elena Araujo Laboris Atf Jebali Nasri Compagnie Energie Electrique du Araujo Law Gregory Salandy Legalys Sezin Akoğlu Togo (CEET) GSAL Designs Ltd. Rene Austin Pekin & Pekin Badis Jedidi Diagne Souadou Trinidad & Tobago Electricity Nicholas Sinanan Gide Loyrette Nouel, member of Simge Akyüz BCEAO Commission Johnson, Camacho & Singh Lex Mundi Devres Law Office Dominique Taty Karen Bridgewater-Taylor Jonathan Walker Sami Kallel Inci Alaloglu PwC Côte d’Ivoire Registrar General’s Department of M. Hamel-Smith & Co., member of Kallel & Associates Taboglu & Demirhan Trinidad and Tobago Lex Mundi Mouhamed Tchassona Traore Faycal Karoui Zeynep Alemdaroğlu Etude Me Mouhamed Tchassona Tiffanny Castillo Allyson West Société Tunisienne de l’Elecricité et Sarıibrahimoğlu Law Office Traore M. Hamel-Smith & Co., member of PwC du Gaz (STEG) Lex Mundi Asli Alper Inès Mazalo Tekpa Grantley Wilshire Larbi Khedira Moroglu Arseven Cabinet Lucreatif Donielle K. Charles M. Hamel-Smith & Co., member of Chafter Raouadi Law Firm Fitzwilliam Stone Furness-Smith Lex Mundi Ekin Altıntaş Antoine Traore & Morgan Selim Knani PwC Turkey BCEAO CAF Juridique et Fiscal SARL Stacy Lee Daniell TUNISIA Elif Arabacıoğlu Fousséni Traoré M. Hamel-Smith & Co., member of Mabrouk Maalaoui Mehmet Gün & Partners PwC Côte d’Ivoire Samir Abdelly Lex Mundi PwC Tunisia Abdelly & Associes Selin Barlin Aral Père Venance Luis Dini Dina Magroun Paksoy Law Firm Logistique Commerciale D’afrique Ilhem Abderrahim HSMDT Ltd. El Ajeri Lawyers, Partenaire de DS (LCA) Société Tunisienne de l’Elecricité et Melsa Ararat Avocats Carol Dos Santos du Gaz (STEG) Corporate Governance Forum of Prince Zacharie Adjé Wilson- Water and Sewage Authority of Jomaa Mahmoud Turkey, Sabanci University Adjete Salma Abida Trinidad and Tobago CAF Juridique et Fiscal SARL Cabinet de Maître Galolo Soedjede Ministère de la Justice Fırat Arkun Sheryl Anne Haynes Mohamed Ali Masmoudi Arkun Law Office Emmanuel Yehouessi Mohamed Ammar Town and Country Planning CAF Juridique et Fiscal SARL BCEAO Société Tunisienne de l’Elecricité et Ergun Benan Arseven Division du Gaz (STEG) Emna Mazouni Moroglu Arseven Edem Amétéfé Zotchi Nadia Henriques CAF Juridique et Fiscal SARL SCP Martial Akakpo & Associés Mohamed Moncef Barouni Ilkay Arslantaslı Bilen M. Hamel-Smith & Co., member of ACR Sarah Mebazaa KPMG Lex Mundi Comete Engineering Adly Bellagha Banu Aslan Melissa Inglefield Adly Bellagha & Associates Radhi Meddeb Bezen & Partners M. Hamel-Smith & Co., member of Comete Engineering Lex Mundi 300 Doing Business 2014 Melis Atasagun Rüçhan Derici Canan Imancli İbrahim Özçelik Ayse Unal Pekin & Bayar Law Firm 3e Danışmanlık Ltd. Şti. Moroglu Arseven TIM Turkish Exporters Assembly Turunç Law Office Melis Avunduk Kazım Derman Gül Incesulu Kenan Özdemir Furkan Ünal PricewaterhouseCoopers Kredit Kayit Bureau Çakmak Avukatlık Bürosu Ministry of Justice PGlobal Global Advisory and Training Services Ltd. Levent Aydaş Emine Devres Selahattin Burak Iplikci Ilkay Lale Ozer Aydaş Liman Kurman Attorneys- Devres Law Office PricewaterhouseCoopers Moroglu Arseven Mustafa Ünal at-Law Eryürekli Law Office Ebru Dicle Sevi Islamagec Korkut Özkorkut Aybike Aygun Turkish Industry and Business Moroglu Arseven Ankara University Hazal Ungan Sarıibrahimoğlu Law Office Association Pekin & Pekin Kadir Orcun Issevenler Fatih Ozturk Elvan Aziz Hamide Handan Diri Moroglu Arseven 3e Danışmanlık Ltd. Şti. Ü. Barış Urhan Paksoy Law Firm Moroglu Arseven TUSIAD Baris Kalayci Özlem Özyiğit Derya Baksı Irmak Dirik Mehmet Gün & Partners YASED - International Investors Anil Uysal Tarlan – Baksi Law Firm Pekin & Pekin Association Talal Abu Ghazaleh Legal (TAG- Ibrahim Kara Legal) Z. İlayda Balkan Didem Doğar Kredit Kayit Bureau Gülce Peker ADMD - Mavioglu & Alkan Law Paksoy Law Firm Gunduz Simsek Gago Avukatlik Barış Yalçın Faruk Kavak Office Ortakligi PwC Turkey Alper Dönmez Central Bank of the Republic of Naz Bandik Özak Tekstil Turkey Ahmed Pekin Erman Yalçın Çakmak Avukatlık Bürosu Pekin & Pekin PwC Turkey Murat Volkan Dülger Firat Baris Kavlak Hüseyin Barun Dülger Law Firm Kavlak Law Firm Ferhat Pekin Ayşegül Yalçınmani Sistem Lojistik Pekin & Bayar Law Firm Cerrahoğlu Law Firm Dilara Duman Sıddık Kaya Sedef Başcı Duman Law Office Ministry of Customs and Trade Neriman Pelit Sevinay Yese Kovats Devres Law Office Kolcuoğlu Demirkan Attorneys- Renaissance Development Safa Mustafa Durakoğlu Uğur Kaynakçıoğlu at-Law Güray Batur Çakmak Avukatlık Bürosu Devres Law Office A.Çağrı Yıldız Ministry of Justice Batuhan Şahmay ADMD - Mavioglu & Alkan Law Özgür Ekinci Betül Kencebay Bener Law Office, member of Ius Office Ayça Bayburan PwC Turkey TUYID - Turkish IR Society Laboris ADMD - Mavioglu & Alkan Law Cağatay Yılmaz Gökben Erdem Dirican Burak Kepkep Office Bilge Saltan Yılmaz Law Offices Pekin & Pekin Kepkep International Legal Dülger Law Firm Erhan Baykotan Counseling Rana Yılmaz Aycan Erdoğan Akkartal Ithalat Ihracat Selim Sarıibrahimoğlu Yılmaz Law Offices PwC Turkey Süleyman Kısaç Sarıibrahimoğlu Law Office Harun Bayramoglu Turk Telekom Süleyman Yolcu Onur Ergun ITKIB Istanbul Textile and Apparel Hakkı Şekerbay Ankara Chamber of Commerce Taboglu & Demirhan Özlem Kızıl Voyvoda Exporters’ Association Ministry of Labour and Social Çakmak Avukatlık Bürosu Murat Yülek Muzaffer Eroglu Security Nergis Beşiroğlu PGlobal Global Advisory and Kocaeli University, Hukuk Fakültesi Fatih Koca Cerrahoğlu Law Firm Ömer Kayhan Seyhun Training Services Ltd. Asli Ersanli Çiğdem Koğar Central Bank of the Republic of Serdar Bezen Central Bank of the Republic of Çağlar Yurttürk Moroglu Arseven Turkey Bezen & Partners Turkey Yuka Law Office İlke Fadıllıoğlu Birol Sezer Yeşim Bezen Ayse Busra Kose Serap Zuvin GSG Avukatlık Ortaklığı Istanbul Denetim ve Yeminli Mali Bezen & Partners Moroglu Arseven Serap Zuvin Law Offices Müşavirlik A.Ş. Umurcan Gago Ayşe Eda Biçer Cengiz Koyuncu PwC Turkey Sezil Simsek Çakmak Avukatlık Bürosu Tektron Dış Tic. Ltd. Şti. UGANDA PricewaterhouseCoopers Zeynephan Gemicioğlu Taner Gokmen Bolayir Ceren Kuluhan Magistrate’s Court at Mengo Cerrahoğlu Law Firm Zafer Ertunc Sirin Serap Zuvin Law Offices Duman Law Office Istanbul Universitesi Ministry of Lands, Housing & Sabiha Nur Göllü Melis Buhan Mert Kutlar Urban Development Bener Law Office, member of Ius Ayse Ülkü Solak Pekin & Pekin ADMD - Mavioglu & Alkan Law Laboris Moroglu Arseven Michael Akampurira Irfan Bumin Office Akampurira and Partners Osman Nuri Gönenç Halit Suiçmez PERA Construction Altan Liman Central Bank of the Republic of Ministry of Science, Industry and Daniel Angualia İdil Çağal Kuyan Turkey Aydaş Liman Kurman Attorneys- Technology Angualia, Busiku & Co. Advocates PricewaterhouseCoopers at-Law Gunhan Gonul Çağıl Sünbül Leria Arinaitwe Cezmi Batuhan Çağatay Çakmak Avukatlık Bürosu Orhan Yavuz Mavioğlu PricewaterhouseCoopers Sebalu & Lule Advocates PricewaterhouseCoopers ADMD - Mavioglu & Alkan Law Berkay Gul Office Semih Sütçü Alex Ayesigye Osman Çalişkan Moroglu Arseven Solmaz Customs Brokerage & Ministry of Finance Ministry of Justice Dilek Menteş Consultancy Co. Zeki Gündüz Cerrahoğlu Law Firm Justine Bagyenda Esin Çamlıbel PwC Turkey Esin Taboğlu Bank of Uganda Turunç Law Office Günes Mermer Taboglu & Demirhan Remzi Orkun Guner Çakmak Avukatlık Bürosu Bernard Baingana Maria Lianides Çelebi ADMD - Mavioglu & Alkan Law Aylin Tarlan Tüzemen PwC Uganda Bener Law Office, member of Ius Office Maral Minasyan Tarlan – Baksi Law Firm Kolcuoğlu Demirkan Attorneys- Joseph Baliddawa Laboris Onur Güngör at-Law Güzel Toker JB Byamugisha Cemal Çelik TIM Turkish Exporters Assembly PricewaterhouseCoopers Byamugisha & Rwaheru Advocates Energy Market Regulatory Erhan Seyfi Moroglu Burcu Guray Moroglu Arseven Berna Toksoy Lawrence Byensi Authority Moroglu Arseven Turkish Industry and Business Uganda Investment Authority Ipek Merve Çelik Şila Muratoğlu Association Deniz Gürbüz Bayırlı & Muratoğlu Law Firm Matovu Emmy Pekin & Pekin Boğazıçı Elektık Dağitim A.Ş. Elif Tulunay Marma Technical Services M. Fadlullah Cerrahoğlu (Bedaş) Melis Oget Koc Turunç Law Office Cerrahoğlu Law Firm Serap Zuvin Law Offices Ninsiima Irene Deniz Gurel Noyan Turunç Angualia, Busiku & Co. Advocates Emel Çetin Turkish Industry and Business Pelin Oguzer Turunç Law Office Paksoy Law Firm Association Moroglu Arseven Sarfaraz Jiwani Burcu Tuzcu Ersin Seyani Brothers & Co. (U) Ltd. lsa Coşkun Ayşegül Gürsoy Ozgecan Oksuz Moroglu Arseven Ministry of Finance Cerrahoğlu Law Firm Özel & Özel Attorneys-at-Law Lwanga John Bosco Dilara Uçar Marma Technical Services Yavuz Dayıoğlu Gülşah Güven Ipek Okucu Sarıibrahimoğlu Law Office PricewaterhouseCoopers Dülger Law Firm GSG Avukatlık Ortaklığı MacDusman Kabega Nursel Ucuzsatar Tumsiime, Kabega & Co. Advocates Okan Demirkan Özhan Güven Mert Oner Solmaz Customs Brokerage & Kolcuoğlu Demirkan Attorneys- KPMG Consultancy Co. Godwin Kakande Mehmet Güzel at-Law Ministry of Customs and Trade Mehmet Otrar Ürün Ülkü Richard Kamajugo Orkun Deniz Cerrahoğlu Law Firm ADMD - Mavioglu & Alkan Law Uganda Revenue Authority Ece Ilter Kredit Kayit Bureau PwC Turkey Remzi Ozbay Office Francis Kamulegeya DSD Deri Sanayicileri Dis Ticaret PwC Uganda Acknowledgments 301 Aggrey Kankunda Cornelius Mukiibi Oleg Y. Alyoshin Olga Khoroshylova Oleksandr Padalka AA&L Associates C. Mukiibi Sentamu & Co. Vasil Kisil & Partners Egorov Puginsky Afanasiev & Asters Advocates Partners John Karahunga Andrey Astapov Mikhail Pergamenshik Land Registry Andrew Munanura Kamuteera Astapov Lawyers International Andriy Kirmach Konnov & Sozanovsky Sebalu & Lule Advocates Law Group Chadbourne & Parke LLP Phillip Karugaba Konstantin Pilkov MMAKS Advocates Peters Musoke Ron J. Barden Natalia Klochun Cai & Leonard Shonubi, Musoke & Co. Advocates PwC Ukraine Arzinger & Partners Edwin Karugire Andriy Pozhidayev Kiwanuka & Karugire Advocates Rachel Mwanje Musoke Svitlana Berezhna Andrii Knysh Asters MMAKS Advocates ILF Integrites Egorov Puginsky Afanasiev & Baati Katende Dmytro Pshenychnyuk Partners Katende, Ssempebwa & Co. Sarah Musumba Gleb Bialyi DLA Piper Ukraine LLC Advocates PwC Uganda Egorov Puginsky Afanasiev & Maksym Kopeychykov Vadym Samoilenko Partners Ilyashev & Partners David Katende Jimmy M. Muyanja Asters EnviroKAD Muyanja & Associates Julia Bilonozhko Vitaliy Kornev Marina Savchenko Dentons Asters John W. Katende Joseph Mwangalo Astapov Lawyers International Katende, Ssempebwa & Co. Nicholas Mwasame Walyemwa Yevgen Blok Anton Korobeynikov Law Group Advocates Shonubi Musoke & Co. ILF Integrites Sayenko Kharenko Vladimir Sayenko Sim K. Katende Noah Mwesigwa Oleg Boichuk Andrey Kosharny Sayenko Kharenko Katende, Ssempebwa & Co. Shonubi, Musoke & Co. Advocates Egorov Puginsky Afanasiev & Elit Group Olga Serbul Advocates Partners Eva Nalwanga Gitta Arina Kostina Law Firm IP & C. Consult, LLC Soogi Katende Kasirye Byaruhanga and Co. Glib Bondar Ulysses Stepan Shef Katende, Ssempebwa & Co. Avellum Partners Plaxeda Namirimu Denys Kulgavyi HLB Ukraine Advocates PwC Uganda Valeriy Bondar Dentons Alla Shevchenko Didymus Byenkya Kato HLB Ukraine Sophia Nampijja Vitaliy Kulinich BNT & Partner Ataco Freight Services Ltd. Katende, Ssempebwa & Co. Yulia Bondar Egorov Puginsky Afanasiev & Hanna Shtepa Muhammad Kattan Advocates HLB Ukraine Partners Baker & McKenzie UNCTAD (United Nation Innocent Ngobi Ndiko Timur Bondaryev Oleksandr Kurdydyk Conference on Trade and Anzhelika Shtukaturova Ngobi Ndiko Advocates Arzinger & Partners DLA Piper Ukraine LLC Development) and Asycuda Dentons Diana Ninsiima Alexander Borisov Tatyana Kuzmenko Peter Kauma Markian B. Silecky MMAKS Advocates Zovnishinformaudit C Astapov Lawyers International Kiwanuka & Karugire Advocates Dentons Law Group James Kagiri Njoroge Lilia Boulakh Assumpta Kemigisha Anna Sisetska Price & King Certified Public DLA Piper Ukraine LLC Oles Kvyat Nangwala, Rezida & Co. Vasil Kisil & Partners Accountants Asters Advocates Alexander Buryak Yuriy Slavinskiy Florence Nsubuga PwC Ukraine Oleksii Latsko Muzamiru Kibeedi Globalink Transportation & UMEME Limited Egorov Puginsky Afanasiev & Kibeedi & Co. Taras Chernikov Logistics Worldwide LLP Partners William Okello Egorov Puginsky Afanasiev & Sebaggala M. Kigozi Evgen Solovyov Alex Rezida Partners Mariana Legotska Uganda Manufactures Association Ilyashev & Partners Nangwala, Rezida & Co. Asters Luliia Chervonooka Innocent Kihika Advocates Anna Spichenko Vasil Kisil & Partners Maksym Libanov Shonubi Musoke & Co. CMS Cameron McKenna Moses Segawa National Securities and Stock Serhiy Chorny Mubaraka Nkuutu Kirunda Sebalu & Lule Advocates Market Commission Natalia Spiridonova Baker & McKenzie Uganda Manufactures Association Egorov Puginsky Afanasiev & Cameo Shay Olga Lubiv Aleksandr Deputat Partners Geoffrey Kiryabwire SBI International Holdings AG KPMG Elit Group High Court of Uganda Uganda Eugene Starikov Anastasiya Lytvynenko Nadiia Dmytrenko INYURPOLIS Law Firm Kiryowa Kiwanuka Alan Shonubi Kibenko, Onika & Partners Law Egorov Puginsky Afanasiev & Kiwanuka & Karugire Advocates Shonubi, Musoke & Co. Advocates Firm Andriy Stelmashchuk Partners Vasil Kisil & Partners Robert Komakec Parbat Siyani Angela Mahinova Mariana Dudnyk Arch Forum Ltd. Seyani Brothers & Co. (U) Ltd. Sayenko Kharenko Roman Stepanenko PwC Ukraine Egorov Puginsky Afanasiev & Charles Koojo Charles Lwanga Ssemanda Vitaly Makhinchuk Igor Dykunskyy Partners Urban Research and Training Gestors Winifred Tarinyeba Kiryabwire BNT & Partner Consultancy Andriy Stetsenko Makerere University Anastasia Maksimchuk Max Fedorchenko CMS Cameron McKenna Byarugaba Kusiillla Brigitte ILF Integrites Obed Tindyebwa Law Firm IP & C. Consult, LLC Shonubi Musoke & Co. Mykola Stetsenko Grand & Noble, Certified Public Yulia Malyshko Ganna Fokina Avellum Partners Brigitte Kusiima Sendi Accountants Damco Ulysses Shonubi, Musoke & Co. Advocates Gleb Sydorchuk Ambrose Turyahabwe Oleksandr Maydanyk Dmytro Galagan Damco Anita Kusima DHL Global Forwarding (U) Ltd. Egorov Puginsky Afanasiev & Ulysses Kampala Capital City Authority Partners Aleksandr Tanana (KCCA) Bemanya Twebaze Leonid Gilevich E.G. Development Uganda Registration Services Arsenyy Milyutin Ilyashev & Partners Ida Kussima Bureau Egorov Puginsky Afanasiev & Kristina Tataru Katende, Ssempebwa & Co. Oleksandra Gorak Partners PwC Ukraine Advocates Isaac Walukagga DLA Piper Ukraine LLC MMAKS Advocates Vadim Mizyakov Yaroslav Teklyuk Lillian Helen Kuteesa Volodymyr Grabchak Asters Vasil Kisil & Partners Nangwala, Rezida & Co. Remmy George Wamimbi Arzinger & Partners Akampurira and Partners Anna Moliboga Svitlana Teush Advocates Sergiy Gryshko KPMG Arzinger & Partners Arthur Kwesiga CMS Cameron McKenna UKRAINE Katerina Moskalyuk Sergey Titenko Uganda Registration Services Valeriia Gudiy Lavrinovich and partners National Commission for State Bureau JSC The State Export-Import Bank Ilyashev & Partners Regulation in the Sphere of Energy of Ukraine Adam Mycyk Robinah Lutaaya (NERC) Mykola Heletiy Chadbourne & Parke LLP PwC Uganda State Customs Service of Ukraine Chadbourne & Parke LLP Anna Tkachenko Nataliya Mykolska Michael Malan Yaroslav Abramov Dentons Oksana Ilchenko Sayenko Kharenko Compuscan CRB Ltd. ILF Integrites Egorov Puginsky Afanasiev & Dmytro Tkachenko Iurii Nekliaiev Paul Mbuga Denys Absalyamov Partners DLA Piper Ukraine LLC Egorov Puginsky Afanasiev & Sebalu & Lule Advocates JSC Ukrenergochermet Jon Johannesson Partners Zakhar Tropin Paul Moores Oleksandr Aleksyeyenko IBCH Proxen & Partners Yuriy Nikolaychuk FBW Group ILF Integrites Oleksii Kharitonov Ulysses Valeriia Tryfonova Richard Mubiru Rotov Alexander INYURPOLIS Law Firm Vasil Kisil & Partners Olexander Olshansky Ministry of Finance Confederation of Builders of Tatiana Kheruvimova Sayenko Kharenko Andriy Tsvyetkov Ukraine KPMG Gestors 302 Doing Business 2014 Ruslan Tumanyan Sara Apostolides Ali Ibrahim Jaya Prakash Gary Watts Globalink Transportation & SNR Denton & Co. Belyoha Architect & Engineering Al Futtaim Logistics Al Tamimi & Company Advocates Logistics Worldwide LLP Consultants & Legal Consultants Manavalan Arumugam Praveen Pudhuvail Oleg Tymkiv Eros Group Mohamed Ifthikar Jamaldeen Dubai Express LLC (Freightworks Zouhdi Yakan PwC Ukraine Kuehne + Nagel LLC Branch) Law House Advocates and Legal T. Suresh Babu Consultants Slava Vlasov Landmark Group Meena Jairaj Anish Punwnai PwC Ukraine Retail Logistics Panacore Resources Natasha Zahid Elmugtaba Bannaga Baker Botts LLP Yuriy Volovnik Bin Suwaidan Advocates & Legal Iman Kaiss Samer Qudah Egorov Puginsky Afanasiev & Consultants Trowers & Hamlins LLP Al Tamimi & Company Advocates Partners & Legal Consultants UNITED KINGDOM Prakash Bhanushali Mohammad Z. Kawasmi Zeeshan Wani Alsahm Al Saree Transport & Al Tamimi & Company Advocates Mohammed Quttaineh Kanchan Adik Globalink Transportation & Clearing & Legal Consultants Talal Abu Ghazaleh Legal (TAG- Mayer Brown International LLP Logistics Worldwide LLP Legal) Hiten Bhatia Dean Kern Simon Allison Artur Yalovyy Silver Line Transportation PwC United Arab Emirates Yusuf Rafiudeen Mayer Brown International LLP ILF Integrites Dubai Electricity and Water Jennifer Bibbings Naeem Khan Robert Arnison Authority Olexiy Yanov Trowers & Hamlins LLP Mohammed Eshaq Trading DLA Piper Law Firm IP & C. Consult, LLC Company Sujaya Rao Rashid Bin Humaidan Anna Austin HST Logistics LLC Anna Yarenko Dubai Electricity and Water Jai Kishan Khushaldasani Stokes Partners LLP Astapov Lawyers International Authority JMD Clearing & Forwarding Eshagh Rasti Lari Tilly Baderin Law Group Rasti Lari General Trading Co. LLC Maryam Bin Lahej Kaled Kilani PricewaterhouseCoopers Legal LLP Yulia Yashenkova Dubai Courts Aramex Emirates LLC Sandra Rebeiz Paul Bagon Astapov Lawyers International Huqooq Legal Practice Aed Bouchakra B.S. Krishna Moorthy Weil, Gotshal & Manges LLP Law Group Huqooq Legal Practice Landmark Group Amer Saadeh Matthew K J Ball Aleksandra Yevstafyeva DAR Consultants Mazen Boustany Praveen Kumar Sasto & Klinger Solicitors Egorov Puginsky Afanasiev & Habib Al Mulla & Co. Sharaf Logistics LLC Mohammed Ahmed Saleh Partners Marie Batchelor Dubai Municipality Shameer C.T.K Senthil Kumar Birketts LLP Polina Zagnitko DCFC Logistics & Distribution LLC GLG Shipping Sarathe Chalas and Partners Law Firm Michael Bradley NAFFCO Joe Carrol Suneer Kumar PwC United Kingdom Galyna Zagorodniuk Dentons Al Suwaidi & Company Claus Schmidt DLA Piper Ukraine LLC Marlies Braun Panalpina Gulf R. Chandran Suresh Kumar Wedlake Bell LLP Tatiana Zamorska Transworld Shipping & Logistics X-Architects Herbert Schroder KPMG Rukky Brume LLC Emcredit John Kunjappan Simmons & Simmons LLP Anna Zhebeleva Sudesh Chaturvedi Maersk Kanoo LLC Khurram Shahzad INYURPOLIS Law Firm Sebastian Cameron Gulf Agency Company LLC Panalpina Gulf Ashraf Kunjimoidu Cleary Gottlieb Steen & Hamilton Anna Zorya Nasser Chhipa Al Yousuf Electronics Hassan Shakrouf LLP Ulysses Cargo Line Shipping Services LLC Hyder Consulting Charles S. Laubach Michael Canvin Lisa Dale Afridi & Angell, member of Lex Vivek Sharma Crown Agents Ltd. UNITED ARAB EMIRATES Al Tamimi & Company Advocates Mundi PIL (U.A.E) LLC Peter Caplehorn Mahadevan A & Legal Consultants Zachriya M. M. Vivekanand Shetty Scott Brownrigg Mediterranean Shipping Company Krishna Das APL Emirates LLC Eros Group (UAE) LLC Brendon Christian Ceva Logistics Sohail Maklai Vasant Shetty Business Law BC Niyas Abdulkader Shirish Deshpande Mohammed Eshaq Trading Rais Hassan Saadi LLC Aramex Emirates LLC Jennifer Colegate Arabian Automobiles Company Shailen Shukla Mayer Brown International LLP Makhdoom Ahmed Steven D’Souza Satish Mapara Jumbo Electronics Co. LLC Veracor Printing Press LLC Michael Collard Alokozay International Ldt Globe Apex Management Sukhwinder Singh 5 Pump Court Chambers Yakud Ahmed Consultants Karim El Gebaily Apparel LLC Orchid Gulf Gillian Craig Talal Abu Ghazaleh Legal (TAG- Premanand Maroly Arvind Sinha MacRoberts LLP Abdul Amir Ahmed Abdulla Legal) Vasco Global Maritime RCS Pvt. Ltd. Business Advisors Kodarzi Jonathan Dawe Ibrahim Elsadig Harish Matabonu Group Jalal Ahmed Group Grant Dawe LLP Dentons Arty Transport Co LLC Shekhar Sinha Kara Ajani Kirsten Dunlop Ruth Feng Helene Mathieu Rais Hassan Saadi LLC Trowers & Hamlins LLP Shepherd & Wedderburn Silk Road Shipping L.L.C Helene Mathieu Legal Consultants Sreekumar Sivasankaran Obaid Saif Atiq Al Falasi Lindsay Edkins Anthea Fernandes Roland Monteath Globelink West Star Shipping LLC Dubai Electricity and Water Weil, Gotshal & Manges LLP Nasser Malalla Advocates & Legal Agility Global Logistics Authority Wayne Smith Consultants Patrick Elliot Abdulqader Mossa Al Futtaim Logistics Salah El Dien Al Nahas BrownRudnick LLP Laëtitia Fernandes Dubai Courts Hadel Al Dhahiri & Associates Johnson Soans Helene Mathieu Legal Consultants Tammy Evans Badih Moukarzel Extron Electronics M.E. Essam Al Tamimi Wedlake Bell LLP Jane Flournoy Huqooq Legal Practice Al Tamimi & Company Advocates Jayanthi Suseelan Dentons Kristy Ewer & Legal Consultants Ahmed Nassar Maersk Kanoo LLC Weil, Gotshal & Manges LLP Michael George Hassan Humaid Al-Suwaidi Humam Al Zaqqa Tien Tai Dar Al-Handasah Advocates & Legal Consultancy Edel Farrelly Adnan Saffarini Consultants Dentons Memery Crystal LLP Rohit Ghai Senthil Nathan Saeed Al-Hamiz Taha Tawawala Al Jabha Group Freight Systems Hannah Faulkner Central Bank of the UAE Al Suwaidi & Company Latham & Watkins LLP Saleem H.B. Cathy Ninen Ibrahim Alhossani Mohammed Sultan Thani National Trading and Development AMI Middle East Steven Fink Dubai Courts Dubai Land Department Est. DHL GBS (UK) Limited Katherine Nixon Ahmed AlMazrouie Hamad Thani Mutar Rasha Haloub Dentons Matthew Fisher Emcredit Dubai Courts PwC United Arab Emirates Cleary Gottlieb Steen & Hamilton Seifeldin Nour Yousef Al-Suwaidi Manoj Thanwani LLP Jayaram Hariharan Trowers & Hamlins LLP Dubai Courts Choithrams Vasco Global Maritime Nick Francis Sami Odeh Deepak Amin Sebastian Thomas PwC United Kingdom Sydene Helwick ART Consultants Inchcape Shipping Services ZAFCO Al Tamimi & Company Advocates James Franklin Ravi Parambott Adnan Amiri & Legal Consultants Justin Varghese Latham & Watkins LLP IAL Logistics Emirates LLC Baker Botts LLP Al Futtaim Logistics Rebecca Houlgate Robert Franklin Vijendra Vikram Singh Paul Wicki Andersen Dentons P. Vijayagopal Clyde & Co. Talal Abu Ghazaleh Legal (TAG- Baker Botts LLP Yang Ming (UAE) LLC Legal) Acknowledgments 303 Ildiko Gergely Neil Munroe Kristy Zander Jen Leary Eduardo Ameglio Clyde & Co. ACCIS - Association of Consumer Mayer Brown International LLP CliftonLarsonAllen Guyer & Regules, member of Lex Credit Information Suppliers Mundi Tony Grant Evgeny Zborovsky Timothy Lee Grant Dawe LLP Stephanie Pasquill Weil, Gotshal & Manges LLP Cleary Gottlieb Steen & Hamilton Bernardo Amorín Memery Crystal LLP LLP Olivera Abogados Donald Gray David Ziyambi Darwin Gray LLP Matthew Percival Latham & Watkins LLP Macey Levington Sebastián Arcia CBI - The Confederation of British Cleary Gottlieb Steen & Hamilton Arcia Storace Fuentes Medina Siobhan Haire Industry LLP Abogados Cleary Gottlieb Steen & Hamilton UNITED STATES LLP Chris Perkins Bradford L. Livingston Rigoberto Paredes Ayllón Michael Aktipis PricewaterhouseCoopers Legal LLP Seyfarth Shaw LLP Rigoberto Paredes & Associates Helen Hall Phillip Anzalone DLA Piper UK LLP James Perry Atelier Architecture 64, PLLC David Macpherson Alicia Badanian Ashurst LLP JK Moving Services International Bergstein Abogados Alex Henderson Pamy J. S. Arora PwC United Kingdom Stewart Perry Cornell Group, Inc. A Edward Major Pablo Balao Gay Clyde & Co. A Edward Major, Counsellors- Panalpina World Transport Neville Howlett Victor Chiu at-Law PwC United Kingdom Juliet Pickworth Cleary Gottlieb Steen & Hamilton Alicia Barral Sherrards Solicitors LLP Paul Marquardt PwC Uruguay Stephen Hubner Cleary Gottlieb Steen & Hamilton Shepherd & Wedderburn Steve Pocock Sheri P. Chromow Leticia Barrios Bentancourt LLP Crown Agents Ltd. KattenMuchinRosenman LLP Bergstein Abogados Daden Hunt John McGill Jr. Birketts LLP Ross Pooley Richard Conza Juan Bonet Cleary Gottlieb Steen & Hamilton Latham & Watkins LLP Cleary Gottlieb Steen & Hamilton Guyer & Regules, member of Lex Karl Hurley LLP LLP Mundi Ofgem Ashley Poorun Richard M. Meth Lubbock Fine - member of Russell Brendan Cyr Sofia Borba Richard Isham Fox Rothschild LLP Bedford International Cleary Gottlieb Steen & Hamilton Sofia Borba Wedlake Bell LLP LLP Kerry Mohan Nicholars Robertson Virginia Brause Shahid Jamil Seyfarth Shaw LLP Mayer Brown International LLP Giuseppe Delli Carpini Jiménez de Aréchaga, Viana & Latham & Watkins LLP Cargo Tours Kelly J. Murray Brause Keith Robinson Adam Jones PwC United States Sherrards Solicitors Vilas Dhar Leonardo Couto Birketts LLP Dhar Law, LLP David Newberg Jose Maria Facal & Co. Alex Rogan Jolita Kajtazi Collier, Halpern, Newberg, Skadden, Arps, Slate, Meagher & Joshua L. Ditelberg Sylvia Díaz Grant Dawe LLP Nolletti, & Bock Flom LLP Seyfarth Shaw LLP María Durán Robert Keen Samuel Nolen Hughes & Hughes Philip Rogers Michael Dyll British International Freight Richards, Layton & Finger, P.A., Clyde & Co. Texas International Freight Maria Jose Echinope Association member of Lex Mundi Jack Rutherford Jiménez de Aréchaga, Viana & Katherine Keenan Gary Eaton Aileen Nowlan Simmons & Simmons LLP Brause Wedlake Bell LLP Eaton Electric, Inc. Cleary Gottlieb Steen & Hamilton Renuka Sharma LLP Noelia Eiras Amrit Khosa Irma Foley Clyde & Co. Hughes & Hughes Latham & Watkins LLP Orrick, Herrington & Sutcliffe LLP Darrell Pierce Ian Sharpe Dykema Gabriel Ejgenberg Henry Kikoyo Daphney François Experian Ltd. Bergstein Abogados BrownRudnick LLP Cleary Gottlieb Steen & Hamilton Igor Putilov Andrew Shutter LLP Link Lines Logistics Inc Marianela Fernandez Rebecca Knight PwC Uruguay Cleary Gottlieb Steen & Hamilton Patrick Fuller PwC United Kingdom Imke Ratschko LLP Cleary Gottlieb Steen & Hamilton Analía Fernández Imke Ratschko PLC Pascal Lalande LLP Bergstein Abogados Sandra Simoni Her Majesty’s Land Registry Jonathan Reinstein Department for Communities and Anita Gambhir Javier Fernández Zerbino Cleary Gottlieb Steen & Hamilton Keavy Larkin Local Government Cornell Group, Inc. Bado, Kuster, Zerbino & Rachetti LLP Ofgem Robyn Skerratt Robert Goethe Hector Ferreira Sandra Rocks Sinead Lawrence Lucy Slater Cornell Group, Inc. Hughes & Hughes Cleary Gottlieb Steen & Hamilton CBI - The Confederation of British Cleary Gottlieb Steen & Hamilton Boris Grosman LLP Juan Federico Fischer Industry LLP L & B Electrical International Kenneth Rosen Fischer & Schickendantz Alasdair Lewis Richard Smith Sonya H.S. Lee University of Alabama School Federico Florin Her Majesty’s Land Registry Mayer Brown International LLP of Law Cleary Gottlieb Steen & Hamilton Guyer & Regules, member of Lex Matthew Longstaff Stacey-Jo Smith LLP Mundi Richard Rosen Cleary Gottlieb Steen & Hamilton Companies House Thomas Halket NYC Department of Buildings Sergio Franco LLP Karen Stewart Halket Weitz LLP Joshua Roy PwC Uruguay Ryan Lynch Mayer Brown International LLP Adam Jackson Heintz Morrison and Foerster Andres Fuentes Memery Crystal LLP Paul Timmins Morrison and Foerster Manuel Santiago Arcia Storace Fuentes Medina Neil Maclean Approved Inspector Services Limited Abogados Steven Horowitz Milrose Consultants, Inc. Shepherd & Wedderburn Hugh Travers Cleary Gottlieb Steen & Hamilton William Shawn Diego Galante Neil Magrath Barrister LLP Galante & Martins ShawnCoulson LLP UK Power Networks Louise Verrill Nancy Israel David Smith Pablo Galmarini Christopher Mallon BrownRudnick LLP Law Office of Nancy D. Israel Galmarini Cleary Gottlieb Steen & Hamilton Skadden, Arps, Slate, Meagher & Stephanie Walker Neil Jacobs LLP Renato Guerrieri Flom LLP PricewaterhouseCoopers Legal LLP NI Jacobs & Associates Michael Temin Guyer & Regules, member of Lex Peter Manley Mundi Jasmine Wall Christopher Andrew Jarvinen Fox Rothschild LLP DLA Piper UK LLP Air Sea Worldwide (U.K.) Limited Berger Singerman F.W. Turner Andrés Hessdörfer Andrew Maple Arcia Storace Fuentes Medina Geoff Wilkinson Charles L. Kerr Turner & Turner Approved Inspector Services Limited Abogados Wilkinson Construction Morrison and Foerster Frank Wolf Paul Marmor Consultants Marcela Hughes Joshua Kochath Corporate Solvency Stress Testing Sherrards Solicitors Hughes & Hughes Philip Williams Comage Container Lines Advisors L3C Jane Marsden DLA Piper UK LLP Gonzalo Iglesias Memery Crystal LLP Arthur Kohn URUGUAY Guyer & Regules, member of Lex Dermot Winters Cleary Gottlieb Steen & Hamilton Kate Matthews Mundi Merrit & Company LLP Graetz Nuñez Boddy Matthews Alfredo Inciarte Blanco Kathy Xiang John LaBar Isabel Abarno Charles Mayo Estudio Inciarte Cleary Gottlieb Steen & Hamilton Hnery, McCord, Bean, Miller, Olivera Abogados Simmons & Simmons LLP LLP Gabriel & LaBar, PLLC Elías Mantero Juan Manoel Albacete Olivera Abogados Darren McCreery Yolanda Yong Michael Lazerwitz Guyer & Regules, member of Lex Department for Communities and Ashurst LLP Cleary Gottlieb Steen & Hamilton Mundi Local Government LLP 304 Doing Business 2014 Enrique Martínez Schickendantz Juan Ignacio Troccoli Paul de Montgolfier Alfredo Hurtado Van Dinh Thi Quynh Asociación de Despachantes de Fischer & Schickendantz Cabinet AJC, an independent Hurtado Esteban & Asociados PwC Vietnam Aduana del Uruguay correspondent member of DFK - member of Russell Bedford Mariana Venturino Thuy Linh Do International International Andrea Medina Arcia Storace Fuentes Medina KTC Assurance & Business Arcia Storace Fuentes Medina Abogados Frederic Derousseau Gabriela Longo Advisors - member of Russell Abogados Vate Electrics Palacios, Ortega y Asociados Bedford International Gerardo Viñoles Leonardo Melos Viñoles Arquitect Studio Delores Elliott Pedro Mendoza Linh Doan Bergstein Abogados Data Bureau (Vanuatu) Limited Mendoza Davila Toledo LVN & Associates Ignacio Mendiola UZBEKISTAN Silas Charles Hakwa Maritza Meszaros Dang The Duc Jiménez de Aréchaga, Viana & Silas Charles Hakwa & Associates Baker & McKenzie Indochine Counsel Globalink Logistics Group Brause Didier Hamel-Landry Lorena Mingarelli Lozzi Lien Duong Hong International Legal Group Juan Manoel Mercant Cabinet AJC, an independent De Sola Pate & Brown, Abogados PwC Vietnam Guyer & Regules, member of Lex PwC Uzbekistan correspondent member of DFK - Consultores Thu Ha Mundi International Uzbekenergo Amayris Muñoz Quang Ha Dang Ricardo Mezzera Remy Janet Hoet Pelaez Castillo & Duque Gide Loyrette Nouel, member of Dilshod S. Abduraimov Mezzera Abogados UNELCO Lex Mundi Yoon & Yang LLC José Manuel Ortega Pérez Matilde Milicevic Santana Colin B. Leo Palacios, Ortega y Asociados Giang Ha Thi Phuong Zulfiya Akchurina Equifax - Clearing de Informes Colin Bright Leo Lawyers PwC Vietnam GRATA Law Firm Luis Esteban Palacios Wannoni Alejandro Miller Artola Philippe Mehrenberger Palacios, Ortega y Asociados Than Tam Hoang Mels Akhmedov Guyer & Regules, member of Lex UNELCO KTC Assurance & Business BAS Law Firm Bruno Paredes Mundi Advisors - member of Russell Mark Pardoe Logistika TSM Natalya Apukhtina Bedford International Pamela Moreira South Sea Shipping Ltd. Dentons John R. Pate Ferrere Abogados Le Hong Phong Harold Qualao De Sola Pate & Brown, Abogados Umid Aripdjanov Bizconsult Law Firm Agustin Muzio Qualao Consulting Ltd. QCL - Consultores Colibri Law Firm PwC Uruguay Nguyen Thi Hong Van Katua Rezel Deysi Patiño Ortega Nail Hassanov YKVN Juan Martín Olivera Department of Lands, Surveys & Palacios Ortega y Asociados Leges Advokat Law Firm Olivera Abogados Records Tran Quang Huy Eduardo Porcarelli Anvar Ikramov VILAF - Hong Duc Law Firm María Concepción Olivera Evelyne Robert CONAPRI Ashur Law Firm Olivera Abogados Ridgway Blake Lawyers Kim Ngoan Huynh Juan Carlos Pró-Rísquez Mouborak Kambarova Gide Loyrette Nouel, member of Ricardo Olivera García Martin Saint Hilaire Despacho de Abogados miembros de Dentons Lex Mundi Olivera Abogados Cabinet AJC, an independent Norton Rose Fulbright, S.C. Khurshid Kasimdzhanov correspondent member of DFK Juan Orticochea Melissa Puga Santaella Thang Huynh M&M Militzer & Münch International DFDL Mekong Law Group Guyer & Regules, member of Lex CONAPRI Mundi Nurali Eshibaevich Khalmuratov Mark Stafford Jean Claude Junin José Alberto Ramirez National Institute of Credit Barrett & Partners SDV Logistics Federico Otegui Hoet Pelaez Castillo & Duque Information (NICI) of the Central PwC Uruguay Hai Long Khuat Bank of the Republic of Uzbekistan Eduardo Ruesga VENEZUELA, RB Indochine Counsel Virginia Palleiro PwC Venezuela Shukhrat Khudayshukurov Arcia Storace Fuentes Medina Yanet Aguiar Anh Tuan Le Advokat-Himoya Law Office Pedro Saghy Abogados Despacho de Abogados miembros de Credit Information Centre - State Despacho de Abogados miembros de Laziza Rakhimova Norton Rose Fulbright, S.C. Bank of Vietnam Hugo Pereira Norton Rose Fulbright, S.C. GRATA Law Firm Arcia Storace Fuentes Medina Juan Enrique Aigster Thuy Le Nguyen Huy Francisco Seijas Abogados Mirzaaziz Ruziev Hoet Pelaez Castillo & Duque Indochine Counsel Americas Interactiva GRATA Law Firm Martin Pérez Tomeo Servio T. Altuve Jr. Le Thi Loc Laura Silva Aparicio Galante & Martins Jamol Ryskiyev Servio T. Altuve R. & Asociados YKVN Hoet Pelaez Castillo & Duque Legalmax Law Firm Mariana Pisón Cesar Casas Torres Huynh Tuong Long Sara Trimboli Bergstein Abogados Muzaffar Salomov Casas Rincon Gonzalez Rubio & Gide Loyrette Nouel, member of Baker & McKenzie Credit Bureau "Credit Information Asociados Lex Mundi Walter Planells Analitic Centre" LLC John Tucker Ferrere Abogados Sergio Casinelli Tien Ngoc Luu Hoet Pelaez Castillo & Duque Nizomiddin Shakhabutdinov Despacho de Abogados miembros de Vision & Associates María José Poey Leges Advokat Law Firm Norton Rose Fulbright, S.C. Felipe Urdaneta Guyer & Regules, member of Lex Tran Dinh Muoi DataCrédito - Experian Venezuela Mundi Nargiza Turgunova Mariano De Alba SEAREFICO GRATA Law Firm Despacho de Abogados miembros de Carlos Velandia Sanchez María Carolina Queraltó Duy Minh Ngo Norton Rose Fulbright, S.C. Asociación Venezolana de Derecho Arcia Storace Fuentes Medina Laziza Walter VB Law Registral (AVEDER) Abogados GRATA Law Firm Arturo De Sola Lander De Sola Pate & Brown, Abogados José Vivas Tung Ngo Thanh Alejandro Santi Estefan Arlan Yerzhanov VILAF - Hong Duc Law Firm - Consultores Lawyer Olivera Abogados GRATA Law Firm Juan Domingo Cordero Bernardo Wallis Bui Thi Thanh Ngoc Mariana Saracho Shuhrat Yunusov DS Avocats Baker & McKenzie Despacho de Abogados miembros de Guyer & Regules, member of Lex BAS Law Firm Norton Rose Fulbright, S.C. Nguyen Duc Ngoc Mundi Carlos Domínguez Hernández Hoet Pelaez Castillo & Duque PCB Credit Information Joint Carolina Sarroca VANUATU Stock Company VIETNAM Arcia Storace Fuentes Medina Maria Gabriela Galavis Department of Environmental Tuyen Ngoc Nguyen Abogados Hoet Pelaez Castillo & Duque Panalpina World Transport LLP Protection & Conservation Ho Chi Minh City Power Eliana Sartori (DEPC) Jose Garcia Nguyen Anh Thu Corporation (EVN HCMC) PwC Uruguay PwC Venezuela University of Economics and Fr8 Logistics Ltd. Nguyen Ngoc Oanh Business, Vietnam National Leonardo Slinger Jose Alfredo Giral Indochine Counsel Vanuatu Financial Services University Guyer & Regules, member of Lex Baker & McKenzie Commission Hoang Kim Oanh Nguyen Mundi Frederick Burke Andres Gonzalez Crespo Baker & McKenzie Tony Joel Alvos Baker & McKenzie Beatriz Spiess Casas Rincon Gonzalez Rubio & UNELCO Khanh Ly Nguyen Guyer & Regules, member of Lex Asociados Samantha Campbell Mundi Loïc Bernier Gide Loyrette Nouel, member of KTC Assurance & Business Diego Gonzalez Crespo Advisors - member of Russell Caillard & Kaddour Lex Mundi Dolores Storace Casas Rincon Gonzalez Rubio & Bedford International Arcia Storace Fuentes Medina Garry Blake Asociados Giles Thomas Cooper Abogados Ridgway Blake Lawyers Duane Morris LLC Linh D. Nguyen Enrique Gonzalez Rubio VILAF - Hong Duc Law Firm Alejandro Taranto Astrid Boulekone Casas Rincon Gonzalez Rubio & Phuong Dzung Dang Estudio Taranto Vanuatu Chamber of Commerce Asociados Vision & Associates Minh Tuan Nguyen Viet Premier Law Ltd. Augusto Tricotti Andy Cottam Andres Felipe Guevara Nguyen Dang Viet Softron National Bank of Vanuatu Baker & McKenzie Bizconsult Law Firm Oanh Nguyen Baker & McKenzie Acknowledgments 305 Phuc Nguyen Mohammad Amarneh Yaser Al-Adimi Vincent Malambo Canaan Farirai Dube Mayer Brown JSM (Vietnam) EU Police Mission in the Abdul Gabar A. Al-Adimi for Malambo and Company Dube, Manikai and Hwacha Legal Palestinian Territories (EUPOL Construction & Trade Practitioners - DMH Commercial Thanh Hai Nguyen Clyde Mbazima COPPS) Law Chambers Baker & McKenzie Khaled Al-Buraihi Chibesakunda & Company, member Moayad Amouri Khaled Al-Buraihi for Advocacy & of DLA Piper Group Farayi Dyirakumunda Trang Nguyen PwC Legal Services Expert Decision Systems Zimbabwe Credit Information Centre - State Harriet Mdala Bank of Vietnam Thaer Amro Mohamed Taha Hamood Al- Musa Dudhia & Company Paul Fraser Amro & Associates Law Office Hashimi Lofty & Fraser Tram Nguyen Huyen Jyoti Mistry Mohamed Taha Hamood & Co. Gide Loyrette Nouel, member of Hanna Atrash PwC Zambia Daniel Garwe Lex Mundi CMG Abdulkader Al-Hebshi Planet Robert Mlanzi Advocacy and Legal Consultations Tam Nguyen Tinh Nada Atrash Building Inspection and City Jessica Gracie Office (ALCO) Gide Loyrette Nouel, member of Architecture & Design Planning Department Gill, Godlonton & Gerrans Lex Mundi Ali Al-Hebshi Firas Attereh Chansa Mulela Obert Chaurura Gutu Advocacy and Legal Consultations Lien Huong Nguyer Hussam Attereh Group for Legal Chibesakunda & Company, member Gutu & Chikowero Office (ALCO) Mayer Brown JSM Services of DLA Piper Group Selby Hwacha Abdalla Al-Meqbeli Hung Duy Pham Nizam Ayoob Chintu Y. Mulendema Dube, Manikai and Hwacha Legal Abdalla Al-Meqbeli & Associates KTC Assurance & Business Ministry of National Economy CYMA Practitioners - DMH Commercial Advisors - member of Russell Walaa Al-Meqbeli Law Chambers Ali Faroun Chiluba Mumba Bedford International Abdalla Al-Meqbeli & Associates Palestinian Monetary Authority Energy Regulation Board (ERB) Edwin Isaac Manikai Quynh Pham Si Hai Al-Hasan Al-Qotary Dube, Manikai and Hwacha Legal Philip Farrage Mutule Museba VILAF - Hong Duc Law Firm Russell Bedford International Practitioners - DMH Commercial BDO Corpus Legal Practitioners Law Chambers Vu Anh Phan Ismail Ahmed Alwazir Maher Hanania Nchima Nchito Indochine Counsel Alwazir Consultants, Advocates & R.T. Katsande Equity Legal Group Nchito and Nchito Advocates Legal Research Zimbabwe Electricity Transmission Hyunh Truong Que Phuong George Handal Kangwa Francis Ngomba & Distribution Company Prime Construction & Trading Abdulla Farouk Luqman Bethlehem Freight Building Inspection and City Co, Ltd. Luqman Legal Advocates & Legal Abraham Kudzai Maguchu Planning Department Samir Hulileh Consultants Dube, Manikai and Hwacha Legal Cristian Predan PADICO Holdings Kanti Patel Practitioners - DMH Commercial Dang Anh Quan Esam Nadeesh Christopher Russell Cook & Co. Law Chambers Hiba I. Husseini Advocacy and Legal Consultations Truong Nhat Quang Husseini & Husseini Office (ALCO) Solly Patel Peter Lloyd YKVN Christopher Russell Cook & Co. Gill, Godlonton & Gerrans Rami Husseini Zuhair Abdul Rasheed Nguyen Que Tam Husseini & Husseini Law Offices of Sheikh Tariq Rodwyn Peterson Manuel Lopes CSP Legal LLC Abdullah Chibesakunda & Company, member PwC Zimbabwe Bilal Kamal of DLA Piper Group Yee Chung Seck Ittqan Attorneys-at-Law Khaled Mohammed Salem Ali Memory Mafo Baker & McKenzie Luqman Legal Advocates & Legal Miriam Sabi Scanlen & Holderness Rasem Kamal Orsolya Szotyory-Grove Consultants ZRA - Taxpayer Services Kamal & Associates - Attorneys Rita Makarau Mayer Brown JSM and Counsellors-at-Law Saeed Sohbi W.P. Saunders High Court Zimbabwe Van Anh Thai Saeed Hassan Sohbi BDO Zambia Audit Services Mohamed Khader Zanudeen Makorie KTC Assurance & Business Lausanne Trading Consultants Taha Tawawala John Serlemitsos Coghlan, Welsh & Guest Advisors - member of Russell Al Suwaidi & Company Platinum Gold Equity Bedford International Emir Mushahwar David Masaya Law Offices of Nabil A. Nigel Truscott Valerie Sesia PwC Zimbabwe Le Thanh Phong Mushahwar Al Suwaidi & Company Customized Clearing And Duane Morris LLC Gloria Mawarire Forwarding Ltd. Absal Nusseibeh Khaled Hassan Zaid Mawere & Sibanda Legal Tan Heng Thye Husseini & Husseini Yemen Chamber of Shipping Sharon K. Sichilongo Practitioners CSP Legal LLC Zambia Development Agency Samer Odeh Thembiwe Mazingi Antoine Toussaint Land Registration ZAMBIA Mildred Stephenson Coghlan, Welsh & Guest Gide Loyrette Nouel, member of Credit Reference Bureau Africa Lex Mundi Wael Saadi Chipampe Chansa-Kalonga Lloyd Mhishi Ltd. PwC Patents and Companies Registration Mhishi Legal Practice Chi Anh Tran Agency (PACRA) Dumisani Tembo Baker & McKenzie Samir Sahhar H.P. Mkushi Dumisani Tembo & Company HLB Samir B. Sahhar Certified Bonaventure Chibamba Mutale Sawyer & Mkushi Quang Tran Public Accountants Ellis & Co. Marcus Tnzonzo Indochine Counsel Evans Moyo Sikaulu Lungu Mupeso Legal Kareem Fuad Shehadeh Mwelwa Chibesakunda Scanlen & Holderness Quang Tuong Tran Practitioners A.F. & R. Shehadeh Law Office Chibesakunda & Company, member Indochine Counsel Sternford Moyo of DLA Piper Group Lungisani Zulu Nadeem Shehadeh Scanlen & Holderness Bac Tran Phuong University of Zambia A.F. & R. Shehadeh Law Office Sydney Chisenga LuatViet - Advocates & Solicitors Alec Muchadehama Corpus Legal Practitioners Raja Shehadeh Mbidzo Muchadehama & Makoni Giang Truong ZIMBABWE A.F. & R. Shehadeh Law Office Emmanuel Chulu SDV Logistics Benjamin Mukandi PwC Zambia Mark Badenhorst Husein Sholi Freight World (Pvt) Ltd. Nam Hoa Truong PwC South Africa Justice Sector Assistance Project Hamukombo Collins Indochine Counsel T. Muringani - JSAPII Building Inspection and City Richard Beattie Speartec Nguyen Anh Tuan Planning Department The Stone/Beattie Studio Maysa Sirhan DP Consulting Ltd. Eldard Mutasa Palestinian Monetary Authority Harjinder Dogra Tim Boulton High Court Zimbabwe Thuy Duong Van PwC Zambia Manica Africa Pty. Ltd.
Peter Baker & McKenzie Cawood Alec Tafadzwa Muza YEMEN, REP. Arshad A. Dudhia PwC Zimbabwe Mawere & Sibanda Legal Anh Thu Vu Musa Dudhia & Company Central Bank of Yemen Practitioners Mayer Brown LLP Antony Chagonda Robin Durairajah Khalid Abdullah Sawyer & Mkushi Namatirai Muzarakuza Dzung Vu Chibesakunda & Company, member Sheikh Mohammed Abdullah Sons Gutu & Chikowero of DLA Piper Group Pauline Chamunorwa LVN & Associates (est. 1927) Gutu & Chikowero Phathisile Paula Ncube Son Ha Vuong Charles Haanyika Tariq Abdullah Mawere & Sibanda Legal Vision & Associates Utilink Limited Benjamin Chikowero Law Offices of Sheikh Tariq Practitioners Gutu & Chikowero Abdullah Mubanga Kangwa Duduzile Ndawana WEST BANK AND GAZA Chibesakunda & Company, member Grant Davies Fernas Al Meqbeli Gill, Godlonton & Gerrans of DLA Piper Group Manica Africa Pty. Ltd. Hani Abdel Jaldeh Abdalla Al-Meqbeli & Associates Maxwell Ngorima Mutale Kasonde Paul De Chalain Ata Al Biary Walaa Al Meqbeli BDO Tax & Advisory Services Chibesakunda & Company, member PwC South Africa Haytham L. Al-Zubi Abdalla Al-Meqbeli & Associates (Pvt) Ltd. of DLA Piper Group Al-Zubi Law Office Beloved Dhlakama Edwell Ngwenya Perine N. Kasonde Dhlakama B. Attorneys Freight World (Pvt) Ltd. Environmental Council of Zambia 306 Doing Business 2014 John Ridgewell BCHOD and Partners Unity Sakhe Kantor & Immerman Oleen Singizi Expert Decision Systems Zimbabwe Tinashe Zindi Scanlen & Holderness Ruvimbo Zhewe Expert Decision Systems Zimbabwe THE WORLD BANK WWW.DOINGBUSINESS.ORG D " #$ "# #) ( ( ' ( "# CO MP AR ING DOING BUSINESS 2009 REG ULA TIO N IN 175 D "#$% "#% &' ( "#) ( ( % *% ECO COMPA N " E ULA ON" N"183"ECONOM ES COMPA N " E ULA ON" N"183"ECONOM ES ) % * #( * ) # % NO % % % % MIE S DOING % % BUSINESS 2013 % % % % * ) %) $' * " #( % % % %%% * %* # % ) "' " ) %# ) &( &( % % 2007 20 11 "#$ "#$ bs g Jo 2004 t in )* )* a C re 2013 2010 0 2082006 % % D % % % % % COM PA RING BUSINESS REGULATIONS FOR DOM ESTIC FIRM S IN 18" ECON 10T# ED D " #$ "# #) ( ( ' ( "# Doing Business 2014 D "#$% "#% &' ( "#) ( ( % *% Understanding Regulations for Small COMPA N " E ULA ON" N"183"ECONOM ES ) % * #( * ) # % 2012 and Medium-Size Enterprises DOING DOING BUSINESS 2013 Doing business in a BUSINESS 2013 COMPARING REGULATION IN 183 ECONOMIES more transparent* world ) %) $' * " #( % % Smarter Regulations for % %%% * % *# % ) "' " ) %# ) "( ) ( Small and Medium-Size Enterprises 2007 2007 2011 20 11 2004 2004 2013 2013 0 2010 201 0 2082006 2008 2006 % % D % % % % % Comparing Business Regulations for Domestic Firms in 189 Economies COM PA RING BUSINESS REGULATIONS FOR DOM ESTIC FIRM S IN 18" ECONOM IES COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 185 ECONOMIES 11TH EDITION 10T# EDITION 10TH EDITION C O M PA R I N G R E G U L AT I O N F O R D O M E S T I C F I R M S I N 1 8 3 E C O N O M I E S A World Bank Group Corporate Flagship ISBN 978 0 8213 9984 2 SKU 19984