Corporate Visions, Inc. Doing Business 2015 Going Beyond Efficiency COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 189 ECONOMIES A World bank Group Flagship Report 12th EDITION
Doing Business 2015 Going Beyond Efficiency Resources on the Doing Business website Current features News on the Doing Business project http://www. doingbusiness. org Rankings How economies rank from 1 to 189
http://www. doingbusiness. org/rankings Data All the data for 189 economies topic rankings, indicator values,
reform case studies and customized economy and regional profiles http://www. doingbusiness. org/reports Methodology The methodologies and research papers underlying Doing Business http://www. doingbusiness. org/methodology Research Abstracts of papers
700 specialists in 189 economies who participate in Doing Business http://www. doingbusiness. org/contributors/doing-business Entrepreneurship data Data on business density (number of newly registered companies per 1,
000 working-age people) for 139 economies http://www. doingbusiness. org/data/exploretopics/entrepreneurship Distance to frontier Data benchmarking 189 economies to the frontier in regulatory
33 Reforming the business environment in 2013/14 Case studies 47 Starting a business The growing efficiency of company registries 53 Zoning
and the protection of property rights that can be compared across 189 economies from Afghanistan to Zimbabwe and over time.
and how not to The public discourse on economic policy is focused overwhelmingly on fiscal measures, monetary interventions, welfare programs and other such highly visible instruments of government action.
Thus when an economy does poorly, a disproportionate amount of our debate centers on whether or not it needs a fiscal stimulus,
whether there should be liquidity easing or tightening, whether its welfare programs have been too profligate or too paltry and so on.
even more important for an economy's success or failure is the nuts and bolts that hold the economy together
and the plumbing that underlies the economy. The laws that determine how easily a business can be started and closed
Their malfunctioning can thwart an economy's progress and render the more visible policy instruments,
an economy can be brought down or held back by the failure of its nuts and bolts. The World bank Group's Doing Business report is an annual statement of the state of the nuts and bolts of economies around the world and,
as such, is one of the most important compendiums of information and analysis of the basis of an economy's effective day-to-day functioning and development.
Creating an efficient and inclusive ethos for enterprise and business is in the interest of all societies.
An economy with an efficient bureaucracy and rules of governance that facilitates entrepreneurship and creativity among individuals
and provides an enabling atmosphere for people to realize their full potential, can enhance living standards
It can also help in creating an environment in which standard macroeconomic policies are more effective
and course through the economy more easily. After decades of debate there is now some convergence in economics about the roles of the market and the state.
To leave everything to the free market can lead to major economic malfunction and elevated levels of poverty,
In any national economy there are too many decisions to be made and too great a variety of skills and talents scattered through society,
and facilitating ethos for individual talent and enterprise to flourish which includes an awareness of where not to intervene
Doing Business takes the same set of hypothetical questions to 189 economies and collects answers to these.
when checking on an economy's efficacy in enforcing contracts, it measures the time, cost and procedures involved in resolving a hypothetical commercial lawsuit between 2 domestic firms through a local court.
The dispute involves the breach of a sales contract worth twice the size of the income per capita of the economy or $5, 000,
This meticulous insistence on using the same standard everywhere gives Doing Business a remarkable comparability across economies.
at least not at this stage, to conduct such surveys in 189 economies. A lot of the Doing Business data are based on careful collection of de jure information on
what an economy's laws and regulations require. Further, even when, based on a study of one economy or a cluster of economies, some measure is found to be an important determinant of the ease of doing business,
it may not be possible to put this measure to use unless a way is found to collect information on it from all 189 economies.
Nor does the fact that the same measures are collected for all economies automatically mean that they are the right measures.
The same measure may be more apt for one economy and less so for another. As Ken Arrow once pointed out, the medieval English law under
which no one was allowed to sleep on park benches applied to both paupers and aristocrats, but since the latter typically did not consider the use of park benches for napping,
namely the poor. 3 Another problem arises from the fact that the overall ease of doing business ranking is an aggregation of 10 component indicators measuring how easy it is (in the economy concerned) to start a business,
whether it is right to give the same weight to different indicators. 4 Is an economy's speed at 1. There is evidence that human beings are not just frequently irrational
FOREWORD vii giving an electricity connection to a new enterprise as important as its ability to enforce contracts efficiently?
an approach that involves declaring one economy to be ranked above another only if it dominates the other in all 10 indicators.
For many pairs of economies it will not be possible to treat either as ranked above the other;
which ranks a small cluster of economies by using vector-dominance in terms of the 10 indicators.
A downward line between 2 economies represents dominance, and 2 economies that cannot be connected by a downward line cannot be compared with each other.
Hence Singapore is ranked unequivocally above Ireland, which is ranked above Cyprus and so on. Singapore is ranked also above Latvia.
and Ireland. 5 It is true that the figure shows only a small segment of the quasi-order over the 189 economies;
the picture would be populated with pairs of economies that cannot be ranked. That is indeed the disadvantage of vector-dominance.
and now know, is that a significant number of the top 30 economies in the ease of doing business ranking come from a tradition where government has had quite a prominent presence in the economy,
However, all these economies have an excellent performance on the Doing Business indicators and in other international data sets capturing various dimensions of competitiveness.
The top-performing economies in the ease of doing business ranking are therefore not those with no regulation but those in
and adversely affect an economy's functioning. But this does not mean that the lower the tax rates and collections, the better.
There are economies where the tax revenue to GDP ratio is so low that it hampers the government's ability to regulate efficiently
and provide basic health and education services to the poor. With that in mind, the Doing Business team changed the indicator that used to treat a lower tax rate as better.
Three years ago a threshold was set such that economies with tax rates below this threshold are rewarded not.
This has reduced the bias in favor of economies that choose not to levy even a reasonable tax on private companies.
The Doing Business team is in the midst Ranking by vector-dominance Singapore Ireland Cyprus Senegal New zealand Latvia Morocco Benin 5. This example of vector-dominance is based only on the top 2 economies
First, all economies were sorted by their ranking, and the first economy for which all 10 indicator rankings are lower than those of Singapore was identified:
Ireland. The process was repeated then for Ireland, and so on for all 189 economies. Second, the analysis was replicated, this time starting with New zealand.
Third, all pairs of economies in the figure were compared (for example, the horizontal line between Singapore and Latvia means that Singapore vector-dominates Latvia
and all economies connected with a vertical line under Latvia). 6. See Besley and Burgess (2004). 7. The report by the Independent Panel on Doing Business is available on its website at http://www. dbrpanel. org/.
/viii DOING BUSINESS 2015 of such an exercise, and it is hoped that independent researchers, wherever in the world they happen to be,
critically, that there are economies that do poorly on the Doing Business indicators but that nevertheless get a lot of foreign direct investment (FDI) from global corporations.
These examples are usually nothing more than a reminder that an economy has many more aspects than the features that are tracked
and measured by the Doing Business report. The flow of FDI into an economy is facilitated by having a better doing business ethos, true,
but FDI flows can be thwarted by other policy weaknesses; and, conversely, an economy with poor performance on the Doing Business indicators may make up for it in other ways so as to attract large FDI inflows.
The fact that there are examples of economies that do not do well on the Doing Business indicators
but continue to receive flows of FDI shows that private corporations do not make this mistake;
If economy x is growing fast, why does it not rank high on the ease of doing business?
of treating the ease of doing business ranking as an all-encompassing measure of an economy's goodness.
An economy can do poorly on Doing Business indicators but do well in macroeconomic policy or social welfare interventions.
Doing Business measures a slender segment of the complex organism that any modern economy is.
It attempts to capture a segment that is representative of other general features of the economy
but the fact remains that an economy can undo the goodness or badness of its performance on Doing Business indicators through other policies.
which we evaluate an economy's performance. 8 Most of us value greater equality among people;
an economy should try to improve its score underlying the ease of doing business ranking.
Ultimately, the Doing Business indicators are meant to simply hold up a mirror to economies. A poor score should alert a government that it ought to examine its regulatory structure.
but nevertheless improve the economy's performance. If this happens, and there is some evidence that it does,
investment in infrastructure, education and health; and the building of technological and entrepreneurial capacity. A well-functioning political system one in which the government is perceived to be working in the public interest
and strengthening laws that promote entrepreneurship and creativity both of which are within the power of governments to do can set an economy on the path to greater prosperity and development.
There is compelling evidence that excessively burdensome regulations can lead to large informal and less-productive sectors,
less entrepreneurship and lower rates of employment and growth. 8. See Stiglitz, Sen and Fitoussi (2009;
Ultimately, what the report does is to provide a table with a simple ordinal ranking of all 189 economies.
It was in 2005 that the World bank Group management decided to start ranking economies on the ease of doing business
the rankings proved to be an important catalyst in raising the profile of regulation as a central element of a good investment climate.
The rankings also proved effective in moving issues of performance and progress in business regulation to the center of policy discussions in a large number of economies.
the rankings also helped to facilitate communication between different stakeholders and made possible meaningful international comparisons of the regulatory performance of economies, contributing,
along the way, to increasing the accountability of political actors. Members of the business community, for instance, could point to the existence of less complex and costly procedures or better-functioning institutions in other economies in the region in their dealings with governments,
which, by and large, had been slow to see their own Doing Business data in an international perspective.
and allows governments to benchmark their economy's performance against that of other economies. Notwithstanding the important benefits of rankings
and identify where each economy's practices hold inefficiencies or inadequate legal protections. For example, governments find it useful to compare their own procedures lists for firm start-up with those of other economies that pursue the same goals with less procedural complexity and at lower cost.
Having noted these advantages, we would be remiss if we did not point to some of the disadvantages of ordinal ranking.
When an economy is given a rank there is no sense of how far it is from its closest contenders.
Consider an economy that is ranked at 95, with no other economy at that rank. We know that its closest contenders are at 94 and 96
or how near those other economies are. This means that when economies are packed very densely,
a small improvement can lead to a vast jump in ranking and a small worsening can lead to a large drop in ranking.
To see this, consider an extreme case where 50 economies have exactly the same scores on the indicators underlying the ease of doing business ranking
If one economy does slightly worse, with no change in the performance of all the other economies,
Similarly, if an economy is far behind the economy ahead of it, it can make a large improvement and yet show no gain in the ordinal rank measure.
because it tries to capture the actual distance each economy has to go to reach the frontier of best performance.
This puts on display how each economy performs not only vis-à-vis other economies but also in absolute terms.
Further, the distance to frontier score can shed light on the progress made by individual economies over time in comparison with their own regulatory practices of previous years.
This makes it transparent that an economy can make actual progress and still lose ground in the ranking
when rankneighboring economies do even better. Recent Doing Business reports have given increasing attention to long-term trends in the data with an emphasis on economies'performance with respect to their past performance to balance the short-term perspective that the ranking provides Further,
for reasons of transparency Doing Business makes the disaggregated data available on its website. This allows users to construct alternative rankings with any set of weights they may wish to attach to individual indicators.
and economies making small improvements or regressions in densely packed areas can have a disproportionate gain or loss in ranking.
which would have economies appear in clusters that are ranked then. But this method too comes with its own share of strengths and weaknesses.
CONCLUSION The economy is a complex machine, beyond the full comprehension of any person. Over the years meticulous research, collection of increasingly sophisticated data and the advance of economic theory and innovative modeling have given us a better understanding of this machine.
Nevertheless, one has to approach economic policy making with a certain humility, keeping an eye on the fact that what we,
all this time, took to be established an feature of economics may be open to question. In brief the discipline is evolving
and we must be willing participants in the process. The World bank Group's Doing Business initiative is no exception to this.
and measure one of the most important features of an economy the ease with which it is possible to do business, trade and exchange.
There are economies that have benefited greatly from this and it is hoped that Doing Business will continue to provide this service.
we are aware that we still have some distance to go in our understanding of an economy.
Kaushik Basu Senior vice president and Chief Economist The World bank WASHINGTON DC Doing Business 2015 Going Beyond Efficiency Overview Great ideas for new business ventures happen every day and everywhere.
they allow economies to grow, and they improve people's lives. So it is important to understand why some great ideas never come to fruition even as others thrive.
in today's increasingly interdependent global economy, may in many cases need a simple way to import and export.
and important opportunities may be missed. Budding entrepreneurs, daunted by burdensome regulations, may opt out of doing business altogether or,
Many other dimensions of the business environment also matter but are outside the scope of Doing Business.
Nevertheless, improving in the areas measured by Doing Business is an important step toward a better business environment for all.
Property transfers are faster and less costly in economies with good land administration systems. And commercial disputes are resolved more efficiently by courts using internationally recognized good practices.
Doing Business collected data for 2 cities in large economies. The data show few differences between cities within economies in indicators measuring the strength of legal institutions,
which typically apply nationwide. Differences are more common in indicators measuring the complexity and cost of regulatory processes,
More than 70%of its economies carried out at least one such reform. Business regulations such as those measured by Doing Business are important for new business creation
Doing Business continues to focus on regulations that affect domestic small and medium-size enterprises, operating in the largest business city of an economy, across 10 areas:
Doing Business has extended its coverage to include the second largest business city in economies with a population of more than 100 million.
These economies are Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United states. In addition,
The distance to frontier score benchmarks economies with respect to a measure of regulatory best practice showing the gap between each economy's performance
because it shows not only how economies are ordered on their performance on the indicators but also how far apart they are.
The distance to frontier score also provides an important complement to the ease of doing business ranking in analyzing changes in an economy's business regulatory environment.
for every economy that goes up another must go down. For more details on the differences between the 2 measures, see the chapter on the distance to frontier
This is particularly likely for economies in the middle of the distribution, in part because they are bunched more closely
therefore tend to have a greater impact on their positions relative to other economies. Another reason is that these are the economies that historically have made more intense efforts to reform business regulation.
The Doing Business website presents comparable data for this year and last, making it possible to assess the extent to which there has been an improvement in business regulation in any economy as tracked by the distance to frontier measure.
Moreover, because most of the changes in methodology involve adding new indicators rather than revising existing ones,
Singapore continues to be the economy with the most business-friendly regulations (table 1. 1)
. And while there was some reordering of economies within the top 20 in the ease of doing business ranking,
17 economies stayed on the list, while 3 entered this year Estonia, Germany and Switzerland.
Economies in the top 20 continued to improve their business regulatory environment in the past year. For example, Switzerland made starting a business easier by introducing online procedures
The 20 economies at the top of the ease of doing business ranking perform well not only on the Doing Business indicators
The economies performing best in the Doing Business rankings therefore are not those with no regulation but those
Moreover, even outside the top 20 economies there is an association between performance in the ease of doing business ranking and performance on measures of quality of government and governance.
For example, in a sample of 78 mostly low-and lower-middleincome economies the distance to frontier score is correlated strongly with the International development association (IDA) Resource Allocation Index
OECD high-income economies have the highest distance to frontier scores on average, indicating that this regional group has the most business-friendly regulations overall (figure 1. 3)
Doing Business database. 4 DOING BUSINESS 2015 TABLE 1. 1 Ease of doing business ranking Rank Economy DTF score Rank Economy DTF score Rank
Economy DTF score 1 Singapore 88.27 64 Cyprus 66.55 127 Mozambique 56.92 2 New zealand 86.91 65 Croatia 66.53 128 Lesotho
The rankings are benchmarked to June 2014 and based on the average of each economy's distance to frontier (DTF) scores for the 10 topics included in this year's aggregate ranking.
For the economies for which the data cover 2 cities, scores are weighted a population average for the 2 cities.
(and therefore an improvement in the overall business environment as measured by Doing Business), while the absence of one indicates either no improvement or a deterioration in the score.
In the year from June 1, 2013, to June 1, 2014,123 economies implemented at least one reform in the areas measured by Doing Business 230 in total.
Twenty-one economies, including 6 in Sub-saharan africa and 6 in the OECD high-income group, implemented 3
more than 80%of the economies covered by Doing Business had an improvement in their distance to frontier score it is now easier to do business in most parts of the world.
Sub-saharan africa, the region with the largest number of economies, accounted for the largest number of regulatory reforms in 2013/14, with 39 reducing the complexity and cost of regulatory processes and 36 strengthening legal institutions.
however, Europe and Central asia had the largest share of economies implementing at least one regulatory reform,
so (figure 1. 4). Sub-saharan africa had the second largest share of economies implementing at least one reform and the second largest average improvement in distance to frontier scores.
Latin America and the Caribbean and South Asia remain the 2 regions with the smallest share of economies implementing regulatory reforms as captured by Doing Business.
Among the 21 economies with the most reforms making it easier to do business in 2013/14,
being recognized as top improvers does not mean that these economies have exemplary business regulations; instead, it shows that thanks to serious efforts in regulatory reform in the past year,
and Central asia had both the largest share of economies making it easier to do business in 2013/14...0 20 40 60 80 100 0 0. 5 1. 0
high income Sub-saharan africa Europe & Central asia Share of economies with at least one reform making it easier to do business(%)Average change in distance to frontier score between 2013 and 2014...
Doing Business database. 6 DOING BUSINESS 2015 TABLE 1. 2 The 10 economies improving the most across 3
Economies are selected on the basis of the number of their reforms and ranked on how much their distance to frontier score improved.
First, Doing Business selects the economies that implemented reforms making it easier to do business in 3
Second, Doing Business ranks these economies on the improvement in their distance to frontier score from the previous year.
The choice of the most improved economies is determined by the largest improvements in the distance to frontier score among those with at least 3 reforms.
FIGURE 1. 5 How far have moved economies toward the frontier in regulatory practice since 2013?
The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in
for more details, see the note to table 1. 1. The 30 economies improving the most are highlighted in red.
The revised act authorizes each member state to adopt national legislation reducing its paid-in minimum capital requirement the amount of capital that entrepreneurs need to deposit in a bank account or with a notary before or within 3 months of incorporation.
Benin, Côte d'ivoire, Senegal and Togo were all among the OHADA member economies that did so in 2013/14.
As a result, the credit bureau can now identify customers with unpaid DEWA accounts beyond 90 days
Six of the 10 top improvers reformed their property registration processes and 6 strengthened the rights of minority shareholders, with Côte d'ivoire, Senegal, Togo and the United Arab South Sudan Central african republic
These 4 economies strengthened minority investor protections by making it possible for shareholders to inspect documents pertaining to related-party transactions as well as to appoint auditors to conduct inspections Moreover,
The United arab emirates also made it possible for shareholders to request the rescission of unfair relatedparty transactions.
For more detail on the reform patterns in the past year, see the chapter on reforming the business environment.
Subnational Doing Business reports have covered more than 300 cities in 55 economies in the nearly 10 years that they have been published.
For the first time this year, the global Doing Business report also extends its coverage beyond the largest business city in each economy.
For the 11 economies with a population of more than 100 million, Doing Business now covers the second largest business city as well as the largest one.
The data provide new insights into the variability of business regulation within economies. The sets of indicators showing limited variability across cities in the same economy tend to be those measuring the strength of legal institutions getting credit
protecting minority investors, enforcing contracts and resolving insolvency, which mainly draw from national laws with general applicability (figure 1. 6). Variability is more common for the sets of indicators measuring the complexity
In all 11 economies the data for getting credit both on the strength of legal rights
In the area of protecting minority investors all 11 economies again show no difference between the 2 cities in the aggregate score.
In the area of resolving insolvency only 4 of the 11 economies have a difference between the 2 cities in the recovery rate
Only 4 of the 11 economies have a difference in the number of procedures to resolve a commercial dispute.
In all 4 of these economies one of the pair of cities has specialized a commercial court (Rio de janeiro, Monterrey,
But the time and cost to resolve a commercial dispute differ between the 2 cities in 7 of the 11 economies
For OVERVIEW 9 example, only 4 economies have the same tax system in both the 2 major business cities Bangladesh, India, Indonesia and Nigeria.
In all the other large economies the total tax rate differs between the 2 cities. In the area of starting a business the paid-in minimum capital requirement is the same in the 2 cities in all 11 economies
and the number of procedures differs in only 4 economies. But the time and cost to start a business differ between the 2 cities in 8 economies.
Only in Bangladesh and Pakistan is the process the same in the 2 cities. Similarly, the procedures to transfer a property between 2 firms differ in only 4 economies
but the cost to do so differs in 9 economies. Only in Japan and Russia is the process the same in the 2 cities.
In dealing with construction permits and getting electricity 10 economies show some degree of difference between the 2 cities,
and in trading across borders all 11 economies do so. These are the areas of regulation measured by Doing Business where location matters the most.
Building permits are issued commonly by municipalities. Similarly, electricity connections are provided often by local utilities. And the distance to the nearest port is an important factor in determining the time and cost to export and import, leading to differences even within the same economy.
Labor market regulation can also vary across cities within an economy. In 6 of the 11 economies Brazil, China, India, Indonesia, Japan and Russia the 2 cities in the sample have different minimum wage levels.
This is mainly to account for differences in the cost of living. In all these cases except Brazil and India the largest business city has a higher minimum wage than the second largest one.
In addition, in India the largest business city (Mumbai) has paid longer annual leave, with 21 days, than the second largest one (Delhi), with 15.
Does city size matter for having business-friendly regulations? At first glance the data suggest that it does not.
In 6 of the 11 economies the largest business city performs better on the Doing Business indicators overall than the second largest one,
And in the economies where the second largest business city has a substantially smaller population (at most 30%of the largest business city's population),
Among the 11 economies, the United states has the highest number of differences between the largest and second largest business cities:
Overall, the differences between cities within the same economy are very small, as shown in figure 3. 2 in the chapter on
and expands the measures of quality in the getting FIGURE 1. 6 Indicators measuring the strength of legal institutions show less difference between cities within economies than those measuring the complexity and cost of regulatory processes Note:
The figure shows data for the 11 large economies for which Doing Business covers both the largest and the second largest business city.
Very few economies have an insolvency system with both high efficiency a recovery rate of more than 50 cents on the dollar) and low quality (a score on the strength of insolvency framework index of less than 8 of the possible
But many economies have an insolvency system with low efficiency and high quality. These are economies that have designed well laws
but face challenges in implementing them effectively. These results suggest that welldesigned laws are necessary
though, economies with better-designed laws tend to have higher recovery rates. Preliminary data for a new indicator being developed to measure regulatory quality in registering property reinforce the idea that efficiency
economies that offer a simple, fast and inexpensive process for transferring property are also likely to have a land administration system providing reliable land records (figure 1. 8). The new indicator
and whether the land registry and cadastre cover the entire territory of the economy. Preliminary data show that virtually all economies that score well on the overall quality of land administration (with a distance to frontier score above 50 for the indicator) also score well on efficiency in transferring property (with an average distance to frontier
score above 50 for the procedures, time and cost. But many economies have a property transfer process that is efficient yet lacks quality.
Thus while these economies make the transfer of property simple, fast and inexpensive, the lack of quality in the land administration system is likely to undermine the value of the property title.
In the Republic of Yemen, for example, a transfer of property between 2 firms takes 6 procedures and only 19 days and costs 1. 8%of the property value.
OVERVIEW 11 Economies that make resolving a commercial dispute simpler, faster and less expensive also tend to have a judicial system that follows well-established good practices such as having a specialized commercial court
however, for enforcing contracts the economies are more evenly spread across the 4 quadrants of quality
For example, an economy receives 1 point if it has a functional electronic database for encumbrances, 1 point if it makes the documents
poorly functioning business regulation undermines entrepreneurship and economic performance. 7 Introducing collateral registries and debt recovery tribunals leads to better-performing credit markets. 8 Reforms improving access to credit
it is possible to study how changes in regulations within an economy over time lead to changes in development outcomes in that economy.
These results encourage further research to better understand the mechanisms behind the link between business regulations and firm creation and potentially economic growth.
The analysis combined data from World bank Enterprise Surveys for more than 40,000 observations (across firms and years) with Doing Business data to test how business regulations affect the performance of firms of different size classes.
and indicators of the quality of the legal and regulatory environment and governance. 13 The finding that good business regulations in areas such as those measured by Doing Business benefit small firms more than large ones is an important one
and the highest growth in sales and employment in developing economies. 14 HOW HAVE CHANGED BUSINESS REGULATIONS OVER THE PAST DECADE?
Among the more encouraging trends shown by Doing Business data over the past decade is the gradual improvement in economies'performance in the areas tracked by the indicators.
Moreover, economies with the weakest regulatory institutions and the most complex and costly regulatory processes tend to focus on the areas where their regulatory performance is worse,
The analysis uses data from 2003 13 for all economies covered by Doing Business. Source:
OVERVIEW 13 FIGURE 1. 11 Strong convergence across economies since 2005 Averages by group Cost to start a business(%of income per capita) 0 50 100 150 200
Economies are ranked in quartiles by performance in 2005 on the indicator shown. The data refer to the 174 economies included in Doing Business 2006 (2005.
Fifteen economies were added in subsequent years. Source: Doing Business database. 14 DOING BUSINESS 2015 This process is leading to a convergence toward best practices.
Here is an example: In 2005 the time to transfer property averaged 235 days among the economies ranking in the worst quartile on this indicator.
Among the best 3 quartiles it averaged 42 days. Today that gap is substantially narrower.
for example, that OECD high-income economies have the highest average score on the strength of insolvency framework index.
And economies that have reformed their insolvency laws in the past several years score substantially higher on this index than economies with outdated insolvency provisions.
because economies with better insolvency laws as measured by Doing Business tend to have more credit available to the private sector.
This case study discusses how company registries empower businesses to operate in the formal economy allowing them to reap the benefits that come with formalization,
with the fastest rate of decline occurring in the years immediately following the crisis. The reduction was accompanied by a tangible improvement in the quality of tax administration in many economies thanks to their adoption of the latest technologies to facilitate online filing and payment.
Doing Business will continue to monitor progress in business regulation in economies around the world with the aim of keeping governments informed about good practices
/2. The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in
Doing Business 2015 Going Beyond Efficiency About Doing Business Economic activity requires sensible rules that encourage firm start-up
no economy can provide a good, and sustainable, standard of living for people. Doing Business promotes rules that establish
Where regulation is burdensome and competition limited success tends to depend on whom one knows. But where regulation is efficient, transparent and implemented in a simple way,
regardless of income level, can participate in its benefits requires an environment where new entrants with drive
Doing Business provides a rich opportunity for benchmarking by capturing key dimensions of regulatory regimes.
Doing Business captures several important dimensions of the regulatory environment as it applies to local firms.
dealing with construction permits, Doing Business measures business regulations that affect domestic small and medium-size firms in 11 areas across 189 economies.
Doing Business does not capture other aspects of the business environment, such as security, market size, macroeconomic stability and the prevalence of bribery and corruption.
The Doing Business methodology is standardized based on case scenarios in the largest business city of each economy.
In addition, for 11 economies a second city has been added this year. Doing Business relies on 4 main sources of information:
the governments of the economies covered and the World bank Group regional staff. Governments use Doing Business as a source of objective data providing unique insights into good practices worldwide.
This year's report does not present rankings of economies on the labor market regulation indicators
particularly data from the World bank Enterprise Surveys. 2 These surveys provide data highlighting the main obstacles to business activity as reported by entrepreneurs in more than 120 economies.
and regulations that Doing Business measures for such economic outcomes as trade volumes, foreign direct investment,
This measure shows the distance of each economy to the frontier which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005 or the third year in
which data for the indicator were collected. This allows users both to see the gap between a particular economy's performance
and the best performance at any point in time and to assess the absolute change in the economy's regulatory environment over time as measured by Doing Business.
This year, for the first time, the ease of doing business ranking is based on the distance to frontier score.
The ranking complements the distance to frontier score by providing information about an economy's performance in business TABLE 2. 1 What Doing Business measures 11 areas of business regulation Complexity
time, cost and paid-in minimum capital to start a limited liability company Dealing with construction permits Procedures,
and credit information systems Protecting minority investors Minority shareholders'rights in related-party transactions and in corporate governance Enforcing contracts Procedures,
benefits for workers and labor dispute resolution ABOUT DOING BUSINESS 17 regulation relative to the performance of other economies as measured by Doing Business.
In the absence of a strong theoretical framework that assigns different weights to the topics covered for the 189 economies,
weighting all topics equally and, within each topic, giving equal weight to each of the topic components. 6 Each topic covered by Doing Business relates to a different aspect of the regulatory environment.
The distance to frontier scores and rankings of each economy vary, often substantially, across topics,
indicating that strong performance by an economy in one area of regulation can coexist with weak performance in another.
A quick way to assess the variability of an economy's regulatory performance is to look at its distance to frontier scores across topics (see the country tables.
and even within the areas it covers its scope is narrow (table 2. 2). Doing Business does not measure the full range of factors, policies and institutions that affect the quality of an economy's business environment or its national competitiveness.
and importing FIGURE 2. 1 An economy's regulatory environment may be more business-friendly in some areas than in others Hong kong SAR, China United states Singapore Korea, Rep. Finland Sweden Ireland
it does not include all 189 economies covered by this year's report. See the country tables for the distance to frontier score for each Doing Business topic for all economies.
Source: Doing Business database. TABLE 2. 2 What Doing Business does not cover Examples of areas not covered Security Prevalence of bribery
rail, ports and communications may add to firms'costs and undermine competitiveness (except to the extent that the trading across borders indicators indirectly measure the quality of ports and roads).
These objectives can differ across economies. Doing Business provides a starting point for this discussion and should be used in conjunction with other data sources.
The Doing Business methodology was designed to be an easily replicable way to benchmark business regulation.
when using the data (table 2. 3). A key consideration for the Doing Business indicators is that they should ensure comparability of the data across a global set of economies.
One such assumption is the location of a notional business the subject of the Doing Business case study in the largest business city of the economy.
particularly in federal states and large economies. But gathering data for every relevant jurisdiction in each of the 189 economies covered by Doing Business would be infeasible.
In addition, while variation is inevitable across different locations, the variation is unlikely to deliver significantly different results commensurate with the scale of the effort.
for the first time, Doing Business has extended its coverage to the second largest business city in economies with a population of more than 100 million.
Inflation statistics, for example, are often based on prices of a set of consumer goods in a few urban areas,
The considerations TABLE 2. 3 Advantages and limitations of the Doing Business methodology Feature Advantages Limitations Use of standardized case scenarios Makes the data comparable across economies
and the data comparable Reduces the representativeness of the data for an economy if there are significant differences across locations Focus on domestic and formal sector Keeps the attention on where regulations are relevant
regulatory changes may not achieve the full desired results a. In economies with a population of more than 100 million,
subnational Doing Business studies The subnational Doing Business studies expand the Doing Business analysis beyond the largest business city of an economy.
They measure variation in regulations or in the implementation of national laws across locations within an economy (as in Nigeria) or a region (as in Central america.
Data collected by subnational reports over the past 2 years show that there can be substantial variation within an economy.
Indeed, within the same economy one can find cities that perform as well as economies ranking in the top 20 on the ease of registering property
and cities that perform as poorly as economies ranking in the bottom 40 on that indicator (see figure).
Despite these large differences across cities of varied sizes, the differences between the largest and the second largest business cities in an economy tend to be discussed small,
Different locations, different regulatory processes, same economy The subnational Doing Business studies create disaggregated data on business regulations.
The data produced are comparable across locations within the economy and internationally, enabling locations to benchmark their results both locally and globally.
Comparisons of locations that are within the same economy and therefore share the same legal and regulatory framework can be revealing:
but not others within an economy helps policy makers recognize the potential for replicating these good practices.
This can prompt discussions of regulatory reform across different levels of government, providing opportunities for local governments
Since 2005 subnational reports have covered 367 cities in 55 economies, including Brazil, China, India, Indonesia, Morocco and Pakistan.
The average score shown for each economy is based on all locations covered by the data:
The worst score shown for each economy is that of the location with the most complex process for transferring property,
The 10th and 90th percentile values are based on economy-level scores for the 189 economies covered by Doing Business.
First, private limited liability companies are, empirically, the most prevalent business form for firms with more than one owner in many economies around the world.
Second, this choice reflects the focus of Doing Business on expanding opportunities for entrepreneurship: investors are encouraged to venture into business
when potential losses are limited to their capital participation. Another assumption underlying the Doing Business indicators is that entrepreneurs have knowledge of
and the de facto insights offered by World bank Enterprise Surveys. In economies with particularly burdensome regulation, levels of informality tend to be higher.
Compared with their formal sector counterparts, firms in the informal sector typically grow more slowly,
The data cover 189 economies including small economies and some of the poorest economies, for
the governments of the economies covered and the World bank Group regional staff (figure 2. 2). For a detailed explanation of the Doing Business methodology,
Conference calls and videoconferences with private sector practitioners and government officials Travel to selected economies The Doing Business team develops questionnaires for each topic
Doing Business respondents Over the past 12 years more than 30,000 professionals in 189 economies have assisted in providing the data that inform the Doing Business indicators. 9 This year's report draws on the inputs of more than 10,700 professionals. 10 Table
The Doing Business website shows the number of respondents for each economy and each indicator set.
Through this process government authorities and local World bank Group staff in the 189 economies covered can alert the team about, for example,
Over the past decade governments have focused increasingly on reforming business regulation as one way of maintaining competitiveness in an increasingly globalized economy.
reform committees within governments frequently use the Doing Business indicators as one input to inform their programs for improving the business environment.
More than 50 economies have formed such committees typically at the interministerial level or reporting directly to the president
(or even eliminate) the minimum capital requirement for new firms. They can invest in company
and establishing a solid foundation for sustainable economic growth. There are many other important goals to pursue such as effective management of public finances, adequate attention to education and training
NOTES 1. The focus of the Doing Business indicators remains the regulatory regime faced by domestic firms engaging in economic activity in the largest business city of an economy.
though investors may in practice find the data useful as a proxy for the quality of the national investment climate.
Analysis done in the World bank Group's Global Indicators Group has shown that countries that have sensible rules for domestic economic activity also tend to FIGURE 2. 3 How governments use Doing Business as a policy tool Reform committees use Doing Business
indicators to help inform programs to improve the business environment. Successful business regulation reforms improvements as part of broader reform programs.
Governments use Doing Business as a tool to stimulate regulatory ABOUT DOING BUSINESS 23 have good rules for the activities of foreign subsidiaries engaged in the local economy. 2. For more on the World bank Enterprise Surveys,
The average number of contributions per indicator set and economy is just over 6. For more details,
expansion of the sample of cities covered in large economies and a broadening of the scope of indicator sets (table 3. 1). Some of the changes imply a break in the data series
For the 11 economies with a population of more than 100 million a second city has been added to the sample this year.
TABLE 3. 1 Timeline of the changes in Doing Business Changes in Doing Business 2015 Revision of the ranking calculation Expansion of the city sample in large economies Broadening of the scope of indicator
The distance to frontier score benchmarks economies with respect to a measure of regulatory best practice showing the gap between each economy's performance and the best performance on each indicator.
even if no economy attains it. For most of the other indicators the frontier is set at the lowest number that occurs in practice for example,
But the distance to frontier score captures more information than the percentile rank because it shows not only how economies are ordered
Economies with greater variance across topics are more likely to have a less favorable position in the distance to frontier ranking than in the percentile ranking.
The changes in ranking are due to other changes in methodology, changes in the data for these 2 countries and changes in the data for other economies.
Since its inception Doing Business has focused on the largest business city of each economy, taking it as a proxy for the entire national territory.
Depending on the indicator and the size of the economy, this focus can be a limitation in extrapolating results to the economy level.
As the subnational Doing Business reports have shown, the indicators measuring the procedures, time and cost to complete a transaction (such as the dealing with construction permits indicators) tend to show more variation across cities within an economy than do indicators capturing features of the law applicable nationwide (such as the protecting minority investors or resolving insolvency indicators).
Moreover, this limitation is likely to be more important in larger economies where the largest business city is likely to represent a smaller share of the overall economy and in those with greater regional diversity in business practices.
To address this issue, this year Doing Business has expanded its sample of FIGURE 3. 1 How much difference is there between the 2 calculations of the ease of doing business ranking?
Doing Business database. 26 DOING BUSINESS 2015 cities in large economies, defined as those with a population of more than 100 million.
Today there are 11 such economies in the world: Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United states. For each of these economies the sample now includes the second largest business city.
Population size was used as the criterion for selecting these economies for 2 main reasons: First, economies with a large population, because of their size and diversity, are more likely to have differences in performance on indicators.
Second, the larger the population in an economy, the larger the number of people who can benefit from improvements in business regulation.
Within each economy the second city was selected also on the basis of population size. Another criterion was that the second city must be in a different metropolitan area than the largest business city. 3 Other criteria were considered also, such as contribution to total GDP or level of city dynamism,
but these were used not in the end because of the lack of comparable data across the economies. What do the data for the new cities in the sample show about the differences within economies?
Overall, the differences are small. In 7 of the 11 economies the difference in the distance to frontier score between the 2 cities is less than 1 point (figure 3. 2). Broadening the scope of indicator sets Eight of the 10 sets of Doing Business
indicators are being improved over a 2-year period. The improvements are aimed at addressing 2 main concerns.
First, in indicator sets that primarily measure the efficiency of a transaction or service provided by a government agency (such as registering property),
the focus is being expanded to also cover aspects of the quality of that service. And second
Better governance (including better regulatory quality) leads to higher income per capita. 5 Better governance is linked to faster economic growth. 6
And a heavier regulatory burden reduces economic growth and increases macroeconomic volatility. 7 While this research uses data far from the areas into
paying taxes, enforcing contracts and FIGURE 3. 2 Small differences in the distance to frontier score between cities in the same economy 40 40 60 60 80 80
In general, economies with less regulation or none at all will have a lower score on the new indicators.
A comparison of the 2 scores shows that many economies have insolvency laws that follow some good practices
Economies not performing well on the new indicator are those that use foreclosure to resolve the insolvency in the Doing Business standardized case.
A land administration system that does not cover the economy's entire territory is unable to guarantee the protection of property rights in areas that lack institutionalized information on land.
Finally, the indicator will allow comparative analysis of land dispute resolution across economies. It will measure the accessibility of conflict resolution mechanisms and the extent of liability for the entities or agents recording land transactions.
filing and paying 3 major tax categories (profit taxes, consumption taxes and labor taxes). But the postfiling process involving tax audits,
As a result of this change, an increase in the total tax rate has a smaller impact on the distance to frontier score for paying taxes than previously for economies with a below-average total tax rate
and a larger impact for economies with a very high total tax rate relative to the average (see figure 15.2
One of the new points is awarded to economies where credit information can be accessed through an online platform or through a system-to-system connection between financial institutions and the credit information system.
Another new point is awarded to economies where credit scores are available. Credit scores considered more effective in predicting risk than credit histories alone,
and provide borrowers with more opportunities to obtain credit. Their availability enables lenders that would otherwise not be capable of analyzing the raw credit data to extend credit to underserved markets at lower cost.
The indicators have measured traditionally the strength of minority shareholder protections against directors'misuse of corporate assets for personal gain.
This year a new indicator has been added to measure shareholders'rights in corporate governance beyond related-party transactions,
the extent of shareholder governance index, encompasses a range of issues and data: Shareholders'rights and role in major corporate decisions the extent to which shareholders can influence important corporate decisions,
such as appointing and removing board members, issuing new shares and amending the company's bylaws and articles of association.
and whether there are rules relating to cross-shareholding and subsidiary ownership. Transparency the extent to which companies are required to disclose information about their finances
Transparency has been found to improve governance and lower the cost of investment in capital markets.
Allocation of legal expenses the extent to which the expenses associated with lawsuits brought by shareholders can be recovered from the company
whether FIGURE 3. 7 What has been added to getting credit 32 DOING BUSINESS 2015 filing a shareholder action is prohibitively expensive
The highest distance to frontier score for protecting minority investors observed under the new methodology is lower than the highest one under the old methodology (figure 3. 8). The average score across all economies covered by Doing Business
Yet some economies score higher on the overall index under the new methodology. One of them is Switzerland.
Doing Business 2015 Going Beyond Efficiency Reforming the business environment in 2013/14 As many studies have shown,
the business environment can have an important influence on the development of the private sector and economic growth and thus on the creation of jobs and better livelihoods.
They can also have an important impact on perceptions of an economy's business environment.
which in turn is associated strongly with job creation and economic growth. Using a sample of OECD countries, researchers found that,
increasing port efficiency from the 25th to the 75th percentile can reduce shipping costs by 12%.5 These spillover effects on shipping costs decrease with an economy's income level:
high-income economies showed greater effects than low-and middle-income ones. Moreover, better regulation is correlated strongly with better perceptions of the quality of the business environment in an economy. 6
And there is strong evidence that regulatory reforms in the areas measured by Doing Business indicators improve perceptions of quality.
2014,123 economies implemented at least one such reform in areas measured by Doing Business 230 in total.
Eight of the 11 economies with a population of more than 100 million implemented at least one reform making it easier to do business in the past year.
Portugal and Spain all among the economies most adversely affected by the global financial crisis have maintained a steady pace of regulatory reform. 34 DOING BUSINESS 2015 affecting the indicators that measure the strength of legal institutions.
2014,123 economies implemented at least one such reform in areas measured by Doing Business 230 in total.
It happens in small economies and in large ones (box 4. 1). Reforms aimed at cutting red tape
or eliminating the minimum capital requirement (see table 4a. 1 at the end of the chapter). Timor-Leste, the economy that improved the ease of starting a business the most,
did so by creating a one-stop shop. Now entrepreneurs can complete several formalities in one place reserving a company name,
By streamlining start-up formalities and centralizing services, the new one-stop shop reduced the time required to start a business from 94 days to just 10.
São tomé and Príncipe eliminated the minimum capital requirement for business entities with no need to obtain a commercial license.
Moldova abolished the minimum capital requirement for all limited liability companies. The Russian Federation through amendments to its civil code and federal law, eliminated the requirement for a company's founders to deposit the charter capital before incorporation.
Russia also abolished the requirement for companies to notify the tax authorities of the opening of bank accounts.
and in the past 5 years Area of reform Number of reforms in 2013/14 Average annual number of reforms in past 5 years Economy improving the most in area in 2013/14 Complexity
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 35 Croatia made the biggest improvement in the ease of dealing with construction permits (figure 4. 1). New regulations in the Building Act
Making it easier to get electricity Doing Business recorded only 12 reforms making it easier to get electricity in BOX 4. 1 Most economies with a population of more than 100 million implemented at least one regulatory reform in 2013/14 Some people
might assume that reforming business regulation is easier in small economies because their government structures tend to be less complex.
Eight of the 11 economies with a population of more than 100 million reformed in at least one of the areas measured by Doing Business in 2013/14,
while only 18 of the 34 economies with a population of less than 1 million did so.
Among the 11 large economies, China, Mexico and the Russian Federation each implemented 2 reforms making it easier to do business
What did these economies do? India made starting a business easier by considerably reducing the registration fees though it also added a requirement to file a declaration before commencing business operations.
and introducing additional safeguards for shareholders of privately held companies. Indonesia made starting a business easier by making it possible to issue the approval letter for the deed of establishment electronically.
by eliminating the minimum capital requirement and thus the need for a capital verification report from an auditing firm.
Russia made starting a business easier by eliminating the requirement to deposit the charter capital before company registration as well as the requirement to notify tax authorities of the opening of bank accounts.
In 2013/14 the 11 large economies were more likely to implement reforms reducing the complexity and cost of regulatory processes than reforms strengthening legal institutions a pattern also evident in smaller economies.
Among the 15 reforms captured by Doing Business in these large economies, most were at the national level
but not to Los angeles. Reforms making it easier to do business in the 11 large economies in 2013/14 Economy Reforms reducing regulatory complexity and cost Reforms strengthening legal institutions Bangladesh
The table shows data for the 11 large economies for which Doing Business covers both the largest and the second largest business city.
and encourages new business ventures. In Poland the utility in Warsaw revised the fee structure for new connections in ways that reduced the cost for new customers.
In India the electricity utility in Mumbai changed its method for calculating the security deposit. The utility now calculates it as a fixed charge per kilowatt rather than basing it on a customer's estimated monthly consumption,
In many economies shortages in the materials needed for external works such as transformer substations are a source of substantial delays in the connection process.
21 economies made it easier for businesses to register property by reducing the time, cost or number of procedures required.
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 37 Greece made the largest improvement in the ease of registering property (figure 4. 3). In December 2013 it established a new property transfer tax of 3%of the property value,
Thirteen economies implemented such changes, including Azerbaijan, Belarus, Moldova, Mongolia, Romania, Tajikistan and Ukraine. Electronic tax systems,
Other economies making noteworthy changes in the area of paying taxes in the past year include Belarus, China, the Democratic Republic of congo and Latvia.
(number per year) Total tax rate(%of commercial profit) Time (hours per year) 0 20 40 60 80 100 120 040 80 120 160 200 240 Payments
Four other economies merged or eliminated certain taxes the Republic of congo, Hungary, Senegal and Zambia. Eleven economies reduced profit tax rates, the second most common feature of tax reforms in 2013/14.
These include 4 high-income economies (Portugal, Spain, St kitts and nevis, and the United kingdom 3 uppermiddle-income economies (Colombia, the Seychelles and Tunisia) and 4 lowermiddle-income economies (the Republic of congo, Guatemala, Swaziland and Vietnam.
Reductions in profit tax rates are combined often with efforts to widen the tax base by removing exemptions and with increases in the rates of other taxes, such as value added tax.
Facilitating trade Myanmar made the biggest improvement in the ease of trading across borders in 2013/14 (figure 4. 5). Its Ministry of Commerce abolished the export license requirement for 166 types of goods
and the import license requirement for 152 reducing the time, cost and number of documents required to export
The reduction in the time required for port and terminal handling activities benefits not only traders in Tanzania but also those in the landlocked economies of Burundi and Rwanda that use the port.
Eighteen other economies also implemented reforms making it easier to trade across borders in 2013/14.
Eight economies Bangladesh Croatia, Ecuador, Pakistan, Palau, St lucia, Uganda and Uzbekistan reduced the time to export
Five economies Algeria, Ghana, Jordan Kazakhstan and Tanzania strengthened transport or port infrastructure. Kazakhstan opened a new border station
Economies in Europe and Central asia implemented the most reforms aimed at strengthening legal institutions followed by economies in Sub-saharan africa.
Strengthening legal rights of borrowers and lenders In 2013/14, 9 economies improved access to credit by strengthening the legal FIGURE 4. 5 Myanmar reduced the time to export
and import by abolishing license requirements for many types of goods Inland transport and handling Port and terminal handling Customs clearance and inspections Document preparation 05 10 15 20 25 30 2013 2014 05 10 15 20
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 39 rights of borrowers and lenders either by reforming secured transactions legislation
Twenty-one other economies also improved credit reporting, with the largest number of them in Sub-saharan africa.
Five Sub-Saharan African economies Cabo Verde, Cameroon, Côte d'ivoire, Kenya and Senegal strengthened their regulatory frameworks for credit reporting.
or centralized geographically for the entire economy? No. Yes. Is the collateral registry notice-based?
Doing Business database. 40 DOING BUSINESS 2015 Among OECD high-income economies, Ireland and the Slovak Republic improved their regulatory frameworks for credit reporting.
The resolution establishes requirements for related-party transactions to be approved by a general meeting of shareholders,
and to be disclosed in detail to the Securities and Commodities Authority. The resolution also establishes director liability for any damage resulting from prejudicial related-party transactions
it permits shareholders representing 5 %or more of the shares of a company involved in a related-party transaction to access documents relating to the transaction.
and Economic Interest groups simultaneously updated the regulatory frameworks of 17 member economies in Sub-saharan africa. The revised act addresses multiple aspects of corporate law.
and grants shareholders the right to access and obtain copies of all documents pertaining to related-party transactions.
and with these changes became the economy that most strengthened minority investor protections in Sub-saharan africa in 2013/14.
and offering new venues and remedies for minority shareholders harmed by abusive conduct by company insiders.
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 41 created private bailiff services, expedient execution procedures and penalties for noncompliant debtors.
limiting opportunities for corruption and preventing the loss, destruction or concealment of court records. In Singapore the judiciary launched an electronic litigation system designed to streamline the litigation process
Three economies the Czech republic, Ireland and South africa reorganized their court systems by amending the rules on the size of monetary claims that can be filed with courts at different levels
Two economies undertook such changes in 2013/14. Benin established a commercial chamber within its court of first instance
Increasing efficiency in resolving insolvency Doing Business recorded 10 reforms making it easier to resolve insolvency in 2013/14, most of them in OECD high-income and Sub-Saharan African economies.
Several other economies reformed their insolvency laws to strengthen the rights of creditors. For example, Kazakhstan established provisions for direct participation of all creditors through creditors'meetings.
The economies implementing reforms included Portugal, which has made the most reforms aimed at improving the labor market environment in recent years.
In 2013 Portugal revised the rules on fixed-term contracts executed under the labor code that reach their maximum duration before November 8
Portugal's continual reforms in labor market regulation are in part a response to the economic downturn that followed the global financial crisis.
And Portugal is one of several Southern European economies that reformed business regulation in areas beyond labor market regulation in 2013/14 (box 4. 2). Other economies implementing reforms in labor
BOX 4. 2 Southern European economies continue a steady pace of regulatory reform Greece, Italy,
Portugal and Spain all among the economies most adversely affected by the global financial crisis have maintained a steady pace of regulatory reform.
and introduced a reduced corporate tax rate for a portion of the taxable profits of qualifying small and medium-size enterprises.
These economies, by actively reducing the complexity and cost of regulatory processes and strengthening legal institutions, are narrowing the gap with the regulatory frontier at a faster pace than the rest of the European union.
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 43 TABLE 4a. 1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14 and
Feature Economies Some highlights Making it easier to start a business Simplified preregistration and registration formalities (publication, notarization, inspection, other requirements) Albania;
deposit the capital and obtain a certificate of deposit. Cut or simplified postregistration procedures (tax registration, social security registration, licensing) Armenia;
Feature Economies Some highlights Making it easier to register property (continued) Set effective time limits Albania;
Reduced profit tax rate by 2 percentage points or more Colombia; Republic of congo; Guatemala; Portugal; Seychelles; Spain; Swaziland;
Merged or eliminated taxes other than profit tax Republic of congo; Hungary; Senegal; Zambia Hungary abolished the special tax that had been introduced in 2010.
REFORMING THE BUSINESS ENVIRONMENT IN 2013/14 45 TABLE 4a. 1 Who reduced regulatory complexity and cost or strengthened legal institutions in 2013/14 and
Feature Economies Some highlights Strengthening minority investor protections Increased disclosure requirements for related-party transactions Benin;
and protection of shareholder rights that establishes higher standards for disclosure of related-party transactions by interested directors
Enhanced access to information in shareholder actions Benin; Burkina faso; Cameroon; Central african republic; Chad; Comoros; Democratic Republic of congo;
Expanded shareholders'role in company management Dominican republic; India; Republic of korea; Switzerland Switzerland issued a federal ordinance against abusive remuneration in publicly listed joint stock companies.
Doing Business 2015 Going Beyond Efficiency Starting a business The growing efficiency of company registries Entrepreneurs should have the opportunity to turn their ideas into a business.
Yet in many countries the bureaucratic obstacles and high costs imposed by inefficient company registries deter people with good business ideas from embarking on the path of formal entrepreneurship.
Formal registration has substantial benefits for businesses and for the economy as a whole. Registered companies can benefit from legal
services not available to unregistered businesses. Their employees benefit from social security protections. And the economy benefits from positive spillovers:
where formal entrepreneurship is higher, job creation and economic growth also tend to be higher. 1 Moreover,
as more businesses formalize, the tax base expands, enabling the government to spend on productivity-enhancing areas
and pursue other social and economic policy objectives. As the first interface between the regulator and a potential new entrepreneur, company registries hold the key to the formal economy,
providing businesses with a legal identity and empowering them to participate fully and within the framework of the law.
Thus the relative ease or difficulty of start-up can have important economic consequences. Evidence suggests that regulatory reforms making it easier to start a formal business are associated with increases in the number of newly registered firms and with higher levels of employment and productivity.
Institutional efficiency at company registries is thus a critical element of a healthy economy. 3
Other services provided by a registry commonly include conducting company name searches, reserving company names and processing applications for business licenses.
They also enable the government to determine which Company registries empower businesses to operate in the formal economy
Electronic registration and online services substantially reduce the opportunities for bribery and other forms of corruption.
The United kingdom's corporate registry actively promotes the use of electronic services and data transparency. 48 DOING BUSINESS 2015 entities are eligible to participate in public tenders
safety and environmental standards. 5 In evaluating a registry's efficiency in providing daily services,
100 economies have launched already one. And these 100 one-stop shops are quite widely distributed, with 64 of them located in low-or middle-income economies.
A one-stop shop provides a single service point for completing several business registration processes.
Doing Business data show that among the 189 economies covered, 144 have introduced online platforms for business incorporation.
Company registries in 95 economies around the world reported extensive use of online services in the World bank Group Entrepreneurship Survey in 2013.
Some economies, especially low-and middle-income ones, start the digitization process by putting just some features online such as conducting a company name search
FIGURE 5. 1 Company registries in high-income economies offer more electronic services 0 20 40 60 80 100 High income Upper middle
income Lower middle income Low income Share of economies with electronic service available(%)2013 Online application Remote registration Electronic access to data Source:
World bank Group, Entrepreneurship Database. STARTING A BUSINESS 49 To implement an effective online registration system,
The most technologically advanced registries are concentrated in OECD high-income economies and Europe and Central asia.
Company registries in high-income and upper-middle-income economies tend to offer a much broader array of online services than those in lower-income ones (figure 5. 1). This pattern is not surprising,
Analysis of data from 71 economies shows that business registration for limited liability companies is significantly faster in those using online platforms (figure 5. 2)
Using online registration services also greatly reduces the opportunities for corruption and bribery. Where entrepreneurs have need no to interact directly with public officials
systems for company registration. 9 Economies whose company registry uses online registration, allowing entrepreneurs to set up new businesses remotely,
Rwanda promoting a competitive business environment The government of Rwanda has been working to improve the efficiency of business registration as part of broader business regulation reforms aimed at promoting private sector FIGURE 5. 2 Online registration
The sample consists of 71 economies, with 20 having online registration. Data are for 2013.
World bank Group, Entrepreneurship Database. 50 DOING BUSINESS 2015 development a top priority on its reform agenda.
The reforms are driven by the conviction that an efficient business climate can reduce poverty by fostering economic growth and job creation. 10 As part of a series of reforms of the start-up process,
and promote a competitive business environment. The new entity oversees the implementation of applicable commercial laws,
655 in 2012.13 Today Rwanda's Office of the Registrar General is focused on making its registration system completely paperless by promoting electronic registration services.
Other priorities include ensuring accurate and timely delivery of information on its services and raising awareness of the importance of formalizing businesses.
the Office of the Registrar General makes official fee schedules for business services easily available to the general public at its premises as well as on its website. 14 Rwanda has made important strides in improving its business environment over the past 10
investments totaling $45 million and about 15,000 jobs. 15 In 2006, before these reforms, starting a limited liability company in Rwanda took 9 procedures, 18 days and 235.5%of income per capita in fees.
Rwanda, a country facing a range of other development challenges, has shown that improvements in the regulatory environment including the adoption of global good practices are well within the reach of low-income economies.
unified company registry hosted by the Ministry of Economy and accessible from anywhere free of charge. 16 The new law was part of a strategy aimed at continuing to enhance the efficiency of public services through the use of the latest technologies,
moving the country closer to e-government and fostering entrepreneurship and competitiveness. It was motivated also by the government's desire to make further strides in the fight against excessive bureaucracy and red tape
because it dispensed with the requirement for the business incorporation services they offered. For business owners,
however, the new law represented an opportunity to save time and money and to get access to the growing amount of funding that the Chilean government was investing in business start-ups.
World bank Group, Entrepreneurship Database. STARTING A BUSINESS 51 not only a new process of incorporation but also a new company registry that runs alongside the existing paperbased one.
All they need to do is to fill out an electronic form providing information about the company and its shareholders.
and the government plans to add new services as well as to allow other types of legal entities to incorporate electronically.
Chile, Ministry of Economy, Register of Companies (Registro de Empresas y Sociedades. FIGURE 5. 5 Electronic registration has become almost universal in the United kingdom 01234 1990 1995 2000 2001 2003 2005 2007 2009 2010 2011 2012 2013 2014
CONCLUSION Many economies have modernized their company registries, offering a wide array of online services for a lower fee or at no cost at all.
For low-income economies introducing online platforms may not be an affordable or practical solution, especially if electricity shortages are common.
For example, economies could create physical one-stop shops or improve existing ones to streamline incorporation processes
it can also reduce the opportunities for corruption and bribery associated with business start-up processes.
as the latest information and communication technologies spread around the world, low-income economies will find a broader range of opportunities to adopt good practices used in higher-income economies,
A growing number of economies with difficult business environments are gradually adopting the practices seen in those with more business-friendly climates.
While in some economies the registry is the first and only interface for formally commencing business operations,
in other economies the start-up process involves other government agencies as a result of more burdensome regulations. 4. See, for example, the website of the Companies Office of Jamaica at http://www. orcjamaica. com/profile/and that of the Companies Registry of Hong kong at http://www. cr. gov. hk
IFC Helps Nepal Simplify Business Registration, World bank Group, https://www. wbginvestmentclimate. org/advisory-services/regulatory-simplification/business-regulation/business-entry/nepal-business
-registration. cfm. 8. World bank Group, Investment Climate Advisory Services 2009.9. The relationship is significant at the 5%level after controlling for income per capita. 10.
Improving the Investment Climate for Private Sector Development, World bank Group, http://go. worldbank. org/2u51fr33m0. 11.
World bank Group, Entrepreneurship Database. 14. Information from the website of the Rwandan Office of the Registrar General at http://org. rdb. rw/.
World bank Group, Investment Climate Advisory Services 2013.16. Simplifica el régimen de constitución, modificación y disolución de las sociedades comerciales, Chilean Law 20.659, January 22, 2013.17.
builders tend to proceed without a permit. 2 By some estimates 60 80%of building projects in developing economies are undertaken without the proper permits and approvals. 3 For many entrepreneurs,
In most economies with zoning plans, each zone has its own ordinance governing development within that section.
Economies with an efficient and effective zoning process make zoning maps of cities accessible to builders.
Among OECD high-income economies the process for obtaining a building permit, as measured by Doing Business,
and natural resources, foster a greener environment, improve sustainability and enhance the ability to adapt to climate change.
many economies require builders to obtain some form of zoning or urban planning approval before building or even before obtaining a construction permit.
But economies go about this process in different ways. Some economies complete the process efficiently and effectively by making zoning maps of cities accessible to builders (in some cases online.
In these cases builders access the maps to verify that their project's intended location is in compliance with zoning regulations,
In other economies the permit-issuing authority checks the zoning compliance itself after receiving the building permit application.
Sixty-five of the 189 economies covered by Doing Business do require that builders go through the additional step of getting urban planning approval before obtaining a construction permit.
Thirty-six of the 65 economies require builders to obtain approval to build in their intended location before they can receive a construction permit (table 6. 1). Twenty-two of these 36 economies require a zoning permit as this form of approval.
Among the 22 economies requiring a zoning permit, some issue it more expeditiously than others.
In Bangladesh obtaining a zoning clearance from the Capital Development Authority (Rajuk) in Dhaka takes 45 days on FIGURE 6. 2 Half the economies that require the additional step of obtaining a zoning
or urban planning approval are in Europe and Central asia or Latin america Latin america & Caribbean (14 of 32 economies) OECD high income (9 of 31 economies Sub-saharan africa (8 of 47 economies
) East asia & Pacific (8 of 25 economies) Middle east & North africa (7 of 20 economies) South Asia (2 of 8 economies) Europe & Central asia (17 of 26 economies
The numbers in parentheses are the number of economies out of the total in each region that require the additional step of obtaining a zoning or urban planning approval.
In other economies the process is entirely different. In Belgium, for example, an urban planning certificate is required only for large-scale projects.
In 29 of the 65 economies there is no legal requirement to obtain an urban planning clearance or certificate.
In some economies the information is available online, but in most the information can be obtained upon request.
this does not necessarily mean that economies that require this step have inefficient permitting systems.
Consider OECD high-income economies. As measured by Doing Business, the process for obtaining approval of a building permit takes 43 days on average in those where it includes zoning procedures,
or urban planning clearance actually speeds up the process by 19 days on average in these OECD high-income economies especially where the builder can obtain the clearance directly online.
On average across all 65 economies that require the additional step, obtaining the zoning or urban planning clearance takes 26 days (of a total of 177 days on average to comply with all formalities to build a warehouse) and costs $402 (of a total of $15, 709).
These economies generally require only TABLE 6. 1 What type of clearance is needed in economies with zoning requirements?
Zoning permit is mandatory Urban planning clearance or certificate is mandatory Urban planning clearance or certificate is obtained generally but not mandatory Afghanistan Albania Algeria Argentina Bosnia and herzegovina Antigua and barbuda Australia Côte d'ivoire Bahamas, The Bangladesh Ecuador Bahrain Bolivia Iran, Islamic Rep. Cameroon Canada
Getting in on the Act, New zealand, Ministry of Environment, http://www. mfe. govt. nz/publications/rma/everyday/overview/.
and investors, including by promoting the desired urban development practices through incentives Secure the necessary resources for municipal investment
though preservation of the environment is a priority 75 G2 semiurban 9 Areas where low-density buildings in closer proximity are allowed but because of location or topography,
preservation of the environment is a priority 75 G3 urban 37 Areas that comprise most of the city's currently urbanized area,
many economies have adopted zoning systems to varying extents. These economies require builders to obtain some form of zoning
or urban planning approval before building or even before obtaining a construction permit. These requirements can lead to more efficient
NOTES This case study was written by Marie Lily Delion, Anushavan Hambardzumyan, Joyce Ibrahim, Ana Maria Santillana Farakos and Melissa Scanlan. 1. World bank Group, Investment Climate
Because land and buildings account for between half and three-quarters of the wealth in most economies,
for the first time, Doing Business has collected preliminary data in 170 economies on the reliability, transparency and coverage of land registration systems and on land dispute resolution (figure 7. 1). Next year Doing Business will refine the newly collected data
This year Doing Business has collected new data in 170 economies on the overall quality of land administration systems through a set of indicators on reliability, transparency, coverage and dispute resolution.
Half of economies around the world use an electronic database for checking for charges on property (encumbrances)
In 72%of economies the land registry makes fee schedules publicly available, either online or on public display boards.
Only 56 economies make statistics about transactions at the land registry publicly available, and only 63 provide specific means for filing an official complaint about land services.
Around the world, 27%of economies have a registry with full coverage of private land,
and 34%a mapping system with complete coverage. A reliable, transparent, complete and secure land registration system is associated with greater access to credit, lower income inequality and a lower incidence of bribery at the land registry.
In many economies property titles are registered manually and most titles remain stored in paper archives with restricted access.
In 62 economies property titles are kept only in paper format. Relying on a paper-based system increases the time required to conduct a title search
and the opportunities for fraud. 4 It also increases the vulnerability of the records to political instability, poor climate conditions, natural disasters or such incidents as the Great Chicago Fire of 1871,
Many economies are moving toward computerized land administration systems. Over the past 6 years 51 economies computerized their land registries.
Mozambique where a flood affected land records in 2000, scanned most of its titles in 2013.
Other economies scanned all their historical records. Digital records also make it easier to access key information on the legal status of properties.
half of economies around the world have an electronic database for rights and encumbrances (figure 7. 3). Cadastral maps play an important part in increasing tenure security by providing information about the physical characteristics of land, the boundaries of parcels and any changes in those boundaries.
Surveying and mapping system FIGURE 7. 3 Half of economies have an electronic database for encumbrances
and half have a geographic information system Share of economies with an electronic database for encumbrances(%)Share of economies with a geographic information system(%)High income Upper middle income Lower middle income Low
Doing Business database. 62 DOING BUSINESS 2015 coverage of property taxes. 7 A case in point was the Maputo Structure Plan in Mozambique an initiative to collect geographic data that was aimed at aiding the physical development of the capital
half of economies around the world have a geographic information system in place a computerized system that can capture,
While most are highincome economies, some are low-and middle-income economies. In Sub-saharan africa for example, South africa and Swaziland both have an electronic database to record property boundaries,
check maps and provide updated geographic information on land parcels. Linking the land registry with the cadastral system has important advantages.
And it provides a single point of contact for those conducting land transactions. 9 In recent years several economies,
A majority of economies use a single identification number, with the highest shares doing so in Europe and Central asia,
whether the fee schedule for land registry services is publicly available, whether there are service standards for property transactions,
the lower the incidence of bribery at the land registry (figure 7. 4). Among all economies included in the research,
45 do not make the fee schedule for land registry services publicly available. In 7 of these economies the fee schedule is not accessible,
and in 38 it is accessible only by asking for it in person from a public official.
In stark contrast, 83 economies make information on fee schedules available online. Some economies go even further:
FIGURE 7. 4 A better and more transparent land administration system is associated with a lower incidence of bribery at the land registry Score on overall quality of land administration Reported incidence of bribery for land services(%)80
70 60 50 40 30 20 100 0 5 10 15 20 25 30 Note:
an economy receives 1 point if it has a functional electronic database for encumbrances; 1 point if it makes the documents
when they had contact with land services in the previous 12 months; they paid a bribe for services.
The correlation between the score on the overall quality of land administration and the reported incidence of bribery is-0. 60.
or brochures the approach used by land registries in 34 economies (figure 7. 5). Governments can give citizens the chance to be informed
and contribute to a better business environment by promoting transparency about their operations for example, by tracking the performance of their land services and openly sharing statistics about property transactions.
Lithuania compiles statistics on the performance of its land registries and makes them available to the public. 13 Panama's land registry dedicates a page on its online portal to transparency,
98 economies compile statistics on land transactions (figure 7. 6), though only 56 of those make their statistics public.
Of all economies included in the research, only 63 have specific means for filing an official complaint about land services.
One is Malaysia, where the land registry and the cadastre allow users to file anonymous complaints through their website,
if it covers only a limited area of the economy. Where land registries do not provide complete geographic coverage,
and the records should cover the entire economy. 18 Around the world, only 27%of economies have a registry with full coverage of private land
and only 34%a cadastre with complete coverage (figure 7. 7). South Asia, Latin america and the Caribbean and Sub-saharan africa have the smallest shares of economies with full coverage of private land,
while the OECD high-income group and Europe and Central asia have the largest shares with full coverage.
Several economies have increased the coverage of their land registry and cadastre by registering properties and the associated rights through either systematic adjudication or a more sporadic approach.
100 High income Middle income Low income Economies by type of access provided(%)Online Public boards/brochures In person Not publicly available Source:
Lower middle income Low income Share of economies with accountability mechanism(%)Source: Doing Business database. 64 DOING BUSINESS 2015 the land registry is now able to provide information on different categories of tenure, through a database searchable by parcel across the entire country.
In many economies disputes over land can make up the lion's share of all disputes in court. 22 To prevent land disputes
the legal framework for land administration needs to assign clear responsibilities to the stakeholders involved in land transactions
In some economies the state requires a professional agent a public notary in France and Italy,
In many economies the state provides a guarantee over property registration. Among all economies covered by the research,
149 have a property registration system backed by a state guarantee. The most advanced forms of guarantee indemnify individuals for losses suffered because of deficiencies in information provided by the registry. 24 In Shanghai, for example,
and cadastres provide the highest coverage of private land in OECD high-income economies and Europe and Central asia 0 10 20 30 40 50 60 70 80 South Asia Latin america & Caribbean Sub-saharan africa Middle east & North africa East asia & Pacific
Middle east & North africa Europe & Central asia OECD high income Share of economies where land registry has full coverage(%)Share of economies where mapping system has full coverage(%)Source:
& Pacific Europe & Central asia OECD high income Economies by time required(%)Note: Data refer to a standardized case involving a dispute over a property transfer between 2 domestic companies.
easing the burden on congested courts. 25 A dozen economies have mediation procedures specifically for land disputes.
But time requirements vary considerably across economies. Obtaining a judgment in a standard land dispute takes less than a year in 58 economies,
but up to 3 years or more in another 55 economies. There is also much variation across regions.
In 61%of economies in the OECD high-income group and 58%in Europe and Central asia
land disputes can be resolved within a year. In 80%of economies in South Asia and 62%in Latin america and the Caribbean, the process usually takes 3 years
or more (figure 7. 8). Whether a judicial system provides official statistics on the number of land disputes filed
Among all economies included in the research, about 20 have such statistics available. In Finland, for example, statistics show that 1,
FIGURE 7. 10 Economies with a good land administration system are likely to have lower inequality 0 10 20 30 40 50 60 70 0 5
which the distribution of income or consumption expenditure among individuals or households within an economy deviates from a perfectly equal distribution.
A reliable, transparent, complete and secure land registration system plays an important part in supporting access to credit and economic growth for all.
Indeed, the higher the quality of the land administration system, the higher the level of domestic credit provided by the financial sector to the economy (figure 7. 9). In addition,
Economies with a reliable and transparent land administration system tend to have lower inequality and to be more inclusive.
New data on reliability, transparency, coverage and dispute resolution show much variation in the overall quality of land administration systems among the 170 economies covered.
One definition of a transparent business environment is one in which individuals possess essential information about the environment in
which they operate, meaning that information asymmetries do not place an unjustifiable burden on them (OECD 2002). 11.
Doing Business 2015 Going Beyond Efficiency Getting credit The importance of registries Small and medium-size enterprises account for the largest share of employment in the developing world.
One that provides creditors with the most relevant, reliable, timely and sufficient credit data as well as value added services.
For lenders considering a loan to a small or medium-size enterprise, one of the biggest deterrents is the possibility that the borrower has hidden liens that is,
Forty-seven of 189 economies have a functional approach as recorded by Doing Business. A modern collateral registry centralized, notice-based
Among 189 economies, 18 have such a registry, while 25 have based a notice registry and 28 an online registry.
Online access is available in 119 of 126 economies with a functioning credit bureau or registry covering at least 5%of the adult population as recorded by Doing Business.
They are offered in 64 of the 126 economies with a functioning credit bureau or registry covering at least 5%of the adult population. 68 DOING BUSINESS 2015 a system that limits the impression of false wealth becomes paramount.
and Latin america and the Caribbean (figure 8. 2). 5 The functional approach has also been considered in some highincome economies whose current system poses no significant problems
scholars from economies with different legal traditions have reached consensus on the importance of a single notion of security right with pledges covered by the same rules and principles for creation,
In economies that introduce one, access to bank finance rises by about 8 percentage points on average,
a number of low-income countries have found the associated investments to be justified fully when examined in light of other benefits for the economy at large.
Key features of a modern collateral registry As model laws and legislative guides have evolved with technology over the years,
This FIGURE 8. 2 How many economies have adopted a functional approach to secured transactions? 0 5 10 15 20 25 30 35 40 45 50 South Asia Middle east & North africa East asia & Pacific Europe & Central asia OECD
18 29 Number of economies Source: Doing Business database. 70 DOING BUSINESS 2015 avoids the need for a specialist to review lengthy documents,
different practices While the registration of collateral claims is common practice in many economies, the type and role of registries may vary depending on the legal tradition.
In some economies with a common law tradition, rights over movable property are recorded customarily in separate registries for incorporated and nonincorporated entities.
In some civil law economies registration of securities takes place at the local court of first instance or at the commercial registry.
In many other economies there is no requirement at all to register security interests over movable property (figure 8. 3). The strength of legal rights index is consistent with good practices in secured transactions law,
and FIGURE 8. 3 Which economies have collateral registries and of which type? Note: The map reports operational collateral registries as recorded by Doing Business those that are for all entities,
and rewards economies in the scoring if at least 3 of them are recorded at the same collateral registry.
and track their current credit behavior. 17 A 2007 study found that in developing economies access to credit grew twice as fast FIGURE 8. 4 How credit information flows in a system with both a credit registry
Some economies have only a credit registry, some have only one or more credit bureaus, and some have both a credit registry and one or more credit bureaus.
rule of law can be a catalyst for growth in frontier economies with many young firms and entrepreneurial ventures.
Research based on World bank Enterprise Survey data from 123 countries found that in those with better credit reporting systems,
whose high interest rates and lack of protections can be destabilizing both to the firms and to the overall economy.
One study found that credit registries played a valuable role in calculating credit risk for capital
and 120 million firms worldwide by January 2014.24 The number of economies with a credit bureau covering at least 5%of the adult population as recorded by Doing Business grew from 49 of 145 economies in 2004 to 94 of 189 in 2014 while the number
with a credit registry covering at least 5%increased from 22 of 145 economies to 58 of 189 (figure 8. 5). Globally,
28 economies have both a credit registry and a credit bureau covering at least 5%of the adult
Coverage continues to grow as economies establish or enhance credit reporting systems. Several did so in the past year.
Thanks to the launch of their operations, Jamaica was the economy that made the biggest FIGURE 8. 5
Which economies have a credit bureau or registry? Note: Coverage is the number of individuals and firms covered as a percentage of the adult population.
Three other economies also developed new credit reporting systems in the past year. The Democratic Republic of congo's central bank established a credit registry by launching an electronic credit reporting system, YSYS CERI, in April 2013.
Some economies have development plans under way. In June 2013 the West african Economic and Monetary Union set up a legal framework providing for the establishment of credit bureaus in member states.
In 119 of 126 economies with a functioning credit bureau or registry covering at least 5%of the adult population as recorded by Doing Business,
Globally, data providers and users can exchange credit information electronically in 94 of the economies with a credit bureau that covers at least 5%of the adult population
In East asia and the Pacific, Europe and Central asia, Latin america and the Caribbean, the OECD high-income group and South Asia data providers and users can exchange data electronically in all economies that have a functioning credit bureau
or registry covering at FIGURE 8 6 How many economies have a credit bureau or registry providing online access to credit data?
and offers online access Number of economies 12 5 21 9 20 1 11 30 1 25 1 16 2 7 11 2
and North africa this is the case in about 85%of economies that have such a credit bureau or registry,
The predictive value of credit scores Many credit bureaus and registries provide value added services to data users.
marketing services, portfolio monitoring, fraud detection and debt collection. An important tool in expanding access to finance is credit scoring,
and provide borrowers with more opportunities to obtain credit. The availability of credit scores allows lenders that would otherwise not be capable of analyzing the raw credit data to extend credit to underserved markets at lower cost.
or credit registry data is offered in 64 of 126 economies with a credit reporting service provider covering at least 5%of the adult population as measured by Doing Business.
offered in 80%of economies with a credit bureau or registry covering at least 5%of the adult population compared with 40%in Europe and Central asia, 38%in the middle East and North africa,
25%in East asia and the Pacific and 24%in Sub-saharan africa (figure 8. 7). In South Asia credit scores are offered in only 1 of 5 economies with a credit reporting service provider
FIGURE 8. 7 How many economies have a credit bureau or registry providing credit scores? No credit bureau or registry exists Credit bureau
and offers credit scores Number of economies 1 5 4 10 24 16 4 4 8 12 15 6 4 13 2 5
Analysis of data collected for the strength of legal rights and depth of credit information indices confirms that economies that score high on these indices also have higher levels of domestic credit provided to the private sector by financial institutions
when analyzing an economy's credit market. CONCLUSION Effective systems for secured transactions and credit reporting can improve access to finance for small and mediumsize enterprises.
This is confirmed by the data for the expanded indicators on getting credit, which this year also cover the functional approach to secured transactions, more features of the collateral registry and the availability of credit scores and online access to credit information.
and firms covered in 126 economies with functioning credit bureaus and registries covering at least 5%of the adult population as recorded by Doing Business. 25.
FIGURE 8. 8 Economies with stronger systems for secured transactions and credit reporting have higher levels of domestic credit provided to the private sector 0 20 40 60 80 100 0 40 80 120 160 200 240
with insiders using corporate assets for personal gain to the detriment of other stakeholders. If such abuses become widespread in an economy,
they can deter investors from participating in any corporation. The quality of the rules and regulations governing corporations is
therefore fundamental to functioning markets and wealth-generating economic activity. The Doing Business indicators on protecting minority investors analyze the regulation of related-party transactions
and shareholder access to judicial redress as a proxy for an economy's overall corporate governance standards and ease of access to financing from capital markets.
Stronger protection of minority shareholders in prejudicial related-party transactions is associated with a higher level of development in capital markets as reflected by such indicators as higher market capitalization, larger numbers
Recent studies provide empirical evidence that corporate governance standards aimed at protecting minority shareholders promote positive economic outcomes at the country and firm level.
and the rights of shareholders relative to the board of directors and management. Sound rules and regulations in these areas of corporate governance can minimize the agency problem between majority and minority shareholders as well as that between minority shareholders and the board of directors and management.
Doing Business introduces 3 new measures of minority investor protections this year indices on shareholders'rights and role in major corporate decisions, on governance structure and on corporate transparency.
Economies with the most developed securities markets tend to have the highest average scores on the 3 new indices.
On average, OECD high-income economies offer the strongest protections as measured by the new indices
and continue to provide the strongest protections as measured by the existing ones. Among 189 economies worldwide, India follows the largest share of the good practices measured by the new indices.
On average shareholders of listed companies are protected more than those of nonlisted companies. Overall, minority investors are protected more in economies that distinguish between shareholders of listed companies and shareholders of nonlisted ones.
PROTECTING MINORITY INVESTORS 77 Specifically, greater shareholder protection is associated with larger capital markets, 2 a lower cost of capital, higher cash flows, more efficient firm-level
resource allocation3 and greater firm valuation4 and performance. 5 In addition, numerous studies suggest that investors will charge higher rates to provide financing
if they are not assured of an adequate return or if they fear expropriation by corporate insiders. 6 In other words,
greater shareholder protection reduces the cost of equity by mitigating the agency problem between minority shareholders and managers in relation to diverging interests in the allocation of company resources.
Since their inception, the Doing Business indicators on protecting minority investors have been measuring minority shareholder protections against directors'misuse of corporate assets for personal gain.
This transaction is tested against the regulations of each of the 189 economies covered by Doing Business to determine who can approve the transaction,
what evidence shareholders can obtain to help them win their case if they choose to initiate a legal action in court.
but that are also indicative of the strength of protection of minority shareholders. This is particularly important to identify additional areas of potential improvement for policy makers
and economic outcomes (box 9. 1). The fundamental development goal of promoting greater access to finance for entrepreneurs by encouraging regulation conducive to investment in capital markets remains the same
that offer variation across economies and that lend themselves to data collection and verification through the annual Doing Business questionnaire on minority investor protections.
the extent of shareholder rights BOX 9. 1 What is new in the protecting minority investors indicators?
extent of shareholder rights index, strength of governance structure index and extent of corporate transparency index.
Ease of shareholder suits index expanded to take into account the allocation of legal expenses. See the data notes for a detailed description of changes and additions to the methodology.
FIGURE 9. 1 Shareholder rights in listed and nonlisted companies are consistent in most economies 0 10 20 30 40 50 60 70 80 90 100 Shareholders have the right to amend bylaws or statutes
with a simple majority. Shareholders have preemption rights on new shares. Shares can be traded freely prior to a major corporate action.
Shareholders representing 10%can call for an extraordinary meeting. Shareholders approve the election and dismissal of the external auditor.
A company must obtain shareholders'approval to issue new shares. Shareholders can remove directors before the end of their term.
Share of economies where good practice applies(%)Listed companies Nonlisted companies Note: The good practices are measured those by the extent of shareholder rights index.
Source: Doing Business database. 78 DOING BUSINESS 2015 index, the strength of governance structure index and the extent of corporate transparency index.
In addition, a new component on the allocation of legal expenses associated with shareholder litigation has been added to the existing ease of shareholder suits index. 8 Extent of shareholder rights index The ability of shareholders to influence important corporate
decisions such BOX 9. 2 Standard setters and good practices Corporate governance practices around the world have been converging over the past 2 decades.
This convergence is being driven by a group of global standard setters to which governments look for guidance on how to strengthen their corporate governance,
financial reporting and securities regulations. It is also being driven by capital market trends such as the growing use of cross-listings and dual listings that lead to the adoption of common regulatory practices.
The methodology for the protecting minority investors indicators promotes good practices recommended by the OECD Principles of Corporate Governance. a For example, the indicators measure whether the division of responsibilities among shareholders
They also capture the rights of minority shareholders to be informed about, and to participate in general shareholder meetings
and decisions relating to extraordinary transactions, consistent with principle 2 (rights of shareholders and key ownership functions).
They investigate rules relating to insider trading and whether all shareholders of the same series of a class are treated equally, in line with principle 3 (equitable treatment of shareholders).
And the extent of disclosure index directly follows principle 5 (disclosure and transparency), while the extent of director liability index echoes principle 6 (responsibilities of the board).
In measuring this aspect Doing Business gives particular attention to the allocation of power between shareholders and management;
studies have shown that greater power in the hands of shareholders can lead to greater management attention to shareholder interests
and therefore to increased investment (figure 9. 1). Strength of governance structure index Legally mandating separation between corporate constituencies can directly minimize potential agency conflicts.
and limits on cross-shareholding and subsidiary ownership (figure 9. 2). 9 Extent of corporate transparency index Greater access to corporate information can have beneficial effects for firms.
and lowers the cost of investment in capital markets. 10 Doing Business uses questions relating to a company's audit
Access to complete and accurate financial information is crucial to efficiently deploying investor capital (figure 9. 3). Allocation of legal expenses in shareholder litigation Comprehensive rights are moot without effective ways
In optimal regulatory environments, enforcement is the duty both of efficient government agencies with adequate resources
and of private shareholders willing to initiate legal actions whenever they suspect that a company in which they have invested is being mismanaged by corporate insiders.
unless FIGURE 9. 2 Some areas of corporate governance continue to be overlooked in some economies 0 10 20 30 40 50 60 70 80 90 100 Cross-shareholding between 2
A buyer must make an offer to all shareholders upon acquiring 50%of the company.
Changes to voting rights of shares must be approved only by the affected shareholders. Listed companies Nonlisted companies Share of economies where good practice applies(%)Note:
The good practices are measured those by the strength of governance structure index. Source: Doing Business database.
Listed companies Nonlisted companies Share of economies where good practice applies(%)Note: The good practices are measured those by the extent of corporate transparency index.
Doing Business database. 80 DOING BUSINESS 2015 shareholder plaintiffs can recover their legal expenses or the payment of their expenses can be made contingent on a successful outcome.
whether legal expenses incurred by shareholder plaintiffs can be charged to the company and whether plaintiffs can pay attorney fees depending on the damages they recover in court.
Overall, OECD high-income economies have the strongest protections of minority shareholders as measured by Doing Business.
These economies have the highest average score both on the extent of conflict of interest regulation index,
which is the average of 3 existing indices of minority shareholder protections, and on the extent of shareholder governance index,
which is the average of the 3 new ones (table 9. 1). 11 The average scores for all regions except South Asia reflect stronger performance on protections from conflicts of interest than on shareholder
rights in corporate governance as measured by Doing Business, with the largest gap between the 2 dimensions in East asia and the Pacific and Latin america and the Caribbean.
while the results in East asia and the Pacific and Latin america and the Caribbean are attributable mostly to outdated company laws and the heterogeneity of the economies in these regions.
which have the region's highest scores, with such economies as Haiti, Grenada and St lucia. Globally,
the results are in line with the results of research in this area suggesting positive correlations between TABLE 9. 1 OECD high-income economies offer the strongest protections overall
and as measured by the new indices Region Average score (0 10) Extent of conflict of interest regulation index Extent of shareholder governance index Strength of minority investor protection index
The extent of conflict of interest regulation index is the average of the extent of disclosure, extent of director liability and ease of shareholder suits indices.
The extent of shareholder governance index is the average of the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices.
FIGURE 9. 4 Greater protection of minority shareholders is associated with greater market capitalization Distance to frontier score for protecting minority investors (0 100), 2014 Market capitalization
The sample includes 116 economies for which data on market capitalization are available. Source: Doing Business database;
economies that have stronger regulation of related-party transactions and a greater minority shareholder role in corporate governance also tend to have, for example, higher market capitalization (figure 9. 4). Moreover,
economies that tend to have greater shareholder involvement in corporate governance, as measured by the 3 new indices,
also tend to have greater protection of minority shareholders in prejudicial related-party transactions, as measured by the 3 existing indices.
The results thus confirm the validity of using the quality of regulation of related-party transactions as a proxy for the overall quality of corporate governance.
the economies that score best on the new indices have active stock exchanges with the requisite legal frameworks and enforcement agencies.
Among the 189 economies covered by Doing Business, 124 apply stronger regulations to listed companies than to nonlisted ones,
so that shareholders of listed companies are protected more. 12 In all OECD highincome economies the regulations that apply to listed companies are more protective of minority shareholders,
consistent with the more developed capital markets in these economies (figure 9. 5). Sub-saharan africa is the only region where the majority of economies provide the same level of protection for minority shareholders in both types of companies,
But applying the same standards to both types of companies does not necessarily mean better overall protection of shareholders.
minority investors are protected more in economies that distinguish between shareholders of listed companies and shareholders of nonlisted ones (figure 9. 6). Indeed,
economies that distinguish between these shareholder groups have adopted 55%on average of the good practices captured by the 3 new indices
FIGURE 9. 6 Minority investors are protected more overall in economies that distinguish between shareholders of listed companies
and shareholders of nonlisted ones 0 10 20 30 40 50 60 70 80 Sub-saharan africa Latin america & Caribbean Middle east & North africa East asia & Pacific South
The 3 new indices are the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices.
FIGURE 9. 5 OECD high-income economies systematically offer more protection for shareholders of listed companies than for shareholders of nonlisted ones 100 75 50 250 OECD high income
and nonlisted companies 31 7 21 15 16 17 17 30 15 9 5 5 1 Economies by relative level of shareholder protection
Shareholder protection is measured as by the extent of shareholder rights, strength of governance structure and extent of corporate transparency indices.
The numbers shown in the bars are the number of economies in each category within each region.
Doing Business database. 82 DOING BUSINESS 2015 CONCLUSION Results on the 3 new indices highlight great variation across the 189 economies covered in the rights,
responsibilities and protections afforded to minority shareholders, whether they are investing in a nonlisted company or in a listed one.
It also sheds light on the protection of shareholders in nonlisted companies, an aspect on
and yet that could prove to be a particularly important area of legislation and source of economic growth in economies with less developed stock exchanges and capital markets.
and securities regulations of some economies contributing to sounder regulations that both protect minority investors
See the data notes for the full list of components added this year. 9. Cross-shareholding refers to 2 independent companies acquiring shares in each other. 10.
The 3 existing indices are the extent of disclosure, extent of director liability and ease of shareholder suits indices. 12.
or their functional equivalent under the respective legislation of the economies covered by Doing Business,
Doing Business 2015 Going Beyond Efficiency Paying taxes Trends before and after the financial crisis Taxes matter for the economy.
and public investments to promote economic growth and development and build a prosperous and orderly society.
This balancing act is intensified during periods of crisis. In an economic downturn some categories of public spending may automatically rise,
Revenue declined by another 1. 1%of GDP in 2009.1 The financial crisis led to a shrinking of economic activity
and trade in most economies. Fiscal measures were part of the policy toolkit that governments brought to bear in supporting the recovery.
Policy makers in most economies applied measures aimed at improving revenue collection while keeping the taxes levied on businesses and households as low as possible,
Most of these changes were aimed at providing tax relief for investment in physical capital or research and development (R&d) while limiting the deductibility of other items.
and services that had previously been subject to a zero rate and levying the standard VAT rate on products that had had reduced a VAT rate. 5 Unifying VAT rates Over the 9-year period ending in 2012,
The average profit tax rate dropped sharply during the crisis period and then started to increase slightly in 2012.
and services increases revenue and reduces compliance and administrative costs. 6 Along with falling revenue, the global financial and economic crisis also led to growing tax compliance risks in some economies.
Compliance with tax obligations and collection of tax revenue are important to support social programs and services, for example.
But in an economic downturn businesses tend to underreport tax liabilities underpay the taxes due, fail to file their tax returns on time
and even engage in transactions in the informal sector. 7 Many economies redesigned their tax systems during that period with the objective of easing compliance with tax obligations.
BEFORE AND AFTER THE CRISIS A 9-YEAR GLOBAL TAX PROFILE Doing Business has been monitoring how governments tax businesses through its paying taxes indicators for 9 years,
and mandatory contributions that a standardized medium-size domestic company must pay in a given year as a percentage of its commercial profit. 8 These taxes
Two other indicators measure the complexity of an economy's tax compliance system. The number of payments reflects the total number of taxes
Falling tax cost for businesses Globally, the total tax rate for the Doing Business case study company averaged 43.1%of commercial profit in 2012.9 Over the 9-year period ending that year,
The average rate for all 3 types of taxes included in the total tax rate profit, labor and other taxes also fell over the 9 years (figure 10.1). 10 Other taxes decreased the most,
by 5. 9 percentage points followed by profit taxes (2. 7 percentage points) and labor taxes (0. 5 percentage points).
The main driver of the drop in other taxes was the replacement of the cascading sales tax with VAT by a number of economies, many of them in Sub-saharan africa.
Seven economies made this change during the 9 years, 6 of them during the crisis period. 11 This shift substantially reduces the tax cost for businesses:
Sub-saharan africa had the biggest FIGURE 10.1 A global trend of steady decline in the total tax rate Profit tax Labor tax Other taxes 10 11 12 13
(%of commercial profit) Note: The data refer to the 174 economies included in DB2006 (2004.
The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
though its average total tax rate still remains the highest, at 53.4%in 2012 (figure 10.2). 12 In addition, many African economies lowered rates for the profit tax,
The size of the tax cost for businesses matters for investment and growth. Where taxes are high,
Other economies introduced new taxes during the 9-year period. For example, in 2010 Hungary introduced a sectorspecific surtax on business activity in retail, telecommunications and energy supply.
The average profit tax rate in most economies fell consistently between 2004 and 2010 dropping most sharply during the crisis period (2008 10),
In several economies this reflects concerns on the part of the authorities about the impact of aging populations
The profit tax share rose slightly, while other taxes fell from FIGURE 10.2 Among regions,
2011 2012 Regional average total tax rate(%of commercial profit) Europe & Central asia East asia & Pacific OECD high income Latin america & Caribbean South Asia Middle east
The data refer to the 174 economies included in DB2006 (2004. The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
and communication technologies for filing and paying taxes and then educating taxpayers and tax officials in their use are not easy tasks for any government.
By 2012,76 economies had implemented fully electronic systems for filing and paying taxes as measured by Doing Business.
OECD high-income economies have the largest representation in this group. a. Bird and Zolt 2008.86 DOING BUSINESS 2015 32%of the total in 2004 to only 25%in 2012.
profit tax, labor tax and consumption taxes. The number of payments decreased steadily over the 9-year period.
2005 2006 2007 2008 2009 2010 2011 2012 Global average time (hours per year) Profit tax Labor tax Consumption taxes (sales and VAT) 2004
2005 2006 2007 2008 2009 2010 2011 2012 Profit tax Labor tax Other taxes 02468 10 12 14 16 18
The data refer to the 174 economies included in DB2006 (2004. The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
These were aimed at easing the administrative burden of tax compliance to counter the greater risk of tax evasion during economic downturns.
) In 2008 10 around 47 economies cut their rates. Moldova temporarily reduced its rate from 15%to 0,
%effectively eliminating any tax on profits in 2008 11, then set the rate at 12%from January 1, 2012.
Some economies (Canada, Fiji, Greece, Indonesia, Slovenia, the United kingdom) reduced their rates gradually, over several years.
Other economies abolished their minimum income tax (France, Timor-Leste. Romania, having introduced a minimum income tax in May 2009,
Some economies amended their income tax brackets rather than reducing rates. Portugal introduced tax brackets for profit tax in January 2009.
Taxable corporate income up to €12, 500 became subject to half the standard tax rate, while all income over this amount was taxed at the standard 25%rate.
To stimulate investment in specific areas, some economies increased the percentage of allowance that could be applied on certain assets
or allowed the deduction of more expenses. Thailand, for example, encouraged capital investment with accelerated depreciation for equipment and machinery acquired before December 2010.
Australia introduced an investment allowance an up-front deduction of 30%of the cost of new plant contracted for between January 1, 2009,
and June 30, 2009, and installed by June 30, FIGURE 10.4 An accelerating pace of tax reform during the global financial crisis East asia & Pacific Europe & Central asia OECD high income Latin america & Caribbean Middle east & North africa South
The data refer to the 174 economies included in DB2006 (2004. The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
FIGURE 10.5 During the crisis period many economies cut the corporate income tax rate while continuing to improve tax administration Abolished
The data refer to the 174 economies included in DB2006 (2004. The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
Spain introduced unlimited tax depreciation for investments made in new fixed assets and immovable property in 2009 and 2010,
later extending this to investments made before December 31, 2012. Changes making it more complex or costly to pay taxes Some economies introduced new taxes (16 in total in 2008 10).
These were mostly small taxes such as environmental taxes, vehicle taxes, road taxes and other social taxes.
and the pension contribution rate from 6%to 7%.CONCLUSION The financial crisis had a substantial impact on national tax revenue, leading in many economies to larger government deficits and higher levels of public debt.
BOX 10.2 The Republic of korea a comprehensive approach to supporting an economy in recession The 2008 global credit crunch and ensuing economic recession hit Korea hard.
the Korean economy contracted sharply in 2009 and public finances came under pressure. Reflecting diminished confidence in the short-term outlook, the value of the Korean won fell sharply.
promoting investment and sustainable growth, rationalizing the tax system and ensuring the sustainability of public finances. a Measures to support low-and middle-income taxpayers included changes in both individual and corporate taxation (such as a special tax credit for small and medium-size enterprises).
To support the continuation of family businesses, the government reduced the inheritance tax and allowed deductions of up to 10 billion won (about $10 million)
when a small or mediumsize enterprise is inherited, extending this to 50 billion won (about $50 million) in 2014.
Most other advanced economies saw rapid increases in public indebtedness as a result of policy interventions to deal with the effects of the financial crisis. c a. Korea, Ministry of Strategy and Finance 2012. b
Changes easing the administrative burden of tax compliance countered the greater risk of tax evasion that arises during economic downturns.
and stimulate investment in specific areas. NOTES This case study was written by Michelle-Christine Hanf, Joanna Nasr and Nadia Novik. 1. World bank, World Development Indicators database. 2. OECD 2010b.3.
Commercial profit is net profit before all taxes borne. It differs from the conventional profit before tax
reported in financial statements. In computing profit before tax, many of the taxes borne by a firm are deductible.
In computing commercial profit, these taxes are not deductible. Commercial profit therefore presents a clear picture of the actual profit of a business before any of the taxes it bears in the course of the fiscal year.
It is computed as sales minus cost of goods sold, minus gross salaries, minus administrative expenses, minus other expenses, minus provisions, plus capital gains (from the property sale
Commercial profit amounts to 59.4 times income per capita. 9. This is an unweighted average across 189 economies. 10.
The 7 economies are Burundi the Democratic Republic of congo, Djibouti, The gambia, the Seychelles, Sierra leone and the Republic of Yemen. 12.
This is the average for all Sub-Saharan African economies included in Doing Business 2013 (45 in total.
The data refer to the 174 economies included in DB2006 (2004. The Bahamas, Bahrain, Barbados, Brunei Darussalam, Cyprus, Kosovo, Liberia, Libya, Luxembourg, Malta, Montenegro, Myanmar, Qatar, San marino and South Sudan were added in subsequent years.
This freedom is essential to an efficient economy: without it, and without enforcement of contracts, there would be little stability in financial arrangements,
and examines how it is regulated in a sample of 34 economies belonging to different regions
and income groups, chosen mostly on the basis of the quality of the data collected by the Doing Business team in each economy. 1 It also looks at judicial efficiency in contract resolution in the same 34 economies,
because firms would find themselves operating in an environment where compliance with contractual obligations is not the norm. 2 As in previous years,
In regulating freedom of contract, economies worldwide have had to draw the line between very extensive and very limited freedom of contract (figure 11.1).
In a sample of 34 economies, none allow the parties to a contract to exclude liability for gross negligence
Similarly, all of the economies consider contracts void or voidable if concluded in contravention of public policy or under duress
every economy limits freedom of contract in different ways. In regulating these limitations, the main debate has centered on the role that should be played by the courts and by the state in general.
because they believed that maximizing individual profits through freedom of contract would promote efficiency in commercial markets. 6 During the mid-1900s,
to protect them from the damaging consequences of their agreements. 8 Several countries started to regulate contractual relationships under the assumption that in certain circumstances people are unable to identify their own preferences. 9 Today most economies regulate limitations to freedom
All economies in the sample fall within this category. Parties have considerable freedom in negotiating contract conditions
now intended to be both freedom of the parties from interference by the state and freedom from imposition by one another. 13 Among the 34 economies in the sample,
freedom of contract contributes to the establishment of a functional economy in which predictability is prized. 16 Worldwide, the most common limitations to freedom of contract stem from the government,
WHAT METHODOLOGY WAS USED To investigate limitations to freedom of contract in the 34 sampled economies the Doing Business team added several new questions to this year's questionnaire on enforcing contracts.
) To observe meaningful differences between economies, the team focused on issues that have been debated extensively throughout the relevant literature and case law,
The 34 economies were chosen from the 189 covered by Doing Business in a way that ensures a representative sample across regions and income groups.
Economies limiting freedom of contract in this area usually do not allow such clauses or allow them
whether an economy has any regulations setting a cap on interest rates and what rules govern asymmetry of power.
After analyzing the laws addressing these issues in the sampled economies, the team counted the number of limitations to freedom of contract in each economy.
The higher the number of limitations, the more limited the freedom of contract. The maximum number of limitations in the study is 10.
The sole purpose in providing the number of limitations is to understand how the sampled economies regulate freedom of contract
WHAT THE RESULTS SHOW Among the 34 economies covered, Tunisia has the highest number of limitations to freedom of contract, with 8 of the 10 limitations measured.
) The results not only show that all 34 economies have struck a balance between the extremes of very limited and very extensive freedom of contract;
For example, none of the economies allow the parties to a contract to exclude liability for gross negligence
And only 4 of the economies the Democratic Republic 94 DOING BUSINESS 2015 of Congo, Pakistan,
there is great variation among the economies on whether the law prohibits covenants restricting alienation of real property.
Of the 34 economies, 14 explicitly prohibit this kind of covenant, though 9 of these 14 economies allow restrictions on alienation of real property
when foreigners are involved in the transaction. The rest of the economies allow these contract provisions.
Among the 7 regions covered, Europe and Central asia is the only one in which no variation was found in the number
All sampled economies in the region have the following 6 limitations: A cap is imposed by law on interest rates.
with 7. Togo is the only Sub-Saharan African economy in the sample that allows the courts to deny enforcement of a contract on the basis of inadequate consideration.
In addition, only 2 of the 5 Sub-Saharan African economies in the sample do not limit the terms that can be included in a standard-form contract,
only 3 economies forbid choice-of-law clauses in international contracts. All 3 Brazil, Colombia and Uruguay are in Latin america and the Caribbean.
The Democratic Republic of congo is another economy where long enforcement times frustrate freedom of contract. It limits freedom of contract only in the areas of future determination of contract price, exclusion of liability for gross negligence,
Among the 34 economies in the sample, however, there are cases where neither is prized. Greece is a clear example.
Similarly, in Tunisia, the economy with the highest number of limitations in the sample (8), enforcing a contract takes 565 days.
maximizing individual welfare and spurring efficiency in the marketplace. 21 Efficient contract enforcement promotes investment by influencing the decisions of economic actors.
By promoting investment, good judicial institutions can also contribute to economic growth and development. Indeed an effective judiciary, by providing a structured, timely and orderly framework for resolving disputes, fosters economic stability and growth.
Moreover, efficient contract enforcement is essential to allow true freedom of contract. Even where the law allows extensive freedom of contract,
the benefits of this can be undermined greatly if not matched by efficient contract enforcement. Without that, the predictability of the legal framework which is valued highly by firms operating in the market would be compromised. 22 NOTES This case study was written by Erica Bosio
and Tanya Maria Santillan. 1. The 34 economies in the sample are Barbados; Bhutan; Brazil;
FIGURE 11.3 Singapore is among the economies with both the fewest limitations to freedom of contract and the fastest contract resolution Tunisia Singapore Congo, Dem.
And fear of bankruptcy and its consequences can deter potential entrepreneurs from starting a new business venture.
According to a recent survey on entrepreneurship, people from a range of social and demographic groups rank the possibility of going bankrupt as the greatest fear associated with starting a business,
above irregular income and lack of job security. 1 Yet evidence suggests that the exit of firms from the market is a necessary condition for economic growth,
policy makers can minimize the negative effects of business failures and take advantage of their positive effects by adopting efficient and well-functioning bankruptcy laws.
as reflected by such aspects as collateral eligibility requirements, access to loans to finance investments,
and that introducing reorganization proceedings may reduce the rate of business failure. 5 Moreover, efficient bankruptcy regimes with orderly procedures for the sale and distribution of debtors'assets can have a positive effect on loan terms,
They allow entrepreneurs to determine the maximum risk associated with a failed venture. 7 And they allow creditors to calculate the maximum risk associated with an unpaid Loan collection of debt through bankruptcy proceedings may be the least attractive option for any creditor,
This indicator tests whether each economy has adopted internationally recognized good practices in the area of insolvency.
OECD high-income economies have the highest average score on the strength of insolvency framework index.
Economies that have reformed their insolvency laws in the past several years score substantially higher on the strength of insolvency framework index than economies with outdated insolvency provisions.
Economies with better insolvency laws as measured by Doing Business tend to have more credit available to the private sector.
cost and outcome of the most likely incourt proceeding involving a domestic debtor in each economy.
it now also tests whether each economy has adopted internationally recognized good practices in the area of insolvency.
10 The purpose behind expanding the scope of the methodology is to capture multiple aspects of the insolvency framework in each economy.
Thus the expanded methodology will provide a more complete and balanced view of the insolvency framework in each economy by addressing both the quality of the law and the efficiency of its implementation.
One of the findings this year is that economies with a higher quality of insolvency laws as measured by the strength of insolvency framework index experience on average higher recovery rates. 11 Additionally
) The strength of insolvency framework index measures whether each economy has adopted internationally recognized good practices in 4 areas:
The information used to compile the strength of insolvency framework index was provided by private and public sector insolvency practitioners in each economy with reference to the applicable laws and regulations.
and secondary sources in evaluating to what extent insolvency laws in each economy accord with internationally accepted good practices.
OECD high-income economies have the highest scores on average on the strength of insolvency framework index and on each of the 4 component indices (figure 12.1).
) Among the economies in this region, Germany and the United states have the highest scores. Europe and Central asia has the second highest average score on the strength of insolvency framework index,
though there is a substantial difference between the average score of Eastern and Central European economies
and that 98 DOING BUSINESS 2015 of Central Asian economies. Economies that have reformed recently their insolvency laws such as Bulgaria
Romania, the former Yugoslav Republic of Macedonia and Montenegro have the region's highest scores,
Economies with some of the highest scores in Sub-saharan africa are adopted those that the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act Organizing Collective Proceedings for Wiping Off Debts.
Economies that have amended recently their insolvency laws such as China, Cambodia and the Philippines, receive high scores,
while other economies have no formal insolvency framework, such as Palau and the Marshall islands. The region with the lowest average score on the strength of insolvency framework index is South Asia.
Very few economies in the region have insolvency laws that facilitate the continuation of the debtor's business during insolvency proceedings.
Economies in the middle East and North africa score only slightly better. Only 2 economies in this region have a reorganization framework,
and many lack a designated insolvency law; instead, provisions related to insolvency are found in company laws and commercial codes.
In Latin america and the Caribbean some economies have developed well insolvency laws, such as Brazil, Mexico and Colombia, for example, all of
But most of the smaller economies in the region, particularly island economies, still use winding-up provisions in companies acts that have not been amended for several decades.
This analysis shows that economies that have reformed their insolvency TABLE 12.1 Objectives of an effective insolvency regime as identified by the World bank principles
and measured by the resolving insolvency indicators World bank principles UNCITRAL guide Resolving insolvency indicators Integrate with a country's broader legal and commercial systems Provision of certainty in the market to promote economic stability
RESOLVING INSOLVENCY 99 laws in the past several years score substantially higher on the strength of insolvency framework index than economies that rely on old insolvency provisions in companies acts and commercial codes.
because it enhances the ability to identify areas where each economy can improve. The data for the component indices point to 2 areas where many economies can improve:
reorganization proceedings and creditor participation (figure 12.2). ) There is also room for improvement in the management of the debtor's assets,
A third of the economies covered by Doing Business have no formal judicial reorganization framework.
This means that preservation of insolvent businesses in these economies is virtually impossible, so that the only option for an insolvent debtor is to sell its assets.
More than 40%of economies lack specific provisions in their insolvency laws that would allow debtors to maintain contracts supplying essential goods and services during insolvency proceedings.
While some of these economies require utilities to continue providing services to insolvent customers for many debtors this is not enough to ensure continuous operation.
Many economies do not allow creditors to participate in important decisions throughout insolvency proceedings. Among the first and most important decisions made after insolvency proceedings begin is the appointment of an insolvency representative,
Almost 60%of economies exclude creditors from the process of choosing the insolvency representative. Lack of meaningful participation can affect creditors'confidence in the system,
The data for the component indices also point to economies with particular strengths in the areas measured.
For example, Germany is one of 51 economies that receive full points on the commencement of proceedings index.
Japan is one of 26 economies that receive full points on the management of debtor's assets index.
For example, both prohibit the termination of FIGURE 12.1 OECD high-income economies have developed well insolvency frameworks and the highest recovery rates 048 12 16 100 75 50 25
and services that will enable it to survive while eliminating overly burdensome obligations that may threaten its operation.
Cambodia is one of 17 economies that receive full points on the reorganization proceedings index. In 2007 Cambodia adopted a new insolvency law that,
Switzerland is one of only 3 economies that receive full points on the creditor participation index.
Economies that score well on the index have higher levels of credit provided to the private sector by domestic financial institutions (figure 12.3).
but as an indication of FIGURE 12.2 Two areas where many economies can improve are reorganization proceedings
CONCLUSION Analysis of the data collected for the strength of insolvency framework index shows that economies with recent changes to their insolvency frameworks have better-quality laws.
Among other economies several still have no formal insolvency framework and many more rely on outdated companies acts
Differences in regulatory quality are especially apparent in regions with emerging economies, such as Latin america and the Caribbean and East asia and the Pacific.
The results suggest that there is opportunity in many economies to improve reorganization proceedings, facilitate the continuation of businesses during insolvency
FIGURE 12.3 Economies with strong insolvency frameworks have higher levels of domestic credit provided to the private sector 16 12840 Strength of insolvency framework index (0 16
and enabled abundant empirical research on critical questions puzzling economists, policy makers and international development professionals. Researchers have used these data to investigate the importance of business-friendly regulation for the creation of new firms, for the productivity and profitability of existing ones and for such key outcomes as growth, employment, investment and informality.
Since 2003, when the first Doing Business report was published, 2, 024 research articles have been published in peer-reviewed academic journals and 5,
Researchers presented 28 papers in the 8 thematic sessions, covering such issues as entry regulation, entrepreneurship, innovation, financial infrastructure, foreign direct investment, trade
help attract investment, facilitate a reduction in unemployment, aid innovative firms and support greater lending to the private sector,
WHAT MATTERS FOR ENTREPRENEURSHIP? Several papers look at factors that encourage or discourage entrepreneurship. Klapper, Love and Randall (2014) investigate the relationship between entrepreneurship and economic growth and the effect of the 2008 09 global financial crisis on new firm registration.
The authors explore the change in new firm registrations in 109 countries over the period 2002 12,
which includes precrisis, crisis and recovery periods related to the global financial crisis as well as myriad other economic fluctuations at the region and country level.
Moreover, they find that growth has a stronger association with entrepreneurship in economies with a higher level of financial development
According to findings of research presented at the conference, business-friendly regulation has a positive association with the entry of new firms, the profits of innovative firms, reductions in unemployment, growth in bank lending
, inflows of foreign direct investment and expansions in franchises. Striking a balance in the amount of regulation matters.
Firms confronted with demands for bribes wait about 1. 5 times as long to get a construction permit,
HIGHLIGHTS FROM THE DOING BUSINESS RESEARCH CONFERENCE 103 regulatory environment (as measured by the Doing Business indicators.
One important policy implication of their findings is that fostering an efficient regulatory environment for the financial and private sector can contribute to economic growth by aiding the efficient exit of insolvent firms during economic slowdowns
While most research in this area focuses on developing or emerging economies, Bripi (2013) focuses on Italy, analyzing how differences among provinces in the local regulatory burden affect firm creation.
because it has great heterogeneity in entrepreneurship and economic performance, with marked differences between the more developed regions of the Center and North and the less developed ones of the South.
In particular, they provide evidence that the administrative burden in the years just before the reform was a significant obstacle to entrepreneurship (and ultimately economic performance) in the heavily regulated provinces of the South relative to the more lightly regulated ones of the Center and North of Italy.
Audretsch, Belitski and Desai (2014) investigate how the overall business environment affects urban entrepreneurship. They look at a few dimensions of the business environment (such as those measured by the Doing Business indicators on starting a business
registering property, paying taxes, enforcing contracts and trading across borders) and types of regulatory reform (those affecting measures of time,
cost and procedures) and examine the links between these aspects and 2 measures of entrepreneurship, new business creation and self employment.
The authors find that the national business environment is associated with both measures of entrepreneurship and that the type of regulatory reform can affect entrepreneurship outcomes.
In particular, they find evidence that FIGURE 13.1 Bureaucratic time delays and costs are associated with lower entry by small limited liability firms across Italian provinces 2 3 4 5 6420-2 2 3 4 5 6420-2 Veneto
number of procedures) of the business environment could have different effects on entrepreneurship. They also find that in some cases their 2 measures of entrepreneurship (new business creation
and self employment) are affected differently by the same regulatory dimension or same type of regulatory reform.
CAN REGULATION ATTRACT INVESTMENT? Jovanovic and Jovanovic (2014) analyze whether business regulation as measured by Doing Business indicators affects inflows of foreign direct investment in 28 Eastern European and Central Asian countries.
They find that greater regulatory efficiency as measured by Doing Business indicators has a positive association with foreign direct investment inflows from OECD countries.
For example, a country in which 9 documents are required to export is likely to have investment inflows around 37%lower than those in a country in
which 7 such documents are required. This effect seems strong, so it may also include the effects of other barriers to trade,
The authors also find that a reduction in the cost of starting a business is associated positively with an increase in foreign direct investment inflows.
Eight of the 9 sets of Doing Business indicators included in the analysis appear to have a statistically significant relationship with foreign direct investment inflows (starting a business,
The authors therefore conclude that governments may be able to attract foreign direct investment by creating a more efficient and more business-friendly regulatory environment.
INNOVATION AND THE CONSTRAINTS OF RED TAPE Innovation is a key source of economic growth, so understanding the dynamics of innovative firms is important.
Using firm-level panel data from emerging economies, Yang (2014) examines the relationship between the business climate and profitability for innovative and noninnovative firms.
innovative firms have higher profits than noninnovative firms. But in business climates where regulatory or governance-related elements (such as corruption or the time and cost to start a business) are poor,
innovative firms have lower profits. Innovative firms tend to have moreeducated managers, better technologies and better access to finance,
which results in a larger volume of credit and ultimately greater economic growth. While confirming the causal link from law to finance,
They identify 43 such episodes over a period of nearly 3 decades in 94 high-income, middle-income and transition economies.
and year as reported by entrepreneurs in the World bank Enterprise Surveys against the time it should take to complete all the formalities to build a warehouse according to the Doing Business indicators.
The authors link this heterogeneity to the incidence of demands for bribes. The authors examine the relationship between requests for bribes
that firms with a higher opportunity cost of waiting are willing to pay more and consequently face shorter wait times;
firms with demands for bribes wait about 1. 5 times as long to get a construction permit,
when complying with the law 0246 Log of time to get a construction permit as measured by Enterprise Surveys 4. 0 4. 5 5. 0 5. 5 6. 0 6. 5 Log
CONCLUSION The research papers reviewed in this chapter show that business-friendly regulation is integral to economic growth
and helps attract foreign direct investment. But while these papers answer many questions they also pose many new ones.
Belitski and Desai (2014) invites followup research on the impact of multiple dimensions of the national business environment on firms in different cities.
The expansion of the global Doing Business sample to the second largest business city in 11 large economies,
and methodology of selected papers from the Doing Business research conference Theme Main findings Methodology overview Data sources Entrepreneurship Klapper, Love and Randall (2014) GDP growth,
and a better business regulatory environment, is associated with higher new firm registrations. The initial empirical exercise uses a simple model with entry density as the dependent variable and economic growth (as a proxy for the business cycle) as the main independent variable.
The authors then investigate heterogeneity in the relationship between the business cycle and new firm registration.
World bank, Entrepreneurship Database; World bank, World Development Indicators database; Doing Business database Entrepreneurship Bripi (2013) Bureaucratic time delays and, to a lesser extent,
costs due to inefficient regulatory procedures can reduce the firm entry rate in industries that should have naturally high entry rates relative to low-entry sectors.
Bank of Italy data set measuring the time and costs of regulation across Italian regions Entrepreneurship Audretsch,
Panel data random effects regression is used to examine how the business environment affects new business creation and self employment in a panel of European cities.
Doing Business database Investment Jovanovic and Jovanovic (2014) Greater regulatory efficiency as measured by Doing Business indicators has a positive association with foreign direct investment flows from OECD countries to Eastern European and Central Asian countries.
The analysis uses the generalized method of moments technique on data on bilateral foreign direct investment flows from 22 OECD countries to 28 Eastern European and Central Asian countries during 2004 11.
World bank, World Development Indicators database; Organisation for Economic Co-operation and Development data; International monetary fund (IMF), World Economic Outlook and International Financial Statistics databases;
Doing Business database Investment Hoffman, Munemo and Watson (2014) Having some business entry regulation helps define the playing field for firms
and the national corporate tax rate (measured as a percentage of profits). Additional explanatory variables include economic development (measured by real GDP per capita), measures of media infrastructure and of governance,
Worldwide Governance Indicators Innovationyang (2014) The profits of innovative firms are lower in business climates where regulatory
World bank Enterprise Surveys; Doing Business database; World bank data catalog Debt enforcementrathinam (2014) In India the introduction of debt recovery tribunals a procedural law innovation that bypasses the overburdened civil courts in adjudicating financial disputes involving banks
Centre for Monitoring Indian Economy, PROWESS database; Reserve bank of India, annual accounts data on scheduled commercial banks 108 DOING BUSINESS 2015 TABLE 13a.1 Summary of the main findings
Hallward-Driemeier and Rijkers (2014) Firms confronted with demands for bribes wait about 1. 5 times as long to get a construction permit,
and whether greasing the wheels is more evident for firms with the highest opportunity cost of waiting
Results are robust to controlling for firm fixed effects and comparing within-firm heterogeneity in wait times for different government services.
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Lang, Mark, Karl Lins and Mark Maffett. 2012. Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most.
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Journal of Development Economics 99: 105 15. Moss, Tim. 2014. International Good Practices in Business Registers.
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First, for most conomis thcollctd dtrfr to businsss in thlrst businss cit (which in somconomis Economchrctristics Gross national income per capita Doinbusinss 2015 rports 2013 incompr cpits
$ Cost(%of income per capita) Paid-in minimum capital Number of procedures Preregistration Registration, Postregistration incorporation Time (days) Formal operation Entrepreneur 118 Doing Business 2015 Operates in the economy's largest business city.
For 11 economies the data are collected also for the second largest business city (see table 14a.1 at the end of the data notes.
is owned 100%domestically and has 5 owners, none of whom is a legal entity. Has start-up capital of 10 times income per capita,
paid in cash. Performs general industrial or commercial activities, such as the production or sale to the public of products or services.
The business does not perform foreign trade activities and does not handle products subject to a special tax regime, for example, liquor or tobacco.
Leases the commercial plant or offices and is not a proprietor of real estate. Does not qualify for investment incentives or any special benefits.
If the services of professionals are required, procedures conducted by such professionals on behalf of the company are counted separately.
water gas and waste disposal services are included not. Time Time is recorded in calendar days. The measure captures the median duration that incorporation lawyers indicate is necessary in practice to complete a procedure with minimum follow-up with government agencies and no extra payments.
when final document is received 25%Paid-in minimum capital 25%Time 25%Cost 25%Procedures Rankings are based on distance to frontier scores for 4 indicators TABLE 14.3
name verification or reservation, notarization) Registration in the economy's largest business citya Postregistration (for example, social security registration,
no bribes No professional fees unless services required by law Paid-in minimum capital(%of income per capita) Funds deposited in a bank
or with a notary before registration (or within 3 months) a. For 11 economies the data are collected also for the second largest business city.
Completed warehouse Preconstruction Construction Postconstruction and utilities A business in the construction industry Cost(%of warehouse value) Number of procedures Time (days) 120 Doing Business 2015 across economies, several
Operates in the economy's largest business city. For 11 economies the data are collected also for the second largest business city (see table 14a.1).
) Is 100%domestically and privately owned. Has 5 owners, none of whom is a legal entity.
and be located in the periurban area of the economy's largest business city (that is, on the fringes of the city but still within its official limits).
For 11 economies the data are collected also for the second largest business city. Will not be located in a special economic or industrial zone.
If there is no water delivery infrastructure in the economy, a borehole will be dug. If there is no sewerage infrastructure,
Will have a constant level of water demand and wastewater flow throughout the year. Will be 1 inch in diameter for the water connection and 4 inches in diameter for the sewerage connection.
the one serving the largest number of customers is selected. To make the data comparable across economies,
several assumptions about the warehouse and the electricity connection are used. Assumptions about the warehouse The warehouse:
is located in the economy's largest business city. For 11 economies the data are collected also for the second largest business city (see table 14a.1).
) is located in an area where similar warehouses are located typically. In this area a new electricity connection is not eligible for a special investment promotion regime (offering special subsidization or faster service, for example.
is located in an area with no physical constraints. For example, the property is not near a railway.
) The ranking of economies on the ease of registering property is determined by sorting their distance to frontier scores for registering property.
To make the data comparable across economies, several assumptions about the parties to the transaction,
are located in the periurban area of the economy's largest business city. For 11 economies the data are collected also for the second largest business city (see table 14a.1).
) Are 100%domestically and privately owned. Have 50 employees each, all of whom are nationals. Perform general commercial activities.
The data details on registering property can be found for each economy at http://www. doingbusiness. org.
) The ranking of economies on the ease of getting credit is determined by sorting their distance to frontier scores for getting credit.
Questionnaire responses are verified through several rounds of follow-up communication with respondents as well as by contacting third parties and consulting public sources.
The questionnaire data are confirmed through teleconference calls or on-site visits in all economies. Figure 14.9 Do lenders have credit information on entrepreneurs seeking credit?
paying property transfer taxes) Registration procedures in the economy's largest business citya Postregistration procedures (for example, filing title with municipality) Time required to complete each procedure (calendar days) Does not include time spent gathering
or capital gains taxes included a. For 11 economies the data are collected also for the second largest business city. 126 DOING BUSINESS 2015 Strength of legal rights index Thstrnth of ll rihts indx m-surs thdrto
Protection of shareholders from conflicts of interest Thxtnt of conflict of intrst rul-tion indx msurs thprotction of shrholdrs inst dirctors'misusof corportssts for prsonl in bdistinuishin3 dimnsions
of profits, fins, imprisonmnt, rscission of trnsctions) E sof sh rholdr suits indx (0 10) Extnt of corpor ttr nsp rncindx (0 9
of shrholdr ovrnncindics Data Notes 129 shareholder litigation (ease of shareholder suits index. To make the data comparable across economies,
several assumptions about the business and the transaction are used (figure 14.12). Assumptions about the business The business (Buyer:
is traded a publicly corporation listed on the economy's most important stock exchange. If the number of publicly traded companies listed on that exchange is less than 10,
or if there is no stock exchange in the economy, it is assumed that Buyer is a large private company with multiple shareholders.
Has a board of directors and a chief executive officer (CEO) who may legally act on behalf of Buyer where permitted,
Has a supervisory board (applicable to economies with a 2-tier board system) on which 60%of the shareholder-elected members have been appointed by Mr. James,
who is Buyer's controlling shareholder and a member of Buyer's board of directors. Is a manufacturing company.
Has its own distribution network. Assumptions about the transaction Mr. James owns 60%of Buyer and elected 2 directors to Buyer's 5-member board.
Shareholders sue Mr. James and the other parties that approved the transaction. Extent of disclosure index The extent of disclosure index has 5 components:
1 if the board of directors, the supervisory board or shareholders must vote and Mr. James is permitted to vote;
3 if shareholders must vote and Mr. James is permitted not to vote. Whether immediate disclosure of the transaction to the public, the regulator or the shareholders is required.
A score of 0 is assigned if no disclosure is required; 1 if disclosure on the terms of the transaction is required but not on Mr. James's conflict of interest;
an external auditor, review the transaction Figure 14.12 How well are protected minority shareholders from conflicts of interest?
Extent of disclosure Disclosure and approval requirements Extent of director liability Ability to sue directors for damages Ease of shareholder suits Access by shareholders to documents plus other evidence for trial 90%ownership,
sits on board of directors Company B (seller) Company A (buyer) Transaction involving conflict of interest Mr. James Minority shareholders Lawsuit Figure 14.11 Protecting minority investors:
shareholders'rights in conflicts of interest and corporate governance Rankings are based on distance to frontier scores for 2 indicators 50%Extent of conflict of interest regulation index 50%Extent
of shareholder governance index 130 DOING BUSINESS 2015 bforit tks plc. A scorof 0 is ssind if no;
1 if s. Whthr Mr. Jms rps profits mdfrom thtrnsction upon succssful clim bthshrholdr plintiff.
1) but his not rquird to disorhis profits (scorof 0). Mr. Jms cnnot bfind nd imprisond (scorof 0). Dirct or drivtivsuits rvilblfor shrholdrs holdin10%of shrcpitl
Ease of shareholder suits index Thsof shrholdr suits indx hs 6 componnts: Wht rnof documnts is vil-blto thshrholdr plintiff from thdfndnt nd witnsss durintril.
Shareholders'rights in corporate governance Thxtnt of shrholdr ovrnncindx msurs shrholdrs'rihts in corportovrnncbdistinuishin3 dimnsions of ood ovrnnc:
13 Extent of shareholder rights index For ch componnt of thxtnt of shrholdr rihts indx, scorof 0 is ssind
Extent of shareholder governance index The extent of shareholder governance index is the sum of the extent of shareholder rights index,
Higher values indicate stronger rights of shareholders in corporate governance. Strength of minority investor protection index The strength of minority investor protection index is the average of the extent of conflict of interest regulation index and the extent of shareholder governance index.
The index ranges from 0 to 10, rounded to the nearest decimal place, with higher values indicating stronger minority investor protections.
The data details on protecting minority investors can be found for each economy at http://www. doingbusiness. org.
The extent of shareholder governance index was introduced in Doing Business 2015. PAYING TAXES Doing Business records the taxes
and contributions measured include the profit or corporate income tax, social contributions and labor taxes paid by the employer, property taxes, property transfer taxes, dividend tax, capital gains tax, financial transactions tax, waste collection taxes, vehicle and road taxes,
The ranking of economies on the ease of paying taxes is determined by sorting their distance to frontier scores for paying taxes.
the total tax rate. 15 The threshold is defined as the highest total tax rate among the top 15%of economies in the ranking on the total tax rate.
%All economies with a total tax rate below this threshold receive the same score as the economy at the threshold.
The threshold is not based on any economic theory of an optimal tax rate that minimizes distortions or maximizes efficiency in an economy's overall tax system.
Instead it is mainly empirical in nature, set at the lower end of the distribution of tax rates levied on medium-size enterprises in the manufacturing sector as observed through the paying taxes indicators.
This reduces the bias in the total tax rate indicator toward economies that do need not to levy significant taxes on companies like the Doing Business standardized case study company
because they raise public revenue in other ways for example, through taxes on foreign companies, through taxes on sectors other than manufacturing or from natural resources (all of
and contributions Number of payments (per year) Total tax rate Time Hours per year%of profit before all taxes Figure 14.14 Paying taxes:
file returns and pay taxes Firm tax liability as%of profits before all taxes borne Number of tax payments per year 33.3%Payments 33.3%Time 33.3%Total tax rate Rankings are based on distance to frontier
All economies below the threshold receive the same score in the total tax rate component as the economies at the threshold.
Distributs 50%of its nt profits s dividnds to thownrs t thnd of thscond r. Slls onof its plots of lnd t profit t thbinninof thscond
xprssd s shrof commrcil profit. Doinbusinss 2015 rports thtotl tx rtfor clndr r 2013. Thtotl mount of txs bornis thsum of ll thdiffrnt txs nd contributions pblftr ccountinfor llowbldductions nd xmptions.
profit or corportincomtx, socil contributions nd lbor txs pid bthmplor (for which ll mndtorcontributions rincludd, vn if pid to privtntitsuch s rquitd pnsion fund), proprttxs, turnovr
if rquird Tot l t x r t(%of profit bfor ll t xs) Profit or corportincomtx Socil contributions nd lbor txs pid bthmplor
In computinthtotl tx rt, thctul tx p-blis dividd bcommrcil profit. Dtfor Kiribti rprovidd s n xmpl (tbl14. 10.
Commrcil profit is ssntillnt profit bforll txs born. It diffrs from thconvntionl profit bfortx, rportd in finncil sttmnts.
In computinprofit bfortx, mnof thtxs bornbfirm rdductibl. In computincommrcil profit, thstxs rnot dductibl. Commrcil profit thrforprsnts clr picturof thctul profit of businss bfornof thtxs it brs in thcoursof thfiscl r. Commrcil profit is computd s sls minus cost
of oods sold, minus ross slris, minus dministrtivxpnss, minus othr xpnss, minus provisions, plus cpitl ins (from thproprtsl) minus intrst xpns, plus
intrst incomnd minus commrcil dprcition. To computthcommrcil dprcition, strihtlindprcition mthod is pplid, with thfollowinrts: 0%for thlnd, 5%for thbuildin, 10%for thmchinr, 33%for thcomputrs, 20%for thofficquipmnt, 20%for thtruck nd 10%for businss dvlopmnt xpnss.
sb ($a) Actu l t x p bl=r × b ($a) Commrci l profit*c ($a) Tot l t
11,603 137,156 8. 5 Tot l 44,886 32.7*Profit bforll txs born. Not: Commrcil profit is ssumd to b59. 4 tims incompr cpit. $a is Austrlin dollr.
Is one of the economy's leading export or import products. Assumptions about the business The business:
is located in the economy's largest business city. For 11 economies the data are collected also for the second largest business city (see table 14a.1).
) Is a private, limited liability company. Does not operate in an export processing zone or an industrial estate with special export or import privileges.
For landlocked economies, documents required by authorities in the transit economy are included also. Since payment is by letter of credit,
The exporter is incurred responsible for the costs related to exporting the goods until they depart from the exporting economy
and the importer is incurred responsible for the costs related to importing from the moment the goods arrive at the seaport in the importing economy.
The data details on trading across borders can be found for each economy at http://www. doingbusiness. org.
The ranking of economies on the ease of enforcing contracts is determined by sorting their distance to frontier scores for enforcing contracts.
The name of the relevant court in each economy the court in the largest business city with jurisdiction over the standardized commercial dispute described below is published at http://www. doingbusiness. org/data/exploretopics/enforcing-contracts.
For 11 economies for which the data are collected also for the second largest business city,
Assumptions about the case The value of the claim is equal to 200%of the economy's income per capita or $5, 000,
both located in the economy's largest business city. For 11 economies the data are collected also for the second largest business city (see table 14a.1).
) Pursuant to a contract between the businesses, Seller sells some custom-made furniture to Buyer worth 200%of the economy's income per capita or $5, 000,
whichever is greater. After Seller delivers the goods to Buyer, Buyer refuses to pay the contract price,
The dispute is brought before the court located in the economy's largest business city with jurisdiction over commercial cases worth 200%of income per capita or $5, 000,
As noted, for 11 economies the data are also Figure 14.17 What are the time,
The ease of doing business ranking compares economies with one another; the distance to frontier score benchmarks economies with respect to regulatory best practice, showing the absolute distance to the best performance on each Doing Business indicator.
When compared across years, the distance to frontier score shows how much the regulatory environment for local entrepreneurs in an economy has changed over time in absolute terms,
while the ease of doing business ranking can show only how much the regulatory environment has changed relative to that in other economies.
DISTANCE TO FRONTIER The distance to frontier score captures the gap between an economy's performance
and a measure of best practice across the entire sample of 31 indicators for 10 Doing Business topics (the labor market regulation indicators are excluded).
and Australia, Colombia and 110 other economies have paid no-in minimum capital requirement (table 15.1).
) Calculation of the distance to frontier score Calculating the distance to frontier score for each economy involves 2 main steps.
In this formulation the frontier represents the best performance on the indicator across all economies since 2005 or the third year in
the frontier is defined as the total tax rate at the 15th percentile of the overall distribution for all years included in the analysis. For the time to pay taxes the frontier is defined as the lowest time recorded among all economies that levy the 3 major taxes:
profit tax, labor taxes and mandatory contributions, and value added tax (VAT) or sales tax. In addition, the cost to export
when benchmarking these absolute-cost indicators across economies with different inflation trends. The base year for the deflator is 2013 for all economies.
In the same formulation, to mitigate the effects of extreme outliers in the DISTANCE TO FRONTIER
AND EASE OF DOING BUSINESS RANKING 147 distributions of the rescaled data for most component indicators (very few economies need 700 days to complete the procedures to start a business,
the 95th percentile is used for the indicators with the most dispersed distributions (including time, cost, minimum capital and number of payments to pay taxes),
) Second, for each economy the scores obtained for individual indicators are aggregated through simple averaging into one distance to frontier score
weighting all topics equally and, within each topic, giving equal weight to each of the topic components. 2 An economy's distance to frontier score is indicated on a scale from 0 to 100,
New zealand 1 18a Time (days) New zealand 0. 5 100b Cost(%of income per capita) Slovenia 0. 0 200. 0b Minimum capital(%of income
United Kingdomf 8 0e Protecting minority investors Extent of conflict of interest regulation index (0 10) No economy has attained the frontier yet. 10 0e Extent of shareholder governance
index (0 10) No economy has attained the frontier yet. 10 0e Paying taxes Payments (number per year) Hong kong SAR, China;
Saudi arabia 3 63b Time (hours per year) Singapore 49g 696b Total tax rate(%of profit) Singapore 26. 1h 84. 0b Trading across borders Documents to export (number) France;
The difference between an economy's distance to frontier score in any previous year and its score in 2014 illustrates the extent to
which the economy has closed the gap to the regulatory frontier over time. And in any given year the score measures how far an economy is from the best performance at that time.
Treatment of the total tax rate This year for the first time, the total tax rate component of the paying taxes indicator set enters the distance to frontier calculation in a different way than any other indicator.
and therefore on the distance to frontier score for paying taxes for economies with a belowaverage total tax rate than it would have in the calculation done in previous years (line B is smaller than line A in figure 15.2).
) And for economies with an extreme total tax rate (a rate that is very high relative to the average), an increase has a greater impact on both these distance to frontier scores than before (line D is bigger than line C in figure 15.2).
) The nonlinear transformation is not based on any economic theory of an optimal tax rate that minimizes distortions
or maximizes efficiency in an economy's overall tax system. Instead, it is mainly empirical in nature.
The nonlinear transformation along with the threshold reduces the bias in the indicator toward economies that do need not to levy significant taxes on companies like the Doing Business standardized case study company
In addition, it acknowledges the need of economies to collect taxes from firms. Calculation of scores for economies with 2 cities covered For each of the 11 economies for
which a second city was added in this year's report, the distance to frontier score is calculated as the population-weighted average of the distance to frontier scores for the 2 cities covered (table 15.2).
framework index (0 16) No economy has attained the frontier yet. 16 0e a. Worst performance is defined as the 99th percentile among all economies in the Doing Business sample. b. Worst performance is defined as the 95th
percentile among all economies in the Doing Business sample. c. One hundred and ten other economies also have a minimum capital requirement of 0. 0. d. In 11 other economies it also takes only 3
connection. e. Worst performance refers to the worst value recorded. f. Twenty-two other economies also score 8 on the depth of credit information index. g. Defined as the lowest time recorded among all economies
profit tax, labor taxes and mandatory contributions, and VAT or sales tax. h. Defined as the highest total tax rate among the 15%of economies with the lowest total tax rate in the Doing Business sample.
Source: Doing Business database. TABLE 15.2 Weights used in calculating the distance to frontier scores for economies with 2 cities covered Economy City Weight(%)Bangladesh Dhaka 78 Chittagong 22 Brazil São paulo
61 Rio de janeiro 39 China Shanghai 55 Beijing 45 India Mumbai 47 Delhi 53 Indonesia Jakarta 78 Surabaya 22 Japan Tokyo
DISTANCE TO FRONTIER AND EASE OF DOING BUSINESS RANKING 149 Variability of economies'scores across topics Each indicator set measures a different aspect of the business regulatory environment.
The distance to frontier scores and associated rankings of an economy can vary, sometimes significantly, across indicator sets.
These correlations suggest that economies rarely score universally well or universally badly on the indicators (table 15.3).
Figure 2. 1 in the chapter About Doing Business illustrates the degree of variability for each economy's performance across the different areas of business regulation covered by Doing Business.
The figure draws attention to economies with a particularly uneven performance by showing for each economy, the distance between the average of its highest 3 distance to frontier scores and the average of its lowest 3 across the 10 topics included in this year's aggregate distance to frontier score.
While a relatively small distance between these 2 averages suggests a broadly consistent approach across the areas of business regulation measured by Doing Business,
Economies that improved the most across 3 or more Doing Business topics in 2013/14 Doing Business 2015 uses a simple method to calculate which economies improved the ease of doing business the most.
First, it selects the economies FIGURE 15.1 How are distance to frontier scores calculated for indicators?
Two examples 100 80 60 40 200 0 5 10 15 20 25 30 35 Worst performance (99th percentile:
protecting minority investors 100 80 60 40 200 Procedures (number) Distance to frontier score for extent of shareholder governance index Extent of shareholder governance index
or more of the 10 topics included in this year's aggregate distance to frontier score. 3 Twenty-one economies meet this criterion:
and the United arab emirates. Second, Doing Business sorts these economies on the increase in their distance to frontier score from the previous year using comparable data.
Selecting the economies that implemented regulatory reforms in at least 3 topics and had the biggest improvements in their distance to frontier scores is intended to highlight economies with ongoing, broad-based reform programs.
The improvement in the distance to frontier score is used to identify the top improvers because this allows a focus on the absolute improvement in contrast with the relative improvement shown by a change in rankings that economies have made in their regulatory environment for business.
EASE OF DOING BUSINESS RANKING The ease of doing business ranking ranges from 1 to 189.
The ranking of economies is determined by sorting the aggregate distance to frontier scores, rounded to 2 decimals.
TABLE 15.3 Correlations between economy distance to frontier scores for Doing Business topics Dealing with construction permits Getting electricity Registering property Getting credit Protecting minority investors
which are considered of more or less importance in the context of a specific economy. 2. For getting credit,
which in turn reduced the paid-in minimum capital Reforms affecting the labor market regulation indicators are included here
Benin Starting a business Benin made starting a business easier by reducing the minimum capital requirement
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to related-party transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
China Starting a business China made starting a business easier by eliminating both the minimum capital requirement
Paying taxes Colombia made paying taxes more complicated for companies by introducing a new profit tax (CREE),
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to related-party transactions
and by making it possible for shareholders to inspect the documents pertaining to related-party transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
Czech republic Starting a business The Czech republic made starting a business easier by substantially reducing the minimum capital requirement
Protecting minority investors The Dominican republic strengthened minority investor protections by introducing greater shareholder rights and requirements for greater corporate transparency.
shareholders upon acquiring voting shares. Trading across borders Ecuador made trading across borders easier by upgrading to a new electronic data interchange system called ECUAPASS.
and by making it possible for shareholders to inspect the documents pertaining to related-party transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
Protecting minority investors The gambia strengthened minority investor protections by clarifying the duties of directors and providing new venues and remedies for minority shareholders seeking redress for oppressive conduct.
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and introducing additional safeguards for shareholders of privately held companies. This reform applies to both Delhi and Mumbai.
Getting electricity The Islamic Republic of Iran made getting electricity easier by eliminating the need for customers to obtain an excavation permit for electricity connection works.
Israel Paying taxes Israel made paying taxes more costly for companies by increasing the profit tax rate.
Italy Starting a business Italy made starting a business easier by reducing both the minimum capital requirement
and the paid-in minimum capital requirement and by streamlining registration procedures. Labor market regulation Italy relaxed the conditions for using fixed-term contracts
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
if the capital is paid in cash. Pakistan Trading across borders Pakistan made trading across borders easier by introducing a fully automated,
and introducing a reduced corporate tax rate for a portion of the taxable profits of qualifying small and medium-size enterprises.
Russian Federation Starting a business The Russian Federation made starting a business easier by eliminating the requirement to deposit the charter capital before company registration as well as the requirement to notify tax authorities of the opening of a bank account.
São tomé and Príncipe Starting a business São tomé and Príncipe made starting a business easier by eliminating the minimum capital requirement for business entities with no need to obtain a commercial license.
by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions and to appoint auditors to conduct an inspection of such transactions;
and by making it possible for shareholder plaintiffs to request from the other party, and from witnesses, documents relevant to the subject matter of the claim during the trial.
Sierra leone Getting electricity Sierra leone made getting electricity easier by eliminating the need for customers to submit an application letter inquiring about a new connection before submitting an application
and by establishing provisions for an increase in share capital through debt-equity swaps. Solomon islands Getting electricity The Solomon islands made getting electricity easier by improving procurement practices for the materials needed to establish new connections.
Sri lanka Paying taxes Sri lanka made paying taxes more costly for companies by increasing the reduced corporate income tax rate for qualifying small and medium-size enterprises.
and by making it possible for shareholders to inspect the documents pertaining to relatedparty transactions
and by making it possible for shareholders to inspect the documents pertaining to a related-party transaction,
and establishing the right of shareholders to receive all documents related to such transactions. Trading across borders Uzbekistan made trading across borders easier by reducing the number of documents to export
(0 10) 1. 7 Resolving insolvency (rank) 159 Time (days) 114 Extent of shareholder governance index (0 10) 0. 3 DTF
Time (hours per year) 275 Total tax rate(%of profit) 35.8 ALBANIA Europe & Central asia GNI per capita (US$) 4,
(%of income per capita) 10.0 Cost(%of property value) 9. 9 Cost to export (US$ per container) 745 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 7. 3 Resolving insolvency (rank) 44 Time (days) 177 Extent of shareholder governance index (0 10) 7
100) 64.75 Strength of insolvency framework index (0 16) 12.5 Payments (number per year) 34 Time (hours per year) 357 Total tax rate(%of profit) 30.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 1, 270 Minimum capital(%of income per capita) 24.1 Documents to import (number) 9 Getting credit (rank) 171 Time to import (days) 26 Dealing with construction
Extent of shareholder governance index (0 10) 4. 0 DTF score for resolving insolvency (0 100) 42.74 Cost(%of income per capita) 1, 318.5 Strength of minority investor protection index
(%of profit) 72.7 ANGOLA Sub-saharan africa GNI per capita (US$) 5 010 Ease of doing business rank (1 189) 181 Overall distance to frontier (DTF) score (0 100) 41.85 Population (m) 21.5 Starting a business (rank) 174 Registering property
060 Minimum capital(%of income per capita) 20.0 Documents to import (number) 9 Getting credit (rank) 180 Time to import (days) 43 Dealing with construction permits (rank) 67
(rank) 189 Time (days) 145 Extent of shareholder governance index (0 10) 5. 0 DTF score for resolving insolvency (0 100) 0
Time (hours per year) 282 Total tax rate(%of profit) 52.0 ANTIGUA AND BARBUDA Latin america & Caribbean GNI per capita (US$) 12,910 Ease of doing business rank (1 189) 89 Overall
to export (US$ per container) 1, 090 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 151 Time to import (days) 23 Dealing with construction permits (rank) 30 DTF score for getting credit (0
Resolving insolvency (rank) 114 Time (days) 42 Extent of shareholder governance index (0 10) 5. 8 DTF score for resolving insolvency (0
index (0 16) 6 Payments (number per year) 57 Time (hours per year) 207 Total tax rate(%of profit) 41.6 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 1, 770 Minimum capital(%of income per capita) 4. 0 Documents to import (number) 8 Getting credit (rank) 71 Time to import (days) 30 Dealing with construction permits
) 57.50 Procedures (number) 6 Extent of conflict of interest regulation index (0 10) 5. 0 Resolving insolvency (rank) 83 Time days) 92 Extent of shareholder
100) 44.99 Strength of insolvency framework index (0 16) 9. 5 Payments (number per year) 9 Time (hours per year) 405 Total tax rate(%of profit) 137.3 ARMENIA
885 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 18 Dealing with construction permits (rank
(0 10) 6. 3 Resolving insolvency (rank) 69 Time (days) 187 Extent of shareholder governance index (0 10) 5. 7 DTF
Strength of insolvency framework index (0 16) 9 Payments (number per year) 10 Time hours per year) 321 Total tax rate(%of profit) 20.4 AUSTRALIA OECD high income
200 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 4 Time to import (days) 8
conflict of interest regulation index (0 10) 6. 0 Resolving insolvency (rank) 14 Time (days) 75 Extent of shareholder governance index (0 10
taxes (0 100) 82.48 Strength of insolvency framework index (0 16) 12 Payments number per year) 11 Time (hours per year) 105 Total tax rate(%of profit) 47.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
150 Minimum capital(%of income per capita) 13.6 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 9 Dealing with construction permits (rank) 78
of shareholder governance index (0 10) ) 7. 3 DTF score for resolving insolvency (0 100) 78.84 Cost(%of income per capita) 101.6 Strength of minority investor protection index (0 10
(0 100) 76.36 Strength of insolvency framework index (0 16) 11 Payments (number per year) 12 Time (hours per year) 166 Total tax rate(%of profit) 52.0 AZERBAIJAN
460 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 104 Time to import (days) 25 Dealing with construction permits (rank
index (0 10) 6. 7 Resolving insolvency (rank) 94 Time (days) 164 Extent of shareholder governance index (0 10) 5. 2
) 83.77 Strength of insolvency framework index (0 16) 7 Payments (number per year) 7 Time hours per year) 195 Total tax rate(%of profit) 39.8 BAHAMAS, THE Latin america & Caribbean
005 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 131 Time to import (days) 13 Dealing
conflict of interest regulation index (0 10) 5. 0 Resolving insolvency (rank) 60 Time (days) 67 Extent of shareholder governance index (0 10
(0 100) 84.07 Strength of insolvency framework index (0 16) 6 Payments (number per year) 18 Time (hours per year) 58 Total tax rate(%of profit) 41.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 810 Minimum capital(%of income per capita) 192.2 Documents to import (number) 8 Getting credit (rank) 104 Time to import (days) 15 Dealing with construction permits (rank) 7
10) 4. 7 Resolving insolvency (rank) 87 Time (days) 90 Extent of shareholder governance index (0 10) 5. 3 DTF score
of insolvency framework index (0 16) 7 Payments (number per year) 13 Time (hours per year) 60 Total tax rate(%of profit) 13.5 BANGLADESH South Asia GNI per capita
281 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 33.6 Dealing with construction permits (
rank) 147 Time (days) 428.9 Extent of shareholder governance index ( (0 10) 5. 8 DTF score for resolving insolvency (0 100) 29.49 Cost(%of income per capita) 3, 890.1 Strength of minority investor protection
(%of profit) 32.5 BARBADOS Latin america & Caribbean GNI per capita (US$) 15 373 Ease of doing business rank (1 189) 106 Overall distance to frontier (DTF) score (0 100) 60.57 Population (m) 0. 3 Starting a business (rank) 94
per capita) 7. 6 Cost(%of property value) 5. 6 Cost to export (US$ per container) 810 Minimum capital(%of income per capita) 0. 0 Documents to import (number
(rank) 26 Time (days) 87 Extent of shareholder governance index (0 10) 2. 8 DTF score for resolving insolvency (0 100) 74.09
) 237 Total tax rate(%of profit) 34.6 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
460 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 10 Getting credit (rank) 104 Time to import (days) 30 Dealing with construction permits (rank
of shareholder governance index (0 10) ) 5. 3 DTF score for resolving insolvency (0 100) 48.18 Cost(%of income per capita) 364.1 Strength of minority investor protection index (0 10
(0 100) 78.29 Strength of insolvency framework index (0 16) 9 Payments (number per year) 7 Time (hours per year) 183 Total tax rate(%of profit) 52.0 BELGIUM
240 Minimum capital(%of income per capita) 18.2 Documents to import (number) 4 Getting credit (rank) 89 Time to import (days) 8 Dealing with construction permits (rank) 82
(0 10) 7. 0 Resolving insolvency (rank) 11 Time (days) 88 Extent of shareholder governance index (0 10) 5. 3 DTF
Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 11 Time (hours per year) 160 Total tax rate(%of profit) 57.8 BELIZE Latin america & Caribbean GNI
355 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 160 Time to import (days) 19 Dealing
conflict of interest regulation index (0 10) 4. 3 Resolving insolvency (rank) 71 Time (days) 66 Extent of shareholder governance index (0 10
(0 100) 78.17 Strength of insolvency framework index (0 16) 6 Payments number per year) 29 Time (hours per year) 147 Total tax rate(%of profit) 31.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
of shareholder governance index (0 10) ) 4. 5 DTF score for resolving insolvency (0 100) 38.08 Cost(%of income per capita) 14,654. 9 Strength of minority investor protection index (0
taxes (0 100) 41.02 Strength of insolvency framework index (0 16) 9 Payments (number per year) 55 Time (hours per year) 270 Total tax rate(%of profit) 63.3
230 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 71 Time to import (days) 37 Dealing with construction permits (rank
index (0 10) 4. 0 Resolving insolvency (rank) 189 Time (days) 74 Extent of shareholder governance index (0 10) 6. 0
(0 100) 73.55 Strength of insolvency framework index (0 16) 0 Payments (number per year) 19 Time (hours per year) 274 Total tax rate(%of profit) 38.7 BOLIVIA
440 Minimum capital(%of income per capita) 1. 6 Documents to import (number) 6 Getting credit (rank) 116 Time to import (
of conflict of interest regulation index (0 10) 4. 0 Resolving insolvency (rank) 96 Time (days) 42 Extent of shareholder governance index (0 10
(0 100) 12.18 Strength of insolvency framework index (0 16) 7 Payments number per year) 42 Time (hours per year) 1, 025 Total tax rate(%of profit) 83.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
260 Minimum capital(%of income per capita) 28.6 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 13 Dealing with construction permits (rank) 182
) 54.17 Procedures (number) 8 Extent of conflict of interest regulation index (0 10) 4. 7 Resolving insolvency (rank) 34 Time days) 125 Extent of shareholder
100) 58.22 Strength of insolvency framework index (0 16) 15 Payments (number per year) 45 Time (hours per year) 407 Total tax rate(%of profit) 23.3 BOTSWANA Sub-saharan africa
145 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 61 Time to import (days) 35 Dealing with construction permits (rank
index (0 10) 6. 0 Resolving insolvency (rank) 49 Time (days) 121 Extent of shareholder governance index (0 10) 3. 8
) 77.47 Strength of insolvency framework index (0 16) 7. 5 Payments (number per year) 34 Time (hours per year) 152 Total tax rate(%of profit) 25.3 BRAZIL Latin america
323 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 89 Time to import (days) 17
regulation index (0 10) 5. 7 Resolving insolvency (rank) 55 Time (days) 53.3 Extent of shareholder governance index (0 10) 6
100) 41.31 Strength of insolvency framework index (0 16) 13 Payments (number per year) 9 Time (hours per year) 2, 600 Total tax rate(%of profit) 69.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 705 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 15 Dealing with construction permits
index (0 10) 4. 7 Resolving insolvency (rank) 88 Time (days) 56 Extent of shareholder governance index (0 10) 4. 8
) 84.40 Strength of insolvency framework index (0 16) 6 Payments (number per year) 27 Time (hours per year) 93 Total tax rate(%of profit) 15.8 BULGARIA Europe & Central asia
375 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days)
of shareholder governance index (0 10) ) 7. 3 DTF score for resolving insolvency (0 100) 64.75 Cost(%of income per capita) 320.4 Strength of minority investor protection index (0 10
(0 100) 73.18 Strength of insolvency framework index (0 16) 15 Payments (number per year) 13 Time (hours per year) 454 Total tax rate(%of profit) 27.0 BURKINA FASO
305 Minimum capital(%of income per capita) 308.5 Documents to import (number) 12 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 75
Procedures (number) 4 Extent of conflict of interest regulation index (0 10) 4. 7 Resolving insolvency rank) 115 Time (days) 158 Extent of shareholder governance
Strength of insolvency framework index (0 16) 9 Payments (number per year) 45 Time (hours per year) 270 Total tax rate(%of profit) 41.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
905 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 171 Time to import (days) 43 Dealing with construction permits (rank
of shareholder governance index (0 10) ) 4. 0 DTF score for resolving insolvency (0 100) 30.55 Cost(%of income per capita) 16,367. 3 Strength of minority investor protection index (0
(%of profit) 45.7 CABO VERDE Sub-saharan africa GNI per capita (US$) 3 630 Ease of doing business rank (1 189) 122 Overall distance to frontier (DTF) score (0 100) 57.94 Population (m) 0. 5 Starting a business (rank) 78
125 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 104 Time to import (days) 20 Dealing with construction permits (rank
(0 10) 4. 0 Resolving insolvency (rank) 189 Time (days) 88 Extent of shareholder governance index (0 10) 3. 0 DTF
100) 73.05 Strength of insolvency framework index (0 16) 0 Payments (number per year) 30 Time hours per year) 186 Total tax rate(%of profit) 36.5 CAMBODIA East asia
per capita) 139.5 Cost(%of property value) 4. 4 Cost to export (US$ per container) 795 Minimum capital(%of income per capita) 26.1 Documents to import (number) 9 Getting
(0 10) 5. 7 Resolving insolvency (rank) 84 Time (days) 168 Extent of shareholder governance index (0 10) 4. 8 DTF
100) 73.06 Strength of insolvency framework index (0 16) 13 Payments (number per year 40 Time (hours per year) 173 Total tax rate(%of profit) 21.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
capital(%of income per capita) 156.4 Documents to import (number) 12 Getting credit (rank) 116 Time to import (days) 25 Dealing with construction permits (rank) 166 DTF score
of shareholder governance index (0 10) ) 4. 3 DTF score for resolving insolvency (0 100) 36.42 Cost(%of income per capita) 1, 686.3 Strength of minority investor protection index (0
taxes (0 100) 36.34 Strength of insolvency framework index (0 16) 9 Payments (number per year) 44 Time (hours per year) 630 Total tax rate(%of profit) 48.8
680 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 3 Getting credit (rank) 7 Time to import (days) 10 Dealing with construction permits (rank
index (0 10) 8. 7 Resolving insolvency (rank) 6 Time (days) 142 Extent of shareholder governance index (0 10) 5. 8
) 93.00 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 8 Time (hours per year) 131 Total tax rate(%of profit) 21.0 CENTRAL AFRICAN REPUBLIC Sub-saharan africa GNI
490 Minimum capital(%of income per capita) 607.3 Documents to import (number) 17 Getting credit (rank) 131 Time to import (days) 68 Dealing with construction permits (
0 10) 4. 3 Resolving insolvency (rank) 152 Time (days) 102 Extent of shareholder governance index (0 10) 4. 5 DTF
100) 23.47 Strength of insolvency framework index (0 16) 9 Payments (number per year) 56 Time (hours per year) 483 Total tax rate(%of profit) 73.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
615 Minimum capital(%of income per capita) 201.7 Documents to import (number) 11 Getting credit (rank) 131 Time to import (days) 90 Dealing with construction permits (rank) 123
Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 28.13 Cost(%of income per capita) 7, 677.5 Strength of minority investor protection index
(%of profit) 63.5 CHILE OECD high income GNI per capita (US$) 15 230 Ease of doing business rank (1 189) 41 Overall distance to frontier (DTF) score (0 100) 71.24 Population (m) 17.6 Starting a business (rank) 59 Registering property
per capita) 0. 7 Cost(%of property value) 1. 2 Cost to export (US$ per container) 910 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 6. 7 Resolving insolvency (rank) 73 Time (days) 30 Extent of shareholder governance index (0 10) 5
100) 84.50 Strength of insolvency framework index (0 16) 10 Payments (number per year) 7 Time (hours per year) 291 Total tax rate(%of profit) 27.9 CHINA East asia
Cost(%of income per capita) 0. 9 Cost(%of property value) 3. 6 Cost to export (US$ per container) 823 Minimum capital(%of income per capita) 0. 0
(number) 5. 5 Extent of conflict of interest regulation index (0 10) 5. 0 Resolving insolvency (rank) 53 Time (days) 143.2 Extent of shareholder governance
Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 7 Time (hours per year) 261 Total tax rate%of profit) 64.6 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
per container) 2, 355 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 2 Time to import (days) 13 Dealing with construction
(rank) 30 Time (days) 105 Extent of shareholder governance index (0 10) 6. 3 DTF score for resolving insolvency (0 100) 70.00 Cost(%of income per capita) 504.4 Strength of minority investor protection index (0
taxes (0 100) 59.71 Strength of insolvency framework index (0 16) 10 Payments (number per year) 11 Time (hours per year) 239 Total tax rate(%of profit) 75.4
295 Minimum capital(%of income per capita) 226.7 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 24 Dealing with construction permits (rank) 31
of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 2, 127.9
taxes (0 100) 47.37 Strength of insolvency framework index (0 16) 0 Payments (number per year) 33 Time (hours per year) 100 Total tax rate(%of profit) 216.5 CONGO
365 Minimum capital(%of income per capita) 500.0 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 63 Dealing with construction permits (rank) 111
(0 10) 4. 0 Resolving insolvency (rank) 189 Time (days) 65 Extent of shareholder governance index (0 10) 4. 5 DTF
(0 100) 46.11 Strength of insolvency framework index (0 16) 0 Payments (number per year 50 Time (hours per year) 316 Total tax rate(%of profit) 54.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
795 Minimum capital(%of income per capita) 79.3 Documents to import (number) 10 Getting credit (rank) 104 Time to import (days) 54 Dealing with construction permits (rank) 102
Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 37.75 Cost(%of income per capita) 4, 705.2 Strength of minority investor protection index
for paying taxes (0 100) 31.67 Strength of insolvency framework index (0 16) 9 Payments (number per year) 49 Time (hours per year) 602 Total tax rate(%of profit
020 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 14 Dealing with construction permits (rank
(0 10) 3. 3 Resolving insolvency (rank) 89 Time (days) 55 Extent of shareholder governance index (0 10) 2. 3 DTF
Strength of insolvency framework index (0 16) 9. 5 Payments (number per year) 23 Time (hours per year) 163 Total tax rate(%of profit) 58.0 CÔTE D'IVOIRE Sub-saharan africa GNI
390 Minimum capital(%of income per capita) 3. 4 Documents to import (number) 13 Getting credit (rank) 131 Time to import (days) 32 Dealing with construction
index (0 10) 4. 0 Resolving insolvency (rank) 85 Time (days) 55 Extent of shareholder governance index (0 10) 4. 5 DTF
Time (hours per year) 270 Total tax rate(%of profit) 51.9 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
per container) 1, 335 Minimum capital(%of income per capita) 26.6 Documents to import (number) 7 Getting credit (rank) 61 Time to import (days) 14 Dealing with construction permits
) 57.50 Procedures (number) 5 Extent of conflict of interest regulation index (0 10) 5. 0 Resolving insolvency (rank) 56 Time days) 70 Extent of shareholder
100) 82.92 Strength of insolvency framework index (0 16) 12 Payments (number per year) 19 Time (hours per year) 208 Total tax rate(%of profit) 18.8 CYPRUS Europe
) 12.6 Cost(%of property value) 10.4 Cost to export (US$ per container) 865 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank
index (0 10) 6. 7 Resolving insolvency (rank) 51 Time (days) 247 Extent of shareholder governance index (0 10) 7. 0 DTF
Strength of insolvency framework index (0 16) 6 Payments (number per year) 29 Time (hours per year) 146.5 Total tax rate(%of profit) 23.2 CZECH REPUBLIC OECD high income
240 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 23 Time to import (days) 17 Dealing with construction permits (rank
index (0 10) 5. 3 Resolving insolvency (rank) 20 Time (days) 129 Extent of shareholder governance index (0 10) 5. 5
) 67.66 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 8 Time (hours per year) 413 Total tax rate(%of profit) 48.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(%of property value) 0. 6 Cost to export (US$ per container) 795 Minimum capital(%of income per capita) 14.5 Documents to import (number) 3 Getting credit (rank) 23 Time
) 38 Extent of shareholder governance index (0 10) 6. 8 DTF score for resolving insolvency (0 100) 84.59 Cost(%of income per capita) 114.9
profit) 26.0 DJIBOUTI Middle east & North africa GNI per capita (US$) 1, 595 Ease of doing business rank (1 189) 155 Overall distance to frontier (DTF) score (0
capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 180 Time to import (days) 18 Dealing with construction permits (rank) 146 DTF score for getting credit (0 100) 5. 00 Cost to import (US$
(days) 180 Extent of shareholder governance index (0 10) 5. 5 DTF score for resolving insolvency (0 100) 48.04 Cost(%of income per capita) 6,
Time (hours per year) 82 Total tax rate(%of profit) 37.3 DOMINICA Latin america & Caribbean GNI per capita (US$) 6,
to export (US$ per container) 990 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 14 Dealing with construction
Extent of shareholder governance index (0 10) 4. 0 DTF score for resolving insolvency (0 100) 37.09 Cost(%of income per capita) 483.0 Strength of minority investor protection index (0
taxes (0 100) 72.49 Strength of insolvency framework index (0 16) 7 Payments (number per year) 37 Time (hours per year) 117 Total tax rate(%of profit) 37.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 1, 040 Minimum capital(%of income per capita) 43.0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 10 Dealing with construction permits (rank
) 54.17 Procedures (number) 7 Extent of conflict of interest regulation index (0 10) 5. 3 Resolving insolvency (rank) 158 Time days) 82 Extent of shareholder
(0 100) 74.24 Strength of insolvency framework index (0 16) 6 Payments (number per year) 9 Time (hours per year) 324 Total tax rate(%of profit) 43.4 ECUADOR
535 Minimum capital(%of income per capita) 3. 5 Documents to import (number) 6 Getting credit (rank) 89 Time to import (days) 24 Dealing with construction permits (rank
index (0 10) 4. 3 Resolving insolvency (rank) 151 Time (days) 74 Extent of shareholder governance index (0 10) 5. 0
) 62.84 Strength of insolvency framework index (0 16) 6 Payments (number per year) 8 Time hours per year) 654 Total tax rate(%of profit) 33.0 EGYPT, ARAB REP
(%of income per capita) 9. 2 Cost(%of property value) 0. 7 Cost to export (US$ per container) 625 Minimum capital(%of income per capita) 0. 0 Documents
(rank) 126 Time (days) 54 Extent of shareholder governance index (0 10) 4. 2 DTF score for resolving insolvency (0 100) 36.17
) 392 Total tax rate(%of profit) 45.0 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
045 Minimum capital(%of income per capita) 2. 7 Documents to import (number) 7 Getting credit (rank) 71 Time to import (days) 10 Dealing with construction permits (rank
) 41.67 Procedures (number) 8 Extent of conflict of interest regulation index (0 10) 3. 3 Resolving insolvency (rank) 79 Time days) 83 Extent of shareholder
100) 52.31 Strength of insolvency framework index (0 16) 9 Payments (number per year) 53 Time (hours per year) 320 Total tax rate(%of profit) 38.7 EQUATORIAL GUINEA Sub-saharan africa
390 Minimum capital(%of income per capita) 14.3 Documents to import (number) 6 Getting credit (rank) 104 Time to import (days) 44 Dealing with construction permits (rank) 94
index (0 10) 4. 7 Resolving insolvency (rank) 189 Time (days) 106 Extent of shareholder governance index (0 10) 4. 5
(0 100) 44.73 Strength of insolvency framework index (0 16) 0 Payments (number per year) 46 Time (hours per year) 492 Total tax rate(%of profit) 44.0 ERITREA
850 Minimum capital(%of income per capita) 182.1 Documents to import (number) 12 Getting credit (rank) 185 Time to import (days) 59 Dealing
(number) 5 Extent of conflict of interest regulation index (0 10) 4. 7 Resolving insolvency (rank) 189 Time (days) 59 Extent of shareholder governance
per year) 216 Total tax rate(%of profit) 83.7 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 765 Minimum capital(%of income per capita) 18.6 Documents to import (number) 4 Getting credit (rank) 23 Time to import (days) 5 Dealing with construction permits (rank
(0 10) 5. 7 Resolving insolvency (rank) 37 Time (days) 111 Extent of shareholder governance index (0 10) 6. 0 DTF
Strength of insolvency framework index (0 16) 14 Payments (number per year) 7 Time (hours per year) 81 Total tax rate(%of profit) 49.3 ETHIOPIA Sub-saharan africa GNI per capita
380 Minimum capital(%of income per capita) 164.4 Documents to import (number) 11 Getting credit (rank) 165 Time to import (days) 44 Dealing with construction permits (rank) 28
Extent of shareholder governance index (0 10) 6. 0 DTF score for resolving insolvency (0 100) 47.20 Cost(%of income per capita) 1, 676.6 Strength of minority investor protection index
(%of profit) 31.8 FIJI East asia & Pacific GNI per capita (US$) 4 430 Ease of doing business rank (1 189) 81 Overall distance to frontier (DTF) score (0 100) 63.90 Population (m) 0. 9 Starting a business (rank) 160
per capita) 22.5 Cost(%of property value) 3. 0 Cost to export (US$ per container) 790 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9
index (0 10) 5. 7 Resolving insolvency (rank) 91 Time (days) 81 Extent of shareholder governance index (0 10) 3. 8 DTF
Time (hours per year) 195 Total tax rate(%of profit) 31.1 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
property value) 4. 0 Cost to export (US$ per container) 615 Minimum capital(%of income per capita) 7. 0 Documents to import (number) 5 Getting credit (rank) 36 Time
Extent of shareholder governance index (0 10) 5. 2 DTF score for resolving insolvency (0 100) 93.85 Cost(%of income per capita) 29.7 Strength
per year) 93 Total tax rate(%of profit) ) 40.0 FRANCE OECD high income GNI per capita (US$) 42,250 Ease of doing business rank (1 189) 31 Overall distance to frontier (DTF) score (0 100
335 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 2 Getting credit (rank) 71 Time to import (days) 11 Dealing with construction permits (rank) 86 DTF score for getting credit (0 100) 50.00 Cost to import (US$
of shareholder governance index (0 10) ) 7. 8 DTF score for resolving insolvency (0 100) 75.94 Cost(%of income per capita) 42.9 Strength of minority investor protection index (0 10
(0 100) 72.12 Strength of insolvency framework index (0 16) 11 Payments (number per year) 8 Time (hours per year) 137 Total tax rate(%of profit) 66.6 GABON
145 Minimum capital(%of income per capita) 19.6 Documents to import (number) 8 Getting credit (rank) 104 Time to import (days) 22 Dealing with construction permits (rank) 76
(rank) 125 Time (days) 141 Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 36.29
) 488 Total tax rate(%of profit) 40.6 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 160 Time to import (days) 19 Dealing with construction permits (rank) 71
(0 10) 4. 0 Resolving insolvency (rank) 102 Time (days) 78 Extent of shareholder governance index (0 10) 3. 8 DTF
(number per year) 50 Time (hours per year) 376 Total tax rate(%of profit) 63.3 GEORGIA Europe & Central asia GNI per capita (US$) 3,
355 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 4 Getting credit (rank) 7 Time to import (days) 10 Dealing with construction permits (rank
of shareholder governance index (0 10) ) 4. 8 DTF score for resolving insolvency (0 100) 36.48 Cost(%of income per capita) 503.8 Strength of minority investor protection index (0 10
(0 100) 82.76 Strength of insolvency framework index (0 16) 5 Payments (number per year) 5 Time (hours per year) 362 Total tax rate(%of profit) 16.4 GERMANY
015 Minimum capital(%of income per capita) 35.8 Documents to import (number) 4 Getting credit (rank) 23 Time to import (days) 7 Dealing with construction permits (rank) 8
(0 10) 5. 0 Resolving insolvency (rank) 3 Time (days) 28 Extent of shareholder governance index (0 10) 6. 8 DTF
Strength of insolvency framework index (0 16) 15 Payments (number per year) 9 Time hours per year) 218 Total tax rate(%of profit) 48.8 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
1 Cost to export (US$ per container) 875 Minimum capital(%of income per capita) 2. 8 Documents to import (number) 7 Getting credit (rank) 36 Time to import (days) 41
of shareholder governance index (0 10) ) 5. 0 DTF score for resolving insolvency (0 100) 22.45 Cost(%of income per capita) 1, 778.0 Strength of minority investor protection index (0
taxes (0 100) 71.53 Strength of insolvency framework index (0 16) 3 Payments (number per year) 32 Time (hours per year) 224 Total tax rate(%of profit) 33.3
040 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 71 Time to import (days) 14 Dealing with construction permits (rank
(rank) 52 Time (days) 62 Extent of shareholder governance index (0 10) 6. 2 DTF score for resolving insolvency (0 100) 55.98
) 193 Total tax rate(%of profit) 49.9 GRENADA Latin america & Caribbean GNI per capita (US$) 7, 460 Ease of doing business rank (1 189) 126 Overall distance
to export (US$ per container) 1, 300 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 9 Dealing with construction permits (rank) 40 DTF score for getting credit (0 100
insolvency (rank) 189 Time (days) 49 Extent of shareholder governance index (0 10) 2. 0 DTF score for resolving insolvency (0 100
index (0 16) 0 Payments (number per year) 30 Time (hours per year) 140 Total tax rate(%of profit) 45.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 1, 355 Minimum capital(%of income per capita) 18.7 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 16 Dealing with construction permits
(rank) 155 Time (days) 39 Extent of shareholder governance index (0 10) 3. 0 DTF score for resolving insolvency (0 100) 27.37 Cost(%of income per capita) 514.6 Strength of minority investor protection index (0
taxes (0 100) 80.04 Strength of insolvency framework index (0 16) 4 Payments (number per year) 8 Time (hours per year) 256 Total tax rate(%of profit) 39.9
Minimum capital(%of income per capita) 416.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 31 Dealing with construction permits (rank) 159 DTF
) 39.17 Procedures (number) 4 Extent of conflict of interest regulation index (0 10) 3. 3 Resolving insolvency (rank 119 Time (days) 69 Extent of shareholder
) 28.27 Strength of insolvency framework index (0 16) 9 Payments (number per year) 57 Time (hours per year) 440 Total tax rate(%of profit) 68.3 GUINEA-BISSAU Sub-saharan africa GNI
448 Minimum capital(%of income per capita) 401.3 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 22 Dealing with construction permits (rank) 165
(rank) 189 Time (days) 455 Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 0
taxes (0 100) 58.65 Strength of insolvency framework index (0 16) 0 Payments (number per year) 46 Time (hours per year) 208 Total tax rate(%of profit) 45.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
value) 4. 6 Cost to export (US$ per container) 730 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days
Extent of shareholder governance index (0 10) 3. 5 DTF score for resolving insolvency (0 100) 28.50 Cost(%of income per capita) 442.9 Strength
per year) 256 Total tax rate(%of profit) ) 32.3 HAITI Latin america & Caribbean GNI per capita (US$) 810 Ease of doing business rank (1 189) 180 Overall distance to frontier (DTF) score (0 100) 42.18
200 Minimum capital(%of income per capita) 17.6 Documents to import (number) 9 Getting credit (rank)
of shareholder governance index (0 10) ) 1. 0 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 3, 495.8 Strength of minority investor protection index
(%of profit) 40.3 HONDURAS Latin america & Caribbean GNI per capita (US$) 2 180 Ease of doing business rank (1 189) 104 Overall distance to frontier (DTF) score (0 100) 60.61 Population (m) 8. 1 Starting a business (rank) 138
450 Minimum capital(%of income per capita) 11.5 Documents to import (number) 6 Getting credit (rank) 7 Time to import (days) 16 Dealing with construction permits (rank) 103
10) 3. 3 Resolving insolvency (rank) 140 Time (days) 39 Extent of shareholder governance index (0 10) 3. 0 DTF score
of insolvency framework index (0 16) 7 Payments (number per year) 48 Time hours per year) 224 Total tax rate(%of profit) 43.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
export (US$ per container) 590 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 3 Getting credit (rank) 23 Time to import (days) 5 Dealing with construction
of conflict of interest regulation index (0 10) 9. 0 Resolving insolvency (rank) 25 Time (days) 38 Extent of shareholder governance index (0 10
taxes (0 100) 98.51 Strength of insolvency framework index (0 16) 9 Payments (number per year) 3 Time (hours per year) 78 Total tax rate(%of profit) 22.8
to export (days) 17 Cost(%of income per capita) 8. 3 Cost(%of property value) 5. 0 Cost to export (US$ per container) 885 Minimum capital(%of income per capita
Extent of conflict of interest regulation index (0 10) 4. 0 Resolving insolvency (rank) 64 Time (days) 252 Extent of shareholder governance index (0
taxes (0 100) 73.27 Strength of insolvency framework index (0 16) 9 Payments (number per year) 11 Time (hours per year) 277 Total tax rate(%of profit) 48.0
530 Minimum capital(%of income per capita) 9. 3 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 9 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 6. 3 DTF score for resolving insolvency (0 100) 81.47 Cost(%of income per capita) 12.7 Strength of minority investor protection index (0
taxes (0 100) 80.86 Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 26 Time (hours per year) 140 Total tax rate(%of profit) 29.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
332 Minimum capital(%of income per capita) 111.2 Documents to import (number) 10 Getting credit (rank) 36 Time to import (days) 21.1 Dealing with construction permits (rank) 184
rank) 137 Time (days) 105.7 Extent of shareholder governance index (0 10) ) 7. 8 DTF score for resolving insolvency (0 100) 32.60 Cost(%of income per capita) 487.7 Strength of minority investor protection index (0 10
(0 100) 55.53 Strength of insolvency framework index (0 16) 6 Payments (number per year) 33 Time (hours per year) 243 Total tax rate(%of profit) 61.7 INDONESIA
) 21.1 Cost(%of property value) 10.8 Cost to export (US$ per container) 572 Minimum capital(%of income per capita) 35.5 Documents to import (number) 8 Getting credit rank) 71
) 6. 0 Resolving insolvency (rank) 75 Time (days) 90.7 Extent of shareholder governance index (0 10) 6. 2 DTF score for resolving
framework index (0 16) 9. 5 Payments (number per year) 65 Time (hours per year) 253.5 Total tax rate(%of profit) 31.4 IRAN
350 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 89 Time to import (days) 37 Dealing with construction permits (rank
(0 10) 4. 0 Resolving insolvency (rank) 138 Time (days) 77 Extent of shareholder governance index (0 10) 4. 3 DTF
Strength of insolvency framework index (0 16) 7 Payments (number per year) 20 Time (hours per year) 344 Total tax rate(%of profit) 44.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 3, 550 Minimum capital(%of income per capita) 12.8 Documents to import (number) 10 Getting credit (rank) 180 Time to import (days) 82 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 3. 8 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 228.9 Strength of minority investor protection index
(%of profit) 27.8 IRELAND OECD high income GNI per capita (US$) 39 110 Ease of doing business rank (1 189) 13 Overall distance to frontier (DTF) score (0 100) 80.07 Population (m) 4. 6 Starting a business (rank) 19
160 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 2 Getting credit (rank) 23 Time to import (days) 9 Dealing with construction permits (rank
index (0 10) 8. 3 Resolving insolvency (rank) 21 Time (days) 85 Extent of shareholder governance index (0 10) 6. 3
) 95.07 Strength of insolvency framework index (0 16) 9. 5 Payments (number per year) 9 Time (hours per year) 80 Total tax rate(%of profit) 25.9 ISRAEL OECD
per capita) 3. 5 Cost(%of property value) 7. 3 Cost to export US$ per container) 620 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 8. 3 Resolving insolvency (rank) 24 Time (days) 102 Extent of shareholder governance index (0 10) 5
100) 71.88 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 33 Time (hours per year) 235 Total tax rate(%of profit) 30.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
195 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 3 Getting credit (rank) 89 Time to import (days) 18 Dealing with construction permits (rank
(rank) 29 Time (days) 124 Extent of shareholder governance index (0 10) ) 7. 3 DTF score for resolving insolvency (0 100) 71.29 Cost(%of income per capita) 212.6 Strength of minority investor protection index (0 10
(0 100) 62.13 Strength of insolvency framework index (0 16) 12 Payments (number per year) 15 Time (hours per year) 269 Total tax rate(%of profit) 65.4 JAMAICA
580 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 12 Time to import (days) 17 Dealing with construction permits (rank
index (0 10) 5. 7 Resolving insolvency (rank) 59 Time (days) 96 Extent of shareholder governance index (0 10) 5. 7
) 59.01 Strength of insolvency framework index (0 16) 6 Payments (number per year) 36 Time hours per year) 368 Total tax rate(%of profit) 39.3 JAPAN OECD high
Cost(%of property value) 5. 8 Cost to export US$ per container) 829 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank
regulation index (0 10) 7. 0 Resolving insolvency (rank) 2 Time (days) 97.7 Extent of shareholder governance index (0 10) 5
(0 100) 67.19 Strength of insolvency framework index (0 16) 14 Payments number per year) 14 Time (hours per year) 330 Total tax rate(%of profit) 51.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 825 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 185 Time to import (days) 15 Dealing with construction permits
Extent of shareholder governance index (0 10) 5. 0 DTF score for resolving insolvency (0 100) 30.17 Cost(%of income per capita) 315.9 Strength of minority investor protection index (0
taxes (0 100) 81.19 Strength of insolvency framework index (0 16) 5 Payments (number per year) 25 Time (hours per year) 151 Total tax rate(%of profit) 29.0
285 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 71 Time to import (days) 67 Dealing with construction permits (rank
index (0 10) 6. 7 Resolving insolvency (rank) 63 Time (days) 88 Extent of shareholder governance index (0 10) 6. 5
) 90.04 Strength of insolvency framework index (0 16) 9 Payments (number per year) 6 Time hours per year) 188 Total tax rate(%of profit) 28.6 KENYA Sub-saharan africa GNI
255 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 116 Time to import (days) 26 Dealing with construction permits (
0 10) 4. 7 Resolving insolvency (rank) 134 Time (days) 158 Extent of shareholder governance index (0 10) 4. 5 DTF
) 71.49 Strength of insolvency framework index (0 16) 6 Payments (number per year) 30 Time (hours per year) 201.5 Total tax rate(%of profit) 38.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
value) 0. 0 Cost to export (US$ per container) 870 Minimum capital(%of income per capita) 19.5 Documents to import (number) 6 Getting credit (rank) 160 Time to import (days) 21
of shareholder governance index (0 10) 2. 0 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 4
(number per year) 7 Time (hours per year) 120 Total tax rate(%of profit) 32.7 KOREA, REP. OECD high income GNI per capita (US$) 25,920 Ease of doing business rank (1 189) 5 Overall distance to frontier (DTF) score (0 100) 83.40
Cost(%of income per capita) 14.5 Cost(%of property value) 5. 1 Cost to export (US$ per container) 670 Minimum capital(%of income per capita) 0. 0 Documents
. 0 Resolving insolvency (rank) 5 Time (days) 18 Extent of shareholder governance index (0 10) 6. 3 DTF score for resolving insolvency
Time (hours per year) 187 Total tax rate(%of profit) 32.4 KOSOVO Europe & Central asia GNI per capita (US$) 3,
695 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 23 Time to import (days) 15 Dealing with construction permits (rank
of shareholder governance index (0 10) ) 6. 2 DTF score for resolving insolvency (0 100) 19.63 Cost(%of income per capita) 822.5 Strength of minority investor protection index (0 10
(0 100) 77.87 Strength of insolvency framework index (0 16) 0 Payments (number per year) 33 Time (hours per year) 155 Total tax rate(%of profit) 15.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 1, 085 Minimum capital(%of income per capita) 74.0 Documents to import (number) 10 Getting credit (rank) 116 Time to import (days) 20 Dealing with construction permits
of shareholder governance index (0 10) ) 6. 5 DTF score for resolving insolvency (0 100) 36.02 Cost(%of income per capita) 42.3 Strength of minority investor protection index (0 10
(0 100) 92.48 Strength of insolvency framework index (0 16) 6 Payments (number per year) 12 Time (hours per year) 98 Total tax rate(%of profit) 12.8 KYRGYZ
760 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 36 Time to import (days) 73 Dealing with construction permits (rank
index (0 10) 6. 7 Resolving insolvency (rank) 157 Time (days) 159 Extent of shareholder governance index (0 10) 5. 8
(number per year 52 Time (hours per year) 210 Total tax rate(%of profit) 29.0 LAO PDR East asia & Pacific GNI
950 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 10 Getting credit (rank) 116 Time
Procedures (number) 5 Extent of conflict of interest regulation index (0 10) 3. 3 Resolving insolvency (rank) 189 Time (days) 134 Extent of shareholder
(hours per year) 362 Total tax rate(%of profit) 25.8 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
value) 2. 0 Cost to export (US$ per container) 600 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days
of shareholder governance index (0 10) 6. 3 DTF score for resolving insolvency (0 100) 63.42 Cost(%of income per capita) 308.2 Strength of minority
Total tax rate(%of profit) 35.0 LEBANON Middle east & North africa GNI per capita (US$) 9, 870 Ease of doing business rank (1 189) 104 Overall distance to frontier (DTF) score (0 100) 60.61
080 Minimum capital(%of income per capita) 33.0 Documents to import (number) 7 Getting credit ( (rank) 116 Time to import (days) 30 Dealing with construction permits (rank) 164 DTF score for getting credit (0 100) 35.00 Cost to import (US$ per container) 1
of shareholder governance index (0 10) ) 4. 8 DTF score for resolving insolvency (0 100) 33.03 Cost(%of income per capita) 93.2 Strength of minority investor protection index (0 10
(0 100) 82.44 Strength of insolvency framework index (0 16) 5 Payments (number per year) 19 Time (hours per year) 183 Total tax rate(%of profit) 29.9 LESOTHO
795 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 151 Time to import (days) 33 Dealing with construction permits (rank
index (0 10) 5. 3 Resolving insolvency (rank) 120 Time (days) 114 Extent of shareholder governance index (0 10) 4. 5
Time (hours per year) 324 Total tax rate(%of profit) 13.6 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
Minimum capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 160 Time to import (days) 29 Dealing with construction permits (rank) 143
(rank) 169 Time (days) 465 Extent of shareholder governance index ( (0 10) 2. 0 DTF score for resolving insolvency (0 100) 4. 60 Cost(%of income per capita) 2, 065.4 Strength of minority investor
Total tax rate(%of profit) 33.3 LIBYA Middle east & North africa GNI per capita (US$) 11 046 Ease of doing business rank (1 189) 188 Overall distance to frontier (DTF) score (0 100) 33.35 Population (m) 6. 2 Starting a business (rank) 144
140 Minimum capital(%of income per capita) 33.8 Documents to import (number) 9 Getting credit (rank) 185 Time to import (days) 37 Dealing with construction permits (rank) 189
Extent of conflict of interest regulation index (0 10) 2. 0 Resolving insolvency (rank) 189 Time (days) 118 Extent of shareholder governance index (0
Total tax rate(%of profit) 31.5 LITHUANIA Europe & Central asia GNI per capita (US$) 14,900 Ease of doing business rank (1 189) 24 Overall distance to frontier (DTF) score (0 100) 76.31 Population
Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 23 Time to import (days) 9 Dealing with construction permits (rank) 15 DTF score for getting credit (0 100) 70.00 Cost to import (US$
of shareholder governance index (0 10) 5. 0 DTF score for resolving insolvency (0 100) 48.47 Cost(%of income per capita) 45.5 Strength of minority
Total tax rate(%of profit) 42.6 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
425 Minimum capital(%of income per capita) 22.5 Documents to import (number) 4 Getting credit (rank) 165 Time to import (days) 7 Dealing with construction permits (rank) 50
) 56 Extent of shareholder governance index ( (0 10) 5. 0 DTF score for resolving insolvency (0 100) 51.83 Cost(%of income per capita) 40.1 Strength of minority investor protection index
for paying taxes (0 100) 88.58 Strength of insolvency framework index (0 16) 9 Payments (number per year) 23 Time (hours per year) 55 Total tax rate(%of profit
376 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 36 Time to import (days) 11 Dealing with construction permits (rank
(0 10) 6. 7 Resolving insolvency (rank) 35 Time (days) 107 Extent of shareholder governance index (0 10) 6. 7 DTF
Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 7 Time (hours per year) 119 Total tax rate(%of profit) 7. 4 MADAGASCAR Sub-saharan africa GNI
195 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 180 Time to import (days) 21 Dealing with construction permits (rank)
10) 5. 7 Resolving insolvency (rank) 129 Time (days) 450 Extent of shareholder governance index (0 10) 5. 0 DTF score
Strength of insolvency framework index (0 16) 9 Payments (number per year) 23 Time (hours per year) 183 Total tax rate(%of profit) 35.1 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 151 Time to import (days) 39 Dealing with construction permits (rank) 72 DTF
Extent of shareholder governance index (0 10) 3. 3 DTF score for resolving insolvency (0 100) 18.99 Cost(%of income per capita) 6, 131.5 Strength of minority investor protection index
for paying taxes (0 100) 71.37 Strength of insolvency framework index (0 16) 4 Payments (number per year) 35 Time (hours per year) 174.5 Total tax rate(%of profit
per capita) 7. 2 Cost(%of property value) 3. 3 Cost to export (US$ per container) 525 Minimum capital(%of income per capita) 0. 0 Documents to import (number
index (0 10) 8. 7 Resolving insolvency (rank) 36 Time (days) 32 Extent of shareholder governance index (0 10) 6. 2 DTF
Strength of insolvency framework index (0 16) 7 Payments (number per year) 13 Time (hours per year) 133 Total tax rate(%of profit) 39.2 MALDIVES South Asia GNI
625 Minimum capital(%of income per capita) 2. 3 Documents to import (number) 9 Getting credit (rank) 116 Time to import (days) 22 Dealing with construction permits (rank
index (0 10) 5. 3 Resolving insolvency (rank) 135 Time (days) 91 Extent of shareholder governance index (0 10) 3. 5
) 63.76 Strength of insolvency framework index (0 16) 2 Payments (number per year) 30 Time hours per year) 413 Total tax rate(%of profit) 31.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
440 Minimum capital(%of income per capita) 300.7 Documents to import (number) 11 Getting credit (rank) 131 Time to import (days) 34 Dealing with construction permits (rank) 97
Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 40.35 Cost(%of income per capita) 3, 833.8 Strength of minority investor protection index
for paying taxes (0 100) 60.16 Strength of insolvency framework index (0 16) 9 Payments (number per year) 35 Time (hours per year) 270 Total tax rate(%of profit
per capita) 11.0 Cost(%of property value) 5. 1 Cost to export (US$ per container) 855 Minimum capital(%of income per capita) 1. 5 Documents to import (number) 7
regulation index (0 10) 5. 7 Resolving insolvency (rank) 86 Time (days) 136 Extent of shareholder governance index (0 10) 6
100) 85.81 Strength of insolvency framework index (0 16) 7. 5 Payments (number per year) 7 Time (hours per year) 139 Total tax rate(%of profit) 41.6 MARSHALL ISLANDS
) 23 Cost(%of income per capita) 12.8 Cost(%of property value) NO PRACTICE Cost to export (US$ per container) 695 Minimum capital(%of income per capita) 0. 0 Documents to import (number
Extent of shareholder governance index (0 10) 2. 0 DTF score for resolving insolvency (0 100) 9. 19 Cost(%of income per capita) 719.0 Strength of minority investor protection index
for paying taxes (0 100) 66.38 Strength of insolvency framework index (0 16) 0 Payments (number per year) 21 Time (hours per year) 128 Total tax rate(%of profit
) 64.8 Note For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
, 640 Minimum capital(%of income per capita) 331.8 Documents to import (number) 8 Getting credit (rank) 171 Time to import (days) 38 Dealing with construction permits (rank) 77
Extent of shareholder governance index (0 10) 4. 0 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 7, 833.4 Strength of minority investor protection
tax rate(%of profit) 71.3 MAURITIUS Sub-saharan africa GNI per capita (US$) 9 300 Ease of doing business rank (1 189) 28 Overall distance to frontier (DTF) score (0 100) 74.81 Population (m 1. 3 Starting a business (rank) 29 Registering property
) 2. 1 Cost(%of property value) 10.6 Cost to export (US$ per container) 675 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting
(0 10) 7. 3 Resolving insolvency (rank) 43 Time (days) 84 Extent of shareholder governance index (0 10) 5. 7 DTF
Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 8 Time (hours per year) 152 Total tax rate(%of profit) 24.5 MEXICO Latin america & Caribbean
499 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 4 Getting credit (rank) 12 Time to import (days) 11.2 Dealing with construction permits (rank
index (0 10) 6. 0 Resolving insolvency (rank) 27 Time (days) 78.9 Extent of shareholder governance index (0 10) 5. 5
) 71.17 Strength of insolvency framework index (0 16) 11 5 Payments (number per year) 6 Time (hours per year) 334 Total tax rate(%of profit) 51.8 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(days) NO PRACTICE Time to export (days) 30 Cost(%of income per capita) 141.2 Cost(%of property value) NO PRACTICE Cost to export (US$ per container) 1, 045 Minimum capital(%of income
Extent of shareholder governance index (0 10) 2. 0 DTF score for resolving insolvency (0 100) 37.74 Cost(%of income per capita) 363.8 Strength of minority investor protection index (0
for paying taxes (0 100) 68.78 Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 21 Time (hours per year) 128 Total tax rate(%of profit
510 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 23 Time to import (days) 27 Dealing with construction permits (rank
regulation index (0 10) 6. 3 Resolving insolvency (rank) 58 Time (days) 118 Extent of shareholder governance index (0 10) 5
100) 76.57 Strength of insolvency framework index (0 16) 12 Payments (number per year) 21 Time hours per year) 185 Total tax rate(%of profit) 39.7 MONGOLIA East asia
745 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 61 Time to import (
Extent of conflict of interest regulation index (0 10) 7. 0 Resolving insolvency (rank) 90 Time (days) 79 Extent of shareholder governance index (0
taxes (0 100) 73.79 Strength of insolvency framework index (0 16) 11 Payments number per year) 41 Time (hours per year) 148 Total tax rate(%of profit) 24.4 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 985 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 4 Time to import (days) 14 Dealing with construction
regulation index (0 10) 6. 3 Resolving insolvency (rank) 33 Time (days) 71 Extent of shareholder governance index (0 10) 5
100) 71.59 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 29 Time (hours per year) 320 Total tax rate(%of profit) 22.3 MOROCCO Middle east
per capita) 9. 2 Cost(%of property value) 5. 9 Cost to export (US$ per container) 595 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 4. 7 Resolving insolvency (rank) 113 Time (days) 62 Extent of shareholder governance index (0 10) 4
(0 100) 77.69 Strength of insolvency framework index (0 16) 7. 5 Payments (number per year) 6 Time (hours per year) 232 Total tax rate(%of profit) 49.3
100 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 25 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 4. 0 DTF score for resolving insolvency (0 100) 40.75 Cost(%of income per capita) 2, 484.8 Strength of minority investor protection index
for paying taxes (0 100) 66.85 Strength of insolvency framework index (0 16) 10 Payments (number per year) 37 Time (hours per year) 230 Total tax rate(%of profit
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 7. 2 Cost to export (US$ per container) 620 Minimum capital(%of income per capita) 6,
Extent of shareholder governance index (0 10) 3. 8 DTF score for resolving insolvency (0 100) 23.51 Cost(%of income per capita) 2,
(%of profit) 47.7 NAMIBIA Sub-saharan africa GNI per capita (US$) 5, 840 Ease of doing business rank (1 189) 88 Overall distance to frontier (DTF) score (0 100
650 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 61 Time to import (days) 20 Dealing with construction permits (rank) 25 DTF score for getting credit (0 100) 55.00 Cost to import (US$ per container) 1
of shareholder governance index (0 10) ) 5. 0 DTF score for resolving insolvency (0 100) 45.53 Cost(%of income per capita) 391.2 Strength of minority investor protection index (0 10
(0 100) 73.57 Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 26 Time (hours per year) 314 Total tax rate(%of profit) 20.7
545 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 116 Time to import (days) 39 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 6. 0 DTF score for resolving insolvency (0 100) 45.41 Cost(%of income per capita) 1, 284.9
taxes (0 100) 66.52 Strength of insolvency framework index (0 16) 7 Payments (number per year) 34 Time (hours per year) 334 Total tax rate(%of profit) 29.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 915 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 4 Getting credit (rank) 71 Time to import (days) 6 Dealing with construction permits
index (0 10) 4. 7 Resolving insolvency (rank) 12 Time (days) 117 Extent of shareholder governance index (0 10) 5. 7
) 86.76 Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 9 Time (hours per year) 123 Total tax rate(%of profit) 39.0 NEW ZEALAND OECD high
per capita) 0. 3 Cost(%of property value) 0. 1 Cost to export (US$ per container) 870 Minimum capital(%of income per capita) 0. 0 Documents to import (number
index (0 10) 9. 3 Resolving insolvency (rank) 28 Time (days) 64 Extent of shareholder governance index (0 10) 7. 0 DTF
Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 8 Time (hours per year) 152 Total tax rate(%of profit) 34.4 NICARAGUA Latin america & Caribbean
140 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 89 Time to import (days) 20 Dealing with construction permits (rank
) 33.33 Procedures (number) 6 Extent of conflict of interest regulation index (0 10) 4. 0 Resolving insolvency (rank) 110 Time days) 55 Extent of shareholder
(0 100) 49.51 Strength of insolvency framework index (0 16) 7 Payments (number per year) 43 Time (hours per year) 207 Total tax rate(%of profit) 65.8 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
475 Minimum capital(%of income per capita) 492.0 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 61 Dealing with construction permits (rank) 119
Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 36.01 Cost(%of income per capita) 6, 497.8 Strength of minority investor protection index
for paying taxes (0 100) 57.07 Strength of insolvency framework index (0 16) 9 Payments (number per year) 41 Time (hours per year) 270 Total tax rate(%of profit
564 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 13 Getting credit (rank) 52 Time to import (days) 33.9 Dealing with construction permits (rank
index (0 10) 6. 0 Resolving insolvency (rank) 131 Time (days) 257.2 Extent of shareholder governance index (0 10) 5. 5
) 39.15 Strength of insolvency framework index (0 16) 6 Payments number per year) 47 Time (hours per year) 907.9 Total tax rate(%of profit) 32.7 NORWAY OECD high
265 Minimum capital(%of income per capita) 5. 0 Documents to import (number) 5 Getting credit (rank) 61 Time to import (days) 7 Dealing
conflict of interest regulation index (0 10) 7. 0 Resolving insolvency (rank) 8 Time (days) 66 Extent of shareholder governance index (0 10
(0 100) 90.80 Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 4 Time (hours per year) 83 Total tax rate(%of profit) 40.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 765 Minimum capital(%of income per capita) 206.3 Documents to import (number) 8 Getting credit (rank) 116 Time to import (days) 9 Dealing with construction permits (rank
(0 10) 5. 3 Resolving insolvency (rank) 112 Time (days) 62 Extent of shareholder governance index (0 10) 3. 8 DTF
Strength of insolvency framework index (0 16) 6 Payments (number per year) 14 Time (hours per year) 68 Total tax rate(%of profit) 23.0 PAKISTAN South Asia GNI
Cost(%of property value) 7. 6 Cost to export (US$ per container) 765 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank
Extent of shareholder governance index (0 10) 7. 3 DTF score for resolving insolvency (0 100) 46.18 Cost(%of income per capita) 1, 353.3 Strength of minority investor protection index
for paying taxes (0 100) 44.46 Strength of insolvency framework index (0 16) 8 Payments (number per year) 47 Time (hours per year) 594 Total tax rate(%of profit
per capita) 3. 3 Cost(%of property value) 0. 3 Cost to export (US$ per container) 720 Minimum capital(%of income per capita) 8. 8 Documents to import (number
conflict of interest regulation index (0 10) 2. 3 Resolving insolvency (rank) 167 Time (days) 125 Extent of shareholder governance index (0 10
(0 100) 64.65 Strength of insolvency framework index (0 16) 0 Payments (number per year) 11 Time (hours per year) 142 Total tax rate(%of profit) 75.4 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
value) 2. 4 Cost to export (US$ per container) 665 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 3 Getting credit (rank) 17 Time to import (days
of shareholder governance index (0 10) ) 5. 8 DTF score for resolving insolvency (0 100) 33.66 Cost(%of income per capita) 9. 3 Strength of minority investor protection index (0
taxes (0 100) 48.60 Strength of insolvency framework index (0 16) 6 Payments (number per year) 52 Time (hours per year) 417 Total tax rate(%of profit) 37.2
335 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 165 Time to import (days) 30 Dealing with construction permits (rank
regulation index (0 10) 6. 0 Resolving insolvency (rank) 141 Time (days) 66 Extent of shareholder governance index (0 10) 4
100) 69.50 Strength of insolvency framework index (0 16) 6 Payments (number per year) 32 Time hours per year) 207 Total tax rate(%of profit) 39.3 PARAGUAY Latin america
850 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 71 Time to import (days)
conflict of interest regulation index (0 10) 5. 7 Resolving insolvency (rank) 106 Time (days) 67 Extent of shareholder governance index (0 10
(0 100) 69.45 Strength of insolvency framework index (0 16) 9. 5 Payments number per year) 20 Time (hours per year) 378 Total tax rate(%of profit) 35.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 890 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 12 Time to import (days) 17 Dealing with construction
) 61.67 Procedures (number) 5 Extent of conflict of interest regulation index (0 10) 7. 0 Resolving insolvency (rank) 76 Time days) 100 Extent of shareholder
100) 79.43 Strength of insolvency framework index (0 16) 10 Payments (number per year) 9 Time (hours per year) 293 Total tax rate(%of profit) 36.0 PHILIPPINES East asia
) 16.6 Cost(%of property value) 4. 3 Cost to export (US$ per container) 755 Minimum capital(%of income per capita) 3. 6 Documents to import (number) 7 Getting
(0 10) 4. 0 Resolving insolvency (rank) 50 Time (days) 42 Extent of shareholder governance index (0 10) 4. 3 DTF
Strength of insolvency framework index (0 16) 14.5 Payments (number per year) 36 Time (hours per year) 193 Total tax rate(%of profit) 42.5 POLAND OECD high income
050 Minimum capital(%of income per capita) 12.3 Documents to import (number) 4 Getting credit (rank) 17 Time to import (days) 14 Dealing with construction permits (rank) 137
(0 10) 6. 0 Resolving insolvency (rank) 32 Time (days) 161 Extent of shareholder governance index (0 10) 6. 5 DTF
Strength of insolvency framework index (0 16) 12.5 Payments (number per year) 18 Time (hours per year) 286 Total tax rate(%of profit) 38.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
value) 7. 3 Cost to export (US$ per container) 780 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 4 Getting credit (rank) 89 Time to import (days
) 59.17 Procedures (number) 5 Extent of conflict of interest regulation index (0 10) 6. 0 Resolving insolvency (rank) 10 Time (days) 64 Extent of shareholder
tax rate(%of profit) 42.4 PUERTO RICO ( (U s.)Latin america & Caribbean GNI per capita (US$) 19,210 Ease of doing business rank (1 189) 47 Overall distance to frontier (DTF) score (0 100) 70.35 Population
300 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 7 Time to import (days) 15 Dealing with construction permits (rank) 158 DTF score for getting credit (0 100) 85.00 Cost to import (US$ per container) 1
of shareholder governance index (0 10) ) 4. 0 DTF score for resolving insolvency (0 100) 86.37 Cost(%of income per capita) 352.9 Strength of minority investor protection index (0 10
(0 100) 63.83 Strength of insolvency framework index (0 16) 15 Payments (number per year) 16 Time (hours per year) 218 Total tax rate(%of profit) 66.0 QATAR
(%of income per capita) 5. 2 Cost(%of property value) 0. 3 Cost to export (US$ per container) 927 Minimum capital(%of income per capita) 62.6 Documents to import (number
conflict of interest regulation index (0 10) 4. 3 Resolving insolvency (rank) 47 Time (days) 90 Extent of shareholder governance index (0 10
taxes (0 100) 99.44 Strength of insolvency framework index (0 16) 9 Payments (number per year) 4 Time (hours per year) 41 Total tax rate(%of profit) 11.3 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
per container) 1, 485 Minimum capital(%of income per capita) 0. 7 Documents to import (number) 6 Getting credit (rank) 7 Time to import (days) 13 Dealing with construction
) 61.67 Procedures (number) 7 Extent of conflict of interest regulation index (0 10) 6. 3 Resolving insolvency (rank) 46 Time days) 223 Extent of shareholder
100) 80.09 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 14 Time (hours per year) 159 Total tax rate(%of profit) 43.2 RUSSIAN FEDERATION
401 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 10 Getting credit (rank) 61 Time to import (days) 19.4 Dealing with construction permits (rank
regulation index (0 10) 5. 0 Resolving insolvency (rank) 65 Time (days) 179.1 Extent of shareholder governance index (0 10) 5
100) 80.63 Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 7 Time (hours per year) 168 Total tax rate(%of profit) 48.9 RWANDA
245 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 4 Time to import (days) 27 Dealing
regulation index (0 10) 6. 3 Resolving insolvency (rank) 101 Time (days) 34 Extent of shareholder governance index (0 10) 3
(0 100) 85.79 Strength of insolvency framework index (0 16) 10 Payments (number per year) 17 Time (hours per year) 107 Total tax rate(%of profit) 33.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
property value) 3. 7 Cost to export (US$ per container) 490 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 151 Time
) 34 Extent of shareholder governance index (0 10) 4. 7 DTF score for resolving insolvency (0 100) 36.31 Cost(%of income per capita) 735.9
(%of profit) 18.4 SAN MARINO Europe & Central asia GNI per capita (US$) 57,301 Ease of doing business rank (1 189) 93 Overall distance to frontier (DTF) score (0 100
, 900 Minimum capital(%of income per capita) 29.5 Documents to import (number) ) 4 Getting credit (rank) 180 Time to import (days) 13 Dealing with construction permits (rank) 112 DTF score for getting credit (0 100) 5. 00
Extent of shareholder governance index (0 10) 3. 5 DTF score for resolving insolvency (0 100) 39.11 Cost(%of income per capita) 59.3 Strength of minority investor protection index (0
taxes (0 100) 83.33 Strength of insolvency framework index (0 16) 4. 5 Payments (number per year) 19 Time (hours per year) 52 Total tax rate(%of profit
per capita) 17.5 Cost(%of property value) 9. 0 Cost to export (US$ per container) 690 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6
(rank) 162 Time (days) 89 Extent of shareholder governance index (0 10) 2. 0 DTF score for resolving insolvency (0 100) 21.70
per year) 424 Total tax rate(%of profit) 38.2 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
) 1, 285 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 71 Time to import (days) 17 Dealing with construction permits
of shareholder governance index (0 10) ) 4. 8 DTF score for resolving insolvency (0 100) 21.67 Cost(%of income per capita) 25.5 Strength of minority investor protection index (0 10
(0 100) 99.23 Strength of insolvency framework index (0 16) 2 Payments (number per year) 3 Time (hours per year) 64 Total tax rate(%of profit) 14.5 SENEGAL
225 Minimum capital(%of income per capita) 19.0 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 14 Dealing with construction permits (rank) 151
index (0 10) 4. 7 Resolving insolvency (rank) 99 Time (days) 114 Extent of shareholder governance index (0 10) 4. 5
Time (hours per year) 620 Total tax rate(%of profit) 45.1 SERBIA Europe & Central asia GNI per capita (US$)
635 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 52 Time to import (
of conflict of interest regulation index (0 10) 5. 7 Resolving insolvency (rank) 48 Time (days) 131 Extent of shareholder governance index (0 10
(0 100) 48.90 Strength of insolvency framework index (0 16) 13.5 Payments (number per year) 67 Time (hours per year) 279 Total tax rate(%of profit) 38.6 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
0 Cost to export (US$ per container) 705 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 171 Time to import (days) 17
) 58.33 Procedures (number) 6 Extent of conflict of interest regulation index (0 10) 5. 7 Resolving insolvency (rank) 61 Time (days) 137 Extent of shareholder
tax rate(%of profit) 31.7 SIERRA LEONE Sub-saharan africa GNI per capita (US$) 680 Ease of doing business rank (1 189) 140 Overall distance to frontier (DTF) score (0 100) 54.58 Population (m) 6
185 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 151 Time to
Extent of shareholder governance index (0 10) 4. 8 DTF score for resolving insolvency (0 100) 30.68 Cost(%of income per capita) 4, 237.5 Strength of minority investor protection index
for paying taxes (0 100) 65.39 Strength of insolvency framework index (0 16) 8 Payments (number per year) 33 Time (hours per year) 353 Total tax rate(%of profit
Cost(%of income per capita) 0. 6 Cost(%of property value) 2. 8 Cost to export (US$ per container) 460 Minimum capital(%of income per capita) 0. 0
of conflict of interest regulation index (0 10) 9. 3 Resolving insolvency (rank) 19 Time (days) 31 Extent of shareholder governance index (0 10
(0 100) 97.19 Strength of insolvency framework index (0 16) 9. 5 Payments (number per year) 5 Time (hours per year) 82 Total tax rate(%of profit) 18.4 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 1, 525 Minimum capital(%of income per capita) 19.2 Documents to import (number) 5 Getting credit (rank) 36 Time to import (days) 16 Dealing with construction
of shareholder governance index (0 10) ) 5. 5 DTF score for resolving insolvency (0 100) 69.93 Cost(%of income per capita) 56.9 Strength of minority investor protection index (0 10
(0 100) 71.57 Strength of insolvency framework index (0 16) 13 Payments (number per year) 20 Time (hours per year) 207 Total tax rate(%of profit) 48.6 SLOVENIA
per capita) 0. 0 Cost(%of property value) 2. 0 Cost to export (US$ per container) 745 Minimum capital(%of income per capita) 44.1 Documents to import (number) 7
(rank) 42 Time (days) 38 Extent of shareholder governance index (0 10) 6. 3 DTF score for resolving insolvency (0 100) 62.91
) 260 Total tax rate(%of profit) 32.0 SOLOMON ISLANDS East asia & Pacific GNI per capita (US$) 1, 610 Ease of doing business rank (1 189) 87 Overall distance
to export (US$ per container) 840 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 71 Time to import (days) 20 Dealing with construction permits (rank) 36 DTF score for getting credit (0 100) 50.00
) 139 Time (days) 53 Extent of shareholder governance index (0 10) 4. 2 DTF score for resolving insolvency (0 100) 31.87 Cost
Time (hours per year) 80 Total tax rate(%of profit) 32.0 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
830 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 52 Time to import (days) 21 Dealing with construction permits (rank
of shareholder governance index (0 10) ) 5. 5 DTF score for resolving insolvency (0 100) 64.51 Cost(%of income per capita) 729.5 Strength of minority investor protection index (0 10
(0 100) 88.73 Strength of insolvency framework index (0 16) 14.5 Payments (number per year) 7 Time (hours per year) 200 Total tax rate(%of profit) 28.8 SOUTH
335 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 171 Time to import (days) 130 Dealing with construction permits (rank
regulation index (0 10) 2. 7 Resolving insolvency (rank) 189 Time (days) 468 Extent of shareholder governance index (0 10) 3
(number per year 36 Time (hours per year) 218 Total tax rate(%of profit) 29.1 SPAIN OECD high
310 Minimum capital(%of income per capita) 13.8 Documents to import (number) 4 Getting credit (rank) 52 Time to
Extent of conflict of interest regulation index (0 10) 5. 3 Resolving insolvency (rank) 23 Time (days) 85 Extent of shareholder governance index (0
taxes (0 100) 75.25 Strength of insolvency framework index (0 16) 12 Payments number per year) 8 Time (hours per year) 167 Total tax rate(%of profit) 58.2 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 89 Time to import (days) 13 Dealing with construction permits (rank) 60
(0 10) 6. 0 Resolving insolvency (rank) 72 Time (days) 104 Extent of shareholder governance index (0 10) 5. 8 DTF
Strength of insolvency framework index (0 16) 8 Payments (number per year) 47 Time (hours per year) 167 Total tax rate(%of profit) 55.6 ST KITTS AND NEVIS Latin america & Caribbean GNI
. 7 Cost(%of property value) 13.3 Cost to export (US$ per container) 805 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank
Extent of shareholder governance index (0 10) 4. 0 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 291.1 Strength of minority investor protection index
(%of profit) 49.8 ST LUCIA Latin america & Caribbean GNI per capita (US$) 7 090 Ease of doing business rank (1 189) 100 Overall distance to frontier (DTF) score (0 100) 61.35 Population (m) 0. 2 Starting a business (rank) 72
per capita) 17.8 Cost(%of property value) 7. 6 Cost to export (US$ per container) 935 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 11
conflict of interest regulation index (0 10) 6. 7 Resolving insolvency (rank) 100 Time (days) 19 Extent of shareholder governance index (0 10
(0 100) 76.71 Strength of insolvency framework index (0 16) 6 Payments (number per year) 32 Time (hours per year) 110 Total tax rate(%of profit) 34.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
Cost(%of property value) 11.8 Cost to export (US$ per container) 585 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 151
Extent of shareholder governance index (0 10) 4. 7 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 97.3 Strength of minority investor protection index
(%of profit) 38.6 SUDAN Sub-saharan africa GNI per capita (US$) 1 130 Ease of doing business rank (1 189) 160 Overall distance to frontier (DTF) score (0 100) 49.55 Population (m) 38.0 Starting a business (rank) 139 Registering property
630 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 165 Time to import (days) 46 Dealing with construction permits (rank
regulation index (0 10) 3. 7 Resolving insolvency (rank) 156 Time (days) 70 Extent of shareholder governance index (0 10) 2
Time (hours per year) 180 Total tax rate(%of profit) 45.4 SURINAME Latin america & Caribbean GNI per capita (
050 Minimum capital(%of income per capita) 0. 3 Documents to import (number) 6 Getting credit (rank) 171 Time to import (days)
(rank) 130 Time (days) 113 Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 34.27
(hours per year) 199 Total tax rate(%of profit) 27.9 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
Minimum capital(%of income per capita) 0. 4 Documents to import (number) 6 Getting credit (rank) 61 Time to import (days) 23 Dealing with construction permits (rank) 55
of shareholder governance index (0 10) ) 5. 2 DTF score for resolving insolvency (0 100) 45.80 Cost(%of income per capita) 1, 039.1 Strength of minority investor protection index (0
taxes (0 100) 75.76 Strength of insolvency framework index (0 16) 8 Payments (number per year) 33 Time (hours per year) 110 Total tax rate(%of profit) 35.6
per capita) 0. 5 Cost(%of property value) 4. 3 Cost to export (US$ per container) 725 Minimum capital(%of income per capita) 12.8 Documents to import (number) 3
(0 10) 6. 3 Resolving insolvency (rank) 17 Time (days) 52 Extent of shareholder governance index (0 10) 6. 3 DTF
Strength of insolvency framework index (0 16) 12 Payments (number per year) 6 Time (hours per year) 122 Total tax rate(%of profit) 49.4 SWITZERLAND OECD high income
660 Minimum capital(%of income per capita) 25.4 Documents to import (number) 4 Getting credit (rank) 52 Time to import (days) 8 Dealing with construction permits (rank) 45
(0 10) 3. 3 Resolving insolvency (rank) 41 Time (days) 39 Extent of shareholder governance index (0 10) 7. 7 DTF
Strength of insolvency framework index (0 16) 12 Payments (number per year) 19 Time hours per year) 63 Total tax rate(%of profit) 29.0 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
995 Minimum capital(%of income per capita) 272.1 Documents to import (number) 9 Getting credit (rank) 165 Time to import (days) 24 Dealing with construction permits (rank) 189
of shareholder governance index (0 10) 6. 0 DTF score for resolving insolvency (0 100) 30.15 Cost(%of income per capita) 801.5 Strength of minority investor protection
(%of profit) 42.5 TAIWAN, CHINA East asia & Pacific GNI per capita (US$) 21 620 Ease of doing business rank (1 189) 19 Overall distance to frontier (DTF) score (0 100) 78.73 Population (m) 22.8 Starting a business (rank) 15 Registering property
) 2. 2 Cost(%of property value) 6. 2 Cost to export (US$ per container) 655 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6
index (0 10) 6. 7 Resolving insolvency (rank) 18 Time (days) 24 Extent of shareholder governance index (0 10) 6. 2 DTF
Strength of insolvency framework index (0 16) 11 Payments (number per year) 11 Time (hours per year) 221 Total tax rate(%of profit) 34.2 TAJIKISTAN Europe
050 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 12 Getting credit (rank) 116 Time to import (days) 70 Dealing with construction permits (rank
index (0 10) 6. 7 Resolving insolvency (rank) 149 Time (days) 185 Extent of shareholder governance index (0 10) 5. 0
) 46.06 Strength of insolvency framework index (0 16) 3 Payments (number per year) 31 Time hours per year) 209 Total tax rate(%of profit) 80.9 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
capital(%of income per capita) 0. 0 Documents to import (number) 11 Getting credit (rank) 151 Time to import (days) 26 Dealing with construction permits (rank) 169 DTF
Extent of shareholder governance index (0 10) 3. 3 DTF score for resolving insolvency (0 100) 41.12 Cost(%of income per capita) 1, 453.0 Strength of minority investor protection index
(%of profit) 44.3 THAILAND East asia & Pacific GNI per capita (US$) 5 370 Ease of doing business rank (1 189) 26 Overall distance to frontier (DTF) score (0 100) 75.27 Population (m) 67.0 Starting a business (rank) 75 Registering property
) 6. 6 Cost(%of property value) 6. 3 Cost to export (US$ per container) 595 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5
index (0 10) 7. 7 Resolving insolvency (rank) 45 Time (days) 35 Extent of shareholder governance index (0 10) 5. 5 DTF
Strength of insolvency framework index (0 16) 11.5 Payments (number per year) 22 Time (hours per year) 264 Total tax rate(%of profit) 26.9 TIMOR-LESTE East asia & Pacific
) 28 Cost(%of income per capita) 0. 3 Cost(%of property value) NO PRACTICE Cost to export (US$ per container) 410 Minimum capital(%of income per capita) 127.5 Documents to import (number
(rank) 189 Time (days) 63 Extent of shareholder governance index (0 10) 5. 5 DTF score for resolving insolvency (0 100) 0
Time (hours per year) 276 Total tax rate(%of profit) 11.0 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
015 Minimum capital(%of income per capita) 37.5 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 29 Dealing with construction permits (rank) 170
of shareholder governance index (0 10) ) 4. 5 DTF score for resolving insolvency (0 100) 43.12 Cost(%of income per capita) 5, 567.5 Strength of minority investor protection index (0
taxes (0 100) 50.81 Strength of insolvency framework index (0 16) 9 Payments (number per year) 50 Time (hours per year) 270 Total tax rate(%of profit) 50.3
per capita) 7. 6 Cost(%of property value) 15.1 Cost to export (US$ per container) 515 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6
index (0 10) 5. 0 Resolving insolvency (rank) 133 Time (days) 42 Extent of shareholder governance index (0 10) 3. 0 DTF
Strength of insolvency framework index (0 16) 6 Payments (number per year) 29 Time (hours per year) 200 Total tax rate(%of profit) 30.1 TRINIDAD AND TOBAGO Latin america
(%of income per capita) 0. 7 Cost(%of property value) 7. 0 Cost to export (US$ per container) 843 Minimum capital(%of income per capita) 0. 0 Documents
(rank) 66 Time (days) 61 Extent of shareholder governance index (0 10) 4. 5 DTF score for resolving insolvency (0 100) 48.97
per year) 210 Total tax rate(%of profit) 32.0 Note: For resolving insolvency, an economy for which no practice is recorded for time
and cost receives a score of 0 on the strength of insolvency framework index even if its legal framework includes provisions related to insolvency proceedings (liquidation or reorganization).
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
container) 805 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 116 Time to import (days) 20 Dealing with construction permits
index (0 10) 5. 7 Resolving insolvency (rank) 54 Time (days) 65 Extent of shareholder governance index (0 10) 5. 3
) 74.11 Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 8 Time (hours per year) 144 Total tax rate(%of profit) 62.4 TURKEY Europe
per capita) 16.4 Cost(%of property value) 4. 0 Cost to export (US$ per container) 990 Minimum capital(%of income per capita) 12.1 Documents to import (number) 8 Getting
of shareholder governance index (0 10) ) 6. 8 DTF score for resolving insolvency (0 100) 40.00 Cost(%of income per capita) 433.3 Strength of minority investor protection index (0 10
(0 100) 79.80 Strength of insolvency framework index (0 16) 8 Payments (number per year) 11 Time (hours per year) 226 Total tax rate(%of profit) 40.1 UGANDA
800 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 31 Dealing with construction permits (rank
) 47.50 Procedures (number) 6 Extent of conflict of interest regulation index (0 10) 5. 0 Resolving insolvency (rank 98 Time (days) 132 Extent of shareholder
) 71.32 Strength of insolvency framework index (0 16) 7 Payments (number per year) 31 Time (hours per year) 209 Total tax rate(%of profit) 36.5 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
880 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 17 Time to import (days) 28 Dealing with construction permits (rank
) 48.33 Procedures (number) 10 Extent of conflict of interest regulation index (0 10) 4. 0 Resolving insolvency (rank) 142 Time days) 277 Extent of shareholder
(0 100) 70.33 Strength of insolvency framework index (0 16) 8. 5 Payments (number per year) 5 Time (hours per year) 350 Total tax rate(%of profit) 52.9
per capita) 6. 3 Cost(%of property value) 0. 2 Cost to export (US$ per container) 665 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 7. 3 Resolving insolvency (rank) 92 Time (days) 35 Extent of shareholder governance index (0 10) 4
(0 100) 99.44 Strength of insolvency framework index (0 16) 9 Payments (number per year) 4 Time (hours per year) 12 Total tax rate(%of profit) 14.8 UNITED KINGDOM
005 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 4 Getting credit (rank) 17 Time to import (days) 6 Dealing with construction permits (rank
index (0 10) 8. 3 Resolving insolvency (rank) 13 Time (days) 126 Extent of shareholder governance index (0 10) 7. 3
) 90.52 Strength of insolvency framework index (0 16) 11 Payments (number per year) 8 Time hours per year) 110 Total tax rate(%of profit) 33.7 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 1, 224 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 5 Getting credit (rank) 2 Time to import (days) 5. 4
Extent of shareholder governance index (0 10) 4. 8 DTF score for resolving insolvency (0 100) 90.12 Cost(%of income per capita) 25.5 Strength of minority investor protection index (0
taxes (0 100) 80.84 Strength of insolvency framework index (0 16) 15 Payments (number per year) 10.6 Time (hours per year) 175 Total tax rate(%of profit) 43.8
125 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 52 Time to import (days) 14 Dealing with construction permits (rank
(0 10) 5. 0 Resolving insolvency (rank) 57 Time (days) 48 Extent of shareholder governance index (0 10) 4. 5 DTF
Strength of insolvency framework index (0 16) 9. 5 Payments (number per year) 33 Time (hours per year) 312 Total tax rate(%of profit) 41.8 UZBEKISTAN Europe & Central asia
090 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 13 Getting credit (rank) 104 Time to import (
Extent of conflict of interest regulation index (0 10) 5. 3 Resolving insolvency (rank) 77 Time (days) 89 Extent of shareholder governance index (0
for paying taxes (0 100) 68.30 Strength of insolvency framework index (0 16 8 Payments (number per year) 33 Time (hours per year) 192.5 Total tax rate(%of profit
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
490 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 7 Getting credit (rank) 36 Time to import (days) 24 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 3. 5 DTF score for resolving insolvency (0 100) 41.48 Cost(%of income per capita) 1, 229.8 Strength of minority investor protection index
for paying taxes (0 100) 80.79 Strength of insolvency framework index (0 16) 6 Payments (number per year) 31 Time (hours per year) 120 Total tax rate(%of profit
490 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 104 Time to import (days) 82 Dealing with construction permits (rank
index (0 10) 2. 7 Resolving insolvency (rank) 165 Time (days) 178 Extent of shareholder governance index (0 10) 3. 2
100) 13.37 Strength of insolvency framework index (0 16) 5 Payments (number per year) 71 Time hours per year) 792 Total tax rate(%of profit) 65.5 VIETNAM East asia
per capita) 5. 3 Cost(%of property value) 0. 6 Cost to export US$ per container) 610 Minimum capital(%of income per capita) 0. 0 Documents to import (number
regulation index (0 10) 3. 7 Resolving insolvency (rank) 104 Time (days) 115 Extent of shareholder governance index (0 10) 5
(0 100) 43.61 Strength of insolvency framework index (0 16) 10 Payments (number per year) 32 Time (hours per year) 872 Total tax rate(%of profit
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
(US$ per container) 1, 750 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 6 Getting credit (rank) 116 Time to import (days) 38 Dealing
of shareholder governance index (0 10) ) 3. 3 DTF score for resolving insolvency (0 100) 0. 00 Cost(%of income per capita) 1, 484.4 Strength of minority investor protection index
(%of profit) 15.3 YEMEN, REP. Middle east & North africa GNI per capita (US$) 1 330 Ease of doing business rank (1 189) 137 Overall distance to frontier (DTF) score (0 100) 54.84 Population (m) 24.4 Starting a business (rank) 140 Registering property
065 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 9 Getting credit (rank) 185 Time to import (days) 27 Dealing with construction permits (rank
of conflict of interest regulation index (0 10) 4. 3 Resolving insolvency (rank) 154 Time (days) 110 Extent of shareholder governance index (0 10
Time (hours per year) 248 Total tax rate(%of profit) 33.3 ZAMBIA Sub-saharan africa GNI per capita (US$) ) 1, 480 Ease of doing business rank (1 189) 111 Overall distance to frontier (DTF) score (0 100) 59.65 Population (m) 14.5 Starting a business (rank) 68
165 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 23 Time to import (days) 53
of conflict of interest regulation index (0 10) 5. 7 Resolving insolvency (rank) 95 Time (days) 117 Extent of shareholder governance index (0 10
(0 100) 74.52 Strength of insolvency framework index (0 16) 7 Payments number per year) 37 Time (hours per year) 177 Total tax rate(%of profit) 14.8 Note:
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
265 Minimum capital(%of income per capita) 0. 0 Documents to import (number) 8 Getting credit (rank) 104 Time to import (days) 71 Dealing with construction permits (rank
Extent of shareholder governance index (0 10) 6. 0 DTF score for resolving insolvency (0 100) 29.28 Cost(%of income per capita) 3, 057.4 Strength of minority investor protection index
for paying taxes (0 100) 61.39 Strength of insolvency framework index (0 16) 7 Payments (number per year) 49 Time (hours per year) 242 Total tax rate(%of profit
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
For resolving insolvency, an economy for which no practice is recorded for time and cost receives a score of 0 on the strength of insolvency framework index
Most indicator sets refer to a case scenario in the largest business city of an economy,
except for 11 economies for which the data are weighted a population average for the 2 largest business cities.
and can have a significant impact on economic growth and competitiveness. 2 That impact can be negative where regulatory interventions are insufficient or excessive,
which can differ among economies depending on the economic or political context. Consistent with the plateau effect, regulations that are too loose
leading to losses of employment in an economy or to its missing out on job-supporting agglomeration effects and knowledge spillovers. 3 Doing Business measures flexibility in the regulation of employment as it affects the hiring and redundancy of workers and the rigidity
No Yes No No Yes No No Yes Yes Yes a. Including renewals. b. Economies for
5 and 10 years of tenure. e. Some answers are not applicable (n. a.)for economies in
for some economies. h. Some answers are not applicable (n. a.)for economies where dismissal due to redundancy is disallowed.
Doing Business) under the general direction of Augusto Lopez-Claros (Director, Global Indicators Group, Development Economics).
Overall guidance for the preparation of the report was provided by Kaushik Basu, Senior vice president and Chief Economist of the World bank.
The Doing Business 2015 outreach strategy is executed by a communications team led by Nadine Ghannam and including Hyun Kyong Lee and Sushmitha Malini Narsiah,
with support from Merrell Tuck-Primdahl and World bank Group communications colleagues around the world. The team is grateful for the valuable comments provided by colleagues in the World bank Group (both on the draft report
or advising on the relevant legal and regulatory requirements in the 189 economies covered. Contact details for local partners are available on the Doing Business website at http://www. doingbusiness. org.
Kukreja AFGHAN CONTAINER TRANSPORT COMPANY Tali Mohammad AFGHANISTAN INVESTMENT SUPPORT AGENCY Siddiqullah Mujadiddi AFGHANISTAN INVESTMENT SUPPORT AGENCY Abdul Naser Nazari
MINISTRY OF AGRICULTURE Shekeeb Nessar DA AFGHANISTAN BRESHNA SHERKAT Gul Pacha AFGHANISTAN INVESTMENT SUPPORT AGENCY Tamsil Rashid AFGHANISTAN INTERNATIONAL BANK Abdul
AND ANGELL Khalil Sediq AFGHANISTAN INTERNATIONAL BANK Saeeq Shajjan SHAJJAN & ASSOCIATES Mohammad Ibrahim Shams AFGHANISTAN INVESTMENT SUPPORT AGENCY Asiyah Sharifi AFGHANISTAN
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NATIONAL DIRECTORATE BANCO NACIONAL DE ANGOLA ERNST & YOUNG Maria Abrantes ANGOLA PRIVATE INVESTMENT AGENCY-ANIP Sika Awoonor GLOBAL CHOICE ANGOLA LDA.
VITOR CARVALHO & ASSOCIADOS Vitor Carvalho VITOR CARVALHO & ASSOCIADOS Arlete Conceição ANGOLA PRIVATE INVESTMENT AGENCY-ANIP Hamilton Costa ANGOLA PRIVATE INVESTMENT
LDA Harrison Medina LOURDES CAPOSSO FERNANDES & ASSOCIADOS Yuma Munana LOURDES CAPOSSO FERNANDES & ASSOCIADOS Ivan Njinga ANGOLA PRIVATE INVESTMENT AGENCY-ANIP
Coates PWC ANTIGUA Nicolette Doherty NICOLETTE M. DOHERTY ATTORNEY-AT-LAW AND NOTARY PUBLIC Terence Dornellas CONSOLIDATED MARITIME SERVICES Brian D'Ornellas OBM INTERNATIONAL
Albert Babayan MINISTRY OF ECONOMY Anush Baghdasaryan AVENUE CONSULTING GROUP Vahagn Balyan AVENUE CONSULTING GROUP Irina Belubekyan UNION OF MANUFACTURERS AND BUSINESSMEN (EMPLOYERS
CADASTRE OF THE GOVERNMENT OF THE REPUBLIC OF ARMENIA Isabella Hovhannisyan EBRD BUSINESS SUPPORT OFFICE Vahe G. Kakoyan INVESTMENT LAW GROUP LLC Izabella Kantarjyan GLOBAL
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) Nusmir Huskic HUSKIC LAW OFFICE Emir Ibisevic DELOITTE ADVISORY SERVICES D. O. O. Arela Jusufbasic-Goloman LAWYERS OFFICE TKALCICDULIC, PREBANIC
OF FINANCE Abdul Aziz Abdullah DEPARTMENT OF ELECTRICAL SERVICES Mohd Anuwar Aziz NEW SUPER BRIGHT LIGHTING ENTERPRISE Danny Chua BRUNEI TRANSPORTING COMPANY Mohamad
ONG LEGAL SERVICES Karthigeyan Srinivasan AUTORITI MONETARI BRUNEI DARUSSALAM Shazali Sulaiman KPMG Ting Tiu Pheng ARKITEK TING Cecilia Wong TRICOR (B) SDN BHD BULGARIA TAX ACCOUNT LTD.
Miafo Bonny Bonn BONNY BONN ENTERPRISES Aser Frederic Boulock ATANGA LAW OFFICE Anne Marie Diboundje Njocke CABINET DIBOUNDJE NJOCKE & ASSOCIÉS
Catherine Macinnis BLANEY MCMURTRY, LLP Alena Makavets PWC CANADA Terry Mccann MLG ENTERPRISES LTD. William Mccarthy FCT Patricia Meehan PWC CANADA William Northcote SHIBLEY RIGHTON LLP Alfred Page BORDEN LADNER GERVAIS LLP Eric Paton
& SERVICES Dramane Kouakou BOLLORÉ AFRICA LOGISTICS Usher Kouakou EOLIS Gilles Kouamé PWC CÔTE D'IVOIRE Angèle A. Kouassi CABINET KOUASSI ET ASSOCIÉS Dominique
LAW OFFICE CIKAC Ivan Cuk VUKMIR & ASOCIATES Carla Culi AGENCY FOR INVESTMENTS AND COMPETITIVENESS Sa a Divjak DIVJAK, TOPIC & BAHTIJAREVIC Renata Duka MINISTRY
Herceg CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dunja Hitrec ERNST & YOUNG SAVJETOVANJE D. O. O. Branimir Ivekovic IVEKOVIC LAW OFFICE Vinka Jelavic AGENCY FOR INVESTMENTS AND COMPETITIVENESS
MEMBER OF LEX MUNDI Sa a Jovicic WOLF THEISS Domagoj Juricic CROATIAN CHAMBER OF ECONOMY Sanja Jurkovic PWC CROATIA Petra Jurkovic Mutab ija
CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Ancica Kacic CITY OF ZAGREB OFFICE FOR PHYSICAL PLANNING, CONSTRUCTION OF THE CITY, UTILITY SERVICES AND TRANSPORT Ozren Kobsa DIVJAK, TOPIC & BAHTIJAREVIC Iva
, TOPIC & BAHTIJAREVIC Danijel Me tric MINISTRY OF PHYSICAL PLANNING AND CONSTRUCTION Ivanka Mikulinec MINISTRY OF PHYSICAL PLANNING AND CONSTRUCTION Sladana Miocic AGENCY FOR INVESTMENTS AND COMPETITIVENESS Jan
SERVICES AND TRANSPORT Tatjana Pinhak MINISTRY OF JUSTICE Kre imir Planinic PLANINIC & PARTNERS Danijel Pribanic KN KARANOVIC & NIKOLIC Tomislav Poljak HEP DISTRIBUTION
CROATIAN CHAMBER OF ECONOMY, BUSINESS INFORMATION CENTER Sandra Svaljek CENTRAL CITY ADMINISTRATION OF ZAGREB Marin Svic PRALJAK & SVIC Zoran Tasic CMS LEGAL Zrinka Terlep ZAGREB COMMERCIAL COURT
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NATIONAL SHIPPING AND MARINE SERVICES COMPANY WLL Mohamed Riaz SULTAN AL-ABDULLA & PARTNERS Marie-Anne Roberty-Jabbour LALIVE LLC Sohaib Rubbani
REGISTRATION CADASTRE AND CARTOGRAPHY Elena Agaeva EGOROV PUGINSKY AFANASIEV & PARTNERS Julia Andreeva CAPITAL LEGAL SERVICES LLC Anatoly E. Andriash NORTON ROSE
FULBRIGHT (CENTRAL EUROPE) LLP Aleksandr Androsov MOSENERGOSBYT Elena Anisimova CAPITAL LEGAL SERVICES LLC Irina Anyukhina ALRUD
CAPITAL LEGAL SERVICES LLC David Cranfield CMS LEGAL Marina Dmitrieva DLA PIPER RUS LIMITED Olga Duchenko KACHKIN & PARTNERS Vasina Ekaterina
LEGAL SERVICES LLC Roman Ishmukhametov BAKER & MCKENZIE Maria Ivakina ALRUD LAW FIRM Ivan Ivanov FINEC Maxim Kalinin BAKER & MCKENZIE Diana Kalyaeva
PRICEWATERHOUSECOOPERS RUSSIA BV Alexey Karchiomov EGOROV PUGINSKY AFANASIEV & PARTNERS Mitrofan Karpekin BANK SAINT PETERSBURG Pavel Karpunin CAPITAL LEGAL SERVICES LLC Ekaterina
EGOROV PUGINSKY AFANASIEV & PARTNERS Ilya Kotov ATTORNEYS-AT-LAW BORENIUS Vadim Kovalyov CAPITAL LEGAL SERVICES LLC
Oksana Kozhevnikova CAPITAL LEGAL SERVICES LLC Alyona Kozyreva NORTON ROSE FULBRIGHT (CENTRAL EUROPE) LLP Natalia Kruglova Artem Kukin INFRALEX LAW FIRM Dmitry
MEMBER OF LEX MUNDI Alexandra Yaroshook DLA PIPER RUS LIMITED Maxim Yashkov PUBLISHING HOUSE CUSTOMS TERMINALS Vladislav Zabrodin CAPITAL LEGAL SERVICES LLC
Stephen Zawadi MILLENIUM LAW CHAMBERS SAMOA BETHAM BROTHERS ENTERPRISES LTD. MINISTRY OF WORKS, TRANSPORT & INFRASTRUCTURE SOLOI SURVEY SERVICES Lawrie Burich QUANTUM CONTRAX LTD.
Shelley Burich QUANTUM CONTRAX LTD. Murray Drake DRAKE & CO. Fiona Ey CLARKE EY LAWYERS Anthony Frazier Margaret Fruean MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Taulapapa Brenda Heather
INDUSTRY AND LABOUR Tomasi Peni MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Arthur R. Penn LESA MA PENN Peato Sam Ling SAMOA SHIPPING SERVICES LTD.
Faiiletasi Elaine Seuao MINISTRY OF COMMERCE, INDUSTRY AND LABOUR Sala Theodore Sialau Toalepai SAMOA SHIPPING SERVICES LTD.
SERVICES CO. Abdul Shakoor GLOBE MARINE SERVICES CO. Peter Stansfield AL-JADAAN & PARTNERS LAW FIRM Juergen Villmer AL-SOAIB LAW FIRM Abdul
OF FINANCE, TRADE AND INVESTMENT MINISTRY OF LABOUR AND HUMAN RESOURCES DEVELOPMENT PUBLIC UTILITIES CORPORATION SEYCHELLES NATIONAL PLANNING AUTHORITY SEYCHELLES PORTS AUTHORITY SEYCHELLES PUBLIC UTILITIES CORPORATION SEYCHELLES
Theophilus Clarkson AHMRY SERVICES Grace Coleridge-Taylor CHARIOT EIGHT Abu Bakr Dexter E e c. SHEARS-MOSES & CO. Ibrahim Dumbuya BANK OF SIERRA LEONE
Tejan-Jalloh TROPICAL AND ENVIRONMENTAL ASSOCIATES Valisius Thomas ADVENT CHAMBERS Mohamed Ahmad Tunis AHMRY SERVICES Franklyn Williams SIERRA LEONE BUSINESS FORUM LTD.
O. Peter Ondrejka MINISTRY OF ECONOMY Simona Rapavá WHITE & CASE S. R. O. Ivana aková CECHOVÁ & PARTNERS S. R. O. Gerta
PWC SLOVAKIA Katarina Simurdova PWC SLOVAKIA Jakub Skalo MINISTRY OF ECONOMY Jaroslav kubal PRK PARTNERS S. R. O. Stanislava Valientová WHITE
. R. O. SLOVENIA Marjan Babic AGENCY FOR PUBLIC LEGAL RECORDS AND RELATED SERVICES Nata a Bo ovic BANK OF SLOVENIA Lana Brlek PWC CROATIA
Jernej Jeraj CMS REICH-ROHRWIG HAINZ Sabina Jereb MINISTRY FOR ENVIRONMENTAL AND SPATIAL PLANNING Ana Kavcic AGENCY FOR PUBLIC LEGAL RECORDS AND RELATED SERVICES
a Pipan Nahtigal ODVETNIKI ELIH & PARTNERJI Bojan Podgor ek NOTARIAT Marija Remic AGENCY FOR PUBLIC LEGAL RECORDS AND RELATED SERVICES Kostanca Rettinger KREDITNI
AND RELATED SERVICES Katja Wostner BDO SVETOVANJE D. O. O. Nina efran DELOITTE Alojz Zupancic CUSTOMS ADMINISTRATION OF THE REPUBLIC OF SLOVENIA Tina vanut
SERVICES Martin B. Sam SOLOMON ISLANDS ELECTRICITY AUTHORITY Gregory Joseph Sojnocki MORRIS & SOJNOCKI CHARTERED ACCOUNTANTS Gerald Stenzel TRADCO SHIPPING John Sullivan SOL
SHIPPING SERVICES Willibald Charles BARON SHIPPING & BROKERAGE INC. Sean Compton MELON DESIGN: ARCHITECTURE Swithin Donelly MINISTRY OF ECONOMIC AFFAIRS, ECONOMIC PLANNING & NATIONAL DEVELOPMENT Raquel Du Boulay-Chastanet DU BOULAY, ANTHONY & CO. Brenda M
LUCIA ELECTRICITY SERVICES LTD. Claire Greene-Malaykhan PETER I. FOSTER & ASSOCIATES Claude Guillaume INTERISLAND ARCHITECTS
AND URBAN RENEWAL Janelle Sagusingh TROPICAL SHIPPING Catherine Sealys PROCUREMENT SERVICES INTERNATIONAL Michael Sewordor MINISTRY OF COMMUNICATIONS, WORKS, TRANSPORT AND PUBLIC UTILITIES Renee St rose
SERVICES LTD. Michaela N. Ambrose BAPTISTE & CO. LAW FIRM Kay R. A. Bacchus-Browne KAY BACCHUS-BROWNE CHAMBERS Rene M. Baptiste BAPTISTE & CO
KHALIL & SIDDIG ADVOCATES Wael Abdin SUDANESE COMMERCIAL LAW OFFICE Yousif Abdulatif DARKA FOR TRADING & SERVICES CO. LTD.
Emtinan Ali CIASA Mohanad Almokashfi CIASA Abdalla Bashir Ibrahim Alataya MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Awad Darwish DARKA FOR TRADING & SERVICES
Alaa El Numan DARKA FOR TRADING & SERVICES CO. LTD. Mohamed Elebodi CIASA Ahmed M. Elhillali AMERICAN SUDANESE CONSULTING INC. Hiba Elsayed Abdo MAHMOUD ELSHEIKH OMER & ASSOCIATES ADVOCATES Asmaa Hamad
KARIB & MEDANI ADVOCATES Abdulhakim Omar SDV LOGISTICS Rayan Omer OMER ABDEL ATI SOLICITORS Mohamed Alaaeldin Osman DARKA FOR TRADING & SERVICES CO. LTD.
Muzikayise Dube SWAZILAND INVESTMENT PROMOTION AUTHORITY John Earl Henwood CLOETE HENWOOD Thulasizwe Clyde Hlophe OFFICE OF THE REGISTRAR SWAZILAND Phumlile Tina Khoza
. ADVOCATES Steven Mlote ENGINEERS REGISTRATION BOARD George Mpeli Kilindu REXATTORNEYS Ali Mufuruki INFOTECH INVESTMENT GROUP Carolyne Muro REXATTORNEYS Shabani Mwatawala
SILVA TEIXEIRA & ASSOCIADOS, LDA Christiara Tiffani PWC INDONESIA Tim Robert Watson PWC INDONESIA TOGO AGENCE EPAUC NOUVELLE DIRECTION DES SERVICES
OF LANDS, SURVEY, NATURAL RESOURCES & ENVIRONMENT Fisilau Leone ITS PACIFIC ENGINEERING CONSULTANTS James Lutui CROWN LAW Salesi Mataele OCEANTRANZ TONGA LTD.
Marlon Beharry MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Tiffanny Castillo M. HAMEL-SMITH & CO.
.,MEMBER OF LEX MUNDI Melissa Inglefield M. HAMEL-SMITH & CO.,MEMBER OF LEX MUNDI Randall Karim MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Bijili Lalla
Arun Seenath DELOITTE Nicholas Sinanan JOHNSON, CAMACHO & SINGH Neshan Singh MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Stephen A. Singh JOHNSON, CAMACHO & SINGH Jonathan
SOMAY HUKUK BÜROSU Metin Abut MOROGLU ARSEVEN Erol Acun ÖZAK TEKSTIL Emre Akarkarasu PWC TURKEY Serdar Akinci MINISTRY OF ECONOMY Simge Akyüz
MEMBER OF IUS LABORIS Osman Nuri Gönenç CENTRAL BANK OF THE REPUBLIC OF TURKEY Damla Gonul PRICEWATERHOUSECOOPERS Berkay Gül MOROGLU ARSEVEN Nurettin Gündogmus AKTIF INVESTMENT
Ünal AKTIF INVESTMENT BANK AS Mustafa Ünal ERYÜREKLI LAW OFFICE Anil Uysal TALAL ABU GHAZALEH LEGAL (TAG-LEGAL) Baris Yalçin PWC
AND TRAINING SERVICES LTD. Ali Sina Yurtsever ADMD-MAVIOGLU & ALKAN LAW OFFICE Çaglar Yurttürk YUKA LAW OFFICE Serap Zuvin SERAP ZUVIN LAW OFFICES UGANDA
AUTHORITY (KCCA) Matovu Emmy MARMA TECHNICAL SERVICES Ninsiima Irene ANGUALIA, BUSIKU & CO. ADVOCATES Sarfaraz Jiwani SEYANI BROTHERS & CO. U) LTD.
Lwanga John Bosco MARMA TECHNICAL SERVICES Macdusman Kabega TUMSIIME, KABEGA & CO. ADVOCATES Godwin Kakande TUMUSIIME, KABEGA & CO. ADVOCATES Francis Kamulegeya
SAFFARINI CONSULTANTS Saeed Al-Hamiz CENTRAL BANK OF THE UNITED ARAB EMIRATES Sajid Ali TRANS WORLD SHIPPING SERVICES LLC Ahmed Khalifa Al
Chhipa CARGO LINE SHIPPING SERVICES LLC Satheesh Chundayil DANZAS AEI EMIRATES LLC Hasan Daboul NAIF MARINE SERVICES CO. Lisa Dale AL TAMIMI
Michael Dawes MEMERY CRYSTAL LLP Richard Dickman PINSENT MASONS LLP Kathryn Donovan LATHAM & WATKINS LLP Zaki Ejaz RIGHT LEGAL ADVICE Kristy
UK POWER NETWORKS Christopher Mallon SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Aliss Mansfield BAKER & MCKENZIE Andrew Maple APPROVED INSPECTOR SERVICES LIMITED
Sandra Simoni DEPARTMENT FOR COMMUNITIES AND LOCAL GOVERNMENT Mike Smith MORRISON UTILITY CONNECTIONS Susanna Strandell DEPARTMENT FOR COMMUNITIES AND LOCAL GOVERNMENT Paul Timmins APPROVED INSPECTOR SERVICES
Hallem MANATT, PHELPS & PHILLIPS, LLP Donald Hamman STUART KANE Frank Hernandez YUSEN LOGISTICS Conan Higgins TSI LEGAL ENTERPRISES, PC Sanford
Alimov AGENCY UZSTANDART Umid Aripdjanov COLIBRI LAW FIRM Elvina Asanova GRATA LAW FIRM Vlada Burlachenko INTERLINK GLOBAL SERVICES Peter Burnie PWC KAZAKHSTAN Kariev
CONSULTING SERVICES Murad Abu Mwis MINISTRY OF NATIONAL ECONOMY Salah Alodeh RAMALLAH CHAMBER OF COMMERCE & INDUSTRY Haytham L. Al-Zubi AL-ZUBI LAW
Attereh HUSSAM ATTEREH GROUP FOR LEGAL SERVICES Amjad Badran USAID WEST BANK AND GAZA Andrew W. Craig HUSSEINI & HUSSEINI Ali Faroun PALESTINIAN MONETARY AUTHORITY Fadi Hamad USAID WEST BANK AND GAZA Ali Hamoudeh JERUSALEM DISTRICT ELECTRICITY
INVESTMENT PROMOTION AGENCY Hussein Jaloudi MINISTRY OF FINANCE Bilal Kamal ITTQAN ATTORNEYS-AT-LAW Rasem Kamal KAMAL & ASSOCIATES-ATTORNEYS AND COUNSELLORS-AT-LAW Mohamed
Raed Rajab INVESTMENT CLIMATE IMPROVEMENT PROJECT Samir Sahhar HLB SAMIR B. SAHHAR CERTIFIED PUBLIC ACCOUNTANTS Maysa Sarhan PALESTINIAN MONETARY AUTHORITY Abdulrahman Sawayfeh STONE
ASSISTANCE PROJECT-JSAPII Richard Wolfe CHEMONICS Odeh Zaghmori PALESTINIAN FEDERATION OF INDUSTRIES YEMEN, REP. CENTRAL BANK OF YEMEN SAS FOR CARGO SERVICES Qusai Abdalla
ADVOCACY AND LEGAL CONSULTATIONS OFFICE (ALCO) Saeed Sohbi SAEED HASSAN SOHBI Khaled Hassan Zaid YEMEN CHAMBER OF SHIPPING ZAMBIA ENERGY MANAGEMENT SERVICES
GODLONTON & GERRANS Raymond Nembo SAWYER & MKUSHI Maxwell Ngorima BDO TAX & ADVISORY SERVICES PVT.
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