Region Pro le of Latin America and Caribbean (LAC) Doing Business 2018 Indicators Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Region Pro le of Latin America and Caribbean (LAC) Doing Business 2018 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company Dealing with construction Procedures, time and cost to complete all formalities to build a warehouse and the quality control and permits safety mechanisms in the construction permitting system Getting electricity Procedures, time and cost to get connected to the electrical grid, the reliability of the electricity supply and the transparency of tariffs Registering property Procedures, time and cost to transfer a property and the quality of the land administration system Getting credit Movable collateral laws and credit information systems Protecting minority investors Minority shareholders’ rights in related-party transactions and in corporate governance Paying taxes Payments, time and total tax rate for a firm to comply with all tax regulations as well as post-filing processes Trading across borders Time and cost to export the product of comparative advantage and import auto parts Enforcing contracts Time and cost to resolve a commercial dispute and the quality of judicial processes Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency and the strength of the legal framework for insolvency About Doing Business The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle. Doing Business captures several important dimensions of the regulatory environment as it applies to local rms. It provides quantitative indicators on regulation for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures features of labor market regulation. Although Doing Business does not present rankings of economies on the labor market regulation indicators or include the topic in the aggregate distance to frontier score or ranking on the ease of doing business, it does present the data for these indicators. By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages economies to compete towards more e cient regulation; o ers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy. In addition, Doing Business o ers detailed subnational reports, which exhaustively cover business regulation and reform in di erent cities and regions within a nation. These reports provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. Selected cities can compare their business regulations with other cities in the economy or region and with the 190 economies that Doing Business has ranked. The rst Doing Business report, published in 2003, covered 5 indicator sets and 133 economies. This year’s report covers 11 indicator sets and 190 economies. Most indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013 (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business, also collected data for the Page 2   second largest business city. The data for these 11 economies are a population-weighted average for the 2 largest business Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency and the strength of the legal framework Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) for insolvency About Doing Business The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle. Doing Business captures several important dimensions of the regulatory environment as it applies to local rms. It provides quantitative indicators on regulation for starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures features of labor market regulation. Although Doing Business does not present rankings of economies on the labor market regulation indicators or include the topic in the aggregate distance to frontier score or ranking on the ease of doing business, it does present the data for these indicators. By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages economies to compete towards more e cient regulation; o ers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy. In addition, Doing Business o ers detailed subnational reports, which exhaustively cover business regulation and reform in di erent cities and regions within a nation. These reports provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. Selected cities can compare their business regulations with other cities in the economy or region and with the 190 economies that Doing Business has ranked. The rst Doing Business report, published in 2003, covered 5 indicator sets and 133 economies. This year’s report covers 11 indicator sets and 190 economies. Most indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013 (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business, also collected data for the second largest business city. The data for these 11 economies are a population-weighted average for the 2 largest business cities. The project has bene ted from feedback from governments, academics, practitioners and reviewers. The initial goal remains: to provide an objective basis for understanding and improving the regulatory environment for business around the world. More about Doing Business (PDF, 5MB) The Business Environment For policy makers, knowing where their economy stands in the aggregate ranking on the ease of doing business is useful. Also useful is to know how it ranks compared with other economies in the region and compared with the regional average. Another perspective is provided by the regional average rankings on the topics included in the ease of doing business ranking and the distance to frontier scores. How economies in Latin America and Caribbean (LAC) rank on the ease of doing business Mexico (Rank 49) 72.27 Peru (Rank 58) 69.45 Colombia (Rank 59) 69.41 Costa Rica (Rank 61) 69.13 Puerto Rico (U.S.) (Rank 64) 68.85 Jamaica (Rank 70) 67.27 El Salvador (Rank 73) 66.42 Panama (Rank 79) 65.27 St. Lucia (Rank 91) 62.88 Uruguay (Rank 94) 61.99 Guatemala (Rank 97) 61.18 Page 3   world. More Doingabout 2018 (PDF, Doing Business Business 5MB) LATIN AMERICA AND CARIBBEAN (LAC) The Business Environment For policy makers, knowing where their economy stands in the aggregate ranking on the ease of doing business is useful. Also useful is to know how it ranks compared with other economies in the region and compared with the regional average. Another perspective is provided by the regional average rankings on the topics included in the ease of doing business ranking and the distance to frontier scores. How economies in Latin America and Caribbean (LAC) rank on the ease of doing business Mexico (Rank 49) 72.27 Peru (Rank 58) 69.45 Colombia (Rank 59) 69.41 Costa Rica (Rank 61) 69.13 Puerto Rico (U.S.) (Rank 64) 68.85 Jamaica (Rank 70) 67.27 El Salvador (Rank 73) 66.42 Panama (Rank 79) 65.27 St. Lucia (Rank 91) 62.88 Uruguay (Rank 94) 61.99 Guatemala (Rank 97) 61.18 Dominica (Rank 98) 60.96 Dominican Republic (Rank 99) 60.93 Trinidad and Tobago (Rank 102) 60.68 Antigua and Barbuda (Rank 107) 59.63 Paraguay (Rank 108) 59.18 Honduras (Rank 115) 58.46 Argentina (Rank 117) 58.11 Ecuador (Rank 118) 57.83 Bahamas, The (Rank 119) 57.47 Belize (Rank 121) 57.11 Brazil (Rank 125) 56.45 Guyana (Rank 126) 56.28 St. Vincent and the Grenadines (Rank 129) 55.72 Nicaragua (Rank 131) 55.39 Barbados (Rank 132) 55.20 St. Kitts and Nevis (Rank 134) 54.52 Grenada (Rank 142) 52.94 Bolivia (Rank 152) 50.18 Suriname (Rank 165) 46.87 Haiti (Rank 181) 38.24 Venezuela, RB (Rank 188) 30.87 Regional Average (Rank 110) 58.66 0 20 40 60 80 100 Distance to frontier score Note: Economies are ranked on their ease of doing business, from 1–190. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2017. The distance to frontier (DTF) 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. An economy’s distance to frontier is re ected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. Source: Doing Business database Page 4   Rankings on Doing Business topics - Latin America and Caribbean (LAC) lowest performance and 100 represents the frontier. Doing Source: Business Doing 2018 Business LATIN database AMERICA AND CARIBBEAN (LAC) Rankings on Doing Business topics - Latin America and Caribbean (LAC) Starting a Business (116) Resolving Insolvency (107) 0 Dealing with Construction Permits (111) 38 76 114 Enforcing Contracts (107) Getting Electricity (86) 152 190 Trading across Borders (101) Registering Property (118) Paying Taxes (126) Getting Credit (92) Protecting Minority Investors (114) Regional average ranking (Scale: Rank 190 center, Rank 1 outer edge) Source: Doing Business database. Distance to frontier scores on Doing Business topics - Latin America and Caribbean (LAC) Starting a Business (78.09) Resolving Insolvency (38.95) 100 Dealing with Construction Permits (63.59) 80 60 40 Enforcing Contracts (53.13) Getting Electricity (70.45) 20 0 Trading across Borders (68.71) Registering Property (55.36) Paying Taxes (60.16) Getting Credit (50.94) Protecting Minority Investors (47.24) (Scale: Score 0 center, Score 100 outer edge) Note: Economies are ranked on their ease of doing business, from 1–190. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2017. The distance to frontier (DTF) 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. An economy’s distance to frontier is re ected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. Source: Doing Business database Starting a Business This topic measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium- sized limited liability company to start up and formally operate in economy’s largest business city. Page 5   lowest performance and 100 represents the frontier. Doing Source: Business Doing 2018 Business LATIN database AMERICA AND CARIBBEAN (LAC) Rankings on Doing Business topics - Latin America and Caribbean (LAC) Starting a Business (116) Resolving Insolvency (107) 0 Dealing with Construction Permits (111) 38 76 114 Enforcing Contracts (107) Getting Electricity (86) 152 190 Trading across Borders (101) Registering Property (118) Paying Taxes (126) Getting Credit (92) Protecting Minority Investors (114) Regional average ranking (Scale: Rank 190 center, Rank 1 outer edge) Source: Doing Business database. Distance to frontier scores on Doing Business topics - Latin America and Caribbean (LAC) Starting a Business (78.09) Resolving Insolvency (38.95) 100 Dealing with Construction Permits (63.59) 80 60 40 Enforcing Contracts (53.13) Getting Electricity (70.45) 20 0 Trading across Borders (68.71) Registering Property (55.36) Paying Taxes (60.16) Getting Credit (50.94) Protecting Minority Investors (47.24) (Scale: Score 0 center, Score 100 outer edge) Note: Economies are ranked on their ease of doing business, from 1–190. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2017. The distance to frontier (DTF) 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. An economy’s distance to frontier is re ected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. Source: Doing Business database Starting a Business This topic measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium- sized limited liability company to start up and formally operate in economy’s largest business city. Page 6   best performance observed on each of the indicators across all economies in the Doing Business sample since 2005. An economy’s distance to frontier is re ected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. Source: Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Doing database Business Starting a Business This topic measures the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium- sized limited liability company to start up and formally operate in economy’s largest business city. To make the data comparable across 190 economies, Doing Business uses a standardized business that is 100% domestically owned, has start-up capital equivalent to 10 times income per capita, engages in general industrial or commercial activities and employs between 10 and 50 people one month after the commencement of operations, all of whom are domestic nationals. Starting a Business considers two types of local limited liability companies that are identical in all aspects, except that one company is owned by 5 married women and the other by 5 married men. The distance to frontier score for each indicator is the average of the scores obtained for each of the component indicators. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Procedures to legally start and operate a To make the data comparable across economies, several assumptions company (number) about the business and the procedures are used. It is assumed that any required information is readily available and that the entrepreneur will Pre-registration (for example, name verification or pay no bribes. reservation, notarization) Registration in economy’s largest business city The business: Post-registration (for example, social security - Is a limited liability company (or its legal equivalent). If there is more than one type of limited liability company in the economy, the most registration, company seal) common among domestic rms is chosen. Information on the most Obtaining approval from spouse to start business common form is obtained from incorporation lawyers or the statistical or leave home to register company o ce. Obtaining any gender-specific permission that can - Operates in the economy’s largest business city and the entire o ce impact company registration, company operations space is approximately 929 square meters (10,000 square feet). For 11 and process of getting national identity card economies the data are also collected for the second largest business Time required to complete each procedure city. (calendar days) - Is 100% domestically owned and has ve owners, none of whom is a Does not include time spent gathering information legal entity; and has a start-up capital of 10 times income per capita and Each procedure starts on a separate day (2 has a turnover of at least 100 times income per capita. - Performs general industrial or commercial activities, such as the procedures cannot start on the same day) production or sale of goods or services to the public. The business does Procedures fully completed online are recorded as not perform foreign trade activities and does not handle products ½ day subject to a special tax regime, for example, liquor or tobacco. It does not Procedure is considered completed once final use heavily polluting production processes. document is received - Leases the commercial plant or o ces and is not a proprietor of real No prior contact with officials estate and the amount of the annual lease for the o ce space is Cost required to complete each procedure (% equivalent to 1 times income per capita. of income per capita) - Does not qualify for investment incentives or any special bene ts. Official costs only, no bribes - Has at least 10 and up to 50 employees one month after the commencement of operations, all of whom are domestic nationals. No professional fees unless services required by - Has a company deed 10 pages long. law or commonly used in practice Paid-in minimum capital (% of income per The owners: capita) - Have reached the legal age of majority. If there is no legal age of majority, they are assumed to be 30 years old. Funds deposited in a bank or with third party - Are sane, competent, in good health and have no criminal record. before registration or up to 3 months after - Are married and the marriage is monogamous and registered with the incorporation authorities. - Where the answer di ers according to the legal system applicable to the woman or man in question (as may be the case in economies where there is legal plurality), the answer used will be the one that applies to the majority of the population. Starting a Business Page 7   there is legal plurality), the answer used will be the one that applies to Doing Business 2018 the majority of LATIN AMERICA AND CARIBBEAN the population. (LAC) Starting a Business Where do the region’s economies stand today? How easy is it for entrepreneurs in economies in Latin America and Caribbean (LAC) to start a business? The global rankings of these economies on the ease of starting a business suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of starting a business Jamaica (Rank 5) 97.30 Panama (Rank 39) 92.02 Puerto Rico (U.S.) (Rank 47) 91.29 Uruguay (Rank 61) 89.80 Dominica (Rank 67) 89.29 St. Lucia (Rank 69) 88.79 Trinidad and Tobago (Rank 71) 88.57 Grenada (Rank 82) 87.09 St. Vincent and the Grenadines (Rank 85) 86.82 Mexico (Rank 90) 85.84 St. Kitts and Nevis (Rank 91) 85.76 Guyana (Rank 92) 85.55 Colombia (Rank 96) 85.32 Barbados (Rank 99) 85.11 Bahamas, The (Rank 108) 84.18 Peru (Rank 114) 83.39 Dominican Republic (Rank 116) 83.23 Antigua and Barbuda (Rank 126) 81.69 Costa Rica (Rank 127) 81.65 Nicaragua (Rank 138) 79.61 Guatemala (Rank 139) 79.30 El Salvador (Rank 140) 78.88 Paraguay (Rank 146) 77.52 Honduras (Rank 150) 76.98 Argentina (Rank 157) 75.15 Belize (Rank 161) 73.24 Ecuador (Rank 168) 70.50 Brazil (Rank 176) 65.05 Bolivia (Rank 179) 62.95 Suriname (Rank 186) 48.27 Haiti (Rank 189) 33.70 Venezuela, RB (Rank 190) 25.00 Regional Average (Rank 116) 78.09 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Starting a Business The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to start a business in each economy in the region: the number of procedures, the time, the cost and the paid-in minimum capital requirement. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 8   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Starting a Business The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to start a business in each economy in the region: the number of procedures, the time, the cost and the paid-in minimum capital requirement. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to start a business in economies in Latin America and Caribbean (LAC) Procedure – Men (number) Regional Average 8.4 South Asia (SA) 7.9 East Asia and the Pacific (EAP) 7.0 European Union (EU) 5.4 Europe and Central Asia (ECA) 5.2 OECD High Income 4.9 Venezuela 20.0 Bolivia 14.0 Argentina 13.0 Suriname 13.0 Haiti 12.0 Brazil 11.0 Ecuador 11.0 Honduras 11.0 Antigua and Barbuda 9.0 Belize 9.0 Costa Rica 9.0 El Salvador 9.0 Barbados 8.0 Colombia 8.0 Guatemala 8.0 Mexico 7.8 Bahamas 7.0 Dominican Republic 7.0 Guyana 7.0 Nicaragua 7.0 Paraguay 7.0 Peru 7.0 St. Kitts and Nevis 7.0 St. Vincent and the Grenadines 7.0 Trinidad and Tobago 7.0 Grenada 6.0 Puerto Rico 6.0 Dominica 5.0 Panama 5.0 St. Lucia 5.0 Uruguay 5.0 Jamaica 2.0 0 5 10 15 20 25 Source: Doing Business database. Starting a Business Page 9   Time – Men (days) Jamaica 2.0 0 5 10 15 20 25 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Starting a Business Time – Men (days) Regional Average 31.7 East Asia and the Pacific (EAP) 22.7 South Asia (SA) 15.4 Europe and Central Asia (ECA) 10.1 European Union (EU) 10.0 OECD High Income 8.5 Venezuela 230.0 Haiti 97.0 Suriname 84.0 Brazil 79.5 Ecuador 48.5 Bolivia 45.0 Belize 43.0 Paraguay 35.0 Guatemala 26.5 Peru 26.5 Argentina 24.0 Costa Rica 22.5 Antigua and Barbuda 22.0 Bahamas 21.5 St. Kitts and Nevis 18.5 Guyana 18.0 Dominican Republic 16.5 El Salvador 16.5 Barbados 15.0 Grenada 15.0 Nicaragua 14.0 Honduras 13.0 Dominica 12.0 Colombia 11.0 St. Lucia 11.0 Trinidad and Tobago 10.5 St. Vincent and the Grenadines 10.0 Mexico 8.4 Uruguay 6.5 Panama 6.0 Puerto Rico 5.5 Jamaica 3.0 0 50 100 150 200 250 Source: Doing Business database. Starting a Business Cost – Men (% of income per capita) Regional Average 37.5 South Asia (SA) 21.4 East Asia and the Pacific (EAP) 18.4 Europe and Central Asia (ECA) 4.4 Page 10   European Union (EU) 3.4 Jamaica 3.0 0 50 100 150 200 250 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Starting a Business Cost – Men (% of income per capita) Regional Average 37.5 South Asia (SA) 21.4 East Asia and the Pacific (EAP) 18.4 Europe and Central Asia (ECA) 4.4 European Union (EU) 3.4 OECD High Income 3.1 Venezuela 351.6 Haiti 200.2 Suriname 97.8 Nicaragua 65.4 Bolivia 54.0 El Salvador 41.4 Honduras 41.3 Paraguay 39.9 Belize 34.6 Guatemala 22.9 Uruguay 22.5 Ecuador 21.9 St. Lucia 21.5 Mexico 17.0 St. Vincent and the Grenadines 15.8 Dominica 15.5 Grenada 15.3 Dominican Republic 14.5 Colombia 14.0 Bahamas 13.8 Argentina 10.4 Peru 10.0 Guyana 9.8 Antigua and Barbuda 9.1 Costa Rica 8.5 Barbados 7.6 St. Kitts and Nevis 7.2 Panama 5.7 Brazil 5.0 Jamaica 4.8 Puerto Rico 0.8 Trinidad and Tobago 0.8 0 50 100 150 200 250 300 350 400 Source: Doing Business database. Starting a Business Paid-in min. capital (% of income per capita) East Asia and the Pacific (EAP) 15.1 European Union (EU) 10.1 OECD High Income 8.7 Europe and Central Asia (ECA) 3.4 Page 11   Regional Average 2.1 Trinidad and Tobago 0.8 0 50 100 150 200 250 300 350 400 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Starting a Business Paid-in min. capital (% of income per capita) East Asia and the Pacific (EAP) 15.1 European Union (EU) 10.1 OECD High Income 8.7 Europe and Central Asia (ECA) 3.4 Regional Average 2.1 South Asia (SA) 0.2 Dominican Republic 33.9 Guatemala 16.3 Haiti 14.0 El Salvador 2.5 Suriname 0.3 Antigua and Barbuda 0.0 Argentina 0.0 Bahamas 0.0 Barbados 0.0 Belize 0.0 Bolivia 0.0 Brazil 0.0 Colombia 0.0 Costa Rica 0.0 Dominica 0.0 Ecuador 0.0 Grenada 0.0 Guyana 0.0 Honduras 0.0 Jamaica 0.0 Mexico 0.0 Nicaragua 0.0 Panama 0.0 Paraguay 0.0 Peru 0.0 Puerto Rico 0.0 St. Kitts and Nevis 0.0 St. Lucia 0.0 St. Vincent and the Grenadines 0.0 Trinidad and Tobago 0.0 Uruguay 0.0 Venezuela 0.0 0 5 10 15 20 25 30 35 40 Source: Doing Business database. Dealing with Construction Permits This topic tracks the procedures, time and cost to build a warehouse—including obtaining necessary the licenses and permits, submitting all required noti cations, requesting and receiving all necessary inspections and obtaining utility connections. In addition, the Dealing with Construction Permits indicator measures the building quality control index, evaluating the quality of building regulations, the strength of quality control and safety mechanisms, liability and insurance regimes, and professional certi cation requirements. The most recent round of data collection was completed in June 2017. See the methodology for more information Page 12   What the indicators measure Case study assumptions Venezuela 0.0 0 5 10 15 20 25 30 35 40 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Dealing with Construction Permits This topic tracks the procedures, time and cost to build a warehouse—including obtaining necessary the licenses and permits, submitting all required noti cations, requesting and receiving all necessary inspections and obtaining utility connections. In addition, the Dealing with Construction Permits indicator measures the building quality control index, evaluating the quality of building regulations, the strength of quality control and safety mechanisms, liability and insurance regimes, and professional certi cation requirements. The most recent round of data collection was completed in June 2017. See the methodology for more information What the indicators measure Case study assumptions Procedures to legally build a warehouse To make the data comparable across economies, several assumptions (number) about the construction company, the warehouse project and the utility connections are used. Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and The construction company (BuildCo): certificates - Is a limited liability company (or its legal equivalent) and operates in the Submitting all required notifications and receiving economy’s largest business city. For 11 economies the data are also collected for the second largest business city. all necessary inspections - Is 100% domestically and privately owned; has ve owners, none of Obtaining utility connections for water and whom is a legal entity. Has a licensed architect and a licensed engineer, sewerage both registered with the local association of architects or engineers. Registering and selling the warehouse after its BuildCo is not assumed to have any other employees who are technical completion or licensed experts, such as geological or topographical experts. Time required to complete each procedure - Owns the land on which the warehouse will be built and will sell the (calendar days) warehouse upon its completion. Does not include time spent gathering information Each procedure starts on a separate day—though The warehouse: procedures that can be fully completed online are - Will be used for general storage activities, such as storage of books or stationery. an exception to this rule - Will have two stories, both above ground, with a total constructed area Procedure is considered completed once final of approximately 1,300.6 square meters (14,000 square feet). Each oor document is received will be 3 meters (9 feet, 10 inches) high and will be located on a land plot No prior contact with officials of approximately 929 square meters (10,000 square feet) that is 100% Cost required to complete each procedure (% owned by BuildCo, and the warehouse is valued at 50 times income per of warehouse value) capita. Official costs only, no bribes - Will have complete architectural and technical plans prepared by a Building quality control index (0-15) licensed architect. If preparation of the plans requires such steps as obtaining further documentation or getting prior approvals from external Sum of the scores of six component indices: agencies, these are counted as procedures. Quality of building regulations (0-2) - Will take 30 weeks to construct (excluding all delays due to Quality control before construction (0-1) administrative and regulatory requirements). Quality control during construction (0-3) The water and sewerage connections: Quality control after construction (0-3) - Will be 150 meters (492 feet) from the existing water source and sewer Liability and insurance regimes (0-2) tap. If there is no water delivery infrastructure in the economy, a Professional certifications (0-4) borehole will be dug. If there is no sewerage infrastructure, a septic tank in the smallest size available will be installed or built. - Will have an average water use of 662 liters (175 gallons) a day and an average wastewater ow of 568 liters (150 gallons) a day. Will have a peak water use of 1,325 liters (350 gallons) a day and a peak wastewater ow of 1,136 liters (300 gallons) a day. - Will have a constant level of water demand and wastewater ow throughout the year; will be 1 inch in diameter for the water connection and 4 inches in diameter for the sewerage connection. Dealing with Construction Permits Where do the region’s economies stand today? Page 13   How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to legally build a warehouse? The global throughout the year; will be 1 inch in diameter for the water connection Doing Business 2018 and 4 inches in LATIN AMERICA AND CARIBBEAN diameter for the sewerage connection. (LAC) Dealing with Construction Permits Where do the region’s economies stand today? How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to legally build a warehouse? The global rankings of these economies on the ease of dealing with construction permits suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of dealing with construction permits St. Kitts and Nevis (Rank 33) 76.27 St. Lucia (Rank 34) 76.21 St. Vincent and the Grenadines (Rank 44) 74.42 Peru (Rank 61) 71.90 Dominican Republic (Rank 62) 71.73 Costa Rica (Rank 70) 71.02 Paraguay (Rank 72) 70.52 Dominica (Rank 74) 70.07 Colombia (Rank 81) 68.71 Bahamas, The (Rank 86) 68.30 Mexico (Rank 87) 68.28 Panama (Rank 88) 68.16 Jamaica (Rank 98) 67.22 Antigua and Barbuda (Rank 99) 67.09 Suriname (Rank 104) 66.40 Ecuador (Rank 105) 66.32 Honduras (Rank 113) 65.44 Belize (Rank 114) 65.28 Guatemala (Rank 116) 64.63 Trinidad and Tobago (Rank 119) 64.19 Grenada (Rank 128) 62.22 Puerto Rico (U.S.) (Rank 138) 60.17 El Salvador (Rank 139) 60.16 Venezuela, RB (Rank 143) 59.27 Barbados (Rank 155) 56.63 Bolivia (Rank 158) 55.56 Uruguay (Rank 161) 54.90 Guyana (Rank 163) 54.66 Brazil (Rank 170) 49.83 Argentina (Rank 171) 49.27 Nicaragua (Rank 174) 45.82 Haiti (Rank 177) 44.15 Regional Average (Rank 111) 63.59 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Dealing with Construction Permits The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to comply with formalities to build a warehouse in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 14   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Dealing with Construction Permits The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to comply with formalities to build a warehouse in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to comply with formalities to build a warehouse in economies in Latin America and Caribbean (LAC) Time (days) South Asia (SA) 193.9 Regional Average 191.8 European Union (EU) 174.0 Europe and Central Asia (ECA) 168.3 OECD High Income 154.6 East Asia and the Pacific (EAP) 138.2 Barbados 442.0 Brazil 434.0 Venezuela 434.0 Argentina 347.0 Bolivia 322.0 Trinidad and Tobago 253.0 Uruguay 251.0 Nicaragua 225.0 Suriname 223.0 Guyana 208.0 Guatemala 205.0 Dominica 191.0 Peru 188.0 Dominican Republic 184.0 Bahamas 180.0 Puerto Rico 165.0 Grenada 146.0 Jamaica 141.5 Antigua and Barbuda 135.0 Costa Rica 135.0 Colombia 132.0 Ecuador 132.0 Belize 127.0 El Salvador 122.5 Paraguay 121.0 St. Lucia 116.0 Panama 105.0 St. Kitts and Nevis 105.0 Haiti 98.0 Honduras 94.0 St. Vincent and the Grenadines 92.0 Mexico 82.3 0 100 200 300 400 500 Source: Doing Business database. Dealing with Construction Permits Page 15   Cost (% of warehouse value) Mexico 82.3 0 100 200 300 400 500 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Dealing with Construction Permits Cost (% of warehouse value) South Asia (SA) 17.6 Europe and Central Asia (ECA) 4.0 Regional Average 3.2 East Asia and the Pacific (EAP) 2.2 European Union (EU) 2.0 OECD High Income 1.6 Haiti 21.6 Mexico 9.9 Honduras 7.5 Colombia 7.2 Guatemala 7.0 Puerto Rico 6.3 Nicaragua 6.1 El Salvador 5.2 Argentina 3.1 Dominican Republic 2.8 Belize 2.5 Panama 2.5 Costa Rica 2.0 Grenada 2.0 Ecuador 1.9 Venezuela 1.8 Jamaica 1.7 Paraguay 1.6 Guyana 1.5 Bolivia 1.4 Peru 1.1 Bahamas 1.0 Uruguay 1.0 Antigua and Barbuda 0.8 Brazil 0.8 St. Lucia 0.6 Dominica 0.3 St. Kitts and Nevis 0.3 Barbados 0.2 Suriname 0.2 St. Vincent and the Grenadines 0.1 Trinidad and Tobago 0.1 0 5 10 15 20 25 Source: Doing Business database. Dealing with Construction Permits Building quality control index (0-15) European Union (EU) 11.6 OECD High Income 11.4 Europe and Central Asia (ECA) 11.3 East Asia and the Pacific (EAP) 8.9 Page 16   Regional Average 8.8 Trinidad and Tobago 0.1 0 5 10 15 20 25 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Dealing with Construction Permits Building quality control index (0-15) European Union (EU) 11.6 OECD High Income 11.4 Europe and Central Asia (ECA) 11.3 East Asia and the Pacific (EAP) 8.9 Regional Average 8.8 South Asia (SA) 8.7 Dominican Republic 13.0 Peru 12.0 Puerto Rico 12.0 Mexico 11.7 Argentina 11.0 Colombia 11.0 Costa Rica 11.0 Guatemala 11.0 St. Lucia 10.5 Venezuela 10.5 Bahamas 10.0 El Salvador 10.0 Honduras 10.0 Jamaica 10.0 Trinidad and Tobago 10.0 Antigua and Barbuda 9.0 Brazil 9.0 Panama 9.0 Dominica 8.0 Ecuador 8.0 Paraguay 8.0 St. Kitts and Nevis 8.0 St. Vincent and the Grenadines 8.0 Uruguay 8.0 Belize 7.0 Bolivia 7.0 Barbados 6.5 Suriname 6.5 Grenada 5.0 Haiti 5.0 Guyana 4.0 Nicaragua 3.5 0 3 6 9 12 15 Source: Doing Business database. Getting Electricity This topic tracks the procedures, time and cost required for a business to obtain a permanent electricity connection for a newly constructed warehouse. In addition to assessing e ciency of connection process, Reliability of supply and transparency of tari index measures reliability of power supply and transparency of tari s and the price of electricity. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Procedures to obtain an electricity connection Page 17   To make the data comparable across economies, several assumptions Nicaragua 3.5 0 3 6 9 12 15 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Getting Electricity This topic tracks the procedures, time and cost required for a business to obtain a permanent electricity connection for a newly constructed warehouse. In addition to assessing e ciency of connection process, Reliability of supply and transparency of tari index measures reliability of power supply and transparency of tari s and the price of electricity. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Procedures to obtain an electricity connection To make the data comparable across economies, several assumptions (number) are used. Submitting all relevant documents and obtaining all The warehouse: necessary clearances and permits - Is owned by a local entrepreneur and is used for storage of goods. Completing all required notifications and receiving - Is located in the economy’s largest business city. For 11 economies the all necessary inspections data are also collected for the second largest business city. Obtaining external installation works and possibly - Is located in an area where similar warehouses are typically located and purchasing material for these works is in an area with no physical constraints. For example, the property is Concluding any necessary supply contract and not near a railway. obtaining final supply - Is a new construction and is being connected to electricity for the rst Time required to complete each procedure time. (calendar days) - Has two stories with a total surface area of approximately 1,300.6 square meters (14,000 square feet). The plot of land on which it is built is Is at least 1 calendar day 929 square meters (10,000 square feet). Each procedure starts on a separate day Does not include time spent gathering information The electricity connection: Reflects the time spent in practice, with little follow- - Is a permanent one with a three-phase, four-wire Y connection with a up and no prior contact with officials subscribed capacity of 140-kilo-volt-ampere (kVA) with a power factor of Cost required to complete each procedure (% 1, when 1 kVA = 1 kilowatt (kW). of income per capita) - Has a length of 150 meters. The connection is to either the low- or Official costs only, no bribes medium-voltage distribution network and is either overhead or underground, whichever is more common in the area where the Value added tax excluded warehouse is located and requires works that involve the crossing of a The reliability of supply and transparency of 10- meter road (such as by excavation or overhead lines) but are all tari s index (0-8) carried out on public land. There is no crossing of other owners’ private Duration and frequency of power outages (0–3) property because the warehouse has access to a road. Tools to monitor power outages (0–1) - Does not require work to install the internal wiring of the warehouse. Tools to restore power supply (0–1) This has already been completed up to and including the customer’s Regulatory monitoring of utilities’ performance (0– service panel or switchboard and the meter base. 1) Financial deterrents limiting outages (0–1) The monthly consumption: Transparency and accessibility of tariffs (0–1) - It is assumed that the warehouse operates 30 days a month from 9:00 a.m. to 5:00 p.m. (8 hours a day), with equipment utilized at 80% of Price of electricity (cents per kilowatt-hour)* capacity on average and that there are no electricity cuts (assumed for Price based on monthly bill for commercial simplicity reasons) and the monthly energy consumption is 26,880 warehouse in case study kilowatt-hours (kWh); hourly consumption is 112 kWh. *Note: Doing Business measures the price of - If multiple electricity suppliers exist, the warehouse is served by the electricity, but it is not included in the distance to cheapest supplier. frontier score nor the ranking on the ease of - Tari s e ective in March of the current year are used for calculation of getting electricity. the price of electricity for the warehouse. Although March has 31 days, for calculation purposes only 30 days are used. Getting Electricity Where do the region’s economies stand today? How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to connect a warehouse to electricity? The global rankings of these economies on the ease of getting electricity suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. Page 18   getting electricity. the price of electricity for the warehouse. Although March has 31 days, Doing Business 2018 purposes only 30 days are used. for calculation(LAC) LATIN AMERICA AND CARIBBEAN Getting Electricity Where do the region’s economies stand today? How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to connect a warehouse to electricity? The global rankings of these economies on the ease of getting electricity suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of getting electricity Panama (Rank 18) 89.77 Costa Rica (Rank 21) 88.21 Trinidad and Tobago (Rank 33) 84.25 Guatemala (Rank 36) 84.02 Antigua and Barbuda (Rank 39) 83.50 St. Lucia (Rank 43) 82.88 Brazil (Rank 45) 82.46 Dominica (Rank 46) 82.43 Uruguay (Rank 50) 82.12 Peru (Rank 63) 79.01 Puerto Rico (U.S.) (Rank 69) 76.94 Grenada (Rank 73) 76.41 Colombia (Rank 81) 74.18 Belize (Rank 83) 72.97 Ecuador (Rank 85) 72.16 El Salvador (Rank 88) 71.40 St. Vincent and the Grenadines (Rank 90) 71.14 Jamaica (Rank 91) 71.11 Mexico (Rank 92) 70.99 St. Kitts and Nevis (Rank 94) 70.10 Argentina (Rank 95) 70.01 Nicaragua (Rank 100) 68.33 Bolivia (Rank 101) 68.18 Paraguay (Rank 104) 67.09 Dominican Republic (Rank 108) 64.74 Bahamas, The (Rank 117) 60.96 Suriname (Rank 131) 58.55 Guyana (Rank 132) 58.35 Haiti (Rank 138) 55.40 Honduras (Rank 144) 53.61 Barbados (Rank 160) 46.36 Venezuela, RB (Rank 186) 16.85 Regional Average (Rank 86) 70.45 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Getting Electricity The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to get a new electricity connection in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 19   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Getting Electricity The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to get a new electricity connection in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to get an electricity connection in economies in Latin America and Caribbean (LAC) Procedures (number) South Asia (SA) 5.7 Regional Average 5.5 Europe and Central Asia (ECA) 5.4 European Union (EU) 5.0 OECD High Income 4.7 East Asia and the Pacific (EAP) 4.5 Barbados 8.0 Bolivia 8.0 Guyana 8.0 Dominican Republic 7.0 Ecuador 7.0 El Salvador 7.0 Honduras 7.0 Jamaica 7.0 Mexico 6.8 Argentina 6.0 Nicaragua 6.0 St. Lucia 6.0 Venezuela 6.0 Bahamas 5.0 Belize 5.0 Colombia 5.0 Costa Rica 5.0 Dominica 5.0 Grenada 5.0 Guatemala 5.0 Panama 5.0 Paraguay 5.0 Peru 5.0 Puerto Rico 5.0 Uruguay 5.0 Antigua and Barbuda 4.0 Brazil 4.0 Haiti 4.0 St. Kitts and Nevis 4.0 Suriname 4.0 Trinidad and Tobago 4.0 St. Vincent and the Grenadines 3.0 0 1 2 3 4 5 6 7 8 9 Source: Doing Business database. Getting Electricity Time (days) Page 20   St. Vincent and the Grenadines 3.0 0 1 2 3 4 5 6 7 8 9 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Electricity Time (days) South Asia (SA) 136.4 Europe and Central Asia (ECA) 113.7 European Union (EU) 96.3 OECD High Income 79.1 East Asia and the Pacific (EAP) 71.6 Regional Average 66.0 Venezuela 208.0 Suriname 113.0 Colombia 106.0 Mexico 100.4 Jamaica 95.0 Argentina 92.0 Barbados 88.0 Guyana 82.0 Ecuador 74.0 Bahamas 67.0 Dominican Republic 67.0 Paraguay 67.0 Peru 67.0 Belize 66.0 Brazil 64.4 Dominica 61.0 Trinidad and Tobago 61.0 Haiti 60.0 El Salvador 56.0 Nicaragua 55.0 St. Vincent and the Grenadines 52.0 Uruguay 48.0 Costa Rica 45.0 Guatemala 44.0 Antigua and Barbuda 42.0 Bolivia 42.0 Honduras 39.0 Grenada 38.0 Panama 35.0 Puerto Rico 32.0 St. Lucia 26.0 St. Kitts and Nevis 18.0 0 50 100 150 200 250 Source: Doing Business database. Getting Electricity Cost (% of income per capita) South Asia (SA) 1163.2 Regional Average 927.4 East Asia and the Pacific (EAP) 712.0 Europe and Central Asia (ECA) 344.3 Page 21   European Union (EU) 118.7 St. Kitts and Nevis 18.0 0 50 100 150 200 250 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Electricity Cost (% of income per capita) South Asia (SA) 1163.2 Regional Average 927.4 East Asia and the Pacific (EAP) 712.0 Europe and Central Asia (ECA) 344.3 European Union (EU) 118.7 OECD High Income 63.0 Venezuela 16713.5 Haiti 3522.0 Nicaragua 856.5 Honduras 790.8 Bolivia 689.0 Ecuador 636.1 Suriname 633.7 Guatemala 550.6 Colombia 542.3 El Salvador 502.0 Dominica 466.1 Guyana 441.7 Peru 349.6 Belize 317.7 Mexico 314.3 Dominican Republic 248.6 St. Kitts and Nevis 239.2 Jamaica 237.3 Puerto Rico 228.3 Trinidad and Tobago 212.4 St. Lucia 203.7 Grenada 187.8 Costa Rica 168.1 Paraguay 161.6 Bahamas 124.1 Antigua and Barbuda 114.9 Barbados 64.0 Brazil 54.5 St. Vincent and the Grenadines 52.5 Argentina 24.5 Panama 17.2 Uruguay 11.4 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 Source: Doing Business database. Getting Electricity Reliability of supply and transparency of tariff index (0-8) European Union (EU) 7.4 OECD High Income 7.4 Europe and Central Asia (ECA) 5.3 Regional Average 4.2 Page 22   East Asia and the Pacific (EAP) 3.7 Uruguay 11.4 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Electricity Reliability of supply and transparency of tariff index (0-8) European Union (EU) 7.4 OECD High Income 7.4 Europe and Central Asia (ECA) 5.3 Regional Average 4.2 East Asia and the Pacific (EAP) 3.7 South Asia (SA) 2.1 Costa Rica 8.0 Panama 8.0 Dominica 7.0 Ecuador 7.0 Guatemala 7.0 Jamaica 7.0 Mexico 7.0 St. Lucia 7.0 Bolivia 6.0 Colombia 6.0 El Salvador 6.0 Peru 6.0 Trinidad and Tobago 6.0 Uruguay 6.0 Brazil 5.4 Antigua and Barbuda 5.0 Argentina 5.0 Belize 4.0 Dominican Republic 4.0 Grenada 4.0 Guyana 4.0 Nicaragua 4.0 Puerto Rico 4.0 Paraguay 2.0 Bahamas 0.0 Barbados 0.0 Haiti 0.0 Honduras 0.0 St. Kitts and Nevis 0.0 St. Vincent and the Grenadines 0.0 Suriname 0.0 Venezuela 0.0 0 1 2 3 4 5 6 7 8 Source: Doing Business database. Registering Property This topic examines the steps, time and cost involved in registering property, assuming a standardized case of an entrepreneur who wants to purchase land and a building that is already registered and free of title dispute. In addition, the topic also measures the quality of the land administration system in each economy. The quality of land administration index has ve dimensions: reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution, and equal access to property rights. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. Page 23   What the indicators measure Case study assumptions Venezuela 0.0 0 1 2 3 4 5 6 7 8 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Registering Property This topic examines the steps, time and cost involved in registering property, assuming a standardized case of an entrepreneur who wants to purchase land and a building that is already registered and free of title dispute. In addition, the topic also measures the quality of the land administration system in each economy. The quality of land administration index has ve dimensions: reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution, and equal access to property rights. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Procedures to legally transfer title on To make the data comparable across economies, several assumptions immovable property (number) about the parties to the transaction, the property and the procedures are used. Preregistration procedures (for example, checking for liens, notarizing sales agreement, paying The parties (buyer and seller): property transfer taxes) - Are limited liability companies (or the legal equivalent). Registration procedures in the economy's largest - Are located in the periurban area of the economy’s largest business business citya. city. For 11 economies the data are also collected for the second largest Postregistration procedures (for example, filling business city. title with municipality) - Are 100% domestically and privately owned. Time required to complete each procedure - Have 50 employees each, all of whom are nationals. (calendar days) - Perform general commercial activities. Does not include time spent gathering information Each procedure starts on a separate day - though The property (fully owned by the seller): procedures that can be fully completed online are - Has a value of 50 times income per capita, which equals the sale price. - Is fully owned by the seller. an exception to this rule - Has no mortgages attached and has been under the same ownership for Procedure is considered completed once final the past 10 years. document is received - Is registered in the land registry or cadastre, or both, and is free of title No prior contact with officials disputes. Cost required to complete each procedure (% - Is located in a periurban commercial zone, and no rezoning is required. of property value) - Consists of land and a building. The land area is 557.4 square meters (6,000 square feet). A two-story warehouse of 929 square meters (10,000 Official costs only (such as administrative fees, square feet) is located on the land. The warehouse is 10 years old, is in duties and taxes). good condition, has no heating system and complies with all safety Value Added Tax, Capital Gains Tax and illicit standards, building codes and legal requirements. The property, payments are excluded consisting of land and building, will be transferred in its entirety. Quality of land administration index (0-30) - Will not be subject to renovations or additional construction following the purchase. Reliability of infrastructure index (0-8) - Has no trees, natural water sources, natural reserves or historical Transparency of information index (0–6) monuments of any kind. Geographic coverage index (0–8) - Will not be used for special purposes, and no special permits, such as for Land dispute resolution index (0–8) residential use, industrial plants, waste storage or certain types of Equal access to property rights index (-2–0) agricultural activities, are required. - Has no occupants, and no other party holds a legal interest in it. Registering Property Where do the region’s economies stand today? How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to transfer property? The global rankings of these economies on the ease of registering property suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of registering property Page 24   Peru (Rank 44) 74.90 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Registering Property Where do the region’s economies stand today? How easy it is for entrepreneurs in economies in Latin America and Caribbean (LAC) to transfer property? The global rankings of these economies on the ease of registering property suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of registering property Peru (Rank 44) 74.90 Costa Rica (Rank 49) 74.36 Colombia (Rank 60) 71.34 El Salvador (Rank 69) 67.92 Ecuador (Rank 74) 66.18 Paraguay (Rank 75) 66.12 Dominican Republic (Rank 79) 65.67 Panama (Rank 83) 65.17 Guatemala (Rank 85) 64.44 Honduras (Rank 91) 63.42 Mexico (Rank 99) 60.81 St. Lucia (Rank 105) 59.16 Guyana (Rank 110) 57.90 Uruguay (Rank 112) 57.59 Argentina (Rank 117) 56.75 Antigua and Barbuda (Rank 118) 56.61 Jamaica (Rank 128) 53.70 Brazil (Rank 131) 52.60 Belize (Rank 132) 52.42 Barbados (Rank 133) 52.35 Venezuela, RB (Rank 135) 52.29 Grenada (Rank 141) 50.15 Bolivia (Rank 144) 49.89 Nicaragua (Rank 148) 48.85 Trinidad and Tobago (Rank 151) 47.50 Puerto Rico (U.S.) (Rank 153) 47.19 Suriname (Rank 156) 45.95 Dominica (Rank 164) 43.40 St. Vincent and the Grenadines (Rank 166) 43.10 Bahamas, The (Rank 167) 42.71 Haiti (Rank 180) 32.22 St. Kitts and Nevis (Rank 184) 28.80 Regional Average (Rank 118) 55.36 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Registering Property The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to complete a property transfer in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 25   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Registering Property The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to complete a property transfer in each economy in the region: the number of procedures, the time and the cost. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to register property in economies in Latin America and Caribbean (LAC) Procedures (number) Regional Average 7.2 South Asia (SA) 6.8 East Asia and the Pacific (EAP) 5.5 Europe and Central Asia (ECA) 5.3 European Union (EU) 5.0 OECD High Income 4.7 Brazil 13.6 Belize 9.0 Nicaragua 9.0 St. Lucia 9.0 Trinidad and Tobago 9.0 Uruguay 9.0 Venezuela 9.0 Ecuador 8.0 Grenada 8.0 Jamaica 8.0 Puerto Rico 8.0 Mexico 7.7 Antigua and Barbuda 7.0 Argentina 7.0 Bahamas 7.0 Bolivia 7.0 Colombia 7.0 Guatemala 7.0 Panama 7.0 St. Vincent and the Grenadines 7.0 Barbados 6.0 Dominican Republic 6.0 Guyana 6.0 Honduras 6.0 Paraguay 6.0 St. Kitts and Nevis 6.0 Suriname 6.0 Costa Rica 5.0 Dominica 5.0 El Salvador 5.0 Haiti 5.0 Peru 5.0 0 2 4 6 8 10 12 14 16 Source: Doing Business database. Registering Property Time (days) Page 26   Peru 5.0 0 2 4 6 8 10 12 14 16 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Registering Property Time (days) South Asia (SA) 111.6 East Asia and the Pacific (EAP) 74.5 Regional Average 63.3 European Union (EU) 24.5 OECD High Income 22.3 Europe and Central Asia (ECA) 20.4 Haiti 312.0 St. Kitts and Nevis 224.0 Puerto Rico 191.0 Bahamas 122.0 Barbados 105.0 Bolivia 90.0 Trinidad and Tobago 77.0 Uruguay 66.0 Belize 60.0 Nicaragua 56.0 Venezuela 52.0 Argentina 51.5 St. Vincent and the Grenadines 47.0 Paraguay 46.0 Suriname 46.0 Dominican Republic 45.0 Guyana 45.0 Dominica 42.0 Mexico 38.8 Ecuador 38.0 Antigua and Barbuda 32.0 Grenada 32.0 Brazil 31.4 El Salvador 31.0 Honduras 29.0 Guatemala 24.0 Panama 22.5 Jamaica 18.0 St. Lucia 17.0 Colombia 15.0 Costa Rica 11.0 Peru 7.5 0 50 100 150 200 250 300 350 Source: Doing Business database. Registering Property Cost (% of property value) South Asia (SA) 7.0 Regional Average 5.8 European Union (EU) 4.8 East Asia and the Pacific (EAP) 4.3 Page 27   OECD High Income 4.2 Peru 7.5 0 50 100 150 200 250 300 350 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Registering Property Cost (% of property value) South Asia (SA) 7.0 Regional Average 5.8 European Union (EU) 4.8 East Asia and the Pacific (EAP) 4.3 OECD High Income 4.2 Europe and Central Asia (ECA) 2.5 Suriname 13.7 Dominica 13.3 St. Vincent and the Grenadines 11.8 St. Kitts and Nevis 11.0 Antigua and Barbuda 10.8 Jamaica 9.8 St. Lucia 7.6 Grenada 7.4 Trinidad and Tobago 7.0 Uruguay 7.0 Haiti 6.9 Argentina 6.6 Honduras 5.7 Barbados 5.6 Mexico 5.6 Nicaragua 5.0 Belize 4.8 Bahamas 4.7 Bolivia 4.7 Guyana 4.6 El Salvador 3.8 Guatemala 3.7 Costa Rica 3.4 Dominican Republic 3.4 Peru 3.3 Brazil 3.2 Venezuela 2.7 Panama 2.4 Ecuador 2.1 Colombia 1.9 Paraguay 1.8 Puerto Rico 1.0 0 2 4 6 8 10 12 14 16 Source: Doing Business database. Registering Property Quality of the land administration index (0-30) European Union (EU) 22.7 OECD High Income 22.7 Europe and Central Asia (ECA) 19.8 East Asia and the Pacific (EAP) 15.8 Page 28   Regional Average 12.0 Puerto Rico 1.0 0 2 4 6 8 10 12 14 16 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Registering Property Quality of the land administration index (0-30) European Union (EU) 22.7 OECD High Income 22.7 Europe and Central Asia (ECA) 19.8 East Asia and the Pacific (EAP) 15.8 Regional Average 12.0 South Asia (SA) 8.0 Uruguay 22.5 Antigua and Barbuda 19.0 St. Lucia 18.5 Costa Rica 17.5 Peru 17.5 Colombia 16.5 Ecuador 16.5 Mexico 16.3 Dominican Republic 14.5 Honduras 14.0 Jamaica 14.0 Brazil 13.8 Argentina 13.5 El Salvador 13.5 Puerto Rico 13.5 Guatemala 13.0 Paraguay 12.0 Trinidad and Tobago 12.0 Barbados 11.5 Suriname 11.5 Belize 11.0 Panama 11.0 St. Kitts and Nevis 9.0 Guyana 7.5 Bolivia 7.0 Grenada 7.0 St. Vincent and the Grenadines 7.0 Nicaragua 6.5 Venezuela 5.5 Dominica 4.5 Bahamas 3.0 Haiti 2.5 0 5 10 15 20 25 30 Source: Doing Business database. Getting Credit This topic explores two sets of issues—the strength of credit reporting systems and the e ectiveness of collateral and bankruptcy laws in facilitating lending. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Strength of legal rights index (0–12) Doing Business assesses the sharing of credit information and the legal rights of borrowers and lenders with respect to secured transactions Page 29   Rights of borrowers and lenders through collateral through 2 sets of indicators. The depth of credit information index Haiti 2.5 0 5 10 15 20 25 30 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Credit This topic explores two sets of issues—the strength of credit reporting systems and the e ectiveness of collateral and bankruptcy laws in facilitating lending. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Strength of legal rights index (0–12) Doing Business assesses the sharing of credit information and the legal rights of borrowers and lenders with respect to secured transactions Rights of borrowers and lenders through collateral through 2 sets of indicators. The depth of credit information index laws (0-10) measures rules and practices a ecting the coverage, scope and Protection of secured creditors’ rights through accessibility of credit information available through a credit registry or a bankruptcy laws (0-2) credit bureau. The strength of legal rights index measures the degree to Depth of credit information index (0–8) which collateral and bankruptcy laws protect the rights of borrowers and Scope and accessibility of credit information lenders and thus facilitate lending. For each economy it is first distributed by credit bureaus and credit registries determined whether a unitary secured transactions system exists. Then (0-8) two case scenarios, case A and case B, are used to determine how a nonpossessory security interest is created, publicized and enforced Credit bureau coverage (% of adults) according to the law. Special emphasis is given to how the collateral Number of individuals and firms listed in largest registry operates (if registration of security interests is possible). The credit bureau as a percentage of adult population case scenarios involve a secured borrower, company ABC, and a secured Credit registry coverage (% of adults) lender, BizBank. Number of individuals and firms listed in credit In some economies the legal framework for secured transactions will registry as a percentage of adult population allow only case A or case B (not both) to apply. Both cases examine the same set of legal provisions relating to the use of movable collateral. Several assumptions about the secured borrower (ABC) and lender (BizBank) are used: - ABC is a domestic limited liability company (or its legal equivalent). - ABC has up to 50 employees. - ABC has its headquarters and only base of operations in the economy’s largest business city. For 11 economies the data are also collected for the second largest business city. - Both ABC and BizBank are 100% domestically owned. The case scenarios also involve assumptions. In case A, as collateral for the loan, ABC grants BizBank a nonpossessory security interest in one category of movable assets, for example, its machinery or its inventory. ABC wants to keep both possession and ownership of the collateral. In economies where the law does not allow nonpossessory security interests in movable property, ABC and BizBank use a fiduciary transfer- of-title arrangement (or a similar substitute for nonpossessory security interests). In case B, ABC grants BizBank a business charge, enterprise charge, floating charge or any charge that gives BizBank a security interest over ABC’s combined movable assets (or as much of ABC’s movable assets as possible). ABC keeps ownership and possession of the assets. Getting Credit Where do the region’s economies stand today? How well do the credit information systems and collateral and bankruptcy laws in economies in Latin America and Caribbean (LAC) facilitate access to credit? The global rankings of these economies on the ease of getting credit suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of getting credit Page 30   ABC’s combined movable assets (or as much of ABC’s movable assets as Doing Business 2018 keeps ownership and possession of the assets. possible). ABC(LAC) LATIN AMERICA AND CARIBBEAN Getting Credit Where do the region’s economies stand today? How well do the credit information systems and collateral and bankruptcy laws in economies in Latin America and Caribbean (LAC) facilitate access to credit? The global rankings of these economies on the ease of getting credit suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of getting credit Colombia (Rank 2) 95.00 Mexico (Rank 6) 90.00 Puerto Rico (U.S.) (Rank 6) 90.00 Costa Rica (Rank 12) 85.00 Honduras (Rank 12) 85.00 El Salvador (Rank 20) 80.00 Peru (Rank 20) 80.00 Jamaica (Rank 20) 80.00 Guatemala (Rank 20) 80.00 Panama (Rank 29) 75.00 Trinidad and Tobago (Rank 55) 65.00 Uruguay (Rank 68) 60.00 Argentina (Rank 77) 55.00 Guyana (Rank 90) 50.00 Nicaragua (Rank 105) 45.00 Ecuador (Rank 105) 45.00 Dominican Republic (Rank 105) 45.00 Brazil (Rank 105) 45.00 Venezuela, RB (Rank 122) 40.00 Paraguay (Rank 122) 40.00 Barbados (Rank 133) 35.00 Bolivia (Rank 133) 35.00 Bahamas, The (Rank 142) 30.00 Dominica (Rank 142) 30.00 Grenada (Rank 142) 30.00 St. Lucia (Rank 159) 25.00 St. Vincent and the Grenadines (Rank 159) 25.00 St. Kitts and Nevis (Rank 159) 25.00 Antigua and Barbuda (Rank 159) 25.00 Belize (Rank 170) 20.00 Haiti (Rank 177) 10.00 Suriname (Rank 177) 10.00 Regional Average (Rank 92) 50.94 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Getting Credit Another way to assess how well regulations and institutions support lending and borrowing in the region is to see where the region stands in the distribution of scores across regions. The rst gure highlights the score on the strength of legal rights index in Latin America and Caribbean (LAC) and comparator regions. The second gure shows the same thing for the depth of credit information index. Page 31   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Credit Another way to assess how well regulations and institutions support lending and borrowing in the region is to see where the region stands in the distribution of scores across regions. The rst gure highlights the score on the strength of legal rights index in Latin America and Caribbean (LAC) and comparator regions. The second gure shows the same thing for the depth of credit information index. How strong are legal rights for borrowers and lenders Strength of legal rights index (0-12) East Asia and the Pacific (EAP) 7.2 Europe and Central Asia (ECA) 6.6 OECD High Income 6.0 European Union (EU) 5.6 Regional Average 5.3 South Asia (SA) 5.3 Colombia 12.0 Puerto Rico 11.0 Costa Rica 10.0 Mexico 10.0 El Salvador 9.0 Guatemala 9.0 Honduras 9.0 Jamaica 9.0 Peru 8.0 Barbados 7.0 Panama 7.0 Trinidad and Tobago 7.0 Bahamas 6.0 Dominica 6.0 Grenada 6.0 Antigua and Barbuda 5.0 St. Kitts and Nevis 5.0 St. Lucia 5.0 St. Vincent and the Grenadines 5.0 Belize 4.0 Uruguay 4.0 Argentina 3.0 Guyana 3.0 Brazil 2.0 Haiti 2.0 Suriname 2.0 Dominican Republic 1.0 Ecuador 1.0 Nicaragua 1.0 Paraguay 1.0 Venezuela 1.0 Bolivia 0.0 0 2 4 6 8 10 12 Source: Doing Business database. Getting Credit Page 32   Depth of credit information index (0-8) Bolivia 0.0 0 2 4 6 8 10 12 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Getting Credit Depth of credit information index (0-8) OECD High Income 6.6 Europe and Central Asia (ECA) 6.3 European Union (EU) 6.3 Regional Average 4.8 East Asia and the Pacific (EAP) 4.2 South Asia (SA) 4.0 Argentina 8.0 Dominican Republic 8.0 Ecuador 8.0 Honduras 8.0 Mexico 8.0 Nicaragua 8.0 Panama 8.0 Peru 8.0 Uruguay 8.0 Bolivia 7.0 Brazil 7.0 Colombia 7.0 Costa Rica 7.0 El Salvador 7.0 Guatemala 7.0 Guyana 7.0 Jamaica 7.0 Paraguay 7.0 Puerto Rico 7.0 Venezuela 7.0 Trinidad and Tobago 6.0 Antigua and Barbuda 0.0 Bahamas 0.0 Barbados 0.0 Belize 0.0 Dominica 0.0 Grenada 0.0 Haiti 0.0 St. Kitts and Nevis 0.0 St. Lucia 0.0 St. Vincent and the Grenadines 0.0 Suriname 0.0 0 1 2 3 4 5 6 7 8 Source: Doing Business database. Protecting Minority Investors This topic measures the strength of minority shareholder protections against misuse of corporate assets by directors for their personal gain as well as shareholder rights, governance safeguards and corporate transparency requirements that reduce the risk of abuse. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Extent of disclosure index (0–10): Review and Page 33   To make the data comparable across economies, a case study uses Suriname 0.0 0 1 2 3 4 5 6 7 8 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Protecting Minority Investors This topic measures the strength of minority shareholder protections against misuse of corporate assets by directors for their personal gain as well as shareholder rights, governance safeguards and corporate transparency requirements that reduce the risk of abuse. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Extent of disclosure index (0–10): Review and To make the data comparable across economies, a case study uses approval requirements for related-party several assumptions about the business and the transaction. transactions; Disclosure requirements for related- party transactions The business (Buyer): - Is a publicly traded corporation listed on the economy’s most important Extent of director liability index (0–10): Ability of stock exchange. If the number of publicly traded companies listed on minority shareholders to sue and hold interested that exchange is less than 10, or if there is no stock exchange in the directors liable for prejudicial related-party economy, it is assumed that Buyer is a large private company with transactions; Available legal remedies (damages, multiple shareholders. disgorgement of profits, fines, imprisonment, - Has a board of directors and a chief executive o cer (CEO) who may rescission of the transaction) legally act on behalf of Buyer where permitted, even if this is not Ease of shareholder suits index (0–10): Access to speci cally required by law. internal corporate documents; Evidence obtainable - Has a supervisory board (applicable to economies with a two-tier board during trial and allocation of legal expenses system) on which 60% of the shareholder-elected members have been Extent of conflict of interest regulation index appointed by Mr. James, who is Buyer’s controlling shareholder and a (0–10): Simple average of the extent of disclosure, member of Buyer’s board of directors. extent of director liability and ease of shareholder - Has not adopted any bylaws or articles of association that di er from indices default minimum standards and does not follow any nonmandatory codes, principles, recommendations or guidelines relating to corporate Extent of shareholder rights index (0-10): governance. Shareholders’ rights and role in major corporate - Is a manufacturing company with its own distribution network. decisions Extent of ownership and control index (0-10): The transaction involves the following details: Governance safeguards protecting shareholders - Mr. James owns 60% of Buyer and elected two directors to Buyer’s ve- from undue board control and entrenchment member board. Extent of corporate transparency index (0-10): - Mr. James also owns 90% of Seller, a company that operates a chain of Corporate transparency on ownership stakes, retail hardware stores. Seller recently closed a large number of its compensation, audits and financial prospects stores. Extent of shareholder governance index (0–10): - Mr. James proposes that Buyer purchase Seller’s unused eet of trucks Simple average of the extent of shareholders to expand Buyer’s distribution of its food products, a proposal to which rights, extent of ownership and control and extent Buyer agrees. The price is equal to 10% of Buyer’s assets and is higher than the market value. of corporate transparency indices - The proposed transaction is part of the company’s ordinary course of Strength of minority investor protection index business and is not outside the authority of the company. (0–10): Simple average of the extent of conflict of - Buyer enters into the transaction. All required approvals are obtained, interest regulation and extent of shareholder and all required disclosures made (that is, the transaction is not governance indices fraudulent). - The transaction causes damages to Buyer. Shareholders sue Mr. James and the other parties that approved the transaction. Protecting Minority Investors Where do the region’s economies stand today? How strong are investor protections against self-dealing in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the strength of investor protection index suggest an answer. While the indicator does not measure all aspects related to the protection of minority investors, a higher ranking does indicate that an economy’s regulations o er stronger investor protections against self-dealing in the areas measured. How economies in Latin America and Caribbean (LAC) rank on the ease of protecting minority investors Page 34   - The transaction causes damages to Buyer. Shareholders sue Mr. James Doing Business 2018 parties that approved the transaction. and the other (LAC) LATIN AMERICA AND CARIBBEAN Protecting Minority Investors Where do the region’s economies stand today? How strong are investor protections against self-dealing in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the strength of investor protection index suggest an answer. While the indicator does not measure all aspects related to the protection of minority investors, a higher ranking does indicate that an economy’s regulations o er stronger investor protections against self-dealing in the areas measured. How economies in Latin America and Caribbean (LAC) rank on the ease of protecting minority investors Colombia (Rank 16) 73.33 Brazil (Rank 43) 63.33 Argentina (Rank 43) 63.33 Peru (Rank 51) 61.67 Trinidad and Tobago (Rank 62) 58.33 Mexico (Rank 62) 58.33 Jamaica (Rank 81) 55.00 Antigua and Barbuda (Rank 96) 51.67 Dominica (Rank 96) 51.67 Panama (Rank 96) 51.67 St. Vincent and the Grenadines (Rank 96) 51.67 St. Lucia (Rank 96) 51.67 Dominican Republic (Rank 96) 51.67 Guyana (Rank 96) 51.67 Puerto Rico (U.S.) (Rank 108) 50.00 St. Kitts and Nevis (Rank 119) 48.33 Costa Rica (Rank 119) 48.33 Ecuador (Rank 124) 46.67 Bahamas, The (Rank 129) 45.00 Honduras (Rank 129) 45.00 Grenada (Rank 132) 43.33 Belize (Rank 132) 43.33 Uruguay (Rank 132) 43.33 Paraguay (Rank 138) 41.67 Bolivia (Rank 146) 40.00 El Salvador (Rank 160) 38.33 Nicaragua (Rank 167) 35.00 Barbados (Rank 167) 35.00 Suriname (Rank 167) 35.00 Guatemala (Rank 172) 31.67 Venezuela, RB (Rank 177) 26.67 Haiti (Rank 188) 20.00 Regional Average (Rank 114) 47.24 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Protecting Minority Investors The strength of minority investor protection index is the average of the extent of con ict 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 Page 35   values indicating stronger minority investor protections. The following two gures highlight the scores on the various minority 0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Protecting Minority Investors The strength of minority investor protection index is the average of the extent of con ict 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 following two gures highlight the scores on the various minority investor protection indices in Latin America and Caribbean (LAC). Comparing the scores across the region and with averages both for the region and for comparator regions can provide useful insights. How extensive are con ict of interest regulations Extent of conflict of interest regulation index (0-10) OECD High Income 6.4 Europe and Central Asia (ECA) 6.3 European Union (EU) 6.0 East Asia and the Pacific (EAP) 5.7 South Asia (SA) 5.5 Regional Average 5.3 Colombia 8.0 Peru 7.0 Puerto Rico 7.0 Trinidad and Tobago 7.0 Antigua and Barbuda 6.7 Dominica 6.7 Grenada 6.7 St. Kitts and Nevis 6.7 St. Lucia 6.7 St. Vincent and the Grenadines 6.7 Costa Rica 6.0 Guyana 6.0 Mexico 6.0 Brazil 5.7 Dominican Republic 5.7 Honduras 5.7 Jamaica 5.7 Paraguay 5.7 Panama 5.3 Argentina 5.0 Bahamas 5.0 Uruguay 5.0 Belize 4.7 Ecuador 4.3 Bolivia 4.0 Nicaragua 4.0 Barbados 3.7 El Salvador 3.3 Guatemala 3.3 Haiti 3.0 Venezuela 2.7 Suriname 2.3 0 2 4 6 8 10 Source: Doing Business database. Protecting Minority Investors Page 36   Suriname 2.3 0 2 4 6 8 10 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Protecting Minority Investors Extent of shareholder governance index (0-10) Europe and Central Asia (ECA) 6.6 European Union (EU) 6.5 OECD High Income 6.4 South Asia (SA) 5.3 East Asia and the Pacific (EAP) 4.8 Regional Average 4.1 Argentina 7.7 Brazil 7.0 Colombia 6.7 Mexico 5.7 Jamaica 5.3 Peru 5.3 Ecuador 5.0 Panama 5.0 Dominican Republic 4.7 Suriname 4.7 Trinidad and Tobago 4.7 El Salvador 4.3 Guyana 4.3 Bahamas 4.0 Belize 4.0 Bolivia 4.0 Antigua and Barbuda 3.7 Costa Rica 3.7 Dominica 3.7 St. Lucia 3.7 St. Vincent and the Grenadines 3.7 Uruguay 3.7 Barbados 3.3 Honduras 3.3 Guatemala 3.0 Nicaragua 3.0 Puerto Rico 3.0 St. Kitts and Nevis 3.0 Paraguay 2.7 Venezuela 2.7 Grenada 2.0 Haiti 1.0 0 2 4 6 8 10 Source: Doing Business database. Paying Taxes This topic records the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as measures the administrative burden in paying taxes and contributions. The most recent round of data collection for the project was completed on June 30, 2017 covering for the Paying Taxes indicator calendar year 2016 (January 1, 2016 – December 31, 2016). Last year (Doing Business 2017) the scope of data collection was expanded to better understand the overall tax environment in an economy. The questionnaire was expanded to include new questions on post- ling processes: VAT refund and tax audit. The data shows where post- ling processes and practices work e ciently and what drives the di erences in the overall tax Page 37   compliance cost Haiti 1.0 0 2 4 6 8 10 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Paying Taxes This topic records the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as measures the administrative burden in paying taxes and contributions. The most recent round of data collection for the project was completed on June 30, 2017 covering for the Paying Taxes indicator calendar year 2016 (January 1, 2016 – December 31, 2016). Last year (Doing Business 2017) the scope of data collection was expanded to better understand the overall tax environment in an economy. The questionnaire was expanded to include new questions on post- ling processes: VAT refund and tax audit. The data shows where post- ling processes and practices work e ciently and what drives the di erences in the overall tax compliance cost across economies. The new section covers both the legal framework and the administrative burden on businesses to comply with post- ling processes. See the methodology for more information. What the indicators measure Case study assumptions Tax payments for a manufacturing company in Using a case scenario, Doing Business records taxes and mandatory 2016 (number per year adjusted for electronic contributions a medium size company must pay in a year, and measures and joint ling and payment) the administrative burden of paying taxes, contributions and dealing with post ling processes. Information is also compiled on frequency of ling Total number of taxes and contributions paid, and payments, time taken to comply with tax laws, time taken to comply including consumption taxes (value added tax, sales with the requirements of post ling processes and time waiting. tax or goods and service tax) Method and frequency of filing and payment To make data comparable across economies, several assumptions are Time required to comply with 3 major taxes used: (hours per year) - TaxpayerCo is a medium-size business that started operations on January 1, 2015. It produces ceramic flowerpots and sells them at Collecting information, computing tax payable retail. All taxes and contributions recorded are paid in the second year of Completing tax return, filing with agencies operation (calendar year 2016). Taxes and mandatory contributions are Arranging payment or withholding measured at all levels of government. Preparing separate tax accounting books, if required The VAT refund process: Total tax and contribution rate (% of pro t - In June 2016, TaxpayerCo. makes a large capital purchase: the value of before all taxes) the machine is 65 times income per capita of the economy. Sales are equally spread per month (1,050 times income per capita divided by 12) Profit or corporate income tax and cost of goods sold are equally expensed per month (875 times Social contributions, labor taxes paid by employer income per capita divided by 12). The machinery seller is registered for Property and property transfer taxes VAT and excess input VAT incurred in June will be fully recovered after Dividend, capital gains, financial transactions taxes four consecutive months if the VAT rate is the same for inputs, sales and Waste collection, vehicle, road and other taxes the machine and the tax reporting period is every month. Input VAT will Post ling Index exceed Output VAT in June 2016. Time to comply with a VAT refund The corporate income tax audit process: Time to receive a VAT refund - An error in calculation of income tax liability (for example, use of Time to comply with a corporate income tax audit incorrect tax depreciation rates, or incorrectly treating an expense as tax Time to complete a corporate income tax audit deductible) leads to an incorrect income tax return and a corporate income tax underpayment. TaxpayerCo. discovered the error and voluntarily noti ed the tax authority. The value of the underpaid income tax liability is 5% of the corporate income tax liability due. TaxpayerCo. submits corrected information after the deadline for submitting the annual tax return, but within the tax assessment period. Paying Taxes Where do the region’s economies stand today? What is the administrative burden of complying with taxes in economies in Latin America and Caribbean (LAC) —and how much do rms pay in taxes? The global rankings of these economies on the ease of paying taxes o er useful information for assessing the tax compliance burden for businesses. The average ranking of the region provides a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of paying taxes Page 38   submits corrected information after the deadline for submitting the Doing Business 2018 annual tax return, LATIN AMERICA AND CARIBBEAN (LAC)but within the tax assessment period. Paying Taxes Where do the region’s economies stand today? What is the administrative burden of complying with taxes in economies in Latin America and Caribbean (LAC) —and how much do rms pay in taxes? The global rankings of these economies on the ease of paying taxes o er useful information for assessing the tax compliance burden for businesses. The average ranking of the region provides a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of paying taxes Belize (Rank 48) 79.90 Bahamas, The (Rank 55) 78.09 Costa Rica (Rank 60) 77.46 El Salvador (Rank 61) 77.35 St. Lucia (Rank 74) 75.73 Dominica (Rank 77) 74.91 Barbados (Rank 89) 71.90 Guatemala (Rank 100) 70.30 St. Vincent and the Grenadines (Rank 101) 70.26 Suriname (Rank 102) 69.55 Uruguay (Rank 106) 69.26 Mexico (Rank 115) 67.01 Peru (Rank 121) 65.81 Jamaica (Rank 122) 65.67 Guyana (Rank 123) 65.08 St. Kitts and Nevis (Rank 124) 64.41 Paraguay (Rank 127) 63.73 Grenada (Rank 141) 59.39 Colombia (Rank 142) 59.12 Antigua and Barbuda (Rank 144) 58.69 Ecuador (Rank 145) 58.39 Haiti (Rank 147) 57.55 Dominican Republic (Rank 149) 57.45 Nicaragua (Rank 159) 52.86 Puerto Rico (U.S.) (Rank 161) 52.42 Trinidad and Tobago (Rank 162) 52.22 Honduras (Rank 164) 51.74 Argentina (Rank 169) 49.34 Panama (Rank 180) 39.66 Brazil (Rank 184) 32.97 Bolivia (Rank 186) 21.62 Venezuela, RB (Rank 189) 15.18 Regional Average (Rank 126) 60.16 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Paying Taxes The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to comply with tax regulations in each economy in the region—the number of payments per year and the time required to prepare, and le and pay taxes the 3 major taxes (corporate income tax, VAT or sales tax and labor taxes and mandatory contributions)—as well Page 39   as the total tax rate. Comparing these indicators across the region and with averages both for the region and for comparator 0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Paying Taxes The indicators underlying the rankings may be more revealing. Data collected by Doing Business show what it takes to comply with tax regulations in each economy in the region—the number of payments per year and the time required to prepare, and le and pay taxes the 3 major taxes (corporate income tax, VAT or sales tax and labor taxes and mandatory contributions)—as well as the total tax rate. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. How easy is it to pay taxes in economies in Latin America and Caribbean (LAC) - and what are the total tax rates Payments (number per year) South Asia (SA) 28.5 Regional Average 28.0 East Asia and the Pacific (EAP) 21.8 Europe and Central Asia (ECA) 16.5 European Union (EU) 11.5 OECD High Income 10.9 Venezuela 70.0 Antigua and Barbuda 57.0 Panama 52.0 Honduras 48.0 Haiti 47.0 Nicaragua 43.0 Bolivia 42.0 Grenada 42.0 St. Kitts and Nevis 39.0 Trinidad and Tobago 39.0 Dominica 37.0 St. Vincent and the Grenadines 36.0 Guyana 35.0 St. Lucia 35.0 Bahamas 31.0 Suriname 30.0 Barbados 29.0 Belize 29.0 Paraguay 20.0 Uruguay 20.0 Puerto Rico 16.0 Colombia 12.0 Jamaica 11.0 Costa Rica 10.0 Ecuador 10.0 Brazil 9.6 Argentina 9.0 Peru 9.0 Guatemala 8.0 Dominican Republic 7.0 El Salvador 7.0 Mexico 6.0 0 10 20 30 40 50 60 70 80 Source: Doing Business database. Paying Taxes Page 40   Mexico 6.0 0 10 20 30 40 50 60 70 80 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Paying Taxes Time (hours per year) Regional Average 332.1 South Asia (SA) 277.3 Europe and Central Asia (ECA) 218.4 East Asia and the Pacific (EAP) 189.2 European Union (EU) 171.4 OECD High Income 160.7 Brazil 1958.0 Bolivia 1025.0 Venezuela 792.0 Ecuador 666.0 Panama 417.0 Paraguay 378.0 Dominican Republic 317.0 Argentina 311.5 Jamaica 268.0 Peru 260.0 Guyana 256.0 Guatemala 248.0 Barbados 245.0 Mexico 240.5 Colombia 239.0 Bahamas 233.0 Honduras 224.0 Puerto Rico 218.0 Trinidad and Tobago 210.0 St. Kitts and Nevis 203.0 Nicaragua 201.0 Suriname 199.0 Antigua and Barbuda 192.0 Uruguay 190.0 Haiti 184.0 El Salvador 180.0 Costa Rica 151.0 Belize 147.0 Grenada 140.0 Dominica 117.0 St. Lucia 110.0 St. Vincent and the Grenadines 108.0 0 500 1000 1500 2000 2500 Source: Doing Business database. Paying Taxes Total tax and contribution rate (% of profit) Regional Average 46.6 South Asia (SA) 43.0 European Union (EU) 40.6 OECD High Income 40.1 Page 41   East Asia and the Pacific (EAP) 33.6 St. Vincent and the Grenadines 108.0 0 500 1000 1500 2000 2500 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Paying Taxes Total tax and contribution rate (% of profit) Regional Average 46.6 South Asia (SA) 43.0 European Union (EU) 40.6 OECD High Income 40.1 East Asia and the Pacific (EAP) 33.6 Europe and Central Asia (ECA) 33.1 Argentina 106.0 Bolivia 83.7 Colombia 69.7 Brazil 68.4 Venezuela 65.0 Puerto Rico 63.4 Nicaragua 60.2 Costa Rica 58.3 Mexico 52.1 St. Kitts and Nevis 49.7 Dominican Republic 48.8 Grenada 48.4 Honduras 44.4 Haiti 42.8 Antigua and Barbuda 41.9 Uruguay 41.8 St. Vincent and the Grenadines 39.3 Panama 37.2 Trinidad and Tobago 36.2 Peru 35.6 El Salvador 35.5 Barbados 35.3 Dominica 35.2 Guatemala 35.2 Paraguay 35.0 St. Lucia 34.7 Jamaica 33.1 Ecuador 32.5 Guyana 32.3 Bahamas 31.5 Belize 31.1 Suriname 27.9 0 20 40 60 80 100 120 Source: Doing Business database. Paying Taxes Postfiling index (0-100) OECD High Income 83.5 European Union (EU) 82.5 Europe and Central Asia (ECA) 65.2 East Asia and the Pacific (EAP) 56.5 Page 42   Regional Average 47.5 Suriname 27.9 0 20 40 60 80 100 120 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Paying Taxes Postfiling index (0-100) OECD High Income 83.5 European Union (EU) 82.5 Europe and Central Asia (ECA) 65.2 East Asia and the Pacific (EAP) 56.5 Regional Average 47.5 South Asia (SA) 41.0 Bahamas 95.0 Belize 85.1 Costa Rica 85.1 Dominica 79.7 St. Lucia 77.8 St. Kitts and Nevis 75.7 Barbados 74.1 Antigua and Barbuda 69.4 St. Vincent and the Grenadines 63.9 Guyana 54.2 Nicaragua 52.5 Bolivia 50.0 Ecuador 49.5 El Salvador 49.5 Uruguay 49.5 Grenada 48.9 Suriname 48.9 Colombia 48.2 Haiti 48.2 Argentina 47.9 Paraguay 46.6 Mexico 40.5 Honduras 35.1 Guatemala 33.0 Venezuela 19.7 Jamaica 19.7 Peru 19.2 Puerto Rico 13.8 Panama 12.8 Dominican Republic 10.7 Trinidad and Tobago 8.0 Brazil 7.8 0 20 40 60 80 100 Source: Doing Business database. Trading across Borders Doing Business records the time and cost associated with the logistical process of exporting and importing goods. Doing Business measures the time and cost (excluding tari s) associated with three sets of procedures—documentary compliance, border compliance and domestic transport—within the overall process of exporting or importing a shipment of goods. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Documentary compliance To make the data comparable across economies, a few assumptionsPage 43   are made about the traded goods and the transactions: Brazil 7.8 0 20 40 60 80 100 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Doing Business records the time and cost associated with the logistical process of exporting and importing goods. Doing Business measures the time and cost (excluding tari s) associated with three sets of procedures—documentary compliance, border compliance and domestic transport—within the overall process of exporting or importing a shipment of goods. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Documentary compliance To make the data comparable across economies, a few assumptions are made about the traded goods and the transactions: Obtaining, preparing and submitting documents during transport, clearance, inspections and port or Time: Time is measured in hours, and 1 day is 24 hours (for example, 22 border handling in origin economy days are recorded as 22×24=528 hours). If customs clearance takes 7.5 Obtaining, preparing and submitting documents hours, the data are recorded as is. Alternatively, suppose documents are required by destination economy and any transit submitted to a customs agency at 8:00a.m., are processed overnight and economies can be picked up at 8:00a.m. the next day. The time for customs clearance Covers all documents required by law and in would be recorded as 24 hours because the actual procedure took 24 hours. practice, including electronic submissions of information as well as non-shipment-specific Cost: Insurance cost and informal payments for which no receipt is issued documents necessary to complete the trade are excluded from the costs recorded. Costs are reported in U.S. dollars. Border compliance Contributors are asked to convert local currency into U.S. dollars based on Customs clearance and inspections the exchange rate prevailing on the day they answer the questionnaire. Contributors are private sector experts in international trade logistics and Inspections by other agencies (if applied to more are informed about exchange rates. than 10% of shipments) Port or border handling Assumptions of the case study: - For all 190 economies covered by Doing Processing of documents during clearance, Business, it is assumed a shipment is in a warehouse in the largest inspections and port or border handling. business city of the exporting economy and travels to a warehouse in the Domestic transport largest business city of the importing economy. - It is assumed each economy imports 15 metric tons of containerized auto parts (HS 8708) Loading and unloading of shipment at warehouse, from its natural import partner—the economy from which it imports the dry port or border largest value (price times quantity) of auto parts. It is assumed each Transport by most widely used mode between economy exports the product of its comparative advantage (defined by the warehouse and terminal or dry port largest export value) to its natural export partner—the economy that is the Traffic delays and road police checks while largest purchaser of this product. Shipment value is assumed to be $50,000. - The mode of transport is the one most widely used for the shipment is en route chosen export or import product and the trading partner, as is the seaport, or land border crossing. - All electronic information submissions requested by any government agency in connection with the shipment are considered to be documents obtained, prepared and submitted during the export or import process. - A port or border is a place (seaport, airport or land border crossing) where merchandise can enter or leave an economy. - Relevant government agencies include customs, port authorities, road police, border guards, standardization agencies, ministries or departments of agriculture or industry, national security agencies and any other government authorities. Trading across Borders Where do the region’s economies stand today? How easy it is for businesses in economies in Latin America and Caribbean (LAC) to export and import goods? The global rankings of these economies on the ease of trading across borders suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of trading across borders El Salvador (Rank 43) 89.29 Page 44   85.47 of agriculture or industry, national security agencies and any other government authorities. Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Trading across Borders Where do the region’s economies stand today? How easy it is for businesses in economies in Latin America and Caribbean (LAC) to export and import goods? The global rankings of these economies on the ease of trading across borders suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of trading across borders El Salvador (Rank 43) 89.29 Panama (Rank 54) 85.47 Dominican Republic (Rank 59) 83.51 Mexico (Rank 63) 82.09 Puerto Rico (U.S.) (Rank 64) 81.86 St. Kitts and Nevis (Rank 66) 81.04 Costa Rica (Rank 73) 79.32 Nicaragua (Rank 74) 78.99 Haiti (Rank 77) 76.90 Guatemala (Rank 79) 75.31 Suriname (Rank 80) 75.02 Dominica (Rank 81) 74.26 St. Lucia (Rank 82) 73.87 Bolivia (Rank 89) 71.59 Peru (Rank 92) 71.45 St. Vincent and the Grenadines (Rank 93) 71.08 Antigua and Barbuda (Rank 101) 68.73 Ecuador (Rank 102) 68.65 Belize (Rank 104) 68.13 Honduras (Rank 115) 65.85 Argentina (Rank 116) 65.36 Paraguay (Rank 120) 64.03 Colombia (Rank 125) 62.83 Trinidad and Tobago (Rank 126) 62.60 Barbados (Rank 129) 61.88 Jamaica (Rank 130) 61.54 Grenada (Rank 131) 61.52 Brazil (Rank 139) 59.78 Guyana (Rank 142) 59.33 Uruguay (Rank 151) 56.29 Bahamas, The (Rank 157) 53.07 Venezuela, RB (Rank 187) 7.93 Regional Average (Rank 101) 68.71 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Trading across Borders The indicators reported here are for trading a shipment of goods by the most widely used mode of transport (whether sea, land, air or some combination of these). The information on the time and cost to complete export and import is collected from local freight forwarders, customs brokers and traders. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 45   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders The indicators reported here are for trading a shipment of goods by the most widely used mode of transport (whether sea, land, air or some combination of these). The information on the time and cost to complete export and import is collected from local freight forwarders, customs brokers and traders. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to trade across borders in economies in Latin America and Caribbean (LAC) Time to export: Border compliance (hours) Regional Average 62.5 South Asia (SA) 59.4 East Asia and the Pacific (EAP) 55.9 Europe and Central Asia (ECA) 28.0 OECD High Income 12.7 European Union (EU) 8.1 Venezuela 288.0 Paraguay 120.0 Uruguay 120.0 Colombia 112.0 Grenada 101.0 Belize 96.0 Ecuador 96.0 Honduras 88.0 Suriname 84.0 Guyana 72.0 Antigua and Barbuda 61.0 Nicaragua 60.0 Trinidad and Tobago 60.0 Jamaica 58.0 Brazil 49.0 Bolivia 48.0 Peru 48.0 Puerto Rico 48.0 Barbados 41.0 Bahamas 36.0 Dominica 36.0 Guatemala 36.0 El Salvador 30.0 Haiti 28.0 St. Vincent and the Grenadines 28.0 St. Kitts and Nevis 27.0 St. Lucia 27.0 Panama 24.0 Argentina 21.0 Mexico 20.4 Costa Rica 20.0 Dominican Republic 16.0 0 50 100 150 200 250 300 350 Source: Doing Business database. Trading across Borders Page 46   Cost to export: Border compliance (USD) Dominican Republic 16.0 0 50 100 150 200 250 300 350 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Cost to export: Border compliance (USD) Regional Average 526.6 East Asia and the Pacific (EAP) 387.6 South Asia (SA) 369.8 Europe and Central Asia (ECA) 191.4 OECD High Income 149.9 European Union (EU) 85.2 Venezuela 1250.0 Uruguay 1095.0 Grenada 1034.0 Brazil 958.7 Jamaica 876.0 Paraguay 815.0 St. Lucia 718.0 Belize 710.0 Dominica 625.0 Honduras 601.0 Ecuador 560.0 Antigua and Barbuda 546.0 Colombia 545.0 Bahamas 512.0 Trinidad and Tobago 499.0 Dominican Republic 488.0 Suriname 468.0 Peru 460.0 St. Vincent and the Grenadines 425.0 Mexico 400.0 Puerto Rico 386.0 Guyana 378.0 Costa Rica 375.0 Haiti 368.0 Barbados 350.0 St. Kitts and Nevis 335.0 Guatemala 310.0 Panama 270.0 Argentina 150.0 Nicaragua 150.0 El Salvador 128.0 Bolivia 65.0 0 200 400 600 800 1000 1200 1400 Source: Doing Business database. Trading across Borders Time to export: Documentary compliance (hours) South Asia (SA) 77.0 East Asia and the Pacific (EAP) 68.1 Regional Average 53.3 Europe and Central Asia (ECA) 28.0 Page 47   OECD High Income 2.6 Bolivia 65.0 0 200 400 600 800 1000 1200 1400 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Time to export: Documentary compliance (hours) South Asia (SA) 77.0 East Asia and the Pacific (EAP) 68.1 Regional Average 53.3 Europe and Central Asia (ECA) 28.0 OECD High Income 2.6 European Union (EU) 1.4 Venezuela 528.0 Guyana 200.0 Bolivia 144.0 St. Vincent and the Grenadines 72.0 Colombia 60.0 Barbados 54.0 Antigua and Barbuda 51.0 Guatemala 48.0 Honduras 48.0 Nicaragua 48.0 Peru 48.0 Jamaica 47.0 Belize 38.0 Trinidad and Tobago 32.0 Argentina 30.0 Costa Rica 24.0 Ecuador 24.0 Paraguay 24.0 St. Kitts and Nevis 24.0 Uruguay 24.0 Haiti 22.0 St. Lucia 19.0 Grenada 13.0 Bahamas 12.0 Brazil 12.0 Dominica 12.0 Suriname 12.0 Dominican Republic 10.0 El Salvador 9.0 Mexico 8.0 Panama 6.0 Puerto Rico 2.0 0 100 200 300 400 500 600 Source: Doing Business database. Trading across Borders Cost to export: Documentary compliance (USD) South Asia (SA) 179.5 Europe and Central Asia (ECA) 113.9 East Asia and the Pacific (EAP) 112.1 Regional Average 110.5 Page 48   OECD High Income 35.5 Puerto Rico 2.0 0 100 200 300 400 500 600 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Cost to export: Documentary compliance (USD) South Asia (SA) 179.5 Europe and Central Asia (ECA) 113.9 East Asia and the Pacific (EAP) 112.1 Regional Average 110.5 OECD High Income 35.5 European Union (EU) 17.0 Bahamas 550.0 Venezuela 375.0 Trinidad and Tobago 250.0 Uruguay 231.0 Brazil 226.4 Ecuador 140.0 Antigua and Barbuda 121.0 Paraguay 120.0 Barbados 109.0 Guatemala 105.0 St. Kitts and Nevis 100.0 Colombia 90.0 Jamaica 90.0 Costa Rica 80.0 Honduras 80.0 St. Vincent and the Grenadines 80.0 Guyana 78.0 Puerto Rico 75.0 St. Lucia 63.0 Argentina 60.0 Mexico 60.0 Panama 60.0 Dominica 50.0 El Salvador 50.0 Peru 50.0 Haiti 48.0 Nicaragua 47.0 Grenada 40.0 Suriname 40.0 Belize 28.0 Bolivia 25.0 Dominican Republic 15.0 0 100 200 300 400 500 600 Source: Doing Business database. Trading across Borders Time to import: Border compliance (hours) South Asia (SA) 113.8 East Asia and the Pacific (EAP) 70.5 Regional Average 64.4 Europe and Central Asia (ECA) 25.9 Page 49   OECD High Income 8.7 Dominican Republic 15.0 0 100 200 300 400 500 600 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Time to import: Border compliance (hours) South Asia (SA) 113.8 East Asia and the Pacific (EAP) 70.5 Regional Average 64.4 Europe and Central Asia (ECA) 25.9 OECD High Income 8.7 European Union (EU) 1.7 Venezuela 240.0 Bolivia 114.0 Colombia 112.0 Barbados 104.0 Honduras 96.0 Guyana 84.0 Haiti 83.0 Costa Rica 80.0 Jamaica 80.0 Trinidad and Tobago 78.0 Guatemala 72.0 Nicaragua 72.0 Peru 72.0 Brazil 63.1 Antigua and Barbuda 61.0 Argentina 60.0 Bahamas 51.0 Belize 48.0 Paraguay 48.0 Puerto Rico 48.0 St. Vincent and the Grenadines 48.0 Suriname 48.0 Mexico 44.2 Dominica 39.0 Grenada 37.0 St. Kitts and Nevis 37.0 El Salvador 36.0 St. Lucia 27.0 Dominican Republic 24.0 Ecuador 24.0 Panama 24.0 Uruguay 6.0 0 50 100 150 200 250 300 Source: Doing Business database. Trading across Borders Cost to import: Border compliance (USD) Regional Average 684.0 South Asia (SA) 638.1 East Asia and the Pacific (EAP) 431.1 Europe and Central Asia (ECA) 185.1 Page 50   OECD High Income 111.6 Uruguay 6.0 0 50 100 150 200 250 300 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Cost to import: Border compliance (USD) Regional Average 684.0 South Asia (SA) 638.1 East Asia and the Pacific (EAP) 431.1 Europe and Central Asia (ECA) 185.1 OECD High Income 111.6 European Union (EU) 29.2 Grenada 1745.0 Barbados 1585.0 Venezuela 1500.0 Bahamas 1385.0 Argentina 1200.0 Brazil 969.6 Dominica 906.0 Jamaica 906.0 St. Vincent and the Grenadines 875.0 St. Lucia 842.0 Belize 688.0 Suriname 658.0 Trinidad and Tobago 635.0 Peru 583.0 Dominican Republic 579.0 Haiti 563.0 Antigua and Barbuda 546.0 Colombia 545.0 Paraguay 500.0 Panama 490.0 Honduras 483.0 Mexico 450.0 Costa Rica 420.0 Guatemala 405.0 Nicaragua 400.0 Puerto Rico 386.0 Uruguay 375.0 Bolivia 315.0 St. Kitts and Nevis 311.0 Guyana 265.0 Ecuador 250.0 El Salvador 128.0 0 500 1000 1500 2000 Source: Doing Business database. Trading across Borders Time to import: Documentary compliance (hours) South Asia (SA) 104.7 Regional Average 79.9 East Asia and the Pacific (EAP) 65.6 Europe and Central Asia (ECA) 27.4 Page 51   OECD High Income 3.9 El Salvador 128.0 0 500 1000 1500 2000 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Time to import: Documentary compliance (hours) South Asia (SA) 104.7 Regional Average 79.9 East Asia and the Pacific (EAP) 65.6 Europe and Central Asia (ECA) 27.4 OECD High Income 3.9 European Union (EU) 1.1 Venezuela 1090.0 Argentina 192.0 Guyana 156.0 Ecuador 120.0 Barbados 74.0 Bolivia 72.0 Honduras 72.0 Peru 72.0 Uruguay 72.0 Colombia 64.0 Jamaica 56.0 Antigua and Barbuda 48.0 Brazil 48.0 Trinidad and Tobago 44.0 Belize 36.0 Paraguay 36.0 St. Kitts and Nevis 33.0 Guatemala 32.0 Haiti 28.0 Costa Rica 26.0 Dominica 24.0 Grenada 24.0 St. Vincent and the Grenadines 24.0 Suriname 24.0 Mexico 17.6 Nicaragua 16.0 Dominican Republic 14.0 St. Lucia 14.0 El Salvador 13.0 Bahamas 6.0 Panama 6.0 Puerto Rico 2.0 0 200 400 600 800 1000 1200 Source: Doing Business database. Trading across Borders Cost to import: Documentary compliance (USD) South Asia (SA) 341.6 Regional Average 119.6 East Asia and the Pacific (EAP) 111.5 Europe and Central Asia (ECA) 94.7 Page 52   OECD High Income 25.7 Puerto Rico 2.0 0 200 400 600 800 1000 1200 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Trading across Borders Cost to import: Documentary compliance (USD) South Asia (SA) 341.6 Regional Average 119.6 East Asia and the Pacific (EAP) 111.5 Europe and Central Asia (ECA) 94.7 OECD High Income 25.7 European Union (EU) 4.5 Bahamas 550.0 Venezuela 400.0 Uruguay 285.0 Trinidad and Tobago 250.0 Haiti 150.0 Barbados 146.0 Guatemala 140.0 Paraguay 135.0 Argentina 120.0 Brazil 106.9 Antigua and Barbuda 100.0 Mexico 100.0 St. Lucia 98.0 Jamaica 90.0 St. Kitts and Nevis 90.0 St. Vincent and the Grenadines 90.0 Nicaragua 86.0 Peru 80.0 Belize 75.0 Costa Rica 75.0 Ecuador 75.0 Puerto Rico 75.0 Honduras 70.0 El Salvador 67.0 Guyana 63.0 Colombia 50.0 Dominica 50.0 Grenada 50.0 Panama 50.0 Dominican Republic 40.0 Suriname 40.0 Bolivia 30.0 0 100 200 300 400 500 600 Source: Doing Business database. Enforcing Contracts The enforcing contracts indicator measures the time and cost for resolving a commercial dispute through a local rst-instance court, and the quality of judicial processes index, evaluating whether each economy has adopted a series of good practices that promote quality and e ciency in the court system. The most recent round of data collection was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Time required to enforce a contract through Page 53   The dispute in the case study involves the breach of a sales contract Bolivia 30.0 0 100 200 300 400 500 600 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Enforcing Contracts The enforcing contracts indicator measures the time and cost for resolving a commercial dispute through a local rst-instance court, and the quality of judicial processes index, evaluating whether each economy has adopted a series of good practices that promote quality and e ciency in the court system. The most recent round of data collection was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Time required to enforce a contract through The dispute in the case study involves the breach of a sales contract the courts (calendar days) between 2 domestic businesses. The case study assumes that the court hears an expert on the quality of the goods in dispute. This distinguishes Time to file and serve the case the case from simple debt enforcement. Time for trial and to obtain the judgment Time to enforce the judgment To make the data comparable across economies, Doing Business uses Cost required to enforce a contract through several assumptions about the case: the courts (% of claim) - The dispute concerns a lawful transaction between two businesses (Seller and Buyer), both located in the economy’s largest business city. Attorney fees For 11 economies the data are also collected for the second largest Court fees business city. Enforcement fees - The buyer orders custom-made goods, then fails to pay. Quality of judicial processes index (0-18) - The value of the dispute is 200% of the income per capita or the Court structure and proceedings (-1-5) equivalent in local currency of USD 5,000, whichever is greater. - The seller sues the buyer before the court with jurisdiction over Case management (0-6) commercial cases worth 200% of income per capita or $5,000. Court automation (0-4) - The seller requests a pretrial attachment to secure the claim. Alternative dispute resolution (0-3) - The dispute on the quality of the goods requires an expert opinion. - The judge decides in favor of the seller; there is no appeal. - The seller enforces the judgment through a public sale of the buyer’s movable assets. Enforcing Contracts Where do the region’s economies stand today? How e cient is the process of resolving a commercial dispute through the courts in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the ease of enforcing contracts suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of enforcing contracts Antigua and Barbuda (Rank 33) 68.11 Mexico (Rank 41) 67.01 Brazil (Rank 47) 66.00 St. Kitts and Nevis (Rank 50) 65.51 St. Vincent and the Grenadines (Rank 53) 63.66 Peru (Rank 63) 60.70 Paraguay (Rank 70) 59.77 St. Lucia (Rank 71) 59.67 Bahamas, The (Rank 74) 59.43 Ecuador (Rank 75) 59.38 Grenada (Rank 76) 59.33 Dominica (Rank 79) 59.17 Nicaragua (Rank 87) 58.58 Guyana (Rank 93) 57.87 Argentina (Rank 102) 55.66 El Salvador (Rank 105) 55.20 Page 54   - The seller enforces the judgment through a public sale of the buyer’s Doing Business 2018 movable assets. LATIN AMERICA AND CARIBBEAN (LAC) Enforcing Contracts Where do the region’s economies stand today? How e cient is the process of resolving a commercial dispute through the courts in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the ease of enforcing contracts suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark. How economies in Latin America and Caribbean (LAC) rank on the ease of enforcing contracts Antigua and Barbuda (Rank 33) 68.11 Mexico (Rank 41) 67.01 Brazil (Rank 47) 66.00 St. Kitts and Nevis (Rank 50) 65.51 St. Vincent and the Grenadines (Rank 53) 63.66 Peru (Rank 63) 60.70 Paraguay (Rank 70) 59.77 St. Lucia (Rank 71) 59.67 Bahamas, The (Rank 74) 59.43 Ecuador (Rank 75) 59.38 Grenada (Rank 76) 59.33 Dominica (Rank 79) 59.17 Nicaragua (Rank 87) 58.58 Guyana (Rank 93) 57.87 Argentina (Rank 102) 55.66 El Salvador (Rank 105) 55.20 Bolivia (Rank 109) 54.65 Uruguay (Rank 112) 54.44 Puerto Rico (U.S.) (Rank 113) 54.41 Haiti (Rank 125) 52.49 Jamaica (Rank 127) 51.87 Costa Rica (Rank 129) 51.48 Belize (Rank 132) 50.11 Dominican Republic (Rank 136) 48.71 Venezuela, RB (Rank 147) 46.89 Panama (Rank 148) 46.19 Honduras (Rank 152) 45.54 Barbados (Rank 167) 38.02 Trinidad and Tobago (Rank 173) 35.62 Guatemala (Rank 176) 34.55 Colombia (Rank 177) 34.29 Suriname (Rank 187) 25.94 Regional Average (Rank 107) 53.13 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Enforcing Contracts The indicators underlying the rankings may also be revealing. Data collected by Doing Business show what it takes to enforce a contract through the courts in each economy in the region: the time, the cost and quality of judicial processes index. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 55   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Enforcing Contracts The indicators underlying the rankings may also be revealing. Data collected by Doing Business show what it takes to enforce a contract through the courts in each economy in the region: the time, the cost and quality of judicial processes index. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. What it takes to enforce a contract through the courts in economies in Latin America and Caribbean (LAC) Time (days) South Asia (SA) 1101.7 Regional Average 767.2 European Union (EU) 621.0 OECD High Income 577.8 East Asia and the Pacific (EAP) 565.7 Europe and Central Asia (ECA) 489.9 Suriname 1715.0 Guatemala 1402.0 Barbados 1340.0 Trinidad and Tobago 1340.0 Colombia 1288.0 Argentina 995.0 Honduras 920.0 Belize 892.0 Costa Rica 852.0 Panama 790.0 El Salvador 786.0 Brazil 731.0 Uruguay 725.0 Venezuela 720.0 Grenada 688.0 Dominica 681.0 St. Lucia 645.0 Puerto Rico 630.0 Paraguay 606.0 St. Vincent and the Grenadines 595.0 Bolivia 591.0 Dominican Republic 590.0 Guyana 581.0 St. Kitts and Nevis 578.0 Jamaica 550.0 Bahamas 532.0 Haiti 530.0 Ecuador 523.0 Nicaragua 490.0 Antigua and Barbuda 476.0 Peru 426.0 Mexico 341.0 0 200 400 600 800 1000 1200 1400 1600 1800 Source: Doing Business database. Enforcing Contracts Cost (% of claim value) Page 56   Mexico 341.0 0 200 400 600 800 1000 1200 1400 1600 1800 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Enforcing Contracts Cost (% of claim value) East Asia and the Pacific (EAP) 47.3 Regional Average 31.4 South Asia (SA) 29.6 Europe and Central Asia (ECA) 26.2 OECD High Income 21.6 European Union (EU) 21.3 Jamaica 50.2 Colombia 45.8 Venezuela 43.7 Haiti 42.6 Dominican Republic 40.9 Panama 38.0 St. Lucia 37.3 Suriname 37.1 Dominica 36.0 Peru 35.7 Honduras 35.2 Trinidad and Tobago 33.5 Mexico 33.0 Grenada 32.6 St. Vincent and the Grenadines 30.3 Puerto Rico 30.2 Paraguay 30.0 Bahamas 28.9 Belize 27.5 Ecuador 27.2 Antigua and Barbuda 27.1 Guyana 27.0 Nicaragua 26.8 St. Kitts and Nevis 26.6 Guatemala 26.5 Bolivia 25.0 Costa Rica 24.3 Uruguay 23.2 Argentina 22.5 Brazil 22.0 Barbados 19.7 El Salvador 19.2 0 10 20 30 40 50 60 Source: Doing Business database. Enforcing Contracts Quality of judicial processes index (0-18) European Union (EU) 11.2 OECD High Income 11.0 Europe and Central Asia (ECA) 10.0 Regional Average 8.4 Page 57   East Asia and the Pacific (EAP) 7.9 El Salvador 19.2 0 10 20 30 40 50 60 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Enforcing Contracts Quality of judicial processes index (0-18) European Union (EU) 11.2 OECD High Income 11.0 Europe and Central Asia (ECA) 10.0 Regional Average 8.4 East Asia and the Pacific (EAP) 7.9 South Asia (SA) 7.0 Brazil 13.1 Antigua and Barbuda 11.5 Argentina 11.5 Dominica 11.5 St. Kitts and Nevis 11.5 St. Lucia 11.5 St. Vincent and the Grenadines 11.5 Grenada 11.0 Mexico 10.1 Paraguay 9.5 Colombia 9.0 Jamaica 8.5 Peru 8.5 Bahamas 8.0 Belize 8.0 Trinidad and Tobago 8.0 Costa Rica 7.5 Ecuador 7.5 El Salvador 7.5 Guyana 7.5 Honduras 7.5 Haiti 7.0 Puerto Rico 7.0 Uruguay 7.0 Venezuela 7.0 Barbados 6.5 Nicaragua 6.5 Panama 6.5 Guatemala 6.0 Bolivia 5.5 Dominican Republic 5.5 Suriname 3.5 0 2 4 6 8 10 12 14 16 18 Source: Doing Business database. Resolving Insolvency Doing Business studies the time, cost and outcome of insolvency proceedings involving domestic legal entities. These variables are used to calculate the recovery rate, which is recorded as cents on the dollar recovered by secured creditors through reorganization, liquidation or debt enforcement (foreclosure or receivership) proceedings. To determine the present value of the amount recovered by creditors, Doing Business uses the lending rates from the International Monetary Fund, supplemented with data from central banks and the Economist Intelligence Unit. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. Page 58   Suriname 3.5 0 2 4 6 8 10 12 14 16 18 Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Resolving Insolvency Doing Business studies the time, cost and outcome of insolvency proceedings involving domestic legal entities. These variables are used to calculate the recovery rate, which is recorded as cents on the dollar recovered by secured creditors through reorganization, liquidation or debt enforcement (foreclosure or receivership) proceedings. To determine the present value of the amount recovered by creditors, Doing Business uses the lending rates from the International Monetary Fund, supplemented with data from central banks and the Economist Intelligence Unit. The most recent round of data collection for the project was completed in June 2017. See the methodology for more information. What the indicators measure Case study assumptions Time required to recover debt (years) To make the data on the time, cost and outcome comparable across economies, several assumptions about the business and the case are Measured in calendar years used: Appeals and requests for extension are included Cost required to recover debt (% of debtor’s - A hotel located in the largest city (or cities) has 201 employees and 50 estate) suppliers. The hotel experiences nancial di culties. - The value of the hotel is 100% of the income per capita or the Measured as percentage of estate value equivalent in local currency of USD 200,000, whichever is greater. Court fees - The hotel has a loan from a domestic bank, secured by a mortgage over Fees of insolvency administrators the hotel’s real estate. The hotel cannot pay back the loan, but makes Lawyers’ fees enough money to operate otherwise. Assessors’ and auctioneers’ fees In addition, Doing Business evaluates the adequacy and integrity of the Other related fees existing legal framework applicable to liquidation and reorganization Outcome proceedings through the strength of insolvency framework index. The Whether business continues operating as a going index tests whether economies adopted internationally accepted good concern or business assets are sold piecemeal practices in four areas: commencement of proceedings, management of Recovery rate for creditors debtor’s assets, reorganization proceedings and creditor participation. Measures the cents on the dollar recovered by secured creditors Outcome for the business (survival or not) determines the maximum value that can be recovered Official costs of the insolvency proceedings are deducted Depreciation of furniture is taken into account Present value of debt recovered Strength of insolvency framework index (0- 16) Sum of the scores of four component indices: Commencement of proceedings index (0-3) Management of debtor’s assets index (0-6) Reorganization proceedings index (0-3) Creditor participation index (0-4) Resolving Insolvency Where do the region’s economies stand today? How e cient are insolvency proceedings in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the ease of resolving insolvency suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark for assessing the e ciency of insolvency proceedings. Speed, low costs and continuation of viable businesses characterize the top performing economies. How economies in Latin America and Caribbean (LAC) rank on the ease of resolving insolvency Puerto Rico (U.S.) (Rank 9) 84.20 Page 59   Reorganization proceedings index (0-3) Doing Business Creditor 2018 participation LATIN AMERICA AND CARIBBEAN (LAC) index (0-4) Resolving Insolvency Where do the region’s economies stand today? How e cient are insolvency proceedings in economies in Latin America and Caribbean (LAC)? The global rankings of these economies on the ease of resolving insolvency suggest an answer. The average ranking of the region and comparator regions provide a useful benchmark for assessing the e ciency of insolvency proceedings. Speed, low costs and continuation of viable businesses characterize the top performing economies. How economies in Latin America and Caribbean (LAC) rank on the ease of resolving insolvency Puerto Rico (U.S.) (Rank 9) 84.20 Mexico (Rank 31) 72.31 Colombia (Rank 33) 70.02 Barbados (Rank 34) 69.79 Jamaica (Rank 35) 69.31 Bahamas, The (Rank 64) 52.93 Uruguay (Rank 66) 52.15 Trinidad and Tobago (Rank 72) 48.48 Brazil (Rank 80) 47.46 Belize (Rank 83) 45.74 El Salvador (Rank 84) 45.69 Peru (Rank 84) 45.69 Bolivia (Rank 99) 42.32 Paraguay (Rank 100) 41.32 Argentina (Rank 101) 41.24 Nicaragua (Rank 102) 40.89 Panama (Rank 107) 39.59 Dominican Republic (Rank 121) 37.59 St. Lucia (Rank 127) 35.83 Antigua and Barbuda (Rank 128) 35.26 Costa Rica (Rank 131) 34.42 Dominica (Rank 132) 34.41 Suriname (Rank 135) 33.98 Honduras (Rank 142) 32.07 Guatemala (Rank 153) 27.57 Ecuador (Rank 157) 25.01 Guyana (Rank 162) 22.38 Venezuela, RB (Rank 165) 18.66 St. Vincent and the Grenadines (Rank 168) 0.00 Grenada (Rank 168) 0.00 Haiti (Rank 168) 0.00 St. Kitts and Nevis (Rank 168) 0.00 Regional Average (Rank 107) 38.95 0 20 40 60 80 100 Distance to frontier score Source: Doing Business database. Resolving Insolvency The indicators underlying the rankings may be more revealing. Data collected by Doing Business show the average recovery rate and the average strength of insolvency framework index. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. Page 60   0 20 40 60 80 100 Distance to frontier score Doing Business 2018 LATIN AMERICA AND CARIBBEAN (LAC) Source: Doing Business database. Resolving Insolvency The indicators underlying the rankings may be more revealing. Data collected by Doing Business show the average recovery rate and the average strength of insolvency framework index. Comparing these indicators across the region and with averages both for the region and for comparator regions can provide useful insights. How e cient is the insolvency process in economies in Latin America and Caribbean (LAC) Recovery rate (cents on the dollar) OECD High Income 71.2 European Union (EU) 63.2 Europe and Central Asia (ECA) 38.0 East Asia and the Pacific (EAP) 35.4 South Asia (SA) 32.7 Regional Average 30.8 Puerto Rico 69.4 Mexico 67.6 Colombia 66.2 Barbados 65.8 Jamaica 64.9 Bahamas 63.5 Belize 55.9 St. Lucia 43.3 Uruguay 41.7 Bolivia 40.9 Antigua and Barbuda 36.5 Nicaragua 35.3 El Salvador 32.6 Peru 29.7 Costa Rica 29.1 Dominica 29.1 Guatemala 28.0 Panama 27.1 Trinidad and Tobago 26.2 Paraguay 21.6 Argentina 21.5 Honduras 18.9 Guyana 18.4 Ecuador 17.4 Brazil 12.7 Dominican Republic 8.9 Suriname 8.0 Venezuela 5.6 Grenada 0.0 Haiti 0.0 St. Kitts and Nevis 0.0 St. Vincent and the Grenadines 0.0 0 20 40 60 80 100 Source: Doing Business database. Business Reforms Starting a Business Page 61   In the year ending June 1, 2017, 137 economies implemented 283 total reforms across the di erent areas measured by Doing St. Vincent and the Grenadines 0.0 0 20 40 60 80 100 Doing Business 2018 Source: Doing Business database. LATIN AMERICA AND CARIBBEAN (LAC) Business Reforms Starting a Business In the year ending June 1, 2017, 137 economies implemented 283 total reforms across the di erent areas measured by Doing Business, an increase of over 20% from last year. Doing Business has recorded more than 2,900 regulatory reforms making it easier to do business since 2004. Reforms inspired by Doing Business have been implemented by economies in all regions. The following are the reforms implemented in Latin America and Caribbean (LAC) since Doing Business 2008. DB Year Economy Reform Jamaica made starting a business faster by reinstating next-day service for DB2018 Jamaica company incorporation. Uruguay made starting a business more costly by increasing the value of the DB2018 Uruguay official fiscal unit used for the payment of government fees and by increasing business incorporation fees. República Bolivariana de Venezuela made starting a business more expensive by DB2018 Venezuela, RB raising several fees charged during the business registration process. Lawyer fees and publication costs were also increased. The Dominican Republic reduced the time needed to register a company by DB2018 Dominican Republic streamlining processes at the chamber of commerce. The Bahamas made starting a business easier by merging the processes of DB2018 Bahamas, The registering for a business license and registering for value added tax. The Bahamas made starting a business easier by allowing local limited liability companies to register online. On the other hand, The Bahamas made starting a DB2017 Bahamas, The business more costly by increasing the fees for registering a company name and incorporation. Bolivia made starting a business easier by decreasing the time needed to DB2017 Bolivia register a company. Brazil reduced the time needed to start a business by implementing an online portal for business licenses in Rio de Janeiro. However, Brazil also made starting DB2017 Brazil a business more difficult by shortening the opening hours of the business registry in Rio de Janeiro. Barbados made starting a business easier by reducing the time to register a DB2017 Barbados company. Colombia made starting a business easier by streamlining registration DB2017 Colombia procedures. Ecuador made starting a business easier by eliminating the publication of DB2017 Ecuador company charters in local newspapers. Jamaica made starting a business more difficult by removing the ability to DB2017 Jamaica complete next day company incorporation. Uruguay made starting a business more costly by increasing the value of the DB2017 Uruguay official fiscal unit used for the payment of government fees. The República Bolivariana de Venezuela made starting a business more expensive by raising the value of the tributary unit and lawyers’ fees. It also DB2017 Venezuela, RB made the process more time consuming by limiting the work schedule of the public sector. Page 62   complete next day company incorporation. Doing Business 2018 LATIN AMERICA made starting (LAC) AND CARIBBEAN Uruguay a business more costly by increasing the value of the DB2017 Uruguay official fiscal unit used for the payment of government fees. The República Bolivariana de Venezuela made starting a business more expensive by raising the value of the tributary unit and lawyers’ fees. It also DB2017 Venezuela, RB made the process more time consuming by limiting the work schedule of the public sector. DB2016 Jamaica Jamaica made starting a business easier by streamlining internal procedures. Ecuador made starting a business easier by simplifying the registration process DB2016 Ecuador and by eliminating the need to deposit 50% of the minimum capital in a special account. The Bahamas made starting a business more difficult by adding a requirement DB2016 Bahamas, The for value added tax (VAT) registration. Uruguay made starting a business more difficult by increasing incorporation DB2016 Uruguay costs. República Bolivariana de Venezuela made starting a business more difficult by increasing incorporation costs. It also made starting a business more difficult by making the registration at the Venezuelan Social Security Institute (IVSS), the DB2016 Venezuela, RB National Bank for Housing and Habitat (BANAVIH) and the National Institute of Socialist Cooperation & Education (INCES) prerequisites for the Ministry of Labor (Minpptrass) registration. Nicaragua made starting a business easier by combining multiple registration DB2015 Nicaragua procedures. Guatemala made starting a business easier by eliminating certain registration DB2015 Guatemala fees and reducing the time to publish a notice of incorporation. Honduras made starting a business easier by eliminating the paid-in minimum DB2015 Honduras capital requirement. República Bolivariana de Venezuela made starting a business more difficult by DB2015 Venezuela, RB increasing incorporation costs and by requiring companies to register within the Superintendence for Socioeconomic Rights (SUNDEE). Suriname made starting a business easier by introducing an online system for DB2015 Suriname obtaining trade licenses. Jamaica made starting a business easier by consolidating forms, but also made it DB2015 Jamaica more time-consuming as a result of delays in the implementation of the electronic interface with different agencies. Trinidad and Tobago made starting a business easier by introducing online DB2015 Trinidad and Tobago systems for employer registration and tax registration. Nicaragua made starting a business easier by merging the procedures for DB2014 Nicaragua registering with the revenue authority and with the municipality and by reducing the time required for incorporation. Argentina made starting a business more difficult by increasing the incorporation DB2014 Argentina costs. República Bolivariana de Venezuela made starting a business more costly by DB2014 Venezuela, RB increasing the company registration fees. Suriname made starting a business easier by reducing the time required to Page 63   DB2014 Suriname the time required for incorporation. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Argentina (LAC) made starting a business more difficult by increasing the incorporation DB2014 Argentina costs. República Bolivariana de Venezuela made starting a business more costly by DB2014 Venezuela, RB increasing the company registration fees. Suriname made starting a business easier by reducing the time required to DB2014 Suriname obtain the president’s approval for the registration of a new company. Panama made starting a business easier by eliminating the need to visit the DB2014 Panama municipality to obtain the municipal taxpayer number. Jamaica made starting a business easier by enabling the Companies Office of DB2014 Jamaica Jamaica to stamp the new company’s articles of incorporation at registration. Costa Rica made starting a business easier by creating an online platform for DB2014 Costa Rica business registration, eliminating the requirement to have accounting books legalized and simplifying the legalization of company books. Trinidad and Tobago made starting a business easier by merging the statutory DB2014 Trinidad and Tobago declaration of compliance into the standard articles of incorporation form. Colombia made starting a business easier by eliminating the requirement to DB2013 Colombia purchase and register accounting books at the time of incorporation. Costa Rica made starting a business easier by streamlining the process of DB2013 Costa Rica obtaining a sanitary permit from the authorities for low-risk activities. Mexico made starting a business easier by eliminating the minimum capital DB2013 Mexico requirement for limited liability companies. República Bolivariana de Venezuela made starting a business more difficult by DB2013 Venezuela, RB increasing the cost of company incorporation. Colombia reduced the costs associated with starting a business, by no longer DB2012 Colombia requiring upfront payment of the commercial license fee. The Dominican Republic made starting a business easier by eliminating the DB2012 Dominican Republic requirement for a proof of deposit of capital when establishing a new company. Guyana eased the process of starting a business by reducing the time needed for DB2012 Guyana registering a new company and for obtaining a tax identification number. Panama extended the operating hours of the public registry, reducing the time DB2012 Panama required to register a new company. Peru made starting a business easier by eliminating the requirement for micro DB2012 Peru and small enterprises to deposit start-up capital in a bank before registration. Puerto Rico (territory of the United States) made starting a business easier by DB2012 Puerto Rico (U.S.) merging the name search and company registration procedures. Uruguay made starting a business easier by establishing a one-stop shop for DB2012 Uruguay general commercial companies. Brazil eased business start-up by further enhancing the electronic DB2011 Brazil synchronization between federal and state tax authorities. Colombia eased the process of Starting a Business by reducing the number of DB2011 Colombia days to register with the Social Security System. Page 64   The Dominican Republic made it more difficult to start a business by setting a general commercial companies. Doing Business 2018 LATIN AMERICA AND Brazil CARIBBEAN eased (LAC) by further enhancing the electronic business start-up DB2011 Brazil synchronization between federal and state tax authorities. Colombia eased the process of Starting a Business by reducing the number of DB2011 Colombia days to register with the Social Security System. The Dominican Republic made it more difficult to start a business by setting a minimum capital requirement of 100,000 Dominican pesos ($2,855) for its new DB2011 Dominican Republic type of company, sociedad de responsabilidad limitada (limited liability company). Ecuador made starting a business easier by introducing an online registration DB2011 Ecuador system for social security. Grenada eased business start-up by transferring responsibility for the DB2011 Grenada commercial registry from the courts to the civil administration. Guyana eased business start-up by digitizing company records, which speeded DB2011 Guyana up the process of company name search and reservation. Haiti eased business start-up by eliminating the review by the president’s or the DB2011 Haiti prime minister’s office of the incorporation act submitted for publication. DB2011 Mexico Mexico launched an online one-stop shop for initiating business registration. DB2011 Panama Panama eased business start-up by increasing efficiency at the registrar. Peru eased business start-up by simplifying the requirements for operating DB2011 Peru licenses and creating an online one-stop shop for business registration. República Bolivariana de Venezuela made starting a business more difficult by DB2011 Venezuela, RB introducing a new procedure for registering a company. Dealing with Construction Permits DB Year Economy Reform Argentina made obtaining a building permit more expensive by adopting a new DB2018 Argentina tax law for the city of Buenos Aires. Mexico made dealing with construction permits costlier by increasing several DB2018 Mexico fees. This reform applies to both Mexico City and Monterrey. The municipal authorities of the San Salvador Metropolitan Area introduced legislation requiring phased inspections during construction, as well as DB2018 El Salvador experience requirements for professionals in charge of inspections. Furthermore, an online system was implemented for the payment of preliminary construction fees. Guatemala made dealing with construction permits more complicated and DB2018 Guatemala expensive by expanding the classification of projects requiring an environmental impact assessment. Argentina made dealing with construction permits more difficult by increasing DB2017 Argentina municipal fees. Bolivia made dealing with construction permits lengthier by implementing a new DB2017 Bolivia requirement to pay for the land registry certificate at the Judiciary Council. Jamaica made dealing with construction permits easier by implementing a new DB2016 Jamaica workflow for processing building permit applications. Page 65   municipal fees. Doing Business 2018 LATIN AMERICA CARIBBEAN ANDmade Bolivia (LAC) dealing with construction permits lengthier by implementing a new DB2017 Bolivia requirement to pay for the land registry certificate at the Judiciary Council. Jamaica made dealing with construction permits easier by implementing a new DB2016 Jamaica workflow for processing building permit applications. Honduras made dealing with construction permits more costly by increasing the DB2015 Honduras building permit fees. Argentina made dealing with construction permits more costly by increasing DB2015 Argentina several fees. The Dominican Republic made dealing with construction permits more costly by DB2015 Dominican Republic increasing the building permit fees. The Bahamas made dealing with construction permits more costly by increasing DB2015 Bahamas, The the building permit fees. St. Kitts and Nevis made dealing with construction permits more costly by DB2015 St. Kitts and Nevis increasing the building permit fees. Puerto Rico (territory of the United States) made dealing with construction permits easier by introducing the option of hiring authorized private DB2015 Puerto Rico (U.S.) professionals to carry out the fire safety recommendations and issue the fire safety and environmental health certificates. Guatemala made dealing with construction permits easier by streamlining DB2014 Guatemala procedures through the creation of a one-stop shop, backed by agreements between institutions and agencies involved in the permitting process. Costa Rica made dealing with construction permits easier by eliminating procedures, improving efficiency and launching an online platform that DB2014 Costa Rica streamlined the building permit process by integrating different agencies’ approval processes. Costa Rica streamlined the process for obtaining construction permits by DB2013 Costa Rica implementing online approval systems. Guatemala made dealing with construction permits easier by introducing a risk- DB2013 Guatemala based approval system Panama made dealing with construction permits easier by reducing the fees for a permit from the fire department’s safety office and by accelerating the process DB2013 Panama at the building registry for obtaining a certificate of good standing and for registering the new building. Peru made obtaining a construction permit easier by eliminating requirements DB2013 Peru for several preconstruction approvals. Haiti made dealing with construction permits costlier by increasing the fees to DB2012 Haiti obtain a building permit. Mexico made dealing with construction permits faster by consolidating internal DB2012 Mexico administrative procedures. Paraguay made dealing with construction permits easier by implementing a risk- DB2012 Paraguay based approval system and a single window for obtaining construction permits. Puerto Rico (territory of the United States) made dealing with construction DB2012 Puerto Rico (U.S.) permits easier by creating the Office of Permits Management to streamline procedures. Page 66   administrative procedures. Doing Business 2018 LATIN AMERICA made dealing(LAC) AND CARIBBEAN Paraguay with construction permits easier by implementing a risk- DB2012 Paraguay based approval system and a single window for obtaining construction permits. Puerto Rico (territory of the United States) made dealing with construction DB2012 Puerto Rico (U.S.) permits easier by creating the Office of Permits Management to streamline procedures. Trinidad and Tobago made dealing with construction permits costlier by DB2012 Trinidad and Tobago increasing the fees for building permit approvals. Colombia eased construction permitting by improving the electronic verification DB2011 Colombia of prebuilding certificates. Paraguay made dealing with construction permits easier by creating a new DB2011 Paraguay administrative structure and a better tracking system in the municipality of Asunción. Peru streamlined construction permitting by implementing administrative DB2011 Peru reforms. Getting Electricity DB Year Economy Reform Jamaica improved the reliability of the electricity supply in Kingston by investing DB2018 Jamaica in the distribution network through several initiatives, including the installation of smart meters and distribution automation switches. The Dominican Republic improved the reliability of electricity by investing in grid DB2018 Dominican Republic expansion, redesigning network zoning and setting up a power restoration squad to respond to outages. Mexico (Mexico City) improved the reliability of electricity supply by installing DB2018 Mexico smart meters, extending the medium-voltage network and implementing a new system to remotely restore power service. El Salvador improved the reliability of electricity by introducing new software DB2018 El Salvador programs allowing better outage management and maintenance planning. The Dominican Republic made getting an electricity connection faster by DB2017 Dominican Republic reducing the time required to approve electrical connection plans. The utility made getting electricity more difficult by introducing a requirement to DB2017 St. Lucia obtain a current land registry extract to get a new connection. The utility in Costa Rica made getting electricity easier by reducing the time required for preparing the design of the external connection works and for DB2016 Costa Rica installing the meter and initiating the electricity supply.In addition, Costa Rica introduced a new law aimed at curbing power outages through the introduction of a compensation scheme for customers impacted by blackouts. Trinidad and Tobago made getting electricity more costly by introducing a capital DB2016 Trinidad and Tobago contribution toward connection costs. Jamaica made getting electricity less expensive by reducing the cost of external DB2015 Jamaica connection works. Costa Rica reduced the time required for getting electricity by improving the DB2015 Costa Rica coordination between different departments at the utility. Nicaragua reduced the time required for getting electricity by increasing Page 67   DB2014 Nicaragua efficiency in granting approval of the connection design and by informing the connection works. Doing Business 2018 LATIN AMERICA AND Costa reduced the (LAC) CARIBBEAN Rica time required for getting electricity by improving the DB2015 Costa Rica coordination between different departments at the utility. Nicaragua reduced the time required for getting electricity by increasing DB2014 Nicaragua efficiency in granting approval of the connection design and by informing the customer in advance what the amount of the security deposit will be. Mexico made getting electricity easier by increasing the efficiency of the utility’s DB2014 Mexico internal processes and by enforcing a “silence is consent” rule for the approval of the feasibility study for a new connection. Colombia made getting electricity easier by opening a one-stop shop for DB2014 Colombia electricity connections and improving the efficiency of the utility’s internal processes. Ecuador made getting electricity easier by dividing the city of Quito into zones for the purpose of handling applications for new connections—a changethat DB2014 Ecuador improved the utility’s customer service—and by reducing the fees to obtain a connection. In Mexico the distribution utility made getting electricity easier by streamlining procedures, offering training opportunities to private contractors, using a DB2013 Mexico geographic information system (GIS) to map the electricity distribution network and increasing the stock of materials. Guyana made getting electricity more expensive by tripling the security deposit DB2012 Guyana required for a new connection. Registering Property DB Year Economy Reform Suriname made transferring property more transparent by publishing the list of DB2018 Suriname documents and fee schedules offered at the agency in charge of land registration and cadaster. Mexico (Monterrey) made registering property more expensive by increasing DB2018 Mexico the municipal property transfer tax. Honduras made registration of property more difficult by reducing the number DB2018 Honduras of employees at the land registry. Costa Rica decreased the time needed to transfer a property through several DB2018 Costa Rica measures, including the introduction of effective time limits. Ecuador made registering property more burdensome by requiring a valuation DB2018 Ecuador certificate to register a property transfer. Antigua and Barbuda made property registration faster by eliminating application DB2018 Antigua and Barbuda backlogs, which were initially caused by a fire at the land registry Guyana made it easier to transfer property by decreasing the time to transfer a DB2018 Guyana property by allocating higher resources in infrastructure and personnel The Bahamas made registering property easier by reducing the cost of DB2017 Bahamas, The transferring a property. Ecuador improved the quality of its land administration system by removing DB2017 Ecuador restrictions on ownership rights between married men and women. the Guyana made registering property easier by increasing the transparency ofPage 68   DB2017 Guyana Lands & Survey Commission. transferring a property. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Ecuador (LAC) of its land administration system by removing improved the quality DB2017 Ecuador restrictions on ownership rights between married men and women. Guyana made registering property easier by increasing the transparency of the DB2017 Guyana Lands & Survey Commission. Saint Kitts and Nevis made it more difficult to transfer property due to work DB2017 St. Kitts and Nevis overload at the Supreme Court Registry while also reducing the stamp duty for transferring real estate. Mexico made registering property easier by digitizing its land records, improving DB2017 Mexico the quality of the Land Registry infrastructure and making the registration process more efficient. Puerto Rico made registering property easier by digitizing its land records, DB2017 Puerto Rico (U.S.) improving the quality of infrastructure and transparency of its land administration system. Brazil made transferring property in São Paulo more expensive by increasing the DB2016 Brazil property transfer tax. Uruguay made registering property more difficult by requiring by law a DB2016 Uruguay certificate of connection of the property to the public sewage system to complete the process of transferring and registering property. Colombia made transferring property easier by eliminating the need for a DB2015 Colombia provisional registration. Suriname made transferring property easier by increasing administrative DB2014 Suriname efficiency at the land registry. Panama made transferring property easier by connecting the land registry with DB2014 Panama the cadastre. Jamaica made transferring property more difficult by increasing the transfer tax DB2014 Jamaica and the stamp duty. DB2014 Bahamas, The The Bahamas made transferring property easier by reducing the stamp duty. Brazil made transferring property more difficult by introducing a new certificate DB2013 Brazil on good standing on labor debts, adding to the number of due diligence procedures. In Ecuador property transfers became more time consuming as a result of DB2013 Ecuador implementation problems in transferring authority over property records to the municipality of Quito. Panama made property transfers faster by increasing working hours at the DB2013 Panama registry and reorganizing the caseload of its staff. In Trinidad and Tobago property transfers became faster thanks to speedier DB2013 Trinidad and Tobago issuance of clearance certificates by the Water and Sewerage Authority. Argentina made transferring property more difficult by adding a requirement DB2012 Argentina that the notary obtain the tax agency’s reference value for property before notarizing the sale deed. The Bahamas made transferring property more costly by increasing the DB2012 Bahamas, The applicable stamp duty fees. Page 69   Costa Rica made transferring property easier and quicker by making property DB2012 Costa Rica Argentina made transferring property more difficult by adding a requirement Doing DB2012Business 2018 LATIN AMERICA Argentina AND that theCARIBBEAN (LAC) notary obtain the tax agency’s reference value for property before notarizing the sale deed. The Bahamas made transferring property more costly by increasing the DB2012 Bahamas, The applicable stamp duty fees. Costa Rica made transferring property easier and quicker by making property DB2012 Costa Rica certificates available online through a single website. In Guyana transferring property became slower because of a lack of personnel at DB2012 Guyana the deed registry. Nicaragua made transferring property more efficient by introducing a fast-track DB2012 Nicaragua procedure for registration. In Antigua and Barbuda, to transfer property now requires clearance by the chief DB2011 Antigua and Barbuda surveyor to avoid mischievous declarations. The appointment of a registrar focusing only on property cut the time needed to DB2011 Grenada transfer property in Grenada by almost half. Jamaica eased the transfer of property by lowering transfer taxes and fees, DB2011 Jamaica offering expedited registration procedures and making information from the company registrar available online. Panama made it more expensive to transfer property by requiring that an DB2011 Panama amount equal to 3% of the property value be paid upon registration. Peru introduced fast-track procedures at the land registry, cutting by half the DB2011 Peru time needed to register property. In Uruguay the Municipality of Montevideo made registering property easier by DB2011 Uruguay eliminating the need to obtain a mandatory waiver for preemption rights. Getting Credit DB Year Economy Reform Guyana improved access to credit information by expanding the coverage of the DB2017 Guyana credit bureau. Paraguay reduced access to credit information by limiting the distribution of DB2017 Paraguay historical data on borrowers. El Salvador made access to credit information more difficult by reducing the DB2017 El Salvador coverage of the credit bureau. Guyana improved access to credit information by establishing a new credit DB2016 Guyana bureau. El Salvador improved access to credit by adopting the Law on Movable Property, DB2016 El Salvador which established a modern, centralized, notice-based collateral registry and allows a general description of a single category of assets granted as collateral. Peru improved its credit information system by implementing a new law on DB2016 Peru personal data protection. Mexico improved access to credit by implementing a decree allowing a general DB2016 Mexico description of assets granted as collateral. This reform applies to both Mexico City and Monterrey. Page 70   Costa Rica improved access to credit by adopting a new secured transactions law allows a general description of a single category of assets granted as collateral. Doing Business 2018 LATIN AMERICA AND Peru CARIBBEAN improved (LAC) its credit information system by implementing a new law on DB2016 Peru personal data protection. Mexico improved access to credit by implementing a decree allowing a general DB2016 Mexico description of assets granted as collateral. This reform applies to both Mexico City and Monterrey. Costa Rica improved access to credit by adopting a new secured transactions law that establishes a functional secured transactions system and a modern, DB2016 Costa Rica centralized, notice-based collateral registry. The law broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and allows out-of-court enforcement of collateral. Nicaragua improved access to credit information by starting to provide credit DB2015 Nicaragua scores to banks and financial institutions. Panama improved access to credit through a new law broadening the range of DB2015 Panama assets that can be used as collateral, allowing a general description of assets granted as collateral and allowing out-of-court enforcement of collateral. Mexico improved access to credit by amending its insolvency proceedings law and establishing clear grounds for relief from a stay of enforcement actions by DB2015 Mexico secured creditors during reorganization procedures. This reform applies to both Mexico City and Monterrey. Jamaica improved access to credit by establishing credit bureaus and by adopting a new secured transactions law that implements a functional secured DB2015 Jamaica transactions system, broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and establishes a modern, notice-based collateral registry. Colombia improved access to credit by adopting a new secured transactions law that establishes a functional secured transactions system and a centralized, notice-based collateral registry. The law broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral, DB2015 Colombia establishes clear priority rules inside bankruptcy for secured creditors, sets out grounds for relief from a stay of enforcement actions by secured creditors during reorganization procedures and allows out-of-court enforcement of collateral. The Dominican Republic improved its credit information system by enacting a DB2015 Dominican Republic new law regulating the protection of personal data and the operation of credit reporting institutions. Trinidad and Tobago improved access to credit by adopting the Bankruptcy and Insolvency Act, which establishes clear grounds for relief from a stay of DB2015 Trinidad and Tobago enforcement actions by secured creditors during reorganization procedures as well as a time limit for the stay. República Bolivariana de Venezuela improved access to credit information by DB2014 Venezuela, RB starting to collect data on firms from financial institutions. Jamaica improved its credit information system by creating a legal and regulatory DB2014 Jamaica framework for private credit bureaus. Costa Rica improved access to credit information by guaranteeing borrowers’ DB2013 Costa Rica right to inspect their personal data. El Salvador improved access to credit information through a new law regulating DB2013 El Salvador the management of personal credit information. Page 71   framework for private credit bureaus. Doing Business 2018 LATIN AMERICA AND Costa CARIBBEAN Rica (LAC) improved access to credit information by guaranteeing borrowers’ DB2013 Costa Rica right to inspect their personal data. El Salvador improved access to credit information through a new law regulating DB2013 El Salvador the management of personal credit information. Brazil improved its credit information system by allowing private credit bureaus DB2012 Brazil to collect and share positive information. Honduras strengthened its secured transactions system through a new decree DB2012 Honduras establishing a centralized and computerized collateral registry and providing for out-of-court enforcement of collateral upon default. Mexico strengthened its secured transactions system by implementing a DB2012 Mexico centralized collateral registry with an electronic database that is accessible online. Paraguay improved its credit information system by establishing an online DB2012 Paraguay platform for financial institutions to exchange information with the public credit registry. Uruguay improved its credit information system by introducing a new online DB2012 Uruguay platform allowing access to credit reports for financial institutions, public utilities and borrowers. Guyana enhanced access to credit by establishing a regulatory framework that DB2011 Guyana allows the licensing of private credit bureaus and gives borrowers the right to inspect their data. República Bolivariana de Venezuela improved access to credit information by DB2011 Venezuela, RB creating a private credit bureau. Protecting Minority Investors DB Year Economy Reform Costa Rica strengthened minority investor protections by allowing greater access DB2018 Costa Rica to corporate information before and during trial and enhancing disclosure requirements, but weakened shareholder rights in certain major transactions. Honduras strengthened minority investor protections by introducing provisions requiring greater disclosure of related-party transactions, prohibiting interested parties from voting on a related-party transaction, allowing shareholders DB2016 Honduras representing at least 5% of a company’s share capital to bring a direct action for damages against its directors and giving any shareholder the right to inspect company documents. The Dominican Republic strengthened minority investor protections by DB2015 Dominican Republic introducing greater shareholder rights and requirements for greater corporate transparency. Ecuador strengthened minority investor protections by introducing greater requirements for disclosure of related-party transactions as well as a DB2015 Ecuador requirement that a potential acquirer make a tender offer to all shareholders upon acquiring voting shares. Panama strengthened investor protections by increasing the disclosure DB2014 Panama requirements for publicly held companies. Peru strengthened investor protections through a new law regulating the DB2013 Peru approval of related-party transactions and making it easier to sue directors Page 72   when upon acquiring voting shares. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Panama (LAC) protections by increasing the disclosure strengthened investor DB2014 Panama requirements for publicly held companies. Peru strengthened investor protections through a new law regulating the DB2013 Peru approval of related-party transactions and making it easier to sue directors when such transactions are prejudicial. El Salvador strengthened investor protections by allowing greater access to DB2012 El Salvador corporate information during the trial. Peru strengthened investor protections through a new law allowing minority DB2012 Peru shareholders to request access to nonconfidential corporate documents. Paying Taxes DB Year Economy Reform Haiti made paying taxes costlier by increasing the rate for the business license DB2018 Haiti tax. Uruguay made paying taxes easier by enhancing the features of the online portal DB2018 Uruguay used for filing and paying taxes and making electronic payments compulsory. Trinidad and Tobago made paying taxes costlier by increasing the rates for the DB2018 Trinidad and Tobago environmental tax and social security contributions paid by employers. Barbados made paying taxes more difficult by introducing a new national social DB2018 Barbados responsibility levy of 2% on the value of products before VAT. DB2018 Grenada Grenada made paying taxes more costly by increasing stamp tax rates. The Dominican Republic made paying taxes costlier by decreasing the inflation DB2018 Dominican Republic rate. El Salvador made paying taxes easier by implementing an online platform for DB2018 El Salvador filing and payment of taxes, and by moving to risk-based audit assessment selection system focusing more on larger companies. Ecuador made paying taxes more difficult by introducing a new solidarity DB2018 Ecuador contribution paid by employers and employees through withheld salary contributors. The Bahamas made paying taxes less costly by decreasing the stamp duty on the DB2018 Bahamas, The sale of land. Argentina made paying taxes less costly by increasing the threshold for the 5% DB2017 Argentina turnover tax. Argentina also made paying taxes easier by introducing improvements to the online portal for filing taxes. The Bahamas made paying taxes more complicated by introducing a value added DB2017 Bahamas, The tax. Dominica made paying taxes less costly by reducing the corporate income tax DB2017 Dominica rate. The Dominican Republic made paying taxes less costly by decreasing the DB2017 Dominican Republic corporate income tax rate. Guatemala made paying taxes less costly by reducing the rate of corporate DB2017 Guatemala income tax. Page 73   Jamaica made paying taxes less costly by increasing tax depreciation rates and rate. Doing Business 2018 LATIN AMERICA AND The CARIBBEAN Dominican (LAC) Republic made paying taxes less costly by decreasing the DB2017 Dominican Republic corporate income tax rate. Guatemala made paying taxes less costly by reducing the rate of corporate DB2017 Guatemala income tax. Jamaica made paying taxes less costly by increasing tax depreciation rates and the initial capital allowance for assets acquired on or after January 1, 2014. Furthermore, companies incorporated for less than 24 months are exempted DB2017 Jamaica from paying the minimum business tax. Jamaica also made paying taxes easier by implementing an electronic system for filing of corporate income tax, VAT and social contributions. DB2017 Peru Peru made paying taxes less costly by decreasing the corporate income tax rate. Puerto Rico (territory of the United States) made paying taxes less costly by DB2017 Puerto Rico (U.S.) abolishing gross receipts tax. However, the capital gains tax rate was increased. El Salvador made paying taxes easier by encouraging the use of the electronic DB2017 El Salvador system for filing taxes. Uruguay made paying taxes easier by introducing an electronic system for DB2017 Uruguay paying social security contributions. Online filing was already in place. Guatemala made paying taxes less costly for companies by reducing the DB2016 Guatemala corporate income tax rate. Honduras made paying taxes more costly for companies by introducing an DB2016 Honduras alternative minimum income tax. Peru made paying taxes easier for companies by creating an advanced online DB2016 Peru registry with up-to-date information on employees. Mexico made paying taxes easier for companies by abolishing the business flat tax—though it also made paying taxes more costly by allowing only a portion of DB2016 Mexico salaries to be deductible. These changes apply to both Mexico City and Monterrey. In addition, the payroll tax rate paid by employers was increased for Mexico City. Jamaica made paying taxes easier and less costly for companies by encouraging taxpayers to pay their taxes online, introducing an employment tax credit and increasing the depreciation rate for industrial buildings. At the same time, DB2016 Jamaica Jamaica introduced a minimum business tax, raised the contribution rate for the national insurance scheme paid by employers and increased the rates for stamp duty, the property tax, the property transfer tax and the education tax. Costa Rica made paying taxes easier for companies by promoting the use of its DB2016 Costa Rica electronic filing and payment system for corporate income tax and general sales tax. Colombia made paying taxes less costly for companies by reducing the payroll DB2016 Colombia tax rate and introducing exemptions for health care contributions paid by employers. The Bahamas made paying taxes less costly for companies by reducing the DB2016 Bahamas, The business license tax—though it also raised the wage ceiling used in calculating social security contributions. Uruguay made paying taxes easier for companies by continually upgrading and DB2016 Uruguay improving the electronic system for filing and paying the major taxes. Page 74   The Bahamas made paying taxes less costly for companies by reducing the Doing DB2016Business 2018 The AMERICA LATIN Bahamas, AND CARIBBEAN business (LAC)it also raised the wage ceiling used in calculating license tax—though social security contributions. Uruguay made paying taxes easier for companies by continually upgrading and DB2016 Uruguay improving the electronic system for filing and paying the major taxes. Barbados made paying taxes more costly for companies by raising the ceiling for DB2016 Barbados social security contributions and introducing a new municipal solid waste tax. Guatemala made paying taxes easier and less costly for companies by enhancing the electronic system for filing and paying corporate income tax and VAT and by DB2015 Guatemala reducing the capital gains and corporate income tax rates. On the other hand, it also made paying taxes more complicated by introducing a new form for capital gains tax. Jamaica made paying taxes more costly for companies by introducing a new DB2015 Jamaica minimum business tax. Colombia made paying taxes more complicated for companies by introducing a DB2015 Colombia new profit tax (CREE), though it also reduced the corporate income tax rate and payroll taxes. Costa Rica made paying taxes easier for companies by implementing an DB2015 Costa Rica electronic system for filing corporate income tax and VAT. St. Kitts and Nevis made paying taxes less costly for companies by reducing the DB2015 St. Kitts and Nevis corporate income tax rate. Guatemala made paying taxes easier for companies by introducing a new DB2014 Guatemala electronic filing and payment system. Guyana made paying taxes easier for companies by reducing the corporate DB2014 Guyana income tax rate. El Salvador made paying taxes more costly for companies by increasing the DB2014 El Salvador corporate income tax rate. Panama made paying taxes easier for companies by changing the payment DB2014 Panama frequency for corporate income taxes from monthly to quarterly and by implementing a new online platform for filing the social security payroll. Jamaica made paying taxes less costly for companies by reducing the corporate DB2014 Jamaica income tax rate—though it also increased vehicle and asset taxes. Paraguay made paying taxes easier for companies by making electronic filing and DB2014 Paraguay payment mandatory for corporate income and value added taxes. Costa Rica made paying taxes easier for companies by implementing electronic DB2013 Costa Rica payment for municipal taxes—though it also introduced a registration flat tax. DB2013 Dominican Republic The Dominican Republic increased the corporate income tax rate. DB2013 El Salvador El Salvador introduced an alternative minimum tax. Jamaica made paying taxes easier for companies by allowing joint filing and DB2013 Jamaica payment of all social security contributions. Panama made paying taxes easier for companies by enhancing the electronic filing system for value added tax and simplifying tax return forms for corporate DB2013 Panama income tax—though it also began requiring companies to pay corporate income tax monthly rather than quarterly. Page 75   DB2013 El Salvador El Salvador introduced an alternative minimum tax. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Jamaica (LAC) made paying taxes easier for companies by allowing joint filing and DB2013 Jamaica payment of all social security contributions. Panama made paying taxes easier for companies by enhancing the electronic filing system for value added tax and simplifying tax return forms for corporate DB2013 Panama income tax—though it also began requiring companies to pay corporate income tax monthly rather than quarterly. Puerto Rico (territory of the United States) made paying taxes easier and less DB2013 Puerto Rico (U.S.) costly for companies by introducing a new Internal Revenue Code and tax codification and by reducing the effective corporate income tax rate. Uruguay made paying taxes easier for small and medium-size companies by fully implementing an online filing and payment system for capital, value added and DB2013 Uruguay corporate income taxes and by improving the online facilities for social security contributions. República Bolivariana de Venezuela made paying taxes more costly and difficult DB2013 Venezuela, RB for companies by introducing a sports, physical activities and physical education tax. Belize made paying taxes easier for firms by improving electronic filing and DB2012 Belize payment for social security contributions, an option now used by the majority of taxpayers. DB2012 Bolivia Bolivia raised social security contribution rates for employers. Colombia eased the administrative burden of paying taxes for firms by DB2012 Colombia establishing mandatory electronic filing and payment for some of the major taxes. In Costa Rica online payment of social security contributions is now widespread DB2012 Costa Rica and used by the majority of taxpayers. DB2012 Honduras Honduras made paying taxes costlier for firms by raising the solidarity tax rate. Mexico continued to ease the administrative burden of paying taxes for firms by DB2012 Mexico ending the requirement to file a yearly value added tax return and reduced filing requirements for other taxes Nicaragua made paying taxes easier for companies by promoting electronic filing DB2012 Nicaragua and payment of the major taxes, an option now used by the majority of taxpayers. Paraguay made paying taxes more burdensome for companies by introducing DB2012 Paraguay new tax declarations that must be filed monthly. Peru made paying taxes easier for companies by improving electronic filing and DB2012 Peru payment of the major taxes and promoting the use of the electronic option among the majority of taxpayers. DB2012 St. Kitts and Nevis St. Kitts and Nevis made paying taxes easier by introducing a value added tax. República Bolivariana de Venezuela made paying taxes costlier for firms by DB2012 Venezuela, RB doubling the municipal economic activities tax (sales tax). Mexico increased taxes on companies by raising several tax rates, including the corporate income tax and the rate on cash deposits. At the same time, the DB2011 Mexico administrative burden was reduced slightly with more options for online payment and increased use of accounting software. Page 76   DB2012 St. Kitts and Nevis St. Kitts and Nevis made paying taxes easier by introducing a value added tax. Doing Business 2018 LATIN AMERICA AND CARIBBEAN República (LAC) Bolivariana de Venezuela made paying taxes costlier for firms by DB2012 Venezuela, RB doubling the municipal economic activities tax (sales tax). Mexico increased taxes on companies by raising several tax rates, including the corporate income tax and the rate on cash deposits. At the same time, the DB2011 Mexico administrative burden was reduced slightly with more options for online payment and increased use of accounting software. Nicaragua increased taxes on firms by raising social security contribution rates DB2011 Nicaragua and introducing a 10% withholding tax on the gross interest accrued from deposits. It also improved electronic payment of taxes through bank transfer. Panama reduced the corporate income tax rate, modified various taxes and DB2011 Panama created a new tax court of appeals. Puerto Rico made paying taxes more costly for business by introducing a special DB2011 Puerto Rico (U.S.) surtax of 5% on the tax liability in addition to the normal corporate income tax. DB2011 Venezuela, RB República Bolivariana de Venezuela abolished the tax on financial transactions. Trading across Borders DB Year Economy Reform Jamaica reduced the time for documentary compliance for importing by DB2018 Jamaica implementing a web-based customs data management platform, ASYCUDA World. El Salvador made exporting and importing easier by increasing the number of DB2018 El Salvador customs officers at the Anguiatú land border. St. Kitts and Nevis made trading across borders easier by updating its website DB2018 St. Kitts and Nevis and implementing ASYCUDA, an automated customs data management system, reducing documentary compliance time for exports and imports. Brazil reduced the time for documentary compliance for both exporting and DB2018 Brazil importing by enhancing its electronic data interchange system. This reform applies to both Rio de Janeiro and São Paulo. Bolivia made exporting and importing easier by implementing the Sistema Único DB2018 Bolivia de Modernización Aduanera (SUMA), an automated customs data management system. Argentina made trading across borders easier by introducing a new licensing DB2017 Argentina system for importing, which reduced the time required for documentary compliance. Antigua and Barbuda made trading across borders easier by eliminating the tax DB2017 Antigua and Barbuda compliance certificate required for import customs clearance. Brazil made trading across borders easier by implementing an electronic system DB2017 Brazil for importing, which reduced the time required for documentary compliance. This reform applies to both Rio de Janeiro and São Paulo. Grenada made trading across borders easier by streamlining import document DB2017 Grenada submission procedures, reducing the time required for documentary compliance. Honduras made trading across borders more difficult by increasing the number DB2017 Honduras of intrusive inspections for importing, which increased the border compliance time. Page 77   Doing DB2017Business 2018 LATIN AMERICA Grenada AND CARIBBEAN submission (LAC) procedures, reducing the time required for documentary compliance. Honduras made trading across borders more difficult by increasing the number DB2017 Honduras of intrusive inspections for importing, which increased the border compliance time. Haiti made trading across borders easier by improving port infrastructure and DB2017 Haiti improving the SYDONIA electronic data interchange system by allowing the submission of supporting documents online. Jamaica reduced the time of documentary compliance for exporting by DB2017 Jamaica implementing an automated customs data management system, ASYCUDA World. St. Lucia made exporting and importing easier by upgrading an electronic data DB2017 St. Lucia interchange system and linking the customs and port authorities through a common online platform. Nicaragua made trading across borders more expensive by introducing a new DB2017 Nicaragua security fee, increasing the cost of border compliance for exporting and importing. Paraguay made trading across borders easier by introducing a single window for DB2017 Paraguay exporting, which reduced the time required of border and documentary compliance. Guatemala reduced the documentary and border compliance time for importing DB2016 Guatemala by making electronic submission of documents compulsory and eliminating the need for many hard-copy documents. El Salvador increased the border compliance time for exporting and importing by DB2016 El Salvador adding an extra, nonintrusive inspection at the Anguiatú border crossing with Guatemala. Suriname reduced the time for documentary and border compliance for DB2016 Suriname exporting and importing by implementing an automated customs data management system, ASYCUDA (Automated System for Customs Data) World. Brazil reduced the time for documentary and border compliance for exporting DB2016 Brazil by implementing the electronic SISCOMEX Portal system. This reform applies to both Rio de Janeiro and São Paulo. The Bahamas made trading across borders easier by fully implementing an DB2016 Bahamas, The electronic data interchange system, which reduced the time for preparation and submission of trade documents for both exporting and importing. Bolivia made trading across borders more difficult by increasing customs DB2015 Bolivia clearance time. St. Lucia made trading across borders easier by implementing the ASYCUDA DB2015 St. Lucia World electronic system for the submission of export and import documents and by reducing the number of export documents required. The Dominican Republic made trading across borders easier by reducing the DB2015 Dominican Republic number of documents required for exports and imports. Ecuador made trading across borders easier by introducing a new electronic data DB2015 Ecuador interchange system called ECUAPASS. Page 78   Uruguay made trading across borders easier by implementing a risk-based by reducing the number of export documents required. Doing Business 2018 LATIN AMERICA AND The CARIBBEAN Dominican (LAC) Republic made trading across borders easier by reducing the DB2015 Dominican Republic number of documents required for exports and imports. Ecuador made trading across borders easier by introducing a new electronic data DB2015 Ecuador interchange system called ECUAPASS. Uruguay made trading across borders easier by implementing a risk-based DB2015 Uruguay inspection system that reduced customs clearance time for both exports and imports. El Salvador made trading across borders easier by developing a one-stop shop DB2014 El Salvador for exporting and by implementing electronic data interchange systems. Argentina reduced the number of documents necessary for importing by DB2014 Argentina eliminating nonautomatic license requirements. St. Lucia made trading across borders more difficult by introducing a new export DB2014 St. Lucia document. Mexico made trading across borders easier by implementing an electronic DB2014 Mexico single-window system. Uruguay made trading across borders easier by implementing an electronic DB2014 Uruguay customs declaration system. Antigua and Barbuda made trading across borders more difficult by increasing DB2013 Antigua and Barbuda the number of documents required to import. Argentina increased the time, cost and number of documents needed to import DB2013 Argentina by expanding the list of products requiring nonautomatic licenses and introducing new preapproval procedures for all imports. Belize reduced the time to export and import by implementing the ASYCUDA DB2013 Belize World electronic data interchange system. Dominica reduced the time to import by implementing the ASYCUDA World DB2013 Dominica electronic data interchange system. Grenada reduced the time to export and import by implementing the ASYCUDA DB2013 Grenada World electronic data interchange system. Jamaica reduced the time to import by allowing customs entries to be lodged at DB2013 Jamaica night. St. Kitts and Nevis made it more expensive to export by increasing the cost of DB2013 St. Kitts and Nevis operations at the port of Basseterre. Suriname increased the time to export by involving more customs departments DB2013 Suriname in clearing exports. Trinidad and Tobago reduced the time to export and import by launching the DB2013 Trinidad and Tobago ASYCUDA World electronic data interchange system and simplifying the process for obtaining a certificate of origin. Uruguay reduced the time to import by improving port efficiency and introducing DB2013 Uruguay electronic payment and predeclaration systems for customs. Honduras made trading across borders faster by implementing a web-based DB2012 Honduras electronic data interchange system and X-ray machines at the port of Puerto Cortes. Page 79   Grenada’s customs administration made trading faster by simplifying for obtaining a certificate of origin. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Uruguay (LAC) reduced the time to import by improving port efficiency and introducing DB2013 Uruguay electronic payment and predeclaration systems for customs. Honduras made trading across borders faster by implementing a web-based DB2012 Honduras electronic data interchange system and X-ray machines at the port of Puerto Cortes. Grenada’s customs administration made trading faster by simplifying DB2011 Grenada procedures, reducing inspections, improving staff training and enhancing communication with users. Guyana improved its risk profiling system for customs inspection, reducing DB2011 Guyana physical inspections of shipments and the time to trade. Nicaragua expedited trade by migrating to a new electronic data interchange DB2011 Nicaragua system for customs, setting up a physical one-stop shop for exports and investing in new equipment at the port of Corinto. Peru made trading easier by implementing a new web-based electronic data DB2011 Peru interchange system, risk-based inspections and payment deferrals. Enforcing Contracts DB Year Economy Reform Nicaragua made enforcing contracts easier by adopting a new code of civil DB2018 Nicaragua procedure that introduces stricter case management rules. Guyana made enforcing contracts easier by adopting a new code of civil DB2018 Guyana procedure regulating time standards for key court events. Bolivia made enforcing contracts easier by adopting a new code of civil DB2017 Bolivia procedure that introduces pre-trial conferences. Brazil made enforcing contracts easier through a new mediation law—that DB2017 Brazil includes financial incentives for parties to attempt mediation—and a new code of civil procedure. These reforms apply to both Rio de Janeiro and São Paulo. Ecuador adopted a new code of civil procedure that made enforcing contracts easier by introducing a pre-trial conference. The new code also made enforcing DB2017 Ecuador contracts more difficult by eliminating a dedicated procedure for the resolution of small claims. The Bahamas made enforcing contracts easier by introducing new rules of civil DB2015 Bahamas, The procedure focused on streamlining and simplifying court proceedings and ensuring less costly resolution of disputes. Uruguay made enforcing contracts easier by simplifying and speeding up the DB2015 Uruguay proceedings for commercial disputes. Mexico made enforcing contracts easier by creating small claims courts, with oral DB2014 Mexico proceedings, that can hear both civil and commercial cases. Colombia made enforcing contracts easier by simplifying and speeding up the DB2014 Colombia proceedings for commercial disputes. Brazil made enforcing contracts easier by implementing an electronic system for DB2013 Brazil filing initial complaints at the São Paulo civil district court. Honduras adopted a new civil procedure code that modified litigation DB2012 Honduras procedures for enforcing a contract. Page 80   proceedings for commercial disputes. Doing Business 2018 LATIN AMERICA AND Brazil CARIBBEAN made (LAC) easier by implementing an electronic system for enforcing contracts DB2013 Brazil filing initial complaints at the São Paulo civil district court. Honduras adopted a new civil procedure code that modified litigation DB2012 Honduras procedures for enforcing a contract. Nicaragua raised the monetary threshold for commercial claims that can be DB2012 Nicaragua brought to the Managua local civil court, leaving lower-value claims in the local courts, where proceedings are simpler and faster. Resolving Insolvency DB Year Economy Reform Grenada made resolving insolvency easier by introducing a reorganization procedure for corporate entities. Grenada also introduced provisions facilitating the continuation of the debtor’s business during insolvency proceedings and DB2018 Grenada allowing creditors greater participation in important decisions during the proceedings. Grenada also established a public office responsible for the general administration of insolvency cases. The Dominican Republic made resolving insolvency easier by adopting a law that introduces a reorganization procedure and facilitates continuation of the debtor’s DB2018 Dominican Republic business during insolvency proceedings. The new law allows creditors greater participation in important decisions during insolvency proceedings. Panama made resolving insolvency easier by adopting a new insolvency law that introduces a reorganization procedure and facilitates continuation of the debtor’s DB2018 Panama business during insolvency proceedings. The new law also allows creditors greater participation in important decisions during insolvency proceedings and regulates insolvency practitioners. St. Vincent and the Grenadines made resolving insolvency easier by introducing a rehabilitation procedure; introducing provisions to facilitate the continuation of St. Vincent and the DB2016 the debtor’s business during insolvency proceedings and allow creditors greater Grenadines participation in important decisions during the proceedings; and establishing a public office responsible for the general administration of insolvency cases. Jamaica made resolving insolvency easier by introducing a reorganization procedure; introducing provisions to facilitate the continuation of the debtor’s DB2016 Jamaica business during insolvency proceedings and allow creditors greater participation in important decisions during the proceedings; and establishing a public office responsible for the general administration of insolvency proceedings. Mexico made resolving insolvency easier by clarifying several rules, shortening the time extensions allowed during reorganization, facilitating the electronic DB2015 Mexico submission of documents and improving the legal rights of creditors and other parties involved in bankruptcy procedures. This reform applies to both Mexico City and Monterrey. Trinidad and Tobago made resolving insolvency easier by introducing a formal mechanism for rehabilitation, establishing a public office responsible for the DB2015 Trinidad and Tobago general administration of insolvency proceedings and clarifying the rules on appointment of trustees. St. Kitts and Nevis made resolving insolvency easier by introducing a rehabilitation procedure; introducing provisions to facilitate the continuation of DB2015 St. Kitts and Nevis the debtor’s business during insolvency proceedings and allow creditors greater participation in important decisions during the proceedings; and establishing a public office responsible for the general administration of insolvency cases.Page 81   mechanism for rehabilitation, establishing a public office responsible for the DB2015 Trinidad and Tobago Doing Business 2018 LATIN AMERICA administration (LAC) AND CARIBBEAN general of insolvency proceedings and clarifying the rules on appointment of trustees. St. Kitts and Nevis made resolving insolvency easier by introducing a rehabilitation procedure; introducing provisions to facilitate the continuation of DB2015 St. Kitts and Nevis the debtor’s business during insolvency proceedings and allow creditors greater participation in important decisions during the proceedings; and establishing a public office responsible for the general administration of insolvency cases. The Bahamas enhanced its insolvency process by implementing rules for the DB2014 Bahamas, The remuneration of liquidators, allowing voluntary liquidations and outlining clawback provisions for suspect transactions. Colombia amended regulations governing insolvency proceedings to simplify the DB2012 Colombia proceedings and reduce their time and cost Page 82   clawback provisions for suspect transactions. Doing Business 2018 LATIN AMERICA AND CARIBBEAN Colombia (LAC) governing insolvency proceedings to simplify the amended regulations DB2012 Colombia proceedings and reduce their time and cost Page 83