Escolar Documentos
Profissional Documentos
Cultura Documentos
UKRAINE
GERMANY
economies implemented 216 business regulation reforms making it CZECH REPUBLIC
BELGIUM
easier to start and operate a business. SLOVAK REPUBLIC LUXEMBOURG
− New technology is saving time and cost around the world. For AUSTRIA SWITZERLAND
HUNGARY FRANCE ITALY
example, more than 100 economies use electronic systems for
SLOVENIA ROMANIA
traders. And 105 use information and communication technology for CROATIA
PORTUGAL SPAIN
business start-up. Singapore’s online system saves new firms an UNITED STATES BOSNIA &
estimated $42 million a year. In Mauritius a computerized system cut HERZ. SERBIA
the time for all types of business registrations by 80%. ITALY KOSOVO BULG. TUNISIA
MONTENEGRO MOROCCO
FYR
ALBANIA MACEDONIA ALGERIA W
THE BAHAMAS GREECE
URUGUAY
CHILE
ARGENTINA
Kazakhstan and Rwanda improved the most in the ease of doing business in 2009/10 and made among the largest absolute improvements over the past 5 years.
Source: Doing Business database
A COPUBLICATION OF THE WORLD BANK AND THE INTERNATIONAL FINANCE CORPORATION
© 2010 The International Bank for Reconstruction and Development / The World Bank
1818 H Street NW
Washington, DC 20433
Telephone 202-473-1000
Internet www.worldbank.org
This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed
in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments
they represent. The World Bank does not guarantee the accuracy of the data included in this work.
ISBN: 978-0-8213-7960-8
E-ISBN: 978-0-8213-8630-9
DOI: 10.1596/978-0-8213-7960-8
ISSN: 1729-2638
Doing Business 2011 is the eighth in a series of annual reports investigating the Preface v
regulations that enhance business activity and those that constrain it. Doing Business Executive summary 1
presents quantitative indicators on business regulations and the protection of property About Doing Business:
rights that can be compared across 183 economies—from Afghanistan to Zimbabwe— measuring for impact 12
and over time.
Starting a business 18
Regulations affecting 11 areas of the life of a business are covered: starting a business, Dealing with construction permits 26
dealing with construction permits, registering property, getting credit, protecting Registering property 32
investors, paying taxes, trading across borders, enforcing contracts, closing a busi-
Getting credit 39
ness, getting electricity and employing workers. The getting electricity and employing
workers data are not included in the ranking on the ease of doing business in Doing Protecting investors 47
Business 2011. Paying taxes 54
Trading across borders 63
Data in Doing Business 2011 are current as of June 1, 2010. The indicators are used to
analyze economic outcomes and identify what reforms have worked, where and why.
Enforcing contracts 70
Closing a business 77
The methodology for the employing workers indicators changed for Doing Business
2011. See Data notes for details.
Annex: pilot indicators
on getting electricity 84
THE DOING BUSINESS WEBSITE Download reports
Annex: employing workers 93
Access to Doing Business reports as well as
Current features
subnational and regional reports, reform case
News on the Doing Business project
http://www.doingbusiness.org
studies and customized country and regional References 105
profiles
Rankings http://www.doingbusiness.org/Reports
Data notes 110
How economies rank—from 1 to 183
Subnational and regional projects
Summaries of Doing Business
http://www.doingbusiness.org/Rankings
Differences in business regulations at the reforms in 2009/10 134
Doing Business reforms subnational and regional level Country tables 144
Short summaries of DB2011 reforms, lists of http://www.doingbusiness.org/
reformers since DB2004 Subnational-Reports
http://www.doingbusiness.org/Reforms
Law library Acknowledgments 206
Historical data Online collection of laws and regulations
Customized data sets since DB2004 relating to business and gender issues
http://www.doingbusiness.org/Custom-Query http://www.doingbusiness.org/Law-library
http://wbl.worldbank.org
Methodology and research
The methodology and research papers Local partners
underlying Doing Business More than 8,200 specialists in 183 economies
http://www.doingbusiness.org/Methodology who participate in Doing Business
http://www.doingbusiness.org/Research http://www.doingbusiness.org/Local-Partners/
Doing-Business
Business Planet
Interactive map on the ease of doing business
http://rru.worldbank.org/businessplanet
v
Preface A vibrant private sector—with firms making investments, creating jobs and improving
productivity—promotes growth and expands opportunities for the poor. In the words
of an 18-year-old Ecuadoran in Voices of the Poor, a World Bank survey capturing the
perspectives of poor people around the world, “First, I would like to have work of any
kind.” Enabling private sector growth—and ensuring that poor people can participate
in its benefits—requires a regulatory environment where new entrants with drive and
good ideas, regardless of their gender or ethnic origin, can get started in business and
where firms can invest and grow, generating more jobs.
Doing Business takes the perspective of domestic, primarily smaller companies and
measures the regulations applying to them through their life cycle. Economies are
ranked on the basis of 9 areas of regulation—for starting a business, dealing with
construction permits, registering property, getting credit, protecting investors, paying
taxes, trading across borders, enforcing contracts and closing a business. In addition,
data are presented for regulations on employing workers and for a set of pilot indica-
tors on getting electricity.
Doing Business is limited in scope. It does not consider the costs and benefits of regula-
tion from the perspective of society as a whole. Nor does it measure all aspects of the
business environment that matter to firms and investors or affect the competitiveness
of an economy. Its aim is simply to supply business leaders and policy makers with a
fact base for informing policy making and to provide open data for research on how
business regulations and institutions affect such economic outcomes as productivity,
investment, informality, corruption, unemployment and poverty.
Through its indicators, Doing Business has tracked changes to business regulation
around the world, recording more than 1,500 important improvements since 2004.
Against the backdrop of the global financial and economic crisis, policy makers around
the world continue to reform business regulation at the level of the firm, in some areas
at an even faster pace than before.
These continued efforts prompt questions: What has been the impact? How has busi-
ness regulation changed around the world—and how have the changes affected firms
and economies? Doing Business 2011 presents new data and findings toward answer-
ing these questions. Drawing on a now longer time series, the report introduces a new
measure to illustrate how the regulatory environment for business has changed in
absolute terms in each economy over the 5 years since Doing Business 2006 was pub-
lished. This measure complements the aggregate ranking on the ease of doing business,
which benchmarks each economy’s current performance on the indicators against that
of all other economies in the Doing Business sample. Research is also taking advantage
vi DOING BUSINESS 2011
of the longer time series, and studies on business regulation reforms in Latin America
and Eastern Europe and Central Asia show some promising results. But this is only
the beginning. The coming years will be exciting as this growing time series and other
emerging data sets allow researchers and policy makers to find out more about what
works in business regulation—and how and why.
Since its launch in 2003, Doing Business has stimulated debate about policy through its
data and benchmarks, both by exposing potential challenges and by identifying where
policy makers might look for lessons and good practices. Governments have reported
more than 270 business regulation reforms inspired or informed by Doing Business
since 2003. Most were nested in broader programs of investment climate reform aimed
at enhancing economic competitiveness, as in Colombia, Kenya and Liberia. In struc-
turing their reform programs for the business environment, governments use multiple
data sources and indicators. And reformers respond to many stakeholders and interest
groups, all of whom bring important issues and concerns to the debate. World Bank
Group dialogue with governments on the investment climate is designed to encourage
critical use of the data, sharpening judgment, avoiding a narrow focus on improv-
ing Doing Business rankings and encouraging broad-based reforms that enhance the
investment climate.
Doing Business would not be possible without the expertise and generous input of a
network of more than 8,200 local experts, including lawyers, business consultants, ac-
countants, freight forwarders, government officials and other professionals routinely
administering or advising on the relevant legal and regulatory requirements in the
183 economies covered. In particular, the Doing Business team would like to thank
its global contributors: Allen & Overy LLP; Baker & McKenzie; Cleary Gottlieb Steen
& Hamilton LLP; Ius Laboris, Alliance of Labor, Employment, Benefits and Pensions
Law Firms; KPMG; the Law Society of England and Wales; Lex Mundi, Association of
Independent Law Firms; Noronha Advogados; Panalpina; PricewaterhouseCoopers;
PricewaterhouseCoopers Legal Services; Russell Bedford International; SDV Interna-
tional Logistics; and Toboc Inc.
The project also benefited throughout the past year from advice and input from gov-
ernments and policy makers around the world. In particular, the team would like to
thank the governments of Burkina Faso, Colombia, the Arab Republic of Egypt, the
Republic of Korea, the former Yugoslav Republic of Macedonia, Mexico, Portugal and
Rwanda for providing statistical information on the impact of business regulation re-
forms as well as the more than 60 governments that contributed detailed information
on business regulation reforms in 2009/10.
This volume is a product of the staff of the World Bank Group. The team would like to
thank all World Bank Group colleagues from the regional departments and networks
for their contributions to this effort.
Janamitra Devan
Vice President and Head of Network
Financial & Private Sector Development
The World Bank–International Finance
Corporation
1
Paying
taxes
Trading across
borders
Registering
property
Dealing with
construction permits Doing Business reform
Getting by report year
credit
Closing DB2011 only
a business DB2005–DB2011
Enforcing
contracts
Protecting
investors
Against the backdrop of the global finan- Note: Not all indicators are covered for the full period. Paying taxes, trading across borders, dealing with construction permits and
protecting investors were introduced in Doing Business 2006.
cial and economic crisis, policy makers Source: Doing Business database.
around the world took steps in the past
year to make it easier for local firms start-up to closing (box 1.1). The results factors relevant for business. For exam-
to start up and operate. This is impor- have stimulated policy debates in more ple, it does not evaluate macroeconomic
tant. Throughout 2009/10 firms around than 80 economies and enabled a grow- conditions, infrastructure, workforce
the world felt the repercussions of what ing body of research on how firm-level skills or security. Nor does it assess mar-
began as a financial crisis in mostly high- regulation relates to economic outcomes ket regulation or the strength of financial
income economies and then spread as across economies.1 A fundamental prem- systems, both key factors in understand-
an economic crisis to many more. While ise of Doing Business is that economic ing some of the underlying causes of the
some economies have been hit harder activity requires good rules that are trans- financial crisis. But where business regu-
than others, how easy or difficult it is to parent and accessible to all. lation is transparent and efficient, oppor-
start and run a business, and how effi- Doing Business does not cover all tunities are less likely to be based on per-
cient courts and insolvency proceedings
are, can influence how firms cope with BOX 1.1
Measuring regulation throughout the life cycle of a local business
crises and how quickly they can seize
new opportunities. This year’s aggregate ranking on the ease of doing business is based on indicator sets that
Between June 2009 and May 2010 measure and benchmark regulations affecting 9 areas in the life cycle of a business: starting
governments in 117 economies imple- a business, dealing with construction permits, registering property, getting credit, protecting
mented 216 business regulation reforms investors, paying taxes, trading across borders, enforcing contracts and closing a business.
Doing Business also looks at regulations on employing workers and, as a new initiative, get-
making it easier to start and operate
ting electricity (neither of which is included in this year’s aggregate ranking).1
a business, strengthening transparency
and property rights and improving the Doing Business encompasses 2 types of data and indicators. “Legal scoring indicators,” such
efficiency of commercial dispute resolu- as those on investor protections and legal rights for borrowers and lenders, provide a mea-
tion and bankruptcy procedures. More sure of legal provisions in the laws and regulations on the books. Doing Business gives higher
than half those policy changes eased scores in some areas for stronger property rights and investor protections, such as stricter
start-up, trade and the payment of taxes disclosure requirements in related-party transactions. “Time and motion indicators,” such
(figure 1.1). as those on starting a business, registering property and dealing with construction permits,
Through indicators benchmarking measure the efficiency and complexity in achieving a regulatory goal by recording the pro-
183 economies, Doing Business sheds light cedures, time and cost to complete a transaction in accordance with all relevant regulations
on how easy or difficult it is for a local from the point of view of the entrepreneur. Any interaction of the company with external
entrepreneur to open and run a small to parties such as government agencies counts as one procedure. Cost estimates are recorded
medium-size business when complying from official fee schedules where these apply. For a detailed explanation of the Doing Business
with relevant regulations. It measures methodology, see Data notes.
and tracks changes in the regulations 1. The methodology underlying the employing workers indicators is being refined in consultation with relevant experts and stakehold-
ers. The getting electricity indicators are a pilot data set. (For more detail, see the annexes on these indicator sets.) Aggregate rankings
applying to domestic, primarily smaller published in Doing Business 2010 were based on 10 indicator sets and are therefore not comparable. Comparable rankings based on 9
topics for last year along with this year are presented in table 1.2 and on the Doing Business website (http://www.doingbusiness.org).
companies through their life cycle, from
2 DOING BUSINESS 2011
systems are already better developed. Doing Business by 25% by 2015. Small mies introduced changes (7 in all), India
Average coverage is up from 3% of the Pacific island states, which face special continued improvements to its electronic
adult population to 30%. challenges, have also been active, getting registration system for new firms by
key support from donors. allowing online payment of stamp fees.
ECONOMIES IN EAST ASIA AND THE Across Eastern Europe the implemen-
PACIFIC HIT THEIR STRIDE TRADE FACILITATION POPULAR IN tation of European Union regulations
For the first time in the 8 years of Doing AFRICA AND THE MIDDLE EAST encouraging electronic systems triggered
Business reports, economies in East Asia About half of all trade facilitation re- such changes as the implementation of
and the Pacific were among the most forms in 2009/10 took place in Sub- electronic customs systems in Latvia and
active in making it easier for local firms Saharan Africa (with 9) and the Middle Lithuania.
to do business. Eighteen of 24 econo- East and North Africa (6). Several were
mies reformed business regulations and motivated by regional integration. Some WHERE IS IT EASIEST TO DO
institutions—more than in any other of these efforts built on existing ini- BUSINESS?
year. The pace of Doing Business reforms tiatives such as the Southern African
had been steadily picking up since 2006, Customs Union. In East Africa single Globally, doing business remains easi-
when only a third of the region’s econo- border controls speeded up crossings est in OECD high-income economies.
mies implemented such reforms. In the between Rwanda and Uganda. Different In Sub-Saharan Africa and South Asia
past year 75% did (figure 1.2). electronic data systems are still used by entrepreneurs have it hardest and prop-
Emerging-market economies such customs authorities in Kenya, Tanzania erty protections are weakest across the 9
as Indonesia, Malaysia and Vietnam and Uganda. But efforts are under way areas of business regulation included in
took the lead, easing start-up, permit- to create a single interface between these this year’s ranking on the ease of doing
ting and property registration for small systems. Overall, 27 of 46 Sub-Saharan business (figure 1.3).
and medium-size firms and improving African economies implemented Doing Singapore retains the top ranking
credit information sharing. Hong Kong Business reforms, 49 in all. on the ease of doing business this year,
SAR (China), after seeing the number of In the Middle East and North Af- followed by Hong Kong SAR (China),
bankruptcy petitions rise from 10,918 in rica 11 of 18 economies implemented New Zealand, the United Kingdom, the
2007 to 15,784 in 2009, is working on a business regulation reforms, 22 in all. United States, Denmark, Canada, Nor-
new reorganization procedure. Six modernized customs procedures and way, Ireland and Australia (table 1.2).
The momentum in the region may port infrastructure to facilitate trade and Change continued at the top. Among the
continue. Recently leaders of the Asia- align with international standards. These top 25 economies, 18 made it even easier
Pacific Economic Cooperation (APEC) include Bahrain, the Arab Republic of to do business this past year. Within the
organization launched an initiative Egypt and the United Arab Emirates. FIGURE 1.3
aimed at making it easier for small and Which regions have the most business-
medium-size companies to do business ELECTRONIC SYSTEMS ON THE RISE friendly environment in Doing Business?
through systematic peer learning and AROUND THE GLOBE
#1
assistance across economies. The idea is In economies around the world, regard- economy
that economies in the region that have less of location and income level, policy
OECD high income 30
benefited from making it easier to do makers adopted technology to make it
business can now share their experience easier to do business, lower transac-
with others. The Korea Customs Service, tions costs and increase transparency. In
for example, estimates that predictable Latin America and the Caribbean, where Eastern Europe & Central Asia 72
cargo processing times and rapid turn- 47% of economies implemented business East Asia & Pacific 87
over by ports provide a benefit of some regulation reforms in the past year, 23 of Latin America & Caribbean 96
Middle East & North Africa
$2 billion annually. Singapore’s online the 25 reforms simplified administrative
South Asia 117
registration system for new firms saves processes. Many did so by introducing
businesses an estimated $42 million an- online procedures or synchronizing the Sub-Saharan Africa 137
nually.7 Using firm surveys, planners operations of different agencies through
identified 5 priority areas for the APEC electronic systems. In this way Brazil,
initiative—starting a business, getting Chile, Ecuador and Mexico simplified
credit, trading across borders, enforcing start-up, Colombia eased construction 183
Average ranking on
contracts and dealing with permits. The permitting, and Nicaragua made it easier the ease of doing business
goal is to improve regulatory perfor- to trade across borders. (1–183)
mance in those areas as measured by In South Asia, where 5 of 8 econo- Source: Doing Business database.
4 DOING BUSINESS 2011
TABLE 1.2
Rankings on the ease of doing business
DB2011 DB2010 DB2011 DB2011 DB2010 DB2011 DB2011 DB2010 DB2011
RANK RANK ECONOMY REFORMS RANK RANK ECONOMY REFORMS RANK RANK ECONOMY REFORMS
1 1 Singapore 0 62 61 Fiji 1 123 116 Russian Federation 2
2 2 Hong Kong SAR, China 2 63 82 Czech Republic 2 124 122 Uruguay 1
3 3 New Zealand 1 64 56 Antigua and Barbuda 0 125 121 Costa Rica 0
4 4 United Kingdom 2 65 60 Turkey 0 126 130 Mozambique 1
5 5 United States 0 66 65 Montenegro 3 127 124 Brazil 1
6 6 Denmark 2 67 77 Ghana 2 128 125 Tanzania 0
7 9 Canada 2 68 64 Belarus 4 129 131 Iran, Islamic Rep. 3
8 7 Norway 0 69 68 Namibia 0 130 127 Ecuador 1
9 8 Ireland 0 70 73 Poland 1 131 128 Honduras 0
10 10 Australia 0 71 66 Tonga 1 132 142 Cape Verde 3
11 12 Saudi Arabia 4 72 62 Panama 2 133 132 Malawi 2
12 13 Georgia 4 73 63 Mongolia 0 134 135 India 2
13 11 Finland 0 74 69 Kuwait 0 135 133 West Bank and Gaza 1
14 18 Sweden 3 75 72 St. Vincent and the Grenadines 0 136 136 Algeria 0
15 14 Iceland 0 76 84 Zambia 3 137 134 Nigeria 0
16 15 Korea, Rep. 1 77 71 Bahamas, The 0 138 137 Lesotho 0
17 17 Estonia 3 78 88 Vietnam 3 139 149 Tajikistan 3
18 19 Japan 1 79 78 China 1 140 138 Madagascar 2
19 16 Thailand 1 80 76 Italy 1 141 139 Micronesia, Fed. Sts. 0
20 20 Mauritius 1 81 79 Jamaica 1 142 140 Bhutan 1
21 23 Malaysia 3 82 81 Albania 1 143 143 Sierra Leone 3
22 21 Germany 1 83 75 Pakistan 1 144 144 Syrian Arab Republic 3
23 26 Lithuania 5 84 89 Croatia 2 145 147 Ukraine 3
24 27 Latvia 2 85 96 Maldives 1 146 141 Gambia, The 0
25 22 Belgium 1 86 80 El Salvador 0 147 145 Cambodia 1
26 28 France 0 87 83 St. Kitts and Nevis 0 148 146 Philippines 2
27 24 Switzerland 0 88 85 Dominica 0 149 148 Bolivia 0
28 25 Bahrain 1 89 90 Serbia 1 150 150 Uzbekistan 0
29 30 Israel 1 90 87 Moldova 1 151 154 Burkina Faso 4
30 29 Netherlands 1 91 86 Dominican Republic 0 152 151 Senegal 0
31 33 Portugal 2 92 98 Grenada 3 153 155 Mali 3
32 31 Austria 1 93 91 Kiribati 0 154 153 Sudan 0
33 34 Taiwan, China 2 94 99 Egypt, Arab Rep. 2 155 152 Liberia 0
34 32 South Africa 0 95 92 Seychelles 1 156 158 Gabon 0
35 41 Mexico 2 96 106 Solomon Islands 1 157 156 Zimbabwe 3
36 46 Peru 4 97 95 Trinidad and Tobago 0 158 157 Djibouti 0
37 35 Cyprus 0 98 94 Kenya 2 159 159 Comoros 0
38 36 Macedonia, FYR 2 99 93 Belize 0 160 162 Togo 0
39 38 Colombia 1 100 101 Guyana 3 161 160 Suriname 0
40 37 United Arab Emirates 2 101 100 Guatemala 0 162 163 Haiti 1
41 40 Slovak Republic 0 102 102 Sri Lanka 0 163 164 Angola 1
42 43 Slovenia 3 103 108 Papua New Guinea 1 164 161 Equatorial Guinea 0
43 53 Chile 2 104 103 Ethiopia 1 165 167 Mauritania 0
44 47 Kyrgyz Republic 1 105 104 Yemen, Rep. 0 166 166 Iraq 0
45 42 Luxembourg 1 106 105 Paraguay 1 167 165 Afghanistan 0
46 52 Hungary 4 107 111 Bangladesh 2 168 173 Cameroon 1
47 49 Puerto Rico 0 108 123 Marshall Islands 1 169 168 Côte d’Ivoire 1
48 44 Armenia 1 109 97 Greece 0 170 172 Benin 1
49 48 Spain 3 110 110 Bosnia and Herzegovina 2 171 169 Lao PDR 1
50 39 Qatar 0 111 107 Jordan 2 172 170 Venezuela, RB 1
51 51 Bulgaria 2 112 117 Brunei Darussalam 3 173 171 Niger 1
52 50 Botswana 0 113 109 Lebanon 1 174 174 Timor-Leste 1
53 45 St. Lucia 0 114 114 Morocco 1 175 179 Congo, Dem. Rep. 3
54 55 Azerbaijan 2 115 113 Argentina 0 176 175 Guinea-Bissau 1
55 58 Tunisia 2 116 112 Nepal 0 177 177 Congo, Rep. 1
56 54 Romania 2 117 119 Nicaragua 1 178 176 São Tomé and Principe 1
57 57 Oman 0 118 126 Swaziland 2 179 178 Guinea 0
58 70 Rwanda 3 119 118 Kosovo 0 180 180 Eritrea 0
59 74 Kazakhstan 4 120 120 Palau 0 181 181 Burundi 1
60 59 Vanuatu 0 121 115 Indonesia 3 182 182 Central African Republic 0
61 67 Samoa 1 122 129 Uganda 2 183 183 Chad 0
Note: The rankings for all economies are benchmarked to June 2010 and reported in the country tables. This year’s rankings on the ease of doing business are the average of the economy’s rankings on 9 topics (see box 1.1).
Last year’s rankings, shown in italics, are adjusted: they are based on the same 9 topics and reflect data corrections. The number of business regulation reforms includes all measures making it easier to do business.
Source: Doing Business database.
EXECUTIVE SUMMARY 5
group of top 25, Sweden improved the used performance measures in the judi- goods crossing the national border and
most in the ease of doing business, rising ciary since the late 1990s. Malaysia in- a modern inspection system (TC-SCAN)
from 18 to 14 in the rankings. It reduced troduced a performance index for judges at the border crossing point shared with
the minimum capital requirement for in 2009. Case disposal rates are already China. As a result, the time to export fell
business start-up, streamlined property improving. by 8 days, the time to import by 9 days
registration and strengthened investor and the number of documents required
protections by increasing requirements MORE WAYS OF TRACKING for trade by 1. Kazakhstan also increased
for corporate disclosure and regulating CHANGE IN BUSINESS the legal requirements for disclosure in
the approval of transactions between in- REGULATION related-party transactions. Thanks to the
terested parties. amendments to its company law, compa-
Economies where it is easy for Every year Doing Business recognizes the nies must describe transactions involv-
firms to do business often have advanced 10 economies that improved the most in ing conflicts of interest in their annual
e-government initiatives. E-government the ease of doing business in the previous report.
kicked off in the 1980s, and economies year and introduced policy changes in 3 The runner-up this year was Rwanda,
with well-developed systems continue to or more areas. This past year Kazakhstan followed by Peru, Vietnam, Cape Verde,
improve them. Hong Kong SAR (China) took the lead (table 1.3). Kazakhstan Tajikistan, Zambia, Hungary, Grenada
and Singapore turned their one-stop amended its company law and intro- and Brunei Darussalam.
shops for building permits into online duced regulations to streamline business Yearly movements in rankings can
systems in 2008. Denmark just intro- start-up and reduce the minimum capi- provide some indication of changes in
duced a new computerized land reg- tal requirement to 100 tenge ($0.70). It an economy’s regulatory environment
istration system. The United Kingdom made dealing with construction permits for firms, but they are always relative.
recently introduced online filing at com- less cumbersome by introducing several An economy’s ranking might change be-
mercial courts. new building regulations in 2009, a new cause of developments in other econo-
Top-ranking economies also often one-stop shop for construction-related mies. Moreover, year-to-year changes in
use risk-based systems to focus their formalities and a risk-based approach for rankings do not reflect how the business
resources where they matter most, such permit approvals. Traders benefit from regulatory environment in an economy
as the supervision of complex building improvements to the automated customs has changed over time.
projects. Germany and Singapore are information system and risk-based sys- To illustrate how the regulatory en-
among the 85 economies that have fast- tems. Several trade-related documents, vironment as measured by Doing Busi-
track permit application processes for such as the bill of lading, can now be ness has changed within economies over
small commercial buildings. submitted online, and customs declara- time, this year’s report introduces a new
Finally, these economies tend to tions can be sent in before the cargo measure. The DB change score provides
hold public servants accountable through arrives. Modernization efforts, already a 5-year measure of how business regu-
performance-based systems. Australia, under way for several years, also include lations have changed in 174 economies.8
Singapore and the United States have a risk management system to control It reflects all changes in an economy’s
TABLE 1.3
The 10 economies improving the most in the ease of doing business in 2009/10
Dealing with Trading
Starting a construction Registering Protecting Paying across Enforcing Closing a
Economy business permits property Getting credit investors taxes borders contracts business
Kazakhstan ✔ ✔ ✔ ✔
Rwanda ✔ ✔ ✔
Peru ✔ ✔ ✔ ✔
Vietnam ✔ ✔ ✔
Cape Verde ✔ ✔ ✔
Tajikistan ✔ ✔ ✔
Zambia ✔ ✔ ✔
Hungary ✔ ✔ ✔ ✔
Grenada ✔ ✔ ✔
Brunei Darussalam ✔ ✔ ✔
Note: Economies are ranked on the number and impact of reforms. First, Doing Business selects the economies that implemented reforms making it easier to do business in 3 or more of the 9 topics included in this
year's aggregate ranking (see box 1.1). Second, it ranks these economies on the increase in their ranking on the ease of doing business from the previous year using comparable rankings. The larger the improve-
ment, the higher the ranking as a reformer.
Source: Doing Business database.
6 DOING BUSINESS 2011
Five-year measure of cumulative change in Doing Business indicators between DB2006 and DB2011
0.4
0.3
Doing business
became easier
0.2
0.1
GEORGIA
RWANDA
BELARUS
BURKINA FASO
SAUDI ARABIA
MALI
KYRGYZ REPUBLIC
CROATIA
KAZAKHSTAN
GHANA
MACEDONIA, FYR
EGYPT, ARAB REP.
UKRAINE
MOZAMBIQUE
CHINA
ALBANIA
TAJIKISTAN
NIGERIA
CZECH REPUBLIC
SYRIAN ARAB REPUBLIC
SIERRA LEONE
UZBEKISTAN
COLOMBIA
AZERBAIJAN
SENEGAL
MADAGASCAR
ARMENIA
PERU
MAURITIUS
VIETNAM
TIMOR-LESTE
BOSNIA AND HERZEGOVINA
POLAND
GUATEMALA
MEXICO
HAITI
ZAMBIA
INDIA
DOMINICAN REPUBLIC
YEMEN, REP.
RUSSIAN FEDERATION
TOGO
MALAWI
TUNISIA
DENMARK
CAMBODIA
INDONESIA
CÔTE D'IVOIRE
FRANCE
IRAN, ISLAMIC REP.
NIGER
ANGOLA
MOROCCO
SLOVENIA
THAILAND
LAO PDR
SLOVAK REPUBLIC
TANZANIA
TURKEY
UNITED ARAB EMIRATES
PORTUGAL
HONG KONG SAR, CHINA
CONGO, DEM. REP.
UNITED KINGDOM
SERBIA
BENIN
GUINEA-BISSAU
GAMBIA, THE
SWAZILAND
ROMANIA
SUDAN
PARAGUAY
BULGARIA
BANGLADESH
MALDIVES
UGANDA
MAURITANIA
SWEDEN
ALGERIA
BOTSWANA
VANUATU
ETHIOPIA
CAMEROON
AUSTRALIA
JORDAN
BRAZIL
PAPUA NEW GUINEA
Note: The DB change score illustrates the level of change in the regulatory environment for local entrepreneurs as measured by 9 Doing Business indicator sets over a period of 5 years.
This year’s DB change score ranges from –0.1 to 0.54. More details on how the DB change score is constructed can be found in the Data notes.
Source: Doing Business database.
business regulation as measured by the not a one-time effort and that the changes It created its first credit bureau, computer-
Doing Business indicators—such as a introduced were substantial. Since 2005 ized the company registry and overhauled
reduction in the time to start a business Rwanda has implemented 22 business its property registration system, moving
thanks to a one-stop shop or an increase regulation reforms in the areas measured from a deed to a title registration system.
in the strength of investor protection by Doing Business. Results show on the The multiyear reform reduced the time
index thanks to new stock exchange rules ground. In 2005 starting a business in to transfer property from 24 weeks to 5.
that tighten disclosure requirements for Rwanda took 9 procedures and cost 223% The state now guarantees the title and its
related-party transactions. The findings of income per capita. Today entrepre- authenticity. Regulatory reforms in Mali
are encouraging: in about 85% of the 174 neurs can register a new business in 3 picked up in recent years. Key achieve-
economies, doing business is now easier days, paying official fees that amount to ments include customs reforms, a new
for local firms (figure 1.4). 8.9% of income per capita. More than one-stop shop for business start-up and
The 10 economies that made the 3,000 entrepreneurs took advantage of amendments to the civil procedure code
largest strides in making their regulatory the efficient process in 2008, up from an in 2009 that strengthened protections for
environment more favorable to business average of 700 annually in previous years. minority shareholders and improved the
are Georgia, Rwanda, Belarus, Burkina Registering property in 2005 took more (still lengthy) court procedures to resolve
Faso, Saudi Arabia, Mali, the Kyrgyz Re- than a year (371 days), and the transfer commercial disputes.
public, Croatia, Kazakhstan and Ghana. fees amounted to 9.8% of the property Some large emerging-market econ-
All implemented more than a dozen value. Today the process takes 2 months omies also made significant changes at
Doing Business reforms over the 5 years. and costs 0.4% of the value. A new com- a steady pace. China is one. Over sev-
Several—including Georgia, Rwanda, pany law adopted in 2009 strengthened eral years China introduced 14 policy
Belarus, Burkina Faso, the Kyrgyz Re- investor protections by requiring greater changes making it easier to do business,
public, Croatia and Kazakhstan—have corporate disclosure, increasing the li- affecting 9 areas covered by Doing Busi-
also been recognized as top 10 Doing ability of directors and improving share- ness. In 2005 a new company law reduced
Business reformers in previous years. holders’ access to information. what had been one of the world’s high-
Rwanda, for example, was recog- Others, such as Ghana and Mali, est minimum capital requirements from
nized last year. The cumulative improve- took a steady approach, improving the 1,236% of income per capita to 118%.
ment over the past 5 years as measured by business environment over several years. In 2006 a new credit registry started
the DB change score shows that this was Ghana implemented measures in 6 areas. operating. Today 64% of adults have a
EXECUTIVE SUMMARY 7
DB change score
0.5
0.4
0.3
0.2
0.1
VENEZUELA, RB
SWITZERLAND
ARGENTINA
SINGAPORE
ZIMBABWE
GRENADA
PAKISTAN
NORWAY
ICELAND
ESTONIA
GUINEA
GABON
PALAU
CHAD
ITALY
FIJI
SOLOMON ISLANDS
UNITED STATES
KOREA, REP.
COSTA RICA
AFGHANISTAN
BHUTAN
HONDURAS
WEST BANK AND GAZA
CAPE VERDE
MONGOLIA
GUYANA
MICRONESIA, FED. STS.
LESOTHO
TAIWAN, CHINA
ISRAEL
EL SALVADOR
MOLDOVA
IRELAND
HUNGARY
MARSHALL ISLANDS
SAMOA
MALAYSIA
URUGUAY
IRAQ
BELGIUM
BURUNDI
OMAN
NICARAGUA
DJIBOUTI
TONGA
PUERTO RICO
LEBANON
ECUADOR
GREECE
LATVIA
KENYA
PHILIPPINES
KUWAIT
SOUTH AFRICA
ERITREA
CANADA
ST. VINCENT AND THE GRENADINES
ANTIGUA AND BARBUDA
TRINIDAD AND TOBAGO
SRI LANKA
KIRIBATI
BELIZE
JAMAICA
EQUATORIAL GUINEA
AUSTRIA
CENTRAL AFRICAN REPUBLIC
DOMINICA
SEYCHELLES
BOLIVIA
NEW ZEALAND
PANAMA
ST. KITTS AND NEVIS
SPAIN
ST. LUCIA
NEPAL
SÃO TOMÉ AND PRINCIPE
NETHERLANDS
JAPAN
CHILE
GERMANY
COMOROS
LITHUANIA
NAMIBIA
FINLAND
CONGO, REP.
SURINAME
–0.1
Doing business
became more
difficult
credit history. In 2007, after 14 years of reform but also on the starting point. especially well researched. But corre-
consultation, a new property rights law For example, Finland or Singapore, with lation does not mean causality. Other
came into effect, offering equal protec- efficient e-government systems in place country-specific factors or other changes
tion to public and private property and and strong property rights protections by taking place simultaneously—such as
expanding the range of assets that can be law, has less room for improvement. Oth- macroeconomic reforms—may also have
used as collateral. ers, such as Italy, implemented several played a part.
India implemented 18 business reg- regulatory reforms in areas where results How do we know whether things
ulation reforms in 7 areas. Many focused might be seen only in the longer term, would have been any different without
on technology—implementing electronic such as judiciary or insolvency reforms. the regulatory reform? Some studies
business registration, electronic filing for have been able to test this by investi-
taxes, an electronic collateral registry and WHAT IS THE EFFECT ON FIRMS, gating variations within a country over
online submission of customs forms and JOBS AND GROWTH? time, as when Colombia implemented
payments. Changes also occurred at the a bankruptcy reform that streamlined
subnational level. In India, as in other Rankings and the 5-year measure of cu- reorganization procedures. Following the
large nations, business regulations can mulative change (DB change score) are reform, viable firms were more likely
vary among states and cities. While Doing still only indicative. Few would doubt the to be reorganized than liquidated, and
Business focuses on the largest business benefit of reducing red tape for business, firms’ recoveries improved.11 Other stud-
city in an economy, it complements its particularly for small and medium-size ies investigated policy changes that af-
national indicators with subnational businesses. But how do business regula- fected only certain firms or groups. Using
studies, recognizing the interest of gov- tion reforms affect the performance of the unaffected group as a control, they
ernments in these variations. According firms and contribute to jobs and growth? found that reforms easing formal busi-
to Doing Business in India, 14 of the 17 A growing body of empirical research ness entry in Colombia, India and Mexico
Indian cities covered in the study imple- has established a link between the regu- led to an increase in new firm entry and
mented changes to ease business start- latory environment for firms and such competition.12 Thanks to simplified mu-
up, construction permitting and property outcomes as the level of informality, nicipal registration formalities for firms
registration between 2006 and 2009.9 employment and growth across econo- in Mexico, the number of registered busi-
The level of change depends not mies.10 The broader economic impact nesses increased by 5%, and employment
only on the pace of business regulation of lowering barriers to entry has been by 2.8%, in affected industries.
8 DOING BUSINESS 2011
FIGURE 1.5
DB2011
Eastern Europe and Central Asia setting a strong pace
DB2010
Share of economies with at least 1 Doing Business reform making it easier to do business by Doing Business report year (%) DB2009
25
20
East Asia Eastern Europe OECD Latin America Middle East South Sub-Saharan
& Pacific & Central Asia high income & Caribbean & North Africa Asia Africa
Note: Several economies have been reclassified to the OECD high-income group and are treated as if part of that group for the full period: the Czech Republic, Hungary and the Slovak Republic from Eastern Europe and
Central Asia in 2008, and Poland and Slovenia in 2010; and Israel from the Middle East and North Africa in 2010. In addition, 15 additional economies were added to the sample between Doing Business 2006 and
Doing Business 2011.
Source: Doing Business database.
Other promising results are emerg- WHERE ARE THE OPPORTUNITIES There they lack access to formal business
ing. Using panel data from enterprise IN DEVELOPING ECONOMIES? credit and markets, and their employees
surveys, new research associates busi- receive fewer benefits and no protec-
ness regulation reforms in Eastern Eu- More than 1,500 improvements to busi- tions. Globally, 1.8 billion people are
rope and Central Asia with improved ness regulations have been recorded by estimated to be employed in the informal
firm performance.13 While such factors Doing Business in 183 economies since sector, more than the 1.2 billion in the
as macroeconomic reforms, technologi- 2004. Increasingly, firms in developing formal sector.15
cal improvements and firm characteris- economies are benefiting. In the past While overly complicated proce-
tics may also influence productivity, the year about 66% of these economies made dures can hinder business activity, so
results are encouraging. it easier to do business, up from only 34% can the lack of institutions or regulations
The region’s economies were the of this group 6 years before. Compelling that protect property rights, increase
most active in improving business regu- results are starting to show, as illustrated transparency and enable entrepreneurs
lation over the past 6 years, often in re- by Rwanda and Ghana, and these results to make effective use of their assets.
sponse to new circumstances such as the have inspired others. When institutions such as courts, col-
prospect of joining the European Union This is good news, because oppor- lateral registries and credit information
or, more recently, the financial crisis tunities for regulatory reform remain. bureaus are inefficient or missing, the
(figure 1.5). Some 93% of its economies Entrepreneurs and investors in low- and talented poor and entrepreneurs who
eased business start-up, and 20 econo- lower-middle-income economies con- lack connections, collateral and credit
mies established one-stop shops. Starting tinue to face more bureaucratic formali- histories are most at risk of losing out.16
a business in the region is now almost as ties and weaker protections of prop- So are women, because institutions and
easy as it is in OECD high-income econo- erty rights than their counterparts in regulations such as credit bureaus and
mies. Immediate benefits for firms are high-income economies. Exporting, for laws on movable collateral support the
often cost and time savings. In Georgia a example, requires 11 documents in the types of businesses that women typically
2009 survey found that the new start-up Republic of Congo but only 2 in France. run—small firms in low-capital-inten-
service center helped businesses save an Starting a business still costs 18 times as sive industries in both the formal and the
average of 3.25% of profits—and this much in Sub-Saharan Africa as in OECD informal sector (box 1.2).17
is just for registration services. For all high-income economies (relative to in- Today only 1.3% of adults in low-in-
businesses served, the direct and indirect come per capita). Many businesses in come economies are covered by a credit
savings amounted to $7.2 million.14 developing economies might simply opt bureau. Many micro, small and medium-
out and remain in the informal sector. size enterprises, which typically have
EXECUTIVE SUMMARY 9
BOX 1.2
Encouraging women in business
Women make up more than 50% of the world’s population but less than 30% of the labor force in some economies. This represents untapped
potential. For policy makers seeking to increase women’s participation in the economy, a good place to start is to ensure that institutions and
laws are accessible to the types of businesses and jobs women currently hold.
Take credit bureaus. With the advent of microfinance institutions in the 1970s, poor women in some parts of the world were able to access credit
for the first time. By 2006 more than 3,330 microfinance institutions had reached 133 million clients. Among these clients, 93 million had been
in the poorest groups when they took their first loans, and 85% of the poorest were women. But only 42 of 128 credit bureaus in the world cover
microfinance institutions, limiting the ability of their borrowers to build a credit history. A new World Bank Group project, Women, Business and
the Law, looks into discrepancies such as these as well as regulations that explicitly differentiate on the basis of gender.1
A recent analysis of existing literature concludes that aspects of the business regulatory environment are estimated to disproportionately af-
fect women in their decision to become an entrepreneur and their performance in running a formal business. Barriers to women’s access to
finance might drive their concentration in low-capital-intensive industries, which require less funding but also have less potential for growth
and development. One possible barrier is that women may have less physical and “reputational” collateral than men.2
Women can benefit from laws facilitating the use of movable assets such as equipment or accounts receivable as security for loans. While
women often lack legal title to land or buildings that could serve as collateral, they are more likely to have movable assets. In Sri Lanka women
commonly hold wealth in the form of gold jewelry. Thankfully, this is accepted by banks as security for loans.3
Women often resort to informal credit, which involves high transactions costs. A recent study in Ghana reports that women, to ensure access
to credit, invest considerable time in maintaining complex networks of informal credit providers.4
Improving firms’ access to formal finance has been shown to pay off, by promoting entrepreneurship, innovation, better asset allocation and
firm growth.5 Everyone should be able to benefit, regardless of gender.
1. http://wbl.worldbank.org/.
2. Klapper and Parker (2010).
3. Pal (1997).
4. Schindler (2010).
5. World Bank (2008).
95% of their assets in movable property added 50 economies to the sample. In access levels that exist outside the Doing
rather than real estate, cannot use those the past year Doing Business has been Business report as well as other data on
assets to raise funds to expand their busi- working on 2 indicator sets—a new set the availability and reliability of electric-
ness. But this is not so everywhere. While on getting electricity and a refined one ity supply and consumption prices. The
only 35% of Sub-Saharan African econo- on employing workers.18 new data allow objective comparison of
mies have laws encouraging the use of the procedures, time and cost to obtain
all types of assets as collateral, 71% of IDENTIFYING REGULATORY REFORM a new electricity connection across a
East Asian and Pacific and 68% of OECD POSSIBILITIES IN GETTING ELECTRICITY wide range of economies. Some, such as
high-income economies do. Seventy low- According to World Bank surveys of Germany, Iceland and Thailand, perform
and lower-middle-income economies businesses, managers in 108 economies well: a business with moderate electricity
lack centralized collateral registries that consider the availability and reliability of demand can get a connection in 40 days
tell creditors whether assets are already electricity to be the second most impor- or less. But in the Czech Republic it can
subject to the security right of another tant constraint to their business activ- take 279 days, in Ukraine 309 and in the
creditor. All this presents an opportunity ity, after access to finance. Studies have Kyrgyz Republic 337.
for changes that can promote the growth shown that poor electricity supply ad- Analysis of the data presented in the
of firms and employment. versely affects the productivity of firms annex on getting electricity sheds some
and the investments they make in their light on both bottlenecks and possible
WHAT’S NEXT? productive capacity.19 But electricity ser- starting points for dialogue on regulatory
vices not only matter to businesses; they reform. In 100 of 176 economies con-
Doing Business has been measuring busi- also are among the most regulated areas nection costs are insufficiently transpar-
ness regulation from the perspective of of economic activity. Doing Business ent.20 Utilities present customers with
local firms and tracking changes over measures how such regulations affect individual budgets rather than clearly
time since 2003. Since its initiation, the businesses when getting a new connec- regulated capital contribution formu-
project has introduced 5 new topics and tion. The indicators complement data on las. This reduces the accountability of
10 DOING BUSINESS 2011
About Doing
Business:
measuring
for impact
Governments committed to the economic applying to them through their life cycle. establish and clarify property rights and
health of their country and opportuni- Doing Business and the standard cost reduce the cost of resolving disputes,
ties for its citizens focus on more than model initially developed and applied in rules that increase the predictability of
macroeconomic conditions. They also the Netherlands are, for the present, the economic interactions and rules that
pay attention to the laws, regulations and only standard tools used across a broad provide contractual partners with core
institutional arrangements that shape range of jurisdictions to measure the protections against abuse. The objective:
daily economic activity. impact of government rule-making on regulations designed to be efficient in
The global financial crisis has business activity.1 their implementation, to be accessible
renewed interest in good rules and regu- The first Doing Business report, pub- to all who need to use them and to be
lation. In times of recession, effective lished in 2003, covered 5 indicator sets simple in their implementation. Accord-
business regulation and institutions can and 133 economies. This year’s report ingly, some Doing Business indicators
support economic adjustment. Easy covers 11 indicator sets and 183 econo- give a higher score for more regulation,
entry and exit of firms, and flexibility mies. Nine topics are included in the such as stricter disclosure requirements
in redeploying resources, make it easier aggregate ranking on the ease of doing in related-party transactions. Some give
to stop doing things for which demand business. The project has benefited from a higher score for a simplified way of
has weakened and to start doing new feedback from governments, academics, implementing existing regulation, such
things. Clarification of property rights practitioners and reviewers.2 The initial as completing business start-up formali-
and strengthening of market infrastruc- goal remains: to provide an objective ties in a one-stop shop.
ture (such as credit information and basis for understanding and improving The Doing Business project encom-
collateral systems) can contribute to con- the regulatory environment for business. passes 2 types of data. The first come from
fidence as investors and entrepreneurs readings of laws and regulations. The sec-
look to rebuild. WHAT DOING BUSINESS COVERS ond are time and motion indicators that
Until recently, however, there were measure the efficiency and complexity
no globally available indicator sets for Doing Business provides a quantitative in achieving a regulatory goal (such as
monitoring such microeconomic factors measure of regulations for starting a granting the legal identity of a business).
and analyzing their relevance. The first business, dealing with construction per- Within the time and motion indicators,
efforts, in the 1980s, drew on percep- mits, registering property, getting credit, cost estimates are recorded from official
tions data from expert or business sur- protecting investors, paying taxes, trad- fee schedules where applicable.3 Here,
veys. Such surveys are useful gauges ing across borders, enforcing contracts Doing Business builds on Hernando de
of economic and policy conditions. But and closing a business—as they apply to Soto’s pioneering work in applying the
their reliance on perceptions and their domestic small and medium-size enter- time and motion approach first used by
incomplete coverage of poor countries prises. It also looks at regulations on em- Frederick Taylor to revolutionize the pro-
constrain their usefulness for analysis. ploying workers as well as a new measure duction of the Model T Ford. De Soto
The Doing Business project, initi- on getting electricity. used the approach in the 1980s to show
ated 9 years ago, goes one step further. It A fundamental premise of Doing the obstacles to setting up a garment fac-
looks at domestic small and medium-size Business is that economic activity requires tory on the outskirts of Lima.4
companies and measures the regulations good rules. These include rules that
ABOUT DOING BUSINESS 13
WHAT DOING BUSINESS DOES BASED ON STANDARDIZED entrepreneurs may spend considerable
CASE SCENARIOS
NOT COVER time finding out where to go and what
Doing Business indicators are built on the documents to submit. Or they may avoid
Just as important as knowing what Doing basis of standardized case scenarios with legally required procedures altogether—
Business does is to know what it does specific assumptions, such as the busi- by not registering for social security, for
not do—to understand what limitations ness being located in the largest business example.
must be kept in mind in interpreting city of the economy. Economic indicators Where regulation is particularly onerous,
the data. commonly make limiting assumptions levels of informality are higher. Informal-
of this kind. Inflation statistics, for ex- ity comes at a cost: firms in the informal
LIMITED IN SCOPE ample, are often based on prices of con- sector typically grow more slowly, have
Doing Business focuses on 11 topics, with sumer goods in a few urban areas. poorer access to credit and employ fewer
the specific aim of measuring the regula- Such assumptions allow global workers—and their workers remain out-
tion and red tape relevant to the life cycle coverage and enhance comparability. But side the protections of labor law.7 Doing
of a domestic small to medium-size firm. they come at the expense of generality. Business measures one set of factors that
Accordingly: Doing Business recognizes the limitations help explain the occurrence of infor-
• Doing Business does not measure all of including data on only the largest busi- mality and give policy makers insights
aspects of the business environment ness city. Business regulation and its en- into potential areas of reform. Gaining a
that matter to firms or investors—or all forcement, particularly in federal states fuller understanding of the broader busi-
factors that affect competitiveness. It and large economies, differ across the ness environment, and a broader per-
does not, for example, measure security, country. And of course the challenges spective on policy challenges, requires
macroeconomic stability, corruption, and opportunities of the largest business combining insights from Doing Business
the labor skills of the population, the city—whether Mumbai or São Paulo, with data from other sources, such as
underlying strength of institutions Nuku’alofa or Nassau—vary greatly across the World Bank Enterprise Surveys.8
or the quality of infrastructure.5 Nor countries. Recognizing governments’ in-
does it focus on regulations specific to terest in such variation, Doing Business WHY THIS FOCUS
foreign investment. has complemented its global indicators
• Doing Business does not assess the with subnational studies in such countries Doing Business functions as a kind of
strength of the financial system or market as Brazil, China, Colombia, the Arab Re- cholesterol test for the regulatory envi-
regulations, both important factors in public of Egypt, India, Indonesia, Kenya, ronment for domestic businesses. A cho-
understanding some of the underlying Mexico, Morocco, Nigeria, Pakistan and lesterol test does not tell us everything
causes of the global financial crisis. the Philippines.6 about the state of our health. But it does
• Doing Business does not cover all In areas where regulation is complex measure something important for our
regulations, or all regulatory goals, and highly differentiated, the standard- health. And it puts us on watch to change
in any economy. As economies and ized case used to construct the Doing behaviors in ways that will improve not
technology advance, more areas of Business indicator needs to be carefully only our cholesterol rating but also our
economic activity are being regulated. defined. Where relevant, the standard- overall health.
For example, the European Union’s ized case assumes a limited liability One way to test whether Doing Busi-
body of laws (acquis) has now grown to company. This choice is in part empiri- ness serves as a proxy for the broader
no fewer than 14,500 rule sets. Doing cal: private, limited liability companies business environment and for com-
Business covers 11 areas of a company’s are the most prevalent business form in petitiveness is to look at correlations
life cycle, through 11 specific sets of most economies around the world. The between the Doing Business rankings and
indicators. These indicator sets do choice also reflects one focus of Doing other major economic benchmarks. The
not cover all aspects of regulation in Business: expanding opportunities for indicator set closest to Doing Business in
the area of focus. For example, the entrepreneurship. Investors are encour- what it measures is the OECD indicators
indicators on starting a business or aged to venture into business when po- of product market regulation;9 the corre-
protecting investors do not cover all tential losses are limited to their capital lation here is 0.72. The World Economic
aspects of commercial legislation. The participation. Forum’s Global Competitiveness Index
employing workers indicators do not and IMD’s World Competitiveness Year-
cover all areas of labor regulation. The FOCUSED ON THE FORMAL SECTOR book are broader in scope, but these too
current indicator set does not include, In constructing the indicators, Doing are strongly correlated with Doing Busi-
for example, measures of regulations Business assumes that entrepreneurs are ness (0.79 and 0.64, respectively).10
addressing safety at work or the knowledgeable about all regulations in A bigger question is whether the
right of collective bargaining. place and comply with them. In practice, issues on which Doing Business focuses
14 DOING BUSINESS 2011
matter for development and poverty portunities. But many have limited fiscal local entrepreuneurs improves matters
reduction. The World Bank study Voices space for publicly funded activities such more than their relative ranking. To aid in
of the Poor asked 60,000 poor people as infrastructure investment or for the assessing such improvements, this year’s
around the world how they thought they provision of publicly funded safety nets report presents a new metric (DB change
might escape poverty.11 The answers and social services. Reforms aimed at score) that allows economies to compare
were unequivocal: women and men alike creating a better investment climate, in- where they are today with where they
pin their hopes above all on income cluding reforms of business regulation, were 5 years ago. The 5-year measure
from their own business or wages earned can be beneficial for several reasons. of cumulative change shows how much
in employment. Enabling growth—and Flexible regulation and effective institu- economies have reformed business regu-
ensuring that poor people can participate tions, including efficient processes for lations over time (for more details, see
in its benefits—requires an environment starting a business and efficient insol- Data notes). This complements the yearly
where new entrants with drive and good vency or bankruptcy systems, can facili- ease of doing business rankings that
ideas, regardless of their gender or ethnic tate reallocation of labor and capital. As compare economies with one another at
origin, can get started in business and businesses rebuild and start to create new a point in time.
where good firms can invest and grow, jobs, this helps to lay the groundwork for As economies develop, they
generating more jobs. countries’ economic recovery. And regu- strengthen and add to regulations to
Small and medium-size enterprises latory institutions and processes that are protect investor and property rights.
are key drivers of competition, growth streamlined and accessible can help en- Meanwhile, they find more efficient ways
and job creation, particularly in develop- sure that as businesses rebuild, barriers to implement existing regulations and
ing countries. But in these economies up between the informal and formal sectors cut outdated ones. One finding of Doing
to 80% of economic activity takes place are lowered, creating more opportunities Business: dynamic and growing econo-
in the informal sector. Firms may be pre- for the poor. mies continually reform and update their
vented from entering the formal sector DOING BUSINESS AS A regulations and their way of implement-
by excessive bureaucracy and regulation. BENCHMARKING EXERCISE ing them, while many poor economies
Where regulation is burdensome still work with regulatory systems dating
and competition limited, success tends Doing Business, in capturing some key to the late 1800s.
to depend more on whom you know dimensions of regulatory regimes, has
than on what you can do. But where been found useful for benchmarking. DOING BUSINESS—
regulation is transparent, efficient and Any benchmarking—for individuals, A USER’S GUIDE
implemented in a simple way, it becomes firms or economies—is necessarily par-
easier for any aspiring entrepreneurs, tial: it is valid and useful if it helps Quantitative data and benchmarking
regardless of their connections, to oper- sharpen judgment, less so if it substitutes can be useful in stimulating debate
ate within the rule of law and to benefit for judgment. about policy, both by exposing poten-
from the opportunities and protections Doing Business provides 2 takes on tial challenges and by identifying where
that the law provides. the data it collects: it presents “absolute” policy makers might look for lessons
In this sense Doing Business values indicators for each economy for each of and good practices. These data also pro-
good rules as a key to social inclusion. It the 11 regulatory topics it addresses, and vide a basis for analyzing how different
also provides a basis for studying effects it provides rankings of economies for 9 policy approaches—and different policy
of regulations and their application. For topics, both by indicator and in aggre- reforms—contribute to desired out-
example, Doing Business 2004 found that gate.13 Judgment is required in interpret- comes such as competitiveness, growth
faster contract enforcement was associ- ing these measures for any economy and and greater employment and incomes.
ated with perceptions of greater judicial in determining a sensible and politically Eight years of Doing Business data
fairness—suggesting that justice delayed feasible path for reform. have enabled a growing body of research
is justice denied.12 Reviewing the Doing Business rank- on how performance on Doing Busi-
In the context of the global crisis ings in isolation may show unexpected ness indicators—and reforms relevant
policy makers continue to face particular results. Some economies may rank un- to those indicators—relate to desired
challenges. Both developed and devel- expectedly high on some indicators. And social and economic outcomes. Some
oping economies have been seeing the some economies that have had rapid 656 articles have been published in
impact of the financial crisis flowing growth or attracted a great deal of invest- peer-reviewed academic journals, and
through to the real economy, with rising ment may rank lower than others that about 2,060 working papers are available
unemployment and income loss. The fore- appear to be less dynamic. through Google Scholar.14 Among the
most challenge for many governments is For reform-minded governments, findings:
to create new jobs and economic op- how much the regulatory environment for
ABOUT DOING BUSINESS 15
• Lower barriers to start-up are in broader programs of reform aimed The Doing Business data are based on
associated with a smaller informal at enhancing economic competitiveness, domestic laws and regulations as well as
sector.15 as in Colombia, Kenya and Liberia, for administrative requirements. (For a de-
• Lower costs of entry encourage example. In structuring their reform tailed explanation of the Doing Business
entrepreneurship, enhance firm programs for the business environment, methodology, see Data notes.)
productivity and reduce corruption.16 governments use multiple data sources
• Simpler start-up translates into greater and indicators. And reformers respond to INFORMATION SOURCES
FOR THE DATA
employment opportunities.17 many stakeholders and interest groups,
• The quality of a country’s contracting all of whom bring important issues and Most of the indicators are based on laws
environment is a source of comparative concerns to the reform debate. World and regulations. In addition, most of the
advantage in trade patterns. Countries Bank Group dialogue with governments cost indicators are backed by official fee
with good contract enforcement on the investment climate is designed to schedules. Doing Business respondents
specialize in industries where encourage critical use of the data, sharp- both fill out written surveys and provide
relationship-specific investments are ening judgment, avoiding a narrow focus references to the relevant laws, regu-
most important.18 on improving Doing Business rankings lations and fee schedules, aiding data
• Greater information sharing through and encouraging broad-based reforms checking and quality assurance.
credit bureaus is associated with that enhance the investment climate. For some indicators—for example,
higher bank profitability and lower the indicators on dealing with construc-
bank risk.19 METHODOLOGY AND DATA tion permits, enforcing contracts and
How do governments use Doing closing a business—part of the cost
Business? A common first reaction is to Doing Business covers 183 economies— component (where fee schedules are
ask questions about the quality and rel- including small economies and some of lacking) and the time component are
evance of the Doing Business data and the poorest countries, for which little or based on actual practice rather than the
on how the results are calculated. Yet no data are available in other data sets. law on the books. This introduces a de-
the debate typically proceeds to a deeper
discussion exploring the relevance of
BOX 2.1
the data to the economy and areas How economies have used Doing Business in regulatory reform programs
where business regulation reform might
make sense. To ensure coordination of efforts across agencies, such economies as
Most reformers start out by seek- Colombia, Rwanda and Sierra Leone have formed regulatory reform com-
ing examples, and Doing Business helps mittees reporting directly to the president that use the Doing Business in-
in this (box 2.1). For example, Saudi dicators as one input to inform their programs for improving the business
Arabia used the company law of France environment. More than 20 other economies have formed such committees at
as a model for revising its own. Many the interministerial level. These include India, Malaysia, Taiwan (China) and
countries in Africa look to Mauritius— Vietnam in East and South Asia; the Arab Republic of Egypt, Morocco, Saudi
the region’s strongest performer on Arabia, the Syrian Arab Republic, the United Arab Emirates and the Republic of
Doing Business indicators—as a source Yemen in the Middle East and North Africa; Georgia, Kazakhstan, the Kyrgyz Re-
of good practices for reform. In the words public, Moldova and Tajikistan in Eastern Europe and Central Asia; Kenya, Liberia,
of Luis Guillermo Plata, the former Malawi and Zambia in Sub-Saharan Africa; and Guatemala, Mexico and Peru in
minister of commerce, industry and Latin America.
tourism of Colombia, Beyond the level of the economy, the Asia-Pacific Economic Cooperation (APEC)
It’s not like baking a cake where you follow organization uses Doing Business to identify potential areas of regulatory reform, to
the recipe. No. We are all different. But we champion economies that can help others improve and to set measurable targets. In
can take certain things, certain key les- 2009 APEC launched the Ease of Doing Business Action Plan with the goal of mak-
sons, and apply those lessons and see how ing it 25% cheaper, faster and easier to do business in the region by 2015. Drawing
they work in our environment. on a firm survey, planners identified 5 priority areas: starting a business, getting
credit, enforcing contracts, trading across borders and dealing with permits. The
next 2 steps: the APEC economies setting targets to measure results, and the cham-
Over the past 8 years there has been pion economies selected, such as Japan, New Zealand and the United States, de-
much activity by governments in re- veloping programs to build capacity to carry out regulatory reform in these areas.1
forming the regulatory environment for
domestic businesses. Most reforms relat- 1. Muhamad Noor (executive director of APEC), speech delivered at ASEAN-NZ Combined Business Council breakfast meeting, Auck-
land, New Zealand, March 25, 2010, http://www.apec.org.
ing to Doing Business topics were nested
16 DOING BUSINESS 2011
gree of subjectivity. The Doing Business DEVELOPMENT OF creation, Doing Business has made a se-
THE METHODOLOGY
approach has therefore been to work ries of amendments to the methodol-
with legal practitioners or professionals The methodology for calculating each ogy for the employing workers indicators
who regularly undertake the transac- indicator is transparent, objective and over the past 3 years, including in this
tions involved. Following the standard easily replicable. Leading academics col- year’s report. While this process has been
methodological approach for time and laborate in the development of the indi- under way, the World Bank has removed
motion studies, Doing Business breaks cators, ensuring academic rigor. Eight of the employing workers indicators as a
down each process or transaction, the background papers underlying the guidepost from its Country Policy and
such as starting and legally operating a indicators have been published in lead- Institutional Assessment questionnaire
business, into separate steps to ensure a ing economic journals. and instructed staff not to use the indica-
better estimate of time. The time estimate Doing Business uses a simple aver- tors as a basis for providing policy advice
for each step is given by practitioners aging approach for weighting compo- or evaluating country development pro-
with significant and routine experience nent indicators and calculating rankings. grams or assistance strategies. A note to
in the transaction. Other approaches were explored, includ- staff issued in October 2009 outlines the
Over the past 8 years more than ing using principal components and un- guidelines for using the indicators.20
11,000 professionals in 183 economies observed components. They turn out to In addition, the World Bank Group
have assisted in providing the data that yield results nearly identical to those of has been working with a consultative
inform the Doing Business indicators. simple averaging. The 9 sets of indicators group—including labor lawyers, em-
This year’s report draws on the inputs included in this year’s aggregate ranking ployer and employee representatives and
of more than 8,200 professionals. Table on the ease of doing business provide experts from the International Labour
14.1 lists the number of respondents sufficiently broad coverage across topics. Organization (ILO), the Organisation for
for each indicator set. The Doing Busi- Therefore, the simple averaging approach Economic Co-operation and Develop-
ness website indicates the number of is used. ment (OECD), civil society and the pri-
respondents for each economy and each vate sector—to review the methodology
indicator. Respondents are professionals IMPROVEMENTS TO THE and explore future areas of research.21
METHODOLOGY AND DATA REVISIONS
or government officials who routinely The consultative group has met several
administer or advise on the legal and The methodology has undergone contin- times over the past year, and its guidance
regulatory requirements covered in each ual improvement over the years. Changes has provided the basis for several changes
Doing Business topic. Because of the focus have been made mainly in response to in methodology, some of which have
on legal and regulatory arrangements, country suggestions. For enforcing con- been implemented in this year’s report.
most of the respondents are lawyers. The tracts, for example, the amount of the Because the consultative process and
credit information survey is answered by disputed claim in the case study was consequent changes to the methodology
officials of the credit registry or bureau. increased from 50% to 200% of income are not yet complete, this year’s report
Freight forwarders, accountants, archi- per capita after the first year of data col- does not present rankings of economies
tects and other professionals answer the lection, as it became clear that smaller on the employing workers indicators or
surveys related to trading across borders, claims were unlikely to go to court. include the topic in the aggregate ranking
taxes and construction permits. Another change relates to starting a on the ease of doing business. But it does
The Doing Business approach to business. The minimum capital require- present the data collected for the indica-
data collection contrasts with that of ment can be an obstacle for potential tors. Additional data collected on labor
enterprise or firm surveys, which capture entrepreneurs. Initially Doing Business regulations are available on the Doing
often one-time perceptions and experi- measured the required minimum capital Business website.22
ences of businesses. A corporate lawyer regardless of whether it had to be paid The changes so far in the methodol-
registering 100–150 businesses a year up front or not. In many economies only ogy for the employing workers indicators
will be more familiar with the process part of the minimum capital has to be recognize minimum levels of protection
than an entrepreneur, who will register paid up front. To reflect the actual po- in line with relevant ILO conventions as
a business only once or maybe twice. A tential barrier to entry, the paid-in mini- well as excessive levels of regulation that
bankruptcy judge deciding dozens of mum capital has been used since 2004. may stifle job creation. Floors and ceil-
cases a year will have more insight into This year’s report includes changes ings in such areas as paid annual leave,
bankruptcy than a company that may in the core methodology for one set of working days per week and the minimum
undergo the process. indicators, those on employing workers. wage provide a framework for balancing
With the aim of measuring the balance worker protection against excessive re-
between worker protection and efficient strictiveness in employment regulations
employment regulation that favors job (see Data notes).
ABOUT DOING BUSINESS 17
Doing Business also continues to 10. The World Economic Forum’s Global
benefit from discussions with external Competitiveness Report uses part of the
Doing Business data sets on starting a
stakeholders, including participants in 1. The standard cost model is a quantita-
business, employing workers, protect-
the International Tax Dialogue, on the tive methodology for determining the
ing investors and getting credit (legal
administrative burdens that regulation
survey instrument and methodology. rights).
imposes on businesses. The method can
All changes in methodology are ex- be used to measure the effect of a single 11. Narayan and others (2000).
plained in the Data notes as well as on law or of selected areas of legislation or 12. World Bank (2003).
the Doing Business website. In addition, to perform a baseline measurement of 13. This year’s report does not present rank-
all legislation in a country. ings of economies on the pilot getting
data time series for each indicator and
2. This has included a review by the World electricity indicators or the employing
economy are available on the website, be- Bank Independent Evaluation Group workers indicators. Nor does it include
ginning with the first year the indicator (2008) as well as ongoing input from the these topics in the aggregate ranking on
or economy was included in the report. International Tax Dialogue. the ease of doing business.
To provide a comparable time series for 3. Local experts in 183 economies are sur- 14. http://scholar.google.com.
research, the data set is back-calculated veyed annually to collect and update the 15. For example, Masatlioglu and Rigo-
data. The local experts for each economy lini (2008), Kaplan, Piedra and Seira
to adjust for changes in methodology are listed on the Doing Business website
and any revisions in data due to correc- (2007), Ardagna and Lusardi (2009) and
(http://www.doingbusiness.org). Djankov (2009b).
tions. The website also makes available 4. De Soto (2000). 16. For example, Alesina and others (2005),
all original data sets used for background 5. The indicators related to trading across Perotti and Volpin (2004), Klapper,
papers. borders and dealing with construction Laeven and Rajan (2006), Fisman and
Information on data corrections is permits and the pilot indicators on get- Sarria-Allende (2004), Antunes and
ting electricity take into account limited Cavalcanti (2007), Barseghyan (2008),
provided in the Data notes and on the web-
aspects of an economy’s infrastructure, Djankov and others (2010) and Klapper,
site. A transparent complaint procedure including the inland transport of goods Lewin and Quesada Delgado (2009).
allows anyone to challenge the data. If and utility connections for businesses. 17. For example, Freund and Bolaky (2008),
errors are confirmed after a data veri- 6. http://www.doingbusiness.org/ Chang, Kaltani and Loayza (2009) and
fication process, they are expeditiously Subnational/. Helpman, Melitz and Rubinstein (2008).
corrected. 7. Schneider (2005). 18. Nunn (2007).
8. http://www.enterprisesurveys.org. 19. Houston and others (2010).
9. OECD, “Indicators of Product Market 20. World Bank (2009e).
Regulation Homepage,” http://www 21. For the terms of reference and com-
.oecd.org/. position of the consultative group, see
World Bank, “Doing Business Employing
Workers Indicator Consultative Group,”
http://www.doingbusiness.org.
22. http://www.doingbusiness.org.
18 DOING BUSINESS 2011
Note: Rankings are the average of the economy’s rankings on the Entrepreneur
procedures, time, cost and paid-in minimum capital for starting a TIME (days)
business. See Data notes for details. Preincorporation Registration,
incorporation Postincorporation
Source: Doing Business database.
STARTING A BUSINESS 19
TABLE 3.2
Who made starting a business easier in 2009/10—and what did they do?
Feature Economies Some highlights
Simplified registration formalities Bangladesh, Brunei Darussalam, Chile, Democratic Haiti, before the earthquake, eliminated the
(seal, publication, notarization, inspection, Republic of Congo, Croatia, Grenada, Guyana, requirement that the office of the president or
other requirements) Haiti, India, Kazakhstan, Kenya, Kyrgyz Republic, prime minister authorize publication of company
Lithuania, Luxembourg, Panama, Syrian Arab statutes in the official gazette. Entrepreneurs can
Republic, Tajikistan, Zimbabwe now publish them directly in the gazette. This cut
start-up time by 90 days. Bangladesh replaced
the requirement for buying a physical stamp with
payment of stamp fees at a designated bank. It
also enhanced its electronic registration system.
Start-up time fell by 25 days.
Introduced or improved online procedures Brazil, Brunei Darussalam, Chile, Croatia, Ecuador, Croatia made it possible for limited liability com-
Germany, India, Indonesia, Islamic Republic of Iran, panies to file registration applications electroni-
Italy, Malaysia, Mexico, Peru cally through the notary public. This cut 1 proce-
dure and 15 days from the start-up process.
Cut or simplified postregistration procedures (tax Brazil, Cape Verde, Arab Republic of Egypt, The Philippines introduced a one-stop shop for
registration, social security registration, licensing) Montenegro, Mozambique, Peru, Philippines, Taiwan the municipal license and cut the inspection by
(China) the mayor’s office, reducing start-up time by 15
days.
Created or improved one-stop shop Cameroon, FYR Macedonia, Mexico, Peru, Slovenia, Peru created an online one-stop shop allowing
Tajikistan, Vietnam an entrepreneur to receive confirmation of busi-
ness registration and the tax registration number
at the same time. This cut 3 procedures and 14
days from start-up.
Abolished or r e d u c e d Bulgaria, Denmark, Kazakhstan, Sweden, Syrian Arab Zambia eliminated its minimum capital require-
minimum capital requirement Republic, Ukraine, Zambia ment. Syria reduced its requirement by two-
thirds.
Source: Doing Business database.
transparent and easily accessible regula- interactions an entrepreneur is required these reforms, the average time to start
tory processes. to have with government agencies. Busi- a company fell from 49 days to 34, and
Rich or poor, men and women ness entry requirements go beyond simple the average cost from 86% of income per
around the world seek to run and profit incorporation to include the registration capita to 41%.
from their own business. A 2007 survey of a business name; tax registration; regis-
among young people in the United States tration with statistical, social security and STREAMLINED PROCEDURES
showed that 4 in 10 have started a busi- pension administrations; and registration Seventy-one economies streamlined the
ness or would like to someday.4 With with local authorities.8 procedures to start a business. Of these,
some 550,000 small businesses created In 2009/10, 42 economies made it some established or improved a one-stop
across the country every month,5 entre- easier to start a business, with stream- shop by consolidating procedures into
preneurs are a powerful economic force, lining registration formalities the most a single access point. But simplifying
contributing half the GDP and 64% of popular feature of business registration procedures does not necessarily require
net new jobs over the past 15 years.6 reforms (table 3.2). Peru improved the creating new institutions: 19 economies
Such impacts are possible where business ease of starting a business the most, estab- simply merged procedural requirements
registration is efficient and affordable. A lishing a one-stop shop and simplifying or delegated them to one agency. Georgia
recent study using data collected from postregistration formalities at the district merged tax registration with company
company registries in 100 economies council level. This reduced the number of registration in 2007. Kazakhstan did the
over 8 years found that simple business procedures to start a business by 33%, the same in 2009. Ghana, Hungary, Monte-
start-up is critical for fostering formal time by 34% and the cost by 18%. negro, Samoa and Singapore allow firms
entrepreneurship. Economies with smart to check and reserve the company name
business registration have a higher entry WHAT ARE THE TRENDS? at the time of company registration. In
rate as well as greater business density.7 Portugal, Serbia and Ukraine the registry
Doing Business measures the pro- Starting a business has become easier can now publish information about the
cedures, time and cost for a small to across all regions of the world. In the company registration, so companies no
medium-size enterprise to start up and past 7 years Doing Business recorded longer have to arrange with a newspaper
operate formally (figure 3.2). The number 296 business registration reforms in 140 to advertise it.
of procedures shows how many separate economies (figure 3.3). As a result of Other economies merged postregis-
20 DOING BUSINESS 2011
preneurs to complete company, tax and 25,000 to 100,000 rupiah, further reduc- One-stop shops are starting to ex-
statistics registrations; open a company ing discretion. In Jakarta work is under pand beyond business registration for-
bank account; and publish the notice of way to set up a one-stop shop that will in- malities. In Tbilisi, Georgia, a public
the company’s formation on the registry’s clude business registration and licensing service center assists entrepreneurs not
website. In the past year it streamlined for small and medium-size enterprises. only with business licenses and permits
the process even more by adding regis- Zambia implemented a one-stop shop but also with investment, privatization
tration with the social fund. One-stop like the one Jakarta is setting up. procedures, tourism-related issues and
shops in economies as diverse as El Sal- While some one-stop shops are state-owned property management. Ac-
vador and Mali offer similar services. solely for business registration, others cording to a firm survey in 2008, senior
Single interfaces not only save time carry out many integrated functions, managers in Georgia spend only 2%
and money; they also increase transpar- such as postregistration formalities. of their time dealing with regulatory
ency. In Indonesia a new one-stop shop Some of these are virtual; others are requirements—and 92% of firms report
for business permits opened recently in physical, with one or more windows. spending less than 10% of their time on
Solo (formally known as Surakarta).10 In the 72 economies that have one-stop such requirements.11 By saving time,
Civil servants sit in full view behind open shops offering at least one service besides Georgian entrepreneurs save money too.
counters. There is no opportunity to seek business registration, start-up is more Another survey, in 2009, found that the
“speed money.” A flat fee of 5,000 rupiah than twice as fast as in those without service center’s simplified procedures
replaced a fee schedule ranging from such services (figure 3.5). helped businesses save an average of
3.25% of profits that year. For all busi-
TABLE 3.3 nesses served, this amounted to direct
Good practices around the world in making it easy to start a business and indirect savings of $7.2 million.12
Practice Economiesa Examples
Economies with established one-
stop shops are inspiring others to fol-
Putting procedures online 105 Cape Verde, FYR Macedonia, Maldives, New Zealand, Puerto
Rico, Saudi Arabia, Singapore low their lead. Portugal’s one-stop shop,
Having no minimum capital 80 Bangladesh, Belarus, Canada, Colombia, Mauritius, Tunisia,
Empresa no dia (company in a day), was
requirement Vietnam the inspiration for Uruguay’s similarly
Having a one-stop shop 72 Afghanistan, Azerbaijan, Italy, Jordan, Peru, Philippines, named Empresa en el dia.
Rwanda
a. Among 183 economies surveyed.
Source: Doing Business database; World Bank (2009f ).
22 DOING BUSINESS 2011
FIGURE 3.5
Economies with a one-stop shop make starting a business easier
Procedures and time by type of one-stop shop
0 0 Online
registration facility 17
Procedures Time
(number) (days) 0 5 10 15 20 25
REDUCING OR ELIMINATING a company has invested is enough to total registration time fell by 80%. Sin-
MINIMUM CAPITAL
cover its establishment cost. gapore’s online registration system saves
The minimum capital requirement dates The reduction or elimination of businesses an estimated $42 million
to the 18th century. Yet today 103 econo- minimum capital requirements in sev- annually.14 Electronic services are also
mies still require entrepreneurs to put up eral economies was followed by a jump more accessible, saving entrepreneurs
a set amount of capital before even start- in initial registrations. In the year after the time and cost of traveling to govern-
ing registration formalities. Such require- Jordan reduced its requirement from ment agencies and waiting in line.15
ments are intended to protect investors 30,000 Jordanian dinars to 1,000, the Today 105 economies use informa-
and creditors. But they have not proved number of newly registered companies tion and communication technology for
to be effective. In 71% of the economies in the country increased by 18%. In Mo- services ranging from name search to en-
requiring paid-in capital, the capital can rocco a reduction from 30,000 to 1,000 tirely online business registration. New
be withdrawn immediately after incor- dirham led to a 40% increase in the fol- Zealand, the easiest place to start a busi-
poration. So entrepreneurs often simply lowing year. Morocco is now considering ness, was the first to launch an online
borrow the money. “It even created a abolishing the requirement altogether. In company registration system, in 1996
new market,” explains an official from the many of the economies that did so, such (table 3.4). The online option has been
United Arab Emirates. “Entrepreneurs as the Arab Republic of Egypt and the mandatory since July 1, 2008. Canada,
would pay $20 just to borrow the required Republic of Yemen, companies are more the third easiest place to start a business,
money for one day. A much higher inter- likely to declare their actual capital. followed suit in 1999. Its system has been
est rate than anyone would ever receive entirely paperless since May 2006. India,
from a bank.” Moreover, fixed require- USING TECHNOLOGY TO BOOST Italy and Singapore also made online fil-
ments do not account for differences in EFFICIENCY ing mandatory. Egypt recently launched
firms’ credit and investment risk. Governments around the world are a new system to establish companies
Minimum capital requirements can increasingly using technology to im- electronically. The first phase of the sys-
also have counterproductive effects. Re- prove the efficiency of services and tem, allowing online submission of the
cent research suggests that they lower the accountability of public officials. registration application, is in place.
entrepreneurship rates across the 39 E-government initiatives range from To encourage use, some economies
economies studied.13 Not surprisingly, the data centers and shared networks to set lower fees for online registration. In
economies that originally introduced the government-wide information infra- Belgium online registration costs €140
requirement have long since removed it. structure and unified service centers for and paper registration €2,004. In Canada
Some economies have found other the public. Fifty-four economies intro- the costs are Can$200 and Can$350. In
ways to protect investors and creditors, duced information and communication Estonia documents filed online no longer
particularly in the case of limited liability technology in their business start-up have to be notarized.
companies. Hong Kong SAR (China) out- processes in the past 7 years, saving
lines provisions on solvency safeguards time and effort for businesses and gov-
in its company act. Mauritius conducts ernments alike. When Mauritius intro-
solvency tests. Taiwan (China) requires duced a computerized system for all
an audit report showing that the amount types of business registrations in 2006,
STARTING A BUSINESS 23
TABLE 3.4 WHAT ARE SOME RESULTS?
Who makes starting a business easy—and who does not?
Procedures (number) Making business entry easier has been
Fewest Most popular around the world. Many econo-
mies have undertaken business registra-
Canada 1 China 14
New Zealand 1 Bolivia 15
tion reforms in stages—and often as part
Australia 2 Brazil 15 of a larger regulatory reform program
Kyrgyz Republic 2 Brunei Darussalam 15 (figure 3.6). Among the benefits have
Madagascar 2 Greece 15 been greater firm satisfaction and sav-
Rwanda 2 Philippines 15 ings and more registered businesses, fi-
Slovenia 2 Guinea-Bissau 17 nancial resources and job opportunities.
Belgium 3 Venezuela, RB 17
Finland 3 Uganda 18
BIG JUMPS IN REGISTRATIONS
Hong Kong SAR, China 3 Equatorial Guinea 20
Egypt introduced a one-stop shop in
Time (days) 2005. Further reforms included incor-
Fastest Slowest porating more agencies in the one-stop
New Zealand 1 Lao PDR 100 shop, introducing a flat fee structure and
Australia 2 Brunei Darussalam 105 reducing and then abolishing the paid-in
Georgia 3 Haiti 105 minimum capital requirement. The time
Macedonia, FYR 3 Brazil 120 and cost of incorporation were reduced
Rwanda 3 Equatorial Guinea 136 in both 2005 and 2006, and by 2007
Singapore 3 Venezuela, RB 141 the number of registered companies had
Belgium 4 São Tomé and Principe 144
increased by more than 60%. Reductions
Hungary 4 Congo, Rep. 160
Albania 5 Guinea-Bissau 216
of the minimum capital requirement in
Canada 5 Suriname 694 2007 and 2008 led to an increase of more
than 30% in the number of limited liabil-
Cost (% of income per capita) ity companies.
Least Most Business registration reforms in
Denmark 0.0 Djibouti 169.9 FYR Macedonia made it one of the easi-
Slovenia 0.0 Comoros 176.5 est places to start a business today. In
Ireland 0.4 Togo 178.1 2006 company registration was changed
New Zealand 0.4 Zimbabwe 182.8 from a judicial process to an administra-
Canada 0.4 Guinea-Bissau 183.3 tive one, and a one-stop shop combined
Sweden 0.6 Gambia, The 199.6
company, tax and statistics registrations.
Puerto Rico 0.7 Haiti 212.0
United Kingdom 0.7 Chad 226.9 The publication requirement in the offi-
Australia 0.7 Central African Republic 228.4 cial gazette was replaced with automatic
Singapore 0.7 Congo, Dem. Rep. 735.1 registration on the registrar’s website. In
the year following these first changes,
Paid-in minimum capital
new firm registrations increased by
% of income about 20%.
Most per capita US$
Portugal eased business start-up in
Chad 387 2,397
2006 and 2007, reducing the time to start
Mauritania 412 3,956
Guinea-Bissau 415 2,117
a business from 54 days to 5. In 2007 and
Burkina Faso 416 2,122 2008 new business registrations were up
Djibouti 434 5,556 by 60% compared with 2006. In Belarus,
Central African Republic 469 2,109 which reformed business entry in 2006,
Togo 487 2,142 the number of new businesses registered
Guinea 519 1,922 almost tripled in 2007 and 2008. In 2008
Niger 613 2,084
Colombia introduced online company
Timor-Leste 921 5,000
registration. In 2009 new company reg-
Note: Eighty economies have no paid-in minimum capital requirement.
Source: Doing Business database.
istrations increased by 20%, twice the
increase experienced in previous years.
In 2006 Rwanda simplified its registra-
24 DOING BUSINESS 2011
TABLE 4.2
Who made dealing with construction permits easier in 2009/10—and what did they do?
Feature Economies Some highlights
Reduced time for processing permit applications Benin, Burkina Faso, Democratic Republic of Congo, In Benin a new commission to process building
Croatia, Hungary, Kazakhstan, Mexico, Peru, Romania, permit applications reduced the average time
Rwanda, Sierra Leone for dealing with construction permits from 410
days to 320.
Streamlined procedures Côte d’Ivoire, Croatia, Kazakhstan, Mali, Mexico, Saudi Ukraine cut 9 of 31 procedures, reducing time by
Arabia, Ukraine a third and cost by 6%.
Adopted new building regulations Croatia, Hungary, Kazakhstan, Romania Amendments to Romania’s construction law and
building regulations cut time by 15 days and cost
by 12.9%.
Reduced fees Burkina Faso, Democratic Republic of Congo, Rwanda, Vietnam’s new registration fee for completed
Vietnam buildings cut total cost by 43%.
Introduced or improved one-stop shop Kazakhstan, Paraguay, Russian Federation, Saudi In Paraguay a new single-window approach in
Arabia the municipality cut time from 291 days to 179.
Introduced risk-based approvals Kazakhstan, Mali Mali’s new simplified environmental impact as-
sessment for noncomplex commercial buildings
cut time by 9% and cost by 32.7%.
Improved electronic platforms or online services Colombia Colombia improved its electronic verification of
prebuilding certificates, which cut 1 procedure.
Source: Doing Business database.
28 DOING BUSINESS 2011
FIGURE 4.5
Taking advantage of one-stop shops and streamlined procedures in construction permits
150
209 213
7,899
Before reform After 1 year After 2 years Before reform After 1 year After 2 years Before reform After 1 year
(2007/08) (2008/09) (2009/10) (2005) (2006) (2007) (2008) (2009)
Source: Burkina Faso, Centre de Facilitation des Actes de Construire (CEFAC); Toronto City Building Department; Hong Kong SAR Government, Hong Kong Economic and Trade Office, Washington, D.C.
coordinate agencies involved in approving WHAT ARE SOME RESULTS? the most dynamic and rapidly growing
construction permits through some form sectors of the economy. The construction
of one-stop shop. Over the past 6 years Doing Business area in the capital tripled between 2004
recorded 110 reforms streamlining con- and 2007, from 463,000 square meters to
DIFFERENTIATING PROJECTS BY RISK struction permitting procedures world- 1.5 million. During the same period the
Not all buildings involve the same social, wide. Governments, the private sector construction sector expanded from 6.3%
cultural, economic or environmental im- and citizens alike are starting to see of GDP to 11%.10
pacts. A hospital or skyscraper cannot benefits. In other economies too, more effi-
be compared with a 2-story commercial cient approval procedures allowed agen-
warehouse. Efficient governments have GREATER CAPACITY cies to process greater volumes of permit
implemented rigorous yet differentiated More efficient systems can prepare gov- approvals and increased client satisfac-
construction permitting processes to ernments to take advantage of a pickup in tion. In 2006 Burkina Faso was among
treat buildings according to their risk construction activity. Look at Colombia. the 10 economies with the most complex
level and location. In 1995 obtaining building authorizations requirements in the world. Not surpris-
Simple or low-risk buildings require in Bogotá took 3 years on average. Today ingly, a survey that year found that more
less documentation than more complex it takes about a month. This is thanks to than 23% of local companies identified
structures and can be approved faster. a broad program of reforms targeting licenses and permits as a major con-
This saves time for both entrepreneurs the construction permitting process. The straint to doing business in the country.11
and authorities and allows them to di- government transferred the administra- To address this concern, a one-stop shop
rect their efforts and resources more tion of building permits to the private for construction permits, the Centre de
efficiently. Kazakhstan recently imple- sector, created a risk-based approval Facilitation des Actes de Construire, was
mented differentiated approval proce- process and introduced electronic veri- opened in May 2008. A new regulation
dures for complex and noncomplex proj- fication of the ownership status of build- merged 32 procedures into 15, reduced
ects, allowing a fast-track procedure for ings and land. The changes were timely, the time required from 226 days to 122
projects under 1,000 square meters. Be- because construction activity took off. In and cut the cost by 40%. Entrepreneurs
larus, Canada, Colombia and Germany 1996 the approved building construction took note. From May 2009 to May 2010
are among the 84 economies that have area was 11.3 million square meters. In 611 building permits were granted in
functioning fast-track application pro- 2007 it was 19.2 million—70% more. Ouagadougou, up from an average of
cesses for small commercial buildings. Meanwhile, the construction sector grew about 150 a year in 2002–06 (figure
After Bavaria implemented differentiated from 6% of GDP to 7%.9 4.5).12 Another firm survey, conducted
permitting approaches for low- and high- Georgia’s story is similar. The gov- in 2009, showed that the share of entre-
risk projects, builders saved an estimated ernment overhauled the construction preneurs considering the construction
€154 million in building permit fees in a permitting system between 2005 and permitting process to be problematic had
year, while building authorities needed 2009. Among other things, it created a dropped by 6 percentage points in the
270 fewer employees on their payroll.8 one-stop shop and gradually consoli- previous 3 years.13
dated 25 procedures into 10, reducing the
time to comply with formalities from 195
days to 98. Today construction is among
DEALING WITH CONSTRUC TION PERMITS 31
Hong Kong SAR (China), after fin- duced by 80% the number of in-person buildings erected do not comply with
ishing 2 years of regulatory changes to visits made to building authorities by proper safety standards. Without clear
reengineer its construction permitting out-of-state owners and architects.15 rules, enforcing even basic standards is a
system, also saw an increase in volume. Reducing delays benefits more than daunting task. Structural incidents have
The number of commercial building per- just builders and owners. A study in the multiplied. According to the Nigerian
mits grew by 14%, from 150 in 2008 to United States estimates that accelerat- Institute of Building, 84 buildings col-
171 in 2009—despite the global eco- ing permit approvals by 3 months in a lapsed in the past 20 years, killing more
nomic downturn. 22-month project cycle could increase than 400 people.22
The Canadian city of Toronto re- construction spending by 5.7% and
vamped its construction permitting property tax revenue for local govern-
process in 2005 by introducing time ments by 16%.16
limits for different stages of the process 1. OECD (2010).
and presenting a unique basic list of GREATER SAFETY AND 2. PricewaterhouseCoopers (2005).
TRANSPARENCY 3. U.S. Bureau of Labor Statistics, “Employ-
requirements for each project. Later
it provided for electronic information By some estimates 60–80% of building ment Situation,” January 2010, http://
www.bls.gov/.
and risk-based approvals with fast-track projects in developing economies are
4. ILO (2009).
procedures (“Commercial Xpress” for undertaken without the proper permits
5. KPMG (2009).
commercial buildings and “Residential and approvals.17 In the Philippines 57%
6. Bahrain, Ministry of Municipalities and
Fast Track” for residential buildings). of new construction is considered illegal.
Agricultural Affairs, http://websrv
Between 2005 and 2007 the number of In Egypt this share might reach 90%.18 .municipality.gov.bh/.
commercial building permits increased In Georgia before the new permitting 7. World Bank (2010a).
by 24% and between 2005 and 2008 the process that was initiated in 2005, fewer 8. Bayerisches Staatsministerium des In-
construction value of new commercial than 45% of construction projects had nern (2002).
buildings rose by 84%.14 legal permits. If procedures are overly 9. Espinosa-Wang (forthcoming).
complicated or costly, builders tend to 10. IFC (2008a).
LOWER COST—FOR BUILDERS AND proceed without a permit. This leads to 11. World Bank Enterprise Surveys (http://
REGULATORS
revenue losses for local authorities, limi- www.enterprisesurveys.org/).
Effective and efficient use of information tations on access to credit for the build- 12. Information provided by Burkina Faso’s
technology can reduce the regulatory ers and owners and the loss of formal Centre de Facilitation des Actes de
cost of construction. Jurisdictions across jobs in the construction sector.19 Construire.
the United States are using informa- Overly complicated construction 13. World Bank Enterprise Surveys (http://
www.enterprisesurveys.org/).
tion technology to increase efficiency. rules also can increase opportunities for
14. According to information provided by
More than 500 now use an advanced corruption. World Bank Enterprise Sur- the City of Toronto’s Office of the Chief
e-permit processing system. Introduced vey data show that the share of firms Building Official, the construction value
since 2003, the system has reduced the expecting to give gifts in exchange for of commercial buildings (excluding
time that professionals in the construc- construction approvals is correlated with industrial and institutional buildings)
rose from Can$1.56 billion in 2005 to
tion industry spend on permits by 30– the level of complexity and cost of deal- Can$2.87 billion in 2008.
40%. Interactive voice response systems ing with construction permits.20 Accord- 15. Information available at http://www
enable customers to use a touch-tone ing to a 2005 survey conducted in 15 .natlpartnerstreamline.org/.
telephone to connect with a jurisdiction’s countries by Transparency International, 16. PricewaterhouseCoopers (2005).
database of building code and land man- entrepreneurs perceive construction as 17. De Soto (2000).
agement applications, reducing the time one of the most corrupt industries, sur- 18. De Soto (2000).
to schedule and conduct inspections passing arms and defense, oil and gas, 19. Moullier (2009).
from 2–3 days to less than 24 hours. real estate and mining.21 20. World Bank (2009d).
Mobile field inspection technology has Good regulation ensures compli-
21. Kenny (2007).
increased the number of inspections per ance with the standards and protects
22. Agence France Presse, “Nigeria Approves
day by 25% and reduced contractors’ the public while making the permitting Building Code,” News24.com, August 3,
downtime while waiting for inspections process transparent and affordable for 2006, http://www.news24.com/. Because
and their results by 20%. More than 20 construction companies. Where infor- many cases go unreported, the actual
U.S. cities use e-plan review. This system mal construction is rampant, the pub- figure is probably higher.
of online submission of building plans lic can suffer. Nigeria, like Haiti, lacks
has shortened the review period by 40%, a uniform building code that sets the
eliminated the risk of lost plans and re- standards for construction. Many of the
32 DOING BUSINESS 2011
In the early 1990s people wanting to property is informal or poorly adminis- formal titles might go informal again.
register property in Minsk needed to tered, it has little chance of being used Even if titles remain formal, property
arrive outside the land registry by 5 a.m. as a guarantee. Hernando de Soto calls markets will not function effectively if
and, if it was winter, keep a fire going to such assets “dead capital.”2 The result regulations keep investment from being
stay warm during the long wait.1 Newly is limited access to finance, which can channeled to its most productive use.
independent Belarus had a complicated limit economic growth.3 Women can be And titles won’t lead to more credit if col-
registration process with many layers particularly affected. “I tried many times lateral laws make mortgaging property
of duplication, leading to delays of up to apply for a loan but didn’t get even a expensive and inefficient courts prevent
to 231 days. The system could not keep quarter. They tell me to bring collateral banks from enforcing collateral when
up with the growing real estate market. that I can’t provide… One time they a debtor defaults. Some studies report
That changed after 2004 (table 5.1). A asked for land and I don’t even have land. cases where titling failed to bring signifi-
new one-stop shop cut unnecessary pro- Sometimes they ask for buildings as col- cant increases in credit or income.5
cedures by centralizing the registration lateral as well,” says Antonia, a detergent Doing Business records the full se-
process and hired 10 times as many reg- manufacturer in Ghana. Her experience quence of procedures necessary for a
istrars. Today registering property takes is not uncommon. In 9 of 128 economies, business to purchase a property from an-
15 days, and the system covers 5 mil- including Cameroon and Chile, women’s other business and transfer the property
lion property units and manages 760,000 ownership rights over movable and im- title to the buyer’s name. The transaction
sales and first-time registrations a year. movable property are not equal to men’s, is considered complete when it is oppos-
Property is often requested by and in even more economies women able to third parties and the purchasing
banks as collateral for loans. But where have less right than men to mortgage it.4 company can use the property, use it
TABLE 5.1 Ensuring formal property rights is as collateral in taking new loans or, if
Where is registering property easy—and fundamental. Effective administration of necessary, sell it to another business
where not? land is part of that. If formal property (figure 5.2).
Easiest RANK Most difficult RANK transfer is too costly or complicated, In 2009/10, 21 economies made it
Saudi Arabia 1 Angola 174
Georgia 2 Guinea-Bissau 175 FIGURE 5.2
New Zealand 3 Liberia 176 What are the time, cost and number of procedures required to transfer a property
United Arab 4 Belgium 177 between 2 local companies?
Emirates Eritrea 178
Armenia 5 COST Buyer can use
Nigeria 179
Belarus 6 (% of property value) the property,
Timor-Leste 180 resell it or use
Lithuania 7
Micronesia, Fed. Sts. 181 it as collateral
Norway 8 PROCEDURES
Marshall Islands 182
Slovak Republic 9
Brunei Darussalam 183
Azerbaijan 10 Land & 2-story warehouse
Seller with property
Note: Rankings are the average of the economy’s rankings on the registered and no
procedures, time and cost to register property. See Data notes TIME
for details. title disputes
(days)
Source: Doing Business database. Preregistration Registration Postregistration
REGISTERING PROPERT Y 33
TABLE 5.2
Who made registering property easier in 2009/10—and what did they do?
easier to register property, 7 of them in GLOBAL TRENDS brance and cadastre information. The 2
the OECD high-income group and 4 in The most popular feature of property reg- certificates are now issued together.
Latin America and the Caribbean. Samoa istration reform in those 6 years, imple- Eight economies in Sub-Saharan
improved the ease of registering property mented in 52 economies, was lowering Africa undertook similar measures.
the most. It completed a 5-year project to transfer taxes and government fees. This Ethiopia and Rwanda decentralized their
move to a title system and computerized reduced the cost by 3.1% of the property land registries to eliminate bottlenecks,
the property registry, saving 4 months value on average. Sub-Saharan Africa creating new branches responsible for
from the time to register property. Six was the most active, with 22 economies properties in their jurisdiction. Ethiopia’s
economies lowered the cost, and 6 (in- lowering costs. Two gradually reduced 10 new branches and Rwanda’s 5 coordi-
cluding Samoa) increased administrative high transfer costs, Burundi by 10% of nate the work with municipalities and
efficiency at their registries (table 5.2). the property value and Burkina Faso by tax agencies. And Ethiopia’s registry now
Five others raised the cost to transfer 7%. Two others made big cuts all at once, assesses property’s market value using
property (compared with 2 on average in Rwanda by 8.8% of the property value predetermined tables, eliminating the
previous years). Bahrain, Greece, Paki- and Mozambique by 7.5%. need for physical inspections.
stan, Panama and Thailand raised the The second most popular feature, im- Twenty-eight economies, 9 in Sub-
transfer tax by an average of 4.2% of the plemented in 32 economies, was streamlin- Saharan Africa, increased administrative
property value—with Greece reversing ing procedures and linking or improving efficiency. Botswana and Madagascar
previous cuts and Thailand reversing a agencies’ systems to simplify registration. reorganized their land registries, hired
temporary cut. Antigua and Barbuda and These measures reduced interactions be- more staff and added more comput-
Belgium added new procedures. tween entrepreneurs and agencies—saving ers and branches. Botswana also linked
2 procedures on average—while maintain- staff salary increases to the achievement
WHAT ARE THE TRENDS? ing security and controls. of targets set by the land department’s
Thirteen such reforms took place in 3-year plan. Mali and Niger reorganized
In the past 6 years 105 economies un- Eastern Europe and Central Asia. Besides their land registries by reassigning work-
dertook 146 reforms making it easier to Belarus, Azerbaijan and Kazakhstan also loads and enhancing supervision.
transfer property (figure 5.3). Globally, created one-stop shops for property With 7 similar reforms, Latin Amer-
the time to transfer property fell by 38% transfers. In Latvia the land registry can ica and the Caribbean was also active.
and the cost by 10%. now check municipal tax databases di- Grenada recently nominated 2 new reg-
rectly, saving entrepreneurs a step. FYR istrars, 1 dedicated to property transac-
Macedonia centralized property encum- tions. This reduced the court registrar’s
34 DOING BUSINESS 2011
Protecting investors
Potential Can movable assets be
Paying taxes borrower used as collateral?
Trading across borders MOVABLE Collateral Credit registries and
Lender
ASSET registry credit bureaus
Enforcing contracts
Closing a business Can lenders access
credit information
What types can be on borrowers?
used as collateral?
Maria produces soybeans for export. She such as future crops and inventory as than 80% of countries.3 Supporting the
registered her small business after ob- collateral. It requires a specific descrip- use of collateral to lower the risks associ-
taining her first microfinance loan. For tion of collateral in the loan agreement. ated with lending therefore matters in
the past 5 years she has consistently Yet how can Maria know at the begin- the current economic context.
repaid her loans, each time qualifying ning of the season how many pounds Doing Business measures 2 types of
for a larger amount. Now she wants to of soybeans she will harvest? Where the institutions and systems that can facili-
obtain a commercial loan to diversify secured transactions system has been tate access to finance and improve its al-
production. Maria’s several years as a improved—as it has in such economies location: credit information registries or
diligent microfinance borrower will not as Bosnia and Herzegovina, Cambodia bureaus and the legal rights of borrowers
go unnoticed. In Bolivia, as in 45 other and Vanuatu—farmers, retailers and and lenders in secured transactions and
economies, private credit bureaus obtain other small businesses do not face this bankruptcy laws. These institutions and
data on the repayment patterns of micro- problem (table 6.1). systems work best together. Informa-
finance borrowers. Around the world movable assets, tion sharing helps creditors assess the
Ideally, Maria’s willingness to give not land or buildings, often account for creditworthiness of clients, while legal
her next soybean harvest as collateral most of the capital stock of private firms rights can facilitate the use of collateral
would also help her loan application. and an especially large share for micro, and the ability to enforce claims in the
But Bolivia’s legal framework for secured small and medium-size enterprises. event of default.
transactions makes it extremely diffi- In the United States movable property Credit histories are no substitute
cult for banks to accept movable assets makes up about 60% of the capital stock for risk analysis, whose importance has
of enterprises.1 Unlike in Bolivia and been underscored by the global financial
TABLE 6.1 other economies that do not allow a crisis. But when banks share informa-
Where is getting credit easy— general description of assets granted as tion, loan officers can assess borrowers’
and where not?
collateral, in the United States most of creditworthiness using objective crite-
Easiest RANK Most difficult RANK this movable property could serve as ria. For regulators, credit information
Malaysia 1 Syrian Arab 174 collateral for a loan. Research shows that systems provide a powerful tool for su-
Hong Kong SAR, 2 Republic in developed economies borrowers with pervising and monitoring credit risk in
China Tajikistan 175 collateral get 9 times as much credit as the economy. And greater information
New Zealand 3 Bhutan 176
South Africa Djibouti 177
those without it. They also benefit from sharing can support competition. A re-
4
United Kingdom 5 Eritrea 178 repayment periods 11 times as long and cent study in the Middle East and North
Australia 6 Madagascar 179 interest rates up to 50% lower.2 Africa found that lack of credit informa-
Bulgaria 7 São Tomé and 180 In 2009, however, the global finan- tion systems may curtail competition in
Israel Principe
8
Venezuela, RB 181
cial crisis adversely affected access to the banking sector.4
Singapore 9
United States Timor-Leste 182 credit globally. According to recent re- The 2 types of institutions are mea-
10
Palau 183 search, the volume of loans around the sured by 2 sets of indicators. One de-
Note: Rankings are based on the sum of the strength of legal world declined from 74% of global GDP scribes how well collateral and bank-
rights index and the depth of credit information index. See Data to 65%, while the volume at the national ruptcy laws facilitate lending. The other
notes for details.
Source: Doing Business database. level declined as a share of GDP in more measures the scope and accessibility of
40 DOING BUSINESS 2011
LEADING THE WAY IN LEGAL RIGHTS Depth of credit information index (0–6)
Economies in the OECD high-income OECD high income 4.7 4.9
group, Eastern Europe and Central Asia Middle East & North Africa 1.9 3.3
and East Asia and the Pacific stand out Eastern Europe & Central Asia 2.3 4.0
globally for their regulations facilitating South Asia 1.6 2.1
the use of movable collateral and modern East Asia & Pacific 1.8 2.1
Latin America & Caribbean 3.3 4.5
secured transactions systems (figure 6.3).
Sub-Saharan Africa 1.1 1.7
Economies in these 3 regions also had the 3.0
most reforms strengthening their legal
Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain,
frameworks as recorded by Doing Busi- Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies.
ness over the past 6 years. Some created Source: Doing Business database.
GE T TING CREDIT 41
TABLE 6.2
Who made getting credit easier in 2009/10—and what did they do?
Eastern Europe and Central Asia only is not enough, though. Clear priority formation systems, more than any other
54% do. Where a general description rules to resolve conflicting claims be- region (figure 6.4). The average coverage
of assets is not allowed, the use of cer- tween secured creditors when a debtor by public credit registries and private
tain types of movable collateral—such defaults can influence lending decisions credit bureaus increased from 4% of the
as inventory and accounts receivable—is too. Strong creditor rights expand the adult population to 30%, while in OECD
less appealing. Imagine a computer sales availability of loans because where lend- high-income economies it rose from 54%
company wanting to use its inventory ers have better legal protection during to 67%. While coverage remains uneven,
as collateral where the law requires that bankruptcy and reorganization, they are and a reliable credit information system
each computer be identified by serial more willing to extend credit on favor- is only one element of stable financial
number, color, weight and value. Using able terms.7 A recent study finds that markets, some economies benefited from
the inventory as collateral would be al- where secured creditors have priority such systems during the global financial
most impossible—because any changes over unsecured claims, the recovery rate crisis. A recent study suggests that in
to it would have to be recorded at the for loans tends to be higher and the risks Serbia the credit bureau helped preserve
registry or in the loan agreement. for creditors lower.8 liquidity in the banking sector and en-
In Eastern Europe and Central Asia sure its stability during the crisis.9 A
69% of economies give the highest prior- CATCHING UP IN CREDIT study in transition economies suggests
INFORMATION
ity possible in bankruptcy to secured that in economies with poor creditor
creditors (including, in several cases, Credit information systems are well rights, information sharing can improve
priority over labor and tax claims). Only developed in most OECD high-income both access to credit and the terms of
16% of economies in the Middle East economies, and economies in Eastern loan contracts.10
and North Africa and 9% of those in Europe and Central Asia are catching In East Asia and the Pacific half
Latin America and the Caribbean do up. In the past 6 years the region imple- the economies have no credit bureau or
so. First priority for secured creditors mented 36 improvements to credit in- registry, scoring 0 on the depth of credit
42 DOING BUSINESS 2011 IBRD 37997
FIGURE 6.4
CCREDIT
R DIT RREGISTRIES
E AND
BUREAUS AROUND THE WORLD OR
Both private bureau and public registry exist
Only private bureau exists
Only public registry exists
No private bureau or public registry exists
Not in the Doing Business sample
information index. But things are im- collateral registry. West Bank and Gaza is Credit information is hardly shared
proving. Timor-Leste is working to make in the process of adopting a new secured in Sub-Saharan Africa, even though
its new public credit registry fully op- transactions law. South Africa is thought to have the
erational. In the Pacific a regional credit In contrast, about three-fourths of world’s oldest private credit bureau, es-
bureau project is under way. The aim is the region’s economies have reformed tablished in 1901. But efforts to develop
to provide credit information across the their credit information systems since much-needed credit information systems
islands using a “hub and spoke” system. 2005. Indeed, the region ranks second started picking up in 2008, when Zambia
Such a system is generally built around a in the number of such reforms, with 22. established a private credit bureau. Its
central hub that serves as the host for the In 2005 only 3 economies in the region database initially covered about 25,000
data and the main information technol- had private credit bureaus; today 7 do. borrowers. Thanks to a strong commu-
ogy infrastructure. Participating econo- Yet the credit bureaus differ greatly in nications campaign and a central bank
mies are linked into the hub as “spokes,” scope. Nearly half the economies in the directive, coverage has grown almost
benefiting from economies of scale. region have a score of 3 or less on the 10-fold, to more than 200,000 by the be-
depth of credit information index, while ginning of 2010. A new private credit bu-
CREDIT INFORMATION GAINS IN THE half have a score of 4 or more. Among reau started operating in Ghana in 2010,
MIDDLE EAST AND NORTH AFRICA
the best performers are Egypt, Lebanon, and one in Uganda in 2009. Another, in
In the Middle East and North Africa Morocco, Saudi Arabia, Tunisia and the Rwanda, is getting ready to begin operat-
banks cite lack of transparency among United Arab Emirates. ing. Kenya and Nigeria have started issu-
small and medium-size enterprises and ing licenses for private credit bureaus.
the weak financial infrastructure (credit GROWING MOMENTUM IN AFRICA
information, creditor rights and collat- In Sub-Saharan Africa only 35% of econ- CONTINUED LEGAL CONSTRAINTS IN
LATIN AMERICA
eral infrastructure) as the main obstacles omies allow a general description of en-
to lending more to such enterprises.11 cumbered assets. And only 13% give pri- The coverage provided by credit infor-
Legal frameworks do little to encourage ority to secured creditors. A major effort mation systems in Latin America and
the use of movable collateral. Only 11% is under way in the 16 member countries the Caribbean is among the highest in
of economies in the region allow a gen- of the Organization for the Harmoniza- the world. But legal frameworks do not
eral description of encumbered assets. tion of Business Law in Africa to amend necessarily encourage lending. Less than
And until recently few had attempted the Uniform Act Organizing Securities, 9% of the region’s economies give pri-
to modify their legal structure. Saudi first implemented in 1998. In the mean- ority to secured creditors. Of the 32
Arabia amended its commercial lien law time Ghana introduced a new collateral economies in the region, only 14 permit
in 2010 to expand the range of assets registry, in February 2010. out-of-court enforcement and 15 allow
that can be used as collateral (table 6.2). a general description of assets. Only
It also plans to implement an electronic 3 economies—Guatemala, Haiti and
GE T TING CREDIT 43
Peru—have updated their secured trans- Now a project is under way to set up a WHAT HAS WORKED IN SECURED
actions legislation since 2005. But Chile, regional credit bureau in the Caribbean. TRANSACTIONS?
Honduras, Mexico and Nicaragua are Guyana recently passed the first credit
expected to adopt new laws and regula- bureau law in Latin America to allow the A sound secured transactions system
tions in the near future.12 They will join transfer of data to a regional credit bu- has 3 main pillars. The first, already ad-
the growing number of countries that reau, the Credit Reporting Act 2010. dressed, relates to creation of the security
are adopting the Inter-American Model interest, covering how and what kind of
Law on Secured Transactions developed MORE OPPORTUNITY IN SOUTH ASIA movable property can be used as collat-
under the umbrella of the Organization South Asia has opportunity for further eral. The second consists of the methods
of American States in 2002. improvement. So far only India has a reg- of publicizing the security interest, usu-
Initiatives are also under way to fur- istry that is unified geographically and by ally through registration. The third deals
ther improve credit information sharing. asset type and that covers security inter- with priority rules and enforcement of
Eighteen economies already have good ests in companies’ movable property. But the security interest, determining how
systems, with a score of 5 or higher on the registry is limited because it registers easily creditors can recover their invest-
the depth of credit information index. only security interests over the assets of ment after default by the debtor. Over
And Latin America has the largest per- incorporated companies, excluding such the years economies have focused on
centage of economies with systems that entities as sole proprietorships. Afghani- a number of features of these 3 pillars
include data from utilities, retailers and stan adopted a new secured transactions (table 6.3).
trade creditors. But 12 economies, most law in 2009 but has not yet implemented
of them small economies or Caribbean its registry. Nepal also adopted such a UNIFYING REGISTRIES
island states, lack any kind of credit law, in 2006, but its registry too is not yet A centralized collateral registry protects
bureau. operating. And Sri Lanka passed a new secured creditors’ rights by providing
For small economies, the high fixed secured transactions law in 2009 but has objective information on whether assets
costs of private credit bureaus can be not yet implemented it. are already subject to the security right
prohibitive. One alternative, if allowed South Asia has had the fewest im- of another creditor. It also helps clarify
by law, is to transfer the data to a neigh- provements to credit information sys- priority among creditors.
boring economy.13 Another is to create tems, limited mainly to India and Sri Sixty-seven of the 183 economies
a regional credit bureau. Credit bureaus Lanka. But Afghanistan is now under- covered by Doing Business have an ef-
covering Costa Rica, El Salvador and taking a groundbreaking effort to estab- ficient institution for registering security
Honduras work out of a hub in Gua- lish a modern credit registry. interests in business assets over their
temala. Such a system makes services entire geographic area.14 Thirteen econo-
efficient while reducing the initial invest- mies, most of them in Eastern Europe
ment for each participating economy. and Central Asia and East Asia and the
Pacific, have collateral registries that fol-
TABLE 6.3 low good practice standards (figure 6.5).
Good practices around the world in making it easy to get credit
These feature online access for registra-
Practice Economiesa Examples
tion and searches; register almost all
Allowing out-of-court enforcement 105 Australia, India, Nepal, Peru, Russian Federation, types of assets as collateral, regardless
Serbia, Sri Lanka, United States
of the nature of the parties involved; es-
Allowing a general description of 87 Cambodia, Canada, Nigeria, Romania, Rwanda, tablish clear parameters for priority; and
collateral Singapore, Vanuatu, Vietnam
maintain a central database searchable
Maintaining a unified registry 67 Bosnia and Herzegovina, Ghana, Guatemala, by the debtor’s name or a “unique identi-
Marshall Islands, Federated States of Micronesia,
fier.” Once registered, security interests
Montenegro, New Zealand, Romania, Solomon
Islands
immediately have effect against third
parties.
Distributing data on loans below 1% of 110 Albania, Bolivia, Bulgaria, France, Republic of
income per capita Korea, Mexico, Saudi Arabia
Electronic systems can increase ef-
ficiency, but they are no magic wand.
Distributing both positive and negative 96 Argentina, Brazil, China, Ecuador, Lithuania,
credit information Morocco, Portugal, Rwanda, United Kingdom
Spain created an electronic registration
system in 2002. But since the law still
Distributing credit information from 51 Australia, Canada, Denmark, Japan, Kenya,
retailers, trade creditors or utilities as Kuwait, Netherlands, South Africa, United States,
requires registrants to have their deed
well as financial institutions Uruguay notarized before completing registration,
a. Among 183 economies surveyed.
most people still submit a paper-based
Source: Doing Business database. registration form. As a result, there have
44 DOING BUSINESS 2011
reaus can also benefit the utility compa- for financial institutions seeking proven WHAT ARE SOME RESULTS?
nies. According to a recent study survey- good customers. A study of Latin Ameri-
ing 70 utility companies in the United can economies suggests that private credit In a world with asymmetric information,
States, 72% reported that the benefits of bureaus that distribute both positive and banks are more likely to lend to larger
credit reporting amounted to at least 2–5 negative information and have 100% par- firms, which typically are more trans-
times the costs. Half of all customers in- ticipation from banks help increase lend- parent and use international accounting
dicated that they would be more likely to ing to the private sector.22 standards. But supported by information
pay their bills on time if those payments sharing systems, banks can sensibly ex-
were fully reported to credit bureaus and STEERING CLEAR OF HIGH tend credit to smaller and less transpar-
THRESHOLDS
could affect their credit score.20 ent firms by basing their credit decisions
In emerging markets, where the Coverage can also be affected by mini- on past borrower behavior.24 This can
working poor make up more than 60% mum thresholds for the loans reported. increase entrepreneurs’ opportunities for
of the labor force,21 allowing the dis- High thresholds hurt groups that could success, regardless of personal connec-
tribution of payment information from benefit most from credit information tions. One study found that an increase
sources other than banks could make systems—such as small and medium- of 10 percentage points in the population
a big difference. China has close to 750 size enterprises and female entrepre- share covered by a private credit bureau
million mobile phone subscribers. Only neurs, whose loans are typically smaller. is associated with a 6% increase in pri-
a fraction have taken out a commercial Private credit bureaus tend to have lower vate sector lending.25
loan in the past. For all others, the abil- minimum loan thresholds, with a global Lending officers tend to have sub-
ity to unlock credit through a history of average of $459. For public credit regis- stantial discretion in offering loans, in-
reliably paying mobile phone bills could tries the average exceeds $30,000. cluding in the interest rates they set
open new opportunities. When smaller loans are reported and even in the types of collateral they
to credit bureaus, more borrowers can require from a borrower. This can open
REPORTING GOOD AS WELL AS BAD establish credit histories. When Belarus the door to bribery. By reducing the
A credit information system that reports eliminated its $10,000 threshold in 2008, discretion in evaluating loan applicants,
only negative information penalizes bor- more than 1 million women and men credit information systems can help re-
rowers who default on payments—but benefited from having their loans—no duce corruption in bank lending.26
fails to reward diligent borrowers who pay matter the size—reported to the credit Access to credit remains particularly
on time. Sharing information on reliable registry. Coverage of individuals rose sparse in developing economies. In devel-
repayment allows customers to establish a from around 113,000 to 1,920,000 in a oped economies adults have an estimated
positive credit history, useful information single year.23 3.2 bank accounts on average, and 81%
46 DOING BUSINESS 2011
FIGURE 6.6
Users take advantage of electronic registries for movable property as collateral
Percentage increase in registrations indexed to the first year of the registry’s existence
Romania 2001–07 1. Fleisig, Safavian and de la Peña (2006).
2. Alvarez de la Campa and others (2010).
First year
of electronic 3. CGAP and World Bank (2010).
registry 4. Anzoategui, Martinez Pería and Rocha
1,000 (2010).
Kosovo 2008–09
5. Simpson and Menze (2000).
6. The Australian law was still awaiting
implementation on June 1, 2010.
Bosnia and Herzegovina 2004–09
Serbia 2005–09
7. Qian and Strahan (2007).
500 Albania 2001–07
8. Djankov, Hart, McLiesh and Shleifer
(2008).
9. Simovic, Vaskovic and Poznanovic
Slovak Republic
2003–08
(2009).
100 10. Brown, Jappelli and Pagano (2009).
Year prior 1 2 3 4 5 6
to creation 11. Rocha and others (2010).
of registry Years since creation of electronic registry
12. Kozolchyk (2009).
Source: Doing Business database. 13. The Czech Republic, with a population
of around 10 million, decided to out-
have accounts. In developing economies system in the past 10 years—Albania, source its credit information services
adults have 0.9 accounts on average, and Bosnia and Herzegovina, New Zealand in 2002 to a private firm already set up
28% have accounts.27 But the outlook is and Serbia—registrations of movable col- in Italy. The bureau has already reached
almost 100% penetration in retail bank-
improving. In the past 6 years 71 econo- lateral increased sharply (figure 6.6). Ser- ing. The banking register contains more
mies implemented more than 121 re- bia’s volume of registrations jumped from than 13 million records, covering 6.5
forms to improve credit information sys- 4,346 in 2005 to 24,059 in 2009, while million individuals.
tems. Low-income economies increased Albania’s rose from 1,874 in 2001 to 4,105 14. These may include company registries,
the coverage of private or public credit in 2009, peaking at 9,860 in 2007. deed registries, filing offices and any
other institution with a central elec-
registries from 0.6% of the adult popula- Romania also improved its secured tronic database that records security
tion to 2.3%.28 And 20 more economies transactions system, in 1999. In the next interests over companies’ assets.
gained a private credit bureau. 4 years 600,000 new security interests 15. Data provided by the Spanish registry,
Institutions are of no benefit if they were registered, generating at least $60 Colegio de Registradores de la Propie-
go unused. But a recent survey of col- million in sustainable credit.29 Viet- dad, Mercantiles y Bienes Muebles de
España.
lateral registries is encouraging: 20 of 27 nam is another good example. It passed
16. Doing Business database.
registries that provided information on Decree 163 in 2006. Although its registry
17. Fleisig and de la Peña (2003).
the volume of registrations showed a sub- is still being computerized, the number
stantial increase since 2000 or since the of registrations increased from 43,000 in 18. Kozolchyk and Furnish (2006).
year they were created. In 4 economies 2005 to 120,000 by the end of 2008.30 19. Preliminary findings of ongoing internal
study at CRIF SpA, Italy (credit informa-
that improved their secured transactions tion services firm).
20. Turner and others (2009).
21. Stein (2010).
22. Turner and Varghese (2007).
23. Doing Business database.
24. Brown, Jappelli and Pagano (2009).
25. Turner, Varghese and Walker (2007).
26. Barth and others (2009).
27. Kendall, Mylenko and Ponce (2010).
28. Doing Business database.
29. Fleisig, Safavian and de la Peña (2006).
30. Alvarez de la Campa and others (2010).
47
Starting a business FIGURE 7.1
Dealing with construction permits Swaziland’s new company act strengthened investor protections
10 10 10 10 #1
Registering property economy
Getting credit
Eased access
Protecting to corporate
documents
Average of
investors Improved
approval and
disclosure Clarified
3 subindices
4.3 DB2011
Paying taxes requirements directors’ 120
duties
Trading across borders 2010 2.0
Enforcing contracts DB2010
Closing a business 2009 0 180
Extent of Extent of Ease of Strength Ranking on strength
disclosure director shareholder of investor of investor protection
index liability suits index protection index
index index (1–183)
Source: Doing Business database.
In 2007 the directors of CNOOC Ltd., Legal provisions requiring disclo- sets by company insiders for personal
a Chinese oil company incorporated in sure and access to information allow mi- gain. Related-party transactions are the
Hong Kong SAR (China) and listed on the nority investors to monitor the activities most common example. High owner-
Hong Kong Stock Exchange, wanted to de- of companies and preserve firm value. ship concentration and informal busi-
posit funds in its sister company CNOOC These provisions matter for the ability of ness relations can create the perfect en-
Finance Ltd. for 3 years.1 The transaction companies to raise the capital needed to vironment for such transactions, which
represented more than 10% of CNOOC’s grow, innovate, diversify and compete. allow controlling shareholders to profit
net assets. Shareholders were concerned One common way to raise capital is to at the expense of the company’s financial
because the transaction was unsecured. obtain credit from banks—but with the health—whether because company as-
If CNOOC Finance were to default or file global financial crisis, this has become sets are sold at an excessively low price,
for bankruptcy, CNOOC would be unable increasingly challenging. Another way is assets are purchased at an inflated price
to recover the money. A shareholders to issue or sell company shares to equity or loans are given by the company to
meeting was called to approve the trans- investors. In return, investors ask for controlling shareholders on terms far
action. More than 52% of independent transparency and accountability from better than the market offers.
shareholders voted against it, forcing the the company’s directors and the ability To ensure transparency and prevent
company to recover the money already to take part in major decisions of the abuse, policy makers regulate related-
deposited with CNOOC Finance. Poten- company. If the laws do not provide such party transactions. Research has found
tial damage was prevented—thanks to protections, investors may be reluctant to that companies can independently im-
the disclosure and approval requirements invest unless they become the controlling prove investor protections by adopting
of the securities and company laws in shareholders.2 internal corporate governance codes. But
Hong Kong SAR (China). One of the most important issues these are no substitute for a good legal
in corporate governance, and a particu- framework.3 Strong regulations clearly
TABLE 7.1 lar concern for minority investors, is define related-party transactions, pro-
Where are investors protected—and self-dealing, the use of corporate as- mote clear and efficient disclosure re-
where not?
Most protected RANK Least protected RANK FIGURE 7.2
New Zealand 1 Guinea 174 How well are minority shareholders protected against self-dealing
Singapore 2 Gambia, The 175 in related-party transactions?
Hong Kong SAR, China 3 Micronesia, Fed. Sts. 176
Malaysia 4 Palau 177 Lawsuit Mr. James
Extent of disclosure
Canada 5 Vietnam 178 Disclosure and approval
Colombia 6 Venezuela, RB 179 requirements 60% ownership, 90% ownership,
Extent of director liability sits on board of directors sits on board of directors
Ireland 7 Djibouti 180 Ability to sue directors
Israel 8 Suriname 181 for damages
Company A Company B
United States 9 Lao PDR 182 Minority (buyer) (seller)
Transaction
United Kingdom 10 Afghanistan 183 shareholders involving
Note: Rankings are based on the strength of investor protection
conflict of interest
Ease of shareholder suits
index. See Data notes for details. Access by shareholders to documents
Source: Doing Business database. plus other evidence for trial
48 DOING BUSINESS 2011
duras and Panama require no disclosure. term in the local language and context. WHAT HAS WORKED?
Part of the reason might be out- Thanks to a committee of linguists from
dated legislation. Most company laws in across the region, hawkamat al-sharikat, Economies with the strongest protections
continental Latin America were adopted meaning “the governance of companies,” of minority investors from self-dealing
in the early 1970s. Nicaragua’s dates to was agreed on after about a year.6 require more disclosure and define clear
1914, and Honduras’s to 1948. The Carib- Despite recent improvements, legal duties for directors. They also have well-
bean islands updated their legislation in protections in the region are often weak. functioning courts and up-to-date proce-
the 1990s and more strictly regulate con- Access to corporate information during dural rules that give minority investors
flicts of interest. One exception is Haiti, a trial to establish director liability is the means to prove their case and obtain
which still uses commercial legislation often limited. Such access helps minority a judgment within a reasonable time.
from the 19th century. The countries investors who suspect that the company
that brought their legal traditions to the has been run improperly to gather the SETTING STRICT RULES OF DISCLOSURE
region periodically update their laws, evidence needed to prove their case. Four Thirty-seven of the 183 economies cov-
with Portugal last updating its securi- economies—Egypt, Morocco, Saudi Ara- ered by Doing Business stand out for the
ties regulations in 2008, France its com- bia and Tunisia—have started to focus strictest rules on disclosure of related-
mercial code in 2005 and Spain its civil more on regulating corporate disclosure party transactions. These include New
procedure code in 2004. and related-party transactions. Zealand, Singapore, Albania and, thanks
to investor protection reforms in 2009,
PROTECTIONS OFTEN WEAK IN THE FEWEST INVESTOR PROTECTION Rwanda (table 7.3). The global financial
MIDDLE EAST AND NORTH AFRICA REFORMS IN SOUTH ASIA crisis as well as earlier corporate scandals
In the Middle East and North Africa South Asia has been the least active prompted governments around the world
6 investor protection reforms in 4 of in strengthening investor protections to strengthen disclosure requirements.
the 18 economies have been recorded against self-dealing. Doing Business re- This has been the most popular feature in
since 2005. When corporate governance corded 2 reforms in investor protections investor protection reforms since 2005,
reforms started in 2001, the first chal- in 2 of the region’s 8 economies—India accounting for 33 of the total.
lenge was to find an Arabic equivalent and Pakistan. These 2, along with Ban- Eight economies, including Croa-
for corporate governance. The reforms gladesh, have the strongest investor pro- tia, Maldives and Panama, require no
would not have been possible without tections in the region. disclosure of related-party transactions.
an agreement about the meaning of the Austria and Switzerland have strict dis-
PROTEC TING INVESTORS 51
FIGURE 7.5 rectors in case of abusive related-party
Stronger investor protections in Sub-Saharan African economies since 2005
transactions. These include Canada,
Strength of investor protection index (0–10)
Mexico and the United Arab Emirates,
6.3 6.3 which have rules encouraging directors
6.0 6.0
2010 to be prudent in the company’s day-
5.7
5.0 to-day management. Thirty-seven econ-
4.7 4.3 omies, including Bulgaria, China and
2005 4.3 Kazakhstan, do not clearly regulate the
4.0
liability of directors for abusive related-
party transactions. There, as long as the
2.7 interested parties comply with require-
2.0 ments for disclosure and approval of
related-party transactions, they are not
liable for any harm that results. The other
103 economies have rules on the liability
Botswana Mozambique Rwanda Sierra Leone Swaziland Tanzania
of directors, but often with loopholes.
Source: Doing Business database.
ALLOWING ACCESS TO EVIDENCE
closure provisions—but only for “mate- without defining that concept. Once a potentially prejudicial related-
rial” transactions not carried out “in In 21 economies, including Costa party transaction has occurred, what
the ordinary course of business.” Since Rica, the Philippines and Spain, related- recourse do minority shareholders have
Austrian and Swiss law does not define party transactions can be approved by in court? This depends in part on their
“material” transactions outside the “ordi- the manager, director, chief executive of- access to documentary evidence before
nary course of business,” even a related- ficer or whoever is specified in the com- and during the trial. Without access to
party transaction representing 10% of pany statutes. In 44 economies, including evidence, it is more difficult for minor-
the company’s assets could be considered the Czech Republic, Israel and the United ity investors to prove that directors have
to be in the “ordinary course of business.” States, these transactions are approved been managing the company’s affairs im-
This contrasts with Belgian and French by the board of directors and interested properly. Economies can have good laws,
law, which defines “ordinary course of parties are allowed to vote. Allowing but if access to corporate information is
business” as excluding transactions rep- interested parties to vote can open the limited and courts are inefficient, inves-
resenting 10% or more of assets. door to abuse. tors are unlikely to resort to the courts.
Only 15 of the 183 economies cov-
REGULATING APPROVAL OF RELATED- MAKING DIRECTORS LIABLE ered by Doing Business, including Israel
PARTY TRANSACTIONS Economies with the strongest protections and Japan, permit full access to docu-
The more participation by shareholders— regulate not only disclosure and approval mentary evidence both before and dur-
and the less by interested directors—in of related-party transactions but also the ing the trial. More than 30, including
the approval of related-party transactions, liability of directors when such transac- Canada, the Dominican Republic and
the greater the protections. Fifty-seven tions turn out to be prejudicial. This can Hong Kong SAR (China), allow share-
economies require shareholder approval be done by adopting a clear catalogue holders access to any corporate docu-
of large related-party transactions. Alba- of the rights and duties of directors or ment before the trial. Cyprus, France and
nia and Tajikistan adopted such rules in a special regime of liability for directors the United Kingdom allow shareholders
the past 5 years. in the event of an abusive related-party to request the appointment of a gov-
Such approval mechanisms work transaction. The board of directors is ernment inspector with full powers to
well only if the law does not allow many responsible for monitoring managerial verify and obtain copies of any corporate
exceptions and if the approval is required performance and achieving an adequate document. Kazakhstan, New Zealand,
at the time of the transaction. In Cam- return for shareholders while prevent- Peru and South Africa require that all
eroon and Lebanon shareholders can ing conflicts of interest and balancing company documents related to the case
vote on the transaction only at the an- competing demands on the corporation.7 be open for inspection during the trial.
nual meeting, after the transaction has To fulfill their responsibilities effectively, Mauritania, Syria and the Republic of
already occurred. Greece and the Slovak directors need clear rules and indepen- Yemen permit limited or no access to
Republic require shareholder approval dent judgment. evidence during the trial, making it vir-
only if the transaction does not take place Forty-three economies have clear tually impossible for minority investors
“in the ordinary course of business”— rules on the liability of company di- to prove their case.
52 DOING BUSINESS 2011
Payments Time
Source: Doing Business database.
For Carolina, who owns and manages a 35.7% of her profit in taxes. But that’s not Taxes are essential. In most econo-
Colombian-based retail business, pay- all. Recent evidence suggests that in deal- mies the tax system is the primary source
ing taxes has become easier in the past ing with government authorities, female- of funding for a wide range of social and
few years. In 2004 she had to make 69 owned businesses in Uganda are forced economic programs. How much revenue
payments of 13 different types of taxes to pay significantly more bribes and are these economies need to raise through
and spend 57 days (456 hours), almost 3 at greater risk of harassment than male- taxes will depend on several factors,
months, to comply with tax regulations.1 owned businesses.2 including the government’s capacity to
Today, thanks to new electronic systems Some economies treat women dif- raise revenue in other ways, such as rents
to pay social security contributions, she ferently by law. Côte d’Ivoire is an ex- on natural resources. Besides paying for
needs to make only 20 payments and ample. There, married women can pay public goods and services, taxes also pro-
spend 26 days (208 hours) a year on the 5 times as much personal income tax as vide a means of redistributing income,
same task. But high tax rates mean that their husbands do on the same amount of including to children, the aged and the
her firm still has to pay about 78.7% of income. Three other economies also im- unemployed. But the level of tax rates
profit in taxes. Juliana, the owner of a pose higher taxes on women—Burkina needs to be carefully chosen. Recent firm
juice processing factory in Uganda, faces Faso, Indonesia and Lebanon. But Israel, surveys in 123 economies show that com-
a different environment. She makes 32 Korea and Singapore impose lower taxes panies consider tax rates to be among the
payments cutting across 16 tax regimes on women, to encourage them to enter top 4 constraints to their business.4 The
and spends about 20 days (161 hours) a the workforce. Explicit gender bias in economic and financial crisis has caused
year on compliance. She has to pay only the tax law can affect women’s decision fiscal constraints for many economies,
to work in the formal sector and report yet many are still choosing to lower tax
TABLE 8.1
Where is paying taxes easy— their income for tax purposes.3 Reforms rates on businesses. Seventeen reduced
and where not? that simplify tax administration and profit tax rates in 2009/10. Canada, Ger-
Easiest RANK Most difficult RANK make it easier for everyone—individ- many and Singapore implemented tax
Maldives 1 Jamaica 174 uals and firms—to pay taxes can also cuts in 2009 to help businesses cope with
Qatar 2 Panama 175 remove gender biases. economic slowdown.5
Hong Kong SAR, 3 Gambia, The 176
China Bolivia 177 FIGURE 8.2
Singapore 4 Venezuela, RB 178 What are the time, total tax rate and number of payments
United Arab 5 Chad 179 necessary for a local medium-sized company to pay all taxes?
Emirates Congo, Rep. 180
Total tax rate Time
Saudi Arabia 6 Ukraine 181
Ireland 7 Central African 182 To prepare, file and pay
Republic % of profit Hours value added or sales tax,
Oman 8 per year
before all taxes profit tax and labor
Kuwait 9 Belarus 183 taxes and contributions
Canada 10
Note: Rankings are the average of the economy’s rankings on
the number of payments, time and total tax rate. See Data notes
for details. Number of payments
Source: Doing Business database. (per year)
PAYING TAXES 55
BOX 8.1
Does an economy’s size or resource wealth matter for the ease of paying taxes?
Some economies, especially small ones, rely on 1 or 2 sectors to generate most government revenue. This enables them to function with a nar-
rower tax base than would be possible in larger, more diverse economies. Maldives and Kiribati, for example, choose to tax mainly hotels and
tourism, sectors not captured by the Doing Business indicators, which focus on manufacturing. Other economies, such as Qatar, the United
Arab Emirates, Saudi Arabia and Oman, are resource-rich economies that raise most public revenue through means other than taxation.
Among both resource-rich economies and small island developing states there is great variation in rankings on the ease of paying taxes (see
figure).1 Differences in applicable tax rates account for some of the variation. But so do differences in the administrative burden. Among
resource-rich economies the total tax rate ranges from as low as 11% of profit in Qatar to as high as 72% in Algeria. Among small economies
the total tax rate averages around 38%. The administrative burden of paying taxes varies just as dramatically—being small or obtaining revenue
from resources does not always make taxation administratively easy. To comply with profit, consumption and labor taxes can take as little as 12
hours a year in the United Arab Emirates and 58 in The Bahamas—and as much as 424 hours in São Tomé and Principe and 938 in Nigeria.
Total tax rate
and payments Time
250 1,000
180
Time
(hours per year)
Total tax rate
200 800
(% of profit)
150 600
Payments
(number per year) 100
Ranking on the ease of paying taxes
100 400
50
50 200
0 10 0
MALDIVES
QATAR
UNITED ARAB EMIRATES
SAUDI ARABIA
OMAN
KUWAIT
KIRIBATI
BAHRAIN
NORWAY
VANUATU
TIMOR-LESTE
BRUNEI DARUSSALAM
TONGA
SURINAME
SEYCHELLES
ST. LUCIA
BAHAMAS, THE
SOLOMON ISLANDS
IRAQ
ST. VINCENT AND THE GRENADINES
DOMINICA
SAMOA
BELIZE
FIJI
GRENADA
MICRONESIA, FED. STS.
PALAU
MARSHALL ISLANDS
TRINIDAD AND TOBAGO
COMOROS
ST. KITTS AND NEVIS
CAPE VERDE
AZERBAIJAN
IRAN, ISLAMIC REP.
GUYANA
ANTIGUA AND BARBUDA
SÃO TOMÉ AND PRINCIPE
NIGERIA
EL SALVADOR
ANGOLA
ALGERIA
CONGO, REP.
1. Resource-rich economies analyzed are those where fiscal revenues from hydrocarbons and minerals account for more than 50% of the total (based on International Monetary Fund estimates).
Keeping tax rates at a reasonable vices that improve lives. Keeping rules as and pay 3 major types of taxes: profit
level can be important for encouraging simple and clear as possible is undoubt- taxes, consumption taxes and labor taxes
the development of the private sector edly helpful to taxpayers. Overly compli- and mandatory contributions. The total
and the formalization of businesses. This cated tax systems risk high evasion. High tax rate measures the tax cost borne by the
is particularly relevant for small and me- tax compliance costs are associated with standard firm (figure 8.2).8
dium-size enterprises, which contribute larger informal sectors, more corruption With these indicators, Doing Busi-
to job creation and growth but do not and less investment. Economies with ness compares tax systems and tracks
add significantly to tax revenue.6 Taxa- well-designed tax systems are able to tax reforms around the world from the
tion largely bypasses the informal sec- help the growth of businesses and, ulti- perspective of local businesses, cover-
tor, and overtaxing a shrinking formal mately, the growth of overall investment ing both the direct cost of taxes and
sector leads to resentment and greater and employment.7 the administrative burden of complying
tax avoidance. Decisions on whom to Doing Business addresses these con- with them. It does not measure the fiscal
tax and at what part of the business cerns with 3 indicators: payments, time health of economies, the macroeconomic
cycle can be influenced by many differ- and the total tax rate borne by a stan- conditions under which governments
ent factors that go beyond the scope of dard firm with 60 employees in a given collect revenue or the provision of public
this study. year. The number of payments indicator services supported by taxation.
Tax revenue also depends on gov- measures the frequency with which the The top 10 economies on the ease of
ernments’ administrative capacity to company has to file and pay different paying taxes represent a range of revenue
collect taxes and firms’ willingness to types of taxes and contributions, adjusted models, each with different implications
comply. Compliance with tax laws is im- for the way in which those payments are for the tax burden of a domestic medium-
portant to keep the system working for made. The time indicator captures the size business (table 8.1). The top 10 in-
all and to support the programs and ser- number of hours it takes to prepare, file clude several economies that are small or
56 DOING BUSINESS 2011
an electronic system. Online forms were Latin America & Caribbean Panama from 30 to 25 2010
simply too complex. Source: Doing Business database.
60 DOING BUSINESS 2011
TABLE 8.6
Who made paying taxes easier and lowered the tax burden in 2009/10—and what did they do?
TRUSTING THE TAXPAYER WHAT ARE SOME RESULTS? moved exemptions and industry-specific
Voluntary compliance and self-assessment allowances, such as its investment allow-
have become a popular way to efficiently Franklin D. Roosevelt once said, “Taxes, ance and tax holidays for manufacturing.
administer a country’s tax system. Tax- after all, are the dues that we pay for the Authorities aimed to increase revenue by
payers are expected and trusted to deter- privileges of membership in an orga- combining a low tax rate, a transparent
mine their own liability under the law and nized society.”15 There is no doubt about system, a reinforced tax administration
pay the correct amount. With high rates the need for and benefits of taxation. But and efficient collection—and they did. In
of voluntary compliance, administrative how economies approach taxation for the 2007/08 fiscal year corporate income
costs are much lower and so is the burden small and medium-size businesses varies tax revenue grew by 27%, and in 2008/09
of compliance actions.12 Self-assessment substantially. More than 119 economies it increased by 65%.
systems also reduce the discretionary made their business tax systems more ef- FYR Macedonia has implemented
powers of tax officials and opportunities ficient and effective in the past 6 years— major tax reforms for the past several
for corruption.13 To be effective, however, and have seen concrete results. years in a row. In 2007 it introduced a
self-assessment needs to be properly in-
troduced and implemented, with trans- EASIER PROCESS, MORE REVENUE FIGURE 8.6
parent rules, penalties for noncompliance Colombia introduced a new electronic Size of informal sector is associated
with ease of paying taxes
and established audit processes. system, PILA, that unified in one on-
Informal sector share of GDP
Of the 183 economies covered by line payment all contributions to so-
Doing Business, 74% allow firms to cial security, the welfare security sys- High
calculate their own tax bills and file the tem and labor risk insurance. Its use
returns. These include all economies in became mandatory for all companies in
Eastern Europe and Central Asia and 2007. By 2008 the number of companies
almost two-thirds in East Asia and the registered to pay contributions through
Pacific, the Middle East and North Af- PILA had increased by 55%. The social Low
rica and South Asia. Both taxpayers and security contributions collected that year
revenue authorities can benefit. Malaysia from small and medium-size companies Least Most
difficult difficult
shifted to a self-assessment system for rose by 42%, to 550 billion pesos. Economies ranked by ease
businesses in stages starting in 2001. Mauritius implemented a major tax of paying taxes, quintiles
Taxpayer compliance increased, and so reform in 2006. It reduced the corporate Note: Relationships are significant at the 1% level and remain
significant when controlling for income per capita.
did revenue collection.14 income tax rate from 25% to 15% and re- Source: Doing Business database; Schneider and Buehn (2009).
PAYING TAXES 61
new electronic tax service. In 2008 it accounts for as much as half of GDP,
amended the tax law to cut the profit tax can significantly affect the tax revenue
rate from 15% to 10%. In 2009 it imple- collected as a percentage of GDP.17 But 1. Days refer to working days, calculated
by assuming 8 working hours a day.
mented a new, clearer Law on Contribu- the reverse is also true: the structure of Months are calculated by assuming 20
tions for Mandatory Social Security— the tax system and the perception of the working days a month.
and imposed the corporate income tax quality of government services can affect 2. Ellis, Manuel and Blackden (2006).
only on distributed profits. Despite the the size of the informal sector in a coun- 3. World Bank (2010b).
global downturn, the number of com- try. Larger informal sectors as well as 4. Globally, companies ranked tax rates 4th
panies registered as taxpayers in FYR greater corruption are found where the among 16 obstacles to business in World
Macedonia increased by 16% between majority of firms perceive taxes as not Bank Enterprise Surveys in 2006–09
2008 and 2009. “worth paying” because of low-quality (http://www.enterprisesurveys.org).
In an effort to stimulate economic public goods and poor infrastructure. 5. Canada, as part of a plan to stimulate
growth and restore confidence, reduced
growth and create a more business- This view is supported by a recent survey the general corporate tax rate to 19%
friendly environment, Korea reduced the of business and law students in Guate- as of January 1, 2009. In Germany a
corporate income tax rate from 25% to mala. Most participants believed that tax stimulus package adopted in Novem-
22% in 2009 and plans to reduce it even evasion was ethical where tax systems ber 2008 introduced declining balance
depreciation at 25% for movable assets
further in future years. The revenue col- are unfair or corrupt and where govern- for 2 years and temporarily expanded
lected by the government in 2009 did ment commits human rights abuses.18 special depreciation allowances for small
not fall. Instead, the number of com- Doing Business data show that econo- and medium-size enterprises. A second
panies registered for corporate income mies where it is more difficult and costly stimulus package, approved in February
2009, provided further tax cuts. In Janu-
tax increased by 7%—and the corporate to pay taxes have larger shares of infor- ary 2009 Singapore’s Ministry of Finance
income tax revenue by 11%. mal sector activity (figure 8.6). announced a $15 billion “resilience
Sensitivity to tax reforms is affected package” to help businesses and workers
WHAT FIRMS VALUE by firm size. Large firms are usually more and reduced the corporate income tax
rate from 18% to 17%.
These results illustrate some of the ben- directly affected by changes. But small
6. International Tax Dialogue (2007).
efits of more effective tax systems and firms have a higher tendency to be un-
7. Djankov and others (2010).
appropriate tax rates. Recent research registered if tax rates are high, and tend
has found that in developing economies, to underreport income and size if higher 8. The company has 60 employees and
start-up capital of 102 times income per
where many firms are likely to be small incomes and bigger firms are taxed at capita.
and heavily involved in informal activity, a higher rate.19 In Côte d’Ivoire, where 9. This year’s report records all reforms
reducing profit tax rates helps reduce firms must pay 44% of profit and make with an impact on the paying taxes indi-
informality and raise tax compliance, more than 64 payments a year to comply cators between June 2009 and May 2010.
increasing growth and revenue.16 with 14 different taxes, a recent study Because the case study underlying the
paying taxes indicators refers to the fi-
The size of the informal sector, finds that firms avoid growing in order nancial year ending December 31, 2009,
which in many developing economies to pay less tax.20 reforms on the paying taxes indicators
FIGURE 8.7
implemented between January 2010 and
Total tax rates between 30% and 50% are most common May 2010 are recorded in this year’s re-
port, but the impact will be reflected in
Number of economies by income group the data in next year’s report.
50
10. The comparison of global averages refers
to the 174 economies included in Doing
Low and lower middle
40 income Business 2006. Additional economies
were added in subsequent years.
Upper middle and
high income 11. Australia intends to reduce the corporate
30 income tax rate from 30% to 29% from
July 1, 2013, and then to 28% from July
1, 2014. In Finland an initial proposal
20
includes reducing the corporate income
tax rate from 26% to 22% and increas-
10 ing the standard value added tax rate
of 22% by 2 percentage points. In the
United Kingdom the emergency budget
0 for 2010–11 calls for reducing the cor-
<10 10s 20s 30s 40s 50s 60s 70s 80s 90s 100+
poration tax rate to 27% for the 2011 fi-
nancial year and then, through cuts over
Total tax rate (% of profit) the next 4 years, to 24%. It also calls for
Source: Doing Business database.
62 DOING BUSINESS 2011
borders 12 6.
7.
8.
Rwanda
Cambodia
Egypt, Arab Rep.
Enforcing contracts
9. Spain
Closing a business
10. Philippines
Time to Time to
export import
Source: Doing Business database.
Traders at the Chirundu crossing between important for business. Bedi Limited, one study shows that during the recent
Zambia and Zimbabwe have long dealt a garment producer in Nakuru, Kenya, slump in global demand, making trade
with congestion and delays at the busy spent 18 months pursuing a trial order easier helped to mitigate the drop in an
border post. Procedures duplicated on for school items from Tesco, one of the economy’s exports by promoting stron-
each side of the border and involving up United Kingdom’s largest retail chains. ger links between suppliers and buyers.
to 15 government agencies often require Bedi landed the order and the delivery By contrast, an extra day’s delay led to
a wait of 2–3 days to clear goods. This is date was set for early July, in time for about an additional 0.5% fall in exports
starting to change, thanks to a one-stop the August back-to-school promotions. to the United States.4
border post that was recently established. Bedi’s goods arrived in Kenya’s port city While trade recovered in 2010 and
Trucking companies will save, because of Mombasa at the end of June, ready for fears of a surge in protectionism have
delays “cost each truck $140 per day in shipment. But they were delayed at the largely subsided, burdensome documen-
fixed costs and driver’s time,” notes Juma port due to congestion and didn’t arrive tation requirements, time-consuming
Mwapachu, the secretary general of the in the United Kingdom until August. customs procedures, inefficient port op-
East African Community. “The potential Bedi missed Tesco’s school promotions— erations and inadequate transport infra-
cost saving is about $486 million per and lost out on the chance to become structure still lead to unnecessary costs
year, which accrues to our economies part of its global supply chain.2 and delays for traders. Poor performance
and competitiveness.”1 The ability of firms and economies in just 1 or 2 of these areas can have seri-
In a globalized world, making trade to compete in global markets has been ous repercussions for an economy’s over-
between countries easier is increasingly put to the test in the past 2 years of eco- all trade competitiveness, as shown by
nomic turmoil. In 2009 world trade re- the World Bank’s Logistics Performance
TABLE 9.1
Where is trading across borders easy— corded its largest decline in more than 70 Index.5 By removing these obstacles,
and where not? years. No region was left untouched.3 But governments can create an environment
Easiest RANK Most difficult RANK FIGURE 9.2
Singapore 1 Niger 174 How much time, how many documents and what cost to export and import
across borders by ocean transport?
Hong Kong SAR, 2 Burkina Faso 175
China Burundi 176
United Arab 3 Azerbaijan 177
TIME TIME
Emirates Tajikistan 178
COST COST
Estonia 4 Iraq 179 To export To import
Finland 5 Congo, Rep. 180 DOCUMENTS DOCUMENTS
Denmark 6 Kazakhstan 181
Full, 20-foot container
Sweden 7 Central African 182
Korea, Rep. 8 Republic
Import
Norway 9 Afghanistan 183
Israel 10
Note: Rankings are the average of the economy’s rankings on the
documents, time and cost required to export and import. See Data Export
notes for details. Port and terminal Customs and Inland
Source: Doing Business database. handling border agencies transport
64 DOING BUSINESS 2011
TABLE 9.2
Who made trading across borders easier in 2009/10—and what did they do?
that encourages entrepreneurs to look change systems was the most popular WHAT ARE THE TRENDS?
beyond their own borders for business change, followed by improving customs
opportunities (table 9.1). administration and port performance Trading across borders as measured by
Doing Business measures the time (table 9.2). Doing Business has become faster and
and cost (excluding tariffs) associated Peru improved the ease of trading easier over the years. From the conclu-
with exporting and importing by ocean across borders the most. A new web- sion of a contractual agreement between
transport, and the number of documents based electronic data interchange sys- the exporter and importer to the mo-
necessary to complete the transaction tem is helping to speed up document ment goods are shipped or received (ex-
(figure 9.2). The indicators cover proce- submission as well as clearance time. cluding maritime transport) takes 23.1
dural requirements such as documen- Fewer physical inspections of cargo are days on average for exporting and 25.8
tation requirements and procedures at now needed at customs offices thanks for importing. In 2006 it took 26.4 days
customs and other regulatory agencies as to further implementation of risk-based on average to export and 30.9 to import.
well as at the port. They also cover trade inspections, though there remains room Traders in OECD high-income econo-
logistics, including the time and cost of for improvement. The introduction of mies have it easiest: to export or import
inland transport to the largest business payment deferrals for import duties and takes about 11 days and fewer than 5
city. These are key dimensions of the taxes has also reduced import time, since documents on average. Traders in Sub-
ease of trading—the more time consum- cargo no longer needs to sit at the port Saharan Africa, where trade is slowest
ing and costly it is to export or import, until tariffs and tax payments are settled. and most expensive, typically face delays
the more difficult it is for traders to be Rwanda further improved its trade logis- 3 times as long, with the time to export
competitive and to reach international tics environment by reducing the num- averaging 32 days and the time to import
markets. ber of trade documents required and 38 (figure 9.3).
In 2009/10, 33 economies made it continuing its efforts toward establishing Disparities among regions have
easier to trade. Sub-Saharan Africa ac- joint border management procedures changed little over the years. Exporting
counted for the most improvements in with Uganda and other neighbors. The and importing remain least expensive in
trading across borders, followed by the improvements build on earlier efforts in East Asia and the Pacific. Inland trans-
Middle East and North Africa and East- Rwanda to implement electronic submis- port is a challenge for many economies
ern Europe and Central Asia. Introduc- sion of customs declarations and increase of Eastern Europe and Central Asia be-
ing or enhancing electronic data inter- acceptance points for submission. cause of their distance from ports. And
TRADING ACROSS BORDERS 65
FIGURE 9.3
DB2011 DB2007
Trade becoming faster around the world—with biggest gains in the Middle East and North Africa
Regional averages in trading across borders
2010
Documents to export (number) Time to export (days) global
average
OECD high income 4.4 4.5 OECD high income 11 11
East Asia & Pacific 6.4 6.8 East Asia & Pacific 23 24
Latin America & Caribbean 6.6 6.6 Latin America & Caribbean 18 22
Middle East & North Africa 6.4 7.5 Middle East & North Africa 20 25
Eastern Europe & Central Asia 6.4 7.1 Eastern Europe & Central Asia 27 32
Sub-Saharan Africa 7.7 8.3 Sub-Saharan Africa 32 37
South Asia 8.4 8.5 South Asia 32 35
6.5 23.1
economies in South Asia require the and Peru.6 Efforts in several Eastern ports, were common in the Middle East.
largest number of trade-related docu- European economies to ease trade were These were motivated by years of record-
ments on average. Nevertheless, thanks motivated by the need to comply with EU high oil prices coupled with integration
to efforts at global, regional and national trade regulations or by the conditions for with global markets, as seen in Dubai,
levels, the global trade environment has accession to EU membership. for example.
improved. Trade facilitation has become The time to trade has fallen in all
an important part of governments’ strate- regions, for a number of reasons. In Sub- OVERCOMING GEOGRAPHIC
BARRIERS
gies to increase national competitiveness Saharan Africa much of the drop in the
and diversify exports, often supported time for exporting and importing was The geographic characteristics of econo-
by multilateral organizations—including achieved by introducing electronic data mies can also influence their approach
the World Trade Organization, the World interchange systems—as in Madagascar, to trade reforms. For small island states,
Customs Organization and the World Mali and Tanzania—and by reducing trade is often critical. Some, such as
Bank—and bilateral donors. delays at ports and customs through in- Singapore, have used their reliance on
frastructure improvements—as in Benin sea transport to their advantage and
CUTTING RED TAPE and Eritrea. Sometimes simply extend- become trade hubs for their region. The
Trade agreements and customs unions ing office hours—as in Kenya, Rwanda close proximity of the largest business
have spurred reforms around the world and Senegal—made processes faster. city to the port and the small volume of
making it easier to trade across bor- OECD high-income economies have cargo can mean speedy inland transport
ders. Cargo can move more easily within advanced the most in the use of elec- and customs clearance. But many islands
trade blocs such as the Southern Afri- tronic customs declarations. Economies are isolated—container vessels call at
can Customs Union thanks to a com- now achieve customs clearance times the port only every 35–40 days in São
mon transit document that can be used of hours or even minutes, as in France, Tomé and Principe, for example—and
in all member nations. The Association Korea and New Zealand. In the European lack economies of scale.
of Southeast Asian Nations (ASEAN) Union paperless electronic declaration By contrast, many landlocked econ-
has been working on an ASEAN-wide became mandatory in January 2010. omies face high inland transport costs to
single window since 2004. Negotiations Elimination of unnecessary docu- reach ports and delays at border posts.
on free trade agreements with the United mentation was popular in Latin America Not surprisingly, traders in landlocked
States have often been a driving force and the Caribbean. The Dominican Re- economies face a higher average time and
for improvements in trade facilitation public, Ecuador and Honduras elimi- cost to export and import than traders
in Latin America and the Caribbean, as nated notarization requirements. Large elsewhere. But geography is not destiny.
in Colombia, the Dominican Republic investments in infrastructure, including Border cooperation agreements can en-
66 DOING BUSINESS 2011
TABLE 9.4
Where is exporting easy—and where not? Where is importing easy—and where not?
Documents (number) Documents (number)
GAINS FOR GOVERNMENTS border) between 2005 and 2009. Ghana together more than 35 border agencies,
Businesses are not the only ones to ben- saw customs revenue grow by 49% in estimates that for every $1 earned in
efit. Making it easier to trade across the first 18 months after implementing customs revenue it spends only 1 cent—
borders can lead to significant benefits GCNet, its electronic data interchange a profit margin of 9,900%.12 Such gains
for the government by boosting cus- system for customs procedures.11 have allowed it to pass on the benefits to
toms revenue. In Angola between 2001 Making it easier to trade across traders. In 1988, under the manual sys-
and 2008, customs revenue increased by borders also assists government opera- tem, traders were charged a processing
more than 1,600%, though from a low tions. Rwanda’s consistent reforms easing and transmission fee of S$10. Today the
base. Not all governments experience trade have led to increased productiv- fee is only S$1.80.
such big surges in revenue, but steady ity of customs officials (figure 9.5). The While electronic systems can yield
increases add up. In Georgia improve- implementation of single windows in big gains, initial investments and op-
ments in customs clearance procedures, Korea and Singapore also led to big gains erations can be costly. Korea Customs
coupled with greater trade, contributed in productivity. Singapore, which estab- Service estimates that it spends some
to a 92% increase in value added tax rev- lished the world’s first national single $38 million annually on its information
enue (60–65% of which is collected at the window (TradeNet) in 1989 by bringing technology infrastructure, $9 million of
TRADING ACROSS BORDERS 69
FIGURE 9.5 BEYOND ANECDOTES
Improvements in customs administration
boost efficiency in Rwanda The case for trade facilitation reforms
goes beyond anecdotal evidence. It is well 1. Statement during the official launch of
611 the Chirundu one-stop border post, De-
2009 grounded in the economics literature. A
cember 5, 2009.
39% increase
study in Sub-Saharan Africa finds that
2. Bedi (2009).
a 10% reduction in exporting costs in-
2006 3. WTO (2010).
440 creases exports by 4.7%, a greater impact
4. Dennis (2010).
than would come from further reductions
5. World Bank, Logistics Performance
in tariffs by richer economies.13 Accord- Index, 2007 and 2010 (http://www
ing to another study, African economies’ .worldbank.org/lpi).
limited participation in global supply 6. The United States–Colombia Trade
63 chains for textiles and garments—both Promotion Agreement was signed on
time-sensitive products—can be attrib- November 22, 2006, but is awaiting ap-
Customs transactions cleared proval by the U.S. Congress before it can
per customs official per year uted to delays at customs.14
enter into force.
A study focusing on Asia-Pacific
Source: Government of Rwanda. 7. Sarmiento, Lucenti and Garcia (2010).
Economic Cooperation (APEC) econo-
8. BIZCLIR (2007).
mies shows that cutting the days to clear
9. Beruashvili and McGill (2010).
which is for the single-window system. exports by half could enable a small to
10. Korea Customs Service (2010).
But the estimated benefits, $2–3.3 bil- medium-size enterprise to increase its
11. De Wulf and Sokol (2004).
lion a year according to the agency, far share of exports in total sales from 1.6%
outweigh the costs. For economies with to 4.5%.15 Another study on APEC econ- 12. Singapore Customs Service (2007).
basic computer systems, however, the omies finds that eliminating layers of 13. Hoekman and Nicita (2009).
cost of implementing automated systems trade regulation and improving institu- 14. Yoshino (2008).
can be significant. tions would cut information and compli- 15. Li and Wilson (2009).
Moreover, automated systems can ance costs for businesses—and lead to an 16. Helble, Shepherd and Wilson (2009).
speed up customs procedures only if estimated 7.5% increase in intraregional 17. Bhattacharya and Wolde (2010).
customs officials and private sector users trade and $406 billion in global welfare 18. Cuñat and Melitz (2007), Depken and
are adequately trained to use the new gains.16 Transport constraints can play Sonora (2005), Levchenko (2007) and
Ranjan and Lee (2007).
technology. Inadequate infrastructure an important part in trade competitive-
can also be a constraint, such as when ness, according to a recent study. In the
customs officials are forced to stop work- Middle East and North Africa, reducing
ing every time an unreliable electricity transport constraints to the world aver-
supply disrupts internet connections. age could increase exports by about 10%
Nevertheless, many economies continue and imports by more than 11%.17
to learn from Singapore’s experience. But trade facilitation alone is not
Ghana, Madagascar, Mauritius, Panama enough. Other factors in the business
and Saudi Arabia are all using adapted environment, some of which are con-
versions of TradeNet. sidered elsewhere in this report, play a
complementary part in boosting trade.
Recent studies point to the importance
of such factors as the depth of credit in-
formation, enforcement of contracts and
flexibility of labor markets.18
70 DOING BUSINESS 2011
Starting a business FIGURE 10.1 cesses for dispute resolution are needed
Dealing with construction permits Higher ceiling for claims made enforcing
now more than ever (table 10.1).
Registering property
contracts faster and cheaper in Malawi
Time (days) For some economies growing case-
2009
Getting credit 400 loads have offered an opportunity to
Cost cut from
Protecting investors 142% of the claim come up with new solutions to improve
to 94%
Paying taxes the working of their courts. Dubai re-
300
Trading across borders Time 2010 sponded to pressures on its legal system
cut by
Enforcing 200 120 days
by creating specialized courts. While the
volume of cases has continued to grow,
contracts 100
the courts in Dubai can now handle a
greater number—resolving 58% more
Closing a business cases in 2009 than in the previous year.8
0
Improving court functions remains es-
Filing and Trial and Enforcement sential to sustaining a healthy, stable
service judgment
Source: Doing Business database.
economy, especially during a credit
crunch. A recent study found that effi-
Businesses worldwide continue to face of cases. In the past 5 years foreclosure cient contract enforcement is associated
challenges as a result of the global fi- cases in the state doubled while contract with greater access to credit for firms.9
nancial crisis—and are more concerned disputes increased by 23%.4 Thirteen economies made it faster,
than ever about recovering losses fast. In China in 2009 the number of con- cheaper or less cumbersome to enforce
In the past 2 years more disputes in- tract disputes was up by 8.6% from the a contract through the courts in 2009/10
volving property, supply contracts and year before.5 In Montenegro the commer- (table 10.2). Malawi improved the ease
banking transactions ended up in court, cial court of Podgorica had a nearly 300% of enforcing contracts the most by rais-
increasing caseloads and backlogs. Ire- jump in cases in 2009.6 In Serbia the 17 ing the ceiling for commercial claims
land’s commercial court had a record commercial courts saw incoming cases that small magistrates courts can hear
number of cases listed in 2009.1 In the grow from 135,497 in 2008 to 165,013 in (figure 10.1).
first 6 months of the year it had 192 cases 2009, an increase of 22%—more than 3 Doing Business measures the time,
entered, compared with 76 in the same times the 7% increase in 2007 and 2008.7 cost and procedural complexity of re-
period of 2007.2 In Denmark caseloads in The Belgrade commercial court experi- solving a commercial lawsuit between 2
enforcement courts increased by 38% in enced an even larger increase: about 40% domestic businesses. The dispute involves
2009 compared with 2007.3 In the United more cases were brought in 2009 than in the breach of a sales contract worth twice
States, New York State courts finished the the year before. the income per capita of the economy. The
year with the highest ever annual tally Reflecting the effects of the global case study assumes that the court hears
crisis, most cases were filed by large an expert on the quality of the goods in
TABLE 10.1 creditors, such as utility companies and dispute. This distinguishes the case from
Where is enforcing contracts easy—and mobile phone providers trying to collect
where not? simple debt enforcement (figure 10.2).
from defaulting debtors. Efficient pro-
Easiest RANK Most difficult RANK
WHAT ARE THE TRENDS? nological innovations include systems to forcement of judgments to the private
electronically store court documents on sector. In 2003, inspired by the French
Economies in all regions have imple- microfilm (as in Germany) and the use model, Lithuania introduced private
mented reforms easing contract enforce- of electronic communication through enforcement officers. In 2006 Bulgaria
ment in the past 7 years (figure 10.3). A data mailboxes to serve process (as in and FYR Macedonia followed suit, re-
judiciary can be improved in different the Czech Republic). In Norway a com- placing state enforcement officers with
ways. Higher-income economies tend puter system that tracks deadlines and self-employed private bailiffs.10 Georgia
to look for ways to enhance efficiency requires judges to justify postponements, combined the state and private mod-
by introducing new technology. Lower- together with new procedural rules since els, introducing private bailiffs in 2008
income economies often work on re- 2008, helped reduce the time for trial by alongside the state bailiffs to increase en-
ducing backlogs by introducing periodic a month. The United Kingdom recently forcement capacity. Since 2009 the Geor-
reviews to clear inactive cases from the introduced an electronic system in its gian Ministry of Justice has issued 38
docket and by making procedures faster. commercial court that allows filings 24 licenses to private enforcement agents.
hours a day, so litigants can now initiate Kazakhstan has a draft law aimed at in-
MORE AUTOMATION IN OECD lawsuits outside normal court hours. troducing private enforcement agents by
HIGH-INCOME ECONOMIES
2011. Armenia studied the introduction
OECD high-income economies lead in MORE SPEED IN EASTERN EUROPE of private bailiffs but decided to focus for
AND CENTRAL ASIA
the ease of enforcing contracts, with now on improving the performance of
court processes that are the cheapest Courts in Eastern Europe and Central state enforcement agencies.
and among the fastest for commercial Asia are the fastest globally, resolving
litigants. For a plaintiff to go from filing commercial disputes in 402 days on av- INCREASED EFFICIENCY IN
SUB-SAHARAN AFRICA
a claim to collecting the proceeds from erage. Thanks to consistent efforts to
the sale of movable assets costs 19% streamline courts, they have also acceler- Court reforms in Sub-Saharan Africa
of the claim value and takes about 518 ated the process the most since 2003—by have had the second greatest impact in
days on average. nearly 7 weeks on average. Many in the speeding up the enforcement of con-
What has driven the advances region focused on the enforcement of tracts. New case management systems,
made? Investing in automation. Half of judgments after the trial, reducing the commercial courts and measures to re-
OECD high-income economies have set time it takes by an average of 15 days duce backlogs have cut the time it takes
up electronic processes for filing claims since 2003. to resolve a commercial dispute by an
in commercial disputes, far more than A trend that started in Estonia in average of nearly 4 weeks since 2005. But
in any other region (table 10.3). Tech- 2001 and Latvia in 2002 is to move en- resolving a commercial dispute still costs
72 DOING BUSINESS 2011
Note: A Doing Business reform is counted as 1 reform per reforming economy per year. The data sample for DB2005 (2004) includes
155 economies. Twenty-eight more were added in subsequent years.
Source: Doing Business database.
ENFORCING CONTRAC TS 73
FIGURE 10 .4 change. In the past year, thanks to previ-
Fastest courts in Eastern Europe and Central Asia
Regional averages in enforcing contracts
ous years’ reforms to improve efficiency,
DB2011 DB2006
Botswana, Mali, Rwanda and West Bank
Time (days) and Gaza reduced the time to file and try a
389 2010
Eastern Europe & Central Asia 402 global case by 40 days on average (table 10.4).
average
OECD high income 518 533
South Asia 1,047 1,053 SPECIALIZING FOR SPEED
East Asia & Pacific 532 557
Introducing specialized courts has been
Middle East & North Africa 664 683
a popular improvement. A specialized
Sub-Saharan Africa 639 665
commercial procedure can be estab-
Latin America & Caribbean 707 726
lished by setting up a dedicated stand-
605
alone court, a specialized commercial
Procedures (number of steps)
section within existing courts or special-
OECD high income 31 32
ized judges within a general civil court.
Eastern Europe & Central Asia 36 37
44 44
Economies with stand-alone commercial
South Asia
36 37
courts include Sierra Leone, Sri Lanka
East Asia & Pacific
Middle East & North Africa 44 44
and Tanzania. Those with commercial
Sub-Saharan Africa 39 39
divisions within high courts include Ire-
Latin America & Caribbean 39 40 land, Kenya, Nigeria, Uganda and the
38 United Kingdom. In some economies
Cost (% of claim) the specialized commercial courts decide
19.3
OECD high income 19.2 only cases relating to bankruptcy, securi-
Eastern Europe & Central Asia 24.8 26.7 ties, maritime transport or intellectual
South Asia 27.0 38.9 property while general commercial cases
East Asia & Pacific 48.5 48.7 remain with the ordinary courts. This is
Middle East & North Africa 23.6 24.6
49.4 the case in such economies as Algeria,
Sub-Saharan Africa 50.0 Indonesia, the Slovak Republic, Thailand
Latin America & Caribbean 31.2 32.0 and Uruguay. Specialized courts, besides
34.7 offering the benefits of specialization,
Note: The data sample for DB2006 (2005) includes 174 economies. The sample for DB2011 (2010) also includes The Bahamas, Bahrain,
Brunei Darussalam, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar, for a total of 183 economies.
also generally resolve commercial dis-
Source: Doing Business database. putes faster.
Several economies have recently in-
past 2 years. Some solutions involved limited recourse to interlocutory ap- troduced reforms increasing court spe-
introducing computer-aided case man- peals, eliminated the need for a separate cialization. Jordan set up commercial di-
agement systems. Jordan and West Bank enforcement procedure and introduced visions in its courts of first instance and
and Gaza introduced software featur- electronic filing of certain documents its conciliation courts in 2008, assigning
ing online access to court records and in court. Brazil’s superior court has judges to hear solely commercial cases.
automated notification and case track- scanned 231,000 paper proceedings In Mauritius a specialized commercial
ing. Algeria and Saudi Arabia are also since 2007, saving 108 million sheets division in the supreme court began
developing automated case management of paper. This spares 1,836 hectares of hearing cases in 2009. Burkina Faso and
systems. Saudi Arabia’s will allow elec- forest—covering the equivalent of more Guinea-Bissau established dedicated
tronic filing and automatic assignment than 300 soccer fields—annually.12 commercial courts the same year. Syria
of court dates as well as keep a log of all plans to follow suit. If creating special-
proceedings. WHAT HAS WORKED? ized courts yields satisfied users, it can
In Latin America and the Carib- embolden governments to try broader
bean improvements have speeded up In the past 7 years Doing Business re- judicial reforms.
contract enforcement by an average of corded 103 reforms to improve court ef-
3 weeks since 2004. In the past several ficiency. Few have been successful, and INTRODUCING TECHNOLOGY
years such economies as Brazil, Colom- many have been slow to show impact. Using technology to track court pro-
bia and Peru have aimed to increase Court reform takes time to show results. cesses can make managing cases easier
procedural efficiency and reduce back- As the courts and users become accus- while increasing transparency and limit-
logs. Brazil has been pioneering change tomed to the new system, efficiency can ing opportunities for corruption in the
at the federal level. Since 2006 it has continue to improve for years after the judiciary. Automated court processes
74 DOING BUSINESS 2011
can also prevent the loss, destruction distribution.14 In 2008 Moldova comput- MEASURING PERFORMANCE
or concealment of court records.13 And erized its courts and introduced web- Measuring the performance of courts and
allowing litigants to file complaints elec- sites and audio recording equipment. individual judges can increase efficiency.
tronically in commercial cases, as the Court administrators reported that the Assessments of a court’s performance
United Kingdom recently did, makes changes made the courts’ work faster, can help its personnel set concrete tar-
initiating a lawsuit faster. In Armenia the easier and more efficient.15 Bulgaria’s gets and aid in evaluating the court’s
introduction of electronic case manage- supreme courts computerized their court progress toward its goals, in setting bud-
ment has increased transparency. Public records system in 2006, enabling litigants gets and in motivating staff to improve
kiosks with touch screens located in to access court documents and track a performance.22 What gets measured can
court buildings make case information case to its completion.16 All judgments of range from user satisfaction to costs,
available to the public. But simply intro- the supreme courts have been accessible timeliness and clearance rates.23 Econo-
ducing information technology does not online since October 2008. mies such as Australia, Singapore and
solve underlying procedural inefficiency. the United States have been using tools to
A thorough overhaul of court processes MANAGING CASES measure performance in the judicial sec-
is also necessary. Judicial case management has proved to tor since the late 1990s.24 Others started
Electronic systems also improve be effective in reducing procedural de- more recently.
efficiency within the courts, making lays. It also helps in monitoring perfor- In 2005 the Netherlands introduced
the work of judges and staff easier. In mance. Croatia is adopting an automated an innovative system that ties court
Egypt employees in the Alexandria and case management system that it expects performance to budget allocation. The
El Mansûra courts of first instance used will not only improve efficiency but also new system measures the output of the
to transcribe judges’ handwritten de- produce better statistical data for moni- courts—the number of cases resolved
cisions on typewriters. But thanks to toring the performance of judges.17 in each case category—and the Minis-
court modernization efforts, now they Botswana introduced case manage- try of Justice then allocates a budget to
can transcribe decisions directly into ment in its high court rules in 2008. The each court on that basis. Any operating
an electronic system, to be archived and average duration of trials has since fallen surplus can be added to a court’s future
promptly produced for docketing and from 912 days to 550. In 2006 Fiji ap- budget, giving the court an incentive to
ENFORCING CONTRAC TS 75
TABLE 10.4 WHAT ARE SOME RESULTS?
Who makes enforcing contracts easy—and who does not?
Procedures (number of steps) Well-functioning courts help businesses
Fewest Most expand their networks and markets.
Ireland 20 Guinea 50 Without effective contract enforcement,
Singapore 21 Kuwait 50 people might well do business only with
Hong Kong SAR, China 24 Belize 51 family, friends and others with whom
Rwanda 24 Iraq 51 they have established relationships.
Austria 25 Oman 51 Successful court reforms increase
Belgium 26 Timor-Leste 51
efficiency and save time. That’s the case
Luxembourg 26 Kosovo 53
Netherlands 26 Sudan 53
in Rwanda. The commercial courts inau-
Czech Republic 27 Syrian Arab Republic 55 gurated in Kigali in May 2008 have com-
Iceland 27 Brunei Darussalam 58 pleted more than 81.5% of the cases re-
Time (days) ceived. Because half the 6,806 cases that
the Kigali commercial courts received
Fastest Slowest
and resolved in 2008–09 had been trans-
Singapore 150 Timor-Leste 1,285 ferred from other courts, that means
Uzbekistan 195 Slovenia 1,290
a big reduction in the case backlog.27
New Zealand 216 Sri Lanka 1,318
Belarus 225 Trinidad and Tobago 1,340
The improved infrastructure of the new
Bhutan 225 Colombia 1,346 commercial courts also reduced delays
Korea, Rep. 230 India 1,420 in commercial dispute resolution. The
Rwanda 230 Bangladesh 1,442 registry, having mastered the new case
Azerbaijan 237 Guatemala 1,459 registration system, now enters cases
Kyrgyz Republic 260 Afghanistan 1,642 into the system swiftly. And time for ser-
Namibia 270 Suriname 1,715
vice by bailiffs has decreased. Since 2008
Cost (% of claim) the average time to resolve a commercial
Least Most dispute has declined by nearly 3 months,
Bhutan 0.1 Comoros 89.4 from 310 days to 230.
Iceland 8.2 Malawi 94.1 In 2002 Pakistan implemented the
Luxembourg 9.7 Cambodia 102.7 Access to Justice Program to reduce de-
Norway 9.9 Papua New Guinea 110.3 lays in a number of pilot courts. The
Korea, Rep. 10.3 Zimbabwe 113.1 improvements cost $350 million and fo-
China 11.1 Indonesia 122.7 cused on providing more training, such
Poland 12.0 Mozambique 142.5
as in case management techniques. Re-
Thailand 12.3 Sierra Leone 149.5
Slovenia 12.7 Congo, Dem. Rep. 151.8 search analyzing court data for 2001–03
Portugal 13.0 Timor-Leste 163.2 shows that after the court reform, 25%
Source: Doing Business database.
more cases were decided in the affected
districts.28 In 1993 India introduced debt
improve its efficiency. Besides output, of decisions, the treatment of the par- recovery tribunals, an expedited enforce-
the Dutch system also evaluates judicial ties, the promptness of the proceedings, ment mechanism that bypasses normal
quality, which includes the quality of the competence of the judge and the court procedures. Research drawing on
judicial decisions, the timeliness of pro- organization and management of adju- data for 2000–03 finds that introducing
ceedings, the degree to which court of- dication.26 Malaysia introduced a per- the tribunals reduced nonpayment of
ficials treat the parties in a case with due formance index for judges in 2009. The debt by 3–11% and made loans 1.4–2
respect and the expertise, independence index, fixed by the judges themselves, percentage points cheaper.29
and impartiality of judges.25 is aimed at allowing them to assess and Extending the use of information
Finland introduced quality bench- monitor their performance. The result: and communication technology can re-
marks in a number of courts in 2006. case disposal rates in Malaysian courts duce costs. In Austria a “data highway”
These are used to measure the opera- are already improving. for the courts that allows documents to
tional performance of courts, the quality be sent electronically has produced huge
savings. In 2009 there were about 3.4
million electronic exchanges of docu-
ments related to summary proceedings
76 DOING BUSINESS 2011
When Jan checked into Starý zámek, Historically, crises have been used as an out-of-court debt restructuring. In Hong
a business hotel in downtown Prague, opportunity to improve insolvency laws. Kong SAR (China), following an increase
he found everything just as expected: a As anticipated in Doing Business 2010, in bankruptcy petitions from 10,918 in
polite greeting from the reception staff, a several legislative changes in 2009/10 2007 to 15,784 in 2009,1 a new “corporate
comfortable room, neatly arranged tow- were inspired by the recent global fi- rescue” reorganization procedure was
els. Imagine his surprise when a waiter nancial and economic crisis. Germany under consideration in June 2010.
serving him breakfast in the café the next extended until 2013 its suspension of Keeping viable businesses operating
morning mentioned that the hotel could the obligation to file for insolvency for is one of the important goals of bank-
close any day—because the company overindebted companies whose business ruptcy systems.2 A firm suffering from
running it had been badly hit by the cri- would be likely to continue. The suspen- bad management choices or a temporary
sis. Jan, an attorney, checked the online sion, made in 2008 and initially sched- economic downturn may still be capable
insolvency register. He was relieved to uled to run only until the end of 2010, of being turned around. In most cases
find documents showing that the com- is aimed at keeping courts from being keeping the business alive is the most
pany was being reorganized. So the hotel overwhelmed by the many filings result- efficient outcome. Creditors get a chance
was likely to continue operating well ing from the crisis. to recover a larger part of their credit,
beyond his planned 3-week stay. Other changes addressed increases more employees keep their jobs, and
Saving viable businesses becomes es- in insolvency cases. Latvia introduced the network of suppliers and customers
pecially important in times of recession. a new out-of-court procedure in 2009. is preserved. But not all businesses that
Romania established special preinsol- become insolvent are viable. A good
TABLE 11.1 vency procedures in 2010 for distressed bankruptcy system weeds out the bad
Where is closing a business easy—
and where not? companies trying to avoid bankruptcy. from the good.
RECOVERY RECOVERY
In another response to the crisis, Spain Many recent reforms of bankruptcy
Easiest RATE Most difficult RATE passed a new law in 2009 introducing laws have been aimed at promoting reor-
Japan 92.7 Liberia 8.4 FIGURE 11.2
Singapore 91.3 Sierra Leone 8.4 What are the time, cost and outcome of the insolvency proceedings against a local company?
Canada 91.2 Ukraine 7.9
Norway 90.9 Haiti 6.7
Denmark 89.4 Venezuela, RB 5.9 Court
Finland 89.4 Philippines 4.5
United 88.6 Micronesia, Fed. Sts. 3.2 Outcome
Kingdom Time
Congo, Dem. 1.1 Cost
Belgium 87.6 Rep.
Recovery rate
Ireland 87.4 Zimbabwe 0.2
Taiwan, China 82.2 Central African 0.0 Secured INSOLVENCY
Republic creditor Insolvent Unsecured
(bank) company creditors
Note: Rankings are based on the recovery rate: how many cents
on the dollar creditors recover from an insolvent firm. See Data
notes for details. SECURED OTHER
Source: Doing Business database. LOAN CLAIMS
78 DOING BUSINESS 2011
TABLE 11.2
Who made closing a business easier in 2009/10—and what did they do?
Despite improvements, the average enforcement, judges have little or no expe- WHAT HAS WORKED?
recovery rate in Eastern Europe and Cen- rience in handling bankruptcy cases, and
tral Asia remains low, at 32.6 cents on the costs are prohibitive. Indeed, only East Many features can enhance a bankruptcy
dollar, mainly because of the weak insti- Asia and the Pacific has more expensive system. Key are the mechanisms for cred-
tutional framework. The implementa- insolvency proceedings on average, and itor coordination, qualified insolvency
tion of insolvency laws and professional only South Asia and the Middle East and administrators and a framework that en-
standards for administrators is lagging North Africa have longer ones. To close ables parties to negotiate out of court. An
behind the rapid pace of reform in bank- a business in Sub-Saharan Africa costs efficient judicial process is also critical.
ruptcy regimes. 20.7% of the value of the debtor’s estate
and takes 3.4 years on average. EMPOWERING CREDITORS
NEW INSOLVENCY REGULATIONS Only a small number of economies Creditors’ committees ensure control for
EXPECTED IN SOUTH ASIA in the region have improved their insol- the creditors over bankruptcy proceed-
In South Asia outdated laws based on vency systems in recent years. Mauritius ings. They supervise the operation of a
the British “winding-up” model are still and Rwanda implemented new insol- business by a debtor-in-possession and
binding in several economies. Insolvency vency acts in 2009. In June 2010 Malawi sometimes participate in the preparation
proceedings in the region are the longest was working on a new insolvency act, of a reorganization plan. In Finland credi-
in the world, taking 4.5 years on average. and South Africa was contemplating a tors’ committees play a significant role in
But the cost of proceedings is the lowest reform of its regulation of insolvency ad- reorganization proceedings.
globally, averaging 6.5% of the value of ministrators. Meanwhile, the 16 member More than half the 183 economies
the debtor’s estate. states of the Organization for the Harmo- covered by Doing Business recognize
In June 2010 bankruptcy reforms nization of Business Law in Africa were creditors’ committees (table 11.3). Almost
were being discussed in at least 3 econo- discussing an amendment of the uniform all insolvency laws in Eastern Europe
mies. Afghanistan was working with in- act on insolvency. and Central Asia, OECD high-income
ternational insolvency experts on ways to
improve its insolvency framework. India
and Pakistan were considering passing TABLE 11.3
Good practices around the world in making it easy to close a business
laws on restructuring.
Practice Economiesa Examples
LITTLE PRACTICE IN AFRICA Allowing creditors’ committees a 100 Colombia, Finland, Singapore
Sub-Saharan Africa has the largest share say in relevant decisions
of economies with little or no insolvency Requiring professional or academic 62b Botswana, Hong Kong SAR (China), Mexico
practice. Twelve of the region’s 46 econ- qualifications for insolvency admin-
istrators by law
omies—more than a quarter—have had
Providing a legal framework for 45 Cyprus, Italy, Puerto Rico
fewer than 5 insolvency cases annually in out-of-court workouts
recent years. In these economies the law a. Among 149 economies surveyed, unless otherwise specified.
still contemplates imprisonment (con- b. Among 147 economies surveyed.
Source: Doing Business database.
trainte par corps) as a method of debt
CLOSING A BUSINESS 81
economies and South Asia acknowledge lished specific professional or academic mies surveyed by Doing Business legally
a creditors’ committee as a participant requirements to ensure that the person requires professional qualifications for
in bankruptcy proceedings. In the Mid- replacing management has the knowl- administrators. In the Middle East and
dle East and North Africa, by contrast, edge and skills to do so. Most of the sur- North Africa only 3 economies do.
creditors’ committees are not popular. In veyed economies in Eastern Europe and Mandatory qualification require-
Sub-Saharan Africa 69% of the surveyed Central Asia and the OECD high-income ments are based on the notion that where
economies allow creditors’ committees a group have done so. But approaches dif- qualified insolvency professionals are in-
say in insolvency proceedings, while 65% fer. Germany’s insolvency act only has a volved, viable businesses should have
do in East Asia and the Pacific. general requirement that an administra- higher chances of survival and nonviable
tor be qualified for the case and experi- ones should generate higher proceeds
INSISTING ON QUALIFICATIONS enced in business. By contrast, in Canada in liquidation. Where the law has no re-
Professional insolvency administrators trustees in bankruptcy are licensed by quirements, the insolvency administra-
assist and sometimes replace the man- the Office of the Superintendent of Bank- tor is generally a trusted representative
agement of an insolvent company. Their ruptcy. The Canadian Association of In- of the creditors or a person deemed by a
tasks normally include registering all the solvency and Restructuring Professionals court to be up to the job.
creditors’ claims, assessing and admin- administers the official qualification pro-
istering the company’s assets (on their cess for individuals seeking to become li- PROMOTING OUT-OF-COURT
WORKOUTS
own or with the debtor’s management or censed trustees and establishes the rules
creditors’ committee), recovering assets of professional conduct and standards of The global financial crisis caused a surge
disposed of shortly before the insolvency professional practice for the members. in insolvency filings, especially in East-
and liquidating a bankrupt estate. Na- The insolvency laws of most of the ern Europe and Central Asia and OECD
tional laws vary in their approaches to surveyed economies in East Asia and the high-income economies. In Hungary the
determining whether insolvency admin- Pacific, Latin America and the Carib- number of bankruptcy filings increased
istrators are qualified for these tasks. bean and Sub-Saharan Africa contain no by 29% in 2009 compared with 2008.8 In
Only 42% of the economies sur- requirements for insolvency administra- England and Wales the number of com-
veyed by Doing Business have estab- tors. In South Asia none of the econo- pany liquidations rose by 22.8% in 2009
TABLE 11.4 compared with the previous year.9
Who makes closing a business easy—and who does not? One way to ease the burden on
courts is to limit their involvement to
Time (years) cases where parties cannot agree on their
Fastest Slowest own. Yet only about 45 economies in
a sample of 149 have a framework for
Ireland 0.4 Ecuador 5.3
Japan 0.6 Micronesia, Fed. Sts. 5.3 out-of-court workouts that allows credi-
Canada 0.8 Indonesia 5.5 tors and debtors to bring to a court a
Singapore 0.8 Haiti 5.7 prenegotiated reorganization plan. The
Belgium 0.9 Philippines 5.7 restructuring framework that the Bank
Finland 0.9 Belarus 5.8 of England began to develop after the
Norway 0.9 Angola 6.2 recession of the mid-1970s in the United
Australia 1.0 Maldives 6.7
Kingdom, known as the “London ap-
Belize 1.0 India 7.0
Iceland 1.0 Mauritania 8.0
proach,” ensured the survival of many
companies in later crises. And it inspired
Cost (% of estate)
similar sets of rules in other economies,
Least Most including Indonesia, Korea, Malaysia,
Colombia 1.0 Micronesia, Fed. Sts. 38.0 Thailand and Turkey.10
Kuwait 1.0 Philippines 38.0 Out-of-court workouts are most
Norway 1.0 Samoa 38.0 common in OECD high-income econo-
Singapore 1.0 Solomon Islands 38.0
mies. In Sub-Saharan Africa only 22%
Bahamas, The 3.5 Vanuatu 38.0
Belgium 3.5 Venezuela, RB 38.0
of the surveyed economies have rules on
Brunei Darussalam 3.5 Sierra Leone 42.0 out-of-court settlement for bankruptcy.
Canada 3.5 Ukraine 42.0 Where there are no explicit rules, credi-
Finland 3.5 Liberia 42.5 tors and debtors can usually negotiate
Georgia 3.5 Central African Republic 76.0 the restructuring of debt by using the
Source: Doing Business database. generally applicable laws on contracts
82 DOING BUSINESS 2011
FIGURE 11.5 Thus to avoid abuse of well-in- A reform of bankruptcy laws can
Big jump in reorganization filings after
a new law in the Republic of Korea tended provisions, the law should al- lead to important time and cost savings.
ways include a system of checks and In 1999 Colombia limited the duration
600 Reorganization balances—such as liability for frivolous of a reorganization procedure by setting
filings
500 Debtor Rehabilitation filings or robust practices for bringing a maximum of 8 months for negotia-
and Bankruptcy Act assets tunneled out of a debtor’s business tions. If no agreement is reached within
400 takes effect in April 2006
back into the estate. 8 months, liquidation becomes manda-
300 tory. According to a study of Colombian
WHAT ARE SOME RESULTS? firms that filed for insolvency between
200 Liquidation 1995/96 and 2003/04, the duration and
filings
100
A well-balanced bankruptcy system cost of the reorganization process fell.
functions as a filter, separating compa- Moreover, the selection of viable firms
0 nies that are financially distressed but into reorganization improved.16 In 2009
2006 2007 2008 2009 economically viable from inefficient Spain raised the ceiling for its expedited
Source: Supreme Court of Korea. companies that should be liquidated.11 bankruptcy procedure from a debt value
By giving efficient companies a chance of €1 million to €10 million. As a result,
and obligations. The disadvantage of such at a fresh start, bankruptcy law helps about 70% of bankruptcy proceedings in
agreements is that they are not opposable maintain a higher overall level of entre- Spain are now eligible for the expedited
to any of the creditors who did not par- preneurship in an economy.12 And by procedure. This procedure is less costly
ticipate in the settlement negotiations or letting inefficient companies go, it fosters than the regular one because it requires
become party to the ultimate agreement. an efficient reallocation of resources. appointing only 1 insolvency adminis-
Well-functioning insolvency re- trator (rather than 3). The changes are
KEEPING ABUSE IN CHECK gimes can facilitate access to finance, expected to reduce the backlog in insol-
Debtors filing for reorganization often do especially for small and medium-size vency courts, which may also result in
so because once a court accepts the case, enterprises, and thereby improve growth shorter proceedings.
it usually puts the enforcement of claims in the economy overall.13 A study of the A study of the 2000 bankruptcy
of individual creditors on hold. This al- 2005 bankruptcy reform in Brazil finds reform in Mexico also shows clear gains.
lows management and shareholders to that it led to an average reduction of 22% Looking at a sample of 78 bankruptcy
gain time, often for legitimate reasons in the cost of debt for Brazilian compa- cases in 1991–2005, the study finds that
but sometimes to tunnel valuable assets nies, a 39% increase in overall credit and the average time to go through bank-
out of the company. Moreover, debtors a 79% increase in long-term credit in the ruptcy fell from 7.8 years to 2.3 years,
may threaten to file for reorganization economy.14 Improvements in protection thus increasing the amounts recovered
and use this threat as leverage in restruc- for creditors led them to expect that by creditors.17 In 2008 Lithuania elimi-
turing negotiations with creditors. more assets would be available to them nated a statutory prefiling waiting period
Creditors too can use the threat to in insolvency. Since the risks for credi- of 3 months. Creditors could give debtors
file for bankruptcy, to force their terms tors were reduced, the costs for debtors 1 month’s notice of their intention to file
on debtors. In many economies banks were reduced as well.15 for bankruptcy, and insolvency proceed-
and companies prefer to avoid doing The efficiency of bankruptcy systems ings could commence 2 months earlier
business with a bankrupt firm, so a can be tested only if they are used. Cam- than before.
debtor will go to great lengths to try to bodia passed an insolvency law in 2007,
avoid bankruptcy. Where the law estab- but by the end of 2009 not a single case
lishes criminal liability of managers and had been filed under the new law. While
shareholders for the company’s simple Mexico introduced a framework for out- 1. Official Receiver’s Office of the govern-
ment of Hong Kong SAR (China), http://
failure to repay regular commercial debt, of-court workouts in 2007, this option has www.oro.gov.hk.
this often leads to abuse by creditors. not been widely used. Korea had a differ-
2. See Djankov, Hart, McLiesh and Shleifer
This happens in some Sub-Saharan Af- ent experience after it adopted the 2006 (2008).
rican economies and in the Middle East Debtor Rehabilitation and Bankruptcy 3. Ministry of Justice of the Czech
and North Africa. A more reasonable Act introducing debtor-in-possession re- Republic, http://portal.justice.cz.
option is for the law to establish manag- organization and allowing management 4. Ministry of Justice of the Czech
ers’ personal liability for failure to file to remain onboard to administer the Republic, http://portal.justice.cz.
for insolvency when mandated by law company’s turnaround. The number of 5. Outcome refers to whether the hotel
or criminal liability only for engaging in reorganization filings jumped from 76 in business in the Doing Business case study
emerges from the proceedings as a going
fraudulent transactions. 2006 to 670 in 2009 (figure 11.5).
CLOSING A BUSINESS 83
concern or whether the company’s assets
are sold piecemeal (see Data notes).
6. See Djankov (2009a).
7. See Dewaelheyns and Van Hulle (2009a).
8. Hungarian Association of Insolvency
Practitioners, http://www.foe.hu.
9. Insolvency Service of the United
Kingdom, http://www.insolvency.gov.uk.
10. See Lieberman and others (2005) and
Mako (2005).
11. See Dewaelheyns and Van Hulle (2009b).
12. See Armour and Cumming (2008).
13. See Uttamchandani and Menezes (2010).
14. See Funchal (2008).
15. See Funchal (2008).
16. See Giné and Love (2006).
17. See Gamboa-Cavazos and Schneider
(2007).
84 DOING BUSINESS 2011
pilot
indicators on
getting
GENERATION TRANSMISSION
electricity
DISTRIBUTION
New connections
Network operation and maintenance
Metering and billing
CUSTOMER
A young entrepreneur who manufactures warehouse in Berlin-Westhafen. His ware- providing reliable and affordable elec-
home furnishings in Moscow is working house is hooked up to electricity in less tricity to businesses.
hard to expand her business by setting than 3 weeks. The process involves just 3 Whether electricity is reliably avail-
up a new warehouse. She negotiated interactions with the utility and costs only able or not, the first step for a customer is
financing with the bank, spent weeks half the country’s income per capita. always to gain access by obtaining a con-
getting building and operating permits World Bank Enterprise Surveys in nection. It is this first and key step that
and invested in new machinery as well as 108 economies show that firms consider Doing Business aims to measure through
a new building. She has employees lined electricity to be among the biggest con- a new set of indicators. Introduced in
up and is ready to get started. But the straints to their business.2 Poor electric- Doing Business 2010 with data for an
young entrepreneur will have to wait. She ity supply has adverse effects on firms’ initial 140 economies, these indicators
needs to obtain a new electricity connec- productivity and the investments they measure the procedures, time and cost
tion for the warehouse, and in Moscow make in their productive capacity.3 To for obtaining a new electricity connec-
that requires many interactions with the counter weak electricity supply, many tion. The Getting Electricity data set cov-
utility, takes more than 10 months on firms in developing economies have to ers only a small part of electricity service
average and costs more than 40 times the rely on self-supply through a generator.4 (figure 12.1). Yet it provides information
income per capita.1 The cost of self-supply is often prohibi- on a number of issues for which data
Compare the experience of a similar tively high, especially for small firms,5 previously did not exist for such a large
entrepreneur in Germany, constructing a underlining the importance of utilities’ number of economies.
FIGURE 12.2
Procedures to obtain an electricity connection in Azerbaijan add up to an 8-month process
Time (days)
241 days
1. Application and technical 240
conditions
2. External inspection by utility
3. Technical design 180
4. Design approval from utility
5. Excavation permit
120
6. External connection
works
7. External inspection by Ministry
of Emergency Situations 60
8. External and internal
inspection by Energy Inspectorate
9. Supply contract 0
1 2 3 4 5 6 7 8 9
Procedures
Source: Getting Electricity database.
ANNEX • GE T TING ELEC TRICIT Y 85
FIGURE 12.3
Who is responsible for enforcing safety standards?
Economies by type of safety certification for internal wiring (%)
100
No regulations
for internal wiring safety
Electrical contractor
Combination of checks
0
Eastern Europe OECD South Asia Latin America East Asia Sub-Saharan Middle East &
& Central Asia high income & Caribbean & Pacific Africa North Africa
using a building but also for utilities. One evant professional bodies. The customer suance of compliance certificates and
customer’s faulty internal wiring can lead is not involved. introducing nonmandatory inspections
to power outages affecting other custom- But where professional standards by a new independent authority. The
ers connected to the same distribution are poorly established or qualified elec- government is also working to reduce
line. Because the quality of the internal trical professionals are in short supply, the shortage of skilled electricians in the
installation matters to utilities and the utilities or designated agencies may be country.
public alike, in most economies custom- better placed to carry out inspections While different approaches to deal-
ers seeking a connection for their busi- that ensure the safety of customers, even ing with the safety of internal wiring
ness need to go through some procedure if this leads to connection delays. In 15 installations can make sense in different
to ensure that quality. of the 31 economies surveyed in Latin environments, some cases emerging from
The approach taken to address safety America and the Caribbean, custom- the Getting Electricity data clearly suggest
issues varies. Some economies regulate ers are required to contact an outside room for immediate improvement. Be-
the electrical profession by establishing agency—often a regulatory agency, mu- cause electrical safety is a public concern,
clear liability arrangements for electrical nicipality or fire department—to inspect governments that require no checks of
contractors. Others regulate the connec- the internal wiring. electrical installations may fail to provide
tion process by requiring customers to Economies seeking to shift from reg- an important public good. Twenty-nine
obtain additional inspections and certifi- ulating the connection process to regulat- economies, many of them in the Middle
cations from the utility or outside agen- ing the electrical profession have to be East and North Africa and Sub-Saharan
cies before a new connection is granted careful not to transfer responsibility to Africa, fall into this category. At the other
(figure 12.3). private professionals too early. Take the extreme are governments that require
Getting Electricity data suggest that experience in South Africa.10 In 1992, multiple checks, imposing an excessive
economies that regulate the electrical in an attempt to free utilities from the burden on customers seeking to get con-
profession rather than the connection burden of inspecting internal wiring, the nected. Twenty-two economies, many
process itself not only lessen the burden government made private electricians li- of them in Eastern Europe and Central
on customers but also have shorter av- able for the quality of their wiring instal- Asia, are in this category.
erage connection delays. In economies lations. But the shortage of qualified elec-
such as Denmark, Germany and Japan trical professionals, and the ambiguity of MATERIAL SHORTAGES
the quality of the internal wiring is the the regulations in assigning responsibili- Connecting a new customer to an elec-
responsibility of the electrical contractor ties, led to an increase in customer com- tricity network requires materials and
who did the installation. The utility sim- plaints about substandard wiring. After equipment. If the new connection is
ply requests certification by the electrical 8 years of heated debate the government through an overhead line, wires must
contractor that the internal wiring was introduced new internal wiring regula- be extended; if it is through an under-
done in accordance with the prevailing tions in May 2009, clarifying standards ground connection, cables must be laid.
standards, usually established by the rel- for electrical installations and the is- Often the utility will also have to install
ANNEX • GE T TING ELEC TRICIT Y 87
FIGURE 12.4 Just buying the materials sometimes where the installed electrical capacity
Lack of materials causes delays for
utilities in 56% of low-income economies
is not enough. Where utilities shift this tends to be more constrained—driving
Share of economies where lack of materials
responsibility to customers, they have to up absolute connection costs for new
delays new electricity connections (%) ensure that the customers buy the right customers. The 10 economies with the
56 materials. This can mean additional pro- lowest costs are all high income except
cedures. Customers in such economies as the Marshall Islands and Panama. The 10
Côte d’Ivoire, Guyana, Kosovo, Madagas- with the highest costs are all low income
car, Nepal and Sierra Leone have to prove except Djibouti (table 12.2). Yet connec-
to the utility that the materials they tion costs are not just a function of the
purchased comply with the standards. general infrastructure in an economy.
Sometimes they must even present the They vary significantly among econo-
24
materials for testing at the utility. mies within income groups, suggesting
room to reduce the cost regardless of
14 WHAT DOES IT COST TO GET existing infrastructure (figure 12.5).
CONNECTED?
2
TRANSPARENCY AND
Low Lower Upper High ACCOUNTABILITY MATTER
The same electricity need can require
income middle middle income
income income different connection works, depending As utilities allocate the costs for new
Source: Getting Electricity database. on how constrained installed capacity connections between existing and pro-
is. In some economies the Getting Elec- spective customers, they have to balance
meters, new electricity poles and heavy tricity customer requesting a not trivial considerations of economic efficiency
equipment such as distribution trans- but still relatively modest 140-kilovolt- and fairness. In practice, it is often diffi-
formers. Requirements for materials not ampere (kVA) connection would simply cult to distinguish between capital works
only translate into costs; they also can receive an overhead line or underground needed to connect specific customers
lead to longer wait times. cable connection.11 But in many oth- and those needed to accommodate pro-
Utilities, especially those in low- and ers the capacity of the existing network jected growth or to improve the safety
lower-middle-income economies, often is constrained, and 140-kVA electricity or reliability of the distribution network.
have to delay new connections because therefore requires a more complicated This leaves room to make new custom-
they lack the materials needed (figure connection effectively leading to an ex- ers pay for investments in the network
12.4). In 39 economies survey respon- pansion of the distribution network. Such that will benefit other customers as well.
dents reported additional wait times— connections require significant capital Connection costs should therefore be as
up to 180 days in Vanuatu—because investments (such as the installation of transparent as possible, to allow custom-
in more than 50% of cases where new distribution transformers), often covered ers to contest them when they feel they
connections were requested, the utility by the new customer. are paying more than they should.
did not have such critical materials as Accommodating the demand of the But connection costs in many of the
meters or distribution transformers in Getting Electricity customer is naturally economies surveyed are not fully trans-
stock and had to order them specially. more likely to require additional capital parent. Utilities far too often present cus-
This suggests that the utility faces either investment in low-income economies, tomers with individual budgets rather
financial or inventory and procurement
TABLE 12.2
management constraints. Who makes getting electricity least costly—and who most costly?
In 16 economies the utility com-
Cost (% of income per capita)
pleting the external connection works
asked customers to provide such materi- Least Most
als as poles, meter boxes or transformers Japan 0.0 Madagascar 8,268.0
because it did not have them in stock. Hong Kong SAR, China 1.9 Djibouti 10,008.1
Requiring individual customers to pur- Trinidad and Tobago 2.5 Malawi 11,703.7
Qatar 5.1 Guinea 13,275.4
chase materials is not a cost-effective
Marshall Islands 6.5 Central African Republic 13,298.3
way to maintain a distribution network.
Iceland 6.6 Chad 14,719.8
But customers are often happy to com- Norway 7.3 Burkina Faso 14,901.3
ply. In Malawi customers purchasing the Australia 9.5 Benin 15,452.0
materials themselves reduced the time Panama 9.9 Congo, Dem. Rep. 27,089.4
required for obtaining a connection from Israel 12.6 Burundi 36,696.7
2–3 years to 8 months on average. Source: Getting Electricity database.
88 DOING BUSINESS 2011
WHO MADE GETTING veloped by the working group it formed WHAT’S NEXT?
ELECTRICITY EASIER IN 2009/10? are expected to reduce the time for the
utility to obtain an excavation permit This annex presents findings on the
Reforms making it easier to get an elec- from 2 months to 23 days. kinds of constraints entrepreneurs in
tricity connection are complex—often Changes to the system for checking 176 economies face in getting access
involving such stakeholders as regula- internal wiring can also cut connection to electricity and illustrates patterns in
tory agencies and other public service delays. Moldova eliminated duplication connection processes. By measuring the
providers—and take time to implement. in inspections. Before, both the util- procedures, time and cost for obtaining a
Connection processes were reformed in 8 ity and the State Energy Inspectorate new electricity connection, Getting Elec-
economies in 2009/10. inspected internal wiring installations, tricity allows an objective comparison
Mexico had the most radical reform effectively doing the same job twice. from the perspective of businesses (table
in getting electricity. The government Now only the State Energy Inspectorate 12.3). And it provides insights into the
liquidated the state-owned electrical util- inspects the installations. efficiency of distribution utilities and
ity company that served Mexico City Trinidad and Tobago clarified con- the environment in which they operate.
because severe structural problems had nection costs through a new capital Feedback from governments and utili-
made the company financially nonviable. contribution policy that took effect in ties on the Getting Electricity indicators
The distribution concession for the city August 2009. Before, connection costs and the findings presented in this report
was transferred to Mexico’s largest state were calculated case by case, making it is welcome and will be used to further
power company. In less than a year the difficult for customers to assess whether refine the methodology.
new concessionaire was able to substan- they were charged too much or not. Now Electricity connections are provided
tially shorten connection delays. Before, the utility bears the connection costs, by distribution utilities that retain mo-
customers in Mexico City had to be then distributes them across all custom- nopolistic positions even in otherwise
prepared to wait 10 months to get a new ers through clearly regulated consump- liberalized electricity markets. Busi-
electricity connection, the longest wait in tion tariffs. This reduced the connection nesses and other customers are therefore
Latin America and the Caribbean. Now cost for the Getting Electricity customer captive to the utility. By providing data
the average wait is 4 months. in Port of Spain by 52% of income per for benchmarking, Getting Electricity can
Several other utilities also cut con- capita. More important, the new policy benefit these distribution utilities and
nection times by streamlining internal increased the transparency of connec- their customers. With more economies
procedures. Changing procurement prac- tion costs for customers. included next year and more years of
tices for materials and making applica- Important improvements substan- data, Getting Electricity can help identify
tion procedures faster cut wait times at tially increased the electricity supply in 2 good practices that can inform future
the utility in Tanzania by 9 months. postconflict economies, Afghanistan and efforts to improve interactions between
In Suriname the utility introduced an Sierra Leone. Customers that would have utility service providers and businesses.
improved customer service policy in the had no choice before but to buy their
second quarter of 2009 that reduced the own generator can now obtain a con-
wait for inspections and external connec- nection to the local electricity network.
tion works. Other efforts under way are In Afghanistan a new transmission line
expected to further streamline internal is bringing electricity from neighboring
procedures. In Bosnia and Herzegovina Uzbekistan to Kabul. In Sierra Leone a
a new law shifted responsibility for ex- long-awaited hydroelectric power project
ternal connection works from the client started generating electricity, bringing
to the utility. This cut 2 procedures for more power to Freetown. An entrepre-
the customer. In Uganda the utility began neur running an internet café in western
outsourcing external connection works Freetown reports that 1 month’s electric-
to registered construction firms, cutting ity supply now costs him what he used
connection times by 60 days. to spend for 4 days of power from a gen-
Serving customers faster by improv- erator. But, he says, there is room for im-
ing working relationships with other provement.16 Connection costs went up,
public agencies was the aim of the ini- and wait times remain long as utilities in
tiative by the utility in Hong Kong SAR both countries work through a backlog of
(China).15 The performance pledges de- connection applications.
90 DOING BUSINESS 2011
TABLE 12.3
Getting electricity data
Cost Cost
Procedures Time (% of income Procedures Time (% of income
Economy (number) (days) per capita) Economy (number) (days) per capita)
Afghanistan 4 191 5,768.2 France 5 123 39.6
Albania 5 162 614.9 Gabon 6 160 316.8
Algeria 6 119 1,430.4 Gambia, The 4 178 6,526.3
Angola 8 48 1,278.5 Georgia 5 97 759.4
Antigua and Barbuda 4 42 132.2 Germany 3 17 51.9
Argentina 6 74 25.2 Ghana 4 78 2,423.5
Armenia 8 242 787.0 Greece 6 77 57.5
Australia 5 81 9.5 Grenada 5 49 370.2
Austria 5 23 113.0 Guatemala 4 39 655.5
Azerbaijan 9 241 658.0 Guinea 5 69 13,275.4
Bahamas, The 7 101 101.5 Guinea-Bissau 7 455 2,133.5
Bahrain 5 90 67.0 Guyana 7 109 568.5
Bangladesh 7 109 2,762.0 Haiti 4 66 3,345.3
Belarus 7 254 1,383.0 Honduras 8 33 1,109.9
Belgium 6 88 96.7 Hong Kong SAR, China 4 93 1.9
Belize 5 66 369.4 Hungary 5 252 126.5
Benin 4 172 15,452.0 Iceland 4 22 6.6
Bhutan 5 225 1,493.9 India 7 67 400.6
Bolivia 8 42 1,297.3 Indonesia 7 108 1,350.0
Bosnia and Herzegovina 8 125 535.6 Iran, Islamic Rep. 7 140 1,108.4
Botswana 5 121 495.3 Ireland 5 205 86.6
Brazil 6 59 150.5 Israel 6 132 12.6
Brunei Darussalam 5 86 46.7 Italy 5 192 332.9
Bulgaria 6 137 381.5 Jamaica 6 86 222.5
Burkina Faso 4 158 14,901.3 Japan 3 105 0.0
Burundi 4 188 36,696.7 Jordan 5 43 323.8
Cambodia 4 183 3,581.5 Kazakhstan 6 88 111.3
Cameroon 4 67 1,846.0 Kenya 4 163 1,449.6
Canada 8 168 152.3 Kiribati 6 142 4,297.0
Cape Verde 5 58 1,217.5 Kosovo 7 60 910.1
Central African Republic 6 210 13,298.3 Kuwait 7 36 63.4
Chad 5 66.5 14,719.8 Kyrgyz Republic 8 337 2,111.1
Chile 6 31 82.8 Lao PDR 5 134 2,734.3
China 5 132 755.2 Latvia 6 198 405.2
Colombia 5 165 1,182.7 Lebanon 5 75 23.9
Congo, Dem. Rep. 6 58 27,089.4 Lesotho 5 140 2,664.0
Congo, Rep. 5 55 7,647.2 Liberia 4 586 5,294.1
Costa Rica 5 62 316.7 Lithuania 4 98 46.0
Côte d’Ivoire 5 44 4,137.0 Luxembourg 5 120 66.1
Croatia 5 70 327.5 Macedonia, FYR 5 151 34.5
Cyprus 5 247 88.9 Madagascar 6 419 8,268.0
Czech Republic 6 279 187.2 Malawi 5 244 11,703.7
Denmark 4 38 128.2 Malaysia 6 51 55.8
Djibouti 4 180 10,008.1 Maldives 6 101 761.6
Dominica 5 73 1,187.7 Mali 4 120 3,877.9
Dominican Republic 7 87 405.3 Marshall Islands 5 172 6.5
Ecuador 6 89 899.4 Mauritania 5 80 7,591.9
Egypt, Arab Rep. 7 54 499.9 Mauritius 3 59 212.7
El Salvador 7 78 522.2 Mexico 7 114 436.0
Eritrea 5 59 4,156.7 Micronesia, Fed. Sts. 3 75 519.9
Estonia 4 111 229.1 Moldova 7 140 796.0
Ethiopia 4 75 3,734.8 Mongolia 8 156 1,261.7
Fiji 6 57 1,209.2 Montenegro 5 71 458.0
Finland 5 53 33.9 Morocco 5 71 2,725.5
ANNEX • GE T TING ELEC TRICIT Y 91
TABLE 12.3
Getting electricity data
Cost Cost
Procedures Time (% of income Procedures Time (% of income
Economy (number) (days) per capita) Economy (number) (days) per capita)
Mozambique 7 87 2,523.9 South Africa 4 214 1,780.4
Namibia 7 55 576.6 Spain 4 101 229.8
Nepal 5 74 2,370.7 Sri Lanka 4 132 1,381.6
Netherlands 5 143 29.5 St. Kitts and Nevis 5 18 377.1
New Zealand 5 47 66.8 St. Lucia 4 25 212.6
Nicaragua 6 70 1,768.4 St. Vincent and the Grenadines 3 52 280.7
Niger 4 120 4,419.9 Suriname 5 58 795.3
Nigeria 8 260 1,180.3 Swaziland 6 137 1,472.2
Norway 4 66 7.3 Sweden 3 52 21.8
Oman 6 62 66.3 Switzerland 3 39 70.7
Pakistan 6 266 1,829.2 Syrian Arab Republic 5 71 1,045.9
Palau 5 125 132.7 Taiwan, China 4 23 56.8
Panama 5 35 9.9 Tajikistan 9 224 1,240.9
Papua New Guinea 4 66 2,230.3 Tanzania 4 109 265.3
Paraguay 4 53 287.5 Thailand 4 35 86.3
Peru 5 100 500.0 Timor-Leste 3 39 7,389.0
Philippines 5 63 479.2 Togo 4 89 6,020.7
Poland 4 143 303.4 Tonga 5 50 115.1
Portugal 5 64 57.3 Trinidad and Tobago 5 61 2.5
Puerto Rico 5 32 428.6 Tunisia 4 65 1,062.8
Qatar 3 90 5.1 Turkey 5 70 714.3
Romania 7 244 544.7 Uganda 5 91 5,793.4
Russian Federation 9 302 4,671.7 Ukraine 11 309 275.6
Rwanda 4 30 5,513.6 United Arab Emirates 4 55 18.6
Samoa 5 23 881.9 United Kingdom 5 111 43.3
Saudi Arabia 4 71 21.3 United States 4 68 16.9
Senegal 7 125 6,018.5 Uzbekistan 9 117 2,070.8
Serbia 4 131 574.7 Vanuatu 5 257 1,200.1
Seychelles 6 147 565.6 Venezuela, RB 6 125 1,461.3
Sierra Leone 8 137 2,914.1 Vietnam 5 142 1,536.0
Singapore 4 36 33.9 West Bank and Gaza 5 63 1,560.6
Slovak Republic 5 177 197.5 Yemen, Rep. 4 35 4,973.4
Slovenia 5 38 122.9 Zambia 5 117 1,250.5
Solomon Islands 4 39 2,244.6 Zimbabwe 6 125 6,511.9
Annex:
employing
workers
Before the global economic crisis Slove- 60,000 poor people around the world ployed in the informal sector.8 Workers
nia was among the fastest-growing econ- how they thought they might escape in the informal sector are twice as likely
omies in Europe, with an unemployment poverty, the majority of men and women to become unemployed as those in the
rate hovering near 4% at its 2008 low. But pinned their hopes above all on income formal sector.9
the country, with an export-focused econ- from their own business or wages earned Creating productive jobs in the for-
omy, was hit hard by the crisis. By early in employment.2 Smart employment reg- mal sector is key. So is shielding work-
2010 the unemployment rate had risen to ulation, which enhances job security and ers from abusive or arbitrary treatment.
6.3%. The government responded with 2 improves productivity through employer- Where labor rules do not exist, or where
new laws. Under the Partial Reimburse- worker cooperation, means that both the rules are too flexible and fail to
ment of Payment Compensation Act, a workers and firms benefit.3 offer sufficient protection, workers are at
temporary measure expiring in 2011, Good labor regulation promotes risk of abusive work conditions—such as
the government reimburses employers new businesses and can help shift work- working long hours without rest periods.
for education expenses and wages paid ers to the formal sector, where they will When employers are hit by difficult times
to employees put on temporary leave benefit the most from worker protection and economic redundancy becomes in-
because of work shortages. This helps and where higher productivity boosts evitable, lack of sufficient severance pay
employers stay in business while keep- economic growth.4 By contrast, labor or unemployment benefits can also leave
ing workers on the payroll. And workers market restrictions can be an obstacle to workers in precarious conditions. In
use their time off to receive training that the development of businesses, which is Latin American countries, for example,
can help them and their employers in consistently apparent in surveys of en- workers dismissed from a job often turn
the future. Another provisional measure trepreneurs in more than 80 countries.5 to the informal sector because the lack
enables employers facing work shortages Moreover, strict labor rules and policies of unemployment benefits prevents a
to reduce their employees’ workweek that increase the cost of formality are proper search for another formal sector
from 40 hours to 32. The employer pays considered one of the main contribu- job.10
only for the 32 hours worked, and the tors to the persistence and growth of the Evidence suggests that unemploy-
government makes up the difference. informal sector in low-income econo- ment benefits can have a strong effect
This way workers still receive their full mies, where it accounts for an estimated in reducing poverty.11 Lack of access to
wages, while struggling employers face 30–70% of the workforce.6 Workers often insurance among poor rural households
lower costs. become caught in the “informality trap”: pushes them to take up low-risk ac-
Maintaining and creating produc- those who do not leave the informal sec- tivities with lower returns. This reduces
tive jobs and businesses is a priority for tor soon enough may find themselves their income potential—by 25% in rural
economies recovering from the crisis. remaining there for a long time.7 As a Tanzania and by 50% in a sample of rural
As the International Labour Organiza- result, in developing economies exces- villages in India, according to a recent
tion’s (ILO) Decent Work Agenda ac- sively rigid employment rules can end study.12 Mauritius took such consider-
knowledges, work plays a central part in up providing a relatively high standard of ations into account when it implemented
people’s lives,1 providing economic and protection to a few workers in the formal a new labor law in 2008 aimed at balanc-
social opportunities. When the World sector—but minimal protection or none ing flexibility and worker protection. As
Bank study Voices of the Poor asked at all for the majority of workers, em- part of the unemployment protection
94 DOING BUSINESS 2011
FIGURE 13.1 Further changes have been made to The change in the worker’s tenure
Most economies balance flexibility and
take into account the need for a balance affects the measurements of annual
protection in the length of the workweek
between worker protection and flexibil- leave, notice period and severance pay.
Share of economies (%)
79.8% ity in employment regulation that favors Before, all these related to a worker with
job creation. Over the past year a consul- 20 years of tenure. Now they relate to the
Rigidity tative group—including labor lawyers, average for a worker with 1 year of ten-
Balance between employer and employee representatives ure, a worker with 5 years and a worker
flexibility and
protection and experts from the ILO, the OECD, with 10 years (see Data notes for a full
Excessive flexibilitya civil society and the private sector—has description).
been meeting to review the methodol- For working days per week, for
ogy as well as to suggest future areas of example, the new methodology is in
research. Because this consultation is not accord with ILO Convention 14, which
yet complete, this year’s report does not states that every worker “shall enjoy in
6.6% 7.6% 6.0% rank economies on the employing work- every period of seven days a period of
ers indicators or include the indicators rest comprising at least twenty-four con-
5 5½ 6 7 in the aggregate ranking on the ease of secutive hours.” Under the new meth-
Working days per week in manufacturing doing business. odology economies requiring less than
(maximum allowed)
The consultative process has in- 1 day (24 hours) of rest time a week re-
a. Accords with ILO Convention 14.
Source: Doing Business database. formed several changes in the methodol- ceive a lower score, indicating excessive
ogy for the employing workers indicators, flexibility. Economies achieve the high-
scheme, the law introduced a recycling some of which have been implemented est score by striking a balance between
fee—a lump sum payment from a na- in this year’s report. New thresholds have flexibility and worker protection (figure
tional savings fund account to which been introduced to recognize minimum 13.1). For a discussion of the results of
employers contribute over time—rather levels of protection in line with relevant some of the other changes in methodol-
than severance pay in the case of justi- ILO conventions. This provides a frame- ogy, see the section in this chapter on
fied economic redundancies. Economies work for balancing worker protection emerging patterns.
achieve this balance in different ways, against employment restrictions in the
depending in part on their organiza- areas measured by the indicators. WHO REFORMED LABOR
tional and financial means. Some estab- Four main aspects are affected by the REGULATIONS IN 2009/10?
lish a centralized system of government changes in methodology: the minimum
payments. Others mandate direct pay- wage, paid annual leave, the maximum Governments have continued to respond
ments from employers. number of working days per week and the to the global economic crisis with short-
tenure of the worker in the case study. term, emergency legislation aimed at
CHANGES IN METHODOLOGY For the minimum wage, an economy mitigating its adverse effects. Some have
would receive a score indicating excessive focused on combating unemployment by
Doing Business, in its indicators on em- flexibility if it has no minimum wage attempting to help businesses adjust and
ploying workers, measures flexibility in at all, if the law provides a regulatory recover, others on increasing assistance
the regulation of hiring, working hours mechanism for the minimum wage that for those already unemployed. Spain now
and redundancy in a manner consistent is not enforced in practice, if there is only exempts a portion of severance payments
with the ILO conventions. Changes in a customary minimum wage or if the from taxation. Romania exempts em-
the methodology for these indicators minimum wage applies only to the pub- ployers that hire previously unemployed
have been made in the past 3 years so as lic sector. For paid annual leave there is workers from paying the workers’ social
to ensure consistency with relevant ILO now a minimum threshold of 15 working insurance contributions for 6 months.
conventions and to avoid scoring that days below which scoring would indicate Poland and Serbia have adopted legis-
rewards economies for flexibility that excessive flexibility. For paid annual leave lative measures allowing employers to
comes at the cost of a basic level of social above 26 working days, scoring would in- respond to a decline in work volume by
protection (including unemployment dicate excessive rigidity. For paid annual reducing their workers’ hours or plac-
protection). In Doing Business 2010, for leave between 22 and 26 working days, ing workers on temporary leave with
example, the indicators started taking an intermediate score would be assigned reduced pay. Eleven economies made
into account the existence of unemploy- indicating semirigidity. For the number changes to their labor regulations in
ment protection schemes in cases of of working days per week there is now 2009/10 that affect the employing work-
redundancy dismissal where workers re- a maximum of 6 above which scoring ers indicators.
ceive less than 8 weeks of severance pay. would reflect excessive flexibility. Australia passed the Fair Work Act
ANNEX • EMPLOYING WORKERS 95
in 2009 and National Employment Stan- fixed-term contracts, introduced a limit panded over the years. The following ad-
dards in 2010. These led to significant of 24 months. The Slovak Republic re- ditional data are presented in this year’s
changes, including the introduction of a duced its limit from 36 months to 24. report or on the Doing Business website:
severance pay requirement when before Spain passed a royal decree-law to the generally applicable minimum wage
there had been none. Now workers in urgently implement several changes. One as well as any minimum wage applying to
manufacturing are entitled to up to 12 measure reduced the notice period for a 19-year-old worker, or an apprentice, in
weeks of severance pay, depending on redundancy dismissal for workers with the manufacturing sector; the maximum
the length of their tenure. In addition, an all lengths of tenure from 30 calendar duration for a single fixed-term con-
employer must look into the feasibility of days to 15. tract; and provisions relating to the work
reassigning an employee to another posi- Syria passed a new labor law in schedule, such as the length of a standard
tion before considering redundancy. An- 2010 to replace its 1959 law. Among workday, the limit on overtime both
nual leave requirements changed from other changes, the new law increases in normal and in exceptional circum-
20 working days (4 weeks for a worker notice periods to 2 months, introduces stances, the minimum number of rest
with a 5-day workweek) to 4 weeks for a new restrictions on weekly holiday work hours between working days required
nonshift worker and 5 for a shift worker. and slightly increases annual leave—now by law and premiums for overtime work,
Bhutan set a minimum for paid 14–30 working days a year, depending on night work and weekly holiday work.
annual leave, having previously required a worker’s tenure. Doing Business also gathered new
none. Under the 2009 Leave Regulation Zimbabwe lowered its severance information on regulations according to
most workers are entitled to a minimum pay requirements. When the country length of job tenure (9 months, 1 year,
of 18 days of leave a year. The regulation converted its wages into U.S. dollars 5 years and 10 years). Some aspects
was one in a series Bhutan adopted in in response to hyperinflation, it also measured by the employing workers
2009 to further implement aspects of its converted severance pay amounts. As indicators—such as paid annual leave,
2007 Labor and Employment Act. a result, common law practices shifted. notice period and severance payment—
Estonia adopted a new Employ- Retrenchment boards now grant 2–4 can vary with different tenures. And
ment Contracts Act in 2009. Under the months’ wages as severance rather than while the indicators previously consid-
new law there are no priority rules for 4–6 months’ wages. ered a worker with 20 years of tenure,
rehiring. Collective dismissals meeting this length of tenure may not be typical
threshold numbers trigger requirements WHAT PATTERNS ARE EMERGING? for small and medium-size businesses in
for notification of and consultation with many economies.
employee representatives and govern- Since its inception Doing Business has The data Doing Business has gath-
ment authorities. Notice periods were re- been collecting increasingly detailed in- ered on employment and labor laws and
duced to a range of 15–90 calendar days, formation on labor regulation as a basis regulations point to global and regional
depending on an employee’s seniority, for the employing workers indicators.13 patterns in how the 183 economies it
and severance payments to 1 month’s The employing workers data set has ex- covers regulate the conditions on which
wages. But now an unemployment insur- FIGURE 13.2
ance fund disburses an additional 1–3 Almost half of economies balance flexibility and protection in annual leave
months’ wages, a solution that balances Share of economies (%)
flexibility and worker protection.
Kuwait increased its notice period Excessive flexibility (24.6%)
for dismissal from 15 calendar days to 3 10 Balance between flexibility
months. It expanded minimum require- and protection (45.4%)
ments for annual leave from 14 or 21 Semirigidity (24.0%)
calendar days, depending on a worker’s Excessive rigidity (6.0%)
tenure, to 26 working days for all.
5
Malaysia changed its restrictions on
redundancy dismissals. Before, an em-
ployer had to notify the Department of
Labor in writing of all redundancy dis-
missals. A 2009 circular now limits that 0
0 10 20 30
requirement to the redundancy dismissal
Average annual leave required
of 5 or more employees. (working days)
Poland, which previously had no
Note: The designation excessive flexibility accords with ILO Convention 132. Annual leave is the average for 1, 5 and 10 years of tenure.
restriction on the maximum duration of Source: Doing Business database.
96 DOING BUSINESS 2011
FIGURE 13.3 worker’s tenure. Cape Verde, where the considered to have semirigid regulations,
The most common premium for work done
on the weekly holiday is 100% severance payment is 1 month’s wages with average paid annual leave of be-
Share of economies (%) for each year of work, is an example. tween 22 and 26 working days. The 11
40.4
In other economies the notice period economies in the last group have the
is fixed but the severance payment is most rigid regulations, requiring more
35.5
proportionally higher at the beginning than 26 working days of paid annual
of the worker’s tenure. In Thailand, for leave for workers.
example, a worker with 5 years of tenure
is given 180 days of severance pay while a VARYING PREMIUMS FOR WEEKLY
18.6 worker with 20 years is given 300. HOLIDAY WORK
In 18 economies governments adopt Economies also vary in the premium
yet another approach, which results in they require for work performed on the
5.5 redundancy costs being proportionally weekly holiday, with 74 economies re-
higher toward the end of service. This is quiring no premium. The most common
None <50 50–99 100+ the case in Paraguay, where workers with holiday work premium is 100% of the
Premium for work on weekly holiday 5 years of tenure are granted 75 calendar hourly pay, while the highest observed
(% of normal hourly wage)
days of severance pay while those with 20 premium is 150% of the hourly pay
Source: Doing Business database.
years receive 600. (figure 13.3).
firms employ workers. These data can High-income economies have lower
also be used to assess how regulation BALANCING PROTECTION AND premiums on average than low- and
balances worker protection and employ- FLEXIBILITY IN ANNUAL LEAVE middle-income economies. But there is
ment flexibility. Previously, the employing workers indi- a significant difference within this group,
cators scored economies on the basis of with non-OECD high-income economies
FIXED OR PROPORTIONAL excessive rigidity in the number of days having a lower average premium than
REDUNDANCY COSTS
of annual leave. Now the data also high- OECD high-income economies. Among
In cases of redundancy dismissal, how light excessive flexibility—a change that regions, Latin America and the Carib-
do severance pay and notice period re- reflects input from the consultative pro- bean has the highest average premium,
quirements vary for workers with differ- cess. To illustrate, economies are divided and South Asia the lowest (figure 13.4).
ent tenures? Eleven economies require into 4 groups based on average manda-
no severance payment or notice period, tory paid annual leave (figure 13.2). The LOOKING FORWARD
which together make up the redundancy first group consists of 43 economies that
cost (expressed in weeks of wages). on the basis of ILO Convention 132 can The employing workers indicators are
Among the rest, economies take 2 broad be considered to have excessive flexibil- changing to reflect a balance between
approaches: they set the same require- ity, with average paid annual leave of less worker protection and flexibility in em-
ments for workers with different tenures, than 15 working days. The second group, ployment regulation that favors job cre-
or they set requirements proportional to 85 economies, shows a balance between ation. The changes are being driven by
a worker’s tenure. flexibility and worker protection, with the useful engagement with experts and
Thirty-one economies take a fixed- average paid annual leave of between 15 stakeholders through the ongoing con-
cost approach. In Montenegro, for ex- and 21 working days. The third group sultative process. Initial analysis of the
ample, the redundancy cost is 28.1 weeks is formed of 44 economies that can be impact of the changes to the indicators il-
of wages whether the worker has 1, 5, 10
FIGURE 13.4
or 20 years of service. Six economies fol- Where are premiums for working on the weekly holiday highest?
low a proportional approach. One is the Average premium for work on weekly holiday (% of normal hourly wage)
Islamic Republic of Iran, where workers
are granted severance pay equal to 1 East Asia & Pacific 45.0
month’s salary for each year worked. Eastern Europe & Central Asia 58.2
The majority, 117 economies, fall Latin America & Caribbean 67.2
between these 2 approaches. In these Middle East & North Africa 49.4
economies the redundancy cost is pro-
OECD high income 39.0
portionally higher at the beginning of
South Asia 37.5
the worker’s service. In most, this is
because of a fixed notice period and a Sub-Saharan Africa 40.1
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Afghanistan No NO LIMIT 0.0 0.00 Yes 5.6 25 50 No No 20.0 Yes Yes No Yes Yes No No Yes 4.3 17.3
Albania Yes NO LIMIT 201.3 0.41 Yes 6.0 50 25 Yes No 20.0 Yes No No No No No No Yes 11.6 10.7
Algeria Yes NO LIMIT 228.1 0.42 No 6.0 0 0 No No 22.0 Yes Yes No Yes No Yes Yes No 4.3 13.0
Angola Yes 12 122.0 0.22 Yes 6.0 25 100 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 10.7
Antigua and
Barbuda No NO LIMIT 576.5 0.36 Yes 6.0 0 0 No No 12.0 Yes No No No No Yes Yes No 3.4 12.8
Argentina Yes 60 447.6 0.45 Yes 6.0 13 50 No No 18.0 Yes No No No No No No No 7.2 23.1
Armenia Yes 60 88.3 0.23 Yes 6.0 150 100 No No 20.0 Yes No No No No Yes No No 8.7 4.3
Australia No NO LIMIT 1,291.1 0.24 Yes 7.0 0 0 No No 20.0 Yes No No No No Yes No No 4.0 8.7
Austria No NO LIMIT 716.3 0.12 Yes 5.5 17 100 No No 25.0 Yes Yes No Yes No No Yes Yes 2.0 0.0
Azerbaijan No 60 98.6 0.17 Yes 6.0 40 150 Yes No 17.0 Yes No No No No No Yes No 8.7 13.0
Bahamas, The No NO LIMIT 693.3 0.24 Yes 5.5 0 0 No No 11.7 Yes Yes No Yes No No Yes Yes 0.0 10.7
Bahrain No NO LIMIT 0.0 0.00 Yes 6.0 50 0 No No 18.3 Yes No No No No No No No 4.3 0.0
Bangladesh Yes NO LIMIT 23.2 0.30 Yes 6.0 0 0 No No 17.0 Yes Yes No Yes No No Yes Yes 4.3 26.7
Belarus No NO LIMIT 102.7 0.16 Yes 6.0 20 100 No No 18.0 Yes No No No No Yes Yes No 8.7 13.0
Belgium No NO LIMIT 1,746.7 0.30 Yes 6.0 4 100 No Yes 20.0 Yes No No No No No No No 6.0 0.0
Belize No NO LIMIT 291.7 0.50 Yes 6.0 0 50 No No 10.0 Yes No No No No No No No 3.3 5.0
Benin No 48 67.7 0.58 Yes 6.0 0 0 No No 24.0 Yes Yes No Yes No No Yes Yes 4.3 7.3
Bhutan No NO LIMIT 33.0 0.13 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 8.3 0.0
Bolivia g Yes 24 88.8 0.38 Yes 6.0 30 100 No No 21.7 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Bosnia and
Herzegovina No 24 529.6 0.95 Yes 6.0 30 20 No No 18.0 Yes No No Yes No Yes No Yes 2.0 7.2
Botswana No NO LIMIT 110.5 0.13 Yes 6.0 0 100 No No 15.0 Yes Yes No Yes No No Yes Yes 4.9 16.8
Brazil Yes 24 279.3 0.28 Yes 6.0 20 100 Yes No 26.0 Yes No No No No No No No 4.3 8.9
Brunei
DOING BUSINESS 2011
Darussalam No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No No 13.3 Yes No No No No No No No 3.0 0.0
Bulgaria No 36 166.2 0.24 Yes 6.0 10 0 Yes No 20.0 Yes No No No No No No No 4.3 3.2
Burkina Faso No NO LIMIT 65.1 0.79 Yes 6.0 0 0 No No 22.0 Yes No No Yes No No Yes Yes 4.3 6.1
Burundi No NO LIMIT 3.0 0.14 Yes 6.0 30 0 No Yes 21.0 Yes No No Yes No No Yes Yes 8.7 7.2
Cambodia No 24 41.0 0.47 Yes 6.0 30 100 No No 19.3 Yes No No Yes No No Yes Yes 7.9 10.7
Cameroon No 48 63.3 0.36 Yes 6.0 50 0 No No 26.0 Yes Yes Yes Yes Yes No Yes Yes 6.5 8.1
98
99
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
ANNEX • EMPLOYING WORKERS
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Canada No NO LIMIT 1,703.7 0.34 Yes 6.0 0 0 No No 10.0 Yes No No No No No No No 7.0 5.0
Cape Verde Yes 60 0.0 0.00 Yes 6.0 25 100 No No 22.0 Yes Yes Yes Yes Yes Yes Yes No 6.4 23.1
Central
African Yes 48 39.8 0.59 Yes 5.0 0 50 No Yes 25.3 Yes Yes No Yes Yes No Yes Yes 4.3 17.3
Republic
Chad No 48 71.9 0.71 Yes 6.0 0 100 No No 24.7 Yes Yes No Yes No No Yes Yes 7.2 5.8
Chile No 24 0.0 0.00 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 12.0
China No NO LIMIT 159.9 0.38 Yes 6.0 39 100 No No 6.7 Yes Yes No Yes No Yes Yes Yes 4.3 23.1
Colombia No NO LIMIT 244.2 0.39 Yes 6.0 35 75 No No 15.0 Yes No No No No No No No 0.0 19.0
Comoros No 36 64.8 0.52 Yes 6.0 0 0 No Yes 22.0 Yes Yes No Yes No No Yes Yes 13.0 23.1
Congo,
Dem. Rep. Yes 48 65.0 2.46 Yes 5.0 25 0 No No 13.0 Yes Yes Yes Yes Yes No Yes Yes 10.3 0.0
Congo, Rep. Yes 24 119.7 0.44 Yes 6.0 0 50 No Yes 29.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 6.5
Costa Rica Yes 12 334.5 0.43 Yes 6.0 0 100 Yes No 12.0 Yes No No No No No No No 4.3 14.4
Côte d’Ivoire No 24 0.0 0.00 No 6.0 38 0 No No 27.4 Yes No No Yes No No No Yes 5.8 7.3
Croatia Yes 36 534.3 0.31 Yes 6.0 10 35 No Yes 20.0 Yes Yes No Yes No Yes Yes Yes 7.9 7.2
Cyprus No 30 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes Yes No Yes No Yes No Yes 5.7 0.0
Czech
Republic No 24 427.8 0.21 Yes 6.0 10 10 No No 20.0 Yes No No No No No No No 8.7 13.0
Denmark No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 25.0 Yes No No No No No No No 0.0 0.0
Djibouti Yes 24 0.0 0.00 Yes 6.0 0 0 No No 30.0 Yes Yes No Yes No No No Yes 4.3 0.0
Dominica No NO LIMIT 257.2 0.40 Yes 6.0 0 100 No No 15.0 Yes No No No No No Yes Yes 5.8 9.3
Dominican
Republic Yes NO LIMIT 226.0 0.37 Yes 6.0 0 100 No Yes 14.0 Yes No No No No No No No 4.0 22.2
Ecuador No 24 229.7 0.43 Yes 5.0 25 100 No No 12.3 Yes No No Yes Yes No Yes Yes 4.3 31.8
Egypt,
Arab Rep. No NO LIMIT 31.4 0.11 Yes 6.0 0 0 No No 24.0 Yes Yes Yes Yes Yes No Yes No 10.1 26.7
El Salvador Yes NO LIMIT 80.1 0.17 Yes 6.0 25 100 Yes Yes 11.0 Yes No No No No No No No 0.0 22.9
Equatorial
Guinea Yes 24 291.4 0.16 Yes 6.0 25 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 34.3
Eritrea Yes NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 19.0 Yes No No Yes Yes No No No 3.1 12.3
Estonia Yes 120 393.0 0.23 Yes 5.0 25 0 Yes No 24.0 Yes No No No No Yes Yes No 8.6 4.3
Ethiopia Yes NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 18.3 Yes No No Yes No Yes Yes No 10.1 10.5
Fiji No NO LIMIT 290.8 0.56 Yes 6.0 6 100 No No 10.0 Yes Yes No Yes No No No No 4.3 5.3
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Finland Yes 60 2,063.9 0.36 Yes 6.0 8 100 No No 30.0 Yes Yes No Yes No Yes Yes Yes 10.1 0.0
France Yes 18 788.2 0.14 No 6.0 0 0 No Yes 30.0 Yes No No Yes No Yes Yes Yes 7.2 4.6
Gabon No 48 48.2 0.05 Yes 6.0 50 100 No No 24.0 Yes Yes Yes Yes Yes No Yes Yes 10.4 4.3
Gambia, The No NO LIMIT 0.0 0.00 Yes 5.0 0 0 No No 21.0 Yes Yes No Yes No No Yes Yes 26.0 0.0
Georgia No NO LIMIT 25.1 0.08 Yes 7.0 0 0 No No 24.0 Yes No No No No No No No 0.0 4.3
Germany No 24 1,139.6 0.21 Yes 6.0 13 100 No No 24.0 Yes Yes No Yes No Yes Yes No 10.0 11.6
Ghana No NO LIMIT 25.8 0.26 Yes 5.0 0 0 No No 15.0 Yes Yes Yes Yes Yes No No No 3.6 46.2
Greece Yes NO LIMIT 1,015.8 0.29 Yes 5.0 25 75 No Yes 23.3 Yes No No Yes Yes Yes Yes No 0.0 24.0
Grenada Yes NO LIMIT 225.3 0.31 Yes 6.0 0 0 No No 13.3 Yes No No No No No No No 7.2 5.3
Guatemala Yes NO LIMIT 169.8 0.41 Yes 6.0 0 50 Yes Yes 15.0 Yes No No No No No No No 0.0 27.0
Guinea No 24 0.0 0.00 Yes 6.0 20 45 No Yes 30.0 Yes Yes No Yes Yes No Yes Yes 2.1 5.8
Guinea-Bissau Yes 12 0.0 0.00 Yes 6.0 25 50 No No 21.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 26.0
Guyana No NO LIMIT 145.0 0.45 Yes 7.0 0 100 No No 12.0 Yes Yes No Yes No No No No 4.3 12.3
Haiti No NO LIMIT 43.2 0.41 Yes 6.0 50 50 No No 13.0 Yes No No No No No No No 10.1 0.0
Honduras Yes 24 259.2 0.99 Yes 6.0 25 100 Yes No 16.7 Yes Yes Yes Yes Yes No No No 7.2 23.1
Hong Kong
SAR, China No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 11.3 Yes No No No No No No No 4.3 1.5
Hungary No 60 390.0 0.25 Yes 5.0 40 100 No No 21.3 Yes No No No No No No No 6.2 7.2
Iceland No 24 1,707.7 0.32 Yes 6.0 80 80 No No 24.0 Yes No No No No No No No 10.1 0.0
India No NO LIMIT 24.1 0.16 Yes 6.0 0 0 No No 15.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 11.4
Indonesia Yes 36 105.9 0.38 Yes 6.0 0 0 No No 12.0 Yes Yes Yes Yes Yes Yes No No 0.0 34.7
Iran,
Islamic Rep. No NO LIMIT 309.1 0.58 Yes 6.0 23 40 No No 24.0 Yes Yes Yes Yes Yes No No No 0.0 23.1
Iraq Yes NO LIMIT 115.5 0.35 Yes 5.0 100 50 No No 22.0 Yes Yes No Yes No No No No 0.0 0.0
DOING BUSINESS 2011
Ireland No NO LIMIT 1,793.9 0.33 Yes 6.0 0 0 No No 20.0 Yes Yes No Yes No No No No 4.0 2.8
Israel No NO LIMIT 985.7 0.29 Yes 5.5 0 50 No Yes 18.0 Yes No No No No No No No 4.3 23.1
Italy Yes NO LIMIT 1,582.7 0.36 Yes 6.0 30 50 Yes No 20.3 Yes No No Yes No Yes Yes Yes 8.7 0.0
Jamaica No NO LIMIT 207.3 0.31 Yes 7.0 0 0 No No 11.3 Yes No No No No No No No 4.0 10.0
Japan No NO LIMIT 1,361.4 0.28 Yes 6.0 25 35 No No 15.3 Yes Yes No Yes No Yes No No 4.3 0.0
Jordan No NO LIMIT 201.0 0.40 Yes 6.0 0 150 No No 18.7 Yes Yes Yes Yes Yes No No Yes 4.3 0.0
100
Kazakhstan No NO LIMIT 111.6 0.14 Yes 6.0 50 100 No No 18.0 Yes Yes No Yes No Yes No No 4.3 4.3
101
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
ANNEX • EMPLOYING WORKERS
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Kenya No NO LIMIT 67.4 0.57 Yes 6.0 0 0 No No 21.0 Yes Yes No Yes No No Yes No 4.3 11.4
Kiribati No NO LIMIT 0.0 0.00 Yes 7.0 0 0 No No 0.0 Yes Yes Yes Yes Yes No No No 4.3 0.0
Korea, Rep. No 24 579.9 0.25 Yes 6.0 50 50 Yes No 17.0 Yes Yes No Yes No No No Yes 4.3 23.1
Kosovo No NO LIMIT 0.0 0.00 Yes 6.0 20 0 No No 16.0 Yes No No No No Yes Yes Yes 13.0 7.2
Kuwait No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No No 26.0 Yes No No No No No No No 13.0 15.1
Kyrgyz
Republic Yes 60 12.2 0.11 Yes 6.0 50 100 No No 20.0 Yes No No No No No No No 4.3 13.0
Lao PDR No NO LIMIT 63.9 0.51 Yes 6.0 15 150 No No 15.0 Yes Yes Yes Yes Yes No No No 6.4 40.7
Latvia Yes 36 354.4 0.24 Yes 5.5 50 0 Yes No 20.0 Yes Yes No Yes No Yes Yes No 1.0 8.7
Lebanon No 24 317.3 0.32 Yes 6.0 0 50 No No 15.0 Yes No No Yes No No Yes Yes 8.7 0.0
Lesotho No NO LIMIT 93.8 0.62 Yes 6.0 0 100 Yes No 12.0 Yes No No No No Yes No No 4.3 10.7
Liberia No NO LIMIT 52.0 2.11 Yes 6.0 0 50 No No 16.0 Yes Yes No Yes No No Yes Yes 4.3 21.3
Lithuania Yes 60 329.7 0.24 No 5.5 50 50 No No 20.0 Yes No No No No Yes Yes No 8.7 15.9
Luxembourg Yes 24 2,407.2 0.26 No 5.5 15 70 No Yes 25.0 Yes Yes No Yes No No No Yes 17.3 4.3
Macedonia,
FYR No 60 169.0 0.32 Yes 6.0 35 50 Yes No 20.0 Yes No No Yes No No No No 4.3 8.7
Madagascar Yes 24 34.0 0.47 Yes 6.0 30 40 No No 24.0 Yes No No Yes Yes No Yes Yes 3.4 8.9
Malawi Yes NO LIMIT 22.6 0.49 Yes 6.0 0 100 No No 15.0 Yes Yes No Yes No No No No 4.3 14.0
Malaysia No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 13.3 Yes No No Yes No No No No 6.7 17.2
Maldives No 24 0.0 0.00 Yes 6.0 0 50 No No 30.0 Yes No No No No No No No 5.8 0.0
Mali Yes 72 14.8 0.14 Yes 6.0 0 0 No No 22.0 Yes Yes No Yes No No Yes Yes 4.3 9.3
Marshall
Islands No NO LIMIT 0.0 0.00 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0
Mauritania No 24 83.1 0.60 Yes 6.0 100 50 Yes No 18.0 Yes Yes No Yes No No Yes Yes 4.3 6.1
Mauritius No NO LIMIT 156.5 0.18 Yes 6.0 0 100 No No 22.0 Yes Yes No Yes No No No No 4.3 6.3
Mexico Yes NO LIMIT 123.6 0.11 Yes 6.0 0 25 Yes No 12.0 Yes Yes Yes Yes Yes No Yes Yes 0.0 22.0
Micronesia,
Fed. Sts. No NO LIMIT 212.7 0.68 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0
Moldova Yes NO LIMIT 96.6 0.52 Yes 6.0 50 100 Yes Yes 20.0 Yes Yes No Yes No Yes Yes No 8.7 13.9
Mongolia No NO LIMIT 82.4 0.42 Yes 5.0 0 0 No No 17.7 Yes No No No No No No No 4.3 4.3
Montenegro No NO LIMIT 76.4 0.09 Yes 6.0 40 0 No No 19.0 Yes No No No No Yes Yes No 2.1 26.0
Morocco Yes 12 254.1 0.72 Yes 6.0 0 0 No Yes 19.5 Yes No No Yes Yes Yes Yes Yes 7.2 13.5
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Mozambique Yes 72 87.9 1.26 Yes 6.0 0 100 No Yes 21.3 Yes Yes No Yes No No No No 4.3 36.8
Namibia No NO LIMIT 0.0 0.00 Yes 6.0 6 100 No Yes 20.0 Yes Yes No Yes No No No No 4.3 5.3
Nepal Yes NO LIMIT 60.8 0.97 Yes 6.0 0 50 No No 0.0 Yes Yes Yes Yes Yes No Yes Yes 4.3 22.9
Netherlands No 36 1,062.7 0.17 Yes 5.5 0 0 Yes Yes 20.0 Yes Yes Yes Yes Yes Yes Yes No 8.7 0.0
New Zealand No NO LIMIT 1,552.3 0.45 Yes 7.0 0 0 No No 20.0 Yes No No No No Yes No No 0.0 0.0
Nicaragua No NO LIMIT 121.5 0.86 Yes 6.0 0 100 Yes Yes 30.0 Yes No No No No No No No 0.0 14.9
Niger Yes 24 59.1 1.01 No 6.0 38 0 No No 22.0 Yes Yes No Yes No Yes Yes Yes 4.3 5.8
Nigeria No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes No No Yes No No Yes No 4.0 12.2
Norway Yes 48 3,647.4 0.34 Yes 6.0 0 0 Yes Yes 21.0 Yes No No No No Yes Yes Yes 8.7 0.0
Oman No NO LIMIT 363.6 0.15 Yes 6.0 50 100 No No 18.3 Yes No No No No No No No 4.3 0.0
Pakistan Yes 9 44.8 0.31 Yes 6.0 0 100 No Yes 14.0 Yes No No No No Yes Yes Yes 4.3 22.9
Palau No NO LIMIT 450.6 0.38 Yes 7.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0
Panama Yes 12 370.3 0.42 Yes 6.0 0 50 Yes Yes 22.0 Yes Yes Yes Yes Yes No Yes No 0.0 19.0
Papua
New Guinea No NO LIMIT 119.8 0.70 Yes 6.0 0 0 No No 11.0 Yes No No No No No No No 3.3 9.2
Paraguay Yes NO LIMIT 168.6 0.54 Yes 6.0 30 100 Yes No 20.0 Yes Yes Yes Yes Yes No No Yes 7.5 18.6
Peru Yes 60 185.8 0.34 Yes 6.0 35 100 No No 13.0 Yes Yes Yes Yes Yes No No Yes 0.0 11.4
Philippines Yes NO LIMIT 173.2 0.72 Yes 6.0 10 30 No No 5.0 Yes Yes No Yes No No Yes No 4.3 23.1
Poland No 24 379.4 0.27 Yes 6.0 20 100 No No 26.0 Yes No No No No Yes Yes Yes 10.1 0.0
Portugal Yes 72 677.9 0.26 Yes 6.0 25 100 No Yes 22.0 Yes Yes No Yes No Yes Yes Yes 7.9 26.0
Puerto Rico No NO LIMIT 1,256.7 0.64 Yes 7.0 0 100 No No 15.0 Yes No No No No No Yes Yes 0.0 0.0
Qatar No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 22.0 Yes Yes No Yes No No No No 7.2 16.0
Romania Yes 24 214.5 0.22 Yes 5.0 25 100 No No 21.0 Yes No No No No Yes Yes Yes 4.0 4.3
Russian
Federation Yes 60 150.8 0.14 Yes 6.0 20 100 No No 22.0 Yes Yes No Yes No Yes Yes No 8.7 8.7
DOING BUSINESS 2011
Rwanda No NO LIMIT 17.6 0.25 Yes 6.0 0 0 No No 19.3 Yes No No No No No Yes No 4.3 8.7
Samoa No NO LIMIT 128.7 0.30 Yes 6.0 0 100 No No 10.0 Yes No No No No No No No 5.8 0.0
São Tomé and
Principe Yes 36 0.0 0.00 No 6.0 25 0 No Yes 26.0 Yes Yes Yes Yes Yes No No Yes 4.3 26.0
Saudi Arabia No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No No 20.7 Yes No No No No No No No 4.3 15.2
Senegal Yes 48 77.3 0.48 Yes 6.0 38 0 No Yes 24.3 Yes Yes No Yes No Yes Yes Yes 3.2 10.5
102
103
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
ANNEX • EMPLOYING WORKERS
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Serbia Yes 12 186.8 0.25 Yes 6.0 26 26 No No 20.0 Yes No No No No Yes Yes Yes 0.0 7.7
Seychelles Yes NO LIMIT 287.0 0.26 Yes 6.0 0 100 No No 21.0 Yes Yes Yes Yes Yes No No No 4.3 9.1
Sierra Leone Yes NO LIMIT 12.7 0.25 Yes 5.0 15 0 No No 21.7 Yes Yes No Yes No Yes Yes Yes 8.7 34.8
Singapore No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 10.7 Yes No No No No No No No 3.0 0.0
Slovak
Republic No 24 441.2 0.24 Yes 6.0 20 0 No No 25.0 Yes Yes No Yes No Yes No No 11.6 11.6
Slovenia Yes 24 1,036.7 0.37 Yes 6.0 30 50 No Yes 21.0 Yes No No No No Yes Yes Yes 5.7 5.7
Solomon
Islands No NO LIMIT 96.3 0.73 Yes 6.0 0 0 No No 15.0 Yes Yes No Yes No No No No 4.3 10.7
South Africa Yes NO LIMIT 516.4 0.70 Yes 6.0 0 100 Yes No 15.0 Yes Yes No Yes No Yes No No 4.0 5.3
Spain Yes 12 1,059.4 0.27 Yes 5.5 25 0 No Yes 22.0 Yes Yes No Yes No No No No 2.1 15.2
Sri Lanka No NO LIMIT 35.6 0.15 Yes 5.5 0 50 No Yes 14.0 Yes Yes Yes Yes Yes No Yes No 4.3 54.2
St. Kitts
and Nevis No NO LIMIT 505.1 0.38 Yes 7.0 0 0 No No 14.0 Yes No No No No No No Yes 8.7 0.0
St. Lucia No NO LIMIT 0.0 0.00 Yes 6.0 0 150 No No 21.0 Yes No No No No No No No 3.7 9.7
St. Vincent and
the Grenadines No NO LIMIT 176.0 0.27 Yes 6.0 0 0 No No 19.3 Yes No No Yes No No No Yes 4.0 10.0
Sudan No 48 90.6 0.50 Yes 6.0 0 0 No No 23.3 Yes Yes Yes Yes Yes No No No 4.3 21.7
Suriname No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 16.0 Yes Yes Yes Yes Yes No No No 0.0 8.8
Swaziland No NO LIMIT 85.5 0.25 Yes 5.5 0 0 No No 11.0 Yes No No Yes No No Yes No 5.9 8.7
Sweden No 24 0.0 0.00 Yes 5.5 0 0 No Yes 25.0 Yes No No Yes No Yes Yes Yes 14.4 0.0
Switzerland No 120 0.0 0.00 Yes 6.0 0 0 No No 20.0 Yes No No No No No No No 10.1 0.0
Syrian Arab
Republic No 60 133.7 0.41 Yes 6.0 0 100 No Yes 19.3 Yes Yes Yes Yes Yes No No No 8.7 0.0
Taiwan, China Yes 12 525.2 0.26 Yes 6.0 0 100 No No 12.0 Yes Yes No Yes No Yes No Yes 4.3 18.8
Tajikistan Yes NO LIMIT 14.3 0.14 No 6.0 0 100 Yes No 23.3 Yes Yes No Yes No Yes Yes No 8.7 6.9
Tanzania Yes 0 60.0 0.75 Yes 6.0 5 100 No No 20.0 Yes Yes Yes Yes Yes No No No 4.0 5.3
Thailand Yes NO LIMIT 78.9 0.18 Yes 6.0 0 0 No No 6.0 Yes No No No No No No No 4.3 31.7
Timor-Leste Yes NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 12.0 Yes Yes Yes Yes Yes No No No 4.3 0.0
Togo Yes 48 60.0 0.92 Yes 6.0 38 60 No No 30.0 Yes Yes No Yes No No Yes Yes 4.3 7.3
Tonga No NO LIMIT 0.0 0.00 Yes 6.0 0 0 No Yes 0.0 Yes No No No No No No No 0.0 0.0
Trinidad
and Tobago No NO LIMIT 0.0 0.00 Yes 6.0 0 100 No No 10.0 Yes No No Yes No No Yes No 6.4 14.1
Redundancy
Difficulty of hiring index Rigidity of hours index Difficulty of redundancy index cost
if 1 worker is dismissed?
Maximum working days
worker or an apprentice
Third-party notification
Third-party notification
weekly holiday work? d
for permanent tasks?
Major restrictions on
Major restrictions on
Third-party approval
Third-party approval
contracts (months) a
for reemployment?
(% of hourly pay) d
(US$ per month) b
for redundancies?
Paid annual leave
(working days) e
allowed by law?
night work? d
Priority rules
Priority rules
per week
Tunisia No 48 120.5 0.27 Yes 6.0 0 0 No No 13.0 Yes Yes Yes Yes Yes Yes Yes Yes 4.3 7.8
Turkey Yes NO LIMIT 505.4 0.47 Yes 6.0 0 100 Yes No 18.0 Yes No No No No Yes No Yes 6.7 23.1
Uganda No NO LIMIT 3.1 0.04 Yes 6.0 0 0 No No 21.0 Yes No No No No No No No 8.7 0.0
Ukraine Yes NO LIMIT 125.1 0.38 No 5.5 20 100 No No 18.0 Yes Yes No Yes No Yes Yes Yes 8.7 4.3
United Arab
Emirates No NO LIMIT 0.0 0.00 Yes 6.0 0 50 No Yes 26.0 Yes No No No No No No No 4.3 18.1
United
Kingdom No NO LIMIT 1,805.0 0.35 Yes 6.0 0 0 No No 28.0 Yes No No No No No No No 5.3 2.6
United States No NO LIMIT 1,252.9 0.21 Yes 6.0 0 0 No No 0.0 Yes No No No No No No No 0.0 0.0
Uruguay Yes NO LIMIT 235.2 0.19 Yes 6.0 0 100 No No 21.0 Yes No No No No No No No 0.0 20.8
Uzbekistan Yes 60 23.9 0.17 Yes 6.0 50 100 Yes No 15.0 Yes No No Yes No Yes Yes No 8.7 13.0
Vanuatu No NO LIMIT 247.0 0.65 Yes 6.0 75 50 No No 15.0 Yes No No No No No No No 9.3 23.1
Venezuela, RBg Yes 24 326.4 0.25 Yes 6.0 30 50 Yes No 19.3 No n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Vietnam No 72 40.7 0.33 Yes 6.0 30 100 No No 13.0 Yes No No Yes Yes Yes Yes No 0.0 23.1
West Bank and
Gaza No 24 0.0 0.00 Yes 6.0 0 150 Yes Yes 18.0 Yes Yes No Yes No No No No 4.3 23.1
Yemen, Rep. No NO LIMIT 99.1 0.60 Yes 6.0 15 100 No No 30.0 Yes Yes No Yes No No No Yes 4.3 23.1
Zambia No NO LIMIT 63.7 0.40 Yes 5.5 4 100 No No 24.0 Yes Yes No Yes No No No No 4.3 46.2
Zimbabwe No NO LIMIT 90.0 1.80 Yes 6.0 0 0 No No 22.0 Yes Yes Yes Yes Yes Yes No No 13.0 69.3
a. Including renewals.
b. Economies for which 0.0 is shown have no minimum wage.
c. For 2 months a year in case of increase in production.
d. In case of continuous operations.
e. Average for workers with 1, 5 and 10 years of tenure.
f. Whether compulsory before redundancy.
g. Some questions are not applicable (“n.a.”) for economies where dismissal due to redundancy is disallowed.
Source: Doing Business database.
DOING BUSINESS 2011
104
105
Bruhn, Miriam. 2008. “License to Sell: The Cuñat, Alejandro, and Marc Melitz. 2007. Djankov, Simeon, Caralee McLiesh and
Effect of Business Registration Reform “Volatility, Labor Market Flexibility and Andrei Shleifer. 2007. “Private Credit in
on Entrepreneurial Activity in Mexico.” the Pattern of Comparative Advantage.” 129 Countries.” Journal of Financial
Policy Research Working Paper 4538, NBER Working Paper 13062, National Economics 84 (2): 299–329.
World Bank, Washington, DC. Bureau of Economic Research, Cam- Djankov, Simeon, Oliver Hart, Caralee
Calderon, César, and Luis Servén. 2003. “The bridge, MA. McLiesh and Andrei Shleifer. 2008. “Debt
Output Cost of Latin America’s Infrastruc- Dabla-Norris, Era, and Gabriela Inchauste. Enforcement around the World.” Journal
ture Gap.” In The Limits of Stabilization: 2008. “Informality and Regulations: What of Political Economy 116 (6): 1105–49.
Infrastructure, Public Deficits, and Drives the Growth of Firms?” IMF Staff Djankov, Simeon, Rafael La Porta, Florencio
Growth in Latin America, ed. William Papers 5 (1): 50–82. López-de-Silanes and Andrei Shleifer.
R. Easterly and Luis Servén. Washington, Dahya, Jay, Orlin Dimitrov and John McCo- 2002. “The Regulation of Entry.” Quarterly
DC: World Bank. nnell. 2008. “Dominant Shareholders, Journal of Economics 117 (1): 1–37.
Cardenas, Mauricio, and Sandra Rozo. 2009. Corporate Boards, and Corporate Value: ___. 2003. “Courts.” Quarterly Journal of
“Firm Informality in Colombia: Problems A Cross-Country Analysis.” Journal of Economics 118 (2): 453–517.
and Solutions.” Desarrollo y Sociedad, Financial Economics 87 (1): 73–100.
no. 63: 211–43. ___. 2008. “The Law and Economics of
Deininger, Klaus, and Juan Sebastian Self-Dealing.” Journal of Financial
CEPEJ (European Commission for the Effi- Chamorro. 2002. “Investment and Equity Economics 88 (3): 430–65.
ciency of Justice). 2006. Compendium of Effects of Land Regularization: The Case
“Best Practices” on Time Management of Nicaragua.” World Bank, Washington, Djankov, Simeon, Darshini Manraj, Caralee
of Judicial Proceedings. Strasbourg: DC. McLiesh and Rita Ramalho. 2005.
Council of Europe. “Doing Business Indicators: Why
Dennis, Allen. 2010. “Global Economic Crisis Aggregate, and How to Do It.” World
CGAP (Consultative Group to Assist the and Trade: The Role of Trade Facilitation.” Bank, Washington, DC.
Poor) and World Bank. 2010. Financial Applied Economics Letters. Published
Access 2010: The State of Financial electronically May 19 (iFirst). Djankov, Simeon, Tim Ganser, Caralee
Inclusion through the Crisis. McLeish, Rita Ramalho and Andrei Shle-
Depken, Craig, and Robert Sonora. 2005. ifer. 2010. “The Effect of Corporate Taxes
Washington, DC: World Bank. “Asymmetric Effects of Economic Free- on Investment and Entrepreneurship.”
Chang, Roberto, Linda Kaltani and Norman dom on International Trade Flows.” American Economic Journal: Macro-
Loayza. 2009. “Openness Can Be Good International Journal of Business and economics 2 (3): 31–64.
for Growth: The Role of Policy Comple- Economics 4 (2): 141–55.
mentarities.” Journal of Development Dollar, David, Mary Hallward-Driemeier
de Soto, Hernando. 2000. The Mystery of and Taye Mengistae. 2005. “Investment
Economics 90: 33–49. Capital: Why Capitalism Triumphs in Climate and International Integration.”
Chemin, Matthieu. 2009. “The Impact of the the West and Fails Everywhere Else. Policy Research Working Paper 3323,
Judiciary on Entrepreneurship: Evalua- New York: Basic Books. World Bank, Washington, DC.
tion of Pakistan’s ‘Access to Justice Pro- Dewaelheyns, Nico, and Cynthia Van Hulle.
gramme.’” Journal of Public Economics Durnev, Art, and E. Han Kim. 2005. “To
2009a. “Bankruptcy Reform: Evidence Steal or Not to Steal: Firm Attributes,
93: 114–25. from a Survey among Judges and Legal Environment, and Valuation.”
Cheung, Yan-Leung, P. Raghavendra Rau and Receivers.” Applied Economics Letters. Journal of Finance 60: 1461–93.
Aris Stouraitis. 2006. “Tunneling, Prop- Published electronically September 24
ping, and Expropriation: Evidence from (iFirst). Duryea, Suzanne, Gustavo Marquéz,
Connected-Party Transactions in Hong Carmen Pagés and Stefano Scarpetta.
___. 2009b. “Filtering Speed in a Continen- 2006. “For Better or for Worse? Job
Kong.” Journal of Financial Economics tal European Reorganization Procedure.”
82 (2): 343–86. and Earnings Mobility in Nine Middle-
International Review of Law and Eco- and Low-Income Countries.” Brookings
Chhabra, Rama. 2003. “Women in Informal nomics 29 (4): 375–87. Trade Forum 2006, pp. 187–203.
Sector.” Indian Journal of Training and De Wulf, Luc, and Jose B. Sokol. 2004. Cus-
Development 33 (1–2): 127–34. EBRD (European Bank for Reconstruction
toms Modernization Initiatives: Case and Development). 2006. “The Enforce-
Ciccone, Antonio, and Elias Papaioannou. Studies. Washington, DC: World Bank. ment of Judgments in Civil and Commer-
2007. “Red Tape and Delayed Entry.” Djankov, Simeon. 2009a. “Bankruptcy cial Cases in the New EU Member States.”
Journal of the European Economic Regimes during Financial Distress.” In Law in Transition Online 2006.
Association 5 (2–3): 444–58. World Bank, Washington, DC. London: EBRD. http://www.ebrd.com/.
Commercial Court of Podgorica. 2009. ___. 2009b. “The Regulation of Entry: A Eifert, Benjamin. 2007. “Infrastructure and
Annual Report of the Commercial Survey.” World Bank Research Observer Market Structure in Least-Developed
Court 2009 (Godisnji izvjestaj za 2009). 24 (2): 183–203. Countries.” Department of Economics,
Podgorica, Montenegro. University of California, Berkeley.
Djankov, Simeon, Caroline Freund and
Crain, Mark. 2005. “The Impact of Cong S. Pham. 2010. “Trading on Time.” Electronic Proceedings Project. 2010.
Regulatory Costs on Small Firms.” Review of Economics and Statistics 92 “Brazilian Justice in the Virtual Era.”
Office of Advocacy, U.S. Small Business (1): 166–73. Handout at World Bank conference.
Administration, Washington, DC. Superior Court of Justice, Brasília.
Djankov, Simeon, Caralee McLiesh and Rita
Ramalho. 2006. “Regulation and Growth.” Ellis, Amanda, Claire Manuel and C. Mark
Economics Letters 92 (3): 395–401. Blackden. 2006. Gender and Economic
Growth in Uganda: Unleashing the
Power of Women. Washington, DC:
World Bank.
REFERENCES 107
Espinosa-Wang, Alejandro. Forthcoming. Gamboa-Cavazos, Mario, and Frank Sch- ___. 2008a. “Georgia: After Three Years
“Private Help for a Public Problem.” neider. 2007. “Bankruptcy as a Legal Pro- of Licensing Reform.” Analytical Note,
World Bank, Washington, DC. http:// cess.” Draft, Department of Economics, World Bank Group, Washington, DC.
www.reformersclub.org/. Harvard University, Cambridge, MA. ___. 2008b. Novo Mercado and Its Follow-
European Commission. 2010. “European Geginat, Carolin, and Rita Ramalho. 2010. ers: Case Studies in Corporate Gover-
Good Practices: European eGovernment “Connecting Businesses to the Electrical nance Reform. Washington, DC: World
Awards—Winners 2009.” Brussels. Avail- Grid in 140 Economies.” Paper presented Bank Group.
able at http://www.uyap.gov.tr/english at the International Conference on Infra- Iimi, Atsushi. 2008. “Effects of Improving
/makale/awards-articles2009.pdf. structure Economics and Development, Infrastructure Quality on Business Costs:
Field, Erica. 2007. “Entitled to Work: Urban Toulouse, January 14–15. Evidence from Firm-Level Data.” Policy
Property Rights and Labor Supply in Giné, Xavier, and Inessa Love. 2006. “Do Research Working Paper 4581, World
Peru.” Quarterly Journal of Economics Reorganization Costs Matter for Effi- Bank, Washington, DC.
122 (4): 1561–602. ciency? Evidence from a Bankruptcy ILO (International Labour Organization).
Field, Erica, and Maximo Torero. 2006. Reform in Colombia.” Policy Research 2009. World of Work 66. Geneva: ILO.
“Do Property Titles Increase Credit Working Paper 3970, World Bank,
Washington, DC. ILO and SERCOTEC (Servicio de Cooper-
Access among the Urban Poor? ación Técnica). 2010. La situación de
Evidence from a Nationwide Titling Gordon, Roger, and Wei Li. 2009. “Tax la micro y pequeña empresa en Chile.
Program.” Department of Economics, Structures in Developing Countries: Santiago.
Harvard University, Cambridge, MA; Many Puzzles and a Possible Explanation.”
Group for Development Analysis, Lima; Journal of Public Economics 93: 855–66. Imam, Patrick A., and Jacob F. Davina. 2007.
and International Food Policy Research “Effect of Corruption on Tax Revenues
Grandmont, Renato, Gavin Grant and Flavia in the Middle East.” IMF Working Paper
Institute, Washington, DC. Silva. 2004. “Beyond the Numbers— WP/07/270, International Monetary
Finland Judiciary. 2006. “How to Assess Corporate Governance: Implications for Fund, Washington, DC.
Quality in the Courts?” http://www. Investors.” Deutsche Bank, Frankfurt.
oikeus.fi/. Indonesia Stock Exchange. 2009. Annual
Helble, Matthias Carl, Ben Shepherd and Report 2008. http://www.idx.co.id/.
Fisman, Raymond, and Virginia Sarria- John S. Wilson. 2009. “Transparency and
Allende. 2004. “Regulation of Entry Regional Integration in the Asia Pacific.” International Tax Dialogue. 2007. “Taxation
and the Distortion of Industrial Orga- World Economy 32 (3): 479–508. of Small and Medium-Size Enterprises.”
nization.” NBER Working Paper 10929, Background paper for the International
Helpman, Elhanan, Marc Melitz and Yona Tax Dialogue Conference on Taxation of
National Bureau of Economic Research, Rubinstein. 2008. “Estimating Trade
Cambridge, MA. SMEs, Buenos Aires, October 17–19.
Flows: Trading Partners and Trading
Fleisig, Heywood, and Nuria de la Peña. Volumes.” Quarterly Journal of Econom- Johns, Melissa, and Jean Michel Lobet. 2007.
2003. “Legal and Regulatory Require- ics 123 (2): 441–87. “Protecting Investors from Self-Dealing.”
ments for Effective Rural Financial Mar- In World Bank, Celebrating Reform
Hertveldt, Sabine. 2008. “Pragmatism Leads 2007.Washington, DC: World Bank
kets.” Center for the Economic Analysis the Way in Setting Up Specialized Com-
of Law, Washington, DC. Group and U.S. Agency for International
mercial Courts.” Doing Business case Development.
Fleisig, Heywood, Mehnaz Safavian and study: Rwanda. World Bank Group,
Nuria de la Peña. 2006. Reforming Washington, DC. Kaplan, David, Eduardo Piedra and Enrique
Collateral Laws to Expand Access to Seira. 2007. “Entry Regulation and Busi-
Hibbs, Douglas A., and Violeta Piculescu. ness Start-Ups: Evidence from Mexico.”
Finance. Washington, DC: World Bank. 2010. “Tax Toleration and Tax Compli- Policy Research Working Paper 4322,
Fonseca, Raquel, Paloma Lopez-Garcia and ance: How Government Affects the Pro- World Bank, Washington, DC.
Christopher Pissarides. 2001. “Entrepre- pensity of Firms to Enter the Unofficial
neurship, Start-Up Costs and Employ- Economy.” American Journal of Political Kauffman Foundation. n.d. “Young People
ment.” European Economic Review 45 Science 54 (1): 18–33. Want to Be Their Own Boss to Realize
(4–6): 692–705. Their Ideas.” http://www.kauffman,org/.
Ho, Yuen-Ping, and Poh-Kam Wong. 2006.
Foster, Vivien, and Jevgenijs Steinbuks. 2009. “Financing, Regulatory Costs and Entre- Kendall, Jake, Nataliya Mylenko and Ale-
“Paying the Price for Unreliable Power preneurial Propensity.” Small Business jandro Ponce. 2010. “Measuring Finan-
Supplies.” Policy Research Working Paper Economics 28: 187–204. cial Access around the World.” Policy
4913, World Bank, Washington, DC. Research Working Paper 5253, World
Hoekman, Bernard, and Alessandro Nicita. Bank, Washington, DC.
Freund, Caroline, and Bineswaree Bolaky. 2009. “Trade Policy, Trade Cost, and
2008. “Trade, Regulations and Income.” Developing Country Trade.” Policy Kenny, Charles. 2007. “Construction,
Journal of Development Economics 87: Research Working Paper 4797, World Corruption, and Developing Countries.”
309–21. Bank, Washington, DC. Policy Research Working Paper 4271,
World Bank, Washington, DC.
Funchal, Bruno. 2008. “The Effects of the Houston, Joel, Chen Lin, Ping Lin and Yue
2005 Bankruptcy Reform in Brazil.” Ma. 2010. “Creditor Rights, Information Klapper, Leora, and Inessa Love. 2004.
Economics Letters 101: 84–86. Sharing, and Bank Risk Taking.” Journal “Corporate Governance, Investor Protec-
of Financial Economics 96 (3): 485–512. tion, and Performance in Emerging
Galiani, Sebastian, and Ernesto Schargrod- Markets.” Journal of Corporate Finance
sky. 2006. “Property Rights for the Poor: IFC (International Finance Corporation). 10 (5): 703–28.
Effects of Land Titling.” Business School 2006. Case Studies in Good Corporate
Working Paper, Universidad Torcuato Di Governance Practices. Companies Circle ___. 2010. “The Impact of the Financial
Tella, Buenos Aires. of the Latin American Corporate Gov- Crisis on New Firm Registration.” Policy
ernance Roundtable. Washington, DC: Research Working Paper 5444, World
World Bank Group. Bank, Washington, DC.
108 DOING BUSINESS 2011
Klapper, Leora, and Simon Parker. 2010. Lieberman, Ira, Mario Gobbo, William P. ___. 2005b. “CourTools: Trial Court Per-
“Gender and Business Environment Mako and Ruth L. Neyens. 2005. formance Measures.” Williamsburg, VA.
for New Firm Creation.” World Bank “Recent International Experiences in http://www.ncsconline.org/.
Research Observer. Published elec- the Use of Voluntary Workouts under Nunn, Nathan. 2007. “Relationship-
tronically February 25. doi:10.1093/wbro/ Distressed Conditions.” In Corporate Specificity, Incomplete Contracts,
lkp032. Restructuring: Lessons from Experience, and the Pattern of Trade.” Quarterly
Klapper, Leora, and Christine Richmond. ed. Michael Pomerleano and William Journal of Economics 122 (2): 569–600.
2010. “The Political Economy of Firm Shaw. Washington, DC: World Bank.
OECD (Organisation for Economic Co-
Size.” Paper presented at the World Bank– Lippman, Jonathan. 2010. The State of the operation and Development). 2004a.
Kauffman Foundation Conference on Judiciary 2010. New York State Unified OECD Principles of Corporate
Entrepreneurship and Growth. Court System. http://www.courts.state. Governance. Paris: OECD.
Klapper, Leora, Luc Laeven and Raghuram ny.us/.
___. 2004b. “Promoting SMEs for Develop-
Rajan. 2006. “Entry Regulation as a Bar- Lobet, Jean Michel. 2009. “Seizing the ment.” Background report prepared for
rier to Entrepreneurship.” Journal of Opportunity for Effective Legal Reform in Second OECD Conference of Ministers
Financial Economics 82 (3): 591–629. Albania.” Celebrating Reform 2009 case Responsible for Small and Medium-Sized
Klapper, Leora, Anat Lewin and Juan Manuel study. World Bank Group, Washington, Enterprises, Istanbul, June 3–5.
Quesada Delgado. 2009. “The Impact of DC. http://www.doingbusiness.org.
___. 2008. Employment Outlook: 2008.
the Business Environment on the Busi- Love, Inessa. 2010. “Corporate Governance Paris: OECD.
ness Creation Process.” Policy Research and Performance around the World: What
Working Paper 4937, World Bank, We Know and What We Don’t.” World ___. 2009. Guide on Fighting Abusive
Washington, DC. Bank Research Observer. Published Related-Party Transactions in Asia.
electronically February 4. doi:10.1093/ Paris: OECD.
Korea Customs Service. 2010. “The KCS’
Challenging Drive for Trade Facilitation.” wbro/lkp030. ___. 2010. “Construction Industry.” OECD
http://www.customs.go.kr. Mako, William P. 2005. “Emerging-Market Journal of Competition Law and Policy
and Crisis Applications for Out-of- 10 (1).
Kozolchyk, Boris. 2009. “Modernization
of Commercial Law: International Uni- Court Workouts: Lessons from East Pal, Mariam. 1997. “Women Entrepreneurs
formity and Economic Development.” Asia, 1998–2001.” In Corporate Restruc- and the Need for Financial Sector Reform.”
Brooklyn Journal of International Law turing: Lessons from Experience, ed. Economic Reform Today 2: 26–30.
34 (3): 709–47. Michael Pomerleano and William Shaw. Pande, Rohini, and Christopher Udry. 2005.
Washington, DC: World Bank. “Institutions and Development: A View
Kozolchyk, Boris, and Dale Furnish. 2006.
“The OAS Model Law on Secured Trans- Masatlioglu, Yusufcan, and Jamele Rigolini. from Below.” Economic Growth Center
actions: A Comparative Analysis.” Arizona 2008. “Informality Traps.” B.E. Journal of Working Paper 928, Yale University, New
Legal Studies Discussion Paper 06-39, Economic Analysis & Policy 8 (1). Haven, CT.
University of Arizona Rogers College of McGee, Robert, and Christopher Lingle. Pepys, Mary Noel. 2003. “Corruption and
Law, Tucson. 2008. “The Ethics of Tax Evasion: A Sur- the Justice Sector.” U.S. Agency for Inter-
KPMG. 2009. “Competitive Alternatives: vey of Guatemalan Opinion.” Taxation national Development and Management
KPMG’s Guide to International Business and Public Finance in Transition and Systems International, Washington, DC.
Location.” Developing Economies 3: 481–95. http://www.usaid.gov/.
http://www.competitivealternatives.com. McGinty, Andrew, and V. C. Leow. 2009. Perotti, Enrico, and Paolo Volpin. 2004.
La Porta, Rafael, and Andrei Shleifer. 2008. “China’s Insolvency Law Two Years On: “Lobbying on Entry.” CEPR Discussion
“The Unofficial Economy and Economic Are Government-Driven Restructurings Paper 4519, Centre for Economic Policy
Development.” Tuck School of Business the New Trend?” Butterworths Journal Research, London.
Working Paper 2009-57. Available at of International Banking and Financial Pierre, Gaëlle, and Stefano Scarpetta.
http://ssrn.com/abstract=1304760. Law 24 (11): 689–92. 2007. “How Labor Market Policies Can
Lee, Kyu Sik, Alex Anas and Gi-Taik Oh. Motta, Marialisa, Ana Maria Oviedo and Combine Workers’ Protection with Job
1996. “Cost of Infrastructure Deficiencies Massimiliano Santini. 2010. “An Open Creation: A Partial Review of Some Key
in Manufacturing in Indonesia, Nigeria Door for Firms: The Impact of Business Issues and Policy Options.” Social Protec-
and Thailand.” Policy Research Working Entry Reforms.” Viewpoint Note 323, tion Discussion Paper 716, World Bank,
Paper 1604, World Bank, Washington, DC. World Bank Group, Washington, DC. Washington, DC.
Levchenko, Andrei. 2007. “Institutional Moullier, Thomas. 2009. “Reforming Build- PricewaterhouseCoopers. 2005. “The Eco-
Quality and International Trade.” Review ing Permits: Why Is It Important and nomic Impact of Accelerating Permit
of Economic Studies 74 (3): 791–819. What Can IFC Really Do?” International Processes on Local Development and
Finance Corporation, Washington, DC. Government Revenues.” Report prepared
Li, Yue, and John Wilson. 2009. “Trade for the American Institute of Architects,
Facilitation and Expanding the Benefits Narayan, Deepa, Robert Chambers, Meer
Kaul Shah and Patti Petesh. 2000. Voices Washington, DC.
of Trade: Evidence from the Firm-Level
Data.” ARTNet Working Paper Series, of the Poor: Crying Out for Change. Qian, Jun, and Philip E. Strahan. 2007. “How
no. 71, Asia Pacific Research and Training Washington, DC: World Bank. Laws and Institutions Shape Financial
Network on Trade, Bangkok. National Center for State Courts. 2005a. Contracts: The Case of Bank Loans.”
“CourTools: Giving Courts the Tools to Journal of Finance 62 (6): 2803–34.
Measure Success.” Williamsburg, VA. Ranjan, Priya, and Jae Young Lee. 2007.
http://www.ncsconline.org/. “Contract Enforcement and International
Trade.” Economics and Politics 19 (2):
191–218.
REFERENCES 109
Reinikka, Ritva, and Jakob Svensson. 1999. South Africa, Department of Trade and Vodopivec, Milan. 2009. “Introducing
“Confronting Competition: Investment Industry. 2004. “Review of Ten Years of Unemployment Insurance to Developing
Response and Constraints in Uganda.” Small Business Support in South Africa, Countries.” Social Protection Discussion
Policy Research Working Paper 2242, 1994–2004.” Enterprise Development Paper 907, World Bank, Washington, DC.
World Bank, Washington, DC. Unit, Department of Trade and Industry, World Bank. 2003. Doing Business in 2004:
Ricard, Lyse. 2008. “Strategies for the Con- Pretoria. Understanding Regulation. Washington,
trol of Tax Compliance.” Paper presented Srinivasan, Jayashree, and Marina Turlakova. DC: World Bank Group.
at the 42nd CIAT (Inter-American Center 2010. “Trade-Offs in Reforming Internal ___. 2008. Finance for All: Policies
of Tax Administrations) General Assem- Wiring Regulations in South Africa.” and Pitfalls in Expanding Access.
bly, Antigua, Guatemala, April 21–24. Draft, World Bank, Washington, DC. World Bank Policy Research Report.
Rocha, Roberto, Subika Farazi, Rania Khouri Stein, Peer. 2010. “Towards Universal Access: Washington, DC: World Bank.
and Douglas Pearce. 2010. “The Status Addressing the Global Challenge of ___. 2009a. Doing Business in India 2009.
of Bank Lending to SMEs in the Middle Financial Inclusion—Challenges and the Washington, DC: World Bank Group.
East and North Africa Region: The Way Forward.” Paper presented at Korea– http://www.doingbusiness.org.
Results of a Joint Survey of the Union of World Bank High-Level Conference on
Arab Banks and the World Bank.” World Post-Crisis Growth and Development, ___. 2009b. Doing Business in Indonesia
Bank, Washington, DC; and Union of Busan, Korea, June 3–4. 2010. Washington, DC: World Bank
Arab Banks, Beirut. Group. http://www.doingbusiness.org.
Turner, Michael, and Robin Varghese. 2007.
Samuels, Kristi. 2006. “Rule of Law Reform Economic Impacts of Payment Report- ___. 2009c. Doing Business in Russia 2009.
in Post-Conflict Countries: Operational ing Participation in Latin America. Washington, DC: World Bank Group.
Initiatives and Lessons Learnt.” Social Chapel Hill, NC: PERC Press. http://www.doingbusiness.org.
Development Paper 37, World Bank, Turner, Michael, Robin Varghese and ___. 2009d. Doing Business 2010:
Washington, DC. Patrick Walker. 2007. On the Impact Reforming through Difficult Times.
Sarmiento, Alvaro, Krista Lucenti and of Credit Payment Reporting on the Washington, DC: World Bank Group.
Aurelio Garcia. 2010. “Automating the Financial Sector and Overall Economic ___. 2009e. “Guidance Note for World Bank
Control of Goods in International Transit Performance in Japan. Chapel Hill, NC: Group Staff on the Use of the Doing Busi-
in Goods: Implementing the TIM in Cen- PERC Press. ness Employing Workers Indicator for
tral America.” IFC SmartLessons, World Turner, Michael, Robin Varghese, Patrick Policy Advice.” http://www.doingbusiness.
Bank Group, Washington, DC. Walker and Katrina Dusek. 2009. Credit org.
Schindler, Kati. 2010. “Credit for What? Reporting Customer Payment Data: ___. 2009f. How Many Stops in a One-
Informal Credit as a Coping Strategy Impact on Customer Payment Behavior Stop Shop? Washington, DC: World Bank
of Market Women in Northern Ghana.” and Furnisher Costs and Benefits. Cha- Group.
Journal of Development Studies 46 (2): pel Hill, NC: PERC Press. ___. 2009g. Information and Communica-
234–53. USAID (U.S. Agency for International Devel- tions for Development 2009: Extending
Schneider, Friedrich. 2005. “The Informal opment). 2010. “Report on the Use of Reach and Increasing Impact. Washing-
Sector in 145 Countries.” Department of Audio Recording Equipment, Integrated ton, DC: World Bank.
Economics, University Linz. Case Management System and Web-Pages ___. 2009h. “Running a Business in
Schneider, Eriedrich, and Andres Buehn. by Moldova Courts.” Moldova Rapid Georgia.” Country Notes Series, Enter-
2009. "Shadow Economics and Corrup- Governance Support Program, Chisinau, prise Analysis Unit, World Bank Group.
tion All Over the World: Estimates for Moldova. http://www.enterprisesurveys.org/.
120 countries." Economics. Published U.S. Fire Administration. 2008. “Electrical ___. 2010a. Doing Business in Nigeria 2010.
electronically October 27. doi: 10.5018/ Fire Safety: A Factsheet on Home Electri- Washington, DC: World Bank Group.
economics-ejournal.ja.2007-9. cal Fire Prevention.” http://www.usfa.
___. 2010b. Women, Business and the
Simavi, Sevi, Clare Manuel and Mark dhs.gov/.
Law 2010: Measuring Legal Gender
Blackden. 2010. Gender Dimensions of Uttamchandani, Mahesh, and Antonia Parity for Entrepreneurs and Workers
Investment Climate Reform: A Guide Menezes. 2010. “The Freedom to Fail: in 128 Economies. Washington, DC:
for Policy Makers and Practitioners. Why Small Business Insolvency Regimes World Bank Group.
Washington, DC: World Bank. Are Critical for Emerging Markets.”
___. 2010c. World Development Indicators
Simovic, Vladimir, Vojkan Vaskovic and International Corporate Rescue 7 (4):
2010. Washington, DC: World Bank.
Dusan Poznanovic. 2009. “A Model of 262–68.
World Bank Independent Evaluation Group.
Credit Bureau in Serbia: Instrument for Van Stel, Andre, David Storey and Roy
2008. Doing Business: An Independent
Preserving Stability of the Banking Sec- Thurik. 2007. “The Effect of Business
Evaluation—Taking the Measure of the
tor in Conditions of the Global Economic Regulations on Nascent and Young Busi-
World Bank–IFC Doing Business Indi-
Crisis.” Journal of Applied Quantitative ness Entrepreneurship.” Small Business
cators. Washington, DC: World Bank.
Methods 4 (4): 429–39. Economics 28 (2–3): 171–86.
WTO (World Trade Organization). 2010.
Simpson, John, and Joachim Menze. 2000. Visaria, Sujata. 2009. “Legal Reform and
World Trade Report 2010. Geneva: WTO.
“Ten Years of Secured Transactions Loan Repayment: The Microeconomic
Reforms.” European Bank for Reconstruc- Impact of Debt Recovery Tribunals in Yoshino, Yutaka. 2008. “Domestic
tion and Development, London. India.” American Economic Journal: Constraints, Firm Characteristics,
Applied Economics 1 (3): 59–81. and Geographical Diversification of
Singapore Customs Service. 2007. Annual
Firm-Level Manufacturing Exports in
Report 2006/07. Singapore.
Africa.” Policy Research Working Paper
4575, World Bank, Washington, DC.
110 DOING BUSINESS 2011
pact on the indicators. change of 150 would be recorded for EASE OF DOING BUSINESS
This measure complements the ag- the economy. If instead the time had RANKING
gregate ease of doing business rank- increased to 350 days, a change of
ing, which benchmarks each economy’s −150 would be recorded. The ease of doing business index ranks
current performance on the indicators economies from 1 to 183. For each
against that of all other economies in 2. To allow aggregation across all indi- economy the index is calculated as the
the Doing Business sample. By showing cators, the results for each indicator ranking on the simple average of its per-
absolute change over time, the measure are made comparable by normalizing centile rankings on each of the 9 topics
illustrates for each economy how much the change values on a scale of 0–1, included in the index in Doing Business
its regulatory environment for business where a higher value indicates that 2011: starting a business, dealing with
as measured through the Doing Business an economy made a larger absolute construction permits, registering prop-
indicators has changed compared with 5 improvement on a particular indicator erty, getting credit, protecting investors,
years ago. Economies that achieved the than other economies. As a second paying taxes, trading across borders, en-
biggest cumulative change in the past 5 step, the values are rescaled once more forcing contracts and closing a business.
years are assigned the highest DB change so that any lowering of an indicator is The ranking on each topic is the simple
score. reflected by a negative score and any average of the percentile rankings on its
improvement by a positive score. A component indicators (table 14.2).
The DB change score is constructed in score of 0 indicates that no change oc- If an economy has no laws or reg-
4 steps. curred.4 ulations covering a specific area—for
1. As a first step, the absolute differ- example, bankruptcy—it receives a “no
ence in scores is calculated for each 3. To illustrate the change across all 9 practice” mark. Similarly, an economy
of the component indicators of the areas of business regulation, a simple receives a “no practice” or “not possible”
9 Doing Business topics, 28 in all. average of all scores obtained for the mark if regulation exists but is never
For example, for starting a business different indicators is taken to calcu- used in practice or if a competing regula-
there are 4 indicators: procedures, late a total annual measure of change tion prohibits such practice. Either way, a
time, cost (as a percentage of GNI per for each economy. By using a simple “no practice” mark puts the economy at
capita) and paid-in minimum capital average, the new measure follows the the bottom of the ranking on the relevant
requirement (as a percentage of GNI approach used in the ease of doing indicator.
per capita). Annual absolute changes business ranking. Here is one example of how the
are calculated economy by economy ranking is constructed. In Iceland it takes
for each of these indicators. For ex- 4. Finally, the annual measures of change 5 procedures, 5 days and 2.3% of an-
ample, if starting a business in an for each economy are added to il- nual income per capita in fees to open a
economy took 200 days as measured lustrate the cumulative change in its business. The minimum capital required
in Doing Business 2006 and only 50 as business regulatory environment over amounts to 11.97% of income per capita.
measured in Doing Business 2007, a the past 5 years. On these 4 indicators Iceland ranks in
TABLE 14.2
Which indicators make up the ranking?
Starting a business Paying taxes
• Procedures, time, cost and paid-in minimum capital to open • Number of tax payments, time to prepare and file tax returns and to pay taxes,
a new business total taxes as a share of profit before all taxes borne
Dealing with construction permits Trading across borders
• Procedures, time and cost to obtain construction permits, inspections and • Documents, time and cost to export and import
utility connections
Registering property Enforcing contracts
• Procedures, time and cost to transfer commercial real estate • Procedures, time and cost to resolve a commercial dispute
Getting credit Closing a business
• Strength of legal rights index, depth of credit information index • Recovery rate in bankruptcy
Protecting investors
• Strength of investor protection index: extent of disclosure index,
extent of director liability index and ease of shareholder suits index
DATA NOTES 113
the 13th, 4th, 15th and 63th percentiles. stan, Lithuania, Mali, Montenegro, Peru,
So on average Iceland ranks in the 24th Rwanda, Saudi Arabia, Sierra Leone,
percentile on the ease of starting a busi- Slovenia, Sweden, Tajikistan, Ukraine,
ness. It ranks in the 50th percentile on Vietnam and Zambia. Second, Doing
protecting investors, 40th percentile on Business ranks these economies on the
trading across borders, 10th percentile increase in their ranking on the ease of
on enforcing contracts, 9th percentile doing business from the previous year
on closing a business and so on. Higher using comparable rankings.INDICA-
rankings indicate simpler regulation and TORS INCLUDED
stronger protection of property rights. IN THE EASE OF DOING
The simple average of Iceland’s percentile BUSINESS RANKING
rankings on all topics is 25%. When all
economies are ordered by their average This year’s aggregate ranking on the ease
percentile rank, Iceland is in 15th place. of doing business is based on 9 indicator
More complex aggregation meth- sets: starting a business, dealing with
ods—such as principal components and construction permits, registering prop-
unobserved components—yield a nearly erty, getting credit, protecting investors, experts differ, inquiries continue until
identical ranking.5 The choice of ag- paying taxes, trading across borders, en- the data are reconciled.
gregation method has little influence on forcing contracts and closing a business. To make the data comparable across
the rankings because the 9 sets of indica- economies, several assumptions about
tors provide sufficiently broad coverage STARTING A BUSINESS the business and the procedures are
across topics. So Doing Business uses the used.
simplest method. Doing Business records all procedures
The ease of doing business index is that are officially required for an entre- ASSUMPTIONS ABOUT THE BUSINESS
limited in scope. It does not account for preneur to start up and formally operate The business:
an economy’s proximity to large markets, an industrial or commercial business. • Is a limited liability company. If there
the quality of its infrastructure services These include obtaining all necessary is more than one type of limited
(other than services related to trading licenses and permits and completing any liability company in the economy, the
across borders), the strength of its finan- required notifications, verifications or limited liability form most popular
cial system, the security of property from inscriptions for the company and em- among domestic firms is chosen.
theft and looting, its macroeconomic ployees with relevant authorities. The Information on the most popular
conditions or the strength of underlying ranking on the ease of starting a business form is obtained from incorporation
institutions. There remains a large unfin- is the simple average of the percentile lawyers or the statistical office.
ished agenda for research into what regu- rankings on its component indicators • Operates in the economy’s largest
lation constitutes binding constraints, (figure 14.1). business city.
what package of reforms is most effective After a study of laws, regulations • Is 100% domestically owned and has
and how these issues are shaped by the and publicly available information on 5 owners, none of whom is a legal
context in an economy. The Doing Busi- business entry, a detailed list of proce- entity.
ness indicators provide a new empirical dures is developed, along with the time • Has start-up capital of 10 times
data set that may improve understanding and cost of complying with each proce- income per capita at the end of 2009,
of these issues. dure under normal circumstances and paid in cash.
Doing Business 2011 also uses a sim- the paid-in minimum capital require- • Performs general industrial or
ple method to calculate which economies ments. Subsequently, local incorpora- commercial activities, such as the
improve the most on the ease of doing tion lawyers and government officials production or sale to the public of
business. First, it selects the economies complete and verify the data. products or services. The business
that reformed in 3 or more of the 9 top- Information is also collected on the does not perform foreign trade
ics included in this year’s ease of doing sequence in which procedures are to activities and does not handle
business ranking. Twenty-five econo- be completed and whether procedures products subject to a special tax
mies met this criterion: Belarus, Brunei may be carried out simultaneously. It is regime, for example, liquor or
Darussalam, Burkina Faso, Cape Verde, assumed that any required information tobacco. It is not using heavily
the Democratic Republic of Congo, Geor- is readily available and that all agencies polluting production processes.
gia, Grenada, Guyana, Hungary, Indone- involved in the start-up process function
sia, the Islamic Republic of Iran, Kazakh- without corruption. If answers by local
114 DOING BUSINESS 2011
• Leases the commercial plant and professionals on behalf of the company dergoes to connect to electricity, water,
offices and is not a proprietor of real are counted separately. Each electronic gas and waste disposal services are not
estate. procedure is counted separately. If 2 pro- included.
• Does not qualify for investment cedures can be completed through the
incentives or any special benefits. same website but require separate filings, TIME
• Has at least 10 and up to 50 they are counted as 2 procedures. Time is recorded in calendar days. The
employees 1 month after the Both pre- and postincorporation measure captures the median duration
commencement of operations, all of procedures that are officially required that incorporation lawyers indicate is
them nationals. for an entrepreneur to formally operate a necessary to complete a procedure with
• Has a turnover of at least 100 times business are recorded (table 14.3). minimum follow-up with government
income per capita. Procedures required for official cor- agencies and no extra payments. It is as-
• Has a company deed 10 pages long. respondence or transactions with public sumed that the minimum time required
agencies are also included. For example, for each procedure is 1 day. Although
PROCEDURES if a company seal or stamp is required procedures may take place simultane-
A procedure is defined as any interaction on official documents, such as tax dec- ously, they cannot start on the same day
of the company founders with external larations, obtaining the seal or stamp is (that is, simultaneous procedures start
parties (for example, government agen- counted. Similarly, if a company must on consecutive days). A procedure is
cies, lawyers, auditors or notaries). In- open a bank account before registering considered completed once the company
teractions between company founders or for sales tax or value added tax, this has received the final document, such as
company officers and employees are not transaction is included as a procedure. the company registration certificate or
counted as procedures. Procedures that Shortcuts are counted only if they fulfill 4 tax number. If a procedure can be accel-
must be completed in the same build- criteria: they are legal, they are available erated for an additional cost, the fastest
ing but in different offices are counted to the general public, they are used by procedure is chosen. It is assumed that
as separate procedures. If founders have the majority of companies, and avoiding the entrepreneur does not waste time
to visit the same office several times for them causes substantial delays. and commits to completing each remain-
different sequential procedures, each is Only procedures required of all ing procedure without delay. The time
counted separately. The founders are as- businesses are covered. Industry-specific that the entrepreneur spends on gather-
sumed to complete all procedures them- procedures are excluded. For example, ing information is ignored. It is assumed
selves, without middlemen, facilitators, procedures to comply with environmen- that the entrepreneur is aware of all entry
accountants or lawyers, unless the use tal regulations are included only when regulations and their sequence from the
of such a third party is mandated by they apply to all businesses conducting beginning but has had no prior contact
law. If the services of professionals are general commercial or industrial activi- with any of the officials.
required, procedures conducted by such ties. Procedures that the company un-
COST
TABLE 14.3 Cost is recorded as a percentage of the
What do the starting a business indicators measure? economy’s income per capita. It includes
Procedures to legally start and operate a company (number) all official fees and fees for legal or pro-
• Preregistration (for example, name verification or reservation, notarization) fessional services if such services are
• Registration in the economy’s largest business city required by law. Fees for purchasing and
• Postregistration (for example, social security registration, company seal) legalizing company books are included
if these transactions are required by law.
Time required to complete each procedure (calendar days)
The company law, the commercial code
• Does not include time spent gathering information and specific regulations and fee sched-
• Each procedure starts on a separate day ules are used as sources for calculating
• Procedure completed once final document is received costs. In the absence of fee schedules, a
• No prior contact with officials government officer’s estimate is taken
Cost required to complete each procedure (% of income per capita) as an official source. In the absence of a
• Official costs only, no bribes government officer’s estimate, estimates
• No professional fees unless services required by law
of incorporation lawyers are used. If
several incorporation lawyers provide
Paid-in minimum capital (% of income per capita)
different estimates, the median reported
• Deposited in a bank or with a notary before registration begins value is applied. In all cases the cost ex-
Source: Doing Business database. cludes bribes.
DATA NOTES 115
PAID-IN MINIMUM CAPITAL • Is fully licensed and insured to carry
The paid-in minimum capital require- out construction projects, such as
ment reflects the amount that the en- building warehouses.
trepreneur needs to deposit in a bank • Has 60 builders and other employees,
or with a notary before registration and all of them nationals with the
up to 3 months following incorpora- technical expertise and professional
tion and is recorded as a percentage of experience necessary to obtain
the economy’s income per capita. The construction permits and approvals.
amount is typically specified in the com- • Has at least 1 employee who is a
mercial code or the company law. Many licensed architect and registered with
economies have a minimum capital re- the local association of architects.
quirement but allow businesses to pay • Has paid all taxes and taken out all
only a part of it before registration, with necessary insurance applicable to its
the rest to be paid after the first year general business activity (for example,
of operation. In Italy in June 2009 the accidental insurance for construction
minimum capital requirement for lim- workers and third-person liability).
ited liability companies was €10,000, of erage and a fixed land line. Procedures • Owns the land on which the
which at least €2,500 was payable before necessary to register the property so that warehouse is built.
registration. The paid-in minimum capi- it can be used as collateral or transferred
tal recorded for Italy is therefore €2,500, to another entity are also counted. The ASSUMPTIONS ABOUT THE WAREHOUSE
or 10.1% of income per capita. In Mexico survey divides the process of building a The warehouse:
the minimum capital requirement was warehouse into distinct procedures and • Will be used for general storage
50,000 pesos, of which one-fifth needed calculates the time and cost of complet- activities, such as storage of books or
to be paid before registration. The paid- ing each procedure in practice under stationery. The warehouse will not be
in minimum capital recorded for Mexico normal circumstances. The ranking on used for any goods requiring special
is therefore 10,000 pesos, or 9.2% of the ease of dealing with construction conditions, such as food, chemicals
income per capita. permits is the simple average of the or pharmaceuticals.
percentile rankings on its component • Has 2 stories, both above ground,
The data details on starting a business indicators (figure 14.2). with a total surface of approximately
can be found for each economy at http:// Information is collected from ex- 1,300.6 square meters (14,000 square
www.doingbusiness.org by selecting the perts in construction licensing, includ- feet). Each floor is 3 meters (9 feet,
economy in the drop-down list. This meth- ing architects, construction lawyers, 10 inches) high.
odology was developed in Djankov and construction firms, utility service pro- • Has road access and is located in
others (2002) and is adopted here with viders and public officials who deal with the periurban area of the economy’s
minor changes. building regulations, including approvals largest business city (that is, on the
and inspections. To make the data com- fringes of the city but still within its
DEALING WITH CONSTRUCTION parable across economies, several as- official limits).
PERMITS sumptions about the business, the ware- • Is not located in a special economic
house project and the utility connections or industrial zone. The zoning
Doing Business records all procedures are used. requirements for warehouses are met
required for a business in the construc- by building in an area where similar
tion industry to build a standardized ASSUMPTIONS ABOUT THE warehouses can be found.
CONSTRUCTION COMPANY
warehouse. These procedures include • Is located on a land plot of 929 square
submitting all relevant project-specific The business (BuildCo): meters (10,000 square feet) that
documents (for example, building plans • Is a limited liability company. is 100% owned by BuildCo and is
and site maps) to the authorities; obtain- • Operates in the economy’s largest accurately registered in the cadastre
ing all necessary clearances, licenses, business city. and land registry.
permits and certificates; completing all • Is 100% domestically and privately • Is a new construction (there was no
required notifications; and receiving all owned. previous construction on the land).
necessary inspections. Doing Business • Has 5 owners, none of whom is a • Has complete architectural and
also records procedures for obtaining legal entity. technical plans prepared by a licensed
connections for electricity, water, sew- architect.
116 DOING BUSINESS 2011
• Will include all technical equipment • Is 10 meters (32 feet, 10 inches) from (that is, simultaneous procedures start
required to make the warehouse fully the main telephone network. on consecutive days). If a procedure can
operational. • Is a fixed land line. be accelerated legally for an additional
• Will take 30 weeks to construct cost, the fastest procedure is chosen. It
(excluding all delays due to PROCEDURES is assumed that BuildCo does not waste
administrative and regulatory A procedure is any interaction of the time and commits to completing each
requirements). company’s employees or managers with remaining procedure without delay. The
external parties, including government time that BuildCo spends on gathering
ASSUMPTIONS ABOUT THE agencies, notaries, the land registry, the information is ignored. It is assumed
UTILITY CONNECTIONS
cadastre, utility companies, public and that BuildCo is aware of all building
The electricity connection: private inspectors and technical experts requirements and their sequence from
• Is 10 meters (32 feet, 10 inches) from apart from in-house architects and en- the beginning.
the main electricity network. gineers. Interactions between company
• Is a medium-tension, 3-phase, employees, such as development of the COST
4-wire Y, 140-kilovolt-ampere (kVA) warehouse plans and inspections con- Cost is recorded as a percentage of the
connection. Three-phase service is ducted by employees, are not counted economy’s income per capita. Only of-
available in the construction area. as procedures. Procedures that the com- ficial costs are recorded. All the fees
• Will be delivered by an overhead pany undergoes to connect to electricity, associated with completing the proce-
service, unless overhead service is not water, sewerage and telephone services dures to legally build a warehouse are
available in the periurban area. are included. All procedures that are recorded, including those associated
• Consists of a simple hookup unless legally or in practice required for build- with obtaining land use approvals and
installation of a private substation ing a warehouse are counted, even if preconstruction design clearances; re-
(transformer) or extension of network they may be avoided in exceptional cases ceiving inspections before, during and
is required. (table 14.4). after construction; getting utility con-
• Requires the installation of only one nections; and registering the warehouse
electricity meter. TIME property. Nonrecurring taxes required
BuildCo is assumed to have a li- Time is recorded in calendar days. The for the completion of the warehouse
censed electrician on its team to complete measure captures the median duration project also are recorded. The building
the internal wiring for the warehouse. that local experts indicate is necessary to code, information from local experts and
The water and sewerage connection: complete a procedure in practice. It is as- specific regulations and fee schedules are
• Is 10 meters (32 feet, 10 inches) from sumed that the minimum time required used as sources for costs. If several local
the existing water source and sewer for each procedure is 1 day. Although partners provide different estimates, the
tap. procedures may take place simultane- median reported value is used.
• Does not require water for ously, they cannot start on the same day
fire protection reasons; a fire
extinguishing system (dry system) TABLE 14.4
will be used instead. If a wet fire What do the dealing with construction permits indicators measure?
protection system is required by law, Procedures to legally build a warehouse (number)
it is assumed that the water demand • Submitting all relevant documents and obtaining all necessary clearances, licenses, permits
specified below also covers the water and certificates
needed for fire protection. • Completing all required notifications and receiving all necessary inspections
• Has an average water use of 662 liters • Obtaining utility connections for electricity, water, sewerage and a land telephone line
(175 gallons) a day and an average • Registering the warehouse after its completion (if required for use as collateral or for transfer
wastewater flow of 568 liters (150 of warehouse)
gallons) a day. Time required to complete each procedure (calendar days)
• Has a peak water use of 1,325 liters
• Does not include time spent gathering information
(350 gallons) a day and a peak
• Each procedure starts on a separate day
wastewater flow of 1,136 liters (300
• Procedure completed once final document is received
gallons) a day.
• No prior contact with officials
• Will have a constant level of water
Cost required to complete each procedure (% of income per capita)
demand and wastewater flow
throughout the year. Official costs only, no bribes
The telephone connection: Source: Doing Business database.
DATA NOTES 117
The data details on dealing with con- cedures as well as the time and cost to
struction permits can be found for each complete each of them.
economy at http://www.doingbusiness.org To make the data comparable across
by selecting the economy in the drop- economies, several assumptions about
down list. the parties to the transaction, the prop-
erty and the procedures are used.
REGISTERING PROPERTY
REGISTERING PROPERTY ASSUMPTIONS ABOUT THE PARTIES
Doing Business records the full sequence The parties (buyer and seller):
of procedures necessary for a business • Are limited liability companies.
(buyer) to purchase a property from • Are located in the periurban area of
another business (seller) and to transfer the economy’s largest business city.
the property title to the buyer’s name so • Are 100% domestically and privately
that the buyer can use the property for owned.
expanding its business, use the property • Have 50 employees each, all of whom
as collateral in taking new loans or, if are nationals.
necessary, sell the property to another • Perform general commercial (10,000 square feet) is located on the
business. The process starts with obtain- activities. land. The warehouse is 10 years old, is
ing the necessary documents, such as a in good condition and complies with
copy of the seller’s title if necessary, and ASSUMPTIONS ABOUT THE PROPERTY all safety standards, building codes
conducting due diligence if required. The The property: and other legal requirements. The
transaction is considered complete when • Has a value of 50 times income per property of land and building will be
it is opposable to third parties and when capita. The sale price equals the value. transferred in its entirety.
the buyer can use the property, use it as • Is fully owned by the seller. • Will not be subject to renovations
collateral for a bank loan or resell it. The • Has no mortgages attached and has or additional building following the
ranking on the ease of registering prop- been under the same ownership for purchase.
erty is the simple average of the percen- the past 10 years. • Has no trees, natural water sources,
tile rankings on its component indicators • Is registered in the land registry or natural reserves or historical
(figure 14.3). cadastre, or both, and is free of title monuments of any kind.
Every procedure required by law disputes. • Will not be used for special purposes,
or necessary in practice is included, • Is located in a periurban commercial and no special permits, such as for
whether it is the responsibility of the zone, and no rezoning is required. residential use, industrial plants,
seller or the buyer or must be completed • Consists of land and a building. The waste storage or certain types of
by a third party on their behalf. Local land area is 557.4 square meters agricultural activities, are required.
property lawyers, notaries and property (6,000 square feet). A 2-story • Has no occupants (legal or illegal),
registries provide information on pro- warehouse of 929 square meters and no other party holds a legal
interest in it.
TABLE 14.5
What do the registering property indicators measure?
PROCEDURES
Procedures to legally transfer title on immovable property (number)
A procedure is defined as any interaction
• Preregistration (for example, checking for liens, notarizing sales agreement, paying property transfer taxes) of the buyer or the seller, their agents
• Registration in the economy’s largest business city (if an agent is legally or in practice
• Postregistration (for example, transactions with the local authority, tax authority or cadastre) required) or the property with exter-
Time required to complete each procedure (calendar days) nal parties, including government agen-
cies, inspectors, notaries and lawyers.
• Does not include time spent gathering information
Interactions between company officers
• Each procedure starts on a separate day
and employees are not considered. All
• Procedure completed once final document is received
procedures that are legally or in prac-
• No prior contact with officials
tice required for registering property
Cost required to complete each procedure (% of property value) are recorded, even if they may be
• Official costs only, no bribes avoided in exceptional cases (table 14.5).
• No value added or capital gains taxes included It is assumed that the buyer follows the
Source: Doing Business database. fastest legal option available and used
118 DOING BUSINESS 2011
by the majority of property owners. Al- ing third parties and consulting public
though the buyer may use lawyers or sources. The survey data are confirmed
other professionals where necessary in through teleconference calls or on-site
the registration process, it is assumed visits in all economies.
that it does not employ an outside fa-
cilitator in the registration process unless STRENGTH OF LEGAL RIGHTS INDEX
legally or in practice required to do so. The strength of legal rights index mea-
sures the degree to which collateral and
TIME bankruptcy laws protect the rights of
Time is recorded in calendar days. The borrowers and lenders and thus facilitate
measure captures the median duration lending (table 14.6). Two case scenarios,
that property lawyers, notaries or reg- case A and case B, are used to determine
istry officials indicate is necessary to the scope of the secured transactions
complete a procedure. It is assumed that system, involving a secured borrower,
the minimum time required for each the company ABC, and a secured lender,
procedure is 1 day. Although procedures BizBank. In certain economies the legal
may take place simultaneously, they can- framework on secured transactions
not start on the same day. It is assumed GETTING CREDIT means that only case A or case B can
that the buyer does not waste time and apply (not both). Both cases examine the
commits to completing each remaining Doing Business measures the legal rights same set of legal restrictions on the use of
procedure without delay. If a procedure of borrowers and lenders with respect to movable collateral.
can be accelerated for an additional cost, secured transactions through one set of Several assumptions about the secured
the fastest legal procedure available and indicators and the sharing of credit infor- borrower and lender are used:
used by the majority of property owners mation through another. The first set of • ABC is a domestic, limited liability
is chosen. If procedures can be under- indicators describes how well collateral company.
taken simultaneously, it is assumed that and bankruptcy laws facilitate lending. • ABC has its headquarters and only
they are. It is assumed that the parties The second set measures the coverage, base of operations in the economy’s
involved are aware of all regulations and scope and accessibility of credit infor- largest business city.
their sequence from the beginning. Time mation available through public credit • To fund its business expansion plans,
spent on gathering information is not registries and private credit bureaus. The ABC obtains a loan from BizBank for
considered. ranking on the ease of getting credit an amount up to 10 times income per
is the simple average of the percentile capita in local currency.
COST rankings on its component indicators
Cost is recorded as a percentage of the (figure 14.4). TABLE 14.6
property value, assumed to be equiva- The data on the legal rights of bor- What do the getting credit indicators
measure?
lent to 50 times income per capita. Only rowers and lenders are gathered through
Strength of legal rights index (0–10)
official costs required by law are re- a survey of financial lawyers and verified
corded, including fees, transfer taxes, through analysis of laws and regulations • Protection of rights of borrowers and lenders
stamp duties and any other payment to as well as public sources of information through collateral laws
the property registry, notaries, public on collateral and bankruptcy laws. The • Protection of secured creditors’ rights through
bankruptcy laws
agencies or lawyers. Other taxes, such as data on credit information sharing are
capital gains tax or value added tax, are built in 2 stages. First, banking super- Depth of credit information index (0–6)
excluded from the cost measure. Both vision authorities and public informa- • Scope and accessibility of credit information distrib-
costs borne by the buyer and those borne tion sources are surveyed to confirm the uted by public credit registries and private credit
by the seller are included. If cost esti- presence of a public credit registry or bureaus
mates differ among sources, the median private credit bureau. Second, when ap- Public credit registry coverage (% of adults)
reported value is used. plicable, a detailed survey on the public • Number of individuals and firms listed in public
credit registry’s or private credit bureau’s credit registry as percentage of adult population
The data details on registering property structure, laws and associated rules is Private credit bureau coverage (% of adults)
can be found for each economy at http:// administered to the entity itself. Survey • Number of individuals and firms listed in larg-
www.doingbusiness.org by selecting the responses are verified through several est private credit bureau as percentage of adult
economy in the drop-down list. rounds of follow-up communication population
with respondents as well as by contact- Source: Doing Business database.
DATA NOTES 119
• Both ABC and BizBank are 100% • A general description of debts amount of defaults and bankruptcies)
domestically owned. and obligations is permitted in are distributed.
The case scenarios also involve the collateral agreements and in • Data on both firms and individuals
assumptions. In case A, as collateral for registration documents: all types of are distributed.
the loan, ABC grants BizBank a non- debts and obligations can be secured • Data from retailers and utility
possessory security interest in one cat- between the parties, and the collateral companies as well as financial
egory of movable assets, for example, agreement can include a maximum institutions are distributed.
its accounts receivable or its inventory. amount for which the assets are • More than 2 years of historical data
ABC wants to keep both possession and encumbered. are distributed. Credit registries and
ownership of the collateral. In economies • A collateral registry or registration bureaus that erase data on defaults as
in which the law does not allow non- institution is in operation, unified soon as they are repaid obtain a score
possessory security interests in movable geographically and by asset type, with of 0 for this indicator.
property, ABC and BizBank use a fidu- an electronic database indexed by • Data on loan amounts below 1% of
ciary transfer-of-title arrangement (or a debtors’ names. income per capita are distributed.
similar substitute for nonpossessory se- • Secured creditors are paid first (for Note that a credit registry or bureau
curity interests). example, before general tax claims must have a minimum coverage of 1%
In case B, ABC grants BizBank a and employee claims) when a debtor of the adult population to score a 1 on
business charge, enterprise charge, float- defaults outside an insolvency this indicator.
ing charge or any charge that gives Bi- procedure. • By law, borrowers have the right to
zBank a security interest over ABC’s • Secured creditors are paid first (for access their data in the largest credit
combined movable assets (or as much of example, before general tax claims registry or bureau in the economy.
ABC’s movable assets as possible). ABC and employee claims) when a The index ranges from 0 to 6, with
keeps ownership and possession of the business is liquidated. higher values indicating the availability
assets. • Secured creditors are not subject to of more credit information, from either
The strength of legal rights index an automatic stay or moratorium a public credit registry or a private credit
includes 8 aspects related to legal rights on enforcement procedures when bureau, to facilitate lending decisions. If
in collateral law and 2 aspects in bank- a debtor enters a court-supervised the credit registry or bureau is not opera-
ruptcy law. A score of 1 is assigned for reorganization procedure. tional or has a coverage of less than 0.1%
each of the following features of the • The law allows parties to agree in a of the adult population, the score on the
laws: collateral agreement that the lender depth of credit information index is 0.
may enforce its security right out of In Lithuania, for example, both a
• Any business may use movable assets court. public credit registry and a private credit
as collateral while keeping possession The index ranges from 0 to 10, with bureau operate. Both distribute posi-
of the assets, and any financial higher scores indicating that collateral tive and negative information (a score
institution may accept such assets as and bankruptcy laws are better designed of 1). Both distribute data on firms and
collateral. to expand access to credit. individuals (a score of 1). Although the
• The law allows a business to grant public credit registry does not distrib-
a nonpossessory security right in DEPTH OF CREDIT ute data from retailers or utilities, the
INFORMATION INDEX
a single category of movable assets private credit bureau does do so (a score
(such as accounts receivable or The depth of credit information index of 1). Although the private credit bureau
inventory), without requiring a measures rules and practices affecting does not distribute more than 2 years of
specific description of the collateral. the coverage, scope and accessibility of historical data, the public credit registry
• The law allows a business to grant credit information available through ei- does do so (a score of 1). Although the
a nonpossessory security right ther a public credit registry or a private public credit registry has a threshold of
in substantially all its movable credit bureau. A score of 1 is assigned 50,000 litai, the private credit bureau
assets, without requiring a specific for each of the following 6 features of the distributes data on loans of any value (a
description of the collateral. public credit registry or private credit score of 1). Borrowers have the right to
• A security right may extend to future bureau (or both): access their data in both the public credit
or after-acquired assets and may • Both positive credit information (for registry and the private credit bureau (a
extend automatically to the products, example, outstanding loan amounts score of 1). Summing across the indica-
proceeds or replacements of the and pattern of on-time repayments) tors gives Lithuania a total score of 6.
original assets. and negative information (for
example, late payments, number and
120 DOING BUSINESS 2011
shareholders must vote and Mr. James transaction before it takes place. A liable or can be held liable only for
is not permitted to vote. score of 0 is assigned if no; 1 if yes. fraud or bad faith; 1 if Mr. James can
• Whether immediate disclosure of The index ranges from 0 to 10, with be held liable only if he influenced
the transaction to the public, the higher values indicating greater disclo- the approval of the transaction or
regulator or the shareholders is sure. In Poland, for example, the board was negligent; 2 if Mr. James can
required.6 A score of 0 is assigned of directors must approve the transaction be held liable when the transaction
if no disclosure is required; 1 if and Mr. James is not allowed to vote (a is unfair or prejudicial to the other
disclosure on the terms of the score of 2). Buyer is required to disclose shareholders.
transaction is required but not on immediately all information affecting the • Whether a shareholder plaintiff is
Mr. James’s conflict of interest; 2 if stock price, including the conflict of in- able to hold the approving body (the
disclosure on both the terms and Mr. terest (a score of 2). In its annual report CEO or board of directors) liable for
James’s conflict of interest is required. Buyer must also disclose the terms of the the damage the transaction causes to
• Whether disclosure in the annual transaction and Mr. James’s ownership the company. A score of 0 is assigned
report is required. A score of 0 is in Buyer and Seller (a score of 2). Before if the approving body cannot be held
assigned if no disclosure on the the transaction Mr. James must disclose liable or can be held liable only for
transaction is required; 1 if disclosure his conflict of interest to the other direc- fraud or bad faith; 1 if the approving
on the terms of the transaction is tors, but he is not required to provide body can be held liable for negligence;
required but not on Mr. James’s specific information about it (a score of 2 if the approving body can be
conflict of interest; 2 if disclosure 1). Poland does not require an external held liable when the transaction is
on both the terms and Mr. James’s body to review the transaction (a score of unfair or prejudicial to the other
conflict of interest is required. 0). Adding these numbers gives Poland shareholders.
• Whether disclosure by Mr. James to a score of 7 on the extent of disclosure • Whether a court can void the
the board of directors is required. A index. transaction upon a successful claim
score of 0 is assigned if no disclosure by a shareholder plaintiff. A score of 0
is required; 1 if a general disclosure of EXTENT OF DIRECTOR is assigned if rescission is unavailable
LIABILITY INDEX
the existence of a conflict of interest or is available only in case of fraud or
is required without any specifics; 2 The extent of director liability index has bad faith; 1 if rescission is available
if full disclosure of all material facts 7 components:7 when the transaction is oppressive or
relating to Mr. James’s interest in the • Whether a shareholder plaintiff is prejudicial to the other shareholders;
Buyer-Seller transaction is required. able to hold Mr. James liable for 2 if rescission is available when the
• Whether it is required that an damage the Buyer-Seller transaction transaction is unfair or entails a
external body, for example, an causes to the company. A score of 0 is conflict of interest.
external auditor, review the assigned if Mr. James cannot be held • Whether Mr. James pays damages
for the harm caused to the company
TABLE 14.7 upon a successful claim by the
What do the protecting investors
indicators measure? shareholder plaintiff. A score of 0 is
assigned if no; 1 if yes.
Extent of disclosure index (0–10)
• Whether Mr. James repays profits
• Who can approve related-party transactions made from the transaction upon a
• Requirements for external and internal disclosure in case of related-party transactions successful claim by the shareholder
Extent of director liability index (0–10) plaintiff. A score of 0 is assigned if no;
• Ability of shareholders to hold the interested party and the approving body liable in case of a prejudicial related- 1 if yes.
party transaction • Whether both fines and
• Available legal remedies (damages, repayment of profits, fines, imprisonment and rescission of the transaction) imprisonment can be applied against
• Ability of shareholders to sue directly or derivatively Mr. James. A score of 0 is assigned if
Ease of shareholder suits index (0–10) no; 1 if yes.
• Whether shareholder plaintiffs are
• Documents and information available during trial
able to sue directly or derivatively for
• Access to internal corporate documents (directly and/or through a government inspector)
the damage the transaction causes to
Strength of investor protection index (0–10) the company. A score of 0 is assigned
• Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices if suits are unavailable or are available
Source: Doing Business database. only for shareholders holding more
than 10% of the company’s share
122 DOING BUSINESS 2011
capital; 1 if direct or derivative suits each document specifically. A score of STRENGTH OF INVESTOR
PROTECTION INDEX
are available for shareholders holding 0 is assigned if no; 1 if yes.
10% or less of share capital. • Whether shareholders owning 10% The strength of investor protection index
The index ranges from 0 to 10, with or less of the company’s share capital is the average of the extent of disclosure
higher values indicating greater liability can request that a government index, the extent of director liability
of directors. Assuming that the prejudi- inspector investigate the Buyer-Seller index and the ease of shareholder suits
cial transaction was duly approved and transaction without filing suit in index. The index ranges from 0 to 10,
disclosed, in order to hold Mr. James court. A score of 0 is assigned if no; with higher values indicating more in-
liable in Panama, for example, a plaintiff 1 if yes. vestor protection.
must prove that Mr. James influenced • Whether shareholders owning
the approving body or acted negligently 10% or less of the company’s share The data details on protecting investors
(a score of 1). To hold the other direc- capital have the right to inspect the can be found for each economy at http://
tors liable, a plaintiff must prove that transaction documents before filing www.doingbusiness.org by selecting the
they acted negligently (a score of 1). The suit. A score of 0 is assigned if no; 1 economy in the drop-down list. This
prejudicial transaction cannot be voided if yes. methodology was developed in Djankov,
(a score of 0). If Mr. James is found li- • Whether the standard of proof for La Porta, López-de-Silanes and Shleifer
able, he must pay damages (a score of civil suits is lower than that for a (2008).
1) but he is not required to disgorge his criminal case. A score of 0 is assigned
profits (a score of 0). Mr. James cannot if no; 1 if yes. PAYING TAXES
be fined and imprisoned (a score of 0). The index ranges from 0 to 10, with
Direct or derivative suits are available higher values indicating greater powers Doing Business records the taxes and
for shareholders holding 10% or less of of shareholders to challenge the transac- mandatory contributions that a medium-
share capital (a score of 1). Adding these tion. In Greece, for example, the plaintiff size company must pay in a given year as
numbers gives Panama a score of 4 on can access documents that the defendant well as measures of the administrative
the extent of director liability index. intends to rely on for his defense and that burden of paying taxes and contribu-
directly prove facts in the plaintiff ’s claim tions. The project was developed and
EASE OF SHAREHOLDER SUITS INDEX (a score of 2). The plaintiff can examine implemented in cooperation with Price-
The ease of shareholder suits index has 6 the defendant and witnesses during trial, waterhouseCoopers. Taxes and contribu-
components: though only with prior approval of the tions measured include the profit or cor-
• What range of documents is available questions by the court (a score of 1). The porate income tax, social contributions
to the shareholder plaintiff from the plaintiff must specifically identify the and labor taxes paid by the employer,
defendant and witnesses during trial. documents being sought (for example, property taxes, property transfer taxes,
A score of 1 is assigned for each of the Buyer-Seller purchase agreement of dividend tax, capital gains tax, financial
the following types of documents July 15, 2006) and cannot just request transactions tax, waste collection taxes,
available: information that the categories (for example, all documents vehicle and road taxes and any other
defendant has indicated he intends to related to the transaction) (a score of small taxes or fees. The ranking on the
rely on for his defense; information 0). A shareholder holding 5% of Buyer’s ease of paying taxes is the simple average
that directly proves specific facts in shares can request that a government of the percentile rankings on its compo-
the plaintiff ’s claim; any information inspector review suspected mismanage-
relevant to the subject matter of ment by Mr. James and the CEO without
the claim; and any information that filing suit in court (a score of 1). Any
may lead to the discovery of relevant shareholder can inspect the transaction
information. documents before deciding whether to
• Whether the plaintiff can directly sue (a score of 1). The standard of proof
examine the defendant and witnesses for civil suits is the same as that for a
during trial. A score of 0 is assigned criminal case (a score of 0). Adding these
if no; 1 if yes, with prior approval of numbers gives Greece a score of 5 on the
the questions by the judge; 2 if yes, ease of shareholder suits index.
without prior approval.
• Whether the plaintiff can obtain
categories of relevant documents from
the defendant without identifying
DATA NOTES 123
nent indicators (figure 14.6). as well as time taken to comply with tax expenses are considered fringe ben-
Doing Business measures all taxes laws in an economy. To make the data efits. When applicable, it is assumed
and contributions that are government comparable across economies, several that the company pays the fringe
mandated (at any level—federal, state or assumptions about the business and the benefit tax on this expense or that the
local) and that apply to the standardized taxes and contributions are used. benefit becomes taxable income for
business and have an impact in its finan- the employee. The case study assumes
cial statements. In doing so, Doing Busi- ASSUMPTIONS ABOUT THE BUSINESS no additional salary additions for
ness goes beyond the traditional defini- The business: meals, transportation, education or
tion of a tax. As defined for the purposes • Is a limited liability, taxable company. others. Therefore, even when such
of government national accounts, taxes If there is more than one type of benefits are frequent, they are not
include only compulsory, unrequited limited liability company in the added to or removed from the taxable
payments to general government. Doing economy, the limited liability form gross salaries to arrive at the labor tax
Business departs from this definition be- most popular among domestic firms or contribution calculation.
cause it measures imposed charges that is chosen. The most popular form is • Has a turnover of 1,050 times income
affect business accounts, not government reported by incorporation lawyers or per capita.
accounts. The main differences relate the statistical office. • Makes a loss in the first year of
to labor contributions. The Doing Busi- • Started operations on January 1, 2008. operation.
ness measure includes government-man- At that time the company purchased • Has a gross margin (pretax) of 20%
dated contributions paid by the employer all the assets shown in its balance (that is, sales are 120% of the cost of
to a requited private pension fund or sheet and hired all its workers. goods sold).
workers’ insurance fund. The indicator • Operates in the economy’s largest • Distributes 50% of its net profits as
includes, for example, Australia’s com- business city. dividends to the owners at the end of
pulsory superannuation guarantee and • Is 100% domestically owned and has the second year.
workers’ compensation insurance. For 5 owners, all of whom are natural • Sells one of its plots of land at a profit
the purpose of calculating the total tax persons. at the beginning of the second year.
rate (defined below), only taxes borne • At the end of 2008, has a start-up • Has annual fuel costs for its trucks
are included. For example, value added capital of 102 times income per equal to twice income per capita.
taxes are generally excluded (provided capita. • Is subject to a series of detailed
they are not irrecoverable) because they • Performs general industrial or assumptions on expenses and
do not affect the accounting profits of commercial activities. Specifically, it transactions to further standardize
the business—that is, they are not re- produces ceramic flowerpots and sells the case. All financial statement
flected in the income statement. They them at retail. It does not participate variables are proportional to 2005
are, however, included for the purpose in foreign trade (no import or export) income per capita. For example, the
of the compliance measures (time and and does not handle products subject owner who is also a manager spends
payments), as they add to the burden of to a special tax regime, for example, 10% of income per capita on traveling
complying with the tax system. liquor or tobacco. for the company (20% of this owner’s
Doing Business uses a case scenario • At the beginning of 2009, owns 2 expenses are purely private, 20% are
to measure the taxes and contributions plots of land, 1 building, machinery, for entertaining customers and 60%
paid by a standardized business and the office equipment, computers and 1 for business travel).
complexity of an economy’s tax compli- truck and leases 1 truck.
ance system. This case scenario uses a • Does not qualify for investment ASSUMPTIONS ABOUT THE TAXES
AND CONTRIBUTIONS
set of financial statements and assump- incentives or any benefits apart from
tions about transactions made over the those related to the age or size of the • All the taxes and contributions
year. In each economy tax experts from company. recorded are those paid in the
a number of different firms (in many • Has 60 employees—4 managers, 8 second year of operation (calendar
economies these include Pricewater- assistants and 48 workers. All are year 2009). A tax or contribution is
houseCoopers) compute the taxes and nationals, and 1 manager is also an considered distinct if it has a different
mandatory contributions due in their ju- owner. The company pays for addi- name or is collected by a different
risdiction based on the standardized case tional medical insurance for employ- agency. Taxes and contributions
study facts. Information is also compiled ees (not mandated by any law) as with the same name and agency, but
on the frequency of filing and payments an additional benefit. In addition, in charged at different rates depending
some economies reimbursable busi- on the business, are counted as the
ness travel and client entertainment same tax or contribution.
124 DOING BUSINESS 2011
• The number of times the company once a year even if filings and payments work is not enough to fulfill the tax ac-
pays taxes and contributions in are more frequent. For payments made counting requirements. Filing time in-
a year is the number of different through third parties, such as tax on cludes the time to complete all necessary
taxes or contributions multiplied interest paid by a financial institution or tax return forms and file the relevant
by the frequency of payment (or fuel tax paid by a fuel distributor, only returns at the tax authority. Payment
withholding) for each tax. The one payment is included even if pay- time considers the hours needed to make
frequency of payment includes ments are more frequent. the payment online or at the tax authori-
advance payments (or withholding) Where 2 or more taxes or contribu- ties. Where taxes and contributions are
as well as regular payments (or tions are filed for and paid jointly using paid in person, the time includes delays
withholding). the same form, each of these joint pay- while waiting.
ments is counted once. For example, if
TAX PAYMENTS mandatory health insurance contribu- TOTAL TAX RATE
The tax payments indicator reflects the tions and mandatory pension contribu- The total tax rate measures the amount
total number of taxes and contributions tions are filed for and paid together, of taxes and mandatory contributions
paid, the method of payment, the fre- only one of these contributions would be borne by the business in the second year
quency of payment, the frequency of fil- included in the number of payments. of operation, expressed as a share of
ing and the number of agencies involved commercial profit. Doing Business 2011
for this standardized case study company TIME reports the total tax rate for calendar
during the second year of operation (table Time is recorded in hours per year. The year 2009. The total amount of taxes
14.8). It includes consumption taxes paid indicator measures the time taken to pre- borne is the sum of all the different
by the company, such as sales tax or value pare, file and pay 3 major types of taxes taxes and contributions payable after
added tax. These taxes are traditionally col- and contributions: the corporate income accounting for allowable deductions and
lected from the consumer on behalf of the tax, value added or sales tax and labor exemptions. The taxes withheld (such as
tax agencies. Although they do not affect taxes, including payroll taxes and social personal income tax) or collected by the
the income statements of the company, contributions. Preparation time includes company and remitted to the tax authori-
they add to the administrative burden of the time to collect all information neces- ties (such as value added tax, sales tax
complying with the tax system and so are sary to compute the tax payable and to or goods and service tax) but not borne
included in the tax payments measure. calculate the amount payable. If sepa- by the company are excluded. The taxes
The number of payments takes into rate accounting books must be kept for included can be divided into 5 categories:
account electronic filing. Where full elec- tax purposes—or separate calculations profit or corporate income tax, social
tronic filing and payment is allowed and made—the time associated with these contributions and labor taxes paid by the
it is used by the majority of medium-size processes is included. This extra time is employer (in respect of which all manda-
businesses, the tax is counted as paid included only if the regular accounting tory contributions are included, even if
TABLE 14.8 paid to a private entity such as a requited
What do the paying taxes indicators measure? pension fund), property taxes, turnover
Tax payments for a manufacturing company in 2009 (number per year adjusted for electronic or taxes and other taxes (such as municipal
joint filing and payment) fees and vehicle and fuel taxes).
• Total number of taxes and contributions paid, including consumption taxes (value added tax, sales tax The total tax rate is designed to pro-
or goods and service tax) vide a comprehensive measure of the cost
• Method and frequency of filing and payment of all the taxes a business bears. It differs
Time required to comply with 3 major taxes (hours per year)
from the statutory tax rate, which merely
provides the factor to be applied to the
• Collecting information and computing the tax payable
tax base. In computing the total tax rate,
• Completing tax return forms, filing with proper agencies
the actual tax payable is divided by com-
• Arranging payment or withholding
mercial profit. Data for Sweden illustrate
• Preparing separate tax accounting books, if required
(table 14.9).
Total tax rate (% of profit) Commercial profit is essentially net
• Profit or corporate income tax profit before all taxes borne. It differs
• Social contributions and labor taxes paid by the employer from the conventional profit before tax,
• Property and property transfer taxes reported in financial statements. In com-
• Dividend, capital gains and financial transactions taxes puting profit before tax, many of the
• Waste collection, vehicle, road and other taxes taxes borne by a firm are deductible.
Source: Doing Business database. In computing commercial profit, these
DATA NOTES 125
TABLE 14.9
Computing the total tax rate for Sweden
Statutory rate Statutory tax base Actual tax payable Commercial profit1 Total tax rate
(r) (b) (a) (c) (t)
a=rxb t = a /c
Type of tax (tax base) SKr SKr SKr
Corporate income tax (taxable income) 28% 10,330,966 2,892,670 17,619,223 16.4%
Real estate tax (land and buildings) 0.38% 26,103,545 97,888 17,619,223 0.6%
Payroll tax (taxable wages) 32.42% 19,880,222 6,445,168 17,619,223 36.6%
Fuel tax (fuel price) SKr 4.16 per liter 45,565 liters 189,550 17,619,223 1.1%
TOTAL 9,625,276 54.6%
1. Profit before all taxes borne.
Note: SKr is Swedish kronor. Commercial profit is assumed to be 59.4 times income per capita.
Source: Doing Business database.
taxes are not deductible. Commercial instrument and the collection of pilot Local freight forwarders, shipping
profit therefore presents a clear picture data on the labor tax wedge for further lines, customs brokers, port officials and
of the actual profit of a business before research. banks provide information on required
any of the taxes it bears in the course of documents and cost as well as the time
the fiscal year. The data details on paying taxes can be to complete each procedure. To make
Commercial profit is computed as found for each economy at http://www. the data comparable across economies,
sales minus cost of goods sold, minus doingbusiness.org by selecting the econ- several assumptions about the business
gross salaries, minus administrative ex- omy in the drop-down list. This methodol- and the traded goods are used.
penses, minus other expenses, minus ogy was developed in Djankov and others
provisions, plus capital gains (from the (2010). ASSUMPTIONS ABOUT THE BUSINESS
property sale) minus interest expense, The business:
plus interest income and minus com- TRADING ACROSS BORDERS • Has at least 60 employees.
mercial depreciation. To compute the • Is located in the economy’s largest
commercial depreciation, a straight-line Doing Business compiles procedural re- business city.
depreciation method is applied, with the quirements for exporting and importing • Is a private, limited liability company.
following rates: 0% for the land, 5% for a standardized cargo of goods by ocean It does not operate in an export
the building, 10% for the machinery, transport. Every official procedure for processing zone or an industrial
33% for the computers, 20% for the of- exporting and importing the goods is re- estate with special export or import
fice equipment, 20% for the truck and corded—from the contractual agreement privileges.
10% for business development expenses. between the 2 parties to the delivery of • Is domestically owned with no foreign
Commercial profit amounts to 59.4 times goods—along with the time and cost ownership.
income per capita. necessary for completion. All documents • Exports more than 10% of its sales.
The methodology for calculating the needed by the trader to export or import
total tax rate is broadly consistent with the goods across the border are also re-
the Total Tax Contribution framework corded. For exporting goods, procedures
developed by PricewaterhouseCoopers range from packing the goods at the
and the calculation within this frame- warehouse to their departure from the
work for taxes borne. But while the work port of exit. For importing goods, proce-
undertaken by PricewaterhouseCoopers dures range from the vessel’s arrival at the
is usually based on data received from port of entry to the cargo’s delivery at the
the largest companies in the economy, warehouse. The time and cost for ocean
Doing Business focuses on a case study transport are not included. Payment is
for standardized medium-size company. made by letter of credit, and the time, cost
The methodology for the paying and documents required for the issuance
taxes indicators has further benefited or advising of a letter of credit are taken
from discussion with members of the into account. The ranking on the ease
International Tax Dialogue, which led of trading across borders is the simple
to a refinement of the questions on the average of the percentile rankings on its
time to pay taxes indicator in the survey component indicators (figure 14.7).
126 DOING BUSINESS 2011
ASSUMPTIONS ABOUT THE TRADED curing of a letter of credit are also taken ENFORCING CONTRACTS
GOODS
into account. Documents that are re-
The traded product travels in a dry- newed annually and that do not require Indicators on enforcing contracts mea-
cargo, 20-foot, full container load. It renewal per shipment (for example, an sure the efficiency of the judicial system
weighs 10 tons and is valued at $20,000. annual tax clearance certificate) are not in resolving a commercial dispute. The
The product: included. data are built by following the step-
• Is not hazardous nor does it include by-step evolution of a commercial sale
military items. TIME dispute before local courts. The data are
• Does not require refrigeration or any The time for exporting and importing collected through study of the codes of
other special environment. is recorded in calendar days. The time civil procedure and other court regula-
• Does not require any special calculation for a procedure starts from tions as well as surveys completed by
phytosanitary or environmental the moment it is initiated and runs until local litigation lawyers and by judges.
safety standards other than accepted it is completed. If a procedure can be The ranking on the ease of enforcing
international standards. accelerated for an additional cost and contracts is the simple average of the
• Is one of the economy’s leading export is available to all trading companies, percentile rankings on its component
or import products. the fastest legal procedure is chosen. indicators (figure 14.8).
Fast-track procedures applying to firms The name of the relevant court in
DOCUMENTS located in an export processing zone are each economy—the court in the larg-
All documents required per shipment not taken into account because they are est business city with jurisdiction over
to export and import the goods are re- not available to all trading companies. commercial cases worth 200% of in-
corded (table 14.10). It is assumed that Ocean transport time is not included. It come per capita—is published at http://
the contract has already been agreed is assumed that neither the exporter nor www.doingbusiness.org/ExploreTopics/
upon and signed by both parties. Docu- the importer wastes time and that each EnforcingContracts/.
ments required for clearance by gov- commits to completing each remaining
ernment ministries, customs authorities, procedure without delay. Procedures that ASSUMPTIONS ABOUT THE CASE
port and container terminal authorities, can be completed in parallel are mea- • The value of the claim equals 200% of
health and technical control agencies and sured as simultaneous. The waiting time the economy’s income per capita.
banks are taken into account. Since pay- between procedures—for example, dur- • The dispute concerns a lawful
ment is by letter of credit, all documents ing unloading of the cargo—is included transaction between 2 businesses
required by banks for the issuance or se- in the measure. (Seller and Buyer), located in the
TABLE 14.10 economy’s largest business city.
What do the trading across borders COST Seller sells goods worth 200% of the
indicators measure? Cost measures the fees levied on a 20- economy’s income per capita to Buyer.
Documents required to export and import foot container in U.S. dollars. All the fees After Seller delivers the goods to Buyer,
(number) associated with completing the proce- Buyer refuses to pay for the goods on
• Bank documents
dures to export or import the goods are the grounds that the delivered goods
• Customs clearance documents
included. These include costs for docu- were not of adequate quality.
• Port and terminal handling documents
ments, administrative fees for customs
• Transport documents
clearance and technical control, customs
Time required to export and import (days) broker fees, terminal handling charges
• Obtaining all the documents and inland transport. The cost does not
• Inland transport and handling include customs tariffs and duties or
• Customs clearance and inspections costs related to ocean transport. Only
• Port and terminal handling official costs are recorded.
• Does not include ocean transport time
Cost required to export and import The data details on trading across bor-
(US$ per container) ders can be found for each economy at
• All documentation http://www.doingbusiness.org by selecting
• Inland transport and handling the economy in the drop-down list. This
• Customs clearance and inspections methodology was developed in Djankov,
• Port and terminal handling Freund and Pham (2010) and is adopted
• Official costs only, no bribes here with minor changes.
Source: Doing Business database.
DATA NOTES 127
• Seller (the plaintiff ) sues Buyer (the record procedures that exist in civil law TABLE 14.11
What do the enforcing contracts
defendant) to recover the amount but not common law jurisdictions and indicators measure?
under the sales agreement (that is, vice versa. For example, in civil law
Procedures to enforce a contract (number)
200% of the economy’s income per countries the judge can appoint an in-
• Any interaction between the parties in a
capita). Buyer opposes Seller’s claim, dependent expert, while in common law
commercial dispute, or between them and
saying that the quality of the goods is countries each party submits a list of the judge or court officer
not adequate. The claim is disputed expert witnesses to the court. To indicate • Steps to file the case
on the merits. overall efficiency, 1 procedure is sub- • Steps for trial and judgment
• A court in the economy’s largest tracted from the total number for econo- • Steps to enforce the judgment
business city with jurisdiction over mies that have specialized commercial
Time required to complete procedures
commercial cases worth 200% of courts, and 1 procedure for economies
(calendar days)
income per capita decides the dispute. that allow electronic filing of court cases. • Time to file and serve the case
• Seller attaches Buyer’s movable assets Some procedural steps that take place • Time for trial and obtaining judgment
(for example, office equipment and simultaneously with or are included in • Time to enforce the judgment
vehicles) before obtaining a judgment other procedural steps are not counted in
Cost required to complete procedures
because Seller fears that Buyer may the total number of procedures. (% of claim)
become insolvent. • No bribes
• An expert opinion is given on the TIME • Average attorney fees
quality of the delivered goods. If it Time is recorded in calendar days, • Court costs, including expert fees
is standard practice in the economy counted from the moment the plaintiff • Enforcement costs
for each party to call its own expert decides to file the lawsuit in court until Source: Doing Business database.
witness, the parties each call one payment. This includes both the days
expert witness. If it is standard when actions take place and the waiting
practice for the judge to appoint an periods between. The average duration The data details on enforcing contracts
independent expert, the judge does of different stages of dispute resolution can be found for each economy at http://
so. In this case the judge does not is recorded: the completion of service of www.doingbusiness.org by selecting the
allow opposing expert testimony. process (time to file and serve the case), economy in the drop-down list. This meth-
• The judgment is 100% in favor of the issuance of judgment (time for the odology was developed in Djankov and
Seller: the judge decides that the trial and obtaining the judgment) and others (2003) and is adopted here with
goods are of adequate quality and that the moment of payment (time for en- minor changes.
Buyer must pay the agreed price. forcement of judgment).
• Buyer does not appeal the judgment. CLOSING A BUSINESS
The judgment becomes final. COST
• Seller takes all required steps for Cost is recorded as a percentage of the Doing Business studies the time, cost
prompt enforcement of the judgment. claim, assumed to be equivalent to 200% and outcome of insolvency proceedings
The money is successfully collected of income per capita. No bribes are re- involving domestic entities. The data are
through a public sale of Buyer’s corded. Three types of costs are recorded: derived from survey responses by local
movable assets (for example, office court costs, enforcement costs and aver- insolvency practitioners and verified
equipment and vehicles). age attorney fees. through a study of laws and regula-
Court costs include all court costs tions as well as public information on
PROCEDURES and expert fees that Seller (plaintiff ) bankruptcy systems. The ranking on the
The list of procedural steps compiled for must advance to the court, regardless ease of closing a business is based on the
each economy traces the chronology of a of the final cost to Seller. Expert fees, recovery rate (figure 14.9).
commercial dispute before the relevant if required by law or commonly used To make the data comparable across
court. A procedure is defined as any in- in practice, are included in court costs. economies, several assumptions about
teraction, required by law or commonly Enforcement costs are all costs that Seller the business and the case are used.
used in practice, between the parties or (plaintiff ) must advance to enforce the
between them and the judge or court of- judgment through a public sale of Buyer’s ASSUMPTIONS ABOUT THE BUSINESS
ficer. This includes steps to file and serve movable assets, regardless of the final The business:
the case, steps for trial and judgment and cost to Seller. Average attorney fees are • Is a limited liability company.
steps necessary to enforce the judgment the fees that Seller (plaintiff ) must ad- • Operates in the economy’s largest
(table 14.11). vance to a local attorney to represent business city.
The survey allows respondents to Seller in the standardized case.
128 DOING BUSINESS 2011
the supervisory board, owning 51% of the company to permit its continued • Official costs of the insolvency proceedings are
deducted
(no other shareholder holds more operation; a judicial procedure aimed
• Depreciation of furniture is taken into account
than 5% of shares). at the liquidation or winding-up of the
• Outcome for the business (survival or not) affects
• Has downtown real estate, where it company; or a debt enforcement or fore-
the maximum value that can be recovered
runs a hotel, as its major asset. The closure procedure against the company,
Source: Doing Business database.
hotel is valued at 100 times income enforced either in court (or through
COST
per capita or $200,000, whichever is another government authority) or out
larger. of court (for example, by appointing a The cost of the proceedings is recorded
• Has a professional general manager. receiver). as a percentage of the value of the debt-
• Has 201 employees and 50 suppliers, or’s estate. The cost is calculated on the
each of which is owed money for the ASSUMPTIONS ABOUT THE PARTIES basis of survey responses and includes
last delivery. The bank wants to recover as much court fees and government levies; fees
• Has a 10-year loan agreement with a as possible of its loan, as quickly and of insolvency administrators, auction-
domestic bank secured by a universal cheaply as possible. The unsecured credi- eers, assessors and lawyers; and all other
business charge (for example, a tors will do everything permitted under fees and costs. Respondents provide cost
floating charge) in economies where the applicable laws to avoid a piecemeal estimates from among the following op-
such collateral is recognized or by sale of the assets. The majority share- tions: less than 2%, 2–5%, 5–8%, 8–11%,
the hotel property. If the laws of the holder wants to keep the company oper- 11–18%, 18–25%, 25–33%, 33–50%,
economy do not specifically provide ating and under its control. Management 50–75% and more than 75% of the value
for a universal business charge but wants to keep the company operating of the estate.
contracts commonly use some other and preserve their jobs. All the parties
provision to that effect, this provision are local entities or citizens; no foreign OUTCOME
is specified in the loan agreement. parties are involved. Recovery by creditors depends on
• Has observed the payment schedule whether the hotel business emerges from
and all other conditions of the loan TIME the proceedings as a going concern or
up to now. Time for creditors to recover their credit the company’s assets are sold piecemeal.
• Has a mortgage, with the value of is recorded in calendar years (table If the business keeps operating, no value
the mortgage principal being exactly 14.12). The period of time measured by is lost and the bank can satisfy its claim
equal to the market value of the hotel. Doing Business is from the company’s in full, or recover 100 cents on the dol-
default until the payment of some or all lar. If the assets are sold piecemeal, the
ASSUMPTIONS ABOUT THE CASE of the money owed to the bank. Potential maximum amount that can be recovered
The business is experiencing liquidity delay tactics by the parties, such as the will not exceed 70% of the bank’s claim,
problems. The company’s loss in 2009 re- filing of dilatory appeals or requests for which translates into 70 cents on the
duced its net worth to a negative figure. It extension, are taken into consideration. dollar.
is January 1, 2010. There is no cash to pay
DATA NOTES 129
RECOVERY RATE NOT IN THE EASE OF DOING the warehouse and the electricity con-
The recovery rate is recorded as cents on BUSINESS RANKING nection are used.
the dollar recouped by creditors through
reorganization, liquidation or debt en- Two indicator sets are not included in ASSUMPTIONS ABOUT
THE WAREHOUSE
forcement (foreclosure) proceedings. this year’s aggregate ranking on the ease
The calculation takes into account the of doing business: the getting electricity The warehouse:
outcome: whether the business emerges indicators, a pilot data set, and the em- • Is owned by a local entrepreneur.
from the proceedings as a going con- ploying workers indicators, for which the • Is located in the economy’s largest
cern or the assets are sold piecemeal. methodology is being refined. business city.
Then the costs of the proceedings are • Is located within the city’s official
deducted (1 cent for each percentage GETTING ELECTRICITY limits and in an area in which
point of the value of the debtor’s estate). other warehouses are located (a
Finally, the value lost as a result of the Doing Business records all procedures nonresidential area).
time the money remains tied up in insol- required for a business to obtain a per- • Is not located in a special economic or
vency proceedings is taken into account, manent electricity connection and sup- investment zone; that is, the electricity
including the loss of value due to depre- ply for a standardized warehouse. These connection is not eligible for subsidi-
ciation of the hotel furniture. Consistent procedures include applications and con- zation or faster service under a special
with international accounting practice, tracts with electricity utilities, all neces- investment promotion regime. If sev-
the annual depreciation rate for furni- sary clearances from other agencies and eral options for location are available,
ture is taken to be 20%. The furniture is the external and final connection works the warehouse is located where elec-
assumed to account for a quarter of the (table 14.13). tricity is most easily available.
total value of assets. The recovery rate is Data are collected from the electric- • Has road access. The connection
the present value of the remaining pro- ity distribution utility, then completed works involve the crossing of a road
ceeds, based on end-2009 lending rates and verified by electricity regulatory or roads (for excavation, overhead
from the International Monetary Fund’s agencies and independent professionals lines and the like), but they are all
International Financial Statistics, sup- such as electrical engineers, electrical carried out on public land; that is,
plemented with data from central banks contractors and construction companies. there is no crossing into other private
and the Economist Intelligence Unit. The electricity distribution utility sur- property.
veyed is the one serving the area (or • Is located in an area with no physical
NO PRACTICE areas) in which warehouses are located. constraints. For example, the property
If an economy has had fewer than 5 cases If there is a choice of distribution utili- is not near a railway.
a year over the past 5 years involving ties, the one serving the largest number • Is used for storage of refrigerated
a judicial reorganization, judicial liqui- of customers is selected. goods.
dation or debt enforcement procedure To make the data comparable across • Is a new construction (that is, there
(foreclosure), the economy receives a economies, several assumptions about was no previous construction on the
“no practice” ranking. This means that
creditors are unlikely to recover their TABLE 14.13
money through a formal legal process (in What do the getting electricity indicators measure?
or out of court). The recovery rate for “no Procedures to obtain an electricity connection (number)
practice” economies is zero. • Submitting all relevant documents and obtaining all necessary clearances and permits
• Completing all required notifications and receiving all necessary inspections
This methodology was developed in • Obtaining external installation works and possibly purchasing any needed material
Djankov, Hart, McLiesh and Shleifer • Concluding any necessary supply contract and obtaining final supply
(2008) and is adopted here with minor Time required to complete each procedure (calendar days)
changes.
• Is at least 1 calendar day
• Each procedure starts on a separate day
• Does not include time spent gathering information
• Reflects the time spent in practice, with little follow-up and no prior contact with officials
Cost required to complete each procedure (% of income per capita)
• Official costs only, no bribes
• Excludes value added tax
Source: Doing Business database.
130 DOING BUSINESS 2011
land where it is located). It is being sumed to complete all procedures them- and specific regulations and fee schedules
connected to electricity for the first selves unless the use of a third party are used as sources for costs. If several
time. is mandated (for example, if only an local partners provide different estimates,
• Has 2 stories, both above ground, electrician registered with the utility is the median reported value is used. In all
with a total surface of approximately allowed to submit an application). If the cases the cost excludes bribes.
1,300.6 square meters (14,000 square company can, but is not required to, re-
feet). The plot of land on which it is quest the services of professionals (such SECURITY DEPOSIT
built is 929 square meters (10,000 as a private firm rather than the utility Utilities require security deposits as a
square feet). for the external works), these procedures guarantee against the possible failure
are recorded if they are commonly done. of customers to pay their consumption
ASSUMPTIONS ABOUT THE For all procedures, only the most likely bills. For this reason the security deposit
ELECTRICITY CONNECTION
cases (for example, more than 50% of for a new customer is most often cal-
The electricity connection: the time the utility has the material) and culated as a function of the customer’s
• Is a permanent one. those followed in practice for connecting estimated consumption.
• Is a 3-phase, 4-wire Y, 140-kVA a warehouse to electricity are counted. Doing Business does not record the
(subscribed capacity) connection. full amount of the security deposit. In-
• Is a low-voltage connection 150 TIME stead, it records the present value of the
meters long (unless a distribution Time is recorded in calendar days. The losses in interest earnings experienced
transformer is installed on the measure captures the median duration by the customer because the utility holds
customer’s property, in which case the that the electricity utility and experts the security deposit over a prolonged
length of the low-voltage connection indicate is necessary in practice, rather period, in most cases until the end of the
is 0).8 The connection is overhead than required by law, to complete a pro- contract (assumed to be after 5 years).
or underground, whichever is more cedure with minimum follow-up and no In cases in which the security deposit is
common in the economy and in extra payments. It is also assumed that used to cover the first monthly consump-
the area in which the warehouse is the minimum time required for each tion bills, it is not recorded. To calculate
located. The length in the customer’s procedure is 1 day. Although procedures the present value of the lost interest earn-
private domain is negligible. may take place simultaneously, they can- ings, the end-2009 lending rates from
• Involves the installation of only not start on the same day (that is, simul- the International Monetary Fund’s Inter-
one electricity meter. The monthly taneous procedures start on consecutive national Financial Statistics are used.
electricity consumption will be 0.07 days). It is assumed that the company In cases in which the security deposit
gigawatt-hour (GWh). does not waste time and commits to is returned with interest, the difference
The internal electrical wiring has already completing each remaining procedure between the lending rate and the interest
been completed. without delay. The time that the com- paid by the utility is used to calculate the
pany spends on gathering information is present value.
PROCEDURES ignored. It is assumed that the company In some economies the security de-
A procedure is defined as any interac- is aware of all electricity connection re- posit can be put up in the form of a bond:
tion of the company’s employees or its quirements and their sequence from the the company can obtain from a bank or
main electrician or electrical engineer beginning. an insurance company a guarantee issued
(that is, the one who may have done the on the assets it holds with that financial
internal wiring) with external parties COST institution. In contrast to the scenario
such as the electricity distribution utility, Cost is recorded as a percentage of the in which the customer pays the deposit
electricity supply utilities, government economy’s income per capita. Costs are in cash to the utility, in this scenario the
agencies, electrical contractors and elec- recorded exclusive of value added tax. All company does not lose ownership con-
trical firms. Interactions between com- the fees and costs associated with com- trol over the full amount and can con-
pany employees and steps related to the pleting the procedures to connect a ware- tinue using it. In return the company will
internal electrical wiring, such as the house to electricity are recorded, includ- pay the bank a commission for obtaining
design and execution of the internal elec- ing those related to obtaining clearances the bond. The commission charged may
trical installation plans, are not counted from government agencies, applying for vary depending on the credit standing
as procedures. Procedures that must be the connection, receiving inspections of of the company. The best possible credit
completed with the same utility but with both the site and the internal wiring, standing and thus the lowest possible
different departments are counted as purchasing material, getting the actual commission are assumed. Where a bond
separate procedures. connection works and paying a security can be put up, the value recorded for the
The company’s employees are as- deposit. Information from local experts deposit is the annual commission times
DATA NOTES 131
the 5 years assumed to be the length of child labor and equitable treatment in of tenure, a worker with 5 years and a
the contract. If both options exist, the employment practices. worker with 10 years is used rather than
cheaper alternative is recorded. In 2009 additional changes were the value for a worker with 20 years of
In Belize in June 2010 a customer made to the methodology for the em- tenure.
requesting a 140-kVA electricity connec- ploying workers indicators. The data on employing workers are
tion would have had to put up a security First, the standardized case study based on a detailed survey of employ-
deposit of 22,662 Belize dollars in cash or was changed to refer to a small to me- ment regulations that is completed by
check, and the deposit would be returned dium-size company with 60 employees local lawyers and public officials. Em-
only at the end of the contract. The cus- rather than 201. Second, restrictions on ployment laws and regulations as well as
tomer could instead have invested this night and weekly holiday work are taken secondary sources are reviewed to ensure
money at the prevailing lending rate of into account if they apply to manufac- accuracy. To make the data comparable
14.05%. Over the 5 years of the contract turing activities in which continuous across economies, several assumptions
this would imply a present value of lost operation is economically necessary. about the worker and the business are
interest earnings of BZ$10,918. In con- Third, legally mandated wage premiums used.
trast, if the customer had been allowed to for work performed on the designated
settle the deposit with a bank guarantee weekly holiday or for night work are ASSUMPTIONS ABOUT THE WORKER
at an annual rate of 1.75%, the amount scored on the basis of a 4-tiered scale. The worker:
lost over the 5 years would have been Fourth, economies that mandate 8 or • Is a 42-year-old, nonexecutive, full-
just BZ$1,983. fewer weeks of severance pay and do time, male employee.
not offer unemployment protection do • Earns a salary plus benefits equal to
The data details on getting electric- not receive the highest score. Finally, the economy’s average wage during
ity can be found for each economy at the calculation of the minimum wage the entire period of his employment.
http://www.doingbusiness.org. ratio was modified to ensure that an • Has a pay period that is the most
economy would not benefit in the scor- common for workers in the economy.
EMPLOYING WORKERS ing from lowering the minimum wage to • Is a lawful citizen who belongs to the
below $1.25 a day, adjusted for purchas- same race and religion as the majority
Doing Business measures the regulation ing power parity. This level is consistent of the economy’s population.
of employment, specifically as it affects with recent adjustments to the absolute • Resides in the economy’s largest
the hiring and redundancy of workers poverty line. business city.
and the rigidity of working hours. In 2007 This year further modifications • Is not a member of a labor union,
improvements were made to align the were made to the methodology based on unless membership is mandatory.
methodology for the employing workers consultations with a consultative group
indicators with the International Labour of relevant stakeholders. For more infor- ASSUMPTIONS ABOUT THE BUSINESS
Organization (ILO) conventions. Only 4 mation on the consultation process, see The business:
of the 188 ILO conventions cover areas the Doing Business website (http://www. • Is a limited liability company.
measured by Doing Business: employee doingbusiness.org). Changes agreed as of • Operates in the economy’s largest
termination, weekend work, holiday the date of publication are the following: business city.
with pay and night work. The Doing Busi- For the scoring of the minimum wage, • Is 100% domestically owned.
ness methodology is fully consistent with no economy can receive the highest score • Operates in the manufacturing sector.
these 4 conventions. It is possible for an if it has no minimum wage at all, if the • Has 60 employees.
economy to receive the best score on the law provides a regulatory mechanism for • Is subject to collective bargaining
ease of employing workers and comply the minimum wage that is not enforced agreements in economies where such
with all relevant ILO conventions (spe- in practice, if there is only a custom- agreements cover more than half the
cifically, the 4 covering areas measured ary minimum wage or if the minimum manufacturing sector and apply even
by Doing Business)—and no economy wage applies only to the public sector. A to firms not party to them.
can achieve a better score by failing to threshold was set for excessive flexibility • Abides by every law and regulation
comply with these conventions. in the paid annual leave period and the but does not grant workers more
The ILO conventions covering areas maximum number of working days per benefits than mandated by law,
related to the employing workers indica- week. In addition, for the scoring of the regulation or (if applicable) collective
tors do not include the ILO core labor annual leave period for the rigidity of bargaining agreement.
standards—8 conventions covering the hours index and the notice period and
right to collective bargaining, the elimi- severance pay for the redundancy cost,
nation of forced labor, the abolition of the average value for a worker with 1 year
132 DOING BUSINESS 2011
1 redundant worker; (v) whether the em- unemployment protection, a score of 8.1 ence between the highest and lowest
ployer needs approval from a third party weeks is assigned, although the actual observations. An alternative approach
is to subtract from each value the mean
to terminate a group of 9 redundant number of weeks is published. If the cost value within each indicator’s distribution
workers; (vi) whether the law requires adds up to more than 8 weeks of salary, and divide the result by the standard
the employer to reassign or retrain a the score is the number of weeks. One deviation within that same distribution.
worker before making the worker redun- month is recorded as 4 and 1/3 weeks. The resulting statistic is what is widely
referred to as the Z-score. The main point
dant; (vii) whether priority rules apply In Mauritania, for example, an em- of divergence between the normalization
for redundancies; and (viii) whether ployer is required to give an average of approach chosen for the new measure and
priority rules apply for reemployment. 1 month’s notice before a redundancy the Z-score method is the reference point
For question (i) an answer of “yes” for termination, and the average severance to which an economy’s improvement is
benchmarked. In the first approach an
workers of any income level gives a score pay for a worker with 1 year of service, economy’s measure of improvement on
of 10 and means that the rest of the ques- a worker with 5 years and a worker with a particular indicator is benchmarked
tions do not apply. An answer of “yes” to 10 years equals 1.42 months of wages. to the best and worst performance on
question (iv) gives a score of 2. For every No penalty is levied. Altogether, the em- that indicator. In the second approach
the reference point for benchmarking an
other question, if the answer is “yes,” a ployer pays the equivalent of 10.5 weeks economy’s performance is the average for
score of 1 is assigned; otherwise a score of salary to dismiss a worker. the other 182 economies in the sample.
of 0 is given. Questions (i) and (iv), as the This means that an economy’s reform
most restrictive regulations, have greater The data details on employing workers efforts again are ultimately scored rela-
tive to all other economies. Because the
weight in the construction of the index. can be found for each economy at http:// new measure is aimed at moving away
In Tunisia, for example, redundancy www.doingbusiness.org by selecting the from the relativeness of the ease of doing
is allowed as grounds for termination (a economy in the drop-down list. This meth- business ranking to focus on absolute
score of 0). An employer has to both no- odology was developed in Botero and improvements within economies, the first
approach was chosen.
tify a third party (a score of 1) and obtain others (2004) and is adopted here with
Given the alternatives available, a sensi-
its approval (a score of 2) to terminate a changes. tivity analysis was carried out to see how
single redundant worker, and has to both much the results would differ if a Z-score
notify a third party (a score of 1) and were adopted instead. Using data from
obtain its approval (a score of 1) to termi- Doing Business 2009 and Doing Business
1. The data for paying taxes refer to 2010, the correlation coefficient of results
nate a group of 9 redundant workers. The between the main approach used and
January–December 2009.
law mandates retraining or alternative the Z-score approach was computed. The
placement before termination (a score of 2. These are available at http://www. results show a strong degree of correla-
doingbusiness.org/Subnational/. tion between the 2 approaches (correla-
1). There are priority rules for termina-
3. The Doing Business website (http://www. tion coefficient of 0.81).
tion (a score of 1) and reemployment (a doingbusiness.org) provides a comparable 5. See Djankov and others (2005).
score of 1). Adding the scores and scaling time series of historical data for research,
with a data set back-calculated to adjust 6. This question is usually regulated by stock
to 100 gives a final index of 80. exchange or securities laws. Points are
for changes in methodology and data
revisions due to corrections. awarded only to economies with more
REDUNDANCY COST than 10 listed firms in their most impor-
For the terms of reference and composi- tant stock exchange.
The redundancy cost indicator measures tion of the consultative group, see World
the cost of advance notice requirements, Bank, “Doing Business Employing Work- 7. When evaluating the regime of liability
for company directors for a prejudicial
severance payments and penalties due ers Indicator Consultative Group,” http://
www.doingbusiness.org. related-party transaction, Doing Business
when terminating a redundant worker, assumes that the transaction was duly
expressed in weeks of salary. The average 4. Changes in Doing Business indicators disclosed and approved. Doing Business
follow very different increments. For does not measure director liability in the
value of notice requirements and sever- example, the possible scores an economy event of fraud.
ance payments applicable to a worker can obtain on the protecting investors
with 1 year of tenure, a worker with 5 indicators can range from 0 to 10, while 8. The distance of the assumed electricity
the procedures, time and cost for, say, connection was increased from 10 meters
years and a worker with 10 years is used to what respondents considered to be a
starting a business can potentially range
to assign the score. If the redundancy from 1 to infinity. more realistic 150 meters. This change
cost adds up to 8 or fewer weeks of sal- translated in some cases into a higher
Because normalizing the scores intro- cost or longer time (or both) for the con-
ary and the workers can benefit from duces an element of relativeness, a nor- nection.
unemployment protection, a score of 0 is malization approach has been chosen
that minimizes this element: scores are 9. The average value added per worker is the
assigned, but the actual number of weeks ratio of an economy’s GNI per capita to
normalized on a scale of 0–1 by subtract-
is published. If the redundancy cost adds the working-age population as a percent-
ing from each value the smallest change
up to 8 or fewer weeks of salary and the and dividing the result by the differ- age of the total population.
workers cannot benefit from any type of
134 DOING BUSINESS 2011
Summaries AUSTRIA
✔ Registering property
for property taxes along with continued
efforts to encourage electronic filing made
reforms in AZERBAIJAN
✔ Getting credit
Belarus reduced the time to trade by
introducing electronic declaration of
exports and imports.
2009/10 Azerbaijan improved access to credit by ✔ Closing a business
establishing an online platform allowing fi-
Belarus amended regulations governing
nancial institutions to provide information
the activities of insolvency administrators
to, and retrieve it from, the public credit
and strengthened the protection of creditor
registry.
rights in bankruptcy.
✔ Paying taxes
A revision of Azerbaijan’s tax code lowered BELGIUM
Doing Business reforms affecting all sets of in- several tax rates, including the profit tax ✗ Registering property
dicators included in this year’s ranking on the
rate, and simplified the process of paying Belgium’s capital city, Brussels, made
ease of doing business, implemented between
June 2009 and May 2010. corporate income tax and value added tax. it more difficult to transfer property by re-
quiring a clean-soil certificate.
✔ Doing Business reform making it easier to BAHRAIN
do business ✔ Closing a business
✗ Registering property
✗ Doing Business reform making it more dif- Belgium introduced a new law that will
Bahrain made registering property more
ficult to do business promote and facilitate the survival of
burdensome by increasing the fees at the
viable businesses experiencing financial
Survey and Land Registration Bureau.
ALBANIA difficulties.
✔ Paying taxes ✔ Trading across borders
Bahrain made it easier to trade by building BENIN
Albania made it easier and less costly for
companies to pay taxes by amending sev- a modern new port, improving the elec- ✔ Dealing with construction permits
eral laws, reducing social security contribu- tronic data interchange system and intro- Benin created a new municipal commis-
tions and introducing electronic filing and ducing risk-based inspections. sion to streamline construction permitting
payment. and set up an ad hoc commission to deal
BANGLADESH with the backlog in permit application
ANGOLA ✔ Starting a business
✔ Trading across borders Bangladesh made business start-up easier BOSNIA AND HERZEGOVINA
Angola reduced the time for trading across by eliminating the requirement to buy ad- ✔ Registering property
borders by making investments in port in- hesive stamps and further enhancing the Bosnia and Herzegovina reduced delays in
frastructure and administration. online registration system. property registration at the land registry in
✔ Registering property Sarajevo.
ANTIGUA AND BARBUDA
Bangladesh reduced the property transfer ✔ Paying taxes
✗ Registering property tax to 6.7% of the property value. Bosnia and Herzegovina simplified its labor
In Antigua and Barbuda, to trans- tax processes, reduced employer contribu-
fer property now requires clearance by BELARUS tion rates for social security and abolished
the chief surveyor to avoid mischievous ✔ Getting credit its payroll tax.
declarations. ARMENIA
Belarus enhanced access to credit by
✔ Trading across borders facilitating the use of the pledge as a BRAZIL
Armenia made trading easier by intro- security arrangement and providing ✔ Starting a business
ducing self-declaration desks at customs for out-of-court enforcement of the pledge Brazil eased business start-up by fur-
houses and warehouses, investing in on default. ther enhancing the electronic synchroni-
new equipment to improve border ✔ Paying taxes zation between federal and state tax
operations and introducing a risk manage- authorities.
ment system. Reductions in the turnover tax, so-
cial security contributions and the base
SUMMARIES OF DOING BUSINESS REFORMS 135
✔ Enforcing contracts
Zambia improved contract enforcement
by introducing an electronic case manage-
ment system in the courts that provides
electronic referencing of cases, a database
of laws, real-time court reporting and pub-
lic access to court records.
144 DOING BUSINESS 2011
Country
tables
COUNTRY TABLES 145
ALBANIA Eastern Europe & Central Asia GNI per capita (US$) 3,950
Ease of doing business (rank) 82 Upper middle income Population (m) 3.2
Starting a business (rank) 45 Getting credit (rank) 15 Trading across borders (rank) 75
Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 7
Time (days) 5 Depth of credit information index (0-6) 4 Time to export (days) 19
Cost (% of income per capita) 16.8 Public registry coverage (% of adults) 8.3 Cost to export (US$ per container) 725
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 18
Dealing with construction permits (rank) 170 Protecting investors (rank) 15 Cost to import (US$ per container) 710
Procedures (number) 24 Extent of disclosure index (0-10) 8
Time (days) 331 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 89
Cost (% of income per capita) 381.3 Ease of shareholder suits index (0-10) 5 Procedures (number) 39
Strength of investor protection index (0-10) 7.3 Time (days) 390
Registering property (rank) 72 Cost (% of claim) 38.7
Procedures (number) 6 ✔ Paying taxes (rank) 149
Time (days) 42 Payments (number per year) 44 Closing a business (rank) 183
Cost (% of property value) 3.4 Time (hours per year) 360 Time (years) NO PRACTICE
Total tax rate (% of profit) 40.6 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
ALGERIA Middle East & North Africa GNI per capita (US$) 4,420
Ease of doing business (rank) 136 Upper middle income Population (m) 34.9
Starting a business (rank) 150 Getting credit (rank) 138 Trading across borders (rank) 124
Procedures (number) 14 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 24 Depth of credit information index (0-6) 2 Time to export (days) 17
Cost (% of income per capita) 12.9 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 1,248
Minimum capital (% of income per capita) 34.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 23
Dealing with construction permits (rank) 113 Protecting investors (rank) 74 Cost to import (US$ per container) 1,428
Procedures (number) 22 Extent of disclosure index (0-10) 6
Time (days) 240 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 127
Cost (% of income per capita) 44.0 Ease of shareholder suits index (0-10) 4 Procedures (number) 46
Strength of investor protection index (0-10) 5.3 Time (days) 630
Registering property (rank) 165 Cost (% of claim) 21.9
Procedures (number) 11 Paying taxes (rank) 168
Time (days) 47 Payments (number per year) 34 Closing a business (rank) 51
Cost (% of property value) 7.1 Time (hours per year) 451 Time (years) 2.5
Total tax rate (% of profit) 72.0 Cost (% of estate) 7
Recovery rate (cents on the dollar) 41.7
146 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
ANTIGUA AND BARBUDA Latin America & Caribbean GNI per capita (US$) 12,130
Ease of doing business (rank) 64 Upper middle income Population (m) 0.1
Starting a business (rank) 72 Getting credit (rank) 116 Trading across borders (rank) 63
Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 5
Time (days) 21 Depth of credit information index (0-6) 0 Time to export (days) 15
Cost (% of income per capita) 11.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,133
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 15
Dealing with construction permits (rank) 25 Protecting investors (rank) 28 Cost to import (US$ per container) 1,633
Procedures (number) 13 Extent of disclosure index (0-10) 4
Time (days) 156 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 73
Cost (% of income per capita) 24.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 45
Strength of investor protection index (0-10) 6.3 Time (days) 351
✗ Registering property (rank) 123 Cost (% of claim) 22.7
Procedures (number) 7 Paying taxes (rank) 132
Time (days) 26 Payments (number per year) 56 Closing a business (rank) 66
Cost (% of property value) 10.9 Time (hours per year) 207 Time (years) 3.0
Total tax rate (% of profit) 41.5 Cost (% of estate) 7
Recovery rate (cents on the dollar) 36.7
ARGENTINA Latin America & Caribbean GNI per capita (US$) 7,600
Ease of doing business (rank) 115 Upper middle income Population (m) 40.3
Starting a business (rank) 142 Getting credit (rank) 65 Trading across borders (rank) 115
Procedures (number) 14 Strength of legal rights index (0-10) 4 Documents to export (number) 9
Time (days) 26 Depth of credit information index (0-6) 6 Time to export (days) 13
Cost (% of income per capita) 14.2 Public registry coverage (% of adults) 30.8 Cost to export (US$ per container) 1,480
Minimum capital (% of income per capita) 2.7 Private bureau coverage (% of adults) 100.0 Documents to import (number) 7
Time to import (days) 16
Dealing with construction permits (rank) 168 Protecting investors (rank) 109 Cost to import (US$ per container) 1,810
Procedures (number) 28 Extent of disclosure index (0-10) 6
Time (days) 338 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 45
Cost (% of income per capita) 133.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 36
Strength of investor protection index (0-10) 4.7 Time (days) 590
Registering property (rank) 118 Cost (% of claim) 16.5
Procedures (number) 6 Paying taxes (rank) 143
Time (days) 52 Payments (number per year) 9 Closing a business (rank) 77
Cost (% of property value) 7.0 Time (hours per year) 453 Time (years) 2.8
Total tax rate (% of profit) 108.2 Cost (% of estate) 12
Recovery rate (cents on the dollar) 32.8
COUNTRY TABLES 147
ARMENIA Eastern Europe & Central Asia GNI per capita (US$) 3,100
Ease of doing business (rank) 48 Lower middle income Population (m) 3.1
Starting a business (rank) 22 Getting credit (rank) 46 ✔ Trading across borders (rank) 82
Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 3
Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 13
Cost (% of income per capita) 3.1 Public registry coverage (% of adults) 16.9 Cost to export (US$ per container) 1,665
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 38.3 Documents to import (number) 6
Time to import (days) 18
Dealing with construction permits (rank) 78 Protecting investors (rank) 93 Cost to import (US$ per container) 2,045
Procedures (number) 20 Extent of disclosure index (0-10) 5
Time (days) 137 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 63
Cost (% of income per capita) 122.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 49
Strength of investor protection index (0-10) 5.0 Time (days) 285
Registering property (rank) 5 Cost (% of claim) 19.0
Procedures (number) 3 Paying taxes (rank) 159
Time (days) 7 Payments (number per year) 50 Closing a business (rank) 54
Cost (% of property value) 0.3 Time (hours per year) 581 Time (years) 1.9
Total tax rate (% of profit) 40.7 Cost (% of estate) 4
Recovery rate (cents on the dollar) 40.6
AZERBAIJAN Eastern Europe & Central Asia GNI per capita (US$) 4,840
Ease of doing business (rank) 54 Upper middle income Population (m) 8.8
Starting a business (rank) 15 ✔ Getting credit (rank) 46 Trading across borders (rank) 177
Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 9
Time (days) 8 Depth of credit information index (0-6) 5 Time to export (days) 43
Cost (% of income per capita) 3.1 Public registry coverage (% of adults) 7.0 Cost to export (US$ per container) 2,980
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 14
Time to import (days) 46
Dealing with construction permits (rank) 160 Protecting investors (rank) 20 Cost to import (US$ per container) 3,480
Procedures (number) 31 Extent of disclosure index (0-10) 7
Time (days) 207 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 27
Cost (% of income per capita) 388.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 39
Strength of investor protection index (0-10) 6.7 Time (days) 237
Registering property (rank) 10 Cost (% of claim) 18.5
Procedures (number) 4 ✔ Paying taxes (rank) 103
Time (days) 11 Payments (number per year) 18 Closing a business (rank) 88
Cost (% of property value) 0.2 Time (hours per year) 306 Time (years) 2.7
Total tax rate (% of profit) 40.9 Cost (% of estate) 8
Recovery rate (cents on the dollar) 28.8
BAHAMAS, THE Latin America & Caribbean GNI per capita (US$) 21,529
Ease of doing business (rank) 77 High income Population (m) 0.3
Starting a business (rank) 66 Getting credit (rank) 72 Trading across borders (rank) 45
Procedures (number) 7 Strength of legal rights index (0-10) 9 Documents to export (number) 5
Time (days) 31 Depth of credit information index (0-6) 0 Time to export (days) 19
Cost (% of income per capita) 9.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 930
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 13
Dealing with construction permits (rank) 107 Protecting investors (rank) 109 Cost to import (US$ per container) 1,380
Procedures (number) 18 Extent of disclosure index (0-10) 2
Time (days) 197 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 120
Cost (% of income per capita) 222.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 49
Strength of investor protection index (0-10) 4.7 Time (days) 427
Registering property (rank) 154 Cost (% of claim) 28.9
Procedures (number) 7 Paying taxes (rank) 50
Time (days) 48 Payments (number per year) 18 Closing a business (rank) 34
Cost (% of property value) 12.5 Time (hours per year) 58 Time (years) 5.0
Total tax rate (% of profit) 46.1 Cost (% of estate) 4
Recovery rate (cents on the dollar) 54.7
BAHRAIN Middle East & North Africa GNI per capita (US$) 19,455
Ease of doing business (rank) 28 High income Population (m) 0.8
Starting a business (rank) 78 Getting credit (rank) 89 ✔ Trading across borders (rank) 33
Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 5
Time (days) 9 Depth of credit information index (0-6) 4 Time to export (days) 11
Cost (% of income per capita) 0.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 955
Minimum capital (% of income per capita) 273.4 Private bureau coverage (% of adults) 35.9 Documents to import (number) 6
Time to import (days) 15
Dealing with construction permits (rank) 17 Protecting investors (rank) 59 Cost to import (US$ per container) 995
Procedures (number) 13 Extent of disclosure index (0-10) 8
Time (days) 43 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 117
Cost (% of income per capita) 78.3 Ease of shareholder suits index (0-10) 5 Procedures (number) 48
Strength of investor protection index (0-10) 5.7 Time (days) 635
✗ Registering property (rank) 29 Cost (% of claim) 14.7
Procedures (number) 2 Paying taxes (rank) 14
Time (days) 31 Payments (number per year) 25 Closing a business (rank) 26
Cost (% of property value) 2.7 Time (hours per year) 36 Time (years) 2.5
Total tax rate (% of profit) 15.0 Cost (% of estate) 10
Recovery rate (cents on the dollar) 64.2
COUNTRY TABLES 149
BELARUS Eastern Europe & Central Asia GNI per capita (US$) 5,540
Ease of doing business (rank) 68 Upper middle income Population (m) 9.7
Starting a business (rank) 7 ✔ Getting credit (rank) 89 ✔ Trading across borders (rank) 128
Procedures (number) 5 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 5 Depth of credit information index (0-6) 5 Time to export (days) 15
Cost (% of income per capita) 1.6 Public registry coverage (% of adults) 33.5 Cost to export (US$ per container) 1,772
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 20
Dealing with construction permits (rank) 44 Protecting investors (rank) 109 Cost to import (US$ per container) 1,770
Procedures (number) 16 Extent of disclosure index (0-10) 5
Time (days) 151 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 12
Cost (% of income per capita) 50.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 28
Strength of investor protection index (0-10) 4.7 Time (days) 225
Registering property (rank) 6 Cost (% of claim) 23.4
Procedures (number) 3 ✔ Paying taxes (rank) 183
Time (days) 15 Payments (number per year) 82 ✔ Closing a business (rank) 93
Cost (% of property value) 0.0 Time (hours per year) 798 Time (years) 5.8
Total tax rate (% of profit) 80.4 Cost (% of estate) 22
Recovery rate (cents on the dollar) 28.0
BELIZE Latin America & Caribbean GNI per capita (US$) 4,045
Ease of doing business (rank) 99 Lower middle income Population (m) 0.3
Starting a business (rank) 148 Getting credit (rank) 89 Trading across borders (rank) 119
Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 7
Time (days) 44 Depth of credit information index (0-6) 0 Time to export (days) 21
Cost (% of income per capita) 47.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,710
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 21
Dealing with construction permits (rank) 4 Protecting investors (rank) 120 Cost to import (US$ per container) 1,870
Procedures (number) 11 Extent of disclosure index (0-10) 3
Time (days) 66 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 168
Cost (% of income per capita) 16.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 51
Strength of investor protection index (0-10) 4.3 Time (days) 892
Registering property (rank) 134 Cost (% of claim) 27.5
Procedures (number) 8 Paying taxes (rank) 69
Time (days) 60 Payments (number per year) 40 Closing a business (rank) 28
Cost (% of property value) 4.8 Time (hours per year) 147 Time (years) 1.0
Total tax rate (% of profit) 33.2 Cost (% of estate) 23
Recovery rate (cents on the dollar) 63.6
BOLIVIA Latin America & Caribbean GNI per capita (US$) 1,630
Ease of doing business (rank) 149 Lower middle income Population (m) 9.9
Starting a business (rank) 166 Getting credit (rank) 116 Trading across borders (rank) 125
Procedures (number) 15 Strength of legal rights index (0-10) 1 Documents to export (number) 8
Time (days) 50 Depth of credit information index (0-6) 6 Time to export (days) 19
Cost (% of income per capita) 100.8 Public registry coverage (% of adults) 11.3 Cost to export (US$ per container) 1,425
Minimum capital (% of income per capita) 2.5 Private bureau coverage (% of adults) 31.4 Documents to import (number) 7
Time to import (days) 23
Dealing with construction permits (rank) 98 Protecting investors (rank) 132 Cost to import (US$ per container) 1,747
Procedures (number) 17 Extent of disclosure index (0-10) 1
Time (days) 249 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 136
Cost (% of income per capita) 109.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 40
Strength of investor protection index (0-10) 4.0 Time (days) 591
Registering property (rank) 139 Cost (% of claim) 33.2
Procedures (number) 7 Paying taxes (rank) 177
Time (days) 92 Payments (number per year) 42 Closing a business (rank) 58
Cost (% of property value) 4.8 Time (hours per year) 1,080 Time (years) 1.8
Total tax rate (% of profit) 80.0 Cost (% of estate) 15
Recovery rate (cents on the dollar) 39.3
BOSNIA AND HERZEGOVINA Eastern Europe & Central Asia GNI per capita (US$) 4,700
Ease of doing business (rank) 110 Upper middle income Population (m) 3.8
Starting a business (rank) 160 Getting credit (rank) 65 Trading across borders (rank) 71
Procedures (number) 12 Strength of legal rights index (0-10) 5 Documents to export (number) 5
Time (days) 55 Depth of credit information index (0-6) 5 Time to export (days) 16
Cost (% of income per capita) 17.7 Public registry coverage (% of adults) 30.2 Cost to export (US$ per container) 1,240
Minimum capital (% of income per capita) 30.5 Private bureau coverage (% of adults) 47.2 Documents to import (number) 7
Time to import (days) 16
Dealing with construction permits (rank) 139 Protecting investors (rank) 93 Cost to import (US$ per container) 1,200
Procedures (number) 16 Extent of disclosure index (0-10) 3
Time (days) 255 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 124
Cost (% of income per capita) 578.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 37
Strength of investor protection index (0-10) 5.0 Time (days) 595
✔ Registering property (rank) 103 Cost (% of claim) 40.4
Procedures (number) 7 ✔ Paying taxes (rank) 127
Time (days) 33 Payments (number per year) 51 Closing a business (rank) 73
Cost (% of property value) 5.3 Time (hours per year) 422 Time (years) 3.3
Total tax rate (% of profit) 23.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 34.7
BRAZIL Latin America & Caribbean GNI per capita (US$) 8,070
Ease of doing business (rank) 127 Upper middle income Population (m) 193.7
✔ Starting a business (rank) 128 Getting credit (rank) 89 Trading across borders (rank) 114
Procedures (number) 15 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 120 Depth of credit information index (0-6) 5 Time to export (days) 13
Cost (% of income per capita) 7.3 Public registry coverage (% of adults) 26.9 Cost to export (US$ per container) 1,790
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 53.5 Documents to import (number) 7
Time to import (days) 17
Dealing with construction permits (rank) 112 Protecting investors (rank) 74 Cost to import (US$ per container) 1,730
Procedures (number) 18 Extent of disclosure index (0-10) 6
Time (days) 411 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 98
Cost (% of income per capita) 46.6 Ease of shareholder suits index (0-10) 3 Procedures (number) 45
Strength of investor protection index (0-10) 5.3 Time (days) 616
Registering property (rank) 122 Cost (% of claim) 16.5
Procedures (number) 14 Paying taxes (rank) 152
Time (days) 42 Payments (number per year) 10 Closing a business (rank) 132
Cost (% of property value) 2.7 Time (hours per year) 2,600 Time (years) 4.0
Total tax rate (% of profit) 69.0 Cost (% of estate) 12
Recovery rate (cents on the dollar) 17.1
BRUNEI DARUSSALAM East Asia & Pacific GNI per capita (US$) 26,325
Ease of doing business (rank) 112 High income Population (m) 0.4
✔ Starting a business (rank) 133 Getting credit (rank) 116 ✔ Trading across borders (rank) 52
Procedures (number) 15 Strength of legal rights index (0-10) 7 Documents to export (number) 6
Time (days) 105 Depth of credit information index (0-6) 0 Time to export (days) 25
Cost (% of income per capita) 13.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 630
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 20
Dealing with construction permits (rank) 74 Protecting investors (rank) 120 Cost to import (US$ per container) 708
Procedures (number) 32 Extent of disclosure index (0-10) 3
Time (days) 163 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 159
Cost (% of income per capita) 6.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 58
Strength of investor protection index (0-10) 4.3 Time (days) 540
Registering property (rank) 183 Cost (% of claim) 36.6
Procedures (number) NO PRACTICE ✔ Paying taxes (rank) 22
Time (days) NO PRACTICE Payments (number per year) 15 Closing a business (rank) 42
Cost (% of property value) NO PRACTICE Time (hours per year) 144 Time (years) 2.5
Total tax rate (% of profit) 29.8 Cost (% of estate) 4
Recovery rate (cents on the dollar) 47.2
BULGARIA Eastern Europe & Central Asia GNI per capita (US$) 5,770
Ease of doing business (rank) 51 Upper middle income Population (m) 7.6
✔ Starting a business (rank) 43 Getting credit (rank) 6 Trading across borders (rank) 108
Procedures (number) 4 Strength of legal rights index (0-10) 8 Documents to export (number) 5
Time (days) 18 Depth of credit information index (0-6) 6 Time to export (days) 23
Cost (% of income per capita) 1.6 Public registry coverage (% of adults) 37.0 Cost to export (US$ per container) 1,551
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 13.1 Documents to import (number) 7
Time to import (days) 21
Dealing with construction permits (rank) 119 Protecting investors (rank) 44 Cost to import (US$ per container) 1,666
Procedures (number) 24 Extent of disclosure index (0-10) 10
Time (days) 139 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 87
Cost (% of income per capita) 442.3 Ease of shareholder suits index (0-10) 7 Procedures (number) 39
Strength of investor protection index (0-10) 6.0 Time (days) 564
Registering property (rank) 62 Cost (% of claim) 23.8
Procedures (number) 8 ✔ Paying taxes (rank) 85
Time (days) 15 Payments (number per year) 17 Closing a business (rank) 83
Cost (% of property value) 3.0 Time (hours per year) 616 Time (years) 3.3
Total tax rate (% of profit) 29.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 31.0
COUNTRY TABLES 153
CAMBODIA East Asia & Pacific GNI per capita (US$) 650
Ease of doing business (rank) 147 Low income Population (m) 14.8
Starting a business (rank) 170 Getting credit (rank) 89 ✔ Trading across borders (rank) 118
Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 10
Time (days) 85 Depth of credit information index (0-6) 0 Time to export (days) 22
Cost (% of income per capita) 128.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 732
Minimum capital (% of income per capita) 37.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 26
Dealing with construction permits (rank) 146 Protecting investors (rank) 74 Cost to import (US$ per container) 872
Procedures (number) 23 Extent of disclosure index (0-10) 5
Time (days) 709 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 142
Cost (% of income per capita) 54.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 44
Strength of investor protection index (0-10) 5.3 Time (days) 401
Registering property (rank) 117 Cost (% of claim) 102.7
Procedures (number) 7 Paying taxes (rank) 57
Time (days) 56 Payments (number per year) 39 Closing a business (rank) 183
Cost (% of property value) 4.3 Time (hours per year) 173 Time (years) NO PRACTICE
Total tax rate (% of profit) 22.5 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
154 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
CENTRAL AFRICAN REPUBLIC Sub-Saharan Africa GNI per capita (US$) 450
Ease of doing business (rank) 182 Low income Population (m) 4.4
Starting a business (rank) 161 Getting credit (rank) 138 Trading across borders (rank) 182
Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 9
Time (days) 22 Depth of credit information index (0-6) 2 Time to export (days) 54
Cost (% of income per capita) 228.4 Public registry coverage (% of adults) 2.0 Cost to export (US$ per container) 5,491
Minimum capital (% of income per capita) 468.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 17
Time to import (days) 62
Dealing with construction permits (rank) 148 Protecting investors (rank) 132 Cost to import (US$ per container) 5,554
Procedures (number) 21 Extent of disclosure index (0-10) 6
Time (days) 239 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 173
Cost (% of income per capita) 259.5 Ease of shareholder suits index (0-10) 5 Procedures (number) 43
Strength of investor protection index (0-10) 4.0 Time (days) 660
Registering property (rank) 141 Cost (% of claim) 82.0
Procedures (number) 5 Paying taxes (rank) 182
Time (days) 75 Payments (number per year) 54 Closing a business (rank) 183
Cost (% of property value) 18.5 Time (hours per year) 504 Time (years) 4.8
Total tax rate (% of profit) 203.8 Cost (% of estate) 76
Recovery rate (cents on the dollar) 0.0
CHILE Latin America & Caribbean GNI per capita (US$) 9,460
Ease of doing business (rank) 43 Upper middle income Population (m) 17.0
✔ Starting a business (rank) 62 Getting credit (rank) 72 Trading across borders (rank) 68
Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 6
Time (days) 22 Depth of credit information index (0-6) 5 Time to export (days) 21
Cost (% of income per capita) 6.8 Public registry coverage (% of adults) 30.9 Cost to export (US$ per container) 745
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 22.9 Documents to import (number) 7
Time to import (days) 21
Dealing with construction permits (rank) 68 ✔ Protecting investors (rank) 28 Cost to import (US$ per container) 795
Procedures (number) 18 Extent of disclosure index (0-10) 8
Time (days) 155 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 68
Cost (% of income per capita) 93.8 Ease of shareholder suits index (0-10) 5 Procedures (number) 36
Strength of investor protection index (0-10) 6.3 Time (days) 480
Registering property (rank) 45 Cost (% of claim) 28.6
Procedures (number) 6 Paying taxes (rank) 46
Time (days) 31 Payments (number per year) 9 Closing a business (rank) 91
Cost (% of property value) 1.3 Time (hours per year) 316 Time (years) 4.5
Total tax rate (% of profit) 25.0 Cost (% of estate) 15
Recovery rate (cents on the dollar) 28.2
156 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
CHINA East Asia & Pacific GNI per capita (US$) 3,620
Ease of doing business (rank) 79 Lower middle income Population (m) 1,331.5
Starting a business (rank) 151 Getting credit (rank) 65 Trading across borders (rank) 50
Procedures (number) 14 Strength of legal rights index (0-10) 6 Documents to export (number) 7
Time (days) 38 Depth of credit information index (0-6) 4 Time to export (days) 21
Cost (% of income per capita) 4.5 Public registry coverage (% of adults) 63.9 Cost to export (US$ per container) 500
Minimum capital (% of income per capita) 118.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 24
Dealing with construction permits (rank) 181 Protecting investors (rank) 93 Cost to import (US$ per container) 545
Procedures (number) 37 Extent of disclosure index (0-10) 10
Time (days) 336 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 15
Cost (% of income per capita) 523.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 34
Strength of investor protection index (0-10) 5.0 Time (days) 406
Registering property (rank) 38 Cost (% of claim) 11.1
Procedures (number) 4 ✔ Paying taxes (rank) 114
Time (days) 29 Payments (number per year) 7 Closing a business (rank) 68
Cost (% of property value) 3.6 Time (hours per year) 398 Time (years) 1.7
Total tax rate (% of profit) 63.5 Cost (% of estate) 22
Recovery rate (cents on the dollar) 36.4
COLOMBIA Latin America & Caribbean GNI per capita (US$) 4,950
Ease of doing business (rank) 39 Upper middle income Population (m) 45.7
Starting a business (rank) 73 Getting credit (rank) 65 Trading across borders (rank) 99
Procedures (number) 9 Strength of legal rights index (0-10) 5 Documents to export (number) 6
Time (days) 14 Depth of credit information index (0-6) 5 Time to export (days) 14
Cost (% of income per capita) 14.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,770
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 63.1 Documents to import (number) 8
Time to import (days) 13
✔ Dealing with construction permits (rank) 32 Protecting investors (rank) 5 Cost to import (US$ per container) 1,700
Procedures (number) 10 Extent of disclosure index (0-10) 8
Time (days) 50 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 150
Cost (% of income per capita) 405.9 Ease of shareholder suits index (0-10) 9 Procedures (number) 34
Strength of investor protection index (0-10) 8.3 Time (days) 1,346
Registering property (rank) 55 Cost (% of claim) 47.9
Procedures (number) 7 Paying taxes (rank) 118
Time (days) 20 Payments (number per year) 20 Closing a business (rank) 29
Cost (% of property value) 2.0 Time (hours per year) 208 Time (years) 3.0
Total tax rate (% of profit) 78.7 Cost (% of estate) 1
Recovery rate (cents on the dollar) 62.4
CONGO, DEM. REP. Sub-Saharan Africa GNI per capita (US$) 160
Ease of doing business (rank) 175 Low income Population (m) 66.0
✔ Starting a business (rank) 146 Getting credit (rank) 168 Trading across borders (rank) 172
Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 84 Depth of credit information index (0-6) 0 Time to export (days) 44
Cost (% of income per capita) 735.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,505
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 63
✔ Dealing with construction permits (rank) 81 Protecting investors (rank) 154 Cost to import (US$ per container) 3,735
Procedures (number) 14 Extent of disclosure index (0-10) 3
Time (days) 128 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 172
Cost (% of income per capita) 2,692.2 Ease of shareholder suits index (0-10) 4 Procedures (number) 43
Strength of investor protection index (0-10) 3.3 Time (days) 625
✔ Registering property (rank) 118 Cost (% of claim) 151.8
Procedures (number) 6 Paying taxes (rank) 163
Time (days) 54 Payments (number per year) 32 Closing a business (rank) 155
Cost (% of property value) 7.0 Time (hours per year) 336 Time (years) 5.2
Total tax rate (% of profit) 339.7 Cost (% of estate) 29
Recovery rate (cents on the dollar) 1.1
COSTA RICA Latin America & Caribbean GNI per capita (US$) 6,260
Ease of doing business (rank) 125 Upper middle income Population (m) 4.6
Starting a business (rank) 116 Getting credit (rank) 65 Trading across borders (rank) 69
Procedures (number) 12 Strength of legal rights index (0-10) 5 Documents to export (number) 6
Time (days) 60 Depth of credit information index (0-6) 5 Time to export (days) 13
Cost (% of income per capita) 10.5 Public registry coverage (% of adults) 23.3 Cost to export (US$ per container) 1,190
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 64.8 Documents to import (number) 7
Time to import (days) 15
Dealing with construction permits (rank) 131 Protecting investors (rank) 167 Cost to import (US$ per container) 1,190
Procedures (number) 23 Extent of disclosure index (0-10) 2
Time (days) 191 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 130
Cost (% of income per capita) 172.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 40
Strength of investor protection index (0-10) 3.0 Time (days) 852
Registering property (rank) 52 Cost (% of claim) 24.3
Procedures (number) 6 Paying taxes (rank) 155
Time (days) 21 Payments (number per year) 42 Closing a business (rank) 114
Cost (% of property value) 3.4 Time (hours per year) 272 Time (years) 3.5
Total tax rate (% of profit) 55.0 Cost (% of estate) 15
Recovery rate (cents on the dollar) 21.2
158 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
CROATIA Eastern Europe & Central Asia GNI per capita (US$) 13,810
Ease of doing business (rank) 84 High income Population (m) 4.4
✔ Starting a business (rank) 56 Getting credit (rank) 65 Trading across borders (rank) 98
Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 7
Time (days) 7 Depth of credit information index (0-6) 4 Time to export (days) 20
Cost (% of income per capita) 8.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,281
Minimum capital (% of income per capita) 13.7 Private bureau coverage (% of adults) 81.2 Documents to import (number) 8
Time to import (days) 16
✔ Dealing with construction permits (rank) 132 Protecting investors (rank) 132 Cost to import (US$ per container) 1,141
Procedures (number) 13 Extent of disclosure index (0-10) 1
Time (days) 315 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 47
Cost (% of income per capita) 850.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 38
Strength of investor protection index (0-10) 4.0 Time (days) 561
Registering property (rank) 110 Cost (% of claim) 13.8
Procedures (number) 5 Paying taxes (rank) 42
Time (days) 104 Payments (number per year) 17 Closing a business (rank) 89
Cost (% of property value) 5.0 Time (hours per year) 196 Time (years) 3.1
Total tax rate (% of profit) 32.5 Cost (% of estate) 15
Recovery rate (cents on the dollar) 28.7
CYPRUS Eastern Europe & Central Asia GNI per capita (US$) 29,620
Ease of doing business (rank) 37 High income Population (m) 0.9
Starting a business (rank) 26 Getting credit (rank) 72 Trading across borders (rank) 19
Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 5
Time (days) 8 Depth of credit information index (0-6) 0 Time to export (days) 7
Cost (% of income per capita) 12.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 820
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 5
Dealing with construction permits (rank) 75 Protecting investors (rank) 93 Cost to import (US$ per container) 1,030
Procedures (number) 13 Extent of disclosure index (0-10) 4
Time (days) 677 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 104
Cost (% of income per capita) 45.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 43
Strength of investor protection index (0-10) 5.0 Time (days) 735
Registering property (rank) 66 Cost (% of claim) 16.4
Procedures (number) 3 Paying taxes (rank) 32
Time (days) 34 Payments (number per year) 27 Closing a business (rank) 22
Cost (% of property value) 10.0 Time (hours per year) 149 Time (years) 1.5
Total tax rate (% of profit) 23.2 Cost (% of estate) 15
Recovery rate (cents on the dollar) 70.4
COUNTRY TABLES 159
CZECH REPUBLIC OECD high income GNI per capita (US$) 17,310
Ease of doing business (rank) 63 High income Population (m) 10.5
Starting a business (rank) 130 Getting credit (rank) 46 Trading across borders (rank) 62
Procedures (number) 9 Strength of legal rights index (0-10) 6 Documents to export (number) 4
Time (days) 20 Depth of credit information index (0-6) 5 Time to export (days) 17
Cost (% of income per capita) 9.3 Public registry coverage (% of adults) 4.9 Cost to export (US$ per container) 1,060
Minimum capital (% of income per capita) 30.9 Private bureau coverage (% of adults) 73.2 Documents to import (number) 7
Time to import (days) 20
Dealing with construction permits (rank) 76 Protecting investors (rank) 93 Cost to import (US$ per container) 1,165
Procedures (number) 36 Extent of disclosure index (0-10) 2
Time (days) 150 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 78
Cost (% of income per capita) 16.4 Ease of shareholder suits index (0-10) 8 Procedures (number) 27
Strength of investor protection index (0-10) 5.0 Time (days) 611
Registering property (rank) 47 Cost (% of claim) 33.0
Procedures (number) 4 ✔ Paying taxes (rank) 128
Time (days) 43 Payments (number per year) 12 ✔ Closing a business (rank) 32
Cost (% of property value) 3.0 Time (hours per year) 557 Time (years) 3.2
Total tax rate (% of profit) 48.8 Cost (% of estate) 17
Recovery rate (cents on the dollar) 55.9
DJIBOUTI Middle East & North Africa GNI per capita (US$) 1,280
Ease of doing business (rank) 158 Lower middle income Population (m) 0.9
Starting a business (rank) 175 Getting credit (rank) 176 Trading across borders (rank) 38
Procedures (number) 11 Strength of legal rights index (0-10) 1 Documents to export (number) 5
Time (days) 37 Depth of credit information index (0-6) 1 Time to export (days) 19
Cost (% of income per capita) 169.9 Public registry coverage (% of adults) 0.2 Cost to export (US$ per container) 836
Minimum capital (% of income per capita) 434.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 18
Dealing with construction permits (rank) 125 Protecting investors (rank) 179 Cost to import (US$ per container) 911
Procedures (number) 16 Extent of disclosure index (0-10) 5
Time (days) 179 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 160
Cost (% of income per capita) 1,862.8 Ease of shareholder suits index (0-10) 0 Procedures (number) 40
Strength of investor protection index (0-10) 2.3 Time (days) 1,225
Registering property (rank) 140 Cost (% of claim) 34.0
Procedures (number) 7 Paying taxes (rank) 60
Time (days) 40 Payments (number per year) 35 Closing a business (rank) 137
Cost (% of property value) 13.0 Time (hours per year) 90 Time (years) 5.0
Total tax rate (% of profit) 38.7 Cost (% of estate) 18
Recovery rate (cents on the dollar) 15.6
160 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
DOMINICA Latin America & Caribbean GNI per capita (US$) 4,900
Ease of doing business (rank) 88 Upper middle income Population (m) 0.1
Starting a business (rank) 38 Getting credit (rank) 72 Trading across borders (rank) 90
Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 7
Time (days) 14 Depth of credit information index (0-6) 0 Time to export (days) 13
Cost (% of income per capita) 22.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,297
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 15
Dealing with construction permits (rank) 28 Protecting investors (rank) 28 Cost to import (US$ per container) 1,310
Procedures (number) 13 Extent of disclosure index (0-10) 4
Time (days) 182 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 167
Cost (% of income per capita) 11.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 47
Strength of investor protection index (0-10) 6.3 Time (days) 681
Registering property (rank) 112 Cost (% of claim) 36.0
Procedures (number) 5 Paying taxes (rank) 67
Time (days) 42 Payments (number per year) 38 Closing a business (rank) 183
Cost (% of property value) 13.7 Time (hours per year) 120 Time (years) NO PRACTICE
Total tax rate (% of profit) 37.0 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
DOMINICAN REPUBLIC Latin America & Caribbean GNI per capita (US$) 4,530
Ease of doing business (rank) 91 Upper middle income Population (m) 10.1
✗ Starting a business (rank) 137 Getting credit (rank) 72 Trading across borders (rank) 40
Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 6
Time (days) 19 Depth of credit information index (0-6) 6 Time to export (days) 9
Cost (% of income per capita) 19.2 Public registry coverage (% of adults) 28.5 Cost to export (US$ per container) 916
Minimum capital (% of income per capita) 62.6 Private bureau coverage (% of adults) 47.3 Documents to import (number) 7
Time to import (days) 10
Dealing with construction permits (rank) 89 Protecting investors (rank) 59 Cost to import (US$ per container) 1,150
Procedures (number) 17 Extent of disclosure index (0-10) 5
Time (days) 214 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 84
Cost (% of income per capita) 126.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 34
Strength of investor protection index (0-10) 5.7 Time (days) 460
Registering property (rank) 114 Cost (% of claim) 40.9
Procedures (number) 7 Paying taxes (rank) 76
Time (days) 60 Payments (number per year) 9 Closing a business (rank) 145
Cost (% of property value) 3.7 Time (hours per year) 324 Time (years) 3.5
Total tax rate (% of profit) 40.7 Cost (% of estate) 38
Recovery rate (cents on the dollar) 9.1
ECUADOR Latin America & Caribbean GNI per capita (US$) 3,940
Ease of doing business (rank) 130 Lower middle income Population (m) 13.6
✔ Starting a business (rank) 158 Getting credit (rank) 89 Trading across borders (rank) 126
Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 9
Time (days) 56 Depth of credit information index (0-6) 5 Time to export (days) 20
Cost (% of income per capita) 32.6 Public registry coverage (% of adults) 36.5 Cost to export (US$ per container) 1,345
Minimum capital (% of income per capita) 4.9 Private bureau coverage (% of adults) 45.0 Documents to import (number) 7
Time to import (days) 29
Dealing with construction permits (rank) 88 Protecting investors (rank) 132 Cost to import (US$ per container) 1,332
Procedures (number) 19 Extent of disclosure index (0-10) 1
Time (days) 155 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 100
Cost (% of income per capita) 213.2 Ease of shareholder suits index (0-10) 6 Procedures (number) 39
Strength of investor protection index (0-10) 4.0 Time (days) 588
Registering property (rank) 69 Cost (% of claim) 27.2
Procedures (number) 9 Paying taxes (rank) 81
Time (days) 16 Payments (number per year) 8 Closing a business (rank) 133
Cost (% of property value) 2.2 Time (hours per year) 654 Time (years) 5.3
Total tax rate (% of profit) 35.3 Cost (% of estate) 18
Recovery rate (cents on the dollar) 17.0
COUNTRY TABLES 161
EGYPT, ARAB REP. Middle East & North Africa GNI per capita (US$) 2,070
Ease of doing business (rank) 94 Lower middle income Population (m) 83.0
✔ Starting a business (rank) 18 Getting credit (rank) 72 ✔ Trading across borders (rank) 21
Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 6
Time (days) 7 Depth of credit information index (0-6) 6 Time to export (days) 12
Cost (% of income per capita) 6.3 Public registry coverage (% of adults) 2.9 Cost to export (US$ per container) 613
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 10.3 Documents to import (number) 6
Time to import (days) 12
Dealing with construction permits (rank) 154 Protecting investors (rank) 74 Cost to import (US$ per container) 698
Procedures (number) 25 Extent of disclosure index (0-10) 8
Time (days) 218 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 143
Cost (% of income per capita) 293.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 41
Strength of investor protection index (0-10) 5.3 Time (days) 1,010
Registering property (rank) 93 Cost (% of claim) 26.2
Procedures (number) 7 Paying taxes (rank) 136
Time (days) 72 Payments (number per year) 29 Closing a business (rank) 131
Cost (% of property value) 0.8 Time (hours per year) 433 Time (years) 4.2
Total tax rate (% of profit) 42.6 Cost (% of estate) 22
Recovery rate (cents on the dollar) 17.4
EL SALVADOR Latin America & Caribbean GNI per capita (US$) 3,370
Ease of doing business (rank) 86 Lower middle income Population (m) 6.2
Starting a business (rank) 129 Getting credit (rank) 46 Trading across borders (rank) 65
Procedures (number) 8 Strength of legal rights index (0-10) 5 Documents to export (number) 8
Time (days) 17 Depth of credit information index (0-6) 6 Time to export (days) 14
Cost (% of income per capita) 45.0 Public registry coverage (% of adults) 21.8 Cost to export (US$ per container) 845
Minimum capital (% of income per capita) 3.0 Private bureau coverage (% of adults) 95.0 Documents to import (number) 8
Time to import (days) 10
Dealing with construction permits (rank) 124 Protecting investors (rank) 120 Cost to import (US$ per container) 845
Procedures (number) 34 Extent of disclosure index (0-10) 5
Time (days) 155 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 51
Cost (% of income per capita) 171.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 30
Strength of investor protection index (0-10) 4.3 Time (days) 786
Registering property (rank) 49 Cost (% of claim) 19.2
Procedures (number) 5 Paying taxes (rank) 137
Time (days) 31 Payments (number per year) 53 Closing a business (rank) 87
Cost (% of property value) 3.8 Time (hours per year) 320 Time (years) 4.0
Total tax rate (% of profit) 35.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 29.2
ESTONIA Eastern Europe & Central Asia GNI per capita (US$) 14,060
Ease of doing business (rank) 17 High income Population (m) 1.3
Starting a business (rank) 37 ✔ Getting credit (rank) 32 Trading across borders (rank) 4
Procedures (number) 5 Strength of legal rights index (0-10) 7 Documents to export (number) 3
Time (days) 7 Depth of credit information index (0-6) 5 Time to export (days) 5
Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 725
Minimum capital (% of income per capita) 25.7 Private bureau coverage (% of adults) 22.4 Documents to import (number) 4
Time to import (days) 5
✗ Dealing with construction permits (rank) 24 Protecting investors (rank) 59 Cost to import (US$ per container) 725
Procedures (number) 14 Extent of disclosure index (0-10) 8
Time (days) 134 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 50
Cost (% of income per capita) 29.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 36
Strength of investor protection index (0-10) 5.7 Time (days) 425
Registering property (rank) 13 Cost (% of claim) 26.3
Procedures (number) 3 ✗ Paying taxes (rank) 30
Time (days) 18 Payments (number per year) 7 ✔ Closing a business (rank) 70
Cost (% of property value) 0.5 Time (hours per year) 81 Time (years) 3.0
Total tax rate (% of profit) 49.6 Cost (% of estate) 9
Recovery rate (cents on the dollar) 35.5
FIJI East Asia & Pacific GNI per capita (US$) 3,950
Ease of doing business (rank) 62 Upper middle income Population (m) 0.8
Starting a business (rank) 104 Getting credit (rank) 46 ✔ Trading across borders (rank) 103
Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 10
Time (days) 46 Depth of credit information index (0-6) 4 Time to export (days) 22
Cost (% of income per capita) 23.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 654
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 47.7 Documents to import (number) 10
Time to import (days) 23
Dealing with construction permits (rank) 58 Protecting investors (rank) 44 Cost to import (US$ per container) 630
Procedures (number) 19 Extent of disclosure index (0-10) 3
Time (days) 135 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 63
Cost (% of income per capita) 47.4 Ease of shareholder suits index (0-10) 7 Procedures (number) 34
Strength of investor protection index (0-10) 6.0 Time (days) 397
Registering property (rank) 50 Cost (% of claim) 38.9
Procedures (number) 3 Paying taxes (rank) 77
Time (days) 68 Payments (number per year) 33 Closing a business (rank) 117
Cost (% of property value) 2.0 Time (hours per year) 163 Time (years) 1.8
Total tax rate (% of profit) 39.3 Cost (% of estate) 38
Recovery rate (cents on the dollar) 20.5
GEORGIA Eastern Europe & Central Asia GNI per capita (US$) 2,530
Ease of doing business (rank) 12 Lower middle income Population (m) 4.3
Starting a business (rank) 8 ✔ Getting credit (rank) 15 Trading across borders (rank) 35
Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 4
Time (days) 3 Depth of credit information index (0-6) 6 Time to export (days) 10
Cost (% of income per capita) 5.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,329
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 16.4 Documents to import (number) 4
Time to import (days) 13
Dealing with construction permits (rank) 7 ✔ Protecting investors (rank) 20 Cost to import (US$ per container) 1,316
Procedures (number) 10 Extent of disclosure index (0-10) 8
Time (days) 98 Extent of director liability index (0-10) 6 ✔ Enforcing contracts (rank) 41
Cost (% of income per capita) 23.2 Ease of shareholder suits index (0-10) 6 Procedures (number) 36
Strength of investor protection index (0-10) 6.7 Time (days) 285
Registering property (rank) 2 Cost (% of claim) 29.9
Procedures (number) 1 Paying taxes (rank) 61
Time (days) 2 Payments (number per year) 18 ✔ Closing a business (rank) 105
Cost (% of property value) 0.1 Time (hours per year) 387 Time (years) 3.3
Total tax rate (% of profit) 15.3 Cost (% of estate) 4
Recovery rate (cents on the dollar) 25.1
COUNTRY TABLES 165
GRENADA Latin America & Caribbean GNI per capita (US$) 5,580
Ease of doing business (rank) 92 Upper middle income Population (m) 0.1
✔ Starting a business (rank) 49 Getting credit (rank) 89 ✔ Trading across borders (rank) 57
Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 6
Time (days) 15 Depth of credit information index (0-6) 0 Time to export (days) 10
Cost (% of income per capita) 25.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 876
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 15
Dealing with construction permits (rank) 15 Protecting investors (rank) 28 Cost to import (US$ per container) 2,129
Procedures (number) 10 Extent of disclosure index (0-10) 4
Time (days) 149 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 161
Cost (% of income per capita) 25.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 47
Strength of investor protection index (0-10) 6.3 Time (days) 688
✔ Registering property (rank) 145 Cost (% of claim) 32.6
Procedures (number) 8 Paying taxes (rank) 79
Time (days) 47 Payments (number per year) 30 Closing a business (rank) 183
Cost (% of property value) 7.4 Time (hours per year) 140 Time (years) NO PRACTICE
Total tax rate (% of profit) 45.3 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
GUATEMALA Latin America & Caribbean GNI per capita (US$) 2,630
Ease of doing business (rank) 101 Lower middle income Population (m) 14.0
Starting a business (rank) 162 Getting credit (rank) 6 Trading across borders (rank) 122
Procedures (number) 12 Strength of legal rights index (0-10) 8 Documents to export (number) 10
Time (days) 37 Depth of credit information index (0-6) 6 Time to export (days) 17
Cost (% of income per capita) 49.1 Public registry coverage (% of adults) 16.4 Cost to export (US$ per container) 1,182
Minimum capital (% of income per capita) 24.2 Private bureau coverage (% of adults) 8.8 Documents to import (number) 10
Time to import (days) 17
Dealing with construction permits (rank) 144 Protecting investors (rank) 132 Cost to import (US$ per container) 1,302
Procedures (number) 22 Extent of disclosure index (0-10) 3
Time (days) 178 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 101
Cost (% of income per capita) 599.4 Ease of shareholder suits index (0-10) 6 Procedures (number) 31
Strength of investor protection index (0-10) 4.0 Time (days) 1,459
Registering property (rank) 23 Cost (% of claim) 26.5
Procedures (number) 4 Paying taxes (rank) 116
Time (days) 23 Payments (number per year) 24 Closing a business (rank) 94
Cost (% of property value) 1.0 Time (hours per year) 344 Time (years) 3.0
Total tax rate (% of profit) 40.9 Cost (% of estate) 15
Recovery rate (cents on the dollar) 27.5
GUYANA Latin America & Caribbean GNI per capita (US$) 2,629
Ease of doing business (rank) 100 Lower middle income Population (m) 0.8
✔ Starting a business (rank) 90 ✔ Getting credit (rank) 152 ✔ Trading across borders (rank) 78
Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 7
Time (days) 30 Depth of credit information index (0-6) 0 Time to export (days) 19
Cost (% of income per capita) 18.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 730
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 22
Dealing with construction permits (rank) 33 Protecting investors (rank) 74 Cost to import (US$ per container) 745
Procedures (number) 11 Extent of disclosure index (0-10) 5
Time (days) 133 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 74
Cost (% of income per capita) 130.5 Ease of shareholder suits index (0-10) 6 Procedures (number) 36
Strength of investor protection index (0-10) 5.3 Time (days) 581
Registering property (rank) 75 Cost (% of claim) 25.2
Procedures (number) 6 Paying taxes (rank) 119
Time (days) 34 Payments (number per year) 34 Closing a business (rank) 130
Cost (% of property value) 4.5 Time (hours per year) 288 Time (years) 3.0
Total tax rate (% of profit) 38.9 Cost (% of estate) 29
Recovery rate (cents on the dollar) 17.6
HAITI Latin America & Caribbean GNI per capita (US$) 733
Ease of doing business (rank) 162 Low income Population (m) 10.0
✔ Starting a business (rank) 178 Getting credit (rank) 138 Trading across borders (rank) 145
Procedures (number) 13 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 105 Depth of credit information index (0-6) 2 Time to export (days) 35
Cost (% of income per capita) 212.0 Public registry coverage (% of adults) 0.7 Cost to export (US$ per container) 1,005
Minimum capital (% of income per capita) 20.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 33
Dealing with construction permits (rank) 122 Protecting investors (rank) 167 Cost to import (US$ per container) 1,545
Procedures (number) 11 Extent of disclosure index (0-10) 2
Time (days) 1,179 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 91
Cost (% of income per capita) 525.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 35
Strength of investor protection index (0-10) 3.0 Time (days) 508
Registering property (rank) 128 Cost (% of claim) 42.6
Procedures (number) 5 Paying taxes (rank) 97
Time (days) 405 Payments (number per year) 42 Closing a business (rank) 151
Cost (% of property value) 6.3 Time (hours per year) 160 Time (years) 5.7
Total tax rate (% of profit) 40.1 Cost (% of estate) 30
Recovery rate (cents on the dollar) 6.7
168 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
HONDURAS Latin America & Caribbean GNI per capita (US$) 1,820
Ease of doing business (rank) 131 Lower middle income Population (m) 7.5
Starting a business (rank) 145 Getting credit (rank) 32 Trading across borders (rank) 110
Procedures (number) 13 Strength of legal rights index (0-10) 6 Documents to export (number) 6
Time (days) 14 Depth of credit information index (0-6) 6 Time to export (days) 19
Cost (% of income per capita) 47.2 Public registry coverage (% of adults) 22.7 Cost to export (US$ per container) 1,193
Minimum capital (% of income per capita) 17.5 Private bureau coverage (% of adults) 100.0 Documents to import (number) 10
Time to import (days) 23
Dealing with construction permits (rank) 73 Protecting investors (rank) 167 Cost to import (US$ per container) 1,205
Procedures (number) 17 Extent of disclosure index (0-10) 0
Time (days) 106 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 175
Cost (% of income per capita) 469.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 45
Strength of investor protection index (0-10) 3.0 Time (days) 900
Registering property (rank) 89 Cost (% of claim) 35.2
Procedures (number) 7 Paying taxes (rank) 147
Time (days) 23 Payments (number per year) 47 Closing a business (rank) 120
Cost (% of property value) 5.5 Time (hours per year) 224 Time (years) 3.8
Total tax rate (% of profit) 48.3 Cost (% of estate) 15
Recovery rate (cents on the dollar) 19.9
HONG KONG SAR, CHINA East Asia & Pacific GNI per capita (US$) 29,826
Ease of doing business (rank) 2 High income Population (m) 7.0
Starting a business (rank) 6 Getting credit (rank) 2 Trading across borders (rank) 2
Procedures (number) 3 Strength of legal rights index (0-10) 10 Documents to export (number) 4
Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 6
Cost (% of income per capita) 2.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 625
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 72.0 Documents to import (number) 4
Time to import (days) 5
Dealing with construction permits (rank) 1 Protecting investors (rank) 3 Cost to import (US$ per container) 600
Procedures (number) 7 Extent of disclosure index (0-10) 10
Time (days) 67 Extent of director liability index (0-10) 8 ✔ Enforcing contracts (rank) 2
Cost (% of income per capita) 19.4 Ease of shareholder suits index (0-10) 9 Procedures (number) 24
Strength of investor protection index (0-10) 9.0 Time (days) 280
Registering property (rank) 56 Cost (% of claim) 19.5
Procedures (number) 5 ✔ Paying taxes (rank) 3
Time (days) 36 Payments (number per year) 3 Closing a business (rank) 15
Cost (% of property value) 4.2 Time (hours per year) 80 Time (years) 1.1
Total tax rate (% of profit) 24.1 Cost (% of estate) 9
Recovery rate (cents on the dollar) 81.2
INDONESIA East Asia & Pacific GNI per capita (US$) 2,230
Ease of doing business (rank) 121 Lower middle income Population (m) 230.0
✔ Starting a business (rank) 155 Getting credit (rank) 116 ✔ Trading across borders (rank) 47
Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 5
Time (days) 47 Depth of credit information index (0-6) 4 Time to export (days) 20
Cost (% of income per capita) 22.3 Public registry coverage (% of adults) 25.2 Cost to export (US$ per container) 704
Minimum capital (% of income per capita) 53.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 27
Dealing with construction permits (rank) 60 Protecting investors (rank) 44 Cost to import (US$ per container) 660
Procedures (number) 14 Extent of disclosure index (0-10) 10
Time (days) 160 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 154
Cost (% of income per capita) 173.3 Ease of shareholder suits index (0-10) 3 Procedures (number) 40
Strength of investor protection index (0-10) 6.0 Time (days) 570
Registering property (rank) 98 Cost (% of claim) 122.7
Procedures (number) 6 ✔ Paying taxes (rank) 130
Time (days) 22 Payments (number per year) 51 Closing a business (rank) 142
Cost (% of property value) 10.9 Time (hours per year) 266 Time (years) 5.5
Total tax rate (% of profit) 37.3 Cost (% of estate) 18
Recovery rate (cents on the dollar) 13.2
170 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
IRAN, ISLAMIC REP. Middle East & North Africa GNI per capita (US$) 4,530
Ease of doing business (rank) 129 Upper middle income Population (m) 72.9
✔ Starting a business (rank) 42 ✔ Getting credit (rank) 89 Trading across borders (rank) 131
Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 7
Time (days) 8 Depth of credit information index (0-6) 4 Time to export (days) 25
Cost (% of income per capita) 4.0 Public registry coverage (% of adults) 22.7 Cost to export (US$ per container) 1,090
Minimum capital (% of income per capita) 0.8 Private bureau coverage (% of adults) 4.5 Documents to import (number) 8
Time to import (days) 32
Dealing with construction permits (rank) 143 Protecting investors (rank) 167 Cost to import (US$ per container) 1,735
Procedures (number) 17 Extent of disclosure index (0-10) 5
Time (days) 322 Extent of director liability index (0-10) 4 ✔ Enforcing contracts (rank) 49
Cost (% of income per capita) 382.3 Ease of shareholder suits index (0-10) 0 Procedures (number) 39
Strength of investor protection index (0-10) 3.0 Time (days) 505
Registering property (rank) 156 Cost (% of claim) 17.0
Procedures (number) 9 Paying taxes (rank) 115
Time (days) 36 Payments (number per year) 20 Closing a business (rank) 111
Cost (% of property value) 10.5 Time (hours per year) 344 Time (years) 4.5
Total tax rate (% of profit) 44.1 Cost (% of estate) 9
Recovery rate (cents on the dollar) 23.1
IRAQ Middle East & North Africa GNI per capita (US$) 2,210
Ease of doing business (rank) 166 Lower middle income Population (m) 31.5
Starting a business (rank) 174 Getting credit (rank) 168 Trading across borders (rank) 179
Procedures (number) 11 Strength of legal rights index (0-10) 3 Documents to export (number) 10
Time (days) 77 Depth of credit information index (0-6) 0 Time to export (days) 80
Cost (% of income per capita) 107.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,550
Minimum capital (% of income per capita) 43.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 83
Dealing with construction permits (rank) 102 Protecting investors (rank) 120 Cost to import (US$ per container) 3,650
Procedures (number) 14 Extent of disclosure index (0-10) 4
Time (days) 215 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 141
Cost (% of income per capita) 506.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 51
Strength of investor protection index (0-10) 4.3 Time (days) 520
Registering property (rank) 96 Cost (% of claim) 28.1
Procedures (number) 5 Paying taxes (rank) 54
Time (days) 51 Payments (number per year) 13 Closing a business (rank) 183
Cost (% of property value) 6.4 Time (hours per year) 312 Time (years) NO PRACTICE
Total tax rate (% of profit) 28.4 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
JAMAICA Latin America & Caribbean GNI per capita (US$) 5,020
Ease of doing business (rank) 81 Upper middle income Population (m) 2.7
Starting a business (rank) 18 Getting credit (rank) 89 Trading across borders (rank) 104
Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 6
Time (days) 8 Depth of credit information index (0-6) 0 Time to export (days) 21
Cost (% of income per capita) 5.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,750
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 22
Dealing with construction permits (rank) 47 Protecting investors (rank) 74 Cost to import (US$ per container) 1,420
Procedures (number) 10 Extent of disclosure index (0-10) 4
Time (days) 156 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 128
Cost (% of income per capita) 258.3 Ease of shareholder suits index (0-10) 4 Procedures (number) 35
Strength of investor protection index (0-10) 5.3 Time (days) 655
✔ Registering property (rank) 106 Cost (% of claim) 45.6
Procedures (number) 6 Paying taxes (rank) 174
Time (days) 37 Payments (number per year) 72 Closing a business (rank) 24
Cost (% of property value) 7.5 Time (hours per year) 414 Time (years) 1.1
Total tax rate (% of profit) 50.1 Cost (% of estate) 18
Recovery rate (cents on the dollar) 65.1
172 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
JORDAN Middle East & North Africa GNI per capita (US$) 3,740
Ease of doing business (rank) 111 Lower middle income Population (m) 6.0
Starting a business (rank) 127 ✔ Getting credit (rank) 128 Trading across borders (rank) 77
Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 7
Time (days) 13 Depth of credit information index (0-6) 2 Time to export (days) 14
Cost (% of income per capita) 44.6 Public registry coverage (% of adults) 1.5 Cost to export (US$ per container) 825
Minimum capital (% of income per capita) 17.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 18
Dealing with construction permits (rank) 92 Protecting investors (rank) 120 Cost to import (US$ per container) 1,335
Procedures (number) 19 Extent of disclosure index (0-10) 5
Time (days) 87 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 129
Cost (% of income per capita) 634.1 Ease of shareholder suits index (0-10) 4 Procedures (number) 38
Strength of investor protection index (0-10) 4.3 Time (days) 689
Registering property (rank) 106 Cost (% of claim) 31.2
Procedures (number) 7 ✔ Paying taxes (rank) 29
Time (days) 21 Payments (number per year) 26 Closing a business (rank) 98
Cost (% of property value) 7.5 Time (hours per year) 101 Time (years) 4.3
Total tax rate (% of profit) 31.2 Cost (% of estate) 9
Recovery rate (cents on the dollar) 26.9
KAZAKHSTAN Eastern Europe & Central Asia GNI per capita (US$) 6,740
Ease of doing business (rank) 59 Upper middle income Population (m) 15.9
✔ Starting a business (rank) 47 Getting credit (rank) 72 ✔ Trading across borders (rank) 181
Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 10
Time (days) 19 Depth of credit information index (0-6) 5 Time to export (days) 81
Cost (% of income per capita) 1.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,005
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 29.9 Documents to import (number) 12
Time to import (days) 67
✔ Dealing with construction permits (rank) 147 ✔ Protecting investors (rank) 44 Cost to import (US$ per container) 3,055
Procedures (number) 34 Extent of disclosure index (0-10) 8
Time (days) 219 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 36
Cost (% of income per capita) 119.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 38
Strength of investor protection index (0-10) 6.0 Time (days) 390
Registering property (rank) 28 Cost (% of claim) 22.0
Procedures (number) 4 Paying taxes (rank) 39
Time (days) 40 Payments (number per year) 9 Closing a business (rank) 48
Cost (% of property value) 0.1 Time (hours per year) 271 Time (years) 1.5
Total tax rate (% of profit) 29.6 Cost (% of estate) 15
Recovery rate (cents on the dollar) 43.3
COUNTRY TABLES 173
KIRIBATI East Asia & Pacific GNI per capita (US$) 1,890
Ease of doing business (rank) 93 Lower middle income Population (m) 0.1
Starting a business (rank) 123 Getting credit (rank) 138 Trading across borders (rank) 83
Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 6
Time (days) 21 Depth of credit information index (0-6) 0 Time to export (days) 21
Cost (% of income per capita) 40.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,070
Minimum capital (% of income per capita) 21.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 21
Dealing with construction permits (rank) 72 Protecting investors (rank) 44 Cost to import (US$ per container) 1,070
Procedures (number) 14 Extent of disclosure index (0-10) 6
Time (days) 160 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 80
Cost (% of income per capita) 446.5 Ease of shareholder suits index (0-10) 7 Procedures (number) 32
Strength of investor protection index (0-10) 6.0 Time (days) 660
Registering property (rank) 68 Cost (% of claim) 25.8
Procedures (number) 5 Paying taxes (rank) 10
Time (days) 513 Payments (number per year) 7 Closing a business (rank) 183
Cost (% of property value) 0.0 Time (hours per year) 120 Time (years) NO PRACTICE
Total tax rate (% of profit) 31.8 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
KOREA, REP. OECD high income GNI per capita (US$) 19,830
Ease of doing business (rank) 16 High income Population (m) 48.7
Starting a business (rank) 60 Getting credit (rank) 15 Trading across borders (rank) 8
Procedures (number) 8 Strength of legal rights index (0-10) 7 Documents to export (number) 3
Time (days) 14 Depth of credit information index (0-6) 6 Time to export (days) 8
Cost (% of income per capita) 14.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 790
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 93.3 Documents to import (number) 3
Time to import (days) 7
Dealing with construction permits (rank) 22 Protecting investors (rank) 74 Cost to import (US$ per container) 790
Procedures (number) 13 Extent of disclosure index (0-10) 7
Time (days) 34 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 5
Cost (% of income per capita) 131.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 35
Strength of investor protection index (0-10) 5.3 Time (days) 230
Registering property (rank) 74 Cost (% of claim) 10.3
Procedures (number) 7 Paying taxes (rank) 49
Time (days) 11 Payments (number per year) 14 ✔ Closing a business (rank) 13
Cost (% of property value) 5.1 Time (hours per year) 250 Time (years) 1.5
Total tax rate (% of profit) 29.8 Cost (% of estate) 4
Recovery rate (cents on the dollar) 81.7
174 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
KOSOVO Eastern Europe & Central Asia GNI per capita (US$) 3,240
Ease of doing business (rank) 119 Lower middle income Population (m) 1.8
✗ Starting a business (rank) 163 Getting credit (rank) 32 Trading across borders (rank) 130
Procedures (number) 10 Strength of legal rights index (0-10) 8 Documents to export (number) 8
Time (days) 58 Depth of credit information index (0-6) 4 Time to export (days) 17
Cost (% of income per capita) 28.7 Public registry coverage (% of adults) 16.9 Cost to export (US$ per container) 2,230
Minimum capital (% of income per capita) 112.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 16
Dealing with construction permits (rank) 173 Protecting investors (rank) 173 Cost to import (US$ per container) 2,280
Procedures (number) 21 Extent of disclosure index (0-10) 3
Time (days) 320 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 155
Cost (% of income per capita) 856.5 Ease of shareholder suits index (0-10) 3 Procedures (number) 53
Strength of investor protection index (0-10) 2.7 Time (days) 420
Registering property (rank) 65 Cost (% of claim) 61.2
Procedures (number) 8 Paying taxes (rank) 41
Time (days) 33 Payments (number per year) 33 Closing a business (rank) 31
Cost (% of property value) 0.6 Time (hours per year) 163 Time (years) 2
Total tax rate (% of profit) 16.5 Cost (% of estate) 15
Recovery rate (cents on the dollar) 57.4
KUWAIT Middle East & North Africa GNI per capita (US$) 31,482
Ease of doing business (rank) 74 High income Population (m) 2.8
Starting a business (rank) 141 Getting credit (rank) 89 Trading across borders (rank) 113
Procedures (number) 13 Strength of legal rights index (0-10) 4 Documents to export (number) 8
Time (days) 35 Depth of credit information index (0-6) 4 Time to export (days) 17
Cost (% of income per capita) 1.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,060
Minimum capital (% of income per capita) 82.7 Private bureau coverage (% of adults) 29.6 Documents to import (number) 10
Time to import (days) 19
Dealing with construction permits (rank) 91 Protecting investors (rank) 28 Cost to import (US$ per container) 1,217
Procedures (number) 25 Extent of disclosure index (0-10) 7
Time (days) 104 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 114
Cost (% of income per capita) 173.4 Ease of shareholder suits index (0-10) 5 Procedures (number) 50
Strength of investor protection index (0-10) 6.3 Time (days) 566
Registering property (rank) 90 Cost (% of claim) 18.8
Procedures (number) 8 Paying taxes (rank) 9
Time (days) 55 Payments (number per year) 15 Closing a business (rank) 61
Cost (% of property value) 0.5 Time (hours per year) 118 Time (years) 4.2
Total tax rate (% of profit) 15.5 Cost (% of estate) 1
Recovery rate (cents on the dollar) 37.9
KYRGYZ REPUBLIC Eastern Europe & Central Asia GNI per capita (US$) 870
Ease of doing business (rank) 44 Low income Population (m) 5.3
✔ Starting a business (rank) 14 Getting credit (rank) 15 Trading across borders (rank) 156
Procedures (number) 2 Strength of legal rights index (0-10) 10 Documents to export (number) 7
Time (days) 10 Depth of credit information index (0-6) 3 Time to export (days) 63
Cost (% of income per capita) 3.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,010
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 11.9 Documents to import (number) 7
Time to import (days) 72
Dealing with construction permits (rank) 43 Protecting investors (rank) 12 Cost to import (US$ per container) 3,280
Procedures (number) 13 Extent of disclosure index (0-10) 8
Time (days) 143 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 54
Cost (% of income per capita) 153.9 Ease of shareholder suits index (0-10) 8 Procedures (number) 39
Strength of investor protection index (0-10) 7.7 Time (days) 260
Registering property (rank) 17 Cost (% of claim) 29.0
Procedures (number) 4 Paying taxes (rank) 150
Time (days) 5 Payments (number per year) 48 ✗ Closing a business (rank) 138
Cost (% of property value) 2.3 Time (hours per year) 202 Time (years) 4.0
Total tax rate (% of profit) 57.2 Cost (% of estate) 15
Recovery rate (cents on the dollar) 15.3
COUNTRY TABLES 175
LAO PDR East Asia & Pacific GNI per capita (US$) 880
Ease of doing business (rank) 171 Low income Population (m) 6.3
Starting a business (rank) 93 Getting credit (rank) 152 Trading across borders (rank) 170
Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 9
Time (days) 100 Depth of credit information index (0-6) 0 Time to export (days) 48
Cost (% of income per capita) 11.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,860
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 50
Dealing with construction permits (rank) 115 Protecting investors (rank) 182 Cost to import (US$ per container) 2,040
Procedures (number) 24 Extent of disclosure index (0-10) 2
Time (days) 172 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 110
Cost (% of income per capita) 131.3 Ease of shareholder suits index (0-10) 2 Procedures (number) 42
Strength of investor protection index (0-10) 1.7 Time (days) 443
Registering property (rank) 163 Cost (% of claim) 31.6
Procedures (number) 9 ✔ Paying taxes (rank) 116
Time (days) 135 Payments (number per year) 34 Closing a business (rank) 183
Cost (% of property value) 4.1 Time (hours per year) 362 Time (years) NO PRACTICE
Total tax rate (% of profit) 33.7 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
LATVIA Eastern Europe & Central Asia GNI per capita (US$) 12,390
Ease of doing business (rank) 24 High income Population (m) 2.3
Starting a business (rank) 53 Getting credit (rank) 6 ✔ Trading across borders (rank) 16
Procedures (number) 5 Strength of legal rights index (0-10) 9 Documents to export (number) 5
Time (days) 16 Depth of credit information index (0-6) 5 Time to export (days) 10
Cost (% of income per capita) 1.5 Public registry coverage (% of adults) 57.2 Cost to export (US$ per container) 600
Minimum capital (% of income per capita) 15.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 11
Dealing with construction permits (rank) 79 Protecting investors (rank) 59 Cost to import (US$ per container) 801
Procedures (number) 24 Extent of disclosure index (0-10) 5
Time (days) 186 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 14
Cost (% of income per capita) 19.3 Ease of shareholder suits index (0-10) 8 Procedures (number) 27
Strength of investor protection index (0-10) 5.7 Time (days) 309
Registering property (rank) 57 Cost (% of claim) 23.1
Procedures (number) 6 Paying taxes (rank) 59
Time (days) 42 Payments (number per year) 7 ✔ Closing a business (rank) 80
Cost (% of property value) 2.0 Time (hours per year) 293 Time (years) 3.0
Total tax rate (% of profit) 38.5 Cost (% of estate) 13
Recovery rate (cents on the dollar) 31.9
LEBANON Middle East & North Africa GNI per capita (US$) 7,970
Ease of doing business (rank) 113 Upper middle income Population (m) 4.2
✗ Starting a business (rank) 103 ✔ Getting credit (rank) 89 Trading across borders (rank) 95
Procedures (number) 5 Strength of legal rights index (0-10) 3 Documents to export (number) 5
Time (days) 9 Depth of credit information index (0-6) 5 Time to export (days) 26
Cost (% of income per capita) 75.0 Public registry coverage (% of adults) 8.7 Cost to export (US$ per container) 1,000
Minimum capital (% of income per capita) 39.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 35
Dealing with construction permits (rank) 142 Protecting investors (rank) 93 Cost to import (US$ per container) 1,200
Procedures (number) 21 Extent of disclosure index (0-10) 9
Time (days) 218 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 122
Cost (% of income per capita) 284.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 37
Strength of investor protection index (0-10) 5.0 Time (days) 721
Registering property (rank) 111 Cost (% of claim) 30.8
Procedures (number) 8 Paying taxes (rank) 36
Time (days) 25 Payments (number per year) 19 Closing a business (rank) 122
Cost (% of property value) 5.8 Time (hours per year) 180 Time (years) 4.0
Total tax rate (% of profit) 30.2 Cost (% of estate) 22
Recovery rate (cents on the dollar) 19.8
176 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
LITHUANIA Eastern Europe & Central Asia GNI per capita (US$) 11,410
Ease of doing business (rank) 23 Upper middle income Population (m) 3.3
✔ Starting a business (rank) 87 ✔ Getting credit (rank) 46 ✔ Trading across borders (rank) 31
Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 6
Time (days) 22 Depth of credit information index (0-6) 6 Time to export (days) 10
Cost (% of income per capita) 2.8 Public registry coverage (% of adults) 20.0 Cost to export (US$ per container) 870
Minimum capital (% of income per capita) 36.1 Private bureau coverage (% of adults) 67.8 Documents to import (number) 6
Time to import (days) 10
Dealing with construction permits (rank) 59 Protecting investors (rank) 93 Cost to import (US$ per container) 980
Procedures (number) 17 Extent of disclosure index (0-10) 5
Time (days) 162 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 17
Cost (% of income per capita) 68.8 Ease of shareholder suits index (0-10) 6 Procedures (number) 30
Strength of investor protection index (0-10) 5.0 Time (days) 275
Registering property (rank) 7 Cost (% of claim) 23.6
Procedures (number) 3 ✔ Paying taxes (rank) 44
Time (days) 3 Payments (number per year) 11 ✔ Closing a business (rank) 39
Cost (% of property value) 1.9 Time (hours per year) 175 Time (years) 1.5
Total tax rate (% of profit) 38.7 Cost (% of estate) 7
Recovery rate (cents on the dollar) 49.6
COUNTRY TABLES 177
MACEDONIA, FYR Eastern Europe & Central Asia GNI per capita (US$) 4,400
Ease of doing business (rank) 38 Upper middle income Population (m) 2.0
✔ Starting a business (rank) 5 Getting credit (rank) 46 Trading across borders (rank) 66
Procedures (number) 3 Strength of legal rights index (0-10) 7 Documents to export (number) 6
Time (days) 3 Depth of credit information index (0-6) 4 Time to export (days) 12
Cost (% of income per capita) 2.5 Public registry coverage (% of adults) 39.4 Cost to export (US$ per container) 1,376
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 11
Dealing with construction permits (rank) 136 Protecting investors (rank) 20 Cost to import (US$ per container) 1,380
Procedures (number) 21 Extent of disclosure index (0-10) 9
Time (days) 146 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 65
Cost (% of income per capita) 1,601.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 37
Strength of investor protection index (0-10) 6.7 Time (days) 370
Registering property (rank) 69 Cost (% of claim) 33.1
Procedures (number) 5 ✔ Paying taxes (rank) 33
Time (days) 58 Payments (number per year) 40 Closing a business (rank) 116
Cost (% of property value) 3.2 Time (hours per year) 119 Time (years) 2.9
Total tax rate (% of profit) 10.6 Cost (% of estate) 28
Recovery rate (cents on the dollar) 20.7
MALAYSIA East Asia & Pacific GNI per capita (US$) 7,230
Ease of doing business (rank) 21 Upper middle income Population (m) 27.5
✔ Starting a business (rank) 113 Getting credit (rank) 1 Trading across borders (rank) 37
Procedures (number) 9 Strength of legal rights index (0-10) 10 Documents to export (number) 7
Time (days) 17 Depth of credit information index (0-6) 6 Time to export (days) 18
Cost (% of income per capita) 17.5 Public registry coverage (% of adults) 62.0 Cost to export (US$ per container) 450
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 7
Time to import (days) 14
Dealing with construction permits (rank) 108 Protecting investors (rank) 4 Cost to import (US$ per container) 450
Procedures (number) 25 Extent of disclosure index (0-10) 10
Time (days) 261 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 59
Cost (% of income per capita) 7.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 30
Strength of investor protection index (0-10) 8.7 Time (days) 585
✔ Registering property (rank) 60 Cost (% of claim) 27.5
Procedures (number) 5 Paying taxes (rank) 23
Time (days) 56 Payments (number per year) 12 Closing a business (rank) 55
Cost (% of property value) 2.5 Time (hours per year) 145 Time (years) 2.3
Total tax rate (% of profit) 33.7 Cost (% of estate) 15
Recovery rate (cents on the dollar) 39.8
MARSHALL ISLANDS East Asia & Pacific GNI per capita (US$) 3,060
Ease of doing business (rank) 108 Lower middle income Population (m) 0.1
Starting a business (rank) 39 ✔ Getting credit (rank) 89 Trading across borders (rank) 70
Procedures (number) 5 Strength of legal rights index (0-10) 8 Documents to export (number) 5
Time (days) 17 Depth of credit information index (0-6) 0 Time to export (days) 21
Cost (% of income per capita) 17.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 945
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 33
Dealing with construction permits (rank) 6 Protecting investors (rank) 154 Cost to import (US$ per container) 945
Procedures (number) 10 Extent of disclosure index (0-10) 2
Time (days) 55 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 62
Cost (% of income per capita) 36.0 Ease of shareholder suits index (0-10) 8 Procedures (number) 36
Strength of investor protection index (0-10) 3.3 Time (days) 476
Registering property (rank) 183 Cost (% of claim) 27.4
Procedures (number) NO PRACTICE Paying taxes (rank) 90
Time (days) NO PRACTICE Payments (number per year) 21 Closing a business (rank) 127
Cost (% of property value) NO PRACTICE Time (hours per year) 128 Time (years) 2.0
Total tax rate (% of profit) 64.9 Cost (% of estate) 38
Recovery rate (cents on the dollar) 17.9
MEXICO Latin America & Caribbean GNI per capita (US$) 8,960
Ease of doing business (rank) 35 Upper middle income Population (m) 107.4
✔ Starting a business (rank) 67 Getting credit (rank) 46 Trading across borders (rank) 58
Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 5
Time (days) 9 Depth of credit information index (0-6) 6 Time to export (days) 12
Cost (% of income per capita) 12.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,420
Minimum capital (% of income per capita) 9.2 Private bureau coverage (% of adults) 71.6 Documents to import (number) 4
Time to import (days) 12
✔ Dealing with construction permits (rank) 22 Protecting investors (rank) 44 Cost to import (US$ per container) 1,880
Procedures (number) 11 Extent of disclosure index (0-10) 8
Time (days) 105 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 81
Cost (% of income per capita) 117.0 Ease of shareholder suits index (0-10) 5 Procedures (number) 38
Strength of investor protection index (0-10) 6.0 Time (days) 415
Registering property (rank) 105 Cost (% of claim) 32.0
Procedures (number) 5 ✗ Paying taxes (rank) 107
Time (days) 74 Payments (number per year) 6 Closing a business (rank) 23
Cost (% of property value) 5.2 Time (hours per year) 404 Time (years) 1.8
Total tax rate (% of profit) 50.5 Cost (% of estate) 18
Recovery rate (cents on the dollar) 66.7
MICRONESIA, FED. STS. East Asia & Pacific GNI per capita (US$) 2,220
Ease of doing business (rank) 141 Lower middle income Population (m) 0.1
Starting a business (rank) 92 Getting credit (rank) 116 Trading across borders (rank) 97
Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 3
Time (days) 16 Depth of credit information index (0-6) 0 Time to export (days) 30
Cost (% of income per capita) 150.5 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,295
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 30
Dealing with construction permits (rank) 11 Protecting investors (rank) 173 Cost to import (US$ per container) 1,295
Procedures (number) 14 Extent of disclosure index (0-10) 0
Time (days) 73 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 147
Cost (% of income per capita) 19.2 Ease of shareholder suits index (0-10) 8 Procedures (number) 34
Strength of investor protection index (0-10) 2.7 Time (days) 965
Registering property (rank) 183 Cost (% of claim) 66.0
Procedures (number) NO PRACTICE Paying taxes (rank) 83
Time (days) NO PRACTICE Payments (number per year) 21 Closing a business (rank) 154
Cost (% of property value) NO PRACTICE Time (hours per year) 128 Time (years) 5.3
Total tax rate (% of profit) 58.7 Cost (% of estate) 38
Recovery rate (cents on the dollar) 3.2
COUNTRY TABLES 181
MOLDOVA Eastern Europe & Central Asia GNI per capita (US$) 1,590
Ease of doing business (rank) 90 Lower middle income Population (m) 3.6
Starting a business (rank) 94 Getting credit (rank) 89 Trading across borders (rank) 141
Procedures (number) 8 Strength of legal rights index (0-10) 8 Documents to export (number) 6
Time (days) 10 Depth of credit information index (0-6) 0 Time to export (days) 32
Cost (% of income per capita) 10.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,765
Minimum capital (% of income per capita) 11.9 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 35
Dealing with construction permits (rank) 159 Protecting investors (rank) 109 Cost to import (US$ per container) 1,960
Procedures (number) 30 Extent of disclosure index (0-10) 7
Time (days) 292 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 20
Cost (% of income per capita) 120.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 31
Strength of investor protection index (0-10) 4.7 Time (days) 365
Registering property (rank) 18 Cost (% of claim) 20.9
Procedures (number) 5 ✔ Paying taxes (rank) 106
Time (days) 5 Payments (number per year) 48 Closing a business (rank) 92
Cost (% of property value) 0.9 Time (hours per year) 228 Time (years) 2.8
Total tax rate (% of profit) 30.9 Cost (% of estate) 9
Recovery rate (cents on the dollar) 28.2
MONGOLIA East Asia & Pacific GNI per capita (US$) 1,630
Ease of doing business (rank) 73 Lower middle income Population (m) 2.7
Starting a business (rank) 86 Getting credit (rank) 72 Trading across borders (rank) 158
Procedures (number) 7 Strength of legal rights index (0-10) 6 Documents to export (number) 8
Time (days) 13 Depth of credit information index (0-6) 3 Time to export (days) 46
Cost (% of income per capita) 3.2 Public registry coverage (% of adults) 19.2 Cost to export (US$ per container) 2,131
Minimum capital (% of income per capita) 46.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 47
Dealing with construction permits (rank) 104 Protecting investors (rank) 28 Cost to import (US$ per container) 2,274
Procedures (number) 21 Extent of disclosure index (0-10) 5
Time (days) 215 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 35
Cost (% of income per capita) 65.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 32
Strength of investor protection index (0-10) 6.3 Time (days) 314
Registering property (rank) 27 Cost (% of claim) 30.6
Procedures (number) 5 Paying taxes (rank) 66
Time (days) 11 Payments (number per year) 43 Closing a business (rank) 119
Cost (% of property value) 2.2 Time (hours per year) 192 Time (years) 4.0
Total tax rate (% of profit) 23.0 Cost (% of estate) 8
Recovery rate (cents on the dollar) 20.0
MONTENEGRO Eastern Europe & Central Asia GNI per capita (US$) 6,550
Ease of doing business (rank) 66 Upper middle income Population (m) 0.6
✔ Starting a business (rank) 51 Getting credit (rank) 32 ✔ Trading across borders (rank) 34
Procedures (number) 7 Strength of legal rights index (0-10) 10 Documents to export (number) 6
Time (days) 10 Depth of credit information index (0-6) 2 Time to export (days) 14
Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 26.7 Cost to export (US$ per container) 775
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 14
Dealing with construction permits (rank) 161 Protecting investors (rank) 28 Cost to import (US$ per container) 890
Procedures (number) 19 Extent of disclosure index (0-10) 5
Time (days) 230 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 135
Cost (% of income per capita) 1,215.0 Ease of shareholder suits index (0-10) 6 Procedures (number) 49
Strength of investor protection index (0-10) 6.3 Time (days) 545
Registering property (rank) 116 Cost (% of claim) 25.7
Procedures (number) 7 ✔ Paying taxes (rank) 139
Time (days) 71 Payments (number per year) 77 Closing a business (rank) 47
Cost (% of property value) 3.3 Time (hours per year) 372 Time (years) 2.0
Total tax rate (% of profit) 26.6 Cost (% of estate) 8
Recovery rate (cents on the dollar) 43.4
182 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
MOROCCO Middle East & North Africa GNI per capita (US$) 2,790
Ease of doing business (rank) 114 Lower middle income Population (m) 32.0
Starting a business (rank) 82 Getting credit (rank) 89 Trading across borders (rank) 80
Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 7
Time (days) 12 Depth of credit information index (0-6) 5 Time to export (days) 14
Cost (% of income per capita) 15.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 700
Minimum capital (% of income per capita) 11.2 Private bureau coverage (% of adults) 9.9 Documents to import (number) 10
Time to import (days) 17
Dealing with construction permits (rank) 98 ✔ Protecting investors (rank) 154 Cost to import (US$ per container) 1,000
Procedures (number) 19 Extent of disclosure index (0-10) 7
Time (days) 163 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 106
Cost (% of income per capita) 251.5 Ease of shareholder suits index (0-10) 1 Procedures (number) 40
Strength of investor protection index (0-10) 3.3 Time (days) 615
Registering property (rank) 124 Cost (% of claim) 25.2
Procedures (number) 8 Paying taxes (rank) 124
Time (days) 47 Payments (number per year) 28 Closing a business (rank) 59
Cost (% of property value) 4.9 Time (hours per year) 358 Time (years) 1.8
Total tax rate (% of profit) 41.7 Cost (% of estate) 18
Recovery rate (cents on the dollar) 38.4
NEW ZEALAND OECD high income GNI per capita (US$) 27,259
Ease of doing business (rank) 3 High income Population (m) 4.3
Starting a business (rank) 1 Getting credit (rank) 2 Trading across borders (rank) 28
Procedures (number) 1 Strength of legal rights index (0-10) 10 Documents to export (number) 7
Time (days) 1 Depth of credit information index (0-6) 5 Time to export (days) 10
Cost (% of income per capita) 0.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 855
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5
Time to import (days) 9
Dealing with construction permits (rank) 5 Protecting investors (rank) 1 Cost to import (US$ per container) 825
Procedures (number) 7 Extent of disclosure index (0-10) 10
Time (days) 65 Extent of director liability index (0-10) 9 ✔ Enforcing contracts (rank) 9
Cost (% of income per capita) 35.1 Ease of shareholder suits index (0-10) 10 Procedures (number) 30
Strength of investor protection index (0-10) 9.7 Time (days) 216
Registering property (rank) 3 Cost (% of claim) 22.4
Procedures (number) 2 Paying taxes (rank) 26
Time (days) 2 Payments (number per year) 8 Closing a business (rank) 16
Cost (% of property value) 0.1 Time (hours per year) 192 Time (years) 1.3
Total tax rate (% of profit) 34.3 Cost (% of estate) 4
Recovery rate (cents on the dollar) 79.1
184 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
NICARAGUA Latin America & Caribbean GNI per capita (US$) 1,010
Ease of doing business (rank) 117 Lower middle income Population (m) 5.7
Starting a business (rank) 97 Getting credit (rank) 89 ✔ Trading across borders (rank) 85
Procedures (number) 6 Strength of legal rights index (0-10) 3 Documents to export (number) 5
Time (days) 39 Depth of credit information index (0-6) 5 Time to export (days) 26
Cost (% of income per capita) 117.9 Public registry coverage (% of adults) 14.0 Cost to export (US$ per container) 1,140
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 21.4 Documents to import (number) 5
Time to import (days) 26
Dealing with construction permits (rank) 138 Protecting investors (rank) 93 Cost to import (US$ per container) 1,220
Procedures (number) 17 Extent of disclosure index (0-10) 4
Time (days) 219 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 66
Cost (% of income per capita) 767.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 35
Strength of investor protection index (0-10) 5.0 Time (days) 540
Registering property (rank) 142 Cost (% of claim) 26.8
Procedures (number) 8 ✗ Paying taxes (rank) 158
Time (days) 124 Payments (number per year) 64 Closing a business (rank) 75
Cost (% of property value) 3.9 Time (hours per year) 222 Time (years) 2.2
Total tax rate (% of profit) 63.2 Cost (% of estate) 15
Recovery rate (cents on the dollar) 33.7
OMAN Middle East & North Africa GNI per capita (US$) 18,013
Ease of doing business (rank) 57 High income Population (m) 2.8
Starting a business (rank) 76 Getting credit (rank) 128 Trading across borders (rank) 88
Procedures (number) 5 Strength of legal rights index (0-10) 4 Documents to export (number) 9
Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 14
Cost (% of income per capita) 3.3 Public registry coverage (% of adults) 19.6 Cost to export (US$ per container) 766
Minimum capital (% of income per capita) 288.4 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 17
Dealing with construction permits (rank) 70 Protecting investors (rank) 93 Cost to import (US$ per container) 890
Procedures (number) 15 Extent of disclosure index (0-10) 8
Time (days) 186 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 104
Cost (% of income per capita) 106.2 Ease of shareholder suits index (0-10) 2 Procedures (number) 51
Strength of investor protection index (0-10) 5.0 Time (days) 598
Registering property (rank) 21 Cost (% of claim) 13.5
Procedures (number) 2 Paying taxes (rank) 8
Time (days) 16 Payments (number per year) 14 Closing a business (rank) 72
Cost (% of property value) 3.0 Time (hours per year) 62 Time (years) 4.0
Total tax rate (% of profit) 21.6 Cost (% of estate) 4
Recovery rate (cents on the dollar) 34.9
PALAU East Asia & Pacific GNI per capita (US$) 8,940
Ease of doing business (rank) 120 Upper middle income Population (m) 0.02
Starting a business (rank) 105 Getting credit (rank) 183 Trading across borders (rank) 121
Procedures (number) 8 Strength of legal rights index (0-10) 0 Documents to export (number) 6
Time (days) 28 Depth of credit information index (0-6) 0 Time to export (days) 29
Cost (% of income per capita) 4.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,070
Minimum capital (% of income per capita) 11.2 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 33
Dealing with construction permits (rank) 54 Protecting investors (rank) 173 Cost to import (US$ per container) 1,022
Procedures (number) 25 Extent of disclosure index (0-10) 0
Time (days) 118 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 145
Cost (% of income per capita) 5.1 Ease of shareholder suits index (0-10) 8 Procedures (number) 38
Strength of investor protection index (0-10) 2.7 Time (days) 885
Registering property (rank) 20 Cost (% of claim) 35.3
Procedures (number) 5 Paying taxes (rank) 89
Time (days) 14 Payments (number per year) 19 Closing a business (rank) 60
Cost (% of property value) 0.3 Time (hours per year) 128 Time (years) 1.0
Total tax rate (% of profit) 73.0 Cost (% of estate) 23
Recovery rate (cents on the dollar) 37.9
PANAMA Latin America & Caribbean GNI per capita (US$) 6,740
Ease of doing business (rank) 72 Upper middle income Population (m) 3.5
✔ Starting a business (rank) 23 Getting credit (rank) 32 Trading across borders (rank) 11
Procedures (number) 6 Strength of legal rights index (0-10) 6 Documents to export (number) 3
Time (days) 9 Depth of credit information index (0-6) 6 Time to export (days) 9
Cost (% of income per capita) 10.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 765
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 31.9 Documents to import (number) 4
Time to import (days) 9
Dealing with construction permits (rank) 66 Protecting investors (rank) 109 Cost to import (US$ per container) 915
Procedures (number) 20 Extent of disclosure index (0-10) 1
Time (days) 116 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 119
Cost (% of income per capita) 99.1 Ease of shareholder suits index (0-10) 9 Procedures (number) 31
Strength of investor protection index (0-10) 4.7 Time (days) 686
✗ Registering property (rank) 113 Cost (% of claim) 50.0
Procedures (number) 8 ✔ Paying taxes (rank) 175
Time (days) 32 Payments (number per year) 62 Closing a business (rank) 78
Cost (% of property value) 5.4 Time (hours per year) 482 Time (years) 2.5
Total tax rate (% of profit) 50.1 Cost (% of estate) 18
Recovery rate (cents on the dollar) 32.4
PAPUA NEW GUINEA East Asia & Pacific GNI per capita (US$) 1,180
Ease of doing business (rank) 103 Lower middle income Population (m) 6.7
Starting a business (rank) 81 ✔ Getting credit (rank) 89 Trading across borders (rank) 96
Procedures (number) 6 Strength of legal rights index (0-10) 5 Documents to export (number) 7
Time (days) 51 Depth of credit information index (0-6) 3 Time to export (days) 26
Cost (% of income per capita) 17.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 664
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.6 Documents to import (number) 9
Time to import (days) 29
Dealing with construction permits (rank) 120 Protecting investors (rank) 44 Cost to import (US$ per container) 722
Procedures (number) 24 Extent of disclosure index (0-10) 5
Time (days) 217 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 163
Cost (% of income per capita) 77.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 42
Strength of investor protection index (0-10) 6.0 Time (days) 591
Registering property (rank) 85 Cost (% of claim) 110.3
Procedures (number) 4 Paying taxes (rank) 101
Time (days) 72 Payments (number per year) 33 Closing a business (rank) 108
Cost (% of property value) 5.1 Time (hours per year) 194 Time (years) 3.0
Total tax rate (% of profit) 42.3 Cost (% of estate) 23
Recovery rate (cents on the dollar) 23.9
COUNTRY TABLES 187
PARAGUAY Latin America & Caribbean GNI per capita (US$) 2,280
Ease of doing business (rank) 106 Lower middle income Population (m) 6.3
Starting a business (rank) 102 Getting credit (rank) 72 Trading across borders (rank) 152
Procedures (number) 7 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 35 Depth of credit information index (0-6) 6 Time to export (days) 33
Cost (% of income per capita) 55.1 Public registry coverage (% of adults) 13.9 Cost to export (US$ per container) 1,440
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 10
Time to import (days) 33
✔ Dealing with construction permits (rank) 71 Protecting investors (rank) 59 Cost to import (US$ per container) 1,750
Procedures (number) 13 Extent of disclosure index (0-10) 6
Time (days) 179 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 107
Cost (% of income per capita) 298.9 Ease of shareholder suits index (0-10) 6 Procedures (number) 38
Strength of investor protection index (0-10) 5.7 Time (days) 591
Registering property (rank) 60 Cost (% of claim) 30.0
Procedures (number) 6 Paying taxes (rank) 110
Time (days) 46 Payments (number per year) 35 Closing a business (rank) 135
Cost (% of property value) 1.9 Time (hours per year) 311 Time (years) 3.9
Total tax rate (% of profit) 35.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 16.1
PERU Latin America & Caribbean GNI per capita (US$) 4,160
Ease of doing business (rank) 36 Upper middle income Population (m) 29.2
✔ Starting a business (rank) 54 Getting credit (rank) 15 ✔ Trading across borders (rank) 53
Procedures (number) 6 Strength of legal rights index (0-10) 7 Documents to export (number) 6
Time (days) 27 Depth of credit information index (0-6) 6 Time to export (days) 12
Cost (% of income per capita) 13.6 Public registry coverage (% of adults) 25.5 Cost to export (US$ per container) 860
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 33.3 Documents to import (number) 8
Time to import (days) 17
✔ Dealing with construction permits (rank) 97 Protecting investors (rank) 20 Cost to import (US$ per container) 880
Procedures (number) 19 Extent of disclosure index (0-10) 8
Time (days) 188 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 110
Cost (% of income per capita) 128.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 41
Strength of investor protection index (0-10) 6.7 Time (days) 428
✔ Registering property (rank) 24 Cost (% of claim) 35.7
Procedures (number) 4 Paying taxes (rank) 86
Time (days) 7 Payments (number per year) 9 Closing a business (rank) 96
Cost (% of property value) 3.3 Time (hours per year) 380 Time (years) 3.1
Total tax rate (% of profit) 40.2 Cost (% of estate) 7
Recovery rate (cents on the dollar) 27.2
PHILIPPINES East Asia & Pacific GNI per capita (US$) 1,790
Ease of doing business (rank) 148 Lower middle income Population (m) 92.0
✔ Starting a business (rank) 156 Getting credit (rank) 128 ✔ Trading across borders (rank) 61
Procedures (number) 15 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 38 Depth of credit information index (0-6) 3 Time to export (days) 15
Cost (% of income per capita) 29.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 675
Minimum capital (% of income per capita) 6.0 Private bureau coverage (% of adults) 7.4 Documents to import (number) 8
Time to import (days) 14
✗ Dealing with construction permits (rank) 156 Protecting investors (rank) 132 Cost to import (US$ per container) 730
Procedures (number) 26 Extent of disclosure index (0-10) 2
Time (days) 169 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 118
Cost (% of income per capita) 778.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 37
Strength of investor protection index (0-10) 4.0 Time (days) 842
Registering property (rank) 102 Cost (% of claim) 26.0
Procedures (number) 8 Paying taxes (rank) 124
Time (days) 33 Payments (number per year) 47 Closing a business (rank) 153
Cost (% of property value) 4.3 Time (hours per year) 195 Time (years) 5.7
Total tax rate (% of profit) 45.8 Cost (% of estate) 38
Recovery rate (cents on the dollar) 4.5
188 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
PUERTO RICO Latin America & Caribbean GNI per capita (US$) 15,819
Ease of doing business (rank) 47 High income Population (m) 4.0
Starting a business (rank) 16 Getting credit (rank) 32 Trading across borders (rank) 107
Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 7
Time (days) 7 Depth of credit information index (0-6) 5 Time to export (days) 15
Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,250
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 71.5 Documents to import (number) 10
Time to import (days) 16
Dealing with construction permits (rank) 150 Protecting investors (rank) 16 Cost to import (US$ per container) 1,250
Procedures (number) 22 Extent of disclosure index (0-10) 7
Time (days) 209 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 99
Cost (% of income per capita) 500.4 Ease of shareholder suits index (0-10) 8 Procedures (number) 39
Strength of investor protection index (0-10) 7.0 Time (days) 620
Registering property (rank) 127 Cost (% of claim) 25.6
Procedures (number) 8 ✗ Paying taxes (rank) 108
Time (days) 194 Payments (number per year) 16 Closing a business (rank) 25
Cost (% of property value) 0.9 Time (hours per year) 218 Time (years) 3.8
Total tax rate (% of profit) 67.7 Cost (% of estate) 8
Recovery rate (cents on the dollar) 64.7
COUNTRY TABLES 189
QATAR Middle East & North Africa GNI per capita (US$) 68,872
Ease of doing business (rank) 50 High income Population (m) 1.4
✗ Starting a business (rank) 111 Getting credit (rank) 138 Trading across borders (rank) 46
Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 5
Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 21
Cost (% of income per capita) 9.7 Public registry coverage (% of adults) 0.1 Cost to export (US$ per container) 735
Minimum capital (% of income per capita) 79.8 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 20
Dealing with construction permits (rank) 30 Protecting investors (rank) 93 Cost to import (US$ per container) 657
Procedures (number) 19 Extent of disclosure index (0-10) 5
Time (days) 76 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 95
Cost (% of income per capita) 0.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 43
Strength of investor protection index (0-10) 5.0 Time (days) 570
Registering property (rank) 58 Cost (% of claim) 21.6
Procedures (number) 10 Paying taxes (rank) 2
Time (days) 16 Payments (number per year) 3 Closing a business (rank) 36
Cost (% of property value) 0.3 Time (hours per year) 36 Time (years) 2.8
Total tax rate (% of profit) 11.3 Cost (% of estate) 22
Recovery rate (cents on the dollar) 53.0
ROMANIA Eastern Europe & Central Asia GNI per capita (US$) 8,330
Ease of doing business (rank) 56 Upper middle income Population (m) 21.5
Starting a business (rank) 44 Getting credit (rank) 15 Trading across borders (rank) 47
Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 5
Time (days) 10 Depth of credit information index (0-6) 5 Time to export (days) 12
Cost (% of income per capita) 2.6 Public registry coverage (% of adults) 13.0 Cost to export (US$ per container) 1,275
Minimum capital (% of income per capita) 0.9 Private bureau coverage (% of adults) 33.3 Documents to import (number) 6
Time to import (days) 13
✔ Dealing with construction permits (rank) 84 Protecting investors (rank) 44 Cost to import (US$ per container) 1,175
Procedures (number) 17 Extent of disclosure index (0-10) 9
Time (days) 228 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 54
Cost (% of income per capita) 73.9 Ease of shareholder suits index (0-10) 4 Procedures (number) 31
Strength of investor protection index (0-10) 6.0 Time (days) 512
Registering property (rank) 92 Cost (% of claim) 28.9
Procedures (number) 8 ✗ Paying taxes (rank) 151
Time (days) 48 Payments (number per year) 113 ✔ Closing a business (rank) 102
Cost (% of property value) 1.3 Time (hours per year) 222 Time (years) 3.3
Total tax rate (% of profit) 44.9 Cost (% of estate) 11
Recovery rate (cents on the dollar) 25.7
RUSSIAN FEDERATION Eastern Europe & Central Asia GNI per capita (US$) 9,370
Ease of doing business (rank) 123 Upper middle income Population (m) 141.9
Starting a business (rank) 108 Getting credit (rank) 89 Trading across borders (rank) 162
Procedures (number) 9 Strength of legal rights index (0-10) 3 Documents to export (number) 8
Time (days) 30 Depth of credit information index (0-6) 5 Time to export (days) 36
Cost (% of income per capita) 3.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,850
Minimum capital (% of income per capita) 1.9 Private bureau coverage (% of adults) 14.4 Documents to import (number) 13
Time to import (days) 36
✔ Dealing with construction permits (rank) 182 Protecting investors (rank) 93 Cost to import (US$ per container) 1,850
Procedures (number) 53 Extent of disclosure index (0-10) 6
Time (days) 540 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 18
Cost (% of income per capita) 4,141.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 37
Strength of investor protection index (0-10) 5.0 Time (days) 281
Registering property (rank) 51 Cost (% of claim) 13.4
Procedures (number) 6 Paying taxes (rank) 105
Time (days) 43 Payments (number per year) 11 ✔ Closing a business (rank) 103
Cost (% of property value) 0.1 Time (hours per year) 320 Time (years) 3.8
Total tax rate (% of profit) 46.5 Cost (% of estate) 9
Recovery rate (cents on the dollar) 25.3
190 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
SAMOA East Asia & Pacific GNI per capita (US$) 2,840
Ease of doing business (rank) 61 Lower middle income Population (m) 0.2
Starting a business (rank) 20 Getting credit (rank) 128 Trading across borders (rank) 94
Procedures (number) 5 Strength of legal rights index (0-10) 6 Documents to export (number) 7
Time (days) 9 Depth of credit information index (0-6) 0 Time to export (days) 27
Cost (% of income per capita) 9.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 820
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 31
Dealing with construction permits (rank) 47 Protecting investors (rank) 28 Cost to import (US$ per container) 848
Procedures (number) 18 Extent of disclosure index (0-10) 5
Time (days) 88 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 82
Cost (% of income per capita) 78.7 Ease of shareholder suits index (0-10) 8 Procedures (number) 44
Strength of investor protection index (0-10) 6.3 Time (days) 455
✔ Registering property (rank) 34 Cost (% of claim) 19.7
Procedures (number) 5 Paying taxes (rank) 68
Time (days) 27 Payments (number per year) 37 Closing a business (rank) 140
Cost (% of property value) 1.6 Time (hours per year) 224 Time (years) 2.5
Total tax rate (% of profit) 18.9 Cost (% of estate) 38
Recovery rate (cents on the dollar) 14.6
SÃO TOMÉ AND PRINCIPE Sub-Saharan Africa GNI per capita (US$) 1,140
Ease of doing business (rank) 178 Lower middle income Population (m) 0.2
✗ Starting a business (rank) 177 Getting credit (rank) 176 Trading across borders (rank) 92
Procedures (number) 10 Strength of legal rights index (0-10) 2 Documents to export (number) 8
Time (days) 144 Depth of credit information index (0-6) 0 Time to export (days) 27
Cost (% of income per capita) 77.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 690
Minimum capital (% of income per capita) 385.7 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 29
Dealing with construction permits (rank) 113 Protecting investors (rank) 154 Cost to import (US$ per container) 577
Procedures (number) 13 Extent of disclosure index (0-10) 3
Time (days) 255 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 179
Cost (% of income per capita) 565.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 43
Strength of investor protection index (0-10) 3.3 Time (days) 1,185
Registering property (rank) 161 Cost (% of claim) 50.5
Procedures (number) 7 ✔ Paying taxes (rank) 135
Time (days) 62 Payments (number per year) 42 Closing a business (rank) 183
Cost (% of property value) 10.9 Time (hours per year) 424 Time (years) NO PRACTICE
Total tax rate (% of profit) 33.3 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
COUNTRY TABLES 191
SAUDI ARABIA Middle East & North Africa GNI per capita (US$) 14,486
Ease of doing business (rank) 11 High income Population (m) 25.4
Starting a business (rank) 13 ✔ Getting credit (rank) 46 ✔ Trading across borders (rank) 18
Procedures (number) 4 Strength of legal rights index (0-10) 5 Documents to export (number) 5
Time (days) 5 Depth of credit information index (0-6) 6 Time to export (days) 13
Cost (% of income per capita) 7.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 580
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 18.0 Documents to import (number) 5
Time to import (days) 17
✔ Dealing with construction permits (rank) 14 Protecting investors (rank) 16 Cost to import (US$ per container) 686
Procedures (number) 12 Extent of disclosure index (0-10) 9
Time (days) 89 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 140
Cost (% of income per capita) 43.8 Ease of shareholder suits index (0-10) 4 Procedures (number) 43
Strength of investor protection index (0-10) 7.0 Time (days) 635
Registering property (rank) 1 Cost (% of claim) 27.5
Procedures (number) 2 Paying taxes (rank) 6
Time (days) 2 Payments (number per year) 14 ✔ Closing a business (rank) 65
Cost (% of property value) 0.0 Time (hours per year) 79 Time (years) 1.5
Total tax rate (% of profit) 14.5 Cost (% of estate) 22
Recovery rate (cents on the dollar) 36.8
SERBIA Eastern Europe & Central Asia GNI per capita (US$) 5,990
Ease of doing business (rank) 89 Upper middle income Population (m) 7.3
Starting a business (rank) 83 Getting credit (rank) 15 Trading across borders (rank) 74
Procedures (number) 7 Strength of legal rights index (0-10) 8 Documents to export (number) 6
Time (days) 13 Depth of credit information index (0-6) 5 Time to export (days) 12
Cost (% of income per capita) 7.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,398
Minimum capital (% of income per capita) 6.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 6
Time to import (days) 14
Dealing with construction permits (rank) 176 Protecting investors (rank) 74 Cost to import (US$ per container) 1,559
Procedures (number) 20 Extent of disclosure index (0-10) 7
Time (days) 279 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 94
Cost (% of income per capita) 1,821.4 Ease of shareholder suits index (0-10) 3 Procedures (number) 36
Strength of investor protection index (0-10) 5.3 Time (days) 635
Registering property (rank) 100 Cost (% of claim) 28.9
Procedures (number) 6 Paying taxes (rank) 138
Time (days) 91 Payments (number per year) 66 ✔ Closing a business (rank) 86
Cost (% of property value) 2.7 Time (hours per year) 279 Time (years) 2.7
Total tax rate (% of profit) 34.0 Cost (% of estate) 23
Recovery rate (cents on the dollar) 29.5
192 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
SINGAPORE East Asia & Pacific GNI per capita (US$) 37,220
Ease of doing business (rank) 1 High income Population (m) 5.0
Starting a business (rank) 4 Getting credit (rank) 6 Trading across borders (rank) 1
Procedures (number) 3 Strength of legal rights index (0-10) 10 Documents to export (number) 4
Time (days) 3 Depth of credit information index (0-6) 4 Time to export (days) 5
Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 456
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 60.8 Documents to import (number) 4
Time to import (days) 4
Dealing with construction permits (rank) 2 Protecting investors (rank) 2 Cost to import (US$ per container) 439
Procedures (number) 11 Extent of disclosure index (0-10) 10
Time (days) 25 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 13
Cost (% of income per capita) 19.7 Ease of shareholder suits index (0-10) 9 Procedures (number) 21
Strength of investor protection index (0-10) 9.3 Time (days) 150
Registering property (rank) 15 Cost (% of claim) 25.8
Procedures (number) 3 Paying taxes (rank) 4
Time (days) 5 Payments (number per year) 5 Closing a business (rank) 2
Cost (% of property value) 2.8 Time (hours per year) 84 Time (years) 0.8
Total tax rate (% of profit) 25.4 Cost (% of estate) 1
Recovery rate (cents on the dollar) 91.3
COUNTRY TABLES 193
SLOVAK REPUBLIC OECD high income GNI per capita (US$) 16,130
Ease of doing business (rank) 41 High income Population (m) 5.4
Starting a business (rank) 68 Getting credit (rank) 15 Trading across borders (rank) 102
Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 6
Time (days) 16 Depth of credit information index (0-6) 4 Time to export (days) 17
Cost (% of income per capita) 1.9 Public registry coverage (% of adults) 2.2 Cost to export (US$ per container) 1,530
Minimum capital (% of income per capita) 22.2 Private bureau coverage (% of adults) 44.5 Documents to import (number) 8
Time to import (days) 19
Dealing with construction permits (rank) 56 Protecting investors (rank) 109 Cost to import (US$ per container) 1,505
Procedures (number) 13 Extent of disclosure index (0-10) 3
Time (days) 287 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 71
Cost (% of income per capita) 12.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 31
Strength of investor protection index (0-10) 4.7 Time (days) 565
Registering property (rank) 9 Cost (% of claim) 30.0
Procedures (number) 3 Paying taxes (rank) 122
Time (days) 17 Payments (number per year) 31 Closing a business (rank) 33
Cost (% of property value) 0.0 Time (hours per year) 257 Time (years) 4.0
Total tax rate (% of profit) 48.7 Cost (% of estate) 18
Recovery rate (cents on the dollar) 55.3
SOLOMON ISLANDS East Asia & Pacific GNI per capita (US$) 910
Ease of doing business (rank) 96 Low income Population (m) 0.5
Starting a business (rank) 112 ✔ Getting credit (rank) 89 Trading across borders (rank) 86
Procedures (number) 7 Strength of legal rights index (0-10) 8 Documents to export (number) 7
Time (days) 57 Depth of credit information index (0-6) 0 Time to export (days) 24
Cost (% of income per capita) 68.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,023
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 4
Time to import (days) 21
Dealing with construction permits (rank) 46 Protecting investors (rank) 59 Cost to import (US$ per container) 1,237
Procedures (number) 12 Extent of disclosure index (0-10) 3
Time (days) 62 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 108
Cost (% of income per capita) 665.4 Ease of shareholder suits index (0-10) 7 Procedures (number) 37
Strength of investor protection index (0-10) 5.7 Time (days) 455
Registering property (rank) 173 Cost (% of claim) 78.9
Procedures (number) 10 Paying taxes (rank) 51
Time (days) 297 Payments (number per year) 33 Closing a business (rank) 110
Cost (% of property value) 4.9 Time (hours per year) 80 Time (years) 1.0
Total tax rate (% of profit) 36.4 Cost (% of estate) 38
Recovery rate (cents on the dollar) 23.4
194 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
ST. KITTS AND NEVIS Latin America & Caribbean GNI per capita (US$) 10,150
Ease of doing business (rank) 87 Upper middle income Population (m) 0.05
Starting a business (rank) 55 Getting credit (rank) 116 Trading across borders (rank) 39
Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 4
Time (days) 19 Depth of credit information index (0-6) 0 Time to export (days) 12
Cost (% of income per capita) 11.3 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 850
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 5
Time to import (days) 13
Dealing with construction permits (rank) 8 Protecting investors (rank) 28 Cost to import (US$ per container) 2,138
Procedures (number) 14 Extent of disclosure index (0-10) 4
Time (days) 67 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 115
Cost (% of income per capita) 4.8 Ease of shareholder suits index (0-10) 7 Procedures (number) 47
Strength of investor protection index (0-10) 6.3 Time (days) 578
Registering property (rank) 160 Cost (% of claim) 20.5
Procedures (number) 6 Paying taxes (rank) 98
Time (days) 81 Payments (number per year) 24 Closing a business (rank) 183
Cost (% of property value) 13.3 Time (hours per year) 155 Time (years) NO PRACTICE
Total tax rate (% of profit) 52.7 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
ST. LUCIA Latin America & Caribbean GNI per capita (US$) 5,190
Ease of doing business (rank) 53 Upper middle income Population (m) 0.2
Starting a business (rank) 41 Getting credit (rank) 89 Trading across borders (rank) 105
Procedures (number) 5 Strength of legal rights index (0-10) 8 Documents to export (number) 5
Time (days) 14 Depth of credit information index (0-6) 0 Time to export (days) 14
Cost (% of income per capita) 23.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,700
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 18
Dealing with construction permits (rank) 13 Protecting investors (rank) 28 Cost to import (US$ per container) 2,745
Procedures (number) 9 Extent of disclosure index (0-10) 4
Time (days) 139 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 165
Cost (% of income per capita) 32.2 Ease of shareholder suits index (0-10) 7 Procedures (number) 47
Strength of investor protection index (0-10) 6.3 Time (days) 635
Registering property (rank) 77 Cost (% of claim) 37.3
Procedures (number) 6 Paying taxes (rank) 45
Time (days) 16 Payments (number per year) 32 Closing a business (rank) 52
Cost (% of property value) 7.4 Time (hours per year) 92 Time (years) 2.0
Total tax rate (% of profit) 34.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 41.5
ST. VINCENT AND THE GRENADINES Latin America & Caribbean GNI per capita (US$) 5,130
Ease of doing business (rank) 75 Upper middle income Population (m) 0.1
Starting a business (rank) 52 Getting credit (rank) 116 Trading across borders (rank) 41
Procedures (number) 7 Strength of legal rights index (0-10) 7 Documents to export (number) 5
Time (days) 10 Depth of credit information index (0-6) 0 Time to export (days) 12
Cost (% of income per capita) 21.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,075
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 4
Time to import (days) 12
Dealing with construction permits (rank) 3 Protecting investors (rank) 28 Cost to import (US$ per container) 1,605
Procedures (number) 11 Extent of disclosure index (0-10) 4
Time (days) 74 Extent of director liability index (0-10) 8 Enforcing contracts (rank) 103
Cost (% of income per capita) 7.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 45
Strength of investor protection index (0-10) 6.3 Time (days) 394
Registering property (rank) 138 Cost (% of claim) 30.3
Procedures (number) 7 Paying taxes (rank) 55
Time (days) 38 Payments (number per year) 32 Closing a business (rank) 183
Cost (% of property value) 11.9 Time (hours per year) 111 Time (years) NO PRACTICE
Total tax rate (% of profit) 38.7 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
196 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
SURINAME Latin America & Caribbean GNI per capita (US$) 5,676
Ease of doing business (rank) 161 Upper middle income Population (m) 0.5
Starting a business (rank) 171 Getting credit (rank) 138 Trading across borders (rank) 101
Procedures (number) 13 Strength of legal rights index (0-10) 5 Documents to export (number) 8
Time (days) 694 Depth of credit information index (0-6) 0 Time to export (days) 25
Cost (% of income per capita) 119.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 995
Minimum capital (% of income per capita) 0.6 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 25
Dealing with construction permits (rank) 94 Protecting investors (rank) 181 Cost to import (US$ per container) 945
Procedures (number) 14 Extent of disclosure index (0-10) 1
Time (days) 431 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 178
Cost (% of income per capita) 88.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 44
Strength of investor protection index (0-10) 2.0 Time (days) 1,715
Registering property (rank) 168 Cost (% of claim) 37.1
Procedures (number) 6 Paying taxes (rank) 34
Time (days) 197 Payments (number per year) 17 Closing a business (rank) 146
Cost (% of property value) 13.8 Time (hours per year) 199 Time (years) 5.0
Total tax rate (% of profit) 27.9 Cost (% of estate) 30
Recovery rate (cents on the dollar) 8.7
SYRIAN ARAB REPUBLIC Middle East & North Africa GNI per capita (US$) 2,410
Ease of doing business (rank) 144 Lower middle income Population (m) 21.1
✔ Starting a business (rank) 134 ✔ Getting credit (rank) 168 Trading across borders (rank) 120
Procedures (number) 7 Strength of legal rights index (0-10) 1 Documents to export (number) 8
Time (days) 13 Depth of credit information index (0-6) 2 Time to export (days) 15
Cost (% of income per capita) 38.1 Public registry coverage (% of adults) 2.2 Cost to export (US$ per container) 1,190
Minimum capital (% of income per capita) 355.1 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 21
Dealing with construction permits (rank) 134 Protecting investors (rank) 109 Cost to import (US$ per container) 1,625
Procedures (number) 26 Extent of disclosure index (0-10) 7
Time (days) 128 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 176
Cost (% of income per capita) 568.4 Ease of shareholder suits index (0-10) 2 Procedures (number) 55
Strength of investor protection index (0-10) 4.7 Time (days) 872
Registering property (rank) 80 Cost (% of claim) 29.3
Procedures (number) 4 Paying taxes (rank) 110
Time (days) 19 Payments (number per year) 20 Closing a business (rank) 95
Cost (% of property value) 27.9 Time (hours per year) 336 Time (years) 4.1
Total tax rate (% of profit) 42.9 Cost (% of estate) 9
Recovery rate (cents on the dollar) 27.4
198 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
TAIWAN, CHINA East Asia & Pacific GNI per capita (US$) 16,392
Ease of doing business (rank) 33 High income Population (m) 23.1
✔ Starting a business (rank) 24 Getting credit (rank) 72 Trading across borders (rank) 17
Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 5
Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 12
Cost (% of income per capita) 4.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 645
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 90.4 Documents to import (number) 6
Time to import (days) 12
Dealing with construction permits (rank) 95 Protecting investors (rank) 74 Cost to import (US$ per container) 700
Procedures (number) 28 Extent of disclosure index (0-10) 7
Time (days) 142 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 90
Cost (% of income per capita) 100.9 Ease of shareholder suits index (0-10) 5 Procedures (number) 47
Strength of investor protection index (0-10) 5.3 Time (days) 510
Registering property (rank) 32 Cost (% of claim) 17.7
Procedures (number) 3 ✔ Paying taxes (rank) 87
Time (days) 5 Payments (number per year) 17 Closing a business (rank) 10
Cost (% of property value) 6.2 Time (hours per year) 269 Time (years) 1.9
Total tax rate (% of profit) 41.9 Cost (% of estate) 4
Recovery rate (cents on the dollar) 82.2
TAJIKISTAN Eastern Europe & Central Asia GNI per capita (US$) 700
Ease of doing business (rank) 139 Low income Population (m) 7.0
✔ Starting a business (rank) 136 Getting credit (rank) 168 Trading across borders (rank) 178
Procedures (number) 8 Strength of legal rights index (0-10) 3 Documents to export (number) 10
Time (days) 27 Depth of credit information index (0-6) 0 Time to export (days) 82
Cost (% of income per capita) 36.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 3,350
Minimum capital (% of income per capita) 8.5 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 83
Dealing with construction permits (rank) 178 ✔ Protecting investors (rank) 59 Cost to import (US$ per container) 4,550
Procedures (number) 30 Extent of disclosure index (0-10) 8
Time (days) 228 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 40
Cost (% of income per capita) 996.1 Ease of shareholder suits index (0-10) 6 Procedures (number) 34
Strength of investor protection index (0-10) 5.7 Time (days) 430
Registering property (rank) 87 Cost (% of claim) 25.5
Procedures (number) 6 ✔ Paying taxes (rank) 165
Time (days) 37 Payments (number per year) 54 Closing a business (rank) 64
Cost (% of property value) 5.5 Time (hours per year) 224 Time (years) 1.7
Total tax rate (% of profit) 86.0 Cost (% of estate) 9
Recovery rate (cents on the dollar) 37.4
THAILAND East Asia & Pacific GNI per capita (US$) 3,760
Ease of doing business (rank) 19 Lower middle income Population (m) 67.8
Starting a business (rank) 95 Getting credit (rank) 72 Trading across borders (rank) 12
Procedures (number) 7 Strength of legal rights index (0-10) 4 Documents to export (number) 4
Time (days) 32 Depth of credit information index (0-6) 5 Time to export (days) 14
Cost (% of income per capita) 5.6 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 625
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 35.7 Documents to import (number) 3
Time to import (days) 13
Dealing with construction permits (rank) 12 Protecting investors (rank) 12 Cost to import (US$ per container) 795
Procedures (number) 11 Extent of disclosure index (0-10) 10
Time (days) 156 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 25
Cost (% of income per capita) 9.5 Ease of shareholder suits index (0-10) 6 Procedures (number) 36
Strength of investor protection index (0-10) 7.7 Time (days) 479
✗ Registering property (rank) 19 Cost (% of claim) 12.3
Procedures (number) 2 ✔ Paying taxes (rank) 91
Time (days) 2 Payments (number per year) 23 Closing a business (rank) 46
Cost (% of property value) 4.3 Time (hours per year) 264 Time (years) 2.7
Total tax rate (% of profit) 37.4 Cost (% of estate) 36
Recovery rate (cents on the dollar) 43.5
TIMOR-LESTE East Asia & Pacific GNI per capita (US$) 543
Ease of doing business (rank) 174 Lower middle income Population (m) 1.1
Starting a business (rank) 167 Getting credit (rank) 182 Trading across borders (rank) 91
Procedures (number) 10 Strength of legal rights index (0-10) 1 Documents to export (number) 6
Time (days) 83 Depth of credit information index (0-6) 0 Time to export (days) 25
Cost (% of income per capita) 18.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,010
Minimum capital (% of income per capita) 921.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 26
Dealing with construction permits (rank) 128 Protecting investors (rank) 132 Cost to import (US$ per container) 1,015
Procedures (number) 22 Extent of disclosure index (0-10) 3
Time (days) 208 Extent of director liability index (0-10) 4 ✔ Enforcing contracts (rank) 183
Cost (% of income per capita) 138.2 Ease of shareholder suits index (0-10) 5 Procedures (number) 51
Strength of investor protection index (0-10) 4.0 Time (days) 1,285
Registering property (rank) 183 Cost (% of claim) 163.2
Procedures (number) NO PRACTICE Paying taxes (rank) 20
Time (days) NO PRACTICE Payments (number per year) 6 Closing a business (rank) 183
Cost (% of property value) NO PRACTICE Time (hours per year) 276 Time (years) NO PRACTICE
Total tax rate (% of profit) 0.2 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
TONGA East Asia & Pacific GNI per capita (US$) 3,260
Ease of doing business (rank) 71 Lower middle income Population (m) 0.1
Starting a business (rank) 30 Getting credit (rank) 116 Trading across borders (rank) 60
Procedures (number) 4 Strength of legal rights index (0-10) 7 Documents to export (number) 7
Time (days) 25 Depth of credit information index (0-6) 0 Time to export (days) 19
Cost (% of income per capita) 7.0 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 650
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 24
Dealing with construction permits (rank) 34 Protecting investors (rank) 109 Cost to import (US$ per container) 725
Procedures (number) 11 Extent of disclosure index (0-10) 3
Time (days) 76 Extent of director liability index (0-10) 3 Enforcing contracts (rank) 56
Cost (% of income per capita) 269.6 Ease of shareholder suits index (0-10) 8 Procedures (number) 37
Strength of investor protection index (0-10) 4.7 Time (days) 350
Registering property (rank) 125 Cost (% of claim) 30.5
Procedures (number) 4 ✔ Paying taxes (rank) 31
Time (days) 108 Payments (number per year) 20 Closing a business (rank) 104
Cost (% of property value) 10.2 Time (hours per year) 164 Time (years) 2.7
Total tax rate (% of profit) 25.5 Cost (% of estate) 22
Recovery rate (cents on the dollar) 25.3
TRINIDAD AND TOBAGO Latin America & Caribbean GNI per capita (US$) 16,560
Ease of doing business (rank) 97 High income Population (m) 1.3
Starting a business (rank) 74 Getting credit (rank) 32 Trading across borders (rank) 51
Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 5
Time (days) 43 Depth of credit information index (0-6) 4 Time to export (days) 14
Cost (% of income per capita) 0.8 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 808
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 45.2 Documents to import (number) 6
Time to import (days) 19
Dealing with construction permits (rank) 85 Protecting investors (rank) 20 Cost to import (US$ per container) 1,250
Procedures (number) 20 Extent of disclosure index (0-10) 4
Time (days) 261 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 169
Cost (% of income per capita) 5.1 Ease of shareholder suits index (0-10) 7 Procedures (number) 42
Strength of investor protection index (0-10) 6.7 Time (days) 1,340
Registering property (rank) 171 Cost (% of claim) 33.5
Procedures (number) 8 Paying taxes (rank) 91
Time (days) 162 Payments (number per year) 40 Closing a business (rank) 183
Cost (% of property value) 7.0 Time (hours per year) 210 Time (years) NO PRACTICE
Total tax rate (% of profit) 33.1 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
TUNISIA Middle East & North Africa GNI per capita (US$) 3,720
Ease of doing business (rank) 55 Lower middle income Population (m) 10.4
Starting a business (rank) 48 Getting credit (rank) 89 ✔ Trading across borders (rank) 30
Procedures (number) 10 Strength of legal rights index (0-10) 3 Documents to export (number) 4
Time (days) 11 Depth of credit information index (0-6) 5 Time to export (days) 13
Cost (% of income per capita) 5.0 Public registry coverage (% of adults) 22.9 Cost to export (US$ per container) 773
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 7
Time to import (days) 17
Dealing with construction permits (rank) 106 Protecting investors (rank) 74 Cost to import (US$ per container) 858
Procedures (number) 20 Extent of disclosure index (0-10) 5
Time (days) 97 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 78
Cost (% of income per capita) 858.7 Ease of shareholder suits index (0-10) 6 Procedures (number) 39
Strength of investor protection index (0-10) 5.3 Time (days) 565
Registering property (rank) 64 Cost (% of claim) 21.8
Procedures (number) 4 ✔ Paying taxes (rank) 58
Time (days) 39 Payments (number per year) 8 Closing a business (rank) 37
Cost (% of property value) 6.1 Time (hours per year) 144 Time (years) 1.3
Total tax rate (% of profit) 62.8 Cost (% of estate) 7
Recovery rate (cents on the dollar) 51.7
COUNTRY TABLES 201
TURKEY Eastern Europe & Central Asia GNI per capita (US$) 8,730
Ease of doing business (rank) 65 Upper middle income Population (m) 74.8
Starting a business (rank) 63 Getting credit (rank) 72 Trading across borders (rank) 76
Procedures (number) 6 Strength of legal rights index (0-10) 4 Documents to export (number) 7
Time (days) 6 Depth of credit information index (0-6) 5 Time to export (days) 14
Cost (% of income per capita) 17.2 Public registry coverage (% of adults) 18.3 Cost to export (US$ per container) 990
Minimum capital (% of income per capita) 9.9 Private bureau coverage (% of adults) 42.2 Documents to import (number) 8
Time to import (days) 15
Dealing with construction permits (rank) 137 Protecting investors (rank) 59 Cost to import (US$ per container) 1,063
Procedures (number) 25 Extent of disclosure index (0-10) 9
Time (days) 188 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 26
Cost (% of income per capita) 231.4 Ease of shareholder suits index (0-10) 4 Procedures (number) 35
Strength of investor protection index (0-10) 5.7 Time (days) 420
Registering property (rank) 38 Cost (% of claim) 18.8
Procedures (number) 6 Paying taxes (rank) 75
Time (days) 6 Payments (number per year) 15 Closing a business (rank) 115
Cost (% of property value) 3.0 Time (hours per year) 223 Time (years) 3.3
Total tax rate (% of profit) 44.5 Cost (% of estate) 15
Recovery rate (cents on the dollar) 21.1
UKRAINE Eastern Europe & Central Asia GNI per capita (US$) 2,800
Ease of doing business (rank) 145 Lower middle income Population (m) 46.0
✔ Starting a business (rank) 118 Getting credit (rank) 32 Trading across borders (rank) 139
Procedures (number) 10 Strength of legal rights index (0-10) 9 Documents to export (number) 6
Time (days) 27 Depth of credit information index (0-6) 3 Time to export (days) 31
Cost (% of income per capita) 6.1 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,560
Minimum capital (% of income per capita) 2.2 Private bureau coverage (% of adults) 10.1 Documents to import (number) 8
Time to import (days) 36
✔ Dealing with construction permits (rank) 179 Protecting investors (rank) 109 Cost to import (US$ per container) 1,580
Procedures (number) 22 Extent of disclosure index (0-10) 5
Time (days) 374 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 43
Cost (% of income per capita) 1,737.6 Ease of shareholder suits index (0-10) 7 Procedures (number) 30
Strength of investor protection index (0-10) 4.7 Time (days) 345
Registering property (rank) 164 Cost (% of claim) 41.5
Procedures (number) 10 ✔ Paying taxes (rank) 181
Time (days) 117 Payments (number per year) 135 Closing a business (rank) 150
Cost (% of property value) 4.1 Time (hours per year) 657 Time (years) 2.9
Total tax rate (% of profit) 55.5 Cost (% of estate) 42
Recovery rate (cents on the dollar) 7.9
202 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
UNITED ARAB EMIRATES Middle East & North Africa GNI per capita (US$) 46,857
Ease of doing business (rank) 40 High income Population (m) 4.6
Starting a business (rank) 46 ✔ Getting credit (rank) 72 ✔ Trading across borders (rank) 3
Procedures (number) 8 Strength of legal rights index (0-10) 4 Documents to export (number) 4
Time (days) 15 Depth of credit information index (0-6) 5 Time to export (days) 7
Cost (% of income per capita) 6.4 Public registry coverage (% of adults) 8.4 Cost to export (US$ per container) 521
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 17.7 Documents to import (number) 5
Time to import (days) 7
Dealing with construction permits (rank) 26 Protecting investors (rank) 120 Cost to import (US$ per container) 542
Procedures (number) 17 Extent of disclosure index (0-10) 4
Time (days) 64 Extent of director liability index (0-10) 7 Enforcing contracts (rank) 134
Cost (% of income per capita) 35.8 Ease of shareholder suits index (0-10) 2 Procedures (number) 49
Strength of investor protection index (0-10) 4.3 Time (days) 537
Registering property (rank) 4 Cost (% of claim) 26.2
Procedures (number) 1 Paying taxes (rank) 5
Time (days) 2 Payments (number per year) 14 Closing a business (rank) 143
Cost (% of property value) 2.0 Time (hours per year) 12 Time (years) 5.1
Total tax rate (% of profit) 14.1 Cost (% of estate) 30
Recovery rate (cents on the dollar) 11.2
UNITED KINGDOM OECD high income GNI per capita (US$) 41,520
Ease of doing business (rank) 4 High income Population (m) 61.8
Starting a business (rank) 17 Getting credit (rank) 2 Trading across borders (rank) 15
Procedures (number) 6 Strength of legal rights index (0-10) 9 Documents to export (number) 4
Time (days) 13 Depth of credit information index (0-6) 6 Time to export (days) 7
Cost (% of income per capita) 0.7 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 950
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 4
Time to import (days) 6
Dealing with construction permits (rank) 16 Protecting investors (rank) 10 Cost to import (US$ per container) 1,045
Procedures (number) 11 Extent of disclosure index (0-10) 10
Time (days) 95 Extent of director liability index (0-10) 7 ✔ Enforcing contracts (rank) 23
Cost (% of income per capita) 70.9 Ease of shareholder suits index (0-10) 7 Procedures (number) 28
Strength of investor protection index (0-10) 8.0 Time (days) 399
Registering property (rank) 22 Cost (% of claim) 23.4
Procedures (number) 2 Paying taxes (rank) 16
Time (days) 8 Payments (number per year) 8 ✔ Closing a business (rank) 7
Cost (% of property value) 4.1 Time (hours per year) 110 Time (years) 1.0
Total tax rate (% of profit) 37.3 Cost (% of estate) 6
Recovery rate (cents on the dollar) 88.6
UNITED STATES OECD high income GNI per capita (US$) 47,240
Ease of doing business (rank) 5 High income Population (m) 307.0
Starting a business (rank) 9 Getting credit (rank) 6 Trading across borders (rank) 20
Procedures (number) 6 Strength of legal rights index (0-10) 8 Documents to export (number) 4
Time (days) 6 Depth of credit information index (0-6) 6 Time to export (days) 6
Cost (% of income per capita) 1.4 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,050
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 5
Time to import (days) 5
Dealing with construction permits (rank) 27 Protecting investors (rank) 5 Cost to import (US$ per container) 1,315
Procedures (number) 19 Extent of disclosure index (0-10) 7
Time (days) 40 Extent of director liability index (0-10) 9 Enforcing contracts (rank) 8
Cost (% of income per capita) 12.8 Ease of shareholder suits index (0-10) 9 Procedures (number) 32
Strength of investor protection index (0-10) 8.3 Time (days) 300
Registering property (rank) 12 Cost (% of claim) 14.4
Procedures (number) 4 ✗ Paying taxes (rank) 62
Time (days) 12 Payments (number per year) 11 Closing a business (rank) 14
Cost (% of property value) 0.5 Time (hours per year) 187 Time (years) 1.5
Total tax rate (% of profit) 46.8 Cost (% of estate) 7
Recovery rate (cents on the dollar) 81.5
COUNTRY TABLES 203
URUGUAY Latin America & Caribbean GNI per capita (US$) 9,400
Ease of doing business (rank) 124 Upper middle income Population (m) 3.3
Starting a business (rank) 139 Getting credit (rank) 46 Trading across borders (rank) 132
Procedures (number) 11 Strength of legal rights index (0-10) 5 Documents to export (number) 10
Time (days) 65 Depth of credit information index (0-6) 6 Time to export (days) 19
Cost (% of income per capita) 42.1 Public registry coverage (% of adults) 19.4 Cost to export (US$ per container) 1,100
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 100.0 Documents to import (number) 10
Time to import (days) 22
Dealing with construction permits (rank) 141 Protecting investors (rank) 93 Cost to import (US$ per container) 1,330
Procedures (number) 30 Extent of disclosure index (0-10) 3
Time (days) 234 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 102
Cost (% of income per capita) 84.5 Ease of shareholder suits index (0-10) 8 Procedures (number) 41
Strength of investor protection index (0-10) 5.0 Time (days) 720
✔ Registering property (rank) 159 Cost (% of claim) 19.0
Procedures (number) 8 Paying taxes (rank) 155
Time (days) 66 Payments (number per year) 53 Closing a business (rank) 57
Cost (% of property value) 7.1 Time (hours per year) 336 Time (years) 2.1
Total tax rate (% of profit) 42.0 Cost (% of estate) 7
Recovery rate (cents on the dollar) 39.7
UZBEKISTAN Eastern Europe & Central Asia GNI per capita (US$) 1,100
Ease of doing business (rank) 150 Lower middle income Population (m) 27.8
Starting a business (rank) 106 Getting credit (rank) 138 Trading across borders (rank) 169
Procedures (number) 7 Strength of legal rights index (0-10) 2 Documents to export (number) 7
Time (days) 15 Depth of credit information index (0-6) 3 Time to export (days) 71
Cost (% of income per capita) 11.9 Public registry coverage (% of adults) 4.5 Cost to export (US$ per container) 3,150
Minimum capital (% of income per capita) 32.5 Private bureau coverage (% of adults) 3.3 Documents to import (number) 9
Time to import (days) 92
✗ Dealing with construction permits (rank) 145 Protecting investors (rank) 132 Cost to import (US$ per container) 4,650
Procedures (number) 28 Extent of disclosure index (0-10) 4
Time (days) 274 Extent of director liability index (0-10) 1 Enforcing contracts (rank) 44
Cost (% of income per capita) 67.7 Ease of shareholder suits index (0-10) 7 Procedures (number) 42
Strength of investor protection index (0-10) 4.0 Time (days) 195
Registering property (rank) 135 Cost (% of claim) 22.2
Procedures (number) 12 Paying taxes (rank) 154
Time (days) 78 Payments (number per year) 44 Closing a business (rank) 112
Cost (% of property value) 1.2 Time (hours per year) 205 Time (years) 4.0
Total tax rate (% of profit) 95.6 Cost (% of estate) 10
Recovery rate (cents on the dollar) 22.2
VANUATU East Asia & Pacific GNI per capita (US$) 2,620
Ease of doing business (rank) 60 Lower middle income Population (m) 0.2
Starting a business (rank) 107 Getting credit (rank) 72 Trading across borders (rank) 142
Procedures (number) 8 Strength of legal rights index (0-10) 9 Documents to export (number) 7
Time (days) 39 Depth of credit information index (0-6) 0 Time to export (days) 26
Cost (% of income per capita) 37.9 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 1,565
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 30
Dealing with construction permits (rank) 21 Protecting investors (rank) 74 Cost to import (US$ per container) 1,465
Procedures (number) 7 Extent of disclosure index (0-10) 5
Time (days) 51 Extent of director liability index (0-10) 6 Enforcing contracts (rank) 76
Cost (% of income per capita) 246.7 Ease of shareholder suits index (0-10) 5 Procedures (number) 30
Strength of investor protection index (0-10) 5.3 Time (days) 430
Registering property (rank) 108 Cost (% of claim) 74.7
Procedures (number) 2 Paying taxes (rank) 19
Time (days) 188 Payments (number per year) 31 Closing a business (rank) 50
Cost (% of property value) 7.0 Time (hours per year) 120 Time (years) 2.6
Total tax rate (% of profit) 8.4 Cost (% of estate) 38
Recovery rate (cents on the dollar) 42.7
204 DOING BUSINESS 2011
✔ Reforms making it easier to do business ✘ Reforms making it more difficult to do business
VENEZUELA, RB Latin America & Caribbean GNI per capita (US$) 10,200
Ease of doing business (rank) 172 Upper middle income Population (m) 28.4
✗ Starting a business (rank) 144 Getting credit (rank) 176 Trading across borders (rank) 167
Procedures (number) 17 Strength of legal rights index (0-10) 2 Documents to export (number) 8
Time (days) 141 Depth of credit information index (0-6) 0 Time to export (days) 49
Cost (% of income per capita) 30.2 Public registry coverage (% of adults) 0.0 Cost to export (US$ per container) 2,590
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 71
Dealing with construction permits (rank) 96 Protecting investors (rank) 179 Cost to import (US$ per container) 2,868
Procedures (number) 11 Extent of disclosure index (0-10) 3
Time (days) 395 Extent of director liability index (0-10) 2 Enforcing contracts (rank) 74
Cost (% of income per capita) 227.7 Ease of shareholder suits index (0-10) 2 Procedures (number) 29
Strength of investor protection index (0-10) 2.3 Time (days) 510
Registering property (rank) 101 Cost (% of claim) 43.7
Procedures (number) 8 ✔ Paying taxes (rank) 178
Time (days) 47 Payments (number per year) 70 Closing a business (rank) 152
Cost (% of property value) 2.2 Time (hours per year) 864 Time (years) 4.0
Total tax rate (% of profit) 52.6 Cost (% of estate) 38
Recovery rate (cents on the dollar) 5.9
VIETNAM East Asia & Pacific GNI per capita (US$) 1,010
Ease of doing business (rank) 78 Lower middle income Population (m) 87.3
✔ Starting a business (rank) 100 ✔ Getting credit (rank) 15 Trading across borders (rank) 63
Procedures (number) 9 Strength of legal rights index (0-10) 8 Documents to export (number) 6
Time (days) 44 Depth of credit information index (0-6) 5 Time to export (days) 22
Cost (% of income per capita) 12.1 Public registry coverage (% of adults) 26.4 Cost to export (US$ per container) 555
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 8
Time to import (days) 21
✔ Dealing with construction permits (rank) 62 Protecting investors (rank) 173 Cost to import (US$ per container) 645
Procedures (number) 13 Extent of disclosure index (0-10) 6
Time (days) 194 Extent of director liability index (0-10) 0 Enforcing contracts (rank) 31
Cost (% of income per capita) 128.4 Ease of shareholder suits index (0-10) 2 Procedures (number) 34
Strength of investor protection index (0-10) 2.7 Time (days) 295
Registering property (rank) 43 Cost (% of claim) 28.5
Procedures (number) 4 Paying taxes (rank) 124
Time (days) 57 Payments (number per year) 32 Closing a business (rank) 124
Cost (% of property value) 0.6 Time (hours per year) 941 Time (years) 5.0
Total tax rate (% of profit) 33.1 Cost (% of estate) 15
Recovery rate (cents on the dollar) 18.6
WEST BANK AND GAZA Middle East & North Africa GNI per capita (US$) 1,554
Ease of doing business (rank) 135 Lower middle income Population (m) 4.0
✗ Starting a business (rank) 173 Getting credit (rank) 168 ✔ Trading across borders (rank) 111
Procedures (number) 11 Strength of legal rights index (0-10) 0 Documents to export (number) 6
Time (days) 49 Depth of credit information index (0-6) 3 Time to export (days) 23
Cost (% of income per capita) 93.7 Public registry coverage (% of adults) 5.6 Cost to export (US$ per container) 1,310
Minimum capital (% of income per capita) 211.3 Private bureau coverage (% of adults) 0.0 Documents to import (number) 6
Time to import (days) 40
Dealing with construction permits (rank) 157 Protecting investors (rank) 44 Cost to import (US$ per container) 1,225
Procedures (number) 21 Extent of disclosure index (0-10) 6
Time (days) 199 Extent of director liability index (0-10) 5 Enforcing contracts (rank) 93
Cost (% of income per capita) 1,113.0 Ease of shareholder suits index (0-10) 7 Procedures (number) 44
Strength of investor protection index (0-10) 6.0 Time (days) 540
Registering property (rank) 76 Cost (% of claim) 21.2
Procedures (number) 7 Paying taxes (rank) 28
Time (days) 47 Payments (number per year) 27 Closing a business (rank) 183
Cost (% of property value) 0.7 Time (hours per year) 154 Time (years) NO PRACTICE
Total tax rate (% of profit) 16.8 Cost (% of estate) NO PRACTICE
Recovery rate (cents on the dollar) 0.0
COUNTRY TABLES 205
YEMEN, REP. Middle East & North Africa GNI per capita (US$) 1,060
Ease of doing business (rank) 105 Lower middle income Population (m) 23.6
Starting a business (rank) 57 Getting credit (rank) 152 Trading across borders (rank) 123
Procedures (number) 6 Strength of legal rights index (0-10) 2 Documents to export (number) 6
Time (days) 12 Depth of credit information index (0-6) 2 Time to export (days) 27
Cost (% of income per capita) 82.1 Public registry coverage (% of adults) 0.3 Cost to export (US$ per container) 1,129
Minimum capital (% of income per capita) 0.0 Private bureau coverage (% of adults) 0.0 Documents to import (number) 9
Time to import (days) 25
Dealing with construction permits (rank) 50 Protecting investors (rank) 132 Cost to import (US$ per container) 1,475
Procedures (number) 15 Extent of disclosure index (0-10) 6
Time (days) 107 Extent of director liability index (0-10) 4 Enforcing contracts (rank) 34
Cost (% of income per capita) 136.6 Ease of shareholder suits index (0-10) 2 Procedures (number) 36
Strength of investor protection index (0-10) 4.0 Time (days) 520
Registering property (rank) 53 Cost (% of claim) 16.5
Procedures (number) 6 Paying taxes (rank) 146
Time (days) 19 Payments (number per year) 44 Closing a business (rank) 90
Cost (% of property value) 3.8 Time (hours per year) 248 Time (years) 3.0
Total tax rate (% of profit) 47.8 Cost (% of estate) 8
Recovery rate (cents on the dollar) 28.6
Acknowledgments
Doing Business 2011 was prepared by a The Doing Business team is grateful for
team led by Sylvia Solf, Penelope Brook valuable comments provided by col-
(through May 2010) and Neil Gregory (from leagues across the World Bank Group
June 2010) under the general direction and for the guidance of World Bank
of Janamitra Devan. The team comprised Group Executive Directors.
Svetlana Bagaudinova, Jose Becerra Marta,
Karim O. Belayachi, Frederic Bustelo, César Oliver Hart and Andrei Shleifer provided
Chaparro Yedro, Maya Choueiri, Santiago academic advice on the project. The pay-
Croci Downes, Karen Sarah Cuttaree, Marie ing taxes project was conducted in collab-
Contact details for local partners Delion, Allen Dennis, Jacqueline den Otter, oration with PricewaterhouseCoopers, led
are available on the Doing Raian Divanbeigi, Alejandro Espinosa- by Robert Morris. The development of the
Wang, Antonio Garcia Cueto, Carolin getting electricity indicators was financed
Business website at
Geginat, Cemile Hacibeyoglu, Betina by the Norwegian Trust Fund.
http://www.doingbusiness.org Hennig, Sabine Hertveldt, Mikiko Imai
Ollison, Ludmila Januan, Nan Jiang, Palarp Alison Strong copyedited the manuscript.
Jumpasut, Dahlia Khalifa, Eugenia Levine, Gerry Quinn designed the report and
Jean Michel Lobet, Valerie Marechal, the graphs. Alexandra Quinn and Karen
Andres Martinez, Frederic Meunier, Jackson provided desktopping services.
Alexandra Mincu, Robert Murillo, Joanna
Nasr, Titilayo Oke, Oleksandr Olshanskyy, The report was made possible by the gen-
Dana Omran, Caroline Otonglo, Yara Salem, erous contributions of more than 8,200
Pilar Salgado-Otónel, Jayashree Srinivasan, lawyers, accountants, judges, business-
Susanne Szymanski, Tea Trumbic, Marina people and public officials in 183 econo-
Turlakova and Lior Ziv. Koichi Ito, Lizhi mies.1 Global and regional contributors
Liu, Junko Miyazaki, Janet Morris, Di Wang are firms that have completed multiple
and Bryan Welsh assisted in the months surveys in their various offices around
prior to publication. the world.
The online service of the Doing Business Quotations in this report are from Doing
database is managed by Ramin Aliyev, Business local partners unless otherwise
Preeti Endlaw, Felipe Iturralde Escudero, indicated. The names of those wishing to
Graeme Littler, Kunal H. Patel, Vinod be acknowledged individually are listed
Thottikkatu and Hashim Zia. The Doing below. Contact details are posted on the
Business 2011 report media and mar- Doing Business website at http://www
keting strategy is managed by Nadine .doingbusiness.org.
Ghannam. The events and road-show
strategy is managed by Jamile Ramadan. 1. The team regrets the loss of Courtney Fowler,
who passed away in 2010. A partner at Pricewa-
All knowledge management and out- terhouseCoopers, Ms. Fowler had contributed to
reach activities are under the direction the paying taxes indicators since their introduc-
tion in Doing Business 2006 and oversaw surveys
and guidance of Suzanne Smith. for several Central Asian economies.
ACKNOWLEDGMENTS 207
G L OBA L C ON T R I BU TOR S Dorian Collaku Besa Tauzi Dib Said
Bank of Albania Boga & Associates Banque d’Algérie
Allen & Overy LLP
Ilir Daci Ketrin Topciu Aloui Salima
Baker & McKenzie OPTIMA Legal and Bozo & Associates Law Law Firm Goussanem &
Cleary Gottlieb Steen & Hamilton LLP Financial Firm Aloui
Ius Laboris, Alliance of Labor, Employment, Benefits and Sajmir Dautaj Fioralba Trebicka Benabid Mohammed Tahar
Pensions Law Firms Tonucci & Partners Hoxha, Memi & Hoxha Cabinet Mohammed Tahar
Albania Sh.p.k Benabid
KPMG Gerhard Velaj
Distribution System Boga & Associates Hassan Yassine
Law Society of England and Wales Operator Albanian Power Thompson & Knight LLP
Cooperation Silva Velaj
Lex Mundi, Association of Independent Law Firms Nabiha Zerigui
Boga & Associates
Noronha Advogados Dael Dervishi Cabinet d’Avocats
OPTIMA Legal and Zamira Xhaferri Samir Hamouda
Panalpina Financial IKRP Rokas & Partners correspondent of
PricewaterhouseCoopers Eniana Dupi Stefan Xhillari PricewaterhouseCoopers
PricewaterhouseCoopers Legal Services AECO consulting Kalo & Associates
A N G OL A
Russell Bedford International Sokol Elmazaj Selena Ymeri
Boga & Associates Hoxha, Memi & Hoxha José Rodrigues Alentejo
SDV International Logistics Câmara de Comércio e
Sokol Elmazaj Enida Zeneli Indústria de Angola
Toboc Inc. Bozo & Associates Law
Boga & Associates
Firm Suely Odete Moreira Arcanjo
R E G I ONA L C ON T R I BU TOR S Lorena Gega AVM Advogados
PricewaterhouseCoopers A L G E R IA
Adora Group (Freightnet) Fernando Barros
Aurela Gjokutaj PricewaterhouseCoopers
APL Branka Achari-Djokic
Al-Tax Studio
Banque d’Algérie Pedro Calixto
A.P. Moller-Maersk Group Eduart Gjokutaj
Mohammed Salim Azzouz PricewaterhouseCoopers
BNT Al-Tax Studio
Deramchi & Azzouz Anacleta Cipriano
Consortium of European Building Control Valbona Gjonçari - Russell Bedford Faria de Bastos, Sebastião
Boga & Associates International e Lopes - Advogados
Federación Interamericana de la Industria de la
Construcción Anjeza Harizaj Khodja Bachir Associados
García & Bodán Bank of Albania SNC Khodja & Co. Miguel de Avillez Pereira
Emel Haxhillari Nabil Belloula Abreu Advogados
Globalink Transportation & Logistics Worldwide LLP
Kalo & Associates Cabinet Belloula Joao de Freitas e Costa
Grata Law Firm Abreu Advogados
Shpati Hoxha Tayeb Belloula
IKRP Rokas & Partners Hoxha, Memi & Hoxha Cabinet Belloula Myline Dias
Manica Africa Pty. Ltd. Oltjan Hoxholli Samir Benslimane PricewaterhouseCoopers
Talal Abu-Ghazaleh Legal (TAG-Legal) Kalo & Associates Cabinet Benslimane Alexandre Patrício Fernandes
Transunion International Ilir Johollari Adnane Bouchaib PricewaterhouseCoopers
Hoxha, Memi & Hoxha Bouchaib Law Firm Brian Glazier
Renata Leka Abdelkader Boussourdi EDI Architecture Inc.
A F G HA N I STA N Mirza Taqi Ud-Din Ahmad
PricewaterhouseCoopers Boga & Associates Société Distribution de Victor Leonel
Khan Afzal l’Electricité et du Gaz Ordem dos Arquitectos
ManeTCI (Mane Trading d’Alger (SDA)
Da Afghanistan Bank A L BA N IA Construction & Paulette Lopes
Naseem Akbar Investment) Abdallah Deramchi Faria de Bastos, Sebastião
Erjola Aliaj Russell Bedford
AISA IKRP Rokas & Partners Aigest Milo e Lopes - Advogados
International Associados
Katherine Blanchette Kalo & Associates
Artur Asllani Mohamed Riad Deramchi
Deloitte Consulting LLP Lorenc Nele Teresinha Lopes
Tonucci & Partners Deramchi & Azzouz
Albania Sh.p.k Bozo & Associates Law Faria de Bastos, Sebastião
Jay Doeden - Russell Bedford e Lopes - Advogados
Deloitte Consulting LLP Firm International
Sabina Baboci Associados
Oliver Dziggel Kalo & Associates Kostanca Papa Asmaa El Ouazzani Josephine Matambo
Deloitte Consulting LLP Bozo & Associates Law Landwell & Associés -
BALFIN sh.p.k, Balkan Firm KPMG
Finance Investment Group PricewaterhouseCoopers
Abdul Wassay Haqiqi Legal Services Janota Nzogi
Haqiqi Legal Services Loreta Peci
Indrit Banka EDEL-EP
PricewaterhouseCoopers Brahim Embouazza
Saduddin Haziq Bank of Albania
Florian Piperi MCDConsulting Walter Paixão
Afghan United Bank Ledia Beçi PricewaterhouseCoopers
OPTIMA Legal and Mohamed El-Amine Haddad
Rashid Ibrahim Hoxha, Memi & Hoxha Financial Cabinet Avocat Amine Jorge Leão Peres
A.F. Ferguson & Co. Alban Bello Haddad Banco Nacional de Angola
Kristaq Profkola
Gaurav Lekh Raj Kukreja IKRP Rokas & Partners Boga & Associates Sakina Haddad Elisa Rangel Nunes
Afghan Container Jona Bica Crédit Populaire d’Algerie ERN Advogados
Transport Company Andi Qinam
Kalo & Associates OPTIMA Legal and Goussanem Khaled Víctor Anjos Santos
Richard Laliberte Emiliano Bicaku Financial Law Firm Goussanem & AVM Advogados
Deloitte Consulting LLP Bozo & Associates Law Aloui
Laura Qorlaze N’Gunu Tiny
Tali Mohammed Firm PricewaterhouseCoopers Karine Lasne CFRA Advogados
Afghanistan Investment Juna Bozdo Landwell & Associés - Associados
Support Agency Artila Rama
Bank of Albania Boga & Associates PricewaterhouseCoopers
Wahidulla Qais Legal Services A N T I G UA A N D
Artan Bozo Ermira Rapushi
NRC Bozo & Associates Law Adnane Merad BA R BU DA
Bozo & Associates Law
Mudassir Rizwan Firm Firm Etude de Me Kaddour Hastin Barnes
PricewaterhouseCoopers Merad
Peter Burnie Enkelejd Seitllari Antigua Public Utilities
Richard Scarth PricewaterhouseCoopers Mohamed Mokrane Authority
Kalo & Associates
Property Consulting Ministère des Finances, Vernon Bird
Alban Caushi Ardjana Shehi Direction Generale du
Afghanistan Kalo & Associates Land Registry
Kalo & Associates Domaine National
208 DOING BUSINESS 2011
Neil Coates Gabriela Bindi Ignacio Funes de Rioja Miguel P. Murray Joaquín Emilio Zappa
PricewaterhouseCoopers Zang, Bergel & Viñes Funes de Rioja & Asociados, Murray, d´André & Sirito J.P. O’Farrell Abogados
Abogados member of Ius Laboris de Zavalía
Nicolette Doherty Carlos Zima
Nicolette M. Doherty Sebastián Bittner Gianluca Galeotti Pablo Murray PricewaterhouseCoopers
Attorney at Law and Jebsen & Co. M. & M. Bomchil Fiorito Murray & Diaz
Notary Public Cordero Sofia Zuloaga
Pilar Etcheverry Boneo Manuel Garford Nuñez Rattagan, Macchiavello
Brian D’Ornellas Marval, O’Farrell & Alfaro Abogados Damián Mauricio Najenson Arocena & Peña Robirosa
OBM International Mairal, member of Lex Estudio Spota Abogados
Mundi Javier M. Gattó Bicain
Vernon Edwards Jr. Candioti Gatto Bicain & Alfredo Miguel O’Farrell
Julieta Bontempi A R M E N IA
Freight Forwarding & Ocantos Marval, O’Farrell &
Deconsolidating Estudio Beccar Varela Mairal, member of Lex Armen L. Alaverdyan
Giselle Rita Geuna Mundi
Ann Henry Matias Borderes Alfaro Abogados State Revenue Committee
Henry & Burnette Fortunati & Asociados Hernan Papa of the Government of the
Mariano Gonzalez Alfaro Abogados Republic of Armenia
Jefferson Hunte Ignacio Fernández Borzese Gonzalez & Ferraro Mila
PricewaterhouseCoopers Luna Requena & Fernández Gustavo Papeschi Artak Arzoyan
Borzese Tax Law Firm Pablo González del Solar Estudio Beccar Varela ACRA Credit Bureau
Alfred McKelly James PricewaterhouseCoopers
James & Associates Mariano Bourdieu Mariano Payaslian Sedrak Asatryan
Severgnini Robiola Matías Grinberg GYPM Concern-Dialog Law Firm
Hugh C. Marshall Grinberg & Larrechea Severgnini Robiola
Marshall & Co. Grinberg & Larrechea Javier Martín Petrantonio Inessa Avzhiyan
Ivan Burin M. & M. Bomchil Global SPC
Victor Meade Zang, Bergel & Viñes Eduardo Guglielmini
Antigua Public Utilities Eduardo Guglielmini Alejandro Poletto Sayad S. Badalyan
Abogados Investment Law Group LLC
Authority Fortunati & Asociados
Adriana Estefanía Camaño Sandra S. Guillan
Septimus A. Rhudd De Dios & Goyena José Miguel Puccinelli Anna Baghdasaryan
Canosa Abogados Ter-Tachatyan Legal and
Rhudd & Associates Abogados Consultores Estudio Beccar Varela
Javier Canosa Business Consulting
Stacy A. Richards-Anjo Canosa Abogados Daniel Intile Julio Alberto Pueyrredón
Richards & Co. Daniel Intile & Assoc., PricewaterhouseCoopers Seda Baghdasaryan
Federico Carenzo member of Russell Bedford Global SPC
Alice N. Roberts Leonhardt, Dietl, Graf & International Federico José Reibestein
Roberts & Co. Reibestein Asociados Vardan Bezhanyan
von der Fecht Law Faculty, Yerevan State
Martín Jebsen
Lestroy Samuel Mariano E. Carricart Jebsen & Co. Sebastián Rodrigo University
Antigua and Barbuda Fornieles Law Firm Alfaro Abogados
Investment Authority Santiago Laclau Hovhannes Burmanyan
Gustavo Casir Marval, O’Farrell & Ignacio Rodriguez Corporate Integral
Sharon Simmons Quattrini, Laprida & Mairal, member of Lex PricewaterhouseCoopers Solutions LLC
Land Registry Asociados Mundi Rocio Rojas Iglesias Paul Cooper
Patricia Simon-Forde Agustín Castro Bravo Francisco Lagger Fortunati & Asociados PricewaterhouseCoopers
Chambers Patricia Simon- Estudio Beccar Varela Severgnini Robiola
Forde Juan Rosolen Kristina Dudukchyan
Grinberg & Larrechea Vitolo Abogados KPMG
Pablo L. Cavallaro
Arthur Thomas Estudio Cavallaro Bastiana Locurscio
Thomas, John & Co. Mariana Sanchez Aikanush Edigaryan
Abogados Rattagan, Macchiavello Quattrini, Laprida & Trans-Alliance
Charles Walwyn Arocena & Peña Robirosa Asociados
Nicolas Cesario Abogados Samvel Gevorgyan
PricewaterhouseCoopers Quattrini, Laprida & Jorge Sanchez Diaz BSC LLC
Asociados Dolores Madueño
A RG E N T I NA Ecobamboo S.A.
Jebsen & Co. Shoghik Gharibyan
Jimena Congo Esteban Aguirre Saravia
Rodrigo Marchan KPMG
María Victoria Abudara PricewaterhouseCoopers Luna Requena & Fernández
M. & M. Bomchil GYPM Borzese Tax Law Firm Hayk Ghazazyan
Roberto H. Crouzel
Patricio Martin KPMG
Fernando Aguinaga Estudio Beccar Varela Florencia Saviotti
Zang, Bergel & Viñes M. & M. Bomchil Canosa Abogados Narek Grigoryan
Valeria D’Alessandro
Abogados Pablo Mastromarino State Committee of the
Marval, O’Farrell & Rocío Soriano Real Property Cadastre
María Agustina Vítolo Mairal, member of Lex Estudio Beccar Varela M. & M. Bomchil
Vitolo Abogados Mundi Sargis Grigoryan
Pedro Mazer Adolfo Tombolini
Ángeles del Prado GPartners
Dolores Aispuru Alfaro Abogados Daniel Intile & Assoc.,
PricewaterhouseCoopers Zang, Bergel & Viñes member of Russell Bedford Sargis H. Martirosyan
Abogados Sean McCormick
International Trans-Alliance
Carlos Alfaro Severgnini Robiola
Alfaro Abogados Oscar Alberto del Río Grinberg & Larrechea Martín Torres Girotti Armine Hakobyan
Central Bank of M. & M. Bomchil Global SPC
Lisandro A. Allende Argentina Julian Melis
Brons & Salas Abogados Candioti Gatto Bicain & Marcelo Torterola Davit Harutyunyan
Leonardo Damián Diaz Ocantos PricewaterhouseCoopers
María Florencia Angélico Quattrini, Laprida &
PricewaterhouseCoopers Asociados
Canosa Abogados José Oscar Mira Isabella Hovhannisyan
Marcelo Dinocco Central Bank of Pablo Trevisán Investment Law Group LLC
Ignacio E. Aramburu PricewaterhouseCoopers Argentina
Rattagan, Macchiavello Estudio Trevisán Davit Iskandarian
Arocena & Peña Robirosa Andrés Edelstein Jorge Miranda María Paola Trigiani HSBC Bank Armenia CJSC
Abogados PricewaterhouseCoopers Clippers S.A. Alfaro Abogados Paruyr Jangulyan
Tomás M. Araya Mercedes Escriña Francisco Molinari Agustin Waisman Ministry of Economy of
M. & M. Bomchil Quattrini, Laprida & PricewaterhouseCoopers Fortunati & Asociados Armenia
Asociados
Vanesa Balda Enrique Monsegur Silvana Wasersztrom Vahe G. Kakoyan
Vitale, Manoff & Juan M. Espeso Clippers S.A. Investment Law Group LLC
Zang, Bergel & Viñes
Feilbogen Jebsen & Co. Abogados
Mariana Morelli Ishkhan Karapetyan
Ricardo Balestra Diego Etchepare Alfaro Abogados Carolina Zang Small & Medium
M. & M. Bomchil PricewaterhouseCoopers Zang, Bergel & Viñes Entreprenurship
Natalia Virginia Muller
Alejandro D. Fiuza Abogados Development National
Gonzalo Carlos Ballester De Dios & Goyena Center of Armenia
J.P. O’Farrell Abogados Marval, O’Farrell & Abogados Consultores Saúl Zang
Mairal, member of Lex Zang, Bergel & Viñes
Federico Martín Basile Mundi
M. & M. Bomchil Abogados
ACKNOWLEDGMENTS 209
Gurgen Migranovich Tim Cox Nicholas Sedgwick Alexander Klauser Vagif Ahmadov
Minasyan PricewaterhouseCoopers Marque Lawyers Brauneis Klauser Prändl Salans
Union of Builders of Rechtsanwälte GmbH
Armenia Kathryn Dent Damian Sturzaker Shahla Ahmadova
Gadens Lawyers Marque Lawyers Florian Kremslehner Deloitte
Ani Mkrtchian Dorda Brugger Jordis
Global SPC Lisa Dounis Simon Truskett Aliagha Akhundov
PricewaterhouseCoopers Clayton Utz, member of Rudolf Krickl Baker & McKenzie
Nerses Nersisyan Lex Mundi PricewaterhouseCoopers
PricewaterhouseCoopers Ian Farmer Gunel Alpman
PricewaterhouseCoopers David Twigg Ulrike Langwallner Baker & McKenzie
Marianna Nikoghosyan EnergyAustralia Schönherr Rechtsanwälte
Global SPC Brett Feltham GmbH / Attorneys-at-Law Aykhan Asadov
PricewaterhouseCoopers Nicholas Vesic Baker & McKenzie
Aram Orbelyan Marque Lawyers Peter Madl
Concern-Dialog Law Firm Joan Fitzhenry Schönherr Rechtsanwälte Ismail Askerov
Baker & McKenzie Peter Walker GmbH / Attorneys-at-Law MGB Law Offices
Naira Petrosyan Ferrier Hodgson Limited
Paradigma Armenia’ CJSC Mark Geniale Wolfgang Messeritsch Natavan Baghirova
Office of State Revenue, Andrew Wheeler National Bank of Austria BM International LLC
Vahe Petrosyan NSW Treasury PricewaterhouseCoopers
Logicon Development LLC Felix Neuwirther Samir Balayev
Mark Grdovich Radhika Withana Freshfields Bruckhaus Unibank
Apetnak Poghosyan Blake Dawson Baker & McKenzie Deringer
Corporate Integral Zaur Fati-zadeh
Solutions LLC Benjamin Harris Mandi Xu Ayten Pacariz Ministry of Taxes
PricewaterhouseCoopers PricewaterhouseCoopers KSV 1870
Aram Poghosyan Fidan Gayibova
Grant Thornton Legal & Jason Henniker Michael Podesser BM International LLC
AU S T R IA
Tax LLC EnergyAustralia PricewaterhouseCoopers Abbas Guliyev
Eva Hucker Austrian Regulatory Baker & McKenzie
Aida Saribekyan Agency Barbara Pogacar
Global SPC Baker & McKenzie Law Partners Arif Guliyev
Ian Humphreys Georg Bahn Rechtsanwälte
Artak Shaboyan PricewaterhouseCoopers
Blake Dawson Freshfields Bruckhaus
State Revenue Committee Deringer Friedrich Roedler Elchin Habibov
of the Government of the David Lipworth PricewaterhouseCoopers National Bank of
Republic of Armenia Georg Brandstetter
PricewaterhouseCoopers Gottfried Schellmann Azerbaijan
Brandstetter Pritz &
Guzh Sinanyan John Lobban Partner Brauneis Klauser Prändl Samir Hadjiyev
Global SPC Blake Dawson Rechtsanwälte GmbH Michael Wilson & Partners
Doris Buxbaum
Hakob Tadevosyan Georg Schima Ltd.
Tim Manefield Binder Grösswang
Grant Thornton Legal & PricewaterhouseCoopers Rechtsanwälte GmbH Kunz Schima Wallentin Nigar Hajieva
Tax LLC Rechtsanwälte KEG, Baker & McKenzie
Anna Manthopoulos Martin Eckel member of Ius Laboris
Artur Tunyan e|n|w|c Natlacen Arzu Hajiyeva
Chang, Pistilli & Simmons Stephan Schmalzl
Judicial Reform Project Walderdorff Cancola Ernst & Young
John Martin Rechtsanwälte GmbH Graf & Pitkowitz
Tigran Yedigaryan Rechtsanwälte GmbH Zumrud Ibrahim
Thomson Playford
Converse Bank CJSC Agnes Eigner Baker & McKenzie
Louise Massey Brandstetter Pritz & Ernst Schmidt
Liana Yordanyan Halpern & Prinz Vagif Karimli
PricewaterhouseCoopers Partner
Ter-Tachatyan Legal and Baker & McKenzie
Business Consulting Christie McGregor Tibor Fabian Christian Schuppich
PricewaterhouseCoopers Binder Grösswang CHSH Cerha Hempel Nuran Kerimov
Anush Zadoyan Spiegelfeld Hlawati
Rechtsanwälte GmbH Deloitte
Global SPC Kylie McPherson
Marque Lawyers Julian Feichtinger Franz Schwarzinger Kamal Mamedzade
Samuel Zakarian Revisionstreuhand,
CHSH Cerha Hempel Salans
Global SPC Louise Murphy member of Russell Bedford
Spiegelfeld Hlawati Javanshir Mammadov
Arman Zargaryan Marque Lawyers International
Ferdinand Graf Grata Law Firm
State Revenue Committee Matthew Nelson Maria Spalt
of the Government of the Graf & Pitkowitz Kamil Mammadov
PricewaterhouseCoopers Rechtsanwälte GmbH Austrian Embassy
Republic of Armenia Mammadov & Partners
Stephanie Newton Andreas Hable Benedikt Spiegelfeld Law Firm
AU ST R A L IA PricewaterhouseCoopers Binder Grösswang CHSH Cerha Hempel
Spiegelfeld Hlawati Daniel Matthews
Carly Neylan Rechtsanwälte GmbH
Paul Agnew Baker & McKenzie
Gadens Lawyers Alexander Hofmann Wolfgang Tichy
McKays Solicitors Sabina Mikayilova
Maja Osterman RA Dr. Alexander Schönherr Rechtsanwälte
Elizabeth Allen Hofmann, LL.M. GmbH / Attorneys-at-Law Deloitte
Blake Dawson
PricewaterhouseCoopers Thomas Trettnak Ruslan Mukhtarov
Kylie Parker Lothar Hofmann
Matthew Allison HLAW CHSH Cerha Hempel BM International LLC
Logicca Chartered Spiegelfeld Hlawati
Veda Advantage Accountants Rauf Namazov
Helmut Hofmanninger
Lynda Brumm Graf & Pitkowitz Birgit Vogt-Majarek Ministry of Taxes
Enjel Phoon
PricewaterhouseCoopers Rechtsanwälte GmbH Kunz Schima Wallentin Movlan Pashayev
Marque Lawyers Rechtsanwälte KEG,
David Buda Sandro Huber member of Ius Laboris PricewaterhouseCoopers
Malcolm Pickford
RBHM Commercial Lawyers EnergyAustralia Kammer der Architekten Mustafa Salamov
und Ingenieurkonsulenten Gerhard Wagner
Alicia Castillo KSV 1870 BM International LLC
Mark Pistilli Wien
Alicia Castillo Wealthing Chang, Pistilli & Simmons Vakhid Saparov
Group Alexander Isola Anton Zeilinger
Ministry of Finance Grata Law Firm
Greg Ralph Graf & Pitkowitz
Joe Catanzariti Emma Silyayeva
Gould Ralph Pty Ltd, Rechtsanwälte GmbH Thomas Zottl
Clayton Utz, member of member of Russell Bedford Salans
Lex Mundi Susanne Jetschgo Freshfields Bruckhaus
International Deringer
Binder Grösswang Kamil Valiyev
Gaibrielle Cleary Bob Ronai Rechtsanwälte GmbH Marcus Zuccato Salans
Gould Ralph Pty Ltd, Import-Export Services
member of Russell Bedford Rudolf Kaindl Ministry of Finance Matlab Valiyev
Pty. Ltd.
International Koehler, Kaindl, Duerr PricewaterhouseCoopers
Claus Schmidt & Partner, Civil Law A Z E R BA I JA N
Michael Cooper Murad Yahyayev
Panalpina Gulf Notaries
Gadens Lawyers Ulviyya Abdullayeva Unibank
MGB Law Offices
210 DOING BUSINESS 2011
Mahmud Yusifli Seema Isa Al-Thawadi Nasirud Doulah Sergey Chistyakov Dmitry Montik
Baker & McKenzie Ministry of Municipalities Doulah & Doulah Stepanovski, Papakul and Dmitry Montik Individual
& Agriculture Affairs. Advocates Partners Ltd. Entrepreneur
BA HA M AS , T H E Municipal One Stop Shop
Shamsud Doulah Aliaksandr Danilevich Elena Murashko
Kevin Basden Noora Janahi Doulah & Doulah Danilevich Revera Consulting Group
Bahamas Electricity Hassan Radhi & Associates Advocates
Aleksey Daryin Valiantsina Neizvestnaya
Corporation David Jayaseelan Moin Ghani Revera Consulting Group Audit and Consulting Ltd.,
Erica Culmer-Curry PricewaterhouseCoopers Dr. Kamal Hossain & Belarus
Associates Sergei Dubovik
PricewaterhouseCoopers Ebrahim Karolia National Bank of the Tatyana Novik
Makeba Darville PricewaterhouseCoopers K M A Halim Republic of Belarus Private Notary
Lennox Paton Upright Textile Supports
Elie Kassis Andrej Ermolenko Pavel Patorskij
Chaunece M. Ferguson Agility Logistics Abdullah Hasan Vlasova Mikhel & Partners Olga Pepenina
Mackay & Moxey Chambers Dr. Kamal Hossain &
Mohammed Abdul Khaliq Associates Olga Grechko Bernotas & Dominas
Amos J. Ferguson Jr. Tameer Vlasova Mikhel & Partners Glimstedt
Abdul Hye
Ferguson Associates & Ming Huey Lim Antonina Ivanova Ludmila Pichuha
Planners Bank of Bangladesh
PricewaterhouseCoopers DICSA Audit, Law & Bank Moscow-Minsk
Wendy Forsythe Amir-Ul Islam Consulting
Mohammed Mirza Abdul Sergey Pinchuk
Import Export Brokers Amir & Amir Law
Hussain Associates, member of Lex Marina Kalinovskaya Sergey Pinchuk Anticrisis
Ltd. Ministry of Municipalities Law Firm Jurznak, LLC Manager
Mundi
Vann P. Gaitor & Agriculture Affairs. Galina Podrezenok
Municipal One Stop Shop Sohel Kasem Michail Aleksandrovich
Higgs & Johnson Karpovich Ministry of Justice
PricewaterhouseCoopers
Michael Moss Abdul-Haq Mohammed Minsk Cable (Electrical) Company Registry
Trowers & Hamlins Asif Khan Network
Ministry of Finance Antonina Raduk
Bahamas PricewaterhouseCoopers
Hassan Ali Radhi Dmitry Khalimonchyk Law Firm Jurznak, LLC
Castino D. Sands Hassan Radhi & Associates Amina Khatoon Law Firm Jurznak, LLC Vassili I. Salei
Lennox Paton Doulah & Doulah
Kavi Rajesh Advocates Sergey Khostovich Borovtsov & Salei Law
Kevin Seymour Electrotech GS Plus Offices
Nabila Rafique
PricewaterhouseCoopers Mohamed Salahuddin Alexander Khrapoutski Elena Sapego
Amir & Amir Law
Burlington Strachan Mohamed Salahuddin Associates, member of Lex Stepanovski, Papakul and Stepanovski, Papakul and
Consulting Engineering Mundi Partners Ltd. Partners Ltd.
Bahamas Electricity
Corporation Bureau Sergei Senchuk
Mizanur Rahaman Alexandre Klenovski
Thamer Salahuddin Ministry of Law, Justice & Spartis State Committee for Real
BA H R A I N Mohamed Salahuddin Parlimentary Affairs Estate Registration
Consulting Engineering Nina Knyazeva
Khalid Abdulla Ahmedur Rahim Businessconsult Law Firm Alexander Shevko
Bureau
Tameer Registrar, Joint Stock National Bank of the
Esmond Hugh Stokes Irina Koikova Republic of Belarus
Najma AbdulRedha Hassan Companies & Firms DICSA Audit, Law &
Hatim S. Zu’bi & Partners Anna Shinkevitch
Ministry of Municipalities Al Amin Rahman Consulting
& Agriculture Affairs. Baiju Thomas Al Amin Sabrina & Yurex Law Firm
Agility Logistics Oksana Kotel
Municipal One Stop Shop Associates Dmitry Skorodulin
Revera Consulting Group
Khaled Hassan Ajaji Robin Watson Sajed Sami Law Firm Jurznak, LLC
The Benefit Company Dmitry Kovalchik
Kingdom of Bahrain, Farooq and Associates Anna Skorodulina
Ministry of Justice & Stepanovski, Papakul and
Mohammad Shahidul Haque Partners Ltd. Law Firm Jurznak, LLC
Islamic Affairs BA NG L A DE SH
Ministry of Law, Justice Mikhail Kozlov Vyacheslav Slabodnik
Faten Al Haddad Zainul Abedin and Parliamentary Affairs AsstrA Weissrussland Ltd. Univest-M
Talal Abu-Ghazaleh Legal PricewaterhouseCoopers
(TAG-Legal) Shahriar Syeed Kristina Kriščiūnaitė Lubov Slobodchikova
Tafria Ahmed V-Teac Fashion Pvt Ltd. PricewaterhouseCoopers National Bank of the
Raju Alagarsamy Dr. Kamal Hossain & Abdul Wahab Republic of Belarus
Hassan Radhi & Associates Associates Gleb Kripan
A. Wahab & Co. $2)ladimir Kukuruzin Andrey Sviridov
Mohamed Al-Ahmadi M. Aslam Alam
Nurul Wahab CHSH Cerha Hempel Slonim Trade Center
Bahrain Investors Center Directorate of Land
A. Wahab & Co. Spiegelfeld Hlawati Natalia Talai
Samer Al-Ajjawi Records and Surveys
Sabrina Zarin Elena Kulchitskaya Vlasova Mikhel & Partners
Ernst & Young Md. Shafiul Alam
Al Amin Sabrina & AsstrA Weissrussland Ltd. Ivan Timshin
Basma AlAlawi The Hongkong and
Shanghai Banking Associates Dmitry Kulik Revera Consulting Group
Qays H. Zu’bi
Corporation Ltd. DSV Transport (BY) Ltd. Pavel Tsarev
Ebtihal Al-Hashimi B E L A RU S
MD. Nurul Amin Valery Schepochkin Kulik Revera Consulting Group
Ministry of Municipalities Amir Al-Haidar
& Agriculture Affairs. Development DSV Transport (BY) Ltd. Pavel Tsarou
Municipal One Stop Shop Constructions Ltd. Revera Consulting Group
Egidijus Kundelis Revera Consulting Group
Haider Alnoaimi Noorul Azhar Alexey Anischenko PricewaterhouseCoopers Natalya Ulasevich
Mohamed Salahuddin Azhar & Associates Sorainen & Partners FLLC
Tatiana Kuvshinova Bernotas & Dominas
Consulting Engineering Probir Barua Aleksandr Anisovitch Revera Consulting Group Glimstedt
Bureau Jubilee Enterprise Promaudit
Oksana Lyakhova Sviatlana Valueva
Shaji Alukkal Sharif Bhuiyan Aleksander V. Antushevich Stepanovski, Papakul and
Bernotas & Dominas
Panalpina World Dr. Kamal Hossain & National Bank of the Glimstedt Partners Ltd.
Transport LLP Associates Republic of Belarus
Sergei Makarchuk Gregory Verinskij
Maaria Ashraf Jamilur Reza Choudhury Dmitry Arkhipenko Minsk City Center for
CHSH Cerha Hempel
Hatim S. Zu’bi & Partners BRAC University Revera Consulting Group Spiegelfeld Hlawati Engineering Services
Michael Durgavich Ahmed Zaker Chowdhury Andrey Bartashevich Mikalai Markounik Igor Verkhovodko
ASAR Al Ruwayeh & Dr. Kamal Hossain & INSTAR Logistics Vlasova Mikhel & Partners Businessconsult Law Firm
Partners Associates
Alexander Botian Dmitry Matveyev Khmelnitskiy Vitaliy
Elham Hassan Badrud Doulah Borovtsov & Salei Law Revera Consulting Group
Law Group Argument
PricewaterhouseCoopers Doulah & Doulah Offices
Konstantin Mikhel Maria Yurieva
Advocates
Vlasova Mikhel & Partners Sorainen & Partners FLLC
ACKNOWLEDGMENTS 211
Ekaterina Zabello Philippe Massart Carlton Young B H U TA N Julio César Landívar
Vlasova Mikhel & Partners Sibelga Young’s Engineering Guevara & Gutiérrez S.C.
Consultancy Ltd. Tashi Chenzom
Darya Zhuk Dominique Mougenot Ministry of Labor & César Lora Moretto
Bernotas & Dominas Commercial Court Mons Philip Zuniga Human Resources PricewaterhouseCoopers
Glimstedt Barrister & Attorney-
Didier Muraille at-Law Kincho Dorjee Daniel Mariaca
Maxim Znak National Bank of Belgium Leko Packers Criales, Urcullo &
Law Firm Jurznak, LLC BENIN Antezana
Sabrina Otten Ugyen Dorji
PricewaterhouseCoopers Thimphu City Co. Ariel Morales Vasquez
BELGIUM Safia Abdoulaye C.R. & F. Rojas, member of
Tim Roelans Cabinet d’Avocats Sonam Gyeltshen Lex Mundi
Hubert André-Dumont ELEGIS
McGuire Woods LLP Diaby Aboubakar Bhutan Power
Corporation Ltd. Jaime Muñoz-Reyes G.
Frédéric Souchon BCEAO Corporative Law Bolivia
Jan Bael PricewaterhouseCoopers
Agathe Affougnon Ago Mr Kunzang Consultores Asociados
Notariskantoor Jan Bael -
Ilse De Brauwere William Timmermans Cabinet Agathe Affougnon Ministry of Finance
Pablo Ordonez
Altius Ago Game Tshering Ayoroa & Ordonez
Herlinde Baert
Notariskantoor Jan Bael - Jan Van Celst Saïdou Agbantou Construction Assocation
of Bhutan Alejandro Peláez Kay
Ilse De Brauwere DLA Piper UK LLP Cabinet d’Avocats Indacochea & Asociados
Erik Bomans Suzy Vande Wiele Sybel Akuesson Sonam Tshering
Ministry of Finance Mariana Pereira Nava
Deminor International Loyens & Loeff Cabinet Fiduciaire Indacochea & Asociados
SCRL d’Afrique Sonam Wangchuk
Sybille Vandenberghe Oscar Antonio Plaza Ponte
Charlotte Boumal PricewaterhouseCoopers Rafikou Alabi Ministry of Finance
Entidad De Servicios De
Altius Cabinet Maître Alabi Tshering Wangchuk Información Enserbic S.A.
Grégory Vandenbussche
Ellen Carmeliet AREN, architects and Dieu-Donné Mamert Assogba Royal Court of Justice
Julio Quintanilla Quiroga
Stibbe engineers sprl Cabinet Maître Adjai Sonam P. Wangdi Quintanilla, Soria &
Pol Cools Marie-Noëlle Vanderhoven Jacques Moïse Atchade Ministry of Economic Nishizawa Soc. Civ
McGuire Woods LLP PricewaterhouseCoopers Cabinet de Maitre Atchade Affairs
Diego Rojas
Adriaan Dauwe Tom Vantroyen Charles Badou Tashi Yezer C.R. & F. Rojas, member of
Altius Altius Cabinet d’Avocat Charles Royal Securities Exchange Lex Mundi
Badou of Bhutan Ltd.
Arnaud Dawans Reinout Vleugels Fernando Rojas
Lucid - Lab for User Squire, Sanders & Dempsey Bienvenu Koffi Bedie B OL I V IA C.R. & F. Rojas, member of
Cognition and Innovative LLP Cabinet d’Avocats Lex Mundi
Design Fernando Aguirre Patricio Rojas
Johan Vonckers Godefroy Chekete Bufete Aguirre Soc. Civ.
Kris De Schutter McGuire Woods LLP Societe Beninoise D’Energie C.R. & F. Rojas, member of
Loyens & Loeff Electrique (SBEE) Ignacio Aguirre Lex Mundi
Katrien Vorlat Bufete Aguirre Soc. Civ.
Didier De Vliegher Alice Codjia-Sohouenou Esteban Salazar-Machicado
Stibbe
NautaDutilh Attorney-at-Law Carolina Aguirre Urioste Salazar, Salazar &
Bram Vuylsteke Bufete Aguirre Soc. Civ. Asociados, Soc. Civ.
Olivier Debray Notary Bram Vuylsteke Marc Da Costa
Christian Amestegui Sergio Salazar-Machicado
Claeys & Engels, member Service des Affaires
of Ius Laboris Christian Willems Domaniales Asesores Legales CP Salazar, Salazar &
Loyens & Loeff Asociados, Soc. Civ.
Amaury Della Faille Johannès Dagnon Daniela Aragones Cortez
Dirk Wouters Rodolpho Raul Sanjines
PricewaterhouseCoopers Groupe Helios Afrique Sanjinés & Asociados Soc. Elizagoyen
WVM-Bedrijfsrevisoren Civ. Abogados
Jean-Michel Detry BVBA, member of Russell Aline Dossou-Yovo Sanjinés & Asociados Soc.
DLA Piper UK LLP Bedford International Cabinet d’Avocats Eduardo Aramayo Civ. Abogados
PricewaterhouseCoopers Maria Kim Shin
Frank Dierckx Henri Fadonougbo
BELIZE Raúl A. Baldivia Würth Kim Costa du Rels
PricewaterhouseCoopers Tribunal de Premiere
Emil Arguelles Instance de Cotonou Baldivia Unzaga & Edmond Tondu
David DuPont Asociados
Ashurst Arguelles & Company LLC Guy Médard Agbo Fayemi Bolivian Intermodal
John Avery Cabinet d’Architecture Adrián Barrenechea Container
Aline Etienne ARCADE International Criales, Urcullo &
NautaDutilh Public Utilities A. Mauricio Torrico Galindo
Commission Antezana
Carine Hounkponou Quintanilla, Soria &
Jean Pierre Fierens Cabinet d’Avocats Alexandra Blanco Nishizawa Soc. Civ
Stibbe Sherman Ferguson
Belize Electricity Ltd. Guevara & Gutiérrez S.C. Javier Urcullo
Yacouba Konate
Pierrette Fraisse France Transfo Jose A. Criales Criales, Urcullo &
SPF Finances - AGDP Rodolfo Gutierrez
Criales, Urcullo & Antezana
Belize Electricity Ltd. Olagnika Salam
Conny Grenson Antezana Jaime Urcullo Reyes
Russell Longsworth Office Notarial Olagnika
Eubelius Attorneys Petronila Gismondi Criales, Urcullo &
Caribbean Shipping Adegbindin Saliou Antezana
Kurt Grillet Agencies Ltd. Consultora “Gismondi” -
Altius Hauvy Séka Mathieu Contable Tributario Roberto Viscafé
Reynaldo F. Magana FIDAFRICA /
Sandrine Hirsch Primitivo Gutiérrez PricewaterhouseCoopers
Frontier International PricewaterhouseCoopers
Simont Braun Business Services Ltd. Guevara & Gutiérrez S.C. Mauricio Zambrana Cuéllar
Nelly Tagnon Gambor Enrique F. Hurtado Infocred - Servicio de
Thibaut Hollanders Tania Moody Cabinet Fiduciaire Superintencia de Bancos y Informacion Crediticia
DLA Piper UK LLP Barrow & Williams d’Afrique BIC s.a.
Entidades Financieras
Erika Leenknecht Jose Moreno Dominique Taty Jaime M. Jiménez Alvarez B O SN IA A N D
Eubelius Attorneys Belize Electricity Ltd. FIDAFRICA / Medidas Electricas (Jaime H E R Z E G OV I NA
Stephan Legein Patricia Rodriguez PricewaterhouseCoopers Jiménez Alvarez)
Federal Public Service Belize Companies Registry Jean-Bosco Todjinou Paola Justiniano Arias Aida Ajanović
Finance Ltd. ECOPLAN sarl IKRP Rokas & Partners
Sanjinés & Asociados Soc.
Luc Legon Dawn Sampson Emmanuel Yehouessi Civ. Abogados Dunja Arnaut
PricewaterhouseCoopers Belize Electricity Ltd. BCEAO Mario Kempff Law Office Spaho
Axel Maeterlinck Saidi Vaccaro Brice Zinsindohoue C.R. & F. Rojas, member of Dario Biščević
Simont Braun Arguelles & Company LLC Cabinet d’Avocats Lex Mundi DB Schenker
212 DOING BUSINESS 2011
Mubera Brković Finola McMahon Adriano Borges Joao Paulo F.A. Fagundes Adriana Sforcini Lavrik Esper
PricewaterhouseCoopers Osei-Ofei Swabi & Co. De Vivo, Whitaker, Castro Rayes, Fagundes & Oliveira Amaral Gurgel Fischer &
e Gonçalves Advogados Ramos Advogados Forster Advogados
Peter Burnie Diniar Minwalla
PricewaterhouseCoopers PricewaterhouseCoopers Sergio Bronstein Vanessa Felício Fernando Loeser
Veirano Advogados Sao Veirano Advogados Sao Loeser e Portela
Vianja Dizdarević Mmatshipi Motsepe Paulo Paulo Advogados
Branko Mari Law Office Manica Africa Pty. Ltd.
Clarissa Abrahão Bruzzi Thomas Benes Felsberg Marina Maccabelli
Dragan Draca Jack Allan Mutua Noronha Advogados Felsberg, Pedretti, Demarest e Almeida
PricewaterhouseCoopers Tectura International Mannrich e Aidar Advogados
Botswana Júlio César Bueno Advogados e Consultores
Ezmana Hadziavdić Pinheiro Neto Advogados Newton N.T. Machado
Branko Marić Law Office Buhlebenkosi Ncube Legais
Rayes, Fagundes & Oliveira
Luke & Associates Paulo Campana Alexsander Fernandes de Ramos Advogados
Senada Havić Hrenovica Felsberg, Pedretti,
Kwadwo Osei-Ofei Andrade
LRC Credit Bureau Mannrich e Aidar Pedro Maciel
Osei-Ofei Swabi & Co. Duarte Garcia, Caselli
Merima Hodžić Advogados e Consultores Guimarães e Terra Veirano Advogados Sao
Law Office Spaho Butler Phirie Legais Advogados Paulo
PricewaterhouseCoopers Ana Paula Carvalho Josney Ferraz Viviane Maria Barbosa da
Ismeta Huremović
Claudio Rossi Noronha Advogados Units Auditores Silva
Land Registry Office of
the Sarajevo Municipal Sharps Electrical (Pty) Independentes Machado, Meyer, Sendacz
Eduardo Castro e Opice
Court Ltd. Machado Meyer Sendacz Silvia Fiszman
Amra Isic Daniel Swabi e Opice Advogados Machado, Meyer, Sendacz André Marques
Branko Marić Law Office Osei-Ofei Swabi & Co. Advagados e Opice Pinheiro Neto Advogados
Muhidin Karšić Flávia Coelho Warde Álvaro Luis Fleury Malheiros Georges Louis Martens Filho
BRAZIL Demarest e Almeida Fleury Malheiros, De Vivo, Whitaker, Castro
Law Office of Emir
Kovačević Advogados Gasparini, De Cresci e Gonçalves Advogados
Antonio Aires
Gilberto Deon Corrêa Junior e Nogueira de Lima Fernando Martines Vieira
Emmanuel Koenig Demarest e Almeida Advogados
PricewaterhouseCoopers Advogados Veirano Advogados Porto Noronha Advogados
Alegre Susan Christina Forster
Tom Kyriakopoulos Leonardo Gutierrez Alves Thiago Martins
Sidinei Corrêa Marques Amaral Gurgel Fischer & Araújo e Policastro
Kelemenis & Co. Guerra e Batista Forster Advogados
Advogados Banco Central do Brasil Advogados
Branko Marić Luís Franciozi
Natalia Alves Mirella da Costa Andreola de Laura Massetto Meyer
Branko Marić Law Office Almeida Pinheiro Neto Advogados
Demarest e Almeida Pinheiro Guimarães
Zoran Micevic Advogados Noronha Advogados Florencia Ortiz Freuler Advogados
Edisa Peštek Antonio Amendola Anderson Bispo da Silva Machado, Meyer, Sendacz Rodrigo Matos
Independent Lawyer Guerra e Batista e Opice MBM Brasil Ltda
Felsberg, Pedretti,
Mannrich e Aidar Advogados Rafael Frota
Đorđe Racković Eduardo Augusto Mattar
Advogados e Consultores Adriana Daiuto Vitor Costa Advogados
Central Bank of Bosnia Legais Pinheiro Guimarães
and Herzegovina Demarest e Almeida Rafael Gagliardi Advogados
Lucia Aragao Advogados Demarest e Almeida
Alma Ramezić Felipe Oliveira Mavignier
Veirano Advogados Sao Cleber Dar Rovere Peluzo Advogados
PricewaterhouseCoopers Paulo Fleury Malheiros,
Abreu Caio Gargione Habice Prado Gasparini, De Cresci
Adela Rizvić Mariana Aranha Cunha Oricchio Ricca e Nogueira de Lima
Lawyers’ office Bojana Machado Meyer Sendacz e
Machado, Meyer, Sendacz e Lopes Advogados Opice Advogados Advogados
Tkalčić - Djulić, Olodar Opice Advagados
Prebanić, Adela Rizvić & Bruno Henrique de Aguiar Thiago Giantomassi Medeiros Thiago Medaglia
Arela Jusufbašić - Goloman Pedro Vitor Araujo da Costa Rayes, Fagundes & Oliveira Demarest e Almeida Felsberg, Pedretti,
Vitor Costa Advogados Ramos Advogados Advogados Mannrich e Aidar
Selma Šabanić Advogados e Consultores
IKRP Rokas & Partners Fernanda Azevedo Anderson Rivas de Almeida Michelle Giraldi Lacerda Legais
Rayes, Fagundes & Oliveira Guerra e Batista PricewaterhouseCoopers
Adina Salkanović Advogados Denise Medeiros
Ramos Advogados
Mehmed Spaho Lara Gomes Dias Noronha Advogados
Bruno Balduccini Sólon de Almeida Cunha Machado, Meyer, Sendacz
Law Office Spaho Machado, Meyer, Sendacz e Marianne Mendes Webber
Pinheiro Neto Advogados e Opice
Opice Advagados Noronha Advogados
B OT S WA NA Priscyla Barbosa Rodrigo Gomes Maia
Veirano Advogados Sao Aldo de Cresci Neto Noronha Advogados Cássio Mesquita Barros
John Carr-Hartley Paulo Fleury Malheiros, Mesquita Barros
Armstrongs Attorneys Gasparini, De Cresci Adriana Grizante de Almeida Advogados, member of Ius
Juliana Bastianello Baldin e Nogueira de Lima PricewaterhouseCoopers Laboris
Ofentse Chifedi Machado, Meyer, Sendacz e Advogados
Hoya Removals & Freight Opice Advagados Eduardo Ferraz Guerra Gustavo Morel
Edilson De Morais Guerra e Batista Veirano Advogados Sao
Yvonne K. Chilume Guilherme Bertolini Serasa S.A. Advogados Paulo
Chilume & Company Fernandes dos Santos
Fleury Malheiros, Nadia Demoliner Lacerda Enrique Hadad Renata Morelli
Diba M. Diba Mesquita Barros Loeser e Portela Rayes, Fagundes & Oliveira
Gasparini, De Cresci
Minchin & Kelly e Nogueira de Lima Advogados, member of Ius Advogados Ramos Advogados
Edward W. Fasholé-Luke II Advogados Laboris
Carlos Alberto Iacia Thaís Moretz Sohn Fernandes
Luke & Associates Bernardo Bessa Felipe Di Marzo Trezza PricewaterhouseCoopers APEXBRASIL
Vincent Galeromeloe Felsberg, Pedretti, Fleury Malheiros,
Gasparini, De Cresci Roberta Ibanez Marianna Morselli
TransUnion ITC Mannrich e Aidar
Advogados e Consultores e Nogueira de Lima Pinheiro Guimarães Pinheiro Neto Advogados
Laknath Jayawickrama Legais Advogados Advogados
Luana Murinelli Bastos
PricewaterhouseCoopers Ubajara Arcas Dias Marcelo Inglez de Souza Machado, Meyer, Sendacz
Camila Biral
Akheel Jinabhai Demarest e Almeida Fleury Malheiros, Demarest e Almeida e Opice
Akheel Jinabhai & Advogados Gasparini, De Cresci Advogados
Paulo Nasser
Associates e Nogueira de Lima Eduardo Takemi Kataoka Demarest e Almeida
Richard Blanchet Advogados
Laurence Khupe Loeser e Portela Castro, Barros, Sobral, Advogados
Collins Newman & Co. Advogados José Ricardo dos Santos Luz Gomes Advogados
Jorge Nemr
Júnior José Paulo Lago Alves
Sylvester Lekone Adriano Boni De Souza Leite, Tosto e Barros
Duarte Garcia, Caselli Pequeno
Manica Africa Pty. Ltd. Noronha Advogados Guimarães e Terra Noronha Advogados
Advogados
ACKNOWLEDGMENTS 213
Walter Nimir Carolina Schreier Colin Ong Angel Kalaidjiev Georgi Tzvetkov
De Vivo, Whitaker, Castro KLA-Koury Lopes Dr. Colin Ong Legal Kalaidjiev, Georgiev & Djingov, Gouginski,
e Gonçalves Advogados Advogados Services Minchev Kyutchukov & Velichkov
Felipe Oliveira Ingrid Schwarz R. de See Tiat Quek Yavor Kambourov Maria Urmanova
Veirano Advogados Porto Mendonça PricewaterhouseCoopers Kambourov & Partners Landwell & Associés -
Alegre Noronha Advogados PricewaterhouseCoopers
David Sandison Hristina Kirilova Legal Services
Andrea Oricchio Kirsh Raissa Simões Tavares de Melo PricewaterhouseCoopers Kambourov & Partners
Cunha Oricchio Ricca Demarest e Almeida Kamena Valcheva
Lopes Advogados Advogados Michelle Sim Lilia Kisseva Tsvetkova, Bebov and Co.
Ernst & Young Djingov, Gouginski,
Adriana Pallis Romano Keila Fonseca Soares Kyutchukov & Velichkov Miroslav Varnaliev
Machado, Meyer, Sendacz Noronha Advogados Martin Sinnung Jr. Unimasters Logistics Plc.
e Opice Brunei Tansporting Donko Kolev
Walter Stuber Company Kg Kiulap Partner Bulgaria Ltd. Venzi Vassilev
Andre Pan Walter Stuber Consultoria Rex Consulting Ltd,
Consult Group, member Juridica Shazali Sulaiman Nikolay Kolev member of Russell Bedford
of Russell Bedford KPMG Borislav Boyanov & Co. International
International Claudio Taveira
Pinheiro Neto Advogados Joanita Zain Ilya Komarevsky Kalina Vitkovska
Rafael Passaro The Brunei Economic Tsvetkova, Bebov and Co. Economou International
Machado, Meyer, Sendacz Milena Tesser Development Board Shipping Agency Limited
Rayes, Fagundes & Oliveira Boika Komsulova
e Opice PricewaterhouseCoopers
Ramos Advogados BU L G A R IA Vessela Tcherneva Yankova
Fabio Luis Pereira Barboza Stephan Kyutchukov V Consulting Bulgaria
Cunha Oricchio Ricca Marcos Tiraboschi Svetlin Adrianov
Veirano Advogados Sao Djingov, Gouginski,
Lopes Advogados Penkov, Markov & Partners Kyutchukov & Velichkov BU R K I NA FAS O
Paulo
Monica Pinheiro dos Anjos Andrey Aleksandrov Polina Marinova Diaby Aboubakar
Planeta Brasil Carlos Tortelli
Kambourov & Partners Landwell & Associés - BCEAO
Consultancy Consult Group, member
of Russell Bedford Borislav Atanasov PricewaterhouseCoopers
Legal Services Bernard Bamouni
Laércio Pinto International Djingov, Gouginski, SINCAT
Serasa S.A. Kyutchukov & Velichkov Ivan Markov
Paulo Trani Mello Fortune Bicaba
Andréa Pitthan Françolin Noronha Advogados Svetlana Balabanova Penkov, Markov & Partners
Etude de Maitre Fortune
De Vivo, Whitaker, Castro TravelInn Ltd. Vladimir Natchev Bicaba
e Gonçalves Advogados Luiz Fernando Valente De
Paiva Lilia Banakieva Arsov Natchev Ganeva
Flora Josiane Bila
Durval Portela Pinheiro Neto Advogados Penkov, Markov & Partners Yordan Naydenov Cabinet Yaguibou &
Loeser e Portela Borislav Boyanov & Co. Yanogo
Advogados Juliana Vasconcelos Nikolay Bandakov
APEXBRASIL Kambourov & Partners Neli Nedkova Aimé Bonkoungou
Rodrigo Eduardo Pricoli
José Wahle Kalin Bonev Wolf Theiss SONABEL
Rayes, Fagundes & Oliveira
Ramos Advogados Veirano Advogados Sao Landwell & Associés - Darina Oresharova Dieudonne Bonkoungou
Paulo PricewaterhouseCoopers Experian Bulgaria EAD Cabinet Ouedraogo &
Daniela Prieto Legal Services
Eduardo Guimarães Bonkoungou
Veirano Advogados Sao Yulia Peeva
Paulo Wanderley Nikolai Bozhilov Bobson Coulibaly
Rex Consulting Ltd.,
Veirano Advogados Sao Unimasters Logistics Plc. member of Russell Bedford Cabinet d’Avocats
Fernanda Rabelo Paulo
Maria Danailova International Barthélemy Kere
Pinheiro Guimarães
Advogados Celso Xavier Wolf Theiss Lilia Pencheva Denis Dawende
Demarest e Almeida Experian Bulgaria EAD Office Notarial Me Jean
Luiz Gustavo Ramos Advogados George Dimitrov
Dimitrov, Petrov & Co. Celestin Zoure
Rayes, Fagundes & Oliveira Miglena Peneva
Ramos Advogados Marcos Yanaka Jean-Claude Gnamien
Kristina Dimitrova Georgiev, Todorov & Co.
MBM Brasil Ltda FIDAFRICA /
Domingos Fernando Refinetti Landwell & Associés - Veselka Petrova
PricewaterhouseCoopers PricewaterhouseCoopers
Machado, Meyer, Sendacz B RU N E I Tsvetkova, Bebov and Co.
e Opice DA RU S S A L A M Legal Services Fulgence Habiyaremye
Martin Plamenov Stanchev Cabinet d’Avocats
Lukas Matthias Rhomberg Vesselin Dinkov Dobrev, Kinkin &
Danny Chua Landwell & Associés - Barthélemy Kere
De Vivo, Whitaker, Castro Lyutskanov
e Gonçalves Advogados Brunei Transporting PricewaterhouseCoopers Barthélémy Kere
Company Legal Services Gergana Popova
Jose Ribeiro do Pardo Junior Cabinet d’Avocats
Cynthia Kong Georgiev, Todorov & Co. Barthélemy Kere
Machado, Meyer, Sendacz Silvia Dulevska
e Opice Widdows Kong & Bulgarian National Bank Alexander Rangelov Gilbert Kibtonre
Associates PricewaterhouseCoopers
Eliane Ribeiro Gago Anastas Georgiev CEFAC
Kevin Lee Registry Agency of Elina Ruseva
Duarte Garcia, Caselli Clarisse Kienou
Guimarães e Terra Wisma Management Bulgaria Penkov, Markov & Partners Direction générale des
Advogados Kin Chee Lee Georgy Georgiev Roman Stoyanov impots
Guilherme Rizzo Amaral Lee Corporatehouse Landwell & Associés - Penkov, Markov & Partners Vincent Armand Kobiane
Veirano Advogados Porto Associates PricewaterhouseCoopers
Margarita Stoyanova ARDI Architectes
Alegre Lennon Lee Legal Services Conseils
Kambourov & Partners
Cezar Roedel PricewaterhouseCoopers Velislava Georgieva Eddie Komboïgo
Economou International Laura Thomas
Halley do Brasil Yew Choh Lee Komboïgo & Assocíes
Shipping Agency Limited LM Legal Services Ltd.
Lia Roston Y.C. Lee & Lee Advocates & Colette Lefebvre
Solicitors Marieta Getcheva Kaloyan Todorov
Rayes, Fagundes & Oliveira Inspection du Travail
Ramos Advogados PricewaterhouseCoopers Wolf Theiss
Siew Yen Lim
Svilen Todorov Frédéric O. Lompo
José Samurai Saiani The Judicial Department Matea Gospodinova
Brunei Todorov & Doykova Law Etude Maître Lompo
Machado, Meyer, Sendacz Djingov, Gouginski,
e Opice Kyutchukov & Velichkov Firm N. Henri Ouedraogo
Teck Guan Lim
Ernst & Young Nona Todorova Ministere des Finances et
Bruno Sanchez Belo Ralitsa Gougleva du Budget
Noronha Advogados Djingov, Gouginski, Experian Bulgaria EAD
Chris Loh
Kyutchukov & Velichkov Lily Trifonova Ousmane Honore Ouedraogo
Joana Scarpa PricewaterhouseCoopers
Rex Consulting Ltd., Maison de l’entreprise du
Veirano Advogados Sao Naimah Md Ali Katerina Gramatikova Burkina Faso
Paulo Dobrev, Kinkin & member of Russell Bedford
Attorney General’s International
Chambers Lyutskanov
214 DOING BUSINESS 2011
Pascal Ouedraogo Lambert Nigarura Vichet Phang Isidore Biyiha Augustin Yves Mbock Keked
Cabinet d’Avocats Mkono & Co Advocates B.N.G. - Advocates & Guichet Unique des Cadire
Barthélemy Kere Solicitors Opérations du Commerce
Gustave Niyonzima Extérieur-Gie Rosine Adèle Mekeu Sonfack
Alain Serge Paré Mkono & Co Advocates Ham Phea Nimba Conseil SARL
Cabinet Yaguibou & Ham Phea Law Office Hiol Bonheur
Yanogo Alain Niyubahwe Cabinet SFR Patrick Menyeng Manga
Financial and Private Thea Pheng Cabinet d’Avocats Abeng
Marie Jeanne Saba sectors development B.N.G. - Advocates & Miafo Bonny Bonn Roland
Direction Génerale des Project Solicitors Bonnybonn Enterprises
Impôts Ingrid Martinette Mezang
Antoine Ntisigana Saray Phomra David Boyo Mvom
Hermann Lambert Sanon SODETRA Ltd. B.N.G. - Advocates & Boyo & Patimark LLP Nimba Conseil SARL
Groupe Hage Solicitors
Happy Ntwari Oscar D’Estaing Deffosso Jules Minamo
Moussa Sawadogo Mkono & Co Advocates Allen Prak FIDAFRICA / Karvan Finance
Direction du Cadastre B.N.G. - Advocates & PricewaterhouseCoopers
Gilbert L.P. Nyatanyi Solicitors A.D. Monkam
Moussa Sogodogo Mkono & Co Advocates Anne Marie Diboundje Etude de notaire Wo’o
Cabinet Ledoux Seina Kuntheapini Saing Njocke
Déogratias Nzemba Arbitration Council Cabinet Ekobo Jacqueline Moussinga Bapes
Hyppolite Tapsoba Attorney-at-Law Foundation Etude Me Jacqueline
Tribunal d’Instance de Paul Marie Djamen Moussinga
Ouagadougou Prosper Ringuyeneza Muny Samreth BICEC
Architecture et PricewaterhouseCoopers Valerie Moussombo
Dominique Taty Construction (A.C.) Auŕelien Djengue Kotte Cabinet Maître Marie
FIDAFRICA / Chanthy Sin Cabinet Ekobo Andrée NGWE
PricewaterhouseCoopers Willy Rubeya Linex
Rubeya & Co - Advocates Laurent Dongmo Henri Moutalen
Moussa Traore Lor Sok Jing & Partners FIDAFRICA /
Direction générale des Benjamin Rufagari Arbitration Council PricewaterhouseCoopers
impots Deloitte Foundation Régine Dooh Collins
Jean Jacques Mpanjo Lobe
Fousséni Traoré Fabien Segatwa Suy Sokha Annette Ebelle
MCA Audit & Conseil
FIDAFRICA / Etude Me Segatwa HR Inc. (Cambodia) Co., Cadire
PricewaterhouseCoopers Ltd. Aimé Ndock Len
Gabriel Sinarinzi Marie Marceline Enganalim
M & N Law Firm, cabinet
Yacouba Traoré Cabinet Me Gabriel Sorphea Sou Etude Me Enganalim d’avocats
Commune de Ouagadougou Sinarinzi Arbitration Council Marceline
Foundation Marcelin Yoyo Ndoum
Laurent Traore Sy Audace Sunzu Pascal Enpe
Etude de notaire Wo’o
ONEA REGIDESO-Burundi Vuthy Sreng Lucas Florent Essomba
PricewaterhouseCoopers Isidore Baudouin Ndzana
Bouba Yaguibou Egide Uwimana Cabinet Essomba &
Associés FIDAFRICA/
SCPA Yaguibou & Yanogo Tribunal du Travail de Ousaphea Suos PricewaterhouseCoopers
Bujumbura Acleda Bank Plc. Badjeck Esther
Emmanuel Yehouessi Félix Faustin Ngoh
David Symansky Freelance Lawyer
BCEAO C A M B ODIA Cabinet d’Avocats Henri
HR Inc. (Cambodia) Co., Marie-Claude Etoke Job
Rahmatou Zongo Kosal Chan Ltd.
Cabinet Yaguibou & Mbu Etonga Ephraim Ngwafor
Acleda Bank Plc. Michael Tan
Yanogo Ngwafor & Partners Ngwafor & Partners
Rithy Chey RAF International
Ousmane Prosper Zoungrana Forwarding (Cambodia) Fankam Gaelle Laure Marie-Andrée Ngwe
B.N.G. - Advocates &
Tribunal de Grande Solicitors Inc. Cabinet SFR Cabinet Maître Marie
Instance de Ouagadougou Andrée NGWE
Charya Chum Rathvisal Thara Hervé Guiffo
Jean Celéstin Zoure B.N.G. - Advocates & Damco Cameroun SA Patrice Guy Njoya
Arbitration Council
Office Notarial Me Jean Foundation Solicitors Cabinet Maître Marie
Celestin Zoure Caroline Idrissou-Belingar Andrée NGWE
Naryth Hem Hour Janvibol Tip BEAC
Tip & Partners Jacques Nyemb
BU RU N DI B.N.G. - Advocates & Samuel Iyug Iyug
Solicitors Cabinet Nyemb
Sinath Un Groupement des
Joseph Bahizi Entreprises de Fret et Olivier Priso
Banque de la République Phalla Im DFDL Mekong Law Group
Sciaroni & Associates Messagerie du Cameroun Ville de Douala
du Burundi Communauté Urbaine de
C A M E RO ON Angoh Angoh Jacob
Sylvestre Banzubaze Visal Iv Douala
Electricite du Cambodge Legal Power Law Firm
Avocat au barreau du Roland Abeng Nisrine Senoussi
Burundi Chhorpornpisey Keo Cabinet d’Avocats Abeng Paul T. Jing FIDAFRICA /
Acleda Bank Plc. Roland Jing & Partners PricewaterhouseCoopers
Jean De Dieu Basabakwinshi
IMATCO Vicheka Lay Pierre Aloma Henri Pierre Job Hakilas Paul Tchagna
B.N.G. - Advocates & Guichet Unique des Cabinet d’Avocats Henri FIDAFRICA /
Cyprien Bigirimana Operations du Commerce Job
Tribunal de Grande Solicitors PricewaterhouseCoopers
Exterieur-Gie
Instance de Gitega Michael Liam Garvey Etoke Joël Nadine Tinen Tchangoum
Gilbert Awah Bongam FIDAFRICA /
Ange Gakundwakazi BNG Legal Serge Jokung
Achu and Fon-Ndikum Law PricewaterhouseCoopers
Deloitte Jean Loi Firm Cabinet Maître Marie
Andrée NGWE Duga Titanji
Gerard Handika PricewaterhouseCoopers Feh Henry Baaboh
Deloitte Serge Albert Jokung Duga & Co. Law Firm
Alexander May Henry, Samuelson & Co.
Cabinet Maître Marie Chrétien Toudjui
Dominik Kohlhagen DFDL Mekong Law Group Esther Badjeck Andrée NGWE
Institute of Development Afrique Audit Conseil
Long Mom Andritz Vatech Hydro Julienne Kengue Piam Baker Tilly
Policy and Management RAF International
(IOB), University of Caroline BARLA Nimba Conseil SARL Eliane Yomsi
Forwarding (Cambodia)
Antwerp Inc. CeB CRéA Jean Aime Kounga Karvan Finance
Ildephonse Nahimana Kaing MoniKa Thomas Didier Remy Cabinet d’Avocats Abeng
Banque de la République Batoumboug Roland C A NA DA
The Garment
du Burundi Manufacturers Cadire Sarah Limunga Saad Ahmad
Bonaventure Nicimpaye Association in Cambodia Pierre Bertin Simbafo High Court Fako Blake, Cassels & Graydon,
Intercontact Services, S.A. Phan Phalla BICEC Jean Michel Mbock Biumla member of Lex Mundi
Claver Nigarura Supreme National M & N Law Firm, cabinet David Bish
Rubeya & Co - Advocates Economic Council d’avocats Goodmans LLP
ACKNOWLEDGMENTS 215
Ann Borooah Jenifer Robertson Aguinaldo Rosario Oscar D’Estaing Deffosso Issouf Traore
Toronto City Hall Electrical Safety CIC- Cabo Verde LDA FIDAFRICA / Imperial Tobacco
Authority PricewaterhouseCoopers
Cindy Chung Tito Lívio Santos Oliveira Sobdibé Zoua
Corporations Canada Harris M. Rosen Ramos Thomas Dingamgoto Cabinet Sobdibe Zoua
Fogler Rubinoff Engic Cabinet Thomas
Allan Coleman Dingamgoto Patedjore Zoukalne
Osler, Hoskin & Harcourt Kelly Russell Arnaldo Silva Direction de
LLP PricewaterhouseCoopers Arnaldo Silva & Ernest Djagba Balandi l’enregistrement des
Associados BEAC - Chad Domaines, du Timbre et de
John Craig Paul Schabas la Conservation Fonciere
Heenan Blaikie LLP, Blake, Cassels & Graydon, Jose Spinola Alex Djekadom
member of Ius Laboris member of Lex Mundi FPS Ministere des Finances CHILE
- Direction des grandes
Rod Davidge Karen Simmons João Carlos Tavares Fidalgo entreprises
Osler, Hoskin & Harcourt Toronto City Hall Banco Central de Cabo Luis Avello
LLP Verde Amane Rosine Djibergui PricewaterhouseCoopers
Shane Todd Cabinet Notarial Djibergui Legal Services
David G. Ellis Heenan Blaikie LLP, Liza Helena Vaz
CB Richard Ellis d.o.o. member of Ius Laboris PricewaterhouseCoopers Mahamat Ousman Djidda Angeles Barría
Cabinet d’Architecture & Philippi, Yrarrazaval,
Jeremy Fraiberg Sharon Vogel Leendert Verschoor Urbanisme Pulido & Brunner,
Osler, Hoskin & Harcourt Borden Ladner Gervais LLP PricewaterhouseCoopers Abogados Ltda
LLP N’Doningar Djimasna
George Waggott Faculté de Droit, Magdalena Barros
Bhavin Ganatra CENTRAL AFRICAN
Lang Michener LLP Université de N’Djamena Baker & McKenzie
Forwarding Unlimited Inc. REPUBLIC
Elysee Eldjimbaye Sandra Benedetto
Yoine Goldstein C A P E V E R DE Jean Christophe Bakossa Mbaihoudou PricewaterhouseCoopers
McMillan LLP Hermínio Afonso L’ordre Centraficain des Huissier de Justice/
Architectes José Benitez
Steven Golick PricewaterhouseCoopers Chambre Nationale des PricewaterhouseCoopers
Osler, Hoskin & Harcourt Christiane Doraz-Serefessenet Huissiers de Justice du Legal Services
Bruno Andrade Alves Tchad
LLP Cabinet Notaire Doraz-
PricewaterhouseCoopers Serefessenet Jorge Benitez Urrutia
John Humphries Mahamat Nour Idriss Haggar
Susana Caetano Urrutia & Cía
Toronto City Council Emile Doraz-Serefessenet Société Tchadienne d’Eau
PricewaterhouseCoopers Cabinet Notaire Doraz- et d’Electricité (STEE) Carolina Benito Kelly
(Building Department)
Liver Canuto Serefessenet Caroline Idrissou-Belingar Núñez Muñoz y Cia Ltda
Pamela S. Hughes Abogados
PricewaterhouseCoopers Marie-Edith Douzima-Lawson BEAC
Blake, Cassels & Graydon,
member of Lex Mundi Ana Catarina Carnaz Cabinet Douzima & Miguel Capo Valdes
Delphine K Djiraibe
PricewaterhouseCoopers Ministère de la fonction Besalco S.A.
Robert Hughes Avocate à la Cour
publique Myriam Caro
Osler, Hoskin & Harcourt Ana Raquel Costa Francis Kadjilembaye
LLP PricewaterhouseCoopers Dolly Gotilogue PricewaterhouseCoopers
Cabinet Thomas
Cabinet Ledoux Seina Dingamgoto Héctor Carrasco
Armando Iannuzzi Ilíldio Cruz
Russell Bedford Gabinete de Advocacia Caroline Idrissou-Belingar Béchir Madet Superintendencia de
International Consultoria e BEAC Bancos e Instituciones
Office Notarial Financieras
Andrew Kent Procuradoria Juridica Groupe Kamach Moustapha Ali Moustapha Josefina Casals
McMillan LLP Jorge Lima Delgado Lopes Jean Paul Maradas Nado Ministere de la Justice
Núcleo Operacional da PricewaterhouseCoopers
Harris Kligman Ministère de l’Urbanisme Garde des Sceaux/ Tribunal
Sociedade de Informação de Commerce de N’Djamena Andrés Chirgwin
Russell Bedford Timothee M’beto
International Quilda do Canto Jean Paul Nendigui Chirgwin SpA Abogados
TTCI
Joshua Kochath AUDITEC - Auditores & N Consulting Cristobal Correa Echavarria
Consultores Serge Médard Missamou Guerrero, Olivos, Novoa y
Forwarding Unlimited Inc. Club OHADA Josue Ngadjadoum
Joana Gomes Rosa Errázuriz
George Kotsifas Avocat
Advocacia/Consultoria Jacob Ngaya Camilo Cortés
City of London Direction Génerale des Issa Ngarmbassa
Energie Centrafricaine Guerrero, Olivos, Novoa y
Susan Leslie Impôts Etude Me Issa Ngar mbassa Errázuriz
(ENERCA)
First Canadian Title Gina Roosalem Hissen Ngaro
Jose Manuel Fausto Lima Karla Cortez
Craig Lockwood Chambre des Notaires de Huissier de Justice/ PricewaterhouseCoopers
Empresa de Electricidade E Centrafrique Chambre Nationale des
Osler, Hoskin & Harcourt Agua (Electra) Legal Services
LLP Huissiers de Justice du
Nicolas Tiangaye Tchad Ramon Delpiano
Luis Pedro Maximiano
William McCarthy Nicolas Tiangaye Law Firm Jaime Guzman E. Fundacion
Millennium Challenge Tchoutcha Ousman
First Canadian Title Account - MCA Cape Verde
C HA D Société Tchadienne d’Eau Eduardo Dorat
Artem Miakichev Francisco Guimarães Melo et d’Electricité (STEE) Cariola Diez Perez-
Osler, Hoskin & Harcourt PricewaterhouseCoopers Adoum Daoud Adoum Nissaouabé Passang Copatos & Cia
LLP Haroun
João M.A. Mendes Etude Me Passang César Valenzuela Escalona
Thomas O’Brien S.C.G.A.D.A. et Fils
AUDITEC - Auditores & Nisrine Senoussi Chilectra
PricewaterhouseCoopers Consultores Ahmat Affono Tchari
FIDAFRICA / Claudia Paz Escobar
Alfred Page Société Tchadienne d’Eau PricewaterhouseCoopers
Ana Pinto Morais et d’Electricité (STEE) Chirgwin SpA Abogados
Borden Ladner Gervais LLP PricewaterhouseCoopers Senoussi Ahmat Senoussi
Amir Allamine Nicolas Fernandez
Eric Paton Catarina Nunes Cabinet d’Architecture & Cariola Diez Perez-
Ministere de la Justice Urbanisme
PricewaterhouseCoopers PricewaterhouseCoopers Garde des Sceaux/ Tribunal Copatos & Cia
Saul Plener José Manuel Pinto Monteiro de Commerce de N’Djamena Koulamallah Souradj Pamela Flores
PricewaterhouseCoopers Advogados & Gabriel Nathé Amady Chamber of Commerce, PricewaterhouseCoopers
Jurisconsultos Industry, Agriculture,
Antonin Pribetic Avocat Mine and Crafts of Chad Pabla Gainza
Steinberg Morton Hope & Miguel Garoupa Puim Atadet Azarak Mogro Cariola Diez Perez-
Israel LLP Amos D. Tatoloum Onde Copatos & Cia
PricewaterhouseCoopers Société Tchadienne d’Eau Societe Africaine
Christopher Richter Armando J.F. Rodrigues et d’Electricité (STEE) d’Architecture et Rodrigo Galleguillos
Woods LLP PricewaterhouseCoopers Theophile B. Bongoro d’Ingenierie Núñez Muñoz y Cia Ltda
Cabinet Notarial Bongoro Abogados
Damian Rigolo Elisa Rodrigues Nadine Tinen Tchangoum
Osler, Hoskin & Harcourt Núcleo Operacional da FIDAFRICA / Cristian Garcia-Huidobro
LLP Sociedade de Informação PricewaterhouseCoopers Boletin Comercial
216 DOING BUSINESS 2011
Andrés González Ricardo Riesco Elliott Youchun Chen Terence Tung Lorena Arambula
Núñez Muñoz y Cia Ltda Philippi, Yrarrazaval, Jun Ze Jun Law Offices Mayer Brown LLP Cárdenas & Cárdenas
Abogados Pulido & Brunner,
Abogados Ltda Jie Chen Andy Wang Alexandra Arbelaez
Juan Pablo Gonzalez M. Jun He Law Offices, member Pinsent Masons Russell Bedford Colombia,
Guerrero, Olivos, Novoa y Isabel Rios of Lex Mundi member of Russell Bedford
Errázuriz Baker & McKenzie Audrey Wang International
Yixin Chen Qindao Law Firm
José Gutiérrez Constanza Rodriguez Davis Polk & Wardwell Manuela Arizmendi
PricewaterhouseCoopers Philippi, Yrarrazaval, Celia Wang Posse Herrera & Ruiz
Pulido & Brunner, Yw Chung PricewaterhouseCoopers
Christian Hermansen Abogados Ltda Baker Botts LLP María Camila Bagés
Rebolledo Fenghe Wang Brigard & Urrutia, member
ACTIC Consultores Edmundo Rojas García Yu Du Dacheng Law Offices of Lex Mundi
Conservador de Bienes MMLC Group
Manuel Hinojosa Guoqi Wang Marcela Barberena
Raíces de Santiago Hongtao Fan Hua-Ander CPAs, member
Núñez Muñoz y Cia Ltda Cavelier Abogados
Abogados Pamela Rubio JoinWay Lawfirm of Russell Bedford
Núñez Muñoz y Cia Ltda International Luis Alfredo Barragán
Javier Hurtado Grace Fang Brigard & Urrutia, member
Abogados Pinsent Masons Jin Wang
Cámara Chilena de la of Lex Mundi
Construcción Bernardita Saez Lovells
Wei Gao Claudia Benavides
Alessandri & Compañía ZY & Partners Kelly Wang
Fernando Jamarne Gómez-Pinzón Zuleta
Alessandri & Compañía Marco Salgado MMLC Group Abogados S.A.
Leo Ge
Alcaíno, Rodríguez & Sahli Global Star Logistics Co. Li Wang
Andrés Jara Limitada Juan Pablo Bonilla
Guerrero, Olivos, Novoa y Ltd. DeHeng Law Offices Baker & McKenzie
Errázuriz Andrés Sanfuentes Alexander Gong William Wang
Philippi, Yrarrazaval, Gloria María Borrero Restrepo
Marcelo Laport Baker & McKenzie PricewaterhouseCoopers Corporación Excelencia en
Pulido & Brunner,
PricewaterhouseCoopers Abogados Ltda Scott Guan Anthea Wong la Justicia
León Larrain Martín Santa María O. Jade & Fountain Law PricewaterhouseCoopers Leonardo Calderón Perdomo
Baker & McKenzie Offices (PRC) Colegio de Registradores
Guerrero, Olivos, Novoa y Cassie Wong
Errázuriz Lawrence Guo PricewaterhouseCoopers de Instrumentos Públicos
Carolina Lastra de Colombia
PricewaterhouseCoopers Francisco Selamé Jade & Fountain Law
Offices (PRC) Kent Woo
PricewaterhouseCoopers Ana Maria Calero
Jose Luis Letelier Guangda Law Firm
Legal Services Kian Heong Hew Cavelier Abogados
Cariola Diez Perez- Jingjun Wu
Copatos & Cia Marcela Silva Pinsent Masons Carolina Camacho
Davis Polk & Wardwell
Philippi, Yrarrazaval, Mark Ho Posse Herrera & Ruiz
Luis Maldonado Croquevielle Sarah Xuan
Conservador de Bienes Pulido & Brunner, Jade & Fountain Law Claudia Marcela Camargo
Abogados Ltda Offices (PRC) MMLC Group
Raíces de Santiago PricewaterhouseCoopers
Luis Fernando Silva Ibañez Min (Cindy) Huang Frank Yang
Pablo Martel Darío Cárdenas
Yrarrázaval, Ruiz-Tagle, O’Melveny & Myers LLP Mayer Brown LLP
Núñez Muñoz y Cia Ltda Cárdenas & Cárdenas
Abogados Goldenberg, Lagos & Silva Bo Yu
John T. Kuzmik Daniel Cardoso
Carolina Masihy Cristobal Smythe Baker Botts LLP PricewaterhouseCoopers
PricewaterhouseCoopers
Carey y Cía Ltda. Bahamondez, Alvarez & Natalie Yu
Zegers Edward E. Lehman Ernesto Cavelier
Juan Pablo Matus Lehman, Lee & Xu Shu Jin Law Firm
Alan Spencer Rodriguez & Cavelier
Cariola Diez Perez- Ian Lewis Xia Yu
Copatos & Cia Alessandri & Compañía Juan Pablo Cepeda
Mayer Brown LLP MMLC Group
Charles Spencer Sociedad Portuaria
Consuelo Maze Clare Li Laura Yuan Regional de Cartagena
Núñez Muñoz y Cia Ltda Spencer Global Chile
Noronha Advogados King & Wood PRC Lawyers Felipe Cuberos
Abogados Cristobal Sumar
Qing Li Josey Zhang Prieto & Carrizosa S.A.
Raimundo Moreno PricewaterhouseCoopers
Qing K&L Gates LLP María Helena Díaz Méndez
Cariola Diez Perez- Juan Turner
Copatos & Cia Deng Liang Nicholas Zhang PricewaterhouseCoopers
Bahamondez, Alvarez &
Zegers Jun He Law Office, member PricewaterhouseCoopers Carlos Fradique-Méndez
Enrique Munita
of Lex Mundi Yi Zhang Brigard & Urrutia, member
Philippi, Yrarrazaval, Sebastián Valdivieso
Pulido & Brunner, Derek Liu King & Wood PRC Lawyers of Lex Mundi
Yrarrázaval, Ruiz-Tagle,
Abogados Ltda Goldenberg, Lagos & Silva Lovells Johnson Zheng Liliana Fuentes
Rodrigo Muñoz Luis Felipe Vergara Lucy Lu Xiamen All Carbon Russell Bedford Colombia,
Núñez Muñoz y Cia Ltda Maldonado King & Wood PRC Lawyers Corporation member of Russell Bedford
Abogados International
Conservador de Bienes Matthew Murphy Cevela Zhou
Gerardo Ovalle Mahns Raíces de Santiago O’Melveny & Myers LLP Luis Hernando Gallo Medina
MMLC Group
Yrarrázaval, Ruiz-Tagle, Paula Warnier Gallo Medina Abogados
Jackie Qi Judy Zhu Asociados
Goldenberg, Lagos & Silva PricewaterhouseCoopers
Pinsent Masons Mayer Brown LLP
Luis Parada Hoyl Isabella Gandini
Arturo Yrarrázaval Wang Zichuan
Bahamondez, Alvarez & Covarrubias Gustavo Rabello Rodriguez & Cavelier
Zegers Noronha Advogados DeHeng Law Offices
Yrarrázaval, Ruiz-Tagle, Hermes García
Miguel Pavez Goldenberg, Lagos & Silva Stephen Rynhart C OL OM B IA Cavelier Abogados
Russell Bedford Chile, Matías Zegers Jones Lang LaSalle Clara Inés Gómez
member of Russell Bedford Bahamondez, Alvarez & Carlos Alcala
Han Shen Lloreda Camacho & Co.
International Zegers Lloreda Camacho & Co.
Davis Polk & Wardwell Olga Lucía Guevara
Maria Fernanda Peters Enrique Alvarez
C H I NA Jack Sun Brigard & Urrutia, member
Cariola Diez Perez- Lloreda Camacho & Co. of Lex Mundi
Copatos & Cia Lovells
May Bai Natalia Angel Santiago Gutiérrez
Alberto Pulido A. Sarah Sun
Lovells Brigard & Urrutia, member Lloreda Camacho & Co.
Philippi, Yrarrazaval, PricewaterhouseCoopers of Lex Mundi
Pulido & Brunner, Rex Chan Monica Hernandez
Lawrence Sussman Jaime Mauricio Angulo
Abogados Ltda PricewaterhouseCoopers Arrieta Bustamante
O’Melveny & Myers LLP Sanchez
Alfonso Reymond Larrain Rico Chan Computec - DataCrédito John Herreno
Jessie Tang
Chadwick & Aldunate Baker & McKenzie HM & Company LTDA
Global Star Logistics Co.
Abogados Ltd.
ACKNOWLEDGMENTS 217
Jorge Lara-Urbaneja Carolina Villadiego Burbano Jean-Délphin Lokonde Prosper Bizitou Françoise Mbongo
Lara Consultores Corporación Excelencia en Mvulukunda FIDAFRICA / Cabinet Mbongo
la Justicia Cabinet Masamba PricewaterhouseCoopers
Ernesto López Norbert Diétrich M’Foutou
Cárdenas & Cárdenas Laura Villaveces Nobel Lubamba Nguba Antoine Bokolo Joue Etude de Maitres Séraphin
Brigard & Urrutia, member Cabinet Avocats Associés CAP Architects Mcakosso-Douta et
Gabriela Mancero of Lex Mundi Andre et Vincent Norbert M’Foutou
Cavelier Abogados Mroin Boris
Alberto Zuleta Serge Mwankana Lulu Martial Wildovert Moukoko
Luisa Fernanda Mantilla Andre Boungou
Gómez-Pinzón Zuleta Vital Lwanga Bizanbila Societe Nationale des Eaux
Cavelier Abogados Abogados S.A. Ministere de la
Cabinet Vital Lwanga Construction, de Robert Ngabou
María Nella Marquez l’Urbanisme et de l’Habitat CAP Architects
Cavelier Abogados C OM ORO S Crispin Makaya
Cabinet Jean Bosco Muaka David Bourion Brigitte Ngolete
Cristina Mejía Hassoumani Assoumani & Associates FIDAFRICA / Mairie de Brazzaville
Posse Herrera & Ruiz Tribunal de première PricewaterhouseCoopers
instance de Moroni Noel Mangala Paulin Ntsouari
Carlos Mejia Gomez Cabinet Certac Claude Coelho
Lloreda Camacho & Co. Remy Grondin Cabinet d’Avocats Claude Regina Nicole Okandza Yoka
Vitogaz Comores Jean Claude Mbaki Siluzaku Coelho Direction Génerale des
Luis Gabriel Morcillo Cabinet Mbaki et Associés Impôts
Brigard & Urrutia, member Haroussi Idrissa J. F. Dathet
of Lex Mundi Tribunal de première Bernard Claude Mbu ne SDV Armand Robert Okoko
instance de Moroni Letang
Fabian Moreno Georges Ebale Brice Ondongo-Ezhet
Cabinet de Maître Mbu Ne
Lloreda Camacho & Co. Ahamada Mahamoudou Letang Tribunal de Commerce de CAC
Cabinet Ledoux Seina Brazzavile Jean Petro
María Neira Tobón Didier Mopiti
Holguín, Neira & Pombo Mohamed Maoulida MBM Conseil Jean-Philippe Esseau Cabinet d’Avocats Jean
Abogados Audit Conseil- Cabinet Esseau Petro
International Louman Mpoy
Luis E. Nieto Mathias Essereke Adrien Pittie
Cabinet Mpoy - Louman &
Nieto & Chalela Associés Cabinet d’Avocats Claude SDV
C ON G O, DE M . R E P.
Mónica Pedroza Garcés Coelho Chimène Prisca Nina Pongui
Jean Bosco Muaka
Corporación Excelencia en Alphin Babala Mangala Henriette Lucie Arlette Galiba Etude de Me Chimène
Cabinet Jean Bosco Muaka
la Justicia GTS Express & Associates Office Notarial Me Galiba Prisca Nina Pongui
Carlos Felipe Pinilla Acevedo Jean Adolphe Bitenu Emery Mukendi Wafwana Gaston Gapo Alexis Sah
Pinilla González & Prieto ANAPI Cabinet Emery Mukendi Atelier d’Architecture et Pouvoir Judiciaire
Abogados Deo Bukayafwa Wafwana & Associés d’Urbanisme Jean Bertin Sela
Carolina Posada MBM Conseil M. Hilaire Mumvudi Mulangi A.A. Matondo Goma Cabinet Notarial Sela
Posse Herrera & Ruiz Armand Ciamala Ministère de l’Urbanisme Cour d’Appel de Dominique Taty
Raul Quevedo Ciamala & Partners et de l’Habitat Brazzaville Congo Rep. FIDAFRICA /
Lloreda Camacho & Co. Jacques Munday David Guarnieri PricewaterhouseCoopers
Edmond Cibamba Diata
Catalina Reyes Cabinet Emery Mukendi Cabinet Ntoto et Nswal PricewaterhouseCoopers Louis Zingat-Makosso
Wafwana & Associés Legal Services Société Nationale
Lloreda Camacho & Co. Marius Muzembe Mpungu
Cabinet Kabasele - Mfumu Caroline Idrissou-Belingar d’Electricité (SNEL)
Irma Rivera Victor Créspel Musafiri
Cabinet d’avocat JCC & A & Associés BEAC
Brigard & Urrutia, member C O S TA R I C A
of Lex Mundi Hervé Diakiese Victorine Bibiche Nsimba Karelle Koubatika
Cabinet Ledoux Seina Kilembe Office 2K Aisha Acuña
Luis Carlos Robayo
Barreau de Kinshasa/ André Tinoco Abogados
Russell Bedford Colombia, Prosper Djuma Bilali Matete Sylvert Bérenger Kymbassa
member of Russell Bedford Cabinet Masamba Boussi Mariana Alfaro
International Laurent Okitonembo Etude Maitre Béatrice Cordero & Cordero
Irénée Falanka Cabinet Djunga & Risasi Dianzolo, Huissier de Abogados
Sonia Elizabeth Rojas Izaquita
Cabinet Jean Bosco Muaka Justice
Gallo Medina Abogados & Associates Jean-Louis Paquet Carlos Araya
Asociados Atelier d’ Architecture Emmanuel Le Bras Quirós & Asociados
Patrick Gérenthon FIDAFRICA / Central Law
Cristina Rueda Londoño Marc Perazzone
Agetraf s.a.r.l. - SDV PricewaterhouseCoopers
Baker & McKenzie Cabinet Architecte Marc Carlos Barrantes
David Guarnieri Perazzone Christian Eric Locko PricewaterhouseCoopers
Angela Salazar Blanco
PricewaterhouseCoopers Brudey, Ondziel Gnelenga,
Lloreda Camacho & Co. Legal Services Pierre Risasi Locko Cabinet d’Avocats Alejandro Bettoni Traube
Paula Samper Salazar Cabinet Djunga & Risasi Doninelli & Doninelli
Amisi Herady Salomon Louboula - Asesores Jurídicos
Gómez-Pinzón Zuleta ANAPI Dominique Taty Etude Notariale Asociados
Abogados S.A. FIDAFRICA /
Sandra Kabuya PricewaterhouseCoopers Jean Prosper Mabassi Eduardo Calderón-Odio
Juan Daniel Sierra
Cabinet Jean Bosco Muaka Ordre National des BLP Abogados
Rodriguez & Cavelier & Associates Mbuyi Tshibuabua Avocats du Congo Barreau
Société Nationale de Brazzaville Bernardo Calvo
Pablo Sierra Mukaba Kalambayi d’Electricité (SNEL) Grupo Mega de Costa Rica
Posse Herrera & Ruiz Société Nationale Guy Remy Makosso BR, S.A
d’Electricité (SNEL) Yoko Yakembe Ordre National des
Paola Spada Juan José Carreras
Corporación Excelencia en C ON G O, R E P. Avocats du Congo Barreau
Pierre Kazadi Tshibanda de Brazzaville BLP Abogados
la Justicia Cabinet Masamba Jean Francois Apoko Felix Makosso Lassi Adriana Castro
Raúl Alberto Suárez Arcila Arly Khuty Mairie de Brazzaville Cabinet Notarial Lassi BLP Abogados
Independent Practitioner Avocat
(Attorney-at-Law) Jean Roger Bakoulou Roger Masamba Makela Leonardo Castro
Eldon Khuty Banque des Etats de Universite Protestante au Oller Abogados
Maria Teresa Tamara l’Afrique Centrale
Agetraf s.a.r.l. - SDV Congo
Lloreda Camacho & Co. Silvia Chacon
Phistian Kubangusu Makiese Felicte Clarisse Batantou Ado Patricia Marlene Matissa Alfredo Fournier &
Gustavo Tamayo Arango Direction départmentale
Cabinet Masamba Cabinet Notarial Matissa Asociados
Lloreda Camacho & Co. de la Reforme Foncière du
Pierre-Pépin Kwampuku Latur cadastre Rose Mavoungou Daniel Chaves
Jose Alejandro Torres
Cabinet Pepin Kwampuku Centre de Formalites CINDE
Posse Herrera & Ruiz Prosper Bianga
Jerome A. Mbuyi Kabeya Laba Administratives des Ricardo Cordero B.
Patricia Vergara Conseil du Barreau de Entreprises
Ciamala & Partners Brazzaville Cordero & Cordero
Gómez-Pinzón Zuleta Abogados
Abogados S.A.
218 DOING BUSINESS 2011
Hernán Cordero Maduro Fernando Sanchez Castillo Patricia N’guessan Anita Heršak Klobŭcarević Irena Šribar Radić
Cordero & Cordero Russell Bedford Costa Cabinet Jean-François Porobija & Porobija Law Law Firm Gjurgjan & Šribar
Abogados Rica, member of Russell Chauveau Firm Radić
Bedford International
Luis Fernando Escalante J. Jacques Otro Jana Hitrec Mario Štefanić
Grupo Mega de Costa Rica Luis Sibaja Conseil National de Čačić & Partners Transadria
BR, S.A LEX Counsel l’Ordre des Architectes
Branimir Iveković Porobija & Porobija
Roberto Esquivel Miguel Golcher Valverde Athanase Raux Vidan Law Office Zoran Tasić
Oller Abogados Colegio de Engenieros Cabinet Raux, Amien &
Electricistas Associés Irina Jelčić CMS Zagreb
Freddy Fachler Hanžeković, Radaković &
Marianela Vargas Dominique Taty Ivan Ćuk
Pacheco Coto Partners, member of Lex
PricewaterhouseCoopers FIDAFRICA / Mundi Vukmir & Asociates Law
Marianna Fonseca PricewaterhouseCoopers Firm
BLP Abogados Ricardo Vargas Krešimir Jelaković
Fatoumata Konaté Touré Bebo Ivana Urem
Oller Abogados Šavorić & Partners
V. Andrés Gómez Cabinet de notaire Konaté Assono Ltd. Croatia
PricewaterhouseCoopers Rocio Vega Touré Bebo Sanja Jurković
Hrvoje Vidan
Grupo Mega de Costa Rica PricewaterhouseCoopers
Rolando Gonzalez BR, S.A Fousséni Traoré Vidan Law Office
Cordero & Cordero FIDAFRICA / Janos Kelemen
Rodrigo Zapata Zrinka Vrtarić
Abogados PricewaterhouseCoopers PricewaterhouseCoopers
LEX Counsel CMS Zagreb
Andrea González Jean Christian Turkson Branko Kirin
Jafet Zúñiga Salas Željko Vrban
BLP Abogados CIE Čačić & Partners
Superintendencia General Eugen Zadravec
Randall González de Entidades Financieras Emmanuel Yehouessi Marija Krizanec
Eugen Zadravec Law Firm
BLP Abogados BCEAO Juric and Partners
C ÔT E D’ I VOI R E Attorneys at Law
David Gutierrez Léon Désiré Zalo C Y P RU S
BLP Abogados Ministère d’Etat, Ministère Anita Krizmanić
Diaby Aboubakar Mačešić & Partners, Alexandros Alexandrou
Carolina Gutiérrez BCEAO de l’Agriculture
Odvjetnicko drustvo Tornaritis Law Firm
Oller Abogados Seydou Zerbo
Ika Raymond Any-Gbayere Dubravka Lacković Irene Anastassiou
Paola Gutiérrez Mora Any Ray & Partners SCPA Dogué-Abbé Yao &
Associés CMS Zagreb Dr. K. Chrysostomides &
LEX Counsel Co LLC
César Asman Miroslav Leko
Mario Gutiérrez Quintero Cabinet N’Goan, Asman & C ROAT IA Leko & Partners Andreas Andreou
LEX Counsel Associés Cyprus Global Logistics
Andrea August Krešimir Ljubić
Jorge Guzmán Jean-Luc Bernard Financial agency - Centre Leko & Partners Anita Boyadjian
LEX Counsel SDV - SAGA CI for HITRO.HR Info Credit Group
Marko Lovrić
Roy Guzman Ramirez Aminata Cone Zoran Avramović Divjak, Topić & Antonis Charalambous
Compañía Nacional de SCPA Dogué-Abbé Yao & Ministry of Justice Bahtijarević Limassol Municipality
Fuerza y Luz Associés
Ivana Bandov Miroljub Mačešić Antonis Christodoulides
María del Mar Herrera Issa Diabaté Juric and Partners Mačešić & Partners, PricewaterhouseCoopers
BLP Abogados Koffi & Diabaté Attorneys at Law Odvjetnicko drustvo Kypros Chrysostomides
Milena Hidalgo Junior Doukoure Hrvoje Bardek Josip Marohnić Dr. K. Chrysostomides &
Teletec S.A. Any Ray & Partners CMS Zagreb Divjak, Topić & Co LLC
Randall Zamora Hidalgo Dorothée K. Dreesen Bahtijarević Achilleas Demetriades
Ivo Bijelić
Costa Rica ABC Etude Maitre Dreesen PricewaterhouseCoopers Andrej Matijevich Lellos P Demetriades Law
Vivian Jiménez Bertrand Fleury Matijevich Law Office Office LLC
Marijana Božić
Oller Abogados SDV - SAGA CI Divjak, Topić & Tomislav Pedišić Alexandros Economou
Ivannia Méndez Rodríguez Jean Claude Gnamien Bahtijarević Vukmir & Asociates Law Chrysses Demetriades & Co
Oller Abogados FIDAFRICA / Firm Marios Eliades
Marko Borsky
PricewaterhouseCoopers Divjak, Topić & Marija Petrović M.Eliades & Partners LLC
Andres Mercado
Oller Abogados Barnabe Kabore Bahtijarević Divjak, Topić & Haris Fereos
NOVELEC Sarl Bahtijarević
Gabriela Miranda Irena Brezovečki Fereos & Associates
Guillaume Koffi Vidan Law Office Ivan Podvorec
Oller Abogados Pavlos Fereos
Conseil National de MBB UWS Prom d.o.o.
Jorge Montenegro Lana Brlek Fereos & Associates
l’Ordre des Architectes PricewaterhouseCoopers Sanja Porobija
SCGMT Arquitectura y Stephanos Fereos
Diseño Dogbémin Gérard Kone Porobija & Porobija Law
Belinda Čačić Firm Fereos & Associates
SCPA Nambeya-Dogbemin & Čačić & Partners
Eduardo Montoya Solano Associes Panicos Florides
Tihana Posavec
Superintendencia General Stefanija Čukman P.G. Economides & Co
de Entidades Financieras Kiyobien Kone Divjak, Topić &
Jurić and Partners Bahtijarević Limited, member of Russell
Société civile Attorneys at Law Bedford International
Cecilia Naranjo professionnelle d’Avocats Gordan Rotkvic
LEX Counsel (SCPA) Le Paraclet Martina Čulap Stefani Gabriel
PricewaterhouseCoopers
Pedro Oller Leko & Partners PricewaterhouseCoopers
Mahoua Kone Anita Rubini-Puller
Oller Abogados Etude de Maître Kone Saša Divjak Iacovos Hadjivarnavas
Porobija & Porobija Law
Ramón Ortega Mahoua Divjak, Topić & Firm Cyprus General Bonded
Bahtijarević and Transit Stores
PricewaterhouseCoopers Germain Kouame Boris Sarovic Association
Alvaro Quesada Loría CIE Ronald Given Šavorić & Partners
Wolf Theiss Zagreb Nasia Hadjivasili
Aguilar Castillo Love Arsène Dablé Kouassi Djuro Sessa PricewaterhouseCoopers
Mauricio Quiros SCPA Dogué-Abbé Yao & Ivan Gjurgjan County Court in Zagreb
Associés Law Firm Gjurgjan & Šribar Samantha G. Hellicar
Quiros & Asociados, Ana Sihtar Antis Triantafyllides &
Abogados y Notarios Radić
Charlotte-Yolande Mangoua Sihtar Attorneys at Law Sons LLC
Miguel Ruiz Herrera Etude de Maître Mangoua Tom Hadžija
Sikiric & Hadžija Attorney Dragutin Sikirić Christina Ioannidou
LEX Counsel Adeline Messou Ioannides Demetriou LLC
Partnership Sikiric & Hadzija Attorney
Jose Luis Salinas FIDAFRICA / Partnership
PricewaterhouseCoopers Lidija Hanžek Demetra Kalogerou
SCGMT Arquitectura y Manuela Špoljarić Cyprus Stock Exchange
Diseño HROK d.o.o.
Leko & Partners
ACKNOWLEDGMENTS 219
Panicos Kaouris Tamara Brixiová Veronika Mistova Thomas Booker Jette H. Ronøe
PricewaterhouseCoopers Peterka & Partners PRK Partners s.r.o. Accura Bech-Bruun Law Firm
advokátní kancelář Advokataktieselskab
George Karakannas Michal Buchta Louise Krarup Simonsen
CH.P. Karakannas Ambruz & Dark Law Firm Lenka Mrazova Ole Borch Kromann Reumert, member
Electrical Ltd. PricewaterhouseCoopers Bech-Bruun Law Firm of Lex Mundi
Hana Cekalova
Thomas Keane Squire, Sanders & Dempsey, David Musil Katrine Bundgaard Rajvinder Singh
Chrysses Demetriades & Co v.o.s., advokatni kancelar PricewaterhouseCoopers Philip Law Firm Experian Northern Europe
Harris Kleanthous Filip Celadnik Jarmila Musilova Peter Burhøj Martin Sørensen
Deloitte Peterka & Partners Czech National Bank Kromann Reumert, member 2M El-installation A/S
of Lex Mundi
Christina Kotsapa Jiří Černý Lenka Navrátilová Niels Bang Sørensen
Antis Triantafyllides & Peterka & Partners Ambruz & Dark Law Firm Jeppe Buskov Gorrissen Federspiel
Sons LLC Kromann Reumert, member Kierkegaard
Pavel Cirek Petr Novotny of Lex Mundi
Nicholas Ktenas Energy Regulator Office Ambruz & Dark Law Firm Kolja Staunstrup
Andreas Neocleous & Co. Czech Republic Frants Dalgaard-Knudsen Kromann Reumert, member
Legal Consultants Marketa Penazova Plesner of Lex Mundi
Martin Dančišin Ambruz & Dark Law Firm
George M. Leptos Glatzová & Co. Mogens Ebeling Kim Trenskow
Leptos Group Jan Petřík Bruun & Hjejle Kromann Reumert, member
Dagmar Dubecka Brzobohatý Brož & Honsa, of Lex Mundi
Pieris M. Markou Kocian Solc Balastik v.o.s. Eivind Einersen
Deloitte Philip Law Firm Ulla Trolle
Tereza Erényi Jan Procházka Ministry of Taxation
Christos Mavrellis PRK Partners s.r.o. Ambruz & Dark Law Firm Jakob Eriksen
Chrysses Demetriades & Co advokátní kancelář Lett Law Firm Knud Villemoes Hansen
Markéta Protivankova National Survey and
Alexia Mouskou Jitka Ernestová Vejmelka & Wünsch, s.r.o. Lars Fogh Cadastre
Ioannides Demetriou LLC Peterka & Partners Accura
Pavla PYikrylová Advokataktieselskab
Marios Panagiotou Kristýna Fiaerová Peterka & Partners DJ I B O U T I
Tornaritis Law Firm Peterka & Partners Anne Birgitte Gammeljord
Petros Rialas Gorrissen Federspiel Rahma Abdi Abdillahi
Themis Panayi Panicos Florides P.G. Economides & Co Kierkegaard Banque Centrale de
Cyprus Stock Exchange P.G. Economides & Co Limited, member of Russell Djibouti
Limited, member of Russell Bedford International Anne Louise Haack Andersen
Georgios Papadopoulos Bedford International Lett Law Firm Abdillahi Aidid Farah
M.Eliades & Partners LLC Zdenek Rosicky Avocat à la Cour
Michal Forýtek Squire, Sanders & Dempsey, Lita Misozi Hansen
Christina Papakyriakou Linklaters v.o.s., advokatni kancelar PricewaterhouseCoopers Wabat Daoud
Hasikou Cabinet Ledoux Seina
Antis Triantafyllides & Martin Froněk Leona Ševčíková Anders Hjortsholm
Sons LLC White & Case Panalpina Czech s.r.o. Kromann Reumert, member Félix Emok N’Dolo
of Lex Mundi CHD Group
Marios Pelekanos Jakub Hajek Robert Sgariboldi
Mesaritis Pelekanos Ambruz & Dark Law Firm Panalpina Czech s.r.o. Jens Hjortskov Mourad Farah
Architects - Engineers Philip Law Firm Notary
Michal Hanko Dana Sládečková
Maria Pilikou Bubnik, Myslil & Partners Czech National Bank Peter Honoré Fatouma Mahamoud Hassan
Dr. K. Chrysostomides & Kromann Reumert, member Cabinet Mahamoud
Co LLC Jarmila Hanzalova Ladislav Smejkal of Lex Mundi
PRK Partners s.r.o. White & Case Mayank Metha
Michael Pistoula advokátní kancelář Jens Steen Jensen Maersk Sealand Line
Limassol Municipality Petra Sochorova Kromann Reumert, member Djibouti
Jitka Hlavova Havel & Holásek s.r.o., of Lex Mundi
Petros Rialas PRK Partners s.r.o. advokátní kancelář Ibrahim Mohamed Omar
P.G. Economides & Co advokátní kancelář Jeppe Jørgensen Cabinet CECA
Limited, member of Russell Anna Staňková Bech-Bruun Law Firm
Michal Hrnčíř Havel & Holásek s.r.o., Abdallah Mohammed Kamil
Bedford International Etude Notariale
Ambruz & Dark Law Firm advokátní kancelář William Kanta
Criton Tornaritis Kromann Reumert, member Mohamed Omar Mohamed
Tornaritis Law Firm Pavel Jakab Paul Stewart of Lex Mundi
Peterka & Partners PricewaterhouseCoopers Cabinet Medomar
Stelios Triantafyllides Lars Kjaer Lantosoa Hurfin Ralaiarinosy
Antis Triantafyllides & Ludvik Juřička Marie Strachotová Bech-Bruun Law Firm
Ambruz & Dark Law Firm Peterka & Partners Groupement Cosmezz
Sons LLC Djibouti S.A.
Dorte Kjærgaard
Panikos Tsiailis Adela Krbcová Nina Studentova Accura
Peterka & Partners PRK Partners s.r.o. Aicha Youssouf Abdi
PricewaterhouseCoopers Advokataktieselskab Cabinet CECA
advokátní kancelář
Christodoulos Vassiliades Martin Krechler Aage Krogh
Christodoulos G. Glatzová & Co. Marek Švehlík Magnusson D OM I N I C A
Vassiliades & Co LLC Marek Švehlík
Alea Kubá Christine Larsen Alix Boyd-Knights
Ambruz & Dark Law Firm Růžena Trojánková Plesner
CZECH REPUBLIC House of Assembly
Kinstellar
Petr Kucera Susanne Schjølin Larsen Kathy Buffong
Allen & Overy LLP CCB - Czech Credit Bureau Klara Valentova Kromann Reumert, member Attorney General’s
Vladimír Ambruz Ambruz & Dark Law Firm of Lex Mundi Chambers
Petr Kuhn
Ambruz & Dark Law Firm White & Case Ludìk Vrána Alexander M. P. Johannessen Carl Duncan
Tomas Babacek Vrána & Pelikán Kromann Reumert, member Independent Regulatory
Zuzana Luklova
Ambruz & Dark Law Firm Ambruz & Dark Law Firm Vaclav Zaloudek of Lex Mundi Commission
Libor Basl White & Case Andreas Nielsen Marvlyn Estrado
Ondrej Machala
Baker & McKenzie Notary Chamber, Czech Bruun & Hjejle KPB Chartered
DE N M A R K Accountants
Stanislav Bednář Republic Susanne Nørgaard
Peterka & Partners Petr Měšťánek Elsebeth Aaes-Jørgensen PricewaterhouseCoopers Kareem Guiste
Kinstellar Norrbom Vinding, member Jim Øksnebjerg Independent Regulatory
Stanislav Beran of Ius Laboris Commission
Peterka & Partners Jiří Markvart Advokataktieselskabet
Ambruz & Dark Law Firm Peter Bang Horten F. Adler Hamlet
Tomáš Běhounek Plesner Realco Company Limited
BNT - pravda & partner, Peter Maysenhölder Henrik Pedersen
v.o.s. bnt - pravda & partner, Thomas Bang PricewaterhouseCoopers Foued Issa
v.o.s. Lett Law Firm Issa Trading Ltd.
220 DOING BUSINESS 2011
Sandra Julien Jose Ernesto Garcia A. Diego Cabezas-Klaere Gustavo Romero member of Russell Bedford
Companies and Transglobal Logistic Cabezas & Cabezas-Klaere Romero Arteta Ponce International
Intellectual Property Sameh Dahroug
Office Gloria Gasso Xavier Andrade Cadena Myriam Dolores Rosales
Headrick Rizik Alvarez & Andrade Veloz & Garcés Ibrachy & Dermarkar Law
Alick C. Lawrence Fernández Asociados Superintendencia de Firm
Lawrence Alick C. Bancos y Seguros Said Diab
Chambers Pablo Gonzalez Tapia Silvana Coka G.
González & Coiscou Geotransport S.A. Montserrat Sánchez Sherif Dabbous, Auditors
Charlene Mae Magnaye Coronel y Pérez & Financial Consultancies,
PricewaterhouseCoopers Luis J. Jiménez Fernando Coral member of Russell Bedford
Jiménez Cruz Peña Panalpina World Pablo Fernando Sarzosa Játiva International
Richard Peterkin Transport Ecuador Quito API Ecuador
PricewaterhouseCoopers José Antonio Logroño Morales Amany El Bagoury
Adams Guzman & Logroño Lucía Cordero Ledergerber Michelle Semanate Al Kamel Law Office
Joan K.R. Prevost Falconi Puig Abogados Falconi Puig Abogados
Prevost & Roberts José Ramón Logroño Morales Hanan el Dib
Adams Guzman & Logroño Renato Coronel Leonardo Sempértegui Al-Ahl Firm
Eugene G. Royer Pinto & Garces Asoc. Cia Sempértegui Ontaneda
Eugene G. Royer Chartered Fabiola Medina Ltda, member of Russell Hussein El Gebaly
Architect Medina & Rizek, Abogados Bedford International Esmeralda Tipán Ministry of Housing,
Empresa Eléctrica “Quito” Utilities & Urban
Leah Shillingford Laura Medina Fernando Del Pozo Contreras SA Development
Dominica Amalgamated Jiménez Cruz Peña Gallegos, Valarezo &
Workers Union Neira Max Torres Mohamed Refaat El Houshy
Ramón Ortega PricewaterhouseCoopers The Egyptian Credit
PricewaterhouseCoopers Miguel Falconi-Puig Bureau I-Score
D OM I N IC A N Ruth Urbano
Andrea Paniagua Falconi Puig Abogados
R E P U B L IC Sempértegui Ontaneda Hassan El Maraashly
PricewaterhouseCoopers Martin Galarza AAW Consulting Engineers
Lilly Acevedo Puente Reyes & Galarza Felipe Urdaneta
Carolina Pichardo Acredita Buró de Amr El Monayer
Headrick Rizik Alvarez & Attorneys At Law Cia.
Fernández Biaggi & Messina información crediticia S.A Ministry of Finance
Ltda.
Cristian Alvarez Sandra Piña César Vélez Calderón Amina El Oteify
Juan Carlos Gallegos Happle
RC Advisors, member Headrick Rizik Alvarez & Covelcal Egyptian Financial
Fernández Gallegos, Valarezo &
of Russell Bedford Niera Supervisory Authority
International Edward Piña Fernandez E G Y P T, A R A B R E P.
Enrique Gomez Mai El- Shaarawy
Caroline Bono Biaggi & Messina Trowers & Hamlins
Puente Reyes & Galarza Abdel Aal Aly
PricewaterhouseCoopers Hilda Patricia Polanco Attorneys At Law Cia. Afifi World Transport Emad El Shalakany
Ana Isabel Caceres Morales Ltda.
Naguib Abadir Shalakany Law Office,
Troncoso y Caceres Sánchez Raful Sicard & Leopoldo González R. member of Lex Mundi
Polanco Abogados Nacita Corporation
Giselle Castillo Paz Horowitz Abogados Khaled El Shalakany
Maria Portes Amal Abd El Razek
Superintendencia de Rodrigo Jijón Egyptian Tax Authority Shalakany Law Office,
Bancos Castillo y Castillo member of Lex Mundi
Pérez, Bustamante y Ponce,
Alejandro Miguel Ramirez member of Lex Mundi Sara Abdel Gabbar
Laureana Corral Trowers & Hamlins Passant El Tabei
Suzaña
Danna Consulting Juan Manuel Marchán PricewaterhouseCoopers
Ramirez Suzaña & Asoc. Ibrahim Mustafa Ibrahim
Leandro Corral Pérez, Bustamante y Ponce, Soheir Elbanna
Aristides Reyes member of Lex Mundi Abdel Khalek
Estrella & Tupete General Authority for Ibrachy Law Firm
EDEESTE Francisco Javier Naranjo
Mariano Corral Investment GAFI Karim Elhelaly
Nelson Rodriguez Grijalva
Danna Consulting Paz Horowitz Abogados Said Abdel Moniem Al-Ahl Firm
GAMEI
José Cruz Campillo AAW Consulting Engineers Ashraf Elibrachy
Katherine Rosa Esteban Ortiz
Jiménez Cruz Peña Pérez, Bustamante y Ponce, Ahmed Abou Ali Ibrachy Law Firm
Jiménez Cruz Peña
Robinson Cuello Shanlatte member of Lex Mundi Hassouna & Abou Ali Mostafa Elshafei
Francisco Sánchez
Programa de Jorge Paz Durini Gamal Abou Ali Ibrachy Law Firm
Consolidacion de la Ceballos & Sanchez,
Ingeniería y Energía, C. Paz Horowitz Abogados Hassouna & Abou Ali Hassan Fahmy
Jurisdiccion Inmobiliaria
poder Judicial por A. Bruno Pineda-Cordero Ghada Adel Ministry of Investment
Maricell Silvestre Rodriguez Pérez, Bustamante y Ponce, PricewaterhouseCoopers Ghada Farouk
Lisa de Freitas
Jiménez Cruz Peña member of Lex Mundi Hazem Ahmed Fathi Shalakany Law Office,
de Freitas de Freitas and
Johnson Katherine Stefan Xavier Amador Pino Hassouna & Abou Ali member of Lex Mundi
Richard De la Cruz Jiménez Cruz Peña Estudio Juridico Amador Abd El Wahab Aly Ibrahim Tarek Gadllah
RC Advisors, member Miriam Stern Ramiro Pinto Abd El Wahab Sons Ibrachy Law Firm
of Russell Bedford Sánchez Raful Sicard & Pinto & Garces Asoc. Cia Emad Hassan
International Sara Ammar
Polanco Abogados Ltda, member of Russell Ministry of State
Bedford International Al Kamel Law Offices
Marcos de Leon Juan Tejeda for Administrative
Superintendencia de Patricia Ponce Arteta Sayed Ammar Development
PricewaterhouseCoopers Al Kamel Law Offices
Bancos Bustamante y Bustamante Tarek Hassib
Vilma Verras Terrero Hanan Arafat
Sarah de León Perelló Juan Jose Puente Al Kamel Law Offices
Jiménez Cruz Peña Ministry of Housing,
Headrick Rizik Alvarez & Puente Reyes & Galarza Omneia Helmy
Fernández Patricia Villar Attorneys At Law Cia. Utilities & Urban
Development Egyptian Center for
Panalpina World Ltda. Economic Studies
Rosa Díaz Transport Dominican
Jiménez Cruz Peña Angel Alfonso Puente Reyes Tim Armsby
Republic Santo Domingo Trowers & Hamlins Mohamed Hisham Hassan
Joaquín Guillermo Estrella Puente, Gomez & Co Law Ministry of Investment
Chery Zacarías Firm Cia. Ltda. Khaled Balbaa
Ramia Medina & Rizek, Abogados Stephan Jäger
Estrella & Tupete Falconi Puig KPMG
Amereller Rechtsanwälte
Alejandro Fernández de E C UA D OR Falconi Puig Abogados Karim Dabbous
Sherif Dabbous, Auditors Mohamed Kamel
Castro Diego Ramírez
Pablo Aguirre & Financial Consultancies, Al Kamel Law Office
PricewaterhouseCoopers Fabara & Compañia
PricewaterhouseCoopers Abogados member of Russell Bedford Mohanad Khaled
Mary Fernández Rodríguez International
Jaime Mauricio Angulo BDO, Khaled & Co
Headrick Rizik Alvarez & Sandra Reed
Fernández Data-Credito Sherif Dabbous Shahira Khaled
Pérez, Bustamante y Ponce,
member of Lex Mundi Sherif Dabbous, Auditors Al Kamel Law Office
Juan Arias & Financial Consultancies,
Falconi Puig Abogados
ACKNOWLEDGMENTS 221
Taha Khaled Alejandro Fernández de Flor Sanchez Mark Butzmann Karl J. Paadam
BDO, Khaled & Co Castro PricewaterhouseCoopers BNT Attorneys-at-law OÜ Sorainen
PricewaterhouseCoopers
Minas Khatchadourian Alonso V. Saravia Ülleke Eerik Karina Paatsi
Egypt Legal Desk Roberta Gallardo de Asociacion Salvadoreña de Estonian Land Board Luiga Mody Hääl Borenius
Cromeyer Ingenieros y Arquitectos
Ussama Khattab Arias & Muñoz (ASIA) Indrek Ergma Raino Paron
Bridges To Business Sorainen Raidla Lejins & Norcous
Carlos Hernán Gil Juan Tejeda
Adel Kheir Lexincorp PricewaterhouseCoopers Valters Gencs Kirsti Pent
Adel Kheir Law Office Gencs Valters Law Firm Law Office Tark & Co.
Federico Gurdian Manuel Telles Suvillaga
Mustafa Makram García & Bodán Lexincorp Helen Ginter Leho Pihkva
BDO, Khaled & Co Sorainen Sorainen
Erwin Alexander Haas Mauricio Antonio Urrutia
Sherif Mansour Quinteros Superintendencia del Külli Haab Kristiina Puuste
PricewaterhouseCoopers Rusconi, Valdez, Medina & Sistema Financiero Konkurentsiamet Estonian KPMG
Asociados Competition Authority
Mostafa Mostafa Julio Vargas Liza Rastorgujeva
Al Kamel Law Office Carlos Henriquez García & Bodán Heili Haabu MAQS Law Firm
Gold Service Luiga Mody Hääl Borenius
Mostafa Mohamed Mostafa Ligia Villeda Ants Ratas
Al Kamel Law Office Emilio Iraheta Arrieta Bustamante Kristjan Hänni CF&S AS
Gold Service Kawe Kapital
Ahmed Refat Heidi Rätsep
Egyptian Tax Authority Luis Lievano E Q UATOR IA L Pirkko-Liis Harkmaa Centre of Registers &
Associacion de Ingenieros GUINEA Lepik & Luhaäär LAWIN Information Systems
Tarek Fouad Riad
Kosheri, Rashed & Riad y Arquitectos Caroline Idrissou-Belingar Triinu Hiob Kaidi Reiljan-Sihvart
Thelma Dinora Lizama de BEAC Lepik & Luhaäär LAWIN Lepik & Luhaäär LAWIN
Fatma Salah
Osorio Risto Hübner Dmitri Rozenblat
Ibrachy & Dermarkar Law Heidi B. Johansen
Firm Superintendencia del Law Office Tark & Co. Lepik & Luhaäär LAWIN
Sistema Financiero GlobalTrans
Mohamed Serry Internacional Annika Jaanson Piret Saartee
Jerson Lopez
Serry Law Office Sébastien Lechêne Luiga Mody Hääl Borenius Ministry of Justice
Gold Service
Ramy Shalash FIDAFRICA / Andres Juss Martin Simovart
Fidel Márquez PricewaterhouseCoopers
Abdallah Shalash Estonian Land Board Lepik & Luhaäär LAWIN
Arias & Muñoz Paulino Mbo Obama
Omar Sherif Meelis Kaps Monika Tamm
Luis Alonso Medina Lopez Oficina de estudieos -
Shalakany Law Office, ATEG Eesti Energia Jaotusvõrk Lepik & Luhaäär LAWIN
member of Lex Mundi Rusconi, Valdez, Medina & OÜ (Distribution Grid)
Asociados Ponciano Mbomio Nvo Marjaa Teder
Randa Tharwat Kadri-Catre Kasak Luiga Mody Hääl Borenius
Astrud María Meléndez Gabinete Juridico
Nacita Corporation Ministry of Justice
Asociación Protectora de François Münzer Tarvi Thomberg
Greiss Youssef Créditos de El Salvador Gerli Kilusk Eesti Energia Jaotusvõrk
(PROCREDITO) FIDAFRICA /
Afifi World Transport PricewaterhouseCoopers Lepik & Luhaäär LAWIN OÜ (Distribution Grid)
Eman Zakaria Jorge Mendez Ermo Kosk Holger Tilk
Dominique Taty
Ministry of Manpower & Romero Pineda & Lepik & Luhaäär LAWIN Lepik & Luhaäär LAWIN
Asociados, member of Lex FIDAFRICA /
Migration PricewaterhouseCoopers
Mundi Villu Kõve Villi Tõntson
Shereen Zaky Estonian Supreme Court PricewaterhouseCoopers
Shalakany Law Office, Edgar Mendoza ERITREA
member of Lex Mundi PricewaterhouseCoopers Tanja Kriisa Veikko Toomere
Rahel Abera PricewaterhouseCoopers MAQS Law Firm
Mohsen Ziko Miriam Eleana Mixco Reyna Berhane Gila-Michael
Al Kamel Law Office Gold Service Paul Künnap Karolina Ullman
Law Firm
Sorainen MAQS Law Firm
Mona Zobaa Jocelyn Mónico Senai Andemariam
Ministry of Investment Aguilar Castillo Love Piret Lappert Neve Uudelt
University of Asmara
Sorainen Raidla Lejins & Norcous
Jose Navas Paulos Bereket
E L S A LVA D OR All World Cargo, SA de CV Priit Lepasepp Ingmar Vali
Ministry of Land, Water
and Environment Sorainen Registrite ja
Ana Margoth Arévalo Ramón Ortega infosusteemide Keskus
Superintendencia del PricewaterhouseCoopers Tesfai Ghebrehiwet Liina Linsi
Sistema Financiero Lepik & Luhaäär LAWIN Hannes Vallikivi
Susana Palacios Department of Energy
Law Office Tark & Co.
Francisco Armando Arias Arias & Muñoz Biniam Ghebremichael Kaidi Lippus
Rivera Ministry of Justice Mirjam Vili
Jose Antonio Polanco Eritrean Airlines
Arias & Muñoz bnt Attorneys-at-law OÜ
Lexincorp Kebreab Habte Michael Karin Madisson
Irene Arrieta de Díaz Nuila Sorainen Ago Vilu
Ana Patricia Portillo Reyes Kebreab Habte Michael
Arrieta Bustamante Legal Consulting PricewaterhouseCoopers
Guandique Segovia Margus Magi
Carlos Castillo Quintanilla Tekeste Mesghenna Ministry of Justice Andres Vinkel
Romero Pineda & MTD Enterprises PLC Hansa Law Offices
Asociados, member of Lex Hector Rios Siiri Malmberg
Mundi Consortium Centro Habtemicael Weldegiorgis Hansa Law Offices Vesse Võhma
América Abogados Ministry of Land, Water Lepik & Luhaäär LAWIN
Ricardo Cevallos Johan Maunsbach
Kelly Beatriz Romero and Environment MAQS Law Firm Urman Volens
Consortium Centro
América Abogados Rusconi, Valdez, Medina & Sorainen
E S TON IA Veiko Meos
Asociados Urmas Volens
Walter Chávez Krediidiinfo A.S.
Gold Service Roxana Romero Risto Agur Sorainen
Jaanus Mody
Romero Pineda & Sorainen Joel Zernask
Maria Marta Delgado Asociados, member of Lex Luiga Mody Hääl Borenius
Arias & Muñoz Mundi Katrin Altmets KPMG
Margus Mugu
Sorainen
Porfirio Diaz Fuentes Adonay Rosales Luiga Mody Hääl Borenius E T H I OP IA
DLM & Asociados PricewaterhouseCoopers Airi Asperk
Liina Naaber-Kivisoo
Konkurentsiamet Estonian Daniel Alemu
Laura Duran De Jimemez Mario Enrique Sáenz Competition Authority Lepik & Luhaäär LAWIN
Consultant & Attorney-
Asociación Protectora de Sáenz & Asociados Arne Ots at-Law
Créditos de El Salvador Aet Bergmann
Ana Guadalupe Sáenz Padilla Luiga Mody Hääl Borenius Raidla Lejins & Norcous
(PROCREDITO) Abdella Ali
Sáenz & Asociados Abdella Ali Law Office
222 DOING BUSINESS 2011
Fikadu Asfaw Shelvin Singh Sakari Kauppinen Romain Arnaud Virginie Sabag
Fikadu Law Office Parshotam & Co. National Board of Patents Vaughan Avocats Confédération
& Registration Française du Commerce
Teklu Asqualu Narotam Solanki Antoine Azam-Darley Interentreprises (CGI)
Express Transit Service PricewaterhouseCoopers Antti Kivipuro Azam-Darley & Associés
Enterprise PLC. Energy Market Authority Carole Sabbah
Shayne Sorby Finland Nicolas Barberis Mayer Brown LLP
Bekure Assefa Munro Leys Ashurst
Bekure Assefa Law Office Suvi Knaapila Isabelle Smith Monnerville
Chirk Yam Dittmar & Indrenius Andrew Booth Vaughan Avocats
Berhanu Yegezu Beyene PricewaterhouseCoopers Andrew Booth Architect
GAD construction PLC Elina Kumpulainen Jean Luc Vallens
Eddie Yuen PricewaterhouseCoopers Franck Buffaud Court of Appeal
Wossen Teshome Bokan Williams & Gosling Ltd. Legal Services Delsol Avocats
Teshome Gabre-Mariam François Verdot
Law Firm Mina Lang Laure Canu Salans
FINLAND Mayer Brown LLP
Castrén & Snellman
Teferra Demiss Hanna Ahtikoski Attorneys Ltd. Philippe Xavier-Bender
Legal and Insurance Frédérique Chifflot Bourgeois Gide Loyrette Nouel
Law Office ADVOCARE Jouni Lehtinen Lawyer at the Bar of Paris
Consultant and Attorney A.A.R.P.I.
Ville Ahtola Helen Sähköverkko Oy Michel Combe
Solomon Desta Claire Zuliani
Castrén & Snellman Tiina Leppälahti Landwell & Associés -
National Bank of Ethiopia Attorneys Ltd. Transparence, member
Helen Sähköverkko Oy PricewaterhouseCoopers of Russel Bedford
Bahre Gezahagn Manne Airaksinen Legal Services International
Express Transit Service Patrik Lindfors
Roschier Attorneys Ltd., Stephane Coulaux
Enterprise PLC. member of Lex Mundi Lindfors & Co, Attorneys- G A B ON
at-Law Ltd. Coulaux-Maricot-
Berhane Ghebray Kasper Björkstén Georganta (CMG LEGAL)
Berhane Ghebray & Patrick Lindgren Marcellin Massila
Helen Sähköverkko Oy Ann Creelman Akendengue
Associates Law office ADVOCARE
Claudio Busi Vatier & Associés SEEG, Société d’Energie et
Zekarias Keneaa Tuomas Lukkarinen d’Eau du Gabon
Castrén & Snellman Raphaëlle de Ruffi de Pontevès
Addis Ababa University Attorneys Ltd. National Land Survey of
Finland Landwell & Associés - Marie Carmel Ketty
Taddesse Lencho Mikko Eerola PricewaterhouseCoopers Ayimambenwe
Addis Ababa University Lasse Luukkainen Legal Services Banque Internationale
Waselius & Wist
Castrén & Snellman pour le Commerce et
Molla Mengistu Marja Eskola Attorneys Ltd. Anne Delerable l’Industrie du Gabon
Addis Ababa University PricewaterhouseCoopers Gide Loyrette Nouel
Natalia Malgina A.A.R.P.I. Benoît Boulikou
Semenh Sisay Johannes Frände Hedman Osborne Clarke SEEG, Société d’Energie et
Lewa PLC Olivier Everaere d’Eau du Gabon
Roschier Attorneys Ltd., Tero Malmivaara
member of Lex Mundi Agence Epure SARL
Eyasu Tequame PricewaterhouseCoopers Daniel Chevallon
Jehoiachin Techno Pvt. Esa Halmari Legal Services Benoit Fauvelet Matelec
Ltd. Co. Hedman Partners Banque de France
Anna-Kaisa Nenonen Fabrice Guida
Amsale Tsehaye Johanna Haltia-Tapio Castrén & Snellman Sylvie Ghesquiere Club OHADA Gabon
Amsale Tsehaye & Hannes Snellman LLC Attorneys Ltd. Banque de France
Associates Law Office Caroline Idrissou-Belingar
Tuija Hartikainen Minna Oksa Kevin Grossmann BEAC
Tameru Wondmagegnehu PricewaterhouseCoopers Mayer Brown LLP
PricewaterhouseCoopers Michael Jeannot
Tameru Wondmagegnehu Legal Services
Law Offices Seppo Havia Christophe Guenard Matelec
Dittmar & Indrenius Ilkka Pesonen Landwell & Associés -
Wabuco Oy, member PricewaterhouseCoopers Pélagie Massamba Mouckocko
FIJI
Harry Hedman of Russell Bedford Legal Services FIDAFRICA /
David Aidney Hedman Osborne Clarke International PricewaterhouseCoopers
Philipe Guibert
Williams & Gosling Ltd. Heikki Hiltunen Markku Pulkkinen FIEEC Mirielle Moundakou Mapicka
Caroll Sela Ali Roschier Attorneys Ltd., Hedman Partners Club OHADA Gabon
Marc Jobert
Cromptons Solicitors member of Lex Mundi Jean Hilaire Moussavou
Mikko Reinikainen Jobert & Associés
Eddielin Almonte Mia Hukkinen PricewaterhouseCoopers Fumu Technologie
Caroline Joly
PricewaterhouseCoopers Roschier Attorneys Ltd., Célestin Ndelia
member of Lex Mundi Veli-Pekka Saajo Landwell & Associés -
Jon Apted Energy Market Authority PricewaterhouseCoopers Etude Maître Ndelia
Munro Leys Jenni Hupli Finland Legal Services Célestin
Castrén & Snellman Carol Khoury Joel Ndong
Nehla Basawaiya Attorneys Ltd. Tatu Simula
Munro Leys Roschier Attorneys Ltd., Jones Day Direction Générale de
Nina Isokorpi member of Lex Mundi l’Urbanisme
Mahendra Chand Daniel Arthur Laprès
Roschier Attorneys Ltd., Ruben Mindonga Ndongo
Munro Leys member of Lex Mundi Petri Taivalkoski Cabinet d’Avocats
Roschier Attorneys Ltd., Cabinet Maître Anguiler
William Wylie Clarke Lauri Jääskeläinen Magali Lemaistre
member of Lex Mundi Confédération Lubin Ntoutoume
Howards Lawyers Building Control
Department of the City of Esa Tiainen Française du Commerce Avocat
Dilip Jamnadas Helsinki National Land Survey of Interentreprises (CGI)
Olivier P. N’Zahou
Jamnadas and Associates Finland Jean-Louis Martin
Pekka Jaatinen Club OHADA Gabon
Nilesh Prasad Castrén & Snellman Marko Vuori Jones Day
Marie-Jose Ongo Mendou
Mitchell, Keil & Attorneys Ltd. Krogerus Attorneys Ltd. Nicolas Mordaunt-Crook
Associates FFA Juridique & Fiscal
Virpi Jalonen Rauli Werdermann Landwell & Associés -
Ramesh Prasad Lal PricewaterhouseCoopers Nadine Owanga Tetey Logi
PricewaterhouseCoopers Schenker Corp. Club OHADA Gabon
Carpenters Shipping Legal Services
Nina Järvinen Gunnar Westerlund Laurent Pommera
Colin Radford Roschier Attorneys Ltd., Nathalie Morel
Cargoworld Ab/Oy FIDAFRICA /
Larsen Holtom Maybin member of Lex Mundi Mayer Brown LLP
& Company Limited, Jukka-Pekka Joensuu PricewaterhouseCoopers
Kai Wist Frédéric Roussel
Architects & Engineers PricewaterhouseCoopers Christ Hermann Pounah
PricewaterhouseCoopers Fontaine, Roussel &
Varun Shandil Juuso Jokela Associés Club OHADA Gabon
Munro Leys Suomen Asiakastieto Oy - FRANCE Hugues Roux Christophe A. Relongoué
Finska FIDAFRICA /
Om Dutt Sharma Banque de France
Allen & Overy LLP PricewaterhouseCoopers
Fiji Electricity Authority
ACKNOWLEDGMENTS 223
G A M B IA , T H E David Giorgadze Tato Urjumelashvili Christof Kautzsch Katharina von Rosenstiel
Association for Protection State Procurement Agency Salans Orrick Hölters & Elsing
Alpha Amadou Barry of Landowners Rights
Deloitte (APLR) Johann Klein Lena Wallenhorst
GERMANY
Beeh & Happich GmbH Cleary Gottlieb Steen &
Abdul Aziz Bensouda Lasha Gogiberidze Friedhold E. Andreas Wirtschaftsprüfungs- Hamilton LLP
Amie Bensouda & Co. BGI Legal Freiling, Andreas & gesellschaft
Steuerberatungsge- Stephan Werner
Amie N.D. Bensouda Mamuka Gordeziani Partner
sellschaft, member Annekatren Werthmann-
Amie Bensouda & Co. ITM Global Logistics Gabriele Apfelbacher of Russell Bedford Feldhues
Lamin Ceesay Levan Gotua Cleary Gottlieb Steen & International PricewaterhouseCoopers
Solie Law Chambers Ministry of Finance Hamilton LLP Jörg Kraffel Legal Services
Ida Denise Drameh Bela Gutidze Marco Bach White & Case Thomas Winkler
Ida D. Drameh & Associates GDC Solutions PricewaterhouseCoopers Peter Limmer Domus AG, member
Henning Berger Notare Dr. Limmer & Dr. of Russell Bedford
Cherno Alieu Jallow Tamuna Gvaramia International
Deloitte BGI Legal White & Case Friederich
Christoph Lindenau Gerlind Wisskirchen
Kulo Jatta Batu Gvasalia Astrid Berle
PricewaterhouseCoopers CMS Hasche Sigle
Department of Land and National Agency of Public SCHUFA Holding AG
Surveys Registry Legal Services Boris Witt
Jennifer Bierly
Frank Lohrmann Cleary Gottlieb Steen &
Lamin S. Jatta Nino Javakhadze GSK Stockmann + Kollegen Hamilton LLP
Deloitte Chancellery of the Cleary Gottlieb Steen &
Joerg Boehmer Hamilton LLP Uwe Witt
Government of Georgia
Sulayman M. Joof Michael Brems PricewaterhouseCoopers
David Kakabadze Cornelia Marquardt
S.M. Joof Agency Cleary Gottlieb Steen & Legal Services
Georgian Legal Norton Rose
Nani Juwara Hamilton LLP Christian Zeissler
Partnership Susanne Mattern
National Water and Thomas Büssow C·B·H Rechtsanwälte
Electricity Company Ltd. Irakli Kandashvili PricewaterhouseCoopers
PricewaterhouseCoopers
George Kwatia Pasha Karim Werner Meier G HA NA
Thomas Buhl Cleary Gottlieb Steen &
PricewaterhouseCoopers Globalink Logistics Group Cleary Gottlieb Steen & Hamilton LLP George K Acquah
Tijan Mbye Mari Khardziani Hamilton LLP Laryea, Laryea & Co. P.C.
National Agency of Public Dirk Meyer-Claassen
Maj Consult Ltd. Nikolaus Bunting Larry Adjetey
Registry Senatsverwaltung für
Omar Njie Institute for Law and Stadtentwicklung Berlin Law Trust Company
Law Firm Omar Njie Koba Koakhidze Finance Germany
JSC Creditinfo Georgia Eike Najork Benjamin Agbotse
Pa M. M. N’jie Helge Dammann C·B·H Rechtsanwälte H & G Architects and
Trust Bank Ltd. David Koberidze PricewaterhouseCoopers Consultants
Chancellery of the Legal Services Wolfgang Nardi
Maxwell Ntiri Government of Georgia Kirkland & Ellis LLP Godwin Amartey
Andreas Eckhardt Andah and Andah
PricewaterhouseCoopers Dirk Otto
Aieti Kukava PricewaterhouseCoopers
Kingsley Owusu-Ewli Alliance Group Holding Legal Services Norton Rose Nene Amegatcher
PricewaterhouseCoopers Sam Okudzeto & Associates
Vakhtang Lejava Dieter Endres Daniel Panajotow
Ebrima Sambou Chancellery of the PricewaterhouseCoopers Cleary Gottlieb Steen & K. B. Andah
Office of the Chief Justice, Government of Georgia Hamilton LLP Andah and Andah
Peter Fissenewert
Judiciary of The Gambia Peter Polke Wilfred Kwabena Anim-
Ekaterine Meskhidze Buse Heberer Fromm
Hawa Sisay-Sabally National Agency of Public Cleary Gottlieb Steen & Odame
Sabine Funke Hamilton LLP Land Valuation Board
Raymond Sock Registry Cleary Gottlieb Steen &
Legal Consultant Merab Narmania Hamilton LLP Sebastian Prügel Ellen Bannerman
Chancellery of the White & Case Bruce-Lyle Bannerman &
Darcy White Markus J. Goetzmann Associates
PricewaterhouseCoopers Government of Georgia C·B·H Rechtsanwälte Michael Roemer
Vachtang Okreshidze Vattenfall Europe Stella Bentsi-Enchill
Jana Greiser Distribution Hamburg Lexconsult and Company
G E ORG IA Georgia National PricewaterhouseCoopers GmbH
Energy and Water Supply Legal Services Abed Buabur
Zurab Antelidze Regulatory Commission Christoph Schauenburg Andah and Andah
Ministry of Finance Björn Grund
Vakhtang Paresishvili Cleary Gottlieb Steen &
Natalia Babakishvili Cleary Gottlieb Steen & Hamilton LLP Emmanuel Dorsu
DLA Piper Georgia LP Hamilton LLP Town and Country
Mgaloblishvili, Kipiani, Friedrich Tobias Schoene
Dzidziguri (MKD) Law Firm Irakli Pipia Planning Department
Andrea Gruss Hogan & Hartson LLP
DLA Piper Georgia LP Merget + Partner Clifford Fiadjoe
Giorgi Begiashvili
Tamar Popkhadze Kirstin Schwedt Andah and Andah
Begiashvili & Co. Limited Klaus Günther
Law Offices PricewaterhouseCoopers Linklaters Oppenhoff &
Linklaters Oppenhoff & Rädler Angela Gyasi
Ketevan Beradze Joseph Salukvadze Rädler Bentsi-Enchill & Letsa,
Tbilisi State University Ingrid Seitz member of Lex Mundi
BGI Legal Robert Gutte Deutsche Bundesbank
Sandro Bibilashvili Natia Samushia Cleary Gottlieb Steen & Farida Karim
Chancellery of the Hamilton LLP Ahmad Soltan Crown Agents Ghana Ltd.
BGI Legal
Government of Georgia Wimexas Ltd..
Vladimer Chkhaidze Rüdiger Harms Rosa Kudoadzi
Manzoor Shah Cleary Gottlieb Steen & Dirk Stiller Bentsi-Enchill & Letsa,
National Agency of Public
Registry Globalink Logistics Group Hamilton LLP PricewaterhouseCoopers member of Lex Mundi
Legal Services
Paul Cooper Manana Shurghulaia Ilka Heinemeyer George Kwatia
Chancellery of the SJ Berwin LLP Tobias Taetzner PricewaterhouseCoopers
PricewaterhouseCoopers
Government of Georgia PricewaterhouseCoopers
Kakha Damenia Stefan Heinrich Samuel Kwofie
Rusa Sreseli Cleary Gottlieb Steen & Holger Thomas Ghana Grid Company
GDC Solutions
GDC Solutions Hamilton LLP SJ Berwin LLP
Tsitsi Doborjginidze Kenneth D. Laryea
Anna Tabidze Götz-Sebastian Hök Matthias Thorns Laryea, Laryea & Co. P.C.
Caucastransexpress Ltd.
Mgaloblishvili, Kipiani, Dr. Hök Stieglmeier & BDA | Confederation of
Tsotne Ebralidze Partner German Employers Nortey Miriam
Dzidziguri (MKD) Law Firm PricewaterhouseCoopers
ARCI Architecture & Markus Jakoby Valentin Todorow
Development Giorgi Tavartkiladze Sam Okudzeto
Deloitte Jakoby Rechtsanwälte Hogan & Hartson LLP
Courtney Fowler Sam Okudzeto & Associates
PricewaterhouseCoopers
224 DOING BUSINESS 2011
Kingsley Owusu-Ewli Olga Koromilia Mania Tsoumita María de los Angeles Barillas Rita Pérez
PricewaterhouseCoopers PricewaterhouseCoopers Kelemenis & Co. Buchhalter Aragón & Aragón
Legal Services Saravia & Muñoz
Stefan Peter Ioannis Vekris Melida Pineda
Panalpina Ltd. Yannis Kourniotis PotamitisVekris Edgar Baltazar Barquín Durán Carrillo & Asociados
M & P Bernitsas Law Superintendencia de
Jacob Saah Offices Sofia Xanthoulea Bancos Evelyn Rebuli
Saah & Co. John M. Tripidakis and Quiñones, Ibargüen & Luján
Tom Kyriakopoulos Associates Jorge Rolando Barrios
Julien Tardy Kelemenis & Co. Bonilla, Montano, Alfredo Rodríguez Mahuad
SDV (Ghana) Ltd. Vicky Xourafa Toriello & Barrios Consortium Legal,
Dimitrios Kremalis Kyriakides Georgopoulos & Rodríguez, Archila,
Darcy White Kremalis Law Firm, member Daniolos Issaias Law Firm Neri Benitez Castellanos, Solares &
PricewaterhouseCoopers of Ius Laboris Empresa Eléctrica de Aguilar
Fredy Yatracou Guatemala, S.A.
GREECE Vassiliki G. Lazarakou PricewaterhouseCoopers Rodrigo Salguero
Zepos & Yannopoulos, Cecilia Bonilla PricewaterhouseCoopers
George Apostolakos member of Lex Mundi G R E NA DA Aguilar Castillo Love
Cynthia Sequeira
Apostolakos Architects Ioanna Lazaridou - Maria del Pilar Bonilla
Raymond Anthony Palacios & Asociados
Ioanna Argyraki Elmaloglou Bonilla, Montano,
Raymond Anthony & Co. José Augusto Toledo Cruz
Kyriakides Georgopoulos & Kelemenis & Co. Toriello & Barrios
Daniolos Issaias Law Firm Robert Branch Arias & Muñoz
Konstantinos Logaras Agustín Buezo
Supreme Court Elmer Vargas
Andreas Bagias Zepos & Yannopoulos, Arrow Cargo
Kelemenis & Co. member of Lex Mundi James Bristol ACZALAW
Edy Cabrera
Evangelia Martinovits Henry, Henry & Bristol Sergio Velásquez
Antonis Bavas PricewaterhouseCoopers
Stephenson Harwood I.K. Rokas & Partners Thaddus Charles Comisión Nacional de
Rodrigo Callejas Aquino Energía Eléctrica
Margarita Matsi Inland Revenue
Ira Charisiadou Department Carrillo & Asociados
Kelemenis & Co. Ernesto Viteri Arriola
Elias Paraskevas Attorneys José Alfredo Cándido Durón
1933 Christopher DeRiggs Viteri & Viteri
John Mazarakos Superintendencia de
Ministry of Finance,
Alkistis - Marina Christofilou Elias Paraskevas Attorneys Planning, Energy, Foreign Bancos GUINEA
I.K. Rokas & Partners 1933 Trade & Co-operatives Juan Pablo Carrasco de Aminata Bah Tall
Sotiris Constantinou Makariou Panagiota Carlyle Felix Groote
Nimba Conseil SARL
Grant Thornton Grant Thornton Ministry of Finance, Díaz-Durán & Asociados
Planning, Energy, Foreign Central Law Boubacar Barry
Theodora D. Karagiorgou Panayis Panagiotopoulos
Trade & Co-operatives Francisco José Castillo Jurifis Consult Guinée
Koutalidis Law Firm Kremmydas-Doris &
Associates Law Firm Jo Francis Chacón Mohamed Camara
Eleni Dikonimaki Aguilar Castillo Love SOCOPAO - SDV
Teiresias S.A. Interbanking Antonis Pantazis Ministry of Legal Affairs
Information Systems PricewaterhouseCoopers Anette Henry Juan Carlos Castillo Chacón Oumar Dabo
Supreme Court Aguilar Castillo Love ARCHI
Panagiotis Drakopoulos Elena Papachristou
Drakopoulos Law Firm Zepos & Yannopoulos, Kelvin Jacobs Paola van der Beek de Ahmadou Diallo
member of Lex Mundi Andrino Chambre des Notaires
Alexandra Economou Creative Design
Cámara Guatemalteca de
Drakopoulos Law Firm Konstantinos Papadiamantis Kurt LaBarrie la Construcción Djenabou Diallo
PotamitisVekris Creative Design Nimba Conseil SARL
Margarita Flerianou Rolando De Paz Barrientos
Economou International Constantinos Papadogiannis Niel Noel Solutions of Informatica Maimouna Diallo
Shipping Agencies ACRON Technical Henry Hudson - Phillips of Central America, Inc. Nimba Conseil SARL
Commercial Ltd. & Co.
Sotiris Gioussios Luis Diaz El Hajj Barry Djoudja
Grant Thornton Kyriakos Papadogiannis Darshan Ramdhani TransUnion Guatemala AICHFEET
ACRON Technical Ministry of Legal Affairs
Antigoni Gkarla Commercial Ltd. Hugo Daniel Figueroa Estrada Abdel Aziz Kaba
PricewaterhouseCoopers Valentino Sawney Superintendencia de Nimba Conseil SARL
Athanassia Papantoniou Bancos
Yanos Gramatidis Tradship International Lansana Kaba
Kelemenis & Co.
Bahas, Gramatidis & David Sinclair Rodolfo Fuentes CARIG
Partners Alexios Papastavrou Protectora de Crèdito
Sinclair Enterprises Nouke Kourouma
PotamitisVekris Limited Comercial
Elina Kanataki Direction Nationale
Drakopoulos Law Firm Dimitris E. Paraskevas Trevor St. Bernard José Gonzalez de l’Habitat et de la
Elias Paraskevas Attorneys Lewis & Renwick Precon Construction
Constantinos Kapitsinos 1933
Spyridakis Tsoukala Law Lisa Telessord Raúl Stuardo Juárez Leal Mohamed Lahlou
Firm (ST Law Firm) Katerina Politi Superintendencia de FIDAFRICA /
Supreme Court
Kyriakides Georgopoulos & Bancos PricewaterhouseCoopers
Evangelos Karaindros Daniolos Issaias Law Firm Shireen Wilkinson
Evangelos Karaindros Law Wilkinson, Wilkinson & María Isabel Luján Guy Piam
Firm Mary Psylla Zilbermann Nimba Conseil SARL
Wilkinson
PricewaterhouseCoopers Quiñones, Ibargüen & Luján
Artemis Karathanassi Daniella Williams Mitchell Raffi Raja
PricewaterhouseCoopers Vasiliki Salaka Eduardo Mayora Alvarado Cabinet Koûmy
Danny Williams & Co.
Karatzas & Partners Mayora & Mayora, S.C.
Constantine Karydis Dominique Taty
PricewaterhouseCoopers Harris Skordakis G UAT E M A L A Edgar Mendoza FIDAFRICA /
Legal Services PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers
Legal Services José Aguilar
Yannis Kelemenis Mayora & Mayora, S.C. Christian Michelangeli Abdourahamane Tounkara
Kelemenis & Co. Iro Stamataki Carrillo & Asociados Guinée Consulting
Kelemenis & Co. Pedro Aragón
Constantinos Klissouras Aragón & Aragón Roberto Moreno Rodríguez Aboubacar Salimatou Toure
Anagnostopoulos Bazinas Alexia Stratou Alcalá Nimba Conseil SARL
Kremalis Law Firm, member Elias Arriaza
Alexandra Kondyli Moreno Ruffinelli & Yansane Fatoumata Yari
of Ius Laboris Consortium Legal, Asociados
Karatzas & Partners Rodríguez, Archila, Soumah
John Tripidakis Castellanos, Solares & Roberto Ozaeta Office Notarial
Nicholas Kontizas John M. Tripidakis and Aguilar PricewaterhouseCoopers
Zepos & Yannopoulos, Associates Legal Services G U I N E A- B I S S AU
member of Lex Mundi Anabella Arzú
Antonios Tsavdaridis ACZALAW Marco Antonio Palacios
Panos Koromantzos Diaby Aboubakar
I.K. Rokas & Partners Palacios & Asociados
Bahas, Gramatidis & Ruby María Asturias Castillo BCEAO
Partners ACZALAW
ACKNOWLEDGMENTS 225
Marceano Barbosa Garry Lhérisson José Rafael Rivera Ferrari Kok Leong Ngan Norbert Izer
Registrar Ministère des Travaux Consortium Centro CLP Power Hong Kong PricewaterhouseCoopers
Publics, Transports et America Abogados Limited
Jaimentino Có Communications Zsuzsanna Károlyi
Ministério do Comércio Enrique Rodriguez Burchard Randolph Perry PRK Bellák & Partners
Louis Gary Lissade Aguilar Castillo Love Orrick, Herrington &
Adelaida Mesa D’Almeida Cabinet Lissade Sutcliffe LLP Petra Lencs
JURISCONTA SRL Fanny Rodríguez del Cid Bárd, Cseri & Partners
Joseph Paillant Arias & Muñoz Kenneth Poon Law Firm
Agostinho Joaquim Gomes Ordre des Comptables The Land Registry of Hong
Municipality of Bissau Professionels Agrées René Serrano Kong Lívia Mihovics
d’Haïti Arias & Muñoz Réti, Antall & Madl
Octávio Lopes Martinal Quan Landwell Law Firm
Octávio Lopes Advogados - Micosky Pompilus Godofredo Siercke Metopro Associates
Miranda Alliance Cabinet d’Avocats García & Bodán Limited László Mohai
Chalmers Mohai Law Office
Osiris Francisco Pina Ferreira Cristian Stefan Handal Jude Ryan
Conselho judicial da Paul Emile Simon Zacarías & Asociados Orrick, Herrington & Robert Nagy
magistradura Architect Sutcliffe LLP BISZ Central Credit
Roberto Manuel Zacarías Information Plc.
Djunco Suleiman Ture Salim Succar Urrutia Alex Sahi
Municipality of Bissau Cabinet Lissade Zacarías & Asociados Top Impetus Sándor Németh
Szecskay Attorneys at Law
Carlos Vamain Ervin Tan
HON DU R AS H O N G KON G S A R , Christopher Noblet
Gomes & Vamain Orrick Herrington &
Associados C H I NA Partos & Noblet Lovells
Juan José Alcerro Milla Sutcliffe
Emmanuel Yehouessi Aguilar Castillo Love Allen & Overy LLP Eric Tang Faith Okpukpan
BCEAO Albert P.C. Chan Asia Business Service Jones Lang LaSalle
Jose Miguel Alvarez
Consortium Centro The Hong Kong Limited Örs Pénzes
G U YA NA Polytechnic University
America Abogados Sara Tong Nagy és Trócsányi Law
Ashton Chase Allan Chan Temple Chambers Office, member of Lex
José Simón Azcona Mundi
Law Office of Ashton IABSA The Land Registry of Hong Laurence Tsong
Chase Associates Kong Andrea Soós
Manuel Betancourth TransUnion Hong Kong
Desmond Correia Nicholas Chan SoosLaw office
DYCELEC S de R.L. Yeeling Wan
Correia & Correia Ltd. Squire, Sanders & Dempsey Vera Szalkai
César Cabrera Stephenson Harwood & Lo
Geoffrey Da Silva Vashi Ram Chandi KÖZTI Zrt.
TransUnion Yuen-ho Wan
Guyana Office for Excellence International András Szecskay
Investment Jose Ernesto Calix Russell Bedford Hong
Deborah Y. Cheng Kong Limited, member Szecskay Attorneys at Law
Empresa Nacional de
Lucia Desir Energía Eléctrica Squire, Sanders & Dempsey of Russell Bedford Ágnes Szent-Ivány
D & J Shipping Services L.L.P. International Sándor Szegedi Szent-Ivány
Janeth Castañeda de Aquino Komáromi Eversheds
Guyana Power & Light Inc. Candace Chu Fergus Wong
Grupo Cropa Panalpina
Economic Analysis and PricewaterhouseCoopers Viktória Szilágyi
Kashir Khan Carmen Chevez Business Facilitation Jackson Wong Nagy és Trócsányi Law
Attorney-at-Law CNBS - Comision Nacional Unit, Hong Kong SAR
Hong Kong Economic & Office, member of Lex
Rakesh Latchana de Bancos y Seguros Government Mundi
Trade Office
Ram & McRae Jaime Colindres Rosales Jimmy Chung
Ricky Yiu László Szqcs
Carolyn Paul DYCELES S de R.L. Russell Bedford Hong Réti, Antall & Madl
Kong Limited, member Baker & McKenzie
Supreme Court of Ramón Discua Landwell Law Firm
Judicature of Russell Bedford Peter Yu
Batres, Discua, Martinez International Adrienn Tar
Abogados PricewaterhouseCoopers
R.N. Poonai Szecskay Attorneys at Law
Poonai & Poonai Keith Man Kei Ho Frank Yuen
Gilda Espinal Veliz Wilkinson & Grist Ádám Tóth
ASJ - Asociacion para una KLC Kennic Lui & Co
Public Utilities Dr. Tóth & Dr. Gáspár
Commission Guyana Sociedad mas Justa Rod Houng-Lee KözjegyzQi Iroda
PricewaterhouseCoopers H U N G A RY
Christopher Ram Angela Figueroa Gábor Varga
Ram & McRae ASJ - Asociacion para una Tam Yuen Hung Mark Balastyai BISZ Central Credit
Sociedad mas Justa Guangdong and Hong Kong Futureal Group Information Plc.
Vishwamint Ramnarine Feeder Association Ltd.
PFK Barcellos, Narine Lillizeth Garay Péter Bárdos Vera Várkonyi
& Co CNBS - Comision Nacional Salina Ko Dr. Bárdos Attorney-at- Notary
de Bancos y Seguros APL Law
Reginald Roach Agnes Wolford
R&D Engineering Jessica Handal Howard Lam Sándor Békési Budapest Viii. district
Arias & Muñoz Linklaters Partos & Noblet Lovells Municipality
Gidel Thomside
National Shipping Juan Diego Lacayo González Lauren Lau Hedi Bozsonyik Blanka Zombori
Corporation Ltd. Aguilar Castillo Love KLC Kennic Lui & Co Szecskay Attorneys at Law PricewaterhouseCoopers
Josephine Whitehead Marcela López Carrillo Damon Law Zsuzsanna Cseri
Cameron & Shepherd PricewaterhouseCoopers Baker and McKenzie Bárd, Cseri & Partners ICEL AND
Law Firm
Troy Williams Dennis Matamoros Batson Phila Law Halla Ýr Albertsdóttir
Ram & McRae Arias & Muñoz Economic Analysis and Gabriella Erdos PricewaterhouseCoopers
Business Facilitation PricewaterhouseCoopers
Ramón E. Morales Unit, Hong Kong SAR Elin Arnadottir
HA I T I PricewaterhouseCoopers Ágnes Fábry PricewaterhouseCoopers
Government
Lionel Allen PRK Bellák & Partners
Vanessa Oquelí Tommy Li Kristján Ásgeirsson
Architect García & Bodán Burke, Fung & Li Solicitors Éva Gargya Arkitektastofan OG
Martin Camille Cangé Nagy és Trócsányi Law
Ramón Ortega Kennic L H Lui Office, member of Lex Þórður Búason
Electricité d’Haïti PricewaterhouseCoopers KLC Kennic Lui & Co Mundi Reykjavik Construction
Jean Gerard Eveillard Agency
Mauricio Quiñónez Justin Ma Anna Gáspár
Cabinet Eveillard PricewaterhouseCoopers Linklaters Build-Econ Ltd. Eymundur Einarsson
Gilbert Giordani Endurskoðun og ráðgjöf
Dino Rietti James Ngai Dóra Horváth ehf, member of Russell
Etude Brisson Cassagnol Arquitecnic Russell Bedford Hong Réti, Antall & Madl Bedford International
Robert Laforest Kong Limited, member Landwell Law Firm
Cabinet LaForest of Russell Bedford
International
226 DOING BUSINESS 2011
Ólafur Eiríksson Vanita Bhargava Ruchi Jain Jignesh Makwana Ashok Ramgir
LOGOS, member of Lex Khaitan & Co PricewaterhouseCoopers SwiftIndiaInc Corporate Harsh Impex
Mundi Legal Services Services Private Limited
Atul Bhatia Harsh Ramgir
Skuli Th. Fjeldsted Trilegal Anil Jarial Som Mandal Harsh Impex
Fjeldsted, Blöndal & Juris Corp Fox Mandal
Fjeldsted Gaurav Bhattacharya Ami Ranjan
Juris Chambers Sunaina Jhingan Vipender Mann Singhania & Partners,
Elísabet Guðbjörnsdóttir Singh & Associates KNM & Partners, Law Solicitors & Advocates
PricewaterhouseCoopers Prabjot Bhullar Advocates and Solicitors Offices
Khaitan & Co Dipak Rao
Guðrún Guðmundsdóttir Dharmendra Johari Rishabh G Mastaram Singhania & Partners,
Jónar Transport Nidhi Bothra Stonex Inc. Desai & Diwanji Solicitors & Advocates
Vinod Kothari & Co.,
Hjördís Gulla Gylfadóttir Company Secretaries Rajat Joneja Dara Mehta Rahul Renavikar
BBA Legal KNM & Partners, Law Little & Co. PricewaterhouseCoopers
Bharat Budholia Offices
Bryndís Gunnlaugsdóttir Juris Corp Jitesh Mehta Abhishek Saket
PricewaterhouseCoopers Nitin Kala Source India Infini Juridique
Binoy Chacko Fox Mandal
Reynir Haraldsson Companiesinn.com India Preeti G. Mehta Vandana Sekhri
Jónar Transport Private Limited Rajas Kasbekar Kanga & Co. Juris Corp
Little & Co.
Margrét Hauksdóttir Subhayu Chatterjee Shishir Mehta Ramani Seshadri
The Land Registry of Khaitan & Co Charandeep Kaur Khaitan DPAS Groups
Iceland Trilegal
Jyoti Chaudhari Sharad Mishra Parag Shah
Jón Ingi Ingibergsson Legasis Services Pvt. Ltd. Anuj Keashri Neo Multimedian Fox Mandal
PricewaterhouseCoopers K n J Partners
Prashant Chauhan Saurabh Misra Abhsihek Sharma
Erlingur E. Jónasson Amruta Kelkar Saurabh Misra & Khaitan & Co
Vijay Pratap Singh Chauhan
ISTAK Juris Corp Associates, Advocates
Khaitan & Co (PKA) Shweta Sharma
Jóhanna Áskels Jónsdóttir Anup Khanna PricewaterhouseCoopers
Daizy Chawla Hemal Modi
PricewaterhouseCoopers Majmudar & Co. Legal Services
Singh & Associates Sharp and Tannan - member
Tómas J. Jónsson Advocates and Solicitors Bhavna Kohli of Russell Bedford Vina Sharma
Lögfræðistofu Reykjavíkur Manjula Chawla PricewaterhouseCoopers Infini Juridique
Legal Services Shyamal Mukherjee
Hrafnhildur Kristinsdóttir Phoenix Legal PricewaterhouseCoopers K.M. Aasim Shehzad
LOGOS, member of Lex Anuraag Kothari BFS Legal
Sachin Chugh Sudip Mullick
Mundi Trilegal
Singhi Chugh & Kumar, Khaitan & Co Vikram Shroff
Ásta Kristjánsdóttir Chartered Accountants Vinod Kothari Nishith Desai Associates
PricewaterhouseCoopers Vinod Kothari & Co., Rajiv Mundhra
Ketan Dalal Manjosh K Sidhu
Company Secretaries Crown Agents (India) Pvt
Benedetto Nardini PricewaterhouseCoopers Ltd.
Avinash Kumar Praveen Singh
BBA Legal Vishwang Desai
K n J Partners Ramaratnam Muralidharan Fox Mandal
Dagbjört Oddsdóttir Desai & Diwanji PricewaterhouseCoopers
Hitesh Kumar Ravinder Pal Singh
BBA Legal Thambi Durai
Singhania & Partners, Vijay Nair International Surgical
Kristján Pálsson T. Durai & Co. Solicitors & Advocates KNM & Partners, Law Inds.
Jónar Transport D. Ferdinand Offices Mukesh Singhal
Mukesh Kumar
Eyvindur Sólnes BFS Legal KNM & Partners, Law Huzefa Nasikwala KNM & Partners, Law
LVA-legal services Offices Juris Corp Offices
Vir Gandhi
Jóhannes Stephensen Profound Outsourcing Yashasvini Kumar Chandra Nilesh Ravinder Singhania
Creditinfo Iceland Solutions Pvt. Ltd. Trilegal Phoenix Legal Singhania & Partners,
Solicitors & Advocates
Gunnar Sturluson Rahul Garg Manoj Kumar Singh G. Pal
LOGOS, member of Lex PricewaterhouseCoopers Abhishek Singla
Singh & Associates Little & Co.
Mundi Advocates and Solicitors PricewaterhouseCoopers
Tanushree Ghildiyal Girija Shankar Pandey Legal Services
Rúnar Svavar Svavarsson KNM & Partners, Law Sougata Kundu Max New York Life
Orkuveita Reykjavíkur, Offices Harshita Srivastava
PricewaterhouseCoopers Insurance Company Limited
Distribution-Electrical Legal Services Nishith Desai Associates
Arindam Ghosh Shreyas Patel
System Rajesh Tayal
Khaitan & Co Shreedhar Kunte Majmudar & Co.
Stefán A. Svensson Sharp and Tannan - member KNM & Partners, Law
Indranil Ghosh Sanjay Patil Offices
Juris Law office of Russell Bedford
Fox Mandal BDH INDUSTRIES LIMITED
Moin Ladha Praveen Tiwary
I N DIA Karanvir Gill Dhruv Paul Fox Mandal
Khaitan & Co Khaitan & Co
Amit Agarwal Trilegal Praveen Kumar Tiwary
Vijay Goel Rozmin Lakhani
PricewaterhouseCoopers Bhadrinath madhusudan Fox Mandal
Singhania & Co. LLP Juris Corp
Mahima Ahluwalia Pogul
Debasis Law Aparna Tripathy
Trilegal Chandrika Gogia Kalki International
Fox Mandal Infini Juridique
PricewaterhouseCoopers Nitin Potdar
P. V. Balasubramaniam Suhas Tuljapurkar
Sameer Guha Prachi Loona J. Sagar Associates,
BFS Legal Legasis Services Pvt. Ltd.
Trilegal Juris Corp Advocates & Solicitors
Meghalee Barthakur Suneet Tyagi
Nikhil Gupta Rajiv Luthra Anand Prasad
PricewaterhouseCoopers Singhania & Partners,
Legal Services PricewaterhouseCoopers Luthra & Luthra Trilegal
Solicitors & Advocates
Ramanuj Basu Rikha Gupta Neha Madan Kaushik Rajan
Navratan Uppal
PricewaterhouseCoopers Khaitan & Co Kesar Dass B & Associates Khaitan & Co
B M Metal Crafts
Legal Services Akil Hirani Manish Madhukar Mohan Rajasekharan
Ratandeep Uppal
Piyush Bhandari Majmudar & Co. Infini Juridique Phoenix Legal
B M Metal Crafts
Proteam Consulting Joy Jacob Ravi Mahto Gopalakrishnan
Private Limited Ramachandran Ajay Verma
Khaitan Trilegal
Fox Mandal Juris Chambers
Pradeep Bhandari Shipra Makkar
Rishi Jain Ramesh Babu Vishwanathula
Proteam Consulting Singh & Associates Smrithi Ramesh
Private Limited PricewaterhouseCoopers Vishwanath & Global
Legal Services Advocates and Solicitors BFS Legal
Attorneys
ACKNOWLEDGMENTS 227
Rajat Vohra Winita E. Kusnandar Nazem Ahmadian Nasrabadi Behboud Hosseinpour Arvind Sinha
Trilegal Kusnandar & Co. State Organization for Port and Maritime Business Advisors Group
Registration of Deeds Organization
Hoshedar Wadia Ferry P. Madian &Properties Abdollah Soltani
Juris Corp Ali Budiardjo, Nugroho, Mohammad Jalili The State Organization
Reksodiputro, member of Behrooz Akhlaghi Iran Credit Scoring for Registration of Deeds
Amit Yadkikar Lex Mundi International Law Office and Properties
Desai & Diwanji of Dr. Behrooz Akhlaghi & Mehdi Jariani
Ella Melany Associates Temad Company Mohammad Soltani
I N D ON E SIA Hanafiah Ponggawa & Securities and Exchange
Partners Hamid Alaedini Hossein Kakhki Organization of Iran
Nafis Adwani Port and Maritime Iran Customs Office
Karen Mills Organization Pedram Soltani
Ali Budiardjo, Nugroho, Kiumars Kermanshahi
Reksodiputro, member of KarimSyah Law Firm PERSOL Corporation
Mohammad Alimohammadi Iran Trade Promotion
Lex Mundi Norma Mutalib Organization Abbas Taghipour
Novinalloys Semnan
Almer Apon Makarim & Taira S. Central Bank of Iran
Ali Amani Kheirollah Khadem
PT Buana Mas Citra Suria Nataadmadja Iran Trade Promotion Mohammad Reza Talischi
Lestari Dayarayan Auditing &
Suria Nataadmadja & Financial Services Organization PERSOL Corporation
Hamud M. Balfas Associates
Mahdi Amouri Alireza Khanjan Farhad Yazdi
Ali Budiardjo, Nugroho, Mia Noni Yuniar Iranian National Tax Farhad Yazdi
Reksodiputro, member of Iranian National Tax
Brigitta I. Rahayoe & Administration Administration
Lex Mundi Partners I R AQ
Mehenoosh Aryanpoor Majid Mahallati
Rick Beckmann Denny Rahmansyah Mahallati & Co.
Brigitta I. Rahayoe & International Law Office Hadeel Salih Abboud
Soewito Suhardiman of Dr. Behrooz Akhlaghi & Chartered Accountants Al-Janabi
Partners Eddymurthy Kardono Associates Shahrzad Majdameli Mena Associates,
Fabian Buddy Pascoal Ilman Rakhmat International Law Office member of Amereller
Hassan Badamchi
Hanafiah Ponggawa & KarimSyah Law Firm of Dr. Behrooz Akhlaghi & Rechtsanwälte
Partners HAMI Legal Services
Associates Faik Abdul Rasool
Muhammad Razikun Mohammad Badamchi
Ita Budhi MUC Consulting Group, Fatemeh Sadat Mirsharifi Iraqi Institute for
PT Prima Wahana Caraka / HAMI Legal Services Economic Reform
member of Russell Bedford Iran Ministry of Commerce
PricewaterhouseCoopers International Peyman Barazandeh
Younes Gharbali Moghadam Ghassan Abdul Sada
Tony Budidjaja Ghods Niroo Engineering Ministry of Labor & Social
Gatot Sanyoto Company Port and Maritime
Budidjaja & Associates Law Kusnandar & Co. Organization Affairs
Offices Gholamhossein Davani
Nur Asyura Anggini Sari Mozaffar Mohammadian Imad Abdul Satar Al Qassab
S.H Juni Dani Dayarayan Auditing & Imad Al Qassab Law Office
Bank Indonesia Financial Services Teema Bar International
Budidjaja & Associates Law Transport
Offices Indra Setiawan Saad Abdul Wahab A. Qader
Morteza Dezfoulian
Ali Budiardjo, Nugroho, Mohammad Iraqi Engineers Union
Melli Darsa Morteza
Reksodiputro, member of Mohammadinejad Emad Abdullatif
Melli Darsa & Co. Lex Mundi Maryam Ebrahimi Namavaran Mohandesi Iraqi Institute for
Utari Dyah Kusuma Tehran Stock International Investment Economic Reform
Nurul Setyorini Exchange(TSE) Co
Brigitta I. Rahayoe & Melli Darsa & Co.
Partners Mohammad Al Jabouri
Mona Ebrahimi Mehrdad Mostaghimi
Kevin Omar Sidharta Talal Abu-Ghazaleh Legal
Ira A. Eddymurthy International Law Office Ghods Niroo Engineering (TAG-Legal)
Ali Budiardjo, Nugroho, of Dr. Behrooz Akhlaghi & Company
Soewito Suhardiman Reksodiputro, member of
Eddymurthy Kardono Associates Hadeel Al Janabi
Lex Mundi Rasoul Nowrouzi
Sarah Es,haghi Mena Associates,
Ayik Gunadi Iran Trade Promotion member of Amereller
Bambang Soelaksono The State Organization Organization
Ali Budiardjo, Nugroho, The SMERU Research Rechtsanwälte
Reksodiputro, member of for Registration of Deeds
Institute and Properties Mohammad Reza Pasban Ahmad Al Jannabi
Lex Mundi Allame Tabatabaei Un.-
Galinar R. Kartakusuma Pejman Eshtehardi Mena Associates,
Didik S. Hadiwidodo Iranian Central Bar member of Amereller
Summitmas Iran Counselors Association
PT. Nasio Karya Pratama Makarim & Taira S. Rechtsanwälte
Michael Hasian Giovanni Mahmoud Eskandari Farmand Pourkarim Tariq Al Jibori
Gatot Triprasetio Iran Trade Promotion Tehran Municipality
Brigitta I. Rahayoe & Widyawan & Partners Al -Wahda Municipality
Partners Organization
Yehya Rayegani Mohamed Al Kawaz
Jono Yeo Shirzad Eslami Farjam Law Office
Ray Headifen Budidjaja & Associates Law Al Rafan Co. For General
PT Prima Wahana Caraka / OJE Law office Trading
Offices Kazem Sammak
PricewaterhouseCoopers Hossein Fahimi Namavaran Mohandesi Omar Al Nemer
Erwandi Hendarta I R A N , I SL A M I C Securities and Exchange International Investment Talal Abu-Ghazaleh Legal
Hadiputranto, Hadinoto & R E P. Organization of Iran Co (TAG-Legal)
Partners Zahra Farzaliyan Amin Setayesh
Mohammad Reza Abdi Luay Al-Kayssi
Mohammad Kamal Hidayat State Organization for State Organization for Iraqi Association of
Iranian National Tax Registration of Deeds & Registration of Deeds
Furniture Fikamar Administration Securities Dealers
Properties &Properties of Islamic
Rahayuningsih Hoed Camellia Abdolsamad Republic of Mustafa Alshawi
Behzad Feizi
Makarim & Taira S. International Law Office Encyeh Seyed Sadr Iraqi Institute for
Agahan & Co. Economic Reform
Brigitta Imam Rahayoe of Dr. Behrooz Akhlaghi & International Law Office
Associates Mashallah Gerami of Dr. Behrooz Akhlaghi & Munther B. Hamoudi
Brigitta I. Rahayoe &
Partners Hamid Reza Adabi The State Organization Associates Al Attar Real- Estate
for Registration of Deeds Office
Adiwidya Imam Rahayu State Organization for and Properties Farhand Shaafi
Registration of Deeds Namavaran Mohandesi Ali Baker
Brigitta I. Rahayoe & &Properties Abbas Ali Ghassai
Partners International Investment Al-Furat for Legal and
Mostafa Agah Zarin Iran Porcelain Co Business Consultancy LLC
Mirza Karim Industries
Agah Law Firm Mir Shahbiz Shafe’e Duraid Basil
KarimSyah Law Firm Mohammad Reza Hajian
Allah Mohammad Aghaee Dr. Jamal Seifi & Iraqi Institute for
Herry N. Kurniawan Central Bank of Iran Associates Economic Reform
Iranian National Tax
Ali Budiardjo, Nugroho, Administration Akbar Hendizadeh
Reksodiputro, member of Cyrus Shafizadeh Majed Butrous
Lex Mundi Iran Counselors Tavakoli & Shahabi
Ahmed Dawood
Rudy Kusmanto S. Hamid Hosseini Farzan Shirranbeigi Al -Wahda Municipality
Makarim & Taira S. Meraat Int’l Group Tehran Municipality
228 DOING BUSINESS 2011
Hassan Dhiaa Yasir Yahya Al Mana Deirdre O’Mahony Jakob Melcer Adv. Guido Boni
Hassan Dhiaa Law office Khaled Yaseen Arthur Cox, member of Lex E.S. Shimron, I. Molho, European University
Mundi Persky & Co. Institute
Hassan Fouad Munam Iraqi National Investment
Court of First Instance in Commission Robert O’Shea Rotem Muntner Luigi Brunetti
Al Karada District Matheson Ormsby Prentice Ruth Cargo SDV Logistics Ltd.
IRELAND
Jabar Hamza Lateef Richard O’Sullivan Doron Nathaniel Sergio Calderara
Khalid Haseeb Khalil Margaret Austin P.J. O’Driscolls, Solicitors Haim Nathaniel Ltd. Almaviva S.p.A. / G.Matica
Eugene F. Collins S.r.l.
Khalid Haseeb Office for Judith Riordan Meir Nussbaum
Book Keeping Solicitors Mason Hayes + Curran Deloitte Alessandro Cardia
Naem Hassan Andrew Bates Grieco e Associati
Leanne Robson Danit Rimon
Al -Wahda Municipality Dillon Eustace Matheson Ormsby Prentice Lipa Meir & Co. Cecilia Carrara
Yasir Husam Roisin Bennett Legance
Brendan Sharkey David Rosen
Al -Wahda Municipality Reddy Charlton McKnight Reddy Charlton McKnight Idiliti Maritime Lucia Ceccarelli
Ryadh Ibrahim Fadhil Mairead Britton Consulting Portolano Colella
Gavin Simons Cavallo
Ministry of Labor & Social Matheson Ormsby Prentice ByrneWallace Gerry Seligman
Affairs Alan Browning PricewaterhouseCoopers Giorgio Cherubini
Michael Treacy Pirola Pennuto Zei &
Stephan Jäger LK Shields Solicitors, Property Registration Amir Shani
member of Ius Laboris Associati
Amereller Rechtsanwälte Authority AMIT Ltd.
Aisling Burke Sabrina Chibbaro
Bilal Jasim Colm Walsh Maya Shaton
Arthur Cox, member of Lex Studio notarile eliana
Al Mi’amar Real Estate Irish International S. Horowitz & Co., member morandi
Office Mundi Freight Association of Lex Mundi
Diarmuid Clancy Domenico Colella
Kadhum Jawad Aljibori Maeve Walsh Yifat Shkedi-Shatz
Property Registration Portolano Colella
Al Mansour Law Office Reddy Charlton McKnight S. Horowitz & Co., member Cavallo
Authority of Lex Mundi
Fakhri Kadhum Fabrizio Colonna
Al -Wahda Municipality Ronan Cotter I SR A E L Daniel Singerman
Arthur Cox, member of Lex CBA Studio Legale e
Dhia M. Hashim Paul Baris Business Data Israel + Tributario
Mundi Personal Check
Yigal Arnon & Co. Mattia Colonnelli de Gasperis
Ali Mawlawi Eoin Cunneen
Ofer Bar-On Helena Storm Colonnelli de Gasperis
Iraq Center for Economic LK Shields Solicitors,
Reform Shavit Bar-On Gal-On Tzin Russell Bedford Studio Legale
member of Ius Laboris International
Nov Yagur, Law Offices Gian Franco Condo
Jamal Mehdi Shalal Richard Curran
Jeremy Benjamin Daphna Tsarfaty
Al Attar Real- Estate LK Shields Solicitors, Barbara Corsetti
Office Goldfarb Levy Eran Meiri Goldfarb Levy Eran Meiri
member of Ius Laboris Tzafrir & Co. Portolano Colella
Tzafrir & Co. Cavallo
Ali Mohamed Aboud Saied John Fitzgerald
Marina Benvenisti Eylam Weiss
Baghdad Bureau For Real- ByrneWallace Filippo Corsini
Estate Investment Ruth Cargo Weiss- Porat & Co.
Ciara Garry Chiomenti Studio Legale
Mudher Mohammed Salih FGS Dublin Yitzchak Chikorel I TA LY Sabrina Costanzo
Iraq Central Bank Deloitte Cleary Gottlieb Steen &
James Gilhooly Allen & Overy LLP
Mohammad Murad Law Library Koby Cohen Hamilton LLP
Al Rafidain Brokers PricewaterhouseCoopers Marianna Abbaticchio
Paul Glenfield Salvatore Cuzzocrea
Ristuccia & Tufarelli
Ibrahim Musa Qadori Ahmed Matheson Ormsby Prentice Clifford Davis PricewaterhouseCoopers
Al Rawdha Real-estate S. Horowitz & Co., member Fabrizio Acerbis
Micheál Grace Antonio de Martinis
Office of Lex Mundi PricewaterhouseCoopers
Mason Hayes + Curran Spasaro De Martinis Law
Husham Mustafa Ahmed Ido Gonen Federico Antich Firm
Al Asfar Co. Commercial Niamh Hackett Goldfarb Levy Eran Meiri Studio dell’Avvocato Raffaella De Martinis
agencies LK Shields Solicitors, Tzafrir & Co. Antich
member of Ius Laboris Spasaro De Martinis Law
Ammar Naji Roee Hecht Gea Arcella Firm
Al-Furat for Legal and Darren Isaacson Shavit Bar-On Gal-On Tzin Gaetano Arnò Claudio Di Falco
Business Consultancy LLC Arthur Cox, member of Lex Nov Yagur, Law Offices
Mundi TLS / Cleary Gottlieb Steen &
Auday Najim Ali Aaron Jaffe PricewaterhouseCoopers Hamilton LLP
Ashour International William Johnston Yigal Arnon & Co. Legal Services
Massimo Cremona
Bank Arthur Cox, member of Lex Maria Pia Ascenzo
Mundi Yossi Katsav Pirola Pennuto Zei &
Riadh Raouf Al Heeti Ruth Cargo Bank of Italy Associati
Bruneau Joseph
Talal Sabeeh Shawqy Ameen Zeev Katz Romina Ballanca Emanuele Ferrari
LK Shields Solicitors,
Ministry of Labor & Social member of Ius Laboris PricewaterhouseCoopers PricewaterhouseCoopers Studio Notarile Ferrari
Affairs Paola Barazzetta Paola Flora
Colm Kelly Vered Kirshner
Issam Saied Khalil Al Ani PricewaterhouseCoopers PricewaterhouseCoopers TLS / Ashurst
Issam Al Ani Law Office PricewaterhouseCoopers
Damien Keogh Adam Klein Legal Services Maria Theresa Fontana
Ahmed Salih Al-Janabi Matheson Ormsby Prentice Goldfarb Levy Eran Meiri Spasaro De Martinis Law
Mena Associates, Tzafrir & Co. Lamberto Barbieri Firm
member of Amereller Jennifer Malone CRIF S. P. A.
Gideon Koren Pier Andrea Fré Torelli
Rechtsanwälte ByrneWallace Matteo Bascelli Massini
Gideon Koren & Co. Law
Haider Salman Peter McLay Offices Orrick, Herrington & Carabba & Partners
Bait Al Hikma for Legal Matheson Ormsby Prentice Sutcliffe LLP
Orna Kornreich-Cohen Linda Nicoletta Frigo
Services and Consultancy Giuseppe Battaglia
LLC Julie Murphy O’Connor Shavit Bar-On Gal-On Tzin Gruppo Pam S.p.A.
Matheson Ormsby Prentice Nov Yagur, Law Offices Portolano Colella
Hider Salman Cavallo Andrea Gangemi
Haider Salman Al-Jnabi Regan O’ Driscoll Benjamin Leventhal Portolano Colella
Matheson Ormsby Prentice Gideon Fisher & Co. Susanna Beltramo Cavallo
Law office
Studio Legale Beltramo
Mohamed Shareef Ali Michael O’Connor Michelle Liberman Vincenzo Fabrizio Giglio
Matheson Ormsby Prentice S. Horowitz & Co., member Maria Clementina Binacchi Studio Legale Giglio
Mohamed Shareef Law
Office of Lex Mundi Studio notarile eliana
Niav Ohiggins morandi Antonio Grieco
Arthur Cox, member of Lex Grieco e Associati
Mundi
ACKNOWLEDGMENTS 229
Guido Grisi Laura Prosperetti Nicole Goodin Osamu Fujiwara Yoshihito Shibata
Paolo Grondona Cleary Gottlieb Steen & Jamaica Public Service Orrick, Herrington & Bingham McCutchen
Hamilton LLP Company Limited Sutcliffe LLP Murase, Sakai & Mimura
Norton Rose Foreign Law Joint
Sharon Reilly Inger Hainsley-Bennett Tastuya Fukui Enterprise
Valentino Guarini
Toffoletto e Soci Law Company’s Office of Atsumi & Partners
TLS / Firm, member of Ius Laboris Jamaica Hiroaki Shinomiya
PricewaterhouseCoopers Nozomi Fukushima Atsumi & Partners
Legal Services Marianna Ristuccia Michael Hall Zeirishi-Hojin
Ristuccia & Tufarelli PricewaterhouseCoopers PricewaterhouseCoopers Hisako Shiotani
Federico Guasti
Atsumi & Partners
Studio Legale Guasti Tommaso Edoardo Romolotti Corrine N. Henry Mika Haga
Studio Legale Romolotti Myers, Fletcher & Gordon, Atsumi & Partners Sachiko Sugawara
Goffredo Guerra
Marretta member of Lex Mundi Atsumi & Partners
Studio Legale Tributario Shigeru Hasegawa
Associato Carlo Umberto Rossi Hopeton Heron Zeirishi-Hojin Hidetaka Sumomogi
Francesco Iodice Rossi Budelli Law Firm Office of Utilities PricewaterhouseCoopers Nishimura & Asahi
Regulation
Cleary Gottlieb Steen & Giovanni B. Sandicchi Tamotsu Hatasawa Hiroyuki Suzuki
Hamilton LLP Cleary Gottlieb Steen & Karen Hughes Hatasawa & Wakai Law Zeirishi-Hojin
Giovanni Izzo Hamilton LLP Ministry of Justice and Firm PricewaterhouseCoopers
Legal Affairs
Abbatescianni Studio Lamberto Schiona Kan Hayashi Yuri Suzuki
Legale e Tributario Studio Legale Schiona Joan Lawla Zeirishi-Hojin Atsumi & Partners
Ignazio la Candia Noelle Llewellyn Heron PricewaterhouseCoopers
Mario Scofferi Hiroaki Takahashi
Pirola Pennuto Zei & Scofferi Studio legale Tax Administration Akiko Hiraoka Atsumi & Partners
Associati Services Department Atsumi & Partners
Massimiliano Silvetti Junichi Tobimatsu
Paolo Lucarini Nunziante Magrone Zia Mian Takashi Hirose Mori Hamada &
PricewaterhouseCoopers Office of Utilities Oh-Ebashi LPC & Partners Matsumoto
Carlo Sinatra Regulation
Stefano Macchi di Cellere Lombardi Molinari e Kane Huang Shuhei Tsudo
Jones Day Associati Viveen Morrison Orrick, Herrington & Orrick, Herrington &
PricewaterhouseCoopers- Sutcliffe LLP Sutcliffe LLP
Chiara Magnante Pierluigi Sodini Duke Street
Portolano Colella Unioncamere Michiya Iwasaki Kenji Utsumi
Cavallo Kellie-Ann Murray Atsumi & Partners Nagashima Ohno &
Piervincenzo Spasaro Jamaica Promotions Tsunematsu
Donatella Martinelli Spasaro De Martinis Law Corporation (JAMPRO) Tomomi Kagawa
Alegal International Law Firm Credit Information Center Jun Yamada
Firm Gina Phillips Black Corp. Anderson Mori &
Maria Antonietta Tanico Myers, Fletcher & Gordon, Tomotsune
Cristiano Martinez Studio Legale Tanico member of Lex Mundi Aya Kamimura
Orrick, Herrington & Nishimura & Asahi Michi Yamagami
Sutcliffe LLP Andrea Tedioli Andrea E. Rattray Anderson Mori &
Tedioli Law Firm Rattray Patterson Rattray Yosuke Kanegae Tomotsune
Pietro Masi Oh-Ebashi LPC & Partners
Portolano Colella Maria Lucia Tizzani Hilary Reid Akio Yamamoto
Cavallo CBA Studio Legale e Myers, Fletcher & Gordon, Hideki Thurgood Kano Kajima Corporation
Tributario member of Lex Mundi Anderson Mori &
Patrizia Masselli Tomotsune Kazuhiro Yanagida
Cleary Gottlieb Steen & Giacinto Tommasini Venice Ricketts Nishimura & Asahi
Hamilton LLP Alegal International Law Jamaica Inland Revenue Chie Kasahara
Firm Department Atsumi & Partners JOR DA N
Maria Grazia Medici
Verusio e Cosmelli Studio Luca Tufarelli Yvonne Riley Kazumoto Kitamura
Ristuccia & Tufarelli Atsumi & Partners Saleh Abd El-Ati
Legale Jamaica National
Insurance Scheme (NIS) Ali Sharif Zu’bi, Advocates
Mario Miccoli Rachele Vacca de Dominicis Kenichi Kojima & Legal Consultants,
Office
Notaio Miccoli Grieco e Associati Ushijima & Partners member of Lex Mundi
Heather Rowe
Riccardo Micheli Mario Valentini Yukie Kurosawa Hayja’a Abu AlHayja’a
Jamaica Public Service
Ristuccia & Tufarelli Pirola Pennuto Zei & Company Limited O’Melveny & Myers LLP Talal Abu-Ghazaleh
Associati Legal (TAG-Legal) Jordan
Nunzia Moliterni Humprey Taylor Yoji Maeda Amman
Jones Lang LaSalle SpA Angelo Zambelli O’Melveny & Myers LLP
Taylor Construction Ltd. Anas Abunameh
Dewey & LeBoeuf
Micael Montinari Densil Thorpe Yuki Maeda Law & Arbitration Centre
Portolano Colella Filippo Zucchinelli Nishimura & Asahi
Jamaica National Ibrahim Abunameh
Cavallo TLS / Insurance Scheme (NIS)
PricewaterhouseCoopers Toshio Miyatake Law & Arbitration Centre
Eliana Morandi Office Adachi, Henderson,
Legal Services
Studio notarile eliana Sophia Williams Miyatake & Fujita Bushra Abu-Tayeh
morandi JA M A IC A National Land Agency Ali Sharif Zu’bi, Advocates
Tsuyoshi Mizoguchi & Legal Consultants,
Gianmatteo Nunziante George Wright Zeirishi-Hojin member of Lex Mundi
Theresa Bowen PricewaterhouseCoopers
Nunziante Magrone Jamaica’s Tax
LEX Caribbean Maha Al Abdallat
Francesco Nuzzolo Administration at the Michihiro Mori
Michael A. Bryce Ministry of Finance & Central Bank of Jordan
PricewaterhouseCoopers Nishimura & Asahi
Office of Utilities Public Service Eman M. Al-Dabbas
Marcella Panucci Regulation Naomasa Nakagawa International Business
Confindustria (National JA PA N Orrick, Herrington & Legal Associates
Solomon Burchell Sutcliffe LLP
Business Association)
Ministry of Energy and Allen & Overy LLP Arafat Alfayoumi
Paolo Pasqualis Mining Miho Niunoya Central Bank of Jordan
Notary Fumiko Amano Atsumi & Partners
Robert Colley Zeirishi-Hojin Omar Aljazy
Giovanni Patti Myers, Fletcher & Gordon, PricewaterhouseCoopers Tokyo Electric Power Aljazy & Co.Advocates &
Abbatescianni Studio member of Lex Mundi Company Legal Consultants
Legale e Tributario Miho Arimura
Eric Alexander Crawford Takefumi Sato Ali Almashaqba
Hatasawa & Wakai Law
Federica Peres PricewaterhouseCoopers Firm Anderson Mori & Electricity Regulatory
Portolano Colella Tomotsune Commission (ERC)
Natalie Farrell-Ross Toyoki Emoto
Cavallo Tetsuro Sato
Myers, Fletcher & Gordon, Atsumi & Partners Zaina Al-Nabulsi
Martina Pivetti member of Lex Mundi Baker & McKenzie Ali Sharif Zu’bi, Advocates
TLS / Mijo Fujita & Legal Consultants,
Nicole Foga Adachi, Henderson,
PricewaterhouseCoopers member of Lex Mundi
Legal Services Foga Daley Miyatake & Fujita
230 DOING BUSINESS 2011
Micheal T. Dabit Ainur Atekeyeva Tatiana Muratova Francis Gichuhi Cephas Osoro
Michael T. Dabit & Salans Chadbourne & Parke LLP Prism Designs Africa Osoro and Co, Certified
Associates Public Accountants
Assel Aubakirova Assel Mussina Edmond Gichuru
Tariq Hammouri Chadbourne & Parke LLP Denton Wilde Sapte & Co Post Bank Sonal Sejpal
Hammouri & Partners Anjarwalla & Khanna
Nailya Azizova Abylkhair Nakipov William Ikutha Maema Advocates
George Hazboun Panalpina World Signum Law Firm Iseme, Kamau & Maema
HAZBOUN & Co. for Transport LLP Advocates Deepen Shah
International Legal Nazira Nurbayeva Walker Kontos Advocates
Business Consultations Jypar Beishenalieva PricewaterhouseCoopers James Kamau
Michael Wilson & Partners Iseme, Kamau & Maema Rajesh Shah
Tayseer Ismail Ltd. Nadezhda Oparina Advocates PricewaterhouseCoopers
East Echo Co. Chadbourne & Parke LLP
Assel Bekturganova Karori Kamau Diana Situma
Zeina Jaradat Grata Law Firm Zhanar Ordabayeva Iseme, Kamau & Maema Walker Kontos Advocates
PricewaterhouseCoopers McGuire Woods LLP Advocates
Richard Bregonje David Tanki
Youssef S. Khalilieh PricewaterhouseCoopers Yuliya Penzova Patrick Karara Lan-x Africa Ltd.
Rajai Dajani & Associates Aequitas Law Firm PricewaterhouseCoopers
Law Office Shaimerden Chikanayev Joseph Taracha
Grata Law Firm Yelena Pestereva Judith Kavuki Central Bank of Kenya
Enad Khirfan Chadbourne & Parke LLP KOKA Koimburi & Co.
Ali Sharif Zu’bi, Advocates Yulia Demurova
Elvis Roberts Hamish Keith K I R I BAT I
& Legal Consultants, Denton Wilde Sapte & Co
Cruz Logistics Daly & Figgis Advocates
member of Lex Mundi Botakoz Dykanbayeva Kenneth Barden
Grata Law Firm Olga Salimova Peter Kiara Attorney-at-Law
Rasha Laswi
ORIS Law Firm Peter Kiara- Individual
Zalloum & Laswi Law Firm Ardak Dyussembayeva Taake Cama
Kanat Skakov Architect Ministry of Finance
Emad Majid Aequitas Law Firm
Salans Felix Kioko
PricewaterhouseCoopers Courtney Fowler Paul McLaughlin
Myrza Sokurov B.M. Musau & Co. Ca Bella Betio
Rola Makhadmeh PricewaterhouseCoopers Advocates
PricewaterhouseCoopers Construction
Khalifeh & Partners Vladimir P. Furman
Karina Sultanaliyeva Meshack T. Kipturgo Batitea Tekanito
Firas Malhas McGuire Woods LLP Siginon Freight Ltd.
Aequitas Law Firm Development Bank of
International Business Togzhan Ibrayeva Kiribati
Legal Associates Edil Tunlikbaev Owen Koimburi
Signum Law Firm KOKA Koimburi & Co.
Ridha Nasair Almaty Urban Planning KOR E A , R E P.
Semion Issyk and Architecture Evelyn Masita
Law Gate Attorneys org Aequitas Law Firm Department KOKA Koimburi & Co. Cheolhyo Ahn
Mustafa Nasereddin Thomas Johnson Amir Tussupkhanov Yulchon
Talal Abu-Ghazaleh Legal Rosemary Mburu
Denton Wilde Sapte & Co ORIS Law Firm Institute of Trade Dong-Ook Byun
(TAG-Legal) Jordan
Amman Mariyash Kabikenova Yekaterina V. Kim Development Korea Customs Service
Khaldoun Nazer Rehabilitation Manager Michael Wilson & Partners Mansoor A. Mohamed Min-Sook Chae
Ltd. Ruman shipcontractors Korea Credit Bureau
Khalifeh & Partners Elena Kaeva
PricewaterhouseCoopers Michael Wilson Limited
Mutasem Nsair Hyeong-Tae Cho
Michael Wilson & Partners Evelyn Mukhebi Samil
Khalifeh & Partners Ramina Kaliyeva Ltd.
Salans PricewaterhouseCoopers PricewaterhouseCoopers
Ahmad Quandour Severin Wilson
Khalifeh & Partners Viktoria Katanayeva Nkatha Murungi Min-Jung Cho
Kazakhstan Consulting Kaplan & Stratton Korea Credit Bureau
Osama Y. Sabbagh Grata Law Firm
Marina Yudina Amyn Mussa Han-Jun Chon
The Jordanian Electric Assel Kazbekova Panalpina World
Power Co. Ltd. (JEPCO) Michael Wilson & Partners Anjarwalla & Khanna Samil
Transport LLP Advocates PricewaterhouseCoopers
Noreen Simonian Ltd.
Dubek Zhabykenov Wachira Ndege Eui Jong Chung
Crown Logistics Tatyana Kim BA Services International
Marka Audit ACF LLP Credit Reference Bureau Bae, Kim & Lee LLC
Stephan Stephan LLC Africa Ltd.
PricewaterhouseCoopers Yerbol Konarbayev Sang-goo Han
Danat Zhakenov Christina Ndiho
Grata Law Firm Yoon Yang Kim Shin & Yu
Azzam Zalloum Zhakenov & Partners Kaplan & Stratton
Zalloum & Laswi Law Firm Ana Kravchenko C.W. Hyun
Valerie A. Zhakenov James Ngomeli
Grata Law Firm Kim & Chang
Kareem Zureikat Zhakenov & Partners The Kenya Power and
Ali Sharif Zu’bi, Advocates Sholpanai Kudaibergenova Lighting Company Ltd. James I.S. Jeon
Sofiya Zhylkaidarov
& Legal Consultants, LLP IAC Buisness Sojong Partners
Signum Law Firm Beatrice Bosibori Nyabira
member of Lex Mundi Consulting, member In Bum Jin
of Russell Bedford Iseme, Kamau & Maema
Abdelmajeed Zwairi K E N YA Advocates Cheon Ji Accounting
International Corporation, member
Odat & Co
Gulfiya Kurmanova Abdulwahid Aboo Julia Nyaga of Russell Bedford
KA Z A K H STA N Halyk Bank Kazakhstan Abdulwahid Aboo Kaplan & Stratton International
& Company, member Conrad Nyukuri
Irina Latipova of Russell Bedford Hye-Sun Kim
Askar Abubakirov Chunga Associates
Marka Audit ACF LLP International Chamjon Apparel
Aequitas Law Firm
Assel Makhadiyeva Zulfiquarali Aboo Stephen Okello Hyo-Sang Kim
Kirill Afanasyev PricewaterhouseCoopers
ORIS Law Firm Abdulwahid Aboo Kim & Chang
Kazakhstan Consulting
& Company, member Sean Omondi Jung-In Kim
Zulfiya Akchurina Aigerim Malikova of Russell Bedford
PricewaterhouseCoopers Daly & Figgis Advocates Korea Credit Bureau
Grata Law Firm International
Sanju Mani Sam Omukoko Keunyeop Kim
Aktan Akhmetov Jackson Awele Metropol East Africa Ltd.
M&M Logistics Panalpina IAF Ltd.
First Credit Bureau Kaplan & Stratton
Vsevolod Markov Esther Omulele Kyu-Dong Kim
Saida Akhmetova Vicky Bharij Muriu Mungai & Co
McGuire Woods LLP Samil
Salans Daly & Figgis Advocates Advocates PricewaterhouseCoopers
Zhabelov Alim Bolat Miyatov Oliver Fowler Tom Odhiambo Onyango Kyung-Jung Kim
Panalpina World Grata Law Firm Kaplan & Stratton Ochieng, Onyango, Kibet PANKO
Transport LLP Victor Mokrousov & Ohaga
Peter Gachuhi S.E. Stephan Kim
Chadbourne & Parke LLP Kaplan & Stratton Sojong Partners
ACKNOWLEDGMENTS 231
Se Jin Kim Mustafa Hasani Paul Day Tatiana Kim Darika Soponawat
Hwang Mok Park P.C. Kosovo Investment ASAR-Al Ruwayeh & International PricewaterhouseCoopers
Promotion Agency Partners Entrepreneurship Fund
Wonhyung Kim Souvanno Sphabmixay
Yoon Yang Kim Shin & Yu Menagjer Rarhim Hoxha Sam Habbas Nurdin Kumushbekov PricewaterhouseCoopers
ISARS ASAR-Al Ruwayeh & USAID Business
Yoon Young Kim Partners Environment Project Kristy Thatcher
Hwang Mok Park P.C. Albert Islami DFDL Mekong Law Group
Albert Islami & Partners Chirine Krayem Moujaes Svetlana Lebedeva
Joong Hoon Kwak The Law Offices of Mishari Lorenz International Law Sengdara Tiamtisack
Lee & Ko Bejtush Isufi Al-Ghazali Firm Lao Freight Forwarder
Interlex Associates l.l.c. Co. Ltd.
Ki Hyun Kwon Medhat Mubarak Marina Lim
Cheon Ji Accounting Agron Krasniqi Al Markaz Law Firm Kalikova & Associates Law Andrea Wilson
Corporation, member Boga & Associates Firm DFDL Mekong Law Group
of Russell Bedford Amer Nabulsi
International Isak Mehmeti DLA Piper Vyacheslav Vasilievich Lunev L AT V IA
Municipality of Prishtina
Hye Jeong Lee Anupama Nair Barno Marazykova
Arben Mustafa Ilze Abika
Ahnse Law Offices Abdullah Kh. Al-Ayoub & “Partner” Law Firm
Intereuropa Kosovo Skudra & Udris Law
Associates, member of Lex Ase Momoshova Offices
Jin-Young Lee Prishtina Mundi
Samil Kalikova & Associates Law Martins Aljens
PricewaterhouseCoopers Besim Osmani Mohamed Omar Firm
Interlex Associates l.l.c. Raidla Lejins & Norcous
Al Markaz Law Firm Almas Nakipov
Jong Ho Lee Ilona Bauda
Sojong Partners Mehdi Pllashniku Mohammed Ramadan PricewaterhouseCoopers
Kosovo Business Loze, Grunte & Cers
Al Markaz Law Firm Karlygash Ospankulova
Jung Myung Lee Registartion Agency Elina Bedanova
Hwang Mok Park P.C. Shafeek Rhaman Kalikova & Associates Law
Laura Qorlaze Firm Raidla Lejins & Norcous
AA May International for
Kyu Wha Lee PricewaterhouseCoopers Global Shipping Eva Berlaus-Gulbe
Lee & Ko Natalya Pak
Iliriana Osmani Serreqi Mini Shivadas “Partner” Law Firm Sorainen
Myun Ok Lee Avokatura Osmani The Law Firm of Labeed Iveta Berzina
Yoon Yang Kim Shin & Yu Magomec Saaduev
Bardhyl Shehu Abdal Skudra & Udris Law
Kalikova & Associates Law
Ji Woong Lim TRUST Ahmed Zakaria Firm Offices
Yulchon ASAR-Al Ruwayeh & Andis Burkevics
Jeton Vokshi Kanat Seidaliev
Jung Ha Lim Intereuropa Kosovo Partners Sorainen
Grata Law Firm
Hwang Mok Park P.C. Prishtina Andis Čonka
K Y RG Y Z R E P U B L I C Mirgul Smanalieva
Paul McLaughlin Shaha Zylfiu “Partner” Law Firm Latvijas Banka
Ca’Bella Betio Central Bank of the Shuhrat Akhmatakhunov Zane Džule
Construction Republic of Kosovo Kalikova & Associates Law Maksim Smirnov
Kalikova & Associates Law Liepa, Skopiņa/ Borenius
Firm
Ho Joon Moon Atdhe Dika Firm Ingrida Dimina
Lee & Ko Kalo & Associates Niyazbek Aldashev
Aisuluu Sydygalieva PricewaterhouseCoopers
Lorenz International Law
Timothy O’Brien Firm USAID BEI Project Valters Diure
K U WA I T
Kim & Chang Klavins & Slaidins LAWIN
Nurlan Alymbaev Azamat Talantbek uulu
Yon-Kyun Oh Ihab Abbas
USAID, Judicial Reform USAID Business Zlata Elksnina-Zascirinska
Kim & Chang Deloitte Environment Project
Assistance Project, Kyrgyz PricewaterhouseCoopers
Sang Il Park Labeed Abdal Republic, Millennium Gulnara Uskenbaeva
The Law Firm of Labeed Challenge Account Valters Gencs
Hwang Mok Park P.C. Alpha Sheersfield Gencs Valters Law Firm
Abdal Threshold Program
Soo-Hwan Park Ali Ramazanovich Vodyanov Ilga Gudrenika-Krebs
Nazih Abdul Hameed Beishenbek Alymkulov
Samil Electrosila Klavins & Slaidins LAWIN
PricewaterhouseCoopers Al Markaz Law Firm Lorenz International Law
Firm Janis Irbe
Jeong Seo Mahmoud Abdulfattah L AO P DR
The Law Offices of Mishari Akjoltoi Elebesova Latvenergo AS, Sadales
Kim & Chang Sithong Chanthasouk Tikls
Al-Ghazali Credit Information Bureau
Yoo Soon Shim Ishenim DFDL Mekong Law Group Sandis Jermuts
Cheon Ji Accounting Waleed Abdulrahim
Abdullah Kh. Al-Ayoub & Aiperi Esengeldieva Aristotle David Sabiedrisko pakalpojumu
Corporation, member regul aanas komisija
of Russell Bedford Associates, member of Lex Lorenz International Law DFDL Mekong Law Group
International Mundi Firm Dace Kalnmeiere
Daodeuane Duangdara
Won-Il Sohn Lina A.K. Adlouni Courtney Fowler PricewaterhouseCoopers Liepa, Skopina/ Borenius
Yulchon KIPCO Asset Management PricewaterhouseCoopers Nikita Koroteckis
Walter Heiser
Company K.S.C Natalia Galliamova LINKORG.EU
Jin-Ho Song DFDL Mekong Law Group
Kim & Chang Abdullah Al-Ayoub Third Party Arbitrage Irina Kostina
Court Chris Manley
Abdullah Kh. Al-Ayoub & Klavins & Slaidins LAWIN
Kyung Hee Suh Associates, member of Lex DFDL Mekong Law Group
Saltanat Ismailova
Yulchon Mundi Varavudh Meesaiyati Indrikis Liepa
PricewaterhouseCoopers
Dong-Suk Wang Mishari M. Al-Ghazali PricewaterhouseCoopers Liepa, Skopina/ Borenius
Nurbek Ismankulov
Korea Credit Bureau The Law Offices of Mishari Vongphacnanh Onepaseuth Janis Loze
Al-Ghazali M&M Transport Logistic
Services DFDL Mekong Law Group Loze, Grunte & Cers
KO S OVO Reema Ali
Nurzhan Issatov Somphone Phasavath Alexey Melsitov
Agron E. Beka Ali & Partners Lao Freight Forwarder MTA Maritime Transport
PricewaterhouseCoopers
Immobilia Akusa Batwala Co. Ltd. & Agencies
Merim Kachkynbaeva
Peter Burnie ASAR-Al Ruwayeh & Ketsana Phommachanh Irina Olevska
Partners Kalikova & Associates Law
PricewaterhouseCoopers Firm Ministry of Justice Liepa, Skopina/ Borenius
Sokol Elmazaj Nada Bourahmah Thavorn Rujivanarom Zane Paeglite
Elena Kaeva
Boga & Associates The Law Offices of Mishari PricewaterhouseCoopers Sorainen
Al-Ghazali PricewaterhouseCoopers
Lorena Gega Gulnara Kalikova Vichit Sadettan Sergejs Rudans
Tim Bullock Lao Freight Forwarder Liepa, Skopina/ Borenius
PricewaterhouseCoopers Kalikova & Associates Law
Deloitte Co. Ltd.
Maliq Gjyshinca Firm Lāsma Rugāte
Mary Carmel Byrne Senesakoune Sihanouvong Sorainen
Intereuropa Kosovo
Prishtina Al Markaz Law Firm DFDL Mekong Law Group
232 DOING BUSINESS 2011
Dace Silava-Tomsone Claudine Karaki Qhalehang Letsika Khalil Azar Šarūnas Basijokas
Raidla Lejins & Norcous Ministry of Finance Mei & Mei Attorneys Inc. Beever Company Bernotas & Dominas
Glimstedt
Sarmis Spilbergs Najib Khattar Vincent Mabulu Christiana Baah
Klavins & Slaidins LAWIN Khattar Associates Lesotho Architects, PricewaterhouseCoopers Vilius Bernatonis
Engineers & Surveyors Sutkiene, Pilkauskas &
Zane Štālberga – Markvarte Albert Laham Association F. Augustus Caesar, Jr. Partners
Markvarte Lexchange Law Law Office of Albert Caesar Architects, Inc.
Office Laham Realeboha Makamane Eglé Jankauskaité
High Court Henry Reed Cooper Bernotas & Dominas
Marite Straume-Cerbule Sader Makram Cooper & Togbah Law Firm Glimstedt
RE & RE Ltd. Association of Banks in Thabo Makeka
Lebanon (ABL) Association of Lesotho Frank Musah Dean Andrius Bogdanovičius
Maija Tipaine Employers and Business Dean & Associates JSC “Creditinfo Lietuva”
Raidla Lejins & Norcous Georges Mallat
Hyam G. Mallat Law Firm Tseliso Daniel Makhaphela S. Peter Doe-Kpar Ina Budelinait
Agate Ziverte Ministry of Local Monthly and Probate Sorainen
PricewaterhouseCoopers Nabil Mallat Government Court
Hyam G. Mallat Law Firm Dovil Burgien
Thakane Makume Christine Sonpon Freeman Law Firm Lideika,
L E BA NON Fadi Moghaizel Lesotho Electricity Cooper & Togbah Law Firm Petrauskas, Valiknas ir
Hanan Abboud Moghaizel Law Firm, Company (Pty) Ltd. partneriai LAWIN, member
member of Lex Mundi Paul Greene
PricewaterhouseCoopers Ministry of Finance, of Lex Mundi
Moeketsi Marumo
Wassim Abou Nader Mario Mohanna PowerConsult (Pty) Ltd. Liberia Sergej Butov
Mena City Lawyers Patrimoine Conseil SARL Sorainen
Leoma Matamne Winleta Henries Reeves
Wadih Abou Nasr Mirvat Mostafa Molepe Quantity Dean & Associates Robertas Čiočys
PricewaterhouseCoopers Mena City Lawyers Surveyors Law Firm Lideika,
Cyril Jones
Rania Mrad Jones & Jones Petrauskas, Valiknas ir
Manal Assir Mathias Matshe partneriai LAWIN, member
UNDP Khattar Associates Sheeran & Associates Abu Kamara of Lex Mundi
Antoine Baaklini Pierre Nehme Tony Mcalpine Ministry of Commerce & Giedre Dailidenaite
BAB International Bureau d’Etudes Pierre Moores Rowland Industry
Nehme BNT Attorneys APB
Jean Baroudi Thandiwe Metsing George Kwatia
Toufic Nehme Gintaras Daugela
Baroudi & Associates PricewaterhouseCoopers
Law Office of Albert Moeletsi Moamohe Bank of Lithuania
Tarek Baz Laham Safmarine Maersk Martha Lackay
Vita Dauksaite
Hyam G. Mallat Law Firm Liberia Electricity
Elias Rammouz Molomo Mohale Corporation Law Firm Lideika,
Melynda BouAoun Mena City Lawyers Systematic Architects Petrauskas, Valiknas ir
J. Johnny Momoh partneriai LAWIN, member
Badri and Salim El Mireille Richa Lebenya Moleko of Lex Mundi
Meouchi Law Firm, member Sherman & Sherman
Tyan & Zgheib Law Firm Moleko Electrial
of Interleges Contractors Sylvanus O’ Connor Goda Deltuvait
Najib Choucair Jihane Rizk Khattar AEP Consultants Inc. Sorainen
Khattar Associates Denis Molyneaux
Central Bank of Lebanon Webber Newdigate Kingsley Owusu-Ewli Giedre Domkute
Alice Choueiri Jihad Rizkallah PricewaterhouseCoopers AAA Baltic Service
Badri and Salim El Tseliso Monaphathi Company -Law firm
Mena City Lawyers High Court Bloh Sayeh
Meouchi Law Firm, member Antanas Dzinga
Sanaa Daakour of Interleges Center for National
Mamophete Mophethe Documents & Records / Sorainen
Mena City Lawyers Elias A. Saadé Phillips Clearing & National Archives Dalia Foigt-Norvaiaien
Michel Doueihy Moghaizel Law Firm, Forwarding Agent (Pty)
member of Lex Mundi Ltd. Amos Siebo Regija Borenius
Badri and Salim El
Meouchi Law Firm, member Liberia Reconstruction Valters Gencs
Rached Sarkis Ebenezer Keneiloe Mopoti and Development
of Interleges Archiplane Studio Lesotho Gencs Valters Law Firm
Rached Sarkis Office Committee
Hanadi El Hajj LTD. Simas Gudynas
Antoine Sfeir Nyenati Tuan
Mena City Lawyers Theodore Ntlatlapa Law Firm Lideika,
Badri and Salim El Tuan Wreh Law Firm
Chadia El Meouchi Meouchi Law Firm, member DNT Architects Petrauskas, Valiknas ir
of Interleges Darcy White partneriai LAWIN, member
Badri and Salim El A.R.Thabiso Ramokoena of Lex Mundi
Meouchi Law Firm, member PricewaterhouseCoopers
George Tannous NedBank Lesotho Ltd.
of Interleges Melvin Yates Frank Heemann
Beirut International Duduzile Seamatha
Dania George Movers Compass Inc., Clearing and bnt Attorneys APB
Sheeran & Associates Forwarding
PricewaterhouseCoopers Bassel Tohme Egl Jankauskait
Tiisetso Sello-Mafatle Harvy T. Yuan, Sr. Bernotas & Dominas
Abdallah Hayek Mena City Lawyers
Sello-Mafatle Attorneys Liberia Electricity Glimstedt
Hayek Group Hala. Tyan
Mokhethi Shelile Corporation Agne Jonaityt
Walid Honein Moghaizel Law Firm,
member of Lex Mundi Lesotho National Sorainen
Badri and Salim El Development Corporation L I T H UA N IA
Meouchi Law Firm, member Nady Tyan Povilas Junevičius
of Interleges Marorisang Thekiso Kęstutis Adamonis Law Firm Lideika,
Tyan & Zgheib Law Firm Sorainen
Maher Hoteit Sheeran & Associates Petrauskas, Valiknas ir
Rania Yazbeck Lina Aleknaite - Van der partneriai LAWIN, member
Mena City Lawyers Phoka Thene of Lex Mundi
Tyan & Zgheib Law Firm Molen
Mahdi Husseini Sello-Mafatle Attorneys
Eversheds Saladzius Aurimas Kačinskas
Badri and Salim El L E S OT HO George Thokoa JSC “Creditinfo Lietuva”
Meouchi Law Firm, member Maseru Electro Services Gintas Andruaka
of Interleges Tankiso Hlaoli Pty Ltd. Raidla Lejins & Norcous Romas Karaliunas
Fady Jamaleddine Bernice Khoachele Petras Baltusevičius Bank of Lithuania
Mahlape Tjela
Mena City Lawyers National Environment NedBank Lesotho Ltd. DSV Transport UAB Povilas Karlonas
Secretariat Sorainen
Elie Kachouh Donatas Baranauskas
ELC Transport Services Selebalo Lekokoto L I B E R IA Vilniaus Miesto 14 - Asis Romualdas Kasperavičius
SAL Lesotho National Notaru Biuras State Enterprise Centre of
Development Corporation Christian Allison
Georges Kadige Central Bank of Liberia Kim Bartholdy Registers
Kadige & Kadige Law Firm Makhala Leteba DSV Transport UAB Jonas Kiauleikis
Sheeran & Associates Amos P. Andrews
Michel Kadige Ecobank Regija Borenius
Kadige & Kadige Law Firm Lebereko Lethobane
Labour Court Lesotho
ACKNOWLEDGMENTS 233
Jurate Kraujalyte Milda Ručinskaitė Françoise Pfeiffer Dejan Knezović Philippe Antoine
Amerinde Consolidated, Ministry of Economy of Pfeiffer & Sagnard Law Office Knezovic & Harilalanorohanitra
Inc Lithuania Vilnius the Republic of Lithuania Associates Madagascar Law Offices
Judith Raijmakers
Kristina Kriščiūnaitė Dalia Sidagiene Loyens & Loeff Zlatko T. Kolevski Raphaël Jakoba
PricewaterhouseCoopers Ministry of Economy of Kolevski Law Office Madagascar Conseil
the Republic of Lithuania Geoffrey Scardoni International
Ronaldas Kubilius Loyens & Loeff Lidija Krstevska
PricewaterhouseCoopers Rimantas Simaitis EU Harmonization Unit Hanna Keyserlingk
Raidla Lejins & Norcous Jean-Luc Schaus Cabinet HK Jurifisc.
Egidijus Kundelis Loyens & Loeff Miroslav Marchev
PricewaterhouseCoopers Alius Stamkauskas PricewaterhouseCoopers Pascaline R. Rasamoeliarisoa
UAB Elmonta Roger Schintgen Deloitte
Žilvinas Kvietkus Paul Wurth S.A Irena Mitkovska
Raidla Lejins & Norcous Jonas Stamkauskas Lawyers Antevski Sahondra Rabenarivo
UAB Elmonta Alex Schmitt Madagascar Law Offices
Valdis Leikus Bonn Schmitt Steichen, Biljana Mladenovska
Ernst & Young Baltic UAB Rimantas Vaicenavicius Member of Lex Mundi Lawyers Antevski Serge Lucien Rajoelina
Bank of Lithuania Jiro Sy Rano Malagasy
Giedr Liaugminait Elodie Simonian Valerjan Monevski (JIRAMA)
KPMG Vilija Vaitkut Pavan Oostvogels Monevski Law Firm
Law Firm Lideika, Lanto Tiana Ralison
Viktorija Ma iulien Petrauskas, Valiknas ir Alessandro Sorcinelli Svetlana Neceva FIDAFRICA /
Sorainen partneriai LAWIN, member Linklaters Law Office Pepeljugoski PricewaterhouseCoopers
Asta Macijauskiene of Lex Mundi Goran Nikolovski
M AC E D ON IA , F Y R Laingoniaina
Bernotas & Dominas Rolandas Valiknas Law office Nikolovski Ramarimbahoaka
Glimstedt Law Firm Lideika, Natasa Andreeva Madagascar Conseil
Zlatko Nikolovski
Gytis Malinauskas Petrauskas, Valiknas ir National Bank of the Notary Chamber of R. of International
Sorainen partneriai LAWIN, member Republic of Macedonia Macedonia
of Lex Mundi Michel Ramboa
Linas Margevicius Svetlana Andreovska Kiril Papazoski Madagascar Law Offices
Egle Valiuliene Monevski Law Firm
Legal Bureau of Linas Monevski Law Firm Fanja Randriamanantena
Margevicius Law Firm Lideika,
Petrauskas, Valiknas ir Zlatko Antevski Vasko Pejkov FIDAFRICA /
Marius Matiukas partneriai LAWIN, member Lawyers Antevski Republic of Macedonia PricewaterhouseCoopers
Sutkiene, Pilkauskas & of Lex Mundi Aleksandra Arsoska Securities and Exchange Rivolalaina Randrianarisoa
Partners Lina Vosylien IKRP Rokas & Partners Commission FIDAFRICA /
Rkta Matonien KPMG Ljubica Ruben PricewaterhouseCoopers
Benita Beleskova
Vilnius City Municipality Darius Zabiela IKRP Rokas & Partners Mens Legis Law Firm William Randrianarivelo
Vaidotas Melynavicius Law Firm Zabiela, Lidija Sarafimova Danevska FIDAFRICA /
Dragan Blažev PricewaterhouseCoopers
AAA Baltic Service Zabielaite & Partners National Bank of the
Timelproject Engineering
Company -Law firm Indre Zakalskyte Republic of Macedonia Michael Ratrimo
Eli Bocevska Madagascar International
Tomas Mieliauskas Ernst & Young Baltic UAB Biljana Saraginova
PricewaterhouseCoopers Container Terminal
Law Firm Foresta Giedre Zalpyte Monevski Law Firm
Vladimir Bocevski Services Ltd.
Bronislovas Mikkta BNT Attorneys APB Zdravko Stefanovski
Mens Legis Cakmakova Mialy Ratsimba
State Enterprise Centre of Jkrat Zarankien Advocates Toplifikacija Engeneering
Registers FIDAFRICA /
Ernst & Young Baltic UAB Biljana Čakmakova Ljupka Stojanovska PricewaterhouseCoopers
Tadas Milasius Law office Nikolovski
Audrius Žvybas Mens Legis Cakmakova Théodore Raveloarison
Sorainen Advocates
Bernotas & Dominas Biljana Tanevska JARY - Bureau d’Etudes
Indr Minkuvien Glimstedt Tanja Cenova-Mitrovska Lawyers Antevski Architecture Ingenierie
Ernst & Young Baltic UAB Katastar Andriamisa Ravelomanana
LU X E M B O U RG Slavica Trckova
Asta Misiukiene Ljupco Georgievski Law Office Trckova FIDAFRICA /
Ministry of Economy of Allen & Overy LLP PricewaterhouseCoopers
Katastar Vladimir Vasilevski
the Republic of Lithuania Jean Marcel Razafimahenina
Eleonora Broman Theodoros Giannitsakis Betasped International
Simona Oliakevi ikt -Cic nien Loyens & Loeff Freight Forwarding Deloitte
IKRP Rokas & Partners
Law Firm Lideika, Rivolala Razanatsimba
Petrauskas, Valiknas ir Guy Castegnaro Pavlinka Golejski Eva Veljanovska
partneriai LAWIN, member Castegnaro Cabinet Mens Legis Cakmakova Jiro Sy Rano Malagasy
Mens Legis Cakmakova (JIRAMA)
of Lex Mundi d’avocats, member of Ius Advocates Advocates
Laboris Sanja Veljanovska Njiva Razanatsoa
Žygimantas Pacevičius Ana Hadzieva
Regija Borenius Christel Dumont Mens Legis Law Firm Banque Centrale de
Polenak Law Firm Madagascar
Oostvogels Metodija Velkov
Rytis Paukat Vesna Hristova
Thomas Ecker Polenak Law Firm Louis Sagot
Law Firm Lideika, Law office Nikolovski
Petrauskas, Valiknas ir Ville de Luxembourg - Cabinet d’Avocat Louis
partneriai LAWIN, member Service de l’électricité Natasha Hroneska M A DAG AS C A R Sagot
of Lex Mundi Gérard Eischen Biljana Ickovska Ida Soamiliarimana
Rakotondrazaka Aina
Mindaugas Peicius Chamber of Commerce Law office Nikolovski Madagascar Conseil
Madagascar Conseil International
Bank of Lithuania of the Grand-Duchy of Aleksandar Ickovski International
Luxembourg Dominique Taty
Algirdas Pekays PricewaterhouseCoopers Eric Robson Andriamihaja
Sorainen Martine Gerber Lemaire FIDAFRICA /
Nena Ivanovska Economic Development PricewaterhouseCoopers
Oostvogels Board of Madagascar
Mantas Petkevičius Judicial Reform
Sorainen François Kremer Implementation Project Tsiry Nambinina M A L AW I
Arendt & Medernach Maja Jakimovska Andriamisamanana
Angelija Petrauskien Sylvia Ali
Tom Loesch Mens Legis Cakmakova Madagascar Conseil
Vilnius City Municipality International Knight Frank
Linklaters Advocates
Aidas Petrosius Josoa Lucien Andrianelinjaka Johann Boshoff
State Enterprise Centre of Nuria Martin Aneta Jovanoska - Trajanovska
Lawyers Antevski Banque Centrale de PricewaterhouseCoopers
Registers Loyens & Loeff
Madagascar Kevin M. Carpenter
Marius Rindinas Peter Moons Valentina Jovanovska Vasileva
IKRP Rokas & Partners Andriamanalina Andrianjaka PricewaterhouseCoopers
Law Firm Zabiela, Loyens & Loeff
Office Notarial de Joseph Chavula
Zabielaite & Partners Elisabeth Omes Sam Juncker Tamatave
Macedonian Court SDV Logistics Ltd.
Bonn Schmitt Steichen,
Member of Lex Mundi Modernization Project
234 DOING BUSINESS 2011
Marshal Chilenga Ruban Chelliah Lay Sim Lim Ah Sah Wee Abou Diallo
TF & Partners Stanco and Ruche Russell Bedford LC Selangor Freight API Mali
Consulting & Company, member Forwarders and Logistics
Aamir Rashid Jakhura of Russell Bedford Association Fatimata Dicko Zouboye
Fargo Group of Companies Yuan Yuan Cheng International
Peter Wee Mohamed Abdoulaye Diop
Skrine, member of Lex
Wiseman Kabwazi Mundi Theresa Lim PricewaterhouseCoopers SDV
ESCOM PricewaterhouseCoopers Djénéba Diop Sidibe
Andrew Ean Vooi Chiew Mun Yi
Omar Paison Kaisi Lee Hishammuddin Allen & Kok Leong Loh Shearn Delamore & Co. SCP D’avocat Diop-Diallo
4th Architectural Geldhill Russell Bedford LC Mahamane Djiteye
Dimension & Company, member Melina Yong
Meng Sim Chuah Raslan - Loong Jurifis Consult
Chimwemwe Kalua of Russell Bedford
Russell Bedford LC International Yacouba Guindo
Golden & Law & Company, member Mohamad Ridzwan Zainal
Abidin AD
Cyprian Kambili of Russell Bedford Caesar Loong
International Raslan - Loong SNO Architect Sdn Bhd Gaoussou Haîdara
IFC Malawi
Nur Ishqi Hayati Zakaria Etude Gaoussou Haidara
Kalekeni Kaphale Tze Keong Chung Nurliyana Md Zukri
CTOS Sdn Bhd Azmi & Associates Companies Commission of Maiga Seydou Ibrahim
Kalekeni Kaphale Malaysia Cabinet d’Avocats Seydou
Alfred Majamanda Mukhriz Hamzah Suhara Mohamad Sidik Ibrahim Maiga
Ministry of International Azmi & Associates Shezlina Zakaria
Mbendera & Nkhono Malaysia Productivity Adama Kane
Associates Trade and Industry
Azmi Mohd Ali Corporation SCAE
Misheck Msiska Hasnah Binti Dato’ Azmi & Associates
Mohammed Hashim Mohd Yazid Zamr Yacouba Massama Keïta
PricewaterhouseCoopers Aminuddin Mohd Khalil SNO Architect Sdn Bhd
Federal Court of Malaysia
Charles Mvula Arkitek Kitas Sdn Bhd Mamadou Ismaïla Konate
Sien Yian Hee Ar Mohd Zulhemlee An
DUMA Electrics - Control Zuhaidi Mohd Shahari W and W Architects Jurifis Consult
Systems and Energy PricewaterhouseCoopers
Azmi & Associates Gaoussou A. G. Konaté
Management Hj. Hasim Hj. Ismail M A L DI V E S
Land & Mines Office Oy Moon Ng Cabinet d’Architecture -
Mtchuka Mwale CTOS Sdn Bhd Etudes Techniques
Nicholls & Brookes Mifzal Ahmad
Hung Hoong
Aminah BT Abd. Rahman Ministry of Economic Arbonkana Maiga
Grant Nyirongo Shearn Delamore & Co. Development
Ministry of Housing Lobou Conseils
Elemech Designs Mohd Razali Hussain and Local Government Jatindra Bhattray Soumana Makadji
Dinker A. Raval Malaysia Productivity Malaysia PricewaterhouseCoopers
Corporation GMI - Audit
Wilson & Morgan N Ravi Asma Chan-Rahim Maiga Mamadou
Duncan Singano Nazariah Ibrahim Mitsui O.S.K lines (M) sdn Shah, Hussain & Co. Kafo Jiginew
Savjani & Co. Tenaga Nasional Berhad bhd Barristers & Attorneys
Subkiah Binti Jamaludin Norhaslinda Salleh Fata Mariko
Mohamed Hameed Damco
M A L AYSIA Inland Revene Board of Companies Commission of Antrac Pvt. Ltd.
Malaysia Malaysia Adeline Messou
Jamil A. Hamid Dheena Hussain
Kumar Kanagasabai Sharizan Sarif FIDAFRICA /
Arkitek Kitas Sdn Bhd Shah, Hussain & Co. PricewaterhouseCoopers
Skrine, member of Lex Azmi & Associates Barristers & Attorneys
Nor Azimah Abdul Aziz Mundi Bérenger Y. Meuke
Companies Commission of Andy Seo Yudhishtran Kanagasabai
Kumar Kanagasingam Federation of Malaysian Jurifis Consult
Malaysia PricewaterhouseCoopers
Lee Hishammuddin Allen & Manufacturers Keita Zeïnabou Sacko
Dato’ Hasmah BT. Abdullah Geldhill Ahmed Murad
Hui Shan Siah API Mali
Inland Revene Board of Bank of Maldives Plc.
Malaysia Mohammad Sanusi Abdul Wong & Partners Alassane T. Sangaré
Karim Aishath Samah
Sonia Abraham Ministry of International S Parameswaran Nouhoum Sidibe
Shanmughanathan Bank of Maldives Plc.
Azman, Davidson & Co. Trade and Industry Direction Nationale de
Tenaga Nasional Berhad Shuaib M. Shah l’Urbanisme et de l’Habitat
Wan Ahmad Iskandar Wan Kesavan Karuppiah Shah, Hussain & Co.
Adnan Ministry of Human Noeline Chanan Singh Malick Badara Sow
Barristers & Attorneys
Ministry of International Resources Malaysia Productivity Atelier d’Architecture et
Trade and Industry Corporation Ahmed Shibau d’Urbanisme
Dato’ Azemi Kasim Cube X Company Pvt Ltd.
Ar Saifuddin Ahmad Administrative and Veerinderjeet Singh Mamadou Moustapha Sow
SNO Architect Sdn Bhd Diplomatic Service, Malaysian Institute of Mariyam Sunaina Cabinet SOW & Associés
Malaysia Taxation Bank of Maldives Plc.
Alwizah Al-Yafii Ahmad Abdoul Kader Sylla
Kamal Abdul Kadir Bin Kassim Visu Sinnadurai Damco
MALI
Zaid Ibrahim & Co Kadir, Andri & Partners Yong Hsian Siong Perignama Sylla
Dato’ Abdul Halim Ain Geeta Kaur Wong & Partners Imirane Abdoulaye Architect DE/AU
Administrative and SDV Sdn Bhd Malaysia Direction Nationale de
Muhendaran Suppiah l’Urbanisme et de l’Habitat Salif Tall
Diplomatic Service, Muhendaran Sri
Malaysia Ng Swee Kee Etude de Maître Ahmadou
Diaby Aboubakar TOURE
Shearn Delamore & Co. Francis Tan
Dato’ Sh. Yahya bin Sh. BCEAO
Mohamed Almurisi Chuan Keat Khoo Azman, Davidson & Co. Dominique Taty
Faradji Baba FIDAFRICA /
Ministry of Human PricewaterhouseCoopers Kenneth Tiong Cour d’Appel de Bamako PricewaterhouseCoopers
Resources Christopher Lee The Associated Chinese
Chambers of Commerce Amadou Camara Alhousseini Touré
Mohd Azlan B. Mohd Radzi Christopher Lee & Co.
and Industry of Malaysia SCP Camara Traoré Arcade SARL
Land & Mines Office Mai Yeen Leong (ACCCIM)
Céline Camara Sib Mahamadou Traore
Shamsuddin Bardan Professional Innovators Hock Chai Toh
Sdn. Bhd. Etude Me Celine Camara
Malaysian Employers Bank Negara Malaysia Sib Alassane Traoré
Federation Bernard Lim ICON sarl
Sugumaran Vairavappillai Mahamane I. Cisse
Azryain Borhan Phk Management Services Fousséni Traoré
Sdn Bhd Ministry of Human Cabinet Lexis Conseils
Companies Commission of Resource Malaysia FIDAFRICA /
Malaysia Koon Huan Lim Boubacar Coulibaly PricewaterhouseCoopers
Heng Choon Wan Matrans Mali sarl
Hong Yun Chang Skrine, member of Lex Amidou Wague
Mundi PricewaterhouseCoopers
Tay & Partners Sekou Dembele SDV
Ar Teoh Chee Wui Etude de Maître Sekou
Dembele Emmanuel Yehouessi
Archicentre Sdn Bhd BCEAO
ACKNOWLEDGMENTS 235
M A R SHA L L Rajendra Dassyne Gilbert Seeyave Luis Miguel Esparza Bernardo Martínez Negrete
I SL A N D S Chambers of Notaries of BDO De Chazal Du Mee PricewaterhouseCooper Galicia y Robles, S.C.
Mauritius
Kenneth Barden Gaetan Siew Salvador Esquivel Carla E. Mendoza Pérez
Catherine de Rosnay L&S Architects PricewaterhouseCoopers Baker & McKenzie
Attorney-at-Law
Legis & Partners
Mary Sheryl Jane Profeta Deviantee Sobarun Roberto Fagoaga María del Carmen Monforte
Ujoodha Dhanun Ministry of Finance Sánchez-DeVanny Eseverri, Larrañaga
Marshall Islands Social
Security Administration Kross Border Trust S.C. PricewaterhouseCoopers
Services Ltd., member Parikshat Teeluck
Phillip Welch of Russell Bedford Damco Logistics Julio Flores Luna Carlos E. Montemayor
Micronesian Shipping International (Mauritius) Goodrich, Riquelme y PricewaterhouseCoopers
Agencies Inc. Asociados
Shalinee Dreepaul-Halkhoree Shamina Toofanee Rocío Montes
Juristconsult Chambers PricewaterhouseCoopers Salvador Fonseca PricewaterhouseCoopers
M AU R I TA N IA Chadbourne & Parke
Robert Ferrat Natasha Towokul-Jiagoo Mexico Humberto Morales- Barron
Ishagh Ahmed Miske Legis & Partners Juristconsult Sánchez-DeVanny Eseverri,
Cabinet Ishagh Miske International & Co Ltd. Carlos Frias S.C.
Yannick Fok PricewaterhouseCoopers
Rodolphe Kadoukpe Akoto Glover & Glover Chambers Cindy Upiah José de Jesús Moreno Ruíz
Maersk Mauritania Banymandhub Boolell Manuel Galicia CFE-DVMS (Federal
Nouadhibou Branch Gavin Glover Chambers Galicia y Robles, S.C. Electricity Commission)
Glover & Glover Chambers
Esteit Mohamedou Amane Muhammad R.C. Uteem Hans Goebel Jaime Israel Moreno-Treviño
Mauritanienne de J. Gilbert Gnany Uteem Chambers Jáuregui, Navarrete y Sánchez-DeVanny Eseverri,
Construction et Mauritius Commercial Nader, S.C. S.C.
d’Equipements (MCE) Bank Ltd. MEXICO Dalia Goldsmit Eloy F. Muňoz M.
Tidiane Bal Yandraduth Googoolye Gabriel Aguilar PricewaterhouseCoopers IMEYEL Soluciones
BSD & Associés Bank of Mauritius PricewaterhouseCoopers Integrales, S.A
Daniel Gómez Alba
Fatoumata Diarra Darmalingum Goorriah Jesus Alvarado Nieto CAAAREM Omar Nieto
BSD & Associés Etude Me Darmalingum Baker & McKenzie PricewaterhouseCooper
Goorriah Teresa de Lourdes Gómez
Mine Ould Abdoullah Francisco Samuel Arias Neri Boris Otto
Private Practice Arvin Halkhoree González Goodrich, Riquelme y Chadbourne & Parke
CITILAW NOTARY PUBLIC 28 Asociados Mexico
Abdallahi Ould Ahmed Baba
Atelier d’Architecture et Mikash Hassamal Jose Garcia Bautista César Gonzalez Lázaro Peña
Design Glover & Glover Chambers Deloitte PricewaterhouseCoopers PricewaterhouseCoopers
Ahmed Salem Ould Marc Hein Carlos Cano Alvaro Gonzalez-Schiaffino Arturo Perdomo
Bouhoubeyni Juristconsult Chambers PricewaterhouseCoopers PricewaterhouseCoopers Galicia y Robles, S.C.
Cabinet Bouhoubeyni Nitish Hurnaum Luis Enrique Graham Pablo Perezalonso Eguía
Oscar O. Cano
Brahim Ould Daddah Glover & Glover Chambers Adeath Logistics S.A de Chadbourne & Parke Ritch Mueller, S. C.
Cabinet Daddah Conseils C.V. Mexico
Jane Jouanis Eduardo Perez Armienta
Aliou Sall Juristconsult Chambers Josue Cantu Carlos R. Grimm Moore Stephens Orozco
Assurim Consulting Baker & McKenzie Medina S.C.
Thierry Koenig Pedro Flores Carrillo
Ndeye Khar Sarr De Comarmond & Koenig Moore Stephens Orozco Yves Hayaux-du-Tilly Fernando Perez-Correa
BSD & Associés Medina S.C. Jáuregui, Navarrete y Solorzano, Carvajal,
Anthony Leung Shing Nader, S.C. Gonzalez y Perez-Correa,
Dominique Taty PricewaterhouseCoopers María Casas López S.C.
FIDAFRICA / Baker & McKenzie Eduardo Heftye
Stephen John Mendes Lopez Velarde, Heftye y Guillermo Piecarchic
PricewaterhouseCoopers
Customs and Excise Tania Castellanos Soria PMC Asociados
Department PricewaterhouseCooper
M AU R I T I U S Jorge Jimenez Gerardo Prado-Hernandez
Ramdas Mootanah Hector Castro Lopez Velarde, Heftye y Sánchez-DeVanny Eseverri,
Jean-François Boisvenu Architecture & Design PricewaterhouseCoopers Soria S.C.
BLC Chambers Ltd.
Rodrigo Conesa Jorge Jiménez David Puente-Tostado
André Bonieux Loganayagan Munian Ritch Mueller, S. C. Russell Bedford Mexico, Sánchez-DeVanny Eseverri,
PricewaterhouseCoopers Artisco International member of Russell Bedford S.C.
Fabio Corominas de la Pera International
Urmila Boolell Jingree Neeshal Samer Qudah
Baker & McKenzie
Banymandhub Boolell Kross Border Trust Alejandro Ledesma Al Tamimi & Company
Chambers Services Ltd., member Eduardo Corzo Ramos PricewaterhouseCoopers Advocates & Legal
Beche Bruno of Russell Bedford Holland & Knight- Consultants
International Gallástegui y Lozano, S.C. Josue Lee
Kross Border Trust Inaki Echeverria Alvaro Quintana
Services Ltd., member Daniel Ng Cheong Hin Jose Covarrubias-Azuela Arquitectos Alvaro Quintana SC
of Russell Bedford Mauritius Cargo Solorzano, Carvajal,
International Community Services Ltd. Gonzalez y Perez-Correa, Ricardo León-Santacruz Mariel Rebollo
Jean Phillipe Chan See S.C. Sánchez-DeVanny Eseverri, Jáuregui, Navarrete y
Marie Cristelle Joanna S.C. Nader, S.C.
Maersk Ltd. Parsooramen Raul de la Sierra Cauley
Banymandhub Boolell Barrera, Siqueiros y Torres Gerardo Lozano Alarcón Hector Reyes Freaner
D.P. Chinien
Chambers Landa Holland & Knight- Baker & McKenzie
Registrar of Companies Gallástegui y Lozano, S.C.
and Businesses, Office Priscilla Pattoo-Mungur Oscar de La Vega Claudia Ríos
of the Registrar of Juristconsult Chambers Basham, Ringe y Correa, Lucia Manzo PricewaterhouseCoopers
Companies member of Ius Laboris Galicia y Robles, S.C.
Siv Potayya Sergio Rodriguez
Vincent Chong Leung Juristconsult Frederico de Noriega Olea José Antonio Marquez Chadbourne & Parke
Juristconsult Chambers International & Co Ltd. Barrera, Siqueiros y Torres González Mexico
Sandy Chuong Landa NOTARY PUBLIC 28
Iqbal Rajahbalee Cecilia Rojas
Glover & Glover Chambers BLC Chambers Felipe Dominguez Renato Martínes Quezada Galicia y Robles, S.C.
Sootam Chutoori Moore Stephens Orozco Baker & McKenzie
André Robert Medina S.C. Jose Rodriguez Sanchez
Dagon Ingenieur Conseil Attorney-at-Law Carlos Manuel Martinez Russell Bedford Mexico,
Ltée Dolores Enriquez PricewaterhouseCoopers member of Russell Bedford
Anjali Roy PricewaterhouseCoopers International
Roland Constantin Etude Guy Rivalland Edgar Francisco Martínez
Etude Constantin Pablo Escalante Herrasti Cristina Sánchez-Urtiz
Shailesh Seebaruth Deloitte Goodrich, Riquelme y Miranda & Estavillo, S.C.
Glover & Glover Chambers Asociados
236 DOING BUSINESS 2011
Francisco Santoyo Marin Chicu Maygmarsuren Lkhagvasuren Montenegro Real Estate Predrag Vujović
Comisión Federal de Turcan & Turcan Anderson & Anderson Administration Zetatrans
Electricidad Nikola Martinović
Vitalie Ciofu Daniel Mahoney Veselin Vuković
Monica Schiaffino Pérez Gladei & Partners Lynch & Mahoney Advokatska Kancelarija Central Bank of
Basham, Ringe y Correa, Željko Mijović Montenegro
member of Ius Laboris Alla Cotos Sebastian Merriman
PricewaterhouseCoopers PricewaterhouseCoopers Zetatrans
Raúl Uribe Garcia M ORO C C O
Anna Cusnir Odonhuu Muuzee Momir Miličković
Uribe Engenieros S.A. Samir Agoumi
Schonherr Tsets Law Firm Tax Authority
Juan Francisco Torres Landa Montenegro Dar Alkhibra
Ruffo Igor Domente Tsogt Tsend
S.C. “Luvitan Grup” SRL Administrative Court of Djordje Nikolić Lamya Alami
Barrera, Siqueiros y Torres
Landa Capital City Nikolić Kokanović Younes Anibar
Sergiu Dumitrasco Otašević Law Office
PricewaterhouseCoopers Jane Wang Cabinet Younes Anibar
Laura Astrid Treviño-Perez
PricewaterhouseCoopers Mićo Orlandić Linda Oumama Benali
Sánchez-DeVanny Eseverri, Serghei Filatov
S.C. Government of Cabinet Notaire
ACI Partners Law Office M ON T E N E G RO the Republic of
Maribel Trigo Aja Iulia Furtuna Montenegro Real Estate Khalid Boumichi
Goodrich, Riquelme y Aleksandar Adamovic Administration Tecnomar
Turcan & Turcan
Asociados Pacorini Montenegro Djuro Otašević
Roger Gladei Richard Cantin
G. Roberto Quintana Vargas Bojana Andrić Nikolić Kokanović Juristructures - Project
Gladei & Partners Otašević Law Office
Instalaciones Quintana Čelebić Management & Legal
Vargas Oxana Gutu Mirjana Pešalj Advisory Services LLP
Mobiasbanca Groupe Veselin Anđušić
Layla Vargas Muga Čelebić Government of the Sylvain Da Fonseca
Societe Generale Republic of Montenegro
Goodrich, Riquelme y Alleance advisory Maroc
Asociados Adrian Guzun Safeta Babačić
FinancePlus Novica Pešić Mohssin El Makoudi
Carlos Vela Schonherr Law Office Vujačić Dar Alkhibra
PricewaterhouseCoopers Vladimir Iurkovsky Bojana Bošković
Ministry of Finance Nikola Perović Nadia Fajr
Claudio Villavicencio Schonherr Plantaže
Fernández Vasilije Bošković Fatima Zohra Gouttaya
Roman Ivanov Dragan Prelević
Deloitte Law Firm Bošković Etude de notariat moderne
Vernon David & associates Prelević Law Firm
Rafael Villamar-Ramos Peter Burnie Nicolas Granier
Remy Kormos Slobodan Raščanin
Sánchez-DeVanny Eseverri, PricewaterhouseCoopers Alleance advisory Maroc
DAI UNHCR
S.C. Marija Crnogorac Amin Hajji
Mihaela Mitroi Dragana Radević
Humberto Zapien KN Karanović& Nikolić Amin Hajji & Associés
PricewaterhouseCoopers CEED Association d’Avocats
Deloitte Savo Djurović
Igor Odobescu Ana Radivojević Zohra Hasnaoui
Ernesto Zarate Leon ACI Partners Law Office Adriatic Marinas doo
Thorsa PricewaterhouseCoopers Hasnaoui Law Firm
Aelita Orhei Vuk Drašković
Bojovic Dasic Kojovic Radmila Radoičić Ahmad Hussein
M IC RON E SIA , F E D. Gladei & Partners Law Office Vujačić Talal Abu-Ghazaleh Legal
Attorneys at Law
STS. Carolina Parcalab (TAG-Legal)
Dragan Draca Novo Radović
Turcan & Turcan Tax Authority Bahya Ibn Khaldoun
Kenneth Barden PricewaterhouseCoopers
Attorney-at-Law Tatiana Stefanet Montenegro Université Mohamed V
Gladei & Partners Vesko Dragičević
Patrick Mackenzie Chamber of Economy of Slavko Radović Naoual Jellouli
Bank of FSM Mariana Stratan Montenegro, Association Cijevna Komerc Ministère de l’économie et
Turcan & Turcan of Small Enterprises and des finances
Silberio S. Mathias Dražen Raičković
Entrepreneurs FinancePlus Mehdi Kettani
Micropc Alexander Turcan
Turcan & Turcan Rina Ivančević Kettani & Associés
Ronald Pangelinan Slađana Raičković
Municipality of Podgorica FinancePlus Nadia Kettani
A&P Enterprises, Inc. Irina Verhovetchi
ACI Partners Law Office Marko Ivković Kettani & Associés
Kevin Pelep Dragan Rakočević
KN Karanović & Nikolić Commercial Court of Karine Lasne
Office of the Registrar of Marina Zanoga
Corporations Turcan & Turcan Tanja Janović Podgorica Landwell & Associés -
Law Office Vujačić PricewaterhouseCoopers
Salomon Saimon Admir Rebronja Legal Services
M ON G OL IA Maja Jokanović FinancePlus
Micronesia legal services
corporation Ministry of Economy Wilfried Le Bihan
Badarch Bayarmaa Tijana Saveljic CMS Bureau Francis
Joe Vitt Lynch & Mahoney Srđan Kalezić Prelevi Law Firm Lefebvre
Pohnpei Transfer & Batzaya Bodikhuu Tax Authority Slaven Šćepanović
Storage, Inc. Montenegro Medhi Lebady
Anand & Batzaya Lidija Šećković Cabinet d’Architecture
Advocates Law Firm Stevan Karadaglić Lebady
M OL D OVA Tax Authority
Richard Bregonje Chamber of Economy of Montenegro
Montenegro, Sector for Anis Mahfoud
Nicolae Botan PricewaterhouseCoopers Abouakil & Benjelloun
Associations and Economic Velimir Strugar
Business Research Company Avocats - AB AVOCATS
David C. Buxbaum Development EPCG AD Nikšić
Robert Beto Brunn Anderson & Anderson Abdelaziz Messaoudi
Radoš-Lolo Kastratović Goran Tuponja
DAI Ministère de l’économie et
Batbayar Byambaa Advokatska Kancelarija German Technical
Victor Burac GTs Advocates LLC Cooperation des finances
Marija Klikovac
Victor Burac Law Firm Duško Vojinović Aboulfadl Najat
Ts. Dagvadorj Law Office Vujačić
Andrei Caciurenco Gobi Corporation Government of Etude de notariat moderne
Ivana Kojić the Republic of
ACI Partners Law Office Hicham Oughza
Khatanbat Dashdarjaa KN Karanović & Nikolić Montenegro Real Estate
Andrian Candu Arlex Consulting Services Dar Alkhibra
Darko Konjević Administration
PricewaterhouseCoopers Jamal Rahal
Legal Services Byambatseren Dorjpurev CEED Saša Vujačić
Arlex Consulting Services Experian
Ana Krsmanović Law Office Vujačić
Octavian Cazac Nesrine Roudane
Turcan & Turcan Courtney Fowler Ministry of Finance Jelena Vujisić
PricewaterhouseCoopers Nero Boutique Law Firm
Mirjana Ljumović Law Office Vujačić
Svetlana Ceban
PricewaterhouseCoopers Odmaa Khurelbold Government of
Anderson & Anderson the Republic of
ACKNOWLEDGMENTS 237
Mehdi Salmouni-Zerhouni Rui Laforte Frank Köpplinger Dirk-Jan Berkenbosch Paul van der Molen
Salmouni-Zerhouni Law Furtado, Bhikha, Loforte, G.F. Köpplinger Legal PricewaterhouseCoopers Cadastre, Land Registry
Firm Popat & Associados, Practitioners and Mapping Agency
Advogados Karin W.M. Bodewes
Houcine Sefrioui Richard Traugott Diethelm Baker & McKenzie Marije Van der Veer
Etude de notariat moderne Pedro Lemos Mueller De Brauw Blackstone
Sal & Caldeira - Koep & Partners Mark Bodt Westbroek
Abdeselam Tazi Advogados e Consultores, PricewaterhouseCoopers
Area sarl Lda Axel Stritter Gert-Jan van Gijs
Engling, Stritter & Sytso Boonstra VAT Logistics (Ocean
Marc Veuillot Marla Mandlate Partners PricewaterhouseCoopers Freight) BV
Alleance advisory Maroc Sal & Caldeira -
Marius van Breda Roland Brandsma Sjaak van Leeuwen
Chigar Zineb Advogados e Consultores, PricewaterhouseCoopers
Lda TransUnion Namibia Stichting Bureau Krediet
Etude de notariat moderne Registratie
Meyer Van den Berg Martin Brink
Joao Martins
M O Z A M B IQ U E Koep & Partners Van Benthem & Keulen NV Jan van Oorschot
PricewaterhouseCoopers
Stephan de Baan Liander
Calu Abubacar Lara Narcy Paul A. E. Wolff
Manica Africa Pty. Ltd. Berkman Forwarding B.V. Petra van Raad
Electrovisao Lda H. Gamito, Couto,
Gonçalves Pereira Namibia Margriet de Boer PricewaterhouseCoopers
Sheila Ali e Castelo Branco & De Brauw Blackstone Marcel Willems
MGA Advogados & Associados N E PA L Westbroek
Consultores Kennedy Van der Laan
Auxílio Eugénio Nhabanga Lalit Aryal Hans J.H. de Wilde Christiaan Zijderveld
Mark Badenhorst FBLP - R.Furtado, N. LA & Associates Chartered Kab Auditors & Tax
PricewaterhouseCoopers Simmons & Simmons
Bhikha, R.Loforte, M. Accountants Advisers, member
Carolina Balate Popat & Associados, of Russell Bedford
Advogados, Lda Tulasi Bhatta NEW ZEALAND
PricewaterhouseCoopers International
Unity Law Firm &
Paulo Pimenta Consultancy Henriette Derks Matthew Allison
Loren Benjamin Veda Advantage
Pimenta, Dionísio e Liander
PricewaterhouseCoopers Associados Tankahari Dahal
Niraula Law Chamber & Myrna Dop Jania Baigent
António Baltazar Bungallah Álvaro Pinto Basto Simpson Grierson, member
Sal & Caldeira - Co. Royal Netherlands
MGA Advogados & Notarial Organization of Lex Mundi
Advogados e Consultores, Consultores Prakash Kafle
Lda Agni Cement Industries Arjan Enneman Kevin Best
Malaika Ribeiro P. Ltd. Expatax BV PricewaterhouseCoopers
Eduardo Calú
PricewaterhouseCoopers Geoff Bevan
Sal & Caldeira - Gourish K. Kharel Ruud Horak
Advogados e Consultores, Luís Filipe Rodrigues KTO Inc. Elektrotechniek Boermans Chapman Tripp
Lda Sal & Caldeira - BV
Mohan Krishna Kharel Shelley Cave
Neide Chande Advogados e Consultores,
Lda KTO Inc. Kitty Hutten Simpson Grierson, member
Pimenta, Dionísio e PricewaterhouseCoopers of Lex Mundi
Associados Firza Sadek Ashok Man Kapali
Shangri-La Freight Pvt. Marcel Kettenis Philip Coombe
Dipak Chandulal Pimenta, Dionísio e
Associados Ltd. PricewaterhouseCoopers Panalpina World
MGA Advogados & Transport New Zealand
Consultores Leonardo Uamusse Bijaya Mishra Christian Koedam Auckland
Electricidade de Pradhan & Associates PricewaterhouseCoopers
António Chicachama Phil Creagh
Moçambique Matrika Niraula Andrej Kwitowski
Direcção Nacional de Anderson Creagh Lai
Energia Eléctrica Niraula Law Chamber & DHV B.V.
NA M I B IA Co. John Cuthbertson
Pedro Couto Stefan Leening PricewaterhouseCoopers
H. Gamito, Couto, Joos Agenbach Rajan Niraula PricewaterhouseCoopers
Gonçalves Pereira Koep & Partners Niraula Law Chamber & Daniel De Vries
e Castelo Branco & Co. Hugo Oppelaar Veda Advantage
Ronnie Beukes Houthoff Buruma
Associados William Fotherby
City of Windhoek Dev Raj Paudyal Coöperatief U.A.
Avelar Da Silva Electricity Department Ministry of Land Reform Bell Gully
Intertek International and Management Peter Plug
Benita Blume Office of Energy Koustabh Gadgil
Ltd. Investment New Zealand
H.D. Bossau & Co. Devendra Pradhan Regulation
Thera Dai Pradhan & Associates (a division of New Zealand
Hanno D. Bossau Mark G. Rebergen Trade and Enterprise)
Furtado, Bhikha, Loforte,
Popat & Associados, H.D. Bossau & Co. Anup Raj Upreti De Brauw Blackstone
Pioneer Law Associates Westbroek David Harte
Advogados Chris Brandt Insolvency and Trustee
Paul De Chalain Chris Brandt & Associates Chiranjivi Sharma Helena Redons Schaatsberen Services
PricewaterhouseCoopers Andy Chase Nepal Electricity Municipality of
Authority Amsterdam Matt Kersey
Carlos de Sousa e Brito Stauch+Partners Russell McVeagh
Carlos de Sousa & Brito & Architects Madan Sharma Hugo Reumkens
PricewaterhouseCoopers Van Doorne N.V. Greg King
Associados Dirk Hendrik Conradie Jackson Russell
Rita Furtado Conradie & Damaseb Ramji Shrestha Jan Willem Schenk
Pradhan & Associates Baker & McKenzie Jeffrey Lai
H. Gamito, Couto, Ferdinand Diener Anderson Creagh Lai
Gonçalves Pereira City of Windhoek Ram Chandra Subedi Françoise Schoordijk
e Castelo Branco & Electricity Department Apex Law Chamber DLA Piper Nederland N.V. Mahesh Lala
Associados Jackson Russell
Hans-Bruno Gerdes L.R. Tamang Salima Seamari
Jorge Graça Engling, Stritter & Kate Lane
Hyonjan Electrical De Brauw Blackstone
MGA Advogados & Partners Engineering Fabricator Westbroek Minter Ellison Rudd Watts
Consultores P, Ltd.
Ismeralda Hangue Stéphanie Spoelder Leroy Langeveld
Soraia Issufo Deeds Office Mahesh Kumar Thapa Simpson Grierson, member
Baker & McKenzie
Sal & Caldeira - Sinha - Verma Law Concern of Lex Mundi
Advogados e Consultores, Sakaria Kadhila Amoomo Fedor Tanke
Lda Pereira Fishing (Pty) Ltd. Sajjan B.S. Thapa Baker & McKenzie John Lawrence
Legal Research Associates Auckland City Council
Ássma Omar Nordine Jeque Herman Charl Kinghorn Maarten Tinnemans
Sal & Caldeira - HC Kinghorn Legal De Brauw Blackstone Thomas Leslie
Advogados e Consultores, Practitioner NETHERLANDS Bell Gully
Westbroek
Lda Joost Achterberg Helene van Bommel
Kennedy Van der Laan PricewaterhouseCoopers
238 DOING BUSINESS 2011
Qamar Sajjad Francisco A. Barrios G. Alois Daton Carl Thomas Gwynn Juan Luis Avendaño Cisneros
Maxim International Law PricewaterhouseCoopers IRC Internal Revenue Gwynn & Gwynn - Miranda & Amado
Firm Commission Legal Counselling and Abogados
Gustavo Adolfo Bernal Translations
Abdul Salam Sociedad Panameña de Richard Flynn Sergio Barboza
LEGIS INN (Attorneys & Ingenieros y Arquitectos Blake Dawson María Antonia Gwynn Pizarro, Botto & Escobar
Corporate Consultants) Berkemeyer, Attorneys & Abogados
Carlos Klaus Bieberach Gary Jufa Counselors
Hamza Saleem PricewaterhouseCoopers IRC Internal Revenue Milagros A. Barrera
Mohsin Tayebaly & Commission Norman Gwynn Barrios Fuentes Gallo
Co., Corporate Legal Jose A. Bozzo Gwynn & Gwynn - Abogados
Consultants, Barristers Garrido & Garrido Ignatius Kadiko Legal Counselling and
and Advocates Department of Commerce Translations Raul Barrios
Luis Chalhoub and Industry Barrios Fuentes Gallo
Jawad A. Sarwana Icaza, Gonzalez-Ruiz & Carlos R. Gwynn S. Abogados
Abraham & Sarwana Aleman Ambeng Kandakasi Gwynn & Gwynn -
Supreme Court of Justice Legal Counselling and Vanessa Barzola
Shahid Sattar Aurelia Chen PricewaterhouseCoopers
Mossack Fonseca & Co. Sarah Kuman Translations
Apex Power Solutions Legal Services
(Pvt.) Ltd. Allens Arthur Robinson Carmelo Insfran
Rigoberto Coronado Maritza Barzola Vilchez
Mossack Fonseca & Co. John Leahy Administración Nacional
Muhammad Siddique de Electricidad Barzola & Asociados s.c.,
Securities and Exchange Peter Allan Lowing member of Russell Bedford
Jeanina Aileen Diaz Lawyers
Commission of Pakistan Jorge Jimenez Rey International
PricewaterhouseCoopers
Bruce Mackinlay Banco Central del
Mirza Taqi Ud-Din Ahmad Marisol Ellis Paraguay Rocio Barzola Vilchez
PricewaterhouseCoopers Credit & Data Bureau Barzola & Asociados s.c.,
Icaza, Gonzalez-Ruiz & Limited Nestor Loizaga
Aleman member of Russell Bedford
Mian Haseeb ul Hassan Ferrere Attorneys International
Haseeb Law Associates Angela Mageto
Michael Fernandez NCDC -Municipality Rocío Penayo Cesar Bazan Naveda
Chaudhary Usman CAPAC (Cámara Panameña
de la Construcción) Antonia Nohou Moreno Ruffinelli & Colegio de Notarios
Ebrahim Hosain, Advocates Asociados
and Corporate Counsel PricewaterhouseCoopers Carol Flores Bernal
Jorge R. González Byrne
John Numapo Yolanda Pereira ONUDFI
Saleem uz Zaman Arias, Alemán & Mora
Magisterial Services Berkemeyer, Attorneys &
Hayat Noorwala and Khiet Le Trinh Counselors Vanessa Calderon Barcelo
Zaman District Office Municipalidad de San
Sucre, Arias & Reyes Juan Pablo Pesce
Ivan Pomaleu Isidro
Ali Yasir Virk Ricardo Madrid Vivion S.A.
Haseeb Law Associates IPA Fernando Castro Kahn
PricewaterhouseCoopers Beatriz Pisano
Lawrence Stocks Muñiz, Ramírez, Peréz-
Sana Waheed Ana Lucia Márquez Ferrere Attorneys Taiman & Luna Victoria
Zafar & Associates LLP Stocks & Partners
Arosemena Noriega & Attorneys at Law
Thomas Taberia Enrique Riera
Muhammad Yousuf Contreras Sandro Cogorno
Peter Allan Lowing Estudio Jurídico Riera
Haider Shamsi & Co., Ivette Elisa Martínez Saenz Abogados Avendaño, Forsyth & Arbe
Chartered Accountants Lawyers
Patton, Moreno & Asvat Abogados
Armindo Riquelme
Ilyas Zafar Erick Rogelio Muñoz PA R AG UAY Fiorio, Cardozo & Anahi Com
Zafar & Associates LLP Sucre, Arias & Reyes Alvarado Rebaza, Alcazar & De
Perla Alderete Las Casas Abogados
Abdul Salam Zahed José Miguel Navarrete Natalio Rubinsztein
Vouga & Olmedo Abogados Financieros
AISA Arosemena Noriega & BDO Rubinsztein & Guillén
Contreras Manuel Arias Talí Cordero
Akhtar Zaidi María Inés Segura
Vouga & Olmedo Abogados PricewaterhouseCoopers
Zain Consulting Ramón Ortega Moreno Ruffinelli &
PricewaterhouseCoopers Florinda Benitez Asociados Joanna Dawson
Asf Ali Zaidi
Notary public Estudio Olaechea, member
Pyramid Transportation Sebastian Perez Federico Silva
Group Ligia Benitez of Lex Mundi
Union Fenosa - EDEMET – Ferrere Attorneys
EDECHI Ligia Benitez Escribania Alfonso De Los Heros Pérez
PA L AU Ruben Taboada Albela
Jorge Quijano Hugo T. Berkemeyer PricewaterhouseCoopers Estudio Echecopar
Kenneth Barden Arosemena Noriega & Berkemeyer, Attorneys &
Counselors Maria Gloria Triguis Gonzalez Paula Devescovi
Attorney-at-Law Contreras
Berkemeyer, Attorneys & Barrios Fuentes Gallo
Cristina Castro Luz María Salamina Luis Alberto Breuer Counselors Abogados
Western Caroline Trading Asociación Panameña de Berkemeyer, Attorneys &
Co. Crédito Counselors P E RU Ana María Diez
Esteban Burt Estudio Olaechea, member
Yukiwo P. Dengokl Veronica Sinisterra Daniel Abramovich of Lex Mundi
Dengokl & Parkinson Arosemena Noriega & Peroni, Sosa, Tellechea,
Burt & Narvaja, member of Payet, Rey, Cauvi Abogados Juan Carlos Durand
Contreras
Kevin N. Kirk Lex Mundi Walter Aguirre Grahammer
The Law Office of Kirk and Valentín Ureña PricewaterhouseCoopers Durand Abogados
Shadel Arosemena Noriega & Lorena Dolsa
Contreras Berkemeyer, Attorneys & Jose Alarcon Luis Fernando Edwards
Rose Ongalibang Counselors Colegio de Notarios Barrios Fuentes Gallo
Palau Supreme Court Ramón Varela Abogados
Morgan & Morgan Estefanía Elicetche Marco Antonio Alarcón Piana
William L. Ridpath Peroni, Sosa, Tellechea, Estudio Echecopar Luis Felipe Espinosa
William L. Ridpath, PA P UA N E W Burt & Narvaja, member of Rebaza, Alcazar & De
Attorney at Law Lex Mundi Milagros Alfageme Navarro Las Casas Abogados
GUINEA PricewaterhouseCoopers
David Shadel Natalia Enciso Benitez Financieros
The Law Office of Kirk and Paul Barker Notary public Humberto Allemant Arturo Ferrari
Shadel Consultative PricewaterhouseCoopers Muñiz, Ramírez, Peréz-
Implementation & Ana Franco
Peter C. Tsao Pamela Arce Taiman & Luna Victoria
Monitoring Council BDO Rubinsztein & Guillén Attorneys at Law
Western Caroline Trading Rebaza, Alcazar & De
Co. David Caradus Néstor Gamarra Las Casas Abogados Guillermo Ferrero
PricewaterhouseCoopers Servimex SACI Financieros Estudio Ferrero Abogados
PA NA M A Dave Conn Jorge Guillermo Gomez Guilhermo Auler Inés Flores-Araoz
POM Chamber of PricewaterhouseCoopers Avendaño, Forsyth & Arbe Barzola & Asociados s.c.,
Amanda Barraza de Wong
Commerce and Industry Nadia Gorostiaga Abogados member of Russell Bedford
PricewaterhouseCoopers
PricewaterhouseCoopers International
ACKNOWLEDGMENTS 241
Luis Enrique Narro Forno Augusto Palma Agustín Yrigoyen Victoria Limkico Ma. Melva Valdez
SUNAT PricewaterhouseCoopers Estudio Aurelio García Jimenez Gonzales Jimenez Gonzales
Sayán- Abogados Bello Valdez Caluya & Bello Valdez Caluya &
Maria Frassinetti Danilo Peláez Fernandez Fernandez
Tax Administration of Peru Swissotel PHILIPPINES Recio Marichelle Maria Winda Ysibido
Carol Fuentes Lucianna Polar Angara Abello Concepcion PricewaterhouseCoopers
CONUDFI Estudio Olaechea, member Myla Gloria Amboy
Jimenez Gonzales Regala & Cruz Law Offices
of Lex Mundi (ACCRALAW) Redentor C. Zapata
Jorge Fuentes Bello Valdez Caluya & Quasha Ancheta Pena &
Estudio Rubio, Leguía, Nelly Poquis Fernandez Lory Anne McMullin Nolasco
Normand y Asociados Municipalidad de San Jimenez Gonzales
Isidro Manuel Batallones Gil Roberto Zerrudo
Carlos Gallardo Torres BAP Credit Bureau Bello Valdez Caluya &
Fernandez Quisumbing Torres, member
General Agency of Foreign Bruno Marchese Quintana firm of Baker & McKenzie
Economic Matters, Estudio Rubio, Leguía, Anna Bianca Torres
Cheryll Grace Montealegre International
Competition and Private Normand y Asociados PJS Law
PricewaterhouseCoopers /
Investment Alexander Cabrera Isla Lipana & Co. P OL A N D
Carlos Javier Rabanal Sobrino
Viviana García Durand Abogados PricewaterhouseCoopers / Jesusito G. Morallos
Delmar Ugarte Abogados Isla Lipana & Co. Allen & Overy LLP
Fernando M. Ramos Follosco Morallos &
Juan García Montúfar Ernesto Caluya Jr Herce Ewa Aachowska - Brol
Barrios Fuentes Gallo
Estudio Rubio, Leguía, Abogados Jimenez Gonzales Wierzbowski Eversheds,
Freddie Naagas member of Eversheds
Normand y Asociados Bello Valdez Caluya &
Alberto Rebaza Fernandez SCM Creative Concepts International Ltd.
Antonio Guarniz Rebaza, Alcazar & De Inc.
Cecile M.E. Caro Bruno Andrade Alves
Estudio Ferrero Abogados Las Casas Abogados Alan Ortiz
Financieros SyCip Salazar Hernandez & PricewaterhouseCoopers
Marco Tulio Gutierrez Gatmaitan Follosco Morallos &
Sonia L. Rengifo Herce Piotr Andrzejak
Estudio Juridico Marco
Tulio Gutierrez S Civil RL Barrios Fuentes Gallo Sandhya Marie Castro SoBtysiDski Kawecki &
Carla Ortiz Szl zak
Abogados Romulo, Mabanta,
Cecilia Guzman-Barron Buenaventura, Sayoc & de Romulo, Mabanta,
Alonso Rey Bustamante Buenaventura, Sayoc & de Michal BarBowski
Barrios Fuentes Gallo los Angeles, member of Lex
Abogados Payet, Rey, Cauvi Abogados Mundi los Angeles, member of Lex WardyDski & Partners,
Mundi member of Lex Mundi
Oscar J. Hernandez Emil Ruppert Kenneth Chua
Emmanuel C. Paras Barbara Berckmoes
Gamma Cargo S.A.C. Estudio Rubio, Leguía, Quisumbing Torres, member
Normand y Asociados firm of Baker & McKenzie SyCip Salazar Hernandez & PricewaterhouseCoopers
Ronald Hidalgo International Gatmaitan
Carolina Sáenz Llanos Aleksander Borowicz
Nissan Maquinarias SA Lianne Ivy Pascua-Medina
Estudio Rubio, Leguía, Barbara Jil Clara Biuro Informacji
Alfonso Higueras Suarez Normand y Asociados SyCip Salazar Hernandez & Quasha Ancheta Pena & Kredytowej S.A.
Equifax Peru S.A. Gatmaitan Nolasco
Pío Salazar Ana Catarina Carnaz
Jose A. Honda Emerico O. de Guzman Zayber John Protacio PricewaterhouseCoopers
Barrios Fuentes Gallo
Estudio Olaechea, member Abogados Angara Abello Concepcion PricewaterhouseCoopers
PaweB Chrupek
of Lex Mundi Regala & Cruz Law Offices / Isla Lipana & Co.
Adolfo Sanabria Mercado PKF Tax Sp. z o.o.
Diego Huertas del Pino (ACCRALAW)
Muñiz, Ramírez, Peréz- Kristine Quimpo Krzysztof Ciepliński
Barrios Fuentes Gallo Taiman & Luna Victoria Jaime Raphael Feliciano Jimenez Gonzales
Abogados Gide Loyrette Nouel,
Attorneys at Law Romulo, Mabanta, Bello Valdez Caluya & member of Lex Mundi
Rafael Junco Buenaventura, Sayoc & de Fernandez
Arturo Ruiz Sanchez los Angeles, member of Lex Bo|ena Ciosek
Camara Peruana de la Estudio Rubio, Leguía, Senen Quizon
Construccion Mundi Wierzbowski Eversheds,
Normand y Asociados Punongbayan & Araullo member of Eversheds
Juan Carlos Leon Anthony Fernandes International Ltd.
Martin Serkovic First Balfour, Inc Janice Kae Ramirez
ADEX Estudio Olaechea, member Quasha Ancheta Pena & Ana Raquel Costa
Lilly Llanos Sanchodavila of Lex Mundi Rachel Follosco Nolasco PricewaterhouseCoopers
Colegio de Notarios Follosco Morallos &
Claudia Sevillano Herce Judy Alice Repol Jaroslaw Czech
José Llosa Pizarro, Botto & Escobar Angara Abello Concepcion WardyDski & Partners,
Abogados Catherine Franco Regala & Cruz Law Offices member of Lex Mundi
Creditex
Quisumbing Torres, member (ACCRALAW)
German Lora Hugo Silva firm of Baker & McKenzie Edyta Dubikowska
Payet, Rey, Cauvi Abogados Rodrigo, Elías, Medrano International Roderick Reyes Squire Sanders Święcicki
Abogados Jimenez Gonzales Krześniak sp. k.
Milagros Maravi Sumar Geraldine Garcia Bello Valdez Caluya &
Liliana Tsuboyama Follosco Morallos & John Duggan
Estudio Rubio, Leguía, Fernandez
Normand y Asociados Estudio Echecopar Herce PricewaterhouseCoopers
Ricardo J. Romulo
Carlos Martinez Ebell Manuel A. Ugarte Andres Gatmaitan Rafal Dziedzic
Romulo, Mabanta,
Estudio Rubio, Leguía, Delmar Ugarte Abogados SyCip Salazar Hernandez & Buenaventura, Sayoc & de Gide Loyrette Nouel,
Normand y Asociados Daniel Ulloa Gatmaitan los Angeles, member of Lex member of Lex Mundi
Rebaza, Alcazar & De Gwen Grecia-de Vera Mundi Jaime Esteves
Jesús Matos
Estudio Olaechea, member Las Casas Abogados PJS Law Neptali Salvanera PricewaterhouseCoopers
of Lex Mundi Financieros Angara Abello Concepcion
Kathlyn Joy Guanzon Paweł Grześkowiak
Rodrigo Urrutia Regala & Cruz Law Offices
Cecilia Mercado Jimenez Gonzales (ACCRALAW) Gide Loyrette Nouel,
Gamma Cargo S.A.C. Rebaza, Alcazar & De Bello Valdez Caluya & member of Lex Mundi
Las Casas Abogados Fernandez Felix Sy
Jorge Mogrovejo Financieros Jakub Guzik
Tadeo F. Hilado Baker & McKenzie
Superintendentency of SoBtysiDski Kawecki &
Jack Vainstein Angara Abello Concepcion Sheryl Tanquilut Szl zak
Banking
Vainstein & Ingenieros S.A. Regala & Cruz Law Offices Romulo, Mabanta,
Claudio Mundaca (ACCRALAW) Tomasz Kański
Erick Valderrama Villalobos Buenaventura, Sayoc & de
Barrios Fuentes Gallo los Angeles, member of Lex Sołtysiński Kawecki &
Abogados PricewaterhouseCoopers Karen Jimeno Szlęzak
Mundi
José Antonio Valdez Baker & McKenzie
Franco Muschi Loayza Angelo Tapales Piotr Kaim
Payet, Rey, Cauvi Abogados Estudio Olaechea, member Rafael Khan PricewaterhouseCoopers
of Lex Mundi Quisumbing Torres, member
Siguion Reyna Montecillo firm of Baker & McKenzie
Gabriel Musso Canepa & Ongsiako Iwona Karasek
Manuel Villa-García International Jagiellonian University
Estudio Rubio, Leguía,
Normand y Asociados Estudio Olaechea, member Krakow
of Lex Mundi
242 DOING BUSINESS 2011
Katarzyna Konstanty Dariusz Tokarczuk Marcelo Correia Alves José Monteiro Manuel Silveira Botelho
Nikiel i Zacharzewski Gide Loyrette Nouel, Barrocas Sarmento Neves JMSROC, lda, member António Frutuoso de Melo
Adwokaci i Radcowie member of Lex Mundi of Russell Bedford e Associados - Sociedade de
prawni Ana Raquel Costa International Advogados, R.L.
Otylia Trzaskalska-Stroinska PricewaterhouseCoopers
Zbigniew Korba Ministry of Economy Leonor Monteiro Isa Simones de Carvalho
PricewaterhouseCoopers Poland Duarte de Athayde Abreu Advogados Noronha Advogados
Abreu Advogados
Olga Koszewska Liza Helena Vaz Ana Pinto Morais Ricardo Soares Domingos
Chadbourne & Parke LLP PricewaterhouseCoopers Miguel de Avillez Pereira PricewaterhouseCoopers Noronha Advogados
Abreu Advogados
Jan Kucicki Dominika Wagrodzka António Mouteira Guerreiro Luís Filipe Sousa
Ministry of Infrastructure BNT Neupert Zamorska & João Cadete de Matos Mouteira Guerreiro, Rosa PricewaterhouseCoopers
Partnerzy s.c. Banco de Portugal Amaral & Associados -
Agnieszka Lisiecka Sociedade de Advogados Carmo Sousa Machado
WardyDski & Partners Tomasz WardyDski Carlos de Sousa e Brito Abreu Advogados
Carlos de Sousa & Brito & R.L.
WardyDski & Partners,
Monika Majewska member of Lex Mundi Associados Rita Nogueira Neto João Paulo Teixeira de Matos
Ministry of Infrastructure J & A Garrigues, S.L. J & A Garrigues, S.L.
Radoslaw Waszkiewicz John Duggan
Monika Makosa SoBtysiDski Kawecki & PricewaterhouseCoopers Catarina Nunes Nuno Telleria
PricewaterhouseCoopers Szl zak PricewaterhouseCoopers Barros, Sobral, G. Gomes &
Jaime Esteves Associados
Mateusz Medyński Robert Windmill PricewaterhouseCoopers Ema Palma
Wardyński & Partners, Windmill G siewski & JMSROC, lda, member Maria Valente
member of Lex Mundi Bruno Ferreira SRS Advogados
Roman Law Office J & A Garrigues, S.L. of Russell Bedford
Francisco Guimarães Melo International Liza Helena Vaz
Steven Wood Jorge Figueiredo
PricewaterhouseCoopers Blackstones Rui Peixoto Duarte PricewaterhouseCoopers
PricewaterhouseCoopers
Aleksandra Minkowicz-Flanek Abreu Advogados Leendert Verschoor
Tomasz Zabost Ana Freitas
PricewaterhouseCoopers Pedro Pereira Coutinho PricewaterhouseCoopers
Malgorzata Zamorska Direcção Municipal de
Ana Pinto Morais Gestão Urbanística J & A Garrigues, S.L.
BNT Neupert Zamorska & P U E RTO R I C O
PricewaterhouseCoopers Partnerzy s.c. António Luís Pereira
Bruno Garcia Borragine
Michal Niemirowicz-Szczytt Figueiredo Alfredo Alvarez-Ibañez
Tomasz Zasacki Noronha Advogados
BNT Neupert Zamorska & Instituto Dos Registos e O’Neill & Borges
WardyDski & Partners, Paulo Henriques Do Notario
Partnerzy s.c. member of Lex Mundi Juan Aquino
University of Coimbra Raquel Pereira Santos
Catarina Nunes Cezary Żelaźnicki O’Neill & Borges
PricewaterhouseCoopers Miguel Inácio Castro Morais Leitão, Galvão
PricewaterhouseCoopers Teles, Soares da Silva & James A. Arroyo
Mouteira Guerreiro, Rosa
Jacek PawBowski Amaral & Associados - Associados, Member of Lex TransUnion De Puerto
PricewaterhouseCoopers P ORT U G A L Sociedade de Advogados Mundi Rico
Victor Abrantes R.L. Acácio Pita Negrão Hermann Bauer
Krzysztof Pawlak
SoBtysiDski Kawecki & Victor Abrantes - Maria João Ricou PLEN - Sociedade de O’Neill & Borges
Szl zak International Sales Agent Cuatrecasas, Gonçalves Advogados, RL Giancarlo Bracamonte
Hermínio Afonso Pereira & Associados Margarida Ramalho Ransa
Weronika Pelc
WardyDski & Partners, PricewaterhouseCoopers Andreia Junior Associação de Empresas Stephany Bravo de Rueda Arce
member of Lex Mundi CGM Gonçalo Capitão, de Construção, Obras
Alc-Servicos ao Domicilio Públicas e Serviços Ransa
Gali Macedo e associados
BartBomiej Raczkowski Paula Alegria Martins Nikos Buxeda Ferrer
BartBomiej Raczkowski Patric Lamarca Carla Ramos
Mouteira Guerreiro, Rosa Barros, Sobral, G. Gomes & Adsuar Muñiz Goyco Seda
Kancelaria Prawa Pracy Amaral & Associados - Noronha Advogados & Pérez-Ochoa, P.S.C
Associados
Manuel Raposo Sociedade de Advogados Caetano Leitão
R.L. Manuel Raposo Jorge Capó Matos
PricewaterhouseCoopers Barros, Sobral, G. Gomes & O’Neill & Borges
Bruno Andrade Alves Associados PricewaterhouseCoopers
Anna Ratajczyk-Salamacha Samuel Céspedes Jr
Gide Loyrette Nouel, PricewaterhouseCoopers Maria Manuel Leitão Marques Armando J.F. Rodrigues
PricewaterhouseCoopers McConnell Valdés LLC
member of Lex Mundi Carlos Andrade Secretary of State
Direcção Municipal de for Administrative Filomena Rosa Walter F. Chow
Piotr Sadownik Modernisation
Gestão Urbanística Instituto Dos Registos e O’Neill & Borges
Gide Loyrette Nouel,
member of Lex Mundi Filipa Arantes Pedroso Tiago Lemos Do Notario Andrés Colberg
Morais Leitão, Galvão PLEN - Sociedade de César Sá Esteves William Estrella Law
Katarzyna Sarek Advogados, RL
Teles, Soares da Silva & SRS Advogados Offices
BartBomiej Raczkowski
Kancelaria Prawa Pracy Associados, Member of Lex Tiago Gali Macedo Shylene De Jesus
Mundi David Salgado Areias
CGM Gonçalo Capitão, O’Neill & Borges
Zbigniew SkórczyDski Gali Macedo e associados Areias Advogados
Chadbourne & Parke LLP Miguel Azevedo Myrtelena Díaz Pedora
J & A Garrigues, S.L. Ana Margarida Maia Francisco Salgueiro
Dariusz Smiechowski Neville de Rougemont & Adsuar Muñiz Goyco Seda
Manuel P. Barrocas Miranda Correia & Pérez-Ochoa, P.S.C
Union of Polish Architects Amendoeira & Associados Associados
Barrocas Sarmento Neves Alberto G. Estrella
Iwona Smith Miguel Marques dos Santos Pedro Santos
Barbara Berckmoes Grant Thornton William Estrella Law
PricewaterhouseCoopers J & A Garrigues, S.L. Offices
PricewaterhouseCoopers Consultores, Lda.
Luís Filipe Sousa Isabel Martínez de Salas Ubaldo Fernandez
PricewaterhouseCoopers Marco Bicó da Costa Filipe Santos Barata
Credinformações/ Equifax J & A Garrigues, S.L. O’Neill & Borges
Cuatrecasas, Gonçalves
Agnieszka Stenzel-Rosa Francisco Guimarães Melo Pereira Dagmar Fernández
WardyDski & Partners, Diana Borges
CGM Gonçalo Capitão, PricewaterhouseCoopers Alexandra Santos Dias Quiñones & Sánchez, PSC
member of Lex Mundi
Gali Macedo e associados Susana Melo Mouteira Guerreiro, Rosa David Freedman
Ewelina Stobiecka Grant Thornton Amaral & Associados -
Ana Catarina Carnaz O’Neill & Borges
e/n/w/c Rechtsanwalte Consultores, Lda. Sociedade de Advogados
E.Stobiecka Kancelaria PricewaterhouseCoopers R.L. Carla Garcia
prawna sp.k. Tiago Castanheira Marques Joaquim Luis Mendes O’Neill & Borges
Grant Thornton Inês Saraiva de Aguilar
Aukasz Szegda Abreu Advogados António Frutuoso de Melo Virginia Gomez
Consultores, Lda.
WardyDski & Partners, Gabriel Cordeiro e Associados - Sociedade de Puerto Rico Electric
member of Lex Mundi Luis Mendes de Almeida Advogados, R.L. Power Authority
Direcção Municipal de
Gestão Urbanística Abreu Advogados
Ewa Szurminska-Jaworska Gerardo Hernandez
PricewaterhouseCoopers Marianne Mendes Webber William Estrella Law
Noronha Advogados Offices
ACKNOWLEDGMENTS 243
Sary Iglesias Mohamed Fouad Adriana Dobre Madalin Niculeasa RU S SIA N
PricewaterhouseCoopers Sultan Al-Abdulla & D & B David si Baias S.C.A. Nestor Nestor Diculescu F E DE R AT I ON
Partners Kingston Petersen
Grisselle Lebron Emilia Dragu Allen & Overy LLP
PricewaterhouseCoopers Samar A. Ismail Taxhouse SRL Tudor Oancea
Khatib & Alami Oancea Ciocîltan & Marat Agabalyan
Frederick B. Martínez Ion Dragulin Asociatii Herbert Smith CIS LLP
Martínez Odell & Milan Joshi National Bank of Romania
Calabria Bin Yousef Cargo Express Delia Paceagiu Alexey Almazov
W.L.L Laura Adina Duca Nestor Nestor Diculescu Prosperity Project
Oscar O Meléndez - Sauri Nestor Nestor Diculescu Kingston Petersen Management
Coto Malley & Tamargo, Upuli Kasturiarachchi Kingston Petersen
LLP PricewaterhouseCoopers Cosmin Petru-Bonea Maxim Anisimov
Serban Epure Salans Prosperity Project
Luis Mongil-Casasnovas Sajid Khan Biroul de Credit Management
Martinez Odell & PricewaterhouseCoopers Alina Popescu
Calabria Corneliu Frunzescu Muşat & Asociaţii Ekaterina Avilova
Sujani Nisansala D & B David si Baias S.C.A. PricewaterhouseCoopers
Carlos Nieves PricewaterhouseCoopers Mariana Popescu Legal Services
Quiñones & Sánchez, PSC Adriana Gaspar National Bank of Romania
Fadi Sabsabi Nestor Nestor Diculescu Fedor Bogatyrev
Keila Ortega Al Tamimi & Company Kingston Petersen Cristian Predan Law Firm ALRUD
Ralph Vallone Jr., Law Advocates & Legal Gebrueder Weiss srl
Offices Consultants Monica Georgiadis Maria Bykovskaya
Marian Dinu Law Office Irina Preoteasa Gide Loyrette Nouel
Rafael Pérez-Villarini David Salt D&B David si Baias SCA Vostok
FPV & Galindez CPAs, PSC, Clyde & Co. Legal Gina Gheorghe
member of Russell Bedford Consultants Tanasescu, Leaua, Cadar & Monica Preotescu Andrey Demusenko
International Asociatii Nestor Nestor Diculescu Russia Consulting
Aarij Wasti Kingston Petersen
Edwin Quiñones Denton Wilde Sapte & Co Georgiana Ghitu Valery Fedoreev
Quiñones & Sánchez, PSC Marian Dinu Law Office Radu Protopopescu Baker & McKenzie
Terence G.C. Witzmann Sulica Protopopescu
Thelma Rivera HSBC Florentina Golisteanu Vonica Maria Gorban
Goldman Antonetti & Salans Gide Loyrette Nouel
Córdova P.S.C Marius Pătrăşcanu Vostok
ROM A N IA Florina Gradeanu Muşat & Asociaţii
Victor Rodriguez Gradeanu & Partners Igor Gorchakov
Allen & Overy LLP Adriana Puscas
Multitransport & Marine Mihai Grigoriu Baker & McKenzie
Co. Adriana Almasan Sulica Protopopescu
Gradeanu & Partners Vonica Evgeniy Gouk
Stoica & Asociatii
Edgardo Rosa Attorneys-at-Law Andreea Grigorescu PricewaterhouseCooper
FPV & Galindez CPAs, PSC, Raluca Radu
Lungu Ana-Maria PricewaterhouseCoopers Salans Dina Gracheva
member of Russell Bedford
International D&B David si Baias SCA - Mihai Guia Law Firm ALRUD
Cristian Radulescu
Romania Lina & Guia S.C.A Taxhouse SRL Bill Henry
Jorge M. Ruiz Montilla
McConnell Valdés LLC Cosmin Anghel Iulian Iosif PricewaterhouseCoopers
Angela Rosca
Badea Asociatii in Muşat & Asociaţii Taxhouse SRL Anton Kalanov
Carlos Sagardía Association with Clifford
O’Neill & Borges Diana Emanuela Ispas Interexpertiza LLC
Chance Laura Sarghiuta
Patricia Salichs Nestor Nestor Diculescu Sarghiuta laura law Pavel Karpunin
Andrei Badiu Kingston Petersen
O’Neill & Borges office Capital Legal Services LLC
3B EXPERT AUDIT, member
of Russell Bedford Stanciulescu Iulia Cristina Romana Schuster Maria Kosova
Antonio Santos
International D&B David si Baias SCA - PricewaterhouseCoopers Orrick, Herrington &
Pietrantoni Méndez & Romania
Alvarez LLP Cristopher Berlew Sutcliffe LLP
Alexandru Slujitoru
Salans Vasile Iulian D & B David si Baias S.C.A. Alyona Kozyreva
Eduardo Tamargo
Conelectro Macleod Dixon
Coto Malley & Tamargo, Monica Biciusca David Stabb
LLP Anghel Stabb & Partners Crenguta Leaua Anghel Stabb & Partners Irina Kultina
Yasmin Umpierre-Chaar Tanasescu, Leaua, Cadar & Russell Bedford
Emanuel Băncilă Asociatii Sorin Corneliu Stratula
O’Neill & Borges International
D&B David si Baias SCA Stratula Mocanu &
Cristian Lina Asociatii Stepan Lubavsky
Carlos Valldejuly Lucian Catrinoiu Lina & Guia S.C.A Hannes Snellman LLC
O’Neill & Borges Stoica & Asociatii Andrei Săvescu
Attorneys-at-Law Amalia Lincaru Săvescu si Asociatii Dmitry Lyakhov
Travis Wheatley
Salans Russin & Vecchi, LLC.
O’Neill & Borges Mara Ciju Laura Tiuca
Lina & Guia S.C.A Edita Lovin Salans Ilya Murzinov
QATA R Retired Judge of Romanian Baker & McKenzie
Victor Ciocîltan Supreme Court of Justice Anda Todor
Abdelmoniem Abutiffa Oancea Ciocîltan & Salans Sergey Naumkin
Qatar International Law Asociatii Dumitru Viorel Manescu
National Union of Civil Madalina Trifan Igor Nevsky
Firm Marinela Cioroab Law Notaries of Romania Salans Russell Bedford
Ahmad Anani Savescu si Asociatii International
Al Tamimi & Company Oana Manuceanu Lorena Tudor
Anamaria Corbescu D&B David si Baias SCA PricewaterhouseCoopers Andrey Odabashian
Advocates & Legal
Consultants Salans PricewaterhouseCooper
Gelu Titus Maravela Anca Vatasoiu
Nisrine Boutros Dorin Coza Muşat & Asociaţii Salans Gennady Odarich
International Legal Sulica Protopopescu PricewaterhouseCoopers
Vonica Carmen Medar Mihai Vintu Legal Services
Consultants LLC D & B David si Baias S.C.A. D&B David si Baias SCA
Ian Clay Tiberiu Csaki Olga Sirodoeva
Salans Rodica Miu Cristina Virtopeanu Orrick, Herrington &
PricewaterhouseCoopers D&B David si Baias SCA Nestor Nestor Diculescu Sutcliffe LLP
Michel Daillet Anca Danilescu Kingston Petersen
Zamfirescu Racoci Predoiu Dominic Morega Rainer Stawinoga
International Legal Muşat & Asociaţii Roxana Vornicu
Consultants LLC Law Partnership Russia Consulting
Nestor Nestor Diculescu
Peter De Ruiter Adriana Neagoe Kingston Petersen Ivetta Tchistiakova-Berd
Hasan El Shafiey
PricewaterhouseCoopers National Bank of Romania Gide Loyrette Nouel
Nadoury & Nahas Law Alina Zarzu
Offices Manuela Marina Nestor Vostok
Luminita Dima Taxhouse SRL
Dalal K. Farhat Nestor Nestor Diculescu Nestor Nestor Diculescu Pavel Timofeev
Kingston Petersen Kingston Petersen Hannes Snellman LLC
Arab Engineering Bureau
244 DOING BUSINESS 2011
Martina Behuliaková Maria SvidroHová Mia Kalaš Andrej Poglajen Gretchen de Smit
Geodesy, Cartography and Monarex audit consulting Odvetniki Šelih & Chamber of Craft and Edward Nathan
Cadastre Authority of the Partnerji Small Business of Slovenia Sonnenbergs Inc.
Slovak Republic Michal Toman
PricewaterhouseCoopers Janos Kelemen Aleksander Rajh Daniel Francois Fyfer
Jana Borská PricewaterhouseCoopers Viator & Vektor Cliffe Dekker Hofmeyr Inc.
Čechová & Partners, Roman Turok-Hetes
member of Lex Mundi National Bank of Slovakia Miro Koaak Marjana Ristevski Elise Gibson
Vid Kobe PricewaterhouseCoopers Grosskopff Lombart
Margareta Boskova Peter Varga Huyberechts & Ass
PricewaterhouseCoopers PRK Partners s.r.o. Filipov, Petrovič, Jeraj Bostjan Sedmak
advokátní kancelář in partnerji o.p., d.o.o. Schönherr Rechtsanwälte Tim Gordon-Grant
Todd Bradshaw in cooperation with GmbH / Attorneys-at-Law Bowman Gilfillan, member
PricewaterhouseCoopers Martin Vavrinčík Schönherr of Lex Mundi
Čechová & Partners, Nina Šelih
Ján Budinský member of Lex Mundi Marijan Kocbek Odvetniki Šelih & Kim Goss
Slovak Credit Bureau, s.r.o. DLA Piper Prague LLP Partnerji Bowman Gilfillan, member
Zuzana Wallova of Lex Mundi
Peter Cavojsky National Bank of Slovakia Rok Kokalj Melita Trop
CLServices, s.r.o. Rojs, Peljhan, Prelesnik & Miro Senica in Odvetniki Igno Gouws
Dagmar Zukalová partnerji, o.p., d.o.o. Webber Wentzel
Katarína Čechová Zukalová - Advokátska Lea Volovec
Čechová & Partners, kancelária s.r.o. Vita Korinaek Law Office Jadek & Pensa Danie Hattingh
member of Lex Mundi City Studio d.n.o. - o.p. Multi Freight Services
Kristina Cermakova SL OV E N IA Vida Kovše Matthias Wahl Simone Immelman
Peterka & Partners Marjan Babi Odvetniki Šelih & Schönherr Rechtsanwälte Cliffe Dekker Hofmeyr Inc.
Partnerji GmbH / Attorneys-at-Law
Jana Fabianova Agency of the Republic Unathi Kondile
Čechová & Partners, of Slovenia for Public Nevenka Kržan Katja Wostner Bowman Gilfillan, member
member of Lex Mundi Legal Records and Related KPMG Slovenia Ljubljana BDO EOS Svetovanje d.o.o. of Lex Mundi
Services
Peter Formela Nada Kumar Anka Zagar Ryan Kraut
ABONEX, s.r.o. Barbara Balanti Cargo-Partner BDO Spencer Steward
Odvetniki Šelih & Alea Lunder
CMS Reich-Rohrwig Hainz Southern African
Miroslava Terem Greatiaková Partnerji Tina Žvanut Mioč Co-Ordination (Pty)
PricewaterhouseCoopers d.o.o Law Office Jadek & Pensa
Teja Batagelj Limited
Marjan Mahni d.n.o. - o.p.
Simona Halakova Agency of the Republic Matthew Kruger
Čechová & Partners, of Slovenia for Public KPMG Slovenia Ljubljana James Apaniai Webber Wentzel
member of Lex Mundi Legal Records and Related Nina Mlakar James Apaniai Lawyers
Services Njah Martins
Radoslava Hoglová Eva Možina University of Stellenbosch
Ana Berce S OL OM ON
Zukalová - Advokátska Miro Senica in Odvetniki
kancelária s.r.o. Odvetniki Šelih & I SL A N D S Gabriel Meyer
Partnerji Clare Moger Deneys Reitz Inc./ Africa
Miroslav Jalec Ruth Liloqula
PricewaterhouseCoopers Legal
Zapadoslovenska Nataša Božović Ministry of Justice and
energetika, a.s. Bank of Slovenia Lojze Mrhar Legal Affairs Kacey Moses
Viator & Vektor Haelo Pelu African Seas Freight
Michaela Jurková Erika Braniselj Forwarders
Čechová & Partners, Matjaz Nahtigal Ministry of Justice and
Egon Breitenberger Legal Affairs Sizwe Msimang
member of Lex Mundi Odvetniki Šelih &
Administration Unit Partnerji Bowman Gilfillan, member
Tomáa Kamenec Ljubljana Roselle R. Rosales
of Lex Mundi
Dedák & Partners Siniaa Niaavi Pacific Architects Ltd.
Mitja Černe Kemp Munnik
Data d.o.o Gregory Joseph Sojnocki
Veronika Keszeliova BDO EOS Svetovanje d.o.o. BDO Spencer Steward
Čechová & Partners, Jure Nikoli Morris & Sojnocki Southern African
Vid Čibej Chartered Accountants
member of Lex Mundi Cargo-Partner Co-Ordination (Pty)
PricewaterhouseCoopers
Roman Konrad Matic Novak Pamela Wilde Limited
Andrej Cvar Ministry for Justice and
Profinam, s.r.o. Rojs, Peljhan, Prelesnik & Dave Oshry
City Studio partnerji, o.p., d.o.o. Legal Affairs
Soňa Kročková Fordham & Oshry Inc.,
Energy Agency of the Sonja Omerza member of Russell Bedford
PricewaterhouseCoopers Republic of Slovenia SOUTH AFRICA
PricewaterhouseCoopers International
Lubomir Lesko Luka Fabiani
Grega Peljhan Ann Aitken Bradleigh Scott
Peterka & Partners Filipov, Petrovič, Jeraj
Rojs, Peljhan, Prelesnik & Baker & McKenzie TransUnion
Marek Lovas in partnerji o.p., d.o.o.
in cooperation with partnerji, o.p., d.o.o. Ross Alcock Andres Sepp
PricewaterhouseCoopers
Schönherr Pavle Pensa Edward Nathan Office of the Chief
Lucia Magova Law Office Jadek & Pensa Sonnenbergs Inc. Registrar of Deeds
PricewaterhouseCoopers Ana Filipov
Filipov, Petrovič, Jeraj d.n.o. - o.p. Mark Badenhorst Richard Shein
Přemysl Marek in partnerji o.p., d.o.o. Bostjan Petauer PricewaterhouseCoopers Bowman Gilfillan, member
Peterka & Partners in cooperation with BDO EOS Svetovanje d.o.o. of Lex Mundi
Loren Benjamin
Schönherr Arvind Sinha
Jaroslav Niznansky Tomaž Petek PricewaterhouseCoopers
MN Legal s.r.o. Ana Grabnar Surveying & Mapping Business Advisors Group
Kobus Blignaut
Rojs, Peljhan, Prelesnik & Authority Johann Spies
Ladislav Pompura partnerji, o.p., d.o.o. Edward Nathan
Monarex audit consulting Tomaž Petrovič Sonnenbergs Inc. Webber Wentzel
Barbara Guzina Schönherr Rechtsanwälte
Gerta Sámelová-Flassiková Matthew Bonner Jane Strydom
Deloitte GmbH / Attorneys-at-Law
Alianciaadvokátov ak, Baker & McKenzie TransUnion
s.r.o. Andrej Jarkovič Natasa Pipan Nahtigal Johan Botes Claire van Zuylen
Law Firm Janežič & Odvetniki Šelih &
Michal Simunic Jarkovič Ltd. Cliffe Dekker Hofmeyr Inc. Bowman Gilfillan, member
Čechová & Partners, Partnerji of Lex Mundi
Jernej Jeraj Beric Croome
member of Lex Mundi Petra Plevnik St Elmo Wilken
Filipov, Petrovič, Jeraj Edward Nathan
Jaroslav Škubal Miro Senica in Odvetniki Sonnenbergs Inc. Mervyn Taback
in partnerji o.p., d.o.o.
PRK Partners s.r.o. in cooperation with Igor Podbelšek Incorporated
Haydn Davies
advokátní kancelář Schönherr Elektro Ljubljana d.d Andrew Wood
Webber Wentzel
Lubica Suhajova Živa Južnič Bojan Podgoraek Grosskopff Lombart
Paul De Chalain Huyberechts & Ass
PricewaterhouseCoopers Odvetniki Šelih & Notariat PricewaterhouseCoopers
Partnerji Zambia Lusaka
ACKNOWLEDGMENTS 247
SPA I N Daniel Marín Chamindi Ekanayake Neil Coates Charles Walwyn
Gómez-Acebo & Pombo Nithya Partners PricewaterhouseCoopers PricewaterhouseCoopers
Allen & Overy LLP Abogados
Amila Fernando Joanna Collins Deidre N. Williams
Basilio Aguirre Ana Martín Julius & Creasy Inland Revenue Authority WalwynLaw
Registro de la Propiedad J & A Garrigues, S.L.
de España Jivan Goonetilleke Tamara Daniel
Jorge Martín - Fernández ST. LU C IA
D.L. & F. De Saram Henderson Legal Chambers
Nuria Armas Clifford Chance
Naomal Goonewardena Jan Dash Clive Antoine
Banco de España
Gabriel Martínez Nithya Partners Liburd and Dash Ministry of
Ana Armijo Martinez, Ojeda y Communications Works
Ashurst Asociados, member Merinka Gunawardane Peter Davids Transport and Public
of Russell Bedford Sudath Perera Associates P.W.Davids & Associates Utilities
Jacobo Baltar
International Sean Henricus Kennedy de Silva Thaddeus M. Antoine
Baker & McKenzie
José Manuel Mateo Tiruchelvam Associates Customs and Excise Francis & Antoine
Santiago Barrenechea Department
J & A Garrigues, S.L. Dharshika Herath Gunarathna Candace Cadasse
Landwell,
PricewaterhouseCoopers Nicolás Nogueroles Peiró Sudath Perera Associates Terence Decosta Nicholas John & Co.
Legal Services Colegio de Registradores Ministry of Sustainable
Sonali Jayasuriya Development Peter I. Foster
Vicente Bootello de la Propiedad y D.L. & F. De Saram Peter I. Foster &
Mercantiles de España H. Grant Associates
J & A Garrigues, S.L. Tudor Jayasuriya
Ana Novoa Caribbean Associated
Agustín Bou F.J. & G. De Saram, member Attorneys Peterson D. Francis
Baker & McKenzie of Lex Mundi Peterson D. Francis
Jausas
Jose Palacios Barbara L. Hardtman Worldwide Shipping &
Héctor Bouzo Cortejosa Inoka Jayawardhana Hardtman & Associates Customs Services Ltd.
J & A Garrigues, S.L. F.J. & G. De Saram, member
Solcaisur S.L.
Daniel Parejo Ballesteros of Lex Mundi K. Gregory Hardtman Trevor Louisy
Antonio Bravo Hardtman & Associates St. Lucia Electricity
J & A Garrigues, S.L. Mahes Jeyadevan
Eversheds Lupicinio Services Ltd.
Guillermo Rodrigo PricewaterhouseCoopers Marsha T. Henderson
Laura Camarero Henderson Legal Chambers Charlene Mae Magnaye
Clifford Chance Yudhishtran Kanagasabai
Baker & McKenzie PricewaterhouseCoopers
Déborah Rodríguez PricewaterhouseCoopers Dollrita Jack-Cato
Lorenzo Clemente Naranjo Webster Dyrud Mitchell Duane C. Marquis
Clifford Chance Janaka Lakmal
J & A Garrigues, S.L. NLBA Architects
Eduardo Rodríguez-Rovira Credit Information Bureau Stanley Jacobs
Francisco Conde Viñuelas Ltd. SKIPA Bradley Paul
Uría & Menéndez, member
Cuatrecasas, Gonçalves of Lex Mundi Bradley Paul Associates
Pereira Poorna Mendis Peter Jenkins
Iñigo Sagardoy F.J. & G. De Saram, member Jenkins & Associates Richard Peterkin
Jaume Cornudella i Marquès of Lex Mundi PricewaterhouseCoopers
Sagardoy Abogados, Dahlia Joseph
Landwell, Abogados y member of Ius Laboris
Asesores Fiscales Fathima Mohamed Daniel Brantley & Leandra Gabrielle Verneuil
Eduardo Santamaría Moral Sudath Perera Associates Associates Chambers of Jennifer Remy
Sara Crespo & Associates
J & A Garrigues, S.L. Fathima Amra Mohamed Damian E. S. Kelsick
J & A Garrigues, S.L.
Ramón Santillán Sudath Perera Associates Kelsick, Wilkin and Andie A. Wilkie
Patricia de Anduaga Ferdinand Gordon & Gordon Co.
Banco de España Thilanka Ratnayaka
Echecopar Abogados Law
Firm Catalina Santos Tiruchelvam Associates Elizabeth A. Kelsick
ST. V I NC E N T A N D
J & A Garrigues, S.L. Kelsick, Wilkin and
Almudena del Río Galán Hiranthi Ratnayake Ferdinand T H E G R E NA DI N E S
Colegio de Registradores Pablo Santos PricewaterhouseCoopers
de la Propiedad y Herman Liburd Kay R.A. Bacchus-Browne
Gómez-Acebo & Pombo Perera Sanjeevani
Mercantiles de España Abogados Liburd and Dash Kay Bacchus - Browne
Nithya Partners Chambers
Agustín Del Río Galeote Cristina Soler Marcella Liburd
Shane Silva Bryant & Liburd Aurin Bennett
Gómez-Acebo & Pombo Gómez-Acebo & Pombo
Abogados Julius & Creasy Aurin Bennett Architects
Abogados Tamara Malcolm
Anselmo Diaz Fernández Priya Sivagananathan Liburd and Dash Graham Bollers
Angel Suárez-Barcena
Bank of Spain Julius & Creasy Regal Chambers
Francisco Téllez Adeola Moore
Yune Dirube Rubio Malarmathy Tharmaratnam Inland Revenue Authority Rickie Burnett
J & A Garrigues, S.L.
Echecopar Abogados Law Tiruchelvam Associates High Court
Adrián Thery Jeoffrey Nisbett
Firm Sithie Tiruchelvam Parnel R. Campbell
J & A Garrigues, S.L. Jeffrey & Nisbetts
Rossanna D’Onza Tiruchelvam Associates Campbell’s Chambers
Alejandro Valls Miselle O’Brien
Baker & McKenzie Charmalie Weerasekera Mira E. Commissiong
Baker & McKenzie Dublin and Johnson
Antonio Fernández Sudath Perera Associates Equity Chambers
Ricardo Veloso Sandrine Powell-Huggins
J & A Garrigues, S.L. Shashi Weththasinghe Natalie Creese
VMP - Veloso, Mendes, Pato Henderson Legal Chambers
Valentín García González e Associados - Sociedade de Julius & Creasy National Commercial Bank
Randy Prentice (SVG) Ltd. (NCB (SVG) Ltd.)
Cuatrecasas, Gonçalves
Pereira Juan Verdugo ST. K I T T S A N D Frank B. Armstrong Ltd.
J & A Garrigues, S.L. Gillian DaSilva
NEVIS Nervin Rawlins
Borja García-Alamán National Commercial Bank
J & A Garrigues, S.L. Carlos Vérgez Muñoz Michella Adrien Inland Revenue Authority (SVG) Ltd. (NCB (SVG) Ltd.)
Clifford Chance Michella Adrien Law Larkland M. Richards
Cristina Gomendio Theona R. Elizee-Stapleton
Office Larkland M. Richards & Commerce & Intellectual
J & A Garrigues, S.L. SR I L A N K A
Rublin Audain Associates Property Office (CIPO)
Juan Ignacio Gomeza Villa Shanaka Amarasinghe Audain & Associates Arlene Ross-Daisley Tamara Gibson-Marks
Notario de Bilbao Julius & Creasy
Georid Belle Webster Dyrud Mitchell High Court Registrary
Joaquín Rodriguez Hernández Savantha De Saram Customs & Excise Anastacia Saunders Sean Joachim
Colegio de Registradores D.L. & F. De Saram Department Frank B. Armstrong Ltd. CaribTrans
Igor Kokorev Sharmela de Silva Nicholas Brisbane Warren Thompson Robin John
Pérez - Llorca Tiruchelvam Associates N. Brisbane & Associates Constsvcs KPMG
Jaime Llopis Sadhini Edirisinghe Idris Fidela Clarke Vernon S. Veira Stanley John
Cuatrecasas, Gonçalves F.J. & G. De Saram, member Financial Services
Pereira Vernon S. Veira & Elizabeth Law Chambers
of Lex Mundi Department Associates
248 DOING BUSINESS 2011
Nopporn Vongsrivong Komlan Cyrille Houssin Gerard Emmanuel-Rodriguez Miriam Ben Rejeb Imen Nouira
PricewaterhouseCoopers SCP Martial Akakpo Regulated Industries PricewaterhouseCoopers Conservation Foncière
Commission Legal Services Tunisia
Kamol Watcharamanee Kodjo John Kokou
PricewaterhouseCoopers Cabinet d’Avocats John Nadia Henriques Abdelfetah Benahji Habiba Raouadi
Kokou M. Hamel-Smith & Co., Ferchiou & Associés Chafter Raouadi Law Firm
Auradee Wongsaroj member of Lex Mundi
Chandler & Thong-ek Atchroe Leonard Johnson Manel Bondi Rachid Tmar
SCP Aquereburu & Peter Inglefield PricewaterhouseCoopers PricewaterhouseCoopers
T I M OR- L E ST E Partners PricewaterhouseCoopers Legal Services
Elyes Chafter
Jose Pedro Camoes Akpénè Amito Kpégba Terence Inniss Chafter Raouadi Law Firm TURKEY
Asosiasaun Advogado SCP Martial Akakpo LEX Caribbean
Zine el Abidine Chafter
Comlan Eli-Eli N’soukpoé Rehanna La Borde Chafter Raouadi Law Firm İhsan Akar
David Dyer Ernst & Young
DAI SCP Martial Akakpo PricewaterhouseCoopers
Kmar Chaïbi
Theophile Komla Nyaku Colin Laird Banque Centrale de Emre Akarkarasu
Jofino Ronuel Fernandes Reci PricewaterhouseCoopers
Credit Registry Autorite de Colin Laird Associates Tunisie
Information System BPA Reglemengtation du Cansu Akgün
Secteur de L’Electricite Marcia Leonard Faouzi Cheikh
The Fast Freight Group Banque Centrale de SDEO Attorneys at Law
Renato Guerra de Almeida
Olivier Pedanou Tunisie Sami Aksoy
Miranda Correia Keomi Lourenco
Amendoeira & Associados Cabinet Lucreatif Tiryakioglu & Partners
M. Hamel-Smith & Co., Abdelmalek Dahmani
Timor-Leste Dili Hauvy Séka Mathieu member of Lex Mundi Dahmani Transit Seza Ceren Aktaş
Eusebio Guterres FIDAFRICA / International PricewaterhouseCoopers
PricewaterhouseCoopers Wendell Mayers
UNIDO Business Trinidad & Tobago Mohamed Derbel
Regulatory consultant Kenan Alpdündar
Galolo Soedjede Electricity Commission BDO Tunisie Central Bank of the
Alzira Lay Cabinet Ledoux Seina Republic of Turkey
Marjorie Nunez Mohamed Lotfi El Ajeri
SDV Logistics Ltd. Dominique Taty LEX Caribbean Avocat a la Cour et Mustafa Alper
Aderito LCA de Araujo FIDAFRICA / mediateur agree par le YASED - International
PricewaterhouseCoopers Gregory Pantin B.B.MC
Archtimor Engineering Hamel-Smith & Co. Investors Association
Consultant Inès Mazalo Tekpa Yassine El Hafi
John Phillip Arda Alposkay
Rafael Ribeiro Cabinet Lucreatif Adly Bellagha & Devres Law office
Government Electrical Associates
SDV Logistics Ltd. Emmanuel Yehouessi Inspectorate Melsa Ararat
Tjia Soh Siang BCEAO Abderrahmen Fendri
Fanta Punch Corporate Governance
Tjia & Tchai Associates PricewaterhouseCoopers Forum of Turkey, Sabanci
Edem Amétéfé Zotchi M. Hamel-Smith & Co.,
SCP Martial Akakpo member of Lex Mundi Yessine Ferah University
TO G O F & A Law Firm Ozgur Asik
Kelvin Ramsook
TON G A Amel Ferchichi INLAWCO Law Firm
Diaby Aboubakar Trinidad & Tobago
BCEAO Inoke Afu Electricity Commission Gide Loyrette Nouel, Melis Atasagun
Dateline Transam Shipping member of Lex Mundi Pekin & Bayar Law Firm
Jean-Marie Adenka Myrna Robinson-Walters
Cabinet Adenka Christopher Andrew Hartwell M. Hamel-Smith & Co., Noureddine Ferchiou Ugur Ates
IFC Tonga member of Lex Mundi Ferchiou & Associés Serap Zuvin Law Offices
Kokou Gadémon Agbessi
Cabinet Lucratif Ashleigh Matheson Stephen A. Singh Slim Gargouri Erdem Atilla
Westpac Bank of Tonga Johnson, Camacho & Singh CPA Pekin & Pekin
Kafoui Agboyibor
Cabinet Me Yawovi Tapu Panuve Jonathan Walker Anis Jabnoun Derya Baksı Pekyalçın
Agboyibor Electricity Commission M. Hamel-Smith & Co., Gide Loyrette Nouel, Tarlan & Pekyalçın Law
member of Lex Mundi member of Lex Mundi Office
Martial Akakpo Sipiloni Raas
SCP Martial Akakpo Allyson West Badis Jedidi Gokce Balcioglu
Jaimi Associates -
Architects PricewaterhouseCoopers Gide Loyrette Nouel, Özel & Özel Attorneys
Adzewoda Ametsiagbe member of Lex Mundi
Direction Générale de Grantley Wiltshire At Law
Dana Stephenson
l’Urbanisme et de l’Habitat M. Hamel-Smith & Co., Sami Kallel Tuba Baltacı
Law Office
member of Lex Mundi Kallel & Associates ADMD Law Firm
Coffi Alexis Aquereburu Fine Tohi
Aquereburu and Partners Amina Larbi Hatice Bas
Dateline Transam Shipping T U N I SIA
Cabinet d’Avocats Gide Loyrette Nouel, INLAWCO Law Firm
Jone Vuli Abdelmonêm Achour member of Lex Mundi
Cecile Assogbavi Westpac Bank of Tonga Binnaz Basaran
Etude Notariale Cabinet Achour Mabrouk Maalaoui
Abu-Ghazaleh
Mohamed Moncef Barouni PricewaterhouseCoopers Intellectual Property
Sylvanus Dodzi Awutey T R I N I DA D A N D
Cabinet Lucratif TOBAG O ACR Dina Magroun Arzu Basmaci
Adly Bellagha Avocat a la Cour et Mehmet Gün & Partners
Romain Dansou Israiell Ali mediateur agree par le
Agence EPAUC nouvelle Adly Bellagha &
Trinidad & Tobago Associates B.B.MC Ayça Bayburan
Foli Doe-Bruce Electricity Commission ADMD Law Firm
Hend Ben Achour Mohamed Ali Masmoudi
A.U.D.E.P. International Nigel Bobb PricewaterhouseCoopers Pelin Baysal
Adly Bellagha &
Compagnie Energie Trinidad & Tobago Associates Legal Services Mehmet Gün & Partners
Electrique du Togo (la Electricity Commission
Olfa Ben Aicha-Saidi Sarah Mebazaa Yildirim Bozbiyik
CEET) Stephanie Bonaparte-Primus Comete Engineering Ministry of Finance
PricewaterhouseCoopers
Koffi Joseph Dogbevi S. I. Primus & Sons Ltd. Legal Services Radhi Meddeb Burcu Çakalli
Cabinet Lucratif Tiffanny Castillo Comete Engineering KPMG
Othman Ben Arfa
Akouvi Thèrese Donu M. Hamel-Smith & Co., Société Tunisienne de
member of Lex Mundi Faouzi Mili Erdal Calikoglu
SCP Martial Akakpo l’Elecricité et du Gaz Mili and Associates Ernst & Young
Colvin Chen (STEG)
Messan Raphael Ekoue Ben Afia Mohamed Salah Esin Çamlıbel
Hagbonon Gillespiie & Steel Ltd. Ismail Ben Farhat Orga Audit, member Turunç Law Office
Centre d’etudes Terry Curtis Adly Bellagha & of Russell Bedford
d’architecture et TransUnion Associates International Mustafa Çamlica
d’urbanisme Ernst & Young
Stacy Lee Daniell Wassim Ben Mahmoud Mohamed Taieb Mrabet
Sonhaye Gbati M. Hamel-Smith & Co., Architect Banque Centrale de Maria Lianides Çelebi
Fondation Heinrich Klose member of Lex Mundi Tunisie Bener Law Office, member
of Ius Laboris
ACKNOWLEDGMENTS 251
M. Fadlullah Cerrahoğlu Gül Incesulu Dursun Ozcan Elif Tezcan Bayirli Oscar Kambona
Cerrahoğlu Law Firm Çakmak Avukatlik Bürosu Ernst & Young Bayirlı & Muratoğlu Law Kampala Associated
Firm Advocates
Fikret Çetinkaya Şebnem Işık Selin Ozdamar
KPMG Mehmet Gün & Partners Özel & Özel Attorneys Bilgin Tiryakioglu Francis Kamulegeya
At Law Tiryakioglu & Partners PricewaterhouseCoopers
Orçun Çetinkaya Özlem Kizil
Mehmet Gün & Partners Çakmak Avukatlik Bürosu Caner Özen Güzel Toker Didymus Byenkya Kato
Özel & Özel Attorneys PricewaterhouseCoopers Ataco Freight Services
Dilek Çolakel Melis Saliha Kiziltay At Law Ltd.
PricewaterhouseCoopers ADMD Law Firm Berna Toksoy
Mert Özerden Turkish Industrialists’ and Peter Kauma
Niyazi Çömez Ozgur Kahraman ADMD Law Firm Businessmen’s Association Kiwanuka & Karugire
Deloitte Ernst & Young (TUSIAD) Advocates
Saziye Saadet Ozfirat
Yavuz Dayıoğlu Ibrahim Kara SDEO Attorneys at Law Noyan Turunç Andrew Kibaya
PricewaterhouseCoopers Kredit Kayit Bureau Turunç Law Office Shonubi, Musoke & Co.
Ekin Kavukçuoğlu Özgülsen Advocates
Maria de la Colina Ali Ozan Karaduman Deloitte Ibrahim Tutar
PricewaterhouseCoopers Mehmet Gün & Partners Penetra Consulting and Muzamiru Kibeedi
Legal Services Pinar Ozhan Auditing Kibeedi & Co.
Aslan Kaya Tiryakioglu & Partners
Rüçhan Derici DMF System International Ebru Tuygun Paul Kibuuka
3e Danışmanlık Ltd. Şti. Independent Auditing, Tuba Özsezen Deloitte Kibuuka Consulting Group
Consulting & Certified YASED - International
Kazim Derman Public Accounting Co., Investors Association N.Kerem Üler Robert Kiggundu
Kredit Kayit Bureau member of Russell Bedford Özel & Özel Attorneys Arch Forum Ltd.
International Neva Ozturk At Law
Emine Devres Ankara University Geoffrey Kiryabwire
Devres Law office Gözde Kayacik Hilal Ünal Commercial Division, High
Pekin & Bayar Law Firm Yasemin Pamuk Gokser Machine Ltd. Court of Uganda
Ebru Dicle Acacia International
Turkish Industrialists’ and Betül Kencebay Lawyers Yegan Üreyen Kiryowa Kiwanuka
Businessmen’s Association YASED - International Mehmet Gün & Partners Kiwanuka & Karugire
(TUSIAD) Investors Association Serkan Pamukkale Advocates
Birsel Law Offices Serdar Unver
Başak Diclehan Burak Kepkep Acacia International Robert Komakec
KPMG Akdogan Uslas Attorneys Ahmed Pekin Lawyers Arch Forum Ltd.
at Law Pekin & Pekin
Murat Volkan Dülger Hülya Yılmaz Kitugwanidde Krespo
Dülger Law Firm Çiğdem Koğar Ferhat Pekin Deloitte Marma Technical Services
Central Bank of the Pekin & Bayar Law Firm
Çisil Durgun H.Barış Yalçın James Kyazze
Cerrahoğlu Law Firm Republic of Turkey Suzet Rodikli PricewaterhouseCoopers Shonubi, Musoke & Co.
Tuncay Köroglu PricewaterhouseCoopers Advocates
Cemal Dursun Selcen Yalçın
SDEO Attorneys at Law Cerrahoğlu Law Firm Çağıl Şahin Biber Mehmet Gün & Partners Timothy Kyepa
Nergis Kundakçioğlu PricewaterhouseCoopers Shonubi, Musoke & Co.
Murat Emirhanoğlu Ayşegül Yalçınmani Merler
KPMG Cerrahoğlu Law Firm Batuhan Şahmay Advocates
Cerrahoğlu Law Firm
Zeki Kurtçu Bener Law Office, member Hakim Lugemwa
Sedat Eratalar of Ius Laboris Begüm Yavuzdoğan
Deloitte Deloitte Uganda Entrepreneurs
Mehmet Gün & Partners Business Foundation
Orhan Yavuz Mavioğlu Bilge Saltan
Gökben Erdem Dirican Dülger Law Firm Beril Yayla
ADMD Law Firm Joseph Luswata
Pekin & Pekin Mehmet Gün & Partners
Hasan Sariçiçek Sebalu & Lule Advocates
Sadik Ferik Didem Meray and Legal Consultants
Serap Zuvin Law Offices KPMG Hande Yemisci
Ernst & Young law Robinah Lutaaya
Banu Mert Sinan Sariaslan
Umurcan Gago DMF System International Aylin Yontar PricewaterhouseCoopers
PricewaterhouseCoopers Cerrahoğlu Law Firm
Independent Auditing, Cerrahoğlu Law Firm Michael Malan
Zeynephan Gemicioğlu Sila Muratoğlu Consulting & Certified Compuscan CRB Ltd.
Bayirli & Muratoğlu Law Public Accounting Co., Filiz Yüksel
Cerraholu Law Firm Cerrahoğlu Law Firm Cornelius Mukiibi
Firm member of Russell Bedford
Arman Gezer International Murat Yülek C.Mukiibi.Sentamu & Co.
Diğdem Muslu Advocates
Deloitte Duygu Şeftalici PGlobal Global Advisory
Başaran Nas YMM A.S.
Caglar Gezer Cerrahoğlu Law Firm and Training Services Ltd. Andrew Munanura Kamuteera
Lerzan Nalbantoğlu Sebalu & Lule Advocates
PricewaterhouseCoopers Ömer Kayhan Seyhun Serap Zuvin
Turunç Law Office and Legal Consultants
Osman Nuri Gönenç Central Bank of the Serap Zuvin Law Offices
Adnan Nas Republic of Turkey Peters Musoke
Central Bank of the
Republic of Turkey PricewaterhouseCoopers U G A N DA Shonubi, Musoke & Co.
Burcu Sezgin Advocates
Sait Gözüm Şebnem Önder INLAWCO Law Firm Bernard Baingana
Deloitte Çakmak Avukatlık Bürosu PricewaterhouseCoopers Rachel Mwanje Musoke
Defne Zeynep Sirakaya MMAKS Advocates
Sezin Güner Mert Oner Cerrahoğlu Law Firm Michael Balimukuubo
Pekin & Pekin KPMG MMAKS Advocates Noah Mwesigwa
M. Ufuk Söğütlüoğlu Shonubi, Musoke & Co.
A. Feridun Güngör Hakan Orhan Deloitte Bernard Bamwine
Ernst & Young Advocates
Ernst & Young Esin Taboglu Kwesigabo, Bamwine &
Çağlayan Orhaner Dündar Walubiri Advocates Diana Ninsiima
Ahmet Güran Corporate Governance MMAKS Advocates
Turunç Law Office Orhaner Law Office Forum of Turkey, Sabanci Nicholas Ecimu
Zeynephan Oğuz University Sebalu & Lule Advocates Eddie Nsamba-Gayiya
Ayşegül Gürsoy and Legal Consultants Consultant Surveyors and
Cerrahoğlu Law Firm Cerrahoğlu Law Firm Aylin Tarlan Tüzemen Planners
Özlem Ouzlar Tarlan & Pekyalçin Law Matovu Emmy
Riza Gumbusoglu Office Marma Technical Services Julius Ojok
Mehmet Gün & Partners Turunç Law Office
Sebalu & Lule Advocates
Fatih Özşahin Baris Teksoy Sarfaraz Jiwani and Legal Consultants
Salih Zeki Hakli Tiryakioglu & Partners Seyani Bros. & Co.
TOBB Deloitte Godwin Othieno
Ayse Ozcan Muge Temel Charles Kalu Kalumiya Kampala City Council
Aydin Bugra Ilter Özel & Özel Attorneys Kampala Associated
Tanriover Attorneys at Acacia International Alex Rezida
Lawyers At Law Advocates
Law Nangwala, Rezida & Co.
Advocates
252 DOING BUSINESS 2011
Harriet Wandira Rumanyika Michael Kharenko Oleg Shevchuk Hiten Bhatia Vijendra Vikram Singh Paul
SDV Transami (U) Ltd. Sayenko Kharenko Proxen & Partners Silver Line Shipping & Talal Abu-Ghazaleh Legal
Clearing (TAG-Legal)
Ruth Sebatindira Oleksii Kharitonov Hanna Shtepa
Ligomarc Advocates LF - INYURPOLIS Law Firm Baker & McKenzie Jennifer Bibbings V. Prakash
Trowers & Hamlins Al Tajir Glass Industries
Monica Kisubi Senjako Natalya Kim Anzhelika Shtukaturova
SDV Transami (U) Ltd. Chadbourne & Parke LLP Salans Ukraine Kiev Mazen Boustany Yusuf Rafiudeen
Habib Al Mulla & Co. Dubai Electricity and
Alan Shonubi Andriy Kirmach Roman Shulyar Water Authority
Shonubi, Musoke & Co. Chadbourne & Parke LLP Chadbourne & Parke LLP R Chandran
Advocates Sea Bridge Shipping Co. LLC Dorai Raj
Arno Klijbroek Markian B. Silecky Goldline Worldwide Inc.
Manish Siyani AJK Trade & Investment Salans Ukraine Kiev Lisa Dale
Seyani Brothers & Co. (U) Consultancy Al Tamimi & Company Dean Rolfe
Ltd. Anna Sisetska Advocates & Legal PricewaterhouseCoopers
Sergei Konnov Vasil Kisil & Partners Consultants
Isaac Walukagga Konnov & Sozanovsky Shoeb Saher
MMAKS Advocates Svitlana Teush Indira Deepa Habib Al Mulla & Co.
Maxim Kopeychykov Arzinger & Partners PricewaterhouseCoopers
Godfrey Zziwa Ilyashev & Partners International Law Firm Khalid Mohamed Saleh
Muwanguzi, Zziwa & Musisi Mohammad A. El-Ghul Dubai Municipality
Advocates Evgeniy Kornievskiy Nataliya Tkachenko Habib Al Mulla & Co.
Konnov & Sozanovsky DLA Piper Ukraine LLC Mohammed Ahmed Saleh
Gorashi Elsheikh Dubai Municipality
UKRAINE Ivan Korotkov Zakhar Tropin Dubai Municipality
KPMG Proxen & Partners Herbert Schroder
Oleg Y. Alyoshin Anthea Fernandes Emcredit
Vasil Kisil & Partners Tatyana Kuzmenko Oleksandr Vygovskyy Shalakany Law Office,
Astapov Lawyers Asters member of Lex Mundi M. Vivekanand Shetty
Andrey Astapov International Law Group Eros Group
Astapov Lawyers Zeeshan Wani Laëtitia Fernandes
International Law Group Tatiana Lizogub Globalink Transportation Helene Mathieu Legal Surendar Singh
Panalpina World & Logistics Worldwide LLP Consultants IAL Logistics Emirates LLC
Roman Badalis Transport Ukraine Kiev
BNT & partners Olexiy Yanov Laetitia Fernandez Arvind Sinha
Borys Lobovyk Law Firm IP & C. Consult, Helene Mathieu Legal Business Advisors Group
Ron J. Barden Konnov & Sozanovsky LLC
PricewaterhouseCoopers Consultants Sreekumar Sivasankaran
Yulia Logunova Yulia Yashenkova Rohit Ghai Globelink West Star
Olena Basanska DLA Piper Ukraine LLC Astapov Lawyers Shipping L.L.C.
CMS Cameron McKenna Al Jabha Group
International Law Group
Ukraine Olga Mikheieva Mona Hammadi Douglas Smith
CMS Cameron McKenna Tatiana Zamorska Baker Botts LLP Habib Al Mulla & Co.
Anastasiya Bolkhovitinova Ukraine KPMG
DLA Piper Ukraine LLC Samer Hamzeh Rachel Storr
Arsenyy Milyutin Marina V. Zarina Trowers & Hamlins Gates Engineering &
Timur Bondaryev Magisters Private Notary Services
Arzinger & Partners Omar Hegazy
International Law Firm Vladyslava V. Motrenko Anton Zinchuk Shalakany Law Office, Mohammed Thani
Vasil Kisil & Partners LF - INYURPOLIS Law Firm member of Lex Mundi Dubai Land Department
Alexander Borisov
Grant Thornton Ukraine Svitlana Musienko Sydene Helwick Raju V. Varghese
UNITED ARAB
Kiev DLA Piper Ukraine LLC Al Tamimi & Company Al Yousuf L.L.C
E M I R AT E S
Maksym Borodchuk Adam Mycyk Advocates & Legal Robyn Waller
Chadbourne & Parke LLP CMS Cameron McKenna Karim Abaza Consultants Trowers & Hamlins
Ukraine Shalakany Law Office, Ashiq Hussain
Olena Brodovska member of Lex Mundi Gary Watts
CMS Cameron McKenna Iryna Mykolayenko Dubai Trade Al Tamimi & Company
Ukraine IBCH Moutaz Abddullat Zaid Kamhawi Advocates & Legal
Talal Abu-Ghazaleh Legal Emcredit Consultants
Anna Bukvych Yuliya Nogovitsyna (TAG-Legal)
Baker & McKenzie KPMG Salim Ahmed Khan Rania Yousseph
Yakub Ahmed Habib Al Mulla & Co.
Maryna Bychkova Oleksandr Padalka Dubai Trade
Orchid Paper Trading
DLA Piper Ukraine LLC Asters Shahid M. Khan Natasha Zahid
Obaid Saif Atiq Al Falasi Baker Botts LLP
Serhiy Chorny Magdalena Patrzyk Busit Al Roken &
Dubai Electricity and Associates
Baker & McKenzie PricewaterhouseCoopers Water Authority U N I T E D K I NG D OM
Aleksandr Deputat Iryna Pidlisna Vipul Kothari
Alya Hussain Al Hammadi
Elit Group Salans Ukraine Kiev Kothari Auditors & Allen & Overy LLP
Dubai Trade Accountants
Anna Deshko Sava Poliakov Varsha Aithala
Essam Al Tamimi B.S. Krishna Moorthy
Damco Grischenko & Partners Simmons & Simmons
Al Tamimi & Company Landmark group
Maxim Dikiy Vitaliy Pravdyuk Advocates & Legal Tim Andrews
Consultants Ravi Kumar Stephenson Harwood
HLB Ukraine Konnov & Sozanovsky
Mahmood Albastaki Dubai Trade
Tetyana Dovgan Maria Prysyazhnyuk Kwame Asamoah
Dubai Trade Senthil Kumar Macintyre Hudson LLP
Chadbourne & Parke LLP PricewaterhouseCoopers
Saeed Al-Hamiz GLG Shipping
Michael Eritspokhov Dmitry Pyatachenko Jon Atkey
Central Bank of the UAE Charles S. Laubach Her Majesty’s Land
Panalpina World IFC
Transport Ukraine Kiev Wicki Andersen Afridi & Angell, member of Registry
Yuliana Revyuk Lex Mundi
Anna Gebeleva Baker Botts LLP Graham Bartlett
KPMG Gagan Malhotra
LF - INYURPOLIS Law Firm Wicki Andersen SITPRO Ltd.
Oleksandr Rudenko Dubai Trade
Sergiy Gryshko Baker Botts LLP Nick Benwell
Astapov Lawyers Helene Mathieu
CMS Cameron McKenna International Law Group T Sureh Babu Simmons & Simmons
Ukraine Helene Mathieu Legal
Vladimir Sayenko Landmark group Consultants Jim Bligh
Ivanna Honina Sayenko Kharenko Piyush Bhandari CBI - The Confederation of
Ravi Nandi British Industry
Grischenko & Partners Proteam Consulting
Olga Serbul BASF Chemicals
Vitaliy Kazakov Private Limited Georgie Blyth
Law Firm IP & C. Consult, Yasser Omar
Grant Thornton Ukraine LLC Prakash Bhanushali PricewaterhouseCoopers
Kiev Shalakany Law Office, Legal Services
Mykhailo Shchitka Alsahm Al Saree Transport member of Lex Mundi
& Clearing
Vasil Kisil & Partners
ACKNOWLEDGMENTS 253
Katy Byatt Charles Mayo James Denn Stephen Raslavich Federico Florin
Weil, Gotshal & Manges Simmons & Simmons New York State Public United States Bankruptcy Guyer & Regules, member
LLP Service Commission Court of Lex Mundi
Hannah Morley
Joy Chen Simmons & Simmons Joshua L. Ditelberg Rolando Rocha Federico Formento
Simmons & Simmons Seyfarth Shaw LLP Global Link Network Fischer & Schickendantz
Roya Motalleb-Zadeh
Stephanie Chiu Cleary Gottlieb Steen & Lindsay Dunn Sandra Rocks Sergio Franco
Simmons & Simmons Hamilton LLP Cleary Gottlieb Steen & Cleary Gottlieb Steen & PricewaterhouseCoopers
Hamilton LLP Hamilton LLP
Mark Corby Alison Murrin Diego Galante
Jabil Global Services Ashurst Patrick Fuller Fuller, Esq. Barbara Roth Galante & Martins
Cleary Gottlieb Steen & Hogan & Hartson LLP
Vera Dantas Innes Annemarie Payne Hamilton LLP Pablo Galmarini
Noronha Advogados Mayer Brown LLP David Snyder Galmarini
Benjamin E. Gehrt Snyder & Snyder, LLP
Paul de Bernier David Pickstone Seyfarth Shaw LLP Enrique Garcia Pini
Mayer Brown LLP PricewaterhouseCoopers Frederick Turner Administración Nacional
Legal Services Boris Grosman Snyder & Snyder, LLP de Usinas y Transmisión
Ben Digby L & B electrical Eléctrica (UTE)
CBI - The Confederation of Steve Pocock international David Wilson
British Industry Crown Agents Holme Robert & Owen Andres Hessdorfer Rozen
Sonya H.S. Lee Olivera & Delpiazzo
Darryl Evans Alex Rogan Cleary Gottlieb Steen & Clemens Ziegler
PricewaterhouseCoopers Skadden, Arps, Slate, Hamilton LLP Cleary Gottlieb Steen & Ariel Imken
Legal Services Meagher & Flom LLP Hamilton LLP Superintendencia
Adam Heintz de Instituciones de
Nick Francis Andrew Shutter Morrison and Foerster Intermediación Financiera
U RU G UAY
PricewaterhouseCoopers Cleary Gottlieb Steen & - Banco Central del
Hamilton LLP Steven Horowitz Juan Achugar Uruguay
Paul Gilbert Cleary Gottlieb Steen &
Caroline Stakim Banco Central del Alfredo Inciarte Blanco
Ursula Goniszewska Hamilton LLP Uruguay
Shepherd & Wedderburn Estudio Pérez del Castillo,
Simmons & Simmons James Hough
Sharmin Takin Martin S. Acosta Inciarte, Gari Abogados
Helen Hall Morrison and Foerster Galante & Martins
Cleary Gottlieb Steen & Cecilia Larrosa
DLA Piper UK LLP Hamilton LLP Neil Jacobs Eduardo Ameglio Guyer & Regules, member
Jonathan Harries NI Jacobs & Associates Guyer & Regules, member of Lex Mundi
Lance Terry
PricewaterhouseCoopers Glanvilles Solicitors Charles L. Kerr of Lex Mundi
Legal Services Ricardo Mezzera
Morrison and Foerster Fernando Bado Estudio Dr. Mezzera
Paul Timmins
Katie Harrison Joshua Kochath Estudio Dr. Mezzera
Approved Inspector Matilde Milicevic Santana
Simmons & Simmons Services Limited Forwarding Unlimited Inc. Alicia Barral Equifax - Clearing de
Lynn Hiestand Mark Waddington Arthur Kohn PricewaterhouseCoopers Informes
Skadden, Arps, Slate, Crown Agents Cleary Gottlieb Steen &
Meagher & Flom LLP Carlos Brandes Alejandro Miller Artola
Hamilton LLP Guyer & Regules, member Guyer & Regules, member
Nicola Walker
Neville Howlett Walter Krauklis of Lex Mundi of Lex Mundi
CBI - The Confederation of
PricewaterhouseCoopers British Industry Jarvis International Virginia Brause Pablo Moyal
Stephen Hubner Freight, Inc Jiménez de Aréchaga, Viana Stavros Moyal y Asociados,
Carmel Weitzmann
Shepherd & Wedderburn PricewaterhouseCoopers Michael Lazerwitz, Esq. & Brause member of Russell Bedford
Legal Services Cleary Gottlieb Steen & International
Simon Jay Luz Calvo de Gross
Cleary Gottlieb Steen & Hamilton LLP Calvo-Lopardo-Prats & Alfredo H. Navarro
Geoffrey Wilkinson
Hamilton LLP MLM Building Control Jay Lee Asociodos Navarro Abogados
Emily Jee Cleary Gottlieb Steen & Martín Colombo Juan Martín Olivera
Sally Willcock Hamilton LLP
DLA Piper UK LLP Weil, Gotshal & Manges Ferrere Internacional Olivera & Delpiazzo
Magnus Jones LLP Bradford L. Livingston Nicolas Constantinidi María Concepción Olivera
Cleary Gottlieb Steen & Seyfarth Shaw LLP Jiménez de Aréchaga, Viana Olivera & Delpiazzo
Andrew Wilson
Hamilton LLP Andrew Wilson & Co Tom McNamara & Brause Ricardo Olivera-García
Esther Kelly Davis Graham & Stubbs LLP Leonardo Couto Olivera & Delpiazzo
Dermot Winters
Cleary Gottlieb Steen & Freeth Cartwright LLP Howard Miller Jose Maria Facal & Co.
Hamilton LLP María Cecilia Orlando
Girardi Keese Jorge De Vita Guyer & Regules, member
Gillian Key-Vice U N I T E D S TAT E S Randy Moes Jorge de Vita Studio of Lex Mundi
Experian Ltd. Office of Secretary State
Stephen Anderson Javier Dominguez Juan Orticochea
Shahriar Khan PricewaterhouseCoopers of Texas Guyer & Regules, member Guyer & Regules, member
Crown Agents Robert Morris of Lex Mundi of Lex Mundi
Pamy Arora
Susan Knowles Cornell Group, Inc PricewaterhouseCoopers María Durán Ismael Pignatta Sánchez
Her Majesty’s Land Kelly J. Murray Hughes & Hughes Guyer & Regules, member
Registry Luke A. Barefoot of Lex Mundi
Cleary Gottlieb Steen & PricewaterhouseCoopers Noelia Eiras
Jessica LLoyd Hamilton LLP David Newberg Hughes & Hughes María José Poey
PricewaterhouseCoopers Collier, Halpern, Newberg, Guyer & Regules, member
Eli Best Gabriel Ejgenberg of Lex Mundi
Mushtak Macci Cleary Gottlieb Steen & Nolletti, & Bock Estudio Bergstein
Lubbock Fine, member Hamilton LLP Samuel Nolen Nathalie Polak
of Russell Bedford Agustín Etcheverry Reyes Guyer & Regules, member
Courtney Brown Richards, Layton & Finger, Estudio Blanco &
International P.A., member of Lex Mundi of Lex Mundi
Cleary Gottlieb Steen & Etcheverry
James Macdonald Hamilton LLP Sean O’Neal Carlos Rodríguez Capurro
Noronha Advogados Agustina Fernández Estudio Blanco &
Victor Chiu Cleary Gottlieb Steen & Giambruno
Hamilton LLP Etcheverry
Christopher Mallon Cleary Gottlieb Steen & Fernandez Secco &
Skadden, Arps, Slate, Hamilton LLP Jeffrey Penn Asociados Fabian Roizen
Meagher & Flom LLP Cleary Gottlieb Steen & Guyer & Regules, member
Richard Conza, Esq. Javier Fernández Zerbino of Lex Mundi
Andrew Maple Cleary Gottlieb Steen & Hamilton LLP Bado, Kuster, Zerbino &
Approved Inspector Hamilton LLP Igor Putilov Rachetti Lucia Salaverry
Services Limited Link Lines Logistics Inc Fernandez Secco &
Margaret Cowan Juan Federico Fischer Asociados
Barry Marshall Cleary Gottlieb Steen & Fischer & Schickendantz
PricewaterhouseCoopers Hamilton LLP
254 DOING BUSINESS 2011
Name
By mail
Title World Bank Publications
Organization P.O. Box 960, Herndon VA
20172-0960, USA
Address
City Online
State Zip/Postal code www.worldbank.org/publications
Country By fax
Phone + 1-703-661-1501
Fax
Questions
E-mail E-mail us at books@worldbank.org
Institutional customers in the U.S. only: Please include purchase order
By phone
+ 1-703-661-1580 or 800-645-7247
Available for US customers only, international customers please contact your local
distributor to establish a standing order. Individuals interested in receiving future editions of
Doing Business may ask to be added to our mailing list at books@worldbank.org. Please
indicate in your e-mail that you would like to be added to the Doing Business
e-mail list.
DDBS06
IBRD 38121
RUSSIAN FEDERATION
NIA
RUS
UKRAINE
MOLDOVA KAZAKHSTAN
MONGOLIA
MANIA
LGARIA GEORGIA UZBEKISTAN
AZER- KYRGYZ REP.
TURKEY ARMENIA BAIJAN TAJIKISTAN
CYPRUS SYRIAN REP.OF JAPAN
EBANON ARAB ISLAMIC REP. AFGHANISTAN CHINA KOREA
ISRAEL REP. IRAQ OF IRAN East Asia and the Pacific
ND GAZA JORDAN PAKISTAN BHUTAN Economies in East Asia and the Pacific hit their stride. In 2006
KUWAIT
BAHRAIN NEPAL only a third of them made doing business easier. In 2009/10, 75%
ARAB REP. SAUDI
OF EGYPT QATAR did. Indonesia, Malaysia and Vietnam took the lead.
ARABIA BANGLADESH
UNITED ARAB INDIA
EMIRATES LAO HONG KONG SAR, CHINA
OMAN
P.D.R.
ERITREA REP. OF THAILAND VIETNAM
SUDAN YEMEN
DJIBOUTI CAMBODIA PHILIPPINES MARSHALL IS.
ETHIOPIA SRI
LANKA BRUNEI
P. MALAYSIA PALAU FEDERATED STATES OF MICRONESIA
MALDIVES KIRIBATI
UGANDA
KENYA SINGAPORE
RWANDA South Asia
REP.
NGO BURUNDI Between June 2009 and May 2010, 5 of 8 economies in South SOLOMON
SEYCHELLES Asia reformed business regulation making use of technology. INDONESIA PAPUA ISLANDS
TANZANIA NEW GUINEA
COMOROS India and Bangladesh, for example, expanded e-government services
TIMOR-LESTE
for business start-up.
MALAWI
ZAMBIA VANUATU FIJI
ZIMBABWE MOZAMBIQUE MAURITIUS
MADAGASCAR
WANA
AUSTRALIA
SWAZILAND
LESOTHO Top economies
Top economies make it easy for local entrepreneurs to do
business through e-government initiatives and risk-based and
performance-based systems. Singapore tops the ranking on the
ease of doing business for the 5th year in a row, followed this year NEW
by Hong Kong SAR (China), New Zealand, the United Kingdom, the ZEALAND
United States, Denmark, Canada, Norway, Ireland and Australia.
OCTOBER 2010
Cert no. SGS-COC-005200