50317 DOING BUSINESS 2009 A copublication of the World Bank, the International Finance Corporation, and Palgrave Macmillan © 2008 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 E-mail feedback@worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A publication of the World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. 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ISBN: 978-0-8213-7609-6 E-ISBN: 978-0-8213-7610-2 DOI: 10.1596/978-0-8213-7609-6 ISSN: 1729-2638 Library of Congress Cataloging-in-Publication data has been applied for. Contents Doing Business 2009 is the sixth in a property, getting credit, protecting inves- About Doing Business v series of annual reports investigating tors, paying taxes, trading across bor- Overview 1 the regulations that enhance business ders, enforcing contracts and closing a Starting a business 9 activity and those that constrain it. Doing business. Data in Doing Business 2009 are Dealing with construction permits 14 Business presents quantitative indicators current as of June 1, 2008. The indicators Employing workers 19 on business regulations and the protec- are used to analyze economic outcomes tion of property rights that can be com- and identify what reforms have worked, Registering property 24 pared across 181 economies--from Af- where and why. Getting credit 29 ghanistan to Zimbabwe--and over time. The methodology for the legal rights Protecting investors 34 Regulations affecting 10 stages of of lenders and borrowers, part of the get- Paying taxes 39 the life of a business are measured: start- ting credit indicators, changed for Doing Trading across borders 44 ing a business, dealing with construction Business 2009. See Data notes for details. Enforcing contracts 49 permits, employing workers, registering Closing a business 54 Current features Downloads News on the Doing Business project Doing Business reports as well as subnational, References 58 http://www.doingbusiness.org country and regional reports and case studies Data notes 61 http://www.doingbusiness.org/downloads Rankings Ease of doing business 79 How economies rank--from 1 to 181 Subnational projects Country tables 85 http://www.doingbusiness.org/ Differences in business regulations at the economyrankings subnational level ILO core labor standards 147 http://www.doingbusiness.org/subnational Reformers Short summaries of DB2009 reforms, lists Law library of reformers since DB2004 and a ranking Online collection of business laws and Acknowledgments 151 simulation tool regulations http://www.doingbusiness.org/reformers http://www.doingbusiness.org/lawlibrary Data time series Local partners Customized data sets since DB2004 More than 6,700 specialists in 181 economies http://www.doingbusiness.org/customquery who participate in Doing Business http://www.doingbusiness.org/LocalPartners Methodology and research The methodologies and research papers Reformers' Club underlying Doing Business Celebrating the top 10 Doing Business http://www.doingbusiness.org/ reformers MethodologySurveys http://www.reformersclub.org Blog Business Planet Online journal focusing on business Interactive map on the ease of doing business regulation reform http://www.doingbusiness.org/map http://blog.doingbusiness.org STARTING A BUSINESS v About Doing surveys. Such surveys are useful gauges regulation, such as stricter disclosure re- Business of economic and policy conditions. But quirements in related-party transactions. their reliance on perceptions and their Some give a higher score for a simplified incomplete coverage of poor countries way of implementing existing regulation, limit their usefulness for analysis. such as completing business start-up The Doing Business project, launched formalities in a one-stop shop. 7 years ago, goes one step further. It looks The Doing Business project encom- at domestic small and medium-size com- passes 2 types of data. The first come panies and measures the regulations ap- from readings of laws and regulations. plying to them through their life cycle. The second are time and motion indi- Doing Business and the standard cost cators that measure the efficiency in model initially developed and applied in achieving a regulatory goal (such as the Netherlands are, for the present, the granting the legal identity of a business). only standard tools used across a broad Within the time and motion indicators, range of jurisdictions to measure the cost estimates are recorded from official impact of government rule-making on fee schedules where applicable. Here, In 1664 William Petty, an adviser to business activity.1 Doing Business builds on Hernando de England's Charles II, compiled the first The first Doing Business report, pub- Soto's pioneering work in applying the known national accounts. He made 4 lished in 2003, covered 5 indicator sets in time and motion approach first used entries. On the expense side, "food, hous- 133 economies. This year's report covers by Frederick Taylor to revolutionize the ing, clothes and all other necessaries" 10 indicator sets in 181 economies. The production of the Model T Ford. De Soto were estimated at £40 million. National project has benefited from feedback from used the approach in the 1980s to show income was split among 3 sources: £8 governments, academics, practitioners the obstacles to setting up a garment fac- million from land, £7 million from other and reviewers.2 The initial goal remains: tory on the outskirts of Lima.3 personal estates and £25 million from to provide an objective basis for under- labor income. standing and improving the regulatory What Doing Business In later centuries estimates of coun- environment for business. does not cover try income, expenditure and material inputs and outputs became more abun- What Doing Business covers Just as important as knowing what Doing dant. But it was not until the 1940s that Business does is to know what it does a systematic framework was developed Doing Business provides a quantitative not do--to understand what limitations for measuring national income and ex- measure of regulations for starting a must be kept in mind in interpreting penditure, under the direction of British business, dealing with construction the data. economist John Maynard Keynes. As the permits, employing workers, register- methodology became an international ing property, getting credit, protecting Limited in scope standard, comparisons of countries' fi- investors, paying taxes, trading across Doing Business focuses on 10 topics, with nancial positions became possible. Today borders, enforcing contracts and closing the specific aim of measuring the regula- the macroeconomic indicators in na- a business--as they apply to domestic tion and red tape relevant to the life cycle tional accounts are standard in every small and medium-size enterprises. of a domestic small to medium-size firm. country. A fundamental premise of Doing Accordingly: Governments committed to the eco- Business is that economic activity re- · Doing Business does not measure all nomic health of their country and op- quires good rules. These include rules aspects of the business environment portunities for its citizens now focus on that establish and clarify property rights that matter to firms or investors--or more than macroeconomic conditions. and reduce the costs of resolving disputes, all factors that affect competitiveness. They also pay attention to the laws, regu- rules that increase the predictability of It does not, for example, measure lations and institutional arrangements economic interactions and rules that security, macroeconomic stability, that shape daily economic activity. provide contractual partners with core corruption, the labor skills of the Until very recently, however, there protections against abuse. The objective: population, the underlying strength were no globally available indicator sets regulations designed to be efficient, to be of institutions or the quality of for monitoring these microeconomic accessible to all who need to use them infrastructure.4 Nor does it focus factors and analyzing their relevance. and to be simple in their implementa- on regulations specific to foreign The first efforts, in the 1980s, drew on tion. Accordingly, some Doing Business investment. perceptions data from expert or business indicators give a higher score for more vi DoING BUSINESS 2009 · Doing Business does not cover all Business: expanding opportunities for other major economic benchmarks. The regulations, or all regulatory goals, entrepreneurship. Investors are encour- indicator set closest to Doing Business in any economy. As economies and aged to venture into business when po- in what it measures is the Organisation technology advance, more areas tential losses are limited to their capital for Economic Co-operation and Devel- of economic activity are being participation. opment's indicators of product market regulated. For example, the European regulation; the correlation here is 0.80. Union's body of laws (acquis) has Focused on the FormaL sector The World Economic Forum's Global now grown to no fewer than 14,500 In constructing the indicators, Doing Competitiveness Index and IMD's World rule sets. Doing Business measures Business assumes that entrepreneurs are Competitiveness Yearbook are broader in regulation affecting just 10 phases knowledgeable about all regulations in scope, but these too are strongly corre- of a company's life cycle, through 10 place and comply with them. In practice, lated with Doing Business (0.80 and 0.76, specific sets of indicators. entrepreneurs may spend considerable respectively). These correlations suggest time finding out where to go and what that where peace and macroeconomic Based on standardized case documents to submit. Or they may avoid stability are present, domestic business scenarios legally required procedures altogether-- regulation makes an important differ- Doing Business indicators are built on the by not registering for social security, for ence in economic competitiveness. basis of standardized case scenarios with example. A bigger question is whether the specific assumptions, such as the busi- Where regulation is particularly issues on which Doing Business focuses ness being located in the largest business onerous, levels of informality are higher. matter for development and poverty re- city of the economy. Economic indicators Informality comes at a cost: firms in duction. The World Bank study Voices of commonly make limiting assumptions the informal sector typically grow more the Poor asked 60,000 poor people around of this kind. Inflation statistics, for ex- slowly, have poorer access to credit and the world how they thought they might ample, are often based on prices of con- employ fewer workers--and their work- escape poverty.9 The answers were un- sumer goods in a few urban areas. ers remain outside the protections of equivocal: women and men alike pin their Such assumptions allow global cov- labor law.7 Doing Business measures one hopes on income from their own business erage and enhance comparability. But set of factors that help explain the oc- or wages earned in employment. Enabling they come at the expense of generality. currence of informality and give policy growth--and ensuring that poor people Business regulation and its enforcement makers insights into potential areas of can participate in its benefits--requires differ across an economy, particularly in reform. Gaining a fuller understanding an environment where new entrants with federal states and large economies. And of the broader business environment, drive and good ideas, regardless of their of course the challenges and opportuni- and a broader perspective on policy chal- gender or ethnic origin, can get started in ties of the largest business city--whether lenges, requires combining insights from business and where firms can invest and Mumbai or São Paulo, Nuku'alofa or Doing Business with data from other grow, generating more jobs. Nassau--vary greatly across econo- sources, such as the World Bank Enter- Small and medium-size enterprises mies. Recognizing governments' interest prise Surveys.8 are key drivers of competition, growth in such variation, Doing Business has and job creation, particularly in develop- complemented its global indicators with Why this focus ing countries. But in these economies up subnational studies in such economies as to 80% of economic activity takes place Brazil, China, Mexico, Nigeria, the Philip- Doing Business functions as a kind of in the informal sector. Firms may be pre- pines and the Russian Federation.5 Doing cholesterol test for the regulatory envi- vented from entering the formal sector Business has also begun a work program ronment for domestic businesses. A cho- by excessive bureaucracy and regulation. focusing on small island states.6 lesterol test does not tell us everything Where regulation is burdensome In areas where regulation is complex about the state of our health. But it does and competition limited, success tends and highly differentiated, the standard- measure something important for our to depend more on whom you know ized case used to construct the Doing health. And it puts us on watch to change than on what you can do. But where Business indicator needs to be carefully behaviors in ways that will improve not regulation is transparent, efficient and defined. Where relevant, the standard- only our cholesterol rating but also our implemented in a simple way, it becomes ized case assumes a limited liability overall health. easier for any aspiring entrepreneurs, company. This choice is in part empiri- One way to test whether Doing Busi- regardless of their connections, to oper- cal: private, limited liability companies ness serves as a proxy for the broader ate within the rule of law and to benefit are the most prevalent business form in business environment and for competi- from the opportunities and protections most economies around the world. The tiveness is to look at correlations be- that the law provides. choice also reflects one focus of Doing tween the Doing Business rankings and In this sense Doing Business values ABoUT DoING BUSINESS vii good rules as a key to social inclusion. It cut outdated ones. One finding of Doing vising its own. Many economies in Africa also provides a basis for studying effects Business: dynamic and growing econo- look to Mauritius--the region's strongest of regulations and their application. For mies continually reform and update their performer on Doing Business indicators-- example, Doing Business 2004 found that regulations and their way of implement- as a source of good practices for reform. faster contract enforcement was associ- ing them, while many poor economies In the words of Dr. Mahmoud Mohieldin, ated with perceptions of greater judicial still work with regulatory systems dating Egypt's minister of investment: fairness--suggesting that justice delayed to the late 1800s. is justice denied.10 Other examples are What I like about Doing Business... provided in the chapters that follow. Doing Business-- is that it creates a forum for exchanging a user's guide knowledge. It's no exaggeration when I Doing Business as say I checked the top 10 in every indica- a benchmarking exercise Quantitative data and benchmark- tor and we just asked them, "What did ing can be useful in stimulating debate you do?" If there is any advantage to Doing Business, in capturing some key about policy, both by exposing poten- starting late in anything, it's that you can dimensions of regulatory regimes, has tial challenges and by identifying where learn from others. been found useful for benchmarking. policy makers might look for lessons Any benchmarking--for individuals, and good practices. These data also pro- Over the past 6 years there has been firms or states--is necessarily partial: vide a basis for analyzing how different much activity by governments in re- it is valid and useful if it helps sharpen policy approaches--and different policy forming the regulatory environment for judgment, less so if it substitutes for reforms--contribute to desired out- domestic businesses. Most reforms relat- judgment. comes such as competitiveness, growth ing to Doing Business topics were nested Doing Business provides 2 takes on and greater employment and incomes. in broader programs of reform aimed at the data it collects: it presents "absolute" Six years of Doing Business data enhancing economic competitiveness. In indicators for each economy for each of have enabled a growing body of research structuring their reform programs, gov- the 10 regulatory topics it addresses, and on how performance on Doing Busi- ernments use multiple data sources and it provides rankings of economies, both ness indicators--and reforms relevant indicators. And reformers respond to by indicator and in aggregate. Judgment to those indicators--relate to desired many stakeholders and interest groups, is required in interpreting these mea- social and economic outcomes. Some all of whom bring important issues and sures for any economy and in determin- 325 articles have been published in peer- concerns into the reform debate. ing a sensible and politically feasible path reviewed academic journals, and about World Bank Group support to these for reform. 742 working papers are available through reform processes is designed to encour- Reviewing the Doing Business rank- Google Scholar.11 Among the findings: age critical use of the data, sharpening ings in isolation may show unexpected · Lower barriers to start-up are judgment and avoiding a narrow focus results. Some economies may rank un- associated with a smaller informal on improving Doing Business rankings. expectedly high on some indicators. And sector.12 some that have had rapid growth or · Lower costs of entry can encourage methodology and data attracted a great deal of investment may entrepreneurship and reduce rank lower than others that appear to be corruption.13 Doing Business covers 181 economies-- less dynamic. · Simpler start-up can translate including small economies and some into greater employment Still, a higher ranking in Doing Busi- of the poorest ones, for which little or opportunities.14 ness tends to be associated with better no data are available in other data sets. outcomes over time. Economies that rank How do governments use Doing The Doing Business data are based on among the top 20 are those with high Business? A common first reaction is domestic laws and regulations as well as per capita income and productivity and to doubt the quality and relevance of administrative requirements. (For a de- highly developed regulatory systems. the Doing Business data. Yet the debate tailed explanation of the Doing Business But for reform-minded govern- typically proceeds to a deeper discussion methodology, see Data notes.) ments, how much their indicators im- exploring the relevance of the data to the prove matters more than their absolute economy and areas where reform might InformatIon sources for the data ranking. As economies develop, they make sense. Most of the indicators are based on laws strengthen and add to regulations to Most reformers start out by seeking and regulations. In addition, most of the protect investor and property rights. examples, and Doing Business helps in cost indicators are backed by official fee Meanwhile, they find more efficient ways this. For example, Saudi Arabia used the schedules. Doing Business contributors to implement existing regulations and company law of France as a model for re- both fill out written surveys and provide viii DoING BUSINESS 2009 references to the relevant laws, regu- deveLopment oF the All changes in methodology are methodoLogy lations and fee schedules, aiding data explained in the report as well as on checking and quality assurance. The methodology for calculating each the Doing Business website. In addition, For some indicators part of the indicator is transparent, objective and data time series for each indicator and cost component (where fee schedules easily replicable. Leading academics col- economy are available on the website, are lacking) and the time component laborate in the development of the indi- beginning with the first year the indi- are based on actual practice rather than cators, ensuring academic rigor. Six of cator or economy was included in the the law on the books. This introduces a the background papers underlying the report. To provide a comparable time degree of subjectivity. The Doing Busi- indicators have been published in lead- series for research, the data set is back- ness approach has therefore been to work ing economic journals. Another 2 are at calculated to adjust for changes in meth- with legal practitioners or professionals an advanced stage of publication in such odology and any revisions in data due who regularly undertake the transac- journals. to corrections. The website also makes tions involved. Following the standard Doing Business uses a simple aver- available all original data sets used for methodological approach for time and aging approach for weighting subindica- background papers. motion studies, Doing Business breaks tors and calculating rankings. Other ap- Information on data corrections is down each process or transaction, such proaches were explored, including using provided on the website (also see Data as starting and legally operating a busi- principal components and unobserved notes). A transparent complaint pro- ness, into separate steps to ensure a bet- components.15 The principal components cedure allows anyone to challenge the ter estimate of time. The time estimate and unobserved components approaches data. If errors are confirmed after a data for each step is given by practitioners turn out to yield results nearly identical to verification process, they are expedi- with significant and routine experience those of simple averaging. The tests show tiously corrected. in the transaction. that each set of indicators provides new Over the past 6 years more than information. The simple averaging ap- notes 10,000 professionals in 181 economies proach is therefore robust to such tests. have assisted in providing the data that 1. The standard cost model is a quantita- inform the Doing Business indicators. Improvements to the tive methodology for determining the methodology and data revIsIons administrative burdens that regulation This year's report draws on the inputs of imposes on businesses. The method can more than 6,700 professionals. The Doing The methodology has undergone contin- be used to measure the effect of a single Business website indicates the number ual improvement over the years. Changes law or of selected areas of legislation or of respondents per economy and per have been made mainly in response to perform a baseline measurement of all legislation in a country. indicator (see table 12.1 in Data notes for to suggestions from economies in the 2. In the past year this has included a re- the number of respondents per indicator Doing Business sample. For enforcing view by the World Bank Group Indepen- set). Because of the focus on legal and contracts, for example, the amount of dent Evaluation Group (2008). regulatory arrangements, most of the the disputed claim in the case scenario 3. De Soto (2000). respondents are lawyers. The credit in- was increased from 50% to 200% of 4. The indicators related to trading across formation survey is answered by officials income per capita after the first year, as borders and dealing with construc- of the credit registry or bureau. Freight it became clear that smaller claims were tion permits take into account limited forwarders, accountants, architects and unlikely to go to court. aspects of an economy's infrastructure, including the inland transport of goods other professionals answer the surveys Another change relates to starting a and utility connections for businesses. related to trading across borders, taxes business. The minimum capital require- 5. http://www.doingbusiness.org/ and construction permits. ment can be an obstacle for potential subnational. The Doing Business approach to entrepreneurs. Initially, Doing Business 6. http://www.doingbusiness.org. data collection contrasts with that of measured the required minimum capital 7. Schneider (2005). perception surveys, which capture often regardless of whether it had to be paid 8. http://www.enterprisesurveys.org. one-time perceptions and experiences of up front or not. In many economies only 9. Narayan and others (2000). businesses. A corporate lawyer register- part of the minimum capital has to be 10. World Bank (2003). ing 100­150 businesses a year will be paid up front. To reflect the actual po- 11. http://scholar.google.com. more familiar with the process than an tential barrier to entry, the paid-in mini- 12. For example, Masatlioglu and Rigolini entrepreneur, who will register a business mum capital has been used since 2004. (2008), Kaplan, Piedra and Seira (2008) only once or maybe twice. A bankruptcy This year's report includes one and Djankov, Ganser, McLiesh, Ramalho judge deciding dozens of cases a year will change in the core methodology, to the and Shleifer (2008). have more insight into bankruptcy than a strength of legal rights index, which is company that may undergo the process. part of the getting credit indicator set. ABoUT DoING BUSINESS ix 13. For example, Alesina and others (2005), Perotti and Volpin (2004), Klapper, Laeven and Rajan (2006), Fisman and Sarria-Allende (2004), Antunes and Cav- alcanti (2007), Barseghyan (2008) and Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). 14. For example, Freund and Bolaky (forth- coming), Chang, Kaltani and Loayza (forthcoming) and Helpman, Melitz and Rubinstein (2008). 15. See Djankov and others (2005). STARTING A BUSINESS 1 Overview FIGURE 1.1 Which regions have some of the most business-friendly regulations? DB2009 ranking on the ease of doing business (1­181) EACH LINE SHOWS AVERAGE THE RANK OF ONE 1 RANK ECONOMY IN THE REGION 181 OECD 27 high income Eastern Europe 76 & Central Asia East Asia 81 & Paci c Middle East 90 & North Africa Latin America 92 & Caribbean South Asia 111 Sub-Saharan 138 Africa Source: Doing Business database. For the fifth year in a row Eastern Europe economies--Georgia, Estonia, Lithuania in 2007/08. New this year: reforms in the and Central Asia led the world in Doing and Latvia--are among the top 30 in the region are moving eastward as 4 new- Business reforms. Twenty-six of the re- overall Doing Business ranking. comers join the top 10 list of reformers: gion's 28 economies implemented a total Rankings on the ease of doing busi- Azerbaijan, Albania, the Kyrgyz Republic of 69 reforms. Since 2004 Doing Business ness do not tell the whole story about an and Belarus (table 1.1). has been tracking reforms aimed at sim- economy's business environment. The Many others reformed as well. plifying business regulations, strength- indicator does not account for all fac- Worldwide, 113 economies implemented ening property rights, opening up access tors important for doing business--for 239 reforms making it easier to do busi- to credit and enforcing contracts by mea- example, macroeconomic conditions, in- ness between June 2007 and June 2008. suring their impact on 10 indicator sets.1 frastructure, workforce skills or security. That is the most reforms recorded in Nearly 1,000 reforms with an impact But improvement in an economy's rank- a single year since the Doing Business on these indicators have been captured. ing does indicate that its government is project started. In the past year reform- Eastern Europe and Central Asia has ac- creating a regulatory environment more ers focused on easing business start-up, counted for a third of them. conducive to operating a business. In lightening the tax burden, simplifying The region surpassed East Asia Eastern Europe and Central Asia many import and export regulation and im- and Pacific in the average ease of doing economies continue to do so--and econ- proving credit information systems. business in 2007--and maintained its omies in the region once again dominate Across regions, East Asia had the place this year (figure 1.1). Four of its the list of top Doing Business reformers biggest pickup in the pace of reform. Table 1.1 The top 10 reformers in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Azerbaijan 4 4 4 4 4 4 4 Albania 4 4 4 4 Kyrgyz Republic 4 4 4 Belarus 4 4 4 4 4 4 Senegal 4 4 4 Burkina Faso 4 4 4 4 Botswana 4 4 4 Colombia 4 4 4 4 4 Dominican Republic 4 4 4 4 Egypt 4 4 4 4 4 4 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 Doing Business topics. Second, it ranks these economies on the increase in rank on the ease of doing business from the previous year. The larger the improvement, the higher the ranking as a reformer. Source: Doing Business database. 2 DoING BUSINESS 2009 FIGURE 1.2 Two-thirds of its economies reformed, personal profits. Eastern European and Central Asian economies-- up from less than half last year (figure Taxpayers in Azerbaijan now take leaders in Doing Business reforms 1.2). The Middle East and North Af- advantage of online filing and payment Share of economies with at least 1 reform rica continued its upward trend, with of taxes, saving more than 500 hours a making it easier to do business in past 5 years (%) two-thirds of its economies reforming. year on average in dealing with paper- by Doing Business report year In a region once known for prohibitive work. And a new economic court in Baku Eastern Europe & Central Asia entry barriers, 2 countries--Tunisia and helped speed contract enforcement. With (28 economies) Yemen--eliminated the minimum capi- the number of judges looking at com- DB2005 82 DB2006 93 tal requirement for starting a business, mercial cases increasing from 5 to 9, the DB2007 89 while Jordan reduced it from 30,000 average time to resolve a case declined DB2008 82 Jordanian dinars to 1,000. by 30 days. DB2009 93 Sub-Saharan Africa continued its Albania is the runner-up, with re- East Asia & Paci c upward trend in reform too: 28 econ- forms in 4 of the areas measured by (24 economies) omies implemented 58 reforms, more Doing Business. A new company law DB2005 38 than in any year since Doing Business strengthened the protection of minority DB2006 46 began tracking reforms. Two West Afri- shareholder rights. The law tightened DB2007 33 DB2008 46 can countries led the way, Senegal and approval and disclosure requirements DB2009 63 Burkina Faso. In Latin America, Colom- for related-party transactions and, for bia and the Dominican Republic were the the first time, defined directors' duties. Middle East & North Africa most active. OECD high-income econo- It also introduced greater remedies to (19 economies) 47 mies saw a slowdown in reform. So did pursue if a related-party transaction is DB2005 DB2006 47 South Asia. harmful to the company. Albania made DB2007 53 Azerbaijan is the top reformer for start-up easier by taking commercial reg- DB2008 53 2007/08. A one-stop shop for business istration out of the court and creating a DB2009 63 start-up began operating in January 2008, one-stop shop. Companies can now start Sub-Saharan Africa halving the time, cost and number of a business in 8 days--it used to take (46 economies) procedures to start a business. Business more than a month. The country's first DB2005 22 registrations increased by 40% in the credit registry opened for business. And DB2006 30 DB2007 65 first 6 months. Amendments to the labor tax reforms halved the corporate income DB2008 52 code made employment regulation more tax rate to 10%. DB2009 61 flexible by allowing the use of fixed-term contracts for permanent tasks, easing AfricA--more reform thAn Latin America & Caribbean ever before (32 economies) restrictions on working hours and elimi- DB2005 25 nating the need for reassignment in case DB2006 50 of redundancy dismissals. And property Economies in Africa implemented more DB2007 56 transfers can now be completed in 11 Doing Business reforms in 2007/08 than DB2008 38 DB2009 50 days--down from 61 before--thanks to in any previous year covered. And 3 a unified property registry for land and of the top 10 reformers are African: 181 OECD high income real estate transactions. Senegal, Burkina Faso and Botswana. egal (24 economies) O 149 That's not all. Azerbaijan eliminated Three postconflict countries--Liberia, ORMS DB2005 75 DB2006 71 the minimum loan cutoff of $1,100 at the Rwanda and Sierra Leone--are reform- ia DB2007 79 credit registry, more than doubling the ing fast too (figure 1.3). Mauritius, the O 157 ORMS DB2008 63 number of borrowers covered. Minor- country with the region's most favor- DB2009 50 Faso ity shareholders enjoy greater protec- able business regulations, continues to 8 MS South Asia tion, thanks to amendments to the civil reform, and this year joins the top 25 on (8 economies) code and a new regulation on related- the ease of doing business. one DB2005 50 party transactions. Such transactions This focus on reform comes after DB2006 63 now are subject to stricter requirements several years of record economic growth DB2007 25 DB2008 63 for disclosure to the supervisory board in Africa. Annual growth has averaged DB2009 50 and in annual reports. Moreover, inter- nearly 6% in the past decade, thanks to ested parties involved in a related-party better macroeconomic conditions and transaction harmful to the company greater peace on the continent. With Source: Doing Business database. must cover the damages and pay back more economic opportunities, regulatory Latin America & Caribbean (32 economies) DB2005 25 ovER vIE w 3 DB2006 50 FIGURE 1.3 DB2007 56 Who reformed the most in Africa in 2007/08? reform continues Among DB2008 38 Improvement in the ranking on the ease of doing business, DB2008­DB2009 best DB2009 performers 50 1 10 20 30 40 50 130 140 150 160 170 181 OECD high continues to rank at the top on Singaporeincome Rwanda Senegal (24 economies) 148 TO 139 168 TO 149 the ease of doing business, followed by 4 REFORMS 3 REFORMS DB2005 75 New Zealand, the United States and Hong DB2006 71 Madagascar Liberia Kong (China) (table 1.3). And reform DB2007 79 151 TO 144 167 TO 157 4 REFORMS 4 REFORMS continues. Five of the top 10 economies DB2008 63 Mauritius Botswana DB2009 50 29 TO 24 3 REFORMS 52 TO 38 3 REFORMS Burkina Faso implemented reforms that had an im- 164 TO 148 4 REFORMS pact on the Doing Business indicators South Asia (8 2007/08. ineconomies) Singapore further simplified Sierra Leone 163 TO 156 DB online business start-up service. New its2005 50 4 REFORMS Zealand introduced a single63 DB2006 online pro- DB2007 25 Source: Doing Business database. cedure for business start-up,63 DB2008 lowered the corporate income tax and implemented a DB2009 50 constraints on businesses have become eAsing entry--once AgAin new insolvency act. Hong Kong (China) more pressing. Governments increasingly the most populAr reform streamlined construction permitting as focus on reducing these constraints. And part of Business database. Source: Doinga broader reform of its licens- reformers recognize that bringing more Making it easier to start a business contin- ing regime. Denmark implemented tax economic activity to the formal sector ued to be the most popular Doing Business reforms. And entrepreneurs in Toronto, through business and job creation is the reform in 2007/08. Forty-nine economies Canada, can now start a business with most promising way to reduce poverty.2 simplified start-up and reduced the cost just one procedure. Rwanda is one example of the divi- (figure 1.4). These are among the 115 This continuing reform is not sur- dends of peace and good macroeco- economies--more than half the world's prising. Many high-income economies nomic policies. The country has been total--that have reformed in this area over have institutionalized regulatory reform, among the most active reformers of the past 5 years. The second most popular setting up programs to systematically business regulation worldwide this de- were reforms to simplify taxes and their target red tape. Examples include the cade. In 2001 it introduced a new labor administration. Third were reforms to "Be the Smart Regulator" program in law as part of the national reconstruc- ease trade. In all 3 areas much can be Hong Kong (China), Simplex in Por- tion program. In 2002 it started prop- achieved with administrative reforms. tugal, the Better Regulation Executive erty titling reform. In 2004 reformers Reforms in other areas can be harder, in the United Kingdom, Actal in the simplified customs, improved the credit particularly if they require legal changes Netherlands and Kafka in Belgium. To registry and undertook court reforms. In or involve difficult political tradeoffs. identify priorities, these governments 2007 Rwanda continued with property Only 12 economies reformed their judi- routinely ask businesses what needs re- registration and customs. Some reforms cial system. Seven amended collateral or form. Belgium reformed business regis- took longer to implement. For example, secured transactions laws. Six amended tration after 2,600 businesses identified judicial reforms were initiated in 2001, labor regulations to make them more it as a major problem in 2003. Starting a but it was not until 2008 that the neces- flexible; 9 opted for more rigidity. business there used to take 7 procedures sary laws were passed and new commer- The 3 boldest reforms driving the and nearly 2 months. Today it takes 3 cial courts started functioning.3 biggest improvements in the Doing Busi- Most African reformers focused on ness indicators (table 1.2): Table 1.2 easing start-up and reducing the cost of · Albania'sincreaseininvestor Top reformers in 2007/08 by indicator set importing and exporting. There is room protections Starting a business Yemen to do more. Entrepreneurs in Africa still Dealing with construction Kyrgyz Republic · Yemen'seasingofbusinessstart-up permits face greater regulatory and administra- tive burdens, and less protection of prop- · TheDominicanRepublic'staxreform. Employing workers Burkina Faso Registering property Belarus erty and investor rights, than entrepre- Getting credit Cambodia neurs in any other region. The upside: Protecting investors Albania reform in such circumstances can send Paying taxes Dominican Republic a strong signal of governments' commit- Trading across borders Senegal ment to sound institutions and policies, Enforcing contracts Mozambique catalyzing investor interest. Closing a business Poland Source: Doing Business database. 4 DoING BUSINESS 2009 FIGURE 1.4 239 reforms in 2007/08 made it easier to do business--26 made it more di cult 49 Albania Angola Azerbaijan Bangladesh Belarus Botswana Reforms Bulgaria making it Canada easier to Colombia do business Costa Rica Czech Republic Dominican Republic Egypt El Salvador Georgia Ghana 32 Greece Hungary Albania Italy Azerbaijan Jordan Belarus Kenya Cambodia Kyrgyz Republic Cameroon Lebanon Central African Republic Lesotho 24 Chad Liberia China Macedonia, former Azerbaijan Congo, Rep. Yugoslav Republic of Bangladesh Egypt Madagascar Belarus Equatorial Guinea Malaysia Bosnia and Herzegovina Finland Mauritania Burkina Faso Gabon Mauritius 18 Congo, Rep. Georgia Moldova Dominican Republic Guatemala Namibia Angola Egypt Indonesia New Zealand Armenia Georgia Kazakhstan Oman Belarus Hungary Liberia Panama Bosnia and Herzegovina Jamaica Macedonia, former Saudi Arabia Burkina Faso Kazakhstan Yugoslav Republic of Senegal Colombia Latvia Mauritius Sierra Leone Croatia Lithuania Moldova Singapore Egypt Macedonia, former Montenegro Slovakia Hong Kong, China Yugoslav Republic of Morocco Slovenia Jamaica Madagascar Sri Lanka South Africa Kyrgyz Republic 6 Mauritius Taiwan, China Syria Liberia Rwanda Tunisia Tonga Mauritania Argentina Saudi Arabia Ukraine Tunisia Portugal Azerbaijan Senegal United Arab Emirates Uruguay Rwanda Burkina Faso Serbia Uzbekistan West Bank and Gaza Sierra Leone Czech Republic Sierra Leone Vanuatu Yemen Singapore Mozambique Thailand Vietnam Zambia Tonga Slovenia Zambia West Bank and Gaza Starting Dealing with Employing Registering Getting a business construction permits workers property credit Indonesia Benin Cape Verde Reforms Switzerland Bulgaria China making it Fiji Fiji more di cult Montenegro The Gambia to do business Serbia Italy Tajikistan Kazakhstan Ukraine Korea West Bank and Gaza Sweden Zimbabwe United Kingdom Source: Doing Business database. ovER vIE w 5 36 Albania 34 Antigua and Barbuda Azerbaijan Belarus Belarus Benin Bosnia and Herzegovina Botswana Bulgaria Brazil Burkina Faso Colombia Canada Croatia China Djibouti Colombia Dominican Republic Côte d'Ivoire Ecuador Czech Republic Egypt Denmark El Salvador Dominican Republic Eritrea France France Georgia Haiti Germany Honduras Greece India Honduras Kenya Italy Korea 16 Macedonia, former Liberia Yugoslav Republic of Macedonia, former Bosnia and Herzegovina Madagascar Yugoslav Republic of Bulgaria Madagascar 12 Malaysia Cambodia 12 Mexico Mali Colombia Armenia Mongolia Mongolia Austria Czech Republic Albania Morocco Morocco Azerbaijan Finland Azerbaijan Mozambique Nigeria Belgium Germany Botswana New Zealand Palau Bhutan Greece Egypt Samoa Philippines Bulgaria Hong Kong, China Greece South Africa Rwanda China Latvia Kyrgyz Republic St. Vincent and the Grenadines Senegal Macedonia, former Mexico Saudi Arabia Thailand Sierra Leone Yugoslav Republic of New Zealand Slovenia Tunisia Syria Mozambique Poland Tajikistan Ukraine Thailand Portugal Portugal Thailand Uruguay Ukraine Romania Saudi Arabia Tunisia Zambia Uruguay Rwanda St. Vincent and the Grenadines Turkey Protecting Paying Trading Enforcing Closing investors taxes across borders contracts a business Botswana Equatorial Guinea Bolivia Venezuela Gabon Tunisia 6 Doing Business 2009 Table 1.3 Rankings on the ease of doing business 2009 2008 2009 2008 2009 2008 RANK rank Economy RANK rank Economy RANK rank Economy 1 1 Singapore 62 53 Peru 122 120 India 2 2 new Zealand 63 62 Jamaica 123 119 Lesotho 3 3 United States 64 56 Samoa 124 122 Bhutan 4 4 Hong Kong, china 65 59 Italy 125 126 Brazil 5 5 Denmark 66 61 St. Vincent and the Grenadines 126 121 micronesia 6 6 United Kingdom 67 63 St. Kitts and nevis 127 124 Tanzania 7 7 Ireland 68 99 Kyrgyz Republic 128 129 morocco 8 8 canada 69 68 maldives 129 127 Indonesia 9 10 Australia 70 80 Kazakhstan 130 128 Gambia, The 10 9 norway 71 79 macedonia, former yugoslav 131 132 West Bank and Gaza 11 11 Iceland Republic of 132 130 Algeria 12 12 Japan 72 77 El Salvador 133 134 Honduras 13 19 Thailand 73 81 Tunisia 134 131 malawi 14 13 Finland 74 70 Dominica 135 150 cambodia 15 21 Georgia 75 65 czech Republic 136 133 Ecuador 16 24 Saudi Arabia 76 72 Poland 137 145 Syria 17 14 Sweden 77 74 Pakistan 138 140 Uzbekistan 18 17 Bahrain 78 69 Belize 139 148 Rwanda 19 16 Belgium 79 75 Kiribati 140 136 Philippines 20 25 malaysia 80 71 Trinidad and Tobago 141 139 mozambique 21 15 Switzerland 81 76 Panama 142 138 Iran 22 18 Estonia 82 78 Kenya 143 137 cape Verde 23 22 Korea 83 90 china 144 151 madagascar 24 29 mauritius 84 73 Grenada 145 144 Ukraine 25 20 Germany 85 115 Belarus 146 141 Suriname 26 27 netherlands 86 135 Albania 147 142 Sudan 27 23 Austria 87 82 Ghana 148 164 Burkina Faso 28 28 Lithuania 88 83 Brunei 149 168 Senegal 29 26 Latvia 89 85 Solomon Islands 150 149 Bolivia 30 30 Israel 90 84 montenegro 151 143 Gabon 31 32 France 91 88 Palau 152 146 Iraq 32 35 South Africa 92 87 Vietnam 153 153 Djibouti 33 97 Azerbaijan 93 86 marshall Islands 154 147 Haiti 34 33 St. Lucia 94 91 Serbia 155 152 comoros 35 31 Puerto Rico 95 89 Papua new Guinea 156 163 Sierra Leone 36 37 Slovakia 96 106 Greece 157 167 Liberia 37 38 Qatar 97 110 Dominican Republic 158 154 Zimbabwe 38 52 Botswana 98 123 yemen 159 156 Tajikistan 39 34 Fiji 99 98 Lebanon 160 166 mauritania 40 36 chile 100 101 Zambia 161 155 côte d'Ivoire 41 50 Hungary 101 94 Jordan 162 161 Afghanistan 42 39 Antigua and Barbuda 102 103 Sri Lanka 163 159 Togo 43 40 Tonga 103 92 moldova 164 158 cameroon 44 41 Armenia 104 93 Seychelles 165 162 Lao PDR 45 44 Bulgaria 105 95 Guyana 166 160 mali 46 54 United Arab Emirates 106 107 croatia 167 165 Equatorial Guinea 47 47 Romania 107 96 nicaragua 168 169 Angola 48 43 Portugal 108 100 Swaziland 169 157 Benin 49 46 Spain 109 113 Uruguay 170 170 Timor-Leste 50 45 Luxembourg 110 104 Bangladesh 171 172 Guinea 51 48 namibia 111 105 Uganda 172 171 niger 52 49 Kuwait 112 116 Guatemala 173 173 Eritrea 53 66 colombia 113 102 Argentina 174 175 Venezuela 54 64 Slovenia 114 125 Egypt 175 176 chad 55 51 Bahamas, The 115 108 Paraguay 176 177 São Tomé and Principe 56 42 mexico 116 109 Ethiopia 177 174 Burundi 57 57 oman 117 118 costa Rica 178 178 congo, Rep. 58 55 mongolia 118 114 nigeria 179 179 Guinea-Bissau 59 60 Turkey 119 117 Bosnia and Herzegovina 180 180 central African Republic 60 67 Vanuatu 120 112 Russian Federation 181 181 congo, Dem. Rep. 61 58 Taiwan, china 121 111 nepal Note: The rankings for all economies are benchmarked to June 2008 and reported in the country tables. Rankings on the ease of doing business are the average of the economy's rankings on the 10 topics covered in Doing Business 2009. Last year's rankings are presented in italics. These are adjusted for changes in the methodology, data corrections and the addition of 3 new economies. Source: Doing Business database. ovER vIE w 7 procedures and 4 days. New business after years of conflict (Rwanda). has focused on strengthening investor registrations increased by 30% in 2 years. Many of the reformers started by protections through a new securities law In Portugal 86 of the 257 initiatives of the learning from others. Egypt looked to while continually reducing bureaucracy Simplex program came from discussions India for information technology solu- at the state level. with businesses. tions. Colombia took Ireland as an ex- Simplifying regulation helps busi- ample. As the country's trade minister, regulAtory reform-- whAt Are the benefits? nesses and governments alike. In Portu- Luis Guillermo Plata, put it, "It's not like gal the "on the spot" registration reform baking a cake where you follow the rec- saved entrepreneurs 230,000 days a year ipe. No. We are all different. But we can Of Egypt's estimated 25 million urban in waiting time.4 And the government take certain things, certain key lessons, properties, only 7% were formally regis- saves money. The United Kingdom es- and apply those lessons and see how they tered in 2005. Six months after reforms timated an annual administrative bur- work in our environment." of its property registry, title registration den for businesses of £13.7 billion in Several now serve as examples to increased and revenue rose by 39%.5 2005. Easing such burdens would allow others. The Azerbaijan reformers vis- After reforms of the property registry businesses to expand faster and generate ited Georgia and Latvia. Angola has re- in Tegucigalpa, Honduras, the registry savings that governments could use to quested legal and technical assistance received 65% more registration applica- enhance public services. based on the Portuguese model of busi- tions between July and December of ness start-up. 2007 than in the same period of 2006. five yeArs of Doing Business The most active reformers did not Similarly, a reduction in the mini- reform shy away from broad reform programs. mum capital requirement was followed Since 2005 Georgia has introduced a new by an increase in new company registra- The key to regulatory reform? Commit- company law and customs code, a new tions of 55% in Georgia and 81% in Saudi ment. For many economies the reforms property registry that replaced a confus- Arabia. Georgia now has 15 registered captured in Doing Business reflect a ing system requiring duplicate approvals businesses per 100 people--comparable broader, sustained commitment to im- by multiple agencies, the country's first to numbers in such economies as Malay- proving their competitiveness. Among credit information bureau and large-scale sia and Singapore. these systematic reformers: Azerbaijan, judicial reforms. Egypt has implemented Initial results like these show that Georgia and the former Yugoslav Repub- one-stop shops for import and export and reforms are leading to change on the lic of Macedonia in Eastern Europe and business start-up, undertaken sweeping ground. Confirming this are the find- Central Asia. France and Portugal among tax reforms, continually improved its ings of an increasing number of studies the OECD high-income economies. Egypt credit information systems and modi- using the Doing Business data to analyze and Saudi Arabia in the Middle East and fied the listing rules of the Cairo Stock the effect of regulatory burdens on such North Africa. India in South Asia. China Exchange. Colombia has strengthened outcomes as informality, job creation, and Vietnam in East Asia. Colombia, investor protections through stricter dis- productivity, economic growth and pov- Guatemala and Mexico in Latin America. closure rules, amended insolvency laws erty reduction.6 And Burkina Faso, Ghana, Mauritius, and reformed customs. And its one-stop Research generally finds that coun- Mozambique and Rwanda in Africa. shop for business start-up has served as tries with burdensome regulation have Each of these countries has reformed in an inspiration to others in the region. larger informal sectors, higher unem- at least 5 of the areas covered by Doing Among emerging market reform- ployment rates and slower economic Business, implementing up to 22 reforms ers, India has focused on technology, growth. More recent research gives first in one country over the past 5 years. implementing electronic registration of insights into the impact of reforms. One Several reformers were motivated by new businesses, an electronic collateral study reports some of the payoffs of growing competitive pressure related to registry and online submission of cus- reforms in Mexico: the number of regis- joining common markets or trade agree- toms forms and payments. China has tered businesses rose by nearly 6%, em- ments, such as the European Union (the focused on easing access to credit. In ployment increased by 2.6%, and prices former Yugoslav Republic of Macedonia) 2006 a new credit registry allowed more fell by 1% thanks to competition from or the U.S.­Central America Free Trade than 340 million citizens to have credit new entrants.7 Another study finds that Agreement (Guatemala). Others saw a histories for the first time. A new com- increasing the flexibility of labor regula- need to facilitate local entrepreneurship pany law lowered the minimum capital tions in India would reduce job informal- (Azerbaijan, Colombia, Egypt) or diver- requirement and strengthened investor ity in the retail sector by a third.8 sify their economy (Mauritius, Saudi protections. And in 2007 a new prop- But nothing says more than the Arabia). And others faced the daunting erty law expanded the range of assets experience of the people affected. Janet, task of reconstructing their economy that can be used as collateral. Mexico who runs a business producing baskets 8 DoING BUSINESS 2009 in Kigali, Rwanda, says, "I have sur- vivors, I have widows, I have women whose husbands are in prison. To see them sitting under one roof weaving and doing business together is a huge achievement . . . these women are now together earning an income."9 notes 1. Doing Business records only reforms relevant to the 10 indicator sets. Legal changes are counted once the respective legislation and implementing decrees, if applicable, are effective. Administrative reforms such as the introduction of time limits must be fully implemented. 2. Narayan and others (2000). 3. Hertveldt (2008). 4. Ramos (2008). 5. Haidar (2008). 6. The data on the regulation of entry, for example, have been used in 168 articles published in refereed journals and more than 200 research working papers. The data on the efficiency of court proceed- ings have been used in 54 articles and 86 working papers. Altogether, the data generated by the Doing Business project have been used in 325 published articles and 742 working papers. 7. Bruhn (2008). 8. Amin (forthcoming). 9. This example is from the World Bank's Doing Business: Women in Africa (2008a), a collection of case studies of African entrepreneurs. South Asia (8 economies) 6 Note: A r Source: D Note: A reform is counted as 1 reform per reforming economy per year. FIGURE Source: Doing Business database. STARTING A BUSINESS 9 Startin overview Starting a gets fa FIGURE 2.1 Time and Top 10 reformers in starting a business business Average improvement 2007 2004 Time (d Dealing with construction permits 46% 65% 54% 28% 1. Yemen 122 Employing workers 2. Slovenia 3. Senegal Registering property 4. Albania Getting credit 2008 5. Liberia Protecting investors 6. Azerbaijan Paying taxes 7. Syria Trading across borders 8. Hungary Enforcing contracts 9. Oman 0 10. Sierra Leone Cost Closing a business (% of inc Procedures Time Cost Paid-in minimum 14.4 capital Source: Doing Business database. Julian started out working for her broth- numbers, different licenses from differ- July 2007. By May 2008 entrepreneurs had ers. But she was saving to start her own ent authorities, a declaration that had to registered 3,060 new firms, 80% more than business. She began trading, traveling be made before a commissioner of oaths, in the previous year. Studies in Mexico, from Uganda to neighboring Kenya to a company seal to get, inspections of India, Brazil and the Russian Federation buy goods for resale. "I would take the my premises from municipal and health all conclude that simpler entry regimes 0 overnight bus and stand up the whole authorities. I remember paying a lawyer are associated with more new firms being Source: D way to get the 50% discount," she recalls. what seemed to me a gigantic fee of registered. The study in Mexico analyzes "My aim was to start a juice processing USh 500,000 [$279]."1 the effect of making it simpler to get a business, a real factory." Entrepreneurs like Julian now have municipal license, 1 of several procedures Once she had saved enough money, it easier. Reforms in Uganda and in many required to start a business. The finding: Julian began production. Unable to af- other economies have streamlined busi- easing business entry increased new start- ford transport, she had to take her prod- ness start-up in the past 5 years. Look at ups by about 4%.2 ucts by foot to the government chemist Azerbaijan. In 2004 its government set a Easier start-up is also correlated for testing. "My only means of transport preliminary time limit for the registra- with higher productivity among existing was my wheelbarrow, and I was the tion process. In 2005 it introduced a firms. A recent study, in an analysis of 97 whole company." silence-is-consent rule for tax registra- countries, finds that reducing entry costs Julian also remembers how arduous tion. A year later it further tightened the by 80% of income per capita increases it was to register her business. "There time limit for business registration. In total factor productivity by an estimated was so much to do and so many dif- 2007 it abolished the need for a company 22%. Analyzing 157 countries, it finds ferent places I had to go--for business seal. And in 2007/08 it set up a one-stop that the same reduction in entry costs registration and taxpayer identification shop. Starting a business used to take 122 raises output per worker by an estimated Table 2.1 days. Now it takes only 16 (figure 2.3). FIGURE 2.6 Where is shops--same a business--and One-stop it easy to startname, di erent results Formal incorporation of companies FIGURE 2.2 Rankings on starting a business where not? Time and procedures to start a business has several benefits. Legal entities out- are based on 4 subindicators Easiest RAnK Most difficult RAnK live their founders. Resources are often As % of income per Paraguay One-stop shop Preregistration, new Zealand 1 Cameroon 172 pooled as shareholders join forces to registration and capita, no bribes included Belarus Canada 2 Djibouti 173 start a company. And companies have ac- postregistration Australia 3 Equatorial Guinea 174 cess to services and institutions ranging 25% 25% Burkina Faso Georgia 4 Iraq 175 from courts to commercial banks. Time Cost Ireland Morocco 5 Haiti 176 economies make starting But many Required United States 6 Guinea 177 additional 25% 25% Turkey and legally running a business as mea- procedures Mauritius 7 Eritrea 178 Procedures Paid-in United Kingdom 8 Togo 179 sured by Doing Business so cumbersome minimum 0 10 20 30 capital Puerto Rico 9 Chad 180 that entrepreneurs opt out and operate in Time to start a business (days) Procedure is completed when Source: Doing Business database. Singapore 10 Guinea-Bissau 181 the informal sector. nal document Simpler entry encourages the cre- is received Funds deposited in a bank Note: Rankings FIGURE 2.4 are the average of the economy rankings on the or with a notary before procedures, time, cost and paid-in minimum capital for starting a Eastern Europe for details. ation of new companies. Take Senegal, registration business. See Data notes & Central Asia leads reforms, Africa runner-up Note: See Data notes for details. Source: Doing Business database. which reformed business registration in Number of reforms easing business start-up by Doing Business report year FIGURE 2.5 DB2005 DB2006 DB2007 DB2008 DB2009 Top 5 reform features Eastern Europe in starting a business & Central Asia 52 7% Cut or simpli ed postregistration procedures Note: reform may include several 10 ADoing Business database. reform features. Source: DoING BUSINESS 2009 FIGURE 2.3 oping innovative solutions to ease the capita). This is now gone, reduced to Starting a business in Azerbaijan gets faster and cheaper entry of new firms into the market. As zero. That's not all. Yemen also activated Time and cost to start a business one company registrar put it, "At the end its one-stop shop, making it possible to 2004 2005 2006 2007 2008 of the day, we all have the same goal." complete all steps--from reserving the Yet as Doing Business shows, com- company name to obtaining a license for Time (days) pany registration is often only one piece incorporation to announcing the com- 122 of the puzzle. In many economies en- pany's formation--in a single location. 114 trepreneurs have to visit at least 7 agen- It made it easier to obtain a license from cies before they can get down to busi- the municipality and to register with the Time cut by 87% ness. The most efficient economies focus chamber of commerce and the tax office. 52 on creating a single interface between And it publicized the fact that a company 30 government and entrepreneur to take seal is not mandatory. The reforms re- 16 care of all necessary registrations and duced the number of procedures to start 0 notifications, mainly commercial and a business by 5, and the time by 50 days. Cost (% of income per capita) tax registration. Entrepreneurs in New Slovenia was the runner-up in busi- Zealand, for example, have to file all nec- ness start-up reforms. It simplified busi- 14.4 essary information only once--because ness registration by introducing a single 12.3 Cost cut agencies are linked through a unified access point, making company infor- by 77% database. There is no minimum capital mation available online and eliminating 9.3 requirement. And no judge has to ap- court fees and the requirement to reg- 6.9 prove the creation of a company. ister at the statistical office. The changes 3.2 reduced the procedures by 4, the time by 0 who reformed in 2007/08? 41 days and the cost by 8.4% of income per capita. Source: Doing Business database. In 2007/08, 49 economies made it easier Senegal is among the 14 econo- 29%.3 One reason for these large ef- to start a business--more reforms than mies that made Africa the leading region fects may be that reducing entry costs in any previous year (table 2.2). One in start-up reforms. Senegal's one-stop increases entry pressure, pushing firms highlight of the reforms: entrepreneurs shop became fully operational, merging with lower productivity out of the mar- in Canada and New Zealand can now 7 start-up procedures into 1. Start-up ket. Indeed, a study on business entry start a business with a single online time fell from 58 days to 8. Liberia too in Mexico finds that competition from procedure. streamlined business registration, cut- new entrants lowered prices by 1% and Yemen reformed business start-up ting 3 months from the time. Businesses reduced the income of incumbent busi- the most. In 2007 it had the second larg- can now start in less than 1 month. Libe- nesses by 3.5%.4 est minimum capital requirement in the ria also made the process more afford- Simpler and faster business entry world at $15,225 (2,003% of income per able, making the use of lawyers optional. makes it easier for workers and capital Table 2.2 to move across sectors when economies Simplifying registration formalities--the most popular reform feature in 2007/08 experience economic shocks. A recent Simplified other registration formalities Bangladesh, Botswana, Bulgaria, Costa Rica, study of 28 sectors in 55 countries com- (seal, publication, notary, inspection, El Salvador, Georgia, Ghana, Hungary, Kenya, Kyrgyz pares sectoral employment reallocation other requirements) Republic, Liberia, former Yugoslav Republic of Macedonia, Moldova, namibia, Saudi Arabia, Syria, in the 1980s and 1990s. The finding: real- Yemen location is smoother in countries where it Created or improved one-stop shop Albania, Angola, Azerbaijan, Belarus, Bulgaria, Czech takes fewer days to start a business.5 This Republic, Italy, Lebanon, Lesotho, former Yugoslav finding is confirmed by many studies on Republic of Macedonia, oman, Senegal, Slovakia, Slovenia, Yemen, Zambia the effect of entry regulation in economies opening their product markets to trade.6 Introduced or improved online Bulgaria, Canada, Colombia, Dominican Republic, registration procedures Hungary, Italy, former Yugoslav Republic of The explanation is simple: with high fixed Macedonia, Malaysia, Mauritius, new Zealand, costs of entry, firms cannot easily move Panama, Senegal, Singapore into the industries benefiting the most Abolished or reduced minimum capital Belarus, Egypt, El Salvador, Georgia, Greece, from trade openness. This friction re- requirement Hungary, Jordan, Tunisia, Uruguay, Yemen duces the value of greater openness. Cut or simplified postregistration procedures Colombia, Madagascar, Mauritania, Sierra Leone, Recognizing such benefits, econo- South Africa, Tonga, West Bank and Gaza mies around the world have been devel- Source: Doing Business database. STARTING A BUSINESS 11 The cost is a fourth of what it used to be. Table 2.3 Madagascar also focused on cost, abol- Who regulates business start-up the least--and who the most? ishing the professional tax. Procedures (number) Sierra Leone and South Africa Fewest Most made the use of lawyers optional. South Canada 1 Greece 15 Africa also introduced electronic means new Zealand 1 Montenegro 15 of certifying and publishing company Australia 2 Philippines 15 documents. In Botswana and Namibia Belgium 3 Venezuela 16 entrepreneurs now benefit from com- Finland 3 Guinea-Bissau 17 puterized registration systems. Zambia Georgia 3 Brazil 18 Sweden 3 Brunei 18 revamped the company registry and Bulgaria 4 Uganda 18 created a one-stop shop. So did Leso- Denmark 4 Chad 19 tho, reducing start-up time by 33 days. Singapore 4 Equatorial Guinea 20 Burkina Faso continued reforms at its one-stop shop, CEFORE. Ghana officially Time (days) eliminated the requirement for a com- Fastest Slowest pany seal. Angola, Kenya, Mauritania new Zealand 1 Lao PDR 103 and Mauritius also reformed. Australia 2 Brunei 116 Eastern Europe and Central Asia Georgia 3 Equatorial Guinea 136 saw reform in 10 economies. Six reduced Belgium 4 Venezuela 141 the running-around time for entrepre- Singapore 4 São Tomé and Principe 144 neurs by creating one-stop shops. Alba- Canada 5 Brazil 152 Hungary 5 Congo, Dem. Rep. 155 nia took registration out of the courts Iceland 5 Haiti 195 and merged company, social security, Denmark 6 Guinea-Bissau 233 labor and tax registrations. Before, en- Mauritius 6 Suriname 694 trepreneurs had to wait more than a month to start doing business; now it's Cost (% of income per capita) just 8 days. Azerbaijan's one-stop shop Least Most reduced delays by 2 weeks, Slovenia's by Denmark 0.0 Benin 196.0 6. Bulgaria, the Kyrgyz Republic and the Slovenia 0.1 Angola 196.8 former Yugoslav Republic of Macedonia Ireland 0.3 Djibouti 200.2 undertook reforms similar to Azerbai- new Zealand 0.4 Burundi 215.0 jan's. And while Czech entrepreneurs still Canada 0.5 Central African Republic 232.3 Bahrain 0.6 Togo 251.3 have to obtain multiple documents, the Sweden 0.6 Gambia, The 254.9 new "Project Czech Point" allows them United States 0.7 Guinea-Bissau 257.7 to do so at one place. Singapore 0.7 Zimbabwe 432.7 Belarus activated a unified registra- United Kingdom 0.8 Congo, Dem. Rep. 435.4 tion database and cut the minimum capi- Paid-in minimum capital tal requirement by half. Georgia elimi- % of income nated the minimum capital requirement Most per capita US$ altogether. It also cut the requirement Burkina Faso 459 1,973 for a company seal and made the use of oman 461 51,282 notaries optional. Moldova introduced 2 Guinea 477 1,907 new laws, on limited liability companies Central African Republic 514 1,953 and company registration, and tight- Djibouti 514 5,602 ened time limits. In contrast, Bosnia and Togo 560 2,016 Ethiopia 694 1,526 Herzegovina increased the time to start niger 702 1,966 a business by tightening notarization Guinea-Bissau 1,015 2,030 requirements. Syria 4,354 76,627 The Middle East and North Africa made big strides in reform. Syria was the Note: Sixty-nine economies have no paid-in minimum capital requirement. Source: Doing Business database. second biggest reformer in the region, behind Yemen. A new company law and 25% 25% Turkey procedures Procedures Paid-in minimum 0 10 20 30 capital Procedure is Time to start a business (days) 12 Doing Business database.2009 Source: DoING BUSINESS completed when nal document is received Funds deposited in a bank FIGURE 2.4 or with a notary reg- cut 17 days by computerizing tax before registration Eastern Europe & Central Asia leads reforms, Africa runner-up istration. Panama simplified licensing Note: See Data notes for details. Number of reforms easing business start-up by Doing Business report year procedures. The Dominican Republic FIGURE 2.5 DB2005 DB2006 DB2007 DB2008 DB2009 reduced start-up cost and introduced Top 5 reform features Eastern Europe in starting a verification. online name business & Central Asia 52 (28 economies) In East Asia, Malaysia cut the time Reforms including feature since DB2005 (%) Sub-Saharan by 11 days by introducing an online20% reg- Africa 42 Created or system. Singapore merged the istration improved one-stop shop (46 economies) name search with online business regis- OECD on tration. Tonga saved12% time and cost by high income 29 (24 economies) reforming business licensing. Indonesia Simpli ed other registration formalities Latin America reduced the time to start a business from & Caribbean 25 11% 105 days to 76, but almost doubled the (32 economies) Abolished or reduced minimum capital requirement. minimum capital requirement Middle East & North Africa 23 In South Asia only Bangladesh re- 11% (19 economies) FIGURE 2.6 made involving lawyers formed. It improved online procedures in Introduced or FIGURE 2.2 One-stop shops--same name, di erent results East Asia Rankings on starting optional. company registration a business & Paci procedures to start a business Time and c 16 (24 economies) are based on 4 subindicators 7% Paraguay One-stop shop As trends? whAt Are postregistration procedures Cut or simpli edthe reform% of income per Preregistration, South Asia capita, no bribes included (8 economies) 6 registration and Note: A reform may include several reform features. Belarus postregistration In the past 5 years 115 economies around Source: Doing Business database. Burkina Faso counted as 1 reform per reforming economy per year. Note: A reform is the world have simplified business start- FIGURE 2.3 25% 25% Source: Doing Business database. Time Cost up through 193 reforms (figure 2.4). Starting a business in Azerbaijan Morocco Required gets faster and cheaper FIGURE 2.1 additional Many opted for low-cost administrative a business 25% Time and cost to start25% commercial code took registration out Turkey reformers in starting a business of Top 10 within 5 days. Those procedures in New Zealand or no reforms requiring littlePaid-in change in Procedures the court and introduced statutory time Average improvement 0 10 can now register for taxes30 20 while incor- regulation.2005 2004 Others 2006 minimum went further, intro- 2007 2008 capital limits. Using lawyers became optional. a business (days) their company online. Greece 2007 Time to start porating Procedure Time (days)is ducing or amending legislation. Here Source: Doing Business database. completed when the But along with 65% reforms making it and Hungary reduced minimum capital 46% 54% 28% 1. Yemen are some of the most prevalent reforms nal document is122 received Funds deposited in a bank FIGURE 2.4 start a business came a reform easier to 2. Slovenia requirements by about 80%. Hungary along with114 some of theorlessons learned with a notary before making it more difficult--a 33% increase 3. Senegal Africa runner-up Eastern Europe & Central Asia leads reforms,also introduced online filing and pub- on the waynotes for details. registration Note: See Data (figure 2.5). 4. Albania Number of reforms easing businessmade the use of notaries in paid-in minimum capital. lication and start-up Time cut 2008 5. Liberia by Doing Business report year by 87% Lebanon and Oman improved the DB2007 DB2005 DB2006 optional. Italy reformed DB2009 DB2008 its electronic FIGURE 2.5 6. Azerbaijan Top 5 reform features 52 efficiency of their one-stop shops. What Eastern Europe registration system, enabling businesses 7. Syria in starting a business & Central Asia 46 days in Lebanon now used to take to complete all procedures at once. Slova- 8. Hungary 52 30 (28 economies) Reforms including feature since DB2005 (%) 16 takes 11. Tunisia, having already reduced kia's one-stop shop merged 4 procedures 9. Oman 0 Sub-Saharan 20% its minimum capital requirement, abol- Africa 10. and Leone into 1 Sierrareduced costs. Entrepreneurs 42 Cost Created or improved one-stop shop ished it altogether. Jordan reduced its in Switzerland were less fortunate: they (46 economies) (% of income per capita) Procedures Time Cost Paid-in minimum capital requirementminimum OECD by more now must deposit twice as much capital 14.4 12% high income Following on the previous capital Source: Doing Business database. 29 than 96%. (24 economies) in the bank (nearly $20,000) before reg- Simpli ed other registration formalities 12.3 Cost cut year's reforms, Egypt further reduced istering a company. by 77% Latin America 9.3 registration costs and paid-in minimum & Caribbean 25 El Salvador led reform efforts in 11% capital. Saudi Arabia continued to sim- Latin America and the Caribbean, re- (32 economies) Abolished or reduced 6.9 minimum capital requirement plify East & Middlecommercial registration formalities forming for the third year in a row. North Africa and reduced fees by 80%. Computeriza- 23 new commercial code reduced the (19 economies) A 11% 3.2 tion of the registry in West Bank and minimum capital requirement, simpli- Introduced or improved online procedures 0 East Asia Gaza c & Paci reduced the time to register. 16 fied the legalization of accounting books Source: Doing Business database. (24 economies) 7% Among OECD high-income econo- and eased publication requirements. Cut or simpli ed postregistration procedures mies there were 6 reformers. Canada Uruguay abolished the minimum capi- South Asia (8 economies) 6 Note: A reform may include several reform features. and New Zealand made it possible to tal requirement. Colombia focused on Source: Doing Business database. a business as 1 reform per reforming economy per start reform is counted with a single procedure. year.administrative changes, substantially Note: A FIGURE 2.3 Entrepreneurs in Toronto, Canada, can reducing costs and simplifying require- Source: Doing Business database. Starting a business in Azerbaijan incorporate their company online and ments for accounting books. Comput- gets faster and cheaper FIGURE 2.1 automatically receive a business number erization was another trend: Costa Rica Top 10 reformers in starting a business Time and cost to start a business Average improvement 2004 2005 2006 2007 2008 2007 Time (days) 1. Yemen STARTING A BUSINESS 13 Creating a one-stop shop FIGURE 2.6 FIGUR One-stop shops--same name, di erent results Rank Thirty-nine economies have created or Time and procedures to start a business improved a one-stop shop in the past 5 are b Paraguay One-stop shop years: 16 in Eastern Europe and Central Prereg regist Asia, 7 in Africa, 6 in the OECD high- Belarus postre income group, 5 in Latin America and 5 in the Middle East and North Africa. Burkina Faso One-stop shops can be a quick way to Morocco Required build momentum for reform. Azerbaijan, additional procedures Turkey El Salvador, Guatemala and Morocco created theirs in less than 6 months. 0 10 20 30 Proced Time to start a business (days) And introducing a one-stop shop has Source: Doing Business database. comp nal d had promising results. In Oman business is rece FIGURE 2.4 registrations increased from an average minimum capital requirement by more rate managers have to get a fiscal code Eastern Europe & Central Asia leads reforms, Africa runner-up Note: S 733 a month in 2006 to 1,306 a month than 80% in 2006, the rateNumber ofreg- using the online of new reforms before business start-up tax system and easing in 2007. In Azerbaijan registrations grew by Doing obtaining a istrations jumped from 13% to 26%. Business report year tax identification number. FIGURE by 40% between January 1 and May DB2005 After Tunisia reduced its requirement, DB2007 DB2006 DB2008 DB2009 Countries also have to make sure that Top 5 2008. Croatia saw company formation in Eastern Europe new registrations increased by 30% be- the legislation needed to allow electronic in sta & Central Asia 7 52 Zagreb and Split increase by more than tween 2002 (28 economies) and 2006. That encouraged transactions is in place. Reform 300% over 3 years. the country to abolish it altogether in Sub-Saharan But much can be gained already-- But creating a one-stop shop is no Africa 2007/08. in time and cost and also in safety--by 42 Create (46 economies) magic bullet. Often entrepreneurs must computerizing files at the registry or OECD teChnology using still deal with formalities elsewhere as high income offering29some online services such as well (figure 2.6). In Guatemala, for ex- Making registration electronic is among (24 economies) name checking. And everyone has to Simpli ample, the one-stop shop can organize the America Latinmost effective ways to speed com- start somewhere. It was only 13 years ago commercial, tax and social security reg- & Caribbean pany formation. Seven of the economies 25 that one of the company registries in the (32 economies) Abolish istration in 2­3 days. But before the reg- with the fastest business start-up offer United States stored all files in a ware- minim Middle East & istrar can finalize the registration, a no- electronic North Africa registration--Australia, Can- house so big that employees were using 23 tice must be published for 8 days during ada, Denmark, Estonia, New Zealand, roller skates to get to the documents. Ob- (19 economies) Introdu which third parties can raise objections. Portugal East Asia and Singapore. More than 20 taining documents took about a month. & Paci c 16 Despite the one-stop shop, 11 procedures economies have introduced electronic (24 economies) Thankfully there was no fire. and 26 days are still required. Reformers registration in the past 5 years. Custom- Cut or South Asia also run the risk of creating "one-more- (8 economies) the only ones saving on time ers are not 6 notes Note: A stop shops" or "mailboxes" that merely and cost. When Belgium implemented Source: D receive applications and forward them to Note: A reform is counted as 1 reform per reforming economy per 1. its paperless registration and filing sys- year. This example is from the World Bank's FIGURE Source: Doing Business database. Doing Business: Women in Africa (2008a), Starti ministries for approval. Delays continue. tem, it reduced annual administrative a collection of case studies of African en- gets f costs by 1.7 billion. FIGURE 2.1 trepreneurs. Time an abolishing the minimum Capital Electronic in starting a is possible Top 10 reformersregistration business 2. Kaplan, Piedra and Seira (2008) on Mex- requirement in more than 80% of rich economies but Average improvement ico, Chari (2008) on India, Monteiro and 2004 Sixty-nine economies allow entrepre- only about 30% of developing ones. That 2007 Assunção (2008) on Brazil and Yakovlev Time (d neurs to start a company without put- is not surprising, of course, given the dif- and Zhuravskaya (2008) on the Russian 1. Yemen 46% 65% 54% 28% 122 8 Federation. 2. Slovenia ting up a fixed amount of capital before ferences in internet access and costs. Barseghyan 3. 3. Senegal (2008). registration. They allow entrepreneurs And electronic registration is more Bruhn (2008). 4. 4. Albania to determine what is appropriate for the complicated than it looks. In Sweden 2008 5. 5. Liberia Papaioannou (2007). Ciccone and business based on its type and capital applications for company, tax and labor 6. 6. Azerbaijan Freund and Bolaky (forthcoming), Chang, structure. Twenty-two economies have registrations can be completed online. 7. Syria Loayza (forthcoming), Cunat Kaltani and reduced or abolished their minimum But most forms still must be printed 8. Hungary and Melitz (2007), Helpman and Itskhoki capital requirement in the past 5 years, out and signed by hand. The Philippines 9. Oman Helpman, Melitz and Rubin- (2007) and 0 including Egypt, Finland, France, Geor- allows entrepreneurs to reserve the com- stein (2008). 10. Sierra Leone Cost (% of in gia, Hungary, Japan, Jordan, Uruguay pany Procedures Time name and register Cost but still 7. Klapper and others (2008). online, Paid-in and Yemen. This group has seen some of requires payment in person. Belgium al- minimum 8. World Bank Group Entrepreneurship 14.4 capital Source: Doing Business database. Database, 2008. the biggest spikes in new company reg- lows electronic filing--but only through istrations. After Madagascar reduced its a notary or lawyer. In Argentina corpo- overview FIGURE 3.1 FIGURE 3.5 14 10DoING BUSINESS 2009 Top Startingreformers a business Private and risk-based inspections-- in dealing with construction permits greater e ciency Dealing with Average improvement FIGURE 3.1 Top 10 reformers Average delay for inspections (days) FIGURE 3.5 Private and ri construction 2007 in dealing with construction permits 254 greater e cie 15% 21% 21% 1. improvement AverageKyrgyz Republic Average delay fo permits 2008 2. 2007 Burkina Faso 3. Hong Kong, China 15% 21% 21% 1. Kyrgyz Republic 4. Rwanda 2008 2. Burkina Faso Employing workers 5. Armenia 3. Hong Kong, China Registering property 6. Belarus 4. Rwanda Getting credit 7. Jamaica 218 Armenia 5.214 8. Croatia Protecting investors 6. Belarus 9. Bosnia and Herzegovina Paying taxes 7. Jamaica 10. Angola 214 8. Croatia Trading across borders 9. Bosnia and Herzegovina Enforcing contracts Time Procedures Cost Private 10. Angola Risk-based Random Closing a business Source: Doing Business database. inspections inspections inspections by building by building Procedures Time Cost authorities authorities Private Source: Doing Business database. inspections Source: Doing Business database. In 2007 the municipality of Niamey, buildings in the center of Niamey. 3.1). Speed matters. A recent study in Source: Doing Busine Niger, issued only 300 building permits. In Almaty, Kazakhstan, builders the United States shows that accelerat- But you wouldn't know it by looking ing permit suffer the burden of overregulation. Un- FIGURE 3.4 approvals by 3 months in a around the city, where buildings are FIGURE 3.3 22-month project cycle could with dertaking the construction of a simple Top 5 reform permits in dealingincrease construction features Reforms Sub-Saharan permit? Who sproutinginfast. "BuildingAfrica picking up warehouse requires navigating a laby- Reforms including featureby 16.15% and con- property tax revenue since DB2006 (%) FIGURE 3.4 needs that? Just hire a contractor, tell him it easier toof 38with construction permits Number of reforms making rinth 3.3 procedures and 18 agencies-- deal struction spending for local governments Top 5 reform FIGURE by Doing Business report year 33% construction what you want, and out of the ground it Reforms in Sub-Saharan Africa picking up by 5.7%.2 Yet in 80 of the 181 economies and spending 231 days in the process. Reforms includi DB2006 DB2007 DB2008 DB2009 Streamlined project clearances Eastern says comes,"Europea local developer. Number of reforms a chal- studied in Doing Business, compliance Striking the right balance is making it easier to deal with construction permits by Doing Business report year & Central Asia This approach to building has re- lenge when it comes to construction 20 with construction formalities takes lon- (28 economies) DB2006 DB2007 DB2008 DB2009 28% Streamlined pro sulted in a city at odds with the original Eastern Europe ger than statutory time limits regulations. Good regulations ensure the Introduced the standardized 30-week con- Sub-Saharan zoning plans: water pipes zigzag in every & Central Asia safety standards that protect the public struction project itself. 20 Africa (28 economies) 13 direction, and houses extend beyond (46 economies) while making the permitting process Singapore's Building and Construc- 13% Introduced stat their assigned land parcels. The reason: Sub-Saharan OECD tion Authority regime efficient, transparent and affordable for Changed inspectionprovides easy access to Africa 13 both building obtaining all building-related approvals (46 economies) authorities and the private the information needed for obtaining a high income 9 1 (24 economies) 13% and connecting to utilities can take en- OECD professionals who use it. If procedures construction permit. Its website lists all Changed inspec East Asia trepreneurs almost 9 months, at a cost of 8 highoverly complicated or costly, builders are income Introduced new building be 9the forms that mustcode filled out, pro- & Paci c (24 economies) 2,694% of income per capita. (24 economies) build without a permit. vides downloadable copies and enables 1 8% Introduced new The situation may soon change. East Asia an effort to achieve this bal- 8 users to submit all paperwork electroni- Latin America In & Paci c Computerized permitting process & Caribbean Niger adopted a new building law in (24 economies) 6 ance between safety and cost, Bavaria cally. Developers in Austria, Denmark, (32 economies) Note: A reform may include several reform features. 8% introduced March 2008, following the collapse of 2 Latin America a differentiated permitting Source: Doing Business database. the United States Iceland, Malaysia and Middle East & Computerized p 4 approach in & Caribbean 1994. Low-risk projects re- 6 also complete their applications online. North 3.1 Table Africa (32 economies) Note: A reform may (19 economies) quire that the designing architects show Source: Doing Busine Where is dealing with construction Middle of their qualifications and assume permits easy--and where not? South Asia proof East & 4 FIGURE 3.2 0 North Africa Rankings on dealing with construction (8 economies) Easiest Most difficult liability for (19 economies) the construction. Medium- RAnK RAnK permits are based on 3 subindicators risk ones require that an independent South Asia FIGURE 3.2 St. Vincent and 1 Tanzania 172 Note: A reform is counted as 1 reform per reforming economy per year. 0 Days to build As % of income per capita, Rankings on the Grenadines database. Source: Doing Business certified (8 economies) appraiser approve the plans. a warehouse no bribes included permits are Singapore 2 Burundi 173 Only high-risk, complex projects are in main city Note: A reform is counted as 1 reform per reforming economy per year. Days to build new Zealand 3 Zimbabwe 174 fully reviewed by building authorities.1 Source: Doing Business database. 33.3% 33.3% a warehouse Belize 4 Kazakhstan 175 By 2002 builders had saved an estimated Time Cost in main city Marshall Islands 5 China 176 154 million in building permit fees, St. Kitts and nevis 6 Liberia 177 and building authorities had 270 fewer 33.3% Denmark 7 Tajikistan 178 Maldives 8 Ukraine 179 employees on their payroll. The approach Procedures Kenya 9 Russian Federation 180 has spread to the rest of Germany. Georgia 10 Eritrea 181 Economies that score well on the Procedure is completed when nal document Note: Rankings are the average of the economy rankings on the ease of dealing with construction permits is received; construction permits, inspections and utility connections included procedures, time and cost to comply with formalities to build a warehouse. See Data notes for details. tend to have rigorous yet expeditious and Procedure is co Note: See Data notes for details. Source: Doing Business database. transparent permitting processes (table is received; con and utility conn Note: See Data no DEALING wITH CoNSTRUC TIoN PERMITS 15 Twenty-seven economies, including Table 3.2 Streamlining permitting procedures--a popular reform feature in 2007/08 France and Hong Kong (China), ensure timely approvals for building permits Streamlined construction permit procedures Angola, Colombia, Croatia, Hong Kong (China), through silence-is-consent rules, with Jamaica, Kyrgyz Republic, Rwanda, Tonga time limits ranging from 2 to 4 weeks. Reduced permit processing times Belarus, Bosnia and Herzegovina, Colombia, Finland and Singapore--both Jamaica, Liberia, Singapore among the 10 fastest in dealing with con- Adopted new building regulations Croatia, Egypt, Mauritania, Portugal, Tonga struction permits--hold the architect or Reduced fees Armenia, Bosnia and Herzegovina, Burkina Faso, another qualified professional account- Hong Kong (China), Liberia able for supervising the construction and Improved inspection regime Burkina Faso, Hong Kong (China), Sierra Leone ensuring its quality. for construction projects Source: Doing Business database. who reformed in 2007/08? company. The mayor's office no longer It also eliminated the need for the min- Eighteen economies made it easier for handles occupancy permits either. "It ister's signature on building permits for businesses to comply with construction- took me 6 months before the reforms, simpler projects by delegating approval related formalities in 2007/08 (table 3.2). and I still could not obtain the mayor's to mid-level staff. Africa had the most reforms, with 6 econ- signature. After the reforms, it took me Liberia's deputy minister of public omies--Angola, Burkina Faso, Liberia, just over a week to get my occupancy works cut building permit fees in half, Mauritania, Rwanda and Sierra Leone-- permit signed and sealed." from $1,400 to $700, to encourage more making it easier to deal with construc- After cutting 9 procedures and 173 legal building in Monrovia. "I thought tion permits. Eastern Europe and Central days, the government is now focusing people were going underground because Asia followed, with reforms in Armenia, on reducing the cost--still high at more costs were too high, so I decided to cut Belarus, Bosnia and Herzegovina, Croatia than 405% of income per capita. fees." In a country where obtaining a and the Kyrgyz Republic. Burkina Faso, once among the bot- building permit used to cost 10 times In East Asia and Pacific, Hong Kong tom 10 on the ease of dealing with con- income per capita and other costs of (China), Singapore and Tonga stream- struction permits, was the second fastest construction permitting remain high, lined procedures. In Latin America and reformer. A multifaceted reform pro- this makes sense (table 3.3). the Caribbean, Colombia and Jamaica gram cut 12 days and reduced the cost by Sierra Leone revamped its inspec- reduced the time to process building 25%. To start, a government decree lim- tion regime. Existing regulations pro- permit applications. Among OECD high- ited the number of on-site inspections vided for inspections after each stage of income economies, Portugal was the only by the National Laboratory for Buildings construction. But inspectors would come reformer. In the Middle East and North and Public Works. That eliminated the at random once or even twice a week. Africa, Egypt was the only one. South biweekly random inspections that used Starting in 2007, the Ministry of Lands, Asia recorded no major reforms. to plague builders in Ouagadougou. "We Housing, Country Planning and Envi- The Kyrgyz Republic was the top can still expect inspections at certain ronment recruited a new cadre of profes- reformer in dealing with construction critical stages, but this is a far cry from sional inspectors and began enforcing permits in 2007/08. A new one-stop shop the up to 15 or so we could receive be- the regulations. was launched for issuing architectural fore," says one architect. In May 2008 the Rwanda streamlined project clear- planning terms and construction per- government launched a one-stop shop. ances for the second year in a row by mits. Regulations left over from Soviet This has already shown results. It cut combining the applications for a location times had required builders to obtain fees for soil exams in half and reduced clearance and building permit in a single separate preapprovals from each utility those for municipal approvals and fire form. And businesses now need to sub- authority. Now all approvals are handled safety studies. And it allows applicants mit only one application form for water, in the one-stop shop. for building permits to make all pay- sewerage and electricity connections. Kyrgyz reformers didn't stop there. ments at a single place. Angola incorporated the applications for A presidential decree eliminated the lo- Reformers were active in Africa. electricity and water connections into cation permit, which had required the In Liberia the Ministry of Public Works the building permit process, cutting pro- signature of Bishkek's mayor and took committed to delivering building per- cedures from 14 to 12. 60 days to obtain. "It used to be a night- mits in just 30 days, down from 90. The Mauritania introduced its first mare. You never knew what additional ministry advertised the 30-day statutory building code. This simplifies the re- papers would be required," says Bekbo- time limit and designed a user-friendly quirements for small construction proj- lot, owner of a medium-size construction checklist of all the documents required. ects and lays the groundwork for a one- 16 DoING BUSINESS 2009 Table 3.3 torate and sanitary authority--cutting 5 Who regulates construction permits the least--and who the most? procedures. Procedures (number) In Bosnia and Herzegovina admin- Fewest Most istrative improvements made it easier Denmark 6 Azerbaijan 31 to obtain cadastre excerpts, required for new Zealand 7 Hungary 31 building permits, and to register new Vanuatu 7 Brunei 32 buildings in the cadastre and land book Sweden 8 Guinea 32 registry. That cut the time from 467 days Chad 9 Tajikistan 32 to 296. In Belarus new statutory time Maldives 9 El Salvador 34 limits for pre-permitting procedures and St. Lucia 9 Czech Republic 36 building permits reduced the time by Grenada 10 China 37 Jamaica 10 Kazakhstan 38 140 days. In Armenia companies no Kenya 10 Russian Federation 54 longer have to pay "charitable contribu- Time (days) tion" fees to obtain the designing right. That cut the cost by 383.3% of income Fastest Slowest per capita. Korea 34 Cameroon 426 Several economies went the other Finland 38 Suriname 431 way. In Serbia the wait for building per- Singapore 38 Ukraine 471 mits increased by an average 75 days. In United States 40 Lesotho 601 Vanuatu 51 Côte d'Ivoire 628 Ukraine a regulation introduced in 2007 Marshall Islands 55 Iran 670 requires businesses to pay a "contribu- Bahrain 56 Russian Federation 704 tion" to infrastructure development that Solomon Islands 62 Cambodia 709 amounts to 15% of construction costs. new Zealand 65 Haiti 1,179 Now builders in Kiev can expect to pay Belize 66 Zimbabwe 1,426 1,902% of income per capita to deal with Cost (% of income per capita) construction-related formalities. Least Most In East Asia, Hong Kong (China) Qatar 0.8 Ukraine 1,902 pursued a broad program that elimi- United Arab Emirates 1.5 Tanzania 2,087 nated 8 procedures and cut the time for St. Kitts and nevis 5.1 Serbia 2,178 construction permits by more than 5 Brunei 5.3 Russian Federation 2,613 weeks, ranking it among the top reform- Trinidad and Tobago 5.5 Guinea-Bissau 2,629 ers globally. In 2006 the government, Palau 5.9 niger 2,694 working with the private sector, cre- Malaysia 7.9 Burundi 8,516 ated a cross-sector consultation team St. Vincent and the Grenadines 8.4 Afghanistan 14,919 Thailand 9.4 Zimbabwe 16,369 to identify ways to improve permitting Hungary 10.3 Liberia 60,989 procedures. Working groups started with agencies and companies operating in Source: Doing Business database. the construction sector found redundant procedures, improved communication stop shop for building permits. sets statutory time limits of 120 days for and coordination schemes and identi- In Zimbabwe and Benin, obtaining building permits. But these time limits fied regulatory "easy fixes" that could building permits became more difficult. have yet to be enforced. improve efficiency. "This is a very clever In Zimbabwe's capital, Harare, employ- Eastern Europe and Central Asia and pragmatic approach--something ees have been leaving the construction saw many reforms, though only half very much in touch with our culture," administration. With fewer trained pro- of them easing the regulatory burden. comments the owner of a local construc- fessionals to review applications, getting In Croatia a new building code elimi- tion company. a building plan approved by the city nated the need for a building permit Singapore reduced the time for council can now take a year. for smaller projects and eased the re- dealing with construction permits by In Cotonou, Benin, it now takes quirements for larger ones. Now mid- two-thirds in 2007/08--more than any about 180 days to obtain a building size commercial construction projects other economy in the world. The agen- permit--3 months longer than it used no longer need clearances from the fire cies responsible for approvals cut their to--because of administrative backlogs. department, water and sewerage authori- internal time limits by half. To save more A new regulation released in June 2007 ties, telephone company, labor inspec- time, the Building and Construction Au- DEALING wITH CoNSTRUC TIoN PERMITS 17 FIGURE Top 5 thority's new data management system FIGURE 3.3 constr Reforms in Sub-Saharan Africa picking up Reform makes processing smarter and more user Number of reforms making it easier to deal with construction permits friendly. Today builders regularly receive by Doing Business report year updates on the status of their permit ap- DB2006 DB2007 DB2008 DB2009 Stream plications by e-mail and text messaging. Eastern Europe & Central Asia 20 Latin America and the Caribbean (28 economies) also saw important reforms. In Colombia Introdu Sub-Saharan the magistrates responsible for issuing Africa 13 (46 economies) building permits started using a single Change form. Builders no longer need to obtain OECD high income 9 the names and contact information of (24 economies) all neighbors before submitting a permit East Asia Introdu application. A decree implementing a & Paci c 8 (24 economies) decade-old silence-is-consent rule kicked in, reducing the time to obtain a building Latin America Compu FIGURE 3.1 & Caribbean 6 FIGURE 3.5 Top 10 from 3 months to 2. In Jamaica permit reformers (32 economies) Private and risk-based inspections-- Note: A re in dealing with construction permits the government began implementing a Middle East & greater e ciency Source: Do 90-day improvement Average statutory time limit. That cut the North Africa 4 Average delay for inspections (days) (19 economies) 2007 to obtain a building permit from time 254 FIGUR 15% 21% 21% 1. Kyrgyz 0 South Asia Republic 210 days to 130--much better, though Rank 2008 (8 economies) 2. Burkina Faso still short of the target. perm 3. Hong Kong, China Elsewhere, economies continued Note: A reform is counted as 1 reform per reforming economy per year. 4. Rwanda Days t Source: Doing Business database. a ware to revamp their building codes. Tonga 5. Armenia in mai implemented its 2005 building code in 6. Belarus Jamaica late 2007. The new code incorporates 257.administrative. Legal reforms deal administrative reforms have cut super- 214 218 8. Croatia zoning and health and fire safety ap- with new building codes, regulations and 9. Bosnia and Herzegovina fluous procedures and inspections. But provals into the building permit process, bylaws that change the standards and builders in Africa still face outdated con- 10. Angola cutting 3 procedures and reducing the organization of construction permitting. struction codes or new ones not yet fully Procedures Time Cost time by 12 days. Portugal's new build- Administrative reforms include stream- implemented.Risk-based Private Kenya overhauled all its Random inspections inspections inspections ing regulations introduced electronic lining project clearances and introduc- Source: Doing Business database. building regulations. Today itbuilding by building by is the only processing of documents. Egypt's new ing time limits and online processes. African economy to rank among the top authorities authorities Proce is rece building code aims to reduce the time to Reforming building codes can be a long, 10 on the easedatabase. Source: Doing Business of dealing with construc- and u obtain a building permit by establishing complex exercise, requiring input from tion permits. Note: S a single window and enforcing a 30-day many stakeholders. A new building code statutory time limit. The new code also enacted in 2007 in the Czech Republic FIGURE 3.4 introduces a single certificate for obtain- was 18 years in the making. Top 5 reform features in dealing with FIGURE utility connections. Before, each ing all3.3 The focus in Eastern Europe and construction permits Reforms in Sub-Saharan Africa separate utility connection required 3 picking up Central Asia, while initially on legal Reforms including feature since DB2006 (%) reforms, with construction permits letters from the Number of reforms making it easier to deal is shifting to administrative municipality. by Doing Business report year 33% DB2006 Georgia DB2007 changes. DB2008 is aDB2009 example. good Streamlined project clearances whAt Are Eastern Europe the reform trends? After 3 years of reform it claimed a place & Central Asia (28 economies) in the top 10 on the ease of dealing20 with 28% In the past 4 years, with 20 reforms, construction permits. But long delays re- Introduced statutory time limits Sub-Saharan Eastern Europe and Central Asia has Africa main in the rest of the region--where the 13 had the most reforms making it easier process takes 260 days on average, over (46 economies) 13% to deal with construction permits (figure 100 days more than the average of 154 in Changed inspection regime OECD 3.3).income follows, with 13. OECD high- 9 high Africa (24 economies) OECD high-income economies. 13% income economies have had 9, East Asia Reformers in Africa started with East Asia Introduced new building code and Pacific 8, Latin America and the 8 administrative reforms. They began in & Paci c Caribbean 6, the Middle East and North (24 economies) earnest in 2006, cutting 4 procedures 8% Africa 4 and South Asia 0. Latin America and reducing delays by 15 days on aver- Computerized permitting process & Caribbean 6 Of the 60 reforms easing construc- (32 economies) age. Meanwhile, delays in the rest of the Note: A reform may include several reform features. tion permitting, 35 have been legal and region increased by 26 days. In Nigeria Source: Doing Business database. Middle East & North Africa 4 (19 economies) FIGURE 3.2 South Asia 0 Rankings on dealing with construction 18 DoING BUSINESS 2009 streamlining projeCt ClearanCes rationalizing inspeCtions Most EU economies have shifted The most popular reform feature globally The third most popular reform feature at least part of inspections to the pri- has been to streamline project clear- has been to shift from random inspec- vate domain. Their experience shows ances (figure 3.4). Because building ap- tions toward a more risk-based approach, that private inspections work best when provals require the technical oversight with inspections only at critical stages of supported by strong professional asso- of multiple agencies, an obvious choice construction. Building authorities have ciations with well-regulated accredita- has been to set up a one-stop shop. But traditionally relied on random inspec- tion mechanisms. A mature insurance this is no easy fix. One-stop shops are tions to ensure compliance. Today only industry also helps. In 2007 the Czech designed to integrate services through a 41 economies--most in Africa, Latin Republic introduced a new profession of single point of contact between building America and the Caribbean and the authorized inspectors. Two professional authorities and entrepreneurs. Their suc- Middle East and North Africa--still use chambers of architects and engineers cess depends on coordination between them. Building authorities have learned and technicians provide a strong base.3 these authorities and on sound overarch- that random inspections strain their lim- ing legislation. ited resources and are an inefficient way Take the experience of Bangladesh. to ensure building safety (figure 3.5). notes In August 2007 Dhaka's municipal build- Eleven of the top 15 economies on ing authority introduced a one-stop shop the ease of dealing with construction 1. Bayerisches Staatsministerium des Innern (2002). for building permits. Almost a year later permits have gone beyond risk-based builders still had to visit each agency inspections. Instead, they allow certified 2. PricewaterhouseCoopers (2005). responsible for approvals, mainly because professionals or independent agencies 3. Geginat and Malinska (2008). of inconsistent fire safety regulations. By to perform inspections during construc- law, only buildings with more than 10 tion. Building authorities usually inspect floors should require fire safety clearance. buildings only after they are complete. The fire department insists that the cutoff Singapore, one of the top performers, should be 6 floors, as in the old regula- delegates control and supervision of the tions. Builders can spend 6 months shut- entire construction process to licensed tling between agencies, trying to make engineers and architects. In Japan more sense of the inconsistent rules. flexible licensing regulations for private inspection companies have increased setting time limits their numbers and made contracting with The second most popular reform fea- them faster and cheaper for builders. ture has been to introduce statutory time FIGURE 3.5 limits or silence-is-consent rules. Many Private and risk-based inspections-- s economies write time limits into the law greater e ciency in the hope of ending administrative de- Average delay for inspections (days) lays. Algeria put a 2-month time limit 254 issuing building on1. Kyrgyz Republicpermits in 2006. But 2. Burkina Faso obtaining a building permit still takes an 3. Hong Kong, China average 150 days because of lack of ad- 4. Rwanda ministrative resources. Builders wait, out 5. Armenia 6. that their of fearBelarus buildings will be demol- 7. Jamaica ished if they proceed without a permit. 218 8. Croatia 214 In Colombia a law introduced a si- 9. Bosnia and Herzegovina lence-is-consent rule in 1997. Ten years 10. Angola later an implementing regulation and a far-reaching public awareness campaign Private Risk-based Random finally made it possible for builders to Source: Doing Business database. inspections inspections inspections by building by building take control of the process. "Now we authorities authorities can begin construction after 45 working Source: Doing Business database. days without any fear. As long as every requirement is complied with, we know the law protects us," says one Colom- bian architect. FIGURE 3.4 Top 5 reform features in dealing with construction permits cking up Reforms including feature since DB2006 (%) making it easier to deal with construction permits by Doing Business report year 33% North Africa 1 (19 economies) FIGURE 4.3 Rigid labor regulations are associated with high informality and1high unemployment per year. Note: A reform is counted as reform per reforming economy Size of informal sector (% of GDP) Source: Doing Business database. Female unemployment (%) 19 overview 30 FIGUR Starting a business FIGURE 4.1 12 Economies with rigid labor regulations have fewer business start-ups Rank Dealing with construction permits Rigidity of employment are b Employing Average entry rate, 2000­04 (%) index in DB2005 20 8 Fixed- 15 45 minim workers 10 4 regula Registering property 10 30 Getting credit 0 0 Least rigid Most rigid Least rigid Most rigid Protecting investors Economies ranked by Economies ranked by rigidity Paying taxes of employment index, quintiles 5 rigidity of employment index, quintiles 15 Trading across borders Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain signi cant when controlling for income per capita. Manda Enforcing contracts Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. require Closing a business 0 0 for eco New Zealand Slovakia Sweden Norway Georgia Germany Bolivia Peru Note: Se FIGURE 4.4 Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). FIGURE 4.5 Most reforms in Eastern Europe & Central Asia Top 4 reform features in Aissa, a successful designer, of reforms increasing exibility of labor regulations she would Number owns a busi- which workers to dismiss; employing workers in the regulation of measures flexibility ness exporting traditional Senegalese Business report follow a particular order of se- by Doing have to year Reforms including feature since DB2005 (%) in a hiring, working hours and dismissal DB2005 DB2006 DB2007 DB2008 DB2009 handwoven Eastern Europefabrics to upscale interna- niority. And she would have to prove that manner consistent with the conventions 36% & Central Asia like Hermès and Christian tional brands her industry is suffering a slowdown. 19 of the International Labour Organization Made working hours more exible (28 economies) Lacroix. Demand is growing, so much This is nearly impossible, since Senegal (ILO). An economy can have the most OECD so that Aissa would have to quadruple lacks reliable statistics on industrywide flexible labor regulations as 29% measured by high income 16 Eased restrictions on xed-term contracts production (24 economies) to meet it. But that would trends. Besides, there are no formal crite- Doing Business while ratifying and com- mean hiring more workers--and that Sub-Saharan ria on what constitutes a slowdown. The plying with all conventions directly rel- 15% Africa too risky.1 What if demand should seems 4 labor inspector decides. evant to the factors measured by Doing (46 economies) Reduced dismissal costs decline? It would be difficult to downsize Senegal's restrictive labor laws make Business4 and with the ILO core labor Latin America again. "People can sue you and say you it difficult to adjust to demand. Besides standards. No economy can achieve a & Caribbean 3 11% have fired (32 economies)them illegally," Aissa explains. the burdensome dismissal requirements, better score by failing to comply with Removed requirements for dismissals "You have East Asia to give them a letter and then employers face tight restrictions on these conventions. a long process begins." & Paci c 2 working hours and a ban on using fixed- Note: A Doing Business supports the ILO reform may include several reform features. (24 economies) Source: Doing Business database. That process would involve multiple term contracts for permanent tasks. All core labor standards--the 8 conventions letters to South Asia the labor inspector, all requir- this leads to another problem for Aissa: covering the right to collective bargain- (8 economies) 2 ing a formal response. Aissa would have many of her competitors circumvent ing, the elimination of forced labor, the to give specific reasons for dismissing Middle East & labor regulations altogether by operating abolition of child labor and equitable North Africa workers and prove that she had tried 1 in the informal sector. treatment in employment practices. Re- (19 economies) other solutions. She could not choose Aissa is not alone. A study of 1,948 spect for these standards helps create Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. retail stores in large Indian cities finds an environment in which business can Table 4.1 that 27% see labor regulations as a prob- Where is it easy to employ workers-- FIGURE 4.2 FIGURE 4.1 and where not? lem.2 The study also finds that making Economies with rigid labor regulations have fewer businessmore flexible could increase Rankings on employing workers Easiest RAnK Most difficult RAnK labor laws start-ups Rigidity of employment are based on 4 subindicators Average entry rate, 2000­04 (%) index in aver- employment in stores by 22% on DB2005 Fixed-term contracts, Nonstandard work schedules, United States 1 Panama 172 15 age. This is substantial: the retail sector 45 minimum wage paid vacation days Singapore 2 Sierra Leone 173 regulations Marshall Islands 3 Angola 174 is India's second largest employer, pro- 25% 25% Maldives 4 Congo, Dem. Rep. 175 viding jobs to 9.4% of workers. Similarly, Di culty Rigidity 10 a study in Brazil finds that enforcement 30 of hiring of hours Georgia 5 Guinea-Bissau 176 index index Brunei 6 Paraguay 177 of rigid labor regulations limits firm size 25% 25% Tonga 7 Equatorial Guinea 178 and reduces employment.3 Di culty Firing Australia 5 8 São Tomé and 179 Employment regulations are needed 15 of ring cost Principe index Palau 9 Bolivia 180 to allow efficient contracting between Mandatory legal As weeks of salary; Denmark 10 Venezuela 181 employers and workers and to protect requirements for dismissals includes notice period 0 Note: Rankings are the average of the economy rankings on the workers from discriminatory or unfair 0 for economic reasons and severance payments New Zealand Slovakia Sweden difficulty of hiring, rigidity of hours, difficulty of firing Norway and firing treatment by employers. In itsPeru Georgia Germany Bolivia indicators cost indices. See Data notes for details. Note: See Data notes for details. Source: Doing Business database. on employing workers, Doing Business Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). 20 DoING BUSINESS 2009 FIGURE 4.3 courage entrepreneurship. Two recent Rigid labor regulations are associated with high informality and high unemployment studies suggest that flexible regulations Size of informal sector (% of GDP) Female unemployment (%) increase the probability of start-ups by 30 12 about 30%.11 The researchers offer 2 ex- planations. For employees, lower job se- 20 8 curity makes starting their own business attractive. For entrepreneurs, the greater 10 flexibility in running a business makes 4 business ownership more attractive. Reforms making labor regula- 0 0 tions more flexible also may increase Least rigid Most rigid Least rigid Most rigid Economies ranked by Economies ranked by industrial production and reduce urban rigidity of employment index, quintiles rigidity of employment index, quintiles unemployment. In the Indian states of Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain Andhra Pradesh and Tamil Nadu such signi cant when controlling for income per capita. Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. reforms increased manufacturing output by 15%. In West Bengal, by contrast, develop. Doing Business does not mea- tions are associated with a larger infor- reforms making labor regulations more sure compliance with them, however, and mal sector7 (figure 4.3). This pattern is rigid cut output by 20%.12 The estimated FIGURE 4.5 FIGURE 4.4 these 8 conventions are not reflected in evident in Venezuela and Bolivia. Both Most reforms in Eastern Europe & Central Asia result: 1.8 million more Top 4 reform features in urban poor in the employing workers indicators. This have laws that ban dismissing workers Number of reforms increasing exibility of labor regulations employing workers West Bengal.13 year's report shows which of the 8 con- Business report year grounds and are among the by Doing on economic Reforms including feature since DB2005 (%) DB2005 DB2006 ventions have been ratified by each of the economies with the 2008 DB2009 Eastern Europe DB2007 DB most rigid employ- who reformed in 2007/08? 36% 181 economies it includes (see table on ment regulations (table 4.1). And both & Central Asia 19 Made working hours more exible (28 economies) ratification status of the 8 ILO conven- are among the 5 economies with the Fifteen economies made significant OECD regarding core labor standards, page tions largest informal sectors (41% of GDP in changes to their labor regulations in 29% high income 16 Eased restrictions on xed-term contracts flex- 147). Ratification of the core labor stan- Venezuela, 43% in Bolivia).8 (24 economies) 2007/08. Six economies increased dards is not necessarily a good indicator In the end, workers in the infor- ibility; 9 reduced it. Eastern Europe and Sub-Saharan 15% of compliance. A measure of 4 Africa compliance mal sector lose out the most. They are Central Asia introduced the most re- (46 economies) Reduced dismissal costs is being developed under the Doing Busi- generally paid lower wages and enjoy forms increasing flexibility, followed by Latin America for future inclusion in the ness project no legal protections or social benefits. Africa and Latin America and the Carib- & Caribbean 3 11% employing (32 economies) workers indicators. The most vulnerable groups, women and bean (table 4.2). Removed requirements for dismissals Governments all over the world face young workers, are often at the greatest East Asia Burkina Faso was the most active the challenge of finding the right balance disadvantage. A study in Indonesia finds & Paci c 2 reformer, adopting a new labor code that Note: A reform may include several reform features. (24 economies) Source: Doing Business database. between worker protection and labor that if it had enjoyed the same flexibil- replaced its 2004 code. Employees and market flexibility. Denmark, for example, ity in labor regulations as Finland, for South Asia employers can now determine the weekly (8 economies) 2 seeks to reconcile job flexibility with em- example, its unemployment rate might rest day without having to seek the ap- ployment & Middle East security through "flexicurity." have been 2.1 percentage points lower proval of the authorities. And employ- North Africa face no regulations against Employers 1 and, among young people, 5.8 percent- ers may be encouraged to take greater (19 economies) laying off workers for economic reasons. age points lower.9 risks in hiring new workers thanks to Note: A reform is counted as 1 reform per reforming economy per year. They only provide advance notice. More Source: Doing Business database. Finding the right balance can be dif- increased flexibility in using fixed-term than 80% of workers belong to a volun- ficult, but the quest is worth it. Another contracts and less rigid dismissal proce- tary unemployment insurance scheme.5 recent study looks at the effects of labor FIGURE 4.2 dures. For example, strict priority rules, FIGURE 4.1 Economies with rigid labor flexible regula- fewer business start-ups Rankings on employing workers Workers benefit from the regulations have regulation in Latin America, using survey Rigidity of employment including seniority, no longer apply in are based on 4 subindicators Average entry rate, 2000­04 (%) the opportunity tions, which give them countries.10 data for 10,396 firms in 14 index in DB2005 dismissing workers for redundancy. Fixed-term contracts, Nonstandard work schedules, for 15 a job in the formal sector and easy Firms were asked how many permanent 45 Azerbaijan was the second most minimum wage paid vacation days transitions from one job to another. In- workers they would hire and how many regulations active reformer. Working hours became 25% 25% deed, more than 70% of Danes think it is they would dismiss if labor regulations more flexible, with restrictions on night Di culty Rigidity good to change jobs frequently.6 10 were made more flexible. The analysis 30 applying hours work now of hiring ofonly where labor index index But in developing countries espe- suggests that the result would be an av- conditions are hard or hazardous. Before 25% 25% cially, regulators often err to one ex- erage net increase of 2.1% in total jobs. employer the reform,Dianculty Firing could dismiss treme--pushing employers and workers Firms with fewer than 20 employees ben- 5 15 a worker for economic reasons only if of ring cost index into the informal sector. Across develop- efit the most, with average gains of 4.2%. the worker could not be reassigned to Mandatory legal As weeks of salary; ing economies, overly rigid labor regula- Flexible labor regulations also en- requirement is another position. That includes notice period requirements for dismissals 0 0 for economic reasons and severance payments New Zealand Slovakia Sweden Norway Georgia Germany Bolivia Peru Note: See Data notes for details. Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). EMPLoyING woRkERS 21 Table 4.2 rules for group redundancy dismissals, Easing restrictions on fixed-term contracts--a popular reform feature in 2007/08 making it more difficult for employers to Eased restrictions on fixed-term contracts Azerbaijan, Burkina Faso, Mozambique, Slovenia adjust during economic downturns. In Fiji new legislation strengthened protec- Made working hours more flexible Azerbaijan, Burkina Faso, Czech Republic tions against discrimination in employ- Reduced dismissal costs Argentina, Mozambique, Slovenia ment and shifted dispute resolution from Removed requirements for dismissal Azerbaijan, Burkina Faso litigation to mediation. But it also intro- Made dismissal more difficult Cape Verde, China, Fiji, The Gambia, Italy, duced new notification requirements for Kazakhstan dismissals and reduced the flexibility of Increased restrictions on fixed-term employment Korea, Sweden working hours by imposing a limit of 48 Increased paid annual leave United Kingdom hours in a 6-day workweek. Source: Doing Business database. Among OECD high-income econo- mies, Korea introduced important pro- gone. Specific notification and approval eliminate restrictions on weekend work visions on equality of opportunity and requirements for redundancy were also and ease constraints on the dismissal of nondiscrimination in hiring and promo- eased. And as in Burkina Faso, fixed- redundant workers. tion. It also limited fixed-term contracts term contracts can now be used for any In Latin America, Argentina reduced to 24 months. task. On the basis of the new labor code, the severance payment for a worker with Several economies made employ- Azerbaijan now ranks among the 10 20 years of seniority from 30 months to ment regulations more rigid. Kazakhstan economies with the least rigid employ- 20. After its unemployment rate fell below now requires employers to first transfer ment regulations as measured by Doing 10%, a 2007 decree abolished the 50% an employee to another job when consid- Business (table 4.3). increase in severance payments that had ering redundancy. Italy increased the no- Mozambique's new labor law also been part of the 2002 "emergency laws." tice period for dismissal of workers from increased flexibility in the use of fixed- Reforms in East Asia and Pacific were 2 weeks to 75 days, The Gambia from 2 term contracts. It reduced the notice a mix, both increasing flexibility and re- months to 6 and Cape Verde from 30 days period for dismissals, from 90 days to ducing it. China introduced new priority to 45. Sweden reduced the maximum 30. And it introduced phased reductions Table 4.3 in severance pay. Who makes employing workers easy--and who does not? In Eastern Europe, Slovenia and Rigidity of employment index (0­100) the Czech Republic provided for greater Least Most flexibility in using employment con- tracts. Slovenia now permits employers Hong Kong, China 0 São Tomé and Principe 63 to extend fixed-term contracts from the United States 0 Angola 66 Singapore 0 Equatorial Guinea 66 statutory 24 months to the duration of a Maldives 0 Guinea-Bissau 66 project. It also reduced the notice period Marshall Islands 0 Panama 66 for dismissals from 75 days to 60. The Australia 3 Congo, Rep. 69 Czech Republic introduced flexibility in Azerbaijan 3 niger 70 overtime hours, probationary periods Uganda 3 Congo, Dem. Rep. 74 and length of the workweek. In addition, Canada 4 Bolivia 79 its amended labor code simplified the Jamaica 4 Venezuela 79 working hours account, allowing choice Firing cost (weeks of salary) in the distribution of working hours over Least Most a 4-week period. Denmark 0 Equatorial Guinea 133 Continuing the trend toward greater new Zealand 0 Mozambique 134 flexibility in Eastern Europe, the former United States 0 Ecuador 135 Yugoslav Republic of Macedonia is in Puerto Rico 0 Sri Lanka 169 the final stages of passing a new labor Afghanistan 0 Ghana 178 relations law that will increase flexibility Iraq 0 Zambia 178 Marshall Islands 0 Sierra Leone 189 in working hours and reduce dismissal Micronesia 0 Zimbabwe 446 costs for redundancies. The new provi- Palau 0 Bolivia noT PoSSIBLE sions will allow flexible use of fixed-term Tonga 0 Venezuela noT PoSSIBLE contracts, increasing their maximum Note: The rigidity of employment index is the average of the difficulty of hiring index, rigidity of hours index and difficulty of firing index. duration from 4 years to 5. It will also Source: Doing Business database. 22 DoING BUSINESS 2009 duration of fixed-term contracts from 3 high-income economies follow with 16, Reform was widespread: 8 of the 10 years to 2. The United Kingdom increased with Australia, Germany and Switzer- countries in the region that have joined the paid annual leave to which workers land all reforming more than once. the European Union have reformed their are entitled from 20 working days to 24. In Africa, Uganda (in 2006), Mo- labor laws. Several, including Lithuania zambique (in 2007) and Burkina Faso (in and Romania, did so to harmonize their whAt Are the reform trends? 2008) enacted new labor laws, introduc- laws with EU legislation. ing worker protections while increas- In South Asia 2 economies have re- Across the world, Doing Business has re- ing the flexibility of labor regulations. formed. Bhutan went far, implementing corded only 77 reforms affecting the em- Namibia (in 2004) eased restrictions on its first labor code in 2007. The new labor ploying workers indicators since 2004. Of working hours. Yet among regions, Af- code established protective measures for the 77 reforms, 47 made labor regulations rica continues to have the most rigid workers without imposing heavy burdens more flexible; 30 made them more rigid. labor regulations. Dismissal costs for on employers. The protections created Labor reforms are rare. This is unsurpris- a worker with 20 years of employment incentives for workers to join the private FIGURE 4.3 ing. Governments work on such reforms amount to more than years of salary Rigid labor regulations are associated with high informality and high3unemployment sector--and employers now have a larger there are many for years, andsector (% of GDP) stakehold- Female unemployment (%) Size of informal in Sierra Leone and more than 8 years pool of candidates to choose from. The ers involved. Labor reforms normally in Zimbabwe. Africa is also home to 30 better working conditions have led to imply a tripartite consultation--between 12 countries with the largest numbersthe higher productivity.14 government, employers' representatives of mandatory paid annual leave days: In Latin America, Colombia and 20 workers' representatives. Finding the and Eritrea with 34, Ethiopia with 33 and Argentina made labor regulations more 8 right balance of interests is a challenging Cameroon with 32. flexible. Both made redundancy dismiss- and 10 important exercise. 4 Three reformers stand out in East- als easier--Colombia in 2004 and Ar- ern Europe and Central Asia. Slovakia gentina in 2005. Argentina also reduced moving toward more flexible (in 2004) and Azerbaijan (in 2008) in- dismissal costs in 2007. In East Asia 0 regulations 0 Least rigid Most rigid troduced flexibility in the use of fixed- Least rigid Most rigid and Pacific, Vietnam eased restrictions Governments in Eastern Europe and term contracts, in work schedules and Economies ranked by Economies ranked by on fixed-term contracts, and Taiwan rigidity of employment index, quintiles Central Asia have been the most active rigidity of employment index, in redundancy requirements. quintiles Georgia (China) on working hours. Except for Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain in the past 5 years, reformers controlling for income per capita. introduc- signi cant when made big changes in those areas in 2005 Israel, no economies in the Middle East ing Doing Business database; WEF (2007); the flexibility and 2006 and Source:19 reforms increasing World Bank, World Development Indicators database.also introduced changes in and North Africa made labor regulations of labor regulations (figure 4.4). OECD notice periods and severance payments. more flexible. FIGURE 4.4 FIGURE 4.5 Most reforms in Eastern Europe & Central Asia Top 4 reform features in Number of reforms increasing exibility of labor regulations employing workers by Doing Business report year Reforms including feature since DB2005 (%) DB2005 DB2006 DB2007 DB2008 DB2009 Eastern Europe 36% & Central Asia 19 Made working hours more exible (28 economies) OECD 29% high income 16 Eased restrictions on xed-term contracts (24 economies) Sub-Saharan 15% Africa 4 (46 economies) Reduced dismissal costs Latin America & Caribbean 3 11% (32 economies) Removed requirements for dismissals East Asia & Paci c 2 Note: A reform may include several reform features. (24 economies) Source: Doing Business database. South Asia (8 economies) 2 Middle East & North Africa 1 (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 4.2 FIGURE 4.1 Economies with rigid labor regulations have fewer business start-ups Rankings on employing workers Rigidity of employment are based on 4 subindicators EMPLoyING woRkERS 23 inCreasing flexibility in setting reduCing dismissal Costs notes hours and using ContraCts Ten economies granted businesses more Over the past 5 years 36 reforms have flexibility in dismissals during economic 1. This example is from the World Bank's Doing Business: Women in Africa been aimed at increasing flexibility in downturns. But 15 economies (including (2008a), a collection of case studies of working hours and the use of fixed-term Bolivia, Fiji, Kazakhstan and Zimbabwe) African entrepreneurs. contracts (figure 4.5). Five reforms have made such dismissals costlier or more 2. Amin (forthcoming). made scheduling working hours more difficult. In Bolivia and Venezuela an 3. Almeida and Carneiro (forthcoming). difficult. Nine have restricted the use of employer cannot let workers go for eco- 4. ILO Convention 14 on weekly rest (in- fixed-term contracts. nomic reasons without their consent. dustry), ILO Convention 171 on night Most of the reforms aimed at in- Under these circumstances employers work, ILO Convention 132 on holidays creasing flexibility in working hours took might think twice before hiring a new with pay and ILO Convention 158 on termination of employment. place in Eastern Europe and Central worker. 5. Data on the share of the labor force Asia. These reforms, concentrated in High dismissal costs can deter em- covered by unemployment insurance, 2004 and 2005, allowed more flexible ar- ployers from creating jobs in the formal from Clasen and Viebrock (2008), are for rangements for overtime and permitted sector. That argues for reducing dismissal 2002. businesses to shift working hours from burdens. But excessive flexibility leads to 6. Eurobarometer (2006). the low to the high season. In Latvia and another problem: concern among exist- 7. Djankov and Ramalho (2008). A 10- Poland working hours must balance out ing employees about losing their jobs point increase in the rigidity of em- within 4 months; in Hungary, within a and being left without a safety net. ployment index is associated with an increase of 0.9% of GDP in the size of the year. Overtime hours have become more One solution is to offer unemploy- informal sector. predictable for employees, and employ- ment insurance rather than severance 8. Djankov and Ramalho (2008). ers can more easily adjust to cyclical de- pay. In Austria employers contribute to 9. Feldmann (2008). mand. Elsewhere in the world, Pakistan a fund from which they may withdraw 10. Kaplan (forthcoming). The study uses eased limits on overtime, while Uganda if a worker is made redundant after 3 data from the World Bank Enterprise allowed employers and employees to years of employment. In St. Kitts and Surveys, available at freely set the legally required rest day. Nevis severance payments are made http://www.enterprisesurveys.org. Bhutan eased restrictions on night work. from a government-administered fund 11. Van Stel, Storey and Thurik (2007) and Ardagna and Lusardi (2008). Sixteen economies allowed greater that employers pay into over time. In flexibility in the use of fixed-term con- Italy employers deposit a portion of each 12. Aghion and others (forthcoming). tracts. In Azerbaijan and Burkina Faso, employee's salary into a designated fund 13. Besley and Burgess (2004). for example, fixed-term contracts can over the course of the employment rela- 14. Wangda (forthcoming). now be used for permanent tasks. Lat- tionship. In Korea employers adopting via and Togo extended their maximum the new defined contribution plan will duration. That makes it easier for both contribute 1 month's salary annually to employers and employees to adapt work each employee's private pension account. arrangements to their needs. Chile adopted a successful unem- ployment insurance system in 2002. The reform introduced individual savings ac- counts to which both employee and em- ployer contribute. It also reduced sever- ance pay from 30 working days to 24 for each year worked. Unemployed Chilean workers receive benefits from their indi- vidual savings accounts for 5 months. 24 DoING BUSINESS 2009 overview Starting a business FIGURE 5.1 Dealing with construction permits Top 10 reformers in registering property FIGURE 5.3 Easing property registration in Rwanda Employing workers Average improvement Registering Reduction in time and cost, 2007­08 2007 21% 1. Belarus NO 26% CHANGE 2. Rwanda property Time per procedure (days) 2008 46% 240 3. Azerbaijan Total time 4. Kazakhstan cut from Getting credit371 days to 315 5. Hungary 180 Protecting investors 6. Zambia 7. Mauritius Paying taxes 120 8. Burkina Faso Time cut Trading across borders 35-day from 60 days 9. Madagascar Enforcing contracts 60 procedure to 10 10. Egypt NO eliminated Closing a business CHANGE NO CHANGE Procedures Time Cost 1 2 3 4 5 Procedures Source: Doing Business database. Cost Ida, a Gambian (% of property value) entrepreneur, wants to used to be another. But in 2005 it elimi- dures and 2 days. In Georgia and Lithu- sell 8 her plot of land to expand her manu- nated the requirement for approval by ania, which recently simplified proce- Cost cut from 6.1% to She facturing business. 0.3% has found cost Total an the Ministry of Urban Planning. That FIGURE 5.1 dures, it takes 3 days to register property. cut from interested buyer. But she has also learned 6 9.4% to 0.6% Top 10 the time required property slashedreformers in registeringto register In New5.2 FIGURE Zealand, number 3 on the ease of FIGURE 5.3 Easing property registration The Gambia that transferring property inin Rwanda Procedure 2007 property from Average improvement397 days to 62--and the Rankings property, online registration registeringon registering property and cost requires in time and cost, 2007­08 isare based on 3 subindicators Reduction the consent of the Department 4 eliminated number of property transfers in Abidjan 2007 straightforward. In Slovakia, which of Lands and Surveys--and gettingNO that almost quadrupled, from 500 in 2005 to 21% 26% Days Belarus property 1. to transfer As % of fee with a replaced a percentage-based property value, CHANGE 46% 2. Rwanda between 2 companies no bribes included Time about a year. There takesper procedure (days) is another op- 2 1,968 in 2007.1 2008 fixed fee, the cost to register property is main city in3. Azerbaijan 240 with tion: hire a lawyer2008 connections at Total time Formal property titles help promote only 0.05% of the property value. 4. Kazakhstan cut from the department and obtain the consent the transfer of land, encourage invest- 33.3% 371 days to3315 5 5. Hungary 33.3% 180 1 2 4 Time in a day. But IdaProcedures afford the cost, cannot ment and give entrepreneurs access to who reformed in Cost 6. Zambia 2007/08? Source: Doing Businessthe value of her property. about 3% of database. formal credit markets.2 But a large share 7. Mauritius 120 Ida decides to wait for the department's Time cut of property in developing countries is 8. Burkina economies Twenty-fourFaso 33.3%made it easier to consent, putting on hold to60 days 35-day from her plans to not formally registered. Informal titles 9. Madagascar Procedures register property in 2007/08 (table 5.2). 60 procedure 10 10. Egypt expand her business. NO eliminated cannot be used as security in obtaining The most popular reform feature: lower- CHANGE Besides The Gambia, 11 other econ- NO CHANGE which limits Time loans, Procedures financing opportuni- Cost ing the encumbrance checking, deedby reducing Steps for cost of registration and title transfer omies1 still require a 3 2 ministerial consent 4 5 ties for businesses. Many governments until property can be sold again or registration the property transfer tax,used as collateral Procedures Source: Doing Business database. to transfer property: Lesotho, Madagas- have recognized this and started ex- Note: or stamp details. fees See Data notes forduty. Five economies-- car, Malawi, Nigeria, Papua New Guinea, Cost tensive property titling programs. But Burkina Faso, the Dominican Republic, (% of property value) Senegal, Solomon Islands, Tanzania, bringing assets into the formal sector Jamaica, Serbia and Thailand--reduced FIGURE 5.4 8 FIGURE 5.5 and Zambia. Tonga, UgandaCost cut from Côte d'Ivoire is only part of the story. The more dif- the transfer tax. The Republic of Congo Top 5 reform features Africa has reformed the most Total cost 6.1% to 0.3% Table 5.1 ficult and costly it is to cut from easing property registrationformally transfer Number of reforms in registering property 6 9.4% to 0.6% by Doing property, the Where is registering property easy--and Business report year greater the chances that FIGURE 5.2 Reforms including feature since DB2006 (%) Procedure where not? DB2006 2007 DB2007 DB2008 DB2009 Rankings on registering property and cost formalized titles will quickly become in- 47% Sub-Saharan 4 are based on 3 subindicators Easiest Africa eliminated RAnK Most difficult RAnK formal again. Eliminating unnecessary Reduced transfer property 31 Days to taxes or fees As % of property value, (46 economies) Saudi Arabia 1 Liberia 172 obstacles to registering and transferring between 2 companies no bribes included 2 in main city Eastern Europe 2 Georgia Angola 173 property is therefore important for eco- 19% & Central Asia new Zealand 3 2008 Afghanistan 174 nomic development. 23 Computerized procedures (28 economies) 33.3% 33.3% Lithuania1 2 4 3Bangladesh4 5 175 Economies that score well on the Time Cost Latin America Armenia 5 Procedures nigeria 176 19% & Caribbean 13ease of registering property tend to have 6 Thailand Business database. Brunei Source: Doing 177 Increased administrative e ciency (32 economies) simple procedures, low transfer taxes, Slovakia 7 Maldives 178 33.3% Middle East & norway 8 Marshall Islands 179 fixed registration fees, online registries Procedures North Africa 9 16% Azerbaijan 9 Micronesia 180 and time limits for administrative proce- (19 economies) Combined and reduced procedures Sweden 10 Timor-Leste 181 dures. They also make the use of notaries OECD Steps for encumbrance checking, deed and title transfer Note: income 8 high Rankings are the average of the economy rankings on the and lawyers optional. Saudi Arabia com- until12% property can be sold again or used as collateral (24 economies) and cost to register property. See Data notes procedures, time puterized procedures in 2007, making it for details. Introduced fast-track procedures or time limits Note: See Data notes for details. South Doing Business database. Source: Asia possible to register property in 2 proce- (8 economies) 5 Note: A reform may include several reform features. Source: Doing Business database. FIGURE 5.4 FIGURE 5.5 East Asia Africa has reformed the most & Paci c 2 Top 5 reform features REGISTERING PRoPERT y 25 Table 5.2 had the most reforms in property regis- Reducing the cost to register property--the most popular reform feature in 2007/08 tration. Azerbaijan introduced a one-stop Reduced taxes or fees Burkina Faso, Republic of Congo, Dominican shop and gave the State Registry of Real Republic, Jamaica, Madagascar, Rwanda, Serbia, Estate sole responsibility for all property Thailand registrations in the country. That re- Combined and reduced procedures Azerbaijan, Belarus, Georgia, Kazakhstan, Latvia, quired amending the civil code in April Lithuania, Mauritius 2006. Before, entrepreneurs had to reg- Computerized procedures Belarus, Bosnia and Herzegovina, Georgia, ister land and buildings separately. This Madagascar, Saudi Arabia, Zambia meant going through 7 lengthy proce- Sped procedures in the registry Bangladesh, Egypt, former Yugoslav Republic of dures, including getting clearances from Macedonia, Madagascar, Sierra Leone 2 agencies and an updated inventory file Introduced time limits Belarus, Egypt, Senegal from the Bureau of Technical Inventory Introduced fast-track procedures Azerbaijan, Hungary listing the property's boundaries and Allowed private valuers to complete valuations Republic of Congo technical features. Those requirements are gone. With the new option of expe- Source: Doing Business database. diting 2 of the 4 remaining procedures, and Rwanda reduced registration fees. back and today is like night and day. it is now possible to register property in Madagascar eliminated the stamp duty. From waiting in long lines taking up only 11 days. Belarus was the top reformer in to a few months, we went to a modern, Kazakhstan followed a similar path. property registration. The government efficient one-stop shop. They even have By launching public service centers-- had initiated the creation of a one-stop a webcam in the one-stop shop to check local one-stop shops--Kazakhstan sim- shop in March 2004. In early 2006 the the waiting line," says Alexander, a sea- plified property registration in its major legal changes necessary for the one-stop soned entrepreneur in Minsk. cities. Georgia, a repeat reformer for 4 shop to become operational took ef- Rwanda was the runner-up reformer. years in a row, launched an electronic fect. To complete its implementation A presidential decree in January 2008 re- database. Registrars can now obtain a and to address remaining bottlenecks placed a 6% registration fee with a flat business registry extract, nonencum- at the Land Registry, the government rate of 20,000 Rwanda francs (about $34), brance certificate and cadastral sketch launched a broad administrative simpli- regardless of the property value. Before, online. Before, these documents could fication program in November 2007. The the 6% registration fee applied to every be obtained only by visiting several dif- program introduced strict time limits, property transaction, and the Rwanda ferent agencies. computerized the registry and digitized Revenue Authority had to value the prop- Bosnia and Herzegovina was an- property records. The government's am- erty, which took 35 days on average. Reg- other notable reformer. The time needed bitious reform agenda paid off: the time istering property in Kigali now requires to register a title in Sarajevo fell by 203 to register property in Minsk fell from only 4 procedures and less than 1% of the days, from 331 to 128. Once the registry 231 days to 21. Belarus now ranks among property value (figure 5.3). Yet with the is fully computerized (80% of its files the top 25 economies on the ease of reg- process still taking almost a year on aver- were as of mid-2008), the time is ex- istering property. age, there is room for improvement. pected to drop even more. The former "Comparing the registry a few years Eastern Europe and Central Asia Yugoslav Republic of Macedonia sped Table 5.3 Who regulates property registration the least--and who the most? Procedures (number) Time (days) Cost (% of property value) Fewest Most Fastest Slowest Least Most norway 1 Greece 11 new Zealand 2 Bangladesh 245 Saudi Arabia 0.00 Congo, Rep. 16.48 Sweden 1 Swaziland 11 Saudi Arabia 2 Afghanistan 250 Bhutan 0.01 Cameroon 17.79 Bahrain 2 Eritrea 12 Sweden 2 Togo 295 Georgia 0.03 Central African Republic 18.55 Georgia 2 Uzbekistan 12 Thailand 2 Solomon Islands 297 Belarus 0.04 Mali 20.31 Lithuania 2 Ethiopia 13 Georgia 3 Rwanda 315 Slovakia 0.05 Senegal 20.61 netherlands 2 Liberia 13 Lithuania 3 Angola 334 Kiribati 0.06 Comoros 20.82 new Zealand 2 Uganda 13 norway 3 Gambia, The 371 Kazakhstan 0.08 nigeria 21.93 oman 2 Algeria 14 Armenia 4 Slovenia 391 new Zealand 0.09 Chad 22.72 Saudi Arabia 2 Brazil 14 Iceland 4 Haiti 405 Russian Federation 0.20 Zimbabwe 25.01 Thailand 2 nigeria 14 Australia 5 Kiribati 513 Qatar 0.25 Syria 28.05 Source: Doing Business database. 26 DoING BUSINESS 2009 FIGURE 5.1 Top 10 reformers in registering property FIGURE 5.3 Madagascar was another reformer in bean, Jamaica introduced a new law in Easing property registration in Rwanda Average improvement Reduction in time and cost, 2007­08 the 2007region. A new financial law abolished May 2008 reducing the transfer tax from NO the mandatory stamp duty and 2 taxes, 21% 26% 1. of the 7.5%Belarus property value to 6%, and Time per procedure (days) CHANGE reducing the cost of transferring prop- 46% 2. Rwanda the stamp duty from 5.5% to 4.5%. The 2008 240 erty from 11.6% of the property value to cost Azerbaijan property dropped from 3. to transfer Total time 4. Kazakhstan cut from 7.5%. Madagascar did not stop there. It 13.5% of the property value to 11%. The 371 days to 315 5. Hungary 180 reorganized its registry by expanding the Dominican Republic reduced the trans- 6. Zambia number of offices, purchasing new com- fer7.tax from 4.3% to 3%. Transferring Mauritius 120 puters and hiring more staff. Transfer- property now costs 3.8% of the property 8. Burkina Faso Time cut 35-day from 60 days ring property in Antananarivo now takes value, down from 5.1%. 9. Madagascar procedure to 10 60 NO 8 weeks less than it did a year before. 10. In East Asia and Pacific, Thailand Egypt eliminated CHANGE NO Burkina Faso abolished the requirement reduced the transfer fee from 2% to CHANGE Procedures Time Cost to obtain the municipality's approval for 0.01% and the specific business tax from 1 2 3 4 5 Procedures property transactions, cutting the time 3.3% to 0.11%, cutting the overall cost Source: Doing Business database. Cost by 46 days, from 182 to 136. to transfer property from 6.3% of the (% of property value) In the Middle East and North Africa, property value to 1.13%. Thailand now 8 Egypt and Saudi Arabia reformed. Egypt ranks among the top 10 economies on Cost cut from 6.1% to 0.3% Total cost simplified administrative procedures and the ease of registering property. The cost cut from 6 9.4% to 0.6% introduced time limits. That cut the time reductions are provisional and valid for FIGURE 5.2 Procedure 2007 to register property by 4 months, from one year from March 2008, to allow the Rankings on registering property and cost 4 eliminated 193 days to 72. Saudi Arabia introduced are government to assess the Thai based on 3 subindicators results of a comprehensive electronic system to Days to transfer April the reform inproperty 2009. % of property value, As between 2 companies no bribes included 2 register title deeds at the First Notary in main city 2008 Public Department in Riyadh, making it what are the reform trends? possible to transfer property in 2 proce- 33.3% 33.3% 1 2 3 4 5 Time Cost Procedures dures and 2 days. Almost 60% of all property registration Source: Doing Business database. Here is how the process works: A reforms recorded by Doing Business in 33.3% notary public at the First Notary Pub- the past 4 years took place in 2 regions: Procedures the process at the cadastre by adding lic Department, in the presence of the Africa and Eastern Europe and Central staff. Lithuania cut a procedure by in- legal representatives of the buyer and Asia (figure 5.4). In 2005 Eastern Europe troducing special software that allows seller, first verifies that all documents are Steps for encumbrance had the most reforms. and Central Asia checking, deed and title transfer notaries to obtain the real estate transac- complete. The notary public then trans- 2006 and 2007 Africa used the lead. Inuntil property can be sold again ortook as collateral tion certificate from their office. Before, fers them electronically to the Records Note: See Data Eastern Europe and Central In 2007/08notes for details. the buyer had to pick up this certificate Department, which prepares a new title Asia led with 9 reforms, closely followed at the registry. deed showing the buyer as the owner of by Africa with 8. FIGURE 5.4 FIGURE 5.5 Africa saw the second largest num- Africa has reformed the most the property. The new title deed is imme- Top 5 reform features ber of reforms. The Republic ofof reforms easing property registration Number Congo diately added to the electronic records of lowering Costs in registering property by Doing all title deeds adopted a new law on May 11, 2007, that Business report year in Riyadh. After a few hours Across regions, the most 2006 (%) Reforms including feature since DBpopular re- DB2006 cut the registration fee byDB2007 10 percentage DB2008 DB2009 the representatives of the buyer and seller form feature has been reducing property 47% Sub-Saharan points. Africa Transferring property used to take appear a second time before the notary 31 transfer taxes fees Reduced taxes orand fees--registration fees, (46 economies) 137 days and cost 27% of the property public, who prints a copy of the new title notary fees and stamp duties (figure 5.5). value. Now Eastern Europeit takes 116 days and costs deed and asks the representatives and In 2005 and 2006 such reductions were 19% & Central Asia the property value. Senegal 23 about 17% of 2 witnesses to sign the sale agreement, Computerized procedures made by 7 of 10 reforming economies. (28 economies) introduced time limits at the Land Reg- which is a standard form. The signed sale Big cuts were made in Africa. In 2004 the Latin America istry to speed the delivery of certificates 13agreement is scanned and saved in the & Caribbean region had 19% highest average cost for the (32 economies) Increased administrative e ciency and the registration of property transac- electronic records, while the original is property transfer, at around 13% of the tions. That Middle East & reduced the time to register kept in the notary public's files. property value. Today the average cost North Africa 9 16% property from 145 days to 124. (19 economies) In South Asia, Bangladesh halved is 10.5% of the property value--much Combined and reduced procedures OECD Zambia computerized its land reg- the time to apply for registration at the lower, though still higher than the 6% istry and high income set up a customer 8 service Municipal Deed Registry Office, from in Latin America, the region with the 12% (24 economies) center to eliminate the backlog of reg- 360 days to 180. The total time to register second highest cost. Introduced fast-track procedures or time limits istration requests. The time to register South Asia property dropped from 425 days to 245. Many economies have reduced the (8 economies) 5 property fell from 70 days to 39. In Latin America and the Carib- cost of property registration by Note: A reform may include several reform features. estab- Source: Doing Business database. East Asia & Paci c 2 (24 economies) Steps for encumbrance checking, deed and title transfer until property can be sold again or used as collateral Note: See Data notes for details. REGISTERING PRoPERT y 27 FIGURE 5.4 FIGURE 5.5 Africa has reformed the most Top 5 reform features Number of reforms easing property registration in registering property by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Sub-Saharan 47% Africa 31 Reduced taxes or fees (46 economies) Eastern Europe 19% & Central Asia 23 Computerized procedures (28 economies) Latin America 19% & Caribbean 13 (32 economies) Increased administrative e ciency Middle East & North Africa 9 16% (19 economies) Combined and reduced procedures OECD high income 8 12% (24 economies) Introduced fast-track procedures or time limits South Asia (8 economies) 5 Note: A reform may include several reform features. Source: Doing Business database. East Asia & Paci c 2 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. lishing a low fixed registration fee rather time to register property drop by 45% how to reform than charging entrepreneurs a percent- on average. In El Salvador, which com- Some reforms to ease property regis- age of their property value. In 2005 puterized its registry in 2006, the time to tration, such as eliminating unneces- Slovakia abolished its 3% real estate register property fell from 52 days to 33. sary procedures or reducing the num- transfer tax and set a low fixed fee for Portugal computerized the Lisbon real ber of approvals required, can be done expedited registration at 8,000 koruny estate registries in 2007, reducing the quickly--once everyone is convinced ($286). In 2007 Egypt and Poland ad- time from 81 days to 42. Computerizing of the benefits. Such reforms usually opted similar reforms. And in 2007/08 records not only facilitates registration require no drastic changes in the legis- Rwanda followed suit. This reform tends but also improves the preservation of lation and can be executed administra- to reduce fraud in reporting the market the records and, as a result, the security tively. In previous years such economies value of property and increase tax rev- of titles. as Côte d'Ivoire, Georgia and Ghana have enue. Six months after Egypt replaced Digitizing the property registry's re- reduced the time required to register its 3% registration fee with a fixed fee of cords and facilitating electronic access property by eliminating long and unnec- 2,000 Egyptian pounds ($323), revenues can improve things, but this alone is often essary procedures. rose by 39%.3 not enough. In 2005 Honduras launched Inspiration can sometimes be found a reform aimed at allowing every entre- at home. Doing Business subnational Computerizing the registry preneur online access to the registry's studies have shown that local authori- One of the most popular reform features information. But online access did not ties, federal and municipal, learn from has been computerizing the registry and resolve the many inconsistencies in in- one another to improve registration pro- introducing online procedures that aid formation between the registry and the cesses, even if they share the same legal interaction between the notary and the cadastre. To do this, the 2 agencies must and regulatory framework. This process registry. Computerization can be costly, be coordinated, and the cadastre updated was at work in Mexico, where Aguas- so it is not surprising that more than regularly.4 Comayagua, 80 kilometers calientes followed Yucatán's experience half of such reforms have been in East- northwest of Tegucigalpa, is the only city in simplifying the registration process ern Europe and Central Asia and OECD in Honduras that has completely digitized and reducing fees at the land registry. In high-income economies. its property registry's records, thanks to 2007/08 San Luis Potosí and Chiapas fol- Computerizing registries has proved an updated digital cadastre. lowed Aguascalientes's example of intro- to be highly effective. The economies that ducing a bar code to allow computerized have done so since 2005 have seen the tracking of property records.5 28 DoING BUSINESS 2009 Other reforms, such as overhauls of notes the entire property registration system, can take years. Consider the top reformer 1. Data on property transfers in Abidjan are from Côte d'Ivoire, Direction du Do- in property registration for 2007/08. Be- maine, de la Conservation Foncière, de larus passed the law establishing its one- l'Enregistrement et du Timbre. stop shop in March 2004. Making the 2. Miceli and Kieyah (2003). one-stop shop operational took another 3. Haidar (2008). 3.5 years and several presidential de- 4. Coma-Cunill and Delion (2008). crees. The previous year's top reformer, 5. Cruz-Osorio and Enrigue (2008). Ghana, has been working for more than 6. Hacibeyoglu (2008). 4 years to complete the transition from a deeds registration to a title registration system. Entrepreneurs in Accra can now register a title in 34 days. In other parts of the country the same process still takes months.6 Shifting from a deeds system to a title system is also taking time in Hong Kong (China), which launched this re- form in July 2004. The reform is still under way as the government continues to work on such legal issues as how it will indemnify users for errors and how the system will deal with third-party claims. FIGURE 6.1 Cambodia leads in legal rights reform, Albania and the United Arab Emirates top reform GE T TING CREDIT 29 overview in credit information Starting a legal rights Strength of business index (0­10) FIGURE 6.1 Depth of credit information index (0­6) 10 Cambodia leads in legal rights reform, Albania and the United Arab Emirates top reform Dealing with construction permits in credit information Employing workers 2008 Strength of legal rights index (0­10) Depth of credit information index (0­6) 8 10 Registering property Getting credit 6 +9 +3 +3 68 2008 Protecting investors +2 4 46 +3 6 Paying taxes +9 +3 +3 +2 Trading across borders 2 24 +4 4 Enforcing contracts +3 +3 +3 0 2007 Closing a business 02 2 +4 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan +3 +3 Arab Emirates Source: Doing Business database. 0 2007 0 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan Arab Emirates Source: Doing Business database. FIGURE 6.4 FIGURE 6.5 Collateral reform--East Asia & Paci c rapidly moving forward Top 5 reform features in legal rights Number of reforms Russian Federation. "I Sibongile was meant to fly. "I grew up strengthening legal rights remember wait- Reforms including feature since DB2006 (%) ity and accessibility of credit informa- FIGURE 6.4 year FIGURE by a ing for reform--East Asia & Paci c rapidly moving forward near an Air Force base and always hadDoing Business reportdays at the airport for the plane Collateral tion available through public and private Top 5 53% love for planes," she says,2006 DB remembering a DB2007 DB2008 DB paying so to arrive, panicking that after 2009 reforms strengthening legal rights 6.2). Number of credit registries (figure Reform Eastern Europe Allowed out-of-court enforcement of collateral childhood spent waving at jets at South & Central Asia Both much money and risking people's savings Business report yearcreditor protection through 12 by Doing Africa's Hoedspruit base. (28 economies) it may not arrive." But all went DB2006 well in the DB2007 DB2008 DB2009 the legal system and credit registries are 47% Allowed Eastern Europe 1 East AsiaAfter a successful 7-year career in & Central Asia end, and Sibongile's business took off. associated with higher ratios assets Expanded range of revolving movableof private 12 & Paci c resources, Sibongile seized the human Where 8 (28 economies) collateral laws are effective credit be GDP. collateral that can to used asFor example, an increase (24 economies) and credit opportunity presented by the passage of East Asia registries are present, banks of 1 in the creditors' 35% index is as- rights Expand OECD South Africa's Black Economic Empow- & Paci c 7 likely to extend loans. Hong Created a uni ed 8 6.5 percentage property high income are more a sociated with registry for movable point in- that can (24 economies) erment Act (24 economies) in 2003: she started her own Kong (China), Singapore and Kenya fa- crease in the average annual growth rate OECD 21% business, SRS Latin America Aviation. Opportunities for cilitate access to credit through laws that of the private-credit-to-GDP ratio in the high income 7 Created & Caribbean 3 Gave priority to secured creditors' claimsto the 3 government contracts came quickly, but (24 economies) (32 economies) allow all types of assets to be used as 3 years after the reform relative outside and inside bankruptcy procedures getting financing was difficult. "I took Latin America do not require a specific collateral and years before.2 South Asia & Caribbean 3 9% Gave pr the government tender to the 3 description bankers," (32 economies) of the collateral or obligation. Research shows that introducing a (8 economies) Exempted secured creditors' claims outside says Sibongile. "Forget it, they said. Be- credit registry stay in reorganization They also have unified collateral regis- from an automatic is associated with an in- 9% tries Asia cause the amount of money was too large Southand allow out-of-court enforcement crease of 4.2 percentage points in firms' Sub-Saharan 3 Africa 1 (8 economies) Note: A reform may include several reform features. Exempt and the collateral too small." (46 economies) of security rights. reliance on credit.3 Source: Doing Business database. This is in part be- from an Sibongile ended up using her fam- Sub-Saharan In Canada, El Salvador, Georgia, cause introducing registries increases the Middle East & Africa 1 Note: A re ily's Africa North savings, 0along with her mother's Korea, Peru, Saudi Arabia and the United repayment rate: borrowers become less (46 economies) Source: Do (19 economies) and aunt's retirement funds, to finance States credit registries record and make willing to default, since defaults can pre- Middle East & the reform is counted as 1 reform plane from the Note: Afirst deal: leasing aper reforming economy per year.available historical credit information on vent future loans. In developing econo- North Africa 0 Source: Doing Business database. (19 economies) all bank loans--as well as credit from Table 6.1 utilities and retailers--for reforming economy per Note: A reform is counted as 1 reform perboth individu- year. FIGURE 6.2 Where is getting credit easy-- Source: Doing Business database. and where not? FIGURE 6.3 als and companies. The registries also Rankings on getting credit are based Private credit bureaus providedifficult comprehensive services to both positive information more RAnK make available lenders on 2 subindicators Easiest RAnK Most FIGUR % of FIGURE 6.3 privateas % of public Regulations on Rank Malaysia 1 Bhutan (such 172 credit bureaus loan amounts and on-time pay- credit registries nonpossessory 62.5% Private credit bureaus provideinformation ment patterns) and negative more comprehensive services to lendersStrength of 33% 33% on 2 Hong Kong, China Service provided 2 Djibouti 0 173 25 50 75 100 security interests legal South Africa 3 Eritrea 174 (such as late payments and defaults).% of private in movable rights index % of public (0­10) Regul Lists both individuals and rms creditproperty bureaus credit registries nonpo United Kingdom 4 Madagascar 175 And they allow borrowers to0inspect and 25 Service provided 50 75 37.5% 100 securi Australia Distributes both positive 5 Tajikistan 176 33% in mo dispute their information. Depth of credit and negative information Yemen Bulgaria 6 177 Lists both individuals and rms information index prope Doing Business measures the legal (0­6) Israel Distributes data on all7loans Afghanistan 178 Distributes both positive and lenders and the below 1% of income per capita rights of borrowers new Zealand 8 Syria 179 and negative information scope and quality of credit information Scope, quality and accessibility Singapore 9 Guarantees that borrowers Timor-Leste 180 Distributes data on all loans of credit information through public can inspect data United States 10 Palau 181 systems. of income per capita indicators de- The first set of below 1% and private credit registries Distributes more than of getting credit are based on the scribes how well collateral and bank- Scope Note: Rankings on the ease Guarantees that borrowers of cre sum of the historical data 2 years ofstrength of legal rights index and the depth of credit ruptcy laws facilitate lending. The second can inspect data Note: Private bureau coverage and public registry coverage information index. See Data notes for details. do not count for the rankings. See Data notes for details. and p data from retailers, Distributes Business database. Source: Doing set measures than Distributes more the coverage, scope, qual- trade creditors or utilities 2 years of historical data Note: P do not Source: Doing Business database. Distributes data from retailers, trade creditors or utilities 30 DoING BUSINESS 2009 mies the repayment rate can increase who reformed in 2007/08? collateral. Vanuatu passed a new secured by up to 80% when a credit registry transactions law, the Personal Property starts operation. Small firms benefit the Cambodia's new secured transactions law Securities Act. China revised its property most: in transition economies that intro- made it the top reformer in getting credit law to allow borrowers to use a variety duced new credit registries, their access in 2007/08. Albania was the runner-up of revolving assets and a combined set to credit grew twice as fast as that of reformer. It created a new public credit of assets (such as raw material, produc- large firms.4 registry with full information on loans of tion equipment and finished goods) as Strengthening the legal rights of all sizes, for individuals and for firms. collateral. The new law is expected to borrowers and lenders allows businesses Before the new law took effect in put into circulation more than $2 trillion to invest more in new technologies. One Cambodia, business owners could use worth of movable assets.7 Taiwan (China) recent study finds that economies that only immovable property as collateral. amended its civil code to allow parties score higher on creditor protections have With little land under private owner- to a pledge agreement to set the loan newer airplanes.5 Beyond that, their air- ship, getting a loan was an unreachable amount as a maximum line of credit. lines invest in better safety and commu- dream for most small to medium-size In South Asia, Sri Lanka exempted nication technologies. Why? Part of the businesses. The new law changed that. secured creditors from automatic sus- reason is that where strong protections Cambodian entrepreneurs can now use a pension of enforcement procedures in are lacking, creditors offer only leasing, broad range of movable assets to secure court during bankruptcy. not loans. So in economies with weak a loan. That includes revolving assets Georgia amended its civil code in creditor protections, most planes are such as inventory and accounts receiv- June 2007 to allow parties to agree that leased, and airline owners have less in- able. A general description of collateral collateral can be sold without court in- centive to upgrade their safety features. suffices in loan agreements, permitting tervention. Guatemala passed a law in New evidence suggests that estab- such wording as "all assets" or "all mov- October 2007 establishing a special re- lishing strong legal rights and new credit able property" of the borrower. Thanks gime for registering security interests registries may also reduce income in- to these and other provisions of the law, in movable property. The law went into equality.6 One possible explanation is Cambodia's score on the strength of legal effect in January 2008. that these changes allow more entrepre- rights index shot up from 0 to 9. Twenty-seven economies reformed neurs to expand their business. Borrow- Three other economies in East Asia their credit information systems in ing money from the bank becomes more and Pacific--Vanuatu, China and Tai- 2007/08, improving the quality and scope about their creditworthiness--and less wan (China)--also made it easier for of information collected and distributed about whom they know. businesses to use movable property as by credit registries and bureaus (table 6.2). Uzbekistan created both a public Table 6.2 credit registry and a private credit bu- More credit information, more access--popular reform features in 2007/08 reau. Albania, Liberia and Montenegro Provided online access to credit registry Cameroon, Central African Republic, Chad, Republic launched new public credit registries-- of Congo, Equatorial Guinea, Gabon, Sri Lanka, and in Montenegro the coverage of bor- West Bank and Gaza rowers went from 0 to 26% of the adult Expanded set of information collected in Azerbaijan, Belarus, Georgia, Kazakhstan, Mauritius, population. Ukraine and the United Arab credit registry Sri Lanka, Tunisia, Vietnam Emirates each set up a private credit bu- Introduced regulations guaranteeing Belarus, Egypt, Georgia, Indonesia, former Yugoslav reau. Zambia is doing so. that borrowers can inspect data in credit registry Republic of Macedonia, Morocco, Tunisia Six more economies in Eastern Eu- Established new credit registry or bureau Albania, Liberia, Montenegro, Ukraine, United Arab rope and Central Asia introduced credit Emirates, Uzbekistan information reforms, bringing the total Expanded range of revolving movable assets Cambodia, China, Guatemala, Vanuatu to 10, the most of any region. Georgia that can be used as collateral now distributes a full range of infor- Allowed out-of-court enforcement of collateral Georgia, Guatemala, Vanuatu mation, including on-time repayment Allowed maximum rather than specific amounts Cambodia, Taiwan (China) patterns and outstanding loan amounts. in debt agreements Coverage has increased 20 times. Ka- Gave priority to secured creditors' claims Cambodia, Vanuatu zakhstan's private credit bureau is adding outside and inside bankruptcy procedures new suppliers of information at a rate of Exempted secured creditors' claims from Cambodia, Sri Lanka 2 a month. Prominent among them are an automatic stay in reorganization nonbank institutions such as retailers Created a unified registry for movable property Cambodia and utility companies. Coverage has shot Source: Doing Business database. up by 80%. Moldova passed a new law to (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. GE T TING CREDIT 31 FIGURE 6.2 FIGURE 6.3 Rankings on getting credit are based guaranteeing borrowers access to their on 2 subindicators Private credit bureaus provide more comprehensive services to lenders credit information. Egypt issued such Regulations on % of private % of public credit bureaus credit registries regulations for the private credit bureau. nonpossessory 62.5% 33% 33% Service provided 0 25 50 75 100 Georgia interests its civil codeof legalthe security amended Strength with in movable rights index (0­10) Lists both individuals and rms same purpose. In the former Yugoslav property Republic of Macedonia a 37.5%law on new 33% Distributes both positive and negative information personal data protectionDepth of creditthat guarantees information index Distributes data on all loans borrowers can review their (0­6) in the data below 1% of income per capita new public credit registry. In Belarus Scope, quality and accessibility Guarantees that borrowers of Tunisia new laws allow individuals and credit information through public can inspect data and private credit registries and firms to inspect their credit data in Distributes more than bank offices. Morocco pub- all centralbureau coverage and public registry coverage 2 years of historical data Note: Private lished new circulars guaranteeing that do not count for the rankings. See Data notes for details. Distributes data from retailers, trade creditors or utilities borrowers can review their data in credit Source: Doing Business database. registries--and laying the groundwork for new private bureaus. facilitate the creation of a private credit cessible to banks online. That led to Other economies eliminated the bureau. Azerbaijan, Belarus and the for- exponential growth in coverage in Cam- minimum threshold for loans recorded mer Yugoslav Republic of Macedonia eroon, Chad, the Republic of Congo and in credit registries. Sri Lanka's private also reformed. Gabon. Sri Lanka's credit bureau and bureau started using a new online system The most popular credit informa- West Bank and Gaza's public credit reg- to collect data on all loans, regardless tion reform feature was providing online istry set up systems allowing banks to of value. Coverage grew threefold, to access to members. The regional public update information and obtain credit around 1.3 million individuals and firms. credit registry of the Central African reports online. Azerbaijan saw coverage more than dou- Monetary Union made information ac- Many economies issued regulations ble after eliminating its minimum loan cutoff of $1,100. So did Belarus, after Table 6.3 Who has the most credit information and the most legal rights for borrowers and abolishing its $10,000 cutoff. Mauritius lenders--and who the least? too eliminated its cutoff, of $3,000. Legal rights for borrowers and lenders (strength of legal rights index, 0­10) Tunisia now collects and distrib- Most Least utes more detailed information--both positive and negative--on borrowers. Hong Kong, China 10 Burundi 2 Kenya 10 Madagascar 2 Sri Lanka extended the length of time Malaysia 10 Rwanda 2 information is recorded from 1 year to Singapore 10 Afghanistan 1 2--and distributes positive information Australia 9 Bolivia 1 for 5 years. Indonesia now distributes 2 Bahamas, The 9 Djibouti 1 years of historical information. Vietnam Cambodia 9 Syria 1 Denmark 9 Timor-Leste 1 extended the period that data are distrib- new Zealand 9 Palau 0 uted from 2 years to 5. That helps explain United Kingdom 9 West Bank and Gaza 0 its 49% increase in coverage, to more Borrowers covered by credit registries (% of adults) than 8 million individuals and firms. Most Least Finland passed a new credit information law that regulates the use of corporate Argentina 100 nepal 0.24 Australia 100 Algeria 0.20 credit data. Canada 100 Djibouti 0.18 Two economies saw developments Iceland 100 Mauritania 0.17 that reduced the efficacy of their credit Ireland 100 Ethiopia 0.13 information systems. Indonesia's private new Zealand 100 Madagascar 0.07 credit bureau closed, unable to compete norway 100 Yemen 0.07 Sweden 100 nigeria 0.06 with the public registry (figure 6.3). And United Kingdom 100 Zambia 0.05 Burundi was forced to double the mini- United States 100 Guinea 0.02 mum cutoff for loans registered in the Note: The rankings on borrower coverage reflected in the table include only economies with public or private credit registries (129 in total). database to around $900, to cope with Another 52 economies have no credit registry and therefore no coverage. See Data notes for details. technical limitations and a sudden in- Source: Doing Business database. crease in loan transactions. 0 2007 0 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan Arab Emirates Source: Doing Business database. 32 DoING BUSINESS 2009 FIGURE 6.4 FIGURE 6.5 Collateral reform--East Asia & Paci c rapidly moving forward Top 5 reform features in legal rights Number of reforms strengthening legal rights Reforms including feature since DB2006 (%) by Doing Business report year DB2006 DB2007 DB2008 DB2009 53% Eastern Europe Allowed out-of-court enforcement of collateral & Central Asia 12 (28 economies) 47% East Asia Expanded range of revolving movable assets & Paci c 8 that can be used as collateral (24 economies) 35% OECD high income 7 Created a uni ed registry for movable property (24 economies) Latin America 21% & Caribbean 3 Gave priority to secured creditors' claims (32 economies) outside and inside bankruptcy procedures South Asia 9% 3 (8 economies) Exempted secured creditors' claims from an automatic stay in reorganization Sub-Saharan Africa 1 Note: A reform may include several reform features. (46 economies) Source: Doing Business database. Middle East & North Africa 0 (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 6.2 whAt Are the reform trends? FIGURE 6.3 collateral and by allowing out-of-court Rankings reformers--Cambodia, Gua- year's top on getting credit are based enforcement. Private credit bureaus provide more comprehensive services to lenders on 2 subindicators temala and Vanuatu--did just that. Peru In the past 4 years 34 reforms have% of private % of agree Allowing parties to public to pursue introduced a new bill on guarantees based Regulations on nonpossessory 62.5% credit registries strengthened the legal rights of borrow-credit bureaus 50 enforcement if the debtor de- 0 25 out-of-court 75 100 on movable property in 2006.ofNow al- security interests 33% Strength legal 33% Service provided ers and lenders in 27 economies around faults has been the most popular reform most any type of movable asset--tangible in movable rights index (0­10) Lists both individuals and rms property the world--while 88 reforms have im- feature strengthening the legal rights of or intangible, present or future--can 37.5% proved credit information systems in 61 borrowers and lenders (figure 6.5). The Distributes both positive secure a loan, and assets no33%creditDepthlonger have of and negative information information index economies. ability to make such an agreement can to be described specifically. More than 20 Distributes data on all loansand Central Asia (0­6) Eastern Europe below 1% of income per capita persuade lenders wary of long court pro- different types of pledges were consoli- has had the most reforms strengthening cedures to make a loan in the first place. Scope, quality The country's dated into 1. and accessibility 17 collateral Guarantees that borrowers theinspect data of borrowers and lend- Beyond India and Vietnam, economies can legal rights of credit have been combined registriesinformation through publicas well.8 and private credit registries ers in the past 4 Distributes more than years, with a total of that have allowed such agreements in- The 88 reforms improving credit 12 (figure 6.4). Large 2 years of historical data emerging market clude Croatia, France, Ghana, Honduras, information in the past 4 years have Note: Private bureau coverage and public registry coverage do not count for the rankings. See Data notes for details. economies, from the exception of the the Kyrgyz Republic and Peru. Distributes datawith retailers, shown clear results: worldwide, coverage trade creditors or utilities Russian Federation, also figure promi- Establishing a geographically uni- by credit registries more than doubled, to nently on the list Source: Doing Business database. of reformers. China fied collateral registry that covers sub- around 1.8 billion individuals and firms. was a repeat reformer in the past 2 stantially all movable property has been The fastest reforming region was Eastern years, broadening the range of movable another popular reform feature. Such a Europe and Central Asia (figure 6.6). Its assets that can be used as collateral. registry allows potential lenders to find average score on the depth of credit in- India reformed in 2 successive years out easily and with certainty whether formation index has more than doubled starting in 2006, establishing an online there are competing claims on the col- in the past 4 years--from 2.1 points collateral registry and expanding the lateral. India stands out among those to 4.4 out of a maximum of 6--and its availability of out-of-court enforcement. that have taken such a step. Its huge geo- coverage of borrowers has increased by Ukraine improved the standing of se- graphic area and large population make a factor of almost 5. That propelled the cured creditors in bankruptcy by giving its creation of an online, unified national region past Latin America and the Carib- their claims priority over labor and state database of security rights in movable bean, and it now ranks behind only the tax claims. Vietnam made it easier for assets a notable achievement. OECD high-income economies. entrepreneurs to get a loan by expanding Many economies passed new se- More than a quarter of the reforms the range of assets that can be used as cured transactions laws. Three of this in credit information involved setting up income income Source: Doing Business database. GE T TING CREDIT 33 FIGURE 6.6 FIGURE 6.7 A third of credit information reforms in Eastern Europe & Central Asia Top 5 reform features in credit Number of reforms easing credit information sharing information by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Eastern Europe 31% & Central Asia 30 Established new credit registry or bureau (28 economies) Middle East & 16% North Africa 16 Lowered minimum amount to register loans (19 economies) Sub-Saharan 16% Africa 15 (46 economies) Adopted regulations that guarantee borrowers the right to access their data Latin America & Caribbean 10 9% (32 economies) Started distributing data from retailers, trade creditors or utility companies East Asia & Paci c 7 5% (24 economies) Started distributing both positive South Asia and negative credit information (8 economies) 6 Note: A reform may include several reform features. Source: Doing Business database. OECD high income 4 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. new registries: 19 economies saw the cre- reform possible in many cases was de- notes ation of private credit bureaus; 8 others veloping the information infrastructure set up new public credit registries (figure and shifting from a paper-based to an 1. This example is from the World Bank's Doing Business: Women in Africa (2008a), 6.7). The biggest gains were in Eastern online system. a collection of case studies on African Europe and Central Asia, where nearly In the 8 economies private credit entrepreneurs. half the economies established either a bureaus expanded the sources of credit 2. Djankov, McLeish and Shleifer (2007). public credit registry or a private credit information to nonfinancial institutions 3. Brown, Jappelli and Pagano (2008). bureau, followed by the Middle East and such as utilities (like mobile phone com- 4. Brown and Zehnder (2007). North Africa. panies) or retailers (like supermarkets 5. Benmelech and Bergman (2008). In 20 economies reforms expanded and furniture stores). Such changes took 6. Claessens and Perotti (2007). the range of credit information collected place in Bulgaria, Georgia, Kazakhstan, 7. World Bank (2007c). and distributed by public or private credit Kenya, Kuwait, Nicaragua, Saudi Arabia 8. Marechal and Shahid-Saless (2008). registries. In 13 of these, the public reg- and Trinidad and Tobago. Now people istry eliminated the minimum cutoff for with a cell phone but no bank loans can recording loans, more than quadrupling still build a credit history--particularly coverage on average. What made this important in poor economies. FIGURE 7.1 More investor protections associated with greater access for rms to equity markets and faster stock turnover 34 DoING BUSINESS 2009 Perceived di culty in access to equity Turnover of stocks traded (%) overview Most 75 Starting a business di cult FIGURE 7.1 Dealing with construction permits More investor protections associated with greater access for rms to equity markets 50 faster stock turnover and Employing workers Perceived di culty in access to equity Turnover of stocks traded (%) Registering property Most 75 25 Getting credit di cult Protecting Least di cult 0 50 Least Most Least Most investors protection Economies ranked by strength of investor protection index, quintiles protection strength of investor protection index, quintiles Least protection Economies ranked by protection 25 Paying taxes di cult Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty 0 Trading across borders in access to equity, with 131 being the most di cult. See Data notes for details. Least Most Least Most Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. protection protection protection protection Enforcing contracts Economies ranked by Economies ranked by Closing a business strength of investor protection index, quintiles strength of investor protection index, quintiles FIGURE 7.3 Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty FIGURE 7.4 in access to equity, with 131 being the most di cult. See Data notes for details. Source: Asia Accelerating reforms in Eastern Europe & CentralDoing Business database; WEF (2007); World Bank, World Developmentreform database. Top 4 Indicators features Number of reforms strengthening investor protections in protecting investors by Doing Business report year Reforms including feature since DB2006 (%) Costa DB2007 risky Investing in DB2006Rica can be a DB2008 protections for investors explains up to DB2009 rankings on the index with 29 and 28 of business. Diego, a Costa Rican entrepre- 73% of the decision to invest. In con- FIGURE 7.3 30 possible points, both require immedi- 47% FIGURE 7.4 Eastern Europe & Central Asia aware of that: "Why would neur, is well Accelerating reforms in Eastern explain trast, company characteristics Europe & Central Asia 12 Increased disclosure requirements ate disclosure of a related-party transac- Top 4 reform (28 economies) Number of reforms strengthening investor protections in protectin I buy shares in a company if I know its only between 4% and 22%.1 Thus both Business report year the conflict of interest (table by Doing tion and of Reforms includ OECD 33% management can approve large transac- high income and businesses governments DB2006 DB2007have an in- 7.1). They require prior approval of the DB2008 12 DB2009 De ned duties for directors tions between interested parties without terest in reforms strengthening investor (24 economies) Eastern Europe transaction by the other shareholders. & Central Asia 12 Increased discl ever disclosing them to its shareholders?" protections. East Asia (28 economies) They enable the shareholders to hold the 22% & Paci c Rica, as in many other countries In Costa 10 directors liable of related-party transactions Without investor protections, eq- Regulated approvaland to have the transac- (24 economies) OECD around the world, minority investors are high markets uity income fail to develop and banks tion voided if it damages the company. 12 De ned duties Latin America (24 economies) not protected against self-dealing--the become the only source of finance. The & Caribbean 6 And in New Zealand shareholders can 13% use by company insiders of corporate as- (32 economies) East Asia inspect all internal documents before result: businesses fail to reach efficient Allowed shareholder access & Paci c to corporate documents 10 sets for personal gain. Middle East & size for lack of financing, and economic (24 economies) deciding whether to sue. Regulated app North Africa 6 Companies grow by raising capital (19 economies) Vietnam shows reform features. growth is held back. Research in 22 Note: A reform may include severalthe benefits of re- Latin America Source: Doing Business database. --either through a bank loan or by at- emerging market economies shows that & Caribbean forms to strengthen investor protections. 6 13% Sub-Saharan (32 economies) Allowed shareh tracting equity investors. Selling shares where investors have little recourse In 2005, before Vietnam adopted clear Africa 3 to corporate do (46 economies) Middle East & allows companies to expand without the against actions that damage the com- legislation, its unregulated stock market North Africa 6 Note: A reform may need to provide collateral and repay bank South Asia pany, they invest in a few companies (19 economies) saw 60­100 daily trades with a value of Source: Doing Busin 2 (8 economies) investors worry about getting loans. But in which they take majority stakes.2 In $10,000­16,000. That was 3­6 times the Sub-Saharan money back--and look economy per contrast, good protections for 3 theirreform is counted as 1 reform per reformingfor laws year.Africa Note: A minority trading volume of the regulated Ho Chi (46 economies) Source: Doing Business database. recent study finds that protect them. A shareholders are associated with larger Minh Stock Exchange.4 After reform of that the presence of legal and regulatory and more South Asia active stock markets. 2 the Law on Securities and the Law on (8 economies) FIGURE 7.5 Vibrant stock markets are not the Top reformers in 2005­08 Table 7.1 onlyA reason to introduce strongereconomy per year. FIGURE 7.2 Note: reform is counted as 1 reform per reforming inves- Where are investors protected--and in protecting investors Source: Doing Business database. Rankings on protecting investors tor protections. Tanzania started reforms are based on 3 subindicators where not? Average improvement (index 0­10) of investor protections as part of a larger Requirements Most protected RAnK Least protected RAnK 2008 Liability of CEO initiative to reduce corruption and create FIGURE 7.5 on approval and disclosure and board of directors FIGURE 7.2 new Zealand +2.4 1 Micronesia +1.4 172 Top reformers in that inspires the trust an environment2005­08 of related-party transactions 33.3% in related-party transactions Rankings on Singapore 2 Palau 173 in protecting investors 3 needed to do business. Such an environ- 33.3% Extent are based o Hong Kong, China 3 Rwanda 174 Average improvement (index 0­10) Extent of of director 2005 Malaysia ment strengthens investor confidence in disclosure liability Requirements 4 +2.7 Venezuela 175 2008 Canada 5 Vietnam 176 local businesses and government alike. index index on approval an +1.4 of related-part Ireland 6 Djibouti 177 Economies that rank high on the +2.4 transactions 33.3% Israel 7 Suriname 178 strength of investor protection index Ease of shareholder United States 8 Swaziland 179 2005 suits index have extensive disclosure requirements +2.7 South Africa 9 Lao PDR 180 and give shareholders broad access to United Kingdom 10 Afghanistan 181 Type of evidence that can be collected Extent of Extent of Ease of information both before and during tri- before and during the trial on the strengthshareholder Note: disclosurebaseddirector Rankings are of investor protection als to determine director liability. New index for details. index. See Data notes liability index suits index Note: See Data notes for details. Source: Doing Business database. Source: Doing Business database. Zealand and Singapore, which top the Type of Extent of Extent of Ease of b disclosure director shareholder index liability index suits index Note: See Data n PRoTEC TING INvESToRS 35 Enterprises, the number of listed firms Table 7.2 Greater disclosure--the most popular reform feature in 2007/08 climbed from 41 in 2005 to 193 today-- and 107 of these are listed on the Ho Chi Increased disclosure requirements Albania, Azerbaijan, Egypt, Saudi Arabia, Minh Stock Exchange. Despite the recent Tajikistan difficulties in the Vietnamese securities Made it easier to sue directors Albania, Botswana, Kyrgyz Republic, Thailand markets, market capitalization increased Allowed derivative or direct suits Greece, Kyrgyz Republic, Slovenia from less than $1 billion in 2005 to more Regulated approval of related-party transactions Albania, Azerbaijan, Tajikistan than $13 billion today. Across regions, Latin America regu- Passed a new company law Albania, Botswana, Tajikistan lates related-party transactions the least, Required an external body to review related-party Egypt, Turkey imposing the weakest requirements for transactions before they take place disclosure and approval. Many Latin Allowed rescission of prejudicial related-party Tunisia American economies have commercial transactions laws that have not been reformed since Source: Doing Business database. the 1920s. Economies in Eastern Europe and Central Asia have stronger require- the area of director liability. Directors both to the market regulator and through ments for disclosure and approval. But damaging the company's interests can the company's annual reports. As in Al- once a transaction is approved and dis- no longer rely on having obtained share- bania, minority shareholders can now closed, the company directors are not holder approval of a transaction to avoid request compensation for damages to the liable for any damage resulting from it. liability. If they are held liable, sanctions company resulting from related-party Economies in the Middle East and will be harsh. They will have to compen- transactions. North Africa, such as Djibouti and Oman, sate the company for all damages, pay The Kyrgyz Republic reformed its limit access to information. That makes it back all profits made from the transac- joint stock companies act. From now on, difficult for minority shareholders to ob- tion and pay fines to the state. They even shareholders can sue in their own name tain the evidence needed to prove their risk jail time. the directors who damaged sharehold- case in court. Central Asian economies also ers' interests and request compensation strengthened minority shareholder from them. who reformed in 2007/08? rights. Tajikistan, Azerbaijan and the Botswana defined related-party Kyrgyz Republic brought their company transactions and clarified disclosure pro- Twelve economies strengthened inves- laws into line with modern regulations visions in its Companies Act of 2004, tor protections in 2007/08 (table 7.2). and corporate governance principles. which came into force in July 2007. Es- Albania was the top reformer. It adopted Tajikistan adopted a new joint stock tablishing the liability of directors is now the Law on Entrepreneurs and Commer- companies act. The law defines "inter- easier: shareholders can file suit against cial Companies, which regulates con- ested parties" and requires shareholder them if the transaction proves prejudicial flicts of interest by requiring shareholder approval of transactions between such to the company. If directors are held liable, approval of related-party transactions parties. It also requires interested parties they not only have to cover damages but involving more than 5% of company as- to immediately disclose conflicts of inter- also have to pay back all profits made--a sets. The law also provides for extensive est to the board of directors. In addition, good reason to think twice before at- disclosure requirements and makes it derivative suits are now possible: share- tempting to misuse company assets. easier for minority investors to sue direc- holders with at least 10% of shares can The Egyptian Capital Market Au- tors. And minority shareholders can now file a lawsuit on behalf of the company thority made improving disclosure re- request compensation from directors against company directors. quirements a priority when it amended for harm resulting from a related-party Azerbaijan reformed its civil code, the listing rules of the Cairo Stock Ex- transaction, including repayment of all and its State Securities Commission ad- change. The amendments are aimed at profits from the transaction. With the opted new rules regulating related-party increasing transparency both before and new law, Albanian company directors transactions. The new law defines what is after related-party transactions are con- have strong incentives to be responsive meant by "related transactions between cluded. Such transactions now have to to investor interests. interested parties" and requires share- be assessed by an independent financial The runner-up reformer was Thai- holder approval when such transactions adviser before they take place, ensuring land. After being the top reformer in exceed 5% of company assets. However, that shareholders will be better informed. protecting investors 3 years ago, Thailand interested parties are allowed to vote The amendments also clarify require- made new efforts to strengthen minor- at the shareholders meeting. The law ments for disclosure through companies' ity shareholder rights, particularly in also includes requirements for disclosure annual reports. In March 2008 Turkey 36 DoING BUSINESS 2009 Table 7.3 prejudicial related-party transactions. Where are investor protections strong--and where not? Reforms of corporate governance Extent of disclosure index (0­10) and, in particular, of company laws took Most Least place worldwide--from Syria to Sri Bulgaria 10 Ukraine 1 Lanka, from Indonesia to Vietnam. Ar- China 10 Afghanistan 0 gentina further strengthened corporate France 10 Lao PDR 0 governance principles by introducing a Hong Kong, China 10 Maldives 0 comprehensive set of "comply or explain" Ireland 10 Micronesia 0 rules for listed companies. Malaysia 10 Palau 0 Ongoing reforms to implement new Zealand 10 Sudan 0 the European Union Transparency Di- Singapore 10 Swaziland 0 Thailand 10 Switzerland 0 rectives are taking place in several EU United Kingdom 10 Tunisia 0 member countries, such as Austria and Extent of director liability index (0­10) Luxembourg, and in candidate member countries, such as Croatia. Implement- Most Least ing these EU directives often requires Albania 9 Tajikistan 1 amending the company and securities Cambodia 9 Togo 1 laws. Bulgaria and Romania amended Canada 9 Zimbabwe 1 their company laws in the past 2 years, Israel 9 Afghanistan 0 Malaysia 9 Dominican Republic 0 and both countries are now implement- new Zealand 9 Marshall Islands 0 ing these amendments. Singapore 9 Micronesia 0 Slovenia 9 Palau 0 whAt Are the reform trends? Trinidad and Tobago 9 Suriname 0 United States 9 Vietnam 0 Experience over the past 4 years shows Ease of shareholder suits index (0­10) that economies can successfully enhance Easiest Most difficult the protections they provide to minority Kenya 10 Lao PDR 2 shareholders. It often takes time, even new Zealand 10 Syria 2 when the necessary political will exists. Colombia 9 United Arab Emirates 2 But economies like Albania, Azerbaijan Hong Kong, China 9 Venezuela 2 and the Kyrgyz Republic demonstrate Ireland 9 Yemen 2 that it can be done in months, not years. Israel 9 Guinea 1 Sometimes the private sector op- Mauritius 9 Morocco 1 poses reforms that are designed to pro- Poland 9 Rwanda 1 Singapore 9 Djibouti 0 tect minority investors, especially in United States 9 Iran 0 economies with a high concentration Source: Doing Business database. of ownership. One possible reason is that complying with extensive disclosure undertook similar reforms. The listing that lowers the threshold for derivative requirements can represent a financial rules of the Istanbul Stock Exchange now suits. Now shareholders need to have burden for companies, particularly in require an independent body to assess only 10% of the company's shares, down developing economies. In Mexico, for all related-party transactions before they from 33% before. Slovenia changed its example, the most vocal opponent of re- are approved. laws to allow minority investors with at form was one of the country's wealthiest Saudi Arabia amended provisions least 10% of shares to bring derivative businessmen.5 In Georgia it was one of of its company law. Interested directors suits before the court. the largest commercial banks. may no longer vote at a shareholders Tunisia adopted a law giving share- Such opposition has not prevented meeting to approve related-party trans- holders the right to directly access in- reform: Doing Business has recorded actions. And just as in Albania, Botswana ternal company documents and to ask more than 50 reforms to strengthen in- and Thailand, directors found liable for for the appointment of an independent vestor protections in 41 economies over damage to a company due to a related- inspector. That will make it easier to the past 4 years. Eastern Europe and party transaction will have to repay all gather evidence to support a court claim. Central Asia and the OECD high-income profits made from it. The new law also gives 10% shareholders economies have had the most reforms, Greece adopted a new company law the right to request a judge to rescind with 12 each (figure 7.3). Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty in access to equity, with 131 being the most di cult. See Data notes for details. Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. PRoTEC TING INvESToRS 37 FIGURE 7.3 FIGURE 7.4 Accelerating reforms in Eastern Europe & Central Asia Top 4 reform features Number of reforms strengthening investor protections in protecting investors by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 47% Eastern Europe & Central Asia 12 Increased disclosure requirements (28 economies) OECD 33% high income 12 De ned duties for directors (24 economies) East Asia 22% & Paci c 10 (24 economies) Regulated approval of related-party transactions Latin America & Caribbean 6 13% (32 economies) Allowed shareholder access to corporate documents Middle East & North Africa 6 Note: A reform may include several reform features. (19 economies) Source: Doing Business database. Sub-Saharan Africa 3 (46 economies) South Asia 2 (8 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. In Eastern Europe and Central Asia FIGURE 7.5 and South Asia. In 2007/08 only one re- lawyers and accountants to comply with Top reformers in 2005­08 FIGURE 7.2 the main driver of the reforms was acces- form was recorded in these regions--in Rankings on Many poor countries the standards.protecting investors lack in protecting investors the European Union. sion to improvement (index 0­10) Economies Average Botswana. But in previous years reforms are They may have stock exchanges-- both.based on 3 subindicators such as Poland, Romania and Slovenia 2008 strengthened investor protections in but no website to post the informa- Requirements Liability of CEO updated company and securities laws to such economies as Colombia and Mexico tionapproval and disclosuremayand board certified on on. And they of related-party of directors have related-party in +1.4 EU standards. These reforms focused on +2.4 in Latin America and Mozambique and accountants--but in such small numbers transactions 33.3% transactions 33.3% Extent developing regulations requiring more Tanzania in Africa. that complying with disclosure require- Extent of of director 2005 transparency in the day-to-day manage- +2.7 ments is virtually impossible. Take Viet- disclosure liability index index ment of companies. The reforms raised going for more disClosure nam. Its securities law has significant the region's average score on the extent Across regions, the most popular re- disclosure and reporting requirements, 33.3% of disclosure index from 4.7 in 2005 to form feature has been to require greater but the country still lacks the systems Ease of shareholder suits index 5.8 today. disclosure of related-party transactions to store and monitor the information OECD high-income economies pro- (figure 7.4). The results of a 2002 global electronically.7 Type of evidence that can be collected minority Extent of most. tect Extent of investors the Ease of Why survey on corporate governance provide before and during the trial disclosure director shareholder wouldindex continually reform? index is they liability index suits There one explanation: around 90% of the in- finding inspiration for reform Note: See Data notes for details. a logical reason: sophisticated and active Source: Doing Business database. vestors surveyed want more transpar- Crisis can be an important engine of financial markets must respond rapidly ency in the day-to-day management of reform. The East Asian financial crisis to challenges that are constantly evolv- companies.6 What do they mean by more and corporate scandals such as those in- ing, such as fraud. Among the repeat transparency? Unified accounting stan- volving Enron, Parmalat and WorldCom reformers are Hong Kong (China) and dards, immediate disclosure of major triggered regulatory reforms around the the United Kingdom--both in the top transactions and more involvement of world. These crises exposed weaknesses 10 on the strength of investor protection minority investors in major decisions in markets previously considered models index. Both economies reformed twice and transactions. of sound regulation. Countries affected during the past 3 years, by strengthening Requirements for greater disclosure, by the crises reformed their laws. So did disclosure requirements and expanding while popular, are unlikely to succeed ev- other countries, using the experiences to shareholder access to internal corporate erywhere. Extensive disclosure standards avoid the same mistakes. Mexico, for ex- documents. require the necessary infrastructure to ample, used the U.S. experience to create Fewer reforms have taken place in communicate the information effectively impetus for its regulatory reforms. Latin America and the Caribbean, Africa and, more importantly, people such as Countries that want to reform can 2 (8 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. 38 DoING BUSINESS 2009 FIGURE 7.5 Reformers often find inspiration in notes FIGURE 7.2 Top reformers in 2005­08 in protecting investors economies with a similar legal origin Rankings on protecting investors or in their main commercial partners. 1.are based on 3 subindicators Doidge, Karolyi and Stulz (2007). Average improvement (index 0­10) 2008 Mexico's securities law reform took into Dahya, Dimitrov and McConnell (2008). 2.Requirements Liability of CEO account aspects of a U.S. law--the Public approval and 3.onrelated-party disclosure and board of directors of Sitta (2005). in related-party +1.4 +2.4 Company Accounting Reform and Inves- World Bank 4.transactions (2006c). 33.3% transactions 33.3% Extent tor Protection Act of 2002, commonly 5. See Johns and Lobet (2007). Extent of of director 2005 disclosure +2.7 known as the Sarbanes-Oxley Act. Bo- 6. McKinsey & Companyliability p. 8). (2002, index index tswana and Mozambique followed the 7. Lobet (2008). South African model. As a reformer 33.3% Ease of shareholder from Mozambique explains, "Our previ- suits index ous code was inherited from Portugal. Today our main commercial partner is Type of evidence that can be collected Extent of Extent of Ease of South Africa, and we are surrounded by before and during the trial disclosure director shareholder index liability index suits index countries that have the same model. We Note: See Data notes for details. Source: Doing Business database. prefer to adopt legislation that would en- able us to attract more investment from choose to amend existing regulations or South Africa and make life easier for our start from scratch, depending on how main investors." up-to-date their current legislation is. In Even the best regulations will make 2007 Georgia amended its securities leg- little difference if the court system is islation by adding provisions regulating weak. Bangladesh and Montenegro have disclosure and approval of transactions laws setting out strong disclosure re- between interested parties. Belarus, Co- quirements and extensive obligations for lombia and Thailand did the same. Other directors. But with the most basic com- countries, such as Mozambique and Slo- mercial disputes taking more than 1,000 venia, started from scratch. Adopting an days to resolve in Bangladesh and more entirely new law offers an opportunity than 500 in Montenegro, these laws may to reform other areas--such as business not have the desired effect. registration, directors' duties, disclosure rules and issuance of shares. PAyING TAXES 39 overview Starting a business FIGURE 8.1 Dealing with construction permits Top 10 reformers in paying taxes Employing workers Average improvement Registering property 2007 48% 16% 4% 1. Dominican Republic Getting credit 2. Malaysia Protecting investors 3. Azerbaijan Paying taxes 2008 4. 5. South Africa China Trading across borders 6. Greece Enforcing contracts 7. Colombia 8. France Closing a business 9. Honduras 10. Thailand Payments Time Total tax rate Source: Doing Business database. For Kah, the owner of a Cameroon-based enterprises headed by women perceive often higher revenue for governments. management consulting business, having a greater regulatory burden--and more In Mauritius in 2007/08, the govern- a simple tax system with standardized harassment from public officials--than ment collected 4 billion Mauritian ru- FIGURE 8.3 FIGURE 8.1 Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia rates and paymentpaying taxesis funda- Top 10 reformers in channels those headed by men.2 pees ($150 million) more in revenue FIGURE mental improvement of doing business. Yet Rank Average to the ease Taxes (% of essential. Without them Total tax rate are pro t) than had been projected. Reforming the in Cameroon, which ranks among the there would be no funds for the basic tax system was a key part of the govern- 3 sub 60 2007 Other taxes most difficult economies in which to pay 48% 16% 4% services Republic contributions publicDominicanvital to a well-functioning ment's agenda over the past 3 years. The Numb 1. Labor taxes and per ye taxes, complying with tax regulations economy and an inclusive society. Yet focus: creating an enabling environment 2. Malaysia Pro t taxes le re takes more than 1,000 hours and 41 tax 40 3. Azerbaijan the countries covered by firms in 90% of for businesses through low and simple and p payments a year.1 the World Bank Enterprise Surveys rank taxes coupled with fast and efficient ad- 4. South Africa 2008 To file a tax return for her com- 5. China tax rates and tax administration among ministration. The strategy paid off. pany, Kah often spends hours waiting in 20 6. top 5 obstacles to doing business.3 the Greece 7. Colombia the tax office for information from tax Businesses prefer lower tax rates that who reformed in 2007/08? 8. France inspectors. Because she refuses to pay are applied in a straightforward way. Or, 0 9. Honduras extra, she regularly endures long, costly rates are high, businesses want good if10. Thailand Thirty-six economies made it easier to court procedures. And because the tax Middle East services&in return. East Asia South Eastern Latin OECDpay taxes in 2007/08. As in previous Sub-Saharan North & Paci c Asia high Europe & America Africa Payments Time Total system lacks transparency, results are Where taxes are high and commen-income Africa the most& popular reform feature years, Central Caribbean tax rate Asia Note: Se often arbitrary. surate gains seem low, many businesses was reducing the profit tax rate, done Source: Doing Business database. Source: Doing Business database. Kah feels that tax officers see her as simply choose to stay informal. A recent in no fewer than 21 economies. The an easy target. She is not the only one. study finds that higher tax rates are asso- second most popular was introducing A recent study in Uganda shows that ciated with less private investment, fewer and improving electronic filing and pay- FIGURE 8.4 FIGURE 8.3 per capita and lower formal businesses America & Caribbean Most time in Latin Table Pro t 8.1 rates of business entry. The Central Asia taxes lowest, but overall tax burden still high in Eastern Europe &analysis sug- FIGURE 8.2 Where is it easy to pay taxes-- Totalwhere not? pro t) and tax rate (% of a 10% of gests, for example, that Numberincrease in # tax payments Rankings on paying taxes are based on 3 subindicators Easiest 60 RAnK Most difficult Other taxes RAnK the effective corporate tax rate reduces OECD 13 of hours NumberTime (hours per year) Firm tax liability 183 Maldives Labor taxes and contributions 172 1 Panama investment-to-GDP ratio by 2 per- thehigh income per year to prepare, as % of pro ts before Pro t taxes Middle East points. centage Africa 4 le returns all taxes borne Qatar 2 Jamaica 173 23 216 & North and pay taxes 40 Hong Kong, China 3 Mauritania 174 Economies that rank high on the East Asia United Arab Emirates 4 Gambia, The 175 25 252 & paying ease of Paci c taxes tend to have lower Singapore 5 Bolivia 176 33.3% 33.3% less complex business taxes (table and South Asia 32 Time 293 Total Ireland 20 6 Venezuela 177 8.1). They also have simple administra- Sub-Saharan tax rate Saudi Arabia 7 Central African Republic 178 38 312 Africa tive processes for paying the taxes and oman 8 Congo, Rep. 179 33.3% Eastern Europe Kuwait 9 Ukraine 180 & Central returns. For businesses, it's not filing tax Asia 46 388 0 Payments Kiribati 10 Belarus 181 just the tax rates that matter. The admin- Latin America Middle East East Asia South Eastern OECD & Caribbean Latin Sub-Saharan 35 394 Note: Rankings North average of thececonomy rankings on the highistrative processes do too. & are the & Paci Asia Europe & America Africa Africa number of payments, time and total tax rate. See Data notes income Central & Caribbean Number of tax payments per year for details. and efficient administration FastBusiness database. Source: DoingAsia Source: Doing Business database. Note: See Data notes for details. Source: Doing Business database. means less hassle for businesses--and FIGURE 8.5 FIGURE A third of reforms in Eastern Europe & Central Asia Top 5 Number of reforms easing payment of taxes Reforms by Doing Business report year FIGURE 8.4 tax rate Source: Doing Business database. 40 DoING BUSINESS 2009 ment systems. This reform, done in 12 FIGURE 8.3 Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia economies, reduced the frequency of FIGURE 8.2 payments and the time spent paying Total tax rate (% of pro t) Rankings on 3 subindica taxes and filing returns. Eight economies 60 Other taxes Number of h reduced the number of taxes paid by Labor taxes and contributions per year to p businesses by eliminating smaller taxes Pro t taxes le returns 40 and pay taxe such as stamp duties. The top 10 reform- ers for paying taxes this year reduced the number of payments by almost half. Bos- 20 nia and Herzegovina, Bulgaria, Morocco, Mozambique and Zambia revised their tax codes (table 8.2). 0 Two economies introduced new Middle East East Asia South OECD Eastern Latin Sub-Saharan taxes: Botswana and Venezuela. That in- & North & Paci c Asia high Europe & America Africa Africa income Central & Caribbean Numb creases not only the costs but also the Asia Source: Doing Business database. Note: See Data no administrative burden for businesses. The Dominican Republic was the property and financial market sectors. simpler to file and pay taxes by intro- top reformer in 2007/08. It lowered the And electronic payment systems were ducing electronic systems and online corporate income tax from 30% to 25%, improved, increasing online filing and FIGURE 8.4 payment capabilities. That significantly abolished several taxes (including the payments. in Latin America & Caribbean Most time reduced the time spent preparing, filing stamp duty) and reduced the property Eastern Among regions, Number of Europe and paying taxes in the region. Belarus transfer tax. In addition, in 2007 it fully # tax most reforms and Central Asia had the payments reduced the tax and administrative bur- implemented online filing and payment, in 2007/08. Nine economies reformed, OECD den on businesses by abolishing some 13 183 Time (hours per year) piloted in 2006. high mainly incomecontinuing the trend of reducing taxes and reducing the frequency of pay- Middle East Malaysia was the runner-up re- & profit tax the North Africa rate, already among the 23 ments. 216 Bulgaria reduced labor taxes and former. It reduced the corporate income in Asia lowest East the world (figure 8.3). Albania, 25 contributions. 252 & Paci c tax for 2009 to 25%--part of a gradual Bosnia and Herzegovina and the former Following closely with 7 reforms reduction that has seen the rate decline South Republic of Macedonia all re- Yugoslav Asia 32 each are the OECD 293 high-income econo- to 27% in 2007 and 26% in 2008. The Sub-Saharan profit tax to 10%. Georgia duced their 38 mies and Latin America and the Carib- 312 Africa reform also introduced a single-tier tax reduced the corporate income tax from bean. Five OECD high-income econo- Eastern Europe system, in which profits are taxed only & to 15% 20%Central Asiaand abolished the social tax. 46 mies reduced corporate income tax rates. 388 after dividend payments are exempted. The Czech Republic reduced its corpo- Latin America Canada is gradually reducing the corpo- 35 394 & Caribbean The capital gains tax was abolished in rate income tax rate to 21%. rate income tax to 15% by 2012 as part 2007 to spur investment in the real Source: Azerbaijan and Ukraine made it Doing Business database. of ambitious reforms in its tax system. FIGURE 8.5 The reforms also include abolishing the FIGURE 8.6 Table 8.2 1.12% A third of reforms in Eastern Europe & Central Asia surtax and introducing acceler- Top 5 reform Reducing tax rates--the most common reform feature in 2007/08 ated depreciation for Number of reforms easing payment of taxes buildings (10%) Reforms includi by Doing Business report year Reduced profit tax rates Albania, Antigua and Barbuda, Bosnia and and computers (50%). Also reducing the DB2006 DB2007 DB2008 DB2009 Herzegovina, Burkina Faso, Canada, China, Côte Eastern Europe corporate tax rate were Denmark (from Reduced pro t d'Ivoire, Czech Republic, Denmark, Dominican & Central Asia 28% to 25%), Germany (from 25% to 44 Republic, Georgia, Germany, Italy, former Yugoslav (28 economies) 22% Republic of Macedonia, Madagascar, Malaysia, 15%), Italy (from 33% to 27.5%) and Sub-Saharan Morocco, new Zealand, Samoa, St. Vincent and the New Zealand (from 33% to 30%). Simpli ed proc Africa 22 Grenadines, Thailand (46 economies) France and Greece made filing 19% Simplified process of paying taxes Azerbaijan, Belarus, China, Colombia, Dominican OECD and paying taxes faster by implement- Republic, France, Greece, Honduras, Malaysia, 18 ing mandatory electronic filing for labor Revised tax cod high income Mozambique, Tunisia, Ukraine (24 economies) taxes and contributions. 17% Eliminated taxes Latin America Belarus, Dominican Republic, Georgia, In Latin America and the Caribbean, & Caribbean Madagascar, Malaysia, Mexico, South Africa, 17 Eliminated taxe (32 economies) Uruguay besides the reforms in the Dominican Middle East & Republic, Antigua and Barbuda reduced 14% Revised tax code Bosnia and Herzegovina, Bulgaria, Morocco, North Africa 12 the corporate income tax rate from 30% Reduced labor Mozambique, Zambia (19 economies) to 25%. St. Vincent and the Grenadines Note: A reform may Reduced labor tax or contribution rates France, Mongolia, Ukraine East Asia & Paci c 7 introduced a new value added tax that Source: Doing Busin Source: Doing Business database. (24 economies) replaced several existing taxes, includ- South Asia 6 (8 economies) Note: A reform is counted as 1 reform per reforming economy per year. Africa income Central & Caribbean Asia Note: Se Source: Doing Business database. PAyING TAXES 41 ing the hotel tax, entertainment tax, FIGURE 8.4 Most time in Latin America & Caribbean consumption duty, stamp duty on re- ceipts and domestic and international # Number of tax payments telecommunications surcharge. Uruguay OECD abolished a tax on consumption. Mexico high income 13 183 Time (hours per year) abolished its asset tax. Colombia and Middle East & North Africa 23 216 Honduras made paying taxes easier by East Asia implementing and improving online fil- & Paci c 25 252 ing and payment systems. That cut the South Asia 32 293 time spent filing and paying taxes, espe- Sub-Saharan cially in Honduras. Africa 38 312 In Africa 6 economies reformed. Eastern Europe 46 388 & Central Asia Three reduced their corporate income Latin America tax rate (table 8.3). Burkina Faso re- & Caribbean 35 394 duced its corporate income tax rate from Source: Doing Business database. 35% to 30%, its dividend tax rate from 15% to 12.5% and its property transfer tax payments FIGURE 8.5 African businesses must reformed. Aside from Malaysia, China FIGURE A third of reforms in Eastern Europe & Central Asia Top 5 tax rate from 10% to 8%. Côte d'Ivoire make each year (figure 8.4). made notable reforms, reducing the cor- Number of reforms easing payment of taxes Reforms reduced the corporate income tax rate by Doing porate income tax from 33.3% to 25% Mozambique eased the filing and Business report year from 27% to 25%. Madagascar reduced paying of taxes by introducing electronic DB2006 DB2007 and unifying accounting methods and DB2008 DB2009 that rate from 30% to 25% and abolished Eastern Europe systems. It also revised its tax code to criteria for tax deductions and exemp- Reduce & Central Asia 44 9 taxes, including the stamp duty and make necessary updates, remove ambi- (28 economies) tions. Meanwhile, online filing became dividend tax. In Africa taxes other than guities and strengthen tax compliance more prevalent. Thailand introduced Sub-Saharan Simpli the profit tax--such as stamp duties, and Africa collection. Zambia did the same. corporate income tax exemptions for 22 (46 economies) property taxes and labor taxes--account These changes should increase the effec- small companies, reduced the corporate for the largest share of the total tax rate. tiveness of tax administration. OECD income tax rate to 25% for newly listed Revised high income 18 This is reflected in the large number of In East Asia and Pacific 5 economies companies and reduced several property (24 economies) Latin America taxes by sizable rates. It also made online 1 Table 8.3 & Caribbean 17 filing and payments easier. Samoa low- Elimina Major cuts in corporate income tax rates in 2007/08 (32 economies) ered its corporate income tax from 29% Region Reduction in corporate income tax rate (%) Middle East & 14% to 27%. Mongolia reduced social security North Africa 12 Reduce oECD high income Canada from (19 economies)22.1 to 19.5 contributions paid by employers from Czech Republic from 24 to 21 19% to 11% of gross salaries. Note: A re East Asia Source: Do Denmark & Paci c from 28 to 25 7 In the Middle East and North Africa Germany from (24 economies) 25 to 15 Italy from 33 to 27.5 only 2 economies reformed. Morocco South Asia new Zealand from 33 to 30 6 lowered the standard corporate tax rate (8 economies) from 35% to 30%. Tunisia made filing East Asia & Pacific China from 33.3 to 25 Note: A reform is counted as 1 reform per reforming economy per year.and paying taxes easier by expanding Malaysia from 27 to 25 Source: Doing Business database. Samoa from 29 to 27 electronic options. Although companies Thailand from 30 to 25 have been able to file and pay taxes online Eastern Europe & Central Asia Albania from 20 to 10 since 2005, many have been reluctant to Bosnia and Herzegovina from 30 to 10 pay their taxes this way. To address their Georgia from 20 to 15 concerns while easing the administrative Macedonia, former Yugoslav Republic of, burden, Tunisian authorities introduced from 12 to 10 an option for filing tax returns online Latin America & Caribbean Antigua and Barbuda from 30 to 25 while paying the taxes in person at a tax Dominican Republic from 30 to 25 office. This is a practical intermediate St. Vincent and the Grenadines from 40 to 37.5 step toward a full online system. Sub-Saharan Africa Burkina Faso from 35 to 30 South Asia recorded no significant Côte d'Ivoire from 27 to 25 reforms. Madagascar from 30 to 25 Middle East & north Africa Morocco from 35 to 30 Source: Doing Business database. FIGURE 8.3 Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia FIGURE 8.2 Total tax rate (% of pro t) Rankings on paying taxes are based on 42 DoING BUSINESS 2009 3 subindicators 60 Other taxes Number of hours Firm tax liability the reform trends? whAt AreLabor taxes and contributions tax revenue by lowering rates and per- as % of pro ts it can trative burden of paying taxes. But before per year to prepare, Pro t taxes suading more businesses to comply with le takereturnsfor them to make a real differ- time and pay taxes all taxes borne 40 Revenue authorities around the world the more favorable rules. ence. In Argentina and Tunisia it took are making great efforts to streamline Look at the Russian Federation's almost 3 years before smaller firms felt 33.3% 33.3% administrative processes and modern- 20 large tax cuts in 2001. Corporate tax rates the impact. The reason is that small firms Time Total ize payment systems. In the past 4 years fell from 25% to 24%, and a simplified tax often lack the softwaretax rate for elec- needed Doing Business has recorded 126 reforms scheme lowered rates for small business. tronic filing and 33.3% payments. Moreover, aimed at reducing tax rates or the time or Yet tax revenue increased--by an annual 0 distrust taxpayers often Payments online systems comply East Asia cost toMiddle East with tax laws. South OECDaverage of 14% over the next 3 years. One Eastern Latin Sub-Saharan when it comes to dealing with sensitive & trend shows the The North across c all regions has highstudy Europe & thatAmericanew revenue was & Paci Asia Africa financial information. Number of tax payments per year Africa income Central & Caribbean been to lower the total tax rate paid by due to greater compliance.5 Asia Businesses in Azerbaijan are ben- Note: See Data notes for details. Source: Doing Business database. businesses. In 2004 the average total tax efiting from an ambitious tax modern- rate was 50.6% of commercial profits. By going eleCtroniC ization reform started by the govern- 2007 it had fallen to 49.3%. Meanwhile, Introducing electronic filing has been ment 3 years ago. Electronic payment the time FIGURE 8.4 to comply with tax laws dropped a popular and effective way to make it and filing systems have been in place Most time inaLatin America & Caribbean by 16 hours year on average. easier to pay taxes. Businesses can enter since March 2007. The goal is to have About 50% of economies of have im- financial information online and file it 100% online filing. Tax authorities have # Number tax payments plemented reforms making it easier to with one click--with no calculations and been actively promoting online filing Time (hours per tax pay taxes in the past 4 years. Among no interaction with year) officials. Errors OECD 13 183 among businesses paying value added high income regions, Eastern Europe and Central Asia Middle East can be identified instantly, and returns tax. The efforts have had results: 95% of & had the hasNorth Africa most reforms, followed by 23 216 processed quickly. In Hong Kong (China) these businesses are using the service, East Asia 8.5). South Asia has had Africa (figure 25 businesses file an electronic corporate 252 completing more than 200,000 online & Paci c the fewest. tax return and pay corporate income tax transactions in the first 3 months of 2008 South Asia 32 293 annually. Complying with tax require- alone--and saving an average 577 hours Cutting rates Sub-Saharan 38 ments takes just 80 hours a year. Sixty 312 a year. Online filing is also available for Africa Reducing corporate income tax rates has economies--from Azerbaijan to Colom- Eastern Europe corporate income tax. 46 388 & Central most popular reform feature been theAsia bia and Lesotho--have made e-filing Reforms introducing electronic Latin America More than 60 economies (figure 8.6). possible, and the list is growing. payment and filing systems often need & Caribbean 35 394 have done this. Countries can increase These reforms can ease the adminis- to provide public education and training. Source: Doing Business database. FIGURE 8.5 FIGURE 8.6 A third of reforms in Eastern Europe & Central Asia Top 5 reform features in paying taxes Number of reforms easing payment of taxes Reforms including feature since DB2006 (%) by Doing Business report year 71% DB2006 DB2007 DB2008 DB2009 Eastern Europe Reduced pro t tax & Central Asia 44 (28 economies) 22% Sub-Saharan Simpli ed process of paying taxes Africa 22 (46 economies) 19% OECD Revised tax code high income 18 (24 economies) 17% Latin America & Caribbean 17 Eliminated taxes (32 economies) Middle East & 14% North Africa 12 Reduced labor taxes or contributions (19 economies) Note: A reform may include several reform features. East Asia Source: Doing Business database. & Paci c 7 (24 economies) South Asia 6 (8 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. PAyING TAXES 43 Azerbaijan provided free software to tax- Table 8.4 Who makes paying taxes easy--and who does not? payers 6 months before implementing its new system, giving them time to become Payments (number per year) familiar with it. Distributing the tax soft- Fewest Most ware early paid off in more than one Maldives 1 Côte d'Ivoire 66 way: users also suggested improvements Qatar 1 Serbia 66 simplifying the design of the software's Sweden 2 Venezuela 70 interface. Hong Kong, China 4 Jamaica 72 To make the new online system norway 4 Kyrgyz Republic 75 more effective, Azerbaijan's government Singapore 5 Montenegro 89 also introduced advanced accounting Kiribati 7 Ukraine 99 Latvia 7 Uzbekistan 106 software to help in computing tax pay- Mauritius 7 Belarus 112 ments. This has especially benefited Afghanistan 8 Romania 113 medium-size companies, which make up Time (hours per year) a sizable share of the users. For smaller enterprises, more likely to lack access Fastest Slowest to the internet, the Ministry of Taxes is Maldives 0 Ukraine 848 installing computer stations around the United Arab Emirates 12 Venezuela 864 country that are linked to the central Bahrain 36 Czech Republic 930 database. Qatar 36 nigeria 938 Kenyan and Mozambican taxpayers Bahamas, The 58 Armenia 958 Luxembourg 59 Vietnam 1,050 too are enjoying the benefits of elec- St. Lucia 61 Bolivia 1,080 tronic tax systems. Companies in Kenya oman 62 Belarus 1,188 can complete and submit social security Switzerland 63 Cameroon 1,400 forms online. Complying with labor tax new Zealand 70 Brazil 2,600 obligations used to take them 72 hours Total tax rate (% of profit) a year; now it takes about 20% less time. Their Mozambican counterparts can Lowest Highest complete social security forms electroni- Vanuatu 8.4 Tajikistan 85.5 cally and are looking forward to being Maldives 9.1 Uzbekistan 90.6 able to submit them online, which will Qatar 11.3 Mauritania 98.7 United Arab Emirates 14.4 Argentina 108.1 further simplify the task. Kuwait 14.4 Belarus 117.5 Saudi Arabia 14.5 Central African Republic 203.8 notes Bahrain 15.0 Congo, Dem. Rep. 229.8 Zambia 16.1 Sierra Leone 233.5 1. This example is from the World Bank's West Bank and Gaza 16.8 Burundi 278.7 Doing Business: Women in Africa (2008a), Botswana 17.1 Gambia, The 292.4 a collection of case studies of African en- Source: Doing Business database. trepreneurs. 2. Ellis, Manuel and Blackden (2006). 3. World Bank Enterprise Surveys (http://www.enterprisesurveys.org). 4. Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). 5. Ivanova, Keen and Klemm (2005). export 2008 10 Source: Doing Business database. 44 DoING BUSINESS 2009 overview Starting a business FIGURE 9.1 0 Dealing with construction permits Speeding trade--especially in Eastern Europe & Central Asia Documents Employing workers Reduction in the time to export (days) Middle East Latin OECD Source: Doing Busin Registering property Eastern Europe Sub-Saharan & North South America East Asia high Getting credit Time to & Central Asia Africa Africa Asia & Caribbean & Paci c income FIGURE 9.2 export Rankings on Protecting investors 2005 0.6 days are based o Paying taxes 2.5 2.9 days All documents r Trading across 4.1 days by customs and 4.6 4.4 4.3 other agencies days days days days borders 33 Docum to ex Enforcing contracts and im Closing a business Time to export Co 2008 Source: Doing Business database. Cáñamo, a Venezuelan company export- Exporters in landlocked Rwanda Implementing these practices has US$ pe FIGURE 9.1 no bribe ing handicrafts, is eager to supply larger Speeding trade--especially in Eastern Europe & a better chance, thanks to ongoing FIGURE 9.3 the time to trade. The average haveCentral Asia reduced Note: See Data no clients--preferably, large U.S. depart- Reduction in the time to export (days) reforms. Indeed, baskets from Gahaya Madagascar speeds imports3 days since time to export has fallen by ment stores. It has the capacity to East Middle fill Links, 9.4 Kigali-based business run by Time to import (days) decline was in Eastern FIGURE a Latin OECD 2005. The biggest FIGURE 9.5 50 2007 Top 5 reform Eastern Europe Sub-Saharan orders within 2 Asia weeks. But there &is one North South has reformed the most Africa Janet and Joy, are already available sisters America East Asia high Europe and Central Asia--almost 5 days Time to & Central Africa Africa Asia & Caribbean & Paci c income across borde problem: bureaucracy. "I need to get a to U.S. households in Macy's department Business report year The export Number of reforms easing tradetime to export dropped (figure 9.1). 0.6 by Doing Reforms includ 2005 compliance certificate from the labor stores.1 It wasn'tDB2006 first, days high DB2008 days in Africa, 2009Middle East and easy at DBwith by 4 2.5 2007 40 DB the Ministry of Labor, but before issuing the shipping costs and days Sub-Saharan 2.9 inadequate roads to North Africa and South Asia. It declined Africa 4.1 port citydays 27 Introduced or i the 4 the certificate 4.6 ministry demands4.3 other days economies) of Mombasa, Kenya. But the 4.4 (46 by less than 3 days in East Asia and data interchan days days days documents from municipal authorities. government has reformed 2 years in a 30 Pacific and Latin America. Thefrom Time cut longest Latin America 49 days to 27 For each export consignment I need to row, and exporting is becoming easier. & Caribbean average export delays are in Central Asia 22 Improved custo inform the authorities of my intention to (32 economies) Business measures the proce- Doing (58 days) and Central Africa (48 days), 2008 export, confirm the exports and get a let- dural requirements, including the num- 20 Middle East & where most countries are landlocked. ter confirming that I have refunded the Time to North Africa ber of necessary documents and the 14 The top performers on the ease of (19 economies) Introduced risk export foreign 2008 exchange earned to the central associated time and cost (excluding trade trading across borders continually con- East Asia bank," says Bruno, the company's owner. tariffs)cfor exporting and importing. & Paci sult export businesses on how to make 1013 Source: Doing Business database. Improved port Getting through all the paperwork The more time consuming the ex- (24 economies) trading easier (table 9.1). In Denmark, can take 2­6 months on average. Faced port or import process, the less likely Eastern Europe for example, 3 main trade documents & Central Asia 14% with 9.1 FIGURE this long and unpredictable export that a trader will be able to reach mar- 12(bill of lading, commercial invoice and (28 economies) 0 Speeding Cáñamo has littleinchance of trade--especially Eastern Europe & Central Asiafashion. This affects the Introduced bor process, kets in a timely customs declaration) suffice to cover Documents Port Customs Transport in the time to export Reduction the U.S. market. (days) South Asia Procedures entering ability to expand businesses and create (8 economies) 7 most trade transactions. And these are Note: A reform may Middle East Latin OECD Source: Doing Business database. Source: Doing Busin Table 9.1 Eastern Europe Sub-Saharan & North jobs. Recognizing this, many economies South America East Asia high Time to & Central Asia Africa Africa have worked to introduce practices that OECD Asia & Caribbean & Paci c income FIGURE 9.2 Where export is trading easy--and where not? high income 7 Rankings on trading across borders 2005 Easiest Most difficult RAnK reduce the time and costs associated with (24 economies) 0.6 RAnK days are based on 3 subindicators Note: A These include providing electronic trade.reform is counted as 1 reform per reforming economy per year.All documents required 2.9 2.5 Singapore 1 Angola 172 days Document preparation, Hong Kong, China 2 Burkina Faso 4.3 173 Source: of days database. filingDoingtrade documents (through elec- 4.1 Business by customs and customs clearance and 4.6 4.4 other agencies technical control, ports Denmark days 3 days Azerbaijan days 174 days tronic data interchange systems), allow- and terminal handling, Finland 4 Central African 175 ing shippers to declare manifests online, 33.3% 33.3% inland transport Republic and handling reducing document requirements and Documents Time to Estonia 5 Congo, Rep. 176 to export export using risk-based inspections. Another and import and import Sweden 6 Tajikistan 177 good approach is to provide a single win- norway to Time 7 Iraq 178 Panama export 8 Afghanistan 179 dow for obtaining different permits and 33.3% Cost to export 2008 authorizations, which reduces thedatabase. time Israel 9 Kazakhstan 180 Source: Doing Business and import Thailand 10 Kyrgyz Republic 181 spent preparing documents. An efficient Note: Rankings are the average of the economy rankings on the banking system also helps, by speeding US$ per 20-foot container, no bribes or tari s included documents, time and cost required to export and import. See Data notes for details. the processing of trade financing instru- Note: See Data notes for details. Source: Doing Business database. ments such as letters of credit. FIGURE 9.4 FIGURE 9.5 Africa has reformed the most Top 5 reform features in trading Number of reforms easing trade across borders by Doing Business report year TRADING ACRoSS BoRDERS 45 Table 9.2 implemented a risk-based inspection re- Electronic data interchange--the most popular reform feature in 2007/08 gime and extended its operating sched- Introduced or improved electronic data Botswana, Brazil, Colombia, Dominican Republic, ule by 4 hours. interchange system El Salvador, France, India, Kenya, Madagascar, Reforms to ease trade were extended Mali, Mongolia, Morocco, Palau, Philippines, to neighboring countries. Senegal signed Rwanda, Senegal, Syria, Thailand, Uruguay a border cooperation agreement with Introduced or improved risk-based inspections Brazil, Colombia, Dominican Republic, El Salvador, Mali, harmonizing trade documents be- Haiti, Kenya, former Yugoslav Republic of Macedonia, Madagascar, Mali, Mongolia, tween the 2 countries. Once goods are Philippines, Rwanda, Senegal cleared at Dakar, Malian traders need no Improved procedures at ports Benin, Croatia, Djibouti, Ecuador, Egypt, additional documents. And the number El Salvador, Eritrea, Kenya, Liberia, Madagascar, of checkpoints between Dakar and Ba- nigeria, Ukraine mako has dropped from 25 to 4. Trips Reduced number of trade documents Djibouti, Ecuador, El Salvador, France, Honduras, that used to take 7­10 days now take former Yugoslav Republic of Macedonia, Senegal, only 1 or 2. Recognizing this, Malian Sierra Leone, Thailand traders increasingly use the port of Dakar Improved customs administration Belarus, Botswana, Egypt, Kenya, Liberia, former rather than Abidjan. Mali also abolished Yugoslav Republic of Macedonia, Rwanda, Senegal, Thailand a requirement for an official escort to Introduced or improved single window El Salvador, Korea, Madagascar, Mongolia, the border for all cargo trucks carrying Senegal exports--something that had inevitably Implemented border cooperation agreements Botswana, Mali meant big delays. In Madagascar traders can now Source: Doing Business database. submit customs declarations and pay- transmitted online. Traders can begin exports are part of global supply chains. ments online, thanks to the Madagas- the clearance process before goods arrive To be part of these chains, producers car Community Network (figure 9.3). at the port. Because risk-based inspec- depend on timely delivery of imported Sierra Leone abolished the requirement tions apply, only about 2% of cargo is inputs. Imported materials account for for an export license for coffee. Rwanda physically inspected. It takes only 5 days a third of China's export value for elec- extended the end of customs operating for goods to leave the factory, clear cus- tronic products, for example. They ac- hours at its borders from 6:00 p.m to toms and be on a vessel heading to its count for 55% of export value for Ire- 10:00 p.m. Now fewer trucks stay at the destination. land, 65% for Thailand.5 Economies that border overnight. Other countries might take note. A reduce delays can integrate more rapidly Botswana licensed more customs recent study of 126 economies calculates in global trade. brokers, spurring competition and lead- the loss from export delays at around 1% ing to lower customs brokerage fees. of trade for each extra day. For perishable who reformed in 2007/08? Liberia cut the customs administrative agricultural products the cost is nearly fee from 3% of the cargo value to 1.5%. 3% of the volume of trade for each day's Thirty-four economies made it easier to Kenya extended ports' operating sched- delay.2 Some nonagricultural products trade in 2007/08. Making it possible to ule to 24 hours. In addition, postclear- are time-sensitive too, such as fashion submit customs documents electroni- ance audits allow some traders to fast- apparel and consumer electronics. cally was the most popular reform fea- track their cargo for clearance. Nigeria Another study finds that each extra ture, done in 19 economies (table 9.2). is beginning to reap the rewards from signature an exporter has to collect re- Africa had the most reforms in eas- concessioning its container terminals to duces trade by 4.2%. For high-end ex- ing trade. Senegal was the top reformer, private operators: clearing goods at the ports the reduction is nearly 5%.3 High easing the administrative requirements port of Apapa now takes 2 days less. trade costs constrain participation in for trading across borders. One big In Latin America, El Salvador made global trade for many countries, par- change: linking those involved in the it easier to trade for the second year run- ticularly in Africa. One study finds that clearance process--customs, customs ning. It set up a single window between preferences under the tariff-free regimes brokers, banks, the treasury, traders and customs, government ministries and tax for the U.S. market (under the African several government ministries--through and social security authorities. That cut Growth and Opportunity Act) and the an electronic single-window system. the number of documents traders need European Union (under the Cotonou Traders no longer need to visit each to submit by 2. Guatemala reduced the agreement) are significantly underused.4 of these entities to obtain the required share of goods that are physically in- Delays and cumbersome procedures clearances. Instead, they can fill out a spected from 54% to 33%, thanks to in importing hurt economies too. Many single form. In addition, customs has ongoing implementation of its risk man- 46 DoING BUSINESS 2009 FIGURE 9.3 Egypt continued to reform. It now allows economies reformed. In 2007/08, 11 did. Madagascar speeds imports customs clearance on companies' prem- Ghana, Kenya, Mauritius, Rwanda and Time to import (days) OECD 50 ises. It also monitors the performance of Tanzania reformed in multiple years. high 2007 ncome border agencies to enhance service deliv- In the Middle East and North Africa ery. Djibouti cut the documents required on average, 4 economies reformed each 40 to trade from 8 to 5. Saudi Arabia cut year. In Latin America and the Caribbean port fees by 50%. Morocco is bringing to- reforms ranged from 3 to 8. gether different border agencies through 30 Time cut from a port community network to speed the speeding ClearanCe 49 days to 27 clearance of goods. The most popular reform feature in fa- 2008 Eastern Europe and Central Asia cilitating trade has been to implement 20 kept up the pace of reform. Georgia an electronic data interchange system implemented a risk management sys- (figure 9.5). Electronic transmission of tem, reducing the share of merchandise documents not only speeds the clear- 10 inspected to 10%. Belarus introduced ance of goods; it often reduces the pos- legislative changes that cut the maximum sibilities for paying bribes. "There is an time allowed for customs clearance from old saying--don't pay me a salary, put me 0 10 days to 1. The former Yugoslav Re- in customs," remarks a Honduran freight Documents Port Customs Transport public of Macedonia purchased 4 mobile forwarder. That changed with the advent Procedures Source: Doing Business database. scanners, reducing the number of physi- of electronic data processing. But to avoid OECD high cal inspections carried out. a dual electronic and manual customs ncome FIGURE 9.2 agement system. Uruguay completed its OECD high-income economies also clearance process, the new systems must Rankings on trading across borders are based customs system. automated on 3 subindicatorsNow traders carried out reforms. In France traders be complemented by supporting legisla- All send documents to customs from candocuments required Document preparation, can now submit documents electroni- tion authorizing electronic transactions. introduced an their own office. Brazilcustoms clearance and by customs and cally. Fast-track clearance procedures Economies implementing an elec- other agencies technical control, ports and allowing cus- electronic manifest system, terminal handling, were also put into place. Belgium in- tronic data interchange system saw the toms clearance to 33.3% before thetransport 33.3% begin inland cargo and handling troduced a paperless customs clearance time to clear goods cut by 3 days on arrives. Documents Time to system. Denmark improved its online average. The reform also helps increase to export export East Asia and Pacific, Inand import andimport Korea and customs system. In Austria it is now pos- predictability in clearance times. Before Thailand carried out the most com- sible to use an electronic letter of credit. Pakistan implemented its electronic sys- prehensiveCost33.3% Both introduced reforms. to export Reforms in some countries made tem, only 4.3% of goods were cleared database. and electronic data inter- internet-based import things more complicated. In Equatorial within a day; for a quarter of the goods, change systems and online issuance of Guinea traders used to take their con- clearance took a week. Now 93% of goods trade documents. container, can submit US$ per 20-foot Traders signments from the ports while complet- are cleared within a day.6 no bribes or tari s included customs declarations from anywhere. Note: See Data notes for details. ing customs formalities. This is no longer Where electronic data interchange Singapore, already the leader in trade possible. In Burkina Faso the threshold systems are in place, it is easier to apply facilitation, is going a step further. It is FIGURE 9.5 value triggering inspections has been risk management to customs clearance, upgrading its system in trading Top 5 reform featuresto a 3-dimensional lowered, even though prices are on the another popular reform. Thirteen econo- across borders trade platform allowing traders to inter- Reforms including feature since DB2006 (%) rise. Now more consignments need to be mies, including Colombia, Madagascar face with government agencies as well as inspected, slowing the process. The Gam- and Mongolia, have introduced risk- local and international businesses. 45% bia reinstated compulsory scanning fees. based inspections alongside electronic 7 Introduced or improved electronic In Indonesia a single window started data interchange system Traders complain that they have to pay transmission of documents. In econo- operating in December 2007 38% port in the the scanning fee even when their cargo mies that use risk-based inspections, Philippines of Jakarta. Theadministration introduced Improved customs is not scanned. 19% of containers are inspected on aver- new scanners, reducing the level of phys- age; in economies that do not, 53% are. ical inspection at the ports. In addition, 35% whAt Are the reform trends? traders can submit customs declarations Introduced risk management techniques looking beyond Customs electronically through value added ser- The number of economies implement- While customs reform remains most im- 29% vice providers. In Palau and Tonga trad- ing new reforms to facilitate trade has portant to trading across borders, several Improved port procedures or infrastructure on a ers can file customs declarations been on the increase globally. In 2005 other reforms also play a part. Indeed, USB drive. Customs no longer needs to there were 25 reformers. In 2007/08 in the Doing Business sample, customs 14% reenter the data, saving time. there were 34. Africa increasingly took clearance accounts for less than 20% Introduced border cooperation agreements In the Middle East and North Africa, the lead (figure 9.4). In 2005, 5 African of the time to export, from the time Note: A reform may include several reform features. Source: Doing Business database. US$ per 20-foot container, no bribes or tari s included TRADING ACRoSS BoRDERS Note: See Data notes for details. 47 FIGURE 9.4 FIGURE 9.5 Africa has reformed the most Top 5 reform features in trading Number of reforms easing trade across borders by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Sub-Saharan 45% Africa 27 Introduced or improved electronic (46 economies) data interchange system Latin America 38% & Caribbean 22 Improved customs administration (32 economies) Middle East & 35% North Africa 14 (19 economies) Introduced risk management techniques East Asia & Paci c 13 29% (24 economies) Improved port procedures or infrastructure Eastern Europe & Central Asia 12 14% (28 economies) Introduced border cooperation agreements South Asia Note: A reform may include several reform features. (8 economies) 7 Source: Doing Business database. OECD high income 7 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. the export contract is concluded to the border," complains a clearing agent in authorities and $48 million a year in costs time the goods leave the port. Approv- Botswana. to economic operators.7 als from ministries, health authorities, More publicity, training and regular In some regions trade is hindered security agencies, inspection agencies, meetings with exporters on the clearance by bureaucratic hurdles at borders. In port authorities, banks and immigration process can also make a difference. In Africa and Central Asia border crossings authorities account for most delays. Jamaica, where such efforts are in place, account for significant delays in trade. Countries increasingly recognize the customs brokers with low error rates are But change has begun. South Africa and importance of a comprehensive approach rewarded with access to fast-track clear- Mozambique are creating a one-stop bor- to trade facilitation. Korea has brought ance procedures, while those with high der post at the Lebombo­Ressano Garcia together 69 government agencies as well error rates face more scrutiny. "Because I crossing. Indeed, regional approaches to as private participants through its single- want my goods cleared quickly, I do not trade facilitation may yield the biggest window system. Senegal has brought accept all documents sent to me by my benefits in both regions. together 15 agencies. El Salvador has clients. I sometimes ask them to bring a linked 3 government departments and clearer invoice," says Loraine, a customs notes continues to expand this network. broker in Jamaica. 1. This example is from the World Bank's Payment of customs duties need Doing Business: Women in Africa (2008a), finding inexpensive reforms not delay the release of cargo. Why not a collection of case studies on African Some needed trade reforms are expen- introduce a bond or financial guaran- entrepreneurs. sive, such as building roads or port infra- tee, allowing goods to be released pend- 2. Djankov, Freund and Pham (forthcoming). structure. But much can be done without ing completion of the paperwork? Many 3. Sadikov (2007). heavy spending. Clarifying the rules is economies, such as Malaysia, have done 4. Bureau, Chakir and Gallezot (2007). an important start. "Sometimes they de- just that. 5. Nordas, Pinali and Geloso-Grosso (2006). mand this document, and other times Countries save costs by synchroniz- 6. Ahmad (2008). they don't. We are at the mercy of the ing documents and procedures at the 7. WTO (2005). officials," says a trader in Uzbekistan. border. Thanks to a border cooperation "We had to go back to South Africa to agreement with Sweden and Finland, retrieve the right form before we could Norway is estimated to have avoided more get permission for the truck to leave the than $9 million a year in costs to customs 48 DoING BUSINESS 2009 Table 9.3 Who makes exporting easy--and who does not? Who makes importing easy--and who does not? Documents (number) Documents (number) Fewest Most Fewest Most France 2 namibia 11 France 2 Burkina Faso 11 Estonia 3 Mauritania 11 Denmark 3 Afghanistan 11 Panama 3 Burkina Faso 11 Sweden 3 Congo, Rep. 12 Canada 3 Congo, Rep. 11 Thailand 3 Fiji 13 Micronesia 3 Kazakhstan 11 Singapore 4 Russian Federation 13 Singapore 4 Malawi 12 Hong Kong, China 4 Eritrea 13 Hong Kong, China 4 Angola 12 Estonia 4 Kazakhstan 13 Denmark 4 Afghanistan 12 norway 4 Kyrgyz Republic 13 Finland 4 Fiji 13 Panama 4 Azerbaijan 14 Sweden 4 Kyrgyz Republic 13 Israel 4 Central African Republic 18 Time (days) Time (days) Fastest Slowest Fastest Slowest Singapore 5 Central African Republic 57 Singapore 3 Venezuela 71 Denmark 5 niger 59 Hong Kong, China 5 Burundi 71 Estonia 5 Kyrgyz Republic 64 Denmark 5 Zimbabwe 73 Hong Kong, China 6 Angola 68 Estonia 5 Kyrgyz Republic 75 netherlands 6 Afghanistan 74 United States 5 Kazakhstan 76 United States 6 Chad 78 Sweden 6 Afghanistan 77 Luxembourg 6 Uzbekistan 80 netherlands 6 Tajikistan 83 norway 7 Tajikistan 82 Luxembourg 6 Iraq 101 Germany 7 Kazakhstan 89 norway 7 Chad 102 Ireland 7 Iraq 102 Germany 7 Uzbekistan 104 Cost (US$ per container) Cost (US$ per container) Least Most Least Most Malaysia 450 Kazakhstan 3,005 Singapore 439 niger 3,545 Singapore 456 Azerbaijan 3,075 Malaysia 450 Burkina Faso 3,630 China 460 Uganda 3,090 China 545 Burundi 3,705 Finland 495 Uzbekistan 3,100 Finland 575 Iraq 3,900 Pakistan 611 Tajikistan 3,150 São Tomé and Principe 577 Zimbabwe 3,999 United Arab Emirates 618 Rwanda 3,275 United Arab Emirates 587 Tajikistan 4,550 Hong Kong, China 625 niger 3,545 Israel 605 Uzbekistan 4,600 Thailand 625 Iraq 3,900 Fiji 630 Rwanda 5,070 Brunei 630 Central African Republic 5,121 Hong Kong, China 633 Central African Republic 5,074 Tonga 650 Chad 5,367 Qatar 657 Chad 6,020 Source: Doing Business database. ENFoRCING CoNTRAC TS 49 overview Starting a business FIGURE 10.1 Dealing with construction permits Top 10 reformers in enforcing contracts Average improvement Employing workers Registering property 2007 Getting credit 1. Mozambique 3% 6% 2. Macedonia, former Yugoslav Republic of Protecting investors 3. Bulgaria Paying taxes 2008 4. Romania Trading across borders 5. Armenia Enforcing 6. 7. China Bhutan contracts 8. 9. 10. Belgium Azerbaijan Portugal Closing a business Procedures Time Source: Doing Business database. Tan, a litigation lawyer in Singapore, especially severe in Africa, where 80% of ease of enforcing contracts keep courts does not mind waiting at the supreme the people turn to informal institutions efficient by introducing case manage- court until his case is called. A computer when seeking justice.1 ment, strict procedural time limits FIGUR screen shows the expected wait time for Justice delayed is often justice de- and specialized commercial courts or Rank FIGURE 10.5 are b FIGURE each1010.1 And a in enforcing contractscell case. Top reformers text message on his help reduce delays in enforcing contracts Specialized commercial courts in Africa the to e-courts; by streamlining appeals; and by nied. And in many countries only Days will alert phone improvementhim when the judge is Average Time enforce a contract go richtocan afford to(days) to court. For the making enforcement of judgments faster comm Mozambique ready to hear his. Meanwhile, he reviews rest, justice is out of reach. In the absence and cheaper (table 10.1). 1,000 befor 2007 his oral arguments and enjoys a nice of efficient courts, firms undertake fewer 2004 In Singapore court documents can 1. Mozambique 3% 6% lunch at Academy Bistro, located in the investments and business transactions. be filed electronically, and each case is Democratic 2. 800 Macedonia, former Yugoslav Republic of Nigeria supreme court building. And they prefer to involve only a small monitored from the Republic the action 3. Bulgaria 2008 moment of Congo 2008 Tan and his clients can afford to group of people who know each other is filed until the moment it is finally 4. Romania relax, because they know their cases will 600 previous from Armenia dealings. 5. decided. Using case management also Ghana Burkina be resolved expeditiously. In Singapore 6. Inefficient courts impose big costs. China makes it possible to measure the per- Faso it takes only 150 days to resolve a com- A4007. Bhutan recent study on Eastern Europe finds Mauritania Rwanda formance of judges. The right to appeal mercial dispute--faster than anywhere 8. in countries with slower courts, that Belgium to the high court exists only for cases Steps 9. Azerbaijan else in the world. firms on average have less bank financ- above S$50,000 ($35,500). Cases below 10. Portugal Source: Doing Business database. Note: Se Not everyone bringing a commer- ing for new investment. Reforms in other this threshold need prior leave to go to Procedures Time cial dispute to court can expect simi- areas, such as creditors' rights, help in- appeal. lar efficiency. One common obstacle to FIGURE bank lending crease10.3Business database. only if contracts can Source: Doing Hong Kong (China) speeds the en- FIGURE doing business in developing countries Few reforms in the Middle East & North be enforced before the courts.2 A secondAfrica and in South Asia forcement of judgments by allowing the Top 5 Number of reforms easing contract enforcement contra is the weakness of courts. The problem is by Doing process year study, on 41 developing countries, finds Business reportto start based on the essentials Reform Table 10.1 that for each 10% 2005 DBimprovementDB2006 in the DB2007 DB2008 DB2009 Eastern Europecommercial dispute resolu- efficiency of FIGURE 10.2 Where is enforcing contracts easy--and & Central Asia where not? Rankings on enforcing contracts 26 Increas FIGURE 10.5 tion, the informal sector's share in overall (28 economies) are based on 3 subindicators help reduce delays in enforcing 2.3%.3 Specialized commercial courts in Africa RAnK to economic activity falls by contracts Easiest RAnK Most difficult Sub-Saharan Days to resolve Attorney, court and Time to enforce a contract (days) Hong Kong, China 1 Cameroon 172 AfricaCourts serve business best when 15 commercial sale dispute enforcement costs Mozambique (46 economies) Establis Luxembourg 2 Congo, Dem. Rep. 173 they are fast, affordable and fair. World- before courts as % of claim value 1,000 Iceland 2004 3 Syria 174 wide, OECD only 35% of businesses covered Latvia 4 Benin 175 high income 13 by the World Bank Enterprise Surveys (24 economies) Democratic 33.3% 33.3% Made e 800 Finland 5 Honduras Nigeria 176 Republic or more 2008 believe that the courts in their country Latin America of Congo Time Cost United States 6 Suriname 177 are fair, impartial and uncorrupt.4 & Caribbean 11 9 norway 7 Bangladesh 178 (32 economies) 600 Korea 8 Angola 179 Ghana Doing Business measures Burkina the effi- 33.3% Stream East Asia the judicial system in resolving ciency of Faso Procedures Germany 9 India 180 & Paci c 7 Mauritania Rwanda 8% France 400 10 Timor-Leste 181 a commercial dispute. It looks at the time, (24 economies) Simpli Note: Rankings are the average of the economy rankings on cost and procedures to enforce a contract Steps to le claim, obtain and enforce judgment South Asia through the (8 economies) courts (figure 10.2). the procedures, time and cost to resolve a commercial dispute 1 throughDoing Business database. for details. Source: the courts. See Data notes Note: See Data notes for details. Note: A re Source: Doing Business database. Economies that score well on the Source: Do Middle East & North Africa 1 FIGURE 10.3 (19 economies) FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform features in enforcing Note: A reform is counted as 1 reform per reforming economy per year. Number of reforms easing contract enforcement contracts 50 DoING BUSINESS 2009 Table 10.2 who reformed in 2007/08? Where is enforcing contracts the most efficient--and where the least? Procedures (number of steps) Twelve economies reformed contract en- Fewest Most forcement in 2007/08 (table 10.3). The reforms reduced the time, cost or num- Ireland 20 Guinea 50 ber of steps in court proceedings by in- Singapore 21 Kuwait 50 Hong Kong, China 24 United Arab Emirates 50 troducing specialized commercial courts Rwanda 24 Belize 51 and case management, simplifying rules Austria 25 Iraq 51 for small cases, streamlining appeals Belgium 25 oman 51 and making enforcement of judgments netherlands 25 Timor-Leste 51 more efficient. Iceland 26 Sudan 53 Most reforms took place in East- Luxembourg 26 Syria 55 ern Europe and Central Asia--in Ar- Czech Republic 27 Brunei 58 menia, Azerbaijan, Bulgaria, the former Time (days) Yugoslav Republic of Macedonia and Fastest Slowest Romania. Among OECD high-income Singapore 150 Sri Lanka 1,318 economies, Austria, Belgium and Por- Kyrgyz Republic 177 Trinidad and Tobago 1,340 tugal reformed. In Africa, Mozambique Uzbekistan 195 Colombia 1,346 and Rwanda did. In South Asia, Bhutan Lithuania 210 Slovenia 1,350 was the only economy that improved its Hong Kong, China 211 India 1,420 courts in 2007/08. In East Asia, China new Zealand 216 Bangladesh 1,442 Belarus 225 Guatemala 1,459 was the only reformer. The Middle East Bhutan 225 Afghanistan 1,642 and North Africa had no reforms. Kazakhstan 230 Suriname 1,715 Mozambique, the top reformer in Korea 230 Timor-Leste 1,800 enforcing contracts, reduced the average Cost (% of claim) time to resolve a commercial dispute from 1,010 days to 730. The newly estab- Least Most lished commercial courts have started to Bhutan 0.1 Comoros 89.4 produce results. Since March 2008 the Iceland 6.2 Cambodia 102.7 Luxembourg 8.8 Burkina Faso 107.4 country has also gained 22 new judges-- United States 9.4 Papua new Guinea 110.3 a 10% increase. Besides hiring more norway 9.9 Indonesia 122.7 judges, Mozambique introduced perfor- Korea 10.3 Malawi 142.4 mance measures for them. And court Finland 10.4 Mozambique 142.5 administrators now take care of admin- China 11.1 Sierra Leone 149.5 istrative tasks that judges used to handle, Poland 12.0 Congo, Dem. Rep. 151.8 such as paying creditors after a public Hungary 13.0 Timor-Leste 163.2 auction of a debtor's assets. Source: Doing Business database. In the former Yugoslav Republic of Macedonia, the runner-up reformer, a of the court decision. Fully motivated, fees. Saudi Arabia saw its first female law commercial division of the Skopje civil written court decisions are not needed. graduates--170 of them--in June 2008. court started operating in November The 10 economies with the fastest aver- The Saudi government is sending the 2007, after initial difficulties with al- age times to enforce a contract tend to top 4 to graduate programs abroad, to locating judges were resolved. Starting have specialized commercial courts or prepare them to return as the country's in January 2008, all cases have been specialized commercial sections within first female law professors. Some coun- electronically recorded. The Skopje com- existing courts and limits on the number tries still prohibit women from serving mercial division will soon have 15 ad- and length of adjournments once a case as judges. Others have recently started ditional computers to begin electronic has started. allowing women on the bench. Bahrain, registration of cases. Reducing entry barriers in the mar- which did so in 2003, now has 3 fe- In Rwanda specialized commercial ket for legal services helps. Allowing male judges. And the first female federal courts started operating in May 2008. women to enter the legal profession, judge was appointed in Abu Dhabi in late Three lower commercial courts--in Ki- for example, can increase competition March 2008. gali and in the Northern and Southern among lawyers and reduce attorneys' Provinces--cover commercial disputes ENFoRCING CoNTRAC TS 51 Table 10.3 court procedure. Those refusing to do Increasing procedural efficiency--the most popular reform feature in 2007/08 so may be fined. Enforcement officers Increased procedural efficiency at main trial Armenia, Belgium, Bulgaria, former Yugoslav can take measures to prevent parties court Republic of Macedonia, Mozambique from concealing or transferring their Introduced or expanded specialized Azerbaijan, former Yugoslav Republic of assets during or immediately after court commercial courts Macedonia, Rwanda proceedings. And courts can prohibit Made enforcement of judgment more efficient China, Romania parties from leaving the country if they Simplified rules for small claims Bhutan, Portugal are suspected of trying to escape the enforcement of a decision. Established e-courts Austria In South Asia, Bhutan transferred all Streamlined appeals Bulgaria land disputes--which account for about Source: Doing Business database. 30% of cases before the Thimphu district court--to a specialized land commission. with a value below about $37,000. A commercial court in Baku and increasing The measure freed up more of the court's fourth commercial court, attached to the number of commercial court judges time to handle commercial cases. The re- the high court, handles cases above that from 5 to 9. sult: the Thimphu district court reduced value in addition to appeals of decisions In Western Europe, Austria made the average time to resolve commercial from the 3 lower courts. Commercial electronic filing mandatory in the civil disputes from 275 days to 225. courts not only resolve disputes faster; courts. All filings from lawyers in civil they also bring the needed expertise to litigation and enforcement proceedings whAt Are the reform trends? commercial cases. now go through an electronic data chan- Bulgaria shortened trial times by nel operated by the Ministry of Justice. Reformers considering ways to improve requiring judges to refuse incomplete And judgments are delivered by e-mail the regulatory environment for busi- court filings rather than allow multiple rather than by the old hard-copy notifica- nesses often shy away from tackling extensions. To ensure compliance with tion process. court reforms. This is not surprising. The deadlines, disciplinary sanctions now Belgium adopted a law in 2007 to success rate of court reforms is low: on apply to judges who systematically vio- speed court procedures. The law intro- average, only 1 in 4 attempted reforms late them. Bulgaria also reformed its ap- duced a mandatory procedural calen- succeed in reducing costs and delays. peals process. Appeals are now possible dar that includes binding time limits to Even successful reforms often take years only on the basis of newly discovered submit written pleadings. The agenda to produce visible results. facts and only against judgments exceed- is fixed by the parties or, if they fail As a general rule, economies that ing lev 1,000 (about $800). And final ap- to agree, by the judge. If judges fail to rank high on the ease of enforcing con- peals before the supreme court have been render a judgment within a month after tracts continually reform their courts limited to substantive issues. hearing a case, they are subject to disci- to adjust to changing business realities. Romania simplified the enforce- plinary sanctions. A separate law aims Denmark is an example. In 2006 it intro- ment of judgments by eliminating the to encourage experts to produce their duced special rules for cases below about need for an enforcement order and al- reports more quickly by having the court $8,600. That reduced the number of cases lowing the attachment of credit balances control the payment of their fees. before the general courts in Copenhagen and accounts receivable. The reform re- Portugal expanded the scope of its by 38%. Reformers did not stop there. duced the time to enforce a judgment by simplified proceedings to include all In March 2008 a new law introduced a month, from 120 days to 95. cases with a value up to 30,000. mediation after a successful pilot showed In Armenia procedural rules that China adopted a new set of proce- that two-thirds of all cases referred to became effective in January 2008 intro- dural rules. The focus was on speeding mediation in 2003­05 resulted in an duced a new principle: all court deci- the enforcement of judgments. In East amicable settlement. The message: stay sions become enforceable 1 month after Asia enforcement accounts for 34% on focused on improvement, even if you are being issued. In addition, a May 2007 law average of the time needed to resolve a already doing well. established specialized criminal and ad- commercial dispute--the largest share ministrative jurisdictions and a new civil among all regions. In China, enforcing a introduCing CommerCial Courts court that will deal with the financially judgment takes up almost half the total in afriCa most important cases. time to resolve a commercial dispute. The most popular reform feature in Azerbaijan reduced the average time To reduce the time for enforcement, Africa over the past 5 years has been to enforce a contract from 267 days to China's new rules require parties to dis- introducing specialized commercial 237 by establishing a second specialized close their assets at the beginning of the courts or commercial sections within 400 Steps to le claim, obtain and enforce judgment Source: Doing Business database. Note: See Data notes for details. 52 DoING BUSINESS 2009 FIGURE 10.3 FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform features in enforcing Number of reforms easing contract enforcement contracts by Doing Business report year Reforms including feature since DB2005 (%) DB2005 DB2006 DB2007 DB2008 DB2009 Eastern Europe 43% & Central Asia 26 Increased procedural e ciency (28 economies) Sub-Saharan 18% Africa 15 (46 economies) Established or expanded commercial courts OECD 12% high income 13 (24 economies) Made enforcement of judgment cheaper or more e cient Latin America & Caribbean 11 9% (32 economies) Streamlined appeals East Asia & Paci c 7 8% (24 economies) Simpli ed rules for small claims South Asia (8 economies) 1 Note: A reform may include several reform features. Source: Doing Business database. Middle East & North Africa 1 (19 economies) FIGURE 10.1 Note: A reform is counted as 1 reform per reforming economy per year.Top 10 reformers in enforcing contracts Source: Doing Business database. Average improvement existing courts. Some African countries newly established specialized courts. But 2007 temala, Honduras and Mexico are now have a longer track record with spe- between access a balance must be struck 6% 3% working on similar reforms. And Colom- 1. Mozambique cialized courts or divisions--including to justice and a reasonable caseload for bia2. Macedonia, formeroral proceedings to plans to extend Yugoslav Republic of Kenya, Madagascar, Tanzania, Uganda the new courts. A pragmatic approach is 3. Bulgaria commercial cases over the next 4 years. 2008 4. Romania and Zambia. to lower minimum thresholds as courts In El Salvador the legislature is close 5. Armenia In 7 African countries that intro- are gradually able to accept more cases. adopting to 6. China a bill to make court cases, duced commercial courts or sections This is better than having courts inun- including commercial cases, oral. Now 7. Bhutan in the past 5 years--Burkina Faso, the dated with cases from the start. everything takes place in writing be- 8. Belgium Democratic Republic of Congo, Ghana, 9. the parties, with little interven- tweenAzerbaijan Mauritania, Mozambique, Nigeria and moving to oral proCeedings 10. Portugal tion from the judge. In the future there Rwanda--the average time to resolve a in latin ameriCa Procedures Time will be a preliminary hearing during commercial dispute dropped by about Countries in Latin America have sped which the judge will first try to reconcile Source: Doing Business database. 19%, from 604 days to 492 (figure 10.5). criminal cases by using oral proceed- the parties. Failing that, the judge will Because judges must be hired and ings rather than an exchange of written determine the facts and evidence to be trained, rules adjusted and funding en- documents. Argentina and Chile started presented in the case. At a second and sured, achieving such reductions in time this trend in the 1990s. Colombia, Gua- final hearing the parties, witnesses and FIGURE 10.2 usually takes years. In Ghana, for ex- Rankings o FIGURE 10.5 are based o ample, a commercial division began op- Specialized commercial courts in Africa help to reduce delays in enforcing contracts erating in its high court in March 2005. Time to enforce a contract (days) Days to resol commercial s Doing Business 2008 records a drop in Mozambique before courts 1,000 time from 552 days to 487--more than 2004 2 years later. Democratic Specialized commercial courts are 800 Nigeria Republic 2008 of Congo often criticized because they deal only with the financially most important cases. 600 Ghana Burkina Those in Tanzania, for example, accept Faso only cases with a value 66 times income Mauritania Rwanda 400 per capita. In Zambia it is 15 times income Steps to le c per capita. Minimum thresholds can be justified as a way to avoid overloading Source: Doing Business database. Note: See Data no FIGURE 10.3 FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform ENFoRCING CoNTRAC TS 53 experts will be questioned. Under the imposing striCt deadlines notes new rules the judge must issue a written In 1995 the "arbitrazh courts" became judgment within 15 days after the second responsible for dealing with commercial 1. Wojkowska (2006). hearing. disputes in the Russian Federation. In 2. Safavian and Sharma (2007). While oral proceedings are a re- 2002, to make proceedings faster, the 3. Dabla-Norris, Gradstein and Inchauste cent trend in Latin America, countries Russian Federation revised its commer- (2008). in other regions have a longer history cial procedural code. Its most signifi- 4. World Bank Enterprise Surveys (http:// www.enterprisesurveys.org). with them. Take Luxembourg, which cant innovation was to introduce strict ranks second on the ease of enforcing mandatory time limits: 2 months for contracts. There, parties do not exchange a full hearing, 1 month for accelerated long, written pleadings in commercial procedures. cases. Instead, they exchange only the Most Central Asian countries cop- written evidence they intend to rely on ied the Russian procedural rules, includ- during oral arguments before the judge. ing the strict deadlines. Judges are held This saves several months. accountable for respecting the deadlines, with those who do best standing better chances for promotion. Not surprisingly, of the 10 economies with the fastest aver- age times to enforce a contract, half are in Eastern Europe and Central Asia. 54 DoING BUSINESS 2009 overview Starting a business FIGURE 11.1 Dealing with construction permits Higher recovery rates associated with more access to credit Employing workers Percentage of rms perceiving Private credit as % of GDP access to credit as an obstacle Registering property 120 40 Getting credit Protecting investors 100 30 Paying taxes 80 Trading across borders 60 20 Enforcing contracts 40 Closing a 10 20 business 0 0 Lowest Highest Lowest Highest Economies ranked by recovery rate, quintiles Economies ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. FIGURE 11.2 Carlos, the owner of a large Colombian FIGURE 11.3 are most effective, creditors-- vency laws ganized as a going concern rather than Higher recovery rates in economies with specialized courts and trustees Rankings on manufacturing firm, got bad news: his confident that they will be able to collect liquidated through piecemeal sales. And are based o Recovery rate (cents on the dollar) main customer had just entered bank- on loans--are more likely to lend.1 50 most allow creditors significant input Function of tim ruptcy. Carlos feared that it might take The benefits of efficient bankruptcy YES into the appointment of administrators such as lending of the company years to recover the company's loan-- regulations are particularly evident when 45 and require special qualifications for to operate and that his business could suffer harm. comparing rich economies. Recent stud- trustees (figure 11.3). FIGUREBut there is good news too. Co- 11.1 ies in Europe find that actual returns 40 In Canada, Ireland, Japan, Norway YES Higher recovery rates associated with more access to credit 92% of the value of the lombia's new insolvency law came into to creditors are YES and Singapore foreclosure, reorganiza- loan in the rms perceiving effect at the end of 2007, streamlining Percentage ofUnited Kingdom, 80% in the NO or liquidation is completed within 35 tion Private credit as % of GDP access to credit as an obstacle NO bankruptcy procedures. Before, a debtor Netherlands, 67% in Germany and 56% NO a year (table 11.1). Canada and Ireland 2 Why the big spread? In part could object to every claim from any in France. 120 40 30 have specialized bankruptcy courts and creditor, greatly delaying the court pro- 100 because it takes only a year to finish the statutory time limits. They also limit pro- 30 Are there specialized Are there minimum Can creditors quali cations cedural cess. Now all objections must be resolved insolvency process in London, 13 months for trustees?appeals. appoint trustees? 80 bankruptcy courts? Denmark introduced Note: Time and co in Amsterdam and 15 in one court hearing. The new law also Source: Doing Business database. months in Berlin, a "floating charge" in 2006 to allow se- See Data notes fo 60 20 tightens procedural time limits. And it but almost 2 years in Paris, according to cured creditors to take security over an 40 gives creditors more power to influence Doing Business data. 10 entire business. This increases the likeli- the proceedings, such as allowing them 20 Good bankruptcy laws do 3 main hood that a viable business will be sold to remove and replace the liquidator. FIGURE 11.4 things. They seek to rehabilitate viable as a going concern. In Colombia, Kuwait, 0 0 FIGURE 11.5 Lowest Highest reforms Most Lowest in Eastern Europe & Central Asia and rich economies Highest Efficient bankruptcy regulations businesses and liquidate unviable ones. Norway and Singapore it costs only about Top 5 reform Number of reforms making it easier to close a business improve access to recovery rate, quintiles Economies ranked by credit. Where insol- They aim to maximize the valuequintiles Doing Business of the bankrupt estate's value to re- Economies ranked by recovery rate, received by 1% report year closing a bus Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. DB2006 DB2007 Reforms includ Table 11.1 by creditors, shareholders, employees solve insolvency (table DB2009 DB2005 Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. DB2008 11.2). Eastern Europe Where is it easy to close a business-- and other stakeholders by requiring that & Central Asia and where not? 21 FIGURE 11.3 businesses (28 economies) be turned around, sold as FIGURE 11.2 Granted power Higher recovery rates in economies with specializedconcerns or liquidated--which- Recovery Recovery going courts and trustees Rankings on closing a business Easiest rate Most difficult rate OECD are based on 1 subindicator 19 Recovery rate (cents on the dollar) ever generates the greatest total value. high income Japan 50 92.5 Liberia 8.3 (24 economies) Function of time, cost and other factors Introduced or t Singapore YES 91.3 Suriname 8.1 And they establish a system for clearly such as lending rate and the likelihood and streamline East Asia creditors. Countries with laws ranking of the company continuing norway 45 89.0 Mauritania 6.7 & Paci c 6 to operate Canada 88.7 Venezuela 6.0 meeting these 3 objectives achieve a (24 economies) Established or p Finland 87.3 Congo, Dem. Rep. 5.4 higher recovery rate than countries with- Latin America reorganization 40 YES Ireland 86.6 Philippines 4.4 & Caribbean out such laws. 6 YES 100% Denmark 86.5 Micronesia 3.5 (32 economies) NO Doing Business studies the time, cost Recovery Developed the 35 Belgium 86.3 Haiti 2.7 Sub-Saharan NO and outcomes of bankruptcy proceedings Africa 3 rate United Kingdom 84.2 NO Zimbabwe 0.0 (46 economies)domestic entities. Speed, low involving 7% netherlands 30 82.7 Central African 0.0 Republic cost and & Middle Eastcontinuation of viable business Established a Are there specialized North Africa characterizecreditors Are there minimum operations Can the top-perform- 2 Note: A reform may bankruptcy on the recovery rate: how many cents for trustees? Note: Rankings are based courts? quali cations (19 economies) appoint trustees? Source: Doing Busin on the dollar claimants (creditors, tax authorities and employees) ing economies. In these economies busi- Note: Time and cost do not count separately for the ranking. recover from Business database. Source: Doingthe insolvent firm. See Data notes for details. See Data notes for details. Source: Doing Business database. South Asia more likely to be sold or reor- nesses are (8 economies) 1 Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 11.4 FIGURE 11.5 Lowest Highest Lowest Highest Economies ranked by recovery rate, quintiles Economies ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. CLoSING A BUSINESS 55 FIGURE 11.3 FIGURE 11.2 strengthening trustees' role and powers. Higher recovery rates in economies with specialized courts and trustees Rankings on closing a business Cambodia adopted the 2007 Bankruptcy are based on 1 subindicator Recovery rate (cents on the dollar) 50 Law, its first regulating the bankruptcy of Function of time, cost and other factors YES such as enterprises. The law introduces a private lending rate and the likelihood of the company continuing 45 reorganization procedure to restructure to operate insolvent companies. 40 YES Five OECD high-income economies YES joined the list of 100% reformers in 2007/08. 35 NO Finland streamlined court-supervised Recovery NO rate NO reorganization. Now a simple majority 30 of creditors can approve simplified re- organization plans; before, unanimous Are there specialized Are there minimum Can creditors bankruptcy courts? quali cations for trustees? appoint trustees? consent was required. Finland revised Note: Time and cost do not count separately for the ranking. Source: Doing Business database. its Restructuring of Enterprises Act, See Data notes for details. accelerating hearings and making the entire process more flexible. Germany who reformed in 2007/08? Four Eastern European economies amended its insolvency code to make FIGURE 11.4 joined Poland in streamlining bank- it easier to maintain a debtor's business FIGURE 11.5 Most reforms in Eastern Europe & Central Asia and rich economies Poland was the top reformer in closing ruptcy procedures. Latvia passed a new Top going concern. The as a 5 reform features in new law allows Number of reforms making it easier to close a business a business in 2007/08 (table 11.3). by Doing Business report yearlaw in November 2007. Now Its insolvency closing a business the insolvency court to suspend enforce- Reforms including feature since DB2005 (%) DB2006 DB financially 2008 Law on Trustee Licensing took effect on 2007 DB2005 companies can DB distressed DB2009 ment actions against assets essential to Eastern Europe 10, October Asia 2007. The new law tightened choose to continue operating by pursu- & Central continuing the business. 29% 21 professional (28 economies) requirements for adminis- ing reorganization. Like Poland, Latvia creditors Granted power tocut the formality of pub- Portugal trators OECD to ensure they have the skills and also tightened the qualification stan- lishing insolvency notices in newspapers. high incomeneeded to oversee bankruptcy 28% education dards for bankruptcy administrators. So 19 It also introduced a fast-track procedure (24 economies) Introduced or tightened statutory time limits proceedings. Obtaining a trustee's li- did Bosnia and Herzegovina. The Czech and streamlined appeals East Asia cense now requires passing an exam in Republic's Insolvency Act took effect on Table 11.2 & Paci c 6 22% Where is bankruptcy the most efficient-- economics, (24 economies) law, finance and manage- January 1, 2008. The law introduces re- Established the least? and whereor promoted ment. The Latin America reform also limits trustees' organization as the preferred method for reorganization procedure Time (years) & Caribbean of the bankrupt estate's6value, pay to 3% resolving insolvency, mandates stricter (32 economies) 16% Fastest Slowest down from 5%. deadlines, establishes an electronic insol- Developed the trustee profession Sub-Saharan Ireland 0.4 Ecuador 5.3 Africa Three economies in Latin America 3 vency register and sets new qualification Japan 7% 0.6 Indonesia 5.5 and the Caribbean rank close behind (46 economies) standards for trustees. Canada 0.8 Established a rst bankruptcy law Haiti 5.7 Poland as top reformers. Colombia, the Middle East & Bulgaria passed 2 laws: the Civil Singapore 0.8 Philippines 5.7 North Africa reformer, 2 runner-up introduced 2 new Procedure Code and the Law for the Note: A reform may include several reform features. (19 economies) Belgium 0.9 Belarus 5.8 Source: Doing Business database. insolvency proceedings: a reorganization Commercial Registry. The first specifies Finland 0.9 Angola 6.2 South Asia to restructure insolvent com- procedure that appeals will now take place at 2 lev- norway 0.9 Czech Republic 6.5 (8 economies) 1 panies and a mandatory liquidation pro- els: first before the court of appeals and Australia 1.0 Maldives 6.7 Note: A reform is new as 1 reform per reforming economy per cedure. Its counted insolvency law tightens year.then before the supreme court. Bulgaria's Belize 1.0 Mauritania 8.0 Source: Doing Business database. Iceland 1.0 India 10.0 time limits for negotiating reorganization supreme court will be the final arbiter, agreements. Before, the term allowed was with the discretion to decide whether Cost (% of estate) 6 months, with a possible extension of 8 or not to hear a case. Before, court deci- Least Most months. The new law limits the term to 4 sions could be appealed only before the Colombia 1.0 Micronesia 38.0 months, and the extension to 2. supreme court--which usually sent cases Kuwait 1.0 Philippines 38.0 Mexico amended its bankruptcy back to the district court--resulting in norway 1.0 Samoa 38.0 law. Now debtors and creditors may long delays. Another first for Bulgaria: Singapore 1.0 Solomon Islands 38.0 enter into a reorganization agreement major decisions and rulings of the bank- Bahamas, The 3.5 Vanuatu 38.0 Belgium 3.5 Venezuela 38.0 at any stage of the insolvency procedure. ruptcy court are posted on the commer- Brunei 3.5 Sierra Leone 42.0 St. Vincent and the Grenadines enacted cial registry's website. Canada 3.5 Ukraine 42.0 a bankruptcy law in 2007. The law is the In East Asia and Pacific, Hong Kong Finland 3.5 Liberia 42.5 country's first set of rules regulating the (China) and Cambodia were the only Georgia 3.5 Central African 76.0 bankruptcy of private enterprises since reformers. Hong Kong (China) issued the Republic its independence. Bankruptcy Amendment Rules for 2007, Source: Doing Business database. FIGURE 11.1 56 DoING BUSINESS 2009 Higher recovery rates associated with more access to credit Percentage of rms perceiving Private credit as % of GDP Table 11.3 access to credit as ering creditors. an obstacle Establishing or promoting reorganization procedures--a popular reform feature in 120 40 Elsewhere in the world reform has 2007/08 100 been moving more slowly. The 10 reforms 30 Established or promoted reorganization procedure Colombia, Czech Republic, Finland, Germany, 80 in Latin America and the Caribbean, Greece, Latvia, Mexico, new Zealand Sub-Saharan Africa and South Asia have 60 20 Developed the trustee profession Bosnia and Herzegovina, Czech Republic, Hong ranged from introducing stricter dead- Kong (China), Latvia, Poland 40 lines to establishing specialized bank- 10 Introduced or tightened time limits and streamlined Bulgaria, Colombia, Portugal, Saudi Arabia 20 ruptcy courts. In 2006 Burundi enacted procedural appeals 0 its first bankruptcy law, setting clear time 0 Established a first bankruptcy law Lowest Cambodia, St. Vincent and the Grenadines Highest limitsLowest for procedures. In the Middle East Highest Granted priority to secured creditors Economies ranked by recovery rate, quintiles Czech Republic Economies Africa only Tunisia and Saudi and North ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. reformed. Arabia haveWorld Bank Enterprise Surveys. Source: Doing Business database. Source: Doing Business database; World Bank, World Development Indicators database; for debtors with less than 5,000 in whAt FIGURE 11.3Are thereform trends? expanding Creditors' rights FIGURE 11.2 assets and new procedures to acceler- Higher recovery rates in economies with specialized courts and trustees has been the Expanding creditors' rights Rankings o are based o ate payments to insolvency administra- Recovery continues even in Reform rate (cents on the dollar)the jurisdic- most popular reform feature over the past 50 Function of tim tors. In addition, Portugal limited pro- tions withYES best performance. Doing 5 years (figure 11.5). Seventeen econo- the such as lending cedural appeals by unifying its appeals Business has recorded 58 reforms making mies have empowered creditors: China, of the company 45 to operate process and raising the value threshold it easier to close a business in the past 5 the Czech Republic, Denmark, Finland, for claims heard in the courts of first and years. Most focused on expanding credi- France, Hungary, Indonesia, Italy, Korea, 40 YES second instance. In the future, appeals tors' rights and speeding bankruptcy YES Poland, Portugal, Puerto Rico, Roma- of appeals court decisions that confirm proceedings in the court. NO nia, Serbia, Slovakia, the United States 35 NO first-instance decisions will be possible Economies in Eastern Europe and and Vietnam. Giving creditors more say NO only in limited circumstances. This is Central Asia have had the most reforms in the process speeds the resolution of 30 expected to cut the number of appeals making it easier to close a business in bankruptcy and is likely to result in the before the supreme court. Are 5 years, especially in speeding minimum the past there specialized Can creditors Are there continuation of the business. Allowing bankruptcy courts? quali cations for trustees? appoint trustees? New Zealand introduced a reorga- bankruptcy proceedings (figure 11.4). creditors a greater role in decision mak- Note: Time and c Source: Doing Business database. See Data notes f nization procedure similar to the one High-income OECD economies follow ing increases the recovery rate. in Australia. The aim is to provide an close behind, focusing more on empow- Reforms expanding the powers of alternative to liquidation and receiver- ship and maximize a company's chances FIGURE 11.4 FIGURE 11.5 of continuing as a going concern. Greece Most reforms in Eastern Europe & Central Asia and rich economies Top 5 reform thoroughly revised its bankruptcy system Number of reforms making it easier to close a business by Doing Business report year closing a bu to maximize creditors' recovery of debt. Reforms includ DB2005 DB2006 DB2007 DB2008 DB2009 A new law aims to reorganize finan- Eastern Europe & Central Asia 21 cially distressed companies, preserve the (28 economies) Granted power business assets, treat creditors equally OECD and prevent piecemeal sale. This law is high income 19 expected to lead to a boom in restruc- (24 economies) Introduced or t and streamline turings and, together with a better early East Asia & Paci c 6 detection system, allow more companies (24 economies) Established or to continue as going concerns. reorganization Latin America Saudi Arabia was the only reformer & Caribbean 6 in the Middle East and North Africa. Its (32 economies) Developed the Ministry of Commerce introduced strict Sub-Saharan Africa 3 deadlines for bankruptcy procedures. (46 economies) 7% Auctions of debtors' assets are expected Established a Middle East & to take place quicker than before. North Africa 2 Note: A reform ma (19 economies) Bolivia made going through bank- Source: Doing Busin ruptcy more complex, by suspending South Asia (8 economies) 1 applications for voluntary restructuring. The only option now is a bankruptcy pro- Note: A reform is counted as 1 reform per reforming economy per year. cedure that typically takes years. Source: Doing Business database. Note: Time and cost do not count separately for the ranking. See Data notes for details. CLoSING A BUSINESS 57 FIGURE 11.5 expanded the powers of creditors' com- ing, and the court has 30 days to issue a Top 5 reform features in mittees so they can file and vote on reor- decision on an appeal. Slovakia tightened closing a business Reforms including feature since DB2005 (%) ganization plans. China adopted a new time limits, speeding bankruptcy by at 09 bankruptcy law in 2007, its first since least 9 months in 2006. 29% 21 1949, significantly strengthening credi- Granted power to creditors tors' rights. Secured creditors now rank getting the foCus right 28% first in payment priority.4 Vietnam also When it comes to reforming bankruptcy 19 Introduced or tightened statutory time limits gave higher priority to secured creditors, regulations, it is often assumed that re- and streamlined appeals and removed priority for tax claims, organization is always the best course 22% when it changed its 1993 bankruptcy of action. But in low-income economies Established or promoted law in 2004. reorganization does not always lead to reorganization procedure the highest return for creditors. 16% speeding bankruptCy proCeedings Mandatory reorganization proce- Developed the trustee profession The second most popular reform feature dures in some African economies often in closing a business has been intro- make matters worse. Take for example 7% ducing or tightening deadlines in court Benin, the Republic of Congo and Côte Established a rst bankruptcy law procedures and streamlining appeals. d'Ivoire. All have mandatory reorganiza- Note: A reform may include several reform features. Source: Doing Business database. Sixteen economies have undertaken such tion provisions, but their judicial systems reforms: Armenia, Bulgaria, Colombia, lack the capacity to handle these types of creditors have been most concentrated Estonia, Georgia, Lithuania, Portugal, cases. Among the main problems: fre- among OECD high-income economies. Puerto Rico, Romania, Saudi Arabia, Ser- quent adjournments and courts that fail Finland gave creditors the right to set bia, Slovakia, Spain, Tunisia, the United to hand down timely decisions. up a creditors' committee to advise the Kingdom and the United States. Impos- In such systems, reorganization administrator. France and Korea now ing time limits facilitates fast resolution usually ends in liquidation. The time allow the creditors' committee to vote on of bankruptcy, avoiding deterioration in spent in reorganization only delays the the reorganization plan. Denmark en- a company's value over time. process and increases the cost. Reforms couraged creditors to report to the court This type of reform has been most that focus on debt enforcement or fore- any trustee actions that appear to delay popular in Eastern Europe and Central closure are more likely to show results in the process. The court can then replace Asia, where no fewer than 8 economies those countries. And reforms that ensure the trustee if it decides--based on the have reformed in this direction in the properly resourced and well-functioning creditors' reports--that the trustee is past 5 years. Romania, Bulgaria and courts can help a larger number of viable incompetent. Estonia restricted procedural appeals. businesses to reorganize successfully. Several economies, including Fin- In 2004 Romania reduced the time al- Overall, economies around the land and France, granted higher prior- lowed for each appeal from 30 days to world are reforming toward more ef- ity to creditors in bankruptcy claims. 10, shortening the total duration of the ficient bankruptcy systems. In the years France gave a "supersecured" position to bankruptcy procedure from 55 months since Doing Business started collecting creditors that lend money to distressed to 40. Bulgaria restricted opportuni- data on the topic, the average time to companies, giving them priority over ties for procedural appeals. Before the complete bankruptcy proceedings has previous secured creditors. That makes it reform, the initial decision could be ap- declined by 4%. easier for such companies to obtain new pealed to 2 higher levels of courts. Now loans and continue operating. only 1 appeal is possible. Estonia allows notes OECD high-income economies have debt recovery to continue even when also promoted reorganization. Finland, there is an appeal, avoiding disruption 1. Djankov and others (2006). France, Italy and Korea made reorganiza- of the process. 2. Davydenko and Franks (2008) and tion more accessible to troubled compa- Armenia, Bulgaria, Estonia, Geor- de Jong and Couwenberg (2007). nies. Italy now allows distressed compa- gia, Lithuania, Serbia and Slovakia in- 3. Beye and Nasr (2008). nies to seek an agreement with creditors troduced or tightened procedural time 4. Only wage claims made before the new law came into effect have priority over before entering formal bankruptcy and limits. Armenia passed a new law in- secured creditors. with no prerequisites. That permits the corporating time limits into the reor- companies to continue operating.3 ganization procedure. Serbia set strict Besides OECD high-income econo- time limits: claimants have 5 days to mies, several in East Asia and Pacific raise objections to the resolution, appeals also empowered creditors. Indonesia must be made within 8 days after the rul- 58 Doing Business 2009 References Benmelech, Effi, and Nittai Bergman. 2008. "Vintage Capital and Creditor Protection." Working Paper, Department of Econom- Coma-Cunill, Roger, and Marie Delion. 2008. "Honduras: Slashing the Time to Register a Property from 18 Months to 15 Days." ics, Harvard University, Cambridge, MA. 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Doing Business 2008: Compar- ing Regulation in 178 Economies. Wash- ington, DC: World Bank Group. ------. 2007c. Reforming Collateral Laws and Registries: International Best Practices and the Case of China. Washington, DC: World Bank Group. http://www.ifc.org/ifcext/ fias.nsf/Content/FIAS_Resources _Country_Reports. ------. 2008a. Doing Business: Women in Africa. Washington, DC: World Bank Group. ------. 2008b. World Development Indica- tors 2008. Washington, DC: World Bank Group. 61 Data notes simple business case to ensure compara- bility across economies and over time-- valid across economies. Finally, the data not only highlight the extent of specific with assumptions about the legal form regulatory obstacles to doing business of the business, its size, its location and but also identify their source and point the nature of its operations. Surveys are to what might be reformed. administered through more than 6,700 local experts, including lawyers, busi- Limits to what is measured ness consultants, accountants, freight The Doing Business methodology has forwarders, government officials and 5 limitations that should be considered other professionals routinely adminis- when interpreting the data. First, the tering or advising on legal and regula- collected data refer to businesses in tory requirements (table 12.1). These the economy's largest business city and experts have several (typically 4) rounds may not be representative of regulation of interaction with the Doing Business in other parts of the economy. To ad- team, involving conference calls, writ- dress this limitation, subnational Doing ten correspondence and visits by the Business indicators were created for 6 The indicators presented and analyzed team. For Doing Business 2009 team economies in 2007/08: China, Colombia, in Doing Business measure business members visited 73 economies to verify Egypt, Morocco, Nigeria and the Philip- regulation and the protection of property data and recruit respondents. The data pines.2 Six other subnational studies are rights--and their effect on businesses, from surveys are subjected to numerous under way, in Central Asia, Southeast especially small and medium-size do- tests for robustness, which lead to revi- Europe, Indonesia, the Russian Federa- mestic firms. First, the indicators docu- sions or expansions of the information tion, Southeast Asia and Ukraine. And ment the degree of regulation, such as the collected. some existing studies are updated annu- number of procedures to start a business The Doing Business methodology ally, such as those in India, Mexico and or to register and transfer commercial offers several advantages. It is trans- Pakistan. These subnational studies point property. Second, they gauge regulatory parent, using factual information about to significant differences in the speed of outcomes, such as the time and cost to what laws and regulations say and al- reform and the ease of doing business enforce a contract, go through bank- lowing multiple interactions with local across cities in the same economy. ruptcy or trade across borders. Third, respondents to clarify potential misin- Second, the data often focus on they measure the extent of legal pro- terpretations of questions. Having rep- a specific business form--generally a tections of property, for example, the resentative samples of respondents is limited liability company (or its legal protections of investors against looting not an issue, as the texts of the relevant equivalent) of a specified size--and may by company directors or the range of laws and regulations are collected and not be representative of the regulation assets that can be used as collateral ac- answers checked for accuracy. The meth- on other businesses, for example, sole cording to secured transactions laws. odology is inexpensive and easily repli- proprietorships. Third, transactions de- Fourth, they measure the flexibility of cable, so data can be collected in a large scribed in a standardized case scenario employment regulation. Finally, a set of sample of economies. Because standard refer to a specific set of issues and may indicators documents the tax burden on assumptions are used in the data collec- not represent the full set of issues a busi- businesses. For details on how the rank- tion, comparisons and benchmarks are ness encounters. Fourth, the measures of ings on these indicators are constructed, time involve an element of judgment by Table 12.1 see Ease of doing business, page 79. How many experts does Doing Business the expert respondents. When sources The data for all sets of indicators in consult? indicate different estimates, the time Doing Business 2009 are for June 2008.1 Number of indicators reported in Doing Business Indicator set contributors Three new economies--The Bahamas, represent the median values of several Starting a business 1,166 Bahrain and Qatar--were added to the Dealing with construction permits 739 responses given under the assumptions sample, now comprising 181 economies. Employing workers 810 of the standardized case. Registering property 907 Finally, the methodology assumes Methodology Getting credit 1,033 that a business has full information on Protecting investors 653 what is required and does not waste The Doing Business data are collected in Paying taxes 862 time when completing procedures. In a standardized way. To start, the Doing Trading across borders 817 practice, completing a procedure may Business team, with academic advis- Enforcing contracts 767 take longer if the business lacks informa- ers, designs a survey. The survey uses a Closing a business 727 tion or is unable to follow up promptly. 62 Doing Business 2009 Alternatively, the business may choose to data ChaLLenges and revisions Starting a buSineSS disregard some burdensome procedures. Most laws and regulations underlying the For both reasons the time delays reported Doing Business data are available on the Doing Business records all procedures in Doing Business 2009 could differ Doing Business website at http://www that are officially required for an entrepre- from the perceptions of entrepreneurs .doingbusiness.org. All the sample sur- neur to start up and formally operate an reported in the World Bank Enterprise veys and the details underlying the indi- industrial or commercial business. These Surveys or other perception surveys. cators are also published on the website. include obtaining all necessary licenses Questions on the methodology and chal- and permits and completing any required Changes in what is measured lenges to data can be submitted through notifications, verifications or inscriptions The methodology for one of the Doing the website's "Ask a Question" function at for the company and employees with rel- Business topics--getting credit--im- http://www.doingbusiness.org. evant authorities (table 12.2). proved this year. Three main changes Doing Business publishes 8,900 After a study of laws, regulations were made, affecting only the strength of indicators each year. To create these in- and publicly available information on legal rights index. First, a standardized dicators, the team measures more than business entry, a detailed list of proce- case scenario with specific assumptions 52,000 data points, each of which is dures is developed, along with the time was introduced to bring this indicator made available on the Doing Business and cost of complying with each proce- into line with other Doing Business indi- website. Data time series for each indi- dure under normal circumstances and cators. Second, the indicator now focuses cator and economy are available on the the paid-in minimum capital require- not on tangible movable collateral, such website, beginning with the first year ments. Subsequently, local incorpora- as equipment, but on revolving movable the indicator or economy was included tion lawyers and government officials collateral, such as accounts receivable in the report. To provide a comparable complete and verify the data. and inventory. Third, the indicator no time series for research, the data set is Information is also collected on the longer considers whether management back-calculated to adjust for changes sequence in which procedures are to remains in place during a reorganiza- in methodology and any revisions in be completed and whether procedures tion procedure, better accommodating data due to corrections. The website also may be carried out simultaneously. It is economies that adopt reorganization makes available all original data sets assumed that any required information procedures similar to Chapter 11 reorga- used for background papers. The correc- is readily available and that all agencies nization or redressement procedures in tion rate between Doing Business 2008 involved in the start-up process function civil law systems. and Doing Business 2009 was 6%. without corruption. If answers by local experts differ, inquiries continue until economy characteristics the data are reconciled. To make the data comparable across gross nationaL inCome (gni) and the U.S. State Department 2008 economies, several assumptions about the per Capita country profiles were used. business and the procedures are used. Doing Business 2009 reports 2007 income per capita as published in region and inCome group assumptions about the business the World Bank's World Develop- Doing Business uses the World Bank The business: ment Indicators 2008. Income is regional and income group clas- · Is a limited liability company. If there calculated using the Atlas method sifications, available at http://www is more than one type of limited (current US$). For cost indicators .worldbank.org/data/countryclass. liability company in the economy, the expressed as a percentage of income Throughout the report the term rich limited liability form most popular per capita, 2007 GNI in local cur- economies refers to the high-income among domestic firms is chosen. rency units is used as the denomina- group, middle-income economies to Information on the most popular tor. GNI data were not available from the upper-middle-income group and form is obtained from incorporation the World Bank for The Bahamas, poor economies to the lower-middle- lawyers or the statistical office. Bahrain, Puerto Rico, Qatar and the income and low-income groups. · Operates in the economy's largest United Arab Emirates. In these cases business city. GDP or GNP per capita data and popuLation · Is 100% domestically owned and has growth rates from the International Doing Business 2009 reports midyear 5 owners, none of whom is a legal Monetary Fund's World Economic 2007 population statistics as published entity. Outlook database, the Economist In- in World Development Indicators · Has start-up capital of 10 times telligence Unit 2008 country profiles 2008. income per capita at the end of 2007, paid in cash. DATA noTes 63 Table 12.2 procedures are excluded. For example, What does starting a business measure? procedures to comply with environmen- Procedures to legally start and operate a company (number) tal regulations are included only when · Preregistration (for example, name verification or reservation, notarization) they apply to all businesses conducting · Registration in the economy's largest business city general commercial or industrial activi- · Postregistration (for example, social security registration, company seal) ties. Procedures that the company un- Time required to complete each procedure (calendar days) dergoes to connect to electricity, water, · Does not include time spent gathering information gas and waste disposal services are not · Each procedure starts on a separate day included. · Procedure completed once final document is received · No prior contact with officials time Cost required to complete each procedure (% of income per capita) Time is recorded in calendar days. The · Official costs only, no bribes measure captures the median duration · No professional fees unless services required by law that incorporation lawyers indicate is Paid-in minimum capital (% of income per capita) necessary to complete a procedure with · Deposited in a bank or with a notary before registration begins minimum follow-up with government Source: Doing Business database. agencies and no extra payments. It is as- sumed that the minimum time required · Performs general industrial or different sequential procedures, each is for each procedure is 1 day. Although commercial activities, such as the counted separately. The founders are as- procedures may take place simultane- production or sale to the public of sumed to complete all procedures them- ously, they cannot start on the same day products or services. The business selves, without middlemen, facilitators, (that is, simultaneous procedures start does not perform foreign trade accountants or lawyers, unless the use on consecutive days). A procedure is activities and does not handle of such a third party is mandated by considered completed once the company products subject to a special tax law. If the services of professionals are has received the final document, such as regime, for example, liquor or required, procedures conducted by such the company registration certificate or tobacco. It is not using heavily professionals on behalf of the company tax number. If a procedure can be accel- polluting production processes. are counted separately. Each electronic erated for an additional cost, the fastest · Leases the commercial plant and procedure is counted separately. If 2 pro- procedure is chosen. It is assumed that offices and is not a proprietor of real cedures can be completed through the the entrepreneur does not waste time estate. same website but require separate filings, and commits to completing each remain- · Does not qualify for investment they are counted as 2 procedures. ing procedure without delay. The time incentives or any special benefits. Both pre- and postincorporation that the entrepreneur spends on gather- · Has at least 10 and up to 50 procedures that are officially required ing information is ignored. It is assumed employees 1 month after the for an entrepreneur to formally operate a that the entrepreneur is aware of all entry commencement of operations, all of business are recorded. regulations and their sequence from the them nationals. Procedures required for official cor- beginning but has had no prior contact · Has a turnover of at least 100 times respondence or transactions with public with any of the officials. income per capita. agencies are also included. For example, · Has a company deed 10 pages long. if a company seal or stamp is required Cost on official documents, such as tax dec- Cost is recorded as a percentage of the proCedures larations, obtaining the seal or stamp is economy's income per capita. It includes A procedure is defined as any interaction counted. Similarly, if a company must all official fees and fees for legal or pro- of the company founders with external open a bank account before registering fessional services if such services are parties (for example, government agen- for sales tax or value added tax, this required by law. Fees for purchasing and cies, lawyers, auditors or notaries). In- transaction is included as a procedure. legalizing company books are included teractions between company founders or Shortcuts are counted only if they fulfill 4 if these transactions are required by law. company officers and employees are not criteria: they are legal, they are available The company law, the commercial code counted as procedures. Procedures that to the general public, they are used by and specific regulations and fee sched- must be completed in the same build- the majority of companies, and avoiding ules are used as sources for calculating ing but in different offices are counted them causes substantial delays. costs. In the absence of fee schedules, a as separate procedures. If founders have Only procedures required of all government officer's estimate is taken to visit the same office several times for businesses are covered. Industry-specific as an official source. In the absence of a 64 Doing Business 2009 government officer's estimate, estimates Table 12.3 of incorporation lawyers are used. If What does dealing with construction permits measure? several incorporation lawyers provide Procedures to legally build a warehouse (number) different estimates, the median reported · Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and certificates value is applied. In all cases the cost ex- · Completing all required notifications and receiving all necessary inspections · Obtaining utility connections for electricity, water, sewerage and a land telephone line cludes bribes. · Registering the warehouse after its completion (if required for use as collateral or for transfer of warehouse) paid-in minimum CapitaL Time required to complete each procedure (calendar days) The paid-in minimum capital require- · Does not include time spent gathering information · Each procedure starts on a separate day ment reflects the amount that the en- · Procedure completed once final document is received trepreneur needs to deposit in a bank or · No prior contact with officials with a notary before registration and up Cost required to complete each procedure (% of income per capita) to 3 months following incorporation and · Official costs only, no bribes is recorded as a percentage of the econ- omy's income per capita. The amount Source: Doing Business database. is typically specified in the commercial code or the company law. Many econo- required notifications; and receiving all · Has 60 builders and other employees, mies have a minimum capital require- necessary inspections. Doing Business all of them nationals with the ment but allow businesses to pay only a also records procedures for obtaining technical expertise and professional part of it before registration, with the rest connections for electricity, water, sew- experience necessary to obtain to be paid after the first year of operation. erage and a fixed land line. Procedures construction permits and approvals. In Germany in June 2008, the minimum necessary to register the property so that · Has at least 1 employee who is a capital requirement for limited liability it can be used as collateral or transferred licensed architect and registered with companies was 25,000, of which at least to another entity are also counted (table the local association of architects. 12,500 was payable before registration. 12.3). The survey divides the process of · Has paid all taxes and taken out all The paid-in minimum capital recorded building a warehouse into distinct pro- necessary insurance applicable to its for Germany is therefore 12,500, or cedures and calculates the time and cost general business activity (for example, 42.2% of income per capita. In Serbia the of completing each procedure in practice accidental insurance for construction minimum capital requirement was 500, under normal circumstances. workers and third-person liability of which only half needed to be paid be- Information is collected from ex- insurance). fore registration. The paid-in minimum perts in construction licensing, includ- · Owns the land on which the capital recorded for Serbia is therefore ing architects, construction lawyers, con- warehouse is built. 250, or 7% of income per capita. struction firms, utility service providers and public officials who deal with build- assumptions about the The data details on starting a business ing regulations, including approvals and warehouse can be found for each economy at inspections. To make the data comparable The warehouse: http://www.doingbusiness.org. This meth- across economies, several assumptions · Will be used for general storage odology was developed in Djankov and about the business, the warehouse project activities, such as storage of books or others (2002) and is adopted here with and the utility connections are used. stationery. The warehouse will not be minor changes. used for any goods requiring special assumptions about the conditions, such as food, chemicals or ConstruCtion Company pharmaceuticals. dealing with conStruction perMitS The business (BuildCo): · Has 2 stories, both above ground, · Is a limited liability company. with a total surface of approximately Doing Business records all procedures · Operates in the economy's largest 1,300.6 square meters (14,000 square required for a business in the construc- business city. feet). Each floor is 3 meters (9 feet, 10 tion industry to build a standardized · Is 100% domestically and privately inches) high. warehouse. These procedures include owned. · Has road access and is located in submitting all relevant project-specific · Has 5 owners, none of whom is a legal the periurban area of the economy's documents (for example, building plans entity. largest business city (that is, on the and site maps) to the authorities; obtain- · Is fully licensed and insured to carry fringes of the city but still within its ing all necessary clearances, licenses, out construction projects, such as official limits). permits and certificates; completing all building warehouses. DATA noTes 65 · Is not located in a special economic it is assumed that the water demand is assumed that BuildCo does not waste or industrial zone. The zoning specified below also covers the water time and commits to completing each requirements for warehouses are met needed for fire protection. remaining procedure without delay. The by building in an area where similar · Has an average water use of 662 liters time that BuildCo spends on gathering warehouses can be found. (175 gallons) a day and an average information is ignored. It is assumed · Is located on a land plot of 929 square wastewater flow of 568 liters (150 that BuildCo is aware of all building meters (10,000 square feet) that gallons) a day. requirements and their sequence from is 100% owned by BuildCo and is · Has a peak water use of 1,325 liters the beginning. accurately registered in the cadastre (350 gallons) a day and a peak and land registry. wastewater flow of 1,136 liters (300 Cost · Is a new construction (there was no gallons) a day. Cost is recorded as a percentage of the previous construction on the land). · Will have a constant level of water economy's income per capita. Only of- · Has complete architectural and demand and wastewater flow ficial costs are recorded. All the fees technical plans prepared by a licensed throughout the year. associated with completing the proce- architect. dures to legally build a warehouse are · Will include all technical equipment The telephone connection: recorded, including those associated required to make the warehouse fully · Is 10 meters (32 feet, 10 inches) from with obtaining land use approvals and operational. the main telephone network. preconstruction design clearances; re- · Will take 30 weeks to construct · Is a fixed land line. ceiving inspections before, during and (excluding all delays due to after construction; getting utility con- administrative and regulatory proCedures nections; and registering the warehouse requirements). A procedure is any interaction of the property. Nonrecurring taxes required company's employees or managers with for the completion of the warehouse assumptions about the utiLity external parties, including government project also are recorded. The building ConneCtions agencies, notaries, the land registry, the code, information from local experts and The electricity connection: cadastre, utility companies, public and specific regulations and fee schedules are · Is 10 meters (32 feet, 10 inches) from private inspectors and technical experts used as sources for costs. If several local the main electricity network. apart from in-house architects and en- partners provide different estimates, the · Is a medium-tension, 3-phase, 4-wire gineers. Interactions between company median reported value is used. Y, 140-kVA connection. Three-phase employees, such as development of the service is available in the construction warehouse plans and inspections con- The data details on dealing with con- area. ducted by employees, are not counted struction permits can be found for each · Will be delivered by an overhead as procedures. Procedures that the com- economy at http://www.doing service, unless overhead service is not pany undergoes to connect to electricity, business.org. available in the periurban area. water, sewerage and telephone services · Consists of a simple hookup unless are included. All procedures that are eMploying workerS installation of a private substation legally or in practice required for build- (transformer) or extension of network ing a warehouse are counted, even if they Doing Business measures the regulation is required. may be avoided in exceptional cases. of employment, specifically as it affects · Requires the installation of only one the hiring and firing of workers and the electricity meter. time rigidity of working hours. BuildCo is assumed to have a licensed Time is recorded in calendar days. The In 2007 improvements were made to electrician on its team to complete the measure captures the median duration align the methodology for the employing internal wiring for the warehouse. that local experts indicate is necessary to workers indicators with the International complete a procedure in practice. It is as- Labour Organization (ILO) conventions. The water and sewerage connection: sumed that the minimum time required Only 4 of the 188 ILO conventions cover · Is 10 meters (32 feet, 10 inches) from for each procedure is 1 day. Although areas measured by Doing Business: the existing water source and sewer tap. procedures may take place simultane- employee termination, weekend work, · Does not require water for ously, they cannot start on the same day holiday with pay and night work. The fire protection reasons; a fire (that is, simultaneous procedures start methodology was adapted to ensure full extinguishing system (dry system) on consecutive days). If a procedure can consistency with these 4 conventions. It will be used instead. If a wet fire be accelerated legally for an additional is possible for an economy to receive the protection system is required by law, cost, the fastest procedure is chosen. It highest score on the ease of employing 66 Doing Business 2009 workers and comply with all relevant ILO · Is subject to collective bargaining fixed-term contracts is less than 3 years; conventions (specifically, the 4 related to agreements in economies where such 0.5 if it is 3 years or more but less than 5 Doing Business)--and no economy can agreements cover more than half the years; and 0 if fixed-term contracts can achieve a better score by failing to com- manufacturing sector and apply even last 5 years or more. Finally, a score of 1 ply with these conventions. to firms not party to them. is assigned if the ratio of the minimum The ILO conventions covering areas · Abides by every law and regulation wage to the average value added per related to the employing workers indica- but does not grant workers more worker is 0.75 or more; 0.67 for a ratio of tors do not include the ILO core labor benefits than mandated by law, 0.50 or more but less than 0.75; 0.33 for standards--8 conventions covering the regulation or (if applicable) collective a ratio of 0.25 or more but less than 0.50; right to collective bargaining, the elimi- bargaining agreement. and 0 for a ratio of less than 0.25. In the nation of forced labor, the abolition of Central African Republic, for example, child labor and equitable treatment in rigidity of empLoyment index fixed-term contracts are prohibited for employment practices. Doing Business The rigidity of employment index is the permanent tasks (a score of 1), and they supports the ILO core labor standards average of 3 subindices: a difficulty of can be used for a maximum of 4 years (a and this year includes information on hiring index, a rigidity of hours index score of 0.5). The ratio of the mandated their ratification. Doing Business does and a difficulty of firing index (table minimum wage to the value added per not measure or rank ratification or com- 12.4). All the subindices have several worker is 0.62 (a score of 0.67). Averag- pliance with ILO conventions. components. And all take values between ing the 3 values and scaling the index to The data on employing workers are 0 and 100, with higher values indicating 100 gives the Central African Republic a based on a detailed survey of employment more rigid regulation. score of 72. regulations that is completed by local The difficulty of hiring index mea- The rigidity of hours index has 5 lawyers and public officials. Employment sures (i) whether fixed-term contracts components: (i) whether night work is laws and regulations as well as second- are prohibited for permanent tasks; (ii) unrestricted; (ii) whether weekend work ary sources are reviewed to ensure accu- the maximum cumulative duration of is unrestricted; (iii) whether the work- racy. To make the data comparable across fixed-term contracts; and (iii) the ratio week can consist of 5.5 days; (iv) whether economies, several assumptions about the of the minimum wage for a trainee the workweek can extend to 50 hours or worker and the business are used. or first-time employee to the average more (including overtime) for 2 months value added per worker.4 An economy a year to respond to a seasonal increase assumptions about the worker is assigned a score of 1 if fixed-term in production; and (v) whether paid The worker: contracts are prohibited for permanent annual vacation is 21 working days or · Is a 42-year-old, nonexecutive, full- tasks and a score of 0 if they can be used fewer. For each of these questions, if the time, male employee. for any task. A score of 1 is assigned if answer is no, the economy is assigned a · Has worked at the same company for the maximum cumulative duration of score of 1; otherwise a score of 0 is as- 20 years. Table 12.4 · Earns a salary plus benefits equal to What does employing workers measure? the economy's average wage during Difficulty of hiring index (0­100) the entire period of his employment. · Applicability and maximum duration of fixed-term contracts · Is a lawful citizen who belongs to the · Minimum wage for trainee or first-time employee same race and religion as the majority Rigidity of hours index (0­100) of the economy's population. · Resides in the economy's largest · Restrictions on night work and weekend work · Allowed maximum length of the workweek in days and hours, including overtime business city. · Paid annual vacation days · Is not a member of a labor union, Difficulty of firing index (0­100) unless membership is mandatory. · Notification and approval requirements for termination of a redundant worker or group of redundant assumptions about the business workers · Obligation to reassign or retrain and priority rules for redundancy and reemployment The business: Rigidity of employment index (0­100) · Is a limited liability company. · Operates in the economy's largest · Simple average of the difficulty of hiring, rigidity of hours and difficulty of firing indices business city. Firing cost (weeks of salary) · Is 100% domestically owned. · Notice requirements, severance payments and penalties due when terminating a redundant worker, ex- · Operates in the manufacturing sector. pressed in weeks of salary · Has 201 employees. Source: Doing Business database. DATA noTes 67 signed. For example, the Czech Republic rules for termination (a score of 1) and Every procedure required by law imposes restrictions on night work (a reemployment (a score of 1). Adding the or necessary in practice is included, score of 1) and weekend work (a score scores and scaling to 100 gives a final whether it is the responsibility of the of 1), allows 6-day workweeks (a score index of 80. seller or the buyer or must be completed of 0), permits 50-hour workweeks for 2 by a third party on their behalf. Local months (a score of 0) and requires paid firing Cost property lawyers, notaries and property vacation of 20 working days (a score of The firing cost indicator measures the registries provide information on pro- 0). Averaging the scores and scaling the cost of advance notice requirements, cedures as well as the time and cost to result to 100 gives a final index of 40 for severance payments and penalties due complete each of them. the Czech Republic. when terminating a redundant worker, To make the data comparable across The difficulty of firing index has expressed in weeks of salary. If the firing economies, several assumptions about 8 components: (i) whether redundancy cost adds up to 8 or fewer weeks of salary, the parties to the transaction, the prop- is disallowed as a basis for terminating a score of 0 is assigned for the purposes erty and the procedures are used. workers; (ii) whether the employer needs of calculating the aggregate ease of doing to notify a third party (such as a gov- business ranking. If the cost adds up to assumptions about the parties ernment agency) to terminate 1 redun- more than 8 weeks of salary, the score is The parties (buyer and seller): dant worker; (iii) whether the employer the number of weeks. One month is re- · Are limited liability companies. needs to notify a third party to terminate corded as 4 and 1/3 weeks. In Mauritius, · Are located in the periurban area of a group of 25 redundant workers; (iv) for example, an employer is required to the economy's largest business city. whether the employer needs approval give 3 months' notice before a redun- · Are 100% domestically and privately from a third party to terminate 1 redun- dancy termination, and the severance owned. dant worker; (v) whether the employer pay for a worker with 20 years of service · Have 50 employees each, all of whom needs approval from a third party to equals 5 months of wages. No penalty are nationals. terminate a group of 25 redundant work- is levied. Altogether, the employer pays · Perform general commercial ers; (vi) whether the law requires the the equivalent of 35 weeks of salary to activities. employer to reassign or retrain a worker dismiss the worker. before making the worker redundant; assumptions about the property (vii) whether priority rules apply for The data details on employing workers The property: redundancies; and (viii) whether priority can be found for each economy at http:// · Has a value of 50 times income per rules apply for reemployment. For the www.doingbusiness.org. This methodol- capita. The sale price equals the value. first question an answer of yes for work- ogy was developed in Botero and others · Is fully owned by the seller. ers of any income level gives a score of (2004) and is adopted here with minor · Has no mortgages attached and has 10 and means that the rest of the ques- changes. been under the same ownership for tions do not apply. An answer of yes to the past 10 years. question (iv) gives a score of 2. For every regiStering property · Is registered in the land registry or other question, if the answer is yes, a cadastre, or both, and is free of title score of 1 is assigned; otherwise a score Doing Business records the full sequence disputes. of 0 is given. Questions (i) and (iv), as the of procedures necessary for a business · Is located in a periurban commercial most restrictive regulations, have greater (buyer) to purchase a property from an- zone, and no rezoning is required. weight in the construction of the index. other business (seller) and to transfer the · Consists of land and a building. The In Tunisia, for example, redundancy property title to the buyer's name so that land area is 557.4 square meters is allowed as grounds for termination the buyer can use the property for ex- (6,000 square feet). A 2-story (a score of 0). An employer has to both panding its business, use the property as warehouse of 929 square meters notify a third party (a score of 1) and collateral in taking new loans or, if nec- (10,000 square feet) is located on the obtain its approval (a score of 2) to ter- essary, sell the property to another busi- land. The warehouse is 10 years old, is minate a single redundant worker, and ness (table 12.5). The process starts with in good condition and complies with has to both notify a third party (a score obtaining the necessary documents, such all safety standards, building codes of 1) and obtain its approval (a score of as a copy of the seller's title if necessary, and other legal requirements. The 1) to terminate a group of 25 redundant and conducting due diligence if required. property of land and building will be workers. The law mandates retraining or The transaction is considered complete transferred in its entirety. alternative placement before termina- when the buyer can use the property as · Will not be subject to renovations tion (a score of 1). There are priority collateral for a bank loan. or additional building following the purchase. 68 Doing Business 2009 · Has no trees, natural water sources, Table 12.5 What does registering property measure? natural reserves or historical monuments of any kind. Procedures to legally transfer title on immovable property (number) · Will not be used for special purposes, · Preregistration (for example, checking for liens, notarizing sales agreement, paying property transfer taxes) and no special permits, such as for · Registration in the economy's largest business city · Postregistration (for example, filing title with municipality) residential use, industrial plants, waste storage or certain types of Time required to complete each procedure (calendar days) agricultural activities, are required. · Does not include time spent gathering information · Has no occupants (legal or illegal), · Each procedure starts on a separate day · Procedure completed once final document is received and no other party holds a legal · No prior contact with officials interest in it. Cost required to complete each procedure (% of property value) proCedures · Official costs only, no bribes · No value added or capital gains taxes included A procedure is defined as any interaction of the buyer or the seller or their agents Source: Doing Business database. (if an agent is legally or in practice re- quired) with external parties, including involved are aware of all regulations and The data on the legal rights of bor- government agencies, inspectors, nota- their sequence from the beginning. Time rowers and lenders are gathered through ries and lawyers. Interactions between spent on gathering information is not a survey of financial lawyers and verified company officers and employees are not considered. through analysis of laws and regulations considered. All procedures that are le- as well as public sources of information gally or in practice required for register- Cost on collateral and bankruptcy laws. The ing property are recorded, even if they Cost is recorded as a percentage of the data on credit information sharing are may be avoided in exceptional cases. It is property value, assumed to be equiva- built in 2 stages. First, banking super- assumed that the buyer follows the fast- lent to 50 times income per capita. Only vision authorities and public informa- est legal option available and used by the official costs required by law are re- tion sources are surveyed to confirm the majority of property owners. Although corded, including fees, transfer taxes, presence of public credit registries and the buyer may use lawyers or other pro- stamp duties and any other payment to private credit information bureaus. Sec- fessionals where necessary in the regis- the property registry, notaries, public ond, when applicable, a detailed survey tration process, it is assumed that it does agencies or lawyers. Other taxes, such as on the public or private credit registry's not employ an outside facilitator in the capital gains tax or value added tax, are structure, law and associated rules is registration process unless legally or in excluded from the cost measure. Both administered to the credit registry. Sur- practice required to do so. costs borne by the buyer and those borne vey responses are verified through sev- by the seller are included. If cost esti- eral rounds of follow-up communication time mates differ among sources, the median with respondents as well as by contact- Time is recorded in calendar days. The reported value is used. ing third parties and consulting public measure captures the median duration sources. The survey data are confirmed that property lawyers, notaries or reg- The data details on registering property through teleconference calls or on-site istry officials indicate is necessary to can be found for each economy at http:// visits in all economies. complete a procedure. It is assumed that www.doingbusiness.org. the minimum time required for each strength of LegaL rights index procedure is 1 day. Although procedures getting credit The strength of legal rights index mea- may take place simultaneously, they can- sures the degree to which collateral and not start on the same day. It is assumed Doing Business constructs measures of bankruptcy laws protect the rights of that the buyer does not waste time and the legal rights of borrowers and lenders borrowers and lenders and thus facilitate commits to completing each remaining and the sharing of credit information. lending. Two case scenarios are used procedure without delay. If a procedure The first set of indicators describes how to determine the scope of the secured can be accelerated for an additional cost, well collateral and bankruptcy laws fa- transactions system, involving a secured the fastest legal procedure available and cilitate lending. The second set measures borrower, the company ABC, and a se- used by the majority of property owners the coverage, scope, quality and acces- cured lender, BizBank. is chosen. If procedures can be under- sibility of credit information available Several assumptions about the se- taken simultaneously, it is assumed that through public and private credit regis- cured borrower and lender are used: they are. It is assumed that the parties tries (table 12.6). DATA noTes 69 · ABC is a domestic, limited liability · Any business may use movable assets · Secured creditors are paid first (for company. as collateral while keeping possession example, before general tax claims · ABC has its headquarters and only of the assets, and any financial and employee claims) when a base of operations in the economy's institution may accept such assets as business is liquidated. largest business city. collateral. · Secured creditors are not subject to · To fund its business expansion plans, · The law allows a business to grant an automatic stay or moratorium ABC obtains a loan from BizBank for a nonpossessory security right in a on enforcement procedures when an amount up to 10 times income per single category of revolving movable a debtor enters a court-supervised capita in local currency. assets (such as accounts receivable reorganization procedure. · Both ABC and BizBank are 100% or inventory), without requiring a · The law allows parties to agree in a domestically owned. specific description of the secured collateral agreement that the lender The case scenarios also involve as- assets. may enforce its security right out of sumptions. In case A, as collateral for the · The law allows a business to grant court. loan, ABC grants BizBank a nonposses- a nonpossessory security right in The index ranges from 0 to 10, with sory security interest in one category of substantially all of its assets, without higher scores indicating that collateral revolving movable assets, for example, requiring a specific description of the and bankruptcy laws are better designed its accounts receivable or its inventory. secured assets. to expand access to credit. ABC wants to keep both possession and · A security right may extend to future ownership of the collateral. In economies or after-acquired assets and may depth of Credit information in which the law does not allow non- extend automatically to the products, index possessory security interests in movable proceeds or replacements of the The depth of credit information index property, ABC and BizBank use a fidu- original assets. measures rules affecting the scope, ac- ciary transfer-of-title arrangement (or · General description of debts and cessibility and quality of credit informa- a similar substitute for nonpossessory obligations is permitted in collateral tion available through either public or security interests). agreements and in registration private credit registries. A score of 1 is In case B, ABC grants BizBank a documents, so that all types of assigned for each of the following 6 fea- business charge, enterprise charge, float- obligations and debts can be secured tures of the public registry or the private ing charge or any charge or combination by stating a maximum rather than credit bureau (or both): of charges that gives BizBank a security a specific amount between the parties. · Both positive credit information interest over ABC's combined assets (or · A collateral registry is in operation (for example, loan amounts and as much of ABC's assets as possible). that is unified geographically and pattern of on-time repayments) and ABC keeps ownership and possession of by asset type and that is indexed by negative information (for example, the assets. the name of the grantor of a security late payments, number and amount The strength of legal rights index in- right. of defaults and bankruptcies) are cludes 8 aspects related to legal rights in · Secured creditors are paid first (for distributed. collateral law and 2 aspects in bankruptcy example, before general tax claims · Data on both firms and individuals law. A score of 1 is assigned for each of the and employee claims) when a debtor are distributed. following features of the laws: defaults outside an insolvency · Data from retailers, trade creditors or procedure. utility companies as well as financial Table 12.6 institutions are distributed. What does getting credit measure? · More than 2 years of historical data are Strength of legal rights index (0­10) distributed. Registries that erase data on defaults as soon as they are repaid · Protection of rights of borrowers and lenders through collateral and bankruptcy laws · Security interest is a nonpossessory one in movable assets obtain a score of 0 for this indicator. · Data on loans below 1% of income Depth of credit information index (0­6) per capita are distributed. A registry · Scope and accessibility of credit information distributed by public and private credit registries must have a minimum coverage of 1% · Quality of data distributed by public and private credit registries of the adult population to score a 1 Public credit registry coverage (% of adults) for this indicator. · Number of individuals and firms listed in a public credit registry as percentage of adult population · Regulations guarantee borrowers the Private credit bureau coverage (% of adults) right to access their data in the largest · Number of individuals and firms listed in a private credit bureau as percentage of adult population registry in the economy. Source: Doing Business database. 70 Doing Business 2009 The index ranges from 0 to 6, with private Credit bureau Coverage assumptions about the business higher values indicating the availability The private credit bureau coverage indi- The business (buyer): of more credit information, from either cator reports the number of individuals · Is a publicly traded corporation listed a public registry or a private bureau, to and firms listed by a private credit bureau on the economy's most important facilitate lending decisions. If the registry with information on repayment history, stock exchange. If the number of is not operational or has coverage of less unpaid debts or credit outstanding from publicly traded companies listed than 0.1% of the adult population, the the past 5 years. The number is expressed on that exchange is less than 10, or score on the depth of credit information as a percentage of the adult population if there is no stock exchange in the index is 0. (the population aged 15 and above ac- economy, it is assumed that buyer is a In Turkey, for example, both a pub- cording to the World Bank's World De- large private company with multiple lic and a private registry operate. Both velopment Indicators 2008). A private shareholders. distribute positive and negative informa- credit bureau is defined as a private firm · Has a board of directors and a tion (a score of 1). The private bureau or nonprofit organization that maintains chief executive officer (CEO) who distributes data only on individuals, but a database on the creditworthiness of may legally act on behalf of buyer the public registry covers firms as well borrowers (persons or businesses) in where permitted, even if this is not as individuals (a score of 1). The public the financial system and facilitates the specifically required by law. and private registries share data among exchange of credit information among · Is a food manufacturer. financial institutions only; no data are banks and financial institutions. Credit · Has its own distribution network. collected from retailers or utilities (a investigative bureaus and credit report- score of 0). The private bureau distrib- ing firms that do not directly facilitate assumptions about the utes more than 2 years of historical data information exchange among banks and transaCtion (a score of 1). The public registry collects other financial institutions are not con- · Mr. James is buyer's controlling data on loans of $3,493 (44% of income sidered. If no private bureau operates, shareholder and a member of buyer's per capita) or more, but the private bu- the coverage value is 0. board of directors. He owns 60% reau collects information on loans of of buyer and elected 2 directors to any value (a score of 1). Borrowers have The data details on getting credit can be buyer's 5-member board. the right to access their data in both the found for each economy at http://www · Mr. James also owns 90% of seller, private and the public registry (a score of .doingbusiness.org. This methodology a company that operates a chain of 1). Summing across the indicators gives was developed in Djankov, McLiesh and retail hardware stores. Seller recently Turkey a total score of 5. Shleifer (2007) and is adopted here with closed a large number of its stores. minor changes. · Mr. James proposes to buyer that pubLiC Credit registry Coverage it purchase seller's unused fleet of The public credit registry coverage in- protecting inveStorS trucks to expand buyer's distribution dicator reports the number of individu- of its food products. Buyer agrees. als and firms listed in a public credit Doing Business measures the strength of The price is equal to 10% of buyer's registry with information on repayment minority shareholder protections against assets and is higher than the market history, unpaid debts or credit outstand- directors' misuse of corporate assets for value. ing from the past 5 years. The number personal gain. The indicators distinguish · The proposed transaction is part is expressed as a percentage of the adult 3 dimensions of investor protection: of the company's ordinary course population (the population aged 15 and transparency of related-party transac- of business and is not outside the above according to the World Bank's tions (extent of disclosure index), li- authority of the company. World Development Indicators 2008). ability for self-dealing (extent of director · Buyer enters into the transaction. All A public credit registry is defined as a liability index) and shareholders' ability required approvals are obtained, and database managed by the public sec- to sue officers and directors for miscon- all required disclosures made (that is, tor, usually by the central bank or the duct (ease of shareholder suits index) the transaction is not fraudulent). superintendent of banks, that collects (table 12.7). The data come from a survey · The transaction is unfair to buyer. information on the creditworthiness of of corporate lawyers and are based on Shareholders sue Mr. James and borrowers (persons or businesses) in the securities regulations, company laws and the other parties that approved the financial system and makes it available court rules of evidence. transaction. to financial institutions. If no public reg- To make the data comparable across istry operates, the coverage value is 0. economies, several assumptions about the business and the transaction are used. DATA noTes 71 Table 12.7 extent of direCtor LiabiLity What does protecting investors measure? index Extent of disclosure index (0­10) The extent of director liability index has · Who can approve related-party transactions 7 components: · Disclosure requirements in case of related-party transactions · Whether a shareholder plaintiff is Extent of director liability index (0­10) able to hold Mr. James liable for · Ability of the shareholders to hold the interested party and the approving body liable in case of related- damage the buyer-seller transaction party transactions causes to the company. A score of 0 is · Available legal remedies (damages, repayment of profits, fines and imprisonment) assigned if Mr. James cannot be held · Ability of shareholders to sue directly or derivatively liable or can be held liable only for Ease of shareholder suits index (0­10) fraud or bad faith; 1 if Mr. James can · Documents and information available during trial be held liable only if he influenced · Direct access to internal documents of the company and use of a government inspector without filing a the approval of the transaction or suit in court was negligent; 2 if Mr. James can Strength of investor protection index (0­10) be held liable when the transaction · Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices is unfair or prejudicial to the other Source: Doing Business database. shareholders. · Whether a shareholder plaintiff is extent of disCLosure index · Whether disclosure by Mr. James to able to hold the approving body (the The extent of disclosure index has 5 the board of directors is required. A CEO or board of directors) liable for components: score of 0 is assigned if no disclosure damage the transaction causes to the · What corporate body can provide is required; 1 if a general disclosure of company. A score of 0 is assigned if legally sufficient approval for the the existence of a conflict of interest the approving body cannot be held transaction. A score of 0 is assigned if is required without any specifics; 2 liable or can be held liable only for it is the CEO or the managing director if full disclosure of all material facts fraud or bad faith; 1 if the approving alone; 1 if the board of directors relating to Mr. James's interest in the body can be held liable for negligence; or shareholders must vote and Mr. buyer-seller transaction is required. 2 if the approving body can be James is permitted to vote; 2 if the · Whether it is required that an held liable when the transaction is board of directors must vote and Mr. external body, for example, an unfair or prejudicial to the other James is not permitted to vote; 3 if external auditor, review the shareholders. shareholders must vote and Mr. James transaction before it takes place. A · Whether a court can void the is not permitted to vote. score of 0 is assigned if no; 1 if yes. transaction upon a successful claim · Whether immediate disclosure of The index ranges from 0 to 10, with by a shareholder plaintiff. A score of 0 the transaction to the public, the higher values indicating greater disclo- is assigned if rescission is unavailable regulator or the shareholders is sure. In Poland, for example, the board or is available only in case of fraud or required. A score of 0 is assigned if no of directors must approve the transaction bad faith; 1 if rescission is available disclosure is required; 1 if disclosure and Mr. James is not allowed to vote (a when the transaction is oppressive or on the terms of the transaction but score of 2). Buyer is required to disclose prejudicial to the other shareholders; not Mr. James's conflict of interest immediately all information affecting the 2 if rescission is available when the is required; 2 if disclosure on both stock price, including the conflict of in- transaction is unfair or entails a the terms and Mr. James's conflict of terest (a score of 2). In its annual report conflict of interest. interest is required. buyer must also disclose the terms of the · Whether Mr. James pays damages · Whether disclosure in the annual transaction and Mr. James's ownership in for the harm caused to the company report is required. A score of 0 is buyer and seller (a score of 2). Before the upon a successful claim by the assigned if no disclosure on the transaction Mr. James must disclose his shareholder plaintiff. A score of 0 is transaction is required; 1 if disclosure conflict of interest to the other directors, assigned if no; 1 if yes. on the terms of the transaction but but he is not required to provide specific · Whether Mr. James repays profits not Mr. James's conflict of interest information about it (a score of 1). Poland made from the transaction upon a is required; 2 if disclosure on both does not require an external body to re- successful claim by the shareholder the terms and Mr. James's conflict of view the transaction (a score of 0). Adding plaintiff. A score of 0 is assigned if no; interest is required. these numbers gives Poland a score of 7 1 if yes. on the extent of disclosure index. 72 Doing Business 2009 · Whether fines and imprisonment can if no; 1 if yes, with prior approval of strength of investor proteCtion index be applied against Mr. James. A score the questions by the judge; 2 if yes, of 0 is assigned if no; 1 if yes. without prior approval. The strength of investor protection index · Whether shareholder plaintiffs are · Whether the plaintiff can obtain is the average of the extent of disclosure able to sue directly or derivatively for categories of relevant documents from index, the extent of director liability damage the transaction causes to the the defendant without identifying index and the ease of shareholder suits company. A score of 0 is assigned if each document specifically. A score of index. The index ranges from 0 to 10, suits are unavailable or are available 0 is assigned if no; 1 if yes. with higher values indicating more in- only for shareholders holding more · Whether shareholders owning 10% or vestor protection. than 10% of the company's share less of the company's share capital can capital; 1 if direct or derivative suits request that a government inspector The data details on protecting investors are available for shareholders holding investigate the buyer-seller transac- can be found for each economy at http:// 10% or less of share capital. tion without filing suit in court. A www.doingbusiness.org. This methodol- The index ranges from 0 to 10, with score of 0 is assigned if no; 1 if yes. ogy was developed in Djankov, La Porta, higher values indicating greater liability · Whether shareholders owning López-de-Silanes and Shleifer (2008). of directors. To hold Mr. James liable in 10% or less of the company's share Panama, for example, a plaintiff must capital have the right to inspect the paying taxeS prove that Mr. James influenced the ap- transaction documents before filing proving body or acted negligently (a score suit. A score of 0 is assigned if no; 1 Doing Business records the taxes and of 1). To hold the other directors liable, if yes. mandatory contributions that a medium- a plaintiff must prove that they acted · Whether the standard of proof for size company must pay in a given year, as negligently (a score of 1). The unfair civil suits is lower than that for a well as measures of the administrative transaction cannot be voided (a score of criminal case. A score of 0 is assigned burden of paying taxes and contribu- 0). If Mr. James is found liable, he must if no; 1 if yes. tions. Taxes and contributions measured pay damages (a score of 1) but he is not The index ranges from 0 to 10, with include the profit or corporate income required to disgorge his profits (a score higher values indicating greater powers tax, social contributions and labor taxes of 0). Mr. James cannot be fined or im- of shareholders to challenge the transac- paid by the employer, property taxes, prisoned (a score of 0). Direct suits are tion. In Greece, for example, the plaintiff property transfer taxes, dividend tax, available for shareholders holding 10% or can access documents that the defendant capital gains tax, financial transactions less of share capital (a score of 1). Adding intends to rely on for his defense and that tax, waste collection taxes and vehicle these numbers gives Panama a score of 4 directly prove facts in the plaintiff 's claim and road taxes. on the extent of director liability index. (a score of 2). The plaintiff can examine Doing Business measures all taxes the defendant and witnesses during trial, and contributions that are government ease of sharehoLder suits index though only with prior approval of the mandated (at any level--federal, state The ease of shareholder suits index has 6 questions by the court (a score of 1). The or local), apply to the standardized busi- components: plaintiff must specifically identify the ness and have an impact in its income · What range of documents is available documents being sought (for example, statements. In doing so, Doing Business to the shareholder plaintiff from the the buyer-seller purchase agreement of goes beyond the traditional definition defendant and witnesses during trial. July 15, 2006) and cannot just request of a tax: as defined for the purposes A score of 1 is assigned for each of categories (for example, all documents of government national accounts, taxes the following types of documents related to the transaction) (a score of include only compulsory, unrequited available: information that the 0). A shareholder holding 5% of buyer's payments to general government (table defendant has indicated he intends to shares can request that a government 12.8). Doing Business departs from this rely on for his defense; information inspector review suspected mismanage- definition because it measures imposed that directly proves specific facts in ment by Mr. James and the CEO without charges that affect business accounts, the plaintiff 's claim; any information filing suit in court (a score of 1). Any not government accounts. The main dif- relevant to the subject matter of shareholder can inspect the transaction ferences relate to labor contributions the claim; and any information that documents before deciding whether to and value added tax. The Doing Busi- may lead to the discovery of relevant sue (a score of 1). The standard of proof ness measure includes government- information. for civil suits is the same as that for a mandated contributions paid by the · Whether the plaintiff can directly criminal case (a score of 0). Adding these employer to a requited private pension examine the defendant and witnesses numbers gives Greece a score of 5 on the fund or workers' insurance fund. The in- during trial. A score of 0 is assigned ease of shareholder suits index. dicator includes, for example, Australia's DATA noTes 73 Table 12.8 nationals, and 1 manager is also an What does paying taxes measure? owner. Tax payments for a manufacturing company in 2007 (number per year) · Has a turnover of 1,050 times income · Total number of taxes and contributions paid, including consumption taxes (value added tax, sales tax or per capita. goods and service tax) · Makes a loss in the first year of · Method and frequency of payment operation. Time required to comply with 3 major taxes (hours per year) · Has a gross margin (pretax) of 20% · Hours to prepare, file and pay profit taxes, consumption taxes and labor taxes and contributions (that is, sales are 120% of the cost of · Collecting information to compute tax payable goods sold). · Completing tax return forms, filing with proper agencies · Distributes 50% of its net profits as · Arranging payment or withholding dividends to the owners at the end of · Preparing separate tax accounting books, if required the second year. Total tax rate (% of profit) · Sells one of its plots of land at a profit · Profit or corporate income tax during the second year. · Social contributions and labor taxes paid by the employer · Has annual fuel costs for its trucks · Property and property transfer taxes · Dividend, capital gains and financial transactions taxes equal to twice income per capita. · Waste collection, vehicle, road and other taxes · Is subject to a series of detailed Source: Doing Business database. assumptions on expenses and transactions to further standardize compulsory superannuation guarantee most popular among domestic firms the case. All financial statement and workers' compensation insurance. is chosen. The most popular form is variables are proportional to 2005 It excludes value added taxes from the reported by incorporation lawyers or income per capita. For example, the total tax rate because they do not affect the statistical office. owner who is also a manager spends the accounting profits of the business-- · Started operations on January 1, 2006. 10% of income per capita on traveling that is, they are not reflected in the At that time the company purchased for the company (20% of this owner's income statement. all the assets shown in its balance expenses are purely private, 20% are Doing Business has prepared a case sheet and hired all its workers. for entertaining customers and 60% scenario to measure the taxes and contri- · Operates in the economy's largest for business travel). butions paid by a standardized business business city. and the complexity of an economy's tax · Is 100% domestically owned and has assumptions about the taxes compliance system. This case scenario 5 owners, all of whom are natural and Contributions uses a set of financial statements and as- persons. · All the taxes and contributions paid sumptions about transactions made over · Has a start-up capital of 102 times in the second year of operation the year. Tax experts in each economy income per capita at the end of 2006. (fiscal 2007) are recorded. A tax or compute the taxes and contributions due · Performs general industrial or contribution is considered distinct if in their jurisdiction based on the stan- commercial activities. Specifically, it it has a different name or is collected dardized case facts. Information is also produces ceramic flowerpots and sells by a different agency. Taxes and compiled on the frequency of filing, tax them at retail. It does not participate contributions with the same name audits and other costs of compliance. in foreign trade (no import or export) and agency, but charged at different The project was developed and imple- and does not handle products subject rates depending on the business, mented in cooperation with Pricewater- to a special tax regime, for example, are counted as the same tax or houseCoopers. liquor or tobacco. contribution. To make the data comparable across · At the beginning of 2007, owns 2 · The number of times the company economies, several assumptions about plots of land, 1 building, machinery, pays taxes and contributions in a the business and the taxes and contribu- office equipment, computers and 1 year is the number of different taxes tions are used. truck and leases 1 truck. or contributions multiplied by the · Does not qualify for investment frequency of payment (or withholding) assumptions about the business incentives or any benefits apart from for each one. The frequency of The business: those related to the age or size of the payment includes advance payments · Is a limited liability, taxable company. company. (or withholding) as well as regular If there is more than one type of · Has 60 employees--4 managers, 8 payments (or withholding). limited liability company in the assistants and 48 workers. All are economy, the limited liability form 74 Doing Business 2009 tax payments time as value added tax, sales tax or goods The tax payments indicator reflects the Time is recorded in hours per year. The and service tax) but not borne by the total number of taxes and contributions indicator measures the time taken to company are excluded. The taxes in- paid, the method of payment, the fre- prepare, file and pay 3 major types of cluded can be divided into 5 categories: quency of payment and the number of taxes and contributions: the corporate profit or corporate income tax, social agencies involved for this standardized income tax, value added or sales tax and contributions and labor taxes paid by the case during the second year of operation. labor taxes, including payroll taxes and employer (in respect of which all manda- It includes consumption taxes paid by social contributions. Preparation time tory contributions are included, even if the company, such as sales tax or value includes the time to collect all informa- paid to a private entity such as a requited added tax. These taxes are traditionally tion necessary to compute the tax pay- pension fund), property taxes, turnover collected from the consumer on behalf able. If separate accounting books must taxes and other small taxes (such as mu- of the tax agencies. Although they do be kept for tax purposes--or separate nicipal fees and vehicle and fuel taxes). not affect the income statements of the calculations made--the time associated The total tax rate is designed to pro- company, they add to the administrative with these processes is included. This vide a comprehensive measure of the cost burden of complying with the tax system extra time is included only if the regular of all the taxes a business bears. It differs and so are included in the tax payments accounting work is not enough to fulfill from the statutory tax rate, which merely measure. the tax accounting requirements. Filing provides the factor to be applied to the The number of payments takes into time includes the time to complete all tax base. In computing the total tax rate, account electronic filing. Where full elec- necessary tax return forms and make the actual tax payable is divided by com- tronic filing and payment is allowed and all necessary calculations. Payment time mercial profit. Data for Sweden illustrate it is used by the majority of medium-size considers the hours needed to make the this (table 12.9). businesses, the tax is counted as paid payment online or at the tax authorities. Commercial profit is essentially net once a year even if payments are more Where taxes and contributions are paid profit before all taxes borne. It differs frequent. For taxes paid through third in person, the time includes delays while from the conventional profit before tax, parties, such as tax on interest withheld waiting. reported in financial statements. In com- at source by a financial institution or fuel puting profit before tax, many of the tax paid by the fuel distributor, only one totaL tax rate taxes borne by a firm are deductible. payment is included even if payments The total tax rate measures the amount In computing commercial profit, these are more frequent. These are taxes with- of taxes and mandatory contributions taxes are not deductible. Commercial held or paid at source where no filing is borne by the business in the second year profit therefore presents a clear picture required of the company. of operation, expressed as a share of of the actual profit of a business before Where 2 or more taxes or contribu- commercial profit. Doing Business 2009 any of the taxes it bears in the course of tions are filed for and paid jointly using reports the total tax rate for fiscal 2007. the fiscal year. the same form, each of these joint pay- The total amount of taxes borne is the Commercial profit is computed as ments is counted once. For example, if sum of all the different taxes and con- sales minus cost of goods sold, minus mandatory health insurance contribu- tributions payable after accounting for gross salaries, minus administrative ex- tions and mandatory pension contribu- allowable deductions and exemptions. penses, minus other expenses, minus tions are filed for and paid together, The taxes withheld (such as personal provisions, plus capital gains (from the only one of these contributions would be income tax) or collected by the company property sale) minus interest expense, included in the number of payments. and remitted to the tax authorities (such plus interest income and minus com- Table 12.9 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% 10,352,253 2,898,631 17,619,223 16.50% Real estate tax (land and buildings) 0.38% 26,103,545 97,888 17,619,223 0.60% Payroll tax (taxable wages) 32.28% 19,880,222 6,417,336 17,619,223 36.40% Fuel tax (fuel price) SKr 3.665 per liter 53,505 liters 196,095 17,619,223 1.10% TOTAL 9,609,950 54.50% 1. Profit before all taxes borne. Source: Doing Business database. DATA noTes 75 mercial depreciation. To compute the Local freight forwarders, shipping Table 12.10 commercial depreciation, a straight-line lines, customs brokers, port officials and What does trading across borders measure? depreciation method is applied, with the banks provide information on required Documents required to export and import following rates: 0% for the land, 5% for documents and cost as well as the time (number) the building, 10% for the machinery, to complete each procedure. To make · Bank documents 33% for the computers, 20% for the of- the data comparable across economies, · Customs clearance documents fice equipment, 20% for the truck and several assumptions about the business · Port and terminal handling documents 10% for business development expenses. and the traded goods are used. · Transport documents Commercial profit amounts to 59.4 times Time required to export and import (days) income per capita. assumptions about the business · Obtaining all the documents This methodology is consistent with The business: · Inland transport the Total Tax Contribution framework · Has 60 employees. · Customs clearance and inspections developed by PricewaterhouseCoopers. · Is located in the economy's largest · Port and terminal handling This framework measures taxes that are business city. · Does not include ocean transport time borne by companies and affect their in- · Is a private, limited liability company. Cost required to export and import (US$ per container) come statements, as does Doing Busi- It does not operate in an export ness. But while PricewaterhouseCoo- processing zone or an industrial · Obtaining all the documents · Inland transport pers bases its calculation on data from estate with special export or import · Customs clearance and inspections the largest companies in the economy, privileges. · Port and terminal handling Doing Business focuses on a standard- · Is domestically owned with no foreign · Official costs only, no bribes or tariffs ized medium-size company. ownership. Source: Doing Business database. · Exports more than 10% of its sales. The data details on paying taxes can be and that do not require renewal per ship- found for each economy at http://www assumptions about the traded ment (for example, an annual tax clear- goods .doingbusiness.org. This methodology was ance certificate) are not included. developed in Djankov, Ganser, McLiesh, The traded product travels in a dry- Ramalho and Shleifer (2008). cargo, 20-foot, full container load. It time weighs 10 tons and is valued at $20,000. The time for exporting and importing trading acroSS borderS The product: is recorded in calendar days. The time · Is not hazardous nor does it include calculation for a procedure starts from the Doing Business compiles procedural re- military items. moment it is initiated and runs until it is quirements for exporting and importing · Does not require refrigeration or any completed. If a procedure can be acceler- a standardized cargo of goods by ocean other special environment. ated for an additional cost and is available transport (table 12.10). Every official · Does not require any special to all trading companies, the fastest legal procedure for exporting and importing phytosanitary or environmental procedure is chosen. Fast-track proce- the goods is recorded--from the con- safety standards other than accepted dures applying to firms located in an ex- tractual agreement between the 2 parties international standards. port processing zone are not taken into ac- to the delivery of goods--along with the count because they are not available to all time and cost necessary for completion. doCuments trading companies. Ocean transport time All documents needed by the trader All documents required per shipment is not included. It is assumed that neither for clearance of the goods across the to export and import the goods are re- the exporter nor the importer wastes time border are also recorded. For exporting corded. It is assumed that the contract and that each commits to completing goods, procedures range from packing has already been agreed upon and signed each remaining procedure without delay. the goods at the factory to their depar- by both parties. Documents required for Procedures that can be completed in par- ture from the port of exit. For importing clearance by government ministries, cus- allel are measured as simultaneous. The goods, procedures range from the vessel's toms authorities, port and container ter- waiting time between procedures--for arrival at the port of entry to the cargo's minal authorities, health and technical example, during unloading of the cargo-- delivery at the factory warehouse. The control agencies and banks are taken into is included in the measure. time and cost for ocean transport are not account. Since payment is by letter of included. Payment is made by letter of credit, all documents required by banks credit, and the time, cost and documents for the issuance or securing of a letter of required for the issuance of a letter of credit are also taken into account. Docu- credit are taken into account. ments that are renewed at least annually 76 Doing Business 2009 Cost · Seller sues Buyer to recover the record procedures that exist in civil law Cost measures the fees levied on a 20-foot amount under the sales agreement but not common law jurisdictions, and container in U.S. dollars. All the fees asso- (that is, 200% of the economy's vice versa. For example, in civil law ciated with completing the procedures to income per capita). Buyer opposes countries the judge can appoint an in- export or import the goods are included. Seller's claim, saying that the quality dependent expert, while in common law These include costs for documents, ad- of the goods is not adequate. The countries each party submits a list of ministrative fees for customs clearance claim is disputed on the merits. expert witnesses to the court. To indicate and technical control, terminal handling · A court in the economy's largest the overall efficiency of court procedures, charges and inland transport. The cost business city with jurisdiction over 1 procedure is now subtracted for econo- measure does not include customs tariffs commercial cases worth 200% of mies that have specialized commercial and duties or costs related to ocean trans- income per capita decides the dispute. courts and 1 procedure for economies port. Only official costs are recorded. · Seller attaches Buyer's goods prior that allow electronic filing of court cases. to obtaining a judgment because Procedural steps that take place simul- The data details on trading across borders Seller fears that Buyer may become taneously with or are included in other can be found for each economy at http:// insolvent during the lawsuit. procedural steps are not counted in the www.doingbusiness.org. This methodol- · Expert opinions are given on the total number of procedures. ogy was developed in Djankov, Freund quality of the delivered goods. If it and Pham (forthcoming) and is adopted is standard practice in the economy time here with minor changes. for parties to call witnesses or expert Time is recorded in calendar days, witnesses to give an opinion on the counted from the moment Seller files enforcing contractS quality of the goods, the parties each the lawsuit in court until payment. This call one witness or expert witness. If includes both the days when actions take Indicators on enforcing contracts mea- it is standard practice for the judge place and the waiting periods between. sure the efficiency of the judicial system to appoint an independent expert to The average duration of different stages in resolving a commercial dispute (table give an expert opinion on the quality of dispute resolution is recorded: the 12.11). The data are built by following of the goods, the judge does so. In completion of filing and service of pro- the step-by-step evolution of a commer- this case the judge does not allow cess and of pretrial attachment (time to cial sale dispute before local courts. The opposing expert testimony. file the case), the issuance of judgment data are collected through study of the · The judgment is 100% in favor of (time for the trial and obtaining the codes of civil procedure and other court Seller: the judge decides that the judgment) and the moment of payment regulations as well as surveys completed goods are of adequate quality and (time for enforcement of judgment). by local litigation lawyers (and, in a that Buyer must pay the agreed price quarter of the economies, by judges as (200% of income per capita). Table 12.11 well). The name of the relevant court in · Buyer does not appeal the judgment. What does enforcing contracts measure? each economy--the court in the larg- The judgment becomes final. Procedures to enforce a contract (number) est business city with jurisdiction over · Seller takes all required steps for · Any interaction between the parties in a commercial cases worth 200% of income prompt enforcement of the judgment. commercial dispute, or between them and the per capita--is published at http://www The money is successfully collected judge or court officer .doingbusiness.org. through a public sale of Buyer's · Steps to file the case movable assets (for example, office · Steps for trial and judgment assumptions about the Case equipment). · Steps to enforce the judgment · The value of the claim equals 200% of Time required to complete each procedure proCedures (calendar days) the economy's income per capita. · The dispute concerns a lawful The list of procedural steps compiled · Measured in calendar days · Time to file the case transaction between 2 businesses for each economy traces the chronol- · Time for trial and obtaining judgment (Seller and Buyer), located in the ogy of a commercial dispute before the · Time to enforce the judgment economy's largest business city. relevant court. A procedure is defined Cost required to complete each procedure Seller sells goods worth 200% of the as any interaction between the parties, (% of claim) economy's income per capita to Buyer. or between them and the judge or court · No bribes After Seller delivers the goods to Buyer, officer. This includes steps to file the case, · Average attorney fees Buyer refuses to pay for the goods on steps for trial and judgment and steps · Court costs, including expert fees the grounds that the delivered goods necessary to enforce the judgment. · Enforcement costs were not of adequate quality. The survey allows respondents to Source: Doing Business database. DATA noTes 77 Cost · Has a professional general manager. uidation or debt enforcement procedure, Cost is recorded as a percentage of the · Has had average annual revenue of the economy receives a "no practice" claim, assumed to be equivalent to 200% 1,000 times income per capita over mark. This means that creditors are un- of income per capita. No bribes are re- the past 3 years. likely to recover their debt through the corded. Three types of costs are recorded: · Has 201 employees and 50 suppliers, legal process (in or out of court). court costs, enforcement costs and aver- each of which is owed money for the age attorney fees. Court costs include all last delivery. time costs Seller must advance to the court or · Borrowed from a domestic bank Time for creditors to recover their debt is to the expert regardless of the final cost 5 years ago (the loan has 10 years recorded in calendar years. Information to Seller. Expert fees, if required by law to full repayment) and bought real is collected on the sequence of proce- or necessary in practice, are included estate (the hotel building), using it as dures and on whether any procedures in court costs. Enforcement costs are all security for the bank loan. can be carried out simultaneously. Poten- costs Seller must advance to enforce the · Has observed the payment schedule tial delay tactics by the parties, such as judgment through a public sale of Buyer's and all other conditions of the loan the filing of dilatory appeals or requests movable assets, regardless of the final up to now. for extension, are taken into consider- cost to Seller. Average attorney fees are · Has a floating charge or mortgage, ation. the fees Seller must advance to a local with the value of its principal being attorney to represent Seller in the stan- exactly equal to the market value of Cost dardized case. the hotel. The cost of the proceedings is recorded as a percentage of the estate's value. The The data details on enforcing contracts assumptions about the Case cost is calculated on the basis of survey can be found for each economy at http:// The business is experiencing liquidity responses by insolvency practitioners www.doingbusiness.org. This methodol- problems. The company's loss in 2007 and includes court fees as well as fees ogy was developed in Djankov and others reduced its net worth to a negative figure. of insolvency practitioners, independent (2003) and is adopted here with minor There is no cash to pay the bank interest assessors, lawyers and accountants. Re- changes. or principal in full, due tomorrow. The spondents provide cost estimates from business therefore defaults on its loan. among the following options: a specific cloSing a buSineSS Management believes that losses will be percentage or less than 2%, 2­5%, 5­8%, incurred in 2008 and 2009 as well. 8­11%, 11­18%, 18­25%, 25­33%, Doing Business studies the time, cost The bank holds a floating charge 33­50%, 50­75% and more than 75% of and outcomes of bankruptcy proceed- against the hotel in economies where the value of the business estate. ings involving domestic entities (table floating charges are possible. If the law 12.12). The data are derived from survey does not permit a floating charge but Table 12.12 What does closing a business measure? responses by local insolvency practitio- contracts commonly use some other pro- ners and verified through a study of laws vision to that effect, this provision is Time required to recover debt (years) and regulations as well as public infor- specified in the lending contract. · Measured in calendar years mation on bankruptcy systems. The business has too many credi- · Appeals and requests for extension are included To make the data comparable across tors to negotiate an informal out-of-court Cost required to recover debt (% of estate) economies, several assumptions about workout. It has the following options: a · Measured as percentage of estate value the business and the case are used. judicial procedure aimed at the rehabilita- · Court fees tion or reorganization of the business to · Lawyers' fees assumptions about the business · Independent assessors' fees permit its continued operation; a judicial · Accountants' fees The business: procedure aimed at the liquidation or Recovery rate for creditors (cents on the dollar) · Is a limited liability company. winding-up of the company; or a debt en- · Operates in the economy's largest forcement or foreclosure procedure aimed · Measures the cents on the dollar recovered by creditors business city. at selling the hotel either piecemeal or as · Present value of debt recovered · Is 100% domestically owned, with the a going concern, enforced either in court · Official costs of the insolvency proceedings are founder, who is also the chairman of (or through a government authority like a deducted the supervisory board, owning 51% debt collection agency) or out of court (for · Depreciation of assets is taken into account (no other shareholder holds more example, by appointing a receiver). · Outcome for the business affects the maximum than 5% of shares). If an economy has had fewer than 5 value that can be recovered · Has downtown real estate, where it cases a year over the past 5 years involv- Source: Doing Business database. runs a hotel, as its major asset. ing a judicial reorganization, judicial liq- 78 Doing Business 2009 reCovery rate noteS The recovery rate is recorded as cents on the dollar recouped by creditors through 1. The data for paying taxes refer to January­December 2007. the bankruptcy, insolvency or debt en- forcement proceedings. The calculation 2. These are available at http://www .subnational.doingbusiness.org. takes into account whether the business 3. The average value added per worker is the emerges from the proceedings as a going ratio of an economy's GNI per capita to concern as well as costs and the loss in the working-age population as a percent- value due to the time spent closing down. age of the total population. If the business keeps operating, no value is lost on the initial claim, set at 100 cents on the dollar. If it does not, the initial 100 cents on the dollar are reduced to 70 cents on the dollar. Then the official costs of the insolvency procedure are deducted (1 cent for each percentage of the initial value). Finally, the value lost as a result of the time the money remains tied up in insolvency proceedings is taken into account, including the loss of value due to depreciation of the hotel furniture. Consistent with international accounting practice, the depreciation rate for furni- ture is taken to be 20%. The furniture is assumed to account for a quarter of the total value of assets. The recovery rate is the present value of the remaining pro- ceeds, based on end-2007 lending rates from the International Monetary Fund's International Financial Statistics, sup- plemented with data from central banks. The recovery rate for economies with "no practice" is zero. This methodology was developed in Djankov and others (2006). 79 Ease of doing property rights. The simple average of First, it selects the economies that im- business Iceland's percentile rankings on all top- plemented reforms making it easier to ics is 23%. When all economies are or- do business in 3 or more of the 10 Doing dered by their average percentile rank, Business topics. One reform is counted Iceland is in 11th place. per topic. For example, if an economy More complex aggregation methods merged several procedures by creating a --such as principal components and unified property registry and separately unobserved components--yield a reduced the property transfer tax, this nearly identical ranking.1 The choice of counts as 1 reform for the purposes of aggregation method has little influence attaining the 3 reforms required to be a on the rankings because the 10 sets of candidate for top reformer. This year 33 indicators in Doing Business provide economies met this criterion: Albania, sufficiently broad coverage across top- Azerbaijan, Belarus, Bosnia and Her- ics. So Doing Business uses the simplest zegovina, Botswana, Bulgaria, Burkina method. Faso, China, Colombia, the Czech Re- The ease of doing business index public, the Dominican Republic, Egypt, The ease of doing business index ranks is limited in scope. It does not ac- Georgia, Greece, the Kyrgyz Republic, economies from 1 to 181. For each count for an economy's proximity to Liberia, the former Yugoslav Republic economy the index is calculated as the large markets, the quality of its infra- of Macedonia, Madagascar, Mauritius, ranking on the simple average of its structure services (other than services Morocco, Mozambique, New Zealand, percentile rankings on each of the 10 related to trading across borders or Portugal, Rwanda, Saudi Arabia, Sen- topics covered in Doing Business 2009. construction permits), the security of egal, Sierra Leone, Slovenia, Thailand, The ranking on each topic is the simple property from theft and looting, macro- Tunisia, Ukraine, Uruguay and Zambia average of the percentile rankings on its economic conditions or the strength of (table 13.2). component indicators (table 13.1). underlying institutions. There remains Second, Doing Business ranks these If an economy has no laws or regu- a large unfinished agenda for research economies on the increase in their lations covering a specific area--for into what regulation constitutes binding ranking on the ease of doing business example, bankruptcy--it receives a "no constraints, what package of reforms is from the previous year. For example, practice" mark. Similarly, an economy most effective and how these issues are Albania, Burkina Faso and Rwanda each receives a "no practice" or "not possible" shaped by the context of an economy. reformed in 4 aspects of business regu- mark if regulation exists but is never The Doing Business indicators provide lation. Albania's aggregate ranking on used in practice or if a competing regu- a new empirical data set that may im- the ease of doing business improved lation prohibits such practice. Either prove understanding of these issues. from 135 to 86, Burkina Faso's from 164 way, a "no practice" or "not possible" Doing Business also uses a simple to 148 and Rwanda's from 148 to 139. mark puts the economy at the bottom of method to calculate the top reformers. These changes represent an improve- the ranking on the relevant indicator. Table 13.1 Here is one example of how the Which indicators make up the ranking? ranking is constructed. In Iceland it Starting a business Protecting investors takes 5 procedures, 5 days and 2.6% Procedures, time, cost and paid-in minimum Strength of investor protection index: extent of of annual income per capita in fees to capital to open a new business disclosure index, extent of director liability index open a business. The minimum capital and ease of shareholder suits index required amounts to 13.6% of income Dealing with construction permits Paying taxes per capita. On these 4 indicators Iceland Procedures, time and cost to obtain construction Number of tax payments, time to prepare and file ranks in the 9th, 3rd, 13th and 58th permits, inspections and utility connections tax returns and to pay taxes, total taxes as a share of profit before all taxes borne percentiles. So on average Iceland ranks Employing workers Trading across borders in the 21st percentile on the ease of Difficulty of hiring index, rigidity of hours index, Documents, time and cost to export and import starting a business. It ranks in the 48th difficulty of firing index, firing cost percentile on protecting investors, 26th Registering property Enforcing contracts percentile on trading across borders, Procedures, time and cost to transfer commercial Procedures, time and cost to resolve a 8th percentile on enforcing contracts, real estate commercial dispute 8th percentile on closing a business and Getting credit Closing a business so on. Higher rankings indicate simpler Strength of legal rights index, depth of credit Recovery rate in bankruptcy regulation and stronger protection of information index 80 Doing Business 2009 ment in the ranking by 49 places, 16 places and 9 places, respectively. Alba- nia therefore ranks ahead of Burkina Faso in the list of top 10 reformers. Rwanda does not make the list. In summary, top reformers are economies that have implemented 3 or more reforms making it easier to do business and, as a result, improved their position in the ease of doing business more than other economies. The change in ranking is calculated by comparing this year's ranking with last year's back- calculated ranking. To ensure consis- tency over time, data sets for previous years are adjusted to reflect any changes in methodology, additions of new econ- omies and revisions in data. note 1. See Djankov and others (2005). eAse of Doing Business 81 Table 13.2 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Afghanistan Albania 4 4 4 4 Algeria Angola 4 4 Antigua and Barbuda 4 Argentina 4 Armenia 4 4 Australia Austria 4 Azerbaijan 4 4 4 4 4 4 4 Bahamas, The Bahrain Bangladesh 4 4 Belarus 4 4 4 4 4 4 Belgium 4 Belize Benin 7 4 Bhutan 4 Bolivia 7 Bosnia and Herzegovina 4 4 4 4 Botswana 4 4 7 4 Brazil 4 Brunei Bulgaria 4 7 4 4 4 Burkina Faso 4 4 4 4 Burundi Cambodia 4 4 Cameroon 4 Canada 4 4 Cape Verde 7 Central African Republic 4 Chad 4 Chile China 7 4 4 4 Colombia 4 4 4 4 4 Comoros Congo, Dem. Rep. Congo, Rep. 4 4 Costa Rica 4 Côte d'Ivoire 4 Croatia 4 4 Czech Republic 4 4 4 4 Denmark 4 Djibouti 4 Dominica Dominican Republic 4 4 4 4 Ecuador 4 Egypt 4 4 4 4 4 4 El Salvador 4 4 4 Reforms making it easier to do business 7 Reforms making it more difficult to do business 82 Doing Business 2009 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Equatorial Guinea 4 7 Eritrea 4 Estonia Ethiopia Fiji 7 7 Finland 4 4 France 4 4 Gabon 4 7 Gambia, The 7 Georgia 4 4 4 4 Germany 4 4 Ghana 4 Greece 4 4 4 4 Grenada Guatemala 4 Guinea Guinea-Bissau Guyana Haiti 4 Honduras 4 4 Hong Kong, China 4 4 Hungary 4 4 Iceland India 4 Indonesia 7 4 Iran Iraq Ireland Israel Italy 4 7 4 Jamaica 4 4 Japan Jordan 4 Kazakhstan 7 4 4 Kenya 4 4 Kiribati Korea 7 4 Kuwait Kyrgyz Republic 4 4 4 Lao PDR Latvia 4 4 Lebanon 4 Lesotho 4 Liberia 4 4 4 4 Lithuania 4 Luxembourg Macedonia, former 4 4 4 4 4 4 Yugoslav Republic of Madagascar 4 4 4 4 Malawi 4 Reforms making it easier to do business 7 Reforms making it more difficult to do business eAse of Doing Business 83 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Malaysia 4 4 Maldives Mali 4 Marshall Islands Mauritania 4 4 Mauritius 4 4 4 Mexico 4 4 Micronesia Moldova 4 4 Mongolia 4 4 Montenegro 7 4 Morocco 4 4 4 Mozambique 4 4 4 Namibia 4 Nepal Netherlands New Zealand 4 4 4 Nicaragua Niger Nigeria 4 Norway Oman 4 Pakistan Palau 4 Panama 4 Papua New Guinea Paraguay Peru Philippines 4 Poland 4 Portugal 4 4 4 Puerto Rico Qatar Romania 4 Russian Federation Rwanda 4 4 4 4 Samoa 4 São Tomé and Principe Saudi Arabia 4 4 4 4 Senegal 4 4 4 Serbia 7 4 Seychelles Sierra Leone 4 4 4 4 Singapore 4 4 Slovakia 4 Slovenia 4 4 4 Solomon Islands South Africa 4 4 Spain Sri Lanka 4 4 Reforms making it easier to do business 7 Reforms making it more difficult to do business 84 Doing Business 2009 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines 4 4 Sudan Suriname Swaziland Sweden 7 Switzerland 7 Syria 4 4 Taiwan, China 4 Tajikistan 7 4 Tanzania Thailand 4 4 4 4 Timor-Leste Togo Tonga 4 4 Trinidad and Tobago Tunisia 4 4 4 4 7 Turkey 4 Uganda Ukraine 7 4 4 4 United Arab Emirates 4 United Kingdom 7 United States Uruguay 4 4 4 Uzbekistan 4 Vanuatu 4 Venezuela 7 Vietnam 4 West Bank and Gaza 4 7 4 Yemen 4 Zambia 4 4 4 Zimbabwe 7 4 Reforms making it easier to do business 7 Reforms making it more difficult to do business Country tables 86 Doing Business 2009 afghanistan South Asia GNI per capita (US$) 370 Ease of doing business (rank) 162 Low income Population (m) 24.8 Starting a business (rank) 22 Registering property (rank) 174 Trading across borders (rank) 179 Procedures (number) 4 Procedures (number) 9 Documents to export (number) 12 Time (days) 9 Time (days) 250 Time to export (days) 74 Cost (% of income per capita) 59.5 Cost (% of property value) 7.0 Cost to export (US$ per container) 3,000 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 178 Time to import (days) 77 Dealing with construction permits (rank) 140 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 2,600 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 340 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 160 Cost (% of income per capita) 14,918.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 1,642 Employing workers (rank) 30 Protecting investors (rank) 181 Cost (% of claim) 25.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 0 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 0.7 Cost (% of estate) No practice Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 49 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of profit) 36.4 aLbania Eastern Europe & Central Asia GNI per capita (US$) 3,290 Ease of doing business (rank) 86 Lower middle income Population (m) 3.2 Starting a business (rank) 67 Registering property (rank) 62 Trading across borders (rank) 77 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 8 Time (days) 42 Time to export (days) 21 Cost (% of income per capita) 25.8 Cost (% of property value) 3.4 Cost to export (US$ per container) 770 Minimum capital (% of income per capita) 32.3 Documents to import (number) 9 Getting credit (rank) 12 Time to import (days) 22 Dealing with construction permits (rank) 170 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 775 Procedures (number) 24 Depth of credit information index (0-6) 4 Time (days) 331 Public registry coverage (% of adults) 8.3 Enforcing contracts (rank) 89 Cost (% of income per capita) 435.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 390 Employing workers (rank) 108 Protecting investors (rank) 14 Cost (% of claim) 38.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 7.3 Cost (% of estate) No practice Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 143 Payments (number per year) 44 Time (hours per year) 244 Total tax rate (% of profit) 50.5 aLgeria Middle East & North Africa GNI per capita (US$) 3,620 Ease of doing business (rank) 132 Lower middle income Population (m) 33.9 Starting a business (rank) 141 Registering property (rank) 162 Trading across borders (rank) 118 Procedures (number) 14 Procedures (number) 14 Documents to export (number) 8 Time (days) 24 Time (days) 51 Time to export (days) 17 Cost (% of income per capita) 10.8 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,248 Minimum capital (% of income per capita) 36.6 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 23 Dealing with construction permits (rank) 112 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,428 Procedures (number) 22 Depth of credit information index (0-6) 2 Time (days) 240 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 126 Cost (% of income per capita) 46.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 630 Employing workers (rank) 118 Protecting investors (rank) 70 Cost (% of claim) 21.9 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 49 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 2.5 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 7 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 166 Payments (number per year) 34 Time (hours per year) 451 Total tax rate (% of profit) 74.2 counTRy TABles 87 angoLa Sub-Saharan Africa GNI per capita (US$) 2,560 Ease of doing business (rank) 168 Lower middle income Population (m) 17.0 Starting a business (rank) 156 Registering property (rank) 173 Trading across borders (rank) 172 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 12 Time (days) 68 Time (days) 334 Time to export (days) 68 Cost (% of income per capita) 196.8 Cost (% of property value) 11.6 Cost to export (US$ per container) 2,250 Minimum capital (% of income per capita) 39.1 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 62 Dealing with construction permits (rank) 125 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 3,325 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 328 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 179 Cost (% of income per capita) 831.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,011 Employing workers (rank) 174 Protecting investors (rank) 53 Cost (% of claim) 44.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 142 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 6.2 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 58 Recovery rate (cents on the dollar) 10.0 Paying taxes (rank) 130 Payments (number per year) 31 Time (hours per year) 272 Total tax rate (% of profit) 53.2 antigua and barbuda Latin America & Caribbean GNI per capita (US$) 11,520 Ease of doing business (rank) 42 High income Population (m) 0.1 Starting a business (rank) 45 Registering property (rank) 97 Trading across borders (rank) 46 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 5 Time (days) 21 Time (days) 26 Time to export (days) 15 Cost (% of income per capita) 11.6 Cost (% of property value) 10.9 Cost to export (US$ per container) 1,133 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 15 Dealing with construction permits (rank) 22 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,133 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 25.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 351 Employing workers (rank) 46 Protecting investors (rank) 24 Cost (% of claim) 22.7 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 61 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 3.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 7 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 35.5 Paying taxes (rank) 136 Payments (number per year) 56 Time (hours per year) 207 Total tax rate (% of profit) 46.8 argentina Latin America & Caribbean GNI per capita (US$) 6,050 Ease of doing business (rank) 113 Upper middle income Population (m) 39.5 Starting a business (rank) 135 Registering property (rank) 95 Trading across borders (rank) 106 Procedures (number) 15 Procedures (number) 5 Documents to export (number) 9 Time (days) 32 Time (days) 51 Time to export (days) 13 Cost (% of income per capita) 9.0 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,480 Minimum capital (% of income per capita) 3.7 Documents to import (number) 7 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,810 Procedures (number) 28 Depth of credit information index (0-6) 6 Time (days) 338 Public registry coverage (% of adults) 31.2 Enforcing contracts (rank) 45 Cost (% of income per capita) 183.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 590 Employing workers (rank) 130 Protecting investors (rank) 104 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 83 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 12 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 29.8 Paying taxes (rank) 134 Payments (number per year) 9 Time (hours per year) 453 Total tax rate (% of profit) 108.1 88 Doing Business 2009 armenia Eastern Europe & Central Asia GNI per capita (US$) 2,640 Ease of doing business (rank) 44 Lower middle income Population (m) 3.0 Starting a business (rank) 66 Registering property (rank) 5 Trading across borders (rank) 143 Procedures (number) 9 Procedures (number) 3 Documents to export (number) 7 Time (days) 18 Time (days) 4 Time to export (days) 30 Cost (% of income per capita) 3.6 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,746 Minimum capital (% of income per capita) 2.3 Documents to import (number) 9 Getting credit (rank) 28 Time to import (days) 24 Dealing with construction permits (rank) 42 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,981 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 116 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 61 Cost (% of income per capita) 28.0 Private bureau coverage (% of adults) 24.4 Procedures (number) 49 Time (days) 285 Employing workers (rank) 54 Protecting investors (rank) 88 Cost (% of claim) 19.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 47 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 8 Time (years) 1.9 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 41.8 Paying taxes (rank) 150 Payments (number per year) 50 Time (hours per year) 958 Total tax rate (% of profit) 36.6 austraLia OECD: High Income GNI per capita (US$) 35,960 Ease of doing business (rank) 9 High income Population (m) 21.0 Starting a business (rank) 3 Registering property (rank) 33 Trading across borders (rank) 45 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 6 Time (days) 2 Time (days) 5 Time to export (days) 9 Cost (% of income per capita) 0.8 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 5 Time to import (days) 12 Dealing with construction permits (rank) 57 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,239 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 221 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 20 Cost (% of income per capita) 13.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 395 Employing workers (rank) 8 Protecting investors (rank) 53 Cost (% of claim) 20.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 2 Closing a business (rank) 14 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 8 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 78.8 Paying taxes (rank) 48 Payments (number per year) 12 Time (hours per year) 107 Total tax rate (% of profit) 50.3 austria OECD: High Income GNI per capita (US$) 42,700 Ease of doing business (rank) 27 High income Population (m) 8.3 Starting a business (rank) 104 Registering property (rank) 36 Trading across borders (rank) 19 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 4 Time (days) 28 Time (days) 32 Time to export (days) 7 Cost (% of income per capita) 5.1 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 52.8 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 8 Dealing with construction permits (rank) 46 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,125 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 194 Public registry coverage (% of adults) 1.3 Enforcing contracts (rank) 13 Cost (% of income per capita) 70.4 Private bureau coverage (% of adults) 40.9 Procedures (number) 25 Time (days) 397 Employing workers (rank) 50 Protecting investors (rank) 126 Cost (% of claim) 18.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 20 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Firing cost (weeks of salary) 2 Recovery rate (cents on the dollar) 71.5 Paying taxes (rank) 93 Payments (number per year) 22 Time (hours per year) 170 Total tax rate (% of profit) 54.5 counTRy TABles 89 aZerbaiJan Eastern Europe & Central Asia GNI per capita (US$) 2,550 Ease of doing business (rank) 33 Lower middle income Population (m) 8.6 Starting a business (rank) 13 Registering property (rank) 9 Trading across borders (rank) 174 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 9 Time (days) 16 Time (days) 11 Time to export (days) 48 Cost (% of income per capita) 3.2 Cost (% of property value) 0.3 Cost to export (US$ per container) 3,075 Minimum capital (% of income per capita) 0.0 Documents to import (number) 14 Getting credit (rank) 12 Time to import (days) 56 Dealing with construction permits (rank) 155 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 3,420 Procedures (number) 31 Depth of credit information index (0-6) 5 Time (days) 207 Public registry coverage (% of adults) 3.1 Enforcing contracts (rank) 26 Cost (% of income per capita) 522.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 237 Employing workers (rank) 15 Protecting investors (rank) 18 Cost (% of claim) 18.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 81 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 30.1 Paying taxes (rank) 102 Payments (number per year) 23 Time (hours per year) 376 Total tax rate (% of profit) 41.1 bahamas, the Latin America & Caribbean GNI per capita (US$) 19,781 Ease of doing business (rank) 55 High income Population (m) 0.3 Starting a business (rank) 45 Registering property (rank) 143 Trading across borders (rank) 51 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 6 Time (days) 31 Time (days) 48 Time to export (days) 16 Cost (% of income per capita) 9.8 Cost (% of property value) 12.5 Cost to export (US$ per container) 930 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 68 Time to import (days) 13 Dealing with construction permits (rank) 92 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,380 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 197 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 120 Cost (% of income per capita) 241.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 427 Employing workers (rank) 44 Protecting investors (rank) 104 Cost (% of claim) 28.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 29 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 5.0 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 54.7 Paying taxes (rank) 39 Payments (number per year) 17 Time (hours per year) 58 Total tax rate (% of profit) 47.0 bahrain Middle East & North Africa GNI per capita (US$) 25,731 Ease of doing business (rank) 18 High income Population (m) 0.8 Starting a business (rank) 49 Registering property (rank) 18 Trading across borders (rank) 21 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 5 Time (days) 9 Time (days) 31 Time to export (days) 14 Cost (% of income per capita) 0.6 Cost (% of property value) 0.9 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 210.1 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 15 Dealing with construction permits (rank) 14 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 845 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 56 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 113 Cost (% of income per capita) 57.2 Private bureau coverage (% of adults) 35.8 Procedures (number) 48 Time (days) 635 Employing workers (rank) 26 Protecting investors (rank) 53 Cost (% of claim) 14.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 25 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 2.5 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 10 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 63.2 Paying taxes (rank) 15 Payments (number per year) 25 Time (hours per year) 36 Total tax rate (% of profit) 15.0 90 Doing Business 2009 bangLadesh South Asia GNI per capita (US$) 470 Ease of doing business (rank) 110 Low income Population (m) 158.6 Starting a business (rank) 90 Registering property (rank) 175 Trading across borders (rank) 105 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 6 Time (days) 73 Time (days) 245 Time to export (days) 28 Cost (% of income per capita) 25.7 Cost (% of property value) 10.4 Cost to export (US$ per container) 970 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 32 Dealing with construction permits (rank) 114 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,375 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 231 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 178 Cost (% of income per capita) 739.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,442 Employing workers (rank) 132 Protecting investors (rank) 18 Cost (% of claim) 63.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 106 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 104 Recovery rate (cents on the dollar) 23.2 Paying taxes (rank) 90 Payments (number per year) 21 Time (hours per year) 302 Total tax rate (% of profit) 39.5 beLarus Eastern Europe & Central Asia GNI per capita (US$) 4,220 Ease of doing business (rank) 85 Upper middle income Population (m) 9.7 Starting a business (rank) 97 Registering property (rank) 14 Trading across borders (rank) 134 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 8 Time (days) 31 Time (days) 21 Time to export (days) 20 Cost (% of income per capita) 7.8 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,772 Minimum capital (% of income per capita) 12.4 Documents to import (number) 8 Getting credit (rank) 109 Time to import (days) 26 Dealing with construction permits (rank) 65 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,720 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 210 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 14 Cost (% of income per capita) 39.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 225 Employing workers (rank) 49 Protecting investors (rank) 104 Cost (% of claim) 23.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 71 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 5.8 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 22 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 33.4 Paying taxes (rank) 181 Payments (number per year) 112 Time (hours per year) 1,188 Total tax rate (% of profit) 117.5 beLgium OECD: High Income GNI per capita (US$) 40,710 Ease of doing business (rank) 19 High income Population (m) 10.6 Starting a business (rank) 20 Registering property (rank) 168 Trading across borders (rank) 43 Procedures (number) 3 Procedures (number) 7 Documents to export (number) 4 Time (days) 4 Time (days) 132 Time to export (days) 8 Cost (% of income per capita) 5.2 Cost (% of property value) 12.7 Cost to export (US$ per container) 1,619 Minimum capital (% of income per capita) 19.9 Documents to import (number) 5 Getting credit (rank) 43 Time to import (days) 9 Dealing with construction permits (rank) 44 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,600 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 169 Public registry coverage (% of adults) 57.7 Enforcing contracts (rank) 22 Cost (% of income per capita) 65.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 25 Time (days) 505 Employing workers (rank) 37 Protecting investors (rank) 15 Cost (% of claim) 16.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 8 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Firing cost (weeks of salary) 16 Recovery rate (cents on the dollar) 86.3 Paying taxes (rank) 64 Payments (number per year) 11 Time (hours per year) 156 Total tax rate (% of profit) 58.1 counTRy TABles 91 beLiZe Latin America & Caribbean GNI per capita (US$) 3,800 Ease of doing business (rank) 78 Upper middle income Population (m) 0.3 Starting a business (rank) 139 Registering property (rank) 121 Trading across borders (rank) 114 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 44 Time (days) 60 Time to export (days) 21 Cost (% of income per capita) 51.1 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,810 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 21 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,145 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 66 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 168 Cost (% of income per capita) 17.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 892 Employing workers (rank) 25 Protecting investors (rank) 113 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 24 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Rigidity of employment index (0-100) 14 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 23 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 63.4 Paying taxes (rank) 53 Payments (number per year) 40 Time (hours per year) 147 Total tax rate (% of profit) 28.2 benin Sub-Saharan Africa GNI per capita (US$) 570 Ease of doing business (rank) 169 Low income Population (m) 9.0 Starting a business (rank) 149 Registering property (rank) 119 Trading across borders (rank) 129 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 7 Time (days) 31 Time (days) 120 Time to export (days) 32 Cost (% of income per capita) 196.0 Cost (% of property value) 11.9 Cost to export (US$ per container) 1,237 Minimum capital (% of income per capita) 347.0 Documents to import (number) 7 Getting credit (rank) 145 Time to import (days) 40 Dealing with construction permits (rank) 130 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,393 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 410 Public registry coverage (% of adults) 10.5 Enforcing contracts (rank) 175 Cost (% of income per capita) 303.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 825 Employing workers (rank) 116 Protecting investors (rank) 150 Cost (% of claim) 64.7 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 130 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 22 Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 16.7 Paying taxes (rank) 165 Payments (number per year) 55 Time (hours per year) 270 Total tax rate (% of profit) 73.2 bhutan South Asia GNI per capita (US$) 1,770 Ease of doing business (rank) 124 Lower middle income Population (m) 0.7 Starting a business (rank) 63 Registering property (rank) 38 Trading across borders (rank) 151 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 8 Time (days) 46 Time (days) 64 Time to export (days) 38 Cost (% of income per capita) 8.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,210 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 172 Time to import (days) 38 Dealing with construction permits (rank) 116 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 2,140 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 183 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 37 Cost (% of income per capita) 158.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 225 Employing workers (rank) 13 Protecting investors (rank) 126 Cost (% of claim) 0.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 3 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 10 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 82 Payments (number per year) 19 Time (hours per year) 274 Total tax rate (% of profit) 39.8 92 Doing Business 2009 boLivia Latin America & Caribbean GNI per capita (US$) 1,260 Ease of doing business (rank) 150 Lower middle income Population (m) 9.5 Starting a business (rank) 165 Registering property (rank) 129 Trading across borders (rank) 117 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 8 Time (days) 50 Time (days) 92 Time to export (days) 19 Cost (% of income per capita) 112.4 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 2.8 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 23 Dealing with construction permits (rank) 98 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,747 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 249 Public registry coverage (% of adults) 11.9 Enforcing contracts (rank) 133 Cost (% of income per capita) 121.6 Private bureau coverage (% of adults) 29.7 Procedures (number) 40 Time (days) 591 Employing workers (rank) 180 Protecting investors (rank) 126 Cost (% of claim) 33.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 59 Difficulty of firing index (0-100) 100 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Rigidity of employment index (0-100) 79 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) Not possible Recovery rate (cents on the dollar) 37.3 Paying taxes (rank) 176 Payments (number per year) 41 Time (hours per year) 1,080 Total tax rate (% of profit) 78.1 bosnia and herZegovina Eastern Europe & Central Asia GNI per capita (US$) 3,580 Ease of doing business (rank) 119 Lower middle income Population (m) 3.9 Starting a business (rank) 161 Registering property (rank) 144 Trading across borders (rank) 55 Procedures (number) 12 Procedures (number) 7 Documents to export (number) 6 Time (days) 60 Time (days) 128 Time to export (days) 16 Cost (% of income per capita) 30.8 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 36.3 Documents to import (number) 7 Getting credit (rank) 59 Time to import (days) 16 Dealing with construction permits (rank) 137 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,035 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 296 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 123 Cost (% of income per capita) 666.9 Private bureau coverage (% of adults) 69.2 Procedures (number) 38 Time (days) 595 Employing workers (rank) 117 Protecting investors (rank) 88 Cost (% of claim) 38.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 60 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 6 Time (years) 3.3 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 9 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 35.9 Paying taxes (rank) 154 Payments (number per year) 51 Time (hours per year) 428 Total tax rate (% of profit) 44.1 botswana Sub-Saharan Africa GNI per capita (US$) 5,840 Ease of doing business (rank) 38 Upper middle income Population (m) 1.9 Starting a business (rank) 80 Registering property (rank) 29 Trading across borders (rank) 149 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 6 Time (days) 78 Time (days) 11 Time to export (days) 31 Cost (% of income per capita) 2.3 Cost (% of property value) 5.0 Cost to export (US$ per container) 2,508 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 43 Time to import (days) 42 Dealing with construction permits (rank) 119 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,064 Procedures (number) 24 Depth of credit information index (0-6) 4 Time (days) 167 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 92 Cost (% of income per capita) 311.9 Private bureau coverage (% of adults) 52.9 Procedures (number) 29 Time (days) 987 Employing workers (rank) 73 Protecting investors (rank) 38 Cost (% of claim) 28.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 26 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 1.7 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 60.3 Paying taxes (rank) 17 Payments (number per year) 19 Time (hours per year) 140 Total tax rate (% of profit) 17.1 counTRy TABles 93 braZiL Latin America & Caribbean GNI per capita (US$) 5,910 Ease of doing business (rank) 125 Upper middle income Population (m) 191.6 Starting a business (rank) 127 Registering property (rank) 111 Trading across borders (rank) 92 Procedures (number) 18 Procedures (number) 14 Documents to export (number) 8 Time (days) 152 Time (days) 42 Time to export (days) 14 Cost (% of income per capita) 8.2 Cost (% of property value) 2.7 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 19 Dealing with construction permits (rank) 108 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,275 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 411 Public registry coverage (% of adults) 20.2 Enforcing contracts (rank) 100 Cost (% of income per capita) 46.7 Private bureau coverage (% of adults) 62.2 Procedures (number) 45 Time (days) 616 Employing workers (rank) 121 Protecting investors (rank) 70 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 7 Closing a business (rank) 127 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 12 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 17.1 Paying taxes (rank) 145 Payments (number per year) 11 Time (hours per year) 2,600 Total tax rate (% of profit) 69.4 brunei East Asia & Pacific GNI per capita (US$) 36,216 Ease of doing business (rank) 88 High income Population (m) 0.4 Starting a business (rank) 130 Registering property (rank) 177 Trading across borders (rank) 42 Procedures (number) 18 Procedures (number) No practice Documents to export (number) 6 Time (days) 116 Time (days) No practice Time to export (days) 28 Cost (% of income per capita) 9.2 Cost (% of property value) No practice Cost to export (US$ per container) 630 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 19 Dealing with construction permits (rank) 72 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 708 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 167 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 157 Cost (% of income per capita) 5.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 58 Time (days) 540 Employing workers (rank) 5 Protecting investors (rank) 113 Cost (% of claim) 36.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 2 Closing a business (rank) 35 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 47.2 Paying taxes (rank) 35 Payments (number per year) 15 Time (hours per year) 144 Total tax rate (% of profit) 37.4 buLgaria Eastern Europe & Central Asia GNI per capita (US$) 4,590 Ease of doing business (rank) 45 Upper middle income Population (m) 7.6 Starting a business (rank) 81 Registering property (rank) 59 Trading across borders (rank) 102 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 5 Time (days) 49 Time (days) 19 Time to export (days) 23 Cost (% of income per capita) 2.0 Cost (% of property value) 2.3 Cost to export (US$ per container) 1,626 Minimum capital (% of income per capita) 47.8 Documents to import (number) 7 Getting credit (rank) 5 Time to import (days) 21 Dealing with construction permits (rank) 117 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,776 Procedures (number) 24 Depth of credit information index (0-6) 6 Time (days) 139 Public registry coverage (% of adults) 30.7 Enforcing contracts (rank) 86 Cost (% of income per capita) 493.6 Private bureau coverage (% of adults) 5.0 Procedures (number) 39 Time (days) 564 Employing workers (rank) 60 Protecting investors (rank) 38 Cost (% of claim) 23.8 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 75 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 3.3 Rigidity of employment index (0-100) 29 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 32.1 Paying taxes (rank) 94 Payments (number per year) 17 Time (hours per year) 616 Total tax rate (% of profit) 34.9 94 Doing Business 2009 burkina faso Sub-Saharan Africa GNI per capita (US$) 430 Ease of doing business (rank) 148 Low income Population (m) 14.8 Starting a business (rank) 113 Registering property (rank) 148 Trading across borders (rank) 173 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 11 Time (days) 16 Time (days) 136 Time to export (days) 45 Cost (% of income per capita) 62.3 Cost (% of property value) 10.2 Cost to export (US$ per container) 2,132 Minimum capital (% of income per capita) 458.8 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 54 Dealing with construction permits (rank) 106 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,630 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 214 Public registry coverage (% of adults) 1.9 Enforcing contracts (rank) 110 Cost (% of income per capita) 577.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 446 Employing workers (rank) 57 Protecting investors (rank) 142 Cost (% of claim) 107.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 110 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 4 Time (years) 4.0 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Firing cost (weeks of salary) 34 Recovery rate (cents on the dollar) 21.7 Paying taxes (rank) 132 Payments (number per year) 45 Time (hours per year) 270 Total tax rate (% of profit) 44.6 burundi Sub-Saharan Africa GNI per capita (US$) 110 Ease of doing business (rank) 177 Low income Population (m) 8.5 Starting a business (rank) 138 Registering property (rank) 125 Trading across borders (rank) 170 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 9 Time (days) 43 Time (days) 94 Time to export (days) 47 Cost (% of income per capita) 215.0 Cost (% of property value) 10.7 Cost to export (US$ per container) 2,147 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 71 Dealing with construction permits (rank) 173 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 3,705 Procedures (number) 20 Depth of credit information index (0-6) 1 Time (days) 384 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 170 Cost (% of income per capita) 8,515.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 832 Employing workers (rank) 70 Protecting investors (rank) 150 Cost (% of claim) 38.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 114 Payments (number per year) 32 Time (hours per year) 140 Total tax rate (% of profit) 278.7 Cambodia East Asia & Pacific GNI per capita (US$) 540 Ease of doing business (rank) 135 Low income Population (m) 14.4 Starting a business (rank) 169 Registering property (rank) 108 Trading across borders (rank) 122 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 11 Time (days) 85 Time (days) 56 Time to export (days) 22 Cost (% of income per capita) 151.7 Cost (% of property value) 4.4 Cost to export (US$ per container) 732 Minimum capital (% of income per capita) 43.9 Documents to import (number) 11 Getting credit (rank) 68 Time to import (days) 30 Dealing with construction permits (rank) 147 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 872 Procedures (number) 23 Depth of credit information index (0-6) 0 Time (days) 709 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 136 Cost (% of income per capita) 64.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 401 Employing workers (rank) 134 Protecting investors (rank) 70 Cost (% of claim) 102.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 5.3 Cost (% of estate) No practice Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 24 Payments (number per year) 27 Time (hours per year) 137 Total tax rate (% of profit) 22.6 counTRy TABles 95 Cameroon Sub-Saharan Africa GNI per capita (US$) 1,050 Ease of doing business (rank) 164 Lower middle income Population (m) 18.5 Starting a business (rank) 171 Registering property (rank) 138 Trading across borders (rank) 137 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 9 Time (days) 37 Time (days) 93 Time to export (days) 27 Cost (% of income per capita) 137.1 Cost (% of property value) 17.8 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 188.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 33 Dealing with construction permits (rank) 154 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,672 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 426 Public registry coverage (% of adults) 4.9 Enforcing contracts (rank) 172 Cost (% of income per capita) 1,277.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 800 Employing workers (rank) 124 Protecting investors (rank) 113 Cost (% of claim) 46.6 Difficulty of hiring index (0-100) 28 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 95 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 3.2 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 33 Recovery rate (cents on the dollar) 25.5 Paying taxes (rank) 171 Payments (number per year) 41 Time (hours per year) 1,400 Total tax rate (% of profit) 51.4 Canada OECD: High Income GNI per capita (US$) 39,420 Ease of doing business (rank) 8 High income Population (m) 33.0 Starting a business (rank) 2 Registering property (rank) 32 Trading across borders (rank) 44 Procedures (number) 1 Procedures (number) 6 Documents to export (number) 3 Time (days) 5 Time (days) 17 Time to export (days) 7 Cost (% of income per capita) 0.5 Cost (% of property value) 1.8 Cost to export (US$ per container) 1,660 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 11 Dealing with construction permits (rank) 29 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,785 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 75 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 58 Cost (% of income per capita) 103.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 570 Employing workers (rank) 18 Protecting investors (rank) 5 Cost (% of claim) 22.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 4 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 0.8 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 4 Firing cost (weeks of salary) 28 Recovery rate (cents on the dollar) 88.7 Paying taxes (rank) 28 Payments (number per year) 9 Time (hours per year) 119 Total tax rate (% of profit) 45.4 Cape verde Sub-Saharan Africa GNI per capita (US$) 2,430 Ease of doing business (rank) 143 Lower middle income Population (m) 0.5 Starting a business (rank) 163 Registering property (rank) 124 Trading across borders (rank) 56 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 5 Time (days) 52 Time (days) 73 Time to export (days) 19 Cost (% of income per capita) 35.7 Cost (% of property value) 7.7 Cost to export (US$ per container) 1,325 Minimum capital (% of income per capita) 47.5 Documents to import (number) 5 Getting credit (rank) 123 Time to import (days) 18 Dealing with construction permits (rank) 79 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,129 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 120 Public registry coverage (% of adults) 21.8 Enforcing contracts (rank) 40 Cost (% of income per capita) 639.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 425 Employing workers (rank) 169 Protecting investors (rank) 126 Cost (% of claim) 21.8 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 54 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 93 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 115 Payments (number per year) 57 Time (hours per year) 100 Total tax rate (% of profit) 54.0 96 Doing Business 2009 CentraL afriCan repubLiC Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 180 Low income Population (m) 4.3 Starting a business (rank) 152 Registering property (rank) 133 Trading across borders (rank) 175 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 8 Time (days) 14 Time (days) 75 Time to export (days) 57 Cost (% of income per capita) 232.3 Cost (% of property value) 18.6 Cost to export (US$ per container) 5,121 Minimum capital (% of income per capita) 513.9 Documents to import (number) 18 Getting credit (rank) 131 Time to import (days) 66 Dealing with construction permits (rank) 138 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 5,074 Procedures (number) 21 Depth of credit information index (0-6) 2 Time (days) 239 Public registry coverage (% of adults) 1.2 Enforcing contracts (rank) 169 Cost (% of income per capita) 278.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 660 Employing workers (rank) 151 Protecting investors (rank) 126 Cost (% of claim) 82.0 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 4.8 Rigidity of employment index (0-100) 61 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 76 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 178 Payments (number per year) 54 Time (hours per year) 504 Total tax rate (% of profit) 203.8 Chad Sub-Saharan Africa GNI per capita (US$) 540 Ease of doing business (rank) 175 Low income Population (m) 10.8 Starting a business (rank) 180 Registering property (rank) 132 Trading across borders (rank) 159 Procedures (number) 19 Procedures (number) 6 Documents to export (number) 6 Time (days) 75 Time (days) 44 Time to export (days) 78 Cost (% of income per capita) 175.0 Cost (% of property value) 22.7 Cost to export (US$ per container) 5,367 Minimum capital (% of income per capita) 365.1 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 102 Dealing with construction permits (rank) 70 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 6,020 Procedures (number) 9 Depth of credit information index (0-6) 1 Time (days) 181 Public registry coverage (% of adults) 0.6 Enforcing contracts (rank) 166 Cost (% of income per capita) 974.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 743 Employing workers (rank) 139 Protecting investors (rank) 126 Cost (% of claim) 77.4 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 130 Payments (number per year) 54 Time (hours per year) 122 Total tax rate (% of profit) 60.5 ChiLe Latin America & Caribbean GNI per capita (US$) 8,350 Ease of doing business (rank) 40 Upper middle income Population (m) 16.6 Starting a business (rank) 55 Registering property (rank) 39 Trading across borders (rank) 53 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 6 Time (days) 27 Time (days) 31 Time to export (days) 21 Cost (% of income per capita) 7.5 Cost (% of property value) 1.3 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 21 Dealing with construction permits (rank) 62 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 795 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 155 Public registry coverage (% of adults) 28.1 Enforcing contracts (rank) 65 Cost (% of income per capita) 101.3 Private bureau coverage (% of adults) 34.5 Procedures (number) 36 Time (days) 480 Employing workers (rank) 74 Protecting investors (rank) 38 Cost (% of claim) 28.6 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 112 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 4.5 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 21.3 Paying taxes (rank) 41 Payments (number per year) 10 Time (hours per year) 316 Total tax rate (% of profit) 25.9 counTRy TABles 97 China East Asia & Pacific GNI per capita (US$) 2,360 Ease of doing business (rank) 83 Lower middle income Population (m) 1,320.0 Starting a business (rank) 151 Registering property (rank) 30 Trading across borders (rank) 48 Procedures (number) 14 Procedures (number) 4 Documents to export (number) 7 Time (days) 40 Time (days) 29 Time to export (days) 21 Cost (% of income per capita) 8.4 Cost (% of property value) 3.2 Cost to export (US$ per container) 460 Minimum capital (% of income per capita) 158.1 Documents to import (number) 6 Getting credit (rank) 59 Time to import (days) 24 Dealing with construction permits (rank) 176 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 545 Procedures (number) 37 Depth of credit information index (0-6) 4 Time (days) 336 Public registry coverage (% of adults) 58.8 Enforcing contracts (rank) 18 Cost (% of income per capita) 698.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 406 Employing workers (rank) 111 Protecting investors (rank) 88 Cost (% of claim) 11.1 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 62 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 1.7 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 35.3 Paying taxes (rank) 132 Payments (number per year) 9 Time (hours per year) 504 Total tax rate (% of profit) 79.9 CoLombia Latin America & Caribbean GNI per capita (US$) 3,250 Ease of doing business (rank) 53 Lower middle income Population (m) 46.1 Starting a business (rank) 79 Registering property (rank) 78 Trading across borders (rank) 96 Procedures (number) 9 Procedures (number) 9 Documents to export (number) 6 Time (days) 36 Time (days) 23 Time to export (days) 14 Cost (% of income per capita) 14.1 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 15 Dealing with construction permits (rank) 54 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,640 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 114 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 149 Cost (% of income per capita) 661.6 Private bureau coverage (% of adults) 42.5 Procedures (number) 34 Time (days) 1,346 Employing workers (rank) 80 Protecting investors (rank) 24 Cost (% of claim) 52.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 30 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 3.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 1 Firing cost (weeks of salary) 59 Recovery rate (cents on the dollar) 52.8 Paying taxes (rank) 141 Payments (number per year) 31 Time (hours per year) 256 Total tax rate (% of profit) 78.4 Comoros Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 155 Low income Population (m) 0.6 Starting a business (rank) 160 Registering property (rank) 93 Trading across borders (rank) 129 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 23 Time (days) 24 Time to export (days) 30 Cost (% of income per capita) 188.6 Cost (% of property value) 20.8 Cost to export (US$ per container) 1,073 Minimum capital (% of income per capita) 280.8 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 21 Dealing with construction permits (rank) 64 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,057 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 164 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 150 Cost (% of income per capita) 77.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 506 Employing workers (rank) 162 Protecting investors (rank) 126 Cost (% of claim) 89.4 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 100 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 55 Payments (number per year) 20 Time (hours per year) 100 Total tax rate (% of profit) 48.8 98 Doing Business 2009 Congo, dem. rep. Sub-Saharan Africa GNI per capita (US$) 140 Ease of doing business (rank) 181 Low income Population (m) 62.4 Starting a business (rank) 154 Registering property (rank) 152 Trading across borders (rank) 160 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 8 Time (days) 155 Time (days) 57 Time to export (days) 46 Cost (% of income per capita) 435.4 Cost (% of property value) 9.2 Cost to export (US$ per container) 2,607 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 66 Dealing with construction permits (rank) 141 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,483 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 322 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 173 Cost (% of income per capita) 1,725.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 645 Employing workers (rank) 175 Protecting investors (rank) 150 Cost (% of claim) 151.8 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 3 Closing a business (rank) 150 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 4 Time (years) 5.2 Rigidity of employment index (0-100) 74 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 29 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 5.4 Paying taxes (rank) 153 Payments (number per year) 32 Time (hours per year) 308 Total tax rate (% of profit) 229.8 Congo, rep. Sub-Saharan Africa GNI per capita (US$) 1,540 Ease of doing business (rank) 178 Lower middle income Population (m) 3.8 Starting a business (rank) 157 Registering property (rank) 171 Trading across borders (rank) 176 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 11 Time (days) 37 Time (days) 116 Time to export (days) 50 Cost (% of income per capita) 106.4 Cost (% of property value) 16.5 Cost to export (US$ per container) 2,490 Minimum capital (% of income per capita) 131.2 Documents to import (number) 12 Getting credit (rank) 131 Time to import (days) 62 Dealing with construction permits (rank) 68 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,959 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 169 Public registry coverage (% of adults) 6.9 Enforcing contracts (rank) 155 Cost (% of income per capita) 345.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 560 Employing workers (rank) 170 Protecting investors (rank) 150 Cost (% of claim) 53.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 117 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 3 Time (years) 3.0 Rigidity of employment index (0-100) 69 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 24 Firing cost (weeks of salary) 33 Recovery rate (cents on the dollar) 20.4 Paying taxes (rank) 179 Payments (number per year) 61 Time (hours per year) 606 Total tax rate (% of profit) 65.5 Costa riCa Latin America & Caribbean GNI per capita (US$) 5,560 Ease of doing business (rank) 117 Upper middle income Population (m) 4.5 Starting a business (rank) 123 Registering property (rank) 45 Trading across borders (rank) 94 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 7 Time (days) 60 Time (days) 21 Time to export (days) 18 Cost (% of income per capita) 20.5 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 25 Dealing with construction permits (rank) 123 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,050 Procedures (number) 23 Depth of credit information index (0-6) 5 Time (days) 191 Public registry coverage (% of adults) 5.9 Enforcing contracts (rank) 132 Cost (% of income per capita) 211.7 Private bureau coverage (% of adults) 51.6 Procedures (number) 40 Time (days) 877 Employing workers (rank) 77 Protecting investors (rank) 164 Cost (% of claim) 24.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 98 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 3.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 152 Payments (number per year) 43 Time (hours per year) 282 Total tax rate (% of profit) 55.7 counTRy TABles 99 CÔte d'ivoire Sub-Saharan Africa GNI per capita (US$) 910 Ease of doing business (rank) 161 Low income Population (m) 19.3 Starting a business (rank) 167 Registering property (rank) 139 Trading across borders (rank) 155 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 10 Time (days) 40 Time (days) 62 Time to export (days) 23 Cost (% of income per capita) 135.1 Cost (% of property value) 13.9 Cost to export (US$ per container) 1,904 Minimum capital (% of income per capita) 215.9 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 43 Dealing with construction permits (rank) 160 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,437 Procedures (number) 21 Depth of credit information index (0-6) 1 Time (days) 628 Public registry coverage (% of adults) 2.9 Enforcing contracts (rank) 124 Cost (% of income per capita) 243.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 770 Employing workers (rank) 112 Protecting investors (rank) 150 Cost (% of claim) 41.7 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 68 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 3 Time (years) 2.2 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 49 Recovery rate (cents on the dollar) 34.0 Paying taxes (rank) 148 Payments (number per year) 66 Time (hours per year) 270 Total tax rate (% of profit) 45.4 Croatia Eastern Europe & Central Asia GNI per capita (US$) 10,460 Ease of doing business (rank) 106 Upper middle income Population (m) 4.4 Starting a business (rank) 117 Registering property (rank) 109 Trading across borders (rank) 97 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 7 Time (days) 40 Time (days) 174 Time to export (days) 20 Cost (% of income per capita) 11.5 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,281 Minimum capital (% of income per capita) 16.6 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 16 Dealing with construction permits (rank) 163 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,141 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 410 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 44 Cost (% of income per capita) 655.2 Private bureau coverage (% of adults) 71.8 Procedures (number) 38 Time (days) 561 Employing workers (rank) 146 Protecting investors (rank) 126 Cost (% of claim) 13.8 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 79 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 3.1 Rigidity of employment index (0-100) 50 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 30.5 Paying taxes (rank) 33 Payments (number per year) 17 Time (hours per year) 196 Total tax rate (% of profit) 32.5 CZeCh repubLiC OECD: High Income GNI per capita (US$) 14,450 Ease of doing business (rank) 75 High income Population (m) 10.3 Starting a business (rank) 86 Registering property (rank) 65 Trading across borders (rank) 49 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 4 Time (days) 15 Time (days) 123 Time to export (days) 17 Cost (% of income per capita) 9.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 985 Minimum capital (% of income per capita) 31.8 Documents to import (number) 7 Getting credit (rank) 43 Time to import (days) 20 Dealing with construction permits (rank) 86 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,087 Procedures (number) 36 Depth of credit information index (0-6) 5 Time (days) 180 Public registry coverage (% of adults) 4.6 Enforcing contracts (rank) 95 Cost (% of income per capita) 16.9 Private bureau coverage (% of adults) 65.2 Procedures (number) 27 Time (days) 820 Employing workers (rank) 59 Protecting investors (rank) 88 Cost (% of claim) 33.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 113 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 6.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 20.9 Paying taxes (rank) 118 Payments (number per year) 12 Time (hours per year) 930 Total tax rate (% of profit) 48.6 100 Doing Business 2009 denmark OECD: High Income GNI per capita (US$) 54,910 Ease of doing business (rank) 5 High income Population (m) 5.5 Starting a business (rank) 16 Registering property (rank) 43 Trading across borders (rank) 3 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 4 Time (days) 6 Time (days) 42 Time to export (days) 5 Cost (% of income per capita) 0.0 Cost (% of property value) 0.6 Cost to export (US$ per container) 681 Minimum capital (% of income per capita) 40.1 Documents to import (number) 3 Getting credit (rank) 12 Time to import (days) 5 Dealing with construction permits (rank) 7 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 681 Procedures (number) 6 Depth of credit information index (0-6) 4 Time (days) 69 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 29 Cost (% of income per capita) 60.9 Private bureau coverage (% of adults) 5.0 Procedures (number) 34 Time (days) 380 Employing workers (rank) 10 Protecting investors (rank) 24 Cost (% of claim) 23.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 7 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.1 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 86.5 Paying taxes (rank) 13 Payments (number per year) 9 Time (hours per year) 135 Total tax rate (% of profit) 29.9 dJibouti Middle East & North Africa GNI per capita (US$) 1,090 Ease of doing business (rank) 153 Lower middle income Population (m) 0.8 Starting a business (rank) 173 Registering property (rank) 134 Trading across borders (rank) 35 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 5 Time (days) 37 Time (days) 40 Time to export (days) 19 Cost (% of income per capita) 200.2 Cost (% of property value) 13.2 Cost to export (US$ per container) 1,058 Minimum capital (% of income per capita) 514.0 Documents to import (number) 5 Getting credit (rank) 172 Time to import (days) 16 Dealing with construction permits (rank) 99 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 978 Procedures (number) 14 Depth of credit information index (0-6) 1 Time (days) 195 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 159 Cost (% of income per capita) 982.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,225 Employing workers (rank) 137 Protecting investors (rank) 177 Cost (% of claim) 34.0 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 132 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 0 Time (years) 5.0 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 2.3 Cost (% of estate) 18 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 15.9 Paying taxes (rank) 61 Payments (number per year) 35 Time (hours per year) 114 Total tax rate (% of profit) 38.7 dominiCa Latin America & Caribbean GNI per capita (US$) 4,250 Ease of doing business (rank) 74 Upper middle income Population (m) 0.1 Starting a business (rank) 21 Registering property (rank) 103 Trading across borders (rank) 82 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 7 Time (days) 14 Time (days) 42 Time to export (days) 13 Cost (% of income per capita) 25.5 Cost (% of property value) 13.7 Cost to export (US$ per container) 1,297 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 15 Dealing with construction permits (rank) 24 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,310 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 182 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 164 Cost (% of income per capita) 12.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 681 Employing workers (rank) 61 Protecting investors (rank) 24 Cost (% of claim) 36.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 58 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 63 Payments (number per year) 38 Time (hours per year) 120 Total tax rate (% of profit) 37.0 counTRy TABles 101 dominiCan repubLiC Latin America & Caribbean GNI per capita (US$) 3,550 Ease of doing business (rank) 97 Lower middle income Population (m) 9.8 Starting a business (rank) 84 Registering property (rank) 106 Trading across borders (rank) 32 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 6 Time (days) 19 Time (days) 60 Time to export (days) 9 Cost (% of income per capita) 19.4 Cost (% of property value) 3.8 Cost to export (US$ per container) 916 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 10 Dealing with construction permits (rank) 77 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,150 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 214 Public registry coverage (% of adults) 33.9 Enforcing contracts (rank) 83 Cost (% of income per capita) 93.2 Private bureau coverage (% of adults) 35.0 Procedures (number) 34 Time (days) 460 Employing workers (rank) 97 Protecting investors (rank) 126 Cost (% of claim) 40.9 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 0 Closing a business (rank) 144 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) 3.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Firing cost (weeks of salary) 88 Recovery rate (cents on the dollar) 8.9 Paying taxes (rank) 72 Payments (number per year) 9 Time (hours per year) 480 Total tax rate (% of profit) 35.7 eCuador Latin America & Caribbean GNI per capita (US$) 3,080 Ease of doing business (rank) 136 Lower middle income Population (m) 13.3 Starting a business (rank) 158 Registering property (rank) 64 Trading across borders (rank) 124 Procedures (number) 14 Procedures (number) 9 Documents to export (number) 9 Time (days) 65 Time (days) 16 Time to export (days) 20 Cost (% of income per capita) 38.5 Cost (% of property value) 2.2 Cost to export (US$ per container) 1,345 Minimum capital (% of income per capita) 12.7 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 29 Dealing with construction permits (rank) 85 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,332 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 155 Public registry coverage (% of adults) 37.7 Enforcing contracts (rank) 101 Cost (% of income per capita) 272.7 Private bureau coverage (% of adults) 46.8 Procedures (number) 39 Time (days) 588 Employing workers (rank) 171 Protecting investors (rank) 126 Cost (% of claim) 27.2 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 131 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 5.3 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Firing cost (weeks of salary) 135 Recovery rate (cents on the dollar) 16.1 Paying taxes (rank) 69 Payments (number per year) 8 Time (hours per year) 600 Total tax rate (% of profit) 34.9 egypt Middle East & North Africa GNI per capita (US$) 1,580 Ease of doing business (rank) 114 Lower middle income Population (m) 75.5 Starting a business (rank) 41 Registering property (rank) 85 Trading across borders (rank) 24 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 6 Time (days) 7 Time (days) 72 Time to export (days) 14 Cost (% of income per capita) 18.3 Cost (% of property value) 0.9 Cost to export (US$ per container) 737 Minimum capital (% of income per capita) 2.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 15 Dealing with construction permits (rank) 165 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 823 Procedures (number) 28 Depth of credit information index (0-6) 5 Time (days) 249 Public registry coverage (% of adults) 2.2 Enforcing contracts (rank) 151 Cost (% of income per capita) 376.7 Private bureau coverage (% of adults) 4.7 Procedures (number) 42 Time (days) 1,010 Employing workers (rank) 107 Protecting investors (rank) 70 Cost (% of claim) 26.2 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 3 Closing a business (rank) 128 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 22 Firing cost (weeks of salary) 132 Recovery rate (cents on the dollar) 16.8 Paying taxes (rank) 144 Payments (number per year) 29 Time (hours per year) 711 Total tax rate (% of profit) 46.1 102 Doing Business 2009 eL saLvador Latin America & Caribbean GNI per capita (US$) 2,850 Ease of doing business (rank) 72 Lower middle income Population (m) 6.9 Starting a business (rank) 103 Registering property (rank) 42 Trading across borders (rank) 57 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 8 Time (days) 17 Time (days) 31 Time to export (days) 14 Cost (% of income per capita) 49.6 Cost (% of property value) 3.7 Cost to export (US$ per container) 880 Minimum capital (% of income per capita) 3.5 Documents to import (number) 9 Getting credit (rank) 43 Time to import (days) 10 Dealing with construction permits (rank) 121 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 820 Procedures (number) 34 Depth of credit information index (0-6) 6 Time (days) 155 Public registry coverage (% of adults) 18.4 Enforcing contracts (rank) 53 Cost (% of income per capita) 176.3 Private bureau coverage (% of adults) 83.0 Procedures (number) 30 Time (days) 786 Employing workers (rank) 87 Protecting investors (rank) 113 Cost (% of claim) 19.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 78 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 86 Recovery rate (cents on the dollar) 30.8 Paying taxes (rank) 124 Payments (number per year) 53 Time (hours per year) 320 Total tax rate (% of profit) 34.9 eQuatoriaL guinea Sub-Saharan Africa GNI per capita (US$) 12,860 Ease of doing business (rank) 167 High income Population (m) 0.5 Starting a business (rank) 174 Registering property (rank) 69 Trading across borders (rank) 133 Procedures (number) 20 Procedures (number) 6 Documents to export (number) 7 Time (days) 136 Time (days) 23 Time to export (days) 30 Cost (% of income per capita) 101.7 Cost (% of property value) 6.2 Cost to export (US$ per container) 1,411 Minimum capital (% of income per capita) 15.4 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 87 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,411 Procedures (number) 18 Depth of credit information index (0-6) 2 Time (days) 201 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 69 Cost (% of income per capita) 159.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 553 Employing workers (rank) 178 Protecting investors (rank) 142 Cost (% of claim) 18.5 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 3.7 Cost (% of estate) No practice Firing cost (weeks of salary) 133 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 161 Payments (number per year) 46 Time (hours per year) 296 Total tax rate (% of profit) 59.5 eritrea Sub-Saharan Africa GNI per capita (US$) 230 Ease of doing business (rank) 173 Low income Population (m) 4.8 Starting a business (rank) 178 Registering property (rank) 165 Trading across borders (rank) 163 Procedures (number) 13 Procedures (number) 12 Documents to export (number) 9 Time (days) 84 Time (days) 101 Time to export (days) 50 Cost (% of income per capita) 102.2 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,431 Minimum capital (% of income per capita) 396.7 Documents to import (number) 13 Getting credit (rank) 172 Time to import (days) 60 Dealing with construction permits (rank) 181 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,581 Procedures (number) No practice Depth of credit information index (0-6) 0 Time (days) No practice Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 51 Cost (% of income per capita) No practice Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 405 Employing workers (rank) 65 Protecting investors (rank) 104 Cost (% of claim) 22.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 4.7 Cost (% of estate) No practice Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 105 Payments (number per year) 18 Time (hours per year) 216 Total tax rate (% of profit) 84.5 counTRy TABles 103 estonia Eastern Europe & Central Asia GNI per capita (US$) 13,200 Ease of doing business (rank) 22 High income Population (m) 1.3 Starting a business (rank) 23 Registering property (rank) 24 Trading across borders (rank) 5 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 3 Time (days) 7 Time (days) 51 Time to export (days) 5 Cost (% of income per capita) 1.7 Cost (% of property value) 0.4 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 23.7 Documents to import (number) 4 Getting credit (rank) 43 Time to import (days) 5 Dealing with construction permits (rank) 19 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 740 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 30 Cost (% of income per capita) 27.5 Private bureau coverage (% of adults) 20.6 Procedures (number) 36 Time (days) 425 Employing workers (rank) 163 Protecting investors (rank) 53 Cost (% of claim) 18.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 3 Closing a business (rank) 58 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 58 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 37.5 Paying taxes (rank) 34 Payments (number per year) 10 Time (hours per year) 81 Total tax rate (% of profit) 48.6 ethiopia Sub-Saharan Africa GNI per capita (US$) 220 Ease of doing business (rank) 116 Low income Population (m) 79.1 Starting a business (rank) 118 Registering property (rank) 154 Trading across borders (rank) 152 Procedures (number) 7 Procedures (number) 13 Documents to export (number) 8 Time (days) 16 Time (days) 43 Time to export (days) 46 Cost (% of income per capita) 29.8 Cost (% of property value) 7.1 Cost to export (US$ per container) 2,087 Minimum capital (% of income per capita) 693.6 Documents to import (number) 8 Getting credit (rank) 123 Time to import (days) 42 Dealing with construction permits (rank) 59 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,893 Procedures (number) 12 Depth of credit information index (0-6) 2 Time (days) 128 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 78 Cost (% of income per capita) 790.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 690 Employing workers (rank) 95 Protecting investors (rank) 113 Cost (% of claim) 15.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 74 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 40 Recovery rate (cents on the dollar) 32.2 Paying taxes (rank) 37 Payments (number per year) 20 Time (hours per year) 198 Total tax rate (% of profit) 31.1 fiJi East Asia & Pacific GNI per capita (US$) 3,800 Ease of doing business (rank) 39 Upper middle income Population (m) 0.8 Starting a business (rank) 87 Registering property (rank) 40 Trading across borders (rank) 108 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 13 Time (days) 46 Time (days) 68 Time to export (days) 24 Cost (% of income per capita) 25.2 Cost (% of property value) 2.0 Cost to export (US$ per container) 654 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 12 Time to import (days) 24 Dealing with construction permits (rank) 55 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 630 Procedures (number) 19 Depth of credit information index (0-6) 4 Time (days) 135 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 64 Cost (% of income per capita) 51.2 Private bureau coverage (% of adults) 42.3 Procedures (number) 34 Time (days) 397 Employing workers (rank) 32 Protecting investors (rank) 38 Cost (% of claim) 38.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 119 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 1.8 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 38 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 20.1 Paying taxes (rank) 71 Payments (number per year) 33 Time (hours per year) 140 Total tax rate (% of profit) 41.5 104 Doing Business 2009 finLand OECD: High Income GNI per capita (US$) 44,400 Ease of doing business (rank) 14 High income Population (m) 5.3 Starting a business (rank) 18 Registering property (rank) 21 Trading across borders (rank) 4 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 14 Time (days) 14 Time to export (days) 8 Cost (% of income per capita) 1.0 Cost (% of property value) 4.0 Cost to export (US$ per container) 495 Minimum capital (% of income per capita) 7.4 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 8 Dealing with construction permits (rank) 43 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 575 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 38 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 5 Cost (% of income per capita) 118.3 Private bureau coverage (% of adults) 14.8 Procedures (number) 32 Time (days) 235 Employing workers (rank) 129 Protecting investors (rank) 53 Cost (% of claim) 10.4 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 5 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 87.3 Paying taxes (rank) 97 Payments (number per year) 20 Time (hours per year) 269 Total tax rate (% of profit) 47.8 franCe OECD: High Income GNI per capita (US$) 38,500 Ease of doing business (rank) 31 High income Population (m) 61.7 Starting a business (rank) 14 Registering property (rank) 166 Trading across borders (rank) 22 Procedures (number) 5 Procedures (number) 9 Documents to export (number) 2 Time (days) 7 Time (days) 113 Time to export (days) 9 Cost (% of income per capita) 1.0 Cost (% of property value) 6.3 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 43 Time to import (days) 11 Dealing with construction permits (rank) 18 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,248 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 137 Public registry coverage (% of adults) 28.3 Enforcing contracts (rank) 10 Cost (% of income per capita) 23.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 331 Employing workers (rank) 148 Protecting investors (rank) 70 Cost (% of claim) 17.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 40 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Rigidity of employment index (0-100) 56 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 32 Recovery rate (cents on the dollar) 44.7 Paying taxes (rank) 66 Payments (number per year) 11 Time (hours per year) 132 Total tax rate (% of profit) 65.4 gabon Sub-Saharan Africa GNI per capita (US$) 6,670 Ease of doing business (rank) 151 Upper middle income Population (m) 1.3 Starting a business (rank) 148 Registering property (rank) 158 Trading across borders (rank) 128 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 58 Time (days) 60 Time to export (days) 20 Cost (% of income per capita) 20.3 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,945 Minimum capital (% of income per capita) 30.2 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 22 Dealing with construction permits (rank) 60 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,955 Procedures (number) 16 Depth of credit information index (0-6) 2 Time (days) 210 Public registry coverage (% of adults) 20.7 Enforcing contracts (rank) 147 Cost (% of income per capita) 39.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,070 Employing workers (rank) 154 Protecting investors (rank) 150 Cost (% of claim) 34.3 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 134 Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Rigidity of employment index (0-100) 52 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 15 Firing cost (weeks of salary) 43 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 101 Payments (number per year) 26 Time (hours per year) 272 Total tax rate (% of profit) 44.7 counTRy TABles 105 gambia, the Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 130 Low income Population (m) 1.7 Starting a business (rank) 101 Registering property (rank) 111 Trading across borders (rank) 73 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 27 Time (days) 371 Time to export (days) 24 Cost (% of income per capita) 254.9 Cost (% of property value) 4.6 Cost to export (US$ per container) 831 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 23 Dealing with construction permits (rank) 74 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 922 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 146 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 63 Cost (% of income per capita) 394.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 434 Employing workers (rank) 55 Protecting investors (rank) 170 Cost (% of claim) 37.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 120 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 19.5 Paying taxes (rank) 175 Payments (number per year) 50 Time (hours per year) 376 Total tax rate (% of profit) 292.4 georgia Eastern Europe & Central Asia GNI per capita (US$) 2,120 Ease of doing business (rank) 15 Lower middle income Population (m) 4.4 Starting a business (rank) 4 Registering property (rank) 2 Trading across borders (rank) 81 Procedures (number) 3 Procedures (number) 2 Documents to export (number) 8 Time (days) 3 Time (days) 3 Time to export (days) 12 Cost (% of income per capita) 4.0 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,380 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 10 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,340 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 113 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 43 Cost (% of income per capita) 20.3 Private bureau coverage (% of adults) 4.5 Procedures (number) 36 Time (days) 285 Employing workers (rank) 5 Protecting investors (rank) 38 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 92 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 27.9 Paying taxes (rank) 110 Payments (number per year) 30 Time (hours per year) 387 Total tax rate (% of profit) 38.6 germany OECD: High Income GNI per capita (US$) 38,860 Ease of doing business (rank) 25 High income Population (m) 82.3 Starting a business (rank) 102 Registering property (rank) 52 Trading across borders (rank) 11 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 4 Time (days) 18 Time (days) 40 Time to export (days) 7 Cost (% of income per capita) 5.6 Cost (% of property value) 5.2 Cost to export (US$ per container) 822 Minimum capital (% of income per capita) 42.2 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 7 Dealing with construction permits (rank) 15 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 887 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 100 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 9 Cost (% of income per capita) 62.2 Private bureau coverage (% of adults) 98.4 Procedures (number) 30 Time (days) 394 Employing workers (rank) 142 Protecting investors (rank) 88 Cost (% of claim) 14.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 33 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.2 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 8 Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 52.2 Paying taxes (rank) 80 Payments (number per year) 16 Time (hours per year) 196 Total tax rate (% of profit) 50.5 106 Doing Business 2009 ghana Sub-Saharan Africa GNI per capita (US$) 590 Ease of doing business (rank) 87 Low income Population (m) 23.5 Starting a business (rank) 137 Registering property (rank) 31 Trading across borders (rank) 76 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 6 Time (days) 34 Time (days) 34 Time to export (days) 19 Cost (% of income per capita) 32.7 Cost (% of property value) 1.2 Cost to export (US$ per container) 1,003 Minimum capital (% of income per capita) 16.6 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 29 Dealing with construction permits (rank) 142 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,130 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 220 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 50 Cost (% of income per capita) 1,282.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 487 Employing workers (rank) 145 Protecting investors (rank) 38 Cost (% of claim) 23.0 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 104 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 1.9 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 22 Firing cost (weeks of salary) 178 Recovery rate (cents on the dollar) 24.0 Paying taxes (rank) 65 Payments (number per year) 33 Time (hours per year) 224 Total tax rate (% of profit) 32.7 greeCe OECD: High Income GNI per capita (US$) 29,630 Ease of doing business (rank) 96 High income Population (m) 11.2 Starting a business (rank) 133 Registering property (rank) 101 Trading across borders (rank) 70 Procedures (number) 15 Procedures (number) 11 Documents to export (number) 5 Time (days) 19 Time (days) 22 Time to export (days) 20 Cost (% of income per capita) 10.2 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,153 Minimum capital (% of income per capita) 19.6 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 25 Dealing with construction permits (rank) 45 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,265 Procedures (number) 15 Depth of credit information index (0-6) 4 Time (days) 169 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 85 Cost (% of income per capita) 46.4 Private bureau coverage (% of adults) 39.0 Procedures (number) 39 Time (days) 819 Employing workers (rank) 133 Protecting investors (rank) 150 Cost (% of claim) 14.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 41 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 44.2 Paying taxes (rank) 62 Payments (number per year) 10 Time (hours per year) 224 Total tax rate (% of profit) 47.4 grenada Latin America & Caribbean GNI per capita (US$) 4,670 Ease of doing business (rank) 84 Upper middle income Population (m) 0.1 Starting a business (rank) 40 Registering property (rank) 156 Trading across borders (rank) 63 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 6 Time (days) 20 Time (days) 77 Time to export (days) 16 Cost (% of income per capita) 30.2 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,131 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 68 Time to import (days) 20 Dealing with construction permits (rank) 16 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,478 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 149 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 163 Cost (% of income per capita) 31.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 723 Employing workers (rank) 51 Protecting investors (rank) 24 Cost (% of claim) 32.6 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 29 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 74 Payments (number per year) 30 Time (hours per year) 140 Total tax rate (% of profit) 45.3 counTRy TABles 107 guatemaLa Latin America & Caribbean GNI per capita (US$) 2,440 Ease of doing business (rank) 112 Lower middle income Population (m) 13.3 Starting a business (rank) 147 Registering property (rank) 27 Trading across borders (rank) 123 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 26 Time (days) 30 Time to export (days) 19 Cost (% of income per capita) 50.6 Cost (% of property value) 1.1 Cost to export (US$ per container) 1,182 Minimum capital (% of income per capita) 26.3 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 18 Dealing with construction permits (rank) 164 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,302 Procedures (number) 22 Depth of credit information index (0-6) 5 Time (days) 215 Public registry coverage (% of adults) 16.1 Enforcing contracts (rank) 106 Cost (% of income per capita) 1,204.1 Private bureau coverage (% of adults) 19.7 Procedures (number) 31 Time (days) 1,459 Employing workers (rank) 106 Protecting investors (rank) 126 Cost (% of claim) 26.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 90 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) 101 Recovery rate (cents on the dollar) 28.2 Paying taxes (rank) 120 Payments (number per year) 39 Time (hours per year) 344 Total tax rate (% of profit) 36.5 guinea Sub-Saharan Africa GNI per capita (US$) 400 Ease of doing business (rank) 171 Low income Population (m) 9.4 Starting a business (rank) 177 Registering property (rank) 157 Trading across borders (rank) 110 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 7 Time (days) 41 Time (days) 104 Time to export (days) 33 Cost (% of income per capita) 135.7 Cost (% of property value) 13.9 Cost to export (US$ per container) 720 Minimum capital (% of income per capita) 476.9 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 32 Dealing with construction permits (rank) 162 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,191 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 255 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 131 Cost (% of income per capita) 243.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 50 Time (days) 276 Employing workers (rank) 114 Protecting investors (rank) 170 Cost (% of claim) 45.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 109 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 1 Time (years) 3.8 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 8 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 22.0 Paying taxes (rank) 168 Payments (number per year) 56 Time (hours per year) 416 Total tax rate (% of profit) 49.9 guinea-bissau Sub-Saharan Africa GNI per capita (US$) 200 Ease of doing business (rank) 179 Low income Population (m) 1.7 Starting a business (rank) 181 Registering property (rank) 170 Trading across borders (rank) 111 Procedures (number) 17 Procedures (number) 9 Documents to export (number) 6 Time (days) 233 Time (days) 211 Time to export (days) 25 Cost (% of income per capita) 257.7 Cost (% of property value) 5.4 Cost to export (US$ per container) 1,545 Minimum capital (% of income per capita) 1,015.0 Documents to import (number) 6 Getting credit (rank) 145 Time to import (days) 24 Dealing with construction permits (rank) 109 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,349 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 167 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 139 Cost (% of income per capita) 2,628.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,140 Employing workers (rank) 176 Protecting investors (rank) 126 Cost (% of claim) 25.0 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 87 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 117 Payments (number per year) 46 Time (hours per year) 208 Total tax rate (% of profit) 45.9 108 Doing Business 2009 guyana Latin America & Caribbean GNI per capita (US$) 1,300 Ease of doing business (rank) 105 Lower middle income Population (m) 0.7 Starting a business (rank) 100 Registering property (rank) 63 Trading across borders (rank) 113 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 7 Time (days) 40 Time (days) 34 Time to export (days) 30 Cost (% of income per capita) 68.4 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 145 Time to import (days) 35 Dealing with construction permits (rank) 37 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,056 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 133 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 255.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 581 Employing workers (rank) 72 Protecting investors (rank) 70 Cost (% of claim) 25.2 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 126 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 29 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 17.6 Paying taxes (rank) 108 Payments (number per year) 34 Time (hours per year) 288 Total tax rate (% of profit) 39.4 haiti Latin America & Caribbean GNI per capita (US$) 560 Ease of doing business (rank) 154 Low income Population (m) 9.6 Starting a business (rank) 176 Registering property (rank) 128 Trading across borders (rank) 146 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 8 Time (days) 195 Time (days) 405 Time to export (days) 43 Cost (% of income per capita) 159.6 Cost (% of property value) 6.4 Cost to export (US$ per container) 1,020 Minimum capital (% of income per capita) 26.6 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 37 Dealing with construction permits (rank) 126 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,560 Procedures (number) 11 Depth of credit information index (0-6) 2 Time (days) 1,179 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 92 Cost (% of income per capita) 675.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 508 Employing workers (rank) 35 Protecting investors (rank) 164 Cost (% of claim) 42.6 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 153 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 5.7 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 30 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 2.7 Paying taxes (rank) 91 Payments (number per year) 42 Time (hours per year) 160 Total tax rate (% of profit) 40.1 honduras Latin America & Caribbean GNI per capita (US$) 1,600 Ease of doing business (rank) 133 Lower middle income Population (m) 7.1 Starting a business (rank) 146 Registering property (rank) 90 Trading across borders (rank) 107 Procedures (number) 13 Procedures (number) 7 Documents to export (number) 7 Time (days) 20 Time (days) 23 Time to export (days) 20 Cost (% of income per capita) 52.6 Cost (% of property value) 5.6 Cost to export (US$ per container) 1,163 Minimum capital (% of income per capita) 20.0 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 23 Dealing with construction permits (rank) 71 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,190 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 125 Public registry coverage (% of adults) 11.3 Enforcing contracts (rank) 176 Cost (% of income per capita) 464.6 Private bureau coverage (% of adults) 60.5 Procedures (number) 45 Time (days) 900 Employing workers (rank) 156 Protecting investors (rank) 150 Cost (% of claim) 35.2 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 115 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 3.8 Rigidity of employment index (0-100) 53 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 15 Firing cost (weeks of salary) 74 Recovery rate (cents on the dollar) 20.8 Paying taxes (rank) 137 Payments (number per year) 47 Time (hours per year) 224 Total tax rate (% of profit) 49.3 counTRy TABles 109 hong kong, China East Asia & Pacific GNI per capita (US$) 31,610 Ease of doing business (rank) 4 High income Population (m) 6.9 Starting a business (rank) 15 Registering property (rank) 74 Trading across borders (rank) 2 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 4 Time (days) 11 Time (days) 54 Time to export (days) 6 Cost (% of income per capita) 2.0 Cost (% of property value) 5.0 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 2 Time to import (days) 5 Dealing with construction permits (rank) 20 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 633 Procedures (number) 15 Depth of credit information index (0-6) 5 Time (days) 119 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 1 Cost (% of income per capita) 18.7 Private bureau coverage (% of adults) 69.9 Procedures (number) 24 Time (days) 211 Employing workers (rank) 20 Protecting investors (rank) 3 Cost (% of claim) 14.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 13 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 1.1 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 9.0 Cost (% of estate) 9 Firing cost (weeks of salary) 62 Recovery rate (cents on the dollar) 79.8 Paying taxes (rank) 3 Payments (number per year) 4 Time (hours per year) 80 Total tax rate (% of profit) 24.2 hungary OECD: High Income GNI per capita (US$) 11,570 Ease of doing business (rank) 41 High income Population (m) 10.1 Starting a business (rank) 27 Registering property (rank) 57 Trading across borders (rank) 68 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 5 Time (days) 5 Time (days) 17 Time to export (days) 18 Cost (% of income per capita) 8.4 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 10.8 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 17 Dealing with construction permits (rank) 89 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,290 Procedures (number) 31 Depth of credit information index (0-6) 5 Time (days) 204 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 12 Cost (% of income per capita) 10.3 Private bureau coverage (% of adults) 10.0 Procedures (number) 33 Time (days) 335 Employing workers (rank) 84 Protecting investors (rank) 113 Cost (% of claim) 13.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 55 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 38.4 Paying taxes (rank) 111 Payments (number per year) 14 Time (hours per year) 330 Total tax rate (% of profit) 57.5 iCeLand OECD: High Income GNI per capita (US$) 54,100 Ease of doing business (rank) 11 High income Population (m) 0.3 Starting a business (rank) 17 Registering property (rank) 15 Trading across borders (rank) 34 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 5 Time (days) 5 Time (days) 4 Time to export (days) 15 Cost (% of income per capita) 2.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 13.6 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 28 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,183 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 75 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 3 Cost (% of income per capita) 19.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 26 Time (days) 393 Employing workers (rank) 62 Protecting investors (rank) 70 Cost (% of claim) 6.2 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 16 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 76.6 Paying taxes (rank) 32 Payments (number per year) 31 Time (hours per year) 140 Total tax rate (% of profit) 26.8 110 Doing Business 2009 india South Asia GNI per capita (US$) 950 Ease of doing business (rank) 122 Lower middle income Population (m) 1,123.3 Starting a business (rank) 121 Registering property (rank) 105 Trading across borders (rank) 90 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 8 Time (days) 30 Time (days) 45 Time to export (days) 17 Cost (% of income per capita) 70.1 Cost (% of property value) 7.5 Cost to export (US$ per container) 945 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 28 Time to import (days) 20 Dealing with construction permits (rank) 136 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 960 Procedures (number) 20 Depth of credit information index (0-6) 4 Time (days) 224 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 180 Cost (% of income per capita) 414.7 Private bureau coverage (% of adults) 10.5 Procedures (number) 46 Time (days) 1,420 Employing workers (rank) 89 Protecting investors (rank) 38 Cost (% of claim) 39.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 140 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 7 Time (years) 10.0 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 10.4 Paying taxes (rank) 169 Payments (number per year) 60 Time (hours per year) 271 Total tax rate (% of profit) 71.5 indonesia East Asia & Pacific GNI per capita (US$) 1,650 Ease of doing business (rank) 129 Lower middle income Population (m) 225.6 Starting a business (rank) 171 Registering property (rank) 107 Trading across borders (rank) 37 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 5 Time (days) 76 Time (days) 39 Time to export (days) 21 Cost (% of income per capita) 77.9 Cost (% of property value) 10.7 Cost to export (US$ per container) 704 Minimum capital (% of income per capita) 74.2 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 27 Dealing with construction permits (rank) 80 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 660 Procedures (number) 18 Depth of credit information index (0-6) 4 Time (days) 176 Public registry coverage (% of adults) 26.1 Enforcing contracts (rank) 140 Cost (% of income per capita) 221.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 570 Employing workers (rank) 157 Protecting investors (rank) 53 Cost (% of claim) 122.7 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 139 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 3 Time (years) 5.5 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 18 Firing cost (weeks of salary) 108 Recovery rate (cents on the dollar) 13.7 Paying taxes (rank) 116 Payments (number per year) 51 Time (hours per year) 266 Total tax rate (% of profit) 37.3 iran Middle East & North Africa GNI per capita (US$) 3,470 Ease of doing business (rank) 142 Lower middle income Population (m) 71.0 Starting a business (rank) 96 Registering property (rank) 147 Trading across borders (rank) 142 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 8 Time (days) 47 Time (days) 36 Time to export (days) 26 Cost (% of income per capita) 4.6 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,011 Minimum capital (% of income per capita) 1.0 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 42 Dealing with construction permits (rank) 165 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,656 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 670 Public registry coverage (% of adults) 21.7 Enforcing contracts (rank) 56 Cost (% of income per capita) 514.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 520 Employing workers (rank) 147 Protecting investors (rank) 164 Cost (% of claim) 17.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 107 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 0 Time (years) 4.5 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 9 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 23.1 Paying taxes (rank) 104 Payments (number per year) 22 Time (hours per year) 344 Total tax rate (% of profit) 44.2 counTRy TABles 111 iraQ Middle East & North Africa GNI per capita (US$) 1,224 Ease of doing business (rank) 152 Lower middle income Population (m) 28.5 Starting a business (rank) 175 Registering property (rank) 43 Trading across borders (rank) 178 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 77 Time (days) 8 Time to export (days) 102 Cost (% of income per capita) 150.7 Cost (% of property value) 6.5 Cost to export (US$ per container) 3,900 Minimum capital (% of income per capita) 59.1 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 101 Dealing with construction permits (rank) 111 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,900 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 215 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 148 Cost (% of income per capita) 915.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 520 Employing workers (rank) 67 Protecting investors (rank) 113 Cost (% of claim) 32.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 4.3 Cost (% of estate) No practice Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 43 Payments (number per year) 13 Time (hours per year) 312 Total tax rate (% of profit) 24.7 ireLand OECD: High Income GNI per capita (US$) 48,140 Ease of doing business (rank) 7 High income Population (m) 4.4 Starting a business (rank) 5 Registering property (rank) 82 Trading across borders (rank) 18 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 4 Time (days) 13 Time (days) 38 Time to export (days) 7 Cost (% of income per capita) 0.3 Cost (% of property value) 9.6 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 12 Time to import (days) 12 Dealing with construction permits (rank) 30 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,121 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 185 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 39 Cost (% of income per capita) 44.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 20 Time (days) 515 Employing workers (rank) 38 Protecting investors (rank) 5 Cost (% of claim) 26.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 6 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 0.4 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 9 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 86.6 Paying taxes (rank) 6 Payments (number per year) 9 Time (hours per year) 76 Total tax rate (% of profit) 28.8 israeL Middle East & North Africa GNI per capita (US$) 21,900 Ease of doing business (rank) 30 High income Population (m) 7.2 Starting a business (rank) 24 Registering property (rank) 160 Trading across borders (rank) 9 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 5 Time (days) 34 Time (days) 144 Time to export (days) 12 Cost (% of income per capita) 4.4 Cost (% of property value) 7.5 Cost to export (US$ per container) 665 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 5 Time to import (days) 12 Dealing with construction permits (rank) 120 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 605 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 235 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 102 Cost (% of income per capita) 112.8 Private bureau coverage (% of adults) 91.0 Procedures (number) 35 Time (days) 890 Employing workers (rank) 92 Protecting investors (rank) 5 Cost (% of claim) 25.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 39 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 23 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 44.9 Paying taxes (rank) 77 Payments (number per year) 33 Time (hours per year) 230 Total tax rate (% of profit) 33.9 112 Doing Business 2009 itaLy OECD: High Income GNI per capita (US$) 33,540 Ease of doing business (rank) 65 High income Population (m) 59.4 Starting a business (rank) 53 Registering property (rank) 58 Trading across borders (rank) 60 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 10 Time (days) 27 Time to export (days) 20 Cost (% of income per capita) 18.5 Cost (% of property value) 0.6 Cost to export (US$ per container) 1,305 Minimum capital (% of income per capita) 9.7 Documents to import (number) 5 Getting credit (rank) 84 Time to import (days) 18 Dealing with construction permits (rank) 83 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,305 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 257 Public registry coverage (% of adults) 11.8 Enforcing contracts (rank) 156 Cost (% of income per capita) 136.4 Private bureau coverage (% of adults) 74.9 Procedures (number) 41 Time (days) 1,210 Employing workers (rank) 75 Protecting investors (rank) 53 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 27 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 11 Recovery rate (cents on the dollar) 56.6 Paying taxes (rank) 128 Payments (number per year) 15 Time (hours per year) 334 Total tax rate (% of profit) 73.3 JamaiCa Latin America & Caribbean GNI per capita (US$) 3,710 Ease of doing business (rank) 63 Upper middle income Population (m) 2.7 Starting a business (rank) 11 Registering property (rank) 109 Trading across borders (rank) 100 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 8 Time (days) 54 Time to export (days) 21 Cost (% of income per capita) 7.9 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 22 Dealing with construction permits (rank) 49 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,420 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 127 Cost (% of income per capita) 396.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 655 Employing workers (rank) 32 Protecting investors (rank) 70 Cost (% of claim) 45.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 22 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Firing cost (weeks of salary) 62 Recovery rate (cents on the dollar) 64.5 Paying taxes (rank) 173 Payments (number per year) 72 Time (hours per year) 414 Total tax rate (% of profit) 51.3 Japan OECD: High Income GNI per capita (US$) 37,670 Ease of doing business (rank) 12 High income Population (m) 127.8 Starting a business (rank) 64 Registering property (rank) 51 Trading across borders (rank) 17 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 4 Time (days) 23 Time (days) 14 Time to export (days) 10 Cost (% of income per capita) 7.5 Cost (% of property value) 5.0 Cost to export (US$ per container) 989 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 11 Dealing with construction permits (rank) 39 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,047 Procedures (number) 15 Depth of credit information index (0-6) 6 Time (days) 187 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 21 Cost (% of income per capita) 19.1 Private bureau coverage (% of adults) 76.2 Procedures (number) 30 Time (days) 316 Employing workers (rank) 17 Protecting investors (rank) 15 Cost (% of claim) 22.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 1 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 0.6 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 92.5 Paying taxes (rank) 112 Payments (number per year) 13 Time (hours per year) 355 Total tax rate (% of profit) 55.4 counTRy TABles 113 Jordan Middle East & North Africa GNI per capita (US$) 2,850 Ease of doing business (rank) 101 Lower middle income Population (m) 5.7 Starting a business (rank) 131 Registering property (rank) 115 Trading across borders (rank) 74 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 7 Time (days) 14 Time (days) 22 Time to export (days) 19 Cost (% of income per capita) 60.4 Cost (% of property value) 10.0 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 24.2 Documents to import (number) 7 Getting credit (rank) 123 Time to import (days) 22 Dealing with construction permits (rank) 74 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,290 Procedures (number) 18 Depth of credit information index (0-6) 2 Time (days) 122 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 128 Cost (% of income per capita) 443.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 689 Employing workers (rank) 52 Protecting investors (rank) 113 Cost (% of claim) 31.2 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 93 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 4 Time (years) 4.3 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 27.3 Paying taxes (rank) 22 Payments (number per year) 26 Time (hours per year) 101 Total tax rate (% of profit) 31.1 kaZakhstan Eastern Europe & Central Asia GNI per capita (US$) 5,060 Ease of doing business (rank) 70 Upper middle income Population (m) 15.5 Starting a business (rank) 78 Registering property (rank) 25 Trading across borders (rank) 180 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 11 Time (days) 21 Time (days) 40 Time to export (days) 89 Cost (% of income per capita) 5.2 Cost (% of property value) 0.1 Cost to export (US$ per container) 3,005 Minimum capital (% of income per capita) 15.9 Documents to import (number) 13 Getting credit (rank) 43 Time to import (days) 76 Dealing with construction permits (rank) 175 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 3,055 Procedures (number) 38 Depth of credit information index (0-6) 6 Time (days) 231 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 28 Cost (% of income per capita) 1,431.8 Private bureau coverage (% of adults) 25.6 Procedures (number) 38 Time (days) 230 Employing workers (rank) 29 Protecting investors (rank) 53 Cost (% of claim) 22.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 100 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 9 Time (years) 3.3 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 18 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 25.3 Paying taxes (rank) 49 Payments (number per year) 9 Time (hours per year) 271 Total tax rate (% of profit) 36.4 kenya Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 82 Low income Population (m) 37.5 Starting a business (rank) 109 Registering property (rank) 119 Trading across borders (rank) 148 Procedures (number) 12 Procedures (number) 8 Documents to export (number) 9 Time (days) 30 Time (days) 64 Time to export (days) 29 Cost (% of income per capita) 39.7 Cost (% of property value) 4.1 Cost to export (US$ per container) 2,055 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 5 Time to import (days) 26 Dealing with construction permits (rank) 9 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 2,190 Procedures (number) 10 Depth of credit information index (0-6) 4 Time (days) 100 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 107 Cost (% of income per capita) 46.3 Private bureau coverage (% of adults) 2.1 Procedures (number) 44 Time (days) 465 Employing workers (rank) 68 Protecting investors (rank) 88 Cost (% of claim) 26.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 2 Closing a business (rank) 76 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 10 Time (years) 4.5 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 47 Recovery rate (cents on the dollar) 31.6 Paying taxes (rank) 158 Payments (number per year) 41 Time (hours per year) 417 Total tax rate (% of profit) 50.9 114 Doing Business 2009 kiribati East Asia & Pacific GNI per capita (US$) 1,170 Ease of doing business (rank) 79 Lower middle income Population (m) 0.1 Starting a business (rank) 111 Registering property (rank) 68 Trading across borders (rank) 69 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 21 Time (days) 513 Time to export (days) 21 Cost (% of income per capita) 64.6 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 34.9 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 21 Dealing with construction permits (rank) 76 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,070 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 160 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 75 Cost (% of income per capita) 717.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 660 Employing workers (rank) 21 Protecting investors (rank) 38 Cost (% of claim) 25.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.0 Cost (% of estate) No practice Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 10 Payments (number per year) 7 Time (hours per year) 120 Total tax rate (% of profit) 31.8 korea OECD: High Income GNI per capita (US$) 19,690 Ease of doing business (rank) 23 High income Population (m) 48.5 Starting a business (rank) 126 Registering property (rank) 67 Trading across borders (rank) 12 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 4 Time (days) 17 Time (days) 11 Time to export (days) 8 Cost (% of income per capita) 16.9 Cost (% of property value) 5.1 Cost to export (US$ per container) 767 Minimum capital (% of income per capita) 53.8 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 8 Dealing with construction permits (rank) 23 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 747 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 34 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 8 Cost (% of income per capita) 154.6 Private bureau coverage (% of adults) 90.4 Procedures (number) 35 Time (days) 230 Employing workers (rank) 152 Protecting investors (rank) 70 Cost (% of claim) 10.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 12 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 1.5 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 80.5 Paying taxes (rank) 43 Payments (number per year) 14 Time (hours per year) 250 Total tax rate (% of profit) 33.7 kuwait Middle East & North Africa GNI per capita (US$) 31,640 Ease of doing business (rank) 52 High income Population (m) 2.7 Starting a business (rank) 134 Registering property (rank) 83 Trading across borders (rank) 104 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 8 Time (days) 35 Time (days) 55 Time to export (days) 20 Cost (% of income per capita) 1.3 Cost (% of property value) 0.5 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 81.7 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 20 Dealing with construction permits (rank) 82 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,152 Procedures (number) 25 Depth of credit information index (0-6) 4 Time (days) 104 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 94 Cost (% of income per capita) 171.4 Private bureau coverage (% of adults) 31.2 Procedures (number) 50 Time (days) 566 Employing workers (rank) 43 Protecting investors (rank) 24 Cost (% of claim) 13.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 7 Closing a business (rank) 66 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 1 Firing cost (weeks of salary) 78 Recovery rate (cents on the dollar) 34.5 Paying taxes (rank) 9 Payments (number per year) 14 Time (hours per year) 118 Total tax rate (% of profit) 14.4 counTRy TABles 115 kyrgyZ repubLiC Eastern Europe & Central Asia GNI per capita (US$) 590 Ease of doing business (rank) 68 Low income Population (m) 5.2 Starting a business (rank) 31 Registering property (rank) 52 Trading across borders (rank) 181 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 13 Time (days) 15 Time (days) 8 Time to export (days) 64 Cost (% of income per capita) 7.4 Cost (% of property value) 3.9 Cost to export (US$ per container) 3,000 Minimum capital (% of income per capita) 0.4 Documents to import (number) 13 Getting credit (rank) 28 Time to import (days) 75 Dealing with construction permits (rank) 58 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,250 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 159 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 52 Cost (% of income per capita) 405.7 Private bureau coverage (% of adults) 3.7 Procedures (number) 39 Time (days) 177 Employing workers (rank) 81 Protecting investors (rank) 11 Cost (% of claim) 29.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 137 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 9 Time (years) 4.0 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 14.2 Paying taxes (rank) 155 Payments (number per year) 75 Time (hours per year) 202 Total tax rate (% of profit) 61.4 Lao pdr East Asia & Pacific GNI per capita (US$) 580 Ease of doing business (rank) 165 Low income Population (m) 5.9 Starting a business (rank) 92 Registering property (rank) 159 Trading across borders (rank) 165 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 9 Time (days) 103 Time (days) 135 Time to export (days) 50 Cost (% of income per capita) 14.1 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,860 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 50 Dealing with construction permits (rank) 110 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,040 Procedures (number) 24 Depth of credit information index (0-6) 0 Time (days) 172 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 111 Cost (% of income per capita) 172.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 443 Employing workers (rank) 85 Protecting investors (rank) 180 Cost (% of claim) 31.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 1.7 Cost (% of estate) No practice Firing cost (weeks of salary) 19 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 113 Payments (number per year) 34 Time (hours per year) 560 Total tax rate (% of profit) 33.7 Latvia Eastern Europe & Central Asia GNI per capita (US$) 9,930 Ease of doing business (rank) 29 Upper middle income Population (m) 2.3 Starting a business (rank) 35 Registering property (rank) 77 Trading across borders (rank) 25 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 6 Time (days) 16 Time (days) 50 Time to export (days) 13 Cost (% of income per capita) 2.3 Cost (% of property value) 2.0 Cost to export (US$ per container) 900 Minimum capital (% of income per capita) 16.9 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 12 Dealing with construction permits (rank) 78 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 850 Procedures (number) 25 Depth of credit information index (0-6) 4 Time (days) 187 Public registry coverage (% of adults) 3.7 Enforcing contracts (rank) 4 Cost (% of income per capita) 20.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 279 Employing workers (rank) 103 Protecting investors (rank) 53 Cost (% of claim) 16.0 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 86 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 43 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 13 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 29.0 Paying taxes (rank) 36 Payments (number per year) 7 Time (hours per year) 279 Total tax rate (% of profit) 33.0 116 Doing Business 2009 Lebanon Middle East & North Africa GNI per capita (US$) 5,770 Ease of doing business (rank) 99 Upper middle income Population (m) 4.1 Starting a business (rank) 98 Registering property (rank) 102 Trading across borders (rank) 83 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 11 Time (days) 25 Time to export (days) 27 Cost (% of income per capita) 87.5 Cost (% of property value) 5.9 Cost to export (US$ per container) 872 Minimum capital (% of income per capita) 57.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 38 Dealing with construction permits (rank) 121 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,073 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 211 Public registry coverage (% of adults) 6.8 Enforcing contracts (rank) 118 Cost (% of income per capita) 217.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 721 Employing workers (rank) 58 Protecting investors (rank) 88 Cost (% of claim) 30.8 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 1 Closing a business (rank) 121 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) 4.0 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 19.0 Paying taxes (rank) 45 Payments (number per year) 19 Time (hours per year) 180 Total tax rate (% of profit) 36.0 Lesotho Sub-Saharan Africa GNI per capita (US$) 1,000 Ease of doing business (rank) 123 Lower middle income Population (m) 2.0 Starting a business (rank) 125 Registering property (rank) 135 Trading across borders (rank) 141 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 40 Time (days) 101 Time to export (days) 44 Cost (% of income per capita) 37.8 Cost (% of property value) 8.2 Cost to export (US$ per container) 1,549 Minimum capital (% of income per capita) 14.5 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 49 Dealing with construction permits (rank) 150 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,715 Procedures (number) 15 Depth of credit information index (0-6) 0 Time (days) 601 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 104 Cost (% of income per capita) 817.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 695 Employing workers (rank) 63 Protecting investors (rank) 142 Cost (% of claim) 19.5 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 69 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.6 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 8 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 33.9 Paying taxes (rank) 54 Payments (number per year) 21 Time (hours per year) 324 Total tax rate (% of profit) 18.0 Liberia Sub-Saharan Africa GNI per capita (US$) 150 Ease of doing business (rank) 157 Low income Population (m) 3.8 Starting a business (rank) 88 Registering property (rank) 172 Trading across borders (rank) 115 Procedures (number) 8 Procedures (number) 13 Documents to export (number) 10 Time (days) 27 Time (days) 50 Time to export (days) 20 Cost (% of income per capita) 100.2 Cost (% of property value) 14.7 Cost to export (US$ per container) 1,232 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 17 Dealing with construction permits (rank) 177 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,212 Procedures (number) 25 Depth of credit information index (0-6) 1 Time (days) 321 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 165 Cost (% of income per capita) 60,988.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,280 Employing workers (rank) 105 Protecting investors (rank) 142 Cost (% of claim) 35.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 146 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 43 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 8.3 Paying taxes (rank) 59 Payments (number per year) 32 Time (hours per year) 158 Total tax rate (% of profit) 35.8 counTRy TABles 117 Lithuania Eastern Europe & Central Asia GNI per capita (US$) 9,920 Ease of doing business (rank) 28 Upper middle income Population (m) 3.4 Starting a business (rank) 74 Registering property (rank) 4 Trading across borders (rank) 26 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 6 Time (days) 26 Time (days) 3 Time to export (days) 10 Cost (% of income per capita) 2.7 Cost (% of property value) 0.5 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 35.9 Documents to import (number) 6 Getting credit (rank) 43 Time to import (days) 13 Dealing with construction permits (rank) 63 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 980 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 162 Public registry coverage (% of adults) 8.9 Enforcing contracts (rank) 16 Cost (% of income per capita) 109.9 Private bureau coverage (% of adults) 7.2 Procedures (number) 30 Time (days) 210 Employing workers (rank) 131 Protecting investors (rank) 88 Cost (% of claim) 23.6 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 34 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 6 Time (years) 1.7 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Firing cost (weeks of salary) 30 Recovery rate (cents on the dollar) 48.0 Paying taxes (rank) 57 Payments (number per year) 15 Time (hours per year) 166 Total tax rate (% of profit) 46.4 Luxembourg OECD: High Income GNI per capita (US$) 75,880 Ease of doing business (rank) 50 High income Population (m) 0.5 Starting a business (rank) 69 Registering property (rank) 118 Trading across borders (rank) 31 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 26 Time (days) 29 Time to export (days) 6 Cost (% of income per capita) 6.5 Cost (% of property value) 10.3 Cost to export (US$ per container) 1,420 Minimum capital (% of income per capita) 21.3 Documents to import (number) 4 Getting credit (rank) 109 Time to import (days) 6 Dealing with construction permits (rank) 40 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,420 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 217 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 2 Cost (% of income per capita) 20.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 321 Employing workers (rank) 167 Protecting investors (rank) 113 Cost (% of claim) 8.8 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 48 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 2.0 Rigidity of employment index (0-100) 62 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 14 Payments (number per year) 22 Time (hours per year) 59 Total tax rate (% of profit) 21.0 maCedonia, former yugosLav repubLiC of Eastern Europe & Central Asia GNI per capita (US$) 3,460 Ease of doing business (rank) 71 Lower middle income Population (m) 2.0 Starting a business (rank) 12 Registering property (rank) 88 Trading across borders (rank) 64 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 9 Time (days) 66 Time to export (days) 17 Cost (% of income per capita) 3.8 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,315 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 43 Time to import (days) 15 Dealing with construction permits (rank) 152 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,325 Procedures (number) 21 Depth of credit information index (0-6) 4 Time (days) 198 Public registry coverage (% of adults) 6.5 Enforcing contracts (rank) 70 Cost (% of income per capita) 1,862.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 385 Employing workers (rank) 125 Protecting investors (rank) 88 Cost (% of claim) 33.1 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 129 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 3.7 Rigidity of employment index (0-100) 47 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 28 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 16.7 Paying taxes (rank) 27 Payments (number per year) 40 Time (hours per year) 75 Total tax rate (% of profit) 18.4 118 Doing Business 2009 madagasCar Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 144 Low income Population (m) 19.7 Starting a business (rank) 58 Registering property (rank) 145 Trading across borders (rank) 109 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 4 Time (days) 7 Time (days) 74 Time to export (days) 23 Cost (% of income per capita) 11.0 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,279 Minimum capital (% of income per capita) 289.8 Documents to import (number) 9 Getting credit (rank) 172 Time to import (days) 27 Dealing with construction permits (rank) 102 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,660 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 178 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 153 Cost (% of income per capita) 764.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 871 Employing workers (rank) 153 Protecting investors (rank) 53 Cost (% of claim) 42.4 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 5.7 Cost (% of estate) No practice Firing cost (weeks of salary) 30 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 92 Payments (number per year) 25 Time (hours per year) 238 Total tax rate (% of profit) 42.8 maLawi Sub-Saharan Africa GNI per capita (US$) 250 Ease of doing business (rank) 134 Low income Population (m) 13.9 Starting a business (rank) 122 Registering property (rank) 96 Trading across borders (rank) 167 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 12 Time (days) 39 Time (days) 88 Time to export (days) 45 Cost (% of income per capita) 125.9 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,671 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 54 Dealing with construction permits (rank) 156 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,550 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 213 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 138 Cost (% of income per capita) 1,289.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 432 Employing workers (rank) 96 Protecting investors (rank) 70 Cost (% of claim) 142.4 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 135 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 30 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 15.1 Paying taxes (rank) 58 Payments (number per year) 19 Time (hours per year) 292 Total tax rate (% of profit) 31.4 maLaysia East Asia & Pacific GNI per capita (US$) 6,540 Ease of doing business (rank) 20 Upper middle income Population (m) 26.5 Starting a business (rank) 75 Registering property (rank) 81 Trading across borders (rank) 29 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 13 Time (days) 144 Time to export (days) 18 Cost (% of income per capita) 14.7 Cost (% of property value) 2.5 Cost to export (US$ per container) 450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 1 Time to import (days) 14 Dealing with construction permits (rank) 104 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 450 Procedures (number) 25 Depth of credit information index (0-6) 6 Time (days) 261 Public registry coverage (% of adults) 52.9 Enforcing contracts (rank) 59 Cost (% of income per capita) 7.9 Private bureau coverage (% of adults) .. Procedures (number) 30 Time (days) 600 Employing workers (rank) 48 Protecting investors (rank) 4 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 54 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.3 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 8.7 Cost (% of estate) 15 Firing cost (weeks of salary) 75 Recovery rate (cents on the dollar) 38.6 Paying taxes (rank) 21 Payments (number per year) 12 Time (hours per year) 145 Total tax rate (% of profit) 34.5 counTRy TABles 119 maLdives South Asia GNI per capita (US$) 3,200 Ease of doing business (rank) 69 Lower middle income Population (m) 0.3 Starting a business (rank) 38 Registering property (rank) 177 Trading across borders (rank) 121 Procedures (number) 5 Procedures (number) No practice Documents to export (number) 8 Time (days) 9 Time (days) No practice Time to export (days) 21 Cost (% of income per capita) 11.5 Cost (% of property value) No practice Cost to export (US$ per container) 1,348 Minimum capital (% of income per capita) 4.8 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 20 Dealing with construction permits (rank) 8 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,348 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 90 Cost (% of income per capita) 26.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 665 Employing workers (rank) 4 Protecting investors (rank) 70 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 123 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 6.7 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 18.2 Paying taxes (rank) 1 Payments (number per year) 1 Time (hours per year) 0 Total tax rate (% of profit) 9.1 maLi Sub-Saharan Africa GNI per capita (US$) 500 Ease of doing business (rank) 166 Low income Population (m) 12.3 Starting a business (rank) 162 Registering property (rank) 94 Trading across borders (rank) 166 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 9 Time (days) 26 Time (days) 29 Time to export (days) 38 Cost (% of income per capita) 121.5 Cost (% of property value) 20.3 Cost to export (US$ per container) 2,012 Minimum capital (% of income per capita) 390.4 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 106 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,902 Procedures (number) 14 Depth of credit information index (0-6) 1 Time (days) 208 Public registry coverage (% of adults) 4.1 Enforcing contracts (rank) 158 Cost (% of income per capita) 1,186.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 860 Employing workers (rank) 94 Protecting investors (rank) 150 Cost (% of claim) 52.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 114 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 3.6 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 20.9 Paying taxes (rank) 156 Payments (number per year) 58 Time (hours per year) 270 Total tax rate (% of profit) 51.4 marshaLL isLands East Asia & Pacific GNI per capita (US$) 3,070 Ease of doing business (rank) 93 Lower middle income Population (m) 0.1 Starting a business (rank) 25 Registering property (rank) 177 Trading across borders (rank) 54 Procedures (number) 5 Procedures (number) No practice Documents to export (number) 5 Time (days) 17 Time (days) No practice Time to export (days) 21 Cost (% of income per capita) 17.3 Cost (% of property value) No practice Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 145 Time to import (days) 33 Dealing with construction permits (rank) 5 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 875 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 55 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 60 Cost (% of income per capita) 35.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 476 Employing workers (rank) 1 Protecting investors (rank) 150 Cost (% of claim) 27.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 125 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 38 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 88 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 64.9 120 Doing Business 2009 mauritania Sub-Saharan Africa GNI per capita (US$) 840 Ease of doing business (rank) 160 Low income Population (m) 3.1 Starting a business (rank) 143 Registering property (rank) 61 Trading across borders (rank) 158 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 11 Time (days) 19 Time (days) 49 Time to export (days) 35 Cost (% of income per capita) 33.9 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,520 Minimum capital (% of income per capita) 422.6 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 142 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,523 Procedures (number) 25 Depth of credit information index (0-6) 1 Time (days) 201 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 84 Cost (% of income per capita) 475.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 370 Employing workers (rank) 123 Protecting investors (rank) 142 Cost (% of claim) 23.2 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 148 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 8.0 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 6.7 Paying taxes (rank) 174 Payments (number per year) 38 Time (hours per year) 696 Total tax rate (% of profit) 98.7 mauritius Sub-Saharan Africa GNI per capita (US$) 5,450 Ease of doing business (rank) 24 Upper middle income Population (m) 1.3 Starting a business (rank) 7 Registering property (rank) 127 Trading across borders (rank) 20 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 5 Time (days) 6 Time (days) 210 Time to export (days) 17 Cost (% of income per capita) 5.0 Cost (% of property value) 10.8 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 16 Dealing with construction permits (rank) 36 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 677 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 107 Public registry coverage (% of adults) 20.6 Enforcing contracts (rank) 76 Cost (% of income per capita) 41.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 750 Employing workers (rank) 64 Protecting investors (rank) 11 Cost (% of claim) 17.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 70 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 9 Time (years) 1.7 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 33.6 Paying taxes (rank) 11 Payments (number per year) 7 Time (hours per year) 161 Total tax rate (% of profit) 22.2 mexiCo Latin America & Caribbean GNI per capita (US$) 8,340 Ease of doing business (rank) 56 Upper middle income Population (m) 105.3 Starting a business (rank) 115 Registering property (rank) 88 Trading across borders (rank) 87 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 5 Time (days) 28 Time (days) 74 Time to export (days) 17 Cost (% of income per capita) 12.5 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,472 Minimum capital (% of income per capita) 11.0 Documents to import (number) 5 Getting credit (rank) 59 Time to import (days) 23 Dealing with construction permits (rank) 33 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,700 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 138 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 79 Cost (% of income per capita) 131.0 Private bureau coverage (% of adults) 70.8 Procedures (number) 38 Time (days) 415 Employing workers (rank) 141 Protecting investors (rank) 38 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 23 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 5 Time (years) 1.8 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 18 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 64.2 Paying taxes (rank) 149 Payments (number per year) 27 Time (hours per year) 549 Total tax rate (% of profit) 51.5 counTRy TABles 121 miCronesia East Asia & Pacific GNI per capita (US$) 2,470 Ease of doing business (rank) 126 Lower middle income Population (m) 0.1 Starting a business (rank) 60 Registering property (rank) 177 Trading across borders (rank) 95 Procedures (number) 7 Procedures (number) No practice Documents to export (number) 3 Time (days) 16 Time (days) No practice Time to export (days) 30 Cost (% of income per capita) 137.5 Cost (% of property value) No practice Cost to export (US$ per container) 1,255 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 30 Dealing with construction permits (rank) 11 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,255 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 73 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 143 Cost (% of income per capita) 19.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 965 Employing workers (rank) 12 Protecting investors (rank) 170 Cost (% of claim) 66.0 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 152 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 5.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 3.5 Paying taxes (rank) 81 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 58.7 moLdova Eastern Europe & Central Asia GNI per capita (US$) 1,260 Ease of doing business (rank) 103 Lower middle income Population (m) 3.8 Starting a business (rank) 89 Registering property (rank) 50 Trading across borders (rank) 135 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 6 Time (days) 15 Time (days) 48 Time to export (days) 32 Cost (% of income per capita) 8.9 Cost (% of property value) 0.8 Cost to export (US$ per container) 1,775 Minimum capital (% of income per capita) 13.4 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 35 Dealing with construction permits (rank) 158 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,895 Procedures (number) 30 Depth of credit information index (0-6) 0 Time (days) 292 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 17 Cost (% of income per capita) 142.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 31 Time (days) 365 Employing workers (rank) 119 Protecting investors (rank) 104 Cost (% of claim) 16.6 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 88 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Rigidity of employment index (0-100) 41 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 28.6 Paying taxes (rank) 123 Payments (number per year) 53 Time (hours per year) 234 Total tax rate (% of profit) 42.1 mongoLia East Asia & Pacific GNI per capita (US$) 1,290 Ease of doing business (rank) 58 Lower middle income Population (m) 2.6 Starting a business (rank) 59 Registering property (rank) 20 Trading across borders (rank) 156 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 8 Time (days) 13 Time (days) 11 Time to export (days) 49 Cost (% of income per capita) 4.0 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,131 Minimum capital (% of income per capita) 58.5 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 49 Dealing with construction permits (rank) 103 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,274 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 215 Public registry coverage (% of adults) 22.7 Enforcing contracts (rank) 38 Cost (% of income per capita) 81.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 314 Employing workers (rank) 71 Protecting investors (rank) 24 Cost (% of claim) 30.6 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 8 Closing a business (rank) 108 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 22.1 Paying taxes (rank) 79 Payments (number per year) 42 Time (hours per year) 204 Total tax rate (% of profit) 30.3 122 Doing Business 2009 montenegro Eastern Europe & Central Asia GNI per capita (US$) 5,180 Ease of doing business (rank) 90 Upper middle income Population (m) 0.6 Starting a business (rank) 105 Registering property (rank) 123 Trading across borders (rank) 125 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 9 Time (days) 21 Time (days) 86 Time to export (days) 18 Cost (% of income per capita) 4.4 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,710 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 43 Time to import (days) 19 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,910 Procedures (number) 20 Depth of credit information index (0-6) 2 Time (days) 248 Public registry coverage (% of adults) 26.3 Enforcing contracts (rank) 130 Cost (% of income per capita) 1,323.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 545 Employing workers (rank) 104 Protecting investors (rank) 24 Cost (% of claim) 25.7 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 42 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 43.7 Paying taxes (rank) 139 Payments (number per year) 89 Time (hours per year) 372 Total tax rate (% of profit) 31.8 moroCCo Middle East & North Africa GNI per capita (US$) 2,250 Ease of doing business (rank) 128 Lower middle income Population (m) 30.9 Starting a business (rank) 62 Registering property (rank) 117 Trading across borders (rank) 64 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 7 Time (days) 12 Time (days) 47 Time to export (days) 14 Cost (% of income per capita) 10.2 Cost (% of property value) 4.9 Cost to export (US$ per container) 700 Minimum capital (% of income per capita) 52.3 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 18 Dealing with construction permits (rank) 90 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,000 Procedures (number) 19 Depth of credit information index (0-6) 2 Time (days) 163 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 112 Cost (% of income per capita) 292.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 615 Employing workers (rank) 168 Protecting investors (rank) 164 Cost (% of claim) 25.2 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 64 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 1 Time (years) 1.8 Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 18 Firing cost (weeks of salary) 85 Recovery rate (cents on the dollar) 35.1 Paying taxes (rank) 119 Payments (number per year) 28 Time (hours per year) 358 Total tax rate (% of profit) 44.6 moZambiQue Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 141 Low income Population (m) 21.4 Starting a business (rank) 144 Registering property (rank) 149 Trading across borders (rank) 140 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 8 Time (days) 26 Time (days) 42 Time to export (days) 26 Cost (% of income per capita) 22.9 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 122.5 Documents to import (number) 10 Getting credit (rank) 123 Time to import (days) 32 Dealing with construction permits (rank) 153 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,475 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 381 Public registry coverage (% of adults) 1.9 Enforcing contracts (rank) 124 Cost (% of income per capita) 747.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 730 Employing workers (rank) 161 Protecting investors (rank) 38 Cost (% of claim) 142.5 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 133 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Rigidity of employment index (0-100) 49 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 134 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 88 Payments (number per year) 37 Time (hours per year) 230 Total tax rate (% of profit) 34.3 counTRy TABles 123 namibia Sub-Saharan Africa GNI per capita (US$) 3,360 Ease of doing business (rank) 51 Lower middle income Population (m) 2.1 Starting a business (rank) 112 Registering property (rank) 129 Trading across borders (rank) 150 Procedures (number) 10 Procedures (number) 9 Documents to export (number) 11 Time (days) 66 Time (days) 23 Time to export (days) 29 Cost (% of income per capita) 22.1 Cost (% of property value) 9.9 Cost to export (US$ per container) 1,686 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 12 Time to import (days) 24 Dealing with construction permits (rank) 38 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,813 Procedures (number) 12 Depth of credit information index (0-6) 5 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 36 Cost (% of income per capita) 181.8 Private bureau coverage (% of adults) 59.6 Procedures (number) 33 Time (days) 270 Employing workers (rank) 34 Protecting investors (rank) 70 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 52 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 6 Time (years) 1.5 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 15 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 39.5 Paying taxes (rank) 96 Payments (number per year) 37 Time (hours per year) 375 Total tax rate (% of profit) 25.3 nepaL South Asia GNI per capita (US$) 340 Ease of doing business (rank) 121 Low income Population (m) 28.1 Starting a business (rank) 73 Registering property (rank) 28 Trading across borders (rank) 157 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 9 Time (days) 31 Time (days) 5 Time to export (days) 41 Cost (% of income per capita) 60.2 Cost (% of property value) 6.3 Cost to export (US$ per container) 1,764 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 35 Dealing with construction permits (rank) 129 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,900 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 424 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 121 Cost (% of income per capita) 248.4 Private bureau coverage (% of adults) 0.2 Procedures (number) 39 Time (days) 735 Employing workers (rank) 150 Protecting investors (rank) 70 Cost (% of claim) 26.8 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 1 Closing a business (rank) 103 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 24.5 Paying taxes (rank) 107 Payments (number per year) 34 Time (hours per year) 408 Total tax rate (% of profit) 34.1 netherLands OECD: High Income GNI per capita (US$) 45,820 Ease of doing business (rank) 26 High income Population (m) 16.4 Starting a business (rank) 51 Registering property (rank) 23 Trading across borders (rank) 13 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 4 Time (days) 10 Time (days) 5 Time to export (days) 6 Cost (% of income per capita) 5.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 895 Minimum capital (% of income per capita) 51.7 Documents to import (number) 5 Getting credit (rank) 43 Time to import (days) 6 Dealing with construction permits (rank) 94 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,020 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 230 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 34 Cost (% of income per capita) 112.1 Private bureau coverage (% of adults) 81.0 Procedures (number) 25 Time (days) 514 Employing workers (rank) 98 Protecting investors (rank) 104 Cost (% of claim) 24.4 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 10 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 1.1 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 82.7 Paying taxes (rank) 30 Payments (number per year) 9 Time (hours per year) 180 Total tax rate (% of profit) 39.1 124 Doing Business 2009 new ZeaLand OECD: High Income GNI per capita (US$) 28,780 Ease of doing business (rank) 2 High income Population (m) 4.2 Starting a business (rank) 1 Registering property (rank) 3 Trading across borders (rank) 23 Procedures (number) 1 Procedures (number) 2 Documents to export (number) 7 Time (days) 1 Time (days) 2 Time to export (days) 10 Cost (% of income per capita) 0.4 Cost (% of property value) 0.1 Cost to export (US$ per container) 868 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 5 Time to import (days) 9 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 850 Procedures (number) 7 Depth of credit information index (0-6) 5 Time (days) 65 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 11 Cost (% of income per capita) 25.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 216 Employing workers (rank) 14 Protecting investors (rank) 1 Cost (% of claim) 22.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 17 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 10 Time (years) 1.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 9.7 Cost (% of estate) 4 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 76.2 Paying taxes (rank) 12 Payments (number per year) 8 Time (hours per year) 70 Total tax rate (% of profit) 35.6 niCaragua Latin America & Caribbean GNI per capita (US$) 980 Ease of doing business (rank) 107 Lower middle income Population (m) 5.6 Starting a business (rank) 85 Registering property (rank) 136 Trading across borders (rank) 99 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 39 Time (days) 124 Time to export (days) 29 Cost (% of income per capita) 121.0 Cost (% of property value) 3.5 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 84 Time to import (days) 29 Dealing with construction permits (rank) 134 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,420 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 219 Public registry coverage (% of adults) 13.4 Enforcing contracts (rank) 66 Cost (% of income per capita) 866.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 35 Time (days) 540 Employing workers (rank) 66 Protecting investors (rank) 88 Cost (% of claim) 26.8 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 67 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.2 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 34.3 Paying taxes (rank) 162 Payments (number per year) 64 Time (hours per year) 240 Total tax rate (% of profit) 63.2 niger Sub-Saharan Africa GNI per capita (US$) 280 Ease of doing business (rank) 172 Low income Population (m) 14.2 Starting a business (rank) 159 Registering property (rank) 75 Trading across borders (rank) 169 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 8 Time (days) 19 Time (days) 35 Time to export (days) 59 Cost (% of income per capita) 170.1 Cost (% of property value) 11.1 Cost to export (US$ per container) 3,545 Minimum capital (% of income per capita) 702.1 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 64 Dealing with construction permits (rank) 157 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,545 Procedures (number) 17 Depth of credit information index (0-6) 1 Time (days) 265 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 134 Cost (% of income per capita) 2,694.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 545 Employing workers (rank) 166 Protecting investors (rank) 150 Cost (% of claim) 59.6 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 138 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Rigidity of employment index (0-100) 70 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 14.0 Paying taxes (rank) 120 Payments (number per year) 42 Time (hours per year) 270 Total tax rate (% of profit) 42.3 counTRy TABles 125 nigeria Sub-Saharan Africa GNI per capita (US$) 930 Ease of doing business (rank) 118 Low income Population (m) 148.0 Starting a business (rank) 91 Registering property (rank) 176 Trading across borders (rank) 144 Procedures (number) 8 Procedures (number) 14 Documents to export (number) 10 Time (days) 31 Time (days) 82 Time to export (days) 25 Cost (% of income per capita) 90.1 Cost (% of property value) 21.9 Cost to export (US$ per container) 1,179 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 42 Dealing with construction permits (rank) 151 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,306 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 350 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 90 Cost (% of income per capita) 655.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 457 Employing workers (rank) 27 Protecting investors (rank) 53 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 91 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 50 Recovery rate (cents on the dollar) 28.0 Paying taxes (rank) 120 Payments (number per year) 35 Time (hours per year) 938 Total tax rate (% of profit) 32.2 norway OECD: High Income GNI per capita (US$) 76,450 Ease of doing business (rank) 10 High income Population (m) 4.7 Starting a business (rank) 33 Registering property (rank) 8 Trading across borders (rank) 7 Procedures (number) 6 Procedures (number) 1 Documents to export (number) 4 Time (days) 10 Time (days) 3 Time to export (days) 7 Cost (% of income per capita) 2.1 Cost (% of property value) 2.5 Cost to export (US$ per container) 780 Minimum capital (% of income per capita) 21.0 Documents to import (number) 4 Getting credit (rank) 43 Time to import (days) 7 Dealing with construction permits (rank) 66 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 709 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 252 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 7 Cost (% of income per capita) 46.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 33 Time (days) 310 Employing workers (rank) 99 Protecting investors (rank) 18 Cost (% of claim) 9.9 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 3 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 47 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 1 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 89.0 Paying taxes (rank) 18 Payments (number per year) 4 Time (hours per year) 87 Total tax rate (% of profit) 41.6 oman Middle East & North Africa GNI per capita (US$) 11,120 Ease of doing business (rank) 57 High income Population (m) 2.6 Starting a business (rank) 76 Registering property (rank) 19 Trading across borders (rank) 119 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 10 Time (days) 14 Time (days) 16 Time to export (days) 22 Cost (% of income per capita) 3.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 821 Minimum capital (% of income per capita) 461.2 Documents to import (number) 10 Getting credit (rank) 123 Time to import (days) 26 Dealing with construction permits (rank) 133 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,037 Procedures (number) 16 Depth of credit information index (0-6) 2 Time (days) 242 Public registry coverage (% of adults) 23.4 Enforcing contracts (rank) 105 Cost (% of income per capita) 721.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 598 Employing workers (rank) 24 Protecting investors (rank) 88 Cost (% of claim) 13.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 63 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 35.1 Paying taxes (rank) 8 Payments (number per year) 14 Time (hours per year) 62 Total tax rate (% of profit) 21.6 126 Doing Business 2009 pakistan South Asia GNI per capita (US$) 870 Ease of doing business (rank) 77 Low income Population (m) 162.4 Starting a business (rank) 77 Registering property (rank) 97 Trading across borders (rank) 71 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 9 Time (days) 24 Time (days) 50 Time to export (days) 24 Cost (% of income per capita) 12.6 Cost (% of property value) 5.3 Cost to export (US$ per container) 611 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 93 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 680 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 223 Public registry coverage (% of adults) 4.9 Enforcing contracts (rank) 154 Cost (% of income per capita) 734.0 Private bureau coverage (% of adults) 1.5 Procedures (number) 47 Time (days) 976 Employing workers (rank) 136 Protecting investors (rank) 24 Cost (% of claim) 23.8 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 53 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.8 Rigidity of employment index (0-100) 43 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 39.2 Paying taxes (rank) 124 Payments (number per year) 47 Time (hours per year) 560 Total tax rate (% of profit) 28.9 paLau East Asia & Pacific GNI per capita (US$) 8,210 Ease of doing business (rank) 91 Upper middle income Population (m) 0.0 Starting a business (rank) 83 Registering property (rank) 17 Trading across borders (rank) 120 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 28 Time (days) 14 Time to export (days) 29 Cost (% of income per capita) 4.6 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,170 Minimum capital (% of income per capita) 12.2 Documents to import (number) 10 Getting credit (rank) 181 Time to import (days) 33 Dealing with construction permits (rank) 52 Strength of legal rights index (0-10) 0 Cost to import (US$ per container) 1,132 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 141 Cost (% of income per capita) 5.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 885 Employing workers (rank) 9 Protecting investors (rank) 170 Cost (% of claim) 35.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 56 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 1.0 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 23 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 38.2 Paying taxes (rank) 86 Payments (number per year) 19 Time (hours per year) 128 Total tax rate (% of profit) 73.0 panama Latin America & Caribbean GNI per capita (US$) 5,510 Ease of doing business (rank) 81 Upper middle income Population (m) 3.3 Starting a business (rank) 32 Registering property (rank) 75 Trading across borders (rank) 8 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 3 Time (days) 13 Time (days) 44 Time to export (days) 9 Cost (% of income per capita) 19.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 729 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 9 Dealing with construction permits (rank) 73 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 879 Procedures (number) 21 Depth of credit information index (0-6) 6 Time (days) 131 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 116 Cost (% of income per capita) 123.3 Private bureau coverage (% of adults) 43.7 Procedures (number) 31 Time (days) 686 Employing workers (rank) 172 Protecting investors (rank) 104 Cost (% of claim) 50.0 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 72 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 9 Time (years) 2.5 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 32.4 Paying taxes (rank) 172 Payments (number per year) 59 Time (hours per year) 482 Total tax rate (% of profit) 50.6 counTRy TABles 127 papua new guinea East Asia & Pacific GNI per capita (US$) 850 Ease of doing business (rank) 95 Low income Population (m) 6.3 Starting a business (rank) 92 Registering property (rank) 73 Trading across borders (rank) 89 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 7 Time (days) 56 Time (days) 72 Time to export (days) 26 Cost (% of income per capita) 23.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 664 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 29 Dealing with construction permits (rank) 124 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 722 Procedures (number) 24 Depth of credit information index (0-6) 0 Time (days) 217 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 162 Cost (% of income per capita) 95.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 591 Employing workers (rank) 31 Protecting investors (rank) 38 Cost (% of claim) 110.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 102 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 23 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 24.7 Paying taxes (rank) 87 Payments (number per year) 33 Time (hours per year) 194 Total tax rate (% of profit) 41.7 paraguay Latin America & Caribbean GNI per capita (US$) 1,670 Ease of doing business (rank) 115 Lower middle income Population (m) 6.1 Starting a business (rank) 82 Registering property (rank) 70 Trading across borders (rank) 138 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 9 Time (days) 35 Time (days) 46 Time to export (days) 35 Cost (% of income per capita) 67.9 Cost (% of property value) 3.5 Cost to export (US$ per container) 915 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 68 Time to import (days) 33 Dealing with construction permits (rank) 96 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,200 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 291 Public registry coverage (% of adults) 9.7 Enforcing contracts (rank) 103 Cost (% of income per capita) 342.2 Private bureau coverage (% of adults) 48.6 Procedures (number) 38 Time (days) 591 Employing workers (rank) 177 Protecting investors (rank) 53 Cost (% of claim) 30.0 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 116 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) 3.9 Rigidity of employment index (0-100) 59 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 113 Recovery rate (cents on the dollar) 20.7 Paying taxes (rank) 102 Payments (number per year) 35 Time (hours per year) 328 Total tax rate (% of profit) 35.0 peru Latin America & Caribbean GNI per capita (US$) 3,450 Ease of doing business (rank) 62 Lower middle income Population (m) 27.9 Starting a business (rank) 116 Registering property (rank) 41 Trading across borders (rank) 93 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 7 Time (days) 65 Time (days) 33 Time to export (days) 24 Cost (% of income per capita) 25.7 Cost (% of property value) 3.3 Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 12 Time to import (days) 25 Dealing with construction permits (rank) 115 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 895 Procedures (number) 21 Depth of credit information index (0-6) 6 Time (days) 210 Public registry coverage (% of adults) 23.7 Enforcing contracts (rank) 119 Cost (% of income per capita) 139.7 Private bureau coverage (% of adults) 33.2 Procedures (number) 41 Time (days) 468 Employing workers (rank) 149 Protecting investors (rank) 18 Cost (% of claim) 35.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 96 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 7 Time (years) 3.1 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 7 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 85 Payments (number per year) 9 Time (hours per year) 424 Total tax rate (% of profit) 41.2 128 Doing Business 2009 phiLippines East Asia & Pacific GNI per capita (US$) 1,620 Ease of doing business (rank) 140 Lower middle income Population (m) 87.9 Starting a business (rank) 155 Registering property (rank) 97 Trading across borders (rank) 58 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 8 Time (days) 52 Time (days) 33 Time to export (days) 16 Cost (% of income per capita) 29.8 Cost (% of property value) 4.3 Cost to export (US$ per container) 816 Minimum capital (% of income per capita) 6.0 Documents to import (number) 8 Getting credit (rank) 123 Time to import (days) 16 Dealing with construction permits (rank) 105 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 819 Procedures (number) 24 Depth of credit information index (0-6) 3 Time (days) 203 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 90.1 Private bureau coverage (% of adults) 5.4 Procedures (number) 37 Time (days) 842 Employing workers (rank) 126 Protecting investors (rank) 126 Cost (% of claim) 26.0 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 2 Closing a business (rank) 151 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 5.7 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 4.4 Paying taxes (rank) 129 Payments (number per year) 47 Time (hours per year) 195 Total tax rate (% of profit) 50.8 poLand Eastern Europe & Central Asia GNI per capita (US$) 9,840 Ease of doing business (rank) 76 Upper middle income Population (m) 38.1 Starting a business (rank) 145 Registering property (rank) 84 Trading across borders (rank) 41 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 5 Time (days) 31 Time (days) 197 Time to export (days) 17 Cost (% of income per capita) 18.8 Cost (% of property value) 0.5 Cost to export (US$ per container) 884 Minimum capital (% of income per capita) 168.8 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 27 Dealing with construction permits (rank) 158 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 884 Procedures (number) 30 Depth of credit information index (0-6) 4 Time (days) 308 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 68 Cost (% of income per capita) 137.0 Private bureau coverage (% of adults) 50.0 Procedures (number) 38 Time (days) 830 Employing workers (rank) 82 Protecting investors (rank) 38 Cost (% of claim) 12.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 82 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 9 Time (years) 3.0 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 20 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 29.8 Paying taxes (rank) 142 Payments (number per year) 40 Time (hours per year) 418 Total tax rate (% of profit) 40.2 portugaL OECD: High Income GNI per capita (US$) 18,950 Ease of doing business (rank) 48 High income Population (m) 10.6 Starting a business (rank) 34 Registering property (rank) 79 Trading across borders (rank) 33 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 6 Time (days) 42 Time to export (days) 16 Cost (% of income per capita) 2.9 Cost (% of property value) 7.4 Cost to export (US$ per container) 685 Minimum capital (% of income per capita) 34.3 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 16 Dealing with construction permits (rank) 128 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 999 Procedures (number) 21 Depth of credit information index (0-6) 4 Time (days) 328 Public registry coverage (% of adults) 76.4 Enforcing contracts (rank) 34 Cost (% of income per capita) 53.5 Private bureau coverage (% of adults) 11.3 Procedures (number) 34 Time (days) 577 Employing workers (rank) 164 Protecting investors (rank) 38 Cost (% of claim) 14.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 21 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 69.4 Paying taxes (rank) 73 Payments (number per year) 8 Time (hours per year) 328 Total tax rate (% of profit) 43.6 counTRy TABles 129 puerto riCo Latin America & Caribbean GNI per capita (US$) 14,371 Ease of doing business (rank) 35 High income Population (m) 3.9 Starting a business (rank) 9 Registering property (rank) 122 Trading across borders (rank) 101 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 7 Time (days) 7 Time (days) 194 Time to export (days) 15 Cost (% of income per capita) 0.8 Cost (% of property value) 1.5 Cost to export (US$ per container) 1,250 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 12 Time to import (days) 16 Dealing with construction permits (rank) 144 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,250 Procedures (number) 22 Depth of credit information index (0-6) 5 Time (days) 209 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 97 Cost (% of income per capita) 550.8 Private bureau coverage (% of adults) 61.4 Procedures (number) 39 Time (days) 620 Employing workers (rank) 39 Protecting investors (rank) 15 Cost (% of claim) 24.3 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 6 Closing a business (rank) 28 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 8 Time (years) 3.8 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 8 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 55.2 Paying taxes (rank) 98 Payments (number per year) 16 Time (hours per year) 218 Total tax rate (% of profit) 64.7 Qatar Middle East & North Africa GNI per capita (US$) 72,849 Ease of doing business (rank) 37 High income Population (m) 0.8 Starting a business (rank) 57 Registering property (rank) 54 Trading across borders (rank) 36 Procedures (number) 6 Procedures (number) 10 Documents to export (number) 5 Time (days) 6 Time (days) 16 Time to export (days) 21 Cost (% of income per capita) 9.1 Cost (% of property value) 0.3 Cost to export (US$ per container) 735 Minimum capital (% of income per capita) 75.4 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 20 Dealing with construction permits (rank) 27 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 657 Procedures (number) 19 Depth of credit information index (0-6) 2 Time (days) 76 Public registry coverage (% of adults) .. Enforcing contracts (rank) 98 Cost (% of income per capita) 0.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 570 Employing workers (rank) 88 Protecting investors (rank) 88 Cost (% of claim) 21.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 31 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) 2.8 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 52.7 Paying taxes (rank) 2 Payments (number per year) 1 Time (hours per year) 36 Total tax rate (% of profit) 11.3 romania Eastern Europe & Central Asia GNI per capita (US$) 6,150 Ease of doing business (rank) 47 Upper middle income Population (m) 21.5 Starting a business (rank) 26 Registering property (rank) 114 Trading across borders (rank) 40 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 10 Time (days) 83 Time to export (days) 12 Cost (% of income per capita) 3.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,275 Minimum capital (% of income per capita) 1.1 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 13 Dealing with construction permits (rank) 88 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,175 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 243 Public registry coverage (% of adults) 4.5 Enforcing contracts (rank) 31 Cost (% of income per capita) 91.2 Private bureau coverage (% of adults) 24.7 Procedures (number) 31 Time (days) 512 Employing workers (rank) 143 Protecting investors (rank) 38 Cost (% of claim) 19.9 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business (rank) 85 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 62 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 8 Recovery rate (cents on the dollar) 29.5 Paying taxes (rank) 146 Payments (number per year) 113 Time (hours per year) 202 Total tax rate (% of profit) 48.0 130 Doing Business 2009 russian federation Eastern Europe & Central Asia GNI per capita (US$) 7,560 Ease of doing business (rank) 120 Upper middle income Population (m) 141.6 Starting a business (rank) 65 Registering property (rank) 49 Trading across borders (rank) 161 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 8 Time (days) 29 Time (days) 52 Time to export (days) 36 Cost (% of income per capita) 2.6 Cost (% of property value) 0.2 Cost to export (US$ per container) 2,150 Minimum capital (% of income per capita) 2.2 Documents to import (number) 13 Getting credit (rank) 109 Time to import (days) 36 Dealing with construction permits (rank) 180 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,150 Procedures (number) 54 Depth of credit information index (0-6) 4 Time (days) 704 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 18 Cost (% of income per capita) 2,612.7 Private bureau coverage (% of adults) 10.0 Procedures (number) 37 Time (days) 281 Employing workers (rank) 101 Protecting investors (rank) 88 Cost (% of claim) 13.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 89 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 3.8 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 9 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 28.2 Paying taxes (rank) 134 Payments (number per year) 22 Time (hours per year) 448 Total tax rate (% of profit) 48.7 rwanda Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 139 Low income Population (m) 9.7 Starting a business (rank) 60 Registering property (rank) 60 Trading across borders (rank) 168 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 9 Time (days) 14 Time (days) 315 Time to export (days) 42 Cost (% of income per capita) 108.9 Cost (% of property value) 0.6 Cost to export (US$ per container) 3,275 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 90 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 5,070 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 210 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 48 Cost (% of income per capita) 607.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 24 Time (days) 310 Employing workers (rank) 93 Protecting investors (rank) 170 Cost (% of claim) 78.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 1 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 2.7 Cost (% of estate) No practice Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 56 Payments (number per year) 34 Time (hours per year) 160 Total tax rate (% of profit) 33.7 samoa East Asia & Pacific GNI per capita (US$) 2,430 Ease of doing business (rank) 64 Lower middle income Population (m) 0.2 Starting a business (rank) 132 Registering property (rank) 72 Trading across borders (rank) 86 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 35 Time (days) 147 Time to export (days) 27 Cost (% of income per capita) 39.8 Cost (% of property value) 1.7 Cost to export (US$ per container) 820 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 123 Time to import (days) 31 Dealing with construction permits (rank) 47 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 848 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 88 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 79 Cost (% of income per capita) 90.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 455 Employing workers (rank) 16 Protecting investors (rank) 24 Cost (% of claim) 19.7 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 136 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 38 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 14.3 Paying taxes (rank) 60 Payments (number per year) 37 Time (hours per year) 224 Total tax rate (% of profit) 18.9 counTRy TABles 131 sÃo tomÉ and prinCipe Sub-Saharan Africa GNI per capita (US$) 870 Ease of doing business (rank) 176 Low income Population (m) 0.2 Starting a business (rank) 136 Registering property (rank) 151 Trading across borders (rank) 88 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 8 Time (days) 144 Time (days) 62 Time to export (days) 27 Cost (% of income per capita) 88.9 Cost (% of property value) 10.9 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 163 Time to import (days) 29 Dealing with construction permits (rank) 113 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 577 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 255 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 171 Cost (% of income per capita) 740.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 1,185 Employing workers (rank) 179 Protecting investors (rank) 150 Cost (% of claim) 34.8 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 151 Payments (number per year) 42 Time (hours per year) 424 Total tax rate (% of profit) 47.2 saudi arabia Middle East & North Africa GNI per capita (US$) 15,440 Ease of doing business (rank) 16 High income Population (m) 24.2 Starting a business (rank) 28 Registering property (rank) 1 Trading across borders (rank) 16 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 5 Time (days) 12 Time (days) 2 Time to export (days) 17 Cost (% of income per capita) 14.9 Cost (% of property value) 0.0 Cost to export (US$ per container) 681 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 50 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 678 Procedures (number) 18 Depth of credit information index (0-6) 6 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 137 Cost (% of income per capita) 74.7 Private bureau coverage (% of adults) 14.1 Procedures (number) 44 Time (days) 635 Employing workers (rank) 45 Protecting investors (rank) 24 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 57 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 3 Time (years) 1.5 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 22 Firing cost (weeks of salary) 80 Recovery rate (cents on the dollar) 37.5 Paying taxes (rank) 7 Payments (number per year) 14 Time (hours per year) 79 Total tax rate (% of profit) 14.5 senegaL Sub-Saharan Africa GNI per capita (US$) 820 Ease of doing business (rank) 149 Low income Population (m) 12.4 Starting a business (rank) 95 Registering property (rank) 161 Trading across borders (rank) 60 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 6 Time (days) 8 Time (days) 124 Time to export (days) 14 Cost (% of income per capita) 72.7 Cost (% of property value) 20.6 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 236.2 Documents to import (number) 5 Getting credit (rank) 145 Time to import (days) 18 Dealing with construction permits (rank) 118 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,920 Procedures (number) 16 Depth of credit information index (0-6) 1 Time (days) 220 Public registry coverage (% of adults) 4.4 Enforcing contracts (rank) 146 Cost (% of income per capita) 528.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 780 Employing workers (rank) 165 Protecting investors (rank) 164 Cost (% of claim) 26.5 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 77 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Rigidity of employment index (0-100) 61 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 7 Firing cost (weeks of salary) 38 Recovery rate (cents on the dollar) 31.6 Paying taxes (rank) 170 Payments (number per year) 59 Time (hours per year) 666 Total tax rate (% of profit) 46.0 132 Doing Business 2009 serbia Eastern Europe & Central Asia GNI per capita (US$) 4,730 Ease of doing business (rank) 94 Upper middle income Population (m) 7.4 Starting a business (rank) 106 Registering property (rank) 97 Trading across borders (rank) 62 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 6 Time (days) 23 Time (days) 111 Time to export (days) 12 Cost (% of income per capita) 7.6 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,398 Minimum capital (% of income per capita) 6.9 Documents to import (number) 6 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 171 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,559 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 279 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 96 Cost (% of income per capita) 2,177.7 Private bureau coverage (% of adults) 91.9 Procedures (number) 36 Time (days) 635 Employing workers (rank) 91 Protecting investors (rank) 70 Cost (% of claim) 28.9 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 99 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 2.7 Rigidity of employment index (0-100) 39 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 23 Firing cost (weeks of salary) 25 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 126 Payments (number per year) 66 Time (hours per year) 279 Total tax rate (% of profit) 34.0 seyCheLLes Sub-Saharan Africa GNI per capita (US$) 8,960 Ease of doing business (rank) 104 Upper middle income Population (m) 0.1 Starting a business (rank) 68 Registering property (rank) 55 Trading across borders (rank) 90 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 6 Time (days) 38 Time (days) 33 Time to export (days) 17 Cost (% of income per capita) 8.3 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,839 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 163 Time to import (days) 19 Dealing with construction permits (rank) 56 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,839 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 144 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 62 Cost (% of income per capita) 47.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 720 Employing workers (rank) 120 Protecting investors (rank) 53 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) No practice Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 40 Payments (number per year) 16 Time (hours per year) 76 Total tax rate (% of profit) 46.6 sierra Leone Sub-Saharan Africa GNI per capita (US$) 260 Ease of doing business (rank) 156 Low income Population (m) 5.8 Starting a business (rank) 53 Registering property (rank) 163 Trading across borders (rank) 132 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 7 Time (days) 17 Time (days) 86 Time to export (days) 29 Cost (% of income per capita) 56.2 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 145 Time to import (days) 34 Dealing with construction permits (rank) 169 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,535 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 283 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 141 Cost (% of income per capita) 452.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 515 Employing workers (rank) 173 Protecting investors (rank) 53 Cost (% of claim) 149.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 145 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 8 Time (years) 2.6 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 42 Firing cost (weeks of salary) 189 Recovery rate (cents on the dollar) 8.5 Paying taxes (rank) 160 Payments (number per year) 28 Time (hours per year) 399 Total tax rate (% of profit) 233.5 counTRy TABles 133 singapore East Asia & Pacific GNI per capita (US$) 32,470 Ease of doing business (rank) 1 High income Population (m) 4.6 Starting a business (rank) 10 Registering property (rank) 16 Trading across borders (rank) 1 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 4 Time (days) 9 Time to export (days) 5 Cost (% of income per capita) 0.7 Cost (% of property value) 2.8 Cost to export (US$ per container) 456 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 5 Time to import (days) 3 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 439 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 38 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 14 Cost (% of income per capita) 21.2 Private bureau coverage (% of adults) 48.3 Procedures (number) 21 Time (days) 150 Employing workers (rank) 1 Protecting investors (rank) 2 Cost (% of claim) 25.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 2 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 0.8 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 9.3 Cost (% of estate) 1 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 91.3 Paying taxes (rank) 5 Payments (number per year) 5 Time (hours per year) 84 Total tax rate (% of profit) 27.9 sLovakia OECD: High Income GNI per capita (US$) 11,730 Ease of doing business (rank) 36 High income Population (m) 5.4 Starting a business (rank) 48 Registering property (rank) 7 Trading across borders (rank) 116 Procedures (number) 6 Procedures (number) 3 Documents to export (number) 6 Time (days) 16 Time (days) 17 Time to export (days) 25 Cost (% of income per capita) 3.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,445 Minimum capital (% of income per capita) 30.4 Documents to import (number) 8 Getting credit (rank) 12 Time to import (days) 25 Dealing with construction permits (rank) 53 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,445 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 287 Public registry coverage (% of adults) 1.4 Enforcing contracts (rank) 47 Cost (% of income per capita) 13.1 Private bureau coverage (% of adults) 39.9 Procedures (number) 30 Time (days) 565 Employing workers (rank) 83 Protecting investors (rank) 104 Cost (% of claim) 25.7 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 37 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Rigidity of employment index (0-100) 36 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 45.9 Paying taxes (rank) 126 Payments (number per year) 31 Time (hours per year) 325 Total tax rate (% of profit) 47.4 sLovenia Eastern Europe & Central Asia GNI per capita (US$) 20,960 Ease of doing business (rank) 54 High income Population (m) 2.0 Starting a business (rank) 41 Registering property (rank) 104 Trading across borders (rank) 78 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 6 Time (days) 19 Time (days) 391 Time to export (days) 20 Cost (% of income per capita) 0.1 Cost (% of property value) 2.0 Cost to export (US$ per container) 1,075 Minimum capital (% of income per capita) 46.8 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 21 Dealing with construction permits (rank) 69 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,130 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 208 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 79 Cost (% of income per capita) 112.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 1,350 Employing workers (rank) 158 Protecting investors (rank) 18 Cost (% of claim) 18.6 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 38 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 59 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 45.5 Paying taxes (rank) 78 Payments (number per year) 22 Time (hours per year) 260 Total tax rate (% of profit) 36.7 134 Doing Business 2009 soLomon isLands East Asia & Pacific GNI per capita (US$) 730 Ease of doing business (rank) 89 Low income Population (m) 0.5 Starting a business (rank) 99 Registering property (rank) 169 Trading across borders (rank) 75 Procedures (number) 7 Procedures (number) 10 Documents to export (number) 7 Time (days) 57 Time (days) 297 Time to export (days) 24 Cost (% of income per capita) 53.6 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,011 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 145 Time to import (days) 21 Dealing with construction permits (rank) 35 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,194 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 62 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 108 Cost (% of income per capita) 471.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 455 Employing workers (rank) 42 Protecting investors (rank) 53 Cost (% of claim) 78.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 105 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 38 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 23.6 Paying taxes (rank) 47 Payments (number per year) 33 Time (hours per year) 80 Total tax rate (% of profit) 36.3 south afriCa Sub-Saharan Africa GNI per capita (US$) 5,760 Ease of doing business (rank) 32 Upper middle income Population (m) 47.6 Starting a business (rank) 47 Registering property (rank) 87 Trading across borders (rank) 147 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 8 Time (days) 22 Time (days) 24 Time to export (days) 30 Cost (% of income per capita) 6.0 Cost (% of property value) 8.8 Cost to export (US$ per container) 1,445 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 2 Time to import (days) 35 Dealing with construction permits (rank) 48 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,721 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 174 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 82 Cost (% of income per capita) 27.5 Private bureau coverage (% of adults) 64.8 Procedures (number) 30 Time (days) 600 Employing workers (rank) 102 Protecting investors (rank) 9 Cost (% of claim) 33.2 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 73 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 18 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 32.2 Paying taxes (rank) 23 Payments (number per year) 9 Time (hours per year) 200 Total tax rate (% of profit) 34.2 spain OECD: High Income GNI per capita (US$) 29,450 Ease of doing business (rank) 49 High income Population (m) 44.9 Starting a business (rank) 140 Registering property (rank) 46 Trading across borders (rank) 52 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 6 Time (days) 47 Time (days) 18 Time to export (days) 9 Cost (% of income per capita) 14.9 Cost (% of property value) 7.2 Cost to export (US$ per container) 1,121 Minimum capital (% of income per capita) 13.1 Documents to import (number) 8 Getting credit (rank) 43 Time to import (days) 10 Dealing with construction permits (rank) 51 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,121 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 233 Public registry coverage (% of adults) 45.8 Enforcing contracts (rank) 54 Cost (% of income per capita) 62.3 Private bureau coverage (% of adults) 8.1 Procedures (number) 39 Time (days) 515 Employing workers (rank) 160 Protecting investors (rank) 88 Cost (% of claim) 17.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 19 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 1.0 Rigidity of employment index (0-100) 56 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 73.2 Paying taxes (rank) 84 Payments (number per year) 8 Time (hours per year) 234 Total tax rate (% of profit) 60.2 counTRy TABles 135 sri Lanka South Asia GNI per capita (US$) 1,540 Ease of doing business (rank) 102 Lower middle income Population (m) 19.9 Starting a business (rank) 29 Registering property (rank) 141 Trading across borders (rank) 66 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 8 Time (days) 38 Time (days) 83 Time to export (days) 21 Cost (% of income per capita) 7.1 Cost (% of property value) 5.1 Cost to export (US$ per container) 865 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 68 Time to import (days) 20 Dealing with construction permits (rank) 161 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 895 Procedures (number) 21 Depth of credit information index (0-6) 5 Time (days) 214 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 135 Cost (% of income per capita) 1,486.5 Private bureau coverage (% of adults) 8.7 Procedures (number) 40 Time (days) 1,318 Employing workers (rank) 110 Protecting investors (rank) 70 Cost (% of claim) 22.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 43 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 7 Time (years) 1.7 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 5 Firing cost (weeks of salary) 169 Recovery rate (cents on the dollar) 43.4 Paying taxes (rank) 164 Payments (number per year) 62 Time (hours per year) 256 Total tax rate (% of profit) 63.7 st. kitts and nevis Latin America & Caribbean GNI per capita (US$) 9,630 Ease of doing business (rank) 67 Upper middle income Population (m) 0.0 Starting a business (rank) 72 Registering property (rank) 146 Trading across borders (rank) 27 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 6 Time (days) 45 Time (days) 81 Time to export (days) 12 Cost (% of income per capita) 12.5 Cost (% of property value) 13.3 Cost to export (US$ per container) 850 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 14 Dealing with construction permits (rank) 6 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 938 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 5.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 578 Employing workers (rank) 22 Protecting investors (rank) 24 Cost (% of claim) 20.5 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 95 Payments (number per year) 24 Time (hours per year) 172 Total tax rate (% of profit) 52.7 st. LuCia Latin America & Caribbean GNI per capita (US$) 5,530 Ease of doing business (rank) 34 Upper middle income Population (m) 0.2 Starting a business (rank) 36 Registering property (rank) 66 Trading across borders (rank) 80 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 20 Time (days) 16 Time to export (days) 15 Cost (% of income per capita) 22.6 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 18 Dealing with construction permits (rank) 13 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,470 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 161 Cost (% of income per capita) 30.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 635 Employing workers (rank) 23 Protecting investors (rank) 24 Cost (% of claim) 37.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 45 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 9 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 42.9 Paying taxes (rank) 29 Payments (number per year) 32 Time (hours per year) 61 Total tax rate (% of profit) 34.0 136 Doing Business 2009 st. vinCent and the grenadines Latin America & Caribbean GNI per capita (US$) 4,210 Ease of doing business (rank) 66 Upper middle income Population (m) 0.1 Starting a business (rank) 39 Registering property (rank) 129 Trading across borders (rank) 72 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 6 Time (days) 12 Time (days) 38 Time to export (days) 12 Cost (% of income per capita) 26.8 Cost (% of property value) 11.9 Cost to export (US$ per container) 1,770 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 13 Dealing with construction permits (rank) 1 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,769 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 74 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 109 Cost (% of income per capita) 8.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 394 Employing workers (rank) 41 Protecting investors (rank) 24 Cost (% of claim) 30.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 54 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 76 Payments (number per year) 36 Time (hours per year) 117 Total tax rate (% of profit) 42.6 sudan Sub-Saharan Africa GNI per capita (US$) 960 Ease of doing business (rank) 147 Lower middle income Population (m) 38.6 Starting a business (rank) 107 Registering property (rank) 35 Trading across borders (rank) 139 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 6 Time (days) 39 Time (days) 9 Time to export (days) 35 Cost (% of income per capita) 50.8 Cost (% of property value) 3.1 Cost to export (US$ per container) 2,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 135 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 2,900 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 271 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 143 Cost (% of income per capita) 240.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 810 Employing workers (rank) 144 Protecting investors (rank) 150 Cost (% of claim) 19.8 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 36 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 118 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 67 Payments (number per year) 42 Time (hours per year) 180 Total tax rate (% of profit) 31.6 suriname Latin America & Caribbean GNI per capita (US$) 4,730 Ease of doing business (rank) 146 Upper middle income Population (m) 0.5 Starting a business (rank) 170 Registering property (rank) 136 Trading across borders (rank) 98 Procedures (number) 13 Procedures (number) 4 Documents to export (number) 8 Time (days) 694 Time (days) 193 Time to export (days) 25 Cost (% of income per capita) 125.2 Cost (% of property value) 13.9 Cost to export (US$ per container) 975 Minimum capital (% of income per capita) 0.8 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 25 Dealing with construction permits (rank) 95 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 885 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 431 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 177 Cost (% of income per capita) 105.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 1,715 Employing workers (rank) 53 Protecting investors (rank) 178 Cost (% of claim) 37.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 0 Closing a business (rank) 147 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 5.0 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 2.0 Cost (% of estate) 30 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 8.1 Paying taxes (rank) 26 Payments (number per year) 17 Time (hours per year) 199 Total tax rate (% of profit) 27.9 counTRy TABles 137 swaZiLand Sub-Saharan Africa GNI per capita (US$) 2,580 Ease of doing business (rank) 108 Lower middle income Population (m) 1.1 Starting a business (rank) 153 Registering property (rank) 153 Trading across borders (rank) 154 Procedures (number) 13 Procedures (number) 11 Documents to export (number) 9 Time (days) 61 Time (days) 46 Time to export (days) 21 Cost (% of income per capita) 35.1 Cost (% of property value) 7.1 Cost to export (US$ per container) 2,184 Minimum capital (% of income per capita) 0.6 Documents to import (number) 11 Getting credit (rank) 43 Time to import (days) 33 Dealing with construction permits (rank) 21 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,249 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 93 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 129 Cost (% of income per capita) 94.9 Private bureau coverage (% of adults) 43.5 Procedures (number) 40 Time (days) 972 Employing workers (rank) 40 Protecting investors (rank) 178 Cost (% of claim) 23.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 65 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 2.0 Cost (% of estate) 15 Firing cost (weeks of salary) 53 Recovery rate (cents on the dollar) 34.9 Paying taxes (rank) 52 Payments (number per year) 33 Time (hours per year) 104 Total tax rate (% of profit) 36.6 sweden OECD: High Income GNI per capita (US$) 46,060 Ease of doing business (rank) 17 High income Population (m) 9.1 Starting a business (rank) 30 Registering property (rank) 10 Trading across borders (rank) 6 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 4 Time (days) 15 Time (days) 2 Time to export (days) 8 Cost (% of income per capita) 0.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 697 Minimum capital (% of income per capita) 30.3 Documents to import (number) 3 Getting credit (rank) 68 Time to import (days) 6 Dealing with construction permits (rank) 17 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 735 Procedures (number) 8 Depth of credit information index (0-6) 4 Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 55 Cost (% of income per capita) 103.5 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 508 Employing workers (rank) 114 Protecting investors (rank) 53 Cost (% of claim) 31.3 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 18 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 75.1 Paying taxes (rank) 42 Payments (number per year) 2 Time (hours per year) 122 Total tax rate (% of profit) 54.5 switZerLand OECD: High Income GNI per capita (US$) 59,880 Ease of doing business (rank) 21 High income Population (m) 7.6 Starting a business (rank) 52 Registering property (rank) 13 Trading across borders (rank) 39 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 20 Time (days) 16 Time to export (days) 8 Cost (% of income per capita) 2.1 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,537 Minimum capital (% of income per capita) 27.6 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 9 Dealing with construction permits (rank) 32 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,505 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 154 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 32 Cost (% of income per capita) 52.1 Private bureau coverage (% of adults) 22.5 Procedures (number) 32 Time (days) 417 Employing workers (rank) 19 Protecting investors (rank) 164 Cost (% of claim) 24.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 36 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 46.8 Paying taxes (rank) 19 Payments (number per year) 24 Time (hours per year) 63 Total tax rate (% of profit) 28.9 138 Doing Business 2009 syria Middle East & North Africa GNI per capita (US$) 1,760 Ease of doing business (rank) 137 Lower middle income Population (m) 19.9 Starting a business (rank) 124 Registering property (rank) 71 Trading across borders (rank) 111 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 8 Time (days) 17 Time (days) 19 Time to export (days) 15 Cost (% of income per capita) 18.2 Cost (% of property value) 28.0 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 4,353.8 Documents to import (number) 9 Getting credit (rank) 178 Time to import (days) 21 Dealing with construction permits (rank) 132 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,625 Procedures (number) 26 Depth of credit information index (0-6) 0 Time (days) 128 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 174 Cost (% of income per capita) 697.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 55 Time (days) 872 Employing workers (rank) 122 Protecting investors (rank) 113 Cost (% of claim) 29.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 84 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) 4.1 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 80 Recovery rate (cents on the dollar) 29.5 Paying taxes (rank) 99 Payments (number per year) 20 Time (hours per year) 336 Total tax rate (% of profit) 43.5 taiwan, China East Asia & Pacific GNI per capita (US$) 17,930 Ease of doing business (rank) 61 High income Population (m) 22.9 Starting a business (rank) 119 Registering property (rank) 26 Trading across borders (rank) 30 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 7 Time (days) 42 Time (days) 5 Time to export (days) 13 Cost (% of income per capita) 4.1 Cost (% of property value) 6.2 Cost to export (US$ per container) 757 Minimum capital (% of income per capita) 177.4 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 12 Dealing with construction permits (rank) 127 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 769 Procedures (number) 29 Depth of credit information index (0-6) 5 Time (days) 193 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 88 Cost (% of income per capita) 123.6 Private bureau coverage (% of adults) 62.7 Procedures (number) 47 Time (days) 510 Employing workers (rank) 159 Protecting investors (rank) 70 Cost (% of claim) 17.7 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 11 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Rigidity of employment index (0-100) 53 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 80.9 Paying taxes (rank) 100 Payments (number per year) 23 Time (hours per year) 340 Total tax rate (% of profit) 40.4 taJikistan Eastern Europe & Central Asia GNI per capita (US$) 460 Ease of doing business (rank) 159 Low income Population (m) 6.7 Starting a business (rank) 168 Registering property (rank) 46 Trading across borders (rank) 177 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 10 Time (days) 49 Time (days) 37 Time to export (days) 82 Cost (% of income per capita) 27.6 Cost (% of property value) 1.8 Cost to export (US$ per container) 3,150 Minimum capital (% of income per capita) 216.8 Documents to import (number) 10 Getting credit (rank) 172 Time to import (days) 83 Dealing with construction permits (rank) 178 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 4,550 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 351 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 23 Cost (% of income per capita) 1,420.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 295 Employing workers (rank) 128 Protecting investors (rank) 150 Cost (% of claim) 20.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 1 Closing a business (rank) 97 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 159 Payments (number per year) 54 Time (hours per year) 224 Total tax rate (% of profit) 85.5 counTRy TABles 139 tanZania Sub-Saharan Africa GNI per capita (US$) 400 Ease of doing business (rank) 127 Low income Population (m) 40.4 Starting a business (rank) 109 Registering property (rank) 142 Trading across borders (rank) 103 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 5 Time (days) 29 Time (days) 73 Time to export (days) 24 Cost (% of income per capita) 41.5 Cost (% of property value) 4.4 Cost to export (US$ per container) 1,262 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 31 Dealing with construction permits (rank) 172 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,475 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 308 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 33 Cost (% of income per capita) 2,087.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 462 Employing workers (rank) 140 Protecting investors (rank) 88 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 111 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 18 Recovery rate (cents on the dollar) 21.3 Paying taxes (rank) 109 Payments (number per year) 48 Time (hours per year) 172 Total tax rate (% of profit) 45.1 thaiLand East Asia & Pacific GNI per capita (US$) 3,400 Ease of doing business (rank) 13 Lower middle income Population (m) 63.8 Starting a business (rank) 44 Registering property (rank) 5 Trading across borders (rank) 10 Procedures (number) 8 Procedures (number) 2 Documents to export (number) 4 Time (days) 33 Time (days) 2 Time to export (days) 14 Cost (% of income per capita) 4.9 Cost (% of property value) 1.1 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 68 Time to import (days) 13 Dealing with construction permits (rank) 12 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 795 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 25 Cost (% of income per capita) 9.4 Private bureau coverage (% of adults) 31.8 Procedures (number) 35 Time (days) 479 Employing workers (rank) 56 Protecting investors (rank) 11 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 46 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.7 Rigidity of employment index (0-100) 18 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 36 Firing cost (weeks of salary) 54 Recovery rate (cents on the dollar) 42.4 Paying taxes (rank) 82 Payments (number per year) 23 Time (hours per year) 264 Total tax rate (% of profit) 37.8 timor-Leste East Asia & Pacific GNI per capita (US$) 1,510 Ease of doing business (rank) 170 Lower middle income Population (m) 1.1 Starting a business (rank) 150 Registering property (rank) 177 Trading across borders (rank) 79 Procedures (number) 10 Procedures (number) No practice Documents to export (number) 6 Time (days) 83 Time (days) No practice Time to export (days) 25 Cost (% of income per capita) 6.6 Cost (% of property value) No practice Cost to export (US$ per container) 1,010 Minimum capital (% of income per capita) 331.1 Documents to import (number) 7 Getting credit (rank) 178 Time to import (days) 26 Dealing with construction permits (rank) 100 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,015 Procedures (number) 22 Depth of credit information index (0-6) 0 Time (days) 208 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 181 Cost (% of income per capita) 62.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 1,800 Employing workers (rank) 78 Protecting investors (rank) 126 Cost (% of claim) 163.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 75 Payments (number per year) 15 Time (hours per year) 640 Total tax rate (% of profit) 28.3 140 Doing Business 2009 togo Sub-Saharan Africa GNI per capita (US$) 360 Ease of doing business (rank) 163 Low income Population (m) 6.6 Starting a business (rank) 179 Registering property (rank) 155 Trading across borders (rank) 84 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 6 Time (days) 53 Time (days) 295 Time to export (days) 24 Cost (% of income per capita) 251.3 Cost (% of property value) 13.4 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 559.9 Documents to import (number) 8 Getting credit (rank) 145 Time to import (days) 29 Dealing with construction permits (rank) 145 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 963 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 277 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 151 Cost (% of income per capita) 1,400.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 588 Employing workers (rank) 155 Protecting investors (rank) 142 Cost (% of claim) 47.5 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 94 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Rigidity of employment index (0-100) 57 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 15 Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 26.6 Paying taxes (rank) 147 Payments (number per year) 53 Time (hours per year) 270 Total tax rate (% of profit) 48.2 tonga East Asia & Pacific GNI per capita (US$) 2,320 Ease of doing business (rank) 43 Lower middle income Population (m) 0.1 Starting a business (rank) 19 Registering property (rank) 113 Trading across borders (rank) 50 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 7 Time (days) 25 Time (days) 108 Time to export (days) 19 Cost (% of income per capita) 9.6 Cost (% of property value) 10.2 Cost to export (US$ per container) 650 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 25 Dealing with construction permits (rank) 31 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 725 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 76 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 57 Cost (% of income per capita) 371.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 350 Employing workers (rank) 5 Protecting investors (rank) 104 Cost (% of claim) 30.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 3 Closing a business (rank) 101 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 22 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 25.2 Paying taxes (rank) 31 Payments (number per year) 23 Time (hours per year) 164 Total tax rate (% of profit) 27.5 trinidad and tobago Latin America & Caribbean GNI per capita (US$) 14,100 Ease of doing business (rank) 80 High income Population (m) 1.3 Starting a business (rank) 56 Registering property (rank) 164 Trading across borders (rank) 47 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 5 Time (days) 43 Time (days) 162 Time to export (days) 14 Cost (% of income per capita) 0.9 Cost (% of property value) 7.0 Cost to export (US$ per container) 866 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 28 Time to import (days) 26 Dealing with construction permits (rank) 84 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,100 Procedures (number) 20 Depth of credit information index (0-6) 4 Time (days) 261 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 167 Cost (% of income per capita) 5.5 Private bureau coverage (% of adults) 37.6 Procedures (number) 42 Time (days) 1,340 Employing workers (rank) 36 Protecting investors (rank) 18 Cost (% of claim) 33.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.7 Cost (% of estate) No practice Firing cost (weeks of salary) 67 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 51 Payments (number per year) 40 Time (hours per year) 114 Total tax rate (% of profit) 33.1 counTRy TABles 141 tunisia Middle East & North Africa GNI per capita (US$) 3,200 Ease of doing business (rank) 73 Lower middle income Population (m) 10.2 Starting a business (rank) 37 Registering property (rank) 55 Trading across borders (rank) 38 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 11 Time (days) 39 Time to export (days) 17 Cost (% of income per capita) 7.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 733 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 23 Dealing with construction permits (rank) 101 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 858 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 84 Public registry coverage (% of adults) 14.9 Enforcing contracts (rank) 72 Cost (% of income per capita) 1,017.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 565 Employing workers (rank) 113 Protecting investors (rank) 142 Cost (% of claim) 21.8 Difficulty of hiring index (0-100) 28 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 32 Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 6 Time (years) 1.3 Rigidity of employment index (0-100) 49 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 7 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 52.3 Paying taxes (rank) 106 Payments (number per year) 22 Time (hours per year) 228 Total tax rate (% of profit) 59.1 turkey Eastern Europe & Central Asia GNI per capita (US$) 8,020 Ease of doing business (rank) 59 Upper middle income Population (m) 73.9 Starting a business (rank) 43 Registering property (rank) 34 Trading across borders (rank) 59 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 6 Time (days) 6 Time to export (days) 14 Cost (% of income per capita) 14.9 Cost (% of property value) 3.0 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 10.9 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 15 Dealing with construction permits (rank) 131 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,063 Procedures (number) 25 Depth of credit information index (0-6) 5 Time (days) 188 Public registry coverage (% of adults) 12.7 Enforcing contracts (rank) 27 Cost (% of income per capita) 249.3 Private bureau coverage (% of adults) 26.3 Procedures (number) 35 Time (days) 420 Employing workers (rank) 138 Protecting investors (rank) 53 Cost (% of claim) 18.8 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 118 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 20.2 Paying taxes (rank) 68 Payments (number per year) 15 Time (hours per year) 223 Total tax rate (% of profit) 45.5 uganda Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 111 Low income Population (m) 30.9 Starting a business (rank) 129 Registering property (rank) 167 Trading across borders (rank) 145 Procedures (number) 18 Procedures (number) 13 Documents to export (number) 6 Time (days) 25 Time (days) 227 Time to export (days) 39 Cost (% of income per capita) 100.7 Cost (% of property value) 4.1 Cost to export (US$ per container) 3,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 37 Dealing with construction permits (rank) 81 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,290 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 143 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 117 Cost (% of income per capita) 703.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 535 Employing workers (rank) 11 Protecting investors (rank) 126 Cost (% of claim) 44.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 51 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 5 Time (years) 2.2 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 30 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 41.1 Paying taxes (rank) 70 Payments (number per year) 32 Time (hours per year) 222 Total tax rate (% of profit) 34.5 142 Doing Business 2009 ukraine Eastern Europe & Central Asia GNI per capita (US$) 2,550 Ease of doing business (rank) 145 Lower middle income Population (m) 46.4 Starting a business (rank) 128 Registering property (rank) 140 Trading across borders (rank) 131 Procedures (number) 10 Procedures (number) 10 Documents to export (number) 6 Time (days) 27 Time (days) 93 Time to export (days) 31 Cost (% of income per capita) 5.5 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,230 Minimum capital (% of income per capita) 174.2 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 36 Dealing with construction permits (rank) 179 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,250 Procedures (number) 30 Depth of credit information index (0-6) 3 Time (days) 471 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 49 Cost (% of income per capita) 1,901.7 Private bureau coverage (% of adults) 3.0 Procedures (number) 30 Time (days) 354 Employing workers (rank) 100 Protecting investors (rank) 142 Cost (% of claim) 41.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 3 Closing a business (rank) 143 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.9 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 42 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 9.1 Paying taxes (rank) 180 Payments (number per year) 99 Time (hours per year) 848 Total tax rate (% of profit) 58.4 united arab emirates Middle East & North Africa GNI per capita (US$) 26,210 Ease of doing business (rank) 46 High income Population (m) 4.4 Starting a business (rank) 113 Registering property (rank) 11 Trading across borders (rank) 14 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 5 Time (days) 17 Time (days) 6 Time to export (days) 10 Cost (% of income per capita) 13.4 Cost (% of property value) 2.0 Cost to export (US$ per container) 618 Minimum capital (% of income per capita) 311.9 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 10 Dealing with construction permits (rank) 41 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 587 Procedures (number) 21 Depth of credit information index (0-6) 5 Time (days) 125 Public registry coverage (% of adults) 6.5 Enforcing contracts (rank) 145 Cost (% of income per capita) 1.5 Private bureau coverage (% of adults) 7.7 Procedures (number) 50 Time (days) 607 Employing workers (rank) 47 Protecting investors (rank) 113 Cost (% of claim) 26.2 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 7 Closing a business (rank) 141 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 5.1 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 30 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 10.2 Paying taxes (rank) 4 Payments (number per year) 14 Time (hours per year) 12 Total tax rate (% of profit) 14.4 united kingdom OECD: High Income GNI per capita (US$) 42,740 Ease of doing business (rank) 6 High income Population (m) 61.0 Starting a business (rank) 8 Registering property (rank) 22 Trading across borders (rank) 28 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 4 Time (days) 13 Time (days) 21 Time to export (days) 13 Cost (% of income per capita) 0.8 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,030 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 2 Time to import (days) 13 Dealing with construction permits (rank) 61 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,350 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 144 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 24 Cost (% of income per capita) 64.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 404 Employing workers (rank) 28 Protecting investors (rank) 9 Cost (% of claim) 23.4 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 9 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 14 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 6 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 84.2 Paying taxes (rank) 16 Payments (number per year) 8 Time (hours per year) 105 Total tax rate (% of profit) 35.3 counTRy TABles 143 united states OECD: High Income GNI per capita (US$) 46,040 Ease of doing business (rank) 3 High income Population (m) 301.6 Starting a business (rank) 6 Registering property (rank) 12 Trading across borders (rank) 15 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 6 Time (days) 12 Time to export (days) 6 Cost (% of income per capita) 0.7 Cost (% of property value) 0.5 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 5 Time to import (days) 5 Dealing with construction permits (rank) 26 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,245 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 40 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 6 Cost (% of income per capita) 13.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 300 Employing workers (rank) 1 Protecting investors (rank) 5 Cost (% of claim) 9.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 15 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 1.5 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 7 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 76.7 Paying taxes (rank) 46 Payments (number per year) 10 Time (hours per year) 187 Total tax rate (% of profit) 42.3 uruguay Latin America & Caribbean GNI per capita (US$) 6,380 Ease of doing business (rank) 109 Upper middle income Population (m) 3.3 Starting a business (rank) 120 Registering property (rank) 149 Trading across borders (rank) 127 Procedures (number) 11 Procedures (number) 8 Documents to export (number) 10 Time (days) 44 Time (days) 66 Time to export (days) 19 Cost (% of income per capita) 43.5 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 43 Time to import (days) 22 Dealing with construction permits (rank) 139 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,330 Procedures (number) 30 Depth of credit information index (0-6) 6 Time (days) 234 Public registry coverage (% of adults) 15.4 Enforcing contracts (rank) 99 Cost (% of income per capita) 108.0 Private bureau coverage (% of adults) 98.0 Procedures (number) 40 Time (days) 720 Employing workers (rank) 79 Protecting investors (rank) 88 Cost (% of claim) 19.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 44 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.1 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 43.0 Paying taxes (rank) 167 Payments (number per year) 53 Time (hours per year) 336 Total tax rate (% of profit) 58.5 uZbekistan Eastern Europe & Central Asia GNI per capita (US$) 730 Ease of doing business (rank) 138 Low income Population (m) 26.9 Starting a business (rank) 70 Registering property (rank) 125 Trading across borders (rank) 171 Procedures (number) 7 Procedures (number) 12 Documents to export (number) 7 Time (days) 15 Time (days) 78 Time to export (days) 80 Cost (% of income per capita) 10.3 Cost (% of property value) 1.5 Cost to export (US$ per container) 3,100 Minimum capital (% of income per capita) 17.7 Documents to import (number) 11 Getting credit (rank) 123 Time to import (days) 104 Dealing with construction permits (rank) 148 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 4,600 Procedures (number) 26 Depth of credit information index (0-6) 3 Time (days) 260 Public registry coverage (% of adults) 2.3 Enforcing contracts (rank) 46 Cost (% of income per capita) 123.4 Private bureau coverage (% of adults) 2.2 Procedures (number) 42 Time (days) 195 Employing workers (rank) 76 Protecting investors (rank) 113 Cost (% of claim) 22.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 122 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 10 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 18.7 Paying taxes (rank) 162 Payments (number per year) 106 Time (hours per year) 196 Total tax rate (% of profit) 90.6 144 Doing Business 2009 vanuatu East Asia & Pacific GNI per capita (US$) 1,840 Ease of doing business (rank) 60 Lower middle income Population (m) 0.2 Starting a business (rank) 94 Registering property (rank) 115 Trading across borders (rank) 136 Procedures (number) 8 Procedures (number) 2 Documents to export (number) 7 Time (days) 39 Time (days) 188 Time to export (days) 26 Cost (% of income per capita) 54.8 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,497 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 30 Dealing with construction permits (rank) 24 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,392 Procedures (number) 7 Depth of credit information index (0-6) 0 Time (days) 51 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 67 Cost (% of income per capita) 356.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 430 Employing workers (rank) 86 Protecting investors (rank) 70 Cost (% of claim) 74.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 50 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 38 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 41.2 Paying taxes (rank) 20 Payments (number per year) 31 Time (hours per year) 120 Total tax rate (% of profit) 8.4 veneZueLa Latin America & Caribbean GNI per capita (US$) 7,320 Ease of doing business (rank) 174 Upper middle income Population (m) 27.5 Starting a business (rank) 142 Registering property (rank) 92 Trading across borders (rank) 164 Procedures (number) 16 Procedures (number) 8 Documents to export (number) 8 Time (days) 141 Time (days) 47 Time to export (days) 49 Cost (% of income per capita) 26.8 Cost (% of property value) 2.2 Cost to export (US$ per container) 2,590 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 71 Dealing with construction permits (rank) 96 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,868 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 395 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 71 Cost (% of income per capita) 344.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 510 Employing workers (rank) 180 Protecting investors (rank) 170 Cost (% of claim) 43.7 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 3 Closing a business (rank) 149 Difficulty of firing index (0-100) 100 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Rigidity of employment index (0-100) 79 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Firing cost (weeks of salary) Not possible Recovery rate (cents on the dollar) 6.0 Paying taxes (rank) 177 Payments (number per year) 70 Time (hours per year) 864 Total tax rate (% of profit) 56.6 vietnam East Asia & Pacific GNI per capita (US$) 790 Ease of doing business (rank) 92 Low income Population (m) 85.1 Starting a business (rank) 108 Registering property (rank) 37 Trading across borders (rank) 67 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 6 Time (days) 50 Time (days) 57 Time to export (days) 24 Cost (% of income per capita) 16.8 Cost (% of property value) 1.2 Cost to export (US$ per container) 734 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 43 Time to import (days) 23 Dealing with construction permits (rank) 67 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 901 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 194 Public registry coverage (% of adults) 13.4 Enforcing contracts (rank) 42 Cost (% of income per capita) 313.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 295 Employing workers (rank) 90 Protecting investors (rank) 170 Cost (% of claim) 31.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 0 Closing a business (rank) 124 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) 5.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Firing cost (weeks of salary) 87 Recovery rate (cents on the dollar) 18.0 Paying taxes (rank) 140 Payments (number per year) 32 Time (hours per year) 1,050 Total tax rate (% of profit) 40.1 counTRy TABles 145 west bank and gaZa Middle East & North Africa GNI per capita (US$) 1,230 Ease of doing business (rank) 131 Lower middle income Population (m) 3.9 Starting a business (rank) 166 Registering property (rank) 80 Trading across borders (rank) 85 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 6 Time (days) 49 Time (days) 63 Time to export (days) 25 Cost (% of income per capita) 69.1 Cost (% of property value) 0.9 Cost to export (US$ per container) 835 Minimum capital (% of income per capita) 56.1 Documents to import (number) 6 Getting credit (rank) 163 Time to import (days) 40 Dealing with construction permits (rank) 149 Strength of legal rights index (0-10) 0 Cost to import (US$ per container) 1,225 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 199 Public registry coverage (% of adults) 7.8 Enforcing contracts (rank) 122 Cost (% of income per capita) 1,399.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 700 Employing workers (rank) 109 Protecting investors (rank) 38 Cost (% of claim) 21.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 6.0 Cost (% of estate) No practice Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 25 Payments (number per year) 27 Time (hours per year) 154 Total tax rate (% of profit) 16.8 yemen Middle East & North Africa GNI per capita (US$) 870 Ease of doing business (rank) 98 Low income Population (m) 22.4 Starting a business (rank) 50 Registering property (rank) 48 Trading across borders (rank) 126 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 13 Time (days) 19 Time to export (days) 31 Cost (% of income per capita) 93.0 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,129 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 172 Time to import (days) 28 Dealing with construction permits (rank) 33 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,475 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 107 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 41 Cost (% of income per capita) 189.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 520 Employing workers (rank) 69 Protecting investors (rank) 126 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 87 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 8 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 28.6 Paying taxes (rank) 138 Payments (number per year) 44 Time (hours per year) 248 Total tax rate (% of profit) 47.8 Zambia Sub-Saharan Africa GNI per capita (US$) 800 Ease of doing business (rank) 100 Low income Population (m) 11.9 Starting a business (rank) 71 Registering property (rank) 91 Trading across borders (rank) 153 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 18 Time (days) 39 Time to export (days) 53 Cost (% of income per capita) 28.6 Cost (% of property value) 6.6 Cost to export (US$ per container) 2,664 Minimum capital (% of income per capita) 1.5 Documents to import (number) 9 Getting credit (rank) 68 Time to import (days) 64 Dealing with construction permits (rank) 146 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 3,335 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 254 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 87 Cost (% of income per capita) 1,023.1 Private bureau coverage (% of adults) 0.1 Procedures (number) 35 Time (days) 471 Employing workers (rank) 135 Protecting investors (rank) 70 Cost (% of claim) 38.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 80 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 2.7 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 178 Recovery rate (cents on the dollar) 30.2 Paying taxes (rank) 38 Payments (number per year) 37 Time (hours per year) 132 Total tax rate (% of profit) 16.1 146 Doing Business 2009 Zimbabwe Sub-Saharan Africa GNI per capita (US$) 325 Ease of doing business (rank) 158 Low income Population (m) 13.4 Starting a business (rank) 164 Registering property (rank) 85 Trading across borders (rank) 162 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 7 Time (days) 96 Time (days) 30 Time to export (days) 53 Cost (% of income per capita) 432.7 Cost (% of property value) 25.0 Cost to export (US$ per container) 2,678 Minimum capital (% of income per capita) 3.4 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 73 Dealing with construction permits (rank) 174 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 3,999 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 1,426 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 77 Cost (% of income per capita) 16,368.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 410 Employing workers (rank) 127 Protecting investors (rank) 113 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 154 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 Firing cost (weeks of salary) 446 Recovery rate (cents on the dollar) 0.1 Paying taxes (rank) 157 Payments (number per year) 52 Time (hours per year) 256 Total tax rate (% of profit) 63.7 ilo coRe lABoR sTAnDARDs 147 Ratification status of the ILO core labor standards 3 Convention ratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Afghanistan n n n 3 3 3 n n Albania 3 3 3 3 3 3 3 3 Algeria 3 3 3 3 3 3 3 3 Angola 3 3 3 3 3 3 3 3 Antigua and Barbuda 3 3 3 3 3 3 3 3 Argentina 3 3 3 3 3 3 3 3 Armenia 3 3 3 3 3 3 3 3 Australia 3 3 3 3 3 3 n 3 Austria 3 3 3 3 3 3 3 3 Azerbaijan 3 3 3 3 3 3 3 3 Bahamas, The 3 3 3 3 3 3 3 3 Bahrain n n 3 3 n 3 n 3 Bangladesh 3 3 3 3 3 3 n 3 Belarus 3 3 3 3 3 3 3 3 Belgium 3 3 3 3 3 3 3 3 Belize 3 3 3 3 3 3 3 3 Benin 3 3 3 3 3 3 3 3 Bhutan n n n n n n n n Bolivia 3 3 3 3 3 3 3 3 Bosnia and Herzegovina 3 3 3 3 3 3 3 3 Botswana 3 3 3 3 3 3 3 3 Brazil n 3 3 3 3 3 3 3 Brunei n n n n n n n 3 Bulgaria 3 3 3 3 3 3 3 3 Burkina Faso 3 3 3 3 3 3 3 3 Burundi 3 3 3 3 3 3 3 3 Cambodia 3 3 3 3 3 3 3 3 Cameroon 3 3 3 3 3 3 3 3 Canada 3 n n 3 3 3 n 3 Cape Verde 3 3 3 3 3 3 n 3 Central African Republic 3 3 3 3 3 3 3 3 Chad 3 3 3 3 3 3 3 3 Chile 3 3 3 3 3 3 3 3 China n n n n 3 3 3 3 Colombia 3 3 3 3 3 3 3 3 Comoros 3 3 3 3 3 3 3 3 Congo, Dem. Rep. 3 3 3 3 3 3 3 3 Congo, Rep. 3 3 3 3 3 3 3 3 Costa Rica 3 3 3 3 3 3 3 3 Côte d'Ivoire 3 3 3 3 3 3 3 3 Croatia 3 3 3 3 3 3 3 3 Czech Republic 3 3 3 3 3 3 3 3 Denmark 3 3 3 3 3 3 3 3 Djibouti 3 3 3 3 3 3 3 3 Dominica 3 3 3 3 3 3 3 3 Dominican Republic 3 3 3 3 3 3 3 3 Ecuador 3 3 3 3 3 3 3 3 Egypt 3 3 3 3 3 3 3 3 El Salvador 3 3 3 3 3 3 3 3 148 Doing Business 2009 Ratification status of the ILO core labor standards 3 Convention ratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Equatorial Guinea 3 3 3 3 3 3 3 3 Eritrea 3 3 3 3 3 3 3 n Estonia 3 3 3 3 3 3 3 3 Ethiopia 3 3 3 3 3 3 3 3 Fiji 3 3 3 3 3 3 3 3 Finland 3 3 3 3 3 3 3 3 France 3 3 3 3 3 3 3 3 Gabon 3 3 3 3 3 3 n 3 Gambia, The 3 3 3 3 3 3 3 3 Georgia 3 3 3 3 3 3 3 3 Germany 3 3 3 3 3 3 3 3 Ghana 3 3 3 3 3 3 n 3 Greece 3 3 3 3 3 3 3 3 Grenada 3 3 3 3 3 3 3 3 Guatemala 3 3 3 3 3 3 3 3 Guinea 3 3 3 3 3 3 3 3 Guinea-Bissau n 3 3 3 3 3 n n Guyana 3 3 3 3 3 3 3 3 Haiti 3 3 3 3 3 3 n 3 Honduras 3 3 3 3 3 3 3 3 Hong Kong, Chinaa -- -- -- -- -- -- -- -- Hungary 3 3 3 3 3 3 3 3 Iceland 3 3 3 3 3 3 3 3 India n n 3 3 3 3 n n Indonesia 3 3 3 3 3 3 3 3 Iran n n 3 3 3 3 n 3 Iraq n 3 3 3 3 3 3 3 Ireland 3 3 3 3 3 3 3 3 Israel 3 3 3 3 3 3 3 3 Italy 3 3 3 3 3 3 3 3 Jamaica 3 3 3 3 3 3 3 3 Japan 3 3 3 n 3 n 3 3 Jordan n 3 3 3 3 3 3 3 Kazakhstan 3 3 3 3 3 3 3 3 Kenya n 3 3 3 3 3 3 3 Kiribati 3 3 3 3 n n n n Korea n n n n 3 3 3 3 Kuwait 3 3 3 3 n 3 3 3 Kyrgyz Republic 3 3 3 3 3 3 3 3 Lao PDR n n 3 n 3 3 3 3 Latvia 3 3 3 3 3 3 3 3 Lebanon n 3 3 3 3 3 3 3 Lesotho 3 3 3 3 3 3 3 3 Liberia 3 3 3 3 n 3 n 3 Lithuania 3 3 3 3 3 3 3 3 Luxembourg 3 3 3 3 3 3 3 3 Macedonia, former Yugoslav Republic of 3 3 3 3 3 3 3 3 Madagascar 3 3 3 3 3 3 3 3 Malawi 3 3 3 3 3 3 3 3 ilo coRe lABoR sTAnDARDs 149 Ratification status of the ILO core labor standards 3 Convention ratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Malaysia n 3 3 D 3 n 3 3 Maldives n n n n n n n n Mali 3 3 3 3 3 3 3 3 Marshall Islands n n n n n n n n Mauritania 3 3 3 3 3 3 3 3 Mauritius 3 3 3 3 3 3 3 3 Mexico 3 n 3 3 3 3 n 3 Micronesia n n n n n n n n Moldova 3 3 3 3 3 3 3 3 Mongolia 3 3 3 3 3 3 3 3 Montenegro 3 3 3 3 3 3 3 3 Morocco n 3 3 3 3 3 3 3 Mozambique 3 3 3 3 3 3 3 3 Namibia 3 3 3 3 n 3 3 3 Nepal n 3 3 3 3 3 3 3 Netherlands 3 3 3 3 3 3 3 3 New Zealand n 3 3 3 3 3 n 3 Nicaragua 3 3 3 3 3 3 3 3 Niger 3 3 3 3 3 3 3 3 Nigeria 3 3 3 3 3 3 3 3 Norway 3 3 3 3 3 3 3 3 Oman n n 3 3 n n 3 3 Pakistan 3 3 3 3 3 3 3 3 Palau n n n n n n n n Panama 3 3 3 3 3 3 3 3 Papua New Guinea 3 3 3 3 3 3 3 3 Paraguay 3 3 3 3 3 3 3 3 Peru 3 3 3 3 3 3 3 3 Philippines 3 3 3 3 3 3 3 3 Poland 3 3 3 3 3 3 3 3 Portugal 3 3 3 3 3 3 3 3 Puerto Ricoa -- -- -- -- -- -- -- -- Qatar n n 3 3 n 3 3 3 Romania 3 3 3 3 3 3 3 3 Russian Federation 3 3 3 3 3 3 3 3 Rwanda 3 3 3 3 3 3 3 3 Samoa 3 3 3 3 3 3 n 3 São Tomé and Principe 3 3 3 3 3 3 3 3 Saudi Arabia n n 3 3 3 3 n 3 Senegal 3 3 3 3 3 3 3 3 Serbia 3 3 3 3 3 3 3 3 Seychelles 3 3 3 3 3 3 3 3 Sierra Leone 3 3 3 3 3 3 n n Singapore n 3 3 D 3 n 3 3 Slovakia 3 3 3 3 3 3 3 3 Slovenia 3 3 3 3 3 3 3 3 Solomon Islands n n 3 n n n n n South Africa 3 3 3 3 3 3 3 3 Spain 3 3 3 3 3 3 3 3 Sri Lanka 3 3 3 3 3 3 3 3 150 Doing Business 2009 Ratification status of the ILO core labor standards 4 Convention ratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 St. Kitts and Nevis 3 3 3 3 3 3 3 3 St. Lucia 3 3 3 3 3 3 n 3 St. Vincent and the Grenadines 3 3 3 3 3 3 3 3 Sudan n 3 3 3 3 3 3 3 Suriname 3 3 3 3 n n n 3 Swaziland 3 3 3 3 3 3 3 3 Sweden 3 3 3 3 3 3 3 3 Switzerland 3 3 3 3 3 3 3 3 Syria 3 3 3 3 3 3 3 3 Taiwan, Chinaa -- -- -- -- -- -- -- -- Tajikistan 3 3 3 3 3 3 3 3 Tanzania 3 3 3 3 3 3 3 3 Thailand n n 3 3 3 n 3 3 Timor-Leste n n n n n n n n Togo 3 3 3 3 3 3 3 3 Tonga n n n n n n n n Trinidad and Tobago 3 3 3 3 3 3 3 3 Tunisia 3 3 3 3 3 3 3 3 Turkey 3 3 3 3 3 3 3 3 Uganda 3 3 3 3 3 3 3 3 Ukraine 3 3 3 3 3 3 3 3 United Arab Emirates n n 3 3 3 3 3 3 United Kingdom 3 3 3 3 3 3 3 3 United States n n n 3 n n n 3 Uruguay 3 3 3 3 3 3 3 3 Uzbekistan n 3 3 3 3 3 n 3 Vanuatu 3 3 3 3 3 3 n 3 Venezuela 3 3 3 3 3 3 3 3 Vietnam n n 3 n 3 3 3 3 West Bank and Gaza n n n n n n n n Yemen 3 3 3 3 3 3 3 3 Zambia 3 3 3 3 3 3 3 3 Zimbabwe 3 3 3 3 3 3 3 3 Note: The table shows the ratification status of the 8 ilo conventions regarding core labor standards for the 181 economies included in Doing Business 2009 as of July 28, 2008. The ratification of these conventions is not included in the Doing Business employing workers indicators. nor does Doing Business measure compliance with the core labor standards. Doing Business will conduct further analysis on compliance with these standards in the coming years. one issue to be further explored concerns the relationship between national law and the ilo conventions. in some cases, for example, national law may go beyond what is required in some of the ilo conventions and may not allow ratification for this reason. And in some cases where the ilo conventions have been ratified, national law may be in contradiction with some of the ilo conventions and may specifically give priority to the national over the international provisions. a. Hong Kong (china), Puerto Rico and Taiwan (china) are not independent members of the ilo. Source: ilo, iloleX database (http://www.ilo.org/ilolex/). ease of doing business 151 Acknowledgments Doing Business 2009 was prepared by a Alison Strong copyedited the manu- Contact details for local partners team led by Sylvia Solf, Simeon Djankov script. Gerry Quinn designed the report are available on the (through March 2008) and Penelope and the graphs. Kim Bieler assisted in the Doing Business website at Brook (from April 2008) under the gen- typesetting. Alexandra Quinn provided eral direction of Michael Klein. The team desktopping services. The online service http://www.doingbusiness.org comprised Teymour Abdel Aziz, Svetlana of the Doing Business database is man- Bagaudinova, Karim O. Belayachi, Mema aged by Ramin Aliyev, Felipe Iturralde Beye, Frederic Bustelo, César Chaparro Escudero and Graeme Littler under the Yedro, Maya Choueiri, Roger Coma- direction of Suzanne Smith. Cunill, Santiago Croci Downes, Marie De- We are grateful for valuable comments lion, Allen Dennis, Jacqueline den Otter, provided by colleagues across the World Alejandro Espinosa-Wang, Monica Fon- Bank Group and for the guidance of World seca Fernandez, Kjartan Fjeldsted, Elena Bank Group Executive Directors. Gasol Ramos, Carolin Geginat, Cemile The report was made possible by Hacibeyoglu, Jamal Haidar, Sabine Hert- the generous contribution of more than veldt, Palarp Jumpasut, Dahlia Khalifa, 6,700 lawyers, accountants, judges, busi- Jean Michel Lobet, Oliver Lorenz, Valerie nesspeople and public officials in 181 Marechal, Andres Martinez, Alexandra economies. Global and regional con- Mincu, Sushmitha Narsiah, Joanna Nasr, tributors are firms that have completed Dana Omran, Caroline Otonglo, Nadia multiple surveys in their various offices Ram, Rita Ramalho, Camille Ramos, around the world. Ivana Rossi, Yara Salem, Pilar Salgado- Quotations in this report are Otónel, Umar Shavurov, Larisa Smirnova, from Doing Business local partners un- Jayashree Srinivasan, Susanne Szymanski, less otherwise indicated. The names of Tea Trumbic, Caroline van Coppenolle, those wishing to be acknowledged in- Bryan Welsh, Justin Yap and Lior Ziv. Jan dividually are listed on the following Bezem, Sonali Bishop, Tara Sabre Collier, pages. Contact details are posted on the Sarah Iqbal, Alice Ouedraogo, Babacar Doing Business website at http://www Sedikh Faye and Jennifer Yip assisted in .doingbusiness.org. the months prior to publication. Oliver Hart and Andrei Shleifer pro- vided academic advice on the project. The paying taxes project was conducted in collaboration with Pricewaterhouse- Coopers, led by Robert Morris. 152 doing business 2009 G L OBA L C ON T R I BU TOR S Emel Haxhillari Malik Elkettas João Viegas de Abreu Kalo & Associates Elkettas International Consulana Allen & Overy LLP Shpati Hoxha Brahim Embouazza Miguel de Avillez Pereira APL Ltd Hoxha, Memi & Hoxha MCDConsulting Abreu Advogados Baker & McKenzie Erald Ibro Mohamed Lehbib Goubi Francisca de Oliveira Cleary Gottlieb Steen & Hamilton LLP Zig Consulting Firm Banque d'Algérie Associacão de Mulheres Empresarias da Província Hawkamah ­ The Institute for Corporate Governance Olsi Ibro Khaled Goussanem de Luanda (ASSOMEL) Zig Consulting Firm Law Firm Goussanem & Ius Laboris, Alliance of Labor, Employment, Benefits and Aloui Fernando F. Bastos Pensions Law Firms Ilir Johollari Faria de Bastos, Sebastião Hoxha, Memi & Hoxha Samir Hamouda e Lopes - Advogados Lawyers without Borders Cabinet d'Avocats Samir Associados Lex Mundi, Association of Independent Law Firms Perparim Kalo Hamouda Kalo & Associates Ana Fernandes PricewaterhouseCoopers Samy Laghouati PricewaterhouseCoopers Renata Leka Gide Loyrette Nouel, PricewaterhouseCoopers Legal Services Boga & Associates Lourdes Caposso Fernandes member of Lex Mundi SDV International Logistics Georgios K. Lemonis RCJE Advogados Nadia Larbaoui Associados The Adora Group Ltd (Freightnet) IKRP Rokas & Partners Bouchaib Law Firm Elton Lula Conceição Manita Ferreira Toboc Inc. Karine Lasne Kalo & Associates Rui C. Ferreira & Landwell & Associés - Guilhermina Prata R E G I ONA L C ON T R I BU TOR S Andi Memi PricewaterhouseCoopers Legal Services Luís Folhadela Abu-Ghazaleh Legal Hoxha, Memi & Hoxha KPMG Loreta Peci Michel Lecerf East Africa Law Society Landwell & Associés - Fátima Freitas PricewaterhouseCoopers Federación Interamericana de la Industria de la PricewaterhouseCoopers Fátima Freitas Advogados Construcción Ermira Pervizi Legal Services Brian Glazier IKRP Rokas & Partners Adnane Merad Garcia & Bodan EDI architecture Inc. Laura Qorlaze Etude de Me Kaddour Globalink Transportation & Logistics Worldwide LLP Merad Adelaide Godinho PricewaterhouseCoopers IKRP Rokas & Partners AG & LP Miranda Ramajj Narimane Naas M&M Logistics Gide Loyrette Nouel, Raul Gomes Bank of Albania member of Lex Mundi ATS Logistics Co. TransUnion International Ardjana Shehi Fériel Oulounis Blake Hinderyckx University of South Pacific Kalo & Associates Cabinet d'Avocats Samir CAE/CDC Shpresa D Hamouda Helder da Conceição José Elda Shuraja Maya Sator Instituto de Planeamento Hoxha, Memi & Hoxha Cabinet Sator e Gestão Urbana do A f G hA N I STA N Habibullah Peerzada Governo Provincial de ACCL International Sky Net Albania Mohamed Sator Luanda Najibullah Amiri Cabinet Sator Abdul Rahman Watanwal Gerhard Velaj Victor Leonel Afghanistan Banks Association MBC Construction Boga & Associates Marc Veuillot Ordem dos Arquitectos Silva Velaj Alleance advisory Maroc BearingPoint A L BA N IA Guiomar Lopes Boga & Associates Tarik Zahzah Faria de Bastos, Sebastião Bahauddin Baha Erjola Aliaj Agim Vërshevci Ghellal & Mekerba e Lopes - Advogados Supreme Court Associados IKRP Rokas & Partners Alimenti Naturali & PB Nabiha Zerigui A. Farid Barakzai Paulette Lopes Artur Asllani Elda Zaimi Cabinet d'Avocats Samir TNT International Express Hamouda Faria de Bastos, Sebastião Tonucci & Partners Zig Consulting Firm Amanda Galton e Lopes - Advogados Ledia Beçi A N G OL A Associados Orrick, Herrington & Hoxha, Memi & Hoxha A L G E R IA Sutcliffe Teresinha Lopes Ilir Bejleri Branka Achari-Djokic José Rodrigues Alentejo Shahzad Haider Câmara de Comércio e Faria de Bastos, Sebastião Son Group, Engineering Banque d'Algérie e Lopes - Advogados Afghanistan International Indústria de Angola Bank and Construction Salima Aloui Associados Jona Bica Law Firm Goussanem & Fernando Barros Muslimul Haq Chindalena Lourenco Kalo & Associates Aloui PricewaterhouseCoopers Afghanistan Banks Fátima Freitas Advogados Association Rene Bijvoet Hadda Ammara Alain Brachet Manuel Malufuene PricewaterhouseCoopers Bouchaib Law Firm SDV AMI International Abdul Wassay Haqiqi Logistics Ordem dos Arquitectos Haqiqi Legal Services Alban Caushi Khodja Bachir Ulanga Gaspar Martins SNC Khodja & Co. Pedro Calixto Saduddin Haziq Kalo & Associates Banco Privado Atlântico PricewaterhouseCoopers Afghanistan International Dorian Collaku Hassan Djamel Belloula Josephine Matambo Bank Cabinet Belloula Olainde Camache Bank of Albania KPMG AVM Advogados Rashid Ibrahim Ilir Daci Tayeb Belloula Filomeno Henrique C. A.F. Ferguson & Co. Cabinet Belloula Maurice Campbell Kalo & Associates Mendonça da Silva Crown Agents Yasin Khosti Besnik Duraj Adnane Bouchaib Ministerio Dos Society of Afghan Bouchaib Law firm Caetano Capitão Transportes Hoxha, Memi & Hoxha Architects and Engineers Centro de Apoio Manuel Nazareth Neto Sokol Elmazaj Fatma Zohra Bouchemla Empresarial- CAE Gaurav Lekh Raj Kukreja Attorney-at-Law Porto de Luanda Boga & Associates Nahary Cardoso Afghan Container Eduardo Paiva Transport Company Valbona Gjonçari Jean-Pierre Comunale Fátima Freitas Advogados SDV PricewaterhouseCoopers Boga & Associates Conservatória do Registro Zahoor Malla Mário A. Palhares Globalink Logistics Group Jola Gjuzi Arezki Djadour Predial de Luanda (1ª Gide Loyrette Nouel, Secção) Banco de Negócios Kalo & Associates Internacional T. Ud-Din A. Mirza member of Lex Mundi A.F. Ferguson & Co. Vilma Gjyshi Esperança Costa Asmaa El Ouazzani Alexandre Pegado - Alexandre Pegado Kalo & Associates Alexandre Pegado - Kevin O'Brien Landwell & Associés - Escritório de Advogados USAID/Bearing Point Anteo Gremi PricewaterhouseCoopers Escritório de Advogados Zig Consulting Firm Legal Services acknowledgments 153 Jorge Leão Peres Cassandra Simmons Walter Keiniger Carlos Zima Joe Collins Banco Nacional Arthur Thomas Marval, O'Farrell & PricewaterhouseCoopers Clayton Utz, member of Mairal, member of Lex Lex Mundi Douglas Pillinger Thomas, John & Co. Panalpina Mundi A R m E N IA Marcus Connor Charles Walwyn Santiago Laclau Artak Arzoyan Chang, Pistilli & Simmons Luis Filipe Pizarro PricewaterhouseCoopers Marval, O'Farrell & AG & LP ACRA Credit Bureau Tim Cox Marietta Warren Mairal, member of Lex Mundi Vardan Bezhanyan PricewaterhouseCoopers Laurinda Prazeres Interfreight Ltd. Faria de Bastos, Sebastião Guillermo Lalanne Yerevan State University Michael Daniel Hesketh Williams e Lopes - Advogados Estudio O'Farrell Gevorg Chakmishyan PricewaterhouseCoopers Associados Ministry of Labor Rodrigo Marchan PricewaterhouseCoopers Anne Davis Elisa Rangel Nunes Roslyn Yearwood GPM Aikanush Edigaryan Clayton Utz, member of ERN Advogados Integrity Commission Lex Mundi Antigua & Barbuda Agustín Marra Trans-Alliance Víctor Anjos Santos Alfaro Abogados Courtney Fowler Jenny Davis AVM Advogados A RG E N T I NA PricewaterhouseCoopers EnergyAustralia Pablo Mastromarino Guilherme Santos Silva Dolores Aispuru Estudio Beccar Varela Gagik Galstyan Raymond Fang Abreu Advogados PricewaterhouseCoopers Horizon 95 Gadens Lawyers José Oscar Mira Isabel Serrão Lisandro A. Allende Central Bank Hayk Ghazazyan Brett Feltham KPMG Brons & Salas Abogados KPMG PricewaterhouseCoopers Jorge Miranda Maikel Steve Ana Candelaria Alonso Negre Clippers S.A. Mher Grigoryan Joan Fitzhenry Luanda Incubadora de Alfaro Abogados VTB Bank Baker & McKenzie Empresas Enrique Monsegur Vanesa Balda Clippers S.A. Sargis H. Martirosyan Mark Geniale Bento Tati Vitale, Manoff & Office of State Revenue, Miguel P. Murray Trans-Alliance Guiché Único de Empresa Feilbogen NSW Treasury Murray, Díaz Cordero & Davit Harutyunyan N'Gunu Tiny Gonzalo Carlos Ballester Sirito de Zavalía Mark Grdovich PricewaterhouseCoopers RCJE Advogados Asociados J.P. O'Farrell Abogados Blake Dawson Isabel Muscolo Vahe Kakoyan Isabel Tormenta Ignacio Fernández Borzese Quattrini, Laprida & Owen Hayford Investment Law Group LLC Guiché Único de Empresa TWR Abogados Asociados Clayton Utz, member of Karine Khachatryan Lex Mundi A N T IG UA A N d Agustina Caratti Alfredo Miguel O'Farrell BearingPoint PricewaterhouseCoopers Marval, O'Farrell & David Hing BA R BU dA Rajiv Nagri PricewaterhouseCoopers Mairal, member of Lex Mariano Ezequiel Carricart Mundi Globalink Logistics Group Mitzie Bockley Ian Humphreys Fornieles Abogados Registrar, Intellectual Mariano Payaslian Artur Nikoyan Blake Dawson Property and Commerce Gustavo Casir GPM Trans-Alliance Office, Ministry of Justice Quattrini, Laprida & Eric Ip Asociados María Ximena Pérez Dirrocco Mikayel Pashayan Onward Business Rhodette F.C. Brown The State Committee Consultants PTY LTD Marval, O'Farrell & Phillips, Phillips & Pablo L. Cavallaro Mairal, member of Lex of the Real Property Archibald Estudio Cavallaro Doug Jones Mundi Cadastre Abogados Clayton Utz, member of Everett Christian Julio Alberto Pueyrredon Alex Poghossian Lex Mundi ABI Bank Ltd. Albert Chamorro PricewaterhouseCoopers Alpha Plus Consulting Alfaro Abogados Morgan Kelly Neil Coates Pablo Ramos Aram Poghosyan Ferrier Hodgson PricewaterhouseCoopers Julian A. Collados Comercial del Oeste Grant Thornton Amyot Accountant Mark Kingston Brian D'Ornellas Sebastián Rodrigo David Sargsyan Tradesafe Australia Pty. OBM International, Hernán Gonzalo Cuenca Alfaro Abogados Ameria cjsc Ltd. Antigua Ltd. Martínez PricewaterhouseCoopers Ignacio Rodriguez Gayane Shimshiryan Ricky Lee Vernon Edwards Central Bank PricewaterhouseCoopers Legal Services PricewaterhouseCoopers Freight Forwarding & Legal Services Deconsolidating Oscar Alberto del Río Nicolás Rossi Bunge Hakob Tadevosyan Central Bank Marval, O'Farrell & Grant Thornton Amyot John Lobban Phillip Jr. Isaacs Blake Dawson Mairal, member of Lex Matthew Tallarovic OBM International, Andrés Edelstein Mundi Antigua Ltd. PricewaterhouseCoopers PricewaterhouseCoopers John Martin Adolfo Rouillon Thomson Playford Alfred McKelly James Joaquín Eppens Armen Ter-Tachatyan The World Bank Mitchell Mathas James & Associates Murray, Díaz Cordero & Ter-Tachatyan Legal and Sirito de Zavalía Patricia Ruhman Seggiaro Business Consulting Deacons Efrain Laureano Marval, O'Farrell & Artur Tunyan Nick Mavrakis Caribbean Open Trade Diego Etchepare Mairal, member of Lex Support (USAID) PricewaterhouseCoopers Judicial Reform Project Clayton Utz, member of Mundi Lex Mundi Gloria Martin Fernando Fucci Francis Trading Agency Sonia Salvatierra AU S T R A L IA Christie McGregor Grant Thorton Marval, O'Farrell & Limited Lucy Adamson PricewaterhouseCoopers Ignacio Funes de Rioja Mairal, member of Lex Marscha Prince Funes de Rioja & Asociados, Mundi Clayton Utz, member of Mark Pistilli PricewaterhouseCoopers member of Ius Laboris Lex Mundi Chang, Pistilli & Simmons Jorge Sanchez Diaz Septimus A. Rhudd Claudia Gizzi Ecobamboo S.A. Matthew Allison Ann Previtera Rhudd & Associates GPM Veda Advantage PricewaterhouseCoopers Liliana Cecilia Segade Stacy A. Richards-Anjo María Laura González Quattrini, Laprida & Lynda Brumm John Reid Richards & Co. PricewaterhouseCoopers Asociados PricewaterhouseCoopers Office of State Revenue, Miguel Teson David Buda NSW Treasury Alice N. Roberts Pablo González del Solar Roberts & Co. PricewaterhouseCoopers Estudio O'Farrell RBHM Commercial Lawyers Bob Ronai Eduardo J. Viñales Alicia Castillo Import-Export Services Clare K. Roberts Pablo Grillo Ciocchini Pty. Ltd. Roberts & Co. Brons & Salas Abogados Funes de Rioja & Asociados, Alicia Castillo Wealthing member of Ius Laboris Group Luke Sayers Carl Samuel Fabián Hilal PricewaterhouseCoopers Antigua Public Utility Joaquín Emilio Zappa Caterina Cavallaro Campos, Etcheverry & Authority Asociados J.P. O'Farrell Abogados Baker & McKenzie Damian Sturzaker Octavio Miguel Zenarruza Gadens Lawyers Álvarez Prado & Asociados 154 doing business 2009 Mark Swan Ulla Reisch Vusal Gafarov Samir Nuriyev Gordon Major PricewaterhouseCoopers Urbanek Lind Schmied Baker & McKenzie - CIS, Ministry of Economic The Commonwealth of Legal Services Reisch Rechtsanwälte OG Ltd. Development the Bahamas, Ministry of Works & Transport Nick Thomas Friedrich Roedler Rashad Gafarov Movlan Pashayev Clayton Utz, member of PricewaterhouseCoopers Panalpina PricewaterhouseCoopers Shane A. Miller Lex Mundi Registrar General's Ruth Rosenkranz Rufat Gasinov Tamer Pektas Department Simon Truskett Graf & Pitkowitz Baku Cargo Aral group Clayton Utz, member of Rechtsanwälte GMBH Michael Moss Lex Mundi Rizvan Gubiyev Givi Petriashvili Valuation and Business Heidi Scheichenbauer PricewaterhouseCoopers IFC License Unit of the David Twigg Austrian Institute for SME Ministry of Finance EnergyAustralia Research Abbas Guliyev John Quinn Baker & McKenzie - CIS, ACE Forwarding Caspian Wayne R. Munroe Megan Valsinger-Clark Georg Schima Ltd. Bahamas Bar Council Gadens Lawyers Kunz Schima Wallentin Karim N. Ramazanov Rechtsanwälte KEG, Arif Guliyev Ministry of Economic Donna D. Newton Andrew Wheeler member of Ius Laboris PricewaterhouseCoopers Development Supreme Court PricewaterhouseCoopers Stephan Schmalzl Rashad Gulmaliyev Gamar Rustamova Kevin Seymour David Zwi WallnöferSchmalzl- The State Register Service OMNI Law Firm PricewaterhouseCoopers Thomson Playford Rechtsanwälte of Real Estate Nailya Safrova Everette B. Sweeting Ernst Schmidt Sabina Gulmaliyeva Swiss Cooperation Office AU S T R IA MGB Law Offices for the South Caucasus, Bahamas Electricity Karin Schöpp Corporation Thomas Bareder Embassy of Switzerland Binder Grösswang Jeyhun Gurbanov Tex I. Turnquest OeNB Rechtsanwälte AGL Ltd. Suleyman Gasan ogly Department of Lands & Georg Brandstetter Suleymanov Surveys Benedikt Spiegelfeld Elchin Habibov Caspian Service Brandstetter Pritz & Cerha Hempel Spiegelfeld National Bank Partner International BA h R A I N Hlawati Faiq Haci-Ismaylov Construction Company Martin Eckel Birgit Vogt-Majarek INCE MMC Khalid Abdulla Kamil Valiyev e|n|w|c Natlacen Kunz Schima Wallentin Tameer Walderdorff Cancola Adil Hajaliyev McGrigors Baku Limited Rechtsanwälte KEG, Aysha Mohammed Rechtsanwälte GmbH member of Ius Laboris BM International LLC Murad Yahyayev Unibank Abdulmalik Tibor Fabian Lothar A. Wachter Arzu Hajiyeva Elham Ali Hassan & Binder Grösswang Wolf Theiss Ernst & Young Ismail Zargarli Associates Rechtsanwälte OMNI Law Firm Gerhard Wagner Samir Hasanov Khaled Hassan Ajaji Julian Feichtinger Gosselin Ulviyya Zeynalova Ministry of Justice & KSV 1870 Cerha Hempel Spiegelfeld MGB Law Offices Islamic Affairs Hlawati Irene Welser Zaur Huseynov Cerha Hempel Spiegelfeld OJSC Bakielektrikshebeke Mohammed Abdullah Al Sisi Andreas Hable BA hA m AS , T h E Al Buainain Hlawati Emin Huseynov Binder Grösswang Al Boainain Legal Services Rechtsanwälte Gerold Zeiler National Bank McKinney, Bancroft & Hughes Nawaf Bin Ebrahim Al Kalifa Rudolf Kaindl Schönherr Rechtsanwälte Faig Huseynov GmbH / Attorneys-at-Law Unibank Tropical Shipping Electricity & Water Koehler, Kaindl, Duerr Authority & Partner, Civil Law Jeyhun Huseynzada Kevin A. Basden Notaries A z E R BA I jA N Bahamas Electricity Hamed Mohamed Al Khalifa PricewaterhouseCoopers Shirzad Abdullayev Corporation Ministry of Municipalities Susanne Kappel Zohrad Ismayilov & Agriculture Urban Kunz Schima Wallentin National Bank Rodney W. Braynen Planning Association for Assistance Rechtsanwälte KEG, Sabit Abdullayev to Free Economy Design Häus member of Ius Laboris Haider Hashim Al Noami OMNI Law Firm Dilyara Israfilova Registry of the Registrar Ministry of Municipalities Kraus & Co General's Office & Agriculture Affairs. Warenhandelsgesellschaft Eldar Adilzade BM International LLC IFC Craig G. Delancy Municipal One Stop Shop mbH Fakhiyar Jabbarov Anar Aliyev IFC The Commonwealth of Mohammed Al Noor Florian Kremslehner the Bahamas, Ministry of IFC Al-Twaijri and Partners Dorda Brugger Jordis Gunduz Karimov Works & Transport Law Firm Rudolf Krickl Azer Amiraslan Aliyev Baker & McKenzie - CIS, Rochelle A. Deleveaux IFC Ltd. Mohammed Hasan Al PricewaterhouseCoopers Central Bank Zaimoor Ulrike Langwallner Aykhan Asadov Nuran Karimov Ministry of Industry & Chaunece M. Ferguson Schönherr Rechtsanwälte Baker & McKenzie - CIS, Deloitte & Touche LLC Commerce Mackay & Moxey Chambers GmbH / Attorneys-at-Law Ltd. Sahib Mammadov Amos J. Ferguson jr. Samer Al-Ajjawi Gregor Maderbacher Ismail Askerov Citizens' Labour Rights Ernst & Young Protection League Ferguson Associates & Brauneis Klauser Prändl MGB Law offices Planners Abdulmajeed Ali Alawadhi Rechtsanwälte GmbH Rufat Aslanli Kamil Mammadov Electricity & Water Anthony S. Forbes Peter Madl National Bank Mammadov & Partners Authority Law Firm Bahamas Electricity Schönherr Rechtsanwälte Sabit A. Bagirov Corporation Fatima Alhasan GmbH / Attorneys-at-Law Entrepreneurship Elchin Mammadov Qays H. Zu'bi Wendy Forsythe Irene Mandl Development Foundation MGB Law Offices Import Export Brokers Ebtihal Al-Hashimi Austrian Institute for SME Samira Bakhshiyeva Vugar Mammadov Ltd. Ministry of Municipalities Research Deloitte & Touche LLC PricewaterhouseCoopers & Agriculture Affairs. Higgs & Johnson Wolfgang Messeritsch Rena Mammadova Municipal One Stop Shop Samir Balayev Graham, Thompson & Co. National Bank Unibank Deloitte & Touche LLC Shaji Alukkal Marguerita Müller Debi Hancock-Williams Panalpina Rana Dramali Faiq S. Manafov Williams Law Chambers Dorda Brugger Jordis Roseville Premium Unibank Bilal Ambikapathy Alfred Nepf Residence Colin Higgs Norton Rose Daniel Matthews Ministry of Works & Ministry of Finance Mehriban Efendiyeva Baker & McKenzie Maaria Ashraf Transport Michael Podesser Michael Wilson & Partners Farhad Mirzayev Hatim S. Zu'bi & Partners Ltd. Lennox Paton PricewaterhouseCoopers BM International LLC Mohammed R. Awadh Zaur Fati-Zadeh Bahrain Investors Center Ruslan Mukhtarov Ministry of Taxes BM International LLC acknowledgments 155 Mohammed Mirza A. Hussain Tanjib-ul Alam Leatherex Footwear Ind. Kuksenko Ivan Gennadievich Hubert André-Dumont Bin Jaffer Dr. Kamal Hossain & Ltd. ARS Group McGuire Woods LLP Ministry of Municipalities Associates Qazi Mahtab-uz-Zaman & Agriculture Affairs. Gennadiy Glinskiy Christiaan Barbier Municipal One Stop Shop MD. Nurul Amin A.I.M Monsoor DICSA International Monard-D'Hulst Development Group of Lawyers Hussain Saleh Dhaif Constructions Ltd. S A Mortoza Thierry Bosly Mela Bahrain Oishi Trade Associates Alexandr Ignatov White & Case Mehedy Amin National Bank Michael Durgavich Development Sheikh Nurul Gilles Carbonez Al-Sarraf & Al-Ruwayeh Constructions Ltd. Antonina Ivanova McGuire Woods LLP Eva Quasem DICSA International Yousif A. Humood Saady Amin Amir & Amir Law Group of Lawyers Ortwin Carron Ministry of Finance Development Associates, member of Lex Monard-D'Hulst Constructions Ltd. Mundi Dmitry L. Kalechits Abdulwahid A. Janahi National Bank Koen Cooreman The Benefit Company Noorul Azhar A.F.M. Rahamatul Bari Steven De Schrijver Government of Globe Link Associates Ltd Nina Knyazeva Jawad Habib Jawad Businessconsult Van Bael & Bellis Bangladesh Md. Mahbubur Rahman BDO Jawad Habib Amaury Della Faille Probir Barua Amiq Computer & Irina Koikova Sara Jawahery DICSA International PricewaterhouseCoopers Electronics Elham Ali Hassan & Md. Halim Bepari Group of Lawyers Frank Dierckx Associates Halim Law Associate Moinur Rahman Mikhail E. Kostyukov PricewaterhouseCoopers Aspect Ratio Creative Ebrahim Karolia Sharif Bhuiyan Communication Attorney at Law David Du Pont PricewaterhouseCoopers Dr. Kamal Hossain & Ashurst Associates Al Amin Rahman Dmitry Labetsky Elie Kassis Al Amin Rahman & Businessconsult Jürgen Egger Agility Logistics Jamilur Reza Choudhury Associates Oksana Loban Monard-D'Hulst Mubeen Khadir Aparup Chowdhury M.A. Reza Ernst & Young Pierrette Fraisse Ernst & Young Ministry of Law, Justice Tailor4 and Parliamentary Affairs Sergei Logvinov SPF Finances - AGDP Mohammed Abdul Khaliq Ruma Leather Industries Krafttrans Kurt Grillet Tameer Badrud Doulah Ltd. Doulah & Doulah Ekaterina Lukyanova Altius Abdul-Haq Mohammed Advocates Deloar Siddique State Committee for Real Sandrine Hirsch Trowers & Hamlins M. Abu Bakar & Co. Estate Registration Simont Braun Nasirud Doulah Abdullah Mutawi Doulah & Doulah Shahriar Syeed Konstantin Mikhel Thomas Hürner Trowers & Hamlins Advocates V-Teac Fashion Pvt Ltd. Vlasova Mikhel & Partners National Bank Hassan Ali Radhi Shamsud Doulah S S Tex Link Alexei Nazarov Stephan Legein Hassan Radhi & Associates Doulah & Doulah Babla Topy National Bank Federal Public Service Advocates Finance Hameed Yousif Rahma Vladimir Nemov Ministry of Industry & Mohammad Firoz Mia B E L A RU S DICSA Audit, Law & Luc Legon Commerce Ministry of Establishment Consulting PricewaterhouseCoopers Ivan Alievich Najma A. Redha Hasan Moin Ghani Vlasova Mikhel & Partners Magdalena Patrzyk Alexis Lemmerling Ministry of Municipalities Dr. Kamal Hossain & PricewaterhouseCoopers Berquin Notaires & Agriculture Affairs. Associates Yuri M. Alymov Municipal One Stop Shop National Bank Victor Plenkin Axel Maeterlinck K M A Halim National Bank Simont Braun Mohamed Salahuddin Upright Textile Supports Alexey Anischenko Mohamed Salahuddin Vlasova, Mikhel and Vassili I. Salei Philippe Massart Consulting Engineering Raquibul Haque Miah Partners LLC Borovtsov & Salei Law Sibelga Bureau Advocate & Attorneys Offices Law Firm Svetlana Babintseva MedicCleanAir Latifa Salahuddin DICSA Audit, Law & Sergei Senchuk Mirza Quamrul Hasan Consulting State Committee for Real Robert Meunier Qays H. Zu'bi Adviser's Legal Alliance Estate Registration Notary E. Hugh Stokes Ron J. Barden Abdullah Hasan PricewaterhouseCoopers Vitaly P. Sevroukevitch Carl Meyntjens Hatim S. Zu'bi & Partners Dr. Kamal Hossain & Belarussian Scientific Ashurst Judith Tosh Associates Vladimir G. Biruk Industrial Association Capital Ltd. Dominique Mougenot Norton Rose Md. Nazmul Hasan Alexander Shevko Commercial Court Mons Robin Watson Protex International Bokemin Ltd. National Bank Didier Muraille The Benefit Company Dmitry Bokhan Kazi Rashed Hassan Ferdous Lubov Slobodchikova National Bank Adrian Woodcock Proactive Businessconsult National Bank Peter Neefs Norton Rose Alexander Bondar Ikhtiar Hossain Viktar Strachuk National Bank Hatim S. Zu'bi Overseas Business Businessconsult Deloitte & Touche Sabrina Otten Hatim S. Zu'bi & Partners Alexander Botian Abdul Hamid Howlader Sergey Strelchik PricewaterhouseCoopers Dhaka District Registry Borovtsov & Salei Law Valex Consult BA NG L A dE Sh Office Offices Panalpina World Natalia Talai Transport N.V. Mohammad Abdul Wazed Mohammad Zeeshan Hyder Vitaly Braginiec Vlasova Mikhel & Partners Directorate of Land Braginiec & Partners Peter Rooryck Lee, Khan & Partners Monard-D'Hulst Records and Surveys Yuri M. Truhan Shariful Islam Aliaksandr Danilevich National Bank Md. Abdul Maleque Mian Danilevich Katrien Schillemans Abdullah Md Aminul Islam Alexander Vasilevsky PricewaterhouseCoopers Credit Information City Apparel-Tex Co. Igor Dankov Valex Consult PricewaterhouseCoopers Frédéric Souchon Bureau, Bangladesh Bank Samsul Islam PricewaterhouseCoopers Anna Yakubenko Zainul Abedin Executive Magistrate Vladimir Didenko PricewaterhouseCoopers PricewaterhouseCoopers Jan Van Celst A. Qasem & Co. / and Deputy Commissioner Office Vyacheslav Zhuk DLA Piper LLP PricewaterhouseCoopers Anton Dolgovechny IFC Mieke van den Bunder Munir Uddin Ahamed Mohammed Aminul Islam National Bank V-Sign Sweaters Ltd. PricewaterhouseCoopers Integrated Transportation Dmitry Dorofeev B E L G I Um Business Advisors Services Ltd., Agent of Sohel Kasem National Bank Panalpina Allen & Overy LLP Ruben Van Impe A. Qasem & Co. / Marina Dymovich PricewaterhouseCoopers Cour de Cassation Van Impe Accountancy Borovtsov & Salei Law BVBA Offices 156 doing business 2009 Dirk Van Strijthem Innocent Sourou Avognon Dominique Taty Adrian Barrenechea Alejandro Peláez Kay PricewaterhouseCoopers Ministère de la Justice et FIDAFRICA / Bazoberry Indacochea & Asociados de la Legislation PricewaterhouseCoopers Criales, Urcullo & Suzy Vande Wiele Antezana Mariana Pereira Nava Loyens & Loeff Zachari Baba Body Chakirou Tidjani Indacochea & Asociados Cabinet SPA Baba Body, Agence Béninoise de Enrique Barrios Bart Vanham Quenum et Sambaou Promotion des Echanges Guevara & Gutiérrez S.C. Oscar Antonio Plaza Ponte PricewaterhouseCoopers Commerciaux Entidad De Servicios De Charles Badou Alexandra Blanco Información Enserbic S.A. Patrick Vercauteren Cabinet d'Avocat Charles Abdoul' Azis Tidjani Guevara & Gutiérrez S.C. APL Badou Direction Générale des Julio Quintanilla Quiroga Impôts et des Domaines Francisco Bollini Roca Quintanilla & Soria, Soc. Reinout Vleugels Gabriel Bankole Ferrere Civ. Van Bael & Bellis Continental Bank Jean-Bosco Todjinou Ordre National des Walter B. Calla Cardenas Carlos Ramirez Arroyo Christian Willems Agnès A. Campbell Colegio Departamental de C.R. & F. Rojas, member of Loyens & Loeff Architectes et des Campbell & Associés Urbanistes Arquitectos de La Paz Lex Mundi BELIzE Eugene Capo-chichi Roger Tohoundjo Franklin Carrillo Diego Rojas Ministère des Transports Haute Cour de Justice PricewaterhouseCoopers C.R. & F. Rojas, member of Emil Arguelles et des Travaux Publics Lex Mundi Fousséni Traoré Jose A. Criales Arguelles & Company LLC Michèle A. O. Carrena Fernando Rojas FIDAFRICA / Criales, Urcullo & Rudy Castillo Tribunal de Première PricewaterhouseCoopers Antezana C.R. & F. Rojas, member of The Belize Bank Ltd. Instance de Cotonou Lex Mundi Konate Yacouba J. Christian Davila C. Gian C. Gandhi Dae Stores Limited France Transfo SD Arquitectos Mariela Rojas International Financial Johannès Dagnon Entidad De Servicios De Zitty Sarl Karen Yovana Egüez Palma Información Enserbic S.A. Services Commission Groupe Helios Afrique Ferrere Mirna Lara Donatien Adannou Zonon Pilar Salasar Armand Dakehoun Chambre de Commerce et Jeannine Forgues Eurocaribe Belize Shipping Bufete Aguirre Soc. Civ. Ministere des Mines, de d'Industrie du Benin Ferrere Services l'Energie et de L'eau Sergio Salazar-Machicado Russell Longsworth Nicolas Franulic Casasnovas Salazar, Salazar Dansou B h U TA N Infocred - Servicio de Caribbean Shipping Imoteph Fernando Salazar-Paredes Agencies Ltd. Susan Collier Informacion Crediticia Jonathan Darboux BIC s.a. Salazar, Salazar Fred Lumor Orrick, Herrington & BCEAO Sutcliffe LLP Jose E. Gamboa T. Sandra Salinas Fred Lumor & Co. Fatimatou Zahra Diop Kincho Dorjee Colegio Departamental de C.R. & F. Rojas, member of Reynaldo F. Magana Arquitectos de La Paz Lex Mundi BCEAO Leko Packers Frontier International Michelle Giraldi Lacerda Raoul Rodolpho Sanjines Business Services Ltd. Henri Fadonougbo Ugyen Dorji Elizagoyen PricewaterhouseCoopers Tania Moody Tribunal de Premiere Thimphu City Corporation Sanjines & Asociados Soc. Instance Renato Goitia Machicao Civ. Abogados Barrow & Williams Laxmi Prasad Giri Francis Sètondji Fagnibo Hermes S.R.L. Patricia Rodriguez Bhutan National Bank Ltd Jennifer Shepard Ministère des Finances et Adriana Grizante de Almeida SD Arquitectos Belize Companies and de L'Economie Tharchin Lhendup Corporate Affairs Registry PricewaterhouseCoopers Ministry of Finance A. Mauricio Torrico Galindo Guy Médard Agbo Fayemi Ramiro Guevara Dan Roth S.N. Muruli Quintanilla & Soria, Soc. Ordre National des Guevara & Gutiérrez S.C. Civ. Sterling Freight Services Architectes et des Thimphu City Corporation Janelle Tillett Urbanistes Primitivo Gutiérrez Roberto Viscafé Ureña Sangay Penjore Eurocaribe Belize Shipping Guevara & Gutiérrez S.C. PricewaterhouseCoopers Jean Claude Gnamien Thimpu Municipal Co. Services FIDAFRICA / Enrique F. Hurtado Mauricio Zambrana Cuéllar Sonam Tshering Saidi Vaccaro PricewaterhouseCoopers Superintencia de Bancos y Infocred - Servicio de Ministry of Finance Entidades Financieras Arguelles & Company LLC Hermann Gnango Informacion Crediticia Sonam Wangchuk Marcelo Hurtado-Sandoval BIC s.a. Philip Zuniga FIDAFRICA / Ministry of Finance Barrister & Attorney- PricewaterhouseCoopers Salazar, Salazar Tshering Wangchuk B O SN IA A N d at-Law Denis Hazoume Carlos Alberto Iacia h E R z E G Ov I NA Royal Court of Justice PricewaterhouseCoopers Continental Bank BENIN Sonam P. Wangdi Sabina Buco Dominique Lales Jorge Luis Inchauste Ministry of Economic PricewaterhouseCoopers Jean-Claude Adandedjan Addax & Oryx Group Guevara & Gutiérrez S.C. Affairs Emir Corhodzi Continental Bank Paola Justiniano Arias Evelyne M'Bassidgé Tashi Wangmo DLA Piper Weiss -Tessbach Ganiou Adechy FIDAFRICA / Sanjines & Asociados Soc. Ministry of Labour and Civ. Abogados Mark Davidson Etude de Me Ganiou PricewaterhouseCoopers Human Resources Adechy Cesar Lora PricewaterhouseCoopers Adeline Messou Eurydice Adjovi FIDAFRICA / B OL I v IA PricewaterhouseCoopers Visnja Dizdarevi Continental Bank PricewaterhouseCoopers Reynaldo Marconi O. Mari Law Office Fernando Aguirre Victoire Agbanrin-Elisha Severin-Maxime Quenum Bufete Aguirre Soc. Civ. Finrural Petros Doukas Cabinet d'Avocat Cabinet SPA Baba Body, Gonzalo Mendieta Romero IKRP Rokas & Partners Agbanrin-Elisha Quenum et Sambaou Carolina Aguirre Urioste Bufete Aguirre Soc. Civ. Estudio de Abogados Ezmana Hadziavdi Saïdou Agbantou Dakehoun Armand S. Raoul Mendieta Romero & Mari Law Office Cabinet d'Avocats Ministere des Mines, de Oswaldo Alvarez Wills Asociados l'Energies et de L'eau S&V Asociados S.R.L. Emin Hadzi Paul Agbonihoue Luis Meneses M. Mari Law Office SBEE Mohammed Rabiou Salouf Daniela Aragones Cortez Alpasur Chambre de Commerce et Sanjines & Asociados Soc. Senada Havi Hrenovica Jean-Paul T. Hervé Ahoyo Civ. Abogados Jaime Merida Alvarez LRC Credit Bureau d'Industrie du Benin Societe Beninoise Colegio Departamental de D'Energie Electrique Zakari Djibril Sambaou Jaime Araujo Camacho Arquitectos de La Paz Ismeta Huremovi Ferrere Land Registry Office of Sybel Akueshson Alice Codjia Sohouenou Ariel Morales Vasquez the Sarajevo Municipal FCA Attorney-at-Law Raúl A. Baldivia C.R.& F. Rojas Abogados Court Baldivia Unzaga & Rafikou Alabi Didier Sterlingot Asociados Evany Oliveira Nusmir Huski Cabinet Me Alabi SDV - SAGA PricewaterhouseCoopers Mari Law Office Dieu-Donné Mamert Assogba Elidie P. Bifano Haris Mesinovi Cabinet Maître Adjai PricewaterhouseCoopers IFC acknowledgments 157 Arela Jusufbasi Jack Allan Mutua Adriana Daiuto Rodrigo Matos Michael Guan Lawyers' Office Bojana Tectura International Demarest e Almeida MBM Trading Lee Corporatehouse Tkalcic-Djulic, Olodar Botswana Advogados Associates Prebanic & Adela Eduardo Augusto Mattar Draganovic Alfred B. Ngowi Cleber Dal Rovere Peluzo Pinheiro Guimarães Nancy Lai University of Botswana Viseu Cunha Oricchio Advogados Lee Corporatehouse Muhidin Karsi Advogados Associates Law Office of Emir Rajesh Narasimhan Anneliese Moritz Kovacevi Grant Thornton Eduardo Depassier Felsberg, Pedretti, Kin Chee Lee Loeser e Portela Mannrich e Aidar Lee Corporatehouse Emmanuel Koenig Godfrey N. Nthomiwa Advogados Advogados e Consultores Associates PricewaterhouseCoopers Administration of Justice Legais Roberta dos Reis Matheus Yew Choh Lee Vildana Mandalovi Kwadwo Osei-Ofei Trench Rossi e Watanabe Walter Abrahão Nimir Junior Y.C. Lee & Lee Advocates & IKRP Rokas & Partners Osei-Ofei Swabi & Co. Advogados De Vivo, Whitaker, Castro Solicitors Butler Phirie e Gonçalves Advogados Branko Mari José Ricardo dos Santos Luz Teck Guan Lim Mari Law Office PricewaterhouseCoopers Júnior Evany Oliveira Ernst & Young Nikola Stojanovic Duarte Garcia, Caselli PricewaterhouseCoopers Emir Pasanovi Guimarães e Terra Kelvin Lim DLA Piper Weiss -Tessbach ABB (Pty) Ltd Andrea Oricchio Kirsh K. Lim & Co. Advogados Juliana White Viseu Cunha Oricchio Edisa Pestek Roberta Feiten Silva Advogados Guillaume Madru DLA Piper Weiss -Tessbach Botswana Stock Exchange SDV Veirano Advogados Dave Williams Elidie P. Bifano Hasib Salki Vanessa Felício PricewaterhouseCoopers Colin Ong Intersped Minchin & Kelly Dr. Colin Ong Legal Veirano Advogados Maria Fernanada Pecora Services Mehmed Spaho BRAzIL Thomas Benes Felsberg Veirano Advogados Law Office Spaho Felsberg, Pedretti, BU L G A R IA Pedro Aguiar de Freitas Mannrich e Aidar Fabio Luis Pereira Barboza Anisa Struji Viseu Cunha Oricchio Companhia Vale do Rio Advogados e Consultores Svetlin Adrianov Mari Law Office Doce Advogados Legais Penkov, Markov & Partners Bojana Tkalci-Djuli Antonio Aires Andréa Pitthan Françolin Danielle Ferreiro Nikolay Bandakov Lawyers' Office Bojana Demarest e Almeida De Vivo, Whitaker, Castro Tkalcic-Djulic, Olodar Pinheiro Guimarães Kambourov & Partners Advogados Advogados e Gonçalves Advogados Prebanic & Adela Christo Batchvarov Draganovic Donizeet Andonio da Silva Rafael Frota Indio do Brasil Durval Portela PricewaterhouseCoopers DAS Consultoria Ferraz Loeser e Portela Mira Todorovi-Symeonidi Advogados Ilian Beslemeshki IKRP Rokas & Partners Pedro Vitor Araujo da Costa Escritorio de Advocacia Gouvêa Vieira Pontifícia Universidade Georgiev, Todorov & Co. Selver Zaimovi Escritorio de Advocacia Gouvêa Vieira Rafael Gagliardi Católica do Paraná Nikolai Bozhilov Law Office Spaho Unimasters Logistics Plc. Flavia Bailone Marcilio Demarest e Almeida Eliane Ribeiro Gago Advogados Duarte Garcia, Caselli B OT S wA NA Barbosa Stella Bozova Veirano Advogados Thiago Giantomassi Guimarães e Terra Stoeva, Kuyumdjieva & Staffnurse Bangu T. Lesetedi- Demarest e Almeida Advogados Vitliemov Keothepile Priscyla Barbosa Advogados Guilherme Rizzo Amaral Emil Cholakov Registrar of Companies, Veirano Advogados Michelle Giraldi Lacerda Veirano Advogados LM Legal Services Ltd. Trade Marks, Patents and Renato Berger Designs PricewaterhouseCoopers João Rodrigues Marta Del Coto Tozzini Freire Advogados John Carr-Hartley Adriana Grizante de Almeida Veirano Advogados Landwell, Camila Biral PricewaterhouseCoopers Armstrongs Attorneys PricewaterhouseCoopers Carlos Santos Demarest e Almeida Legal Services Rizwan Desai Advogados Enrique Hadad Santos Consulting Collins Newman & Co Loeser e Portela Camilla Sisti Borislav Dimitrov Richard Blanchet Landwell, Advogados Araújo e Policastro Diba M. Diba Loeser e Portela PricewaterhouseCoopers Advogados Mery Ellen Hidalgo Advogados Minchin & Kelly Attorneys Legal Services Adriano Borges New Deal Claudio Taveira Guri Dobo Kristina Dimitrova De Vivo Whitaker e Castro Carlos Alberto Iacia Pinheiro Neto Advogados Dobson and Company, Landwell, Certified Public Advogados PricewaterhouseCoopers Enrique Tello Hadad PricewaterhouseCoopers Accountants Daniel Bortolotto Christopher Jarvinen Loeser e Portela Legal Services Edward W. Fasholé-Luke II Cargo Logistics Pinheiro Neto Advogados Advogados Elina Dimova Luke & Associates Sergio Bronstein Esther Jerussalmy Marcos Tiraboschi LIC - Penkov, Markov & Veirano Advogados Veirano Advogados Partners Vincent Galeromeloe Araújo e Policastro TransUnion ITC Júlio César Bueno Advogados Fábio Tokars Lora Docheva Pinheiro Neto Advogados Fernando Loeser Junta Comercial do Parana PricewaterhouseCoopers Laknath Jayawickrama PricewaterhouseCoopers Paulo Campana Loeser e Portela Luiz Fernando Valente De Bogdan Drenski Advogados Paiva Georgiev, Todorov & Co. Bokani Machinya Felsberg, Pedretti, Mannrich e Aidar Marina Maccabelli Pinheiro Neto Advogados Economou International Collins Newman & Co Advogados e Consultores Demarest e Almeida José Wahle Shipping Agency Limited, Dineo Makati-Mpho Legais Advogados Varna Veirano Advogados Collins Newman & Co Plinio Cesar Romanini André Marques Eduardo Guimarães Georgy Georgiev Mercia Bonzo Makgaleme Banco Central Pinheiro Neto Advogados Wanderley Landwell, Chibanda, Makgaleme Veirano Advogados PricewaterhouseCoopers & Co. Renato Chiodaro Georges Louis Martens Filho Legal Services De Vivo Whitaker e Castro De Vivo, Whitaker, Castro Celso Xavier Finola McMahon Advogados e Gonçalves Advogados Marieta Getcheva Demarest e Almeida Osei-Ofei Swabi & Co. Advogados PricewaterhouseCoopers Centro Universitário Thiago Martins Diniar Minwalla Curitiba Araújo e Policastro Ralitsa Gougleva PricewaterhouseCoopers Fernanda Cirne Montorfano Advogados B RU N E I Djingov, Gouginski, Claude A. Mojafi Escritorio de Advocacia Kyutchukov & Velichkov Jose Augusto Martins Arkitek Ibrahim Ministry of Labour and Gouvêa Vieira Baker & McKenzie Katerina Gramatikova Home Affairs Danny Chua Gilberto Deon Corrêa Junior Dobrev, Kinkin & Laura Massetto Meyer Brunei Transporting Lyutskanov Mmatshipi Motsepe Veirano Advogados Pinheiro Guimarães Company Manica Africa Pty. Ltd. Sidinei Corrêa Marques Advogados Banco Central 158 doing business 2009 Iassen Hristev Roman Stoyanov Messan Lawson Augustin Mabushi Sandra D'Amico Dobrev, Kinkin & LIC - Penkov, Markov & Colette Lefebvre A & JN Mabushi Cabinet HR Inc. (Cambodia) Co., Lyutskanov Partners d'Avocats Ltd. Inspection du Travail Ginka Iskrova Margarita Stoyanova Jean Marie Mudende Louis-Martin Desautels Ido Leocaldie PricewaterhouseCoopers Kambourov & Partners Republique de Burundi DFDL Mekong Law Group Cabinet Bernardin Dabire Ministere de la Justice Angel Kalaidjiev Peter Takov Senaka Fernando Evelyne Mandessi Bell Bonaventure Nicimpaye Kalaidjiev, Georgiev & Landwell, PricewaterHouseCoopers Minchev PricewaterhouseCoopers Cabinet Ouedraogo & Intercontact Services, S.A. Legal Services Bonkoungou Rob Force Yabor Kambourov Bernard Ntahiraja DFDL Mekong Law Group Laura Thomas Evelyne M'Bassidgé Kambourov & Partners Cabinet Willy Rubeya LM Legal Services Ltd. FIDAFRICA / Stephane Guimbert Hristina Kirilova PricewaterhouseCoopers Tharcisse Ntakiyica The World Bank Group Kambourov & Partners Svilen Todorov Barreau du Burundi Adeline Messou Phea Ham Todorov & Doykova Law Lilia Kisseva Firm FIDAFRICA / Daniel Ntawurishira Chhun Vinita Law Office Djingov, Gouginski, PricewaterhouseCoopers SDV Transami - Groupe Kyutchukov & Velichkov Matea Tsenkova Bolloré Svay Hay Oumarou Ouedraogo Acleda Bank Plc. Djingov, Gouginski, Donko Kolev Kyutchukov & Velichkov Avocat à la Cour François Nyamoya Asta Bridge International Avocat à la Cour Kent Helmers Stefan Tzakov N. Henri Ouedraogo Indochina Research Ilya Komarevski Kambourov & Partners, Ministere des Finances et Déogratias Nzemba Landwell, du Budget Avocat à la Cour Naryth H Hour Attorneys at law B.N.G. PricewaterhouseCoopers François de Salle Ouedraogo Legal Services Maria Urmanova Laurent Nzeyimana Societe Nationale President du Conseil Tim Holzer Landwell, DFDL Mekong Law Group Boika Komsulova PricewaterhouseCoopers d'Electricite du Burkina d'Arbitrage CEBAC PricewaterhouseCoopers Legal Services Benewende S. Sankara Santhea Houn Phillipe Pasquali Dessislava Lukarova Miroslav Varnaliev Cabinet Maitre Sankara SDV Transami - Groupe Narita Logistics & Arsov Natchev Ganeva Bolloré Services/Panalpina Unimasters Logistics Plc. Hermann Sanon Ivan Markov Office Notarial Me Jean Prosper Ringuyeneza Dourng Kakada Pavel Vitliemov LIC - Penkov, Markov & Celestin Zoure Architecture et Economic Institute of Stoeva, Kuyumdjieva & Cambodia Partners Vitliemov Michel Sawadogo Construction (A.C.) Gergana Monovska Université de Willy Rubeya May Kano Vera Yaneva Djingov, Gouginski, Ouagadougou Cabinet Willy Rubeya Acleda Bank Plc. Penkov, Markov & Partners Kyutchukov & Velichkov Moussa Sogodogo Sakhan Khom Benjamin Rufagari Vladimir Natchev BU R k I NA fAS O Avocat à la Cour Deloitte & Touche Arbitration Council Arsov Natchev Ganeva Foundation Campene A Theophile Barterlé Mathieu Some Clémence Rwamo Yordan Naydenov Avocat à la Cour Ministère de la Justice Chhung Kong Fortune Bicaba DFDL Mekong Law Group Borislav Boyanov & Co. Thombiano Sylvain Dieudonne Bonkoungou Fabien Segatwa Violeta Nikolova EPURE Etude Me Segatwa Kheng Leang Arsov Natchev Ganeva Birika Jean Claude Bonzi Narita Logistics & Dominique Taty Gabriel Sinarinzi Services/Panalpina Darina Oresharova B. Thierry Compaoré FIDAFRICA / Cabinet Me Gabriel Experian Bulgaria EAD Ingenierie-Design- PricewaterhouseCoopers Sinarinzi Jean Loi Architecture PricewaterhouseCoopers Alexander Pachamanov Clément Toe Salvatore Sindayihebura Georgiev, Todorov & Co. Bernardin Dabire Général d'Electricité et SDV Transami - Groupe Janet H. Lueckenhausen Cabinet Bernardin Dabire Divers Bolloré Functional Engineering Yordanka Panchovska Georgiev, Todorov & Co. Laurent-Michel Dabire Fousséni Traoré Audace Sunzu Tayseng Ly Cabinet Bernardin Dabire FIDAFRICA / REGIDESO-Burundi HBS Law Firm & Miglena Peneva PricewaterhouseCoopers Consultants Georgiev, Todorov & Co. Jonathan Darboux BCEAO Bouba Yaguibou C A m B OdIA Nimmith Men Vladimir Penkov Arbitration Council Penkov, Markov & Partners Denis Dawende Seydou Roger Yamba Chan Koulika Bo Foundation Office Notarial Me Jean Cabinet Maitre Sankara B.N.G. Galina Petkova Celestin Zoure Jacqueline Menyhart Arsov Natchev Ganeva Gilles Corneille Yaméogo Kate Bugeja B.N.G Sylvie Dembelé Barreau du Burkina Faso Arbitration Council Borislava Pokrass Foundation Eric Metayer Stoeva, Kuyumdjieva & Daouda Diallo Ousmane Prosper Zoungrana Narita Logistics & Vitliemov Fisc Consulting Keokolreak Buth Services/Panalpina Théophane Noël Zoure International Vanna & Associates Law Gerdana Popova Office Notarial Me Jean Firm Long Mom Georgiev, Todorov & Co. Fatimatou Zahra Diop Celestin Zoure RAF International BCEAO Huot Chea Forwarding Inc. Nikolav Radev Jean Claude Gnamien BU RU N dI The World Bank Dobrev, Kinkin & Kaing Monika Lyutskanov FIDAFRICA / Bireha Audace Michael Cheah The Garment PricewaterhouseCoopers Banques-Microfinance- Saggara Corporation Manufacturers Nevena Radlova Gestion immobilière Association in Cambodia Stoeva, Kuyumdjieva & Hermann Gnango Phanin Cheam Vitliemov FIDAFRICA / Joseph Bahizi Municipality of Phnom Laurent Notin PricewaterhouseCoopers Banque de la République Penh Bureau of Urban Indochina Research Alexander Rangelov du Burundi Affairs PricewaterhouseCoopers Sibi Desire Gouba Ry Ouk Office Notarial Me Jean Sylvestre Banzubaze Rithy Chey Bou Nou Ouk & Partners Anna Saeva Celestin Zoure Avocat au barreau du B.N.G Borislav Boyanov & Co. Burundi Phan Phalla Issaka Kargourou Boyan Chhan Supreme National Stela Slavcheva Maison de l'entreprise du Emmanuel Hakizimana Indochina Research Economic Counsel Aspolly Carrass Burkina Faso Cab. D'Avocats-Conseils International Ltd. Ngov Chong Pisetha Pin Barthélémy Kere Dominik Kohlhagen PricewaterhouseCoopers Samnang CRM Company Violeta Slavova Cabinet d'Avocats Chercheur au Laboratoire Limited Experian Bulgaria EAD Barthélemy Kere Brennan Coleman d'Anthropologie Juridique DFDL Mekong Law Group de Paris Soleil Della Pong Irina Stoeva Gilbert Kibtonre HR Inc. (Cambodia) Co., Stoeva, Kuyumdjieva & CEFAC Ltd. Vitliemov acknowledgments 159 Sour Por Philippe Fouda Fouda Dominique Taty Kim Wood Fernando Aguiar Monteiro Global Link Service Pte BEAC FIDAFRICA / PricewaterhouseCoopers Advogados Associados Ltd. PricewaterhouseCoopers Caroline Idrissou-Belingar Ricardo Cláudio Monteiro Sovannorak Rath BEAC Charles Tchuente C A p E v E R dE Gonçlaves National Bank Cabinet Nyemb Hermínio Afonso Palácio de Justiça do Angoh Angoh Jacob Tribunal da Comarca da Kuntheapini Saing Nico Halle & Co. Law Firm Jude Yong Yeh PricewaterhouseCoopers Praia Arbitration Council Cabinet CADIRE Janira Hopffer Almada Foundation Paul Jing Milton Paiva Jing & Partners D. Hopffer Almada E Denora Sarin C A NA dA Associados D. Hopffer Almada E Henri Pierre Job Associados Sarin & Associates David Bish Nandixany Andrade Cabinet d'Avocats Henri Carlos Gregorio Lopes Pereira Chanthy Sin Job Goodmans LLP Arnaldo Silva & Goncalves Linex Associados Serge Jokung Jay A. Carfagnini Conservatoria de Registos Sorya Sin Cabinet Maître Marie Goodmans LLP Vera Andrade Predial Comercial & SHA Transport Express Andrée NGWE CWV Advogados Automoveis Allan Coleman Co. Ltd. Osler, Hoskin & Harcourt Braz de Andrade Eldetrudes Pires Neves Jean Aime Kounga Billie Jean Slott Cabinet d'Avocats Abeng LLP Firma Braz de Andrade Araújo, Neves, Santos Sciaroni & Associates Roland & Miranda, Advogados David Cooper Mary Braz de Andrade Associados Lor Sok Kumfa Jude Kwenyui Borden Ladner Gervais LLP Firma Braz de Andrade Armando J.F. Rodrigues Arbitration Council Juris Consul Law Firm Gilles Demers Susana Caetano Foundation PricewaterhouseCoopers Ariane Marceau-Cotte Groupe Optimum PricewaterhouseCoopers Chamnan Som José Rui de Sena Cabinet Maître Marie Jeremy Fraiberg Vasco Carvalho Oliveira Cambodian Federation of Andrée NGWE Agência de Despacho Osler, Hoskin & Harcourt Ramos aduaneiro Ferreira e Sena Employers and Business LLP Engic Associations Danielle Mbape Lda Jing & Partners Anne Glover Ilíldio Cruz Tito Lívio Santos Oliveira Sorphea Sou Alain Serges Mbebi Blake, Cassels & Graydon, Gabinete de Advocacia Ramos Arbitration Council member of Lex Mundi Consultoria e Foundation Cabinet CADIRE Engic Procuradoria Juridica Augustin Yves Mbock Keked Yoine Goldstein Henrique Semedo Borges David Symansky Zacarias De Pina Cabinet CADIRE McMillan Binch Advogado HR Inc. (Cambodia) Co., Mendelsohn ENGEOBRA Ltd. Clarence Mireille Moni Nseke Arnaldo Silva Epse Etame Steven Golick Victor Adolfo de Pinto Osório Arnaldo Silva & Michael Tan Cabinet Maitre Elise Pamela S. Hughes Attorney-at-Law Associados RAF International Forwarding Inc. Lottin Blake, Cassels & Graydon, Jorge Lima Delgado Lopes Maria Fernanda Silva Ramos Bérangère Monin member of Lex Mundi Núcleo Operacional da BCA - Gabinete Juridico Vann Tho FIDAFRICA / Andrew Kent Sociedade de Informação Acleda Bank Plc Mario Alberto Tavares PricewaterhouseCoopers McMillan Binch João Dono Janvibol Tip Municipality Jean Jacques Moukory Eyango Mendelsohn João Dono Advogados Tip & Partners João Carlos Tavares Fidalgo Cabinet Maitre Elise Matthew Kindree Ana Duarte Iv Visal Lottin Banco Central Baker & McKenzie LLP PricewaterhouseCoopers Electricite du Cambodge Elsa Tavazes Raoul Mouthe Joshua Kochath John Duggan Sal Viseth Nimba Conseil CWV Advogados Comage Container Lines PricewaterhouseCoopers Sal Chantha Jorge Lima Teixeira Aimé Ndock Len Susan Leslie Djassi Fonseca M & N Law Firm, cabinet Architect C A m E RO ON d'avocats First Canadian Title NOSi Tereza Teixeira B. Amado Mobeh Andre Charles Magerman Florentino Jorge Fonseca Jesus Amado & Medina Marcelin Ndoum Baker & McKenzie LLP Maersk S.A. Municipalidade Praia Advogadas Etude de notaire Wo'o Gilbert Awah Bongam Thomas O'Brien Paulo Godinho Leendert Verschoor Isidore Baudouin Ndzana PricewaterhouseCoopers Achu and Fon-Ndikum Law PricewaterhouseCoopers PricewaterhouseCoopers FIDAFRICA / Firm PricewaterhouseCoopers Alfred Page Eduardo Nascimento Gomes Richard Batchato Borden Ladner Gervais LLP Empresa Pública de C E N T R A L A f R IC A N Simon Pierre Nemba REpUBLIC Service du Cadastre John Pirie Electricidade e Água Cabinet Maître Marie David Boyo Andrée Ngwe Baker & McKenzie LLP Joana Gomes Rosa Richard Anokonayen Jing & Partners Julius Ngu Tabe Achu Sam Rappos Advogada Ministerie de la fonction Publique Anne Marie Dibounje Jocke Achu and Fon-Ndikum Law Bruce Reynolds Agnaldo Laice Cabinet Maitre Elise Firm Maersk Line Max Symphorien Babdiba Borden Ladner Gervais LLP Lottin Marie-Andrée Ngwe Club OHADA Damian Rigolo Jose Manuel Fausto Lima Paul Marie Djamen Cabinet Maître Marie Electra Praia Jean Christophe Bakossa Andrée NGWE Osler, Hoskin & Harcourt BICEC LLP L'Ordre Centraficain des Ana Denise Lima Barber Architectes Laurent Dongmo Mbah Martin Njah CWV Advogados Paul Robinson Jing & Partners Nico Halle & Co. Law Firm Emile Bizon Corporations Canada Antonio Lopes Pierre Njigui Cabinet Tiangaye - Ivonne Egbe Kelly Russell PricewaterhouseCoopers Université de Bangui Services des Domaines ABB Cameroon PricewaterhouseCoopers Maria de Fatima Lopes Varela Michel Desprez Evariste Elundou Patrice Guy Njoya Banco Central de Cabo Paul Schabas SDV Centrafrique - Groupe Maersk S.A. Cabinet Maître Marie Verde Bolloré Andrée Ngwe Blake, Cassels & Graydon, Lucas Florent Essomba member of Lex Mundi Ricardo Martins Maurice Dibert- Dollet Jacques Nyemb Electra Cabinet Essomba & Irina Schnitzer Ministère de la Justice Associés Cabinet Nyemb Davis LLP Paulo Noel Martins Bertin-Rufin Dimanche Jean Pierre Eyoum Christian O'Jeanson Prime Consulting Group Nicholas Scheib Ministère des Finances, Mandengue Maersk S.A. Direction Générale des McMillan Binch João M.A. Mendes Etude Notariale Eyoum André-Marie Owono Mendelsohn AUDITEC - Auditores & Impôts et des Domaines Mandengue Cabinet Nyemb Consultores SDV Christiane Doraz-Serefessenet Atsishi Fon Ndikum Blaise Talla Carlos Pereira Modesto Secrétaire Générale de la Achu and Fon-Ndikum Law Sharon Vogel Chambre des Notaires Cabinet Juridique Mouthe Borden Ladner Gervais LLP Modesto - Despachante Firm & Associes SARL 160 doing business 2009 Marie-Edith Douzima-Lawson ChILE Edmundo Rojas García Leo Ge Luke Wang Cabinet Douzima Conservador de Bienes Global Star Logistics Co. Shanghai Deso Industry &Ministère de la fonction Angie Armer Rios Raíces de Santiago Ltd. Co., Ltd publique Alvarez Hinzpeter Jana Alvaro Rosenblut Alex Gee Waynex Industrial Co., Ltd. Energie Centrafricaine Sandra Benedetto Albagli Zaliasnik Shanghai Pegasus (ENERCA) Cassie Wong PricewaterhouseCoopers Abogados Materials Co., Ltd. PricewaterhouseCoopers Philippe Fouda Fouda Jorge Benitez Urrutia Carlos Saavedra Alexander Gong BEAC Kent Woo Urrutia & Cía Cruz & Cia. Abogados Baker & McKenzie Kingson Law Firm Dolly Gotilogue Jimena Bronfman Adriana Salias Kejun Guo Annie Xun Isidore Grothe Guerrero, Olivos, Novoa y Redlines Group DeHeng Law Offices Ministère des Finances et Errázuriz Qing Yang Martín Santa María O. Felix Hu du Budget Héctor Carrasco Yang Fit Co., Ltd. Guerrero, Olivos, Novoa y Shanghai Meiyao Aviation Gabriel Houndoni Superintendencia de Errázuriz Co., Ltd. Bill Yao Club OHADA Bancos e Instituciones Simple Technic Co., Ltd. Financieras Carlos Saveedra Simon Huang Caroline Idrissou-Belingar Cruz & Cía Abogados LehmanBrown Susan Ye Paola Casorzo KPMG Huazhen BEAC Esteban Tomic Haining XinGuangYuan Philippi, Yrarrazaval, Noel Kelembho Pulido & Brunner Cruz & Cia. Abogados Lighting Co., Ltd. Jerry Ye SDV - Groupe Bolloré Jorge Valenzuela Kone Jerry Orrick Andrés Chirgwin Bouna Loumandet Chrésia Alvarez Hinzpeter Jana Philippi, Yrarrazaval, Zhejiang Gangzida Jonathan You Pulido & Brunner Industry & Trade Co., Ltd. Orrick, Herrington & Etude Notariale Camilo Cortés Sebastián Valdivieso Zhou Jianming Sutcliffe LLP Jean Paul Maradas Nado Alessandri & Compañía Yrarrázaval, Ruiz - Tagle, Ningbo Jingcheng Meter Xianghau Yu Ministere de l'Urbanisme Sergio Cruz Goldenberg, Lagos &Silva John T. Kuzmik Shanghai Xu Xiao Qing Law Anasthasie Mbo-Gaudeuille Cruz & Cia. Abogados Office Osvaldo Villagra Baker Botts LLP Chambre de Commerce José Ignacio Díaz d'Industrie des mines et de PricewaterhouseCoopers John Kuznik Xianghua Yunge L'artisanat Yrarrázaval, Ruiz- Shanghai Xu Xiao Qing Law Tagle,Goldenberg,Lagos Arturo Yrarrázaval Baker Botts LLP Covarrubias Office Serge Médard Missamou & Silva Jony Lee Club OHADA Yrarrazaval, Ruiz - Tagle Libin Zhang Cristián S. Eyzaguirre Goldenburg, Lagos & Silva Sanli Group Baker Botts LLP Yves Namkomokoina Eyzaguirre & Cía. Berry Lin Sebastián Yunge Yi Zhang Magistrat, Commerce Silvio Figari Napoli SDV Ltd. Tribunal Guerrero, Olivos, Novoa y King & Wood PRC Lawyers Databusiness Errázuriz Zhiqiang Liu Jean Baptiste Nouganga Johnson Zheng Cristian Garcia-Huidobro Rony Zimerman M. King & Wood Bureau Comptable Fiscal - Xiamen All Carbon Cabinet Nouganga Boletin Comercial Alvarez Hinzpeter Jana Lucy Lu Corporation Juan Pablo Gonzalez M. King & Wood Bako Sah Guerrero, Olivos, Novoa y C h I NA C OL Om B IA Architect George Luo Errázuriz Russell Brown Pinsent Masons Carlos Alcala C hA d Mauricio Hederra LehmanBrown Mikkaworks Organics José Lloreda Camacho Cruz & Cía Abogados Robin Cai & Co. Abdelkerim Ahmat Nicky Ning SDV Javier Hurtado BNP Service Luoyang Chundi Import & Mauricio Angulo Camara Chilena de la Rico Chan Export Co., Ltd. Computec - DataCrédito Oscar D'Estaing Deffosso Construccion FIDAFRICA / Baker & McKenzie Nonnon Pan Patricia Arrázola-Bustillo PricewaterhouseCoopers Fernando Jamarne John Chan Medplus Inc. Gómez-Pinzón Abogados Alessandri & Compañía Fuzhou Relax Co., Ltd. Luis Alfredo Barragán Baba Dina Catherine Rown Stat N'Djaména Didier Lara Rex Chan Brigard & Urrutia, member PricewaterhouseCoopers Han Shen of Lex Mundi Mahamat Djibrine PricewaterhouseCoopers Davis Polk & Wardwell STD León Larrain Pablo Barraquer-Uprimny Yixin Chen Cathy Shi Baker & McKenzie (Cruzat, Brigard & Urrutia, member N'Doningar Djimasna Davis Polk & Wardwell Orrick, Herrington & of Lex Mundi Ortúzar y Mackenna Faculté de Droit, Ltda.) Caro Chen Sutcliffe LLP Université de N'Djamena Guillermo Hernando Bayona Enrique Munita Dniya Ornaments Co., Ltd. Frank Shu Combariza Philippe Fouda Fouda Philippi, Yrarrazaval, Lisa Chen Paul Hasting Notaria 44 de Bogotá BEAC Pulido & Brunner Jiahua Co. Jessie Tang Juliana Bazzani Botero Caroline Idrissou-Belingar Cristian Olavarria Jie Chen Global Star Logistics Co. José Lloreda Camacho BEAC Philippi, Yrarrazaval, Jun He Law Offices, member Ltd. & Co. Narcisse Madjiyore Dongar Pulido & Brunner of Lex Mundi Youshan Tang Juan Guillermo Becerra Gerardo Ovalle Mahns Barry Cheung Ningbo Flight Rigging & PricewaterhouseCoopers Issa Ngarmbassa Tool Co., Ltd. Etude Me Issa Ngar mbassa Yrarrázaval, Ruiz-Tagle, KPMG Huazhen Claudia Benavides Goldenberg, Lagos &Silva Emily Tang Nissaouabé Passang Bolivia Cheung Gómez-Pinzón Abogados Luis Parada Hoyl KPMG Huazhen Orrick, Herrington & Etude Me Passang Sutcliffe LLP Nicolás Botero Bahamondez, Alvarez & Nicolas Ronzié Zegers Taylor Chuang Holguín, Neira & Pombo Lu Terry Abogados FIDAFRICA / Innovation Medical Pablo Paredes Instrument Co., Ltd. Shenyang Longyuan Group PricewaterhouseCoopers Co., Ltd. Carlos Rodríguez Calero Albagli Zaliasnik Gilles Schwarz Abogados Yw Chung PricewaterhouseCoopers Wafangdian Yushi Energy SDV Baker Botts LLP Co., Ltd. Maria Paula Camacho Beatriz Recar Dominique Taty Baker & McKenzie (Cruzat, Tony Diao Cámara Colombiana de la Celia Wang Construcción FIDAFRICA / Ortúzar y Mackenna Shaughnessy Holdings Ltd. PricewaterhouseCoopers PricewaterhouseCoopers Ltda.) Wayne Forfine Bibiana Camacho Fenghe Wang Cavelier Abogados Nadine Tinen Tchangoum Sebastián Riesco Forfine Marketing & Dacheng Law Offices FIDAFRICA / Eyzaguirre & Cía. Service Carolina Camacho PricewaterhouseCoopers William Wang Posse Herrera & Ruiz Claudio Rivera Wei Gao PricewaterhouseCoopers Sobdibé Zoua Carey y Cía Ltda. ZY & Partners Darío Cárdenas Law Firm SCPP Cárdenas & Cárdenas acknowledgments 161 Natalia Caroprese José Roberto Sáchica Méndez Arly Khuty François Lavanant Andrés López Baker & McKenzie Baker & McKenzie Francis Lugunda Lubamba SDV BLP Abogados Felipe Cuberos Paula Samper Salazar Cabinet Lugunda Lubamba Emmanuel Le Bras Ivannia Méndez Rodríguez Prieto & Carrizosa S.A. Gómez-Pinzón Abogados Angèle Mabondo Ngoyi FIDAFRICA / Oller Abogados PricewaterhouseCoopers María Helena Díaz Méndez Felipe Sandoval Villamil Cabinet Masamba Jorge Montenegro PricewaterhouseCoopers Gómez-Pinzón Abogados Bruno Ossebi SCGMT Arquitectura y Nkusu Makengo Cabinet Essou Diseño Jose Duran José Luis Suárez Cabinet Masamba Excellentia Strategic Gómez-Pinzón Abogados Chimène Prisca Nina Pongui Eduardo Montoya Solano Babala Mangala Etude de Me Chimène Superintendencia General Lucas Fajardo-Gutierrez Raúl Alberto Suárez Arcila GTS Express Prisca Nina Pongui de Entidades Financieras Brigard & Urrutia, member Jose Alejandro Torres Roger Masamba Makela of Lex Mundi Roberto Prota Cecilia Naranjo Posse Herrera & Ruiz Avocat Doyen de Faculté SDV LEX Counsel Gustavo Florez Beatriz Uribe Botero Jean Paul Matanga Pedro Oller Sociedad Portuaria C O S TA R I C A Regional de Cartagena Cámara Colombiana de la Cabinet Mwaka & Oller Abogados Construcción Associates Carlos Fradique-Méndez Bufete Facio & Cañas, Ramón Ortega Claudia Vargas Paulin Mbalanda member of Ius Laboris & Brigard & Urrutia, member PricewaterhouseCoopers of Lex Mundi PricewaterhouseCoopers MBM Conseil Lex Mundi Marianne Pál - Hegedüs Ana Giraldo Diego Vega Didier Mopiti Alejandro Antillon Aguilar Castillo Love Prieto & Carrizosa S.A. PricewaterhouseCoopers MBM Conseil Pacheco Coto Legal Services Andrea Paniagua Santiago Gutiérrez Louman Mpoy Carlos Barrantes Alberto Zuleta PricewaterhouseCoopers José Lloreda Camacho Cabinet Mpoy - Louman & PricewaterhouseCoopers & Co. Gómez-Pinzón Abogados Associés Felix Pecou Johnson Alejandro Bettoni Traube Jean Bosco Mwaka Japdeva Caribbean Port Viviana Hernández Grajales C Om ORO S Doninelli & Doninelli Authority Cámara Colombiana de la Cabinet Mwaka & - Asesores Jurídicos Construcción Harimia Ahmed Ali Associates Asociados Laura Perez Cabinet Me Harimia Victorine Bibiche Nsimba Caroline Bono CINDE Wilson Herrera Robles Remy Grondin Kilembe PricewaterhouseCoopers Julio Pinedo PriceWaterhouse Coopers Vitogaz Comores Barreau de Kinshasa/ PricewaterhouseCoopers Santiago Higuera Matete Eduardo Calderón-Odio Cámara Colombiana de la Ahamada Mahamoudou BLP Abogados Monica Romero Société Nationale PricewaterhouseCoopers Construcción Avocat à la Cour d'Electricité (SNEL) Gastón Certad Mario Hoyos Youssouf Yahaya Batalla & Asociados Miguel Ruiz Herrera Christie Madudu Sulubika LEX Counsel José Lloreda Camacho Impots de la Grande Cabinet G.B. Moka Ngolo & Silvia Chacon & Co. Comore Associés Alfredo Fournier & Andrea Saenz Jorge Lara-Urbaneja Asociados Aguilar Castillo Love Baker & McKenzie C ON G O, dE m . R E p. Dominique Taty FIDAFRICA / María Fernanda Chavarría B Mauricio Salas Alessandra Laureiro Jean Adolphe Bitenu PricewaterhouseCoopers Cordero & Cordero BLP Abogados Gómez-Pinzón Abogados ANAPI Abogados Marius Tshiey-A-Tshiey Jose Luis Salinas Cristina Lloreda Etienne Blocaille Cabinet Mbaki et Associés Daniel Chaves SCGMT Arquitectura y Brigard & Urrutia, member FIDAFRICA / CINDE Diseño PricewaterhouseCoopers Toto Wa Kinkela of Lex Mundi Cabinet Toto Ricardo Cordero B. Walter Anderson Salomons Santiago Lopez Alain Buhendwa Cordero & Cordero Japdeva Caribbean Port PricewaterhouseCoopers Cabinet Mwaka & C ON G O, R E p. Abogados Authority Legal Services Associates Daniel De la Garza Prosper Bizitou Ana Victoria Sandoval Natalia López Deo Bukayafwa JD CANO JD CANO FIDAFRICA / Posse Herrera & Ruiz MBM Conseil PricewaterhouseCoopers Melania Dittel Juan Tejada Gabriela Mancero Jean Michel Cardino David Bourion Arias & Muñoz PricewaterhouseCoopers Cavelier Abogados Société Minière de FIDAFRICA / Anamari Echeverría Développement/RJ Traders Natalia Van der Laat Carlos Monroy PricewaterhouseCoopers Parque Empresarial Forum BLP Abogados Conika Construcciones Victor Créspel Musafiri Mohammad Daoudou Alejandro Fernández de Marianela Vargas Cabinet d'avocat JCC & A FIDAFRICA / Castro Ana Maria Navarrete PricewaterhouseCoopers Regis de Oliveira PricewaterhouseCoopers PricewaterhouseCoopers Posse Herrera & Ruiz Sebastián Wong Agetraf s.a.r.l. - SDV Jean-Philippe Esseau Octavio Fournier Luis E. Nieto JD CANO Yves Debiesme Cabinet Esseau Alfredo Fournier & Nieto & Chalela Rodrigo Zapata Agetraf s.a.r.l. - SDV Mathias Essereke Asociados Ana Maria Olaya LEX Counsel Hervé Diakiese Cabinet d'Avocats Claude Neftali Garro Posse Herrera & Ruiz Coelho Jafet Zúñiga Salas Avocat à la Cour BLP Abogados Juan Carlos Paredes Superintendencia General Papy Djuma Bilali Ludovic Désiré Essou Andrés Gómez de Entidades Financieras Brigard & Urrutia, member Cabinet Essou of Lex Mundi Cabinet Masamba PricewaterhouseCoopers David Guarnieri Philippe Fouda Fouda Andrea González-Rojas C ôT E d' I vOI R E Carlo Polo FIDAFRICA / BEAC BLP Abogados Computec ­ DataCrédito Any Ray & Partners PricewaterhouseCoopers Etude de Maitres Séraphin Jorge Guzmán Raul Quevedo Mcakosso-Douta et César Asman José Lloreda Camacho Amisi Herady LEX Counsel Cabinet N'Goan, Asman & ANAPI Norbert M'Foutou & Co. María del Mar Herrera Associés Sandra Kabuya Henriette Lucie Arlette Galiba BLP Abogados Fernan Restrepo Office Notarial Me Galiba Joachim Bile-Aka Brigard & Urrutia, member Cabinet Mwaka & Randall Zamora Hidalgo Associates Caroline Idrissou-Belingar Bnetd of Lex Mundi Costa Rica ABC Robert Katambu BEAC Jonathan Darboux Cristina Rueda Londono Roberto Leiva Cabinet Mwaka & Sylvert Bérenger Kymbassa BCEAO Baker & McKenzie Facio & Cañas, member of Associates Boussi Fatimatou Zahra Diop Juan Carlos Ruiz Lex Mundi Pierre Kazadi Tshibanda Etude Maitre Béatrice BCEAO José Lloreda Camacho Dianzolo, Huissier de Vicente Lines & Co. Cabinet Masamba Dorothée K. Dreesen Justice Arias & Muñoz Etude Maitre Dreesen 162 doing business 2009 Bertrand Fleury Sasa Divjak Marija Petrovi Michal Hanko Social Sciences, Charles SDV - SAGA CI Divjak, Topic & Divjak, Topic & Bubnik, Myslil & Partners University Bahtijarevic Bahtijarevic Zdenek Rosicky Jean Claude Gnamien Jarmila Hanzalova FIDAFRICA / Amela Dizdarevi Sanja Porobija Procházka Randl Kubr, Squire, Sanders & Dempsey, PricewaterhouseCoopers Sihtar Attorneys at Law Porobija & Porobija Law member of Ius Laboris & v.o.s. advokát kancelá Firm Lex Mundi Leona Sevcikova Hermann Gnango Ivana Dominkovi FIDAFRICA / CMS Zagreb Tihana Posavec Vlastimil Hokr Panalpina s.r.o. PricewaterhouseCoopers Divjak, Topic & BDO Prima Audit s.r.o. Robert Sgariboldi Ivan Dusi Bahtijarevic Seyanne Groga Vukmir Law Office Vít Horácek Panalpina s.r.o. Cabinet Jean-François Marko Praljak Glatzová and Co. Law Hrvoje Filipovi Dana Sládecková Chauveau Divjak, Topic & Offices Law Offices Nogolica Bahtijarevic National Bank Guillaume Koffi Hana Hrbacova Tamiko Rochelle Franklin Ronald Pusi Marie Strachotová Conseil National De Ambruz & Dark L'Ordre des Architectes Legal Consultant PricewaterhouseCoopers advokáti, v.o.s. Peterka & Partners Bojan Fras PricewaterhouseCoopers Miroslav Tichı Herman Kouao Gordan Rotkvi Legal Services Zuric & Partners PricewaterhouseCoopers DLA Piper Evelyne M'Bassidgé Iva Hromková FIDAFRICA / Ivan Gjurgjan Djuro Sessa Rzena Trojánková Porobija & Porobija Law Glatzová and Co. Law Linklaters PricewaterhouseCoopers County Court in Zagreb Offices Firm Klára Valentová Adeline Messou Ana Sihtar Ludvik Juicka FIDAFRICA / Kresimir Golubi Sihtar Attorneys at Law Ambruz & Dark Ambruz & Dark advokáti, v.o.s. PricewaterhouseCoopers Lidija Hanzek advokáti, v.o.s. Manuela Spoljari PricewaterhouseCoopers Georges N'Goan HROK Leko & Partners PricewaterhouseCoopers Legal Services Cabinet N'Goan, Asman & Legal Services HEP Distribution System Mario Stefani Ludìk Vrána Associés Operator Ltd. Robert Jurka Transadria Linklaters Patricia N'guessan Anita Hersak Klobucarevi BDO Prima Audit s.r.o. Cabinet Jean-François Goran Sverko Markéta Zachová Porobija & Porobija Law Jiri Klimicek Vejmelka & Wünsch, s.r.o. Chauveau Firm Law Offices Nogolica Squire, Sanders & Dempsey, Jacques Otro Luka Tadi-Coli v.o.s. advokát kancelá Veronika Zaloudková Jana Hitrec Conseil National De Babi & Partners Iccrue s.r.o. Caci & Partners Miroslav Kocman L'Ordre des Architectes Zoran Tasi Iccrue s.r.o. Branimir Ivekovi dE N m A R k Athanase Raux Ivekovi & Vidan CMS Zagreb Adela Krbcová Cabinet Raux, Amien & Iva Toki Peterka & Partners Elsebeth Aaes-Jørgensen Associés Irina Jelci Norrbom Vinding, member Hanzekovi, Radakovi & Porobija & Porobija Law Petr Kucera Serge Roux Firm of Ius Laboris Partners, member of Lex CCB - Czech Banking Etude Maitre Roux Mundi Hrvoje Vidan Credit Bureau Christine Lægteskov Aon Dominique Taty Ivekovic and Vidan Kromann Reumert, member Marijana Jeli Lenka Mrazova of Lex Mundi FIDAFRICA / Law Office Jelic Arn Willems PricewaterhouseCoopers PricewaterhouseCoopers Peter Bang Sanja Jurkovi CB Richard Ellis d.o.o. David Musil Fousséni Traoré PricewaterhouseCoopers Steffen Bang-Olsen PricewaterhouseCoopers FIDAFRICA / CzECh REpUBLIC Kromann Reumert, member PricewaterhouseCoopers Mirna Kette Jarmila Musilova of Lex Mundi PricewaterhouseCoopers Allen & Overy, Praha National Bank Nadia Vanie Advokátní kancelá Thomas Bech Olsen Cabinet N'Goan, Asman & Margita Kis-Kapetanovi Stanislav Myslil Panalpina World Associés Porobija & Porobija Law Tomas Babacek Cermak Horejs Myslil a Transport Ltd Firm Ambruz & Dark spol. Abbé Yao advokáti, v.o.s. Christel Berning SCPA Dogué-Abbé Yao & Miroslav Leko PricewaterhouseCoopers Jörg Nürnberger PricewaterhouseCoopers Associés Leko & Partners Legal Services DLA Piper Jonas Bøgelund Kresimir Ljubi Libor Basl Athanassios Pantazopoulos Gorrissen Federspiel C ROAT IA Leko & Partners Kierkegaard Baker & McKenzie IKRP Rokas & Partners and Boris Andrejas Marko Loviri Dr. A. Pantazopoulos Ole Borch Martin Bohuslav Babi & Partners Divjak, Topic & Ambruz & Dark Marketa Penazova Bech-Bruun Law Firm Ivo Bijeli Bahtijarevic advokáti, v.o.s. Ambruz & Dark Thomas Booker PricewaterhouseCoopers Miroljub Macesi PricewaterhouseCoopers advokáti, v.o.s. Legal Services PricewaterhouseCoopers ACCURA Natko Bili Macesi & Partners, Legal Services Advokataktieselskab Studio 3lhd Odvjetnicko drustvo Stephen B. Booth Jan Petík Christian Bredtoft Guldmann Josip Marohni PricewaterhouseCoopers Andrej Bolfek Brzobohatı Broz & Honsa, Kromann Reumert, member Leko & Partners Divjak, Topic & Jií Cernı v.o.s. of Lex Mundi Bahtijarevic Peterka & Partners Marko Borsky Kristına Pohlová Mogens Ebeling Tin Mati Matj Dank Jonas Bruun Divjak, Topic & Glatzová and Co. Law Bahtijarevic Tin Mati Law Office Procházka Randl Kubr, Offices Eivind Einersen Andrej Matijevich member of Ius Laboris & Marijana Bozi Lex Mundi Pavla Pikrylová Philip & Partnere DTB Matijevich Law Office Peterka & Partners Svatava Dokoupilova Henrik Faust Pedersen Belinda Caci Iain McGuire Jan Procházka PricewaterhouseCoopers Czech Office for Caci & Partners PricewaterhouseCoopers Surveying, Mapping and Ambruz & Dark Lars Fogh Martina Mladina Kavuri Cadastre advokáti, v.o.s. ACCURA Jasmina Crnali PricewaterhouseCoopers CMS Zagreb Mami Reberski & Partners Jitka Ernestova Advokataktieselskab Legal Services Ivana Muci Peterka & Partners Alice Folker Stefanija Cukman Natasa Randlová Juri Law Offices CMS Zagreb Kristına Fiserová Gorrissen Federspiel Procházka Randl Kubr, Kierkegaard Ljiljana Nogolica Peterka & Partners member of Ius Laboris & Martina Culap Geoleges d. o. o. Jakub Hajek Lex Mundi Arne Gehring Leko & Partners Ambruz & Dark PricewaterhouseCoopers Gordana Deli Zvonko Nogolica Tomas Richter Law Offices Nogolica advokáti, v.o.s. Clifford Chance LLP/ Jens Hjortskov Transadria PricewaterhouseCoopers Institute of Economic Philip & Partnere Legal Services Studies, Faculty of acknowledgments 163 Heidi Hoelgaard Marvlyn Estrado Alejandro Fernández de E C UA d OR Sandra Reed Experian Northern Europe KPB Chartered Castro Pérez, Bustamante y Ponce, Accountants PricewaterhouseCoopers Pablo Aguirre member of Lex Mundi Jens Steen Jensen PricewaterhouseCoopers Kromann Reumert, member Kerry George Mary Fernández Rodríguez Gustavo Romero of Lex Mundi C I S Enterprises Ltd. Headrick Rizik Alvarez & Christof Baer Romero Arteta Ponce Fernández PricewaterhouseCoopers Jeppe Jørgensen F. Adler Hamlet Myriam Dolores Rosales Bech-Bruun Law Firm Realco Company Limited Gloria Gasso Hernán Batallas-Gómez Garcés Headrick Rizik Alvarez & Falconi Puig Abogados Superintendencia de Ann Kell Foued Issa Fernández Bancos y Seguros PricewaterhouseCoopers Issa Trading Ltd. Xavier Bravo Ruales Pablo Gonzalez Tapia Superintendencia de Veronica Sofia Ruales Díaz Aage Krogh Alick C. Lawrence Biaggi & Messina Bancos y Seguros Bustamante & Bustamante Magnusson Lawrence Alick C. Chambers Fabio Guzmán-Ariza Diego Cabezas-Klaere Montserrate Sánchez Christine Larsen Guzmán Ariza Ortega Moreira & Ortega Coronel y Pérez Severin McKenzie Trujillo Susanne Schjølin Larsen Mónika Infante Pablo F. Sarzosa J. McKenzie Architectural & Kromann Reumert, member Construction Services Inc. Saxum Legal Silvana Coka G. API Ecuador of Lex Mundi Geotransport S.A. Richard Peterkin Philippe Lescuras Superintendencia de Lars Lindencrone Fernando Coral Compañias PricewaterhouseCoopers Panalpina Bech-Bruun Law Firm Panalpina Joan K.R. Prevost Xavier Marra Martínez César Vélez Calderón Andreas Nielsen Lucía Cordero Ledergerber Covelcal Prevost & Roberts Dhimes & Marra Jonas Bruun Falconi Puig Abogados J. Gildon Richards Fernando Marranzini EGypT Tim Nielsen Fernando Del Pozo Contreras J. Gildon Richards Headrick Rizik Alvarez & Kromann Reumert, member Chambers Fernández Gallegos, Valarezo & og Lex Mundi Abdel Aal Aly Neira Afifi World Transport Mark Riddle Carlos Marte Betri Pihl Schultze Gonzalo Diez P. DOMLEC Panalpina Naguib Abadir PricewaterhouseCoopers Gonzalo Diez Eugene G. Royer Patricia Media Coste Nacita Corporation Soren Plomgaard Miguel Falconi-Puig Eugene G. Royer Chartered Headrick Rizik Alvarez & Walid Abbas Jonas Bruun Architect Fernández Falconi Puig Abogados Advanced Group Louise Krarup Simonsen Linda Singletary Fabiola Medina Jorge Eduardo Fernández Kromann Reumert, member Girgis Abd El-Shahid C I S Enterprises Ltd. MG&A Medina Garnes & Perdomo Sarwat A. Shahid Law Firm of Lex Mundi Asociados Abogados Acredita Buró de Jason Timothy información crediticia S.A Sara Abdel Gabbar Niels Bang Sørensen Ramón Ortega DOMLEC Trowers & Hamlins Gorrissen Federspiel PricewaterhouseCoopers Juan Carlos Gallegos Happle Kierkegaard Ossie Walsh Gallegos, Valarezo & Ahmed Abdel Warith Supreme Court/ Registry Andrea Paniagua Niera AAW Consulting Engineers Jesper Trommer Volf PricewaterhouseCoopers Accura Reginald Winston Leopoldo González R. Ramez Mounir Abdel-Nour Advokataktieselskab Supreme Court/ Registry Valeria Pérez Modena Paz Horowitz Karim Adel Law Office Knud Villemoes Hansen Jiménez Cruz Peña d Om I N IC A N Francisco Grijalva M. Mohamed Abo -Shady National Survey and Carolina Pichardo Ius & Law Modern Agricultural Est. Cadastre - Denmark/Kort R E p U B L IC Biaggi & Messina & Matrikelstyrelsen Iván A. Intriago Ahmed Abou Ali Carla Alsina Edward Piña Anders Worsøe Ius & Law Hassouna & Abou Ali Biaggi & Messina Biaggi & Messina Magnusson Maggio Irigoyen V. Gamal Abou Ali Hilda Patricia Polanco Rafael Piña Morales API Hassouna & Abou Ali dj I B OU T I Headrick Rizik Alvarez & Sánchez Raful Sicard & Fernández Vanessa Izquierdo D. Nermine Abulata Rahma Abdi Abdillahi Polanco Bustamante & Bustamante Ministry of Trade & Julio Pinedo Industry Banque Centrale Mario Ariza PricewaterhouseCoopers Alvaro Jarrín Wabat Daoud Headrick Rizik Alvarez & Superintendencia de Ghada Adel Fernández Sabrina Angulo Pucheu Bancos y Seguros PricewaterhouseCoopers Avocat à la Cour Sánchez Raful Sicard & Bruno Détroyat Caroline Bono Polanco Juan Manuel Marchán Hazem Ahmed PricewaterhouseCoopers Pérez, Bustamante y Ponce, Hassouna & Abou Ali Ibrahim Hamadou Hassan Maria Portes member of Lex Mundi Ana Isabel Caceres Castillo y Castillo Mahmoud Ahmed Bassiem Ibrahim Mohamed Omar Troncoso y Caceres Christian Morales Cabinet CECA Sóstenes Rodriguez Segura Ashraf El Al Arabi Juan Manuel Caceres Panalpina Russin, Vecchi and Heredia Ministry of Finance Oubah Mohamed Omar Troncoso y Caceres Bonetti Francisco Javier Naranjo Société Maritime L. Savon Grijalva Abd El Wahab Aly Ibrahim & Ries Giselle Castillo Wilferdo Senior Abd El Wahab Sons Paz Horowitz Superintendencia de Consultant Aicha Youssouf Bancos Priscilla Ortega Tim Armsby Cabinet CECA Maricell Silvestre Rodriguez Arízaga & Co. Abogados Trowers & Hamlins Leandro Corral Jiménez Cruz Peña Estrella & Tupete Pablo Padilla Muirragui Amr Mohamed Mahmoud d Om I N IC A Juan Tejada Atta José Cruz Campillo Ecuador Cargo System Eddie Beaupierre PricewaterhouseCoopers Karim Adel Law Office Jiménez Cruz Peña Jorge Paz Durini Element Agencies Vilma Veras Terrero Adel Awadalla Sarah de León Paz Horowitz Alix Boyd-Knights Jiménez Cruz Peña S.S.I.B. Headrick, Rizik, Alvarez & Bruno Pineda-Cordero Kathy Buffong Fernandez TransUnion Ziad Bahaa El Dian Pérez, Bustamante y Ponce, Attorney General's member of Lex Mundi General Authority for Rosa Díaz Guiraldis Velásquez Ramos Investment and Free Zones Chambers Dhimes & Marra Jiménez Cruz Peña Xavier Amador Pino Gerald D. Burton Louis Bishara Rafael Dickson Morales Vilma Verras Terrero Estudio Juridico Amador Gerald D. Burton's BTM MG&A Medina Garnes & Jiménez Cuz Peña Daniel Pino Arroba Chambers Ibrahim Hassan Dakr Asociados Abogados Patricia Villar Coronel y Pérez Development and Planning Karim Adel Law Office Edward Fernandez Panalpina Jorge Pizarro Páez Division Biaggi & Messina Bustamante & Bustamante Gina Dyer Dyer & Dyer Patricia Ponce Arteta Bustamante & Bustamante 164 doing business 2009 Hussein Mahmoud Gaafar El Wael Shaker Astrud María Meléndez Dominique Taty Arne Ots Gebaly Island Group Asociación Protectora de FIDAFRICA / Raidla & Partners Ministry of Housing, Créditos de El Salvador PricewaterhouseCoopers Utilities, and Urban Safwat Sobhy (PROCREDITO) Kirsti Pent Development PricewaterhouseCoopers ERITREA Law Office Tark & Co. José Walter Meléndez Mohamed EL Gindy South Cairo Electricity Customs Daniel Polawski Distribution Company Rahel Abera Paul Varul Waad Trade & Berhane Gila-Michael Development Co. Mauricio Melhado Cath Welch Law Firm Kristiina Puuste Gold Service / MSI Mohamed El Homosany PricewaterhouseCoopers KPMG AS Camilo Mena Berhane Gila-Michael Ministry of Justice Eman Zakaria Berhane Gila-Michael Ants Ratas Gold Service / MSI Mohamed Refaat El Houshy Ministry of Manpower & Law Firm CF & S AS The Egyptian Credit Migration Antonio R. Mendez Llort Romero Pineda & Senai W. Andemariam Heidi Rätsep Bureau "I-Score" Mona Zobaa University of Asmara Centre of Registers and Asociados, member of Lex Amr El Monayer Ministry of Investment Mundi and Terra Lex Information system Kebreab Habte Michael Ministry of Finance Martin Simovart E L S A LvA d OR Miriam Eleana Mixco Reyna Michael Joseph Hasan El Shafiey Gold Service / MSI Lepik & Luhaäär LAWIN Ernst & Young Nadoury Nahas Law offices Carlos Roberto Alfaro Monika Tamm PricewaterhouseCoopers Jocelyn Mónico Tekeste Mesghenna Karim Elhelaly Aguilar Castillo Love Lepik & Luhaäär LAWIN MTD Enterprises PLC PricewaterhouseCoopers Ana Margoth Arévalo Marjaa Teder Superintendencia del Ramón Ortega Ashraf Elibrachy Sistema Financiero PricewaterhouseCoopers E S TON IA Luiga Mody Hääl Borenius Ibrachy Law Firm Tanel Tikan Francisco Armando Arias Andrea Paniagua Anne Adamson Mohamed El-Labboudy Rivera PricewaterhouseCoopers Sorainen Law Offices Lepik & Luhaäär LAWIN Nadoury & Nahas Law Arias & Muñoz Villi Tõntson Offices Carlos Pastrana Angela Agur Irene Arrieta de Díaz Nuila MAQS Law Firm PricewaterhouseCoopers Hassan Fahmy Julio Pinedo Arrieta Bustamante PricewaterhouseCoopers Mike Ahern Veikko Toomere Ministry of Investment MAQS Law Firm Francisco José Barrientos Francisco Eduardo Portillo PricewaterhouseCoopers Heba Foaad Aguilar Castillo Love Karolina Ullman PricewaterhouseCoopers CEPA Katrin Altmets Caroline Bono Sorainen Law Offices MAQS Law Firm Ashraf Gamal El-Din Ana Patricia Portillo Reyes PricewaterhouseCoopers Guandique Segovia Jane Eespõld Neve Uudelt Egyptian Institute of Raidla & Partners Directors Diana Castro Quintanilla Sorainen Law Offices Lexincorp Flor de Maria Rodriguez Silja Elunurm Toomas Vaher Yaser Gamaluddin Hamam Ricardo Cevallos Arias & Muñoz Glikman & Partners Raidla & Partners The Egyptian Law Firm Consortium Centro Kelly Romero Diana Freivald Paul Varul Ahmed Gawish América Abogados Rusconi, Valdez, Medina & Ministry of Justice Paul Varul Ministry of Transport Walter Chávez Velasco Asociados Urmas Veinberg Hend Abdel Ghany Cameron Greaves Gold Service / MSI Adonay Rosales PricewaterhouseCoopers MAQS Law Firm Mena Associates, member of Amereller David Claros PricewaterhouseCoopers Andres Vinkel Pirkko-Liis Harkmaa Rechtsanwälte García & Bodán Oscar Samour Lepik & Luhaäär LAWIN Hansa Law Offices Karim Adel Kamel Ghobrial Geraldo Cruz Consortium Centro Vesse Võhma América Abogados Triinu Hiob Karim Adel Law Office García & Bodán Lepik & Luhaäär LAWIN Joel Zernask Zeinab Saieed Gohar Karla de Martínez Juan Tejada Andres Juss KPMG AS Central Bank Arrieta Bustamante PricewaterhouseCoopers Estonian Land Board Rimon Hakim Mayra de Morán Manuel Telles Suvillaga E T h IOp IA Lexincorp Aidi Kallavus Sarwat Group for Export Presidential Program "El KPMG AS Nethanet Alemu and Import Salvador Eficiente" Mauricio Antonio Urrutia Superintendencia del Gerli Kilusk Daniel Alemu Emad Hassan Maria Marta Delgado Attorney-at-Law Sistema Financiero Lepik & Luhaäär LAWIN Ministry of State Arias & Muñoz for Administrative Julio Valdés Risto Koovit Ato Wondimeneh Asrat Development Alejandro Fernández de National Bank Castro Arias & Muñoz Corvus Grupp Transport Omneia Helmy PricewaterhouseCoopers Juan Vásquez Ermo Kosk Bekure Assefa The Egyptian Center for Gold Service / MSI Lepik & Luhaäär LAWIN Bekure Assefa Law Office Economic Studies Roberta Gallardo de Cromeyer Tanja Kriisa Yonas Kidane Demiyesus Lobna Mohamed Hilal Arias & Muñoz E q UATOR IA L PricewaterhouseCoopers Dashen Bank S.C. Central Bank GUINEA Ernesto Hempe Mikk Läänemets Shimelise Eshete Mamdoh Farghli Kassem PricewaterhouseCoopers Leoncio-Mitogo Edjang Avoro Law Office Tark & Co. MIDROC Construction PLC The Egyptian Law Firm Attorney-at-Law Carlos Henriquez Liina Lins Teshome G.M. Bokan Sherif Mansour Gold Service / MSI Philippe Fouda Fouda Lepik & Luhaäär LAWIN TGMB Law Office PricewaterhouseCoopers BEAC Juan Carlos Herrera Karin Madisson Nega Getahun Nouran Mohamed Arias & Muñoz Caroline Idrissou-Belingar Sorainen Law Offices City Administration of PricewaterhouseCoopers BEAC Addis Ababa Thelma Dinora Lizama de Olger Marjak Mohamed Mohamed Osorio Sébastien Lechêne Law Office Tark & Co. Berhane Ghebray Private Practice Superintendencia del FIDAFRICA / Berhane Ghebray & Sistema Financiero PricewaterhouseCoopers Marko Mehilane Associates Mostafa Mostafa Lepik & Luhaäär LAWIN Al Kamel Law Office Karla Martinez Franck Mamelin Yosef Kebede Arrieta Bustamante Panalpina Transportes Veiko Meos Dashen Bank S.C. Ashraf Nadoury Krediidiinfo A.S. Daniel Martinez Mundiales S.A.R.L. Emebet Ketema Nadoury & Nahas Law Offices García & Bodán Ponciano Mbomio Nvo Jaanus Mody Luiga Mody Hääl Borenius Tadesse Kiros Mariama Sabet Luis Medina Gabinete Juridico Tadesse, Getachew & Abate Rusconi, Valdez, Medina & François Münzer Margus Mugu Law Office Mohamed Serry Luiga Mody Hääl Borenius Asociados FIDAFRICA / Taddesse Lencho Serry Law Office PricewaterhouseCoopers Kaspar Noor Addis Ababa University MAQS Law Firm acknowledgments 165 Molla Mengistu Ana Rasovo Lasse Luukkainen Christian Courivaud G A B ON Addis Ababa University Howards Lawyers Castrén & Snellman SCP Courivaud - Morange Attorneys Ltd. - Volniac Eyang Abessolo Nauby Fikremarkos Merso Jenny Seeto Controleur des Impots Addis Ababa University PricewaterhouseCoopers Jyrki Mustonen Ann Creelman Hedman Osborne Clarke Vatier & Associés Charles Adenet Woldegabriel Naizghi Varun Shandil FIDAFRICA/ HST & Co. Munro Leys Notaries Eva Nordman-Rajaharju Isabelle Didier PricewaterhouseCoopers Public Roschier Attorneys Ltd., Vaughan Avocats Getahun Nana member of Ius Laboris & Y.A. Adetona National Bank Shelvin Singh Lex Mundi Electricité de France Cabinet Fidexce Parshotam & Co. Stephanie Ernould Mehari Redae Ilona Paakkala Marcellin Massila Addis Ababa University Narotam Solanki PricewaterhouseCoopers Benoit Fauvelet Akendengue PricewaterhouseCoopers Banque de France SEEG, Societe d'Energie et Abiot Seleshi Mikko Peltoniemi National Bank Moto Solvalu d'Eau du Gabon Waselius & Wist Christine Fortune Williams & Gosling Ltd. Stephanie Angue Boussougou Seyoum Yonhannes Tesfy Merja Raunio Sylvie Ghesquiere Addis Ababa University Mark Swamy Inspecteur Central des PricewaterhouseCoopers Banque de France Impots LHM, Larsen Holtom Mekbib Tsegaw Maybin & company limited, Mikko Reinikainen Raymond Gianno Gianni Ardizzone Attorney-at-Law Architec, Engineers & PricewaterhouseCoopers Affina Legal Panalpina Aklilu Wolde Amanuel interior designers Tatu Simula Florence Grillier Marie Carmel Ketty Aklilu Woldemariam Jay Udit Roschier Attorneys Ltd., Cabinet TAJ Ayimambenwe Ethiopian Investment High Court member of Ius Laboris & Banque Internationale Lex Mundi Sabrina Henocq Agency Chirk Yam Delsol & Associés pour le Commerce et PricewaterhouseCoopers Sini Soini l'Industrie fIjI Roschier Attorneys Ltd., Cécile Jaouën Claude Barone Eddie Yuen member of Ius Laboris & Simmons & Simmons David Aidney Williams & Gosling Ltd. Lex Mundi Henri Bernhardt Williams & Gosling Ltd. Marc Jobert GETMA fINLANd Timo Tammelin Jobert & Associés Eddielin Almonte Mega Trend Nordica Oy Agnese Biye Ngou PricewaterhouseCoopers Renaud Jouffroy Sakari Aalto Huissier de Justice Sanna Väänänen Jennifer Juvénal John Apted Roschier Attorneys Ltd., Jean Delahaye member of Ius Laboris & PricewaterhouseCoopers Landwell & Associés Munro Leys Notaries Bollore Public Lex Mundi Helena Viita Daniel Arthur Laprès Roschier Attorneys Ltd., Léopold Effah Nehla Basawaiya Ville Ahtola Cabinet d'Avocats member of Ius Laboris & Etude Mekam'Ne & Effah Munro Leys Notaries Castrén & Snellman Benoît Le Bars Avocats Associés Attorneys Ltd. Lex Mundi Public Landwell & Associés - Gunnar Westerlund Steeve Romuald Engandza William Wylie Clarke Manne Airaksinen PricewaterhouseCoopers Loussou Roschier Attorneys Ltd., Roschier Attorneys Ltd., Legal Services Howards Lawyers member of Ius Laboris & Ministere de l'Economie member of Ius Laboris & Anne-Marie Moulin des Finances, du Budget et Jamnadas Dilip Lex Mundi Lex Mundi Banque de France de la Privatisation Jamnadas and Associates Kai Wist Claudio Busi Philippe Fouda Fouda Delores Elliott PricewaterhouseCoopers Panalpina Castrén & Snellman BEAC Databureau, Baycorp Attorneys Ltd. Michele Pennings Advantage fRANCE Landwell & Associés - Anne Gey Bekale Mikko Eerola Isireli Fa Allen & Overy LLP PricewaterhouseCoopers Notary Waselius & Wist Legal Services The Fiji Law Society / FA APL Caroline Idrissou-Belingar & Company Barristers & Tiina Hakri Laure Poindessault-Bernard BEAC Solicitors Roschier Attorneys Ltd., Faiza Alleg member of Ius Laboris & Jacques Pourciel Jacques Lebama Anthea S. Fong Vaughan Avocats Lex Mundi Paris Notaire Ministere de la Justice, Crompton Solicitors Christophe Asselineau Garde des Sceaux Johanna Haltia-Tapio Emmanuel Raingeard Freddy Fonmoa Simmons & Simmons Hannes Snellman, Bernard Reynis Athanase Ndoye Loury Williams & Gosling Ltd. Attorneys-at-Law Ltd. Bertrand Barrier Syndic Judiciaire Gide Loyrette Nouel, Frédéric Roussel Jerome Kado Tuija Hartikainen Orphée Yvan Mandji member of Lex Mundi Fontaine, Roussel & PricewaterhouseCoopers PricewaterhouseCoopers Associés Agence de Promotions des Christopher Baker Investissements Privés Sashi Lochan Olav Hermanson Hugues Roux Skadden, Arps, Slate, Titles Office Roschier Attorneys Ltd., Meagher & Flom LLP/ Banque de France Itchola Mano member of Ius Laboris & Fauvet La Giraudière & Avocat Litiana Morris Lex Mundi Rizwan A Siddique Howards Lawyers Associés Pélagie Massamba Mouckocko Jani Hovila 3G - Tecc Richard Naidu Roger J. Benrubi FIDAFRICA / Hannes Snellman, Cleary Gottlieb Steen & Isabelle Smith Monnerville PricewaterhouseCoopers Munro Leys Notaries Attorneys-at-Law Ltd. Vaughan Avocats Public Hamilton LLP Jean-Joel Mebaley Pekka Jaatinen Franck Buffand Caroline Stéphane Destiny Executives Ramesh Prakash Castrén & Snellman Lamy Lexel Delsol & Associés Architects - Agence du Mishra Prakash & Attorneys Ltd. Bord de Mer Associates Arnaud Chastel Bruno Thomas Juuso Jokela Landwell & Associés - J.R. Lassi Mikala Ramesh Prasad Lal Suomen Asiakastieto Oy - Frédérique Chifflot Bourgeois PricewaterhouseCoopers Avocat à la Cour Carpenters Shipping Finska Lawyer at the Bar of Paris Legal Services Abel Mouloungui Colin Radford Milla Kokko-Lehtinen Francis Collins Marcia Winitzer Notary LHM, Larsen Holtom PricewaterhouseCoopers Landwell & Associés - Marcia J. Winitzer Maybin & company limited, PricewaterhouseCoopers Aliette Mounguengui Architec, Engineers & Elina Kumpulainen Legal Services Philippe Xavier-Bender Magnogunou interior designers PricewaterhouseCoopers Gide Loyrette Nouel, Inspecteur Central des Legal Services Luis Comas member of Lex Mundi Impots Abhi Ram Pricewaterhouse Coopers Companies Registrar Risto Löf Legal Services Roger J. Benrubi Jean Hilaire Moussavou PricewaterhouseCoopers Cleary Gottlieb Steen & Fumu Technologie Roneel Ram Confédération Tuomas Lukkarinen Hamilton LLP FEA (Fiji Electricity Française du Commerce Haymand Moutsinga Authority) National Land Survey Interentreprises (CGI) Avocat à la Cour 166 doing business 2009 Steeve Romuald Mve Lamin B.S. Camara Joseph E. Sarre David Kakabadze Vladimer Tsophurashvili Publish What You Pay Dandimayo Cambers Gambia Architectural and Georgian Legal Caucasbusinessaudit Ltd Planning Consultants Partnership Reteno N'Diaye Brice Neneh-Cham Cham Chongan Aleksandre Tvildiani Direction General des Basangsang Chambers Mama Fatima Singhateh Grigol Kakauridze Alliance Group Capital Impots GT Bank Ministry of Economic Emmanuel E. Chime Development Tato Urjumelashvili Joel Ndong Chime Chambers Hawa Sisay-Sabally USAID Business Climate Service etudes d'urbanisme Hawa Sisay-Sabally Luisa Khitarishvili Reform Project at the Direction Generale Sulayman B. Chune Booz Allen Hamilton Taf Construction Raymond Sock d'Urbanisme Tamaz Khizanishvili GERmANy Ruben Mindonga Ndongo A.N.M Ousainu Darboe Lamin Trawally Tbilisi Stock Exchange Allen & Overy LLP Cabinet Me Anguiler Basangsang Chambers Maersk Line Ivan Khokhlov Florian Amereller Thierry Ngomo Ida Denise Drameh Darcy White DLA Piper Gvinadze & Amereller Rechtsanwälte ArchiPro International Ida D. Drameh & Associates PricewaterhouseCoopers Partners LP Dzidzedze Fiadjoe Gabriele Apfelbacher Lubin Ntoutoume G E ORG IA Maka Khutsishvili Cleary Gottlieb Steen & Avocat PricewaterhouseCoopers CaucastransExpress Hamilton LLP Michel Gaye David Abuladze Olivier P. N'Zahou President of the Union of Victor Kipiani Kai Bandilla Juriste Birgitta Hardmark Architects of Georgia Mgaloblishvili, Kipiani, PricewaterhouseCoopers Maersk Line Dzidziguri (MKD) Law Firm Legal Ferdinand Obiang Irakli Adeishvili Ministere de l'Economie Haruna Jaiteh Tbilisi City Court, Chamber Anastasia Kipiani Sven Bäumler des Finances, du Budget et Office of the Chief Justice of Civil Cases PricewaterhouseCoopers Vattenfall Europe de la Privatisation Distribution Hamburg Ousman B. Jallow Natalia Babakishvili Sergi Kobakhidze Josette Cadie Olendo PricewaterhouseCoopers GmbH Gambia Public Mgaloblishvili, Kipiani, Cabinet Olendo Procurement Authority Dzidziguri (MKD) Law Firm Henning Berger Aieti Kukava César Apollinaire Ondo Mve Alliance Group Holding White & Case Alhaji Jallow Niko Bakashvilli Cour d'Appel Judiciaire de National Water & Auditorial Firm Bakashvili Astrid Berle Libreville Vakhtang Lejhava Electricity Company Ltd. & Co. SCHUFA Holding AG Marie-Jose Ongo Mendou David Lelashvili Abdoulie Jammel Giorgi Begiashvili Chemonics, USAID Jennifer Bierly FFA Juridique & Fiscal Department of State Begiashvili & Co. Limited avocado rechtsanwälte contractor Paulette Oyane-Ondo for Trade Industry and Law Offices Employment Giorgi Liluashvili Thomas Buhl Attorney-at-Law Revaz Beridze Cleary Gottlieb Steen & BGI Legal Carine Peron Amadou Janneh USAID Business Climate Hamilton LLP National Water & Reform Jaba Mamulashvili Union Gabonaise de Banque Thomas Büssow Electricity Company Ltd. Begiashvili & Co. Laurent Pommera Sandro Bibilashvili PricewaterhouseCoopers Lamin S. Jatta BGI Legal Ekaterine Meskhidze FIDAFRICA / Pia Dorfmueller PricewaterhouseCoopers Deloitte National Agency of Public Bondo Bolkvadze Registry PricewaterhouseCoopers Laurette Poulain Zainab Jawara-Alami Chemonics USAID Gambia Revenue Authority contractor Roin Migriauli Andreas Eckhardt TransForm PricewaterhouseCoopers Law Office "Migriauli & Christophe A. Relongoué Sulayman M. Joof Temur Bolotashvili Partners" Legal FIDAFRICA / S.M. Joof Agency USAID Business Climate Reform Project Maia Okruashvili Dieter Endres PricewaterhouseCoopers Amie Joof Conteh PricewaterhouseCoopers Georgian Legal Gomes Rene Fidel Kunni Boy Chambers Suliko Chachava Partnership Cargo Logistics Group Horst Engelhardt Avocat au Barreau Nani Juwara Mamuka Papuashvili Dr. Engelhardt national du Gabon National Water and Vazha Chopikashvili Treuhand GmbH ENERGO PRO Georgia Justine Adondjo Reteno Electricity Company Ltd. Association for Protection Wirtschaftsprüfungs- of Landowners Rights Givi Petriashvili gesellschaft Avocat Ismaila Kah (APLR) IFC Francois Salangros Development Control Unit Sigrun Erber-Faller - Department of Physical Katie Dolidze Joseph Salukvadze Notare Erber-Faller und GEE - Gabonaise d'Etudes et d'Expertises Batiment Planning and Housing Alliance Group Holding Tbilisi State University Voran Laurent Boris Skitt Yusupha Kah Tsotne Ebralidze Manzoor Shah Hanno Fierdag Agence de Promotions des Department of State ARCI Architecture & Globalink Logistics Group Rechtsanwalt Dr. Fierdag Investissements Privés for Trade Industry and Development Employment Vakhtang Shevardnadze Markus J. Goetzmann Dominique Taty Courtney Fowler Mgaloblishvili, Kipiani, C·B·H Rechtsanwälte Amadou Kebbeh PricewaterhouseCoopers Dzidziguri (MKD) Law Firm FIDAFRICA / Andrea Gruss PricewaterhouseCoopers Gambia Public Procurement Authority Mariam Gabunia Irakli Songulia Ashurst Didier Thoreau Ministry of Economic Association for Protection George Kwatia Development of Landowners Rights Robert Gutte PricewaterhouseCoopers (APLR) Cleary Gottlieb Steen & G A m B IA , T h E David Giorgadze Hamilton LLP Thomas Nielsen Association for Protection Rusa Sreseli Kelvin Abdallah Gambia Shipping Agencies of Landowners Rights PricewaterhouseCoopers Rüdiger Harms PricewaterhouseCoopers (APLR) Cleary Gottlieb Steen & Omar Njie Anna Tabidze Hamilton LLP Victoria Andrews Law Firm Omar Njie Lasha Gogiberidze Mgaloblishvili, Kipiani, Amie Bensouda & Co. BGI Legal Dzidziguri (MKD) Law Firm Manfred Heinrich Pa M. M. N'jie Deutsche Bundesbank Gideon Ayi-Owoo Trust Bank Ltd Alexander Gomiashvili Matthew Tallarovic PricewaterhouseCoopers JSC Credit Info Georgia PricewaterhouseCoopers Götz-Sebastian Hök Mary Abdoulie Samba- Dr. Hök Stieglmeier & Momodou M. Bah Christensen Mamuka Gordeziani Giorgi Tatilashvili Partner Kanifing Municipal Legal Practitioner GTS Trans Logistics ENERGO PRO Council Andrea Hosenfeld Jainaba Bah Sambou Tamuna Gvaramia Giorgi Tavartkiladze Ashurst Awa Bah Department of State for BGI Legal Deloitte Department of State for Justice Kai Christian Jaenecke Justice Irakli Gvilia Tamara Tevdoradze PricewaterhouseCoopers Ebrima Sambou Credit Info Georgia BGI Legal Legal Services Alpha Amadou Barry Office of the Chief Justice, Deloitte Judiciary of The Gambia Gia Jandieri Maia Tevzadze Andre Jahn New Economic School - USAID Business Climate Dr. Hök Stieglmeier & Amie N.D. Bensouda Georgia Reform Project Partner Amie Bensouda & Co. acknowledgments 167 Jörg Kraffel Wilhelm Zeddies Panayotis Bernitsas Katerina Politi Phinsley St. Louis White & Case Surveying Authorities - M & P Bernitsas Law Kyriakides Georgopoulos St. Louis Service AdV c/o LGN Offices & Daniolos Issaias, member Peter Limmer of SEE Legal Supreme Court Registry Notare Dr. Limmer & Dr. Alkistis Christofilou Friederich G hA NA IKRP Rokas & Partners Mary Psylla Roselyn Wilkinson PricewaterhouseCoopers Wilkinson, Wilkinson & Frank Lohrmann Kelvin Abdallah Sotiris Constantinou Wilkinson Cleary Gottlieb Steen & PricewaterhouseCoopers Grant Thornton Kleanthis Roussos Daniella Williams Hamilton LLP Seth Adom-Asomaning Roussos & Partners Theodora D. Karagiorgou Danny Williams & Co. Max Lurati Peasah-Boadu & Co. Law Office T.J. Koutalidis Alexandros Sakipis PricewaterhouseCoopers Seth Agyapong-Mensah Eleni Dikonimaki PricewaterhouseCoopers G UAT E m A L A Legal Fugar & Co. Teiresias S.A. Interbanking Ioannis Samios Rodolfo Alegria Toruno Cornelia Marquardt Nene Amegatcher Information Systems Kyriakides Georgopoulos Beltranena, de la Cerda y Norton Rose Sam Okudzeto & Associates & Daniolos Issaias, member Chavez Anastasia Dritsa of SEE Legal Susanne Mattern Wilfred Kwabena Anim- Kyriakides Georgopoulos Maria Andrea Rimola Monroy PricewaterhouseCoopers Odame & Daniolos Issaias, member Harris Skordakis Cámara Guatemalteca de Land Valuation Board of SEE Legal PricewaterhouseCoopers la Construcción Werner Meier Business Solutions S.A. Cleary Gottlieb Steen & Adwoa S. Asamoah Addo Margarita Flerianou Pedro Aragón Hamilton LLP Economou International Alexia Stratou Aragón & Aragón Fugar & Co. Shipping Agencies Kremalis Law Firm, member Dirk Meyer-Claassen Gideon Ayi-Owoo of Ius Laboris Norka Aragón Senatsverwaltung für Maira Galani Mayora & Mayora, S.C. PricewaterhouseCoopers Spyridon Tsallas Stadtentwicklung Berlin IKRP Rokas & Partners Elsie A. Awadzi IKRP Rokas & Partners Ruby María Asturias Castillo Werner M. Mues Antigoni Gkarla ACZALAW Lawfields Consulting Antonios Tsavdaridis C·B·H Rechtsanwälte PricewaterhouseCoopers Emefa Baeta IKRP Rokas & Partners Alexander Azienstadt Eike Najork Yannis Kelemenis Beltranena, de la Cerda y Laryea, Laryea & Co. P.C. Christina Vlachtsis C·B·H Rechtsanwälte Kelemenis & Co. Chavez Ellen Bannerman Mariantzela Vlagopoulou Bernd Oberbossel Nicholas Kontizas María de los Angeles Barillas Bruce-Lyle Bannerman & Kremalis Law Firm, member Dirk Otto Thompson Zepos & Yannopoulos, Buchhalter member of Lex Mundi of Ius Laboris Saravia & Muñoz Norton Rose Reginald Bannerman Roula Koumparouli Vicky Xourafa Amaury Barrera Daniel Panajotow Bruce-Lyle Bannerman & Kyriakides Georgopoulos & Thompson Kremalis Law Firm, member DHV Consultants Cleary Gottlieb Steen & of Ius Laboris Daniolos Issaias Law Firm Hamilton LLP Gwendy Bannerman Roberto Batres Yannis Kourniotis Freddy Yatracou Peter Polke Fugar & Co. Carrillo & Asociados M & P Bernitsas Law PricewaterhouseCoopers Cleary Gottlieb Steen & Juliet Boabang Offices Guillermo Bonillo Hamilton LLP Anna Zaravinou Bentsi-Enchill & Letsa, Bonilla, Montano, Dimitrios Kremalis Toriello & Barrios Sebastian Prügel member of Lex Mundi G R E NA dA Kremalis Law Firm, member White & Case Abed Buabur of Ius Laboris Maria del Pilar Bonillo Christopher Schauenburg Andah and Andah Robert Branch Bonilla, Montano, Tom Kyriakopoulos Supreme Court Toriello & Barrios Cleary Gottlieb Steen & Dzidzedze Fiadjoe Kelemenis & Co. Hamilton LLP James Bristol Caroline Bono PricewaterhouseCoopers Olga Maria Kyritsi Friedrich Tobias Schoene Henry, Henry & Bristol PricewaterhouseCoopers William Edem Fugar Kremalis Law Firm, member Hogan & Hartson LLP of Ius Laboris Evelyn Cenac Mario Adolfo Búcaro Flores Fugar & Co. Thomas Schulz Customs Díaz-Durán & Asociados John Robert Jenkins Vassiliki G. Lazarakou Central Law Nörr Stiefenhofer Lutz, Zepos & Yannopoulos, Zarah Chase member of Lex Mundi Golden Jubilee Terminal member of Lex Mundi Grenada Electricity Agustín Buezo Hanno Sperlich Rosa Kudoadzi Services Ltd. Arrow Cargo Bentsi-Enchill & Letsa, Ioanna Lazaridou - Cleary Gottlieb Steen & Elmaloglou Anslem DeBourg Eva Cacacho González Hamilton LLP member of Lex Mundi Kelemenis & Co. Labour Department Quiñones, Ibargüen & Luján Dirk Stiller George Kwatia PricewaterhouseCoopers Evangelia Martinovits Ruggles Ferguson Rodrigo Callejas Aquino PricewaterhouseCoopers IKRP Rokas & Partners Ciboney Chambers Carrillo & Asociados Legal Services Kenneth D. Laryea Laryea, Laryea & Co. P.C. John Mazarakos Leroy Flavigny Juan Pablo Carrasco de Dieter Straub Customs Groote Elias Paraskevas Attorneys CMS Hasche Sigle Woodsworth Odame Larbi 1933 Díaz-Durán & Asociados - Ministry of Lands, Cosmus George Tobias Taetzner Central Law Forestry & Mines Yiannis Mazarakos Reasonable Services Ltd PricewaterhouseCoopers Elias Paraskevas Attorneys Alfonso Carrillo Sam Okudzeto Henry Joseph Holger Thomas 1933 Carrillo & Asociados Sam Okudzeto & Associates Accountants & Business SJ Berwin LLP Effie G. Mitsopoulou Services Francisco José Castillo Valentin Todorow Jacob Saah Kyriakides Georgopoulos Chacón Saah & Co. Kurt LaBarrie Hogan & Hartson LLP & Daniolos Issaias, member Aguilar Castillo Love of SEE Legal Creative Design Christoph Torwegge Benjamin Sackar Juan Carlos Castillo Chacón Bruce-Lyle Bannerman & Athanassios Pantazopoulos Dickon Mitchell PricewaterhouseCoopers Aguilar Castillo Love Thompson IKRP Rokas & Partners and Grant Joseph & Co., Legal member of Lex Mundi Vanessa Castro Mirón Darcy White Dr. A. Pantazopoulos Heiko Vogt Niel Noel Mayora & Mayora, S.C. Panalpina Welttransport PricewaterhouseCoopers Antonios Papadimitropoulos Roussos & Partners Henry Hudson - Phillips José Cerezo GmbH & Co. PricewaterhouseCoopers GREECE Athanassia Papantoniou Annekatrens Werthmann- David Sinclair Legal Services Feldhues George Apostolakos Kelemenis & Co. Sinclair Enterprises Paola van der Beek de PricewaterhouseCoopers Apostolakos Architects Dimitris E. Paraskevas Limited Andrino Legal Elias Paraskevas Attorneys Cámara Guatemalteca de Ioanna Argyraki Casandra Slocombe Karl-Heinz Wewetzer Kyriakides Georgopoulos 1933 la Construcción Grenada Electricity Senatsverwaltung für & Daniolos Issaias, member Konstantinos Pistiolis Services Ltd. Karla de Mata Stadtentwicklung Berlin of SEE Legal Elias Paraskevas Attorneys CPS Logistics Trevor St. Bernard Andreas Bagias 1933 Lewis & Renwick Rolando De Paz Barrientos Kelemenis & Co. TransUnion 168 doing business 2009 Estuardo Enrique Echeverria Andres Porras Castillo Yansane Soumah Joel Baussan Joseph Paillant Nova TransUnion Manquepas CARIMPEX Ordre des Comptables Superintendencia de Professionels Agrees Bancos Fernando Quezado Toruño Facinet Soumah Samuel Bien Aime d'Haiti Quezada Tribunal Première Instance Ministere du Commerce et FedEx Bufete Quezada Toruño, de Kaluom de l'Industrie Jean Frederic Sales Alejandro Fernández de S.A. Cabinet Sales Ibrahima Sory Sow Brierre Pierre Castro Marco Tulio Reyna Banque Centrale Cabinet de Lespinasse Margarette Sanon PricewaterhouseCoopers Cámara Guatemalteca de Banque de la Republique la Construcción Momoya Sylla Jean Baptiste Brown d'Haiti Walter Figueroa Nimba Conseil Brown Legal Group Cámara Guatemalteca de Alfredo Rodríguez Mahuad Paul Emile Simon la Construcción Rodriguez, Castellanos, Dominique Taty Steve Christian Brown Architect Solares & Aguilar, S.C. FIDAFRICA / Brown Legal Group Rodolfo Fuentes PricewaterhouseCoopers Salim Succar -Consortium legal Martin Camille Cangé Protectora de Crèdito Cabinet Lissade Comercial Jorge Rolando Barrios Alphonse Temedieu Electricité d'Haïti Nimba Conseil Jean Vandal Veronika Sofia Gonzalez Bran Salvador A. Saravia Castillo Raoul Celestin Vandal & Vandal Díaz-Durán & Asociados - Saravia & Muñoz G U I N E A- B I S S AU Les Entreprises Central Law Commerciales Joseph h ON d U R AS Klamcy Solorzano Nadal S.A. Miguel Angel Gualim Duarte Adolfo DHV Consultants Fernando Aguilera DHV Consultants Banco da África Djacaman Charles Juan Tejada Ocidental, S. A. Cabinet Gassant FIDE Bethsy Hernandez PricewaterhouseCoopers Adelaida Mesa D'Almeida Philippe-Victor Chatelain Juan José Alcerro Milla DHV Consultants José Augusto Toledo Cruz Sole practicioner Chatelain Cargo Services Aguilar Castillo Love Juan Jegerlehner Arias & Muñoz Jonathan Darboux Diggan d'Adesky Lidabel Almendárez de Vijil Saravia & Muñoz Arelis Torres de Alfaro BCEAO D'Adesky Import Export COHEP (Consejo Christian Lanuza Superintendencia de S.A. Hondureño de la Empresa Fatimatou Zahra Diop Privada) Díaz-Durán & Asociados Bancos Central Law BCEAO Christian De Lespinasse Elmer Vargas Cabinet de Lespinasse Caroline Bono Guillermo Lopez-Davis Octávio Lopes PricewaterhouseCoopers ACZALAW Bufete Lopez Cordero Octávio Lopes Advogados - Berto Dorcé Raquel Villeda Miranda Alliance Juris Excel Claudia Patricia Cartagena Andrés Lowenthal Mayora & Mayora, S.C. Oficina de Transparencia Miguel Mango Rigaud Duplan del Congreso Nacional de Mayora & Mayora, S.C. Julio Yon Audi - Conta Lda Honduras María Isabel Luján DISAGRO, Soluciones Jean Gerard Eveillard Zilbermann Armando Mango Cabinet Eveillard Héctor Danilo Cartagena Logisticas Quiñones, Ibargüen & Luján Ordem dos Advogados da Gamero Guiné-Bissau Camille Fievre GUINEA PricewaterhouseCoopers Sasha Maldonado Juris Excel Jaló Pires Janeth Castañeda de Aquino Aguilar Castillo Love Thierno A T Bah Irma Frederic Ministerio da Justica Grupo Cropa Panalpina Enrique Maldonado Cabinet IRDED Avocat Augusto Regala Joel Castillo Ministry of Economy Aminata Bah Tall Enerlio Gassant Ribeiro Agencia Aduanera y Marco Antonio Martinez Nimba Conseil Cabinet Gassant Marítima CARE Regala CPS Logistics Alpha Bakar Barry Saurel Gilet João Daniel Vaz Jr. Carmen Chevez Estuardo Mata Palmieri Cabinet Karamoko Alpha Ministere du Commerce et Comision Nacional de Barry TransVaz, Lda de l'Industrie Quiñones, Ibargüen & Luján Bancos y Seguros Edgar Mendoza Thérèse Beticka G U yA NA Emile Giordani Ramón Discua PricewaterhouseCoopers Nimba Conseil Gilbert Giordani Batres, Discus, Martinez Ashton Chase Abogados Hugo Menes Sékou Camara Etude Brisson Cassagnol Law Office of Ashton Ayora & Mayora, S.C. Direction Nationale des Chase Associates Archimelec Guerrier Francisco Guillermo Durón Impôts Lopez Guillermo Montano Deeds Registry Cabinet Gassant Elhadj Ibrahima Sory Cissé Bufete Durón Transactel Inc. Sylvie Handal Tribunal du Travail de Lucia Loretta Desir Fernando Fernández Ramón Ortega Conakry D & J Shipping Services Hudicourt-Woolley PricewaterhouseCoopers PricewaterhouseCoopers Chantal Hudicourt-Ewald Legal Services Aïssata Diakite Guyana Office for Marco Antonio Palacios Nimba Conseil Investment Cabinet Hudicourt- Woolley Alejandro Fernández de Palacios & Asociados High Court Castro Mamadou Aliou Chérif Diallo Andrea Paniagua Marc Hebert Ignace PricewaterhouseCoopers Koutou Rexford Jackson PricewaterhouseCoopers Banque de la République Safiatou Kalissa Singh, Doodnauth Law d'Haiti Lillizeth Garay Luis Pellecer FIDAFRICA / Firm CNBS Luciner Joseph Carrillo & Asociados PricewaterhouseCoopers Land Registry Dania Waldina Gomez Mairie de Petionville Luis Rene Pellecer Lopez Mohamed Lahlou Rakesh Latchana Deloitte S.A. de C.V. Kareen T. 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Polanco Instituto de la Propiedad André Sangare Gemma Anglade Alexandrine Nelson Frutas Tropicales de Ramón E. Morales Guatemala, S.A. (FRUTESA) Cabinet UIBG Brown Legal Group Chatelain Cargo Services PricewaterhouseCoopers SOCOPAO - SDV acknowledgments 169 Orestila Muñoz Andrew Halkyard IFS Ltd. ICEL ANd Rohini Aggarawal Empresa Nacional de Keith Man Kei Ho Norbert Izer PricewaterhouseCoopers Energía Eléctrica Elin Arnadottir Wilkinson & Grist PricewaterhouseCoopers PricewaterhouseCoopers. Jameel Ahmed Jazna Vanessa Oquelí AlifBiz Rod Houng-Lee Zsuzsa Kardos Kristján Ásgeirsson García & Bodán PricewaterhouseCoopers Bellák & Partners Law Arkitektastofan OG Ajit Bhuta and Associates Ramón Ortega Office, member of Ius Kwok Ho Lam Laboris Guğrún Bergsteinsdóttir Rajiv Anand PricewaterhouseCoopers CLP Power Limited BBA Legal PricewaterhouseCoopers Andrea Paniagua Zsuzsanna Károlyi Cindy Lam Bellák & Partners Law Şórğur Búason Palanikumar Arumugam PricewaterhouseCoopers The Land Registry Office, member of Ius Reykjavik Construction Variety Fashions Jose Ramon Paz Laboris Agency David Lawrence Aum Aruchitects J.R. Paz & Asociados Deacons Adrienn Keller Ólafur Eyjólfsson Pavithra B. Julio Pinedo Bellák & Partners Law PricewaterhouseCoopers Damasus Mak Maharani Laxmi Ammanni PricewaterhouseCoopers Office, member of Ius Centre for Social Science Interlite Company Limited Skuli Th. Fjeldsted Mauricio Quiñónez Laboris Research Andrea Pellicani Fjeldsted, Blöndal & PricewaterhouseCoopers Andrea Kocziha Fjeldsted Rohit Bajaj Overseas Asia Dino Rietti PricewaterhouseCoopers Chawla & Co. Randolph Perry Erlendur Gíslason Arquitecnic Russell Lambert LOGOS, member of Lex Vikas Bansal Orrick, Herrington & Milton Rivera Sutcliffe LLP PricewaterhouseCoopers Mundi PricewaterhouseCoopers PricewaterhouseCoopers Martinal Quan Petra Lencs Ingibjörg Guğbjartsdóttir Daksha Bara Legal Services Bárd, Cseri & Partners BBA Legal Maharani Laxmi Ammanni Metopro Associates Ltd. José Rafael Rivera Ferrari Law Firm Centre for Social Science Sara Tong Elísabet Guğbjörnsdóttir J.R. Paz & Asociados Dóra Máthé Research Temple Chambers PricewaterhouseCoopers Enrique Rodriguez Burchard PricewaterhouseCoopers Legal Services Aditya Bhardwaj Anita Tsang Singhania & Partners, Aguilar Castillo Love Richárd Medve Reynir Haraldsson PricewaterhouseCoopers Solicitors & Advocates Fanny Rodríguez del Cid Réti, Antall & Madl Jónar Transport Lawrence Tsong Tsong Landwell Law Firm Prachi Bhardwaj Arias & Muñoz Margrét Hauksdóttir TransUnion Lívia Mihovics Trilegal Martha R Saenz The Land Registry Tak Kei Wan Réti, Antall & Madl Nitesh Bhasin Zacarías & Asociados Landwell Law Firm Kristín Helga CLP Power Limited Trilegal Godofredo Siercke PricewaterhouseCoopers Susanne Wong László Mohai Legal Services Bhasin International García & Bodán Hong Kong Economic & Judit Nagy Edgardo H. Sosa Trade Office Jón Ingi Ingibergsson Leena Chacko Bellák & Partners Law PricewaterhouseCoopers. Amarchand & Mangaldas Empresa Nacional de Raymond Wong Office, member of Ius Energía Eléctrica & Suresh A. Shroff & Co. PricewaterhouseCoopers Laboris Erlingur E. Jónasson Cristian Stefan Handal ISTAK Aman Chanda Alexander Yuen Sándor Németh PricewaterhouseCoopers Zacarías & Asociados Szecskay Attorneys-at-Law Hróbjartur Jónatansson TransUnion Juan Tejada AM Praxis Law Offices Harshala Chandorkar Tamás Pásztor Credit Information Bureau PricewaterhouseCoopers h U N G A Ry Nagy és Trócsányi Law Ásta Kristjánsdóttir Ltd. Jorge Torres Office, member of Lex PricewaterhouseCoopers Morley Allen & Overy Mundi Legal Services Vipul Chaturvedi COHEP (Consejo Iroda Hondureño de la Empresa Innovative Eco-Care Pvt. Tibor Szabó Ragna Matthíasdóttir Ltd. Privada) Peth Ádám Réti, Antall & Madl ISTAK BISZ Central Credit Landwell Law Firm Jyoti Chaudhari Armando Urtecho López Information Ltd Daği Ólafsson COHEP (Consejo Legasis Services Pvt. Ltd. András Szecskay BBA Legal Hondureño de la Empresa Mark Balastyai Anamika Chaudhary Szecskay Attorneys-at-Law Privada) Futureal Holding Co. Kristján Pálsson Infini Juridique Ilona Szarka Jónar Transport Roberto Manuel Zacarías Péter Bárdos Harminder Chawla IB Grant Thornton Urrutia Sándor Békési Consulting Kft. Eyvindur Sólnes Chawla & Co. Zacarías & Asociados Partos & Noblet Lovells LVA Ágnes Szent-Ivány Manjula Chawla Heiğar Stefánsson h ONG kONG , Judit Bókai Sándor Szegedi Szent-Ivány LOGOS, member of Lex MCA Legal C h I NA Dr Bókai Notary Office Komáromi Eversheds Mundi Nimish Choudhary Hedi Bozsonyik Viktória Szilágyi PricewaterhouseCoopers Brian Barron Gunnar Sturluson Szecskay Attorneys-at-Law Nagy és Trócsányi Law Baker & McKenzie Office, member of Lex LOGOS, member of Lex Sachin Chugh Nicholas Chan Zsuzsanna Cseri Mundi Mundi Singhi Chugh & Kumar, Bárd, Cseri & Partners Chartered Accountants Squire, Sanders & Dempsey László Szcs Rúnar Svavar Svavarsson LLP Law Firm Kamlesh Desai Réti, Antall & Madl Orkuveita Reykjavíkur, Albert P.C. Chan István Sándor Landwell Law Firm Distribution-Electrical Mangal Exports Kelemen, Meszaros, Sandor System The Hong Kong Tibor Torok Prashant Dharia Polytechnic University & Partners Bergşór Şormóğsson PricewaterhouseCoopers Anant Industries Alex Chan Dalma Dudás ISTAK Ádám Tóth Rahul Dhawan The Land Registry Réti, Antall & Madl Landwell Dr. Tóth & Dr. Gáspár I N dIA Fox Mandal Vashi Chandi Közjegyzi Iroda Thambi Durai Gabriella Erdos Nagarajan A. Excellence International Gábor Varga T. Durai & Co. PricewaterhouseCoopers Karthik Diesel Sales & Deborah Cheng BISZ Central Credit Service Koshy G. George György Fehér Information Ltd Squire, Sanders & Dempsey Karthik Diesel Sales & L.L.P. Bellák & Partners Law Rajan A. Office, member of Ius Agnes Wolford Service Sweka International Winnie Cheung Laboris Budapest Viii. district C.V. Ganesh The Land Registry Municipality Dulal Acharyya Karthik Diesel Sales & Anna Gáspár Parasnath Tech Garments Patrick Fontaine Build-Econ Ltd. Blanka Zombori Service Pvt., Ltd. Linklaters PricewaterhouseCoopers Rahul Garg Karolina Gombos Amit Agarwal Alexander Gong IB Grant Thornton PricewaterhouseCoopers PricewaterhouseCoopers Baker & McKenzie Consulting Kft. G.D. Smabhare and Co. 170 doing business 2009 Mayur Ghadia Poonam Lila Ahuja Punita Ranjan Sharma Almer Apon Bhavna Electrical Leo Circuit Boards Pvt. Singhi Chugh & Kumar, Net Link Computer PT Buana Mas Citra Industries Ltd. Chartered Accountants Lestari Anand Sharma Rajesh Gopinath Manjunath Madhav Atramuddin Qureshi R.K. Industries Hamud M. Balfas Regent Telecom Rieco Handmade Creations Ali Budiardjo, Nugroho, Shivanand Shenoy Reksodiputro, member of Dinesh Gupta Manish Madhukar Rahul Exports Lex Mundi Tushar Shinde Hari Om International Infini Juridique Capt Raj Precise Biopharma Pvt. Rick Beckmann Anil Gupta Maharani Laxmi Ammanni Brahma Shipping & Ltd. Brigitta I. Rahayoe & Hitech Group Centre for Social Science Logistics Syamsuddin Vikram Shroff Chander Gupta Research Karthik Raja Nishith Desai Associates Fabian Buddy Pascoal MR Tobacco Pvt., Ltd. Som Mandal Knitted Garments Hanafiah Ponggawa & Exporter Rajnish Shukla Vinay Gupta Fox Mandal Singhi Chugh & Kumar, Partners Vinay K Gupta & Co. Vipender Mann Sundar Rajan Chartered Accountants Ira A. Eddymurthy KNM & Partners, Law Cassanova Textiles Soewito Suhardiman Mano Haran Sukhpreet Singh ACE Overseas Offices Mohan Rajasekharan Chawla & Co. Eddymurthy Kardono Kapish Mehta MCA Legal Sani Eka Duta Akil Hirani Ravinder Singh Majmudar & Co. Dara Mehta Krishnamurthy International Tools Co. Bank Indonesia Little & Co. Ramachandran Greg Elms India Business Database. Legasis Services Pvt. Ltd. Amaresh Kumar Singh com Gajendra Mehta Luthra & Luthra IFC Nimbus Corporation Mohan Ramakrishnan Bambang Eryudhawan Vipin Jain Sathya Auto Private Kaviraj Singh Shree Bhikshu Marble and Jitesh Mehta Trustman & Co Indonesian Institute of Limited Architects Granites Source India Rangaswamy Ramakrishnan Ravinder Singhania Ashok Jain Singhania & Partners, Ahmad Fadli R.K. Mishra Top Metrology Pvt. Ltd. Suraj Overseas Solicitors & Advocates Brigitta I. Rahayoe & Metro Associates Syamsuddin Ashok Ramgir Atul Jani Sharad Mishra Harsh Impex Arvind Sinha Gayatri Polymers & Business Advisors Group Iqbal Hadromi Neo Multimedian Hadromi & Partners Geosynthetics. Dipak Rao Saurabh Misra Singhania & Partners, Uppu Sivaiah Malini Jayakumar Esprit de Corps India Djoko Hastowo Paras Kuhad & Associates, Solicitors & Advocates PLN Kantor Pusat Sribalaji Cosmetics Advocates ("PKA") Jessica Maria Rodrigues Ramamurthy Srinivasan Dharmendra Johari Transdeals Inc. Ray Headifen Deepti Mittal Kavjess Export Import Stonex Inc. PT Prima Wahana Caraka / Vinay K Gupta & Co. Trading Company Rudra Srivastava PricewaterhouseCoopers G. D. Joseph Ravi Modi Martin Clifford Rodrigues Chawla & Co. Joseph & Co. Reno Hirdarisvita Dev Roadlines Pvt. Ltd. Max Exports Joseph Starr Hadromi & Partners Swaminathan Kalyanaraman Vikash Mohta Roopa Textiles and Starline Shipping Dakshin Kreations Private Rahayu N. Hoed P.A. International Trimmings Stretch Fashions Limited Makarim & Taira S. R. Muralidharan Sameer Sah Madhu Sweta Dinesh Kanabar Brigitta Imam Rahayoe PricewaterhouseCoopers Majmudar & Co. Singhania & Partners, PricewaterhouseCoopers Brigitta I. Rahayoe & Satish Murti Abhishek Saket Solicitors & Advocates Syamsuddin A.V. Kane Murti & Murti Infini Juridique Niranjan Talati Darrell R. Johnson The Brihan Mumbai International Law Electric Supply & Dushir Saksena Shreeji Marketing Indonesian Legal Practice Consultants Transport Undertaking ICFAI School of Financial Mahesh Thaker Anshoo Nayar Studies M J & Company Mohammad Kamal Vaishal Kapadia Fox Mandal Shidimo Interaux Pvt. Ltd. Sudhir Saksena Krupa Thakkar Furniture Fikamar Nine International ICFAI School of Financial Rushil Decor Ltd. Mirza Karim Deepti Kapoor Studies Fox Mandal Anand Nivas Hira Tikoo KarimSyah Law Firm Dragon Express Freight Richie Sancheti Sushmita Kapur United International Ketua Kehormatan Pvt. Ltd. Nishith Desai Associates Fox Mandal Aparna Tripathy Ikatan Arksitek Indonesia Rajesh Palavankar Deepak Sanghavi Jakarta Rajas Kasbekar Infini Juridique IndoGlobal Health ARL Global David Knight Little & Co. Sciences Private Limited Suhas Tuljapurkar Radhika Sankaran Agri-Developments Arun Kedia Janak Pandya Legasis Services Pvt. Ltd. International SA (Pty) Fox Mandal VAV Life Sciences P. Ltd. Nishith Desai Associates Sunil Upadhyaya Limited V. Siva Sankaran Rajesh Khandelwal Sujit Parakh National Foods Herry N. Kurniawan T.S. Classique Suman Enterprises PricewaterhouseCoopers Ratandeep Uppal Ali Budiardjo, Nugroho, Mohit Saraf Reksodiputro, member of Avinash Kumar N. B. Patel B M Metal Crafts Luthra & Luthra Lex Mundi Chawla & Co. R.K. Plast & Engineers Kannan Venkatasamy Neha Satav Rudy Kusmanto Suraj Kumar Sanjay Patil Peripheralconnexions Legasis Services Pvt. Ltd. Makarim & Taira S. Chawla & Co. Saji Vijayadas Ashish Patole Srinivasan Seenu Winita E. Kusnandar Sailesh Kumar Accent Trendz Dragon Express Freight Air Travels Pvt. Ltd. Kusnandar & Co. Dragon Express Freight Pvt Ltd. Niti Paul Ratnika Sehgal Erma Kusumawati Jude Xavier Chawla & Co. Chawla & Co. Bank Indonesia Debashis Kumar Reppin International Ganapati Udyog Francisca Philip Ramani Seshadri Julien Lallemand Zedd Trade Singhania & Partners, PT SDV Logistics Abhishek Kumar Solicitors & Advocates Dilip Shah Singhania & Partners, Parag Shah I N d ON E SIA Ferry P. Madian Solicitors & Advocates Nitin Potdar Ali Budiardjo, Nugroho, J. Sagar Associates, Fox Mandal Yose M. Adams Reksodiputro, member of Karsh Kumar Advocates & Solicitors Prakash Shah Bank Indonesia Lex Mundi Singhi Chugh & Kumar, Parijat Marketing Services Nafis Adwani Chartered Accountants M. Prabhakaran Ahmad Malkan Consulta Juris Ramasamy Shankar Ali Budiardjo, Nugroho, PT Triharpindo Mandiri Vinu Kurian Reksodiputro, member of Beta Healthcare Products Anand Prasad Purushotam Sharma Lex Mundi Eric Mancini Private Ltd. Trilegal Gajraj Mehandi Uydog PT SDV Logistics acknowledgments 171 Gopinath Menon Fararatri Widyadari Husam Addin Hatim Lior Crystal Luigi Brunetti PT IFC Stephan Jäger PricewaterhouseCoopers SDV PricewaterhouseCoopers FAS Robertus Winarto Amereller Rechtsanwälte Clifford Davis Carlo Bruno PT Prima Wahana Caraka / Imad Makki S. Horowitz & Co., member Ashurst Karen Mills PricewaterhouseCoopers of Lex Mundi KarimSyah Law Firm Al Qarya Group Co. Manuela Caccialanza Ferry Zulkarnaen Roee Hecht Jones Day Norma Mutalib Widyawan & Partners IRELANd Shavit Bar-On Gal-On Tzin Sergio Calderara Makarim & Taira S. Nov Yagur, Law Offices IRAN Arthur Cox, member of Lex Nunziante Magrone Feria Ningsih Mundi Aaron Jaffe Makarim & Taira S. Yigal Arnon & Co. Stefano Cancarini Mohammad Adib Margaret Austin TLS / Hartono Parbudi Adib Law Firm Eugene F. 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Peter Rosner International Law Office Nov Yagur, Law Offices LK Shields Solicitors, Domenico Colella Bank Dunia I the World of Dr Behrooz Akhlaghi & member of Ius Laboris Bank Associates Michael Lagon Portolano Colella Gavin Doherty The Israel Electric Cavallo Studio Legale Adam Sack Gholamhossein Davani Corporation Ltd.- Dan Eugene F. Collins Fabrizio Colonna IFC Dayarayan Auditing & Solicitors district Financial Services Camozzi Bonissoni Isyana W. Sadjarwo Ciara Garry Michelle Liberman Varrenti & Associati Notaris & Pejabot Pembuot Saeed Hashemian S. Horowitz & Co., member ESB Networks Mattia Colonnelli de Gasperis Akio Tanoh Adib Law Firm of Lex Mundi Paul Glenfield Lombardi Molinari e Pieter Henrianto Salean Mehdi Heidarzadeh David Rosen Associati Studio Legale Matheson Ormsby Prentice Makarim & Taira S. Alvand Sayan Idility Consulting International Trading Micheál Grace Barbara Corsetti Henry Sandee Co, Ltd. Gerry Seligman Portolano Colella Mason Hayes & Curran Bank Dunia I the World PricewaterhouseCoopers Cavallo Studio Legale Bank Javad Javaheri Colm Kelly PricewaterhouseCoopers Yifat Shkedi-Shatz Filippo Corsini Gatot Sanyoto Parisa Mazaheri S. Horowitz & Co., member Chiomenti Studio Legale Kusnandar & Co Atieh Associates Ian Lavelle of Lex Mundi LK Shields Solicitors, CRIF S.p.A. Nur Asyura Anggini Sari Mozaffar Mohammadian Edward Shtaif Teema Bar International member of Ius Laboris Luis Cristalli Bank Indonesia The Israel Electric Transport Margaret Masterson Corporation Ltd.- Dan Opdel Snc Di Ilario Dell Nasri Sebayang Agnolo & Co. Yahya Rayegani PricewaterhouseCoopers district PT PLN (Persero) Indonesia State Electricity Farjam Law Office Gavan Neary Daniel Singerman Salvatore Cuzzocrea Corporation PricewaterhouseCoopers Business Data Israel + PricewaterhouseCoopers Behrooz Rezazadeh Indra Setiawan PSDC Group Shane Neville Personal Check Antonio de Martinis Ali Budiardjo, Nugroho, LK Shields Solicitors, Nir Zalmanov Spasaro De Martinis Law Jamal Seifi Firm Reksodiputro, member of member of Ius Laboris B.A.S Lex Mundi Dr. Jamal Seifi & Associates Malichi O'Callaghan Elena D'errico Hans C. Shrader Duncan & Grehan Partners I TA Ly Abbatescianni Studio Mir Shahbiz Shafe Legale e Tributario IFC Dr. Jamal Seifi & Panalpina World Allen & Overy LLP Kevin Omar Sidharta Associates Transport Ltd. Claudio Di Falco APL Cleary Gottlieb Steen & Ali Budiardjo, Nugroho, Cyrus Shafizadeh Reksodiputro, member of Judith Riordan Marianna Abbatticchio Hamilton LLP Lex Mundi Tavakoli & Shahabi Mason Hayes & Curran Ristuccia & Tufarelli Domenico Di Pietro Ricardo Simanjuntak Mostafa Shahabi Brendan Sharkey Chiomenti Studio Legale Fabrizio Acerbis Ricardo Simanjuntak & Tavakoli & Shahabi Reddy Charlton McKnight PricewaterhouseCoopers Marco Ettorre Partners Gavin Simons I R Aq Paola Albano Camozzi Bonissoni A. Kemalsjah Siregar Eugene F. Collins Cleary Gottlieb Steen & Varrenti & Associati Kemalsjah & Associates Hadeel Salih Abboud Solicitors Hamilton LLP Al-Janabi Carlo Falcetto Bambang Soelaksono Michael Treacy Gaetano Arnò Nunziante Magrone Mena Associates, Property Registration The SMERU Research member of Amereller TLS / Emanuele Ferrari Institute Authority PricewaterhouseCoopers Rechtsanwälte Studio Notarile Ferrari Pak Subani, SH Colm Walsh Legal Services Hadeel Al Janabi Linda Frigo Amir Syamsuddin & Irish International Maria Pia Ascenzo Mena Associates, Freight Association Studio Legale Macchi di Partners member of Amereller Bank of Italy Cellere e Gangemi Bernadeta Sulistyarimi Rechtsanwälte Maeve Walsh Romina Ballana Reddy Charlton McKnight Ivana Genestrone IFC Ahmad Al Jannabi PricewaterhouseCoopers TLS Associazione Galinar R. Kartakusuma Mena Associates, Professionale di Avvocati member of Amereller I SR A E L Paola Barazzetta Summitmas TLS / e Commercialisti Makarim & Taira S. Rechtsanwälte Ronen Bar-Even PricewaterhouseCoopers Francesca Gesualdi Yukiko LU. Tambunan Farquad Al-Salman Weiss- Porat & Co. Legal Services Cleary Gottlieb Steen & Bank Indonesia F.H. Al-Salman & Co. Paul Baris Susanna Beltramo Hamilton LLP Ernst G. Tehuteru Florian Amereller Yigal Arnon & Co. Studio Legale Beltramo Lucio Ghia Ali Budiardjo, Nugroho, Amereller Rechtsanwälte Ofer Bar-On Antonino Boeti Ghia Law Firm Reksodiputro, member of Blund Faridoon Arif Najeb Shavit Bar-On Gal-On Tzin Penelope S.r.l. Vincenzo Giannantonio Lex Mundi Attorney-at-Law Nov Yagur, Law Offices Roberto Bonsignore Ashurst Gatot Triprasetio Koby Cohen Cleary Gottlieb Steen & Maurizio Giuntoni Widyawan & Partners PricewaterhouseCoopers Hamilton LLP Ecoproget S.r.l. 172 doing business 2009 Federico Guasti Tommaso Tomaiuolo Miho Arimura Akio Yamamoto Khaldoun Nazer Studio Legale Guasti TLS Associazione Hatasawa & Wakai Law Kajima Corporation Khalifeh & Partners Professionale di Avvocati Firm Giovanni Izzo e Commercialisti Kazuhiro Yanagida Omq Al Bihar Est. Abbatescianni Studio Credit Information Center Nishimura & Asahi Luca Tufarelli Corp. Ahmad Quandour Legale e Tributario Ristuccia & Tufarelli Setsuko Yufu Khalifeh & Partners Arena Lanfranco Mijo Fujita Atsumi & Partners Benedetta Vannini Adachi, Henderson, Osama Y. Sabbagh Prodital Leathers Miyatake & Fujita The Jordanian Electric Stefano Macchi di Cellere Cleary Gottlieb Steen & jOR dA N Power Co. Ltd. (JEPCO) Hamilton LLP Yoshimasa Furuta Jones Day Saleh Abdelati Stephan Stephan Emanuela Vittelo Anderson Mori & Barbara Magn Tomotsune Ali Sharif Zu'bi, Advocates PricewaterhouseCoopers Cleary Gottlieb Steen & & Legal Consultants, Camozzi Bonissoni Hamilton LLP Azzam Zalloum Varrenti & Associati Shigeru Hasegawa member of Lex Mundi Angelo Zambelli Zeirishi-Hojin Zalloum & Laswi Law Firm Fabrizio Mariotti Chaled Abu-Gharbieh LabLaw Studio legale - PricewaterhouseCoopers Iyad Zawaideh Arch EPE, Enterprise Mario Miccoli Failla, Rotondi & Zambelli Tamotsu Hatasawa Business Solutions Ali Sharif Zu'bi, Advocates Notaio Miccoli Filippo Zucchinelli Hatasawa & Wakai Law & Legal Consultants, Anas Abunameh member of Lex Mundi Valeria Morossini TLS / Firm Law & Arbitration Centre PricewaterhouseCoopers Takashi Hirose Kareem Zureikat Francesca Napoletano Legal Services Ibrahim Abunameh Oh-Ebashi LPC & Partners Ali Sharif Zu'bi, Advocates Chiomenti Studio Legale Law & Arbitration Centre & Legal Consultants, Gianmatteo Nunziante jA m A IC A Yuko Inui Bassam Abu-Rumman member of Lex Mundi Nunziante Magrone Orrick, Herrington & Theresa Bowen Ali Sharif Zu'bi, Advocates Sutcliffe LLP & Legal Consultants, k A z A k h S TA N Francesco Nuzzolo LEX Caribbean PricewaterhouseCoopers Muriuki Kaindio member of Lex Mundi Bolat Abaidullayev Arlene E. Burton Tokyo Trading Co. Ltd. Luciano Panzani PricewaterhouseCoopers Sabri Al Khassib Business Environment Yosuke Kanegae Amman Chamber of Improvement Project/ Supreme Court Eric Alexander Crawford Pragma Corporation Oh-Ebashi LPC & Partners Commerce Paolo Pasqualis PricewaterhouseCoopers Ardak Aiyekeyeva Hideki Thurgood Kano Tamara Al-Banna Notary Eagle and Whale Ltd. PricewaterhouseCoopers Anderson Mori & Khalifeh & Partners Giovanni Patti Nicole Foga Tomotsune Anvar Akhmedov Eman M. Al-Dabbas Abbatescianni Studio Foga Daley & Co. First Credit Bureau Legale e Tributario Yutaro Kawabata International Business Stephanie Gordon Nishimura & Asahi Legal Associates Aman Aliev Paolo Pedrazzoli LEX Caribbean Susumi Kawaguchi Arafat Alfayoumi Assistance, LLC Law Firm Studio Notaio Pedrazzoli Herbert Winston Grant Obayashi Corporation Central Bank Askar Baigazin Andrea Pellicani Grant, Stewart, Phillips Kotaku Kimu Omar Aljazy PricewaterhouseCoopers Overseas Asia & Co. Legal Services Zeirishi-Hojin Aljazy & Co.Advocates & Federica Peres Michael Hall PricewaterhouseCoopers Legal Consultants Nurlan Baimurzayev Portolano Colella PricewaterhouseCoopers Francis Bawab Ministry of Justice Cavallo Studio Legale Kenichi Kojima Corrine N. Henry Ushijima & Partners PricewaterhouseCoopers Ildus Bariev Laura Prosperetti Myers, Fletcher & Gordon, Toshio Miyatake Stephen Carpenter Globalink Logistics Group Cleary Gottlieb Steen & member of Lex Mundi Hamilton LLP Adachi, Henderson, Customs Administration Aliya Baysenova Alicia P. Hussey Miyatake & Fujita Modernization Program Giuseppe Ramondelli (CAMP) Assistance, LLC Law Firm Myers, Fletcher & Gordon, Michihiro Mori Studio Legale Notarile member of Lex Mundi Micheal T. Dabit Gulnur Bekmukhanbetova Di Fabio Ramondelli Nishimura & Asahi McGuireWoods Cantamagli Emile G.R. Leiba Michael T. Dabit & Tohru Motobayashi Associates Kazakhstan LLP Giuseppe Antonio Recchia Myers, Fletcher & Gordon, Mori Hamada & member of Lex Mundi Anwar Elliyan Shamshidin Bizhkenov Dipartimento sui rapporti Matsumoto Aristan Project di lavoro e sulle relazioni Sandra Minott-Phillips The Jordanian Electric Takafumi Nihei Power Co. Ltd. (JEPCO) Management Group industriali - University Myers, Fletcher & Gordon, Nishimura & Asahi (APMG) of Bari member of Lex Mundi Greater Amman Miho Niunoya Municipality Sergey Chetverikov Tommaso Romolotti Viveen Morrison PricewaterhouseCoopers Atsumi & Partners Camozzi Bonissoni PricewaterhouseCoopers David H. Harrell Varrenti & Associati Naoko Sato Customs Administration Michael Dark Hilary Reid Anderson Mori & Modernization Program Michael Wilson & Partners Giovanni B. Sandicchi Myers, Fletcher & Gordon, Ltd. Tomotsune (CAMP) Cleary Gottlieb Steen & member of Lex Mundi Hamilton LLP Tetsuro Sato George Hazboun Almaz Dosserbekov Natalie Farrell Ross Baker & McKenzie Aristan Project Lamberto Schiona Myers, Fletcher & Gordon, Zeina Jaradat Management Group Studio Legale Schiona member of Lex Mundi Eri Sugihara PricewaterhouseCoopers (APMG) Massimiliano Silvetti Nishimura & Asahi Rasha Laswi Lisa N. Russell Ardak Dyussembayeva Nunziante Magrone Myers, Fletcher & Gordon, Hidetaka Sumomogi Zalloum & Laswi Law Firm Aequitas Law Firm Piervincenzo Spasaro member of Lex Mundi Nishimura & Asahi Husam Jamil Madanat Courtney Fowler Spasaro De Martinis Law Humprey Taylor Hiroyuki Suzuki Land and Survey PricewaterhouseCoopers Firm Taylor Construction Ltd. Zeirishi-Hojin Directorate PricewaterhouseCoopers Oleg Gnoevykh Giovanni Stefanin Lorraine Thomas Firas Malhas M&M Logistics TLS Associazione LTN Logistics Toshio Taikoji International Business Professionale di Avvocati International Co. Ltd Kajima Corporation Legal Associates Semion Issyk e Commercialisti Aequitas Law Firm Maliaca Wong Junichi Tobimatsu Munaf Malkawi Robert Sturgess Myers, Fletcher & Gordon, Mori Hamada & Mufida Art Mosaic Vladimir Ivlev SDV member of Lex Mundi Matsumoto First Credit Bureau Maher Melhem Maria Antonietta Tanico Jun Yamada Abu-Ghazaleh Thomas Johnson Tanico law firm jA pA N Anderson Mori & Professional Consulting Denton Wilde Sapte Allen & Overy Tomotsune (AGPC) Elena Kaeva Silvio Tersilla Lovells APL Michi Yamagami Amer Mofleh PricewaterhouseCoopers Anderson Mori & International Business Tomotsune Legal Associates acknowledgments 173 Dina Kali William Ikutha Maema John Syekei Nyandieka Jung Myung Lee Mohammed Al Noor PricewaterhouseCoopers Iseme, Kamau & Maema Muriu Mungai & Co Hwang Mok Park P.C., Al-Twaijri and Partners Legal Services Advocates Advocates member of Lex Mundi Law Firm Nursultan Kassenov Karori Kamau Joseph Taracha Hye Jeong Lee Reema Ali Aristan Project Iseme, Kamau & Maema The Central Bank Ahnse Law Offices Ali & Partners Management Group Advocates (APMG) Adrian Topoti Sung Whan Lee Abdullah Bin Ali Patrick Karara B.M. Musau & Co. Ahnse Law Offices Packaging and Plastic Pasha Karim PricewaterhouseCoopers Advocates Industries Co. (KSC) Globalink Logistics Group Kwon Lee Peter Kenani Kim & Chang Tim Bullock Yekaterina Kim Homeline Consolidation k I R I BAT I Al-Fahad & Co, Deloitte & Michael Wilson & Partners Services Ltd. Kyu Wha Lee Touche Kenneth Barden Lee & Ko Ltd. Attorney-at-Law Morris Kimuli Paul Day Alexander Kurganov B.M. Musau & Co. Jada Soyun Lee Al Sarraf & Al Ruwayeh William Wylie Clarke Orrick, Herrington & M&M Logistics Advocates Howards Lawyers Sutcliffe LLP Sam Habbas Abdulkhamid Muminov Felix Kioko Lawrence Muller Al Sarraf & Al Ruwayeh PricewaterhouseCoopers B.M. Musau & Co. Sun-Kyoo Lee Betio City Council Samil Nazih Abdul Hameed Advocates Assel Musina Tion Neemia PricewaterhouseCoopers Al-Saleh & Partners Denton Wilde Sapte Meshack T. Kipturgo Shipping Agency of Kiribati June Ha Lim Sunil Jose Siginon Freight Ltd Berik Nurgaziyev Ports Authority Hwang Mok Park P.C., Abu-Ghazaleh Consulting Aristan Project Owen Koimburi member of Lex Mundi and Intellectual Property Management Group SCI Koimburi Tucker & Co. Matereta Raiman (APMG) Ministry of Finance & Patrick J. Monaghan Mazen A. Khoursheed Alexandra Kontos Economic Development Kim & Chang Packaging and Plastic Yuliya Penzova Walker Kontos Advocates Industries Co. (KSC) Aequitas Law Firm Sung-Ho Moon Gilbert Langat kOR E A Horizon Law Group Jasmin Paurus Kohina Saniya Perzadayeva Kenya Shippers Council Abdullah Kh. Al-Ayoub & Macleod Dixon Yong Seok Ahn Ho Joon Moon Associates, member of Lex Nicholas Malonza Lee & Ko Lee & Ko Mundi Elvis Robert B.M. Musau & Co. M&M Logistics Advocates Dong-Ook Byun Je-Sik Myoung Chirine Krayem Moujaes Customs Service Korea Credit Bureau The Law Offices of Mishari Asem Shaidildinova Victor Majani Al-Ghazali PricewaterhouseCoopers Osoro and Co, Certified Min-Sook Chae Byung-Hun Nam Public Accountants Korea Credit Bureau NamSun Industries co. Dany Labaky Kanat Skakov The Law Offices of Mishari Salans Sam Mbugua Hyeong-Tae Cho Panalpina IAF Ltd. Samil Al-Ghazali Philton Sang Il Park Zhaniya Ussen PricewaterhouseCoopers Shaik Haneef Moinuddin Assistance, LLC Law Firm Rosemary Mburu Hwang Mok Park P.C., Han-Jun Chon member of Lex Mundi Law Offices of Jamal Institute of Trade Ahmed Abdullah Dubek Zhabykenov Development Samil J.T. Park BA Services International PricewaterhouseCoopers Mohamed Omar LLC Metropol East Africa Ltd. Kim & Chang Eui Jong Chung Al Markaz Law Firm Danat Zhakenov Osoro Moses Osano Jung-Taek Park Bae, Kim & Lee LLC Omar Hamad Yousuf Al-Essa Zhakenov & Partners Muriu Mungai& Co Kim & Chang Lionel Darrieutort The Law office of Al-Essa in association with Advocates Jeong Seo & Partners Grundberg Mocatta SDV Washington Muthamia Kim & Chang Rakison Marc Fally Ahmed Zakaria Alexandria Freight Dong-Suk Wang Al Sarraf & Al Ruwayeh Valerie A. Zhakenov Forwarders Ltd. SDV Korea Credit Bureau Zhakenov & Partners Judy Mwangi Sang-goo Han k y RG y z R E p U B L IC in association with Kim Ji Woong Chunga Associates Yoon Yang Kim Shin & Yu Grundberg Mocatta Korea Credit Bureau Ainura Abdyrakunova Rakison Wachira Ndege Sean C. Hayes Lorenz Law Firm Jee-Yeon Yu Liza Zhumakhmetova Credit Reference Bureau Ahnse Law Offices Kim & Chang Gulnara Ahmatova PricewaterhouseCoopers Africa Ltd. Baek Huh International Business Legal Services Stephen Okello Hwang Mok Park P.C., k U wA I T Council Ainur Zhumanbayeva PricewaterhouseCoopers member of Lex Mundi Ihab AbbasCalderon Nursulu Ahmetova Michael Wilson & Partners Erastus K. Omolo C.W. Hyun Al-Fahad & Co, Deloitte & USAID Business Ltd. Erastus & Co. Certified Kim & Chang Touche Environment Improvement Public Accountants James I.S. Jeon Project k E N yA Labeed Abdal Elisha Ongoya Sojong Partners The Law Firm of Labeed Renat Akhmetov George Akoto Asiema & Co Advocates Young-Cheol Jeong Abdal PricewaterhouseCoopers Akoto & Company Tom Onyango Yonsei University Advocates Amal Abdallah Sabyrbek Akimabev Ochieng, Onyango, Kibet Kim Jung In Al-Saleh & Partners USAID Business George Arego & Ohaga Environment Improvement Korea Credit Bureau Mahmoud Abdulfattah Siginon Freight Ltd Cephas Osoro Project Gee-Hong Kim The Law Offices of Mishari Anil Madhavan Changwony Osoro and Co, Certified Al-Ghazali Niyazbek Aldashev Public Accountants Horizon Law Group Siginon Freight Ltd Lorenz Law Firm Jung-In Kim Lina A. Adlouni Oliver Fowler Mohammed Ramadhan The Law office of Al-Essa Natalia Alenkina Del Ray Cargo Korea Credit Bureau Kaplan & Stratton & Partners Consultant Holding Sonal Sejpal Yong-Deog Kim Fiona Fox Abdullah Al-Ayoub Petrova Alevtina Anjarwalla & Khanna Korea Credit Bureau Chunga Associates Abdullah Kh. Al-Ayoub & Engineering Service Ltd Advocates Kyu-Dong Kim Associates, member of Lex Peter Gachuhi Mundi Dogadin Andrei Rodgers Abwire Sekwe Samil Kaplan & Stratton PricewaterhouseCoopers Union of Entrepreneurs of Muriu Mungai & Co Ammar Al-Fouzan Kyrgyzstan Francis Gichuhi Advocates S.E. Stephan Kim The Law Offices of Mishari Prism Designs Africa Al-Ghazali Talaybek Asylbekov Deepen Shah Sojong Partners International Business Edmond Gichuru Walker Kontos Advocates Wonhyung Kim Mishari M. Al-Ghazali Council Gichuru Kiplagat & Yoon Yang Kim Shin & Yu The Law Offices of Mishari Advocates Mahat Somane Denis Bagrov Al-Ghazali Kaplan & Straton Korea Information Service Grata Law Firm 174 doing business 2009 Zharkymbai Baiganchuk Alexander Vachtel Zane Dzule Bernard Choueiri Toufic Nehme Construction Company Sentyabr Stroi Ltd Liepa, Skopia/Borenius Ministry of Justice Law Office of Albert -KEP Stroi Ltd Laham Zlata Elksnina-Zascirinska Sanaa Daakour Julia Bulatova L AO p dR PricewaterhouseCoopers The Levant Lawyers Hermes Peter Law Firm "Partner" Kelly Bird Income Tax Department- Ivars Grunte Bassam Darwich Beirut Natalia Dolinskaya Asian Development Bank Loze, Grunte & Cers P & G Levant International Business Sithong Chanthasouk Moussa Raphaël Council Andris Ignatenko Theodore De Mar Youssef Raphaël & Associés DFDL Mekong Law Group Estma SIA Badri and Salim El Akjoltoi Elebesova Lasonexay Chanthavong Meouchi Law Firm, member Mazen Rasamny Credit Information Bureau Aija Klavinska of Interleges Badri and Salim El DFDL Mekong Law Group PricewaterhouseCoopers Ishenim Meouchi Law Firm, member Sounthorn Chanthavong Electricité du Liban of Interleges Damir Esenaliev Law Offices Blueger & DFDL Mekong Law Group Plaude Chadia El Meouchi Mireille Richa The World Bank Aristotle David Badri and Salim El Tyan & Zgheib Law Firm Saltanat Ismailova Oleg Litskevich Meouchi Law Firm, member DFDL Mekong Law Group Maritime Transport & of Interleges Jihad Rizkallah PricewaterhouseCoopers Chanthaly Douangvilay Agencies Badri and Salim El Nurbek Ismankulov Dania George People's Court of Janis Loze Meouchi Law Firm, member M&M Logistics PricewaterhouseCoopers of Interleges Vientiane Capital Zane Paeglite Samer Ghalayini Kalberdiev Junus Daodeuane Duangdara Elias A. Saadé Kalmamtovich Sorainen The Levant Lawyers PricewaterhouseCoopers Moghaizel Law Firm, The Gosregister of the Baiba Plaude Fady Ghanem member of Lex Mundi Kyrgz Republic Grant Follett Blueger &Plaude Badri and Salim El Joseph Safar Abykeev Kadyr DFDL Mekong Law Group Meouchi Law Firm, member Ivars Pommers Hayek Group Avangard Style LTD Daniel Horngren Lawfirm of Glimstedt and of Interleges Vasco Ltd. partners Christel Salem Vitaliy Khabarov Greta Habib Badri and Salim El Law Firm "Partner" Richard Irwin Inese Rendeniece Badri and Salim El Meouchi Law Firm, member PricewaterhouseCoopers Loze, Grunte & Cers Meouchi Law Firm, member of Interleges Tatyana Kim of Interleges Chamber of Tax Khamkhong Liemphrachan Sergejs Rudans Rached Sarkis Consultants Ministry of Justice Liepa, Skopia/Borenius Louay Hajj Chehadeh Rached Sarkis Office Ministry of Finance Galina Kucheryavaya Ketsana Phommachanh Dace Silava-Tomsone Camille C. Sifri Organisation Group of Ministry of Justice, Lejins, Torgans & Partners, Abdallah Hayek PricewaterhouseCoopers Procredit Holding Law Research and member of Ius Laboris Hayek Group International Cooperation Nady Tyan Nurdin Kumushbekov Mihails Spika Wajih Hechaime Institute Tyan & Zgheib Law Firm USAID Business JSC Dzintars Hechaime law firm Environment Improvement Thavorn Rujivanarom Patricia Yammine Sarmis Spilbergs Fady Jamaleddine Project PricewaterhouseCoopers PricewaterhouseCoopers Klavins&Slaidins/LAWIN, The Levant Lawyers Usen Kydyraliev Khongsy Saisouttha member of Lex Mundi Ray Yazbeck Maria Jreissat Entrepreneurs' Union of Judgement Enforcement Badri and Salim El Kyrgyzstan Zane Stalberga - Markvarte Badri and Salim El Meouchi Law Firm, member Office of Vientiane Meouchi Law Firm, member Capital Markvarte & Partneri Law of Interleges Erkin Madmarov Office of Interleges IBC Sivath Sengdouangchanh Georges Jureidini L E S OT hO Consultant Pvels Tjusevs Barno Marazykova Eversheds Bitns - Coserv sarl - Panalpina Law Firm "Partner" Khamphone Sipaseuth Agents Mark Badenhorst Attorneys-at-Law Ministry of Justice PricewaterhouseCoopers Tatyana Marchenko Maris Vainovskis Georges Kadige Lorenz Law Firm Danyel Thomson Kadige & Kadige Law Firm Paul De Chalain Eversheds Bitns - DFDL Mekong Law Group Attorneys-at-Law PricewaterhouseCoopers Olga Moreva Michel Kadige USAID Business Andrea Wilson Vilmars Vanags Kadige & Kadige Law Firm Thuso Green Environment Improvement DFDL Mekong Law Group RE & RE Ltd. Procell Wael Khaddage Project Gerhard Gouws Maija Volkova Ministry of Finance Janybek Musaev L AT v IA Lejins, Torgans & Partners, NedBank Ltd. Najib Khattar Almas Nakipov Ilze Abika member of Ius Laboris Khattar Associates Harley & Morris PricewaterhouseCoopers Skudra & Udris Law Agate Ziverte Mankhebe Makume Offices Albert Laham Aidin Nazekov PricewaterhouseCoopers Lesotho Electricity Mike Ahern Georges Maarawi Company (Pty) Ltd USAID Business Environment Improvement PricewaterhouseCoopers L E BA N ON Ministry of Finance João Martins Project Eddy Maghariki PricewaterhouseCoopers Martins Aljens Association of Banks in Sergey Oseledko Lejins, Torgans & Partners, Lebanon (ABL) Hyam G. Mallat Law Firm Mathias Matshe Erkin Sakiev member of Ius Laboris Nada Abdelsater-Abusamra Georges Mallat Sheeran & Associates Laura Ausekle Raphaël & Associés Hyam G. Mallat Law Firm Kanat Seidaliev Kuena Mophethe Grata Law Firm Latvijas Banka Wadih Abou Nasr Nabil Mallat K.Mophethe Law Chambers Elina Bedanova PricewaterhouseCoopers Hyam G. Mallat Law Firm Yulia Shapovalova Thabo Mpaka USAID Business Lejins, Torgans & Partners, Soha Al Masri Rachad Medawar Mpaka Chambers Environment Improvement member of Ius Laboris Obeid & Medawar Law Firm Abu Ghazaleh- Legal Theodore Ntlatlapa Project Eva Berlaus-Gulbe Fadi Moghaizel Manal Assir DNT Architects Anastasia Shloeva Sorainen Moghaizel Law Firm, UNDP Malaika Ribeiro Globalink Logistics Group Iveta Berzina member of Lex Mundi Jean Baroudi PricewaterhouseCoopers Mirgul Smanalieva Skudra & Udris Law Mario Mohanna Offices Baroudi & Associates Peter Sands Law Firm "Partner" Patrimoine Conseil SARL Ilze Bukaldere Rita Bou Habib SDV (Pty) Ltd Kalybek Sultanov Audit Department - VAT Mirvat Mostafa Avangard Style LTD Liepa, Skopina/ Borenius The Levant Lawyers Duduzile Seamatha Directorate Andis Burkevics Sheeran & Associates Rakhat Suyumkulov Najib Choucair Rahaf Nabbouh Mens Ltd. Sorainen Law Offices UNDP project of the Tiisetso Sello-Mafatle Central Bank Andis Conka ministry of finance Sello - Mafatle Chambers Azim Usmanov Grata Law Firm Latvijas Banka acknowledgments 175 Lindiwe Sephomolo Kim Bartholdy Zilvinas Kvietkus Guy Castegnaro Goran Bonevski Association of Lesotho DSV Transport UAB Norcous & Partners, Castegnaro Cabinet Public Revenue Office Employers and Business member of Ius Laboris d'avocats, member of Ius Kristina Bartuseviciene Laboris Biljana Cakmakova Phoka Thene PricewaterhouseCoopers Asta Macijauskiene Mens Legis Cakmakova Sello - Mafatle Chambers Law Firm Bernotas & Christel Dumont Advocates Vilius Bernatonis Dominas Glimstedt Oostvogels Pfister Feyten Sutkiene, Pilkauskas & Katerina Carceva L I B E R IA Partners Gytis Malinauskas Thomas Ecker PricewaterhouseCoopers Kelvin Abdallah Sorainen Law Offices Ville de Luxembourg - Renata Berzanskien Service de l'électricité Zoran Cvetanoski PricewaterhouseCoopers Sorainen Law Offices Linas Margevicius State Authority for Gideon Ayi-Owoo Legal Bureau of Linas Gérard Eischen Geodetic Works Vilma Brilinkeviciene Margevicius Chamber of Commerce PricewaterhouseCoopers Sutkiene, Pilkauskas & Pavlinka Dameska of the Grand-Duchy of Golda A. Bonah Partners Kipras Mensevicius Luxembourg Mens Legis Cakmakova Sherman & Sherman Tomas Mieliauskas Advocates Dovil Burgien Martine Gerber Lemaire G. Raymond Bright Law Firm Lideika, Law firm Foresta Oostvogels Pfister Feyten Aleksandar Dimi ACE Planning & Petrauskas, Valinas ir Bronislovas Mikuta Polenak Law Firm partneriai LAWIN, member Anabela Fernandes Consulting Group Aleksandra Donevska of Lex Mundi Ieva Navickait PricewaterhouseCoopers F. Augustus Caesar, Jr. Law Firm Zabiela Lawyers Antevski Sergej Butov Jean Luc Heiby Caesar Architects, Inc. Zabielaite & Partners Vesna Gavriloska Law Firm Lideika, SDV International Roy Chalkley Petrauskas, Valinas ir Zygimantas Pacevicius Logistics Mens Legis Cakmakova Umarco partneriai LAWIN, member Foigt & Partners / Regija Advocates of Lex Mundi Isabelle Lapietra Borenius Ana Hadzieva City Corporation of PricewaterhouseCoopers Monrovia Robertas Ciocys Rytis Paukste Polenak Law Firm Law Firm Lideika, Roxanne Le Ligeour Henry Reed Cooper Law Firm Lideika, Solobodan Hristovski Petrauskas, Valinas ir Petrauskas, Valinas ir Loyens & Loeff Cooper & Togbah Law Firm Polenak Law Firm partneriai LAWIN, member partneriai LAWIN, member Michaël Lockman Frank Musah Dean of Lex Mundi of Lex Mundi PricewaterhouseCoopers Biljana Ickovska Dean & Associates Radville Ciricaite Law office Nikolovski Algirdas Peksys Tom Loesch Peter Doe-Sumah Foigt & Partners / Regija Sorainen Linklaters Aleksandar Ickovski Gbehzon Holdings Inc. Borenius Law office Nikolovski Jonas Pilkauskas Nuria Martin Dzidzedze Fiadjoe Giedre Domkute Sutkiene, Pilkauskas & Nena Ivanovska Loyens & Loeff PricewaterhouseCoopers Law firm AAA Baltic Partners Judicial Reform Service Company Séverine Moca Implementation Project Christine Sonpon Freeman Thomas Saulenas PricewaterhouseCoopers Ieva Dosinaite FORESTA Business Law Katerina Jordanova Cooper & Togbah Law Firm Norcous & Partners, Group Peter Moons Lawyers Antevski Cyril Jones member of Ius Laboris Loyens & Loeff Jones & Jones Rimantas Simaitis Kristijan Karapancevski Mindaugas Dovidauskas Norcous & Partners, Anne Murrath Karapancevski Company George Kwatia Fortune Law Group member of Ius Laboris PricewaterhouseCoopers PricewaterhouseCoopers Dejan Knezovi Vilma Dovidauskiene Julija Solovjova Elisabeth Omes Law Office Knezovic & Martha Lackay Competent Amerinde PricewaterhouseCoopers Bonn Schmitt Steichen, Associates Liberia Electricity Consolidated Member of Lex Mundi Corporation Daiva Usinskait Emmanuel Koenig Stasys Drazdauskas Law Firm AAA Baltic Laurent Paquet PricewaterhouseCoopers Steven Neufville Foigt & Partners / Regija Service Company PricewaterhouseCoopers Ministry of Public Works Borenius Mirjana Markovska Vilija Vaitkut Pavan Simon Paul Markovska & Andrevski Togba Ngangana Rolandas Galvnas Law Firm Lideika, Loyens & Loeff Ministry of Public Works Law Firm Lideika, Petrauskas, Valinas ir Irena Mitkovska Petrauskas, Valinas ir partneriai LAWIN, member Paul Wurth S.A. Lawyers Antevski Sylvanus O' Connor partneriai LAWIN, member of Lex Mundi Engineering & Project AEP Consultants Inc. Management Goce Mojsoski of Lex Mundi Agne Vilutiene PricewaterhouseCoopers Chan-Chan A. Paegar Simas Gudynas Françoise Pfeiffer Law Firm Foresta National Bank Sherman & Sherman Law Firm Lideika, Oostvogels Pfister Feyten Petrauskas, Valinas ir Lina Vosyliene Goran Nikolovski Joseph N. Siaway Dominique Robinet partneriai, member of Lex KPMG Law office Nikolovski Maersk Ltd. PricewaterhouseCoopers Mund Darius Zabiela G. Lahaison Waritay Serge Saussoy Ljupcho Nikolovski Agne Jakaite Law Firm Zabiela, Markovska & Andrevski Ministry of Public Works Zabielaite & Partners PricewaterhouseCoopers Law Firm Lideika, Darcy White Petrauskas, Valinas ir Jean-Luc Schaus Vesna Paunkoska Indre Zakalskyte PricewaterhouseCoopers partneriai LAWIN, member Loyens & Loeff Valentin Pepeljugoski of Lex Mundi Ernst & Young Ben Wolo Alex Schmitt Law Office Pepeljugoski Agne Jonaityt Jrat Zarankien Liberia Ernst & Young Bonn Schmitt Steichen, Sonja Peshevska Telecommunications Sorainen Law Offices Member of Lex Mundi Law Office Pepeljugoski Corporation Viktorija Kapustinskaja Ernesta Zutautaite Marleen Vandenput Kristijan Polenak Sorainen Law Offices Law Firm Foresta Melvin Yates PricewaterhouseCoopers Polenak Law Firm Compass Inc., Clearing and Jurgita Karvel Audrius Zvybas Davide Visin Tatjana Popovski Buloski Forwarding Foigt & Partners / Regija Bernotas & Dominas Glimstedt PricewaterhouseCoopers Polenak Law Office Harvy T. Yuan, Sr. Borenius Liberia Electricity m AC E d ON IA , Ljubica Ruben Jonas Kiauleikis LU x E m B O U RG Mens Legis Law Firm Corporation Foigt & Partners / Regija f OR m E R Borenius Allen & Overy LLP y U G O SL Av Tatjana Siskovska L I T h UA N IA R E p U B L I C Of Polenak Law Firm Mindaugas Kiskis Lara Aherne Kstutis Adamonis Law Firm Lideika, Bonn Schmitt Steichen, Violeta Angelova Gerovska Dejan Stojanoski Sorainen Petrauskas, Valinas ir Member of Lex Mundi IKRP Rokas & Partners Law Office Pepeljugoski partneriai LAWIN, member Rene Beltjens Mike Ahern of Lex Mundi Zlatko Antevski Dzuli Stojanova PricewaterhouseCoopers PricewaterhouseCoopers Lawyers Antevski Mens Legis Cakmakova Raminta Klumbyte Advocates Petras Baltusevicius Denis Cantele Benita Beleskova DSV Transport UAB Egidijus Kundelis Oostvogels Pfister Feyten IKRP Rokas & Partners PricewaterhouseCoopers 176 doing business 2009 Suzana Stojkoska Jean Marcel Razafimahenina Boon Hong Chen m A L dI v E S Dominique Taty Markovska & Andrevski Cabinet Delta Audit Skrine & Co., member of FIDAFRICA / Deloitte Lex Mundi Mohamed Akhsan PricewaterhouseCoopers Biljana Tofiloska Archeng Pvt Ltd. Lawyers Antevski Njiva Razanatsoa Yuan Yuan Cheng Ahmadou Toure Banque Centrale Skrine & Co., member of Mohideen Bawa Office Notarial Ahmadou Slavica Trckova Lex Mundi Horizon Fisheries Pvt. Toure, Notaire a Bamako Law Office Trckova Louis Sagot Limited Cabinet d'Avocat Louis Chee Hoong Chia Madhou Traore Natasa Trifunoska Sagot Zain & Co. Jatindra Bhattray Centre National Empiria International PricewaterhouseCoopers de Promotion des Dominique Taty Sharon Chooi Investissements - CNPI Vladimir Vasilevski FIDAFRICA / PricewaterhouseCoopers Mohamed Hameed Betasped International PricewaterhouseCoopers Antrac Pvt. Ltd. Fousséni Traoré Freight Forwarding Tze Keong Chung FIDAFRICA / CTOS Sdn Bhd Nadiya Hassan Eva Veljanovska m A L Aw I PricewaterhouseCoopers Mens Legis Cakmakova Nancy Gan Dheena Hussain Advocates Kevin M. Carpenter Raslan - Loong Shah, Hussain & Co. m A R ShA L L PricewaterhouseCoopers Barristers & Attorneys I SL A N d S Sanja Veljanovska Hazlan Hassan Mens Legis Law Firm Richard Chakana Yudhishtran Kanagasabai Kenneth Barden 2PS Cargo Co. Nordin Hassan PricewaterhouseCoopers Metodija Velkov Armeira Technologies Attorney-at-Law Polenak Law Firm Marshal Chilenga Sdn. Bhd. Laila Manik Jerry Kramer TF & Partners Shah, Hussain & Co. Pacific International, Inc. Darko Vuksanovi Sien Yian Hee Barristers & Attorneys Alan Chinula PricewaterhouseCoopers Philip Welch Milica Zafirova Aishath Rizna Markovska & Andrevski Stuart Forster Kumar Kanagasabai Micronesian Shipping Shah, Hussain & Co. Agencies Inc. Jim Ghobede Skrine & Co., member of Barristers & Attorneys. m A dAG AS C A R PricewaterhouseCoopers Lex Mundi Aminath Rizna m AU R I TA N IA Lalao Andriamanga Roseline Gramani Geeta Kaur Shah, Hussain & Co. Savjani & Co. SDV Sdn Bhd Barristers & Attorneys Tidiane Bal Economic Development Board of Madagascar BSD & Associés Aamir Rashid Jakhura Chuan Keat Khoo Aishath Samah Eric Andriamihaja Robson Fargo Group of Companies PricewaterhouseCoopers Bank of Maldives Plc. Youssoupha Diallo Economic Development BSD & Associés Chimwemwe Kalua Christopher Lee Shuaib M. Shah Board of Madagascar Wong & Partners Maouloud Vall El Hady Seyid Golden & Law Shah, Hussain & Co. Tsiry Andriamisamanana Barristers & Attorneys Etude Hady Maouloudvall Anthony Kamanga, SC Theresa Lim Madagascar Conseil PricewaterhouseCoopers Hamoud Ismail International Ministry of Justice mALI SMPN Dannie J. Kamwaza Koon Huan Lim Josoa Lucien Andrianelinjaka Skrine & Co., member of Traore Baba Cheikani Jules Banque Centrale Kamwaza Design Partnership Lex Mundi TMS - Transit Cabinet Me Jules Philippe Buffier Manutention Services Alfred Majamanda Caesar Loong SARL Mohamed Lam Espace Ingénierie Raslan - Loong BSD & Associés Mbendera & Nkhono Dseyre Associates Baya Berthé Len Toong Low Wedou Mohamed Madagascar Conseil Modecai Msisha North Port Amadou Camara Maurihandling International SCP Camara Traoré Nyirenda & Msisha Law Khin Lian Low Ahmed Salem Ould Yves Duchateau Offices Zain & Co. Jonathan Darboux Bouhoubeyni SDV Misheck Msiska BCEAO Cabinet Bouhoubeyni Suhara Mohamad Sidik John Hargreaves PricewaterhouseCoopers Azmi & Associates Fatima Diarra Ahmed Salem Ould Hacen Economic Development Isaac Nsamala Office Notarial Ahmadou Banque Centrale Board of Madagascar Azmi Mohd Ali Toure, Notaire a Bamako Krishna Savjani Azmi & Associates Mohamedou Ould Hacen Raphaël Jakoba Mohamed Abdoulaye Diop Bureau TASMIM Savjani & Co. Zuhaidi Mohd Shahari Madagascar Conseil SDV International Duncan Singano Azmi & Associates Hamdi Ould Mahjoub Savjani & Co. Fatimatou Zahra Diop Private Practice Pascaline R. Rasamoeliarisoa Shahri Omar BCEAO Cabinet Delta Audit Don Whayo North Port Aliou Sall Deloitte Knight Frank Jean Claude Gnamien Assurim Consulting Normaizan Rahim FIDAFRICA / Sahondra Rabenarivo Azmi & Associates PricewaterhouseCoopers Cheikh Sall Keyserlingk - Rabenarivo m A L AySIA Etude Hady Maouloudvall Associés Gayathiry Ramalingam Hermann Gnango Nadia Aim Ab. Wahab Zain & Co. FIDAFRICA / Dominique Taty Pierrette Rajaonarisoa Azmi & Associates PricewaterhouseCoopers FIDAFRICA / SDV Chandran Ramasamy PricewaterhouseCoopers Nor Azimah Abdul Aziz PricewaterhouseCoopers Mamadou Ismaïla Konate Aina Rakotondrazaka Companies Commission of Jurifis Consult Mali Ould Yahya Yeslem Malaysia Dinesh Ratnarajah Etude Maître Yeslem Lanto Tiana Ralison Azman, Davidson & Co. Mamadou Maiga Noor Azhar O.Yahya FIDAFRICA / L'union des Caisses PricewaterhouseCoopers S.G. Emas Sendirian Berhad Hsian Siong Mutuelles Depagne et des m AU R I T I U S Wong & Partners Crédits du Mali André Randranto Zain Azlan Ancien Bâtonnier Zain & Co. Ee Ling Tan Evelyne M'Bassidgé Ryan Allas Tay & Partners FIDAFRICA / PricewaterhouseCoopers William Randrianarivelo Bank Negara Malaysia FIDAFRICA / Heng Choon Wan PricewaterhouseCoopers BPML Freeport Services Michel Barbesier PricewaterhouseCoopers Ltd PricewaterhouseCoopers Adeline Messou SDV Sdn Bhd Sahondra Rasoarisoa Peter Wee FIDAFRICA / Philip Bond Tan Kee Beng PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Delta Audit Deloitte SDV Sdn Bhd Théodore Raveloarison Kim Hoe Yeo Malick Badara Sow André Bonieux Hong Yun Chang North Port Atelier d'Architecture et PricewaterhouseCoopers JARY - Bureau d'Etudes Architecture Ingenierie Tay & Partners d'Urbanisme Melina Yong Urmila Boolell Andriamisa Ravelomanana Ying Cheng Chee Raslan - Loong Salif Tall Banymandhub Boolell FIDAFRICA / PricewaterhouseCoopers Etude de Me Toure Chambers PricewaterhouseCoopers acknowledgments 177 Thierry Chellen Julio Flores Luna Rocío Montes m I C RON E SIA Gleb Morozov Benoit Chambers Goodrich, Riquelme y PricewaterhouseCoopers Alexandru Munteanu Asociados, member of Lex Eric Emeka Akamigbo Yandraduth Googoolye Mundi Michelle Muciño Pohnpei State Government PricewaterhouseCoopers Bank of Mauritius PMC Asociados Igor Odobescu Carlos Frias Kenneth Barden Thierry Koenig PricewaterhouseCoopers Gabriela Nassau Attorney-at-Law ACI Partners De Comarmond & Koenig Ritch Mueller, S.C. Ruslan Pirnevu Manuel Galicia Legis & Partners Marco Nava m OL d OvA Quehenberger-Hellmann Galicia y Robles, S.C. PricewaterhouseCoopers SRL Didier Lenette Celina Cossette Garcia Dinu Armasu PricewaterhouseCoopers Arturo Pedromo Foreign Investors Maria Popescu PricewaterhouseCoopers Legal Services Galicia y Robles, S.C. Association PricewaterhouseCoopers Damien Mamet PricewaterhouseCoopers Hans Goebel Lázaro Peña Maxim Banaga Nicolae Posturusu Legal Services Jáuregui, Navarrete y PricewaterhouseCoopers PricewaterhouseCoopers Customs Service Jean Pierre Montocchio Nader, S.C. Juan Manuel Perez Eduard Boian Silvia Radu Loganayagan Munian Dalia Goldsmit PricewaterhouseCoopers PricewaterhouseCoopers Union Fenosa PricewaterhouseCoopers Legal Services International Artisco International Vitaliy Nikolaevich Bulgac Daniel Gómez Alba Nicolás Pérez Independent Consultant Ion Railean Khalil Munseea CAAAREM Galicia y Robles, S.C. Union of Employers in Farfat Enterprise Ltd. Victor Burac Building and Construction Camille Pouletty Teresa de Lourdes Gómez Gabriela Pérez Castro Ponce Victor Burac Law Firm Materials Industry Neri de León De Comarmond & Koenig Mihail Buruiana Mihai Roscovan Goodrich, Riquelme y Miranda & Estavillo, S.C. Iqbal Rajahbalee Buruiana & Partners Business Consulting Asociados, member of Lex Pablo Perezalonso Eguía BLC Chambers Mundi Victor Burunsus Institute Ritch Mueller, S. C. Andre Robert Hugo Gonzalez The World Bank Pavel Sarghi Leonel Pereznieto PricewaterhouseCoopers Attorney-at-Law Baker & McKenzie Andrei Caciurenco Jáuregui, Navarrete y Deviantee Sobarun Cesar Gonzalez Nader, S.C. ACI Partners Antonina Sevcenco Registrar-General's PricewaterhouseCoopers Guillermo Piecarchic Georghu Calugharu Viorel Sirghi Department Union of Employers in BSMB Legal Counsellors Eugenia González Rivas PMC Asociados Vikash Takoor Building and Construction Goodrich, Riquelme y José Piecarchic Materials Industry Tatiana Stavinschi Bank of Mauritius Asociados PricewaterhouseCoopers PMC Asociados Parikshat Teeluck Andrian Candu Alvaro Gonzalez-Schiaffino Claudia Ríos Serghei Toncu Maersk Ltd. PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Legal Services PricewaterhouseCoopers Bobby Yerkiah Benito Guerrero Nicolae Triboi Mario Alberto Rocha Octavian Cazac PricewaterhouseCoopers Glucsa del Pacifico National Energy PricewaterhouseCoopers Turcan & Turcan Yves Hayaux-du-Tilly Regulatory Agency m E x IC O Cecilia Rojas Svetlana Ceban Jáuregui, Navarrete y Galicia y Robles, S.C. PricewaterhouseCoopers Alexander Turcan Gabriel I. Aguilar Bustamente Nader, S.C. Turcan & Turcan PricewaterhouseCoopers Arturo Ruiz Massieu Vitalie Ciofu Rodrigo Hernández Terán Evgeniy Untilo PricewaterhouseCoopers Gladei & Partners Silvia Aguiñiga PricewaterhouseCoopers Union of Employers in PricewaterhouseCoopers Israel Saldaña Bogdan Ciubotaru Building and Construction Alejandro Ledesma PricewaterhouseCoopers Turcan &Turcan Materials Industry Isis Anaya PricewaterhouseCoopers SEDECO Jorge Sanchez Aureliu Anatol Colenco Irina Verhovetchi Adriana Lopez Goodrich, Riquelme y Commercial Court ACI Partners Alberto Balderas PricewaterhouseCoopers Asociados Jáuregui, Navarrete y Legal Services Alla Cotos Daniela Zaharia Nader, S.C. Paola Sánchez Hernandez PricewaterhouseCoopers ACI Partners Ana Paula López Padilla y Lapuente Barrera, Siqueiros y Torres Carlos Cano Landa Sergiu Dumitrasco Marina Zanoga PricewaterhouseCoopers Barrera, Siqueiros y Torres PricewaterhouseCoopers Turcan & Turcan Landa Cristina Sánchez-Urtiz María Casas López Serghei Filatov Gerardo Lozano Alarcón Miranda & Estavillo, S.C. ACI Partners m ON G OL IA Baker & McKenzie Holland & Knight- Fernando Santamaria-Linares Tomas Balco Nallieli Cid Gallástegui y Lozano, S.C. PricewaterhouseCoopers Feodosia Furculita PricewaterhouseCoopers Customs Service PricewaterhouseCoopers Lorenza Luengo Gomezmont Legal Services Rodrigo Conesa Roger Gladei Badarch Bayarmaa Baker & McKenzie Monica Schiaffino Pérez Ritch Mueller, S.C. Gladei & Partners Lynch & Mahoney Laura Macarty Basham, Ringe y Correa, Eduardo Corzo Ramos member of Ius Laboris Silvia Grosu Batzaya Bodikhuu PricewaterhouseCoopers Holland & Knight- Juan Francisco Torres Landa PricewaterhouseCoopers Anand & Batzaya Gallástegui y Lozano, S.C. Carlos Manuel Martinez Ruffo Advocates PricewaterhouseCoopers Roman Gutu Raul de la Sierra Scauley Barrera, Siqueiros y Torres David Buxbaum Edgar Francisco Martínez Landa Oxana Guu Anderson & Anderson Barrera, Siqueiros y Torres Landa Herrasti Antonio Torres-Cabello Valeriu Lazar Batbayar Byambaa Goodrich, Riquelme y CAAAREM BIS Oscar de La Vega Asociados GTS Advocates Basham, Ringe y Correa, Maribel Trigo Aja Victor A. Levintsa Enkh-Amgalan member of Ius Laboris Bernardo Martínez Negrete Levintsa & Associates Goodrich, Riquelme y Choidogdemid Galicia y Robles, S.C. Asociados, member of Lex Dolores Enriquez Andrei Lopusneac Gobi Corporation Fernando Medel Mundi PricewaterhouseCoopers Union Fenosa Khatanbat Dashdarjaa Notary Public 218 of the Layla Vargas Muga International Mariano Enriquez-Mejia Federal District Arlex Consulting Services Goodrich, Riquelme y Cristina Martin Baker & McKenzie Asociados, member of Lex Delgermaa Carla Mendoza ACI Partners Salvador Esquivel Bernal Baker & McKenzie Mundi Gobi Corporation PricewaterhouseCoopers Carlos Vela Mihaela Mitroi Courtney Fowler Carlos E. Montemayor PricewaterhouseCoopers César Fernando Gomez PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Barrera, Siqueiros y Torres Marin Moraru Damdinsuren Khand Landa Alonso Martin Montes PricewaterhouseCoopers PricewaterhouseCoopers Tsets Law Firm Legal Services 178 doing business 2009 Odmaa Khurelbold Zorica Peshi Houcine Sefrioui Maria João Dionísio Lara Narcy Anderson & Anderson Law Office Vujaci President de la CAAF Pimenta, Dionísio e H. Gamito, Couto, Associados Gonçalves Pereira Daniel Mahoney Novica Pesi Rachid Senhaji e Castelo Branco & Lynch & Mahoney Law Office Vujaci Ordre des architectes de Telmo Ferreira Associados Casablanca H. Gamito, Couto, Leylim Mizamkhan Snezana Pesi Gonçalves Pereira Auxílio Eugénio Nhabanga PricewaterhouseCoopers PricewaterhouseCoopers Marc Veuillot e Castelo Branco & Fernanda Lopes & Alleance advisory Maroc Associados Associados Advogados Odonhuu Muuzee Dragana Radevi Tsets Law Firm Center for m O z A m B I qU E Jose Forjaz Emilio R. Nhamissitane Enterpreneurship and Jose Forjaz Arquitectos Advogado Bayartsetseg N. Economic Development Chono Corporation Salimo Abdula Adrian Frey Ilidio Alexandre Ombe Jelena Vujisi Confederation of Business Enkhriimaa N. Associations Mozlegal Lda Electricidade de Law Office Vujaci Moçambique E.P. Tuushin Company Ltd. Paulo Fumane Lana Vukmirovi Mark Badenhorst Zorigt N. Confederation of Business Miguel Paiva Prelevic Law Firm PricewaterhouseCoopers Tuushin Company Ltd. Associations Mozlegal Lda Veselin Vukovi Carolina Balate Sarantsatsral Ochirpurev Martins Garrine Paulo Pimenta Central Bank PricewaterhouseCoopers Urkh Company Manica Freight Services Pimenta, Dionísio e Armindo Braz Barradas S.A.R.L Associados Christian Packard m ORO C C O Ministry of Industry and Jennifer Garvey António de Vasconcelos Porto Anderson & Anderson Commerce Bank Al-Maghrib Nipul Kailashcumar Govan Vasconcelos Porto & Uranbaatar S. Timothy W. Born Associados Aziz Abouelouafa Pimenta, Dionísio e Arlex Consulting Services USAID Associados José Augusto Tomo Psico Globex Maritime Co. Jocelyn Steiner José Manuel Caldeira Jorge Graça Banco de Moçambique Mly Hicham Alaoui Lynch & Mahoney Sal & Caldeira - MGA Advogados & Malaika Ribeiro Globex Maritime Co. Advogados e Consultores, Odbaatar Sukhbaatar Consultores PricewaterhouseCoopers Myriam Emmanuelle Bennani Lda Anderson & Anderson Soraia Issufo Luís Filipe Rodrigues Amin Hajji & Associés Eduardo Calú Tsogt Tsend Association d'Avocats Sal & Caldeira - Sal & Caldeira - Sal & Caldeira - Advogados e Consultores, Administrative Court of Advogados e Consultores, Advogados e Consultores, Rachid Benzakour Lda Lda Capital City Lda Cabinet d'Avocats Amangyeld Tuul Benzakour & Lahbabi Jorge Jorge Graça Ana Filipa Russo de Sá Alexandra Carvalho Credit Registry Monjardino MGA Advogados & Silva Garcia Richard Cantin Consultores Arslaa Urjin Juristructures - Project Kátia Cassamo Firza Sadek Ulaanbaatar Electricity Management & Legal Neima Jossub Pimenta, Dionísio e Mozlegal lda Distribution Network Advisory Services LLP Mozlegal Lda Associados Company Henrique Castro-Arnaro Mahat Chraibi Friedrich Kaufmann Carlos Schwalbach Arquitectos E Associados, Michelle Zorig Alleance advisory Maroc LDA Ministério da Indústria e Jose Forjaz Arquitectos Arlex Consulting Services Comércio Driss Debbagh Paulo Centeio Muchimba Sikumba-Dils Kettani Law Firm Jim Lafleur MSD Investments m ON T E N E G RO MGA Advogados & Consultores Confederation of Youssef El Falah Business associations of Katia Tourais Rene Bijvoet ABA Rule of Law Pedro Chabela Mozambique Sal & Caldeira - PricewaterhouseCoopers Initiative-Morocco Electricidade de Advogados e Consultores, Rufino Lucas Lda Bojana Bogojevi Hafid Elbaze Moçambique E.P. TEC Ténicos Construtores, PricewaterhouseCoopers Alleance advisory Maroc Pedro Ernesto Chambe LDA António Veloso Vasilije Boskovi MoCargo Pimenta, Dionísio e Mourad Faouzi Eugénio Luis Associados Law Firm Boskovi Oulamine Law Group Anastácia Chamusse Banco de Moçambique Celebi Company Nawal Jellouli Banco de Moçambique Ivan Carlos Macôo NA m I B IA Mark Crowford Ministère de l'économie et Dipak Chandulal Sal & Caldeira - des finances Joos Agenbach Opportunity Bank MGA Advogados & Advogados e Consultores, Lda Koep Partners Azeddine Kabbaj Consultores Jelena Djoki Mark Badenhorst PricewaterhouseCoopers Barreau de Casablanca Mucio Chebete Jaime Magumbe Sal & Caldeira - PricewaterhouseCoopers Mehdi Kettani MoCargo Jovana Ili Advogados e Consultores, Benita Blume PricewaterhouseCoopers Ali Kettani Law Office Jonas Chitsumba Lda H.D. Bossau & Co. Nadia Kettani Electricidade de Nada Jovanovi Moçambique E.P. Samuel Munzele Maimbo Hanno D. Bossau Central Bank Kettani Law Firm The World Bank Ahmad Chothia H.D. Bossau & Co. Ana Karaniki Rita Kettani Manuel Didier Malunga Kettani Law Firm Manica Freight Services Albé Botha Montenegrin Employers S.A.R.L National Directorate of PricewaterhouseCoopers Federation Bouchaib Labkiri Registry and Notaries Carol Christie Smit Lorna Celliers Rados Kastratovi Globexline SARL João Martins Mozlegal Lda BDO Spencer Steward Kastratovi Law Office Wilfried Le Bihan PricewaterhouseCoopers Pedro Couto Esi Chase Ğore Krivokapi CMS Bureau Francis Camilo Mate Lefebvre H. Gamito, Couto, Advocate Karanovi & Nikoli Gonçalves Pereira MGA Advogados & Michel Lecerf e Castelo Branco & Consultores Andy Chase Ana Krsmanovi Stauch+Partners Alleance advisory Maroc Associados Carlos Rafa Mate Institute for Strategic Architects Studies and Prognoses Réda Oulamine Simeai Cuamba Royal Norwegian Embassy Oulamine Law Group Cuamba Advogado Paul De Chalain Montenegro Business Genaro Moura PricewaterhouseCoopers Alliance Hassan Rahmouni Paul De Chalain Manica Freight Services Hassan Rahmouni Law Firm PricewaterhouseCoopers S.A.R.L Eddie Dichtl Aleksandar Miljkovi Woker Freight Services PricewaterhouseCoopers Nesrine Roudane Carlos de Sousa e Brito Julio Mutisse Nero Boutique Law Firm Carlos de Sousa & Brito & Sal & Caldeira - Ferdinand Diener Veljko Pavicevi Associados Advogados e Consultores, City of Windhoek Power Opportunity Bank Morgane Saint-Jalmes Lda Department Predrag Pavlici Kettani Law Firm Fulgêncio Dimande Manica Freight Services Nellie du Toit Montecco INC PricewaterhouseCoopers S.A.R.L acknowledgments 179 Hans-Bruno Gerdes Ram Chandra Subedi Jellienke Stamhuis John Powell Soraya Montoya Herrera Engling, Stritter & Supreme Court of Nepal, De Brauw Blackstone Russell McVeagh Molina & Asociados Partners Apex Law Chamber Westbroek N.V. Central Law Mark Russell Ismarelda Hangue Anup Upreti Maarten Tinnemans Simpson Grierson, member Amilcar Navarro Deeds Office Pioneer Law Associates De Brauw Blackstone of Lex Mundi García & Bodán Westbroek N.V. Sebby Kankondi Neil Tier Ramón Ortega Ports Authority NEThERLANdS Jaap Jan Trommel Grant Thornton Ltd. PricewaterhouseCoopers Richard Bakker NautaDutilh Attorneys Herman Charl Kinghorn SDV Silvio G. Otero Q. Kinghorn Associatesf Ocean - Trans Helene van Bommel GlobalTrans International B.V. Murray Tingey PricewaterhouseCoopers Internacional Peter Frank Koep Bell Gully P.F. Koep & Co. BDO CampsObers Caspar van den Thillart Andrea Paniagua Accountants & Ross vander Schyff Ministry of Housing, PricewaterhouseCoopers Frank Köpplinger Belastingadviseurs B.V. Spatial Planning and the Ministry of Economic G.F. Köpplinger Legal Environment - Government Development Róger Pérez Jan Bezem Practitioners Buildings Agency Simon Vannini Arias & Muñoz PricewaterhouseCoopers Norbert Liebich Cees van den Udenhout Daniel Vizor Julio Pinedo Karin W.M. Bodewes Transworld Cargo (PTY) Bell Gully PricewaterhouseCoopers Ltd. Baker & McKenzie N.V. Paul van der Molen Cadastre, Land Registry Carlos Taboada Rodríguez John D. Mandy Jacqueline van den Bosch N I C A R AG UA and Mapping Agency Consortium - Taboada & Stock Exchange Houthoff Buruma N.V. Asociados Roland Brandsma Liane van der Vrugt Diana Aguilar Richard Traugott Diethelm VédéVé Legal B.V. ACZALAW Carlos Jose Salinas Blandino Mueller PricewaterhouseCoopers Alvarado y Asociados, Koep Partners Huub Brinkman Sjaak van Leeuwen Guillermo Alemán Gómez member of Lex Mundi Baker & McKenzie N.V. Jan van Oorschot ACZALAW Brigitte Nependa Felipe Sánchez H.D. Bossau & Co. Margriet de Boer NV Continuon Bernardo Arauz ACZALAW De Brauw Blackstone Frederic Verhoeven Bautrans & Logistics Carina Oberholzer Alfonso José Sandino Granera PricewaterhouseCoopers Westbroek N.V. Houthoff Buruma N.V. Bertha Argüello de Rizo Consortium - Taboada & Rolef de Weijs Marcel Willems F.A. Arias & Muñoz Asociados Jesse Schickerling The Law Society of Namibia Houthoff Buruma N.V. Kennedy Van der Laan David Urcuyo Báez Julio E. Sequeira Friso Feitsma Christiaan Zijderveld PricewaterhouseCoopers Evenor Valdivia P. & Ndapewa Shipopyeni Asociados PricewaterhouseCoopers Houthoff Buruma N.V. Minerva Adriana Bellorín Retha Steinmann Rodríguez Arnulfo Somarriba The Law Society Of Jeroen Holland Kim Zwartscholten NautaDutilh Attorneys ACZALAW TransUnion Namibia PricewaterhouseCoopers Fons Hoogeveen Bendaña & Bendaña Rodrigo Taboada Rodríguez Axel Stritter NEw zEALANd PricewaterhouseCoopers Caroline Bono Consortium - Taboada & Engling, Stritter & Asociados Partners Jan-Wilem de Jong Douglas Alderslade PricewaterhouseCoopers Houthoff Buruma N.V. Chapman Tripp Thelma Carrion Juan Tejada Marius van Breda Aguilar Castillo Love PricewaterhouseCoopers TransUnion Namibia Alexander Kaarls Matthew Allison Houthoff Buruma N.V. Veda Advantage Humberto Carrión Carlos Tellez Lourens Willers Carrión, Somarriba & García & Bodán G.F. Köpplinger Legal Martine Kos Jania Baigent Practitioners Simpson Grierson, member Asociados David Urcuyo Houthoff Buruma N.V. Renate Williamson of Lex Mundi Gloria Maria de Alvarado PricewaterhouseCoopers Filip Krsteski P.F. Koep & Co. Kevin Best Alvarado y Asociados, Van Doorne N.V. member of Lex Mundi NIGER Paul A. E. Wolff PricewaterhouseCoopers Hans Mensonide Francis Díaz Aliou Amadou Manica Group Pty. Ltd. Kennedy Van der Laan Geoff Bevan Chapman Tripp García & Bodán S.C.P.A. Mandela N E pA L Martijn Molenaar Maricarmen Espinosa Segura Karim Arzika NautaDutilh Attorneys Shelley Cave Anil Chandra Adhikari Simpson Grierson, member Molina & Asociados Conservation Foncière Charlotte Niggebrugge of Lex Mundi Central Law Credit Information Bureau Mahamane Baba Houthoff Buruma N.V. Mervin Estrada SDV Ajay Ghimire John Cuthbertson Hugo Oppelaar PricewaterhouseCoopers García & Bodán Apex Law Chamber Alain Blambert Houthoff Buruma N.V. Alejandro Fernández de SDV Jagat B. Khadka James Gibson Ralf Pieters Castro Shangri-La Freight Pvt. Bell Gully Moussa Coulibaly PricewaterhouseCoopers PricewaterhouseCoopers Ltd. Richard Holden Cabinet d'Avocats Souna- Mark G. Rebergen Terencio García Montenegro Coulibaly LD Mahat Simpson Grierson, member De Brauw Blackstone of Lex Mundi García & Bodán CSC & Co. / Jonathan Darboux PricewaterhouseCoopers Westbroek N.V. Gerardo Hernandez BCEAO Wanita Lala Ashok Man Kapali Hugo Reumkens PricewaterhouseCoopers Consortium - Taboada & Asociados Aïssa Degbey Shangri-La Freight Pvt. Van Doorne N.V. EcoBank Kate Lane Ltd. Stefan Sagel Ruth Huete Minter Ellison Rudd Watts Fatimatou Zahra Diop Purnachitra Pradhan De Brauw Blackstone PricewaterhouseCoopers Thomas Leslie BCEAO Karja Suchana Kendra Westbroek N.V. Mariela Jiménez Ltd(CIB) Bell Gully Bernard Duffros Jan Willem Schenk ACZALAW Aaron Lloyd Société d'Exploitation des Devendra Pradhan Baker & McKenzie N.V. Pablo Mogollon Eaux du Niger Pradhan & Associates Minter Ellison Rudd Watts Robert Schrage TransUnion Robert Muir Jean Claude Gnamien Madan Krishna Sharma Royal Netherlands Yalí Molina Palacios FIDAFRICA / CSC & Co. / Notarial Organization Land Information New Zealand Molina & Asociados PricewaterhouseCoopers PricewaterhouseCoopers Piet Schroeder Central Law Ian Page Hermann Gnango Sudheer Shrestha Baker & McKenzie N.V. Alvaro Molina Vaca FIDAFRICA / Kusum Law Firm BRANZ Hans Londonck Sluijk Molina & Asociados PricewaterhouseCoopers Ramji Shrestha Houthoff Buruma N.V. Mihai Pascariu Central Law Souley Hammi Illiassou Pradhan & Associates Minter Ellison Rudd Watts Roberto Montes SDV B.V. Etude d'Avocats - Marc Le Arias & Muñoz Bihan & Collaborateurs 180 doing business 2009 Diaouga Haoua Halilou Sani Femi David Ikotun Bjørn Erik Andersen Simen Smeby Lium Etude de Maître Djibo Niger Ziongate Chamers DnB Nor Wikborg, Rein & Co. Aïssatou Abdou Moussa Sanoussi Okorie Kalu Jan L. Backer Christel Spannow Dodo Dan Gado Haoua E.N.G.E. Punuka Attorneys & Wikborg, Rein & Co. PricewaterhouseCoopers Etude de Maître Dodo Dan Solicitors Gado Haoua Dominique Taty Stig Berge Bernt Olav Steinland FIDAFRICA / Folajimi Mohammed Thommessen Krefting Advokatfirmaet Selmer Issoufou Issa PricewaterhouseCoopers Olusoji Elias and Company Greve Lund AS, member of D.A. Direction Générale des Lex Mundi Impôts Idrissa Tchernaka Ramat Muhammad Svein Sulland Etude d'Avocats - Marc Le J.K. Adamu & Co Carl Arthur Christiansen Advokatfirmaet Selmer Seybou Issifi Bihan & Collaborateurs Raeder Advokatfirma D.A. Communauté Urbaine de Victor Nwakasi Niamey Fousséni Traoré Olisa Agbakoba & Magnar Danielsen Espen Trædal FIDAFRICA / Associates Norwegian Mapping PricewaterhouseCoopers Bernar-Oliver Kouaovi PricewaterhouseCoopers Authority, Cadastre and Godwin Obla Cabinet Kouaovi Hamadou Yacouba Obla & Co. Land Registry Om A N Fati Kountche-Adji Etude de Maître Djibo Knut Ekern Abdulhakeem Zahran al-Abri Cabinet Fati Kountche Aïssatou Motunrayo Odumosu PricewaterhouseCoopers PricewaterhouseCoopers Ministry of Housing Fatouma Lanto Stein Fagerhaug Etude d'Avocats Marc Le N IG E R IA Ozofu Ogiemudia Dalan advokatfirma DA Hazem H. Abu-Ghazaleh Udo Udoma & Belo-Osagie Abu Ghazel Intellectual Bihan et Collaborateurs Oluseyi Abiodun Akinwunmi Property Marie Fjulsrud Marc Le Bihan Akinwunmi & Busari, Legal Mathias Okojie Advokatfirmaet Hjort DA, Practioners (A & B) Punuka Attorneys & Syed Nasir Ahmed Etude d'Avocats Marc Le member of Ius Laboris Damco Bihan & Collaborateurs Solicitors Olaleye Adebiyi Claus R. Flinder WTS Adebiyi & Associates Patrick Okonjo Zubaida Fakir Mohamed Al Diallo Rayanatou Loutou Simonsen Advokatfirma DA Balushi Cabinet Loutou - Okonjo, Odiawa & Ebie Temitayo Adegoke Amund Fougner Central Bank Architectes Aluko & Oyebode Dozie Okwuosah Advokatfirmaet Hjort DA, Ahmed Al Barwani Laouali Madougou Central Bank member of Ius Laboris Adeola Adeiye Denton Wilde Sapte Etude d'Avocats Marc Le Udo Udoma & Belo-Osagie Titilola Olateju Bihan & Collaborateurs Geir Frøholm Azzan Qasim Al Busaidi Okonjo, Odiawa & Ebie Advokatfirmaet Schjødt Saheed A. Aderemi International Research Boubacar Nouhou Maiga Ayodeji Olomojobi D.A. Francis Adewale Foundation E.N.G.E. Aluko & Oyebode Vista Bridge Global Mads Fuglesang Khamis Abdullah Al-Farsi Saadou Maiguizo Resources Limited Friday Omoregbee Advokatfirmaet Selmer Ministry of Commerce and Bureau d'Etudes Adono-See Resources D.A. Industry Techniques d'Assistance Adesegun Agbebiyi Nigeria Limited Ingenborg Gjølstad et de Suirveillance en Aluko & Oyebode Said bin Saad Al Shahry Construction Civile Fred Onuobia Thommessen Krefting Said Al Shahry Law Office Gboalhan Agboluaje Greve Lund AS, member of Marie-Virginie Mamoudou G. Elias & Co. Solicitors Aelex, Legal Practitioners and Advocates Lex Mundi Ali Nassir Seif Al-Bualy Chambre Nationale des & Arbitrators Al-Bualy Attorneys at Law Notaires du Niger Tochukwu Onyiuke Pål Hasner Daniel Agbor & Legal Consultants Punuka Attorneys & PricewaterhouseCoopers Aoula Mamoudou Udo Udoma & Belo-Osagie Mohsin Ahmed Alawi Solicitors Renate Iren Heggelund Ministère de l'Urbanisme, Al-Hadad de l'Habitat et du Kenneth Aitken Tunde Osasona Advokatfirmaet Selmer Mohsin Al-Hadad & Amur Cadastre PricewaterhouseCoopers Whitestone Worldwide D.A. Al-Kiyumi & Partners Mamane Sani Manane Uche Ajaegbu Ltd. Odd Hylland Khalid Khamis Al-Hashmi Bureau d'Etudes Bala & Nigeria Employers' Olufemi Ososanya PricewaterhouseCoopers Muscat Municipality Himo Consultative Assembly HLB Z.O. Ososanya & Co. Tove Ihle-Hansen Abdullah Alsaidi Evelyne M'Bassidgé Owolabi Animashaun Gbenga Oyebode PricewaterhouseCoopers Dr. Abdullah Alsaidi Law FIDAFRICA / Scotech Universal Aluko & Oyebode office Resources Limited Jónar Transport PricewaterhouseCoopers Olushola Salau Hanne Karlsen Saif Al-Saidi Adeline Messou Linda Arifayan WTS Adebiyi & Associates Raeder Advokatfirma Dr. Saif Al-Saidi Advocates FIDAFRICA / WTS Adebiyi & Associates and Legal Consultants PricewaterhouseCoopers Mohammed Sani Niels R. Kiaer Barr. N.U. Chianakwalam Mohammed Alshahri Smah Integrated Services Rime Advokatfirma DA Yayé Mounkaïla Legal Standard Consulting Ltd. Mohammed Alshahri & Cabinet d'Avocats Akinbo A. A. Cornerstone Bjørn H. Kise Associates Mounkaila-Niandou Tunji Tiamiyu Advokatfirma Vogt & Yomm Kinboss Nigeria Multifreightlogistics Ministry of Housing. Limited Wiig A.S. Ibrahim Mounouni NIG Ltd. Bureau d'Etudes Bala & Ole Fredrik Melleby Hamad M. Al-Sharji Kofo Dosekun Reginald Udom Hamad Al-Sharji, Peter Himo Aluko & Oyebode Raeder Advokatfirma Aluko & Oyebode Mansour & Co. Mayaki Oumarou Emmanuel Egwuagu Karl Erik Nedregotten Dess Notarial Uche Ugoi PricewaterhouseCoopers Jihad Al-Taie Obla & Co. Akinwunmi & Busari, Legal Jihad Al-Taie & Associates Sahabi Oumarou Jude Bienose Ehiedu Practioners (A & B) Thomas Nordgård Themis International Vogt & Wiig AS Majid Al Toki Olisa Agbakoba & Aniekan Ukpanah Trowers & Hamlins Consultants Associates Udo Udoma & Belo-Osagie Ole Kristian Olsby Achimi M. Riliwanou Homble Olsby Sami Salim Al Asmi Nnenna Ejekam Maxwell Ukpebor The Omani Center for Etude de Maître Achimi Nnenna Ejekam Associates advokatfirma AS Riliwanou WTS Adebiyi & Associates Investment Promotion Olusoji Elias Johan Ratvik & Export Development Abdou Yacouba Saïdou Adamu M. Usman DLA Piper Norway DA (OCIPED) Olusoji Elias and Company F.O. Akinrele & Co. Cabinet Aspau Anse Agu Ezetah Anne Ulset Sande Gaby Cobos Mano Salaou Tokunbo Wahab Kvale & Co. Advokatfirma Curtis Mallet - Prevost, Chief Law Agu Ezetah Aluko & Oyebode Cabinet d'Avocats Mano & Co. ANS Colt & Mosle LLP Salaou Yemi Idowu N ORwAy Vegard Sivertsen M.K. Das Boubacar Salaou Deloitte, member of Bank Muscat PricewaterhouseCoopers Etude de Maître Boubacar Anders Aasland Kittelsen Deloitte Touche Tohmatsu Salaou Agent Benjamin Ihua- Mehreen B. Elahi Advokatfirmaet Schjødt Ståle Skutle Arneson Al Alawi, Mansoor Jamal Maduenyi da Daouda Samna Advokatfirma Vogt & & Co. Ihua & Ihua S.C.P.A. Mandela Wiig A.S. acknowledgments 181 Abshaer M. Elgalal Shariq Aziz Jawad A. Sarwana Ana Lucia Márquez Steamships Trading Dr. Saif Al-Saidi Advocates Online Shipping & Logistics Abraham & Sarwana Arosemena Noriega & Company Ltd. and Legal Consultants Contreras, member of Ius Thomas Taberia Major Javed Bashir Mohammad Shafique Laboris and Lex Mundi Alessandro Gugolz Greenfields International Online Shipping & Logistics Peter Allan Lowing Said Al Shahry Law Office Ivette Elisa Martínez Saenz Lawyers Kashif Butt Ghulam Haider Shamsi Patton, Moreno & Asvat Dali Habboub Zeeshan Enterprises Haider Shamsi & Co., pA R AG UAy Denton Wilde Sapte Chartered Accountants Yadira I. Moreno Bunker Logistics Aguilar Castillo Love Sunil Joseph Mohammed Shoukat Perla Alderete Ikram Fayaz Erick Rogelio Muñoz Vouga & Olmedo Abogados Maersk Line Aircon Logistic Qamar Abbas & Co. International Sucre Arias & Reyes P.E. Lalachen MJ Hugo T. Berkemeyer Tahseen Ghani Zubair Umer José Miguel Navarrete Berkemeyer, Attorneys & Hassan Al Ansari Legal Consultancy Hussain Home Textile Textile Home Arosemena Noriega & Counselors Khalid Habibullah Contreras, member of Ius Luis Alberto Breuer Mohamded Magdi Ilyas Zafar Laboris and Lex Mundi J. Nassir & Partners Abraham & Sarwana Zafar & Associates LLP. Berkemeyer, Attorneys & Ramón Ortega Counselors Pushpa Malani Javed Hassan PricewaterhouseCoopers Sojitz Corporation pA L AU PricewaterhouseCoopers Esteban Burt Andrea Paniagua Peroni, Sosa, Tellechea, Mansoor Jamal Malik Waqar Hussain Kenneth Barden Burt & Narvaja, member of Abraham & Sarwana Attorney-at-Law PricewaterhouseCoopers Al Alawi, Mansoor Jamal Lex Mundi & Co. Hamid Hussain Cristina Castro Sebastian Perez María Debattisti Crown Movers Worldwide Western Caroline Trading Union Fenosa - EDEMET - Kapil Mehta EDECHI Servimex SACI Maersk Line Rashid Ibrahim Co. Julio Pinedo Lorena Dolsa Subha Mohan A.F. Ferguson & Co. Lolita Gibbons-Decheny Berkemeyer, Attorneys & Koror Planning and PricewaterhouseCoopers Curtis Mallet - Prevost, Ali Adnan Ibrahim Counselors Colt & Mosle LLP Zoning Office Alfredo Ramírez Jr. Georgetown University Blas Dos Santos Law Center David Shadel Alfaro, Ferrer & Ramírez Ala Hassan Moosa Ferrere Attorneys Muscat Electricity Aman Ullah Iqbal The Law Office of Kirk and Manuel E. Rodriguez Shadel Estefanía Elicetche Distribution Company Crown Trading Company Union Fenosa - EDEMET - EDECHI Peroni, Sosa, Tellechea, Jessica Morris Tariq Nasim Jan pA NA m A Burt & Narvaja, member of Denton Wilde Sapte Datacheck Pvt. Ltd. Luz María Salamina Lex Mundi Alejandro Alemán Asociación Panameña de Jorge Figueredo Bruce Palmer Shaukat Ali Khan Crédito Alfaro, Ferrer & Ramírez Vouga & Olmedo Abogados Curtis Mallet - Prevost, Alhabib Textile Industries Colt & Mosle LLP Amanda C. Barraza de Wong Juan Tejada Arif Khan Néstor Gamarra PricewaterhouseCoopers PricewaterhouseCoopers Marian Paul Qamar Abbas & Co. Servimex SACI Al Alawi, Mansoor Jamal Francisco A. Barrios G. Valentín Ureña III Asim Khan Hameed Ilse Gonzalez & Co. PricewaterhouseCoopers Arosemena Noriega & Ivon Trading Company Contreras, member of Ius Ilse Gonzalez & Asoc Reji Paul Pvt. Ltd. Caroline Bono Laboris and Lex Mundi Larisa Guillén Dr. Abdullah Alsaidi Law PricewaterhouseCoopers Office Muhammad Maki Patricia Urriola PricewaterhouseCoopers Abraham & Sarwana Jose A. Bozzo Panalpina Jorge Jimenez Rey Madhu Sathyaseelan Garrido & Garrido Jihad Al-Taie & Associates Mehmood Y. Mandviwalla Ramón Varela Banco Central Mandviwalla & Zafar Jose Ignacio Bravo Morgan & Morgan Nestor Loizaga Peter Sayer COCOLPLAN Said Al Shahry Law Office Rashid Mehmood Ferrere Attorneys Luis Chalhoub pA p UA N E w Charles Schofield Yasir Mehmood GUINEA Carmela Martínez Icaza, Gonzalez-Ruiz & PricewaterhouseCoopers Trowers & Hamlins Al Hafiz Enterprises Aleman Tyson Boboro María Esmeralda Moreno Paul Sheridan T. Ud-Din A. Mirza Shanina J. Contreras Allens Arthur Robinson Denton Wilde Sapte A.F. Ferguson & Co. Moreno Ruffinelli & Arosemena Noriega & Asociados Contreras, member of Ius Vincent Bull Paul Suddaby Moazzam Mughal Allens Arthur Robinson Boxing Winner Laboris and Lex Mundi Roberto Moreno Rodríguez PricewaterhouseCoopers Alcalá Julio Cesar Contreras III David Caradus Jeff Todd Mohammad Qasim Qureshi PricewaterhouseCoopers Moreno Ruffinelli & Azam Chaudhry Law Arosemena Noriega & Asociados PricewaterhouseCoopers Contreras, member of Ius Associates Richard Flynn Thomas Willan Laboris and Lex Mundi Blake Dawson Hector Palazon Denton Wilde Sapte Shaheer Asghar Qureshi Ferrere Attorneys Guadalupe de Coparropa Justin Haiara Sahil Freight Pakistan Norman Williams Private Limited CEVA Logistics Steeles Lawyers Rocío Penayo Majan Engineering Ricardo Eskildsen Morales Moreno Ruffinelli & Consultants Faiza Rafique Peter Joseph Heystraten Asociados Chaudhary Law Associates Eskildsen & Eskildsen Sea Horse Pacific Sarah Wright Yolanda Pereira Adnan Rafique Michael Fernandez Antonia Laki Denton Wilde Sapte Berkemeyer, Attorneys & Parian International CAPAC (Cámara Panameña PricewaterhouseCoopers Counselors de la Construcción) pA k I STA N Abdul Rahman David Lavery Armindo Riquelme Alejandro Fernández de Sh. Farooq Abdullah Qamar Abbas & Co. Castro Blake Dawson Fiorio, Cardozo & Alvarado Abraham & Sarwana Waqar Rana PricewaterhouseCoopers John Leahy Cornelius Lane & Mufti Peter Allan Lowing Belen Saldivar Romañach Ali Jafar Abidi Enna Ferrer Lawyers Ferrere Attorneys State Bank of Paksitan Abid Rauf Alfaro, Ferrer & Ramírez ARC International Simon Nutley Angela Schaerer de Sosa Waheed Ahmad Einys K. Fuentes Peter Allan Lowing Escribana Pública Chaudhary Law Associates Mehdi Raza Panamá Soluciones Lawyers Moosa Textile Mills (Pvt) Logísticas Int. - PSLI Ruben Taboada Masood Ahmed Steven O'Brien Ltd Jorge Garrido PricewaterhouseCoopers Abraham & Sarwana O'Briens Sajjad Raza Garrido & Garrido Amjad Ali Transocean Shipping Kapu Rageau p E RU Cotton Loop Jorge R. González Byrne Agencies Rageau, Manua & Kikira Walter Aguirre Arias, Alemán & Mora Lawyers Aroma Surgical Co. Abdul Razzaq PricewaterhouseCoopers Ricardo Madrid Qamar Abbas & Co. PricewaterhouseCoopers 182 doing business 2009 Marco Antonio Alarcón Piana Milagros Maravi Monica Yoland Arteaga Herminio Liwanag Tomasz Brudkowski Estudio Echecopar Estudio Rubio, Leguía, Chaparro Jimenez Gonzales Liwanag Kochaski, Brudkowski & Normand y Asociados Registro Predial Urbano Bello Valdez Caluya & Partners Humberto Allemant Fernandez PricewaterhouseCoopers Jesús Matos Krzysztof Cichocki Estudio Olaechea, member phILIppINES Lory Anne Manuel-McMullin SKS Legal Gisella Alvarado Caycho of Lex Mundi Jimenez Gonzales Liwanag Estudio Echecopar Emilio Amaranto Krzysztof Ciepliski Puyat Jacinto Santos Law Bello Valdez Caluya & Milagros Mendoza Fernandez Gide Loyrette Nouel Guilhermo Auler Estudio Rubio, Leguía, Office Polska Forsyth & Arbe Abogados Normand y Asociados Yolanda Mendoza-Eleazar Myla Gloria Amboy Boena Ciosek Raul Barrios Jimenez Gonzales Liwanag Castillo Laman Tan Anna Julia Mendoza Pantaleon & San Jose Law Wierzbowski Eversheds, Barrios Fuentes Gallo Payet, Rey, Cauvi Abogados Bello Valdez Caluya & member of Eversheds Abogados Fernandez Offices International Ltd. Marlene Molero Elmer R. Mitra, Jr German Barrios Estudio Rubio, Leguía, Jazmin Banal Tomasz Duchniak Barrios Fuentes Gallo Romulo, Mabanta, PricewaterhouseCoopers / Normand y Asociados Isla Lipana & Co. SKS Legal Abogados Buenaventura, Sayoc & de Miguel Mur los Angeles, member of Lex Jesusito G. Morallos Lech Giliciski Vanessa Barzola PricewaterhouseCoopers Mundi White & Case W. PricewaterhouseCoopers Follosco Morallos & Herce Danilowicz, W. Jurcewicz i Legal Services Franco Muschi Manuel Batallones Wspólnicy sp. k. Payet, Rey, Cauvi Abogados BAP Credit Bureau Freddie Naagas Marianell Bonomini Pawel Grzekowiak PricewaterhouseCoopers Gabriel Musso Alexander B. Cabrera OOCL Logistics Gide Loyrette Nouel Legal Services Estudio Rubio, Leguía, PricewaterhouseCoopers / Alan Ortiz Polska Normand y Asociados Isla Lipana & Co. Follosco Morallos & José Ignacio Castro Fidala Jaroslaw Estudio Rubio, Leguía, Carmen Padrón Rusvie Cadiz Herce Tokarczuk, Jdrzejczyk, Normand y Asociados Estudio Rubio, Leguía, RVFreight and Services Nicanor N. Padilla Wspólnicy. Kancelaria Normand y Asociados Siguion Reyna Montecillo prawna Gide Loyrette Fernando Castro Kahn Joseph Omar A. Castillo Muñiz, Ramírez, Peréz- Adolfo J. Pinillos Puyat Jacinto Santos Law & Ongsiako Nouel Polska Taiman & Luna Victoria Durand Abogados Office Emmanuel C. Paras Piotr Kaim Attorneys at Law SyCip Salazar Hernandez & PricewaterhouseCoopers Lucianna Polar Kenneth Chua Javier de la Vega Estudio Olaechea, member Quisumbing Torres, Gatmaitan Tomasz Kaski PricewaterhouseCoopers of Lex Mundi member firm of Baker and Zayber B. Protacio Soltysiski Kawecki & McKenzie PricewaterhouseCoopers / Szlzak Alfonso De Los Heros Pérez Carlos Javier Rabanal Sobrino Albela Durand Abogados Emerico O. de Guzman Isla Lipana & Co. Iwona Karasek Estudio Echecopar Angara Abello Concepcion Janice Kae Ramirez Jagiellonian University Fernando M. Ramos Regala & Cruz Law Offices Mariana De Olazaval Barrios Fuentes Gallo Quasha Ancheta Pena & Krakow (ACCRALAW) Nolasco Estudio Olaechea, member Abogados Edyta Kolkowska of Lex Mundi Juana M. Dela Cruz Roderick Reyes Sonia L. Rengifo International Ewa Lachowska - Brol Paula Devescovi Barrios Fuentes Gallo Jimenez Gonzales Liwanag Consolidator Philippines, Bello Valdez Caluya & Wierzbowski Eversheds, Barrios Fuentes Gallo Abogados Inc. member of Eversheds Abogados Fernandez Alonso Rey Bustamante International Ltd. Rachelle Diaz Ricardo J. Romulo Juan Carlos Durand Payet, Rey, Cauvi Abogados Quisumbing Torres, Dagmara Lipka-Chudzik Grahammer Romulo, Mabanta, Guillermo Acuña Roeder member firm of Baker and Buenaventura, Sayoc and Magnusson Durand Abogados McKenzie Estudio Rubio, Leguía, de los Angeles, member of Agata Mierzwa Arturo Ferrari Normand y Asociados Ma. Lourdes Dino Lex Mundi Wierzbowski Eversheds, Muñiz, Ramírez, Peréz- Jimenez Gonzales Liwanag Roy Enrico Santos member of Eversheds Taiman & Luna Victoria Augusto Ruiloba Morante Bello Valdez Caluya & Puyat Jacinto Santos Law International Ltd. Attorneys at Law Estudio Echecopar Fernandez Office Dariusz Okolski Guillermo Ferrero Emil Ruppert Yañez Rachel Follosco Sheryl Tanquilut Okolski Law Office Estudio Ferrero Abogados Estudio Rubio, Leguía, Normand y Asociados Follosco Morallos & Romulo, Mabanta, Krzysztof Pawlak Luís Fuentes Herce Buenaventura, Sayoc & de Carolina Sáenz Soltysiski Kawecki & Barrios Fuentes Gallo Catherine Franco los Angeles, member of Lex Szlzak Abogados Estudio Rubio, Leguía, Mundi Normand y Asociados Quisumbing Torres, Weronika Pelc Juan García Montúfar member firm of Baker and Bianca Torres Adolfo Sanabria Mercado McKenzie Wardyski & Partners, Estudio Rubio, Leguía, PJS Law member of Lex Mundi Normand y Asociados Muñiz, Ramírez, Peréz- Gilberto Gallos Taiman & Luna Victoria Ma. Melva Valdez Anna Maria Pukszto Anabelí González Attorneys at Law Angara Abello Concepcion Jimenez Gonzales Liwanag Regala & Cruz Law Offices Salans Estudio Ferrero Abogados Bello Valdez Caluya & Diego Sanchez (ACCRALAW) Fernandez Bartlomiej Raczkowski Cecilia Guzman-Barron PricewaterhouseCoopers Bartlomiej Raczkowski Geraldine S. Garcia Redentor C. Zapata Barrios Fuentes Gallo Kancelaria Prawa Pracy Abogados Martin Serkovic Follosco Morallos & Quasha Ancheta Pena & Estudio Olaechea, member Herce Nolasco Piotr Sadownik Jose A. Honda of Lex Mundi Gide Loyrette Nouel Gwen Grecia-de Vera Gil Roberto Zerrudo Estudio Olaechea, member Polska of Lex Mundi Hugo Silva PJS Law Quisumbing Torres, Rodrigo, Elías, Medrano Rafael Khan member firm of Baker and Katarzyna Sarek Rafael Junco Abogados McKenzie Bartlomiej Raczkowski Camara Peruana de la Siguion Reyna Montecillo José Antonio Valdez & Ongsiako Kancelaria Prawa Pracy Construccion p OL A N d Estudio Olaechea, member Genevieve M. Limbo Zbigniew Skórczyski Kuno Kafka Prado of Lex Mundi Chadbourne & Parke LLP PricewaterhouseCoopers / Allen & Overy A. Pdzich Estudio Rubio, Leguía, Sp.k. Normand y Asociados Valery Vicente Isla Lipana & Co. Dariusz Smiechowski Forsyth & Arbe Abogados Victoria Limkico Grzegorz Banasiukj Union of Polish Architects Adolfo Lopez Manuel Villa-García Jimenez Gonzales Liwanag Gide Loyrette Nouel Iwona Smith PricewaterhouseCoopers Polska Estudio Olaechea, member Bello Valdez Caluya & PricewaterhouseCoopers German Lora of Lex Mundi Fernandez Aleksander Borowicz Payet, Rey, Cauvi Abogados Ewelina Stobiecka Ursula Villanueva Erich H. Lingad Biuro Informacji Eiselsberg Natlacen Raul Lozano-Merino Estudio Rubio, Leguía, International Kredytowej S.A. Walderdorff Cancola Peña, Lozano, Faura & Normand y Asociados Consolidator Philippines, Rechtsanwälte GmbH Asociados Inc. acknowledgments 183 Dariusz Tokarczuk Associados, Member of Lex Javier Arbona qATA R Abdul Jaleel Gide Loyrette Nouel Mundi Quiñones & Sánchez, PSC Lex Chambers. Polska Naveed Abdulla Isabel Martínez de Salas James A. Arroyo Milan Joshi Gulf Star Group Wojciech Wdolowsk Garrigues TransUnion Bin Yousef Cargo Express Magnusson Shawki Abu Nada W.L.L Susana Melo Hermann Bauer Central Tenders Radoslaw Waszkiewicz Grant Thornton O'Neill & Borges Committee Upuli Kasthuriarachchi Soltysiski Kawecki & Consultores, Lda PricewaterhouseCoopers Szlzak Nikos Buxeda Ferrer Abdelmoniem Abutiffa Joaquim Luis Mendes Adsuar Muñiz Goyco Seda Sajid Khan Qatar International Law Ewa Winiewska Grant Thornton & Pérez-Ochoa, P.S.C Firm PricewaterhouseCoopers Consultores, Lda. Tomasz Zabost Mildred Caban Ali Al Amari Ali Kudah João Moucheira Goldman Antonetti & Customs and Ports Central Bank p ORT U G A L Directorate General of Córdova P.S.C General Authority Registry & Notary Civil Kholoud Al Faihani Victor Abrantes Service Jorge Capo Ahmed Sayed Rekaby Mansy Victor Abrantes - O'Neill & Borges Maitha Al Hajri Law Office of Rashid Bin International Sales Agent Mouteira Guerreiro, Rosa Abdulla AI-Khalifa Amaral & Associados - Walter F. Chow Mohammed Saleh Al Jilani Filipa Arantes Pedroso Sociedade de Advogados O'Neill & Borges Central Bank Abdul Muttalib Morais Leitão, Galvão R.L. Hassan Abdulla Al Khouri Gulf Star Group Myrtelena Díaz Pedora Teles, Soares da Silva & Rita Nogueira Neto Najwan Nayef Associados, Member of Lex Adsuar Muñiz Goyco Seda Abdullah Al Muslemani Mundi Garrigues & Pérez-Ochoa, P.S.C Legal Advisor Clyde & Co.Legal Consultants Miguel Azevedo Felipe Oliviera Alberto G. Estrella Nada Mubarak Al Sulaiti Carlos de Sousa & Brito & William Estrella Law Al Sulaiti, Attorneys, Ali Said Othman Garrigues Associados Offices Legal Consultants & Central Tenders Manuel P. Barrocas Arbitrators Committee Rui Peixoto Duarte Carla Garcia Barrocas Sarmento Neves Mohammed SHK. Qasem Abreu Advogados O'Neill & Borges Mohammed A. Ali José Pedro Briosa e Gala Al Khorri Advocate & Khatib & Alaml Pedro Pereira Coutinho Carlos Hernandez Barrocas Sarmento Neves Legal Consultants Annette Seiffert Garrigues Reichard & Escalera Rita Carvalho Adnan Ali Clyde & Co. Legal Acácio Pita Negrão Gerardo Hernandez Consultants PricewaterhouseCoopers PricewaterhouseCoopers PLEN - Sociedade de William Estrella Law Tiago Castanheira Marques Advogados, RL Offices Abdul Rahman Ali Almotawa Sarah Simms Abreu Advogados Customs and Ports Clyde & Co. Legal Margarida Ramalho Francisco Hernández-Ruiz Consultants Susana Cebola Associação de Empresas Reichard & Escalera General Authority Directorate General of de Construção e Obras A. Rahman Mohamed Laura Warren Públicas Donald E. Hull Clyde & Co. Legal Registry & Notary Civil Al-Jufairi Service Pietrantoni Méndez & Consultants Paulo Ribeiro Alvarez LLP A. Rahman Mohamed Gabriel Cordeiro Quinta do Figueiral Al-Jufairi Terence G.C. Witzmann Luis Marini HSBC Direcção Municipal de Filomena Rosa Juma Ali Rashed Al-Kaabi Gestão Urbanística O'Neill & Borges Directorate General of Ministry of Economy & João Cadete de Matos Registry & Notary Civil Rubén M. Medina-Lugo Commerce ROm A N IA Banco de Portugal Service Cancio, Nadal, Rivera & Rashid Bin Abdulla Al-Khalifa Díaz Adriana Almasan Carlos de Sousa e Brito David Salgado Areias Law Office of Rashid Bin Stoica & Asociatii Abreu Advogados Oscar O Meléndez - Sauri Abdulla AI-Khalifa Attorneys-at-Law Carlos de Sousa & Brito & Associados Coto Malley & Tamargo, Khalil Al-Mulla Pedro Santos LLP Alina Badea Cristina Dein Andromeda Customs and Ports Muat & Asociaii Pedro A. Morell General Authority Dein Advogados Pedro Santos Emanuel Bancila Goldman Antonetti & Muna Al-Mutawa John Duggan Grant Thornton Córdova P.S.C PricewaterhouseCoopers Consultores, Lda Advocate & Legal PricewaterhouseCoopers Carlos Nieves Consultant Irina Bnic Bruno Ferreira Raquel Santos Quiñones & Sánchez, PSC Muat & Asociaii Mohammed H. Al-Naimi Garrigues Morais Leitão, Galvão Irina Barbu Teles, Soares da Silva & Joaquin M Nieves Central Tenders Jorge Figueiredo Sun Air Expedite Service Committee D & B David si Baias S.C.A. Associados, Member of Lex PricewaterhouseCoopers Mundi Jorge Peirats Ahmad Al-Remehi Cristian Bichi Inga Kilikeviciene Manuel Silveira Botelho Pietrantoni Méndez & Real Estate Registration National Bank António Frutuoso de Melo Alvarez LLP Department Monica Biciusca Martim Krupenski Barrocas Sarmento Neves e Associados - Sociedade de Edwin Quiñones Ahmed Mohammed Anghel Stabb & Partners Advogados, R.L. Quiñones & Sánchez, PSC Al-Rmehy Maria Manuel Leitão Marques Roxana Bolea Carmo Sousa Machado Ministry of Justice Secretary of State Victor Rodriguez D & B David si Baias S.C.A. for Administrative Abreu Advogados Multitransport & Marine Walid A. Moneim Amen Cosmin Bonea Modernisation João Paulo Teixeira de Matos Co. Labour Department Salans Diogo Léonidas Rocha Garrigues Victor Rodriguez Ian Clay Cezara Chirica Garrigues PricewaterhouseCoopers PricewaterhouseCoopers p U E RTO R IC O D & B David si Baias S.C.A. Jorge Pedro Lopes Jorge M. Ruiz Montilla Dalal K. Farhat Anamaria Corbescu Polytechnic Institute of Viviana Aguilu McConnell Valdés LLC Arab Engineering Bureau Salans Bragança PricewaterhouseCoopers Steuart Anthony Greig Javier Sánchez Dorín Coza Marta Elisa Machado Israel Alicea Bin Yousef Cargo Express Ineabelle Santiago W.L.L Babiuc Sulica PricewaterhouseCoopers Quiñones & Sánchez, PSC Protopopescu Vonica Reichard & Escalera Ana Margarida Maia Ignacio Alvarez Robert A. Hager Yasmin Umpierre-Chaar Tiberiu Csaki Miranda Correia Pietrantoni Méndez & Patton Boggs LLP O'Neill & Borges Salans Amendoeira & Associados Alvarez LLP Tajeldin Idris Babiker Carlos Valldejuly Peter De Ruiter Miguel Marques dos Santos Alfredo Alvarez-Ibañez ABN Law Firm O'Neill & Borges PricewaterhouseCoopers Garrigues O'Neill & Borges Samar A. Ismail Fernando Van Derdys Luminita Dima Filipa Marques Junior Juan Aquino Khatib & Alami Reichard & Escalera Nestor Nestor Diculescu Morais Leitão, Galvão O'Neill & Borges Ibrahim Jaidah Kingston Petersen, member Teles, Soares da Silva & Travis Wheatley Arab Engineering Bureau O'Neill & Borges 184 doing business 2009 of Ius Laboris, of Lex of Ius Laboris, of Lex Darya Angelo Konstantin Salichev André Verbruggen Mundi & of SEE Legal Mundi & of SEE Legal Law Firm ALRUD Andrey Shpak Alexandru Dobrescu Lavinia Nucu Ekaterina Avilova PricewaterhouseCoopers S A m OA Lina & Guia S.C.A Anghel Stabb & Partners PricewaterhouseCoopers Tiffany Acton Olga Sirodoeva Ion Dragulin Alina Oancea Legal Services Quantum Contrax Ltd Orrick Herrington & National Bank PricewaterhouseCoopers Fedor Bogatyrev Sutcliffe LLP Mike Betham Laura Adina Duca Marius Ptrcanu Law Firm ALRUD Steven Snaith Transam Ltd. Nestor Nestor Diculescu Muat & Asociaii Alexia Borisov PricewaterhouseCoopers Lawrie Burich Kingston Petersen, member Andreas Neocleous & Co., Quantum Contrax Ltd of Ius Laboris, of Lex Cristina Popescu Pavel Solovyev Legal Consultants Mundi & of SEE Legal Lina & Guia S.C.A Magnusson Murray Drake Julia Borozdna Drake & Co. Cristina Ene Alina Popescu Irina Strizhakova Baker & McKenzie PricewaterhouseCoopers Muat & Asociaii Andreas Neocleous & Co., Ruby Drake Maria Bykovskaya Legal Consultants Drake & Co. Serban Epure Mariana Popescu Gide Loyrette Nouel, Elena Subocheva Biroul de Credit National Bank member of Lex Mundi George Latu Russin & Vecchi, LLC Latu Ey & Clarke Lawyers Adriana Gaspar Diana Emanuela Precup ESPRO Real Estate Nestor Nestor Diculescu Nestor Nestor Diculescu Mikhail Usubyan Arthur R. Penn Kingston Petersen, member Kingston Petersen, member Valery Getmanenko Orrick, Herrington & Lesa ma Penn of Ius Laboris, of Lex of Ius Laboris, of Lex Baker & McKenzie Sutcliffe LLP Mundi & of SEE Legal Mundi & of SEE Legal John Ryan Maria Gorban Andrey Zhdanov Irina Preoteasa Transam Ltd. Gina Gheorghe Gide Loyrette Nouel, Baker & McKenzie Tanasescu, Leaua, Cadar & PricewaterhouseCoopers member of Lex Mundi Shan Shiraz Ali Usman Asociatii Alina Proteasa Evgeniy Gouk RwA N dA Tradepac Marketing Ltd. Sergiu Gidei Lina & Guia S.C.A PricewaterhouseCoopers Banque Commerciale du CIS Law Offices B.V. S ãO TOm é A N d D & B David si Baias S.C.A. Adriana Puscas Rwanda pRINCIpE Alexandru Gosa Babiuc Sulica Marlena Hurley Emmanuel Abijuru D & B David si Baias S.C.A. Protopopescu Vonica TransUnion CRIF Decision Université Libre de Kigali António de Barros A. Aguiar Solution SOCOGESTA Veronica Gruzsniczki Raluca Radu Alberto Basomingera Babiuc Sulica Salans Irina Im Cabinet d'Avocats André Aureliano Aragão Protopopescu Vonica PricewaterhouseCoopers Mhayimana André Aureliano Aragão Laura Radu Jurisconsulta & Advogado Mihai Guia Stoica & Asociatii Sergej Juzovitski Pierre Célestin Bumbakare Lina & Guia S.C.A Attorneys-at-Law Ramboll Rwanda Revenue Fernando Barros Authority PricewaterhouseCoopers Nicolae Hariuc Alina Rafaila Maxim Kandyba Zamfirescu Racoi Predoiu PricewaterhouseCoopers PricewaterhouseCoopers José Habimana Jorge Bonfim Law Partnership CIS Law Offices B.V. Umwlimu Sacco Direcção do Comércio Angela Rosca Hidropneumatica Taxhouse SRL Ekaterina Kotova Jean Havugimana Pedro Calixto PricewaterhouseCoopers Rwanda Revenue PricewaterhouseCoopers Roxana Ionescu Alex Rosca CIS Law Offices B.V. Taxhouse SRL Authority Edmar Carvalho Nestor Nestor Diculescu Kingston Petersen, member Dmitry Kurochkin Suzanne Iyakaremye Miranda Correia Ana-Maria Rusu Herbert Smith CIS LLP Amendoeira & Asociados of Ius Laboris, of Lex SDV Mundi & of SEE Legal Salans Sergei L. Lazarev Project Kaburege Abreu Conceição Iulian Iosif Romana Schuster Russin & Vecchi, LLC. Soares Da Costa PricewaterhouseCoopers Cabinet d'Avocat Kaburege Muat & Asociaii Maxim Likholetov João Cristovão Cristina Simion Annie Kairaba-Kyambadde Crenguta Leaua Magnusson Rwanda Initiative for Banco Internacional de Tanasescu, Leaua, Cadar & PricewaterhouseCoopers São Tomé e Príncipe Dmitry Lyakhov Sustainable Development / Asociatii Alexandru Slujitoru LandNet Frederico da Glória Russin & Vecchi, LLC. Cristian Lina D & B David si Baias S.C.A. Marcellin Kamanzi Tribunal de Primeira Anastasia Malashkevich Instância de São Tomé Lina & Guia S.C.A Alexandra Sova PricewaterhouseCoopers Robert Kamugisha Dumitru Viorel Manescu Sova & Partners Ministry of Justice Pascoal Daio Irina Martakova Pascoal Daio - Advogado & National Union of Ileana Sovaila Romanian Notaries PricewaterhouseCoopers Angélique Kantengwa Consultore Muat & Asociaii National Bank Alina Manescu Vladimir Melnikov Abílio de Carvalho Dema David Stabb Herbert Smith CIS LLP Theophile Kazaneza PricewaterhouseCoopers Anghel Stabb & Partners Cabinet Africain de Lyudmila Merzlikina Kigali Bar Association Gestion Informatique et Oana Manuceanu Marta Stefan Contable PricewaterhouseCoopers ALRUD Law Firm Rodolphe Kembukuswa Anghel Stabb & Partners SDV Celiza Deus Lima Gelu Titus Maravela Yuri Monastyrsky Cristiana Stoica Monastyrsky, Zyuba, Narasimha Kollegal JPALMS Advogados Muat & Asociaii Stoica & Asociatii Stepanov & Partners World Freight s.a.r.l. Direcção das Alfândegas Carmen Medar Attorneys-at-Law OAO Pigment Isaïe Mhayimana Agostinho Q.S.A. Fernandes D & B David si Baias S.C.A Sorin Corneliu Stratula Gennady Odarich Cabinet d'Avocats Directorate of Taxes Raluca Mocanu Stratula Tomosoiu Mhayimana Mocanu PricewaterhouseCoopers Cesaltino Fernandes PricewaterhouseCoopers Legal Services Minette Mutoni Serviços Geograficos e Dominic Morega Potyesz Tiberu Tatiana Ponomareva Barreau de Kigali Cadastrais Muat & Asociaii Bitrans Ltd., member of World Mediatrans Group Igor Porokhin Pothin Muvara Raul Gomes Adriana Neagoe Magnusson ATS Logistics Co. Anca Vatasoiu David Ngaracu National Bank Salans Maria Priezzheva World Freight s.a.r.l. Metalurgica Santo Amaro Manuela Marina Nestor Orrick Herrington & Mihai Vintu Athanase Rutabingwa Jean-Paul Migan Nestor Nestor Diculescu Sutcliffe LLP Kingston Petersen, member PricewaterhouseCoopers Kigali Allied Advocates Ecobank of Ius Laboris, of Lex Roman Reshetyuk Vincent Shyirambere Faustino Manuel Neto Mundi & of SEE Legal RU S SIA N PricewaterhouseCoopers Office of the Registrar of EMAE f E dE R AT ION Legal Services Land Titles Madalin Niculeasa Eduardo Paiva Nestor Nestor Diculescu Marat Agabalyan Evgeny Reyzman PricewaterhouseCoopers Kingston Petersen, member Herbert Smith CIS LLP Baker & McKenzie acknowledgments 185 Luisélio Pinto Shadi Haroon Matthias Hubert Jelena Edelman Clare Vernon United Investments Baker Botts LLP FIDAFRICA / Prica & Partners Law PricewaterhouseCoopers PricewaterhouseCoopers Office Guilherme Posser da Costa Jochen Hundt Milos Vuli De Juris - Advocacia e Al-Soaib Law Firm Oumy Kalsoum Gaye Olga Serb Greti Prica & Partners Law Consultoria, Lda. Chambre de Commerce Ninkovi Law Office Office David K. Johnson d'Industrie et Cosme Bonfim Afonso Rita Al Juraid & Company / d'Agriculture de Dakar Oliver Haussmann Relja Zdravkovi Câmara de Comércio, PricewaterhouseCoopers Moravcevic, Vojnovi Moravcevic, Vojnovi Agricultura e Serviços Seydina Kane & Zdravkovi o.a.d. u & Zdravkovi o.a.d. u Marcus Latta Senelec saradnji sa Schönherr saradnji sa Schönherr Deodato Gomes Rodrigues The Law Firm of Salah ENAPORT Al-Hejailany Sidy Kanoute Harrison Solicitors Branislav Zivkovi Avocat à la Cour Jovana Ili Zivkovic & Samardzic Law Maria do Céu Silveira Muhammad Lotfi Office Direcção de Obras Toban Law Firm Moussa Mbacke PricewaterhouseCoopers Públicas e Urbanismo Etude notariale Moussa Milos Zivkovi Hassan Mahassni Anna Jankov Mbacke Zivkovi & Samardzi Law Carlos Stock Law Office of Hassan PricewaterhouseCoopers office Direcção dos Registros e Mahassni Mamadou Mbaye Nikola Jankovi Notariado SCP Mame Adama Gueye & SE yC h E L L E S Muntasir Osman Associés Law Offices Jankovi, Sara Ranito Trigueiros Law Office of Hassan Popovi & Miti Banco Internacional de Mahassni Ibrahima Mbodj Gerry Adam Martina Jovi Mahe Shipping Co. Ltd. São Tomé e Príncipe Avocat à la Cour K. Joseph Rajan PricewaterhouseCoopers Rui Veríssimo Globe Marine Services Co. Pierre Michaux Jules G. Baker Mirko Kevac Ports Authority Soares Da Costa FIDAFRICA / Mustafa Saleh PricewaterhouseCoopers PricewaterhouseCoopers Turner International France Gonzalves Bonte S AU dI A R A B IA Pape Oumar Ndiaye Dubravka Kosi Abdul Shakoor Law Office Kosic Andre D. Ciseau Emad Fareed Abdul Jawad Avocat à la Cour Seychelles Ports Globe Marine Services Co. Marija Kosti Globe Marine Services Co. Cheikh Tidiane Ndiaye Authority Sameh M. Toban Secom Law Offices Jankovi, Abdulaziz Abdullatif Popovi & Miti Alex Ellenberger Toban Law Firm Al-Soaib Law Firm Moustapha Ndoye Locus Architecture Pty. Natasha Zahid Ivan Krsikapa Ltd. Ali Abedi Cabinet d'Avocats Baker Botts LLP Ninkovi Law Office The Allaince of Abbas Cheikh Oumar Sall Daniel Houareau F. Ghazzawi & Co. and Abdul Aziz Zaibag Aleksandar Mancev Ports Authority Hammad, Al-Mehdar & Co. Alzaibag Consultants Mbacké Sene Prica & Partners Law Senelec Office Joe Morin Nasreldin Ahmed Soudki Zawaydeh Mahe Shipping Co. Ltd. The Law Firm of Salah Al Juraid & Company / Daniel-Sedar Senghor Aleksandar Miljkovi Notaire PricewaterhouseCoopers Bernard L. Pool Al-Hejailany PricewaterhouseCoopers Pool & Patel Omar Al Saab Ebaish Zebar SDV Dimitrije Nikoli Cargo T. Weiss Roddy Ramanjooloo Mohanned Bin saudi Al The Law Firm of Salah Djibril Sy Rasheed Law Firm in Al-Hejailany Hoolooman Project Secom Djurdje Ninkovi Services Association with Baker Ninkovi Law Office Botts L.L.P SE N E G A L Dominique Taty Unice Romain Nasser Alfaraj FIDAFRICA / Darija Ognjenovi Ports Authority Ibrahima Abdoulaye PricewaterhouseCoopers Prica & Partners Law Baker & McKenzie Ltd. Senelec Serge Rouillon Ibra Thiombane Office Mohammed Al-Ghamdi Attorney-at-Law Khaled Abou El Houda SCP Mame Adama Gueye & Igor Oljaci Fulbright & Jaworski LLP Cabinet Kanjo Koita Associés Law Office Kosic SI E R R A L E ON E Hesham Al-Homoud Cabinet Sarr & Associés, Moustapha Thioune Vladimir Peri Kelvin Abdallah The Law Firm of Dr. member of Lex Mundi Societe Generale de Hesham Al-Homoud Prica & Partners Law PricewaterhouseCoopers Magatte Dabo Banques au Senegal Office Mohammed Al-Jaddan Transfret Dakar Adama Traore Gideon Ayi-Owoo Snezana Pesi The Law Firm of Yousef SCP Mame Adama Gueye & PricewaterhouseCoopers and Mohammed Al-Jaddan Jonathan Darboux PricewaterhouseCoopers Associés Mohamed Sahid Bangura BCEAO Mihajlo Prica Nabil Abdullah Al-Mubarak Baba Traore Macauley, Bangura & Co. Saudi Credit Bureau - Fallou Diéye Prica & Partners Law Transfret Office H.A. Bloomer SIMAH APIX -Agence chargée de la Promotion de Marko Repi Ports Authority Fayez Al-Nemer l'Investissement et des SE R B IA Talal Bin Naif Al-Harbi Law Office Kosic A.Y Brewah Grands Travaux Rade Backovi Brewah & Co. Law Firm Vladimir Savi Issa Dione Association of Serbian CPI Investement Nicholas Colin Browne-Marke Sami Al-Sarraj Senelec Banks Al Juraid & Company / Nenad Stankovi Court of Appeals PricewaterhouseCoopers Patricia Lake Diop Rene Bijvoet Joksovic, Stojanovic and Charles Campbell PricewaterhouseCoopers Partners Mohammed Al-Soaib Fodé Diop Charles Campbell & Co. Al-Soaib Law Firm Art Ingegierie Afrique Bojana Bogojevi Ana Stankovi John Carter PricewaterhouseCoopers Moravcevic, Vojnovi Ali Awais Fatimatou Zahra Diop KPMG Baker Botts LLP BCEAO Marija Bojovi & Zdravkovi o.a.d. u saradnji sa Schönherr Leslie Theophilus Clarkson PricewaterhouseCooper Joseph Castelluccio Amadou Drame Ahmry Services Cabinet d'Avocat Natasa Cvetianin Petar Stojanovi Fulbright & Jaworski LLP Neneh Dabo Law Offices Jankovi, Joksovic, Stojanovic and Maher El Belbeisi Cheikh Fall Popovi & Miti Partners Anti-Corruption Abu-Ghazaleh Legal office Cabinet d'Avocat Commission Aleksandar Dimitrov Jovana Stojanovi Adel El Said Aïssatou Fall PricewaterhouseCoopers Vidal Decker Prica & Partners Law Panalpina FIDAFRICA / Office KPMG PricewaterhouseCoopers Zoran Teodosijevi Adel ElZein Jelena Djoki Law Offices Jankovi, Mariama Dumbuya Mohamed Ben Laden Law Mame Adama Gueye PricewaterhouseCoopers Popovi & Miti Renner Thomas & Co., Firm Mame Adama Gueye & Adele Chambers Associes Uros Djordjevi Jovana Tomasevi Imad El-Dine Ghazi Zivkovi & Samardzi Law Dzidzedze Fiadjoe Zivkovic & Samardzic Law Law Office of Hassan Khaled A. Houda Office Office PricewaterhouseCoopers Mahassni Avocat à la Cour 186 doing business 2009 Cecil French Hui Jia Ang SL OvA k IA Michal Zeman Anka Pogacnik National Power Authority PricewaterhouseCoopers Cechová & Partners, PricewaterhouseCoopers Zuzana Amrichova member of Lex Mundi Denis John Scott Garvie Hooi Yen Chin PricewaterhouseCoopers. Tamara Serdoner National Power Authority Gateway Law Corporation Dagmar Zukalová PricewaterhouseCoopers Martina Behuliaková Zukalová Counselors-at- Eke Ahmed Halloway Paerin Choa Geodesy, Cartography and Law Andreja Skofic-Klanjscek Halloway & Partners TSMP Law Corporation Cadastre Authority of the Deloitte d.o.o Millicent Hamilton-Hazeley Kit Min Chye Slovak Republic SL Ov E N IA Beta Stembal Clas Legal Tan Peng Chin LLC Vladimir Beles PricewaterhouseCoopers Ana Berce Michael A.O. Johnson Troy Doyle PricewaterhouseCoopers Odvetniki Selih & Renata Sterbenc Strus Ministry of Lands, Clifford Chance Wong Radmila Benkova Partnerji Law Office Jadek & Pensa Country Planning and the PricewaterhouseCoopers d.o.o. Environment Cyril Dumon Crtomir Borec SDV International Todd Bradshaw PricewaterhouseCoopers Laura Thomson Mariama Kallay Logistics PricewaterhouseCoopers PricewaterhouseCoopers Government of Sierra Branko Boznik Leone Paula Eastwood Ján Budinskı EFT Transportagentur Nives Uljan PricewaterhouseCoopers Slovak Credit Bureau, s.r.o. GmbH Panalpina Welttransport Alex Konoima GmbH Ministry of Lands, Chi Duan Gooi Kristina Cermakova Natasa Bozovi Country Planning and the Donaldson & Burkinshaw Peterka & Partners Bank of Slovenia Matthias Wahl Environment Schönherr Rechtsanwälte Muhammad Hattar Elena Chorvátová Eva Budja GmbH / Attorneys-at-Law George Kwatia Rodyk & Davidson LLP Peterka & Partners Law Office Jadek & Pensa PricewaterhouseCoopers d.o.o. Alenka Zaversek Ong Hway Cheng Zuzana Dragúnová-Valerová PricewaterhouseCoopers Centus Macauley Esq. Rajah & Tann PricewaterhouseCoopers Nada Drobnic Macauley, Bangura & Co. Deloitte d.o.o Brigita Zunic Nanda Kumar Viera Gregorova Deloitte d.o.o Joseph Daniel Mahayei Rajah & Tann Peterka & Partners Aleksander Ferk Ministry of Energy & PricewaterhouseCoopers Tina Zvanut Mioc Lee Lay See Simona Halakova Law Office Jadek & Pensa Power Rajah & Tann Ana Filipov Cechová & Partners, d.o.o. Sullay A. Mannah member of Lex Mundi Schönherr Rechtsanwälte Airinn Loh GmbH / Attorneys-at-Law Bank of Sierra Leone Schenker Pte. Ltd. Andrea Jezerska S OL Om ON Noah Mansaray Cechová & Partners, Masa Grgurevic Alcin I SL A N d S Ministry of Trade and The Supreme Court Ports Authority Industry member of Lex Mundi Don Boykin Corneleius Adeyemi Max- Tomas Jucha Barbara Guzina Pacific Architects Ltd Sheikh Babu Nooruddin Williams I PricewaterhouseCoopers Deloitte d.o.o Al Noor International John Katahanas Shipping Agencies Ltd. Pte. Ltd. Andrej Jarkovic Michaela Jurková Sol - Law A.P. Moller-Maersk Beng Hong Ong Cechová & Partners, Janezic & Jarkovic Attorneys-at-Law & Patent Andrew Radclyff Maersk Ltd. Wong Tan & Molly Lim LLC member of Lex Mundi Attorneys Barrister & Solicitor Augustine Musa, Esq. QBB (Pte) Ltd. Soa Lehocká Aleksandra Jemc Roselle R. Rosales Brewah & Co. Alianciaadvokátov ak, See Tiat Quek s.r.o. Law Office Jadek & Pensa Pacific Architects, Ltd. Oliver Onylander PricewaterhouseCoopers d.o.o. Katarina Leitmannová Gregory Joseph Sojnocki Adele Chambers Mark Rowley Geodesy, Cartography and Jernej Jeraj Morris & Sojnocki Eduard Parkinson Credit Bureau Pte Ltd. Cadastre Authority Schönherr Rechtsanwälte Chartered Accountants National Power Authority GmbH / Attorneys-at-Law Gerald Stenzil Andrew Seah Marek Lovas Prashatn Poduval Schenker Pte. Ltd. PricewaterhouseCoopers Janos Kelemen TRADCO Shipping Maersk Ltd. PricewaterhouseCoopers Priya Selvam Michal Luknár SOUTh AfRICA Roger Rogers Rajah & Tann Squire Sanders s.r.o. Danijel Kersevan International Panalpina Welttransport Theo Adendorff Construction Co. Ltd. Lee Chuan Seng Pemysl Marek GmbH KCSA Beca Carter Holdings & Peterka & Partners Susan Sisay Ferner Pte Ltd. Barbara Kozaric Ross Alcock Sisay & Associate Tomás Maretta Deloitte d.o.o. Edward Nathan Nish Shetty Cechová & Partners, Lornard Taylor Bozena Lipej Sonnenbergs Inc. WongPartnership LLP member of Lex Mundi Macauley, Bangura & Co. Surveying & Mapping Mark Badenhorst Shook Lin & Bok LLP (In Viktor Misík Authority Alhaji Timbo joint venture with Allen PricewaterhouseCoopers Dedák & Partners National Power Authority & Overy LLP) Klemen Mir Bay Language Institute Panalpina Welttransport PricewaterhouseCoopers Mohamed Ahmad Tunis May Yee Tan GmbH Kobus Blignaut Ahmry Services Wong Tan & Molly Lim LLC Matjaz Nahtigal Edward Nathan Zora Puskácová Odvetniki Selih & Sonnenbergs Inc Ayodele Wak-Williams Winston Tay Zukalová Counselors-at- Partnerji Del-Wak Agencies Customs Law Matthew Bonner Sonja Omerza Baker & McKenzie LLP Darcy White Siu Ing Teng Peter Rozbora PricewaterhouseCoopers PricewaterhouseCoopers Singapore Land Authority Cechová & Partners, Lloyd Chater member of Lex Mundi Pavle Pensa Bowman Gilfillan, member Claudius Williams-Tucker Liew Yik Wee Law Office Jadek & Pensa of Lex Mundi KPMG WongPartnership LLP Gerta Sámelová-Flassiková d.o.o. Alianciaadvokátov ak, Paul Coetser Amy Wright Lim Wee Teck Tomaz Petrovic s.r.o. Brink Cohen Le Roux EcoBank Sierra Leone Ltd. Rajah & Tann Schönherr Rechtsanwälte Peter Varga GmbH / Attorneys-at-Law Haydn Davies Rowland Wright Eddie Wong Procházka Randl Kubr, Webber Wentzel Wright & Co. City Developments Ltd. member of Ius Laboris & Natasa Pipan Nahtigal Lex Mundi Odvetniki Selih & Paul De Chalain Alfred Yarteh Paul Wong Partnerji PricewaterhouseCoopers National Power Authority Rodyk & Davidson LLP Clare Moger PricewaterhouseCoopers Petra Plevnik Gretchen De Smit Valerie Wu SI NG A p OR E Donaldson & Burkinshaw Attorneys at Law Miro Edward Nathan Zuzana Wallova Senica in Odvetniki Sonnenbergs Inc. Kala Anandarajah Stephanie Yuen Thio National Bank Rajah & Tann Elektro Ljubljana d.d. Tim Desmond TSMP Law Corporation Garlicke & Bousfield Inc acknowledgments 187 Rudolph Du Plessis Claire Van Zuylen Juan Ignacio Gomeza Villa Adrián Thery Paul Ratnayeke Bowman Gilfillan, member Bowman Gilfillan, member Notario de Bilbao Garrigues Paul Ratnayeke Associates of Lex Mundi. of Lex Mundi Igor Kokorev Alejandro Valls Tiruchelvam Associates Miranda Feinstein Allen West Pérez - Llorca Baker & McKenzie Harini Udugampola Edward Nathan Department of Land Sonnenbergs Inc. Affairs Alfonso Maíllo del Valle Juan Verdugo F.J. & G. De Saram, member Sánchez Pintado, Núñez & Garrigues of Lex Mundi Hennie Geldenhuys St Elmo Wilken Asociados Fernando Vives Shehara Varia Department of Land Deneys Reitz / Africa Affairs Legal Daniel Marín Garrigues Abogados y F.J. & G. De Saram, member Gómez-Acebo & Pombo Asesores Tributarios of Lex Mundi Sean Gilmour Rozalynne Wright Abogados Charmalie Weerasekera PricewaterhouseCoopers Webber Wentzel Jorge Martín - Fernández SR I L A N kA Sudath Perera Associates Tim Gordon-Grant Clifford Chance Bowman Gilfillan, member SpA I N APL Shashi Weththasinghe of Lex Mundi José Manuel Mateo N.P.H. Amarasena Julius & Creasy Allen & Overy LLP Garrigues Credit Information Bureau Igno Gouws Ana Armijo Andrés Monereo Velasco ST. k I T T S A N d Webber Wentzel Ashurst Chiranga Amirthiah NEvIS Monereo, Meyer & F.J. & G. De Saram, member Roelof Grové Cristina Ayo Ferrándiz Marinel-Lo of Lex Mundi Trilla Adams & Adams Uría & Menéndez, member Daniel Brantley & Nicolás Nogueroles Peiró Manoj Bandara King Impex of Lex Mundi Colegio de Registradores Associates F.J. & G. De Saram, member Unathi Kondile Arancha Badillo de la Propiedad y of Lex Mundi Department of Labour Garrigues Mercantiles de España Bowman Gilfillan, member Savantha De Saram Michella Adrien of Lex Mundi Vicente Bootello Alberto Núñez-Lagos D.L. & F. De Saram Michella Adrien Law Garrigues Burguera Office Erle Koomets Chamari de Silva Uría & Menéndez, member PricewaterhouseCoopers Agustín Bou of Lex Mundi F.J. & G. De Saram, member Nicholas Brisbane Renee Kruger Jausas of Lex Mundi N. Brisbane & Associates Jose Palacios Webber Wentzel James Bryant Garrigues Sharmela de Silva Bertill Browne Irvin Lawrence Orrick, Herrington & Tiruchelvam Associates St. Kitts Electricity Sutcliffe Juan Manuel Pardiñas Aranda Department Garlicke & Bousfield Inc Equifax Iberica Sadhini Edirisinghe Sam Lefafa Cristina Calvo F.J. & G. De Saram, member Scott Caines Ashurst Daniel Parejo Ballesteros of Lex Mundi Frank B. Armstrong Ltd. Department of Land Garrigues Abogados y Affairs Ariadna Cambronero Ginés Asesores Tributarios Champika Fernando Idris Fidela Clarke João Martins Uría & Menéndez, member Tiruchelvam Associates Financial Services of Lex Mundi Pedro Pérez-Llorca Zamora Department PricewaterhouseCoopers Pérez - Llorca Samadh Gajaweera Joey Mathekga Francisco Conde Viñuelas Nithya Partners Neil Coates Cuatrecasas Juan Ramon-Ramos PricewaterhouseCoopers CIPRO ( Companies & IPR Landwell, Abogados y Naomal Goonewardena Registration Office) Jaume Cornudella Marquès Asesores Fiscales Nithya Partners Kennedy de Silva Gabriel Meyer Landwell, Abogados y Customs and Excise Asesores Fiscales Enrique Rodriguez Priyanthi Guneratne Department Deneys Reitz / Africa Alitus S.A. F.J. & G. De Saram, member Legal Miguel Cruz of Lex Mundi Kamesha Graham Landwell, Abogados y Iñigo Sagardoy WalwynLaw Amit Parekh Ruwanthi Herat-Gunaratne Asesores Fiscales Sagardoy Abogados, Bowman Gilfillan, member member of Ius Laboris Nithya Partners Renee Gumbs of Lex Mundi Fernando de la Puente Alfaro Financial Services Colegio de Resgitradores Pilar Salinas Rincón Vindya Hettige Department Q & N West Export Trading House de la Propiedad y Sánchez Pintado, Núñez & Nithya Partners Mercantiles de España Asociados Rodney Harris Eamonn Quinn Dhanushke Jayarathne Customs and Excise Agustín Del Río Galeote Pablo Santos Hayleys Agro Biotech Department Eamonn David Quinn Attorney Gómez-Acebo & Pombo Gómez-Acebo & Pombo Abogados Kishani Jayasooriya Dollrita Jack-Cato Abogados Julius & Creasy Antoinette Reynolds Webster Dyrud Mitchell Iván Delgado González Sönke Schlaich Department of Land Tudor Jayasuriya Dahlia Joseph Affairs Pérez - Llorca Monereo, Meyer & Marinel-Lo F.J. & G. De Saram, member Daniel Brantley & Malaika Ribeiro Miguel Díez de los Ríos of Lex Mundi Associates Baker & McKenzie Rafael Sebastián PricewaterhouseCoopers Inoka Jayawardhana L. Everette Martin Uría & Menéndez, member Nyasha Samuriwo Rossanna D'Onza of Lex Mundi F.J. & G. De Saram, member Eastern Caribbean Central Bowman Gilfillan, member Baker & McKenzie of Lex Mundi Bank Lindsay Simmons of Lex Mundi Ronald Ferlazzo Mahes Jeyadevan Ayoub Morancie Orrick, Herrington & Peter Sands Orrick, Herrington & Sutcliffe LLP PricewaterhouseCoopers Royal Bank of Canada SDV Ltd Sutcliffe LLP Husni Jiffry Javier Simón Patrick Patterson Richard Shein Antonio Fernández Baker & McKenzie Lanka ORIX Securities Caribbean Associated Bowman Gilfillan, member Garrigues Pvt Ltd Attorneys Cristina Soler of Lex Mundi Juan Carlos Fernández Julius & Creasy Randy Prentice Gómez-Acebo & Pombo Rob Smorfitt Fernández-Avilés Abogados LAN Management Frank B. Armstrong Ltd. Chamber of Commerce & Sagardoy Abogados Development Service Gabriel Solís Marscha Prince Industries Alicia Gamez Garrigues Ruvindu Manathunga PricewaterhouseCoopers Chris Todd Orrick, Herrington & HIF Logistics (PVT) Ltd. Sutcliffe LLP Juan Soravilla Warren Thompson Bowman Gilfillan, member of Lex Mundi Monereo Meyer Marinel- Dian Nanayakkara Constsves Valentín García González lo Abogados Tiruchelvam Associates TransUnion ITC Cuatrecasas Vernon S. Veira Raimon Tagliavini Asiri Perera Vernon S. Veira & Jacques van Wyk Borja García-Alamán Uría & Menéndez, member MIT Cargo (Pvt) Ltd. Associates Cliffe Dekker Garrigues of Lex Mundi Lakshana Perera Charles Walwyn Llewellyn van Wyk Ana Gómez Francisco Téllez Sudath Perera Associates PricewaterhouseCoopers CSIR Monereo Meyer Marinel- Garrigues Abogados y lo Abogados Asesores Tributarios Hiranthi Ratnayake PricewaterhouseCoopers 188 doing business 2009 S T. LU C IA Theona R. Elizee-Stapleton Tariq Mohmoud Elsheikh Tina Phumlile Khoza Mauro Cavadini Commerce & Intellectual Omer Municipal Council of Brunoni Molino Mottis Thaddeus M. Antoine Property Office (CIPO) Mahmoud Elsheikh Omer & Manzini Adami Francis & Antoine Associates Advocates Tamara Gibson-Marks Paul Lewis Robert P. Desax Aisha Baptiste High Court Registrary Yassir Elsiddig PricewaterhouseCoopers PricewaterhouseCoopers High Court Registry Marwaco for Medical & Venessa Gibson Chemical Imports Ltd. Andrew Linsey Cyrill Diem Gerard Bergasse National Commercial Bank PricewaterhouseCoopers Kastaki S. Ganbert Suzanne Eckert Tropical Shipping (SVG) Ltd. K.S. Ganbert & Sons Ltd. C.J. Littler Wenger Plattner Desma F. Charles Stanley Harris C.J. Littler & Co. Osman Mekki Abdurrahman Olivier Hari Registry of Companies and St. Vincent Electricity Intellectual Property Services Limited VINLEC HLCS Jerome Ndzimandze Schellenberg Wittmer Speed Limit Construction Jakob Hoehn Peter I. Foster Charleston H. Jackson Mekki Osman Peter I. Foster & Dr. Lewis Law Chambers HLCS José Rodrigues Pestalozzi Lachenal Patry, Associates Rodrigues & Associates member of Lex Mundi Leroy James Osman Osman Peterson D. Francis P.M. Shilubane Ueli Huber Customs Authority HLCS Peterson D. Francis P.M. Shilubane & Homburger Worldwide Shipping & Sean Joachim Amal Sharif Associates David Hürlimann Customs Services Ltd. CaribTrans Mahmoud Elsheikh Omer & Associates Advocates Mahene Thwala CMS von Erlach Henrici Carol J. Gedeon Brenan B. King Thlwawa Attorneys AG Chancery Chambers Equinox Marine Surveying Abdel Gadir Warsama Bradford Mark Walker Vincent Jeanneret & Consulting Dr. Abdel Gadir Warsama Gordon & Gordon Co Ghalib & Associates Legal Brad Walker Architects Schellenberg Wittmer Rosann N.D. Knights Firm Anderson Lake Hanspeter Klaey Regal Chambers S w E dE N Bank of St Lucia Ltd Tag Eldin Yamani Sadig Wassilos Lytras Errol E. Layne Montag Trading & Mats Berter Brian Louisy APM Global Logistics Errol E. Layne Chambers Engineering Co. Ltd. MAQS Law Firm Switzerland Ltd. The St. Lucia Chamber of Commerce Industry and Linton A. Lewis Linda Broström-Cabrera Christian P. Meister Agriculture Dr. Lewis Law Chambers SU R I NA m E PricewaterhouseCoopers Niederer Kraft & Frey Duane C. Marquis Andrea Young Lewis G. Clide Cambridge Roger Gavelin Valerie Meyer NLBA Architects Commerce & Intellectual Paramaribo Custom Broker PricewaterhouseCoopers Niederer Kraft & Frey Property Office (CIPO) & Packer Stephen Mcnamara Olof Hallberg Andrea Molino Mcnamara & Co. Clairmonte Lynch Anoeschka Debipersad Advokatfirman Lindahl Brunoni Molino Mottis Customs Authority A.E. Debipersad & Adami Richard Peterkin Associates Emil Hedberg PricewaterhouseCoopers Moulton Mayers Georg Naegeli Marcel K. Eyndhoven Advokatfirman Vinge KB, Moulton Mayers member of Lex Mundi Homburger Eldris Pierre-Mauricette Architects N.V. Energiebedrijven Tropical Shipping Suriname Petter Holm Gema Olivar Sabrina Neehall Paul Popo Carel van Hest Gärde Wesslau Elena Sampedro Scotiabank Advokatbyrå Land Registry Architect Schellenberg Wittmer Kathy-Ann Noel Bengt Kjellson Gilroy Pultie Saunders & Huggins Hakrinbank N.V. Daniel Schmitz St. Lucia Electricity Lantmäteriet Johan Kastelein PricewaterhouseCoopers Services Limited (LUCELEC) Floyd A. Patterson Christoffer Monell Pannell Kerr Forster KDV Architects Daniel Steudler Margaret Anne St. Louis Mannheimer Swartling Stanley Marica Advokatbyrå Swisstopo, Directorate for Ministry of Planning, Richard Peterkin Cadastral Surveying Development, Environment PricewaterhouseCoopers Advokatenkantoor Marica Karl-Arne Olsson and Housing Law Firm Marica Barbara Stöckli-Klaus Maria Reece Gärde Wesslau Anouschka Nabibaks Advokatbyrå Froriep Renggli Gillian Vidal-Jules Scotiabank Ministry of Justice BDO AbrahamsRaijmann & Mattias Örnulf Andrin Waldburger Nicole O.M. Sylvester Partners PricewaterhouseCoopers Brenda M. Williams Caribbean International Hökerberg & Söderqvist Chase, Skeete & Boland Law Firm B.M. Oemraw Advokatbyrå KB ZEK Switzerland N.V. Global Expedition Carl Östring Gertel Thom Sy R IA S T. v I NC E N T A N d High Court Kingstown Angèle J. Ramsaransing-Karg Magnusson T h E G R E NA dI N E S BDO AbrahamsRaijmann & Mazen Abo Nasr L.A. Douglas Williams Patrik Ottoson Partners Yaser Hmedan Law Office. Kay R.A. Bacchus-Browne Law Firm of Phillips & MAQS Law Firm Kay Bacchus - Browne Williams Adiel Sakoer Sulafah Akili Panalpina AB Chambers N.V. Global Expedition Ministry of Economy & Arthur F. Williams Jesper Schönbeck Aurin Bennett Williams & Williams Inder Sardjoe Trade Advokatfirman Vinge KB, Aurin Bennett Architects N.V. Easy Electric member of Lex Mundi Mouazza Al Ashhab Steve J. Wyllie Graham Bollers St. Vincent Electricity Albert D. Soedamah Auditing Consulting Odd Swarting Accounting Center Regal Chambers Services Limited VINLEC Soedamah & Associates Setterwalls Advokatbyrå Evelyn Cambridge Radjen A. Soerdjbalie Hani Al Jaza'ri Dougie's Customs & SU dA N Notariaat R.A. Soerdjbalie SwITzERLANd Syrian Arab Consultants Shipping Agency Law Office Omer Abdel Ati Jennifer van Dijk-Silos Peter R. Altenburger Parnel R. Campbell Omer Abdel Ati Solicitors Law Firm Van Dijk-Silos Rawaa Al Midani Altenburger Campbell's Chambers Ministry of Trade & Abdullah Abozaid M.E. van Genderen-Relyveld Rashid Bahar Economy Mira E. Commissiong Law Office of Abdullah A. High Court of Justice Bär & Karrer AG Abozaid Abd Anaser Al Saleh Equity Chambers J.R. von Niesewand Beat M. Barthold Sbaneh Paula E. David Mohamed Ibrahim Adam High Court of Justice Froriep Renggli Dr. Adam & Associates Alissar Al-Ahmar Saunders & Huggins Perry D. Wolfram Marc Bernheim Al-Ahmar & Partners Stanley DeFreitas Jamal Ibrahim Ahmed BroCad N.V. Staiger Schwald & Partner Attorney-at-Law Nabih Alhafez Defreitas & Associates S wA z I L A N d Bernhard G. Burkard SFS (Speed Forward Bernadine Dublin Ashraf A.H. El Neil Notariat Bernhard Shipping) Labour Department Mahmoud Elsheikh Omer & Vincent Galeromeloe Burkard Associates Advocates Bisher Al-Houssami Marlene Edwards TransUnion ITC AL-ISRAA Int'l Freight Campbell's Chambers Forwarder acknowledgments 189 Rasem Al-Ikhwan Paul F. Chen Jeffrey Lin Ardak Aiyekeyeva Nimrod Mkono Home Textile Company Supertech Consultants Joint Credit Information PricewaterhouseCoopers Mkono & Co. International Center Wasim Anan Shavkat Akhmedov Angela Mndolwa Yaser Hmedan Law Office. Frances F.Y. Chen Rich Lin Akhmedov, Azizov & FK Law Chambers Tai E International Patent LCS & Partners Abdulhamidov Attorneys Nasim Awad & Law Office Arafa Mohamed Legality - Lawyers & Emily Lin Dilshod Alimov REX Attorneys Consultants Yu-Li Chen Pamir Law Group USAID/BEI, Pragma Taiwan Shihlin District Corporation Chris Msuya Karam I. Bechara Court Yishian Lin Horwarth Tanzania Bank Audi PricewaterhouseCoopers Abdulbori Baybayev Edgar Y. Chen Lex Law Firm Lugano J.S. Mwandambo Hani Bitar Tsar & Tsai Law Firm Frank Lin REX Attorneys Syrian Arab Consultants Rexmed Industries Co., Ltd. Faridun Boboev Law Office Tina Chen Golden Lion Group Shabani Mwatawala Winkler Partners Youlanda Liu Companies PSM Architects Co. Ltd. Riad Daoudi Pamir Law Group Syrian Arab Consultants Chun-Yih Cheng Sergey Chetverikov Alex Thomas Nguluma Law Office Formosa Transnational Charlotte Liu PricewaterhouseCoopers REX Attorneys PricewaterhouseCoopers Lina El-Hakim Abraham Cheng Adkham Ergashev Gilbert Nyantanyi Hakim Law Firm Lexcel Partners Catherine Liu IFC Mkono & Co. SDV Ltd. Youssef El-Hakim Yu-Chung Chiu Courtney Fowler Conrad Nyukuri Hakim Law Firm Ministry of The Interior Julia Liu PricewaterhouseCoopers PricewaterhouseCoopers SDV Ltd. Legal Services Wael Hamed Julie C. Chu Elena Kaeva Yaser Hmedan Law Office. Jones Day Jennifer Lo PricewaterhouseCoopers Adalbert Rusagara PricewaterhouseCoopers Breakthrough Holdings Abdul Raouf Hamwi Steven Go Abdulkhamid Muminov Civil Engineering Office PricewaterhouseCoopers Mike Lu PricewaterhouseCoopers Charles R.B. Rwechungura Lexcel Partners REX Attorneys Bashir Haza May Han Mizrobiddin Nugmanov Ministry of Trade & Tai E International Patent Lloyd G. Roberts III Globalink Logistics Group Rishit Shah Economy & Law Office Winkler Partners PricewaterhouseCoopers Madina Nurmatova Yaser Hmedan Yuling Hsu Michael Schreiber Tajikistan BEE - SME Policy Geoffrey Sikira Yaser Hmedan Law Office. Formosa Transnational Yangming Partners Project Tanganyika Law Society Ibrahim Ibrahim Tony Hsu Jasmine C. Shen Zarina Odinaeva Eve Hawa Sinare Ministry of Trade & Pamir Law Group Pamir Law Group IFC REX Attorneys Economy Tanya Y. Teng Mohamed H. Sumar Barbara Hsu Manuchehr Rakhmonov Joumana Jabbour SDV Ltd. Huang & Partners USAID/BEI, Pragma Corp Sumar Varma Associates Attorney-at-Law Bee Leay Teo David Tarimo Robert Hsu Nurali Shukurov Antoun Joubran SDV Ltd. Baker & McKenzie USAID/BEI, Pragma Corp PricewaterhouseCoopers Syrian Arab Consultants C.F. Tsai Mustafa Tharoo Law Office Inu Hsu Djasurbek Teshaev Taipower Deep & Far, Attorneys- Golden Lion Group Ringo & Associates, Osama Karawani at-Law Companies member of the Africa Karawani Law Office T.C. Huang Legal Network Huang & Partners Eric Tsai Victoria Victorova Raed Karawani Puhua & Associates, IFC T hA I L A N d Karawani Law Office Margaret Huang PricewaterhouseCoopers LCS & Partners Legal Services Wendy Jo Werner Allen & Overy Fadi Kardous IFC Kardous Law Office Joanne Hung Rita Tsai Khunying Natthika Yangming Partners APL TA N z A N IA Wattanavekin Angubolkul Mazen N. Khaddour Eastern Sugar and Cane Law Office of M. Zue Min Hwang Joe Tseng Asia World Engineering & LCS & Partners Patrick Ache Company Limited Khaddour & Associates Mkono & Co. Construction Co. Janist Aphornratana Salah Kurdy Richard Watanabe Charles Hwang PricewaterhouseCoopers Krista Bates van Winkelhof PricewaterhouseCoopers Yaser Hmedan Law Office. FK Law Chambers Yangming Partners Angsurus Areekul Moussa Mitry Robin J. Winkler Nathan Kaiser Winkler Partners Steven de Backer Thai Contractors University of Damascus / Mkono & Co. association under H.M. The Louka & Mitry Law Office Wenfei Law Main-Main Wu King's Patronage Wen-Horng Kao Asia World Engineering & Santosh Gajjar Gabriel Oussi Chalee Chantanayingyong PricewaterhouseCoopers Construction Co. Sumar Varma Associates Syrian Arab Consultants Securities & Exchange Law Office Lawrence Lee Pei-Yu Wu Farija Ghikas Commission Housam Safadi Huang & Partners Baker & McKenzie REX Attorneys Phadet Charoensivakorn Safadi Bureau Michael D. Lee Quiao-ling Wu Christopher Giattas National Credit Bureau Maya Saleh Pamir Law Group Deep & Far, Attorneys- REX Attorneys Co., Ltd. Yaser Hmedan Law Office. at-Law Eve Hawa Sinare Thunyaporn Chartisathian Poching Lee Samer Sultan Wenfei Law Shin Mei Wu REX Attorneys Siam Premier International Sultans Law Joint Credit Information Johnson Jasson Law Office Ltd. Chih-Shan Lee Center Winkler Partners Johnson Jasson & Chinnavat Chinsangaram TA I wA N , C h I NA Echo Yeh Associates Advocates White & Case Hung-Lieh Liang Lexcel Partners Victor Chang PricewaterhouseCoopers Ngwaru Maghembe John Fotiadis LCS & Partners Andrew Yeh Mkono & Co. Tilleke & Gibbins Tory C.T. Liao Panalpina International Ltd., member John Chen Tai E International Patent Victoria Lyimo Makani of Lex Mundi Formosa Transnational & Law Office Shih-Ming You REX Attorneys Ministry of The Interior Seetha Gopalakrishnan Nicholas V. Chen Perkin T.Y. Liaw Bruno Marilhet PricewaterhouseCoopers Pamir Law Group Tai E International Patent Sharbatho & Law Office TAj I k I S TA N Vira Kammee Din Shin Chen Tabitha Maro Bakhtiyor Abdulhamidov Siam City Law Offices Ltd. Supertech Consultants Ming-Yen Lin REX Attorneys International Deep & Far, Attorneys- Akhmedov, Azizov & Yingyong Karnchanapayap Abdulhamidov Attorneys Ken Mkondya at-Law Tilleke & Gibbins REX Attorneys International Ltd., member of Lex Mundi 190 doing business 2009 Sakares Khamwalee Alongkorn Tongmee Sonhaye Gbati Samiuela M. Palu Mark Ramkerrysingh Komkrit Kietduriyakul Tilleke & Gibbins Fondation Heinrich Klose Magistrate's Court Fitzwilliam Stone Furness- International Ltd., member Smith & Morgan Chaiyut Kumkun of Lex Mundi Franklin Koffi Gbedey Siaosi Peleki Moala Engineer Ministry of Works Ramdath Dave Rampersad Customs Standard Paisan Tulapornpipat Procedure and Valuation R.D. Rampersad & Co. Blue Ocean Logistics Co., Jean Claude Gnamien Sipiloni Raas Division FIDAFRICA / Jaimi Associates - Danzel Reid Ltd. LawPlus Ltd. PricewaterhouseCoopers Architects Trinidad & Tobago Pattara Vasinwatanapong Electricity Commission William Lehane Vickery& Worachai Ltd. Hermann Gnango David Reesby FIDAFRICA / Fletcher Royco Joint Bryan Rooplal Sakchai Limsiripothong Harold K. Vickery Jr. PricewaterhouseCoopers Venture Employers' Consultative White & Case Vickery & Worachai Ltd. Association of Trinidad Evelyne M'Bassidgé Ian Skelton and Tobago Pratchayapa Mahamontree Pimvimol Vipamaneerut FIDAFRICA / Shoreline Distribution Siam City Law Offices Ltd. Tilleke & Gibbins PricewaterhouseCoopers Ltd. Winston R. Simmonds Anawat Malawan International Ltd., member Caribbean Shipping & of Lex Mundi Adeline Messou Dana Stephenson Consolidating Corp Vickery& Worachai Ltd. FIDAFRICA / Law Office Avoot Wannvong PricewaterhouseCoopers Stephen A. Singh Douglas D. Mancill Ralph Stephenson Office of the Public LEX Caribbean Deacons Sector Development Tiburce Monnou Law Office Commission SCP Martial Akakpo Patricia Thomas Pauline A. Manzano Maliu Taione World Freight s.a.r.l. PricewaterhouseCoopers Kobkarn Wattanavrangkul Olivier Pedanou Sione Havea Taione Jonathan Walker Steven Miller Toshiba Co. Ltd Cabinet Lucreatif Supreme Court of Justice M. Hamel-Smith & Co., Mayer Brown JSM, member Somsak Witnalakorn Galolo Soedjede member of Lex Mundi of Lex Mundi Hiva Tatila Metropolitan Electricity Avocat à la Cour Tonga Development Bank Grantley Wiltshire Kulachet Nanakorn Authority Dominique Taty Christine Uta'atu M. Hamel-Smith & Co., White & Case FIDAFRICA / member of Lex Mundi T I m OR- L E ST E PricewaterhouseCoopers Uta'atu & Associates Thawatchai Pittayasophon Securities and Exchange Candido da Conceição Inès Mazalo Tekpa Isileli Vea T U N I SIA Commission USAID Cabinet Lucreatif Jaimi Associates - Architects Samir Abdelly Viro Piyawattanameth Roberto Monteiro Fousséni Traoré Abdelly & Associes Diana Warner Sompong Pongsakulrangsee SDV FIDAFRICA / PricewaterhouseCoopers Skip's Custom Joinery Ltd. Monêm Achour Metropolitan Electricity Cornelio Pacheco Achour & Associates Authority JVK International Movers Adjé Prince Wilsom Adjete T R I N I dA d A N d Mokhtar Amor Cynthia M. Pornavalai Tjia Soh Siang Avocat à la Cour TOBAG O Société Tunisienne de Tilleke & Gibbins Tjia & Tchai Associates Prince Zacharie Adjé Wilson- l'Electricité et du Gaz International Ltd., member Andre Bass Adjete of Lex Mundi Francisco Soares The Fast Freight Group Mohamed Moncef Barouni Cabinet de Maître Galolo Serviço do Imposto de Soedjede, avocat au Steve Beckles ACR Supan Poshyananda Timor Leste Securities and Exchange Barreau du Togo R.D. Rampersad & Co. Adly Bellagha Commission TO G O Tiffanny Castillo Adly Bellagha & TON G A Associates Chanet Precharonaset M. Hamel-Smith & Co., APL Logistics Services Ltd. Bolloré DTI - SDV Inoke Afu member of Lex Mundi. Mohamed Ben Abdallah Jean-Marie Adenka Dateline Shipping & Travel Terry Curtis Agence de Promotion de Sudthana Puntheeranurak Ltd. l'Industrie National Credit Bureau Cabinet Adenka TransUnion Co., Ltd. Da-Blece Afoda-Sebou Ramsay R. Dalgety Rachael Cyrus Hend Ben Achour Ordre National Tonga Electric Power M. Hamel-Smith & Co., Adly Bellagha & Michael Ramirez Board Associates Tilleke & Gibbins des Architectes du member of Lex Mundi International Ltd., member Togo,(ONAT) Fine Tohi Rafika Ben Aissa Bouslama Gary Edwards of Lex Mundi Kokou Gadémon Agbessi Dateline Shipping & Travel T & K Engineering Limited Ministère de la Justice Cabinet Lucreatif Ltd. Piyanuj Ratprasatporn Nicole Ferreira-Aaron Othman Ben Arfa Tilleke & Gibbins Kafoui Agboyibor William Clive Edwards Société Tunisienne de M. Hamel-Smith & Co., International Ltd., member Cabiet Me Yawovi Agboyibo Law Office member of Lex Mundi l'Elecricite et du Gaz of Lex Mundi Martial Akakpo Aisake Eke Larry Hackshaw Ismail Ben Farhat Dussadee Rattanopas SCP Martial Akakpo Ministry of Finance Adly Bellagha & Caribbean Shipping & Thavorn Rujivanarom Consolidating Corp Associates Adzewoda Ametsiagbe Sione Etika PricewaterhouseCoopers Direction Générale de Etika Law Office Peter Inglefield Béatrice Ben Hassen Maythawee Sarathai l'Urbanisme et de l'Habitat PricewaterhouseCoopers SLTC Graveleau, Dachser Anthony Ford Group Mayer Brown JSM, member Kokou Darius Atsoo Supreme Court Colin Laird of Lex Mundi SCP Martial Akakpo Elyès Ben Mansour Salesi Fotu Colin Laird Associates Kowit Somwaiya Avocats Conseils Associés Philippe Attoh Land Registry Marcia Leonard LawPlus Ltd. SCP Martial Akakpo Miriam Ben Rejeb L. Aloma Johansson The Fast Freight Group Rachamarn Suchitchon PricewaterhouseCoopers Sylvanus Dodzi Awutey R. Albin Johansson & Co. Keomi Lourenco Legal Services Securities and Exchange Cabinet Lucreatif Public Accountants and Commission M. Hamel-Smith & Co., Kamel Ben Salah Business Consultants member of Lex Mundi Jonathan Darboux Gide Loyrette Nouel, Picharn Sukparangsee Lusio Lausi'i BCEAO Ramesh Lutchman member of Lex Mundi Siam City Law Offices Ltd. Ministry of Labor, Fatimatou Zahra Diop TransUnion Abdelfattah Benahji Chusert Supasitthumrong Commerce and Industries BCEAO Marjorie Nunez Ferchiou & Associés Tilleke & Gibbins Maliu Mafi Meziou Knani International Ltd., member Foli Doe-Bruce LEX Caribbean Island Enterprises Ltd. of Lex Mundi A.U.D.E.P. International Gregory Pantin Belkacem Berrah Mele Mafi Otuafi Tribunal de 1ère Instance Ornjira Tangwongyodying Koffi Joseph Dogbevi M. Hamel-Smith & Co., Lee Miller member of Lex Mundi de Tunis PricewaterhouseCoopers Cabinet LUCREATIF Waste Management Ltd. Sonji Pierre Chase Manel Bondi Krisada Thamviriyarak Firmin Kwami Dzonoukou Laki M. Niu LEX Caribbean PricewaterhouseCoopers Chodthanawat Co., Ltd Notaire Laki Niu Offices Deborah Ragoonath Salaheddine Caid Essebsi PricewaterhouseCoopers CE&P Law Firm acknowledgments 191 Salma Chaari Hedidar Moufida Elvan Aziz Bikmen Esin Ertek Lerzan Nalbantolu Abdelly & Associes Agence de Promotion de Paksoy & Co. Law Firm PricewaterhouseCoopers Turunç Law Office L'Industrie Faouzi Cheikh Derya Baksi Pekyalçin Luc Fourcade Yilmaz Nalçakar Banque Centrale Mohamed Taieb Mrabet Tarlan & Pekyalçin Law SDV - Horoz Logistics Med Shipping Logistics Banque Centrale Office Transport & Trade Ltd. Abdelmalek Dahmani Hakki Gedik Corporation Dahmani Transit Ahmed Ouerfelli Selin Barlak Herguner Bilgen Ozeke International Legal and Judicial Paksoy & Co. Law Firm Jacques Naudin research Centre Arman Gezer SDV - Horoz Logistics Eric Douay Burçin Barlas Deloitte & Touche SDV Imed Tanazefti Alkan Deniz Maviolu Zeynephan Ouz Gide Loyrette Nouel, Dilmen Law Office Sait Gözüm Cerraholu Law Firm Mohamed Lotfi El Ajeri member of Lex Mundi Deloitte & Touche Avocat a la Cour et Cansel Baydinç Fahri Okumu mediateur agree par le Rachid Tmar Herguner Bilgen Ozeke Ali Gözütok Central Bank B.B.MC PricewaterhouseCoopers Pekin & Pekin, member of Legal Services Erim Bener Lex Mundi, member of SEE ebnem Önder Mourad El Aroui Bener Law Office, member Legal Çakmak Avukatlik Bürosu Amen Bank Amine Turki of Ius Laboris Ordre des Architectes de Hakan Güleçyuz Ertaç Öner Yassine El Hafi Tunisie Yvonne Bensason Ultrasonik Ltd. The Chamber of Architects Adly Bellagha & Mehmet Gün & Co. of Turkey Associates Anis Wahabi Onur Gülsaran AWT Audit & Conseil Sinan Borovali Cerraholu Law Firm Çalayan Orhaner Dündar Faïza Feki Pekin & Pekin, member of Orhaner Law Office Banque Centrale Sebai Youssef Lex Mundi, member of SEE Rifat Günay République Tunisienne, Legal Central Bank Selin Özbek Abderrahmen Fendri Ministère de L'Intérieur et Ozbek Attorneys at Law PricewaterhouseCoopers Tuba Burcu Senel A. Feridun Güngör du développement local Ernst & Young Selin Özdoan Turkish Confederation of Yessine Ferah Mohamed Ali Masmoudi Employer Associations Cerraholu Law Firm CE&P Law Firm Hande Hamevi PricewaterhouseCoopers Pekin & Pekin, member of Ekin Vukçuolu Özgülsen Legal Services Gulnur Camci Amel Ferchichi Somay Hukuk Burosu Lex Mundi, member of SEE Deloitte & Touche Gide Loyrette Nouel, Legal member of Lex Mundi TURkEy Esin Çamlibel Funda Özsel Turunç Law Office ebnem Iik Bener Law Office, member Noureddine Ferchiou Melike Akan Mehmet Gün & Partners of Ius Laboris Ferchiou & associés Mehmet Gün & Co. Can Canko Meziou Knani Pekin & Pekin, member of Ouz Kain Tuba Özsezen Ceyda Akbal Lex Mundi, member of SEE Pekin & Pekin, member of YASED - International Afif Gaigi Turunç Law Office Legal Lex Mundi, member of SEE Investors Association Avocats Conseils Associés Legal Melis Akkurt M. Fadlullah Cerraholu Alaattin Özyürek Lamia Harguem Bener Law Office, member Cerraholu Law Firm Egemen Karaduman Investment Support and Gide Loyrette Nouel, of Ius Laboris Ernst & Young Promotion Agency of member of Lex Mundi F. ebnem Çetiner Turkey Miray Akovaligil Aktürk & Çetiner AB Ozan Karaduman Institut d'Economie Pekin & Pekin, member of Mehmet Gün & Co. Ferhat Pekin Quantitative Lex Mundi, member of SEE Fikret Çetinkaya Pekin & Bayar Law Firm Legal KPMG Yetkin Ymm A. Ekin Kavukçuolu Badis Jedidi Deloitte & Touche Çail ahin Biber Gide Loyrette Nouel, Ceren Akta Gulnisa Cokun PricewaterhouseCoopers member of Lex Mundi PricewaterhouseCoopers Pekin & Pekin, member of Gözde Kayacik Lex Mundi, member of SEE Pekin & Bayar Law Firm Bilge Saltan Najla Jezi Bora Aktürk Dülger Law Firm Legal Betül Kencebay ACR Aktürk & Çetiner AB Ebru Dabbagh YASED - International Hasan Sariçiçek Sami Kallel Mehmet Alakas Investors Association KPMG Yetkin Ymm A. Turunç Law Office Kallel & Associates Alacloth Kürat Demirezen Özlem Kizil Selim Sariibrahimolu Adlene Kooli Duygu Alkan Çakmak Avukatlik Bürosu Sariibrahimolu Law ICT International Trading Comete Engineering Alkan Deniz Maviolu Office Dilmen Law Office Orkun Deniz Özcan Koç Ministère du Gulhan Marble Mustafa Serdarolu Développement et Kredit Kayit Bureau Mustafa Alper Pekin & Pekin, member of de la Coopération YASED - International Eda Denize Sertak Kokenek Lex Mundi, member of SEE Internationale Investors Association Alkan Deniz Maviolu Bener Law Office, member Legal Dilmen Law Office of Ius Laboris Amina Larbi Arda Alposkay Aye Sert Gide Loyrette Nouel, Devres Law office Rüçhan Derici Cumhur Köseolu Çakmak Avukatlik Bürosu member of Lex Mundi 3e Danimanlik Ltd. ti. Kentsel Machinery Co. Ltd. Uur Amasya Ufuk Soütlüolu Mohamed Louzir Amasya Law Office Emine Devres Cengiz Koyuncu Deloitte & Touche Cabinet M.S. Louzir Devres Law office Tektron Di Tic. Ltd. ti. Melsa Ararat Sera Somay Mabrouk Maalaoui Corporate Governance Baak Diclehan Kürat Kunter Somay Hukuk Burosu PricewaterhouseCoopers Forum of Turkey, Sabanci KPMG Yetkin Ymm A. Central Bank University Emine Sönmez Slim Malouche Onur Dönmez Burcak Kurt PricewaterhouseCoopers Malouche law Firm eref Can Arat Orhaner Law Office Somay Hukuk Burosu Legal Department Khaled Marzouk Mehmet Gün & Co. Alpaslan Hamdi Kuzucuolu Dilara Duman Naz Tamer République Tunisienne Naci Arkan Sariibrahimolu Law Istanbul Metropolitan Mehmet Gün & Co. Centre Informatique du Ministry of Finance Office Municipality Ministere des Finances Aylin Tarlan Özen Atihan Erdem Egemen Altan Liman Tarlan & Pekyalçin Law Mohamed Ali Masmoudi Pekin & Pekin, member of PricewaterhouseCoopers Ayda Liman Kurman Office PricewaterhouseCoopers Lex Mundi, member of SEE Legal Services Murat Emirhanolu Koshy Mathai Bülent Ta Legal IMF KPMG Yetkin Ymm A. Ministry of Finance Sarah Mebezaa Pinar Aybek Comete Engineering Sedat Eratalar Orhan Yavuz Maviolu Güzel Toker Bener Law Office, member Alkan Deniz Maviolu of Ius Laboris Deloitte & Touche PricewaterhouseCoopers Radhi Meddeb Dilmen Law Office Comete Engineering Levent Ayda Gökben Erdem Dirican Filiz Toprak Pekin & Pekin, member of Rana Mazlum Yilmaz Mehmet Gün & Partners Faouzi Mili Ayda Liman Kurman Yilmaz Law Offices Lex Mundi, member of SEE Mili and Associates Yasemin Aydomu Legal Mehmet Gün & Co. 192 doing business 2009 ule Tunali Peter Kauma Sasha Androschuk Oleksandr Padalka Ashraf Ali Salkim Tarim Ürünleri San. Kiwanuka & Karugire Grischenko & Partners Shevchenko Didkovskiy & Golden Building Materials ve Tic. Ltd. ti. Advocates Partners Trading Aleksandra Androschyk Turkish Industrialists' and Sophie Kayemba Grischenko & Partners Magdalena Patrzyk Saaran Alshammari Businessmen's Association PricewaterhouseCoopers PricewaterhouseCoopers Jubail Pearl (TUSIAD) Andrey Astapov Robert Kiggundu Astapov Lawyers Olexiy V. Pokotylo Khaled Amin Noyan Turunç Arch Forum Ltd. International Law Group Hannes Snellman, Shalakany Law Office, Turunç Law Office Attorneys-at-Law Ltd. member of Lex Mundi Geoffrey Kiryabwire Olga Balytska Ibrahim Tutar Justice DLA Piper Sava P. Poliakov Ali Awais Penetra Consulting and Grischenko & Partners Baker Botts LLP Auditing Kiryowa Kiwanuka Ron J. Barden Kiwanuka & Karugire PricewaterhouseCoopers Vitaliy Pravdyuk Jennifer Bibbings Ebru Tuygun Advocates Konnov & Sozanovsky Trowers & Hamlins Deloitte & Touche Igor Bessonov Robert Komakec Anna Putintseva Salmeen Dahi Bin Salmeen Gökçe Ucuzal Florentin Blanc Arch Forum Ltd. Chadbourne & Parke LLP Dubai Municipality Bener Law Office, member IFC of Ius Laboris Eeshi Kutugu Dmitry Pyatachenko Lisa Dale Timur Bondaryev PricewaterhouseCoopers IFC Al Tamimi & Co. Tuçe Uurlu Arzinger & Partners Herguner Bilgen Ozeke James Kyazze International Law Firm Marina Savchenko Precilla D'Souza Shonubi, Musoke & Co. Tatiana Buchko Astapov Lawyers Al Tamimi & Co. Arzu Uluç Advocates International Law Group Central Bank Shevchenko Didkovskiy & Sydene Helwick Joseph Luswata Partners Olga Serbul Al Tamimi & Co. Hilal Ünal Sebalu & Lule Advocates Law Firm IP & C. Consult Gokser Machine Ltd Igor Dankov Zaid Kamhawi and Legal Consultants LLC PricewaterhouseCoopers Emcredit Furkan Ünal Robinah Lutaaya Mykhailo Shchitka PGlobal Advisory Services Vladimir Didenko Manijeh Khan PricewaterhouseCoopers Vasyl Kisil & Partners Ltd. PricewaterhouseCoopers Shalakany Law Office, Ben Luwum Olga Shumikhina member of Lex Mundi Begüm Yavuzdoan Eugene Freyuk BVL & Co. Grischenko & Partners Mehmet Gün & Partners Ilyashev & Partners Suneer Kumar John Mpambala Markian B. Silecky Al Suwaidi & Co. Banyu Yilmaz Karyna Gorovaya Kampala City Council The Silecky Firm Union of Chambers and International Law Offices Ravi Kumar Commodity Exchanges Paul Frobisher Mugambwa Svitlana Silecky Dubai Trade Kseniya Guretskaya PricewaterhouseCoopers The Silecky Firm Asim Serdar Yilmaz International Law Offices John Kunjappan Çakmak Avukatlik Bürosu Simon Muhumuza Anna Sisetska Maersk Line Lesia Iakovenko Kampala City Council Vasil Kisil & Partners Hülya Yilmaz IFC Mohamed Mahmood Deloitte & Touche Cornelius Mukiibi Artem Skorobogatov Mashroom Sanjar Ibragimov C. Mukiibi Sentamu & Co. International Law Offices Dubai Municipality Caatay Yilmaz IFC Yilmaz Law Offices Fatuma Nabulime Oleksander Subbotin Khulood Obaid Nataliya Khutoryanets SDV Transami Ltd. Arzinger & Partners Yasser Omar Aylin Yontar Zamorska & Partners LLC International Law Firm Cerraholu Law Firm Plaxeda Namirimu Shalakany Law Office, Andriy Kirmach Iryna Telychko member of Lex Mundi PricewaterhouseCoopers Murat Yülek Chadbourne & Parke LLP Grischenko & Partners PGlobal Advisory Services Rachel Nansikombi Iqbal Pedhiwala Kateryna Kokot Oleg Vusochinskiy Silk Bridge Trading Est Ltd. PricewaterhouseCoopers The Silecky Firm Grischenko & Partners Serap Zuvin Diana Ninsiima Henrik Petersen Sergei Konnov Tetyana Vydoborets Maersk Kanoo LLC Serap Zuvin Law Offices MMAKS Advocates Konnov & Sozanovsky Konnov & Sozanovsky Alex Rezida Dean Rolfe U G A N dA Nangwala, Rezida & Co. Maksym Kopeychykov Anna Yakubenko PricewaterhouseCoopers Advocates Ilyashev & Partners PricewaterhouseCoopers Joachim Alinaitwe Luke Sajan Shonubi, Musoke & Co. Kenneth Rutaremwa Kseniya Koryukalova Olexiy Yanov Damco Advocates Kateera & Kagumire Konnov & Sozanovsky Law Firm IP & C. Consult, Munir Suboh Joseph Baliddawa Advocates Tatyana Kuzmenko LLC Abu-Ghazaleh Legal PricewaterhouseCoopers Ali Sengendo Astapov Lawyers Tatiana Zamorska International Law Group Neil Taylor Walugembe Christopher Mwebe, Sebaggala & Co. Zamorska & Partners LLC Borys Lobovyk Mariel Yard MMAKS Advocates Stephen Serunjogi Sergiy Zheka Konnov & Sozanovsky PricewaterhouseCoopers Frederick M.S Egonda-Ntende Kateera & Kagumire Chadbourne & Parke LLP Advocates Valeriy Lukinov Natasha Zahid High Court Alan Shonubi Venissa Ltd. UNITEd ARAB Baker Botts LLP Moses Jurua Adriko Shonubi, Musoke & Co. Mikhail Malkov E m I R AT E S MMAKS Advocates Advocates U N I T E d k I N G d Om Dmitry Maximov Allen & Overy LLP Francis Kamulegeya Manish Siyani Allen & Overy LLP PricewaterhouseCoopers Rem Shipping Ltd. Taleb Abdel Karim Jafar Seyani Brothers & Co. (U) Dubai Municipality Kon Asimacopoulos John Fisher Kanyemibwa Ltd Vadym Mizyakov Shevchenko Didkovskiy & Kirkland & Ellis LLP Kateera & Kagumire Daoud Abdel Rahman Parbat Siyani Partnersagh Al-Hajri Jon Atkey Advocates Seyani Brothers & Co. (U) Natalya Myroshnychenko Dubai Municipality Her Majesty's Land Phillip Karugaba Ltd Registry MMAKS Advocates International Law Offices Mohamed Ahmed Saleh Sebadduka Swaibu Nick Benwell Sergiy Onishchenko Dubai Municipality Edwin Karugire Shaba Motors Ltd. Simmons & Simmons Kiwanuka & Karugire Chadbourne & Parke LLP Mahmood Al Bastaki Godfrey Zziwa Georgie Blyth Advocates Kateryna Onul Dubai Trade Muwanguzi, Zziwa & Musisi PricewaterhouseCoopers Jim Kasigwa Advocates IFC Rasha Al Saeed Legal Services LLP PricewaterhouseCoopers Dmytro Orendarets Baker Botts LLP UkRAINE Arzinger & Partners Saeed Al-Hamiz Becky Borman Vincent Katutsi PricewaterhouseCoopers Kateera & Kagumire Oleg Y. Alyoshin International Law Firm Central Bank Advocates Vasyl Kisil & Partners Techia Braveboy Cleary Gottlieb Steen & Hamilton LLP acknowledgments 193 Penny Bruce Christian Pilkington Fiana Kwasnik Virginia Brause Verónica Raffo PricewaterhouseCoopers Skadden, Arps, Slate, Cleary Gottlieb Steen & Jiménez de Aréchaga, Viana Ferrere Attorneys Legal LLP Meagher & Flom Hamilton LLP & Brause Aejandro Rey Jiménez de Richard Collier-Keywood Security Foiling Limited Michael Lazerwitz Jorge De Vita Aréchaga PricewaterhouseCoopers Andrew Shutter Cleary Gottlieb Steen & Jorge de Vita Studio Guyer & Regules, member Hamilton LLP of Lex Mundi Simon Cookson Cleary Gottlieb Steen & Leonardo Decarlini Ashurst Hamilton LLP Bradford L. Livingston PricewaterhouseCoopers María Noel Riotorto Katherine Stones Seyfarth Shaw LLP Guyer & Regules, member Laura Cram María Durán of Lex Mundi Ashurst Weil, Gotshal & Manges Colin Lloyd Hughes & Hughes Cleary Gottlieb Steen & Analía Rodríguez David Crosthwaite Lance Terry Noelia Eiras Hamilton LLP Banco Central Davis Langdon LLP Glanvilles Solicitors Hughes & Hughes Paul Marquardt Agustina Rodríguez Shreya Damodaran Paul Timmins Gabriel Ejgenberg Cleary Gottlieb Steen & Ferrere Attorneys Cleary Gottlieb Steen & Approved Inspector Hamilton LLP Estudio Bergstein Hamilton LLP Services Limited Monica Santos Karen Monroe Fabrizio Fava Olivera & Delpiazzo Kirsten Dettmanl Andrew van der Lem Panalpina World Siller Wilk LLP Simmons & Simmons Better Regulation Transport Ltd Juan Troccoli Executive Robert Morris LVM Attorneys-at-Law Aaron Espin PricewaterhouseCoopers Marcelo Femenías Vidal Cleary Gottlieb Steen & Maria-Eleni Vlachakou Bado, Kuster, Zerbino & Gerardo Viñoles Hamilton LLP PricewaterhouseCoopers Kelly J. Murray Rachetti Vinoles Studio Sally Willcock PricewaterhouseCoopers Nick Francis Agustina Fernádez Alexandra Weisz PricewaterhouseCoopers Weil, Gotshal & Manges Philippe A. Naudin Giambruno Dovat, Carriquiry & SDV Guyer & Regules, member Asociados Paul Gilbert U N I T E d S TAT E S of Lex Mundi Finers Stephens Innocent Samuel Nolen LLP Richards, Layton & Finger, Javier Fernández Zerbino U z B E k I S TA N Stephen Anderson PricewaterhouseCoopers P.A., member of Lex Mundi Bado, Kuster, Zerbino & Jakhongir Abdurazaqov Helen Gorty Rachetti Simmons & Simmons Birute Awasthi Sean O'Neal Avent Advocat Competent Amerinde Cleary Gottlieb Steen & Juan Federico Fischer Rimat Achmedshin Lynn Hiestand Hamilton LLP LVM Attorneys at Law Skadden, Arps, Slate, Consolidated Fides Meagher & Flom Asheet Awasthi Jeffrey Penn Federico Formen Mels Akhmedov Fortune Law Group Cleary Gottlieb Steen & LVM Attorneys at Law BAS Neville Howlett Hamilton LLP PricewaterhouseCoopers Luke A. Barefoot Sergio Franco Dildar M. Alimbekova Cleary Gottlieb Steen & Maria Priezzheva PricewaterhouseCoopers Stefano Iacomelli Business Women's Hamilton LLP Orrick Herrington & Association of Uzbekistan Iosto International Sutcliffe LLP Nelson Alfredo Gonzales Services LTD Donald Bernstein SDV S.A. Umid Aripdjanov Stephen Raslavich Simon Jay Walter Bobadilla Gabriela Gutierrez Grata Law Firm United States Bankruptcy Cleary Gottlieb Steen & Agouti Construction Court Estudio Bergstein Nelly Djurabaeva Hamilton LLP Consulting, LLC. M&M Sandra Rocks Ariel Imken Nistha Jeram-Dave Agne Ceskeviciute Cleary Gottlieb Steen & Superintendencia Khalid Farooq PricewaterhouseCoopers Fortune Law Group Hamilton LLP de Instituciones de Globalink Logistics Group Legal LLP Intermediación Financiera Victor Chiu Olga Sirodoeva - Banco Central del Irina Gosteva Tam John Cleary Gottlieb Steen & Orrick Herrington & Uruguay Denton Wilde Sapte Addison Technology Ltd Hamilton LLP Sutcliffe LLP Alfredo Inciarte Blanco Nail Hassanov Gillian Key-Vice Richard Conza Catharine Slack Estudio Pérez del Castillo, Law Firm Leges Advokat Experian Ltd. Cleary Gottlieb Steen & Inciarte, Gari Abogados Hamilton LLP David Snyder Rustam Ikramov Shinoj Koshy Snyder & Snyder, LLP Alma Kubachek Himoya Law Office Cleary Gottlieb Steen & Jean Pierre de Nes Estudio Juridico Notarial Hamilton LLP Bollore ­ SDV My Chi To Mansurkhon Kamalov de Alma Kubachek Debevoise & Plimpton LLP Foreign Enterprise of Kwame Asamoah Joshua L. Ditelberg Ricardo Mezzera Frederick Turner Huawei Tech Investment of HW Chartered Seyfarth Shaw LLP Estudio Dr. Mezzera Tashkent Accountants Snyder & Snyder, LLP Lindsay Dunn Alejandro Miller Artola Mouborak Kambarova Kristi Lehtis Mikhail Usubyan Craig Eisele Guyer & Regules, member Denton Wilde Sapte Simmons & Simmons Orrick, Herrington & of Lex Mundi Trans-African Sutcliffe LLP Babur Karimov Emma Malkin Development Strategies, Matias Morgare Penny Vaughn Grata Law Firm Weil, Gotshal & Manges L.L.C. SDV S.A. PricewaterhouseCoopers Khurshid Kasimdzhanov Christopher Mallon Julija Gecaite Luis Muxi Karen Wagner M&M Logistics Skadden, Arps, Slate, Competent Amerinde LVM Attorneys at Law Meagher & Flom Consolidated Nurali Eshibaevich U RU G UAy Juan Martín Olivera Khalmuratov Charles Mayo Benjamin E. Gehrt Olivera & Delpiazzo Central Bank Simmons & Simmons Seyfarth Shaw LLP Bernardo Amorín Olivera & Delpiazzo María Concepción Olivera Zafar Khashimov David McCullogh Lindsee P. Granfield Olivera & Delpiazzo Anglesey Food TPS Consultancy Cleary Gottlieb Steen & Jonás Bergstein Hamilton LLP Estudio Bergstein Ricardo Olivera-García Arif Nasibov John Meadows Olivera & Delpiazzo Steven Horowitz IFC HM Land Registry, Corina Bove England & Wales Cleary Gottlieb Steen & Guyer & Regules, member Gabriel Pedro Vera Ni Hamilton LLP of Lex Mundi PricewaterhouseCoopers Anglesey Food Alison Murrin Ashurst Monika Knyzelyte Carlos Brandes Juan Pablo Pesce Malika Norova Fortune Law Group Guyer & Regules, member Conatel S.A. Grata Law Firm Lyndon Norley Arthur Kohn of Lex Mundi Ismael Pignatta Sánchez Kirkland & Ellis LLP Vsevolod Payevskiy Cleary Gottlieb Steen & Nicolas Brause Guyer & Regules, member IFC Oludare Omoyayi Hamilton LLP of Lex Mundi Jiménez de Aréchaga, Viana Conjor Investment Ltd. & Brause PricewaterhouseCoopers Azniv Ksachikyan María José Poey Fiona Patterson Orrick, Herrington & Guyer & Regules, member Laziza Rakhimova Simmons & Simmons Sutcliffe LLP of Lex Mundi Grata Law Firm 194 doing business 2009 Valeria Samborskaya Alejandro Giolito Tieng Thu Duong Linh D. Nguyen Mohammed Amarneh National Centre of PricewaterhouseCoopers Vision & Associates VILAF - Hong Duc Law Firm Legal Aid& Human Rights Geodesy & Cartography coordinator Ruben Gottberg John Farmer Tram Nguyen ­ Huyen Alexander Samborsky PricewaterhouseCoopers Orrick, Herrington & Gide Loyrette Nouel Moyad Amouri National Centre of Sutcliffe, LLP PricewaterhouseCoopers Geodesy & Cartography Jose Guerra Tuan Nguyen Anh PricewaterhouseCoopers David Fitzgerald DP Consulting Ltd Khalil Ansara Sofiya Shaikhraziyeva PricewaterhouseCoopers Catholic Relief Services Grata Law Firm Maigualida Ifill Panalpina PricewaterhouseCoopers Albert Franceskinj Nizam Ayoob Nizomiddin Shakhabutdinov Bac Pham Nghiem Xuan DS Avocats Ministry of National Law Firm Leges Advokat Enrique Itriago Vision & Associates Economy Rodriguez & Mendoza Giang Ha Thi Phuong Alisher Shaykhov Anh Vu Phan Ali Faroun PricewaterhouseCoopers Chamber of Commerce and Lorena Mingarelli Lozzi Indochine Counsel Palestinian Monetary Industry De Sola Pate & Brown, Pham Hanh Authority Dinh Thi Quynh Van Abogados - Consultores Duane Morris LLC Alishev Shurkurlaev PricewaterhouseCoopers Ali Hamoudeh Berad Group Co. Fernando Miranda Le Hong Phong Jerusalem District Isabelle Robineau PricewaterhouseCoopers Bizconsult Electricity Co. Ltd. Petros Tsakanyan DFDL Mekong Law Group Azizov & Partners Fernando Miranda Lê Thj Hônh Hai Samir Huleileh Nguyen Thang PricewaterhouseCoopers Hoa Binh Chinh Phuc Dinh PADICO Ihtiyorjon Turaboyev Legal Services Cao Vietcombank (Bank of IFC Foreign Trade of Vietnam) Hiba Husseini Bruno Paredes Konrad Hull Husseini & Husseini Rafael Valyulin Pham Thi Thanh Huyen Logistika TSM Lucy Wayne & Associates General Motors Indochine Counsel Fadi Kattan John R. Pate Tuong Long Huynh Transjordanian Nguyen Thi Thu Huyen vA N UAT U De Sola Pate & Brown, Gide Loyrette Nouel Engineering Ltd. 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