95676 12TH EDITION Doing Business 2015 Going Beyond Efficiency COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 189 ECONOMIES A World Bank Group Flagship Report Doing Business 2015 Going Beyond Efficiency 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 http://www.doingbusiness.org/law-library Rankings How economies rank—from 1 to 189 Contributors http://www.doingbusiness.org/rankings More than 10,700 specialists in 189 economies who participate in Doing Data Business All the data for 189 economies—topic http://www.doingbusiness.org rankings, indicator values, lists of /contributors/doing-business regulatory procedures and details underlying indicators Entrepreneurship data http://www.doingbusiness.org/data Data on business density (number of newly registered companies per 1,000 Reports working-age people) for 139 economies Access to Doing Business reports as well http://www.doingbusiness.org/data as subnational and regional reports, /exploretopics/entrepreneurship reform case studies and customized economy and regional profiles Distance to frontier http://www.doingbusiness.org/reports Data benchmarking 189 economies to the frontier in regulatory practice Methodology http://www.doingbusiness.org/data The methodologies and research papers /distance-to-frontier underlying Doing Business http://www.doingbusiness.org/methodology Information on good practices Showing where the many good Research practices identified by Doing Business Abstracts of papers on Doing Business have been 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 DB2015 business Doing Business at a Glance—presenting regulation reforms, lists of reforms since the full report, rankings and highlights DB2008 and a ranking simulation tool for each topic for the iPhone, iPad and http://www.doingbusiness.org/reforms iPod touch http://www.doingbusiness.org Historical data /special-features/iphone Customized data sets since DB2004 http://www.doingbusiness.org/custom-query Doing Business 2015 Going Beyond Efficiency Contents v Foreword 1 Overview 15 About Doing Business 24 What is changing in Doing Business? 33 Reforming the business environment in 2013/14 Case studies 47 Starting a business The growing efficiency of company registries Doing Business 2015 is the 12th in a 53 Zoning and urban planning series of annual reports investigating Understanding the benefits the regulations that enhance business 60 Registering property activity and those that constrain it. Measuring the quality of land administration systems Doing Business presents quantitative indicators on business regulations 67 Getting credit and the protection of property rights The importance of registries that can be compared across 189 76 Protecting minority investors economies—from Afghanistan to Going beyond related-party transactions Zimbabwe—and over time. 83 Paying taxes Doing Business measures regulations Trends before and after the financial crisis affecting 11 areas of the life of a 90 Enforcing contracts business. Ten of these areas are How judicial efficiency supports freedom of contract included in this year’s ranking on the ease of doing business: starting a 96 Resolving insolvency business, dealing with construction Measuring the strength of insolvency laws permits, getting electricity, registering property, getting credit, protecting 102 Highlights from the Doing Business research conference minority investors, paying taxes, trading across borders, enforcing 109 References contracts and resolving insolvency. 114 Data notes Doing Business also measures labor market regulation, which is not included 146 Distance to frontier and ease of doing business ranking in this year’s ranking. 152 Summaries of Doing Business reforms in 2013/14 Data in Doing Business 2015 are current 167 Country tables as of June 1, 2014. The indicators are used to analyze economic outcomes 231 Labor market regulation data and identify what reforms of business 252 Acknowledgments regulation have worked, where and why. Doing Business 2015 Going Beyond Efficiency Foreword How to use Doing Business indicators and how not to T he public discourse on eco- held together by a circular nut called nomic policy is overwhelmingly the O-ring had failed, an economy can focused on fiscal measures, be brought down or held back by the monetary interventions, welfare pro- failure of its nuts and bolts. The World grams and other such highly visible Bank Group’s Doing Business report instruments of government action. is an annual statement of the state Thus when an economy does poorly, a of the nuts and bolts of economies disproportionate amount of our debate around the world and, as such, is one of centers on whether or not it needs a the most important compendiums of fiscal stimulus, whether there should be information and analysis of the basis liquidity easing or tightening, whether of an economy’s effective day-to-day its welfare programs have been too functioning and development. profligate or too paltry and so on. What gets much less attention but is Creating an efficient and inclusive equally—and, in some situations, even ethos for enterprise and business more—important for an economy’s is in the interest of all societies. An success or failure is the nuts and economy with an efficient bureaucracy bolts that hold the economy together and rules of governance that facilitates and the plumbing that underlies the entrepreneurship and creativity among economy. individuals, and provides an enabling atmosphere for people to realize The laws that determine how easily a their full potential, can enhance living business can be started and closed, standards and promote growth and the efficiency with which contracts are shared prosperity. It can also help enforced, the rules of administration in creating an environment in which pertaining to a variety of activities— standard macroeconomic policies are such as getting permits for electricity more effective and course through the and doing the paperwork for exports economy more easily. After decades and imports—are all examples of the of debate there is now some conver- nuts and bolts that are rarely visible gence in economics about the roles and in the limelight but play a critical of the market and the state. To leave role. Their malfunctioning can thwart everything to the free market can lead an economy’s progress and render to major economic malfunction and the more visible policy instruments, elevated levels of poverty, and have such as good fiscal and monetary poli- us be silent witnesses to, for instance, cies, less effective. Just as the Space discrimination against certain groups. Shuttle Challenger broke apart on Moreover, there is a logical mistake that takeoff from Cape Canaveral, Florida, underlies the market fundamentalist on January 28, 1986, not because (as philosophy. To argue that individuals was later realized) something major and private businesses should have had gone wrong but because a joint all the freedom to pursue what they vi DOING BUSINESS 2015 wish and that government should not when, based on a study of one economy intervene overlooks the fact that gov- SWITCHING SIDES or a cluster of economies, some measure ernment is nothing but the outcome As an independent researcher and, is found to be an important determinant of individual actions. Hence the edict later, as Chief Economic Adviser to the of the ease of doing business, it may not is internally inconsistent. Fortunately, Indian government, I used, criticized, be possible to put this measure to use market fundamentalism has, for the valued and debated the Doing Business unless a way is found to collect informa- most part, been relegated to the mar- report, unaware that I would be at the tion on it from all 189 economies. gins of serious policy discourse. World Bank one day and hence be shifted from the side of the consumer Nor does the fact that the same mea- Turning to the other extreme, it is now to that of the manufacturer of this sures are collected for all economies widely recognized that to have the product. This shift has given me a automatically mean that they are the state try to do it all is a recipe for eco- 360-degree view of Doing Business and, right measures. The same measure nomic stagnation and cronyism. In any along with that, an awareness of its may be more apt for one economy and national economy there are too many strengths and weaknesses, which oth- less so for another. As Ken Arrow once decisions to be made, and too great a ers, luckier than I, may not have. pointed out, the medieval English law variety of skills and talents scattered under which no one was allowed to sleep through society, for any single author- Its greatest strength is its transpar- on park benches applied to both pau- ity to take effective charge. ency and adherence to clearly stated pers and aristocrats, but since the latter criteria. Doing Business takes the same typically did not consider the use of park It is true that government should inter- set of hypothetical questions to 189 benches for napping, it was amply clear vene in the market to help the disadvan- economies and collects answers to that this horizontally anonymous law taged, to keep inequality within bounds, these. Thus, for instance, when check- was actually meant for only one class of to provide public goods and to create ing on an economy’s efficacy in “enforc- people, namely the poor.3 correctives for market failures such ing contracts,” it measures the time, as those stemming from externalities, cost and procedures involved in resolv- Another problem arises from the fact information asymmetries and systemic ing a hypothetical commercial lawsuit that the overall ease of doing business human irrationalities.1 But over and between 2 domestic firms through a ranking is an aggregation of 10 com- above these, government also has the local court. The dispute involves the ponent indicators—measuring how critical responsibility to provide a nimble breach of a sales contract worth twice easy it is (in the economy concerned) regulatory setup that enables ordinary the size of the income per capita of to start a business, deal with construc- people to put their skills and talents the economy or $5,000, whichever is tion permits, get electricity, register to the best possible use and facilitates greater. This meticulous insistence on property, get credit, pay taxes, trade the smooth and efficient functioning using the same standard everywhere across borders, enforce contracts and of businesses and markets.2 It is this gives Doing Business a remarkable resolve insolvency and how strong the critical role of providing an enabling comparability across economies. protections for minority investors are. and facilitating ethos for individual tal- Further, each of these 10 component ent and enterprise to flourish—which However, this same strength is inevi- indicators is itself an amalgam of includes an awareness of where not to tably a source of some weaknesses. It several even more basic measures. The intervene and interfere—that the Doing means that, contrary to what some way all this is aggregated is by giving Business report tries to measure. There people believe, Doing Business is not each basic measure the same weight to is no unique way of doing this, and there based on sample surveys of firms. It is get to each component indicator, and are plenty of open conceptual questions not feasible, at least not at this stage, then giving an equal weight to each of one has to contend with. In brief, by its to conduct such surveys in 189 econo- the 10 component indicators to get to very nature Doing Business has all the mies. A lot of the Doing Business data the final score. Questions may indeed ingredients of being both important and are based on careful collection of de jure be asked about whether it is right controversial, and it has lived up to both information on what an economy’s laws to give the same weight to different qualities in ample measure. and regulations require. Further, even indicators.4 Is an economy’s speed at 1. There is evidence that human beings are not just frequently irrational but have certain systematic propensities to this, which can be and has been used to exploit individuals (Akerlof and Shiller 2009; Johnson 2009). By this same logic, these irrationalities can be used to promote development and growth. The next World Development Report (World Bank, forthcoming), to be published in December 2014, is devoted to this theme. 2. This convergent view can increasingly be found in microeconomics books, such as Bowles (2006); Basu (2010); and Ferguson (2013). 3. Arrow 1963. 4. There is a lot of research on the choice of weights when aggregating and on the algebra of ranking; see, for example, Sen (1977); Basu (1983); and Foster, McGillivray and Seth (2012). FOREWORD vii giving an electricity connection to a unequivocally ranked above Ireland, Business is about smart regulations new enterprise as important as its which is ranked above Cyprus and so on. that only a well-functioning state can ability to enforce contracts efficiently? Singapore is also ranked above Latvia. provide. The secret of success is to Further, the measures count both the Similarly, New Zealand is ranked above have the essential rules and regulations time taken to get certain permits and Latvia, which is above Morocco and in place—but more importantly to have clearances and also the number and Benin, and so on. Singapore and New a good system of clearing decisions intricacy of procedures. These also Zealand, which are this year’s winner quickly and predictably, so that small entail weights. and runner-up in our ordinal ranking, and ordinary businesses do not feel cannot, however, be ranked in terms of harassed. There is a way of doing away with vector-dominance; nor can we rank New weights, an approach that involves Zealand and Ireland.5 To get to an evaluation of this, one has declaring one economy to be ranked to make choices, such as what to include above another only if it dominates It is true that the figure shows only and what to exclude and what weights the other in all 10 indicators. This is a small segment of the quasi-order to use. This has been done in creating referred to as the criterion of vector- over the 189 economies; but even if we the Doing Business measures, and effort dominance, and its properties have showed the full set, the picture would is being made to improve on these. been studied and are well understood. be populated with pairs of economies Excessive taxation, for instance, can The trouble with this criterion is that that cannot be ranked. That is indeed dampen incentives and adversely affect it leads to incompleteness in rankings. the disadvantage of vector-dominance. an economy’s functioning. But this For many pairs of economies it will not When it pronounces judgment, it does does not mean that the lower the tax be possible to treat either as ranked so with great authority, but it achieves rates and collections, the better. There above the other; nor can we, in such this at the cost of total reticence over are economies where the tax revenue cases, declare the 2 to be equally good large domains. to GDP ratio is so low that it hampers in terms of the ease of doing business. the government’s ability to regulate This is illustrated in the figure, which What I suspected when I was a user efficiently, invest in infrastructure and ranks a small cluster of economies by of Doing Business, and now know, is provide basic health and education using vector-dominance in terms of the that a significant number of the top services to the poor. With that in mind, 10 indicators. A downward line between 30 economies in the ease of doing the Doing Business team changed the 2 economies represents dominance, and business ranking come from a tradition indicator that used to treat a lower 2 economies that cannot be connected where government has had quite a tax rate as better. Three years ago a by a downward line cannot be compared prominent presence in the economy, threshold was set such that economies with each other. Hence Singapore is including through the laying out of with tax rates below this threshold are rules to regulate different dimensions not rewarded. This has reduced the bias of the activities of the private sector. in favor of economies that choose not Ranking by vector-dominance However, all these economies have to levy even a reasonable tax on private Singapore New Zealand an excellent performance on the companies. Doing Business indicators and in other international data sets capturing Our attention has been drawn to many various dimensions of competitiveness. critiques by the Independent Panel Ireland Latvia The top-performing economies in the on Doing Business, chaired by Trevor ease of doing business ranking are Manuel, which submitted its report in therefore not those with no regulation 2013.7 Following this report a decision Cyprus Morocco but those in which governments have was made to set a 2-year target to managed to create rules that facilitate improve the methodology of Doing interactions in the marketplace without Business without damaging the overall Senegal Benin needlessly hindering the development integrity of this valuable publication. of the private sector.6 Ultimately, Doing The Doing Business team is in the midst 5. This example of vector-dominance is based only on the top 2 economies in this year’s ease of doing business ranking. The figure was constructed as follows: First, all economies were sorted by their ranking, and the first economy for which all 10 indicator rankings are lower than those of Singapore was identified: Ireland. The process was then repeated for Ireland, and so on for all 189 economies. Second, the analysis was replicated, this time starting with New Zealand. Third, all pairs of economies in the figure were compared (for example, the horizontal line between Singapore and Latvia means that Singapore vector-dominates Latvia and all economies connected with a vertical line under Latvia). 6. See Besley and Burgess (2004). 7. The report by the Independent Panel on Doing Business is available on its website at http://www.dbrpanel.org/. viii DOING BUSINESS 2015 of such an exercise, and it is hoped that the ease of doing business ranking is important to keep in mind these independent researchers, wherever in were constructed in such a way that caveats, strengths and weaknesses. the world they happen to be, will join in it had a very high correlation with Ultimately, the Doing Business indicators the task of refining and improving this GDP or GDP growth, there would be are meant to simply hold up a mirror to important document. little reason to have a new ranking. We economies. A poor score should alert a would be able to get our result from government that it ought to examine looking at GDP or GDP growth tables. its regulatory structure. On the basis of Second, this question is often rooted in this it may decide to change some regu- STRENGTHS AND the common mistake, already noted, latory features and policies in ways that WEAKNESSES of treating the ease of doing busi- may not even directly affect its ease of While the 2-year task of improving the ness ranking as an all-encompassing doing business ranking but nevertheless methodology continues, it is worth being measure of an economy’s goodness. improve the economy’s performance. If clear that there is no such thing as the It is not. An economy can do poorly on this happens, and there is some evidence best, all-encompassing indicator. As Doing Business indicators but do well in that it does, the Doing Business report a consequence, responsibility rests as macroeconomic policy or social welfare would be serving its purpose. There are much with the users of the ease of doing interventions. In the end, Doing Business governments that attract a lot of talent business ranking as with its producers measures a slender segment of the into their bureaucracy but nevertheless to make sure that it is a valuable complex organism that any modern do not have an efficient administration instrument of policy. Controversy has economy is. It attempts to capture a because the bureaucrats get trapped in often arisen from reading more into segment that is representative of other their arcane rules of engagement. This the ranking or indicator than what it general features of the economy (and is a report that can be of great value to actually captures. It has been pointed effort will be made to improve on this), such governments. And it is gratifying out, critically, that there are economies but the fact remains that an economy that a large number of governments that do poorly on the Doing Business can undo the goodness or badness of have put it precisely to such use. indicators but that nevertheless get its performance on Doing Business indi- a lot of foreign direct investment cators through other policies. Promoting a well-functioning, competi- (FDI) from global corporations. These tive private sector is a major undertak- examples are usually nothing more Moreover, economic efficiency is not ing for any government, especially for than a reminder that an economy has the only measure by which we evalu- one with limited resources and techni- many more aspects than the features ate an economy’s performance.8 Most cal capabilities. It requires long-term that are tracked and measured by the of us value greater equality among comprehensive policies targeting mac- Doing Business report. The flow of FDI people; the ease of doing business roeconomic stability; investment in in- into an economy is facilitated by having ranking is not meant to measure suc- frastructure, education and health; and a better doing business ethos, true, but cess on that scale. We value better the building of technological and entre- FDI flows can be thwarted by other health, better education, literature preneurial capacity. A well-functioning policy weaknesses; and, conversely, an and culture; the ease of doing business political system—one in which the gov- economy with poor performance on the ranking is not meant to capture these ernment is perceived to be working in the Doing Business indicators may make up either. It is a mistake to treat this as a public interest while managing scarce for it in other ways so as to attract criticism of the ease of doing business resources in a reasonably transparent large FDI inflows. The fact that there ranking; it is simply a reminder that life way—plays a central role. Removing are examples of economies that do not is a many-splendored thing, and the administrative barriers and strengthen- do well on the Doing Business indicators Doing Business report tries to capture ing laws that promote entrepreneurship but continue to receive flows of FDI one aspect of the good life. The need is and creativity—both of which are within shows that private corporations do not to resurrect that once-popular expres- the power of governments to do—can make this mistake; they will decide on sion, “ceteris paribus.” Other things re- set an economy on the path to greater the basis of a range of factors. maining the same, an economy should prosperity and development. There is try to improve its score underlying the compelling evidence that excessively Another common criticism is implicit ease of doing business ranking. burdensome regulations can lead to in the question, If economy x is grow- large informal and less-productive sec- ing fast, why does it not rank high on In putting the ease of doing business tors, less entrepreneurship and lower the ease of doing business? First, if ranking to use in crafting policy, it rates of employment and growth. 8. See Stiglitz, Sen and Fitoussi (2009); World Bank (2014a); and World Bank and IMF (2014). FOREWORD ix which, by and large, had been slow to economy does slightly worse, with no CARDINALITY, see their own Doing Business data in an change in the performance of all the ORDINALITY, RANKINGS international perspective. The overall other economies, it will drop not to 96 AND RATINGS ranking has value in addition to the in the ranking but to 145. On an ordinal One feature of the report that has topic-level indicators. The overall rank- ranking scale this will show up as a received a lot of attention is its use of ing combines a wealth of information seemingly alarming drop, but noth- rankings. Ultimately, what the report that serves as a summary measure ing alarming has actually happened. does is to provide a table with a simple and allows governments to benchmark Similarly, if an economy is far behind ordinal ranking of all 189 economies. their economy’s performance against the economy ahead of it, it can make After a lot of debate and discussion that of other economies. a large improvement and yet show no a decision was made to stay with the gain in the ordinal rank measure. overall ranking, even though other, Notwithstanding the important ben- cardinal features of the exercise are at efits of rankings, the disaggregated In response to this, there are 2 the same time being strengthened, as data are also a clear strength of the comments in defense of the methods will be explained shortly. project. Policy makers frequently used. First, the Doing Business team become aware of the measurements worked over the past 3 years to deepen It was in 2005 that the World Bank through the ranking but then use the the indices by adding a “distance to Group management decided to start disaggregated data to shape reform frontier” measure. This measure has ranking economies on the ease of programs. The data identify best prac- certain cardinal qualities because it doing business because it recognized tices globally and identify where each tries to capture the actual distance the value of benchmarking exercises economy’s practices hold inefficiencies each economy has to go to reach the in generating interest among policy or inadequate legal protections. For frontier of “best performance.” This makers in reform.9 In an area that example, governments find it useful puts on display how each economy had received little attention from to compare their own procedures lists performs not only vis-à-vis other policy makers before the publication for firm start-up with those of other economies but also in absolute terms. of the first Doing Business report, the economies that pursue the same goals Further, the distance to frontier score rankings proved to be an important with less procedural complexity and at can shed light on the progress made catalyst in raising the profile of lower cost. by individual economies over time in regulation as a central element of a comparison with their own regulatory good investment climate. The rank- Having noted these advantages, we practices of previous years. This makes ings also proved effective in moving would be remiss if we did not point to it transparent that an economy can issues of performance and progress some of the disadvantages of ordinal make actual progress and still lose in business regulation to the center of ranking. When an economy is given a ground in the ranking when rank- policy discussions in a large number rank, there is no sense of how far it is neighboring economies do even better. of economies. By capturing complex, from its closest contenders. Consider Recent Doing Business reports have multidimensional realities in a simple an economy that is ranked at 95, given increasing attention to long-term quantified framework, the rankings with no other economy at that rank. trends in the data—with an emphasis also helped to facilitate communica- We know that its closest contenders on economies’ performance with tion between different stakeholders are at 94 and 96 and this would be respect to their past performance—to and made possible meaningful inter- unchanged no matter how far or how balance the short-term perspective national comparisons of the regula- near those other economies are. This that the ranking provides. Further, for tory performance of economies, con- means that when economies are very reasons of transparency Doing Business tributing, along the way, to increasing densely packed, a small improvement makes the disaggregated data the accountability of political actors. can lead to a vast jump in ranking and available on its website. This allows a small worsening can lead to a large users to construct alternative rankings Members of the business commu- drop in ranking. To see this, consider with any set of weights they may wish nity, for instance, could point to the an extreme case where 50 economies to attach to individual indicators. existence of less complex and costly have exactly the same scores on the procedures or better-functioning insti- indicators underlying the ease of doing Second, the ranking issue crops up tutions in other economies in the region business ranking and so each of them for both the final aggregate score and in their dealings with governments, has the same ranking, say 95. If one the basic indicators that go into the 9. See World Bank (2006). x DOING BUSINESS 2015 creation of this final score. Here, the to track and measure one of the most use of ordinal ranks is more problem- CONCLUSION important features of an economy— atic because they get absorbed in the The economy is a complex machine, be- the ease with which it is possible to final measure and economies making yond the full comprehension of any per- do business, trade and exchange. It small improvements or regressions son. Over the years meticulous research, provides governments, administrators in densely packed areas can have a collection of increasingly sophisticated and researchers with valuable data and disproportionate gain or loss in rank- data and the advance of economic analysis to promote a better regula- ing. This information being buried in theory and innovative modeling have tory framework for development, job the basic indicators makes it harder to given us a better understanding of this creation and growth. There are econo- discern. For this reason from this year machine. Nevertheless, one has to ap- mies that have benefited greatly from we decided to switch from using the or- proach economic policy making with a this and it is hoped that Doing Business dinal ranks of basic indicators to using certain humility, keeping an eye on the will continue to provide this service. At absolute or cardinal measures before fact that what we, all this time, took to the same time, as this foreword has they are aggregated in the final rank- be an established feature of economics argued, we are aware that we still have ing. There are also other options. One may be open to question. In brief, the some distance to go in our understand- is to switch from rankings to ratings, discipline is evolving and we must be ing of an economy. For that reason we which would have economies appear in willing participants in the process. welcome research and criticism and clusters that are then ranked. But this hope that this will lead to a better Doing method too comes with its own share The World Bank Group’s Doing Business Business report. This year’s report is a of strengths and weaknesses. initiative is no exception to this. It tries small, first step in that direction. Kaushik Basu Senior Vice President and Chief Economist The World Bank Washington, DC Doing Business 2015 Going Beyond Efficiency Overview  This year’s Doing Business report G reat ideas for new business Doing Business looks at how business ventures happen every day and regulations determine whether good launches a 2-year process of everywhere. Some go far, while ideas can get started and thrive or will introducing improvements in 8 of the others never take off. Great ideas are falter and wither away. Many other di- 10 Doing Business indicator sets—to at the heart of development; they allow mensions of the business environment complement the emphasis on the economies to grow, and they improve also matter but are outside the scope efficiency of regulation with a greater people’s lives. So it is important to un- of Doing Business. For example, Doing emphasis on its quality. derstand why some great ideas never Business does not capture such aspects  New data show that efficiency and come to fruition even as others thrive. as security, market size, macroeco- quality go hand in hand. Insolvency cases nomic stability and the prevalence of are resolved more quickly, and with What do entrepreneurs need to pursue bribery and corruption. Nevertheless, better outcomes, where insolvency laws a great idea? First of all, they need the improving in the areas measured by are well designed. Property transfers ability to give legal form to the idea— Doing Business is an important step are faster and less costly in economies that is, to start a business—simply, toward a better business environment with good land administration quickly and inexpensively and with the for all. systems. And commercial disputes certainty of limited liability. They also are resolved more efficiently by courts need the certainty of a well-designed using internationally recognized good insolvency system, in case the idea fails practices. to work out. In addition, they will need WHAT DOES DOING  For the first time this year, Doing to hire people to help realize the idea, BUSINESS MEASURE—AND Business collected data for 2 cities will probably need to obtain financing HOW IS IT CHANGING? in large economies. The data show (both equity and credit) and, in today’s This year’s Doing Business report few differences between cities within increasingly interdependent global launches a 2-year process of introduc- economies in indicators measuring the economy, may in many cases need a ing important improvements in 8 of the strength of legal institutions, which simple way to import and export. And 10 sets of Doing Business indicators. typically apply nationwide. Differences they will need a straightforward way to These improvements provide a new are more common in indicators pay their taxes. conceptual framework in which the measuring the complexity and cost of regulatory processes, where local emphasis on the efficiency of regula- jurisdictions play a larger role. Sound business regulations are funda- tion is complemented by an increased mental to all this. The right business emphasis on its quality. In the area of  Sub-Saharan Africa accounts for 5 of regulations enable good ideas to take dealing with construction permits, for the 10 top improvers in 2013/14. The root, leading to the creation of jobs example, Doing Business will measure region also accounts for the largest and to better lives. But where business the quality of building regulations and number of regulatory reforms making regulations make it difficult to start the qualifications of the people review- it easier to do business in the past and operate a business, good ideas may ing the building plans in addition to the year—75 of the 230 worldwide. More never see the light of day and important efficiency of the process for completing than 70% of its economies carried out at least one such reform. opportunities may be missed. Budding all the formalities to build a warehouse. entrepreneurs, daunted by burden-  Business regulations such as those some regulations, may opt out of doing With a few exceptions, the original measured by Doing Business are business altogether or, if they have the Doing Business indicators focused important for new business creation and resources, take their ideas elsewhere. mainly on measuring efficiency, such as for the performance of small firms. 2 DOING BUSINESS 2015 by recording the procedures, time and the percentile rank to the distance to strong correlation at the aggregate cost to start a business or to transfer frontier score. The distance to frontier level between this year’s data under the property. These are very important score benchmarks economies with old methodology and the same data aspects to measure. But as the proj- respect to a measure of regulatory best under the new one (figure 1.2). This is not ect’s importance grew, it became clear practice—showing the gap between surprising, since changes are being in- that there was a need to expand what each economy’s performance and the troduced for only 3 of the 10 topics this was being measured to include more best performance on each indicator.2 year. But even with a high correlation aspects of regulatory quality. Many of This measure captures more informa- there can still be relatively large shifts in the improvements in methodology were tion than the simple rankings previously ranking in some cases. This is particu- inspired and informed by the report of used as the basis for the ease of doing larly likely for economies in the middle the Independent Panel on Doing Business business ranking because it shows not of the distribution, in part because they as well as by input from policy makers only how economies are ordered on their are more closely bunched and small and data users.1 They also benefited performance on the indicators but also shifts in their distance to frontier scores from discussions at the Doing Business how far apart they are. will therefore tend to have a greater im- research conference held in Washington, pact on their positions relative to other DC, in February 2014. (For more details The distance to frontier score also economies. Another reason is that these on the changes in methodology, see the provides an important complement are the economies that historically have chapter on what is changing in Doing to the ease of doing business ranking made more intense efforts to reform Business.) in analyzing changes in an economy’s business regulation. business regulatory environment. An Doing Business continues to focus on example at the global level suggests The Doing Business website presents regulations that affect domestic small why: the time series of the distance to comparable data for this year and last, and medium-size enterprises, operat- frontier scores overwhelmingly shows making it possible to assess the extent ing in the largest business city of an improvements in business regulations to which there has been an improve- economy, across 10 areas: starting a around the world, while in the ease ment in business regulation in any business, dealing with construction of doing business ranking, for every economy as tracked by the distance permits, getting electricity, registering economy that goes up another must go to frontier measure. Moreover, because property, getting credit, protecting down. (For more details on the differ- most of the changes in methodology minority investors, paying taxes, trad- ences between the 2 measures, see the involve adding new indicators rather ing across borders, enforcing contracts chapter on the distance to frontier and than revising existing ones, data for and resolving insolvency. Doing Business ease of doing business ranking.) more than 90% of the previously exist- also measures labor market regulation, ing indicators remain comparable over which is not included in any of the While the changes being implemented time. The full series are available on the aggregate measures. The indicator this year are substantive, there is a website. sets for 3 of the 10 topics are being expanded in this year’s report; those FIGURE 1.1 What Doing Business continues to cover and what it is adding for 5 others will be expanded in next year’s report (figure 1.1). ²ƀaŦĶ³ÊÀƖŦÊŬ½ƀƃĊĥʽƀ³ĶŬƃƀĩÀƀŎĊÀĉĊĩƀĥĊĩĊĥƖĥƀ³ŎĊƃĚƀƃĶƀŬƃŦƃƀƀªƖŬĊĩÊŬŬ ²ƀaŦĶ³ÊÀƖŦÊŬ½ƀƃĊĥÊƀĩÀƀ³ĶŬƃƀƃĶƀ³ĶĥŎĚÊƃÊƀĚĚƀâĶŦĥĚĊƃĊÊŬƀƃĶƀªƖĊĚÀƀƀƦŦÊĆĶƖŬÊ ²ƀaŦĶ³ÊÀƖŦÊŬ½ƀƃĊĥÊƀĩÀƀ³ĶŬƃƀƃĶƀöÊƃƀ³ĶĩĩʳƃÊÀƀƃĶƀƃĆÊƀÊĚʳƃŦĊ³ĚƀöŦĊÀ In another change starting in this year’s What ²ƀaŦĶ³ÊÀƖŦÊŬ½ƀƃĊĥÊƀĩÀƀ³ĶŬƃƀƃĶƀƃŦĩŬâÊŦƀƀŎŦĶŎÊŦƃƭ Doing Business ²ƀMĶƥªĚÊƀ³ĶĚ̏ƃÊŦĚƀ̏ƦŬƀĩÀƀ³ŦÊÀĊƃƀĊĩâĶŦĥƃĊĶĩƀŬƭŬƃÊĥŬ report, Doing Business has extended its continues ²ƀMĊĩĶŦĊƃƭƀŬƏŦÊĆĶĚÀÊŦŬŤƀŦĊöĆƃŬƀĊĩƀŦÊ̏ƃÊÀĉŎŦƃƭƀƃŦĩŬ³ƃĊĶĩŬ coverage to include the second larg- to cover ²ƀaƭĥÊĩƃŬ½ƀƃĊĥÊƀĩÀƀƃĶƃĚƀƃƫƀŦƃÊƀâĶŦƀƀæŦĥƀƃĶƀ³ĶĥŎĚƭƀƦĊƃĆƀĚĚƀƃƫƀŦÊöƖ̏ƃĊĶĩŬ ²ƀĶ³ƖĥÊĩƃŬ½ƀƃĊĥÊƀĩÀƀ³ĶŬƃƀƃĶƀÊƫŎĶŦƃƀĩÀƀĊĥŎĶŦƃƀªƭƀŬʏŎĶŦƃ est business city in economies with a ²ƀaŦĶ³ÊÀƖŦÊŬ½ƀƃĊĥÊƀĩÀƀ³ĶŬƃƀƃĶƀŦÊŬĶĚƥÊƀƀ³ĶĥĥÊŦ³ĊĚƀÀĊŬŎƖƃÊ population of more than 100 million. ²ƀnĊĥʽƀ³ĶŬƃ½ƀĶƖƃ³ĶĥÊƀĩÀƀŦʳĶƥÊŦƭƀŦƃÊƀâĶŦƀƀ³ĶĥĥÊŦ³ĊĚƀĊĩŬĶĚƥÊĩ³ƭ These economies are Bangladesh, ²ƀMĶŦÊƀâʏƃƖŦÊŬƀĶĩƀƃĆÊƀŬƃŦÊĩöƃĆƀĶâƀĚÊöĚƀŦĊöĆƃŬƀĩÀƀÀÊŎƃĆƀĶâƀ³ŦÊÀĊƃƀĊĩâĶŦĥƃĊĶĩ Brazil, China, India, Indonesia, Japan, What ²ƀMĶŦÊƀâʏƃƖŦÊŬƀĶĩƀĥĊĩĶŦĊƃƭƀŬƏŦÊĆĶĚÀÊŦŬŤƀŦĊöĆƃŬ Mexico, Nigeria, Pakistan, the Russian this year’s ²ƀƀĥʏŬƖŦÊƀĶâƀƃĆÊƀŬƃŦÊĩöƃĆƀĶâƀƃĆÊƀĚÊöĚƀâŦĥÊƦĶŦėƀâĶŦƀĊĩŬĶĚƥÊĩ³ƭ report adds ²ƀĩƀÀÀĊƃĊĶĩĚƀ³ĊƃƭƀĊĩƀƃĆÊƀŀŀƀʳĶĩĶĥĊÊŬƀƦĊƃĆƀƀŎĶŎƖ̏ƃĊĶĩƀĶâƀĥĶŦÊƀƃƏĩƀŀƿƿƀĥĊĚĚĊĶĩ Federation and the United States. ²ƀ"ŬÊƀĶâƀÀĶĊĩöƀªƖŬĊĩÊŬŬƀŦĩėĊĩöƀªŬÊÀƀĶĩƀƃĆÊƀÀĊŬƃĩ³ÊƀƃĶƀâŦĶĩƃĊÊŦƀŬ³ĶŦÊ ²ƀMʏŬƖŦÊŬƀĶâƀƃĆÊƀśƖĚĊƃƭƀĶâƀªƖĊĚÀĊĩöƀŦÊöƖ̏ƃĊĶĩŬ In addition, while Doing Business contin- What ²ƀMʏŬƖŦÊŬƀĶâƀƃĆÊƀŦÊĚĊªĊĚĊƃƭƀĶâƀƃĆÊƀÊĚʳƃŦĊ³ĊƃƭƀŬƖŎŎĚƭ ues to publish the ease of doing business next year’s ²ƀMʏŬƖŦÊŬƀĶâƀƃĆÊƀśƖĚĊƃƭƀĶâƀƃĆÊƀ̏ĩÀƀÀĥĊĩĊŬƃŦƃĊĶĩƀŬƭŬƃÊĥ report will add ²ƀMʏŬƖŦÊŬƀĶâƀƃĆÊƀŎĶŬƃæĚĊĩöƀŎŦĶ³ÊŬŬƀĊĩƀŎƭĊĩöƀƃƫÊŬ ranking, this year’s report introduces a ²ƀMʏŬƖŦÊŬƀĶâƀƃĆÊƀśƖĚĊƃƭƀĶâƀƃĆÊƀĕƖÀĊ³ĊĚƀÀĥĊĩĊŬƃŦƃĊĶĩƀŬƭŬƃÊĥ change in the basis for the ranking, from OVERVIEW 3 a country’s policies and institutional OECD high-income economies have the WHERE ARE REGULATIONS arrangements.3 highest distance to frontier scores on MORE BUSINESS-FRIENDLY? average, indicating that this regional Singapore continues to be the economy The distance to frontier scores under- group has the most business-friendly with the most business-friendly regu- lying the ease of doing business rank- regulations overall (figure 1.3). But best lations (table 1.1). And while there was ings reveal some regional patterns. practices in business regulation can be some reordering of economies within the top 20 in the ease of doing business FIGURE 1.2 Distance to frontier scores remain similar under the new methodology ranking, the list remains very similar to last year’s: 17 economies stayed on the Distance to frontier score under old methodology (0–100) list, while 3 entered this year—Estonia, 100 Germany and Switzerland. Economies in the top 20 continued to improve 90 their business regulatory environ- 80 ment in the past year. For example, Switzerland made starting a business 70 easier by introducing online procedures 60 and strengthened minority investor protections by increasing the level of 50 transparency required from listed com- 40 panies. And Sweden made registering property easier through a new online 30 30 40 50 60 70 80 90 100 system that became fully operational Distance to frontier score in the past year. The system provides under new methodology (0–100) comprehensive coverage, allowing us- Note: The figure compares distance to frontier scores based on this year’s data computed using the old (Doing Business 2014) ers to conduct searches and file regis- methodology with scores based on the same data computed using the new methodology. The differences between the 2 trations from anywhere in the country. series are in protecting minority investors, resolving insolvency, the depth of credit information index in getting credit and the distance to frontier calculation for the total tax rate in paying taxes. It is not possible to isolate the changes in the strength of legal rights index in getting credit. The 45-degree line shows where the scores under the old and new methodologies are The 20 economies at the top of the equal. The correlation between the 2 scores is 0.99. For analysis of the effect of the change in ranking calculation, see figure 3.1 in the chapter on what is changing in Doing Business. ease of doing business ranking perform Source: Doing Business database. well not only on the Doing Business indicators but also in other interna- tional data sets capturing dimensions FIGURE 1.3 Big gaps between the highest and lowest distance to frontier scores in of competitiveness. The economies some regions performing best in the Doing Business rankings therefore are not those with Distance to frontier score no regulation but those whose govern- 100 ments have managed to create rules 86.91 88.27 that facilitate interactions in the mar- 80 79.46 76.47 76.81 74.81 ketplace without needlessly hindering 72.29 66.70 66.67 the development of the private sector. 63.19 60.66 61.36 60 59.23 Moreover, even outside the top 20 54.56 51.87 48.57 economies there is an association be- 43.55 41.41 41.16 tween performance in the ease of doing 40 33.35 33.16 business ranking and performance on measures of quality of government and 20 governance. For example, in a sample of 78 mostly low- and lower-middle- 0 income economies the distance to OECD high Europe & East Asia & Latin Middle South Sub-Saharan income Central Asia Pacific America & East & North Asia Africa frontier score is strongly correlated Caribbean Africa with the International Development Worst score Best score Average score Association (IDA) Resource Allocation Index, which measures the quality of Source: Doing Business database. 4 DOING BUSINESS 2015 TABLE 1.1 Ease of doing business ranking Rank Economy DTF score Rank Economy DTF score Rank Economy DTF score 1 Singapore 88.27 64 Cyprus 66.55 127 Mozambique 56.92 2 New Zealand 86.91 65 Croatia 66.53 128 Lesotho 56.64 3 Hong Kong SAR, China 84.97 66 Oman 66.39 128 Pakistan 56.64 4 Denmark 84.20 67 Samoa 66.17 130 Iran, Islamic Rep. 56.51 5 Korea, Rep. 83.40 68 Albania 66.06 131 Tanzania 56.38 6 Norway 82.40 69 Tonga 65.72 132 Ethiopia 56.31 7 United States 81.98 70 Ghana 65.24 133 Papua New Guinea 55.78 8 United Kingdom 80.96 71 Morocco 65.06 134 Kiribati 55.48 9 Finland 80.83 72 Mongolia 65.02 135 Cambodia 55.33 10 Australia 80.66 73 Guatemala 64.88 136 Kenya 54.98 11 Sweden 80.60 74 Botswana 64.87 137 Yemen, Rep. 54.84 12 Iceland 80.27 75 Kosovo 64.76 138 Gambia, The 54.81 13 Ireland 80.07 76 Vanuatu 64.60 139 Marshall Islands 54.72 14 Germany 79.73 77 Kazakhstan 64.59 140 Sierra Leone 54.58 15 Georgia 79.46 78 Vietnam 64.42 141 Uzbekistan 54.26 16 Canada 79.09 79 Trinidad and Tobago 64.24 142 India 53.97 17 Estonia 78.84 80 Azerbaijan 64.08 143 West Bank and Gaza 53.62 18 Malaysia 78.83 81 Fiji 63.90 144 Gabon 53.43 19 Taiwan, China 78.73 82 Uruguay 63.89 145 Micronesia, Fed. Sts. 53.07 20 Switzerland 77.78 83 Costa Rica 63.67 146 Mali 52.59 21 Austria 77.42 84 Dominican Republic 63.43 147 Côte d’Ivoire 52.26 22 United Arab Emirates 76.81 85 Seychelles 63.16 148 Lao PDR 51.45 23 Latvia 76.73 86 Kuwait 63.11 149 Togo 51.29 24 Lithuania 76.31 87 Solomon Islands 63.08 150 Uganda 51.11 25 Portugal 76.03 88 Namibia 62.81 151 Benin 51.10 26 Thailand 75.27 89 Antigua and Barbuda 62.64 152 Burundi 51.07 27 Netherlands 75.01 90 China 62.58 153 São Tomé and Príncipe 50.75 28 Mauritius 74.81 91 Serbia 62.57 154 Algeria 50.69 29 Japan 74.80 92 Paraguay 62.50 155 Djibouti 50.48 30 Macedonia, FYR 74.11 93 San Marino 62.44 156 Iraq 50.36 31 France 73.88 94 Malta 62.11 157 Bolivia 49.95 32 Poland 73.56 95 Philippines 62.08 158 Cameroon 49.85 33 Spain 73.17 96 Ukraine 61.52 159 Comoros 49.56 34 Colombia 72.29 97 Bahamas, The 61.37 160 Sudan 49.55 35 Peru 72.11 97 Dominica 61.37 161 Senegal 49.37 36 Montenegro 72.02 99 Sri Lanka 61.36 162 Suriname 49.29 37 Slovak Republic 71.83 100 St. Lucia 61.35 163 Madagascar 49.25 38 Bulgaria 71.80 101 Brunei Darussalam 61.26 164 Malawi 49.20 39 Mexico 71.53 102 Kyrgyz Republic 60.74 165 Equatorial Guinea 49.01 40 Israel 71.25 103 St. Vincent and the Grenadines 60.66 166 Tajikistan 48.57 41 Chile 71.24 104 Honduras 60.61 167 Burkina Faso 48.36 42 Belgium 71.11 104 Lebanon 60.61 168 Niger 47.63 43 South Africa 71.08 106 Barbados 60.57 169 Guinea 47.42 44 Czech Republic 70.95 107 Bosnia and Herzegovina 60.55 170 Nigeria 47.33 45 Armenia 70.60 108 Nepal 60.33 171 Zimbabwe 46.95 46 Rwanda 70.47 109 El Salvador 59.93 172 Timor-Leste 46.89 47 Puerto Rico (U.S.) 70.35 110 Swaziland 59.77 173 Bangladesh 46.84 48 Romania 70.22 111 Zambia 59.65 174 Liberia 46.61 49 Saudi Arabia 69.99 112 Egypt, Arab Rep. 59.54 175 Syrian Arab Republic 46.51 50 Qatar 69.96 113 Palau 59.50 176 Mauritania 44.21 51 Slovenia 69.87 114 Indonesia 59.15 177 Myanmar 43.55 52 Panama 69.22 115 Ecuador 58.88 178 Congo, Rep. 43.29 53 Bahrain 69.00 116 Maldives 58.73 179 Guinea-Bissau 43.21 54 Hungary 68.80 117 Jordan 58.40 180 Haiti 42.18 55 Turkey 68.66 118 Belize 58.14 181 Angola 41.85 56 Italy 68.48 119 Nicaragua 58.09 182 Venezuela, RB 41.41 57 Belarus 68.26 120 Brazil 58.01 183 Afghanistan 41 .16 58 Jamaica 67.79 121 St. Kitts and Nevis 58.00 184 Congo, Dem. Rep. 40.60 59 Luxembourg 67.60 122 Cabo Verde 57.94 185 Chad 37.25 60 Tunisia 67.35 123 Guyana 57.83 186 South Sudan 35.72 61 Greece 66.70 124 Argentina 57.48 187 Central African Republic 34.47 62 Russian Federation 66.66 125 Bhutan 57.47 188 Libya 33.35 63 Moldova 66.60 126 Grenada 57.35 189 Eritrea 33.16 Note: The rankings are benchmarked to June 2014 and based on the average of each economy’s distance to frontier (DTF) scores for the 10 topics included in this year’s aggregate ranking. For the economies for which the data cover 2 cities, scores are a population-weighted average for the 2 cities. An arrow indicates an improvement in the score between 2013 and 2014 (and therefore an improvement in the overall business environment as measured by Doing Business), while the absence of one indicates either no improvement or a deterioration in the score. The score for both years is based on the new methodology. Source: Doing Business database. OVERVIEW 5 found in almost all regions. In 6 of the Caribbean and South Asia remain the not mean that these economies have ex- 7 regions the highest distance to fron- 2 regions with the smallest share of emplary business regulations; instead, it tier score is above 70. The difference economies implementing regulatory shows that thanks to serious efforts in between the best and worst scores in reforms as captured by Doing Business. regulatory reform in the past year, they a region can be substantial, however, made the biggest advances toward the especially in East Asia and the Pacific, Among the 21 economies with the most frontier in regulatory practice (figure the Middle East and North Africa and reforms making it easier to do business 1.5). Many of the 10 top improvers still Sub-Saharan Africa. in 2013/14, 10 stand out as having face many challenges on their way to improved the most in performance on international best practices in business the Doing Business indicators: Tajikistan, regulation, including high bureaucratic Benin, Togo, Côte d’Ivoire, Senegal, obstacles, political instability and weak WHO IMPROVED THE MOST Trinidad and Tobago, the Democratic financial institutions. IN 2013/14? Republic of Congo, Azerbaijan, Ireland Since 2004 the Doing Business report and the United Arab Emirates (table 1.2). Among the 10 top improvers, Tajikistan has captured more than 2,400 regula- Together, these 10 top improvers imple- made the biggest advance toward the tory reforms making it easier to do mented 40 regulatory reforms making regulatory frontier in the past year, business. In the year from June 1, 2013, it easier to do business. Among these 10, thanks to improvements in several ar- to June 1, 2014, 123 economies imple- only Côte d’Ivoire featured among the 10 eas. For example, starting a business mented at least one reform in the areas top improvers in last year’s report. And in Tajikistan is now easier as a result of measured by Doing Business—230 in only 4 place among the top 100 in the the implementation of new software total. More than 63% of these reforms overall ease of doing business ranking; at the one-stop shop and the elimina- reduced the complexity and cost of Ireland has the highest ranking, at 13. tion of one of the business registration regulatory processes, while the oth- Being recognized as top improvers does procedures. A reduction of fees made ers strengthened legal institutions. Twenty-one economies, including 6 in FIGURE 1.4 Europe and Central Asia had both the largest share of economies making Sub-Saharan Africa and 6 in the OECD it easier to do business in 2013/14 . . . high-income group, implemented 3 or Share of economies with at least one reform more reforms reducing burdensome making it easier to do business (%) bureaucracy or improving legal and 100 regulatory frameworks.4 Globally, more than 80% of the economies covered by 80 85 74 Doing Business had an improvement in 60 65 their distance to frontier score—it is 60 55 40 50 50 now easier to do business in most parts of the world. 20 Sub-Saharan Africa, the region with 0 Europe & Sub-Saharan OECD East Asia Middle East Latin America South the largest number of economies, Central Asia Africa high income & Pacific & North Africa & Caribbean Asia accounted for the largest number of regulatory reforms in 2013/14, . . . and the biggest average improvement in distance to frontier scores with 39 reducing the complexity and Average change in distance to frontier score cost of regulatory processes and 36 between 2013 and 2014 strengthening legal institutions. As in 2.0 previous years, however, Europe and Central Asia had the largest share of 1.5 1.56 economies implementing at least one regulatory reform, with some 85% 1.0 1.11 doing so (figure 1.4). Sub-Saharan 0.77 0.74 Africa had the second largest share 0.5 0.52 0.39 of economies implementing at least 0.31 0 one reform and the second largest Europe & Sub-Saharan East Asia Latin America & South OECD Middle East & average improvement in distance to Central Asia Africa & Pacific Caribbean Asia high income North Africa frontier scores. Latin America and the Source: Doing Business database. 6 DOING BUSINESS 2015 TABLE 1.2 The 10 economies improving the most across 3 or more areas measured by Doing Business in 2013/14 Reforms making it easier to do business Ease of doing Dealing with Protecting Trading business Starting a construction Getting Registering Getting minority Paying across Enforcing Resolving rank business permits electricity property credit investors taxes borders contracts insolvency Tajikistan 166 √ √ √ √ Benin 151 √ √ √ √ Togo 149 √ √ √ √ Côte d’Ivoire 147 √ √ √ √ √ Senegal 161 √ √ √ √ √ √ Trinidad and Tobago 79 √ √ √ Congo, Dem. Rep. 184 √ √ √ √ √ Azerbaijan 80 √ √ √ Ireland 13 √ √ √ United Arab Emirates 22 √ √ √ Note: Economies are selected on the basis of the number of their reforms and ranked on how much their distance to frontier score improved. 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 distance to frontier score. Regulatory changes 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 2013 but by using comparable data that capture data revisions and methodology changes. 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. FIGURE 1.5 How far have economies moved toward the frontier in regulatory practice since 2013? Distance to frontier score Hong Kong SAR, China 100 Regulatory frontier New Zealand Singapore United Kingdom United Arab Emirates United States Korea, Rep. Denmark Taiwan, China Norway Australia Switzerland Sweden Germany Finland Macedonia, FYR Iceland Malaysia Ireland Georgia Canada Estonia Netherlands Slovak Republic Lithuania Puerto Rico (U.S.) Austria Portugal Czech Republic Mauritius Thailand Latvia Montenegro Russian Federation South Africa Japan Colombia Saudi Arabia France Poland Trinidad and Tobago Bulgaria Antigua and Barbuda Dominican Republic Spain Belgium Armenia Mexico Romania Luxembourg Rwanda Slovenia Peru Israel Panama Hungary Chile Solomon Islands Bahrain Qatar Turkey Jamaica Belarus 75 Kazakhstan Moldova Guatemala Tunisia Botswana Croatia Italy Cyprus Greece Azerbaijan Mongolia Albania Costa Rica Morocco Samoa Oman Seychelles Vanuatu Vietnam San Marino Kosovo Tonga Uruguay Ghana Paraguay Namibia Kuwait Serbia China Fiji 50 2014 2013 25 0 Note: The distance to frontier score 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 2005 or the third 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 vertical bars show the change in the distance to frontier score from 2013 to 2014; for more details, see the note to table 1.1. The 30 economies improving the most are highlighted in red. Source: Doing Business database. OVERVIEW 7 dealing with construction permits act authorizes each member state to credit bureau Emcredit and the Dubai less costly, and the introduction of an adopt national legislation reducing Electricity and Water Authority (DEWA) electronic system for filing and paying its paid-in minimum capital require- began exchanging credit information the corporate income tax, value added ment—the amount of capital that in October 2013. As a result, the credit tax and labor taxes made paying taxes entrepreneurs need to deposit in a bureau can now identify customers with easier. Finally, the Credit Information bank account or with a notary before unpaid DEWA accounts beyond 90 days Bureau of Tajikistan improved access or within 3 months of incorporation. and the utility has access to the bureau’s to credit information by starting to Benin, Côte d’Ivoire, Senegal and Togo bounced check repository. Ireland im- provide credit scores in June 2013. were all among the OHADA member proved its credit information system by economies that did so in 2013/14. passing a new act that provides for the Eight of the 10 top improvers carried Côte d’Ivoire and Senegal also took establishment and operation of a credit out reforms making it easier to start a measures within the framework of the registry. And in Trinidad and Tobago a business, while 7 implemented reforms West African Economic and Monetary new insolvency law strengthened pro- making it easier to get credit. Some Union. Both adopted the Uniform Law tections of secured creditors’ rights in of these changes were inspired by on the Regulation of Credit Information insolvency proceedings, giving greater transnational initiatives. One such ini- Bureaus ahead of other member flexibility in enforcement actions. tiative was the revision by the Council states, providing a legal framework to of Ministers of the Organization for establish credit information bureaus. Six of the 10 top improvers reformed the Harmonization of Business Law their property registration processes in Africa (OHADA) of the Uniform Reforms making it easier to get credit and 6 strengthened the rights of mi- Act on Commercial Companies and were also undertaken at the national nority shareholders, with Côte d’Ivoire, Economic Interest Groups. The revised level. In the United Arab Emirates the Senegal, Togo and the United Arab St. Vincent and the Grenadines Bosnia and Herzegovina Brunei Darussalam Kyrgyz Republic Bahamas, The Egypt, Arab Rep. St. Kitts and Nevis Philippines Papua New Guinea Iran, Islamic Rep. West Bank and Gaza Sri Lanka Dominica El Salvador Micronesia, Fed. Sts. St. Lucia Honduras Barbados Ukraine Swaziland Lebanon São Tomé and Príncipe Malta Marshall Islands Cabo Verde Indonesia Mozambique Nicaragua Maldives Zambia Ecuador Argentina Nepal Gambia, The Yemen, Rep. Palau Sierra Leone Jordan Grenada Guyana Pakistan Bhutan Tanzania Cambodia Belize Lesotho Uzbekistan Ethiopia Brazil Equatorial Guinea Côte d’Ivoire Syrian Arab Republic Kiribati Kenya Gabon Madagascar Burkina Faso Lao PDR India Cameroon Burundi Uganda Suriname Djibouti Comoros Algeria Mali Timor-Leste Tajikistan Benin Bangladesh Senegal Bolivia Togo Zimbabwe Malawi Sudan Guinea-Bissau Iraq Congo, Dem. Rep. Nigeria Guinea Mauritania Congo, Rep. Central African Republic Niger Venezuela, RB Liberia Myanmar Afghanistan Angola Haiti South Sudan Chad Eritrea Libya . 8 DOING BUSINESS 2015 Emirates reforming in both these areas. a commercial section within its court In all 11 economies the data for getting These 4 economies strengthened mi- of first instance. Trinidad and Tobago credit—both on the strength of legal nority investor protections by making made resolving insolvency easier by rights and on the depth of credit it possible for shareholders to inspect introducing a statutory mechanism information—are the same for the 2 documents pertaining to related-party for rehabilitation of insolvent compa- cities covered. This is easy to explain. transactions as well as to appoint audi- nies as an alternative to previously Credit information systems tend to tors to conduct inspections. Moreover, available voluntary and court-ordered operate at the national level, not at the United Arab Emirates introduced winding-up proceedings. (For more de- the city or state level. Collateral laws additional approval requirements for tail on the reform patterns in the past also tend to be national, and even in related-party transactions, greater year, see the chapter on reforming the the United States, where these laws requirements for disclosure of such business environment.) are under state jurisdiction, there is transactions to the stock exchange and enough legal harmonization so that a requirement that interested directors the 2 cities in the sample have the be held liable if a related-party transac- same score on the strength of legal tion is unfair or constitutes a conflict of WHAT DO THE NEW DATA rights index. In the area of protecting interest. The United Arab Emirates also SHOW ABOUT DIFFERENCES minority investors all 11 economies made it possible for shareholders to BETWEEN CITIES? again show no difference between request the rescission of unfair related- Subnational Doing Business reports the 2 cities in the aggregate score. party transactions. have covered more than 300 cities in In the United States, however, there 55 economies in the nearly 10 years are differences in some of the data Highlights of reforms making it easier that they have been published. For the embedded in the indicators for Los to register property include Azerbaijan’s first time this year, the global Doing Angeles and New York City—because introduction of an online procedure for Business report also extends its cover- company law is under state jurisdiction obtaining nonencumbrance certificates age beyond the largest business city in and there are measurable differences for property transfers. Senegal made each economy. For the 11 economies between the California and New York property transfers easier by eliminating with a population of more than 100 company law. the requirement for authorization by million, Doing Business now covers the the tax authority. Now applicants for a second largest business city as well as In the area of resolving insolvency only property transfer need only notify the the largest one. The data provide new 4 of the 11 economies have a difference tax authority before proceeding with insights into the variability of business between the 2 cities in the recovery the property transaction at the land regulation within economies. rate and none have a difference in registry. the strength of insolvency framework The sets of indicators showing limited index. The pattern is different in the Two of the 10 top improvers imple- variability across cities in the same area of enforcing contracts. Only 4 of mented reforms making it easier to economy tend to be those measuring the 11 economies have a difference in trade across borders. Benin reduced the strength of legal institutions— the number of procedures to resolve the number of documents needed for getting credit, protecting minority a commercial dispute. In all 4 of these customs clearance of imports. The investors, enforcing contracts and economies one of the pair of cities technical standard or health certifi- resolving insolvency, which mainly has a specialized commercial court cate is now no longer required except draw from national laws with general (Rio de Janeiro, Monterrey, Lagos and for food imports. Côte d’Ivoire simpli- applicability (figure 1.6). Variability is New York City) while the other does fied the process for producing the more common for the sets of indicators not (São Paulo, Mexico City, Kano and inspection report for imported cargo measuring the complexity and cost Los Angeles). But the time and cost and lowered port and terminal han- of regulatory processes—starting a to resolve a commercial dispute dif- dling charges at the port of Abidjan business, dealing with construction fer between the 2 cities in 7 of the 11 by introducing new customs and port permits, getting electricity, registering economies and the differences in time management. property, paying taxes and trading can be significant. In Nigeria, for ex- across borders. But this variability ample, resolving a commercial dispute Among the areas with the fewest is more likely to be in time and cost takes 720 days in Kano but 447 days reforms by the 10 top improvers are than in the number of procedures, in Lagos. enforcing contracts, with 2, and re- suggesting that in most cases the law solving insolvency, with 1. Benin made is the same across cities though its There is also more variation at the enforcing contracts easier by creating implementation may vary. city level in the other indicators. For OVERVIEW 9 example, only 4 economies have the Does city size matter for having 4 topics—starting a business, getting same tax system in both the 2 major business-friendly regulations? At first electricity, paying taxes and trading business cities—Bangladesh, India, glance the data suggest that it does across borders. Overall, the differ- Indonesia and Nigeria. In all the other not. In 6 of the 11 economies the larg- ences between cities within the same large economies the total tax rate est business city performs better on economy are very small, as shown in differs between the 2 cities. In the the Doing Business indicators overall figure 3.2 in the chapter on what is area of starting a business the paid-in than the second largest one, while in changing in Doing Business. minimum capital requirement is the the other 5 the second largest busi- same in the 2 cities in all 11 economies, ness city has the higher score. And in and the number of procedures differs the economies where the second larg- in only 4 economies. But the time and est business city has a substantially WHAT IS THE cost to start a business differ between smaller population (at most 30% of the RELATIONSHIP BETWEEN the 2 cities in 8 economies. Only in largest business city’s population), the EFFICIENCY AND QUALITY? Bangladesh and Pakistan is the pro- second city has more business-friendly One of the big innovations in this year’s cess the same in the 2 cities. Similarly, regulations overall. This is the case for report is the expansion of the data on the procedures to transfer a property Kano, Monterrey and Surabaya. the quality of regulation. Measuring between 2 firms differ in only 4 econo- aspects of the quality of regulation is mies but the cost to do so differs in 9 Among the 11 economies, the United not new for Doing Business; some indi- economies. Only in Japan and Russia States has the highest number of cator sets, such as getting credit and is the process the same in the 2 cities. differences between the largest and protecting minority investors, already second largest business cities: Los included a focus on regulatory quality. In dealing with construction permits Angeles and New York City differ in But starting this year a systematic ef- and getting electricity 10 economies 9 of the 10 topics (while the 2 cities fort is being made to include measures show some degree of difference have the same overall score on the of quality in most of the indicator sets. between the 2 cities, and in trading strength of minority investor protec- This year’s report introduces a new across borders all 11 economies do so. tions, they have differences in the measure of quality in the resolving These are the areas of regulation mea- underlying indicators). Japan has the insolvency indicator set and expands sured by Doing Business where location fewest: Osaka and Tokyo differ in only the measures of quality in the getting matters the most. Building permits are commonly issued by municipalities. Similarly, electricity connections are FIGURE 1.6 Indicators measuring the strength of legal institutions show less often provided by local utilities. And difference between cities within economies than those measuring the complexity and the distance to the nearest port is an cost of regulatory processes Average difference in important factor in determining the distance to frontier score time and cost to export and import, (absolute value) leading to differences even within the Starting a business 9 2.99 same economy. Dealing with 10 6.96 construction permits Getting electricity 10 7.53 Labor market regulation can also vary across cities within an economy. In 6 of Registering property 9 4.84 the 11 economies—Brazil, China, India, Getting credit 0.00 Indonesia, Japan and Russia—the 2 Protecting minority investors 0.00 cities in the sample have different Paying taxes 7 0.34 minimum wage levels. This is mainly to Trading across account for differences in the cost of borders 11 4.18 living. In all these cases except Brazil Enforcing contracts 8 3.06 and India, the largest business city Resolving insolvency 4 0.55 has a higher minimum wage than the 0 1 2 3 4 5 6 7 8 9 10 11 second largest one. In addition, in India Distance to frontier score differs between Distance to frontier score is the same for largest and second largest business cities largest and second largest business cities the largest business city (Mumbai) has longer paid annual leave, with 21 days, Note: The figure shows data for the 11 large economies for which Doing Business covers both the largest and the second than the second largest one (Delhi), largest business city. with 15. Source: Doing Business database. 10 DOING BUSINESS 2015 credit and protecting minority inves- FIGURE 1.7 Better insolvency laws, higher recovery rate tors indicator sets. Next year’s report will add measures of regulatory quality Strength of insolvency to the indicator sets for dealing with framework index (0–16) construction permits, getting electric- 16 High quality, High quality, ity, registering property, paying taxes low efficiency high efficiency 14 and enforcing contracts. Canada 12 Micronesia, Fed. Sts. The results so far suggest that effi- 10 ciency and quality go hand in hand. For 8 resolving insolvency the data show that there is a positive correlation between 6 Cyprus the recovery rate for creditors and the Venezuela, RB 4 strength of the legal framework for insolvency (figure 1.7). The recovery 2 Low quality, Low quality, low efficiency high efficiency rate measures the cents on the dollar 0 0 10 20 30 40 50 60 70 80 90 100 recouped by secured creditors through insolvency proceedings and is a measure Recovery rate (cents on the dollar) of efficiency because time and cost are 2 important components. The strength of insolvency framework index measures Note: The correlation between the strength of insolvency framework index and the recovery rate is 0.59. The relationship is significant at the 1% level after controlling for income per capita. how well insolvency laws accord with in- Source: Doing Business database. ternationally recognized good practices and is therefore a proxy for quality. Preliminary data for a new indicator indicator) also score well on efficiency Very few economies have an insolvency being developed to measure regula- in transferring property (with an aver- system with both high efficiency (a tory quality in registering property age distance to frontier score above 50 recovery rate of more than 50 cents on reinforce the idea that efficiency and for the procedures, time and cost). the dollar) and low quality (a score on the quality go hand in hand: economies strength of insolvency framework index that offer a simple, fast and inexpen- But many economies have a property of less than 8 of the possible 16 points). sive process for transferring property transfer process that is efficient yet But many economies have an insolvency are also likely to have a land adminis- lacks quality. Thus while these econo- system with low efficiency and high tration system providing reliable land mies make the transfer of property quality. These are economies that have records (figure 1.8). simple, fast and inexpensive, the lack well-designed laws but face challenges of quality in the land administration in implementing them effectively. The new indicator under development system is likely to undermine the value measures the reliability, transpar- of the property title. In the Republic These results suggest that well- ency and geographic coverage of land of Yemen, for example, a transfer of designed laws are necessary but not administration systems as well as ele- property between 2 firms takes 6 sufficient to achieve efficiency in an in- ments of land dispute resolution. The procedures and only 19 days and costs solvency system. The Federated States indicator focuses on such aspects as 1.8% of the property value. But the land of Micronesia, for example, has a score whether the land registry and mapping administration system keeps most of of 11.5 on the strength of insolvency system (cadastre) have adequate infra- the land records on paper and does not framework index, yet creditors in that structure to guarantee high standards assign a unique, searchable number country should expect to recover only of quality for the information recorded, to land parcels, making it difficult to 3.3 cents for every dollar they have whether information is easily acces- provide reliable information. loaned to a firm that becomes insol- sible to the public and whether the land vent. So an insolvency law of above- registry and cadastre cover the entire Efforts are ongoing for other Doing average quality does not necessarily territory of the economy. Preliminary Business topics as well. Preliminary data mean above-average recovery rates for data show that virtually all economies for a new measure of judicial quality and creditors. On average, though, econo- that score well on the overall quality of court infrastructure show a clear posi- mies with better-designed laws tend to land administration (with a distance tive link between efficiency and qual- have higher recovery rates. to frontier score above 50 for the ity in the area of enforcing contracts. OVERVIEW 11 Economies that make resolving a com- FIGURE 1.8 Better land administration system, faster property transfers mercial dispute simpler, faster and less expensive also tend to have a judicial Distance to frontier score for overall system that follows well-established quality of land administration 100 High quality, High quality, good practices—such as having a spe- low efficiency Sweden high efficiency cialized commercial court or division, 90 having a small claims court, offering 80 Belgium arbitration and voluntary mediation and 70 making judgments in commercial cases 60 available to the general public. 50 40 Unlike for resolving insolvency and registering property, however, for 30 enforcing contracts the economies 20 Yemen, Rep. are more evenly spread across the 4 10 Low quality, Low quality, quadrants of quality and efficiency low efficiency Afghanistan high efficiency 0 (figure 1.9). Singapore is among those 0 10 20 30 40 50 60 70 80 90 100 that combine high efficiency and high Distance to frontier score for registering property quality. In that country resolving the standard commercial dispute in the Note: The figure compares the distance to frontier score for the existing registering property indicators with the Doing Business case study takes only distance to frontier score for the new indicator on the quality of land administration (to be published for the first time in Doing Business 2016). The data for the new indicator are obtained through a set of questions on reliability, 21 procedures and 150 days and costs transparency, coverage and dispute resolution. For example, an economy receives 1 point if it has a functional 25.8% of the value of the claim. And not electronic database for encumbrances, 1 point if it makes the documents and fee schedules for property registration publicly available (online or on public boards), 1 point if it compiles statistics on land transactions and makes them surprisingly, the judicial system follows publicly available, and so on. The correlation between the 2 distance to frontier scores is 0.56. The relationship is several internationally recognized good significant at the 1% level after controlling for income per capita. Source: Doing Business database. practices, such as having a separate commercial court, providing arbitra- tion, making judgments available to the public, using case management FIGURE 1.9 Better courts, faster courts and allowing plaintiffs to file their initial complaint electronically. On the other Distance to frontier score for hand, the judicial system in Mongolia, judicial quality index with no specialized commercial court 100 High quality, Singapore High quality, or small claims court, can resolve the low efficiency high efficiency standard commercial dispute through 90 80 32 procedures in 374 days and at a 70 cost of 30.6% of the claim value. Belize 60 50 40 WHAT ARE THE BENEFITS Mongolia 30 OF MORE BUSINESS- 20 Angola FRIENDLY REGULATIONS? 10 Low quality, Low quality, As earlier Doing Business reports have low efficiency high efficiency 0 discussed, the benefits of business- 0 10 20 30 40 50 60 70 80 90 100 friendly regulations are well established Distance to frontier score for enforcing contracts in the economic literature. To name just a few: Note: The figure compares the distance to frontier score for the existing enforcing contracts indicators with the distance  Reforms simplifying business regis- to frontier score for the new index on judicial quality (to be published for the first time in Doing Business 2016). The index measures such aspects as whether the judicial system has a specialized commercial court or division, has a small claims tration lead to more firm creation.5 court, offers voluntary mediation and arbitration and makes judgments in commercial cases available to the general  Increasing trade openness has public. The correlation between the 2 distance to frontier scores is 0.41. The relationship is significant at the 1% level after controlling for income per capita. greater effects on growth where Source: Doing Business database. labor markets are more flexible.6 12 DOING BUSINESS 2015  Cumbersome, poorly functioning FIGURE 1.10 Combined regulatory reforms are likely to have greater effects on new business regulation undermines business registration than isolated ones entrepreneurship and economic performance.7 Distance to frontier score for indicators measuring the complexity and  Introducing collateral registries and cost of regulatory processes debt recovery tribunals leads to Distance to frontier score for indicators better-performing credit markets.8 measuring the strength of legal institutions  Reforms improving access to credit and the efficiency of property regis- Overall distance to frontier score tration are correlated with product 0 0.1 0.2 0.3 0.4 0.5 and process innovation by young Increase in new firm density associated with firms.9 10-point increase in distance to frontier score In addition, with the time series of Note: New firm density is defined as the number of newly registered limited liability companies per 1,000 working-age Doing Business data now available, it people (ages 15–64). Indicators measuring the strength of legal institutions are those on getting credit, protecting minority investors, enforcing contracts and resolving insolvency. Indicators measuring the complexity and cost is possible to study how changes in of regulatory processes are those on starting a business, dealing with construction permits, getting electricity, regulations within an economy over registering property, paying taxes and trading across borders. The analysis uses data from 2003–13 for all economies covered by Doing Business. time lead to changes in development Source: Divanbeigi and Ramalho 2014. outcomes in that economy. One study shows, for example, that an improvement of 10 points in the overall distance to frontier score is linked to These results encourage further research of small firms.12 Another found that in an increase in new firm density (the to better understand the mechanisms general there is a significant relation- number of new firms created in a year behind the link between business regula- ship between entrepreneurial activity per 1,000 adults) of around 0.5 (figure tions and firm creation and potentially and indicators of the quality of the legal 1.10). And while small changes in the economic growth. Firm-level data can and regulatory environment and gover- overall distance to frontier score may provide some insights into these mecha- nance.13 The finding that good business have a negligible link with growth, nisms. The analysis combined data from regulations in areas such as those mea- moving from the lowest quartile of World Bank Enterprise Surveys for more sured by Doing Business benefit small improvement in business regulations than 40,000 observations (across firms firms more than large ones is an impor- to the highest quartile is associated and years) with Doing Business data to tant one—since small firms account for with a significant increase in the an- test how business regulations affect the largest shares of job creation and the nual per capita growth rate of around the performance of firms of different highest growth in sales and employment 0.8 percentage points.10 size classes. The analysis used distance in developing economies.14 to frontier scores to measure business These results apply for different types regulations in the areas covered by Doing of indicators but their intensity varies. Business and growth in sales and em- For example, an increase of 10 points in ployment to measure firm performance. HOW HAVE BUSINESS the average distance to frontier score The results show that improvements REGULATIONS CHANGED for the indicators measuring the com- in the distance to frontier score have OVER THE PAST DECADE? plexity and cost of regulatory processes greater effects on sales and employ- Among the more encouraging trends is associated with an increase in new ment growth for small firms than for shown by Doing Business data over the firm density of about 0.2. The equiva- large ones.11 past decade is the gradual improve- lent result for the indicators measuring ment in economies’ performance in the strength of legal institutions that These results indicate that sound busi- the areas tracked by the indicators. support business regulation, such as ness regulations in the areas measured Moreover, economies with the weak- commercial courts and credit bureaus, by Doing Business benefit small firms est regulatory institutions and the is 0.4. These results suggest that com- more than large ones. This is in line with most complex and costly regulatory bining good regulations across different earlier research findings. One study processes tend to focus on the areas areas is important for business entry found that a heavy regulatory burden— where their regulatory performance is and that piecemeal regulatory reforms measured by the share of management worse, slowly but steadily beginning may be less effective than a broad re- time spent dealing with regulations to adopt some of the better practices form program. or inspections—can stunt the growth seen among the best performers. OVERVIEW 13 FIGURE 1.11 Strong convergence across economies since 2005 Averages by group Time to start a business Time to pay taxes (days) (hours per year) 140 800 Worst quartile Worst quartile 120 100 600 80 400 60 Best 3 quartiles 40 Best 3 quartiles 200 20 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Time to deal with Time to register property construction permits (days) (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 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Time to export Time to import (days) (days) 60 70 Worst quartile Worst quartile 50 60 50 40 40 30 30 Best 3 quartiles Best 3 quartiles 20 20 10 10 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Cost to register property Cost to start a business (% of property value) (% of income per capita) 18 300 Worst quartile 16 Worst quartile 250 14 12 200 10 150 8 6 Best 3 quartiles 100 4 50 Best 3 quartiles 2 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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. 14 DOING BUSINESS 2015 This process is leading to a conver- Other case studies in this year’s report around the world with the aim of keep- gence toward best practices. Here is an focus on good practices in the areas ing governments informed about good example: In 2005 the time to transfer of business regulation covered. A case practices and enabling researchers to property averaged 235 days among the study on starting a business analyzes further our knowledge of how laws and economies ranking in the worst quartile good practices in operating a company regulations affect development. on this indicator. Among the best 3 registry and the benefits of those prac- quartiles it averaged 42 days. Today tices. This case study discusses how that gap is substantially narrower. company registries empower businesses NOTES While the difference is still substantial to operate in the formal economy, al- at 62 days, it is considerably smaller lowing them to reap the benefits that 1. For information on the Independent Panel on Doing Business, see its website at http:// than the 193 days in 2005 (figure 1.11). come with formalization, and how online www.dbrpanel.org/. Similar trends can be seen in other in- platforms for company incorporation 2. The distance to frontier score shows how far dicators measuring the complexity and make the process faster and cheaper. A on average an economy is at a point in time from the best performance achieved by any cost of regulatory processes. case study on zoning regulations looks economy on each Doing Business indicator at good practices that can increase ef- since 2005 or the third year in which ficiency in construction permitting. data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. WHAT IS IN THIS YEAR’S Another case study analyzes the time 3. The correlation between the distance REPORT? series of data on paying taxes with an to frontier score and the IDA Resource Allocation Index is 0.73. The relationship is This year’s report presents several case emphasis on patterns before, during significant at the 1% level after controlling studies focusing on legal and regulatory and after the global financial crisis. This for income per capita. features covered by new or expanded case study shows that over the 9-year 4. Regulatory changes making it more difficult to do business are subtracted from the indicators being introduced this year or period ending in 2012, the global aver- number of those making it easier. next year. One case study, on protect- age total tax rate as measured by Doing 5. Branstetter and others 2013; Bruhn 2011; ing minority investors, discusses the Business fell by 9.1 percentage points, Kaplan, Piedra and Seira 2011; Monteiro and Assunção 2012. importance of corporate governance with the fastest rate of decline occur- 6. Chang, Kaltani and Loayza 2009. rules that are now being measured. ring in the years immediately following 7. Dreher and Gassebner 2013. Another discusses the importance of a the crisis. The reduction was accompa- 8. Love, Martínez Pería and Singh 2013. 9. Dutz 2014. strong legal framework for insolvency, nied by a tangible improvement in the 10. Divanbeigi and Ramalho 2014. also among the features being mea- quality of tax administration in many 11. These results take into account differences sured by new indicators—while a third economies thanks to their adoption in performance due to country-level time- invariant characteristics and firms’ sector, examines the new components of the of the latest technologies to facilitate age and export status. The regression getting credit indicators. A fourth case online filing and payment. method used counts every firm equally study analyzes good practices in land even if the number of firms varies across countries. administration systems that will be The report also presents a case study 12. Aterido, Hallward-Driemeier and Pages measured in Doing Business 2016. on enforcing contracts that analyzes 2009. new data on freedom of contract. These 13. Klapper and others 2010. 14. Ayyagari, Demirguc-Kunt and Maksimovic These case studies provide new insights new data will not be included in the 2014. from the newly collected data. The case enforcing contracts indicators; they study on resolving insolvency shows, were collected solely for research, with for example, that OECD high-income the aim of better understanding the economies have the highest average link between contract enforcement and score on the strength of insolvency freedom of contract. framework index. And economies that have reformed their insolvency laws Finally, this year’s report presents a in the past several years score sub- summary of some of the research pre- stantially higher on this index than sented at the Doing Business research economies with outdated insolvency conference that took place in February provisions. This is important, because 2014. This research used Doing Business economies with better insolvency laws data or studied areas relevant to as measured by Doing Business tend the Doing Business indicators. Doing to have more credit available to the Business will continue to monitor prog- private sector. ress in business regulation in economies Doing Business 2015 Going Beyond Efficiency About Doing Business  Doing Business measures business E conomic activity requires sensible invest and grow, thereby creating more rules that encourage firm start-up jobs. regulations that affect domestic small and growth and avoid creating and medium-size firms in 11 areas distortions in the marketplace. Doing Doing Business was designed with 2 across 189 economies. Ten of these Business measures the rules and regula- main types of users in mind: policy areas—starting a business, dealing tions that can help the private sector makers and researchers.1 Doing Business with construction permits, getting thrive—because without a dynamic is a tool that governments can use to electricity, registering property, getting private sector, no economy can provide design sound policies for the creation credit, protecting minority investors, a good, and sustainable, standard of liv- of firms and jobs. But this tool should paying taxes, trading across borders, enforcing contracts and resolving ing for people. Doing Business promotes not be used in isolation. Doing Business insolvency—are included in the distance rules that establish and clarify property provides a rich opportunity for bench- to frontier score and ease of doing rights, minimize the cost of resolving marking by capturing key dimensions business ranking. Doing Business also disputes, increase the predictability of of regulatory regimes. Nevertheless, the measures labor market regulation, economic interactions and provide con- Doing Business data are limited in scope which is not included in these 2 tractual partners with core protections and should be complemented with other measures. against abuse. sources of information.  Doing Business does not capture other The Doing Business data highlight the Doing Business is also an important aspects of the business environment, such as security, market size, important role of the government and source of information for researchers. It macroeconomic stability and the government policies in the day-to-day provides a unique data set that enables prevalence of bribery and corruption. life of domestic small and medium-size analysis aimed at better understanding firms. The objective is to encourage the role of business regulation in eco-  The Doing Business methodology is regulations that are designed to be ef- nomic development. This year’s report based on standardized case scenarios ficient, accessible to all who use them discusses the results of some of this in the largest business city of each and simple in their implementation. work in the chapter on highlights from economy. In addition, for 11 economies Where regulation is burdensome and the Doing Business research confer- a second city has been added this year. competition limited, success tends ence. Doing Business 2014 presented a  Doing Business relies on 4 main to depend on whom one knows. But detailed summary of recent research on sources of information: the relevant where regulation is efficient, trans- the effects of business regulation in the laws and regulations, Doing Business parent and implemented in a simple areas measured by Doing Business. respondents, the governments of the way, it becomes easier for aspiring economies covered and the World Bank entrepreneurs to compete on an equal Group regional staff. footing and to innovate and expand.  Governments use Doing Business as In this sense Doing Business values WHAT DOES DOING a source of objective data providing good rules as a key to social inclusion. BUSINESS MEASURE? unique insights into good practices Enabling growth—and ensuring that all Doing Business captures several im- worldwide. Many Doing Business people, regardless of income level, can portant dimensions of the regulatory indicators are “actionable”—though participate in its benefits—requires an environment as it applies to local firms. depending on the context, they may environment where new entrants with It provides quantitative measures of not always be “action-worthy.” drive and good ideas can get started regulations for starting a business, in business and where good firms can dealing with construction permits, 16 DOING BUSINESS 2015 getting electricity, registering prop- Indicators of the second type reflect as important to businesses have been erty, getting credit, protecting minority better institutions for private sector access to finance and access to elec- investors, paying taxes, trading across development, such as well-functioning tricity—inspiring the design of the Doing borders, enforcing contracts and re- courts and credit information systems. Business indicators on getting credit solving insolvency. Doing Business also Accordingly, some of these indicators and getting electricity. measures labor market regulation. This give a higher score for better and more year’s report does not present rankings developed regulation, as the protecting The design of the Doing Business indica- of economies on the labor market regu- minority investors indicators do for tors has also been informed by theo- lation indicators or include the topic stricter disclosure requirements for retical insights gleaned from extensive in the aggregate distance to frontier related-party transactions. Three sets research and the literature on the role score or ranking on the ease of doing of these indicators—getting credit, pro- of institutions in enabling economic de- business. It does present the data for tecting minority investors and resolving velopment. In addition, the background these indicators. insolvency—have been expanded for papers developing the methodology this year’s report to further focus on for each of the Doing Business indicator Doing Business provides 2 main types of the strength of legal institutions (for sets have established the importance indicators: those that broadly measure details on the expansion of the scope of of the rules and regulations that Doing the complexity and cost of regulatory indicator sets, see the chapter on what Business measures for such economic processes and those that measure the is changing in Doing Business). outcomes as trade volumes, foreign di- strength of legal institutions (table 2.1). rect investment, market capitalization Indicators of the first type promote ef- How the indicators are selected in stock exchanges and private credit as ficiency in transactions handled by the The choice of the 11 sets of Doing a percentage of GDP.3 government, such as in the process to Business indicators has been guided register a transfer of property. A simpler by economic research and firm-level Two aggregate measures and less costly process results in better data, particularly data from the World Doing Business presents data both performance on the indicators and, if Bank Enterprise Surveys.2 These for individual indicators and for 2 all else is constant, a more favorable surveys provide data highlighting the aggregate measures—the distance to ranking on the ease of doing business. main obstacles to business activity as frontier score and the ease of doing These indicators are being expanded to reported by entrepreneurs in more than business ranking—to provide different also include components on the quality 120 economies. For example, among the perspectives on the data. The distance of regulation. factors that the surveys have identified to frontier score aids in assessing the absolute level of regulatory performance and how it improves over TABLE 2.1 What Doing Business measures—11 areas of business regulation time. This measure shows the distance of each economy to the “frontier,” Complexity and cost of regulatory processes which represents the best performance Starting a business Procedures, time, cost and paid-in minimum capital to start a limited observed on each of the indicators liability company across all economies in the Doing Dealing with construction permits Procedures, time and cost to complete all formalities to build a warehouse Business sample since 2005 or the third Getting electricity Procedures, time and cost to get connected to the electrical grid year in which data for the indicator were collected. This allows users both to see Registering property Procedures, time and cost to transfer a property the gap between a particular economy’s Paying taxes Payments, time and total tax rate for a firm to comply with all tax regulations performance and the best performance at any point in time and to assess the Trading across borders Documents, time and cost to export and import by seaport absolute change in the economy’s Strength of legal institutions regulatory environment over time as Getting credit Movable collateral laws and credit information systems measured by Doing Business. Protecting minority investors Minority shareholders’ rights in related-party transactions and in corporate governance This year, for the first time, the ease of Enforcing contracts Procedures, time and cost to resolve a commercial dispute doing business ranking is based on the Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency distance to frontier score. The ranking and the strength of the insolvency legal framework complements the distance to frontier Labor market regulation Flexibility in employment regulation, benefits for workers and labor score by providing information about dispute resolution an economy’s performance in business ABOUT DOING BUSINESS 17 FIGURE 2.1 An economy’s regulatory environment may be more business-friendly in some areas than in others Distance to frontier score Average of highest 3 topic scores 100 Average of all topic scores 90 Average of lowest 3 topic scores 80 70 60 50 40 30 20 10 0 Turkey El Salvador Ecuador Madagascar Myanmar Singapore Hong Kong SAR, China Korea, Rep. United States Finland Sweden Ireland Georgia Estonia Taiwan, China Austria Latvia Portugal Netherlands Japan France Spain Peru Slovak Republic Chile South Africa Armenia Puerto Rico (U.S.) Saudi Arabia Slovenia Bahrain Belarus Luxembourg Greece Moldova Croatia Samoa Tonga Morocco Guatemala Kosovo Kazakhstan Trinidad and Tobago Fiji Costa Rica Seychelles Solomon Islands Antigua and Barbuda Serbia San Marino Philippines Bahamas, The Sri Lanka Brunei Darussalam St. Vincent and the Grenadines Honduras Bosnia and Herzegovina Zambia Palau Jordan Nicaragua St. Kitts and Nevis Mozambique Lesotho Tanzania Papua New Guinea Cambodia Yemen, Rep. Marshall Islands Uzbekistan West Bank and Gaza Micronesia, Fed. Sts. Côte d’Ivoire Togo Benin São Tomé and Príncipe Djibouti Bolivia Comoros Senegal Burkina Faso Guinea Zimbabwe Bangladesh Syrian Arab Republic Guinea-Bissau Angola Chad Central African Republic Eritrea Equatorial Guinea Mexico Guyana Bhutan Afghanistan Note: The distance to frontier scores reflected are those for the 10 Doing Business topics included in this year’s aggregate distance to frontier score. Figure is illustrative only; it does not include all 189 economies covered by this year’s report. See the country tables for the distance to frontier score for each Doing Business topic for all economies. Source: Doing Business database. regulation relative to the performance area of regulation can coexist with weak bribery and corruption, market size, of other economies as measured by performance in another. A quick way to macroeconomic stability, the state Doing Business. assess the variability of an economy’s of the financial system or the level of regulatory performance is to look at its training and skills of the labor force. For each topic covered and for all topics, distance to frontier scores across topics Doing Business uses a simple averaging (see the country tables). Croatia, for ex- Even within the relatively small set of approach for weighting component indi- ample, has an overall distance to frontier indicators included in Doing Business, cators, calculating rankings and deter- score of 66.53. Its distance to frontier the focus is deliberately narrow. The mining the distance to frontier score.4 score is 85.43 for starting a business, trading across borders indicators, for To test the robustness of this approach, 82.92 for paying taxes and 80.05 for example, capture the documents, time other approaches were explored, includ- getting electricity. At the same time, and cost required for the logistical ing using principal components and it has a score of 44.97 for dealing with process of exporting and importing unobserved components.5 These turn construction permits, 55.00 for getting out to yield results nearly identical to credit and 53.92 for resolving insolvency TABLE 2.2 What Doing Business does those of simple averaging. In the ab- (figure 2.1). not cover sence of a strong theoretical framework Examples of areas not covered that assigns different weights to the Security topics covered for the 189 economies, the simplest method is used: weighting WHAT DOES DOING Prevalence of bribery and corruption all topics equally and, within each topic, BUSINESS NOT MEASURE? Market size giving equal weight to each of the topic Doing Business does not cover many Macroeconomic stability components.6 important policy areas, and even State of the financial system within the areas it covers its scope is Level of training and skills of the labor force Each topic covered by Doing Business narrow (table 2.2). Doing Business does Examples of aspects not included within the relates to a different aspect of the not measure the full range of factors, areas covered regulatory environment. The distance policies and institutions that affect the In getting electricity, the reliability of electricity to frontier scores and rankings of each quality of an economy’s business en- supply economy vary, often substantially, vironment or its national competitive- In getting credit, the availability of credit for firms across topics, indicating that strong ness. It does not, for example, capture In trading across borders, export or import tariffs performance by an economy in one aspects of security, the prevalence of and subsidies 18 DOING BUSINESS 2015 containerized goods by seaport, but has advantages and limitations that And this year, for the first time, Doing they do not measure the cost of the sea should be understood when using the Business has extended its coverage transport or of tariffs or capture any data (table 2.3). to the second largest business city in aspects relating to international trade economies with a population of more agreements. Thus through these indi- A key consideration for the Doing than 100 million. cators Doing Business provides a nar- Business indicators is that they should row perspective on the infrastructure ensure comparability of the data Doing Business recognizes the limita- challenges that firms face, particularly across a global set of economies. The tions of the standardized case sce- in the developing world. It does not ad- indicators are therefore developed narios and assumptions. But while dress the extent to which inadequate around standardized case scenarios such assumptions come at the expense roads, rail, ports and communications with specific assumptions. One such of generality, they also help ensure the may add to firms’ costs and undermine assumption is the location of a notional comparability of data. For this reason competitiveness (except to the extent business—the subject of the Doing it is common to see limiting assump- that the trading across borders indica- Business case study—in the largest tions of this kind in economic indica- tors indirectly measure the quality of business city of the economy. The tors. Inflation statistics, for example, ports and roads). Similarly, the indica- reality is that business regulations and are often based on prices of a set of tors on starting a business or protect- their enforcement may differ within a consumer goods in a few urban areas, ing minority investors do not cover country, particularly in federal states since collecting nationally representa- all aspects of commercial legislation. and large economies. But gathering tive price data at high frequencies And the getting electricity indicators data for every relevant jurisdiction in would be prohibitively costly in many do not currently address the quality each of the 189 economies covered by countries. GDP estimates are also sub- of the electricity supply or the rate of Doing Business would be infeasible. In ject to a number of limiting assump- electrification. addition, while variation is inevitable tions, which have not prevented their across different locations, the variation widespread use. Doing Business does not attempt to is unlikely to deliver significantly dif- measure all costs and benefits of a ferent results commensurate with the Some Doing Business topics include particular law or regulation to society scale of the effort. Nevertheless, where complex areas, and so it is important as a whole. For example, the paying policy makers are interested in gener- that the standardized cases are taxes indicators measure the total tax ating data at the local level, beyond the carefully defined. For example, the rate, which, in isolation, is a cost to busi- largest business city, Doing Business standardized case scenario usually nesses. The indicators do not measure, has complemented its global indica- involves a limited liability company or nor are they intended to measure, the tors with subnational studies (box 2.1). its legal equivalent. The considerations benefits of the social and economic programs funded through tax revenues. Measuring business laws and regula- TABLE 2.3 Advantages and limitations of the Doing Business methodology tions provides one input into the debate Feature Advantages Limitations on the regulatory burden associated Use of standardized Makes the data comparable across Reduces the scope of the data and with achieving regulatory objectives. case scenarios economies and the methodology means that only regulatory reforms transparent in the areas measured can be These objectives can differ across systematically tracked economies. Doing Business provides a Focus on largest Makes the data collection manageable Reduces the representativeness of starting point for this discussion and business citya (cost-effective) and the data the data for an economy if there are should be used in conjunction with other comparable significant differences across locations data sources. Focus on domestic and Keeps the attention on where Fails to reflect reality for the informal formal sector regulations are relevant and firms are sector—important where that is most productive—the formal sector large—or for foreign firms where they face a different set of constraints Reliance on expert Ensures that the data reflect the Results in indicators that do not WHAT ARE THE respondents knowledge of those with the most measure the variation in experiences experience in conducting the types of among entrepreneurs STRENGTHS AND transactions measured LIMITATIONS OF THE Focus on the law Makes the indicators “actionable”— Fails to reflect the reality that where METHODOLOGY? because the law is what policy makers systematic compliance with the law is can change lacking, regulatory changes may not The Doing Business methodology was achieve the full desired results designed to be an easily replicable way a. In economies with a population of more than 100 million, Doing Business covers business regulation in both the to benchmark business regulation. It largest business city and the second largest one. ABOUT DOING BUSINESS 19 BOX 2.1 Comparing regulations at the local level: subnational Doing Business studies The subnational Doing Business studies expand the Doing Business analysis beyond the largest business city of an econo- my. They measure variation in regulations or in the implementation of national laws across locations within an economy (as in Nigeria) or a region (as in Central America). Projects are undertaken at the request of governments. Data collected by subnational reports over the past 2 years show that there can be substantial variation within an econ- omy. In Mexico in 2013, for example, transferring property took as few as 2 days in Colima and as many as 74 in Mexico City. Indeed, within the same economy one can find cities that perform as well as economies ranking in the top 20 on the ease of registering property and cities that perform as poorly as economies ranking in the bottom 40 on that indicator (see figure). Despite these large differences across cities of varied sizes, the differences between the largest and the sec- ond largest business cities in an economy tend to be small, as discussed in the overview. Different locations, different regulatory processes, same economy Distance to frontier score for registering property (0–100) 90th percentile 89.60 (88.16) 64.86 59.94 53.04 49.89 53.51 48.96 57.64 10th percentile 43.17 43.76 47.11 (42.27) 35.61 41.15 32.95 29.14 Nigeria, 2014 Colombia, 2012 Egypt, Arab Rep., 2013 Italy, 2012 Mexico, 2013 Worst score Best score Average score Note: The average score shown for each economy is based on all locations covered by the data: 36 cities in Nigeria, 23 cities in Colombia, 15 locations and governorates in the Arab Republic of Egypt, 13 cities in Italy and 31 states and Mexico City in Mexico. The worst score shown for each economy is that of the location with the most complex process for transferring property, and the best score that of the location with the most efficient one. The 10th and 90th percentile values are based on economy-level scores for the 189 economies covered by Doing Business. Source: Subnational Doing Business database. The subnational Doing Business studies create disaggregated data on business regulations. But they go beyond a data collection exercise. They have proved to be strong motivators for regulatory reform at the city level: • The data produced are comparable across locations within the economy and internationally, enabling locations to benchmark their results both locally and globally. Comparisons of locations that are within the same economy and therefore share the same legal and regulatory framework can be revealing: local officials find it hard to explain why doing business is more difficult in their jurisdiction than in a neighboring one. • Pointing out good practices that exist in some locations but not others within an economy helps policy makers rec- ognize the potential for replicating these good practices. This can prompt discussions of regulatory reform across different levels of government, providing opportunities for local governments and agencies to learn from one another and resulting in local ownership and capacity building. Since 2005 subnational reports have covered 367 cities in 55 economies, including Brazil, China, India, Indonesia, Morocco and Pakistan. This year subnational studies were completed in the Arab Republic of Egypt, Mexico and Nigeria. Ongoing studies include those in Central America and the Dominican Republic (covering 22 cities and 10 ports across 7 countries), Poland (18 cities), South Africa (9 cities and 4 ports) and Spain (19 cities and 5 ports). Subnational reports are available on the Doing Business website at http://www.doingbusiness.org/subnational. 20 DOING BUSINESS 2015 in defining this assumption are twofold. exist in the regulatory framework; it also the Doing Business methodology, see the First, private limited liability companies points to specific regulations or regulato- data notes. are, empirically, the most prevalent ry procedures that may lend themselves business form for firms with more than to reform. And its quantitative measures Relevant laws and regulations one owner in many economies around of business regulations enable research Most of the Doing Business indicators the world. Second, this choice reflects on how specific regulations affect firm are based on laws and regulations. the focus of Doing Business on expand- behavior and economic outcomes. Indeed, more than two-thirds of the ing opportunities for entrepreneurship: data embedded in the Doing Business investors are encouraged to venture indicators are based on a reading of the into business when potential losses are law. Besides filling out written ques- limited to their capital participation. HOW ARE THE DATA tionnaires, Doing Business respondents COLLECTED? provide references to the relevant laws, Another assumption underlying the The Doing Business data are based on regulations and fee schedules. The Doing Business indicators is that en- domestic laws and regulations as well as Doing Business team collects the texts trepreneurs have knowledge of and administrative requirements. The data of the relevant laws and regulations comply with applicable regulations. cover 189 economies—including small and checks questionnaire responses In practice, entrepreneurs may not economies and some of the poorest for accuracy. For example, the team know what needs to be done or how economies, for which little or no data are will examine the commercial code to to comply and may lose considerable available in other data sets. The data are confirm the paid-in minimum capital time trying to find out. Alternatively, collected through several rounds of in- requirement, look at the legislation to they may deliberately avoid compli- teraction with expert respondents (both see whether borrowers have the right to ance altogether—by not registering private sector practitioners and govern- access their data at the credit bureau for social security, for example. Where ment officials)—through responses to and read the tax code to find applicable regulation is particularly onerous, firms questionnaires, conference calls, written tax rates. (Doing Business makes these may opt for bribery and other informal correspondence and visits by the team. and other types of laws available on arrangements intended to bypass the Doing Business relies on 4 main sources of the Doing Business law library website.)8 rules—an aspect that helps explain information: the relevant laws and regu- Because of the data checking and qual- differences between the de jure data lations, Doing Business respondents, the ity assurance, having large samples of provided by Doing Business and the de governments of the economies covered respondents is not necessary. In princi- facto insights offered by World Bank and the World Bank Group regional staff ple, the role of the contributors is largely Enterprise Surveys. In economies with (figure 2.2). For a detailed explanation of advisory—helping the Doing Business particularly burdensome regulation, team in finding and understanding the levels of informality tend to be higher. Compared with their formal sector FIGURE 2.2 How Doing Business collects and verifies the data counterparts, firms in the informal Data sources: Steps included in the sector typically grow more slowly, have • The relevant laws and regulations data verification process: • Responses to questionnaires by • Conference calls and poorer access to credit and employ private sector practitioners and videoconferences with private government officials sector practitioners and fewer workers—and these workers The Doing Business team develops government officials • Governments questionnaires for each topic and remain outside the protections of sends them to private sector • Travel to selected economies • World Bank Group regional staff practitioners and government officials. labor law.7 Firms in the informal sector are also less likely to pay taxes. Doing The Doing Business team analyzes the relevant laws and regulations along Business measures one set of factors with the information in the The report is published questionnaires. that help explain the occurrence of and disseminated. Governments and World Bank Group informality and give policy makers regional teams submit information on regulatory changes that could insights into potential areas of regula- potentially be included in the global count of regulatory reforms. tory reform. The Doing Business team analyzes the The Doing Business team shares data and writes the report. preliminary information on reforms Rules and regulations fall under the direct Comments on the report and the with governments (through the World control of policy makers—and they are data are received from across the Bank Group’s Board of Executive World Bank Group through an Directors) and World Bank Group often where policy makers start when internal review process. regional teams for their feedback. intending to change the set of incentives under which businesses operate. Doing Business not only shows where problems ABOUT DOING BUSINESS 21 laws and regulations—and there are Certain public officials (such as regis- Governments and World Bank quickly diminishing returns to an ex- trars from the company or property Group regional staff panded number of contributors. registry) also provide information that After receiving the completed ques- is incorporated into the indicators. tionnaires from the Doing Business For the rest of the data the team respondents, verifying the information conducts extensive consultations The Doing Business approach has been against the law and conducting follow-up with multiple contributors to mini- to work with legal practitioners or inquiries to ensure that all relevant infor- mize measurement error. For some professionals who regularly undertake mation is captured, the Doing Business indicators—for example, those on the transactions involved. Following team shares the preliminary reform de- dealing with construction permits, the standard methodological approach scriptions with governments through the enforcing contracts and resolving for time-and-motion studies, Doing Board of Executive Directors and regional insolvency—the time component and Business breaks down each process or staff of the World Bank Group. Through part of the cost component (where fee transaction, such as starting a business this process government authorities and schedules are lacking) are based on or registering a building, into separate local World Bank Group staff in the 189 actual practice rather than the law on steps to ensure a better estimate of economies covered can alert the team the books. This introduces a degree of time. The time estimate for each step is about, for example, regulatory reforms judgment. When sources indicate dif- given by practitioners with significant not picked up by the respondents or ad- ferent estimates, the time indicators and routine experience in the transac- ditional achievements of regulatory re- reported in Doing Business represent tion. When time estimates differ, fur- forms already captured in the database. the median values of several responses ther interactions with respondents are In response to such feedback, the Doing given under the assumptions of the pursued to converge on one estimate or Business team turns to the local private standardized case. a narrow range that reflects the major- sector experts for further consultation ity of applicable cases. and, as needed, corroboration. In addi- Doing Business respondents tion, the team responds formally to the Over the past 12 years more than Doing Business does not survey firms for comments of governments or regional 30,000 professionals in 189 economies 2 main reasons. The first relates to the staff and provides explanations of the have assisted in providing the data that frequency with which firms engage in the scoring decisions. inform the Doing Business indicators.9 transactions captured by the indicators, This year’s report draws on the inputs which is generally low. For example, a firm Data adjustments of more than 10,700 professionals.10 goes through the start-up process once in Information on data corrections is Table 14.2 in the data notes lists the its existence, while an incorporation law- provided in the data notes and on the number of respondents for each indi- yer may carry out 10 such transactions Doing Business website. A transparent cator set. The Doing Business website each month. The incorporation lawyers complaint procedure allows anyone to shows the number of respondents for and other experts providing information challenge the data. From November each economy and each indicator set. to Doing Business are therefore better 2013 to October 2014 the team received able to assess the process of starting a and responded to more than 160 queries Respondents are professionals who business than are individual firms. They on the data. If changes in data are con- routinely administer or advise on the also have access to the latest regulations firmed, they are immediately reflected legal and regulatory requirements in and practices, while a firm may have on the website. the specific areas covered by Doing faced a different set of rules when incor- Business, selected on the basis of their porating years before. The second reason expertise in these areas. Because of is that the Doing Business questionnaires the focus on legal and regulatory ar- mostly gather legal information, which HOW DO GOVERNMENTS rangements, most of the respondents firms are unlikely to be fully familiar with. USE THE DATA? are legal professionals such as lawyers, For example, few firms will know about all Over the past decade governments have judges or notaries. In addition, officials the many legal procedures involved in re- increasingly focused on reforming busi- of the credit registry or bureau complete solving a commercial dispute through the ness regulation as one way of maintain- the credit information questionnaire. courts, even if some of them have gone ing competitiveness in an increasingly Freight forwarders, accountants, archi- through the process themselves. But a globalized economy. Doing Business pro- tects, engineers and other profession- litigation lawyer would have no difficulty vides one source of actionable, objective als answer the questionnaires related in providing the requested information on data that give useful insights into good to trading across borders, paying taxes all the procedures. practices worldwide. Indeed, since 2003 and dealing with construction permits. governments have implemented more 22 DOING BUSINESS 2015 than 600 regulatory reforms that have In Europe and Central Asia: Azerbaijan, and property registries to increase the been informed by Doing Business.11 Croatia, the Czech Republic, Georgia, efficiency of these public agencies. They Kazakhstan, Kosovo, the Kyrgyz can improve the efficiency of tax admin- One venue for sharing success stories Republic, the former Yugoslav Republic istration by adopting the latest technol- in business regulation reform is peer- of Macedonia, Moldova, Montenegro, ogies to facilitate the preparation, filing to-peer learning events—workshops Poland, the Russian Federation, and payment of taxes by businesses. where officials from different govern- Tajikistan, Ukraine, the United Kingdom And they can undertake court reforms ments across a region or even across and Uzbekistan. In Sub-Saharan Africa: to shorten delays in the enforcement the globe meet to discuss the challenges Botswana, Burundi, the Central African of contracts. On the other hand, some of regulatory reform and to share their Republic, the Comoros, the Democratic Doing Business indicators capture costs experiences (figure 2.3). Republic of Congo, the Republic of Congo, that involve private sector participants, Côte d’Ivoire, Guinea, Kenya, Liberia, such as lawyers, notaries, architects, In addition, reform committees within Malawi, Mali, Nigeria, Rwanda, Sierra electricians or freight forwarders—costs governments frequently use the Doing Leone, Togo and Zambia. And in Latin over which governments may have little Business indicators as one input to inform America: Chile, Colombia, Costa Rica, the influence in the short run. their programs for improving the business Dominican Republic, Guatemala, Mexico, environment. More than 50 economies Panama and Peru. While many Doing Business indica- have formed such committees—typically tors are actionable, this does not at the interministerial level or reporting One reason behind the use of Doing necessarily mean that they are always directly to the president or the prime Business indicators by governments “action-worthy” in a particular context.12 minister—to ensure the coordination of is that many of these indicators can Business regulation reforms are one ele- efforts across agencies. In East and South be considered “actionable,” measuring ment of a strategy aimed at improving Asia they include Indonesia, the Republic aspects over which governments have competitiveness and establishing a solid of Korea, Malaysia, the Philippines and direct control. For example, govern- foundation for sustainable economic Sri Lanka. In the Middle East and North ments can reduce (or even eliminate) growth. There are many other important Africa: Algeria, Kuwait, Morocco, Saudi the minimum capital requirement for goals to pursue—such as effective man- Arabia and the United Arab Emirates. new firms. They can invest in company agement of public finances, adequate attention to education and training, FIGURE 2.3 How governments use Doing Business as a policy tool adoption of the latest technologies to boost economic productivity and the quality of public services, and appropri- ate regard for air and water quality to safeguard people’s health. Governments Governments learn have to decide what set of priorities from one another Governments use about good practices best fits the needs they face. To say Doing Business as a in the areas measured by Doing Business. that governments should work toward tool to stimulate regulatory a sensible set of rules for private sector improvements as part activity does not suggest that doing so of broader reform should come at the expense of other programs. Reform committees worthy economic and social goals. use Doing Business indicators to help inform programs to improve the business environment. NOTES 1. The focus of the Doing Business indicators remains the regulatory regime faced by domestic firms engaging in economic activity in the largest business city of an economy. Doing Business was not initially designed to inform decisions by foreign investors, though investors may in practice find the data useful as a proxy for the quality of the national investment climate. Successful business Analysis done in the World Bank Group’s regulation reforms Global Indicators Group has shown that countries that have sensible rules for domestic economic activity also tend to ABOUT DOING BUSINESS 23 have good rules for the activities of foreign subsidiaries engaged in the local economy. 2. For more on the World Bank Enterprise Surveys, see the website at http:// www.enterprisesurveys.org. 3. These papers are available on the Doing Business website at http:// www.doingbusiness.org/methodology. 4. For getting credit, indicators are weighted proportionally, according to their contribution to the total score, with a weight of 60% assigned to the strength of legal rights index and 40% to the depth of credit information index. In this way each point included in these indices has the same value independent of the component it belongs to. Indicators for all other topics are assigned equal weights. 5. A technical note on the different aggregation and weighting methods is available on the Doing Business website at http://www.doingbusiness.org/methodology. 6. For more details, see the chapter on the distance to frontier and ease of doing business ranking. 7. Schneider 2005; La Porta and Shleifer 2008. 8. http://www.doingbusiness.org/law-library. 9. The annual data collection exercise is an update of the database. The Doing Business team and the contributors examine the extent to which the regulatory framework has changed in ways relevant for the features captured by the indicators. The data collection process should therefore be seen as adding each year to an existing stock of knowledge reflected in the previous year’s report, not as creating an entirely new data set. 10. While about 10,700 contributors provided data for this year’s report, many of them completed a questionnaire for more than one Doing Business indicator set. Indeed, the total number of contributions received for this year’s report is more than 13,500, which represents a true measure of the inputs received. The average number of contributions per indicator set and economy is just over 6. For more details, see http:// www.doingbusiness.org/contributors /doing-business. 11. These are reforms for which Doing Business is aware that information provided by the Doing Business report was used in shaping the reform agenda. 12. One study using Doing Business indicators illustrates the difficulties in using highly disaggregated indicators to identify reform priorities (Kraay and Tawara 2011). Doing Business 2015 Going Beyond Efficiency What is changing in Doing Business?  This year’s report and Doing Business G ood practices in business and by broader consultations that have 2016 are introducing changes in 8 of regulation have evolved since taken place over the years with World the 10 Doing Business indicator sets: the Doing Business indicators Bank Group staff, country govern- dealing with construction permits, were first developed in 2003. Some ments and the private sector.1 getting electricity, registering changes have come, for example, as property, getting credit, protecting new technologies have transformed minority investors, paying taxes, the ways governments interact with enforcing contracts and resolving citizens and the business community. AN OVERVIEW OF THE insolvency. The new developments have created a CHANGES  The improvements have 2 main need to expand and update the Doing The improvements are in 3 areas: goals. The first is to expand Business methodology. While the Doing revision of the calculation of the ease the focus of indicator sets that Business report has introduced changes of doing business ranking, expansion primarily measure the efficiency in methodology of varying degrees of the sample of cities covered in of a transaction or service to also every year, this year’s report and Doing large economies and a broadening of cover aspects of the quality of that Business 2016 are implementing more the scope of indicator sets (table 3.1). service. The second is to expand the substantive improvements. Most were Some of the changes imply a break in focus of indicator sets that already inspired by recommendations of the the data series and will compromise measure some aspects of the quality Independent Panel on Doing Business the comparability of data over time. of regulation to include recent good For getting credit, for example, the practices in the areas covered. TABLE 3.1 Timeline of the changes in changes in the strength of legal rights  Starting this year the ease of doing Doing Business index are substantial enough to pre- business ranking is based on the vent comparability over time. But for Changes in Doing Business 2015 distance to frontier score. all Doing Business topics, including get- Revision of the ranking calculation  For the 11 economies with a ting credit, the data have been back- Expansion of the city sample in large economies population of more than 100 million, calculated 1 year to allow for at least Broadening of the scope of indicator sets a second city has been added to the 2 comparable years of data.2 Moreover, sample this year. • Getting credit since most of the changes in method- • Protecting minority investors ology involve adding new indicators • Resolving insolvency rather than revising existing ones, data Changes in Doing Business 2016 for more than 90% of the previously existing indicators remain comparable Broadening of the scope of indicator sets over time. The full data series are avail- • Registering property able on the Doing Business website. • Dealing with construction permits • Getting electricity Revising the ranking • Paying taxes calculation • Enforcing contracts Doing Business continues to publish Note: No changes are planned for starting a business or the ease of doing business ranking. trading across borders. Minor updates in methodology are But beginning in this year’s report introduced in this year’s report for dealing with construction permits, paying taxes and enforcing contracts, as explained the ranking is based on the distance in the data notes. to frontier score rather than on the WHAT IS CHANGING IN DOING BUSINESS? 25 percentile rank. The distance to frontier to have a less favorable position in the the bottom 60 for 3. Its overall ranking score benchmarks economies with re- distance to frontier ranking than in the based on the percentile rank method spect to a measure of regulatory best percentile ranking. Those with relatively was 76. If the ranking had been com- practice—showing the gap between better performance in topics with a puted using the distance to frontier each economy’s performance and the compressed distribution, such as start- method instead, Mongolia’s ranking best performance on each indicator. ing a business, also tend to place lower would have been 94. This lower ranking For indices, such as the strength of in the distance to frontier ranking. would have been attributable to the legal rights index (which ranges from high variation in Mongolia’s perfor- 0 to 12), the frontier is set at the best Two country examples can better il- mance across topics. theoretical score (in this case 12) even lustrate the practical implications of if no economy attains it. For most of the change in the ranking calculation. How do the 2 countries fare in this the other indicators the frontier is set In Doing Business 2014 Côte d’Ivoire year’s ease of doing business ranking? at the lowest number that occurs in had rankings between 115 and 173 for Côte d’Ivoire stands at 147 in the rank- practice—for example, 1 for the num- 8 of the 10 topics, and rankings of 88 ing, 6 places higher than in last year’s ber of procedures to start a business. and 95 for the other 2. This resulted in ranking when based on the new meth- The exceptions are the recovery rate a ranking of 167 on the overall ease of odology—and Mongolia stands at 72, in insolvency, for which the frontier is doing business. If the ranking had been 22 places higher. The changes in ranking set at the highest value, and the total computed using the distance to frontier are due to other changes in methodol- tax rate, for which a threshold has been score rather than the percentile rank, ogy, changes in the data for these 2 established. Côte d’Ivoire’s ranking, based on the countries and changes in the data for same data, would have been 153 (figure other economies. (For more details, see The ranking based on the distance to 3.1). This higher ranking would have been the chapter on the distance to frontier frontier score is highly correlated with due mainly to the low variation in Côte and ease of doing business ranking.) that based on the percentile rank. But d’Ivoire’s performance across topics. the distance to frontier score captures Expanding the sample of cities more information than the percentile For Mongolia the opposite would have covered rank because it shows not only how happened. In Doing Business 2014 Since its inception Doing Business has economies are ordered but also how far Mongolia’s topic rankings ranged be- focused on the largest business city of apart they are. Economies with greater tween 22 and 181. Mongolia ranked in each economy, taking it as a proxy for variance across topics are more likely the top 40 for 4 of the topics, and in the entire national territory. Depending on the indicator and the size of the FIGURE 3.1 How much difference is there between the 2 calculations of the ease of economy, this focus can be a limitation doing business ranking? in extrapolating results to the economy level. As the subnational Doing Business DB2014 ranking based on percentiles reports have shown, the indicators 200 measuring the procedures, time and cost to complete a transaction (such as 180 the dealing with construction permits 160 Côte d’Ivoire indicators) tend to show more variation 140 across cities within an economy than 120 do indicators capturing features of the law applicable nationwide (such as the 100 protecting minority investors or resolv- 80 ing insolvency indicators). Moreover, Mongolia 60 this limitation is likely to be more 40 important in larger economies—where the largest business city is likely to 20 represent a smaller share of the overall 0 economy—and in those with greater 0 20 40 60 80 100 120 140 160 180 200 regional diversity in business practices. DB2014 ranking based on distance to frontier scores To address this issue, this year Doing Note: The 45-degree line shows where the rankings based on percentiles and the rankings based on distance to Business has expanded its sample of frontier scores are equal. The correlation between the 2 rankings is 0.99. Source: Doing Business database. 26 DOING BUSINESS 2015 cities in large economies, defined as that already measure some aspects of quality as 1 of 6 pillars of governance. those with a population of more than the quality of regulation (such as pro- This literature has produced important 100 million. Today there are 11 such tecting minority investors), the focus findings: Better governance (includ- economies in the world: Bangladesh, is being expanded to include additional ing better regulatory quality) leads Brazil, China, India, Indonesia, Japan, good practices in the areas covered. to higher income per capita.5 Better Mexico, Nigeria, Pakistan, the Russian governance is linked to faster economic Federation and the United States. For growth.6 And a heavier regulatory each of these economies the sample burden reduces economic growth and now includes the second largest busi- INTRODUCING NEW increases macroeconomic volatility.7 ness city. Population size was used as MEASURES OF QUALITY the criterion for selecting these econo- Efficiency in regulatory transactions While this research uses data far from mies for 2 main reasons: First, econo- is important. Many research papers the areas into which Doing Business mies with a large population, because of have highlighted the positive effect indicators are expanding, these find- their size and diversity, are more likely of improvements in areas measured ings are encouraging and they suggest to have differences in performance on by Doing Business on such economic a need to better understand what indicators. Second, the larger the outcomes as firm or job creation.4 aspects of regulatory quality drive population in an economy, the larger the But increasing efficiency may have these results. Measures of the quality number of people who can benefit from little impact if the service provided is of business regulation at the micro level improvements in business regulation. of poor quality. For example, the ability are lacking. By expanding its focus on to complete property transfers quickly regulatory quality, Doing Business will Within each economy the second city and inexpensively is important, but if open a new area for research. The aim was also selected on the basis of popu- the land records are unreliable or other is to help develop greater understand- lation size. Another criterion was that features of the property rights regime ing of the importance of the quality the second city must be in a different are flawed, the property title will have of business regulation and its link to metropolitan area than the largest little value. regulatory efficiency and economic business city.3 Other criteria were also outcomes. considered, such as contribution to to- There is a well-established literature tal GDP or level of city dynamism, but linking regulatory quality with eco- Six indicator sets are being expanded these were not used in the end because nomic outcomes at the macro level. to measure regulatory quality: dealing of the lack of comparable data across An important part of this literature with construction permits, getting the economies. stems from the Worldwide Governance electricity, registering property, pay- Indicators, which measure regulatory ing taxes, enforcing contracts and What do the data for the new cities in the sample show about the differences FIGURE 3.2 Small differences in the distance to frontier score between cities in the within economies? Overall, the differ- same economy ences are small. In 7 of the 11 econo- mies the difference in the distance to Distance to frontier score of second frontier score between the 2 cities is largest business city (0–100) less than 1 point (figure 3.2). 100 90 Broadening the scope of indicator sets 80 United States Eight of the 10 sets of Doing Business Mexico Japan indicators are being improved over a 70 Russian Federation 2-year period. The improvements are China Indonesia 60 Brazil aimed at addressing 2 main concerns. Pakistan First, in indicator sets that primarily Nigeria India 50 Bangladesh measure the efficiency of a transaction or service provided by a government 40 40 50 60 70 80 90 100 agency (such as registering property), Distance to frontier score of largest business city (0–100) the focus is being expanded to also cover aspects of the quality of that Note: The 45-degree line shows where the scores for the 2 cities are equal. service. And second, in indicator sets Source: Doing Business database. WHAT IS CHANGING IN DOING BUSINESS? 27 resolving insolvency. The new indica- and appeal decisions that affect their framework. In Maldives, for example, tors being introduced emphasize the rights. secured creditors should expect to re- importance of having the right type of cover 49.9% of the estate value, but the regulations. In general, economies with Under the old methodology the distance country receives a score of only 2 on the less regulation or none at all will have a to frontier score for resolving insolvency strength of insolvency framework index. lower score on the new indicators. was based only on the recovery rate, which measures the cents on the dollar For more details on the new index and recouped by secured creditors through its scoring methodology, see the data Changes in Doing Business 2015 insolvency proceedings. Under the notes. For a complete discussion of the Resolving insolvency new methodology the score is based new indicator and an analysis of the The resolving insolvency indicators on both the recovery rate and the data, see the case study on resolving measure the time, cost and outcome of strength of insolvency framework index. insolvency. an insolvency process for a case study A comparison of the 2 scores shows firm and the recovery rate for its secured that many economies have insolvency Changes in Doing Business 2016 creditors. The indicators have focused laws that follow some good practices mainly on the efficiency of the bank- even if they may face challenges in Registering property ruptcy court system. But by measuring implementing those laws (figure 3.3). The registering property indicator the outcome of the process—that is, For example, Brazil receives a score of set has measured the procedures, whether the firm continues to operate 13 (of 16 possible points) on the strength time and cost to transfer a property or not—the indicators were already as- of insolvency framework index while its from one company to another since sessing some dimensions of the quality recovery rate is only 25.8% of the estate 2004. Starting in Doing Business 2016, of insolvency regulation. In this year’s value. Economies not performing well the indicator set will be expanded to report the indicators go further, by on the new indicator are those that use cover the reliability, transparency and explicitly measuring the strength of the foreclosure to resolve the insolvency in geographic coverage of land admin- legal framework for insolvency. the Doing Business standardized case. istration systems as well as dispute Foreclosure is normally a relatively fast resolution for land issues. A new indicator, the strength of in- process, typically resulting in a higher solvency framework index, measures recovery rate—but it ignores unsecured Ensuring the reliability of information good practices in accordance with the creditors, something that would not on property titles is a crucial function World Bank’s Principles for Effective be true of a well-designed insolvency of land administration systems. To Insolvency and Creditor/Debtor Regimes and the United Nations Commission on FIGURE 3.3 Comparing distance to frontier scores for resolving insolvency under the International Trade Law’s (UNCITRAL) old and new methodologies Legislative Guide on Insolvency Law.8 The index measures 4 aspects. First, it Distance to frontier score for resolving insolvency under new methodology records whether debtors and creditors 100 have the right to commence liquidation 90 proceedings, reorganization proceed- 80 ings or both and what standard is used 70 to determine whether a debtor is insol- 60 vent. Second, it tests what happens Brazil 50 to the contracts of a debtor during 40 insolvency proceedings, whether post- 30 Maldives commencement financing is permitted and what level of priority is granted to 20 post-commencement creditors. Third, 10 it tests the approval process for a 0 0 10 20 30 40 50 60 70 80 90 100 reorganization plan as well as certain Distance to frontier score for resolving insolvency under old methodology substantive requirements for the plan. Finally, it tests the extent to which Note: Under the new methodology the distance to frontier score for resolving insolvency includes both the recovery creditors can participate in insolvency rate and the strength of insolvency framework index; under the old one it includes only the recovery rate. Both scores are based on this year’s data. The 45-degree line shows where the scores under the old and new methodologies are proceedings as a group as well as the equal. The correlation between the 2 scores is 0.90. rights of individual creditors to litigate Source: Doing Business database. 28 DOING BUSINESS 2015 assess how well these systems are per- the procedures, time and cost to inspection systems. Good inspection forming this function, a new indicator comply with the formalities to build systems are critical to ensuring public will record the practices used for col- a warehouse—including obtaining safety. They can ensure that buildings lecting, recording, storing and process- necessary licenses and permits, comply with proper safety standards, ing information on land parcels and completing required notifications reducing the chances of structural property titles. Specific attention will and inspections and obtaining utility faults. And requirements that techni- be given to practices that support data connections. The indicator set will be cal experts review the proposed plans reliability, such as unifying, standard- expanded in Doing Business 2016 to before construction even begins can re- izing and synchronizing records across measure good practices in construc- duce the risk of structural failures later different sources and putting in place tion regulation (see figure 3.4 for some on. The new indicator will cover quality the necessary infrastructure to reduce of the new aspects that will be added control at 3 stages: before, during and the risk of errors. to the indicator set). after construction. The indicator will also provide informa- The changes will address important Measures of quality control before tion allowing comparison of transpar- issues facing the building community. construction will look at 2 points: ency standards for land administration One is the need for clarity in the rules, which entity is required to verify that systems around the world. New data to ensure that regulation of construc- the architectural plans and drawings will record what land-related informa- tion can fulfill the vital function of comply with the building regulations tion is made publicly available, whether helping to protect the public from and who makes up the team or com- procedures and property transactions faulty building practices. Besides be- mittee that reviews and approves are transparent and whether informa- ing clear, building rules also need to building permit applications at the tion on fees for public services is easily be adaptable, so that they can keep permit-issuing agency. Measures of accessible. up with economic and technological quality control during construction change. To assess these character- will examine 3 points: what types of In addition, the indicator will measure istics, a new indicator on regulatory mandatory inspections (if any) are the coverage levels attained by land quality will examine how clearly the required by law during construction; registration and mapping systems. A building code or building regulations which agency is responsible for con- land administration system that does specify the requirements for obtaining ducting these inspections; and whether not cover the economy’s entire territory a building permit and how easily ac- inspections required by law are actually is unable to guarantee the protection cessible the regulations are. carried out (or, if not required by law, of property rights in areas that lack commonly occur in practice). Measures institutionalized information on land. Beyond measuring the clarity and of quality control after construction The result is a dual system, with both accessibility of regulations, the indi- will also examine 3 points: whether a formal and informal land markets. To cator will assess the effectiveness of final inspection is required by law to be enforceable, all transactions need to be publicly verified and authenticated FIGURE 3.4 What will be added to dealing with construction permits at the registry. Finally, the indicator will allow compar- ative analysis of land dispute resolu- tion across economies. It will measure the accessibility of conflict resolution mechanisms and the extent of liability for the entities or agents recording land transactions. For a complete discussion Does the building code Who approves the designs? What qualifications are follow good practices? Is it How are inspections required for the professionals of the new indicator and a preliminary easily accessible? carried out before, during reviewing plans or data analysis, see the case study on and after construction? conducting inspections? registering property. What are the rules on liability and insurance? Dealing with construction permits The existing indicator set on dealing with construction permits measures WHAT IS CHANGING IN DOING BUSINESS? 29 verify that the building was built in ac- the sector’s performance. Beyond the Paying taxes cordance with the approved plans and complexity and high cost of getting an The paying taxes indicators measure the building regulations; which agency electricity connection, inadequate or the taxes and mandatory contributions is responsible for conducting the unreliable power supply is also perceived that a medium-size company must final inspection; and whether the final as an important constraint on business pay in a given year as well as the inspection required by law is actually activity, particularly in the developing administrative burden of paying taxes carried out (or, if not required by law, world. To offer a more complete view and contributions. The indicators now commonly occurs in practice). of the electricity sector, Doing Business measure only the administrative burden will broaden the scope of the getting associated with preparing, filing and The professionals who conduct the electricity indicators to include the reli- paying 3 major tax categories (profit inspections play a vital part in ensuring ability of the power supply (figure 3.5). taxes, consumption taxes and labor that buildings meet safety standards. The expanded data set will be published taxes). But the postfiling process— So it is important that these profes- in Doing Business 2016. involving tax audits, tax refunds sionals be certified and that they have and tax appeals—can also impose the necessary technical qualifications. A new indicator will assess the reliability a substantial administrative burden And if safety violations or construction of electricity supply by measuring both on firms. Starting in Doing Business flaws occur despite their efforts, it is im- the duration and the frequency of power 2016, the paying taxes indicator set portant to have a well-defined liability outages. The indicator will use the will therefore be expanded to include and insurance structure to cover losses system average interruption duration measures of the postfiling process. resulting from any structural faults. index (SAIDI) and the system average interruption frequency index (SAIFI). In addition, this year’s report includes The new indicator will cover several SAIDI is the average total duration of an important change in the methodol- points relating to these issues: what outages over the course of a year for ogy for the paying taxes indicators. the qualification requirements are each customer served, while SAIFI is the The distance to frontier score for the for the professionals responsible for average number of service interruptions total tax rate now enters the distance verifying the architectural plans and experienced by a customer in a year. to frontier score for paying taxes in for those authorized to supervise the a nonlinear fashion. As a result of construction; which parties are held Collecting these data can be challeng- this change, an increase in the total legally liable for construction flaws or ing. The SAIDI and SAIFI measures are tax rate has a smaller impact on the problems affecting the structural safe- often recorded by utility companies, distance to frontier score for paying ty of the building once occupied; which and the availability and quality of the taxes than previously for economies parties are required by law to obtain an data depend on the utilities’ ability to with a below-average total tax rate insurance policy to cover possible flaws collect the information. To provide an and a larger impact for economies or problems affecting the structural understanding of the quality of moni- with a very high total tax rate relative safety of the building once occupied; toring, the indicator will also record the to the average (see figure 15.2 and the and what the consequences are for methods used by electricity distribution related discussion in the chapter on the the construction company and the companies to measure power outages. distance to frontier and ease of doing professionals authorized to supervise business ranking). construction if construction flaws or problems are found or if building regu- FIGURE 3.5 What will be added to getting electricity lations were not complied with. Getting electricity The existing data set on getting elec- tricity measures the efficiency of the Reliability of electricity supply process for obtaining an electricity con- ²ƀƖŦƃĊĶĩƀĶâƀŎĶƦÊŦƀĶƖƃöÊŬ nection for a standard warehouse—as ²ƀ/ŦÊśƖÊĩ³ƭƀĶâƀŎĶƦÊŦƀĶƖƃöÊŬ reflected in the procedures, time and cost required. While the efficiency of the connection process has proved to be a useful proxy for the overall ef- ficiency of the electricity sector, these measures cover only a small part of 30 DOING BUSINESS 2015 Enforcing contracts and whether the law sets a limit on of regulatory quality. These indicator The enforcing contracts indicators the total number allowed; and whether sets have been expanded in this year’s measure the procedures, time and judgments in commercial cases are report to incorporate more recent cost to resolve a commercial dispute made available to the general public. knowledge on good practices. These between 2 firms. The indicators have changes are reflected in this year’s focused on the efficiency of the com- Another new indicator will measure ranking on the ease of doing business. mercial court system without directly court efficiency. This indicator will re- addressing the quality of the judiciary cord whether the initial complaint can Getting credit or the judicial infrastructure. In Doing be filed electronically; whether case The getting credit indicators assess the Business 2016 the indicator set will be management is available; whether legal rights of borrowers and lenders in expanded to cover aspects of judicial electronic case management is avail- secured transactions and the sharing of quality and court infrastructure, able; whether there is a pretrial confer- credit information. Measures compiled focusing on well-established good ence as part of the case management in the strength of legal rights index practices that promote quality and system; and whether process can be focus on whether collateral and bank- efficiency in the commercial court served electronically. ruptcy laws include certain features system (figure 3.6). that facilitate lending. Those combined Once these new data are collected and in the depth of credit information To assess the quality of the judiciary presented in Doing Business 2016, the index focus on the coverage, scope and judicial infrastructure, a new in- indicator on the number of procedures and accessibility of credit information dicator will record whether there is a to enforce a contract will be dropped. available through credit bureaus and specialized commercial court or divi- registries. Both sets of measures have sion; whether there is a small claims been expanded this year to cover more court; whether voluntary mediation is good practices (figure 3.7). available; whether arbitration is avail- EXPANDING THE EXISTING able; whether pretrial attachment of MEASURES OF QUALITY The strength of legal rights index has assets is available; whether it is com- Two sets of Doing Business indicators— been expanded from 10 points to 12, mon practice for the parties in a com- getting credit and protecting minority with the new aspects selected in ac- mercial case to request adjournments investors—already measure aspects cordance with UNCITRAL’s Legislative Guide on Secured Transactions.9 One of the new points is awarded for having FIGURE 3.6 What will be added to enforcing contracts an integrated secured transactions system. Modern secured transactions systems are aimed at ensuring that a Court Quality of prospective creditor can easily deter- efficiency the judiciary mine not only whether an asset has already been pledged as collateral but also whether there is some other type Specialized commercial court Small claims court of right over that asset. Such rights might be established by legal instru- ments that are functional equivalents Electronic filing of Voluntary mediation to security interests. In an integrated complaints Arbitration secured transactions system these instruments are regulated under Case management Pretrial attachment Electronic case management the same law as traditional security Adjournments Pretrial conference interests. This approach provides the greatest transparency and predict- Electronic service Publication of ability—because all rights in collateral, of process judgments whether traditional security interests or their functional equivalents, are registered at the same registry, and the law will contemplate how priority rules apply across the different types of contracts. WHAT IS CHANGING IN DOING BUSINESS? 31 better reflect its scope—and the scope FIGURE 3.7 What has been added to getting credit of the indicator set has been expanded. The indicators have traditionally mea- sured the strength of minority share- holder protections against directors’ ÊŎƃĆƀĶâƀ³ŦÊÀĊƃƀ ²ƀƀ"ƫĊŬƃÊĩ³ÊƀĶâƀĩƀĶĩĚĊĩÊƀ misuse of corporate assets for personal hƃŦÊĩöƃĆƀĶâƀ ²ƀƀ9ĩƃÊöŦƃÊÀƀĚÊöĚƀ ĚÊöĚƀŦĊöĆƃŬ ĊĩâĶŦĥƃĊĶĩ ŦĊöĆƃŬƀâŦĥÊƦĶŦė Ŏ̏ƃâĶŦĥ gain. This year a new indicator has ²ƀƀMĶŦÊƀâʏƃƖŦÊŬƀĶâƀƃĆÊƀ ²ƀƀƥĊ̏ªĊĚĊƃƭƀĶâƀ been added to measure shareholders’ ³ĶĚ̏ƃÊŦĚƀŦÊöĊŬƃŦƭ ³ŦÊÀĊƃƀŬ³ĶŦÊŬ rights in corporate governance beyond related-party transactions, following internationally accepted good practic- es such as those proposed by the OECD Principles of Corporate Governance.11 The Other new points are awarded for hav- only credit bureaus or registries that new indicator, the extent of shareholder ing a well-functioning collateral regis- cover at least 5% of the adult popula- governance index, encompasses a try, defined by several characteristics. tion are being scored. range of issues and data: One is that the registry must cover any  Shareholders’ rights and role in major type of secured transaction, regard- One of the new points is awarded to corporate decisions—the extent to less of the type of debtor, creditor or economies where credit information can which shareholders can influence assets.10 Another is that the registry be accessed through an online platform important corporate decisions, such must be a notice-based registry. This or through a system-to-system connec- as appointing and removing board type of registry has much lower ad- tion between financial institutions and members, issuing new shares and ministrative and archival costs than a the credit information system. Online amending the company’s bylaws document registry, which must register access can improve data quality and and articles of association. voluminous documentation and have security, increase efficiency and trans-  Governance structure—the extent to specialists review the documents pro- parency and ensure a high standard which the law mandates separation vided and the assets used as collateral. of service for users—and thus might between corporate constituencies to increase the number of reporting insti- minimize potential agency conflicts. Finally, the registry must offer modern tutions that share credit information. The issues covered include whether features. Secured creditors (or their the chief executive officer (CEO) can representatives) should be able to Another new point is awarded to econo- also be chair of the board of direc- register, search, amend and cancel mies where credit scores are available. tors, whether a board must include security interests online. Information in Credit scores, considered more effective a minimum number of independent the database should be updated imme- in predicting risk than credit histories directors and whether there are diately or no more than 24 hours after alone, may improve market efficiency rules relating to cross-shareholding registration documents are submitted. and provide borrowers with more op- and subsidiary ownership. And the registry should have a digital portunities to obtain credit. Their  Transparency—the extent to which database for storing the informa- availability enables lenders that would companies are required to disclose tion. These types of online solutions otherwise not be capable of analyzing information about their finances, enhance the efficiency of a registry the raw credit data to extend credit to about the remuneration of their and the reliability of the information it underserved markets at lower cost. managers and directors and about records. Establishing and maintaining other directorships they hold. such systems can be costly, however, For more details on the expanded indi- Transparency has been found to im- and these systems need to be backed cators and their scoring methodology, prove governance and lower the cost by adequate legislation, such as pri- see the data notes. For a complete of investment in capital markets. vacy laws and regulations on electronic discussion of the indicators and an  Allocation of legal expenses—the signatures. analysis of the data, see the case study extent to which the expenses as- on getting credit. sociated with lawsuits brought by The depth of credit information index shareholders can be recovered from has been expanded from 6 points to 8. Protecting minority investors the company or the payment of the In addition, because of the importance The name of the protecting investors expenses can be made contingent of coverage in assessing the effective- indicator set has been changed this on a successful outcome. The data ness of a credit information system, year to protecting minority investors to provide information on whether 32 DOING BUSINESS 2015 FIGURE 3.8 Comparing distance to frontier scores for protecting minority investors under the old and new methodologies Distance to frontier score for protecting minority investors under new methodology 100 90 80 70 60 Switzerland 50 40 Paraguay 30 20 10 0 0 10 20 30 40 50 60 70 80 90 100 Distance to frontier score for protecting minority investors under old methodology Note: Under the new methodology the distance to frontier score for protecting minority investors includes 6 areas of corporate governance; under the old one it includes 3 of the 6 areas. Both scores are based on this year’s data. The 45-degree line shows where the scores under the old and new methodologies are equal. The correlation between the 2 scores is 0.87. Source: Doing Business database. filing a shareholder action is pro- indicators, see the data notes. For a hibitively expensive—and therefore complete discussion of the new indica- impracticable even if allowed by law. tor and an analysis of the data, see the case study on protecting minority By expanding the scope of the indica- investors. tors Doing Business has raised the bar, making it more difficult to reach the frontier. The highest distance to frontier NOTES score for protecting minority investors observed under the new methodology is 1. For more information on the Independent Panel on Doing Business and its work, see its lower than the highest one under the old website at http://www.dbrpanel.org. methodology (figure 3.8). The average 2. See the data notes for more details. score across all economies covered by 3. Where the second and third largest cities were very close in population size, the GDP Doing Business is also lower under the of the city or relevant state was used to new methodology than under the old determine which city was the second largest one. This is true even though the pos- business city. 4. For more details, see the chapter in Doing sible range of the overall measure, the Business 2014 on research on the effects of strength of minority investor protection business regulations. index, continues to be 0–10. Yet some 5. Kaufmann and Kraay 2002. 6. Cuzman, Dima and Dima 2010. economies score higher on the overall in- 7. Loayza, Oviedo and Servén 2010. dex under the new methodology. One of 8. World Bank 2011b; UNCITRAL 2004. them is Switzerland. While it performs 9. UNCITRAL 2007. 10. Excluding exemptions such as planes, boats relatively poorly in protecting minority and the like, which are traditionally covered investors in related-party transactions, by different registries. it does considerably better on general 11. OECD 2004. corporate governance rules. For others, such as Paraguay, the opposite is true. For more details on the methodology for the protecting minority investors Doing Business 2015 Going Beyond Efficiency Reforming the business environment in 2013/14  Doing Business has captured more A s many studies have shown, the time and cost to start a business the business environment can by 50%. New start-ups increased by than 2,400 regulatory reforms have an important influence on about 17%, with most of the growth making it easier to do business since the development of the private sector among less productive firms, those 2004. and economic growth—and thus on the “that would have been most deterred by  In the year ending June 1, 2014, 123 creation of jobs and better livelihoods. burdensome regulations, such as small economies implemented at least one Where well designed and properly firms in low-tech sectors.”3 Comparable such reform in areas measured by implemented, regulatory reforms can evidence exists on a regional level for Doing Business—230 in total. promote private sector growth by elimi- Italy: provinces with a longer process  Among reforms to reduce the nating bureaucratic obstacles, reducing for starting a business have lower rates complexity and cost of regulatory cost and time constraints to doing of firm creation than those with a more processes in 2013/14, those in the business and improving the efficiency of streamlined process.4 area of starting a business were the legal institutions. They can also have an most common, followed by reforms important impact on perceptions of an Regulatory reforms can have impor- in the areas of paying taxes and economy’s business environment. tant positive spillover effects. In trade registering property. logistics, evidence shows that improv-  Among reforms to strengthen legal One important area of regula- ing port efficiency not only reduces institutions in 2013/14, the largest tory reform is the process for starting shipping times but also ultimately cuts numbers were recorded in the areas a business. Research provides strong shipping costs. According to analysis of of getting credit and protecting evidence that reforms making it easier data for the Doing Business indicators on minority investors, and the smallest to start a business are associated with trading across borders, increasing port in the area of resolving insolvency. more firm creation,1 which in turn is efficiency from the 25th to the 75th  Eight of the 11 economies with a strongly associated with job creation percentile can reduce shipping costs population of more than 100 million and economic growth. Using a sample by 12%.5 These spillover effects on ship- implemented at least one reform of OECD countries, researchers found ping costs decrease with an economy’s making it easier to do business that, on average, halving the number of income level: high-income economies in the past year. China, Mexico procedures required to start a business showed greater effects than low- and and the Russian Federation each is associated with a 14% increase in the middle-income ones. implemented 2, while India and number of new business registrations. Indonesia each implemented 3. A similar reduction in the days required Moreover, better regulation is strongly is linked to a 19% increase, while an correlated with better perceptions of  Greece, Italy, Portugal and Spain— all among the economies most equivalent cut in the cost is associated the quality of the business environment adversely affected by the global with a 30% increase. in an economy.6 And there is strong financial crisis—have maintained a evidence that regulatory reforms in steady pace of regulatory reform. These findings are borne out by evidence the areas measured by Doing Business at the country level. After a reform in indicators improve perceptions of Mexico that reduced the number of quality. But the research is inconclusive procedures to start a business by about about which reforms have a greater 60%, the country saw a 5% increase in effect—those affecting the indicators the total number of firms.2 Portugal ex- that measure the complexity and perienced similar effects after it reduced cost of regulatory processes or those 34 DOING BUSINESS 2015 affecting the indicators that measure TABLE 4.1 Reforms making it easier to do business in 2013/14 and in the past the strength of legal institutions. Overall, 5 years there appears to be no statistically significant differences between the 2 Average annual Economy improving Number of reforms number of reforms the most in area in groups of indicators. Area of reform in 2013/14 in past 5 years 2013/14 Complexity and cost of regulatory processes Using its indicators to track changes in Starting a business 45 45 Timor-Leste business regulations, Doing Business has Dealing with construction permits 16 19 Croatia captured more than 2,400 regulatory a Getting electricity 12 12 Solomon Islands reforms making it easier to do business since 2004. In the year ending June 1, Registering property 21 22 Greece 2014, 123 economies implemented at Paying taxes 31 34 Romania least one such reform in areas mea- Trading across borders 20 23 Myanmar sured by Doing Business—230 in total. Strength of legal institutions From year to year Doing Business has Getting credit—legal rights 9 10 Colombia recorded many more reforms reducing the complexity and cost of regulatory Getting credit—credit information 22 20 Jamaica processes than reforms strengthening Protecting minority investors 30 14 United Arab Emirates legal institutions. It is no different for Enforcing contracts 15 13 Kosovo 2013/14, with a count of 145 reforms re- Resolving insolvency 10 17 Mozambique ducing regulatory complexity and cost Note: Because Jamaica implemented changes in the past year in both the strength of legal rights and depth of credit and 85 strengthening legal institutions information components of getting credit, the table shows a total of 231 reforms for 2013/14, though only 230 are (table 4.1). counted as separate reforms. a. Refers to the average for the past 4 years. Source: Doing Business database. This pattern is no surprise. It happens in small economies and in large ones (box 4.1). Reforms aimed at cutting Easing bureaucratic barriers to commercial license. Moldova abolished red tape and improving regula- start-up the minimum capital requirement for tory efficiency are generally easier Start-up formalities, while they still all limited liability companies. The to implement, because they rarely vary around the world, are converging Russian Federation, through amend- involve large institutional players and toward good practices. In 2013/14, as ments to its civil code and federal law, they yield relatively quick results. By in earlier years, many of the reforms eliminated the requirement for a com- contrast, reforms aimed at improving making it easier to start a business pany’s founders to deposit the charter legal institutions are typically com- focused on introducing a one-stop capital before incorporation. Russia plex. Most entail substantial changes shop or eliminating the minimum also abolished the requirement for to legal frameworks, are costly to capital requirement (see table 4A.1 at companies to notify the tax authorities implement and can take years to yield the end of the chapter). Timor-Leste, of the opening of bank accounts. positive results. the economy that improved the ease of starting a business the most, did Cutting red tape in so by creating a one-stop shop. Now construction permitting entrepreneurs can complete several Doing Business recorded 16 reforms HIGHLIGHTS OF REFORMS formalities in one place—reserving a making it easier to deal with construc- REDUCING REGULATORY company name, submitting company tion permits in 2013/14. Most were COMPLEXITY AND COST documents, applying for registration in Europe and Central Asia and Sub- Among reforms to reduce the complex- and publishing company statutes. By Saharan Africa. Djibouti and Ghana ity and cost of regulatory processes in streamlining start-up formalities and both streamlined their permitting pro- 2013/14, those in the area of starting centralizing services, the new one-stop cess. Madagascar and Senegal reduced a business were the most common, shop reduced the time required to start the time required to obtain a building followed by reforms in paying taxes. a business from 94 days to just 10. permit. Mali reduced the time needed The area with the third largest number to obtain a geotechnical study. And of reforms was registering property, São Tomé and Príncipe eliminated the Rwanda eliminated the fee to obtain a though in previous years it tended to minimum capital requirement for busi- freehold title and streamlined the pro- be trading across borders. ness entities with no need to obtain a cess for obtaining an occupancy permit. REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 35 BOX 4.1 Most economies with a population of more than 100 million implemented at least one regulatory reform in 2013/14 Some people might assume that reforming business regulation is easier in small economies because their government structures tend to be less complex. The Doing Business data do not suggest that this is so. Eight of the 11 economies with a population of more than 100 million reformed in at least one of the areas measured by Doing Business in 2013/14, while only 18 of the 34 economies with a population of less than 1 million did so. Among the 11 large economies, China, Mexico and the Russian Federation each implemented 2 reforms making it easier to do business, while India and Indonesia each implemented 3 (see table). What did these economies do? India made starting a business easier by considerably reducing the registration fees— though it also added a requirement to file a declaration before commencing business operations. It made obtaining a new electricity connection in Mumbai less costly by reducing the security deposit. And it strengthened minority investor protections by requiring greater disclosure by board members, increasing the remedies available in case of prejudicial related-party transactions and introducing additional safeguards for shareholders of privately held companies. Indonesia made starting a business easier by making it possible to issue the approval letter for the deed of establishment electronically. It made getting electricity in Jakarta easier by eliminating the need for multiple certificates guaranteeing the safety of internal installations. And it lowered labor taxes. China also made starting a business easier, by eliminating the minimum capital requirement and thus the need for a capital verification report from an auditing firm. In addition, it reduced employers’ social security contribution rate in Shanghai and enhanced the electronic system for filing and paying taxes. Mexico improved access to credit by amending its insolvency Reforms making it easier to do business in the 11 large proceedings law and establishing clear grounds for relief from a economies in 2013/14 stay of enforcement actions by secured creditors during reor- Reforms reducing Reforms ganization proceedings. And it made resolving insolvency easi- regulatory strengthening legal er by shortening the time extensions during reorganization pro- Economy complexity and cost institutions ceedings and facilitating electronic submission of documents. Bangladesh 1 0 Russia made starting a business easier by eliminating the re- Brazil 0 0 quirement to deposit the charter capital before company reg- China 2 0 istration as well as the requirement to notify tax authorities of India 2 1 the opening of bank accounts. And it made transferring prop- Indonesia 3 0 erty easier by eliminating the need for notarization and reduc- ing the time required for property registration. Japan 0 0 Mexico 0 2 In 2013/14 the 11 large economies were more likely to imple- ment reforms reducing the complexity and cost of regulatory Nigeria 0 0 processes than reforms strengthening legal institutions—a Pakistan 1 0 pattern also evident in smaller economies. Among the 15 re- Russian Federation 2 0 forms captured by Doing Business in these large economies, United States 1 0 most were at the national level and affect both cities mea- sured. One of the exceptions was in the United States, where Note: The table shows data for the 11 large economies for which Doing Business the reform making it easier to start a business applies to New covers both the largest and the second largest business city. Source: Doing Business database. York City but not to Los Angeles. Croatia made the biggest improve- building with the land registry is now the number of procedures required to ment in the ease of dealing with done automatically, with no action re- comply with the formalities to build construction permits (figure 4.1). New quired by the builder: the municipality a warehouse in Croatia fell from 22 regulations in the Building Act and sends documentation to the cadastre to 21, the time from 379 days to 188 Physical Planning Act that took effect for registration, and the cadastre and the cost by 0.3% of the warehouse on January 1, 2014, made it possible to sends documentation on to the land value. obtain a building permit before paying registry. And the final inspection is contribution fees for utilities, speeding now done with greater timeliness, dra- Making it easier to get up the permitting process. The fees matically reducing the time required electricity for building permits were also reduced. for the issuance of the occupancy per- Doing Business recorded only 12 reforms In addition, registration of the new mit. As a result of all these changes, making it easier to get electricity in 36 DOING BUSINESS 2015 Another common feature of electricity FIGURE 4.1 Croatia cut more than 6 months from the time required to deal with reforms was improvement in the effi- construction permits ciency of distribution utilities’ internal Time to deal with processes. The utility in the Democratic construction permits (days) Republic of Congo, Société Nationale 450 d’Electricité, reduced the time required 400 One procedure cut, to get electricity by improving its 350 191 days saved administrative management of new 300 connection requests. Starting in 2014 250 the utility began tracking how much 200 time each of its departments takes 150 to deal with connection requests. The 100 utility also streamlined its internal 50 approval process: its staff no longer seeks approval from the head office 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 for each individual connection request Procedures but instead submits batches once a 2013 2014 month. The utility in Malawi reduced the time required to get electricity Source: Doing Business database. by outsourcing external connection works to subcontractors. FIGURE 4.2 The Solomon Islands reduced the time to obtain an electricity connection by two-thirds In many economies shortages in the materials needed for external works— Time to get electricity (days) such as transformer substations—are 180 a source of substantial delays in the 160 140 connection process. Tackling this Time cut from 120 160 days to 53 issue was a focus of the utility in 100 80 the Solomon Islands. By improving 60 procurement practices, the utility cut 40 the wait time for new connections by 20 0 two-thirds (figure 4.2). As a result, the Submit application for Await completion of an Await completion of Await inspection of the Solomon Islands made the biggest a connection to SIEA external inspection by the external connection internal wiring by SIEA and await a cost SIEA for purposes of works by SIEA and installation of the improvement in the ease of getting estimate preparing the estimate meter; electricity starts flowing electricity in 2013/14. Procedures Simplifying property 2013 2014 registration In 2013/14, 21 economies made it easier Note: SIEA is the Solomon Islands Electricity Authority. Source: Doing Business database. for businesses to register property by reducing the time, cost or number of procedures required. Among the most 2013/14. Revision of the costs for new In Poland the utility in Warsaw revised common improvements were reducing connections was the most common the fee structure for new connections property transfer taxes, combining or feature of the reforms. In Rwanda, in ways that reduced the cost for new eliminating procedures, and introduc- where increasing the electrification rate customers. In India the electricity utility ing computerized procedures. Lowering is a government priority, the distribu- in Mumbai changed its method for cal- the property transfer tax can substan- tion utility waived all fees for complet- culating the security deposit. The utility tially reduce the cost of transferring ing a new connection, including the now calculates it as a fixed charge per property and improve compliance with security deposit. The big reduction in kilowatt rather than basing it on a cus- property registration and tax regula- cost provides a strong incentive to seek tomer’s estimated monthly consump- tions, though this type of change needs an official connection to the network tion, increasing the transparency of the to be informed by broader tax policy and encourages new business ventures. related costs. discussions. REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 37 the tax authority with a notification FIGURE 4.3 Greece made registering property both easier and less expensive requirement and set up a single step Time to register property Cost to register property for the property transfer at the land (days) (% of property value) registry. 25 14 One procedure eliminated, and Making it easier and less costly 12 20 cost reduced by 6.86% of the property value to pay taxes 10 Doing Business recorded 31 reforms 15 8 in 2013/14 making it easier or less 10 6 costly for firms to pay taxes. Europe and 4 Central Asia accounted for the largest 5 number, with 9. Globally, the most com- 2 mon feature of tax reforms in the past 0 0 year was the introduction or enhance- 1 2 3 4 5 6 7 8 9 10 11 ment of electronic systems for filing Procedures and paying taxes. Thirteen economies 2013 2014 Procedures Procedures implemented such changes, including Cost Cost Azerbaijan, Belarus, Moldova, Mongolia, Note: In 2014 procedures 3, 4 and 5 occur simultaneously with procedure 2 (although procedures may take place Romania, Tajikistan and Ukraine. simultaneously, they cannot start on the same day). Procedure 6 starts after procedure 2. Electronic tax systems, if implemented Source: Doing Business database. well and used by most taxpayers, ben- efit both tax authorities and firms. For tax authorities, they ease workloads FIGURE 4.4 Romania has been making compliance with tax obligations easier in recent years and reduce operational costs. And for firms, they reduce the time required to Payments (number per year) comply with tax obligations as well as Total tax rate (% of commercial profit) Time (hours per year) the potential for errors. 120 240 Romania improved the ease of paying 100 200 taxes the most in 2013/14 (figure 4.4). 80 160 The government has developed an electronic system for filing and paying 60 120 corporate income tax, value added tax and all 6 mandatory labor contribu- 40 80 tions measured by Doing Business.7 The system was initially launched in 2010, 20 40 though with only the possibility of 0 0 submitting tax returns online. Over the 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 past 2 years, however, online payment Payments Total tax rate Time of taxes and contributions became possible with the use of banking cards Source: Doing Business database. and was gradually taken up by the business community. By January 2013 Greece made the largest improvement Sub-Saharan Africa accounted for the the majority of firms were making their in the ease of registering property (figure largest number of property registra- tax payments online. 4.3). In December 2013 it established a tion reforms in 2013/14. For example, new property transfer tax of 3% of the Mozambique streamlined registration Other economies making noteworthy property value, substantially lower than procedures at the land registry and the changes in the area of paying taxes in the previous one of 10%. In addition, it municipality. Côte d’Ivoire established the past year include Belarus, China, simplified property transfers by elimi- a single process for tax and property the Democratic Republic of Congo and nating the need to submit a tax clear- registration and lowered the property Latvia. Belarus improved its system for ance certificate from the municipality registration tax. Senegal replaced the keeping online records for corporate before signing the sale agreement. requirement for authorization from income tax and value added tax. The 38 DOING BUSINESS 2015 system now automatically updates FIGURE 4.5 Myanmar reduced the time to export and import by abolishing license all relevant tax rates, alerts users of requirements for many types of goods potential errors and automatically col- lects and checks data required for filling Time to export (days) Time to import (days) out tax returns. Belarus also simplified 30 30 its rules for deducting expenses for the calculation of corporate income tax. 25 25 Four other economies merged or elimi- nated certain taxes—the Republic of 20 20 Congo, Hungary, Senegal and Zambia. 15 15 Eleven economies reduced profit tax rates, the second most common fea- 10 10 ture of tax reforms in 2013/14. These 5 5 include 4 high-income economies (Portugal, Spain, St. Kitts and Nevis, 0 0 and the United Kingdom), 3 upper- 2013 2014 2013 2014 middle-income economies (Colombia, Document preparation Port and terminal handling the Seychelles and Tunisia) and 4 lower- Customs clearance and inspections Inland transport and handling middle-income economies (the Republic Source: Doing Business database. of Congo, Guatemala, Swaziland and Vietnam). Reductions in profit tax rates are often combined with efforts to Eighteen other economies also infrastructure. Kazakhstan opened a widen the tax base by removing exemp- implemented reforms making it new border station and railway link that tions and with increases in the rates of easier to trade across borders in reduced congestion at the border with other taxes, such as value added tax. 2013/14. Introducing or improving China. Poland improved port procedures electronic submission and processing by launching a new terminal operating Facilitating trade of documents was the most common system at the port of Gdansk. And Myanmar made the biggest improve- feature of these reforms. Eight Uruguay implemented a risk-based in- ment in the ease of trading across economies—Bangladesh, Croatia, Ecuador, spection system that reduced customs borders in 2013/14 (figure 4.5). Its Pakistan, Palau, St. Lucia, Uganda clearance time. Ministry of Commerce abolished the and Uzbekistan—reduced the time to export license requirement for 166 export and import by implementing types of goods and the import license computerized systems that allow requirement for 152—reducing the web-based submission of documents. HIGHLIGHTS OF REFORMS time, cost and number of documents Croatia switched to an electronic STRENGTHENING LEGAL required to export and import general customs system as part of reforms INSTITUTIONS cargo products. As measured by Doing in preparation for accession to the Among reforms to strengthen legal Business, exporting now takes 20% less European Union. institutions in 2013/14, the largest time than before, and importing 19% numbers were recorded in the areas of less time. Improving customs administration getting credit and protecting minority remained an important item on reform investors (with 30 in each area), and Tanzania invested in port infrastruc- agendas. Benin, Côte d’Ivoire, the the smallest in the area of resolving ture. New cranes, a conveyor belt and Dominican Republic, Morocco, Myanmar, insolvency. Economies in Europe and anchorage tankers at the port of Dar St. Lucia and Uzbekistan all did so by Central Asia implemented the most es Salaam helped reduce berthing and reducing the number of documents reforms aimed at strengthening legal unloading time as well as congestion. required by customs or streamlining the institutions, followed by economies in The reduction in the time required for process to obtain and submit certain Sub-Saharan Africa. port and terminal handling activities documents. benefits not only traders in Tanzania Strengthening legal rights of but also those in the landlocked econo- Five economies—Algeria, Ghana, borrowers and lenders mies of Burundi and Rwanda that use Jordan, Kazakhstan and Tanzania— In 2013/14, 9 economies improved ac- the port. strengthened transport or port cess to credit by strengthening the legal REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 39 rights of borrowers and lenders—either The Czech Republic, through an TABLE 4.2 A comparison of Colombia’s by reforming secured transactions amendment to its civil code, made it previous and new legal frameworks for legislation or by enhancing secured possible to register receivables at the secured transactions creditors’ rights in bankruptcy pro- pledge registry. It also introduced the Previous legal New legal ceedings (see table 4A.1 at the end of possibility for the parties to a secu- framework framework the chapter). Colombia, Hungary and rity agreement to agree to out-of-court Is there a functional secured transactions system? Jamaica all implemented a functional enforcement of the collateral. The No. Yes. approach to secured transactions. The government of Lao PDR established a Czech Republic and the Lao People’s centralized, online, notice-based reg- Is the collateral registry unified or centralized geographically for the entire economy? Democratic Republic both created a istry where financial institutions can No. Yes. modern, notice-based collateral reg- register any security interest held over istry. Hungary and Panama expanded movable property—including functional Is the collateral registry notice-based? the range of movable assets that can equivalents to more traditional security No. Yes. be used as collateral. Mexico, Rwanda, interests, such as financial lease agree- Does the collateral registry have a modern and Trinidad and Tobago strengthened ments, assignments of receivables, online system (such as for registrations and amendments)? the rights of secured creditors during fiduciary transfers of title and sales No. Yes. reorganization proceedings. with retention of title. Can secured creditors apply for relief from an automatic stay during reorganization Globally, Colombia strengthened the Improving credit information proceedings? legal rights of borrowers and lenders systems No. Yes, the new law the most, by implementing a new legal Jamaica made the biggest improve- establishes clear framework for secured transactions ment in credit reporting in 2013/14. grounds for relief. (table 4.2). The country launched a col- Two new credit bureaus, Creditinfo Do secured creditors’ claims have priority inside lateral registry with modern features in Jamaica and CRIF-NM Credit Assure bankruptcy? May 2014, following approval of a new Limited, having received business No clear priority rules Yes, the new law gives law on movable property guarantees. licenses in 2012, began operations in for secured creditors. priority to secured creditors’ claims. The new law permits all types of mov- 2013. Twenty-one other economies able assets, present or future, to be also improved credit reporting, with Can security rights in a single category of assets be described in general terms? used as collateral to secure a loan. The the largest number of them in Sub- law also regulates legal instruments No, detailed description Yes, the new law allows Saharan Africa. of the assets required a general description. that are the functional equivalents of by law. traditional security interests, such as The Democratic Republic of Congo and Can parties agree to enforce security rights out assignments of receivables and sales Tanzania both established new credit of court? with retention of title. In addition, it pro- reporting agencies. The Democratic No, out-of-court Yes, the new law vides priority rules for creditors’ claims Republic of Congo’s central bank es- enforcement not allows out-of-court within bankruptcy and establishes tablished an electronic system allow- permissible by law. enforcement of collateral. the rights of secured creditors during ing the exchange of credit information reorganization proceedings. Finally, the between its credit registry and banks Source: Doing Business database. law allows out-of-court enforcement of and financial institutions. Tanzania’s collateral. central bank issued an operating Five Sub-Saharan African economies— license to the country’s first credit Cabo Verde, Cameroon, Côte d’Ivoire, Jamaica also made noteworthy im- bureau, Creditinfo Tanzania, in June Kenya and Senegal—strengthened provements in the area of legal rights 2013, and to its second one, Dun & their regulatory frameworks for credit in the past year. It adopted a new law Bradstreet Credit Bureau Tanzania, in reporting. Cameroon’s government on secured transactions that broadens September 2013. Creditinfo Tanzania passed legislation establishing an in- the range of assets that can be used as began responding to inquiries from tegrated database that records nega- collateral, allows a general description data users 2 months after receiving its tive payment information on bank of assets granted as collateral and license. Vietnam’s first credit bureau, accounts, checks and cards as well as establishes a modern, unified, notice- Vietnam Credit Information, started credit information on firms and micro- based collateral registry. Panama serving data users in January 2014 finance institutions. Kenya issued new implemented similar changes and also along with the existing credit registry regulations allowing the exchange of introduced the possibility of out-of- managed by the country’s central positive credit information and estab- court enforcement of collateral. bank. lishing guidelines for data retention. 40 DOING BUSINESS 2015 law. Among other things, it increases the FIGURE 4.6 Kosovo cut the time for enforcing judgments in half by introducing a requirements for directors to disclose private bailiff service their conflicts of interest and grants Time for enforcement cut from 180 days to 90 shareholders the right to access and ob- Time to enforce tain copies of all documents pertaining a contract (days) to related-party transactions. 200 180 One OHADA member, Senegal, made further improvements by amending its 160 code of civil procedure—and with these 140 changes became the economy that 120 most strengthened minority investor 100 protections in Sub-Saharan Africa in 2013/14. Notably, the amendments 80 grant litigants increased rights to obtain 60 evidence relevant to their claims from 40 the opposing parties. Elsewhere in the 20 region, The Gambia adopted a new Companies Bill, clarifying the duties of 0 Filing and service Trial and judgment Enforcement directors and offering new venues and 2013 2014 remedies for minority shareholders harmed by abusive conduct by company Source: Doing Business database. insiders. Making it easier to enforce Among OECD high-income economies, requirements for related-party trans- contracts Ireland and the Slovak Republic im- actions to be approved by a general Doing Business recorded 15 reforms proved their regulatory frameworks for meeting of shareholders, to undergo making it easier to enforce contracts credit reporting. Ireland created a regu- prior review by a specialized external in 2013/14. Kosovo made the biggest latory framework for the establishment firm and to be disclosed in detail to the improvement—by introducing a private and operation of a central credit register Securities and Commodities Authority. bailiff system (figure 4.6). The effort that will be managed by the country’s The resolution also establishes director began in 2010, when the local judiciary central bank. The Slovak Republic ad- liability for any damage resulting from was short of resources and facing a opted a new regulation to protect the prejudicial related-party transactions heavy backlog. Less than 4% of civil rights of individuals in the processing of and enables courts to cancel such enforcement cases on court dockets their personal data. And New Zealand, transactions on grounds of unfairness. were completed in 2009, and for under its Credit Reporting Privacy Code, Finally, it permits shareholders repre- many courts the share was less than introduced more comprehensive credit senting 5% or more of the shares of a 1%. The Kosovo Judicial Council, with reporting. In addition to negative credit company involved in a related-party the assistance of the U.S. Agency for information, credit bureaus now collect transaction to access documents relat- International Development, analyzed and report positive credit information ing to the transaction. the legal framework and identified on individuals and firms from banks, the main causes of delay. This map- financial institutions and telephone The most far-reaching change in minor- ping exercise showed that the lack of companies. ity investor protections, however, took penalties for filing groundless appeals, place in January 2014, when the OHADA the impossibility of seizing most kinds Strengthening minority (Organization for the Harmonization of assets and the inadequacy of the investor protections of Business Law in Africa) Revised regulatory framework for enforcement The United Arab Emirates strength- Uniform Act on Commercial Companies officers contributed substantially to ened minority investor protections and Economic Interest Groups simul- the growing backlog. A 3-year work the most in 2013/14, through a new taneously updated the regulatory plan was undertaken to provide more ministerial resolution on corporate gov- frameworks of 17 member economies suitable ways to deal with business dis- ernance rules and corporate discipline in Sub-Saharan Africa. The revised act putes. In 2013 Kosovo finished privatiz- standards. The resolution establishes addresses multiple aspects of corporate ing its judicial enforcement process and REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 41 created private bailiff services, expedi- such changes in 2013/14. Benin estab- TABLE 4.3 A comparison of ent execution procedures and penalties lished a commercial chamber within its Mozambique’s previous and new legal for noncompliant debtors. court of first instance and assigned 6 frameworks for insolvency judges to solely hear commercial cases. Previous legal New legal Globally, one of the most common The Seychelles established a special- framework framework features of reforms in contract en- ized commercial court and assigned a Can a debtor initiate reorganization proceedings? forcement in the past year was the in- permanent local judge to resolve only No. Yes. troduction of electronic filing. Greece, commercial disputes. Do creditors vote on the reorganization plan? Kazakhstan, Lithuania, Mauritius and Turkey all made their courts more effi- Increasing efficiency in No reorganization Yes, all creditors vote. available. cient by implementing electronic filing resolving insolvency Do creditors vote on the reorganization plan in platforms. These enable litigants to Doing Business recorded 10 reforms classes? file initial complaints electronically— making it easier to resolve insolvency No reorganization Creditors are divided increasing transparency, expediting in 2013/14, most of them in OECD available. into classes, creditors the filing and the service of process, high-income and Sub-Saharan African within each class are limiting opportunities for corruption economies. Among the most common treated equally, and the plan is approved and preventing the loss, destruction features of these reforms were promot- by a simple majority of or concealment of court records. In ing reorganization and improving the creditors in each class. Singapore the judiciary launched an likelihood of successful outcomes in Can creditors request information about electronic litigation system designed insolvency proceedings. Mozambique, insolvency proceedings? to streamline the litigation process the Seychelles, and Trinidad and No specific provisions. The insolvency and improve access to justice. The Tobago introduced a court-supervised administrator has the duty to provide system allows litigants to file their reorganization procedure. Switzerland any creditor with cases online—and it enables courts to allowed cancellation of long-term information requested keep litigants and lawyers informed contracts that could jeopardize the by the creditor. about their cases through e-mail, text debtor’s rehabilitation. Slovenia es- Can creditors object to decisions that affect their messages and text alerts; to manage rights? tablished a simplified reorganization hearing dates; and even to hold certain procedure for small companies and a No specific provisions. A creditor has the right to object to decisions to hearings through videoconference. preventive restructuring procedure for accept or reject claims medium-size and large ones. Slovenia of other creditors. The Bahamas, Portugal and Uruguay also made it easier for creditors to Source: Doing Business database. adopted a new code of civil procedure initiate reorganization proceedings or amended procedural rules ap- and propose a reorganization plan, plicable to commercial cases, mainly introduced provisions on debt-equity The former Yugoslav Republic of to reduce case backlog, simplify swaps and allowed new equity hold- Macedonia tightened time frames for and expedite court proceedings and ers to take over management of the several stages of insolvency proceed- limit obstructive techniques. In 2013 debtor to ensure continuation of the ings and established a framework for Uruguay passed a law setting tight business. electronic auctions of debtors’ assets. deadlines that parties to a commercial Mexico shortened the time extensions case must comply with throughout the Mozambique improved the ease of re- allowed during reorganization pro- entire court proceedings. Three econo- solving insolvency the most in the past ceedings and made it easier to submit mies—the Czech Republic, Ireland year (table 4.3). A new legal framework documents electronically. Several other and South Africa—reorganized their for insolvency adopted in 2013 intro- economies reformed their insolvency court systems by amending the rules duced a reorganization procedure for laws to strengthen the rights of credi- on the size of monetary claims that commercial entities, granted creditors tors. For example, Kazakhstan estab- can be filed with courts at different better access to information during in- lished provisions for direct participa- levels, thus redistributing the workload solvency proceedings and provided for tion of all creditors through creditors’ among courts and reducing backlog. more active participation by creditors meetings. in the proceedings. Creating specialized commercial courts Another common feature of insolvency or divisions has been a common feature Other insolvency reforms recorded in reforms in the past year was to im- of reforms in contract enforcement over 2013/14 focused on streamlining and prove regulations on the profession of the years. Two economies undertook shortening time frames for proceedings. insolvency administrators. Trinidad and 42 DOING BUSINESS 2015 Tobago created a public office respon- sible for the general administration of BOX 4.2 Southern European economies continue a steady pace of regulatory insolvency proceedings and clarified reform rules on the appointment and duties Greece, Italy, Portugal and Spain—all among the economies most adversely of trustees. And Uganda established affected by the global financial crisis—have maintained a steady pace of regu- explicit rules on the enforcement of the latory reform. As Doing Business 2013 reported, the pace picked up in the after- math of the crisis, and this year’s report shows that the trend has continued. In duties of liquidators during liquidation 2013/14 Greece reformed in 3 areas of business regulation measured by Doing proceedings. Business, and Spain in 4. Addressing labor market Greece made starting a business easier by lowering the cost of registration. It regulation made transferring property easier by reducing the property transfer tax and In 2013/14 Doing Business recorded 9 eliminating the requirement for a municipal tax clearance certificate. And it made enforcing contracts easier by introducing an electronic filing system for reforms relating to labor market regu- court users. lation. The economies implementing reforms included Portugal, which has Italy and Spain also made starting a business easier. Italy reduced the minimum made the most reforms aimed at im- capital requirement, while Spain simplified business registration by introducing proving the labor market environment an electronic system that links several public agencies. Portugal lowered its in recent years. In 2013 Portugal re- corporate income tax rate and introduced a reduced corporate tax rate for a portion of the taxable profits of qualifying small and medium-size enterprises. vised the rules on fixed-term contracts Spain reduced its statutory corporate income tax rate. executed under the labor code that reach their maximum duration before Portugal made enforcing contracts easier by adopting a new code of civil pro- November 8, 2015; under the new rules cedure designed to reduce court backlog, streamline court procedures, enhance these contracts can be renewed 2 more the role of judges and speed up the resolution of standard civil and commer- times, with an additional maximum cial disputes. Spain made resolving insolvency easier by introducing new rules for out-of-court restructuring as well as provisions applicable to prepackaged duration of 12 months, though the reorganizations. renewed contracts need to end by December 31, 2016. In previous years These economies, by actively reducing the complexity and cost of regulatory Portugal reduced the wage premium processes and strengthening legal institutions, are narrowing the gap with the required for work on weekly holidays regulatory frontier at a faster pace than the rest of the European Union. and also made redundancy easier by eliminating the need to follow a specific order in dismissals when eliminating a while Mauritius reduced the maximum worker’s position. Portugal’s continual duration of fixed-term contracts to 24 NOTES reforms in labor market regulation are months and Georgia reduced it to 30 1. Klapper and Love 2011. 2. Bruhn 2011. in part a response to the economic months. 3. Branstetter and others 2013. downturn that followed the global 4. Bripi 2013. financial crisis. And Portugal is one of 5. Portugal-Perez and Wilson 2012. 6. Kraay and Tawara 2013. several Southern European economies 7. The 6 mandatory labor contributions that reformed business regulation in measured by Doing Business are those areas beyond labor market regulation for social security, health insurance, unemployment, an accident risk fund, a in 2013/14 (box 4.2). guarantee fund and medical leave. Other economies implementing re- forms in labor market regulation in 2013/14 focused on different areas. Cabo Verde introduced a minimum wage. Finland made the redundancy process more flexible by eliminating the requirement to notify a third party be- fore dismissing 1 redundant worker or a group of 9 redundant workers. Croatia lifted the 3-year limit on the duration of first-time fixed-term contracts, REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 43 TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14—and what did they do? Feature Economies Some highlights Making it easier to start a business Simplified preregistration and Albania; Bulgaria; The Gambia; Guatemala; Guatemala’s official gazette reduced the time to publish a notice of registration formalities (publication, India; Islamic Republic of Iran; Jamaica; Malawi; incorporation by modifying internal processes. The Islamic Republic of notarization, inspection, other Malta; Mauritius; Nicaragua; Norway; Slovak Iran combined name reservation with company registration at a single requirements) Republic; Spain; Swaziland; United Kingdom window. Abolished or reduced minimum capital Austria; Benin; China; Côte d’Ivoire; Czech China and Côte d’Ivoire both abolished the minimum capital requirement Republic; Denmark; Italy; Moldova; São Tomé requirement. In doing so, China also eliminated the need to open a and Príncipe; Senegal; Togo preliminary bank account, deposit the capital and obtain a certificate of deposit. Cut or simplified postregistration Armenia; Greece; Jamaica; Lithuania; Lithuania abolished the requirement for a company seal, no longer procedures (tax registration, social Mauritania; Russian Federation; United States used in practice. Mauritania eliminated the requirement to publish security registration, licensing) company statutes in the official gazette. Introduced or improved online Azerbaijan; Croatia; Iceland; Indonesia; FYR Trinidad and Tobago introduced an online platform for business procedures Macedonia; Switzerland; Trinidad and Tobago registration, reducing registration time from 38 days to 14.5. The former Yugoslav Republic of Macedonia introduced a free online company registration system. Created or improved one-stop shop Democratic Republic of Congo; France; Timor-Leste created a one-stop shop—making it possible to reserve Suriname; Tajikistan; Timor-Leste a company name, file the company statutes, apply for and obtain the final registration number and publish the statutes all at one agency. Making it easier to deal with construction permits Reduced time for processing permit Albania; Croatia; Djibouti; Ghana; Lithuania; Lithuania tightened the time limit for issuing special architectural applications Madagascar; Senegal; Thailand requirements, cutting the time to obtain a building permit from 42 days to 21. Madagascar completed the computerization of its one- stop shop, reducing the time to obtain a building permit from 90 days to 45. Streamlined procedures Albania; Brunei Darussalam; Djibouti; Ghana; Djibouti streamlined the review of building permits by adopting a Madagascar; Mali; Rwanda 3-step process. Ghana made it mandatory to submit all required clearances when applying for a building permit. Adopted new building regulations Albania; Croatia; Lithuania; Montenegro; Nepal Albania adopted a new law on territory planning, consolidating the land permit and construction permit into a single construction development permit. Croatia’s adoption of the Building Act and a new Physical Planning Act made it possible to obtain a building permit before paying contribution fees for utilities. Improved building inspection process Kosovo; Nepal; Puerto Rico (U.S.) Kosovo introduced a new inspection scheme and made the final inspection process easier by breaking the approval process into several phases. Puerto Rico (territory of the United States) introduced the option of hiring an authorized professional and authorized inspector to carry out the fire safety recommendations and issue the fire prevention and environmental health certificates. Reduced fees Croatia; Rwanda; Tajikistan Rwanda eliminated the fee to obtain a freehold title. Tajikistan reduced the fee for obtaining an architectural planning assignment. Improved or introduced electronic Nepal Nepal launched an online system for obtaining building permits. platforms or online services Making it easier to get electricity Improved regulation of connection India; Jamaica; Poland; Rwanda; Sierra Leone; In Poland the electricity utility made obtaining a new connection less processes and costs Taiwan, China costly by revising its fee structure. In Rwanda the electricity utility eliminated all its fees for a new connection. Improved process efficiency Democratic Republic of Congo; Costa Rica; The electricity utility in Malawi engaged private subcontractors to Malawi; Solomon Islands carry out external connection works, reducing the time required to complete the works by 50 days. Streamlined approval process Indonesia; Islamic Republic of Iran Indonesia eliminated a redundant internal wiring inspection by dropping the requirement for a certificate guaranteeing that the internal installation meets the standards. Making it easier to register property Reduced taxes or fees Bahrain; Côte d’Ivoire; Greece; San Marino; Greece reduced the property transfer tax from 10% of the property Spain; Togo value to 3%. Spain reduced the property registration tax to 6% of the property value. Combined or eliminated procedures Colombia; Greece; Mozambique; Russian Colombia eliminated the need for a provisional registration. The Federation; Senegal Russian Federation eliminated the requirement for notarization of certain documents. Computerized procedures Albania; Côte d’Ivoire; Ireland; Sweden; Vanuatu Ireland enhanced its land registry’s computerized system and implemented an online system for title registration. In Vanuatu property records have been scanned, and the land registry is now using a fully computerized system for land transactions. Increased administrative efficiency Guinea; Republic of Korea; United Arab Emirates The District Registration Courts in the Republic of Korea increased efficiency by streamlining internal processes. The United Arab Emirates started licensing companies to act on behalf of the Dubai Land Department and use its system for property registration. 44 DOING BUSINESS 2015 TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14—and what did they do? Feature Economies Some highlights Making it easier to register property (continued) Set effective time limits Albania; Kazakhstan; Russian Federation Albania established effective time limits for processing requests at the local offices for registration of immovable property. Kazakhstan introduced effective time limits for issuing technical passports and nonencumbrance certificates on immovable property. Introduced online procedures Azerbaijan; Poland Azerbaijan introduced a system allowing notaries to obtain nonencumbrance certificates online. Poland provided legal status to land extracts obtained online. Introduced fast-track procedures Sierra Leone Sierra Leone introduced a fast-track procedure for property registration. Making it easier to pay taxes Introduced or enhanced electronic Azerbaijan; Belarus; China; Costa Rica; Gabon; Belarus introduced electronic filing and payment for the obligatory systems Guatemala; Moldova; Mongolia; Romania; insurance fund in 2013. Taiwan, China; Tajikistan; Ukraine; Zambia Reduced profit tax rate by 2 Colombia; Republic of Congo; Guatemala; Portugal reduced the corporate income tax rate from 25% to 23% for percentage points or more Portugal; Seychelles; Spain; Swaziland; St. Kitts 2013. and Nevis; Tunisia; United Kingdom; Vietnam Simplified tax compliance process Belarus; Brunei Darussalam; China; Democratic Latvia introduced a simplified value added tax return in January 2013. Republic of Congo; Latvia; Seychelles Reduced labor taxes and mandatory China; Colombia; Indonesia; Togo China reduced the social security contribution rate for firms in contributions by 1 percentage point Shanghai from 37% to 35% for 2013. or more Merged or eliminated taxes other than Republic of Congo; Hungary; Senegal; Zambia Hungary abolished the special tax that had been introduced in 2010. profit tax Reduced number of tax filings or Belarus; Cyprus; West Bank and Gaza Cyprus reduced the number of provisional tax installments for payments corporate income tax from 3 to 2 in 2013. Making it easier to trade across borders Introduced or improved electronic Bangladesh; Croatia; Ecuador; Pakistan; Palau; Ecuador upgraded to a new electronic data interchange system, submission and processing St. Lucia; Uganda; Uzbekistan reducing customs clearance time. Improved customs administration Benin; Côte d’Ivoire; Dominican Republic; St. Lucia reduced the number of export documents that must be Morocco; Myanmar; St. Lucia; Uzbekistan submitted to customs by merging 2 forms. Strengthened transport or port Algeria; Ghana; Jordan; Kazakhstan; Tanzania Ghana invested in infrastructure at the port of Tema, which helped infrastructure reduce the wait time for vessels outside the port. Improved port procedures Côte d’Ivoire; Poland Poland launched a new terminal operating system at the port of Gdansk. Introduced or improved risk-based Uruguay Uruguay implemented a risk-based inspection system that reduced inspections customs clearance time. Strengthening legal rights of borrowers and lenders Created a unified registry for movable Colombia; Hungary; Jamaica; Lao PDR The Lao People’s Democratic Republic established a registry in the property Ministry of Finance for security interests in movable property. The registry began operating in November 2013. Introduced a functional, integrated Colombia; Hungary; Jamaica Colombia approved a new law establishing a modern legal framework and comprehensive secured for secured transactions. The law allows all types of movable assets, transactions regime present or future, to be used as collateral to secure a loan. It also regulates functional equivalents to loans secured with movable property, such as assignments of receivables and sales with retention of title. Strengthened rights of secured Mexico; Rwanda; Trinidad and Tobago In Mexico amendments to the insolvency proceedings law established creditors during reorganization new grounds for relief from a stay of enforcement actions by secured procedures creditors during a reorganization procedure. Allowed out-of-court enforcement Czech Republic; Panama The Czech Republic adopted new legislation making it possible to execute a security in any way established by the parties to a security agreement. Expanded range of movable assets Hungary; Panama Panama introduced a new law governing chattel mortgages that that can be used as collateral expands the range of movable assets that can be used as collateral to secure a loan. Improving the sharing of credit information Expanded scope of information Bahrain; Cyprus; Mauritania; New Zealand; New Zealand implemented comprehensive credit reporting and began collected and reported by credit Sierra Leone; Taiwan, China; United Arab distributing both positive and negative information in credit reports. bureau or registry Emirates; Zambia Improved regulatory framework for Cabo Verde; Cameroon; Côte d’Ivoire; Dominican Ireland adopted a new credit reporting act providing for the credit reporting Republic; Ireland; Kenya; Senegal; Slovak establishment of a central credit register to be managed by the Republic central bank. Established a credit bureau or registry Democratic Republic of Congo; Jamaica; In Jamaica 2 new credit bureaus, licensed in 2012, started serving Tanzania; Vietnam banks and other financial institutions in 2013. Introduced bureau or registry credit Nicaragua; Tajikistan In Nicaragua in June 2013 the credit bureau TransUnion Nicaragua scores as a value added service started offering the service of credit scoring based on its data. REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 45 TABLE 4A.1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14—and what did they do? Feature Economies Some highlights Strengthening minority investor protections Increased disclosure requirements for Benin; Burkina Faso; Cameroon; Central African Uzbekistan adopted a new law on joint stock companies and related-party transactions Republic; Chad; Comoros; Democratic Republic protection of shareholder rights that establishes higher standards for of Congo; Republic of Congo; Côte d’Ivoire; disclosure of related-party transactions by interested directors and Ecuador; Arab Republic of Egypt; Equatorial requires companies to include information on such transactions in Guinea; Gabon; Guinea; Guinea-Bissau; their annual reports. Hong Kong SAR, China; India; Lao PDR; FYR Macedonia; Mali; Mongolia; Niger; Senegal; Togo; United Arab Emirates; Uzbekistan Enhanced access to information in Benin; Burkina Faso; Cameroon; Central African Senegal’s code of civil procedure, amended in August 2013, now shareholder actions Republic; Chad; Comoros; Democratic Republic permits judges to grant requests from parties to a civil case to compel of Congo; Republic of Congo; Côte d’Ivoire; evidence from the other party, as long as they are relevant to the Equatorial Guinea; Gabon; Guinea; Guinea-Bissau; subject matter of the claim. Mali; Niger; Senegal; Togo; United Arab Emirates Expanded shareholders’ role in Dominican Republic; India; Republic of Korea; Switzerland issued a federal ordinance against abusive remuneration company management Switzerland in publicly listed joint stock companies. The ordinance introduced multiple safeguards, including establishing compensation committees and increasing the transparency of directors’ compensation schemes. Increased director liability The Gambia; India; United Arab Emirates India’s new companies act came into effect in 2014, bringing a host of enhancements, notably on the prevention of abuse by corporate insiders and company mismanagement. Making it easier to enforce contracts Increased procedural efficiency at The Bahamas; Czech Republic; Ireland; Portugal; The Bahamas and Portugal introduced new rules of civil procedure main trial court South Africa; Uruguay to streamline and expedite court proceedings and ensure less costly resolution of disputes. The Czech Republic, Ireland and South Africa amended the monetary thresholds for courts at different levels to reduce backlog. Introduced electronic filing Greece; Kazakhstan; Lithuania; Mauritius; Greece, Kazakhstan, Lithuania, Mauritius and Turkey all introduced an Turkey electronic filing system for commercial cases, allowing attorneys to submit the initial summons online. Introduced or expanded specialized Benin; Seychelles Benin established a commercial chamber within its court of first commercial court instance and assigned 6 judges to solely hear commercial cases. The Seychelles established a specialized commercial court and assigned a permanent local judge to resolve only commercial disputes. Expanded court automation Singapore Singapore launched a new electronic litigation system that streamlines litigation proceedings. Made enforcement of judgment more Kosovo Kosovo introduced private bailiffs and strengthened its enforcement efficient process by establishing penalties for noncompliant debtors. Making it easier to resolve insolvency Introduced a new restructuring Mozambique; Seychelles; Slovenia; Trinidad and Uganda established a reorganization procedure for insolvent but viable procedure Tobago; Uganda companies. Strengthened creditors’ rights Kazakhstan; Mexico; Mozambique; Switzerland; Kazakhstan expanded the rights of creditors in insolvency, making it Uganda possible for them to remove the debtor from management, nominate an insolvency representative and approve a plan for the sale of assets in case of liquidation. Improved the likelihood of successful Mexico; Seychelles; Slovenia; Switzerland Mexico introduced provisions allowing debtors to apply for post- reorganization commencement financing, establishing priority rules for post- commencement financing and permitting debtors facing imminent insolvency to apply for reorganization proceedings. Established framework for out-of- FYR Macedonia; Slovenia; Spain Spain established a framework for a prebankruptcy, out-of-court court restructuring payment agreement. Regulated the profession of insolvency Mozambique; Trinidad and Tobago; Uganda Trinidad and Tobago created a public office responsible for the general administrators administration of insolvency proceedings and clarified rules on the appointment and duties of trustees. Streamlined and shortened time Kazakhstan; FYR Macedonia; Mexico FYR Macedonia tightened time frames for several stages of insolvency frames for insolvency proceedings proceedings, including inventory and assessment of the debtor’s property, submission of creditors’ claims and the hearing to examine claims. Improved provisions applicable to Seychelles; Uganda The Seychelles introduced provisions allowing the avoidance of voidable transactions undervalued transactions or transactions made as a gift, if entered into within 2 years before the commencement of liquidation proceedings. Changing labor market regulation Altered hiring rules Cabo Verde; Croatia; Georgia; Italy; Mauritius; Cabo Verde introduced a minimum wage. Croatia lifted the 3-year Portugal limit on the duration of first-time fixed-term contracts. Changed redundancy cost and Belgium; Croatia; Finland; France; Georgia; Finland eliminated the requirement to notify a third party before procedures Portugal dismissing 1 or a group of 9 redundant employees. Note: Reforms affecting the labor market regulation indicators are included here but do not affect the ranking on the ease of doing business. Source: Doing Business database. Doing Business 2015 Going Beyond Efficiency Starting a business The growing efficiency of company registries  Company registries empower E ntrepreneurs should have the op- in the number of newly registered firms portunity to turn their ideas into and with higher levels of employment businesses to operate in the formal a business. Often a first step is to and productivity. Conversely, exces- economy—and to reap the benefits formally register a company. Yet in many sively cumbersome regulation of start- that come with formalization. countries the bureaucratic obstacles and up is associated with higher levels of  Online platforms for company high costs imposed by inefficient com- corruption and informality.2 incorporation make the process pany registries deter people with good faster and cheaper. business ideas from embarking on the  Electronic registration and online path of formal entrepreneurship. services substantially reduce the WHAT IS AN EFFICIENT opportunities for bribery and other Formal registration has substantial REGISTRY? forms of corruption. benefits for businesses and for the Institutional efficiency at company economy as a whole. Registered registries is thus a critical element  Rwanda has made promoting private sector development a top companies can benefit from legal and of a healthy economy.3 What makes priority on its reform agenda—and financial services provided by courts an efficient registry? Answering that making it easier to register a and commercial banks, services not question first requires understanding business is part of that. available to unregistered businesses. what registries do. Their employees benefit from social  Chile’s new online business security protections. And the economy A company registry records and registry experienced rapid take-up, benefits from positive spillovers: where updates information on new and exist- accounting for nearly half of new formal entrepreneurship is higher, job ing companies in its jurisdiction and registrations of limited liability creation and economic growth also enables registered entities to comply companies in just 7 weeks. tend to be higher.1 Moreover, as more with their obligations under the current  The United Kingdom’s corporate businesses formalize, the tax base regulatory framework, including those registry actively promotes the use expands, enabling the government to related to the company laws.4 In do- of electronic services and data spend on productivity-enhancing areas ing so, the registry incorporates legal transparency. and pursue other social and economic entities, providing them with a unique policy objectives. identification, and deregisters insol- vent firms. Other services provided by As the first interface between the regu- a registry commonly include conduct- lator and a potential new entrepreneur, ing company name searches, reserving company registries hold the key to the company names and processing ap- formal economy, providing businesses plications for business licenses. with a legal identity and empowering them to participate fully and within the These functions enable the government framework of the law. Thus the relative to measure tax compliance or ease or difficulty of start-up can have avoidance in the formal sector and important economic consequences. to derive other business statistics by Evidence suggests that regulatory re- economic sector or by company size forms making it easier to start a formal or ownership type. They also enable business are associated with increases the government to determine which 48 DOING BUSINESS 2015 entities are eligible to participate in in business registration. In these one- most common online features offered public tenders and bids (generally stop shops an entrepreneur can submit include online company name search, only formally registered companies). all the necessary documents at one electronic submission of documents In addition, they promote consumer window, and the documents are then and applications, online filing of annual protection, as business licensing often distributed to the appropriate agencies accounts and the exchange of data represents a quality check to ensure for processing and approval. between different agencies. In New that business activities in certain Zealand and Singapore, for example, “high-risk” industries—such as food entrepreneurs can complete the entire preparation and pharmaceuticals— business registration process online. meet the required health, safety and A GLOBAL TREND OF GOING Thanks to the interconnectivity be- environmental standards.5 ELECTRONIC tween different agencies’ systems, Putting processes online takes efficien- they can register their business with In evaluating a registry’s efficiency in cy one step further. Doing Business data tax and social security authorities at providing daily services, several ele- show that among the 189 economies the same time as they complete the ments are often considered to be key: a covered, 144 have introduced online incorporation process. comprehensive electronic database, a platforms for business incorporation. one-stop shop and an online platform These enable entrepreneurs to file Some economies, especially low- and for business registration. An effective incorporation documents electronically middle-income ones, start the digiti- electronic database maintains up- and sometimes even to complete the zation process by putting just some to-date information and documents entire business registration process features online—such as conducting on both newly registered and existing online. a company name search, filling out companies and makes this information and submitting registration forms easily accessible, whether online or on- Company registries in 95 economies and obtaining an electronic identifica- site at the registry’s office. Historically, around the world reported extensive tion number. In Costa Rica, Ecuador, records were kept in a paper-based for- use of online services in the World Bank Trinidad and Tobago, and Zambia en- mat. But the growing trend of comput- Group Entrepreneurship Survey in trepreneurs can check the uniqueness erization among company registries 2013. Among those in the sample, 60% and availability of company names has enabled the electronic storage and offer an online application to register a online. In Kenya business registration maintenance of records. This not only business, and 58% allow entrepreneurs reforms made it possible to complete helps reduce errors in inputting and to register a business remotely. The the value added tax registration online. updating business information but also speeds up searches. In addition, elec- tronic record keeping makes it easier to FIGURE 5.1 Company registries in high-income economies offer more electronic extract statistics. services Share of economies with One-stop shops for business registra- electronic service available (%), 2013 tion have become increasingly com- 100 mon. Globally, 100 economies have already launched one. And these 100 80 one-stop shops are quite widely dis- tributed, with 64 of them located in 60 low- or middle-income economies. A one-stop shop provides a single service 40 point for completing several business registration processes. It might consist of several windows or offices occupied 20 by representatives from different government agencies that entrepre- 0 High income Upper middle income Lower middle income Low income neurs need to visit sequentially. Some one-stop shops are even “one-window Online application Remote registration Electronic access to data shops”—providing a single point of in- teraction between an entrepreneur and all the government agencies involved Source: World Bank Group, Entrepreneurship Database. STARTING A BUSINESS 49 To implement an effective online FIGURE 5.2 Online registration makes starting a business faster and cheaper registration system, all paper-based registration records need to be digitized Average Average cost in a single database—and online name time (days) (% of income per capita) search, electronic document filing and 35 35 online fee payment functions enabled. 50 30 30 Streamlining data exchange with other government agencies to automate such 25 25 40 actions as enrollment in tax and social security systems can further reduce 20 20 30 processing times. Effective security 15 15 measures are needed to ensure data 20 security. And reliable internet and elec- 10 10 tricity connections are critical to ensure 10 that online platforms function properly. 5 5 The most technologically advanced 0 0 0 Online registration Paper registration SCALE registries are concentrated in OECD high-income economies and Europe Average time Average cost and Central Asia. Company registries in high-income and upper-middle-income Note: The sample consists of 71 economies, with 20 having online registration. Data are for 2013. The relationship is economies tend to offer a much broader significant at the 5% level after controlling for income per capita. Source: Doing Business database; World Bank Group, Entrepreneurship Database. array of online services than those in lower-income ones (figure 5.1). This pat- tern is not surprising, because develop- government officials, wait in long lines registration.9 Economies whose com- ing and launching online services can and return if some information turns pany registry uses online registration, be costly. Online platforms are usually out to be missing or incorrect. Analysis allowing entrepreneurs to set up new designed by large international infor- of data from 71 economies shows businesses remotely, tend to score high mation technology consulting firms that business registration for lim- on such measures. and can take months to implement. The ited liability companies is significantly cost can range from as low as $20,000 faster in those using online platforms to as high as several million dollars, (figure 5.2). And in most cases online depending on the features included.6 In registration is either substantially less THREE COUNTRY CASE Nepal the Ministry of Finance allocated expensive than paper-based processes STUDIES 32.20 million Nepalese rupees (about or costs the entrepreneur nothing at all. Three country case studies—on $447,000) over 3 years to modernize Rwanda, Chile and the United the country’s registration office.7 Once Using online registration services also Kingdom—provide good examples of a system is in place, funds are needed greatly reduces the opportunities for how corporate registries have improved to operate it. In Colombia the operating corruption and bribery. Where entrepre- efficiency and service quality over time. costs of the online national business neurs have no need to interact directly The choice of these countries is based registration database RUE, which is with public officials, they are less likely on geographic diversity, adoption of hosted on 9 different servers, amount to to use informal payments or to face good practices, consistent pace of $1 million a year.8 deliberate delays aimed at encouraging business registration reform and avail- bribes. Analysis shows strong positive ability of data. relationships between international measures of transparency or gover- Rwanda—promoting a WHAT ARE THE GAINS nance quality—including rankings on competitive business FROM GOING ELECTRONIC? the rule of law by the World Justice environment Using online services for business regis- Project and rankings on voice and ac- The government of Rwanda has been tration has several advantages. Online countability, control of corruption and working to improve the efficiency platforms make the process faster and regulatory quality as measured by the of business registration as part of more efficient by eliminating the need Worldwide Governance Indicators—and broader business regulation reforms for entrepreneurs to travel to meet with the use of online systems for company aimed at promoting private sector 50 DOING BUSINESS 2015 starting a limited liability company in FIGURE 5.3 A surge in newly registered firms after start-up reforms in Rwanda Rwanda took 9 procedures, 18 days New firm and 235.5% of income per capita in density fees. Today it takes 8 procedures, 6.5 1.2 days and 52.3% of income per capita. Rwanda, a country facing a range 1.0 of other development challenges, has shown that improvements in the 0.8 regulatory environment—including the 0.6 adoption of global good practices—are well within the reach of low-income 0.4 economies. 0.2 Chile—creating a new online registry 0 In recent years the government of 2004 2005 2006 2007 2008 2009 2010 2011 2012 Chile has been trying to reduce the size Year with reform of the country’s informal sector and encourage entrepreneurs to formalize Note: New firm density is defined as the number of newly registered limited liability companies per 1,000 working-age their businesses. In 2013, as part of people (ages 15–64). Source: World Bank Group, Entrepreneurship Database. these efforts, a new Chilean law made it possible for entrepreneurs to register limited liability companies through an development—a top priority on its re- followed as a new company law was en- electronic, unified company registry form agenda. The reforms are driven by acted in 2009. This helped sustain the hosted by the Ministry of Economy the conviction that an efficient business annual increase in the number of new and accessible from anywhere free of climate can reduce poverty by fostering limited liability companies, a number charge.16 The new law was part of a economic growth and job creation.10 that reached 6,655 in 2012.13 strategy aimed at continuing to en- hance the efficiency of public services As part of a series of reforms of the Today Rwanda’s Office of the Registrar through the use of the latest tech- start-up process, in 2008 the govern- General is focused on making its reg- nologies, moving the country closer to ment established the Office of the istration system completely paperless e-government and fostering entrepre- Registrar General to maintain an ef- by promoting electronic registration neurship and competitiveness. It was ficient business register and promote a services. Other priorities include en- also motivated by the government’s competitive business environment. The suring accurate and timely delivery desire to make further strides in the new entity oversees the implementa- of information on its services and fight against excessive bureaucracy tion of applicable commercial laws, raising awareness of the importance and red tape, a widespread problem in such as the Companies Act,11 and the of formalizing businesses. Consistent Latin America. registration and deregistration of busi- with good practices in ensuring trans- nesses.12 By May 2009 it had set up a parency, the Office of the Registrar Private sector associations supported one-stop shop, streamlining company General makes official fee schedules for the new law, but Chilean notaries ini- name checking, payment of incorpora- business services easily available to the tially opposed it, because it dispensed tion fees, and tax and company regis- general public at its premises as well as with the requirement for the business tration procedures. on its website.14 incorporation services they offered. For business owners, however, the new law As a result of these reforms com- Rwanda has made important strides represented an opportunity to save pany registrations surged (figure 5.3). in improving its business environment time and money and to get access to In 2009 alone, 3,028 new limited li- over the past 10 years. Its business the growing amount of funding that ability companies were formed—almost regulation reforms have resulted in the Chilean government was investing equivalent to the total for the previous cost savings for the private sector in business start-ups. 5 years, when 3,374 new limited liability estimated at $5 million, investments companies had been registered. Further totaling $45 million and about 15,000 The electronic registration system— simplification of the start-up process jobs.15 In 2006, before these reforms, called “Your Company in One Day”—is STARTING A BUSINESS 51 convenient. And more changes are set FIGURE 5.4 Chile’s online system was soon registering almost half of new limited to come. The online registry is built for liability companies expansion, and the government plans Share of new companies to add new services as well as to allow created through online system (%) other types of legal entities to incorpo- 50 rate electronically. 40 The United Kingdom— simplifying start-up 30 In the United Kingdom interacting with the national business registry— 20 Companies House—is an imperative for starting a business. According to the 10 2006 Companies Act and its 1985 pre- decessor, all new limited liability com- 0 panies must register with Companies Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 House to do business. Before the digital Note: Data cover the period May 2–June 16, 2013. age this was often a costly and labori- Source: Chile, Ministry of Economy, Register of Companies (Registro de Empresas y Sociedades). ous task. It involved visits to Companies House, long lines and the higher costs not only a new process of incorporation twice the number created in 2009 associated with postal mail. Company but also a new company registry that (close to 39,000). The ultimate goal founders often had to hire solicitors to runs alongside the existing paper- should be to reach an electronic regis- handle paperwork such as the articles based one. It allows users to register tration rate of nearly 100% (see the U.K. of association. a company online at no cost. All they case study as an example). need to do is to fill out an electronic But Companies House has greatly form providing information about the Chile’s online company registry has simplified the process—by introducing company and its shareholders. The allowed greater productivity among electronic filing in 2001, increasing the process takes only a few minutes and business founders by making the transparency of its data and provid- provides the certificate of existence incorporation process faster and more ing model articles of association for instantaneously. The system also automatically assigns a taxpayer FIGURE 5.5 Electronic registration has become almost universal in the United identification number to the newly reg- Kingdom istered company, a function made pos- sible by the interconnectivity with the Total number of registered Share of new companies companies (millions) registered electronically (%) online platform of the tax agency. And 4 100 through a web service, the system per- forms automatic identity checks with the tax and civil registry authorities. 3 75 The rapid take-up of the online ser- vices testifies to the success of Your 2 50 Company in One Day. Only 7 weeks after the launch, nearly half of new limited liability companies in Chile 1 25 were being created through the new online registry (figure 5.4). In the first 0 0 8 months, the government estimates, 1990 1995 2000 2001 2003 2005 2007 2009 2010 2011 2012 2013 2014 more than 20,000 companies were created electronically. The number of Total number of registered Share of new companies companies registered electronically limited liability companies registered through the electronic system in 2013 Note: Data for 2014 are projected. (more than 85,000) was more than Source: U.K. Companies House 2013a. 52 DOING BUSINESS 2015 companies.17 These changes have made incorporation faster, more convenient CONCLUSION NOTES and less expensive. Now entrepre- Many economies have modernized their This case study was written by Baria Nabil Daye, Paula García Serna, Julie Ryan and neurs can register their business with company registries, offering a wide Valentina Saltane. Companies House in just a few hours array of online services for a lower fee by simply filing incorporation docu- or at no cost at all. But many others 1. Fritsch and Noseleit 2013. 2. Motta, Oviedo and Santini 2010; Klapper ments. All the incorporation forms are lag behind. For low-income economies, and Love 2011. available at no cost on the Companies introducing online platforms may not 3. While in some economies the registry is House website and come with detailed be an affordable or practical solution, the first and only interface for formally commencing business operations, in other instructions. Registration can be done especially if electricity shortages are economies the start-up process involves online or at the Companies House office, common. But other steps can be taken other government agencies as a result of where computers are available to enable to increase the efficiency of business more burdensome regulations. 4. See, for example, the website of the entrepreneurs to register electronically. registration. For example, economies Companies Office of Jamaica at http:// could create physical one-stop shops— www.orcjamaica.com/profile/ and that of Entrepreneurs are making good use of or improve existing ones—to streamline the Companies Registry of Hong Kong at http://www.cr.gov.hk/en/home/. the electronic filing option. The share incorporation processes and coordi- 5. De Sa 2005. of new companies registered electroni- nate the work of different agencies. 6. Wille and others 2011. cally grew sharply in the first few years, Improving the efficiency and transpar- 7. “IFC Helps Nepal Simplify Business Registration,” World Bank Group, https:// rising from around 25% in 2001 to 95% ency of company registries can not only www.wbginvestmentclimate.org in 2009 (figure 5.5). Indeed, electronic make incorporation faster and cheaper; /advisory-services/regulatory-simplification filing has become virtually universal, it can also reduce the opportunities for /business-regulation/business-entry /nepal-business-registration.cfm. with more than 98% of new companies corruption and bribery associated with 8. World Bank Group, Investment Climate registered electronically in 2013.18 business start-up processes. Advisory Services 2009. 9. The relationship is significant at the 5% level after controlling for income per capita. Besides offering online registration, Two important (and related) observa- 10. “Rwanda’s Vision 2020: Improving the Companies House has also simpli- tions emerge from this comprehensive Investment Climate for Private Sector fied the preregistration process. One overview of the Doing Business data on Development,” World Bank Group, http:// go.worldbank.org/2U51FR33M0. important step was to increase the business start-up. First, a low level of 11. Rwandan Law 07/2009 relating to transparency of registry data, mak- income need not be an insurmount- companies, April 27, 2009. ing initial business start-up research able obstacle to implementing reforms 12. Information from the website of the Rwandan Office of the Registrar General at easier. Companies House made basic that reduce the complexity and cost of http://org.rdb.rw/. information on existing companies regulatory processes and improve the 13. World Bank Group, Entrepreneurship available at no charge in 1996, allowing quality of the underlying institutions. Database. 14. Information from the website of the business founders to easily conduct And second, as the latest informa- Rwandan Office of the Registrar General at name searches both online and in its tion and communication technologies http://org.rdb.rw/. office. Today Companies House pro- spread around the world, low-income 15. World Bank Group, Investment Climate Advisory Services 2013. cesses 235 million free basic company economies will find a broader range 16. Simplifica el régimen de constitución, information searches online or through of opportunities to adopt good prac- modificación y disolución de las sociedades its mobile application every year. tices used in higher-income economies, comerciales, Chilean Law 20.659, January 22, 2013. further contributing to the process 17. Moss 2014. Beginning in 2012, Companies House of convergence seen in the Doing 18. U.K. Companies House 2013b. expanded its company information to Business indicators. A growing number 19. U.K. Companies House 2013a. include company number, address, sta- of economies with difficult business tus, incorporation date, accounts and environments are gradually adopting filing dates for annual returns. There the practices seen in those with more were almost 15,000 unique downloads business-friendly climates. of this company information data set in 2013.19 Over the past decade, as Companies House has increased its data transparency, electronic procedures and free resources for business founders, the number of registered companies in the United Kingdom has doubled. Doing Business 2015 Going Beyond Efficiency Zoning and urban planning Understanding the benefits  Zoning—the process of planning S ound regulation of construction factors as building size, height, shape helps strengthen property rights, and color; building location; and urban for land use across geographic protects the public from faulty densities.5 areas—can help avoid the mixing building practices and contributes to of incompatible land uses. This has the process of capital formation.1 But Zoning regulations can provide a useful both environmental and economic if procedures are too complicated or framework for investors and develop- benefits. costly, builders tend to proceed without ers by specifying the most appropriate  Zoning practices vary widely a permit.2 By some estimates 60–80% location for their projects before they around the world. Economies with of building projects in developing econo- apply for a construction permit (figure an efficient and effective zoning mies are undertaken without the proper 6.1). They can also help municipal process make zoning maps of permits and approvals.3 authorities establish a consistent cities accessible to builders. Others and predictable basis for granting limit access to the building permit For many entrepreneurs, construction construction permits and approving authority, which checks the zoning regulation is an important consideration or rejecting construction proposals. compliance of permit applications. when deciding where to establish their Having an up-to-date zoning system is Still others have no zoning system business. According to a competitive- therefore essential not only in support- at all. ness report by KPMG, construction ing the coordination among agencies  Among OECD high-income costs are the 5th most important factor that is needed for prosperous urban economies the process for obtaining determining the location of a start-up planning but also in ensuring efficiency a building permit, as measured in the United States and the permitting in granting construction permits. Also by Doing Business, takes 19 fewer process is the 17th most important.4 important is that such zoning systems days on average in those where the One element of construction regulation be developed through a consultative process includes zoning procedures is zoning, which regulates the location process with broad participation, to than in those where it does not. and use of certain types of buildings ensure that they benefit all social  In New Zealand all municipalities within a city. groups. have a detailed, up-to-date zoning plan that has been approved through a process with intensive public involvement—including public HOW DOES ZONING RELATE HOW CAN ZONING AFFECT hearings to allow residents to offer TO CONSTRUCTION ECONOMIC DEVELOPMENT? suggestions or objections. PERMITTING? Through zoning, governments can  Guatemala, a recent success story, Zoning is an essential tool in successful ensure the proper use of land and introduced a land management plan urban planning. Maps divide com- avoid mixing incompatible land uses. in its capital city in January 2009. munities into different zones based Zoning has been used as a regulatory A new zoning system established on the types of uses allowed—such tool to respond to changing environ- zones based on the general use of as residential, commercial, industrial, mental and development conditions land, including mixed-use zones. public buildings, parks and green areas. as well, including flooding, rising sea In most economies with zoning plans, levels and the loss of infrastructure.6 each zone has its own ordinance gov- Zoning regulations that take into ac- erning development within that sec- count environmental threats such as tion. These ordinances determine such flooding protect citizens by ensuring 54 DOING BUSINESS 2015 FIGURE 6.1 Where does zoning generally fit into the construction permitting process? Builder decides on type of construction project. In some instances builder Builder obtains zoning approval (recorded by Doing Business as a must apply for a separate procedure only if builder is required to obtain zoning certificate or approval directly from the relevant agency). zoning approval for the intended location of the project. Builder prepares the necessary drawings and other required documentation. Builder applies for the necessary preapprovals for the project (if required), such as land use approval, environmental approval and fire safety approval (including any necessary inspections). The relevant authority consults the zoning maps of the city to determine whether the project will be built in an appropriate Builder applies for and obtains a building permit. location, based on its specifications. In some instances builder may consult the zoning maps while the relevant authority simply does a Builder begins construction and receives either random or phased inspections verification check when during construction by the relevant parties. reviewing the permit application. Builder completes construction and receives final inspection from the relevant parties to ensure that the construction was completed in compliance with building regulations and the conditions set forth in the building permit. Builder receives a completion certificate or occupancy permit, ensuring that the building is ready to be occupied. Builder applies for and obtains the final water and sewerage connection from the water and sewerage authorities. Source: Doing Business database. that future development keeps them municipalities include new areas for But where a zoning process is too and their possessions out of harm’s housing development and new indus- complex or restrictive, it can have an way. More generally, zoning plans can tries, zoning plans can help address adverse effect on factors such as hous- promote the conservation of energy the challenges associated with demo- ing supply and prices. Consider the ex- and natural resources, foster a greener graphic change and shifts in business ample of Sweden, where zoning policies environment, improve sustainability activity. In addition, municipal zoning mandate that municipalities must ap- and enhance the ability to adapt to can protect and improve the health of prove a detailed development plan for climate change. citizens by removing or minimizing pol- most housing projects before issuing a lution from industrial plants and con- construction permit. According to the A good zoning plan can help reduce tamination from landfills and sewage. Stockholm Planning Department and greenhouse gas emissions by cutting Zoning can help ensure an adequate an OECD study, more than half of all down on vehicle travel—such as by supply of safe water and the suitable construction projects—including most promoting higher-density development disposal of waste. And it can enhance apartment buildings—involve designing and concentrating residential develop- property values—by reducing pollu- or modifying a detailed development ment near job centers. A zoning plan tion, providing suitable light, avoiding plan.9 This can take 18 months on av- can also help reduce greenhouse gas overcrowding and traffic congestion, erage, according to estimates from the emissions by promoting an adequate developing green zones and offering municipality of Stockholm, and in 20% and accessible public transportation proximity to schools, hospitals and of cases it can take 3–4 years.10 Many system.7 By ensuring that certain other public necessities.8 researchers agree that administrative ZONING AND URBAN PLANNING 55 barriers to new construction are one automatically forwards the applica- scenario: a zoning system is still in of the 2 main factors (the other being tion to the Town Planning Department place and zoning compliance is still rent control policies) that have led to a for zoning approval, with no involve- verified, though not in the most ef- housing shortage in Sweden over the ment from the builder. In Belize the ficient way. Nevertheless, requiring past decade.11 Building Plan Committee of the Central verification of zoning compliance is Building Authority checks the permit better than having no zoning system at application to ensure compliance with all—with builders able to construct any zoning, environmental and fire safety type of project in any part of the city. WHAT ARE SOME GOOD requirements. PRACTICES IN ZONING? Thirty-six of the 65 economies require Recognizing the importance of zoning Neither of these processes requires builders to obtain approval to build in and urban planning, many economies the builder to take the extra step of their intended location before they can require builders to obtain some form actually obtaining a zoning approval receive a construction permit (table of zoning or urban planning approval before applying for a building permit— 6.1). Twenty-two of these 36 economies before building or even before obtaining a good-practice scenario if completed require a zoning permit as this form of a construction permit. This is done to efficiently without significant delays. approval. A zoning permit or zoning ensure that the intended building will But efficiency is not all that is impor- clearance signifies that the land use for be located in the appropriate zone tant. Around the world, good zoning the planned development is consistent (industrial, commercial or residential) systems also need to be broadly with the zoning regulations. In Canada according to the city’s zoning require- inclusive, incorporating all groups in the building code requires a builder to ments. But economies go about this society to bring about positive social obtain a zoning permit before even process in different ways. outcomes. They also need to be regu- applying for a site plan approval and larly updated to reflect changing needs the technical review of a development Some economies complete the process and developments. application. Among the 22 economies efficiently and effectively by mak- requiring a zoning permit, some issue it ing zoning maps of cities accessible Sixty-five of the 189 economies cov- more expeditiously than others. In the to builders (in some cases online). In ered by Doing Business do require that Philippines it takes 5 days on average these cases builders access the maps builders go through the additional to obtain the site clearance from the to verify that their project’s intended step of getting urban planning ap- City Planning and Development Office location is in compliance with zoning proval before obtaining a construction that a builder must have to apply for regulations, and they can include this permit. Of those 65, the largest shares a construction permit. In Bangladesh information with the building permit are in Europe and Central Asia (26%) obtaining a zoning clearance from application. In Swaziland, for example, and Latin America and the Caribbean the Capital Development Authority builders are responsible for checking (22%) (figure 6.2). This is a second-best (Rajuk) in Dhaka takes 45 days on the zoning maps and including the zon- ing information when submitting their permit application to the municipality. FIGURE 6.2 Half the economies that require the additional step of obtaining a zoning In the United States builders in New or urban planning approval are in Europe and Central Asia or Latin America York City must complete a zoning South Asia diagram form available online and sub- (2 of 8 economies) Middle East & North Africa Europe & Central Asia mit it along with other required forms (7 of 20 economies) 3% (17 of 26 economies) to the Department of Buildings. The 11% Department of Buildings will still review East Asia & Pacific 26% (8 of 25 economies) the form to check that the project 12% complies with the city’s zoning policies. 12% Sub-Saharan Africa 22% In other economies the permit-issuing (8 of 47 economies) 14% Latin America & Caribbean authority checks the zoning compli- (14 of 32 economies) ance itself after receiving the building OECD high income permit application. In The Bahamas, (9 of 31 economies) for example, a builder is required only Note: The numbers in parentheses are the number of economies out of the total in each region that require the to submit a permit application to the additional step of obtaining a zoning or urban planning approval. Building Control Unit. This unit then Source: Doing Business database. 56 DOING BUSINESS 2015 levels—regional, municipal or special TABLE 6.1 What type of clearance is needed in economies with zoning zoning—providing several options for requirements? verifying the regulatory compliance of Urban planning clearance or the project. Urban planning clearance or certificate is generally obtained Zoning permit is mandatory certificate is mandatory but not mandatory Afghanistan Albania Algeria In 29 of the 65 economies there is no Argentina Bosnia and Herzegovina Antigua and Barbuda legal requirement to obtain an urban planning clearance or certificate. Australia Côte d’Ivoire Bahamas, The But architects normally request a Bangladesh Ecuador Bahrain certificate because it provides all the Bolivia Iran, Islamic Rep. Cameroon information needed to ensure that Canada Kosovo Cyprus architectural plans are in compliance Comoros Lebanon Finland with building regulations. In some Costa Rica Macedonia, FYR France economies the information is available online, but in most the information can Czech Republic Madagascar Kazakhstan be obtained upon request. Dominican Republic Moldova Latvia El Salvador Nicaragua Lithuania Fiji Serbia Montenegro Indonesia South Africa Morocco IS PERMITTING MORE EFFICIENT WITH ZONING? Kuwait Spain Netherlands While obtaining a zoning or urban plan- Mexico New Zealand ning clearance represents an additional Namibia Palau step in the construction permitting Philippines Papua New Guinea process, this does not necessarily mean Puerto Rico (U.S.) Qatar that economies that require this step Solomon Islands Romania have inefficient permitting systems. Consider OECD high-income econo- United States Russian Federation mies. As measured by Doing Business, Uruguay Senegal the process for obtaining approval Venezuela, RB Singapore of a building permit takes 43 days Sudan on average in those where it includes Tajikistan zoning procedures, 62 days in those where it does not. Obtaining a zoning Trinidad and Tobago or urban planning clearance actually Turkey speeds up the process—by 19 days on Ukraine average in these OECD high-income Uzbekistan economies—especially where the builder can obtain the clearance directly on- Vanuatu line. The reason is that this step avoids Note: A zoning permit signifies that the land use for the planned development is consistent with the zoning regulations. An urban planning clearance or certificate generally outlines conditions relating to the plot of land where the builder back-and-forth interactions between intends to build, including where construction is permitted on the plot (that is, the specific coordinates). the permit-issuing agency and the Source: Doing Business database. architect or even outright rejection of the project because of noncompliance. average, while obtaining one from the the project can be built in the specified Chittagong Development Authority zone but also guarantees that the con- On average across all 65 economies takes 40 days on average. struction permit will be issued without that require the additional step, ob- problems—because much of the verifi- taining the zoning or urban planning In other economies the process is cation for the permit is done as part of clearance takes 26 days (of a total of entirely different. In Belgium, for ex- the process for issuing the certificate. 177 days on average to comply with ample, an urban planning certificate is For smaller-scale projects all plan- all formalities to build a warehouse) required only for large-scale projects. ning regulations are available online. and costs $402 (of a total of $15,709). This certificate not only verifies that These regulations are set at several These economies generally require only ZONING AND URBAN PLANNING 57 one procedure to obtain the zoning cer- just 5 years. Construction activity has municipality and are periodically re- tificate or clearance. Very few require a increased substantially under the new viewed to ensure that they reflect the site inspection as part of this process, zoning system in Guatemala City. changing urban needs. Each district but in those that do, the overall permit- plan is approved through a participato- ting system tends to be less efficient. In New Zealand—an efficient and ry process in which the district council Indonesia, for example, a builder must predictable process holds public hearings to allow residents first request a city planning permit and New Zealand illustrates the use of mu- to submit suggestions or objections. building site plan—in Jakarta, from the nicipal planning and zoning as a tool to Once the residents’ comments have zoning office, and in Surabaya, from the facilitate the construction permitting been processed, the plan becomes one-stop shop—then receive an on-site process. Its planning and zoning regula- “operative”—as a statutory document inspection and finally receive the city tions are among the world’s most effi- that regulates land development ac- planning permit. This process takes cient. They are comprehensive, predict- tivities for the entire municipality. 22 days on average in Jakarta (where able and streamlined in implementation. the entire construction permitting This means that all municipalities in process takes 202 days) and 23 days New Zealand uses 2 main types of plan- New Zealand have a detailed, up-to- in Surabaya (where the entire process ning documents: regional plans and date zoning plan in place that has been takes 243 days). By contrast, Namibia district plans. Regional plans specify approved through meaningful public requires only one zoning procedure: the general requirements, such as air and involvement. The plan provides inves- builder must consult with the Town water quality and the use of coastal tors and developers with a reliable ref- Planning Department to ensure that areas. District plans are detailed plan- erence to guide them in the design and the land is in the correct zoning area. ning guidelines that outline the specific conceptual stage of a project, before Zoning approvals are issued on the land use and design requirements for they apply for a construction permit. spot and at no cost. builders. And it provides municipal authorities with a consistent basis for approving Overall, zoning requirements can lead The district plans are legally bind- or rejecting construction permits, with to more efficient and less costly con- ing, cover the entire usable land in a little discretion involved (figure 6.3). struction permitting systems. They can help guarantee compliance with zoning regulations even before the FIGURE 6.3 New Zealand’s district plans support an efficient, predictable process for permit-issuing agency receives the construction permitting building permit application. This allows architects and engineers to finalize the building specifications with the knowl- The district plan specifies 6 Is the Apply for a land plot in a Yes categories of construction construction edge that there will be no need to ad- projects—ranging from permitted permit zone? just them later in the process because permitted to prohibited. of possible zoning issues. No Provide an A project not in the permitted assessment of environmental category requires a resource Apply for a effects consent, an official approval resource TWO EXAMPLES OF GOOD verifying compliance with the resource use requirements of consent Provide a written PRACTICE the district plan. consent from the affected parties New Zealand and Guatemala both provide examples of well-implemented Is the Yes Undergo zoning systems. In New Zealand all mu- project public nicipalities have a detailed, up-to-date complex? hearings zoning plan that has been approved No through a participatory process and supports an efficient construction permitting system. And in Guatemala Notify directly affected parties and planning authorities in the capital obtain the resource consent city recently switched to a mixed-use land planning system and digitized Source: “An Everyday Guide to the Resource Manangement Act Series 1.1: Getting in on the Act,” New Zealand, Ministry the zoning maps—all in the span of of Environment, http://www.mfe.govt.nz/publications/rma/everyday/overview/. 58 DOING BUSINESS 2015  Create public spaces with high TABLE 6.2 Zoning classifications in Guatemala City’s new land management plan urban vitality Share of Share of buildings  Promote an interconnected road total land in in zone that can be Zone Guatemala City (%) Primary use of zone residential (%) network  Provide certainty to owners and G0—natural 18 Natural reserve areas where residential 0 buildings are not allowed for investors, including by promoting environmental reasons and because of high risk levels the desired urban development practices through incentives G1—rural 20 Areas that are still rural or agricultural 75 with an intermediate level of risk, where  Secure the necessary resources for low-density residential buildings are municipal investment allowed though preservation of the environment is a priority G2—semiurban 9 Areas where low-density buildings in 75 While the old system had divided the closer proximity are allowed but because land into industrial, residential and com- of location or topography, preservation of the environment is a priority mercial zones, the new one established zones according to the general use of G3—urban 37 Areas that comprise most of the city’s 50 currently urbanized area, including a land, a change that included introducing medium density of single-family and mixed-use zones. The city was divided multi-family dwellings into 6 main zones that range from rural G4—central 13 Areas with a high density of mid-rise 35 buildings, where most of the land has to more urban (table 6.2). been developed and open spaces have been converted into public parks The municipality developed the new G5—núcleo (core) 3 Areas with a high density of high-rise 25 plan in consultation with both the buildings and towers, where most of the land has been developed and open spaces private and public sector and widely have been converted into public parks publicized it. The zoning maps have Source: “Plan de Ordenamiento Territorial,” Municipality of Guatemala City, http://pot.muniguate.com/docts been digitized over the past 5 years, _soporte/07_procedimientos_pot.php. and the process is now complete for the entire city. Builders can access the Municipalities face official time limits for completing each procedure related maps through an online link to verify for making a decision—20 working to obtaining a resource consent (zoning that a planned building is in compliance days for simple cases and 4 months modification) or construction permit.12 with the city’s zoning system before for more complex cases that involve applying for a building permit.13 public hearings. According to Doing Guatemala—a recent success Business data, most complex cases are story The new zoning system has shown processed in 100 days. Until 5 years ago Guatemala’s capital positive results, including a substantial city had a weak zoning system with no increase in construction activity, a There are 3 main factors behind the digital zoning maps. In January 2009, welcome development given pervasive efficient processing of construction however, the Municipality of Guatemala shortages. The square meters of con- permits in New Zealand in cases where City adopted a new land management struction authorized by Guatemala a change in zoning is necessary. First, plan that established land use classifi- City’s one-stop shop for construction there are clearly defined steps for mod- cations based on 10 objectives: permitting almost doubled in the first ifying a zoning plan (that is, obtaining  Encourage access to housing and few years, rising from 1.1 million in 2009 a resource consent), requiring differ- diversify its supply to 2.08 million in 2013.14 And the munici- ent levels of review depending on the  Promote high-density construction pality expects to authorize 2.2 million complexity of the project. A resource where there is an adequate trans- square meters by the end of 2014. consent is not required if the proposed port network construction is already in a permit-  Limit construction in high-risk areas But implementing the system was not ted zone. Second, there are objective and protect natural and historically without its challenges. Some citizens criteria for municipalities to use in significant areas felt that the government was regulat- making a decision to approve or reject  Ensure public participation in local ing what they could do with their own a construction proposal—an assess- land use planning land. And many objected to the notion ment of environmental effects and a  Ensure compatibility in the use of of mixed land use, fearing an increase in written consent from affected parties. buildings in close proximity negative externalities such as noise and And third, there are official time limits  Encourage mixed land use traffic in residential areas. In introducing ZONING AND URBAN PLANNING 59 mixed land use, however, the municipal- ity was seeking to address both traffic NOTES issues, by reducing the need for long This case study was written by Marie Lily Delion, Anushavan Hambardzumyan, Joyce Ibrahim, Ana commutes, and security concerns, by Maria Santillana Farakos and Melissa Scanlan. ensuring that all neighborhoods would have activity throughout the day. 1. World Bank Group, Investment Climate Department 2013. 2. Moullier 2009. 3. De Soto 2000. 4. KPMG 2009. CONCLUSION 5. Grannis 2011; Neumann 2014. 6. Grannis 2011. Without properly implemented zoning 7. Schaffner and Waxman 2009. systems, urban planning becomes dif- 8. Crone 1982; Karkkainen 1994. 9. In-depth interview with an expert in the ficult, as does ensuring the proper uses Stockholm Planning Department conducted of land and mitigating environmental by the Doing Business team on December 5, concerns. Recognizing the importance 2013; Hüfner and Lundsgaard 2007. 10. “Planprocessen,” City of Stockholm, http:// of zoning and urban planning, many www.stockholm.se/TrafikStadsplanering economies have adopted zoning /Stadsutveckling/Stadsplanering systems to varying extents. These /Planprocessen/. 11. Swedish National Board of Housing, Building economies require builders to obtain and Planning 2013. some form of zoning or urban planning 12. For more information on New Zealand’s approval before building or even before zoning system, see the chapter on urban planning and construction permitting in obtaining a construction permit. These World Bank (2014b). requirements can lead to more efficient 13. Zoning maps are available on the website and less costly construction permitting of the Municipality of Guatemala City at http://vu.muniguate.com systems. /index.php?id=14&opc=10. 14. Statistics provided by the Municipality of Guatemala City. Doing Business 2015 Going Beyond Efficiency Registering property Measuring the quality of land administration systems  This year Doing Business has I nsecure title to land prevents people Doing Business, through its registering collected new data in 170 economies from taking full advantage of the property indicators, measures the on the overall quality of land productive uses of the land.1 Where efficiency of property registration administration systems through people have proper title to their land, systems through the time, cost and a set of indicators on reliability, however, they can use the property as number of procedures required to transparency, coverage and dispute collateral for a loan or transfer land par- transfer a commercial property. These resolution. cels in which they have invested.2 And indicators do not provide information  Half of economies around the world titles can serve as a valuable insurance on the overall quality of land admin- use an electronic database for and savings tool for families, providing istration systems. This year, for the checking for charges on property protection during difficult times and in first time, Doing Business has collected (encumbrances)—and half have a retirement. Indeed, with the protection preliminary data in 170 economies geographic information system for of secure title guaranteed by a reliable on the reliability, transparency and recording maps. land registration system, land can be coverage of land registration systems  In 72% of economies the land registry used to create wealth for the broader and on land dispute resolution (figure makes fee schedules publicly benefit of society and contribute to 7.1). Next year Doing Business will refine available, either online or on public the eradication of poverty. Because the newly collected data and intends display boards. land and buildings account for between to add a new indicator on the quality half and three-quarters of the wealth of land administration to its current  Only 56 economies make statistics about transactions at the land in most economies, having a reliable set of registering property indicators. registry publicly available, and only system for registering and transferring 63 provide specific means for filing property titles matters.3 an official complaint about land services. FIGURE 7.1 What do the data on the quality of land administration systems cover?  Around the world, 27% of economies have a registry with full coverage Data on reliability assess whether the land registry and mapping system of private land, and 34% a mapping (cadastre) have adequate infrastructure to guarantee high standards and system with complete coverage. Reliability reduce the risk of errors. Reliable land administration systems can provide up-to-date information that is sufficient to make meaningful inferences on  A reliable, transparent, complete ownership. and secure land registration system Data on transparency record whether the land administration system makes is associated with greater access to land-related information publicly available. This can inform the public about Transparency credit, lower income inequality and transaction possibilities and foster the development of a unified and more efficient land market. a lower incidence of bribery at the land registry. Data on coverage assess the extent to which the land registry and mapping system (cadastre) provide complete geographic coverage of privately held Coverage land parcels. To be accessible to third parties, and thus enforceable to anyone, all transactions need to be publicly verified and authenticated at the registry. Data on dispute resolution measure the accessibility of conflict resolution mechanisms and the extent of liability for entities or agents recording land Dispute transactions. Unclear responsibilities in land transactions lead to more land resolution disputes, diverting land from productive uses. Clear responsibilities can help keep the number of unresolved disputes low. REGISTERING PROPERTY 61 HOW TO PROVIDE FIGURE 7.2 What does land administration cover? RELIABLE INFORMATION? A reliable land administration system provides clear information on the Land administration ownership of property, supports the Land registration system Surveying and mapping system security of tenure and facilitates the A land registry records the ownership and A property map index (cadastre) provides development of a land market (figure other legal rights over land. The function descriptions of land parcels in a specific 7.2). It also inhibits fraudulent actions, of land registration is to provide a safe jurisdiction based on land surveys. It and certain foundation for the acquisition, typically includes information about the such as using false documents to enjoyment and disposal of rights in land. location, owner and zoning use of parcels. conduct land transactions or selling It can be used for land taxation purposes. properties multiple times without the knowledge of the true owners. One key to fulfilling these functions is to have in place the infrastructure needed to system increases the time required to for the public agencies that deal with maintain land information, supported conduct a title search and the oppor- land issues as well as for the general by an appropriate institutional frame- tunities for fraud.4 It also increases the public. Many economies are moving work and adequate capacity. Doing vulnerability of the records to political toward computerized land administra- Business has developed a series of instability, poor climate conditions, tion systems. Over the past 6 years questions to assess the quality of the natural disasters or such incidents as 51 economies computerized their land infrastructure of land administration the Great Chicago Fire of 1871, which registries. Mozambique, where a flood systems. These questions focus mainly destroyed almost all the city’s real es- affected land records in 2000, scanned on how land records are stored at the tate records. More recently, in Kosovo most of its titles in 2013. Mauritius land registry, whether the informa- the entire cadastral system had to be implemented a new electronic system tion is kept in an electronic database, reconstructed after years of armed that allows the automatic population whether the databases for landowner- conflict led to the loss or destruction of of property registration information ship and maps are linked and whether the system’s records.5 In Pakistan the dating back to 1978 and enables differ- each parcel has a unique, searchable floods of 2010 destroyed thousands ent branches of the Registrar General identification number. of paper land records, leading to the Department to share information. loss of the only evidence that people Other economies scanned all their In many economies property titles are had of their land tenure.6 There was no historical records. registered manually and most titles backup. remain stored in paper archives with Digital records also make it easier to restricted access. In 62 economies Computerization can provide a backup access key information on the legal property titles are kept only in paper system to protect information. It can status of properties. An electronic da- format. Relying on a paper-based also make cross-checking data easier tabase for encumbrances can quickly show whether there is a mortgage or other charges on a property or any FIGURE 7.3 Half of economies have an electronic database for encumbrances—and half have a geographic information system other limitations that would impede its sale to a third party. According to Doing Share of economies with an electronic Share of economies with a geographic Business research, half of economies database for encumbrances (%) information system (%) around the world have an electronic 90 90 database for rights and encumbrances 80 80 70 70 (figure 7.3). 60 60 50 50 Cadastral maps play an important 40 40 part in increasing tenure security—by 30 30 providing information about the 20 20 10 10 physical characteristics of land, the 0 0 boundaries of parcels and any changes Low Lower middle Upper middle High Low Lower middle Upper middle High income income income income income income income income in those boundaries. They can also help ensure a stable source of public Source: Doing Business database. revenue by supporting more complete 62 DOING BUSINESS 2015 coverage of property taxes.7 A case in process cadastral surveys. Complicated point was the Maputo Structure Plan HOW DOES TRANSPARENCY processes and limited availability of in Mozambique—an initiative to col- SUPPORT QUALITY? information in the land sector facilitate lect geographic data that was aimed Transparency is a key element in the such bribery.11 But a transparent land at aiding the physical development quality of land administration systems. administration system—one in which of the capital but that also has the It helps eliminate asymmetries in in- all land-related information is publicly potential to help further improve the formation between users and officials available, all procedures and property collection of property taxes.8 Today, in a land administration system and transactions are clear, and information half of economies around the world increases the efficiency of the land on fees for public services is easy to have a geographic information system market.10 Doing Business has collected access—minimizes the possibilities for in place—a computerized system data about transparency through a set informal payments and abuses of the that can capture, store and analyze of questions focusing on who has ac- system. Indeed, cross-country data geographic data. While most are high- cess to land information, whether the show that the greater the quality and income economies, some are low- and fee schedule for land registry services transparency of a land administration middle-income economies. In Sub- is publicly available, whether there are system, the lower the incidence of Saharan Africa, for example, South service standards for property transac- bribery at the land registry (figure 7.4). Africa and Swaziland both have an tions, whether statistics about land electronic database to record property transactions are collected and made Among all economies included in the re- boundaries, check maps and provide available to the public and whether any search, 45 do not make the fee sched- updated geographic information on specific mechanism is in place for filing ule for land registry services publicly land parcels. a complaint. available. In 7 of these economies the fee schedule is not accessible, and in Linking the land registry with the Transparency in a land administration 38 it is accessible only by asking for it cadastral system has important system provides a defense against in person from a public official. In stark advantages. It helps in maintaining requirements for informal payments, contrast, 83 economies make informa- up-to-date records on the legal rights such as to register property, change tion on fee schedules available online. to properties and the spatial charac- a title, acquire information on land or Some economies go even further: teristics of land plots, thus increasing tenure security. And it provides a single FIGURE 7.4 A better and more transparent land administration system is associated point of contact for those conducting with a lower incidence of bribery at the land registry land transactions. 9 In recent years several economies, mostly in Europe Reported incidence of bribery for land services (%) and Central Asia, have merged their land registries and cadastral systems. 80 For example, the Russian Federation 70 created a unified electronic land and 60 property registry in 2013 by merging 50 the state registry of immovable prop- erty and the state topographical and 40 cadastral mapping system. 30 20 Having all agencies use a single iden- 10 tification number for property is also beneficial. It allows quick identification 0 0 5 10 15 20 25 30 of the legal status of a parcel, provid- ing greater certainty for the parties Score on overall quality of land administration engaged in a transfer of property and Note: The score on the overall quality of land administration is obtained through a set of questions on reliability, transpar- reducing the likelihood of mistakes. ency; coverage and dispute resolution. For example; an economy receives 1 point if it has a functional electronic database for encumbrances; 1 point if it makes the documents and fee schedules for property registration publicly available (online or on A majority of economies use a single public boards); 1 point if it compiles statistics on land transactions and makes them publicly available and so on. The highest possible score; indicating the highest overall quality; is 30 points. The reported incidence of bribery refers to the share of identification number, with the highest people reporting in Transparency International’s Global Corruption Barometer 2013 survey that when they had contact shares doing so in Europe and Central with land services in the previous 12 months; they paid a bribe for services. The correlation between the score on the overall quality of land administration and the reported incidence of bribery is −0.60. The relationship is significant at the 1% level Asia, the OECD high-income group and after controlling for income per capita. The analysis is based on 88 observations. the Middle East and North Africa. Source: Doing Business database; Transparency International data. REGISTERING PROPERTY 63 Sweden has an online system allowing FIGURE 7.5 The accessibility of fee WHERE IS COVERAGE anyone to access not only information schedules for land registries varies across income groups on fees but also any information on COMPLETE? plots going back 400 years.12 Advanced The utility of even the most reliable and systems like Sweden’s are not easy to transparent land administration sys- Economies by type of access provided (%) afford. A much cheaper alternative is tem will be undermined if it covers only to make fees available through public a limited area of the economy. Where 100 boards or brochures—the approach land registries do not provide complete 80 used by land registries in 34 economies geographic coverage, companies and (figure 7.5). individuals cannot be sure whether the 60 areas not covered at the registry might Governments can give citizens the be relevant to their interests.17 For 40 chance to be informed and contribute maximum effectiveness, the registry to a better business environment by and cadastre should make records of 20 promoting transparency about their all registered private land readily avail- operations—for example, by tracking able and the records should cover the 0 the performance of their land services entire economy.18 Low Middle High income income income and openly sharing statistics about Online In person property transactions. Lithuania com- Around the world, only 27% of econo- Public boards/ Not publicly piles statistics on the performance mies have a registry with full coverage brochures available of its land registries and makes them of private land—and only 34% a ca- available to the public.13 Panama’s dastre with complete coverage (figure land registry dedicates a page on its 7.7). South Asia, Latin America and the Source: Doing Business database. online portal to transparency, publish- Caribbean and Sub-Saharan Africa ing monthly data on the number of have the smallest shares of economies transactions broken down by type— with full coverage of private land, while mortgages, first registrations, trans- the OECD high-income group and fers.14 Overall, 98 economies compile Europe and Central Asia have the larg- FIGURE 7.6 Where do land registries statistics on land transactions (figure est shares with full coverage. have statistics on land transactions 7.6), though only 56 of those make their and a specific mechanism for filing a statistics public. Several economies have increased the complaint? coverage of their land registry and One powerful consequence of trans- cadastre by registering properties and Share of economies with parency is accountability: information the associated rights through either accountability mechanism (%) gives citizens the power of knowing systematic adjudication or a more 90 what to expect and whom to hold sporadic approach. Between 1984 80 accountable in case things go awry. and 2004 Thailand implemented one 70 But if the mechanisms through which of the world’s largest land titling pro- 60 individuals or agencies are held ac- grams, using efficient, systematic land 50 countable function poorly, information titling procedures and issuing more 40 alone will not be enough. Of all econo- than 8.5 million titles.19 Recognized as mies included in the research, only 63 very successful, the project has served 30 have specific means for filing an official as a model for other countries in East 20 complaint about land services. One is Asia and the Pacific.20 More recently, 10 Malaysia, where the land registry and in 2014 Rwanda completed its process 0 the cadastre allow users to file anony- of regularizing land tenure, aimed Low Lower Upper High income middle middle income mous complaints through their web- at registering all land in the country. income income site, which are then sent directly to the The effort required surveying all land Statistics on the number of transactions director of the department.15 Another parcels and providing land titles to all Specific complaint mechanism is Mauritius, where the website of the rightful claimants. It registered 10.3 Registrar General Department enables million parcels through a low-cost, users to fill out a form providing feed- community-based process starting Source: Doing Business database. back or filing a complaint.16 in 2010.21 With the process complete, 64 DOING BUSINESS 2015 land can make up the lion’s share of FIGURE 7.7 Land registries and cadastres provide the highest coverage of private all disputes in court.22 To prevent land land in OECD high-income economies and Europe and Central Asia disputes and better manage existing Share of economies where land registry Share of economies where mapping ones, the legal framework for land has full coverage (%) system has full coverage (%) administration needs to assign clear 80 80 responsibilities to the stakeholders involved in land transactions and pro- 70 70 vide effective mechanisms of dispute 60 60 resolution that can be implemented in a consistent way and are acces- 50 50 sible to all.23 Data collected by Doing 40 Business on the legal framework for 40 land administration cover several 30 30 aspects, including who is held respon- sible for verifying the identities of the 20 20 parties to a land transaction, whether 10 10 the property registration system is guaranteed, whether any specific com- 0 0 pensation mechanism is in place, how OECD high income Europe & Central Asia Middle East & North Africa East Asia & Pacific Sub-Saharan Africa Latin America & Caribbean South Asia OECD high income Europe & Central Asia East Asia & Pacific North Africa Sub-Saharan Africa Caribbean South Asia Middle East & Latin America & long it takes to resolve a land dispute between 2 domestic companies in the first instance and whether statistics on land disputes are collected and made publicly available. Source: Doing Business database. To help avoid land disputes, it is es- sential to ensure the accuracy of the in- FIGURE 7.8 How long does it take to resolve a land dispute in the first instance? formation underlying land transactions and to identify cases of fraud—by veri- Economies by time required (%) fying and authenticating the identity of parties to a property transaction and 100 validating all property records. This can 80 be done by the registrar or by profes- sional agents such as notaries and law- 60 yers, whose legal responsibilities should be clearly specified in the law. In some 40 economies the state requires a profes- sional agent—a public notary in France 20 and Italy, a public officer in the Republic of Korea—to be fully responsible for the 0 transaction. income Europe & Central Asia East Asia & Pacific Middle East & North Africa Sub-Saharan Africa South Asia Latin America & Caribbean OECD high In many economies the state provides a guarantee over property registra- 1 year 2 years 3 years or more tion. Among all economies covered by the research, 149 have a property Note: Data refer to a standardized case involving a dispute over a property transfer between 2 domestic companies. registration system backed by a state Source: Doing Business database. guarantee. The most advanced forms of guarantee indemnify individuals for the land registry is now able to provide losses suffered because of deficien- information on different categories of HOW TO DEAL WITH LAND cies in information provided by the tenure, through a database searchable DISPUTES? registry.24 In Shanghai, for example, by parcel across the entire country. In many economies disputes over the state will provide full compensation REGISTERING PROPERTY 65 for losses due to a technical error by FIGURE 7.9 Good land administration systems are associated with higher levels of a public officer. In England and Wales domestic credit provided by the financial sector indemnity is also payable for losses incurred because of a mistake in an Domestic credit provided by financial sector (% of GDP) official search or an official copy. 250 Accuracy of information in land regis- 200 tries can help avoid potential disputes. But when disputes do arise, alternative 150 dispute resolution mechanisms—such as voluntary mediation procedures— 100 can help deal with them at a pre- liminary stage, easing the burden on 50 congested courts.25 A dozen economies have mediation procedures specifically 0 0 5 10 15 20 25 30 for land disputes. One is Liberia, which -50 instituted a program for resolving land disputes through mediation to fill a -100 Score on overall quality of land administration gap left by the virtual collapse of its court system after the civil war.26 The government set up the National Land Note: For an explanation of the scoring on the overall quality of land administration, see the note to figure 7.4. Domestic credit provided by the financial sector includes all credit to various sectors on a gross basis, with the exception of credit Commission to address fundamental to the central government, which is net. The data are for the most recent year available. The correlation between the land tenure issues and develop interim overall quality of land administration and domestic credit provided by the financial sector is 0.56. The relationship is significant at the 1% level after controlling for income per capita. The analysis is based on 150 observations. measures for resolving land disputes. Source: Doing Business database; World Bank, World Development Indicators database. When land disputes end up in court, an efficient legal system should be able to FIGURE 7.10 Economies with a good land administration system are likely to have provide a timely resolution. But time lower inequality requirements vary considerably across economies. Obtaining a judgment in a Gini index standard land dispute takes less than 70 a year in 58 economies, but up to 3 years or more in another 55 economies. 60 There is also much variation across 50 regions. In 61% of economies in the OECD high-income group and 58% in 40 Europe and Central Asia, land disputes 30 can be resolved within a year. In 80% of economies in South Asia and 62% in 20 Latin America and the Caribbean, the process usually takes 3 years or more 10 (figure 7.8). 0 0 5 10 15 20 25 30 Whether a judicial system provides Score on overall quality of land administration official statistics on the number of land Note: For an explanation of the scoring on the overall quality of land administration, see the note to figure 7.4. The disputes filed and resolved can be an Gini index measures the extent to which the distribution of income or consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, indicator of its overall quality—reflect- an index of 100 perfect inequality. The data are for the most recent year available. The correlation between the overall ing something about how well it func- quality of land administration and the Gini index is −0.37. The relationship is significant at the 1% level after controlling for income per capita. The analysis is based on 123 observations. tions and how transparent it is. Among Source: Doing Business database; World Bank, World Development Indicators database. all economies included in the research, about 20 have such statistics available. In Finland, for example, statistics show in the district courts in 2012; these resolved through court in the country. that 1,173 land disputes were settled represented about 0.25% of all disputes In Georgia 168 land disputes were 66 DOING BUSINESS 2015 resolved in 2013, accounting for 1.92% of all disputes settled by the courts of CONCLUSION NOTES first instance. And in Latvia 324 land Expanding the registering property This case study was written by Edgar Chavez, Laura Diniz, Frédéric Meunier, Parvina Rakhimova dispute claims were filed in 2013, rep- indicators to measure the quality of and Marilyne Youbi. resenting 0.91% of all claims submitted land administration systems as well to the courts of first instance. as the efficiency of property transac- 1. UN-Habitat 2013. Title refers to the formal legal document serving as evidence of tions enriches the substance of these ownership. This document can take a range indicators. It provides measures of of forms. key elements of land administration 2. Galiani and Schargrodsky 2010. WHY DOES THE QUALITY systems—elements that matter for 3. World Bank 1989. 4. UN-Habitat 2013. MATTER FOR ALL? all people in a society. New data on 5. UN-Habitat 2012. A reliable, transparent, complete and reliability, transparency, coverage 6. “Provincial Government of Khyber Pakhtunkhwa and UN-Habitat Inaugurates secure land registration system plays and dispute resolution show much GIS Labs for Computerization and an important part in supporting access variation in the overall quality of land Digitization Process of Land Records,” to credit and economic growth for all. administration systems among the 170 United Nations Human Settlements Programme (UN-Habitat), October 3, 2012, Providing a sound property registration economies covered. The data also show http://www.fukuoka.unhabitat.org system is a first step toward improving that examples of good practice exist in /projects/voices/pakistan/detail01_en.html. access to credit. Indeed, the higher the all regions of the world—and will help 7. Hanstad 1998. 8. UN-Habitat 2012. quality of the land administration sys- policy makers identify those examples. 9. UNECE 2012. tem, the higher the level of domestic 10. One definition of a transparent business credit provided by the financial sector environment is one in which individuals possess essential information about to the economy (figure 7.9). the environment in which they operate, meaning that information asymmetries do In addition, clear property boundaries not place an unjustifiable burden on them (OECD 2002). and ownership are important factors in 11. Transparency International 2011. social stability and social development. 12. For more on the information available, If people feel secure in their homes see the website of Sweden’s mapping, cadastral and land registration authority and on their land, they are more likely (Lantmäteriet) at http://www.lantmateriet.se to invest in them, such as by making /en/Maps-and-geographic-information. improvements that benefit health and 13. For more on the information available, see the website of the Lithuanian Real Property well-being. Having a safe property Cadastre and Register at http:// registration system for all is associated www.registrucentras.lt. with lower levels of inequality (figure 14. For more on the information available, see the website of the Land Registry of Panama 7.10). Economies with a reliable and at https://www.registro-publico.gob.pa transparent land administration sys- /index.php/es/icons.html. tem tend to have lower inequality and 15. For more information, see the website of the Department of the Director General of Land to be more inclusive. and Mines of Malaysia at http:// www.kptg.gov.my/?q=en/content /complaints-enquiries. 16. For more information, see the website of the Registrar General Department of Mauritius at http://registrar.mof.gov.mu/English /Pages/About%20the%20department /Land.aspx. 17. Deininger, Selod and Burns 2012. 18. UNECE 2012. 19. Burns 2004. 20. Brits, Grant and Burns 2002. 21. Gillingham and Buckle 2014. 22. Wehrmann 2008. 23. Deininger, Selod and Burns 2012. 24. Deininger, Selod and Burns 2012. 25. FAO 2012. 26. Bruce 2013. Doing Business 2015 Going Beyond Efficiency Getting credit The importance of registries  Doing Business has expanded its S mall and medium-size enterpris- and sufficient credit data as well as es account for the largest share value added services. Among the many measures of the legal rights of of employment in the developing features offered by a modern credit borrowers and lenders and the sharing world. They are also more likely than reporting service provider are online of credit information. They now also large firms to be credit constrained.1 access to credit information and the cover the functional approach to These businesses need working capital provision of credit scores. secured transactions, more features to operate, to grow and to compete in of the collateral registry and the the marketplace. So access to finance Doing Business collected new data this availability of credit scores and online is crucial to their success. year to strengthen the understanding access to credit information. of secured transactions and credit  A functional approach to secured The Doing Business indicators on get- reporting systems around the world. transactions provides transparency and ting credit measure 2 types of institu- The strength of legal rights index has predictability for creditors—because tions and systems that can facilitate been expanded from 10 points to 12 to the legal framework covers all rights access to finance and improve its also cover the functional approach to in movable assets that secure the allocation. One set of these indicators secured transactions and more fea- performance of an obligation, regardless focuses on the secured transactions tures of collateral registries. The depth of the type of transaction. Forty-seven system, examining the legal rights of credit information index has been of 189 economies have a functional of borrowers and lenders in secured expanded from 6 points to 8 to also approach as recorded by Doing Business. transactions and bankruptcy laws. cover the existence of credit scoring  A modern collateral registry— The second focuses on the credit and online platforms for exchanging centralized, notice-based and allowing reporting system, looking at the in- credit data. online access—is important. Among formation collected and distributed 189 economies, 18 have such a registry, through credit bureaus or registries. while 25 have a notice-based registry Research has shown that these insti- and 28 an online registry. tutions and systems work best when WHY A FUNCTIONAL  Credit bureaus or registries offering implemented together.2 APPROACH TO SECURED online access can provide faster service TRANSACTIONS? and better data quality. Online access What is an effective secured transac- For lenders considering a loan to a is available in 119 of 126 economies tions system? One that promotes the small or medium-size enterprise, one with a functioning credit bureau or availability of credit by reducing the risk of the biggest deterrents is the pos- registry covering at least 5% of the to lenders of accepting movable assets sibility that the borrower has hidden adult population as recorded by Doing as collateral. This can be achieved by liens—that is, that the borrower has Business. taking a functional approach to se- already given its assets as collateral  Credit scores based on credit bureau or cured transactions and implementing to another lender. As more complex fi- registry data provide highly predictive modern collateral registries—such as nancial instruments develop and are measures of a borrower’s future those in Honduras and New Zealand— adopted worldwide—such as factoring repayment capacity and so can help to ensure their publicity. (where a business sells its invoices expand access to finance. They are to a third party, called a factor, at a offered in 64 of the 126 economies What is an effective credit reporting discount) or financial leases that cre- with a functioning credit bureau or system? One that provides creditors ate hidden rights over property held by registry covering at least 5% of the adult with the most relevant, reliable, timely the borrowing company—the need for population. 68 DOING BUSINESS 2015 a system that limits the impression of This functional approach to secured will come into force in December 2014. “false wealth” becomes paramount. transactions, also known as the The provisions on pledges in the coun- unitary model, has been promoted try’s civil code as well as the 1919 law One way to minimize the potential for through model laws in regions as far relating to pledges of commercial assets secret liens is to adopt a functional apart as Eastern Europe and Latin will be abolished,8 and the distinction approach to secured transactions. America and the Caribbean (figure between the commercial pledge and This requires legislation that covers 8.2).5 The functional approach has civil pledge eliminated. The new legal all rights in movable assets that are also been considered in some high- framework will incorporate the provi- created by agreement and that secure income economies whose current sions on retention of title now included the payment or performance of an system poses no significant problems in the country’s bankruptcy law and will obligation, regardless of the type of but where the legal community sees formally recognize fiduciary transfer transaction or the terminology used.3 possible advantages in the approach.6 of title. This will create a single legal In this approach what matters is no In the European Union, as part of the framework for all pledges over movable longer the form that the agreement efforts to harmonize private law, schol- assets—a big step toward a functional takes (whether a floating charge or a ars from economies with different legal approach to secured transactions. Once pledge agreement, for example) but the traditions have reached consensus on implemented, the reform will arguably rights and obligations that it creates. the importance of a single notion of be the first of its kind in Western Europe. security right—with pledges covered These rights then need to be publicized by the same rules and principles for Colombia established a modern legal through a reliable and affordable public creation, publicity and enforcement framework for secured transactions in registration system (figure 8.1). In a as assignments of claims, transfers the past year. The new legal framework system that includes several registries, of ownership, and sales and leaseback allows the use of all types of movable the registries need to be integrated to agreements.7 assets, present or future, as collateral the greatest extent possible to ensure to secure a loan. It also regulates the that potential creditors can easily The benefits of a functional approach functional equivalents of loans secured retrieve all notices of security interests have inspired legal reforms all over the with movable property, such as financial that have been recorded.4 world. In Belgium a new unitary regime leases and sales with retention of title.9 FIGURE 8.1 Recording all types of secured transactions in a collateral registry promotes transparency What are some What form does the Collateral Who has priority over transactions that can transaction take? registry claims on the asset? be recorded? Nonpossessory Debtor keeps title & possession security interest Bank of movable asset Debtor Fiduciary transfer transfers Bank Bank of title title Leasing Leasing Financial company Debtor lease company leases asset Company Assignment of assigns Bank Bank receivables receivables Sale with retention Wholesaler of title sells asset & Company Wholesaler keeps title Note: Priority is established by time of registration of the security interest. GETTING CREDIT 69 average, while interest rates decline FIGURE 8.2—How many economies have adopted a functional approach to secured by about 3 percentage points and the transactions? terms of loans increase by about 6 Sub-Saharan Africa 18 29 months.11 Experience shows how ac- tive collateral registries can be, even Latin America & Caribbean 7 25 in countries with small populations. OECD high income 5 26 In 5 such countries that recently cre- ated registries and reformed secured Europe & Central Asia 5 21 transactions laws—the Marshall East Asia & Pacific 10 15 Islands (2010), the Federated States of Micronesia (2007), the Solomon Middle East & North Africa 20 Islands (2009), Tonga (2011) and South Asia 2 6 Vanuatu (2009)—the number of filings 0 5 10 15 20 25 30 35 40 45 50 had reached a total of more than Number of economies 20,000 by January 31, 2014, while the number of searches had exceeded Using functional approach Not using functional approach 60,000.12 In Australia, whose 2009 re- Source: Doing Business database. form included implementing a new col- lateral registry, the number of filings This change is expected to increase how these institutions function, the exceeded 2 million in 2013 alone, while transparency and protect the rights of Doing Business indicators on the legal the number of searches exceeded 6 creditors when taking movable property rights of borrowers and lenders look at million.13 Implementing and maintain- as collateral. several features of their operation. ing a modern and well-functioning col- lateral registry may entail significant Jamaica also established a new legal financial and administrative efforts. It framework to modernize its secured is encouraging to note that, costs not- transactions system. The aim is to A CRITICAL PIECE—THE withstanding, a number of low-income improve the availability of credit to the COLLATERAL REGISTRY countries have found the associated private sector while minimizing the risk To be effective, an integrated legal investments to be fully justified when of nonpayment of loans. The Security framework for secured transactions examined in light of other benefits for Interests in Personal Property Act, needs to be accompanied by a modern the economy at large. which came into force on January 2, collateral registry for movable assets. 2014, repealed provisions governing tra- Such registries allow a lender to take Key features of a modern ditional securities under the Agricultural security rights in an asset without collateral registry Loans Act, the Bills of Sale Act and the having to take physical custody of it. As model laws and legislative guides Debenture Registration Act. The new The debtor retains title and posses- have evolved with technology over the legal framework applies to all types of sion. Without registration of these years, they have encapsulated a set security documents, including pledges, transactions, there is no transparent of good practices that serve as gener- leases and floating charges. security for the lender and no assur- ally accepted standards for modern ance that the lender is the only one collateral registries. These include using Jamaica is following a path laid by other laying claim to the asset. Collateral notice-based registration, allowing online jurisdictions with a common law tradi- registries both enable potential credi- access to data and centralizing registries. tion. The most recent previous example tors or buyers to discover any existing was Australia’s implementation of the liens over property and allow them to While traditional registries usually Personal Property Security Act of 2009. register their own security interest, require a copy of the loan agreement The reform had a massive legal scope, re- establishing priority over other credi- or other documents, notice-based placing 77 commonwealth and state acts tors in case of the debtor’s default.10 registries require no documentation and regulations and affecting 30 com- other than a simple generic form that monwealth, state and territory agencies. Studies show that a new collateral records the existence of a security registry can have a substantial eco- interest, providing the names of the All these reforms entailed creating new nomic impact. In economies that creditor and the debtor as well as a collateral registries or transforming introduce one, access to bank finance general description of the collateral existing ones. To help in understanding rises by about 8 percentage points on asset and the obligation secured. This 70 DOING BUSINESS 2015 avoids the need for a specialist to searching a single database, regard- economies, the type and role of reg- review lengthy documents, which can less of the location of the borrower. To istries may vary depending on the be costly and time-consuming. It also be effective, these registries also need legal tradition. In some economies improves the quality of registration: to allow searches based on unique with a common law tradition, rights with less documentation, the potential search criteria—such as a debtor’s over movable property are customar- for errors is minimized. Notice-based unique identifier (or name, if no unique ily recorded in separate registries for registration has also been successfully identifiers exist) or a serial number incorporated and nonincorporated adopted for other registration sys- (for serial-numbered assets such as entities. For example, not all security tems, such as patent and trademark vehicles)—and they need to encom- instruments may be available to both registries. pass both legal and natural persons companies and sole proprietorships or as well as all types of assets. Where registered at the same place. Online systems allow users to perform registries are not centralized, searches searches and register security interests can be time-consuming and even In some civil law economies registra- from anywhere and at any time. Unlike useless. In the fragmented collateral tion of securities takes place at the with paper-based systems, there is registry system for chattel mortgages local court of first instance or at the no need for users to appear before the in the Philippines, for example, finding commercial registry. In many other registrar and wait their turn to enter out whether an asset is mortgaged economies there is no requirement at information in the registry index. Online requires submitting a request to more all to register security interests over registration also transfers the burden of than a hundred registries. movable property (figure 8.3). preventing errors to the interested party. Different legal traditions, The strength of legal rights index Centralized registries enable potential different practices is consistent with good practices creditors to determine whether an as- While the registration of collateral in secured transactions law, such set has been pledged as collateral by claims is common practice in many as allowing both incorporated and FIGURE 8.3 Which economies have collateral registries—and of which type? Registries by type of features Centralized, notice-based, for all entities, recording functional equivalents, fully online State level, notice-based, for all entities, recording functional equivalents, fully online Notice-based, recording functional equivalents Centralized, for all entities, but either not notice-based or not fully online Registries to be established No operational registry exists Not in the Doing Business sample IBRD 41188 SEPTEMBER 2014 Note: The map reports operational collateral registries as recorded by Doing Business—those that are for all entities, are centralizied geographically and by asset type and have an electronic database indexed by the debtor’s name or unique identifier. Functional equivalents to traditional security interests include financial leases, sales with retention of title, assignments of receivables and fiduciary transfers of title, among others. Registries that are fully online allow searches, registrations, amendments and cancellations to be carried out online by any party with a legitimate right to do so. Source: Doing Business database. GETTING CREDIT 71 nonincorporated companies to create Borrowers have more information security interests over all categories WHY ARE CREDIT about their past credit behavior and of movable assets. Good practices BUREAUS AND REGISTRIES current financial situation than credi- also call for registering all types of IMPORTANT? tors do. This makes it hard for individu- security interests and functional Credit reporting service providers can als and small firms trying to get a loan equivalents at the same place—in- be grouped into 2 main types: credit bu- to make their case to lenders. Banks cluding financial leases, sales with reaus, which aim primarily to improve are more likely to lend to larger firms, retention of title, assignments of the quality and availability of data which usually are required to adopt receivables, fiduciary transfers of title that creditors need to make informed international accounting standards, and tax liens—to ensure that they are decisions, and credit registries, which are more transparent and bear less risk not hidden from prospective creditors seek mainly to support banking super- of default.15 or buyers. The indicator focuses on the vision while also improving the quality first 4 of these functional equivalents and availability of data for supervised By collecting information on indi- and rewards economies in the scor- financial intermediaries (figure 8.4). viduals and small firms, credit bureaus ing if at least 3 of them are recorded (In practice, many credit bureaus also and registries provide banks with the at the same collateral registry. This support financial supervision activities, information they need to assess cred- unitary approach has increasingly and some credit registries also aim itworthiness. This information sharing become part of the secured transac- to improve data for creditors.) While helps poor people and micro and small tions reforms in Central and Eastern their primary objectives might differ, businesses.16 It can especially benefit Europe, most recently in Hungary. both types serve the same purpose: new entrepreneurs, by enabling formal But because of different approaches reducing information asymmetries to credit providers to check their past in their implementation, the wave of help increase access to credit. They repayment patterns and track their reforms in the region has not led to also improve borrower discipline, lower current credit behavior.17 A 2007 study consistent results.14 interest rates and support bank super- found that in developing economies vision and credit risk monitoring. access to credit grew twice as fast FIGURE 8.4 How credit information flows in a system with both a credit registry and credit bureaus Data providers Service providers Products Users Statistics unit of Banks and regulated central bank financial institutions Credit registry Reports Data bank Supervisory unit of Nonregulated financial central bank institutions Debt classification Banks and Consumers or credit applicants regulated financial Credit card issuers institutions Credit bureau 1 Nonregulated financial Retailers institutions Reports Credit card issuers Telecoms and utilities Credit bureau 2 Credit scoring Retailers Public records Antifraud Telecoms and utilities Credit bureau 3 Court judgments Portfolio monitoring Central bank Consumers Note: Some economies have only a credit registry, some have only one or more credit bureaus, and some have both a credit registry and one or more credit bureaus. Credit bureau networks tend to be more complex than credit registry networks because they generally include a larger variety of data providers and data users. Source: World Bank 2011a, p. 51. 72 DOING BUSINESS 2015 for small firms as for large ones after that they would be more likely to pay Coverage by credit bureaus and regis- new credit reporting systems were their bills on time if those payments tries is extensive, encompassing more introduced.18 were fully reported to credit bureaus than 2 billion individuals and 120 million and could affect their credit score.20 A firms worldwide by January 2014.24 Good credit reporting systems com- study in Albania found that loans given The number of economies with a credit bined with strong rule of law can be a after the launch of its credit registry bureau covering at least 5% of the adult catalyst for growth in frontier econo- were 3 percentage points less likely to population as recorded by Doing Business mies with many young firms and en- turn problematic.21 And when credit re- grew from 49 of 145 economies in 2004 trepreneurial ventures. Research based porting compels borrowers to establish to 94 of 189 in 2014—while the number on World Bank Enterprise Survey data consistent repayment patterns, finan- with a credit registry covering at least from 123 countries found that in those cial institutions face less uncertainty 5% increased from 22 of 145 economies with better credit reporting systems, in their debt exposure and can lower to 58 of 189 (figure 8.5). Globally, 28 younger firms have better access to interest rates.22 economies have both a credit registry bank finance than older firms do.19 and a credit bureau covering at least 5% Credit information systems also reduce Credit information systems also help of the adult population. firms’ reliance on informal credit, whose maintain the health of financial sys- high interest rates and lack of protec- tems, with credit registries enabling Coverage continues to grow as econo- tions can be destabilizing both to the policy makers and regulators to monitor mies establish or enhance credit report- firms and to the overall economy. large flows of money and credit bureaus ing systems. Several did so in the past allowing them to assess developments year. In Jamaica 2 new credit bureaus, Sharing credit information can improve in credit markets and interest rates. Creditinfo Jamaica and CRIF-NM Credit borrower behavior and reduce interest One study found that credit registries Assure Limited, having received licenses rates. According to a study surveying played a valuable role in calculating in 2012, began serving banks and finan- more than a thousand consumers in credit risk for capital and in supervising cial institutions in 2013. Thanks to the the United States with primary or joint and checking banks’ internal ratings in launch of their operations, Jamaica was responsibility for paying bills, half said Argentina, Brazil and Mexico.23 the economy that made the biggest FIGURE 8.5 Which economies have a credit bureau or registry? Only credit bureau exists Only credit registry exists Both credit bureau and registry exist Both credit bureau and registry exist (bureau coverage less than 5%) Both credit bureau and registry exist (registry coverage less than 5%) Only credit bureau exists (coverage less than 5%) Only credit registry exists (coverage less than 5%) No credit bureau or registry exists Not in the Doing Business sample IBRD 41187 SEPTEMBER 2014 Note: Coverage is the number of individuals and firms covered as a percentage of the adult population. The map reports operational credit reporting service providers as recorded by Doing Business that have a coverage of at least 0.1% of the adult population. Source: Doing Business database. GETTING CREDIT 73 improvement in credit reporting in The efficiencies of online access connection further ensures system ef- 2013/14. More efficient credit reporting service ficiency and high service standards for providers share their data online. users because it eliminates data dupli- Three other economies also developed Offering online access for subscribed cation, reduces the risk of human error new credit reporting systems in the banks and financial institutions has and allows the streamlining of work past year. The Democratic Republic become a must for many credit bureaus flows with appropriate business and of Congo’s central bank established a and registries. One way to do so is validation rules. These advantages may credit registry by launching an elec- through an online platform accessed encourage more data providers to share tronic credit reporting system, YSYS– with a traditional internet browser. This information with the credit bureaus and CERI, in April 2013. Tanzania’s central kind of system allows a user to connect registries. bank licensed the country’s first credit once it has validated the user’s log-in bureau, Creditinfo Tanzania, in June information. Once connected to the Online access is widespread. In 119 of 2013, and its second credit bureau, Dun system, the user can retrieve credit 126 economies with a functioning credit & Bradstreet Credit Bureau Tanzania, in reports autonomously. bureau or registry covering at least 5% September 2013. Vietnam’s first credit of the adult population as recorded by bureau, Vietnam Credit Information, Another way to provide online access is Doing Business, data users can access started operating in January 2014. By through a system-to-system connec- borrowers’ credit information online. April it was providing credit informa- tion, where the user’s system is con- Globally, data providers and users tion to 23 of 47 commercial banks in nected to and integrated with the credit can exchange credit information elec- the country as well as market educa- reporting service provider’s system. tronically in 94 of the economies with tion and training. Both parties have software installed a credit bureau that covers at least 5% that allows host-to-host connectiv- of the adult population—and in 50 of Some economies have development ity without human interaction. Data those with a credit registry that does so. plans under way. In June 2013 the are updated automatically, and users West African Economic and Monetary retrieve credit information by accessing In East Asia and the Pacific, Europe and Union set up a legal framework pro- their own system, with no need to log Central Asia, Latin America and the viding for the establishment of credit into the service provider’s system.25 Caribbean, the OECD high-income group bureaus in member states. Two have and South Asia data providers and us- adopted the law so far, Senegal in Online access to data is fast and ers can exchange data electronically in January 2014 and Côte d’Ivoire in can ensure transparency, data qual- all economies that have a functioning March 2014. ity and security. A system-to-system credit bureau or registry covering at FIGURE 8.6—How many economies have a credit bureau or registry providing online FEATURES OF MODERN access to credit data? CREDIT INFORMATION SYSTEMS Sub-Saharan Africa 12 5 21 9 The vast majority of credit reporting Latin America & Caribbean 20 1 11 service providers offer online access OECD high income 30 1 to their databases, which provides data users with faster, more efficient Europe & Central Asia 25 1 service and can ensure better data East Asia & Pacific 16 2 7 quality. Many also provide credit Middle East & North Africa 11 2 5 2 scores based on credit bureau or credit registry data as a value added service. South Asia 5 21 These scores are different from those 0 5 10 15 20 25 30 35 40 45 50 developed on the basis of individual Number of economies lenders’ data and provide a highly Credit bureau or registry with at least Credit bureau or registry exists predictive measure of a borrower’s re- 5% coverage exists and offers online access but has less than 5% coverage payment behavior. Online access and Credit bureau or registry with at least No credit bureau or registry exists 5% coverage exists but does not offer online access credit scoring are 2 of many features that define a modern credit reporting Note: Coverage is the number of individuals and firms covered as a percentage of the adult population. system. Source: Doing Business database. 74 DOING BUSINESS 2015 least 5% of the adult population (figure in place: banks provided information Credit scores based on credit bureau 8.6). In the Middle East and North Africa on computer disks and had to pick up or credit registry data pool informa- this is the case in about 85% of econo- printed copies of credit reports from tion across many creditors as well as mies that have such a credit bureau or Bangladesh Bank’s office. some public information sources. They registry, while in Sub-Saharan Africa it therefore include characteristics oth- is the case in only 71%. Paraguay’s central bank introduced a erwise unavailable to any individual new online system in April 2011. This creditor, such as total exposure, num- Online access to credit reporting system is aimed at improving both ber of outstanding loans and previous systems is growing in the developing the credit registry’s efficiency—by defaults within the system. Credit world. Ethiopia’s central bank estab- reducing the time it takes to verify scoring models typically incorporate lished a credit information center credit information from one week to historical data such as defaults, posi- to allow banks to submit data and just a few minutes—and the accu- tive payment behavior and previous inquiries electronically. A pilot program racy of data. The system, called Red inquiries. To sharpen the predictive was launched in August 2011 with 3 de Comunicación Financiera, allows value of credit scores, credit bureaus commercial banks, and by April 2012 financial institutions to transfer data and registries also are increasingly the online system was fully imple- to the credit registry and access collecting data from a wider range of mented. Today 17 Ethiopian banks are credit information on both firms and sources (such as bankruptcies and registered as data users and provide individuals. court judgments). As a result, credit monthly updates. The objective for scores generally have a higher predic- the online system is to preserve and The predictive value of credit tive value than assessments derived distribute 5 years of historical data on scores from credit histories alone.26 the repayment status of all loans. Many credit bureaus and registries pro- vide value added services to data users. Credit scores may improve market Bangladesh’s central bank (Bangla- These include credit scoring, marketing efficiency and provide borrowers with desh Bank) launched an online system services, portfolio monitoring, fraud more opportunities to obtain credit. for its credit information bureau in July detection and debt collection. An impor- The availability of credit scores allows 2011 to allow banks and other financial tant tool in expanding access to finance lenders that would otherwise not be institutions to exchange information is credit scoring, a statistical method of capable of analyzing the raw credit on borrowers and loan repayments evaluating the probability that a pro- data to extend credit to underserved electronically. Before, Bangladesh spective borrower will fulfill the financial markets at lower cost. Bank had a semiautomatic system obligations associated with a loan. Credit scoring based on credit bureau or credit registry data is offered in 64 of FIGURE 8.7—How many economies have a credit bureau or registry providing credit scores? 126 economies with a credit reporting service provider covering at least 5% Sub-Saharan Africa 4 13 21 9 of the adult population as measured by Doing Business. This value added Latin America & Caribbean 16 4 1 11 product is most widely available in OECD high income 24 6 1 Latin America and the Caribbean and Europe & Central Asia the OECD high-income group, offered 10 15 1 in 80% of economies with a credit bu- East Asia & Pacific 4 12 2 7 reau or registry covering at least 5% of Middle East & North Africa 5 8 5 2 the adult population—compared with 40% in Europe and Central Asia, 38% South Asia 1 4 2 1 in the Middle East and North Africa, 0 5 10 15 20 25 30 35 40 45 50 25% in East Asia and the Pacific and Number of economies 24% in Sub-Saharan Africa (figure 8.7). Credit bureau or registry with at least Credit bureau or registry exists In South Asia credit scores are offered 5% coverage exists and offers credit scores but has less than 5% coverage in only 1 of 5 economies with a credit Credit bureau or registry with at least No credit bureau or registry exists 5% coverage exists but does not offer credit scores reporting service provider covering at least 5% of the adult population. Note: Credit scores are those based on credit bureau or registry data. Coverage is the number of individuals and firms covered as a percentage of the adult population. Source: Doing Business database. GETTING CREDIT 75 FIGURE 8.8—Economies with stronger systems for secured transactions and credit NOTES reporting have higher levels of domestic credit provided to the private sector This case study was written by Iana Ashchian, Catrice Christ, Santiago Croci Downes, Salima Distance to frontier score Daadouche, Nan (Charlotte) Jiang, Magdalini for getting credit, 2014 Konidari and Yasmin Zand. 100 1. Kuntchev and others 2012. 2. Djankov, McLiesh and Shleifer 2007. 80 3. UNCITRAL 2007. 4. World Bank 2011b. 5. The European Bank for Reconstruction and 60 Development has used its 1994 Model Law on Secured Transactions to promote a functional approach in Eastern Europe, while the 40 Organization of American States has used its 2002 Model Inter-American Law on Secured Transactions to promote the approach in 20 Latin America and the Caribbean. 6. According to a discussion paper by the City of London Law Society (2012, p. 3), “the 0 0 40 80 120 160 200 240 280 320 advantage of this approach would be that all aspects of the law relating to secured Domestic credit to private sector (% of GDP), 2013 transactions could be set out in one place. This would make it more accessible to those Note: Domestic credit to private sector refers to financial resources provided to the private sector by financial involved in taking or granting security, corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts including those from outside England who receivable, that establish a claim for repayment. The correlation between the distance to frontier score for getting credit and domestic credit to private sector as a percentage of GDP is 0.34. The relationship is significant at the 1% engage in cross-border financing. It could also level after controlling for income per capita. result in useful clarification and simplification Source: Doing Business database; World Bank, World Development Indicators database. of the law.” 7. Study Group on a European Civil Code and Research Group on EC Private Law (Acquis access to credit, and these should be Group) 2009. WHAT ARE THE LINKS WITH taken into account when analyzing an 8. The relevant provisions of the Belgian Civil ACCESS TO CREDIT? economy’s credit market. Code are in articles 2071–84 on pledge. 9. Law 1676, article 3. Where the legal framework provides 10. Alvarez de la Campa 2011. stronger protection of secured creditors’ 11. Love, Martínez Pería and Singh 2013. rights and credit reporting systems pro- 12. Asian Development Bank 2013. vide more relevant, reliable, timely and CONCLUSION 13. Data provided by the Australian Financial Security Authority. sufficient data, the private sector tends Effective systems for secured transac- 14. Tajti 2013. to have better access to credit. Analysis tions and credit reporting can improve 15. Jappelli and Pagano 2002; Behr, Entzian and Guettler 2011; Brown, Jappelli and Pagano of data collected for the strength of legal access to finance for small and medium- 2009. rights and depth of credit information size enterprises. This is confirmed by 16. Luoto, McIntosh and Wydick 2004; Brown, indices confirms that economies that the data for the expanded indicators on Jappelli and Pagano 2009. 17. Chavis, Klapper and Love 2010. score high on these indices also have getting credit, which this year also cover 18. Brown and Zehnder 2007. higher levels of domestic credit provided the functional approach to secured 19. Chavis, Klapper and Love 2010. to the private sector by financial institu- transactions, more features of the col- 20. Turner and others 2009. 21. Behr and Sonnekalb 2012. tions (figure 8.8). lateral registry and the availability of 22. Brown and Zehnder 2007; Luoto, McIntosh credit scores and online access to credit and Wydick 2004; Brown, Jappelli and The results show that both transparency information. Analysis of these data Pagano 2009; Behr, Entzian and Guettler 2011. in the secured transactions system and shows a significant correlation between 23. Powell and others 2004. access to credit information—elements better performance on the getting 24. Statistics refer to the number of individuals that create predictability for secured credit indicators and higher levels of and firms covered in 126 economies with functioning credit bureaus and registries creditors and provide lenders with domestic credit provided to the private covering at least 5% of the adult population as tools to assess the creditworthiness sector by financial institutions. Used in recorded by Doing Business. of borrowers—are associated with a conjunction with other indicators mea- 25. IFC 2012. 26. World Bank 2011a. higher level of private sector credit, suring factors that affect firms’ access and this leads to more business to credit, the getting credit indicators creation or expansion in the long term. can contribute to a better understand- Nevertheless, there are many other ing of credit markets. factors that constrain or enable firms’ Doing Business 2015 Going Beyond Efficiency Protecting minority investors Going beyond related-party transactions  Doing Business introduces 3 new A corporation is a legal entity prejudicial related-party transactions measures of minority investor distinct from its founders. This is associated with a higher level of protections this year—indices essential separation enables a development in capital markets—as on shareholders’ rights and role business to flourish or fail separately reflected by such indicators as higher in major corporate decisions, on from the personal assets and interests market capitalization, larger numbers governance structure and on of its members (whether owners, direc- of listed domestic firms, more initial corporate transparency. tors or employees). The advantages of public offerings and lower private ben-  Economies with the most developed untying a business from its founders efits of control.1 securities markets tend to have the are such that the corporation has highest average scores on the 3 new today become the most common form For entrepreneurs seeking to develop or indices. of commercial entity around the world. expand a business, access to external  On average, OECD high-income financing is a crucial concern. Stronger economies offer the strongest But the separation also creates risks. legal protection of minority investors protections as measured by the new Without a proper structure and al- increases the confidence of investors indices and continue to provide the location of duties and rights, and in markets, making them more likely strongest protections as measured without clarity in decision-making to invest. Econometric research shows by the existing ones. processes, corporations can quickly that investors’ willingness to provide become incapable of generating any entrepreneurs with equity capital is a  Among 189 economies worldwide, India follows the largest share of the wealth. Without adequate safeguards, significant factor in the development good practices measured by the new corporations can become vulnerable of financial markets, which in turn indices. to abuse, with insiders using corpo- promotes economic development. rate assets for personal gain to the  On average, shareholders of listed detriment of other stakeholders. If Recent studies provide empirical companies are more protected than such abuses become widespread in evidence that corporate governance those of nonlisted companies. an economy, they can deter investors standards aimed at protecting minor-  Overall, minority investors are from participating in any corpora- ity shareholders promote positive more protected in economies that tion. The quality of the rules and economic outcomes at the country distinguish between shareholders of regulations governing corporations is and firm level. To that end, certain listed companies and shareholders therefore fundamental to functioning aspects of corporate governance are of nonlisted ones. markets and wealth-generating eco- particularly important—such as board nomic activity. composition and independence, firm transparency and disclosure, and the The Doing Business indicators on pro- rights of shareholders relative to the tecting minority investors analyze the board of directors and management. regulation of related-party transac- Sound rules and regulations in these tions and shareholder access to judicial areas of corporate governance can redress as a proxy for an economy’s minimize the agency problem between overall corporate governance stan- majority and minority shareholders as dards and ease of access to financ- well as that between minority share- ing from capital markets. Stronger holders and the board of directors and protection of minority shareholders in management. PROTECTING MINORITY INVESTORS 77 Specifically, greater shareholder protec- measures other aspects of corporate tion is associated with larger capital law that are unrelated to this trans- BOX 9.1 What is new in the markets,2 a lower cost of capital, higher action but that are also indicative of protecting minority investors cash flows, more efficient firm-level re- the strength of protection of minor- indicators? source allocation3 and greater firm val- ity shareholders. This is particularly • Name changed from protect- uation4 and performance.5 In addition, important to identify additional areas ing investors to clarify what is numerous studies suggest that inves- of potential improvement for policy measured by the indicators— tors will charge higher rates to provide makers and to provide researchers and what is not. financing if they are not assured of an with a broader set of data for analyz- • Three indices added to mea- adequate return or if they fear expro- ing the relationship between corporate sure protections in matters priation by corporate insiders.6 In other governance and economic outcomes beyond conflicts of interest: words, greater shareholder protection (box 9.1). extent of shareholder rights reduces the cost of equity by mitigating index, strength of governance the agency problem between minority The fundamental development goal of structure index and extent of shareholders and managers in relation promoting greater access to finance corporate transparency index. to diverging interests in the allocation for entrepreneurs by encouraging • Ease of shareholder suits index of company resources. Several other regulation conducive to investment in expanded to take into account studies highlight the positive impact capital markets remains the same— the allocation of legal expenses. on firm-level resource allocation and and is indeed reinforced by the provi- See the data notes for a detailed long-term returns of having audit com- sion of data on a more comprehensive description of changes and addi- mittees, of ensuring the independence array of issues. To expand the coverage tions to the methodology. of the board and of having different of the indicators, the Doing Business people serve as chief executive officer team first used academic literature (CEO) and chair of the board.7 and institutional reports to identify Business questionnaire on minority regulatory good practices that sup- investor protections. port the relevant policy goals (box 9.2). The team then selected those Previously the protecting minority WHAT DO THE INDICATORS that could be objectively measured investors indicators assessed 18 com- NOW MEASURE? and independently justified, that offer ponents of the quality of regulations. Since their inception, the Doing variation across economies and that Now 20 additional components that Business indicators on protecting lend themselves to data collection and strengthen the rights of minority minority investors have been measur- verification through the annual Doing investors are measured, by 3 new in- ing minority shareholder protections dices: the extent of shareholder rights against directors’ misuse of corporate assets for personal gain. This is done FIGURE 9.1 Shareholder rights in listed and nonlisted companies are consistent in most by positing specific sets of assump- economies tions about a transaction between Shareholders can remove directors 2 companies that involves a clear before the end of their term. conflict of interest. This transaction A company must obtain shareholders’ approval to issue new shares. is tested against the regulations of Shareholders approve the election and each of the 189 economies covered by dismissal of the external auditor. Doing Business to determine who can Shareholders representing 10% can call approve the transaction, what disclo- for an extraordinary meeting. sure must be made, who can be held Shares can be freely traded prior to a major corporate action. liable if the transaction causes losses, Shareholders have preemption what sanctions decision makers incur rights on new shares. and what evidence shareholders can Shareholders have the right to amend bylaws obtain to help them win their case if or statutes with a simple majority. they choose to initiate a legal action 0 10 20 30 40 50 60 70 80 90 100 in court. Share of economies where good practice applies (%) Listed companies Nonlisted companies Doing Business continues this exercise Note: The good practices are those measured by the extent of shareholder rights index. and, starting in this year’s report, also Source: Doing Business database. 78 DOING BUSINESS 2015 index, the strength of governance legal expenses associated with share- Extent of shareholder rights structure index and the extent of cor- holder litigation has been added to index porate transparency index. In addition, the existing ease of shareholder suits The ability of shareholders to influence a new component on the allocation of index.8 important corporate decisions—such BOX 9.2 Standard setters and good practices Corporate governance practices around the world have been converging over the past 2 decades. This convergence is being driven by a group of global standard setters to which governments look for guidance on how to strengthen their corporate governance, financial reporting and securities regulations. It is also being driven by capital market trends— such as the growing use of cross-listings and dual listings—that lead to the adoption of common regulatory practices. Corporate governance The Organisation for Economic Co-operation and Development (OECD) has been establishing increasingly influential good practices in such areas as related-party transactions, conflicts of interest, approval requirements and disclosure obliga- tions. The methodology for the protecting minority investors indicators promotes good practices recommended by the OECD Principles of Corporate Governance.a For example, the indicators measure whether the division of responsibilities among shareholders, officers, directors, out- side auditors and regulators is clearly articulated in cases of conflict of interest, in line with OECD principle 1 on corporate governance (ensuring the basis for an effective corporate governance framework). They also capture the rights of minority shareholders to be informed about, and to participate in, general shareholder meetings and decisions relating to extraor- dinary transactions, consistent with principle 2 (rights of shareholders and key ownership functions). They investigate rules relating to insider trading and whether all shareholders of the same series of a class are treated equally, in line with prin- ciple 3 (equitable treatment of shareholders). And the extent of disclosure index directly follows principle 5 (disclosure and transparency), while the extent of director liability index echoes principle 6 (responsibilities of the board). Financial reporting and accounting The convergence of accounting standards has helped develop good practices in financial reporting. Two organizations— the International Accounting Standards Board, an independent body that sets the International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), a U.S.-based organization that develops the Generally Accepted Accounting Principles (US GAAP)—have focused on driving this convergence over the past 15 years, issuing unified accounting standards for use by companies worldwide in both domestic and cross-border financial reporting. IFRS and US GAAP principles mandate strict financial disclosure with the aim of reducing information asymmetries be- tween companies and investors. An important benefit of a single set of high-quality, globally accepted accounting stan- dards is that investors can understand and compare the financial results of any company in the world. For this reason many jurisdictions incorporate IFRS and, to a lesser extent, US GAAP into their domestic reporting systems.b Securities regulations The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate se- curities markets. Its more than 200 members, which oversee more than 95% of the world’s securities markets, coopera- tively develop, implement and promote standards of regulation, oversight and enforcement to protect both investors and markets.c Another important driver of convergence in securities regulations is the increase in cross-listings and dual listings. To appeal to more risk-averse investors, companies in emerging markets are listing on more developed stock exchanges—such as the London Stock Exchange, the New York Stock Exchange or NASDAQ—in addition to their home country exchanges. Research has found that cross-listing on a U.S. stock exchange by a non-U.S. firm is associated with a significantly positive stock price reaction in the home market.d One reason is that cross-listing in the United States forces firms incorporated in juris- dictions with poor investor protection and enforcement systems to commit themselves to higher standards of corporate governance—and this increases the companies’ valuation by attracting otherwise reluctant foreign investors. a. OECD 2004. b. U.S. Securities and Exchange Commission 2012. c. “Advancing the SEC’s Mission through International Organizations,” U.S. Securities and Exchange Commission, http://www.sec.gov/about/offices/oia/oia_intlorg.shtml. For more information on IOSCO, see its website at http://www.iosco.org/about/. d. Huang, Elkinawy and Jain 2013. PROTECTING MINORITY INVESTORS 79 as appointing and removing board accurate financial information is crucial efficient government agencies with members, issuing new stock and to efficiently deploying investor capital adequate resources and of private amending the company’s bylaws—is (figure 9.3). shareholders willing to initiate legal key to avoiding abuses by corporate actions whenever they suspect insiders. In measuring this aspect Doing Allocation of legal expenses in that a company in which they have Business gives particular attention to shareholder litigation invested is being mismanaged by the allocation of power between share- Comprehensive rights are moot corporate insiders. But such lawsuits, holders and management; studies have without effective ways to assert them. which often target companies (and shown that greater power in the hands In optimal regulatory environments, directors or managers) with deeper of shareholders can lead to greater enforcement is the duty both of pockets, are unlikely to occur unless management attention to shareholder interests and therefore to increased FIGURE 9.2 Some areas of corporate governance continue to be overlooked in some investment (figure 9.1). economies Strength of governance Changes to voting rights of shares must be approved only by the affected shareholders. structure index A buyer must make an offer to all shareholders Legally mandating separation upon acquiring 50% of the company. between corporate constituencies can A company must have a separate audit committee. directly minimize potential agency conflicts. For example, risks associated A subsidiary is barred from acquiring shares issued by its parent company. with conflicts of interest increase The CEO is barred from also being the exponentially when a CEO can also be chair of the board of directors. chair of the board of directors or when The board of directors must include independent board members. there is no requirement for a minimum Cross-shareholding between 2 number of independent directors. Doing independent companies is limited to 10%. Business tracks legal requirements 0 10 20 30 40 50 60 70 80 90 100 that strengthen the governance Share of economies where good practice applies (%) structure of companies, such as board Listed companies Nonlisted companies independence, functional separation, audit and compensation committees, Note: The good practices are those measured by the strength of governance structure index. and limits on cross-shareholding and Source: Doing Business database. subsidiary ownership (figure 9.2).9 Extent of corporate FIGURE 9.3 Corporate transparency could be enhanced in some areas transparency index Annual financial statements must Greater access to corporate information be audited by an external auditor. can have beneficial effects for firms. For Financial statements must example, where companies are required contain explanatory notes. to disclose information about their Audit reports must be finances, about the remuneration of disclosed to the public. their managers and directors and about A company must disclose ownership other directorships they hold, research stakes representing 10%. has found that this transparency Board members' other positions and improves corporate governance and directorships must be disclosed. lowers the cost of investment in Managerial compensation must be capital markets.10 Doing Business uses disclosed on an individual basis. questions relating to a company’s audit 0 10 20 30 40 50 60 70 80 90 100 and financial statements to measure Share of economies where good practice applies (%) the extent to which companies are Listed companies Nonlisted companies required to accurately present their business and financial condition, based on current knowledge and future Note: The good practices are those measured by the extent of corporate transparency index. expectations. Access to complete and Source: Doing Business database. 80 DOING BUSINESS 2015 shareholder plaintiffs can recover their TABLE 9.1 OECD high-income economies offer the strongest protections overall and legal expenses or the payment of their as measured by the new indices expenses can be made contingent on Average score (0–10) a successful outcome. The indicators Extent of conflict Extent of Strength of minority now measure whether legal expenses of interest shareholder investor protection incurred by shareholder plaintiffs Region regulation index governance index index can be charged to the company and OECD high income 6.4 6.2 6.3 whether plaintiffs can pay attorney Europe & Central Asia 6.0 5.9 5.9 fees depending on the damages they South Asia 5.2 5.3 5.3 recover in court. East Asia & Pacific 5.5 4.5 5.0 Middle East & North Africa 4.8 4.6 4.7 Latin America & Caribbean 5.1 4.1 4.6 WHAT DO THE RESULTS Sub-Saharan Africa 4.8 4.4 4.6 SHOW? Note: The strength of minority investor protection index is the average of the 2 other indices shown here. The extent Overall, OECD high-income economies of conflict of interest regulation index is the average of the extent of disclosure, extent of director liability and ease have the strongest protections of of shareholder suits indices. The extent of shareholder governance index is the average of the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices. For details on how the indices minority shareholders as measured by are constructed, see the data notes. Doing Business. These economies have Source: Doing Business database. the highest average score both on the extent of conflict of interest regulation FIGURE 9.4 Greater protection of minority shareholders is associated with greater index, which is the average of 3 exist- market capitalization ing indices of minority shareholder protections, and on the extent of Distance to frontier score for protecting shareholder governance index, which minority investors (0–100), 2014 100 is the average of the 3 new ones (table 9.1).11 The average scores for all regions except South Asia reflect stronger 80 performance on protections from con- flicts of interest than on shareholder rights in corporate governance as 60 measured by Doing Business, with the largest gap between the 2 dimensions 40 in East Asia and the Pacific and Latin America and the Caribbean. 20 Worldwide, India, France, Albania, 0 50 100 150 200 Croatia and Switzerland have among Market capitalization of listed companies (% of GDP), 2012 the highest scores on the 3 new in- Note: The correlation between the distance to frontier score for protecting minority investors and market dices. Coincidentally, both India and capitalization as a percentage of GDP is 0.34. The relationship is significant at the 5% level after controlling for Switzerland introduced legislation in income per capita. The sample includes 116 economies for which data on market capitalization are available. Source: Doing Business database; World Bank, World Development Indicators database. the past year that directly addressed some of the new components mea- sured—India with a new companies Latin America and the Caribbean A similar phenomenon is apparent in act and Switzerland with a federal are attributable mostly to outdated Latin America and the Caribbean when ordinance on abusive compensation. company laws and the heterogeneity comparing Brazil and Colombia, which of the economies in these regions. In have the region’s highest scores, with Among the regions with lower average East Asia and the Pacific financial hubs such economies as Haiti, Grenada and scores on the 3 new indices, Sub- with strong securities commissions St. Lucia. Saharan Africa suffers from having and corresponding regulations—such less developed securities regulations as Hong Kong SAR, China; Singapore; Globally, the results are in line with the and capital markets, while the re- and Malaysia—score well, in contrast results of research in this area sug- sults in East Asia and the Pacific and with some of the smaller Pacific islands. gesting positive correlations between PROTECTING MINORITY INVESTORS 81 3 new indices, also tend to have greater FIGURE 9.5 OECD high-income economies systematically offer more protection for protection of minority shareholders in shareholders of listed companies than for shareholders of nonlisted ones prejudicial related-party transactions, Economies by relative level of shareholder protection as measured by the 3 existing indices. in listed and nonlisted companies (%) The results thus confirm the validity 100 of using the quality of regulation of 31 7 21 15 16 17 17 related-party transactions as a proxy 75 for the overall quality of corporate 30 governance. 50 15 25 9 Unsurprisingly, the economies that 5 score best on the new indices have 5 1 0 active stock exchanges with the OECD high South Europe & Middle East & East Asia & Latin Sub-Saharan income Asia Central Asia North Africa Pacific America & Africa requisite legal frameworks and Caribbean enforcement agencies. Among the 189 Higher protection in listed companies Same protection in listed and nonlisted companies economies covered by Doing Business, 124 apply stronger regulations to listed companies than to nonlisted ones, so Note: Shareholder protection is as measured by the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices. The numbers shown in the bars are the number of economies in each that shareholders of listed companies category within each region. are more protected.12 In all OECD high- Source: Doing Business database. income economies the regulations that apply to listed companies are more minority investor protection and eco- higher market capitalization (figure protective of minority shareholders, nomic outcomes: economies that have 9.4). consistent with the more developed stronger regulation of related-party capital markets in these economies transactions and a greater minority Moreover, economies that tend to have (figure 9.5). Sub-Saharan Africa is shareholder role in corporate gover- greater shareholder involvement in cor- the only region where the majority of nance also tend to have, for example, porate governance, as measured by the economies provide the same level of protection for minority shareholders in both types of companies, further FIGURE 9.6 Minority investors are more protected overall in economies that distinguish confirming the link with the level of between shareholders of listed companies and shareholders of nonlisted ones development of capital markets. Average share of good practices measured by the 3 new indices that apply (%) But applying the same standards to 80 both types of companies does not 70 necessarily mean better overall pro- tection of shareholders. Somewhat 60 counterintuitively, data show that the 50 larger the gap, the better the overall 40 protection: minority investors are more protected in economies that 30 distinguish between shareholders 20 of listed companies and sharehold- 10 ers of nonlisted ones (figure 9.6). 0 Indeed, economies that distinguish OECD high Europe & South East Asia & Middle East & Latin Sub-Saharan between these shareholder groups income Central Asia Asia Pacific North Africa America Africa have adopted 55% on average of the & Caribbean good practices captured by the 3 new Listed companies Nonlisted companies indices—while those that do not dis- tinguish have adopted 39% on average. Note: The 3 new indices are the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices. Source: Doing Business database. 82 DOING BUSINESS 2015 10. Gilson 2000; Lima and Sanvicente 2013; CONCLUSION Bartha, Konchitchkib and Landsmanc 2013; Lang, Lins and Maffett 2012. Results on the 3 new indices highlight 11. The 3 existing indices are the extent of great variation across the 189 econo- disclosure, extent of director liability and ease of shareholder suits indices. mies covered in the rights, responsibili- 12. For the purposes of the protecting minority ties and protections afforded to minority investors indicators, nonlisted companies shareholders, whether they are invest- are defined as joint stock companies before they are listed on any stock exchange, ing in a nonlisted company or in a listed or their functional equivalent under the one. The new data set brings attention respective legislation of the economies to areas of corporate governance that covered by Doing Business, and do not include other types of companies such are often overlooked by policy makers. as limited liability companies or sole It also sheds light on the protection of proprietorships. shareholders in nonlisted companies, an aspect on which data are seldom collected and yet that could prove to be a particularly important area of legisla- tion and source of economic growth in economies with less developed stock exchanges and capital markets. More generally, the new indices should prove to be helpful in moving beyond a focus on the regulation of related- party transactions and identifying a broader array of features that could be lacking in the corporate law and securi- ties regulations of some economies— contributing to sounder regulations that both protect minority investors and enhance entrepreneurs’ access to equity finance. NOTES This case study was written by Nadine Abi Chakra and Hervé Kaddoura. 1. Djankov, La Porta and others 2008. Private benefits of control are defined as the economic advantages of a majority ownership stake. 2. Black and others 2010; Dharmapala and Khanna 2013. 3. McLean, Zhang and Zhao 2012. 4. Cremers and Ferrell forthcoming; Balasubramanian, Black and Khanna 2010; Caixe and Krauter 2013. 5. Lima and Sanvicente 2013. 6. Chen, Chen and Wei 2011. 7. Malhotra, Poteau and Fritz 2013; Black and Kim 2012; Guo and Masulis 2013; Lo, Wong and Firth 2010; Hodgson and Ruel 2012. 8. See the data notes for the full list of components added this year. 9. Cross-shareholding refers to 2 independent companies acquiring shares in each other. Doing Business 2015 Going Beyond Efficiency Paying taxes Trends before and after the financial crisis  Over the 9-year period ending in T axes matter for the economy. Fiscal measures were part of the policy They provide the sustainable toolkit that governments brought to 2012, the global average total tax funding needed for social bear in supporting the recovery. Policy rate as measured by Doing Business programs and public investments makers in most economies applied fell by 9.1 percentage points. Its to promote economic growth and measures aimed at improving revenue rate of decline was fastest during development and build a prosperous collection while keeping the taxes lev- the global financial crisis period and orderly society. But policy makers ied on businesses and households as (2008–10), averaging 1.8 percentage face a difficult challenge in formulat- low as possible, trying to strike a bal- points a year, then started slowing ing good tax policies: they need to ance between reducing the disincentive in 2011. find the right balance between raising effects of high taxes and generating  The average profit tax rate dropped revenue and ensuring that tax rates adequate resources to fund essential sharply during the crisis period and and the administrative burden of tax expenditures.2 Governments generally then started to increase slightly compliance do not deter participation reduced the rates and broadened the in 2012. The average rate for labor in the system or discourage business base for corporate income tax while in- taxes and mandatory contributions activity. This balancing act is intensi- creasing the rates for the consumption was stable throughout the 9-year fied during periods of crisis. In an tax or value added tax (VAT).3 period. economic downturn some categories  The administrative burden of tax of public spending may automati- In the European Union, for example, compliance has been steadily easing cally rise, putting pressure on deficits. most member countries raised per- since 2004 with the growing use Governments may at times need to sonal income tax rates—often tem- of electronic systems for filing and deliver tax-based stimulus packages porarily, through general surcharges paying taxes. while also providing reassurance to or through solidarity contributions  During the financial crisis there markets that deficits will be reversed from high-income earners. In addi- was an increase in the number of and public debt contained. tion, several EU members reduced tax reforms. The pace of reform their corporate income tax rate and accelerated with the onset of the changed corporate tax bases. Most of crisis, then slowed in subsequent these changes were aimed at providing periods. WHY TAX POLICY MATTERS tax relief for investment in physical DURING CRISES capital or research and development The global financial crisis of 2008–09 (R&D) while limiting the deductibility of had a dramatic impact on national tax other items. By contrast, EU members revenue and led to a sharp increase in commonly increased VAT rates along deficits and public debt. The decline in with statutory rates for energy and revenue began in 2008, when general environmental taxes and for alcohol government revenue fell by an average and tobacco taxes.4 Some govern- of 0.7% of GDP worldwide. Revenue de- ments opted to broaden the VAT base clined by another 1.1% of GDP in 2009.1 by applying VAT to goods and services The financial crisis led to a shrinking that had previously been subject to of economic activity and trade in most a zero rate and levying the standard economies. VAT rate on products that had had a reduced VAT rate.5 Unifying VAT rates 84 DOING BUSINESS 2015 across all goods and services increases Two other indicators measure the com- by an average of 0.3 percentage points revenue and reduces compliance and plexity of an economy’s tax compliance in 2011. administrative costs.6 system. The number of payments reflects the total number of taxes The average rate for all 3 types of taxes Along with falling revenue, the global and contributions paid, the method of included in the total tax rate—profit, financial and economic crisis also led to payment, the frequency of filing and labor and “other” taxes—also fell over growing tax compliance risks in some payment, and the number of agencies the 9 years (figure 10.1).10 “Other” taxes economies. Compliance with tax obli- involved. The time indicator measures decreased the most, by 5.9 percentage gations and collection of tax revenue the hours per year required to comply points—followed by profit taxes (2.7 are important to support social pro- with 3 major taxes: corporate income percentage points) and labor taxes (0.5 grams and services, for example. But tax, labor taxes and mandatory contri- percentage points). in an economic downturn businesses butions, and VAT or sales tax. tend to underreport tax liabilities, The main driver of the drop in “other” underpay the taxes due, fail to file their The indicators show that for businesses taxes was the replacement of the tax returns on time and even engage around the world, paying taxes became cascading sales tax with VAT by a in transactions in the informal sector.7 easier and less costly over the 9 years number of economies, many of them in Many economies redesigned their tax from 2004 through 2012. Sub-Saharan Africa. Seven economies systems during that period with the made this change during the 9 years, objective of easing compliance with tax Falling tax cost for businesses 6 of them during the crisis period.11 This obligations. Globally, the total tax rate for the shift substantially reduces the tax cost Doing Business case study company for businesses: while a cascading sales averaged 43.1% of commercial profit in tax is a turnover tax applied to the full 2012.9 Over the 9-year period ending value at every stage of production, a BEFORE AND AFTER THE that year, the average total tax rate VAT is imposed only on the value added CRISIS—A 9-YEAR GLOBAL fell by 9.1 percentage points—around at each stage, and the final consumers TAX PROFILE 1 percentage point a year. Its rate of bear the burden. Doing Business has been monitoring decline was fastest during the crisis how governments tax businesses period (2008–10), averaging 1.8 per- While the total tax rate fell in all through its paying taxes indicators for centage points a year, then started regions over the 9-year period, 9 years, looking at both tax admin- slowing in 2011. The total tax rate fell Sub-Saharan Africa had the biggest istration and tax rates. The data give interesting insights into the tax policies implemented during the financial crisis FIGURE 10.1 A global trend of steady decline in the total tax rate of 2008–09. Doing Business looks at Global average total tax rate tax systems from the perspective of (% of commercial profit) the business, through 3 indicators. 20 19 The total tax rate measures all the tax- 18 es and mandatory contributions that a standardized medium-size domestic 17 company must pay in a given year as 16 a percentage of its commercial profit.8 15 These taxes and contributions include 14 corporate income tax, labor taxes and 13 mandatory contributions, property 12 taxes, vehicle taxes, capital gains tax, 11 environmental taxes and a variety of 10 smaller taxes. The taxes withheld (such 2004 2005 2006 2007 2008 2009 2010 2011 2012 as personal income tax) or collected by Profit tax Labor tax Other taxes the company and remitted to the tax authorities (such as VAT) but not borne Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South by the company are excluded from the Sudan were added in subsequent years. total tax rate calculation. Source: Doing Business database. PAYING TAXES 85 decline. Its average total tax rate FIGURE 10.2 Among regions, Sub-Saharan Africa had the biggest reduction in the dropped by almost 17 percentage total tax rate points between 2004 and 2012. This aligned the region more closely with Regional average total tax rate (% of commercial profit) the rest of the world, though its aver- age total tax rate still remains the 80 highest, at 53.4% in 2012 (figure 10.2).12 70 In addition, many African economies 60 lowered rates for the profit tax, reduc- ing its share in the total tax rate. The 50 size of the tax cost for businesses 40 matters for investment and growth. Where taxes are high, businesses are 30 more inclined to opt out of the formal 20 sector. Given the disincentive effects associated with very high tax rates, 10 2004 2005 2006 2007 2008 2009 2010 2011 2012 the continual decline in the total tax rate has been a good trend for Africa. Sub-Saharan Africa Europe & Central Asia East Asia & Pacific Latin America & Caribbean South Asia Middle East & North Africa OECD high income Other economies introduced new taxes during the 9-year period. For example, Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South in 2010 Hungary introduced a sector- Sudan were added in subsequent years. specific surtax on business activity in Source: Doing Business database. retail, telecommunications and energy supply. The new tax remained in force until December 31, 2012. In 2009 BOX 10.1 Using technology to make tax compliance easier Romania introduced a minimum Rolling out new information and communication technologies for filing and income tax. Also in 2009, the Kyrgyz paying taxes and then educating taxpayers and tax officials in their use are Republic introduced a new real estate not easy tasks for any government. But electronic tax systems, if implement- tax that is set at 14,000 soms (about ed well and used by most taxpayers, benefit both tax authorities and firms. $270) per square meter and further For tax authorities, electronic filing lightens workloads and reduces opera- adjusted depending on the city loca- tional costs such as for processing, handling and storing tax returns. This al- lows administrative resources to be allocated to other tasks, such as auditing tion, the property’s location within the or providing customer services. city and the type of business. Electronic filing is also more convenient for users. It reduces the time and cost The average profit tax rate in most required to comply with tax obligations and eliminates the need for taxpayers economies fell consistently between to wait in line at the tax office.a It also allows faster refunds. And it can lead 2004 and 2010, dropping most sharp- to a lower rate of errors. ly during the crisis period (2008–10), Electronic systems for filing and paying taxes have become more common and then started to increase slightly worldwide. Of the 314 reforms making it easier or less costly to pay taxes in 2011 and 2012. The average rate that Doing Business has recorded since 2004, 88 included the introduction for labor taxes and mandatory con- or enhancement of online filing and payment systems. These and other im- tributions remained stable throughout provements to simplify tax compliance reduced the administrative burden to the 9-year period regardless of the comply with tax obligations. By 2012, 76 economies had fully implemented electronic systems for filing and paying taxes as measured by Doing Business. financial crisis. In several economies OECD high-income economies have the largest representation in this group. this reflects concerns on the part of a. Bird and Zolt 2008. the authorities about the impact of aging populations and the need to strengthen the financial situation of pension systems. reflected in the changing composition tax rate today, having risen from 32% of this rate. On average, labor taxes of the total tax rate in 2004 to almost The 9-year trends for the 3 types of and mandatory contributions account 38% in 2012. The profit tax share rose taxes included in the total tax rate are for the largest share of the global total slightly, while “other” taxes fell from 86 DOING BUSINESS 2015 information on both input and output FIGURE 10.3 The administrative burden of compliance has eased for all types ledgers. of taxes Global average time The administrative burden for all the (hours per year) types of taxes eased over the 9 years. 130 But it eased the most for labor taxes 120 and mandatory contributions, with the time for compliance dropping by 23 110 hours on average and the number of payments by 4. This is thanks mainly to 100 the introduction of electronic systems 90 for filing and paying taxes and to ad- ministrative changes merging the filing 80 and payment of labor taxes levied on 70 the same tax base into one return and one payment. For labor and consump- 60 tion taxes, with their requirements for 2004 2005 2006 2007 2008 2009 2010 2011 2012 repetitive calculations, the use of ac- Profit tax Labor tax Consumption taxes (sales and VAT) counting software and electronic filing Global average and payment systems can offer great payments (number) potential time savings (box 10.1). 18 16 In contrast to the total tax rate, the time for compliance declined the most 14 just before the onset of the financial 12 crisis for all 3 types of taxes: profit 10 tax, labor tax and consumption taxes. The number of payments decreased 8 steadily over the 9-year period. 6 4 2 PATTERNS IN TAX 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 REFORMS DURING THE CRISIS PERIOD Profit tax Labor tax Other taxes Over the 9-year period ending in 2012, Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei tax reforms peaked in 2008. Doing Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South Sudan were added in subsequent years. Business recorded 118 changes imple- Source: Doing Business database. mented that year making it easier or less costly to pay taxes (figure 10.4).13 32% of the total in 2004 to only 25% Consumption taxes have consistently The pace of reform slowed in the period in 2012. been the most time consuming, re- immediately after the crisis: in 2011 quiring 106 hours in 2012, with labor Doing Business recorded only 43 such Easing of the tax taxes and mandatory contributions changes. administrative burden not far behind (figure 10.3). Corporate To comply with tax obligations in 2012, income tax takes the least time. While Changes making it easier or the Doing Business case study company corporate income tax can be complex, less costly to pay taxes would have made 26.7 payments and it often requires only one annual return. During the crisis period (2008–10) the put in 268 hours (nearly 7 weeks) on Labor and consumption taxes are often most common changes affecting the average. This reflects an easing of the filed and paid monthly and involve re- paying taxes indicators were those administrative burden—with 7 fewer petitive calculations for each employee cutting the corporate income tax rate payments and 62 fewer hours than in and transaction. And consumption (figure 10.5). Doing Business recorded 2004. taxes in the form of VAT require filing 58 such changes during the 3-year PAYING TAXES 87 period. The next most common chang- FIGURE 10.4 An accelerating pace of tax reform during the global financial crisis es were those enhancing or introducing electronic systems for filing and paying Number of changes making it easier or less costly to pay taxes online—38 such changes were taxes as measured by Doing Business reported in total. These were aimed at 120 easing the administrative burden of tax 100 compliance to counter the greater risk of tax evasion during economic down- 80 turns. Also common were changes to 60 tax deductibility and depreciation rules that would respectively lower the tax 40 cost for businesses and provide them 20 with greater flexibility in planning their cash flow (with a total of 33 recorded). 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Reducing the corporate income tax East Asia & Pacific Latin America & Caribbean South Asia rate was a change that many gov- Europe & Central Asia Middle East & North Africa Sub-Saharan Africa ernments made during the financial OECD high income crisis (box 10.2). In 2008–10 around Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei 47 economies cut their rates. Moldova Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South Sudan were added in subsequent years. The changes shown for each year are those recorded from June 1 of that year temporarily reduced its rate from 15% to June 1 of the following year. to 0%, effectively eliminating any tax on Source: Doing Business database. profits in 2008–11, then set the rate at 12% from January 1, 2012. Some econo- mies (Canada, Fiji, Greece, Indonesia, FIGURE 10.5 During the crisis period many economies cut the corporate income tax Slovenia, the United Kingdom) reduced rate while continuing to improve tax administration their rates gradually, over several Changes making it easier or less costly to pay years. Others introduced temporary taxes as measured by Doing Business, by type additional rate reductions. Vietnam cut 80 its corporate income tax rate from 25% 70 to 17.5% in 2009 as part of a stimulus 60 package for small and medium-size 50 businesses, then restored the standard 40 rate for the following year. 30 Other economies abolished their 20 minimum income tax (France, Timor- 10 Leste). Romania, having introduced 0 a minimum income tax in May 2009, 2004 2005 2006 2007 2008 2009 2010 2011 2012 abolished it in October 2010. Some Abolished or merged taxes Made changes in tax depreciation or economies amended their income tax Introduced or enhanced electronic system deductibility rules that reduced tax cost brackets rather than reducing rates. Reduced labor taxes Reduced corporate income tax rate Portugal introduced tax brackets for Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei profit tax in January 2009. Taxable Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South corporate income up to €12,500 be- Sudan were added in subsequent years. The changes shown for each year are those recorded from June 1 of that year to June 1 of the following year. The figure does not show all types of changes making it easier or less costly to pay came subject to half the standard tax taxes recorded by Doing Business. rate, while all income over this amount Source: Doing Business database. was taxed at the standard 25% rate. deduction of more expenses. Thailand, introduced an investment allow- To stimulate investment in specific for example, encouraged capital invest- ance—an up-front deduction of 30% areas, some economies increased the ment with accelerated depreciation for of the cost of new plant contracted percentage of allowance that could be equipment and machinery acquired for between January 1, 2009, and June applied on certain assets or allowed the before December 2010. Australia 30, 2009, and installed by June 30, 88 DOING BUSINESS 2015 BOX 10.2 The Republic of Korea—a comprehensive approach to supporting an economy in recession The 2008 global credit crunch and ensuing economic recession hit Korea hard. Heavily dependent on manufactured exports and closely integrated with other developed markets through both trade and financial links, the Korean economy contracted sharply in 2009 and public finances came under pressure. Reflecting diminished confidence in the short-term outlook, the value of the Korean won fell sharply. This helped lead to rapid consideration of a package of measures aimed at putting in place the conditions for a recovery. The government set priorities for tax policy: supporting low- and middle-income taxpayers, facilitating job creation, pro- moting investment and sustainable growth, rationalizing the tax system and ensuring the sustainability of public finances.a Measures to support low- and middle-income taxpayers included changes in both individual and corporate taxation (such as a special tax credit for small and medium-size enterprises). To support the continuation of family businesses, the govern- ment reduced the inheritance tax and allowed deductions of up to 10 billion won (about $10 million) when a small or medium- size enterprise is inherited, extending this to 50 billion won (about $50 million) in 2014. To help self-employed individuals who were forced to close their businesses in 2009, the government offered an exemption from paying delinquent taxes until the end of 2010 for those starting a new business or getting a new job. The exemption was further extended until the end of 2014. To support local business development, it gave a corporate income tax deduction of 100% for the first 5 years and 50% for the next 2 years to companies relocating to Korea from abroad. To support future growth, it introduced R&D incentives for companies and also increased the deductibility of education expenses for individuals. Korea also accelerated the implementation of some tax changes already in the pipeline. It reduced the corporate income tax rate for taxable income below 200 million won ($197,972) from 13% to 11% in 2008 and to 10% starting in 2010. For the up- per bracket (above 200 million won) it reduced the rate from 25% to 22% in 2009 and to 20% in 2010 and thereafter. Korea reduced the personal income tax rate by 1 percentage point for the middle bracket and by 2 percentage points for the top bracket while also increasing allowable deductions. In addition, Korea strengthened tax compliance regulation, imposing penalties on high-income earners for failure to issue cash receipts and introducing more severe punishment for frequent and high-profile tax evaders. It also increased the stat- ute of limitation for prosecution for certain tax crimes. Supporters of Korea’s approach believe that it enabled the country to recover faster and more strongly from the global crisis than most other OECD countries.b Korea was one of only a handful of OECD countries that actually registered a reduction in public debt levels over the period 2009–13. Most other advanced economies saw rapid increases in public indebtedness as a result of policy interventions to deal with the effects of the financial crisis.c a. Korea, Ministry of Strategy and Finance 2012. b. OECD 2012. c. International Monetary Fund, World Economic Outlook Database. 2010. Austria introduced accelerated increased energy taxes while cutting contribution rate for employers from depreciation (30% for the first year) the income tax rate during the reces- 5.34% to 7% in July 2009—and the pen- for tangible fixed assets produced or sion. In 2011 Italy raised VAT and local sion contribution rate from 6% to 7%. acquired within a specified time period. property tax rates, though it also cut Spain introduced unlimited tax depre- labor and corporate income tax rates. ciation for investments made in new In 2010 Pakistan increased the VAT fixed assets and immovable property rate from 16% to 17% and raised the CONCLUSION in 2009 and 2010, later extending this minimum tax rate from 0.5% to 1% The financial crisis had a substantial to investments made before December levied on turnover. impact on national tax revenue, leading 31, 2012. in many economies to larger govern- Other tax changes involved increases ment deficits and higher levels of public Changes making it more in labor taxes and mandatory contri- debt. This may have helped trigger complex or costly to pay taxes butions borne by the employer (figure efforts to redesign tax systems, with Some economies introduced new 10.6). Estonia increased the unemploy- governments aiming to strike the right taxes (16 in total in 2008–10). These ment insurance contribution rate twice balance between raising additional rev- were mostly small taxes such as en- during 2009, from 0.3% to 1% on June 1, enue and avoiding a greater tax burden vironmental taxes, vehicle taxes, road 2009, and to 1.4% on August 1, 2009. on businesses. taxes and other social taxes. Finland Iceland increased the social security PAYING TAXES 89 transfer fees, taxes on checks and FIGURE 10.6 Among other changes to tax systems during the crisis period, those cascading sales tax. introducing new taxes were the most common 11. The 7 economies are Burundi, the Democratic Republic of Congo, Djibouti, The Changes making it more complex or costly to pay Gambia, the Seychelles, Sierra Leone and taxes as measured by Doing Business, by type the Republic of Yemen. 12. This is the average for all Sub-Saharan 18 African economies included in Doing 16 Business 2013 (45 in total). 14 13. These reforms include both major and minor reforms as classified by Doing Business. 12 These include changes in statutory rates, 10 changes in deductibility of expenses and 8 depreciation rules, administrative changes affecting time to comply with 3 major 6 taxes (corporate income tax, labor taxes 4 and mandatory contributions, and VAT or 2 sales tax) and introduction or elimination of 0 taxes. Under the paying taxes methodology, 2004 2005 2006 2007 2008 2009 2010 2011 2012 the tax system assessment for calendar year 2008 covers reforms recorded from Introduced new tax Made changes in tax depreciation or June 1, 2008, to June 1, 2009, a period deductibility rules that increased tax cost that includes the start of the financial Increased labor taxes Increased corporate income tax rate crisis in September 2008 and the months immediately following it. Note: The data refer to the 174 economies included in DB2006 (2004). The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San Marino and South Sudan were added in subsequent years. The changes shown for each year are those recorded from June 1 of that year to June 1 of the following year. The figure does not show all types of changes making it more complex or costly to pay taxes recorded by Doing Business. Source: Doing Business database. The data collected for the paying taxes 3. Buti and Zourek 2012. 4. Buti and Zourek 2012. indicators show a clear trend of in- 5. Buti and Zourek 2012. creasing changes to tax policies during 6. OECD 2010a. the crisis. Among the most common 7. Brondolo 2009. 8. Commercial profit is net profit before all changes as measured by the indica- taxes borne. It differs from the conventional tors were those cutting the corporate profit before tax, reported in financial income tax rate while increasing VAT statements. In computing profit before tax, many of the taxes borne by a firm are rates and those enhancing or intro- deductible. In computing commercial profit, ducing electronic systems for filing these taxes are not deductible. Commercial and paying taxes. Changes easing the profit therefore presents a clear picture of the actual profit of a business before any administrative burden of tax compli- of the taxes it bears in the course of the ance countered the greater risk of tax fiscal year. It is computed as sales minus evasion that arises during economic cost of goods sold, minus gross salaries, minus administrative expenses, minus downturns. In addition, governments other expenses, minus provisions, plus introduced new tax deductibility and capital gains (from the property sale) minus depreciation rules that would lower the interest expense, plus interest income and minus commercial depreciation. To compute tax cost for businesses, provide them the commercial depreciation, a straight-line with greater flexibility in planning their depreciation method is applied, with the cash flow and stimulate investment in following rates: 0% for the land, 5% for the building, 10% for the machinery, 33% for the specific areas. computers, 20% for the office equipment, 20% for the truck and 10% for business development expenses. Commercial profit amounts to 59.4 times income per capita. NOTES 9. This is an unweighted average across 189 economies. This case study was written by Michelle- 10. The terms profit tax and corporate income Christine Hanf, Joanna Nasr and Nadia Novik. tax are used interchangeably in this case study. “Other” taxes include small taxes 1. World Bank, World Development Indicators such as vehicle taxes, environmental database. taxes, road taxes, property taxes, property 2. OECD 2010b. Doing Business 2015 Going Beyond Efficiency Enforcing contracts How judicial efficiency supports freedom of contract  In regulating freedom of contract, F reedom of contract is the abil- future editions of the report and has no authorities around the world have ity of adults and groups—such implications for the data or rankings had to strike a balance between as corporations and other legal for enforcing contracts. Additionally, the desire to give contracting entities—to freely decide whether to in carrying out this exercise the team parties the ability to enter into enter into an enforceable agreement and does not intend to advocate in favor of mutually beneficial arrangements to determine the rights and obligations more or less freedom of contract but and the need to provide adequate of their bargain. This freedom is essential instead aims to provide an overview of safeguards against possible abuse. to an efficient economy: without it, and local regulations.  Worldwide, the most common without enforcement of contracts, there limitations to freedom of contract would be little stability in financial ar- In regulating freedom of contract, stem from local legislation, through rangements, and uncertainty and lack economies worldwide have had to which the government attempts to of trust would discourage people from draw the line between very extensive draw a boundary between the use participating in economic life. and very limited freedom of contract and misuse of bargaining power. (figure 11.1). Most have drawn the line Other limitations stem from the This case study explores what freedom somewhere in between. Where freedom courts, which play a vital role in of contract means and examines how of contract is very narrowly regulated, shaping freedom of contract by it is regulated in a sample of 34 econo- most transactions fall within the strict deciding whether or not to enforce mies belonging to different regions and schemes dictated by the law, leaving certain agreements. income groups, chosen mostly on the the contracting parties with limited  In a sample of 34 economies, none basis of the quality of the data col- negotiating power. But where it is not allow the parties to a contract to lected by the Doing Business team in narrowly regulated, the law contains exclude liability for gross negligence each economy.1 It also looks at judicial only the most common limitations or for damages resulting in personal efficiency in contract resolution in the (such as for public policy reasons and injury. Similarly, all of the economies same 34 economies, using data for to prevent fraud and duress), allow- consider contracts void or voidable the enforcing contracts indicators ing the parties to freely negotiate the if concluded in contravention of as a proxy for judicial efficiency. Even terms of their agreement. public policy or under duress, fraud substantial freedom of contract could or coercion. Only 4—the Democratic become irrelevant without effective Where there are few limitations to Republic of Congo, Pakistan, the mechanisms for resolving commercial freedom of contract, 2 capable and Philippines and Sri Lanka—set no disputes, because firms would find consenting adults would be able to statutory limit on interest rates. themselves operating in an environ- conclude a 10-year loan contract with Almost half (14) explicitly prohibit ment where compliance with contrac- an interest rate of 50% or even contract covenants restricting the alienation of real property. tual obligations is not the norm.2 As in to sell a house worth $1 million for a previous years, the ranking on the ease penny. But they would not be able to  Even where there is considerable of enforcing contracts continues to circumvent public policy limitations freedom of contract, slow resolution be based exclusively on the time, cost and conclude a contract by which, for of contract disputes can impose and procedural complexity of resolving example, one of the parties sells himself implicit limitations. Without commercial disputes before local first- as a slave or forces the other into an reasonably expeditious dispute instance courts. This year’s research unwanted agreement—limitations of resolution, the meaning of freedom on freedom of contract is a one-time this sort have become widely accepted of contract can be greatly eroded. exercise that will not be replicated in in modern law. While most would agree ENFORCING CONTRACTS 91 threats to health, safety, morals and FIGURE 11.1 Spectrum of the possible limitations to freedom of contract welfare. The court decisions spurred a debate over the government’s role in imposing limitations on freedom of contract, and a more paternalistic ap- proach emerged. This entailed overrul- Very limited freedom Midrange freedom Very extensive freedom ing individuals’ contractual preferences of contract of contract of contract for their own good, to protect them Parties have little to no All economies in the sample Parties have considerable from the damaging consequences of freedom in negotiating fall within this category. freedom in negotiating contract conditions contract conditions because their agreements.8 Several countries because of numerous the law limits freedom of started to regulate contractual rela- limitations imposed by law. contract only for reasons tionships under the assumption that in relating to public policy, fraud and duress. certain circumstances people are un- able to identify their own preferences.9 Today most economies regulate limita- tions to freedom of contract by pairing that contracts contravening public to a contract can evaluate whether it this paternalistic approach with a policy should be illegitimate, some is beneficial, leading to the idea that program of social justice animated would disagree on whether the first 2 whether agreements are prudent and by distributive motives, economic ef- contracts should be enforced. profitable should be determined not ficiency and overall fairness, which has by the courts but by the parties them- led to rules favoring some groups in the selves.5 At the time, the private sphere struggle for welfare.10 represented a realm in which individual HOW THE LITERATURE freedom and autonomy were protected U.S. labor law offers a great example DEFINES FREEDOM OF from state intervention. Any legisla- of this evolution. In the late 1800s CONTRACT tion that disturbed parties’ equality and early 1900s courts invalidated In the legal and economic literature was seen as an arbitrary interference laws that limited freedom of contract, there is wide consensus on a definition with liberty of contract, which no including laws with minimum wage of freedom of contract, intended to government could legally justify. In this requirements, laws with restrictions on be the power of contracting parties context freedom of contract had few maximum working hours or union par- to freely determine the content of limitations; legislators were more con- ticipation and federal child labor laws.11 their agreement without interference cerned with protecting the sanctity of In these cases the court assumed a from the government or from other the bargain because they believed that near equality of bargaining power and individuals.3 The concept is generally maximizing individual profits through found it anomalous that the law would given both a negative and a positive freedom of contract would promote favor one party over the other. This ap- meaning. Negative freedom of contract efficiency in commercial markets.6 proach dominated in the early 1900s is freedom from interference by the and culminated in the 1905 decision government or by other individuals, During the mid-1900s, however, Lochner v. New York, in which the court while positive freedom of contract is governments and courts started to invalidated a New York law limiting the the ability of parties to freely deter- acknowledge the tension between daily number of hours a baker could mine the content of an agreement.4 the parties’ desire for certainty and work. However, this Lochnerian freedom stability in private agreements and the of contract, the freedom that required While there is broad agreement on need to ensure fairness for weak and parties to live with their duly executed a general definition, every economy vulnerable individuals; concepts such contracts however overreaching or limits freedom of contract in different as fraud, duress and undue influence disadvantageous to the weaker party, ways. In regulating these limitations, began to play a bigger role in court succumbed to the state’s interests.12 the main debate has centered on the decisions on limitations to freedom of During the late 1930s legislation and role that should be played by the courts contract.7 In this context freedom of case law relying on the notion that and by the state in general. In the late contract was no longer seen as abso- countries should retain the right to 1800s and early 1900s legislators, lute but instead as a liberty to be en- protect individuals from entering into influenced by classical contract theory, joyed within the framework of the law, a contract against their health, safety relied on the notion that only the parties designed to protect individuals from or welfare started to emerge. Laws 92 DOING BUSINESS 2015 regulating child labor, maximum hours, the marketplace.15 In addition, freedom contract remains meaningful by ensur- health and safety, sexual and moral of contract contributes to the estab- ing timely enforcement of contracts. harassment, and nondiscrimination in lishment of a functional economy in recruitment and hiring were more and which predictability is prized.16 more often enforced by the courts. When distributive motives started to Worldwide, the most common limita- WHAT METHODOLOGY WAS play a bigger role in labor laws, so did tions to freedom of contract stem from USED measures regulating minimum wage the government, through its attempt To investigate limitations to freedom of and retirement security. to draw a boundary between the contract in the 34 sampled economies, use and misuse of bargaining power. the Doing Business team added several Today, despite the differences in ap- Others stem from the courts, which new questions to this year’s question- proaches to setting the boundary play a vital role in shaping freedom naire on enforcing contracts. These between the use and misuse of bargain- of contract when deciding whether to questions focus on 10 possible limita- ing power, some limitations—such as enforce certain agreements. Indeed, tions to freedom of contract, relating those relating to voluntariness, freedom people have true freedom of contract to issues ranging from land transfers from coercion, and natural and legal only if the courts enforce their agree- to consideration, choice of law and capacity—are universally accepted. ments.17 Courts have a dual role in this limited liability clauses (box 11.1). To ob- Worldwide, there are laws intended to context—both to protect individuals serve meaningful differences between prevent people from using force, secre- from unreasonable government regula- economies, the team focused on issues cy, duress or fraud to compel others to tions and to clarify and apply rightful that have been extensively debated enter into contracts that they would not limitations. Additionally, the judiciary throughout the relevant literature and agree to under different circumstances. must also make sure that freedom of case law, although a consensus has Similarly, there are contract rules in ef- fect to void agreements that appear to have been freely entered into but were BOX 11.1 Possible limitations to freedom of contract explored through this not in actuality, because of the incapac- year’s research ity of one of the contracting parties. • Statutory limits on interest rates • Limitations on consideration and on determination of contract price in These limitations have become an in- future agreements dispensable part of any comprehensive • Limitations on clauses restricting land transfers definition of freedom of contract, now • Limitations on “choice of law” clauses in commercial contracts (clauses intended to be both freedom of the specifying that any dispute arising under the contract will be determined parties from interference by the state in accordance with the law of a particular jurisdiction) and freedom from imposition by one • Limitations relating to asymmetry of power and to unconscionability (a another.13 Among the 34 economies in doctrine in contract law referring to terms that are so one-sided in favor the sample, all have legislation deeming of a party with superior bargaining power that they are contrary to good contracts unenforceable for reasons of conscience) public policy, duress, coercion, fraud, • Limitations on disclaimers on implied warranties (guarantees that the incapacity or undue influence. item sold is merchantable and fit for the purpose intended) • Limitations on clauses allowing termination at will (clauses usually in- cluded in employment agreements that permit an employee or employer to terminate the employment relationship at any time for any or no reason WHY FREEDOM OF at all) CONTRACT MATTERS • Limitations on clauses limiting liability, such as for negligence (conduct FOR FIRMS that departs from what would be expected of a reasonably prudent person Freedom of contract is a critical in- acting under similar circumstances) strument for economic progress and • Restrictions on terms included in standard-form contracts (contracts be- efficiency.14 Its unrestricted exercise by tween 2 parties in which the terms and conditions are set by one of the parties with equal bargaining power, parties and the other party has little or no ability to negotiate more favor- comparable skills and good knowledge able terms) of relevant market conditions maximiz- • Limitations for reasons relating to public policy, capacity, duress, coercion, es individual welfare and promotes the fraud and undue influence most efficient allocation of resources in ENFORCING CONTRACTS 93 been reached on most of them. The controversy: whether an economy 10. Any limitation, even in the form of 34 economies were chosen from the has any regulations setting a cap on an exception to a general principle, is 189 covered by Doing Business in a way interest rates and what rules govern counted; no relevance is given to the in- that ensures a representative sample asymmetry of power. These questions tensity of the limitation. For limitations across regions and income groups. go to the heart of whether usury laws on contract provisions restricting land and laws governing an imbalance in transfers, for example, 1 point is given One area explored through this research bargaining power should legitimately even if the limitations are not imposed deals with the limitations imposed impose limits on freedom of contract. on all transactions but apply only to by national laws on consideration, Both sides of the debate have been those involving foreigners. traditionally defined as anything of defended at length. Those arguing in value promised to the other party when favor of these laws conclude that with- In carrying out this exercise the team concluding a contract. Consideration out them, free markets would produce does not intend to advocate in favor of often takes the form of money, though perverse incentives to take excessive more or less freedom of contract but it does not have to. In the sale of a credit risks, which drive up the cost of instead aims to provide an overview house, for example, the selling party’s the welfare system as a whole.18 Those of local regulations. Furthermore, in consideration could be the purchase arguing against them conclude that counting the number of limitations price or a promise to pay this price, courts should enforce all voluntary the team does not intend to suggest while the buyer’s consideration could contracts that do not produce nega- that a lower number—connected with be the house. The team investigated tive consequences for others—while greater freedom of contract in laws whether local courts can exercise any redistribution of wealth should oc- and regulations—is more desirable. The scrutiny on the adequacy of consider- cur through the welfare system, not sole purpose in providing the number ation and whether the determination through laws and regulations.19 of limitations is to understand how the of consideration can be left to a future sampled economies regulate freedom agreement between the parties. If On the question of asymmetry of of contract, without giving any judg- freedom of contract is not restricted, negotiating power, those who defend ment on the quality of the regulations courts should exercise no scrutiny on freedom of contract argue that if or on their desirability. consideration as long as the parties contracts signed between parties with willingly and knowingly accepted the unequal bargaining power were treated terms of the contract. But if freedom of as invalid because of this asymmetry, contract is restricted, courts may rule those with more power would refuse WHAT THE RESULTS SHOW on the adequacy of consideration to to sign contracts with people with less Among the 34 economies covered, ensure the fairness of all transactions power, leading to the exclusion of these Tunisia has the highest number of limi- carried out in the marketplace. people from the market.20 To capture tations to freedom of contract, with 8 the differences in the legal treatment of the 10 limitations measured. At the The inclusion of choice-of-law clauses of asymmetry of power in contracts, opposite end of the spectrum is the in international contracts was also ex- the team collected data on whether lo- Democratic Republic of Congo, with amined. These clauses specify that any cal laws contain restrictions on terms only 3 of the 10 limitations (figure 11.2). dispute arising under the contract will that can be used in standard-form be determined under the law of a par- contracts or on provisions allowing The results not only show that all 34 ticular jurisdiction. Economies limiting termination at will. In both cases, as economies have struck a balance be- freedom of contract in this area usually in all other cases covered in this study, tween the extremes of very limited and do not allow such clauses or allow them it is assumed that both parties have very extensive freedom of contract; only if the parties have a relationship full legal capacity and entered into the they also reflect some consensus on with the chosen jurisdiction. Those contract freely. the limitations that should be imposed. without strict limitations on freedom of For example, none of the economies contract do not forbid such provisions. After analyzing the laws addressing allow the parties to a contract to these issues in the sampled econo- exclude liability for gross negligence Other areas of research included in this mies, the team counted the number of or for damages resulting in personal year’s questionnaire are somewhat limitations to freedom of contract in injury. Similarly, none of them allow more controversial from a social, eco- each economy. The higher the number contracts concluded in contraven- nomic and philosophical perspective. of limitations, the more limited the tion of public policy or under duress, Two research questions in particular freedom of contract. The maximum fraud or coercion. And only 4 of the provide an interesting example of this number of limitations in the study is economies—the Democratic Republic 94 DOING BUSINESS 2015 FIGURE 11.2 The Democratic Republic of Congo has the fewest limitations to freedom of contract Number of limitations to freedom of contract 10 9 8 7 6 5 4 3 2 1 0 El Salvador Macedonia, FYR Sri Lanka United Arab Emirates Congo, Dem. Rep. Nigeria Pakistan Philippines Singapore Barbados Bhutan China Italy Lebanon South Africa Bulgaria Cambodia Colombia Croatia Czech Republic France Germany India Malta Mozambique Poland Romania Turkey Brazil Greece Taiwan, China Togo Uruguay Tunisia Source: Doing Business database. of Congo, Pakistan, the Philippines and  Courts can exercise scrutiny on the limit the terms that can be included in Sri Lanka—set no statutory limit on adequacy of consideration. a standard-form contract, while all 5 interest rates.  The determination of a contract allow termination at will, choice-of-law price cannot be left to a future clauses and disclaimers on implied But there is less agreement on other agreement, unless the contract warranties as long as the seller was not limitations to freedom of contract. For already establishes how the price will acting in bad faith. example, there is great variation among be determined. the economies on whether the law pro-  Limitations are imposed by law Across all regions, only 3 economies hibits covenants restricting alienation on clauses that can be included in forbid choice-of-law clauses in in- of real property. A clause of this type standard-form contracts. ternational contracts. All 3—Brazil, would, for example, forbid the buyer  Liability for gross negligence cannot Colombia and Uruguay—are in Latin from selling the property for a certain be excluded through mutual agree- America and the Caribbean. number of years after purchasing it. Of ment of the parties. the 34 economies, 14 explicitly prohibit  A contract cannot be agreed upon Even where there is considerable this kind of covenant, though 9 of these if its terms are against public policy freedom of contract, slow resolution 14 economies allow restrictions on alien- or if one of the parties does not have of contract disputes can impose ation of real property when foreigners full legal capacity. implicit limitations. Without reason- are involved in the transaction. The rest ably expeditious dispute resolution, of the economies allow these contract The other 6 regions show more variation the meaning of freedom of contract provisions. in the number and type of limitations. is eroded; parties might be able to Sub-Saharan Africa is a good example. conclude most contracts on their own Among the 7 regions covered, Europe While the Democratic Republic of Congo terms, but long contract resolution and Central Asia is the only one in which has the smallest number of limitations times would ultimately frustrate that no variation was found in the number in the overall sample, with 3, Togo has ability. and type of limitations imposed on one of the largest numbers, with 7. Togo freedom of contract. All sampled econo- is the only Sub-Saharan African econo- In Singapore parties not only have mies in the region have the following 6 my in the sample that allows the courts broad negotiating power; they also limitations: to deny enforcement of a contract on have the certainty that their con-  A cap is imposed by law on interest the basis of inadequate consideration. tracts will be enforced promptly. The rates. In addition, only 2 of the 5 Sub-Saharan country imposes few limitations on African economies in the sample do not freedom of contract, and resolving ENFORCING CONTRACTS 95 influencing the decisions of economic FIGURE 11.3 Singapore is among the economies with both the fewest limitations to freedom of contract and the fastest contract resolution actors. By promoting investment, good judicial institutions can also contribute Time to enforce a contract to economic growth and development. (days) Indeed, an effective judiciary, by pro- Greece 1,600 viding a structured, timely and orderly Sri Lanka framework for resolving disputes, fos- 1,400 ters economic stability and growth. 1,200 Pakistan Moreover, efficient contract enforce- 1,000 ment is essential to allow true freedom 800 of contract. Even where the law allows Congo, Dem. Rep. Tunisia extensive freedom of contract, the ben- 600 efits of this can be greatly undermined 400 if not matched by efficient contract en- Singapore 200 forcement. Without that, the predict- 0 ability of the legal framework—which is 2 3 4 5 6 7 8 9 highly valued by firms operating in the Number of limitations to freedom of contract market—would be compromised.22 Source: Doing Business database. NOTES This case study was written by Erica Bosio and a standardized commercial dispute Freedom of contract and efficient Tanya Maria Santillan. through the courts—from the filing contract enforcement are often mutu- of the case to the enforcement of the ally dependent because one can lose 1. The 34 economies in the sample are Barbados; Bhutan; Brazil; Bulgaria; contract—takes 150 days as measured meaning without the other, as shown Cambodia; China; Colombia; the Democratic by Doing Business (figure 11.3), a global in the examples above. Among the 34 Republic of Congo; Croatia; the Czech best practice. In Sri Lanka there are economies in the sample, however, Republic; El Salvador; France; Germany; Greece; India; Italy; Lebanon; the former equally few limitations to freedom of there are cases where neither is prized. Yugoslav Republic of Macedonia; Malta; contract, but resolving the standard- Greece is a clear example. Not only does Mozambique; Nigeria; Pakistan; the ized dispute through the courts takes Greece have one of the highest numbers Philippines; Poland; Romania; Singapore; South Africa; Sri Lanka; Taiwan, China; 1,318 days—almost 4 years. Parties of limitations (7), it also has among the Togo; Tunisia; Turkey; the United Arab might be able to include a wide array longest resolution times in the sample. Emirates; and Uruguay. of covenants in their agreements, but Resolving the standardized dispute in 2. Ramello and Voigt 2012. 3. Braucher 1969. long enforcement times can nullify Athens takes 1,580 days—more than 4 4. Berlin 1969. the utility of those covenants. A slow years. Similarly, in Tunisia, the economy 5. Eisenberg 1995; Edwards 2009; Marella contract resolution process frustrates with the highest number of limitations 2006. 6. Scott 2002. freedom of contract. in the sample (8), enforcing a contract 7. Edwards 2009; DiMatteo and Rich 2006. takes 565 days. 8. Kronman 1983. The Democratic Republic of Congo is 9 Shapiro 1988; Marella 2006. 10. Kennedy 1982, 2006; Kronman 1983. another economy where long enforce- 11. Adkins v. Children’s Hospital; Adair v. United ment times frustrate freedom of States; Coppage v. Kansas; Hammer v. contract. It limits freedom of contract CONCLUSION Dagenhart; Carter v. Carter Coal Company; Weber 2013. only in the areas of future determina- Freedom of contract and efficient con- 12. West Coast Hotel Co. v. Parrish; Weber 2013. tion of contract price, exclusion of li- tract enforcement matter to business- 13. Kennedy 1982. ability for gross negligence, and public es. The exercise of freedom of contract 14. Basu 2006; Edwards 2009. 15. Edwards 2009. policy and legal capacity. But resolv- by parties with similar negotiating 16. Weber 2013. ing the standardized dispute takes power and good knowledge of market 17. Kennedy 1982. 610 days—almost 2 years. Pakistan conditions promotes efficiency in the 18. Posner 1995. 19. Pettit 1999; Posner 1995. provides a similar example: there are allocation of resources, maximizing in- 20. Basu 2006. only 4 limitations to freedom of con- dividual welfare and spurring efficiency 21. Edwards 2009. tract, but resolving the standardized in the marketplace.21 Efficient contract 22. Brunetti, Kisunko and Weder 1997, 1998. dispute takes 976 days in Karachi. enforcement promotes investment by Doing Business 2015 Going Beyond Efficiency Resolving insolvency Measuring the strength of insolvency laws  Doing Business introduces a T he word bankruptcy often evokes participation in bankruptcy proceedings new component of the resolving negative associations with fail- may lead to a lower cost of debt and a insolvency indicator set this ure and shame. And fear of bank- higher aggregate level of credit; and that year, the strength of insolvency ruptcy and its consequences can deter introducing reorganization proceedings framework index. This indicator potential entrepreneurs from starting may reduce the rate of business failure.5 tests whether each economy has a new business venture. According to Moreover, efficient bankruptcy regimes adopted internationally recognized a recent survey on entrepreneurship, with orderly procedures for the sale and good practices in the area of people from a range of social and de- distribution of debtors’ assets can have insolvency. mographic groups rank the possibility a positive effect on loan terms, leverage  The good practices underlying of going bankrupt as the greatest fear ratios and bank recovery rates.6 the new indicator are based on associated with starting a business, 2 sources—the World Bank’s above irregular income and lack of job Bankruptcy laws play such an im- Principles for Effective Insolvency security.1 Yet evidence suggests that the portant role because they promote and Creditor/Debtor Regimes and exit of firms from the market is a neces- predictability for both creditors and the United Nations Commission on sary condition for economic growth, and entrepreneurs—by establishing the International Trade Law’s Legislative efficient exit frameworks may in fact rules for the worst-case scenario. They Guide on Insolvency Law. encourage greater entrepreneurial ac- allow entrepreneurs to determine the  OECD high-income economies have tivity and new firm creation.2 Moreover, maximum risk associated with a failed the highest average score on the businesses started by previously failed venture.7 And they allow creditors to strength of insolvency framework entrepreneurs can grow faster than calculate the maximum risk associated index. South Asia is the region with those started by first-timers.3 with an unpaid loan. Collection of debt the lowest average score on the through bankruptcy proceedings may index. While reducing the stigma associ- be the least attractive option for any  Economies that have reformed ated with bankruptcy may be difficult, creditor, because these proceedings in- their insolvency laws in the past policy makers can minimize the nega- volve several creditors trying to enforce several years score substantially tive effects of business failures and take their claims against the same debtor.8 higher on the strength of insolvency advantage of their positive effects by So, having transparent, enforceable framework index than economies adopting efficient and well-functioning rules on the types of decisions that with outdated insolvency provisions. bankruptcy laws. Several studies show creditors can influence during bank-  Economies with better insolvency a strong link between bankruptcy laws ruptcy proceedings, on the priority of laws as measured by Doing Business and credit market development, as creditors and on other important issues tend to have more credit available to reflected by such aspects as collateral is critical for lenders—and becomes a the private sector. eligibility requirements, access to loans key factor for them in fixing interest to finance investments, access to long- rates and maturity terms for loans.9 term debt and the level of firms’ financ- ing relative to their size.4 And studies on the effects of bankruptcy reforms show that speeding up the resolution of debt AN EXPANDED FOCUS FOR disputes may increase the probability THE INDICATORS of timely repayment; that increasing The Doing Business indicators on resolv- the protection of creditors and their ing insolvency measure the efficiency RESOLVING INSOLVENCY 97 of insolvency (bankruptcy) frameworks index widens the reach of the resolving and what protections are available around the world. Until this year the insolvency indicator set to debtors and to dissenting creditors. focus was on capturing the time, cost unsecured creditors.  The creditor participation index and outcome of the most likely in- measures whether creditors partici- court proceeding involving a domestic Both the World Bank principles and the pate in important decisions during debtor in each economy. These 3 UNCITRAL guide avoid using the term insolvency proceedings, such as ap- measures were then used to calculate bankruptcy and instead use the broader pointment of the insolvency repre- the recovery rate—how much of its term insolvency. The 2 guidebooks sentative and sale of assets during loan a secured creditor would be able to generally agree on the objectives of an the proceedings; whether creditors recover at the end of the proceedings. effective and efficient insolvency re- have access to information about gime, and both provide specific recom- the debtor and the proceedings; This year Doing Business has introduced mendations on each of these objectives and whether creditors can object to an important change in methodology (the UNCITRAL guide, a multivolume decisions affecting their rights, such for the resolving insolvency indicators. publication, covers a multiplicity of op- as approval of claims submitted by Besides measuring the recovery rate, it tions). The good practices tested under other creditors. now also tests whether each economy the new indicator are closely linked has adopted internationally recognized with the objectives identified in both The information used to compile the good practices in the area of insol- guidebooks and follow the provisions strength of insolvency framework in- vency. A new indicator, the strength of elaborated in them (table 12.1). dex was provided by private and public insolvency framework index, measures sector insolvency practitioners in each good practices in accordance with The strength of insolvency frame- economy with reference to the appli- principles developed by the World Bank work index measures whether each cable laws and regulations. The Doing and the United Nations Commission on economy has adopted internationally Business team analyzed both primary International Trade Law (UNCITRAL)— recognized good practices in 4 areas: and secondary sources in evaluating the World Bank’s Principles for Effective commencement of insolvency pro- to what extent insolvency laws in each Insolvency and Creditor/Debtor Regimes ceedings, management of the debtor’s economy accord with internationally (referred to here as the “World Bank assets, reorganization proceedings and accepted good practices. Based on this principles”) and UNCITRAL’s Legislative creditor participation in insolvency analysis, the team assigned a score for Guide on Insolvency Law (“UNCITRAL proceedings. Each of these topics is each of the 4 component indices. The guide”).10 addressed by a separate component sum of these 4 scores is the score on index through several questions. the strength of insolvency framework The purpose behind expanding the  The commencement of proceedings index. (For a more detailed description scope of the methodology is to capture index measures what type of pro- of the scoring methodology, see the multiple aspects of the insolvency ceedings (liquidation, reorganization data notes.) framework in each economy. The new or both) debtors and creditors can strength of insolvency framework in- initiate and what standard is used dex measures the quality of insolvency to declare a debtor insolvent. laws, while the previous methodology  The management of debtor’s assets WHERE ARE GOOD (recovery rate) captures the insolvency index measures whether, during PRACTICES MOST practice. Thus the expanded meth- insolvency proceedings, a debtor can COMMON? odology will provide a more complete continue transactions essential to the OECD high-income economies have and balanced view of the insolvency survival of the business and terminate the highest scores on average on the framework in each economy by ad- contracts that are overly burdensome; strength of insolvency framework dressing both the quality of the law whether preferential and undervalued index and on each of the 4 component and the efficiency of its implementa- transactions made by the debtor prior indices (figure 12.1). Among the econo- tion. One of the findings this year is to the commencement of insolvency mies in this region, Germany and the that economies with a higher quality can be avoided; and whether the debt- United States have the highest scores. of insolvency laws as measured by the or can obtain new financing during Europe and Central Asia has the second strength of insolvency framework insolvency proceedings to support its highest average score on the strength index experience on average higher continuous operation. of insolvency framework index, though recovery rates.11 Additionally, while  The reorganization proceedings index there is a substantial difference be- the previous methodology focused measures whether and how credi- tween the average score of Eastern and mainly on secured creditors, the new tors vote on a reorganization plan Central European economies and that 98 DOING BUSINESS 2015 implemented many of the good prac- TABLE 12.1 Objectives of an effective insolvency regime as identified by the World tices measured by the index as part of Bank principles and the UNCITRAL guide and measured by the resolving insolvency indicators their reform efforts. World Bank principles UNCITRAL guide Resolving insolvency indicators East Asia and the Pacific and Sub- Integrate with a country’s Provision of certainty in Saharan Africa are tied with the broader legal and commercial the market to promote systems economic stability and third highest score. Economies growth with some of the highest scores in Maximize the value of a firm’s Maximization of value New indicator tests whether the value of the Sub-Saharan Africa are those that assets and recoveries by of assets debtor’s assets can be preserved by continuing creditors contracts of the debtor essential to survival of adopted the OHADA (Organization its business, by rejecting overly burdensome for the Harmonization of Business contracts, by invalidating preferential and undervalued transactions and by obtaining Law in Africa) Uniform Act Organizing post-commencement financing. Collective Proceedings for Wiping Off Provide for the efficient Existing indicators test whether viable Debts. In East Asia and the Pacific liquidation of both nonviable businesses can be reorganized and whether there is great variation in the strength businesses and businesses businesses in liquidation can be sold as a going whose liquidation is likely to concern. of insolvency frameworks. Economies produce a greater return to that have recently amended their creditors and reorganization of viable businesses insolvency laws, such as China, Strike a careful balance Striking a balance New indicator tests whether creditors and Cambodia and the Philippines, receive between liquidation and between liquidation and debtors have access to both liquidation and high scores, while other economies reorganization, allowing reorganization reorganization proceedings and what the basis for easy conversion of is for declaring a debtor insolvent. have no formal insolvency framework, proceedings from one such as Palau and the Marshall Islands. proceeding to another Provide for equitable Ensuring equitable New indicator tests how similarly situated treatment of similarly treatment of similarly creditors vote on a reorganization plan and The region with the lowest average situated creditors, including situated creditors what treatment they receive under the plan. score on the strength of insolvency similarly situated foreign and domestic creditors framework index is South Asia. Very few economies in the region have Provide for timely, efficient, Provision for timely, Existing indicators test how long the and impartial resolution of efficient and impartial proceedings take and how much the insolvency laws that facilitate the insolvencies resolution of insolvency proceedings cost for the creditors. continuation of the debtor’s busi- Prevent the improper use of New indicator tests the basis for commencing ness during insolvency proceedings. the insolvency system insolvency proceedings. Economies in the Middle East and Prevent the premature Preservation of the This principle is tested by the strength of legal North Africa score only slightly better. dismemberment of a debtor’s insolvency estate rights index.a assets by individual creditors to allow equitable Only 2 economies in this region have a seeking quick judgments distribution to creditors reorganization framework, and many Provide a transparent Ensuring a transparent New indicator tests the level of creditor lack a designated insolvency law; in- procedure that contains, and and predictable participation during insolvency proceedings, consistently applies, clear insolvency law that including their ability to request information stead, provisions related to insolvency risk allocation rules and contains incentives for and to challenge decisions directly affecting are found in company laws and com- incentives for gathering and gathering and dispensing their rights. dispensing information information mercial codes. Recognize existing creditor Recognition of existing New indicator tests whether post- rights and respect the creditor rights and commencement creditors receive priority over In Latin America and the Caribbean priority of claims with a establishment of clear existing creditors. This principle is also tested some economies have well-developed predictable and established rules for ranking of by the strength of legal rights index.b process priority claims insolvency laws, such as Brazil, Mexico Establish a framework for Establishment of a Because Doing Business focuses on domestic and Colombia, for example, all of which cross-border insolvencies, framework for cross- entities and transactions, the indicators do not score relatively high on the strength of with recognition of foreign border insolvency test this principle. proceedings insolvency framework index. But most of the smaller economies in the region, a. The strength of legal rights index (part of the getting credit indicator set) tests whether the insolvency framework includes automatic stay (moratorium) provisions, which suspend all individual creditor actions during insolvency. particularly island economies, still use b. The strength of legal rights index tests the level of priority of secured creditors’ claims as compared with other winding-up provisions in companies claims—tax claims, employee claims, judgments. Source: Analysis based on World Bank (2011b) and UNCITRAL (2004). acts that have not been amended for several decades. of Central Asian economies. Economies Romania, the former Yugoslav Republic that have recently reformed their of Macedonia and Montenegro—have This analysis shows that economies insolvency laws—such as Bulgaria, the region’s highest scores, having that have reformed their insolvency RESOLVING INSOLVENCY 99 of an insolvency representative, who FIGURE 12.1 OECD high-income economies have well-developed insolvency often has the authority to act on behalf frameworks and the highest recovery rates of the debtor and make key decisions Average strength of Average recovery rate about the management of its assets. insolvency framework index (0–16) (cents on the dollar) Almost 60% of economies exclude 16 100 creditors from the process of choosing the insolvency representative. Lack of 12 75 meaningful participation can affect creditors’ confidence in the system, making them less cooperative and 8 50 more litigious and thus prolonging the proceedings. 4 25 The data for the component indices also point to economies with particular 0 0 strengths in the areas measured. For OECD Europe & East Asia Sub-Saharan Latin America Middle East & South example, Germany is one of 51 econo- high income Central Asia & Pacific Africa & Caribbean North Africa Asia mies that receive full points on the Average strength of Average recovery rate commencement of proceedings index. insolvency framework index The country has unified insolvency proceedings, which means that when Source: Doing Business database. a debtor or creditor files for insolvency, there is no requirement to specify laws in the past several years score that preservation of insolvent busi- whether liquidation or reorganization substantially higher on the strength nesses in these economies is virtually is requested. But a debtor may submit of insolvency framework index than impossible, so that the only option for a reorganization plan together with economies that rely on old insolvency an insolvent debtor is to sell its assets. its insolvency petition or at a later provisions in companies acts and stage, and creditors may request the commercial codes. More than 40% of economies lack spe- insolvency administrator to prepare cific provisions in their insolvency laws a reorganization plan based on the that would allow debtors to maintain financial evaluation of the company. contracts supplying essential goods and The standard for initiating insolvency WHAT ARE RELATIVE services during insolvency proceedings. proceedings is flexible and includes STRENGTHS AND While some of these economies require both illiquidity (inability to pay debts WEAKNESSES? utilities to continue providing services to as they mature) and overindebtedness The strength of insolvency framework insolvent customers, for many debtors (the debtor’s assets no longer cover index can be a meaningful instrument this is not enough to ensure continuous existing liabilities). The German insol- for governments to use in reforming operation. For example, a manufactur- vency framework also allows the com- their insolvency system, because it ing company must have raw materials mencement of insolvency proceedings enhances the ability to identify areas to continue operating. And a retail when illiquidity is imminent, which may where each economy can improve. The business cannot operate without mer- encourage debtors to file for insolvency data for the component indices point chandise. If suppliers can cancel their before their financial circumstances to 2 areas where many economies can contracts as soon as a debtor becomes become too dire. improve: reorganization proceedings insolvent, the debtor’s business op- and creditor participation (figure 12.2). erations must stop, greatly reducing the Japan is one of 26 economies that re- There is also room for improvement in value of its assets. ceive full points on the management of the management of the debtor’s as- debtor’s assets index. Reorganization sets, to facilitate continuous operation Many economies do not allow creditors and liquidation proceedings in Japan during insolvency. to participate in important decisions are covered by 2 separate laws. Both throughout insolvency proceedings. laws include provisions that facilitate A third of the economies covered by Among the first and most important the continuation of the debtor’s busi- Doing Business have no formal judicial decisions made after insolvency ness during insolvency. For example, reorganization framework. This means proceedings begin is the appointment both prohibit the termination of 100 DOING BUSINESS 2015 the plan. To ensure equitable treatment FIGURE 12.2 Two areas where many economies can improve are reorganization of dissenting creditors, the Cambodian proceedings and creditor participation law requires that they receive at least Average index score as much under the reorganization plan as % of best score as they would receive in liquidation. 100 Despite Cambodia’s adoption of a 80 modern and comprehensive insolvency law, however, recovery rates remain 60 very low. As this example illustrates, a modern law is not enough to achieve 40 an efficient insolvency practice; effec- tive implementation and a developed 20 judiciary framework are also essential. 0 Switzerland is one of only 3 econo- OECD Europe & East Asia Sub-Saharan Latin America Middle East South Asia mies that receive full points on the high income Central Asia & Pacific Africa & Caribbean & North Africa creditor participation index. The Swiss Commencement of Management of Reorganization Creditor insolvency law allows creditors to proceedings index debtor’s assets index proceedings index participation index participate in many important deci- sions during insolvency. For example, Source: Doing Business database. creditors can reject the administrator appointed by the court and must contracts on the sole ground that to continue operating while they also approve the handling of the debtor’s the debtor has become insolvent and recognize and preserve the priority assets during insolvency proceedings. allow the debtor (or an administrator of existing creditors with preferential They can obtain copies of records re- or trustee in bankruptcy) to decide claims. lated to the insolvency proceedings so which contracts should be continued as to stay informed about every stage during insolvency and which should be Cambodia is one of 17 economies that of the process. And they have the right terminated. This allows the business receive full points on the reorganization to object to decisions directly affecting to receive essential goods and services proceedings index. In 2007 Cambodia their rights—for example, they can that will enable it to survive while elimi- adopted a new insolvency law that, dispute decisions accepting the claims nating overly burdensome obligations among other features, introduced a of other creditors. that may threaten its operation. Both reorganization procedure. Under the laws also allow the avoidance of pref- new law, when a reorganization plan erential and undervalued transactions is proposed, all creditors whose rights concluded before the commencement are impaired or modified by the plan WHAT ARE THE LINKS of proceedings. vote on whether to approve or reject it. WITH CREDIT MARKET This includes secured and preferential DEVELOPMENT? In addition, in both liquidation and creditors, because they may represent Analysis of the data collected for the reorganization proceedings the debtor a substantial share of the value of the strength of insolvency framework (or an administrator or trustee in bank- debt and their participation may be index confirms the connection many ruptcy) is allowed to take new loans necessary to achieve successful reor- researchers have made between if necessary for continuation of the ganization. But creditors whose rights insolvency laws and credit market business, though approval of the court are not affected do not have the right development. Economies that score may be required. New loans are treated to vote, as this would grant them un- well on the index have higher levels as common benefit claims and receive necessary influence. For the purposes of credit provided to the private sec- preference over the claims of general of voting on the plan, creditors are tor by domestic financial institutions unsecured creditors but not over those classified into different classes based (figure 12.3). of secured creditors, whose preference on their interests (secured claims, tax remains unchanged. Such provisions claims, unsecured claims). All creditors These results suggest that the quality on post-commencement financing within a class must be treated equally, of bankruptcy laws is important not permit a debtor in financial difficulties and at least one class must approve for its own sake but as an indication of RESOLVING INSOLVENCY 101 FIGURE 12.3 Economies with strong insolvency frameworks have higher levels of NOTES domestic credit provided to the private sector This case study was written by Klaus Koch Strength of insolvency Saldarriaga, Olena Koltko and María Antonia framework index (0–16), 2014 Quesada Gámez. 16 1. European Commission 2012. 2. Cirmizi, Klapper and Uttamchandani 2010. 3. Stam, Audretsch and Meijaard 2006. 12 4. See Araujo, Ferreira and Funchal (2012) for a summary of different studies on the relationship between creditors’ rights and 8 economic development. 5. Klapper 2011. 6. Cirmizi, Klapper and Uttamchandani 2010. 7. Lee, Peng and Barney 2007. 4 8. Haselmann, Pistor and Vig 2010. 9. Qian and Strahan 2007. 10. World Bank 2011b; UNCITRAL 2004. 0 11. For more on the relationship between the 0 50 100 150 200 250 300 strength of insolvency framework index Domestic credit to private sector (% of GDP), 2013 and the recovery rate, see figure 1.7 and the related discussion in the overview. Note: Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. The correlation between the strength of insolvency framework index and domestic credit to private sector as a percentage of GDP is 0.40. The relationship is significant at the 1% level after controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database. and perhaps a step toward a better- economies, such as Latin America and developed financial system. Where the Caribbean and East Asia and the credit institutions and entrepreneurs Pacific. can anticipate the outcome of the worst-case scenario—when a busi- The strength of insolvency frame- ness fails to pay its loans and several work index can be a useful tool for creditors must compete for the best governments seeking to reform their return—more banks will be willing insolvency laws because it helps in to lend and more entrepreneurs will identifying specific areas where in- be willing to take on the challenge of solvency regulations are lacking. The starting a business. results suggest that there is oppor- tunity in many economies to improve reorganization proceedings, facilitate the continuation of businesses during CONCLUSION insolvency and allow greater par- Analysis of the data collected for the ticipation by creditors in insolvency strength of insolvency framework proceedings. index shows that economies with recent changes to their insolvency frameworks have better-quality laws. Among other economies, several still have no formal insolvency framework and many more rely on outdated companies acts and commercial codes for insolvency rules. Differences in regulatory quality are especially apparent in regions with emerging Doing Business 2015 Going Beyond Efficiency Highlights from the Doing Business research conference  Doing Business data have inspired D ata produced by Doing Business from the conference. All these papers and enabled abundant research: have inspired and enabled point to important practical implica- 2,024 research articles published abundant empirical research on tions for policy makers—about how in peer-reviewed academic journals critical questions puzzling economists, sensible regulation can help stimulate since 2003, and 5,098 working policy makers and international de- the creation of new firms, help attract papers posted online. velopment professionals. Researchers investment, facilitate a reduction in  The World Bank Group convened an have used these data to investigate unemployment, aid innovative firms international research conference, the importance of business-friendly and support greater lending to the “Doing Business: Past, Present and regulation for the creation of new private sector, and about how bribery Future of Business Regulation,” in firms, for the productivity and profit- and corruption act as “sand” and not the winter of 2014. ability of existing ones and for such key “grease” in the wheels of policy imple-  According to findings of research outcomes as growth, employment, in- mentation (see table 13A.1 at the end of presented at the conference, vestment and informality. Since 2003, the chapter for a summary). business-friendly regulation has when the first Doing Business report a positive association with the was published, 2,024 research articles entry of new firms, the profits of have been published in peer-reviewed innovative firms, reductions in academic journals and 5,098 working WHAT MATTERS FOR unemployment, growth in bank papers have been posted online.1 ENTREPRENEURSHIP? lending, inflows of foreign direct Several papers look at factors that investment and expansions in As a stock-taking exercise, the World encourage or discourage entrepreneur- franchises. Bank Group convened an international ship. Klapper, Love and Randall (2014)  Striking a balance in the amount of research conference, “Doing Business: investigate the relationship between regulation matters. Having some Past, Present and Future of Business entrepreneurship and economic growth business entry regulation helps Regulation,” in the winter of 2014.2 The and the effect of the 2008–09 global define the playing field for firms conference brought together academ- financial crisis on new firm registration. and reduces the cost of information ics, World Bank Group staff and de- The authors explore the change in new search for those entering new velopment professionals from around firm registrations in 109 countries over markets. But too much regulation the world to showcase and discuss the the period 2002–12, which includes increases the cost of doing business, impact of regulatory reform and to of- precrisis, crisis and recovery periods dissuading firms from entering fer guidance for the Doing Business proj- related to the global financial crisis as markets at all and thus hurting ect in the years to come. Researchers well as myriad other economic fluctua- economic development prospects. presented 28 papers in the 8 thematic tions at the region and country level.  Corruption acts as “sand” and not sessions, covering such issues as entry They find strongly procyclical results: “grease” in the wheels of policy regulation, entrepreneurship, innova- country-specific GDP growth is associ- implementation. Firms confronted tion, financial infrastructure, foreign ated with higher new firm registrations, with demands for bribes wait direct investment, trade, labor mar- even after the global macroeconomic about 1.5 times as long to get a kets, growth, corruption and transpar- shocks are controlled for. Moreover, construction permit, operating ency in regulation. they find that growth has a stronger license or electricity connection association with entrepreneurship in as firms that did not have to pay This chapter presents the main findings economies with a higher level of finan- bribes. and methodology of selected papers cial development and a better business HIGHLIGHTS FROM THE DOING BUSINESS RESEARCH CONFERENCE 103 regulatory environment (as measured FIGURE 13.1 Bureaucratic time delays and costs are associated with lower entry by by the Doing Business indicators). small limited liability firms across Italian provinces One important policy implication of Entry rate of small limited liability firms, Entry rate of small limited liability firms, their findings is that fostering an effi- average for 2005–07 average for 2005–07 6 6 cient regulatory environment for the fi- Veneto Veneto nancial and private sector can contrib- ute to economic growth by aiding the Trieste Trieste efficient exit of insolvent firms during 4 4 economic slowdowns and encouraging Bolzano Bolzano a speedier recovery in the formation of Sardinia Napoli Sardinia Napoli Bologna Trento Trento Bologna new firms during economic expansions. 2 Bari Milano Ancona 2 Milano Ancona Bari L’Aquila L’Aquila Torino Torino Firenze Perugia Firenze Perugia Potenza Aosta Aosta Potenza A growing body of empirical evidence Genova Roma Catanzaro Campobasso Genova Campobasso Roma Catanzaro based on cross-country variations Palermo Palermo 0 0 shows that excessive regulation or burdensome legal procedures for start- ing a company can deter the entry of new firms and thus affect economic -2 -2 2 3 4 5 2 3 4 5 performance. But less is known about Log of cost Log of time the effects on economic performance when the regulatory burden or entry Note: Entry rate is the ratio of the number of newly registered small limited liability firms to the total number of limited liability firms. regulation varies within countries—and Source: Bripi 2013. as subnational Doing Business reports have shown, there is evidence of great variation in the regulatory burden including measures of local financial to entrepreneurship (and ultimately within some countries. development and efficiency of bank- economic performance) in the heavily ruptcy procedures, the author finds regulated provinces of the South rela- While most research in this area that bureaucratic time delays (and, to tive to the more lightly regulated ones focuses on developing or emerging a lesser extent, costs) due to inefficient of the Center and North of Italy. economies, Bripi (2013) focuses on regulatory procedures reduced the en- Italy, analyzing how differences among try rate in industries that should have Audretsch, Belitski and Desai (2014) provinces in the local regulatory burden “naturally” high entry rates relative investigate how the overall business affect firm creation. Italy is a particu- to low-entry sectors. The estimates environment affects urban entrepre- larly interesting case because it has show robust evidence of the negative neurship. They look at a few dimensions great heterogeneity in entrepreneur- effect of time delays on the entry rate of the business environment (such as ship and economic performance, with of small limited liability firms. The re- those measured by the Doing Business marked differences between the more lationship between cost and the entry indicators on starting a business, regis- developed regions of the Center and rate is also statistically significant, tering property, paying taxes, enforcing North and the less developed ones of though it depends on the specification contracts and trading across borders) the South. used. For example, the effect of cost and types of regulatory reform (those is significant only in less developed affecting measures of time, cost and The author analyzes differences in provinces, in those with a higher level procedures)—and examine the links bureaucratic burdens across Italian of corruption and in the service sectors between these aspects and 2 measures provinces before a major reform (single (not in manufacturing). of entrepreneurship, new business cre- notice) that reduced the number of ation and self-employment. procedures and the time for starting a Overall, the results confirm the business. In the period examined there view that the regulatory burden on The authors find that the national busi- was a negative correlation between new start-ups matters for business ness environment is associated with the time and cost of procedures and creation. In particular, they provide both measures of entrepreneurship the entry rate of small limited liability evidence that the administrative and that the type of regulatory reform firms (figure 13.1). After controlling for burden in the years just before the can affect entrepreneurship outcomes. the effect of additional variables, reform was a significant obstacle In particular, they find evidence that 104 DOING BUSINESS 2015 specific regulatory dimensions (such appear to have a statistically signifi- and noninnovative firms. The author as contract enforcement) as well as cant relationship with foreign direct in- finds that in business climates where particular types of regulatory reform vestment inflows (starting a business, nonregulatory elements (such as within each dimension (such as those dealing with construction permits, infrastructure or levels of crime) are affecting cost measures) are associ- registering property, protecting minor- poor, innovative firms have higher ated with the rate of self-employment ity investors, paying taxes, trading profits than noninnovative firms. But in and new business creation. across borders, enforcing contracts business climates where regulatory or and resolving insolvency); none of the governance-related elements (such as Audretsch, Belitski and Desai find getting credit indicators do. The indica- corruption or the time and cost to start evidence that different dimensions tors measuring cost appear to be more a business) are poor, innovative firms and pillars (time, cost, number of important than those measuring time have lower profits. procedures) of the business environ- and number of procedures. The authors ment could have different effects on therefore conclude that governments Innovative firms tend to have more- entrepreneurship. They also find that may be able to attract foreign direct educated managers, better tech- in some cases their 2 measures of en- investment by creating a more efficient nologies and better access to finance, trepreneurship (new business creation and more business-friendly regulatory which may explain their greater ability and self-employment) are affected dif- environment. to cope in poor business climates. But ferently by the same regulatory dimen- they may also suffer more from red sion or same type of regulatory reform. Hoffman, Munemo and Watson (2014) tape. Innovative firms may experience look at how different aspects of the greater friction as they attempt to business climate affect the location expand or to enter new markets— decisions of U.S. franchise companies. because creating new products requires CAN REGULATION They find that a stable system of interactions with government officials ATTRACT INVESTMENT? governance, citizen participation and to apply for licenses or permits, where Jovanovic and Jovanovic (2014) analyze good-quality public services all increase firms can encounter bureaucratic de- whether business regulation—as mea- the chances of franchise location in a lays or requests for bribes. sured by Doing Business indicators— country. Of particular interest are the affects inflows of foreign direct findings on business entry regulation. investment in 28 Eastern European Having some regulation helps define and Central Asian countries. They find the playing field for firms and reduces HOW DEBT ENFORCEMENT that greater regulatory efficiency as the cost of information search for CAN BOOST LENDING measured by Doing Business indicators those entering new markets. But too Legal protections of creditors’ rights has a positive association with foreign much regulation increases the cost of are critical to support bank lending to direct investment inflows from OECD doing business, dissuading firms from the private sector. Judicial efficiency countries. For example, a country in entering markets at all and thus hurt- and substantive law defining creditors’ which 9 documents are required to ing economic development prospects. rights have been shown to be positively export is likely to have investment Excessive taxation also discourages the correlated with bank lending. But in inflows around 37% lower than those in entry of franchisors into a country. The India bank lending to the private sector a country in which 7 such documents findings suggest a diminishing return has more than doubled in the past 2 are required. This effect seems strong, from regulation after a certain point. decades despite few improvements in so it may also include the effects of judicial efficiency and substantive law. other barriers to trade, such as the What explains the expansion in bank cost or time to export, both of which lending over this period? Rathinam are highly correlated with the number INNOVATION AND THE (2014) looks at the short- and long- of documents required to export (with a CONSTRAINTS OF RED term effect of the introduction of debt correlation coefficient of around 0.75). TAPE recovery tribunals, a procedural law The authors also find that a reduction Innovation is a key source of economic innovation that reduced the transac- in the cost of starting a business is growth, so understanding the dynamics tion cost of availing the law. These positively associated with an increase of innovative firms is important. Using quasi-judicial bodies bypass the over- in foreign direct investment inflows. firm-level panel data from emerging burdened civil courts in adjudicating fi- economies, Yang (2014) examines the nancial disputes involving banks. Debt Eight of the 9 sets of Doing Business relationship between the business recovery tribunals were introduced in indicators included in the analysis climate and profitability for innovative a staggered way across Indian states, HIGHLIGHTS FROM THE DOING BUSINESS RESEARCH CONFERENCE 105 allowing comparison of lending by important for reducing unemployment. complete all the formalities to build banks with and without access to the The authors’ findings suggest that a warehouse according to the Doing tribunals. while employment is largely related to Business indicators. The authors link the business cycle, better regulation this heterogeneity to the incidence of Rathinam finds that the introduction can reduce the likelihood of high un- demands for bribes. of debt recovery tribunals changed the employment and promote a more rapid perception of lenders in the short run: recovery if unemployment builds up. The authors examine the relationship banks with access to tribunals loaned They also underscore the importance between requests for bribes and the more than those without access. In the of effective contract enforcement time it takes to complete various long run the debt recovery tribunals and secure property rights in enabling regulatory requirements—getting a have had an effect on lending, even growth in employment. construction permit, obtaining an after both bank- and state-specific operating license, obtaining an electric- fixed effects are controlled for. This ity connection and clearing customs. finding confirms the argument that They test 3 predictions implied by the good substantive law, if effectively en- CORRUPTION—SAND “grease the wheels” hypothesis, which forced, enhances investors’ and credi- OR GREASE? contends that bribes act as speed tors’ confidence in the system, which Freund, Hallward-Driemeier and Rijkers money: that all else being equal, firms results in a larger volume of credit and (2014) investigate whether corruption confronted with requests for bribes ultimately greater economic growth. accelerates policy implementation. should get things done faster; that While confirming the causal link from The authors start by documenting firms with a higher opportunity cost law to finance, the author also points to striking differences between the time of waiting are willing to pay more and the role of procedural law in enhancing it takes to complete regulatory proce- consequently face shorter wait times; adjudication and thus the availability dures in practice and the time it takes and that bribing is more beneficial of credit to the private sector. when complying with the law. These where regulation is onerous. are shown in figure 13.2, which plots the 10th percentile, median and 90th The data are inconsistent with all 3 percentile de facto log times to get a predictions. In the authors’ preferred CAN REGULATION HELP construction permit in a given country specifications, all else being equal, firms REDUCE UNEMPLOYMENT? and year as reported by entrepreneurs confronted with demands for bribes Freund and Rijkers (forthcoming) in- in the World Bank Enterprise Surveys wait about 1.5 times as long to get a vestigate the factors that lead to swift, against the time it should take to construction permit, operating license substantial and sustained reductions in unemployment. The authors exam- ine the incidence and determinants of FIGURE 13.2 A striking difference between the time it takes for construction episodes of drastic reductions in the permitting in practice and the time it takes when complying with the law unemployment rate—reductions of Log of time to get a construction permit at least 3.25 percentage points of the as measured by Enterprise Surveys initial level that persist for a minimum 6 of 3 years. They identify 43 such epi- sodes over a period of nearly 3 decades Colombia, 2010 Vanuatu, 2009 in 94 high-income, middle-income and 4 transition economies. Tonga, 2009 Unemployment reduction episodes 2 often coincide with an acceleration of growth and an improvement in mac- roeconomic conditions. Such episodes are much more prevalent in countries 0 4.0 4.5 5.0 5.5 6.0 6.5 with higher levels of unemployment Log of time to deal with construction permits as measured by Doing Business and, given unemployment, are more 10th percentile 50th percentile 90th percentile likely in those with better regulation. An efficient legal system that enforces Note: The sample comprises 106 countries. Data are for the most recent year available. contracts expeditiously is particularly Source: Freund, Hallward-Driemeier and Rijkers 2014. 106 DOING BUSINESS 2015 or electricity connection as firms that did not have to pay bribes—and they NOTES wait 1.2 times as long to clear customs 1. Based on searches for citations of the 8 background papers that form the basis for when exporting and 1.4 times as long the Doing Business indicators in the Social when importing. The results are robust Science Citation Index and Google Scholar to controlling for firm fixed effects and (http://scholar.google.com). 2. The conference took place at Georgetown at odds with the notion that corruption University’s McDonough School of Business enhances efficiency. in Washington, DC. It was cosponsored by the U.S. Agency for International Development and the Kauffman Foundation. More information is available at http:// CONCLUSION www.doingbusiness.org/special-features /conference. The research papers reviewed in this 3. For a comprehensive review of the literature chapter show that business-friendly on the effects of business regulation, see regulation is integral to economic Doing Business 2014. growth and development. 3 Where regulation is streamlined and judicious, it unleashes innovation, promotes the creation of jobs and helps attract for- eign direct investment. But while these papers answer many questions, they also pose many new ones. For example, Hoffman, Munemo and Watson (2014) suggest that an important area for future research is to find out what the right amount of regulation is for business entry. And the pioneering study by Audretsch, Belitski and Desai (2014) invites follow- up research on the impact of multiple dimensions of the national business environment on firms in different cit- ies. The expansion of the global Doing Business sample to the second largest business city in 11 large economies, along with the data published by the subnational Doing Business reports, will enable further research to explore the effects of business regulations across different cities within a country—and to better understand the reasons for differences in outcomes. HIGHLIGHTS FROM THE DOING BUSINESS RESEARCH CONFERENCE 107 TABLE 13A.1 Summary of the main findings and methodology of selected papers from the Doing Business research conference Theme Main findings Methodology overview Data sources Klapper, Love and Randall (2014) The initial empirical exercise uses a simple model with World Bank, Entrepreneurship Database; Entrepreneurship GDP growth, especially if combined with a entry density as the dependent variable and economic World Bank, World Development higher level of financial development and a growth (as a proxy for the business cycle) as the main Indicators database; Doing Business better business regulatory environment, is independent variable. The authors then investigate database associated with higher new firm registrations. heterogeneity in the relationship between the business cycle and new firm registration. Bripi (2013) The analysis focuses on cross-industry and cross- Bank of Italy data set measuring the Entrepreneurship Bureaucratic time delays and, to a lesser extent, province interaction effects to investigate the impact time and costs of regulation across costs due to inefficient regulatory procedures of regulation on firm entry. Italian regions can reduce the firm entry rate in industries that should have “naturally” high entry rates relative to low-entry sectors. Audretsch, Belitski and Desai (2014) Panel data random effects regression is used to Eurostat Urban Audit database, regional Entrepreneurship Specific national regulatory dimensions (such as examine how the business environment affects new and city statistics; Doing Business contract enforcement) as well as different types business creation and self-employment in a panel of database of reform within a dimension (such as those European cities. affecting cost) are associated with the rate of new business start-ups and self-employment in European cities. Jovanovic and Jovanovic (2014) The analysis uses the generalized method of World Bank, World Development Greater regulatory efficiency as measured moments technique on data on bilateral foreign direct Indicators database; Organisation for by Doing Business indicators has a positive investment flows from 22 OECD countries to 28 Economic Co-operation and Development Investment association with foreign direct investment flows Eastern European and Central Asian countries during data; International Monetary Fund from OECD countries to Eastern European and 2004–11. (IMF), World Economic Outlook and Central Asian countries. International Financial Statistics databases; International Labour Organization data; Doing Business database Hoffman, Munemo and Watson (2014) The analysis tests several hypotheses using a model Press announcements by U.S. franchise Having some business entry regulation helps with franchise expansion (the number of units companies on expansion plans or moves define the playing field for firms and reduces the planned for a country in the future divided by its made into specific international markets cost of information search for those entering urban population) as the dependent variable and during 2005–11 (to develop the sample); new markets. But too much regulation increases several independent variables, including the Doing Doing Business database; World Bank, the cost of doing business, dissuading firms Business distance to frontier measure, entry regulation World Development Indicators database; Investment from entering markets at all. (measured by the cost of business start-up procedures Worldwide Governance Indicators as a percentage of GNI per capita) and the national corporate tax rate (measured as a percentage of profits). Additional explanatory variables include economic development (measured by real GDP per capita), measures of media infrastructure and of governance, and a dummy variable estimating the impact of the 2008–09 financial crisis on franchise expansion. Yang (2014) The analysis exploits the panel structure of the data. World Bank Enterprise Surveys; Doing Innovation The profits of innovative firms are lower A first-difference regression is estimated. A number Business database; World Bank data in business climates where regulatory or of control variables are used, and further robustness catalog governance-related factors (such as corruption checks are applied. or the time and cost to start a business) are poor. Rathinam (2014) The analysis uses a differences-in-differences model Centre for Monitoring Indian Economy, enforcement In India the introduction of debt recovery and data on lending by commercial banks in India PROWESS database; Reserve Bank of Debt tribunals—a procedural law innovation that (including advances to the commercial sector and total India, annual accounts data on scheduled bypasses the overburdened civil courts in secured loans extended) for the years before and after commercial banks adjudicating financial disputes involving the introduction of debt recovery tribunals (1993 and banks—explains increased bank lending. 1995). 108 DOING BUSINESS 2015 TABLE 13A.1 Summary of the main findings and methodology of selected papers from the Doing Business research conference Theme Main findings Methodology overview Data sources Freund and Rijkers (forthcoming) The authors use an event-studies approach to examine World Bank, World Development Episodes of drastic reductions in the how countries achieved episodes of drastic reductions Indicators database; IMF data; Unemployment unemployment rate are much more prevalent in the unemployment rate over the period 1980–2008. Worldwide Governance Indicators; in countries with higher levels of unemployment They examine the determinants of such episodes by Heritage Foundation’s Index of Economic and, given unemployment, are more likely in estimating a probit model, with the potential for an Freedom; Doing Business database those with better regulation. unemployment reduction episode as the dependent variable. After performing several robustness checks, they use Bayesian model averaging to investigate which aspects of regulation matter most. Freund, Hallward-Driemeier and Rijkers (2014) The analysis tests 3 related hypotheses (whether World Bank Enterprise Surveys; Doing Firms confronted with demands for bribes wait bribe requests and the time to complete regulatory Business database Corruption and transparency about 1.5 times as long to get a construction processes are positively correlated; and whether permit, operating license or electricity “greasing the wheels” is more evident for firms with connection as firms that did not have to pay the highest opportunity cost of waiting or in countries bribes—and they wait 1.2 times as long to clear where regulations are most burdensome) by modeling customs when exporting and 1.4 times as long the log of policy implementation time (the time it when importing. takes to export, import, get a construction permit or obtain an operating license) as a function of firm characteristics. A dummy variable indicating whether a bribe was solicited or expected is added. 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The 11 sets of indicators property. Second, they gauge the time measured in Doing Business were added and cost to achieve a regulatory goal over time, and the sample of economies or comply with regulation, such as the and cities expanded (table 14.1). time and cost to enforce a contract, go through bankruptcy or trade across The data for all sets of indicators in borders. Third, they measure the extent Doing Business 2015 are for June 2014.1 TABLE 14.1 Topics and economies covered by each Doing Business report DB DB DB DB DB DB DB DB DB DB DB DB Topic 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Getting electricity Dealing with construction permits Trading across borders Paying taxes Protecting minority investors Registering property Getting credit Resolving insolvency Enforcing contracts Labor market regulation Starting a business Number of 133 145 155 175 178 181 183 183 183 185 189 189 economies Note: Data for the economies added to the sample each year are back-calculated to the previous year. The exceptions are Kosovo and Montenegro, which were added to the sample after they became members of the World Bank Group. In Doing Business 2015, while the number of economies remains the same as in Doing Business 2014, 11 cities have been added. DATA NOTES 115 METHODOLOGY Economy characteristics The Doing Business data are collected in Gross national income per capita a standardized way. To start, the Doing Doing Business 2015 reports 2013 income per capita as published in the World Business team, with academic advisers, Bank’s World Development Indicators 2014. Income is calculated using the Atlas designs a questionnaire. The question- method (current U.S. dollars). For cost indicators expressed as a percentage naire uses a simple business case to of income per capita, 2013 gross national income (GNI) in U.S. dollars is used ensure comparability across economies as the denominator. GNI data based on the Atlas method were not available and over time—with assumptions about from the World Bank for Argentina, The Bahamas, Bahrain, Barbados, Brunei the legal form of the business, its size, Darussalam, Djibouti, Kuwait, Libya, Myanmar, New Zealand, Oman, San its location and the nature of its opera- Marino, the Syrian Arab Republic, and West Bank and Gaza. In these cases tions. Questionnaires are administered GDP or GNP per capita data and growth rates from other sources, such as the International Monetary Fund’s World Economic Outlook database and the to more than 10,700 local experts, Economist Intelligence Unit, were used. including lawyers, business consultants, accountants, freight forwarders, gov- Region and income group ernment officials and other profession- Doing Business uses the World Bank regional and income group classifica- als routinely administering or advising tions, available at http://data.worldbank.org/about/country-classifications. on legal and regulatory requirements While the World Bank does not assign regional classifications to high-income (table 14.2). These experts have sev- economies, regional averages presented in figures and tables in the Doing eral rounds of interaction with the Doing Business report include economies from all income groups (low, lower middle, Business team, involving conference upper middle and high income). For the purpose of the report, high-income calls, written correspondence and visits OECD economies are assigned the “regional” classification OECD high income. by the team. For Doing Business 2015 Population team members visited 26 economies, Doing Business 2015 reports midyear 2013 population statistics as published including 10 new cities, to verify data in World Development Indicators 2014. and recruit respondents. The data from questionnaires are subjected to numer- ous rounds of verification, leading to revisions or expansions of the informa- laws and regulations say and allow- a statistical survey, and the texts of tion collected. ing multiple interactions with local the relevant laws and regulations are respondents to clarify potential mis- collected and answers checked for The Doing Business methodology offers interpretations of questions. Having accuracy. The methodology is inex- several advantages. It is transparent, representative samples of respondents pensive and easily replicable, so data using factual information about what is not an issue; Doing Business is not can be collected in a large sample of economies. Because standard assump- tions are used in the data collection, TABLE 14.2 How many experts does Doing Business consult? comparisons and benchmarks are valid Economies with given number of respondents (%) across economies. Finally, the data not Indicator set Respondents 1–2 3–5 5+ only highlight the extent of specific Starting a business 1,651 10 33 57 regulatory obstacles to business but Dealing with construction permits 1,082 18 40 42 also identify their source and point to Getting electricity 967 22 45 33 what might be reformed. Registering property 1,229 20 37 43 Getting credit 1,538 10 25 65 Protecting minority investors 1,117 25 37 38 LIMITS TO WHAT IS Paying taxes 1,305 7 39 54 MEASURED Trading across borders 1,184 22 46 33 The Doing Business methodology has 5 limitations that should be considered Enforcing contracts 1,314 18 42 40 when interpreting the data. First, for Resolving insolvency 1,051 25 40 35 most economies the collected data Labor market regulation 1,134 23 40 37 refer to businesses in the largest busi- Total 13,572 18 39 43 ness city (which in some economies 116 DOING BUSINESS 2015 differs from the capital) and may promptly. Alternatively, the business receive a score on the depth of credit not be representative of regulation may choose to disregard some burden- information index. in other parts of the economy. (The some procedures. For both reasons the exceptions are 11 economies that have time delays reported in Doing Business Fourth, the name of the protecting in- a population of more than 100 million, 2015 would differ from the recollection vestors indicator set has been changed where Doing Business, for the first time of entrepreneurs reported in the World to protecting minority investors to this year, also collected data for the Bank Enterprise Surveys or other firm- better reflect its scope—and the scope second largest business city.)2 To ad- level surveys. of the indicator set has been expanded dress this limitation, subnational Doing to include shareholders’ rights in Business indicators were created (box corporate governance beyond related- 14.1). Second, the data often focus on party transactions. Fifth, the resolving a specific business form—generally a CHANGES IN WHAT IS insolvency indicator set has been ex- limited liability company (or its legal MEASURED panded to include an index measuring equivalent) of a specified size—and As part of a 2-year update in method- the strength of the legal framework may not be representative of the regu- ology, Doing Business 2015 incorporates for insolvency. Sixth, the calculation of lation on other businesses, for example, 7 important changes. First, the ease of the distance to frontier score for pay- sole proprietorships. Third, transac- doing business ranking as well as all ing taxes has been changed. The total tions described in a standardized case topic-level rankings are now computed tax rate component now enters the scenario refer to a specific set of issues on the basis of distance to frontier score in a nonlinear fashion, in an ap- and may not represent the full set of scores (see the chapter on the distance proach different from that used for all issues that a business encounters. to frontier and ease of doing business other indicators (see the chapter on the Fourth, the measures of time involve ranking). Second, for the 11 economies distance to frontier and ease of doing an element of judgment by the expert with a population of more than 100 mil- business ranking). respondents. When sources indicate lion, data for a second city have been different estimates, the time indicators added to the data set and the ranking Finally, the name of the employ- reported in Doing Business represent calculation. Third, for getting credit, ing workers indicator set has been the median values of several responses the methodology has been revised for changed to labor market regulation, given under the assumptions of the both the strength of legal rights index and the scope of this indicator set has standardized case. and the depth of credit information also been changed. The indicators now index. The number of points has been focus on labor market regulations ap- Finally, the methodology assumes increased in both indices, from 10 to plying to the retail sector rather than that a business has full information on 12 for the strength of legal rights index the manufacturing sector, and their what is required and does not waste and from 6 to 8 for the depth of credit coverage has been expanded to include time when completing procedures. information index. In addition, only regulations on labor disputes and on In practice, completing a procedure credit bureaus and registries that cover benefits provided to workers. The labor may take longer if the business lacks at least 5% of the adult population can market regulation indicators continue information or is unable to follow up to be excluded from the aggregate distance to frontier score and ranking on the ease of doing business. BOX 14.1 Subnational Doing Business indicators Subnational Doing Business studies point to differences in business regulation Beyond these changes there are 3 other and its implementation—as well as in the pace of regulatory reform—across updates in methodology. For paying cities in the same economy or region. For several economies subnational stud- taxes, the financial statement variables ies are now periodically updated to measure change over time or to expand have been updated to be proportional geographic coverage to additional cities. to 2012 income per capita; previously This year subnational studies were completed in the Arab Republic of Egypt, they were proportional to 2005 income Mexico and Nigeria. In addition, the geographic coverage was expanded for per capita. For enforcing contracts, the ongoing studies in the Dominican Republic, Poland, South Africa, Spain and value of the claim is now set at twice the 6 Central American countries. And for the first time subnational studies are income per capita or $5,000, whichever incorporating a gender perspective, assessing practices at public registries in is greater. For dealing with construction Nigeria and analyzing legal indicators from the World Bank Group’s Women, Business and the Law report on Central America. permits, the cost of construction is now set at 50 times income per capita (before, the cost was assessed by the DATA NOTES 117 Doing Business respondents). In addition, held videoconferences with govern- business entry, a detailed list of proce- this indicator set no longer includes ment representatives in 27 economies dures is developed, along with the time the procedures for obtaining a landline and in-person meetings with govern- and cost to comply with each procedure telephone connection. ment representatives in 13 economies. under normal circumstances and the paid-in minimum capital requirement. Subsequently, local incorporation law- yers, notaries and government officials DATA CHALLENGES AND STARTING A BUSINESS complete and verify the data. REVISIONS Doing Business records all procedures Most laws and regulations underlying officially required, or commonly done Information is also collected on the the Doing Business data are available in practice, for an entrepreneur to start sequence in which procedures are to on the Doing Business website at http:// up and formally operate an industrial be completed and whether procedures www.doingbusiness.org. All the sample or commercial business, as well as the may be carried out simultaneously. It is questionnaires and the details underly- time and cost to complete these proce- assumed that any required information ing the indicators are also published on dures and the paid-in minimum capital is readily available and that the entre- the website. Questions on the meth- requirement (figure 14.1). These proce- preneur will pay no bribes. If answers by odology and challenges to data can be dures include obtaining all necessary local experts differ, inquiries continue submitted through the website’s “Ask licenses and permits and completing until the data are reconciled. a Question” function at http://www any required notifications, verifications .doingbusiness.org. or inscriptions for the company and To make the data comparable across employees with relevant authorities. economies, several assumptions about Doing Business publishes 18,400 indica- The ranking of economies on the ease the business and the procedures are tors (92 indicators per economy) each of starting a business is determined used. year. To create these indicators, the by sorting their distance to frontier team measures more than 100,000 scores for starting a business. These Assumptions about the data points, each of which is made scores are the simple average of the business available on the Doing Business website. distance to frontier scores for each of The business: Historical data for each indicator and the component indicators (figure 14.2).  Is a limited liability company (or its economy are available on the website, The distance to frontier measure illus- legal equivalent). If there is more beginning with the first year the indi- trates the distance of an economy to than one type of limited liability cator or economy was included in the the “frontier,” which is derived from the company in the economy, the lim- report. To provide a comparable time most efficient practice or highest score ited liability form most common series for research, the data set is back- achieved on each indicator. among domestic firms is chosen. calculated to adjust for changes in Information on the most common methodology and any revisions in data After a study of laws, regulations form is obtained from incorporation due to corrections. This year, however, and publicly available information on lawyers or the statistical office. the getting credit, paying taxes and labor market regulation indicators will FIGURE 14.1 What are the time, cost, paid-in minimum capital and number of be back-calculated for only one year procedures to get a local limited liability company up and running? because of the significant changes in methodology for these indicators. Cost (% of income per capita) The website also makes available all original data sets used for background Formal operation papers. The correction rate between Doing Business 2014 and Doing Business Paid-in $ Number of minimum 2015 is 5.3%.3 capital procedures Governments submit queries on the data and provide new information to Doing Business. During the Doing Entrepreneur Time Business 2015 production cycle the Preregistration Registration, Postregistration (days) team received 105 such queries from incorporation governments. In addition, the team 118 DOING BUSINESS 2015 Procedures FIGURE 14.2 Starting a business: TABLE 14.3 What do the starting getting a local limited liability company A procedure is defined as any interac- a business indicators measure? up and running tion of the company founders with ex- Procedures to legally start and operate a ternal parties (for example, government company (number) Rankings are based on distance to frontier scores for 4 indicators agencies, lawyers, auditors or notaries). Preregistration (for example, name verification or Interactions between company found- reservation, notarization) Preregistration, registration and As % of income ers or company officers and employ- Registration in the economy’s largest business postregistration per capita, no ees are not counted as procedures. citya (in calendar days) bribes included Procedures that must be completed in Postregistration (for example, social security the same building but in different offices registration, company seal) or at different counters are counted Time required to complete each procedure 25% 25% (calendar days) Time Cost separately. If founders have to visit the same office several times for different Does not include time spent gathering 25% 225% Procedures P Paid-in information m minimum sequential procedures, each is counted capital Each procedure starts on a separate day separately. The founders are assumed (2 procedures cannot start on the same day)— to complete all procedures themselves, though procedures that can be fully completed Procedures are Funds deposited in a online are an exception to this rule completed when bank or with a notary without middlemen, facilitators, ac- final document before registration, as % countants or lawyers, unless the use of Procedure considered completed once final is received of income per capita incorporation document is received such a third party is mandated by law No prior contact with officials or solicited by the majority of entrepre- Cost required to complete each procedure neurs. If the services of professionals are (% of income per capita)  Operates in the economy’s largest required, procedures conducted by such Official costs only, no bribes business city. For 11 economies the professionals on behalf of the company No professional fees unless services required by data are also collected for the sec- are counted separately. Each electronic law ond largest business city (see table procedure is counted separately. If 2 Paid-in minimum capital (% of income per 14A.1 at the end of the data notes). procedures can be completed through capita)  Is 100% domestically owned and has the same website but require separate Funds deposited in a bank or with a notary 5 owners, none of whom is a legal filings, they are counted as 2 separate before registration (or within 3 months) entity. procedures. a. For 11 economies the data are also collected for the  Has start-up capital of 10 times second largest business city. income per capita, paid in cash. Both pre- and postincorporation pro-  Performs general industrial or cedures that are officially required for procedures are excluded. For example, commercial activities, such as the an entrepreneur to formally operate a procedures to comply with environmen- production or sale to the public of business are recorded (table 14.3). tal regulations are included only when products or services. The business they apply to all businesses conducting does not perform foreign trade ac- Procedures required for official corre- general commercial or industrial activi- tivities and does not handle products spondence or transactions with public ties. Procedures that the company un- subject to a special tax regime, for agencies are also included. For example, dergoes to connect to electricity, water, example, liquor or tobacco. It is not if a company seal or stamp is required gas and waste disposal services are not using heavily polluting production on official documents, such as tax dec- included. processes. larations, obtaining the seal or stamp is  Leases the commercial plant or of- counted. Similarly, if a company must Time fices and is not a proprietor of real open a bank account before registering Time is recorded in calendar days. The estate. for sales tax or value added tax, this measure captures the median duration  Does not qualify for investment transaction is included as a procedure. that incorporation lawyers indicate is incentives or any special benefits. Shortcuts are counted only if they fulfill 4 necessary in practice to complete a  Has at least 10 and up to 50 criteria: they are legal, they are available procedure with minimum follow-up with employees 1 month after the com- to the general public, they are used by government agencies and no extra pay- mencement of operations, all of the majority of companies, and avoiding ments. It is assumed that the minimum them domestic nationals. them causes substantial delays. time required for each procedure is 1  Has a turnover of at least 100 times day, except for procedures that can be income per capita. Only procedures required of all busi- fully completed online, for which the  Has a company deed 10 pages long. nesses are covered. Industry-specific time required is recorded as half a day. DATA NOTES 119 Although procedures may take place si- with a notary before registration and up authorities; hiring external third-party multaneously, they cannot start on the to 3 months following incorporation and supervisors, engineers or inspectors same day (that is, simultaneous proce- is recorded as a percentage of the econ- (if necessary); obtaining all neces- dures start on consecutive days), again omy’s income per capita. The amount sary clearances, licenses, permits and with the exception of procedures that is typically specified in the commercial certificates; submitting all required can be fully completed online. A proce- code or the company law. Many econo- notifications; and requesting and dure is considered completed once the mies require minimum capital but allow receiving all necessary inspections (un- company has received the final incorpo- businesses to pay only a part of it before less completed by a private, third-party ration document, such as the company registration, with the rest to be paid af- inspector). Doing Business also records registration certificate or tax number. If ter the first year of operation. In Turkey procedures for obtaining connections a procedure can be accelerated for an in June 2014, for example, the minimum for water and sewerage. Procedures additional cost, the fastest procedure is capital requirement was 10,000 Turkish necessary to register the warehouse chosen if that option is more beneficial liras, of which one-fourth needed to be so that it can be used as collateral or to the economy’s ranking. It is assumed paid before registration. The paid-in transferred to another entity are also that the entrepreneur does not waste minimum capital recorded for Turkey is counted. The questionnaire divides the time and commits to completing each therefore 2,500 Turkish liras, or 12.14% process of building a warehouse into remaining procedure without delay. The of income per capita. distinct procedures and solicits data for time that the entrepreneur spends on calculating the time and cost to com- gathering information is ignored. It is The data details on starting a business can plete each procedure. The ranking of assumed that the entrepreneur is aware be found for each economy at http://www economies on the ease of dealing with of all entry requirements and their se- .doingbusiness.org. This methodology was construction permits is determined by quence from the beginning but has had developed by Djankov and others (2002) sorting their distance to frontier scores no prior contact with any of the officials. and is adopted here with minor changes. for dealing with construction permits. These scores are the simple average of Cost the distance to frontier scores for each Cost is recorded as a percentage of of the component indicators (figure the economy’s income per capita. It in- DEALING WITH 14.4). cludes all official fees and fees for legal CONSTRUCTION PERMITS or professional services if such services Doing Business records all procedures Information is collected from experts are required by law. Fees for purchas- required for a business in the con- in construction licensing, including ing and legalizing company books struction industry to build a ware- architects, civil engineers, construction are included if these transactions are house (figure 14.3). These procedures lawyers, construction firms, utility ser- required by law. Although value added include obtaining and submitting all vice providers and public officials who tax registration can be counted as a relevant project-specific documents deal with building regulations, including separate procedure, value added tax is (for example, building plans, site maps approvals, permit issuance and inspec- not part of the incorporation cost. The and certificates of urbanism) to the tions. To make the data comparable company law, the commercial code, and specific regulations and fee sched- FIGURE 14.3 What are the time, cost and number of procedures to comply with ules are used as sources for calculating formalities to build a warehouse? costs. In the absence of fee schedules, a government officer’s estimate is taken Cost (% of warehouse value) as an official source. In the absence of a government officer’s estimate, Completed estimates by incorporation lawyers are warehouse used. If several incorporation lawyers provide different estimates, the median Number of reported value is applied. In all cases procedures the cost excludes bribes. A business in the Paid-in minimum capital construction industry Time The paid-in minimum capital require- P Preconstruction Construction Postconstruction (days) ment reflects the amount that the en- and utilities trepreneur needs to deposit in a bank or 120 DOING BUSINESS 2015 example, accidental insurance for Assumptions about the utility FIGURE 14.4 Dealing with construction construction workers and third- connections permits: building a warehouse person liability). The water and sewerage connections: Rankings are based on distance to  Owns the land on which the ware- frontier scores for 3 indicators  Will be 150 meters (492 feet) from house will be built. the existing water source and sewer Days to comply As % of with formalities warehouse tap. If there is no water delivery to build a value, no Assumptions about the infrastructure in the economy, a warehouse bribes included warehouse borehole will be dug. If there is no The warehouse: sewerage infrastructure, a septic 33.3% 33.3%  Will be used for general storage tank in the smallest size available Time Cost activities, such as storage of books will be installed or built. 33.3% or stationery. The warehouse will  Will not require water for fire pro- Procedures not be used for any goods requiring tection reasons; a fire extinguishing special conditions, such as food, system (dry system) will be used chemicals or pharmaceuticals. instead. If a wet fire protection sys- Procedures are completed when final  Will have 2 stories, both above tem is required by law, it is assumed document is received; construction permits, ground, with a total constructed inspections and utility connections included that the water demand specified area of 1,300.6 square meters below also covers the water needed (14,000 square feet). Each floor will for fire protection. be 3 meters (9 feet, 10 inches) high.  Will have an average water use of  Will have road access and be lo- 662 liters (175 gallons) a day and across economies, several assumptions cated in the periurban area of the an average wastewater flow of 568 about the business, the warehouse proj- economy’s largest business city liters (150 gallons) a day. ect and the utility connections are used. (that is, on the fringes of the city  Will have a peak water use of 1,325 but still within its official limits). liters (350 gallons) a day and a peak Assumptions about the For 11 economies the data are also wastewater flow of 1,136 liters (300 construction company collected for the second largest gallons) a day. The business (BuildCo): business city.  Will have a constant level of water  Is a limited liability company.  Will not be located in a special eco- demand and wastewater flow  Operates in the economy’s largest nomic or industrial zone. throughout the year. business city. For 11 economies the  Will be located on a land plot of  Will be 1 inch in diameter for the wa- data are also collected for the sec- 929 square meters (10,000 square ter connection and 4 inches in diam- ond largest business city (see table feet) that is 100% owned by BuildCo eter for the sewerage connection. 14A.1). and is accurately registered in the  Is 100% domestically and privately cadastre and land registry. Procedures owned.  Is valued at 50 times income per A procedure is any interaction of the  Has 5 owners, none of whom is a capita.4 company’s employees or managers, legal entity.  Will be a new construction (there or any party acting on behalf of the  Is fully licensed and insured to carry was no previous construction on the company, with external parties, includ- out construction projects, such as land). ing government agencies, notaries, building warehouses.  Will have complete architectural the land registry, the cadastre, utility  Has 60 builders and other employ- and technical plans prepared by a companies and public inspectors—or ees, all of them nationals with the licensed architect. If preparation the hiring of private inspectors and technical expertise and professional of the plans requires such steps as technical experts apart from in-house experience necessary to obtain con- obtaining further documentation or architects and engineers. Interactions struction permits and approvals. getting prior approvals from exter- between company employees, such  Has at least 1 employee who is a nal agencies, these are counted as as development of the warehouse licensed architect or engineer and procedures. plans and inspections conducted by registered with the local association  Will include all technical equipment employees, are not counted as proce- of architects or engineers. required to be fully operational. dures. But interactions necessary to  Has paid all taxes and taken out  Will take 30 weeks to construct (ex- obtain any plans, drawings or other all necessary insurance applicable cluding all delays due to administra- documents from external parties (in- to its general business activity (for tive and regulatory requirements). cluding any documentation required DATA NOTES 121 the same day (that is, simultaneous deposits that must be paid up front TABLE 14.4 What do the dealing procedures start on consecutive days), and are later refunded. The building with construction permits indicators measure? again with the exception of procedures code, information from local experts, that can be fully completed online. If a and specific regulations and fee sched- Procedures to legally build a warehouse (number) procedure can be accelerated legally ules are used as sources for costs. If for an additional cost and the acceler- several local partners provide different Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and ated procedure is used by the majority estimates, the median reported value is certificates of companies, the fastest procedure is used. Submitting all required notifications and chosen. It is assumed that BuildCo does receiving all necessary inspections not waste time and commits to com- The data details on dealing with con- Obtaining utility connections for water and pleting each remaining procedure with- struction permits can be found for each sewerage out delay. The time that BuildCo spends economy at http://www.doingbusiness.org. Registering the warehouse after its completion (if required for use as collateral or for transfer of on gathering information is not taken the warehouse) into account. It is assumed that BuildCo Time required to complete each procedure is aware of all building requirements and (calendar days) their sequence from the beginning. GETTING ELECTRICITY Does not include time spent gathering Doing Business records all procedures information Cost required for a business to obtain a per- Each procedure starts on a separate day— though procedures that can be fully completed Cost is recorded as a percentage of the manent electricity connection and sup- online are an exception to this rule warehouse value (assumed to be 50 ply for a standardized warehouse (figure Procedure considered completed once final times income per capita). Only official 14.5). These procedures include applica- document is received costs are recorded. All the fees associ- tions and contracts with electricity No prior contact with officials ated with completing the procedures to utilities, all necessary inspections and Cost required to complete each procedure legally build a warehouse are recorded, clearances from the utility and other (% of warehouse value) including those associated with obtain- agencies, and the external and final Official costs only, no bribes ing land use approvals and precon- connection works. The questionnaire di- struction design clearances; receiving vides the process of getting an electric- inspections before, during and after ity connection into distinct procedures for the architect to prepare the plans), construction; obtaining utility connec- and solicits data for calculating the time or to have such documents approved tions; and registering the warehouse and cost to complete each procedure. or stamped by external parties, are property. Nonrecurring taxes required The ranking of economies on the ease counted as procedures. Procedures that for the completion of the warehouse of getting electricity is determined by the company undergoes to connect the project are also recorded. Sales taxes sorting their distance to frontier scores warehouse to water and sewerage are (such as value added tax) or capital for getting electricity. These scores are included. All procedures that are legally gains taxes are not recorded. Nor are the simple average of the distance to required, or that are done in practice by the majority of companies, to build a warehouse are counted, even if they FIGURE 14.5 Doing Business measures the connection process at the level of may be avoided in exceptional cases distribution utilities (table 14.4). Time Time is recorded in calendar days. The measure captures the median duration that local experts indicate is necessary to complete a procedure in practice. Generation Transmission It is assumed that the minimum time required for each procedure is 1 day, Distribution except for procedures that can be fully X New connections completed online, for which the time Network operation and maintenance required is recorded as half a day. Metering and billing Although procedures may take place Customer simultaneously, they cannot start on 122 DOING BUSINESS 2015 frontier scores for each of the compo- is not eligible for a special investment TABLE 14.5 What do the getting nent indicators (figure 14.6). promotion regime (offering special electricity indicators measure? subsidization or faster service, for Data are collected from the electricity example). Procedures to obtain an electricity connection (number) distribution utility, then completed and  Is located in an area with no physi- Submitting all relevant documents and obtaining verified by electricity regulatory agen- cal constraints. For example, the all necessary clearances and permits cies and independent professionals property is not near a railway. Completing all required notifications and such as electrical engineers, electrical  Is a new construction and is being receiving all necessary inspections contractors and construction compa- connected to electricity for the first Obtaining external installation works and nies. The electricity distribution utility time. possibly purchasing material for these works consulted is the one serving the area (or  Has 2 stories, both above ground, Concluding any necessary supply contract and obtaining final supply areas) where warehouses are located. If with a total surface area of ap- there is a choice of distribution utilities, proximately 1,300.6 square meters Time required to complete each procedure (calendar days) the one serving the largest number of (14,000 square feet). The plot of Is at least 1 calendar day customers is selected. land on which it is built is 929 square meters (10,000 square feet). Each procedure starts on a separate day To make the data comparable across  Is used for storage of refrigerated Does not include time spent gathering information economies, several assumptions about goods. the warehouse and the electricity con- Reflects the time spent in practice, with little follow-up and no prior contact with officials nection are used. Assumptions about the Cost required to complete each procedure electricity connection (% of income per capita) Assumptions about the The electricity connection: Official costs only, no bribes warehouse  Is a permanent one. Value added tax excluded The warehouse:  Is a 3-phase, 4-wire Y, 140-kilovolt-  Is owned by a local entrepreneur. ampere (kVA) (subscribed capacity)  Is located in the economy’s largest connection (where the voltage is panel or switchboard and installa- business city. For 11 economies the 120/208 V, the current would be tion of the meter base. data are also collected for the sec- 400 amperes; where it is 230/400 ond largest business city (see table B, the current would be nearly 200 Procedures 14A.1). amperes). A procedure is defined as any interac-  Is located in an area where similar  Is 150 meters long. The connection tion of the company’s employees or its warehouses are typically located. In is to either the low-voltage or the main electrician or electrical engineer this area a new electricity connection medium-voltage distribution net- (that is, the one who may have done the work and either overhead or under- internal wiring) with external parties, ground, whichever is more common such as the electricity distribution util- FIGURE 14.6 Getting electricity: in the area where the warehouse is ity, electricity supply utilities, govern- obtaining an electricity connection located. ment agencies, electrical contractors  Requires works that involve the and electrical firms. Interactions be- Rankings are based on distance to frontier scores for 3 indicators crossing of a 10-meter road (such tween company employees and steps as by excavation or overhead lines) related to the internal electrical wiring, Days to obtain As % of income an electricity per capita, no but are all carried out on public land. such as the design and execution of the connection bribes included There is no crossing of other owners’ internal electrical installation plans, are private property because the ware- not counted as procedures. Procedures house has access to a road. that must be completed with the same 33.3% 33.3% Time Cost  Includes only a negligible length in utility but with different departments 33.3% the customer’s private domain. are counted as separate procedures Procedures  Will supply monthly electricity con- (table 14.5). sumption of 0.07 gigawatt-hours (GWh). The company’s employees are as-  Does not involve work to install the sumed to complete all procedures Steps to file an application, prepare a design, complete works, obtain approvals, internal electrical wiring. This has themselves unless the use of a third go through inspections, install a meter and sign a supply contract already been completed, up to and party is mandated (for example, if only including the customer’s service an electrician registered with the utility DATA NOTES 123 is allowed to submit an application). If several local partners provide different The commission charged may vary the company can, but is not required estimates, the median reported value depending on the credit standing of to, request the services of profession- is used. In all cases the cost excludes the company. The best possible credit als (such as a private firm rather than bribes. standing and thus the lowest possible the utility for the external works), these commission are assumed. Where a procedures are recorded if they are Security deposit bond can be put up, the value recorded commonly done. For all procedures, Utilities require security deposits as a for the deposit is the annual commis- only the most likely cases (for example, guarantee against the possible failure sion times the 5 years assumed to be more than 50% of the time the utility of customers to pay their consump- the length of the contract. If both op- has the material) and those followed in tion bills. For this reason the security tions exist, the cheaper alternative is practice for connecting a warehouse to deposit for a new customer is most recorded. electricity are counted. often calculated as a function of the customer’s estimated consumption. In Honduras in June 2014 a customer re- Time questing a 140-kVA electricity connec- Time is recorded in calendar days. The Doing Business does not record the full tion would have had to put up a security measure captures the median duration amount of the security deposit. If the deposit of 118,434 Honduran lempiras that the electricity utility and experts deposit is based on the customer’s (L) in cash or check, and the deposit indicate is necessary in practice, rather actual consumption, this basis is would have been returned only at the than required by law, to complete a the one assumed in the case study. end of the contract. The customer could procedure with minimum follow-up and Rather than the full amount of the instead have invested this money at the no extra payments. It is also assumed security deposit, Doing Business re- prevailing lending rate of 20.08%. Over that the minimum time required for cords the present value of the losses the 5 years of the contract this would each procedure is 1 day. Although pro- in interest earnings experienced by imply a present value of lost interest cedures may take place simultaneously, the customer because the utility holds earnings of L 70,998.58. In contrast, if they cannot start on the same day the security deposit over a prolonged the customer chose to settle the deposit (that is, simultaneous procedures start period, in most cases until the end of with a bank guarantee at an annual rate on consecutive days). It is assumed that the contract (assumed to be after 5 of 2.5%, the amount lost over the 5 years the company does not waste time and years). In cases where the security de- would be just L 14,804.30. commits to completing each remaining posit is used to cover the first monthly procedure without delay. The time that consumption bills, it is not recorded. To The data details on getting electricity the company spends on gathering in- calculate the present value of the lost can be found for each economy at http:// formation is not taken into account. It is interest earnings, the end-2013 lending www.doingbusiness.org. assumed that the company is aware of rates from the International Monetary all electricity connection requirements Fund’s International Financial Statistics and their sequence from the beginning. are used. In cases where the security deposit is returned with interest, the REGISTERING PROPERTY Cost difference between the lending rate Doing Business records the full se- Cost is recorded as a percentage of the and the interest paid by the utility is quence of procedures necessary for economy’s income per capita. Costs used to calculate the present value. a business (the buyer) to purchase a are recorded exclusive of value added property from another business (the tax. All the fees and costs associated In some economies the security deposit seller) and to transfer the property title with completing the procedures to con- can be put up in the form of a bond: to the buyer’s name so that the buyer nect a warehouse to electricity are the company can obtain from a bank can use the property for expanding its recorded, including those related to or an insurance company a guarantee business, use the property as collateral obtaining clearances from government issued on the assets it holds with that in taking new loans or, if necessary, agencies, applying for the connection, financial institution. In contrast to the sell the property to another business. receiving inspections of both the site scenario in which the customer pays The process starts with obtaining the and the internal wiring, purchasing the deposit in cash to the utility, in necessary documents, such as a copy material, getting the actual connection this scenario the company does not of the seller’s title if necessary, and works and paying a security deposit. lose ownership control over the full conducting due diligence if required. Information from local experts and amount and can continue using it. In The transaction is considered complete specific regulations and fee sched- return the company will pay the bank when it is opposable to third par- ules are used as sources for costs. If a commission for obtaining the bond. ties and when the buyer can use the 124 DOING BUSINESS 2015 FIGURE 14.7 What are the time, cost and number of procedures required to transfer FIGURE 14.8 Registering property: property between 2 local companies? transfer of property between 2 local companies Cost Rankings are based on distance to (% of property value) frontier scores for 3 indicators Buyer can use As % of property the property, Days to resell it or use transfer value, no bribes it as collateral property included Number of procedures Land & 2-story warehouse 33.3% 33.3% Time Cost Seller with property registered and no title disputes 33.3% Time Procedures Pr Preregistration Registration Postregistration (days) Steps to check encumbrances, obtain clearance certificates, prepare deed and transfer title so that the property can be property, use it as collateral for a bank city. For 11 economies the data are occupied, sold or used as collateral loan or resell it (figure 14.7). The ranking also collected for the second largest of economies on the ease of register- business city (see table 14A.1). ing property is determined by sorting  Are 100% domestically and privately their distance to frontier scores for owned.  Will not be subject to renovations registering property. These scores are  Have 50 employees each, all of or additional building following the the simple average of the distance to whom are nationals. purchase. frontier scores for each of the compo-  Perform general commercial activities.  Has no trees, natural water sources, nent indicators (figure 14.8). natural reserves or historical monu- Assumptions about the ments of any kind. Every procedure required by law or nec- property  Will not be used for special purpos- essary in practice is included, whether The property: es, and no special permits, such as it is the responsibility of the seller or  Has a value of 50 times income per for residential use, industrial plants, the buyer or must be completed by a capita. The sale price equals the waste storage or certain types of third party on their behalf. Local prop- value. agricultural activities, are required. erty lawyers, notaries and property  Is fully owned by the seller.  Has no occupants, and no other registries provide information on pro-  Has no mortgages attached and party holds a legal interest in it. cedures as well as the time and cost to has been under the same ownership complete each of them. The registering for the past 10 years. Procedures property indicators do not measure the  Is registered in the land registry or A procedure is defined as any interac- accessibility of property registration cadastre, or both, and is free of title tion of the buyer or the seller, their systems, the legal security offered by disputes. agents (if an agent is legally or in formal registration, the use of informal  Is located in a periurban commercial practice required) or the property with property registration systems or the zone, and no rezoning is required. external parties, including government equity of land policies.  Consists of land and a building. The agencies, inspectors, notaries and law- land area is 557.4 square meters yers. Interactions between company To make the data comparable across (6,000 square feet). A 2-story ware- officers and employees are not con- economies, several assumptions about house of 929 square meters (10,000 sidered. All procedures that are legally the parties to the transaction, the square feet) is located on the land. or in practice required for registering property and the procedures are used. The warehouse is 10 years old, is in property are recorded, even if they may good condition and complies with be avoided in exceptional cases (table Assumptions about the parties all safety standards, building codes 14.6). It is assumed that the buyer fol- The parties (buyer and seller): and other legal requirements. It has lows the fastest legal option available  Are limited liability companies. no heating system. The property of and used by the majority of property  Are located in the periurban area land and building will be transferred owners. Although the buyer may use of the economy’s largest business in its entirety. lawyers or other professionals where DATA NOTES 125 available and used by the majority of of credit information through another. TABLE 14.6 What do the registering property owners is chosen. If procedures The first set of indicators measures property indicators measure? can be undertaken simultaneously, it is whether certain features that facilitate Procedures to legally transfer title on assumed that they are. It is assumed lending exist within the applicable col- immovable property (number) that the parties involved are aware of all lateral and bankruptcy laws. The sec- Preregistration procedures (for example, checking for liens, notarizing sales agreement, requirements and their sequence from ond set measures the coverage, scope paying property transfer taxes) the beginning. Time spent on gathering and accessibility of credit information Registration procedures in the economy’s largest information is not considered. available through credit reporting ser- business citya vice providers such as credit bureaus Postregistration procedures (for example, filing Cost or credit registries (figure 14.9). The title with municipality) Cost is recorded as a percentage of the ranking of economies on the ease of Time required to complete each procedure (calendar days) property value, assumed to be equiva- getting credit is determined by sorting lent to 50 times income per capita. their distance to frontier scores for Does not include time spent gathering information Only official costs required by law are getting credit. These scores are the Each procedure starts on a separate day— recorded, including fees, transfer taxes, distance to frontier score for the sum though procedures that can be fully completed stamp duties and any other payment to of the strength of legal rights index and online are an exception to this rule the property registry, notaries, public the depth of credit information index Procedure considered completed once final agencies or lawyers. Other taxes, such (figure 14.10). document is received as capital gains tax or value added tax, No prior contact with officials are excluded from the cost measure. Cost required to complete each procedure Legal rights Both costs borne by the buyer and (% of property value) those borne by the seller are included. The data on the legal rights of borrow- Official costs only, no bribes If cost estimates differ among sources, ers and lenders are gathered through No value added or capital gains taxes included the median reported value is used. a questionnaire administered to a. For 11 economies the data are also collected for the financial lawyers and verified through second largest business city. The data details on registering property analysis of laws and regulations as can be found for each economy at http:// well as public sources of information necessary in the registration process, www.doingbusiness.org. on collateral and bankruptcy laws. it is assumed that the buyer does not Questionnaire responses are verified employ an outside facilitator in the through several rounds of follow-up registration process unless legally or in communication with respondents as practice required to do so. GETTING CREDIT well as by contacting third parties and Doing Business measures the legal consulting public sources. The ques- Time rights of borrowers and lenders with re- tionnaire data are confirmed through Time is recorded in calendar days. The spect to secured transactions through teleconference calls or on-site visits in measure captures the median dura- one set of indicators and the sharing all economies. tion that property lawyers, notaries or registry officials indicate is necessary to complete a procedure. It is assumed that the minimum time required for FIGURE 14.9 Do lenders have credit information on entrepreneurs seeking credit? Is each procedure is 1 day, except for the law favorable to borrowers and lenders using movable assets as collateral? procedures that can be fully completed online, for which the time required is Credit info rmatio n recorded as half a day. Although proce- dures may take place simultaneously, Potential Can movable assets be borrower used sed as collateral? they cannot start on the same day, again with the exception of procedures Movable Collateral Lender bureaus Credit bu asset registry registries and regis that can be fully completed online. It is assumed that the buyer does not waste What h t types hat t can be b Can lenders access used ed as collateral? credit information time and commits to completing each on borrowers? remaining procedure without delay. If a procedure can be accelerated for an ad- ditional cost, the fastest legal procedure 126 DOING BUSINESS 2015 The strength of legal rights index FIGURE 14.10 Getting credit: collateral TABLE 14.7 What do the getting covers functional equivalents to secu- rules and credit information credit indicators measure? rity over movable assets (for example, Rankings are based on distance to frontier Strength of legal rights index (0–12) scores for the sum of 2 indicators leasing or reservation of title) only in Protection of rights of borrowers and lenders its first component, to assess how in- through collateral laws Regulations on nonpossessory security tegrated or unified the economy’s legal interests in movable property Protection of secured creditors’ rights through bankruptcy laws framework for secured transactions is. Depth of credit information index (0–8) 100% The strength of legal rights index Sum of strength of Scope and accessibility of credit information legal rights index (0–12) distributed by credit registries and credit includes 10 aspects related to legal and bureaus rights in collateral law and 2 aspects depth of credit information index Credit bureau coverage (% of adults) in bankruptcy law. A score of 1 is (0–8) Number of individuals and firms listed in the assigned for each of the following largest credit bureau as percentage of adult features of the laws: population Scope, quality and accessibility of credit  The economy has an integrated or information through credit bureaus and registries Credit registry coverage (% of adults) unified legal framework for secured Number of individuals and firms listed in a credit transactions that extends to the Note: Credit bureau coverage and credit registry registry as percentage of adult population coverage are measured but do not count for the creation, publicity and enforcement rankings. of 4 functional equivalents to se- curity interests in movable assets: Strength of legal rights index  ABC has up to 50 employees. fiduciary transfer of title; financial The strength of legal rights index mea-  ABC has its headquarters and only leases; assignment or transfer of sures the degree to which collateral base of operations in the economy’s receivables; and sales with reten- and bankruptcy laws protect the rights largest business city. For 11 econo- tion of title. of borrowers and lenders and thus mies the data are also collected for  The law allows a business to grant facilitate lending (table 14.7). The index the second largest business city a nonpossessory security right in a for the first time this year includes 12 (see table 14A.1). single category of movable assets components rather than 10. For each  Both ABC and BizBank are 100% (such as machinery or inventory), economy it is first assessed whether a domestically owned. without requiring a specific descrip- unitary secured transactions system tion of the collateral. exists. Then 2 case scenarios, case A The case scenarios also involve  The law allows a business to grant and case B, are used to determine how assumptions. In case A, as collat- a nonpossessory security right in a nonpossessory security interest is eral for the loan, ABC grants BizBank substantially all its movable assets, created, publicized and enforced ac- a nonpossessory security interest in without requiring a specific descrip- cording to the law. Special emphasis one category of movable assets, for tion of the collateral. is given to how the collateral registry example, its machinery or its inventory.  A security right can be given over operates (if registration of security in- ABC wants to keep both possession future or after-acquired assets terests is possible). The case scenarios and ownership of the collateral. In and extends automatically to the involve a secured borrower, the compa- economies where the law does not al- products, proceeds or replacements ny ABC, and a secured lender, BizBank. low nonpossessory security interests of the original assets. in movable property, ABC and BizBank  A general description of debts and In some economies the legal framework use a fiduciary transfer-of-title ar- obligations is permitted in the col- for secured transactions will allow only rangement (or a similar substitute for lateral agreement and in registra- case A or case B (not both) to apply. nonpossessory security interests). tion documents, all types of debts Both cases examine the same set of and obligations can be secured be- legal provisions relating to the use of In case B, ABC grants BizBank a busi- tween the parties, and the collateral movable collateral. ness charge, enterprise charge, float- agreement can include a maximum ing charge or any charge that gives amount for which the assets are Several assumptions about the secured BizBank a security interest over ABC’s encumbered. borrower (ABC) and lender (BizBank) combined movable assets (or as much  A collateral registry or registration are used: of ABC’s movable assets as possible). institution for security interests  ABC is a domestic limited liability ABC keeps ownership and possession granted over movable property by company. of the assets. incorporated and nonincorporated DATA NOTES 127 entities is in operation, unified geo- reorganization procedures so as to  Data from retailers and utility com- graphically and with an elec- ensure that a viable business can con- panies are distributed in addition to tronic database indexed by debtors’ tinue to operate. And the index takes data from financial institutions. names. into account new elements relating to  At least 2 years of historical data  The collateral registry is a notice- out-of-court enforcement procedures are distributed. Credit bureaus and based registry—a registry that files (such as the types of auctions allowed). registries that distribute more than only a notice of the existence of a 10 years of negative data or erase security interest (not the underlying The index ranges from 0 to 12, with data on defaults as soon as they are documents) and does not perform a higher scores indicating that collateral repaid obtain a score of 0 for this legal review of the transaction. The and bankruptcy laws are better de- component.5 registry also publicizes functional signed to expand access to credit.  Data on loan amounts below 1% of equivalents to security interests. income per capita are distributed.  The collateral registry has modern  By law, borrowers have the right Credit information features such as those that allow to access their data in the largest secured creditors (or their represen- The data on the sharing of credit credit bureau or registry in the tatives) to register, search, amend or information are built in 2 stages. economy. Credit bureaus and reg- cancel security interests online. First, banking supervision authorities istries that charge more than 1% of  Secured creditors are paid first (for and public information sources are income per capita for borrowers to example, before tax claims and em- surveyed to confirm the presence of a inspect their data obtain a score of ployee claims) when a debtor defaults credit reporting service provider, such 0 for this component.6 outside an insolvency procedure. as a credit bureau or credit registry.  Data users can access borrowers’  Secured creditors are paid first (for Second, when applicable, a detailed credit information online (for ex- example, before tax claims and questionnaire on the credit bureau’s ample, through an online platform, employee claims) when a business or credit registry’s structure, laws and a system-to-system connection or is liquidated. associated rules is administered to the both).7  Secured creditors are subject to entity itself. Questionnaire responses  Bureau or registry credit scores are an automatic stay on enforcement are verified through several rounds of offered as a value added service to procedures when a debtor enters follow-up communication with respon- help data users assess the credit- a court-supervised reorganization dents as well as by contacting third worthiness of borrowers.8 procedure, but the law protects parties and consulting public sources. secured creditors’ rights by provid- The questionnaire data are confirmed Previously the depth of credit infor- ing clear grounds for relief from the through teleconference calls or on-site mation index covered only the first automatic stay (for example, if the visits in all economies. 6 features listed above. The index movable property is in danger) or ranges from 0 to 8, with higher values setting a time limit for it. Depth of credit information indicating the availability of more credit  The law allows parties to agree in index information, from either a credit bureau the collateral agreement that the The depth of credit information index or a credit registry, to facilitate lending lender may enforce its security measures rules and practices affecting decisions. If the credit bureau or registry right out of court; the law allows the coverage, scope and accessibility is not operational or covers less than 5% public and private auctions and also of credit information available through of the adult population, the score on the permits the secured creditor to take either a credit bureau or a credit reg- depth of credit information index is 0. the asset in satisfaction of the debt. istry. A score of 1 is assigned for each of the following 8 features of the credit In Lithuania, for example, both a credit As a result of changes introduced bureau or credit registry (or both): bureau and a credit registry operate. this year, the first component of the  Data on both firms and individuals Both distribute data on firms and in- index replaces one relating to legal are distributed. dividuals (a score of 1). Both distribute limitations on who can participate in a  Both positive credit information positive and negative information (a security agreement. Two components (for example, original loan amounts, score of 1). Although the credit registry were added, on what type of collateral outstanding loan amounts and a does not distribute data from retail- registry operates in the economy and pattern of on-time repayments) and ers or utilities, the credit bureau does on how it operates. The scoring now negative information (for example, (a score of 1). Both distribute at least penalizes economies for not having an late payments and the number and 2 years of historical data (a score of automatic stay on enforcement during amount of defaults) are distributed. 1). Although the credit registry has 128 DOING BUSINESS 2015 a threshold of 1,000 litai, the credit Development Indicators). A credit registry securities lawyers and are based on bureau distributes data on loans of is defined as a database managed by securities regulations, company laws, any value (a score of 1). Borrowers the public sector, usually by the central civil procedure codes and court rules of have the right to access their data in bank or the superintendent of banks, evidence. The ranking of economies on both the credit bureau and the credit that primarily assists banking supervi- the strength of minority investor pro- registry free of charge once a year (a sion while at the same time facilitating tections is determined by sorting their score of 1). Both entities provide data the exchange of credit information distance to frontier scores for protect- users access to databases through an among banks and other regulated ing minority investors. These scores are online platform (a score of 1). Although financial institutions. If no registry oper- the simple average of the distance to the credit registry does not provide ates, the coverage value is 0.0%. frontier scores for the extent of conflict credit scores, the credit bureau does (a of interest regulation index and the score of 1). Adding these numbers gives The data details on getting credit can be extent of shareholder governance index Lithuania a score of 8 on the depth of found for each economy at http://www (figure 14.11). credit information index. .doingbusiness.org. The initial methodol- ogy was developed by Djankov, McLiesh Protection of shareholders Credit bureau coverage and Shleifer (2007) and is adopted here from conflicts of interest Credit bureau coverage reports the with minor changes. number of individuals and firms The extent of conflict of interest regula- listed in a credit bureau’s database as tion index measures the protection of of January 1, 2014, with information on shareholders against directors’ misuse their borrowing history from the past PROTECTING MINORITY of corporate assets for personal gain by 5 years. The number is expressed as a INVESTORS distinguishing 3 dimensions of regula- percentage of the adult population (the Doing Business measures the protection tion that address conflicts of interest: population age 15 and above in 2013 of minority investors from conflicts of transparency of related-party transac- according to the World Bank’s World interest through one set of indicators tions (extent of disclosure index), share- Development Indicators). A credit bureau and shareholders’ rights in corporate holders’ ability to sue and hold directors is defined as a private firm or nonprofit governance through another (table liable for self-dealing (extent of director organization that maintains a database 14.8). The data come from a question- liability index) and access to evidence on the creditworthiness of borrowers naire administered to corporate and and allocation of legal expenses in (individuals or firms) in the financial system and facilitates the exchange TABLE 14.8 What do the protecting minority investors indicators measure? of credit information among creditors. Extent of disclosure index (0–10) Extent of shareholder rights index (0–10.5) (Many credit bureaus support banking Review and approval requirements for related- Shareholders’ rights and role in major corporate and overall financial supervision activi- party transactions decisions ties in practice, though this is not their Internal, immediate and periodic disclosure primary objective.) Credit investigative requirements for related-party transactions bureaus and credit reporting firms Extent of director liability index (0–10) Strength of governance structure index (0–10.5) that do not directly facilitate informa- Minority shareholders’ ability to sue and hold Governance safeguards protecting shareholders tion exchange among banks and other interested directors liable for prejudicial related- from undue board control and entrenchment financial institutions are not considered. party transactions If no credit bureau operates, the cover- Available legal remedies (damages, disgorgement of profits, fines, imprisonment, rescission of age value is 0.0%. transactions) Ease of shareholder suits index (0–10) Extent of corporate transparency index (0–9) Credit registry coverage Access to internal corporate documents Corporate transparency on ownership stakes, Credit registry coverage reports the compensation, audits and financial prospects Evidence obtainable during trial number of individuals and firms listed in a credit registry’s database as of Allocation of legal expenses January 1, 2014, with information on Extent of conflict of interest regulation index (0–10) Extent of shareholder governance index (0–10) their borrowing history from the past Sum of the extent of disclosure, extent of director Sum of the extent of shareholder rights, strength 5 years. The number is expressed as a liability and ease of shareholder suits indices, of governance structure and extent of corporate divided by 3 transparency indices, divided by 3 percentage of the adult population (the Strength of minority investor protection index (0–10) population age 15 and above in 2013 according to the World Bank’s World Simple average of the extent of conflict of interest regulation and extent of shareholder governance indices DATA NOTES 129 legally act on behalf of Buyer where  The transaction causes damages to FIGURE 14.11 Protecting minority permitted, even if this is not specifi- Buyer. Shareholders sue Mr. James investors: shareholders’ rights in conflicts of interest and corporate cally required by law. and the other parties that approved governance  Has a supervisory board (appli- the transaction. cable to economies with a 2-tier Rankings are based on distance to frontier scores for 2 indicators board system) on which 60% of the Extent of disclosure index shareholder-elected members have The extent of disclosure index has 5 been appointed by Mr. James, who is components: 50% 50% Buyer’s controlling shareholder and a  Which corporate body can provide Extent of Extent of conflict of shareholder member of Buyer’s board of directors. legally sufficient approval for the interest governance regulation index  Is a manufacturing company. transaction. A score of 0 is assigned index  Has its own distribution network. if it is the CEO or the managing director alone; 1 if the board of Assumptions about the directors, the supervisory board transaction or shareholders must vote and  Mr. James owns 60% of Buyer Mr. James is permitted to vote; and elected 2 directors to Buyer’s 2 if the board of directors or the 5-member board. supervisory board must vote and shareholder litigation (ease of share-  Mr. James also owns 90% of Seller, Mr. James is not permitted to vote; holder suits index). To make the data a company that operates a chain of 3 if shareholders must vote and Mr. comparable across economies, several retail hardware stores. Seller recently James is not permitted to vote. assumptions about the business and closed a large number of its stores.  Whether immediate disclosure of the the transaction are used (figure 14.12).  Mr. James proposes that Buyer pur- transaction to the public, the regula- chase Seller’s unused fleet of trucks tor or the shareholders is required. A Assumptions about the to expand Buyer’s distribution of its score of 0 is assigned if no disclosure business food products, a proposal to which is required; 1 if disclosure on the The business (Buyer): Buyer agrees. The price is equal to terms of the transaction is required  Is a publicly traded corporation 10% of Buyer’s assets and is higher but not on Mr. James’s conflict of listed on the economy’s most im- than the market value. interest; 2 if disclosure on both the portant stock exchange. If the num-  The proposed transaction is part terms and Mr. James’s conflict of ber of publicly traded companies of the company’s ordinary course interest is required.9 listed on that exchange is less than of business and is not outside the  Whether disclosure in the annual 10, or if there is no stock exchange authority of the company. report is required. A score of 0 is in the economy, it is assumed that  Buyer enters into the transaction. assigned if no disclosure on the Buyer is a large private company All required approvals are obtained, transaction is required; 1 if disclo- with multiple shareholders. and all required disclosures made sure on the terms of the transaction  Has a board of directors and a chief (that is, the transaction is not is required but not on Mr. James’s executive officer (CEO) who may fraudulent). conflict of interest; 2 if disclosure on both the terms and Mr. James’s conflict of interest is required. FIGURE 14.12 How well are minority shareholders protected from conflicts of  Whether disclosure by Mr. James interest? to the board of directors or the su- pervisory board is required. A score Extent of disclosure Mr. James of 0 is assigned if no disclosure is Disclosure and approval requirements ui t ws required; 1 if a general disclosure of Extent of director liability La 60 ownership, 60% ownership 90% ownership, Ability to sue directors for damages si on board of sits sits on board of the existence of a conflict of interest di directors directors Ease of shareholder suits is required without any specifics; 2 Access by shareholders to documents Comp Company A Company B if full disclosure of all material facts plus other evidence for trial (buy (buyer) (seller) relating to Mr. James’s interest in the Transaction Buyer-Seller transaction is required. Minority involving conflict shareholders of interest  Whether it is required that an exter- nal body, for example, an external auditor, review the transaction 130 DOING BUSINESS 2015 before it takes place. A score of 0 is approving body can be held liable for be voided (a score of 0). If Mr. James assigned if no; 1 if yes. negligence; 2 if the approving body is found liable, he must pay damages can be held liable when the transac- (a score of 1) but he is not required to The index ranges from 0 to 10, with tion is unfair or prejudicial to the disgorge his profits (a score of 0). Mr. higher values indicating greater disclo- other shareholders. James cannot be fined and imprisoned sure. In Poland, for example, the board of  Whether a court can void the trans- (a score of 0). Direct or derivative suits directors must approve the transaction action upon a successful claim by a are available for shareholders hold- and Mr. James is not allowed to vote (a shareholder plaintiff. A score of 0 is ing 10% of share capital (a score of 1). score of 2). Buyer is required to disclose assigned if rescission is unavailable Adding these numbers gives Panama immediately all information affecting or is available only in case of fraud, a score of 4 on the extent of director the stock price, including the conflict of bad faith or gross negligence; 1 if re- liability index. interest (a score of 2). In its annual re- scission is available when the trans- port Buyer must also disclose the terms action is oppressive or prejudicial to Ease of shareholder suits index of the transaction and Mr. James’s own- the other shareholders; 2 if rescission The ease of shareholder suits index has ership in Buyer and Seller (a score of 2). is available when the transaction is 6 components: Before the transaction Mr. James must unfair or entails a conflict of interest.  What range of documents is avail- disclose his conflict of interest to the  Whether Mr. James pays damages able to the shareholder plaintiff other directors, but he is not required to for the harm caused to the com- from the defendant and witnesses provide specific information about it (a pany upon a successful claim by the during trial. A score of 1 is assigned score of 1). Poland does not require an shareholder plaintiff. A score of 0 is for each of the following types of external body to review the transaction assigned if no; 1 if yes. documents available: information (a score of 0). Adding these numbers  Whether Mr. James repays profits that the defendant has indicated gives Poland a score of 7 on the extent made from the transaction upon a he intends to rely on for his de- of disclosure index. successful claim by the shareholder fense; information that directly plaintiff. A score of 0 is assigned if proves specific facts in the plain- Extent of director liability no; 1 if yes. tiff’s claim; and any information index  Whether both fines and imprison- relevant to the subject matter of The extent of director liability index has ment can be applied against Mr. the claim. 7 components:10 James. A score of 0 is assigned if  Whether the plaintiff can directly  Whether a shareholder plaintiff is no; 1 if yes. examine the defendant and wit- able to hold Mr. James liable for the  Whether shareholder plaintiffs are nesses during trial. A score of 0 is damage the Buyer-Seller transac- able to sue directly or derivatively for assigned if no; 1 if yes, with prior ap- tion causes to the company. A the damage the transaction causes proval of the questions by the judge; score of 0 is assigned if Mr. James to the company. A score of 0 is as- 2 if yes, without prior approval. cannot be held liable or can be held signed if suits are unavailable or are  Whether the plaintiff can obtain cat- liable only for fraud, bad faith or available only for shareholders hold- egories of relevant documents from gross negligence; 1 if Mr. James can ing more than 10% of the company’s the defendant without identifying be held liable only if he influenced share capital; 1 if direct or derivative each document specifically. A score the approval of the transaction or suits are available for shareholders of 0 is assigned if no; 1 if yes. was negligent; 2 if Mr. James can holding 10% of share capital.  Whether shareholders owning 10% be held liable when the transaction of the company’s share capital have is unfair or prejudicial to the other The index ranges from 0 to 10, with the right to inspect the transaction shareholders. higher values indicating greater liability documents before filing suit or re-  Whether a shareholder plaintiff is of directors. Assuming that the prejudi- quest that a government inspector able to hold the approving body (the cial transaction was duly approved and investigate the Buyer-Seller trans- CEO, members of the board of direc- disclosed, in order to hold Mr. James li- action without filing suit. A score of tors or members of the supervisory able in Panama, for example, a plaintiff 0 is assigned if no; 1 if yes.11 board) liable for the damage the must prove that Mr. James influenced  Whether the standard of proof for transaction causes to the company. the approving body or acted negli- civil suits is lower than that for a A score of 0 is assigned if the ap- gently (a score of 1). To hold the other criminal case. A score of 0 is as- proving body cannot be held liable directors liable, a plaintiff must prove signed if no; 1 if yes. or can be held liable only for fraud, that they acted negligently (a score of  Whether shareholder plaintiffs bad faith or gross negligence; 1 if the 1). The prejudicial transaction cannot can recover their legal expenses DATA NOTES 131 from the company. A score of 0 Strength of governance Shareholders’ rights in is assigned if no; 1 if plaintiffs can structure index corporate governance recover their legal expenses from For each component of the strength the company only upon a success- The extent of shareholder governance of governance structure index, a score ful outcome of their legal action index measures shareholders’ rights in of 0 is assigned if the answer is no; 1 or if payment of their attorney corporate governance by distinguish- if it is yes; and 1.5 if it would also ap- fees is contingent on a successful ing 3 dimensions of good governance: ply if Buyer were a privately held joint outcome; 2 if plaintiffs can recover shareholders’ rights and role in major stock company not listed on any stock their legal expenses from the com- corporate decisions (extent of share- exchange. The index has 7 components: pany regardless of the outcome of holder rights index), governance safe-  Whether the CEO is barred from their legal action.12 guards protecting shareholders from also being chair of the board of undue board control and entrenchment directors. The index ranges from 0 to 10, with (strength of governance structure  Whether the board of directors must higher values indicating greater pow- index) and corporate transparency include independent board members. ers of shareholders to challenge the on ownership stakes, compensation,  Whether Buyer must have a sepa- transaction. In Croatia, for example, audits and financial prospects (extent rate audit committee. the plaintiff can access documents of corporate transparency index).13  Whether changes to the voting that the defendant intends to rely on rights of a series or class of shares for his defense (a score of 1). The plain- Extent of shareholder rights must be approved only by the hold- tiff can examine the defendant and index ers of the affected shares. witnesses during trial, without prior For each component of the extent of  Whether a potential acquirer must approval of the questions by the court shareholder rights index, a score of 0 make a tender offer to all sharehold- (a score of 2). The plaintiff must spe- is assigned if the answer is no; 1 if it ers upon acquiring 50% of Buyer. cifically identify the documents being is yes; and 1.5 if it would also apply if  Whether cross-shareholding be- sought (for example, the Buyer-Seller Buyer were a privately held joint stock tween 2 independent companies is purchase agreement of July 15, 2006) company not listed on any stock ex- limited to 10% of outstanding shares. and cannot simply request categories change. The index has 7 components:  Whether a subsidiary is barred from (for example, all documents related  Whether shareholders have the acquiring shares issued by its par- to the transaction) (a score of 0). A right to amend Buyer’s bylaws or ent company. shareholder holding 10% of Buyer’s statutes with a simple majority. shares can request that a government  Whether shareholders owning 10% Extent of corporate inspector review suspected misman- of Buyer’s share capital have the transparency index agement by Mr. James and the CEO right to call for an extraordinary For each component of the extent of without filing suit in court (a score of meeting of shareholders. corporate transparency index, a score 1). The standard of proof for civil suits  Whether shareholders have the of 0 is assigned if the answer is no; 1 if is the same as that for a criminal case right to remove members of Buyer’s it is yes; and 1.5 if it would also apply if (a score of 0). The plaintiff can recover board of directors before the end of Buyer were a privately held joint stock legal expenses from the company only their term. company not listed on any stock ex- upon a successful outcome of the le-  Whether Buyer must obtain its change. The index has 6 components: gal action (a score of 1). Adding these shareholders’ approval every time it  Whether Buyer must disclose own- numbers gives Croatia a score of 5 on issues new shares. ership stakes representing 10%. the ease of shareholder suits index.  Whether shareholders are auto-  Whether Buyer must disclose in- matically granted preemption or formation about board members’ Extent of conflict of interest subscription rights every time Buyer other directorships as well as regulation index issues new shares. basic information on their primary The extent of conflict of interest  Whether shareholders are required employment. regulation index is the sum of the by law to approve the election and  Whether Buyer must disclose extent of disclosure index, the extent dismissal of the external auditor. the compensation of individual of director liability index and the ease  Whether shareholders have the managers. of shareholder suits index. The index is right to freely trade shares prior to a  Whether Buyer must have its an- divided by 3 so that it ranges from 0 major corporate action or meeting of nual financial statements audited to 10. Higher values indicate stronger shareholders. by an external auditor. regulation of conflicts of interest. 132 DOING BUSINESS 2015  Whether financial statements must FIGURE 14.13 What are the time, total tax rate and number of payments necessary contain explanatory notes on sig- for a local medium-size company to pay all taxes? nificant accounting policies, trends, risks, uncertainties and other fac- Total tax rate Time tors influencing the reporting.  Whether audit reports must be Hours disclosed to the public. per year To prepare, file and pay value added or Extent of shareholder % of profit sales tax, profit tax and labor taxes and governance index before all taxes contributions The extent of shareholder governance index is the sum of the extent of shareholder rights index, the strength of governance structure index and Number of payments the extent of corporate transparency (per year) index. The index is divided by 3 so that it ranges from 0 to 10. Higher values indicate stronger rights of shareholders in corporate governance. contributions and labor taxes paid by FIGURE 14.14 Paying taxes: tax the employer, property taxes, prop- compliance for a local manufacturing Strength of minority investor erty transfer taxes, dividend tax, capital company protection index gains tax, financial transactions tax, Rankings are based on distance to The strength of minority investor waste collection taxes, vehicle and road frontier scores for 3 indicators protection index is the average of the taxes, and any other small taxes or fees. Number of hours Firm tax liability extent of conflict of interest regulation per year to prepare, as % of profits index and the extent of shareholder The ranking of economies on the ease file returns and pay before all taxes taxes borne governance index. The index ranges of paying taxes is determined by sort- from 0 to 10, rounded to the near- ing their distance to frontier scores 33.3% est decimal place, with higher values for paying taxes. These scores are 33.3% Total Time tax rate indicating stronger minority investor the simple average of the distance to protections. frontier scores for each of the compo- 33.3% Payments nent indicators (figure 14.14), with a The data details on protecting minority threshold and a nonlinear transforma- investors can be found for each economy tion applied to one of the component at http://www.doingbusiness.org. The indicators, the total tax rate.15 The Number of tax payments per year initial methodology was developed by threshold is defined as the highest Djankov, La Porta and others (2008). The total tax rate among the top 15% of Note: All economies below the threshold receive the extent of shareholder governance index economies in the ranking on the total same score in the total tax rate component as the economies at the threshold. was introduced in Doing Business 2015. tax rate. It is calculated and adjusted on a yearly basis. This year’s threshold This reduces the bias in the total tax is 26.1%. All economies with a total tax rate indicator toward economies that rate below this threshold receive the do not need to levy significant taxes PAYING TAXES same score as the economy at the on companies like the Doing Business Doing Business records the taxes threshold. The threshold is not based standardized case study company be- and mandatory contributions that a on any economic theory of an “optimal cause they raise public revenue in other medium-size company must pay in a tax rate” that minimizes distortions or ways—for example, through taxes on given year as well as measures of the maximizes efficiency in an economy’s foreign companies, through taxes on administrative burden of paying taxes overall tax system. Instead, it is mainly sectors other than manufacturing or and contributions (figure 14.13). The empirical in nature, set at the lower from natural resources (all of which are project was developed and implemented end of the distribution of tax rates outside the scope of the methodology). in cooperation with PwC.14 Taxes and levied on medium-size enterprises in contributions measured include the the manufacturing sector as observed Doing Business measures all taxes and profit or corporate income tax, social through the paying taxes indicators. contributions that are government DATA NOTES 133 mandated (at any level—federal, state comparable across economies, several office equipment, computers and 1 or local) and that apply to the standard- assumptions about the business and truck and leases 1 truck. ized business and have an impact in its the taxes and contributions are used.  Does not qualify for investment in- financial statements. In doing so, Doing centives or any benefits apart from Business goes beyond the traditional The methodology for the paying taxes those related to the age or size of definition of a tax. As defined for the indicators has benefited from discus- the company. purposes of government national ac- sion with members of the International  Has 60 employees—4 managers, 8 counts, taxes include only compulsory, Tax Dialogue and other stakeholders. assistants and 48 workers. All are unrequited payments to general gov- This has led to a refinement of the nationals, and 1 manager is also an ernment. Doing Business departs from questions on the time to pay taxes, the owner. The company pays for ad- this definition because it measures collection of additional data on the la- ditional medical insurance for em- imposed charges that affect business bor tax wedge for further research and ployees (not mandated by any law) accounts, not government accounts. the introduction of a threshold applied as an additional benefit. In addition, One main difference relates to labor to the total tax rate for the purpose of in some economies reimbursable contributions. The Doing Business mea- calculating the ranking on the ease of business travel and client enter- sure includes government-mandated paying taxes. tainment expenses are considered contributions paid by the employer fringe benefits. When applicable, it to a requited private pension fund or Assumptions about the is assumed that the company pays workers’ insurance fund. It includes, business the fringe benefit tax on this ex- for example, Australia’s compulsory The business: pense or that the benefit becomes superannuation guarantee and work-  Is a limited liability, taxable com- taxable income for the employee. ers’ compensation insurance. For the pany. If there is more than one type The case study assumes no ad- purpose of calculating the total tax of limited liability company in the ditional salary additions for meals, rate (defined below), only taxes borne economy, the limited liability form transportation, education or others. are included. For example, value added most common among domestic Therefore, even when such benefits taxes are generally excluded (provided firms is chosen. The most common are frequent, they are not added to that they are not irrecoverable) because form is reported by incorporation or removed from the taxable gross they do not affect the accounting prof- lawyers or the statistical office. salaries to arrive at the labor tax or its of the business—that is, they are not  Started operations on January 1, contribution calculation. reflected in the income statement. They 2012. At that time the company  Has a turnover of 1,050 times in- are, however, included for the purpose purchased all the assets shown in come per capita. of the compliance measures (time and its balance sheet and hired all its  Makes a loss in the first year of payments), as they add to the burden of workers. operation. complying with the tax system.  Operates in the economy’s largest  Has a gross margin (pretax) of 20% business city. For 11 economies the (that is, sales are 120% of the cost of Doing Business uses a case scenario to data are also collected for the second goods sold). measure the taxes and contributions largest business city (see table 14A.1).  Distributes 50% of its net profits as paid by a standardized business and  Is 100% domestically owned and has dividends to the owners at the end the complexity of an economy’s tax 5 owners, all of whom are natural of the second year. compliance system. This case scenario persons.  Sells one of its plots of land at a uses a set of financial statements and  At the end of 2012, has a start-up profit at the beginning of the second assumptions about transactions made capital of 102 times income per year. over the course of the year. In each capita.  Is subject to a series of detailed economy tax experts from a number  Performs general industrial or assumptions on expenses and of different firms (in many economies commercial activities. Specifically, transactions to further standardize these include PwC) compute the taxes it produces ceramic flowerpots the case. All financial statement and mandatory contributions due in and sells them at retail. It does not variables are proportional to 2012 their jurisdiction based on the stan- participate in foreign trade (no im- income per capita (this is an update dardized case study facts. Information port or export) and does not handle from previous years, when the is also compiled on the frequency of products subject to a special tax re- variables were proportional to 2005 filing and payments as well as the gime, for example, liquor or tobacco. income per capita). For example, time taken to comply with tax laws  At the beginning of 2013, owns 2 the owner who is also a manager in an economy. To make the data plots of land, 1 building, machinery, spends 10% of income per capita 134 DOING BUSINESS 2015 on traveling for the company (20% electronic filing and payment is allowed and labor taxes, including payroll taxes of this owner’s expenses are purely and it is used by the majority of medi- and social contributions. Preparation private, 20% are for entertaining um-size businesses, the tax is counted time includes the time to collect all customers, and 60% are for busi- as paid once a year even if filings and information necessary to compute ness travel). payments are more frequent. For pay- the tax payable and to calculate ments made through third parties, such the amount payable. If separate ac- Assumptions about the taxes as tax on interest paid by a financial counting books must be kept for tax and contributions institution or fuel tax paid by a fuel dis- purposes—or separate calculations  All the taxes and contributions tributor, only one payment is included made—the time associated with these recorded are those paid in the even if payments are more frequent. processes is included. This extra time second year of operation (calendar is included only if the regular account- year 2013). A tax or contribution Where 2 or more taxes or contributions ing work is not enough to fulfill the is considered distinct if it has a are filed for and paid jointly using the tax accounting requirements. Filing different name or is collected by a same form, each of these joint pay- time includes the time to complete all different agency. Taxes and contri- ments is counted once. For example, if necessary tax return forms and file butions with the same name and mandatory health insurance contribu- the relevant returns at the tax author- agency, but charged at different tions and mandatory pension contri- ity. Payment time considers the hours rates depending on the business, butions are filed for and paid together, needed to make the payment online are counted as the same tax or only one of these contributions would or in person. Where taxes and contri- contribution. be included in the number of payments. butions are paid in person, the time  The number of times the company includes delays while waiting. pays taxes and contributions in a Time year is the number of different taxes Time is recorded in hours per year. The Total tax rate or contributions multiplied by the indicator measures the time taken to The total tax rate measures the frequency of payment (or withhold- prepare, file and pay 3 major types of amount of taxes and mandatory con- ing) for each tax. The frequency of taxes and contributions: the corporate tributions borne by the business in the payment includes advance pay- income tax, value added or sales tax, second year of operation, expressed ments (or withholding) as well as as a share of commercial profit. Doing regular payments (or withholding). TABLE 14.9 What do the paying taxes Business 2015 reports the total tax indicators measure? rate for calendar year 2013. The total Tax payments Tax payments for a manufacturing company in amount of taxes borne is the sum of all The tax payments indicator reflects 2013 (number per year adjusted for electronic the different taxes and contributions and joint filing and payment) the total number of taxes and con- payable after accounting for allowable Total number of taxes and contributions paid, tributions paid, the method of pay- including consumption taxes (value added tax, deductions and exemptions. The taxes ment, the frequency of payment, the sales tax or goods and service tax) withheld (such as personal income tax) frequency of filing and the number of Method and frequency of filing and payment or collected by the company and remit- agencies involved for the standard- Time required to comply with 3 major taxes ted to the tax authorities (such as value ized case study company during the (hours per year) added tax, sales tax or goods and ser- second year of operation (table 14.9). Collecting information and computing the tax vice tax) but not borne by the company It includes taxes withheld by the com- payable are excluded. The taxes included can be pany, such as sales tax, value added Completing tax return forms, filing with proper divided into 5 categories: profit or cor- agencies tax and employee-borne labor taxes. porate income tax, social contributions Arranging payment or withholding These taxes are traditionally collected and labor taxes paid by the employer by the company from the consumer or Preparing separate mandatory tax accounting (for which all mandatory contributions books, if required employee on behalf of the tax agencies. are included, even if paid to a private Total tax rate (% of profit before all taxes) Although they do not affect the income entity such as a requited pension fund), statements of the company, they add Profit or corporate income tax property taxes, turnover taxes and to the administrative burden of com- Social contributions and labor taxes paid by the other taxes (such as municipal fees and employer plying with the tax system and so are vehicle taxes). Fuel taxes are no longer included in the tax payments measure. Property and property transfer taxes included in the total tax rate because of Dividend, capital gains and financial transactions the difficulty of computing these taxes taxes The number of payments takes into in a consistent way for all economies account electronic filing. Where full Waste collection, vehicle, road and other taxes covered. The fuel tax amounts are in DATA NOTES 135 preparation; customs clearance and TABLE 14.10 Computing the total tax rate for Kiribati inspections; inland transport and han- Statutory Statutory Actual tax Commercial dling; and port and terminal handling) for rate tax base payable profit* Total tax rate r b a=r×b c t = a/c exporting and importing the goods are Type of tax (tax base) (%) ($A) ($A) ($A) (%) recorded; however, the time and cost for Corporate income tax 20.0–35.0 109,381 33,283 137,156 24.3 sea transport are not included. All docu- (taxable income) ments needed by the trader to export or Employer-paid social 7.5 154,711 11,603 137,156 8.5 import the goods across the border are security contributions also recorded. The process of exporting (taxable wages) goods ranges from packing the goods Total 44,886 32.7 into the container at the warehouse to * Profit before all taxes borne. their departure from the port of exit. Note: Commercial profit is assumed to be 59.4 times income per capita. $A is Australian dollar. The process of importing goods ranges Source: Doing Business database. from the vessel’s arrival at the port of entry to the cargo’s delivery at the most cases very small, and measuring commercial depreciation, a straight- warehouse. For landlocked economies, these amounts is often complicated line depreciation method is applied, since the seaport is located in the transit because they depend on fuel consump- with the following rates: 0% for the economy, the time, cost and documents tion. Fuel taxes continue to be counted land, 5% for the building, 10% for the associated with the processes at the in the number of payments. machinery, 33% for the computers, inland border are also included. It is 20% for the office equipment, 20% for assumed that the payment is made by The total tax rate is designed to pro- the truck and 10% for business devel- letter of credit, and the time, cost and vide a comprehensive measure of the opment expenses. Commercial profit documents required for the issuance or cost of all the taxes a business bears. amounts to 59.4 times income per advising of a letter of credit are taken It differs from the statutory tax rate, capita. into account (figure 14.15). which merely provides the factor to be applied to the tax base. In computing The methodology for calculating the The ranking of economies on the ease of the total tax rate, the actual tax pay- total tax rate is broadly consistent trading across borders is determined by able is divided by commercial profit. with the Total Tax Contribution frame- sorting their distance to frontier scores Data for Kiribati are provided as an work developed by PwC and the calcu- for trading across borders. These scores example (table 14.10). lation within this framework for taxes are the simple average of the distance borne. But while the work undertaken to frontier scores for each of the com- Commercial profit is essentially net by PwC is usually based on data re- ponent indicators (figure 14.16). profit before all taxes borne. It differs ceived from the largest companies in from the conventional profit before tax, the economy, Doing Business focuses Local freight forwarders, shipping reported in financial statements. In on a case study for a standardized lines, customs brokers, port officials computing profit before tax, many of medium-size company. and banks provide information on the taxes borne by a firm are deductible. required documents, cost and time to In computing commercial profit, these The data details on paying taxes can be export and import. To make the data taxes are not deductible. Commercial found for each economy at http://www comparable across economies, several profit therefore presents a clear picture .doingbusiness.org. This methodology was assumptions about the business and of the actual profit of a business before developed by Djankov and others (2010). the traded goods are used. any of the taxes it bears in the course of the fiscal year. Assumptions about the traded goods Commercial profit is computed as TRADING ACROSS The traded product travels in a dry- sales minus cost of goods sold, minus BORDERS cargo, 20-foot, full container load.16 gross salaries, minus administrative Doing Business measures the time and It weighs 10 tons and is valued at expenses, minus other expenses, minus cost (excluding tariffs) associated with $20,000. The product: provisions, plus capital gains (from the exporting and importing a standard-  Is not hazardous nor does it include property sale) minus interest expense, ized cargo of goods by sea transport. military items. plus interest income and minus com- The time and cost necessary to com-  Does not require refrigeration or any mercial depreciation. To compute the plete 4 predefined stages (document other special environment. 136 DOING BUSINESS 2015 required by customs authorities purely FIGURE 14.15 How much time, how many documents and what cost to export and for purposes of preferential treatment import by sea transport? but are not required for any other purpose by any of the authorities in the process of trading are not included. For Time Time example, if a certificate of origin is only presented to qualify for a preferential To export Cost Cost To import tariff rate under trade agreements, the Documents Documents Full, 20-foot container document is not counted. It is assumed that the exporter will always obtain a Import certificate of origin for its trade partner, and the time and cost associated with Export obtaining this certificate are therefore included in the time and cost of docu- Port and terminal Customs and Inland transport handling border agencies ment preparation to export. Time The time for exporting and importing  Is a private, limited liability company. is recorded in calendar days. The time FIGURE 14.16 Trading across borders:  Does not operate in an export calculation for each of the 4 predefined exporting and importing by sea transport processing zone or an industrial stages starts from the moment the Rankings are based on distance to estate with special export or import stage is initiated and runs until it is frontier scores for 3 indicators privileges. completed. Fast-track procedures  Conducts export and import ac- applying only to firms located in an Document preparation, All documents customs clearance and tivities but does not have any special export processing zone, or only to cer- required by inspections, port and customs and other terminal handling, inland accreditation, such as an authorized tain accredited firms under authorized agencies transport and handling economic operator status. economic operator programs, are not  Is 100% domestically owned. taken into account because they are 33.3% 33.3% not available to all trading companies. Documents Time to to export export and Documents Sea transport time is not included. It and import import It is assumed that a new contract is is assumed that neither the exporter 33.3% 3 3% 33.3 e Cost to export drafted per shipment and that the nor the importer wastes time and import and imp contract has already been agreed that each commits to completing the upon and executed by both parties. All process without delay. It is assumed documents required by law or common that document preparation, inland US$ per 20-foot container, no bribes or tariffs included practice by relevant agencies—includ- transport and handling, customs clear- ing government ministries, customs ance and inspections, and port and authorities, port authorities and other terminal handling require a minimum  Does not require any special phy- control agencies—per export and im- time of 1 day each and cannot take tosanitary or environmental safety port shipment are taken into account place simultaneously. The waiting time standards other than accepted (table 14.11). For landlocked economies, that occurs in practice—for example, in international standards. documents required by authorities in queues to obtain a service or during the  Is one of the economy’s leading the transit economy are also included. moving of the cargo at the seaport—is export or import products. Since payment is by letter of credit, included in the measure. all documents required by banks for Assumptions about the the issuance or securing of a letter of Cost business credit are also taken into account. Cost measures the fees levied on a The business: Documents that are requested at the 20-foot container in U.S. dollars. All  Is located in the economy’s largest time of clearance but that are valid fees charged by government agencies business city. For 11 economies the for a year or longer or do not require and the private sector to a trader in the data are also collected for the sec- renewal per shipment (for example, process of exporting and importing the ond largest business city (see table an annual tax clearance certificate) goods are taken into account. These 14A.1). are not included. Documents that are include but are not limited to costs DATA NOTES 137 that the goods are not of adequate TABLE 14.11 What do the trading ENFORCING CONTRACTS quality. Because they were custom- across borders indicators measure? Indicators on enforcing contracts made, Seller is unable to sell them Documents required to export and import measure the efficiency of the judicial to anyone else. (number) system in resolving a commercial  Seller (the plaintiff) sues Buyer (the Bank documents dispute. The data are built by following defendant) to recover the amount Customs clearance documents the step-by-step evolution of a com- under the sales agreement. The Port and terminal handling documents mercial sale dispute before local courts dispute is brought before the court Transport documents (figure 14.17). The data are collected located in the economy’s largest Time required to export and import (days) through study of the codes of civil business city with jurisdiction over Obtaining, filling out and submitting all the procedure and other court regulations commercial cases worth 200% documents as well as questionnaires completed of income per capita or $5,000, Inland transport and handling by local litigation lawyers and judges. whichever is greater. As noted, Customs clearance and inspections The ranking of economies on the ease for 11 economies the data are also of enforcing contracts is determined by Port and terminal handling sorting their distance to frontier scores Does not include sea transport time for enforcing contracts. These scores Cost required to export and import are the simple average of the distance (US$ per container) FIGURE 14.17 What are the time, cost to frontier scores for each of the com- and number of procedures to resolve a All documentation commercial dispute through the courts? ponent indicators (figure 14.18). Inland transport and handling Customs clearance and inspections Court The name of the relevant court in each Port and terminal handling economy—the court in the largest Time Official costs only, no bribes business city with jurisdiction over Cost Number of the standardized commercial dispute procedures described below—is published at for documents, administrative fees for http://www.doingbusiness.org/data customs clearance and inspections, /exploretopics/enforcing-contracts. Company A Company B Commercial customs broker fees, port-related For 11 economies for which the data are (seller & (buyer & dispute plaintiff) defendant) charges and inland transport costs. also collected for the second largest The exporter is responsible for the business city, the name of the relevant Filing & Trial & Enforcement service judgment incurred costs related to exporting court in that city is given as well. the goods until they depart from the exporting economy, and the importer Assumptions about the case is responsible for the incurred costs  The value of the claim is equal to related to importing from the moment 200% of the economy’s income FIGURE 14.18 Enforcing contracts: the goods arrive at the seaport in the per capita or $5,000, whichever is resolving a commercial dispute through importing economy. The cost does not greater.17 the courts include customs tariffs and duties or  The dispute concerns a lawful Rankings are based on distance to costs related to sea transport. Only transaction between 2 businesses frontier scores for 3 indicators official costs are recorded. (Seller and Buyer), both located in Days to resolve Attorney, court and the economy’s largest business commercial sale dispute enforcement costs as The data details on trading across borders city. For 11 economies the data are through the courts % of claim value can be found for each economy at http:// also collected for the second larg- www.doingbusiness.org. This methodology est business city (see table 14A.1). was developed by Djankov, Freund and Pursuant to a contract between 33.3% 33.3% Time Cost Pham (2010) and is adopted here with the businesses, Seller sells some 33.3% minor changes. custom-made furniture to Buyer Procedures worth 200% of the economy’s in- come per capita or $5,000, which- ever is greater. After Seller delivers Steps to file claim, obtain judgment the goods to Buyer, Buyer refuses and enforce it to pay the contract price, alleging 138 DOING BUSINESS 2015 collected for the second largest time allocated by law for appeal Cost business city (see table 14A.1). lapses. Cost is recorded as a percentage of  At the outset of the dispute, Seller  Seller takes all required steps for the claim, assumed to be equivalent to decides to attach Buyer’s movable prompt enforcement of the judg- 200% of income per capita or $5,000, assets (for example, office equip- ment. The money is successfully whichever is greater. Three types of ment and vehicles) because Seller collected through a public sale of costs are recorded: court costs, enforce- fears that Buyer may hide its assets Buyer’s movable assets (for exam- ment costs and average attorney fees. or otherwise become insolvent. ple, office equipment and vehicles).  The claim is disputed on the merits Court costs include all costs that Seller because of Buyer’s allegation that Procedures (plaintiff) must advance to the court, the quality of the goods was not The list of procedural steps compiled regardless of the final cost borne by adequate. Because the court can- for each economy traces the chronol- Seller. Enforcement costs are all costs not decide the case on the basis of ogy of a commercial dispute before the that Seller (plaintiff) must advance to documentary evidence or legal title relevant court. A procedure is defined as enforce the judgment through a public alone, an expert opinion is given on any interaction, required by law or com- sale of Buyer’s movable assets, regard- the quality of the goods. If it is stan- monly carried out in practice, between less of the final cost borne by Seller. dard practice in the economy for the parties or between them and the Average attorney fees are the fees that each party to call its own expert wit- judge or court officer. Other procedural Seller (plaintiff) must advance to a lo- ness, the parties each call one expert steps, internal to the court or between cal attorney to represent Seller in the witness. If it is standard practice for the parties and their counsel, may standardized case. Bribes are not taken the judge to appoint an independent be counted as well. Procedural steps into account. expert, the judge does so. In this case include steps to file and serve the case, the judge does not allow opposing steps to assign the case to a judge, The data details on enforcing contracts can expert testimony. steps for trial and judgment and steps be found for each economy at http://www  Following the expert opinion, the necessary to enforce the judgment .doingbusiness.org. This methodology was judge decides that the goods de- (table 14.12). developed by Djankov and others (2003) livered by Seller were of adequate and is adopted here with minor changes. quality and that Buyer must pay To indicate overall efficiency, 1 proce- the contract price. The judge thus dure is subtracted from the total num- renders a final judgment that is ber for economies that have specialized 100% in favor of Seller. commercial courts or divisions, and RESOLVING INSOLVENCY  Buyer does not appeal the judg- 1 procedure for economies that allow Doing Business studies the time, cost ment. Seller decides to start enforc- electronic filing of the initial complaint. and outcome of insolvency proceedings ing the judgment as soon as the Some procedural steps that are part involving domestic entities. In addition, of others are not counted in the total this year it introduces a new measure, TABLE 14.12 What do the enforcing number of procedures. the strength of insolvency framework contracts indicators measure? index, evaluating the adequacy and Procedures to enforce a contract through the Time integrity of the legal framework appli- courts (number) Time is recorded in calendar days, cable to liquidation and reorganization Steps to file and serve the case counted from the moment the plaintiff proceedings. The data for the resolving Steps for trial and judgment decides to file the lawsuit in court insolvency indicators are derived from Steps to enforce the judgment until payment. This includes both the questionnaire responses by local insol- days when actions take place and vency practitioners and verified through Time required to complete procedures (calendar days) the waiting periods in between. The a study of laws and regulations as well Time to file and serve the case average duration of 3 different stages as public information on bankruptcy Time for trial and to obtain the judgment of dispute resolution is recorded: the systems. The ranking of economies completion of service of process (time on the ease of resolving insolvency is Time to enforce the judgment to file and serve the case), the issu- determined by sorting their distance to Cost required to complete procedures (% of claim) ance of judgment (time for trial and to frontier scores for resolving insolvency. obtain the judgment) and the recovery These scores are the simple average of Average attorney fees of the claim value through a public sale the distance to frontier scores for the Court costs (time for enforcement of the judgment). recovery rate and the strength of insol- Enforcement costs vency framework index (figure 14.19). DATA NOTES 139 but contracts commonly use some Assumptions about the parties FIGURE 14.19 Resolving insolvency: other provision to that effect, this The bank wants to recover as much recovery rate and strength of insolvency framework provision is specified in the loan as possible of its loan, as quickly and agreement. cheaply as possible. The unsecured Rankings are based on distance to  Has observed the payment schedule frontier scores for 2 indicators creditors will do everything permitted and all other conditions of the loan under the applicable laws to avoid up to now. a piecemeal sale of the assets. The  Has a market value, operating as a majority shareholder wants to keep 50% 50% going concern, of 100 times income the company operating and under his Recovery Strength of per capita or $200,000, whichever control. Management wants to keep rate insolvency framework is greater. The market value of the the company operating and preserve index company’s assets, if sold piecemeal, its employees’ jobs. All the parties are is 70% of the market value of the local entities or citizens; no foreign business. parties are involved. Assumptions about the case Time The business is experiencing liquidity Time for creditors to recover their Debt recovery in insolvency problems. The company’s loss in 2013 credit is recorded in calendar years To make the data on the time, cost and reduced its net worth to a negative (table 14.13). The period of time mea- outcome of insolvency proceedings figure. It is January 1, 2014. There is no sured by Doing Business is from the comparable across economies, several cash to pay the bank interest or prin- company’s default until the payment assumptions about the business and cipal in full, due the next day, January of some or all of the money owed to the the case are used. 2. The business will therefore default bank. Potential delay tactics by the on its loan. Management believes that Assumptions about the losses will be incurred in 2014 and TABLE 14.13 What do the indicators business 2015 as well. But it expects 2014 cash on debt recovery in insolvency The business: flow to cover all operating expenses, measure?  Is a limited liability company. including supplier payments, salaries, Time required to recover debt (years)  Operates in the economy’s largest maintenance costs and taxes, though business city. For 11 economies the Measured in calendar years not principal or interest payments to data are also collected for the sec- the bank. Appeals and requests for extension are included ond largest business city (see table Cost required to recover debt (% of debtor’s estate) 14A.1). The amount outstanding under the  Is 100% domestically owned, with loan agreement is exactly equal to Measured as percentage of estate value the founder, who is also chairman of the market value of the hotel business Court fees the supervisory board, owning 51% and represents 74% of the company’s Fees of insolvency administrators (no other shareholder holds more total debt. The other 26% of its debt is Lawyers’ fees than 5% of shares). held by unsecured creditors (suppliers, Assessors’ and auctioneers’ fees  Has downtown real estate, where it employees, tax authorities). Other related fees runs a hotel, as its major asset.  Has a professional general manager. The company has too many creditors Outcome  Has 201 employees and 50 suppli- to negotiate an informal out-of-court Whether the business continues operating as a going concern or whether its assets are sold ers, each of which is owed money for workout. The following options are piecemeal the last delivery. available: a judicial procedure aimed at Recovery rate for secured creditors (cents on  Has a 10-year loan agreement the rehabilitation or reorganization of the dollar) with a domestic bank secured by a the company to permit its continued Measures the cents on the dollar recovered by mortgage over the hotel’s real es- operation; a judicial procedure aimed secured creditors tate property. A universal business at the liquidation or winding-up of Present value of debt recovered charge (an enterprise charge) is also the company; or a debt enforcement Official costs of the insolvency proceedings are assumed in economies where such procedure (foreclosure or receivership) deducted collateral is recognized. If the laws against the company. Depreciation of furniture is taken into account of the economy do not specifically Outcome for the business (survival or not) affects provide for an enterprise charge the maximum value that can be recovered 140 DOING BUSINESS 2015 FIGURE 14.20 Recovery rate is a function of the time, cost and outcome of insolvency FIGURE 14.21 Strength of insolvency proceedings against a local company framework index measures the quality of insolvency laws that govern relations between debtors, creditors and the court Commencement Management of Secured creditor of proceedings debtor’s assets with unpaid claim Time Cost Outcome Recovery rate index index Court Reorganization, liquidation or foreclosure proceedings parties, such as the filing of dilatory lost as a result of the time the money appeals or requests for extension, are remains tied up in insolvency proceed- Creditors Debtor taken into consideration. ings is taken into account, including the loss of value due to depreciation Creditor Reorganization Cost of the hotel furniture. Consistent with participation proceedings index index The cost of the proceedings is re- international accounting practice, the corded as a percentage of the value annual depreciation rate for furniture of the debtor’s estate. The cost is cal- is taken to be 20%. The furniture is as- culated on the basis of questionnaire sumed to account for a quarter of the commencement of proceedings index, responses and includes court fees and total value of assets. The recovery rate management of debtor’s assets index, government levies; fees of insolvency is the present value of the remaining reorganization proceedings index and administrators, auctioneers, asses- proceeds, based on end-2013 lending creditor participation index (figure sors and lawyers; and all other fees rates from the International Monetary 14.21; table 14.14). and costs. Fund’s International Financial Statistics, supplemented with data from central Commencement of Outcome banks and the Economist Intelligence proceedings index Recovery by creditors depends on Unit. The commencement of proceedings whether the hotel business emerges index has 3 components: from the proceedings as a going If an economy had zero cases a year  Whether debtors can initiate both concern or the company’s assets are over the past 5 years involving a judi- liquidation and reorganization pro- sold piecemeal. If the business keeps cial reorganization, judicial liquidation ceedings. A score of 1 is assigned if operating, 100% of the hotel value is or debt enforcement procedure (fore- debtors can initiate both types of preserved. If the assets are sold piece- closure or receivership), the economy proceedings; 0.5 if they can initi- meal, the maximum amount that can receives a “no practice” mark on the ate only one of these types (either be recovered is 70% of the value of the time, cost and outcome indicators. This liquidation or reorganization); 0 hotel. means that creditors are unlikely to if they cannot initiate insolvency recover their money through a formal proceedings. Recovery rate legal process. The recovery rate for “no  Whether creditors can initiate both The recovery rate is recorded as cents practice” economies is zero. In addi- liquidation and reorganization pro- on the dollar recouped by secured tion, a “no practice” economy receives ceedings. A score of 1 is assigned if creditors through reorganization, a score of 0 on the strength of insol- creditors can initiate both types of liquidation or debt enforcement (fore- vency framework index even if its legal proceedings; 0.5 if they can initi- closure or receivership) proceedings framework includes provisions related ate only one of these types (either (figure 14.20). The calculation takes to insolvency proceedings (liquidation liquidation or reorganization); 0 into account the outcome: whether the or reorganization). if they cannot initiate insolvency business emerges from the proceedings proceedings. as a going concern or the assets are  What standard is used for com- Strength of insolvency sold piecemeal. Then the costs of the mencement of insolvency proceed- framework proceedings are deducted (1 cent for ings. A score of 1 is assigned if a each percentage point of the value of The strength of insolvency framework liquidity test (the debtor is gener- the debtor’s estate). Finally, the value index is based on 4 other indices: ally unable to pay its debts as they DATA NOTES 141 Management of debtor’s The index ranges from 0 to 6, with TABLE 14.14 What do the indicators assets index higher values indicating more advanta- on the strength of the insolvency framework measure? The management of debtor’s assets geous treatment of the debtor’s assets index has 6 components: from the perspective of the company’s Commencement of proceedings index (0–3)  Whether the debtor (or an insol- stakeholders. In Rwanda, for example, Availability of liquidation and reorganization to debtors can continue essential con- debtors and creditors vency representative on its behalf) can continue performing contracts tracts (a score of 1) and reject burden- Standards for commencement of insolvency proceedings essential to the debtor’s survival. some ones (a score of 1) during insol- A score of 1 is assigned if yes; 0 if vency proceedings. But the insolvency Management of debtor’s assets index (0–6) continuation of contracts is not framework contains no provisions on Continuation and rejection of contracts during insolvency possible or if the law contains no either preferential transactions (a score Avoidance of preferential and undervalued provisions on this subject. of 0) or undervalued ones (a score of transactions  Whether the debtor (or an insolven- 0). Post-commencement financing is Post-commencement credit cy representative on its behalf) can available under the laws of Rwanda (a Reorganization proceedings index (0–3) reject overly burdensome contracts. score of 1) and receives priority only over A score of 1 is assigned if yes; 0 if re- ordinary unsecured creditors (a score of Approval and content of the reorganization plan jection of contracts is not possible. 1). Adding these numbers gives Rwanda Creditor participation index (0–4)  Whether transactions entered into a score of 4 on the management of Creditors’ participation in and rights during before commencement of insolven- debtor’s assets index. liquidation and reorganization proceedings cy proceedings that give preference Strength of insolvency framework index (0–16) to one or several creditors can be Reorganization proceedings Sum of the commencement of proceedings, index management of debtor’s assets, reorganization avoided after proceedings are initi- proceedings and creditor participation indices ated. A score of 1 is assigned if yes; The reorganization proceedings index 0 if avoidance of such transactions has 3 components: is not possible.  Whether the reorganization plan is  Whether undervalued transactions voted on only by the creditors whose mature) is used; 0.5 if the balance entered into before commencement rights are modified or affected by the sheet test (the liabilities of the of insolvency proceedings can be plan. A score of 1 is assigned if yes; debtor exceed its assets) is used; avoided after proceedings are initi- 0.5 if all creditors vote on the plan, 1 if both the liquidity and balance ated. A score of 1 is assigned if yes; regardless of its impact on their sheet tests are available but only 0 if avoidance of such transactions interests; 0 if creditors do not vote one is required to initiate insolvency is not possible. on the plan or if reorganization is not proceedings; 0.5 if both tests are  Whether the insolvency framework available. required; 0 if a different test is used. includes specific provisions that allow  Whether creditors entitled to vote the debtor (or an insolvency represen- on the plan are divided into classes, The index ranges from 0 to 3, with tative on its behalf), after commence- each class votes separately and the higher values indicating greater access ment of insolvency proceedings, to creditors within each class are treat- to insolvency proceedings. In Bulgaria, obtain financing necessary to func- ed equally. A score of 1 is assigned for example, debtors can initiate both tion during the proceedings. A score if the voting procedure has these 3 liquidation and reorganization proceed- of 1 is assigned if yes; 0 if obtaining features; 0 if the voting procedure ings (a score of 1), as can creditors (a post-commencement financing is does not have these 3 features or if score of 1). The standard for commenc- not possible or if the law contains no reorganization is not available. ing insolvency proceedings is that the provisions on this subject.  Whether the insolvency framework debtor cannot pay its debts as they  Whether post-commencement fi- requires that dissenting creditors re- mature (a score of 1). Adding these nancing receives priority over ordinary ceive as much under the reorganiza- numbers gives Bulgaria a score of 3 unsecured creditors during distribu- tion plan as they would have received on the commencement of proceedings tion of assets. A score of 1 is assigned in liquidation. A score of 1 is assigned index. if yes; 0.5 if post-commencement fi- if yes; 0 if no such provisions exist or nancing is granted superpriority over if reorganization is not available. all creditors, secured and unsecured; 0 if no priority is granted to post- The index ranges from 0 to 3, with commencement financing. higher values indicating greater com- pliance with internationally accepted 142 DOING BUSINESS 2015 practices. Nicaragua, for example, has the sale of the debtor’s assets (a score no judicial reorganization proceed- of 0). Any creditor can inspect the LABOR MARKET ings and therefore receives a score of records kept by the insolvency repre- REGULATION 0 on the reorganization proceedings sentative (a score of 1). And any creditor Doing Business measures flexibility in index. In Estonia, another example, only is allowed to challenge a decision of the the regulation of employment, spe- creditors whose rights are affected by insolvency representative to approve all cifically as it affects the hiring and the reorganization plan are allowed to claims if this decision affects the credi- redundancy of workers and the rigidity vote (a score of 1). The reorganization tor’s rights (a score of 1). Adding these of working hours (figure 14.22). This plan divides creditors into classes, numbers gives Iceland a score of 2 on year, for the first time, the indicators each class votes separately and credi- the creditor participation index. measuring flexibility in labor market tors within the same class are treated regulations focus on those affecting equally (a score of 1). But there are no Strength of insolvency the food retail industry, using a stan- provisions requiring that the return to framework index dardized case study of a cashier in a dissenting creditors be equal to what The strength of insolvency framework supermarket. Also new is that Doing they would have received in liquidation index is the sum of the scores on the Business collects data on regulations (a score of 0). Adding these numbers commencement of proceedings index, applying to employees hired through gives Estonia a score of 2 on the reor- management of debtor’s assets index, temporary-work agencies as well ganization proceedings index. reorganization proceedings index and as on those applying to permanent creditor participation index. The index employees or employees hired on fixed- Creditor participation index ranges from 0 to 16, with higher values term contracts. The indicators also The creditor participation index has 4 indicating insolvency legislation that is cover additional areas of labor market components: better designed for rehabilitating viable regulation, including social protection  Whether creditors participate in the firms and liquidating nonviable ones. schemes and benefits as well as labor selection of an insolvency represen- disputes. tative. A score of 1 is assigned if yes; This methodology was developed by 0 if no. Djankov, Hart and others (2008) and Over the period from 2007 to 2011  Whether creditors are required to is adopted here with several changes. improvements were made to align approve the sale of substantial as- The strength of insolvency framework the methodology for the labor mar- sets of the debtor in the course of index was introduced in Doing Business ket regulation indicators (formerly insolvency proceedings. A score of 1 2015. The best practices tested in the employing workers indicators) is assigned if yes; 0 if no. this index were developed on the basis with the letter and spirit of the  Whether an individual creditor has of the World Bank’s Principles for International Labour Organization the right to access information Effective Insolvency and Creditor/ (ILO) conventions. Only 6 of the 188 about insolvency proceedings, Debtor Regimes and the United Nations ILO conventions cover areas measured either by requesting it from an Commission on International Trade Law’s by Doing Business: employee termina- insolvency representative or by re- Legislative Guide on Insolvency Law. tion, weekend work, holiday with viewing the official records. A score of 1 is assigned if yes; 0 if no.  Whether an individual creditor can FIGURE 14.22 How flexible are hiring, work scheduling and redundancy rules? object to a decision of the court or of the insolvency representative to 2. Work approve or reject claims against the scheduling debtor brought by the creditor itself and by other creditors. A score of 1 is assigned if yes; 0 if no. 3. Redundancy 1. Hiring The index ranges from 0 to 4, with higher values indicating greater par- ticipation of creditors. In Iceland, for example, the court appoints the insol- vency representative, without creditors’ approval (a score of 0). The insolvency representative decides unilaterally on DATA NOTES 143 pay, night work, protection against Assumptions about the worker TABLE 14.15 What do the labor unemployment and medical care and The worker: market regulation indicators include? sickness benefits. The Doing Business  Is a cashier in a supermarket or methodology is fully consistent with Rigidity of employment grocery store. these 6 conventions. The ILO conven-  Is a full-time employee. Difficulty of hiring tions covering areas related to the  Is not a member of the labor union, Whether fixed-term contracts are prohibited for permanent tasks labor market regulation indicators unless membership is mandatory. do not include the ILO core labor Maximum duration of fixed-term contracts, including renewals standards—8 conventions covering Assumptions about the Minimum wage applicable to the worker assumed the right to collective bargaining, the business in the case study (US$/month) elimination of forced labor, the aboli- The business: Ratio of minimum wage to value added per tion of child labor and equitable treat-  Is a limited liability company (or the worker ment in employment practices. equivalent in the economy). Rigidity of hours  Operates a supermarket or grocery Whether 50-hour workweeks are permitted for 2 Between 2009 and 2011 the World store in the economy’s largest busi- months in a year due to an increase in workload Bank Group worked with a consulta- ness city. For 11 economies the data Allowed maximum length of the workweek in tive group—including labor lawyers, are also collected for the second days and hours, including overtime employer and employee representa- largest business city (see table 14A.1). Premium for night work (% of hourly pay) tives, and experts from the ILO,  Has 60 employees. Premium for work on a weekly rest day (% of the Organisation for Economic Co-  Is subject to collective bargaining hourly pay) operation and Development (OECD), agreements if such agreements Whether there are restrictions on night work and civil society and the private sector—to weekly holiday work cover more than 50% of the food review the methodology for the labor retail sector and they apply even to Paid annual vacation days for workers with 1 year of tenure, 5 years of tenure and 10 years market regulation indicators and ex- firms that are not party to them. of tenure plore future areas of research.18 A full  Abides by every law and regulation Difficulty of redundancy report with the conclusions of the con- but does not grant workers more Length of the maximum probationary period (in sultative group, along with the method- benefits than those mandated by months) for permanent employees ology it proposed, is available at http:// law, regulation or (if applicable) col- Whether redundancy is allowed as grounds for www.doingbusiness.org/methodology lective bargaining agreements. termination /labor-market-regulation. Whether third-party notification is required for Rigidity of employment termination of a redundant worker or group of workers Doing Business 2015 presents the data Rigidity of employment covers 3 Whether third-party approval is required for for the labor market regulation indica- areas: difficulty of hiring, rigidity of termination of a redundant worker or group of tors in an annex. The report does not hours and difficulty of redundancy workers present rankings of economies on (table 14.15). Whether employer is obligated to reassign or these indicators or include the topic retrain and to follow priority rules for redundancy and reemployment in the aggregate distance to frontier Difficulty of hiring covers 4 areas: Redundancy cost (weeks of salary) score or ranking on the ease of doing (i) whether fixed-term contracts are business. Detailed data collected on Notice requirements, severance payments and prohibited for permanent tasks; (ii) penalties due when terminating a redundant labor market regulations are available the maximum cumulative duration worker, expressed in weeks of salary on the Doing Business website (http:// of fixed-term contracts; (iii) the Social protection schemes and benefits www.doingbusiness.org). The data on minimum wage for a cashier, age 19, Whether an unemployment protection scheme labor market regulations are based on with 1 year of work experience; and (iv) exists a detailed questionnaire on employ- the ratio of the minimum wage to the Whether the law requires employers to provide ment regulations that is completed average value added per worker.19 health insurance for permanent employees by local lawyers and public officials. Labor disputes Employment laws and regulations as Rigidity of hours covers 7 areas: (i) Availability of courts or court sections well as secondary sources are reviewed whether the workweek can extend to specializing in labor disputes to ensure accuracy. 50 hours or more (including overtime) 2 months in a year to respond to a night work (as a percentage of hourly To make the data comparable across seasonal increase in workload; (ii) the pay); (iv) the premium for work on economies, several assumptions about maximum number of days allowed in a weekly rest day (as a percentage the worker and the business are used. the workweek; (iii) the premium for of hourly pay); (v) whether there are 144 DOING BUSINESS 2015 restrictions on night work; (vi) whether Labor disputes 12. This component is new in Doing Business 2015. there are restrictions on weekly holiday Doing Business assesses the mecha- 13. This component is new in Doing Business work; and (vii) the average paid an- nisms available to resolve labor dis- 2015. nual leave for workers with 1 year of putes. More specifically, it collects data 14. PwC refers to the network of member firms of PricewaterhouseCoopers International tenure, 5 years of tenure and 10 years on what courts would be competent to Limited (PwCIL) or, as the context requires, of tenure. hear labor disputes and whether the individual member firms of the PwC competent courts are specialized in network. Each member firm is a separate legal entity and does not act as agent of Difficulty of redundancy looks at 9 resolving labor disputes. PwCIL or any other member firm. PwCIL questions: (i) what the length is in does not provide any services to clients. months of the maximum probation- The data details on labor market regula- PwCIL is not responsible or liable for the acts or omissions of any of its member ary period; (ii) whether redundancy is tion can be found for each economy at firms nor can it control the exercise of their disallowed as a basis for terminating http://www.doingbusiness.org. The Doing professional judgment or bind them in any workers; (iii) whether the employer Business website also provides historical way. No member firm is responsible or liable for the acts or omissions of any other needs to notify a third party (such as data sets. The methodology was devel- member firm nor can it control the exercise a government agency) to terminate oped by Botero and others (2004). Doing of another member firm’s professional 1 redundant worker; (iv) whether the Business 2015 does not present rankings judgment or bind another member firm or PwCIL in any way. employer needs to notify a third party of economies on the labor market regula- 15. The nonlinear distance to frontier for the to terminate a group of 9 redundant tion indicators. total tax rate is equal to the distance to workers; (v) whether the employer frontier for the total tax rate to the power of 0.8. needs approval from a third party to 16. While different types of containers are used terminate 1 redundant worker; (vi) around the world, the 2 most important whether the employer needs approval NOTES are 20-foot and 40-foot containers. Use 1. The data for paying taxes refer to January– of 40-foot containers is growing, but this from a third party to terminate a group December 2013. year’s research confirms that 20-foot of 9 redundant workers; (vii) whether 2. These are Bangladesh, Brazil, China, India, containers are still common in the majority the law requires the employer to reas- Indonesia, Japan, Mexico, Nigeria, Pakistan, of economies. According to respondents the Russian Federation and the United questioned in each of the 189 economies sign or retrain a worker before making States. covered by Doing Business, 20-foot and the worker redundant; (viii) whether 3. This correction rate reflects changes that 40-foot containers are equally common in priority rules apply for redundancies; exceed 5% up or down. 49% of the economies, 20-foot containers 4. This assumption is new in Doing Business are more common in 29%, and 40-foot and (ix) whether priority rules apply for 2015. containers are mostly relied on in only 10%. reemployment. 5. This component is revised in Doing Business For the remaining 12% of economies no 2015. The previous methodology assigned a data on the use of the 2 types of containers were available. The trading across borders Redundancy cost point if more than 2 years of historical data indicators will continue to be based on 20- were distributed. Similarly, credit bureaus Redundancy cost measures the cost and registries that erased data on defaults foot containers because this size remains of advance notice requirements, sev- as soon as they were repaid obtained a the most relevant for international trade score of 0. across the globe. erance payments and penalties due 6. This component is revised in Doing Business 17. This assumption is revised in Doing Business when terminating a redundant worker, 2015. The previous methodology assigned 2015. expressed in weeks of salary. The aver- a point if borrowers have the right by law 18. For the terms of reference and composition to access their data in the largest credit of the consultative group, see World age value of notice requirements and bureau or registry in the economy. Bank, “Doing Business Employing Workers severance payments applicable to a 7. This component is new in Doing Business Indicator Consultative Group,” http://www worker with 1 year of tenure, a worker 2015. .doingbusiness.org. 8. This component is new in Doing Business 19. The average value added per worker is the with 5 years and a worker with 10 years 2015. ratio of an economy’s GNI per capita to the is considered. One month is recorded as 9. This question is usually regulated by stock working-age population as a percentage of 4 and 1/3 weeks. exchange or securities laws. Points are the total population. awarded only to economies with more than 10 listed firms in their most important stock Social protection schemes and exchange. benefits 10. When evaluating the regime of liability for Doing Business collects data on the company directors for a prejudicial related- party transaction, Doing Business assumes existence of unemployment protection that the transaction was duly disclosed and schemes as well as data on whether approved. Doing Business does not measure employers are legally required to pro- director liability in the event of fraud. 11. This component is revised in Doing Business vide health insurance for employees 2015; it combines 2 previously separate with permanent contracts. components. DATA NOTES 145 TABLE 14A.1 Cities covered in each economy by the Doing Business report Economy City or cities Economy City or cities Economy City or cities Afghanistan Kabul Greece Athens Pakistan Karachi, Lahore 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 Portugal Lisbon Azerbaijan Baku Hungary Budapest Puerto Rico (U.S.) San Juan Bahamas, The Nassau Iceland Reykjavik Qatar Doha Bahrain Manama India Mumbai, Delhi Romania Bucharest Bangladesh Dhaka, Chittagong Indonesia Jakarta, Surabaya Russian Federation Moscow, St. Petersburg 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, Osaka Serbia Belgrade Bosnia and Herzegovina Sarajevo Jordan Amman Seychelles Victoria Botswana Gaborone Kazakhstan Almaty Sierra Leone Freetown Brazil São Paulo, Rio de Janeiro 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 Cabo Verde Praia Kyrgyz Republic Bishkek South Sudan Juba Cambodia Phnom Penh Lao PDR Vientiane Spain Madrid Cameroon Douala Latvia Riga Sri Lanka Colombo Canada Toronto Lebanon Beirut St. Kitts and Nevis Basseterre Central African Republic Bangui Lesotho Maseru St. Lucia Castries Chad N’Djamena Liberia Monrovia St. Vincent and the Grenadines Kingstown Chile Santiago Libya Tripoli Sudan Khartoum China Shanghai, Beijing 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, Monterrey Trinidad and Tobago Port of Spain Dominican Republic Santo Domingo Micronesia, Fed. Sts. Island of Pohnpei Tunisia Tunis Ecuador Quito Moldova Chişinău 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, Los Angeles 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, Kano Yemen, Rep. Sana’a Germany Berlin Norway Oslo Zambia Lusaka Ghana Accra Oman Muscat Zimbabwe Harare Doing Business 2015 Going Beyond Efficiency Distance to frontier and ease of doing business ranking T his year’s report presents re- Calculation of the distance to sults for 2 aggregate measures: frontier score the distance to frontier score Calculating the distance to frontier and the ease of doing business rank- score for each economy involves 2 ing, which for the first time this year main steps. First, individual component is based on the distance to frontier indicators are normalized to a common score. The ease of doing business unit where each of the 31 component ranking compares economies with one indicators y (except for the total tax another; the distance to frontier score rate) is rescaled using the linear trans- benchmarks economies with respect formation (worst − y)/(worst − frontier). to regulatory best practice, showing In this formulation the frontier repre- the absolute distance to the best sents the best performance on the indi- performance on each Doing Business in- cator across all economies since 2005 dicator. When compared across years, or the third year in which data for the the distance to frontier score shows indicator were collected. For legal indi- how much the regulatory environment cators such as those on getting credit for local entrepreneurs in an economy or protecting minority investors, the has changed over time in absolute frontier is set at the highest possible terms, while the ease of doing business value. For the total tax rate, consistent ranking can show only how much the with the use of a threshold in calculat- regulatory environment has changed ing the rankings on this indicator, the relative to that in other economies. frontier is defined as the total tax rate at the 15th percentile of the overall distribution for all years included in the analysis. For the time to pay taxes the DISTANCE TO FRONTIER frontier is defined as the lowest time The distance to frontier score cap- recorded among all economies that tures the gap between an economy’s levy the 3 major taxes: profit tax, labor performance and a measure of best taxes and mandatory contributions, practice across the entire sample of 31 and value added tax (VAT) or sales tax. indicators for 10 Doing Business topics In addition, the cost to export and cost (the labor market regulation indicators to import for each year are divided by are excluded). For starting a business, the GDP deflator, to take the general for example, Canada and New Zealand price level into account when bench- have the smallest number of proce- marking these absolute-cost indica- dures required (1), and New Zealand the tors across economies with different shortest time to fulfill them (0.5 days). inflation trends. The base year for the Slovenia has the lowest cost (0.0), deflator is 2013 for all economies. and Australia, Colombia and 110 other economies have no paid-in minimum In the same formulation, to mitigate capital requirement (table 15.1). the effects of extreme outliers in the DISTANCE TO FRONTIER AND EASE OF DOING BUSINESS RANKING 147 distributions of the rescaled data for TABLE 15.1 What is the frontier in regulatory practice? most component indicators (very few economies need 700 days to complete Worst Topic and indicator Who sets the frontier Frontier performance the procedures to start a business, but Starting a business many need 9 days), the worst perfor- mance is calculated after the removal Procedures (number) Canada; New Zealand 1 18a of outliers. The definition of outliers Time (days) New Zealand 0.5 100b is based on the distribution for each Cost (% of income per capita) Slovenia 0.0 200.0b component indicator. To simplify the Minimum capital (% of income per capita) Australia; Colombia c 0.0 400.0b process, 2 rules were defined: the 95th Dealing with construction permits percentile is used for the indicators Procedures (number) Hong Kong SAR, China 5 30a with the most dispersed distributions (including time, cost, minimum capital Time (days) Singapore 26 373b and number of payments to pay taxes), Cost (% of warehouse value) Qatar 0.0 20.0b and the 99th percentile is used for Getting electricity number of procedures and number of Procedures (number) Germany; Korea, Rep.d 3 9a documents to trade. No outlier was re- Time (days) Korea, Rep. 18 248b moved for component indicators bound Cost (% of income per capita) Japan 0.0 8,100.0b by definition or construction, including Registering property legal index scores (such as the depth of credit information index, extent of Procedures (number) Georgia; Norway; 1 13a Portugal; Sweden conflict of interest regulation index and strength of insolvency framework in- Time (days) Georgia; New Zealand; 1 210b Portugal dex) and the recovery rate (figure 15.1). Cost (% of property value) Saudi Arabia 0.0 15.0b Second, for each economy the scores Getting credit obtained for individual indicators are Strength of legal rights index (0–12) Colombia; Montenegro; 12 0e aggregated through simple averaging New Zealand into one distance to frontier score, first Depth of credit information index (0–8) Ecuador; United 8 0e for each topic and then across all 10 Kingdomf topics: starting a business, dealing with Protecting minority investors construction permits, getting electric- ity, registering property, getting credit, Extent of conflict of interest regulation index No economy has 10 0e (0–10) attained the frontier yet. protecting minority investors, paying taxes, trading across borders, enforc- Extent of shareholder governance index (0–10) No economy has 10 0e attained the frontier yet. ing contracts and resolving insolvency. More complex aggregation methods— Paying taxes such as principal components and un- Payments (number per year) Hong Kong SAR, China; 3 63b observed components—yield a ranking Saudi Arabia nearly identical to the simple average Time (hours per year) Singapore 49g 696b used by Doing Business.1 Thus Doing Total tax rate (% of profit) Singapore 26.1h 84.0b Business uses the simplest method: weighting all topics equally and, within Trading across borders each topic, giving equal weight to each Documents to export (number) France; Ireland 2 11a of the topic components.2 Time to export (days) Denmark; Estonia; 6 54b Singapore An economy’s distance to frontier Cost to export (US$ per container), deflated Timor-Leste 410.0 5,000.0b score is indicated on a scale from 0 to 100, where 0 represents the worst per- Documents to import (number) France; Ireland 2 15a formance and 100 the frontier. All dis- Time to import (days) Singapore 4 66b tance to frontier calculations are based Cost to import (US$ per container), deflated Singapore 368.4 6,000.0b on a maximum of 5 decimals. However, indicator ranking calculations and the (continued) 148 DOING BUSINESS 2015 TABLE 15.1 What is the frontier in regulatory practice? (continued) TABLE 15.2 Weights used in calculating the distance to frontier scores for Worst Topic and indicator Who sets the frontier Frontier performance economies with 2 cities covered Enforcing contracts Weight Economy City (%) a Procedures (number) Singapore 21 53 Bangladesh Dhaka 78 Time (days) Singapore 120 1,340b Chittagong 22 Cost (% of claim) Bhutan 0.1 89.0b Brazil São Paulo 61 Resolving insolvency Rio de Janeiro 39 Recovery rate (cents on the dollar) Japan 92.9 0.0e China Shanghai 55 Strength of insolvency framework index (0–16) No economy has 16 0e attained the frontier yet. Beijing 45 a. Worst performance is defined as the 99th percentile among all economies in the Doing Business sample. India Mumbai 47 b. Worst performance is defined as the 95th percentile among all economies in the Doing Business sample. c. One hundred and ten other economies also have a minimum capital requirement of 0.0. Delhi 53 d. In 11 other economies it also takes only 3 procedures to get an electricity connection. Indonesia Jakarta 78 e. Worst performance refers to the worst value recorded. f. Twenty-two other economies also score 8 on the depth of credit information index. Surabaya 22 g. Defined as the lowest time recorded among all economies in the Doing Business sample that levy the 3 major taxes: profit tax, labor taxes and mandatory contributions, and VAT or sales tax. Japan Tokyo 65 h. Defined as the highest total tax rate among the 15% of economies with the lowest total tax rate in the Doing Business sample. Source: Doing Business database. Osaka 35 Mexico Mexico City 83 ease of doing business ranking calcu- have in the calculation done in previ- Monterrey 17 lations are based on 2 decimals. ous years (line B is smaller than line A in figure 15.2). And for economies with Nigeria Lagos 77 The difference between an economy’s an extreme total tax rate (a rate that Kano 23 distance to frontier score in any is very high relative to the average), an Pakistan Karachi 65 previous year and its score in 2014 increase has a greater impact on both illustrates the extent to which the these distance to frontier scores than Lahore 35 economy has closed the gap to the before (line D is bigger than line C in Russian Moscow 70 regulatory frontier over time. And in figure 15.2). Federation St. Petersburg 30 any given year the score measures how far an economy is from the best The nonlinear transformation is not United States New York 60 performance at that time. based on any economic theory of an Los Angeles 40 “optimal tax rate” that minimizes dis- Source: United Nations, Department of Economic and Treatment of the total tax rate tortions or maximizes efficiency in an Social Affairs, Population Division, World Urbanization Prospects, 2014 Revision, “File 12: Population of Urban This year, for the first time, the total economy’s overall tax system. Instead, Agglomerations with 300,000 Inhabitants or More in tax rate component of the paying it is mainly empirical in nature. The 2014, by Country, 1950–2030 (thousands),” http://esa .un.org/unpd/wup/CD-ROM/Default.aspx. taxes indicator set enters the distance nonlinear transformation along with to frontier calculation in a different the threshold reduces the bias in the way than any other indicator. The indicator toward economies that do distance to frontier score obtained for not need to levy significant taxes on Calculation of scores for the total tax rate is transformed in a companies like the Doing Business economies with 2 cities covered nonlinear fashion before it enters the standardized case study company For each of the 11 economies for which distance to frontier score for paying because they raise public revenue in a second city was added in this year’s taxes. As a result of the nonlinear other ways—for example, through report, the distance to frontier score is transformation, an increase in the taxes on foreign companies, through calculated as the population-weighted total tax rate has a smaller impact on taxes on sectors other than manufac- average of the distance to frontier the distance to frontier score for the turing or from natural resources (all scores for the 2 cities covered (table total tax rate—and therefore on the of which are outside the scope of the 15.2). This is done for the aggregate distance to frontier score for paying methodology). In addition, it acknowl- score, the score for each topic and the taxes—for economies with a below- edges the need of economies to collect scores for all the component indicators average total tax rate than it would taxes from firms. for each topic. DISTANCE TO FRONTIER AND EASE OF DOING BUSINESS RANKING 149 Variability of economies’ FIGURE 15.1 How are distance to frontier scores calculated for indicators? scores across topics Two examples Each indicator set measures a differ- ent aspect of the business regulatory A time-and-motion topic: dealing with construction permits environment. The distance to frontier Distance to frontier score for procedures scores and associated rankings of an Regulatory frontier 100 economy can vary, sometimes signifi- Best performance cantly, across indicator sets. The aver- (frontier): age correlation coefficient between the 80 5 procedures 10 indicator sets included in the aggre- gate distance to frontier score is 0.37, and the coefficients between 2 sets of 60 indicators range from 0.19 (between getting electricity and registering property) to 0.60 (between protecting 40 minority investors and resolving insol- vency). These correlations suggest that Worst performance economies rarely score universally well 20 (99th percentile): or universally badly on the indicators 30 procedures (table 15.3). 0 0 5 10 15 20 25 30 35 Consider the example of Portugal. Its Procedures (number) aggregate distance to frontier score is 76.03. Its score is 96.27 for starting a A legal topic: protecting minority investors business and 85.20 for trading across Distance to frontier score for extent borders. But its score is only 59.17 for of shareholder governance index 100 Regulatory frontier protecting minority investors and 45.00 for getting credit. 80 Figure 2.1 in the chapter “About Doing Business” illustrates the degree of vari- ability for each economy’s performance 60 across the different areas of business Best performance regulation covered by Doing Business. (frontier): 10 points The figure draws attention to econo- 40 mies with a particularly uneven perfor- mance by showing, for each economy, the distance between the average of its 20 highest 3 distance to frontier scores and Worst performance: the average of its lowest 3 across the 10 0 points topics included in this year’s aggregate 0 0 1 2 3 4 5 6 7 8 9 10 distance to frontier score. While a rela- Extent of shareholder governance index (0–10) tively small distance between these 2 averages suggests a broadly consistent Source: Doing Business database. approach across the areas of business regulation measured by Doing Business, a relatively large distance suggests a reflects differences in the degree of Economies that improved the more uneven approach, with greater priority that government authorities most across 3 or more Doing room for improvement in some areas give to particular areas of business Business topics in 2013/14 than in others. regulation reform and in the ability Doing Business 2015 uses a simple of different government agencies to method to calculate which economies Variation in performance across the deliver tangible results in their area of improved the ease of doing business indicator sets is not at all unusual. It responsibility. the most. First, it selects the economies 150 DOING BUSINESS 2015 FIGURE 15.2 How the nonlinear transformation affects the distance to frontier score distance to frontier score from the pre- for the total tax rate vious year using comparable data. Distance to frontier score Selecting the economies that for total tax rate 100 Regulatory frontier implemented regulatory reforms in at least 3 topics and had the biggest 80 improvements in their distance to B A frontier scores is intended to highlight economies with ongoing, broad-based 60 reform programs. The improvement in the distance to frontier score is used 40 D to identify the top improvers because C this allows a focus on the absolute 20 improvement—in contrast with the rela- tive improvement shown by a change in rankings—that economies have made 0 0 10 20 30 40 50 60 70 80 90 100 in their regulatory environment for Total tax rate (%) business. Linear distance to frontier Nonlinear distance to frontier score for total tax rate score for total tax rate Note: The nonlinear distance to frontier score for the total tax rate is equal to the distance to frontier score for the EASE OF DOING BUSINESS total tax rate to the power of 0.8. Source: Doing Business database. RANKING The ease of doing business ranking ranges from 1 to 189. The ranking of that in 2013/14 implemented regulatory Greece; India; Ireland; Kazakhstan; economies is determined by sorting the reforms making it easier to do business Lithuania; the former Yugoslav Republic aggregate distance to frontier scores, in 3 or more of the 10 topics included of Macedonia; Poland; Senegal; the rounded to 2 decimals. in this year’s aggregate distance to Seychelles; Spain; Switzerland; Taiwan, frontier score.3 Twenty-one economies China; Tajikistan; Togo; Trinidad and meet this criterion: Azerbaijan; Benin; Tobago; and the United Arab Emirates. the Democratic Republic of Congo; Second, Doing Business sorts these Côte d’Ivoire; the Czech Republic; economies on the increase in their TABLE 15.3 Correlations between economy distance to frontier scores for Doing Business topics Dealing with Protecting Trading construction Getting Registering Getting minority Paying across Enforcing Resolving permits electricity property credit investors taxes borders contracts insolvency Starting a business 0.29 0.28 0.35 0.44 0.48 0.51 0.43 0.43 0.48 Dealing with 0.33 0.31 0.21 0.23 0.35 0.34 0.27 0.22 construction permits Getting electricity 0.19 0.23 0.20 0.41 0.53 0.29 0.31 Registering property 0.42 0.45 0.37 0.20 0.49 0.40 Getting credit 0.51 0.27 0.32 0.38 0.56 Protecting minority 0.37 0.35 0.37 0.60 investors Paying taxes 0.42 0.33 0.35 Trading across 0.28 0.49 borders Enforcing contracts 0.48 Source: Doing Business database. DISTANCE TO FRONTIER AND EASE OF DOING BUSINESS RANKING 151 NOTES 1. See Djankov, Manraj and others (2005). Principal components and unobserved components methods yield a ranking nearly identical to that from the simple average method because both these methods assign roughly equal weights to the topics, since the pairwise correlations among indicators do not differ much. An alternative to the simple average method is to give different weights to the topics, depending on which are considered of more or less importance in the context of a specific economy. 2. For getting credit, indicators are weighted proportionally, according to their contribution to the total score, with a weight of 60% assigned to the strength of legal rights index and 40% to the depth of credit information index. Indicators for all other topics are assigned equal weights. 3. Changes making it more difficult to do business are subtracted from the total number of those making it easier to do business. Doing Business 2015 Going Beyond Efficiency Summaries of Doing Business reforms in 2013/14 Doing Business reforms affecting all ✘ Getting credit sets of indicators included in this year’s Albania weakened its secured trans- report, implemented from June 2013 to actions system through an amend- June 2014. ment to the Securing Charges Law that does not allow intangible assets ✔ Reform making it easier to do busi- to be secured with a nonpossessory ness pledge. ✘ Change making it more difficult to do ✘ Paying taxes business Albania made paying taxes more costly for companies by increasing the corporate income tax rate. Afghanistan ✘ Starting a business Algeria Afghanistan made starting a busi- ✔ Trading across borders ness more difficult by increasing the Algeria made trading across borders publication fees and prolonging the easier by upgrading infrastructure at time required for registration. the port of Algiers. Albania Argentina ✔ Starting a business ✘ Dealing with construction permits Albania made starting a business Argentina made dealing with con- easier by lowering registration fees. struction permits more costly by ✔ Dealing with construction permits increasing several fees. Albania made dealing with construc- tion permits easier by resuming the Armenia issuance of construction permits ✔ Starting a business and by consolidating the land permit Armenia made starting a business and construction permit into a single easier by streamlining postregistra- construction development permit. tion procedures. ✔ Registering property Albania made transferring property Austria easier by establishing effective time ✔ Starting a business limits and computerizing the records Austria made starting a business on immovable property. easier by reducing the minimum capital requirement, which in turn reduced the paid-in minimum capital Reforms affecting the labor market regulation indicators are included here but do not affect the ranking on the ease of doing business. SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 153 requirement, and by lowering notary ASYCUDA (Automated System for ✔ Trading across borders fees. Customs Data) World. This reform Benin made trading across borders applies to both Chittagong and easier by reducing the number of Azerbaijan Dhaka. documents needed for imports. ✔ Starting a business ✔ Enforcing contracts Belarus Azerbaijan made starting a business Benin made enforcing contracts easier by reducing the time to obtain ✔ Paying taxes easier by creating a commercial sec- an electronic signature for online tax Belarus made paying taxes easier tion within its court of first instance. registration. for companies by introducing an electronic system for filing and pay- Bolivia ✔ Registering property ing contributions for the obligatory Azerbaijan made transferring prop- ✘ Trading across borders insurance for work accidents—and erty easier by introducing an online Bolivia made trading across borders by simplifying the filing require- procedure for obtaining the nonen- more difficult by increasing customs ments for corporate income tax and cumbrance certificate. clearance time. value added tax (VAT). On the other ✔ Paying taxes hand, it increased the ecological tax Azerbaijan made paying taxes eas- rate and made bad debt provisions Brunei Darussalam ier for companies by introducing an nondeductible for purposes of the ✔ Dealing with construction permits electronic system for filing and pay- corporate income tax. Brunei Darussalam made dealing ing social insurance contributions. with construction permits easier by Belgium consolidating final inspections. Bahamas, The ✘ Resolving insolvency ✔ Paying taxes ✘ Dealing with construction permits Belgium made resolving insolvency Brunei Darussalam made paying The Bahamas made dealing with more difficult by establishing addi- taxes easier for companies by al- construction permits more costly by tional requirements for commencing lowing joint filing and payment of increasing the building permit fees. reorganization proceedings, includ- supplemental contributory pen- ing the submission of documents sion and employee provident fund ✔ Enforcing contracts verified by external parties. contributions and by introducing The Bahamas made enforcing Labor market regulation an online system for paying these 2 contracts easier by introducing new Belgium increased the notice period contributions. rules of civil procedure focused on streamlining and simplifying court for redundancy dismissals. proceedings and ensuring less costly Bulgaria resolution of disputes. Benin ✔ Starting a business ✔ Starting a business Bulgaria made starting a business Bahrain Benin made starting a business easier by lowering registration fees. ✔ Registering property easier by reducing the minimum Bahrain made registering property capital requirement and the fees to Burkina Faso easier by reducing the registration be paid at the one-stop shop. ✔ Protecting minority investors fee. ✔ Protecting minority investors Burkina Faso strengthened minority ✔ Getting credit Benin strengthened minority in- investor protections by introducing Bahrain improved access to credit vestor protections by introducing greater requirements for disclosure information by approving the credit greater requirements for disclosure of related-party transactions to the bureau’s collection of data on firms. of related-party transactions to the board of directors and by making it board of directors and by making it possible for shareholders to inspect possible for shareholders to inspect the documents pertaining to related- Bangladesh the documents pertaining to related- party transactions and to appoint ✔ Trading across borders party transactions and to appoint auditors to conduct an inspection of Bangladesh made trading across auditors to conduct an inspection of such transactions. borders easier by introducing a such transactions. fully automated, computerized customs data management system, 154 DOING BUSINESS 2015 Cabo Verde Chad description of assets granted as col- lateral, establishes clear priority rules ✔ Getting credit ✔ Protecting minority investors inside bankruptcy for secured credi- Cabo Verde improved its credit infor- Chad strengthened minority inves- tors, sets out grounds for relief from mation system by adopting a new tor protections by introducing a stay of enforcement actions by law providing for the establishment greater requirements for disclosure secured creditors during reorganiza- of credit bureaus. of related-party transactions to the tion procedures and allows out-of- Labor market regulation board of directors and by making it court enforcement of collateral. possible for shareholders to inspect Cabo Verde introduced a minimum the documents pertaining to related- ✘ Paying taxes wage. party transactions and to appoint Colombia made paying taxes more auditors to conduct an inspection of complicated for companies by in- Cameroon troducing a new profit tax (CREE), such transactions. ✔ Getting credit though it also reduced the corporate Cameroon improved its credit China income tax rate and payroll taxes. information system by passing ✔ Starting a business regulations that provide for the Comoros China made starting a business eas- establishment and operation of a ier by eliminating both the minimum ✔ Protecting minority investors credit registry database. capital requirement and the require- The Comoros strengthened minority ✔ Protecting minority investors ment to obtain a capital verification investor protections by introducing Cameroon strengthened minority report from an auditing firm. This greater requirements for disclosure investor protections by introducing reform applies to both Beijing and of related-party transactions to the greater requirements for disclosure Shanghai. board of directors and by making it of related-party transactions to the possible for shareholders to inspect ✔ Paying taxes board of directors and by making it the documents pertaining to related- China made paying taxes easier for possible for shareholders to inspect party transactions and to appoint companies by enhancing the elec- the documents pertaining to related- auditors to conduct an inspection of tronic system for filing and paying party transactions and to appoint such transactions. taxes and adopting new communi- auditors to conduct an inspection of cation channels within its taxpayer such transactions. Congo, Dem. Rep. service, changes applying to both Beijing and Shanghai. In addition, ✔ Starting a business Central African Republic China made paying taxes less costly The Democratic Republic of Congo ✔ Protecting minority investors for companies in Shanghai by reduc- made starting a business easier by The Central African Republic ing the social security contribution creating a one-stop shop. strengthened minority investor pro- rate. ✘ Dealing with construction permits tections by introducing greater re- The Democratic Republic of Congo quirements for disclosure of related- Colombia made dealing with construction party transactions to the board of ✔ Registering property permits more costly by increasing directors and by making it possible Colombia made transferring prop- the building permit fee. for shareholders to inspect the docu- erty easier by eliminating the need ✔ Getting electricity ments pertaining to related-party for a provisional registration. transactions and to appoint auditors In the Democratic Republic of Congo to conduct an inspection of such ✔ Getting credit the utility in Kinshasa made getting transactions. Colombia improved access to credit electricity easier by reducing the by adopting a new secured transac- number of approvals required for ✘ Trading across borders tions law that establishes a func- new connections and reducing the The Central African Republic made tional approach to secured transac- burden of the security deposit. trading across borders more difficult tions and a centralized, notice-based ✔ Getting credit by increasing border checks and collateral registry. The law broadens security controls at the border post The Democratic Republic of Congo the range of assets that can be with Cameroon. improved access to credit informa- used as collateral, allows a general tion by establishing a credit registry. SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 155 ✔ Protecting minority investors ✔ Paying taxes ✔ Dealing with construction permits The Democratic Republic of Congo Costa Rica made paying taxes easier Croatia made dealing with construc- strengthened minority investor pro- for companies by implementing an tion permits easier by reducing the tections by introducing greater re- electronic system for filing corporate requirements and fees for building quirements for disclosure of related- income tax and VAT. permits and carrying out the final party transactions to the board of building inspection more promptly. directors and by making it possible Côte d’Ivoire ✘ Paying taxes for shareholders to inspect the docu- ✔ Starting a business Croatia made paying taxes more ments pertaining to related-party Côte d’Ivoire made starting a busi- complicated for companies by rais- transactions and to appoint auditors ness easier by reducing the mini- ing the health insurance contribu- to conduct an inspection of such mum capital requirement, lowering tion rate, increasing the Croatian transactions. registration fees and enabling the Chamber of Commerce fees and ✔ Paying taxes one-stop shop to publish notices of introducing more detailed filing The Democratic Republic of Congo incorporation. requirements for VAT. On the other made paying taxes easier for com- hand, it abolished the contribution to ✔ Registering property panies by simplifying corporate the Croatian Chamber of Commerce. income tax returns and abolishing Côte d’Ivoire made transferring property easier by digitizing its land ✔ Trading across borders the minimum tax payable depending registry system and lowering the Croatia made trading across borders on a company’s size. On the other property registration tax. easier by implementing a new elec- hand, it increased the rate for the tronic customs system. minimum lump-sum tax applied to ✔ Getting credit annual revenue. Côte d’Ivoire improved its credit Labor market regulation information system by introducing Croatia lifted the 3-year limit on Congo, Rep. regulations that govern the licensing the duration of first-time fixed-term and operation of credit bureaus. contracts. ✔ Protecting minority investors The Republic of Congo strengthened ✔ Protecting minority investors Cyprus minority investor protections by Côte d’Ivoire strengthened minority introducing greater requirements for investor protections by introducing ✔ Getting credit disclosure of related-party transac- greater requirements for disclosure Cyprus improved its credit informa- tions to the board of directors and by of related-party transactions to the tion system by adopting a central making it possible for shareholders board of directors and by making it bank directive eliminating the mini- to inspect the documents pertaining possible for shareholders to inspect mum threshold for loans to be in- to related-party transactions and the documents pertaining to related- cluded in credit bureaus’ databases. to appoint auditors to conduct an party transactions and to appoint ✔ Paying taxes inspection of such transactions. auditors to conduct an inspection of Cyprus made paying taxes easier for such transactions. ✔ Paying taxes companies by reducing the number The Republic of Congo made paying ✔ Trading across borders of provisional tax installments for taxes easier for companies by reduc- Côte d’Ivoire made trading across corporate income tax. ing the corporate income tax rate and borders easier by simplifying the by abolishing the tax on the rental processes for producing the inspec- Czech Republic value of business premises and the tion report and by reducing port and ✔ Starting a business tax on company-owned cars. terminal handling charges at the The Czech Republic made starting port of Abidjan. a business easier by substantially Costa Rica reducing the minimum capital re- Getting electricity Croatia ✔ quirement and the paid-in minimum Costa Rica reduced the time required ✔ Starting a business capital requirement. for getting electricity by improving Croatia made starting a business ✔ Getting credit the coordination between different easier by reducing notary fees. The Czech Republic improved access departments at the utility. to credit by adopting a new legal regime on secured transactions that 156 DOING BUSINESS 2015 allows the registration of receivables Ecuador to register a company at the one- at the collateral registry and per- stop shop (Centre de Formalités des ✔ Protecting minority investors mits out-of-court enforcement of Entreprises). Ecuador strengthened minority collateral. Labor market regulation investor protections by introducing ✔ Enforcing contracts greater requirements for disclosure France substantially amended its la- The Czech Republic made enforcing of related-party transactions as well bor market regulations, including the contracts easier by amending its civil as a requirement that a potential provisions dealing with large-scale procedure code and modifying the acquirer make a tender offer to all collective redundancy processes. monetary jurisdictions of its courts. shareholders upon acquiring voting shares. Gabon Denmark ✔ Trading across borders ✘ Registering property ✔ Starting a business Ecuador made trading across bor- Gabon made transferring property Denmark made starting a business ders easier by upgrading to a new more costly by increasing the prop- easier by reducing the paid-in mini- electronic data interchange system erty registration tax rate. mum capital requirement. called ECUAPASS. ✔ Protecting minority investors Gabon strengthened minority in- Djibouti Egypt, Arab Rep. vestor protections by introducing ✔ Dealing with construction permits ✔ Protecting minority investors greater requirements for disclosure Djibouti made dealing with construc- The Arab Republic of Egypt strength- of related-party transactions to the tion permits less time-consuming by ened minority investor protections board of directors and by making it streamlining the review process for by introducing additional require- possible for shareholders to inspect building permits. ments for approval of related-party the documents pertaining to related- transactions and greater require- party transactions and to appoint Dominican Republic ments for disclosure of such trans- auditors to conduct an inspection of actions to the stock exchange. such transactions. ✘ Dealing with construction permits ✔ Paying taxes The Dominican Republic made deal- Equatorial Guinea Gabon made paying taxes easier for ing with construction permits more costly by increasing the building ✔ Protecting minority investors companies by introducing an elec- permit fees. Equatorial Guinea strengthened tronic system for filing and paying minority investor protections by VAT. ✔ Getting credit introducing greater requirements for The Dominican Republic improved Gambia, The disclosure of related-party transac- its credit information system by tions to the board of directors and by ✔ Starting a business enacting a new law regulating the making it possible for shareholders The Gambia made starting a busi- protection of personal data and to inspect the documents pertaining ness easier by eliminating the re- the operation of credit reporting to related-party transactions and quirement to pay stamp duty. institutions. to appoint auditors to conduct an ✔ Protecting minority investors inspection of such transactions. ✔ Protecting minority investors The Dominican Republic strength- The Gambia strengthened minority ened minority investor protections Finland investor protections by clarifying the by introducing greater shareholder duties of directors and providing new Labor market regulation rights and requirements for greater venues and remedies for minority Finland eliminated the requirement shareholders seeking redress for op- corporate transparency. to notify a third party before dis- pressive conduct. ✔ Trading across borders missing a redundant employee or The Dominican Republic made trad- group of redundant employees. Georgia ing across borders easier by reducing the number of documents required France Labor market regulation for exports and imports. Georgia reduced the maximum ✔ Starting a business duration of fixed-term contracts France made starting a business easier by reducing the time it takes SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 157 and introduced a notice period for enhancing the electronic system for Hong Kong SAR, China redundancy dismissals. filing and paying corporate income ✘ Starting a business tax and VAT and by reducing the Hong Kong SAR, China, made start- Germany capital gains and corporate income ing a business more difficult by tax rates. On the other hand, it also ✘ Starting a business increasing the registration fee. made paying taxes more compli- Germany made starting a business cated by introducing a new form for ✔ Protecting minority investors more difficult by increasing notary capital gains tax. Hong Kong SAR, China, strength- fees. ened minority investor protections ✘ Registering property Guinea by introducing requirements for Germany made transferring prop- directors to provide more detailed ✔ Registering property erty more costly by increasing the disclosure of conflicts of interest to Guinea made registering property property transfer tax rate. the other board members. easier by reorganizing the records at the land registry and reducing the Ghana notary fees. Hungary ✔ Dealing with construction permits ✘ Starting a business ✔ Protecting minority investors Ghana made dealing with construc- Hungary made starting a business Guinea strengthened minority investor tion permits less time-consuming by more difficult by increasing the paid- protections by introducing greater streamlining the process to obtain a in minimum capital requirement. requirements for disclosure of building permit. related-party transactions to the ✔ Getting credit ✔ Trading across borders board of directors and by making it Hungary improved access to credit Ghana made trading across borders possible for shareholders to inspect by adopting a new legal regime easier by upgrading infrastructure at the documents pertaining to related- on secured transactions that the port of Tema. party transactions and to appoint implements a functional approach auditors to conduct an inspection of to secured transactions, extends se- Greece such transactions. curity interests to the products and proceeds of the original asset and ✔ Starting a business Guinea-Bissau establishes a modern, notice-based Greece made starting a business collateral registry. easier by lowering registration costs. ✔ Protecting minority investors Guinea-Bissau strengthened minority ✔ Paying taxes ✔ Registering property investor protections by introducing Hungary made paying taxes easier Greece made transferring prop- greater requirements for disclosure and less costly for companies by erty easier by reducing the property of related-party transactions to the abolishing the special tax that had transfer tax rate and eliminating board of directors and by making it been temporarily introduced in 2010 the requirement for a municipal tax possible for shareholders to inspect and by reducing the vehicle tax rate. clearance certificate. the documents pertaining to related- ✔ Enforcing contracts party transactions and to appoint Iceland Greece made enforcing contracts auditors to conduct an inspection of ✔ Starting a business easier by introducing an electronic such transactions. Iceland made starting a business filing system for court users. easier by offering faster online Honduras procedures. Guatemala ✘ Dealing with construction permits ✘ Registering property ✔ Starting a business Honduras made dealing with con- Iceland made transferring property Guatemala made starting a business struction permits more costly by more costly by increasing the stamp easier by eliminating certain registra- increasing the building permit fees. duty rate. tion fees and reducing the time to publish a notice of incorporation. India ✔ Paying taxes ✔ Starting a business Guatemala made paying taxes eas- India made starting a business ier and less costly for companies by easier by considerably reducing the 158 DOING BUSINESS 2015 registration fees, but also made it ✘ Trading across borders minimum capital requirement and by more difficult by introducing a re- In Indonesia trading across borders streamlining registration procedures. quirement to file a declaration before became more difficult because of Labor market regulation the commencement of business insufficient infrastructure at the Italy relaxed the conditions for using operations. These changes apply to Tanjung Priok Port Jakarta. This fixed-term contracts but reduced both Delhi and Mumbai. change applies to both Jakarta and their maximum duration to 36 ✔ Getting electricity Surabaya. months. In India the utility in Mumbai made getting electricity less costly by re- Iran, Islamic Rep. Jamaica ducing the security deposit for a new ✔ Starting a business ✔ Starting a business connection. The Islamic Republic of Iran made Jamaica made starting a business ✔ Protecting minority investors starting a business easier by stream- easier by consolidating forms, but India strengthened minority inves- lining the name reservation and also made it more time-consuming tor protections by requiring greater company registration procedures. as a result of delays in the imple- disclosure of conflicts of interest ✔ Getting electricity mentation of the electronic interface by board members, increasing the The Islamic Republic of Iran made with different agencies. remedies available in case of preju- getting electricity easier by eliminat- ✔ Getting electricity dicial related-party transactions and ing the need for customers to obtain Jamaica made getting electricity introducing additional safeguards an excavation permit for electricity less expensive by reducing the cost for shareholders of privately held connection works. of external connection works. companies. This reform applies to both Delhi and Mumbai. Ireland ✔ Getting credit Jamaica improved access to credit Indonesia ✔ Registering property by establishing credit bureaus and Ireland made transferring property by adopting a new secured trans- ✔ Starting a business easier by enhancing its computer- actions law that implements a Indonesia made starting a business ized system at the land registry and functional approach to secured easier by allowing the Ministry of implementing an online system for transactions, broadens the range Law and Human Rights to electroni- the registration of title. of assets that can be used as col- cally issue the approval letter for ✔ Getting credit lateral, allows a general description the deed of establishment. This Ireland improved its credit informa- of assets granted as collateral and reform applies to both Jakarta and tion system by passing a new act establishes a modern, notice-based Surabaya. that provides for the establishment collateral registry. ✔ Getting electricity and operation of a credit registry. ✘ Paying taxes In Indonesia the electricity company ✔ Enforcing contracts Jamaica made paying taxes more in Jakarta made getting electric- Ireland made enforcing contracts costly for companies by introducing ity easier by eliminating the need easier by modifying the monetary a new minimum business tax. for electrical contractors to obtain multiple certificates guaranteeing jurisdictions of its courts. Jordan the safety of internal installations— though it also increased the cost by Israel ✔ Trading across borders introducing a security deposit for ✘ Paying taxes Jordan made trading across borders new connections. easier by improving infrastructure at Israel made paying taxes more ✔ Paying taxes costly for companies by increasing the port of Aqaba. Indonesia made paying taxes less the profit tax rate. costly for companies by reducing Kazakhstan employers’ health insurance contri- Italy ✔ Registering property bution rate. This reform applies to Kazakhstan made registering ✔ Starting a business both Jakarta and Surabaya. property easier by introducing ef- Italy made starting a business eas- ier by reducing both the minimum fective time limits and an expedited capital requirement and the paid-in procedure. SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 159 ✘ Paying taxes Kiribati implementing a modern, unified, Kazakhstan made paying taxes notice-based collateral registry. ✘ Paying taxes more complicated for companies by ✔ Protecting minority investors Kiribati made paying taxes more introducing a mandatory contribu- complicated for companies by intro- Lao PDR strengthened minority tion to the National Chamber of ducing VAT. investor protections by introducing Entrepreneurs and by increasing the requirements for directors to dis- vehicle and environmental taxes. Korea, Rep. close in detail their conflicts of inter- ✔ Trading across borders est to the other board members and ✔ Registering property for companies to promptly disclose Kazakhstan made trading across borders easier by opening a new The Republic of Korea made trans- related-party transactions to the border station and railway link that ferring property easier by reducing Securities Commission and to in- helped reduce congestion at the the time needed to buy housing clude the information in their annual border with China. bonds and to register the property reports. transfer. ✔ Enforcing contracts ✔ Protecting minority investors Latvia Kazakhstan made enforcing con- tracts easier by introducing an elec- Korea strengthened minority inves- ✘ Starting a business tronic filing system for court users. tor protections by increasing the Latvia made starting a business level of transparency expected more difficult by increasing registra- ✔ Resolving insolvency from companies on managerial tion fees, bank fees and notary fees. Kazakhstan made resolving insolven- compensation. cy easier by clarifying and simplifying ✔ Paying taxes provisions on liquidation and reorga- Kosovo Latvia made paying taxes easier for nization, introducing the concept of companies by simplifying the VAT creditors’ meetings, expanding the ✔ Dealing with construction permits return, enhancing the electronic rights of creditors during insolvency Kosovo made dealing with construc- system for filing corporate income proceedings, authorizing payment in tion permits easier by establishing a tax returns and reducing employers’ kind to secured creditors and clarify- new phased inspection scheme and social security contribution rate. ing the process for submitting credi- substantially reducing the building tors’ claims. permit fee. Lithuania ✘ Registering property ✔ Starting a business Kenya Kosovo made transferring property Lithuania made starting a business ✘ Dealing with construction permits more difficult by increasing the fee easier by eliminating the need to Kenya made dealing with construc- for the registration of property have a company seal and speeding tion permits more costly by increas- transactions. up the VAT registration at the State ing the building permit fees. ✔ Enforcing contracts Tax Inspectorate. ✔ Getting credit Kosovo made enforcing contracts ✔ Dealing with construction permits Kenya improved its credit informa- easier by introducing a private bailiff Lithuania made dealing with con- tion system by passing legislation system. struction permits easier by reducing that allows the sharing of both posi- the time required for processing tive and negative credit information Kuwait building permit applications. and establishes guidelines for the ✘ Starting a business ✔ Enforcing contracts treatment of historical data. Kuwait made starting a business Lithuania made enforcing contracts ✘ Paying taxes more difficult by increasing the com- easier by introducing an electronic Kenya made paying taxes more mercial license fee. filing system for court users. costly for companies by increasing employers’ social security contribu- Lao PDR Macedonia, FYR tion rate. ✔ Getting credit ✔ Starting a business The Lao People’s Democratic Republic The former Yugoslav Republic of improved access to credit by Macedonia made starting a business 160 DOING BUSINESS 2015 easier by making online registration board of directors and by making it reform applies to both Mexico City free of charge. possible for shareholders to inspect and Monterrey. the documents pertaining to related- ✔ Protecting minority investors ✔ Resolving insolvency party transactions and to appoint FYR Macedonia strengthened minor- Mexico made resolving insolvency auditors to conduct an inspection of ity investor protections by requiring easier by clarifying several rules, such transactions. prior review of related-party trans- shortening the time extensions actions by an external auditor. allowed during reorganization, facili- Malta tating the electronic submission of ✔ Resolving insolvency ✔ Starting a business documents and improving the legal FYR Macedonia made resolving Malta made starting a business rights of creditors and other parties insolvency easier by establishing a easier by creating an electronic link involved in bankruptcy procedures. framework for electronic auctions between the Registrar of Companies This reform applies to both Mexico of debtors’ assets, streamlining and and the Inland Revenue Department City and Monterrey. tightening the time frames for insol- to facilitate issuance of a tax identi- vency proceedings and the appeals process and establishing a frame- fication number. Moldova work for out-of-court restructurings. ✔ Starting a business Mauritania Moldova made starting a business Madagascar ✔ Starting a business easier by abolishing the minimum Mauritania made starting a busi- capital requirement. ✔ Dealing with construction permits ness easier by creating a one-stop ✔ Paying taxes Madagascar made dealing with con- shop and eliminating the publication struction permits easier by reducing Moldova made paying taxes easier requirement and the fee to obtain a the time needed to obtain a building for companies by introducing an tax identification number. permit. electronic system for filing and pay- ✔ Getting credit ing social security contributions. Malawi Mauritania improved its credit On the other hand, it increased the information system by lowering the minimum salary used for calculat- ✔ Starting a business minimum threshold for loans to be ing the environmental tax liability. Malawi made starting a business Furthermore, Moldova increased the included in the registry’s database. easier by streamlining company employers’ health insurance contri- name search and registration and by bution rate and introduced new filing eliminating the requirement for in- Mauritius requirements for VAT. spection of company premises before ✔ Starting a business issuance of a business license. Mauritius made starting a business Mongolia ✔ Getting electricity easier by reducing trade license fees. ✔ Protecting minority investors Malawi reduced the time required ✔ Enforcing contracts Mongolia strengthened minority to get electricity by engaging sub- Mauritius made enforcing contracts investor protections by introducing contractors to carry out external easier by introducing an electronic a requirement for public joint stock connection works. filing system for court users. companies to publicly disclose Labor market regulation related-party transactions within 2 Mali business days. Mauritius reduced the maximum ✔ Dealing with construction permits duration of fixed-term contracts. ✔ Paying taxes Mali made dealing with construction Mongolia made paying taxes easier permits easier by reducing the time Mexico for companies by introducing an needed to obtain a geotechnical electronic system for filing corporate ✔ Getting credit study. income tax, VAT and social security Mexico improved access to credit by ✔ Protecting minority investors amending its insolvency proceedings contributions. Mali strengthened minority investor law and establishing clear grounds protections by introducing greater for relief from a stay of enforcement requirements for disclosure of actions by secured creditors dur- related-party transactions to the ing reorganization procedures. This SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 161 Montenegro Nepal Pakistan ✔ Dealing with construction permits ✔ Dealing with construction permits ✔ Trading across borders Montenegro made dealing with Nepal made dealing with construc- Pakistan made trading across bor- construction permits substantially tion permits easier by implementing ders easier by introducing a fully au- less costly by reducing the fee for a new electronic building permit tomated, computerized system (the the provision of utilities on construc- system. Web-Based One Customs system) tion land and eliminating the fee for for the submission and processing of obtaining urban development and New Zealand export and import documents. This technical requirements from the reform applies to both Lahore and ✔ Getting credit municipality. Karachi. New Zealand improved access to credit information by beginning to Morocco Palau distribute both positive and negative ✔ Trading across borders credit information. ✔ Trading across borders Morocco made trading across bor- Palau made trading across borders ders easier by reducing the number Nicaragua easier by improving the system for of export documents required. calculating customs duties and ✔ Starting a business thereby reducing customs clearance Nicaragua made starting a business time. Mozambique easier by combining multiple regis- ✔ Registering property tration procedures. Panama Mozambique made registering ✔ Getting credit property easier by streamlining ✔ Getting credit Nicaragua improved access to credit procedures at the land registry and Panama improved access to credit information by starting to provide municipality. through a new law broadening the credit scores to banks and financial range of assets that can be used ✔ Resolving insolvency institutions. as collateral, allowing a general Mozambique made resolving insol- description of assets granted as col- vency easier by introducing a court- Niger lateral and allowing out-of-court supervised reorganization procedure ✔ Protecting minority investors enforcement of collateral. and a mechanism for prepackaged reorganizations, by clarifying rules Niger strengthened minority inves- on the appointment and qualifica- tor protections by introducing Philippines tions of insolvency administrators greater requirements for disclosure ✘ Trading across borders and by strengthening creditors’ of related-party transactions to the In the Philippines trading across bor- rights. board of directors and by making it ders became more difficult because possible for shareholders to inspect of a new city ordinance restricting the documents pertaining to related- Myanmar truck traffic in Manila. party transactions and to appoint ✔ Trading across borders auditors to conduct an inspection of Myanmar made trading across bor- such transactions. Poland ders easier by reducing the number ✔ Getting electricity of documents required for exports Norway Poland made getting electricity less and imports. costly by revising the fee structure ✔ Starting a business for new connections. Norway made starting a business Namibia easier by eliminating the require- ✔ Registering property ✘ Paying taxes ment for limited liability companies Poland made transferring property Namibia made paying taxes more to have their balance sheet examined easier by introducing online proce- complicated for companies by intro- by an external auditor if the capital dures and reducing notary fees. ducing a new vocational education is paid in cash. ✔ Trading across borders and training levy. Poland made trading across borders easier by implementing a new termi- nal operating system at the port of Gdansk. 162 DOING BUSINESS 2015 Portugal bank account. This reform applies to São Tomé and Príncipe both Moscow and St. Petersburg. ✔ Paying taxes ✔ Starting a business Portugal made paying taxes less ✔ Registering property São Tomé and Príncipe made start- costly for companies by reducing the Russia made transferring property ing a business easier by eliminating corporate income tax rate and intro- easier by eliminating the requirement the minimum capital requirement ducing a reduced corporate tax rate for notarization and introducing for business entities with no need to for a portion of the taxable profits tighter time limits for completing the obtain a commercial license. of qualifying small and medium-size property registration. This reform enterprises. applies to both Moscow and St. Senegal Petersburg. ✔ Enforcing contracts ✔ Starting a business Portugal made enforcing contracts Senegal made starting a business Rwanda easier by adopting a new code of civil easier by reducing the minimum procedure designed to reduce case ✘ Starting a business capital requirement. backlogs, streamline court proce- Rwanda made starting a business ✔ Dealing with construction permits dures, enhance the role of judges and more difficult by requiring com- speed up the resolution of standard Senegal made dealing with construc- panies to buy an electronic billing civil and commercial disputes. tion permits less time-consuming machine from a certified supplier, by reducing the time for processing Labor market regulation but also made it easier by launching building permit applications. free mandatory online registration. Portugal reduced the amount of sev- erance pay per year of service and ✔ Registering property ✔ Dealing with construction permits increased the maximum cumulative Senegal made transferring property Rwanda made dealing with construc- duration of fixed-term contracts. easier by replacing the requirement tion permits easier by eliminating for authorization from the tax the fee for obtaining a freehold title authority with a notification require- Puerto Rico (U.S.) and by streamlining the process for ment and by creating a single step obtaining an occupancy permit. ✔ Dealing with construction permits for the property transfer at the land Puerto Rico (territory of the United ✔ Getting electricity registry. States) made dealing with construc- In Rwanda the electricity company ✔ Getting credit tion permits easier by introducing made getting electricity less costly Senegal improved its credit informa- the option of hiring authorized pri- by eliminating several fees. tion system by introducing regula- vate professionals to carry out the ✔ Getting credit tions developed by the West African fire safety recommendations and Rwanda improved access to credit Economic and Monetary Union that issue the fire safety and environ- by establishing clear priority rules govern the licensing and operation of mental health certificates. outside bankruptcy for secured credi- credit bureaus. tors and establishing clear grounds Romania ✔ Protecting minority investors for relief from a stay of enforcement Senegal strengthened minority ✔ Paying taxes actions by secured creditors during investor protections by introducing Romania made paying taxes easier reorganization procedures. greater requirements for disclosure for companies, with the majority of related-party transactions to the now using the electronic system for Samoa board of directors; by making it pos- filing and paying taxes. ✘ Dealing with construction permits sible for shareholders to inspect the Samoa made dealing with construc- documents pertaining to related- Russian Federation tion permits more costly by increas- party transactions and to appoint ✔ Starting a business ing the building permit fees. auditors to conduct an inspection of The Russian Federation made start- such transactions; and by making it ing a business easier by eliminating San Marino possible for shareholder plaintiffs to the requirement to deposit the charter request from the other party, and ✔ Registering property capital before company registration from witnesses, documents relevant San Marino made transferring prop- to the subject matter of the claim as well as the requirement to notify erty easier by lowering the property during the trial. tax authorities of the opening of a registration tax rate. SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 163 ✔ Paying taxes application—and made the process by establishing provisions for an Senegal made paying taxes easier faster by improving staffing at the increase in share capital through for companies by abolishing the utility. debt-equity swaps. vehicle tax and making it possible to ✔ Registering property download the declaration forms for Sierra Leone made registering prop- Solomon Islands VAT online. erty easier by introducing a fast- ✔ Getting electricity track procedure. The Solomon Islands made getting Serbia ✔ Getting credit electricity easier by improving pro- ✘ Registering property curement practices for the materials Sierra Leone improved its credit Serbia made transferring property needed to establish new connections. information system by beginning to more difficult by eliminating the ex- distribute both positive and negative pedited procedure for registering a data and by increasing the system’s South Africa property transfer. coverage rate. ✘ Getting credit ✘ Paying taxes South Africa made access to credit Seychelles Sierra Leone made paying taxes information more difficult by intro- ✔ Paying taxes more complicated for companies by ducing regulations requiring credit The Seychelles made paying taxes introducing a capital gains tax. bureaus to remove negative credit easier for companies by reducing information from their databases, the business tax rate applicable to such as adverse information on Singapore income above 1 million Seychelles consumer behavior or enforcement rupees ($77,700) and by introducing ✔ Enforcing contracts action accumulated on a consumer’s a simplified new tax return allowing Singapore made enforcing contracts record before April 1, 2014. joint filing and payment of the busi- easier by introducing a new electron- ✔ Enforcing contracts ness tax, VAT and corporate social ic litigation system that streamlines South Africa made enforcing responsibility tax. On the other hand, litigation proceedings. contracts easier by amending the it increased employers’ pension fund monetary jurisdiction of its lower contribution rate. Slovak Republic courts and introducing voluntary ✔ Enforcing contracts ✔ Starting a business mediation. The Seychelles made enforcing The Slovak Republic made starting a contracts easier by establishing a business easier by reducing the time Spain commercial court, implementing needed to register with the district ✔ Starting a business and refining its case management court and eliminating the need (and Spain made starting a business system, introducing court-annexed therefore the fee) for the verification easier by introducing an electronic mediation and addressing schedul- of signatures by a notary public. system linking several public agen- ing conflicts within the courts. ✔ Getting credit cies and thereby simplifying busi- ✔ Resolving insolvency The Slovak Republic improved its ness registration. The Seychelles made resolving credit information system by imple- ✔ Registering property insolvency easier by introducing a menting a new law on the protection Spain made transferring prop- reorganization procedure, provisions of personal data. erty easier by reducing the property on the avoidance of undervalued transfer tax rate. transactions and the possibility to Slovenia request post-commencement fi- ✔ Paying taxes ✔ Resolving insolvency nancing during the reorganization. Spain made paying taxes less costly Slovenia made resolving insolvency for companies by reducing the statu- easier by introducing a simplified Sierra Leone tory corporate income tax rate. reorganization procedure for small ✔ Getting electricity companies and a preventive re- ✔ Resolving insolvency Sierra Leone made getting electric- structuring procedure for medium- Spain made resolving insolvency ity easier by eliminating the need size and large ones, by allowing easier by introducing new rules for customers to submit an applica- creditors greater participation in for out-of-court restructuring, tion letter inquiring about a new the management of the debtor and introducing provisions applicable to connection before submitting an 164 DOING BUSINESS 2015 prepackaged reorganizations and Sweden Agency to issue the statistics code making insolvency proceedings more for the new business at the time of ✔ Registering property public. registration. Sweden made registering prop- erty easier by fully implementing ✔ Dealing with construction permits Sri Lanka Tajikistan made dealing with con- a new online system for property ✘ Paying taxes registration. struction permits less costly by Sri Lanka made paying taxes more reducing the fee to obtain the archi- costly for companies by increas- Switzerland tectural planning assignment. ing the reduced corporate income ✔ Getting credit ✔ Starting a business tax rate for qualifying small and Switzerland made starting a busi- Tajikistan improved access to credit medium-size enterprises. ness easier by introducing online information by beginning to provide procedures. credit scores. St. Kitts and Nevis ✔ Protecting minority investors ✔ Paying taxes ✘ Dealing with construction permits Switzerland strengthened minority Tajikistan made paying taxes easier St. Kitts and Nevis made dealing with for companies by introducing an investor protections by increasing construction permits more costly by electronic system for filing and pay- the level of transparency required increasing the building permit fees. ing corporate income tax, VAT and from publicly traded companies. ✔ Paying taxes labor taxes. ✔ Resolving insolvency St. Kitts and Nevis made paying Switzerland made resolving in- taxes less costly for companies by Tanzania solvency easier by introducing a reducing the corporate income tax ✔ Getting credit moratorium period while the debtor rate. is preparing a composition (reor- Tanzania improved access to ganization) agreement, allowing credit information by creating credit St. Lucia creditors greater participation in bureaus. ✔ Trading across borders the composition (reorganization) ✘ Paying taxes St. Lucia made trading across procedure and clarifying claw-back Tanzania made paying taxes more borders easier by implementing the provisions applicable to voidable complicated for companies by ASYCUDA World electronic system transactions. introducing an excise tax on money for the submission of export and transfers. On the other hand, it made import documents and by reducing Taiwan, China paying taxes less costly by reducing the number of export documents the rate of the skill and development ✔ Getting electricity required. levy. Taiwan, China, made getting elec- tricity easier by eliminating site ✔ Trading across borders Suriname inspections. Tanzania made trading across bor- ✔ Starting a business ✔ Getting credit ders easier by upgrading infrastruc- Suriname made starting a business Taiwan, China, improved access to ture at the port of Dar es Salaam. easier by introducing an online sys- credit information by beginning to tem for obtaining trade licenses. include data from utility companies Thailand in credit reports. ✔ Dealing with construction permits Swaziland ✔ Paying taxes Thailand made dealing with con- ✔ Starting a business Taiwan, China, made paying taxes struction permits less time-consum- Swaziland made starting a business easier for companies by introducing ing by introducing a fast-track ap- easier by shortening the notice and an electronic system for paying the proval process for building permits objection period for obtaining a new vehicle license tax. for smaller buildings. trade license. ✔ Paying taxes Tajikistan Swaziland made paying taxes less ✔ Starting a business costly for companies by reducing the Tajikistan made starting a business corporate income tax rate. easier by enabling the Statistics SUMMARIES OF DOING BUSINESS REFORMS IN 2013/14 165 Timor-Leste ✔ Resolving insolvency related to corporate insolvency in Trinidad and Tobago made resolving one law, establishing provisions on ✔ Starting a business insolvency easier by introducing a the administration of companies (re- Timor-Leste made starting a busi- formal mechanism for rehabilitation, organization), clarifying standards ness easier by creating a one-stop establishing a public office respon- on the professional qualifications of shop. sible for the general administration insolvency practitioners and intro- of insolvency proceedings and clari- ducing provisions allowing the avoid- Togo fying the rules on appointment of ance of undervalued transactions. ✔ Starting a business trustees. Togo made starting a business Ukraine easier by enabling the one-stop shop Tunisia ✔ Paying taxes to publish notices of incorporation ✔ Paying taxes Ukraine made paying taxes easier and eliminating the requirement to Tunisia made paying taxes less for companies by introducing an obtain an economic operator card. costly for companies by reducing the electronic system for filing and pay- ✔ Registering property corporate income tax rate. ing labor taxes. On the other hand, it Togo made transferring property increased the environmental tax. ✘ Trading across borders easier by lowering the property reg- In Tunisia trading across borders istration tax rate. United Arab Emirates became more difficult because of a ✔ Protecting minority investors deterioration in port infrastructure ✔ Registering property Togo strengthened minority investor (for example, in loading and unload- The United Arab Emirates made protections by introducing greater ing equipment) and inadequate transferring property easier by requirements for disclosure of terminal space. introducing new service centers and related-party transactions to the a standard contract for property board of directors and by making it Turkey transactions. possible for shareholders to inspect ✘ Starting a business ✔ Getting credit the documents pertaining to related- Turkey made starting a business In the United Arab Emirates the party transactions and to appoint more difficult by increasing the no- credit bureau improved access to auditors to conduct an inspection of tary and company registration fees. credit information by starting to such transactions. exchange credit information with a ✘ Paying taxes ✔ Paying taxes utility. Turkey made paying taxes more Togo made paying taxes less costly costly for companies by increasing ✔ Protecting minority investors for companies by reducing the pay- employers’ social security contribu- The United Arab Emirates strength- roll tax rate. tion rate. ened minority investor protections by introducing additional approval Trinidad and Tobago ✔ Enforcing contracts requirements for related-party Turkey made enforcing contracts ✔ Starting a business transactions and greater require- easier by introducing an electronic Trinidad and Tobago made starting a ments for disclosure of such trans- filing system for court users. business easier by introducing online actions to the stock exchange; by systems for employer registration introducing a requirement that and tax registration. Uganda interested directors be held liable ✔ Trading across borders in a related-party transaction that ✔ Getting credit Uganda made trading across bor- is unfair or constitutes a conflict of Trinidad and Tobago improved interest; and by making it possible ders easier by implementing the access to credit by adopting the for shareholders to inspect the docu- ASYCUDA World electronic system Bankruptcy and Insolvency Act, ments pertaining to a related-party for the submission of export and which establishes clear grounds for transaction, appoint auditors to import documents. relief from a stay of enforcement inspect the transaction and request actions by secured creditors during ✔ Resolving insolvency a rescission of the transaction if it reorganization procedures as well as Uganda made resolving insolvency should prove to be unfair. a time limit for the stay. easier by consolidating all provisions 166 DOING BUSINESS 2015 United Kingdom import and by making it possible to ✔ Getting credit submit documents electronically. In Zambia the credit bureau im- ✔ Starting a business proved access to credit information The United Kingdom made starting Vanuatu by starting to exchange credit infor- a business easier by speeding up tax mation with retailers and utilities. registration. ✔ Registering property Vanuatu made property transfers ✔ Paying taxes ✔ Paying taxes faster by digitizing its land registry Zambia made paying taxes easier for The United Kingdom made paying system and hiring and training new companies by abolishing the medical taxes less costly for companies by staff. levy and by introducing an online reducing the corporate income tax system for filing corporate income rate. On the other hand, it increased Venezuela, RB tax, VAT and some labor taxes. At the landfill tax. the same time, it also increased the ✘ Starting a business property transfer tax. United States República Bolivariana de Venezuela made starting a business more dif- ✔ Starting a business ficult by increasing incorporation In the United States starting a busi- costs. ness became easier in New York City thanks to faster online procedures. Vietnam Uruguay ✔ Getting credit Vietnam improved its credit infor- ✔ Trading across borders mation system by establishing a Uruguay made trading across new credit bureau. borders easier by implementing a risk-based inspection system that ✔ Paying taxes reduced customs clearance time for Vietnam made paying taxes less both exports and imports. costly for companies by reducing the corporate income tax rate. ✔ Enforcing contracts Uruguay made enforcing contracts easier by simplifying and speeding West Bank and Gaza up the proceedings for commercial ✔ Paying taxes disputes. West Bank and Gaza made paying taxes easier for companies by intro- Uzbekistan ducing the option to make either 1 or 4 advance payments of corporate ✔ Protecting minority investors income tax. Uzbekistan strengthened minority investor protections by introducing a requirement for public joint stock Yemen, Rep. companies to disclose information ✘ Trading across borders about related-party transactions in In the Republic of Yemen trading their annual report; setting higher across borders became more dif- standards for disclosure of such ficult as a result of inefficient port transactions to the board of direc- operation. tors; and establishing the right of shareholders to receive all docu- Zambia ments related to such transactions. ✘ Registering property ✔ Trading across borders Zambia made transferring property Uzbekistan made trading across more difficult by increasing the prop- borders easier by reducing the erty transfer tax rate. number of documents to export and Country tables ✔ Reform making it easier to do business ✘ Change making it more difficult to do business AFGHANISTAN South Asia GNI per capita (US$) 700 Ease of doing business rank (1–189) 183 Overall distance to frontier (DTF) score (0–100) 41.16 Population (m) 30.6 ✘ Starting a business (rank) 24 Registering property (rank) 183 Trading across borders (rank) 184 DTF score for starting a business (0–100) 93.54 DTF score for registering property (0–100) 33.33 DTF score for trading across borders (0–100) 9.21 Procedures (number) 3 Procedures (number) 9 Documents to export (number) 10 Time (days) 7 Time (days) 250 Time to export (days) 86 Cost (% of income per capita) 15.1 Cost (% of property value) 5.0 Cost to export (US$ per container) 5,045 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 89 Time to import (days) 91 Dealing with construction permits (rank) 185 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 5,680 DTF score for dealing with construction permits (0–100) 30.14 Strength of legal rights index (0–12) 9 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 183 Time (days) 323 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 31.29 Cost (% of warehouse value) 57.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,642 Getting electricity (rank) 141 Protecting minority investors (rank) 189 Cost (% of claim) 25.0 DTF score for getting electricity (0–100) 61.09 DTF score for protecting minority investors (0–100) 10.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 1.7 Resolving insolvency (rank) 159 Time (days) 114 Extent of shareholder governance index (0–10) 0.3 DTF score for resolving insolvency (0–100) 23.60 Cost (% of income per capita) 3,373.9 Strength of minority investor protection index (0–10) 1.0 Time (years) 2.0 Cost (% of estate) 25 Paying taxes (rank) 79 Recovery rate (cents on the dollar) 26.4 DTF score for paying taxes (0–100) 74.39 Strength of insolvency framework index (0–16) 3 Payments (number per year) 20 Time (hours per year) 275 Total tax rate (% of profit) 35.8 ALBANIA Europe & Central Asia GNI per capita (US$) 4,700 Ease of doing business rank (1–189) 68 Overall distance to frontier (DTF) score (0–100) 66.06 Population (m) 2.8 ✔ Starting a business (rank) 41 ✔ Registering property (rank) 118 Trading across borders (rank) 95 DTF score for starting a business (0–100) 91.86 DTF score for registering property (0–100) 60.67 DTF score for trading across borders (0–100) 72.48 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 4.5 Time (days) 22 Time to export (days) 19 Cost (% of income per capita) 10.0 Cost (% of property value) 9.9 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✘ Getting credit (rank) 36 Time to import (days) 18 ✔ Dealing with construction permits (rank) 157 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 730 DTF score for dealing with construction permits (0–100) 56.50 Strength of legal rights index (0–12) 7 Procedures (number) 19 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 102 Time (days) 228 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 57.14 Cost (% of warehouse value) 3.3 Credit registry coverage (% of adults) 16.7 Procedures (number) 39 Time (days) 525 Getting electricity (rank) 152 Protecting minority investors (rank) 7 Cost (% of claim) 34.9 DTF score for getting electricity (0–100) 58.34 DTF score for protecting minority investors (0–100) 72.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 7.3 Resolving insolvency (rank) 44 Time (days) 177 Extent of shareholder governance index (0–10) 7.2 DTF score for resolving insolvency (0–100) 61.37 Cost (% of income per capita) 472.6 Strength of minority investor protection index (0–10) 7.3 Time (years) 2.0 Cost (% of estate) 10 ✘ Paying taxes (rank) 131 Recovery rate (cents on the dollar) 41.5 DTF score for paying taxes (0–100) 64.75 Strength of insolvency framework index (0–16) 12.5 Payments (number per year) 34 Time (hours per year) 357 Total tax rate (% of profit) 30.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 168 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ALGERIA Middle East & North Africa GNI per capita (US$) 5,290 Ease of doing business rank (1–189) 154 Overall distance to frontier (DTF) score (0–100) 50.69 Population (m) 39.2 Starting a business (rank) 141 Registering property (rank) 157 ✔ Trading across borders (rank) 131 DTF score for starting a business (0–100) 74.07 DTF score for registering property (0–100) 50.67 DTF score for trading across borders (0–100) 64.21 Procedures (number) 13 Procedures (number) 10 Documents to export (number) 8 Time (days) 22 Time (days) 55 Time to export (days) 17 Cost (% of income per capita) 11.0 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,270 Minimum capital (% of income per capita) 24.1 Documents to import (number) 9 Getting credit (rank) 171 Time to import (days) 26 Dealing with construction permits (rank) 127 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 1,330 DTF score for dealing with construction permits (0–100) 65.72 Strength of legal rights index (0–12) 2 Procedures (number) 17 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 120 Time (days) 204 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 52.89 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 2.0 Procedures (number) 45 Time (days) 630 Getting electricity (rank) 147 Protecting minority investors (rank) 132 Cost (% of claim) 21.9 DTF score for getting electricity (0–100) 59.98 DTF score for protecting minority investors (0–100) 45.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 97 Time (days) 180 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 42.74 Cost (% of income per capita) 1,318.5 Strength of minority investor protection index (0–10) 4.5 Time (years) 2.5 Cost (% of estate) 7 Paying taxes (rank) 176 Recovery rate (cents on the dollar) 41.7 DTF score for paying taxes (0–100) 41.63 Strength of insolvency framework index (0–16) 6.5 Payments (number per year) 27 Time (hours per year) 451 Total tax rate (% of profit) 72.7 ANGOLA Sub-Saharan Africa GNI per capita (US$) 5,010 Ease of doing business rank (1–189) 181 Overall distance to frontier (DTF) score (0–100) 41.85 Population (m) 21.5 Starting a business (rank) 174 Registering property (rank) 164 Trading across borders (rank) 167 DTF score for starting a business (0–100) 56.56 DTF score for registering property (0–100) 46.62 DTF score for trading across borders (0–100) 40.96 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 10 Time (days) 66 Time (days) 190 Time to export (days) 40 Cost (% of income per capita) 123.5 Cost (% of property value) 3.0 Cost to export (US$ per container) 2,060 Minimum capital (% of income per capita) 20.0 Documents to import (number) 9 Getting credit (rank) 180 Time to import (days) 43 Dealing with construction permits (rank) 67 DTF score for getting credit (0–100) 5.00 Cost to import (US$ per container) 2,725 DTF score for dealing with construction permits (0–100) 75.47 Strength of legal rights index (0–12) 1 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 187 Time (days) 203 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 25.22 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 1.8 Procedures (number) 46 Time (days) 1,296 Getting electricity (rank) 157 Protecting minority investors (rank) 94 Cost (% of claim) 44.4 DTF score for getting electricity (0–100) 56.66 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 189 Time (days) 145 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 660.0 Strength of minority investor protection index (0–10) 5.2 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 144 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 60.40 Strength of insolvency framework index (0–16) 0 Payments (number per year) 30 Time (hours per year) 282 Total tax rate (% of profit) 52.0 ANTIGUA AND BARBUDA Latin America & Caribbean GNI per capita (US$) 12,910 Ease of doing business rank (1–189) 89 Overall distance to frontier (DTF) score (0–100) 62.64 Population (m) 0.1 Starting a business (rank) 102 Registering property (rank) 141 Trading across borders (rank) 89 DTF score for starting a business (0–100) 83.28 DTF score for registering property (0–100) 55.44 DTF score for trading across borders (0–100) 73.58 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 21 Time (days) 25 Time to export (days) 16 Cost (% of income per capita) 10.2 Cost (% of property value) 10.8 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 151 Time to import (days) 23 Dealing with construction permits (rank) 30 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 1,520 DTF score for dealing with construction permits (0–100) 82.21 Strength of legal rights index (0–12) 5 Procedures (number) 12 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 76 Time (days) 106 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 61.26 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 351 Getting electricity (rank) 17 Protecting minority investors (rank) 35 Cost (% of claim) 22.7 DTF score for getting electricity (0–100) 90.46 DTF score for protecting minority investors (0–100) 62.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 114 Time (days) 42 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 38.19 Cost (% of income per capita) 122.9 Strength of minority investor protection index (0–10) 6.3 Time (years) 3.0 Cost (% of estate) 7 Paying taxes (rank) 159 Recovery rate (cents on the dollar) 36.1 DTF score for paying taxes (0–100) 54.51 Strength of insolvency framework index (0–16) 6 Payments (number per year) 57 Time (hours per year) 207 Total tax rate (% of profit) 41.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 169 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ARGENTINA Latin America & Caribbean GNI per capita (US$) 11,376 Ease of doing business rank (1–189) 124 Overall distance to frontier (DTF) score (0–100) 57.48 Population (m) 41.4 Starting a business (rank) 146 Registering property (rank) 119 Trading across borders (rank) 128 DTF score for starting a business (0–100) 72.58 DTF score for registering property (0–100) 60.63 DTF score for trading across borders (0–100) 65.11 Procedures (number) 14 Procedures (number) 7 Documents to export (number) 6 Time (days) 25 Time (days) 51.5 Time to export (days) 12 Cost (% of income per capita) 15.2 Cost (% of property value) 6.6 Cost to export (US$ per container) 1,770 Minimum capital (% of income per capita) 4.0 Documents to import (number) 8 Getting credit (rank) 71 Time to import (days) 30 ✘ Dealing with construction permits (rank) 181 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 2,320 DTF score for dealing with construction permits (0–100) 42.54 Strength of legal rights index (0–12) 2 Procedures (number) 21 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 63 Time (days) 341 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 63.88 Cost (% of warehouse value) 3.5 Credit registry coverage (% of adults) 41.2 Procedures (number) 36 Time (days) 590 Getting electricity (rank) 104 Protecting minority investors (rank) 62 Cost (% of claim) 20.5 DTF score for getting electricity (0–100) 72.42 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 83 Time (days) 92 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 45.10 Cost (% of income per capita) 45.4 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.8 Cost (% of estate) 12 Paying taxes (rank) 170 Recovery rate (cents on the dollar) 28.6 DTF score for paying taxes (0–100) 44.99 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 9 Time (hours per year) 405 Total tax rate (% of profit) 137.3 ARMENIA Europe & Central Asia GNI per capita (US$) 3,790 Ease of doing business rank (1–189) 45 Overall distance to frontier (DTF) score (0–100) 70.60 Population (m) 3.0 ✔ Starting a business (rank) 4 Registering property (rank) 7 Trading across borders (rank) 110 DTF score for starting a business (0–100) 97.77 DTF score for registering property (0–100) 93.03 DTF score for trading across borders (0–100) 68.81 Procedures (number) 2 Procedures (number) 3 Documents to export (number) 5 Time (days) 3 Time (days) 7 Time to export (days) 16 Cost (% of income per capita) 1.0 Cost (% of property value) 0.2 Cost to export (US$ per container) 1,885 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 18 Dealing with construction permits (rank) 81 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 2,175 DTF score for dealing with construction permits (0–100) 73.78 Strength of legal rights index (0–12) 5 Procedures (number) 19 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 119 Time (days) 83 Credit bureau coverage (% of adults) 65.8 DTF score for enforcing contracts (0–100) 53.33 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 23.5 Procedures (number) 49 Time (days) 570 Getting electricity (rank) 131 Protecting minority investors (rank) 49 Cost (% of claim) 14.0 DTF score for getting electricity (0–100) 64.02 DTF score for protecting minority investors (0–100) 60.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 69 Time (days) 187 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 48.14 Cost (% of income per capita) 92.6 Strength of minority investor protection index (0–10) 6.0 Time (years) 1.9 Cost (% of estate) 11 Paying taxes (rank) 41 Recovery rate (cents on the dollar) 37.2 DTF score for paying taxes (0–100) 82.10 Strength of insolvency framework index (0–16) 9 Payments (number per year) 10 Time (hours per year) 321 Total tax rate (% of profit) 20.4 AUSTRALIA OECD high income GNI per capita (US$) 65,520 Ease of doing business rank (1–189) 10 Overall distance to frontier (DTF) score (0–100) 80.66 Population (m) 23.1 Starting a business (rank) 7 Registering property (rank) 53 Trading across borders (rank) 49 DTF score for starting a business (0–100) 96.47 DTF score for registering property (0–100) 76.87 DTF score for trading across borders (0–100) 80.53 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 5 Time (days) 2.5 Time (days) 4.5 Time to export (days) 9 Cost (% of income per capita) 0.7 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 4 Time to import (days) 8 Dealing with construction permits (rank) 19 DTF score for getting credit (0–100) 90.00 Cost to import (US$ per container) 1,220 DTF score for dealing with construction permits (0–100) 84.30 Strength of legal rights index (0–12) 11 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 12 Time (days) 112 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 77.06 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 395 Getting electricity (rank) 55 Protecting minority investors (rank) 71 Cost (% of claim) 21.8 DTF score for getting electricity (0–100) 80.59 DTF score for protecting minority investors (0–100) 56.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 14 Time (days) 75 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 81.60 Cost (% of income per capita) 8.6 Strength of minority investor protection index (0–10) 5.7 Time (years) 1.0 Cost (% of estate) 8 Paying taxes (rank) 39 Recovery rate (cents on the dollar) 81.9 DTF score for paying taxes (0–100) 82.48 Strength of insolvency framework index (0–16) 12 Payments (number per year) 11 Time (hours per year) 105 Total tax rate (% of profit) 47.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 170 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business AUSTRIA OECD high income GNI per capita (US$) 48,590 Ease of doing business rank (1–189) 21 Overall distance to frontier (DTF) score (0–100) 77.42 Population (m) 8.5 ✔ Starting a business (rank) 101 Registering property (rank) 35 Trading across borders (rank) 19 DTF score for starting a business (0–100) 83.42 DTF score for registering property (0–100) 81.07 DTF score for trading across borders (0–100) 87.66 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 3 Time (days) 22 Time (days) 20.5 Time to export (days) 10 Cost (% of income per capita) 0.3 Cost (% of property value) 4.6 Cost to export (US$ per container) 1,150 Minimum capital (% of income per capita) 13.6 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 9 Dealing with construction permits (rank) 78 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,215 DTF score for dealing with construction permits (0–100) 74.25 Strength of legal rights index (0–12) 5 Procedures (number) 11 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 5 Time (days) 192 Credit bureau coverage (% of adults) 53.2 DTF score for enforcing contracts (0–100) 81.55 Cost (% of warehouse value) 1.1 Credit registry coverage (% of adults) 2.0 Procedures (number) 25 Time (days) 397 Getting electricity (rank) 24 Protecting minority investors (rank) 32 Cost (% of claim) 18.0 DTF score for getting electricity (0–100) 87.75 DTF score for protecting minority investors (0–100) 63.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 16 Time (days) 23 Extent of shareholder governance index (0–10) 7.3 DTF score for resolving insolvency (0–100) 78.84 Cost (% of income per capita) 101.6 Strength of minority investor protection index (0–10) 6.3 Time (years) 1.1 Cost (% of estate) 10 Paying taxes (rank) 72 Recovery rate (cents on the dollar) 82.6 DTF score for paying taxes (0–100) 76.36 Strength of insolvency framework index (0–16) 11 Payments (number per year) 12 Time (hours per year) 166 Total tax rate (% of profit) 52.0 AZERBAIJAN Europe & Central Asia GNI per capita (US$) 7,350 Ease of doing business rank (1–189) 80 Overall distance to frontier (DTF) score (0–100) 64.08 Population (m) 9.4 ✔ Starting a business (rank) 12 ✔ Registering property (rank) 10 Trading across borders (rank) 166 DTF score for starting a business (0–100) 95.54 DTF score for registering property (0–100) 92.30 DTF score for trading across borders (0–100) 42.37 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 9 Time (days) 5 Time (days) 8.5 Time to export (days) 27 Cost (% of income per capita) 3.1 Cost (% of property value) 0.4 Cost to export (US$ per container) 3,460 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 104 Time to import (days) 25 Dealing with construction permits (rank) 150 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 3,450 DTF score for dealing with construction permits (0–100) 59.89 Strength of legal rights index (0–12) 2 Procedures (number) 21 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 31 Time (days) 151 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 69.02 Cost (% of warehouse value) 4.1 Credit registry coverage (% of adults) 28.7 Procedures (number) 40 Time (days) 277 Getting electricity (rank) 159 Protecting minority investors (rank) 51 Cost (% of claim) 18.5 DTF score for getting electricity (0–100) 55.69 DTF score for protecting minority investors (0–100) 59.17 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 94 Time (days) 164 Extent of shareholder governance index (0–10) 5.2 DTF score for resolving insolvency (0–100) 43.02 Cost (% of income per capita) 226.2 Strength of minority investor protection index (0–10) 5.9 Time (years) 1.5 Cost (% of estate) 12 ✔ Paying taxes (rank) 33 Recovery rate (cents on the dollar) 39.3 DTF score for paying taxes (0–100) 83.77 Strength of insolvency framework index (0–16) 7 Payments (number per year) 7 Time (hours per year) 195 Total tax rate (% of profit) 39.8 BAHAMAS, THE Latin America & Caribbean GNI per capita (US$) 23,489 Ease of doing business rank (1–189) 97 Overall distance to frontier (DTF) score (0–100) 61.37 Population (m) 0.4 Starting a business (rank) 95 Registering property (rank) 179 Trading across borders (rank) 63 DTF score for starting a business (0–100) 84.12 DTF score for registering property (0–100) 37.22 DTF score for trading across borders (0–100) 77.36 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 23.5 Time (days) 122 Time to export (days) 19 Cost (% of income per capita) 10.2 Cost (% of property value) 12.1 Cost to export (US$ per container) 1,005 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 131 Time to import (days) 13 ✘ Dealing with construction permits (rank) 92 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,770 DTF score for dealing with construction permits (0–100) 71.81 Strength of legal rights index (0–12) 6 Procedures (number) 14 Depth of credit information index (0–8) 0 ✔ Enforcing contracts (rank) 125 Time (days) 178 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 51.65 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 427 Getting electricity (rank) 50 Protecting minority investors (rank) 141 Cost (% of claim) 28.9 DTF score for getting electricity (0–100) 81.24 DTF score for protecting minority investors (0–100) 43.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 60 Time (days) 67 Extent of shareholder governance index (0–10) 3.7 DTF score for resolving insolvency (0–100) 52.93 Cost (% of income per capita) 133.2 Strength of minority investor protection index (0–10) 4.3 Time (years) 3.0 Cost (% of estate) 12 Paying taxes (rank) 31 Recovery rate (cents on the dollar) 63.5 DTF score for paying taxes (0–100) 84.07 Strength of insolvency framework index (0–16) 6 Payments (number per year) 18 Time (hours per year) 58 Total tax rate (% of profit) 41.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 171 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BAHRAIN Middle East & North Africa GNI per capita (US$) 27,435 Ease of doing business rank (1–189) 53 Overall distance to frontier (DTF) score (0–100) 69.00 Population (m) 1.3 Starting a business (rank) 131 ✔ Registering property (rank) 17 Trading across borders (rank) 64 DTF score for starting a business (0–100) 76.92 DTF score for registering property (0–100) 88.65 DTF score for trading across borders (0–100) 77.27 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 6 Time (days) 9 Time (days) 31 Time to export (days) 11 Cost (% of income per capita) 0.8 Cost (% of property value) 1.7 Cost to export (US$ per container) 810 Minimum capital (% of income per capita) 192.2 Documents to import (number) 8 ✔ Getting credit (rank) 104 Time to import (days) 15 Dealing with construction permits (rank) 7 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 870 DTF score for dealing with construction permits (0–100) 88.48 Strength of legal rights index (0–12) 1 Procedures (number) 11 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 123 Time (days) 60 Credit bureau coverage (% of adults) 48.3 DTF score for enforcing contracts (0–100) 52.33 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 48 Time (days) 635 Getting electricity (rank) 73 Protecting minority investors (rank) 104 Cost (% of claim) 14.7 DTF score for getting electricity (0–100) 78.26 DTF score for protecting minority investors (0–100) 50.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 87 Time (days) 90 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 44.24 Cost (% of income per capita) 47.1 Strength of minority investor protection index (0–10) 5.0 Time (years) 2.5 Cost (% of estate) 10 Paying taxes (rank) 8 Recovery rate (cents on the dollar) 41.6 DTF score for paying taxes (0–100) 93.88 Strength of insolvency framework index (0–16) 7 Payments (number per year) 13 Time (hours per year) 60 Total tax rate (% of profit) 13.5 BANGLADESH South Asia GNI per capita (US$) 900 Ease of doing business rank (1–189) 173 Overall distance to frontier (DTF) score (0–100) 46.84 Population (m) 156.6 Starting a business (rank) 115 Registering property (rank) 184 ✔ Trading across borders (rank) 140 DTF score for starting a business (0–100) 81.36 DTF score for registering property (0–100) 31.34 DTF score for trading across borders (0–100) 61.36 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 19.5 Time (days) 244 Time to export (days) 28.3 Cost (% of income per capita) 16.8 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,281 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 33.6 Dealing with construction permits (rank) 144 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,515 DTF score for dealing with construction permits (0–100) 61.90 Strength of legal rights index (0–12) 6 Procedures (number) 13.4 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 188 Time (days) 269.2 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 20.82 Cost (% of warehouse value) 2.1 Credit registry coverage (% of adults) 0.9 Procedures (number) 41 Time (days) 1,442 Getting electricity (rank) 188 Protecting minority investors (rank) 43 Cost (% of claim) 66.8 DTF score for getting electricity (0–100) 17.32 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 9 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 147 Time (days) 428.9 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 29.49 Cost (% of income per capita) 3,890.1 Strength of minority investor protection index (0–10) 6.1 Time (years) 4.0 Cost (% of estate) 8 Paying taxes (rank) 83 Recovery rate (cents on the dollar) 25.8 DTF score for paying taxes (0–100) 73.98 Strength of insolvency framework index (0–16) 5 Payments (number per year) 21 Time (hours per year) 302 Total tax rate (% of profit) 32.5 BARBADOS Latin America & Caribbean GNI per capita (US$) 15,373 Ease of doing business rank (1–189) 106 Overall distance to frontier (DTF) score (0–100) 60.57 Population (m) 0.3 Starting a business (rank) 94 Registering property (rank) 144 Trading across borders (rank) 38 DTF score for starting a business (0–100) 84.36 DTF score for registering property (0–100) 54.95 DTF score for trading across borders (0–100) 83.34 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 5 Time (days) 18 Time (days) 118 Time to export (days) 9 Cost (% of income per capita) 7.6 Cost (% of property value) 5.6 Cost to export (US$ per container) 810 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 116 Time to import (days) 8 Dealing with construction permits (rank) 147 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,615 DTF score for dealing with construction permits (0–100) 61.06 Strength of legal rights index (0–12) 7 Procedures (number) 9 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 160 Time (days) 442 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 41.61 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,340 Getting electricity (rank) 118 Protecting minority investors (rank) 177 Cost (% of claim) 19.7 DTF score for getting electricity (0–100) 67.51 DTF score for protecting minority investors (0–100) 30.83 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 26 Time (days) 87 Extent of shareholder governance index (0–10) 2.8 DTF score for resolving insolvency (0–100) 74.09 Cost (% of income per capita) 64.0 Strength of minority investor protection index (0–10) 3.1 Time (years) 1.8 Cost (% of estate) 15 Paying taxes (rank) 92 Recovery rate (cents on the dollar) 65.1 DTF score for paying taxes (0–100) 72.99 Strength of insolvency framework index (0–16) 12.5 Payments (number per year) 27 Time (hours per year) 237 Total tax rate (% of profit) 34.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 172 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BELARUS Europe & Central Asia GNI per capita (US$) 6,720 Ease of doing business rank (1–189) 57 Overall distance to frontier (DTF) score (0–100) 68.26 Population (m) 9.5 Starting a business (rank) 40 Registering property (rank) 3 Trading across borders (rank) 145 DTF score for starting a business (0–100) 91.88 DTF score for registering property (0–100) 96.67 DTF score for trading across borders (0–100) 59.09 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 8 Time (days) 9 Time (days) 4 Time to export (days) 15 Cost (% of income per capita) 0.8 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,460 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 104 Time to import (days) 30 Dealing with construction permits (rank) 51 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 2,265 DTF score for dealing with construction permits (0–100) 78.20 Strength of legal rights index (0–12) 2 Procedures (number) 14 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 7 Time (days) 114 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 78.70 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 64.5 Procedures (number) 29 Time (days) 275 Getting electricity (rank) 148 Protecting minority investors (rank) 94 Cost (% of claim) 23.4 DTF score for getting electricity (0–100) 59.90 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 68 Time (days) 131 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 48.18 Cost (% of income per capita) 364.1 Strength of minority investor protection index (0–10) 5.2 Time (years) 3.0 Cost (% of estate) 22 ✔ Paying taxes (rank) 60 Recovery rate (cents on the dollar) 37.3 DTF score for paying taxes (0–100) 78.29 Strength of insolvency framework index (0–16) 9 Payments (number per year) 7 Time (hours per year) 183 Total tax rate (% of profit) 52.0 BELGIUM OECD high income GNI per capita (US$) 45,210 Ease of doing business rank (1–189) 42 Overall distance to frontier (DTF) score (0–100) 71.11 Population (m) 11.2 Starting a business (rank) 14 Registering property (rank) 171 Trading across borders (rank) 26 DTF score for starting a business (0–100) 94.42 DTF score for registering property (0–100) 42.27 DTF score for trading across borders (0–100) 85.55 Procedures (number) 3 Procedures (number) 8 Documents to export (number) 4 Time (days) 4 Time (days) 64 Time to export (days) 9 Cost (% of income per capita) 5.0 Cost (% of property value) 12.7 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 18.2 Documents to import (number) 4 Getting credit (rank) 89 Time to import (days) 8 Dealing with construction permits (rank) 82 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,400 DTF score for dealing with construction permits (0–100) 73.68 Strength of legal rights index (0–12) 4 Procedures (number) 10 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 10 Time (days) 212 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 77.67 Cost (% of warehouse value) 1.1 Credit registry coverage (% of adults) 96.4 Procedures (number) 26 Time (days) 505 Getting electricity (rank) 99 Protecting minority investors (rank) 40 Cost (% of claim) 17.7 DTF score for getting electricity (0–100) 72.81 DTF score for protecting minority investors (0–100) 61.67 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 7.0 ✘ Resolving insolvency (rank) 11 Time (days) 88 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 83.87 Cost (% of income per capita) 92.3 Strength of minority investor protection index (0–10) 6.2 Time (years) 0.9 Cost (% of estate) 4 Paying taxes (rank) 81 Recovery rate (cents on the dollar) 89.1 DTF score for paying taxes (0–100) 74.18 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 11 Time (hours per year) 160 Total tax rate (% of profit) 57.8 BELIZE Latin America & Caribbean GNI per capita (US$) 4,660 Ease of doing business rank (1–189) 118 Overall distance to frontier (DTF) score (0–100) 58.14 Population (m) 0.3 Starting a business (rank) 148 Registering property (rank) 120 Trading across borders (rank) 91 DTF score for starting a business (0–100) 72.38 DTF score for registering property (0–100) 60.61 DTF score for trading across borders (0–100) 73.17 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 5 Time (days) 43 Time (days) 59 Time to export (days) 17 Cost (% of income per capita) 41.4 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 160 Time to import (days) 19 Dealing with construction permits (rank) 69 DTF score for getting credit (0–100) 20.00 Cost to import (US$ per container) 1,580 DTF score for dealing with construction permits (0–100) 75.35 Strength of legal rights index (0–12) 4 Procedures (number) 15 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 170 Time (days) 110 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 37.38 Cost (% of warehouse value) 1.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 892 Getting electricity (rank) 54 Protecting minority investors (rank) 169 Cost (% of claim) 27.5 DTF score for getting electricity (0–100) 80.62 DTF score for protecting minority investors (0–100) 35.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 71 Time (days) 66 Extent of shareholder governance index (0–10) 2.8 DTF score for resolving insolvency (0–100) 47.94 Cost (% of income per capita) 319.5 Strength of minority investor protection index (0–10) 3.6 Time (years) 2.0 Cost (% of estate) 23 Paying taxes (rank) 61 Recovery rate (cents on the dollar) 54.2 DTF score for paying taxes (0–100) 78.17 Strength of insolvency framework index (0–16) 6 Payments (number per year) 29 Time (hours per year) 147 Total tax rate (% of profit) 31.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 173 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BENIN Sub-Saharan Africa GNI per capita (US$) 790 Ease of doing business rank (1–189) 151 Overall distance to frontier (DTF) score (0–100) 51.10 Population (m) 10.3 ✔ Starting a business (rank) 117 Registering property (rank) 165 ✔ Trading across borders (rank) 121 DTF score for starting a business (0–100) 80.91 DTF score for registering property (0–100) 46.61 DTF score for trading across borders (0–100) 66.45 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 7 Time (days) 12 Time (days) 120 Time to export (days) 25 Cost (% of income per capita) 55.8 Cost (% of property value) 11.7 Cost to export (US$ per container) 1,052 Minimum capital (% of income per capita) 6.3 Documents to import (number) 7 Getting credit (rank) 116 Time to import (days) 25 Dealing with construction permits (rank) 64 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,487 DTF score for dealing with construction permits (0–100) 75.87 Strength of legal rights index (0–12) 6 Procedures (number) 13 Depth of credit information index (0–8) 1 ✔ Enforcing contracts (rank) 167 Time (days) 111 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 37.73 Cost (% of warehouse value) 3.2 Credit registry coverage (% of adults) 10.0 Procedures (number) 41 Time (days) 750 Getting electricity (rank) 173 ✔ Protecting minority investors (rank) 135 Cost (% of claim) 64.7 DTF score for getting electricity (0–100) 45.12 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 115 Time (days) 90 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 38.08 Cost (% of income per capita) 14,654.9 Strength of minority investor protection index (0–10) 4.4 Time (years) 4.0 Cost (% of estate) 22 Paying taxes (rank) 178 Recovery rate (cents on the dollar) 18.5 DTF score for paying taxes (0–100) 41.02 Strength of insolvency framework index (0–16) 9 Payments (number per year) 55 Time (hours per year) 270 Total tax rate (% of profit) 63.3 BHUTAN South Asia GNI per capita (US$) 2,460 Ease of doing business rank (1–189) 125 Overall distance to frontier (DTF) score (0–100) 57.47 Population (m) 0.8 Starting a business (rank) 92 Registering property (rank) 86 Trading across borders (rank) 165 DTF score for starting a business (0–100) 85.01 DTF score for registering property (0–100) 68.82 DTF score for trading across borders (0–100) 43.10 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 9 Time (days) 17 Time (days) 92 Time to export (days) 38 Cost (% of income per capita) 4.4 Cost (% of property value) 5.0 Cost to export (US$ per container) 2,230 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 71 Time to import (days) 37 Dealing with construction permits (rank) 131 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 2,330 DTF score for dealing with construction permits (0–100) 64.51 Strength of legal rights index (0–12) 4 Procedures (number) 21 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 74 Time (days) 150 Credit bureau coverage (% of adults) 18.0 DTF score for enforcing contracts (0–100) 61.42 Cost (% of warehouse value) 1.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 225 Getting electricity (rank) 72 Protecting minority investors (rank) 104 Cost (% of claim) 23.1 DTF score for getting electricity (0–100) 78.28 DTF score for protecting minority investors (0–100) 50.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 189 Time (days) 74 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 606.5 Strength of minority investor protection index (0–10) 5.0 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 86 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 73.55 Strength of insolvency framework index (0–16) 0 Payments (number per year) 19 Time (hours per year) 274 Total tax rate (% of profit) 38.7 BOLIVIA Latin America & Caribbean GNI per capita (US$) 2,550 Ease of doing business rank (1–189) 157 Overall distance to frontier (DTF) score (0–100) 49.95 Population (m) 10.7 Starting a business (rank) 171 Registering property (rank) 130 ✘ Trading across borders (rank) 125 DTF score for starting a business (0–100) 59.07 DTF score for registering property (0–100) 58.55 DTF score for trading across borders (0–100) 65.79 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 7 Time (days) 49 Time (days) 91 Time to export (days) 22 Cost (% of income per capita) 64.4 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,440 Minimum capital (% of income per capita) 1.6 Documents to import (number) 6 Getting credit (rank) 116 Time to import (days) 28 Dealing with construction permits (rank) 129 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,745 DTF score for dealing with construction permits (0–100) 64.97 Strength of legal rights index (0–12) 0 Procedures (number) 12 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 111 Time (days) 275 Credit bureau coverage (% of adults) 39.0 DTF score for enforcing contracts (0–100) 54.93 Cost (% of warehouse value) 1.1 Credit registry coverage (% of adults) 15.1 Procedures (number) 40 Time (days) 591 Getting electricity (rank) 127 Protecting minority investors (rank) 160 Cost (% of claim) 33.2 DTF score for getting electricity (0–100) 65.33 DTF score for protecting minority investors (0–100) 40.83 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 96 Time (days) 42 Extent of shareholder governance index (0–10) 4.2 DTF score for resolving insolvency (0–100) 42.82 Cost (% of income per capita) 829.3 Strength of minority investor protection index (0–10) 4.1 Time (years) 1.8 Cost (% of estate) 15 Paying taxes (rank) 189 Recovery rate (cents on the dollar) 38.9 DTF score for paying taxes (0–100) 12.18 Strength of insolvency framework index (0–16) 7 Payments (number per year) 42 Time (hours per year) 1,025 Total tax rate (% of profit) 83.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 174 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BOSNIA AND HERZEGOVINA Europe & Central Asia GNI per capita (US$) 4,740 Ease of doing business rank (1–189) 107 Overall distance to frontier (DTF) score (0–100) 60.55 Population (m) 3.8 Starting a business (rank) 147 Registering property (rank) 88 Trading across borders (rank) 104 DTF score for starting a business (0–100) 72.51 DTF score for registering property (0–100) 68.12 DTF score for trading across borders (0–100) 69.76 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 8 Time (days) 37 Time (days) 24 Time to export (days) 16 Cost (% of income per capita) 14.6 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,260 Minimum capital (% of income per capita) 28.6 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 13 Dealing with construction permits (rank) 182 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,200 DTF score for dealing with construction permits (0–100) 39.10 Strength of legal rights index (0–12) 7 Procedures (number) 15 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 95 Time (days) 179 Credit bureau coverage (% of adults) 8.1 DTF score for enforcing contracts (0–100) 57.64 Cost (% of warehouse value) 19.7 Credit registry coverage (% of adults) 39.7 Procedures (number) 37 Time (days) 595 Getting electricity (rank) 163 Protecting minority investors (rank) 83 Cost (% of claim) 34.0 DTF score for getting electricity (0–100) 54.72 DTF score for protecting minority investors (0–100) 54.17 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 34 Time (days) 125 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 66.21 Cost (% of income per capita) 484.4 Strength of minority investor protection index (0–10) 5.4 Time (years) 3.3 Cost (% of estate) 9 Paying taxes (rank) 151 Recovery rate (cents on the dollar) 35.9 DTF score for paying taxes (0–100) 58.22 Strength of insolvency framework index (0–16) 15 Payments (number per year) 45 Time (hours per year) 407 Total tax rate (% of profit) 23.3 BOTSWANA Sub-Saharan Africa GNI per capita (US$) 7,730 Ease of doing business rank (1–189) 74 Overall distance to frontier (DTF) score (0–100) 64.87 Population (m) 2.0 Starting a business (rank) 149 Registering property (rank) 51 Trading across borders (rank) 157 DTF score for starting a business (0–100) 71.68 DTF score for registering property (0–100) 78.13 DTF score for trading across borders (0–100) 52.02 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 6 Time (days) 60 Time (days) 15 Time to export (days) 27 Cost (% of income per capita) 1.0 Cost (% of property value) 5.1 Cost to export (US$ per container) 3,145 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 61 Time to import (days) 35 Dealing with construction permits (rank) 93 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 3,710 DTF score for dealing with construction permits (0–100) 71.43 Strength of legal rights index (0–12) 5 Procedures (number) 20 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 61 Time (days) 110 Credit bureau coverage (% of adults) 51.7 DTF score for enforcing contracts (0–100) 64.02 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 625 Getting electricity (rank) 103 Protecting minority investors (rank) 106 Cost (% of claim) 39.8 DTF score for getting electricity (0–100) 72.56 DTF score for protecting minority investors (0–100) 49.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 49 Time (days) 121 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 57.17 Cost (% of income per capita) 340.4 Strength of minority investor protection index (0–10) 4.9 Time (years) 1.7 Cost (% of estate) 18 Paying taxes (rank) 67 Recovery rate (cents on the dollar) 62.7 DTF score for paying taxes (0–100) 77.47 Strength of insolvency framework index (0–16) 7.5 Payments (number per year) 34 Time (hours per year) 152 Total tax rate (% of profit) 25.3 BRAZIL Latin America & Caribbean GNI per capita (US$) 11,690 Ease of doing business rank (1–189) 120 Overall distance to frontier (DTF) score (0–100) 58.01 Population (m) 200.4 Starting a business (rank) 167 Registering property (rank) 138 Trading across borders (rank) 123 DTF score for starting a business (0–100) 63.37 DTF score for registering property (0–100) 56.18 DTF score for trading across borders (0–100) 66.11 Procedures (number) 11.6 Procedures (number) 13.6 Documents to export (number) 6 Time (days) 83.6 Time (days) 31.7 Time to export (days) 13.4 Cost (% of income per capita) 4.3 Cost (% of property value) 2.5 Cost to export (US$ per container) 2,323 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 89 Time to import (days) 17 Dealing with construction permits (rank) 174 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 2,323 DTF score for dealing with construction permits (0–100) 48.31 Strength of legal rights index (0–12) 2 Procedures (number) 18.2 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 118 Time (days) 426.1 Credit bureau coverage (% of adults) 63.6 DTF score for enforcing contracts (0–100) 53.60 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 52.5 Procedures (number) 43.6 Time (days) 731 Getting electricity (rank) 19 Protecting minority investors (rank) 35 Cost (% of claim) 16.5 DTF score for getting electricity (0–100) 89.20 DTF score for protecting minority investors (0–100) 62.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 55 Time (days) 53.3 Extent of shareholder governance index (0–10) 6.8 DTF score for resolving insolvency (0–100) 54.52 Cost (% of income per capita) 31.6 Strength of minority investor protection index (0–10) 6.3 Time (years) 4.0 Cost (% of estate) 12 Paying taxes (rank) 177 Recovery rate (cents on the dollar) 25.8 DTF score for paying taxes (0–100) 41.31 Strength of insolvency framework index (0–16) 13 Payments (number per year) 9 Time (hours per year) 2,600 Total tax rate (% of profit) 69.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 175 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BRUNEI DARUSSALAM East Asia & Pacific GNI per capita (US$) 39,943 Ease of doing business rank (1–189) 101 Overall distance to frontier (DTF) score (0–100) 61.26 Population (m) 0.4 Starting a business (rank) 179 Registering property (rank) 162 Trading across borders (rank) 46 DTF score for starting a business (0–100) 53.12 DTF score for registering property (0–100) 48.65 DTF score for trading across borders (0–100) 80.87 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 5 Time (days) 101 Time (days) 298 Time to export (days) 19 Cost (% of income per capita) 10.4 Cost (% of property value) 0.6 Cost to export (US$ per container) 705 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 15 ✔ Dealing with construction permits (rank) 53 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 770 DTF score for dealing with construction permits (0–100) 77.93 Strength of legal rights index (0–12) 4 Procedures (number) 17 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 139 Time (days) 88 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 47.76 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 56.6 Procedures (number) 47 Time (days) 540 Getting electricity (rank) 42 Protecting minority investors (rank) 110 Cost (% of claim) 36.6 DTF score for getting electricity (0–100) 83.22 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 88 Time (days) 56 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 44.17 Cost (% of income per capita) 38.6 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.5 Cost (% of estate) 4 ✔ Paying taxes (rank) 30 Recovery rate (cents on the dollar) 47.2 DTF score for paying taxes (0–100) 84.40 Strength of insolvency framework index (0–16) 6 Payments (number per year) 27 Time (hours per year) 93 Total tax rate (% of profit) 15.8 BULGARIA Europe & Central Asia GNI per capita (US$) 7,030 Ease of doing business rank (1–189) 38 Overall distance to frontier (DTF) score (0–100) 71.80 Population (m) 7.3 ✔ Starting a business (rank) 49 Registering property (rank) 57 Trading across borders (rank) 57 DTF score for starting a business (0–100) 91.09 DTF score for registering property (0–100) 75.36 DTF score for trading across borders (0–100) 78.34 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 4 Time (days) 18 Time (days) 10 Time to export (days) 18 Cost (% of income per capita) 0.8 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,375 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days) 17 Dealing with construction permits (rank) 101 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,365 DTF score for dealing with construction permits (0–100) 69.85 Strength of legal rights index (0–12) 9 Procedures (number) 16 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 75 Time (days) 110 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 61.27 Cost (% of warehouse value) 4.5 Credit registry coverage (% of adults) 62.9 Procedures (number) 38 Time (days) 564 Getting electricity (rank) 125 Protecting minority investors (rank) 14 Cost (% of claim) 23.8 DTF score for getting electricity (0–100) 65.78 DTF score for protecting minority investors (0–100) 68.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 38 Time (days) 130 Extent of shareholder governance index (0–10) 7.3 DTF score for resolving insolvency (0–100) 64.75 Cost (% of income per capita) 320.4 Strength of minority investor protection index (0–10) 6.8 Time (years) 3.3 Cost (% of estate) 9 Paying taxes (rank) 89 Recovery rate (cents on the dollar) 33.2 DTF score for paying taxes (0–100) 73.18 Strength of insolvency framework index (0–16) 15 Payments (number per year) 13 Time (hours per year) 454 Total tax rate (% of profit) 27.0 BURKINA FASO Sub-Saharan Africa GNI per capita (US$) 670 Ease of doing business rank (1–189) 167 Overall distance to frontier (DTF) score (0–100) 48.36 Population (m) 16.9 Starting a business (rank) 153 Registering property (rank) 147 Trading across borders (rank) 174 DTF score for starting a business (0–100) 69.06 DTF score for registering property (0–100) 53.79 DTF score for trading across borders (0–100) 29.51 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 10 Time (days) 13 Time (days) 67 Time to export (days) 41 Cost (% of income per capita) 44.7 Cost (% of property value) 12.3 Cost to export (US$ per container) 2,305 Minimum capital (% of income per capita) 308.5 Documents to import (number) 12 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 75 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 4,330 DTF score for dealing with construction permits (0–100) 74.55 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 153 Time (days) 112 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 43.83 Cost (% of warehouse value) 5.5 Credit registry coverage (% of adults) 2.0 Procedures (number) 37 Time (days) 446 Getting electricity (rank) 177 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 81.7 DTF score for getting electricity (0–100) 40.82 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 115 Time (days) 158 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 38.08 Cost (% of income per capita) 11,057.1 Strength of minority investor protection index (0–10) 4.6 Time (years) 4.0 Cost (% of estate) 21 Paying taxes (rank) 152 Recovery rate (cents on the dollar) 18.5 DTF score for paying taxes (0–100) 58.08 Strength of insolvency framework index (0–16) 9 Payments (number per year) 45 Time (hours per year) 270 Total tax rate (% of profit) 41.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 176 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business BURUNDI Sub-Saharan Africa GNI per capita (US$) 280 Ease of doing business rank (1–189) 152 Overall distance to frontier (DTF) score (0–100) 51.07 Population (m) 10.2 Starting a business (rank) 18 Registering property (rank) 48 Trading across borders (rank) 169 DTF score for starting a business (0–100) 94.25 DTF score for registering property (0–100) 78.38 DTF score for trading across borders (0–100) 37.50 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 9 Time (days) 5 Time (days) 23 Time to export (days) 32 Cost (% of income per capita) 13.4 Cost (% of property value) 3.2 Cost to export (US$ per container) 2,905 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 171 Time to import (days) 43 Dealing with construction permits (rank) 133 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 4,420 DTF score for dealing with construction permits (0–100) 64.16 Strength of legal rights index (0–12) 2 Procedures (number) 14 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 158 Time (days) 99 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 42.15 Cost (% of warehouse value) 10.1 Credit registry coverage (% of adults) 3.9 Procedures (number) 44 Time (days) 832 Getting electricity (rank) 182 Protecting minority investors (rank) 94 Cost (% of claim) 38.6 DTF score for getting electricity (0–100) 35.27 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 144 Time (days) 158 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 30.55 Cost (% of income per capita) 16,367.3 Strength of minority investor protection index (0–10) 5.2 Time (years) 5.0 Cost (% of estate) 30 Paying taxes (rank) 124 Recovery rate (cents on the dollar) 7.4 DTF score for paying taxes (0–100) 66.78 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 25 Time (hours per year) 274 Total tax rate (% of profit) 45.7 CABO VERDE Sub-Saharan Africa GNI per capita (US$) 3,630 Ease of doing business rank (1–189) 122 Overall distance to frontier (DTF) score (0–100) 57.94 Population (m) 0.5 Starting a business (rank) 78 Registering property (rank) 62 Trading across borders (rank) 101 DTF score for starting a business (0–100) 87.00 DTF score for registering property (0–100) 74.50 DTF score for trading across borders (0–100) 70.92 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 7 Time (days) 10 Time (days) 22 Time to export (days) 20 Cost (% of income per capita) 14.3 Cost (% of property value) 3.7 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 ✔ Getting credit (rank) 104 Time to import (days) 20 Dealing with construction permits (rank) 114 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 925 DTF score for dealing with construction permits (0–100) 67.53 Strength of legal rights index (0–12) 2 Procedures (number) 16 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 39 Time (days) 140 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 67.61 Cost (% of warehouse value) 4.1 Credit registry coverage (% of adults) 16.7 Procedures (number) 37 Time (days) 425 Getting electricity (rank) 133 Protecting minority investors (rank) 170 Cost (% of claim) 19.8 DTF score for getting electricity (0–100) 63.80 DTF score for protecting minority investors (0–100) 35.00 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 189 Time (days) 88 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 932.2 Strength of minority investor protection index (0–10) 3.5 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 91 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 73.05 Strength of insolvency framework index (0–16) 0 Payments (number per year) 30 Time (hours per year) 186 Total tax rate (% of profit) 36.5 CAMBODIA East Asia & Pacific GNI per capita (US$) 950 Ease of doing business rank (1–189) 135 Overall distance to frontier (DTF) score (0–100) 55.33 Population (m) 15.1 Starting a business (rank) 184 Registering property (rank) 100 Trading across borders (rank) 124 DTF score for starting a business (0–100) 41.23 DTF score for registering property (0–100) 64.83 DTF score for trading across borders (0–100) 65.92 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 8 Time (days) 101 Time (days) 56 Time to export (days) 22 Cost (% of income per capita) 139.5 Cost (% of property value) 4.4 Cost to export (US$ per container) 795 Minimum capital (% of income per capita) 26.1 Documents to import (number) 9 Getting credit (rank) 12 Time to import (days) 24 Dealing with construction permits (rank) 183 DTF score for getting credit (0–100) 80.00 Cost to import (US$ per container) 930 DTF score for dealing with construction permits (0–100) 35.54 Strength of legal rights index (0–12) 11 Procedures (number) 20 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 178 Time (days) 652 Credit bureau coverage (% of adults) 29.3 DTF score for enforcing contracts (0–100) 32.79 Cost (% of warehouse value) 6.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 483 Getting electricity (rank) 139 Protecting minority investors (rank) 92 Cost (% of claim) 103.4 DTF score for getting electricity (0–100) 62.44 DTF score for protecting minority investors (0–100) 52.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 84 Time (days) 168 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 45.02 Cost (% of income per capita) 2,495.4 Strength of minority investor protection index (0–10) 5.3 Time (years) 6.0 Cost (% of estate) 28 Paying taxes (rank) 90 Recovery rate (cents on the dollar) 8.2 DTF score for paying taxes (0–100) 73.06 Strength of insolvency framework index (0–16) 13 Payments (number per year) 40 Time (hours per year) 173 Total tax rate (% of profit) 21.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 177 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business CAMEROON Sub-Saharan Africa GNI per capita (US$) 1,270 Ease of doing business rank (1–189) 158 Overall distance to frontier (DTF) score (0–100) 49.85 Population (m) 22.3 Starting a business (rank) 133 Registering property (rank) 172 Trading across borders (rank) 160 DTF score for starting a business (0–100) 76.41 DTF score for registering property (0–100) 42.00 DTF score for trading across borders (0–100) 49.83 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 11 Time (days) 15 Time (days) 86 Time to export (days) 23 Cost (% of income per capita) 34.3 Cost (% of property value) 19.0 Cost to export (US$ per container) 1,379 Minimum capital (% of income per capita) 156.4 Documents to import (number) 12 ✔ Getting credit (rank) 116 Time to import (days) 25 Dealing with construction permits (rank) 166 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 2,267 DTF score for dealing with construction permits (0–100) 52.87 Strength of legal rights index (0–12) 6 Procedures (number) 15 Depth of credit information index (0–8) 1 Enforcing contracts (rank) 159 Time (days) 136 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 42.11 Cost (% of warehouse value) 13.9 Credit registry coverage (% of adults) 5.4 Procedures (number) 42 Time (days) 800 Getting electricity (rank) 52 ✔ Protecting minority investors (rank) 117 Cost (% of claim) 46.6 DTF score for getting electricity (0–100) 80.84 DTF score for protecting minority investors (0–100) 46.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 123 Time (days) 64 Extent of shareholder governance index (0–10) 4.3 DTF score for resolving insolvency (0–100) 36.42 Cost (% of income per capita) 1,686.3 Strength of minority investor protection index (0–10) 4.7 Time (years) 2.8 Cost (% of estate) 34 Paying taxes (rank) 181 Recovery rate (cents on the dollar) 15.4 DTF score for paying taxes (0–100) 36.34 Strength of insolvency framework index (0–16) 9 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$) 52,200 Ease of doing business rank (1–189) 16 Overall distance to frontier (DTF) score (0–100) 79.09 Population (m) 35.2 Starting a business (rank) 2 Registering property (rank) 55 Trading across borders (rank) 23 DTF score for starting a business (0–100) 98.82 DTF score for registering property (0–100) 76.20 DTF score for trading across borders (0–100) 86.07 Procedures (number) 1 Procedures (number) 6 Documents to export (number) 3 Time (days) 5 Time (days) 16.5 Time to export (days) 8 Cost (% of income per capita) 0.4 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,680 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 7 Time to import (days) 10 Dealing with construction permits (rank) 118 DTF score for getting credit (0–100) 85.00 Cost to import (US$ per container) 1,680 DTF score for dealing with construction permits (0–100) 67.12 Strength of legal rights index (0–12) 9 Procedures (number) 12 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 65 Time (days) 249 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 63.76 Cost (% of warehouse value) 1.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 570 Getting electricity (rank) 150 Protecting minority investors (rank) 7 Cost (% of claim) 22.3 DTF score for getting electricity (0–100) 59.27 DTF score for protecting minority investors (0–100) 72.50 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 8.7 Resolving insolvency (rank) 6 Time (days) 142 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 89.17 Cost (% of income per capita) 131.0 Strength of minority investor protection index (0–10) 7.3 Time (years) 0.8 Cost (% of estate) 7 Paying taxes (rank) 9 Recovery rate (cents on the dollar) 87.3 DTF score for paying taxes (0–100) 93.00 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 8 Time (hours per year) 131 Total tax rate (% of profit) 21.0 CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business rank (1–189) 187 Overall distance to frontier (DTF) score (0–100) 34.47 Population (m) 4.6 Starting a business (rank) 187 Registering property (rank) 150 ✘ Trading across borders (rank) 186 DTF score for starting a business (0–100) 34.30 DTF score for registering property (0–100) 52.46 DTF score for trading across borders (0–100) 6.48 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 9 Time (days) 22 Time (days) 75 Time to export (days) 46 Cost (% of income per capita) 226.0 Cost (% of property value) 11.1 Cost to export (US$ per container) 5,490 Minimum capital (% of income per capita) 607.3 Documents to import (number) 17 Getting credit (rank) 131 Time to import (days) 68 Dealing with construction permits (rank) 145 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 6,335 DTF score for dealing with construction permits (0–100) 61.83 Strength of legal rights index (0–12) 6 Procedures (number) 15 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 182 Time (days) 200 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 31.62 Cost (% of warehouse value) 4.9 Credit registry coverage (% of adults) 2.6 Procedures (number) 43 Time (days) 660 Getting electricity (rank) 186 ✔ Protecting minority investors (rank) 135 Cost (% of claim) 82.0 DTF score for getting electricity (0–100) 32.27 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 152 Time (days) 102 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 28.13 Cost (% of income per capita) 17,232.4 Strength of minority investor protection index (0–10) 4.4 Time (years) 4.8 Cost (% of estate) 76 Paying taxes (rank) 185 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 23.47 Strength of insolvency framework index (0–16) 9 Payments (number per year) 56 Time (hours per year) 483 Total tax rate (% of profit) 73.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 178 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business CHAD Sub-Saharan Africa GNI per capita (US$) 1,020 Ease of doing business rank (1–189) 185 Overall distance to frontier (DTF) score (0–100) 37.25 Population (m) 12.8 Starting a business (rank) 185 Registering property (rank) 166 Trading across borders (rank) 182 DTF score for starting a business (0–100) 39.98 DTF score for registering property (0–100) 45.92 DTF score for trading across borders (0–100) 10.68 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 8 Time (days) 60 Time (days) 44 Time to export (days) 70 Cost (% of income per capita) 165.6 Cost (% of property value) 15.2 Cost to export (US$ per container) 6,615 Minimum capital (% of income per capita) 201.7 Documents to import (number) 11 Getting credit (rank) 131 Time to import (days) 90 Dealing with construction permits (rank) 123 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 9,025 DTF score for dealing with construction permits (0–100) 66.09 Strength of legal rights index (0–12) 6 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 149 Time (days) 207 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 45.05 Cost (% of warehouse value) 5.9 Credit registry coverage (% of adults) 2.1 Procedures (number) 41 Time (days) 743 Getting electricity (rank) 174 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 45.7 DTF score for getting electricity (0–100) 44.64 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 152 Time (days) 67 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 28.13 Cost (% of income per capita) 7,677.5 Strength of minority investor protection index (0–10) 4.3 Time (years) 4.0 Cost (% of estate) 60 Paying taxes (rank) 186 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 19.54 Strength of insolvency framework index (0–16) 9 Payments (number per year) 54 Time (hours per year) 732 Total tax rate (% of profit) 63.5 CHILE OECD high income GNI per capita (US$) 15,230 Ease of doing business rank (1–189) 41 Overall distance to frontier (DTF) score (0–100) 71.24 Population (m) 17.6 Starting a business (rank) 59 Registering property (rank) 45 Trading across borders (rank) 40 DTF score for starting a business (0–100) 89.83 DTF score for registering property (0–100) 78.96 DTF score for trading across borders (0–100) 82.05 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 5 Time (days) 5.5 Time (days) 28.5 Time to export (days) 15 Cost (% of income per capita) 0.7 Cost (% of property value) 1.2 Cost to export (US$ per container) 910 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 12 Dealing with construction permits (rank) 62 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 860 DTF score for dealing with construction permits (0–100) 76.13 Strength of legal rights index (0–12) 4 Procedures (number) 13 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 64 Time (days) 152 Credit bureau coverage (% of adults) 8.8 DTF score for enforcing contracts (0–100) 63.85 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 44.7 Procedures (number) 36 Time (days) 480 Getting electricity (rank) 49 Protecting minority investors (rank) 56 Cost (% of claim) 28.6 DTF score for getting electricity (0–100) 81.34 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 73 Time (days) 30 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 47.38 Cost (% of income per capita) 62.1 Strength of minority investor protection index (0–10) 5.8 Time (years) 3.2 Cost (% of estate) 15 Paying taxes (rank) 29 Recovery rate (cents on the dollar) 30.0 DTF score for paying taxes (0–100) 84.50 Strength of insolvency framework index (0–16) 10 Payments (number per year) 7 Time (hours per year) 291 Total tax rate (% of profit) 27.9 CHINA East Asia & Pacific GNI per capita (US$) 6,560 Ease of doing business rank (1–189) 90 Overall distance to frontier (DTF) score (0–100) 62.58 Population (m) 1,357.4 ✔ Starting a business (rank) 128 Registering property (rank) 37 Trading across borders (rank) 98 DTF score for starting a business (0–100) 77.43 DTF score for registering property (0–100) 80.67 DTF score for trading across borders (0–100) 71.68 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 8 Time (days) 31.4 Time (days) 19.5 Time to export (days) 21 Cost (% of income per capita) 0.9 Cost (% of property value) 3.6 Cost to export (US$ per container) 823 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 24 Dealing with construction permits (rank) 179 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 800 DTF score for dealing with construction permits (0–100) 43.75 Strength of legal rights index (0–12) 4 Procedures (number) 22 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 35 Time (days) 244.3 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 68.21 Cost (% of warehouse value) 7.6 Credit registry coverage (% of adults) 33.2 Procedures (number) 37 Time (days) 452.8 Getting electricity (rank) 124 Protecting minority investors (rank) 132 Cost (% of claim) 16.2 DTF score for getting electricity (0–100) 66.35 DTF score for protecting minority investors (0–100) 45.00 Procedures (number) 5.5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 53 Time (days) 143.2 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 55.31 Cost (% of income per capita) 459.4 Strength of minority investor protection index (0–10) 4.5 Time (years) 1.7 Cost (% of estate) 22 ✔ Paying taxes (rank) 120 Recovery rate (cents on the dollar) 36.0 DTF score for paying taxes (0–100) 67.44 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 7 Time (hours per year) 261 Total tax rate (% of profit) 64.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 179 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business COLOMBIA Latin America & Caribbean GNI per capita (US$) 7,560 Ease of doing business rank (1–189) 34 Overall distance to frontier (DTF) score (0–100) 72.29 Population (m) 48.3 Starting a business (rank) 84 ✔ Registering property (rank) 42 Trading across borders (rank) 93 DTF score for starting a business (0–100) 86.13 DTF score for registering property (0–100) 79.33 DTF score for trading across borders (0–100) 72.69 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 4 Time (days) 11 Time (days) 16 Time to export (days) 14 Cost (% of income per capita) 7.5 Cost (% of property value) 2.0 Cost to export (US$ per container) 2,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 2 Time to import (days) 13 Dealing with construction permits (rank) 61 DTF score for getting credit (0–100) 95.00 Cost to import (US$ per container) 2,470 DTF score for dealing with construction permits (0–100) 76.45 Strength of legal rights index (0–12) 12 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 168 Time (days) 73 Credit bureau coverage (% of adults) 87.0 DTF score for enforcing contracts (0–100) 37.66 Cost (% of warehouse value) 7.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 1,288 Getting electricity (rank) 92 Protecting minority investors (rank) 10 Cost (% of claim) 47.9 DTF score for getting electricity (0–100) 74.20 DTF score for protecting minority investors (0–100) 71.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 8.0 Resolving insolvency (rank) 30 Time (days) 105 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 70.00 Cost (% of income per capita) 504.4 Strength of minority investor protection index (0–10) 7.2 Time (years) 1.7 Cost (% of estate) 6 ✘ Paying taxes (rank) 146 Recovery rate (cents on the dollar) 72.0 DTF score for paying taxes (0–100) 59.71 Strength of insolvency framework index (0–16) 10 Payments (number per year) 11 Time (hours per year) 239 Total tax rate (% of profit) 75.4 COMOROS Sub-Saharan Africa GNI per capita (US$) 880 Ease of doing business rank (1–189) 159 Overall distance to frontier (DTF) score (0–100) 49.56 Population (m) 0.7 Starting a business (rank) 173 Registering property (rank) 105 Trading across borders (rank) 144 DTF score for starting a business (0–100) 57.65 DTF score for registering property (0–100) 63.83 DTF score for trading across borders (0–100) 59.33 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 9 Time (days) 15 Time (days) 30 Time to export (days) 31 Cost (% of income per capita) 114.0 Cost (% of property value) 10.4 Cost to export (US$ per container) 1,295 Minimum capital (% of income per capita) 226.7 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 24 Dealing with construction permits (rank) 31 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,295 DTF score for dealing with construction permits (0–100) 81.92 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 177 Time (days) 113 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 33.20 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 506 Getting electricity (rank) 81 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 89.4 DTF score for getting electricity (0–100) 76.46 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 120 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 2,127.9 Strength of minority investor protection index (0–10) 4.6 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 167 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 47.37 Strength of insolvency framework index (0–16) 0 Payments (number per year) 33 Time (hours per year) 100 Total tax rate (% of profit) 216.5 CONGO, DEM. REP. Sub-Saharan Africa GNI per capita (US$) 400 Ease of doing business rank (1–189) 184 Overall distance to frontier (DTF) score (0–100) 40.60 Population (m) 67.5 ✔ Starting a business (rank) 172 Registering property (rank) 142 Trading across borders (rank) 175 DTF score for starting a business (0–100) 58.53 DTF score for registering property (0–100) 55.39 DTF score for trading across borders (0–100) 29.09 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 7 Time (days) 16 Time (days) 44 Time to export (days) 44 Cost (% of income per capita) 30.0 Cost (% of property value) 9.5 Cost to export (US$ per container) 3,365 Minimum capital (% of income per capita) 500.0 Documents to import (number) 10 ✔ Getting credit (rank) 131 Time to import (days) 63 ✘ Dealing with construction permits (rank) 111 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 4,290 DTF score for dealing with construction permits (0–100) 67.72 Strength of legal rights index (0–12) 6 Procedures (number) 8 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 176 Time (days) 119 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 33.51 Cost (% of warehouse value) 11.6 Credit registry coverage (% of adults) 0.2 Procedures (number) 43 Time (days) 610 ✔ Getting electricity (rank) 175 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 80.6 DTF score for getting electricity (0–100) 43.19 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 189 Time (days) 65 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 16,191.7 Strength of minority investor protection index (0–10) 4.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE ✔ Paying taxes (rank) 168 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 46.11 Strength of insolvency framework index (0–16) 0 Payments (number per year) 50 Time (hours per year) 316 Total tax rate (% of profit) 54.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 180 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business CONGO, REP. Sub-Saharan Africa GNI per capita (US$) 2,660 Ease of doing business rank (1–189) 178 Overall distance to frontier (DTF) score (0–100) 43.29 Population (m) 4.4 Starting a business (rank) 170 Registering property (rank) 168 Trading across borders (rank) 181 DTF score for starting a business (0–100) 60.56 DTF score for registering property (0–100) 44.17 DTF score for trading across borders (0–100) 15.40 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 11 Time (days) 53 Time (days) 55 Time to export (days) 50 Cost (% of income per capita) 52.7 Cost (% of property value) 20.4 Cost to export (US$ per container) 3,795 Minimum capital (% of income per capita) 79.3 Documents to import (number) 10 Getting credit (rank) 104 Time to import (days) 54 Dealing with construction permits (rank) 102 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 7,590 DTF score for dealing with construction permits (0–100) 69.76 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 2 Enforcing contracts (rank) 151 Time (days) 168 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 44.11 Cost (% of warehouse value) 5.2 Credit registry coverage (% of adults) 9.4 Procedures (number) 44 Time (days) 560 Getting electricity (rank) 170 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 53.2 DTF score for getting electricity (0–100) 47.01 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 117 Time (days) 135 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 37.75 Cost (% of income per capita) 4,705.2 Strength of minority investor protection index (0–10) 4.3 Time (years) 3.3 Cost (% of estate) 25 ✔ Paying taxes (rank) 182 Recovery rate (cents on the dollar) 17.9 DTF score for paying taxes (0–100) 31.67 Strength of insolvency framework index (0–16) 9 Payments (number per year) 49 Time (hours per year) 602 Total tax rate (% of profit) 55.2 COSTA RICA Latin America & Caribbean GNI per capita (US$) 9,550 Ease of doing business rank (1–189) 83 Overall distance to frontier (DTF) score (0–100) 63.67 Population (m) 4.9 Starting a business (rank) 118 Registering property (rank) 47 Trading across borders (rank) 47 DTF score for starting a business (0–100) 80.90 DTF score for registering property (0–100) 78.40 DTF score for trading across borders (0–100) 80.84 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 5 Time (days) 24 Time (days) 19 Time to export (days) 14 Cost (% of income per capita) 11.5 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,020 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 14 Dealing with construction permits (rank) 52 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,070 DTF score for dealing with construction permits (0–100) 78.14 Strength of legal rights index (0–12) 2 Procedures (number) 13 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 129 Time (days) 113 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 51.13 Cost (% of warehouse value) 1.7 Credit registry coverage (% of adults) 27.4 Procedures (number) 40 Time (days) 852 ✔ Getting electricity (rank) 46 Protecting minority investors (rank) 181 Cost (% of claim) 24.3 DTF score for getting electricity (0–100) 82.72 DTF score for protecting minority investors (0–100) 28.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 89 Time (days) 55 Extent of shareholder governance index (0–10) 2.3 DTF score for resolving insolvency (0–100) 43.95 Cost (% of income per capita) 196.2 Strength of minority investor protection index (0–10) 2.8 Time (years) 3.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 121 Recovery rate (cents on the dollar) 26.5 DTF score for paying taxes (0–100) 67.27 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 23 Time (hours per year) 163 Total tax rate (% of profit) 58.0 CÔTE D’IVOIRE Sub-Saharan Africa GNI per capita (US$) 1,380 Ease of doing business rank (1–189) 147 Overall distance to frontier (DTF) score (0–100) 52.26 Population (m) 20.3 ✔ Starting a business (rank) 44 ✔ Registering property (rank) 124 ✔ Trading across borders (rank) 158 DTF score for starting a business (0–100) 91.24 DTF score for registering property (0–100) 60.05 DTF score for trading across borders (0–100) 50.54 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 9 Time (days) 7 Time (days) 30 Time to export (days) 25 Cost (% of income per capita) 20.0 Cost (% of property value) 9.6 Cost to export (US$ per container) 1,390 Minimum capital (% of income per capita) 3.4 Documents to import (number) 13 ✔ Getting credit (rank) 131 Time to import (days) 32 Dealing with construction permits (rank) 180 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,960 DTF score for dealing with construction permits (0–100) 43.50 Strength of legal rights index (0–12) 6 Procedures (number) 23 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 72 Time (days) 347 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 61.88 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 3.2 Procedures (number) 32 Time (days) 525 Getting electricity (rank) 161 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 41.7 DTF score for getting electricity (0–100) 55.24 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 85 Time (days) 55 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 44.97 Cost (% of income per capita) 2,824.4 Strength of minority investor protection index (0–10) 4.3 Time (years) 2.2 Cost (% of estate) 18 Paying taxes (rank) 175 Recovery rate (cents on the dollar) 31.3 DTF score for paying taxes (0–100) 42.73 Strength of insolvency framework index (0–16) 9 Payments (number per year) 63 Time (hours per year) 270 Total tax rate (% of profit) 51.9 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 181 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business CROATIA Europe & Central Asia GNI per capita (US$) 13,330 Ease of doing business rank (1–189) 65 Overall distance to frontier (DTF) score (0–100) 66.53 Population (m) 4.3 ✔ Starting a business (rank) 88 Registering property (rank) 92 ✔ Trading across borders (rank) 86 DTF score for starting a business (0–100) 85.43 DTF score for registering property (0–100) 66.44 DTF score for trading across borders (0–100) 74.25 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 15 Time (days) 72 Time to export (days) 16 Cost (% of income per capita) 3.5 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,335 Minimum capital (% of income per capita) 26.6 Documents to import (number) 7 Getting credit (rank) 61 Time to import (days) 14 ✔ Dealing with construction permits (rank) 178 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 1,185 DTF score for dealing with construction permits (0–100) 44.97 Strength of legal rights index (0–12) 5 Procedures (number) 21 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 54 Time (days) 188 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 64.81 Cost (% of warehouse value) 10.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 572 Getting electricity (rank) 59 Protecting minority investors (rank) 62 Cost (% of claim) 13.8 DTF score for getting electricity (0–100) 80.05 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 56 Time (days) 70 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 53.92 Cost (% of income per capita) 316.7 Strength of minority investor protection index (0–10) 5.8 Time (years) 3.1 Cost (% of estate) 15 ✘ Paying taxes (rank) 36 Recovery rate (cents on the dollar) 30.5 DTF score for paying taxes (0–100) 82.92 Strength of insolvency framework index (0–16) 12 Payments (number per year) 19 Time (hours per year) 208 Total tax rate (% of profit) 18.8 CYPRUS Europe & Central Asia GNI per capita (US$) 25,190 Ease of doing business rank (1–189) 64 Overall distance to frontier (DTF) score (0–100) 66.55 Population (m) 1.1 Starting a business (rank) 64 Registering property (rank) 112 Trading across borders (rank) 34 DTF score for starting a business (0–100) 89.18 DTF score for registering property (0–100) 61.83 DTF score for trading across borders (0–100) 83.87 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 8 Time (days) 8 Time to export (days) 7 Cost (% of income per capita) 12.6 Cost (% of property value) 10.4 Cost to export (US$ per container) 865 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 ✔ Getting credit (rank) 61 Time to import (days) 5 Dealing with construction permits (rank) 148 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 1,010 DTF score for dealing with construction permits (0–100) 60.68 Strength of legal rights index (0–12) 7 Procedures (number) 8 Depth of credit information index (0–8) 4 Enforcing contracts (rank) 113 Time (days) 677 Credit bureau coverage (% of adults) 6.8 DTF score for enforcing contracts (0–100) 54.17 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 735 Getting electricity (rank) 160 Protecting minority investors (rank) 14 Cost (% of claim) 16.4 DTF score for getting electricity (0–100) 55.28 DTF score for protecting minority investors (0–100) 68.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 51 Time (days) 247 Extent of shareholder governance index (0–10) 7.0 DTF score for resolving insolvency (0–100) 56.68 Cost (% of income per capita) 102.1 Strength of minority investor protection index (0–10) 6.8 Time (years) 1.5 Cost (% of estate) 15 ✔ Paying taxes (rank) 50 Recovery rate (cents on the dollar) 70.5 DTF score for paying taxes (0–100) 80.53 Strength of insolvency framework index (0–16) 6 Payments (number per year) 29 Time (hours per year) 146.5 Total tax rate (% of profit) 23.2 CZECH REPUBLIC OECD high income GNI per capita (US$) 18,060 Ease of doing business rank (1–189) 44 Overall distance to frontier (DTF) score (0–100) 70.95 Population (m) 10.5 ✔ Starting a business (rank) 110 Registering property (rank) 31 Trading across borders (rank) 58 DTF score for starting a business (0–100) 82.58 DTF score for registering property (0–100) 81.87 DTF score for trading across borders (0–100) 78.33 Procedures (number) 9 Procedures (number) 3 Documents to export (number) 4 Time (days) 19 Time (days) 24 Time to export (days) 17 Cost (% of income per capita) 8.0 Cost (% of property value) 4.0 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 23 Time to import (days) 17 Dealing with construction permits (rank) 139 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,215 DTF score for dealing with construction permits (0–100) 62.91 Strength of legal rights index (0–12) 7 Procedures (number) 24 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 37 Time (days) 143 Credit bureau coverage (% of adults) 76.6 DTF score for enforcing contracts (0–100) 68.00 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 6.4 Procedures (number) 27 Time (days) 611 Getting electricity (rank) 123 Protecting minority investors (rank) 83 Cost (% of claim) 33.0 DTF score for getting electricity (0–100) 66.52 DTF score for protecting minority investors (0–100) 54.17 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 20 Time (days) 129 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 77.50 Cost (% of income per capita) 175.8 Strength of minority investor protection index (0–10) 5.4 Time (years) 2.1 Cost (% of estate) 17 Paying taxes (rank) 119 Recovery rate (cents on the dollar) 65.6 DTF score for paying taxes (0–100) 67.66 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 8 Time (hours per year) 413 Total tax rate (% of profit) 48.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 182 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business DENMARK OECD high income GNI per capita (US$) 61,110 Ease of doing business rank (1–189) 4 Overall distance to frontier (DTF) score (0–100) 84.20 Population (m) 5.6 ✔ Starting a business (rank) 25 Registering property (rank) 8 Trading across borders (rank) 7 DTF score for starting a business (0–100) 93.40 DTF score for registering property (0–100) 92.61 DTF score for trading across borders (0–100) 92.23 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 5.5 Time (days) 4 Time to export (days) 6 Cost (% of income per capita) 0.2 Cost (% of property value) 0.6 Cost to export (US$ per container) 795 Minimum capital (% of income per capita) 14.5 Documents to import (number) 3 Getting credit (rank) 23 Time to import (days) 5 Dealing with construction permits (rank) 5 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 745 DTF score for dealing with construction permits (0–100) 89.84 Strength of legal rights index (0–12) 8 Procedures (number) 7 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 34 Time (days) 64 Credit bureau coverage (% of adults) 7.8 DTF score for enforcing contracts (0–100) 68.79 Cost (% of warehouse value) 2.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 410 Getting electricity (rank) 14 Protecting minority investors (rank) 17 Cost (% of claim) 23.3 DTF score for getting electricity (0–100) 91.07 DTF score for protecting minority investors (0–100) 67.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 9 Time (days) 38 Extent of shareholder governance index (0–10) 6.8 DTF score for resolving insolvency (0–100) 84.59 Cost (% of income per capita) 114.9 Strength of minority investor protection index (0–10) 6.8 Time (years) 1.0 Cost (% of estate) 4 Paying taxes (rank) 12 Recovery rate (cents on the dollar) 87.5 DTF score for paying taxes (0–100) 91.94 Strength of insolvency framework index (0–16) 12 Payments (number per year) 10 Time (hours per year) 130 Total tax rate (% of profit) 26.0 DJIBOUTI Middle East & North Africa GNI per capita (US$) 1,595 Ease of doing business rank (1–189) 155 Overall distance to frontier (DTF) score (0–100) 50.48 Population (m) 0.9 Starting a business (rank) 163 Registering property (rank) 154 Trading across borders (rank) 56 DTF score for starting a business (0–100) 65.89 DTF score for registering property (0–100) 51.63 DTF score for trading across borders (0–100) 78.65 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 5 Time (days) 14 Time (days) 39 Time to export (days) 20 Cost (% of income per capita) 175.2 Cost (% of property value) 12.8 Cost to export (US$ 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) 146 DTF score for getting credit (0–100) 5.00 Cost to import (US$ per container) 910 DTF score for dealing with construction permits (0–100) 61.63 Strength of legal rights index (0–12) 1 Procedures (number) 18 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 171 Time (days) 117 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 37.31 Cost (% of warehouse value) 7.4 Credit registry coverage (% of adults) 0.3 Procedures (number) 40 Time (days) 1,225 Getting electricity (rank) 176 Protecting minority investors (rank) 162 Cost (% of claim) 34.0 DTF score for getting electricity (0–100) 42.21 DTF score for protecting minority investors (0–100) 39.17 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 2.3 Resolving insolvency (rank) 70 Time (days) 180 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 48.04 Cost (% of income per capita) 6,988.8 Strength of minority investor protection index (0–10) 3.9 Time (years) 2.3 Cost (% of estate) 11 Paying taxes (rank) 75 Recovery rate (cents on the dollar) 37.0 DTF score for paying taxes (0–100) 75.26 Strength of insolvency framework index (0–16) 9 Payments (number per year) 35 Time (hours per year) 82 Total tax rate (% of profit) 37.3 DOMINICA Latin America & Caribbean GNI per capita (US$) 6,760 Ease of doing business rank (1–189) 97 Overall distance to frontier (DTF) score (0–100) 61.37 Population (m) 0.1 Starting a business (rank) 63 Registering property (rank) 149 Trading across borders (rank) 88 DTF score for starting a business (0–100) 89.27 DTF score for registering property (0–100) 52.86 DTF score for trading across borders (0–100) 74.03 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 6 Time (days) 12 Time (days) 42 Time to export (days) 13 Cost (% of income per capita) 15.7 Cost (% of property value) 13.3 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 14 Dealing with construction permits (rank) 43 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,600 DTF score for dealing with construction permits (0–100) 78.79 Strength of legal rights index (0–12) 6 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 148 Time (days) 175 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 45.17 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 681 Getting electricity (rank) 53 Protecting minority investors (rank) 87 Cost (% of claim) 36.0 DTF score for getting electricity (0–100) 80.67 DTF score for protecting minority investors (0–100) 53.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 121 Time (days) 61 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 37.09 Cost (% of income per capita) 483.0 Strength of minority investor protection index (0–10) 5.3 Time (years) 4.0 Cost (% of estate) 10 Paying taxes (rank) 94 Recovery rate (cents on the dollar) 28.3 DTF score for paying taxes (0–100) 72.49 Strength of insolvency framework index (0–16) 7 Payments (number per year) 37 Time (hours per year) 117 Total tax rate (% of profit) 37.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 183 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business DOMINICAN REPUBLIC Latin America & Caribbean GNI per capita (US$) 5,620 Ease of doing business rank (1–189) 84 Overall distance to frontier (DTF) score (0–100) 63.43 Population (m) 10.4 Starting a business (rank) 113 Registering property (rank) 82 ✔ Trading across borders (rank) 24 DTF score for starting a business (0–100) 81.60 DTF score for registering property (0–100) 69.90 DTF score for trading across borders (0–100) 85.56 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 4 Time (days) 19.5 Time (days) 51 Time to export (days) 8 Cost (% of income per capita) 16.9 Cost (% of property value) 3.7 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 43.0 Documents to import (number) 5 ✔ Getting credit (rank) 89 Time to import (days) 10 ✘ Dealing with construction permits (rank) 96 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,145 DTF score for dealing with construction permits (0–100) 70.88 Strength of legal rights index (0–12) 1 Procedures (number) 13 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 73 Time (days) 184 Credit bureau coverage (% of adults) 63.1 DTF score for enforcing contracts (0–100) 61.87 Cost (% of warehouse value) 2.0 Credit registry coverage (% of adults) 38.1 Procedures (number) 34 Time (days) 460 Getting electricity (rank) 119 ✔ Protecting minority investors (rank) 83 Cost (% of claim) 40.9 DTF score for getting electricity (0–100) 67.36 DTF score for protecting minority investors (0–100) 54.17 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 158 Time (days) 82 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 23.75 Cost (% of income per capita) 276.9 Strength of minority investor protection index (0–10) 5.4 Time (years) 3.5 Cost (% of estate) 38 Paying taxes (rank) 80 Recovery rate (cents on the dollar) 9.3 DTF score for paying taxes (0–100) 74.24 Strength of insolvency framework index (0–16) 6 Payments (number per year) 9 Time (hours per year) 324 Total tax rate (% of profit) 43.4 ECUADOR Latin America & Caribbean GNI per capita (US$) 5,510 Ease of doing business rank (1–189) 115 Overall distance to frontier (DTF) score (0–100) 58.88 Population (m) 15.7 Starting a business (rank) 165 Registering property (rank) 80 ✔ Trading across borders (rank) 114 DTF score for starting a business (0–100) 65.31 DTF score for registering property (0–100) 70.21 DTF score for trading across borders (0–100) 68.23 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 7 Time (days) 55.5 Time (days) 39 Time to export (days) 19 Cost (% of income per capita) 24.0 Cost (% of property value) 1.9 Cost to export (US$ per container) 1,535 Minimum capital (% of income per capita) 3.5 Documents to import (number) 6 Getting credit (rank) 89 Time to import (days) 24 Dealing with construction permits (rank) 59 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,520 DTF score for dealing with construction permits (0–100) 76.86 Strength of legal rights index (0–12) 1 Procedures (number) 15 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 88 Time (days) 114 Credit bureau coverage (% of adults) 73.0 DTF score for enforcing contracts (0–100) 58.30 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 588 Getting electricity (rank) 120 ✔ Protecting minority investors (rank) 117 Cost (% of claim) 27.2 DTF score for getting electricity (0–100) 67.03 DTF score for protecting minority investors (0–100) 46.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 151 Time (days) 74 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 28.36 Cost (% of income per capita) 638.5 Strength of minority investor protection index (0–10) 4.7 Time (years) 5.3 Cost (% of estate) 18 Paying taxes (rank) 138 Recovery rate (cents on the dollar) 17.9 DTF score for paying taxes (0–100) 62.84 Strength of insolvency framework index (0–16) 6 Payments (number per year) 8 Time (hours per year) 654 Total tax rate (% of profit) 33.0 EGYPT, ARAB REP. Middle East & North Africa GNI per capita (US$) 3,160 Ease of doing business rank (1–189) 112 Overall distance to frontier (DTF) score (0–100) 59.54 Population (m) 82.1 Starting a business (rank) 73 Registering property (rank) 84 Trading across borders (rank) 99 DTF score for starting a business (0–100) 88.14 DTF score for registering property (0–100) 69.13 DTF score for trading across borders (0–100) 71.56 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 8 Time (days) 8 Time (days) 63 Time to export (days) 12 Cost (% of income per capita) 9.2 Cost (% of property value) 0.7 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 71 Time to import (days) 15 Dealing with construction permits (rank) 142 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 790 DTF score for dealing with construction permits (0–100) 62.06 Strength of legal rights index (0–12) 2 Procedures (number) 20 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 152 Time (days) 179 Credit bureau coverage (% of adults) 21.8 DTF score for enforcing contracts (0–100) 44.02 Cost (% of warehouse value) 1.9 Credit registry coverage (% of adults) 5.8 Procedures (number) 42 Time (days) 1,010 Getting electricity (rank) 106 ✔ Protecting minority investors (rank) 135 Cost (% of claim) 26.2 DTF score for getting electricity (0–100) 71.31 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 126 Time (days) 54 Extent of shareholder governance index (0–10) 4.2 DTF score for resolving insolvency (0–100) 36.17 Cost (% of income per capita) 304.6 Strength of minority investor protection index (0–10) 4.4 Time (years) 2.5 Cost (% of estate) 22 Paying taxes (rank) 149 Recovery rate (cents on the dollar) 26.6 DTF score for paying taxes (0–100) 58.84 Strength of insolvency framework index (0–16) 7 Payments (number per year) 29 Time (hours per year) 392 Total tax rate (% of profit) 45.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 184 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business EL SALVADOR Latin America & Caribbean GNI per capita (US$) 3,720 Ease of doing business rank (1–189) 109 Overall distance to frontier (DTF) score (0–100) 59.93 Population (m) 6.3 Starting a business (rank) 121 Registering property (rank) 56 Trading across borders (rank) 73 DTF score for starting a business (0–100) 79.87 DTF score for registering property (0–100) 75.65 DTF score for trading across borders (0–100) 76.01 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 7 Time (days) 16.5 Time (days) 31 Time to export (days) 13 Cost (% of income per capita) 45.2 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,045 Minimum capital (% of income per capita) 2.7 Documents to import (number) 7 Getting credit (rank) 71 Time to import (days) 10 Dealing with construction permits (rank) 155 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 1,035 DTF score for dealing with construction permits (0–100) 57.19 Strength of legal rights index (0–12) 3 Procedures (number) 25 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 82 Time (days) 115 Credit bureau coverage (% of adults) 32.0 DTF score for enforcing contracts (0–100) 60.06 Cost (% of warehouse value) 4.6 Credit registry coverage (% of adults) 28.2 Procedures (number) 35 Time (days) 786 Getting electricity (rank) 144 Protecting minority investors (rank) 154 Cost (% of claim) 19.2 DTF score for getting electricity (0–100) 60.56 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 79 Time (days) 83 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 46.02 Cost (% of income per capita) 543.8 Strength of minority investor protection index (0–10) 4.2 Time (years) 3.5 Cost (% of estate) 12 Paying taxes (rank) 161 Recovery rate (cents on the dollar) 33.2 DTF score for paying taxes (0–100) 52.31 Strength of insolvency framework index (0–16) 9 Payments (number per year) 53 Time (hours per year) 320 Total tax rate (% of profit) 38.7 EQUATORIAL GUINEA Sub-Saharan Africa GNI per capita (US$) 14,320 Ease of doing business rank (1–189) 165 Overall distance to frontier (DTF) score (0–100) 49.01 Population (m) 0.8 Starting a business (rank) 186 Registering property (rank) 145 Trading across borders (rank) 143 DTF score for starting a business (0–100) 36.74 DTF score for registering property (0–100) 54.82 DTF score for trading across borders (0–100) 59.67 Procedures (number) 18 Procedures (number) 6 Documents to export (number) 7 Time (days) 135 Time (days) 23 Time to export (days) 29 Cost (% of income per capita) 99.0 Cost (% of property value) 12.5 Cost to export (US$ per container) 1,390 Minimum capital (% of income per capita) 14.3 Documents to import (number) 6 Getting credit (rank) 104 Time to import (days) 44 Dealing with construction permits (rank) 94 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 1,600 DTF score for dealing with construction permits (0–100) 71.20 Strength of legal rights index (0–12) 6 Procedures (number) 13 Depth of credit information index (0–8) 2 Enforcing contracts (rank) 67 Time (days) 144 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 63.23 Cost (% of warehouse value) 4.1 Credit registry coverage (% of adults) 5.1 Procedures (number) 40 Time (days) 475 Getting electricity (rank) 95 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 19.5 DTF score for getting electricity (0–100) 73.84 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 106 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 557.6 Strength of minority investor protection index (0–10) 4.6 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 171 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 44.73 Strength of insolvency framework index (0–16) 0 Payments (number per year) 46 Time (hours per year) 492 Total tax rate (% of profit) 44.0 ERITREA Sub-Saharan Africa GNI per capita (US$) 490 Ease of doing business rank (1–189) 189 Overall distance to frontier (DTF) score (0–100) 33.16 Population (m) 6.3 Starting a business (rank) 183 Registering property (rank) 176 Trading across borders (rank) 172 DTF score for starting a business (0–100) 44.81 DTF score for registering property (0–100) 39.78 DTF score for trading across borders (0–100) 32.24 Procedures (number) 13 Procedures (number) 11 Documents to export (number) 10 Time (days) 84 Time (days) 78 Time to export (days) 50 Cost (% of income per capita) 41.5 Cost (% of property value) 9.1 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 182.1 Documents to import (number) 12 Getting credit (rank) 185 Time to import (days) 59 Dealing with construction permits (rank) 189 DTF score for getting credit (0–100) 0.00 Cost to import (US$ per container) 2,000 DTF score for dealing with construction permits (0–100) 0.00 Strength of legal rights index (0–12) 0 Procedures (number) NO PRACTICE Depth of credit information index (0–8) 0 Enforcing contracts (rank) 68 Time (days) NO PRACTICE Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 62.70 Cost (% of warehouse value) NO PRACTICE Credit registry coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 490 Getting electricity (rank) 113 Protecting minority investors (rank) 166 Cost (% of claim) 22.6 DTF score for getting electricity (0–100) 70.28 DTF score for protecting minority investors (0–100) 38.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 59 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 3,078.5 Strength of minority investor protection index (0–10) 3.8 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 174 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 43.49 Strength of insolvency framework index (0–16) 0 Payments (number per year) 30 Time (hours per year) 216 Total tax rate (% of profit) 83.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 185 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ESTONIA OECD high income GNI per capita (US$) 17,370 Ease of doing business rank (1–189) 17 Overall distance to frontier (DTF) score (0–100) 78.84 Population (m) 1.3 Starting a business (rank) 26 Registering property (rank) 13 Trading across borders (rank) 6 DTF score for starting a business (0–100) 93.25 DTF score for registering property (0–100) 90.88 DTF score for trading across borders (0–100) 92.76 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 3 Time (days) 4.5 Time (days) 17.5 Time to export (days) 6 Cost (% of income per capita) 1.4 Cost (% of property value) 0.4 Cost to export (US$ per container) 765 Minimum capital (% of income per capita) 18.6 Documents to import (number) 4 Getting credit (rank) 23 Time to import (days) 5 Dealing with construction permits (rank) 20 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 795 DTF score for dealing with construction permits (0–100) 84.18 Strength of legal rights index (0–12) 7 Procedures (number) 11 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 32 Time (days) 103 Credit bureau coverage (% of adults) 34.2 DTF score for enforcing contracts (0–100) 68.91 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 425 Getting electricity (rank) 56 Protecting minority investors (rank) 56 Cost (% of claim) 21.9 DTF score for getting electricity (0–100) 80.27 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 37 Time (days) 111 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 64.92 Cost (% of income per capita) 169.2 Strength of minority investor protection index (0–10) 5.8 Time (years) 3.0 Cost (% of estate) 9 Paying taxes (rank) 28 Recovery rate (cents on the dollar) 39.3 DTF score for paying taxes (0–100) 84.93 Strength of insolvency framework index (0–16) 14 Payments (number per year) 7 Time (hours per year) 81 Total tax rate (% of profit) 49.3 ETHIOPIA Sub-Saharan Africa GNI per capita (US$) 470 Ease of doing business rank (1–189) 132 Overall distance to frontier (DTF) score (0–100) 56.31 Population (m) 94.1 Starting a business (rank) 168 Registering property (rank) 104 Trading across borders (rank) 168 DTF score for starting a business (0–100) 63.15 DTF score for registering property (0–100) 64.05 DTF score for trading across borders (0–100) 38.58 Procedures (number) 9 Procedures (number) 10 Documents to export (number) 8 Time (days) 15 Time (days) 41 Time to export (days) 44 Cost (% of income per capita) 89.3 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,380 Minimum capital (% of income per capita) 164.4 Documents to import (number) 11 Getting credit (rank) 165 Time to import (days) 44 Dealing with construction permits (rank) 28 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 2,960 DTF score for dealing with construction permits (0–100) 82.49 Strength of legal rights index (0–12) 3 Procedures (number) 7 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 50 Time (days) 125 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 65.43 Cost (% of warehouse value) 3.2 Credit registry coverage (% of adults) 0.2 Procedures (number) 38 Time (days) 530 Getting electricity (rank) 82 Protecting minority investors (rank) 154 Cost (% of claim) 15.2 DTF score for getting electricity (0–100) 76.39 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 2.3 Resolving insolvency (rank) 74 Time (days) 95 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 47.20 Cost (% of income per capita) 1,676.6 Strength of minority investor protection index (0–10) 4.2 Time (years) 1.8 Cost (% of estate) 15 Paying taxes (rank) 112 Recovery rate (cents on the dollar) 38.3 DTF score for paying taxes (0–100) 69.11 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 30 Time (hours per year) 306 Total tax rate (% of profit) 31.8 FIJI East Asia & Pacific GNI per capita (US$) 4,430 Ease of doing business rank (1–189) 81 Overall distance to frontier (DTF) score (0–100) 63.90 Population (m) 0.9 Starting a business (rank) 160 Registering property (rank) 64 Trading across borders (rank) 116 DTF score for starting a business (0–100) 67.79 DTF score for registering property (0–100) 74.15 DTF score for trading across borders (0–100) 68.04 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 8 Time (days) 59 Time (days) 69 Time to export (days) 19 Cost (% of income per capita) 22.5 Cost (% of property value) 3.0 Cost to export (US$ per container) 790 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 71 Time to import (days) 22 Dealing with construction permits (rank) 73 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 753 DTF score for dealing with construction permits (0–100) 74.89 Strength of legal rights index (0–12) 5 Procedures (number) 15 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 59 Time (days) 141 Credit bureau coverage (% of adults) 78.9 DTF score for enforcing contracts (0–100) 64.34 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 397 Getting electricity (rank) 75 Protecting minority investors (rank) 110 Cost (% of claim) 38.9 DTF score for getting electricity (0–100) 77.97 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 91 Time (days) 81 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 43.62 Cost (% of income per capita) 1,784.9 Strength of minority investor protection index (0–10) 4.8 Time (years) 1.8 Cost (% of estate) 10 Paying taxes (rank) 107 Recovery rate (cents on the dollar) 46.2 DTF score for paying taxes (0–100) 70.73 Strength of insolvency framework index (0–16) 6 Payments (number per year) 38 Time (hours per year) 195 Total tax rate (% of profit) 31.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 186 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business FINLAND OECD high income GNI per capita (US$) 47,110 Ease of doing business rank (1–189) 9 Overall distance to frontier (DTF) score (0–100) 80.83 Population (m) 5.4 Starting a business (rank) 27 Registering property (rank) 38 Trading across borders (rank) 14 DTF score for starting a business (0–100) 93.10 DTF score for registering property (0–100) 80.58 DTF score for trading across borders (0–100) 89.10 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 14 Time (days) 32 Time to export (days) 9 Cost (% of income per capita) 1.1 Cost (% of property value) 4.0 Cost to export (US$ per container) 615 Minimum capital (% of income per capita) 7.0 Documents to import (number) 5 Getting credit (rank) 36 Time to import (days) 7 Dealing with construction permits (rank) 33 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 625 DTF score for dealing with construction permits (0–100) 81.61 Strength of legal rights index (0–12) 7 Procedures (number) 15 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 17 Time (days) 64 Credit bureau coverage (% of adults) 19.6 DTF score for enforcing contracts (0–100) 75.58 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 375 Getting electricity (rank) 33 Protecting minority investors (rank) 76 Cost (% of claim) 13.3 DTF score for getting electricity (0–100) 85.29 DTF score for protecting minority investors (0–100) 55.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 1 Time (days) 42 Extent of shareholder governance index (0–10) 5.2 DTF score for resolving insolvency (0–100) 93.85 Cost (% of income per capita) 29.7 Strength of minority investor protection index (0–10) 5.6 Time (years) 0.9 Cost (% of estate) 4 Paying taxes (rank) 21 Recovery rate (cents on the dollar) 90.2 DTF score for paying taxes (0–100) 88.36 Strength of insolvency framework index (0–16) 14.5 Payments (number per year) 8 Time (hours per year) 93 Total tax rate (% of profit) 40.0 FRANCE OECD high income GNI per capita (US$) 42,250 Ease of doing business rank (1–189) 31 Overall distance to frontier (DTF) score (0–100) 73.88 Population (m) 66.0 ✔ Starting a business (rank) 28 Registering property (rank) 126 Trading across borders (rank) 10 DTF score for starting a business (0–100) 93.00 DTF score for registering property (0–100) 59.36 DTF score for trading across borders (0–100) 90.18 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 2 Time (days) 4.5 Time (days) 49 Time to export (days) 10 Cost (% of income per capita) 0.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 1,335 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 71 Time to import (days) 11 Dealing with construction permits (rank) 86 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 1,445 DTF score for dealing with construction permits (0–100) 73.14 Strength of legal rights index (0–12) 4 Procedures (number) 8 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 10 Time (days) 183 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 77.67 Cost (% of warehouse value) 4.7 Credit registry coverage (% of adults) 44.5 Procedures (number) 29 Time (days) 395 Getting electricity (rank) 60 Protecting minority investors (rank) 17 Cost (% of claim) 17.4 DTF score for getting electricity (0–100) 79.87 DTF score for protecting minority investors (0–100) 67.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 22 Time (days) 79 Extent of shareholder governance index (0–10) 7.8 DTF score for resolving insolvency (0–100) 75.94 Cost (% of income per capita) 42.9 Strength of minority investor protection index (0–10) 6.8 Time (years) 1.9 Cost (% of estate) 9 Paying taxes (rank) 95 Recovery rate (cents on the dollar) 77.2 DTF score for paying taxes (0–100) 72.12 Strength of insolvency framework index (0–16) 11 Payments (number per year) 8 Time (hours per year) 137 Total tax rate (% of profit) 66.6 GABON Sub-Saharan Africa GNI per capita (US$) 10,650 Ease of doing business rank (1–189) 144 Overall distance to frontier (DTF) score (0–100) 53.43 Population (m) 1.7 Starting a business (rank) 135 ✘ Registering property (rank) 181 Trading across borders (rank) 135 DTF score for starting a business (0–100) 75.90 DTF score for registering property (0–100) 36.51 DTF score for trading across borders (0–100) 63.26 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 50 Time (days) 103 Time to export (days) 20 Cost (% of income per capita) 12.9 Cost (% of property value) 17.5 Cost to export (US$ per container) 2,145 Minimum capital (% of income per capita) 19.6 Documents to import (number) 8 Getting credit (rank) 104 Time to import (days) 22 Dealing with construction permits (rank) 76 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 2,275 DTF score for dealing with construction permits (0–100) 74.36 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 2 Enforcing contracts (rank) 156 Time (days) 194 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 43.51 Cost (% of warehouse value) 0.9 Credit registry coverage (% of adults) 50.8 Procedures (number) 38 Time (days) 1,070 Getting electricity (rank) 129 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 34.3 DTF score for getting electricity (0–100) 64.23 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 125 Time (days) 141 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 36.29 Cost (% of income per capita) 311.1 Strength of minority investor protection index (0–10) 4.3 Time (years) 5.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 154 Recovery rate (cents on the dollar) 15.2 DTF score for paying taxes (0–100) 57.75 Strength of insolvency framework index (0–16) 9 Payments (number per year) 26 Time (hours per year) 488 Total tax rate (% of profit) 40.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 187 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business GAMBIA, THE Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business rank (1–189) 138 Overall distance to frontier (DTF) score (0–100) 54.81 Population (m) 1.8 ✔ Starting a business (rank) 159 Registering property (rank) 113 Trading across borders (rank) 77 DTF score for starting a business (0–100) 68.37 DTF score for registering property (0–100) 61.54 DTF score for trading across borders (0–100) 75.52 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 26 Time (days) 66 Time to export (days) 19 Cost (% of income per capita) 131.2 Cost (% of property value) 7.6 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 160 Time to import (days) 19 Dealing with construction permits (rank) 71 DTF score for getting credit (0–100) 20.00 Cost to import (US$ per container) 745 DTF score for dealing with construction permits (0–100) 75.14 Strength of legal rights index (0–12) 4 Procedures (number) 12 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 49 Time (days) 144 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 65.49 Cost (% of warehouse value) 2.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 407 Getting electricity (rank) 138 ✔ Protecting minority investors (rank) 162 Cost (% of claim) 37.9 DTF score for getting electricity (0–100) 63.05 DTF score for protecting minority investors (0–100) 39.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 102 Time (days) 78 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 41.51 Cost (% of income per capita) 4,166.1 Strength of minority investor protection index (0–10) 3.9 Time (years) 2.0 Cost (% of estate) 15 Paying taxes (rank) 180 Recovery rate (cents on the dollar) 27.8 DTF score for paying taxes (0–100) 38.36 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 50 Time (hours per year) 376 Total tax rate (% of profit) 63.3 GEORGIA Europe & Central Asia GNI per capita (US$) 3,570 Ease of doing business rank (1–189) 15 Overall distance to frontier (DTF) score (0–100) 79.46 Population (m) 4.5 Starting a business (rank) 5 Registering property (rank) 1 Trading across borders (rank) 33 DTF score for starting a business (0–100) 97.73 DTF score for registering property (0–100) 99.88 DTF score for trading across borders (0–100) 84.02 Procedures (number) 2 Procedures (number) 1 Documents to export (number) 4 Time (days) 2 Time (days) 1 Time to export (days) 9 Cost (% of income per capita) 3.4 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,355 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 7 Time to import (days) 10 Dealing with construction permits (rank) 3 DTF score for getting credit (0–100) 85.00 Cost to import (US$ per container) 1,595 DTF score for dealing with construction permits (0–100) 91.44 Strength of legal rights index (0–12) 9 Procedures (number) 8 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 23 Time (days) 68.5 Credit bureau coverage (% of adults) 56.8 DTF score for enforcing contracts (0–100) 71.82 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 285 Getting electricity (rank) 37 Protecting minority investors (rank) 43 Cost (% of claim) 29.9 DTF score for getting electricity (0–100) 84.69 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.3 Resolving insolvency (rank) 122 Time (days) 71 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 36.48 Cost (% of income per capita) 503.8 Strength of minority investor protection index (0–10) 6.1 Time (years) 2.0 Cost (% of estate) 10 Paying taxes (rank) 38 Recovery rate (cents on the dollar) 38.7 DTF score for paying taxes (0–100) 82.76 Strength of insolvency framework index (0–16) 5 Payments (number per year) 5 Time (hours per year) 362 Total tax rate (% of profit) 16.4 GERMANY OECD high income GNI per capita (US$) 46,100 Ease of doing business rank (1–189) 14 Overall distance to frontier (DTF) score (0–100) 79.73 Population (m) 80.6 ✘ Starting a business (rank) 114 ✘ Registering property (rank) 89 Trading across borders (rank) 18 DTF score for starting a business (0–100) 81.38 DTF score for registering property (0–100) 67.78 DTF score for trading across borders (0–100) 87.67 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 4 Time (days) 14.5 Time (days) 40 Time to export (days) 9 Cost (% of income per capita) 8.8 Cost (% of property value) 6.7 Cost to export (US$ per container) 1,015 Minimum capital (% of income per capita) 35.8 Documents to import (number) 4 Getting credit (rank) 23 Time to import (days) 7 Dealing with construction permits (rank) 8 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,050 DTF score for dealing with construction permits (0–100) 87.42 Strength of legal rights index (0–12) 6 Procedures (number) 8 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 13 Time (days) 96 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 76.74 Cost (% of warehouse value) 1.1 Credit registry coverage (% of adults) 1.3 Procedures (number) 31 Time (days) 394 Getting electricity (rank) 3 Protecting minority investors (rank) 51 Cost (% of claim) 14.4 DTF score for getting electricity (0–100) 98.37 DTF score for protecting minority investors (0–100) 59.17 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 3 Time (days) 28 Extent of shareholder governance index (0–10) 6.8 DTF score for resolving insolvency (0–100) 91.78 Cost (% of income per capita) 44.4 Strength of minority investor protection index (0–10) 5.9 Time (years) 1.2 Cost (% of estate) 8 Paying taxes (rank) 68 Recovery rate (cents on the dollar) 83.4 DTF score for paying taxes (0–100) 77.02 Strength of insolvency framework index (0–16) 15 Payments (number per year) 9 Time (hours per year) 218 Total tax rate (% of profit) 48.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 188 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business GHANA Sub-Saharan Africa GNI per capita (US$) 1,760 Ease of doing business rank (1–189) 70 Overall distance to frontier (DTF) score (0–100) 65.24 Population (m) 25.9 Starting a business (rank) 96 Registering property (rank) 43 ✔ Trading across borders (rank) 120 DTF score for starting a business (0–100) 83.73 DTF score for registering property (0–100) 79.23 DTF score for trading across borders (0–100) 67.10 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 14 Time (days) 46 Time to export (days) 19 Cost (% of income per capita) 19.2 Cost (% of property value) 1.1 Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 2.8 Documents to import (number) 7 Getting credit (rank) 36 Time to import (days) 41 ✔ Dealing with construction permits (rank) 106 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,360 DTF score for dealing with construction permits (0–100) 69.14 Strength of legal rights index (0–12) 7 Procedures (number) 13 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 96 Time (days) 201 Credit bureau coverage (% of adults) 14.1 DTF score for enforcing contracts (0–100) 57.59 Cost (% of warehouse value) 2.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 710 Getting electricity (rank) 71 Protecting minority investors (rank) 56 Cost (% of claim) 23.0 DTF score for getting electricity (0–100) 78.29 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 161 Time (days) 79 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 22.45 Cost (% of income per capita) 1,778.0 Strength of minority investor protection index (0–10) 5.8 Time (years) 1.9 Cost (% of estate) 22 Paying taxes (rank) 101 Recovery rate (cents on the dollar) 24.3 DTF score for paying taxes (0–100) 71.53 Strength of insolvency framework index (0–16) 3 Payments (number per year) 32 Time (hours per year) 224 Total tax rate (% of profit) 33.3 GREECE OECD high income GNI per capita (US$) 22,530 Ease of doing business rank (1–189) 61 Overall distance to frontier (DTF) score (0–100) 66.70 Population (m) 11.0 ✔ Starting a business (rank) 52 ✔ Registering property (rank) 116 Trading across borders (rank) 48 DTF score for starting a business (0–100) 90.71 DTF score for registering property (0–100) 61.16 DTF score for trading across borders (0–100) 80.80 Procedures (number) 5 Procedures (number) 10 Documents to export (number) 4 Time (days) 13 Time (days) 20 Time to export (days) 15 Cost (% of income per capita) 2.2 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,040 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 71 Time to import (days) 14 Dealing with construction permits (rank) 88 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 1,135 DTF score for dealing with construction permits (0–100) 72.31 Strength of legal rights index (0–12) 3 Procedures (number) 18 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 155 Time (days) 124 Credit bureau coverage (% of adults) 82.5 DTF score for enforcing contracts (0–100) 43.60 Cost (% of warehouse value) 0.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,580 Getting electricity (rank) 80 Protecting minority investors (rank) 62 Cost (% of claim) 14.4 DTF score for getting electricity (0–100) 76.67 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 52 Time (days) 62 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 55.98 Cost (% of income per capita) 69.7 Strength of minority investor protection index (0–10) 5.8 Time (years) 3.5 Cost (% of estate) 9 Paying taxes (rank) 59 Recovery rate (cents on the dollar) 34.3 DTF score for paying taxes (0–100) 78.30 Strength of insolvency framework index (0–16) 12 Payments (number per year) 8 Time (hours per year) 193 Total tax rate (% of profit) 49.9 GRENADA Latin America & Caribbean GNI per capita (US$) 7,460 Ease of doing business rank (1–189) 126 Overall distance to frontier (DTF) score (0–100) 57.35 Population (m) 0.1 Starting a business (rank) 80 Registering property (rank) 128 Trading across borders (rank) 51 DTF score for starting a business (0–100) 86.70 DTF score for registering property (0–100) 59.12 DTF score for trading across borders (0–100) 80.22 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 4 Time (days) 15 Time (days) 32 Time to export (days) 9 Cost (% of income per capita) 18.4 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 9 Dealing with construction permits (rank) 40 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 2,170 DTF score for dealing with construction permits (0–100) 79.00 Strength of legal rights index (0–12) 6 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 144 Time (days) 128 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 46.25 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 688 Getting electricity (rank) 77 Protecting minority investors (rank) 141 Cost (% of claim) 32.6 DTF score for getting electricity (0–100) 77.78 DTF score for protecting minority investors (0–100) 43.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 189 Time (days) 49 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 257.9 Strength of minority investor protection index (0–10) 4.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 106 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 71.12 Strength of insolvency framework index (0–16) 0 Payments (number per year) 30 Time (hours per year) 140 Total tax rate (% of profit) 45.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 189 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business GUATEMALA Latin America & Caribbean GNI per capita (US$) 3,340 Ease of doing business rank (1–189) 73 Overall distance to frontier (DTF) score (0–100) 64.88 Population (m) 15.5 ✔ Starting a business (rank) 98 Registering property (rank) 65 Trading across borders (rank) 102 DTF score for starting a business (0–100) 83.72 DTF score for registering property (0–100) 74.07 DTF score for trading across borders (0–100) 70.10 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 8 Time (days) 18.5 Time (days) 24 Time to export (days) 17 Cost (% of income per capita) 25.8 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,355 Minimum capital (% of income per capita) 18.7 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 16 Dealing with construction permits (rank) 122 DTF score for getting credit (0–100) 80.00 Cost to import (US$ per container) 1,445 DTF score for dealing with construction permits (0–100) 66.18 Strength of legal rights index (0–12) 9 Procedures (number) 11 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 143 Time (days) 158 Credit bureau coverage (% of adults) 8.7 DTF score for enforcing contracts (0–100) 46.35 Cost (% of warehouse value) 7.9 Credit registry coverage (% of adults) 19.2 Procedures (number) 31 Time (days) 1,402 Getting electricity (rank) 18 Protecting minority investors (rank) 174 Cost (% of claim) 26.5 DTF score for getting electricity (0–100) 89.28 DTF score for protecting minority investors (0–100) 31.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 155 Time (days) 39 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 27.37 Cost (% of income per capita) 514.6 Strength of minority investor protection index (0–10) 3.2 Time (years) 3.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 54 Recovery rate (cents on the dollar) 27.6 DTF score for paying taxes (0–100) 80.04 Strength of insolvency framework index (0–16) 4 Payments (number per year) 8 Time (hours per year) 256 Total tax rate (% of profit) 39.9 GUINEA Sub-Saharan Africa GNI per capita (US$) 460 Ease of doing business rank (1–189) 169 Overall distance to frontier (DTF) score (0–100) 47.42 Population (m) 11.7 Starting a business (rank) 175 ✔ Registering property (rank) 122 Trading across borders (rank) 141 DTF score for starting a business (0–100) 55.44 DTF score for registering property (0–100) 60.14 DTF score for trading across borders (0–100) 60.25 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 8 Time (days) 44 Time to export (days) 36 Cost (% of income per capita) 82.6 Cost (% of property value) 8.6 Cost to export (US$ per container) 915 Minimum capital (% of income per capita) 416.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 31 Dealing with construction permits (rank) 159 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,480 DTF score for dealing with construction permits (0–100) 55.92 Strength of legal rights index (0–12) 6 Procedures (number) 26 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 133 Time (days) 166 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 49.74 Cost (% of warehouse value) 1.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 276 Getting electricity (rank) 154 ✔ Protecting minority investors (rank) 162 Cost (% of claim) 45.0 DTF score for getting electricity (0–100) 57.61 DTF score for protecting minority investors (0–100) 39.17 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 119 Time (days) 69 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 37.62 Cost (% of income per capita) 7,155.6 Strength of minority investor protection index (0–10) 3.9 Time (years) 3.8 Cost (% of estate) 8 Paying taxes (rank) 184 Recovery rate (cents on the dollar) 17.6 DTF score for paying taxes (0–100) 28.27 Strength of insolvency framework index (0–16) 9 Payments (number per year) 57 Time (hours per year) 440 Total tax rate (% of profit) 68.3 GUINEA-BISSAU Sub-Saharan Africa GNI per capita (US$) 520 Ease of doing business rank (1–189) 179 Overall distance to frontier (DTF) score (0–100) 43.21 Population (m) 1.7 Starting a business (rank) 176 Registering property (rank) 160 Trading across borders (rank) 119 DTF score for starting a business (0–100) 54.83 DTF score for registering property (0–100) 48.92 DTF score for trading across borders (0–100) 67.41 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 9 Time (days) 51 Time to export (days) 25 Cost (% of income per capita) 50.1 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,448 Minimum capital (% of income per capita) 401.3 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 22 Dealing with construction permits (rank) 165 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 2,006 DTF score for dealing with construction permits (0–100) 52.95 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 169 Time (days) 116 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 37.54 Cost (% of warehouse value) 18.2 Credit registry coverage (% of adults) 1.0 Procedures (number) 40 Time (days) 1,715 Getting electricity (rank) 180 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 25.0 DTF score for getting electricity (0–100) 35.96 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 455 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 2,062.2 Strength of minority investor protection index (0–10) 4.6 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 150 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 58.65 Strength of insolvency framework index (0–16) 0 Payments (number per year) 46 Time (hours per year) 208 Total tax rate (% of profit) 45.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 190 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business GUYANA Latin America & Caribbean GNI per capita (US$) 3,750 Ease of doing business rank (1–189) 123 Overall distance to frontier (DTF) score (0–100) 57.83 Population (m) 0.8 Starting a business (rank) 99 Registering property (rank) 103 Trading across borders (rank) 82 DTF score for starting a business (0–100) 83.62 DTF score for registering property (0–100) 64.08 DTF score for trading across borders (0–100) 74.63 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 6 Time (days) 19 Time (days) 75 Time to export (days) 19 Cost (% of income per capita) 11.5 Cost (% of property value) 4.6 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days) 22 Dealing with construction permits (rank) 38 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 720 DTF score for dealing with construction permits (0–100) 80.06 Strength of legal rights index (0–12) 3 Procedures (number) 7 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 71 Time (days) 195 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 62.37 Cost (% of warehouse value) 0.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 581 Getting electricity (rank) 155 Protecting minority investors (rank) 135 Cost (% of claim) 25.2 DTF score for getting electricity (0–100) 57.21 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 150 Time (days) 109 Extent of shareholder governance index (0–10) 3.5 DTF score for resolving insolvency (0–100) 28.50 Cost (% of income per capita) 442.9 Strength of minority investor protection index (0–10) 4.4 Time (years) 3.0 Cost (% of estate) 29 Paying taxes (rank) 115 Recovery rate (cents on the dollar) 18.1 DTF score for paying taxes (0–100) 68.69 Strength of insolvency framework index (0–16) 6 Payments (number per year) 35 Time (hours per year) 256 Total tax rate (% of profit) 32.3 HAITI Latin America & Caribbean GNI per capita (US$) 810 Ease of doing business rank (1–189) 180 Overall distance to frontier (DTF) score (0–100) 42.18 Population (m) 10.3 Starting a business (rank) 188 Registering property (rank) 175 Trading across borders (rank) 142 DTF score for starting a business (0–100) 33.48 DTF score for registering property (0–100) 39.79 DTF score for trading across borders (0–100) 59.98 Procedures (number) 12 Procedures (number) 5 Documents to export (number) 8 Time (days) 97 Time (days) 312 Time to export (days) 28 Cost (% of income per capita) 246.7 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 17.6 Documents to import (number) 9 Getting credit (rank) 171 Time to import (days) 26 Dealing with construction permits (rank) 132 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 1,555 DTF score for dealing with construction permits (0–100) 64.42 Strength of legal rights index (0–12) 2 Procedures (number) 8 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 89 Time (days) 71 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 58.28 Cost (% of warehouse value) 16.4 Credit registry coverage (% of adults) 1.1 Procedures (number) 35 Time (days) 530 Getting electricity (rank) 94 Protecting minority investors (rank) 187 Cost (% of claim) 42.6 DTF score for getting electricity (0–100) 73.97 DTF score for protecting minority investors (0–100) 20.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 3.0 Resolving insolvency (rank) 189 Time (days) 60 Extent of shareholder governance index (0–10) 1.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 3,495.8 Strength of minority investor protection index (0–10) 2.0 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 142 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 61.87 Strength of insolvency framework index (0–16) 0 Payments (number per year) 47 Time (hours per year) 184 Total tax rate (% of profit) 40.3 HONDURAS Latin America & Caribbean GNI per capita (US$) 2,180 Ease of doing business rank (1–189) 104 Overall distance to frontier (DTF) score (0–100) 60.61 Population (m) 8.1 Starting a business (rank) 138 Registering property (rank) 81 Trading across borders (rank) 70 DTF score for starting a business (0–100) 74.84 DTF score for registering property (0–100) 70.09 DTF score for trading across borders (0–100) 76.50 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 5 Time (days) 14 Time (days) 22 Time to export (days) 12 Cost (% of income per capita) 39.0 Cost (% of property value) 5.7 Cost to export (US$ per container) 1,450 Minimum capital (% of income per capita) 11.5 Documents to import (number) 6 Getting credit (rank) 7 Time to import (days) 16 ✘ Dealing with construction permits (rank) 103 DTF score for getting credit (0–100) 85.00 Cost to import (US$ per container) 1,630 DTF score for dealing with construction permits (0–100) 69.37 Strength of legal rights index (0–12) 9 Procedures (number) 15 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 166 Time (days) 82 Credit bureau coverage (% of adults) 36.1 DTF score for enforcing contracts (0–100) 37.90 Cost (% of warehouse value) 7.2 Credit registry coverage (% of adults) 21.8 Procedures (number) 47 Time (days) 920 Getting electricity (rank) 110 Protecting minority investors (rank) 174 Cost (% of claim) 35.2 DTF score for getting electricity (0–100) 70.96 DTF score for protecting minority investors (0–100) 31.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 140 Time (days) 39 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 31.83 Cost (% of income per capita) 918.0 Strength of minority investor protection index (0–10) 3.2 Time (years) 3.8 Cost (% of estate) 15 Paying taxes (rank) 153 Recovery rate (cents on the dollar) 18.5 DTF score for paying taxes (0–100) 57.92 Strength of insolvency framework index (0–16) 7 Payments (number per year) 48 Time (hours per year) 224 Total tax rate (% of profit) 43.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 191 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business HONG KONG SAR, CHINA East Asia & Pacific GNI per capita (US$) 38,420 Ease of doing business rank (1–189) 3 Overall distance to frontier (DTF) score (0–100) 84.97 Population (m) 7.2 ✘ Starting a business (rank) 8 Registering property (rank) 96 Trading across borders (rank) 2 DTF score for starting a business (0–100) 96.38 DTF score for registering property (0–100) 66.19 DTF score for trading across borders (0–100) 95.36 Procedures (number) 3 Procedures (number) 5 Documents to export (number) 3 Time (days) 2.5 Time (days) 35.5 Time to export (days) 6 Cost (% of income per capita) 1.4 Cost (% of property value) 7.7 Cost to export (US$ per container) 590 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 23 Time to import (days) 5 Dealing with construction permits (rank) 1 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 565 DTF score for dealing with construction permits (0–100) 95.53 Strength of legal rights index (0–12) 7 Procedures (number) 5 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 6 Time (days) 66 Credit bureau coverage (% of adults) 96.1 DTF score for enforcing contracts (0–100) 80.32 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 360 Getting electricity (rank) 13 ✔ Protecting minority investors (rank) 2 Cost (% of claim) 21.2 DTF score for getting electricity (0–100) 91.54 DTF score for protecting minority investors (0–100) 80.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 9.0 Resolving insolvency (rank) 25 Time (days) 38 Extent of shareholder governance index (0–10) 7.2 DTF score for resolving insolvency (0–100) 75.06 Cost (% of income per capita) 1.4 Strength of minority investor protection index (0–10) 8.1 Time (years) 0.8 Cost (% of estate) 5 Paying taxes (rank) 4 Recovery rate (cents on the dollar) 87.2 DTF score for paying taxes (0–100) 98.51 Strength of insolvency framework index (0–16) 9 Payments (number per year) 3 Time (hours per year) 78 Total tax rate (% of profit) 22.8 HUNGARY Europe & Central Asia GNI per capita (US$) 12,410 Ease of doing business rank (1–189) 54 Overall distance to frontier (DTF) score (0–100) 68.80 Population (m) 9.9 ✘ Starting a business (rank) 57 Registering property (rank) 52 Trading across borders (rank) 72 DTF score for starting a business (0–100) 90.04 DTF score for registering property (0–100) 78.04 DTF score for trading across borders (0–100) 76.48 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 5 Time (days) 16.5 Time to export (days) 17 Cost (% of income per capita) 8.3 Cost (% of property value) 5.0 Cost to export (US$ per container) 885 Minimum capital (% of income per capita) 54.0 Documents to import (number) 6 ✔ Getting credit (rank) 17 Time to import (days) 19 Dealing with construction permits (rank) 103 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 845 DTF score for dealing with construction permits (0–100) 69.37 Strength of legal rights index (0–12) 10 Procedures (number) 23 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 20 Time (days) 91 Credit bureau coverage (% of adults) 74.6 DTF score for enforcing contracts (0–100) 73.36 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 395 Getting electricity (rank) 162 Protecting minority investors (rank) 110 Cost (% of claim) 15.0 DTF score for getting electricity (0–100) 55.10 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 64 Time (days) 252 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 49.78 Cost (% of income per capita) 111.5 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 88 Recovery rate (cents on the dollar) 40.2 DTF score for paying taxes (0–100) 73.27 Strength of insolvency framework index (0–16) 9 Payments (number per year) 11 Time (hours per year) 277 Total tax rate (% of profit) 48.0 ICELAND OECD high income GNI per capita (US$) 43,930 Ease of doing business rank (1–189) 12 Overall distance to frontier (DTF) score (0–100) 80.27 Population (m) 0.3 ✔ Starting a business (rank) 31 ✘ Registering property (rank) 23 Trading across borders (rank) 39 DTF score for starting a business (0–100) 92.35 DTF score for registering property (0–100) 86.03 DTF score for trading across borders (0–100) 83.23 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 4 Time (days) 4 Time (days) 3.5 Time to export (days) 10 Cost (% of income per capita) 2.4 Cost (% of property value) 3.6 Cost to export (US$ per container) 1,530 Minimum capital (% of income per capita) 9.3 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 9 Dealing with construction permits (rank) 56 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,620 DTF score for dealing with construction permits (0–100) 77.60 Strength of legal rights index (0–12) 5 Procedures (number) 17 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 3 Time (days) 84 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 82.30 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 417 Getting electricity (rank) 9 Protecting minority investors (rank) 28 Cost (% of claim) 9.0 DTF score for getting electricity (0–100) 93.81 DTF score for protecting minority investors (0–100) 65.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 15 Time (days) 22 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 81.47 Cost (% of income per capita) 12.7 Strength of minority investor protection index (0–10) 6.5 Time (years) 1.0 Cost (% of estate) 4 Paying taxes (rank) 46 Recovery rate (cents on the dollar) 84.6 DTF score for paying taxes (0–100) 80.86 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 26 Time (hours per year) 140 Total tax rate (% of profit) 29.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 192 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business INDIA South Asia GNI per capita (US$) 1,570 Ease of doing business rank (1–189) 142 Overall distance to frontier (DTF) score (0–100) 53.97 Population (m) 1,252.1 ✔ Starting a business (rank) 158 Registering property (rank) 121 Trading across borders (rank) 126 DTF score for starting a business (0–100) 68.42 DTF score for registering property (0–100) 60.40 DTF score for trading across borders (0–100) 65.47 Procedures (number) 11.9 Procedures (number) 7 Documents to export (number) 7 Time (days) 28.4 Time (days) 47 Time to export (days) 17.1 Cost (% of income per capita) 12.2 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,332 Minimum capital (% of income per capita) 111.2 Documents to import (number) 10 Getting credit (rank) 36 Time to import (days) 21.1 Dealing with construction permits (rank) 184 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,462 DTF score for dealing with construction permits (0–100) 30.89 Strength of legal rights index (0–12) 6 Procedures (number) 25.4 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 186 Time (days) 185.9 Credit bureau coverage (% of adults) 22.4 DTF score for enforcing contracts (0–100) 25.81 Cost (% of warehouse value) 28.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,420 ✔ Getting electricity (rank) 137 ✔ Protecting minority investors (rank) 7 Cost (% of claim) 39.6 DTF score for getting electricity (0–100) 63.06 DTF score for protecting minority investors (0–100) 72.50 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 137 Time (days) 105.7 Extent of shareholder governance index (0–10) 7.8 DTF score for resolving insolvency (0–100) 32.60 Cost (% of income per capita) 487.7 Strength of minority investor protection index (0–10) 7.3 Time (years) 4.3 Cost (% of estate) 9 Paying taxes (rank) 156 Recovery rate (cents on the dollar) 25.7 DTF score for paying taxes (0–100) 55.53 Strength of insolvency framework index (0–16) 6 Payments (number per year) 33 Time (hours per year) 243 Total tax rate (% of profit) 61.7 INDONESIA East Asia & Pacific GNI per capita (US$) 3,580 Ease of doing business rank (1–189) 114 Overall distance to frontier (DTF) score (0–100) 59.15 Population (m) 249.9 ✔ Starting a business (rank) 155 Registering property (rank) 117 ✘ Trading across borders (rank) 62 DTF score for starting a business (0–100) 68.84 DTF score for registering property (0–100) 60.74 DTF score for trading across borders (0–100) 77.46 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 4 Time (days) 52.5 Time (days) 27.4 Time to export (days) 17 Cost (% of income per capita) 21.1 Cost (% of property value) 10.8 Cost to export (US$ per container) 572 Minimum capital (% of income per capita) 35.5 Documents to import (number) 8 Getting credit (rank) 71 Time to import (days) 26 Dealing with construction permits (rank) 153 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 647 DTF score for dealing with construction permits (0–100) 59.03 Strength of legal rights index (0–12) 4 Procedures (number) 17 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 172 Time (days) 211 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 37.28 Cost (% of warehouse value) 4.3 Credit registry coverage (% of adults) 46.4 Procedures (number) 40 Time (days) 471 ✔ Getting electricity (rank) 78 Protecting minority investors (rank) 43 Cost (% of claim) 115.7 DTF score for getting electricity (0–100) 76.90 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 75 Time (days) 90.7 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 46.75 Cost (% of income per capita) 353.6 Strength of minority investor protection index (0–10) 6.1 Time (years) 1.9 Cost (% of estate) 22 ✔ Paying taxes (rank) 160 Recovery rate (cents on the dollar) 31.7 DTF score for paying taxes (0–100) 53.66 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 65 Time (hours per year) 253.5 Total tax rate (% of profit) 31.4 IRAN, ISLAMIC REP. Middle East & North Africa GNI per capita (US$) 5,780 Ease of doing business rank (1–189) 130 Overall distance to frontier (DTF) score (0–100) 56.51 Population (m) 77.4 ✔ Starting a business (rank) 62 Registering property (rank) 161 Trading across borders (rank) 148 DTF score for starting a business (0–100) 89.37 DTF score for registering property (0–100) 48.78 DTF score for trading across borders (0–100) 56.81 Procedures (number) 6 Procedures (number) 9 Documents to export (number) 7 Time (days) 12 Time (days) 35 Time to export (days) 25 Cost (% of income per capita) 3.1 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,350 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 89 Time to import (days) 37 Dealing with construction permits (rank) 172 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,555 DTF score for dealing with construction permits (0–100) 49.72 Strength of legal rights index (0–12) 2 Procedures (number) 15 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 66 Time (days) 318.5 Credit bureau coverage (% of adults) 33.8 DTF score for enforcing contracts (0–100) 63.35 Cost (% of warehouse value) 5.3 Credit registry coverage (% of adults) 45.0 Procedures (number) 40 Time (days) 505 ✔ Getting electricity (rank) 107 Protecting minority investors (rank) 154 Cost (% of claim) 17.0 DTF score for getting electricity (0–100) 71.22 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 138 Time (days) 77 Extent of shareholder governance index (0–10) 4.3 DTF score for resolving insolvency (0–100) 32.38 Cost (% of income per capita) 865.6 Strength of minority investor protection index (0–10) 4.2 Time (years) 4.5 Cost (% of estate) 15 Paying taxes (rank) 124 Recovery rate (cents on the dollar) 19.5 DTF score for paying taxes (0–100) 66.78 Strength of insolvency framework index (0–16) 7 Payments (number per year) 20 Time (hours per year) 344 Total tax rate (% of profit) 44.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 193 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business IRAQ Middle East & North Africa GNI per capita (US$) 6,710 Ease of doing business rank (1–189) 156 Overall distance to frontier (DTF) score (0–100) 50.36 Population (m) 33.4 Starting a business (rank) 142 Registering property (rank) 109 Trading across borders (rank) 178 DTF score for starting a business (0–100) 74.03 DTF score for registering property (0–100) 62.62 DTF score for trading across borders (0–100) 20.48 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 10 Time (days) 29 Time (days) 51 Time to export (days) 80 Cost (% of income per capita) 38.2 Cost (% of property value) 8.2 Cost to export (US$ per container) 3,550 Minimum capital (% of income per capita) 12.8 Documents to import (number) 10 Getting credit (rank) 180 Time to import (days) 82 Dealing with construction permits (rank) 9 DTF score for getting credit (0–100) 5.00 Cost to import (US$ per container) 3,650 DTF score for dealing with construction permits (0–100) 86.65 Strength of legal rights index (0–12) 1 Procedures (number) 8 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 141 Time (days) 119 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 47.32 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 520 Getting electricity (rank) 36 Protecting minority investors (rank) 146 Cost (% of claim) 28.1 DTF score for getting electricity (0–100) 84.95 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 77 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 228.9 Strength of minority investor protection index (0–10) 4.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 52 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 80.09 Strength of insolvency framework index (0–16) 0 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$) 39,110 Ease of doing business rank (1–189) 13 Overall distance to frontier (DTF) score (0–100) 80.07 Population (m) 4.6 Starting a business (rank) 19 ✔ Registering property (rank) 50 Trading across borders (rank) 5 DTF score for starting a business (0–100) 94.17 DTF score for registering property (0–100) 78.34 DTF score for trading across borders (0–100) 93.01 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 2 Time (days) 6 Time (days) 31.5 Time to export (days) 8 Cost (% of income per capita) 0.3 Cost (% of property value) 2.6 Cost to export (US$ per container) 1,160 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 ✔ Getting credit (rank) 23 Time to import (days) 9 Dealing with construction permits (rank) 128 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,121 DTF score for dealing with construction permits (0–100) 65.61 Strength of legal rights index (0–12) 7 Procedures (number) 10 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 18 Time (days) 150 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 75.47 Cost (% of warehouse value) 9.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 21 Time (days) 650 Getting electricity (rank) 67 Protecting minority investors (rank) 6 Cost (% of claim) 26.9 DTF score for getting electricity (0–100) 78.84 DTF score for protecting minority investors (0–100) 73.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 8.3 Resolving insolvency (rank) 21 Time (days) 85 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 76.90 Cost (% of income per capita) 83.3 Strength of minority investor protection index (0–10) 7.3 Time (years) 0.4 Cost (% of estate) 9 Paying taxes (rank) 6 Recovery rate (cents on the dollar) 87.7 DTF score for paying taxes (0–100) 95.07 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 9 Time (hours per year) 80 Total tax rate (% of profit) 25.9 ISRAEL OECD high income GNI per capita (US$) 34,120 Ease of doing business rank (1–189) 40 Overall distance to frontier (DTF) score (0–100) 71.25 Population (m) 8.1 Starting a business (rank) 53 Registering property (rank) 135 Trading across borders (rank) 12 DTF score for starting a business (0–100) 90.54 DTF score for registering property (0–100) 57.12 DTF score for trading across borders (0–100) 89.39 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 4 Time (days) 13 Time (days) 81 Time to export (days) 10 Cost (% of income per capita) 3.5 Cost (% of property value) 7.3 Cost to export (US$ per container) 620 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 36 Time to import (days) 10 Dealing with construction permits (rank) 121 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 565 DTF score for dealing with construction permits (0–100) 66.45 Strength of legal rights index (0–12) 6 Procedures (number) 15 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 111 Time (days) 209 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 54.93 Cost (% of warehouse value) 1.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 890 Getting electricity (rank) 109 Protecting minority investors (rank) 11 Cost (% of claim) 25.3 DTF score for getting electricity (0–100) 71.11 DTF score for protecting minority investors (0–100) 70.83 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 8.3 Resolving insolvency (rank) 24 Time (days) 102 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 75.21 Cost (% of income per capita) 11.8 Strength of minority investor protection index (0–10) 7.1 Time (years) 2.0 Cost (% of estate) 23 ✘ Paying taxes (rank) 97 Recovery rate (cents on the dollar) 61.4 DTF score for paying taxes (0–100) 71.88 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 33 Time (hours per year) 235 Total tax rate (% of profit) 30.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 194 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ITALY OECD high income GNI per capita (US$) 34,400 Ease of doing business rank (1–189) 56 Overall distance to frontier (DTF) score (0–100) 68.48 Population (m) 59.8 ✔ Starting a business (rank) 46 Registering property (rank) 41 Trading across borders (rank) 37 DTF score for starting a business (0–100) 91.22 DTF score for registering property (0–100) 79.44 DTF score for trading across borders (0–100) 83.44 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 3 Time (days) 5 Time (days) 16 Time to export (days) 19 Cost (% of income per capita) 14.1 Cost (% of property value) 4.4 Cost to export (US$ per container) 1,195 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 89 Time to import (days) 18 Dealing with construction permits (rank) 116 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,145 DTF score for dealing with construction permits (0–100) 67.35 Strength of legal rights index (0–12) 2 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 147 Time (days) 233 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 45.61 Cost (% of warehouse value) 3.7 Credit registry coverage (% of adults) 24.6 Procedures (number) 37 Time (days) 1,185 Getting electricity (rank) 102 Protecting minority investors (rank) 21 Cost (% of claim) 23.1 DTF score for getting electricity (0–100) 72.65 DTF score for protecting minority investors (0–100) 66.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 29 Time (days) 124 Extent of shareholder governance index (0–10) 7.3 DTF score for resolving insolvency (0–100) 71.29 Cost (% of income per capita) 212.6 Strength of minority investor protection index (0–10) 6.7 Time (years) 1.8 Cost (% of estate) 22 Paying taxes (rank) 141 Recovery rate (cents on the dollar) 62.8 DTF score for paying taxes (0–100) 62.13 Strength of insolvency framework index (0–16) 12 Payments (number per year) 15 Time (hours per year) 269 Total tax rate (% of profit) 65.4 JAMAICA Latin America & Caribbean GNI per capita (US$) 5,220 Ease of doing business rank (1–189) 58 Overall distance to frontier (DTF) score (0–100) 67.79 Population (m) 2.7 ✔ Starting a business (rank) 20 Registering property (rank) 126 Trading across borders (rank) 115 DTF score for starting a business (0–100) 94.13 DTF score for registering property (0–100) 59.36 DTF score for trading across borders (0–100) 68.22 Procedures (number) 2 Procedures (number) 6 Documents to export (number) 6 Time (days) 15 Time (days) 36 Time to export (days) 20 Cost (% of income per capita) 6.0 Cost (% of property value) 9.5 Cost to export (US$ per container) 1,580 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 ✔ Getting credit (rank) 12 Time to import (days) 17 Dealing with construction permits (rank) 26 DTF score for getting credit (0–100) 80.00 Cost to import (US$ per container) 2,180 DTF score for dealing with construction permits (0–100) 83.17 Strength of legal rights index (0–12) 10 Procedures (number) 7 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 117 Time (days) 135 Credit bureau coverage (% of adults) 10.1 DTF score for enforcing contracts (0–100) 53.74 Cost (% of warehouse value) 2.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 655 ✔ Getting electricity (rank) 111 Protecting minority investors (rank) 71 Cost (% of claim) 45.6 DTF score for getting electricity (0–100) 70.36 DTF score for protecting minority investors (0–100) 56.67 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 59 Time (days) 96 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 53.29 Cost (% of income per capita) 406.3 Strength of minority investor protection index (0–10) 5.7 Time (years) 1.1 Cost (% of estate) 18 ✘ Paying taxes (rank) 147 Recovery rate (cents on the dollar) 64.2 DTF score for paying taxes (0–100) 59.01 Strength of insolvency framework index (0–16) 6 Payments (number per year) 36 Time (hours per year) 368 Total tax rate (% of profit) 39.3 JAPAN OECD high income GNI per capita (US$) 46,140 Ease of doing business rank (1–189) 29 Overall distance to frontier (DTF) score (0–100) 74.80 Population (m) 127.3 Starting a business (rank) 83 Registering property (rank) 73 Trading across borders (rank) 20 DTF score for starting a business (0–100) 86.21 DTF score for registering property (0–100) 71.33 DTF score for trading across borders (0–100) 87.23 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 3 Time (days) 10.7 Time (days) 13 Time to export (days) 11 Cost (% of income per capita) 7.5 Cost (% of property value) 5.8 Cost to export (US$ per container) 829 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 11 Dealing with construction permits (rank) 83 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 1,021 DTF score for dealing with construction permits (0–100) 73.30 Strength of legal rights index (0–12) 4 Procedures (number) 12 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 26 Time (days) 197 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 69.95 Cost (% of warehouse value) 0.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 360 Getting electricity (rank) 28 Protecting minority investors (rank) 35 Cost (% of claim) 32.2 DTF score for getting electricity (0–100) 86.51 DTF score for protecting minority investors (0–100) 62.50 Procedures (number) 3.4 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 2 Time (days) 97.7 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 93.74 Cost (% of income per capita) 0.0 Strength of minority investor protection index (0–10) 6.3 Time (years) 0.6 Cost (% of estate) 4 Paying taxes (rank) 122 Recovery rate (cents on the dollar) 92.9 DTF score for paying taxes (0–100) 67.19 Strength of insolvency framework index (0–16) 14 Payments (number per year) 14 Time (hours per year) 330 Total tax rate (% of profit) 51.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 195 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business JORDAN Middle East & North Africa GNI per capita (US$) 4,950 Ease of doing business rank (1–189) 117 Overall distance to frontier (DTF) score (0–100) 58.40 Population (m) 6.5 Starting a business (rank) 86 Registering property (rank) 107 ✔ Trading across borders (rank) 54 DTF score for starting a business (0–100) 85.61 DTF score for registering property (0–100) 63.45 DTF score for trading across borders (0–100) 78.92 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 12 Time (days) 21 Time to export (days) 12 Cost (% of income per capita) 21.4 Cost (% of property value) 7.5 Cost to export (US$ per container) 825 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 185 Time to import (days) 15 Dealing with construction permits (rank) 126 DTF score for getting credit (0–100) 0.00 Cost to import (US$ per container) 1,235 DTF score for dealing with construction permits (0–100) 66.02 Strength of legal rights index (0–12) 0 Procedures (number) 16 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 114 Time (days) 63 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 54.04 Cost (% of warehouse value) 9.5 Credit registry coverage (% of adults) 2.2 Procedures (number) 39 Time (days) 689 Getting electricity (rank) 44 Protecting minority investors (rank) 154 Cost (% of claim) 31.2 DTF score for getting electricity (0–100) 82.95 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 145 Time (days) 50 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 30.17 Cost (% of income per capita) 315.9 Strength of minority investor protection index (0–10) 4.2 Time (years) 3.0 Cost (% of estate) 20 Paying taxes (rank) 45 Recovery rate (cents on the dollar) 27.0 DTF score for paying taxes (0–100) 81.19 Strength of insolvency framework index (0–16) 5 Payments (number per year) 25 Time (hours per year) 151 Total tax rate (% of profit) 29.0 KAZAKHSTAN Europe & Central Asia GNI per capita (US$) 11,380 Ease of doing business rank (1–189) 77 Overall distance to frontier (DTF) score (0–100) 64.59 Population (m) 17.0 Starting a business (rank) 55 ✔ Registering property (rank) 14 ✔ Trading across borders (rank) 185 DTF score for starting a business (0–100) 90.19 DTF score for registering property (0–100) 89.83 DTF score for trading across borders (0–100) 7.87 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 10 Time (days) 10 Time (days) 11 Time to export (days) 79 Cost (% of income per capita) 0.5 Cost (% of property value) 0.1 Cost to export (US$ per container) 5,285 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 71 Time to import (days) 67 Dealing with construction permits (rank) 154 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 5,265 DTF score for dealing with construction permits (0–100) 58.39 Strength of legal rights index (0–12) 3 Procedures (number) 25 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 30 Time (days) 156 Credit bureau coverage (% of adults) 51.7 DTF score for enforcing contracts (0–100) 69.33 Cost (% of warehouse value) 1.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 370 Getting electricity (rank) 97 Protecting minority investors (rank) 25 Cost (% of claim) 22.0 DTF score for getting electricity (0–100) 72.96 DTF score for protecting minority investors (0–100) 65.83 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 6.7 ✔ Resolving insolvency (rank) 63 Time (days) 88 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 51.45 Cost (% of income per capita) 56.6 Strength of minority investor protection index (0–10) 6.6 Time (years) 1.5 Cost (% of estate) 15 ✘ Paying taxes (rank) 17 Recovery rate (cents on the dollar) 43.3 DTF score for paying taxes (0–100) 90.04 Strength of insolvency framework index (0–16) 9 Payments (number per year) 6 Time (hours per year) 188 Total tax rate (% of profit) 28.6 KENYA Sub-Saharan Africa GNI per capita (US$) 930 Ease of doing business rank (1–189) 136 Overall distance to frontier (DTF) score (0–100) 54.98 Population (m) 44.4 Starting a business (rank) 143 Registering property (rank) 136 Trading across borders (rank) 153 DTF score for starting a business (0–100) 74.02 DTF score for registering property (0–100) 56.88 DTF score for trading across borders (0–100) 54.49 Procedures (number) 10 Procedures (number) 9 Documents to export (number) 8 Time (days) 30 Time (days) 72 Time to export (days) 26 Cost (% of income per capita) 42.7 Cost (% of property value) 4.3 Cost to export (US$ per container) 2,255 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 116 Time to import (days) 26 ✘ Dealing with construction permits (rank) 95 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 2,350 DTF score for dealing with construction permits (0–100) 71.02 Strength of legal rights index (0–12) 7 Procedures (number) 8 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 137 Time (days) 125 Credit bureau coverage (% of adults) 4.9 DTF score for enforcing contracts (0–100) 48.96 Cost (% of warehouse value) 9.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 465 Getting electricity (rank) 151 Protecting minority investors (rank) 122 Cost (% of claim) 47.2 DTF score for getting electricity (0–100) 58.85 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 134 Time (days) 158 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 33.31 Cost (% of income per capita) 1,020.2 Strength of minority investor protection index (0–10) 4.6 Time (years) 4.5 Cost (% of estate) 22 ✘ Paying taxes (rank) 102 Recovery rate (cents on the dollar) 27.1 DTF score for paying taxes (0–100) 71.49 Strength of insolvency framework index (0–16) 6 Payments (number per year) 30 Time (hours per year) 201.5 Total tax rate (% of profit) 38.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 196 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business KIRIBATI East Asia & Pacific GNI per capita (US$) 2,620 Ease of doing business rank (1–189) 134 Overall distance to frontier (DTF) score (0–100) 55.48 Population (m) 0.1 Starting a business (rank) 122 Registering property (rank) 139 Trading across borders (rank) 81 DTF score for starting a business (0–100) 79.74 DTF score for registering property (0–100) 55.48 DTF score for trading across borders (0–100) 74.76 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 6 Time (days) 31 Time (days) 513 Time to export (days) 20 Cost (% of income per capita) 20.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 19.5 Documents to import (number) 6 Getting credit (rank) 160 Time to import (days) 21 Dealing with construction permits (rank) 65 DTF score for getting credit (0–100) 20.00 Cost to import (US$ per container) 910 DTF score for dealing with construction permits (0–100) 75.71 Strength of legal rights index (0–12) 4 Procedures (number) 14 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 60 Time (days) 149 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 64.15 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 660 Getting electricity (rank) 167 Protecting minority investors (rank) 154 Cost (% of claim) 25.8 DTF score for getting electricity (0–100) 52.26 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 189 Time (days) 97 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 4,768.9 Strength of minority investor protection index (0–10) 4.2 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE ✘ Paying taxes (rank) 14 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 91.03 Strength of insolvency framework index (0–16) 0 Payments (number per year) 7 Time (hours per year) 120 Total tax rate (% of profit) 32.7 KOREA, REP. OECD high income GNI per capita (US$) 25,920 Ease of doing business rank (1–189) 5 Overall distance to frontier (DTF) score (0–100) 83.40 Population (m) 50.2 Starting a business (rank) 17 ✔ Registering property (rank) 79 Trading across borders (rank) 3 DTF score for starting a business (0–100) 94.36 DTF score for registering property (0–100) 70.99 DTF score for trading across borders (0–100) 93.45 Procedures (number) 3 Procedures (number) 7 Documents to export (number) 3 Time (days) 4 Time (days) 7 Time to export (days) 8 Cost (% of income per capita) 14.5 Cost (% of property value) 5.1 Cost to export (US$ per container) 670 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 36 Time to import (days) 7 Dealing with construction permits (rank) 12 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 695 DTF score for dealing with construction permits (0–100) 85.89 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 4 Time (days) 29 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 81.71 Cost (% of warehouse value) 4.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 230 Getting electricity (rank) 1 ✔ Protecting minority investors (rank) 21 Cost (% of claim) 10.3 DTF score for getting electricity (0–100) 99.83 DTF score for protecting minority investors (0–100) 66.67 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 5 Time (days) 18 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 90.06 Cost (% of income per capita) 41.1 Strength of minority investor protection index (0–10) 6.7 Time (years) 1.5 Cost (% of estate) 4 Paying taxes (rank) 25 Recovery rate (cents on the dollar) 83.1 DTF score for paying taxes (0–100) 86.09 Strength of insolvency framework index (0–16) 14.5 Payments (number per year) 10 Time (hours per year) 187 Total tax rate (% of profit) 32.4 KOSOVO Europe & Central Asia GNI per capita (US$) 3,890 Ease of doing business rank (1–189) 75 Overall distance to frontier (DTF) score (0–100) 64.76 Population (m) 1.8 Starting a business (rank) 42 ✘ Registering property (rank) 34 Trading across borders (rank) 118 DTF score for starting a business (0–100) 91.33 DTF score for registering property (0–100) 81.32 DTF score for trading across borders (0–100) 67.70 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 8 Time (days) 11 Time (days) 27 Time to export (days) 15 Cost (% of income per capita) 1.2 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,695 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 23 Time to import (days) 15 ✔ Dealing with construction permits (rank) 135 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,730 DTF score for dealing with construction permits (0–100) 63.36 Strength of legal rights index (0–12) 8 Procedures (number) 15 Depth of credit information index (0–8) 6 ✔ Enforcing contracts (rank) 138 Time (days) 152 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 48.59 Cost (% of warehouse value) 6.7 Credit registry coverage (% of adults) 22.8 Procedures (number) 53 Time (days) 330 Getting electricity (rank) 112 Protecting minority investors (rank) 62 Cost (% of claim) 33.0 DTF score for getting electricity (0–100) 70.34 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 164 Time (days) 46 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 19.63 Cost (% of income per capita) 822.5 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.0 Cost (% of estate) 15 Paying taxes (rank) 63 Recovery rate (cents on the dollar) 36.5 DTF score for paying taxes (0–100) 77.87 Strength of insolvency framework index (0–16) 0 Payments (number per year) 33 Time (hours per year) 155 Total tax rate (% of profit) 15.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 197 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business KUWAIT Middle East & North Africa GNI per capita (US$) 47,639 Ease of doing business rank (1–189) 86 Overall distance to frontier (DTF) score (0–100) 63.11 Population (m) 3.4 ✘ Starting a business (rank) 150 Registering property (rank) 69 Trading across borders (rank) 117 DTF score for starting a business (0–100) 71.30 DTF score for registering property (0–100) 72.10 DTF score for trading across borders (0–100) 68.00 Procedures (number) 12 Procedures (number) 8 Documents to export (number) 7 Time (days) 31 Time (days) 47 Time to export (days) 15 Cost (% of income per capita) 1.9 Cost (% of property value) 0.5 Cost to export (US$ per container) 1,085 Minimum capital (% of income per capita) 74.0 Documents to import (number) 10 Getting credit (rank) 116 Time to import (days) 20 Dealing with construction permits (rank) 98 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,250 DTF score for dealing with construction permits (0–100) 70.60 Strength of legal rights index (0–12) 2 Procedures (number) 20 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 131 Time (days) 96 Credit bureau coverage (% of adults) 32.0 DTF score for enforcing contracts (0–100) 50.59 Cost (% of warehouse value) 1.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 50 Time (days) 566 Getting electricity (rank) 93 Protecting minority investors (rank) 43 Cost (% of claim) 18.8 DTF score for getting electricity (0–100) 74.13 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 127 Time (days) 42 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 36.02 Cost (% of income per capita) 42.3 Strength of minority investor protection index (0–10) 6.1 Time (years) 4.2 Cost (% of estate) 10 Paying taxes (rank) 11 Recovery rate (cents on the dollar) 32.1 DTF score for paying taxes (0–100) 92.48 Strength of insolvency framework index (0–16) 6 Payments (number per year) 12 Time (hours per year) 98 Total tax rate (% of profit) 12.8 KYRGYZ REPUBLIC Europe & Central Asia GNI per capita (US$) 1,200 Ease of doing business rank (1–189) 102 Overall distance to frontier (DTF) score (0–100) 60.74 Population (m) 5.7 Starting a business (rank) 9 Registering property (rank) 6 Trading across borders (rank) 183 DTF score for starting a business (0–100) 96.35 DTF score for registering property (0–100) 93.25 DTF score for trading across borders (0–100) 9.70 Procedures (number) 2 Procedures (number) 3 Documents to export (number) 9 Time (days) 8 Time (days) 5 Time to export (days) 63 Cost (% of income per capita) 2.4 Cost (% of property value) 0.3 Cost to export (US$ per container) 4,760 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 36 Time to import (days) 73 Dealing with construction permits (rank) 42 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 6,000 DTF score for dealing with construction permits (0–100) 78.80 Strength of legal rights index (0–12) 8 Procedures (number) 10 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 56 Time (days) 141 Credit bureau coverage (% of adults) 38.2 DTF score for enforcing contracts (0–100) 64.63 Cost (% of warehouse value) 2.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 260 Getting electricity (rank) 168 Protecting minority investors (rank) 35 Cost (% of claim) 37.0 DTF score for getting electricity (0–100) 49.64 DTF score for protecting minority investors (0–100) 62.50 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 157 Time (days) 159 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 24.38 Cost (% of income per capita) 1,872.2 Strength of minority investor protection index (0–10) 6.3 Time (years) 4.0 Cost (% of estate) 15 Paying taxes (rank) 136 Recovery rate (cents on the dollar) 19.2 DTF score for paying taxes (0–100) 63.15 Strength of insolvency framework index (0–16) 4.5 Payments (number per year) 52 Time (hours per year) 210 Total tax rate (% of profit) 29.0 LAO PDR East Asia & Pacific GNI per capita (US$) 1,460 Ease of doing business rank (1–189) 148 Overall distance to frontier (DTF) score (0–100) 51.45 Population (m) 6.8 Starting a business (rank) 154 Registering property (rank) 77 Trading across borders (rank) 156 DTF score for starting a business (0–100) 68.95 DTF score for registering property (0–100) 71.06 DTF score for trading across borders (0–100) 52.96 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 10 Time (days) 92 Time (days) 98 Time to export (days) 23 Cost (% of income per capita) 5.7 Cost (% of property value) 1.1 Cost to export (US$ per container) 1,950 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 ✔ Getting credit (rank) 116 Time to import (days) 26 Dealing with construction permits (rank) 107 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,910 DTF score for dealing with construction permits (0–100) 68.50 Strength of legal rights index (0–12) 7 Procedures (number) 22 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 99 Time (days) 107 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 57.49 Cost (% of warehouse value) 0.6 Credit registry coverage (% of adults) 3.5 Procedures (number) 42 Time (days) 443 Getting electricity (rank) 128 ✔ Protecting minority investors (rank) 178 Cost (% of claim) 31.6 DTF score for getting electricity (0–100) 65.29 DTF score for protecting minority investors (0–100) 29.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 189 Time (days) 134 Extent of shareholder governance index (0–10) 2.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 1,650.4 Strength of minority investor protection index (0–10) 2.9 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 129 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 66.10 Strength of insolvency framework index (0–16) 0 Payments (number per year) 35 Time (hours per year) 362 Total tax rate (% of profit) 25.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 198 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business LATVIA Europe & Central Asia GNI per capita (US$) 15,280 Ease of doing business rank (1–189) 23 Overall distance to frontier (DTF) score (0–100) 76.73 Population (m) 2.0 ✘ Starting a business (rank) 36 Registering property (rank) 32 Trading across borders (rank) 28 DTF score for starting a business (0–100) 92.12 DTF score for registering property (0–100) 81.69 DTF score for trading across borders (0–100) 85.36 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 5 Time (days) 12.5 Time (days) 18 Time to export (days) 10 Cost (% of income per capita) 3.6 Cost (% of property value) 2.0 Cost to export (US$ per container) 600 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days) 11 Dealing with construction permits (rank) 47 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 801 DTF score for dealing with construction permits (0–100) 78.38 Strength of legal rights index (0–12) 9 Procedures (number) 12 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 16 Time (days) 149 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 75.59 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 76.8 Procedures (number) 27 Time (days) 469 Getting electricity (rank) 89 Protecting minority investors (rank) 49 Cost (% of claim) 23.1 DTF score for getting electricity (0–100) 74.58 DTF score for protecting minority investors (0–100) 60.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 40 Time (days) 108 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 63.42 Cost (% of income per capita) 308.2 Strength of minority investor protection index (0–10) 6.0 Time (years) 1.5 Cost (% of estate) 10 ✔ Paying taxes (rank) 24 Recovery rate (cents on the dollar) 48.2 DTF score for paying taxes (0–100) 86.19 Strength of insolvency framework index (0–16) 12 Payments (number per year) 7 Time (hours per year) 193 Total tax rate (% of profit) 35.0 LEBANON Middle East & North Africa GNI per capita (US$) 9,870 Ease of doing business rank (1–189) 104 Overall distance to frontier (DTF) score (0–100) 60.61 Population (m) 4.5 Starting a business (rank) 119 Registering property (rank) 106 Trading across borders (rank) 97 DTF score for starting a business (0–100) 80.80 DTF score for registering property (0–100) 63.69 DTF score for trading across borders (0–100) 71.96 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 4 Time (days) 9 Time (days) 25 Time to export (days) 22 Cost (% of income per capita) 73.0 Cost (% of property value) 5.9 Cost to export (US$ per container) 1,080 Minimum capital (% of income per capita) 33.0 Documents to import (number) 7 Getting credit (rank) 116 Time to import (days) 30 Dealing with construction permits (rank) 164 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,365 DTF score for dealing with construction permits (0–100) 54.38 Strength of legal rights index (0–12) 2 Procedures (number) 18 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 110 Time (days) 244 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 55.40 Cost (% of warehouse value) 4.4 Credit registry coverage (% of adults) 20.3 Procedures (number) 37 Time (days) 721 Getting electricity (rank) 57 Protecting minority investors (rank) 106 Cost (% of claim) 30.8 DTF score for getting electricity (0–100) 80.24 DTF score for protecting minority investors (0–100) 49.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 136 Time (days) 75 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 33.03 Cost (% of income per capita) 93.2 Strength of minority investor protection index (0–10) 4.9 Time (years) 3.0 Cost (% of estate) 15 Paying taxes (rank) 40 Recovery rate (cents on the dollar) 32.3 DTF score for paying taxes (0–100) 82.44 Strength of insolvency framework index (0–16) 5 Payments (number per year) 19 Time (hours per year) 183 Total tax rate (% of profit) 29.9 LESOTHO Sub-Saharan Africa GNI per capita (US$) 1,550 Ease of doing business rank (1–189) 128 Overall distance to frontier (DTF) score (0–100) 56.64 Population (m) 2.1 Starting a business (rank) 108 Registering property (rank) 93 Trading across borders (rank) 147 DTF score for starting a business (0–100) 82.84 DTF score for registering property (0–100) 66.36 DTF score for trading across borders (0–100) 57.86 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 7 Time (days) 29 Time (days) 43 Time to export (days) 31 Cost (% of income per capita) 9.4 Cost (% of property value) 8.4 Cost to export (US$ per container) 1,795 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 151 Time to import (days) 33 Dealing with construction permits (rank) 161 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 2,045 DTF score for dealing with construction permits (0–100) 55.79 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 115 Time (days) 179 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 53.94 Cost (% of warehouse value) 13.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 615 Getting electricity (rank) 117 Protecting minority investors (rank) 106 Cost (% of claim) 31.3 DTF score for getting electricity (0–100) 68.20 DTF score for protecting minority investors (0–100) 49.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 120 Time (days) 114 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 37.51 Cost (% of income per capita) 1,647.5 Strength of minority investor protection index (0–10) 4.9 Time (years) 2.6 Cost (% of estate) 20 Paying taxes (rank) 109 Recovery rate (cents on the dollar) 29.0 DTF score for paying taxes (0–100) 69.72 Strength of insolvency framework index (0–16) 7 Payments (number per year) 32 Time (hours per year) 324 Total tax rate (% of profit) 13.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 199 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business LIBERIA Sub-Saharan Africa GNI per capita (US$) 410 Ease of doing business rank (1–189) 174 Overall distance to frontier (DTF) score (0–100) 46.61 Population (m) 4.3 Starting a business (rank) 30 Registering property (rank) 177 Trading across borders (rank) 149 DTF score for starting a business (0–100) 92.41 DTF score for registering property (0–100) 39.57 DTF score for trading across borders (0–100) 56.40 Procedures (number) 4 Procedures (number) 10 Documents to export (number) 10 Time (days) 4.5 Time (days) 44 Time to export (days) 15 Cost (% of income per capita) 17.4 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,320 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 160 Time to import (days) 29 Dealing with construction permits (rank) 143 DTF score for getting credit (0–100) 20.00 Cost to import (US$ per container) 1,320 DTF score for dealing with construction permits (0–100) 62.00 Strength of legal rights index (0–12) 4 Procedures (number) 22 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 174 Time (days) 74 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 35.43 Cost (% of warehouse value) 6.4 Credit registry coverage (% of adults) 1.7 Procedures (number) 40 Time (days) 1,280 Getting electricity (rank) 166 Protecting minority investors (rank) 181 Cost (% of claim) 35.0 DTF score for getting electricity (0–100) 52.61 DTF score for protecting minority investors (0–100) 28.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 3.7 Resolving insolvency (rank) 169 Time (days) 465 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 4.60 Cost (% of income per capita) 2,065.4 Strength of minority investor protection index (0–10) 2.8 Time (years) 3.0 Cost (% of estate) 43 Paying taxes (rank) 77 Recovery rate (cents on the dollar) 8.6 DTF score for paying taxes (0–100) 74.75 Strength of insolvency framework index (0–16) 0 Payments (number per year) 33 Time (hours per year) 150.5 Total tax rate (% of profit) 33.3 LIBYA Middle East & North Africa GNI per capita (US$) 11,046 Ease of doing business rank (1–189) 188 Overall distance to frontier (DTF) score (0–100) 33.35 Population (m) 6.2 Starting a business (rank) 144 Registering property (rank) 189 Trading across borders (rank) 139 DTF score for starting a business (0–100) 73.50 DTF score for registering property (0–100) 0.00 DTF score for trading across borders (0–100) 61.72 Procedures (number) 10 Procedures (number) NO PRACTICE Documents to export (number) 7 Time (days) 35 Time (days) NO PRACTICE Time to export (days) 23 Cost (% of income per capita) 19.9 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 33.8 Documents to import (number) 9 Getting credit (rank) 185 Time to import (days) 37 Dealing with construction permits (rank) 189 DTF score for getting credit (0–100) 0.00 Cost to import (US$ per container) 1,255 DTF score for dealing with construction permits (0–100) 0.00 Strength of legal rights index (0–12) 0 Procedures (number) NO PRACTICE Depth of credit information index (0–8) 0 Enforcing contracts (rank) 126 Time (days) NO PRACTICE Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 51.42 Cost (% of warehouse value) NO PRACTICE Credit registry coverage (% of adults) 0.5 Procedures (number) 43 Time (days) 690 Getting electricity (rank) 65 Protecting minority investors (rank) 188 Cost (% of claim) 27.0 DTF score for getting electricity (0–100) 79.10 DTF score for protecting minority investors (0–100) 12.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 2.0 Resolving insolvency (rank) 189 Time (days) 118 Extent of shareholder governance index (0–10) 0.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 206.2 Strength of minority investor protection index (0–10) 1.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 157 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 55.25 Strength of insolvency framework index (0–16) 0 Payments (number per year) 19 Time (hours per year) 889 Total tax rate (% of profit) 31.5 LITHUANIA Europe & Central Asia GNI per capita (US$) 14,900 Ease of doing business rank (1–189) 24 Overall distance to frontier (DTF) score (0–100) 76.31 Population (m) 3.0 ✔ Starting a business (rank) 11 Registering property (rank) 9 Trading across borders (rank) 21 DTF score for starting a business (0–100) 96.22 DTF score for registering property (0–100) 92.39 DTF score for trading across borders (0–100) 87.21 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 3.5 Time (days) 2.5 Time to export (days) 10 Cost (% of income per capita) 0.7 Cost (% of property value) 0.8 Cost to export (US$ per container) 750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days) 9 ✔ Dealing with construction permits (rank) 15 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 800 DTF score for dealing with construction permits (0–100) 85.27 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 8 ✔ Enforcing contracts (rank) 14 Time (days) 91 Credit bureau coverage (% of adults) 97.7 DTF score for enforcing contracts (0–100) 75.85 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 28.8 Procedures (number) 31 Time (days) 300 Getting electricity (rank) 105 Protecting minority investors (rank) 78 Cost (% of claim) 23.6 DTF score for getting electricity (0–100) 71.46 DTF score for protecting minority investors (0–100) 55.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 67 Time (days) 137 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 48.47 Cost (% of income per capita) 45.5 Strength of minority investor protection index (0–10) 5.5 Time (years) 2.3 Cost (% of estate) 10 Paying taxes (rank) 44 Recovery rate (cents on the dollar) 43.6 DTF score for paying taxes (0–100) 81.24 Strength of insolvency framework index (0–16) 8 Payments (number per year) 11 Time (hours per year) 175 Total tax rate (% of profit) 42.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 200 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business LUXEMBOURG OECD high income GNI per capita (US$) 71,810 Ease of doing business rank (1–189) 59 Overall distance to frontier (DTF) score (0–100) 67.60 Population (m) 0.5 Starting a business (rank) 82 Registering property (rank) 137 Trading across borders (rank) 35 DTF score for starting a business (0–100) 86.47 DTF score for registering property (0–100) 56.75 DTF score for trading across borders (0–100) 83.58 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 5 Time (days) 18.5 Time (days) 26.5 Time to export (days) 8 Cost (% of income per capita) 2.0 Cost (% of property value) 10.1 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 22.5 Documents to import (number) 4 Getting credit (rank) 165 Time to import (days) 7 Dealing with construction permits (rank) 50 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 1,420 DTF score for dealing with construction permits (0–100) 78.22 Strength of legal rights index (0–12) 3 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 2 Time (days) 157 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 85.70 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 321 Getting electricity (rank) 42 Protecting minority investors (rank) 117 Cost (% of claim) 9.7 DTF score for getting electricity (0–100) 83.22 DTF score for protecting minority investors (0–100) 46.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 62 Time (days) 56 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 51.83 Cost (% of income per capita) 40.1 Strength of minority investor protection index (0–10) 4.7 Time (years) 2.0 Cost (% of estate) 15 Paying taxes (rank) 20 Recovery rate (cents on the dollar) 44.0 DTF score for paying taxes (0–100) 88.58 Strength of insolvency framework index (0–16) 9 Payments (number per year) 23 Time (hours per year) 55 Total tax rate (% of profit) 20.2 MACEDONIA, FYR Europe & Central Asia GNI per capita (US$) 4,800 Ease of doing business rank (1–189) 30 Overall distance to frontier (DTF) score (0–100) 74.11 Population (m) 2.1 ✔ Starting a business (rank) 3 Registering property (rank) 74 Trading across borders (rank) 85 DTF score for starting a business (0–100) 98.08 DTF score for registering property (0–100) 71.27 DTF score for trading across borders (0–100) 74.43 Procedures (number) 2 Procedures (number) 7 Documents to export (number) 6 Time (days) 2 Time (days) 31 Time to export (days) 12 Cost (% of income per capita) 0.6 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,376 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 11 Dealing with construction permits (rank) 89 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,380 DTF score for dealing with construction permits (0–100) 72.30 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 87 Time (days) 89 Credit bureau coverage (% of adults) 83.7 DTF score for enforcing contracts (0–100) 58.31 Cost (% of warehouse value) 8.2 Credit registry coverage (% of adults) 36.4 Procedures (number) 38 Time (days) 604 Getting electricity (rank) 88 ✔ Protecting minority investors (rank) 21 Cost (% of claim) 28.8 DTF score for getting electricity (0–100) 74.94 DTF score for protecting minority investors (0–100) 66.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.7 ✔ Resolving insolvency (rank) 35 Time (days) 107 Extent of shareholder governance index (0–10) 6.7 DTF score for resolving insolvency (0–100) 65.93 Cost (% of income per capita) 255.3 Strength of minority investor protection index (0–10) 6.7 Time (years) 1.8 Cost (% of estate) 10 Paying taxes (rank) 7 Recovery rate (cents on the dollar) 44.1 DTF score for paying taxes (0–100) 94.17 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 7 Time (hours per year) 119 Total tax rate (% of profit) 7.4 MADAGASCAR Sub-Saharan Africa GNI per capita (US$) 440 Ease of doing business rank (1–189) 163 Overall distance to frontier (DTF) score (0–100) 49.25 Population (m) 22.9 Starting a business (rank) 37 Registering property (rank) 153 Trading across borders (rank) 109 DTF score for starting a business (0–100) 92.02 DTF score for registering property (0–100) 51.72 DTF score for trading across borders (0–100) 68.98 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 5 Time (days) 8 Time (days) 74 Time to export (days) 22 Cost (% of income per capita) 13.5 Cost (% of property value) 10.2 Cost to export (US$ 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) 177 DTF score for getting credit (0–100) 5.00 Cost to import (US$ per container) 1,555 DTF score for dealing with construction permits (0–100) 46.68 Strength of legal rights index (0–12) 1 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 146 Time (days) 123 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 45.91 Cost (% of warehouse value) 20.8 Credit registry coverage (% of adults) 0.2 Procedures (number) 38 Time (days) 871 Getting electricity (rank) 189 Protecting minority investors (rank) 87 Cost (% of claim) 42.4 DTF score for getting electricity (0–100) 16.67 DTF score for protecting minority investors (0–100) 53.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 129 Time (days) 450 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 34.43 Cost (% of income per capita) 8,583.3 Strength of minority investor protection index (0–10) 5.3 Time (years) 2.0 Cost (% of estate) 30 Paying taxes (rank) 65 Recovery rate (cents on the dollar) 11.7 DTF score for paying taxes (0–100) 77.78 Strength of insolvency framework index (0–16) 9 Payments (number per year) 23 Time (hours per year) 183 Total tax rate (% of profit) 35.1 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 201 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MALAWI Sub-Saharan Africa GNI per capita (US$) 270 Ease of doing business rank (1–189) 164 Overall distance to frontier (DTF) score (0–100) 49.20 Population (m) 16.4 ✔ Starting a business (rank) 157 Registering property (rank) 76 Trading across borders (rank) 170 DTF score for starting a business (0–100) 68.53 DTF score for registering property (0–100) 71.07 DTF score for trading across borders (0–100) 37.40 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 11 Time (days) 38 Time (days) 69 Time to export (days) 34 Cost (% of income per capita) 94.1 Cost (% of property value) 1.9 Cost to export (US$ per container) 2,200 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 151 Time to import (days) 39 Dealing with construction permits (rank) 72 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 2,895 DTF score for dealing with construction permits (0–100) 75.09 Strength of legal rights index (0–12) 5 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 154 Time (days) 153 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 43.73 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 432 ✔ Getting electricity (rank) 181 Protecting minority investors (rank) 132 Cost (% of claim) 69.1 DTF score for getting electricity (0–100) 35.78 DTF score for protecting minority investors (0–100) 45.00 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 166 Time (days) 172 Extent of shareholder governance index (0–10) 3.3 DTF score for resolving insolvency (0–100) 18.99 Cost (% of income per capita) 6,131.5 Strength of minority investor protection index (0–10) 4.5 Time (years) 2.6 Cost (% of estate) 25 Paying taxes (rank) 103 Recovery rate (cents on the dollar) 12.1 DTF score for paying taxes (0–100) 71.37 Strength of insolvency framework index (0–16) 4 Payments (number per year) 35 Time (hours per year) 174.5 Total tax rate (% of profit) 35.5 MALAYSIA East Asia & Pacific GNI per capita (US$) 10,400 Ease of doing business rank (1–189) 18 Overall distance to frontier (DTF) score (0–100) 78.83 Population (m) 29.7 Starting a business (rank) 13 Registering property (rank) 75 Trading across borders (rank) 11 DTF score for starting a business (0–100) 94.90 DTF score for registering property (0–100) 71.16 DTF score for trading across borders (0–100) 89.94 Procedures (number) 3 Procedures (number) 8 Documents to export (number) 4 Time (days) 5.5 Time (days) 13.5 Time to export (days) 11 Cost (% of income per capita) 7.2 Cost (% of property value) 3.3 Cost to export (US$ per container) 525 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 23 Time to import (days) 8 Dealing with construction permits (rank) 28 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 560 DTF score for dealing with construction permits (0–100) 82.49 Strength of legal rights index (0–12) 7 Procedures (number) 13 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 29 Time (days) 74 Credit bureau coverage (% of adults) 78.6 DTF score for enforcing contracts (0–100) 69.39 Cost (% of warehouse value) 1.3 Credit registry coverage (% of adults) 56.2 Procedures (number) 29 Time (days) 425 Getting electricity (rank) 27 Protecting minority investors (rank) 5 Cost (% of claim) 37.3 DTF score for getting electricity (0–100) 86.67 DTF score for protecting minority investors (0–100) 74.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 8.7 Resolving insolvency (rank) 36 Time (days) 32 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 65.61 Cost (% of income per capita) 46.3 Strength of minority investor protection index (0–10) 7.4 Time (years) 1.0 Cost (% of estate) 10 Paying taxes (rank) 32 Recovery rate (cents on the dollar) 81.3 DTF score for paying taxes (0–100) 83.95 Strength of insolvency framework index (0–16) 7 Payments (number per year) 13 Time (hours per year) 133 Total tax rate (% of profit) 39.2 MALDIVES South Asia GNI per capita (US$) 5,600 Ease of doing business rank (1–189) 116 Overall distance to frontier (DTF) score (0–100) 58.73 Population (m) 0.3 Starting a business (rank) 50 Registering property (rank) 169 Trading across borders (rank) 132 DTF score for starting a business (0–100) 91.07 DTF score for registering property (0–100) 43.85 DTF score for trading across borders (0–100) 63.63 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 7 Time (days) 9 Time (days) 57 Time to export (days) 21 Cost (% of income per capita) 6.2 Cost (% of property value) 16.2 Cost to export (US$ per container) 1,625 Minimum capital (% of income per capita) 2.3 Documents to import (number) 9 Getting credit (rank) 116 Time to import (days) 22 Dealing with construction permits (rank) 24 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,610 DTF score for dealing with construction permits (0–100) 83.45 Strength of legal rights index (0–12) 2 Procedures (number) 9 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 91 Time (days) 140 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 58.13 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 17.3 Procedures (number) 41 Time (days) 665 Getting electricity (rank) 108 Protecting minority investors (rank) 135 Cost (% of claim) 16.5 DTF score for getting electricity (0–100) 71.14 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 135 Time (days) 91 Extent of shareholder governance index (0–10) 3.5 DTF score for resolving insolvency (0–100) 33.12 Cost (% of income per capita) 391.5 Strength of minority investor protection index (0–10) 4.4 Time (years) 1.5 Cost (% of estate) 4 Paying taxes (rank) 134 Recovery rate (cents on the dollar) 49.9 DTF score for paying taxes (0–100) 63.76 Strength of insolvency framework index (0–16) 2 Payments (number per year) 30 Time (hours per year) 413 Total tax rate (% of profit) 31.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 202 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MALI Sub-Saharan Africa GNI per capita (US$) 670 Ease of doing business rank (1–189) 146 Overall distance to frontier (DTF) score (0–100) 52.59 Population (m) 15.3 Starting a business (rank) 169 Registering property (rank) 133 Trading across borders (rank) 163 DTF score for starting a business (0–100) 62.92 DTF score for registering property (0–100) 57.63 DTF score for trading across borders (0–100) 46.33 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 6 Time (days) 11 Time (days) 29 Time to export (days) 26 Cost (% of income per capita) 78.1 Cost (% of property value) 12.1 Cost to export (US$ per container) 2,440 Minimum capital (% of income per capita) 300.7 Documents to import (number) 11 Getting credit (rank) 131 Time to import (days) 34 ✔ Dealing with construction permits (rank) 97 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 4,540 DTF score for dealing with construction permits (0–100) 70.84 Strength of legal rights index (0–12) 6 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 128 Time (days) 119 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 51.25 Cost (% of warehouse value) 8.1 Credit registry coverage (% of adults) 3.6 Procedures (number) 36 Time (days) 620 Getting electricity (rank) 132 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 52.0 DTF score for getting electricity (0–100) 63.88 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 108 Time (days) 120 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 40.35 Cost (% of income per capita) 3,833.8 Strength of minority investor protection index (0–10) 4.3 Time (years) 3.6 Cost (% of estate) 18 Paying taxes (rank) 145 Recovery rate (cents on the dollar) 22.7 DTF score for paying taxes (0–100) 60.16 Strength of insolvency framework index (0–16) 9 Payments (number per year) 35 Time (hours per year) 270 Total tax rate (% of profit) 48.3 MALTA Middle East & North Africa GNI per capita (US$) 20,980 Ease of doing business rank (1–189) 94 Overall distance to frontier (DTF) score (0–100) 62.11 Population (m) 0.4 ✔ Starting a business (rank) 136 Registering property (rank) 83 Trading across borders (rank) 43 DTF score for starting a business (0–100) 75.29 DTF score for registering property (0–100) 69.86 DTF score for trading across borders (0–100) 81.56 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 5 Time (days) 34.5 Time (days) 15 Time to export (days) 11 Cost (% of income per capita) 11.0 Cost (% of property value) 5.1 Cost to export (US$ per container) 855 Minimum capital (% of income per capita) 1.5 Documents to import (number) 7 Getting credit (rank) 171 Time to import (days) 9 Dealing with construction permits (rank) 109 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 970 DTF score for dealing with construction permits (0–100) 68.39 Strength of legal rights index (0–12) 2 Procedures (number) 15 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 107 Time (days) 167 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 56.27 Cost (% of warehouse value) 2.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 505 Getting electricity (rank) 114 Protecting minority investors (rank) 51 Cost (% of claim) 35.9 DTF score for getting electricity (0–100) 69.98 DTF score for protecting minority investors (0–100) 59.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 86 Time (days) 136 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 44.78 Cost (% of income per capita) 440.2 Strength of minority investor protection index (0–10) 5.9 Time (years) 3.0 Cost (% of estate) 10 Paying taxes (rank) 26 Recovery rate (cents on the dollar) 39.6 DTF score for paying taxes (0–100) 85.81 Strength of insolvency framework index (0–16) 7.5 Payments (number per year) 7 Time (hours per year) 139 Total tax rate (% of profit) 41.6 MARSHALL ISLANDS East Asia & Pacific GNI per capita (US$) 4,200 Ease of doing business rank (1–189) 139 Overall distance to frontier (DTF) score (0–100) 54.72 Population (m) 0.1 Starting a business (rank) 70 Registering property (rank) 189 Trading across borders (rank) 68 DTF score for starting a business (0–100) 88.37 DTF score for registering property (0–100) 0.00 DTF score for trading across borders (0–100) 76.97 Procedures (number) 5 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 17 Time (days) NO PRACTICE Time to export (days) 23 Cost (% of income per capita) 12.8 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 695 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 25 Dealing with construction permits (rank) 10 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 720 DTF score for dealing with construction permits (0–100) 86.33 Strength of legal rights index (0–12) 10 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 58 Time (days) 42 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 64.41 Cost (% of warehouse value) 2.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 476 Getting electricity (rank) 68 Protecting minority investors (rank) 183 Cost (% of claim) 27.4 DTF score for getting electricity (0–100) 78.83 DTF score for protecting minority investors (0–100) 26.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 168 Time (days) 67 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 9.19 Cost (% of income per capita) 719.0 Strength of minority investor protection index (0–10) 2.7 Time (years) 2.0 Cost (% of estate) 38 Paying taxes (rank) 128 Recovery rate (cents on the dollar) 17.1 DTF score for paying taxes (0–100) 66.38 Strength of insolvency framework index (0–16) 0 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 64.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 203 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MAURITANIA Sub-Saharan Africa GNI per capita (US$) 1,060 Ease of doing business rank (1–189) 176 Overall distance to frontier (DTF) score (0–100) 44.21 Population (m) 3.9 ✔ Starting a business (rank) 164 Registering property (rank) 66 Trading across borders (rank) 151 DTF score for starting a business (0–100) 65.83 DTF score for registering property (0–100) 73.57 DTF score for trading across borders (0–100) 55.49 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 8 Time (days) 9 Time (days) 49 Time to export (days) 31 Cost (% of income per capita) 19.8 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,640 Minimum capital (% of income per capita) 331.8 Documents to import (number) 8 ✔ Getting credit (rank) 171 Time to import (days) 38 Dealing with construction permits (rank) 77 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 1,523 DTF score for dealing with construction permits (0–100) 74.30 Strength of legal rights index (0–12) 2 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 86 Time (days) 104 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 58.47 Cost (% of warehouse value) 4.5 Credit registry coverage (% of adults) 4.6 Procedures (number) 46 Time (days) 370 Getting electricity (rank) 169 Protecting minority investors (rank) 166 Cost (% of claim) 23.2 DTF score for getting electricity (0–100) 48.39 DTF score for protecting minority investors (0–100) 38.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.7 Resolving insolvency (rank) 189 Time (days) 75 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 7,833.4 Strength of minority investor protection index (0–10) 3.8 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 187 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 17.71 Strength of insolvency framework index (0–16) 0 Payments (number per year) 49 Time (hours per year) 734 Total tax rate (% of profit) 71.3 MAURITIUS Sub-Saharan Africa GNI per capita (US$) 9,300 Ease of doing business rank (1–189) 28 Overall distance to frontier (DTF) score (0–100) 74.81 Population (m) 1.3 ✔ Starting a business (rank) 29 Registering property (rank) 98 Trading across borders (rank) 17 DTF score for starting a business (0–100) 92.47 DTF score for registering property (0–100) 66.00 DTF score for trading across borders (0–100) 87.74 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 4 Time (days) 6 Time (days) 14 Time to export (days) 10 Cost (% of income per capita) 2.1 Cost (% of property value) 10.6 Cost to export (US$ per container) 675 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 36 Time to import (days) 9 Dealing with construction permits (rank) 117 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 710 DTF score for dealing with construction permits (0–100) 67.17 Strength of legal rights index (0–12) 6 Procedures (number) 13 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 44 Time (days) 245 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 66.22 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 71.9 Procedures (number) 34 Time (days) 519 Getting electricity (rank) 41 Protecting minority investors (rank) 28 Cost (% of claim) 25.0 DTF score for getting electricity (0–100) 83.74 DTF score for protecting minority investors (0–100) 65.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.3 Resolving insolvency (rank) 43 Time (days) 84 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 62.81 Cost (% of income per capita) 277.0 Strength of minority investor protection index (0–10) 6.5 Time (years) 1.7 Cost (% of estate) 15 Paying taxes (rank) 13 Recovery rate (cents on the dollar) 67.4 DTF score for paying taxes (0–100) 91.92 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 8 Time (hours per year) 152 Total tax rate (% of profit) 24.5 MEXICO Latin America & Caribbean GNI per capita (US$) 9,940 Ease of doing business rank (1–189) 39 Overall distance to frontier (DTF) score (0–100) 71.53 Population (m) 122.3 Starting a business (rank) 67 Registering property (rank) 110 Trading across borders (rank) 44 DTF score for starting a business (0–100) 88.85 DTF score for registering property (0–100) 62.45 DTF score for trading across borders (0–100) 81.26 Procedures (number) 6 Procedures (number) 6.8 Documents to export (number) 4 Time (days) 6.3 Time (days) 63.7 Time to export (days) 12 Cost (% of income per capita) 18.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 1,499 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 ✔ Getting credit (rank) 12 Time to import (days) 11.2 Dealing with construction permits (rank) 108 DTF score for getting credit (0–100) 80.00 Cost to import (US$ per container) 1,888 DTF score for dealing with construction permits (0–100) 68.43 Strength of legal rights index (0–12) 8 Procedures (number) 11.3 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 57 Time (days) 87.6 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 64.61 Cost (% of warehouse value) 10.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 36.8 Time (days) 389 Getting electricity (rank) 116 Protecting minority investors (rank) 62 Cost (% of claim) 30.9 DTF score for getting electricity (0–100) 68.47 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 6.8 Extent of conflict of interest regulation index (0–10) 6.0 ✔ Resolving insolvency (rank) 27 Time (days) 78.9 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 72.59 Cost (% of income per capita) 346.1 Strength of minority investor protection index (0–10) 5.8 Time (years) 1.8 Cost (% of estate) 18 Paying taxes (rank) 105 Recovery rate (cents on the dollar) 68.1 DTF score for paying taxes (0–100) 71.17 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 6 Time (hours per year) 334 Total tax rate (% of profit) 51.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 204 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MICRONESIA, FED. STS. East Asia & Pacific GNI per capita (US$) 3,430 Ease of doing business rank (1–189) 145 Overall distance to frontier (DTF) score (0–100) 53.07 Population (m) 0.1 Starting a business (rank) 151 Registering property (rank) 189 Trading across borders (rank) 106 DTF score for starting a business (0–100) 69.63 DTF score for registering property (0–100) 0.00 DTF score for trading across borders (0–100) 69.42 Procedures (number) 7 Procedures (number) NO PRACTICE Documents to export (number) 5 Time (days) 16 Time (days) NO PRACTICE Time to export (days) 30 Cost (% of income per capita) 141.2 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 1,045 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 61 Time to import (days) 31 Dealing with construction permits (rank) 37 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 1,045 DTF score for dealing with construction permits (0–100) 80.10 Strength of legal rights index (0–12) 11 Procedures (number) 14 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 162 Time (days) 99 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 40.85 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 885 Getting electricity (rank) 30 Protecting minority investors (rank) 186 Cost (% of claim) 66.0 DTF score for getting electricity (0–100) 85.89 DTF score for protecting minority investors (0–100) 23.33 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 2.7 Resolving insolvency (rank) 118 Time (days) 105 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 37.74 Cost (% of income per capita) 363.8 Strength of minority investor protection index (0–10) 2.3 Time (years) 5.3 Cost (% of estate) 38 Paying taxes (rank) 114 Recovery rate (cents on the dollar) 3.3 DTF score for paying taxes (0–100) 68.78 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 60.5 MOLDOVA Europe & Central Asia GNI per capita (US$) 2,460 Ease of doing business rank (1–189) 63 Overall distance to frontier (DTF) score (0–100) 66.60 Population (m) 3.6 ✔ Starting a business (rank) 35 Registering property (rank) 22 Trading across borders (rank) 152 DTF score for starting a business (0–100) 92.16 DTF score for registering property (0–100) 86.10 DTF score for trading across borders (0–100) 54.97 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 9 Time (days) 6 Time (days) 5.5 Time to export (days) 23 Cost (% of income per capita) 4.6 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,510 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 23 Time to import (days) 27 Dealing with construction permits (rank) 175 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 1,870 DTF score for dealing with construction permits (0–100) 48.11 Strength of legal rights index (0–12) 8 Procedures (number) 27 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 42 Time (days) 247 Credit bureau coverage (% of adults) 8.8 DTF score for enforcing contracts (0–100) 66.68 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 31 Time (days) 567 Getting electricity (rank) 149 Protecting minority investors (rank) 56 Cost (% of claim) 28.6 DTF score for getting electricity (0–100) 59.73 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 58 Time (days) 118 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 53.32 Cost (% of income per capita) 865.1 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.8 Cost (% of estate) 15 ✔ Paying taxes (rank) 70 Recovery rate (cents on the dollar) 29.4 DTF score for paying taxes (0–100) 76.57 Strength of insolvency framework index (0–16) 12 Payments (number per year) 21 Time (hours per year) 185 Total tax rate (% of profit) 39.7 MONGOLIA East Asia & Pacific GNI per capita (US$) 3,770 Ease of doing business rank (1–189) 72 Overall distance to frontier (DTF) score (0–100) 65.02 Population (m) 2.8 Starting a business (rank) 42 Registering property (rank) 30 Trading across borders (rank) 173 DTF score for starting a business (0–100) 91.33 DTF score for registering property (0–100) 82.76 DTF score for trading across borders (0–100) 30.18 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 11 Time (days) 11 Time (days) 10.5 Time to export (days) 44 Cost (% of income per capita) 1.2 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 61 Time to import (days) 45 Dealing with construction permits (rank) 74 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 2,950 DTF score for dealing with construction permits (0–100) 74.62 Strength of legal rights index (0–12) 5 Procedures (number) 16 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 24 Time (days) 137 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 70.17 Cost (% of warehouse value) 0.0 Credit registry coverage (% of adults) 32.7 Procedures (number) 32 Time (days) 374 Getting electricity (rank) 142 ✔ Protecting minority investors (rank) 17 Cost (% of claim) 30.6 DTF score for getting electricity (0–100) 60.91 DTF score for protecting minority investors (0–100) 67.50 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 90 Time (days) 79 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 43.93 Cost (% of income per capita) 600.6 Strength of minority investor protection index (0–10) 6.8 Time (years) 4.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 84 Recovery rate (cents on the dollar) 17.8 DTF score for paying taxes (0–100) 73.79 Strength of insolvency framework index (0–16) 11 Payments (number per year) 41 Time (hours per year) 148 Total tax rate (% of profit) 24.4 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 205 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MONTENEGRO Europe & Central Asia GNI per capita (US$) 7,260 Ease of doing business rank (1–189) 36 Overall distance to frontier (DTF) score (0–100) 72.02 Population (m) 0.6 Starting a business (rank) 56 Registering property (rank) 87 Trading across borders (rank) 52 DTF score for starting a business (0–100) 90.05 DTF score for registering property (0–100) 68.29 DTF score for trading across borders (0–100) 79.37 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 10 Time (days) 69 Time to export (days) 14 Cost (% of income per capita) 1.6 Cost (% of property value) 3.1 Cost to export (US$ per container) 985 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 4 Time to import (days) 14 ✔ Dealing with construction permits (rank) 138 DTF score for getting credit (0–100) 90.00 Cost to import (US$ per container) 985 DTF score for dealing with construction permits (0–100) 62.92 Strength of legal rights index (0–12) 12 Procedures (number) 8 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 136 Time (days) 158 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 49.62 Cost (% of warehouse value) 12.2 Credit registry coverage (% of adults) 26.0 Procedures (number) 49 Time (days) 545 Getting electricity (rank) 63 Protecting minority investors (rank) 43 Cost (% of claim) 25.7 DTF score for getting electricity (0–100) 79.28 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 33 Time (days) 71 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 68.22 Cost (% of income per capita) 467.9 Strength of minority investor protection index (0–10) 6.1 Time (years) 1.4 Cost (% of estate) 8 Paying taxes (rank) 98 Recovery rate (cents on the dollar) 48.4 DTF score for paying taxes (0–100) 71.59 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 29 Time (hours per year) 320 Total tax rate (% of profit) 22.3 MOROCCO Middle East & North Africa GNI per capita (US$) 3,030 Ease of doing business rank (1–189) 71 Overall distance to frontier (DTF) score (0–100) 65.06 Population (m) 33.0 Starting a business (rank) 54 Registering property (rank) 115 ✔ Trading across borders (rank) 31 DTF score for starting a business (0–100) 90.33 DTF score for registering property (0–100) 61.26 DTF score for trading across borders (0–100) 84.64 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 4 Time (days) 11 Time (days) 40 Time to export (days) 10 Cost (% of income per capita) 9.2 Cost (% of property value) 5.9 Cost to export (US$ per container) 595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 104 Time to import (days) 14 Dealing with construction permits (rank) 54 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 970 DTF score for dealing with construction permits (0–100) 77.89 Strength of legal rights index (0–12) 2 Procedures (number) 12 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 81 Time (days) 94 Credit bureau coverage (% of adults) 21.1 DTF score for enforcing contracts (0–100) 60.14 Cost (% of warehouse value) 3.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 510 Getting electricity (rank) 91 Protecting minority investors (rank) 122 Cost (% of claim) 25.2 DTF score for getting electricity (0–100) 74.39 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 113 Time (days) 62 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 38.47 Cost (% of income per capita) 1,974.5 Strength of minority investor protection index (0–10) 4.6 Time (years) 3.5 Cost (% of estate) 18 Paying taxes (rank) 66 Recovery rate (cents on the dollar) 27.9 DTF score for paying taxes (0–100) 77.69 Strength of insolvency framework index (0–16) 7.5 Payments (number per year) 6 Time (hours per year) 232 Total tax rate (% of profit) 49.3 MOZAMBIQUE Sub-Saharan Africa GNI per capita (US$) 590 Ease of doing business rank (1–189) 127 Overall distance to frontier (DTF) score (0–100) 56.92 Population (m) 25.8 Starting a business (rank) 107 ✔ Registering property (rank) 101 Trading across borders (rank) 129 DTF score for starting a business (0–100) 82.96 DTF score for registering property (0–100) 64.51 DTF score for trading across borders (0–100) 64.76 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 7 Time (days) 13 Time (days) 40 Time to export (days) 21 Cost (% of income per capita) 17.1 Cost (% of property value) 6.9 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 25 Dealing with construction permits (rank) 84 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,600 DTF score for dealing with construction permits (0–100) 73.29 Strength of legal rights index (0–12) 1 Procedures (number) 11 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 164 Time (days) 144 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 39.81 Cost (% of warehouse value) 4.4 Credit registry coverage (% of adults) 5.7 Procedures (number) 30 Time (days) 760 Getting electricity (rank) 164 Protecting minority investors (rank) 94 Cost (% of claim) 119.0 DTF score for getting electricity (0–100) 54.65 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.3 ✔ Resolving insolvency (rank) 107 Time (days) 107 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 40.75 Cost (% of income per capita) 2,484.8 Strength of minority investor protection index (0–10) 5.2 Time (years) 5.0 Cost (% of estate) 9 Paying taxes (rank) 123 Recovery rate (cents on the dollar) 17.6 DTF score for paying taxes (0–100) 66.85 Strength of insolvency framework index (0–16) 10 Payments (number per year) 37 Time (hours per year) 230 Total tax rate (% of profit) 36.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 206 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business MYANMAR East Asia & Pacific GNI per capita (US$) 869 Ease of doing business rank (1–189) 177 Overall distance to frontier (DTF) score (0–100) 43.55 Population (m) 53.3 Starting a business (rank) 189 Registering property (rank) 151 ✔ Trading across borders (rank) 103 DTF score for starting a business (0–100) 22.85 DTF score for registering property (0–100) 52.26 DTF score for trading across borders (0–100) 70.02 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 8 Time (days) 72 Time (days) 113 Time to export (days) 20 Cost (% of income per capita) 155.9 Cost (% of property value) 7.2 Cost to export (US$ per container) 620 Minimum capital (% of income per capita) 6,190.1 Documents to import (number) 8 Getting credit (rank) 171 Time to import (days) 22 Dealing with construction permits (rank) 130 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 610 DTF score for dealing with construction permits (0–100) 64.93 Strength of legal rights index (0–12) 2 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 185 Time (days) 128 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 27.31 Cost (% of warehouse value) 8.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 1,160 Getting electricity (rank) 121 Protecting minority investors (rank) 178 Cost (% of claim) 51.5 DTF score for getting electricity (0–100) 66.78 DTF score for protecting minority investors (0–100) 29.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 2.0 Resolving insolvency (rank) 160 Time (days) 91 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 23.51 Cost (% of income per capita) 2,801.7 Strength of minority investor protection index (0–10) 2.9 Time (years) 5.0 Cost (% of estate) 18 Paying taxes (rank) 116 Recovery rate (cents on the dollar) 14.7 DTF score for paying taxes (0–100) 68.64 Strength of insolvency framework index (0–16) 5 Payments (number per year) 31 Time (hours per year) 154.5 Total tax rate (% of profit) 47.7 NAMIBIA Sub-Saharan Africa GNI per capita (US$) 5,840 Ease of doing business rank (1–189) 88 Overall distance to frontier (DTF) score (0–100) 62.81 Population (m) 2.3 Starting a business (rank) 156 Registering property (rank) 173 Trading across borders (rank) 136 DTF score for starting a business (0–100) 68.67 DTF score for registering property (0–100) 41.85 DTF score for trading across borders (0–100) 63.17 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 8 Time (days) 66 Time (days) 52 Time to export (days) 24 Cost (% of income per capita) 13.1 Cost (% of property value) 13.8 Cost to export (US$ per container) 1,650 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 61 Time to import (days) 20 Dealing with construction permits (rank) 25 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 1,805 DTF score for dealing with construction permits (0–100) 83.22 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 53 Time (days) 122 Credit bureau coverage (% of adults) 64.3 DTF score for enforcing contracts (0–100) 64.82 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 460 Getting electricity (rank) 66 Protecting minority investors (rank) 87 Cost (% of claim) 35.8 DTF score for getting electricity (0–100) 78.97 DTF score for protecting minority investors (0–100) 53.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 81 Time (days) 37 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 45.53 Cost (% of income per capita) 391.2 Strength of minority investor protection index (0–10) 5.3 Time (years) 2.5 Cost (% of estate) 15 ✘ Paying taxes (rank) 85 Recovery rate (cents on the dollar) 35.2 DTF score for paying taxes (0–100) 73.57 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 26 Time (hours per year) 314 Total tax rate (% of profit) 20.7 NEPAL South Asia GNI per capita (US$) 730 Ease of doing business rank (1–189) 108 Overall distance to frontier (DTF) score (0–100) 60.33 Population (m) 27.8 Starting a business (rank) 104 Registering property (rank) 27 Trading across borders (rank) 171 DTF score for starting a business (0–100) 83.01 DTF score for registering property (0–100) 83.08 DTF score for trading across borders (0–100) 36.08 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 11 Time (days) 17 Time (days) 5 Time to export (days) 40 Cost (% of income per capita) 32.2 Cost (% of property value) 4.8 Cost to export (US$ per container) 2,545 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 116 Time to import (days) 39 ✔ Dealing with construction permits (rank) 91 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 2,650 DTF score for dealing with construction permits (0–100) 71.83 Strength of legal rights index (0–12) 7 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 134 Time (days) 86 Credit bureau coverage (% of adults) 1.0 DTF score for enforcing contracts (0–100) 49.65 Cost (% of warehouse value) 9.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 910 Getting electricity (rank) 85 Protecting minority investors (rank) 71 Cost (% of claim) 26.8 DTF score for getting electricity (0–100) 76.07 DTF score for protecting minority investors (0–100) 56.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 82 Time (days) 70 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 45.41 Cost (% of income per capita) 1,284.9 Strength of minority investor protection index (0–10) 5.7 Time (years) 2.0 Cost (% of estate) 9 Paying taxes (rank) 126 Recovery rate (cents on the dollar) 43.7 DTF score for paying taxes (0–100) 66.52 Strength of insolvency framework index (0–16) 7 Payments (number per year) 34 Time (hours per year) 334 Total tax rate (% of profit) 29.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 207 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business NETHERLANDS OECD high income GNI per capita (US$) 47,440 Ease of doing business rank (1–189) 27 Overall distance to frontier (DTF) score (0–100) 75.01 Population (m) 16.8 Starting a business (rank) 21 Registering property (rank) 58 Trading across borders (rank) 13 DTF score for starting a business (0–100) 94.08 DTF score for registering property (0–100) 75.02 DTF score for trading across borders (0–100) 89.22 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 4 Time (days) 4 Time (days) 2.5 Time to export (days) 7 Cost (% of income per capita) 5.0 Cost (% of property value) 6.1 Cost to export (US$ per container) 915 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 71 Time to import (days) 6 Dealing with construction permits (rank) 100 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 975 DTF score for dealing with construction permits (0–100) 70.11 Strength of legal rights index (0–12) 3 Procedures (number) 13 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 19 Time (days) 161 Credit bureau coverage (% of adults) 79.4 DTF score for enforcing contracts (0–100) 75.10 Cost (% of warehouse value) 3.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 514 Getting electricity (rank) 90 Protecting minority investors (rank) 94 Cost (% of claim) 23.9 DTF score for getting electricity (0–100) 74.40 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 12 Time (days) 117 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 83.77 Cost (% of income per capita) 33.5 Strength of minority investor protection index (0–10) 5.2 Time (years) 1.1 Cost (% of estate) 4 Paying taxes (rank) 23 Recovery rate (cents on the dollar) 88.9 DTF score for paying taxes (0–100) 86.76 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 9 Time (hours per year) 123 Total tax rate (% of profit) 39.0 NEW ZEALAND OECD high income GNI per capita (US$) 40,481 Ease of doing business rank (1–189) 2 Overall distance to frontier (DTF) score (0–100) 86.91 Population (m) 4.5 Starting a business (rank) 1 Registering property (rank) 2 Trading across borders (rank) 27 DTF score for starting a business (0–100) 99.96 DTF score for registering property (0–100) 97.05 DTF score for trading across borders (0–100) 85.41 Procedures (number) 1 Procedures (number) 2 Documents to export (number) 4 Time (days) 0.5 Time (days) 1 Time to export (days) 10 Cost (% of income per capita) 0.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 1 Time to import (days) 9 Dealing with construction permits (rank) 13 DTF score for getting credit (0–100) 100.00 Cost to import (US$ per container) 825 DTF score for dealing with construction permits (0–100) 85.67 Strength of legal rights index (0–12) 12 Procedures (number) 10 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 9 Time (days) 93 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 77.84 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 216 Getting electricity (rank) 48 Protecting minority investors (rank) 1 Cost (% of claim) 27.2 DTF score for getting electricity (0–100) 81.90 DTF score for protecting minority investors (0–100) 81.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 9.3 Resolving insolvency (rank) 28 Time (days) 64 Extent of shareholder governance index (0–10) 7.0 DTF score for resolving insolvency (0–100) 71.56 Cost (% of income per capita) 78.7 Strength of minority investor protection index (0–10) 8.2 Time (years) 1.3 Cost (% of estate) 4 Paying taxes (rank) 22 Recovery rate (cents on the dollar) 83.6 DTF score for paying taxes (0–100) 88.04 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 8 Time (hours per year) 152 Total tax rate (% of profit) 34.4 NICARAGUA Latin America & Caribbean GNI per capita (US$) 1,780 Ease of doing business rank (1–189) 119 Overall distance to frontier (DTF) score (0–100) 58.09 Population (m) 6.1 ✔ Starting a business (rank) 120 Registering property (rank) 134 Trading across borders (rank) 74 DTF score for starting a business (0–100) 80.27 DTF score for registering property (0–100) 57.58 DTF score for trading across borders (0–100) 75.84 Procedures (number) 6 Procedures (number) 9 Documents to export (number) 5 Time (days) 13 Time (days) 58 Time to export (days) 21 Cost (% of income per capita) 73.9 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,140 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 ✔ Getting credit (rank) 89 Time to import (days) 20 Dealing with construction permits (rank) 134 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,245 DTF score for dealing with construction permits (0–100) 63.50 Strength of legal rights index (0–12) 1 Procedures (number) 16 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 70 Time (days) 207 Credit bureau coverage (% of adults) 40.7 DTF score for enforcing contracts (0–100) 62.42 Cost (% of warehouse value) 2.7 Credit registry coverage (% of adults) 16.2 Procedures (number) 37 Time (days) 519 Getting electricity (rank) 95 Protecting minority investors (rank) 172 Cost (% of claim) 26.8 DTF score for getting electricity (0–100) 73.84 DTF score for protecting minority investors (0–100) 33.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 110 Time (days) 55 Extent of shareholder governance index (0–10) 2.7 DTF score for resolving insolvency (0–100) 39.64 Cost (% of income per capita) 1,003.4 Strength of minority investor protection index (0–10) 3.3 Time (years) 2.2 Cost (% of estate) 15 Paying taxes (rank) 164 Recovery rate (cents on the dollar) 33.0 DTF score for paying taxes (0–100) 49.51 Strength of insolvency framework index (0–16) 7 Payments (number per year) 43 Time (hours per year) 207 Total tax rate (% of profit) 65.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 208 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business NIGER Sub-Saharan Africa GNI per capita (US$) 410 Ease of doing business rank (1–189) 168 Overall distance to frontier (DTF) score (0–100) 47.63 Population (m) 17.8 Starting a business (rank) 177 Registering property (rank) 95 Trading across borders (rank) 179 DTF score for starting a business (0–100) 54.41 DTF score for registering property (0–100) 66.20 DTF score for trading across borders (0–100) 19.66 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 8 Time (days) 15 Time (days) 35 Time to export (days) 56 Cost (% of income per capita) 76.7 Cost (% of property value) 9.0 Cost to export (US$ per container) 4,475 Minimum capital (% of income per capita) 492.0 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 61 Dealing with construction permits (rank) 119 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 4,500 DTF score for dealing with construction permits (0–100) 66.90 Strength of legal rights index (0–12) 6 Procedures (number) 12 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 132 Time (days) 130 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 49.95 Cost (% of warehouse value) 8.3 Credit registry coverage (% of adults) 1.0 Procedures (number) 39 Time (days) 545 Getting electricity (rank) 165 ✔ Protecting minority investors (rank) 146 Cost (% of claim) 52.6 DTF score for getting electricity (0–100) 53.65 DTF score for protecting minority investors (0–100) 42.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 128 Time (days) 115 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 36.01 Cost (% of income per capita) 6,497.8 Strength of minority investor protection index (0–10) 4.3 Time (years) 5.0 Cost (% of estate) 18 Paying taxes (rank) 155 Recovery rate (cents on the dollar) 14.7 DTF score for paying taxes (0–100) 57.07 Strength of insolvency framework index (0–16) 9 Payments (number per year) 41 Time (hours per year) 270 Total tax rate (% of profit) 47.8 NIGERIA Sub-Saharan Africa GNI per capita (US$) 2,760 Ease of doing business rank (1–189) 170 Overall distance to frontier (DTF) score (0–100) 47.33 Population (m) 173.6 Starting a business (rank) 129 Registering property (rank) 185 Trading across borders (rank) 159 DTF score for starting a business (0–100) 77.13 DTF score for registering property (0–100) 26.56 DTF score for trading across borders (0–100) 50.12 Procedures (number) 8.7 Procedures (number) 12.1 Documents to export (number) 9 Time (days) 30.8 Time (days) 69.6 Time to export (days) 22.9 Cost (% of income per capita) 31.6 Cost (% of property value) 18.6 Cost to export (US$ per container) 1,564 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 52 Time to import (days) 33.9 Dealing with construction permits (rank) 171 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,960 DTF score for dealing with construction permits (0–100) 50.00 Strength of legal rights index (0–12) 6 Procedures (number) 17 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 140 Time (days) 105.9 Credit bureau coverage (% of adults) 5.8 DTF score for enforcing contracts (0–100) 47.71 Cost (% of warehouse value) 26.4 Credit registry coverage (% of adults) 0.1 Procedures (number) 40.2 Time (days) 509.8 Getting electricity (rank) 187 Protecting minority investors (rank) 62 Cost (% of claim) 57.7 DTF score for getting electricity (0–100) 31.37 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 9 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 131 Time (days) 257.2 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 33.76 Cost (% of income per capita) 478.0 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.0 Cost (% of estate) 22 Paying taxes (rank) 179 Recovery rate (cents on the dollar) 27.9 DTF score for paying taxes (0–100) 39.15 Strength of insolvency framework index (0–16) 6 Payments (number per year) 47 Time (hours per year) 907.9 Total tax rate (% of profit) 32.7 NORWAY OECD high income GNI per capita (US$) 102,610 Ease of doing business rank (1–189) 6 Overall distance to frontier (DTF) score (0–100) 82.40 Population (m) 5.1 ✔ Starting a business (rank) 22 Registering property (rank) 5 Trading across borders (rank) 24 DTF score for starting a business (0–100) 94.03 DTF score for registering property (0–100) 94.12 DTF score for trading across borders (0–100) 85.56 Procedures (number) 4 Procedures (number) 1 Documents to export (number) 4 Time (days) 5 Time (days) 3 Time to export (days) 8 Cost (% of income per capita) 0.9 Cost (% of property value) 2.5 Cost to export (US$ per container) 1,265 Minimum capital (% of income per capita) 5.0 Documents to import (number) 5 Getting credit (rank) 61 Time to import (days) 7 Dealing with construction permits (rank) 27 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 1,140 DTF score for dealing with construction permits (0–100) 83.05 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 8 Time (days) 122.5 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 78.41 Cost (% of warehouse value) 0.6 Credit registry coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 280 Getting electricity (rank) 25 Protecting minority investors (rank) 12 Cost (% of claim) 9.9 DTF score for getting electricity (0–100) 87.44 DTF score for protecting minority investors (0–100) 70.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 8 Time (days) 66 Extent of shareholder governance index (0–10) 7.0 DTF score for resolving insolvency (0–100) 85.62 Cost (% of income per capita) 11.9 Strength of minority investor protection index (0–10) 7.0 Time (years) 0.9 Cost (% of estate) 1 Paying taxes (rank) 15 Recovery rate (cents on the dollar) 92.3 DTF score for paying taxes (0–100) 90.80 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 4 Time (hours per year) 83 Total tax rate (% of profit) 40.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 209 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business OMAN Middle East & North Africa GNI per capita (US$) 25,289 Ease of doing business rank (1–189) 66 Overall distance to frontier (DTF) score (0–100) 66.39 Population (m) 3.6 Starting a business (rank) 123 Registering property (rank) 19 Trading across borders (rank) 60 DTF score for starting a business (0–100) 79.29 DTF score for registering property (0–100) 88.16 DTF score for trading across borders (0–100) 78.05 Procedures (number) 5 Procedures (number) 2 Documents to export (number) 7 Time (days) 7 Time (days) 16 Time to export (days) 10 Cost (% of income per capita) 2.4 Cost (% of property value) 3.0 Cost to export (US$ per container) 765 Minimum capital (% of income per capita) 206.3 Documents to import (number) 8 Getting credit (rank) 116 Time to import (days) 9 Dealing with construction permits (rank) 49 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 700 DTF score for dealing with construction permits (0–100) 78.27 Strength of legal rights index (0–12) 1 Procedures (number) 11 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 130 Time (days) 157 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 50.67 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 20.6 Procedures (number) 51 Time (days) 598 Getting electricity (rank) 79 Protecting minority investors (rank) 122 Cost (% of claim) 13.5 DTF score for getting electricity (0–100) 76.76 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 112 Time (days) 62 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 39.02 Cost (% of income per capita) 48.9 Strength of minority investor protection index (0–10) 4.6 Time (years) 4.0 Cost (% of estate) 4 Paying taxes (rank) 10 Recovery rate (cents on the dollar) 37.7 DTF score for paying taxes (0–100) 92.91 Strength of insolvency framework index (0–16) 6 Payments (number per year) 14 Time (hours per year) 68 Total tax rate (% of profit) 23.0 PAKISTAN South Asia GNI per capita (US$) 1,380 Ease of doing business rank (1–189) 128 Overall distance to frontier (DTF) score (0–100) 56.64 Population (m) 182.1 Starting a business (rank) 116 Registering property (rank) 114 ✔ Trading across borders (rank) 108 DTF score for starting a business (0–100) 80.92 DTF score for registering property (0–100) 61.48 DTF score for trading across borders (0–100) 69.05 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 8 Time (days) 19 Time (days) 50 Time to export (days) 20.7 Cost (% of income per capita) 9.6 Cost (% of property value) 7.6 Cost to export (US$ per container) 765 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 18.4 Dealing with construction permits (rank) 125 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,005 DTF score for dealing with construction permits (0–100) 66.07 Strength of legal rights index (0–12) 3 Procedures (number) 10 Depth of credit information index (0–8) 3 Enforcing contracts (rank) 161 Time (days) 249.4 Credit bureau coverage (% of adults) 4.5 DTF score for enforcing contracts (0–100) 41.53 Cost (% of warehouse value) 3.5 Credit registry coverage (% of adults) 7.3 Procedures (number) 46 Time (days) 993.2 Getting electricity (rank) 146 Protecting minority investors (rank) 21 Cost (% of claim) 23.0 DTF score for getting electricity (0–100) 60.10 DTF score for protecting minority investors (0–100) 66.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 78 Time (days) 178.3 Extent of shareholder governance index (0–10) 7.3 DTF score for resolving insolvency (0–100) 46.18 Cost (% of income per capita) 1,353.3 Strength of minority investor protection index (0–10) 6.7 Time (years) 2.7 Cost (% of estate) 6 Paying taxes (rank) 172 Recovery rate (cents on the dollar) 39.4 DTF score for paying taxes (0–100) 44.46 Strength of insolvency framework index (0–16) 8 Payments (number per year) 47 Time (hours per year) 594 Total tax rate (% of profit) 32.6 PALAU East Asia & Pacific GNI per capita (US$) 10,970 Ease of doing business rank (1–189) 113 Overall distance to frontier (DTF) score (0–100) 59.50 Population (m) 0.0 Starting a business (rank) 111 Registering property (rank) 21 ✔ Trading across borders (rank) 105 DTF score for starting a business (0–100) 81.83 DTF score for registering property (0–100) 86.25 DTF score for trading across borders (0–100) 69.49 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 5 Time (days) 28 Time (days) 14 Time to export (days) 26 Cost (% of income per capita) 3.3 Cost (% of property value) 0.3 Cost to export (US$ per container) 720 Minimum capital (% of income per capita) 8.8 Documents to import (number) 9 Getting credit (rank) 71 Time to import (days) 30 Dealing with construction permits (rank) 66 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 680 DTF score for dealing with construction permits (0–100) 75.64 Strength of legal rights index (0–12) 10 Procedures (number) 19 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 127 Time (days) 72 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 51.28 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 810 Getting electricity (rank) 98 Protecting minority investors (rank) 183 Cost (% of claim) 35.3 DTF score for getting electricity (0–100) 72.91 DTF score for protecting minority investors (0–100) 26.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 2.3 Resolving insolvency (rank) 167 Time (days) 125 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 16.28 Cost (% of income per capita) 115.3 Strength of minority investor protection index (0–10) 2.7 Time (years) 2.0 Cost (% of estate) 23 Paying taxes (rank) 132 Recovery rate (cents on the dollar) 30.3 DTF score for paying taxes (0–100) 64.65 Strength of insolvency framework index (0–16) 0 Payments (number per year) 11 Time (hours per year) 142 Total tax rate (% of profit) 75.4 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 210 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business PANAMA Latin America & Caribbean GNI per capita (US$) 10,700 Ease of doing business rank (1–189) 52 Overall distance to frontier (DTF) score (0–100) 69.22 Population (m) 3.9 Starting a business (rank) 38 Registering property (rank) 61 Trading across borders (rank) 9 DTF score for starting a business (0–100) 91.93 DTF score for registering property (0–100) 74.65 DTF score for trading across borders (0–100) 91.25 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 3 Time (days) 6 Time (days) 22.5 Time to export (days) 10 Cost (% of income per capita) 6.4 Cost (% of property value) 2.4 Cost to export (US$ per container) 665 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 ✔ Getting credit (rank) 17 Time to import (days) 9 Dealing with construction permits (rank) 63 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 1,030 DTF score for dealing with construction permits (0–100) 75.97 Strength of legal rights index (0–12) 7 Procedures (number) 15 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 84 Time (days) 101 Credit bureau coverage (% of adults) 63.0 DTF score for enforcing contracts (0–100) 58.87 Cost (% of warehouse value) 2.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 686 Getting electricity (rank) 29 Protecting minority investors (rank) 76 Cost (% of claim) 38.0 DTF score for getting electricity (0–100) 86.39 DTF score for protecting minority investors (0–100) 55.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 132 Time (days) 35 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 33.66 Cost (% of income per capita) 9.3 Strength of minority investor protection index (0–10) 5.6 Time (years) 2.5 Cost (% of estate) 25 Paying taxes (rank) 166 Recovery rate (cents on the dollar) 27.7 DTF score for paying taxes (0–100) 48.60 Strength of insolvency framework index (0–16) 6 Payments (number per year) 52 Time (hours per year) 417 Total tax rate (% of profit) 37.2 PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 2,010 Ease of doing business rank (1–189) 133 Overall distance to frontier (DTF) score (0–100) 55.78 Population (m) 7.3 Starting a business (rank) 130 Registering property (rank) 85 Trading across borders (rank) 138 DTF score for starting a business (0–100) 77.03 DTF score for registering property (0–100) 69.03 DTF score for trading across borders (0–100) 62.61 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 7 Time (days) 53 Time (days) 72 Time to export (days) 23 Cost (% of income per capita) 19.4 Cost (% of property value) 5.1 Cost to export (US$ per container) 1,335 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 165 Time to import (days) 30 Dealing with construction permits (rank) 141 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 1,350 DTF score for dealing with construction permits (0–100) 62.14 Strength of legal rights index (0–12) 3 Procedures (number) 17 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 181 Time (days) 217 Credit bureau coverage (% of adults) 3.6 DTF score for enforcing contracts (0–100) 31.92 Cost (% of warehouse value) 2.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 591 Getting electricity (rank) 26 Protecting minority investors (rank) 94 Cost (% of claim) 110.3 DTF score for getting electricity (0–100) 87.27 DTF score for protecting minority investors (0–100) 51.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 141 Time (days) 66 Extent of shareholder governance index (0–10) 4.3 DTF score for resolving insolvency (0–100) 31.64 Cost (% of income per capita) 54.1 Strength of minority investor protection index (0–10) 5.2 Time (years) 3.0 Cost (% of estate) 23 Paying taxes (rank) 110 Recovery rate (cents on the dollar) 24.0 DTF score for paying taxes (0–100) 69.50 Strength of insolvency framework index (0–16) 6 Payments (number per year) 32 Time (hours per year) 207 Total tax rate (% of profit) 39.3 PARAGUAY Latin America & Caribbean GNI per capita (US$) 4,040 Ease of doing business rank (1–189) 92 Overall distance to frontier (DTF) score (0–100) 62.50 Population (m) 6.8 Starting a business (rank) 126 Registering property (rank) 60 Trading across borders (rank) 150 DTF score for starting a business (0–100) 77.52 DTF score for registering property (0–100) 74.73 DTF score for trading across borders (0–100) 55.92 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 7 Time (days) 35 Time (days) 46 Time to export (days) 29 Cost (% of income per capita) 39.9 Cost (% of property value) 1.9 Cost to export (US$ per container) 1,850 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 71 Time to import (days) 30 Dealing with construction permits (rank) 43 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 2,275 DTF score for dealing with construction permits (0–100) 78.79 Strength of legal rights index (0–12) 2 Procedures (number) 12 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 90 Time (days) 136 Credit bureau coverage (% of adults) 45.5 DTF score for enforcing contracts (0–100) 58.21 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 22.8 Procedures (number) 38 Time (days) 591 Getting electricity (rank) 51 Protecting minority investors (rank) 166 Cost (% of claim) 30.0 DTF score for getting electricity (0–100) 81.13 DTF score for protecting minority investors (0–100) 38.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 106 Time (days) 67 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 40.87 Cost (% of income per capita) 160.7 Strength of minority investor protection index (0–10) 3.8 Time (years) 3.9 Cost (% of estate) 9 Paying taxes (rank) 111 Recovery rate (cents on the dollar) 20.8 DTF score for paying taxes (0–100) 69.45 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 20 Time (hours per year) 378 Total tax rate (% of profit) 35.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 211 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business PERU Latin America & Caribbean GNI per capita (US$) 6,390 Ease of doing business rank (1–189) 35 Overall distance to frontier (DTF) score (0–100) 72.11 Population (m) 30.4 Starting a business (rank) 89 Registering property (rank) 26 Trading across borders (rank) 55 DTF score for starting a business (0–100) 85.10 DTF score for registering property (0–100) 83.48 DTF score for trading across borders (0–100) 78.81 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 5 Time (days) 26 Time (days) 6.5 Time to export (days) 12 Cost (% of income per capita) 9.2 Cost (% of property value) 3.3 Cost to export (US$ per container) 890 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 12 Time to import (days) 17 Dealing with construction permits (rank) 87 DTF score for getting credit (0–100) 80.00 Cost to import (US$ per container) 1,010 DTF score for dealing with construction permits (0–100) 72.91 Strength of legal rights index (0–12) 8 Procedures (number) 14 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 100 Time (days) 174 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 57.46 Cost (% of warehouse value) 0.5 Credit registry coverage (% of adults) 33.5 Procedures (number) 41 Time (days) 426 Getting electricity (rank) 86 Protecting minority investors (rank) 40 Cost (% of claim) 35.7 DTF score for getting electricity (0–100) 75.67 DTF score for protecting minority investors (0–100) 61.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 76 Time (days) 100 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 46.57 Cost (% of income per capita) 325.5 Strength of minority investor protection index (0–10) 6.2 Time (years) 3.1 Cost (% of estate) 7 Paying taxes (rank) 57 Recovery rate (cents on the dollar) 28.5 DTF score for paying taxes (0–100) 79.43 Strength of insolvency framework index (0–16) 10 Payments (number per year) 9 Time (hours per year) 293 Total tax rate (% of profit) 36.0 PHILIPPINES East Asia & Pacific GNI per capita (US$) 3,270 Ease of doing business rank (1–189) 95 Overall distance to frontier (DTF) score (0–100) 62.08 Population (m) 98.4 Starting a business (rank) 161 Registering property (rank) 108 ✘ Trading across borders (rank) 65 DTF score for starting a business (0–100) 67.23 DTF score for registering property (0–100) 62.81 DTF score for trading across borders (0–100) 77.23 Procedures (number) 16 Procedures (number) 9 Documents to export (number) 6 Time (days) 34 Time (days) 35 Time to export (days) 15 Cost (% of income per capita) 16.6 Cost (% of property value) 4.3 Cost to export (US$ per container) 755 Minimum capital (% of income per capita) 3.6 Documents to import (number) 7 Getting credit (rank) 104 Time to import (days) 15 Dealing with construction permits (rank) 124 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 915 DTF score for dealing with construction permits (0–100) 66.08 Strength of legal rights index (0–12) 3 Procedures (number) 24 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 124 Time (days) 94 Credit bureau coverage (% of adults) 11.3 DTF score for enforcing contracts (0–100) 52.02 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 842 Getting electricity (rank) 16 Protecting minority investors (rank) 154 Cost (% of claim) 31.0 DTF score for getting electricity (0–100) 90.59 DTF score for protecting minority investors (0–100) 41.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 50 Time (days) 42 Extent of shareholder governance index (0–10) 4.3 DTF score for resolving insolvency (0–100) 56.74 Cost (% of income per capita) 90.6 Strength of minority investor protection index (0–10) 4.2 Time (years) 2.7 Cost (% of estate) 32 Paying taxes (rank) 127 Recovery rate (cents on the dollar) 21.2 DTF score for paying taxes (0–100) 66.46 Strength of insolvency framework index (0–16) 14.5 Payments (number per year) 36 Time (hours per year) 193 Total tax rate (% of profit) 42.5 POLAND OECD high income GNI per capita (US$) 12,960 Ease of doing business rank (1–189) 32 Overall distance to frontier (DTF) score (0–100) 73.56 Population (m) 38.5 Starting a business (rank) 85 ✔ Registering property (rank) 39 ✔ Trading across borders (rank) 41 DTF score for starting a business (0–100) 85.79 DTF score for registering property (0–100) 80.30 DTF score for trading across borders (0–100) 81.80 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 5 Time (days) 30 Time (days) 33 Time to export (days) 15 Cost (% of income per capita) 12.9 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 12.3 Documents to import (number) 4 Getting credit (rank) 17 Time to import (days) 14 Dealing with construction permits (rank) 137 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 1,025 DTF score for dealing with construction permits (0–100) 62.97 Strength of legal rights index (0–12) 7 Procedures (number) 19 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 52 Time (days) 212 Credit bureau coverage (% of adults) 84.3 DTF score for enforcing contracts (0–100) 64.83 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 685 ✔ Getting electricity (rank) 64 Protecting minority investors (rank) 35 Cost (% of claim) 19.4 DTF score for getting electricity (0–100) 79.19 DTF score for protecting minority investors (0–100) 62.50 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 32 Time (days) 161 Extent of shareholder governance index (0–10) 6.5 DTF score for resolving insolvency (0–100) 69.73 Cost (% of income per capita) 20.8 Strength of minority investor protection index (0–10) 6.3 Time (years) 3.0 Cost (% of estate) 15 Paying taxes (rank) 87 Recovery rate (cents on the dollar) 57.0 DTF score for paying taxes (0–100) 73.51 Strength of insolvency framework index (0–16) 12.5 Payments (number per year) 18 Time (hours per year) 286 Total tax rate (% of profit) 38.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 212 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business PORTUGAL OECD high income GNI per capita (US$) 20,670 Ease of doing business rank (1–189) 25 Overall distance to frontier (DTF) score (0–100) 76.03 Population (m) 10.5 Starting a business (rank) 10 Registering property (rank) 25 Trading across borders (rank) 29 DTF score for starting a business (0–100) 96.27 DTF score for registering property (0–100) 83.67 DTF score for trading across borders (0–100) 85.20 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 4 Time (days) 2.5 Time (days) 1 Time to export (days) 15 Cost (% of income per capita) 2.3 Cost (% of property value) 7.3 Cost to export (US$ per container) 780 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 89 Time to import (days) 13 Dealing with construction permits (rank) 58 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 925 DTF score for dealing with construction permits (0–100) 77.31 Strength of legal rights index (0–12) 2 Procedures (number) 14 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 27 Time (days) 113 Credit bureau coverage (% of adults) 23.4 DTF score for enforcing contracts (0–100) 69.65 Cost (% of warehouse value) 1.4 Credit registry coverage (% of adults) 100.0 Procedures (number) 34 Time (days) 547 Getting electricity (rank) 47 Protecting minority investors (rank) 51 Cost (% of claim) 13.8 DTF score for getting electricity (0–100) 82.00 DTF score for protecting minority investors (0–100) 59.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 10 Time (days) 64 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 84.19 Cost (% of income per capita) 52.9 Strength of minority investor protection index (0–10) 5.9 Time (years) 2.0 Cost (% of estate) 9 ✔ Paying taxes (rank) 64 Recovery rate (cents on the dollar) 72.2 DTF score for paying taxes (0–100) 77.84 Strength of insolvency framework index (0–16) 14.5 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of profit) 42.4 PUERTO RICO (U.S.) Latin America & Caribbean GNI per capita (US$) 19,210 Ease of doing business rank (1–189) 47 Overall distance to frontier (DTF) score (0–100) 70.35 Population (m) 3.6 Starting a business (rank) 48 Registering property (rank) 163 Trading across borders (rank) 84 DTF score for starting a business (0–100) 91.17 DTF score for registering property (0–100) 47.90 DTF score for trading across borders (0–100) 74.53 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 6 Time (days) 193.5 Time to export (days) 15 Cost (% of income per capita) 0.8 Cost (% of property value) 0.9 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 7 Time to import (days) 15 ✔ Dealing with construction permits (rank) 158 DTF score for getting credit (0–100) 85.00 Cost to import (US$ per container) 1,350 DTF score for dealing with construction permits (0–100) 56.28 Strength of legal rights index (0–12) 10 Procedures (number) 20 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 92 Time (days) 165 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 58.03 Cost (% of warehouse value) 6.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 620 Getting electricity (rank) 32 Protecting minority investors (rank) 78 Cost (% of claim) 25.6 DTF score for getting electricity (0–100) 85.41 DTF score for protecting minority investors (0–100) 55.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 7 Time (days) 32 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 86.37 Cost (% of income per capita) 352.9 Strength of minority investor protection index (0–10) 5.5 Time (years) 2.5 Cost (% of estate) 8 Paying taxes (rank) 133 Recovery rate (cents on the dollar) 73.4 DTF score for paying taxes (0–100) 63.83 Strength of insolvency framework index (0–16) 15 Payments (number per year) 16 Time (hours per year) 218 Total tax rate (% of profit) 66.0 QATAR Middle East & North Africa GNI per capita (US$) 85,550 Ease of doing business rank (1–189) 50 Overall distance to frontier (DTF) score (0–100) 69.96 Population (m) 2.2 Starting a business (rank) 103 Registering property (rank) 36 Trading across borders (rank) 61 DTF score for starting a business (0–100) 83.14 DTF score for registering property (0–100) 80.86 DTF score for trading across borders (0–100) 77.79 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 5 Time (days) 8.5 Time (days) 13 Time to export (days) 15 Cost (% of income per capita) 5.2 Cost (% of property value) 0.3 Cost to export (US$ per container) 927 Minimum capital (% of income per capita) 62.6 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 16 Dealing with construction permits (rank) 23 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,050 DTF score for dealing with construction permits (0–100) 83.61 Strength of legal rights index (0–12) 1 Procedures (number) 15 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 104 Time (days) 57.5 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 56.73 Cost (% of warehouse value) 0.0 Credit registry coverage (% of adults) 23.3 Procedures (number) 43 Time (days) 570 Getting electricity (rank) 40 Protecting minority investors (rank) 122 Cost (% of claim) 21.6 DTF score for getting electricity (0–100) 83.97 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 47 Time (days) 90 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 58.27 Cost (% of income per capita) 9.0 Strength of minority investor protection index (0–10) 4.6 Time (years) 2.8 Cost (% of estate) 22 Paying taxes (rank) 1 Recovery rate (cents on the dollar) 56.0 DTF score for paying taxes (0–100) 99.44 Strength of insolvency framework index (0–16) 9 Payments (number per year) 4 Time (hours per year) 41 Total tax rate (% of profit) 11.3 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 213 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ROMANIA Europe & Central Asia GNI per capita (US$) 9,060 Ease of doing business rank (1–189) 48 Overall distance to frontier (DTF) score (0–100) 70.22 Population (m) 20.0 Starting a business (rank) 38 Registering property (rank) 63 Trading across borders (rank) 65 DTF score for starting a business (0–100) 91.93 DTF score for registering property (0–100) 74.39 DTF score for trading across borders (0–100) 77.23 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 8 Time (days) 19 Time to export (days) 13 Cost (% of income per capita) 2.1 Cost (% of property value) 1.5 Cost to export (US$ per container) 1,485 Minimum capital (% of income per capita) 0.7 Documents to import (number) 6 Getting credit (rank) 7 Time to import (days) 13 Dealing with construction permits (rank) 140 DTF score for getting credit (0–100) 85.00 Cost to import (US$ per container) 1,495 DTF score for dealing with construction permits (0–100) 62.17 Strength of legal rights index (0–12) 10 Procedures (number) 14 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 51 Time (days) 255 Credit bureau coverage (% of adults) 46.6 DTF score for enforcing contracts (0–100) 64.95 Cost (% of warehouse value) 2.3 Credit registry coverage (% of adults) 12.3 Procedures (number) 34 Time (days) 512 Getting electricity (rank) 171 Protecting minority investors (rank) 40 Cost (% of claim) 28.9 DTF score for getting electricity (0–100) 46.03 DTF score for protecting minority investors (0–100) 61.67 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 46 Time (days) 223 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 58.70 Cost (% of income per capita) 496.1 Strength of minority investor protection index (0–10) 6.2 Time (years) 3.3 Cost (% of estate) 11 ✔ Paying taxes (rank) 52 Recovery rate (cents on the dollar) 30.7 DTF score for paying taxes (0–100) 80.09 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 14 Time (hours per year) 159 Total tax rate (% of profit) 43.2 RUSSIAN FEDERATION Europe & Central Asia GNI per capita (US$) 13,860 Ease of doing business rank (1–189) 62 Overall distance to frontier (DTF) score (0–100) 66.66 Population (m) 143.5 ✔ Starting a business (rank) 34 ✔ Registering property (rank) 12 Trading across borders (rank) 155 DTF score for starting a business (0–100) 92.17 DTF score for registering property (0–100) 91.27 DTF score for trading across borders (0–100) 53.58 Procedures (number) 4.4 Procedures (number) 3 Documents to export (number) 9 Time (days) 11.2 Time (days) 19 Time to export (days) 21.1 Cost (% of income per capita) 1.2 Cost (% of property value) 0.1 Cost to export (US$ per container) 2,401 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 61 Time to import (days) 19.4 Dealing with construction permits (rank) 156 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 2,595 DTF score for dealing with construction permits (0–100) 56.70 Strength of legal rights index (0–12) 4 Procedures (number) 19.8 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 14 Time (days) 238.4 Credit bureau coverage (% of adults) 64.6 DTF score for enforcing contracts (0–100) 75.85 Cost (% of warehouse value) 1.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 267 Getting electricity (rank) 143 Protecting minority investors (rank) 100 Cost (% of claim) 14.9 DTF score for getting electricity (0–100) 60.89 DTF score for protecting minority investors (0–100) 50.83 Procedures (number) 5.6 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 65 Time (days) 179.1 Extent of shareholder governance index (0–10) 5.2 DTF score for resolving insolvency (0–100) 49.69 Cost (% of income per capita) 321.0 Strength of minority investor protection index (0–10) 5.1 Time (years) 2.0 Cost (% of estate) 9 Paying taxes (rank) 49 Recovery rate (cents on the dollar) 43.0 DTF score for paying taxes (0–100) 80.63 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 7 Time (hours per year) 168 Total tax rate (% of profit) 48.9 RWANDA Sub-Saharan Africa GNI per capita (US$) 620 Ease of doing business rank (1–189) 46 Overall distance to frontier (DTF) score (0–100) 70.47 Population (m) 11.8 ✘ Starting a business (rank) 112 Registering property (rank) 15 Trading across borders (rank) 164 DTF score for starting a business (0–100) 81.66 DTF score for registering property (0–100) 89.20 DTF score for trading across borders (0–100) 44.67 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 7 Time (days) 6.5 Time (days) 32 Time to export (days) 26 Cost (% of income per capita) 52.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 3,245 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 ✔ Getting credit (rank) 4 Time to import (days) 27 ✔ Dealing with construction permits (rank) 34 DTF score for getting credit (0–100) 90.00 Cost to import (US$ per container) 4,990 DTF score for dealing with construction permits (0–100) 81.55 Strength of legal rights index (0–12) 11 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 62 Time (days) 77 Credit bureau coverage (% of adults) 15.7 DTF score for enforcing contracts (0–100) 63.94 Cost (% of warehouse value) 4.1 Credit registry coverage (% of adults) 2.4 Procedures (number) 23 Time (days) 230 ✔ Getting electricity (rank) 62 Protecting minority investors (rank) 117 Cost (% of claim) 82.7 DTF score for getting electricity (0–100) 79.48 DTF score for protecting minority investors (0–100) 46.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 101 Time (days) 34 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 41.77 Cost (% of income per capita) 3,073.9 Strength of minority investor protection index (0–10) 4.7 Time (years) 2.5 Cost (% of estate) 29 Paying taxes (rank) 27 Recovery rate (cents on the dollar) 19.5 DTF score for paying taxes (0–100) 85.79 Strength of insolvency framework index (0–16) 10 Payments (number per year) 17 Time (hours per year) 107 Total tax rate (% of profit) 33.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 214 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SAMOA East Asia & Pacific GNI per capita (US$) 3,430 Ease of doing business rank (1–189) 67 Overall distance to frontier (DTF) score (0–100) 66.17 Population (m) 0.2 Starting a business (rank) 33 Registering property (rank) 48 Trading across borders (rank) 80 DTF score for starting a business (0–100) 92.28 DTF score for registering property (0–100) 78.38 DTF score for trading across borders (0–100) 74.78 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 6 Time (days) 9 Time (days) 15 Time to export (days) 21 Cost (% of income per capita) 9.4 Cost (% of property value) 3.7 Cost to export (US$ per container) 490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 151 Time to import (days) 28 ✘ Dealing with construction permits (rank) 57 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 615 DTF score for dealing with construction permits (0–100) 77.57 Strength of legal rights index (0–12) 5 Procedures (number) 18 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 83 Time (days) 61 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 59.54 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 455 Getting electricity (rank) 20 Protecting minority investors (rank) 71 Cost (% of claim) 19.7 DTF score for getting electricity (0–100) 89.10 DTF score for protecting minority investors (0–100) 56.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 124 Time (days) 34 Extent of shareholder governance index (0–10) 4.7 DTF score for resolving insolvency (0–100) 36.31 Cost (% of income per capita) 735.9 Strength of minority investor protection index (0–10) 5.7 Time (years) 2.0 Cost (% of estate) 38 Paying taxes (rank) 96 Recovery rate (cents on the dollar) 18.1 DTF score for paying taxes (0–100) 72.10 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 37 Time (hours per year) 224 Total tax rate (% of profit) 18.4 SAN MARINO Europe & Central Asia GNI per capita (US$) 57,301 Ease of doing business rank (1–189) 93 Overall distance to frontier (DTF) score (0–100) 62.44 Population (m) 0.0 Starting a business (rank) 132 ✔ Registering property (rank) 111 Trading across borders (rank) 59 DTF score for starting a business (0–100) 76.81 DTF score for registering property (0–100) 61.99 DTF score for trading across borders (0–100) 78.27 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 4 Time (days) 40 Time (days) 42.5 Time to export (days) 15 Cost (% of income per capita) 9.0 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,900 Minimum capital (% of income per capita) 29.5 Documents to import (number) 4 Getting credit (rank) 180 Time to import (days) 13 Dealing with construction permits (rank) 112 DTF score for getting credit (0–100) 5.00 Cost to import (US$ per container) 1,890 DTF score for dealing with construction permits (0–100) 67.67 Strength of legal rights index (0–12) 1 Procedures (number) 14 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 33 Time (days) 145.5 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 68.85 Cost (% of warehouse value) 5.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 575 Getting electricity (rank) 6 Protecting minority investors (rank) 110 Cost (% of claim) 13.9 DTF score for getting electricity (0–100) 95.84 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 111 Time (days) 45 Extent of shareholder governance index (0–10) 3.5 DTF score for resolving insolvency (0–100) 39.11 Cost (% of income per capita) 59.3 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.3 Cost (% of estate) 5 Paying taxes (rank) 34 Recovery rate (cents on the dollar) 46.5 DTF score for paying taxes (0–100) 83.33 Strength of insolvency framework index (0–16) 4.5 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$) 1,470 Ease of doing business rank (1–189) 153 Overall distance to frontier (DTF) score (0–100) 50.75 Population (m) 0.2 ✔ Starting a business (rank) 23 Registering property (rank) 148 Trading across borders (rank) 111 DTF score for starting a business (0–100) 93.99 DTF score for registering property (0–100) 53.71 DTF score for trading across borders (0–100) 68.73 Procedures (number) 3 Procedures (number) 7 Documents to export (number) 8 Time (days) 4 Time (days) 62 Time to export (days) 26 Cost (% of income per capita) 17.5 Cost (% of property value) 9.0 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 185 Time to import (days) 28 Dealing with construction permits (rank) 46 DTF score for getting credit (0–100) 0.00 Cost to import (US$ per container) 577 DTF score for dealing with construction permits (0–100) 78.47 Strength of legal rights index (0–12) 0 Procedures (number) 12 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 179 Time (days) 104 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 32.37 Cost (% of warehouse value) 2.8 Credit registry coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 1,065 Getting electricity (rank) 57 Protecting minority investors (rank) 183 Cost (% of claim) 50.5 DTF score for getting electricity (0–100) 80.24 DTF score for protecting minority investors (0–100) 26.67 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 3.3 Resolving insolvency (rank) 162 Time (days) 89 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 21.70 Cost (% of income per capita) 951.5 Strength of minority investor protection index (0–10) 2.7 Time (years) 6.2 Cost (% of estate) 22 Paying taxes (rank) 162 Recovery rate (cents on the dollar) 5.5 DTF score for paying taxes (0–100) 51.65 Strength of insolvency framework index (0–16) 6 Payments (number per year) 45 Time (hours per year) 424 Total tax rate (% of profit) 38.2 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 215 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 26,200 Ease of doing business rank (1–189) 49 Overall distance to frontier (DTF) score (0–100) 69.99 Population (m) 28.8 Starting a business (rank) 109 Registering property (rank) 20 Trading across borders (rank) 92 DTF score for starting a business (0–100) 82.71 DTF score for registering property (0–100) 87.77 DTF score for trading across borders (0–100) 73.01 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 6 Time (days) 20.5 Time (days) 8 Time to export (days) 13 Cost (% of income per capita) 4.0 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,285 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 71 Time to import (days) 17 Dealing with construction permits (rank) 21 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 1,309 DTF score for dealing with construction permits (0–100) 84.07 Strength of legal rights index (0–12) 2 Procedures (number) 11 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 108 Time (days) 102 Credit bureau coverage (% of adults) 47.0 DTF score for enforcing contracts (0–100) 55.86 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 635 Getting electricity (rank) 22 Protecting minority investors (rank) 62 Cost (% of claim) 27.5 DTF score for getting electricity (0–100) 88.11 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 163 Time (days) 61 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 21.67 Cost (% of income per capita) 25.5 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.8 Cost (% of estate) 22 Paying taxes (rank) 3 Recovery rate (cents on the dollar) 28.7 DTF score for paying taxes (0–100) 99.23 Strength of insolvency framework index (0–16) 2 Payments (number per year) 3 Time (hours per year) 64 Total tax rate (% of profit) 14.5 SENEGAL Sub-Saharan Africa GNI per capita (US$) 1,070 Ease of doing business rank (1–189) 161 Overall distance to frontier (DTF) score (0–100) 49.37 Population (m) 14.1 ✔ Starting a business (rank) 90 ✔ Registering property (rank) 167 Trading across borders (rank) 79 DTF score for starting a business (0–100) 85.04 DTF score for registering property (0–100) 44.39 DTF score for trading across borders (0–100) 75.08 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 6 Time (days) 6 Time (days) 71 Time to export (days) 12 Cost (% of income per capita) 63.8 Cost (% of property value) 15.2 Cost to export (US$ per container) 1,225 Minimum capital (% of income per capita) 19.0 Documents to import (number) 6 ✔ Getting credit (rank) 131 Time to import (days) 14 ✔ Dealing with construction permits (rank) 151 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,940 DTF score for dealing with construction permits (0–100) 59.85 Strength of legal rights index (0–12) 6 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 142 Time (days) 200 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 46.53 Cost (% of warehouse value) 7.7 Credit registry coverage (% of adults) 1.0 Procedures (number) 43 Time (days) 740 Getting electricity (rank) 183 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 36.4 DTF score for getting electricity (0–100) 34.18 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 99 Time (days) 114 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 41.86 Cost (% of income per capita) 5,862.3 Strength of minority investor protection index (0–10) 4.6 Time (years) 3.0 Cost (% of estate) 20 ✔ Paying taxes (rank) 183 Recovery rate (cents on the dollar) 25.5 DTF score for paying taxes (0–100) 30.94 Strength of insolvency framework index (0–16) 9 Payments (number per year) 58 Time (hours per year) 620 Total tax rate (% of profit) 45.1 SERBIA Europe & Central Asia GNI per capita (US$) 5,730 Ease of doing business rank (1–189) 91 Overall distance to frontier (DTF) score (0–100) 62.57 Population (m) 7.2 Starting a business (rank) 66 ✘ Registering property (rank) 72 Trading across borders (rank) 96 DTF score for starting a business (0–100) 88.91 DTF score for registering property (0–100) 71.64 DTF score for trading across borders (0–100) 72.13 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 12 Time (days) 54 Time to export (days) 12 Cost (% of income per capita) 6.8 Cost (% of property value) 2.7 Cost to export (US$ per container) 1,635 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 52 Time to import (days) 15 Dealing with construction permits (rank) 186 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,910 DTF score for dealing with construction permits (0–100) 29.14 Strength of legal rights index (0–12) 5 Procedures (number) 16 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 96 Time (days) 264 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 57.59 Cost (% of warehouse value) 25.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 635 Getting electricity (rank) 84 Protecting minority investors (rank) 32 Cost (% of claim) 34.0 DTF score for getting electricity (0–100) 76.20 DTF score for protecting minority investors (0–100) 63.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 48 Time (days) 131 Extent of shareholder governance index (0–10) 7.0 DTF score for resolving insolvency (0–100) 57.90 Cost (% of income per capita) 454.9 Strength of minority investor protection index (0–10) 6.3 Time (years) 2.0 Cost (% of estate) 20 Paying taxes (rank) 165 Recovery rate (cents on the dollar) 29.2 DTF score for paying taxes (0–100) 48.90 Strength of insolvency framework index (0–16) 13.5 Payments (number per year) 67 Time (hours per year) 279 Total tax rate (% of profit) 38.6 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 216 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SEYCHELLES Sub-Saharan Africa GNI per capita (US$) 12,530 Ease of doing business rank (1–189) 85 Overall distance to frontier (DTF) score (0–100) 63.16 Population (m) 0.1 Starting a business (rank) 127 Registering property (rank) 78 Trading across borders (rank) 42 DTF score for starting a business (0–100) 77.48 DTF score for registering property (0–100) 71.00 DTF score for trading across borders (0–100) 81.65 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 5 Time (days) 38 Time (days) 33 Time to export (days) 16 Cost (% of income per capita) 10.7 Cost (% of property value) 7.0 Cost to export (US$ per container) 705 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 171 Time to import (days) 17 Dealing with construction permits (rank) 48 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 675 DTF score for dealing with construction permits (0–100) 78.37 Strength of legal rights index (0–12) 2 Procedures (number) 14 Depth of credit information index (0–8) 0 ✔ Enforcing contracts (rank) 103 Time (days) 119 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 56.92 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 915 Getting electricity (rank) 130 Protecting minority investors (rank) 56 Cost (% of claim) 15.4 DTF score for getting electricity (0–100) 64.22 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 ✔ Resolving insolvency (rank) 61 Time (days) 137 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 52.17 Cost (% of income per capita) 454.7 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.0 Cost (% of estate) 11 ✔ Paying taxes (rank) 43 Recovery rate (cents on the dollar) 38.9 DTF score for paying taxes (0–100) 81.50 Strength of insolvency framework index (0–16) 10 Payments (number per year) 28 Time (hours per year) 88 Total tax rate (% of profit) 31.7 SIERRA LEONE Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business rank (1–189) 140 Overall distance to frontier (DTF) score (0–100) 54.58 Population (m) 6.1 Starting a business (rank) 91 ✔ Registering property (rank) 158 Trading across borders (rank) 133 DTF score for starting a business (0–100) 85.02 DTF score for registering property (0–100) 50.63 DTF score for trading across borders (0–100) 63.61 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 7 Time (days) 12 Time (days) 56 Time to export (days) 25 Cost (% of income per capita) 37.9 Cost (% of property value) 10.8 Cost to export (US$ per container) 1,185 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 151 Time to import (days) 28 Dealing with construction permits (rank) 120 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 1,575 DTF score for dealing with construction permits (0–100) 66.80 Strength of legal rights index (0–12) 5 Procedures (number) 16 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 109 Time (days) 166 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 55.68 Cost (% of warehouse value) 3.1 Credit registry coverage (% of adults) 1.0 Procedures (number) 39 Time (days) 515 ✔ Getting electricity (rank) 172 Protecting minority investors (rank) 62 Cost (% of claim) 39.5 DTF score for getting electricity (0–100) 45.51 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 8 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 143 Time (days) 82 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 30.68 Cost (% of income per capita) 4,237.5 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.3 Cost (% of estate) 42 ✘ Paying taxes (rank) 130 Recovery rate (cents on the dollar) 10.6 DTF score for paying taxes (0–100) 65.39 Strength of insolvency framework index (0–16) 8 Payments (number per year) 33 Time (hours per year) 353 Total tax rate (% of profit) 31.0 SINGAPORE East Asia & Pacific GNI per capita (US$) 54,040 Ease of doing business rank (1–189) 1 Overall distance to frontier (DTF) score (0–100) 88.27 Population (m) 5.4 Starting a business (rank) 6 Registering property (rank) 24 Trading across borders (rank) 1 DTF score for starting a business (0–100) 96.48 DTF score for registering property (0–100) 84.78 DTF score for trading across borders (0–100) 96.47 Procedures (number) 3 Procedures (number) 4 Documents to export (number) 3 Time (days) 2.5 Time (days) 4.5 Time to export (days) 6 Cost (% of income per capita) 0.6 Cost (% of property value) 2.8 Cost to export (US$ per container) 460 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 17 Time to import (days) 4 Dealing with construction permits (rank) 2 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 440 DTF score for dealing with construction permits (0–100) 92.84 Strength of legal rights index (0–12) 8 Procedures (number) 10 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 1 Time (days) 26 Credit bureau coverage (% of adults) 50.8 DTF score for enforcing contracts (0–100) 89.54 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 21 Time (days) 150 Getting electricity (rank) 11 Protecting minority investors (rank) 3 Cost (% of claim) 25.8 DTF score for getting electricity (0–100) 92.45 DTF score for protecting minority investors (0–100) 80.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 9.3 Resolving insolvency (rank) 19 Time (days) 31 Extent of shareholder governance index (0–10) 6.7 DTF score for resolving insolvency (0–100) 77.94 Cost (% of income per capita) 26.3 Strength of minority investor protection index (0–10) 8.0 Time (years) 0.8 Cost (% of estate) 3 Paying taxes (rank) 5 Recovery rate (cents on the dollar) 89.7 DTF score for paying taxes (0–100) 97.19 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 5 Time (hours per year) 82 Total tax rate (% of profit) 18.4 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 217 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SLOVAK REPUBLIC OECD high income GNI per capita (US$) 17,390 Ease of doing business rank (1–189) 37 Overall distance to frontier (DTF) score (0–100) 71.83 Population (m) 5.4 ✔ Starting a business (rank) 77 Registering property (rank) 11 Trading across borders (rank) 71 DTF score for starting a business (0–100) 87.02 DTF score for registering property (0–100) 91.88 DTF score for trading across borders (0–100) 76.49 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 5 Time (days) 11.5 Time (days) 16.5 Time to export (days) 16 Cost (% of income per capita) 1.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,525 Minimum capital (% of income per capita) 19.2 Documents to import (number) 5 ✔ Getting credit (rank) 36 Time to import (days) 16 Dealing with construction permits (rank) 110 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,505 DTF score for dealing with construction permits (0–100) 68.19 Strength of legal rights index (0–12) 7 Procedures (number) 10 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 55 Time (days) 286 Credit bureau coverage (% of adults) 65.7 DTF score for enforcing contracts (0–100) 64.68 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 2.8 Procedures (number) 33 Time (days) 545 Getting electricity (rank) 100 Protecting minority investors (rank) 100 Cost (% of claim) 30.0 DTF score for getting electricity (0–100) 72.71 DTF score for protecting minority investors (0–100) 50.83 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 31 Time (days) 128 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 69.93 Cost (% of income per capita) 56.9 Strength of minority investor protection index (0–10) 5.1 Time (years) 4.0 Cost (% of estate) 18 Paying taxes (rank) 100 Recovery rate (cents on the dollar) 54.4 DTF score for paying taxes (0–100) 71.57 Strength of insolvency framework index (0–16) 13 Payments (number per year) 20 Time (hours per year) 207 Total tax rate (% of profit) 48.6 SLOVENIA OECD high income GNI per capita (US$) 22,750 Ease of doing business rank (1–189) 51 Overall distance to frontier (DTF) score (0–100) 69.87 Population (m) 2.1 Starting a business (rank) 15 Registering property (rank) 90 Trading across borders (rank) 53 DTF score for starting a business (0–100) 94.39 DTF score for registering property (0–100) 67.04 DTF score for trading across borders (0–100) 79.29 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 5 Time (days) 6 Time (days) 109.5 Time to export (days) 16 Cost (% of income per capita) 0.0 Cost (% of property value) 2.0 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 44.1 Documents to import (number) 7 Getting credit (rank) 116 Time to import (days) 14 Dealing with construction permits (rank) 90 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 830 DTF score for dealing with construction permits (0–100) 71.91 Strength of legal rights index (0–12) 3 Procedures (number) 11 Depth of credit information index (0–8) 4 Enforcing contracts (rank) 122 Time (days) 212.5 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 52.40 Cost (% of warehouse value) 1.3 Credit registry coverage (% of adults) 3.2 Procedures (number) 32 Time (days) 1,270 Getting electricity (rank) 31 Protecting minority investors (rank) 14 Cost (% of claim) 12.7 DTF score for getting electricity (0–100) 85.50 DTF score for protecting minority investors (0–100) 68.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 7.3 ✔ Resolving insolvency (rank) 42 Time (days) 38 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 62.91 Cost (% of income per capita) 119.3 Strength of minority investor protection index (0–10) 6.8 Time (years) 2.0 Cost (% of estate) 4 Paying taxes (rank) 42 Recovery rate (cents on the dollar) 50.1 DTF score for paying taxes (0–100) 81.94 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 11 Time (hours per year) 260 Total tax rate (% of profit) 32.0 SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 1,610 Ease of doing business rank (1–189) 87 Overall distance to frontier (DTF) score (0–100) 63.08 Population (m) 0.6 Starting a business (rank) 93 Registering property (rank) 156 Trading across borders (rank) 87 DTF score for starting a business (0–100) 84.60 DTF score for registering property (0–100) 50.84 DTF score for trading across borders (0–100) 74.24 Procedures (number) 7 Procedures (number) 10 Documents to export (number) 7 Time (days) 9 Time (days) 86.5 Time to export (days) 22 Cost (% of income per capita) 35.5 Cost (% of property value) 4.7 Cost to export (US$ per container) 840 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 20 Dealing with construction permits (rank) 36 DTF score for getting credit (0–100) 50.00 Cost to import (US$ per container) 785 DTF score for dealing with construction permits (0–100) 80.73 Strength of legal rights index (0–12) 10 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 150 Time (days) 98 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 44.63 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 455 ✔ Getting electricity (rank) 45 Protecting minority investors (rank) 92 Cost (% of claim) 78.9 DTF score for getting electricity (0–100) 82.94 DTF score for protecting minority investors (0–100) 52.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 139 Time (days) 53 Extent of shareholder governance index (0–10) 4.2 DTF score for resolving insolvency (0–100) 31.87 Cost (% of income per capita) 1,562.8 Strength of minority investor protection index (0–10) 5.3 Time (years) 1.0 Cost (% of estate) 38 Paying taxes (rank) 58 Recovery rate (cents on the dollar) 24.4 DTF score for paying taxes (0–100) 78.42 Strength of insolvency framework index (0–16) 6 Payments (number per year) 34 Time (hours per year) 80 Total tax rate (% of profit) 32.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 218 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SOUTH AFRICA Sub-Saharan Africa GNI per capita (US$) 7,190 Ease of doing business rank (1–189) 43 Overall distance to frontier (DTF) score (0–100) 71.08 Population (m) 53.0 Starting a business (rank) 61 Registering property (rank) 97 Trading across borders (rank) 100 DTF score for starting a business (0–100) 89.43 DTF score for registering property (0–100) 66.02 DTF score for trading across borders (0–100) 71.05 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 5 Time (days) 19 Time (days) 23 Time to export (days) 16 Cost (% of income per capita) 0.3 Cost (% of property value) 6.2 Cost to export (US$ per container) 1,830 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✘ Getting credit (rank) 52 Time to import (days) 21 Dealing with construction permits (rank) 32 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 2,080 DTF score for dealing with construction permits (0–100) 81.65 Strength of legal rights index (0–12) 5 Procedures (number) 16 Depth of credit information index (0–8) 7 ✔ Enforcing contracts (rank) 46 Time (days) 48 Credit bureau coverage (% of adults) 55.4 DTF score for enforcing contracts (0–100) 66.14 Cost (% of warehouse value) 0.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 600 Getting electricity (rank) 158 Protecting minority investors (rank) 17 Cost (% of claim) 33.2 DTF score for getting electricity (0–100) 55.74 DTF score for protecting minority investors (0–100) 67.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 8.0 Resolving insolvency (rank) 39 Time (days) 226 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 64.51 Cost (% of income per capita) 729.5 Strength of minority investor protection index (0–10) 6.8 Time (years) 2.0 Cost (% of estate) 18 Paying taxes (rank) 19 Recovery rate (cents on the dollar) 35.7 DTF score for paying taxes (0–100) 88.73 Strength of insolvency framework index (0–16) 14.5 Payments (number per year) 7 Time (hours per year) 200 Total tax rate (% of profit) 28.8 SOUTH SUDAN Sub-Saharan Africa GNI per capita (US$) 1,120 Ease of doing business rank (1–189) 186 Overall distance to frontier (DTF) score (0–100) 35.72 Population (m) 11.3 Starting a business (rank) 178 Registering property (rank) 180 Trading across borders (rank) 187 DTF score for starting a business (0–100) 53.96 DTF score for registering property (0–100) 36.63 DTF score for trading across borders (0–100) 5.70 Procedures (number) 13 Procedures (number) 9 Documents to export (number) 10 Time (days) 14 Time (days) 50 Time to export (days) 55 Cost (% of income per capita) 242.4 Cost (% of property value) 15.6 Cost to export (US$ per container) 5,335 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 Getting credit (rank) 171 Time to import (days) 130 Dealing with construction permits (rank) 167 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 9,285 DTF score for dealing with construction permits (0–100) 52.41 Strength of legal rights index (0–12) 2 Procedures (number) 23 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 94 Time (days) 124 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 57.71 Cost (% of warehouse value) 8.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 48 Time (days) 228 Getting electricity (rank) 179 Protecting minority investors (rank) 173 Cost (% of claim) 30.0 DTF score for getting electricity (0–100) 36.68 DTF score for protecting minority investors (0–100) 32.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 2.7 Resolving insolvency (rank) 189 Time (days) 468 Extent of shareholder governance index (0–10) 3.8 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 3,236.9 Strength of minority investor protection index (0–10) 3.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 98 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 71.59 Strength of insolvency framework index (0–16) 0 Payments (number per year) 36 Time (hours per year) 218 Total tax rate (% of profit) 29.1 SPAIN OECD high income GNI per capita (US$) 29,180 Ease of doing business rank (1–189) 33 Overall distance to frontier (DTF) score (0–100) 73.17 Population (m) 46.6 ✔ Starting a business (rank) 74 ✔ Registering property (rank) 66 Trading across borders (rank) 30 DTF score for starting a business (0–100) 88.08 DTF score for registering property (0–100) 73.57 DTF score for trading across borders (0–100) 84.68 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 4 Time (days) 13 Time (days) 12 Time to export (days) 10 Cost (% of income per capita) 4.6 Cost (% of property value) 6.1 Cost to export (US$ per container) 1,310 Minimum capital (% of income per capita) 13.8 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 9 Dealing with construction permits (rank) 105 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,400 DTF score for dealing with construction permits (0–100) 69.18 Strength of legal rights index (0–12) 5 Procedures (number) 7 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 69 Time (days) 229 Credit bureau coverage (% of adults) 15.3 DTF score for enforcing contracts (0–100) 62.65 Cost (% of warehouse value) 5.2 Credit registry coverage (% of adults) 50.0 Procedures (number) 40 Time (days) 510 Getting electricity (rank) 74 Protecting minority investors (rank) 30 Cost (% of claim) 18.5 DTF score for getting electricity (0–100) 78.18 DTF score for protecting minority investors (0–100) 64.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 ✔ Resolving insolvency (rank) 23 Time (days) 85 Extent of shareholder governance index (0–10) 7.5 DTF score for resolving insolvency (0–100) 75.89 Cost (% of income per capita) 242.0 Strength of minority investor protection index (0–10) 6.4 Time (years) 1.5 Cost (% of estate) 11 ✔ Paying taxes (rank) 76 Recovery rate (cents on the dollar) 71.3 DTF score for paying taxes (0–100) 75.25 Strength of insolvency framework index (0–16) 12 Payments (number per year) 8 Time (hours per year) 167 Total tax rate (% of profit) 58.2 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 219 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SRI LANKA South Asia GNI per capita (US$) 3,170 Ease of doing business rank (1–189) 99 Overall distance to frontier (DTF) score (0–100) 61.36 Population (m) 20.5 Starting a business (rank) 104 Registering property (rank) 131 Trading across borders (rank) 69 DTF score for starting a business (0–100) 83.01 DTF score for registering property (0–100) 58.45 DTF score for trading across borders (0–100) 76.94 Procedures (number) 9 Procedures (number) 9 Documents to export (number) 7 Time (days) 11 Time (days) 51 Time to export (days) 16 Cost (% of income per capita) 20.7 Cost (% of property value) 5.1 Cost to export (US$ per container) 560 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 89 Time to import (days) 13 Dealing with construction permits (rank) 60 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 690 DTF score for dealing with construction permits (0–100) 76.50 Strength of legal rights index (0–12) 3 Procedures (number) 12 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 165 Time (days) 169 Credit bureau coverage (% of adults) 44.5 DTF score for enforcing contracts (0–100) 38.96 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,318 Getting electricity (rank) 100 Protecting minority investors (rank) 51 Cost (% of claim) 22.8 DTF score for getting electricity (0–100) 72.71 DTF score for protecting minority investors (0–100) 59.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.0 Resolving insolvency (rank) 72 Time (days) 104 Extent of shareholder governance index (0–10) 5.8 DTF score for resolving insolvency (0–100) 47.81 Cost (% of income per capita) 901.6 Strength of minority investor protection index (0–10) 5.9 Time (years) 1.7 Cost (% of estate) 10 ✘ Paying taxes (rank) 158 Recovery rate (cents on the dollar) 42.4 DTF score for paying taxes (0–100) 55.00 Strength of insolvency framework index (0–16) 8 Payments (number per year) 47 Time (hours per year) 167 Total tax rate (% of profit) 55.6 ST. KITTS AND NEVIS Latin America & Caribbean GNI per capita (US$) 13,460 Ease of doing business rank (1–189) 121 Overall distance to frontier (DTF) score (0–100) 58.00 Population (m) 0.1 Starting a business (rank) 87 Registering property (rank) 170 Trading across borders (rank) 67 DTF score for starting a business (0–100) 85.56 DTF score for registering property (0–100) 43.74 DTF score for trading across borders (0–100) 77.22 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 4 Time (days) 18.5 Time (days) 82 Time to export (days) 13 Cost (% of income per capita) 8.7 Cost (% of property value) 13.3 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 151 Time to import (days) 12 ✘ Dealing with construction permits (rank) 16 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 2,615 DTF score for dealing with construction permits (0–100) 85.24 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 116 Time (days) 104 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 53.80 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 578 Getting electricity (rank) 10 Protecting minority investors (rank) 87 Cost (% of claim) 20.5 DTF score for getting electricity (0–100) 93.25 DTF score for protecting minority investors (0–100) 53.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 189 Time (days) 18 Extent of shareholder governance index (0–10) 4.0 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 291.1 Strength of minority investor protection index (0–10) 5.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE ✔ Paying taxes (rank) 137 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 62.85 Strength of insolvency framework index (0–16) 0 Payments (number per year) 35 Time (hours per year) 203 Total tax rate (% of profit) 49.8 ST. LUCIA Latin America & Caribbean GNI per capita (US$) 7,090 Ease of doing business rank (1–189) 100 Overall distance to frontier (DTF) score (0–100) 61.35 Population (m) 0.2 Starting a business (rank) 72 Registering property (rank) 132 ✔ Trading across borders (rank) 122 DTF score for starting a business (0–100) 88.24 DTF score for registering property (0–100) 58.38 DTF score for trading across borders (0–100) 66.44 Procedures (number) 5 Procedures (number) 9 Documents to export (number) 7 Time (days) 15 Time (days) 17 Time to export (days) 14 Cost (% of income per capita) 17.8 Cost (% of property value) 7.6 Cost to export (US$ per container) 935 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 151 Time to import (days) 13 Dealing with construction permits (rank) 39 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 2,280 DTF score for dealing with construction permits (0–100) 79.64 Strength of legal rights index (0–12) 5 Procedures (number) 13 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 145 Time (days) 115 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 45.94 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 635 Getting electricity (rank) 23 Protecting minority investors (rank) 141 Cost (% of claim) 37.3 DTF score for getting electricity (0–100) 87.95 DTF score for protecting minority investors (0–100) 43.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 100 Time (days) 19 Extent of shareholder governance index (0–10) 2.0 DTF score for resolving insolvency (0–100) 41.82 Cost (% of income per capita) 191.8 Strength of minority investor protection index (0–10) 4.3 Time (years) 2.0 Cost (% of estate) 9 Paying taxes (rank) 69 Recovery rate (cents on the dollar) 42.9 DTF score for paying taxes (0–100) 76.71 Strength of insolvency framework index (0–16) 6 Payments (number per year) 32 Time (hours per year) 110 Total tax rate (% of profit) 34.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 220 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ST. VINCENT AND THE GRENADINES Latin America & Caribbean GNI per capita (US$) 6,580 Ease of doing business rank (1–189) 103 Overall distance to frontier (DTF) score (0–100) 60.66 Population (m) 0.1 Starting a business (rank) 80 Registering property (rank) 155 Trading across borders (rank) 45 DTF score for starting a business (0–100) 86.70 DTF score for registering property (0–100) 51.11 DTF score for trading across borders (0–100) 81.05 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 5 Time (days) 10 Time (days) 38 Time to export (days) 12 Cost (% of income per capita) 16.7 Cost (% of property value) 11.8 Cost to export (US$ per container) 585 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 151 Time to import (days) 13 Dealing with construction permits (rank) 35 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 1,425 DTF score for dealing with construction permits (0–100) 81.43 Strength of legal rights index (0–12) 5 Procedures (number) 14 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 101 Time (days) 92 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 57.23 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 394 Getting electricity (rank) 8 Protecting minority investors (rank) 71 Cost (% of claim) 30.3 DTF score for getting electricity (0–100) 94.67 DTF score for protecting minority investors (0–100) 56.67 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 189 Time (days) 52 Extent of shareholder governance index (0–10) 4.7 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 97.3 Strength of minority investor protection index (0–10) 5.7 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 93 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 72.76 Strength of insolvency framework index (0–16) 0 Payments (number per year) 36 Time (hours per year) 108 Total tax rate (% of profit) 38.6 SUDAN Sub-Saharan Africa GNI per capita (US$) 1,130 Ease of doing business rank (1–189) 160 Overall distance to frontier (DTF) score (0–100) 49.55 Population (m) 38.0 Starting a business (rank) 139 Registering property (rank) 46 Trading across borders (rank) 162 DTF score for starting a business (0–100) 74.71 DTF score for registering property (0–100) 78.72 DTF score for trading across borders (0–100) 46.98 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 7 Time (days) 36 Time (days) 9 Time to export (days) 32 Cost (% of income per capita) 25.1 Cost (% of property value) 2.8 Cost to export (US$ per container) 2,630 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days) 46 Dealing with construction permits (rank) 160 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 3,400 DTF score for dealing with construction permits (0–100) 55.81 Strength of legal rights index (0–12) 3 Procedures (number) 15 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 163 Time (days) 270 Credit bureau coverage (% of adults) 1.3 DTF score for enforcing contracts (0–100) 40.43 Cost (% of warehouse value) 4.5 Credit registry coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 810 Getting electricity (rank) 136 Protecting minority investors (rank) 174 Cost (% of claim) 19.8 DTF score for getting electricity (0–100) 63.30 DTF score for protecting minority investors (0–100) 31.67 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 3.7 Resolving insolvency (rank) 156 Time (days) 70 Extent of shareholder governance index (0–10) 2.7 DTF score for resolving insolvency (0–100) 26.54 Cost (% of income per capita) 4,386.3 Strength of minority investor protection index (0–10) 3.2 Time (years) 2.0 Cost (% of estate) 20 Paying taxes (rank) 139 Recovery rate (cents on the dollar) 31.9 DTF score for paying taxes (0–100) 62.34 Strength of insolvency framework index (0–16) 3 Payments (number per year) 42 Time (hours per year) 180 Total tax rate (% of profit) 45.4 SURINAME Latin America & Caribbean GNI per capita (US$) 9,260 Ease of doing business rank (1–189) 162 Overall distance to frontier (DTF) score (0–100) 49.29 Population (m) 0.5 ✔ Starting a business (rank) 181 Registering property (rank) 178 Trading across borders (rank) 106 DTF score for starting a business (0–100) 48.05 DTF score for registering property (0–100) 38.92 DTF score for trading across borders (0–100) 69.42 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 8 Time (days) 84 Time (days) 106 Time to export (days) 22 Cost (% of income per capita) 106.4 Cost (% of property value) 13.7 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.3 Documents to import (number) 6 Getting credit (rank) 171 Time to import (days) 19 Dealing with construction permits (rank) 79 DTF score for getting credit (0–100) 10.00 Cost to import (US$ per container) 1,190 DTF score for dealing with construction permits (0–100) 74.13 Strength of legal rights index (0–12) 2 Procedures (number) 10 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 184 Time (days) 223 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 28.84 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 1,715 Getting electricity (rank) 69 Protecting minority investors (rank) 171 Cost (% of claim) 37.1 DTF score for getting electricity (0–100) 78.68 DTF score for protecting minority investors (0–100) 34.17 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 2.3 Resolving insolvency (rank) 130 Time (days) 113 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 34.27 Cost (% of income per capita) 486.1 Strength of minority investor protection index (0–10) 3.4 Time (years) 5.0 Cost (% of estate) 30 Paying taxes (rank) 71 Recovery rate (cents on the dollar) 8.5 DTF score for paying taxes (0–100) 76.45 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 30 Time (hours per year) 199 Total tax rate (% of profit) 27.9 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 221 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SWAZILAND Sub-Saharan Africa GNI per capita (US$) 3,080 Ease of doing business rank (1–189) 110 Overall distance to frontier (DTF) score (0–100) 59.77 Population (m) 1.2 ✔ Starting a business (rank) 145 Registering property (rank) 129 Trading across borders (rank) 127 DTF score for starting a business (0–100) 73.47 DTF score for registering property (0–100) 58.78 DTF score for trading across borders (0–100) 65.43 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 7 Time (days) 30 Time (days) 21 Time to export (days) 17 Cost (% of income per capita) 23.3 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,980 Minimum capital (% of income per capita) 0.4 Documents to import (number) 6 Getting credit (rank) 61 Time to import (days) 23 Dealing with construction permits (rank) 55 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 2,245 DTF score for dealing with construction permits (0–100) 77.78 Strength of legal rights index (0–12) 4 Procedures (number) 13 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 173 Time (days) 96 Credit bureau coverage (% of adults) 42.1 DTF score for enforcing contracts (0–100) 36.37 Cost (% of warehouse value) 2.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 956 Getting electricity (rank) 140 Protecting minority investors (rank) 110 Cost (% of claim) 56.1 DTF score for getting electricity (0–100) 61.81 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 80 Time (days) 137 Extent of shareholder governance index (0–10) 5.2 DTF score for resolving insolvency (0–100) 45.80 Cost (% of income per capita) 1,039.1 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 74 Recovery rate (cents on the dollar) 38.7 DTF score for paying taxes (0–100) 75.76 Strength of insolvency framework index (0–16) 8 Payments (number per year) 33 Time (hours per year) 110 Total tax rate (% of profit) 35.6 SWEDEN OECD high income GNI per capita (US$) 59,130 Ease of doing business rank (1–189) 11 Overall distance to frontier (DTF) score (0–100) 80.60 Population (m) 9.6 Starting a business (rank) 32 ✔ Registering property (rank) 18 Trading across borders (rank) 4 DTF score for starting a business (0–100) 92.30 DTF score for registering property (0–100) 88.47 DTF score for trading across borders (0–100) 93.06 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 3 Time (days) 16 Time (days) 14 Time to export (days) 9 Cost (% of income per capita) 0.5 Cost (% of property value) 4.3 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 12.8 Documents to import (number) 3 Getting credit (rank) 61 Time to import (days) 6 Dealing with construction permits (rank) 18 DTF score for getting credit (0–100) 55.00 Cost to import (US$ per container) 735 DTF score for dealing with construction permits (0–100) 84.73 Strength of legal rights index (0–12) 6 Procedures (number) 7 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 21 Time (days) 116 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 72.43 Cost (% of warehouse value) 2.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 31 Time (days) 321 Getting electricity (rank) 7 Protecting minority investors (rank) 32 Cost (% of claim) 31.2 DTF score for getting electricity (0–100) 94.92 DTF score for protecting minority investors (0–100) 63.33 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 6.3 Resolving insolvency (rank) 17 Time (days) 52 Extent of shareholder governance index (0–10) 6.3 DTF score for resolving insolvency (0–100) 78.43 Cost (% of income per capita) 36.0 Strength of minority investor protection index (0–10) 6.3 Time (years) 2.0 Cost (% of estate) 9 Paying taxes (rank) 35 Recovery rate (cents on the dollar) 76.1 DTF score for paying taxes (0–100) 83.30 Strength of insolvency framework index (0–16) 12 Payments (number per year) 6 Time (hours per year) 122 Total tax rate (% of profit) 49.4 SWITZERLAND OECD high income GNI per capita (US$) 86,600 Ease of doing business rank (1–189) 20 Overall distance to frontier (DTF) score (0–100) 77.78 Population (m) 8.1 ✔ Starting a business (rank) 69 Registering property (rank) 16 Trading across borders (rank) 22 DTF score for starting a business (0–100) 88.42 DTF score for registering property (0–100) 88.71 DTF score for trading across borders (0–100) 86.10 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 3 Time (days) 10 Time (days) 16 Time to export (days) 8 Cost (% of income per capita) 2.0 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,660 Minimum capital (% of income per capita) 25.4 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 8 Dealing with construction permits (rank) 45 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,440 DTF score for dealing with construction permits (0–100) 78.50 Strength of legal rights index (0–12) 6 Procedures (number) 11 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 22 Time (days) 154 Credit bureau coverage (% of adults) 26.3 DTF score for enforcing contracts (0–100) 72.20 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 390 Getting electricity (rank) 5 ✔ Protecting minority investors (rank) 78 Cost (% of claim) 24.0 DTF score for getting electricity (0–100) 96.71 DTF score for protecting minority investors (0–100) 55.00 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 3.3 ✔ Resolving insolvency (rank) 41 Time (days) 39 Extent of shareholder governance index (0–10) 7.7 DTF score for resolving insolvency (0–100) 63.10 Cost (% of income per capita) 59.2 Strength of minority investor protection index (0–10) 5.5 Time (years) 3.0 Cost (% of estate) 4 Paying taxes (rank) 18 Recovery rate (cents on the dollar) 47.6 DTF score for paying taxes (0–100) 89.05 Strength of insolvency framework index (0–16) 12 Payments (number per year) 19 Time (hours per year) 63 Total tax rate (% of profit) 29.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 222 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business SYRIAN ARAB REPUBLIC Middle East & North Africa GNI per capita (US$) 2,803 Ease of doing business rank (1–189) 175 Overall distance to frontier (DTF) score (0–100) 46.51 Population (m) 22.8 Starting a business (rank) 152 Registering property (rank) 140 Trading across borders (rank) 146 DTF score for starting a business (0–100) 69.23 DTF score for registering property (0–100) 55.46 DTF score for trading across borders (0–100) 58.57 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 8 Time (days) 13 Time (days) 19 Time to export (days) 18 Cost (% of income per capita) 14.4 Cost (% of property value) 27.8 Cost to export (US$ per container) 1,995 Minimum capital (% of income per capita) 272.1 Documents to import (number) 9 Getting credit (rank) 165 Time to import (days) 24 Dealing with construction permits (rank) 189 DTF score for getting credit (0–100) 15.00 Cost to import (US$ per container) 2,410 DTF score for dealing with construction permits (0–100) 0.00 Strength of legal rights index (0–12) 1 Procedures (number) NO PRACTICE Depth of credit information index (0–8) 2 Enforcing contracts (rank) 175 Time (days) NO PRACTICE Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 35.17 Cost (% of warehouse value) NO PRACTICE Credit registry coverage (% of adults) 7.7 Procedures (number) 55 Time (days) 872 Getting electricity (rank) 76 Protecting minority investors (rank) 78 Cost (% of claim) 29.3 DTF score for getting electricity (0–100) 77.91 DTF score for protecting minority investors (0–100) 55.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 146 Time (days) 71 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 30.15 Cost (% of income per capita) 801.5 Strength of minority investor protection index (0–10) 5.5 Time (years) 4.1 Cost (% of estate) 9 Paying taxes (rank) 117 Recovery rate (cents on the dollar) 27.0 DTF score for paying taxes (0–100) 68.54 Strength of insolvency framework index (0–16) 5 Payments (number per year) 19 Time (hours per year) 336 Total tax rate (% of profit) 42.5 TAIWAN, CHINA East Asia & Pacific GNI per capita (US$) 21,620 Ease of doing business rank (1–189) 19 Overall distance to frontier (DTF) score (0–100) 78.73 Population (m) 22.8 Starting a business (rank) 15 Registering property (rank) 40 Trading across borders (rank) 32 DTF score for starting a business (0–100) 94.39 DTF score for registering property (0–100) 80.19 DTF score for trading across borders (0–100) 84.38 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 5 Time (days) 10 Time (days) 4 Time to export (days) 10 Cost (% of income per capita) 2.2 Cost (% of property value) 6.2 Cost to export (US$ per container) 655 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 ✔ Getting credit (rank) 52 Time to import (days) 10 Dealing with construction permits (rank) 11 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 720 DTF score for dealing with construction permits (0–100) 86.20 Strength of legal rights index (0–12) 4 Procedures (number) 10 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 93 Time (days) 93 Credit bureau coverage (% of adults) 87.9 DTF score for enforcing contracts (0–100) 57.75 Cost (% of warehouse value) 0.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 510 ✔ Getting electricity (rank) 2 Protecting minority investors (rank) 30 Cost (% of claim) 17.7 DTF score for getting electricity (0–100) 98.94 DTF score for protecting minority investors (0–100) 64.17 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 18 Time (days) 24 Extent of shareholder governance index (0–10) 6.2 DTF score for resolving insolvency (0–100) 78.41 Cost (% of income per capita) 45.7 Strength of minority investor protection index (0–10) 6.4 Time (years) 1.9 Cost (% of estate) 4 ✔ Paying taxes (rank) 37 Recovery rate (cents on the dollar) 81.8 DTF score for paying taxes (0–100) 82.90 Strength of insolvency framework index (0–16) 11 Payments (number per year) 11 Time (hours per year) 221 Total tax rate (% of profit) 34.2 TAJIKISTAN Europe & Central Asia GNI per capita (US$) 990 Ease of doing business rank (1–189) 166 Overall distance to frontier (DTF) score (0–100) 48.57 Population (m) 8.2 ✔ Starting a business (rank) 106 Registering property (rank) 70 Trading across borders (rank) 188 DTF score for starting a business (0–100) 83.00 DTF score for registering property (0–100) 72.06 DTF score for trading across borders (0–100) 3.85 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 11 Time (days) 39 Time (days) 37 Time to export (days) 71 Cost (% of income per capita) 23.3 Cost (% of property value) 3.7 Cost to export (US$ per container) 9,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 12 ✔ Getting credit (rank) 116 Time to import (days) 70 ✔ Dealing with construction permits (rank) 168 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 10,650 DTF score for dealing with construction permits (0–100) 52.13 Strength of legal rights index (0–12) 1 Procedures (number) 24 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 40 Time (days) 228 Credit bureau coverage (% of adults) 7.0 DTF score for enforcing contracts (0–100) 67.42 Cost (% of warehouse value) 1.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 430 Getting electricity (rank) 178 Protecting minority investors (rank) 56 Cost (% of claim) 25.5 DTF score for getting electricity (0–100) 38.59 DTF score for protecting minority investors (0–100) 58.33 Procedures (number) 9 Extent of conflict of interest regulation index (0–10) 6.7 Resolving insolvency (rank) 149 Time (days) 185 Extent of shareholder governance index (0–10) 5.0 DTF score for resolving insolvency (0–100) 29.26 Cost (% of income per capita) 942.1 Strength of minority investor protection index (0–10) 5.8 Time (years) 1.7 Cost (% of estate) 9 ✔ Paying taxes (rank) 169 Recovery rate (cents on the dollar) 36.9 DTF score for paying taxes (0–100) 46.06 Strength of insolvency framework index (0–16) 3 Payments (number per year) 31 Time (hours per year) 209 Total tax rate (% of profit) 80.9 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 223 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business TANZANIA Sub-Saharan Africa GNI per capita (US$) 630 Ease of doing business rank (1–189) 131 Overall distance to frontier (DTF) score (0–100) 56.38 Population (m) 49.3 Starting a business (rank) 124 Registering property (rank) 123 ✔ Trading across borders (rank) 137 DTF score for starting a business (0–100) 78.85 DTF score for registering property (0–100) 60.10 DTF score for trading across borders (0–100) 62.96 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 26 Time (days) 67 Time to export (days) 18 Cost (% of income per capita) 23.8 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 ✔ Getting credit (rank) 151 Time to import (days) 26 Dealing with construction permits (rank) 169 DTF score for getting credit (0–100) 25.00 Cost to import (US$ per container) 1,615 DTF score for dealing with construction permits (0–100) 52.03 Strength of legal rights index (0–12) 5 Procedures (number) 18 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 45 Time (days) 205 Credit bureau coverage (% of adults) 0.6 DTF score for enforcing contracts (0–100) 66.17 Cost (% of warehouse value) 8.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 515 Getting electricity (rank) 87 Protecting minority investors (rank) 141 Cost (% of claim) 14.3 DTF score for getting electricity (0–100) 75.28 DTF score for protecting minority investors (0–100) 43.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 105 Time (days) 109 Extent of shareholder governance index (0–10) 3.3 DTF score for resolving insolvency (0–100) 41.12 Cost (% of income per capita) 1,453.0 Strength of minority investor protection index (0–10) 4.3 Time (years) 3.0 Cost (% of estate) 22 ✘ Paying taxes (rank) 148 Recovery rate (cents on the dollar) 21.2 DTF score for paying taxes (0–100) 58.95 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 49 Time (hours per year) 181 Total tax rate (% of profit) 44.3 THAILAND East Asia & Pacific GNI per capita (US$) 5,370 Ease of doing business rank (1–189) 26 Overall distance to frontier (DTF) score (0–100) 75.27 Population (m) 67.0 Starting a business (rank) 75 Registering property (rank) 28 Trading across borders (rank) 36 DTF score for starting a business (0–100) 87.98 DTF score for registering property (0–100) 83.04 DTF score for trading across borders (0–100) 83.57 Procedures (number) 4 Procedures (number) 2 Documents to export (number) 5 Time (days) 27.5 Time (days) 2 Time to export (days) 14 Cost (% of income per capita) 6.6 Cost (% of property value) 6.3 Cost to export (US$ per container) 595 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 13 ✔ Dealing with construction permits (rank) 6 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 760 DTF score for dealing with construction permits (0–100) 88.77 Strength of legal rights index (0–12) 3 Procedures (number) 7 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 25 Time (days) 113 Credit bureau coverage (% of adults) 52.7 DTF score for enforcing contracts (0–100) 70.05 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 440 Getting electricity (rank) 12 Protecting minority investors (rank) 25 Cost (% of claim) 15.0 DTF score for getting electricity (0–100) 91.71 DTF score for protecting minority investors (0–100) 65.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.7 Resolving insolvency (rank) 45 Time (days) 35 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 58.73 Cost (% of income per capita) 66.1 Strength of minority investor protection index (0–10) 6.6 Time (years) 2.7 Cost (% of estate) 36 Paying taxes (rank) 62 Recovery rate (cents on the dollar) 42.3 DTF score for paying taxes (0–100) 77.99 Strength of insolvency framework index (0–16) 11.5 Payments (number per year) 22 Time (hours per year) 264 Total tax rate (% of profit) 26.9 TIMOR-LESTE East Asia & Pacific GNI per capita (US$) 3,580 Ease of doing business rank (1–189) 172 Overall distance to frontier (DTF) score (0–100) 46.89 Population (m) 1.2 ✔ Starting a business (rank) 96 Registering property (rank) 189 Trading across borders (rank) 94 DTF score for starting a business (0–100) 83.73 DTF score for registering property (0–100) 0.00 DTF score for trading across borders (0–100) 72.49 Procedures (number) 5 Procedures (number) NO PRACTICE Documents to export (number) 6 Time (days) 10 Time (days) NO PRACTICE Time to export (days) 28 Cost (% of income per capita) 0.3 Cost (% of property value) NO PRACTICE Cost to export (US$ per container) 410 Minimum capital (% of income per capita) 127.5 Documents to import (number) 7 Getting credit (rank) 160 Time to import (days) 26 Dealing with construction permits (rank) 115 DTF score for getting credit (0–100) 20.00 Cost to import (US$ per container) 415 DTF score for dealing with construction permits (0–100) 67.52 Strength of legal rights index (0–12) 0 Procedures (number) 16 Depth of credit information index (0–8) 4 Enforcing contracts (rank) 189 Time (days) 207 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 3.59 Cost (% of warehouse value) 0.3 Credit registry coverage (% of adults) 5.7 Procedures (number) 51 Time (days) 1,285 Getting electricity (rank) 15 Protecting minority investors (rank) 100 Cost (% of claim) 163.2 DTF score for getting electricity (0–100) 90.79 DTF score for protecting minority investors (0–100) 50.83 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 189 Time (days) 63 Extent of shareholder governance index (0–10) 5.5 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 654.1 Strength of minority investor protection index (0–10) 5.1 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE Paying taxes (rank) 55 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 79.97 Strength of insolvency framework index (0–16) 0 Payments (number per year) 18 Time (hours per year) 276 Total tax rate (% of profit) 11.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 224 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business TOGO Sub-Saharan Africa GNI per capita (US$) 530 Ease of doing business rank (1–189) 149 Overall distance to frontier (DTF) score (0–100) 51.29 Population (m) 6.8 ✔ Starting a business (rank) 134 ✔ Registering property (rank) 182 Trading across borders (rank) 112 DTF score for starting a business (0–100) 76.06 DTF score for registering property (0–100) 34.88 DTF score for trading across borders (0–100) 68.58 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 10 Time (days) 295 Time to export (days) 24 Cost (% of income per capita) 94.9 Cost (% of property value) 9.3 Cost to export (US$ per container) 1,015 Minimum capital (% of income per capita) 37.5 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 29 Dealing with construction permits (rank) 170 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 1,190 DTF score for dealing with construction permits (0–100) 50.57 Strength of legal rights index (0–12) 6 Procedures (number) 12 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 134 Time (days) 165 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 49.65 Cost (% of warehouse value) 16.0 Credit registry coverage (% of adults) 3.0 Procedures (number) 40 Time (days) 588 Getting electricity (rank) 134 ✔ Protecting minority investors (rank) 122 Cost (% of claim) 47.5 DTF score for getting electricity (0–100) 63.42 DTF score for protecting minority investors (0–100) 45.83 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 93 Time (days) 74 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 43.12 Cost (% of income per capita) 5,567.5 Strength of minority investor protection index (0–10) 4.6 Time (years) 3.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 163 Recovery rate (cents on the dollar) 27.9 DTF score for paying taxes (0–100) 50.81 Strength of insolvency framework index (0–16) 9 Payments (number per year) 50 Time (hours per year) 270 Total tax rate (% of profit) 50.3 TONGA East Asia & Pacific GNI per capita (US$) 4,490 Ease of doing business rank (1–189) 69 Overall distance to frontier (DTF) score (0–100) 65.72 Population (m) 0.1 Starting a business (rank) 51 Registering property (rank) 174 Trading across borders (rank) 78 DTF score for starting a business (0–100) 90.74 DTF score for registering property (0–100) 40.63 DTF score for trading across borders (0–100) 75.49 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 6 Time (days) 16 Time (days) 112 Time to export (days) 22 Cost (% of income per capita) 7.6 Cost (% of property value) 15.1 Cost to export (US$ per container) 515 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 36 Time to import (days) 25 Dealing with construction permits (rank) 14 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 500 DTF score for dealing with construction permits (0–100) 85.40 Strength of legal rights index (0–12) 10 Procedures (number) 11 Depth of credit information index (0–8) 3 Enforcing contracts (rank) 48 Time (days) 62 Credit bureau coverage (% of adults) 12.3 DTF score for enforcing contracts (0–100) 65.65 Cost (% of warehouse value) 1.9 Credit registry coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 350 Getting electricity (rank) 35 Protecting minority investors (rank) 161 Cost (% of claim) 30.5 DTF score for getting electricity (0–100) 85.03 DTF score for protecting minority investors (0–100) 40.00 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 133 Time (days) 42 Extent of shareholder governance index (0–10) 3.0 DTF score for resolving insolvency (0–100) 33.34 Cost (% of income per capita) 93.4 Strength of minority investor protection index (0–10) 4.0 Time (years) 2.7 Cost (% of estate) 22 Paying taxes (rank) 73 Recovery rate (cents on the dollar) 27.1 DTF score for paying taxes (0–100) 75.93 Strength of insolvency framework index (0–16) 6 Payments (number per year) 29 Time (hours per year) 200 Total tax rate (% of profit) 30.1 TRINIDAD AND TOBAGO Latin America & Caribbean GNI per capita (US$) 15,760 Ease of doing business rank (1–189) 79 Overall distance to frontier (DTF) score (0–100) 64.24 Population (m) 1.3 ✔ Starting a business (rank) 71 Registering property (rank) 159 Trading across borders (rank) 76 DTF score for starting a business (0–100) 88.33 DTF score for registering property (0–100) 50.00 DTF score for trading across borders (0–100) 75.55 Procedures (number) 7 Procedures (number) 9 Documents to export (number) 5 Time (days) 11.5 Time (days) 77 Time to export (days) 11 Cost (% of income per capita) 0.7 Cost (% of property value) 7.0 Cost to export (US$ per container) 843 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 ✔ Getting credit (rank) 36 Time to import (days) 14 Dealing with construction permits (rank) 113 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,260 DTF score for dealing with construction permits (0–100) 67.66 Strength of legal rights index (0–12) 7 Procedures (number) 13 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 180 Time (days) 250 Credit bureau coverage (% of adults) 67.4 DTF score for enforcing contracts (0–100) 32.27 Cost (% of warehouse value) 0.1 Credit registry coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 1,340 Getting electricity (rank) 21 Protecting minority investors (rank) 62 Cost (% of claim) 33.5 DTF score for getting electricity (0–100) 88.18 DTF score for protecting minority investors (0–100) 57.50 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.0 ✔ Resolving insolvency (rank) 66 Time (days) 61 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 48.97 Cost (% of income per capita) 6.7 Strength of minority investor protection index (0–10) 5.8 Time (years) 2.5 Cost (% of estate) 25 Paying taxes (rank) 113 Recovery rate (cents on the dollar) 27.1 DTF score for paying taxes (0–100) 68.98 Strength of insolvency framework index (0–16) 11 Payments (number per year) 39 Time (hours per year) 210 Total tax rate (% of profit) 32.0 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 225 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business TUNISIA Middle East & North Africa GNI per capita (US$) 4,360 Ease of doing business rank (1–189) 60 Overall distance to frontier (DTF) score (0–100) 67.35 Population (m) 10.9 Starting a business (rank) 100 Registering property (rank) 71 ✘ Trading across borders (rank) 50 DTF score for starting a business (0–100) 83.60 DTF score for registering property (0–100) 72.03 DTF score for trading across borders (0–100) 80.36 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 4 Time (days) 11 Time (days) 39 Time to export (days) 16 Cost (% of income per capita) 4.2 Cost (% of property value) 6.1 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 116 Time to import (days) 20 Dealing with construction permits (rank) 85 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 910 DTF score for dealing with construction permits (0–100) 73.19 Strength of legal rights index (0–12) 2 Procedures (number) 17 Depth of credit information index (0–8) 5 Enforcing contracts (rank) 78 Time (days) 93 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 60.96 Cost (% of warehouse value) 2.6 Credit registry coverage (% of adults) 30.2 Procedures (number) 39 Time (days) 565 Getting electricity (rank) 38 Protecting minority investors (rank) 78 Cost (% of claim) 21.8 DTF score for getting electricity (0–100) 84.59 DTF score for protecting minority investors (0–100) 55.00 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 54 Time (days) 65 Extent of shareholder governance index (0–10) 5.3 DTF score for resolving insolvency (0–100) 54.71 Cost (% of income per capita) 738.7 Strength of minority investor protection index (0–10) 5.5 Time (years) 1.3 Cost (% of estate) 7 ✔ Paying taxes (rank) 82 Recovery rate (cents on the dollar) 52.3 DTF score for paying taxes (0–100) 74.11 Strength of insolvency framework index (0–16) 8.5 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$) 10,950 Ease of doing business rank (1–189) 55 Overall distance to frontier (DTF) score (0–100) 68.66 Population (m) 74.9 ✘ Starting a business (rank) 79 Registering property (rank) 54 Trading across borders (rank) 90 DTF score for starting a business (0–100) 86.86 DTF score for registering property (0–100) 76.38 DTF score for trading across borders (0–100) 73.26 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 7 Time (days) 6.5 Time (days) 6 Time to export (days) 13 Cost (% of income per capita) 16.4 Cost (% of property value) 4.0 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 12.1 Documents to import (number) 8 Getting credit (rank) 89 Time to import (days) 14 Dealing with construction permits (rank) 136 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 1,235 DTF score for dealing with construction permits (0–100) 63.10 Strength of legal rights index (0–12) 3 Procedures (number) 18 Depth of credit information index (0–8) 6 ✔ Enforcing contracts (rank) 38 Time (days) 169 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 67.92 Cost (% of warehouse value) 3.5 Credit registry coverage (% of adults) 63.6 Procedures (number) 35 Time (days) 420 Getting electricity (rank) 34 Protecting minority investors (rank) 13 Cost (% of claim) 24.9 DTF score for getting electricity (0–100) 85.12 DTF score for protecting minority investors (0–100) 69.17 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 7.0 Resolving insolvency (rank) 109 Time (days) 70 Extent of shareholder governance index (0–10) 6.8 DTF score for resolving insolvency (0–100) 40.00 Cost (% of income per capita) 433.3 Strength of minority investor protection index (0–10) 6.9 Time (years) 3.3 Cost (% of estate) 15 ✘ Paying taxes (rank) 56 Recovery rate (cents on the dollar) 27.9 DTF score for paying taxes (0–100) 79.80 Strength of insolvency framework index (0–16) 8 Payments (number per year) 11 Time (hours per year) 226 Total tax rate (% of profit) 40.1 UGANDA Sub-Saharan Africa GNI per capita (US$) 510 Ease of doing business rank (1–189) 150 Overall distance to frontier (DTF) score (0–100) 51.11 Population (m) 37.6 Starting a business (rank) 166 Registering property (rank) 125 ✔ Trading across borders (rank) 161 DTF score for starting a business (0–100) 63.44 DTF score for registering property (0–100) 59.76 DTF score for trading across borders (0–100) 48.01 Procedures (number) 15 Procedures (number) 11 Documents to export (number) 7 Time (days) 32 Time (days) 43 Time to export (days) 28 Cost (% of income per capita) 64.4 Cost (% of property value) 2.6 Cost to export (US$ per container) 2,800 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 31 Dealing with construction permits (rank) 163 DTF score for getting credit (0–100) 30.00 Cost to import (US$ per container) 3,375 DTF score for dealing with construction permits (0–100) 54.88 Strength of legal rights index (0–12) 6 Procedures (number) 15 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 80 Time (days) 154 Credit bureau coverage (% of adults) 4.9 DTF score for enforcing contracts (0–100) 60.48 Cost (% of warehouse value) 11.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 490 Getting electricity (rank) 184 Protecting minority investors (rank) 110 Cost (% of claim) 31.3 DTF score for getting electricity (0–100) 33.48 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.0 ✔ Resolving insolvency (rank) 98 Time (days) 132 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 42.27 Cost (% of income per capita) 11,004.9 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.2 Cost (% of estate) 30 Paying taxes (rank) 104 Recovery rate (cents on the dollar) 37.9 DTF score for paying taxes (0–100) 71.32 Strength of insolvency framework index (0–16) 7 Payments (number per year) 31 Time (hours per year) 209 Total tax rate (% of profit) 36.5 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 226 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business UKRAINE Europe & Central Asia GNI per capita (US$) 3,960 Ease of doing business rank (1–189) 96 Overall distance to frontier (DTF) score (0–100) 61.52 Population (m) 45.5 Starting a business (rank) 76 Registering property (rank) 59 Trading across borders (rank) 154 DTF score for starting a business (0–100) 87.35 DTF score for registering property (0–100) 74.82 DTF score for trading across borders (0–100) 53.96 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 8 Time (days) 21 Time (days) 27 Time to export (days) 29 Cost (% of income per capita) 1.2 Cost (% of property value) 2.0 Cost to export (US$ per container) 1,880 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 17 Time to import (days) 28 Dealing with construction permits (rank) 70 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 2,455 DTF score for dealing with construction permits (0–100) 75.29 Strength of legal rights index (0–12) 8 Procedures (number) 8 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 43 Time (days) 64 Credit bureau coverage (% of adults) 48.0 DTF score for enforcing contracts (0–100) 66.25 Cost (% of warehouse value) 10.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 378 Getting electricity (rank) 185 Protecting minority investors (rank) 109 Cost (% of claim) 46.3 DTF score for getting electricity (0–100) 32.65 DTF score for protecting minority investors (0–100) 48.33 Procedures (number) 10 Extent of conflict of interest regulation index (0–10) 4.0 Resolving insolvency (rank) 142 Time (days) 277 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 31.17 Cost (% of income per capita) 165.5 Strength of minority investor protection index (0–10) 4.8 Time (years) 2.9 Cost (% of estate) 42 ✔ Paying taxes (rank) 108 Recovery rate (cents on the dollar) 8.6 DTF score for paying taxes (0–100) 70.33 Strength of insolvency framework index (0–16) 8.5 Payments (number per year) 5 Time (hours per year) 350 Total tax rate (% of profit) 52.9 UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 38,620 Ease of doing business rank (1–189) 22 Overall distance to frontier (DTF) score (0–100) 76.81 Population (m) 9.3 Starting a business (rank) 58 ✔ Registering property (rank) 4 Trading across borders (rank) 8 DTF score for starting a business (0–100) 89.97 DTF score for registering property (0–100) 96.66 DTF score for trading across borders (0–100) 91.46 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 3 Time (days) 8 Time (days) 2 Time to export (days) 7 Cost (% of income per capita) 6.3 Cost (% of property value) 0.2 Cost to export (US$ per container) 665 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 ✔ Getting credit (rank) 89 Time to import (days) 7 Dealing with construction permits (rank) 4 DTF score for getting credit (0–100) 45.00 Cost to import (US$ per container) 625 DTF score for dealing with construction permits (0–100) 91.22 Strength of legal rights index (0–12) 2 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 121 Time (days) 44 Credit bureau coverage (% of adults) 28.3 DTF score for enforcing contracts (0–100) 52.52 Cost (% of warehouse value) 0.2 Credit registry coverage (% of adults) 6.8 Procedures (number) 49 Time (days) 524 Getting electricity (rank) 4 ✔ Protecting minority investors (rank) 43 Cost (% of claim) 19.5 DTF score for getting electricity (0–100) 97.44 DTF score for protecting minority investors (0–100) 60.83 Procedures (number) 3 Extent of conflict of interest regulation index (0–10) 7.3 Resolving insolvency (rank) 92 Time (days) 35 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 43.51 Cost (% of income per capita) 24.2 Strength of minority investor protection index (0–10) 6.1 Time (years) 3.2 Cost (% of estate) 20 Paying taxes (rank) 1 Recovery rate (cents on the dollar) 28.6 DTF score for paying taxes (0–100) 99.44 Strength of insolvency framework index (0–16) 9 Payments (number per year) 4 Time (hours per year) 12 Total tax rate (% of profit) 14.8 UNITED KINGDOM OECD high income GNI per capita (US$) 39,110 Ease of doing business rank (1–189) 8 Overall distance to frontier (DTF) score (0–100) 80.96 Population (m) 64.1 ✔ Starting a business (rank) 45 Registering property (rank) 68 Trading across borders (rank) 15 DTF score for starting a business (0–100) 91.23 DTF score for registering property (0–100) 72.55 DTF score for trading across borders (0–100) 88.32 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 4 Time (days) 6 Time (days) 21.5 Time to export (days) 8 Cost (% of income per capita) 0.3 Cost (% of property value) 4.6 Cost to export (US$ per container) 1,005 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 17 Time to import (days) 6 Dealing with construction permits (rank) 17 DTF score for getting credit (0–100) 75.00 Cost to import (US$ per container) 1,050 DTF score for dealing with construction permits (0–100) 85.06 Strength of legal rights index (0–12) 7 Procedures (number) 9 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 36 Time (days) 105 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 68.08 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 437 Getting electricity (rank) 70 Protecting minority investors (rank) 4 Cost (% of claim) 39.9 DTF score for getting electricity (0–100) 78.42 DTF score for protecting minority investors (0–100) 78.33 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 8.3 Resolving insolvency (rank) 13 Time (days) 126 Extent of shareholder governance index (0–10) 7.3 DTF score for resolving insolvency (0–100) 82.04 Cost (% of income per capita) 90.1 Strength of minority investor protection index (0–10) 7.8 Time (years) 1.0 Cost (% of estate) 6 ✔ Paying taxes (rank) 16 Recovery rate (cents on the dollar) 88.6 DTF score for paying taxes (0–100) 90.52 Strength of insolvency framework index (0–16) 11 Payments (number per year) 8 Time (hours per year) 110 Total tax rate (% of profit) 33.7 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 227 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business UNITED STATES OECD high income GNI per capita (US$) 53,670 Ease of doing business rank (1–189) 7 Overall distance to frontier (DTF) score (0–100) 81.98 Population (m) 316.1 ✔ Starting a business (rank) 46 Registering property (rank) 29 Trading across borders (rank) 16 DTF score for starting a business (0–100) 91.22 DTF score for registering property (0–100) 82.92 DTF score for trading across borders (0–100) 88.25 Procedures (number) 6 Procedures (number) 4.4 Documents to export (number) 3 Time (days) 5.6 Time (days) 15.2 Time to export (days) 6 Cost (% of income per capita) 1.2 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,224 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 2 Time to import (days) 5.4 Dealing with construction permits (rank) 41 DTF score for getting credit (0–100) 95.00 Cost to import (US$ per container) 1,289 DTF score for dealing with construction permits (0–100) 78.87 Strength of legal rights index (0–12) 11 Procedures (number) 15.8 Depth of credit information index (0–8) 8 Enforcing contracts (rank) 41 Time (days) 78.6 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 67.26 Cost (% of warehouse value) 1.0 Credit registry coverage (% of adults) 0.0 Procedures (number) 33.6 Time (days) 420 Getting electricity (rank) 61 Protecting minority investors (rank) 25 Cost (% of claim) 30.5 DTF score for getting electricity (0–100) 79.52 DTF score for protecting minority investors (0–100) 65.83 Procedures (number) 4.8 Extent of conflict of interest regulation index (0–10) 8.3 Resolving insolvency (rank) 4 Time (days) 89.6 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 90.12 Cost (% of income per capita) 25.5 Strength of minority investor protection index (0–10) 6.6 Time (years) 1.5 Cost (% of estate) 8 Paying taxes (rank) 47 Recovery rate (cents on the dollar) 80.4 DTF score for paying taxes (0–100) 80.84 Strength of insolvency framework index (0–16) 15 Payments (number per year) 10.6 Time (hours per year) 175 Total tax rate (% of profit) 43.8 URUGUAY Latin America & Caribbean GNI per capita (US$) 15,180 Ease of doing business rank (1–189) 82 Overall distance to frontier (DTF) score (0–100) 63.89 Population (m) 3.4 Starting a business (rank) 60 Registering property (rank) 146 ✔ Trading across borders (rank) 83 DTF score for starting a business (0–100) 89.68 DTF score for registering property (0–100) 54.57 DTF score for trading across borders (0–100) 74.60 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 6 Time (days) 6.5 Time (days) 66 Time to export (days) 15 Cost (% of income per capita) 23.4 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 52 Time to import (days) 14 Dealing with construction permits (rank) 162 DTF score for getting credit (0–100) 60.00 Cost to import (US$ per container) 1,440 DTF score for dealing with construction permits (0–100) 55.69 Strength of legal rights index (0–12) 4 Procedures (number) 21 Depth of credit information index (0–8) 8 ✔ Enforcing contracts (rank) 106 Time (days) 251 Credit bureau coverage (% of adults) 100.0 DTF score for enforcing contracts (0–100) 56.59 Cost (% of warehouse value) 0.8 Credit registry coverage (% of adults) 84.6 Procedures (number) 40 Time (days) 725 Getting electricity (rank) 39 Protecting minority investors (rank) 110 Cost (% of claim) 19.0 DTF score for getting electricity (0–100) 84.48 DTF score for protecting minority investors (0–100) 47.50 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.0 Resolving insolvency (rank) 57 Time (days) 48 Extent of shareholder governance index (0–10) 4.5 DTF score for resolving insolvency (0–100) 53.47 Cost (% of income per capita) 14.8 Strength of minority investor protection index (0–10) 4.8 Time (years) 1.8 Cost (% of estate) 7 Paying taxes (rank) 140 Recovery rate (cents on the dollar) 44.2 DTF score for paying taxes (0–100) 62.32 Strength of insolvency framework index (0–16) 9.5 Payments (number per year) 33 Time (hours per year) 312 Total tax rate (% of profit) 41.8 UZBEKISTAN Europe & Central Asia GNI per capita (US$) 1,900 Ease of doing business rank (1–189) 141 Overall distance to frontier (DTF) score (0–100) 54.26 Population (m) 30.2 Starting a business (rank) 65 Registering property (rank) 143 ✔ Trading across borders (rank) 189 DTF score for starting a business (0–100) 89.00 DTF score for registering property (0–100) 55.21 DTF score for trading across borders (0–100) 2.56 Procedures (number) 7 Procedures (number) 13 Documents to export (number) 11 Time (days) 7.5 Time (days) 55 Time to export (days) 54 Cost (% of income per capita) 3.3 Cost (% of property value) 1.3 Cost to export (US$ per container) 5,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 104 Time to import (days) 104 Dealing with construction permits (rank) 149 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 6,452 DTF score for dealing with construction permits (0–100) 60.28 Strength of legal rights index (0–12) 1 Procedures (number) 23 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 28 Time (days) 160 Credit bureau coverage (% of adults) 17.8 DTF score for enforcing contracts (0–100) 69.47 Cost (% of warehouse value) 1.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 195 Getting electricity (rank) 145 ✔ Protecting minority investors (rank) 100 Cost (% of claim) 20.5 DTF score for getting electricity (0–100) 60.54 DTF score for protecting minority investors (0–100) 50.83 Procedures (number) 7 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 77 Time (days) 89 Extent of shareholder governance index (0–10) 4.8 DTF score for resolving insolvency (0–100) 46.45 Cost (% of income per capita) 1,688.1 Strength of minority investor protection index (0–10) 5.1 Time (years) 2.0 Cost (% of estate) 10 Paying taxes (rank) 118 Recovery rate (cents on the dollar) 39.9 DTF score for paying taxes (0–100) 68.30 Strength of insolvency framework index (0–16) 8 Payments (number per year) 33 Time (hours per year) 192.5 Total tax rate (% of profit) 42.2 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 228 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business VANUATU East Asia & Pacific GNI per capita (US$) 3,130 Ease of doing business rank (1–189) 76 Overall distance to frontier (DTF) score (0–100) 64.60 Population (m) 0.3 Starting a business (rank) 137 ✔ Registering property (rank) 91 Trading across borders (rank) 113 DTF score for starting a business (0–100) 75.26 DTF score for registering property (0–100) 66.95 DTF score for trading across borders (0–100) 68.50 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 6 Time (days) 35 Time (days) 58 Time to export (days) 21 Cost (% of income per capita) 46.2 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 36 Time to import (days) 24 Dealing with construction permits (rank) 80 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 1,440 DTF score for dealing with construction permits (0–100) 73.92 Strength of legal rights index (0–12) 10 Procedures (number) 12 Depth of credit information index (0–8) 3 Enforcing contracts (rank) 77 Time (days) 55 Credit bureau coverage (% of adults) 6.8 DTF score for enforcing contracts (0–100) 61.20 Cost (% of warehouse value) 8.4 Credit registry coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 430 Getting electricity (rank) 115 Protecting minority investors (rank) 135 Cost (% of claim) 56.0 DTF score for getting electricity (0–100) 68.76 DTF score for protecting minority investors (0–100) 44.17 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 103 Time (days) 122 Extent of shareholder governance index (0–10) 3.5 DTF score for resolving insolvency (0–100) 41.48 Cost (% of income per capita) 1,229.8 Strength of minority investor protection index (0–10) 4.4 Time (years) 2.6 Cost (% of estate) 38 Paying taxes (rank) 48 Recovery rate (cents on the dollar) 42.2 DTF score for paying taxes (0–100) 80.79 Strength of insolvency framework index (0–16) 6 Payments (number per year) 31 Time (hours per year) 120 Total tax rate (% of profit) 8.5 VENEZUELA, RB Latin America & Caribbean GNI per capita (US$) 12,550 Ease of doing business rank (1–189) 182 Overall distance to frontier (DTF) score (0–100) 41.41 Population (m) 30.4 ✘ Starting a business (rank) 182 Registering property (rank) 102 Trading across borders (rank) 176 DTF score for starting a business (0–100) 45.23 DTF score for registering property (0–100) 64.12 DTF score for trading across borders (0–100) 25.55 Procedures (number) 17 Procedures (number) 9 Documents to export (number) 8 Time (days) 144 Time (days) 52 Time to export (days) 56 Cost (% of income per capita) 49.9 Cost (% of property value) 2.5 Cost to export (US$ per container) 3,490 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 104 Time to import (days) 82 Dealing with construction permits (rank) 152 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 3,695 DTF score for dealing with construction permits (0–100) 59.34 Strength of legal rights index (0–12) 1 Procedures (number) 9 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 79 Time (days) 380 Credit bureau coverage (% of adults) 28.7 DTF score for enforcing contracts (0–100) 60.89 Cost (% of warehouse value) 1.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 610 Getting electricity (rank) 155 Protecting minority investors (rank) 178 Cost (% of claim) 43.7 DTF score for getting electricity (0–100) 57.21 DTF score for protecting minority investors (0–100) 29.17 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 2.7 Resolving insolvency (rank) 165 Time (days) 178 Extent of shareholder governance index (0–10) 3.2 DTF score for resolving insolvency (0–100) 19.20 Cost (% of income per capita) 714.1 Strength of minority investor protection index (0–10) 2.9 Time (years) 4.0 Cost (% of estate) 38 Paying taxes (rank) 188 Recovery rate (cents on the dollar) 6.7 DTF score for paying taxes (0–100) 13.37 Strength of insolvency framework index (0–16) 5 Payments (number per year) 71 Time (hours per year) 792 Total tax rate (% of profit) 65.5 VIETNAM East Asia & Pacific GNI per capita (US$) 1,730 Ease of doing business rank (1–189) 78 Overall distance to frontier (DTF) score (0–100) 64.42 Population (m) 89.7 Starting a business (rank) 125 Registering property (rank) 33 Trading across borders (rank) 75 DTF score for starting a business (0–100) 77.68 DTF score for registering property (0–100) 81.44 DTF score for trading across borders (0–100) 75.56 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 34 Time (days) 57 Time to export (days) 21 Cost (% of income per capita) 5.3 Cost (% of property value) 0.6 Cost to export (US$ per container) 610 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 36 Time to import (days) 21 Dealing with construction permits (rank) 22 DTF score for getting credit (0–100) 65.00 Cost to import (US$ per container) 600 DTF score for dealing with construction permits (0–100) 83.66 Strength of legal rights index (0–12) 7 Procedures (number) 10 Depth of credit information index (0–8) 6 Enforcing contracts (rank) 47 Time (days) 114 Credit bureau coverage (% of adults) 1.4 DTF score for enforcing contracts (0–100) 65.89 Cost (% of warehouse value) 0.7 Credit registry coverage (% of adults) 41.8 Procedures (number) 36 Time (days) 400 Getting electricity (rank) 135 Protecting minority investors (rank) 117 Cost (% of claim) 29.0 DTF score for getting electricity (0–100) 63.38 DTF score for protecting minority investors (0–100) 46.67 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 3.7 Resolving insolvency (rank) 104 Time (days) 115 Extent of shareholder governance index (0–10) 5.7 DTF score for resolving insolvency (0–100) 41.27 Cost (% of income per capita) 1,432.8 Strength of minority investor protection index (0–10) 4.7 Time (years) 5.0 Cost (% of estate) 15 ✔ Paying taxes (rank) 173 Recovery rate (cents on the dollar) 18.6 DTF score for paying taxes (0–100) 43.61 Strength of insolvency framework index (0–16) 10 Payments (number per year) 32 Time (hours per year) 872 Total tax rate (% of profit) 40.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. COUNTRY TABLES 229 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business WEST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,665 Ease of doing business rank (1–189) 143 Overall distance to frontier (DTF) score (0–100) 53.62 Population (m) 4.2 Starting a business (rank) 162 Registering property (rank) 99 Trading across borders (rank) 130 DTF score for starting a business (0–100) 66.53 DTF score for registering property (0–100) 65.08 DTF score for trading across borders (0–100) 64.43 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 6 Time (days) 44 Time (days) 56 Time to export (days) 23 Cost (% of income per capita) 86.2 Cost (% of property value) 3.0 Cost to export (US$ per container) 1,750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 116 Time to import (days) 38 Dealing with construction permits (rank) 173 DTF score for getting credit (0–100) 35.00 Cost to import (US$ per container) 1,425 DTF score for dealing with construction permits (0–100) 48.62 Strength of legal rights index (0–12) 0 Procedures (number) 15 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 105 Time (days) 82 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 56.65 Cost (% of warehouse value) 19.6 Credit registry coverage (% of adults) 9.0 Procedures (number) 44 Time (days) 540 Getting electricity (rank) 83 Protecting minority investors (rank) 141 Cost (% of claim) 21.2 DTF score for getting electricity (0–100) 76.26 DTF score for protecting minority investors (0–100) 43.33 Procedures (number) 5 Extent of conflict of interest regulation index (0–10) 5.3 Resolving insolvency (rank) 189 Time (days) 63 Extent of shareholder governance index (0–10) 3.3 DTF score for resolving insolvency (0–100) 0.00 Cost (% of income per capita) 1,484.4 Strength of minority investor protection index (0–10) 4.3 Time (years) NO PRACTICE Cost (% of estate) NO PRACTICE ✔ Paying taxes (rank) 51 Recovery rate (cents on the dollar) 0.0 DTF score for paying taxes (0–100) 80.29 Strength of insolvency framework index (0–16) 0 Payments (number per year) 28 Time (hours per year) 162 Total tax rate (% of profit) 15.3 YEMEN, REP. Middle East & North Africa GNI per capita (US$) 1,330 Ease of doing business rank (1–189) 137 Overall distance to frontier (DTF) score (0–100) 54.84 Population (m) 24.4 Starting a business (rank) 140 Registering property (rank) 44 ✘ Trading across borders (rank) 134 DTF score for starting a business (0–100) 74.43 DTF score for registering property (0–100) 79.17 DTF score for trading across borders (0–100) 63.54 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 40 Time (days) 19 Time to export (days) 29 Cost (% of income per capita) 66.3 Cost (% of property value) 1.8 Cost to export (US$ per container) 1,065 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 185 Time to import (days) 27 Dealing with construction permits (rank) 68 DTF score for getting credit (0–100) 0.00 Cost to import (US$ per container) 1,560 DTF score for dealing with construction permits (0–100) 75.40 Strength of legal rights index (0–12) 0 Procedures (number) 11 Depth of credit information index (0–8) 0 Enforcing contracts (rank) 85 Time (days) 184 Credit bureau coverage (% of adults) 0.0 DTF score for enforcing contracts (0–100) 58.82 Cost (% of warehouse value) 0.9 Credit registry coverage (% of adults) 1.2 Procedures (number) 36 Time (days) 645 Getting electricity (rank) 122 Protecting minority investors (rank) 162 Cost (% of claim) 30.0 DTF score for getting electricity (0–100) 66.74 DTF score for protecting minority investors (0–100) 39.17 Procedures (number) 4 Extent of conflict of interest regulation index (0–10) 4.3 Resolving insolvency (rank) 154 Time (days) 110 Extent of shareholder governance index (0–10) 3.5 DTF score for resolving insolvency (0–100) 27.46 Cost (% of income per capita) 3,492.6 Strength of minority investor protection index (0–10) 3.9 Time (years) 3.0 Cost (% of estate) 15 Paying taxes (rank) 135 Recovery rate (cents on the dollar) 22.0 DTF score for paying taxes (0–100) 63.62 Strength of insolvency framework index (0–16) 5 Payments (number per year) 44 Time (hours per year) 248 Total tax rate (% of profit) 33.3 ZAMBIA Sub-Saharan Africa GNI per capita (US$) 1,480 Ease of doing business rank (1–189) 111 Overall distance to frontier (DTF) score (0–100) 59.65 Population (m) 14.5 Starting a business (rank) 68 ✘ Registering property (rank) 152 Trading across borders (rank) 177 DTF score for starting a business (0–100) 88.63 DTF score for registering property (0–100) 51.75 DTF score for trading across borders (0–100) 20.92 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 7 Time (days) 6.5 Time (days) 45 Time to export (days) 51 Cost (% of income per capita) 31.9 Cost (% of property value) 13.6 Cost to export (US$ per container) 5,165 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 ✔ Getting credit (rank) 23 Time to import (days) 53 Dealing with construction permits (rank) 99 DTF score for getting credit (0–100) 70.00 Cost to import (US$ per container) 7,060 DTF score for dealing with construction permits (0–100) 70.45 Strength of legal rights index (0–12) 7 Procedures (number) 10 Depth of credit information index (0–8) 7 Enforcing contracts (rank) 98 Time (days) 208 Credit bureau coverage (% of adults) 7.3 DTF score for enforcing contracts (0–100) 57.53 Cost (% of warehouse value) 3.2 Credit registry coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 611 Getting electricity (rank) 126 Protecting minority investors (rank) 83 Cost (% of claim) 38.7 DTF score for getting electricity (0–100) 65.54 DTF score for protecting minority investors (0–100) 54.17 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 5.7 Resolving insolvency (rank) 95 Time (days) 117 Extent of shareholder governance index (0–10) 5.2 DTF score for resolving insolvency (0–100) 43.01 Cost (% of income per capita) 837.5 Strength of minority investor protection index (0–10) 5.4 Time (years) 2.4 Cost (% of estate) 9 ✔ Paying taxes (rank) 78 Recovery rate (cents on the dollar) 39.3 DTF score for paying taxes (0–100) 74.52 Strength of insolvency framework index (0–16) 7 Payments (number per year) 37 Time (hours per year) 177 Total tax rate (% of profit) 14.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. 230 DOING BUSINESS 2015 ✔ Reform making it easier to do business ✘ Change making it more difficult to do business ZIMBABWE Sub-Saharan Africa GNI per capita (US$) 820 Ease of doing business rank (1–189) 171 Overall distance to frontier (DTF) score (0–100) 46.95 Population (m) 14.1 Starting a business (rank) 180 Registering property (rank) 94 Trading across borders (rank) 180 DTF score for starting a business (0–100) 51.42 DTF score for registering property (0–100) 66.32 DTF score for trading across borders (0–100) 19.40 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 90 Time (days) 36 Time to export (days) 53 Cost (% of income per capita) 114.6 Cost (% of property value) 7.6 Cost to export (US$ per container) 4,265 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 104 Time to import (days) 71 Dealing with construction permits (rank) 176 DTF score for getting credit (0–100) 40.00 Cost to import (US$ per container) 6,160 DTF score for dealing with construction permits (0–100) 47.16 Strength of legal rights index (0–12) 5 Procedures (number) 10 Depth of credit information index (0–8) 3 Enforcing contracts (rank) 157 Time (days) 448 Credit bureau coverage (% of adults) 5.8 DTF score for enforcing contracts (0–100) 43.25 Cost (% of warehouse value) 7.7 Credit registry coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 410 Getting electricity (rank) 153 Protecting minority investors (rank) 87 Cost (% of claim) 83.1 DTF score for getting electricity (0–100) 58.00 DTF score for protecting minority investors (0–100) 53.33 Procedures (number) 6 Extent of conflict of interest regulation index (0–10) 4.7 Resolving insolvency (rank) 148 Time (days) 106 Extent of shareholder governance index (0–10) 6.0 DTF score for resolving insolvency (0–100) 29.28 Cost (% of income per capita) 3,057.4 Strength of minority investor protection index (0–10) 5.3 Time (years) 3.3 Cost (% of estate) 22 Paying taxes (rank) 143 Recovery rate (cents on the dollar) 13.8 DTF score for paying taxes (0–100) 61.39 Strength of insolvency framework index (0–16) 7 Payments (number per year) 49 Time (hours per year) 242 Total tax rate (% of profit) 32.8 Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. Note: For resolving insolvency, an economy for which “no practice” is recorded for time and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization). Most indicator sets refer to a case scenario in the largest business city of an economy, except for 11 economies for which the data are a population-weighted average for the 2 largest business cities. See the data notes for more details. Doing Business 2015 Going Beyond Efficiency Labor market regulation data E mployment regulations are un- on the economic or political context. questionably necessary. They are Consistent with the plateau effect, needed to protect workers from regulations that are too loose or too arbitrary or unfair treatment and to strict can be counterproductive, leading ensure efficient contracting between to losses of employment in an economy employers and workers. They increase or to its missing out on job-supporting job stability and can improve productivity agglomeration effects and knowledge through employer-worker cooperation. spillovers.3 They benefit both workers and firms.1 Doing Business measures flexibility in Labor market regulations encompass the regulation of employment as it a wide spectrum, from rules governing affects the hiring and redundancy of individual employee contracts to those workers and the rigidity of working relating to collective action, and can hours. This year it also covers addi- have a significant impact on economic tional areas of labor market regulation, growth and competitiveness. 2 That including social protection schemes impact can be negative where regula- and benefits as well as labor disputes. tory interventions are insufficient or excessive, so finding the right balance is essential. The World Bank’s World NOTES Development Report 2013 uses the term 1. Pierre and Scarpetta 2007. plateau to describe that balance, which 2. Nataraj and others 2012. can differ among economies depending 3. World Bank 2012. 232 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Antigua and Afghanistan Azerbaijan Argentina Australia Armenia Barbuda Albania Algeria Austria Angola Fixed-term contracts prohibited for permanent tasks? No Yes Yes Yes No Yes Yes No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit No limit 12 No limit 60 No limit No limit No limit 60 Minimum wage for a full-time worker (US$/month)b 0.00 209.86 229.42 151.07 570.10 1,462.19 113.29 2,397.02 1,555.92 133.35 Ratio of minimum wage to value added per worker 0.00 0.37 0.35 0.18 0.36 1.00 0.25 0.29 0.26 0.16 50-hour workweek allowed?c Yes Yes No Yes Yes Yes Yes No Yes Yes Maximum working days per week 6.0 5.5 6.0 6.0 6.0 6.0 6.0 7.0 5.5 6.0 Premium for night work (% of hourly pay) 25 50 0 25 0 13 30 87.5 17 40 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 50 25 0 100 0 100 100 100 100 150 Major restrictions on night work? Yes Yes Yes Yes No No No No No Yes Major restrictions on weekly holiday work? No No No Yes No No No No No No Paid annual leave (working days)d 20.0 20.0 22.0 22.0 12.0 18.0 20.0 20.0 25.0 17.0 Maximum length of probationary period (months)e 6.0 3.0 6.0 3.0 3.0 3.0 3.0 6.0 1.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes No Yes Yes No No No No Yes No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No Yes No No No No No No Third-party notification if 9 workers are dismissed? Yes No Yes Yes No No No No Yes No Third-party approval if 9 workers are dismissed? Yes No No Yes No No No No No No Retraining or reassignment?f No No Yes No Yes No Yes Yes No No Priority rules for redundancies? No No Yes Yes Yes No No No Yes Yes Priority rules for reemployment? Yes Yes No Yes No No No No Yes No Notice period for redundancy 4.3 10.1 4.3 4.3 3.4 7.2 6.0 3.0 2.0 8.7 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 17.3 10.7 13.0 26.7 12.8 23.1 5.0 8.7 0.0 13.0 Unemployment protection scheme? .. Yes Yes Yes No Yes Yes Yes Yes Yes questionsg Research Health insurance for permanent employees? Yes Yes Yes No No Yes No No Yes Yes Courts or court sections specializing in labor disputes? No No Yes No Yes Yes No Yes Yes No LABOR MARKET REGULATION DATA 233 LABOR MARKET REGULATION DATA Bahamas, The (Chittagong) Bangladesh Bangladesh Barbados Belgium (Dhaka) Bahrain Belarus Bhutan Belize Benin Fixed-term contracts prohibited for permanent tasks? No No No No No No No No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit 60 No limit No limit No limit No limit No limit No limit 48 No limit Minimum wage for a full-time worker (US$/month)b 693.33 0.00 0.00 0.00 537.50 166.28 2,368.12 384.79 63.30 66.98 Ratio of minimum wage to value added per worker 0.25 0.00 0.00 0.00 0.29 0.21 0.41 0.62 0.52 0.22 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 5.0 6.0 6.0 6.0 5.0 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 50 0 0 0 20 0 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 50 0 0 0 100 0 50 0 0 Major restrictions on night work? No No No No No No Yes No No No Major restrictions on weekly holiday work? No No No No No No Yes No No No Paid annual leave (working days)d 11.7 30.0 17.0 17.0 20.3 18.0 20.0 10.0 24.0 15.0 Maximum length of probationary period (months)e 6.0 3.0 3.0 3.0 n.a. 3.0 0.0 2.0 2.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes Yes Yes No No No Yes Yes Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No No No No No No No Third-party notification if 9 workers are dismissed? Yes Yes Yes Yes No No No Yes Yes Yes Third-party approval if 9 workers are dismissed? No No No No No No No No No No Retraining or reassignment?f No No No No No Yes No No No No Priority rules for redundancies? No No Yes Yes No Yes No No Yes No Priority rules for reemployment? No No Yes Yes Yes No No No Yes No Notice period for redundancy 2.0 4.3 4.3 4.3 2.7 8.7 19.7 4.7 4.3 8.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 10.7 0.0 26.7 26.7 13.3 13.0 0.0 8.3 7.3 0.0 Unemployment protection scheme? Yes Yes No No Yes Yes Yes No No No questionsg Research Health insurance for permanent employees? No Yes No No No Yes Yes No No No Courts or court sections specializing in labor disputes? Yes No Yes Yes Yes No Yes No No No 234 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Brunei Darussalam (Rio de Janeiro) Burkina Faso Herzegovina Cabo Verde (São Paulo) Bosnia and Botswana Bulgaria Boliviahͪ Burundi Brazil Brazil Fixed-term contracts prohibited for permanent tasks? Yes No No Yes Yes No No No No Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a 24 24 No limit 24 24 No limit 36 No limit No limit 60 Minimum wage for a full-time worker (US$/month)b 164.71 383.26 96.99 437.80 484.24 0.00 233.18 63.42 2.50 131.08 Ratio of minimum wage to value added per worker 0.47 0.67 0.09 0.31 0.34 0.00 0.27 0.59 0.06 0.28 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 25 30 0 20 20 0 3 0 35 25 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 20 100 100 100 50 0 0 0 100 Major restrictions on night work? No No No Yes Yes No Yes No No No Major restrictions on weekly holiday work? No No No No No No No Yes No No Paid annual leave (working days)d 21.7 18.0 15.0 26.0 26.0 13.3 20.0 22.0 21.0 22.0 Maximum length of probationary period (months)e 3.0 6.0 3.0 3.0 3.0 n.a. 6.0 2.0 6.0 2.0 Dismissal due to redundancy allowed by law? No Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? n.a. No Yes No No No No No No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? n.a. No No No No No No No No Yes Third-party notification if 9 workers are dismissed? n.a. Yes Yes No No No No Yes Yes Yes Third-party approval if 9 workers are dismissed? n.a. No No No No No No No No Yes Retraining or reassignment?f n.a. Yes No No No No No No No Yes Priority rules for redundancies? n.a. No Yes No No No No Yes Yes Yes Priority rules for reemployment? n.a. Yes Yes No No No No Yes Yes No Notice period for redundancy n.a. 2.0 4.9 6.6 6.6 3.0 4.3 4.3 8.7 6.4 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d n.a. 7.2 16.8 8.9 8.9 0.0 4.3 6.1 7.2 23.1 Unemployment protection scheme? No Yes No Yes Yes No Yes No No No questionsg Research Health insurance for permanent employees? Yes Yes No No No Yes Yes No Yes Yes Courts or court sections specializing in labor disputes? Yes No Yes Yes Yes No No Yes Yes Yes LABOR MARKET REGULATION DATA 235 LABOR MARKET REGULATION DATA Central African (Shanghai) Cameroon Cambodia Colombia Comoros Republic (Beijing) Canada China China Chad Chile Fixed-term contracts prohibited for permanent tasks? No No No Yes No No No No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a 24 48 No limit 24 48 12 No limit No limit No limit 36 Minimum wage for a full-time worker (US$/month)b 0.00 56.06 1,889.04 36.63 123.42 427.79 286.29 245.39 331.09 0.00 Ratio of minimum wage to value added per worker 0.00 0.29 0.30 0.77 0.71 0.23 0.38 0.33 0.35 0.00 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 5.0 6.0 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 30 0 0 0 0 0 39 39 35 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 0 0 50 100 0 100 100 75 0 Major restrictions on night work? No No No No No No No No No No Major restrictions on weekly holiday work? No No No Yes No No No No No Yes Paid annual leave (working days)d 19.3 25.0 10.0 25.3 24.7 15.0 6.7 6.7 15.0 22.0 Maximum length of probationary period (months)e 1.0 1.0 3.0 2.0 3.0 n.a. 6.0 6.0 2.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes No Yes Yes Yes Yes Yes No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No Yes No No No No No No No No Third-party notification if 9 workers are dismissed? Yes Yes No Yes Yes Yes Yes Yes No Yes Third-party approval if 9 workers are dismissed? No Yes No Yes No No No No No No Retraining or reassignment?f No No No No No No Yes Yes No No Priority rules for redundancies? Yes Yes No Yes Yes No Yes Yes No Yes Priority rules for reemployment? Yes Yes No Yes Yes No Yes Yes No Yes Notice period for redundancy 7.9 11.6 5.0 4.3 7.2 4.3 4.3 4.3 0.0 13.0 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 11.4 8.3 5.0 17.3 5.8 23.1 23.1 23.1 16.7 23.1 Unemployment protection scheme? No No Yes No .. Yes Yes Yes Yes No questionsg Research Health insurance for permanent employees? No Yes No Yes .. Yes Yes Yes Yes No Courts or court sections specializing in labor disputes? No Yes No Yes .. Yes Yes Yes Yes No 236 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Congo, Dem. Rep. Czech Republic Côte d’Ivoire Congo, Rep. Costa Rica Dominica Denmark Djibouti Croatia Cyprus Fixed-term contracts prohibited for permanent tasks? Yes Yes Yes No Yes No No No Yes No Difficulty of hiring Maximum length of fixed-term contracts (months)a 48 24 12 24 No limit 30 108 No limit 24 No limit Minimum wage for a full-time worker (US$/month)b 65.00 208.86 580.51 114.00 534.87 1,250.12 544.80 0.00 0.00 348.27 Ratio of minimum wage to value added per worker 1.02 0.51 0.51 0.55 0.32 0.42 0.25 0.00 0.00 0.40 50-hour workweek allowed?c Yes Yes Yes No Yes Yes Yes Yes Yes Yes Maximum working days per week 5.0 6.0 6.0 6.0 6.0 5.5 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 25 0 0 38 10 0 10 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 0 100 0 35 0 10 0 0 100 Major restrictions on night work? No No Yes No Yes No No No No No Major restrictions on weekly holiday work? No Yes No No Yes No No No No No Paid annual leave (working days)d 13.0 29.7 12.0 27.4 20.0 20.0 20.0 25.0 30.0 13.3 Maximum length of probationary period (months)e 1.0 4.0 3.0 2.0 6.0 24.0 3.0 3.0 2.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes No No Yes Yes No No Yes No Difficulty of redundancy Third-party approval if 1 worker is dismissed? Yes Yes No No No No No No No No Third-party notification if 9 workers are dismissed? Yes Yes No Yes Yes Yes No No Yes No Third-party approval if 9 workers are dismissed? Yes Yes No No No No No No No No Retraining or reassignment?f No No No No Yes Yes No No No No Priority rules for redundancies? Yes Yes No No Yes No No No No Yes Priority rules for reemployment? Yes Yes No Yes Yes Yes No No Yes Yes Notice period for redundancy 10.3 8.7 4.3 5.8 7.9 5.7 8.7 0.0 4.3 5.8 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 0.0 6.9 14.4 7.3 7.2 0.0 11.6 0.0 0.0 9.3 Unemployment protection scheme? No No No No Yes Yes Yes Yes No No questionsg Research Health insurance for permanent employees? Yes No No No Yes No No No Yes No Courts or court sections specializing in labor disputes? No Yes Yes Yes No Yes No No Yes Yes LABOR MARKET REGULATION DATA 237 LABOR MARKET REGULATION DATA Dominican Republic Equatorial Guinea Egypt, Arab Rep. El Salvador Ethiopia Ecuador Estonia Finland Eritrea Fiji Fixed-term contracts prohibited for permanent tasks? Yes No No Yes Yes Yes Yes Yes No Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit 24 No limit No limit 24 No limit 120 No limit No limit 60 Minimum wage for a full-time worker (US$/month)b 295.71 388.02 0.00 243.49 767.17 0.00 457.92 0.00 339.77 2,287.55 Ratio of minimum wage to value added per worker 0.40 0.54 0.00 0.49 0.38 0.00 0.21 0.00 0.60 0.38 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 5.5 5.0 6.0 6.0 6.0 6.0 5.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 25 0 25 25 0 25 0 4 23 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 100 0 100 50 0 0 0 100 100 Major restrictions on night work? No No No Yes Yes No Yes No No No Major restrictions on weekly holiday work? Yes No No Yes Yes No No No No No Paid annual leave (working days)d 14.0 12.0 24.0 11.0 22.0 19.0 24.0 18.3 10.0 30.0 Maximum length of probationary period (months)e 3.0 3.0 3.0 1.0 3.0 3.0 4.0 1.5 3.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes Yes No Yes No No No Yes No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No Yes No Yes No No No No No Third-party notification if 9 workers are dismissed? No Yes Yes No Yes Yes No Yes Yes No Third-party approval if 9 workers are dismissed? No No Yes No Yes Yes No No No No Retraining or reassignment?f No No No No No No Yes Yes No Yes Priority rules for redundancies? No No Yes No Yes No Yes Yes No No Priority rules for reemployment? No No No No Yes No No No No Yes Notice period for redundancy 4.0 0.0 10.1 0.0 4.3 3.1 8.6 8.7 4.3 10.1 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 22.2 31.8 26.7 22.9 34.3 12.3 4.3 10.5 5.3 0.0 Unemployment protection scheme? No No Yes No .. Yes Yes No No Yes questionsg Research Health insurance for permanent employees? Yes Yes Yes No Yes No No No No Yes Courts or court sections specializing in labor disputes? Yes Yes Yes Yes Yes Yes No Yes Yes No 238 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Gambia, The Guatemala Germany Grenada Georgia Guinea Greece France Gabon Ghana Fixed-term contracts prohibited for permanent tasks? Yes No No No No No Yes Yes Yes No Difficulty of hiring Maximum length of fixed-term contracts (months)a 18 48 No limit 30 24 No limit No limit No limit No limit 24 Minimum wage for a full-time worker (US$/month)b 1,922.57 312.55 0.00 24.25 0.00 64.97 814.75 254.15 369.02 0.00 Ratio of minimum wage to value added per worker 0.35 0.20 0.00 0.06 0.00 0.26 0.29 0.27 0.73 0.00 50-hour workweek allowed?c No Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 5.0 7.0 6.0 5.0 5.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 20 0 0 0 0 0 25 0 0 20 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 20 0 0 0 0 0 75 0 50 0 Major restrictions on night work? Yes No No No No No No No Yes No Major restrictions on weekly holiday work? Yes No No No No No Yes No Yes Yes Paid annual leave (working days)d 30.0 24.0 21.0 24.0 24.0 15.0 22.3 13.3 15.0 30.0 Maximum length of probationary period (months)e 4.0 6.0 12.0 6.0 6.0 6.0 12.0 1.0 2.0 1.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes Yes No Yes Yes No No No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No Yes No No No Yes No No No No Third-party notification if 9 workers are dismissed? Yes Yes Yes No Yes Yes Yes No No Yes Third-party approval if 9 workers are dismissed? No Yes No No No Yes Yes No No No Retraining or reassignment?f Yes No No No Yes No No No No No Priority rules for redundancies? Yes Yes Yes No Yes No Yes No No No Priority rules for reemployment? Yes Yes Yes No No No No No No No Notice period for redundancy 7.2 14.4 26.0 4.3 10.0 3.6 0.0 7.2 0.0 2.1 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 4.6 4.3 0.0 4.3 11.6 46.2 15.9 5.3 27.0 5.8 Unemployment protection scheme? Yes No No No Yes No Yes No No No questionsg Research Health insurance for permanent employees? Yes No No No Yes No Yes No No Yes Courts or court sections specializing in labor disputes? Yes Yes Yes No Yes Yes Yes No Yes Yes LABOR MARKET REGULATION DATA 239 LABOR MARKET REGULATION DATA Hong Kong SAR, China Guinea-Bissau Indonesia (Mumbai) Honduras (Jakarta) Hungary Guyana Iceland (Delhi) India India Haiti Fixed-term contracts prohibited for permanent tasks? Yes No No Yes No No No No No Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a 12 No limit No limit 24 No limit 60 24 No limit No limit 36 Minimum wage for a full-time worker (US$/month)b 0.00 166.41 154.48 455.04 794.99 453.74 1,783.94 125.37 134.82 248.17 Ratio of minimum wage to value added per worker 0.00 0.32 1.39 1.51 0.18 0.30 0.32 0.63 0.68 0.55 50-hour workweek allowed?c Yes Yes Yes Yes Yes No Yes Yes Yes Yes Maximum working days per week 6.0 7.0 6.0 6.0 6.0 5.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 25 0 50 25 0 15 80 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 50 100 50 100 0 50 80 0 0 0 Major restrictions on night work? No No No Yes No No No Yes Yes No Major restrictions on weekly holiday work? No No No No No No No Yes No No Paid annual leave (working days)d 21.0 12.0 13.0 16.7 10.3 21.3 24.0 21.0 15.0 12.0 Maximum length of probationary period (months)e 3.0 3.0 0.0 2.0 1.0 3.0 3.0 3.0 3.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes No Yes No No No Yes Yes Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? Yes No No Yes No No No No No Yes Third-party notification if 9 workers are dismissed? Yes Yes No Yes No No No Yes Yes Yes Third-party approval if 9 workers are dismissed? Yes No No Yes No No No No No Yes Retraining or reassignment?f No No No No No No No No No Yes Priority rules for redundancies? Yes No No Yes No No No Yes Yes No Priority rules for reemployment? Yes No No No No No No Yes Yes No Notice period for redundancy 0.0 4.3 10.1 7.2 4.3 6.2 10.1 4.3 4.3 0.0 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 26.0 12.3 0.0 23.1 1.4 7.2 0.0 11.4 11.4 57.8 Unemployment protection scheme? No No No No No Yes Yes No No No questionsg Research Health insurance for permanent employees? No No .. Yes No Yes Yes Yes Yes Yes Courts or court sections specializing in labor disputes? Yes No Yes No Yes No No Yes Yes Yes 240 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Iran, Islamic Rep. (Surabaya) Indonesia Jamaica (Osaka) (Tokyo) Ireland Jordan Japan Japan Israel Italy Iraq Fixed-term contracts prohibited for permanent tasks? Yes No Yes No No No No No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a 36 No limit No limit No limit No limit 36 No limit No limit No limit No limit Minimum wage for a full-time worker (US$/month)b 223.67 466.63 103.30 1,809.66 1,145.81 2,035.74 250.12 1,785.35 1,682.62 257.29 Ratio of minimum wage to value added per worker 0.49 0.69 0.10 0.37 0.25 0.46 0.37 0.29 0.27 0.39 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 5.5 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 35 0 0 14 15 0 25 25 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 40 50 0 50 30 100 35 35 150 Major restrictions on night work? No No Yes No No No No No No No Major restrictions on weekly holiday work? No No No No Yes No No No No No Paid annual leave (working days)d 12.0 24.0 22.0 20.0 18.0 26.0 11.7 15.3 15.3 18.7 Maximum length of probationary period (months)e 3.0 1.0 3.0 12.0 n.a. 2.0 3.0 n.a. n.a. 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes Yes No No Yes No No No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? Yes Yes No No No No No No No Yes Third-party notification if 9 workers are dismissed? Yes Yes Yes Yes No Yes No No No Yes Third-party approval if 9 workers are dismissed? Yes Yes No No No No No No No Yes Retraining or reassignment?f Yes No No No No Yes No Yes Yes No Priority rules for redundancies? No No No No No Yes No No No No Priority rules for reemployment? No No No No No Yes No No No Yes Notice period for redundancy 0.0 0.0 0.0 3.7 4.3 4.5 4.0 4.3 4.3 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 57.8 23.1 0.0 10.7 23.1 0.0 10.0 0.0 0.0 0.0 Unemployment protection scheme? No Yes .. Yes Yes Yes No Yes Yes .. questionsg Research Health insurance for permanent employees? Yes Yes Yes No Yes Yes No Yes Yes .. Courts or court sections specializing in labor disputes? Yes .. Yes Yes Yes Yes No Yes Yes No LABOR MARKET REGULATION DATA 241 LABOR MARKET REGULATION DATA Kyrgyz Republic Kazakhstan Korea, Rep. Lebanon Lao PDR Kiribati Kosovo Kuwait Latvia Kenya Fixed-term contracts prohibited for permanent tasks? No No No No No No Yes No Yes No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit No limit 24 No limit No limit 60 No limit 36 24 Minimum wage for a full-time worker (US$/month)b 127.87 241.39 0.00 815.65 172.09 211.40 18.50 74.66 602.77 439.34 Ratio of minimum wage to value added per worker 0.09 1.72 0.00 0.28 0.14 0.04 0.12 0.37 0.32 0.34 50-hour workweek allowed?c Yes Yes Yes Yes No Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 7.0 6.0 6.0 6.0 6.0 6.0 5.5 6.0 Premium for night work (% of hourly pay) 50 0 0 50 30 0 50 15 50 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 0 0 50 50 50 100 150 0 50 Major restrictions on night work? No No No Yes No No No No Yes No Major restrictions on weekly holiday work? No No No No No Yes No No No No Paid annual leave (working days)d 18.0 21.0 0.0 17.0 21.0 30.0 20.0 15.0 20.0 15.0 Maximum length of probationary period (months)e 3.0 12.0 n.a. 3.0 6.0 3.0 3.0 3.0 3.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes Yes Yes No No No Yes No No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No Yes No No No No Yes No No Third-party notification if 9 workers are dismissed? Yes Yes Yes Yes No No No Yes No Yes Third-party approval if 9 workers are dismissed? No No Yes No No No No Yes No No Retraining or reassignment?f Yes No No No Yes No No No Yes No Priority rules for redundancies? No Yes No No Yes No No No Yes Yes Priority rules for reemployment? No No No Yes Yes No No No No Yes Notice period for redundancy 4.3 4.3 4.3 4.3 4.3 13.0 4.3 6.4 4.3 8.7 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 4.3 2.1 0.0 23.1 7.2 15.1 13.0 40.7 8.7 0.0 Unemployment protection scheme? Yes No No Yes No .. Yes Yes Yes No questionsg Research Health insurance for permanent employees? Yes Yes No Yes No .. Yes Yes No Yes Courts or court sections specializing in labor disputes? No Yes No No No .. No No No Yes 242 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Macedonia, FYR Luxembourg Madagascar Lithuania Maldives Malaysia Lesotho Malawi Liberia Libya Fixed-term contracts prohibited for permanent tasks? No No No No Yes No Yes Yes No No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit 48 60 24 60 24 No limit No limit 24 Minimum wage for a full-time worker (US$/month)b 158.70 52.00 336.11 382.61 3,000.18 287.51 49.83 15.72 293.01 0.00 Ratio of minimum wage to value added per worker 0.73 0.82 0.24 0.21 0.34 0.51 0.74 0.36 0.23 0.00 50-hour workweek allowed?c Yes Yes Yes No No Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 5.5 5.5 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 0 0 50 0 35 30 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 50 0 100 70 50 40 100 0 50 Major restrictions on night work? Yes No No No No Yes No No No No Major restrictions on weekly holiday work? No No No No Yes No No No No No Paid annual leave (working days)d 12.0 16.0 30.0 20.7 25.0 20.0 24.0 18.0 13.3 30.0 Maximum length of probationary period (months)e 4.0 3.0 1.0 3.0 6.0 6.0 3.0 12.0 3.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes Yes No Yes No No Yes No No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No No No No No No No Third-party notification if 9 workers are dismissed? No Yes Yes No Yes No Yes Yes Yes No Third-party approval if 9 workers are dismissed? No No No No No No Yes No No No Retraining or reassignment?f No No No Yes No No No No No No Priority rules for redundancies? No Yes No Yes No No Yes No No No Priority rules for reemployment? No Yes No No Yes No Yes No No No Notice period for redundancy 4.3 4.3 4.3 8.7 17.3 4.3 3.4 4.3 6.7 7.2 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 10.7 21.3 11.6 15.9 4.3 8.7 8.9 12.3 17.2 0.0 Unemployment protection scheme? No No No Yes Yes Yes Yes .. No No questionsg Research Health insurance for permanent employees? Yes Yes Yes No Yes Yes No .. No No Courts or court sections specializing in labor disputes? Yes Yes Yes No Yes No Yes .. Yes Yes LABOR MARKET REGULATION DATA 243 LABOR MARKET REGULATION DATA Marshall Islands (Mexico City) (Monterrey) Micronesia, Mauritania Mauritius Mongolia Moldova Fed. Sts. Mexico Mexico Malta Mali Fixed-term contracts prohibited for permanent tasks? Yes No No No No Yes Yes No Yes No Difficulty of hiring Maximum length of fixed-term contracts (months)a 72 48 No limit 24 24 No limit No limit No limit No limit No limit Minimum wage for a full-time worker (US$/month)b 63.20 952.98 421.63 105.50 241.90 174.50 174.50 357.38 110.72 125.46 Ratio of minimum wage to value added per worker 0.56 0.38 0.77 0.68 0.22 0.14 0.14 0.76 0.39 0.28 50-hour workweek allowed?c Yes No Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 7.0 6.0 6.0 6.0 6.0 7.0 6.0 5.0 Premium for night work (% of hourly pay) 0 0 0 100 0 0 0 0 50 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 0 0 50 100 25 25 0 100 50 Major restrictions on night work? No No No Yes No No No No Yes No Major restrictions on weekly holiday work? No No No No No No No No Yes No Paid annual leave (working days)d 22.0 24.0 0.0 18.0 17.0 12.0 12.0 0.0 20.0 16.0 Maximum length of probationary period (months)e 6.0 6.0 6.0 1.0 3.0 1.0 1.0 n.a. 0.5 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes No No Yes Yes Yes Yes No Yes No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No No Yes Yes No No No Third-party notification if 9 workers are dismissed? Yes No No Yes Yes Yes Yes No Yes No Third-party approval if 9 workers are dismissed? No No No No No Yes Yes No No No Retraining or reassignment?f No No No No No No No No Yes No Priority rules for redundancies? Yes Yes No Yes No Yes Yes No Yes No Priority rules for reemployment? Yes Yes No Yes No Yes Yes No No No Notice period for redundancy 4.3 7.3 0.0 4.3 4.3 0.0 0.0 0.0 8.7 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 9.3 0.0 0.0 6.1 6.3 22.0 22.0 0.0 13.9 4.3 Unemployment protection scheme? No Yes No No Yes Yes Yes No Yes Yes questionsg Research Health insurance for permanent employees? No No No Yes No Yes Yes No Yes Yes Courts or court sections specializing in labor disputes? Yes Yes No Yes Yes Yes Yes No Yes Yes 244 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA New Zealand Mozambique Montenegro Netherlands Nicaragua Myanmar Morocco Namibia Nepal Niger Fixed-term contracts prohibited for permanent tasks? No Yes Yes No No Yes No No No Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a 24 12 72 No limit No limit No limit 36 No limit No limit 48 Minimum wage for a full-time worker (US$/month)b 196.66 278.46 139.33 0.00 0.00 95.03 1,036.47 1,980.93 200.12 57.18 Ratio of minimum wage to value added per worker 0.22 0.74 1.45 0.00 0.00 0.94 0.17 0.39 0.84 0.79 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes No Maximum working days per week 6.0 6.0 6.0 6.0 5.5 6.0 5.5 7.0 6.0 6.0 Premium for night work (% of hourly pay) 40 0 25 0 6 0 0 0 0 38 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 0 100 100 100 50 0 0 100 0 Major restrictions on night work? No No No No No No Yes No Yes No Major restrictions on weekly holiday work? No Yes Yes No No No No No Yes No Paid annual leave (working days)d 21.0 19.5 24.0 10.0 20.0 18.0 20.0 20.0 30.0 22.0 Maximum length of probationary period (months)e 6.0 1.0 3.0 n.a. 6.0 12.0 2.0 3.0 1.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No No Yes No Yes Yes Yes No No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No No Yes Yes No No No Third-party notification if 9 workers are dismissed? No Yes Yes No Yes Yes Yes No No Yes Third-party approval if 9 workers are dismissed? No Yes No No No Yes Yes No No No Retraining or reassignment?f Yes Yes No No No No Yes Yes No Yes Priority rules for redundancies? Yes Yes No No No Yes Yes No No Yes Priority rules for reemployment? No Yes No No No Yes No No No Yes Notice period for redundancy 4.3 7.2 4.3 4.3 4.3 4.3 8.7 0.0 0.0 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 6.9 13.5 33.2 15.9 5.3 22.9 0.0 0.0 14.9 9.7 Unemployment protection scheme? Yes No No .. No No Yes No No .. questionsg Research Health insurance for permanent employees? Yes Yes No Yes No No No No Yes No Courts or court sections specializing in labor disputes? Yes Yes No Yes No No Yes Yes Yes Yes LABOR MARKET REGULATION DATA 245 LABOR MARKET REGULATION DATA Papua New Guinea Paraguay (Karachi) Pakistan Pakistan (Lahore) Panama Norway Nigeria Nigeria (Lagos) (Kano) Oman Palau Fixed-term contracts prohibited for permanent tasks? No No Yes No Yes Yes No Yes No Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit 48 No limit 9 9 No limit 12 No limit No limit Minimum wage for a full-time worker (US$/month)b 111.17 111.17 3,840.25 847.72 104.53 104.53 551.54 476.59 195.96 409.69 Ratio of minimum wage to value added per worker 0.26 0.26 0.29 0.30 0.56 0.56 0.39 0.34 0.69 0.76 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 5.0 6.0 6.0 7.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 0 0 50 0 0 0 13 0 30 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 0 0 100 100 100 0 50 0 100 Major restrictions on night work? No No Yes Yes No No No No No Yes Major restrictions on weekly holiday work? No No Yes No Yes Yes No Yes No No Paid annual leave (working days)d 6.0 6.0 21.0 22.0 14.0 14.0 0.0 22.0 11.0 20.0 Maximum length of probationary period (months)e 3.0 3.0 6.0 3.0 3.0 3.0 n.a. 3.0 n.a. 1.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No No No No No No No Yes No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No No No No Yes No Yes Third-party notification if 9 workers are dismissed? Yes Yes No No No No No Yes No Yes Third-party approval if 9 workers are dismissed? No No No No No No No Yes No Yes Retraining or reassignment?f No No Yes No Yes Yes No No No No Priority rules for redundancies? Yes Yes Yes No Yes Yes No Yes No No Priority rules for reemployment? No No Yes No Yes Yes No No No Yes Notice period for redundancy 3.2 3.2 8.7 4.3 4.3 4.3 0.0 0.0 3.3 7.5 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 12.2 12.2 0.0 0.0 22.9 22.9 0.0 18.1 9.2 18.6 Unemployment protection scheme? No No Yes No No No No No No No questionsg Research Health insurance for permanent employees? No Yes No Yes No No No No No Yes Courts or court sections specializing in labor disputes? Yes Yes No No Yes Yes No Yes .. Yes 246 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA Russian Federation Russian Federation Puerto Rico (U.S.) (St. Petersburg) Philippines (Moscow) Romania Portugal Rwanda Poland Qatar Peru Fixed-term contracts prohibited for permanent tasks? Yes No No Yes No No Yes Yes Yes No Difficulty of hiring Maximum length of fixed-term contracts (months)a 60 No limit No limit 66 No limit No limit 60 60 60 No limit Minimum wage for a full-time worker (US$/month)b 275.86 304.93 535.52 754.09 1,233.43 0.00 251.28 390.11 274.56 0.00 Ratio of minimum wage to value added per worker 0.34 0.69 0.35 0.29 0.51 0.00 0.23 0.24 0.17 0.00 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 5.5 6.0 7.0 6.0 5.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 35 10 20 25 0 0 25 20 20 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 30 100 50 100 0 100 100 100 0 Major restrictions on night work? No No No No No No No No No No Major restrictions on weekly holiday work? No No No Yes No No No Yes Yes No Paid annual leave (working days)d 13.0 5.0 22.0 22.0 15.0 22.0 20.0 22.0 22.0 19.3 Maximum length of probationary period (months)e 3.0 6.0 3.0 3.0 3.0 6.0 3.0 3.0 3.0 6.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes Yes No Yes No No No Yes Yes Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? Yes No No No No No No No No No Third-party notification if 9 workers are dismissed? Yes Yes No Yes No No No Yes Yes Yes Third-party approval if 9 workers are dismissed? Yes No No No No No No No No No Retraining or reassignment?f No No Yes Yes No No Yes Yes Yes No Priority rules for redundancies? No Yes Yes No Yes No Yes Yes Yes Yes Priority rules for reemployment? Yes No Yes Yes Yes No Yes No No No Notice period for redundancy 0.0 4.3 10.1 7.9 0.0 7.2 4.0 8.7 8.7 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 11.4 23.1 8.7 9.1 0.0 16.0 0.0 8.7 8.7 8.7 Unemployment protection scheme? No No Yes Yes Yes No Yes Yes Yes No questionsg Research Health insurance for permanent employees? Yes Yes No No No Yes Yes Yes Yes No Courts or court sections specializing in labor disputes? Yes Yes Yes Yes No Yes Yes No No Yes LABOR MARKET REGULATION DATA 247 LABOR MARKET REGULATION DATA São Tomé and Príncipe Slovak Republic Saudi Arabia Sierra Leone San Marino Seychelles Singapore Senegal Samoa Serbia Fixed-term contracts prohibited for permanent tasks? No Yes Yes No Yes Yes Yes Yes No No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit 18 36 No limit 24 12 No limit No limit No limit 24 Minimum wage for a full-time worker (US$/month)b 178.65 2,836.26 0.00 0.00 189.28 232.46 421.86 4.46 0.00 470.54 Ratio of minimum wage to value added per worker 0.36 0.41 0.00 0.00 1.14 0.34 0.28 0.04 0.00 0.23 50-hour workweek allowed?c Yes Yes No Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.0 6.0 6.0 Premium for night work (% of hourly pay) 0 35 25 0 38 26 0 15 0 20 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 0 100 50 0 26 100 100 100 0 Major restrictions on night work? No No No No No No No No No No Major restrictions on weekly holiday work? Yes No Yes Yes Yes No No No No No Paid annual leave (working days)d 10.0 26.0 26.0 20.7 24.3 20.0 21.0 21.3 10.7 25.0 Maximum length of probationary period (months)e 3.0 1.6 1.0 3.0 2.0 6.0 6.0 n.a. 6.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes Yes No Yes No Yes Yes No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No Yes Yes No No No Yes No No No Third-party notification if 9 workers are dismissed? No Yes Yes No Yes No Yes Yes No Yes Third-party approval if 9 workers are dismissed? No Yes Yes No No No Yes No No No Retraining or reassignment?f No No No No No Yes No Yes No Yes Priority rules for redundancies? No Yes No No Yes No No Yes No No Priority rules for reemployment? No Yes Yes No Yes Yes No Yes No No Notice period for redundancy 3.3 0.0 4.3 4.3 4.3 0.0 4.3 8.7 3.0 11.6 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 0.0 0.0 26.0 15.2 10.5 7.7 7.6 69.6 0.0 7.2 Unemployment protection scheme? No Yes No No No Yes No No No Yes questionsg Research Health insurance for permanent employees? No Yes No Yes Yes Yes No Yes No Yes Courts or court sections specializing in labor disputes? No No No Yes Yes No Yes Yes Yes No 248 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA St. Vincent and the St. Kitts and Nevis Solomon Islands South Sudan South Africa Grenadines Sri Lanka Slovenia St. Lucia Sudan Spain Fixed-term contracts prohibited for permanent tasks? Yes No Yes No Yes No No No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a 24 No limit No limit 48 12 No limit No limit 24 No limit 48 Minimum wage for a full-time worker (US$/month)b 1,054.91 120.22 336.46 0.00 1,140.02 83.03 517.48 0.00 239.96 82.42 Ratio of minimum wage to value added per worker 0.38 0.51 0.36 0.00 0.31 0.21 0.30 0.00 0.30 0.49 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 5.5 5.5 7.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 75 0 0 0 25 0 0 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 50 0 100 0 0 0 0 150 0 0 Major restrictions on night work? No No Yes No Yes Yes No No No No Major restrictions on weekly holiday work? No No No No No No No No No No Paid annual leave (working days)d 21.0 15.0 15.0 23.3 22.0 14.0 14.0 21.0 18.7 23.3 Maximum length of probationary period (months)e 6.0 6.0 n.a. 3.0 2.0 6.0 3.0 3.0 6.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No Yes Yes Yes Yes Yes No Yes No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No Yes No Yes No No No Yes Third-party notification if 9 workers are dismissed? No Yes Yes Yes Yes Yes No Yes Yes Yes Third-party approval if 9 workers are dismissed? No No No Yes No Yes No No No Yes Retraining or reassignment?f Yes No Yes No No No No No No No Priority rules for redundancies? Yes No No No No Yes No No No No Priority rules for reemployment? No No No No No No Yes No Yes No Notice period for redundancy 5.3 4.3 4.0 4.3 2.1 4.3 8.7 3.7 4.0 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 5.3 10.7 5.3 21.7 15.2 54.2 0.0 9.3 10.0 21.7 Unemployment protection scheme? Yes No Yes No Yes No .. No No No questionsg Research Health insurance for permanent employees? Yes No No Yes Yes No No Yes No Yes Courts or court sections specializing in labor disputes? Yes .. Yes No Yes Yes No No Yes Yes LABOR MARKET REGULATION DATA 249 LABOR MARKET REGULATION DATA Syrian Arab Republic Taiwan, China Switzerland Timor-Leste Swaziland Tajikistan Suriname Tanzania Thailand Sweden Fixed-term contracts prohibited for permanent tasks? No No No No No Yes Yes Yes Yes Yes Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit 24 120 60 12 No limit No limit No limit 36 Minimum wage for a full-time worker (US$/month)b 0.00 174.92 0.00 0.00 260.64 649.31 50.25 65.73 251.34 104.95 Ratio of minimum wage to value added per worker 0.00 0.40 0.00 0.00 0.68 0.26 0.37 0.65 0.41 0.18 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes No Yes Yes Yes Maximum working days per week 6.0 5.5 5.5 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Premium for night work (% of hourly pay) 0 0 0 0 0 0 50 5 0 25 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 100 0 0 0 100 100 100 100 0 100 Major restrictions on night work? No No No Yes No No Yes No No No Major restrictions on weekly holiday work? No No Yes Yes Yes No No No No Yes Paid annual leave (working days)d 16.0 11.0 25.0 20.0 21.7 12.0 23.3 20.0 6.0 12.0 Maximum length of probationary period (months)e 2.0 3.0 6.0 3.0 3.0 n.a. 3.0 6.0 4.0 1.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes No No No Yes Yes Yes Yes No Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? Yes No No No Yes No No Yes No No Third-party notification if 9 workers are dismissed? Yes Yes Yes No Yes Yes Yes Yes No Yes Third-party approval if 9 workers are dismissed? Yes No No No Yes No No Yes No No Retraining or reassignment?f No No Yes No No Yes Yes No No No Priority rules for redundancies? No Yes Yes No No No Yes No No No Priority rules for reemployment? No No Yes No No Yes No No No No Notice period for redundancy 0.0 5.9 14.4 10.1 8.7 3.8 8.7 4.0 4.3 4.3 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 8.8 8.7 0.0 0.0 0.0 18.8 6.9 5.3 31.7 0.0 Unemployment protection scheme? No No Yes Yes No Yes Yes Yes Yes No questionsg Research Health insurance for permanent employees? No No Yes No Yes Yes Yes Yes No No Courts or court sections specializing in labor disputes? No Yes Yes Yes Yes Yes Yes Yes Yes No 250 DOING BUSINESS 2015 LABOR MARKET REGULATION DATA United Arab Emirates Trinidad and Tobago United Kingdom (New York City) United States Ukraine Uganda Tunisia Turkey Tonga Togo Fixed-term contracts prohibited for permanent tasks? Yes No No No Yes No Yes No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a 48 No limit No limit 48 No limit No limit No limit No limit No limit No limit Minimum wage for a full-time worker (US$/month)b 107.20 0.00 337.80 280.46 569.33 2.14 147.69 0.00 1,371.67 1,379.37 Ratio of minimum wage to value added per worker 1.34 0.00 0.18 0.54 0.42 0.02 0.32 0.00 0.27 0.21 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes No Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 6.0 6.0 5.5 6.0 6.0 6.0 Premium for night work (% of hourly pay) 200 0 0 0 0 0 20 0 0 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 65 0 100 100 100 0 100 50 0 0 Major restrictions on night work? No No No No Yes No No No No No Major restrictions on weekly holiday work? No Yes No No No No Yes Yes No No Paid annual leave (working days)d 30.0 0.0 10.0 13.0 18.0 21.0 18.0 26.0 28.0 0.0 Maximum length of probationary period (months)e 6.0 6.0 6.0 12.0 2.0 12.0 1.0 6.0 6.0 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? Yes No No Yes No No Yes No No No Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No Yes No No No No No No Third-party notification if 9 workers are dismissed? Yes No Yes Yes No No Yes No No No Third-party approval if 9 workers are dismissed? No No No Yes No No No No No No Retraining or reassignment?f No No No Yes No No Yes No No No Priority rules for redundancies? Yes No Yes Yes No No Yes No No No Priority rules for reemployment? Yes No No Yes Yes No Yes No No No Notice period for redundancy 4.3 0.0 6.4 4.3 6.7 8.7 8.7 4.3 5.3 0.0 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 8.8 0.0 14.1 7.8 23.1 0.0 4.3 0.0 4.0 0.0 Unemployment protection scheme? No No No No Yes No Yes No Yes Yes questionsg Research Health insurance for permanent employees? No Yes No Yes Yes No No Yes Yes No Courts or court sections specializing in labor disputes? Yes No Yes Yes Yes No No Yes Yes No LABOR MARKET REGULATION DATA 251 LABOR MARKET REGULATION DATA West Bank and Gaza Venezuela, RBh United States (Los Angeles) Yemen, Rep. Uzbekistan Zimbabwe Uruguay Vietnam Vanuatu Zambia Fixed-term contracts prohibited for permanent tasks? No Yes Yes No Yes No No No No No Difficulty of hiring Maximum length of fixed-term contracts (months)a No limit No limit 60 No limit 24 72 24 No limit No limit No limit Minimum wage for a full-time worker (US$/month)b 1,379.37 610.92 44.88 326.14 622.25 123.02 384.62 87.33 292.99 255.49 Ratio of minimum wage to value added per worker 0.21 0.31 0.19 0.74 0.39 0.60 1.58 0.45 1.21 2.11 50-hour workweek allowed?c Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maximum working days per week 6.0 6.0 6.0 6.0 5.0 6.0 6.0 6.0 5.5 6.0 Premium for night work (% of hourly pay) 0 0 50 0 30 30 0 15 4 0 Rigidity of hours Premium for work on weekly rest day (% of hourly pay) 0 100 100 50 50 0 150 100 100 0 Major restrictions on night work? No No Yes No Yes No Yes No No Yes Major restrictions on weekly holiday work? No No No No Yes No Yes No No No Paid annual leave (working days)d 0.0 21.0 15.0 17.0 19.3 13.0 12.0 30.0 24.0 22.0 Maximum length of probationary period (months)e 3.0 n.a. 3.0 6.0 1.0 1.0 6.0 6.0 n.a. 3.0 Dismissal due to redundancy allowed by law? Yes Yes Yes Yes No Yes Yes Yes Yes Yes Third-party notification if 1 worker is dismissed? No No No No n.a. No Yes Yes Yes Yes Difficulty of redundancy Third-party approval if 1 worker is dismissed? No No No No n.a. No No No No Yes Third-party notification if 9 workers are dismissed? No No Yes No n.a. Yes Yes Yes Yes Yes Third-party approval if 9 workers are dismissed? No No No No n.a. Yes No No No Yes Retraining or reassignment?f No No Yes No n.a. Yes No No No Yes Priority rules for redundancies? No No Yes No n.a. No No No No No Priority rules for reemployment? No No No No n.a. No No Yes No No Notice period for redundancy 0.0 0.0 8.7 9.3 n.a. 0.0 4.3 4.3 4.3 13.0 Redundancy dismissal (weeks of salary)d cost Severance pay for redundancy dismissal (weeks of salary)d 0.0 20.8 8.7 23.1 n.a. 24.6 23.1 23.1 46.2 69.3 Unemployment protection scheme? Yes Yes Yes No Yes Yes No .. No No questionsg Research Health insurance for permanent employees? No No No No No Yes No No No No Courts or court sections specializing in labor disputes? No Yes No No Yes No No Yes Yes Yes a. Including renewals. d. Average for workers with 1, 5 and 10 years of tenure. g. No Doing Business data are available (..) for some b. Economies for which 0.00 is shown have no minimum e. Some answers are not applicable (n.a.) for economies in economies. wage in the private sector. which there is no statutory provision for a probationary h. Some answers are not applicable (n.a.) for economies c. For 2 months a year in case of a seasonal increase in period. where dismissal due to redundancy is disallowed. production. f. Whether compulsory before redundancy. Source: Doing Business database. Doing Business 2015 Going Beyond Efficiency Acknowledgments Data collection and analysis for Doing Garam Al Kastalani-Dexter, Clemente Business 2015 were conducted by a Avila Para, Mario Lucio Carvalho team led by Rita Ramalho (Manager, Nascimento, Rong Chen, Sarah Fakhry, Doing Business) under the general direc- Nadine Ghobrial, Hernando Grueso tion of Augusto Lopez-Claros (Director, Hurtado, Papa Gyan-Baffour, Sameh Global Indicators Group, Development Hassan, Maisha Hyman, Wasiq Ismail, Economics). Overall guidance for the Maksym Markevych, Yuliya Neyman, preparation of the report was provided Nicole Frances Ntungire, Marilyn Ryan, by Kaushik Basu, Senior Vice President Katrin Schulz, Paula Tavares, Augusto and Chief Economist of the World Bank. Uribe Bello, Anna Xue Gu and Sonia The project was managed with the Zahkarenko assisted in the months support of Adrian Gonzalez and Hulya before publication. The team would Ulku. Other team members included especially like to acknowledge the Nadine Abi Chakra, Jean Arlet, Iana comments and support of Indermit Gill Ashchian, Iryna Bilotserkivska, Erica and Melissa Johns. Bosio, Jiyeon Chang, Edgar Chavez, Maya Choueiri, Catrice Christ, Santiago The online service of the Doing Business Croci Downes, Salima Daadouche, database is managed by Andres Baria Nabil Daye, Christian De la Baquero Franco, Varun Doiphode, Arun Medina Soto, Marie Lily Delion, Laura Chakravarthi Nageswaran, Kunal Patel, Diniz, Caroline Frontigny, Paula García Mohan Pathapati, Vinod Thottikkatu Serna, Dorina Georgieva, Anushavan and Hashim Zia and was under the direc- Hambardzumyan, Michelle-Christine tion of Preeti Endlaw. The Doing Business Hanf, Volha Hrytskevich, Joyce Ibrahim, 2015 outreach strategy is executed by Nan (Charlotte) Jiang, Hervé Kaddoura, a communications team led by Nadine Klaus Koch Saldarriaga, Olena Koltko, Ghannam and including Hyun Kyong Magdalini Konidari, Roman Kononenko, Lee and Sushmitha Malini Narsiah, with Demetris Kouris, Khrystyna Kushnir, support from Merrell Tuck-Primdahl and Joy Lahoud, Fernanda Maretto de World Bank Group communications col- Barros, Betty Mensah, Frédéric leagues around the world. Meunier, Joanna Nasr, Marie-Jeanne Ndiaye, Nadia Novik, Jiawen Pan, María The team is grateful for the valuable Antonia Quesada Gámez, Parvina comments provided by colleagues in Rakhimova, Morgann Courtney Reeves, the World Bank Group (both on the Julie Ryan, Valentina Saltane, Tanya draft report and on the changes in the Maria Santillan, Ana Maria Santillana methodology) and outside the World Farakos, Melissa Scanlan, Ella Bank Group (on the changes in the meth- Shagabutdinova, Jayashree Srinivasan, odology) and for the guidance provided by Brandon Thompson, Julien Vilquin, World Bank Group Executive Directors. Matthew Williger, Marilyne Youbi, Inés The team would especially like to ac- Zabalbeitia Múgica and Yasmin Zand. knowledge the comments and guidance ACKNOWLEDGMENTS 253 of Aart C. Kraay. Comments were also D. Lewis, Wendy Liberante, Jonathan Alessio Zanelli, Stephane Zecevic and received from Gavin Adlington, Gabi Lindsay, Jean Michel Lobet, Gladys members of the Working Party on George Afram, Ahmad Ahsan, Sultan Lopez-Acevedo, Jose Lopez Calix, Antony Land Administration (United Nations Ibrahim Alakraf, Alejandro Alvarez de la Lythgoe, Oscar Madeddu, Mahamoud Economic Commission for Europe). Campa, Inger Andersen, Mihasonirina Magassouba, Andres Martinez, Martin Andrianaivo, Vadim Andropov, Pedro Melecky, Eva Maria Melis, Antonia The paying taxes project was conducted Antmann, Antonia Custance Baker, Luca Menezes, Julian S. Messina Granovsky, in collaboration with PwC, led by Stef van Bandiera, Sudeshna Ghosh Banerjee, Irit Mevorach, Trimor Mici, Andrei Weeghel. Najy Benhassine, Alexander Berg, Mikhnev, Nina Pavlova Mocheva, María Sanford Berg, Anna M. Bjerde, Genevieve Paulina Mogollón, Komal Mohindra, Alison Strong edited the manuscript. Boyreau, Frédéric Bustelo, Cesar Alejandro Moreno, Tim Moss, Thomas Corporate Visions, Inc. designed the Calderon, Enrico Campagnoli, Cesar Moullier, Cyril Muller, Nataliya Mylenko, report and the graphs. Chaparro Yedro, Constantine Chikosi, Emmanuel Noubissie Ngankam, Cecile Julian Latimer Clarke, Edward Cook, Niang, Nicolas Nogueroles, Odile Obled, Doing Business would not be possible Lucia Cordero Ledergerber, Monique Nuria de Oca, Corey O’Hara, Junko without the expertise and generous Courchesne, Fernando Dancausa Diaz, Oikawa, Alice Ouedraogo, Madalina input of a network of more than 10,700 Jean-Paul Decorps, Klaus Deininger, Papahagi, Axel R. Peuker, Duc Minh local partners, including legal experts, Pasquale Di Benedetta, Raian Divanbeigi, Pham, Nadia Fernanda Piffaretti, business consultants, accountants, Julia Doherty, Omniah Ebeid, Alejandro Tanya Primiani, Alban Pruthi, Claudio freight forwarders, government of- Espinosa-Wang, Jorge Familiar Calderon, M. Radaelli, Martin Rama, Colin Ewell ficials and other professionals routinely Francisco H. G. Ferreira, Penelope Wesley Raymond, Melissa Rekas, Paolo administering or advising on the rele- Fidas, Vivien Foster, Jose Garrido, Tania Ridolfi, David Robalino, Pilar Salgado vant legal and regulatory requirements Ghossein, Willy Giacchino, Raluca Otonel, Pilar Sanchez-Bella, Apurva in the 189 economies covered. Contact Golumbeanu, Flavio Gonzaga, David Sanghi, Massimiliano Santini, Hans details for local partners are available Michael Gould, Heike Gramckow, Tim Schrader, Jordan Z. Schwartz, Sarmad on the Doing Business website at http:// Green, Cemile Hacibeyoglu, Iva Hamel, Shaikh, Katrina Sharkey, Sudhir Shetty, www.doingbusiness.org. Carl Patrick Hanlon, Caroline Heider, Sylvia Solf, Victoria Stanley, Jevgenijs Vivian Y. N. Hon, Thea Hilhorst, Neville Steinbuks, Adrian Stone, Jennifer The names of the local partners wishing Howlett, Lin Huang, Alex Hunt, Giuseppe Stradtman, Vinaya Swaroop, Vijay to be acknowledged individually are listed Iarossi, Yoichiro Ishihara, Sebastian Srinivas Tata, Govinda R. Timilsina, Hans below. The global and regional contribu- S. James, Kaliza Karuretwa, Sunita Timmer, Marianne Tissier, Alain Traore, tors listed are firms that have completed Kikeri, Markus Kitzmuller, Frederick Moussa Traoré, Mahesh Uttamchandani, multiple questionnaires in their various Krimgold, Arvo Kuddo, Peter Ladegaard, Maria Vagliasindi, Joachim Von Amsberg, offices around the world. Pascal Lalande, Tony Lamb, Philippe George Waggot, Wendy Werner, Le Houérou, Anne-Marie Leroy, Jeffrey Everett Theodore Wohlers, Sau Wong, 254 DOING BUSINESS 2015 GLOBAL CONTRIBUTORS Sanzar Kakar Anjola Aliaj Avenir Kika Advocates for International Development Afghanistan Holding Group OPTIMA Legal and Financial Kika Sh.p.k Allen & Overy LLP Ahmad Jawid Karimzada Artur Asllani Erlind Kodhelaj Kabul Municipality Tonucci & Partners Boga & Associates Tirana American Bar Association, Section of International Law Wisal Khan Sabina Baboci Jonela Kuro Ashurst LLP Legal Oracles Kalo & Associates Drakopoulos Law Firm Baker & McKenzie Mohammed Masood Khwaja Indrit Banka Fatmir Lacej Da Afghanistan Breshna Bank of Albania Fatmir Lacej Notary Public Cleary Gottlieb Steen & Hamilton LLP Sherkat Redjan Basha Rudi Laze Deloitte Gaurav Lekh Raj Kukreja Abkons Bozo & Associates Law Firm DLA Piper Afghan Container Ledia Beçi Renata Leka Transport Company Ernst & Young Hoxha, Memi & Hoxha Boga & Associates Tirana Tali Mohammad Ius Laboris, Alliance of Labor, Employment, Benefits and Jonida Beqiri Besnik Leskaj Afghanistan Investment Pensions Law Firms Drakopoulos Law Firm Abkons Support Agency KPMG Juna Bozdo Ekflodia Leskaj Siddiqullah Mujadiddi Bank of Albania Drakopoulos Law Firm Law Society of England and Wales Afghanistan Investment Support Agency Artan Bozo Loreta Loli Lex Mundi, Association of Independent Law Firms Bozo & Associates Law Firm Albakontroll Abdul Naser Nazari Mayer Brown Ministry of Agriculture Jori Bregasi Marvin Mborja Panalpina Hoxha, Memi & Hoxha Boga & Associates Tirana Shekeeb Nessar PwC 1 Da Afghanistan Breshna Denada Breshanaj Andi Memi Sherkat Abkons Hoxha, Memi & Hoxha Russell Bedford International Gul Pacha Alban Caushi Aigest Milo SDV International Logistics Afghanistan Investment Kalo & Associates Kalo & Associates Support Agency REGIONAL CONTRIBUTORS Elfrida Cuku Sabina Pasholli Tamsil Rashid Kalo & Associates Avanntive Consulting Sh.p.k A.P. Moller-Maersk Group Afghanistan International Ina Curri Loreta Peci Association of Consumer Credit Information Suppliers Bank PwC Albania PwC Albania (ACCIS) Abdul Rahim Saeedi Ilir Daci Merita Qato Cabinet John W. Ffooks & Co. Ministry of Commerce and Industry OPTIMA Legal and Financial Office of Registration of CMS Legal Immovable Property Erinda Duraj Zahid Safi Colibri Law Firm Rizvi, Isa, Afridi and Angell Bozo & Associates Law Firm Laura Qorlaze Avanntive Consulting Sh.p.k Dentons Sokol Elmazaj Khalil Sediq Afghanistan International Boga & Associates Tirana Loriana Robo DFDL Kalo & Associates Bank Alba Fagu Gide Loyrette Nouel, member of Lex Mundi Bank of Albania Mimoza Sadushaj Saeeq Shajjan GRATA Law Firm Shajjan & Associates Mimoza Sadushaj Lisjana Fusha Miranda Correia Amendoeira & Associados Mohammad Ibrahim Shams ALB BB Auditing SHPK - Ergis Sefa correspondent of Russell ERG Managerial Raposo Bernardo & Associados Afghanistan Investment Support Agency Bedford International Ardjana Shehi SORAINEN Lorena Gega Kalo & Associates Asiyah Sharifi Talal Abu-Ghazaleh Legal (TAG-Legal) Afghanistan Financial PwC Albania Alban Shehri TransUnion International Services, LLC Aurela Gjokutaj Albakontroll Sharifullah Shirzad Al-Tax Center Majlinda Sulstarova AFGHANISTAN Shaheryar Aziz Da Afghanistan Bank Ermira Gjoncaj Tonucci & Partners A.F. Ferguson & Co., Kuehne + Nagel Ltd. Farsheed Abdul-Rahman Haris Syed Raza Besa Tauzi Chartered Accountants, Law Offices of A. Rahman Gerry’s Dnata (Pvt.) Ltd. Valbona Gjonçari Boga & Associates Tirana a member firm of PwC Rahimghiyasa - Attorneys Boga & Associates Tirana network Marium Waqar Ketrin Topçiu and Agents Mazhar Bangash Rizvi, Isa, Afridi and Angell Shirli Gorenca Bozo & Associates Law Firm Taqi Ahmad Kalo & Associates Rizvi, Isa, Afridi and Angell Najibullah Wardak Elda Toro Shuraja A.F. Ferguson & Co., Chartered Accountants, Nadia Bazidwal Ministry of Finance Mateo Gosnishti Hoxha, Memi & Hoxha a member firm of PwC Ministry of Finance Abdul Rahman Watanwal ALB BB Auditing SHPK - Fioralba Trebicka network correspondent of Russell Suleman Fatimie MBC Construction Hoxha, Memi & Hoxha Bedford International Hassib Ahmad Amiry Afghanistan Financial Mohammadi Khan Yaqoobi Alketa Uruçi Ministry of Commerce and Services, LLC Arta Gurabardhi Da Afghanistan Bank Boga & Associates Tirana Industry Abkons Amanda Galton Mohammad Zarif Gerhard Velaj Mirwais Alami Orrick, Herrington & Shpati Hoxha Kabul Municipality Boga & Associates Tirana Da Afghanistan Breshna Sutcliffe LLP Hoxha, Memi & Hoxha Sherkat Zmarak Zhouand Elona Xhepa Abdul Wassay Haqiqi Elona Hoxhaj Afghanistan Lawyers Boga & Associates Tirana Bilal Alsamarrai Haqiqi Auditing & Consulting International Boga & Associates Tirana Rizvi, Isa, Afridi and Angell Co. Selena Ymeri Xhet Hushi Hoxha, Memi & Hoxha Ziaullah Astana Saduddin Haziq ALBANIA Kalo & Associates Afghan Land Consulting Afghan United Bank Wolf Theiss Evis Zaja Ilir Johollari Organization (ALCO) OPTIMA Legal and Financial Rashid Ibrahim Iris Ago Hoxha, Memi & Hoxha Joshua Atkinson A.F. Ferguson & Co., Abkons Enida Zeneli Endri Jorgoni MBC Construction Chartered Accountants, Bozo & Associates Law Firm Marsida Agolli Kalo & Associates a member firm of PwC network Abkons Miranda Kapllani Benimpex & Co. 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 1. “ 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 255 ALGERIA Sika Awoonor ANTIGUA AND BARBUDA Andrea N. Bermudez Sandra S. Guillan Deloitte Algérie Global Choice Angola Lda. Antigua Public Utility Laprida, Goñi Moreno & De Dios & Goyena Abogados Authority González Urroz Consultores Direction Générale des Nelson Couto Cabral Douanes Law Firm CCBS Advogados Ministry of Labor Alfredo Bissero Paratz Sofía Harilaos Wiener Soto Caparrós Laprida, Goñi Moreno & Salima Aloui Alexandre Caldas Menezes Ricki Camacho González Urroz Law Firm Goussanem & Aloui Estructural Antigua & Barbuda Pilar Etcheverry Boneo Empreendimientos Intellectual Property & Marval, O’Farrell & Mairal, Gabriela Hidalgo Mohammed Tahar Benabid Imobiliarios Lda member of Lex Mundi Gabriela Hidalgo Commerce Office (ABIPCO) Cabinet Mohammed Tahar Benabid Pedro Calixto Neil Coates Ignacio Fernández Borzese Daniel Intile PwC Angola PwC Antigua Luna Requena & Fernández Russell Bedford Argentina Abdelghani Benaired Borzese Tax Law Firm Cabinet du Maître Luis Filipe Carvalho Nicolette Doherty Mariana Labombarda Abdelghani Benaired Vitor Carvalho & Nicolette M. Doherty Iván Burín Fiorito Murray & Diaz Associados Attorney-at-Law and Zang, Bergel & Viñes Cordero Abdelouahab Benali Abogados Vitor Carvalho Notary Public Federico Hernán Laprida Global Logistic Partner SARL Vitor Carvalho & Terence Dornellas Adriana Paola Caballero Laprida, Goñi Moreno & Associados Consolidated Maritime Wiener Soto Caparrós González Urroz Samir Benslimane Arlete Conceição Services Federico Carenzo Sofía Leggiero Cabinet Benslimane Angola Private Investment Brian D’Ornellas Leonhardt, Dietl, Graf & von Severgnini, Robiola, Adnane Bouchaib Agency - ANIP der Fecht Grinberg & Tombeur OBM International, Antigua Bouchaib Law Firm Hamilton Costa Ltd. Mariano E. Carricart Lucas Loviscek Ahmed Reda Boudiaf Angola Private Investment Badeni, Cantilo, Laplacette Estudio Beccar Varela John Fuller SCP Boudiaf & Boudiaf Agency - ANIP & Carricart John E. Fuller & Co. Alvaro Luna Requena Amin Bouhaddi Yasmina Costa Luciano Cativa Luna Requena & Fernández Cecile Hill Entreprise Bouhaddi 3C Law Firm Luna Requena & Fernández Borzese Tax Law Firm Land Registry Ryad Chabouni Borzese Tax Law Firm Graciete Fernandes Lenworth Johnson Tomás M. Fiorito NSC Maghreb Lourdes Caposso Fernandes Pablo L. Cavallaro Fiorito Murray & Diaz Johnson Gardiner Arnaud Chastel & Associados Estudio Cavallaro Abogados Cordero Lisa M. John Weste PwC Algeria Lourdes Caposso Fernandes Roberto H. Crouzel Juan Manuel Magadan Thomas, John & Co. Said Dib Lourdes Caposso Fernandes Estudio Beccar Varela PwC Argentina & Associados Hugh C. Marshall Banque d’Algérie María Amalia Cruz Alejandro Mao Marshall & Co. Souhila Djamouh Chaib Berta Grilo Zang, Bergel & Viñes Zang, Bergel & Viñes FBL Advogados Jermaine C. Rhudd Abogados Abogados Cabinet Djamouh Rhudd & Associates Ahmed Djouadi N’Zinga Teixeira Jasse Valeria D’Alessandro María Lucila Marchini Septimus A. Rhudd Marval, O’Farrell & Mairal, Estudio Beccar Varela Law Firm Hadj-Hamou & Victor Leonel Rhudd & Associates member of Lex Mundi Djouadi - associate office of Ordem dos Arquitectos Pedro Mazer Dentons Stacy A. Richards-Anjo Carola Del Rio Alfaro Abogados João Machado Richards & Co. Khaled Goussanem Severgnini, Robiola, PwC Angola Julian Melis Law Firm Goussanem & Aloui Andrea Roberts Grinberg & Tombeur Candioti Gatto Bicain & Sofia Maia do Vale Roberts & Co. Bachir Khodja Oscar Alberto del Río Ocantos FBL Advogados SNC Khodja et Cie Frank Schwartz Central Bank of Argentina Maria Fernanda Mierez Guirec Malfait Antigua Maritime Agencies Raffa Hakim Lakhdar Santiago D’Eramo Estudio Beccar Varela SDV Logistics NSC Maghreb Denzil Solomon G. Breuer José Oscar Mira Arcelio Matias Plan Com Mohamed Lanouar Andrés Edelstein Central Bank of Argentina Arcélio Inácio de Almeida B L & Associés - member of Eleanor R. Solomon PwC Argentina Matias – Ardja-Prestação de Jorge Miranda DLA Piper Africa Serviços e Consultoria, Lda Clarke & Clarke Dana Eizner Clippers SA Vincent Lunel Frederick Southwell Severgnini, Robiola, Harrison Medina Pablo Murray Lefèvre Pelletier & Associés Development Control Grinberg & Tombeur Lourdes Caposso Fernandes Fiorito Murray & Diaz & Associados Authority Joaquín Eppens Echague Cordero Mohamed Mokrane Ministère des Finances Arthur Thomas Fiorito Murray & Diaz Yuma Munana Alfredo Miguel O’Farrell - Direction Générale du Thomas, John & Co. Cordero Lourdes Caposso Fernandes Marval, O’Farrell & Mairal, Domaine National & Associados Daniel Escolá member of Lex Mundi Oliver Woollard Hamid Ould Hocine Caribbean Current Laprida, Goñi Moreno & Ivan Njinga Gabriela E. Orsini Studio A González Urroz Angola Private Investment Sentido Común Fares Ouzegdouh Agency - ANIP ARGENTINA Pablo Ferraro Mila Alejandro Poletto Transport Port Logistics & Ignacio Acedo Gonzalez & Ferraro Mila Janota Nzogi Estudio Beccar Varela Solutions EDEL-EP Gonzalez & Ferraro Mila Diego M. Fissore Enrique Prini Estebecorena Malika Redouani Fernando Aguinaga G. Breuer Eduardo Paiva PwC Algeria Zang, Bergel & Viñes José Miguel Puccinelli PwC Angola Arq. Eduardo Galleazzi Abogados Estudio Beccar Varela Mourad Seghir Architect Joaquim Piedade Ghellal & Mekerba Sebastian Alvarez María Clara Pujol UNICARGAS Martín Gastaldi Brons & Salas Abogados Wiener Soto Caparrós Robin Souclier Estudio Beccar Varela Luis Filipe Pizarro Lefèvre Pelletier & Associés Natalia Artmann Ignacio Questa Etcheberry Javier M. Gattó Bicain Gervasio Simao Alfaro Abogados Alfaro Abogados Beatriz Torets Ruiz Candioti Gatto Bicain & Intel Thompson & Knight LLP Ariadna Artopoulos Ocantos Federico José Reibestein Beatriz Calcida Soares M. & M. Bomchil Reibestein & Asociados Hassan Yassine Giselle Rita Geuna Catumbela Thompson & Knight LLP Alejo Baca Castex Alfaro Abogados Armando Ricci Conservatória do Registro G. Breuer Zang, Bergel & Viñes Predial de Luanda (1ª Secção) Juan Jose Glusman Abogados ANGOLA Vanesa Balda PwC Argentina Cristina Teixeira Angola Customs National Vitale, Manoff & Feilbogen Sebastián Rodrigo PwC Angola Rosalina Goñi Moreno Directorate Alfaro Abogados Maria Laura Barbosa Laprida, Goñi Moreno & Ricardo Veloso Banco Nacional de Angola Zang, Bergel & Viñes González Urroz Juan Ignacio Ruiz GPA - Gouveia Pereira, Abogados Alfaro Abogados Ernst & Young Costa Freitas & Associados, Matías Grinberg Sociedade de Advogados RL Fiorella Belsito Severgnini, Robiola, Fernanda Sabbatini Maria Abrantes Grinberg & Tombeur Wiener Soto Caparrós Severgnini, Robiola, Angola Private Investment Grinberg & Tombeur Luz María Salomón Agency - ANIP J.P. O’Farrell Abogados 256 DOING BUSINESS 2015 Mariela Alejandra Sas Vahe Ghavalyan Lilit Matevosyan Harold Bolitho Jenae Webb M. & M. Bomchil Paradigma Armenia CJSC PwC Armenia King & Wood Mallesons Ashurst LLP Maria Florencia Sota Vazquez Arsen Ghazaryan Arsen Matikyan Lynda Brumm Ffion Whaley Alfaro Abogados Union of Manufacturers CMA CGM PwC Australia Ashurst LLP and Businessmen (Employers) Pablo Staszewski Robin McCone David Buda Juliet Wright-Single of Armenia Staszewski & Associates PwC Georgia RBHM Commercial Lawyers DLA Piper Hayk Ghazazyan Javier Tarasido Anna Melik-Karamyan Gaibrielle Cleary Katarina Zlatar KPMG Severgnini, Robiola, Global SPC Gould Ralph Pty. Ltd. - Gilbert + Tobin Lawyers Grinberg & Tombeur Suren Gomtsyan member of Russell Bedford Armen Melkumyan Concern-Dialog Law Firm International AUSTRIA Adolfo Tombolini Fidelity Consulting CJSC Russell Bedford Argentina Armine Grigoryan David Cross KSV 1870 Ashot Musayan The State Committee of the Norton Rose Fulbright María Paola Trigiani The State Committee of the Oesterreichische National Real Property Cadastre Alfaro Abogados Real Property Cadastre Mark Dalby Bank of the Government of the of the Government of the Office of State Revenue, Susana Urresti Republic of Armenia Clemens Bärenthaler Republic of Armenia NSW Treasury Edesur Electricidad DLA Piper Weiss-Tessbach Tigran Grigoryan Distribuidora Sur SA Narine Nersisyan Kristy Dixon Rechtsanwälte GmbH Avenue Consulting Group PwC Armenia Marque Lawyers Emilio Beccar Varela Viktoria Bernt Vardan Grigoryan Estudio Beccar Varela Nerses Nersisyan Laura Groves Freshfields Bruckhaus Electric Networks of PwC Armenia DLA Piper Deringer Abraham Viera Armenia Planosnet.com Consultoria Artur Nikoyan Philip Harvey Georg Brandstetter Sargis H. Martirosyan Municipal Trans-Alliance King & Wood Mallesons Brandstetter, Baurecht, Trans-Alliance Pritz & Partner Paz Villamil Aram Orbelyan Owen Hayford Astghik Hakobyan Rechtsanwälte KG Rattagan, Macchiavello Clayton Utz, member of Lex Global SPC Gohar Petrosyan Arocena & Peña Robirosa Mundi Sonja Bydlinski Concern Dialogue Law Firm Abogados Gevorg Hakobyan Ministry of Justice Ian Humphreys Concern-Dialog Law Firm Naira Petrosyan Roberto Wiman Ashurst LLP Martin Eckel Paradigma Armenia CJSC Green Ingeniería Mariam Harutyunyan TaylorWessing e|n|w|c Jennifer Ingram Paradigma Armenia CJSC Aram Poghosyan Natlacen Walderdorff Saúl Zang Clayton Utz, member of Lex Grant Thornton LLP Cancola Rechtsanwälte Zang, Bergel & Viñes Artak Hovakimyan Mundi GmbH Abogados Big Energo LLC Hayk Pogosyan Stephen Jauncey Arsarqtex LLC Agnes Eigner Joaquín Emilio Zappa Ani Hovhannisyan Henry Davis York Brandstetter, Baurecht, J.P. O’Farrell Abogados Global SPC Nare Sahakyan John Karantonis Pritz & Partner Ardshininvestbank CJSC Rechtsanwälte KG Carlos Zima Hovhannes Hovhannisyan Clayton Utz, member of Lex PwC Argentina The State Committee of the David Sargsyan Mundi Tibor Fabian Real Property Cadastre Ameria Group CJSC Morgan Kelly Binder Grösswang ARMENIA of the Government of the Ruben Sarukhanyan Ferrier Hodgson Limited Rechtsanwälte GmbH Republic of Armenia HSBC Bank Global SPC Peter Leonard Julian Feichtinger Isabella Hovhannisyan Ruzan Alaverdyan Ruben Shakhmuradyan Gilbert + Tobin Lawyers CHSH Cerha Hempel EBRD Business Support Ministry of Urban Comfort R&V Spiegelfeld Hlawati, member Office John Martin Development of Lex Mundi Gayane Shimshiryan Thomsons Lawyers Vahe G. Kakoyan Arman Arzumanyan Martin Foerster Investment Law Group LLC Elena Sorokina Mitchell Mathas Legal Lab Graf & Pitkowitz Trans-Alliance Norton Rose Fulbright Rechtsanwälte GmbH Izabella Kantarjyan Sedrak Asatryan Global SPC Hakob Tadevosyan Nicholas Mavrakis Ferdinand Graf Narek Ashughatoyan Grant Thornton LLP Clayton Utz, member of Lex Graf & Pitkowitz Andranik Kasaryan Legal Lab Mundi Rechtsanwälte GmbH Republic of Armenia Yerevan Tatevik Tadevosyan Albert Babayan Municipality Global SPC Rick McEwen Andreas Hable Ministry of Economy Lipman Construction Binder Grösswang David Khachatryan Arsen Tavadyan Anush Baghdasaryan Avenue Consulting Group Ter-Tachatyan Legal and Patricia Muscat Rechtsanwälte GmbH Avenue Consulting Group Business Consulting PwC Australia Friedrich Helml Georgi Khachatryan Vahagn Balyan Avenue Consulting Group Albina Tevosyan Maria Nicolof SCWP Schindhelm Austria Avenue Consulting Group Tetra Tech ES, Inc. Gilbert + Tobin Lawyers Alexander Hofmann Lilit Khachatryan Irina Belubekyan Global SPC Tserun Voskanyan Kylie Parker RA Dr. Alexander Hofmann, Union of Manufacturers Electric Networks of Logicca Chartered LL.M. Karen Khachaturyan and Businessmen (Employers) Armenia Accountants The State Committee of the Armin Immervoll of Armenia Real Property Cadastre Arman Yesayan Amanda Phillips Ministry of Finance Vardan Bezhanyan of the Government of the Alfa System Technologies Ferrier Hodgson Limited Alexander Isola Law Faculty, Yerevan State Republic of Armenia Liana Yordanyan Mark Pistilli Graf & Pitkowitz University Rechtsanwälte GmbH Stepan Khzrtian Ter-Tachatyan Legal and Clifford Chance Abgar Budaghyan Legal Lab Business Consulting John Reid Rudolf Kaindl Public Services Regulatory Koehler, Kaindl, Duerr & Liana Kirakosyan Samuel Zakarian Office of State Revenue, Commission of Armenia Partner, Civil Law Notaries Global SPC NSW Treasury Tigran Kocharyan Vahagn Dallakyan Compact Real Estate Agency Aram Zakaryan Greg Saunders Alexander Klauser Marine Derdzyan LLC ACRA Credit Bureau Connect Infrastructure Brauneis Klauser Prändl KPMG Pty. Ltd. Rechtsanwälte GmbH Stanislav Kolesnikov Kristina Dudukchyan Electric Networks of AUSTRALIA Dean Schiller Christian Koettl KPMG Armenia Ausgrid Fayman International Pty. Ministry of Finance Ltd. Rudolf Krickl Aikanush Edigaryan Arayik Kurdyan SDV Logistics Trans-Alliance Republic of Armenia Yerevan Ruwan Senanayake PwC Austria Municipality Treasury of Australia O.T.S. Australia Pty. Ltd. Michaela Krist Gagik Galstyan Horizon 95 Mushegh Manukyan Veda Advantage CHSH Cerha Hempel Damian Sturzaker ADR Partners Worldwide Logistics Pty. Marque Lawyers Spiegelfeld Hlawati, member Ruzanna Gevorgyan of Lex Mundi Global SPC Kamo Margaryan Ltd. Simon Truskett Jacinta Bishop Clayton Utz, member of Lex Sophie Meierhofer Hrant Ghambaryan Karen Martirosyan Freshfields Bruckhaus Marque Lawyers Mundi The Collegium of Business- Avenue Consulting Group Deringer Managers’ Bankruptcy - SRO ACKNOWLEDGMENTS 257 Gerald Mitteregger Bahram Abdinov Faiq S. Manafov Andrew G.S. O’Brien II Simon Green International Logistic NTD Service Unibank Glinton, Sweeting, O’Brien Charles Russell LLP Gateway Law Firm Parviz Abdullayev Rauf Memmedov Qays H. Zu’bi Johannes Mrazek PwC Azerbaijan State Customs Committee Lindsy Pinders Zu’bi & Partners Attorneys Austrian Regulatory Pinders Customs Brokerage & Legal Consultants Sabit Abdullayev Farhad Mirzayev Authority IJS Law Firm BM Morrison Partners Law Chad D. Roberts Ken Healy Radovan Mrvos Firm Callenders & Co. PwC Bahrain Eldar Agayev Strabag SE Ernst & Young Ruslan Mukhtarov Castino D. Sands Brian Howard Gerhard Muggenhuber BM Morrison Partners Law Lennox Paton Trowers & Hamlins Eldar Abuzarovich Aliev BEV - Federal Office of Firm Azerbaijan State Agency Ronald Saunders Hessa Hussain Metrology & Surveying for the Control of Lala Mustafayeva Ronald Saunders The Benefit Company Elke Napokoj Construction Safety Deloitte Rochelle Sealy Jeremy Ingham bpv Hügel Rechtsanwälte Qabil Aliyev Mamed Nuriyev PwC Bahamas Trowers & Hamlins OG AGEX Trans The State Social Protection Merrit A. Storr Jawad Habib Jawad Felix Neuwirther Fund Jamil Alizada Chancellor Chambers BDO Public Accountants Freshfields Bruckhaus Baker & McKenzie - CIS, Jabbarly Polad Deringer Burlington Strachan Essa Jawahery Limited IJS Law Firm Bahamas Electricity Elham Ali Hassan & Martin Österreicher Nubar Allahguluyeva Elshan Rahmanov Corporation Associates Graf & Pitkowitz Ernst & Young GRATA Law Firm Rechtsanwälte GmbH Roy Sweeting Sara Jawahery Aykhan Asadov Sadig Sadiqov Glinton, Sweeting, O’Brien Elham Ali Hassan & Christian Pöchlinger BM Morrison Partners Law OJSC Bakielektrikshebeke Law Firm Associates PwC Austria Firm Leyla Safarova Nadia A. Wright Ebrahim Karolia Barbara Pogacar Iftixar Axundov Baker & McKenzie - CIS, Chancellor Chambers PwC Bahrain bpv Hügel Rechtsanwälte Ministry of Taxes Limited OG Brian Kelleher Jamal Baghirov Mustafa Salamov BAHRAIN Trowers & Hamlins Stefanie Saghy BM Morrison Partners Law BM Morrison Partners Law Ernst & Young Saifuddin Mahmood Moritz Salzgeber Firm Firm Talal Abu Ghazaleh Legal Hassan Radhi & Associates Binder Grösswang Hikmet Brdaric Sona Taghiyeva (TAG-Legal) Rechtsanwälte GmbH Najma Mohammed KN Ibrakom FZCo. Salans FMC SNR Denton Tamadhur Abdulaal Ministry of Municipalities Edwin Scharf Europe (Central Asia) Limited Zaur Fatizadeh Ministry of Municipalities and Urban Planning SCWP Schindhelm Austria Ministry of Taxes Anar A. Umudov and Urban Planning Eman Omar Georg Schima Alibi Professional Legal & Simuzar Feyzullayeva Savio Aguiar Zu’bi & Partners Attorneys Kunz Schima Wallentin Consulting Services Baker & McKenzie - CIS, Panalpina World Transport & Legal Consultants Rechtsanwälte OG, member Limited Ulvia Zeynalova-Bockin LLP of Ius Laboris Hassan Ali Radhi Salans FMC SNR Denton Abbas Guliyev Mohamed Al Mahroos Hassan Radhi & Associates Stephan Schmalzl Europe (Central Asia) Limited Baker & McKenzie - CIS, PwC Bahrain Graf & Pitkowitz Najib F. Saade Limited Rechtsanwälte GmbH BAHAMAS, THE Reem Al Mahroos ASAR – Al Ruwayeh & Arif Guliyev Charles Russell LLP Partners Ernst Schmidt APD Limited PwC Azerbaijan Halpern & Prinz Zeenat Al Mansoori Naji Sabt L. Gerard Archer Elchin Habibov Zeenat Al Mansoori & Survey and Land Franz Schwarzinger Taylor Industries Ltd. Central Bank of Azerbaijan Associates Registration Bureau Revisionstreuhand - member Kevin Basden of Russell Bedford Ilgar I. Habiyev Ali Nematallah Al Neamah Mohamed Salahuddin Bahamas Electricity International The State Committee on Electricity & Water Mohamed Salahuddin Corporation Property Issues Authority Consulting Engineering Helmut Sprongl Gowon Bowe Bureau Austrian Regulatory Samir Hadjiyev Reem Al Rayes PwC Bahamas Authority GRATA Law Firm Zeenat Al Mansoori & Thamer Salahuddin Sonia Brown Associates Mohamed Salahuddin Teresa Steininger Arzu Hajiyeva Graphite Engineering Ltd. Consulting Engineering Graf & Pitkowitz Ernst & Young Bader Al Saad Bureau Rechtsanwälte GmbH Jacklyn Burrows Bahrain Investors Center Farid Huseynov Lord Ellor & Co. Hamza Saleem Thomas Trettnak Ekvita Legal and Tax Waleed Al Sabbagh Zu’bi & Partners Attorneys CHSH Cerha Hempel Wayde A. B. Christie Bahrain Customs Mehti Ilgar & Legal Consultants Spiegelfeld Hlawati, member Lord Ellor & Co. of Lex Mundi Ekvita Legal and Tax Raju Alagarsamy Esmond Hugh Stokes Surinder Deal Hassan Radhi & Associates Ummi Jalilova Zu’bi & Partners Attorneys Birgit Vogt-Majarek Higgs & Johnson GRATA Law Firm Mohamed Al-Ahmadi & Legal Consultants Kunz Schima Wallentin Craig G. Delancy Bahrain Investors Center Rechtsanwälte OG, member Emin Karimov Waheed Sultan Ministry of Works & of Ius Laboris Ebtihal Al-Hashimi Bahrain Investors Center Elshad Khanalibayli Transport Ministry of Municipalities Sabine Waiss The State Committee on Baiju Thomas Amos J. Ferguson Jr. and Urban Planning Kunz Schima Wallentin Property Issues Agility Logistics Ferguson Associates & Rechtsanwälte OG, member Haider Al-Noaimi Sevda Khanmamedova Planners Muneera Zubari of Ius Laboris Mohamed Salahuddin ARS Express & Logistics Zu’bi & Partners Attorneys Shakera Forbes Consulting Engineering Lukas A. Weber & Legal Consultants Kamal Mamedzade Graphite Engineering Ltd. Bureau Brauneis Klauser Prändl Salans FMC SNR Denton Hatim S. Zu’bi Rechtsanwälte GmbH Wendy Forsythe Mohammed Noor Al-Shaikh Europe (Central Asia) Limited Zu’bi & Partners Attorneys Import Export Brokers Ltd. Ministry of Municipalities Markus Winkler & Legal Consultants Elnur Mammadov and Urban Planning CHSH Cerha Hempel Colin Higgs Spiegelfeld Hlawati, member PwC Azerbaijan Ministry of Works & Barbara Anderson BANGLADESH of Lex Mundi Nurlan Mammadov Transport Trowers & Hamlins Rahman’s Chambers Elisabeth Zehetner Baker & McKenzie - CIS, Simone Morgan-Gomez Nada Azmi Limited Zainul Abedin Austrian Chamber of Callenders & Co. Bahrain Economic A. Qasem & Co. Commerce Zaur Mammadov Development Board Lester J. Mortimer Jr. Ernst & Young Noor Ahamad Kathrin Zeller Callenders & Co. Steve Brown MJ Alam and Associates Mirsalim Mammadzada ASAR – Al Ruwayeh & Michael Moss AZERBAIJAN Deloitte Partners Jasim U. Ahmed Ministry of Finance State Committee for Bangladesh Container Lines Saif Mammedov Yousif Bubshait Securities of Azerbaijan Portia Nicholson Ltd. NTD Service Ports and Maritime Affairs - Republic Higgs & Johnson Ministry of Transportation 258 DOING BUSINESS 2015 Sahahuddin Ahmed K. M. A. Halim Qazi Mahtab-uz-Zaman Andrew F. Brathwaite Chester Pitt Dr. Kamal Hossain & Upright Textile Supports AFB Consulting Earle & Earle Consulting Tazin Marium Associates Inc. Maksud Haque Amir & Amir Law Associates, Anthony Brooks Tasmiah Ahmed Bangladesh Energy member of Lex Mundi Tony Brooks Architects Ltd. Joe Steinbok FM Associates Regulatory Commission Rotherley Construction Inc. Mohammad Moniruzzaman George Browne Intekhab-Ul Alam Md. Russel Haque The Law Counsel Town and Country Stephen Worme A.S. & Associates Amir & Amir Law Associates, Development Planning Office The Barbados Light and A.I.M. Monsoor member of Lex Mundi Power Company Ltd. K. M. Tanzib Alam Vincent Burnett Mehran Morshed Tanjib Alam and Associates Nazmul Haque Ministry of Labor and Bangladesh Bank Md. Kowshick Nahian Social Security and Human BELARUS Kazi Ershadul Alam Nurul islam Sujan & Resource Development Foreign Unitary Enterprise Tanjib Alam and Associates Abdullah Mahmood Hasan Associates Deloitte & Touche Dr. Kamal Hossain & Rosalind Bynoe Kazi Rifat Ara Alam Associates Al-Haj Nisar Uddin Ahmad BCF Attorneys-at-Law Revera Consulting Group Legacy Legal Corporate Monzu Al-Mehedi Hasan Trevor A. Carmichael Alexey Anischenko Mohammad Jahangir Alam Sahil Group Bangladesh Bank Chancery Chambers SORAINEN Belarus MJ Alam and Associates Tasmiah Nuhiya Ahmed Mirza Quamrul Hasan Adrian Carter Anna Aniskevich Shajib Mahmood Alam Lex Legal Adviser’s Legal Alliance Firm The Barbados Light and Revera Consulting Group Sanwar Hossains Law Firm Tanveerul Haque Probal Power Company Ltd. Syed Afzal Hasan Uddin Aliaksandr Anisovich M. Iqbal Ali Building For Future Ltd. Syed Ishtiaq Ahmed & Louis Christie Promaudit Air Link Bangladesh Limited Associates Mahfujur Rahaman Chy TMR Sales & Service Ltd. Dmitry Arkhipenko Tasmiah Ali Anchor Logistics Ehsanul Hoque (Rasel) Heather A. Clarke Revera Consulting Group Akhtar Imam & Associates Air Market Express Al Amin Rahman Corporate Affairs and Dzmitry Barouka M.D. Nurul Amin FM Associates Intellectual Property Md. Sanwar Hossains Arzinger & Partners Development Constructions Office Sanwar Hossains Law Firm Kazi Rahman International Law Firm Ltd. FM Associates Andrew Cox Afsana Huq Tatsiana Bialiayeva Mehedy Amin Ministry of Labor and Amir & Amir Law Associates, Mahboob Rahman Glimstedt Development Constructions Social Security and Human member of Lex Mundi Gasmin Construction Group Ltd. Resource Development Vladimir G. Biruk Faria Huq Md. Tameem Rahman Capital Group Saady Amin Madam Justice Maureen A.S. & Associates Legacy Legal Corporate Development Constructions Crane-Scott Arthur Biryukov Ltd. Ashiq Imran Pushpo Rahman Supreme Court of Barbados The Supreme Economic Fialka Amir & Amir Law Associates, Court of the Republic of Mohammed Asaduzzaman Mark Cummins member of Lex Mundi Belarus Syed Ishtiaq Ahmed & Arif Imtiaz Town and Country Associates Legacy Legal Corporate Sk. La-Tainur Rahman Development Planning Office Dmitry Bokhan Legacy Legal Corporate Verkhovodko & Partners Jennifer Ashraf Kasi Iqbal Ryan Omari Drakes LLC Legacy Legal Corporate Law Offices of Kasi M. Iqbal Mir Raisa Rakiba Clarke Gittens Farmer Legacy Legal Corporate Attorneys at Law Alexander Botian A.S.A. Bari Mia Mohammad Ishtiaque Borovtsov & Salei Legal A.S. & Associates Amir & Amir Law Associates, Tarek Rashid Adrian M. Elcock Services member of Lex Mundi Zoha Zaman Kabir Rashid & Everson R. Elcock & Co. Ltd. Kazi Bari Co., Chartered Accountants Ekaterina Burak K.A. Bari & Co. M. Amir-Ul Islam Antonio Elcock Revera Consulting Group Amir & Amir Law Associates, Rashmin Rashid Dina Everson R. Elcock & Co. Ltd. Banasree Barua member of Lex Mundi Legacy Legal Corporate Eugenia Chetverikova Air Link Bangladesh Limited Andrew C. Ferreira Revera Consulting Group Md Aminul Islam Farhana Siraj Ronnie Chancery Chambers Probir Barua City Apparel-Tex Co. Akhtar Imam & Associates Aliaksandr Danilevich Jubilee Traders Lorenzo Forde Danilevich Law Office Rafiqul Islam Mohammad Saif Uddin PwC Barbados Jane Alam Bhuiyan Projuktibiz KPMG Alexey Daryin Chittagong Water Supply Basil A. Giles Revera Consulting Group and Sewerage Authority Aminul Islam Nazir Mohammed Saifuddin Yearwood and Boyce Assurance Maritime S&R Law Associates Ulyana Evseeva Sharif Bhuiyan Sharalee Gittens Bangladesh Limited BNT Legal & Tax Dr. Kamal Hossain & Naziba Saima Chancery Chambers Associates Rabeya Jamali A. Qasem & Co. Kirill Golovko Stanton Gittens Revera Consulting Group Anupam Chakraborty K M Humayun Kabir Khaja Salahuddin Ahmed Stangitts Limited Doulah & Doulah Zein Trading Corporation Legacy Legal Corporate Marina Golovnitskaya Anice C.N. Granville SORAINEN Belarus Gouranga Chakraborty Lutful Kabir Abu Sayed LEX Caribbean Bangladesh Bank Bangladesh Bank Assurance Maritime Evgeniia Goriounova Jomo Crowther McGlinne Hope Bangladesh Limited Law Firm Glimstedt Jamilur Reza Choudhury Mohammad Masum Kamal Artemis Law Bhuiyan Mohd. Shariful Islam Shaheen Tatiana Guretskaya Ayub Chowdhury Keisha N Hyde Porchetta Bangladesh Bank Bangladesh Energy Revera Consulting Group Ayub Chy & Mahmud Harridyal-Sodha & Regulatory Commission Associates Chartered Accountant Sohel Kasem Elena Hmeleva A. Qasem & Co. Sohail Shakoor Verkhovodko & Partners Fatima Chowdhury Ruan C. Martinez Pronayon LLC FM Associates Arefin Khan BCF Attorneys-at-Law Amir & Amir Law Associates, Md. Sharfuzzaman Alina Kalinouskaya Khairul Anam Chowdhury Jennivieve Maynard member of Lex Mundi Minsk Bar Association Modern Erection Limited Imran Siddiq Inn Chambers (MEL) Ashiqul Amin Khan The Law Counsel Nataliya Kaliuta Percy Murrell Legacy Legal Corporate Egorov Pugisnky Afanasiev Mohammad Rafiqul Islam Khander Tahmid Tishad Big P. Customs Brokers and and Partners (EPA&P) Chowdhury Asif Khan A.S. & Associates Air Sea and Land Transport M. R. I. Chowdhury & A. Qasem & Co. Inc. Olga Karabeika Nisar Uddin Ahmed Revera Consulting Group Associates Farhana Islam Khan Sahil Construction Group Noel M. Nurse Shafiqul Islam Chowdhury Syed Ishtiaq Ahmed & The Booth Steamship Co. Uljana Karpekina Sabrina Zarin Barbados Ltd. Revera Consulting Group Supreme Court Associates FM Associates Badrud Doulah Amina Khatoon Laurel Odle Alexandre Khrapoutski Doulah & Doulah Advocates Doulah & Doulah BARBADOS PwC Barbados Sysouev, Bondar, Khrapoutski SBH Law Office Nasirud Doulah Aminul Ismal Khorkhon Alicia Archer Gina D. Patrick Doulah & Doulah Advocates Engineer Artemis Law Town and Country Sergey Khromov Development Planning Office Verkhovodko & Partners Rehena Ferdous Kazi M. Iqbal Patricia Boyce LLC Upright Textile Supports Advocate Kazi M. Igbal& Everson R. Elcock & Co. Ltd. Associates ACKNOWLEDGMENTS 259 Siarhei Khvastovich Tatyana Pozdneeva Herlinde Baert Julie Salteur Carlton Young Legal Company Crisis Vlasova Mikhel & Partners Notariskantoor Jan Bael - NautaDutilh Young’s Engineering Consulting Ilse De Brauwere Consultancy Ltd. Raman Ramanau Timothy Speelman Alexander Kirilenko Minsk Cable (Electrical) Erik Bomans McGuireWoods LLP Lisa Zayden Agency of Ternaround Network Deminor International SCRL Horwath Belize LLP Bernard Thuysbaert Technologies Rybakovskaja Hakim Boularbah Deminor International SCRL Nina Knyazeva Ministry of Energy Liedekerke Wolters BENIN Jan Van Celst Verkhovodko & Partners Waelbroeck Kirkpatrick, Safia Abdoulaye Evgenia Seregina DLA Piper UK LLP LLC member of Lex Mundi Cabinet d’Huissier de Justice Arzinger & Partners Ruben Van Impe Michael Koltinov International Law Firm Tim Carnewal Seibu Abou Van Impe Accountancy BVBA Raidla Lejins & Norcous Notaires Associés CVBA/ Tribunal de Première Anna Shalimo SCRL Bart Van Rossum Instance de Cotonou Nadezhda Koroleva Verkhovodko & Partners B.T.V. Sysouev, Bondar, LLC Adriaan Dauwe Eric Fadhil Adamon Khrapoutski SBH Law Office Altius Sibylle Vandenberghe Notaire Adamon Kristina Shibeko PwC Belgium Dmitry Kovalchik ERGO Insurance Company Kris De Schutter Djamiou Adebo Stepanovski, Papakul and Loyens & Loeff Grégory Vandenbussche Notaire Adebo Yulia Shuba Partners Ltd. Aren Architects and Borovtsov & Salei Legal Didier De Vliegher Ganiou Adechy Engineers SPRL Olga Kuchinskaya Services NautaDutilh Etude de Me Ganiou Adechy Vlasova Mikhel & Partners Tom Vantroyen Dmitry Skorodulin Herman De Wilde Abdou Kabir Adoumbou Altius Alexandra Kuchminskaya Questa Advocaten Cabinet Maître Rafikou Alabi Anna Skorodulina Revera Consulting Group Robert Vermetten Attorneys of JurZnak, Frank Dierckx Saïdou Agbantou Transport & Project Swetlana Laguta Advocates PwC Belgium Cabinet d’Avocats Logistics Arzinger & Partners Vyacheslav Slabodnik Vincent Dieudonné Guy Médard Agbo-Fayemi International Law Firm Bram Vuylsteke Univest-M Sibelga Cabinet d’architecture Notary Bram Vuylsteke Valery Lovtsov Arcade International Maksim Slepitch Camille Dümm Raidla Lejins & Norcous Arzinger & Partners National Bank of Belgium BELIZE Maxime Ahonako Polina Lukashova International Law Firm Cabinet d’Avocats David DuPont Central Building Authority Verkhovodko & Partners Alla Sundukova Ashurst LLP Gilles Ahouanmenou LLC Emil Arguelles Ministry of Taxes and Duties Deloitte James Dupont Arguelles & Company LLC Tatiana Lyzo Natalia Talai Conseil International du Cosme Ahoyo Revera Consulting Group José A. Bautista Vlasova Mikhel & Partners Notariat Belge Tribunal de Première PKF International Andrei Machalou Instance de Cotonou Nikita Tolkanitsa Jürgen Egger Peterka & Partners Emory K. Bennett CHSH Cerha Hempel Laga Désiré H. Aïhou Young’s Engineering Sergei Makarchuk Spiegelfeld Hlawati FADESP/UAC Alain François Consultancy Ltd. CHSH Cerha Hempel Fiodar Tsurko Eubelius Attorneys Rodolphe Kadoukpe Akoto Spiegelfeld Hlawati Herbert Bradley Timior Nicolas Ghorain Herbert Bradley Custom Andre Akpinfa Mikalai Markounik Eugenia Urodnich Notaires Associés CVBA/ House Brokers Direction des Domaines, Vlasova Mikhel & Partners Glimstedt SCRL de l’Enregistrement et du Christopher Coye Sergey Mashonsky Timbre (DDET) Alena Usenia Tom Gladinez Courtenay Coye LLP Arzinger & Partners Arzinger & Partners Eubelius Attorneys Euloge Akpo International Law Firm Derek Davis International Law Firm Tribunal de Première Christel Godfroid Public Utilities Commission Tatiana I. Melnik Instance de Cotonou Irina Veremeichuk HVG Advocaten / Avocats The Supreme Economic Gian C. Gandhi Verkhovodko & Partners Sylvie Akpo Court of the Republic of Conny Grenson International Financial LLC BCEAO Belarus Eubelius Attorneys Services Commission Igor Verkhovodko Sybel Akuesson Elena Melnikova Jean-Luc Hagon Russell Longsworth Verkhovodko & Partners Fiduciaire Conseil et Revera Consulting Group Loyens & Loeff Caribbean Shipping Agencies LLC Assistance (FCA) Ltd. Konstantin Mikhel An Jacobs Dmitry Viltovsky Rafikou Agnila Alabi Vlasova Mikhel & Partners Liedekerke Wolters Fred Lumor Arzinger & Partners Cabinet Maître Rafikou Alabi Waelbroeck Kirkpatrick, Fred Lumor & Co. Aleksandr Mironichenko International Law Firm member of Lex Mundi Françoise Amoussou Ministry of Economy Reynaldo Magaña Igor Yatskovsky Nouvelle Vision Grégoire Jakhian Moore Stephens Magaña LLP Helen Mourashko Egorov Pugisnky Afanasiev Loyens & Loeff Tolulokpe Bilikis Assani Revera Consulting Group and Partners (EPA&P) Andrew Marshalleck Notaire Assani Evelien Jamaels Barrow & Co., Yulia Nazarenko Victoriya Yayakuta Crowell & Moring Attorneys-at-Law Jacques Moïse Atchade Revera Consulting Group Revera Consulting Group Cabinet de Maître Atchade Stéphanie Kervyn de Samantha Matute Inesa Nazarova Olga Yevmenchikova Meerendré Belize Companies and Charles Badou PwC Belarus Revera Consulting Group Deminor International SCRL Corporate Affairs Registry Cabinet d’Avocats Charles Valentina Neizvestnaya Ekaterina Zabello Badou Erika Leenknecht Tania Moody Audit and Consulting Ltd. Vlasova Mikhel & Partners Eubelius Attorneys Barrow & Williams Bassambie Bationo Belarus Vadzim Zakreuski BCEAO Stephan Legein Vanessa Retreage Sergei Odintsov Ministry of Energy Federal Public Service Reyes Retreage LLP Bienvenu Koffi Bedie PwC Belarus Olga Zdobnova Finance Cabinet d’Avocats Aldo Reyes Yulia Ovseichyk Vlasova Mikhel & Partners Luc Legon Reyes Retreage LLP Ferdinand Bokossa Yaou Revera Consulting Group Maxim Znak PwC Belgium Engineer Wilfred Rhaburn Uladzimir Aliaksandravich Attorneys of JurZnak, Axel Maeterlinck W. Rhaburn Consulting Is-Dine Bouraima Palishuk Advocates Simont Braun Guichet Unique de Profelektroproekt Oscar Sabido Nadya Znak Formalisation des Philippe Massart Sabido & Company Ekaterina Pastukhovich Attorneys of JurZnak, Entreprises Sibelga National Bank of the Advocates Giacomo Sanchez Sètondji Pierre Codjia Republic of Belarus Dominique Mougenot Castillo Sanchez & Burrell, Cabinet d’Avocats Charles BELGIUM Commercial Court Mons LLP Sergey Pinchuk Badou Lawyer Hubert André-Dumont Sabrina Otten Mark Usher Alice Codjia-Sohouenou McGuireWoods LLP PwC Belgium Public Utilities Commission Victor Pleonkin Cabinet d’Avocats Alice National Bank of the Jan Bael Emmanuel Plasschaert Saidi Vaccaro Codjia Sohouénou Republic of Belarus Notariskantoor Jan Bael - Crowell & Moring Arguelles & Company LLC Ilse De Brauwere 260 DOING BUSINESS 2015 Bonaventure Dansou Adegbindin Saliou Ugyen Dorji Jose Luis Diaz Romero Raúl Sanjinés Elizagoyen Africa Handling and Cabinet des Experts Associés Druk Integrated Green Servicios Generales en Sanjinés & Asociados - Logistics - CEA SARL Buildings Electricidad y Construcción Abogados (SGEC) Magloire Daoudou Moussa Sanogo Laxmi Prasad Giri A. Mauricio Torrico Galindo Cabinet des Experts Associés BCEAO Bhutan National Bank Alejandra Guevara Quintanilla, Soria & - CEA SARL Guevara & Gutiérrez SC Nishizawa Soc. Civ. Nadege Sebapo N. B. Gurung G. Edibayo Dassoundo Société d’Exploitation du Global Logistics Primitivo Gutiérrez Andrea Urcullo Tribunal de Première Guichet Unique du Bénin Guevara & Gutiérrez SC Criales, Urcullo & Antezana Gyeltshen Instance de Cotonou (SEGUB) Ministry of Finance Jorge Luis Inchauste Javier Urcullo Veronique Akankossi Deguenon Hermann Senou Guevara & Gutiérrez SC Criales, Urcullo & Antezana Tashi Pem Etude Me Veronique Entreprise Générale De Jaime M. Jiménez Alvarez Karla Würth Akankossi Deguenon Construction Mackho Tashi Penjor Colegio de Ingenieros Würth Kim Costa du Rels Ministry of Economic Affairs Ignace Djogbede Nelly Tagnon Gambor Electricistas y Electrónicos Abogados SC Net-Logistics SARL Fiduciaire Conseil et Sonam Penjore La Paz Assistance (FCA) Bhutan National Bank BOSNIA AND Michel Djossouvi Rodrigo Jimenez-Cusicanqui Office Notarial Olagnika Brice Allassane Tamba Dorji Phuntsho Salazar, Salazar & HERZEGOVINA Salam La Mairie de Cotonou Royal Securities Exchange Asociados, Soc. Civ. LRC Credit Bureau - Service des Affaires of Bhutan Ltd. Jean Claude d’Oliveira Paola Justiniano Arias Amar Bajramović Domaniales Oltraco Benin Sonam Tashi Sanjinés & Asociados - Law Office Bajramovic Dominique Taty Ministry of Economic Affairs Abogados Nadine Dossou Sakponou Samir Bajrović PwC Côte d’Ivoire Cabinet Robert M. Dossou Wang Tshering Julio César Landívar Castro ENOVA d.o.o. Jean-Bosco Todjinou PCT Construction Guevara & Gutiérrez SC Rodrigue Dossou-Togbe Edisa Bakovic EcoPlan SARL Karma Tshewang César Lora Moretto Law Office Femil Curt - part Dieudonné Didier Dovoedo Gilbert Ulrich Togbonon Visit Asia PwC Bolivia of DLA Piper Group Notaire Dovoedo Tribunal de Première Pema Wangda Marcelo Luna Mubera Brković Bérenger Ette Instance de Cotonou Ministry of Labour and BDO Berthin Amengual & PwC Bosnia and Herzegovina PwC Côte d’Ivoire Robert Togbossi Human Resources Asociados Henri Fadonougbo La Mairie de Cotonou Zlatko Čengić Karma Yeshey Ariel Morales Vasquez Unioninvest d.d. Tribunal de Première - Service des Affaires Ministry of Economic Affairs C.R. & F. Rojas, member of Instance de Cotonou Domaniales Femil Čurt Lex Mundi Franck Wilfried Fakeye Rodrigue Tokpessi Law Office Femil Curt - part BOLIVIA Camilo Moreno of DLA Piper Group Guichet Unique de La Mairie de Cotonou Delapaz BM&O Abogados Formalisation des - Service des Affaires Mia Delić Entreprises Domaniales Christian Amestegui Ana Carola Muñoz Advokatska Kancelarija Asesores Legales CP Würth Kim Costa du Rels Spaho Mahaman Tahir Hamani Fousséni Traoré Abogados SC BCEAO PwC Côte d’Ivoire Daniela Aragones Cortez Stevan Dimitrijevic Sanjinés & Asociados - Jaime Muñoz-Reyes G. KN Karanović & Nikolić Nadege Honuo Thierry Verdier Abogados Corporative Law Bolivia Etude de Me Fadhil Adamon Société d’Exploitation du Višnja Dizdarević Consultores Asociados Guichet Unique du Bénin Eduardo Aramayo MariĆ & Co. Law Firm Angelo Hounkpatin (SEGUB) PwC Bolivia Mauricio Pacheco Marcel Sègbégnon Hounnou Hacemos Ciudad SRL Amina Djugum Francine Vittin Mauricio Ayala MariĆ & Co. Law Firm Cabinet d’Avocats Office Notarial Olagnika AC Consultores Legales Carlos Andrés Peredo Patrick K. Agbokou Salam Ferrere Attorneys Jasmina Dzaferovic Rigoberto Paredes Ayllón KN KaranoviĆ & NikoliĆ Société d’Exploitation du Zacharie Yalo Rigoberto Paredes & Carlos Pinto Guichet Unique du Bénin Mairie de la Ville de Cotonou Jasmina Gabela Associates Ferrere Attorneys (SEGUB) Unioninvest d.d. Victorin Yehouenou Raúl A. Baldivia Rocio Plata Noel Kelembho Igor Gavran Cabinet des Experts Associés Baldivia Unzaga & Asociados Rigoberto Paredes & SDV Logistics - CEA SARL Foreign Trade Chamber of Associates Thais Baldivieso Bosnia and Herzegovina William Kodjoh-Kpakpassou Emmanuel Yehouessi Würth Kim Costa du Rels Oscar Antonio Plaza Ponte International Freight Tribunal de Première BCEAO Abogados SC Sosa Forwarders Association Instance de Cotonou Entidad de Servicios de Adrián Barrenechea Semir Guzin A. Maximilien Kpehounou BHUTAN Información Enserbic SA BM&O Abogados Kebo & Guzin Tribunal de Première Bhutan Power Corporation Guillermo Pou Munt Instance de Cotonou Ltd. Fernando Bedoya Dulizara Hadzimustafic CEAS srl C.R. & F. Rojas, member of FERK (Regulatory Cyrille Laleye Bhakta Acharya Lex Mundi Gerardo Quelca Commission for Electricity Ecobank Autoridad de Supervisión in the Federation of Bosnia Cheda Armando Berdecio De Martini Taïrou Mama del Sistema Financiero and Herzegovina) UC Associates: Bhutan Law Vanguard Muebles Société Internationale de Office Julio Quintanilla Quiroga Zijad Hasović Transit Touré Hugo Berthin Quintanilla, Soria & Komora Revizora FBiH Tshering Choden BDO Berthin Amengual & Adeline Messou Nishizawa Soc. Civ. Department of Revenue and Asociados Belma Hodzic PwC Côte d’Ivoire Customs Ingrid Reese CMS Reich-Rohrwig Hainz Andrea Bollmann-Duarte M. Saint-Martin Mongan BM&O Abogados d.o.o. 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Sarajevo Modimo & Associates Octavio Moura Andrade Vella Pugliese Buosi Guidoni Nogueira de Lima Advogados Tatenda Dumba Demarest e Almeida Branko Marić Guilherme Cacciari Veloni João Claudio De Luca Junior Armstrongs Attorneys Advogados MariĆ & Co. Law Firm Demarest Advogados (Rio de De Luca, Derenusson, Edward W. Fasholé-Luke II Ubajara Arcas Dias Janeiro Branch) Schuttoff e Azevedo Davorin Marinkovic Luke & Associates Gasparini, De Cresci e Advogados KN KaranoviĆ & NikoliĆ Renata Câmara Mattos Nogueira de Lima Advogados Julius Mwaniki Kanja Veirano Advogados Beatriz Gross Bueno de Moraes Sead Miljković Chibanda, Makgalemele & Co. Bruna Argento Visnevski Law Office MiljkoviĆ in Renato Canizares Machado, Meyer, Sendacz e De Vivo, Whitaker e Castro association with Wolf David Lawrence Demarest e Almeida Opice Advogados Advogados Theiss Sharps Electrical Pty. Ltd. Advogados Alexandre Arlota Eduardo Depassier Emir Naimkadić Sylvester Lekone Érika Carvalho Kincaid Mendes Vianna Loeser e Portela Advogados JP Elektroprivreda Manica Africa Pty. Ltd. Souza, Cescon, Barrieu & Advogados BiH PodruŽnica Flesch Advogados Valter Deperon Elektrodistribucija Pauline Mabelebele Leonardo Ricardo Arvate PwC Brazil Armstrongs Attorneys Thiago Carvalho Stob Sarajevo Alvares Noronha Advogados Claudia Derenusson Riedel Mercia Bonzo Makgalemele Souza, Cescon, Barrieu & Monija Nogulic De Luca, Derenusson, Chibanda, Makgalemele & Co. Flesch Advogados Ramon Castilho FERK (Regulatory Schuttoff e Azevedo Souza, Cescon, Barrieu & Commission for Electricity Mark Mckee Mariana Assef Advogados Flesch Advogados in the Federation of Bosnia Armstrongs Attorneys Souza, Cescon, Barrieu & Heloisa Bonciani Nader di and Herzegovina) Flesch Advogados Rodrigo Castro Finola McMahon Cunto Veirano Advogados Aida Plivac Osei-Ofei Swabi & Co. Josef Azulay Duarte Garcia, Caselli PwC Bosnia and Herzegovina Barbosa, Müssnich & Aragão Isabela Coelho Guimarães e Terra Abel Walter Modimo Advogados Souza, Cescon, Barrieu & Advogados Olodar Prebanić Modimo & Associates Flesch Advogados Lawyers Office Tkalcic- Rafael Baptista Baleroni Daniel Antonio Dias Dulic, Prebanic, Rizvic & Setho Mokobi Souza, Cescon, Barrieu & Ricardo E. Vieira Coelho Lobo & De Rizzo Advogados Jusufbasic-Goloman Bookbinder Business Law Flesch Advogados Pinheiro Neto Advogados Renata Dias Marija Prskalo Mmatshipi Motsepe Sarah Barbassa Roberta Coelho de Souza Souza, Cescon, Barrieu & KN KaranoviĆ & NikoliĆ Manica Africa Pty. Ltd. Souza, Cescon, Barrieu & Batalha Flesch Advogados Olivia Muzvidziwa Flesch Advogados Demarest Advogados (Rio de Predrag Radovanović Rodrigo Dias KPMG Janeiro Branch) MariĆ & Co. Law Firm Marcelo Barbosa Veirano Advogados Rajesh Narasimhan Vieira, Rezende, Barbosa e Vivian Coelho dos Santos Branka Rajicic Rafael Dinoa Grant Thornton LLP Guerreiro Advogados Breder PwC Bosnia and Herzegovina Chediak, Lopes da Costa, Ulhôa Canto, Rezende e Buhlebenkosi Ncube Priscyla Barbosa Cristofaro, Menezes Côrtes, Nedzida Salihović-Whalen Guerra-Advogados Lawyer Veirano Advogados Rennó e Aragão Advogados CMS Reich-Rohrwig Hainz Jarbas Contin d.o.o. Matheus Barcelos José Ricardo dos Santos Luz Kwadwo Osei-Ofei PwC Brazil Osei-Ofei Swabi & Co. Barbosa, Müssnich & Aragão Júnior Hasib Salkić Advogados Luiz Felipe Cordeiro Duarte Garcia, Caselli Jump Logistics d.o.o. Butler Phirie Chediak, Lopes da Costa, Guimarães e Terra PwC Botswana Thiago Barroca Adnan Sarajlić Cristofaro, Menezes Côrtes, Advogados Noronha Advogados Law Office Durakovic in Claudio Rossi Rennó e Aragão Advogados Andre Drighetti association with Wolf Fernanda Bastos Sharps Electrical Pty. Ltd. Marcel Cordeiro Lazzarini Moretti e Moraes Theiss Souza, Cescon, Barrieu & PwC Brazil Advogados Brent Rouse Flesch Advogados Jasmin Saric Elliott Mobility Pedro Costa Ingrid E.T. Schwarz de Wolf Theiss d.o.o. Gilberto Belleza Barbosa, Müssnich & Aragão Mendonça Piyush Sharma Belleza & Batalha C. 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BRAZIL Advogados Camila Biral Ticiana Faveiro Nihad Sijerčić Expertness Brazil Freight Demarest e Almeida Camilla Cunha Forwarding & Consulting Machado, Meyer, Sendacz e KN Karanović & Nikolić Advogados Barbosa, Müssnich & Aragão Ltda Opice Advogados Advogados Maja Šimunac Amir Bocayuva Cunha Vanessa Felício Wolf Theiss d.o.o. Marina Agueda Barbosa, Müssnich & Aragão Gabriel da Câmara de Queiroz De Luca, Derenusson, Veirano Advogados Advogados Demarest e Almeida Mehmed Spaho Schuttoff e Azevedo Advogados Beatriz Felitte Advokatska Kancelarija Advogados Adriano Borges Souza, Cescon, Barrieu & Spaho De Vivo, Whitaker e Castro Carlos da Costa e Silva Filho Antônio Aires Flesch Advogados Advogados Vieira, Rezende, Barbosa e Bojana Tkalčić-Djulić Demarest e Almeida Guerreiro Advogados Iara Ferfoglia Gomes Dias Lawyers Office Tkalcic- Advogados Pedro Pio Borges Vilardi Dulic, Prebanic, Rizvic & Machado, Meyer, Sendacz e Gisela da Silva Freire Pedro Almeida Machado, Meyer, Sendacz e Jusufbasic-Goloman Opice Advogados Porto Advogados Souza, Cescon, Barrieu & Opice Advogados Edin Zametica Flesch Advogados Fernanda Bortolini Adriana Daiuto Alexsander Fernandes de DERK (State Electricity Pinheiro Neto Advogados Demarest e Almeida Andrade Regulatory Commission) Advogados Carlos Braga Duarte Garcia, Caselli Souza, Cescon, Barrieu & Guimarães e Terra Flesch Advogados Advogados 262 DOING BUSINESS 2015 Ian Ferreira Helena Guimarães José Andrés Lopes da Costa Jorge Nemr Ronaldo Rayes Machado, Meyer, Sendacz e Vieira, Rezende, Barbosa e Cruz Leite, Tosto e Barros Rayes & Fagundes Opice Advogados Guerreiro Advogados Chediak, Lopes da Costa, Advogados Walter Nimir Cristofaro, Menezes Côrtes, João Guilherme Ferreira Enrique Hadad De Vivo, Whitaker e Castro Gabriella Reao Rennó e Aragão Advogados Noronha Advogados Loeser e Portela Advogados Advogados Ulhôa Canto, Rezende e Ricardo Loureiro Guerra-Advogados Rafael Figueiredo Felipe Hanszmann Antonio Noronha Serasa SA Souza, Cescon, Barrieu & Vieira, Rezende, Barbosa e Lefosse Advogados Clarissa Rebello Flesch Advogados Guerreiro Advogados Stefan Lourenço de Lima Lefosse Advogados Flávio Pinto Nunes Costa, Waisberg e Clarissa Figueiredo de Souza Thiago Hatab ThyssenKrupp CSA Marília Rennó Tavares Paes Sociedade de Freitas Chediak, Lopes da Costa, Siderurgica do Atlantico Chediak, Lopes da Costa, Advogados Machado, Meyer, Sendacz e Cristofaro, Menezes Côrtes, Cristofaro, Menezes Côrtes, Michael O’Connor Opice Advogados Rennó e Aragão Advogados Marina Maccabelli Rennó e Aragão Advogados Guerra e Batista Advogados Demarest e Almeida Guilherme Filardi Ricardo Higashitani Bruna Rey Advogados Daniel Oliveira De Luca, Derenusson, KLA-Koury Lopes Advogados Veirano Advogados Souza, Cescon, Barrieu & Schuttoff e Azevedo Tiago Machado Cortez Carlos Alberto Iacia Flesch Advogados Elisa Rezende Advogados KLA-Koury Lopes Advogados PwC Brazil Veirano Advogados Evany Oliveira Silvia Fiszman Pedro Maciel Jaili Isabel Santos Quinta PwC Brazil Andreza Ribeiro Machado, Meyer, Sendacz e Veirano Advogados Cunha Souza, Cescon, Barrieu & Opice Advogados Taisa Oliveira Costa, Waisberg e Estêvão Mallet Flesch Advogados KLA-Koury Lopes Advogados Paulo Roberto Fogarolli Filho Tavares Paes Sociedade de Mallet e Advogados Juliana Ribeiro Duarte Garcia, Caselli Advogados Associados Eduardo Ono Terashima Machado, Meyer, Sendacz e Guimarães e Terra Demarest e Almeida Rogério Jorge Camila Mansur Haddad O. Opice Advogados Advogados Advogados AES Eletropaulo Santos Eliane Ribeiro Gago Julian Fonseca Peña Chediak Lazzarini Moretti e Moraes Gyedre Palma Carneiro de Sabrina Justi Duarte Garcia, Caselli Chediak, Lopes da Costa, Advogados Oliveira PwC Brazil Guimarães e Terra Cristofaro, Menezes Côrtes, Souza, Cescon, Barrieu & Glaucia Mara Coelho Advogados Rennó e Aragão Advogados Breno Kingma Flesch Advogados Machado, Meyer, Sendacz e Vieira, Rezende, Barbosa e Laura Ribeiro Vissotto Luiz França Opice Advogados Franco Parente Guerreiro Advogados 1º Cartório de Notas de São Castro, Barros, Sobral, Souza, Cescon, Barrieu & Deborah Marques José dos Campos Gomes Advogados Gabriela Krieck Flesch Advogados Souza, Cescon, Barrieu & Souza, Cescon, Barrieu & Mariana Rodrigues Raphael Freitas Flesch Advogados Luis Filipe Pedro Flesch Advogados Souza, Cescon, Barrieu & Veirano Advogados Machado, Meyer, Sendacz e Renata Martins de Oliveira Flesch Advogados Sarah Ladeira Lucas Opice Advogados Henrique Funk Lo Sardo Machado, Meyer, Sendacz e Souza, Cescon, Barrieu & Viviane Rodrigues Lazzarini Moretti e Moraes Opice Advogados Rogerio Rabelo Peixoto Flesch Advogados Souza, Cescon, Barrieu & Advogados Banco Central do Brasil Thais Martone Flesch Advogados Claudio Lampert Renato G.R. Maggio Souza, Cescon, Barrieu & Paulo Penteado de Faria e Lefosse Advogados Marcos Roriz Machado, Meyer, Sendacz e Flesch Advogados Silva Neto Machado, Meyer, Sendacz e Opice Advogados Rodrigo Lara Alves da Silva Veirano Advogados Laura Massetto Meyer Opice Advogados Rayes & Fagundes Rafael Gagliardi Pinheiro Guimarães Luciana Pereira Costa Advogados Luis Augusto Roux Azevedo Demarest e Almeida Advogados Ulhôa Canto, Rezende e De Luca, Derenusson, Advogados Juliano Lazzarini Moretti Guerra-Advogados Marcelo Mattos Schuttoff e Azevedo Lazzarini Moretti e Moraes Diego Galvão Veirano Advogados Luiz Eduardo Pereira Paz Advogados Advogados Machado, Meyer, Sendacz e Light Servicos de Felipe Oliveira Mavignier José Samurai Saiani Opice Advogados José Augusto Leal Eletricidade S. A. Gasparini, De Cresci e Machado, Meyer, Sendacz e Castro, Barros, Sobral, Rodrigo Garcia da Fonseca Nogueira de Lima Advogados Luanda Pinto Backheuser Opice Advogados Gomes Advogados Osorio e Maya Ferreira De Luca, Derenusson, Davi Medina Vilela Carolina Santos Costa Advogados Alexandre Leite Schuttoff e Azevedo Vieira, Rezende, Barbosa e Machado, Meyer, Sendacz e Souza, Cescon, Barrieu & Advogados José Pedro Gevaerd Guerreiro Advogados Opice Advogados Flesch Advogados Demarest e Almeida Antonio Claudio Pinto da Aloysio Meirelles de Miranda Priscilla Saraiva Advogados Flávia Leite Fonseca Ulhôa Canto, Rezende e Ulhôa Canto, Rezende e Souza, Cescon, Barrieu & Construtora MG Ltda Andréa Giamondo Massei Guerra-Advogados Guerra-Advogados Flesch Advogados Rossi Cassia Pizzotti Marianne Mendes Webber Anelise Maria Jircik Sasson Lobo & De Rizzo Advogados Rodrigo Leite Moreira Demarest e Almeida Souza, Cescon, Barrieu & AES Eletropaulo Vieira, Rezende, Barbosa e Advogados Juliana Gile Flesch Advogados Guerreiro Advogados Carolina Schreier De Luca, Derenusson, Raphael Polito Alexandre Mesquita KLA-Koury Lopes Advogados Schuttoff e Azevedo Alexandre Leite Ribeiro do Valle Rayes & Fagundes Souza, Cescon, Barrieu & Advogados V,M&L Advogados Advogados Edson Schueler Flesch Advogados Veirano Advogados Michelle Giraldi Karina Lerner Renato Poltronieri João Montandon Borges PwC Brazil Barbosa, Müssnich & Aragão Demarest e Almeida Sabine Schuttoff Montandon Borges - Advogados Advogados De Luca, Derenusson, Luiz Marcelo Gois Advocacia e Consultoria Schuttoff e Azevedo Barbosa, Müssnich & Aragão Paloma Valeria Lima Martins José Ribeiro do Prado Junior Adriano Morais Advogados Advogados Machado, Meyer, Sendacz e Machado, Meyer, Sendacz e Opice Advogados Renata M. Moreira Lima Opice Advogados Lucas Seabra Cláudio R. F. Golgo Lazzarini Moretti e Moraes Machado, Meyer, Sendacz e Golgo Advogados Rafael Lins e Silva Nascimento Aline Prado Silva Advogados Opice Advogados Costa, Waisberg e De Conti Law Office Rodrigo Gomes Maia Tavares Paes Sociedade de Gustavo Morel Gabriel Seijo Noronha Advogados Antonio Celso Pugliese Advogados Veirano Advogados Souza, Cescon, Barrieu & Vella Pugliese Buosi Guidoni Renata Gonçalves Flesch Advogados Ana Lobo Cristiny Mroczkoski Rocha Halliburton Produtos Ltda Dario Rabay Veirano Advogados Golgo Advogados Erik Sernik Souza, Cescon, Barrieu & Diógenes Gonçalves Neto Vella Pugliese Buosi Guidoni Ana Beatriz Lobo Vladimir Mucury Cardoso Flesch Advogados Pinheiro Neto Advogados Veirano Advogados Chediak, Lopes da Costa, Rafael Setoguti Julio Pereira Ana Paula Rabello Gilberto Gornati Cristofaro, Menezes Côrtes, Gasparini, De Cresci e Maury Lobo de Athayde Lefosse Advogados Costa, Waisberg e Rennó e Aragão Advogados Nogueira de Lima Advogados Campos Mello Advogados Tavares Paes Sociedade de Carlos Alberto Ramos de Ian Muniz Donizetti A. Silva Advogados Fernando Loeser Vasconcelos Veirano Advogados DAS Consultoria Loeser e Portela Advogados Demarest Advogados (Rio de Eduardo Ferraz Guerra Cássio S. Namur Janeiro Branch) Laiza Silva Guerra e Batista Advogados Souza, Cescon, Barrieu & Souza, Cescon, Barrieu & Flesch Advogados Flesch Advogados ACKNOWLEDGMENTS 263 Sydney Simonaggio Abdul Aziz Abdullah Nataliya Dimova Lilia Pencheva Seydou Diarra AES Eletropaulo Department of Electrical CEZ Distribution Bulgaria Experian Bulgaria EAD Bertrand Fleury Services AD, member of CEZ Group Michel Siqueira Batista Stefan Radev Bolloré Africa Logistics Vieira, Rezende, Barbosa e Mohd Anuwar Aziz Ina Dobriyanova Multibrands Mahaman Tahir Hamani Guerreiro Advogados New Super Bright Lighting CEZ Distribution Bulgaria Konstantin Rizov BCEAO Enterprise AD, member of CEZ Group Beatriz Souza Gyurov & Rizov Law Office Césaire Kambou Souza, Cescon, Barrieu & Danny Chua Silvia Dulevska Milen Rusev Cabinet d’Architecture Flesch Advogados Brunei Transporting Bulgarian National Bank Dinova Rusev & Partners Agora Company Walter Stuber Tereza Enicharova Anna Saeva Issaka Kargougou Walter Stuber Consultoria Mohamad Daud Ismail Dobrev & Lyutskanov Tsvetkova, Bebov and Maison de l’Entreprise du Jurídica Daud Ismail and Company Atanas Georgiev Partners Burkina Faso Daniel Szyfman Hajah Norahimah Haji Aji Public Services OOD Svetoslav Shterev Gilbert Kibtonré Machado, Meyer, Sendacz e Department of Labor, Ralitsa Gougleva Virtus CEFAC Opice Advogados Ministry of Home Affairs Djingov, Gouginski, Elizabeth Sidi Alain Gilbert Koala Rodrigo Takano Mohamad Saiful Adilin Haji Kyutchukov & Velichkov PwC Bulgaria Ordre des Architectes du Machado, Meyer, Sendacz e Edin Kristina Gouneva Burkina Opice Advogados Ministry of Finance Dimitar Slavchev Dobrev & Lyutskanov Penkov, Markov & Partners Abraham Liadan Bernardo Teixeira Roaizan Johari Katerina Gramatikova PwC Côte d’Ivoire Vieira, Rezende, Barbosa e Autoriti Monetari Brunei Krum Stanchev Dobrev & Lyutskanov Guerreiro Advogados Darussalam Adeline Messou Konstantin Stoyanov Mariya Grigorova PwC Côte d’Ivoire Celina Teixeira Zuleana Kassim Gugushev & Partners Dinova Rusev & Partners 18º Oficio de Notas Lee Corporatehouse Eric N’Guessan Roman Stoyanov Associates Stefan Gugushev Ernst & Young Maurício Teixeira dos Santos Penkov, Markov & Partners Gugushev & Partners Souza, Cescon, Barrieu & Cynthia Kong André Ouedraogo Margarita Stoyanova Flesch Advogados WKA & Associates Velyana Hristova Cabinet Bonkoungou Kambourov & Partners Penkov, Markov & Partners Marcelo Tendolini Saciotto Farah Kong Martin Ouedraogo Vessela Tcherneva-Yankova Rayes & Fagundes Autoriti Monetari Brunei Iliya Iliev Union Internationale de Advogados Darussalam V Consulting Bulgaria Primorska Audit Company - Notariat member of Russell Bedford Alexandrina Terziyska Marcos Tiraboschi Kin Chee Lee N. Henri Ouedraogo International Gugushev & Partners De Luca, Derenusson, Lee Corporatehouse Direction Générale des Schuttoff e Azevedo Associates Gergana Ilieva Kaloyan Todorov Impôts Advogados Dobrev & Lyutskanov Danailova, Todorov and Lennon Lee Oumarou Ouedraogo Gisele Trindade PwC Singapore Partners Law Firm Ginka Iskrova Cabinet Ouedraogo Vella Pugliese Buosi Guidoni PwC Bulgaria Svilen Todorov Kelvin Lim Ousmane Honore Ouedraogo Oswaldo Cesar Trunci de Ridzlan Lim Advocates & Todorov & Doykova Law Vesela Kabatliyska Maison de l’Entreprise du Oliveira Solicitors Firm Dinova Rusev & Partners Burkina Faso Machado, Meyer, Sendacz e Viktor Tokushev Colin Ong Angel Kalaidjiev Linda Rakotonavalona Opice Advogados Tokushev and Partners Dr. Colin Ong Legal Services Kalaidjiev & Georgiev Cabinet John W. Ffooks & Suslei Tufaniuk Georgi Tsonchev Co., member of Bowman Karthigeyan Srinivasan Yavor Kambourov AES Eletropaulo Schoenherr Gilfillan Africa Group Autoriti Monetari Brunei Kambourov & Partners Luciana Macedo V.G. da Silva Darussalam Irina Tsvetkova Sariaka Randrianarisoa Mina Kapsazova Souza, Cescon, Barrieu & PwC Bulgaria Cabinet John W. Ffooks & Shazali Sulaiman PwC Bulgaria Flesch Advogados Co., member of Bowman KPMG Georgi Tzvetkov Niya Kehayova Gilfillan Africa Group Bruno Valente Djingov, Gouginski, Ting Tiu Pheng CEZ Distribution Bulgaria PwC Brazil Kyutchukov & Velichkov Bénéwendé S. Sankara Arkitek Ting AD, member of CEZ Group Cabinet Maître Sankara Ronaldo C. Veirano Rossitsa Valeva Cecilia Wong Stoina Kirazova Veirano Advogados PwC Bulgaria Moussa Sanogo Tricor (B) Sdn Bhd Penev LLP BCEAO Anna Carolina Venturini Miroslav Varnaliev Hristina Kirilova Pinheiro Neto Advogados BULGARIA Unimasters Logistics Plc. Hermann Lambert Sanon Kambourov & Partners Groupe Hage Ademilson Viana Tax Account Ltd. Monika Yaneva Yordan Kostov Demarest e Almeida Kalaidjiev & Georgiev Adama Saouadogo Svetlin Adrianov Legalex Law Office Advogados ONEA Penkov, Markov & Partners Tsvetan Krumov BURKINA FASO Rafael Vitelli Depieri Moussa Ousmane Sawadogo Stefan Angelov Schoenherr 1º Cartório de Notas de São Direction Générale du Direction Générale des V Consulting Bulgaria José dos Campos Stephan Kyutchukov Contrôle des Opérations Impôts Rusalena Angelova Djingov, Gouginski, d’Aménagement et de Karina Vlahos Roland Sow Djingov, Gouginski, Kyutchukov & Velichkov Construction De Luca, Derenusson, Bolloré Africa Logistics Kyutchukov & Velichkov Schuttoff e Azevedo Roumen Lyutskanov Navitrans Dominique Taty Advogados Ganka Belcheva Dobrev & Lyutskanov Pierre Abadie PwC Côte d’Ivoire Belcheva & Karadjova LLP José Carlos Wahle Jordan Manahilov Cabinet Pierre Abadie Moussa Traore Veirano Advogados Ilian Beslemeshki Bulgarian National Bank Seydou Balama Maison de l’Entreprise du Georgiev, Todorov & Co. Eduardo Guimarães Wanderley Dimitrinka Metodieva Etude Maître Balama Seydou Burkina Faso Veirano Advogados Plamen Borissov Gugushev & Partners Euphrasie Bambara Fousséni Traoré Borissov & Partners Simone Weber Slavi Mikinski Bolloré Africa Logistics PwC Côte d’Ivoire Machado, Meyer, Sendacz e Christopher Christov Legalex Law Office Bassambie Bationo Bouba Yaguibou Opice Advogados Penev LLP Blagomir Minov BCEAO SCPA Yaguibou & Yanogo Thiago Wscieklica Maria Danailova Tsvetkova, Bebov and Dieudonne Bonkoungou Emmanuel Yehouessi Souza, Cescon, Barrieu & Danailova, Todorov and Partners Flesch Advogados Cabinet Bonkoungou BCEAO Partners Law Firm Vladimir Natchev Patrick D. Grahouan Bogore Zongo Karin Yamauti Hatanaka Kostadinka Deleva Arsov Natchev Ganeva Souza, Cescon, Barrieu & Ernst & Young Chambre Nationale des Gugushev & Partners Flesch Advogados Yordan Naydenov Huissiers de Justice du Serge Damiba Valeria Dieva Boyanov & Co. Burkina Faso Kalaidjiev & Georgiev Archi Consult BRUNEI DARUSSALAM Valentina Nedkova Sylvie Zongo Denis Dawende Ernst & Young Irina Dilkinska CIBank Cabinet Pierre Abadie Penev LLP Office Notarial Me Jean Rena Azlina Abd Aziz Maria Pashalieva Celestin Zoure George Dimitrov Penkov, Markov & Partners Ministry of Finance Dimitrov, Petrov & Co. 264 DOING BUSINESS 2015 BURUNDI Benjamin Rufagari Tito Lívio Santos Oliveira Allen Prak Hiol Bonheur Banque de la République du GPO Partners Burundi Ramos P&A Asia Law Firm Fiduciaire Ratio Burundi correspondent firm of ENGIC Engenheiros Borapyn Py Miafo Bonny Bonn Deloitte Associados Lda Ministère des Finances DFDL Mekong (Cambodia) Bonny Bonn Enterprises Thierry Rujerwaka José Spinola Co., Ltd. OBR Aser Frederic Boulock Laboratoire National du FPS Kry Rattanak Atanga Law Office Jean Marie Barambona Bâtiment et des Travaux Salvador Varela Royal Academy for Judicial Université du Burundi Publics (LNBTP) Burundi Anne Marie Diboundje Njocke MJM Advogados Professions Cabinet Diboundje Njocke & Adolphe Birehanisenge Fabien Segatwa Liza Helena Vaz Muny Samreth Associés Agence de Promotion des Etude Me Segatwa PwC Portugal PwC Cambodia Investissements Paul Marie Djamen Martin Sindabizera Henrique Veiga Sokla San Mobile Telephone Networks Jean Marie Bukware Notaire Sindabizera Henrique Veiga Advogado P&A Asia Law Firm Cameroon (MTN) API-Burundi Jérôme Vejuru Leendert Verschoor Vathana Sar Aurélien Djengue Kotte Ange Gakundwakazi Swift Freight International PwC Portugal DFDL Mekong (Cambodia) Cabinet Ekobo GPO Partners Burundi Co., Ltd. correspondent firm of CABO VERDE Joseph Djeuga CAMBODIA Bun Huy Seng SOTRAFIC Deloitte Banco de Cabo Verde Ernst & Young P&A Asia Law Firm Jean Bosco Habumuremyi Laurent Dongmo Empresa de Electricidade E Guichet Unique de Burundi Red Furnesse Co. Ltd. Chanthy Sin Jing & Partners Agua (Electra) Linehaul Express (Cambodia) Gerard Handika Sok & Heng Law Office Tsafack Dongmo Lolanda Andrade Co., Ltd. GPO Partners Burundi Cabinets d’Avocats Atanga PwC Cape Verde Chankoulika Bo correspondent firm of Sophea Sin Law Office BNG Legal Deloitte Luisa Borges BNG Legal William Douandji SF&LB, Sociedade de Chanmalise Bun René-Claude Madebari Billie Jean Slott Architect and Partners Advogados, RL PwC Cambodia ENSafrica Burundi Limited Sciaroni & Associates Mireille Essoh-Momo Vasco Carvalho Oliveira Ramos Phanin Cheam Rodrigue Majambere Lor Sok Etude Me Etoke ENGIC Engenheiros Municipality of Phnom Penh BNM & Co. Advocates Arbitration Council Associados Lda Bureau of Urban Affairs Lucas Florent Essomba Foundation Stanislas Makoroka Cabinet Essomba & Associés Victor Constantino Ouk Chittra Université du Burundi Pheang Sokvirak AVACO Electricité du Cambodge Joël Etoke PwC Cambodia Anatole Miburo (EDC) Etude Me Etoke Ilídio Cruz Cabinet Anatole Miburo Samnangvathana Sor Ilidio Cruz & Associados- Sothea Chrek Marie-Claude Etoke Arbitration Council Abdul Mtoka Sociedade de Advogados RL Credit Bureau (Cambodia) Etude Me Etoke Foundation Rubeya & Co. Advocates Co. Ltd. Manuel de Pina Joseph Evagle Dime Vannaroth Sovann Anatole Nahayo SAMP - Sociedades de Charya Chum Conseil National du Crédit BNG Legal Université du Burundi Advogados Arbitration Council Elvis Eyong Foundation Sokmeth Srey Horace Ncutiyumuheto Jorge Lima Delgado Lopes The Abeng Law Firm Arbitration Council Ncuti Law Firm & Núcleo Operacional da Naryth Hour Hem Foundation Hyacinthe Clément Fansi Consultancy Sociedade de Informação BNG Legal Ngamou Samnang Sun Albert Ndereyimana Jair Dias Hak Sok Heng SCP Ngassam Njike & Sciaroni & Associates Getra SA PwC Cape Verde Gordon & Associates Associes Ousaphea Suos Grégoire Nduwimana Florentino Jorge Fonseca Jesus Pagnawat Heng Abdoullahi Faouzi Acleda Bank Plc. SDV Logistics Engineer P&A Asia Law Firm Guichet Unique des Rathvisal Thara Operations du Commerce Lambert Nigarura Solange Furtado Sanches Sim Hongseang BNG Legal Exterieur-Gie Mkono & Co. Advocates SF&LB, Sociedade de VDB Loi Advogados, RL Janvibol Tip Berlise Fimeni Djieya Charles Nihangaza Rutherford Hubbard Tip & Partners Atanga Law Office Joana Gomes Rosa VDB Loi Alice Nijimbere Advocacia - Consultoria Sreychenda Ton Atsishi Fon Ndikum Mkono & Co. Advocates Phalla Im Acleda Bank Plc. Fon-Ndikum & Partners Teresa Livramento Monteiro CBD Partner & Consultancy Consolate Ningarukiye Dulce Lopes, Solange Lisboa Garry Wood Esah Fondu Fomenky Rubeya & Co. Advocates Chhorpornpisey Keo Ramos, Teresa Livramento Credit Bureau (Cambodia) Fon-Ndikum & Partners Monteiro-Sociedade de Acleda Bank Plc. Montfort Nininahazwe Co. Ltd. Advogados Philippe Fouda Fouda SEACO Sophorne Kheang Potim Yun BEAC Cameroon Julio Martins Junior DFDL Mekong (Cambodia) Gustave Niyonzima VDB Loi Raposo Bernardo & Co., Ltd. Nicaise Ibohn Mkono & Co. Advocates The Abeng Law Firm Associados Chan Kosal CAMEROON Amissi Ntangibingura Acleda Bank Plc. Samuel Iyug Iyug Guichet Unique de Burundi Luis Pedro Maximiano Roland Abeng Millennium Challenge Groupement des Entreprises Alex Larkin The Abeng Law Firm Evelyne Ntibazonkiza de Frêt et Messagerie du Account - MCA Cape Verde DFDL Mekong (Cambodia) Agence de Promotion des Tabi Adele Mah Cameroun (GEFMCAM) João Medina Co., Ltd. Investissements Fon-Ndikum & Partners Neville de Rougemont & Christian Kamdoum Sereyvathny Mao Antoine Ntisigana Associados Rosine Pauline Amboa PwC Cameroun P&A Asia Law Firm SODETRA Ltd. MOJUFISC Monde Juridique João Pereira Jean Michel Mbock Biumla Peter Mewes et Fiscal Happy Hervé Ntwari FPS M&N Law Firm HBS Law Mkono & Co. Advocates Abel Epse Piskopani Armelle José Manuel Pinto Monteiro Augustin Yves Mbock Keked Samorn Mike Silvana Patrick-Didier Nukuri Advogados & Jurisconsultos CADIRE HBS Law MOJUFISC Monde Juridique Cabinet Nukuri et Fiscal Constantin Medou Rita Ramos Jude Ocampo François Nyamoya Land Registry Cabinet Medou DFDL Mekong (Cambodia) Queenta Asibong Cabinet d’Avocat Ali Dini Co., Ltd. The Abeng Law Firm Ivan Mélachéo Nelson Raposo Bernardo Gilbert L.P. Nyatanyi Raposo Bernardo & Vanture Consulting Sophea Om Armand Atono ENSafrica Burundi Limited Associados Acleda Bank Plc. AES Sonel Patrick Menyeng Manga Déogratias Nzemba André Rodrigues The Abeng Law Firm Vouchly Ou Thomas Didier Remy Cabinet d’Avocat Ali Dini PwC Cape Verde DFDL Mekong (Cambodia) Batoumbouck Jules Minamo Floribert Nzoyihera Co., Ltd. CADIRE Karvan Finance José Rui de Sena ABADT Agência de Despacho Piseth Path Isidore Biyiha Olivier Moteng Willy Rubeya Aduaneiro Ferreira e Sena BNG Legal Guichet Unique des Fon-Ndikum & Partners Rubeya & Co. Advocates Lda Operations du Commerce Sotheaphal Pho Exterieur-Gie Bassac Law Office ACKNOWLEDGMENTS 265 Laurence Idelette Mouafo Adrian Cochrane CENTRAL AFRICAN Olivier Charreau Angeles Barría Djeutchou Blakes, Cassels & Graydon REPUBLIC Guichet Unique des Affaires Philippi, Yrarrazaval, Pulido SCP Ngassam Njike & LLP, member of Lex Mundi Foncières & Brunner, Abogados Ltda Elois Anguimate Associes Ralph Cuervo-Lorens Ministère de la Fonction Oscar d’Estaing Deffosso Sandra Benedetto Arielle Christiane Marthe Blaney McMurtry, LLP Publique du Travail, de PricewaterhouseCoopers PwC Chile Mpeck la Sécurité Sociale et de Tax & Legal SARL Abe Dube Enrique Benitez Urrutia Atanga Law Office l’Emploi Amerinde Law Group Thomas Dingamgoto Urrutia & Cía Marie Agathe Ndeme Jean Christophe Bakossa Cabinet Thomas Dingamgoto James Farley Jorge Benitez Urrutia CADIRE L’ordre Centrafricain des McCarthy Tetrault LLP Innocent Dionyo Rios, Tagle, Alessandri, Architectes Franklin Ngabe Njumbe Societe Africaine Romero y Benítez Isabelle Foley Legal Power Law Firm Paul Bangonalia d’Architecture et Corporations Canada Mario Bezanilla Guichet Unique de d’Ingenierie Ntah Charlote Ngara Alcaíno Abogados Paul Gasparatto Formalités des Entreprises Atanga Law Office Mahamat Ousman Djidda Ontario Energy Board (GUFE) Manuel Brunet Bofill Architectural Virgile Ngassam Njiké Cámara Chilena de la Rachel April Giguère Jean-Noël Bangue SCP Ngassam Njike & Philippe Fouda Fouda Construcción McMillan LLP Cour de Cassation de Bangui Associes BEAC Cameroon Raimundo Camus Yoine Goldstein Blaise Banguitoumba Solange Ngise Mbuge Delphine K. Djiraibe Yrarrázaval, Ruiz-Tagle, McMillan LLP ENERCA (Energie Legal Power Law Firm Avocate à la Cour Goldenberg, Lagos & Silva Centrafricaine) Yoni Grundland Irène Nadège Ngolize Francis Kadjilembaye Miguel Capo Valdes Blakes, Cassels & Graydon Désiré Blaise Dinguita Etude Me Etoke Cabinet Thomas Dingamgoto Besalco SA LLP, member of Lex Mundi Guichet Unique de Benga Nomen Christopher Formalités des Entreprises Gérard Leclaire Héctor Carrasco Kyriakoula Hatjikiriakos Express Cargo (GUFE) Architectural Superintendencia de Bancos National Bank of Canada y Instituciones Financieras Carine Danielle Obama Massamba Firmin Moustapha Ali Moustapha John J. Humphries Chile MOJUFISC Monde Juridique Audit & Revision Comptable Ministère de la Justice Toronto City Hall Cabinet Lawson & Associes et Fiscal Garde des Sceaux - Tribunal Javier Carrasco Jordan Knowles de Commerce de N’Djamena Nuñez Muñoz Verdugo & Cía Olivier Priso Philippe Fouda Fouda Blakes, Cassels & Graydon Ltda Abogados Ville de Douala Communauté BEAC Cameroon Hayatte N’Djiaye LLP, member of Lex Mundi Urbaine de Douala Profession Libérale Paola Casorzo Dolly Gotilogue Joshua Kochath Philippi, Yrarrazaval, Pulido Bolleri Pym Avocate à la Cour Issa Ngarmbassa Comage Container Lines & Brunner, Abogados Ltda Université de Douala Etude Me Issa Ngar mbassa Marious Guibaut Metongo Christopher Kong Juan Luis Castellon Herinjiva Tahirisoa Bolloré Africa Logistics en Benga Nomen Christopher PwC Canada Nuñez Muñoz Verdugo & Cía Rakotonirina République Centrafricaine Express Cargo Ltda Abogados Cabinet John W. Ffooks & May Luong Laurent Hankoff Joseph Pagop Noupoué Co., member of Bowman Borden Ladner Gervais LLP Andrés Chirgwin ENERCA (Energie Ernst & Young Gilfillan Africa Group Chirgwin Larreta Peñafiel Catherine MacInnis Centrafricaine) Tchouafiene Pandare Noupoue Ngaffa Richard Blaney McMurtry, LLP Manuel Concha Oyaneder Jean Paul Maradas Nado Cabinet Notarial Bongoro Legal Power Law Firm Colegio de Arquitectos de Alena Makavets Ministère de l’Urbanisme Nissaouabé Passang Chile Magloire Tchande PwC Canada Mauricette Monthe-Psimhis Etude Me Passang PricewaterhouseCoopers Guillermo Correa Terry McCann Cabinet d’Avocats & Juristes Tax & Legal SARL Ahmat Senoussi Alessandri MLG Enterprises Ltd. Associés Architectural Emmanuel Tchiffo Karla Cortez William McCarthy Jacob Ngaya Atanga Law Office Amos D. Tatoloum Onde PwC Chile FCT Ministère des Finances - Direction Générale des Societe Africaine Pierre Morgant Tchuikwa Andrés Dighero Patricia Meehan d’Architecture et CADIRE Impôts et des Domaines Alessandri PwC Canada d’Ingenierie Nadine Tinen Tchadgoum Hoby Harinirina Rakotoniary Oscar Douglas William Northcote Nadine Tinen Tchadgoum PwC Cameroun Cabinet John W. Ffooks & PwC Chile Shibley Righton LLP Co., member of Bowman PwC Cameroun Chrétien Toudjui Gonzalo Errázuriz Alfred Page Gilfillan Africa Group Massiel Toudjoum Melyoel Afrique Audit Conseil Baker Urenda, Rencoret, Orrego Borden Ladner Gervais LLP Sariaka Randrianarisoa Office Notarial Tilly y Dörr Eric Paton Cabinet John W. Ffooks & Abdoulaye Yacouba Tamfu Ngarka Tristel Richard Maira Esteban PwC Canada Co., member of Bowman Mairie de N’Djamena Legal Power Law Firm Gilfillan Africa Group Urenda, Rencoret, Orrego Yonatan Petel Sobdibé Zoua y Dörr Flavia Guilaine Wamba McMillan LLP François Sabegala Cabinet Sobdibe Zoua Nangmo Peter Faille Guichet Unique de Atanga Law Office Bruce Reynolds Formalités des Entreprises Patedjore Zoukalne Urenda, Rencoret, Orrego Borden Ladner Gervais LLP Ministère de l’Urbanisme, y Dörr Jean Vincent Whassom (GUFE) de l’Habitat, des Affaires Impact International SA Tony Rodrigues Venant Paul Sadam Cristián Garcia-Huidobro Foncières et des Domaines Cabinet d’Avocats & Juristes Boletín de Informaciones Eliane Yomsi Gaynor Roger Associés Comerciales Karvan Finance Shibley Righton LLP CHILE Juan Luis Goldenberg Serrano Philippe Zouna Lincoln Schreiner Jonas Zonaita Paula Aguilera Guichet Unique de Superintendencia PwC Cameroun PwC Canada Urenda, Rencoret, Orrego de Insolvencia y Formalités des Entreprises y Dörr Amir Tajkarimi (GUFE) Reemprendimiento CANADA National Bank of Canada Christian Alcota Peña Carolina Gonzalez Toronto Hydro Reymond & Fleischmann Karl J. Veldkamp CHAD PwC Chile Abogados TransUnion Canada Veldkamp Barristers & Cabinet John W. Ffooks & Cristian Hermansen Rebolledo Solicitors Co., member of Bowman Alejandra Anguita Avaria Jon A. Levin ACTIC Consultores Gilfillan Africa Group Superintendencia Fasken Martineau DuMoulin Sharon Vogel de Insolvencia y Alexis Herrera Becerra LLP Borden Ladner Gervais LLP Dana Abdelkader Waya Reemprendimiento BancoEstado Bekhzod Abdurazzakov George Waggot Cabinet Notarial Bongoro Josefina Montenegro Araneda Jorge Hirmas Borden Ladner Gervais LLP McMillan LLP Adoum Daoud Adoum Haroun Superintendencia Albagli Zaliasnik Abogados David Bish Andrea White SCGADA et Fils de Insolvencia y Daniela Hirsch Torys LLP Shibley Righton LLP Abdelkerim Ahmat Reemprendimiento Albagli Zaliasnik Abogados Paul Boshyk Ronald Witton SDV Logistics Jonathan Arendt Fernando Jamarne McMillan LLP Cooper Construction Ltd. Théophile B. Bongoro Albagli Zaliasnik Abogados Alessandri Charlotte Cameron Cabinet Notarial Bongoro Luis Avello Torys LLP PwC Chile 266 DOING BUSINESS 2015 Ignacio Larraín Edmundo Rojas García Grace Geng Xiao Ma Stephen Ye Philippi, Yrarrazaval, Pulido Conservador de Bienes Zhong Lun Law Firm Fangda Partners Zhong Lun Law Firm & Brunner, Abogados Ltda Raíces y Comercio de Ashley Gong Jonathan Mok Andy Yeo Santiago Juan Ignacio Leon Lira Noronha Advogados Angela Wang & Co. Mayer Brown JSM Reymond & Fleischmann Alvaro Rosenblut Sherry Gong Matthew Mui Tian Yongsheng Abogados Albagli Zaliasnik Abogados Hogan Lovells PwC China Y-Axis International Trading Jose Luis Letelier Hugo Salinas Co. Joanna Guo Matthew Murphy Cariola Diez Perez-Cotapos PwC Chile Zhong Lun Law Firm MMLC Group Natalie Yu & Cia Andrés Sanfuentes Shu Jin Law Firm Lawrence Linjun Guo Peter Ng Santiago Lopez Philippi, Yrarrazaval, Pulido Jade & Fountain PRC PwC China Xia Yu PwC Chile & Brunner, Abogados Ltda Lawyers MMLC Group Giovanni Pisacane María Esther López Di Rubba Bernardita Schmidt Yong Hai GWA Greatway Advisory Jianan Yuan Fiscalía Banco de Chile Urenda, Rencoret, Orrego Baker & McKenzie Jun He Law Office, member y Dörr Lori Qi Nicole Lüer of Lex Mundi Shuquan He BYC Urenda, Rencoret, Orrego Francisco Selamé Shanghai Univesity Qiong Yuan y Dörr PwC Chile Han Shen Jun He Law Office, member Huizhong Hu Davis Polk & Wardwell Nicolás Maillard Ximena Silberman of Lex Mundi Beijing Huanzhong & Philippi, Yrarrazaval, Pulido Carey y Cía Ltda Tina Shi Partners Bing Zhai & Brunner, Abogados Ltda Mayer Brown JSM Luis Fernando Silva Jun He Law Office, member Shan (Vivienne) Jin Nicolás Miranda Larraguibel Yrarrázaval, Ruiz-Tagle, Rachel Song of Lex Mundi King & Wood Mallesons Alessandri Goldenberg, Lagos & Silva King & Wood Mallesons Lawyers Sarah Zhang Lawyers Enrique Munita Marcela Silva Hogan Lovells Jiang Junlu Philippi, Yrarrazaval, Pulido Philippi, Yrarrazaval, Pulido Sophie Su King & Wood Mallesons Yi Zhang & Brunner, Abogados Ltda & Brunner, Abogados Ltda Hogan Lovells Lawyers King & Wood Mallesons Rodrigo Muñoz Alan Smith Ice Sun Lawyers Edward E. Lehman Nuñez Muñoz Verdugo & Cía Smith y Cía PwC China Lehman, Lee & Xu George Zhao Ltda Abogados Consuelo Tarud Peng Tan King & Wood Mallesons Jack Kai Lei Raúl Muñoz Prieto Urenda, Rencoret, Orrego Fangda Partners Lawyers Kunlun Law Firm Russell Bedford Chile - y Dörr Terence Tung Alina Zhu member of Russell Bedford Xiao Lei Tomás Truan Mayer Brown JSM Zhong Lun Law Firm International Fangda Partners Alessandri Rico W.K. Chan Jiong Zhu Fenanda Nash Audry Li Víctor Hugo Valenzuela Millán Baker & McKenzie Hong Nuñez Muñoz Verdugo & Cía Zhong Lun Law Firm Jun Zhu Ltda Abogados Kong Nicolás Velasco Jenschke Simmons & Simmons Kai Li Superintendencia Angela Wang Francisco Navarrete Fangda Partners Ning Zhu de Insolvencia y Angela Wang & Co. PwC Chile Chance & Bridge Partners Reemprendimiento Qing Li Celia Wang Juan Pablo Navarrete Jun He Law Office, member Roy Zhu Javiera Vicuña PwC China Carey y Cía Ltda of Lex Mundi Zhong Lun Law Firm Urenda, Rencoret, Orrego Guoqi Wang Nicolás Ocampo y Dörr Sharon Li Roy Zou Carey y Cía Ltda Hua-Ander CPAs - member Wyselead Law Firm Hogan Lovells Gonzalo Villazon of Russell Bedford Cristian Olavarria Nuñez Muñoz Verdugo & Cía Haiyan Liao International Philippi, Yrarrazaval, Pulido Ltda Abogados Mayer Brown JSM COLOMBIA Lihua Wang & Brunner, Abogados Ltda Agencia de Aduanas Kenneth Werner Grace Liu Jun He Law Office, member Aladuana SA Alberto Oltra Agencia de Aduana Jorge Vio Hua-Ander CPAs - member of Lex Mundi DHL Global Forwarding y Cía Ltda of Russell Bedford Agencia de Aduanas Gama SA Terry Wang International Sergio Orrego Arturo Yrarrázaval Covarrubias DOCVIT BIMBO Urenda, Rencoret, Orrego Yrarrázaval, Ruiz-Tagle, Jingtao Liu Thomas Wang DIAN y Dörr Goldenberg, Lagos & Silva Jones Lang LaSalle Join Way Law Firm Herramientas Agrícolas Gerardo Ovalle Ning Liu CHINA Xiaolei Wang Yrarrázaval, Ruiz-Tagle, Jun He Law Office, member Notaría 41 de Bogotá Goldenberg, Lagos & Silva Bjarne Bauer Credit Reference Center of of Lex Mundi Sofia Group People’s Bank of China Organización Corona Pablo Oyarce Rui Liu Nuñez Muñoz Verdugo & Cía Jacob Blacklock Xuehua Wang Productos Familia Jun He Law Office, member Ltda Abogados Lehman, Lee & Xu Beijing Huanzhong & of Lex Mundi Tecnología en Cubrimiento Partners Luis Parada Hoyl Elliott Youchun Chen SA Sherry Liu Jun Ze Jun Law Offices Anthea Wong Bahamondez, Alvarez & Noronha Advogados Enrique Alvarez Zegers PwC China Jie Chen Jose Lloreda Camacho & Co. Tony Liu Jun He Law Office, member Kent Woo Gonzalo Paredes Kunlun Law Firm Jaime Mauricio Angulo Nuñez Muñoz Verdugo & Cía of Lex Mundi Guangda Law Firm Sanchez Xiaoyu Liu Ltda Abogados Christina Wu Experian - Datacrédito Samuel Chen Xiaoyu Carmen Paz Cruz Lozano BYC Capitallaw & Partners Santiago Arango Xing Liu Alberto Pulido A. Fei Dang Vincent Wu Jose Lloreda Camacho & Co. Jun He Law Office, member Philippi, Yrarrazaval, Pulido MMLC Group Mayer Brown JSM of Lex Mundi Alexandra Arbeláez Cardona & Brunner, Abogados Ltda Jiajia Xiong Russell Bedford Colombia - Tina Dang Yanyan Liu Felipe Rencoret Lehman, Lee & Xu Chance & Bridge Partners member of Russell Bedford Kunlun Law Firm Urenda, Rencoret, Orrego International Zhitong Ding Di Xu Zeping Liu y Dörr Jun Ze Jun Law Offices Cristina Stiefken Arboleda Credit Reference Center of Alliott, Shanghai J&J CPA Alfonso Reymond Larrain People’s Bank of China Lewin & Wills Abogados Firm LLP Yaling Xu Reymond & Fleischmann Fangda Partners María Alejandra Arboleda Yu Du Lucy Lu Abogados Posse Herrera Ruiz MMLC Group King & Wood Mallesons Flora Yang Ricardo Riesco Lawyers Baker & McKenzie Juan Sebastián Arias Helen Feng Philippi, Yrarrazaval, Pulido Brigard & Urrutia, member Angela Wang & Co. Xiabinyu Lu Qing (Christine) Yang & Brunner, Abogados Ltda of Lex Mundi Jun He Law Office, member Kunlun Law Firm Michael Feng Constanza Rodriguez of Lex Mundi Ingo Bach Delmar Yi Yang Philippi, Yrarrazaval, Pulido Corona Hongli Ma Jun Ze Jun Law Offices & Brunner, Abogados Ltda Cindy Gao Jun He Law Office, member Cesar Barajas Delmar of Lex Mundi Parra Rodríguez Sanín SAS ACKNOWLEDGMENTS 267 Aurora Barroso Carolina Gómez Calderón Juan Andres Palacios Diana Talero Abdoulbastoi Moudjahidi Parra Rodríguez Sanín SAS QBCo SA Lewin & Wills Abogados Superintendency of Farahati Moussa Corporation Jorge Beetar Francisco González Santiago Parra Mouvement des Prieto & Carrizosa SA Parra Rodríguez Sanín SAS Parra Rodríguez Sanín SAS Luis Daniel Tamara Entrepreneurs Comoriens Almaviva Global Cargo SA (MODEC) Jairo Benavides Juan Ignacio Guerra Silvia Patiño Blu Logistics Colombia Brigard & Urrutia, member Cavelier Abogados Diego Munoz Tamayo Ibrahim A. Mzimba of Lex Mundi Muñoz Tamayo & Asociados Cabinet Mzimba Avocats Fernando Bermúdez Durana Daniel Peña Muñoz Tamayo & Asociados Santiago Gutiérrez Brigard & Urrutia, member Gustavo Tamayo Arango Said Mohamed Nassur Jose Lloreda Camacho & Co. of Lex Mundi Jose Lloreda Camacho & Co. Energie Comoros Andres Bernal Real Carga Ltda William Rene Gutierrez Oregon Christian Pérez Faunier David Toro Heredia Nasser Radjabou Instituto Colombiano Jose Lloreda Camacho & Co. Codensa SA ESP Direction Générale des Carlos Bernal Agropecuario Routes et Transport KPMG Estefanía Ponce Durán Felipe Torres Routiers Antonio Hincapie Posse Herrera Ruiz Cavelier Abogados Martha Bonett ELECTRICOL Marco Raymond Cavelier Abogados Carolina Posada Jose Alejandro Torres Laura Villaveces Hollman Posse Herrera Ruiz Posse Herrera Ruiz Faouzia Said Soilihi Joe Ignacio Bonilla Gálvez Brigard & Urrutia, member ANPI Invest in Comoros Muñoz Tamayo & Asociados Patricia Prieto Angela Carolina Vaca of Lex Mundi Panalpina SA Bohórquez Daoud Saidali Toihiri Jose Luiz Bucheli Agualimpia David Kassin PwC Colombia ANPI Invest in Comoros Curaduria Urbana 4 Raul Quevedo Blu Logistics Colombia Jose Lloreda Camacho & Co. Ketty Valbuena Yamhure Leonardo Calderón Perdomo CONGO, DEM. REP. Carlos Mario Lafaurie Escorce Buró de Crédito CIFIN SA Colegio de Registradores de Natalia Eugenia Quijano Uribe PwC Colombia Cabinet d’Architecte Marc Instrumentos Públicos de Codensa SA ESP Diana Vaughan Perazzone Colombia Nubia Lamprea Lewin & Wills Abogados Juan Sebastián Reina Zapata Codensa SA ESP Barry Abdourahmane Carolina Camacho Sociedad Portuaria Regional Frank Velandia SDV Logistics Posse Herrera Ruiz Jorge Lara-Urbaneja de Cartagena Teclogic Ltda Lara Consultores Michel Alenda Claudia Marcela Camargo María Cristina Reyes Patricia Vergara Klam & Partners Avocats Arias Alejandro Linares-Cantillo Biotecno Gómez-Pinzón Zuleta PwC Colombia Gómez-Pinzón Zuleta Abogados SA Yves Aloni Mukoko Luisa Rico Sierra Abogados SA Université de Kinshasa Beatriz Elena Campuzano Muñoz Tamayo & Asociados Ismael Visbal Restrepo Francisco Mariño Baker & McKenzie Salavatrice Bahindwa Bahati Adrián Rodriguez Agencia de Aduana Carlos E. Gestión Integral Eléctrica Etude Kabinda - Cabinet Lewin & Wills Abogados Adriana Zapata Campuzano - GIE d’Avocats Cavelier Abogados Liliana Rodriguez Wilson Camilo Cantor Pulido Camilo Martínez Beltrán Max Bandu Ngongala Rodríguez, Retamoso & Alberto Zuleta Gómez-Pinzón Zuleta Martinez Neira KPMG Asociados SAS Cardenas & Cardenas Abogados SA Luís Humberto Martínez Lucien Basubi Iván Rodríguez Diana Zuleta Darío Cárdenas Lacouture KPMG Parra Rodríguez Sanín SAS Parra Rodríguez Sanín SAS Cárdenas & Cárdenas Instituto Colombiano Jean Timothée Bisimwa Agropecuario Jaime Alberto Rodríguez Natalia Caroprese COMOROS Provincial commission Cuestas Jose Lloreda Camacho & Co. Alejandro Medina Notaría 13 de Bogotá UCCIA - Union des Chambres Jean Adolphe Bitenu Jose Lloreda Camacho & Co. Carlos Carvajal de Commerce, d’Industrie, et ANAPI Bernardo Rodriguez Ossa Jose Lloreda Camacho & Co. Juan Camilo Medina Contreras d’Agriculture des Comores Parra Rodríguez Sanín SAS Hugo Bolanshi PwC Colombia Luis Miguel Carvajal Muhammad Abdallah Halifa Yav & Associates Sonia Elizabeth Rojas Izaquita Codensa SA ESP Luis Mendoza Groupe Hassanati Soilihi - Gallo Medina Abogados Guillaume Bononge Litobaka Jose Lloreda Camacho & Co. Groupe Hasoil Mauricio Castillo Benitez Asociados Rocat Sprl Buró de Crédito CIFIN SA Catalina Menjura Issiaka Abdourazak Cristina Rueda Londoño Nicaise Chikuru Munyiogwarha Posse Herrera Ruiz Etude Maître Abdourazak Natalia Carolina Chávez Prieto & Carrizosa SA Chikuru & Associés Moncada Carlos Mira Velasquez Hilmy Aboudsaid Edgar Ruiz Victor Créspel Musafiri Parra Rodríguez Sanín SAS CI de Azucares y Mieles Comores Cargo Lewin & Wills Abogados Cabinet d’Avocat JCC&A International Ernesto Jorge Clavejo Sierra Ricardo Molano Juan Carlos Salazar Barragan Jean-Paul Dambana Curaduria Urbana 1 Posse Herrera Ruiz Yassian Ahamed Curaduria Urbana 4 Socodam Ltd. Direction de l’Energie Juan Pablo Concha Delgado Luis Gabriel Morcillo-Méndez Juan Diego Saldarriaga L Prosper Djuma Bilali Baker & McKenzie Brigard & Urrutia, member Bahassani Ahmed Lewin & Wills Abogados Cabinet Masamba of Lex Mundi Cabinet d’Avocat Bahassani Felipe Cuberos Paula Samper Salazar Edouard Dunia Idumbo Prieto & Carrizosa SA Juan Carlos Moreno Peralta Omar Said Allaoui Gómez-Pinzón Zuleta Ministère des Affaires Rodríguez, Retamoso & E.C.D.I. Lorena Diaz Abogados SA Foncières Asociados SAS Jose Lloreda Camacho & Co. Mouzaoui Amroine Jose Rafael San Miguel Roldán Holly Embonga Tomboli Francisco Javier Morón López Commission Nationale de Ana Lucia Fernandez de Soto Instituto Colombiano Chikuru & Associés Parra Rodríguez Sanín SAS Prévention et de Lutte Posse Herrera Ruiz Agropecuario contre la Corruption Irénée Falanka Julian Motta Jairo Flechas Edna Sarmiento (CNPLC) Cabinet Irénée Falanka Cavelier Abogados Genelec de Colombia SAS Cavelier Abogados Said Ali Said Athouman Fumany Gymbadi Nydia Constanza Muñoz Vivas María Fernanda Florez María Carolina Sarmiento Union of the Chamber of Société Nationale Altea Farma Posse Herrera Ruiz Posse Herrera Ruiz Commerce d’Electricité (SNEL) Caterine Noriega Cardenas Ventura Jimmy Fonseca Díaz Diego Sastoque Youssoub Ibn Ismael Aticki Amisi Herady Gestión Legal Colombia Almaviva Global Cargo SA Parra Rodríguez Sanín SAS Barreau de Moroni Guichet Unique de Creation Juan Sebastian Noriega d’Entreprise Carlos Fradique-Méndez Omar Serrano Fahmi Said Ibrahim Cardenas Brigard & Urrutia, member Codensa SA ESP Cabinet Fahmi Said Ibrahim Patou Ikoko Tangamu Gestión Legal Colombia of Lex Mundi Banque Centrale du Congo Alexandra Silveira Youssouf Ismael Tonia Orozco Carlos Frieri Jose Lloreda Camacho & Co. Direction Générale des Lydie Isengingo Luanzo Brigard & Urrutia, member Sociedad Portuaria Regional Impôts Barreau de Kinshasa/Matete of Lex Mundi Cristina Stiefken de Cartagena Lewin & Wills Abogados Madiane Mohamed Issa Ida Jiazet Adriana Carolina Ospina Wilman Garzón Lawyer Klam & Partners Avocats Jiménez Juan Reinaldo Suarez Codensa SA ESP Brigard & Urrutia, member Curaduria Urbana 1 Mohamed Mbechezi Samuel Josso Yaneth Gómez of Lex Mundi Codetrans PwC Congo (Democratic Raúl Alberto Suárez Arcila Alpina Productos Republic of) Jorge Osuna Díaz Suárez Arcila & Abogados Abdoulatuf Moissuli Alimenticios SA Gestión Integral Eléctrica Asociados ANPI Invest in Comoros Rene Kala Konga - GIE EGEC 268 DOING BUSINESS 2015 Gaston Kalambay Lumpungu Christine Mpunga Tshim Mathias Essereke Monica Castillo Quesada Miguel Ruiz Herrera Université de Kinshasa Banque Centrale du Congo Cabinet d’Avocats Mathias Cámara Costarricense de la LEX Counsel Essereke Construcción Nicky Kanyiki Katshindi Pierre Msimba Sergio Salas ProCredit Bank Cabinet Djunga & Risasi Philippe Fouda Fouda Silvia Chacon SEYSA Consultoría y BEAC Cameroon Soley, Saborio & Asociados Construcción Benoit Kapila Céléstine Mukalay Kionde SDV Logistics Société Nationale Joe Pépin Foundoux Margot Chinchilla Jose Luis Salinas d’Electricité (SNEL) PwC SOCIACO Grupo Inmobiliario del Dieudonné Kasuva Parque Al Heelam Tours & Travels Freddy Mulamba Senene Gaston Gapo Andrey Dorado Centre d’Arbitrage du Atelier d’Architecture et Arias & Muñoz Luis Sánchez Robert Katambu Congo d’Urbanisme Facio & Cañas, member of Cabinet Lubala & Associés Roberto Esquivel Lex Mundi Kisolokele Mvete Maria Eduarda de Lemos Oller Abogados Onezime Kaunda Guichet Unique de Creation Godinho Ronny Michel Valverde Mena Registre Commerce et Credit Dieter Gallop Fernandez d’Entreprise Miranda Correia Amendoeira Extrusiones de Aluminio SA Immobilier Global Logistics & Associados - Sociedade de Philippe Mvita Kabasele Tracy Varela Calderón Gracia Kavumvula Advogados RL Neftali Garro Banque Centrale du Congo Arias & Muñoz Ministère des Affaires BLP Abogados Emmanuel Le Bras Foncières Gabriel Mwepu Numbi Ismael Vargas PwC Miguel Golcher Valverde Direction Générale des PwC Costa Rica Pierre Kazadi Tshibanda Colegio de Ingenieros Douanes et Accises Christian Eric Locko Cabinet Masamba Electricistas, Mecánicos e Marianela Vargas Brudey, Ondziel Gnelenga, Ilunga Israel Ndambi Industriales PwC Costa Rica Arly Khuty Locko Cabinet d’Avocats S.I.E.C. SPRL Cabemery & Associates Roy Guzman Ramirez Jafet Zúñiga Salas Salomon Louboula Felly Ngobila Compañía Nacional de Superintendencia General de Dolores Sonia Kimpwene Etude Notariale Louboula Klam & Partners Avocats Fuerza y Luz Entidades Financieras Etude Kabinda - Cabinet Jay Makoundou d’Avocats Victorine Bibiche Nsimba Jorge Hernández PwC CÔTE D’IVOIRE Kilembe Colegio de Ingenieros Baby Kitoko Barreau de Kinshasa/Matete Ado Patricia Marlene Matissa Electricistas, Mecánicos e BICICI - Banque Experts Freight - RDC Cabinet Notarial Matissa Industriales Internationale pour le Jean-Bienvenu Ntwali Marc Kongomayi Mulumba Commerce et l’Industrie de Byavulwa Benic Mbanwie Randall Zamora Hidalgo Société Nationale la Côte d’Ivoire Etude Kabinda - Cabinet PwC Costa Rica ABC d’Electricité (SNEL) d’Avocats Imboua-Kouao-Tella (IKT) & Zahour Mbemba Elvis Jiménez Gutiérrez Christ Kuty Associés Laurent Okitonembo Business Lawyer and Superintendencia General de Cabemery & Associates Cabinet Djunga & Risasi Interpreter Entidades Financieras Monique Allou Richard Léonard Lomami Etude de Maitre Monique Moïse Omar Kanda Firmin Moukengue Margarita Libby Hernandez SDV Logistics Allou B.Tshibangu Ilunga & Cabinet Moukengue Margarita Libby y Asociados Jules Wemby Lofudu Associés SA Claude Aman Robert Ngabou Ministère de l’enseignement Bolloré Africa Logistics Abdoulaye G. Ouane CAP Architects Vicente Lines supérieur, Institut Klam & Partners Avocats Arias & Muñoz Ika Raymond Any-Gbayere supérieur d’architecture et Regina Nicole Okandza Yoka AnyRay & Partners d’urbanisme Jean-Louis Paquet Direction Générale des Carlos Marin Castro Atelier d’Architecture Impôts Ministerio de Comercio Jean Baptiste Dotia Christophe Louise-Julie Exterior CIE PwC Congo (Democratic Jean-Yves Parant Jean Petro Republic of) KPMG Cabinet d’Avocats Jean Andres Mercado Bassambie Bationo Petro Oller Abogados BCEAO Emmanuel Lubala Mugisho Destin Pelete Cabinet Lubala & Associés DHL Global Forwarding Andre François Quenum Jaime Molina Diane Behiri Cabinet Andre Francois Proyectos ICC SA AnyRay & Partners Christian Lukusa Pierre Risasi Quenum Klam & Partners Avocats Cabinet Djunga & Risasi Jorge Montenegro Binde Binde Sariaka Randrianarisoa SCGMT Arquitectura y Africa Trans-Logistics Serge Mwankana Lulu Robert Safari Zilarirwa Cabinet John W. Ffooks & Diseño International Avocat Commercial Court (Tribunal Co., member of Bowman de Commerce) Eduardo Montoya Solano Michel Kizito Brizoua-Bi Carol Lutaladio Gilfillan Africa Group Superintendencia General de Bile-Aka, Brizoua-Bi & Direction Générale des Freddy Mulamba Senene Jean Jacques Youlou Entidades Financieras Associés Douanes et Accises Mulamba & Associates Law Ministère de la Firm Ricardo Murillo Lassiney Kathann Camara Vital Lwanga Bizanbila Construction, de SOCIACO CLK Avocats Cabinet Vital Lwanga Christie Madudu Sulubika l’Urbanisme et Habitat Cabinet Madudu Sulubika Cecilia Naranjo Asman César Aubin Mabanza Alpha Zingamoko LEX Counsel Cabinet N’Goan, Asman & Klam & Partners Avocats William Tsasa PwC Associés Klam & Partners Avocats Pedro Oller Béatrice Mabanza COSTA RICA Oller Abogados Ousmane Coulibaly Klam & Partners Avocats Christian Tshibanda Mulunda Ministère de la Cabinet Masamba Autoridad Reguladora Diana Pál-Hegedüs Robert Majambo Construction, du Logement, de los Servicios Publicos Pál-Hegedüs & Ortega Yav & Associates Sylvie Tshilanda Kabongo de l’Assainissement et de (ARESEP) Abogados Cabinet Madudu Sulubika l’Urbanisme Vita Mampuya Luis Acuna Marianne Pál-Hegedüs Ortega VIM Agency Seraphin Umba Patrick D. Grahouan Asesores Legales en Pál-Hegedüs & Ortega Yav & Associates Ernst & Young Roger Masamba Makela Propiedad Industrial Abogados Cabinet Masamba Willy Vangu Malanda Arsène Dablé Gloriana Alvarado Roger Petersen Bureau d’architecte SCPA Dogué-Abbé Yao & Aristide Mbayo Makyata Pacheco Coto Alliance Law Group, SRL Associés Direction Générale des Nadine Mundala Walo Arnoldo André Alvaro Quesada Loría Douanes et Accises Cabinet Madudu Sulubika Zirignon Constant Delbe Andre Tinoco Abogados Aguilar Castillo Love Ministère de l’Agriculture Paul Mbodi Alejandro Antillon CONGO, REP. Mauricio Quiros KPMG Issa Diabaté Pacheco Coto Central Law - Quiros Franck Export Congo Koffi & Diabaté Tanayi Mbuy-Mbiye Abogados Carlos Araya Cabinet Mbuy-Mbiye & Prosper Bizitou Aboubakar-Sidiki Diarrassouba Central Law - Quiros Ana Quiros Vaglio Associés PwC CLK Avocats Abogados TransUnion Marie-Thérèse Moanda Antoine Bokolo Joue Cheick Diop Alejandro Bettoni Traube Ricardo Rodriguez Klam & Partners Avocats CAP Architects Cabinet Du Docteur Cheick Doninelli & Doninelli Central Law - Quiros Diop, Avocats Junior Mosei Mbongo Lydie Diawara - Asesores Jurídicos Abogados Cabinet Masamba SNE (Société Nationale Asociados Aly Djiohou Manrique Rojas d’Electricité) IJF Conseils Juridiques Louman Mpoy Lexincorp Mpoy Louman & Associés ACKNOWLEDGMENTS 269 Marius Doh Diomande Moussa Milan Bandić Sanja Jurković Slađana Miočić CIE FCL - Fret, Consignation, Central City Administration PwC Croatia Agency for Investments and Logistique of Zagreb Competitiveness Laure Dosseh Petra Jurković Mutabžija Etude de Maître Kone Xavier Edouard N’cho Hrvoje Bardek Croatian Bank for Jan Mokos Mahoua Ministère de l’Agriculture CMS Legal Reconstruction and Korper & Partneri Law Firm Development Yolande Doukoure Séhinabou Georges N’Goan Tena Baričić Hrvoje Mršić DSY Architecte Cabinet N’Goan, Asman & Glinska & MiŠkoviĆ Ltd. Ančica Kačić Ministry of Finance Associés City of Zagreb Office Dorothée K. Dreesen Iva Bjelinski Zeljana Muslim for Physical Planning, Etude Maître Dreesen Patricia N’guessan Glinska & MiŠkoviĆ Ltd. Financial Agency - Center Construction of the Cabinet Jean-François for HITRO.HR Antoine Gahie Karmen Boban City, Utility Services and Chauveau EOLIS Glinska & MiŠkoviĆ Ltd. Transport Marina Mustapic Jacques Otro Bocassy LLC Liadé Vaudy Gbetibouo Zoran Bohaček Ozren Kobsa Conseil National de l’Ordre CLK Avocats Croatian Banking Divjak, TopiĆ & BahtijareviĆ Mate Mustapic des Architectes Association AlfaStan Fatim Gliti Iva Kemec Kokot Nanakan Ouattara Ecobank Côte d’Ivoire Maja Zadravec Boloban Zagreb Civil Law Notary Lea Mužić Ministère de l’Agriculture Eugen Zadravec Law Firm Divjak, TopiĆ & BahtijareviĆ Claude-Andrée Groga Gordana Kovačević Vanja Ramanandraitsiory Cabinet Jean-François Mijo Brković Ministry of Physical Vladimir Nol Cabinet John W. Ffooks & Chauveau HROK d.o.o. Planning and Construction Ernst & Young Savjetovanje Co., member of Bowman d.o.o. Mahaman Tahir Hamani Gilfillan Africa Group Tony Budidjaja Linda Križić BCEAO Budidjaja & Associates Law Divjak, TopiĆ & BahtijareviĆ Jelena Orlic Sariaka Randrianarisoa Offices Wolf Theiss Benoît-Joseph Hiahuat-Gadou Cabinet John W. Ffooks & Anita Krizmanić Conseil National de l’Ordre Co., member of Bowman Rajka Bunjevac MaČeŠiĆ & Partners, Ana Padjen des Architectes Gilfillan Africa Group Croatian Chamber of Odvjetnicko drustvo MaČeŠiĆ & Partners, Architects Odvjetnicko drustvo Nanette Kaba Ackah Athanase Raux Višnja Kufrin Bolloré Africa Logistics Cabinet Raux, Amien & Belinda Čačić Ministry of Physical Zdenko Pajić Associés ČaČiĆ & Partners Planning and Construction Ministry of Justice Barnabe Kabore NOVELEC SARL Pierre Sahue Mirjana Chour Hrsak Vesna Kusin Žana Pedić EOLIS Zagreb Commercial Court Central City Administration Ministry of Finance Guillaume Koffi of Zagreb Conseil National de l’Ordre Felix Sally Vlatka Cikac Tomislav Pedišić des Architectes Universal Service Company Law Office Cikac Krešimir Ljubić Vukmir & Asociates OdvjetniČko druŠtvo Leko i Noël Koffi Desire Sampah Ivan Ćuk Marija Petrović Partneri Cabinet Noël Y. Koffi NOVELEC SARL Vukmir & Asociates Divjak, TopiĆ & BahtijareviĆ Andrea Lončar François Komoin Stephane Sampah Carla Culi Nikra Petrović Glinska & Mišković Ltd. Tribunal de Commerce NOVELEC SARL Agency for Investments and City of Zagreb Office Competitiveness Marko Lovrić for Physical Planning, Fatoumata Konate Toure-B. Moussa Sanogo Divjak, TopiĆ & BahtijareviĆ Construction of the Etude de Me Konate Toure-B. BCEAO Saša Divjak City, Utility Services and Fatoumata Divjak, TopiĆ & BahtijareviĆ Josip Lozančić Zinda Sawadogo Transport Tax Administration Dogbémin Gérard Kone Société Civile Renata Duka Tatjana Pinhak SCPA Nambeya-Dogbemin & Professionnelle d’Avocats Ministry of Justice Miran Mačešić Ministry of Justice Associes (SCPA) Le Paraclet MaČeŠiĆ & Partners, Bozidar Feldman Odvjetnicko drustvo Krešimir Planinić Mahoua Kone Dominique Taty Matic & Feldman Planinić & Partners Etude de Maître Kone PwC Côte d’Ivoire Miroljub Mačešić Tomislav Fridrich Mahoua MaČeŠiĆ & Partners, Danijel Pribanić Sandrine Tegnan Cargo-Partner Odvjetnicko drustvo KN Karanović & Nikolić Kouassi Kongo Kouadio Guichet Unique de Mirela Fučkar Bouygues Energies & l’Investissement en Côte Ivan Mandic Tomislav Poljak d’Ivoire - CEPICI Ministry of Justice AlfaStan Services HEP Distribution System Tonka Gjoić Operator Ltd. Dramane Kouakou Karidja Toure-Ballo Ivana Manovelo Etude de Maitre Karidja Glinska & MiŠkoviĆ Ltd. MaČeŠiĆ & Partners, Bolloré Africa Logistics Nino Radic Toure-Ballo Ivan Gjurgjan Odvjetnicko drustvo Zagreb Commercial Court Usher Kouakou Djak Kady Traore Gjurgjan & Šribar RadiĆ Danko Markovinović EOLIS Hrvoje Radić CLK Avocats Law Firm State Geodetic Gjurgjan & Šribar RadiĆ Gilles Kouamé Ana-Maria Gurdulić Administration Law Firm PwC Côte d’Ivoire Fousséni Traoré PwC Côte d’Ivoire Law Firm Božić and Šego Josip Marohnić Iva Rašić Angèle A. Kouassi Lidija Hanźek KN Karanović & Nikolić Ministry of Justice Cabinet Kouassi et Associés Flora Vabry SCPA Dogué-Abbé Yao & HROK d.o.o. Josip Martinić Josipa Rebrina Dominique Kouyate Associés Sonja Herceg Wolf Theiss Ernst & Young Savjetovanje Bolloré Africa Logistics Croatian Bank for d.o.o. Pascal Yao Iva Masten Koyo Etude de Maitre Jean-Thierry Reconstruction and Vidan Attorneys-at-Law Gordan Rotkvić SABKA Debey Development PwC Croatia Petra Matas Claude Lath Dunja Hitrec Emmanuel Yehouessi Matijevich Law Office Boris Šavorić Universal Service Company BCEAO Ernst & Young Savjetovanje ŠavoriĆ & Partners d.o.o. Petar-Pierre Matek Cisse Mamadou Tiede Robert Zizonhi Board of Croatian Financial Slaven Šego Tribunal de Commerce Ministère de l’Agriculture Branimir Iveković Services Supervisory Agency Law Firm BoŽiĆ and Šego IvekoviĆ Law Office Bruno Messerschmitt Tin Matić Zvonimir Sever Deloitte CROATIA Vinka Jelavić Tin MatiĆ Law Office Croatian Chamber of Civil Boris Andrejaš Agency for Investments and Adeline Messou Engineers Competitiveness Andrej Matijevich PwC Côte d’Ivoire Babić & Partners Matijevich Law Office Bernard Sihombing Ines Androić Brajčić Irina Jelčić Messou Augustin Messou Oi Budidjaja & Associates Law HanŽekoviĆ & Partners Ltd., Ema Menđušić Škugor Ministère de la Ministry of Physical Offices member of Lex Mundi Divjak, TopiĆ & BahtijareviĆ Construction, du Logement, Planning and Construction Dušanka Šimunović de l’Assainissement et de Saša Jovičić Danijel Meštrić Stanislav Babic Croatian Chamber of l’Urbanisme Wolf Theiss Ministry of Physical BabiĆ & Partners Architects Planning and Construction Sylla Mory Dubravko Bačić Domagoj Juricic Tea Škarpa CIE Croatian Chamber of Ivanka Mikulinec University of Zagreb PwC Croatia Economy Ministry of Physical Nina Epse Moulot Planning and Construction Ana-Marija Skoko EOLIS CMS Legal 270 DOING BUSINESS 2015 Alan Soric Kypros Chrysostomides Stella Papadopoulou Tereza Erényi Ludek Vrána Alan Soric & Aleksandra Dr. K. Chrysostomides & Ministry of Interior PRK Partners s.r.o. Vrána & Pelikán Tomekovic Dunda Law Office Co. LLC advokátní kanceláŘ, member Christos Papamarkides Martina Závodná of Lex Mundi Morena Šoštarić Andrea Chrysostomou Deloitte Baker & McKenzie Gjurgjan & Šribar RadiĆ PwC Cyprus Josef Forejt Marilou Pavlou Law Firm PREdistribuce DENMARK Achilleas Demetriades Antis Triantafyllides & Manuela Špoljarić Lellos P. Demetriades Law Sons LLC Michal Hanko Center for Construction Odvjetničko društvo Office LLC Bubnik, Myslil & Partners Chrysilios Pelekanos Elsebeth Aaes-Jørgensen Leko i Partneri Eleni Droussioti PwC Cyprus Martin Hofman Norrbom Vinding, member of Irena Šribar Radić Dr. K. Chrysostomides & CRIF - Czech Credit Bureau Ius Laboris Marios Pelekanos Gjurgjan & Šribar RadiĆ Co. LLC AS Mesaritis Pelekanos Niels Bang Law Firm Alexandros Economou Architects - Engineers Vít Horáček Gorrissen Federspiel Ingrid Stefan Alexandros Economou LLC Glatzová & Co. Costas Petrou Peter Bang Transadria Tatia Efsathiou Electricity Authority of Lukáš Hron Plesner Marko Stilinović P.G. Economides & Co Limited Cyprus Baker & McKenzie Thomas Bang Čačić & Partners - member of Russell Bedford Ioanna Petrou Pavel Jakab Lett Law Firm International Lidija Svaljek PwC Cyprus Peterka & Partners Ole Borch Croatian Chamber of Lefteris S. Eleftheriou Maria Petsa Kateřina Jarolímková Bech-Bruun Law Firm Economy, Business Cyprus Investment Cyprus Stock Exchange NotáŘská Komora České Information Center Promotion Agency Frants Dalgaard-Knudsen Republiky Yiannos Pipis Plesner Sandra Svaljek Elena Frixou Nice Day Developments Ltd. Pavla Kopečková Přikrylová Central City Administration Artemis Bank Information Pia Dalziel Peterka & Partners of Zagreb Systems Ltd. Chryso Pitsilli - Dekatris Miller Rosenfalck LLP Dr. K. Chrysostomides & Filip Košťál Marin Svić Demetris Georgiades Frederik Jacob Estrup Co. LLC Wolf Theiss Rechtsanwälte Praljak & SviČ Harneys Aristodemou Kromann Reumert, member GmbH & Co. Loizides Yiolitis LLC Costas Stasopoulos of Lex Mundi Zoran Tasić Electricity Authority of Jakub Krabec CMS Legal Elvira Georgiou Anne Birgitte Gammeljord Cyprus Baker & McKenzie Antis Triantafyllides & Gorrissen Federspiel Zrinka Terlep Sons LLC Eliza Stasopoulou Adela Krbcová Zagreb Commercial Court Henrik Groos Cyprus Stock Exchange Peterka & Partners Froso Gypsioti Accura Vladislav Tomić Tornaritis Law Firm Anna Stylianou Petr Kucera Advokatpartnerselskab Picard Kentz & Rowe LLP Artemis Bank Information CRIF - Czech Credit Bureau Iacovos Hadjivarnavas Anne Louise Haack Andersen Aleksander Topol Systems Ltd. AS Famagusta Chamber of Lett Law Firm Cargo-Partner Commerce and Industry Stelios Stylianou Lukas Lejcek Merry Hansen Marko Uljević Electricity Authority of BDP-Wakestone s.r.o. Andreas Ioannides Plesner Ministry of Justice Cyprus Electricity Authority of Pavel Marc Mikkel Severin Hansen Hrvoje Vidan Cyprus Criton Tornaritis DLA Piper Prague LLP Bruun & Hjejle Vidan Attorneys-at-Law Tornaritis Law Firm George Karakannas Peter Maysenhölder Tove Hansen Željko Vrban Ch.P. Karakannas Electrical Stelios Triantafyllides BNT Attorneys-at-Law s.r.o. Experian Northern Europe HEP Distribution System Ltd. Antis Triantafyllides & Martina Milotová Operator Ltd. Sons LLC Mette Højberg Georgios Karrotsakis Peterka & Partners Bech-Bruun Law Firm Marin Vuković Department of Registrar Irene Tziakouri David Musil Divjak, TopiĆ & BahtijareviĆ of Companies and Official PwC Cyprus Jens Steen Jensen Receiver PwC Czech Republic Kromann Reumert, member Gorana Vukušić Amalia Vassiliadou Jarmila Musilova of Lex Mundi Leko i Partneri Spyros G. Kokkinos PwC Cyprus Department of Registrar Czech National Bank Attorneys-at-Law Hans-Peter Jørgensen Christiana Vassiliou Miliou of Companies and Official Tereza Naučová Gorrissen Federspiel Boris Zelenika Receiver Antis Triantafyllides & Kinstellar Ministry of Justice Sons LLC Eva Kaya Christina Koronis Helena Pajskrová Advokatgruppen Petar Živković Xenios L. Xenopoulos PwC Cyprus KPMG in the Czech Republic Divjak, TopiĆ & BahtijareviĆ Xenios L. Xenopoulos LLC Lars Kjaer Nicholas Ktenas Dana Sládečková Bech-Bruun Law Firm CYPRUS Andreas Neocleous & Co. CZECH REPUBLIC Czech National Bank Legal Consultants Christian Kjølbye Zenon Achillides Notary Chamber, Czech Zuzana Slováková Plesner Law Firm Cyprus Stock Exchange Olga Lambrou Republic DLA Piper Prague LLP Mouaimis & Mouaimis LLC Mette Klingsten Olga Adamidou Ondrej Antos Ladislav Smejkal Bech-Bruun Law Firm Antis Triantafyllides & Pieris M. Markou Squire Sanders v.o.s. White & Case Deloitte Mikkel Stig Larsen Sons LLC Advokátní KanceláŘ Pavel Srb Kromann Reumert, member Alexandros Alexandrou Christos Mavrellis Libor Basl Wolf Theiss Rechtsanwälte of Lex Mundi Tornaritis Law Firm Chrysses Demetriades & Baker & McKenzie GmbH & Co. Co. LLC Susanne Schjølin Larsen Achilleas Amvrosiou Tomáš Bĕhounek Martin Štěpaník Kromann Reumert, member Artemis Bank Information Costas Mavrocordatos BNT Attorneys-at-Law s.r.o. Peterka & Partners of Lex Mundi Systems Ltd. PwC Cyprus Stanislav Beran Paul Stewart Jesper Avnborg Lentz Irene Anastassiou Petros Mina Peterka & Partners PwC Czech Republic Gorrissen Federspiel Dr. K. Chrysostomides & Electricity Authority of Jiří Černỳ Marek Švehlík Morten Bang Mikkelsen Co. LLC Cyprus Peterka & Partners Švehlí & MikulአAdvokáti PwC Denmark Anaxagoras Anaxagora Michalis Mouaimis s.r.o. Ivan Chalupa Andreas Nielsen Demos Anaxagoras Ltd. Mouaimis & Mouaimis LLC Squire Sanders v.o.s. Růžena Trojánková Bruun & Hjejle Electrical Contractors Panayotis Mouaimis Advokátní KanceláŘ Kinstellar Mouaimis & Mouaimis LLC Michael Vilhelm Nielsen Andreas Andreou Jakub Cisar Daniel Vejsada Plesner Law Firm Cyprus Global Logistics George Mouskides DLA Piper Prague LLP PRK Partners s.r.o. FOX Smart Estate Agency Susanne Nørgaard Pavlos Aristodemou advokátní kanceláŘ, member Martin Dančišin PwC Denmark Harneys Aristodemou of Lex Mundi Demetris Nicolaou Glatzová & Co. Loizides Yiolitis LLC Jim Øksnebjerg Harneys Aristodemou Jiri Vlastnik Kamila Dankova Advokataktieselskabet Antonis Charalambous Loizides Yiolitis LLC Vejmelka & Wünsch, s.r.o. White & Case Horten Limassol Municipality Varnavas Nicolaou Tomáš Volejník Svatava Dokoupilova Carsten Pedersen Antonis Christodoulides PwC Cyprus BNT Attorneys-at-Law s.r.o. Czech Office for Surveying, Bech-Bruun Law Firm PwC Cyprus Mapping and Cadastre ACKNOWLEDGMENTS 271 Lars Lindencrone Petersen Aicha Youssouf Abdi Erick Carvajal Capellan Luisa Ericka Pèrez Hernàndez Sandra Cevallos Bech-Bruun Law Firm Cabinet CECA Carvajal Polanco & Superintendencia de Bancos Pérez, Bustamante y Ponce, Asociados SRL member of Lex Mundi Marianne Philip Carolina Pichardo Kromann Reumert, member DOMINICA Joan Carvajal Capellan Biaggi & Messina Fernando Coral of Lex Mundi Kertist Augustus Carvajal Polanco & Panalpina World Transport Julio Pinedo Waterfront and Allied Asociados SRL LLP Steen Rosenfalck PwC Dominican Republic Workers Union Miller Rosenfalck LLP Joel Carvajal Capellan Lucía Cordero Ledergerber Maria Portes Jo-Anne Commodore Carvajal Polanco & Falconi Puig Abogados Jakob Sonne Rydahl Castillo y Castillo Supreme Court Registry Asociados SRL Kromann Reumert, member Gonzalo Diez P. Aimee Prieto of Lex Mundi Lisa de Freitas Roberto Carvajal Polanco Gonzalo Diez Arquitectos Legal Export SRL de Freitas de Freitas and Carvajal Polanco & Kristine Sachmann Miguel Falconi-Puig Johnson Asociados SRL Martha Ramirez Kromann Reumert, member Falconi Puig Abogados González & Coiscou of Lex Mundi Marvlyn Estrado Ramon Ceballos Jaime Gordillo Ceballos & Sánchez, Sayra J. Ramirez Michael Schebye Christopher Forde PwC Ecuador Ingeniería y Energía, C. por A. Legal Export SRL Gorrissen Federspiel Isidore & Associates LLP Arturo Griffin Valdivieso Stephania Céspedes Jose Antonio Reyes Claus Schmidt Nathaniel George Pérez, Bustamante y Ponce, Headrick Rizik Alvarez & Ageport, Agentes y Panalpina World Transport DOMLEC member of Lex Mundi Fernández Estibadores Portuarios Kim Sejberg F. Adler Hamlet Raul Izurieta Leandro Corral Nicole Rizik Realco Company Limited Izurieta Mora Bowen Law Louise Krarup Simonsen Estrella & Tupete Headrick Rizik Alvarez & Kromann Reumert, member Foued Issa Fernández Alvaro Jarrín José Cruz Campillo of Lex Mundi Issa Trading Ltd. Superintendencia de Bancos Jiménez Cruz Peña Katherine Rosa y Seguros Thomas Christian Thune Sandra Julien Jiménez Cruz Peña Sarah de León Perelló Bech-Bruun Law Firm Companies and Intellectual María Isabel Machado Headrick Rizik Alvarez & Fanny Sanchez Property Office Falconi Puig Abogados Jens Zilstorff Fernández Gestiones Aduanales Sosa Plesner Law Firm Justinn Kase Carlos Alberto Maldonado Juan Carlos De Moya Francisco Sánchez Independent Regulatory Terneus González & Coiscou Ceballos & Sánchez, DJIBOUTI Commission Empresa Eléctrica Quito SA Ingeniería y Energía, C. por A. Rosa Díaz Electricité de Djibouti Frankie Lowe Juan Manuel Marchán Jiménez Cruz Peña Georges Santoni Recio DOMLEC Pérez, Bustamante y Ponce, Pil Djibouti Russin & Vecchi Rafael Dickson Morales member of Lex Mundi Michelle Matthew Mohamed Abayazid Houmed Dickson Morales - Abogados Elizabeth Silfa National Co-operative Luis Marin-Tobar Cabinet Avocats Associés | Consultores Headrick Rizik Alvarez & Credit Union Limited Pérez, Bustamante y Ponce, Djibouti Fernández Ruben Edmead member of Lex Mundi Eric Mendes Mohamed Abdi Hassan Marítima Dominicana Carolina Silié House of Assembly David Najera Obando Cabinet ArkiMed Headrick Rizik Alvarez & Alejandro Fernández de Castro Falconi Puig Abogados Richard Peterkin Fernández Ouloufa Ismail Abdo PwC Dominican Republic Grant Thornton Francisco Javier Naranjo Office Djiboutien de la Martín Sosa Leonel Fernandez Ferreira Grijalva Propriété Industrielle et Joan K.R. Prevost Gestiones Aduanales Sosa AES Dominicana Paz Horowitz Robalino Commerciale (ODPIC) Prevost & Roberts Katherine Stefan Garcés Abogados Mary Fernández Rodríguez Ahmed Abdourahman Cheik Eugene G. Royer Jiménez Cruz Peña Headrick Rizik Alvarez & Priscilla Ortega Cabinet Avocats Associés Eugene G. Royer Chartered Fernández Michelle Tavares Arízaga & Co. Abogados Djibouti Architect Total Logistics Solutions Jose Ernesto Garcia A. Esteban Ortiz Iwad Ali Mohamed Dawn Yearwood S.R.L. Transglobal Logistic Pérez, Bustamante y Ponce, Ministère de la Justice Yearwood Chambers Juan Tejeda member of Lex Mundi Pablo Gonzalez Tapia Wabat Daoud PwC Dominican Republic DOMINICAN REPUBLIC González & Coiscou Julian Pástor Wabat Daoud Law Firm Laura Troncoso Sempértegui Ontaneda Dominican International Tony Guillén Ali Dini Forwarding-DIF OMG Andrea Pavon Cabinet d’Avocat Ali Dini Fabio Guzmán-Ariza Ana Gisselle Valerio Vicsan Logistics SA TransUnion Dominican Guzmán-Ariza Daniel Dubois Republic Troncoso y Caceres Mariela Perrone-Reed Atelier d’Architecture Marelys Howley Vilma Veras Terrero Pérez, Bustamante y Ponce, Maria Teresa Acta Total Logistics Solutions Félix Emok N’Dolo Jiménez Cruz Peña member of Lex Mundi Headrick Rizik Alvarez & S.R.L. Groupe CHD Fernández Nathalie Vidal Rodrigo Martin Pesantes Luis J. Jiménez Mourad Farah González & Coiscou Saenz Juan Alcalde Jiménez Cruz Peña Etude Maître Mourad Farah Pérez, Bustamante y Ponce, OMG Monica Villafaña Geovany López member of Lex Mundi Cassim Gadileh Melba Alcántara Russin & Vecchi Gadexp SA GBAT - Ingenierie Bruno Pineda-Cordero Headrick Rizik Alvarez & Chery Zacarías Carlos Marte Pérez, Bustamante y Ponce, Malik Garad Fernández Medina & Rizek, Abogados Agencia de Comercio member of Lex Mundi Banque Centrale de Djibouti Alexis Alvarado Diaz Exterior CM ECUADOR Xavier Amador Pino Habib Ibrahim Mohamed EDESUR Jesús Geraldo Martínez Estudio Juridico Amador Direction de l’Habitat et de DLL Law Office Ana Alvira Mera Alcántara l’Urbanisme Daniel Pino Arroba Agencia de Aduanas Mera Superintendencia de Bancos MZ Sistemas Electricos y Coronel y Pérez Ismael Mahamoud Electronicos Joan Carolina Arbaje Berges Fabiola Medina Universite de Djibouti Ramiro Pinto Jiménez Cruz Peña Medina & Rizek, Abogados Pablo Aguirre Pinto & Garcés Asoc. Cía Alain Martinet PwC Ecuador Lissette Balbuena Laura Medina Ltda - member of Russell Cabinet d’Avocats Martinet Stewart Title Dominicana SA Jiménez Cruz Peña Maria Isabel Aillon Bedford International & Martinet Pérez, Bustamante y Ponce, Jennifer Beauchamps Enmanuel Montás Patricia Ponce Arteta Marie-Paule Martinet member of Lex Mundi Jiménez Cruz Peña MS Consultores Bustamante & Bustamante Cabinet d’Avocats Martinet Jorge Aymar & Martinet Laura Bobea Rafael Morel Juan Carlos Proaño Equifax Ecuador Buró de Medina & Rizek, Abogados Total Logistics Freight Panalpina World Transport Ibrahim Mohamed Omar Información Crediticia C.A. LLP Cabinet CECA Nelson Brens Natia Núñez Gracia Benedito-Blanco Asociación Dominicana de Headrick Rizik Alvarez & Manuel Ramos Abdallah Mohammed Kamil Pérez, Bustamante y Ponce, Agentes de Aduanas, Inc. Fernández PwC Ecuador Etude Maître Mohammed member of Lex Mundi ADAA Kamil Ramón Ortega Sandra Reed-Serrano Diego Cabezas-Klaere Ana Isabel Caceres PwC El Salvador Pérez, Bustamante y Ponce, Ayman Said Cabezas & Cabezas-Klaere Troncoso y Caceres member of Lex Mundi Wabat Daoud Law Firm 272 DOING BUSINESS 2015 Leonardo Sempértegui Yara Ammar Shahdan Essam Eman Moheyeldin Shereen Zaky Sempértegui Ontaneda PwC Egypt Talal Abu Ghazaleh Legal Hassouna & Abou Ali Shalakany Law Office, (TAG-Legal) member of Lex Mundi Ruth Urbano Sherif Ibrahim Ashoor Alia Monieb Sempértegui Ontaneda Central Bank of Egypt Sara Ezzat Ibrachy & Partners Eman Zein Elabden Zaher Shalakany Law Office, Afifi World Transport Hoda Attia Mostafa Mostafa EGYPT, ARAB REP. member of Lex Mundi Alexandria Ministry of Transport Al Kamel Law Office Helmy, Hamza & Partners, Mariam Fahmy Mona Zobaa Khaled Balbaa Mostafa Mohamed Mostafa member firm of Baker & Shalakany Law Office, Ministry of Investment KPMG Al Kamel Law Office McKenzie International member of Lex Mundi Wagih Barakat Yousr Mounib EL SALVADOR Abdel Aal Aly Ghadeer Fathy AAW Consulting Engineers Ministry of Industry and Afifi World Transport Ibrachy & Dermarkar Law Miguel Angel Aguilar Foreign Trade Alexandria Sherif Dabbous Firm Ale Cargo SA de CV Sherif Dabbous - member Youssef Nassef Naguib Abadir Tarek Gadallah Francisco Armando Arias of Russell Bedford TELELAWS Nacita Corporation Ibrachy & Partners Rivera International Ehab Obaid Arias & Muñoz Mohamed Abd El-Sadek Mahmoud Gamal El-Din Mohamed Darwish South Cairo Court International Center for Ministry of Industry and Francisco José Barrientos Cobbetts International Law, Intellectual Property Foreign Trade Marwa Omara Francisco Jose Barrientos Cairo and Arbitration (ICLIPA) TELELAWS SA de CV Samir Ghareeb Al-Nahas Abdallah El Adly Ghada Abdel Aziz Ministry of Local Mona Ossama Abraham Bichara PwC Egypt Ibrachy & Dermarkar Law Development Ibrachy & Dermarkar Law AES El Salvador Firm Amany El Bagoury Firm Mohamed Gomaa Ali Rafael Burgos AM Law Firm Mostafa Mahmoud Abdel Ministry of Industry and Alya Rady Arias & Muñoz Kader Mohamed Refaat El Houshi Foreign Trade Ministry of Industry and Hazel Alexandra Cabezas Egyptian Tax Authority The Egyptian Credit Bureau Foreign Trade Farah Ahmed Haggag Aguilar Castillo Love I-Score Badr El Din Abdel Khalek Ministry of Industry and Ingy Rasekh Carlos Roberto Alfaro Castillo Talal Abu Ghazaleh Legal Hassan El Maraashly Foreign Trade Mena Associates, member of Aguilar Castillo Love (TAG-Legal) AAW Consulting Engineers Amereller Rechtsanwälte Mohamed Hashish Christian Castro Mostafa Abdel Rahim Amr El Monayer TELELAWS Ahmad Bahaa Rashed AES El Salvador Al Kamel Law Office PwC Egypt AM Law Firm Maha Hassan Luis Alfredo Cornejo Martínez Ahmed Abdel Warith Farah El Nahas Afifi World Transport Doaa Mohamed Ahmed Cornejo & Umaña, Ltda de CV AAW Consulting Engineers Shalakany Law Office, Alexandria Sangak - member of Russell Bedford member of Lex Mundi Egyptian Tax Authority Nour Mostafa Abo Elella Ola Hassan Mohamed International General Organization of Ahmed El Shalakany Talal Abu Ghazaleh Legal Tarek Sarhan Celina Cruz Export & Import Control Shalakany Law Office, (TAG-Legal) Freelance La Oficina de Planificación member of Lex Mundi Amr Abo Elfetouh Tarek Hassib Amira Thabet Sayed del Área Metropolitana de Ministry of Investment Emad El Shalakany Al Kamel Law Office Sherif Dabbous - member San Salvador (OPAMSS) Shalakany Law Office, of Russell Bedford Ahmed Abou Ali Omneia Helmy Rina de Anaya member of Lex Mundi International Hassouna & Abou Ali Egyptian Center for UNEX Khaled El Shalakany Economic Studies Mohamed Serry Gamal Abou Ali Lissette de Orantes Shalakany Law Office, Serry Law Office Hassouna & Abou Ali Ramy Hussein member of Lex Mundi Porfirio Diaz Fuentes Ministry of Investment Mohamed Shafik Sayed Abuelkomsan DLM, Abogados, Notarios & Aly El Shalakany Ministry of Industry and Ministry of Industry and Mohamed Hussein El Saba Consultores Shalakany Law Office, Foreign Trade Foreign Trade Mahoney Shipping & Marine member of Lex Mundi Lorena Dueñas Services Wael Shaker Nermine Abulata Superintendencia del Menna Elabdeeny Island Group Ministry of Industry and Badawi Ibrahim Sistema Financiero Ministry of Industry and Foreign Trade Ministry of Industry and Abdallah Shalash Foreign Trade Ericka Elias Foreign Trade Abdallah Shalash & Co. Mona Adel PwC El Salvador Soheir Elbanna Talal Abu Ghazaleh Legal Badawy Ibrahim Ramy Shalash Ibrachy & Partners David Ernesto Claros Flores (TAG-Legal) Customs Administration Abdallah Shalash & Co. García & Bodán Amr Eleish Hazem Ahmed Fathi Mohamed Kafafi Mohammad Shamroukh General Authority for Camila Escobar Hassouna & Abou Ali The Egyptian Credit Bureau Giza Economic Court Investment GAFI Lexincorp I-Score Mohamed Ali Abdelrahman Sherif El-Gammal Enrique Escobar Central Bank of Egypt Mohamed Kamal Mena Associates, member of Ministry of Industry and Lexincorp Shalakany Law Office, Amereller Rechtsanwälte Shaimaa Ali Foreign Trade member of Lex Mundi Marta Escobar Ministry of Industry and Sharif Shihata Samir El-Gammal UNEX Foreign Trade Mohamed Kamel Shalakany Law Office, Ministry of Industry and Al Kamel Law Office member of Lex Mundi Celina Escolán Suay Ashraf Alkafrawy Foreign Trade Lexincorp Cairo Economic Court Mohamed Kandel Shaimaa Solaiman Ashraf Elibrachy Al Kamel Law Office Challenge Law Firm Roberta Gallardo de Cromeyer Osama Abd Al-Monem Ibrachy & Partners Arias & Muñoz Ministry of Industry and Mohanad Khaled Frédéric Soliman Ihab El-Mahdy Foreign Trade BDO, Khaled & Co. TELELAWS America Hernandez Registering Property Ale Cargo SA de CV Naser Al-Qormani Project Taha Khaled Hesham Soliman Office of the Minister of BDO, Khaled & Co. Medstar For Trading & Benjamín Valdez Iraheta Mohammad Elsayed Justice for Real Estate Stevedoring Co. SAE Benjamín Valdez & Asociados Mansoura Economic Court Adel Kheir Registration Affairs Adel Kheir Law Office Mamdouh Taha Thelma Dinora Lizama de Mostafa Elshafei Mamdoh Aly General Organization of Osorio Ibrachy & Partners Lobna Magdy AAW Consulting Engineers Export & Import Control Superintendencia del Shalakany Law Office, Yara Elshennawy Sistema Financiero Abd El Wahab Aly Ibrahim member of Lex Mundi Randa Tharwat Shalakany Law Office, Abd El Wahab Sons Nacita Corporation Martha de Jesús López Méndez member of Lex Mundi Mahmoud Magdy Guandique Segovia Ahmed Amin North Cairo Court Doaa Yehya Ashraf Elwekeel Quintanilla Shalakany Law Office, Intex Express Central Bank of Egypt Mustafa Makram member of Lex Mundi Mario Lozano BDO, Khaled & Co. Greiss Youssef Amany Elwessal Arias & Muñoz Sarah Ammar Afifi World Transport Cairo Ministry of Industry and Hassan Fahmy Mohamed Al Kamel Law Office Guillermo Massana Foreign Trade General Authority for Yehia Zakaria ATCASAL Asociación de Sayed Ammar Investment GAFI Al Kamel Law Office Transportistas de Carga de Al Kamel Law Office El Salvador ACKNOWLEDGMENTS 273 Astrud María Meléndez Angel Mba Abeso Marko Kairjak Katrin Sarap Yodit Gurji Asociación Protectora de Centurion LLP Varul MAQS Law Firm Estonia Fikadu Asfaw and Associates Créditos de El Salvador Tallinn Law Office Ezequiel Robbe Mbila Erica Kaldre (PROCREDITO) CCEI Bank GE Hough, Hutt & Partners OU Martin-Kaspar Sild Belay Kebede Alemu Antonio R. Méndez-Llort LAWIN Ethiopian Insurance Paulino Mbo Obama Kadri Kallas Romero Pineda & Asociados, Corporation Oficina de estudieos - ATEG Advokaadibüroo SORAINEN Aivar Taro member of Lex Mundi AS Attorneys-at-Law BORENIUS Adugnafirst Lelisa Sime Ponciano Mbomio Nvo Ricardo Molina Gabinete Juridico Meelis Kaps Maria Teder Tamrat Assefa Liban NOVITAS Eesti Energia Jaotusvõrk OÜ Raidla Lejins & Norcous Tamrat Assefa Liban Law Gustavo Ndong Jocelyn Mónico (Distribution Grid) Offices Afri Logistics Tarvi Thomberg Francisco Jose Barrientos Sander Kärson Eesti Energia Jaotusvõrk OÜ Deepak Mathur SA de CV Pierre Ngon Varul (Distribution Grid) Ethiopian Electrical Utility SDV Logistics Fernando Montano Katre Kasepold Triin Tigane Tewodros Meheret Arias & Muñoz Nanda Nzambi Estonian Logistics and Advokaadibüroo SORAINEN Addis Ababa University PwC Equatorial Guinea Mario Moran Freight Forwarding AS Misrak Mengehsa M. Representaciones Jenaro Obuno Ela Association Villi Tõntson Packford International Ministerio de Hacienda y Moises Orlando Pacas M. Triin Kaurson PwC Estonia Presupuesto Mahlet Mesganaw ATCASAL Asociación de MAQS Law Firm Estonia Veikko Toomere Mahlet Mesganaw Legal Transportistas de Carga de Jacinto Ona Tallinn MAQS Law Firm Estonia Advisory Office El Salvador Centurion LLP Jevgeni Kazutkin Tallinn Hailye Sahle Seifu Geraldine Palma Vincent Tekam Hough, Hutt & Partners OU Kristi Uibo AES El Salvador Mekdes Shiferaw Igor Kostjuk Ministry of Justice ERITREA Green International Logistic Carlos Pastrana Hough, Hutt & Partners OU Karolina Ullman Services Restauro Elettricità è Senai Andemariam Andreas Kotsjuba MAQS Law Firm Estonia Costruzioni Berhane Gila-Michael Law Ameha Sime Attorneys-at-Law BORENIUS Tallinn Firm Ameha Sime B.C. 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Notariat (Paris) François Vergne Ramesh Prasad Lal Oona Järvenpää Gide Loyrette Nouel, member Carpenters Shipping Tanja Törnkvist Thierry Gomot Asianajotoimisto White & of Lex Mundi Asianajotoimisto White & Banque de France Mele Rakai Case Oy Case Oy Philippe Xavier-Bender Sherani & Co. Pierre-Edouard Gondran de Juuso Jokela Gide Loyrette Nouel, member Henrik Ungern Robert Rahul Ral Suomen Asiakastieto Oy of Lex Mundi National Land Survey of Gondran de Robert Avocats Carpenters Shipping Antti Juvonen Finland Stephane Zecevic Régine Goury Abhi Ram VIP-Sähkö Oy Les Notaires du Quai Seija Vartiainen Mayer Brown Companies Registrar Voltaire Mika Karpinnen PwC Finland Kevin Grossmann Kamal Reddy Hannes Snellman LLC Claire Zuliani Kiira Viinamäki Cabinet Kevin Grossmann Gibson Freight International Transparence - member Elina Kataja Castrén & Snellman Philippe Guibert of Russell Bedford Muni Reddy Tengbom Eriksson Attorneys Ltd. 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Hamilton LLP PwC Germany Ana Kamkhadze Michael Kern Janet Ramatoulie Sallah-Njie Eristavi Law Group Maren Beneke Cleary Gottlieb Steen & Nora Thies Torodo Chambers DLA Piper UK LLP Hamilton LLP Graf von Westphalen Adama Samba Mari Khardziani Rechtsanwälte National Agency of Public Henning Berger Henrik Kirchhoff Value Engineering Partnerschaft Registry White & Case GSK Stockmann + Kollegen Construction Arne Vogel Anastasia Kipiani Eva Bergmann Thorsten Korder Yassin Senghore M&P Dr. Matzen & Partner PwC Georgia SCHUFA Holding AG Logwin Air & Ocean Senghore Law Practice mbB Deutschland GmbH Victor Kipiani Jennifer Bierly Hawa Sisay-Sabally Heiko Vogt Lawyer Mgaloblishvili, Kipiani, GSK Stockmann + Kollegen Jörg Kraffel Panalpina Welttransport Dzidziguri (MKD) Law Firm White & Case Simeon-Tobias Bolz GmbH Salieu Taal Temple Legal Practitioners Sergi Kobakhidze HEUSSEN Ernst-Otto Kuchenbrandt Katharina von Rosenstiel PwC Georgia Rechtsanwaltsgesellschaft Deutsche Bundesbank Orrick Hölters & Elsing mbH 276 DOING BUSINESS 2015 Raimund E. 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Amalia Balla 1933 Panayiotis Karakonstantis of Russell Bedford Potamitis-Vekris Stephen Boakye Court of First Instance Effie G. Mitsopoulou International PwC Ghana George Bersis Kyriakides Georgopoulos Harry Karampelis Stefan Wirsch Potamitis-Vekris Law Firm Ras Afful Davis Kyriakides Georgopoulos Latham & Watkins LLP Climate Shipping & Trading Theodora Betsi Law Firm Athena Moraiti Gerlind Wisskirchen Karatzas & Partners Athena Moraiti Law Office Anthony Doku Artemis Karathanassi CMS Hasche Sigle Ghana Revenue Authority Athanasia Braimi PwC Greece Konstantinos Nanopoulos Boris Witt Pantazis & Associates TaxExperts Saviour Dzuali Catherine M. 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Florian Wolff Frank Fugar Graf von Westphalen Alkistis Marina Christofilou Nikolaos Kazatzidis Kyriakos Oikonomou College of Architecture and Rechtsanwälte IKRP Rokas & Partners Agronomos Ministry of Justice Planning Partnerschaft Evangelia Christopoulou Anastasia Kelveridou Antonis Pantazis Abeku Gyan-Quansah - Stamelou Kyriakides Georgopoulos PwC Greece GHANA PwC Ghana Notary Law Firm Samuel Abiaw Dionysios Pantazis Alwin Hoegerle Andah and Andah Chartered Christos Christou Constantinos Klissouras Pantazis & Associates Ghana Community Network Accountants Drakopoulos Law Firm K | P Law Firm Services Limited Stefanos Pantazis Solomon Ackom Vasiliki Christou Ioanna Kombou Pantazis & Associates Roland Horsoo Grimaldi Ghana Ltd. KLC Law Firm Elias Paraskevas Attorneys Crown Agents Ltd. Christina Papachristopoulou 1933 George Kingsley Acquah Leda Condoyanni K | P Law Firm Daniel Imadi Standard Chartered Bank Hellenic Corporate Alexandra Kondyli Bentsi-Enchill, Letsa & Elena Papachristou Ghana Limited Gouvernance Council Karatzas & Partners Ankomah, member of Lex Zepos & Yannopoulos Law Mundi Sotiris Constantinou Nicholas Kontizas Firm, member of Lex Mundi Afua Addotey Add Law Consultancy Grant Thornton LLP Zepos & Yannopoulos Law Adam Imoru Ayarna Konstantinos Papadiamantis Firm, member of Lex Mundi Cadesmee International Nikos Daskalakis Potamitis-Vekris Larry Adjetey Law Trust Company Hellenic Confederation of Lena Kontogeorgou Edem Kofi Penty Stavros Papantonis Professionals, Craftsmen Notary Law Trust Company Action Auditing S.A. - member Benjamin Agbotse and Merchants Panos Koromantzos of Russell Bedford H & G Architects and Sena Kpodo Consultants Eleni Dikonimaki Bahas, Gramatidis & International AB & David Teiresias SA - Bank Partners George Ahiafor Alexios Papastavrou Rosa Kudoadzi Information Systems XDSDATA Ghana Ltd. Olga Koromilia Potamitis-Vekris Bentsi-Enchill, Letsa & Panagiotis Drakopoulos PwC Greece Ankomah, member of Lex Dimitris E. Paraskevas Kweku Ainuson Drakopoulos Law Firm Mundi Joanna Kossina Elias Paraskevas Attorneys AB Lexmall & Associates Anastasia Dritsa Court of First Instance 1933 George Kwatia Nana Akonu Amartey Kyriakides Georgopoulos PwC Ghana Dimitrios Kotsionis Michalis Pattakos Andah and Andah Chartered Law Firm Accountants Michael Kyprianou & Co. LLC Zepos & Yannopoulos Law Gloria Laryea Alkiviadis Feresidis Firm, member of Lex Mundi Bentsi-Enchill, Letsa & Dimitrios Kremalis Nene Amegatcher Ministry of Justice Ankomah, member of Lex Kremalis Law Firm, member Spiros Pilios Sam Okudzeto & Associates Mundi Katerina Filippatou of Ius Laboris Phoenix Kennedy Paschal Anaba C. Papacostopoulos & Stanley Mawuli Sallah Irene C. 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Tech Hellenic Cadastre and Mike Oppong Adusah Terina Raptis Naa Ashong Mapping Agency Bank of Ghana Dionysios Gavounelis Sarantitis Law Firm The Law Offices of Ayine and Felli K | P Law Firm Margarita Louka Daniel Osei-Kufuor Kyriaki (Korina) Raptopoulou Kremalis Law Firm, member Osei-Kufuor, Sohne & Katerina Gavrielatou Kyriakides Georgopoulos Fred Asiamah-Koranteng of Ius Laboris Partners Potamitis-Vekris Law Firm Bank of Ghana Christos Makris Felix Saaka Antonis Giannakodimos Vasiliki Salaka Nana Akwasi Awuah Consultant & Design AB & David Zepos & Yannopoulos Law Karatzas & Partners AB Lexmall & Associates Engineer Firm, member of Lex Mundi Frank Sarpong Theofanis Salatas Vera Ayisi Fame Shipping Agency Drakopoulos Law Firm AB & David ACKNOWLEDGMENTS 277 Ioannis Sarakinos Carlyle Glean Jr. Gerson Baley Anajoyce Oliva Mamadou Barry Elias Paraskevas Attorneys Glean’s Construction & ATA Servicios City Hall of Guatemala City Ministère de la 1933 Engineering Co. 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Aramex International Hossein Fahimi Indonesia Masood Shaikh Anita Lucia Kendarto Reagan Roy Securities and Exchange PERSOL Corporation Notaris & Pejabat Pembuat Makarim & Taira S. Runi Tusita Organization of Iran Akta Tanah PwC Indonesia Hasan Sharifi Bidgoli Mahesa Rumondor Behzad Feizi Australian Green Theo Kumaat Adnan Kelana Haryanto & Tasya Utami Putri Agahan & Co. Management & Services Indonesian Logistics and Hermanto Simbolon & Partners Law Milad Ghornan Nejad Forwarders Association Firm Farzan Shirvanbeigi Isyana W. Sadjarwo PERSOL Corporation Tehran Municipality - Winita E. Kusnandar Adhie Wicaksono Himawan Santoso Majid Haddad Fanavaran Shahr Co. Kusnandar & Co. Bank Indonesia Adhicipta Engineering Australian Green Rajat Ratan Sinha Ir. Bambang Kusumarijadi Consultants Aditya Kesha Wijayanto Management & Services RCS Pvt. Ltd. Business Pelita Bumiwangi, PT Widyawan & Partners Gatot Sanyoto S. Hamid Hosseini Advisors Group Diana Kusumasari Kusnandar & Co. Pudji Winiarti Meraat International Group Mohammad Soltani Simbolon & Partners Law UPTSA (Unit Pelayanan Nur Asyura Anggini Sari Morad Iranzadi Securities and Exchange Firm Terpadu Satu Atap) Surabaya Bank Indonesia Dara Pooya Organization of Iran Timur (One-Stop Shop) Jatmiko Adi Kusumo Wiyono Sari Nassim Jahanbani Pedram Soltani Interiors & Co. Wiwid Wiyono Partnership Great Tehran Electricity PERSOL Corporation Mentari Freight Services Arno F. Rizaldi Kwok Distribution Company Bambang Sartono Sahar Sotoodehnia Kusnandar & Co. Akbar Zainuri (GTEDC) Adhicipta Engineering International Law Office KarimSyah Law Firm Roy Lee Consultants Asadollah Jalalabadi of Dr. Behrooz Akhlaghi & DFDL Yondri Zulfadli Bank Tejarat of Iran Associates Marinza Savanthy PT PLN (Persero) Indonesia Eddy M. Leks Widyawan & Partners Mohammad Jalili Abbas Taghipour State Electricity Leks & Co. Iran Credit Scoring Central Bank of the Islamic Erwin Setiawan Corporation Republic of Iran Fintje Lumembang Ernst & Young Seyed Hamid Jelveh Tabaei Andi Zulfikar PT PLN (Persero), East Java Registration Companies Mohammad Reza Talischi Hendra Setiawan Mataram Partners Distribution Office PERSOL Corporation Budidjaja & Associates Law Noorfina Luthfiany Offices IRAN, ISLAMIC REP. Farid Kani Ebrahim Tavakoli Bank Indonesia Atieh Associates Bartar Associates Law Firm Indra Setiawan Sadid Bar Int Transport Sontang C. Mamurung Ali Budiardjo, Nugroho, Behnam Khatami Azadeh Zarei Camellia Abdolsamad Reksodiputro, member of Atieh Associates Bintang Manik International Law Office Lex Mundi IRAQ Makarim & Taira S. of Dr. Behrooz Akhlaghi & Amir Kheirollahy Arief Setyadi Associates HT Co, Ltd. Ernst & Young Benny Marbun PKF International PT PLN (Persero) Indonesia Morteza Adab Majid Mahallati Nisreen Abdul Hadi Al-Hamiri State Electricity Bonar Sidabukke Registration Companies Mahallati & Co. Chartered Nisreen Abdul Hadi Al-Hamiri Corporation Sidabukke Clan & Associates Office Accountants Law Office Heru Mardijarto Sudiman Sidabukke Ali Ahmadi Shahrzad Majdameli Ala’a Abu Awwad Makarim & Taira S. Sidabukke Clan & Associates Tehran Chamber of Tollefsen Law PLLC PwC Jordan Commerce, Industries and Agus Marsudi Bernard Sihombing Gholam Reza Malekshoar Ahmed Al-Jannabi Mines Indonesian Institute of Budidjaja & Associates Law Central Bank of the Islamic Mena Associates, member of Architects Offices Hamede Akhavan Republic of Iran Amereller Rechtsanwälte Securities and Exchange Peter Mahmud Marzuki Devryanto Silvester Panggalo Seyed Ali Mirshafiei Adil Al-Lami Organization of Iran Zaidun & Partners A. A. Aziz & Partners Tehran Chamber of Management Systems Behrooz Akhlaghi Commerce, Industries and International Ella Melany Ricardo Simanjuntak International Law Office Mines Hanafiah Ponggawa & Ricardo Simanjuntak & Munther B. Hamoudi of Dr. Behrooz Akhlaghi & Partners Partners Fatemeh Sadat Mirsharifi Al-Buraq Engineering Co. Associates Ministry of Commerce Ltd. Any Miami Yudianta Medio N. Simbolon Hassan Amirshahi PwC Indonesia Simbolon & Partners Law Mozaffar Mohammadian Ahmed Dawood Law Offices of Dr. Hassan Firm Teema Bar International Bayt al-Hikmah for Legal Alfin Nainggolan Amirshahi Transport Services and Consultancy Mataram Partners Agoes Soerarso Ebrahim Asadi LLC Tataguna Matra Electrical Industry Hamidreza Mokhtarian Ibg. Mardawa Padangratha Abbas Fadel Architecture Engineering Development (EID Mehr International Law PT PLN (Persero), East Java Al Nosoor Consultants Consultant Co.) Firm Distribution Nadia Soraya Mehdi Mousavi Kamal Field Al-Basri Budi Pangestu Gholam Ali Asghari MD & Partners PERSOL Corporation Iraqi Institute for Economic PT PLN (Persero), East Java Great Tehran Electricity Reform Distribution Chris Joko Sriyanto Distribution Company Rasoul Nowrouzi (GTEDC) Ali Fikiki Ivor Pasaribu Erna Sriyatmi Zohreh Papi Management Systems Leks & Co. National Land Agency Toktam Aynehkar Central Bank of the Islamic International PERSOL Corporation Republic of Iran Pelopor Ekajatno Supatra Deepak John National Land Agency Abdibangun Buana Hamid Berenjkar Mohammad Reza Pasban Skybridge Freight Solutions Office of Hamid Berenjkar Allame Tabatabaei Ay Tjhing Phan Sutoro LLC Pouyan Bohloul Un.- Iranian Central Bar PwC Indonesia National Land Agency Jamal Mehdi Shalal Bohloul & Associates Law Association Abraham Pierre Wimphry Suwignjo Al Attar Real Estate Office Office Farmand Pourkarim KPMG Wimphry Suwignjo, Notaris Rasha Nadeem Golsa Daghighi Tehran Municipality - & P.P.A.T. Bayt al-Hikmah for Legal Bambang Priono International Law Office Fanavaran Shahr Co. National Land Agency Offy Syofiah Services and Consultancy of Dr. Behrooz Akhlaghi & Mohammad Rezayi Mazrae KarimSyah Law Firm LLC Harry Purwoko Associates Central Bank of the Islamic Sembada Pratama (School of Febiriyansa Tandjung Republic of Iran Ahmed Naguib Morteza Dezfoulian Supply Chain and Logistics) Leks & Co. BCC Logistics Morteza Shahdad Shabani Ilman Rakhmat Doddy Tjahjadi Australian Green Ammar Naji Sepideh Dowlatshahi KarimSyah Law Firm PTI Architects Management & Services Confluent Law Group Bartar Associates Law Firm Dhamma Ratna Noverisky Tri Putra Pasaribu Ahmad Shabanifard Abdelrahman Sherif Maryam Ebrahimi Notaris & Pejabat Pembuat Simbolon & Partners Law Australian Green Mena Associates, member of Tehran Stock Exchange Akta Tanah Firm Management & Services Amereller Rechtsanwälte (TSE) 282 DOING BUSINESS 2015 Stephan Stephan Gerry O’Neill Ido Gonen Umberto Antonelli Viviana Colella PwC Jordan Irish Credit Bureau Goldfarb Seligman & Co. Studio Legale Associato ad Acea S.p.A. Ashurst LLP Khaled Yaseen Robert O’Shea Liron HaCohen Stefano Colla Al-Saqer Advisers & Legal Matheson Yigal Arnon & Co. Stefano Aprile PwC - Tax and Legal Services Services Penal Court of Rome Laura O’Sullivan Yael Hershkovitz Fabrizio Colonna Haythem Zayed Mason Hayes & Curran Gross, Kleinhendler, Hodak, Gea Arcella LCA - Lega Colucci e PwC Jordan Halevy, Greenberg & Co. Civil Law Notary, Lawyer Associati Maurice Phelan Mason Hayes & Curran Yossi Katsav Gaetano Arnò Mattia Colonnelli de Gasperis IRELAND Ruth Cargo PwC - Tax and Legal Services Colonnelli de Gasperis Sinead Power Sarah Berkery Studio Legale Irish Credit Bureau Zeev Katz Romina Ballanca Dillon Eustace PwC Israel PwC - Tax and Legal Services Barbara Corsetti Jilian Pringle Finbarr Cleary Portolano Cavallo Studio OLM Consultancy Vered Kirshner Paola Barazzetta Celtic Forwarding Ltd. Legale PwC Israel PwC - Tax and Legal Services Kevin Quinn John Comerford Filippo Corsini PwC Ireland Gideon Koren Gianluigi Baroni Cooney Carey - member Chiomenti Studio Legale Gideon Koren & Co. Law PwC - Tax and Legal Services of Russell Bedford Brendan Sharkey Offices Barbara Cortesi International Reddy Charlton Alvise Becker Studio Legale Guasti Orna Kornreich-Cohen PwC - Tax and Legal Services Danielle Conaghan Gavin Simons Shavit Bar-On Gal-On Tzin Massimo Cremona Arthur Cox, member of Lex Amoss Solicitors Vlad Beffa Yagur, Law Offices Pirola Pennuto Zei & Mundi Studio Savoia Lorcan Tiernan Associati Hadas Lavi Pearse Corbett Dillon Eustace Susanna Beltramo S. Horowitz & Co., member of Salvina Crisafulli ESB International Studio Legale Beltramo Mark Traynor Lex Mundi Ashurst LLP Amanda Daly A&L Goodbody Carlotta Benigni Opher Levenberg Salvatore Cuzzocrea Matheson DLA Piper Joe Tynan Steinmetz, Haring, Gurman PwC - Tax and Legal Services Emma Doherty PwC Ireland & Co. Marta Bianchi Daniele de Benedetti Matheson PwC - Tax and Legal Services Colm Walsh Michelle Liberman Studio Benessia - Maccagno Gavin Doherty Irish International Freight S. Horowitz & Co., member of Andrea Bossola Francesco De Gennaro Eugene F. Collins Solicitors Association Lex Mundi Acea S.p.A. Studio Legale Associato ad Eoghan Doyle Patrick Walshe Yigal Merav Giampaolo Botta Ashurst LLP Philip Lee Solicitors Philip Lee Solicitors A. Moskovits & Sons Ltd. Spediporto - Associazione Antonio De Martinis Spedizionieri Corrieri e John Doyle Emma Weld-Moore Rotem Muntner Spasaro De Martinis Law Trasportatori di Genova Dillon Eustace Daniel Murphy Solicitors Ruth Cargo Firm Francesca Brilli Ray Duffy Shai Nagor Raffaella De Martinis ISRAEL Studio Legale Associato ad The Property Registration Deloitte Spasaro De Martinis Law Ashurst LLP Authority Hilman & Co. CPAs (Isr.) Firm Uzi Pinchasi Giuseppe Broccoli Jamie Ensor Ministry of Justice Michael Hunter & Partners Francesca De Paolis BDA Studio Legale Dillon Eustace Studio Legale Salvatore De Schwartz Marcel Mirit Reif Carlo Andrea Bruno Paolis Frank Flanagan Consulting Engineers Ltd. Hacohen Wolf Law Offices Raynaud and Partners - Mason Hayes & Curran Rosa Del Sindaco Eyal Bar-Eliezer Nili Reif Studio Legale Abbatescianni Studio Legale Ciara Garry Balter, Guth, Aloni LLP Hacohen Wolf Law Offices Claudio Burello e Tributario FGS Dublin Ofer Bar-On Doron Sadan PwC - Tax and Legal Services Claudio Di Falco Koren Good Shavit Bar-On Gal-On Tzin PwC Israel Sergio Calderara Cleary Gottlieb Steen & PwC Ireland Yagur, Law Offices Liora Seidman Almaviva S.p.A. - Direzione Hamilton LLP Cillian Gorman Jacob Ben-Chitrit Ministry of Construction Affari Legali Federica Di Mario Arthur Cox, member of Lex Yigal Arnon & Co. and Housing Federico Calloni Studio Legale Associato ad Mundi Jeremy Benjamin Dan Sharon Studio Corno - Mmember Ashurst LLP Paul Gough Goldfarb Seligman & Co. Dan Sharon - Consulting of Russell Bedford Maria Di Noia Eugene F. Collins Solicitors Engineers 2002 Ltd. International Marina Benvenisti Bank of Italy Naomi Harty Ruth Cargo Daniel Singerman Gianluca Cambareri Massimiliano Di Tommaso Mason Hayes & Curran Business Data Israel + Tonucci & Partners, in Rona Bergman Naveh Cleary Gottlieb Steen & Personal Check alliance with Mayer Brown Anna Hickey Gross, Kleinhendler, Hodak, Hamilton LLP LLP Philip Lee Solicitors Halevy, Greenberg & Co. Eran Taussig Maddalena Ferrari Balter, Guth, Aloni LLP Paolo Canal Thomas Johnson Roy Caner Studio Notarile Ferrari Orsingher Ortu – Avvocati Irish Building Control Erdinast Ben Nathan & Co. Eylam Weiss Associati Guiseppe Ferrelli Institute Advocates Weiss-Porat & Co. Studio Legale Sinatra Stefano Cancarini William Johnston Doron Cohen Zeev Weiss PwC - Tax and Legal Services Barbara Mirta Ferri Arthur Cox, member of Lex Raveh, Ravid & Co CPAs - Weiss-Porat & Co. PwC - Tax and Legal Services Mundi member of Russell Bedford Alessandro Cardia Dave Wolf International Grieco e Associati Gianclaudio Fischetti Jonathan Kelly Hacohen Wolf Law Offices PwC - Tax and Legal Services Philip Lee Solicitors Danny Dilbary Cecilia Carrara Goldfarb Seligman & Co. ITALY Legance - Studio Legale Tommaso Foco Mary Liz Mahony Associato Portolano Cavallo Studio Arthur Cox, member of Lex Shlomo Farkas Marianna Abbaticchio Legale Mundi Elchanan Landau Law Ristuccia & Tufarelli Paolo Carta Offices Acea S.p.A. Pier Andrea Fré Torelli Massini Brid McCoy Fabrizio Acerbis Carabba & Partners Amoss Solicitors Ran Feldman PwC Italy Maria Castiglione Minischetti S. Horowitz & Co., member of PwC - Tax and Legal Services Luca Gambini Thomas McGovern Emanuele Alemagna Lex Mundi Portolano Cavallo Studio Companies Registration LCA - Lega Colucci e Lucia Ceccarelli Legale Office, Ireland Keren Freund Associati Portolano Cavallo Studio Goldfarb Seligman & Co. Legale Andrea Gangemi Kevin Meehan Giuseppe Alemani Portolano Cavallo Studio Compass Maritime Ltd. Shmulik Fried Alemani e Associati Giorgio Cherubini Legale Goldfarb Seligman & Co. Pirola Pennuto Zei & Michael O’Connor Mario Altavilla Associati Daniele Geronzi Matheson Viva Gayer Unioncamere Legance - Studio Legale Erdinast Ben Nathan & Co. Domenico Colella Brian O’Malley Federico Antich Associato Advocates Orsingher Ortu – Avvocati A&L Goodbody Studio dell’Avvocato Antich Associati Carlo Ghia Tuvia Geffen Studio Legale Ghia Naschitz, Brandes & Co. ACKNOWLEDGMENTS 283 Enrica Maria Ghia Marco Monaco Sorge Michele Scibettai Natalie Farrell-Ross Danielle Stiebel Studio Legale Ghia Tonucci & Partners, in Studio Legale Associato ad Myers, Fletcher & Gordon, Myers, Fletcher & Gordon, alliance with Mayer Brown Ashurst LLP member of Lex Mundi member of Lex Mundi Lucio Ghia LLP Studio Legale Ghia Mario Scofferi Nicole Foga Humprey Taylor Luisa Monti Giglio & Scofferi Studio Foga Daley Taylor Construction Ltd. Ilario Giangrossi CRIF S.p.A. Legale del Lavoro Ashurst LLP Rivi Gardener Coleen Weise Micael Montinari Susanna Servi Rivi Gardener & Associate Andrea Grappelli Patricka Wiggan Chambers Portolano Cavallo Studio Carabba & Partners Ltd. Tonucci & Partners, in Jamaica Customs Legale alliance with Mayer Brown Massimiliano Silvetti Gavin Goffe Department LLP Eliana Morandi Nunziante Magrone Myers, Fletcher & Gordon, Dominic Williams Studio Notarile Eliana member of Lex Mundi Antonio Grieco Carlo Sinatra Jamaica Public Service Morandi Grieco e Associati Studio Legale Sinatra Hugh Gordon Company Limited Valeria Morosini National Environment & Valentino Guarini Elisa Sulcis Maia Wilson Toffoletto e Soci Law Firm, Planning Agency PwC - Tax and Legal Services Studio Legale Sinatra LEX Caribbean member of Ius Laboris Narda Graham Federico Guasti Michele Tamburini Angelean Young-Daley Davide Neirotti DunnCox Studio Legale Guasti Curtis Mallet - Prevost, Jamaica Public Service PwC - Tax and Legal Services Colt & Mosle LLP Herbert Winston Grant Company Limited Francesco Iodice Gianmatteo Nunziante Grant, Stewart, Phillips Cleary Gottlieb Steen & Maria Antonietta Tanico Nunziante Magrone & Co. JAPAN Hamilton LLP Studio Legale Tanico Francesco Nuzzolo Lissa L. Grant PwC Japan Giovanni Izzo Andrea Tedioli PwC Italy Pride Jamaica Abbatescianni Studio Legale Studio legale Tedioli Tokyo Electric Power e Tributario Luciano Panzani Kelly Greenaway Company Inc. Francesca Tironi Torino Court of First Samuda & Johnson Ignazio La Candia PwC - Tax and Legal Services Okamoto Aya Instance Attorneys-at-Law Pirola Pennuto Zei & Osaka Business and Giacinto Tommasini Associati Giovanni Patti Wilbert Hoo Investment Center Studio Legale Associato Abbatescianni Studio Legale Mario Landriani Tommasini e Martinelli Donovan Jackson Isayama Ayaka e Tributario GC Architecture Buro Nunes, Scholefield DeLeon Kansai Electric Power Nicola Toscano Federica Periale & Co. Laura Liguori Studio Legale Associato ad Yoshio Azuma Studio Legale Associato ad Portolano Cavallo Studio Ashurst LLP Peter Knight Teikoku Databank Ashurst LLP Legale National Environment & Stefano Tresca Naoaki Eguchi Davide Petris Planning Agency Alessandra Livreri iSeed Baker & McKenzie Portolano Cavallo Studio A. Hartrodt Italiana SRL Joan Lawla Legale Luca Tufarelli Toyoki Emoto University of Technology Enrico Lodi Ristuccia & Tufarelli Atsumi & Sakai Riccardo Piaggi CRIF S.p.A. Grace Lindo Orsingher Ortu – Avvocati Rachele Vacca de Dominicis Miho Fujita Nunes, Scholefield DeLeon Cesare Lombrassa Associati Grieco e Associati Adachi, Henderson, Miyatake & Co. Studio Legale Lombrassa & Fujita Paolo Piccoli Mario Valentini Melinda Lloyd Paolo Lucarini Lawyer Pirola Pennuto Zei & Tatsuya Fukui Jamaica Public Service PwC Italy Associati Atsumi & Sakai Annamaria Pinzuti Company Limited Stefano Macchi di Cellere Studio Legale Associato ad Elisabetta Ventrella Shinnosuke Fukuoka Zaila McCalla Ashurst LLP BDA Studio Legale Nishimura & Asahi Matteo Magistrelli The Supreme Court of Portolano Cavallo Studio Andrea Pivanti Emilio Zendri Jamaica Tomoyoshi Furukawa Legale Studio Legale Ghia Acea S.p.A. Ohara Law Office Karen McHugh Corrado Malberti Galileo Pozzoli Bruno Benvenuto Zerbini PwC Jamaica Michiyasu Futami Lawyer Curtis Mallet - Prevost, Studio Legale Beltramo Bank of Tokyo-Mitsubishi Marlene McIntosh Colt & Mosle LLP UFJ Francesco Manzari Filippo Zucchinelli Fersan Studio Legale Associato ad Maria Progida PwC - Tax and Legal Services Keiko Harada Celia Middleton Ashurst LLP PwC - Tax and Legal Services Atsumi & Sakai Attorney General’s Luigi Mariani Francesca Ravallese JAMAICA Chambers Taichi Haraguchi Studio Legale Associato ad CRIF NM Credit Assure Ernst & Young Tax Co. Daniele Raynaud Roxanne Miller Ashurst LLP Limited Raynaud and Partners - DunnCox Yuichi Hasegawa Fabrizio Mariotti Studio Legale Martin Addington Adachi, Henderson, Miyatake Alton Morgan Studio Legale Beltramo Interplan & Fujita Sharon Reilly Legis-Alton E. Morgan & Co. Laura Marretta LabLaw Studio Legale Dania Beckford Attorneys-at-Law Haruyo Hatada Romolotti Marretta Jamaica Customs Kansai Electric Power Fabrizio Revelli Viveen Morrison Department Donatella Martinelli Lawyer PwC Jamaica Nakanishi Hiroshi Studio Legale Associato Frances Blair The Building Center of Japan Consuelo Rigo Wilford Morrison Tommasini e Martinelli National Environment & CRIF S.p.A. Companies Office of Jamaica Takashi Ikeda Planning Agency Carloandrea Meacci Takashi Ikeda Law Office Marianna Ristuccia Carol Palmer Studio Legale Associato ad Christopher Bovell Ristuccia & Tufarelli The Supreme Court of Seisuke Imai Ashurst LLP DunnCox Jamaica Nishimura & Asahi Filippo Maria Riva Valeria Melissan Mitzie W. Gordon Burke-Green PwC - Tax and Legal Services Judith Ramlogan Tamotsu Inami PwC - Tax and Legal Services Jamaica Trading Services Companies Office of Jamaica Teikoku Databank Cinzia Romano Ltd. Laura Mellone Studio Legale Salvatore De Hilary Reid Ruriko Iwase Bank of Italy Errington Case Paolis Myers, Fletcher & Gordon, Atsumi & Sakai Jamaica Public Service Priscilla Merlino member of Lex Mundi Tommaso Edoardo Romolotti Company Limited Nicholas R. Jesson Nunziante Magrone Romolotti Marretta Milton J. Samuda Ohara Law Office Carl Chen Andrea Messuti Samuda & Johnson Michele Salemo Carl Chen & Associates Tomomi Kagawa LCA - Lega Colucci e Attorneys-at-Law KRCOM Credit Information Center Associati Eric Crawford Jacqueline Simmonds Corp. Francesca Salerno PwC Jamaica Mario Miccoli Jamaica Public Service Legance - Studio Legale Chie Kasahara Notaio Miccoli Jemelia Davis Company Limited Associato Atsumi & Sakai The Supreme Court of Stefano Miniati Craig Stephen Mike Salerno Jamaica Hiroshi Kasuya PwC - Tax and Legal Services Creditinfo Jamaica Limited KRCOM Baker & McKenzie Megan Deane Filippo Savoia Creditinfo Jamaica Limited Takahiro Kato Studio Savoia Nishimura & Asahi 284 DOING BUSINESS 2015 Kohei Kawamura Yukiko Tomimatsu Anwar Elliyan Zulfiya Akchurina Sofia Shakhraziyeva Nishimura & Asahi Nishimura & Asahi The Jordanian Electric GRATA Law Firm Colibri Law Firm Power Co. Ltd. (JEPCO) Hayato Kimura Yamamoto Tomohide Azamat Akhmedov Gennady Shestakov Atsumi & Sakai Kinden Corp. Vincent Flamant Signum Law Firm Kazakhstan Logistics Aqaba Container Terminal Service Yasuyuki Kuribayashi Takaharu Totsuka Duman Akhmetov City-Yuwa Partners Anderson Mori & Tomotsune George Hazboun Integrites Kazakhstan LLP Nurlan Sholanov International Consolidated Aequitas Law Firm Yuji Masaki Yoshito Tsuji Jypar Beishenalieva for Legal Consultations Teikoku Databank Obayashi Corporation Michael Wilson & Partners Svetlana Shtopol Reem Hazboun Ltd. Integrites Kazakhstan LLP Staoh Masami Mikio Tsukahara International Consolidated The Building Center of Japan Teikoku Databank Madiyar Bekturganov Nurzhan Stamkulov for Legal Consultations ORIS Law Firm Synergy Partners Law Firm Takafumi Masukata Hideki Tsutsui Emad Karkar Nippon Express Co., Ltd. Osaka International Arman Berdalin Otabek Suleimanov PwC Jordan Business Promotion Center Sayat Zholshy & Partners Colibri Law Firm Junichiro Matsuo Basel Kawar Credit Information Center Shino Uenuma Talgat Bidaybekov Zarina Syzdykova Kawar Transport & Transit Corp. South Toranomon Law Olympex Advisers GRATA Law Firm Kargo Offices Nobuaki Matsuoka Aidyn Bikebayev Kurmangazy Talzhanov Ola Khalil Osaka International Law Kenji Utsumi Sayat Zholshy & Partners Integrites Kazakhstan LLP Central Bank of Jordan Offices Nagashima Ohno & Richard Bregonje Zhandos Taukenov Tsunematsu Hazem Khirfan Nomuaki Matsuoka PwC Kazakhstan Olympex Advisers Ali Sharif Zu’bi, Advocates & Osaka International Law Ritsuko Watanabe Legal Consultants, member Svetlana Ceban Almas Tleupov Offices Takashi Ikeda Law Office of Lex Mundi PwC Kazakhstan Integrites Kazakhstan LLP Katsuhito Matsuura Michi Yamagami Hussein Kofahy Inara Elemanova Victoriya Trofimovich Maersk Line Anderson Mori & Tomotsune Central Bank of Jordan Colibri Law Firm Signum Law Firm Nakano Michiaki Shinjiro Yamamoto Rasha Laswi Julia Fattorini Bakhyt Tukulov South Toranomon Law Ernst & Young Tax Co. Zalloum & Laswi Law Firm BMF Group LLP GRATA Law Firm Offices Koji Yawataya Firas Malhas Alexandr Giros Amir Tussupkhanov Toshio Miyatake Ernst & Young Tax Co. International Business Aristan Project Management ORIS Law Firm Adachi, Henderson, Miyatake Amano Youichiro Legal Associates Group (APMG) & Fujita Azim Usmanov The Building Center of Japan Omar B. Naim Mariyash Kabikenova Colibri Law Firm Kenjiro Mori National Construction Rehabilitation Manager Osaka International JORDAN Vitaliy Vodolazkin Company Business Promotion Center Elena Kaeva Sayat Zholshy & Partners Ernst & Young Ridha Nasair PwC Kazakhstan Michihiro Mori Severin Wilson Mounir Hajjiri & Associates Law Gate Attorneys & Legal Nishimura & Asahi Assel Kalmagambetova Kazakhstan Consulting Counselors Hassan Abdullah Synergy Partners Law Firm Hirosato Nabika Arlan Yerzhanov The Jordanian Electric Khaldoun Nazer City-Yuwa Partners Aigoul Kenjebayeva BMF Group LLP Power Co. Ltd. (JEPCO) Khalifeh & Partners Lawyers Dentons Kazakhstan, LLP Hideto Nakai Yerzhan Yessimkhanov Mazen Abu Alghanam Kinden Corp. Elvira Khairoullina GRATA Law Firm Nathan Associates Main Nsair Nsair & Partners - Lawyers Integrites Kazakhstan LLP Shigenobu Namiki Dubek Zhabykenov Hayja’a Abu AlHayja’a Anderson Mori & Tomotsune Yekaterina Khamidullina BA Oilfield Services Talal Abu Ghazaleh Legal Mutasem Nsair Nsair & Partners - Lawyers Aequitas Law Firm Sasaki Nanako (TAG-Legal) Serik Zhamanbalin The Building Center of Japan Olga Kim Olympex Advisers Nayef Abu Alim Moutaz Qtaitat International Consolidated Colibri Law Firm Nozomu Ohara Premier Law Firm LLP Askhat Zhanatuly Ohara Law Office for Legal Consultations Marina Kolesnikova GRATA Law Firm Deema Abu Zulaikha GRATA Law Firm Kanayo Okai Talal Abu Ghazaleh Legal Ahmad Quandour Birzhan Zharasbayev Ohara Law Office (TAG-Legal) Khalifeh & Partners Askar Konysbayev Dentons Kazakhstan, LLP Lawyers GRATA Law Firm Shun Otsuka Ibrahim Abunameh Aiman Zhekeyeva Nishimura & Asahi Abunameh & Partners Law Hala Qutteineh Anna Kravchenko Integrites Kazakhstan LLP Firm Ali Sharif Zu’bi, Advocates & GRATA Law Firm Kozonoi Ryo Liza Zhumakhmetova Legal Consultants, member Tokyo Business Entry Point Maha Al Abdallat of Lex Mundi Yuliya Lazareva Signum Law Firm Central Bank of Jordan Aequitas Law Firm Takashi Saito Sofiya Zhylkaidarova Osama Y. Sabbagh City-Yuwa Partners Eman M. Al-Dabbas The Jordanian Electric Tatyana Lee Signum Law Firm International Business Colibri Law Firm Yuka Sakai Power Co. Ltd. (JEPCO) Anton Zinoviev Legal Associates City-Yuwa Partners Stephan Stephan Aituar Madin Booz Allen Hamilton Gehad Ali ORIS Law Firm Noriyuki Sano PwC Jordan Zarina Ziyayeva Arab Bank Maersk Line Dima Taan Marzhan Mardenova Integrites Kazakhstan LLP Omar Aljazy PwC Kazakhstan Tetsuro Sato Law Gate Attorneys & Legal Aljazy & Co. Advocates & KENYA Baker & McKenzie Counselors Yessen Massalin Legal Consultants Mohammed Tarawneh Olympex Advisers Metropol Corporation Ltd. Hiroaki Shinomiya Faris Allouzi Davis & Takahashi Saida Moldasheva George Akoto Khalifeh & Partners Mahmoud Wafa Lawyers Customs Department CRUZ Logistics LLP Akoto & Akoto Advocates Sachiko Sugawara Atsumi & Sakai Azzam Zalloum Nazira Nurbayeva Jill Barasa Mohammad Al-Said Nathan Associates Zalloum & Laswi Law Firm PwC Kazakhstan Oraro & Company Advocates Junya Suzuki Baker & McKenzie Ruslan Omarov Mohammed A. Bhatti Essa Amawi Amawi & Co. Advocates & KAZAKHSTAN First Credit Bureau Bhatti Electrical Limited Hiroaki Takahashi Davis & Takahashi Legal Consultants BDO Kazakhstanaudit, LLP Bogdan Piskorskiy Oliver Fowler Mohammed Amawi Ainur Abdalova Dentons Kazakhstan, LLP Kaplan & Stratton Mikio Tasaka Nittsu Research Institute Amawi & Co. Advocates & Colibri Law Firm Elvis Roberts Peter Gachuhi and Consulting, Inc. Legal Consultants CRUZ Logistics LLP Kaplan & Stratton Serkebay Abdikadyrov Junichi Tobimatsu Khaled Asfour Signum Law Firm Kamillya Sarsembina Chacha Odera Hillary Mori Hamada & Matsumoto Ali Sharif Zu’bi, Advocates & Aequitas Law Firm Oraro & Company Advocates Kuben Abzhanov Legal Consultants, member Terakawa Tokiwa GRATA Law Firm Yerlan Serikbayev William Ikutha Maema of Lex Mundi The Building Center of Japan Kirill Afanasyev Michael Wilson & Partners Iseme, Kamau & Maema Michael T. Dabit Ltd. Advocates Kazakhstan Consulting Michael T. Dabit & Associates ACKNOWLEDGMENTS 285 Milly Jalega Ersatus Rabut Hyeong-Tae Cho Kwon H. Lee Alexander Borg Olivier Iseme, Kamau & Maema Oraro & Company Advocates Samil Hanjin Shipping Co. Ltd. Interlex Associates LLC Advocates PricewaterhouseCoopers Deepen Shah Kyu Wha Lee Hajzer Bublaku Kenneth Kamaitha Walker Kontos Advocates Jeong-Hun Cho Lee & Ko Kosovo Cadastral Agency Kaplan & Stratton Korea Customs Service Rajesh Shah Moonsub Lee Ardiana Bunjaku Kamau Karori PwC Kenya Ji Won Choi Sojong Partners Society of Certified Iseme, Kamau & Maema Hwang Mok Park PC Accountants and Auditors Joseph Taracha Sae Goo Lee Advocates of Kosovo (SCAAK) Central Bank of Kenya Sung-Soo Choi Ahnse Law Offices Hamish Keith Kim & Chang Shyqiri Bytyqi Angela Waweru Sang-don Lee Daly & Figgis Advocates VALA Consulting Kaplan & Stratton Han-Jun Chon Shin & Kim Erick Keli Samil Muzafer Çaka Seung Yoon Lee Akoto & Akoto Advocates KIRIBATI PricewaterhouseCoopers Kosovo Cadastral Agency Kim & Chang John Kung’u Mary Amanu Eui Jong Chung Atdhe Dika Sun-Ho Lee Waruhiu K’owade & Ng’ang’a Moel Trading Co. Ltd. Bae, Kim & Lee LLC Kalo & Associates Yusen Logistics (Korea) Advocates Amoro Amten Robert Flemer Co., Ltd. Sokol Elmazaj David Lekerai ANZ Bank (Kiribati) Ltd. Kim & Chang Boga & Associates Tirana Chul-Ki Lim Iseme, Kamau & Maema Neiran Areta Sang Hoon Han Korea Credit Bureau Mirjeta Emini Advocates Ministry of Commerce, Shin & Kim Boga & Associates Jangbaek Lim Victor Majani Industry and Cooperatives Jun-Seok Heo Samil Lorena Gega Crowe Horwath EA, Kenneth Barden Sojong Partners PricewaterhouseCoopers PwC Albania member Crowe Horwath Attorney-at-Law International Jin-Young Hwang Jung-hyun Lim Klinti Golemi Moanataake Beiabure Samil Korean Electrical PwC Rosemary Mburu PricewaterhouseCoopers Contractors Association Institute of Trade Natan Brechtefeld Arber Hoti Development Natan Brechtefeld Legal C.W. Hyun Cheol-Kyu Maeng Society of Certified Management Services Kim & Chang Korea Customs Service Accountants and Auditors James Mburu Kamau of Kosovo (SCAAK) Iseme, Kamau & Maema Tomitiana Eritama James I.S. Jeon Young Min Kim Advocates Ministry of Labour & Human Sojong Partners Yoon & Yang LLC Bejtush Isufi Resources Development Interlex Associates LLC Mansoor A. Mohamed Bo Moon Jung Han-Shin Oh Ruman Ship Contractors Anthony Frazier Kim & Chang Daecheong Shipping Co., Ltd. Besarta Kllokoqi Limited Boga & Associates Pesega Iaribwebwe Goo-Chun Jung Soogeun Oh George Muchiri Ministry of Commerce, Korea Customs Service Ewha Womans University Vegim Kraja Daly & Figgis Advocates Industry and Cooperatives Kalo & Associates Jinku Kang Yon Kyun Oh Peter Mungai Willie Karakaua Maen Lee & Ko Kim & Chang Sabina Lalaj PwC Kenya Moel Trading Co. Ltd. Boga & Associates Sang Wook Kang Han-Uk Park John Muoria Seri Kautuntamoa Korean Electrical Korea Customs Service Valdrin Lluka Waruhiu K’owade & Ng’ang’a Business & Companies Contractors Association IPAK Jihye Park Advocates Regulatory Division, Young-Ju Kang Lee & Ko Abedin Matoshi Business Regulatory Centre, Murigu Murithi Sojong Partners Interlex Associates LLC Ministry of Commerce, Sang Il Park ARCS Africa Industry & Cooperatives Young Seok Ki Hwang Mok Park PC Fitore Mekaj Wachira Ndege Shin & Kim Boga & Associates Mary Kum Kee Seyung Park Credit Reference Bureau Moel Trading Co. Ltd. Eun-Kyung Kim Sojong Partners Xhemail Metolli Africa Ltd. Korea Credit Bureau Ministry of Environment and King KumKee Soo-Hwan Park Sammy Ndolo Spatial Planning King Holdings Ltd. Hyeon-Jeong Kim Samil Hamilton Harrison & Mathews Law Firm Korea Institute of Startup PricewaterhouseCoopers Ilir Murseli Aaron Levine & Entrepreneurship Murseli Architects & Asian Development Bank Yong Seok Park Killian Ngala Development (KISED) Partners Mediterranean Shipping Shin & Kim Kinateao Rokonimwane Hyo-Sang Kim Delvina Nallbani Company (MSC), Ministry of Commerce, Seung Min Roh Oceanfreight (E.A.) Ltd. Kim & Chang Boga & Associates Industry and Cooperatives Hwang Mok Park PC Jennifer Min Sun Kim Gazmend Nushi Mbage Ng’ang’a Naare Taukoriri Minah Seo Waruhiu K’owade & Ng’ang’a Sojong Partners Kalo & Associates Swire Shipping Service Hwang Mok Park PC Advocates Mike (Yeontaek) Kim Besim Osmani Tetoka Tionatam Mi-Jin Shin Ahnse Law Offices Interlex Associates LLC Joseph Ngangira Kiribati Provident Fund Kim & Chang Daly & Figgis Advocates Min Sun Kim Alba Paparisto Reei Tioti Philippe Shin Sojong Partners KPMG Albania shpk James Ngomeli Ministry of Environment, Shin & Kim The Kenya Power and Lands & Agriculture Seong Won (David) Kim Loreta Peci Lighting Company Ltd. Development (MELAD) Moon-Bae Sohn Hanaro TNS PwC Albania Korea Credit Bureau Eddy Ochieng Stephan Kim Denis Pitarka Oraro & Company Advocates KOREA, REP. Jiwon Suh Sojong Partners Kosovo Cadastral Agency Jaebeom Ahn Ministry of Strategy and Desmond Odhiambo Wonhyung Kim Finance Ilaz Ramajli Ahnse Law Offices Daly & Figgis Advocates Yoon & Yang LLC Ramajli & Partners Co. Won-Mo Ahn Kiwon Suh Edwin Odundo Yong-Seong Kim Cheon Ji Accounting Vigan Rogova Ahn & Chang Oraro & Company Advocates Sojong Partners Corporation - member Ethem Rogova Law Firm Darren Bean of Russell Bedford Andrew Oduor Yoon Young Kim Ariana Rozhaja Sojong Partners International Oraro & Company Advocates Hwang Mok Park PC VALA Consulting Jennifer Min-Sook Chae Catherine J. Yeo Daniel Okoth Youn Jong Kim Valentina Salihu Korea Credit Bureau Kim & Chang Oraro & Company Advocates Shinhan Customs Service Inc. VALA Consulting Grace Change Elizabeth Shinwon Yoon Richard Omwela Joonghoon Kwak Arbena Shehu Shinhan Customs Service Inc. Shinhan Customs Service Inc. Hamilton Harrison & Lee & Ko Notary Chamber of the Mathews Law Firm Jun-Yong Chang Republic of Kosovo Korea Customs Service Hee-Ryoung Lee KOSOVO Jackson Onyango Awele Sojong Partners Teki Shehu KEDS Oraro & Company Advocates Kyoung Soo Chang Checchi Company & Shin & Kim Hongyou Lee KPMG Consulting Hannington O. Ouko Cooperative Bank of South Yoonyoung Chang Hye Jeong Lee Tax Administration of Ardi Shita Sudan Hwang Mok Park PC Ahnse Law Offices Kosovo Checchi Company & Consulting 286 DOING BUSINESS 2015 Lea Shllaku Kevin J. Burke Atabek Akhmedov Temirbek Shabdanaliev Ketsana Phommachanh IPAK The Law Office of Bader GRATA Law Firm Freight Operators Ministry of Justice Saud Al-Bader & Partners Association of Kyrgyzstan Lens Slattengren Aizhan T. Albanova Anonglack Phongsavanh Interlex Associates LLC Fouad Douglas Tatyana Shapovalova PricewaterhouseCoopers Niyazbek Aldashev PricewaterhouseCoopers (Lao) Ltd. Elez Sylaj Lorenz International Law Anna Shirshova Al-Shatti & Co. Kosova Chamber of Firm Customs Cargo Service Ltd. Khamsene Sayavong Commerce Mohammed Eissa Lao Law & Consultancy Yelena Babitskaya Mirgul Smanalieva ASAR – Al Ruwayeh & Group Kreshnik Thaqi Veritas Law Agency Partner Law Firm Partners IPAK Prachith Sayavong Dinara Batyrova Nursultan Tokmanbetov Islam Ezzat Societe Mixte de Transport Valon Uka Veritas Law Agency Partner Law Firm ASAR – Al Ruwayeh & (SMT) TLW Partners Kerim Begaliev Idaiat Toktash Siri Sayavong Luzlim Zeka Colibri Law Firm Law Firm Lex Michel Ghanem Lao Law & Consultancy Baker Tilly Kosovo DLA Piper Richard Bregonje Anastasiia Tsoi Group Petrit Zeka PwC Kazakhstan Lorenz International Law Sam Habbas Sivath Sengdouangchanh Baker Tilly Kosovo Firm ASAR – Al Ruwayeh & Daria Bulatova Allen & Gledhill Co., Ltd. Shaha Zylfiu Partners Lorenz International Law Aktilek Tungatarov Senesakoune Sihanouvong Central Bank of the Firm International Business Mazen A. Khoursheed DFDL Republic of Kosovo Council Packaging & Plastic Kurmanzhan Dastanbek Kyzy Latsamy Sysamouth Industries Co. KSCC Kalikova & Associates Law Asel Tursuniiazova KUWAIT Ministry of Justice Firm Kumarel Nuramir LLC Dany Labaky Barq Al Khaleej Trading & Apisit Thiengtrongpinyo The Law Office of Al-Essa & Bakytbek Djusupbekov Daniyar Ubyshev Contracting Co.W.L.L. PricewaterhouseCoopers Partners Department of Cadastre and Partner Law Firm (Lao) Ltd. Credit Information Network Registration of Rights on Mohammed Maamoun Gulnara Uskenbaeva Immovable Property Heng Thy Freight Excel Logistics Packaging & Plastic Audit Plus PwC Cambodia Industries Co. KSCC Samara Dumanaeva Talal Abu Ghazaleh Legal Azim Usmanov Lorenz International Law (TAG-Legal) Medhat Mubarak Colibri Law Firm LATVIA Firm The Law Offices of Mishari Labeed Abdal Malikam Usmanova Baltic Legal Al-Ghazali and Rawan Asel Dzhamankulova The Law Firm of Labeed Partner Law Firm Mishari Al-Ghazali American Bar Association Colliers International Abdal Rule of Law Initiative (ABA Darya Vologodskaya Ayman Nada Ilze Abika Alaa Abdullah ROLI) PwC Kazakhstan Al Markaz Law Firm Skudra & Udris Law Offices Packaging & Plastic Rahat Dzhusupbekov Industries Co. KSCC Mai Nakli LAO PDR Marija Berdova Kapgradstroi The Law Office of Bader Attorneys-at-Law BORENIUS Hussein Mohammed Hassan Vinay Ahuja Saud Al-Bader & Partners Akjoltoi Elebesova Ahmed DFDL Andis Čonka Credit Information Bureau Abdullah Kh. Al-Ayoub & Erwin Patrao Latvijas Banka Ishenim One-Sy Boutsivongsakd Associates, member of Lex RB Bader Al Abduljader Association of Lao Garment Ainis Dabols Mundi & Partners - member Albina Fakerdinova Industry Latvian Association of Tax of Russell Bedford Deloitte Ali Al Faqan Advisers International Xaynari Chanthala International Counsel Kymbat Ibakova LS Horizon Limited (Lao) Valters Diure Bureau Hanaa Razzouqi Lorenz International Law LAWIN, member of Lex Mundi Credit Information Network Firm Sithong Chanthasouk Fahad Al Zumai Ministry of Industry and Edvīns Draba Kuwait University Abdul Qayyum Saeed Aliya Ibrayeva Commerce SORAINEN GH Law Firm PwC Kazakhstan Aiman Alaraj Lasonexay Chanthavong Zane Džule KEO International Waleed Sameer Evgeny Kim DFDL Attorneys-at-Law BORENIUS Consultants International Counsel Lorenz International Law Bureau Firm Agnès Couriol Zlata Elksniņa-Zaščirinska Abdullah Al-Ayoub DFDL PwC Latvia Abdullah Kh. Al-Ayoub & Sherif Shawki Abdel Fattah Galina Kucheryavaya Associates, member of Lex PricewaterhouseCoopers Demir Kyrgyz International Aristotle David Kaspars Freimanis Mundi Al-Shatti & Co. Bank VNA Legal Sole Co. Ltd. Varul Omar Hamad Yousuf Al-Essa Afrah Shbeeb Nurdin Kumushbekov Sornpheth Douangdy Zanda Frišfelde The Law Office of Al-Essa & The Law Offices of Mishari USAID Business Environment PricewaterhouseCoopers SORAINEN Partners Al-Ghazali and Rawan Improvement Project The (Lao) Ltd. Mishari Al-Ghazali Elina Girne Pragma Corporation Nada F. A. Al-Fahad Rupert Haw AmberLaw GEC DAR Gulf Engineers Prateek Shete Nurbek Maksutov DFDL Abdullah Kh. Al-Ayoub & Andris Ignatenko Consultants International Business Associates, member of Lex Konrad Hull Estma Ltd. Council Mishari M. Al-Ghazali VNA Legal Sole Co. Ltd. Mundi Janis Irbe The Law Offices of Mishari Asel Momoshova Al-Ghazali and Rawan Fatma Waizani Duangkamol Ingkapattanakul Latvenergo AS, Sadales Kalikova & Associates Law Mishari Al-Ghazali Credit Information Network DFDL Tikls Firm Souphine Keomixai Andris Jekabsons Rawan M. Al-Ghazali Umtul Murat kyzy The Law Offices of Mishari KYRGYZ REPUBLIC Association of Lao Garment LEXTAL Lorenz International Law Al-Ghazali and Rawan Yulia Abdumanapova Industry Firm Valters Kalme Mishari Al-Ghazali Baker Tilly Bishkek LLC Phetlamphone Khanophet Public Utilities Commission Dmitry No Aidana Soyuzbekovna Bank of Lao PDR Latvia Abdullah AlKharafi Partner Law Firm International Counsel Absultanova Sisomephieng Khanthalivanh Irina Kostina Aidar Oruzbaev Bureau Bank of Lao PDR LAWIN, member of Lex Mundi Alexander Ahn Lorenz International Law Akusa Batwala Kalikova & Associates Law Firm Moukdalay Khounsavanh Dainis Leons ASAR – Al Ruwayeh & Firm PricewaterhouseCoopers Sadales Tīkls AS Nurbek Sabirov Partners (Lao) Ltd. Myrzagul Aidaralieva Kalikova & Associates Law Indriķis Liepa Abdullah Bin Ali Lorenz International Law Firm Phantouleth Louangraj Attorneys-at-Law BORENIUS Packaging & Plastic Firm Asian Development Bank Aisanat Safarbek kyzy Linda Matisane Industries Co. KSCC Shuhrat Akhmatakhunov GRATA Law Firm Somphone Phasavath State Labour Inspectorate Nada Bourahmah Kalikova & Associates Law Lao Freight Forwarder Firm Emil Saryazhiev Alexey Melsitov The Law Offices of Mishari Co. Ltd. Credit Information Bureau MTA Maritime Transport & Al-Ghazali and Rawan Gulnara Akhmatova Ishenim Khamphaeng Phochanthilath Agencies Mishari Al-Ghazali Lawyer VNA Legal Sole Co. Ltd. Kanat Seidaliev Baiba Orbidane GRATA Law Firm LAWIN, member of Lex Mundi ACKNOWLEDGMENTS 287 Guna Paidere Wafic Fathallah Makram Shehayeb G. Darlington Dahn, I Mahmud Mukhtar Register of Enterprises ESCO Fathallah & Co. MENA City Lawyers Baker Tilly Liberia Mukhtar, Kelbash & Elgharabli Kristine Patmalniece Serena Ghanimeh Rami Smayra Fonsia Donzo Raidla Lejins & Norcous AbdelSater AbuSamra & Smayra Law Office Central Bank of Liberia Ali Naser Associates - ASAS LAW Libyan Credit Information Anastasija Pimenova George Tannous Uzoma Ebeku Center Zoom Room Ghassan Haddad Beirut International Movers Cooper & Togbah Law Office Badri and Salim El Meouchi SARL Abuejila Saif Annaser Baiba Plaude Christine Sonpon Freeman Law Firm, member of Saif Annaser Law Office Law Offices Blueger & Nady Tyan Cooper & Togbah Law Office Interleges Plaude Tyan & Zgheib Law Firm Muftah Saif Annaser Robert Freeman Abdallah Hayek Saif Annaser Law Office Ilze Rauza Rania Yazbeck Cooper & Togbah Law Office Hayek Group PwC Latvia Tyan & Zgheib Law Firm Deweh Gray LITHUANIA Daniel Hayek Elīna Semeņuka Female Lawyers Association Hayek Group LESOTHO Ernst & Young SORAINEN of Liberia Samir Hayek Harley & Morris Loreta Andziulyte Māris Simulis Abeku Gyan-Quansah Hayek Group Proventuslaw LT UAB Attorneys-at-Law BORENIUS Mahashe Chaka PwC Ghana Fady Jamaleddine Land Administration Asta Avizaite Mihails Špika Cyril Jones MENA City Lawyers Authority Ministry of Justice JSC Dzintars Jones & Jones Mohammad Joumaa Thabo Michael Letjama Petras Baltusevičius Zane Štālberga-Markvarte Mohamedu F. Jones PwC Lebanon Lesotho Revenue Authority DSV Transport UAB Markvarte Lexchange Law Abu Kamara Office Elie Kachouh Qhalehang Letsika Donatas Baranauskas Ministry of Commerce & ELC Transport Services SAL Mei & Mei Attorneys Inc. Vilniaus Miesto 14 - Asis Ruta Teresko Industry Notaru Biuras AZ Service Ltd. Georges Kadige Realeboha Makamane Hassan Kiawu Kadige & Kadige Law Firm High Court Šarūnas Basijokas Ziedonis Udris Liberia Electricity GLIMSTEDT Skudra & Udris Law Offices Michel Kadige Pakalitha Makhohlisa Corporation Kadige & Kadige Law Firm Transelec Consulting Vilius Bernatonis Maris Vainovskis George Kwatia Engineers Pty. Ltd. Tark Grunte Sutkiene Eversheds Bitāns Bassam Karam PwC Ghana Raphaël & Associés Thakane Makume Andrius Bogdanovičius Elina Vilde Barnabas Norris Lesotho Electricity JSC Creditinfo Lietuva Eversheds Bitāns Joelle Khater Center for National Company Pty. Ltd. Badri and Salim El Meouchi Documents & Records Kristijonas Bukevičius Tatjana Visņevska Law Firm, member of Leoma Matamane (National Archives) PwC Lithuania PwC Latvia Interleges Molepe Quantity Surveyors Philomena Bloh Sayeh Alina Burlakova Agate Ziverte Najib Khattar Tlhobohano Matela Center for National Law Firm LAWIN, member of PwC Latvia Khattar Associates National Environment Documents & Records Lex Mundi Daiga Zivtina Secretariat (National Archives) Lena Maalouf Giedre Dailidenaite LAWIN, member of Lex Mundi Smayra Law Office Tony Mcalpine Euphemia Swen-Monmia Law Office VARUL and Moores Rowland Central Bank of Liberia Partners LEBANON Abdo Maatouk Smayra Law Office Moses Mohol Isa Fako Wilson Tarpeh Renata Damanskyte Electricité du Liban Moores Rowland University of Liberia Tark Grunte Sutkiene Christine Maksoud Nadim Abboud Baroudi & Associates Denis Molyneaux Justin Tengbeh Aurelija Daubaraitė Law Office of A. Abboud & Webber Newdigate National Custom Brokers Law Firm SORAINEN & Associates Georges Mallat Association of Liberia Partners Vilnius office Hyam G. Mallat Law Firm Tseliso Monaphathi Nada Abdelsater-Abusamra High Court Madlyne Wah Gintaras Daugela AbdelSater AbuSamra & Nabil Mallat Center for National Bank of Lithuania Associates - ASAS LAW Hyam G. Mallat Law Firm Ntlatlapa Mosae Documents & Records Sello-Mafatle Attorneys Darius Dieckus Wadih Abou Nasr Aline Matta (National Archives) Bank of Lithuania PwC Lebanon Talal Abu Ghazaleh Legal Molupe Mothepu Mustapha Wesseh (TAG-Legal) Lesotho Revenue Authority Giedre Domkute Alina Achy Center for National AAA Baltic Service Company PwC Lebanon Mario Mohanna Mothepane Ntseki Documents & Records - Law Firm Patrimoine Conseil SARL Sheeran & Associates (National Archives) Karen Baroud Yvonne Goldammer PwC Lebanon Mirvat Moustapha Duduzile Seamatha Phillip Williams BNT Heemann Klauberg MENA City Lawyers Sheeran & Associates Ministry of Labour & Social Jean Baroudi Krauklis APB Security Baroudi & Associates Andre Nader Tiisetso Sello-Mafatle Dovile Greblikiene Nader Law Office Sello-Mafatle Attorneys Tarek Baz LIBYA LAWIN Hyam G. Mallat Law Firm Rana Nader Lindiwe Sephomolo Zahaf & Partners Law Firm Arturas Gutauskas Nader Law Office L. Sephomolo Chambers Nayla Chemaly Law Office VARUL and Ahmed Abdulaziz MENA City Lawyers Toufic Nehme Phoka Thene Partners Mukhtar, Kelbash & Law Offices of Albert Laham Elgharabli Najib Choucair Sechaba Thibeli Frank Heemann Central Bank of Lebanon Hala Raphael Triangle Freight BNT Heemann Klauberg Abdul Baset Al Baghdadi Raphaël & Associés Krauklis APB Hadi Diab George Thokoa United Lawyers for Smayra Law Office Mireille Richa Maseru Electro Services Advocacy and Legal Services Robert Juodka Tyan & Zgheib Law Firm Pty Ltd. LLC Law Office VARUL and Michel Doueihy Partners Badri and Salim El Meouchi Jihan Rizk Khattar Refiloe Thulo Abdudayem Elgharabli Law Firm, member of Khattar Associates K. R. Consultants Mukhtar, Kelbash & Inga Interleges Elgharabli Karulaityte-Kvainauskiene Jihad Rizkallah Proventuslaw LT UAB Lina El Cheikh Badri and Salim El Meouchi LIBERIA Ahmed Kafala MENA City Lawyers Law Firm, member of AEP Consultants Inc. Golden Planner Romualdas Kasperavičius Interleges Architecture and State Enterprise Centre of Amanda El Madani Stephen Boakye Engineering Registers MENA City Lawyers Rached Sarkis PwC Ghana Consultant Bahloul Kelbash Jonas Kiauleikis Nada ElSayed Golda A. Bonah Mukhtar, Kelbash & Attorneys-at-Law BORENIUS PwC Lebanon Antoine Sfeir Elgharabli Henry N. Brunson Badri and Salim El Meouchi Jurgita Kiščiūnaitė Hadi Fathallah FedEx Ibrahim Maher Law Firm, member of Law Firm Zabiela, Zabielaite ESCO Fathallah & Co. Tumi Law Firm - in & Partners Interleges F. Augustus Caesar Jr. Izzat Fathallah Caesar Architects, Inc. association with SNR Mona Sfeir Janus Kizenevic ESCO Fathallah & Co. Denton Hyam G. Mallat Law Firm Henry Reed Cooper Law Office VARUL and Cooper & Togbah Law Office Partners 288 DOING BUSINESS 2015 Tomas Kontautas Andrius Šidlauskas Alain Grosjean Benita Beleshkova Ivana Lekic Law Firm SORAINEN & Attorneys-at-Law BORENIUS Bonn & Schmitt IKRP Rokas & Partners PwC Macedonia Partners Vilnius office Justinas Sileika Andreas Heinzmann Vera Belkoska Aleksandar Malezanski Kristina Kiščiūnaitė BNT Heemann Klauberg Bonn & Schmitt Central Registry of the Law Firm Trpenoski PwC Lithuania Krauklis APB Republic of Macedonia Patricia Hemmen Miroslav Marchev Ronaldas Kubilius Justina Šilinskaite Arendt & Medernach Dragan Blažev PwC Macedonia PwC Lithuania Eversheds Saladzius Timelproject Engineering Vincent Hieff Mirjana Markovska Gediminas Kuncevicius Mingailė Šilkūnaitė Chamber of Commerce of the Slavica Bogoeva Stojkoska Attorney-at-Law Intermodal Container GLIMSTEDT Grand-Duchy of Luxembourg Macedonian Credit Bureau Elena Miceva Service AD Skopje Rimantas Simaitis Véronique Hoffeld DDK Attorneys-at-Law Egidijus Kundelis Raidla Lejins & Norcous Loyens & Loeff Sandra Cakmakova Oliver Mirchevski PwC Lithuania Cakmakova Advocates Simonas Skukauskas Christian Jungers EVN Macedonia Odeta Maksvytytė Attorneys-at-Law BORENIUS Kleyr Grasso Ljupco Cubrinovski Sladjana Miteva Law Office VARUL and Energo Dizajn Tomas Soltanovičius François Kremer TIVA-AS D.O.O.E.L. Partners Attorneys-at-Law BORENIUS Arendt & Medernach Dragan Dameski - Valandovo Linas Margevicius DDK Attorneys-at-Law Simona Stančiukaitė Antoine Laniez Irena Mitkovska Legal Bureau of Linas Law Firm SORAINEN & Loyens & Loeff Georgi Dimitrov Lawyers Antevski Margevicius Partners Vilnius office Georgi Dimitrov Attorneys Paul Lanois Jovana Mitrovska Vilius Martišius Marius Stračkaitis Ana Georgievska Law Firm Trpenoski Law Firm of Reda Zaboliene Olivier Lardinois Lithuanian Chamber of DIMA Forwarders BNP PARIBAS Biljana Mladenovska Dimitrova Rūta Matonienė Notaries Dimche Georgievski Lawyers Antevski Vilnius City Municipality Tom Loesch Alina Streckyte DIMA Forwarders Law Firm Loesch Martin Monevski Vaidotas Melynavicius Law Firm LAWIN, member of Bojan Georvski Monevski Law Firm AAA Baltic Service Company Lex Mundi Nathalie Mangen IKRP Rokas & Partners - Law Firm Bonn & Schmitt Valerjan Monevski Daiva Ušinskaitė-Filonovienė Katarina Ginoska Monevski Law Firm Tomas Mieliauskas Tark Grunte Sutkiene Jeannot Medinger Georgi Dimitrov Attorneys Law Firm Yves Creos Luxembourg SA Vladimir Naumovski Lukas Vaisvila Marijana Gjoreska Central Registry of the Bronislovas Mikūta Law Office VARUL and Marc Meyer Central Registry of the Republic of Macedonia State Enterprise Centre of Partners Creos Luxembourg SA Republic of Macedonia Registers Svetlana Neceva Vygantas Vaitkus Paul Mousel Oliver Gjurovski Law Office Pepeljugoski Eugenijus Miliukas National Control Arendt & Medernach Central Registry of the Law Firm SORAINEN & Commission for Prices and Ilija Nedelkoski Marco Peters Republic of Macedonia Partners Vilnius office Energy Cakmakova Advocates Creos Luxembourg SA Werner Hengst Donata Montvydaite Vilija Vaitkutė Pavan Elena Nikodinovska Françoise Pfeiffer EVN Macedonia Law Firm LAWIN, member of Law Firm LAWIN, member of DDK Attorneys-at-Law Lex Mundi Lex Mundi Speechly Bircham Pfeiffer & Aleksandar Ickovski Partners Marina Nikoloska Žygimantas Pacevičius Adrijus Vegys Jasmina Ilieva Jovanovikj Cakmakova Advocates Alexandra Pizzo Attorneys-at-Law BORENIUS Bank of Lithuania DDK Attorneys-at-Law BNP PARIBAS Marija Nikolova Michail Parchimovič Agnietė Venckiene Orce Ivanoski Law Office Knezovic & Judith Raijmakers Motieka & AudzeviČius Law Firm SORAINEN & Law Firm Trpenoski Associates Partners Vilnius office Loyens & Loeff Algirdas Pekšys Mare Ivanovska Vesna Nikolovska Sandra Rapp Law Firm SORAINEN & Tomas Venckus Cakmakova Advocates Law Office Nikolovski Partners Vilnius office Law Office VARUL and Kleyr Grasso Maja Jakimovska Goran Nikolovski Partners Jean-Luc Schaus Mantas Petkevičius Cakmakova Advocates Law Office Nikolovski Law Firm SORAINEN & Darius Zabiela Pierre Thielen Avocats Vase Jakov Martin Odzaklieski Partners Vilnius office Law Firm Zabiela, Zabielaite Roger Schintgen & Partners Municipality of Gazi Baba Ministry of Transport and Angelija Petrauskienė Paul Wurth SA Société - Skopje Communications Vilnius City Municipality Ernesta Žiogienė Alex Schmitt Marija Jankuloska Jasmina Rafajlovska Law Office VARUL and Bonn & Schmitt Aidas Petrosius Georgi Dimitrov Attorneys Rafajlovski Konsalting Partners State Enterprise Centre of Frank Thihatmar d.o.o. Svetlana Jovanoska Registers Audrius Žvybas Avega Révision SARL - GLIMSTEDT Municipality of Gazi Baba Goran Rafajlovski member of Russell Bedford Justina Rakauskaitė - Skopje Rafajlovski Konsalting GLIMSTEDT International d.o.o. LUXEMBOURG Aneta Jovanoska Trajanovska Bénédicte Zahnd Karina Rakauskaitė Lawyers Antevski Viktor Ristovski Allen & Overy Luxembourg BNP PARIBAS National Control Cakmakova Advocates PwC Luxembourg Stefan Jovanovski Commission for Prices and Energy MACEDONIA, FYR PwC Macedonia Ljubica Ruben Hugo Arellano Mens Legis Law Firm Igor Aleksandrovski Lenche Karpuzovska Liudas Ramanauskas Loyens & Loeff Apostolska & EVN Macedonia Lidija Sarafimova-Danevska Law Firm SORAINEN & Christian Barandao-Bakele Aleksandrovski National Bank of the Partners Vilnius office Emilija Kelesoska Sholjakovska Arendt & Medernach Republic of Macedonia Marius Rindinas Ljubinka Andonovska DDK Attorneys-at-Law Louis Berns Central Registry of the Simonida Law Firm Zabiela, Zabielaite Dejan Knezović Arendt & Medernach Republic of Macedonia Shosholceva-Giannitsakis & Partners Law Office Knezovic & IKRP Rokas & Partners Eleonora Broman Natasha Andreeva Associates Laura Ryzgelytė Loyens & Loeff National Bank of the Alexander Sipek Law Firm SORAINEN & Vancho Kostadinovski Republic of Macedonia EVN Macedonia Partners Vilnius office Guy Castegnaro Central Registry of the Ius Laboris Luxembourg, Zlatko Antevski Republic of Macedonia Dime Spasov Vytautas Sabalys Castegnaro Lawyers Antevski Agency for Real Estate Law Firm SORAINEN & George Kostov Partners Vilnius office Cadastre Ariane Claverie Emilija Apostolska TP Gjorge Kostov – Skopje Ius Laboris Luxembourg, Apostolska & Ivan Stojanov Auste Saliamoraite Ivana Kostovska Castegnaro Aleksandrovski Rafajlovski Konsalting Law Firm LAWIN, member of Apostolska & d.o.o. Lex Mundi Gérard Eischen Rubin Atanasoski Aleksandrovski Chamber of Commerce of the Timelproject Engineering Blagoj Stojevski Simona Šarkauskaitė Dimitar Kostovski Grand-Duchy of Luxembourg EVN Macedonia Law Firm Zabiela, Zabielaite Maja Atanasova Cakmakova Advocates & Partners Vaneesa Freed Georgi Dimitrov Attorneys Margareta Taseva Loyens & Loeff Irena Lazarova Egidijus Šatrauskas Cakmakova Advocates Ljupka Avramovic Central Registry of the AB Lesto Sinko Doo Republic of Macedonia ACKNOWLEDGMENTS 289 Dragica Tasevska Fetrahanta Sylviane Charles Mvula Ria Binti Sachlin Aishah Abdul Manap Khalid National Bank of the Rakotomanana DUMA Electrics Ltd. - Department of Director Focus Architects Republic of Macedonia PwC Madagascar Control Systems and General of Land & Mines LOH Kok Leong Energy Management Borjanka Todorovska Harivola Joan Rakotomanjaka Chiah Kim Chai Russell Bedford LC Donevski Law Firm Madagascar Conseil Davis Njobvu Malaysia Bar Council & Company - member International Savjani & Co. of Russell Bedford Toni Trajkovski Janet Chai International Municipality of Gazi Baba Haingotiana Rakotondratsiory Grant Nyirongo Chooi & Associates - Skopje PwC Madagascar Elemech Designs Christopher Lee Hong Yun Chang Christopher Lee & Co. Svetlana Trendova Heritiana Rakotosalama Donns Shawa Tay & Partners Apostolska & Legislink Consulting RD Consultants Wai Hsian Lian Mary Chin Chee Foong Aleksandrovski Azmi & Associates Mamisoa Rakotosalama Samuel Tembenu HSBC Malaysia Stefan Trost Legislink Consulting Tembenu, Masumbu & Co. Joo Ho Lim David Foo Khar Ching EVN Macedonia Zul Rafique & Partners, Lanto Tiana Ralison Shiraz Yusuf National House Buyers Advocate & Solicitors Natasha Trpenoska PwC Madagascar Ernst & Young Association Trenchevska Koon Huan Lim Roland Ramarijaona H.Y. Chong Law Firm Trpenoski MALAYSIA Skrine, member of Lex Mundi Delta Audit Deloitte Azman, Davidson & Co. Slavce Trspeski Bank Negara Malaysia San Peen Lim Laingo Ramarimbahoaka Jack Chor Agency for Real Estate PwC Malaysia Madagascar Conseil Parameswaran A. Christopher Lee & Co. Cadastre International Shanmughanathan Chang Kim Loong Eddie Chuah Vladimir Vasilevski Tenaga Nasional Berhad National House Buyer Heridja Patrick Ramaroson Wong & Partners BETASPED d.o.o. Association Ministère de la Justice Nor Azimah Abdul Aziz Tze Keong Chung Pamela Veljanoska Companies Commission of Ahmad Lufti Abdull Mutalip Heritiana Rambeloson CTOS Data Systems Sdn Bhd Law Office Pepeljugoski Malaysia Azmi & Associates Jiro Sy Rano Malagasy Wong Tat Chung Marija Zekmanovska (JIRAMA) Halimi Abd Manaf Ir. Bashir Ahamed Maideen Wong Beh & Toh Rafajlovski Konsalting Ministry of Housing and Nadi Consult Era Sdn Bhd William Randrianarivelo d.o.o. Local Government Melinda Marie D’Angelus PwC Madagascar Pari Malaba Azmi & Associates Sonja Zuber Abu Daud Abd Rahim Sumiso Fetiarinjara Randrianarivo Analytica MK Azmi & Associates Mohd Naim Daruwish Madagascar Law Offices Abd. Shukor Marsuhaida Companies Commission of Ahmad Danial Abdul Rahim Ministry of International MADAGASCAR Sahondra Rasoarisoa Malaysia Azmi & Associates Trade and Industry Delta Audit Deloitte Banque Centrale de Nadesh Ganabaskaran Mohammad Rohaimy Abdul Suzana Mohd Razali Madagascar Michael Ratrimo Zul Rafique & Partners, Rahim Companies Commission of Madagascar International Advocate & Solicitors Build Consulting Engineers Ministry of International Malaysia Container Terminal Services Trade and Industry Sabariah Ghazali Judge Natanaela Ltd. Zuhaidi Mohd Shahari Ministry of International Rakotomanana Sonia Abraham Azmi & Associates Théodore Raveloarison Trade and Industry Azman, Davidson & Co. Serge Andretseheno JARY - Bureau d’études Shameen Mohd. Haaziq Pillay Tiew Hai San Cabinet AS Architecte Architecture Ingénierie Wilfred Abraham Wong & Partners Ministry of Federal Zul Rafique & Partners, Tsiry Andriamisamanana Andriamisa Ravelomanana Territories and Urban Chew Yin Mok Advocate & Solicitors Madagascar Conseil PwC Madagascar Wellbeing BDO International Noorlida Hanum Ahmad Jean Marcel Razafimahenina Ar. Ezumi Harzani Ismail Nur Azwani Hasleem bt Nasrun Companies Commission of Herilova Andriampenomanana Delta Audit Deloitte Arkitek MAA Department of Director Malaysia PricewaterhouseCoopers General of Land and Louis Sagot Zulkurnain Hassan Tax and Legal Rosli Ahmad Mines - Ministry of Natural Cabinet d’Avocat Louis Kuala Lumpur City Hall Companies Commission of Resources and Environment Eddy Ramangason Sagot Malaysia Ramli Hazra Izadi Andrianarisoa Marina Nathan Ida Soamiliarimana LKMD Architecture Avocat au Barreau de Azmi Mohs Ali Companies Commission of Madagascar Conseil Madagascar Azmi & Associates Ivan Yue Chan Ho Malaysia International Shook Lin & Bok Yves Duchateau Andy Connie Ng SDV Logistics MALAWI Sumiso Hung Hoong Panalpina World Transport Shearn Delamore & Co. LLP Raphaël Jakoba Manica Africa Pty. Ltd. Wan Mohd Azzuddin Madagascar Conseil Focus Architects Ray Chong Kok Hou Oy Moon Ng Dino Amritlal Raval International Shook Lin & Bok CTOS Data Systems Sdn Bhd Wilson & Morgan Mohd Zakri Baharudin Hanna Keyserlingk Malaysian Employers Michael Chiam Tow Hui Swee Kee Ng Vincent Chikaonda Cabinet HK Jurifisc Federation Commercial Employers’ Shearn Delamore & Co. Savjani & Co. Association of Peninsular Ravelojaona Marie Albert Anita Balakrishnan Mahadi Ngah Marshal Chilenga Malaysia Jiro Sy Rano Malagasy Shearn Delamore & Co. Kuala Lumpur City Hall TF & Partners (JIRAMA) Sallehuddin Ishah Shamsuddin Bardan Allison Ong Andrew Chimpololo Department of Director Pascaline R. Rasamoeliarisoa Malaysian Employers Azman, Davidson & Co. University of Malawi General of Land & Mines Delta Audit Deloitte Federation Jal Othman Gautoni D. Kainja Mohamed Zanyuin Ismail Sahondra Rabenarivo Abdul Murad Bin Che Chik Shook Lin & Bok Kainja & Dzonzi Companies Commission of Madagascar Law Offices Zain Megat & Murad Malaysia Tan Kar Peng Griffin Kamanga Tahina Rajaona Mohd Nawawi bin Hj Said Kamaruddin Wee & Co 2PS Cargo Co. Rohani Ismail Madagascar Law Offices Abdullah Advocates & Solicitors Sessions Court Kuala Dannie J. Kamwaza Tenaga Nasional Berhad Pierrette Rajaonarisoa Lumpur Rospawarna Rabbu Kamwaza Design SDV Logistics Nawawi bin Hj. Said Abdullah Pejabat Tanah Dan Galian Partnership Rosnani Ismail Energy Commission Selangor Mino Tahina Rajaonson Inland Revenue Department James Masumbu Jiro Sy Rano Malagasy Ahmad Fuad bin Md Kasim Lembaga Hasil Dalam Negeri Aminah BT Abd. Rahman Tembenu, Masumbu & Co. (JIRAMA) Tenaga Nasional Berhad (LHDN) Ministry of Urban Wellbeing Raphael Mhone Housing and Local Serge Lucien Rajoelina Che Adnan Bin Mohamad Norhaiza Jemon Racane Associates Government Jiro Sy Rano Malagasy Nadi Consult Era Sdn Bhd Companies Commission of (JIRAMA) Vyamala Aggriel Moyo Malaysia Nirmala Ramadass Tahir bin Mohd Deni PwC Malawi Companies Commission of Manantsoa Rakoto Tenaga Nasional Berhad Hj Mohd Nazam Md Kassim Malaysia Cabinet John W. Ffooks & Misheck Msiska Focus Architects Abdul Aziz Bin Yusoff Co., member of Bowman Ernst & Young Zulaini Rohani Kuala Lumpur City Hall Mohd. Fauzi Abdul Kayum Gilfillan Africa Group Port Klang Authorities Edaran IT Services Sdn Bhd 290 DOING BUSINESS 2015 Siti Zurina Sabarudin MALDIVES Nianti Bouaré Nicolai Borg Sant Don Hess Azmi & Associates Environmental Protection LABOGEC - Laboratoire Génie PwC Malta College of the Marshall Agency Civil Islands Shaleni Sangaran Ann M. Bugeja Skrine, member of Lex Mundi Malé City Council Amadou Camara CSB Advocates Jerry Kramer SCP Camara Traoré Pacific International, Inc. Andy Seo Ministry of Housing and Charles Buhagiar Infrastructure Céline Camara Sib Med Design Associates Donna Lacuesta Fiona Sequerah Etude Me Celine Camara Sib Robert Reimers Enterprises, Christopher Lee & Co. Mohamed Shahdy Anwar Johann Buttigieg Inc. Suood Anwar & Co - Boubacar Coulibaly Malta Environment & Hadiman Bin Simin Attorneys-at-Law Matrans Planning Authority (MEPA) James McCaffrey Ministry of Housing and The McCaffrey Firm, Ltd. Local Government Jatindra Bhattray Elvis Danon Pierre Buttigieg PwC Maldives PwC Côte d’Ivoire CSB Advocates Steve Philip Jagdev Singh Chamber of Commerce PwC Malaysia Asma Chan-Rahim Sekou Dembele Simon Camilleri Shah, Hussain & Co. Etude Maître Sekou Dembele CreditInfo Michael Slinger Rishwant Singh Barristers & Attorneys Chamber of Commerce Zul Rafique & Partners, Mamadou Diarra Joseph Caruana Advocate & Solicitors Fathmath Fazleena Fakir Cabinet Juri-Partner Malta Financial Services Scott H. Stege Maldives Monetary Authority (MFSA) Law Offices of Scott Stege Koh Suan Suan Fatimata Dicko Zouboye Azman, Davidson & Co. Authority Kirsten Cassar Charles Stinnett Djibril Guindo Nuwan Fernando Camilleri Preziosi Majuro Stevedore and Adeline Thor Sue Lyn Jurifis Consult KPMG Terminal Company Russell Bedford LC Stephen Ferrito Mahaman Tahir Hamani & Company - member Aishath Haifa Malta Environment & David M. Strauss BCEAO of Russell Bedford Shah, Hussain & Co. Planning Authority (MEPA) Chamber of Commerce International Barristers & Attorneys Yacouba Massaman Keïta Neville Gatt Itibo Tofinga Nor Fajariah Sulaiman Mohamed Hameed Gaoussou A. G. Konaté PwC Malta Marshall Islands Tax City Hall of Kuala Lumpur Antrac Maldives Pvt. Ltd. Agence Cadet Authority Christabelle Gauci Jamilah Haji Mohd Taib Dheena Hussain Abdoul Karim Kone CSB Advocates Companies Commission of Cabinet Berth - Kone - MAURITANIA Shah, Hussain & Co. Steve Gingell Malaysia Barristers & Attorneys Avocats Associés Sid’Ahmed Abeidna PwC Malta SOGECO Mauritania Ee Ling Tan Abdul Rasheed Ibrahim Siriki Zana Kone Paul Gonzi Tay & Partners Customs Service Cabinet Juri-Partner Esteit Mohamedou Amane Fenech & Fenech Advocates Etudes recherches et Cindy Thong Shehan Kurukuththala Adeline Messou Kurt Hyzler maintenance Panalpina World Transport Ernst & Young PwC Côte d’Ivoire CSB Advocates LLP Tidiane Bal Nasiha Malik Bérenger Y. Meuke BSD & Associés Kevin Loughborough Kenneth Tiong Shah, Hussain & Co. Jurifis Consult Cobra Installations The Associated Chinese Barristers & Attorneys Maroufa Diabira Vanja Ramanandraitsiory Lawyer Chambers of Commerce Henri Mizzi and Industry of Malaysia Laila Manik Cabinet John W. Ffooks & Camilleri Preziosi Attorney Co., member of Bowman Brahim Ebety (ACCCIM) Gilfillan Africa Group John Paris Lawyer Sahrom Ujang Prasanta Misra CreditInfo PwC Maldives Alassane T. Sangaré Hamoud Ismail Kuala Lumpur City Hall Notary Matthew Saliba SMPN Sue Wan Abdulla Muizzu CSB Advocates Praxis Law Firm Moussa Sanogo Cheikany Jules Wong & Partners BCEAO Lynne Satariano Cheikhany Jules Law Office Wan Rosmawati Wan Ibrahim Ahmed Murad CSB Advocates Mazlan & Murad Law Djibril Semega Oumar Sada Kelly Malayan Banking Berhad Associates Cabinet SEAG Conseil Abigail Scerri Assurim Consulting Chee Lin Wong PwC Malta Ismail Nashid Dominique Taty Mohamed Lemine Salem Ould Skrine, member of Lex Mundi Maldives Customs Service PwC Côte d’Ivoire Ian Stafrace Béchir Justin Wong Ian Stafrace Legal Exaco Hussain Nazeer Boubacar Thiam Azmi & Associates Otium Group Association Professionnelle Audrey Vassallo Abdou M’Bodj Yim Fat Wong des Banques et Land Registry Communauté Urbaine de The Associated Chinese Ismail Rasheed Etablissement Financiers Nouakchott Architect Quentin Zahra Chambers of Commerce du Mali Eurofreight Wedou Mohamed and Industry of Malaysia Gayan Senanyake Imirane A. Touré Maurihandling (ACCCIM) KPMG Andrew J. Zammit Direction Nationale de CSB Advocates Ishagh Ould Ahmed Miské Wei Kwang Woo Mohamed Shafaz Wajeeh l’Urbanisme et de l’Habitat Cabinet Ishagh Miske Wong & Partners Praxis Law Firm Alassane Traoré MARSHALL ISLANDS Moustapha Ould Bilal Clifford Eng Hong Yap Shuaib M. Shah ICON SARL Environmental Protection Tribunal de Commerce de PwC Malaysia Shah, Hussain & Co. Fousséni Traoré Agency - Marshall Islands Nouakchott Elaine Yap Barristers & Attorneys PwC Côte d’Ivoire Historic Preservation Office Mohamed Ould Bouddida Wong & Partners Fathimath Shaheen Emmanuel Yehouessi Etude Maître Mohamed Ould Majuro Water and Sewer Bouddida Henry Yeam Upul Shantha BCEAO Company National House Buyers KPMG Ahmed Salem Ould Association MALTA Marshall Islands Registry Fathimath Sodhaf Bouhoubeyni Susan Yeo Maldives Customs Service Architecture Project Marshalls Energy Company Cabinet Bouhoubeyni City Bank Lubna Zahir Hussain Bank of Valletta Ministry of Public Works Abdellahi Ould Charrouck Chui Wen Yong The Law Commission of the Atelier Architecture et Enemalta Corporation PKF International Design Azmi & Associates Maldives MECS Engineering Solutions Kenneth Barden Abdallahi Ould Gah Ismail Mohd Yusof Kuala Lumpur City Hall Attorney-at-Law Etude Gah MALI Leonard Bonello Centre National Ganado Advocates Tatyana E. Cerullo Moulaye El Ghali Ould Moulaye Norina Zainol Abidin Malaysia Department of de Recherche et Marshall Islands Lawyers Ely Paul Bonello Insolvency d’Expérimentation en Ministry of Finance Raquel De Leon Avocat Bâtiment et Travaux Publics Department of Customs Marshall Islands Social Mohamad Hazrin Zakaria (CNREX-BTP) Ahmed Ould Radhi Pejabat Tanah Dan Galian Security Administration Banque Centrale de Kris Borg Selangor Bassambie Bationo Dr Kris Borg & Associates Anthony Frazier Mauritanie BCEAO - Advocates Megat Zulazizi B. Fahimudin Avelino R. Gimao Jr. Aliou Sall Westports Malaysia Sdn Mario Raymond Borg Marshall Islands Social Etude Me Aliou Sall & Bhd Inland Revenue Department Security Administration Associés ACKNOWLEDGMENTS 291 Cheikh Sall Raymond Marie Marc Hein Mohamad Issa Soormally Carlos Chávez Jose Martin Garcia Etude Hady Maouloudvall Juristconsult Chambers Bank of Mauritius Galicia Abogados SC Galaz, Yamazaki, Ruiz Urquiza SC, member of Aicha Coura Samake Rubishwur Hemoo Oudesh Suddul Ernesto Chávez Deloitte Touche Tohmatsu BSD & Associés Ministry of Local Kross Border Trust Intercontinental Network Limited Government and Outer Services Ltd. - member Services Aissetou Sy Islands of Russell Bedford Luis Alfonso García BSD & Associés Rodrigo Conesa International Campuzano Elodie Hermelin Ritch Mueller, SC Dominique Taty Kuri Breña, Sánchez Ugarte Legis & Partners Menzie Sunglee PwC Côte d’Ivoire Andres Corcuera Habsburg y Aznar SC CEB Nooreena Hosany Lothringen Khalidou Traoré Mauricio Garza Bulnes Ministry of Local Parikshat Teeluck Creel, García-Cuéllar, Aiza y Communauté Urbaine de J.A. Treviño Abogados SA Government and Outer Damco Logistics (Mauritius) Enriquez SC Nouakchott de CV Islands D. Thakoor Jose Covarrubias-Azuela Hans Goebel MAURITIUS Tania Huet Bank of Mauritius Solórzano, Carvajal, Nader, Hayaux & Goebel GeroudisGlover González y Pérez-Correa, Conyers, Dill & Pearman Shiam Krisht Thannoo Ghurburrun S.C Alfredo Gómez Pérez CEB Shameemah Abdool Kuri Breña, Sánchez Ugarte Reshma Hurday Julio César Cristiani Arce Raman-Sahebally Muhammad R.C. Uteem y Aznar SC Kross Border Trust Miranda & Estavillo SC PwC Mauritius Uteem Chambers Services Ltd. - member Patricia Gonzalez Miguel de la Fuente Kursline Bégué of Russell Bedford Aynur Visram PwC Mexico Nader, Hayaux & Goebel CEB International Banymandhub Boolell Alvaro Gonzalez-Schiaffino Chambers Carlos De la Garza Latasha Bissessur Jugroo Nitish Hurnaum PwC Mexico Martinez, Algaba, De Haro, Banymandhub Boolell GeroudisGlover MEXICO Curiel y Galvan-Duque SC James Graham Chambers Ghurburrun DeForest Abogados Francisco Acevedo Ramos Jorge de Presno Jean-François Boisvenu Imalambal Kichenin Instalaciones Eléctricas en Basham, Ringe y Correa, Andres Guerra Gomez BLC Chambers JurisTax Alta y Baja Tensión Acevedo member of Ius Laboris Guerra Gomez Hernandez Urmila Boolell Poornima Kisto Sa de Cv Abogados Nicolas del Olmo Banymandhub Boolell PwC Mauritius Beatriz A. Robles Acosta NDA Najera Danieli & Asocs. Antonio Guerra Gomez Chambers James John Lenaghan CAF-SIAC Contadores Guerra Gomez Hernandez Franco Alberto Del Valle Prado Poonam Calcutteea Customs and Excise Abogados Gustavo I. Alarcón Caballero Miranda & Estavillo SC BLC Chambers Department Baker & McKenzie Ignacio Oswaldo Guillén Ángel Tracy Delgadillo Miranda Nicolas Carcasse Anthony Leung Shing Lopez Velarde, Heftye y Alejandro Aldrette Aguirre J.A. Treviño Abogados SA Dagon Ingenieur Conseil Ltée PwC Mauritius Soria SC Canales y Socios Abogados de CV D.P. Chinien Jayram Luximon SC Mario Alberto Gutiérrez Julia Díaz Registrar of Companies CEB PwC Mexico Jaime Alejandro Gutiérrez Vidal Multitraslados and Businesses, Corporate Malcolm Moller Instituto Federal de Yves Hayaux-du-Tilly and Business Registration Carlos Diaz de Leon Sanchez Appleby Especialistas de Concursos Nader, Hayaux & Goebel Department Gonzalez Calvillo SC Mercantiles Ramdas Mootanah Francisco Abimael Hernández Sandy Chuong Carlos Ramon Diaz Sordo Architecture & Design Ltd. Gabriel Andrade Solórzano, Carvajal, GeroudisGlover Lopez Velarde, Heftye y KPMG González y Pérez-Correa, Ghurburrun Loganayagan Munian Soria SC S.C Artisco International José Manuel Arce Ruíz Chandansingh Chutoori Carlos Diez Garcia Standard Go Sandra Hernández VYYAASS Consulting Mushtaq Namdarkhan Gonzalez Calvillo SC KPMG Engineer Ltd. BLC Chambers Francisco Samuel Arias Felipe Dominguez P. González Roberto Hernandez Garcia Roland Constantin Khemila Narraidoo Moore Stephens Orozco Notary Public 28 COMAD SC Etude Constantin Juristconsult Chambers Medina SC José Alejandro Astorga Hilbert Mauricio Hurtado Bert C. Cunningham Daniel Ng Cheong Hin Dolores Enriquez Instituto Federal de PwC Mexico Customs and Excise Mauritius Cargo Community PwC Mexico Especialistas de Concursos Department Services Ltd Jorge Jiménez Mercantiles Miguel Espitia Lopez Velarde, Heftye y Marc Daruty de Grandpre Bilshan Nursimulu Bufete Internacional Alfonso Azcona Anaya Soria SC Daruty de Grandpre & Juristconsult Chambers ZityMerka SA de CV Martha Samira Esquiliano Partners Architects Ltd. Jorge Jiménez Ammar Oozeer Sllim Antonio Barrera Ríos Russell Bedford México - Rajendra Dassyne Juristconsult Chambers Creel, García-Cuéllar, Aiza y Sánchez DeVanny Eseverri, member of Russell Bedford Chambers of Notaries of Enriquez SC Dheerend Puholoo S.C International Mauritius PwC Mauritius Lucía Fernández Arturo Ojeda Becerra Luis Lavalle Moreno Catherine de Rosnay Gonzalez Calvillo SC Iqbal Rajahbalee Vision Global Integral (VGI, Martínez, Algaba, Estrella, Legis & Partners BLC Chambers Human Legal & Tax Services) Victor Fernandez Sanchez De Haro y Galvan-Duque Sufyaan Dosemahamed Comisión Federal de Vivekanand Ramburun Claudia D. Beltrán Cavazos Josue Lee PwC Mauritius Electricidad Mauritius Revenue Europartners Inaki Echeverria Shalinee Dreepaul-Halkhoree Authority Miguel Angel Ferriz Arquitectos Gilberto Calderon Juristconsult Chambers Fegamo y Vasaf SC André Robert Galaz, Yamazaki, Ruiz Giovanna Lizárraga Osuna Yannick Fok Attorney-at-Law Urquiza SC, member of Adrian Flores Sánchez DeVanny Eseverri, GeroudisGlover Deloitte Touche Tohmatsu Fegamo y Vasaf SC S.C Caroline Samy Limited Ghurburrun GeroudisGlover Pedro Flores Carillo Leonor Llamas Poonam Geemul Ghurburrun Enrique Camarena Dominguez Moore Stephens Orozco Goodrich, Riquelme y Banymandhub Boolell Maqueo Abogados SC Medina SC Asociados Purmessur Sarwansingh Chambers Ministry of Local Carlos Cano Julio Flores Luna Salvador Alexandro López Gavin Glover Government and Outer PwC Mexico Goodrich, Riquelme y Cavazos GeroudisGlover Islands Asociados Instituto Registral y Homero Cantú Ghurburrun Catastral del Estado de Hurrydeo Seebchurrun Notaria 71 - Nuevo León Manuel Galicia Nuevo León J. Gilbert Gnany CEB Galicia Abogados SC Fernando Antonio Cardenas The Mauritius Commercial Alfonso López Lajud Geetanjali Seewoosurrun Gonzalez Mauricio Gamboa Bank Limited Sánchez DeVanny Eseverri, CEB Notary Public #44 TransUnion de Mexico SA SIC S.C Yandraduth Googoolye Gilbert Seeyave Pedro Carreon Francisco Andrés Bank of Mauritius Diego López Vargas BDO Financial Services Ltd. PwC Mexico Gámez-Garza PwC Mexico Darmalingum Goorriah Sánchez DeVanny Eseverri Deviantee Sobarun María Casas López Etude Me Darmalingum SC Gerardo Maltos Ministry of Finance & Baker & McKenzie Goorriah Grupo Sys Economic Development 292 DOING BUSINESS 2015 Gabriel Manrique Fernando Perez-Correa Yazbek Taja Douglas Nelber Vitalie Lungu Russell Bedford México - Solórzano, Carvajal, Rivadeneyra, Trevino & De Pohnpei State Department Moldova Agroindbank member of Russell Bedford González y Pérez-Correa, Campo SC of Lands and Natural Angela Matcov International S.C Resources Miguel Téllez Agency of Land Relations Esteban Maqueo Barnetche Guillermo Piecarchic Creel, García-Cuéllar, Aiza y Ronald Pangelinan and Cadastre State Maqueo Abogados SC PMC & Asociados Enriquez SC A&P Enterprises, Inc. Enterprise “Cadastru” José Antonio Marquez Gizeh Polo Ballinas Juan Francisco Torres Landa Kevin Pelep Stefan Milicenco González Creel, García-Cuéllar, Aiza y Ruffo Office of the Registrar of Gladei & Partners Notary Public #2 Enriquez SC Barrera, Siqueiros y Torres Corporations Mihaela Mitroi Landa SC José Martínez Francisco Puente Peña Salomon Saimon PwC Romania Notaría Pública 29 - Nuevo Instalaciones Eléctricas en Jaime A. Treviño Micronesian Legal Services Elena Mocanu León Alta y Baja Tensión Acevedo J.A. Treviño Abogados Corporation Public Notary Sa de Cv Ana Lilia Martínez Valdés Carlos Treviño Vives Nora Sigrah Alexandru Munteanu Secretaría de Economía - Alvaro Quintana DeForest Abogados FSM Development Bank PwC Moldova Ministry of Economy Alvaro Quintana SC Maribel Trigo Aja Larry Wentworth Oxana Novicov Carla E. Mendoza Pérez Manuel Ramos Goodrich, Riquelme y FSM Supreme Court National Union of Judicial Baker & McKenzie Bufette de Obras, Servicios Asociados Officers y Suministros SA de CV MOLDOVA Carlos E. Montemayor Layla Vargas Muga Igor Odobescu PwC Mexico Eduardo Reyes Díaz-Leal Goodrich, Riquelme y Valerian Batcu ACI Partners Law Office Bufete Internacional Asociados Asociata Brokerilor vamali Erika Mora Tinoco (ABV) Moldova Aelita Orhei Sánchez DeVanny Eseverri, Claudia Ríos Favio Camilo Vazquez Lopez Gladei & Partners S.C PwC Mexico Santamarina y Steta SC Sergiu Bivol Cobzac & Partners Vladimir Palamarciuc Mario Morales Fernando Rivadeneyra Diego Velasco-Fuhrken Turcan Cazac Comisión Federal de Rivadeneyra, Trevino & De Baker & McKenzie Gabrielle Bulgari Electricidad Campo SC Vernon David & Associates Nataliya Palii Alejandra Velazquez Valah Ricardo Morales-Barron Jose Ignacio Rivero COMAD SC Victor Burac Fegamo y Vasaf SC Gonzalez Calvillo SC Victor Burac Law Firm Ilona Panurco Adrian Villagomez Aleman PwC Moldova Daniel Moran Irazu Rodríguez Garza COMAD SC Sergiu Carmanski Gonzalez Calvillo SC Comisión Federal de ICPT Energoproject Carolina Parcalab Claudio Villavicencio Electricidad ACI Partners Law Office Guillermo Moran Galaz, Yamazaki, Ruiz Vitalie Ciofu Galaz, Yamazaki, Ruiz Cecilia Rojas Urquiza SC, member of Gladei & Partners Oleg Pereverzev Urquiza SC, member of Galicia Abogados SC Deloitte Touche Tohmatsu ICPT Energoproject Daniel Cobzac Deloitte Touche Tohmatsu Limited Raúl Sahagun Cobzac & Partners Irina Perevoznik Limited Bufete Internacional Juan Pablo Villela Vizcaya Grada Logistic Sergiu Codreanu Olga Estefanía Moreno Salazar Creel, García-Cuéllar, Aiza y Juan Pablo Sainz Union Fenosa Vladimir Plehov Kuri Breña, Sánchez Ugarte Enriquez SC Nader, Hayaux & Goebel Maritimtrans y Aznar SC Ion Comendant Ernesto Viveros Domínguez Jorge Bibiano Ruiz Sanchez Union Fenosa Bodiu Pontelimon Oscar Moreno Silva Colegio de Ingenieros Vision Global Integral (VGI, SRL Reconscivil Gonzalez Calvillo SC Mecánicos Electricistas y Alexandru Covalenco Human Legal & Tax Services) Electrónicos de Nuevo León Interactiv SA Dumitru Popescu Eloy F. Muñoz M. Ignacio Sánchez (CIME-NL) PwC Moldova IMEYEL Soluciones Anastasia Dereveanchina Multitraslados Integrales SA de CV Judith A. Wilson PwC Moldova Pavel Postolachi Rodrigo Sanchez Mejorada Bryan, González Baz Gonvaro-Con Juan Nájera Viorica Diminet-Bejan Sánchez-Mejorada, Velasco NDA Najera Danieli & Asocs. Ismael Alejandro Zamarripa Gladei & Partners Alexandru Savva y Ribé Jorge Turcan Cazac Carlos Narváez Alarcón Dorin Dulghieru Cristina Sanchez Vebber Banorte Instalaciones y Proyecto del Buiciani Court Ionut Simion Sánchez DeVanny Eseverri Norte SA de CV (IPNSA) Fernando Zapata PwC Romania SC Silviu Foca Creel, García-Cuéllar, Aiza y Javier Luis Navarro Velasco Biroul de Credit - Moldova Alexandru Sipitca Cristina Sánchez-Urtiz Enriquez SC Baker & McKenzie, Abogados ICS Ernst and Young SRL Miranda & Estavillo SC Cristina Furtuna Gricelda Nieblas Aldana MICRONESIA, FED. STS. Moldova Agroindbank Adrian Sorocean Ricardo Sandoval Ortega Instituto Federal de ACI Partners Law Office Comisión Federal de Pohnpei Transfer & Storage, Iulia Furtuna Especialistas de Concursos Electricidad Inc. Turcan Cazac Tatiana Stavinschi Mercantiles Enrique A. Santos Shiro Akinaga PwC Moldova Ana Galus Pablo Nosti Herrera Santos & Saucedo Apsco Construction Co. Turcan Cazac Adrian Suruceanu Miranda & Estavillo SC Enrique G. Santos Kenneth Barden Cobzac & Partners Roger Gladei María Isabel Nuñez Vargas Santos & Saucedo Attorney-at-Law Gladei & Partners Cristina Tiscul-Diaconu Gonzalez Calvillo SC Francisco Santoyo Lam Dang ACI Partners Law Office Vitalie Goncear Juan Manuel Ochoa Comisión Federal de Congress of the FSM Grada Logistic Alexander Tuceac Rivadeneyra, Trevino & De Electricidad Turcan Cazac Campo SC Mark Heath Galina Grecu Mario M. Saucedo Micronesia Registration Moldova Agroindbank Nikolay Urievich Luis Ordaz Ledezma Santos & Saucedo Advisors, Inc. Maritimtrans Comisión Federal de Silvia Grosu Electricidad Mario R. Saucedo Albert Johnny PwC Moldova Ghenadie Veretco Santos & Saucedo Mesenieng Credit Union Union Fenosa María José Ortiz Haro Andrian Guzun Galicia Abogados SC Monica Schiaffino Pérez Jerry Kramer Schoenherr Irina Verhovetchi Littler de La Vega y Conde Pacific International, Inc. ACI Partners Law Office Kathalina Chapa Peña Vladimir Iurkovski SC CAF-SIAC Contadores Charles Lohn Schoenherr Carolina Vieru Romina Soriano Pohnpei State Environmental IM PAA SRL Gabriel Peña Mouret Roman Ivanov PwC Mexico Protection Agency Kuri Breña, Sánchez Ugarte Vernon David & Associates Victor Vintu y Aznar SC Daniel Sosa Quirino Loyola Union Fenosa Registrar of Corporations, Gregory Kitriyakov Skynet Arturo Perdomo Gonvaro-Con Jigau Viorica Pohjnpei State Government Galicia Abogados SC Pietro Straulino-Rodriguez Associate Lawyers Office Sisananto Loyola Grigorii Lobodiuc Sánchez DeVanny Eseverri, Nagacevschi & Partners Eduardo Perez Armienta Grada Logistic S.C Pohnpei State Environmental Moore Stephens Orozco Corina Voda Protection Agency Ciubaciuc Ludmila Medina SC Arturo Suárez Gladei & Partners Silberio S. Mathias ACI Partners Law Office KPMG José Jacinto Pérez Silva Micropc Ke Desarrolladora SA de CV ACKNOWLEDGMENTS 293 Vitalie Zama Tuvshin Javkhlant Marija Bojović Radovan Radulovic Giglio Del Borgo Associate Lawyers’ Office Global Investment and Bojovic & Partners Montenomax Experian Nagacevschi & Partners Equity Advisory Partners Bojana Bošković Vesna Radunović Michel Durand-Meyrier LLC Ministry of Finance R&P Auditing Chassany Watrelot & MONGOLIA Batbayar Jigmedsuren Associés Zona Cimpl Dražen Raičković Ministry of Finance UB Trans LLC Bojovic & Partners FinancePlus Yahia El Fadil PwC Mongolia Sholtoi Jolbars PwC Advisory Maroc Dragan Ćorac Branka Rajicic General Authority for State USAID Law Office VujaČiĆ PwC Bosnia and Herzegovina Moulay El Amine El Hammoumi Registration Idrissi Michael Aldrich Vladimir Dasić Miljan Sestovic James Liotta Hajji & Associés Hogan Lovells BDK Attorneys-at-Law Association of Freight Mahoney Liotta LLC Forwarders Naoufal El Khatib Telenged Baast Savo Djurović Bat-Ulzii Lkhaasuren Mazars Audit et Conseil Monlogistics Worldwide LLC Adriatic Marinas d.o.o. Velimir Strugar Monsar LLC EPCG AD NikŠiĆ Hamid Errida Bayarmaa Badarch Dragan Draca Ganzorig Luvsan Garrigues Maroc Global Investment and PwC Serbia Snezana Terzic UBEDN Equity Advisory Partners Stadion Driss Ettaki Veselin Dragićević LLC Daniel Mahoney Administration des Douanes Chamber of Economy of Marko Tintor Mahoney Liotta LLC et Impots Indirects Bolortsogoo Baldandorj Montenegro, Sector for Central Bank of Ulaanbaatar Electricity Christopher Melville Associations and Economic Montenegro Nadia Fajr Distribution Network Hogan Lovells Development Avocate au Barreau de Renata Todorović Company Casablanca Ganbat Munkhbold Sladana Dragović Law Office VujaČiĆ Tuya Balijinnyam GRATA Law Firm Normal Company Youssef Fassi Fihri Vera Vucelic Erdmon Co. Ltd. Fyba Lawyers Gerelmaa Myagmarsuren Dragana Filipovic Harrisons Solicitors Nandinchimeg Banzragch Lehman, Lee & Xu Ministry of Sustainable Nasser Filali Saša Vujačić Tsogt & Nandin Development and Tourism Zimag Tuya Namsan Law Office VujaČiĆ Mandy Batmandakh Bayarbat Title Registration Darko Globarević Bahya Ibn Khaldoun Jelena Vujisić Minter Ellison Department Zetatrans Université M.V. Souissi Rabat, Law Office VujaČiĆ MAROC T. Battulga Jigjidsuren Nanjid Mile Grujić Tatjana Vujosevic General Authority for State Energy Regulatory Normal Company Agathe Jaudeau Ministry of Sustainable Registration Commission Chassany Watrelot & Danilo Gvozdenović Development and Tourism Associés Altanduulga Bazarragchaa Byambasuren Narantuya Ministry of Sustainable Lana Vukmirovic Misic UBEDN GTs Advocates LLP Development and Tourism Mehdi Kettani Harrisons Solicitors Kettani Associés David Beckstead Ganbaatar Narantuya Ana Jankov Jelena Zivkovic Lehman, Lee & Xu Borhoin Tal BDK Attorneys-at-Law Nadia Kettani Eurofast Global, Podgorica Kettani Law Firm Sammy Beedan Tsogt Natsagdorj Maja Jokanović Office Mahoney Liotta LLC Tsogt & Nandin Ministry of Economy Rita Kettani MOROCCO Kettani Associés Eboné Bishop Enkhtsetseg Nergui Miomir Joksimovic Mahoney Liotta LLC Anand Advocates Law Firm Law Office VujaČiĆ Centrale d’Ingenierie et Nabyl Lakhdar Services Administration des Douanes Batzaya Bodikhuu Munkhsoyombo Nyamsuren Nada Jovanovic et Impots Indirects Anand Advocates Law Firm GTs Advocates LLP Central Bank of Idriss Abou Mouslim Montenegro Bhirat Amine Mahfoud Bayar Budragchaa Sara K. Phillips Amine Mahfoud Notaire ELC LLP Advocates Anderson and Anderson LLP Jelena Jovetic Sidimohamed Abouchikhi Ministry of Finance Experian Anis Mahfoud David C. Buxbaum Ariuntuya Rentsen Abouakil, Benjelloun & Anderson and Anderson LLP Mahoney Liotta LLC Radoŝ-Lolo Kastratović Abdelkrim Karim Adyel Mahfoud Avocats Advokatska Kancelarija Cabinet Adyel Khatanbat Dashdarjaa Gandolgor Sambuu Noureddine Marzouk Arlex Consulting Services Erdenet Tex Corporation Ana Krsmanović Karim Adyel PwC Advisory Maroc Ministry of Finance Cabinet Aydel Tseveensuren Davkharbayar Norovtseren Sanjmyatav Abdelkhalek Merzouki Mongol Advocates Arlex Consulting Services Dejan lBorić Hanane Ait Addi Administration des Douanes MoravČeviĆ VojnoviĆ i Bassamat & Associée Brett D’Cruz Sharkhuu et Impots Indirects Partneri Minter Ellison AABB LLC Redouane Assakhen Lahlou M’hamed Dragana Ljumovic Centre Régional Dorjkhuu Tumurkhuu Sukgbaatar Etude de Notariat Moderne BDK Attorneys-at-Law d’Investissement Mongolian National UBEDN Azdine Nekmouche Construction Association Edita Mehovic Fassi-Fihri Bassamat Erdenetuya Togtuun Ordre des architectes de Law Office Vujačić Bassamat & Associée Elisabeth Ellis Mongolia Municipal Planning Casablanca Minter Ellison Agency Ivan Nikolic Maria Belafia Abderrahim Outass Total Sped Etude Maître Belafia Tsolmonchimeg Enkhbat Ganzaya Tsogtgerel Commune Urbaine de GTs Advocates LLP Anderson and Anderson LLP Nenad Pavličić Hamid Ben Elfadil Casablanca PavliČiĆ Law Office Centre Régional Oyunchimeg Enkhbayar Arslaa Urjin Hassane Rahmoun d’Investissement UB Trans LLC Ulaanbaatar Electricity Predrag Pavličić Etude Notariale Hassane Distribution Network Montecco INC d.o.o. Azel-Arab Benjelloun Rahmoun Enhtor Company Agence d’Architecture Elite Network Bojana Pekovic Nesrine Roudane d’Urbanisme et de Yu R&P Auditing Nero Boutique Law Firm Batzorig Erdenee Decoration Sunday Group BILIG Capital Nikola Perović Ghalia Sebti Karim Benkirane Shagdarsuren Zuunai PlantaŽe Ait Manos Munkhjargal Galsanjamts Espace Transit GRATA Law Firm Anand Advocates Law Firm Novica Pesic Rachid Senhaji Mohamed Benkirane Pesic & Bajceta Ordre des architectes de Selenge Gantulga MONTENEGRO Espace Transit Casablanca Mahoney Liotta LLC Zorica Pesic Bajceta Notary Chamber of Richard Cantin Pesic & Bajceta Khalil Yassir Mergenbayar Gulkhuu Montenegro Juristructures - Project Yassir Khalil Studio Mongolia Ministry of Ana Radivojević Management & Legal Aleksandar Adamovic Construction and Urban PwC Serbia Advisory Services LLP Meryem Zoubir Pacorini Montenegro Development Chassany Watrelot & Andrea Radonjanin Mahat Chraibi Veselin Anđjušić Associés Darin Hoffman MoravČeviĆ VojnoviĆ i PwC Advisory Maroc Business Center ČelebiĆ Mahoney Liotta LLC Partneri Driss Debbagh MOZAMBIQUE Bojana Andrić Aynagul Japar Vladimir Radonjic Kettani Associés Business Center ČelebiĆ Calu Abubacar Dastan LLC Harrisons Law Firm Electrovisao Lda 294 DOING BUSINESS 2015 Miguel Almeida Fernanda Lopes Alessio Polastri Edward Kawesha Rajan Niraula Sal & Caldeira Advogados Fernanda Lopes & Polastri Wint & Partners City of Windhoek Electricity Niraula Law Chamber & Co. Lda Associados Advogados Department Mya Sandar Dev Raj Paudyal Carolina Balate Rufino Lucas LS Horizon (Myanmar) Frank Köpplinger Ministry of Land Reform and PwC Mozambique TEC Ténicos Construtores Limited Köpplinger Boltman Management Lda Ebrahim Bhikha Regula Schmidhauser Cameron Kotze Devendra Pradhan PwC Mozambique Eugénio Luis DFDL Ernst & Young Pradhan & Associates Banco de Moçambique Eduardo Calú Helen Sullivan-Looney Norbert Liebich Purnachitra Pradhan Sal & Caldeira Advogados Gimina Luís Mahumana VDB Loi Myanmar Transworld Cargo Pty. Ltd. Karja Suchana Kendra Ltd. Lda Sal & Caldeira Advogados (CIB) Thuy Tran Marie Mandy Lda Adelia Canda Duane Morris & Selvam MMM Consultancy Bharat Raj Upreti Silva Garcia Mónica Marques (Myanmar) Pioneer Law Associates Henk Mayer Mozambique Legal Circle Henrique Castro Edwin Vanderbruggen Mayer Consulting Engineers Deepak K. Shrestha Amaro Arquitectos e Vítor Marques da Cruz VDB Loi Myanmar Nepal Investment Bank Johan Nel Associados Lda MC&A - Sociedade de Pakpoom Vetvitayanuwat PwC Namibia Kusum Shrestha Advogados RL Liliana Chacon LS Horizon (Myanmar) Mari-Nelia Nieuwoudt P. L. Shrestha CGA - Couto, Graça e João Martins Limited PwC Namibia Evergreen Cargo Services Associados, Sociedade de PwC Mozambique Tepparak Yadtong Pvt. Ltd. Advogados Tim Parkhouse Cláudio Nhandamo Jr. LS Horizon (Myanmar) Namibian Employer’s Rajeshwor Shrestha Pedro Couto Sal & Caldeira Advogados Limited Federation Sinha Verma Law Concern CGA - Couto, Graça e Lda Associados, Sociedade de NAMIBIA Hugo Van den Berg Ramji Shrestha Teresa Pala Advogados Koep & Partners Pradhan & Associates MC&A - Sociedade de Namibia Real Estate Alcinda Cumba Advogados RL Rup Narayan Shrestha Joos Agenbach NEPAL Fernanda Lopes & Avenue Law Firm Álvaro Pinto Basto Koep & Partners Associados Advogados Anil Chandra Adhikari CGA - Couto, Graça e Suman Lal Shrestha Robert Araeb Credit Information Bureau Avelar da Silva Associados, Sociedade de H.R. Logistic Pvt. Ltd. KPMG Namibia Ltd. Nepal Intertek International Ltd. Advogados Nab Raj Subedi Mark Badenhorst Lalit Aryal Thera Dai Diana Ramalho Ministry of Land Reform and PwC South Africa LA & Associates Chartered CGA - Couto, Graça e Sal & Caldeira Advogados Management Accountants Associados, Sociedade de Lda Tiaan Bazuin Ram Chandra Subedi Advogados Namibian Stock Exchange Narayan Bajaj Malaika Ribeiro Apex Law Chamber Narayan Bajaj & Associates Alberto de Deus PwC Mozambique Adeline Beukes Krishna Suwal Macurru Law, Sociedade KPMG Namibia Kapil Basu Paula Duarte Rocha Pradhan & Associates Unipessoal, Lda Pricewaterhousecoopers Mozambique Legal Circle Ronnie Beukes pvt. ltd. Mahesh Kumar Thapa Carla de Sousa City of Windhoek Electricity Belisário Tamele Sinha Verma Law Concern Fernanda Lopes & Department Jaya Raj Bhandari Mozambique Legal Circle Associados Advogados Economist Benita Blume NETHERLANDS Ricardo Veloso Elisio De Sousa H.D. Bossau & Co. Bhojraj Bhattarai GPA - Gouveia Pereira, Johan Admiraal Fernanda Lopes & Nepal Electricity Authority Costa Freitas & Associados, Christian Bohlke Liander Associados Advogados Sociedade de Advogados RL Mayer Consulting Engineers Narayan Chaulagain Maarten Appels Fulgêncio Dimande Pioneer Law Associates Hanno D. Bossau Van Doorne NV Manica Freight Services MYANMAR H.D. Bossau & Co. Tankahari Dahal SARL Ben Arends AGX Logistics Myanmar Niraula Law Chamber & Co. Co. Ltd. Ferdi Brinkman Keizers Advocaten Rita Donato Department of BM Dhungana CGA - Couto, Graça e Sytso Boonstra Allen & Overy Myanmar Infrastructure, Water & B&B Associates - Associados, Sociedade de PwC Netherlands Waste Management correspondent firm Advogados Care Freight Services Ltd. of Russell Bedford Peter Bouterse Elysia Brits Vanessa Fernandes CB Bank International OceanExpress Netherlands Bank Windhoek CGA - Couto, Graça e BV CP World Ltd. Shirshak Ghimire Associados, Sociedade de Lorna Celliers Pradhan & Associates Roland Brandsma Advogados PricewaterhouseCoopers BDO PwC Netherlands Myanmar Co. Ltd. Tika Ram Ghimire Telmo Ferreira Esi Chase Ministry of Land Reform and Mirjam de Blecourt CGA - Couto, Graça e Khin Leinmar Ban Aye Advocate Management Baker & McKenzie Associados, Sociedade de Kelvin Chia Yangon Ltd. Advogados André Davids Amsterdam NV Sunil Gupta Jaime Casanova Woker Freight Services Gupta Counsel Margriet de Boer Maria Fatima Fonseca DFDL Maputo City Court Anton de Wit De Brauw Blackstone Shreedhar Kapali (Commercial Chamber) Cheah Swee Gim Bank Windhoek Westbroek Shangri-La Freight Pvt. Ltd. Kelvin Chia Yangon Ltd. Pinto Fulane Luziem Diergaardt Taco de Lange Jagat Bahadur Khadka Banco de Moçambique Florence Grangerat Transworld Cargo Pty. Ltd. Lexence Nepal Shipping & Air Audier & Partners Myanmar Marcha Erni Logistics Pvt. Ltd. Jantien Dekkers Isabel Garcia Co. Ltd. Silvia Garcia Advogados & TransUnion Houthoff Buruma Gourish K. Kharel Consultores Chris Hughes Johann Espag KTO Inc. Henriette Derks Baker & McKenzie Myanmar Jorge Graça Clarke Architects Liander Legal Services Limited Aayushi Koirala CGA - Couto, Graça e Stefan Hugo Pioneer Law Associates Wilfrank Driesprong Associados, Sociedade de Jean Loi PwC Namibia Stichting Bureau Krediet Advogados VDB Loi Myanmar Amir Maharjan Registratie Chantell Husselmann SAFE Consulting Architects Victoria Gundanhane Oliver Massmann PwC Namibia & Engineers Pvt. Ltd. Boris Emmerig SDV Moçambique SA Duane Morris & Selvam DLA Piper Nederland NV (Myanmar) Stefan Hyman Ashok Man Kapali Fabricia Henriques H.D. Bossau & Co. Shangri-La Freight Pvt. Ltd. Sebastian Frankenberg Mozambique Legal Circle Adam McCarty DLA Piper Nederland NV Mekong Economics Jaco Jacobs Bijaya Mishra Rui Loforte Ellis Shilengudwa Pradhan & Associates Andy Furr CGA - Couto, Graça e U Maung Maung (Arthur) Myint De Brauw Blackstone Associados, Sociedade de LS Horizon (Myanmar) Ritja Kamupingene Anjan Neupane Westbroek Advogados Limited KPMG Namibia Neupane Law Associates Edik Huseinov SanSan Myint Wai (Susan) Rochelle Kandjella Matrika Niraula HVK Legal BV LS Horizon (Myanmar) Köpplinger Boltman Niraula Law Chamber & Co. Limited ACKNOWLEDGMENTS 295 Marcel Kettenis Frederik Veldhuijzen Ian Page Dorisabel Conrado Patricia Rodríguez PwC Netherlands De Brauw Blackstone BRANZ Consortium Taboada y Multiconsult & Cia Ltda Westbroek Asociados Edwin M.A.J. Kleefstra Mihai Pascariu Paúl Rodríguez Kab West - Member Reinout Vriesendorp Minter Ellison Rudd Watts Eugenia Cruz García & Bodán of Russell Bedford De Brauw Blackstone CETREX Michael Pollard Carlos Mario Rostan International Westbroek Simpson Grierson, member of Brenda Darce Rostran y Asociados Christian Koedam Frank Werger Lex Mundi CETREX Gabriel Sánchez G. PwC Netherlands PwC Netherlands John Powell Gloria Maria de Alvarado ProNicaragua Andrej Kwitowski Stephan Westera Russell McVeagh Alvarado y Asociados, Alfonso José Sandino Granera Akadis BV Lexence member of Lex Mundi Jim Roberts Consortium Taboada y Stefan Leening Marcel Willems Hesketh Henry Lawyers Maricarmen Espinosa de Asociados PwC Netherlands Kennedy Van der Laan Molina Silvana Schenone Arling Solórzano Molina & Asociados Central Matthias Noorlander Christiaan Zijderveld Minter Ellison Rudd Watts PwC Nicaragua Law Authority for Consumers Simmons & Simmons LLP Maxim Sherstobitov Rodrigo Taboada and Markets Luis Fuentes Balladares Easy Freight Consortium Taboada y NEW ZEALAND Arquitectura Fuentes Johan Polet Asociados Kelvin Sue Simmons & Simmons LLP SDV Logistics Terencio Garcia Montenegro Simpson Grierson, member of Carlos Téllez García & Bodán Peter Radema Veda Advantage Lex Mundi García & Bodán Merzario Engelsberth Gómez Lara Bird Mike Tames Joe Henry Thompson ProNicaragua Mark G. Rebergen Bell Gully PwC New Zealand Esudio Jurídico Aduanero De Brauw Blackstone Claudia Guevara James Caird Ben Thomson Diogenes Velasquez Westbroek Aguilar Castillo Love Simpson Grierson, member of Simpson Grierson, member of Pacheco Coto Hugo Reumkens Lex Mundi Lex Mundi Maryeling Guevara Van Doorne NV Arias & Muñoz NIGER Hamish Cameron Susan Tov Maayke Rooijendijk Inland Revenue Department PwC New Zealand Federico Gurdian Afriglobe Shipping Lines Ltd. De Brauw Blackstone García & Bodán Ross Crotty Ben Upton Kassoum Abari Westbroek Lowndes Associates - Simpson Grierson, member of Eduardo Gutierrez Ville de Niamey Jan Willem Schenk Corporate and Commercial Lex Mundi Pacheco Coto Sidi Sanoussi Baba Sidi HVK Legal BV Law Specialists Matthew Wentz Marianela Gutierrez Cabinet d’Avocats Jack Schrijver John Cuthbertson Bell Gully Aguilar Castillo Love Souna-Coulibaly Baker & McKenzie PwC New Zealand Mike Whale Gerardo Hernandez Kaoura Bachir Amsterdam NV Joanne Dickson Lowndes Associates - Consortium Taboada y Maison de l’entreprise Niger Hans Londonck Sluijk Simpson Grierson, member of Corporate and Commercial Asociados Bassambie Bationo Houthoff Buruma Lex Mundi Law Specialists Rodrigo Ibarra Rodney BCEAO Arnout Stroeve Igor Drinkovic Arias & Muñoz NICARAGUA Moussa Coulibaly Van Doorne NV Minter Ellison Rudd Watts Eduardo Lacayo Cabinet d’Avocats Carrion Cruz Natusia Szeliga Bethany Frowein TransUnion Souna-Coulibaly Construcciones Baker & McKenzie Lowndes Associates - Brenda Martinez Moussa Dantia Amsterdam NV Corporate and Commercial Elias Alvarez Consortium Taboada y Centre des Formalites des Law Specialists PwC Nicaragua Fedor Tanke Asociados Entreprises Baker & McKenzie Ian Gault Bertha Argüello de Rizo Fabiola Martinez Abdou Djando Amsterdam NV Bell Gully Arias & Muñoz Ventanilla Unica de EMTEF Maarten Tinnemans Tony Gault Alfredo Artiles Inversiones Aïssatou Djibo De Brauw Blackstone PwC New Zealand KPMG Jose Ivan Mejia Miranda Etude de Maître Djibo Westbroek Andy Glenie Margina Baca García & Bodán Aïssatou Agata Uceda Bell Gully García & Bodán Jorge Molina Lacayo Halima Gambo DLA Piper Nederland NV Joseph Harrop Maria Alejandra Baldizon CETREX Millennium Challenge Liane van de Vrugt Minter Ellison Rudd Watts Taboada & Asociados Account Soraya Montoya Herrera VédéVé Legal BV Paul Heaslip Alberto Jose Molina & Asociados Central Ibrahim Baoua Gogé Leonard Van den Ende Paul Heaslip Lawyer Ballardes-Bendana Law Ministère de l’Economie et Baker & McKenzie García & Bodán des Finances Matt Kersey Norma Elena Morales Barquero Amsterdam NV Russell McVeagh Henrik Bang Arias & Muñoz Sani Halilou Alkali Shanna Van Den Maagdenberg Exportadora Atlantic SA Damco Niger SA - A.P. Michelle Kilham Jeanethe Morales Núñez DLA Piper Nederland NV Moller Maersk Group’s Lowndes Associates - Olga Barreto Superintendencia de Bancos Representative Jos van der Schans Corporate and Commercial Consortium Taboada y Tania Muñoz De Brauw Blackstone Law Specialists Asociados Mahaman Tahir Hamani KPMG Westbroek BCEAO Kate Lane Favio Josué Batres P. Dania Navarrete Emilia L.C. van Egmond-de Minter Ellison Rudd Watts Alvarado y Asociados, Souley Hammi Illiassou García & Bodán Wilde de Ligny member of Lex Mundi Cabinet Kouaovi John Lawrence Faculty of Technology Amilcar Navarro Amador Auckland City Council Minerva Adriana Bellorín Issoufou Harouna Management, Eindhoven García & Bodán Rodríguez Cabinet d’Avocat Harouna University of Technology Mandy McDonald Pacheco Coto Michael Navas Issoufou Ministry of Business, Gert-Jan van Gijs ProNicaragua Innovation & Employment Camilo Bendana Ali Idrissa Sounna VAT Logistics (Ocean Freight) Salazar & Bendana Francisco Ortega Toutelec Niger SA BV Shaun McMaster Francisco Ortega & Minter Ellison Rudd Watts Flavio Andrés Berríos Zepeda Abary Insa Sjaak van Leeuwen Asociados Multiconsult & Cia Ltda Cellule de Partenariat Stichting Bureau Krediet Andrew Minturn Róger Pérez Public Privé Registratie Qualtech International Ltd. Carlos Alberto Bonilla López Arias & Muñoz Superintendencia de Bancos Seybou Issifi Jan van Oorschot Robert Muir Alonso Porras Ville de Niamey Liander Land Information New Blanca Buitrago Pacheco Coto Zealand García & Bodán Habibou Kane Kadoure Petra van Raad Jessica Porras Agence Projedis Afrique PwC Netherlands Michael O’Brien Orlando Cardoza García & Bodán Hesketh Henry Lawyers Bufete Juridico Obregon y Bernar-Oliver Kouaovi IJsbrand Van Straten Asociados Erwin Rodriguez Cabinet Kouaovi Stibbe Catherine Otten PwC Nicaragua New Zealand Companies Thelma Carrion Issaka Manzo Office Aguilar Castillo Love Ricardo Trillos Rodriguez EGTC Multitrans 296 DOING BUSINESS 2015 Adeline Messou Konyin Ajayi Emmanuel Egwuagu Hadiyah Lawal Moshood Olajide PwC Côte d’Ivoire Olaniwun Ajayi LP Obla & Co. Femi Sunmonu & Associates- PwC Nigeria Qais Conrad Laureate André Abboh Joseph Monso Olawale Ajetunmobi Oyindamola Ehiwere Olayinka Olazewere Solicitors & Notary Public PwC Côte d’Ivoire Perchstone & Graeys Alsec Nominees Limited SPA Ajibade & Co. Ishaya Livinus Etsu Moussa Moussa Babatunde Ajibade Nnenna Ejekam Adebayo Ologe Nigerian Electricity Ministère du Commerce et SPA Ajibade & Co. Nnenna Ejekam Associates Perchstone & Graeys Regulatory Commission de la Promotion du Secteur Mayowa Ajibade Mary Ekemezie (NERC) Ajibola Olomola Privé WTS Adebiyi & Associates Udo Udoma & Belo-Osagie KPMG Enyioma Madubuike Venance Père Olatoye Akinboro Samuel Etuk Olaniwun Ajayi LP Afolasade Olowe LCA KPMG 1st Attorneys Jackson, Etti & Edu Abubakar Mahmoud Linda Rakotonavalona Manuel Akinshola Marcellina Eya Abang Dikko and Mahmoud Abijo Oluwasegun Cabinet John W. Ffooks & Jacobs & Bigaels Nigerian Electricity Solicitors and Advocates FMA Architects Ltd. Co., member of Bowman Regulatory Commission Gilfillan Africa Group Iwilade Akintayo Victor Munis Tolulope Omidiji (NERC) Kusamotu & Kusamotu TRLP Law PwC Nigeria Naissa Sabiou Mamane Chris Eze Tribunal de Grande Instance Dafe Akpeneye Chibueze Ngozi David Omoloye Nnenna Ejekam Associates hors classe de Niamey PwC Nigeria Alliance Law Firm Kano Distribution Chibuzor Ezegamba Electricity Company Daouda Samna Folake Alabi Chinelo Nkemnele Obla & Co. SCPA Mandela Olaniwun Ajayi LP Perchstone & Graeys Chris Erhi Omoru Anse Agu Ezetah Chancery Solicitors Moussa Sanogo Oluwatosin Alabi Nnenna Nwaokobia Chief Law Agu Ezetah & Co. BCEAO Perchstone & Graeys Nnenna Ejekam Associates Ekundayo Onajobi Kenechi Ezezika Udo Udoma & Belo-Osagie Dominique Taty Belema Alagun Olamide Obajimi Ikeyi & Arifayan PwC Côte d’Ivoire Olaniwun Ajayi LP Ikeyi & Arifayan Funke Onakoya John Ezike Akinwunmi & Busari Legal Idrissa Tchernaka Olugboyega Alawode Victor Obaro 1st Attorneys Practitioners Etude d’Avocats Marc Le Alliance Law Firm Libra Law Office Bihan & Collaborateurs Violet Ezirike Akoji Onekutu Ramatou Aliyu Afolake Obawunmi Aina Blankson LP Kano Distribution Fousséni Traoré Planned Shelter Consult Olaniwun Ajayi LP Electricity Company PwC Côte d’Ivoire Omowumi Fajemiroye Usman Aliyu Mahmud Collins Obi Olaniwun Ajayi LP Gabriel Onojason Emmanuel Yehouessi Nigerian Communications KPMG Alliance Law Firm BCEAO Commission Fatai Folarin V. Uche Obi Deloitte Fred Onuobia Sola Arifayan Alliance Law Firm NIGERIA G. Elias & Co. Solicitors and Ikeyi & Arifayan Bolaji Gabari Blessing Obi Ajunwo Advocates Ijeoma Abalogu SPA Ajibade & Co. Temitayo Arikenbi Alliance Law Firm Gbenga Biobaku & Co. Amede Oputa CRC Credit Bureau Limited Adejoke A. Gbenro Godwin Obla De Splendor Solicitors Ismail Abdulaziz Adebanke Adeola & Co. Oluseye Arowolo Obla & Co. Pointblank Attorneys Chiago Orakwusi Deloitte Sagir Gezawa Mami Obla KPMG Mohammed K. Abdulsalam S. S. Gezawa & Co. Ige Asemudara Olaniwun Ajayi LP Gitras Ltd. Ben Oregbemhe Punuka Attorneys & Simon Gusah Abimbola Odeyemi SPA Ajibade & Co. Innocent Abidoye Solicitors Urban Base Consulting Fortis LP Nnenna Ejekam Associates Tunde Osasona Oluwapelumi Asiwaju Louis Gyoh Chijioke Odo Whitestone Worldwide Ltd. Oluseyi Abiodun Akinwunmi G. Elias & Co. Solicitors and Yorkshire Consult Deloitte Akinwunmi & Busari Legal Advocates Olufemi Ososanya Practitioners Aminu Isa Hashim Onyinye Odogwu HLB Z.O. Ososanya & Co. Popoola Atilola Omosanya Ibrahim Hashim Punuka Attorneys & Chetanna Achara Lateef O. Fagbemi San & Co. Ignatius Nwosu Owelle Abuja Electricity Solicitors Okonjo, Odiawa & Ebie Homelux Construction & Olusola Ayodele Distribution Company Oluwakemi Oduntan Equipment Co. Ltd. Temiloluwa Adebayo Nigeria Employers’ Chinedu Ihenetu-Geoffrey Jade & Stone Solicitors Olaniwun Ajayi LP Consultative Association Abraham Oyakhilome Olaniwun Ajayi LP (NECA) Toluwalogo Odutayo First & First International Olaleye Adebiyi Bukola Iji Deloitte Agencies WTS Adebiyi & Associates Reginald Aziza SPA Ajibade & Co. Olaniwun Ajayi LP Oscar Ogbakpan Taiwo Oyedele Kentuadei Adefe Emmanuel Ikeakonwu Empirex PwC Nigeria Kentuadei Adefe, Legal Bisola Babington Practitioners, Mediators Deloitte Perchstone & Graeys Godson Ogheneochuko Feyisola Oyeti and Arbitrators El-shaddai Ikeh Udo Udoma & Belo-Osagie SPA Ajibade & Co. Zainab Bello Kunle Adegbite Perchstone & Graeys Akinwunmi & Busari Legal Ozofu Ogiemudia Femi Oyetosho Canaan Solicitors Practitioners Nduka Ikeyi Udo Udoma & Belo-Osagie BIOS 2 Limited Steve Adehi Ikeyi & Arifayan Ngozi Chianakwalam Ayokunle Ogundipe Bukola Oyinlola Steve Adehi and Co. Investments and Securities Femi David Ikotun Perchstone & Graeys Perchstone & Graeys Tribunal Ziongate Chamers Olabanji Adenusi Yvonne Ogunoiki Tunde Popoola Aina Blankson LP Chinwe Chiwete Ifedolapo Ilesanmi Ikeyi & Arifayan CRC Credit Bureau Limited Punuka Attorneys & Kusamotu & Kusamotu Tolulope Aderemi Chudi Ojukwu Damilola Salisu Solicitors Perchstone & Graeys Ifedayo Iroche Infrastructure Consulting Bayo Osipitan & Co. Ukata Christian Perchstone & Graeys Partnership Adekunle Adewale Isiaku Sani Afriglobe Shipping Lines Ltd. Jackson, Etti & Edu Oyinlola Iwaeni Ikenna Okafor Digibits Controls Nigeria Peter Crabb PwC Nigeria Perchstone & Graeys Ltd. Albert Adu Nnenna Ejekam Associates Alliance Law Firm Okorie Kalu Anwuli Okeke Habibat Sanusi Aliyu Yusuf Dada Punuka Attorneys & Alliance Law Firm Ikeyi & Arifayan Daniel Agbor Udo Udoma & Belo-Osagie Solicitors Matthias Dawodu Patrick Okonjo Yewande Senbore SPA Ajibade & Co. Babatunde Kolawole Okonjo, Odiawa & Ebie Olaniwun Ajayi LP Michael Ajaegbo Alliance Law Firm HLB Z.O. Ososanya & Co. Nnamd Dimbga Stephen Ola Jagun Taofeek ‘Bola Shittu Olaniwun Ajayi LP Rajeev Kumar Jagun Associates Ikeyi & Arifayan Kunle Ajagbe Perchstone & Graeys ETC Agro Co Ltd Francis Edet Tumininu Oladipo Christine Sijuwade PwC Nigeria Ayodele Kusamotu Nnenna Ejekam Associates Udo Udoma & Belo-Osagie Olaoluwa Ajala Gbenga Biobaku & Co. Kusamotu & Kusamotu Olubukola Edun Mariam Olafuyi Olalekan Sowande Jackson, Etti & Edu Olaniwun Ajayi LP SPA Ajibade & Co. Gbeminiyi Ajayi Olaniwun Ajayi LP ACKNOWLEDGMENTS 297 Adeola Sunmola Erlend Haaskjold Al Hassan Al Alawi Dhanalakshmi Pillai Perumal Diana Dsouza Udo Udoma & Belo-Osagie Arntzen de Besche Al Alawi & Co. SNR Denton & Co. Datacheck Pvt. Ltd. Advokatfirma AS Rafiu Sunmonu Hussein Al Balushi Khalid Al Riyami Dy Huma Ejaz Zaman Delmore Engineering and Sverre Hærem Mazoon Electricity Company Amjaad Engineering Mandviwalla & Zafar Construction Company AF Group Consultancy Zubaida Fakir Mohamed Al Mahwish Elahi Limited Robert Haugen Balushi George Sandars Abraham & Sarwana Adesegun Talabi AF Group Central Bank of Oman (CBO) SNR Denton & Co. Rana Amaar Faaruq Perchstone & Graeys Hilde Høksnes Hamed Amur Al Hajri Paul Sheridan Mandviwalla & Zafar Garba Ahmed Tijani Advokatfirmaet Selmer DA Oman Cables Industry SNR Denton & Co. Ahmed Farooq Ahmed Tijani & Co. (SAOG) Heidi Holmelin Saman Tahir Malik Meer & Hasan Nneamaka Udekwe Advokatfirmaet Selmer DA Hanaan Al Marhuby Al Busaidy Mansoor Jamal Kausar Fecto PwC Nigeria PwC Oman & Co. Odd Hylland Kausar Fecto & Co. Kelechi Ugbeva PwC Norway Zuhaira Al Sulaimani Roy Thomas Chartered Accountants WTS Adebiyi & Associates Curtis Mallet - Prevost, Oman Cables Industry Pål Jæger-Pedersen Asim Hameed Khan Colt & Mosle LLP (SAOG) Uche Ugonabo PwC Norway Brothers Trading Obla & Co. Majid Al Toky Corporation Pakistan Pvt. Andreas Jarbø PAKISTAN Trowers & Hamlins Ltd. Maxwell Ukpebor Advokatfirmaet Selmer DA Ali Jafar Abidi WTS Adebiyi & Associates Ibrahim Al-Abri Asma Hameed Khan Jøran Kallmyr State Bank of Pakistan Muscat Municipality Surridge & Beecheno Ebere Uzum Advokatfirma Ræder DA Ali Adnan Udo Udoma & Belo-Osagie Mohsin Ahmed Alawi Al-Hadad Ikramul Haq Ane Kallmyr Lerheim Port Line Shipping & Logistic Mohsin Al-Hadad & Amur Huzaima & Ikram Kamaluddeen Yahaya Homble Olsby advokatfirma Al-Kiyumi & Partners Malik Muhammad Afzal Kamaluddeen Yahaya & Co. AS Salim Hasan Afzal Cargo Enterprises Khalid Khamis Al-Hashmi Meer & Hasan Tijjani Yahaya Kyrre Kielland Muscat Municipality Nadeem Ahmad Tijjani Yahaya & Company Advokatfirma Ræder DA Syed Ahmad Hassan Shah Orr, Dignam & Co., Advocates Zaid Al-Khattab Hassan Kaunain Nafees Funke Yesufu Bård Ivar Koppang Talal Abu Ghazaleh Legal Taqi Ahmad Akinwunmi & Busari Legal PwC Norway Rashid Ibrahim (TAG-Legal) A.F. Ferguson & Co., Practitioners A.F. Ferguson & Co., Kim Robert Lisø Chartered Accountants, Leyan Al-Mawali Chartered Accountants, Umar Bala Yorce Skanska i Norge a member firm of PwC Trowers & Hamlins a member firm of PwC Kano Urban Planning and network Carl Longva network Development Authority Hilal Almayahi GAC Norway AS Zahra Ahmad (KNUPDA) Muscat Municipality Fiza Islam HaidermotaBNR & Co. Per Einar Lunde Legis Inn Attorneys & Isma’ila M. Zakari Mohamed Alrashdi PwC Norway Jawad Ahmed Corporate Consultants Ahmed Zakari & C Muscat Municipality Muhammad Farooq & Co. Knut Martinsen Muzaffar Islam Mohammed Alshahri Chartered Accountants NORWAY Advokatfirmaet Thommessen Legis Inn Attorneys & Mohammed Alshahri & AS Syed Aftab Ahmed Corporate Consultants Experian Norway Associates Pyramid Pakistan Ida Muller-Winters Saila Jamshaid Guro Bakke Haga Zareen Austin Homble Olsby advokatfirma Syed Akhter Ahmed Securities and Exchange PwC Norway Curtis Mallet - Prevost, AS Pyramid Pakistan Commission of Pakistan Colt & Mosle LLP Stig Berge Halfdan Nitter Ali Ahsan Tariq Nasim Jan Advokatfirmaet Thommessen Hasan Juma Backer Nitter AS - correspondent HaidermotaBNR & Co. Datacheck Pvt. Ltd. AS Hasan Juma Backer Trading of Russell Bedford & Contracting Ashraf Ali Assad Ullah Jaral Ingrid Fladberg Brucker International Abraham & Sarwana AUJ Lawyers Advokatfirma Simonsen Jamie Gibson William Peter Nordan Vogt Wiig Trowers & Hamlins Syed Asif Ali Haina Karim Advokatfirma Simonsen Pyramid Pakistan BubblewrApp Inc. Wibecke Brusdal Vogt Wiig Justine Harding AF Group SNR Denton & Co. Zulfiqar Ali Khan Aftab Ahmed Khan Hege Oftedal Meer & Hasan Surridge & Beecheno Margrethe Buskerud PwC Norway Abraham Jacob Christoffersen Mohsin Al-Hadad & Amur Syed Ali Zafar Manahil Khan Ole Kristian Olsby Advokatfirmaet Thommessen Al-Kiyumi & Partners Mandviwalla & Zafar Hassan Kaunain Nafees Homble Olsby advokatfirma AS AS Diana Jarrar Muhammad Amjad Malik Muhammad Akram Carl Christiansen Talal Abu Ghazaleh Legal Pyramid Pakistan Khokhar Pål Egil Rønn Raeder DA (TAG-Legal) Afzal Cargo Enterprises AF Group Anum Anum Gulraze Mir Per Arne Dæhli O. A. Kuraishy HaidermotaBNR & Co. Mohsin Malik Peter Simonsen Advokatfirmaet Selmer DA Hasan Juma Backer Trading Builders Associates Pvt. Ltd. Simonsen Advokatfirma DA Armughan Ashfaq & Contracting Tron Dalheim Surridge & Beecheno Rashid Rahman Mir Ståle Skutle Arneson Arntzen de Besche P.E. Lalachen MJ Rahman Sarfaraz Rahim Advokatfirma Simonsen Zeeshan Ashraf Meer Advokatfirma AS Khalifa Al Hinai Advocates & Iqbal Rafiq - member Vogt Wiig Meer & Hasan Legal Consultancy of Russell Bedford Magnar Danielsen Svein Sulland Zarina Aslam International Ministry of the Environment Jose Madukakuzhy Advokatfirmaet Selmer DA Abraham & Sarwana Khimji Ramdas Moazzam Mughal Lars Davidsen Anders Utne Shaheryar Aziz Boxing Winner Hafslund Pushpa Malani Advokatfirma Ræder DA A.F. Ferguson & Co., PwC Oman Rana Muhammad Knut Ekern Chartered Accountants, Oyvind Vagan Rana Ijaz & Partners PwC Norway Krishnadas Mathilakath a member firm of PwC The Bronnoysund Register Bank Muscat network Faiza Muzaffar Lars Eliassen Center Legis Inn Attorneys & The Bronnoysund Register Akhil Nair Shariq Aziz Corporate Consultants Center OMAN Al Alawi & Co. Online Shipping & Logistics Saqib Naveed Marie Eltervaag Capital Market Authority Githa Nair Muhammad Bilal Anaya Salt Crafts PwC Norway of Oman Curtis Mallet - Prevost, News-VIS Credit Information Colt & Mosle LLP Services Pvt. Ltd. Jamal Panhwar Lars Engen Ernst & Young Travel and Culture Services Advokatfirma Ræder DA Ahmed Naveed Farooqui Amjad Bokhari The Public Authority for Oman Cables Industry Rizwan Pir Muhammad Ragnar Furru Investment Promotion & Faisal Daudpota (SAOG) Maersk Line AF Group Export Development (PAIPED) Khalid Daudpota & Co. Bruce Palmer Fayez Qamar Rasheed Jon Galtung Dysvik Jehanzeb Afridi Junaid Daudpota Curtis Mallet - Prevost, CKR & Zia Advokatfirmaet Galtung Al Busaidy Mansoor Jamal Khalid Daudpota & Co. Colt & Mosle LLP Dysvik MNA & Co. 298 DOING BUSINESS 2015 Manzar Naeem Qureshi Suzanne Finney Juan Carlos Croston Moira Eka Giselle Deiró Hagler Bailley Pakistan Palau Historic Preservation Manzanillo International Ashurst LLP Berkemeyer, Attorneys & Pvt. Ltd. Office Terminal operator [MIT] Counselors Richard Flynn Zaki Rahman Anthony Frazier Eduardo De Alba Ashurst LLP Paolo Doria Ebrahim Hosain, Advocates Arias, Fábrega & Fábrega Peroni, Sosa, Tellechea, Ramsey Ngiraibai Anthony Frazier and Corporate Counsel Burt & Narvaja, member of Koror Planning and Zoning Claudio De Castro Gibson Geroro Lex Mundi Ameeruddin Rana Office Arias, Fábrega & Fábrega Leahy Lewin Nutley Sullivan Abraham & Sarwana Natalia Enciso Benitez Lily Rdechor Jorge G. Lombardi Dutari Lawyers Notary Public Robeen Rana Palau Environmental Lombardi Aguilar Group Goiye Gileng Medical Towers Quality Protection Board Bruno Fiorio Carrizosa Mailyn Espinosa Posman Kua Aisi Lawyers, in Fiorio, Cardozo & Alvarado Abdur Rehman Gershwin Rengiil PwC Panama association with Malleson Pakistan Revenue Koror Planning and Zoning Stephen Jaques Juan Bautista Fiorio Gimenez Enna Ferrer Department Office Fiorio, Cardozo & Alvarado Alfaro, Ferrer & Ramírez Clarence Hoot Khalid Rehman William L. Ridpath IPA Edgardo Fleitas Gina Gómez Surridge & Beecheno William L. Ridpath, ABC Consultores Jack Kariko - Karachi Attorney-at-Law William Gonzalez IPA Néstor Gamarra PwC Panama Rana Sajjad V. Tikei Sbal Servimex SACI Leo Kasi Rana Ijaz & Partners Financial Institutions Angie Guzmán PwC Papua New Guinea Jorge Guillermo Gomez Commission Morgan & Morgan Jawad A. Sarwana PwC Paraguay Timothy Koris Abraham & Sarwana Peter C. Tsao Ivette Elisa Martínez Saenz PNG Power Ltd. Santiago Gomez Western Caroline Trading Patton, Moreno & Asvat Safdar Sayed Ferrere Abogados Co. Sarah Kuman Abraham & Sarwana Maricela Moreno Allens Arthur Robinson Roberto Wilfrido Escobar Dirección de Obras y Mohammad Ali Seena PANAMA González Construcciones Municipio Peter Lowing Surridge & Beecheno - Notaria De Roberto W. Hernando Abraham de Panama Leahy Lewin Nutley Sullivan Karachi Escobar Carrasquilla Lawyers Registro Público de Panamá Erick Rogelio Muñoz Mohammad Shafique Nadia Gorostiaga Sucre, Arias & Reyes Bruce Mackinlay Online Shipping & Logistics PwC Paraguay Alvaro Aguilar Credit & Data Bureau Limited Lombardi Aguilar Group Alejandro Nolan Aikman Naeem Shah Sigfrido Gross Brown Morgan & Morgan Nigel Merrick Meer & Hasan Estudio Juridico Gross Gabriel Aguilar Warner Shand Lawyers Lae Boris Nuñez Brown Muhammad Siddique Lombardi Aguilar Group Registro Público de Panamá Vaughan Mills Securities and Exchange Carl Gwynn Ascanio Alberola Allens Arthur Robinson Commission of Pakistan Malory Olmos Gwynn & Gwynn - Legal Ministry of Economy and PwC Panama Antonia Nohou Counsellors Mian Hamdoon Subhani Finances PwC Papua New Guinea M.H.S. Associates Mario Rognoni Norman Gwynn Aristides Anguizola Arosemena Noriega & Lou Pipi Supreme Court of Justice Haris Syed Raza Morgan & Morgan Contreras NCDC Municipality Gerry’s Dnata (Pvt.) Ltd. Pablo Livieres Guggiari Mercedes Araúz de Grimaldo Nelson E. Sales Ivan Pomaleu Estudio Jurídico Livieres Chaudhary Usman Morgan & Morgan Alfaro, Ferrer & Ramírez IPA Guggiari Ebrahim Hosain, Advocates Luis Arrocha and Corporate Counsel Carla Salvatierra Eduardo Rejano Nestor Loizaga Lombardi Aguilar Group Dirección de Obras y Express Freight Management Ferrere Abogados Saleem uz Zaman Khatiya Asvat Construcciones Municipio Saleem uz Zaman & Co. Thomas Tarabu Alessandro Molfesi Patton, Moreno & Asvat de Panama IPA Panalpina Paraguay Javed Ahmed Vohra Ana Ayarza Mayte Sánchez González Fair Brothers International Alex Tongayu Roberto Moreno Rodríguez Panalpina World Transport Morgan & Morgan IPA Alcalá Ilyas Zafar LLP Verónica Sinisterra Moreno Ruffinelli & Zafar & Associates LLP Hellen White Francisco A. Barrios G. Arosemena Noriega & Asociados PwC Panama Express Freight Management Muneeb Zafar Contreras Natalia Oddone Zafar & Associates LLP Stuart Wilson Gustavo Adolfo Bernal Raul Soto Berkemeyer, Attorneys & Sociedad Panameña de LCS Electrical and Counselors Murtaza Zahoor Arosemena Noriega & Ingenieros y Arquitectos Mechanical Constractors CKR & Zia Contreras Rocío Penayo Vaqar Zakaria Klaus Bieberach Marlaine Tuñón PARAGUAY Moreno Ruffinelli & Hagler Bailley Pakistan Ministerio de Comercio e Asociados Javier Bouche Informconf SA Pvt. Ltd. Industria Union Fenosa - EDEMET Yolanda Pereira - EDECHI Superintendencia de Bancos Ramón Varela Berkemeyer, Attorneys & PALAU - BCP Morgan & Morgan Counselors Jose Ignacio Bravo Palau Public Utility Magalí Rodríguez Alcalá COCOLPAN Juan Manuel Vasquez Raúl H. Pereira de Souza Fleury Corporation Berkemeyer, Attorneys & Dirección de Obras y Fiorio, Cardozo & Alvarado Luis Carlos Bustamante Counselors Lisa Abraham Construcciones Municipio Panamá Soluciones Guadalupe Peroni Mazón Small Business Development de Panama Perla Alderete Logísticas Int. - PSLI Center (SBDC) Vouga Abogado María Antonia Ramírez de Raúl Zuñiga Brid Irene Carrizo Gwynn Maggy Antonio Aleman, Cordero, Galindo Leyla Apud Ministry of Economy and Gwynn & Gwynn - Legal Koror Planning and Zoning & Lee Estudio Juridico Gross Finances Counsellors Office Brown José Carrizo Durling PAPUA NEW GUINEA Natalio Rubinsztein Kenneth Barden Enrique Benítez Morgan & Morgan BDO Rubinsztein & Guillén Attorney-at-Law PT Sea Horse Pacific-PNG BDO Rubinsztein & Guillén Mariana Castillo Mauricio Salgueiro Ricardo Bausoch Paul Barker Hugo T. Berkemeyer PwC Panama Vouga Abogado Bureau of Revenue, Customs Consultative Implementation Berkemeyer, Attorneys & and Taxation Luis Chalhoub & Monitoring Council Counselors Federico Silva Icaza, Gonzalez-Ruiz & Ferrere Abogados Maria Cristina Castro Simon Bendo Luis Alberto Breuer Aleman Western Caroline Trading Department of Lands and Berkemeyer, Attorneys & Ruben Taboada Co. Julio Cesar Contreras III Physical Planning Counselors PwC Paraguay Arosemena Noriega & Yukiwo P. Dengokl Vincent Bull Esteban Burt Carlos Torres Contreras Dengokl, Dimitruk & Allens Arthur Robinson Peroni, Sosa, Tellechea, SDI Servicios de Ingenieria Nakamura, Attorneys at Gonzalo Córdoba Burt & Narvaja, member of David Caradus Ninfa Rolanda Torres de Law APC Buró SA Lex Mundi PwC Papua New Guinea Paredes Rachel Dimitruk Agencia Paredes Dickson Dimitruk Law Office NCDC Municipality ACKNOWLEDGMENTS 299 Ernesto Velázquez-Argaña Cecilia Guzmán-Barrón Victor Scarsi Kenneth L. Chua Tadeo F. Hilado Central Bank of Paraguay Gallo Barrios Pickmann Luz del Sur Quisumbing Torres, member Angara Abello Concepcion firm of Baker & McKenzie Regala & Cruz Law Offices Walter Vera Carlos Hernández Ladera Martin Serkovic International (ACCRALAW) Vouga Abogado Ransa Comercial SA Estudio Olaechea, member of Lex Mundi Juan Paolo Colet Reynald Paul Imjada Rossana Villalba Hermosa Jose Antonio Honda Castillo Laman Tan Local Government of Notaria De Roberto W. Estudio Olaechea, member of Hugo Silva Pantaleon & San Jose Quezon City Escobar Lex Mundi Rodrigo, Elías, Medrano Abogados Aristotle Cristobal Nancy Joan M. Javier Lia Zanotti-Cavazonni Diego Huertas del Pino Local Government of Javier Law Peroni, Sosa, Tellechea, Barrios & Fuentes Abogados Ricardo P. Silva Quezon City Burt & Narvaja, member of Estudio Muñiz, Ramirez, Benito Jose L. de los Santos César Ballón Izquierdo Lex Mundi Perez-Taiman & Olaya Arnaldo L. Cruz Law Firm of A.B. Salumbides Ransa Comercial SA Credit Information Mario Solari Zerpa Salma Kuhutan PERU Juan Carlos Leon Corporation SUNARP Puyat Jacinto Santos Law ADEX PLFA & CIA Abogados, Emerico O. de Guzman Office Gina Uscata Barrenechea Asesores y Consultores Milagros Maravi Sumar Angara Abello Concepcion Ransa Comercial SA Leo Labco Rubio Leguía Normand Regala & Cruz Law Offices Superintendency of Banking, Panalpina World Transport Jack Vainstein (ACCRALAW) Insurance and Private Carlos Martínez LLP Vainstein & Ingenieros SA Pension Fund Administrator Rubio Leguía Normand Emilio S. De Quiros Jr. Carina Laforteza Mariella Vilela Guevara Republic of the Philippines Guillermo Acuña Roeder Ricardo Martinez Alvarez SyCip Salazar Hernandez & SUNARP Social Security System Rubio Leguía Normand Experian Perú SAC Gatmaitan Manuel Villa-García Anthony Dee Fanny Aguirre Carlos Martínez Ebell Earla Kahlila Langit Estudio Olaechea, member of SyCip Salazar Hernandez & Estudio Alvarez Calderon Rubio Leguía Normand SyCip Salazar Hernandez & Lex Mundi Gatmaitan Gatmaitan Walter Aguirre Jesús Matos Rafael Villaran Kennedy Diokno Aguirre Asesores & Estudio Olaechea, member of Hiyasmin Lapitan Estudio Luis Echecopar Local Government of Abogados Lex Mundi SyCip Salazar Hernandez & García SRL Quezon City Gatmaitan Marco Antonio Alarcón Piana Alejandro Medina Agustín Yrigoyen Redel Domingo Estudio Luis Echecopar Superintendency of Banking, Francisco Ed. Lim García Sayán Abogados MERALCO García SRL Insurance and Private Angara Abello Concepcion Pension Fund Administrator Laura Zuñiga Teddy Esteban F. Rigoroso Regala & Cruz Law Offices Alfonso Alvarez Calderón Payet, Rey, Cauvi Abogados Rigoroso, Galindez & Rabino (ACCRALAW) Estudio Alvarez Calderon Cecilia Mercado Law Offices Gamma Cargo SAC Heidy Zuzunaga Timothy Lim Luis Alza Aguirre Asesores & Rachel Follosco Romulo, Mabanta, Russell Bedford Perú / Alessandro Mussio Abogados Follosco Morallos & Herce Buenaventura, Sayoc & de Barzola & Asociados SC - Estudio Ferrero Abogados los Angeles, member of Lex member of Russell Bedford Florida Fomaneg Ariel Orrego-Villacorta PHILIPPINES Mundi International Isla Lipana & Co. Barrios & Fuentes Abogados DBO Ronald Mark Lleno Guilhermo Auler Antonieta Fortuna-Ibe Max Panay Cuya SyCip Salazar Hernandez & Forsyth Abogados Manila Water Company, Inc. SEC SUNARP Gatmaitan Macarena Barrios Maynilad Water Services, Catherine Franco Verónica Perea Roberto Locsin Barrios & Fuentes Abogados Inc. Quisumbing Torres, member Barrios & Fuentes Abogados International Container firm of Baker & McKenzie Maritza Barzola Ma Christina Abalos Terminal Services, Inc. Lucianna Polar International Russell Bedford Perú / Department of Justice of the Estudio Olaechea, member of Eleanor Lucas Roque Barzola & Asociados SC - Philippines Pablito Lito Freo Lex Mundi Punongbayan & Araullo member of Russell Bedford Powerloops Gerard Aguirre International Maribel Príncipe Herbert M. Bautista BDO Leasing & Finance Inc Enrique Galang Rubio Leguía Normand Local Government of Stephany Giovanna Bravo de Castillo Laman Tan Arveen Agunday Quezon City Rueda Arce Bruno Marchese Quintana Pantaleon & San Jose Ransa Comercial SA Castillo Laman Tan Rubio Leguía Normand Araceli Macabalo Pantaleon & San Jose Gilberto Gallos Security Bank Savings Jorge Calle Fernando M. Ramos Angara Abello Concepcion Jose Aquino Rubio Leguía Normand Barrios & Fuentes Abogados Regala & Cruz Law Offices Myra Mallari SEC – Department of (ACCRALAW) SEC Alfredo Cardona Jorge Reategui Investors Protection Experian Perú SAC Estudio Ferrero Abogados Jaime P. Garchitorena Joel A. Mañacop Joanne Babon Credit Information Mañacop Law Office Ursula Caro Alonso Rey Bustamante Follosco Morallos & Herce Corporation Rubio Leguía Normand Payet, Rey, Cauvi Abogados Katrina Michelle Mancao Manuel Batallones Geraldine S. Garcia Quasha Ancheta Pena & Cecilia Catacora Jose M. Reyes BAP Credit Bureau, Inc. Follosco Morallos & Herce Nolasco Estudio Olaechea, member of Barrios & Fuentes Abogados Vera Marie Bautista Lex Mundi Marta Luisa B. Garcia-Morera Yolanda Mendoza-Eleazar Rossana Rodriguez SyCip Salazar Hernandez & Angara Abello Concepcion Castillo Laman Tan Norka Chirinos La Torre García Sayán Abogados Gatmaitan Regala & Cruz Law Offices Pantaleon & San Jose SUNARP Alonso Rojas Jose A. Bernas (ACCRALAW) Maria Teresa Mercado-Ferrer Ricardo de la Piedra Estudio Olaechea, member of Bernas Law Andres Gatmaitan SyCip Salazar Hernandez & Estudio Olaechea, member of Lex Mundi Pearl Grace Cabali SyCip Salazar Hernandez & Gatmaitan Lex Mundi Erick Rojas Puyat Jacinto Santos Law Gatmaitan Marianne Miguel Roberto de la Torre Aguayo Camara Peruana de la Office Jose Amado Genilo III SyCip Salazar Hernandez & CONUDFI Construccion Erlida Cabatic Genilo & Partners Law Gatmaitan Pamela Duffy Emil Ruppert SEC Offices Jesusito G. Morallos Gallo Barrios Pickmann Rubio Leguía Normand Justina Callangan Victor Genuino Follosco Morallos & Herce Maite Fernández Carolina Sáenz Llanos SEC – Department of MERALCO Freddie Naagas Estudio Olaechea, member of Rubio Leguía Normand Investors Protection Vicente Gerochi SCM Creative Concepts Inc. Lex Mundi Carolina Salcedo Ruben Gerald Capones SyCip Salazar Hernandez & Ronald Ortile Guillermo Ferrero Estudio Muñiz, Ramirez, SyCip Salazar Hernandez & Gatmaitan Land Registration Estudio Ferrero Abogados Perez-Taiman & Olaya Gatmaitan Arvin Philip Gotladera Administration Authority Mariana Franco Adolfo Sanabria Mercado Jon Edmarc Castillo Local Government of Maria Christina Ortua Estudio Ferrero Abogados García Sayán Abogados SyCip Salazar Hernandez & Quezon City SyCip Salazar Hernandez & Gatmaitan Luis Fuentes Arturo Ruiz Sanchez Mary Grace Morales-Joboco Gatmaitan Barrios & Fuentes Abogados Rubio Leguía Normand Joseph Omar A. Castillo Punongbayan & Araullo Joselito A. Pineda Puyat Jacinto Santos Law Alfredo Gastañeta Raúl Sanchez Local Government of Office García Sayán Abogados Barrios & Fuentes Abogados Quezon City 300 DOING BUSINESS 2015 Maybellyn Pinpin Peter Young Amelia Górniak Adrian Praczuk Victor Abrantes Isla Lipana & Co. 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Mussengangabo Fiona Ey Kachkin & Partners Grace Nishimwe Vision Technologies Clarke Ey Lawyers Alexandra Stelmakh Rwanda Natural Resources Tatyana Neveeva Company Egorov Puginsky Afanasiev & Authority, Office of the Anthony Frazier Egorov Puginsky Afanasiev & Partners Paul Frobisher Mugambwa Registrar of Land Titles Partners Margaret Fruean PwC Uganda Anna Stroeva Kizito Niyonshuti Ministry of Commerce, Natalie Neverovskaya INFRALEX Law Firm Daniel Gasaatura ENSafrica Rwanda Industry and Labour UNICOMLEGAL Russia Trust Law Chambers Ivetta Tchistiakova-Berd Frederick Niyonzima Taulapapa Brenda Alexey Nikitin Gide Loyrette Nouel, member Patrick Gashagaza PwC Heather-Latu BORENIUS Attorneys at Law of Lex Mundi GPO Partners Rwanda Latu Lawyers Aimable Nkuranga Elena Novikova Evgenia Teterevkova Felix Gatanazi Credit Reference Bureau Misa Ioane Esoto ALRUD Law Firm Attorneys-at-Law BORENIUS EWSA Africa Ltd. Misa Electrical Egor Viktorovich Novoselov MOESK 304 DOING BUSINESS 2015 Siíliíli Aumua Isaia Lameko Cesare Pisani Nasser H. Al Qahtani SENEGAL Mouhamed Kebe Ministry of Commerce, Telecom Italia San Marino Electricity & Co-Generation Senelec Geni & Kebe Industry and Labour S.p.A. Regulatory Authority Khaled Abou El Houda Ousseynou Lagnane George Latu Roberto Ragini Shareef Mohamed Al-Barrak Cabinet Kanjo Koita BDS Latu Lawyers Antao Progetti S.p.A. Electricity & Co-Generation Bassambie Bationo Moussa Mbacke Regulatory Authority Uputaua Lauvi Marco Giancarlo Rossini BCEAO Etude Notariale Moussa Ministry of Commerce, Studio Legale e Notarile Fayez Aldebs Mbacke Industry and Labour PwC Saudi Arabia Souadou Diagne Camara Daniela Tombeni BCEAO Dame Mbaye Tima Leavai S.M. Studio Sped Abdullah Al-Hashim Transfret Dakar Leavai Law Al-Jadaan & Partners Law Cheikhou Dia Stefano Trenta RMA Sénégal Birame Mbaye Seck Firm Tuala Pat Leota Antao Progetti S.p.A. Direction du Developpement Public Accountant Omar AlHoshan Ibrahima Diagne Urbain SÃO TOMÉ AND PRÍNCIPE AlHoshan CPAs Gainde 2000 Leulua’iali’i Tasi Malifa Ibrahima Mbodj & Consultants - Amadou Diouldé Diallo Malifa Law Amado Pereira & Associados, Avocat à la Cour correspondent of Russell Ministère de l’Urbanisme et Sociedade de Advogados Albert Meredith Bedford International de l’Assainissement Papa Alboury Ndao Ministry of Commerce, Guiché Único Para Empresas RMA Sénégal Mohammed Al-Jadaan Maciré Diallo Industry and Labour António de Barros A. Aguiar Al-Jadaan & Partners Law SCP Ndiaye & Diagne, Aly Mar Ndiaye Tomasi Peni SOCOGESTA Firm Notaires Associés Commission de Régulation du Ministry of Commerce, Secteur de l’Electricité Eudes Aguiar Turki Al-Joufi Abdoul Aziz Dieng Industry and Labour Aguiar & Pedronho Studio Tatweer Educational Centre de Gestion Agréé de Amadou Ndiaye Arthur R. Penn Transportation Company Dakar Cabinet d’Avocat Cheikh Fall Helder Batista Lesa Ma Penn Despachante Helder Batista Yousef A. Al-Joufi Abdou Birahim Diop Amadou Moustapha Ndiaye Peato Sam Ling Al-Joufi Law Firm Direction du Developpement SCP Ndiaye & Diagne, Pascoal Daio Samoa Shipping Services Ltd. Urbain Notaires Associés Pascoal Daio - Advogado & Nabil Abdullah Al-Mubarak Faiiletasi Elaine Seuao Consultor Saudi Credit Bureau - SIMAH Alassane Diop Elodie Dagneaux Ndiaye Ministry of Commerce, DP World Agence chargée de Amadeu Goncalves Bander A. Alnogaithan Industry and Labour la Promotion de Manuel Roque Ltda The Law Office of Bander Amadou Diop l’Investissement et des Sala Theodore Sialau Toalepai Alnogaithan Gainde 2000 Pedro Guiomar Grands Travaux Samoa Shipping Services Ltd. 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Affaires (JCA) Lorenzo Moretti Abdou Kader Konaté Fayyaz Ahmad Peter Stansfield Studio Legale e Notarile Architecte DPLG Emmanuel Yehouessi Jones Lang LaSalle Al-Jadaan & Partners Law BCEAO Alfredo Nicolini Firm Abdou Dialy Kane Fayez Ghaith Al Jabri Lawyer Cabinet Maître Abdou Dialy Electricity & Co-Generation Juergen Villmer SERBIA Sara Pelliccioni Regulatory Authority Al-Soaib Law Firm Kane PD Elektrodistribucija Studio Legale e Notarile Mahi Kane Beograd d.o.o. Ahmad Al Kassem Abdul Aziz Zaibag Avv. Matteo Mularoni - in PricewaterhouseCoopers Talal Abu Ghazaleh Legal Alzaibag Consultants Associazione con Bussoletti Tax & Legal SA Jelena Adamovic (TAG-Legal) Nuzzo & Associati Soudki Zawaydeh Harrison Solicitors PwC Saudi Arabia ACKNOWLEDGMENTS 305 Ivana Ajdanic Rastko Malisic Igor Živkovski Cheryl Blake Franklyn Williams Prica & Partners Law Office MariĆ, MaliŠiĆ & DostaniĆ Živković & Samardžić Law B&J Partners Sierra Leone Business Forum o.a.d., correspondent law Office Ltd. 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CMS Cameron McKenna Vladimir Perić FMS Egonda-Ntende Commission of Sierra Leone Denny Dunsford Uroš Djordjević Prica & Partners Law Office Supreme Court of Ransford Johnson Ministry of Manpower ŽivkoviĆ & SamardŽiĆ Law Seychelles Mihajlo Prica Renner Thomas & Co., Adele Office Miah Fok Prica & Partners Law Office Alex Ellenberger Chambers Credit Bureau Singapore Jelena Kuveljic Dmitric Add Locus Architects Ltd. Ana Radivojević Mariama Seray Kallay Pte. Ltd. Law Offices Zecevic & Lukic PwC Serbia Conrad Lablache Government of Sierra Leone Sandy Foo Veljko Dostanic Pardiwalla Twomey Branka Rajicic Alieyah Keita Drew Napier MariĆ, MaliŠiĆ & DostaniĆ Lablache PwC Bosnia and Herzegovina o.a.d., correspondent law Adekunle Milton King Stephanie Kam Franky Madeleine firm of Gide Loyrette Nouel Mirjana Stankovic Petroleum Directorate Ministry of Trade & Industry Seychelles Licensing Development Consulting Dragan Draca Authority George Kwatia You Ying Karen Hsu Group PwC Serbia PwC Ghana Wong Tan & Molly Lim LLC Malcolm Moller Dragana Stanojević Jovana Gavrilovic Appleby Peter Larvai Soo How Koh USAID Business Enabling Prica & Partners Law Office Bank of Sierra Leone PwC Singapore Project - by Cardno Joe Morin Saša Gavrilović Emerging Markets USA Mahe Shipping Co. Ltd. Millicent Lewis-Ojumu Wong Kum Hoong MariĆ, MaliŠiĆ & DostaniĆ CLAS Consult Ltd. Energy Market Authority Milica Stojanovic Margaret Nourice o.a.d., correspondent law Law Offices JankoviĆ, Stamp Duty Commission Michala Mackay K. Latha firm of Gide Loyrette Nouel PopoviĆ & MitiĆ Corporate Affairs Accounting & Corporate Brian Orr Jelena Gazivoda Commission of Sierra Leone Regulatory Authority, ACRA Petar Stojanović MEJ Electrical Law Offices JankoviĆ, Joksovic, Stojanovic and Corneleius Max-Williams Yvonne Lay PopoviĆ & MitiĆ Poonkhothai Pillay Partners Destiny Shipping Agencies Ministry of Finance EY Seychelles Danica Gligorijevic Ltd. Robert Sundberg Lee Lay See Prica & Partners Law Office Serge Rouillon Development Consulting Harold McCarthy Rajah & Tann LLP Attorney-at-Law Ana Jankov Group National Power Authority Eng Beng Lee BDK Attorneys-at-Law Divino Sabino Ana Tomic Mohamed Pa Momoh Fofanah Rajah & Tann LLP Pardiwalla Twomey Milovan Jocovic Joksovic, Stojanovic and Edrina Chambers Lablache Ho Ming Lee BDK Attorneys-at-Law Partners Sidney Ojumu Accounting & Corporate Kieran B. Shah Nemanja Kačavenda Jovana Tomić CLAS Consult Ltd. Regulatory Authority, ACRA Barrister & A.D. InterEuropa, Belgrade ŽivkoviĆ & SamardŽiĆ Law Attorney-at-Law John Dudley Okrafo-Smart James Leong Office Miodrag Klančnik CLAS Consult Ltd. 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Lex Mundi la Propiedad y Mercantiles Ashurst LLP Roda Allison Dokolo Joshua Parbhu de España Álvaro Rojo Lomoro & Co. Advocates Alberto Manzanares White & Case LLP J&A Garrigues SLP Miguel Cruz Amorós Ashurst LLP Monyluak Alor Kuol Kwanele Radebe PwC Spain Javier Romeu Liberty Advocates LLP Juan Carlos Marhuenda Gómez The Standard Bank of South TIBA Internacional SA Guillermo De La Cruz García TLACORP Africa Limited Gabriel Isaac Awow CONERSA - Grupo Proingec Javier Ruz Cerezo Ministry of Justice Daniel Marín Steve Raney Grupotec Renewables Pelayo de Salvador Morell Gómez-Acebo & Pombo White & Case LLP Premal Bataviya DeSalvador Real Estate Abogados Jaime Salvador Infotech Group Philippa Reyburn Lawyers Russell Bedford España Ignacio Martín Martín ENS Michael Fend Auditores y Consultores SL Iván Delgado González Fernández South Sudan Electricity - member of Russell Bedford Lucinde Rhoodie Pérez - Llorca Cazorla Abogados, SLP Company International Cliffe Dekker Hofmeyr Inc. Rossanna D’Onza Lidia Martínez Biju Kumar MS Eduardo Santamaría Moral Lauren Richards Baker & McKenzie Uría & Menéndez, member of Bolloré Africa Logistics J&A Garrigues SLP Bowman Gilfillan Inc. Lex Mundi Iván Escribano Josepho Lokuku Ramón Santillán Matthew Richards J&A Garrigues SLP Jorge Martín-Fernández Jophco Engineering and Banco de España White & Case LLP Clifford Chance Construction Antonio Fernández Cristina Soler Marc Schulman J&A Garrigues SLP Alberto Mata Robert Lwoki Gómez-Acebo & Pombo Bowman Gilfillan Inc. Gómez-Acebo & Pombo South Sudan Land Luis Fernandez Del Pozo Abogados Abogados Dennis Seemela Commission Colegio de Registradores de Raimon Tagliavini National Energy Regulator la Propiedad y Mercantiles José Manuel Mateo Kris Mbaya Uría Menéndez of South Africa (NERSA) de España J&A Garrigues SLP UAP Insurance Sudan Limited Francisco Téllez de Gregorio Andres Sepp Idoya Fernandez Elorza Valentin Merino Lopez Ramadhan A.M. Mogga Fourlaw Abogados Office of the Chief Registrar Cuatrecasas, Gonçalves Valentin Merino Ramadhan & Law Associates of Deeds Pereira Arquitectos, SL. Adrián Thery Issa Muzamil J&A Garrigues SLP Richard Shein Héctor Gómez Ferrero Alberto Monreal Lasheras Juba Associated Advocates Bowman Gilfillan Inc. DLA Piper Spain SL PwC Spain Ivan Tintore Subirana Hannington O. Ouko Metropolitana de Aduanas y Alex Short Silvia García Pedro Moreira Cooperative Bank of South Transportes & Icontainers. Watermark Auditors Deloitte Abogados SL SCA Legal Sudan com Incorporated - member Ignacio García Errandonea Eva Mur Mestre of Russell Bedford Lomoro Robert Bullen Roberto Tojo Thomas de J&A Garrigues SLP PwC Spain International Lomoro & Co. Advocates Carranza Borja García-Alamán Nicolás Nogueroles Peiró Clifford Chance David Short Jeremaih Sauka J&A Garrigues SLP Colegio de Registradores de Fairbridges Attorneys Ministry of Justice Victoriano Travieso la Propiedad y Mercantiles Ana Gómez Stepinlaw SLP Archana Sinha Paul Wanambuko de España Monereo Meyer Marinel-lo RCS Pvt. Ltd. Business Accountant Alejandro Valls Abogados Alejandro Nuñez Jimenez Advisors Group Baker & McKenzie Cleanergetic SEERS SPAIN Juan Ignacio Gomeza Villa Arvind Sinha Solutions SLU Juan Verdugo Basilio Aguirre Notario de Bilbao RCS Pvt. Ltd. Business J&A Garrigues SLP Registro de la Propiedad de Rafael Núñez-Lagos Advisors Group Carlos Rueda España Uría & Menéndez, member of Fernando Vives Ruiz Gómez-Calcerrada Rajat Ratan Sinha Lex Mundi J&A Garrigues SLP David Alcobre Torre Gómez-Acebo & Pombo RCS Pvt. Ltd. Business Consignaciones Toro & Abogados Teresa Nuño Advisors Group SRI LANKA Betolaza, SA DLA Piper Spain SL Carlos Gonzalez Riaan Stipp Melissa Abeyasinghe Gutierrez-Barquin Álvaro Felipe Ochoa Pinzón PwC South Africa Angel Alonso Hernández Tiruchelvam Associates Uría & Menéndez, member of Asociación Española de la J&A Garrigues SLP Jane Strydom Lex Mundi Industria Eléctrica Asanka Abeysekera Juan Oñate TransUnion Tiruchelvam Associates José Luis Amérigo Sánchez Esther González Pérez Linklaters Zarene van den Bergh Gómez-Acebo & Pombo Uría & Menéndez, member of Surangi Arawwawala Isabel Palacios PwC South Africa Lex Mundi PwC Sri Lanka Abogados Clifford Chance Dawid Van der Berg Wenceslao Gracia Zubiri Pradeep Banduwansa Ana Armijo Carla Palau Segura BDO Gracia Carabantes Commercial Bank Ashurst LLP Gómez-Acebo & Pombo Abogados Eleni Vassilopoulos Antonio Bautista Abogados Senajith Dasanayake Norton Rose Fulbright David Grasa Graell Ceylon Electricity Board Cleanergetic SEERS Daniel Parejo Ballesteros South Africa Solutions SLU Monereo, Meyer & Marinel- J&A Garrigues SLP Savantha De Saram Lo Abogados SLP D.L. & F. De Saram 308 DOING BUSINESS 2015 Rupa Dheerasinghe Sumith Nandana John Wilson Peterson D. Francis Theona R. Elizee-Stapleton Central Bank of Sri Lanka Techwell Engineering Pvt. John Wilson Partners Peterson D. Francis Commerce & Intellectual Ltd. Worldwide Shipping & Property Office (CIPO) Manjula Ellepola ST. KITTS AND NEVIS Customs Services Ltd. F.J. & G. De Saram, member of Laila Nasry Ralph Henry Lex Mundi Tiruchelvam Associates Charlene Acquisto Carol J. Gedeon Scotiabank Scotiabank Chancery Chambers Anjali Fernando Abirami Nithiananthan Stanley John F.J. & G. De Saram, member of Tiruchelvam Associates Michella Adrien Garth George Elizabeth Law Chambers Lex Mundi The Law Offices of Michella St. Lucia Electricity Michael Paiva Errol E. Layne Adrien Services Ltd. Ayomi Fernando Tiruchelvam Associates Errol E. Layne Chambers Employers’ Federation of Nicholas Brisbane Claire Greene-Malaykhan Nirosha Peiris Isaac Legair Ceylon Brisbane O’Garro Alvaranga Peter I. Foster & Associates Tiruchelvam Associates Dennings P.N.R. Fernando Jan Dash Claude Guillaume Priyantha Peiris Louisa Lewis-Ward Colombo Municipal Council Liburd and Dash Interisland Architects and Colombo Municipal Council PwC Barbados Planners Ranil Gamage Marsha T. Henderson Ravi Peiris Moulton Mayers Super Neat Technology Henderson Legal Chambers Shelda London Employers’ Federation of Moulton Mayers Architects Pvt. Ltd. West Indes Shipping & Ceylon Stanley Jacobs Trading Co. Martin Sheen Lasantha Garusinghe SKIPA Dayaratne Perera Commerce & Intellectual Tiruchelvam Associates Cuthbert McDiarmed Colombo Municipal Council Damian E. S. Kelsick Property Office (CIPO) Ministry of Physical Jivan Goonetilleke Kelsick, Wilkin and K.L.G. Thilak Perera Planning, Housing, and Shelford Stowe D.L. & F. De Saram Ferdinand Department of Customs Urban Renewal Ministry of Housing, Naomal Goonewardena Mickia Mills Informal Human Nissanka Perera Stephen Mcnamara Nithya Partners Nisbetts Settlements, Lands and PwC Sri Lanka Mcnamara & Co. Surveys Locana Gunaratna Adeola Moore Sudath Perera Richard Peterkin Gunaratna Associates Inland Revenue Authority Sudath Perera Associates Grant Thornton SUDAN P. Mervyn Gunasekera Jeoffrey Nisbett Priyantha Punchihewa Trevor Philipe Omer Abdel Ati LAN Management Nisbetts MIT Cargo Pvt. Ltd. Trevor Philip Agencies Ltd. Omer Abdel Ati Solicitors Development Service Nervin Rawlins M. Puviharan Joanna Raynold-Arthurton Ali Abdelrahman Khalil Thilanka Namalie Inland Revenue Authority Department of Customs Ministry of Physical Shami, Khalil & Siddig Haputhanthrie Heidi Lynn Sutton Planning, Housing, and Advocates Julius & Creasy S. Rajendran Law Offices of T.A.C.T. Liburd Urban Renewal Department of Customs Wael Abdin Halin Hettigoda & H.D. Sutton Janelle Sagusingh Sudanese Commercial Law Sampath Bank Plc Hiranthi Ratnayake Warren Thompson Tropical Shipping Office PwC Sri Lanka M. Basheer Ismail Construction Management Catherine Sealys Yousif Abdulatif Deloitte Sanjeewanie Ratnayake and Consulting Agency Inc. Procurement Services Darka for Trading & Credit Information Bureau (CMCAI) David Jacob International Services Co. Ltd. Ltd. Dellogistics International Larry Vaughan Michael Sewordor Abdalla Abuzeid Pvt. Ltd. Mohamed Rizni Customs and Excise Ministry of Communications, Abdalla A. Abuzeid & Speed International Freight Department Jayantha Jayasekara Works, Transport and Associates Systems Ltd. Public Utilities Colombo Municipal Council Leonora Walwyn Mohamed Ibrahim Adam Nihal Rodrigo WalwynLaw Sonali Jayasuriya-Rajapakse Renee St. Rose Dr. Adam & Associates Sri Lanka Employees’ Trust Peter I. Foster & Associates D.L. & F. De Saram Fund Department ST. LUCIA Al Fadel Ahmed Al Mahdi Shamalie Jayatunge Leandra Gabrielle Verneuil Al Mahdi Law Office Shane Silva Michelle Anthony-Desir Tiruchelvam Associates Chambers of Jennifer Remy Julius & Creasy Du Boulay, Anthony & Co. Emtinan Ali & Associates Sanjaya Jayawardene CIASA Volya Siriwardana Clive Antoine Progressive Design Andie Wilkie Tiruchelvam Associates Ministry of Sustainable Mohanad Almokashfi Associates Gordon & Gordon Co. Development, Energy, CIASA Priya Sivagananathan Science and Technology Niral Kadawatharatchie Julius & Creasy ST. VINCENT AND THE Abdalla Bashir Ibrahim Alataya Freight Links International Thaddeus M. Antoine GRENADINES Mahmoud Elsheikh Omer & (Pte.) Ltd. Bharatha Subasinghe TM ANTOINE Partners Associates Advocates D.P.R. Consultants Pvt. Central Water and Yudhishtran Kanagasabai Oswald Augustin Limited Sewerage Authority Awad Darwish PwC Sri Lanka Joseph Shipping Darka for Trading & A.H. Sumathipala St. Vincent Electricity Services Co. Ltd. Charana Kanankegamage Gerard Bergasse Neelakandan & Neelakandan Services Ltd. F.J. & G. De Saram, member of Tropical Shipping Alaa El Numan Lex Mundi Harshana Suriyapperuma Michaela N. Ambrose Darka for Trading & Securities & Exchange Glenn Charlemagne Baptiste & Co. Law Firm Neelakandan Kandiah Services Co. Ltd. Commission of Sri Lanka Superior Shipping Services Neelakandan & Neelakandan Kay R.A. Bacchus-Browne Mohamed Elebodi J.M. Swaminathan Willibald Charles Kay Bacchus-Browne Amila Karunaratne CIASA Julius & Creasy Baron Shipping & Brokerage Chambers Freight Line International Inc. Ahmed M. Elhillali (Pvt.) Ltd. Bandula S. Tilakasena Rene M. Baptiste American Sudanese Ceylon Electricity Board Sean Compton Baptiste & Co. Law Firm Sankha Karunaratne Consulting Inc. melon|design:architecture F.J. & G. De Saram, member of Neil Tissera Allan P. Burke Hiba Elsayed Abdo Lex Mundi Colombo Municipal Council Swithin Donelly Perry’s Customs and Mahmoud Elsheikh Omer & Ministry of Economic Shipping Agency, Ltd. Nihal Keppetipola Dhanika Umagiliya Associates Advocates Affairs, Economic Planning Sri Lanka Ports Authority Amarasuriya Associates & National Development Mikhail A.X. Charles Asmaa Hamad Abdellatif Janaka Lakmal Shehara Varia Baptiste & Co. Law Firm Mahmoud Elsheikh Omer & Raquel Du Boulay-Chastanet Credit Information Bureau F.J. & G. De Saram, member of Mira E. Commissiong Associates Advocates Du Boulay, Anthony & Co. Ltd. Lex Mundi Equity Chambers Elwaleed Hussein Brenda M. Duncan Ishara Madarasinghe G.G. Weerakkody Jarand Cummings CIASA BDO St. Lucia F.J. & G. De Saram, member of Colombo Municipal Council Cardinal Law Firm Mohamed Ibrahim Lex Mundi Kurt Elibox Charmalie Weerasekera Stanley DeFreitas Somarain Oriental Co. Blueprint Construction Ltd. Poorna Mendis Lawyer Defreitas & Associates Ahmed Mahdi Barbara Eloi Fathima Amra Mohamed Priyath B Wickrama Vilma Diaz de Gonsalves Mahmoud Elsheikh Omer & Carribean Cargo DC Sudath Perera Associates Sri Lanka Ports Authority BDO Eastern Caribbean Associates Advocates Peter I. Foster Ramani Muttettuwegama Jagath P. Wijeweera Peter I. Foster & Associates Bernadine Dublin Tiruchelvam Associates Department of Customs Labour Department ACKNOWLEDGMENTS 309 Tariq Mahmoud El Sheikh Marcel Persad Bongani Mtshali Mikael Klang Gaudenz Geiger Omer BDO Abrahams Raijmann & Federation of Swaziland Ashurst Advokatbyrå AB Staiger, Schwald & Partner Mahmoud Elsheikh Omer & Partners Employers and Chamber of Ltd. Niklas Körling Associates Advocates Commerce Frank E. M. Raijmann Wistrand Advokatbyrå Riccardo Geiser Ghada Mahmoud Eljeedawi BDO Abrahams Raijmann & George Mzungu Altenburger Ltd. Legal Rikard Lindahl Somarain Oriental Co. Partners M&E Consulting Engineers and Tax Advokatfirman Vinge KB, Amin Mekki Medani Natasja Robles Jerome Ndzimandze member of Lex Mundi Debora Ghilardotti El Karib & Medani Advocates Vereniging Surinaams FJ Building Construction Molino Adami Galante Dennis Linden Bedrijfsleven, Suriname Amel Mohamed Shrif Knox Nxumalo Lantmäteriet Olivier Hari Trade & Industry Mahmoud Elsheikh Omer & Robinson Bertram Schellenberg Wittmer Association Inger Lindhe Associates Advocates Emmanuel Ofori Lantmäteriet Nicolas Herzog Adiel Sakoer Tarig Monim Kobla Quashie and Niedermann Rechtsanwälte N.V. Global Expedition Christoffer Monell Strategy Consultants Associates Mannheimer Swartling Jakob Hoehn Albert D. Soedamah Tariq Mubarak Kobla Quashie Advokatbyrå Pestalozzi, member of Lex Lawfirm Soedamah & El Karib & Medani Advocates Kobla Quashie and Mundi Associates Mikael Nelson Associates Abdulhakim Omar Time Advokatbyrå Ani Homberger Radjen A. Soerdjbalie SDV Logistics José Rodrigues LALIVE Notariaat R.A. Soerdjbalie Johan Nylander Rodrigues & Associates Rayan Omer CMA Scandinavia AB Patrick Hünerwadel Silvano Tjong-Ahin Omer Abdel Ati Solicitors Bongani Simelane Lenz & Staehelin Management Institute GLIS Karl-Arne Olsson Municipal Council of Mohamed Alaaeldin Osman Gärde Wesslau Advokatbyrå Sara Ianni Carol-Ann Tjon-Pian-Gi Mbabane Darka for Trading & VISCHER AG Lawyer & Sworn Translator Khatereh Razazi Services Co. Ltd. John Thomson MAQS Law Firm David Jenny Cindy Uden Mormond Electrical Sayab Mohammed Osman VISCHER AG BDO Abrahams Raijmann & Contractors Therese Säde Ibrahim Swar Partners Advokatfirman Vinge KB, Mattias Johnson Mahmoud Elsheikh Omer & Bradford Mark Walker member of Lex Mundi Froriep Associates Advocates Milton van Brussel Brad Walker Architects BDO Abrahams Raijmann & Bojana Saletic Marina Joos Mahasin Siddig Partners SWEDEN Hammarskiöld & Co. LALIVE Shami, Khalil & Siddig Advocates Jennifer van Dijk-Silos Bilfinger Construction Jesper Schönbeck Cyrill Kaeser Law Firm Van Dijk-Silos Advokatfirman Vinge KB, Lenz & Staehelin Marwa Taha ROSCHIER Sweden member of Lex Mundi Shami, Khalil & Siddig Dayenne Wielingen-Verwey Fabian Koch Vattenfall Eldistribution AB Advocates Vereniging Surinaams Gustav Ståhl Lenz & Staehelin Bedrijfsleven, Suriname Charles Andersson Baker & McKenzie Abdel Gadir Warsama Ghalib Michael Kramer Trade & Industry Ashurst Advokatbyrå AB Dr. Abdel Gadir Warsama Albert Wållgren Pestalozzi, member of Lex Association Ghalib & Associates Legal Bo Bergman Advokatfirman Vinge KB, Mundi Firm Andy B. Wong Stockholm City Hall member of Lex Mundi Yury Kudryavtsev N.V. Energiebedrijven Suriname Mats Berter Petter Wenehult Audiconsult SA - member SURINAME MAQS Law Firm Elmzell Advokatbyrå AB, of Russell Bedford Aurora Architects Anthony Wong member of Ius Laboris International Helena Brännvall General Contractors Kathleen Juanita Brandon Advokatfirman Vinge KB, Cédric Lenoir Association of Suriname SWITZERLAND Advocatenkantoor Kraag member of Lex Mundi LALIVE Ernst & Young Sieglien Burleson SWAZILAND Teodor Brissman Armin Marti Competitiveness Unit Öhrlings Handelsregisteramt des PwC Switzerland TransUnion ITC Suriname PricewaterhouseCoopers AB Kantons Daniel Bediako Barbara Meyer G. Clide Cambridge Alexander Broch ZEK Switzerland VISCHER AG Kobla Quashie and Paramaribo Custom Broker Öresunds Redovisning AB Associates Beat M. Barthold Andrea Molino & Packer Susanne DeBeer Laura Carlson Froriep Molino Adami Galante Dennis Chandansingh Stockholm University, MNS Group Marc Bernheim Daniela Reinhardt DCA Accountants & Department of Law Consultants Musa Dlamini Staiger, Schwald & Partner PwC Switzerland M.L. Dlamini Attorneys Åke Dahlqvist Ltd. Anneke Chin-A-Lin Guy-Philippe Rubeli UC Notariaat Alexander Ray Dlamini Sébastien Bettschart Pestalozzi, member of Lex Bicon Consulting Engineers Per Gustaf Ekbom ABELS Avocats Mundi Anoeschka Debipersad Ashurst Advokatbyrå AB Myriam Büchi-Bänteli Stefan Schmiedlin A.E. Debipersad & Associates Veli Dlamini Interfreight Pty. Ltd. Isabelle Emanuelsson PwC Switzerland Hug Schmiedlin Schnyder Helen Doelwijt Time Advokatbyrå Martin Burkhardt Daniel Schmitz Vereniging Surinaams Muzikayise Dube Bedrijfsleven, Suriname Swaziland Investment Johan Gregow Lenz & Staehelin PwC Switzerland Trade & Industry Promotion Authority Ashurst Advokatbyrå AB Massimo Calderan Urs Schuppisser Association Peder Hammarskiöld Altenburger Ltd. Legal Keller Attorneys-at-Law John Earl Henwood Marcel K. Eyndhoven Cloete Henwood Hammarskiöld & Co. and Tax Andreas Staubli N.V. Energiebedrijven Lars Hartzell Andrea Cesare Canonica PwC Switzerland Thulasizwe Clyde Hlophe Suriname Elmzell Advokatbyrå AB, Swiss Customs Office of the Registrar Daniel Steudler member of Ius Laboris Kenneth Foe A. Man Swaziland Boudry Charles Swisstopo, Directorate for Suriprint Elisabeth Heide LALIVE Cadastral Surveying Phumlile Tina Khoza Dirk Heave Swaziland Building Society Ashurst Advokatbyrå AB Sonia de la Fuente Beatrice Vetsch Ministry of Trade and Camilla Holmkvist ABELS Avocats PwC Switzerland Andrew Linsey Industry Ashurst Advokatbyrå AB PwC Swaziland Stefan Eberhard Jean-Paul Vulliéty Siegfried Kenswil James Hope ABELS Avocats LALIVE Mangaliso Magagula KPMG Advokatfirman Vinge KB, Magagula & Hlophe Suzanne Eckert Patrick Weber member of Lex Mundi Susilkumar Gyandath Wenger Plattner EKZ Elektrizitätswerke des Nhlanhla Maphanga Rudrepersad Khoen Khoen Erik Hygrell Kantons Zürich Lang Mitchell Associates Jana Essebier Acharya Advocaten Wistrand Advokatbyrå Sabelo Masuku VISCHER AG Stefan Zangger Henk Naarendorp Jenny Jilmstad Belglobe International LLC Maphanga Howe Masuku Robert Furter Chamber of Commerce & Ashurst Advokatbyrå AB Nsibande Pestalozzi, member of Lex Industry SYRIAN ARAB REPUBLIC Magnus Johnsson Mundi Öhrlings Ernst & Young PricewaterhouseCoopers AB 310 DOING BUSINESS 2015 Wadih Abou Nasr Dennis Chou Joseph Ni Takhir Nabiev Lawrence Masha PwC Lebanon Via Justice Law Offices Good Earth CPA AITEN Consulting Group Ishengoma, Karume, Masha & Magai Advocates Alina Achy May Chou Lawrence S. Ong Rustam Nazrisho PwC Lebanon APL PricewaterhouseCoopers Nazrisho & Mirzoev Law Henry Sato Massaba Legal Firm LLC M&A Attorneys Mouazza Al Ashhab Philip T. C. Fei Auditing Consulting Fei & Cheng Associates Patrick Pai-ChiangChu Aloviddin Nosirov Jafari Mbaye Accounting Center Lee and Li, Attorneys-at-Law German Technical PwC Tanzania Mark Harty Cooperation Bisher Al-Houssami LCS & Partners Jin-Fang Pun Nimrod Mkono AL-ISRAA International Chen, Shyuu & Pun Firdavs S. Mirzoev Mkono & Co. Advocates Sophia Hsieh Freight Forwarder Nazrisho & Mirzoev Law Tsar & Tsai Law Firm, Lloyd Roberts Steven Mlote Firm LLC Anas Alsaadi member of Lex Mundi Eiger Engineers Registration Syrian Strategic Think Tank Emin Sanginov Board Barbara Hsu Tanya Y. Teng Research Center Ministry of Labor & Social SDV Logistics Huang & Partners George Mpeli Kilindu Protection H. Altass Rexattorneys Robert Hsu Bee Leay Teo Damascus University Tatyana Savinykh SDV Logistics Baker & McKenzie Ali Mufuruki PwC Kazakhstan Jamil Ammar Infotech Investment Group Margaret Huang Alex Tsai Syrian Strategic Think Tank Marina Shamilova LCS & Partners Eiger Carolyne Muro Research Center Legal Consulting Group Rexattorneys Nicole Huang C.F. Tsai Ghada Armali Takdir Sharifov LCS & Partners Deep & Far, Shabani Mwatawala Sarkis & Associates Association of Anti Crisis Attorneys-at-Law PSM Architects Co. Ltd. T.C. Huang Managers Karen Baroud Huang & Partners David Tsai Maningo Nassoro PwC Lebanon Sherzod Sodatkadamov Lexcel Partners Prime Minister’s Office Charles Hwang Nazrisho & Mirzoev Law Diaa Dannan Yangming Partners Eric Tsai Firm LLC Raymond Ngatuni Talal Abu Ghazaleh Legal PricewaterhouseCoopers Rexattorneys (TAG-Legal) Lin Jim Aliya Utegaliyeva Legal Toptech. Electrical PwC Kazakhstan Alex Thomas Nguluma Mohammad Khaled Darwicheh Consultant Rita Tsai Rexattorneys Talal Abu Ghazaleh Legal Abdurakhmon Yuldoshev APL (TAG-Legal) Joan Jing Ministry of Labor & Social Cyril Pesha PricewaterhouseCoopers Felix Wang Protection CRB Africa Legal Nada ElSayed Legal Yangming Partners PwC Lebanon Orif Zakirov Deogratius Rutabanzibwa Nathan Kaiser Richard Watanabe Degertaj Brevis Consults Anas Ghazi Eiger PwC Taiwan Meethak - Lawyers & Charles R.B. Rwechungura Consultants Tzu-Di Kao Ja Lin Wu TANZANIA CRB Africa Legal Taipei City Government National Development Ofotsu A. Tetteh-Kujorjie Yazan Hosari Pendo Shamte Council Mkono & Co. Advocates Central Bank of Syria Howard Kuo CRB Africa Legal PwC Taiwan Pei-Yu Wu Patrick Ache Mohammad Joumaa Eve Hawa Sinare Baker & McKenzie Mkono & Co. Advocates PwC Lebanon Kuo-Ching Lai Rex Consulting Limited Joint Credit Information Alex Yeh Zukra Ally Fadi Kardous Aisha Ally Sinda Center LCS & Partners PwC Tanzania Kardous Law Office Mkono & Co. Advocates En Fan Lan Said Athuman Mamon Katbeh TAJIKISTAN David Tarimo Primordial Law Firm Tanzania Revenue Authority Central Bank of Syria PwC Tanzania CIBT - Credit Information Vivian Lee Magori Cosmas Magori Randa Moftah Bureau in Tajikistan Jacqueline Tarimo Huang & Partners Trade Facilitation Unit, Central Bank of Syria Mkono & Co. Advocates Bakhtiyor Abdulloev Customs Yu Lee Gabriel Oussi ABM Trans Service LLC Regis Tissier Taipei City Government Christopher Giattas Oussi Law Firm Bolloré Africa Logistics Zulfiya Akchurina Rexattorneys John Li Housam Safadi GRATA Law Firm LCS & Partners Hanif Habib THAILAND Safadi Bureau Atabek Akhmedov Hanif Habib & Co. - Che-Wei Liang Janist Aphornratana Fadi Sarkis GRATA Law Firm correspondent of Russell Judicial Yuan Bedford International PwC Thailand Sarkis & Associates Ilhom Amirhonov Justin Liang Chanakarn Boonyasith ABM Trans Service LLC Asma Hilal TAIWAN, CHINA Baker & McKenzie CRB Africa Legal Siam City Law Offices Ltd. Khujanazar Aslamshoev Gibsin Electrical Lawerence Liao Somsak Bumroongwad Colibri Law Firm Sujata Jaffer Consultancy Yangming Partners Metropolitan Electricity PKF Accountants & Business Amirbek Azizov Advisor Tanzania Authority Mark Brown Jeffrey Lin Ministry of Labor & Social Winkler Partners Joint Credit Information Thunyaporn Chartisathian Protection Johnson Jasson Center Johnson Jasson & DFDL Victor I. Chang Denis Bagrov LCS & Partners Kien Lin Associates Advocates Chinnavat Chinsangaram Colibri Law Firm Joint Credit Information Edward John Urio Weerawong, Chinnavat & Christine Chen Center Jienshoh Bukhoriev Tanzania Freight Peangpanor Ltd. Winkler Partners Asian Development Bank Forwarders Association Ming-Yen Lin Sirijitt Choosak Daniel Chen Deep & Far, Ashraf Sharifovich Ikromov Davith Kahwa Siam City Law Offices Ltd. Winkler Partners Attorneys-at-Law Delta Invest Stroy Creditinfo Tanzania Limited Suphakorn Chueabunchai Edgar Y. Chen Nelson J. Lin Elena Kaeva Kamanga Wilbert Kapinga Chandler & Thong-ek Tsar & Tsai Law Firm, Huang & Partners PwC Kazakhstan Mkono & Co. Advocates member of Lex Mundi Paul Connelly Rich Lin Assel Khamzina Wilbert B. Kapinga International Legal Yo-Yi Chen LCS & Partners PwC Kazakhstan Mkono & Co. Advocates Counsellors Thailand Formosa Transnational Limited (ILCT) Sheau Chyng Lin Alisher Khoshimov Chun-Yih Cheng Mary Kwarteng Primordial Law Firm Colibri Law Firm PwC Tanzania Frederic Favre Formosa Transnational Vovan & Associes Jasmin Yen-Lin Liu Larisa Kislyakova Chia Yi Chiang Adam Lovett Financial Supervisory ABBAT Association Norton Rose Fulbright Seetha Gopalakrishnan PricewaterhouseCoopers Commission, Banking Bureau PwC Thailand Legal Shirinbek Milikbekov Victoria Lyimo Makani Kang-Shen Liu Colibri Law Firm VELMA Law Yothin Intaraprasong Chih-Hung Chiang Lexcel Partners Chandler & Thong-ek Ministry of Interior Kamoliddin Mukhamedov Siri A. Malai Chung Pi Luan GRATA Law Firm Malai Freight Forwarders Muncharee Ittipalin Ying-Che Chiu Ministry of Interior Ltd. APL Taipei City Government ACKNOWLEDGMENTS 311 Kanok Jullamon Paisan Tulapornpipat Vega Ramadhan Amatékoé Kangni Vaimoana Taukolo The Supreme Court of Blue Ocean Logistics Co., PwC Indonesia SCP Martial Akakpo et Ministry of Commerce, Thailand Ltd. Associés Tourism and Labour Ricardo Silva Nuttinee Kaewsa-ard Chunant Tunhapran Miranda Correia Amendoeira Vitalice Kangni Fine Tohi National Credit Bureau Metropolitan Electricity & Associados SCP Martial Akakpo et Dateline Trans-Am Shipping Co. Ltd. Authority Associés Duarte Simões Carneiro Lesina Tonga Siri Lerdsirisopon Pleotian Uttarachai CRA Timor Bleounou Komlan Lesina Tonga Law Firm Vovan & Associes Siam City Law Offices Ltd. Cabinet d’Avocat Jose Teixeira Distquaine P. Tu’ihalamaka Panupas Likittanasombat Sutharm Valaisathien Da Silva Teixeira & Emmanuel Mamlan Ministry of Commerce, PwC Thailand International Legal Associados, Lda SCP Martial Akakpo et Tourism and Labour Counsellors Thailand Associés Sakchai Limsiripothong Christiara Tiffani Petunia Tupou Limited (ILCT) Weerawong, Chinnavat & PwC Indonesia Adeline Messou Fungateiki Law Office Peangpanor Ltd. Pattara Vasinwatanapong PwC Côte d’Ivoire Tim Robert Watson Lepaola B. Vaea Vickery & Worachai Ltd. Anuwat Ngamprasertkul PwC Indonesia Yawovi Negbegble Inland Revenue Tonga PwC Thailand Harold K. Vickery Jr. Autorité de Réglementation Mele Vunipola Vickery & Worachai Ltd. TOGO du Secteur de l’Electricité Surapol Opasatien Ministry of Commerce, National Credit Bureau Athicha Vuttiviroj Agence Epauc Nouvelle Adoko Pascal Tourism and Labour Co. Ltd. Mayer Brown JSM Triangle Constructeur Direction des Services Dianna Warner Tanadee Pantumkomon Wasantachai Technique de la Mairie Olivier Pedanou Skip’s Custom Joinery Ltd. Chandler & Thong-ek Watanavongvisudhi Cabinet Lucreatif Folly Adama International Legal TRINIDAD AND TOBAGO Thawatchai Pittayasophon Cabinet Aquereburu and Venance Père Counsellors Thailand Securities and Exchange Partners LCA PwC Limited (ILCT) Commission Jean-Marie Adenka Herinjiva Tahirisoa Regulated Industries Patcharaporn Wechayasopon Ratana Poonsombudlert Cabinet Adenka Rakotonirina Commission Siam City Law Offices Ltd. Chandler & Thong-ek Cabinet John W. Ffooks & Mensah Adje Christopher Alexander Auradee P. Wongsaroj Co., member of Bowman Cynthia M. Pornavalai Aquereburu and Partners Phoenix Logistics (Trinidad) Chandler & Thong-ek Gilfillan Africa Group Tilleke & Gibbins Cabinet d’Avocats Ltd. Ahmet Yesilkaya Sariaka Randrianarisoa Kanya Pujjusamai Kokou Gadémon Agbessi Rene Austin Tilleke & Gibbins Cabinet John W. Ffooks & Thai Contractors Cabinet Lucreatif Trinidad & Tobago Co., member of Bowman Association under H.M. The Somchai Yungkarn Electricity Commission Franck Akakpo Gilfillan Africa Group King’s Patronage Chandler & Thong-ek Maersk Line Angelique Bart Moussa Sanogo Chinnavit Putanapibul M. Hamel-Smith & Co., TIMOR-LESTE Martial Akakpo BCEAO Siam City Law Offices Ltd. member of Lex Mundi SCP Martial Akakpo et Banco Central de Timor- Diagne Souadou Rangsima Rattana Associés Andre Bass Leste (BCTL) BCEAO Legal Execution Department The Fast Freight Group Nicolas Kossi Akidjetan Ministry of Finance Dominique Taty Thavorn Rujivanarom Ordre National des Marlon Beharry PwC Côte d’Ivoire PwC Thailand Henrique Araujo Sobreira Architectes du Togo (ONAT) Ministry of Trade, Industry Miranda Correia Amendoeira Inès Mazalo Tekpa and Investment Kunal Sachdev Richard Kowovi A. & Associados Cabinet Lucreatif DFDL Akpoto-Kougblenou Tiffanny Castillo Andreia Bento Simões Studio Alpha A.I.C. Fousséni Traoré M. Hamel-Smith & Co., Maythawee Sarathai Miranda Correia Amendoeira PwC Côte d’Ivoire member of Lex Mundi Mayer Brown JSM Prosper Gato Amegnido & Associados Groupe Gato Emmanuel Yehouessi Thomas Escalante Somchai Sathiramongkolkul Luis Carvalho BCEAO TransUnion PricewaterhouseCoopers Coffi Alexis Aquereburu Engipro Legal & Tax Consultants Aquereburu and Partners Edem Zotchi Hadyn-John Gadsby Limited Joel Castro de Abreu Cabinet d’Avocats SCP Martial Akakpo et J.D. Sellier & Co. CRA Timor Associés Alexander James Seeley Cécile Assogbavi Glenn Hamel-Smith International Legal Catarina Cunha Etude Notariale Assogbavi M. Hamel-Smith & Co., Counsellors Thailand Miranda Correia Amendoeira TONGA member of Lex Mundi Sylvanus Dodzi Awutey Limited (ILCT) & Associados - Sociedade de Rt. Hon. Lord Dalgety of the Cabinet Lucreatif Melissa Inglefield Advogados RL Electricity Commission Kraisorn Singharajwarapan M. Hamel-Smith & Co., Apow K. Bakoh Legal Execution Department Joana Custóias Delores Elliott member of Lex Mundi Aquereburu and Partners Miranda Correia Amendoeira Data Bureau (Tonga) Limited Kowit Somwaiya Cabinet d’Avocats Randall Karim & Associados LawPlus Ltd. Taniela Fonna Ministry of Trade, Industry Bassambie Bationo Brigida da Silva Kramer Ausenco Tonga and Investment Kaittipat Sonchareon BCEAO Customs, Ministry of Finance Bangkok Metropolitan Anthony Frazier Bijili Lalla Sockna Diaby Administration Anthony Frazier K. R. Lalla & Company PwC Côte d’Ivoire Taaniela Kula Audray Souche João Galamba de Oliveira Ministry of Lands, Survey, Sunil Lalloo Koffi Joseph Dogbevi DFDL Wong Alliance Natural Resources & Lawyer Cabinet Lucreatif Environment Picharn Sukparangsee Alejandro Garcia Mariella Lange Komi Simon Dogbo Siam City Law Offices Ltd. Customs, Ministry of Finance Fisilau Leone HSMDT Ltd. Maersk Line ITS Pacific Engineering Kesara Summacarava Renato Guerra de Almeida Marlon Leben Yvette A. Ehonam Gamisso Consultants Mayer Brown JSM Miranda Correia Amendoeira Associated Brands Yevenou & Associados James Lutui Industries Ltd. Luxsiri Supakijjanusorn Aquereburu and Partners Crown Law Siam City Law Offices Ltd. Eusebio Guterres Cabinet d’Avocats Marcia Leonard UNIDO Business Regulatory Salesi Mataele The Fast Freight Group Siripong Supakijjanusorn Mahaman Tahir Hamani Consultant Oceantranz Tonga Ltd. PricewaterhouseCoopers BCEAO Orrisha Maharajh Legal & Tax Consultants Zeca Guterres Laki M. Niu Johnson, Camacho & Singh Komlan Houssin Limited SDV Logistics Laki Niu Offices SCP Martial Akakpo et Nassim Mohammed Sodsruang Suvarnakuta Aaron Levine Associés Jemma San Jose Ernst & Young PwC Thailand Asian Development Bank Electricity Commission Atchroe Leonard Johnson Sheldon Mycoo Naddaporn Suwanvajukkasikij Alexander Lukito SCP Aquereburu & Partners Daphney Stone Synovations Limited LawPlus Ltd. PwC Indonesia Inland Revenue Tonga Molgah Kadjaka-Abougnima Marjorie Nunez Hunt Talmage Helena Madeira Cabinet de notaire Tuipulotu Taufoou LEX Caribbean Chandler & Thong-ek Lawyer Kadjaka-Abougnima Dateline Trans-Am Shipping Kevin Nurse Roberto Monteiro Johnson, Camacho & Singh SDV Logistics 312 DOING BUSINESS 2015 Donna Phillips Noureddine Ferchiou Melsa Ararat Meline Cilingir Remzi Orkun Guner Brokerage Solution Ferchiou & Associés Corporate Governance Bezen & Partners ADMD - Mavioglu & Alkan Forum of Turkey, Sabanci Law Office Sonji Pierre Chase Slim Gargouri lsa Coşkun University Johnson, Camacho & Singh CPA Ministry of Finance Burcu Guray Ergun Benan Arseven Moroglu Arseven Fanta Punch Samah Ghrab Melandiz Dalyan Moroglu Arseven M. Hamel-Smith & Co., CAF Juridique et Fiscal SARL INLAWCO Law Firm E. Nazlı Gürdal member of Lex Mundi Ilkay Arslantaslı Bilen Turunç Law Office Anis Jabnoun Yavuz Dayıoğlu KPMG Alvin Ramsaran Gide Loyrette Nouel, member PricewaterhouseCoopers Ayşegül Gürsoy Trinidad & Tobago of Lex Mundi Özgür Asik Cerrahoğlu Law Firm Orkun Deniz Electricity Commission INLAWCO Law Firm Badis Jedidi Kredit Kayit Bureau Özhan Güven Kelvin Ramsook Gide Loyrette Nouel, member Banu Aslan Rüçhan Derici Barış Hınçal Trinidad & Tobago of Lex Mundi Bezen & Partners 3e DanıŞmanlık Ltd. Şti. PwC Turkey Electricity Commission Sami Kallel Pınar Atik Kazım Derman Ece İlçi Myrna Robinson-Walters Kallel & Associates SarıibrahimoĞlu Law Office Kredit Kayit Bureau Bezen & Partners M. Hamel-Smith & Co., Mabrouk Maalaoui Levent Aydaş member of Lex Mundi Emine Devres Ece Ilter PwC Tunisia AydaŞ Liman Kurman Devres Law Office PwC Turkey Alice Salandy Attorneys-at-Law Dina Magroun GSAL Designs Ltd. Deniz Dinc Selahattin Burak Iplikci El Ajeri Lawyers, Partenaire Nejla Aydin Ozer Barlas Law PricewaterhouseCoopers Gregory Salandy de DS Avocats Moroglu Arseven GSAL Designs Ltd. Hamide Handan Diri Serpilgül Işık Sarah Mebazaa Aybike Aygun Moroglu Arseven Banks Association of Turkey Arun Seenath Comete Engineering Aygün & Özterzi Law Office Deloitte Irmak Dirik Sevi Islamagec Radhi Meddeb Murat Ayyıldız Pekin & Pekin Moroglu Arseven Nicholas Sinanan Comete Engineering Eryürekli Law Office Johnson, Camacho & Singh Nur Dogan Kadir Orcun Issevenler Faouzi Mili Elvan Aziz Çakmak Avukatlık Bürosu Moroglu Arseven Neshan Singh Mili and Associates Paksoy Law Firm Ministry of Trade, Industry Orcun Dogancali Murat Kamisli Adel Mokhtar Derya Baksı and Investment Dülger Law Firm Balkan Sulfur Ltd. Horizons Maritimes Tarlan – Baksi Law Firm Stephen A. Singh Alper Dönmez Ibrahim Kara Mohamed Taieb Mrabet Z. İlayda Balkan Johnson, Camacho & Singh Özak Tekstil Kredit Kayit Bureau Banque Centrale de Tunisie ADMD - Mavioglu & Alkan Jonathan Walker Law Office Cumhur Dulger Nihat Karadirek Imen Nouira M. Hamel-Smith & Co., PwC Turkey 3e DanıŞmanlık Ltd. Şti. Conservation Foncière Naz Bandik Hatipoglu member of Lex Mundi Tunisia Çakmak Avukatlık Bürosu Dilara Duman Çagil Karahasanoglu Turkessa Warwick Duman Law Office Moroglu Arseven Olfa Othmane Burçin Barlas Brokerage Solution Banque Centrale de Tunisie Barlas Law Safa Mustafa Durakoğlu Faruk Kavak Dion Wilson Çakmak Avukatlık Bürosu Central Bank of the Habiba Raouadi Sedef Başcı The University of West Republic of Turkey Chafter Raouadi LLP Devres Law Office Özgür Ekinci Indies PwC Turkey Betül Kencebay Sahbi Erdem Basgul TUYID - Turkish IR Society TUNISIA SDV Logistics Çakmak Avukatlık Bürosu Diler Emiroğlu Adly Bellagha Aygün & Özterzi Law Office Burak Kepkep Borhene Tmar Ayça Bayburan Adly Bellagha & Associates PwC Tunisia ADMD - Mavioglu & Alkan Mehveş Erdem Ekin Kiral Law Office CerrahoĞlu Law Firm SarıibrahimoĞlu Law Office Hend Ben Achour Rachid Tmar Adly Bellagha & Associates CAF Juridique et Fiscal SARL Türkan Bayraktar Gökben Erdem Dirican Süleyman Kısaç PwC Turkey Pekin & Pekin Turk Telekom Wassim Ben Mahmoud Wassim Turki Architect AWT Audit & Conseil Harun Bayramoglu Aycan Erdoğan Özlem Kızıl Voyvoda ITKIB Istanbul Textile PwC Turkey Çakmak Avukatlık Bürosu Amel Ben Rahal Anis Wahabi and Apparel Exporters’ Banque Centrale de Tunisie AWT Audit & Conseil Onur Ergun Fatih Koca Association Abdelfetah Benahji Taboglu & Demirhan Çiğdem Koğar TURKEY Nergis Beşiroğlu Ferchiou & Associés Muzaffer Eroğlu Central Bank of the CerrahoĞlu Law Firm Armada Ltd. Sti. Kocaeli University, Hukuk Republic of Turkey Peter Bismuth Serdar Bezen Fakültesi Tunisie Electro Technique Somay Hukuk Bürosu Mert Kutlar Bezen & Partners Salaheddine Caid Essebsi Nurhan Ersoy ADMD - Mavioglu & Alkan Metin Abut Yeşim Bezen Gunduz Simsek Gago Law Office Caid Essebsi and Partners Moroglu Arseven Bezen & Partners Avukatlik Ortakligi Law Firm Altan Liman Erol Acun Ayşe Eda Biçer Deniz Zeynep Erverdi AydaŞ Liman Kurman Riadh Chabbout Özak Tekstil Çakmak Avukatlık Bürosu ADMD - Mavioglu & Alkan Attorneys-at-Law Architect Emre Akarkarasu Law Office Nurettin Emre Bilginoğlu Francesca Maran Elyes Chafter PwC Turkey ADMD - Mavioglu & Alkan Umurcan Gago Pekin & Pekin Chafter Raouadi LLP Serdar Akinci Law Office PwC Turkey Zine el Abidine Chafter Orhan Yavuz Mavioğlu Ministry of Economy Yildirim Bozbiyik Özgür Can Geçim ADMD - Mavioglu & Alkan Chafter Raouadi LLP Simge Akyüz Ernst & Young Law Office Melis Buhan Abdelmalek Dahmani Devres Law Office Pekin & Pekin Sabiha Nur Göllü Günes Mermer Dahmani Transit International Inci Alaloglu Bener Law Office, member of Çakmak Avukatlık Bürosu Irfan Bumin Taboglu & Demirhan Ius Laboris PERA Construction Erhan Seyfi Moroglu Mohamed Derbel BDO Mehmet Babür Alçi Osman Nuri Gönenç Moroglu Arseven İdil Çağal Kuyan Moroglu Arseven Central Bank of the PricewaterhouseCoopers Müjde Müminoğlu Mohamed Lotfi El Ajeri Republic of Turkey El Ajeri Lawyers, Partenaire Duygu Alkan Barlas Law Cansu Caglar de DS Avocats ADMD - Mavioglu & Alkan Damla Gonul Pekin & Pekin Şila Muratoğlu Law Office PricewaterhouseCoopers Wafa Essayeh Bayırlı & Muratoğlu Law Esin Çamlıbel PwC Tunisia Cansu Alparman Berkay Gül Firm Turunç Law Office ADMD - Mavioglu & Alkan Moroglu Arseven Abderrahmen Fendri Pelin Oguzer Law Office Maria Lianides Çelebi PwC Tunisia Nurettin Gündogmus Moroglu Arseven Bener Law Office, member of Ekin Altıntaş Aktif Investment Bank AS Ius Laboris Mert Oner Yessine Ferah PwC Turkey F&A Law Firm Zeki Gündüz KPMG M. Fadlullah Cerrahoğlu Selin Barlin Aral PwC Turkey CerrahoĞlu Law Firm Mehmet Otrar Paksoy Law Firm CerrahoĞlu Law Firm ACKNOWLEDGMENTS 313 Begum Durukan Ozaydin Barış Yalçın Innocent Kihika Ambrose Turyahabwe Yulia Goptarenko Birsel Law Offices PwC Turkey Shonubi, Musoke & Co. DHL Global Forwarding PJSC SEB Corporate Bank Advocates (U) Ltd. Kaan Ozaydin Erman Yalçın Volodymyr Grabchak Serap Zuvin Law Offices PwC Turkey Geoffrey Kiryabwire Isaac Walukagga Arzinger & Partners High Court of Uganda MMAKS Advocates Dursun Ozcan Ayşegül Yalçınmani Sergiy Gryshko Ernst & Young CerrahoĞlu Law Firm Anita Kusiima CMS Cameron McKenna Kampala Capital City UKRAINE Can Özilhan Sena Yasaroglu Valeriia Gudiy Authority (KCCA) Denis Absalyamov Bezen & Partners Moroglu Arseven Ilyashev & Partners JSC Ukrenergochermet Michael Malan Onur Özterzi Alican Yazdıç Mykola Heletiy Compuscan CRB Ltd. Oleksandr Aleksyeyenko Aygün & Özterzi Law Office Bezen & Partners Chadbourne & Parke LLP ILF Integrites Albert Mukasa İdil Öztürk Cansu Yazıcı Oksana Ilchenko Kanduho & Co. Advocates Oleg Y. Alyoshin AydaŞ Liman Kurman Pekin & Pekin Egorov Puginsky Afanasiev & Vasil Kisil & Partners Attorneys-at-Law Ahmed Mukasa Kalule Partners A.Çağrı Yıldız Crane Associated Advocates Inna Antipova Gülce Peker ADMD - Mavioglu & Alkan Jon Johannesson CMS Cameron McKenna Gunduz Simsek Gago Law Office Cornelius Mukiibi IBCH Avukatlik Ortakligi C. Mukiibi Sentamu & Co. Leonid Antonenko Bilge Yilmaz Yuriy Katser Advocates Sayenko Kharenko Ahmed Pekin ADMD - Mavioglu & Alkan KPMG Pekin & Pekin Law Office Rachel Mwanje Musoke Andrey Astapov Oleksii Kharitonov MMAKS Advocates Astapov Lawyers Batuhan Şahmay Murat Yülek Inyurpolis Law Firm International Law Group Bener Law Office, member of PGlobal Global Advisory Sarah Musumba Tatiana Kheruvimova Ius Laboris and Training Services Ltd. PwC Uganda Anna Babych KPMG Vasil Kisil & Partners Selim Sarıibrahimoğlu Ali Sina Yurtsever Victoria Nakaddu Tetyana Kistynyuk SarıibrahimoĞlu Law Office ADMD - Mavioglu & Alkan Sebalu & Lule Advocates Ron J. Barden Peterka & Partners Law Office PwC Ukraine Ömer Kayhan Seyhun Robina Nakato Natalia Klochun Central Bank of the Çağlar Yurttürk Bank of Uganda Yevgen Blok Arzinger & Partners Republic of Turkey Yuka Law Office ILF Integrites Rehema Nakirya Andrii Knysh Birol Sezer Serap Zuvin MMAKS Advocates Oleg Boichuk Egorov Puginsky Afanasiev & Istanbul Denetim ve Yeminli Serap Zuvin Law Offices Egorov Puginsky Afanasiev & Eva Nalwanga Gitta Partners Mali MüŞavirlik A.Ş. Partners Kasirye Byaruhanga and Co. UGANDA Maksym Kopeychykov Sezil Simsek Glib Bondar Plaxeda Namirimu Ilyashev & Partners PricewaterhouseCoopers Rose Mary Brenda Aeko Avellum Partners PwC Uganda Uganda Electricity Vitaliy Kornev Zafer Ertunç Sirin Yulia Bondar Distribution Priscilla Namusikwe Asters Istanbul Universitesi HLB Ukraine Shonubi, Musoke & Co. Daniel Angualia Anton Korobeynikov Ayse Ülkü Solak Advocates Timur Bondaryev Angualia, Busiku & Co. Sayenko Kharenko Moroglu Arseven Arzinger & Partners Advocates Doreen Nawaali Andrey Kosharny Çağıl Sünbül MMAKS Advocates Alexander Borisov Leria Arinaitwe Elit Group PricewaterhouseCoopers Zovnishinformaudit C Sebalu & Lule Advocates James Kagiri Njoroge Oksana Krasnokutska Semih Sütçü Price & King Certified Public Andriy Bozhko Justine Bagyenda Vasil Kisil & Partners Solmaz Customs Brokerage Accountants KPMG Bank of Uganda & Consultancy Co. Vitaliy Kulinich Florence Nsubuga Maksym Bugai Edward Balaba Egorov Puginsky Afanasiev & Esin Taboğlu UMEME Limited CMS Cameron McKenna Ernst & Young Partners Taboglu & Demirhan Kefa Nsubuga Alexander Buryak Mark Bwambale Tatyana Kuzmenko Aylin Tarlan Tüzemen Lawyer PwC Ukraine Kampala Capital City Astapov Lawyers Tarlan – Baksi Law Firm Authority (KCCA) Kizito Nusula Taras Chernikov International Law Group Tugba Tasci Angualia, Busiku & Co. Egorov Puginsky Afanasiev & Matovu Emmy Oleksii Latsko PricewaterhouseCoopers Advocates Partners Marma Technical Services Egorov Puginsky Afanasiev & Elif Tezcan Bayırlı Charles Odere Luliia Chervonooka Partners Ninsiima Irene Bayırlı & MuratoĞlu Law LEX Uganda Advocates & Vasil Kisil & Partners Angualia, Busiku & Co. Maksym Lavrynovych Firm Solicitors Advocates Serhiy Chorny Lavrynovych & Partners Ece Tokat William Okello Baker & McKenzie Law Firm Sarfaraz Jiwani AydaŞ Liman Kurman Seyani Brothers & Co. (U) Busiku Peter Sergey Chulkov Pavel Liaskovskyi Attorneys-at-Law Ltd. Angualia, Busiku & Co. Kievenergo Peterka & Partners Elif Tulunay Advocates Lwanga John Bosco Stefan Clenciu Pavlo Liaskovskyi Turunç Law Office Marma Technical Services Harriet Wandira Rumanyika Maersk Ukraine Ltd. Peterka & Partners Noyan Turunç SDV Transami MacDusman Kabega Aleksandr Deputat Maksym Libanov Turunç Law Office Tumsiime, Kabega & Co. Moses Segawa Elit Group National Securities and Ibrahim Tutar Advocates Sebalu & Lule Advocates Stock Market Commission Nadiia Dmytrenko Penetra Consulting and Godwin Kakande Benedict Sekabira Egorov Puginsky Afanasiev & Olga Lubiv Auditing Tumusiime, Kabega & Co. Bank of Uganda Partners KPMG Burcu Tuzcu Ersin Advocates Monica Kisubi Senjako Olga Dubanevych Artem Lukyanov Moroglu Arseven Francis Kamulegeya SDV Transami KPMG CMS Cameron McKenna Nursel Ucuzsatar PwC Uganda Alan Shonubi Mariana Dudnyk Anzhela Makhinova Solmaz Customs Brokerage Ali Kankaka Shonubi, Musoke & Co. PwC Ukraine Sayenko Kharenko & Consultancy Co. Kyazze, Kankaka & Co. Advocates Igor Dykunskyy Yulia Malyshko Ürün Ülkü Advocates Charles Lwanga Ssemanda BNT Attorneys-at-Law Damco ADMD - Mavioglu & Alkan Phillip Karugaba Mukwano Group of Law Office Max Fedorchenko Oleg Matiusha MMAKS Advocates Companies Law Firm IP & C. Consult, LLC DLA Piper Ukraine LLC Furkan Ünal David Katende Winifred Tarinyeba Kiryabwire Aktif Investment Bank AS Oleksandr Fomenko Arsenyy Milyutin EnviroKAD Makerere University Kyivenergo Egorov Puginsky Afanasiev & Mustafa Ünal Didymus Byenkya Kato Obed Tindyebwa Partners Eryürekli Law Office Ivan Nikolaevich Gelyukh Global Aviation Logistics Grand & Noble, Certified Ltd. Kievenergo Svitlana Musienko Anil Uysal Public Accountants DLA Piper Ukraine LLC Talal Abu Ghazaleh Legal Leonid Gilevich Enoch Kibamu Milton Turyaguma (TAG-Legal) Ilyashev & Partners Adam Mycyk Uganda Society of P.M. Consult Ltd. Architects Dentons 314 DOING BUSINESS 2015 Nataliya Mykolska Anna Vlasiuk Elmugtaba Bannaga Firdosh Irani Ghazanfar Ali Nazir Sayenko Kharenko Asters Bin Suwaidan Advocates & Qatar Navigation Logistics DP World Legal Consultants Co. Artem Naumov Slava Vlasov Cathy Ninen Inyurpolis Law Firm PwC Ukraine Haroon Baryalay Meena Jairaj AMI Middle East Afridi & Angell, member of Retail Logistics Aleksandra Odynets Yuriy Volovnik Rana Odeh Lex Mundi Grischenko & Partners Egorov Puginsky Afanasiev & Viji John Dubai Municipality Partners Hiten Bhatia Freight Systems Olexander Olshansky Ravi Parambott Silver Line Transportation Sayenko Kharenko Olexiy Yanov Omar Kalaji IAL Logistics Emirates LLC Law Firm IP & C. Consult, LLC Jennifer Bibbings Trowers & Hamlins LLP Oksana Orlova Afzal Patanwala Trowers & Hamlins LLP Dentons Anna Yarenko Kanan Kasuya Easa Saleh Al Gurg Group Astapov Lawyers Rashid Bin Humaidan Afridi & Angell, member of Oleksandr Padalka Vijendra Vikram Singh Paul International Law Group Dubai Electricity and Water Lex Mundi Asters Talal Abu Ghazaleh Legal Authority Yulia Yashenkova Mohammad Z. Kawasmi (TAG-Legal) Konstantin Pilkov Astapov Lawyers Maryam Bin Lahej Al Tamimi & Company Cai & Lenard Tejal Poojary International Law Group Dubai Courts Advocates & Legal Apparel FZCO Yuliana Revyuk Consultants Aleksandra Yevstafyeva Aed Bouchakra KPMG Praveen Pudhuvail Egorov Puginsky Afanasiev & Huqooq Legal Practice Samantha Kelsey Dubai Express LLC Anatolii Rybak-Sikorskiy Partners Baker Botts LLP Mazen Boustany (Freightworks Branch) KPMG Tatiana Zamorska Habib Al Mulla & Co. Dean Kern Anish Punwani Dmytro Rylovnikov KPMG PwC United Arab Emirates James Bowden Panacore Resources DLA Piper Ukraine LLC Anton Zinchuk Afridi & Angell, member of Amjad Ali Khan Samer Qudah Vadym Samoilenko Inyurpolis Law Firm Lex Mundi Afridi & Angell, member of Al Tamimi & Company Asters Lex Mundi R. Chandran Advocates & Legal Maryana Sayenko UNITED ARAB EMIRATES Transworld Shipping & Naeem Khan Consultants Asters Qurashi Alsheikh Abdulghani Logistics LLC Mohammed Eshaq Trading Yusuf Rafiudeen Qurashi Company Viktor Semenyuta Maggie Chang Dubai Electricity and Water Dubai Municipality Kievenergo PwC United Arab Emirates Salim Ahmed Khan Authority Farid Ahmadi Dubai Trade Olga Serbul Sudesh Chaturvedi Mangat Ram National Trading and Law Firm IP & C. Consult, LLC Gulf Agency Company LLC Waseem Khokhar Abbas Juma Clearing & Development Est. PwC United Arab Emirates Forwarding Co. LLC Alla Shevchenko Nasser Chhipa M. Zeeshan Ahmed BNT Attorneys-at-Law Cargo Line Shipping Services Jai Kishan Khushaldasani Jochem Rossel Arbros Forest Resources LLC JMD Clearing & Forwarding PwC United Arab Emirates Hanna Shtepa Makhdoom Ahmed Baker & McKenzie Satheesh Chundayil Khaled Kilani Valiyakath Sabu Veracor Printing Press LLC Danzas AEI Emirates LLC Aramex Emirates LLC Nissan Middle East Anzhelika Shtukaturova Yakud Ahmed Dentons Hasan Daboul Vipul Kothari Shahram Safai Orchid Gulf Naif Marine Services Co. Kothari Auditors & Afridi & Angell, member of Taras Shyb Kiran Ahuja Accountants Lex Mundi Sayenko Kharenko Lisa Dale Unilever UAE Al Tamimi & Company Ravi Kumar Mohammed Ahmed Saleh Anna Sisetska Sultan Al Akraf Advocates & Legal Dubai Trade Dubai Municipality Vasil Kisil & Partners Dubai Land Department Consultants Senthil Kumar Khalid Mohamed Saleh Al Anna Spichenko Mahmood Al Bastaki Krishna Das GLG Shipping Mulla CMS Cameron McKenna Dubai Trade Ceva Logistics Dubai Municipality John Kunjappan Natalia Spiridonova Obaid Saif Atiq Al Falasi Shirish Deshpande Maersk Kanoo LLC Abdus Samad Egorov Puginsky Afanasiev & Dubai Electricity and Water Arabian Automobiles Afridi & Angell, member of Partners Ashraf Kunjimoidu Authority Lex Mundi Karim El Gebaily Al Yousuf Electronics Roman Stepanenko Alya Hussain Al Hammadi Talal Abu Ghazaleh Legal Sarathe Egorov Puginsky Afanasiev & Charles S. Laubach Dubai Trade (TAG-Legal) NAFFCO Partners Afridi & Angell, member of Ibrahim Al Hosani Mohammed El Ghul Lex Mundi Narendra Sawant Mykola Stetsenko Dubai Courts Habib Al Mulla & Co. Cargosol LLC Avellum Partners Zachriya M. Mohammad Al Shaikh Savio Fonseca APL Emirates LLC Claus Schmidt Olesya Stolyarska DP World Panalpina Gulf Panalpina World Transport Gide Loyrette Nouel, member A. Mahadevan of Lex Mundi Humam Al Zaqqa Michael George Mediterranean Shipping Herbert Schroder Adnan Saffarini Dar Al-Handasah Company (UAE) LLC Emcredit Dmitriy Sukhin Consultants Kievenergo Rohit Ghai Sohail Maklai Derrick Sequeira Saeed Al-Hamiz Gadurr Holdings Mohammed Eshaq Trading Kuehne + Nagel LLC Kristina Tataru Central Bank of the United Company PwC Ukraine Jamal Guzlan Osama Shabaan Arab Emirates Al-Ajmi Consultants Gagan Malhotra Talal Abu Ghazaleh Legal Yaroslav Teklyuk Sajid Ali Dubai Trade (TAG-Legal) Vasil Kisil & Partners Saleem H.B. Trans World Shipping National Trading and Harish Matabonu Khurram Shahzad Svitlana Teush Services LLC Development Est. Arty Transport Co. LLC Panalpina Gulf Arzinger & Partners Ahmed Khalifa Al-Mazrouei Omar Ziyad Hadi Joanna Matthews-Taylor Hassan Shakrouf Anna Tkachenko Emcredit Afridi & Angell, member of DLA Piper Middle East LLP Hyder Consulting Dentons Adite Aloke Lex Mundi Salim Mohammed Vivek Sharma Zakhar Tropin Afridi & Angell, member of Samer Hamzeh Kabultex PIL (U.A.E) LLC Proxen & Partners Lex Mundi Trowers & Hamlins LLP Tarig Monim Vasant Shetty Valeriia Tryfonova Mohammed AlSuboosi Sydene Helwick Strategy Consultants Rais Hassan Saadi LLC Vasil Kisil & Partners Dubai Courts Al Tamimi & Company Roland Monteath Ishita Shome Mariia Tsarova Yousef Al-Suwaidi Advocates & Legal Agility Global Logistics Afridi & Angell, member of Asters Dubai Courts Consultants Lex Mundi Badih Moukarzel Andriy Tsvyetkov Wicki Andersen Ashiq Hussain Huqooq Legal Practice Arvind Sinha Gestors Baker Botts LLP Dubai Trade RCS Pvt. Ltd. Business Kumar Nair Ruslan Tumanyan Syed Qaiser Anis Mustafa Ibrahim Advisors Group DP World Globalink Transportation & Alliott Hadi Shahid Monawalat Al Khaleej Shekhar Sinha Logistics Worldwide LLP Logistics Senthil Nathan Manavalan Arumugam Rais Hassan Saadi LLC Freight Systems Oleg Tymkiv Eros Group Mohamed Ifthikar Jamaldeen PwC Ukraine Kuehne + Nagel LLC ACKNOWLEDGMENTS 315 Sreekumar Sivasankaran Shahid Jamil Arun Pontin Steven Clark Charles L. Kerr Globelink West Star Latham & Watkins LLP Ofgem Clark Firm PLLC Morrison & Foerster LLP Shipping LLC Hannah Jones Ross Pooley Anna Collica Joshua Kochath Johnson Soans Sherrards Solicitors Latham & Watkins LLP Yusen Logistics Comage Container Lines Extron Electronics M.E. Michael Josypenko Piermario Porcheddu Vilas Dhar Eigi Koh Jayanthi Suseelan Institute of Export Pinsent Masons LLP Dhar Law, LLP Yusen Logistics Maersk Kanoo LLC Jolita Kajtazi Kathryn Ramsden Laurent Dionneau Arthur Kohn Taha Tawawala Sheridans Latham & Watkins LLP SDV Logistics Cleary Gottlieb Steen & Al Suwaidi & Company Hamilton LLP Amrit Khosa Alex Rogan Joshua L. Ditelberg Hamad Thani Mutar Latham & Watkins LLP Skadden, Arps, Slate, Seyfarth Shaw LLP John LaBar Dubai Courts Meagher & Flom LLP Hnery, McCord, Bean, Miller, Pascal Lalande Dara Duguay Gabriel & LaBar, PLLC Sebastian Thomas Her Majesty’s Land Registry Christopher Ryan Experian ZAFCO Jen Leary Keavy Larkin Aimee Saunders Roger Fisher CliftonLarsonAllen Yusuf Timalia Ofgem Baker & McKenzie TEC Management CP World LLC Consultants Lincoln Lee Sinead Lawrence Thilo Schneider Los Angeles Department of Nitin Tirath CBI - The Confederation of Pinsent Masons LLP Max Frid Building Safety Dubai Trade British Industry M & A Accounting Solutions Ian Sharpe Inc. Shara Lerman Baher Yousef Catherine Ledger Experian Ltd. Lerman Law Group Engineering Consultants BAA Airports Limited Patrick Fuller Sandra Simoni Group (ECG) Cleary Gottlieb Steen & Bryan D. Lewitt Alasdair Lewis Department for Communities Hamilton LLP CBRE Natasha Zahid Her Majesty’s Land Registry and Local Government Baker Botts LLP Lauren Gans Bradford L. Livingston Zoe Lomax Mike Smith Peitzman Weg LLP Seyfarth Shaw LLP DLA Piper UK LLP Morrison Utility UNITED KINGDOM Connections George Gibbs Samuel L. Lovitch Malin Lundin HMRC Gibbs Brothers Electric Lubbock Fine - member Susanna Strandell Jim MacLellan Co. Ltd. Paul Bagon of Russell Bedford Department for Communities The Port of Los Angeles Weil, Gotshal & Manges LLP International and Local Government Jaswant S. Gill A Edward Major Jaswant S. Gill CPA Ji-Whan Bang Neil Maclean Paul Timmins A Edward Major, Professional Corporation DLA Piper UK LLP Shepherd & Wedderburn Approved Inspector Services Counsellors-at-Law Limited Robert Goethe Lesley Batchelor Neil Magrath Haggai Mazler Cornell Group, Inc. Institute of Export UK Power Networks Dhanshuklal Vekaria Los Angeles Department of Pinsent Masons LLP Carol Goforth Building Safety Marie Batchelor Christopher Mallon University of Arkansas Birketts LLP Skadden, Arps, Slate, Tony Walpole Kevin McDonnell School of Law Meagher & Flom LLP Jeffer Mangels Butler & Kacey Brown Christopher Wigley Peter Gordon Mitchell LLP (JMBM) Baker & McKenzie Aliss Mansfield London Building Control Peter D. Gordon and Baker & McKenzie Ltd. Todd McLawhorn Michael Canvin Associates McLawhorn Law Offices PC Crown Agents Ltd. Andrew Maple Geoff Wilkinson William Gould Approved Inspector Services Wilkinson Construction Alene McMahon Sanah Choudhry TroyGould PC Limited Consultants Crown Agents Ltd. 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