47717 DOING BUSINESS 2009 A copublication of the World Bank, the International Finance Corporation, and Palgrave Macmillan © 2008 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC 20433 Telephone 202-473-1000 Internet www.worldbank.org E-mail feedback@worldbank.org All rights reserved. 1 2 3 4 08 07 06 05 A publication of the World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. 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ISBN: 978-0-8213-7609-6 E-ISBN: 978-0-8213-7610-2 DOI: 10.1596/978-0-8213-7609-6 ISSN: 1729-2638 Library of Congress Cataloging-in-Publication data has been applied for. Contents Doing Business 2009 is the sixth in a property, getting credit, protecting inves- About Doing Business v series of annual reports investigating tors, paying taxes, trading across bor- Overview 1 the regulations that enhance business ders, enforcing contracts and closing a Starting a business 9 activity and those that constrain it. Doing business. Data in Doing Business 2009 are Dealing with construction permits 14 Business presents quantitative indicators current as of June 1, 2008. The indicators on business regulations and the protec- are used to analyze economic outcomes Employing workers 19 tion of property rights that can be com- and identify what reforms have worked, Registering property 24 pared across 181 economies--from Af- where and why. Getting credit 29 ghanistan to Zimbabwe--and over time. The methodology for the legal rights Protecting investors 34 Regulations affecting 10 stages of of lenders and borrowers, part of the get- Paying taxes 39 the life of a business are measured: start- ting credit indicators, changed for Doing Trading across borders 44 ing a business, dealing with construction Business 2009. See Data notes for details. Enforcing contracts 49 permits, employing workers, registering Closing a business 54 Current features Downloads News on the Doing Business project Doing Business reports as well as subnational, References 58 http://www.doingbusiness.org country and regional reports and case studies Data notes 61 Rankings http://www.doingbusiness.org/downloads Ease of doing business 79 How economies rank--from 1 to 181 Subnational projects Country tables 85 http://www.doingbusiness.org/ Differences in business regulations at the economyrankings subnational level ILO core labor standards 147 Reformers http://www.doingbusiness.org/subnational Short summaries of DB2009 reforms, lists Law library of reformers since DB2004 and a ranking Online collection of business laws and Acknowledgments 151 simulation tool regulations http://www.doingbusiness.org/reformers http://www.doingbusiness.org/lawlibrary Data time series Local partners Customized data sets since DB2004 More than 6,700 specialists in 181 economies http://www.doingbusiness.org/customquery who participate in Doing Business Methodology and research http://www.doingbusiness.org/LocalPartners The methodologies and research papers Reformers'Club underlying Doing Business Celebrating the top 10 Doing Business http://www.doingbusiness.org/ reformers MethodologySurveys http://www.reformersclub.org Blog Business Planet Online journal focusing on business Interactive map on the ease of doing business regulation reform http://www.doingbusiness.org/map http://blog.doingbusiness.org STARTING A BUSINESS v About Doing surveys. Such surveys are useful gauges regulation, such as stricter disclosure re- Business of economic and policy conditions. But quirements in related-party transactions. their reliance on perceptions and their Some give a higher score for a simplified incomplete coverage of poor countries way of implementing existing regulation, limit their usefulness for analysis. such as completing business start-up TheDoingBusinessproject,launched formalities in a one-stop shop. 7 years ago, goes one step further. It looks The Doing Business project encom- at domestic small and medium-size com- passes 2 types of data. The first come panies and measures the regulations ap- from readings of laws and regulations. plying to them through their life cycle. The second are time and motion indi- Doing Business and the standard cost cators that measure the efficiency in model initially developed and applied in achieving a regulatory goal (such as the Netherlands are, for the present, the granting the legal identity of a business). only standard tools used across a broad Within the time and motion indicators, range of jurisdictions to measure the cost estimates are recorded from official impact of government rule-making on fee schedules where applicable. Here, In 1664 William Petty, an adviser to business activity.1 Doing Business builds on Hernando de England's Charles II, compiled the first The first Doing Business report, pub- Soto's pioneering work in applying the known national accounts. He made 4 lished in 2003, covered 5 indicator sets in time and motion approach first used entries. On the expense side, "food, hous- 133 economies. This year's report covers by Frederick Taylor to revolutionize the ing, clothes and all other necessaries" 10 indicator sets in 181 economies. The production of the Model T Ford. De Soto were estimated at £40 million. National project has benefited from feedback from used the approach in the 1980s to show income was split among 3 sources: £8 governments, academics, practitioners the obstacles to setting up a garment fac- million from land, £7 million from other and reviewers.2 The initial goal remains: tory on the outskirts of Lima.3 personal estates and £25 million from to provide an objective basis for under- labor income. standing and improving the regulatory What Doing Business In later centuries estimates of coun- environment for business. does not cover try income, expenditure and material inputs and outputs became more abun- What Doing Business covers Just as important as knowing what Doing dant. But it was not until the 1940s that Business does is to know what it does a systematic framework was developed Doing Business provides a quantitative not do--to understand what limitations for measuring national income and ex- measure of regulations for starting a must be kept in mind in interpreting penditure, under the direction of British business, dealing with construction the data. economist John Maynard Keynes. As the permits, employing workers, register- methodology became an international ing property, getting credit, protecting Limited in scope standard, comparisons of countries' fi- investors, paying taxes, trading across Doing Business focuses on 10 topics, with nancial positions became possible. Today borders, enforcing contracts and closing the specific aim of measuring the regula- the macroeconomic indicators in na- a business--as they apply to domestic tion and red tape relevant to the life cycle tional accounts are standard in every small and medium-size enterprises. of a domestic small to medium-size firm. country. A fundamental premise of Doing Accordingly: Governments committed to the eco- Business is that economic activity re- · Doing Business does not measure all nomic health of their country and op- quires good rules. These include rules aspects of the business environment portunities for its citizens now focus on that establish and clarify property rights that matter to firms or investors--or more than macroeconomic conditions. andreducethecostsofresolvingdisputes, all factors that affect competitiveness. They also pay attention to the laws, regu- rules that increase the predictability of It does not, for example, measure lations and institutional arrangements economic interactions and rules that security, macroeconomic stability, that shape daily economic activity. provide contractual partners with core corruption, the labor skills of the Until very recently, however, there protections against abuse. The objective: population, the underlying strength were no globally available indicator sets regulations designed to be efficient, to be of institutions or the quality of for monitoring these microeconomic accessible to all who need to use them infrastructure.4 Nor does it focus factors and analyzing their relevance. and to be simple in their implementa- on regulations specific to foreign The first efforts, in the 1980s, drew on tion. Accordingly, some Doing Business investment. perceptions data from expert or business indicators give a higher score for more vi DoING BUSINESS 2009 · Doing Business does not cover all Business: expanding opportunities for other major economic benchmarks. The regulations, or all regulatory goals, entrepreneurship. Investors are encour- indicator set closest to Doing Business in any economy. As economies and aged to venture into business when po- in what it measures is the Organisation technology advance, more areas tential losses are limited to their capital for Economic Co-operation and Devel- of economic activity are being participation. opment's indicators of product market regulated. For example, the European regulation; the correlation here is 0.80. Union's body of laws (acquis) has Focused on the FormaL sector The World Economic Forum's Global now grown to no fewer than 14,500 In constructing the indicators, Doing Competitiveness Index and IMD's World rule sets. Doing Business measures Business assumes that entrepreneurs are Competitiveness Yearbook are broader in regulation affecting just 10 phases knowledgeable about all regulations in scope, but these too are strongly corre- of a company's life cycle, through 10 place and comply with them. In practice, lated with Doing Business (0.80 and 0.76, specific sets of indicators. entrepreneurs may spend considerable respectively). These correlations suggest time finding out where to go and what that where peace and macroeconomic Based on standardized case documents to submit. Or they may avoid stability are present, domestic business scenarios legally required procedures altogether-- regulation makes an important differ- Doing Business indicators are built on the by not registering for social security, for ence in economic competitiveness. basis of standardized case scenarios with example. A bigger question is whether the specific assumptions, such as the busi- Where regulation is particularly issues on which Doing Business focuses ness being located in the largest business onerous, levels of informality are higher. matter for development and poverty re- city of the economy. Economic indicators Informality comes at a cost: firms in duction. The World Bank study Voices of commonly make limiting assumptions the informal sector typically grow more the Poor asked 60,000 poor people around of this kind. Inflation statistics, for ex- slowly, have poorer access to credit and the world how they thought they might ample, are often based on prices of con- employ fewer workers--and their work- escape poverty.9 The answers were un- sumer goods in a few urban areas. ers remain outside the protections of equivocal: women and men alike pin their Such assumptions allow global cov- labor law.7 Doing Business measures one hopes on income from their own business erage and enhance comparability. But set of factors that help explain the oc- or wages earned in employment. Enabling they come at the expense of generality. currence of informality and give policy growth--and ensuring that poor people Business regulation and its enforcement makers insights into potential areas of can participate in its benefits--requires differ across an economy, particularly in reform. Gaining a fuller understanding an environment where new entrants with federal states and large economies. And of the broader business environment, drive and good ideas, regardless of their of course the challenges and opportuni- and a broader perspective on policy chal- gender or ethnic origin, can get started in ties of the largest business city--whether lenges, requires combining insights from business and where firms can invest and Mumbai or São Paulo, Nuku'alofa or Doing Business with data from other grow, generating more jobs. Nassau--vary greatly across econo- sources, such as the World Bank Enter- Small and medium-size enterprises mies. Recognizing governments' interest prise Surveys.8 are key drivers of competition, growth in such variation, Doing Business has and job creation, particularly in develop- complemented its global indicators with Why this focus ing countries. But in these economies up subnational studies in such economies as to 80% of economic activity takes place Brazil, China, Mexico, Nigeria, the Philip- Doing Business functions as a kind of in the informal sector. Firms may be pre- pines and the Russian Federation.5 Doing cholesterol test for the regulatory envi- vented from entering the formal sector Business has also begun a work program ronment for domestic businesses. A cho- by excessive bureaucracy and regulation. focusing on small island states.6 lesterol test does not tell us everything Where regulation is burdensome In areas where regulation is complex about the state of our health. But it does and competition limited, success tends and highly differentiated, the standard- measure something important for our to depend more on whom you know ized case used to construct the Doing health. And it puts us on watch to change than on what you can do. But where Business indicator needs to be carefully behaviors in ways that will improve not regulation is transparent, efficient and defined. Where relevant, the standard- only our cholesterol rating but also our implemented in a simple way, it becomes ized case assumes a limited liability overall health. easier for any aspiring entrepreneurs, company. This choice is in part empiri- One way to test whether Doing Busi- regardless of their connections, to oper- cal: private, limited liability companies ness serves as a proxy for the broader ate within the rule of law and to benefit are the most prevalent business form in business environment and for competi- from the opportunities and protections most economies around the world. The tiveness is to look at correlations be- that the law provides. choice also reflects one focus of Doing tween the Doing Business rankings and In this sense Doing Business values ABoUT DoING BUSINESS vii good rules as a key to social inclusion. It cut outdated ones. One finding of Doing vising its own. Many economies in Africa also provides a basis for studying effects Business: dynamic and growing econo- look to Mauritius--the region's strongest of regulations and their application. For mies continually reform and update their performer on Doing Business indicators-- example, Doing Business 2004 found that regulations and their way of implement- as a source of good practices for reform. faster contract enforcement was associ- ing them, while many poor economies In the words of Dr. Mahmoud Mohieldin, ated with perceptions of greater judicial still work with regulatory systems dating Egypt's minister of investment: fairness--suggesting that justice delayed to the late 1800s. is justice denied.10 Other examples are What I like about Doing Business... provided in the chapters that follow. Doing Business-- is that it creates a forum for exchanging a user's guide knowledge. It's no exaggeration when I Doing Business as say I checked the top 10 in every indica- a benchmarking exercise Quantitative data and benchmark- tor and we just asked them, "What did ing can be useful in stimulating debate you do?" If there is any advantage to Doing Business, in capturing some key about policy, both by exposing poten- starting late in anything, it's that you can dimensions of regulatory regimes, has tial challenges and by identifying where learn from others. been found useful for benchmarking. policy makers might look for lessons Any benchmarking--for individuals, and good practices. These data also pro- Over the past 6 years there has been firms or states--is necessarily partial: vide a basis for analyzing how different much activity by governments in re- it is valid and useful if it helps sharpen policy approaches--and different policy forming the regulatory environment for judgment, less so if it substitutes for reforms--contribute to desired out- domestic businesses. Most reforms relat- judgment. comes such as competitiveness, growth ing to Doing Business topics were nested Doing Business provides 2 takes on and greater employment and incomes. in broader programs of reform aimed at the data it collects: it presents "absolute" Six years of Doing Business data enhancing economic competitiveness. In indicators for each economy for each of have enabled a growing body of research structuring their reform programs, gov- the 10 regulatory topics it addresses, and on how performance on Doing Busi- ernments use multiple data sources and it provides rankings of economies, both ness indicators--and reforms relevant indicators. And reformers respond to by indicator and in aggregate. Judgment to those indicators--relate to desired many stakeholders and interest groups, is required in interpreting these mea- social and economic outcomes. Some all of whom bring important issues and sures for any economy and in determin- 325 articles have been published in peer- concerns into the reform debate. ing a sensible and politically feasible path reviewed academic journals, and about World Bank Group support to these for reform. 742 working papers are available through reform processes is designed to encour- Reviewing the Doing Business rank- Google Scholar.11 Among the findings: age critical use of the data, sharpening ings in isolation may show unexpected · Lower barriers to start-up are judgment and avoiding a narrow focus results. Some economies may rank un- associated with a smaller informal on improving Doing Business rankings. expectedly high on some indicators. And sector.12 some that have had rapid growth or · Lower costs of entry can encourage methodology and data attracted a great deal of investment may entrepreneurship and reduce rank lower than others that appear to be corruption.13 Doing Business covers 181 economies-- less dynamic. · Simpler start-up can translate including small economies and some Still, a higher ranking in Doing Busi- into greater employment of the poorest ones, for which little or ness tends to be associated with better opportunities.14 no data are available in other data sets. outcomes over time. Economies that rank How do governments use Doing The Doing Business data are based on among the top 20 are those with high Business? A common first reaction is domestic laws and regulations as well as per capita income and productivity and to doubt the quality and relevance of administrative requirements. (For a de- highly developed regulatory systems. the Doing Business data. Yet the debate tailed explanation of the Doing Business But for reform-minded govern- typically proceeds to a deeper discussion methodology, see Data notes.) ments, how much their indicators im- exploring the relevance of the data to the prove matters more than their absolute economy and areas where reform might InformatIon sources for the data ranking. As economies develop, they make sense. Most of the indicators are based on laws strengthen and add to regulations to Most reformers start out by seeking and regulations. In addition, most of the protect investor and property rights. examples, and Doing Business helps in cost indicators are backed by official fee Meanwhile, they find more efficient ways this. For example, Saudi Arabia used the schedules. Doing Business contributors to implement existing regulations and company law of France as a model for re- both fill out written surveys and provide viii DoING BUSINESS 2009 references to the relevant laws, regu- deveLopment oF the All changes in methodology are lations and fee schedules, aiding data methodoLogy explained in the report as well as on checking and quality assurance. The methodology for calculating each the Doing Business website. In addition, For some indicators part of the indicator is transparent, objective and data time series for each indicator and cost component (where fee schedules easily replicable. Leading academics col- economy are available on the website, are lacking) and the time component laborate in the development of the indi- beginning with the first year the indi- are based on actual practice rather than cators, ensuring academic rigor. Six of cator or economy was included in the the law on the books. This introduces a the background papers underlying the report. To provide a comparable time degree of subjectivity. The Doing Busi- indicators have been published in lead- series for research, the data set is back- ness approach has therefore been to work ing economic journals. Another 2 are at calculated to adjust for changes in meth- with legal practitioners or professionals an advanced stage of publication in such odology and any revisions in data due who regularly undertake the transac- journals. to corrections. The website also makes tions involved. Following the standard Doing Business uses a simple aver- available all original data sets used for methodological approach for time and aging approach for weighting subindica- background papers. motion studies, Doing Business breaks tors and calculating rankings. Other ap- Information on data corrections is down each process or transaction, such proaches were explored, including using provided on the website (also see Data as starting and legally operating a busi- principal components and unobserved notes). A transparent complaint pro- ness, into separate steps to ensure a bet- components.15 The principal components cedure allows anyone to challenge the ter estimate of time. The time estimate and unobserved components approaches data. If errors are confirmed after a data for each step is given by practitioners turn out to yield results nearly identical to verification process, they are expedi- with significant and routine experience those of simple averaging. The tests show tiously corrected. in the transaction. that each set of indicators provides new Over the past 6 years more than information. The simple averaging ap- notes 10,000 professionals in 181 economies proach is therefore robust to such tests. have assisted in providing the data that 1. The standard cost model is a quantita- inform the Doing Business indicators. Improvements to the tive methodology for determining the This year's report draws on the inputs of methodology and data revIsIons administrative burdens that regulation more than 6,700 professionals. The Doing The methodology has undergone contin- imposes on businesses. The method can be used to measure the effect of a single Business website indicates the number ual improvement over the years. Changes law or of selected areas of legislation or of respondents per economy and per have been made mainly in response to perform a baseline measurement of indicator (see table 12.1 in Data notes for to suggestions from economies in the all legislation in a country. the number of respondents per indicator Doing Business sample. For enforcing 2. In the past year this has included a re- set). Because of the focus on legal and contracts, for example, the amount of view by the World Bank Group Indepen- dent Evaluation Group (2008). regulatory arrangements, most of the the disputed claim in the case scenario 3. De Soto (2000). respondents are lawyers. The credit in- was increased from 50% to 200% of 4. The indicators related to trading across formation survey is answered by officials income per capita after the first year, as borders and dealing with construc- of the credit registry or bureau. Freight it became clear that smaller claims were tion permits take into account limited forwarders, accountants, architects and unlikely to go to court. aspects of an economy's infrastructure, other professionals answer the surveys Another change relates to starting a including the inland transport of goods and utility connections for businesses. related to trading across borders, taxes business. The minimum capital require- 5. http://www.doingbusiness.org/ and construction permits. ment can be an obstacle for potential subnational. The Doing Business approach to entrepreneurs. Initially, Doing Business 6. http://www.doingbusiness.org. data collection contrasts with that of measured the required minimum capital 7. Schneider (2005). perception surveys, which capture often regardless of whether it had to be paid 8. http://www.enterprisesurveys.org. one-time perceptions and experiences of up front or not. In many economies only 9. Narayan and others (2000). businesses. A corporate lawyer register- part of the minimum capital has to be 10. World Bank (2003). ing 100­150 businesses a year will be paid up front. To reflect the actual po- more familiar with the process than an tential barrier to entry, the paid-in mini- 11. http://scholar.google.com. entrepreneur, who will register a business mum capital has been used since 2004. 12. For example, Masatlioglu and Rigolini (2008), Kaplan, Piedra and Seira (2008) only once or maybe twice. A bankruptcy This year's report includes one and Djankov, Ganser, McLiesh, Ramalho judge deciding dozens of cases a year will change in the core methodology, to the and Shleifer (2008). have more insight into bankruptcy than a strength of legal rights index, which is company that may undergo the process. part of the getting credit indicator set. ABoUT DoING BUSINESS ix 13. For example, Alesina and others (2005), Perotti and Volpin (2004), Klapper, Laeven and Rajan (2006), Fisman and Sarria-Allende (2004), Antunes and Cav- alcanti (2007), Barseghyan (2008) and Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). 14. For example, Freund and Bolaky (forth- coming), Chang, Kaltani and Loayza (forthcoming) and Helpman, Melitz and Rubinstein (2008). 15. See Djankov and others (2005). STARTING A BUSINESS 1 Overview FIGURE 1.1 Which regions have some of the most business-friendly regulations? DB2009 ranking on the ease of doing business (1­181) EACH LINE SHOWS AVERAGE THE RANK OF ONE 1 RANK ECONOMY IN THE REGION 181 OECD high income 27 Eastern Europe & Central Asia 76 East Asia & Paci c 81 Middle East & North Africa 90 Latin America & Caribbean 92 South Asia 111 Sub-Saharan Africa 138 Source: Doing Business database. For the fifth year in a row Eastern Europe economies--Georgia, Estonia, Lithuania in 2007/08. New this year: reforms in the and Central Asia led the world in Doing and Latvia--are among the top 30 in the region are moving eastward as 4 new- Business reforms. Twenty-six of the re- overall Doing Business ranking. comers join the top 10 list of reformers: gion's 28 economies implemented a total Rankings on the ease of doing busi- Azerbaijan, Albania, the Kyrgyz Republic of 69 reforms. Since 2004 Doing Business ness do not tell the whole story about an and Belarus (table 1.1). has been tracking reforms aimed at sim- economy's business environment. The Many others reformed as well. plifying business regulations, strength- indicator does not account for all fac- Worldwide, 113 economies implemented ening property rights, opening up access tors important for doing business--for 239 reforms making it easier to do busi- to credit and enforcing contracts by mea- example, macroeconomic conditions, in- ness between June 2007 and June 2008. suring their impact on 10 indicator sets.1 frastructure, workforce skills or security. That is the most reforms recorded in Nearly 1,000 reforms with an impact But improvement in an economy's rank- a single year since the Doing Business on these indicators have been captured. ing does indicate that its government is project started. In the past year reform- Eastern Europe and Central Asia has ac- creating a regulatory environment more ers focused on easing business start-up, counted for a third of them. conducive to operating a business. In lightening the tax burden, simplifying The region surpassed East Asia Eastern Europe and Central Asia many import and export regulation and im- and Pacific in the average ease of doing economies continue to do so--and econ- proving credit information systems. business in 2007--and maintained its omies in the region once again dominate Across regions, East Asia had the place this year (figure 1.1). Four of its the list of top Doing Business reformers biggest pickup in the pace of reform. Table 1.1 The top 10 reformers in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Azerbaijan 4 4 4 4 4 4 4 Albania 4 4 4 4 Kyrgyz Republic 4 4 4 Belarus 4 4 4 4 4 4 Senegal 4 4 4 Burkina Faso 4 4 4 4 Botswana 4 4 4 Colombia 4 4 4 4 4 Dominican Republic 4 4 4 4 Egypt 4 4 4 4 4 4 Note: Economies are ranked on the number and impact of reforms. First, Doing Business selects the economies that implemented reforms making it easier to do business in 3 or more of the Doing Business topics. Second, it ranks these economies on the increase in rank on the ease of doing business from the previous year. The larger the improvement, the higher the ranking as a reformer. Source: Doing Business database. 2 DoING BUSINESS 2009 FIGURE 1.2 Eastern European and Two-thirds of its economies reformed, personal profits. Central Asian economies-- up from less than half last year (figure Taxpayers in Azerbaijan now take leaders in Doing Business reforms 1.2). The Middle East and North Af- advantage of online filing and payment Share of economies with at least 1 reform rica continued its upward trend, with of taxes, saving more than 500 hours a making it easier to do business in past 5 years (%) two-thirds of its economies reforming. year on average in dealing with paper- by Doing Business report year In a region once known for prohibitive work. And a new economic court in Baku Eastern Europe & Central Asia entry barriers, 2 countries--Tunisia and helped speed contract enforcement. With (28 economies) Yemen--eliminated the minimum capi- the number of judges looking at com- DB2005 82 DB2006 93 tal requirement for starting a business, mercial cases increasing from 5 to 9, the DB2007 89 while Jordan reduced it from 30,000 average time to resolve a case declined DB2008 82 Jordanian dinars to 1,000. by 30 days. DB2009 93 Sub-Saharan Africa continued its Albania is the runner-up, with re- East Asia & Paci c upward trend in reform too: 28 econ- forms in 4 of the areas measured by (24 economies) omies implemented 58 reforms, more Doing Business. A new company law DB2005 38 than in any year since Doing Business strengthened the protection of minority DB2006 46 began tracking reforms. Two West Afri- shareholder rights. The law tightened DB2007 33 DB2008 46 can countries led the way, Senegal and approval and disclosure requirements DB2009 63 Burkina Faso. In Latin America, Colom- for related-party transactions and, for bia and the Dominican Republic were the the first time, defined directors' duties. Middle East & North Africa most active. OECD high-income econo- It also introduced greater remedies to (19 economies) DB2005 47 mies saw a slowdown in reform. So did pursue if a related-party transaction is DB2006 47 South Asia. harmful to the company. Albania made DB2007 53 Azerbaijan is the top reformer for start-up easier by taking commercial reg- DB2008 53 2007/08. A one-stop shop for business istration out of the court and creating a DB2009 63 start-up began operating in January 2008, one-stop shop. Companies can now start Sub-Saharan Africa halving the time, cost and number of a business in 8 days--it used to take (46 economies) procedures to start a business. Business more than a month. The country's first DB2005 22 registrations increased by 40% in the credit registry opened for business. And DB2006 30 DB2007 65 first 6 months. Amendments to the labor tax reforms halved the corporate income DB2008 52 code made employment regulation more tax rate to 10%. DB2009 61 flexible by allowing the use of fixed-term contracts for permanent tasks, easing AfricA--more reform thAn Latin America & Caribbean ever before (32 economies) restrictions on working hours and elimi- DB2005 25 nating the need for reassignment in case DB2006 50 of redundancy dismissals. And property Economies in Africa implemented more DB2007 56 transfers can now be completed in 11 Doing Business reforms in 2007/08 than DB2008 38 DB2009 50 days--down from 61 before--thanks to in any previous year covered. And 3 a unified property registry for land and of the top 10 reformers are African: 181 OECD high income real estate transactions. Senegal, Burkina Faso and Botswana. gal (24 economies) 149 That's not all. Azerbaijan eliminated Three postconflict countries--Liberia, RMS DB2005 75 DB2006 71 the minimum loan cutoff of $1,100 at the Rwanda and Sierra Leone--are reform- a DB2007 79 credit registry, more than doubling the ing fast too (figure 1.3). Mauritius, the 157 RMS DB2008 63 number of borrowers covered. Minor- country with the region's most favor- DB2009 50 Faso ity shareholders enjoy greater protec- able business regulations, continues to S South Asia tion, thanks to amendments to the civil reform, and this year joins the top 25 on (8 economies) code and a new regulation on related- the ease of doing business. ne DB2005 50 party transactions. Such transactions This focus on reform comes after DB2006 63 now are subject to stricter requirements several years of record economic growth DB2007 25 DB2008 63 for disclosure to the supervisory board in Africa. Annual growth has averaged DB2009 50 and in annual reports. Moreover, inter- nearly 6% in the past decade, thanks to ested parties involved in a related-party better macroeconomic conditions and transaction harmful to the company greater peace on the continent. With Source: Doing Business database. must cover the damages and pay back more economic opportunities, regulatory Latin America & Caribbean (32 economies) DB2005 25 ovERvIEw 3 DB2006 50 FIGURE 1.3 DB2007 Who reformed the most in Africa in 2007/08? DB2008 reform continues 56 38 Among Improvement in the ranking on the ease of doing business, DB2008­DB2009 DB2009 best performers 50 1 10 20 30 40 50 130 140 150 160 170 181 Singapore continues to rank at the top on OECD high income Rwanda Senegal (24 economies) 148 TO 139 168 TO 149 the ease of doing business, followed by 4 REFORMS 3 REFORMS New Zealand, the United States and Hong DB2005 75 DB2006 71 Madagascar Liberia Kong (China) (table 1.3). And reform DB2007 79 151 TO 144 167 TO 157 4 REFORMS 4 REFORMS DB2008 Mauritius Botswana continues. Five of the top 1063economies 29 TO 24 52 TO 38 implemented reforms that had an im- DB2009 50 3 REFORMS 3 REFORMS Burkina Faso 164 TO 148 4 REFORMS pact on the Doing Business indicators South Asia in 2007/08. Singapore further simplified (8 economies) Sierra Leone 163 TO 156 its online business start-up service. New DB2005 50 4 REFORMS Zealand introduced a single63online pro- DB2006 DB2007 25 Source: Doing Business database. cedure for business start-up,63lowered the DB2008 corporate income tax and implemented a DB2009 50 constraints on businesses have become eAsing entry--once AgAin new insolvency act. Hong Kong (China) morepressing.Governmentsincreasingly the most populAr reform streamlined construction permitting as focus on reducing these constraints. And Source: Doing Business database. part of a broader reform of its licens- reformers recognize that bringing more Making it easier to start a business contin- ing regime. Denmark implemented tax economic activity to the formal sector ued to be the most popular Doing Business reforms. And entrepreneurs in Toronto, through business and job creation is the reform in 2007/08. Forty-nine economies Canada, can now start a business with most promising way to reduce poverty.2 simplified start-up and reduced the cost just one procedure. Rwanda is one example of the divi- (figure 1.4). These are among the 115 This continuing reform is not sur- dends of peace and good macroeco- economies--more than half the world's prising. Many high-income economies nomic policies. The country has been total--that have reformed in this area over have institutionalized regulatory reform, among the most active reformers of the past 5 years. The second most popular setting up programs to systematically business regulation worldwide this de- were reforms to simplify taxes and their target red tape. Examples include the cade. In 2001 it introduced a new labor administration. Third were reforms to "Be the Smart Regulator" program in law as part of the national reconstruc- ease trade. In all 3 areas much can be Hong Kong (China), Simplex in Por- tion program. In 2002 it started prop- achieved with administrative reforms. tugal, the Better Regulation Executive erty titling reform. In 2004 reformers Reformsinotherareascanbeharder, in the United Kingdom, Actal in the simplified customs, improved the credit particularly if they require legal changes Netherlands and Kafka in Belgium. To registry and undertook court reforms. In or involve difficult political tradeoffs. identify priorities, these governments 2007 Rwanda continued with property Only 12 economies reformed their judi- routinely ask businesses what needs re- registration and customs. Some reforms cial system. Seven amended collateral or form. Belgium reformed business regis- took longer to implement. For example, secured transactions laws. Six amended tration after 2,600 businesses identified judicial reforms were initiated in 2001, labor regulations to make them more it as a major problem in 2003. Starting a but it was not until 2008 that the neces- flexible; 9 opted for more rigidity. business there used to take 7 procedures sary laws were passed and new commer- The 3 boldest reforms driving the and nearly 2 months. Today it takes 3 cial courts started functioning.3 biggest improvements in the Doing Busi- Most African reformers focused on ness indicators (table 1.2): Table 1.2 easing start-up and reducing the cost of ·Albania'sincreaseininvestor Top reformers in 2007/08 by indicator set importing and exporting. There is room protections Starting a business Yemen to do more. Entrepreneurs in Africa still Dealing with construction Kyrgyz Republic face greater regulatory and administra- ·Yemen'seasingofbusinessstart-up permits tive burdens, and less protection of prop- ·TheDominicanRepublic'staxreform. Employing workers Burkina Faso erty and investor rights, than entrepre- Registering property Belarus neurs in any other region. The upside: Getting credit Cambodia Protecting investors Albania reform in such circumstances can send Paying taxes Dominican Republic a strong signal of governments' commit- Trading across borders Senegal ment to sound institutions and policies, Enforcing contracts Mozambique catalyzing investor interest. Closing a business Poland Source: Doing Business database. 4 DoING BUSINESS 2009 FIGURE 1.4 239 reforms in 2007/08 made it easier to do business--26 made it more di cult 49 Albania Angola Azerbaijan Bangladesh Belarus Botswana Reforms Bulgaria making it Canada easier to Colombia do business Costa Rica Czech Republic Dominican Republic Egypt El Salvador Georgia Ghana 32 Greece Hungary Albania Italy Azerbaijan Jordan Belarus Kenya Cambodia Kyrgyz Republic Cameroon Lebanon Central African Republic Lesotho 24 Chad Liberia China Macedonia, former Azerbaijan Congo, Rep. Yugoslav Republic of Bangladesh Egypt Madagascar Belarus Equatorial Guinea Malaysia Bosnia and Herzegovina Finland Mauritania Burkina Faso Gabon Mauritius 18 Congo, Rep. Georgia Moldova Dominican Republic Guatemala Namibia Angola Egypt Indonesia New Zealand Armenia Georgia Kazakhstan Oman Belarus Hungary Liberia Panama Bosnia and Herzegovina Jamaica Macedonia, former Saudi Arabia Burkina Faso Kazakhstan Yugoslav Republic of Senegal Colombia Latvia Mauritius Sierra Leone Croatia Lithuania Moldova Singapore Egypt Macedonia, former Montenegro Slovakia Hong Kong, China Yugoslav Republic of Morocco Slovenia Jamaica Madagascar Sri Lanka South Africa Kyrgyz Republic 6 Mauritius Taiwan, China Syria Liberia Rwanda Tunisia Tonga Mauritania Argentina Saudi Arabia Ukraine Tunisia Portugal Azerbaijan Senegal United Arab Emirates Uruguay Rwanda Burkina Faso Serbia Uzbekistan West Bank and Gaza Sierra Leone Czech Republic Sierra Leone Vanuatu Yemen Singapore Mozambique Thailand Vietnam Zambia Tonga Slovenia Zambia West Bank and Gaza Starting Dealing with Employing Registering Getting a business construction permits workers property credit Indonesia Benin Cape Verde Reforms Switzerland Bulgaria China making it Fiji Fiji more di cult Montenegro The Gambia to do business Serbia Italy Tajikistan Kazakhstan Ukraine Korea West Bank and Gaza Sweden Zimbabwe United Kingdom Source: Doing Business database. ovERvIEw 5 36 Albania 34 Antigua and Barbuda Azerbaijan Belarus Belarus Benin Bosnia and Herzegovina Botswana Bulgaria Brazil Burkina Faso Colombia Canada Croatia China Djibouti Colombia Dominican Republic Côte d'Ivoire Ecuador Czech Republic Egypt Denmark El Salvador Dominican Republic Eritrea France France Georgia Haiti Germany Honduras Greece India Honduras Kenya Italy Korea 16 Macedonia, former Liberia Yugoslav Republic of Macedonia, former Bosnia and Herzegovina Madagascar Yugoslav Republic of Bulgaria Madagascar 12 12 Malaysia Cambodia Mexico Mali Armenia Colombia Albania Mongolia Mongolia Austria Czech Republic Azerbaijan Morocco Morocco Azerbaijan Finland Botswana Mozambique Nigeria Belgium Germany Egypt New Zealand Palau Bhutan Greece Greece Samoa Philippines Bulgaria Hong Kong, China Kyrgyz Republic South Africa Rwanda China Latvia Saudi Arabia St. Vincent and the Grenadines Senegal Macedonia, former Mexico Slovenia Thailand Sierra Leone Yugoslav Republic of New Zealand Tajikistan Tunisia Syria Mozambique Poland Thailand Ukraine Thailand Portugal Portugal Tunisia Uruguay Ukraine Romania Saudi Arabia Turkey Zambia Uruguay Rwanda St. Vincent and the Grenadines Protecting Paying Trading Enforcing Closing investors taxes across borders contracts a business Botswana Equatorial Guinea Bolivia Venezuela Gabon Tunisia 6 DoING BUSINESS 2009 Table 1.3 Rankings on the ease of doing business 2009 2008 2009 2008 2009 2008 RANK rank EConoMY RANK rank EConoMY RANK rank EConoMY 1 1 Singapore 62 53 Peru 122 120 India 2 2 new Zealand 63 62 Jamaica 123 119 Lesotho 3 3 United States 64 56 Samoa 124 122 Bhutan 4 4 Hong Kong, China 65 59 Italy 125 126 Brazil 5 5 Denmark 66 61 St. Vincent and the Grenadines 126 121 Micronesia 6 6 United Kingdom 67 63 St. Kitts and nevis 127 124 Tanzania 7 7 Ireland 68 99 Kyrgyz Republic 128 129 Morocco 8 8 Canada 69 68 Maldives 129 127 Indonesia 9 10 Australia 70 80 Kazakhstan 130 128 Gambia, The 10 9 norway 71 79 Macedonia, former Yugoslav 131 132 West Bank and Gaza 11 11 Iceland Republic of 132 130 Algeria 12 12 Japan 72 77 El Salvador 133 134 Honduras 13 19 Thailand 73 81 Tunisia 134 131 Malawi 14 13 Finland 74 70 Dominica 135 150 Cambodia 15 21 Georgia 75 65 Czech Republic 136 133 Ecuador 16 24 Saudi Arabia 76 72 Poland 137 140 Syria 17 14 Sweden 77 74 Pakistan 138 145 Uzbekistan 18 17 Bahrain 78 69 Belize 139 148 Rwanda 19 16 Belgium 79 75 Kiribati 140 136 Philippines 20 25 Malaysia 80 71 Trinidad and Tobago 141 139 Mozambique 21 15 Switzerland 81 76 Panama 142 138 Iran 22 18 Estonia 82 78 Kenya 143 137 Cape Verde 23 22 Korea 83 90 China 144 151 Madagascar 24 29 Mauritius 84 73 Grenada 145 144 Ukraine 25 20 Germany 85 115 Belarus 146 141 Suriname 26 27 netherlands 86 135 Albania 147 142 Sudan 27 23 Austria 87 82 Ghana 148 164 Burkina Faso 28 28 Lithuania 88 83 Brunei 149 168 Senegal 29 26 Latvia 89 85 Solomon Islands 150 149 Bolivia 30 30 Israel 90 84 Montenegro 151 143 Gabon 31 32 France 91 88 Palau 152 146 Iraq 32 35 South Africa 92 87 Vietnam 153 153 Djibouti 33 97 Azerbaijan 93 86 Marshall Islands 154 147 Haiti 34 33 St. Lucia 94 91 Serbia 155 152 Comoros 35 31 Puerto Rico 95 89 Papua new Guinea 156 163 Sierra Leone 36 37 Slovakia 96 106 Greece 157 167 Liberia 37 38 Qatar 97 110 Dominican Republic 158 154 Zimbabwe 38 52 Botswana 98 123 Yemen 159 156 Tajikistan 39 34 Fiji 99 98 Lebanon 160 166 Mauritania 40 36 Chile 100 101 Zambia 161 155 Côte d'Ivoire 41 50 Hungary 101 94 Jordan 162 161 Afghanistan 42 40 Antigua and Barbuda 102 103 Sri Lanka 163 159 Togo 43 39 Tonga 103 92 Moldova 164 158 Cameroon 44 41 Armenia 104 93 Seychelles 165 162 Lao PDR 45 44 Bulgaria 105 95 Guyana 166 160 Mali 46 54 United Arab Emirates 106 107 Croatia 167 165 Equatorial Guinea 47 47 Romania 107 96 nicaragua 168 169 Angola 48 43 Portugal 108 100 Swaziland 169 157 Benin 49 46 Spain 109 113 Uruguay 170 170 Timor-Leste 50 45 Luxembourg 110 104 Bangladesh 171 172 Guinea 51 48 namibia 111 105 Uganda 172 171 niger 52 49 Kuwait 112 116 Guatemala 173 173 Eritrea 53 66 Colombia 113 102 Argentina 174 175 Venezuela 54 64 Slovenia 114 125 Egypt 175 176 Chad 55 51 Bahamas, The 115 108 Paraguay 176 177 São Tomé and Principe 56 42 Mexico 116 109 Ethiopia 177 174 Burundi 57 57 oman 117 118 Costa Rica 178 178 Congo, Rep. 58 55 Mongolia 118 114 nigeria 179 179 Guinea-Bissau 59 60 Turkey 119 117 Bosnia and Herzegovina 180 180 Central African Republic 60 67 Vanuatu 120 112 Russian Federation 181 181 Congo, Dem. Rep. 61 58 Taiwan, China 121 111 nepal Note: The rankings for all economies are benchmarked to June 2008 and reported in the country tables. Rankings on the ease of doing business are the average of the economy's rankings on the 10 topics covered in Doing Business 2009. Last year's rankings are presented in italics. These are adjusted for changes in the methodology, data corrections and the addition of 3 new economies. Source: Doing Business database. ovERvIEw 7 procedures and 4 days. New business after years of conflict (Rwanda). has focused on strengthening investor registrations increased by 30% in 2 years. Many of the reformers started by protections through a new securities law In Portugal 86 of the 257 initiatives of the learning from others. Egypt looked to while continually reducing bureaucracy Simplex program came from discussions India for information technology solu- at the state level. with businesses. tions. Colombia took Ireland as an ex- Simplifying regulation helps busi- ample. As the country's trade minister, regulAtory reform-- nesses and governments alike. In Portu- Luis Guillermo Plata, put it, "It's not like whAt Are the benefits? gal the "on the spot" registration reform baking a cake where you follow the rec- saved entrepreneurs 230,000 days a year ipe. No. We are all different. But we can Of Egypt's estimated 25 million urban in waiting time.4 And the government take certain things, certain key lessons, properties, only 7% were formally regis- saves money. The United Kingdom es- and apply those lessons and see how they tered in 2005. Six months after reforms timated an annual administrative bur- work in our environment." of its property registry, title registration den for businesses of £13.7 billion in Several now serve as examples to increased and revenue rose by 39%.5 2005. Easing such burdens would allow others. The Azerbaijan reformers vis- After reforms of the property registry businesses to expand faster and generate ited Georgia and Latvia. Angola has re- in Tegucigalpa, Honduras, the registry savings that governments could use to quested legal and technical assistance received 65% more registration applica- enhance public services. based on the Portuguese model of busi- tions between July and December of ness start-up. 2007 than in the same period of 2006. five yeArs of Doing Business reform The most active reformers did not Similarly, a reduction in the mini- shy away from broad reform programs. mum capital requirement was followed Since 2005 Georgia has introduced a new by an increase in new company registra- The key to regulatory reform? Commit- company law and customs code, a new tions of 55% in Georgia and 81% in Saudi ment. For many economies the reforms property registry that replaced a confus- Arabia. Georgia now has 15 registered captured in Doing Business reflect a ing system requiring duplicate approvals businesses per 100 people--comparable broader, sustained commitment to im- by multiple agencies, the country's first to numbers in such economies as Malay- proving their competitiveness. Among credit information bureau and large-scale sia and Singapore. these systematic reformers: Azerbaijan, judicial reforms. Egypt has implemented Initial results like these show that Georgia and the former Yugoslav Repub- one-stop shops for import and export and reforms are leading to change on the lic of Macedonia in Eastern Europe and business start-up, undertaken sweeping ground. Confirming this are the find- Central Asia. France and Portugal among tax reforms, continually improved its ings of an increasing number of studies theOECDhigh-incomeeconomies.Egypt credit information systems and modi- using the Doing Business data to analyze and Saudi Arabia in the Middle East and fied the listing rules of the Cairo Stock the effect of regulatory burdens on such North Africa. India in South Asia. China Exchange. Colombia has strengthened outcomes as informality, job creation, and Vietnam in East Asia. Colombia, investor protections through stricter dis- productivity, economic growth and pov- Guatemala and Mexico in Latin America. closure rules, amended insolvency laws erty reduction.6 And Burkina Faso, Ghana, Mauritius, and reformed customs. And its one-stop Research generally finds that coun- Mozambique and Rwanda in Africa. shop for business start-up has served as tries with burdensome regulation have Each of these countries has reformed in an inspiration to others in the region. larger informal sectors, higher unem- at least 5 of the areas covered by Doing Among emerging market reform- ployment rates and slower economic Business, implementing up to 22 reforms ers, India has focused on technology, growth. More recent research gives first in one country over the past 5 years. implementing electronic registration of insights into the impact of reforms. One Several reformers were motivated by new businesses, an electronic collateral study reports some of the payoffs of growing competitive pressure related to registry and online submission of cus- reforms in Mexico: the number of regis- joining common markets or trade agree- toms forms and payments. China has tered businesses rose by nearly 6%, em- ments, such as the European Union (the focused on easing access to credit. In ployment increased by 2.6%, and prices former Yugoslav Republic of Macedonia) 2006 a new credit registry allowed more fell by 1% thanks to competition from or the U.S.­Central America Free Trade than 340 million citizens to have credit new entrants.7 Another study finds that Agreement (Guatemala). Others saw a histories for the first time. A new com- increasing the flexibility of labor regula- need to facilitate local entrepreneurship pany law lowered the minimum capital tions in India would reduce job informal- (Azerbaijan, Colombia, Egypt) or diver- requirement and strengthened investor ity in the retail sector by a third.8 sify their economy (Mauritius, Saudi protections. And in 2007 a new prop- But nothing says more than the Arabia). And others faced the daunting erty law expanded the range of assets experience of the people affected. Janet, task of reconstructing their economy that can be used as collateral. Mexico who runs a business producing baskets 8 DoING BUSINESS 2009 in Kigali, Rwanda, says, "I have sur- vivors, I have widows, I have women whose husbands are in prison. To see them sitting under one roof weaving and doing business together is a huge achievement . . . these women are now together earning an income."9 notes 1. Doing Business records only reforms relevant to the 10 indicator sets. Legal changes are counted once the respective legislation and implementing decrees, if applicable, are effective. Administrative reforms such as the introduction of time limits must be fully implemented. 2. Narayan and others (2000). 3. Hertveldt (2008). 4. Ramos (2008). 5. Haidar (2008). 6. The data on the regulation of entry, for example, have been used in 168 articles published in refereed journals and more than 200 research working papers. The data on the efficiency of court proceed- ings have been used in 54 articles and 86 working papers. Altogether, the data generated by the Doing Business project have been used in 325 published articles and 742 working papers. 7. Bruhn (2008). 8. Amin (forthcoming). 9. This example is from the World Bank's Doing Business: Women in Africa (2008a), a collection of case studies of African entrepreneurs. South Asia (8 economies) 6 Note: A r Source: D Note: A reform is counted as 1 reform per reforming economy per year. FIGURE STARTING A BUSINESS 9 overview Source: Doing Business database. Startin Starting a gets fa FIGURE 2.1 Top 10 reformers in starting a business Time and business Average improvement 2004 2007 Time (d Dealing with construction permits 46% 65% 54% 28% 1. Yemen 122 Employing workers 2. Slovenia Registering property 3. Senegal 4. Albania Getting credit 2008 5. Liberia Protecting investors 6. Azerbaijan Paying taxes 7. Syria Trading across borders 8. Hungary Enforcing contracts 9. Oman 0 Closing a business 10. Sierra Leone Cost (% of inc Procedures Time Cost Paid-in minimum capital 14.4 Source: Doing Business database. Julian started out working for her broth- numbers, different licenses from differ- July 2007. By May 2008 entrepreneurs had ers. But she was saving to start her own ent authorities, a declaration that had to registered3,060newfirms,80%morethan business. She began trading, traveling be made before a commissioner of oaths, in the previous year. Studies in Mexico, from Uganda to neighboring Kenya to a company seal to get, inspections of India, Brazil and the Russian Federation buy goods for resale. "I would take the my premises from municipal and health all conclude that simpler entry regimes 0 overnight bus and stand up the whole authorities. I remember paying a lawyer are associated with more new firms being way to get the 50% discount," she recalls. what seemed to me a gigantic fee of registered. The study in Mexico analyzes Source: D "My aim was to start a juice processing USh 500,000 [$279]."1 the effect of making it simpler to get a business, a real factory." Entrepreneurs like Julian now have municipal license, 1 of several procedures Once she had saved enough money, it easier. Reforms in Uganda and in many required to start a business. The finding: Julian began production. Unable to af- other economies have streamlined busi- easing business entry increased new start- ford transport, she had to take her prod- ness start-up in the past 5 years. Look at ups by about 4%.2 ucts by foot to the government chemist Azerbaijan. In 2004 its government set a Easier start-up is also correlated for testing. "My only means of transport preliminary time limit for the registra- with higher productivity among existing was my wheelbarrow, and I was the tion process. In 2005 it introduced a firms. A recent study, in an analysis of 97 whole company." silence-is-consent rule for tax registra- countries, finds that reducing entry costs Julian also remembers how arduous tion. A year later it further tightened the by 80% of income per capita increases it was to register her business. "There time limit for business registration. In total factor productivity by an estimated was so much to do and so many dif- 2007 it abolished the need for a company 22%. Analyzing 157 countries, it finds ferent places I had to go--for business seal. And in 2007/08 it set up a one-stop that the same reduction in entry costs registration and taxpayer identification shop. Starting a business used to take 122 raises output per worker by an estimated days. Now it takes only 16 (figure 2.3). FIGURE 2.6 Table 2.1 One-stop shops--same name, di erent results Where is it easy to start a business--and Formal incorporation of companies FIGURE 2.2 Rankings on starting a business Time and procedures to start a business where not? has several benefits. Legal entities out- are based on 4 subindicators Easiest RAnK Most difficult RAnK liveOne-stopfounders. Resources are often their Paraguay As % of income per Preregistration, new Zealand 1 Cameroon 172 pooled asshop shareholders join forces to capita, no bribes included registration and Belarus Canada 2 Djibouti 173 start a company. And companies have ac- postregistration Australia 3 Equatorial Guinea 174 Burkina Faso cess to services and institutions ranging 25% 25% Georgia 4 Iraq 175 from courts to commercial banks. Time Cost Morocco Ireland 5 Haiti 176 But many economies make starting Required United States 6 Guinea 177 additional 25% 25% Turkey and legally running a business as mea- Mauritius 7 Eritrea 178 procedures Procedures Paid-in United Kingdom 0 8 Togo 10 179 sured by Doing Business so30cumbersome 20 minimum Puerto Rico 9 Chad Time to start a business (days) 180 that entrepreneurs opt out and operate in Procedure is capital Source: Doing Business database. completed when Singapore 10 Guinea-Bissau 181 the informal sector. nal document Simpler entry encourages the cre- is received Funds deposited in a bank FIGURE 2.4 Note: Rankings are the average of the economy rankings on the or with a notary before Eastern Europe & Central Asia leads reforms, Africa runner-up procedures, time, cost and paid-in minimum capital for starting a ation of new companies. Take Senegal, registration business. See Data notes for details. Note: See Data notes for details. Source: Doing Business database. Number of reforms easing business start-up which reformed business registration in by Doing Business report year DB2005 DB2006 DB2007 DB2008 DB2009 FIGURE 2.5 Top 5 reform features Eastern Europe & Central Asia 52 in starting a business 7% Cut or simpli ed postregistration procedures 10 Note: A reform may include several reform features. DoING BUSINESS 2009 Source: Doing Business database. FIGURE 2.3 Starting a business in Azerbaijan oping innovative solutions to ease the capita). This is now gone, reduced to gets faster and cheaper entry of new firms into the market. As zero. That's not all. Yemen also activated Time and cost to start a business one company registrar put it, "At the end its one-stop shop, making it possible to 2004 2005 2006 2007 2008 of the day, we all have the same goal." complete all steps--from reserving the Time (days) Yet as Doing Business shows, com- company name to obtaining a license for pany registration is often only one piece incorporation to announcing the com- 122 of the puzzle. In many economies en- pany's formation--in a single location. 114 trepreneurs have to visit at least 7 agen- It made it easier to obtain a license from cies before they can get down to busi- the municipality and to register with the Time cut by 87% ness. The most efficient economies focus chamber of commerce and the tax office. 52 on creating a single interface between And it publicized the fact that a company 30 government and entrepreneur to take seal is not mandatory. The reforms re- 16 care of all necessary registrations and duced the number of procedures to start 0 notifications, mainly commercial and a business by 5, and the time by 50 days. Cost (% of income per capita) tax registration. Entrepreneurs in New Slovenia was the runner-up in busi- Zealand, for example, have to file all nec- ness start-up reforms. It simplified busi- 14.4 essary information only once--because ness registration by introducing a single 12.3 Cost cut agencies are linked through a unified access point, making company infor- by 77% 9.3 database. There is no minimum capital mation available online and eliminating requirement. And no judge has to ap- court fees and the requirement to reg- 6.9 prove the creation of a company. ister at the statistical office. The changes 3.2 reduced the procedures by 4, the time by who reformed in 2007/08? 41 days and the cost by 8.4% of income 0 per capita. Source: Doing Business database. In 2007/08, 49 economies made it easier Senegal is among the 14 econo- 29%.3 One reason for these large ef- to start a business--more reforms than mies that made Africa the leading region fects may be that reducing entry costs in any previous year (table 2.2). One in start-up reforms. Senegal's one-stop increases entry pressure, pushing firms highlight of the reforms: entrepreneurs shop became fully operational, merging with lower productivity out of the mar- in Canada and New Zealand can now 7 start-up procedures into 1. Start-up ket. Indeed, a study on business entry start a business with a single online time fell from 58 days to 8. Liberia too in Mexico finds that competition from procedure. streamlined business registration, cut- new entrants lowered prices by 1% and Yemen reformed business start-up ting 3 months from the time. Businesses reduced the income of incumbent busi- the most. In 2007 it had the second larg- can now start in less than 1 month. Libe- nesses by 3.5%.4 est minimum capital requirement in the ria also made the process more afford- Simpler and faster business entry world at $15,225 (2,003% of income per able, making the use of lawyers optional. makes it easier for workers and capital Table 2.2 to move across sectors when economies Simplifying registration formalities--the most popular reform feature in 2007/08 experience economic shocks. A recent study of 28 sectors in 55 countries com- Simplified other registration formalities Bangladesh, Botswana, Bulgaria, Costa Rica, (seal, publication, notary, inspection, El Salvador, Georgia, Ghana, Hungary, Kenya, Kyrgyz pares sectoral employment reallocation other requirements) Republic, Liberia, former Yugoslav Republic of in the 1980s and 1990s. The finding: real- Macedonia, Moldova, namibia, Saudi Arabia, Syria, Yemen location is smoother in countries where it takes fewer days to start a business.5 This Created or improved one-stop shop Albania, Angola, Azerbaijan, Belarus, Bulgaria, Czech Republic, Italy, Lebanon, Lesotho, former Yugoslav finding is confirmed by many studies on Republic of Macedonia, oman, Senegal, Slovakia, the effect of entry regulation in economies Slovenia, Yemen, Zambia opening their product markets to trade.6 Introduced or improved online Bulgaria, Canada, Colombia, Dominican Republic, The explanation is simple: with high fixed registration procedures Hungary, Italy, former Yugoslav Republic of Macedonia, Malaysia, Mauritius, new Zealand, costs of entry, firms cannot easily move Panama, Senegal, Singapore into the industries benefiting the most Abolished or reduced minimum capital Belarus, Egypt, El Salvador, Georgia, Greece, from trade openness. This friction re- requirement Hungary, Jordan, Tunisia, Uruguay, Yemen duces the value of greater openness. Cut or simplified postregistration procedures Colombia, Madagascar, Mauritania, Sierra Leone, Recognizing such benefits, econo- South Africa, Tonga, West Bank and Gaza mies around the world have been devel- Source: Doing Business database. STARTING A BUSINESS 11 The cost is a fourth of what it used to be. Table 2.3 Madagascar also focused on cost, abol- Who regulates business start-up the least--and who the most? ishing the professional tax. Procedures (number) Sierra Leone and South Africa Fewest Most made the use of lawyers optional. South Canada 1 Greece 15 Africa also introduced electronic means new Zealand 1 Montenegro 15 of certifying and publishing company Australia 2 Philippines 15 documents. In Botswana and Namibia Belgium 3 Venezuela 16 entrepreneurs now benefit from com- Finland 3 Guinea-Bissau 17 puterized registration systems. Zambia Georgia 3 Brazil 18 revamped the company registry and Sweden 3 Brunei 18 created a one-stop shop. So did Leso- Bulgaria 4 Uganda 18 tho, reducing start-up time by 33 days. Denmark 4 Chad 19 Singapore 4 Equatorial Guinea 20 Burkina Faso continued reforms at its one-stop shop, CEFORE. Ghana officially Time (days) eliminated the requirement for a com- Fastest Slowest pany seal. Angola, Kenya, Mauritania new Zealand 1 Lao PDR 103 and Mauritius also reformed. Australia 2 Brunei 116 Eastern Europe and Central Asia Georgia 3 Equatorial Guinea 136 saw reform in 10 economies. Six reduced Belgium 4 Venezuela 141 the running-around time for entrepre- Singapore 4 São Tomé and Principe 144 neurs by creating one-stop shops. Alba- Canada 5 Brazil 152 nia took registration out of the courts Hungary 5 Congo, Dem. Rep. 155 and merged company, social security, Iceland 5 Haiti 195 Denmark 6 Guinea-Bissau 233 labor and tax registrations. Before, en- Mauritius 6 Suriname 694 trepreneurs had to wait more than a month to start doing business; now it's Cost (% of income per capita) just 8 days. Azerbaijan's one-stop shop Least Most reduced delays by 2 weeks, Slovenia's by Denmark 0.0 Benin 196.0 6. Bulgaria, the Kyrgyz Republic and the Slovenia 0.1 Angola 196.8 former Yugoslav Republic of Macedonia Ireland 0.3 Djibouti 200.2 undertook reforms similar to Azerbai- new Zealand 0.4 Burundi 215.0 jan's. And while Czech entrepreneurs still Canada 0.5 Central African Republic 232.3 have to obtain multiple documents, the Bahrain 0.6 Togo 251.3 new "Project Czech Point" allows them Sweden 0.6 Gambia, The 254.9 United States 0.7 Guinea-Bissau 257.7 to do so at one place. Singapore 0.7 Zimbabwe 432.7 Belarus activated a unified registra- United Kingdom 0.8 Congo, Dem. Rep. 435.4 tion database and cut the minimum capi- tal requirement by half. Georgia elimi- Paid-in minimum capital nated the minimum capital requirement % of income Most per capita US$ altogether. It also cut the requirement Burkina Faso 459 1,973 for a company seal and made the use of oman 461 51,282 notaries optional. Moldova introduced 2 Guinea 477 1,907 new laws, on limited liability companies Central African Republic 514 1,953 and company registration, and tight- Djibouti 514 5,602 ened time limits. In contrast, Bosnia and Togo 560 2,016 Herzegovina increased the time to start Ethiopia 694 1,526 a business by tightening notarization niger 702 1,966 Guinea-Bissau 1,015 2,030 requirements. Syria 4,354 76,627 The Middle East and North Africa made big strides in reform. Syria was the Note: Sixty-nine economies have no paid-in minimum capital requirement. second biggest reformer in the region, Source: Doing Business database. behind Yemen. A new company law and 25% 25% Turkey procedures Procedures Paid-in 0 10 20 30 minimum Procedure is capital 12 Time to start a business (days) Source: Doing Business database. DoING BUSINESS 2009 completed when nal document is received Funds deposited in a bank FIGURE 2.4 or with a notary before Eastern Europe & Central Asia leads reforms, Africa runner-up cut 17 days by computerizing tax reg- registration Note: See Data notes for details. Number of reforms easing business start-up istration. Panama simplified licensing by Doing Business report year procedures. The Dominican Republic DB2005 DB2006 DB2007 DB2008 DB2009 reduced start-up cost and introduced FIGURE 2.5 Top 5 reform features Eastern Europe online name verification. & Central Asia 52 in starting a business (28 economies) Reforms including feature since DB2005 (%) In East Asia, Malaysia cut the time Sub-Saharan by 11 days by introducing an online20% reg- Africa 42 istration system. Singapore merged the Created or improved one-stop shop (46 economies) name search with online business regis- OECD high income 29 tration. Tonga saved12%time and cost by on (24 economies) reforming business licensing. Indonesia Simpli ed other registration formalities Latin America reduced the time to start a business from & Caribbean 25 105 days to 76, but almost doubled the 11% (32 economies) minimum capital requirement. Abolished or reduced Middle East & minimum capital requirement North Africa 23 formed. It made11% In South Asia only Bangladesh re- FIGURE 2.6 (19 economies) Introduced or improved online procedures involving lawyers in FIGURE 2.2 One-stop shops--same name, di erent results East Asia company registration optional. Rankings on starting a business Time and procedures to start a business & Paci c 16 (24 economies) are based on 4 subindicators 7% Paraguay Cut or simpli ed postregistrationAsprocedures whAt Are the reform%trends? of income per South Asia One-stop shop Preregistration, capita, no bribes included (8 economies) registration and Belarus 6 Note: A reform may include several reform features. Inpostregistrationyears 115 economies around Source: Doing Business database. the past 5 Burkina Faso Note: A reform is counted as 1 reform per reforming economy per year. the world have simplified25% FIGURE 2.3 25% business start- Source: Doing Business database. up through 193 reforms (figure 2.4). Starting a business in Azerbaijan Time Cost Morocco Required gets faster and cheaper FIGURE 2.1 additional Many opted for low-cost administrative 25% Turkey commercial code took registration out of Top 10 reformers in starting a business within 5 days.procedures in New Zealand Those reforms requiring littlePaid-in change in Time and cost to start25% a business Procedures or no the court and introduced statutory time Average improvement 0 10 can now register for taxes30while incor- 20 regulation.2005 2004 Others2006minimum went further, intro- 2007 2008 Procedure is capital limits. Using lawyers became optional. Time to start a business (days) porating their company online. Greece ducing or amending legislation. Here Time (days) Source: Doing Business database. 2007 completed when But along with65% reforms making it 46% the 54% 28% and1. Hungary reduced minimum capital Yemen arenalsome of the mostFunds is122document prevalent reforms received deposited in a bank FIGURE 2.4 easier to start a business came a reform requirements by about 80%. Hungary 2. Slovenia along with114 some of theorlessons learned with a notary before Eastern Europe & Central Asia leads reforms, Africa runner-up making it more difficult--a 33% increase also introduced online filing and pub- 3. Senegal on the way (figure 2.5). registration Note: See Data notes for details. in2008Lebanon paid-in minimum capital. Number of reforms easing business start-up lication and made the use of notaries 4. Albania Time cut and Oman improved bythe Doing Business report year optional. Italy reformed its electronic 5. Liberia by 87% DB2005 DB2006 DB2007 FIGURE 2.5 6. Azerbaijan DB2008 DB2009 Top 5 reform features 52 Eastern Europe efficiency of their one-stop shops. What registration system, enabling businesses 7. Syria & Central Asia to complete all procedures at once. Slova- 52 in starting a business (28 economies) used to take 46 days in Lebanon now 8. Hungary Reforms including feature since DB30 2005 (%) takes 11. Tunisia, having already reduced kia's one-stop shop merged 4 procedures 16 9. Oman 0 Sub-Saharan 20% Africa its minimum capital requirement, abol- into 1 and reduced costs. Entrepreneurs 10. Sierra Leone 42 Created or improved one-stop shop Cost (46 economies) ishedProcedures it altogether. Jordan reduced its Time Cost Paid-in in Switzerland were less fortunate: they (% of income per capita) OECD minimum capital requirementminimum by more now must deposit twice as much capital 14.4 high income Source: Doing Business database. 12% 29 (24 economies) than 96%. Following on the previous capital in the bank (nearly $20,000) before reg- Simpli ed other registration formalities 12.3 istering a company. Cost cut Latin America year's reforms, Egypt further reduced by 77% & Caribbean registration costs and paid-in minimum 11%9.3 25 El Salvador led reform efforts in (32 economies) capital. Saudi Arabia continued to sim- Latin America and the Caribbean, re- Abolished or reduced 6.9 Middle East & plify commercial registration formalities forming for the third year in a row. minimum capital requirement North Africa (19 economies) and reduced fees by 80%. Computeriza- 23 A new commercial code reduced the 11% 3.2 Introduced or improved online procedures 0 East Asia tion of the registry in West Bank and minimum capital requirement, simpli- & Paci c Gaza reduced the time to register. 16 fied the legalization of accounting books Source: Doing Business database. (24 economies) Among OECD high-income econo- and eased publication requirements. 7% South Asia mies there were 6 reformers. Canada Uruguay abolished the minimum capi- Cut or simpli ed postregistration procedures (8 economies) and New Zealand made it possible to 6 tal requirement. Colombia focused on Note: A reform may include several reform features. Source: Doing Business database. Note: A reform is counted as 1 reform per reforming economy per year. start a business with a single procedure. administrative changes, substantially FIGURE 2.3 Source: Doing Business database. Entrepreneurs in Toronto, Canada, can reducing costs and simplifying require- Starting a business in Azerbaijan incorporate their company online and ments for accounting books. Comput- gets faster and cheaper FIGURE 2.1 Top 10 reformers in starting a business automatically receive a business number erization was another trend: Costa Rica Time and cost to start a business Average improvement 2004 2005 2006 2007 2008 2007 Time (days) 1. Yemen STARTING A BUSINESS 13 Creating a one-stop shop FIGURE 2.6 FIGUR Thirty-nine economies have created or One-stop shops--same name, di erent results Rank Time and procedures to start a business improved a one-stop shop in the past 5 are b years: 16 in Eastern Europe and Central Paraguay One-stop shop Prereg Asia, 7 in Africa, 6 in the OECD high- regist Belarus postre income group, 5 in Latin America and 5 in the Middle East and North Africa. Burkina Faso One-stop shops can be a quick way to Morocco Required build momentum for reform. Azerbaijan, additional procedures El Salvador, Guatemala and Morocco Turkey created theirs in less than 6 months. 0 10 20 30 Proced And introducing a one-stop shop has Time to start a business (days) Source: Doing Business database. comp had promising results. In Oman business nal d is rece registrations increased from an average FIGURE 2.4 minimum capital requirement by more rate managers have to get a fiscal code 733 a month in 2006 to 1,306 a month Eastern Europe & Central Asia leads reforms, Africa runner-up than 80% in 2006, the rateNumber reg- of newof reforms easing business start-up before using the online tax system and Note: S in 2007. In Azerbaijan registrations grew istrations jumped from 13% to 26%. by Doing Business report year obtaining a tax identification number. by 40% between January 1 and May After Tunisia reduced its requirement, DB2005 DB2006 DB2007 Countries also have to make sure that DB2008 DB2009 FIGURE Top 5 2008. Croatia saw company formation in Eastern Europe & Central Asia new registrations increased by 30% be- the legislation needed to allow electronic 52 in sta Zagreb and Split increase by more than (28 economies) tween 2002 and 2006.7 That encouraged transactions is in place. Reform 300% over 3 years. the country to abolish it altogether in Sub-Saharan But much can be gained already-- But creating a one-stop shop is no 2007/08. Africa in time and cost and also in safety--by 42 Create magic bullet. Often entrepreneurs must (46 economies) computerizing files at the registry or still deal with formalities elsewhere as OECD high income using teChnology offering29some online services such as well (figure 2.6). In Guatemala, for ex- (24 economies) Making registration electronic is among name checking. And everyone has to Simpli ample, the one-stop shop can organize Latin America the most effective ways to speed com- start somewhere. It was only 13 years ago commercial, tax and social security reg- & Caribbean 25 (32 economies) pany formation. Seven of the economies that one of the company registries in the istration in 2­3 days. But before the reg- United States stored all files in a ware- Abolish Middle East & with the fastest business start-up offer minim istrar can finalize the registration, a no- North Africa electronic registration--Australia, Can- 23 house so big that employees were using tice must be published for 8 days during (19 economies) ada, Denmark, Estonia, New Zealand, roller skates to get to the documents. Ob- Introdu which third parties can raise objections. East Asia Portugal and Singapore. More than 20 taining documents took about a month. Despite the one-stop shop, 11 procedures & Paci c 16 (24 economies) economies have introduced electronic Thankfully there was no fire. and 26 days are still required. Reformers registration in the past 5 years. Custom- Cut or also run the risk of creating "one-more- South Asia (8 economies) ers are not the only ones saving on time 6 notes Note: A stop shops" or "mailboxes" that merely and cost. When Belgium implemented Source: D receive applications and forward them to its paperless registration and filing sys- Note: A reform is counted as 1 reform per reforming economy per year. 1. This example is from the World Bank's FIGURE ministries for approval. Delays continue. tem, it reduced annual administrative Source: Doing Business database. Doing Business: Women in Africa (2008a), Starti costs by 1.7 billion. a collection of case studies of African en- gets f FIGURE 2.1 trepreneurs. abolishing the minimum Capital Top 10 reformers in starting a business Electronic registration is possible Time an requirement 2. Kaplan, Piedra and Seira (2008) on Mex- in more than 80% of rich economies but Average improvement ico, Chari (2008) on India, Monteiro and 2004 Sixty-nine economies allow entrepre- only about 30% of developing ones. That 2007 Assunção (2008) on Brazil and Yakovlev Time (d neurs to start a company without put- is not surprising,65%course, given the dif- 46% of 54% 28% 1. Yemen and Zhuravskaya (2008) on the Russian 122 ting up a fixed amount of capital before ferences in internet access and costs.8 2. Slovenia Federation. registration. They allow entrepreneurs And electronic registration is more 3. Barseghyan (2008). 3. Senegal to determine what is appropriate for the complicated than it looks. In Sweden 4. 4. Albania Bruhn (2008). 2008 5. Ciccone and Papaioannou (2007). 5. Liberia business based on its type and capital applications for company, tax and labor 6. Freund and Bolaky (forthcoming), Chang, 6. Azerbaijan structure. Twenty-two economies have registrations can be completed online. 7. Syria reduced or abolished their minimum But most forms still must be printed Kaltani and Loayza (forthcoming), Cunat 8. Hungary and Melitz (2007), Helpman and Itskhoki capital requirement in the past 5 years, out and signed by hand. The Philippines 9. Oman (2007) and Helpman, Melitz and Rubin- 0 including Egypt, Finland, France, Geor- allows entrepreneurs to reserve the com- 10. Sierra Leone stein (2008). Cost gia, Hungary, Japan, Jordan, Uruguay panyProcedures name andTime register Cost online,Paid-instill but 7. Klapper and others (2008). (% of in and Yemen. This group has seen some of requires payment in person. Belgium al- minimum 8. World Bank Group Entrepreneurship 14.4 the biggest spikes in new company reg- lows electronic filing--but only capital through Source: Doing Business database. Database, 2008. istrations. After Madagascar reduced its a notary or lawyer. In Argentina corpo- overview 14 FIGURE 3.1 FIGURE 3.5 Starting a business Top 10DoINGreformers BUSINESS 2009 Private and risk-based inspections-- Dealing with in dealing with construction permits greater e ciency Average improvement FIGURE 3.1 Average delay for inspections (days) FIGURE 3.5 construction Top 10 reformers Private and ri 2007 in dealing with construction permits 254 greater e cie 15% 21% 21% Average improvement 1. Kyrgyz Republic Average delay fo permits 2008 20072. Burkina Faso 3. Hong Kong, China 15% 1. Kyrgyz Republic 20084. Rwanda 21% 21% Employing workers 5. Armenia 2. Burkina Faso 3. Hong Kong, China Registering property 6. Belarus 4. Rwanda Getting credit 7. Jamaica 5.214 Armenia 218 Protecting investors 8. Croatia 9. Bosnia and Herzegovina 6. Belarus Paying taxes 10. Angola 7. Jamaica 214 Trading across borders 8. Croatia 9. Bosnia and Herzegovina Enforcing contracts Procedures Time Cost 10. Private Angola Risk-based Random Closing a business Source: Doing Business database. inspections inspections inspections Procedures Time Cost by building by building authorities authorities Private Source: Doing Business database. inspections Source: Doing Business database. In 2007 the municipality of Niamey, buildings in the center of Niamey. 3.1). Speed matters. A recent study in Source: Doing Busine Niger, issued only 300 building permits. In Almaty, Kazakhstan, builders the United States shows that accelerat- But you wouldn't know it by looking suffer the burden of overregulation. Un- FIGURE 3.4 ing permit approvals by 3 months in a around the city, where buildings are Top 5 reform features in dealing with FIGURE 3.3 dertaking the construction of a simple construction permits 22-month project cycle could increase sprouting fast. "Building permit? Who Reforms in Sub-Saharan Africa picking up warehouse requires navigating a laby- Reforms including feature since DB2006 (%) property tax revenue by 16.15% and con- FIGURE 3.4 needs that? Just hire a contractor, tell him Number of reforms making it easier to deal with construction permits Top 5 reform FIGURE 3.3 rinth of 38 procedures and 18 agencies-- struction spending for local governments what you want, and out of the groundbyitDoing and spending 231 days DB2009process. Business report year construction Streamlined project clearances by 5.7%.2 Yet in 80 of the 181 economies 33% DB2006 DB2007 Reforms in Sub-Saharan Africa picking up DB2008 in the Reforms includi comes," says a local developer. Eastern Europe Striking theNumberbalance ismaking it easier to dealinwith construction permits right of reforms a chal- studied Doing Business, compliance & Central Asia lenge when it comes to construction 20by Doing Business report year with construction formalities takes lon- (28 economies) This approach to building has re- 28% sulted in a city at odds with the original Eastern Europe regulations. GoodDB2006 regulations ensureDB2007 ger than the standardized 30-week con- DB2008 DB2009 the Streamlined pro Introduced statutory time limits zoning plans: water pipes zigzag in every Sub-Saharan & Central Asia safety standards that protect the public struction project itself. 20 direction, and houses extend beyond Africa (28 economies) 13 (46 economies) while making the permitting process Singapore's Building and Construc- 13% Introduced stat their assigned land parcels. The reason: OECD Sub-Saharan Changed inspection regime tion Authority provides easy access to 9(46 Africa efficient, transparent and affordable for obtaining all building-related approvals high income both building authorities and the private 13 economies) the information needed for obtaining a 1 and connecting to utilities can take en- (24 economies) OECD professionals who use it. If procedures construction13% permit. Its website lists all Changed inspec trepreneurs almost 9 months, at a cost of East Asia 9Introduced new building code & Paci c 8 high income are overly complicated or costly, builders the forms that must be filled out, pro- 2,694% of income per capita. (24 economies) (24 economies) build without a permit. vides downloadable copies and enables 1 Latin America The situation may soon change. East Asia In an effort to achieve this bal- 8 users to8%submit all paperwork electroni- Introduced new Niger adopted a new building law in & Caribbean 6 & Paci c Computerized permitting process (24 economies) ance between safety and cost, Bavaria cally. Developers in Austria, Denmark, March 2008, following the collapse of 2 (32 economies) Note: A reform may include several reform features. 8% Latin America introduced a differentiated permitting Source: Doing Business database. Iceland, Malaysia and the United States Middle East & Computerized p 4 & Caribbean approach in 1994. Low-risk projects re- 6 also complete their applications online. Table 3.1 North Africa (32 economies) Note: A reform may Where is dealing with construction (19 economies) quire that the designing architects show Source: Doing Busine permits easy--and where not? Middle East & FIGURE 3.2 South Asia North Africa proof of their qualifications4and assume 0 Rankings on dealing with construction Easiest (8 economies) RAnK Most difficult RAnK (19 economies) liability for the construction. Medium- permits are based on 3 subindicators FIGURE 3.2 St. Vincent and risk ones require that an independent Note: A reform is counted as 1 reform per reforming economy per year. 1 Tanzania 172 South Asia 0 Days to build As % of income per capita, Rankings on the Grenadines Source: Doing Business database. (8 economies) certified appraiser approve the plans. a warehouse no bribes included permits are Singapore 2 Burundi 173 Only high-risk, complex projects are in main city new Zealand 3 Zimbabwe 174 Note: A reform is counted as 1 reform per reforming economy per year. Days to build Source: Doing Business database. fully reviewed by building authorities.1 33.3% 33.3% a warehouse Belize 4 Kazakhstan 175 By 2002 builders had saved an estimated Time Cost in main city Marshall Islands 5 China 176 154 million in building permit fees, St. Kitts and nevis 6 Liberia 177 Denmark 7 Tajikistan 178 and building authorities had 270 fewer 33.3% Maldives 8 Ukraine 179 employees on their payroll. The approach Procedures Kenya 9 Russian Federation 180 has spread to the rest of Germany. Georgia 10 Eritrea 181 Economies that score well on the Procedure is completed when nal document is received; construction permits, inspections Note: Rankings are the average of the economy rankings on the ease of dealing with construction permits procedures, time and cost to comply with formalities to build a and utility connections included warehouse. See Data notes for details. tend to have rigorous yet expeditious and Note: See Data notes for details. Procedure is co Source: Doing Business database. transparent permitting processes (table is received; con and utility conn Note: See Data no DEALING wITH CoNSTRUCTIoN PERMITS 15 Twenty-seven economies, including Table 3.2 France and Hong Kong (China), ensure Streamlining permitting procedures--a popular reform feature in 2007/08 timely approvals for building permits Streamlined construction permit procedures Angola, Colombia, Croatia, Hong Kong (China), through silence-is-consent rules, with Jamaica, Kyrgyz Republic, Rwanda, Tonga time limits ranging from 2 to 4 weeks. Reduced permit processing times Belarus, Bosnia and Herzegovina, Colombia, Finland and Singapore--both Jamaica, Liberia, Singapore among the 10 fastest in dealing with con- Adopted new building regulations Croatia, Egypt, Mauritania, Portugal, Tonga struction permits--hold the architect or Reduced fees Armenia, Bosnia and Herzegovina, Burkina Faso, another qualified professional account- Hong Kong (China), Liberia able for supervising the construction and Improved inspection regime Burkina Faso, Hong Kong (China), Sierra Leone ensuring its quality. for construction projects Source: Doing Business database. who reformed in 2007/08? company. The mayor's office no longer It also eliminated the need for the min- Eighteen economies made it easier for handles occupancy permits either. "It ister's signature on building permits for businesses to comply with construction- took me 6 months before the reforms, simpler projects by delegating approval related formalities in 2007/08 (table 3.2). and I still could not obtain the mayor's to mid-level staff. Africa had the most reforms, with 6 econ- signature. After the reforms, it took me Liberia's deputy minister of public omies--Angola, Burkina Faso, Liberia, just over a week to get my occupancy works cut building permit fees in half, Mauritania, Rwanda and Sierra Leone-- permit signed and sealed." from $1,400 to $700, to encourage more making it easier to deal with construc- After cutting 9 procedures and 173 legal building in Monrovia. "I thought tion permits. Eastern Europe and Central days, the government is now focusing people were going underground because Asia followed, with reforms in Armenia, on reducing the cost--still high at more costs were too high, so I decided to cut Belarus, Bosnia and Herzegovina, Croatia than 405% of income per capita. fees." In a country where obtaining a and the Kyrgyz Republic. Burkina Faso, once among the bot- building permit used to cost 10 times In East Asia and Pacific, Hong Kong tom 10 on the ease of dealing with con- income per capita and other costs of (China), Singapore and Tonga stream- struction permits, was the second fastest construction permitting remain high, lined procedures. In Latin America and reformer. A multifaceted reform pro- this makes sense (table 3.3). the Caribbean, Colombia and Jamaica gram cut 12 days and reduced the cost by Sierra Leone revamped its inspec- reduced the time to process building 25%. To start, a government decree lim- tion regime. Existing regulations pro- permit applications. Among OECD high- ited the number of on-site inspections vided for inspections after each stage of income economies, Portugal was the only by the National Laboratory for Buildings construction. But inspectors would come reformer. In the Middle East and North and Public Works. That eliminated the at random once or even twice a week. Africa, Egypt was the only one. South biweekly random inspections that used Starting in 2007, the Ministry of Lands, Asia recorded no major reforms. to plague builders in Ouagadougou. "We Housing, Country Planning and Envi- The Kyrgyz Republic was the top can still expect inspections at certain ronment recruited a new cadre of profes- reformer in dealing with construction critical stages, but this is a far cry from sional inspectors and began enforcing permits in 2007/08. A new one-stop shop the up to 15 or so we could receive be- the regulations. was launched for issuing architectural fore," says one architect. In May 2008 the Rwanda streamlined project clear- planning terms and construction per- government launched a one-stop shop. ances for the second year in a row by mits. Regulations left over from Soviet This has already shown results. It cut combining the applications for a location times had required builders to obtain fees for soil exams in half and reduced clearance and building permit in a single separate preapprovals from each utility those for municipal approvals and fire form. And businesses now need to sub- authority. Now all approvals are handled safety studies. And it allows applicants mit only one application form for water, in the one-stop shop. for building permits to make all pay- sewerage and electricity connections. Kyrgyz reformers didn't stop there. ments at a single place. Angola incorporated the applications for A presidential decree eliminated the lo- Reformers were active in Africa. electricity and water connections into cation permit, which had required the In Liberia the Ministry of Public Works the building permit process, cutting pro- signature of Bishkek's mayor and took committed to delivering building per- cedures from 14 to 12. 60 days to obtain. "It used to be a night- mits in just 30 days, down from 90. The Mauritania introduced its first mare. You never knew what additional ministry advertised the 30-day statutory building code. This simplifies the re- papers would be required," says Bekbo- time limit and designed a user-friendly quirements for small construction proj- lot, owner of a medium-size construction checklist of all the documents required. ects and lays the groundwork for a one- 16 DoING BUSINESS 2009 Table 3.3 torate and sanitary authority--cutting 5 Who regulates construction permits the least--and who the most? procedures. Procedures (number) In Bosnia and Herzegovina admin- Fewest Most istrative improvements made it easier Denmark 6 Azerbaijan 31 to obtain cadastre excerpts, required for new Zealand 7 Hungary 31 building permits, and to register new Vanuatu 7 Brunei 32 buildings in the cadastre and land book Sweden 8 Guinea 32 registry. That cut the time from 467 days Chad 9 Tajikistan 32 to 296. In Belarus new statutory time Maldives 9 El Salvador 34 limits for pre-permitting procedures and St. Lucia 9 Czech Republic 36 Grenada 10 China 37 building permits reduced the time by Jamaica 10 Kazakhstan 38 140 days. In Armenia companies no Kenya 10 Russian Federation 54 longer have to pay "charitable contribu- Time (days) tion" fees to obtain the designing right. That cut the cost by 383.3% of income Fastest Slowest per capita. Korea 34 Cameroon 426 Several economies went the other Finland 38 Suriname 431 way. In Serbia the wait for building per- Singapore 38 Ukraine 471 United States 40 Lesotho 601 mits increased by an average 75 days. In Vanuatu 51 Côte d'Ivoire 628 Ukraine a regulation introduced in 2007 Marshall Islands 55 Iran 670 requires businesses to pay a "contribu- Bahrain 56 Russian Federation 704 tion" to infrastructure development that Solomon Islands 62 Cambodia 709 amounts to 15% of construction costs. new Zealand 65 Haiti 1,179 Now builders in Kiev can expect to pay Belize 66 Zimbabwe 1,426 1,902% of income per capita to deal with Cost (% of income per capita) construction-related formalities. Least Most In East Asia, Hong Kong (China) Qatar 0.8 Ukraine 1,902 pursued a broad program that elimi- United Arab Emirates 1.5 Tanzania 2,087 nated 8 procedures and cut the time for St. Kitts and nevis 5.1 Serbia 2,178 construction permits by more than 5 Brunei 5.3 Russian Federation 2,613 weeks, ranking it among the top reform- Trinidad and Tobago 5.5 Guinea-Bissau 2,629 ers globally. In 2006 the government, Palau 5.9 niger 2,694 working with the private sector, cre- Malaysia 7.9 Burundi 8,516 St. Vincent and the Grenadines 8.4 Afghanistan 14,919 ated a cross-sector consultation team Thailand 9.4 Zimbabwe 16,369 to identify ways to improve permitting Hungary 10.3 Liberia 60,989 procedures. Working groups started with agencies and companies operating in Source: Doing Business database. the construction sector found redundant procedures, improved communication stop shop for building permits. sets statutory time limits of 120 days for and coordination schemes and identi- In Zimbabwe and Benin, obtaining building permits. But these time limits fied regulatory "easy fixes" that could building permits became more difficult. have yet to be enforced. improve efficiency. "This is a very clever In Zimbabwe's capital, Harare, employ- Eastern Europe and Central Asia and pragmatic approach--something ees have been leaving the construction saw many reforms, though only half very much in touch with our culture," administration. With fewer trained pro- of them easing the regulatory burden. comments the owner of a local construc- fessionals to review applications, getting In Croatia a new building code elimi- tion company. a building plan approved by the city nated the need for a building permit Singapore reduced the time for council can now take a year. for smaller projects and eased the re- dealing with construction permits by In Cotonou, Benin, it now takes quirements for larger ones. Now mid- two-thirds in 2007/08--more than any about 180 days to obtain a building size commercial construction projects other economy in the world. The agen- permit--3 months longer than it used no longer need clearances from the fire cies responsible for approvals cut their to--because of administrative backlogs. department, water and sewerage authori- internal time limits by half. To save more A new regulation released in June 2007 ties, telephone company, labor inspec- time, the Building and Construction Au- DEALING wITH CoNSTRUCTIoN PERMITS 17 FIGURE Top 5 thority's new data management system FIGURE 3.3 constr makes processing smarter and more user Reforms in Sub-Saharan Africa picking up Reform friendly. Today builders regularly receive Number of reforms making it easier to deal with construction permits by Doing Business report year updates on the status of their permit ap- DB2006 DB2007 DB2008 DB2009 Stream plications by e-mail and text messaging. Eastern Europe & Central Asia Latin America and the Caribbean 20 (28 economies) also saw important reforms. In Colombia Introdu Sub-Saharan the magistrates responsible for issuing Africa 13 building permits started using a single (46 economies) form. Builders no longer need to obtain OECD Change 9 the names and contact information of high income (24 economies) all neighbors before submitting a permit East Asia Introdu application. A decree implementing a & Paci c 8 decade-old silence-is-consent rule kicked (24 economies) in, reducing the time to obtain a building Latin America & Caribbean 6 Compu permit from 3 months to 2. In Jamaica FIGURE 3.1 FIGURE 3.5 Top 10 reformers (32 economies) Private and risk-based inspections-- Note: A re the government began implementing a in dealing with construction permits Source: Do Middle East & greater e ciency 90-day statutory time limit. That cut the Average improvement North Africa 4 Average delay for inspections (days) time to obtain a building permit from 2007 (19 economies) 254 210 days15% 130--much better, though FIGUR to 21% 21% South Asia 1. Kyrgyz Republic still short of the target. 2008 0 (8 economies) Rank 2. Burkina Faso perm 3. Hong Kong, China Elsewhere, economies continued Note: A reform is counted as 1 reform per reforming economy per year. 4. Rwanda Days t to revamp their building codes. Tonga Source: Doing Business database. 5. Armenia a ware in mai implemented its 2005 building code in 6. Belarus late 2007. The new code incorporates 257.administrative. Legal reforms deal Jamaica administrative reforms have cut super- 218 8. Croatia 214 zoning and health and fire safety ap- with new building codes, regulations and 9. Bosnia and Herzegovina fluous procedures and inspections. But provals into the building permit process, bylawsAngola change the standards and 10. that builders in Africa still face outdated con- cutting 3 procedures and reducing the organization of construction permitting. struction codes or new ones not yet fully time by 12 days. Portugal's new build- Procedures Time Cost Administrative reforms include stream- Private Risk-based Kenya overhauled all its Random ing regulations introduced electronic lining project clearances and introduc- Source: Doing Business database. implemented.inspections building regulations. Todayinspectionsonly inspections by building by building it is the processing of documents. Egypt's new ing time limits and online processes. African economy to rank among the top authorities authorities Proce is rece building code aims to reduce the time to Reforming building codes can be a long, 10 on the ease of dealing with construc- Source: Doing Business database. and u obtain a building permit by establishing complex exercise, requiring input from tion permits. Note: S a single window and enforcing a 30-day many stakeholders. A new building code statutory time limit. The new code also enacted in 2007 in the Czech Republic introduces a single certificate for obtain- was 18 years in the making. FIGURE 3.4 ing all utility connections. Before, each Top 5 reform features in dealing with FIGURE 3.3 The focus in Eastern Europe and construction permits utility connection required 3 separate Reforms in Sub-Saharan Africa picking up Central Asia, while initially on legal Reforms including feature since DB2006 (%) letters from the Number municipality. of reforms making it easier to deal with construction permits by Doing Business report year reforms, is shifting to administrative 33% DB2006 DB2007 changes. Georgia is aDB2009 example. DB2008 good Streamlined project clearances Eastern Europe whAt Are the reform trends? After 3 years of reform it claimed a place & Central Asia (28 economies) in the top 10 on the ease of dealing20with 28% In the past 4 years, with 20 reforms, construction permits. But long delays re- Introduced statutory time limits Eastern Europe and Central Asia has Sub-Saharan Africa main in the rest of the region--where the 13 had the most reforms making it easier (46 economies) process takes 260 days on average, over 13% to deal with construction permits (figure OECD 100 days more than the average of 154 in Changed inspection regime 3.3). Africa follows, with 13. OECD high- high income 9 (24 economies) OECD high-income economies. income economies have had 9, East Asia Reformers in Africa started with 13% and Pacific 8, Latin America and the East Asia Introduced new building code & Paci c 8 administrative reforms. They began in Caribbean 6, the Middle East and North (24 economies) earnest in 2006, cutting 4 procedures 8% Africa 4 and South Asia 0. Latin America and reducing delays by 15 days on aver- & Caribbean Computerized permitting process (32 economies) Of the 60 reforms easing construc- 6 age. Meanwhile, delays in the rest of the Note: A reform may include several reform features. tion permitting, 35 have been legal and region increased by 26 days. In Nigeria Source: Doing Business database. Middle East & North Africa 4 (19 economies) FIGURE 3.2 South Asia 0 Rankings on dealing with construction 18 DoING BUSINESS 2009 streamlining projeCt ClearanCes rationalizing inspeCtions Most EU economies have shifted The most popular reform feature globally The third most popular reform feature at least part of inspections to the pri- has been to streamline project clear- has been to shift from random inspec- vate domain. Their experience shows ances (figure 3.4). Because building ap- tions toward a more risk-based approach, that private inspections work best when provals require the technical oversight with inspections only at critical stages of supported by strong professional asso- of multiple agencies, an obvious choice construction. Building authorities have ciations with well-regulated accredita- has been to set up a one-stop shop. But traditionally relied on random inspec- tion mechanisms. A mature insurance this is no easy fix. One-stop shops are tions to ensure compliance. Today only industry also helps. In 2007 the Czech designed to integrate services through a 41 economies--most in Africa, Latin Republic introduced a new profession of single point of contact between building America and the Caribbean and the authorized inspectors. Two professional authorities and entrepreneurs. Their suc- Middle East and North Africa--still use chambers of architects and engineers cess depends on coordination between them. Building authorities have learned and technicians provide a strong base.3 these authorities and on sound overarch- that random inspections strain their lim- ing legislation. ited resources and are an inefficient way Take the experience of Bangladesh. to ensure building safety (figure 3.5). notes In August 2007 Dhaka's municipal build- Eleven of the top 15 economies on ing authority introduced a one-stop shop the ease of dealing with construction 1. Bayerisches Staatsministerium des Innern for building permits. Almost a year later permits have gone beyond risk-based (2002). builders still had to visit each agency inspections. Instead, they allow certified 2. PricewaterhouseCoopers (2005). responsible for approvals, mainly because professionals or independent agencies 3. Geginat and Malinska (2008). of inconsistent fire safety regulations. By to perform inspections during construc- law, only buildings with more than 10 tion. Building authorities usually inspect floors should require fire safety clearance. buildings only after they are complete. The fire department insists that the cutoff Singapore, one of the top performers, should be 6 floors, as in the old regula- delegates control and supervision of the tions. Builders can spend 6 months shut- entire construction process to licensed tling between agencies, trying to make engineers and architects. In Japan more sense of the inconsistent rules. flexible licensing regulations for private inspection companies have increased setting time limits their numbers and made contracting with The second most popular reform fea- them faster and cheaper for builders. ture has been to introduce statutory time limits or silence-is-consent rules. Many FIGURE 3.5 Private and risk-based inspections-- economies write time limits into the law greater e ciency in the hope of ending administrative de- Average delay for inspections (days) lays. Algeria put a 2-month time limit 254 on1.issuing building permits in 2006. But Kyrgyz Republic obtaining a building permit still takes an 2. Burkina Faso average 150 days because of lack of ad- 3. Hong Kong, China 4. Rwanda ministrative resources. Builders wait, out 5. Armenia of fear that their buildings will be demol- 6. Belarus ished if they proceed without a permit. 7. Jamaica 218 8. Croatia 214 9. Bosnia and Herzegovina In Colombia a law introduced a si- lence-is-consent rule in 1997. Ten years 10. Angola later an implementing regulation and a far-reaching public awareness campaign Private Risk-based Random finally made it possible for builders to Source: Doing Business database. inspections inspections inspections take control of the process. "Now we by building by building authorities authorities can begin construction after 45 working Source: Doing Business database. days without any fear. As long as every requirement is complied with, we know the law protects us," says one Colom- bian architect. FIGURE 3.4 Top 5 reform features in dealing with construction permits king up Reforms including feature since DB2006 (%) aking it easier to deal with construction permits by Doing Business report year 33% North Africa 1 (19 economies) FIGURE 4.3 Rigid labor regulations are associated with high informality and high unemployment Note: A reform is counted as 1 reform per reforming economy per year. Size of informal sector (% of GDP) Source: Doing Business database. 19 overview Female unemployment (%) 30 Starting a business 12 FIGURE 4.1 FIGUR Rank Dealing with construction permits Economies with rigid labor regulations have fewer business start-ups Employing Rigidity of employment are b 20 Average entry rate, 2000­04 (%) 8 index in DB2005 Fixed- workers 15 45 minim regula 10 4 Registering property 10 30 Getting credit 0 0 Least rigid Most rigid Least rigid Most rigid Protecting investors Economies ranked by Economies ranked by Payingrigidity taxes of employment index, quintiles 5 rigidity of employment index, quintiles 15 Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain Trading across borders signi cant when controlling for income per capita. Manda Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. Enforcing contracts require Closing a business 0 0 for eco New Zealand Slovakia Sweden Norway Georgia Germany Bolivia Peru Note: Se FIGURE 4.4 Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). FIGURE 4.5 Most reforms in Eastern Europe & Central Asia Top 4 reform features in Aissa, a successful designer, owns a busi- Number of reforms increasing exibility of labor regulations which workers to dismiss; she would employing workers measures flexibility in the regulation of ness exporting traditional Senegalese by Doing Business report year have to follow a particular order of se- Reforms including feature since DB2005 (%) hiring, working hours and dismissal in a Eastern Europe handwoven fabrics to upscale interna- DB2005 DB2006 niority.DB she would have to prove that And2007 DB2008 DB2009 manner consistent with the conventions 36% & Central Asia her industry is suffering a slowdown. 19 Made working hours more exible of the International Labour Organization (28 economies) tional brands like Hermès and Christian Lacroix. Demand is growing, so much This is nearly impossible, since Senegal (ILO). An economy can have the most OECD high income so that Aissa would have to quadruple lacks reliable statistics on industrywide flexible labor regulations as 29% measured by Eased restrictions on xed-term contracts (24 economies) production to meet it. But that would trends. Besides, there are no16formal crite- Doing Business while ratifying and com- Sub-Saharan mean hiring more workers--and that ria on what constitutes a slowdown. The plying with all conventions directly rel- Africa seems too risky.1 What if demand should 4 labor inspector decides. Reduced dismissal costs evant to the15% factors measured by Doing (46 economies) decline? It would be difficult to downsize Senegal's restrictive labor laws make Business4 and with the ILO core labor Latin America & Caribbean again. "People can sue you and say you 3 it difficult to adjust to demand. Besides standards. No economy can achieve a 11% (32 economies) have fired them illegally," Aissa explains. the burdensome dismissal requirements, Removed requirements for dismissals better score by failing to comply with East Asia "You have to give them a letter and then employers face tight restrictions on these conventions. & Paci c a long process begins."2 working hours and a ban on using fixed- Note: A reform may include several reform features. Doing Business supports the ILO (24 economies) That process would involve multiple term contracts for permanent tasks. All Source: Doing Business database. core labor standards--the 8 conventions South Asia letters to the labor inspector, all requir- this leads to another problem for Aissa: covering the right to collective bargain- (8 economies) 2 ing a formal response. Aissa would have many of her competitors circumvent ing, the elimination of forced labor, the Middle East & to give specific reasons for dismissing labor regulations altogether by operating abolition of child labor and equitable North Africa workers and prove that she had tried 1 in the informal sector. treatment in employment practices. Re- (19 economies) other solutions. She could not choose Aissa is not alone. A study of 1,948 spect for these standards helps create Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. retail stores in large Indian cities finds an environment in which business can Table 4.1 that 27% see labor regulations as a prob- FIGURE 4.1 Where is it easy to employ workers-- FIGURE 4.2 Economies with rigid labor regulations have fewer business start-ups and where not? lem.2 The study also finds that making labor laws more flexible could increase Rankings on employing workers are based on 4 subindicators Average entry rate, 2000­04 (%) Easiest RAnK Most difficult RAnK Rigidity of employment employment in stores by 22% on aver- index in DB2005 United States 1 Panama 172 Fixed-term contracts, Nonstandard work schedules, 15 Singapore 2 Sierra Leone 173 age. This is substantial: the retail sector 45 minimum wage paid vacation days regulations Marshall Islands 3 Angola 174 is India's second largest employer, pro- 25% 25% Maldives 4 Congo, Dem. Rep. 175 viding jobs to 9.4% of workers. Similarly, Di culty Rigidity 10 Georgia 5 Guinea-Bissau 176 a study in Brazil finds that enforcement 30 of hiring of hours index index Brunei 6 Paraguay 177 of rigid labor regulations limits firm size Tonga 7 Equatorial Guinea 178 and reduces employment.3 25% 25% Di culty Firing Australia 5 8 São Tomé and 179 of ring cost Principe Employment regulations are needed 15 index Palau 9 Bolivia 180 to allow efficient contracting between Mandatory legal As weeks of salary; Denmark 10 Venezuela 181 employers and workers and to protect requirements for dismissals includes notice period 0 for economic reasons and severance payments Note: Rankings are the average of the economy rankings on the workers from discriminatory or unfair 0 difficulty of hiring, rigidity of hours, difficulty of firing and firing New Zealand Slovakia Sweden Norway Georgia treatmentGermany by employers. In itsPeru Bolivia indicators cost indices. See Data notes for details. Note: See Data notes for details. Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). Source: Doing Business database. on employing workers, Doing Business 20 DoING BUSINESS 2009 FIGURE 4.3 Rigid labor regulations are associated with high informality and high unemployment courage entrepreneurship. Two recent studies suggest that flexible regulations Size of informal sector (% of GDP) Female unemployment (%) increase the probability of start-ups by 30 12 about 30%.11 The researchers offer 2 ex- planations. For employees, lower job se- 20 8 curity makes starting their own business attractive. For entrepreneurs, the greater 10 flexibility in running a business makes 4 business ownership more attractive. Reforms making labor regula- 0 0 Least rigid Most rigid Least rigid Most rigid tions more flexible also may increase Economies ranked by Economies ranked by industrial production and reduce urban rigidity of employment index, quintiles rigidity of employment index, quintiles unemployment. In the Indian states of Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain Andhra Pradesh and Tamil Nadu such signi cant when controlling for income per capita. Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. reforms increased manufacturing output by 15%. In West Bengal, by contrast, develop. Doing Business does not mea- tions are associated with a larger infor- reforms making labor regulations more sure compliance with them, however, and mal sector7 (figure 4.3). This pattern is rigid cut output by 20%.12 The estimated FIGURE 4.4 FIGURE 4.5 Most reforms in Eastern Europe & Central Asia these 8 conventions are not reflected in evident in Venezuela and Bolivia. Both Top 4 reform features in result: 1.8 million more urban poor in the employing workers indicators. This Number of reforms increasing exibility of labor regulations have laws that ban dismissing workers employing workers West Bengal.13 year's report shows which of the 8 con- by Doing Business report year on economic grounds and are among the Reforms including feature since DB2005 (%) Eastern Europe ventions have been ratified by each ofDBthe DB2005 2006 economies with the most rigid employ- DB2007 DB2008 DB2009 who reformed in 2007/08? 36% & Central Asia 181 economies it includes (see table on ment regulations (table 4.1). And both 19 Made working hours more exible (28 economies) ratification status of the 8 ILO conven- are among the 5 economies with the Fifteen economies made significant OECD largest informal sectors (41% of GDP in changes to their labor regulations in 29% high income tions regarding core labor standards, page Eased restrictions on xed-term contracts (24 economies) 147). Ratification of the core labor stan- Venezuela, 43% in Bolivia).168 2007/08. Six economies increased flex- Sub-Saharan dards is not necessarily a good indicator In the end, workers in the infor- ibility; 9 reduced it. Eastern Europe and Africa of compliance. A measure of4compliance mal sector lose out the most. They are Reduced dismissal costs Central Asia15% introduced the most re- (46 economies) is being developed under the Doing Busi- generally paid lower wages and enjoy forms increasing flexibility, followed by Latin America & Caribbean ness project for future inclusion in the 3 no legal protections or social benefits. Africa and Latin America and the Carib- 11% (32 economies) employing workers indicators. The most vulnerable groups, women and Removed requirements for dismissals bean (table 4.2). East Asia Governments all over the world face young workers, are often at the greatest Burkina Faso was the most active & Paci c the challenge of finding the right balance 2 disadvantage. A study in Indonesia finds Note: A reform may include several reform features. reformer, adopting a new labor code that (24 economies) between worker protection and labor that if it had enjoyed the same flexibil- Source: Doing Business database. replaced its 2004 code. Employees and South Asia market flexibility. Denmark, for example, ity in labor regulations as Finland, for employers can now determine the weekly (8 economies) seeks to reconcile job flexibility with em- 2 example, its unemployment rate might rest day without having to seek the ap- Middle East & ployment security through "flexicurity." have been 2.1 percentage points lower proval of the authorities. And employ- North Africa Employers face no regulations against 1 and, among young people, 5.8 percent- ers may be encouraged to take greater (19 economies) laying off workers for economic reasons. age points lower.9 risks in hiring new workers thanks to Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. They only provide advance notice. More Finding the right balance can be dif- increased flexibility in using fixed-term than 80% of workers belong to a volun- ficult, but the quest is worth it. Another contracts and less rigid dismissal proce- FIGURE 4.1 tary unemployment insurance scheme.5 recent study looks at the effects of labor dures. For example, strict priority rules, FIGURE 4.2 Economies with rigid labor regulations have fewer business start-ups Workers benefit from the flexible regula- regulation in Latin America, using survey Rankings on employing workers Average entry rate, 2000­04 (%) Rigidity of employment including seniority, no longer apply in are based on 4 subindicators tions, which give them the opportunity data for 10,396 firms in 14 index countries.10 in DB2005 dismissing workersNonstandard for redundancy. Fixed-term contracts, work schedules, 15 for a job in the formal sector and easy Firms were asked how many permanent 45 minimum wage Azerbaijan was the second most paid vacation days transitions from one job to another. In- workers they would hire and how many active reformer.25% regulations Working hours became deed, more than 70% of Danes think it is they would dismiss if labor regulations more flexible, with restrictions on night 25% Di culty Rigidity 10 good to change jobs frequently.6 were made more flexible. The analysis 30 work now applying only where labor of hiring of hours But in developing countries espe- suggests that the result would be an av- conditions areindex orindex hard hazardous. Before cially, regulators often err to one ex- erage net increase of 2.1% in total jobs. the reform,Dianculty 25% 25% employer could dismiss Firing treme--pushing employers and workers 5 Firms with fewer than 20 employees ben- 15 into the informal sector. Across develop- efit the most, with average gains of 4.2%. a worker forofindex economic reasons only if ring cost the worker could not be reassigned to ing economies, overly rigid labor regula- Flexible labor regulations also en- another position. That includes Mandatory legal As weeks of salary; requirements for dismissals requirement is notice period 0 0 for economic reasons and severance payments New Zealand Slovakia Sweden Norway Georgia Germany Bolivia Peru Note: See Data notes for details. Source: Doing Business database; Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). EMPLoyING woRkERS 21 Table 4.2 Easing restrictions on fixed-term contracts--a popular reform feature in 2007/08 rules for group redundancy dismissals, making it more difficult for employers to Eased restrictions on fixed-term contracts Azerbaijan, Burkina Faso, Mozambique, Slovenia adjust during economic downturns. In Made working hours more flexible Azerbaijan, Burkina Faso, Czech Republic Fiji new legislation strengthened protec- tions against discrimination in employ- Reduced dismissal costs Argentina, Mozambique, Slovenia ment and shifted dispute resolution from Removed requirements for dismissal Azerbaijan, Burkina Faso litigation to mediation. But it also intro- Made dismissal more difficult Cape Verde, China, Fiji, The Gambia, Italy, duced new notification requirements for Kazakhstan dismissals and reduced the flexibility of Increased restrictions on fixed-term employment Korea, Sweden working hours by imposing a limit of 48 Increased paid annual leave United Kingdom hours in a 6-day workweek. Source: Doing Business database. Among OECD high-income econo- mies, Korea introduced important pro- gone. Specific notification and approval eliminate restrictions on weekend work visions on equality of opportunity and requirements for redundancy were also and ease constraints on the dismissal of nondiscrimination in hiring and promo- eased. And as in Burkina Faso, fixed- redundant workers. tion. It also limited fixed-term contracts term contracts can now be used for any In Latin America, Argentina reduced to 24 months. task. On the basis of the new labor code, the severance payment for a worker with Several economies made employ- Azerbaijan now ranks among the 10 20 years of seniority from 30 months to ment regulations more rigid. Kazakhstan economies with the least rigid employ- 20. After its unemployment rate fell below now requires employers to first transfer ment regulations as measured by Doing 10%, a 2007 decree abolished the 50% an employee to another job when consid- Business (table 4.3). increase in severance payments that had ering redundancy. Italy increased the no- Mozambique's new labor law also been part of the 2002 "emergency laws." tice period for dismissal of workers from increased flexibility in the use of fixed- ReformsinEastAsiaandPacificwere 2 weeks to 75 days, The Gambia from 2 term contracts. It reduced the notice a mix, both increasing flexibility and re- months to 6 and Cape Verde from 30 days period for dismissals, from 90 days to ducing it. China introduced new priority to 45. Sweden reduced the maximum 30. And it introduced phased reductions Table 4.3 in severance pay. Who makes employing workers easy--and who does not? In Eastern Europe, Slovenia and Rigidity of employment index (0­100) the Czech Republic provided for greater flexibility in using employment con- Least Most tracts. Slovenia now permits employers Hong Kong, China 0 São Tomé and Principe 63 to extend fixed-term contracts from the United States 0 Angola 66 statutory 24 months to the duration of a Singapore 0 Equatorial Guinea 66 project. It also reduced the notice period Maldives 0 Guinea-Bissau 66 Marshall Islands 0 Panama 66 for dismissals from 75 days to 60. The Australia 3 Congo, Rep. 69 Czech Republic introduced flexibility in Azerbaijan 3 niger 70 overtime hours, probationary periods Uganda 3 Congo, Dem. Rep. 74 and length of the workweek. In addition, Canada 4 Bolivia 79 its amended labor code simplified the Jamaica 4 Venezuela 79 working hours account, allowing choice Firing cost (weeks of salary) in the distribution of working hours over Least Most a 4-week period. Denmark 0 Equatorial Guinea 133 Continuing the trend toward greater new Zealand 0 Mozambique 134 flexibility in Eastern Europe, the former United States 0 Ecuador 135 Yugoslav Republic of Macedonia is in Puerto Rico 0 Sri Lanka 169 the final stages of passing a new labor Afghanistan 0 Ghana 178 relations law that will increase flexibility Iraq 0 Zambia 178 in working hours and reduce dismissal Marshall Islands 0 Sierra Leone 189 costs for redundancies. The new provi- Micronesia 0 Zimbabwe 446 Palau 0 Bolivia noT PoSSIBLE sions will allow flexible use of fixed-term Tonga 0 Venezuela noT PoSSIBLE contracts, increasing their maximum Note: The rigidity of employment index is the average of the difficulty of hiring index, rigidity of hours index and difficulty of firing index. duration from 4 years to 5. It will also Source: Doing Business database. 22 DoING BUSINESS 2009 duration of fixed-term contracts from 3 high-income economies follow with 16, Reform was widespread: 8 of the 10 years to 2. The United Kingdom increased with Australia, Germany and Switzer- countries in the region that have joined the paid annual leave to which workers land all reforming more than once. the European Union have reformed their are entitled from 20 working days to 24. In Africa, Uganda (in 2006), Mo- labor laws. Several, including Lithuania zambique (in 2007) and Burkina Faso (in and Romania, did so to harmonize their whAt Are the reform trends? 2008) enacted new labor laws, introduc- laws with EU legislation. ing worker protections while increas- In South Asia 2 economies have re- Across the world, Doing Business has re- ing the flexibility of labor regulations. formed. Bhutan went far, implementing corded only 77 reforms affecting the em- Namibia (in 2004) eased restrictions on its first labor code in 2007. The new labor ploying workers indicators since 2004. Of working hours. Yet among regions, Af- code established protective measures for the 77 reforms, 47 made labor regulations rica continues to have the most rigid workers without imposing heavy burdens more flexible; 30 made them more rigid. labor regulations. Dismissal costs for on employers. The protections created Labor reforms are rare. This is unsurpris- a worker with 20 years of employment incentives for workers to join the private FIGURE 4.3 Rigid labor regulations are associated with high informality and high unemployment ing. Governments work on such reforms amount to more than 3 years of salary sector--and employers now have a larger Size of informal sector (% of GDP) for years, and there are many stakehold- Female unemployment (%) in Sierra Leone and more than 8 years pool of candidates to choose from. The 30 ers involved. Labor reforms normally in Zimbabwe. Africa is also home to better working conditions have led to imply a tripartite consultation--between 12 the countries with the largest numbers higher productivity.14 government, employers' representatives of mandatory paid annual leave days: In Latin America, Colombia and 20 and workers' representatives. Finding the Eritrea with 34, Ethiopia with 33 and 8 Argentina made labor regulations more right balance of interests is a challenging Cameroon with 32. flexible. Both made redundancy dismiss- 10 and important exercise. 4 Three reformers stand out in East- als easier--Colombia in 2004 and Ar- ern Europe and Central Asia. Slovakia gentina in 2005. Argentina also reduced moving toward more flexible (in 2004) and Azerbaijan (in 2008) in- dismissal costs in 2007. In East Asia regulations 0 Least rigid Most rigid troduced flexibility in the use ofMost 0 Least rigid fixed- rigid and Pacific, Vietnam eased restrictions GovernmentsEconomies rankedEurope and in Eastern by term contracts, in work schedules and Economies ranked by on fixed-term contracts, and Taiwan Central Asia have been the most active rigidity of employment index, quintiles in redundancy requirements. Georgia rigidity of employment index, quintiles (China) on working hours. Except for Note: Relationships are signi cant at the 1% level for size of the informal sector and at the 10% level for female unemployment, and remain signi cant when controlling for income per capita. reformers in the past 5 years, introduc- made big changes in those areas in 2005 Israel, no economies in the Middle East Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. ing 19 reforms increasing the flexibility and 2006 and also introduced changes in and North Africa made labor regulations of labor regulations (figure 4.4). OECD notice periods and severance payments. more flexible. FIGURE 4.4 FIGURE 4.5 Most reforms in Eastern Europe & Central Asia Top 4 reform features in Number of reforms increasing exibility of labor regulations employing workers by Doing Business report year Reforms including feature since DB2005 (%) DB2005 DB2006 DB2007 DB2008 DB2009 Eastern Europe 36% & Central Asia 19 Made working hours more exible (28 economies) OECD 29% high income 16 Eased restrictions on xed-term contracts (24 economies) Sub-Saharan 15% Africa 4 (46 economies) Reduced dismissal costs Latin America & Caribbean 3 11% (32 economies) Removed requirements for dismissals East Asia & Paci c 2 Note: A reform may include several reform features. (24 economies) Source: Doing Business database. South Asia (8 economies) 2 Middle East & North Africa 1 (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 4.1 FIGURE 4.2 Economies with rigid labor regulations have fewer business start-ups Rankings on employing workers Rigidity of employment are based on 4 subindicators EMPLoyING woRkERS 23 inCreasing flexibility in setting reduCing dismissal Costs notes hours and using ContraCts Ten economies granted businesses more Over the past 5 years 36 reforms have flexibility in dismissals during economic 1. This example is from the World Bank's been aimed at increasing flexibility in downturns. But 15 economies (including Doing Business: Women in Africa working hours and the use of fixed-term Bolivia, Fiji, Kazakhstan and Zimbabwe) (2008a), a collection of case studies of African entrepreneurs. contracts (figure 4.5). Five reforms have made such dismissals costlier or more 2. Amin (forthcoming). made scheduling working hours more difficult. In Bolivia and Venezuela an 3. Almeida and Carneiro (forthcoming). difficult. Nine have restricted the use of employer cannot let workers go for eco- 4. ILO Convention 14 on weekly rest (in- fixed-term contracts. nomic reasons without their consent. dustry), ILO Convention 171 on night Most of the reforms aimed at in- Under these circumstances employers work, ILO Convention 132 on holidays creasing flexibility in working hours took might think twice before hiring a new with pay and ILO Convention 158 on place in Eastern Europe and Central worker. termination of employment. Asia. These reforms, concentrated in High dismissal costs can deter em- 5. Data on the share of the labor force 2004 and 2005, allowed more flexible ar- ployers from creating jobs in the formal covered by unemployment insurance, from Clasen and Viebrock (2008), are for rangements for overtime and permitted sector. That argues for reducing dismissal 2002. businesses to shift working hours from burdens. But excessive flexibility leads to 6. Eurobarometer (2006). the low to the high season. In Latvia and another problem: concern among exist- 7. Djankov and Ramalho (2008). A 10- Poland working hours must balance out ing employees about losing their jobs point increase in the rigidity of em- within 4 months; in Hungary, within a and being left without a safety net. ployment index is associated with an year. Overtime hours have become more One solution is to offer unemploy- increase of 0.9% of GDP in the size of the informal sector. predictable for employees, and employ- ment insurance rather than severance 8. Djankov and Ramalho (2008). ers can more easily adjust to cyclical de- pay. In Austria employers contribute to 9. Feldmann (2008). mand. Elsewhere in the world, Pakistan a fund from which they may withdraw eased limits on overtime, while Uganda if a worker is made redundant after 3 10. Kaplan (forthcoming). The study uses data from the World Bank Enterprise allowed employers and employees to years of employment. In St. Kitts and Surveys, available at freely set the legally required rest day. Nevis severance payments are made http://www.enterprisesurveys.org. Bhutan eased restrictions on night work. from a government-administered fund 11. Van Stel, Storey and Thurik (2007) and Sixteen economies allowed greater that employers pay into over time. In Ardagna and Lusardi (2008). flexibility in the use of fixed-term con- Italy employers deposit a portion of each 12. Aghion and others (forthcoming). tracts. In Azerbaijan and Burkina Faso, employee's salary into a designated fund 13. Besley and Burgess (2004). for example, fixed-term contracts can over the course of the employment rela- 14. Wangda (forthcoming). now be used for permanent tasks. Lat- tionship. In Korea employers adopting via and Togo extended their maximum the new defined contribution plan will duration. That makes it easier for both contribute 1 month's salary annually to employers and employees to adapt work each employee's private pension account. arrangements to their needs. Chile adopted a successful unem- ployment insurance system in 2002. The reform introduced individual savings ac- counts to which both employee and em- ployer contribute. It also reduced sever- ance pay from 30 working days to 24 for each year worked. Unemployed Chilean workers receive benefits from their indi- vidual savings accounts for 5 months. 24 DoING BUSINESS 2009 overview Starting a business FIGURE 5.1 Top 10 reformers in registering property FIGURE 5.3 Dealing with construction permits Easing property registration in Rwanda Employing workers Average improvement Registering Reduction in time and cost, 2007­08 2007 NO 21% 26% 1. Belarus property Time per procedure (days) CHANGE 2. Rwanda 2008 46% 240 3. Azerbaijan Total time 4. Kazakhstan cut from 5. Hungary 180 Getting credit371 days to 315 Protecting investors 6. Zambia Paying taxes 7. Mauritius 120 8. Burkina Faso Trading across borders Time cut 35-day from 60 days 9. Madagascar 60 Enforcing contracts procedure to 10 10. Egypt NO Closing a business eliminated CHANGE NO CHANGE Procedures Time Cost 1 2 3 4 5 Procedures Source: Doing Business database. Cost (% of property value) Ida, a Gambian entrepreneur, wants to used to be another. But in 2005 it elimi- dures and 2 days. In Georgia and Lithu- 8sell her plot of land to expand her manu- nated the requirement for approval by ania, which recently simplified proce- facturing business. She has found an Cost cut from 6.1% to 0.3% Total cost the Ministry of Urban Planning. That FIGURE 5.1 dures, it takes 3 days to register property. 6interested buyer. But she has also learned cut from slashed the time required to register Top 10 reformers in registering property FIGURE 5.3 9.4% to 0.6% InFIGURE Zealand, number 3 on the ease of New5.2 that transferring property in The Gambia Easing property registration in Rwanda Procedure 2007 Average improvement property from 397 days to 62--and the registering property, online registration Rankings on registering property 4requires the consent of the Department Reduction in time and cost, 2007­08 and cost 2007 isarestraightforward. In Slovakia, which based on 3 subindicators eliminated number of property transfers in Abidjan of Lands and Surveys--and gettingNOthat almost quadrupled, from 500 in 2005 to 21% 26% replaced a percentage-based fee with a Days to transfer property 1. Belarus As % of property value, between 2 companies 2. Rwanda no bribes included 2takes about a year. There is another op- Time per procedure (days) CHANGE 1,968 in 2007.1 2008 46% fixed fee, the cost to register property is in main city tion: hire a lawyer2008 connections at 240 3. Azerbaijan Total time with Formal property titles help promote only 0.05% of the property value. 4. Kazakhstan the department and obtain4the consent cut from 33.3% 33.3% in a day. But371IdaProcedures afford the cost, the transfer of land, encourage invest- 5. Hungary 180 1 2 days to3315 5 cannot ment and give entrepreneurs access to who reformed inCost 6. Zambia Time 2007/08? Source: Doing Business database. about 3% of the value of her property. formal credit markets.2 But a large share 7. Mauritius Ida decides to wait for theTime 120 department's cut of property in developing countries is Twenty-four economies made it easier to 8. Burkina Faso 33.3% consent, putting on hold her plans to 35-day from 60 days not formally registered. Informal titles register propertyProcedures 9. Madagascar in 2007/08 (table 5.2). expand herprocedure 60 to 10 10. Egypt NO eliminated business. cannot be used as security in obtaining The most popular reform feature: lower- CHANGE Besides The Gambia, 11 other econ- NO CHANGE loans,Procedures which limits financing opportuni- Time Cost ing the cost of registration by reducing Steps for encumbrance checking, deed and title transfer omies1still require a 3ministerial consent 2 4 5 ties for businesses. Many governments theuntilproperty transfer tax, registration property can be sold again or used as collateral to transfer property: Lesotho, Madagas- Procedures have recognized this and started ex- fees or stamp duty. Five economies-- Source: Doing Business database. Note: See Data notes for details. car, Malawi, Nigeria, Papua New Guinea, Cost tensive property titling programs. But Burkina Faso, the Dominican Republic, Senegal, Solomon Islands, Tanzania, (% of property value) bringing assets into the formal sector Jamaica, Serbia and Thailand--reduced FIGURE 5.4 Tonga, UgandaCost Zambia. CôteTotal 8 FIGURE 5.5 Africa has reformed the most andcut from d'Ivoire is only part of the story. The more dif- Top 5 reform features the transfer tax. The Republic of Congo 6.1% to 0.3% cost Table 5.1 cut from ficult and costly it is to formally transfer in registering property 6 Number of reforms easing property registration Where is registering property easy--and 9.4% to 0.6% by Doing Business report year property, the greater the chances that Reforms including feature since DB2006 (%) FIGURE 5.2 4 formalized titles will quickly become in- DB2008 DB2009 Rankings on registering property Sub-Saharan whereandProcedure not? DB20062007 DB2007 cost are based on 3 subindicators 47% Africaeliminated Easiest RAnK Most difficult RAnK formal again. Eliminating unnecessary 31 Reduced taxes or fees Days to transfer property As % of property value, (46 economies) Saudi Arabia 1 Liberia 172 obstacles to registering and transferring between 2 companies no bribes included 2 in main city Eastern Europe Georgia 2 Angola 173 property is therefore important for eco- 19% &new Zealand Central Asia 3 2008 Afghanistan 174 nomic development.23 Computerized procedures (28 economies) Lithuania 33.3% 33.3% 1 2 4 3Bangladesh4 5 175 Economies that score well on the Latin America Armenia 5 Procedures nigeria 176 Cost &Thailand ease of registering property tend to have 19%Time Source: Doing Business database. Caribbean 13 (32 economies) 6 Brunei 177 Increased administrative e ciency Slovakia 7 Maldives 178 simple procedures, low transfer taxes, 33.3% Middle East & fixed registration fees, online registries Procedures North Africa norway 8 Marshall Islands 9 179 16% (19 economies) Azerbaijan 9 Micronesia 180 and time limits for administrative proce- Combined and reduced procedures OECD Sweden 10 Timor-Leste 181 dures. They also make the use of notaries Steps for encumbrance checking, deed and title transfer high income Note: Rankings are the average of the economy rankings on the 8 and lawyers optional. Saudi Arabia com- until12% property can be sold again or used as collateral (24 economies) procedures, time and cost to register property. See Data notes puterized procedures in 2007, making it for details. Introduced fast-track procedures or time limits Note: See Data notes for details. South Asia Source: Doing Business database. possible to register property in 2 proce- (8 economies) 5 Note: A reform may include several reform features. Source: Doing Business database. East Asia FIGURE 5.4 FIGURE 5.5 & Paci c Africa has reformed2the most Top 5 reform features REGISTERING PRoPERTy 25 Table 5.2 had the most reforms in property regis- Reducing the cost to register property--the most popular reform feature in 2007/08 tration. Azerbaijan introduced a one-stop Reduced taxes or fees Burkina Faso, Republic of Congo, Dominican shop and gave the State Registry of Real Republic, Jamaica, Madagascar, Rwanda, Serbia, Estate sole responsibility for all property Thailand registrations in the country. That re- Combined and reduced procedures Azerbaijan, Belarus, Georgia, Kazakhstan, Latvia, quired amending the civil code in April Lithuania, Mauritius 2006. Before, entrepreneurs had to reg- Computerized procedures Belarus, Bosnia and Herzegovina, Georgia, ister land and buildings separately. This Madagascar, Saudi Arabia, Zambia meant going through 7 lengthy proce- Sped procedures in the registry Bangladesh, Egypt, former Yugoslav Republic of dures, including getting clearances from Macedonia, Madagascar, Sierra Leone 2 agencies and an updated inventory file Introduced time limits Belarus, Egypt, Senegal from the Bureau of Technical Inventory Introduced fast-track procedures Azerbaijan, Hungary listing the property's boundaries and Allowed private valuers to complete valuations Republic of Congo technical features. Those requirements are gone. With the new option of expe- Source: Doing Business database. diting 2 of the 4 remaining procedures, and Rwanda reduced registration fees. back and today is like night and day. it is now possible to register property in Madagascar eliminated the stamp duty. From waiting in long lines taking up only 11 days. Belarus was the top reformer in to a few months, we went to a modern, Kazakhstan followed a similar path. property registration. The government efficient one-stop shop. They even have By launching public service centers-- had initiated the creation of a one-stop a webcam in the one-stop shop to check local one-stop shops--Kazakhstan sim- shop in March 2004. In early 2006 the the waiting line," says Alexander, a sea- plified property registration in its major legal changes necessary for the one-stop soned entrepreneur in Minsk. cities. Georgia, a repeat reformer for 4 shop to become operational took ef- Rwandawastherunner-upreformer. years in a row, launched an electronic fect. To complete its implementation A presidential decree in January 2008 re- database. Registrars can now obtain a and to address remaining bottlenecks placed a 6% registration fee with a flat business registry extract, nonencum- at the Land Registry, the government rate of 20,000 Rwanda francs (about $34), brance certificate and cadastral sketch launched a broad administrative simpli- regardless of the property value. Before, online. Before, these documents could fication program in November 2007. The the 6% registration fee applied to every be obtained only by visiting several dif- program introduced strict time limits, property transaction, and the Rwanda ferent agencies. computerized the registry and digitized Revenue Authority had to value the prop- Bosnia and Herzegovina was an- property records. The government's am- erty, which took 35 days on average. Reg- other notable reformer. The time needed bitious reform agenda paid off: the time istering property in Kigali now requires to register a title in Sarajevo fell by 203 to register property in Minsk fell from only 4 procedures and less than 1% of the days, from 331 to 128. Once the registry 231 days to 21. Belarus now ranks among property value (figure 5.3). Yet with the is fully computerized (80% of its files the top 25 economies on the ease of reg- process still taking almost a year on aver- were as of mid-2008), the time is ex- istering property. age, there is room for improvement. pected to drop even more. The former "Comparing the registry a few years Eastern Europe and Central Asia Yugoslav Republic of Macedonia sped Table 5.3 Who regulates property registration the least--and who the most? Procedures (number) Time (days) Cost (% of property value) Fewest Most Fastest Slowest Least Most norway 1 Greece 11 new Zealand 2 Bangladesh 245 Saudi Arabia 0.00 Congo, Rep. 16.48 Sweden 1 Swaziland 11 Saudi Arabia 2 Afghanistan 250 Bhutan 0.01 Cameroon 17.79 Bahrain 2 Eritrea 12 Sweden 2 Togo 295 Georgia 0.03 Central African Republic 18.55 Georgia 2 Uzbekistan 12 Thailand 2 Solomon Islands 297 Belarus 0.04 Mali 20.31 Lithuania 2 Ethiopia 13 Georgia 3 Rwanda 315 Slovakia 0.05 Senegal 20.61 netherlands 2 Liberia 13 Lithuania 3 Angola 334 Kiribati 0.06 Comoros 20.82 new Zealand 2 Uganda 13 norway 3 Gambia, The 371 Kazakhstan 0.08 nigeria 21.93 oman 2 Algeria 14 Armenia 4 Slovenia 391 new Zealand 0.09 Chad 22.72 Saudi Arabia 2 Brazil 14 Iceland 4 Haiti 405 Russian Federation 0.20 Zimbabwe 25.01 Thailand 2 nigeria 14 Australia 5 Kiribati 513 Qatar 0.25 Syria 28.05 Source: Doing Business database. 26 DoING BUSINESS 2009 FIGURE 5.1 Top 10 reformers in registering property FIGURE 5.3 Easing property registration in Rwanda Average improvement Madagascarwasanotherreformerin bean, Jamaica introduced a new law in Reduction in time and cost, 2007­08 2007 the region. A new financial law abolished May 2008 reducing the transfer tax from NO the mandatory stamp duty and 2 taxes, 21% 26% 7.5%Belarus property value to 6%, and 1. of the Time per procedure (days) CHANGE the2.stamp duty from 5.5% to 4.5%. The Rwanda 2008 reducing the cost of transferring prop- 46% 240 cost to transfer property dropped from 3. Azerbaijan Total time erty from 11.6% of the property value to 13.5% of the property value to 11%. The 4. Kazakhstan cut from 7.5%. Madagascar did not stop there. It Dominican Republic reduced the trans- 5. Hungary 180 371 days to 315 reorganized its registry by expanding the fer6.tax from 4.3% to 3%. Transferring Zambia number of offices, purchasing new com- 7. Mauritius 120 Time cut puters and hiring more staff. Transfer- property now costs 3.8% of the property 8. Burkina Faso 35-day from 60 days ring property in Antananarivo now takes value, down from 5.1%. 9. Madagascar 60 procedure to 10 10. In East Asia and Pacific, Thailand Egypt NO 8 weeks less than it did a year before. eliminated CHANGE NO Burkina Faso abolished the requirement reduced the transfer fee from 2% to CHANGE to obtain the municipality's approval for Procedures Time Cost 0.01% and the specific business tax from 1 2 3 4 5 Procedures property transactions, cutting the time Source: Doing Business database. 3.3% to 0.11%, cutting the overall cost Cost by 46 days, from 182 to 136. to transfer property from 6.3% of the (% of property value) In the Middle East and North Africa, property value to 1.13%. Thailand now 8 Egypt and Saudi Arabia reformed. Egypt ranks among the top 10 economies on Cost cut from 6.1% to 0.3% Total cost simplified administrative procedures and the ease of registering property. The cost cut from 6 9.4% to 0.6% introduced time limits. That cut the time reductions are provisional and valid for FIGURE 5.2 Procedure 2007 to register property by 4 months, from one year from March 2008, to allow the Rankings on registering property 4 and cost Thai government to assess the results of are based on 3 subindicators eliminated 193 days to 72. Saudi Arabia introduced a comprehensive electronic system to the reform in April 2009.As Days to transfer property % of property value, between 2 companies no bribes included 2 register title deeds at the First Notary in main city 2008 Public Department in Riyadh, making it what are the reform trends? 33.3% 33.3% 1 2 3 4 5 possible to transfer property in 2 proce- Procedures dures and 2 days. Almost 60% ofTime property registration all Cost Source: Doing Business database. Here is how the process works: A reforms recorded by Doing Business in notary public at the First Notary Pub- the past 4 years took place in 2 regions: 33.3% the process at the cadastre by adding lic Department, in the presence of the Africa and Eastern Europe and Central Procedures staff. Lithuania cut a procedure by in- legal representatives of the buyer and Asia (figure 5.4). In 2005 Eastern Europe troducing special software that allows seller, first verifies that all documents are and Central Asia had the most reforms. Steps for encumbrance checking, deed and title transfer notaries to obtain the real estate transac- complete. The notary public then trans- Inuntil 2006 and 2007 Africa took the lead. property can be sold again or used as collateral tion certificate from their office. Before, fers them electronically to the Records InNote: 2007/08 Eastern Europe and Central See Data notes for details. the buyer had to pick up this certificate Department, which prepares a new title Asia led with 9 reforms, closely followed at the registry. deed showing the buyer as the owner of by Africa with 8. FIGURE 5.4 FIGURE 5.5 Africa has reformed the most Africa saw the second largest num- the property. The new title deed is imme- Top 5 reform features ber of reforms. The Republic of Congo Number of reforms easing property registration diately added to the electronic records of in registering property lowering Costs adopted a new law on May 11, 2007, that by Doing Business report year all title deeds in Riyadh. After a few hours Reforms including feature since DB2006 (%) Across regions, the most popular re- Sub-Saharan cut the registration fee byDB percentage DB2006 102007 the representatives of the buyer and seller DB2008 DB2009 form feature has been reducing property 47% Africa points. Transferring property used to take appear a second time before the notary 31 Reduced taxes or fees transfer taxes and fees--registration fees, (46 economies) 137 days and cost 27% of the property public, who prints a copy of the new title notary fees and stamp duties (figure 5.5). Eastern Europe value. Now it takes 116 days and costs deed and asks the representatives and In 2005 and19% 2006 such reductions were & Central Asia Computerized procedures (28 economies) about 17% of the property value. Senegal 2 witnesses to sign23the sale agreement, made by 7 of 10 reforming economies. Latin America introduced time limits at the Land Reg- which is a standard form. The signed sale Big cuts were made in Africa. In 2004 the & Caribbean istry to speed the delivery of certificates 13 agreement is scanned and saved in the region had19% highest average cost for the (32 economies) and the registration of property transac- electronic records, while the original is Increased administrative e ciency property transfer, at around 13% of the Middle East & tions. That reduced the time to register kept in the notary public's files. property 16% value. Today the average cost North Africa 9 (19 economies) property from 145 days to 124. In South Asia, Bangladesh halved Combined and reduced procedures is 10.5% of the property value--much OECD Zambia computerized its land reg- the time to apply for registration at the lower, though still higher than the 6% high income istry and set up a customer8service Municipal Deed Registry Office, from in Latin America, the region with the 12% (24 economies) center to eliminate the backlog of reg- 360 days to 180. The total time to register Introduced fast-track procedures or time limits second highest cost. South Asia istration requests. The time to register property dropped from 425 days to 245. Many economies have reduced the (8 economies) property fell from 70 days5to 39. In Latin America and the Carib- Note: A reform may include several reform features. cost of property registration by estab- Source: Doing Business database. East Asia & Paci c 2 (24 economies) Steps for encumbrance checking, deed and title transfer until property can be sold again or used as collateral Note: See Data notes for details. REGISTERING PRoPERTy 27 FIGURE 5.4 FIGURE 5.5 Africa has reformed the most Top 5 reform features Number of reforms easing property registration in registering property by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Sub-Saharan 47% Africa 31 Reduced taxes or fees (46 economies) Eastern Europe 19% & Central Asia 23 Computerized procedures (28 economies) Latin America & Caribbean 13 19% (32 economies) Increased administrative e ciency Middle East & North Africa 9 16% (19 economies) Combined and reduced procedures OECD high income 8 12% (24 economies) Introduced fast-track procedures or time limits South Asia (8 economies) 5 Note: A reform may include several reform features. Source: Doing Business database. East Asia & Paci c 2 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. lishing a low fixed registration fee rather time to register property drop by 45% how to reform than charging entrepreneurs a percent- on average. In El Salvador, which com- Some reforms to ease property regis- age of their property value. In 2005 puterized its registry in 2006, the time to tration, such as eliminating unneces- Slovakia abolished its 3% real estate register property fell from 52 days to 33. sary procedures or reducing the num- transfer tax and set a low fixed fee for Portugal computerized the Lisbon real ber of approvals required, can be done expedited registration at 8,000 koruny estate registries in 2007, reducing the quickly--once everyone is convinced ($286). In 2007 Egypt and Poland ad- time from 81 days to 42. Computerizing of the benefits. Such reforms usually opted similar reforms. And in 2007/08 records not only facilitates registration require no drastic changes in the legis- Rwanda followed suit. This reform tends but also improves the preservation of lation and can be executed administra- to reduce fraud in reporting the market the records and, as a result, the security tively. In previous years such economies value of property and increase tax rev- of titles. as Côte d'Ivoire, Georgia and Ghana have enue. Six months after Egypt replaced Digitizing the property registry's re- reduced the time required to register its 3% registration fee with a fixed fee of cords and facilitating electronic access property by eliminating long and unnec- 2,000 Egyptian pounds ($323), revenues can improve things, but this alone is often essary procedures. rose by 39%.3 not enough. In 2005 Honduras launched Inspiration can sometimes be found a reform aimed at allowing every entre- at home. Doing Business subnational Computerizing the registry preneur online access to the registry's studies have shown that local authori- One of the most popular reform features information. But online access did not ties, federal and municipal, learn from has been computerizing the registry and resolve the many inconsistencies in in- one another to improve registration pro- introducing online procedures that aid formation between the registry and the cesses, even if they share the same legal interaction between the notary and the cadastre. To do this, the 2 agencies must and regulatory framework. This process registry. Computerization can be costly, be coordinated, and the cadastre updated was at work in Mexico, where Aguas- so it is not surprising that more than regularly.4 Comayagua, 80 kilometers calientes followed Yucatán's experience half of such reforms have been in East- northwest of Tegucigalpa, is the only city in simplifying the registration process ern Europe and Central Asia and OECD in Honduras that has completely digitized and reducing fees at the land registry. In high-income economies. its property registry's records, thanks to 2007/08 San Luis Potosí and Chiapas fol- Computerizing registries has proved an updated digital cadastre. lowed Aguascalientes's example of intro- to be highly effective. The economies that ducing a bar code to allow computerized have done so since 2005 have seen the tracking of property records.5 28 DoING BUSINESS 2009 Other reforms, such as overhauls of notes the entire property registration system, can take years. Consider the top reformer 1. Data on property transfers in Abidjan in property registration for 2007/08. Be- are from Côte d'Ivoire, Direction du Do- larus passed the law establishing its one- maine, de la Conservation Foncière, de l'Enregistrement et du Timbre. stop shop in March 2004. Making the 2. Miceli and Kieyah (2003). one-stop shop operational took another 3. Haidar (2008). 3.5 years and several presidential de- 4. Coma-Cunill and Delion (2008). crees. The previous year's top reformer, Ghana, has been working for more than 5. Cruz-Osorio and Enrigue (2008). 4 years to complete the transition from a 6. Hacibeyoglu (2008). deeds registration to a title registration system. Entrepreneurs in Accra can now register a title in 34 days. In other parts of the country the same process still takes months.6 Shifting from a deeds system to a title system is also taking time in Hong Kong (China), which launched this re- form in July 2004. The reform is still under way as the government continues to work on such legal issues as how it will indemnify users for errors and how the system will deal with third-party claims. FIGURE 6.1 Cambodia leads in legal rights reform, Albania and the United Arab Emirates top reform GET TING CREDIT 29 in credit information overview Strength of legal rights index (0­10) Starting a business Depth of credit information index (0­6) FIGURE 6.1 10 Dealing with construction permits Cambodia leads in legal rights reform, Albania and the United Arab Emirates top reform in credit information Employing workers 2008 Strength of legal rights index (0­10) Depth of credit information index (0­6) Registering property 8 10 Getting credit 2008 6 +3 68 +9 Protecting investors +3 +2 4 46 6 Paying taxes +3 +9 +3 Trading across borders +3 2 24 +4 +2 4 Enforcing contracts +3 +3 +3 Closing a business 0 2007 02 2 +4 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan +3 +3 Arab Emirates Source: Doing Business database. 0 2007 0 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan Arab Emirates Source: Doing Business database. FIGURE 6.4 FIGURE 6.5 Collateral reform--East Asia & Paci c rapidly moving forward Top 5 reform features in legal rights Sibongile was meant to fly. "I grew up Number of reforms strengthening legal rights Russian Federation. "I remember wait- Reforms including feature since DB2006 (%) ity and accessibility of credit informa- near an Air Force base and always had a by Doing Business report year FIGURE 6.4 FIGURE so Eastern Europe love for planes," she says, remembering a DB2006 Collateral reform--East AsiaDB Paci c rapidly moving forward ing for days at the airport for&2009ofplane the tion available through public and private to arrive, panickingDBthat after payingreforms credit registries (figure 6.2). DB2007 2008 Number 53% Top 5 strengthening legal rights Reform Business report year Allowed out-of-court enforcement of collateral & Central Asia childhood spent waving at jets at South much money and risking people's savings Both creditor protection through (28 economies) Africa's Hoedspruit base. it may not arrive." But all went well in the DB2006 12by Doing the legal system andDBcredit registries are DB2007 2008 DB47% 2009 Eastern Europe associated with higher ratios of private Allowed East AsiaAfter a successful 7-year career in & Central Asia end, and Sibongile's business took off.1 Expanded range of revolving movable assets12 & Paci c Where collateral laws are effective 8 that can be used as collateral credit to GDP. For example, an increase (24 economies) human resources, Sibongile seized the (28 economies) opportunity presented by the passage of East Asia and credit registries are present, banks of 1 in the creditors' 35% rights index is as- OECD Expand high income South Africa's Black Economic Empow- & Paci c Created a uni ed 8registry for movable property sociated with a 6.5 percentage point in- that can (24 economies) are more7 likely to extend loans. Hong (24 economies) erment Act in 2003: she started her own Kong (China), Singapore and Kenya fa- crease in the average annual growth rate Latin America business, SRS Aviation. Opportunities for OECD 21% high income cilitate access to credit through laws that of the private-credit-to-GDP ratio in the Created & Caribbean 7 3 (24 economies) Gave priority to secured creditors'claims (32 economies) government contracts came quickly, but allow all types of assets to be used as outside and inside bankruptcy procedures 3 years after the reform relative to the 3 getting financing was difficult. "I took Latin America collateral and do not require a specific years before.2 South Asia & Caribbean 3 9% Gave pr (8 economies) the government tender to the bankers," 3 (32 economies) description of the collateral or obligation. Exempted secured creditors'claims Research shows that introducing a says Sibongile. "Forget it, they said. Be- They also have unified collateral regis- outside from an automatic stay in reorganization credit registry is associated with an in- 9% Sub-Saharan cause the amount of money was too large South Asia tries and allow out-of-court enforcement 3 Note: A reform may include several reform features. crease of 4.2 percentage points in firms' Africa Exempt (46 economies) and the collateral too1small." (8 economies) of security rights. Source: Doing Business database. reliance on credit.3 This is in part be- from an Middle East & Sibongile ended up using her fam- Sub-Saharan In Canada, El Salvador, Georgia, cause introducing registries increases the Note: A re North Africa ily's savings, 0along with her mother's Africa 1 (46 economies) Korea, Peru, Saudi Arabia and the United repayment rate: borrowers become less Source: Do (19 economies) and aunt's retirement funds, to finance Middle East & States credit registries record and make willing to default, since defaults can pre- Note: A reform is counted as 1 reform per reforming economy per year. the first deal: leasing a plane from the North Africa available historical credit information on 0 vent future loans. In developing econo- Source: Doing Business database. (19 economies) all bank loans--as well as credit from Table 6.1 Where is getting credit easy-- Note: A reform is counted as 1 reform per reforming economy per year. utilities and retailers--for both individu- FIGURE 6.2 Source: Doing Business database. FIGURE 6.3 and where not? als and companies. The registries also Rankings on getting credit are based Private credit bureaus provide more comprehensive services to lenders Easiest RAnK Most difficult RAnK make available both positive information on 2 subindicators FIGUR Regulations on Malaysia 1 Bhutan 172% Rank credit bureaus ofFIGURE private (such6.3 loan amounts and on-time pay- as % of public registries nonpossessory 33%62.5% 33% on 2 Service provided Hong Kong, China 2 Djibouti 0 173 25 Private credit bureauscredit75 ment patterns) and negative information 50 provide more comprehensive services to lendersStrength 100 security interests of legal Lists both individuals 34and rms South Africa Eritrea 174 (such as late payments and defaults).% of private in movable % of public rights index (0­10) Regul nonpo United Kingdom Madagascar 175 And they allow borrowers to0inspect andcreditproperty bureaus credit registries 25 50 75 37.5% 100 securi Distributes both positive Australia 5 Tajikistan 176 Service provided in mo and negative information Depth33%credit of Lists both individuals and rms dispute their information. Bulgaria 6 Yemen 177 Doing Business measures the legal information index prope Distributes data on all7loans Afghanistan Israel 178 (0­6) below 1% of income per capita Distributes both positive new Zealand 8 Syria 179 and negative information rights of borrowers and lenders and the Scope, quality and accessibility Guarantees that borrowers Timor-Leste Singapore 9 180 Distributes data on all loans scope and quality of credit information can inspect data of credit information through public United States 10 Palau 181 below 1% of income per capita systems. The first set of indicators de- and private credit registries Distributes more than Scope Guarantees that borrowers scribes how well collateral and bank- 2sum Note: Rankings on the ease of getting credit are based on the years of historical data of cre of the strength of legal rights index and the depth of credit can inspect data ruptcy laws facilitate lending. The second Note: Private bureau coverage and public registry coverage do not count for the rankings. See Data notes for details. and p Distributes data from retailers, information index. See Data notes for details. trade creditors or utilities Source: Doing Business database. Distributes more than set measures the coverage, scope, qual- 2 years of historical data Note: P do not Source: Doing Business database. Distributes data from retailers, trade creditors or utilities 30 DoING BUSINESS 2009 mies the repayment rate can increase who reformed in 2007/08? collateral. Vanuatu passed a new secured by up to 80% when a credit registry transactions law, the Personal Property starts operation. Small firms benefit the Cambodia's new secured transactions law Securities Act. China revised its property most: in transition economies that intro- made it the top reformer in getting credit law to allow borrowers to use a variety duced new credit registries, their access in 2007/08. Albania was the runner-up of revolving assets and a combined set to credit grew twice as fast as that of reformer. It created a new public credit of assets (such as raw material, produc- large firms.4 registry with full information on loans of tion equipment and finished goods) as Strengthening the legal rights of all sizes, for individuals and for firms. collateral. The new law is expected to borrowers and lenders allows businesses Before the new law took effect in put into circulation more than $2 trillion to invest more in new technologies. One Cambodia, business owners could use worth of movable assets.7 Taiwan (China) recent study finds that economies that only immovable property as collateral. amended its civil code to allow parties score higher on creditor protections have With little land under private owner- to a pledge agreement to set the loan newer airplanes.5 Beyond that, their air- ship, getting a loan was an unreachable amount as a maximum line of credit. lines invest in better safety and commu- dream for most small to medium-size In South Asia, Sri Lanka exempted nication technologies. Why? Part of the businesses. The new law changed that. secured creditors from automatic sus- reason is that where strong protections Cambodian entrepreneurs can now use a pension of enforcement procedures in are lacking, creditors offer only leasing, broad range of movable assets to secure court during bankruptcy. not loans. So in economies with weak a loan. That includes revolving assets Georgia amended its civil code in creditor protections, most planes are such as inventory and accounts receiv- June 2007 to allow parties to agree that leased, and airline owners have less in- able. A general description of collateral collateral can be sold without court in- centive to upgrade their safety features. suffices in loan agreements, permitting tervention. Guatemala passed a law in New evidence suggests that estab- such wording as "all assets" or "all mov- October 2007 establishing a special re- lishing strong legal rights and new credit able property" of the borrower. Thanks gime for registering security interests registries may also reduce income in- to these and other provisions of the law, in movable property. The law went into equality.6 One possible explanation is Cambodia's score on the strength of legal effect in January 2008. that these changes allow more entrepre- rights index shot up from 0 to 9. Twenty-seven economies reformed neurs to expand their business. Borrow- Three other economies in East Asia their credit information systems in ing money from the bank becomes more and Pacific--Vanuatu, China and Tai- 2007/08, improving the quality and scope about their creditworthiness--and less wan (China)--also made it easier for of information collected and distributed about whom they know. businesses to use movable property as by credit registries and bureaus (table 6.2). Uzbekistan created both a public Table 6.2 credit registry and a private credit bu- More credit information, more access--popular reform features in 2007/08 reau. Albania, Liberia and Montenegro Provided online access to credit registry Cameroon, Central African Republic, Chad, Republic launched new public credit registries-- of Congo, Equatorial Guinea, Gabon, Sri Lanka, and in Montenegro the coverage of bor- West Bank and Gaza rowers went from 0 to 26% of the adult Expanded set of information collected in Azerbaijan, Belarus, Georgia, Kazakhstan, Mauritius, population. Ukraine and the United Arab credit registry Sri Lanka, Tunisia, Vietnam Emirates each set up a private credit bu- Introduced regulations guaranteeing Belarus, Egypt, Georgia, Indonesia, former Yugoslav reau. Zambia is doing so. that borrowers can inspect data in credit registry Republic of Macedonia, Morocco, Tunisia Six more economies in Eastern Eu- Established new credit registry or bureau Albania, Liberia, Montenegro, Ukraine, United Arab rope and Central Asia introduced credit Emirates, Uzbekistan information reforms, bringing the total Expanded range of revolving movable assets Cambodia, China, Guatemala, Vanuatu that can be used as collateral to 10, the most of any region. Georgia now distributes a full range of infor- Allowed out-of-court enforcement of collateral Georgia, Guatemala, Vanuatu mation, including on-time repayment Allowed maximum rather than specific amounts Cambodia, Taiwan (China) patterns and outstanding loan amounts. in debt agreements Coverage has increased 20 times. Ka- Gave priority to secured creditors' claims Cambodia, Vanuatu zakhstan's private credit bureau is adding outside and inside bankruptcy procedures new suppliers of information at a rate of Exempted secured creditors' claims from Cambodia, Sri Lanka 2 a month. Prominent among them are an automatic stay in reorganization nonbank institutions such as retailers Created a unified registry for movable property Cambodia and utility companies. Coverage has shot Source: Doing Business database. up by 80%. Moldova passed a new law to (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. GET TING CREDIT 31 FIGURE 6.2 FIGURE 6.3 guaranteeing borrowers access to their Rankings on getting credit are based Private credit bureaus provide more comprehensive services to lenders on 2 subindicators credit information. Egypt issued such % of private % of public Regulations on credit bureaus credit registries regulations for the private credit bureau. nonpossessory 33%62.5% 33% Service provided 0 25 50 75 100 Georgia amended its civil code with the security interests Strength of legal in movable index (0­10) Lists both individuals and rms same purpose. In therights property former Yugoslav 37.5% Distributes both positive Republic of Macedonia a new law on and negative information personal data protectionDepth33% guarantees that of credit information index Distributes data on all loans borrowers can review their data in the (0­6) below 1% of income per capita new public credit registry. In Belarus and Tunisia new laws allow individuals Scope, quality and accessibility Guarantees that borrowers can inspect data of credit information through public and firms to inspect their credit data in and private credit registries Distributes more than 2 years of historical data allNote: centralbureau bank offices. Morocco pub- coverage and public registry coverage do not count for the rankings. See Data notes for details. Distributes data from retailers, lishedPrivate new circulars guaranteeing that trade creditors or utilities borrowers can review their data in credit Source: Doing Business database. registries--and laying the groundwork for new private bureaus. facilitate the creation of a private credit cessible to banks online. That led to Other economies eliminated the bureau. Azerbaijan, Belarus and the for- exponential growth in coverage in Cam- minimum threshold for loans recorded mer Yugoslav Republic of Macedonia eroon, Chad, the Republic of Congo and in credit registries. Sri Lanka's private also reformed. Gabon. Sri Lanka's credit bureau and bureau started using a new online system The most popular credit informa- West Bank and Gaza's public credit reg- to collect data on all loans, regardless tion reform feature was providing online istry set up systems allowing banks to of value. Coverage grew threefold, to access to members. The regional public update information and obtain credit around 1.3 million individuals and firms. credit registry of the Central African reports online. Azerbaijan saw coverage more than dou- Monetary Union made information ac- Many economies issued regulations ble after eliminating its minimum loan cutoff of $1,100. So did Belarus, after Table 6.3 Who has the most credit information and the most legal rights for borrowers and abolishing its $10,000 cutoff. Mauritius lenders--and who the least? too eliminated its cutoff, of $3,000. Legal rights for borrowers and lenders (strength of legal rights index, 0­10) Tunisia now collects and distrib- Most Least utes more detailed information--both Hong Kong, China 10 Burundi 2 positive and negative--on borrowers. Kenya 10 Madagascar 2 Sri Lanka extended the length of time Malaysia 10 Rwanda 2 information is recorded from 1 year to Singapore 10 Afghanistan 1 2--and distributes positive information Australia 9 Bolivia 1 for 5 years. Indonesia now distributes 2 Bahamas, The 9 Djibouti 1 Cambodia 9 Syria 1 years of historical information. Vietnam Denmark 9 Timor-Leste 1 extended the period that data are distrib- new Zealand 9 Palau 0 uted from 2 years to 5. That helps explain United Kingdom 9 West Bank and Gaza 0 its 49% increase in coverage, to more Borrowers covered by credit registries (% of adults) than 8 million individuals and firms. Most Least Finland passed a new credit information Argentina 100 nepal 0.24 law that regulates the use of corporate Australia 100 Algeria 0.20 credit data. Canada 100 Djibouti 0.18 Two economies saw developments Iceland 100 Mauritania 0.17 that reduced the efficacy of their credit Ireland 100 Ethiopia 0.13 information systems. Indonesia's private new Zealand 100 Madagascar 0.07 norway 100 Yemen 0.07 credit bureau closed, unable to compete Sweden 100 nigeria 0.06 with the public registry (figure 6.3). And United Kingdom 100 Zambia 0.05 Burundi was forced to double the mini- United States 100 Guinea 0.02 mum cutoff for loans registered in the Note: The rankings on borrower coverage reflected in the table include only economies with public or private credit registries (129 in total). database to around $900, to cope with Another 52 economies have no credit registry and therefore no coverage. See Data notes for details. technical limitations and a sudden in- Source: Doing Business database. crease in loan transactions. 0 2007 0 Cambodia Guatemala Vanuatu China Albania United Ukraine Uzbekistan Arab Emirates Source: Doing Business database. 32 DoING BUSINESS 2009 FIGURE 6.4 FIGURE 6.5 Collateral reform--East Asia & Paci c rapidly moving forward Top 5 reform features in legal rights Number of reforms strengthening legal rights Reforms including feature since DB2006 (%) by Doing Business report year DB2006 DB2007 DB2008 DB2009 53% Eastern Europe Allowed out-of-court enforcement of collateral & Central Asia 12 (28 economies) 47% East Asia Expanded range of revolving movable assets & Paci c 8 that can be used as collateral (24 economies) 35% OECD high income 7 Created a uni ed registry for movable property (24 economies) Latin America 21% & Caribbean 3 Gave priority to secured creditors'claims (32 economies) outside and inside bankruptcy procedures South Asia 9% (8 economies) 3 Exempted secured creditors'claims from an automatic stay in reorganization Sub-Saharan Africa 1 Note: A reform may include several reform features. (46 economies) Source: Doing Business database. Middle East & North Africa 0 (19 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 6.2 FIGURE 6.3 whAt Are the reform trends? collateral and by allowing out-of-court year's top reformers--Cambodia, Gua- Rankings on getting credit are based Private credit bureaus provide more comprehensive services to lenders enforcement. temala and Vanuatu--did just that. Peru on 2 subindicators In the past 4 years 34 reforms have% of private Allowing parties to agree to pursue % of public introducedanewbillonguaranteesbased Regulations on on movable property in 2006. Now al- nonpossessory Strength of legal 33%62.5% 33% Service provided strengthened the legal rights0 of borrow-creditout-of-courtenforcementifthedebtorde- bureaus credit registries 25 50 100 security interests ers and lenders in 27 economies around faults has been the most75popular reform most any type of movable asset--tangible in movable rights index (0­10) Lists both individuals and rms the world--while 88 reforms have im- feature strengthening the legal rights of orproperty intangible, present or future--can Distributes both positive proved credit information systems in 61 borrowers and lenders (figure 6.5). The secure a loan, and assetsDepth33% no37.5% have longer and negative information of credit economies. ability to make such an agreement can to be described specifically. More than 20 information index Distributes data on all loans (0­6) below 1% of income per capita Eastern Europe and Central Asia persuade lenders wary of long court pro- different types of pledges were consoli- cedures to make a loan in the first place. dated into 1. The country's 17 collateral Scope, quality and accessibility Guarantees that borrowers has had the most reforms strengthening can inspect data the legal rights of borrowers and lend- Beyond India and Vietnam, economies registries have been combined as well.8 of credit information through public and private credit registries Distributes more than ers in the past 4 years, with a total of that have allowed such agreements in- The 88 reforms improving credit 2 years of historical data 12 (figure 6.4). Large emerging market clude Croatia, France, Ghana, Honduras, information in the past 4 years have Note: Private bureau coverage and public registry coverage do not count for the rankings. See Data notes for details. Distributes data from retailers, economies, with the exception of the the Kyrgyz Republic and Peru. shown clear results: worldwide, coverage trade creditors or utilities Russian Federation, also figure promi- Establishing a geographically uni- by credit registries more than doubled, to Source: Doing Business database. nently on the list of reformers. China fied collateral registry that covers sub- around 1.8 billion individuals and firms. was a repeat reformer in the past 2 stantially all movable property has been The fastest reforming region was Eastern years, broadening the range of movable another popular reform feature. Such a Europe and Central Asia (figure 6.6). Its assets that can be used as collateral. registry allows potential lenders to find average score on the depth of credit in- India reformed in 2 successive years out easily and with certainty whether formation index has more than doubled starting in 2006, establishing an online there are competing claims on the col- in the past 4 years--from 2.1 points collateral registry and expanding the lateral. India stands out among those to 4.4 out of a maximum of 6--and its availability of out-of-court enforcement. that have taken such a step. Its huge geo- coverage of borrowers has increased by Ukraine improved the standing of se- graphic area and large population make a factor of almost 5. That propelled the cured creditors in bankruptcy by giving its creation of an online, unified national region past Latin America and the Carib- their claims priority over labor and state database of security rights in movable bean, and it now ranks behind only the tax claims. Vietnam made it easier for assets a notable achievement. OECD high-income economies. entrepreneurs to get a loan by expanding Many economies passed new se- More than a quarter of the reforms the range of assets that can be used as cured transactions laws. Three of this in credit information involved setting up income income Source: Doing Business database. GET TING CREDIT 33 FIGURE 6.6 FIGURE 6.7 A third of credit information reforms in Eastern Europe & Central Asia Top 5 reform features in credit Number of reforms easing credit information sharing information by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Eastern Europe 31% & Central Asia 30 Established new credit registry or bureau (28 economies) Middle East & 16% North Africa 16 Lowered minimum amount to register loans (19 economies) Sub-Saharan 16% Africa 15 (46 economies) Adopted regulations that guarantee borrowers the right to access their data Latin America & Caribbean 10 9% (32 economies) Started distributing data from retailers, East Asia trade creditors or utility companies & Paci c 7 5% (24 economies) Started distributing both positive South Asia and negative credit information (8 economies) 6 Note: A reform may include several reform features. Source: Doing Business database. OECD high income 4 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. new registries: 19 economies saw the cre- reform possible in many cases was de- notes ation of private credit bureaus; 8 others veloping the information infrastructure set up new public credit registries (figure and shifting from a paper-based to an 1. This example is from the World Bank's 6.7). The biggest gains were in Eastern online system. Doing Business: Women in Africa (2008a), Europe and Central Asia, where nearly In the 8 economies private credit a collection of case studies on African entrepreneurs. half the economies established either a bureaus expanded the sources of credit 2. Djankov, McLeish and Shleifer (2007). public credit registry or a private credit information to nonfinancial institutions 3. Brown, Jappelli and Pagano (2008). bureau, followed by the Middle East and such as utilities (like mobile phone com- 4. Brown and Zehnder (2007). North Africa. panies) or retailers (like supermarkets In 20 economies reforms expanded and furniture stores). Such changes took 5. Benmelech and Bergman (2008). the range of credit information collected place in Bulgaria, Georgia, Kazakhstan, 6. Claessens and Perotti (2007). and distributed by public or private credit Kenya, Kuwait, Nicaragua, Saudi Arabia 7. World Bank (2007c). registries. In 13 of these, the public reg- and Trinidad and Tobago. Now people 8. Marechal and Shahid-Saless (2008). istry eliminated the minimum cutoff for with a cell phone but no bank loans can recording loans, more than quadrupling still build a credit history--particularly coverage on average. What made this important in poor economies. FIGURE 7.1 More investor protections associated with greater access for rms to equity markets and faster stock turnover Perceived di culty in access to equity 34 DoING BUSINESS 2009 overview Turnover of stocks traded (%) Most 75 di cult Starting a business FIGURE 7.1 Dealing with construction permits More investor protections associated with greater access for rms to equity markets 50 Employing workers and faster stock turnover Turnover of stocks traded (%) Registering property Perceived di culty in access to equity 25 Most 75 Getting credit di cult Protecting Least di cult 0 50 investors Least Most Least Most protection protection protection protection Economies ranked by Economies ranked by 25 strength of investor protection index, quintiles Least strength of investor protection index, quintiles Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty Paying taxes di cult 0 in access to equity, with 131 being the most di cult. See Data notes for details. Trading across borders Least Most Least Most Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. Enforcing contracts protection protection protection protection Economies ranked by Economies ranked by Closing a business strength of investor protection index, quintiles strength of investor protection index, quintiles FIGURE 7.3 Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty FIGURE 7.4 Accelerating reforms in Eastern Europe & Central Asia in access to equity, with 131 being the most di cult. See Data notes for details. Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. Top 4 reform features Number of reforms strengthening investor protections in protecting investors by Doing Business report year Investing in Costa Rica can be a risky Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 protections for investors explains up to DB2009 rankings on the index with 29 and 28 of Eastern Europe business. Diego, a Costa Rican entrepre- 73% of the decision to invest. In con- FIGURE 7.3 30 possible points, both require immedi- 47% FIGURE 7.4 & Central Asia Accelerating reforms in Eastern Europe & Central Asia 12 Increased disclosure requirements ate disclosure of a related-party transac- Top 4 reform (28 economies) neur, is well aware of that: "Why would I buy shares in a company if I know its trast, company characteristicsof explain only between 4% andNumberThus both 22%.1 reforms strengthening investor protections tion and of the conflict of interest (table in protectin OECD by Doing Business report year Reforms includ high income management can approve large transac- governmentsDB2006 DB2007have anDBin- and businesses 12 2008 De ned duties for directors 7.1). They require prior33% DB2009 approval of the (24 economies) tions between interested parties without terest in reforms strengthening investor Eastern Europe transaction by the other shareholders. protections. & Central Asia Increased discl East Asia ever disclosing them to its shareholders?" 12 (28 economies) They enable the shareholders to hold the & Paci c 10 22% (24 economies) In Costa Rica, as in many other countries OECD Without investor protections, eq- Regulated approval of related-party transactions directors liable and to have the transac- uity markets fail to develop and banks tion voided if it damages the company. Latin America around the world, minority investors are high income 12 De ned duties & Caribbean not protected against self-dealing--the become the only source of finance. The (24 economies) 6 And in13% New Zealand shareholders can (32 economies) use by company insiders of corporate as- result: businesses fail to reach efficient East Asia Allowed shareholder access inspect all internal documents before size for lack of financing, and economic & Paci c to corporate documents 10 Middle East & sets for personal gain. (24 economies) deciding whether to sue. Regulated app North Africa 6 Note: A reform may include several reform features. (19 economies) Companies grow by raising capital growth is held back. Research in 22 Latin America Vietnam shows the benefits of re- emerging market economies shows that Source: Doing Business database. & Caribbean forms to strengthen investor protections. 6 13% Sub-Saharan --either through a bank loan or by at- Africa tracting equity investors. Selling shares Allowed shareh 3 where investors have little recourse (32 economies) In 2005, before Vietnam adopted clear to corporate do (46 economies) allows companies to expand without the against actions that damage the com- Middle East & North Africa legislation, its unregulated stock market Note: A reform may South Asia need to provide collateral and repay bank pany, they invest in a few companies (19 economies) saw660­100 daily trades with a value of Source: Doing Busin (8 economies) loans. But investors worry2 about getting in which they take majority stakes.2 In Sub-Saharan $10,000­16,000. That was 3­6 times the Africa 3 Note: A reform is counted as 1 reform per reforming economy per year. their money back--and look for laws contrast, good protections for minority trading volume of the regulated Ho Chi (46 economies) Source: Doing Business database. that protect them. A recent study finds shareholders are associated with larger Minh Stock Exchange.4 After reform of that the presence of legal and regulatory South Asia and more active stock markets. (8 economies) 2 the Law on Securities and the Law on FIGURE 7.5 Vibrant stock markets are not the Top reformers in 2005­08 Table 7.1 only reason to introduce stronger inves- FIGURE 7.2 Note: A reform is counted as 1 reform per reforming economy per year. in protecting investors Where are investors protected--and tor protections. Tanzania started reforms Source: Doing Business database. Rankings on protecting investors Average improvement (index 0­10) where not? are based on 3 subindicators Most protected of investor protections as part of a larger 2008 RAnK Least protected RAnK Requirements initiative to reduce corruption and create Liability of CEO FIGURE 7.5 on approval and disclosure and board of directors new Zealand 1 Micronesia +1.4 172 an environment that inspires the trust Top reformers in 2005­08 of related-party in related-party FIGURE 7.2 Singapore +2.4 2 Palau 173 transactions 33.3% transactions Rankings on needed to do business.3 Such an environ- in protecting investors 33.3% Extent Hong Kong, China 3 Rwanda 174 Average improvement (index 0­10) are based o Extent of of director Malaysia 2005 +2.7 4 Venezuela 175 ment strengthens investor confidence in 2008 disclosure liability Requirements Canada 5 Vietnam 176 local businesses and government alike. index index on approval an +1.4 of related-part Ireland 6 Djibouti 177 Economies that rank high on the +2.4 33.3% transactions Israel 7 Suriname 178 strength of investor protection index Ease of shareholder United States 8 Swaziland 179 have extensive disclosure requirements 2005 suits index +2.7 South Africa 9 Lao PDR 180 and give shareholders broad access to United Kingdom 10 Afghanistan 181 Type of evidence that can be collected Extent of Extent of Ease of information both before and during tri- before and during the trial Note: disclosurebaseddirector Rankings are on the strengthshareholder of investor protection index. Seeindexnotesliability index als to determine director liability. New Data for details. suits index Zealand and Singapore, which top the Note: See Data notes for details. Source: Doing Business database. Source: Doing Business database. Type of Extent of Extent of Ease of b disclosure director shareholder index liability index suits index Note: See Data n PRoTECTING INvESToRS 35 Enterprises, the number of listed firms Table 7.2 climbed from 41 in 2005 to 193 today-- Greater disclosure--the most popular reform feature in 2007/08 and 107 of these are listed on the Ho Chi Increased disclosure requirements Albania, Azerbaijan, Egypt, Saudi Arabia, Minh Stock Exchange. Despite the recent Tajikistan difficulties in the Vietnamese securities Made it easier to sue directors Albania, Botswana, Kyrgyz Republic, Thailand markets, market capitalization increased Allowed derivative or direct suits Greece, Kyrgyz Republic, Slovenia from less than $1 billion in 2005 to more than $13 billion today. Regulated approval of related-party transactions Albania, Azerbaijan, Tajikistan Across regions, Latin America regu- Passed a new company law Albania, Botswana, Tajikistan lates related-party transactions the least, Required an external body to review related-party Egypt, Turkey imposing the weakest requirements for transactions before they take place disclosure and approval. Many Latin Allowed rescission of prejudicial related-party Tunisia American economies have commercial transactions laws that have not been reformed since Source: Doing Business database. the 1920s. Economies in Eastern Europe and Central Asia have stronger require- the area of director liability. Directors both to the market regulator and through ments for disclosure and approval. But damaging the company's interests can the company's annual reports. As in Al- once a transaction is approved and dis- no longer rely on having obtained share- bania, minority shareholders can now closed, the company directors are not holder approval of a transaction to avoid request compensation for damages to the liable for any damage resulting from it. liability. If they are held liable, sanctions company resulting from related-party Economies in the Middle East and will be harsh. They will have to compen- transactions. North Africa, such as Djibouti and Oman, sate the company for all damages, pay The Kyrgyz Republic reformed its limit access to information. That makes it back all profits made from the transac- joint stock companies act. From now on, difficult for minority shareholders to ob- tion and pay fines to the state. They even shareholders can sue in their own name tain the evidence needed to prove their risk jail time. the directors who damaged sharehold- case in court. Central Asian economies also ers' interests and request compensation strengthened minority shareholder from them. who reformed in 2007/08? rights. Tajikistan, Azerbaijan and the Botswana defined related-party Kyrgyz Republic brought their company transactions and clarified disclosure pro- Twelve economies strengthened inves- laws into line with modern regulations visions in its Companies Act of 2004, tor protections in 2007/08 (table 7.2). and corporate governance principles. which came into force in July 2007. Es- Albania was the top reformer. It adopted Tajikistan adopted a new joint stock tablishing the liability of directors is now the Law on Entrepreneurs and Commer- companies act. The law defines "inter- easier: shareholders can file suit against cial Companies, which regulates con- ested parties" and requires shareholder them if the transaction proves prejudicial flicts of interest by requiring shareholder approval of transactions between such to the company. If directors are held liable, approval of related-party transactions parties. It also requires interested parties they not only have to cover damages but involving more than 5% of company as- to immediately disclose conflicts of inter- also have to pay back all profits made--a sets. The law also provides for extensive est to the board of directors. In addition, good reason to think twice before at- disclosure requirements and makes it derivative suits are now possible: share- tempting to misuse company assets. easier for minority investors to sue direc- holders with at least 10% of shares can The Egyptian Capital Market Au- tors. And minority shareholders can now file a lawsuit on behalf of the company thority made improving disclosure re- request compensation from directors against company directors. quirements a priority when it amended for harm resulting from a related-party Azerbaijan reformed its civil code, the listing rules of the Cairo Stock Ex- transaction, including repayment of all and its State Securities Commission ad- change. The amendments are aimed at profits from the transaction. With the opted new rules regulating related-party increasing transparency both before and new law, Albanian company directors transactions. The new law defines what is after related-party transactions are con- have strong incentives to be responsive meant by "related transactions between cluded. Such transactions now have to to investor interests. interested parties" and requires share- be assessed by an independent financial The runner-up reformer was Thai- holder approval when such transactions adviser before they take place, ensuring land. After being the top reformer in exceed 5% of company assets. However, that shareholders will be better informed. protecting investors 3 years ago, Thailand interested parties are allowed to vote The amendments also clarify require- made new efforts to strengthen minor- at the shareholders meeting. The law ments for disclosure through companies' ity shareholder rights, particularly in also includes requirements for disclosure annual reports. In March 2008 Turkey 36 DoING BUSINESS 2009 Table 7.3 prejudicial related-party transactions. Where are investor protections strong--and where not? Reforms of corporate governance Extent of disclosure index (0­10) and, in particular, of company laws took Most Least place worldwide--from Syria to Sri Bulgaria 10 Ukraine 1 Lanka, from Indonesia to Vietnam. Ar- China 10 Afghanistan 0 gentina further strengthened corporate France 10 Lao PDR 0 governance principles by introducing a Hong Kong, China 10 Maldives 0 comprehensive set of "comply or explain" Ireland 10 Micronesia 0 rules for listed companies. Malaysia 10 Palau 0 Ongoing reforms to implement new Zealand 10 Sudan 0 Singapore 10 Swaziland 0 the European Union Transparency Di- Thailand 10 Switzerland 0 rectives are taking place in several EU United Kingdom 10 Tunisia 0 member countries, such as Austria and Extent of director liability index (0­10) Luxembourg, and in candidate member countries, such as Croatia. Implement- Most Least ing these EU directives often requires Albania 9 Tajikistan 1 amending the company and securities Cambodia 9 Togo 1 laws. Bulgaria and Romania amended Canada 9 Zimbabwe 1 Israel 9 Afghanistan 0 their company laws in the past 2 years, Malaysia 9 Dominican Republic 0 and both countries are now implement- new Zealand 9 Marshall Islands 0 ing these amendments. Singapore 9 Micronesia 0 Slovenia 9 Palau 0 whAt Are the reform trends? Trinidad and Tobago 9 Suriname 0 United States 9 Vietnam 0 Experience over the past 4 years shows Ease of shareholder suits index (0­10) that economies can successfully enhance Easiest Most difficult the protections they provide to minority Kenya 10 Lao PDR 2 shareholders. It often takes time, even new Zealand 10 Syria 2 when the necessary political will exists. Colombia 9 United Arab Emirates 2 But economies like Albania, Azerbaijan Hong Kong, China 9 Venezuela 2 and the Kyrgyz Republic demonstrate Ireland 9 Yemen 2 that it can be done in months, not years. Israel 9 Guinea 1 Sometimes the private sector op- Mauritius 9 Morocco 1 Poland 9 Rwanda 1 poses reforms that are designed to pro- Singapore 9 Djibouti 0 tect minority investors, especially in United States 9 Iran 0 economies with a high concentration of ownership. One possible reason is Source: Doing Business database. that complying with extensive disclosure undertook similar reforms. The listing that lowers the threshold for derivative requirements can represent a financial rules of the Istanbul Stock Exchange now suits. Now shareholders need to have burden for companies, particularly in require an independent body to assess only 10% of the company's shares, down developing economies. In Mexico, for all related-party transactions before they from 33% before. Slovenia changed its example, the most vocal opponent of re- are approved. laws to allow minority investors with at form was one of the country's wealthiest Saudi Arabia amended provisions least 10% of shares to bring derivative businessmen.5 In Georgia it was one of of its company law. Interested directors suits before the court. the largest commercial banks. may no longer vote at a shareholders Tunisia adopted a law giving share- Such opposition has not prevented meeting to approve related-party trans- holders the right to directly access in- reform: Doing Business has recorded actions. And just as in Albania, Botswana ternal company documents and to ask more than 50 reforms to strengthen in- and Thailand, directors found liable for for the appointment of an independent vestor protections in 41 economies over damage to a company due to a related- inspector. That will make it easier to the past 4 years. Eastern Europe and party transaction will have to repay all gather evidence to support a court claim. Central Asia and the OECD high-income profits made from it. The new law also gives 10% shareholders economies have had the most reforms, Greece adopted a new company law the right to request a judge to rescind with 12 each (figure 7.3). Note: Relationships remain signi cant at the 5% level when controlling for income per capita. Economies are ranked on the perceived di culty in access to equity, with 131 being the most di cult. See Data notes for details. Source: Doing Business database; WEF (2007); World Bank, World Development Indicators database. PRoTECTING INvESToRS 37 FIGURE 7.3 FIGURE 7.4 Accelerating reforms in Eastern Europe & Central Asia Top 4 reform features Number of reforms strengthening investor protections in protecting investors by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Eastern Europe 47% & Central Asia 12 Increased disclosure requirements (28 economies) OECD 33% high income 12 De ned duties for directors (24 economies) East Asia & Paci c 10 22% (24 economies) Regulated approval of related-party transactions Latin America & Caribbean 6 13% (32 economies) Allowed shareholder access to corporate documents Middle East & North Africa 6 Note: A reform may include several reform features. (19 economies) Source: Doing Business database. Sub-Saharan Africa 3 (46 economies) South Asia (8 economies) 2 Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 7.5 In Eastern Europe and Central Asia and South Asia. In 2007/08 only one re- lawyers and accountants to comply with FIGURE 7.2 the main driver of the reforms was acces- Top reformers in 2005­08 form was recorded in these regions--in the standards. Many poor countries lack Rankings on protecting investors sion to the European Union. Economies in protecting investors Average improvement (index 0­10) Botswana. But in previous years reforms both. They may have stock exchanges-- are based on 3 subindicators such as Poland, Romania and Slovenia 2008 strengthened investor protections in but no website to post theLiability Requirements informa- of CEO updated company and securities laws to such economies as Colombia and Mexico tion on. And they mayandhave certified on approval and disclosure board of directors of related-party in related-party EU standards. These reforms focused on +2.4 +1.4 in Latin America and Mozambique and accountants--but in such small numbers transactions 33.3% transactions developing regulations requiring more Tanzania in Africa. that complying33.3% disclosure require- Extent Extent of with of director transparency in the day-to-day manage- 2005 +2.7 ments is virtually impossible. Take Viet- disclosure liability ment of companies. The reforms raised going for more disClosure nam. Its securities law has significant index index the region's average score on the extent Across regions, the most popular re- disclosure and reporting requirements, 33.3% of disclosure index from 4.7 in 2005 to form feature has been to require greater but the country still lacks the systems Ease of shareholder 5.8 today. disclosure of related-party transactions to store and monitor the information suits index OECD high-income economies pro- (figure 7.4). The results of a 2002 global electronically.7 Type of evidence that can be collected tect disclosure investors theshareholder Extent of minority Extent of Ease of most. Why survey on corporate governance provide before and during the trial wouldindex continually reform? There is they director liability index suits index one explanation: around 90% of the in- finding inspiration for reform Note: See Data notes for details. aSource: logical reason: sophisticated and active Doing Business database. vestors surveyed want more transpar- Crisis can be an important engine of financial markets must respond rapidly ency in the day-to-day management of reform. The East Asian financial crisis to challenges that are constantly evolv- companies.6 What do they mean by more and corporate scandals such as those in- ing, such as fraud. Among the repeat transparency? Unified accounting stan- volving Enron, Parmalat and WorldCom reformers are Hong Kong (China) and dards, immediate disclosure of major triggered regulatory reforms around the the United Kingdom--both in the top transactions and more involvement of world. These crises exposed weaknesses 10 on the strength of investor protection minority investors in major decisions in markets previously considered models index. Both economies reformed twice and transactions. of sound regulation. Countries affected during the past 3 years, by strengthening Requirements for greater disclosure, by the crises reformed their laws. So did disclosure requirements and expanding while popular, are unlikely to succeed ev- other countries, using the experiences to shareholder access to internal corporate erywhere. Extensive disclosure standards avoid the same mistakes. Mexico, for ex- documents. require the necessary infrastructure to ample, used the U.S. experience to create Fewer reforms have taken place in communicate the information effectively impetus for its regulatory reforms. Latin America and the Caribbean, Africa and, more importantly, people such as Countries that want to reform can (8 economies) 2 Note: A reform is counted as 1 reform per reforming economy per year. 38 Source: Doing Business database. DoING BUSINESS 2009 FIGURE 7.5 notes Top reformers in 2005­08 Reformers often find inspiration in FIGURE 7.2 in protecting investors economies with a similar legal origin Rankings on protecting investors Average improvement (index 0­10) or in their main commercial partners. 1.are basedKarolyisubindicators Doidge, on 3 and Stulz (2007). 2008 Mexico's securities law reform took into 2.Requirements Dahya, Dimitrov and McConnell (2008). Liability of CEO account aspects of a U.S. law--the Public 3.onSitta (2005). approval and disclosure and board of directors of related-party in related-party +2.4 +1.4 Company Accounting Reform and Inves- 4.transactions World Bank (2006c). 33.3% transactions Extent 2005 tor Protection Act of 2002, commonly 5. See Johns and33.3% (2007). Extent of Lobet of director +2.7 known as the Sarbanes-Oxley Act. Bo- 6. McKinsey & Companyliability p. 8). disclosure index index (2002, tswana and Mozambique followed the 7. Lobet (2008). South African model. As a reformer 33.3% from Mozambique explains, "Our previ- Ease of shareholder suits index ous code was inherited from Portugal. Today our main commercial partner is Type of evidence that can be collected Extent of Extent of Ease of before and during the trial disclosure director shareholder South Africa, and we are surrounded by index liability index suits index countries that have the same model. We Note: See Data notes for details. Source: Doing Business database. prefer to adopt legislation that would en- able us to attract more investment from choose to amend existing regulations or South Africa and make life easier for our start from scratch, depending on how main investors." up-to-date their current legislation is. In Even the best regulations will make 2007 Georgia amended its securities leg- little difference if the court system is islation by adding provisions regulating weak. Bangladesh and Montenegro have disclosure and approval of transactions laws setting out strong disclosure re- between interested parties. Belarus, Co- quirements and extensive obligations for lombia and Thailand did the same. Other directors. But with the most basic com- countries, such as Mozambique and Slo- mercial disputes taking more than 1,000 venia, started from scratch. Adopting an days to resolve in Bangladesh and more entirely new law offers an opportunity than 500 in Montenegro, these laws may to reform other areas--such as business not have the desired effect. registration, directors' duties, disclosure rules and issuance of shares. PAyING TAXES 39 overview Starting a business FIGURE 8.1 Dealing with construction permits Top 10 reformers in paying taxes Employing workers Average improvement Registering property 2007 48% 16% 4% Getting credit 1. Dominican Republic 2. Malaysia Protecting investors Paying taxes 3. Azerbaijan 4. South Africa 2008 5. China Trading across borders 6. Greece Enforcing contracts 7. Colombia Closing a business 8. France 9. Honduras 10. Thailand Payments Time Total tax rate Source: Doing Business database. For Kah, the owner of a Cameroon-based enterprises headed by women perceive often higher revenue for governments. management consulting business, having a greater regulatory burden--and more In Mauritius in 2007/08, the govern- a simple tax system with standardized FIGURE 8.3 harassment from public officials--than ment collected 4 billion Mauritian ru- rates and payment channels is funda- FIGURE 8.1 Top 10 reformers in paying taxes Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia those headed by men.2 pees ($150 million) more in revenue FIGURE mental to the ease of doing business. Yet Average improvement Total tax rate (% of pro t) Taxes are essential. Without them than had been projected. Reforming the Rank in Cameroon, which ranks among the 3 sub 60 there would Otherno funds for the basic be tax system was a key part of the govern- most difficult economies in which to pay 2007 taxes 48% 16% 4% public services vital to a well-functioning Numb 1. Dominican Republic Labor taxes and contributions ment's agenda over the past 3 years. The taxes, complying with tax regulations economy andProan inclusive society. Yet per ye 2. Malaysia t taxes focus: creating an enabling environment le re takes more than 1,000 hours and 41 tax 40 firms in 90% of the countries covered by 3. Azerbaijan for businesses through low and simple and p payments a year.1 the4.World Bank Enterprise Surveys rank South Africa taxes coupled with fast and efficient ad- 2008 To file a tax return for her com- tax5.rates and tax administration among China ministration. The strategy paid off. pany, Kah often spends hours waiting in 20 the6.top 5 obstacles to doing business.3 Greece the tax office for information from tax Businesses prefer lower tax rates that 7. Colombia who reformed in 2007/08? inspectors. Because she refuses to pay are8.applied in a straightforward way. Or, France if010. 9. Honduras extra, she regularly endures long, costly ratesThailand are high, businesses want good Thirty-six economies made it easier to court procedures. And because the tax services&in return.East Middle East Asia South OECD pay taxes in 2007/08. AsSub-Saharan Eastern Latin in previous systemPayments transparency, results are lacks Time Total North & Paci c Asia high Europe & America Africa tax rate Where taxes are high and commen-incomeyears, the most&popular reform feature Africa Central Caribbean often arbitrary. Asia Source: Doing Business database. surate gains seem low, many businesses Source: Doing Business database. was reducing the profit tax rate, done Note: Se Kah feels that tax officers see her as simply choose to stay informal. A recent in no fewer than 21 economies. The an easy target. She is not the only one. study finds that higher tax rates are asso- second most popular was introducing A recent study in Uganda shows that ciated with less private investment, fewer and improving electronic filing and pay- FIGURE 8.3 FIGURE 8.4 Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia Table 8.1 Most time in Latin America & Caribbean formal businesses per capita and lower Where is it easy to pay taxes-- rates of business entry. The analysis sug- FIGURE 8.2 Total tax rate (% of pro t) and where not? gests, for example, thatNumberincrease in # tax payments a 10% of Rankings on paying taxes are based on Easiest RAnK Most difficult 3 subindicators 60 Other taxes RAnK the effective corporate tax rate reduces OECD 13 of hours Firm tax liability Maldives Labor taxes and contributions 1 Panama 172 thehigh investment-to-GDP ratio by 2 per- income 183 NumberTime (hours per year to prepare, per year) as % of pro ts before Qatar Pro t taxes 2 Jamaica 173 centage points.4 Middle East le returns all taxes borne & North Africa 23 174 and pay taxes 216 Hong Kong, China 40 3 Mauritania Economies that rank high on the East Asia United Arab Emirates 4 Gambia, The 175 ease of& paying taxes tend to have lower Paci c 25 252 Singapore 5 Bolivia 176 33.3% and South Asia less complex business taxes (table 33.3% Ireland 32 293 20 6 Venezuela 177 Time Total tax rate Saudi Arabia 7 Central African Republic 178 8.1). They also have simple administra- Sub-Saharan Africa 38 312 oman 8 Congo, Rep. 179 tive processes for paying the taxes and Eastern Europe 33.3% Kuwait filing tax returns. For businesses, it's not 46 388 0 9 Ukraine 180 & Central Asia Payments Kiribati 10 Belarus 181 justLatin tax rates that matter. The admin- theAmerica Middle East East Asia South OECD & Caribbean Latin Sub-Saharan 35 394 Note: Rankings are the average of the economy rankings on the & North & Paci c Asia high istrativeEastern Europe & processesAmericado too. Africa number of payments, time and total tax rate. See Data notes Africa income FastBusiness Central anddatabase. efficient administration & Caribbean Number of tax payments per year Source: Doing Business database. for details. Source: DoingAsia Note: See Data notes for details. Source: Doing Business database. means less hassle for businesses--and FIGURE 8.5 FIGURE A third of reforms in Eastern Europe & Central Asia Top 5 Number of reforms easing payment of taxes Reforms by Doing Business report year FIGURE 8.4 tax rate Source: Doing Business database. 40 DoING BUSINESS 2009 ment systems. This reform, done in 12 FIGURE 8.3 economies, reduced the frequency of Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia FIGURE 8.2 payments and the time spent paying Total tax rate (% of pro t) Rankings on 3 subindica taxes and filing returns. Eight economies 60 Other taxes reduced the number of taxes paid by Number of h Labor taxes and contributions per year to p businesses by eliminating smaller taxes Pro t taxes le returns such as stamp duties. The top 10 reform- 40 and pay taxe ers for paying taxes this year reduced the number of payments by almost half. Bos- nia and Herzegovina, Bulgaria, Morocco, 20 Mozambique and Zambia revised their tax codes (table 8.2). 0 Two economies introduced new taxes: Botswana and Venezuela. That in- Middle East East Asia South OECD Eastern Latin Sub-Saharan & North & Paci c Asia high Europe & America Africa creases not only the costs but also the Africa income Central & Caribbean Numb Asia administrative burden for businesses. Source: Doing Business database. Note: See Data no The Dominican Republic was the property and financial market sectors. simpler to file and pay taxes by intro- top reformer in 2007/08. It lowered the And electronic payment systems were ducing electronic systems and online corporate income tax from 30% to 25%, improved, increasing online filing and FIGURE 8.4 payment capabilities. That significantly abolished several taxes (including the payments. Most time in Latin America & Caribbean reduced the time spent preparing, filing stamp duty) and reduced the property Among regions, Eastern Europe Number of and paying taxes in the region. Belarus transfer tax. In addition, in 2007 it fully and Central Asia had the most reforms # tax payments reduced the tax and administrative bur- implemented online filing and payment, in 2007/08. Nine economies reformed, OECD den on businessesperbyyear)abolishing some piloted in 2006. mainly continuing the trend13of reducing high income taxes andTime (hours the frequency of pay- 183 reducing Malaysia was the runner-up re- the& profit tax rate, already among the Middle East North Africa 23 ments.216 Bulgaria reduced labor taxes and former. It reduced the corporate income lowestEastthe world (figure 8.3). Albania, Asia 25 contributions.252 tax for 2009 to 25%--part of a gradual Bosnia&inPaci Herzegovina and the former and c Following closely with 7 reforms reduction that has seen the rate decline Yugoslav Republic of Macedonia all32re- South Asia each are the OECD high-income econo- 293 to 27% in 2007 and 26% in 2008. The duced their profit tax to 10%. Georgia Sub-Saharan 38 mies and Latin America and the Carib- 312 reform also introduced a single-tier tax reduced Africa corporate income tax from the bean. Five OECD high-income econo- system, in which profits are taxed only Eastern Europe 20% to 15% and abolished the social tax. & Central Asia mies reduced corporate income tax rates. 46 388 after dividend payments are exempted. TheLatinCaribbeanRepublic reduced its corpo- rate&income tax rate to 21%. Czech America Canada is gradually reducing the corpo- 35 394 The capital gains tax was abolished in rate income tax to 15% by 2012 as part 2007 to spur investment in the real Source: Doing Business database. Azerbaijan and Ukraine made it of ambitious reforms in its tax system. FIGURE 8.5 The reforms also include abolishing the FIGURE 8.6 Reducing tax rates--the most common reformAfeature in 2007/08 Table 8.2 third of reforms in Eastern Europe & Central Asia 1.12% surtax and introducing acceler- Top 5 reform Number of reformsated depreciationtaxes buildings (10%) easing payment of for Reforms includi by Doing Business report year Reduced profit tax rates Albania, Antigua and Barbuda, Bosnia and DB2006 DB2007 and computers (50%). Also reducing the DB2008 DB2009 Herzegovina, Burkina Faso, Canada, China, Côte Eastern Europe corporate tax rate were Denmark (from Reduced pro t d'Ivoire, Czech Republic, Denmark, Dominican & Central Asia 28% to 25%), Germany (from 25%44 to Republic, Georgia, Germany, Italy, former Yugoslav (28 economies) 22% Republic of Macedonia, Madagascar, Malaysia, 15%), Italy (from 33% to 27.5%) and Morocco, new Zealand, Samoa, St. Vincent and the Sub-Saharan New22France (from 33% to 30%). Zealand Simpli ed proc Grenadines, Thailand Africa (46 economies) and Greece made filing 19% Simplified process of paying taxes Azerbaijan, Belarus, China, Colombia, Dominican OECD and paying taxes faster by implement- Republic, France, Greece, Honduras, Malaysia, high income 18ing mandatory electronic filing for labor Revised tax cod Mozambique, Tunisia, Ukraine (24 economies) taxes and contributions. 17% Eliminated taxes Belarus, Dominican Republic, Georgia, Latin America In Latin America and the Caribbean, Madagascar, Malaysia, Mexico, South Africa, & Caribbean 17 Eliminated taxe Uruguay (32 economies) besides the reforms in the Dominican Republic, Antigua and Barbuda reduced Revised tax code Bosnia and Herzegovina, Bulgaria, Morocco, Middle East & 14% Mozambique, Zambia North Africa 12 the corporate income tax rate from 30% Reduced labor (19 economies) Reduced labor tax or contribution rates France, Mongolia, Ukraine to 25%. St. Vincent and the Grenadines Note: A reform may East Asia Source: Doing Busin & Paci c introduced a new value added tax that Source: Doing Business database. 7 (24 economies) replaced several existing taxes, includ- South Asia (8 economies) 6 Note: A reform is counted as 1 reform per reforming economy per year. Africa income Central & Caribbean Asia Source: Doing Business database. Note: Se PAyING TAXES 41 ing the hotel tax, entertainment tax, FIGURE 8.4 consumption duty, stamp duty on re- Most time in Latin America & Caribbean ceipts and domestic and international # Number of tax payments telecommunications surcharge. Uruguay abolished a tax on consumption. Mexico OECD high income 13 183 Time (hours per year) abolished its asset tax. Colombia and Middle East Honduras made paying taxes easier by & North Africa 23 216 implementing and improving online fil- East Asia & Paci c 25 252 ing and payment systems. That cut the South Asia 32 293 time spent filing and paying taxes, espe- cially in Honduras. Sub-Saharan Africa 38 312 In Africa 6 economies reformed. Eastern Europe 46 388 Three reduced their corporate income & Central Asia tax rate (table 8.3). Burkina Faso re- Latin America & Caribbean 35 394 duced its corporate income tax rate from 35% to 30%, its dividend tax rate from Source: Doing Business database. 15% to 12.5% and its property transfer FIGURE 8.5 tax payments African businesses must reformed. Aside from Malaysia, China FIGURE tax rate from 10% to 8%. Côte d'Ivoire A third of reforms in Eastern Europe & Central Asia made notable reforms, reducing the cor- Top 5 reduced the corporate income tax rate make each year (figure 8.4).Number Mozambique eased the filingofand reforms easing payment of taxes Reforms by Doing Business report year porate income tax from 33.3% to 25% from 27% to 25%. Madagascar reduced paying of taxes by introducing electronic DB2006 DB2007and unifying2008 DB accountingDBmethods and 2009 that rate from 30% to 25% and abolished Eastern Europe Reduce & Central Asia systems. It also revised its tax code to criteria for tax deductions and exemp- 9 taxes, including the stamp duty and (28 economies) make necessary updates, remove ambi- tions. Meanwhile, online filing became 44 dividend tax. In Africa taxes other than Sub-Saharan guities and strengthen tax compliance more prevalent. Thailand introduced Simpli the profit tax--such as stamp duties, Africa and collection. Zambia did the same. corporate income tax exemptions for 22 property taxes and labor taxes--account (46 economies) These changes should increase the effec- small companies, reduced the corporate for the largest share of the total tax rate. OECD income tax rate to 25% for newly listed high income tiveness of tax administration. Revised This is reflected in the large number of 18 (24 economies) In East Asia and Pacific 5 economies companies and reduced several property taxes by sizable rates. It also made online 1 Table 8.3 Latin America Major cuts in corporate income tax rates in 2007/08 & Caribbean 17 filing and payments easier. Samoa low- Elimina (32 economies) ered its corporate income tax from 29% Region Middle East & Reduction in corporate income tax rate (%) to 27%. Mongolia reduced social security 14% oECD high income North Africa 12 Reduce (19 economies) Canada from 22.1 to 19.5 contributions paid by employers from Czech Republic from 24 to 21 Note: A re East Asia 19% to 11% of gross salaries. Source: Do & Paci c Denmark from 28 to 25 7 In the Middle East and North Africa (24 economies) Germany from 25 to 15 Italy from 33 to 27.5 only 2 economies reformed. Morocco South Asia lowered the standard corporate tax rate (8 economies) new Zealand from 33 to 30 6 East Asia & Pacific China from 33.3 to 25 from 35% to 30%. Tunisia made filing Note: A reform is counted as 1 reform per reforming economy per year. and paying taxes easier by expanding Source: Doing Business database. Malaysia from 27 to 25 Samoa from 29 to 27 electronic options. Although companies Thailand from 30 to 25 have been able to file and pay taxes online Eastern Europe & Central Asia Albania from 20 to 10 since 2005, many have been reluctant to Bosnia and Herzegovina from 30 to 10 pay their taxes this way. To address their Georgia from 20 to 15 concerns while easing the administrative Macedonia, former Yugoslav Republic of, burden, Tunisian authorities introduced from 12 to 10 an option for filing tax returns online Latin America & Caribbean Antigua and Barbuda from 30 to 25 while paying the taxes in person at a tax Dominican Republic from 30 to 25 office. This is a practical intermediate St. Vincent and the Grenadines from 40 to 37.5 step toward a full online system. Sub-Saharan Africa Burkina Faso from 35 to 30 South Asia recorded no significant Côte d'Ivoire from 27 to 25 reforms. Madagascar from 30 to 25 Middle East & north Africa Morocco from 35 to 30 Source: Doing Business database. FIGURE 8.3 Pro t taxes lowest, but overall tax burden still high in Eastern Europe & Central Asia FIGURE 8.2 Total tax rate (% of pro t) Rankings on paying taxes are based on 42 DoING BUSINESS 2009 3 subindicators 60 Other taxes Number of hours Firm tax liability whAt AreLabor reform trends? thetaxes and contributions tax revenue by lowering rates and per- trative burden of payingastaxes. But it can per year to prepare, % of pro ts before Pro t taxes suading more businesses to comply with take time for them to make aallreal differ- le returns taxes borne 40 and pay taxes Revenue authorities around the world the more favorable rules. ence. In Argentina and Tunisia it took are making great efforts to streamline Look at the Russian Federation's almost 3 years before smaller firms felt 33.3% 33.3% 20 administrative processes and modern- large tax cuts in 2001. Corporate tax rates Time ize payment systems. In the past 4 years fell from 25% to 24%, and a simplified tax the impact. The reason isTotalratesmall firms often lack the softwaretaxthat needed for elec- Doing Business has recorded 126 reforms scheme lowered rates for small business. tronic filing and payments. Moreover, 33.3% aimed at reducing tax rates or the time or 0 Yet tax revenue increased--by an annual taxpayers often Payments online systems distrust cost toMiddle comply withEasttax laws. East Asia South OECD averageEastern of 14% overLatin next 3 years. One the Sub-Saharan when it comes to dealing with sensitive The&Africa North trend across all regions hasincomestudy shows thatAmericanew revenue was & Paci c Asia high Europe & the Africa financial information. due to Central & Caribbean Number of tax payments per year been to lower the total tax rate paid by greater compliance.5 Asia Note: See Data notes for details. Businesses in Azerbaijan are ben- Source: Doing Business database. businesses. In 2004 the average total tax efiting from an ambitious tax modern- rate was 50.6% of commercial profits. By going eleCtroniC ization reform started by the govern- 2007 it had fallen to 49.3%. Meanwhile, Introducing electronic filing has been ment 3 years ago. Electronic payment FIGURE 8.4 the time to comply with tax laws dropped a popular and effective way to make it and filing systems have been in place Most time in Latin America & Caribbean by 16 hours a year on average. easier to pay taxes. Businesses can enter since March 2007. The goal is to have About 50% of#economies have im- Number of financial information online and file it 100% online filing. Tax authorities have plemented reforms making it easier to tax payments with one click--with no calculations and been actively promoting online filing payhigh taxes in the past 4 years. Among OECD among businesses paying value added regions,income 13 no interaction with tax officials. Errors 183 Time (hours per year) Middle East Eastern Europe and Central Asia can be identified instantly, and returns tax. The efforts have had results: 95% of has& North Africa most reforms, followed by had the 23 processed quickly. In Hong Kong (China) 216 these businesses are using the service, AfricaEast& Paci c (figure 8.5). South Asia has had Asia 25 businesses file an electronic corporate 252 completing more than 200,000 online the fewest. tax return and pay corporate income tax transactions in the first 3 months of 2008 South Asia 32 annually. Complying with tax require- 293 alone--and saving an average 577 hours Cutting rates Sub-Saharan Africa 38 ments takes just 80 hours a year. Sixty 312 a year. Online filing is also available for Reducing corporate income tax rates has Eastern Europe economies--from Azerbaijan to Colom- corporate income tax. been the most popular reform feature & Central Asia bia and Lesotho--have made e-filing 46 388 Reforms introducing electronic (figure 8.6). More than 60 economies Latin America & Caribbean possible, and the list is growing. 35 394 payment and filing systems often need have done this. Countries can increase These reforms can ease the adminis- to provide public education and training. Source: Doing Business database. FIGURE 8.5 FIGURE 8.6 A third of reforms in Eastern Europe & Central Asia Top 5 reform features in paying taxes Number of reforms easing payment of taxes Reforms including feature since DB2006 (%) by Doing Business report year DB2006 DB2007 DB2008 DB2009 71% Eastern Europe Reduced pro t tax & Central Asia 44 (28 economies) 22% Sub-Saharan Simpli ed process of paying taxes Africa 22 (46 economies) 19% OECD high income 18 Revised tax code (24 economies) Latin America 17% & Caribbean 17 Eliminated taxes (32 economies) Middle East & 14% North Africa 12 Reduced labor taxes or contributions (19 economies) Note: A reform may include several reform features. East Asia Source: Doing Business database. & Paci c 7 (24 economies) South Asia (8 economies) 6 Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. PAyING TAXES 43 Azerbaijan provided free software to tax- Table 8.4 payers 6 months before implementing its Who makes paying taxes easy--and who does not? new system, giving them time to become Payments (number per year) familiar with it. Distributing the tax soft- Fewest Most ware early paid off in more than one way: users also suggested improvements Maldives 1 Côte d'Ivoire 66 Qatar 1 Serbia 66 simplifying the design of the software's Sweden 2 Venezuela 70 interface. Hong Kong, China 4 Jamaica 72 To make the new online system norway 4 Kyrgyz Republic 75 more effective, Azerbaijan's government Singapore 5 Montenegro 89 also introduced advanced accounting Kiribati 7 Ukraine 99 software to help in computing tax pay- Latvia 7 Uzbekistan 106 ments. This has especially benefited Mauritius 7 Belarus 112 Afghanistan 8 Romania 113 medium-size companies, which make up a sizable share of the users. For smaller Time (hours per year) enterprises, more likely to lack access Fastest Slowest to the internet, the Ministry of Taxes is Maldives 0 Ukraine 848 installing computer stations around the United Arab Emirates 12 Venezuela 864 country that are linked to the central Bahrain 36 Czech Republic 930 database. Qatar 36 nigeria 938 Kenyan and Mozambican taxpayers Bahamas, The 58 Armenia 958 too are enjoying the benefits of elec- Luxembourg 59 Vietnam 1,050 tronic tax systems. Companies in Kenya St. Lucia 61 Bolivia 1,080 oman 62 Belarus 1,188 can complete and submit social security Switzerland 63 Cameroon 1,400 forms online. Complying with labor tax new Zealand 70 Brazil 2,600 obligations used to take them 72 hours Total tax rate (% of profit) a year; now it takes about 20% less time. Their Mozambican counterparts can Lowest Highest complete social security forms electroni- Vanuatu 8.4 Tajikistan 85.5 cally and are looking forward to being Maldives 9.1 Uzbekistan 90.6 able to submit them online, which will Qatar 11.3 Mauritania 98.7 further simplify the task. United Arab Emirates 14.4 Argentina 108.1 Kuwait 14.4 Belarus 117.5 notes Saudi Arabia 14.5 Central African Republic 203.8 Bahrain 15.0 Congo, Dem. Rep. 229.8 Zambia 16.1 Sierra Leone 233.5 1. This example is from the World Bank's West Bank and Gaza 16.8 Burundi 278.7 Doing Business: Women in Africa (2008a), Botswana 17.1 Gambia, The 292.4 a collection of case studies of African en- trepreneurs. Source: Doing Business database. 2. Ellis, Manuel and Blackden (2006). 3. World Bank Enterprise Surveys (http://www.enterprisesurveys.org). 4. Djankov, Ganser, McLiesh, Ramalho and Shleifer (2008). 5. Ivanova, Keen and Klemm (2005). export 2008 10 Source: Doing Business database. 44 DoING BUSINESS 2009 overview Starting a business FIGURE 9.1 0 Dealing with construction permits Speeding trade--especially in Eastern Europe & Central Asia Documents Employing workers Reduction in the time to export (days) Source: Doing Busin Registering property Middle East Latin OECD Eastern Europe Sub-Saharan & North South America East Asia high Getting credit Time to & Central Asia Africa Africa Asia & Caribbean & Paci c income FIGURE 9.2 export Protecting investors 2005 0.6 Rankings on days are based o Paying taxes 2.9 2.5 days Trading across All documents r 4.1 days by customs and 4.6 4.4 4.3 days other agencies days days days borders 33 Docum Enforcing contracts to ex and im Closing a business Time to export 2008 Co Source: Doing Business database. Cáñamo, a Venezuelan company export- Exporters in landlocked Rwanda Implementing these practices has US$ pe FIGURE 9.1 no bribe Speeding trade--especially in Eastern Europe & Central Asia ing handicrafts, is eager to supply larger have a better chance, thanks to ongoing FIGURE 9.3 reduced the time to trade. The average Madagascar speeds imports Note: See Data no Reduction in the time to export (days) clients--preferably, large U.S. depart- reforms. Indeed, baskets from Gahaya time to export has fallen by 3 days since ment stores. It has the capacityMiddle fill to Time to import (days) East Links, a Kigali-based business run by FIGURE 9.4 Latin OECD 2005. The biggest decline was in Eastern FIGURE 9.5 Time to orders within 2 weeks.Africa there&Africa Eastern Europe Sub-Saharan & Central Asia But isNorth one sisters JanetAmericaJoy, are already available Africa has reformed the most South and East Asia high 50 Europe and Central Asia--almost 5 days 2007 Top 5 reform export problem: bureaucracy. "I need to get a toAsia & Caribbean & Paci c U.S. households in Macy's department Number of reforms easing trade income (figure 9.1). The time to export dropped across borde 2005 by Doing Business report year Reforms includ labor compliance certificate from the 0.6 stores.1 It wasn'tDB 2006 DB2007 with high DB2008 40 by 4 days in Africa, the Middle East and DB2009 Ministry of Labor, but before issuing the shippingdays easy2.5at first,days Sub-Saharan costs and days 2.9 inadequate roads to North Africa and South Asia. It declined certificate 4.6 ministry demands4.3 other the 4.1 the port city of Mombasa, Kenya. But the Africa Introduced or i 4.4 4 (46 economies) by less than 3 days in East Asia and 27 documents from municipal authorities. days days days days data interchan government has reformed 2 years in a 30 Time cut from For each export consignment I need to row, and exporting is becoming easier. Latin America Pacific and Latin America. Thetolongest 27 & Caribbean average export delays are49 Central Asia 22 indays Improved custo inform the authorities of my intention to (32 economies) Doing Business measures the proce- (58 days) and Central Africa (48 days), 2008 export, confirm the exports and get a let- dural requirements, including the num- Middle East & 20 where most countries are landlocked. ter confirming that I have refunded the Time to ber of necessary documents and the North Africa 14 The top performers on the ease of Introduced risk foreignexport (19 economies) 2008 exchange earned to the central associated time and cost (excluding trade trading across borders continually con- bank," says Bruno, the company's owner. tariffs) for exporting and importing. East Asia & Paci c 1013 sult export businesses on how to make Source: Doing Business database. Getting through all the paperwork (24 economies) The more time consuming the ex- trading easier (table 9.1). In Denmark, Improved port can take 2­6 months on average. Faced port or import process, the less likely Eastern Europe for example, 3 main trade documents FIGURE 9.1 with this long and unpredictable export that a trader will be able to reach mar- & Central Asia 12 0 14% Speeding trade--especially in Eastern Europe & Central Asia (28 economies) (bill of lading, commercial invoice and process, Cáñamo has little chance of kets in a timely fashion. This affects the customs declaration) suffice to cover Documents Port Customs Transport Introduced bor Reduction in the time to export (days) entering the U.S. market. ability to expand businesses and create South Asia Note: A reform may Source: Doing Business database. most trade transactions. And these are Procedures 7 Middle East (8 economies) Latin OECD Source: Doing Busin Eastern Europe Sub-Saharan & North jobs. Recognizing this,Eastmany economies South America Asia high Time to Table 9.1 & Central Asia Africa Africa Asia & Caribbean & Paci c income FIGURE 9.2 export Where is trading easy--and where not? have worked to introduce practices that OECD 0.6 7 2005 Rankings on trading across borders Easiest RAnK Most difficult RAnK reduce the time and costs associated with high income (24 economies) are based on 3 subindicators Singapore 1 Angola 172 trade. These includedays Note: A reform is counted as 1 reform per reforming economy per year. 2.9 providingdays 2.5 electronic All documents required Document preparation, Source: Doing Business database. Hong Kong, China 4.1 filing of trade documents (through elec- days by customs and customs clearance and 4.6 2 4.4Burkina Faso4.3 173 days other agencies technical control, ports Denmark days 3 daysAzerbaijandays 174 tronic data interchange systems), allow- and terminal handling, Finland 4 Central African 175 ing shippers to declare manifests online, inland transport Republic 33.3% 33.3% reducing document requirements and and handling Documents Time to Estonia 5 Congo, Rep. 176 using risk-based inspections. Another to export export Sweden 6 Tajikistan 177 and import and import norway Time to 7 Iraq 178 good approach is to provide a single win- Panamaexport 8 Afghanistan 179 dow for obtaining different permits and 33.3% Cost to export Israel 2008 9 Kazakhstan 180 authorizations, which reduces the time Source: Doing Business database. and import Thailand 10 Kyrgyz Republic 181 spent preparing documents. An efficient Note: Rankings are the average of the economy rankings on the banking system also helps, by speeding US$ per 20-foot container, documents, time and cost required to export and import. See the processing of trade financing instru- no bribes or tari s included Data notes for details. Note: See Data notes for details. Source: Doing Business database. ments such as letters of credit. FIGURE 9.4 FIGURE 9.5 Africa has reformed the most Top 5 reform features in trading Number of reforms easing trade across borders by Doing Business report year TRADING ACRoSS BoRDERS 45 Table 9.2 implemented a risk-based inspection re- Electronic data interchange--the most popular reform feature in 2007/08 gime and extended its operating sched- Introduced or improved electronic data Botswana, Brazil, Colombia, Dominican Republic, ule by 4 hours. interchange system El Salvador, France, India, Kenya, Madagascar, Reforms to ease trade were extended Mali, Mongolia, Morocco, Palau, Philippines, to neighboring countries. Senegal signed Rwanda, Senegal, Syria, Thailand, Uruguay a border cooperation agreement with Introduced or improved risk-based inspections Brazil, Colombia, Dominican Republic, El Salvador, Mali, harmonizing trade documents be- Haiti, Kenya, former Yugoslav Republic of Macedonia, Madagascar, Mali, Mongolia, tween the 2 countries. Once goods are Philippines, Rwanda, Senegal cleared at Dakar, Malian traders need no Improved procedures at ports Benin, Croatia, Djibouti, Ecuador, Egypt, additional documents. And the number El Salvador, Eritrea, Kenya, Liberia, Madagascar, of checkpoints between Dakar and Ba- nigeria, Ukraine mako has dropped from 25 to 4. Trips Reduced number of trade documents Djibouti, Ecuador, El Salvador, France, Honduras, that used to take 7­10 days now take former Yugoslav Republic of Macedonia, Senegal, Sierra Leone, Thailand only 1 or 2. Recognizing this, Malian traders increasingly use the port of Dakar Improved customs administration Belarus, Botswana, Egypt, Kenya, Liberia, former Yugoslav Republic of Macedonia, Rwanda, rather than Abidjan. Mali also abolished Senegal, Thailand a requirement for an official escort to Introduced or improved single window El Salvador, Korea, Madagascar, Mongolia, the border for all cargo trucks carrying Senegal exports--something that had inevitably Implemented border cooperation agreements Botswana, Mali meant big delays. In Madagascar traders can now Source: Doing Business database. submit customs declarations and pay- transmitted online. Traders can begin exports are part of global supply chains. ments online, thanks to the Madagas- the clearance process before goods arrive To be part of these chains, producers car Community Network (figure 9.3). at the port. Because risk-based inspec- depend on timely delivery of imported Sierra Leone abolished the requirement tions apply, only about 2% of cargo is inputs. Imported materials account for for an export license for coffee. Rwanda physically inspected. It takes only 5 days a third of China's export value for elec- extended the end of customs operating for goods to leave the factory, clear cus- tronic products, for example. They ac- hours at its borders from 6:00 p.m to toms and be on a vessel heading to its count for 55% of export value for Ire- 10:00 p.m. Now fewer trucks stay at the destination. land, 65% for Thailand.5 Economies that border overnight. Other countries might take note. A reduce delays can integrate more rapidly Botswana licensed more customs recent study of 126 economies calculates in global trade. brokers, spurring competition and lead- the loss from export delays at around 1% ing to lower customs brokerage fees. of trade for each extra day. For perishable who reformed in 2007/08? Liberia cut the customs administrative agricultural products the cost is nearly fee from 3% of the cargo value to 1.5%. 3% of the volume of trade for each day's Thirty-four economies made it easier to Kenya extended ports' operating sched- delay.2 Some nonagricultural products trade in 2007/08. Making it possible to ule to 24 hours. In addition, postclear- are time-sensitive too, such as fashion submit customs documents electroni- ance audits allow some traders to fast- apparel and consumer electronics. cally was the most popular reform fea- track their cargo for clearance. Nigeria Another study finds that each extra ture, done in 19 economies (table 9.2). is beginning to reap the rewards from signature an exporter has to collect re- Africa had the most reforms in eas- concessioning its container terminals to duces trade by 4.2%. For high-end ex- ing trade. Senegal was the top reformer, private operators: clearing goods at the ports the reduction is nearly 5%.3 High easing the administrative requirements port of Apapa now takes 2 days less. trade costs constrain participation in for trading across borders. One big In Latin America, El Salvador made global trade for many countries, par- change: linking those involved in the it easier to trade for the second year run- ticularly in Africa. One study finds that clearance process--customs, customs ning. It set up a single window between preferences under the tariff-free regimes brokers, banks, the treasury, traders and customs, government ministries and tax for the U.S. market (under the African several government ministries--through and social security authorities. That cut Growth and Opportunity Act) and the an electronic single-window system. the number of documents traders need European Union (under the Cotonou Traders no longer need to visit each to submit by 2. Guatemala reduced the agreement) are significantly underused.4 of these entities to obtain the required share of goods that are physically in- Delays and cumbersome procedures clearances. Instead, they can fill out a spected from 54% to 33%, thanks to in importing hurt economies too. Many single form. In addition, customs has ongoing implementation of its risk man- 46 DoING BUSINESS 2009 FIGURE 9.3 Egypt continued to reform. It now allows economies reformed. In 2007/08, 11 did. Madagascar speeds imports Time to import (days) customs clearance on companies' prem- Ghana, Kenya, Mauritius, Rwanda and ECD ises. It also monitors the performance of Tanzania reformed in multiple years. high 50 2007 come border agencies to enhance service deliv- In the Middle East and North Africa ery. Djibouti cut the documents required on average, 4 economies reformed each 40 to trade from 8 to 5. Saudi Arabia cut year. In Latin America and the Caribbean port fees by 50%. Morocco is bringing to- reforms ranged from 3 to 8. gether different border agencies through 30 Time cut from speeding ClearanCe 49 days to 27 a port community network to speed the clearance of goods. The most popular reform feature in fa- 2008 Eastern Europe and Central Asia cilitating trade has been to implement 20 kept up the pace of reform. Georgia an electronic data interchange system implemented a risk management sys- (figure 9.5). Electronic transmission of tem, reducing the share of merchandise documents not only speeds the clear- 10 inspected to 10%. Belarus introduced ance of goods; it often reduces the pos- legislative changes that cut the maximum sibilities for paying bribes. "There is an time allowed for customs clearance from old saying--don't pay me a salary, put me 0 10 days to 1. The former Yugoslav Re- in customs," remarks a Honduran freight Documents Port Customs Transport Procedures public of Macedonia purchased 4 mobile forwarder. That changed with the advent scanners, reducing the number of physi- of electronic data processing. But to avoid ECD Source: Doing Business database. high cal inspections carried out. a dual electronic and manual customs come agement system. Uruguay completed its FIGURE 9.2 OECD high-income economies also clearance process, the new systems must automated customs system. Now traders Rankings on trading across borders are based on 3 subindicators carried out reforms. In France traders be complemented by supporting legisla- can send documents toDocument All documents required customs from preparation, can now submit documents electroni- tion authorizing electronic transactions. their own office. Brazilcustoms by customs and introduced an clearance and cally. Fast-track clearance procedures Economies implementing an elec- other agencies technical control, ports electronic manifest system, allowing cus- and terminal handling, were also put into place. Belgium in- tronic data interchange system saw the toms clearance to begin beforeinland cargo 33.3% 33.3% thetransport and handling troduced a paperless customs clearance time to clear goods cut by 3 days on arrives.Documents Time to system. Denmark improved its online average. The reform also helps increase Inand East Asia and Pacific, Korea and to export export import and import customs system. In Austria it is now pos- predictability in clearance times. Before Thailand carried out the most com- sible to use an electronic letter of credit. Pakistan implemented its electronic sys- prehensiveCost reforms. Both introduced 33.3% to export Reforms in some countries made tem, only 4.3% of goods were cleared atabase. internet-based electronic data inter- and import things more complicated. In Equatorial within a day; for a quarter of the goods, change systems and online issuance of Guinea traders used to take their con- clearance took a week. Now 93% of goods trade documents. Traders can submit US$ per 20-foot container, signments from the ports while complet- are cleared within a day.6 customs declarations from anywhere. no bribes or tari s included ing customs formalities. This is no longer Where electronic data interchange Note: See Data notes for details. Singapore, already the leader in trade possible. In Burkina Faso the threshold systems are in place, it is easier to apply FIGURE 9.5 facilitation, is going a step further. It is value triggering inspections has been risk management to customs clearance, Top 5 reform features in trading across borders upgrading its system to a 3-dimensional lowered, even though prices are on the another popular reform. Thirteen econo- Reforms including feature since DB2006 (%) trade platform allowing traders to inter- rise. Now more consignments need to be mies, including Colombia, Madagascar face with government agencies as well as inspected, slowing the process. The Gam- and Mongolia, have introduced risk- local and international businesses. 45% bia reinstated compulsory scanning fees. based inspections alongside electronic Introduced or improved electronic data interchange system In Indonesia a single window started Traders complain that they have to pay transmission of documents. In econo- operating in December 200738%the port in the scanning fee even when their cargo mies that use risk-based inspections, Improved customs administration of Jakarta. The Philippines introduced is not scanned. 19% of containers are inspected on aver- new scanners, reducing the level of phys- age; in economies that do not, 53% are. ical inspection at the ports. In addition, 35% whAt Are the reform trends? Introduced risk management techniques traders can submit customs declarations looking beyond Customs electronically through value added ser- The number of economies implement- While customs reform remains most im- vice providers. In Palau and Tonga trad- 29% ing new reforms to facilitate trade has portant to trading across borders, several Improved port procedures or infrastructure ers can file customs declarations on a been on the increase globally. In 2005 other reforms also play a part. Indeed, USB drive. Customs no longer needs to there were 25 reformers. In 2007/08 in the Doing Business sample, customs there were 34. Africa increasingly took clearance accounts for less than 20% Introduced border cooperation agreements reenter the data, saving time. 14% In the Middle East and North Africa, the lead (figure 9.4). In 2005, 5 African of the time to export, from the time Note: A reform may include several reform features. Source: Doing Business database. US$ per 20-foot container, no bribes or tari s included Note: See Data notesTRADING for details.ACRoSSBoRDERS 47 FIGURE 9.4 FIGURE 9.5 Africa has reformed the most Top 5 reform features in trading Number of reforms easing trade across borders by Doing Business report year Reforms including feature since DB2006 (%) DB2006 DB2007 DB2008 DB2009 Sub-Saharan 45% Africa 27 Introduced or improved electronic (46 economies) data interchange system Latin America 38% & Caribbean 22 Improved customs administration (32 economies) Middle East & 35% North Africa 14 (19 economies) Introduced risk management techniques East Asia & Paci c 13 29% (24 economies) Improved port procedures or infrastructure Eastern Europe & Central Asia 12 14% (28 economies) Introduced border cooperation agreements South Asia Note: A reform may include several reform features. (8 economies) 7 Source: Doing Business database. OECD high income 7 (24 economies) Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. the export contract is concluded to the border," complains a clearing agent in authorities and $48 million a year in costs time the goods leave the port. Approv- Botswana. to economic operators.7 als from ministries, health authorities, More publicity, training and regular In some regions trade is hindered security agencies, inspection agencies, meetings with exporters on the clearance by bureaucratic hurdles at borders. In port authorities, banks and immigration process can also make a difference. In Africa and Central Asia border crossings authorities account for most delays. Jamaica, where such efforts are in place, account for significant delays in trade. Countries increasingly recognize the customs brokers with low error rates are But change has begun. South Africa and importance of a comprehensive approach rewarded with access to fast-track clear- Mozambique are creating a one-stop bor- to trade facilitation. Korea has brought ance procedures, while those with high der post at the Lebombo­Ressano Garcia together 69 government agencies as well error rates face more scrutiny. "Because I crossing. Indeed, regional approaches to as private participants through its single- want my goods cleared quickly, I do not trade facilitation may yield the biggest window system. Senegal has brought accept all documents sent to me by my benefits in both regions. together 15 agencies. El Salvador has clients. I sometimes ask them to bring a linked 3 government departments and clearer invoice," says Loraine, a customs notes continues to expand this network. broker in Jamaica. 1. This example is from the World Bank's Payment of customs duties need Doing Business: Women in Africa (2008a), finding inexpensive reforms not delay the release of cargo. Why not a collection of case studies on African Some needed trade reforms are expen- introduce a bond or financial guaran- entrepreneurs. sive, such as building roads or port infra- tee, allowing goods to be released pend- 2. Djankov, Freund and Pham (forthcoming). structure. But much can be done without ing completion of the paperwork? Many 3. Sadikov (2007). heavy spending. Clarifying the rules is economies, such as Malaysia, have done 4. Bureau, Chakir and Gallezot (2007). an important start. "Sometimes they de- just that. 5. Nordas, Pinali and Geloso-Grosso (2006). mand this document, and other times Countries save costs by synchroniz- 6. Ahmad (2008). they don't. We are at the mercy of the ing documents and procedures at the 7. WTO (2005). officials," says a trader in Uzbekistan. border. Thanks to a border cooperation "We had to go back to South Africa to agreement with Sweden and Finland, retrieve the right form before we could Norway is estimated to have avoided more get permission for the truck to leave the than $9 million a year in costs to customs 48 DoING BUSINESS 2009 Table 9.3 Who makes exporting easy--and who does not? Who makes importing easy--and who does not? Documents (number) Documents (number) Fewest Most Fewest Most France 2 namibia 11 France 2 Burkina Faso 11 Estonia 3 Mauritania 11 Denmark 3 Afghanistan 11 Panama 3 Burkina Faso 11 Sweden 3 Congo, Rep. 12 Canada 3 Congo, Rep. 11 Thailand 3 Fiji 13 Micronesia 3 Kazakhstan 11 Singapore 4 Russian Federation 13 Singapore 4 Malawi 12 Hong Kong, China 4 Eritrea 13 Hong Kong, China 4 Angola 12 Estonia 4 Kazakhstan 13 Denmark 4 Afghanistan 12 norway 4 Kyrgyz Republic 13 Finland 4 Fiji 13 Panama 4 Azerbaijan 14 Sweden 4 Kyrgyz Republic 13 Israel 4 Central African Republic 18 Time (days) Time (days) Fastest Slowest Fastest Slowest Singapore 5 Central African Republic 57 Singapore 3 Venezuela 71 Denmark 5 niger 59 Hong Kong, China 5 Burundi 71 Estonia 5 Kyrgyz Republic 64 Denmark 5 Zimbabwe 73 Hong Kong, China 6 Angola 68 Estonia 5 Kyrgyz Republic 75 netherlands 6 Afghanistan 74 United States 5 Kazakhstan 76 United States 6 Chad 78 Sweden 6 Afghanistan 77 Luxembourg 6 Uzbekistan 80 netherlands 6 Tajikistan 83 norway 7 Tajikistan 82 Luxembourg 6 Iraq 101 Germany 7 Kazakhstan 89 norway 7 Chad 102 Ireland 7 Iraq 102 Germany 7 Uzbekistan 104 Cost (US$ per container) Cost (US$ per container) Least Most Least Most Malaysia 450 Kazakhstan 3,005 Singapore 439 niger 3,545 Singapore 456 Azerbaijan 3,075 Malaysia 450 Burkina Faso 3,630 China 460 Uganda 3,090 China 545 Burundi 3,705 Finland 495 Uzbekistan 3,100 Finland 575 Iraq 3,900 Pakistan 611 Tajikistan 3,150 São Tomé and Principe 577 Zimbabwe 3,999 United Arab Emirates 618 Rwanda 3,275 United Arab Emirates 587 Tajikistan 4,550 Hong Kong, China 625 niger 3,545 Israel 605 Uzbekistan 4,600 Thailand 625 Iraq 3,900 Fiji 630 Rwanda 5,070 Brunei 630 Central African Republic 5,121 Hong Kong, China 633 Central African Republic 5,074 Tonga 650 Chad 5,367 Qatar 657 Chad 6,020 Source: Doing Business database. ENFoRCING CoNTRACTS 49 overview Starting a business FIGURE 10.1 Dealing with construction permits Top 10 reformers in enforcing contracts Employing workers Average improvement Registering property 2007 Getting credit 3% 6% 1. Mozambique Protecting investors 2. Macedonia, former Yugoslav Republic of 3. Bulgaria Paying taxes 2008 4. Romania Trading across borders Enforcing 5. Armenia 6. China contracts 7. Bhutan 8. Belgium 9. Azerbaijan Closing a business 10. Portugal Procedures Time Source: Doing Business database. Tan, a litigation lawyer in Singapore, especially severe in Africa, where 80% of ease of enforcing contracts keep courts does not mind waiting at the supreme the people turn to informal institutions efficient by introducing case manage- court until his case is called. A computer when seeking justice.1 ment, strict procedural time limits FIGUR screen shows the expected wait time for Rank FIGURE 10.5 Justice delayed is often justice de- and specialized commercial courts or are b each case. And a text message on his cell FIGURE 10.1 Specialized commercial courts in Africa help to reduce delays in enforcing contracts Top 10 reformers in enforcing contracts nied. And in many countries only the e-courts; by streamlining appeals; and by phone will alert him when the judge is Time to enforce a contract (days) Days Average improvement rich can afford to go to court. For the making enforcement of judgments faster comm ready to hear his. Meanwhile, he reviews befor 1,000 rest, justiceMozambiquereach. In the absence is out of and cheaper (table 10.1). his oral arguments and enjoys a nice 2007 of efficient courts, firms undertake fewer 2004 In Singapore court documents can lunch at Academy Bistro,6% 3% located in the investments and business transactions. 1. Mozambique 800 2. Macedonia, former Yugoslav Republic of be filed electronically, and each case is Democratic supreme court building. And they prefer to involve only a small 3. Bulgaria Nigeria 2008 monitored from theofmoment the action Republic Congo 2008 Tan and his clients can afford to group of people who know each other 4. Romania is filed until the moment it is finally relax, because they know their cases will from previous dealings. 600 5. Armenia decided. Using case management also Ghana Burkina be resolved expeditiously. In Singapore 6. China Inefficient courts impose big costs. makes it possible to measure the per- Faso it takes only 150 days to resolve a com- recent study on Eastern Europe finds 7. Bhutan Mauritania formance of judges. The right to appeal Rwanda mercial dispute--faster than anywhere A4008. that in countries with slower courts, Belgium to the high court exists only for cases Steps else in the world. firms on average have less bank financ- 9. Azerbaijan above S$50,000 ($35,500). Cases below NotProcedures bringing a commer- everyone Source: Doing Business database. 10. Portugal Note: Se Time ing for new investment. Reforms in other this threshold need prior leave to go to cial dispute to court can expect simi- areas, such as creditors' rights, help in- appeal. lar efficiency. One common obstacle to crease bank lending only if contracts can FIGURE 10.3 Source: Doing Business database. Hong Kong (China) speeds the en- FIGURE doing business in developing countries be enforced before the courts.2 A second Few reforms in the Middle East & North Africa and in South Asia forcement of judgments by allowing the Top 5 is the weakness of courts. The problem is study, on 41 developing countries, finds Number of reforms easing contract enforcement contra by Doing Business report year process to start based on the essentials Reform Table 10.1 that for each 10% improvementDB the DB2005 in2006 DB2007 DB2008 DB2009 Where is enforcing contracts easy--and Eastern Europe FIGURE 10.2 & Central Asia efficiency of commercial dispute resolu- Rankings on enforcing contracts 26 Increas FIGURE 10.5 where not? (28 economies) tion, the informal sector's share in overall Specialized commercialMost Easiest RAnK courts in AfricaRAnK toSub-Saharan difficult help reduce delays in enforcing contracts are based on 3 subindicators economic activity falls by 2.3%.3 Days to resolve Attorney, court and Hong Kong, China Time to enforce a contract (days) Africa Courts serve business best when commercial sale dispute 15 enforcement costs before courts as % of claim value Establis 1,000 Luxembourg Mozambique Congo, Dem. Rep. 173 1 Cameroon 172 2 (46 economies) they are fast, affordable and fair. World- Iceland 2004 3 Syria 174 OECD high income wide, only 35% of businesses covered Latvia 4 Benin 175 13 (24 economies) by the World BankDemocratic Enterprise Surveys 33.3% 33.3% Made e Finland 800 5 Honduras Nigeria 176 believe that the courts in their country Republic Time Cost or more United States 2008 6 Suriname 177 Latin America of Congo & Caribbean 11 9 norway 7 Bangladesh 178 are fair, impartial and uncorrupt.4 (32 economies) Stream Korea 600 8 Angola 179 Ghana Doing Business measures Burkinaeffi- the 33.3% Faso Germany 9 India 180 East Asia Procedures & Paci c ciency of the judicial system in resolving 7 France Mauritania Rwanda 8% 400 10 Timor-Leste 181 (24 economies) a commercial dispute. It looks at the time, Simpli Note: Rankings are the average of the economy rankings on South Asia cost and procedures to enforce a contract Steps to le claim, obtain and enforce judgment the procedures, time and cost to resolve a commercial dispute (8 economies) through the courts1(figure 10.2). through the courts. See Data notes for details. Source: Doing Business database. Note: See Data notes for details. Note: A re Source: Doing Business database. Economies that score well on the Source: Do Middle East & North Africa 1 FIGURE 10.3 (19 economies) FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform features in enforcing Number of reforms easing contract enforcement Note: A reform is counted as 1 reform per reforming economy per year. contracts 50 DoING BUSINESS 2009 Table 10.2 who reformed in 2007/08? Where is enforcing contracts the most efficient--and where the least? Procedures (number of steps) Twelve economies reformed contract en- Fewest Most forcement in 2007/08 (table 10.3). The reforms reduced the time, cost or num- Ireland 20 Guinea 50 Singapore 21 Kuwait 50 ber of steps in court proceedings by in- Hong Kong, China 24 United Arab Emirates 50 troducing specialized commercial courts Rwanda 24 Belize 51 and case management, simplifying rules Austria 25 Iraq 51 for small cases, streamlining appeals Belgium 25 oman 51 and making enforcement of judgments netherlands 25 Timor-Leste 51 more efficient. Iceland 26 Sudan 53 Most reforms took place in East- Luxembourg 26 Syria 55 Czech Republic 27 Brunei 58 ern Europe and Central Asia--in Ar- menia, Azerbaijan, Bulgaria, the former Time (days) Yugoslav Republic of Macedonia and Fastest Slowest Romania. Among OECD high-income Singapore 150 Sri Lanka 1,318 economies, Austria, Belgium and Por- Kyrgyz Republic 177 Trinidad and Tobago 1,340 tugal reformed. In Africa, Mozambique Uzbekistan 195 Colombia 1,346 and Rwanda did. In South Asia, Bhutan Lithuania 210 Slovenia 1,350 was the only economy that improved its Hong Kong, China 211 India 1,420 new Zealand 216 Bangladesh 1,442 courts in 2007/08. In East Asia, China Belarus 225 Guatemala 1,459 was the only reformer. The Middle East Bhutan 225 Afghanistan 1,642 and North Africa had no reforms. Kazakhstan 230 Suriname 1,715 Mozambique, the top reformer in Korea 230 Timor-Leste 1,800 enforcing contracts, reduced the average Cost (% of claim) time to resolve a commercial dispute Least Most from 1,010 days to 730. The newly estab- lished commercial courts have started to Bhutan 0.1 Comoros 89.4 Iceland 6.2 Cambodia 102.7 produce results. Since March 2008 the Luxembourg 8.8 Burkina Faso 107.4 country has also gained 22 new judges-- United States 9.4 Papua new Guinea 110.3 a 10% increase. Besides hiring more norway 9.9 Indonesia 122.7 judges, Mozambique introduced perfor- Korea 10.3 Malawi 142.4 mance measures for them. And court Finland 10.4 Mozambique 142.5 administrators now take care of admin- China 11.1 Sierra Leone 149.5 istrative tasks that judges used to handle, Poland 12.0 Congo, Dem. Rep. 151.8 such as paying creditors after a public Hungary 13.0 Timor-Leste 163.2 auction of a debtor's assets. Source: Doing Business database. In the former Yugoslav Republic of Macedonia, the runner-up reformer, a of the court decision. Fully motivated, fees. Saudi Arabia saw its first female law commercial division of the Skopje civil written court decisions are not needed. graduates--170 of them--in June 2008. court started operating in November The 10 economies with the fastest aver- The Saudi government is sending the 2007, after initial difficulties with al- age times to enforce a contract tend to top 4 to graduate programs abroad, to locating judges were resolved. Starting have specialized commercial courts or prepare them to return as the country's in January 2008, all cases have been specialized commercial sections within first female law professors. Some coun- electronically recorded. The Skopje com- existing courts and limits on the number tries still prohibit women from serving mercial division will soon have 15 ad- and length of adjournments once a case as judges. Others have recently started ditional computers to begin electronic has started. allowing women on the bench. Bahrain, registration of cases. Reducing entry barriers in the mar- which did so in 2003, now has 3 fe- In Rwanda specialized commercial ket for legal services helps. Allowing male judges. And the first female federal courts started operating in May 2008. women to enter the legal profession, judge was appointed in Abu Dhabi in late Three lower commercial courts--in Ki- for example, can increase competition March 2008. gali and in the Northern and Southern among lawyers and reduce attorneys' Provinces--cover commercial disputes ENFoRCING CoNTRACTS 51 Table 10.3 court procedure. Those refusing to do Increasing procedural efficiency--the most popular reform feature in 2007/08 so may be fined. Enforcement officers Increased procedural efficiency at main trial Armenia, Belgium, Bulgaria, former Yugoslav can take measures to prevent parties court Republic of Macedonia, Mozambique from concealing or transferring their Introduced or expanded specialized Azerbaijan, former Yugoslav Republic of assets during or immediately after court commercial courts Macedonia, Rwanda proceedings. And courts can prohibit Made enforcement of judgment more efficient China, Romania parties from leaving the country if they Simplified rules for small claims Bhutan, Portugal are suspected of trying to escape the enforcement of a decision. Established e-courts Austria In South Asia, Bhutan transferred all Streamlined appeals Bulgaria land disputes--which account for about Source: Doing Business database. 30% of cases before the Thimphu district court--to a specialized land commission. with a value below about $37,000. A commercial court in Baku and increasing The measure freed up more of the court's fourth commercial court, attached to the number of commercial court judges time to handle commercial cases. The re- the high court, handles cases above that from 5 to 9. sult: the Thimphu district court reduced value in addition to appeals of decisions In Western Europe, Austria made the average time to resolve commercial from the 3 lower courts. Commercial electronic filing mandatory in the civil disputes from 275 days to 225. courts not only resolve disputes faster; courts. All filings from lawyers in civil they also bring the needed expertise to litigation and enforcement proceedings whAt Are the reform trends? commercial cases. now go through an electronic data chan- Bulgaria shortened trial times by nel operated by the Ministry of Justice. Reformers considering ways to improve requiring judges to refuse incomplete And judgments are delivered by e-mail the regulatory environment for busi- court filings rather than allow multiple rather than by the old hard-copy notifica- nesses often shy away from tackling extensions. To ensure compliance with tion process. court reforms. This is not surprising. The deadlines, disciplinary sanctions now Belgium adopted a law in 2007 to success rate of court reforms is low: on apply to judges who systematically vio- speed court procedures. The law intro- average, only 1 in 4 attempted reforms late them. Bulgaria also reformed its ap- duced a mandatory procedural calen- succeed in reducing costs and delays. peals process. Appeals are now possible dar that includes binding time limits to Even successful reforms often take years only on the basis of newly discovered submit written pleadings. The agenda to produce visible results. facts and only against judgments exceed- is fixed by the parties or, if they fail As a general rule, economies that ing lev 1,000 (about $800). And final ap- to agree, by the judge. If judges fail to rank high on the ease of enforcing con- peals before the supreme court have been render a judgment within a month after tracts continually reform their courts limited to substantive issues. hearing a case, they are subject to disci- to adjust to changing business realities. Romania simplified the enforce- plinary sanctions. A separate law aims Denmark is an example. In 2006 it intro- ment of judgments by eliminating the to encourage experts to produce their duced special rules for cases below about need for an enforcement order and al- reports more quickly by having the court $8,600. That reduced the number of cases lowing the attachment of credit balances control the payment of their fees. before the general courts in Copenhagen and accounts receivable. The reform re- Portugal expanded the scope of its by 38%. Reformers did not stop there. duced the time to enforce a judgment by simplified proceedings to include all In March 2008 a new law introduced a month, from 120 days to 95. cases with a value up to 30,000. mediation after a successful pilot showed In Armenia procedural rules that China adopted a new set of proce- that two-thirds of all cases referred to became effective in January 2008 intro- dural rules. The focus was on speeding mediation in 2003­05 resulted in an duced a new principle: all court deci- the enforcement of judgments. In East amicable settlement. The message: stay sions become enforceable 1 month after Asia enforcement accounts for 34% on focused on improvement, even if you are being issued. In addition, a May 2007 law average of the time needed to resolve a already doing well. established specialized criminal and ad- commercial dispute--the largest share ministrative jurisdictions and a new civil among all regions. In China, enforcing a introduCing CommerCial Courts court that will deal with the financially judgment takes up almost half the total in afriCa most important cases. time to resolve a commercial dispute. The most popular reform feature in Azerbaijan reduced the average time To reduce the time for enforcement, Africa over the past 5 years has been to enforce a contract from 267 days to China's new rules require parties to dis- introducing specialized commercial 237 by establishing a second specialized close their assets at the beginning of the courts or commercial sections within 400 Steps to le claim, obtain and enforce judgment Source: Doing Business database. Note: See Data notes for details. 52 DoING BUSINESS 2009 FIGURE 10.3 FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform features in enforcing Number of reforms easing contract enforcement contracts by Doing Business report year Reforms including feature since DB2005 (%) DB2005 DB2006 DB2007 DB2008 DB2009 Eastern Europe 43% & Central Asia 26 Increased procedural e ciency (28 economies) Sub-Saharan 18% Africa 15 (46 economies) Established or expanded commercial courts OECD high income 13 12% (24 economies) Made enforcement of judgment cheaper or more e cient Latin America & Caribbean 11 9% (32 economies) Streamlined appeals East Asia & Paci c 7 8% (24 economies) Simpli ed rules for small claims South Asia (8 economies) 1 Note: A reform may include several reform features. Source: Doing Business database. Middle East & North Africa 1 (19 economies) FIGURE 10.1 Note: A reform is counted as 1 reform per reforming economy per year.Top 10 reformers in enforcing contracts Source: Doing Business database. Average improvement existing courts. Some African countries newly established specialized courts. But 2007 temala, Honduras and Mexico are now have a longer track record with spe- a balance must be struck 6% 3% between access working on similar reforms. And Colom- 1. Mozambique cialized courts or divisions--including to justice and a reasonable caseload for bia2.plans to extend oral proceedings to Macedonia, former Yugoslav Republic of Kenya, Madagascar, Tanzania, Uganda the new courts. A pragmatic approach is commercial cases over the next 4 years. 3. Bulgaria 2008 and Zambia. to lower minimum thresholds as courts 4. Romania 5. Armenia In El Salvador the legislature is close In 7 African countries that intro- are gradually able to accept more cases. to adopting a bill to make court cases, 6. China duced commercial courts or sections This is better than having courts inun- including commercial cases, oral. Now 7. Bhutan in the past 5 years--Burkina Faso, the dated with cases from the start. everything takes place in writing be- 8. Belgium Democratic Republic of Congo, Ghana, tween the parties, with little interven- 9. Azerbaijan Mauritania, Mozambique, Nigeria and moving to oral proCeedings tion from the judge. In the future there 10. Portugal Rwanda--the average time to resolve a in latinProcedures ameriCa Time will be a preliminary hearing during commercial dispute dropped by about Countries in Latin America have sped which the judge will first try to reconcile 19%, from 604 days to 492 (figure 10.5). criminal cases by using oral proceed- the parties. Failing that, the judge will Source: Doing Business database. Because judges must be hired and ings rather than an exchange of written determine the facts and evidence to be trained, rules adjusted and funding en- documents. Argentina and Chile started presented in the case. At a second and sured, achieving such reductions in time this trend in the 1990s. Colombia, Gua- final hearing the parties, witnesses and FIGURE 10.2 usually takes years. In Ghana, for ex- Rankings o ample, a commercial division began op- FIGURE 10.5 Specialized commercial courts in Africa help to reduce delays in enforcing contracts are based o erating in its high court in March 2005. Time to enforce a contract (days) Days to resol Doing Business 2008 records a drop in Mozambique commercial s before courts time from 552 days to 487--more than 1,000 2004 2 years later. Specialized commercial courts are 800 Democratic Nigeria Republic often criticized because they deal only 2008 of Congo with the financially most important cases. 600 Ghana Those in Tanzania, for example, accept Burkina Faso only cases with a value 66 times income Mauritania Rwanda per capita. In Zambia it is 15 times income 400 per capita. Minimum thresholds can be Steps to le c justified as a way to avoid overloading Source: Doing Business database. Note: See Data no FIGURE 10.3 FIGURE 10.4 Few reforms in the Middle East & North Africa and in South Asia Top 5 reform ENFoRCING CoNTRACTS 53 experts will be questioned. Under the imposing striCt deadlines notes new rules the judge must issue a written In 1995 the "arbitrazh courts" became judgment within 15 days after the second responsible for dealing with commercial 1. Wojkowska (2006). hearing. disputes in the Russian Federation. In 2. Safavian and Sharma (2007). While oral proceedings are a re- 2002, to make proceedings faster, the 3. Dabla-Norris, Gradstein and Inchauste cent trend in Latin America, countries Russian Federation revised its commer- (2008). in other regions have a longer history cial procedural code. Its most signifi- 4. World Bank Enterprise Surveys (http:// with them. Take Luxembourg, which cant innovation was to introduce strict www.enterprisesurveys.org). ranks second on the ease of enforcing mandatory time limits: 2 months for contracts. There, parties do not exchange a full hearing, 1 month for accelerated long, written pleadings in commercial procedures. cases. Instead, they exchange only the Most Central Asian countries cop- written evidence they intend to rely on ied the Russian procedural rules, includ- during oral arguments before the judge. ing the strict deadlines. Judges are held This saves several months. accountable for respecting the deadlines, with those who do best standing better chances for promotion. Not surprisingly, of the 10 economies with the fastest aver- age times to enforce a contract, half are in Eastern Europe and Central Asia. 54 DoING BUSINESS 2009 overview Starting a business FIGURE 11.1 Dealing with construction permits Higher recovery rates associated with more access to credit Employing workers Percentage of rms perceiving Private credit as % of GDP access to credit as an obstacle Registering property Getting credit 120 40 Protecting investors 100 30 Paying taxes 80 Trading across borders 60 20 Enforcing contracts Closing a 40 10 20 business 0 0 Lowest Highest Lowest Highest Economies ranked by recovery rate, quintiles Economies ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. Carlos, the owner of a large Colombian FIGURE 11.3 vency laws are most effective, creditors-- ganized as a going concern rather than FIGURE 11.2 manufacturing firm, got bad news: his Higher recovery rates in economies with specialized courts and trustees Rankings on Recovery rate (cents on the dollar) confident that they will be able to collect liquidated through piecemeal sales. And are based o main customer had just entered bank- on loans--are more likely to lend.1 50 most allow creditors significant input Function of tim ruptcy. Carlos feared that it might take The benefits of efficient bankruptcy YES into the appointment of administrators such as lending years to recover the company's loan-- regulations are particularly evident when of the company 45 and require special qualifications for to operate and that his business could suffer harm. comparing rich economies. Recent stud- trustees (figure 11.3). FIGURE 11.1 But there is good news too. Co- ies in Europe find that actual returns 40 In Canada, Ireland, Japan, Norway YES Higher recovery rates associated with more access to credit lombia's new insolvency law came into to creditors are 92% of the value of the YES and Singapore foreclosure, reorganiza- Percentage of rms perceiving NOtion or liquidation is completed within access to credit as an obstacle loan in the United Kingdom, 80% in the Private credit as % of GDP effect at the end of 2007, streamlining 35 bankruptcy procedures. Before, a debtor Netherlands, 67% in Germany and 56% NO a year (table 11.1). CanadaNOand Ireland 120 could object to every claim from any in France.2 Why the big spread? In part 40 30 have specialized bankruptcy courts and 100 creditor, greatly delaying the court pro- because it takes only a year to finish the statutory time limits. They also limit pro- cess. Now all objections must be resolved 30 Are there specialized Are there minimum 80 insolvency process in London, 13 months Can creditors bankruptcy courts? quali cations for trustees? cedural appeals.appoint Denmark introduced trustees? in one court hearing. The new law also Source: Doing Business database. in Amsterdam and 15 months in Berlin, a "floating charge" in 2006 to allow se- Note: Time and co See Data notes fo tightens procedural time limits. And it 60 but almost 2 years in Paris, according to 20 cured creditors to take security over an gives creditors more power to influence 40 Doing Business data. 10 entire business. This increases the likeli- the proceedings, such as allowing them 20 Good bankruptcy laws do 3 main hood that a viable business will be sold to0remove and replace the liquidator. FIGURE 11.4 MostLowest things. They seek to rehabilitate viable 0 as a going concern. In Colombia, Kuwait, FIGURE 11.5 Efficient bankruptcy regulations Lowest Highest businesses and liquidate unviable ones. reforms in Eastern Europe & Central Asia and rich economies Highest improve access to credit. Where insol- Economies ranked by recovery rate, quintiles They aim to maximizeNumber received Economies ranked by recovery rate,ofquintiles reforms making it easier to close a business Norway and Singapore it costs only about Top 5 reform the value by Doing Business report year 1% of the bankrupt estate's value to re- closing a bus Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Reforms includ Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. Table 11.1 by creditors, shareholders, employees DB2005 DB2006 DB2007 solve insolvency (table DB DB2008 11.2). 2009 Where is it easy to close a business-- Eastern Europe & Central Asia and other stakeholders by requiring that 21 FIGURE 11.3 and where not? (28 economies) businesses be turned around, sold as FIGURE 11.2 Granted power Higher recovery ratesMosteconomiesRecoveryspecialized courts and trustees Recovery Recovery rate (cents on the dollar)difficult Easiest in with going concerns or liquidated--which- Rankings on closing a business rate rate OECD high income are based on 1 subindicator 19 Japan ever generates the greatest total value. 50 92.5 Liberia 8.3 (24 economies) Function of time, cost and other factors Introduced or t Singapore YES 91.3 Suriname 8.1 And they establish a system for clearly East Asia such as lending rate and the likelihood and streamline norway of the company continuing 45 89.0 Mauritania 6.7 & Paci c ranking creditors. Countries with6 laws to operate Canada 88.7 Venezuela 6.0 (24 economies) meeting these 3 objectives achieve a Established or p Finland 87.3 Congo, Dem. Rep. 5.4 Latin America higher recovery rate than countries with- reorganization Ireland 40 86.6 Philippines 4.4YES & Caribbean YES 6 (32 economies) out such laws. Denmark 86.5 Micronesia 3.5 100% Doing Business studies the time, cost Developed the Belgium 35 86.3 Haiti 2.7 NO Sub-Saharan Recovery rate United Kingdom 84.2 Africa and outcomes of bankruptcyNOproceedings NO Zimbabwe 0.0 3 7% netherlands (46 economies) involving domestic entities. Speed, low 30 82.7 Central African 0.0 Republic Middle East & cost and continuation of viable business Established a Are there specialized Are there minimum North Africa Can2 creditors Note: Rankings are based on the recovery rate: how many cents (19 economies) operations characterize the top-perform- Note: A reform may on the dollar claimants (creditors, tax authorities and employees) bankruptcy courts? quali cations for trustees? ing economies. Inappointeconomies busi- these trustees? Note: Time and cost do not count separately for the ranking. Source: Doing Busin Source: Doing Business database. recover from the insolvent firm. See Data notes for details. See Data notes for details. Source: Doing Business database. South Asia nesses are more likely to be sold or reor- (8 economies) 1 Note: A reform is counted as 1 reform per reforming economy per year. Source: Doing Business database. FIGURE 11.4 FIGURE 11.5 Lowest Highest Lowest Highest Economies ranked by recovery rate, quintiles Economies ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. CLoSING A BUSINESS 55 FIGURE 11.3 Higher recovery rates in economies with specialized courts and trustees strengthening trustees' role and powers. FIGURE 11.2 Recovery rate (cents on the dollar) Cambodia adopted the 2007 Bankruptcy Rankings on closing a business are based on 1 subindicator 50 Law, its first regulating the bankruptcy of Function of time, cost and other factors YES private enterprises. The law introduces a such as lending rate and the likelihood of the company continuing 45 reorganization procedure to restructure to operate insolvent companies. 40 YES Five OECD high-income economies YES joined the list of reformers in 2007/08. 100% 35 NO Finland streamlined court-supervised Recovery NO reorganization. Now a simple majority rate NO 30 of creditors can approve simplified re- Are there specialized Are there minimum Can creditors organization plans; before, unanimous bankruptcy courts? quali cations for trustees? appoint trustees? consent was required. Finland revised Time and cost do not count separately for the ranking. Source: Doing Business database. itsNote:Restructuring of Enterprises Act, See Data notes for details. accelerating hearings and making the entire process more flexible. Germany who reformed in 2007/08? Four Eastern European economies amended its insolvency code to make FIGURE 11.4 Most reforms in Eastern Europe & Central Asia and rich economies joined Poland in streamlining bank- itFIGURE easier to maintain a debtor's business 11.5 Poland was the top reformer inreforms a business in 2007/08Number 11.3).byIts (tableof closingmaking ruptcy procedures. Latvia passed a new it easier to close a business as a going concern. The new law allows Top 5 reform features in Doing Business report year insolvency law in November 2007. Now the insolvency court to suspend enforce- closing a business Law on Trustee Licensing tookDBeffect on DB2005 2006 DB2007 financially distressed DB DB2008 companies can 2009 ment actions against assets essential to Reforms including feature since DB2005 (%) Eastern Europe & Central Asia October 10, 2007. The new law tightened choose to continue operating by pursu- continuing the business. 29% 21 (28 economies) professional requirements for adminis- ing reorganization. Like Poland, Latvia Granted power to creditors Portugal cut the formality of pub- OECD trators to ensure they have the skills and also tightened the qualification stan- lishing insolvency notices in newspapers. high income education needed to oversee bankruptcy dards for bankruptcy administrators. So 19 It also introduced a fast-track procedure 28% (24 economies) proceedings. Obtaining a trustee's li- did Bosnia and Herzegovina. The Czech Introduced or tightened statutory time limits East Asia and streamlined appeals Table 11.2 & Paci c cense now requires passing an exam in 6 Republic's Insolvency Act took effect on Where is bankruptcy the most efficient--22% (24 economies) economics, law, finance and manage- January 1, 2008. The law introduces re- and where the least? Established or promoted Latin America ment. The reform also limits trustees' organization as the preferred method for reorganization procedure & Caribbean resolving insolvency, mandates stricter Time (years) (32 economies) pay to 3% of the bankrupt estate's6value, 16% down from 5%. deadlines, establishes an electronic insol- Fastest Slowest Developed the trustee profession Sub-Saharan Ireland 0.4 Ecuador 5.3 Africa Three economies in3 Latin America vency register and sets new qualification (46 economies) and the Caribbean rank close behind standards for trustees. Japan 7% 0.6 Indonesia 5.5 Canada 0.8 Haiti 5.7 Middle East & Poland as top reformers. Colombia, the Bulgaria passed 2 laws: the Civil Established a rst bankruptcy law North Africa 2 Singapore 0.8 Philippines 5.7 (19 economies) runner-up reformer, introduced 2 new Procedure Code and the Law for the Belgium Note: A reform may include several reform features. 0.9 Belarus 5.8 insolvency proceedings: a reorganization Commercial Registry. The first specifies Source: Doing Business database. Finland 0.9 Angola 6.2 South Asia procedure to restructure insolvent com- that appeals will now take place at 2 lev- norway 0.9 Czech Republic 6.5 (8 economies) 1 panies and a mandatory liquidation pro- els: first before the court of appeals and Australia 1.0 Maldives 6.7 cedure. Its new insolvency law tightens Note: A reform is counted as 1 reform per reforming economy per year. then before the supreme court. Bulgaria's Belize 1.0 Mauritania 8.0 time limits for negotiating reorganization Source: Doing Business database. supreme court will be the final arbiter, Iceland 1.0 India 10.0 agreements. Before, the term allowed was with the discretion to decide whether Cost (% of estate) 6 months, with a possible extension of 8 or not to hear a case. Before, court deci- Least Most months. The new law limits the term to 4 sions could be appealed only before the Colombia 1.0 Micronesia 38.0 months, and the extension to 2. supreme court--which usually sent cases Kuwait 1.0 Philippines 38.0 Mexico amended its bankruptcy back to the district court--resulting in norway 1.0 Samoa 38.0 law. Now debtors and creditors may long delays. Another first for Bulgaria: Singapore 1.0 Solomon Islands 38.0 enter into a reorganization agreement major decisions and rulings of the bank- Bahamas, The 3.5 Vanuatu 38.0 at any stage of the insolvency procedure. ruptcy court are posted on the commer- Belgium 3.5 Venezuela 38.0 St. Vincent and the Grenadines enacted cial registry's website. Brunei 3.5 Sierra Leone 42.0 a bankruptcy law in 2007. The law is the In East Asia and Pacific, Hong Kong Canada 3.5 Ukraine 42.0 Finland 3.5 Liberia 42.5 country's first set of rules regulating the (China) and Cambodia were the only Georgia 3.5 Central African 76.0 bankruptcy of private enterprises since reformers. Hong Kong (China) issued the Republic its independence. Bankruptcy Amendment Rules for 2007, Source: Doing Business database. FIGURE 11.1 56 DoING BUSINESS 2009 Higher recovery rates associated with more access to credit Percentage of rms perceiving Table 11.3 Private credit as % of GDP ering creditors. access to credit as an obstacle Establishing or promoting reorganization procedures--a popular reform feature in 2007/08 120 40 Elsewhere in the world reform has 100 been moving more slowly. The 10 reforms Established or promoted reorganization procedure Colombia, Czech Republic, Finland, Germany, in Latin America and the Caribbean, 30 Greece, Latvia, Mexico, new Zealand 80 Sub-Saharan Africa and South Asia have Developed the trustee profession Bosnia and Herzegovina, Czech Republic, Hong 60 ranged from introducing stricter dead- 20 Kong (China), Latvia, Poland 40 lines to establishing specialized bank- 10 Introduced or tightened time limits and streamlined Bulgaria, Colombia, Portugal, Saudi Arabia 20 ruptcy courts. In 2006 Burundi enacted procedural appeals 0 its0 first bankruptcy law, setting clear time Established a first bankruptcy law Cambodia, St. Vincent and the GrenadinesHighest Lowest limitsLowestprocedures. In the Middle East for Highest Granted priority to secured creditors Czech Republic Economies ranked by recovery rate, quintiles and North Africa only Tunisia and Saudi Economies ranked by recovery rate, quintiles Note: Relationships are signi cant at the 1% level and remain signi cant when controlling for income per capita. Source: Doing Business database. Arabia have reformed. Source: Doing Business database; World Bank, World Development Indicators database; World Bank Enterprise Surveys. for debtors with less than 5,000 in FIGURE 11.3 whAt Are the reform trends? expanding Creditors'rights FIGURE 11.2 assets and new procedures to acceler- Higher recovery rates in economies with specialized courts and trustees Expanding creditors' rights has been the Rankings o ate payments to insolvency administra- Reform continues even in the jurisdic- Recovery rate (cents on the dollar) most popular reform feature over the past are based o tors. In addition, Portugal limited pro- tions withYES best performance. Doing 50 the 5 years (figure 11.5). Seventeen econo- Function of tim such as lending cedural appeals by unifying its appeals Business has recorded 58 reforms making mies have empowered creditors: China, of the company process and raising the value threshold it45easier to close a business in the past 5 the Czech Republic, Denmark, Finland, to operate for claims heard in the courts of first and years. Most focused on expanding credi- France, Hungary, Indonesia, Italy, Korea, second instance. In the future, appeals tors' rights and speeding bankruptcy 40 YES YES Poland, Portugal, Puerto Rico, Roma- of appeals court decisions that confirm proceedings in the court. NO nia, Serbia, Slovakia, the United States first-instance decisions will be possible 35 EconomiesNO Eastern Europe and in and Vietnam. Giving creditors more say NO only in limited circumstances. This is Central Asia have had the most reforms in the process speeds the resolution of expected to cut the number of appeals making it easier to close a business in 30 bankruptcy and is likely to result in the before the supreme court. the past 5 years, especially in speeding Are there specialized Are there minimum continuation of theCan business. Allowing creditors New Zealand introduced a reorga- bankruptcy courts? quali cations for trustees? bankruptcy proceedings (figure 11.4). creditors a greaterappointintrustees? role decision mak- Note: Time and c nization procedure similar to the one High-income OECD economies follow Source: Doing Business database. ing increases the recovery rate. See Data notes f in Australia. The aim is to provide an close behind, focusing more on empow- Reforms expanding the powers of alternative to liquidation and receiver- ship and maximize a company's chances FIGURE 11.4 of continuing as a going concern. Greece Most reforms in Eastern Europe & Central Asia and rich economies FIGURE 11.5 Top 5 reform thoroughly revised its bankruptcy system Number of reforms making it easier to close a business by Doing Business report year closing a bu to maximize creditors' recovery of debt. DB2005 DB2006 DB2007 DB2008 DB2009 Reforms includ A new law aims to reorganize finan- Eastern Europe cially distressed companies, preserve the & Central Asia 21 (28 economies) Granted power business assets, treat creditors equally and prevent piecemeal sale. This law is OECD high income 19 expected to lead to a boom in restruc- (24 economies) Introduced or t turings and, together with a better early East Asia and streamline detection system, allow more companies & Paci c 6 (24 economies) to continue as going concerns. Established or reorganization Saudi Arabia was the only reformer Latin America & Caribbean 6 in the Middle East and North Africa. Its (32 economies) Developed the Ministry of Commerce introduced strict Sub-Saharan deadlines for bankruptcy procedures. Africa 3 (46 economies) 7% Auctions of debtors' assets are expected Middle East & Established a to take place quicker than before. North Africa 2 Note: A reform ma Bolivia made going through bank- (19 economies) Source: Doing Busin ruptcy more complex, by suspending South Asia applications for voluntary restructuring. (8 economies) 1 The only option now is a bankruptcy pro- Note: A reform is counted as 1 reform per reforming economy per year. cedure that typically takes years. Source: Doing Business database. Note: Time and cost do not count separately for the ranking. See Data notes for details. CLoSING A BUSINESS 57 FIGURE 11.5 expanded the powers of creditors' com- ing, and the court has 30 days to issue a Top 5 reform features in closing a business mittees so they can file and vote on reor- decision on an appeal. Slovakia tightened ganization plans. China adopted a new time limits, speeding bankruptcy by at 9 Reforms including feature since DB2005 (%) bankruptcy law in 2007, its first since least 9 months in 2006. 29% 21 1949, significantly strengthening credi- Granted power to creditors tors' rights. Secured creditors now rank getting the foCus right first in payment priority.4 Vietnam also When it comes to reforming bankruptcy 19 28% Introduced or tightened statutory time limits gave higher priority to secured creditors, regulations, it is often assumed that re- and streamlined appeals and removed priority for tax claims, organization is always the best course 22% when it changed its 1993 bankruptcy of action. But in low-income economies Established or promoted law in 2004. reorganization does not always lead to reorganization procedure the highest return for creditors. 16% speeding bankruptCy proCeedings Mandatory reorganization proce- Developed the trustee profession The second most popular reform feature dures in some African economies often in closing a business has been intro- make matters worse. Take for example 7% Established a rst bankruptcy law ducing or tightening deadlines in court Benin, the Republic of Congo and Côte procedures and streamlining appeals. d'Ivoire. All have mandatory reorganiza- Note: A reform may include several reform features. Source: Doing Business database. Sixteen economies have undertaken such tion provisions, but their judicial systems reforms: Armenia, Bulgaria, Colombia, lack the capacity to handle these types of creditors have been most concentrated Estonia, Georgia, Lithuania, Portugal, cases. Among the main problems: fre- among OECD high-income economies. Puerto Rico, Romania, Saudi Arabia, Ser- quent adjournments and courts that fail Finland gave creditors the right to set bia, Slovakia, Spain, Tunisia, the United to hand down timely decisions. up a creditors' committee to advise the Kingdom and the United States. Impos- In such systems, reorganization administrator. France and Korea now ing time limits facilitates fast resolution usually ends in liquidation. The time allow the creditors' committee to vote on of bankruptcy, avoiding deterioration in spent in reorganization only delays the the reorganization plan. Denmark en- a company's value over time. process and increases the cost. Reforms couraged creditors to report to the court This type of reform has been most that focus on debt enforcement or fore- any trustee actions that appear to delay popular in Eastern Europe and Central closure are more likely to show results in the process. The court can then replace Asia, where no fewer than 8 economies those countries. And reforms that ensure the trustee if it decides--based on the have reformed in this direction in the properly resourced and well-functioning creditors' reports--that the trustee is past 5 years. Romania, Bulgaria and courts can help a larger number of viable incompetent. Estonia restricted procedural appeals. businesses to reorganize successfully. Several economies, including Fin- In 2004 Romania reduced the time al- Overall, economies around the land and France, granted higher prior- lowed for each appeal from 30 days to world are reforming toward more ef- ity to creditors in bankruptcy claims. 10, shortening the total duration of the ficient bankruptcy systems. In the years France gave a "supersecured" position to bankruptcy procedure from 55 months since Doing Business started collecting creditors that lend money to distressed to 40. Bulgaria restricted opportuni- data on the topic, the average time to companies, giving them priority over ties for procedural appeals. Before the complete bankruptcy proceedings has previous secured creditors. That makes it reform, the initial decision could be ap- declined by 4%. easier for such companies to obtain new pealed to 2 higher levels of courts. Now loans and continue operating. only 1 appeal is possible. Estonia allows notes OECD high-income economies have debt recovery to continue even when also promoted reorganization. Finland, there is an appeal, avoiding disruption 1. Djankov and others (2006). France, Italy and Korea made reorganiza- of the process. 2. Davydenko and Franks (2008) and tion more accessible to troubled compa- Armenia, Bulgaria, Estonia, Geor- de Jong and Couwenberg (2007). nies. Italy now allows distressed compa- gia, Lithuania, Serbia and Slovakia in- 3. Beye and Nasr (2008). nies to seek an agreement with creditors troduced or tightened procedural time 4. Only wage claims made before the new before entering formal bankruptcy and limits. Armenia passed a new law in- law came into effect have priority over secured creditors. with no prerequisites. That permits the corporating time limits into the reor- companies to continue operating.3 ganization procedure. Serbia set strict Besides OECD high-income econo- time limits: claimants have 5 days to mies, several in East Asia and Pacific raise objections to the resolution, appeals also empowered creditors. Indonesia must be made within 8 days after the rul- 58 Doing Business 2009 References Benmelech, Effi, and Nittai Bergman. 2008. Coma-Cunill, Roger, and Marie Delion. 2008. "Vintage Capital and Creditor Protection." "Honduras: Slashing the Time to Register Working Paper, Department of Econom- a Property from 18 Months to 15 Days." ics, Harvard University, Cambridge, MA. 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Doing Business 2008: Compar- ing Regulation in 178 Economies. Wash- ington, DC: World Bank Group. ------. 2007c. Reforming Collateral Laws and Registries: International Best Practices and the Case of China. Washington, DC: World Bank Group. http://www.ifc.org/ifcext/ fias.nsf/Content/FIAS_Resources _Country_Reports. ------. 2008a. Doing Business: Women in Africa. Washington, DC: World Bank Group. ------. 2008b. World Development Indica- tors 2008. Washington, DC: World Bank Group. 61 Data notes simple business case to ensure compara- valid across economies. Finally, the data bility across economies and over time-- not only highlight the extent of specific with assumptions about the legal form regulatory obstacles to doing business of the business, its size, its location and but also identify their source and point the nature of its operations. Surveys are to what might be reformed. administered through more than 6,700 local experts, including lawyers, busi- Limits to what is measured ness consultants, accountants, freight The Doing Business methodology has forwarders, government officials and 5 limitations that should be considered other professionals routinely adminis- when interpreting the data. First, the tering or advising on legal and regula- collected data refer to businesses in tory requirements (table 12.1). These the economy's largest business city and experts have several (typically 4) rounds may not be representative of regulation of interaction with the Doing Business in other parts of the economy. To ad- team, involving conference calls, writ- dress this limitation, subnational Doing ten correspondence and visits by the Business indicators were created for 6 The indicators presented and analyzed team. For Doing Business 2009 team economies in 2007/08: China, Colombia, in Doing Business measure business members visited 73 economies to verify Egypt, Morocco, Nigeria and the Philip- regulation and the protection of property data and recruit respondents. The data pines.2 Six other subnational studies are rights--and their effect on businesses, from surveys are subjected to numerous under way, in Central Asia, Southeast especially small and medium-size do- tests for robustness, which lead to revi- Europe, Indonesia, the Russian Federa- mestic firms. First, the indicators docu- sions or expansions of the information tion, Southeast Asia and Ukraine. And ment the degree of regulation, such as the collected. some existing studies are updated annu- number of procedures to start a business The Doing Business methodology ally, such as those in India, Mexico and or to register and transfer commercial offers several advantages. It is trans- Pakistan. These subnational studies point property. Second, they gauge regulatory parent, using factual information about to significant differences in the speed of outcomes, such as the time and cost to what laws and regulations say and al- reform and the ease of doing business enforce a contract, go through bank- lowing multiple interactions with local across cities in the same economy. ruptcy or trade across borders. Third, respondents to clarify potential misin- Second, the data often focus on they measure the extent of legal pro- terpretations of questions. Having rep- a specific business form--generally a tections of property, for example, the resentative samples of respondents is limited liability company (or its legal protections of investors against looting not an issue, as the texts of the relevant equivalent) of a specified size--and may by company directors or the range of laws and regulations are collected and not be representative of the regulation assets that can be used as collateral ac- answers checked for accuracy. The meth- on other businesses, for example, sole cording to secured transactions laws. odology is inexpensive and easily repli- proprietorships. Third, transactions de- Fourth, they measure the flexibility of cable, so data can be collected in a large scribed in a standardized case scenario employment regulation. Finally, a set of sample of economies. Because standard refer to a specific set of issues and may indicators documents the tax burden on assumptions are used in the data collec- not represent the full set of issues a busi- businesses. For details on how the rank- tion, comparisons and benchmarks are ness encounters. Fourth, the measures of ings on these indicators are constructed, time involve an element of judgment by see Ease of doing business, page 79. Table 12.1 How many experts does Doing Business the expert respondents. When sources The data for all sets of indicators in consult? indicate different estimates, the time Doing Business 2009 are for June 2008.1 Number of indicators reported in Doing Business Three new economies--The Bahamas, Indicator set contributors represent the median values of several Bahrain and Qatar--were added to the Starting a business 1,166 Dealing with construction permits 739 responses given under the assumptions sample, now comprising 181 economies. Employing workers 810 of the standardized case. Registering property 907 Finally, the methodology assumes Methodology Getting credit 1,033 that a business has full information on Protecting investors 653 what is required and does not waste The Doing Business data are collected in Paying taxes 862 time when completing procedures. In a standardized way. To start, the Doing Trading across borders 817 practice, completing a procedure may Business team, with academic advis- Enforcing contracts 767 take longer if the business lacks informa- ers, designs a survey. The survey uses a Closing a business 727 tion or is unable to follow up promptly. 62 Doing Business 2009 Alternatively, the business may choose to data ChaLLenges and revisions Starting a buSineSS disregard some burdensome procedures. Most laws and regulations underlying the For both reasons the time delays reported Doing Business data are available on the Doing Business records all procedures in Doing Business 2009 could differ Doing Business website at http://www that are officially required for an entrepre- from the perceptions of entrepreneurs .doingbusiness.org. All the sample sur- neur to start up and formally operate an reported in the World Bank Enterprise veys and the details underlying the indi- industrial or commercial business. These Surveys or other perception surveys. cators are also published on the website. include obtaining all necessary licenses Questions on the methodology and chal- and permits and completing any required Changes in what is measured lenges to data can be submitted through notifications, verifications or inscriptions The methodology for one of the Doing the website's "Ask a Question" function at for the company and employees with rel- Business topics--getting credit--im- http://www.doingbusiness.org. evant authorities (table 12.2). proved this year. Three main changes Doing Business publishes 8,900 After a study of laws, regulations were made, affecting only the strength of indicators each year. To create these in- and publicly available information on legal rights index. First, a standardized dicators, the team measures more than business entry, a detailed list of proce- case scenario with specific assumptions 52,000 data points, each of which is dures is developed, along with the time was introduced to bring this indicator made available on the Doing Business and cost of complying with each proce- into line with other Doing Business indi- website. Data time series for each indi- dure under normal circumstances and cators. Second, the indicator now focuses cator and economy are available on the the paid-in minimum capital require- not on tangible movable collateral, such website, beginning with the first year ments. Subsequently, local incorpora- as equipment, but on revolving movable the indicator or economy was included tion lawyers and government officials collateral, such as accounts receivable in the report. To provide a comparable complete and verify the data. and inventory. Third, the indicator no time series for research, the data set is Information is also collected on the longer considers whether management back-calculated to adjust for changes sequence in which procedures are to remains in place during a reorganiza- in methodology and any revisions in be completed and whether procedures tion procedure, better accommodating data due to corrections. The website also may be carried out simultaneously. It is economies that adopt reorganization makes available all original data sets assumed that any required information procedures similar to Chapter 11 reorga- used for background papers. The correc- is readily available and that all agencies nization or redressement procedures in tion rate between Doing Business 2008 involved in the start-up process function civil law systems. and Doing Business 2009 was 6%. without corruption. If answers by local experts differ, inquiries continue until economy characteristics the data are reconciled. To make the data comparable across gross nationaL inCome (gni) and the U.S. State Department 2008 economies, several assumptions about the per Capita country profiles were used. business and the procedures are used. Doing Business 2009 reports 2007 income per capita as published in region and inCome group assumptions about the business the World Bank's World Develop- Doing Business uses the World Bank The business: ment Indicators 2008. Income is regional and income group clas- · Is a limited liability company. If there calculated using the Atlas method sifications, available at http://www is more than one type of limited (current US$). For cost indicators .worldbank.org/data/countryclass. liability company in the economy, the expressed as a percentage of income Throughout the report the term rich limited liability form most popular per capita, 2007 GNI in local cur- economies refers to the high-income among domestic firms is chosen. rency units is used as the denomina- group, middle-income economies to Information on the most popular tor. GNI data were not available from the upper-middle-income group and form is obtained from incorporation the World Bank for The Bahamas, poor economies to the lower-middle- lawyers or the statistical office. Bahrain, Puerto Rico, Qatar and the income and low-income groups. · Operates in the economy's largest United Arab Emirates. In these cases business city. GDP or GNP per capita data and popuLation · Is 100% domestically owned and has growth rates from the International Doing Business 2009 reports midyear 5 owners, none of whom is a legal Monetary Fund's World Economic 2007 population statistics as published entity. Outlook database, the Economist In- in World Development Indicators · Has start-up capital of 10 times telligence Unit 2008 country profiles 2008. income per capita at the end of 2007, paid in cash. DATA noTes 63 Table 12.2 procedures are excluded. For example, What does starting a business measure? procedures to comply with environmen- Procedures to legally start and operate a company (number) tal regulations are included only when · Preregistration (for example, name verification or reservation, notarization) they apply to all businesses conducting · Registration in the economy's largest business city general commercial or industrial activi- · Postregistration (for example, social security registration, company seal) ties. Procedures that the company un- Time required to complete each procedure (calendar days) dergoes to connect to electricity, water, · Does not include time spent gathering information gas and waste disposal services are not · Each procedure starts on a separate day included. · Procedure completed once final document is received · No prior contact with officials time Cost required to complete each procedure (% of income per capita) Time is recorded in calendar days. The · Official costs only, no bribes measure captures the median duration · No professional fees unless services required by law that incorporation lawyers indicate is Paid-in minimum capital (% of income per capita) necessary to complete a procedure with · Deposited in a bank or with a notary before registration begins minimum follow-up with government Source: Doing Business database. agencies and no extra payments. It is as- sumed that the minimum time required · Performs general industrial or different sequential procedures, each is for each procedure is 1 day. Although commercial activities, such as the counted separately. The founders are as- procedures may take place simultane- production or sale to the public of sumed to complete all procedures them- ously, they cannot start on the same day products or services. The business selves, without middlemen, facilitators, (that is, simultaneous procedures start does not perform foreign trade accountants or lawyers, unless the use on consecutive days). A procedure is activities and does not handle of such a third party is mandated by considered completed once the company products subject to a special tax law. If the services of professionals are has received the final document, such as regime, for example, liquor or required, procedures conducted by such the company registration certificate or tobacco. It is not using heavily professionals on behalf of the company tax number. If a procedure can be accel- polluting production processes. are counted separately. Each electronic erated for an additional cost, the fastest · Leases the commercial plant and procedure is counted separately. If 2 pro- procedure is chosen. It is assumed that offices and is not a proprietor of real cedures can be completed through the the entrepreneur does not waste time estate. same website but require separate filings, and commits to completing each remain- · Does not qualify for investment they are counted as 2 procedures. ing procedure without delay. The time incentives or any special benefits. Both pre- and postincorporation that the entrepreneur spends on gather- · Has at least 10 and up to 50 procedures that are officially required ing information is ignored. It is assumed employees 1 month after the for an entrepreneur to formally operate a that the entrepreneur is aware of all entry commencement of operations, all of business are recorded. regulations and their sequence from the them nationals. Procedures required for official cor- beginning but has had no prior contact · Has a turnover of at least 100 times respondence or transactions with public with any of the officials. income per capita. agencies are also included. For example, · Has a company deed 10 pages long. if a company seal or stamp is required Cost on official documents, such as tax dec- Cost is recorded as a percentage of the proCedures larations, obtaining the seal or stamp is economy's income per capita. It includes A procedure is defined as any interaction counted. Similarly, if a company must all official fees and fees for legal or pro- of the company founders with external open a bank account before registering fessional services if such services are parties (for example, government agen- for sales tax or value added tax, this required by law. Fees for purchasing and cies, lawyers, auditors or notaries). In- transaction is included as a procedure. legalizing company books are included teractions between company founders or Shortcuts are counted only if they fulfill 4 if these transactions are required by law. company officers and employees are not criteria: they are legal, they are available The company law, the commercial code counted as procedures. Procedures that to the general public, they are used by and specific regulations and fee sched- must be completed in the same build- the majority of companies, and avoiding ules are used as sources for calculating ing but in different offices are counted them causes substantial delays. costs. In the absence of fee schedules, a as separate procedures. If founders have Only procedures required of all government officer's estimate is taken to visit the same office several times for businesses are covered. Industry-specific as an official source. In the absence of a 64 Doing Business 2009 government officer's estimate, estimates Table 12.3 of incorporation lawyers are used. If What does dealing with construction permits measure? several incorporation lawyers provide Procedures to legally build a warehouse (number) different estimates, the median reported · Submitting all relevant documents and obtaining all necessary clearances, licenses, permits and certificates value is applied. In all cases the cost ex- · Completing all required notifications and receiving all necessary inspections cludes bribes. · Obtaining utility connections for electricity, water, sewerage and a land telephone line · Registering the warehouse after its completion (if required for use as collateral or for transfer of warehouse) paid-in minimum CapitaL Time required to complete each procedure (calendar days) The paid-in minimum capital require- · Does not include time spent gathering information ment reflects the amount that the en- · Each procedure starts on a separate day trepreneur needs to deposit in a bank or · Procedure completed once final document is received · No prior contact with officials with a notary before registration and up to 3 months following incorporation and Cost required to complete each procedure (% of income per capita) is recorded as a percentage of the econ- · Official costs only, no bribes omy's income per capita. The amount Source: Doing Business database. is typically specified in the commercial code or the company law. Many econo- required notifications; and receiving all · Has 60 builders and other employees, mies have a minimum capital require- necessary inspections. Doing Business all of them nationals with the ment but allow businesses to pay only a also records procedures for obtaining technical expertise and professional part of it before registration, with the rest connections for electricity, water, sew- experience necessary to obtain to be paid after the first year of operation. erage and a fixed land line. Procedures construction permits and approvals. In Germany in June 2008, the minimum necessary to register the property so that · Has at least 1 employee who is a capital requirement for limited liability it can be used as collateral or transferred licensed architect and registered with companies was 25,000, of which at least to another entity are also counted (table the local association of architects. 12,500 was payable before registration. 12.3). The survey divides the process of · Has paid all taxes and taken out all The paid-in minimum capital recorded building a warehouse into distinct pro- necessary insurance applicable to its for Germany is therefore 12,500, or cedures and calculates the time and cost general business activity (for example, 42.2% of income per capita. In Serbia the of completing each procedure in practice accidental insurance for construction minimum capital requirement was 500, under normal circumstances. workers and third-person liability of which only half needed to be paid be- Information is collected from ex- insurance). fore registration. The paid-in minimum perts in construction licensing, includ- · Owns the land on which the capital recorded for Serbia is therefore ing architects, construction lawyers, con- warehouse is built. 250, or 7% of income per capita. struction firms, utility service providers and public officials who deal with build- assumptions about the The data details on starting a business ing regulations, including approvals and warehouse can be found for each economy at inspections. To make the data comparable The warehouse: http://www.doingbusiness.org. This meth- across economies, several assumptions · Will be used for general storage odology was developed in Djankov and about the business, the warehouse project activities, such as storage of books or others (2002) and is adopted here with and the utility connections are used. stationery. The warehouse will not be minor changes. used for any goods requiring special assumptions about the conditions, such as food, chemicals or dealing with conStruction ConstruCtion Company pharmaceuticals. perMitS The business (BuildCo): · Has 2 stories, both above ground, · Is a limited liability company. with a total surface of approximately Doing Business records all procedures · Operates in the economy's largest 1,300.6 square meters (14,000 square required for a business in the construc- business city. feet). Each floor is 3 meters (9 feet, 10 tion industry to build a standardized · Is 100% domestically and privately inches) high. warehouse. These procedures include owned. · Has road access and is located in submitting all relevant project-specific · Has 5 owners, none of whom is a legal the periurban area of the economy's documents (for example, building plans entity. largest business city (that is, on the and site maps) to the authorities; obtain- · Is fully licensed and insured to carry fringes of the city but still within its ing all necessary clearances, licenses, out construction projects, such as official limits). permits and certificates; completing all building warehouses. DATA noTes 65 · Is not located in a special economic it is assumed that the water demand is assumed that BuildCo does not waste or industrial zone. The zoning specified below also covers the water time and commits to completing each requirements for warehouses are met needed for fire protection. remaining procedure without delay. The by building in an area where similar · Has an average water use of 662 liters time that BuildCo spends on gathering warehouses can be found. (175 gallons) a day and an average information is ignored. It is assumed · Is located on a land plot of 929 square wastewater flow of 568 liters (150 that BuildCo is aware of all building meters (10,000 square feet) that gallons) a day. requirements and their sequence from is 100% owned by BuildCo and is · Has a peak water use of 1,325 liters the beginning. accurately registered in the cadastre (350 gallons) a day and a peak and land registry. wastewater flow of 1,136 liters (300 Cost · Is a new construction (there was no gallons) a day. Cost is recorded as a percentage of the previous construction on the land). · Will have a constant level of water economy's income per capita. Only of- · Has complete architectural and demand and wastewater flow ficial costs are recorded. All the fees technical plans prepared by a licensed throughout the year. associated with completing the proce- architect. dures to legally build a warehouse are · Will include all technical equipment The telephone connection: recorded, including those associated required to make the warehouse fully · Is 10 meters (32 feet, 10 inches) from with obtaining land use approvals and operational. the main telephone network. preconstruction design clearances; re- · Will take 30 weeks to construct · Is a fixed land line. ceiving inspections before, during and (excluding all delays due to after construction; getting utility con- administrative and regulatory proCedures nections; and registering the warehouse requirements). A procedure is any interaction of the property. Nonrecurring taxes required company's employees or managers with for the completion of the warehouse assumptions about the utiLity external parties, including government project also are recorded. The building ConneCtions agencies, notaries, the land registry, the code, information from local experts and The electricity connection: cadastre, utility companies, public and specific regulations and fee schedules are · Is 10 meters (32 feet, 10 inches) from private inspectors and technical experts used as sources for costs. If several local the main electricity network. apart from in-house architects and en- partners provide different estimates, the · Is a medium-tension, 3-phase, 4-wire gineers. Interactions between company median reported value is used. Y, 140-kVA connection. Three-phase employees, such as development of the service is available in the construction warehouse plans and inspections con- The data details on dealing with con- area. ducted by employees, are not counted struction permits can be found for each · Will be delivered by an overhead as procedures. Procedures that the com- economy at http://www.doing service, unless overhead service is not pany undergoes to connect to electricity, business.org. available in the periurban area. water, sewerage and telephone services · Consists of a simple hookup unless are included. All procedures that are eMploying workerS installation of a private substation legally or in practice required for build- (transformer) or extension of network ing a warehouse are counted, even if they Doing Business measures the regulation is required. may be avoided in exceptional cases. of employment, specifically as it affects · Requires the installation of only one the hiring and firing of workers and the electricity meter. time rigidity of working hours. BuildCo is assumed to have a licensed Time is recorded in calendar days. The In 2007 improvements were made to electrician on its team to complete the measure captures the median duration align the methodology for the employing internal wiring for the warehouse. that local experts indicate is necessary to workers indicators with the International complete a procedure in practice. It is as- Labour Organization (ILO) conventions. The water and sewerage connection: sumed that the minimum time required Only 4 of the 188 ILO conventions cover · Is10meters(32feet,10inches)from for each procedure is 1 day. Although areas measured by Doing Business: the existing water source and sewer tap. procedures may take place simultane- employee termination, weekend work, · Does not require water for ously, they cannot start on the same day holiday with pay and night work. The fire protection reasons; a fire (that is, simultaneous procedures start methodology was adapted to ensure full extinguishing system (dry system) on consecutive days). If a procedure can consistency with these 4 conventions. It will be used instead. If a wet fire be accelerated legally for an additional is possible for an economy to receive the protection system is required by law, cost, the fastest procedure is chosen. It highest score on the ease of employing 66 Doing Business 2009 workers and comply with all relevant ILO · Is subject to collective bargaining fixed-term contracts is less than 3 years; conventions (specifically, the 4 related to agreements in economies where such 0.5 if it is 3 years or more but less than 5 Doing Business)--and no economy can agreements cover more than half the years; and 0 if fixed-term contracts can achieve a better score by failing to com- manufacturing sector and apply even last 5 years or more. Finally, a score of 1 ply with these conventions. to firms not party to them. is assigned if the ratio of the minimum The ILO conventions covering areas · Abides by every law and regulation wage to the average value added per related to the employing workers indica- but does not grant workers more worker is 0.75 or more; 0.67 for a ratio of tors do not include the ILO core labor benefits than mandated by law, 0.50 or more but less than 0.75; 0.33 for standards--8 conventions covering the regulation or (if applicable) collective a ratio of 0.25 or more but less than 0.50; right to collective bargaining, the elimi- bargaining agreement. and 0 for a ratio of less than 0.25. In the nation of forced labor, the abolition of Central African Republic, for example, child labor and equitable treatment in rigidity of empLoyment index fixed-term contracts are prohibited for employment practices. Doing Business The rigidity of employment index is the permanent tasks (a score of 1), and they supports the ILO core labor standards average of 3 subindices: a difficulty of can be used for a maximum of 4 years (a and this year includes information on hiring index, a rigidity of hours index score of 0.5). The ratio of the mandated their ratification. Doing Business does and a difficulty of firing index (table minimum wage to the value added per not measure or rank ratification or com- 12.4). All the subindices have several worker is 0.62 (a score of 0.67). Averag- pliance with ILO conventions. components. And all take values between ing the 3 values and scaling the index to The data on employing workers are 0 and 100, with higher values indicating 100 gives the Central African Republic a based on a detailed survey of employment more rigid regulation. score of 72. regulations that is completed by local The difficulty of hiring index mea- The rigidity of hours index has 5 lawyers and public officials. Employment sures (i) whether fixed-term contracts components: (i) whether night work is laws and regulations as well as second- are prohibited for permanent tasks; (ii) unrestricted; (ii) whether weekend work ary sources are reviewed to ensure accu- the maximum cumulative duration of is unrestricted; (iii) whether the work- racy. To make the data comparable across fixed-term contracts; and (iii) the ratio week can consist of 5.5 days; (iv) whether economies, several assumptions about the of the minimum wage for a trainee the workweek can extend to 50 hours or worker and the business are used. or first-time employee to the average more (including overtime) for 2 months value added per worker.4 An economy a year to respond to a seasonal increase assumptions about the worker is assigned a score of 1 if fixed-term in production; and (v) whether paid The worker: contracts are prohibited for permanent annual vacation is 21 working days or · Is a 42-year-old, nonexecutive, full- tasks and a score of 0 if they can be used fewer. For each of these questions, if the time, male employee. for any task. A score of 1 is assigned if answer is no, the economy is assigned a · Has worked at the same company for the maximum cumulative duration of score of 1; otherwise a score of 0 is as- 20 years. · Earns a salary plus benefits equal to Table 12.4 What does employing workers measure? the economy's average wage during the entire period of his employment. Difficulty of hiring index (0­100) · Is a lawful citizen who belongs to the · Applicability and maximum duration of fixed-term contracts same race and religion as the majority · Minimum wage for trainee or first-time employee of the economy's population. Rigidity of hours index (0­100) · Resides in the economy's largest · Restrictions on night work and weekend work business city. · Allowed maximum length of the workweek in days and hours, including overtime · Is not a member of a labor union, · Paid annual vacation days unless membership is mandatory. Difficulty of firing index (0­100) · Notification and approval requirements for termination of a redundant worker or group of redundant assumptions about the business workers The business: · Obligation to reassign or retrain and priority rules for redundancy and reemployment · Is a limited liability company. Rigidity of employment index (0­100) · Operates in the economy's largest · Simple average of the difficulty of hiring, rigidity of hours and difficulty of firing indices business city. Firing cost (weeks of salary) · Is 100% domestically owned. · Notice requirements, severance payments and penalties due when terminating a redundant worker, ex- · Operates in the manufacturing sector. pressed in weeks of salary · Has 201 employees. Source: Doing Business database. DATA noTes 67 signed. For example, the Czech Republic rules for termination (a score of 1) and Every procedure required by law imposes restrictions on night work (a reemployment (a score of 1). Adding the or necessary in practice is included, score of 1) and weekend work (a score scores and scaling to 100 gives a final whether it is the responsibility of the of 1), allows 6-day workweeks (a score index of 80. seller or the buyer or must be completed of 0), permits 50-hour workweeks for 2 by a third party on their behalf. Local months (a score of 0) and requires paid firing Cost property lawyers, notaries and property vacation of 20 working days (a score of The firing cost indicator measures the registries provide information on pro- 0). Averaging the scores and scaling the cost of advance notice requirements, cedures as well as the time and cost to result to 100 gives a final index of 40 for severance payments and penalties due complete each of them. the Czech Republic. when terminating a redundant worker, To make the data comparable across The difficulty of firing index has expressed in weeks of salary. If the firing economies, several assumptions about 8 components: (i) whether redundancy cost adds up to 8 or fewer weeks of salary, the parties to the transaction, the prop- is disallowed as a basis for terminating a score of 0 is assigned for the purposes erty and the procedures are used. workers; (ii) whether the employer needs of calculating the aggregate ease of doing to notify a third party (such as a gov- business ranking. If the cost adds up to assumptions about the parties ernment agency) to terminate 1 redun- more than 8 weeks of salary, the score is The parties (buyer and seller): dant worker; (iii) whether the employer the number of weeks. One month is re- · Are limited liability companies. needs to notify a third party to terminate corded as 4 and 1/3 weeks. In Mauritius, · Are located in the periurban area of a group of 25 redundant workers; (iv) for example, an employer is required to the economy's largest business city. whether the employer needs approval give 3 months' notice before a redun- · Are 100% domestically and privately from a third party to terminate 1 redun- dancy termination, and the severance owned. dant worker; (v) whether the employer pay for a worker with 20 years of service · Have 50 employees each, all of whom needs approval from a third party to equals 5 months of wages. No penalty are nationals. terminate a group of 25 redundant work- is levied. Altogether, the employer pays · Perform general commercial ers; (vi) whether the law requires the the equivalent of 35 weeks of salary to activities. employer to reassign or retrain a worker dismiss the worker. before making the worker redundant; assumptions about the property (vii) whether priority rules apply for The data details on employing workers The property: redundancies; and (viii) whether priority can be found for each economy at http:// · Has a value of 50 times income per rules apply for reemployment. For the www.doingbusiness.org. This methodol- capita. The sale price equals the value. first question an answer of yes for work- ogy was developed in Botero and others · Is fully owned by the seller. ers of any income level gives a score of (2004) and is adopted here with minor · Has no mortgages attached and has 10 and means that the rest of the ques- changes. been under the same ownership for tions do not apply. An answer of yes to the past 10 years. question (iv) gives a score of 2. For every regiStering property · Is registered in the land registry or other question, if the answer is yes, a cadastre, or both, and is free of title score of 1 is assigned; otherwise a score Doing Business records the full sequence disputes. of 0 is given. Questions (i) and (iv), as the of procedures necessary for a business · Is located in a periurban commercial most restrictive regulations, have greater (buyer) to purchase a property from an- zone, and no rezoning is required. weight in the construction of the index. other business (seller) and to transfer the · Consists of land and a building. The In Tunisia, for example, redundancy property title to the buyer's name so that land area is 557.4 square meters is allowed as grounds for termination the buyer can use the property for ex- (6,000 square feet). A 2-story (a score of 0). An employer has to both panding its business, use the property as warehouse of 929 square meters notify a third party (a score of 1) and collateral in taking new loans or, if nec- (10,000 square feet) is located on the obtain its approval (a score of 2) to ter- essary, sell the property to another busi- land. The warehouse is 10 years old, is minate a single redundant worker, and ness (table 12.5). The process starts with in good condition and complies with has to both notify a third party (a score obtaining the necessary documents, such all safety standards, building codes of 1) and obtain its approval (a score of as a copy of the seller's title if necessary, and other legal requirements. The 1) to terminate a group of 25 redundant and conducting due diligence if required. property of land and building will be workers. The law mandates retraining or The transaction is considered complete transferred in its entirety. alternative placement before termina- when the buyer can use the property as · Will not be subject to renovations tion (a score of 1). There are priority collateral for a bank loan. or additional building following the purchase. 68 Doing Business 2009 · Has no trees, natural water sources, Table 12.5 natural reserves or historical What does registering property measure? monuments of any kind. Procedures to legally transfer title on immovable property (number) · Will not be used for special purposes, · Preregistration (for example, checking for liens, notarizing sales agreement, paying property transfer taxes) and no special permits, such as for · Registration in the economy's largest business city residential use, industrial plants, · Postregistration (for example, filing title with municipality) waste storage or certain types of Time required to complete each procedure (calendar days) agricultural activities, are required. · Does not include time spent gathering information · Has no occupants (legal or illegal), · Each procedure starts on a separate day and no other party holds a legal · Procedure completed once final document is received interest in it. · No prior contact with officials Cost required to complete each procedure (% of property value) proCedures · Official costs only, no bribes A procedure is defined as any interaction · No value added or capital gains taxes included of the buyer or the seller or their agents Source: Doing Business database. (if an agent is legally or in practice re- quired) with external parties, including involved are aware of all regulations and The data on the legal rights of bor- government agencies, inspectors, nota- their sequence from the beginning. Time rowers and lenders are gathered through ries and lawyers. Interactions between spent on gathering information is not a survey of financial lawyers and verified company officers and employees are not considered. through analysis of laws and regulations considered. All procedures that are le- as well as public sources of information gally or in practice required for register- Cost on collateral and bankruptcy laws. The ing property are recorded, even if they Cost is recorded as a percentage of the data on credit information sharing are may be avoided in exceptional cases. It is property value, assumed to be equiva- built in 2 stages. First, banking super- assumed that the buyer follows the fast- lent to 50 times income per capita. Only vision authorities and public informa- est legal option available and used by the official costs required by law are re- tion sources are surveyed to confirm the majority of property owners. Although corded, including fees, transfer taxes, presence of public credit registries and the buyer may use lawyers or other pro- stamp duties and any other payment to private credit information bureaus. Sec- fessionals where necessary in the regis- the property registry, notaries, public ond, when applicable, a detailed survey tration process, it is assumed that it does agencies or lawyers. Other taxes, such as on the public or private credit registry's not employ an outside facilitator in the capital gains tax or value added tax, are structure, law and associated rules is registration process unless legally or in excluded from the cost measure. Both administered to the credit registry. Sur- practice required to do so. costs borne by the buyer and those borne vey responses are verified through sev- by the seller are included. If cost esti- eral rounds of follow-up communication time mates differ among sources, the median with respondents as well as by contact- Time is recorded in calendar days. The reported value is used. ing third parties and consulting public measure captures the median duration sources. The survey data are confirmed that property lawyers, notaries or reg- The data details on registering property through teleconference calls or on-site istry officials indicate is necessary to can be found for each economy at http:// visits in all economies. complete a procedure. It is assumed that www.doingbusiness.org. the minimum time required for each strength of LegaL rights index procedure is 1 day. Although procedures getting credit The strength of legal rights index mea- may take place simultaneously, they can- sures the degree to which collateral and not start on the same day. It is assumed Doing Business constructs measures of bankruptcy laws protect the rights of that the buyer does not waste time and the legal rights of borrowers and lenders borrowers and lenders and thus facilitate commits to completing each remaining and the sharing of credit information. lending. Two case scenarios are used procedure without delay. If a procedure The first set of indicators describes how to determine the scope of the secured can be accelerated for an additional cost, well collateral and bankruptcy laws fa- transactions system, involving a secured the fastest legal procedure available and cilitate lending. The second set measures borrower, the company ABC, and a se- used by the majority of property owners the coverage, scope, quality and acces- cured lender, BizBank. is chosen. If procedures can be under- sibility of credit information available Several assumptions about the se- taken simultaneously, it is assumed that through public and private credit regis- cured borrower and lender are used: they are. It is assumed that the parties tries (table 12.6). DATA noTes 69 · ABC is a domestic, limited liability · Any business may use movable assets · Secured creditors are paid first (for company. as collateral while keeping possession example, before general tax claims · ABC has its headquarters and only of the assets, and any financial and employee claims) when a base of operations in the economy's institution may accept such assets as business is liquidated. largest business city. collateral. · Secured creditors are not subject to · To fund its business expansion plans, · The law allows a business to grant an automatic stay or moratorium ABC obtains a loan from BizBank for a nonpossessory security right in a on enforcement procedures when an amount up to 10 times income per single category of revolving movable a debtor enters a court-supervised capita in local currency. assets (such as accounts receivable reorganization procedure. · Both ABC and BizBank are 100% or inventory), without requiring a · The law allows parties to agree in a domestically owned. specific description of the secured collateral agreement that the lender The case scenarios also involve as- assets. may enforce its security right out of sumptions. In case A, as collateral for the · The law allows a business to grant court. loan, ABC grants BizBank a nonposses- a nonpossessory security right in The index ranges from 0 to 10, with sory security interest in one category of substantially all of its assets, without higher scores indicating that collateral revolving movable assets, for example, requiring a specific description of the and bankruptcy laws are better designed its accounts receivable or its inventory. secured assets. to expand access to credit. ABC wants to keep both possession and · A security right may extend to future ownership of the collateral. In economies or after-acquired assets and may depth of Credit information in which the law does not allow non- extend automatically to the products, index possessory security interests in movable proceeds or replacements of the The depth of credit information index property, ABC and BizBank use a fidu- original assets. measures rules affecting the scope, ac- ciary transfer-of-title arrangement (or · General description of debts and cessibility and quality of credit informa- a similar substitute for nonpossessory obligations is permitted in collateral tion available through either public or security interests). agreements and in registration private credit registries. A score of 1 is In case B, ABC grants BizBank a documents, so that all types of assigned for each of the following 6 fea- business charge, enterprise charge, float- obligations and debts can be secured tures of the public registry or the private ing charge or any charge or combination by stating a maximum rather than credit bureau (or both): of charges that gives BizBank a security a specific amount between the parties. · Both positive credit information interest over ABC's combined assets (or · A collateral registry is in operation (for example, loan amounts and as much of ABC's assets as possible). that is unified geographically and pattern of on-time repayments) and ABC keeps ownership and possession of by asset type and that is indexed by negative information (for example, the assets. the name of the grantor of a security late payments, number and amount The strength of legal rights index in- right. of defaults and bankruptcies) are cludes 8 aspects related to legal rights in · Secured creditors are paid first (for distributed. collateral law and 2 aspects in bankruptcy example, before general tax claims · Data on both firms and individuals law. A score of 1 is assigned for each of the and employee claims) when a debtor are distributed. following features of the laws: defaults outside an insolvency · Data from retailers, trade creditors or procedure. utility companies as well as financial Table 12.6 institutions are distributed. What does getting credit measure? · More than 2 years of historical data are Strength of legal rights index (0­10) distributed. Registries that erase data · Protection of rights of borrowers and lenders through collateral and bankruptcy laws on defaults as soon as they are repaid · Security interest is a nonpossessory one in movable assets obtain a score of 0 for this indicator. Depth of credit information index (0­6) · Data on loans below 1% of income per capita are distributed. A registry · Scope and accessibility of credit information distributed by public and private credit registries · Quality of data distributed by public and private credit registries must have a minimum coverage of 1% of the adult population to score a 1 Public credit registry coverage (% of adults) for this indicator. · Number of individuals and firms listed in a public credit registry as percentage of adult population · Regulations guarantee borrowers the Private credit bureau coverage (% of adults) right to access their data in the largest · Number of individuals and firms listed in a private credit bureau as percentage of adult population registry in the economy. Source: Doing Business database. 70 Doing Business 2009 The index ranges from 0 to 6, with private Credit bureau Coverage assumptions about the business higher values indicating the availability The private credit bureau coverage indi- The business (buyer): of more credit information, from either cator reports the number of individuals · Is a publicly traded corporation listed a public registry or a private bureau, to and firms listed by a private credit bureau on the economy's most important facilitate lending decisions. If the registry with information on repayment history, stock exchange. If the number of is not operational or has coverage of less unpaid debts or credit outstanding from publicly traded companies listed than 0.1% of the adult population, the the past 5 years. The number is expressed on that exchange is less than 10, or score on the depth of credit information as a percentage of the adult population if there is no stock exchange in the index is 0. (the population aged 15 and above ac- economy, it is assumed that buyer is a In Turkey, for example, both a pub- cording to the World Bank's World De- large private company with multiple lic and a private registry operate. Both velopment Indicators 2008). A private shareholders. distribute positive and negative informa- credit bureau is defined as a private firm · Has a board of directors and a tion (a score of 1). The private bureau or nonprofit organization that maintains chief executive officer (CEO) who distributes data only on individuals, but a database on the creditworthiness of may legally act on behalf of buyer the public registry covers firms as well borrowers (persons or businesses) in where permitted, even if this is not as individuals (a score of 1). The public the financial system and facilitates the specifically required by law. and private registries share data among exchange of credit information among · Is a food manufacturer. financial institutions only; no data are banks and financial institutions. Credit · Has its own distribution network. collected from retailers or utilities (a investigative bureaus and credit report- score of 0). The private bureau distrib- ing firms that do not directly facilitate assumptions about the utes more than 2 years of historical data information exchange among banks and transaCtion (a score of 1). The public registry collects other financial institutions are not con- · Mr. James is buyer's controlling data on loans of $3,493 (44% of income sidered. If no private bureau operates, shareholder and a member of buyer's per capita) or more, but the private bu- the coverage value is 0. board of directors. He owns 60% reau collects information on loans of of buyer and elected 2 directors to any value (a score of 1). Borrowers have The data details on getting credit can be buyer's 5-member board. the right to access their data in both the found for each economy at http://www · Mr. James also owns 90% of seller, private and the public registry (a score of .doingbusiness.org. This methodology a company that operates a chain of 1). Summing across the indicators gives was developed in Djankov, McLiesh and retail hardware stores. Seller recently Turkey a total score of 5. Shleifer (2007) and is adopted here with closed a large number of its stores. minor changes. · Mr. James proposes to buyer that pubLiC Credit registry Coverage it purchase seller's unused fleet of The public credit registry coverage in- protecting inveStorS trucks to expand buyer's distribution dicator reports the number of individu- of its food products. Buyer agrees. als and firms listed in a public credit Doing Business measures the strength of The price is equal to 10% of buyer's registry with information on repayment minority shareholder protections against assets and is higher than the market history, unpaid debts or credit outstand- directors' misuse of corporate assets for value. ing from the past 5 years. The number personal gain. The indicators distinguish · The proposed transaction is part is expressed as a percentage of the adult 3 dimensions of investor protection: of the company's ordinary course population (the population aged 15 and transparency of related-party transac- of business and is not outside the above according to the World Bank's tions (extent of disclosure index), li- authority of the company. World Development Indicators 2008). ability for self-dealing (extent of director · Buyer enters into the transaction. All A public credit registry is defined as a liability index) and shareholders' ability required approvals are obtained, and database managed by the public sec- to sue officers and directors for miscon- all required disclosures made (that is, tor, usually by the central bank or the duct (ease of shareholder suits index) the transaction is not fraudulent). superintendent of banks, that collects (table 12.7). The data come from a survey · The transaction is unfair to buyer. information on the creditworthiness of of corporate lawyers and are based on Shareholders sue Mr. James and borrowers (persons or businesses) in the securities regulations, company laws and the other parties that approved the financial system and makes it available court rules of evidence. transaction. to financial institutions. If no public reg- To make the data comparable across istry operates, the coverage value is 0. economies, several assumptions about the business and the transaction are used. DATA noTes 71 Table 12.7 extent of direCtor LiabiLity What does protecting investors measure? index Extent of disclosure index (0­10) The extent of director liability index has · Who can approve related-party transactions 7 components: · Disclosure requirements in case of related-party transactions · Whether a shareholder plaintiff is Extent of director liability index (0­10) able to hold Mr. James liable for · Ability of the shareholders to hold the interested party and the approving body liable in case of related- damage the buyer-seller transaction party transactions causes to the company. A score of 0 is · Available legal remedies (damages, repayment of profits, fines and imprisonment) assigned if Mr. James cannot be held · Ability of shareholders to sue directly or derivatively liable or can be held liable only for Ease of shareholder suits index (0­10) fraud or bad faith; 1 if Mr. James can · Documents and information available during trial be held liable only if he influenced · Direct access to internal documents of the company and use of a government inspector without filing a the approval of the transaction or suit in court was negligent; 2 if Mr. James can Strength of investor protection index (0­10) be held liable when the transaction · Simple average of the extent of disclosure, extent of director liability and ease of shareholder suits indices is unfair or prejudicial to the other Source: Doing Business database. shareholders. · Whether a shareholder plaintiff is extent of disCLosure index · Whether disclosure by Mr. James to able to hold the approving body (the The extent of disclosure index has 5 the board of directors is required. A CEO or board of directors) liable for components: score of 0 is assigned if no disclosure damage the transaction causes to the · What corporate body can provide is required; 1 if a general disclosure of company. A score of 0 is assigned if legally sufficient approval for the the existence of a conflict of interest the approving body cannot be held transaction. A score of 0 is assigned if is required without any specifics; 2 liable or can be held liable only for it is the CEO or the managing director if full disclosure of all material facts fraud or bad faith; 1 if the approving alone; 1 if the board of directors relating to Mr. James's interest in the body can be held liable for negligence; or shareholders must vote and Mr. buyer-seller transaction is required. 2 if the approving body can be James is permitted to vote; 2 if the · Whether it is required that an held liable when the transaction is board of directors must vote and Mr. external body, for example, an unfair or prejudicial to the other James is not permitted to vote; 3 if external auditor, review the shareholders. shareholders must vote and Mr. James transaction before it takes place. A · Whether a court can void the is not permitted to vote. score of 0 is assigned if no; 1 if yes. transaction upon a successful claim · Whether immediate disclosure of The index ranges from 0 to 10, with by a shareholder plaintiff. A score of 0 the transaction to the public, the higher values indicating greater disclo- is assigned if rescission is unavailable regulator or the shareholders is sure. In Poland, for example, the board or is available only in case of fraud or required. A score of 0 is assigned if no of directors must approve the transaction bad faith; 1 if rescission is available disclosure is required; 1 if disclosure and Mr. James is not allowed to vote (a when the transaction is oppressive or on the terms of the transaction but score of 2). Buyer is required to disclose prejudicial to the other shareholders; not Mr. James's conflict of interest immediately all information affecting the 2 if rescission is available when the is required; 2 if disclosure on both stock price, including the conflict of in- transaction is unfair or entails a the terms and Mr. James's conflict of terest (a score of 2). In its annual report conflict of interest. interest is required. buyer must also disclose the terms of the · Whether Mr. James pays damages · Whether disclosure in the annual transaction and Mr. James's ownership in for the harm caused to the company report is required. A score of 0 is buyer and seller (a score of 2). Before the upon a successful claim by the assigned if no disclosure on the transaction Mr. James must disclose his shareholder plaintiff. A score of 0 is transaction is required; 1 if disclosure conflict of interest to the other directors, assigned if no; 1 if yes. on the terms of the transaction but but he is not required to provide specific · Whether Mr. James repays profits not Mr. James's conflict of interest information about it (a score of 1). Poland made from the transaction upon a is required; 2 if disclosure on both does not require an external body to re- successful claim by the shareholder the terms and Mr. James's conflict of view the transaction (a score of 0). Adding plaintiff. A score of 0 is assigned if no; interest is required. these numbers gives Poland a score of 7 1 if yes. on the extent of disclosure index. 72 Doing Business 2009 · Whether fines and imprisonment can if no; 1 if yes, with prior approval of strength of investor proteCtion be applied against Mr. James. A score the questions by the judge; 2 if yes, index of 0 is assigned if no; 1 if yes. without prior approval. The strength of investor protection index · Whether shareholder plaintiffs are · Whether the plaintiff can obtain is the average of the extent of disclosure able to sue directly or derivatively for categories of relevant documents from index, the extent of director liability damage the transaction causes to the the defendant without identifying index and the ease of shareholder suits company. A score of 0 is assigned if each document specifically. A score of index. The index ranges from 0 to 10, suits are unavailable or are available 0 is assigned if no; 1 if yes. with higher values indicating more in- only for shareholders holding more · Whether shareholders owning 10% or vestor protection. than 10% of the company's share less of the company's share capital can capital; 1 if direct or derivative suits request that a government inspector The data details on protecting investors are available for shareholders holding investigate the buyer-seller transac- can be found for each economy at http:// 10% or less of share capital. tion without filing suit in court. A www.doingbusiness.org. This methodol- The index ranges from 0 to 10, with score of 0 is assigned if no; 1 if yes. ogy was developed in Djankov, La Porta, higher values indicating greater liability · Whether shareholders owning López-de-Silanes and Shleifer (2008). of directors. To hold Mr. James liable in 10% or less of the company's share Panama, for example, a plaintiff must capital have the right to inspect the paying taxeS prove that Mr. James influenced the ap- transaction documents before filing proving body or acted negligently (a score suit. A score of 0 is assigned if no; 1 Doing Business records the taxes and of 1). To hold the other directors liable, if yes. mandatory contributions that a medium- a plaintiff must prove that they acted · Whether the standard of proof for size company must pay in a given year, as negligently (a score of 1). The unfair civil suits is lower than that for a well as measures of the administrative transaction cannot be voided (a score of criminal case. A score of 0 is assigned burden of paying taxes and contribu- 0). If Mr. James is found liable, he must if no; 1 if yes. tions. Taxes and contributions measured pay damages (a score of 1) but he is not The index ranges from 0 to 10, with include the profit or corporate income required to disgorge his profits (a score higher values indicating greater powers tax, social contributions and labor taxes of 0). Mr. James cannot be fined or im- of shareholders to challenge the transac- paid by the employer, property taxes, prisoned (a score of 0). Direct suits are tion. In Greece, for example, the plaintiff property transfer taxes, dividend tax, available for shareholders holding 10% or can access documents that the defendant capital gains tax, financial transactions less of share capital (a score of 1). Adding intends to rely on for his defense and that tax, waste collection taxes and vehicle these numbers gives Panama a score of 4 directly prove facts in the plaintiff's claim and road taxes. on the extent of director liability index. (a score of 2). The plaintiff can examine Doing Business measures all taxes the defendant and witnesses during trial, and contributions that are government ease of sharehoLder suits index though only with prior approval of the mandated (at any level--federal, state The ease of shareholder suits index has 6 questions by the court (a score of 1). The or local), apply to the standardized busi- components: plaintiff must specifically identify the ness and have an impact in its income · What range of documents is available documents being sought (for example, statements. In doing so, Doing Business to the shareholder plaintiff from the the buyer-seller purchase agreement of goes beyond the traditional definition defendant and witnesses during trial. July 15, 2006) and cannot just request of a tax: as defined for the purposes A score of 1 is assigned for each of categories (for example, all documents of government national accounts, taxes the following types of documents related to the transaction) (a score of include only compulsory, unrequited available: information that the 0). A shareholder holding 5% of buyer's payments to general government (table defendant has indicated he intends to shares can request that a government 12.8). Doing Business departs from this rely on for his defense; information inspector review suspected mismanage- definition because it measures imposed that directly proves specific facts in ment by Mr. James and the CEO without charges that affect business accounts, the plaintiff's claim; any information filing suit in court (a score of 1). Any not government accounts. The main dif- relevant to the subject matter of shareholder can inspect the transaction ferences relate to labor contributions the claim; and any information that documents before deciding whether to and value added tax. The Doing Busi- may lead to the discovery of relevant sue (a score of 1). The standard of proof ness measure includes government- information. for civil suits is the same as that for a mandated contributions paid by the · Whether the plaintiff can directly criminal case (a score of 0). Adding these employer to a requited private pension examine the defendant and witnesses numbers gives Greece a score of 5 on the fund or workers' insurance fund. The in- during trial. A score of 0 is assigned ease of shareholder suits index. dicator includes, for example, Australia's DATA noTes 73 Table 12.8 nationals, and 1 manager is also an What does paying taxes measure? owner. Tax payments for a manufacturing company in 2007 (number per year) · Has a turnover of 1,050 times income · Total number of taxes and contributions paid, including consumption taxes (value added tax, sales tax or per capita. goods and service tax) · Makes a loss in the first year of · Method and frequency of payment operation. Time required to comply with 3 major taxes (hours per year) · Has a gross margin (pretax) of 20% · Hours to prepare, file and pay profit taxes, consumption taxes and labor taxes and contributions (that is, sales are 120% of the cost of · Collecting information to compute tax payable goods sold). · Completing tax return forms, filing with proper agencies · Distributes 50% of its net profits as · Arranging payment or withholding · Preparing separate tax accounting books, if required dividends to the owners at the end of the second year. Total tax rate (% of profit) · Sells one of its plots of land at a profit · Profit or corporate income tax during the second year. · Social contributions and labor taxes paid by the employer · Property and property transfer taxes · Has annual fuel costs for its trucks · Dividend, capital gains and financial transactions taxes equal to twice income per capita. · Waste collection, vehicle, road and other taxes · Is subject to a series of detailed Source: Doing Business database. assumptions on expenses and transactions to further standardize compulsory superannuation guarantee most popular among domestic firms the case. All financial statement and workers' compensation insurance. is chosen. The most popular form is variables are proportional to 2005 It excludes value added taxes from the reported by incorporation lawyers or income per capita. For example, the total tax rate because they do not affect the statistical office. owner who is also a manager spends the accounting profits of the business-- · Started operations on January 1, 2006. 10% of income per capita on traveling that is, they are not reflected in the At that time the company purchased for the company (20% of this owner's income statement. all the assets shown in its balance expenses are purely private, 20% are Doing Business has prepared a case sheet and hired all its workers. for entertaining customers and 60% scenario to measure the taxes and contri- · Operates in the economy's largest for business travel). butions paid by a standardized business business city. and the complexity of an economy's tax · Is 100% domestically owned and has assumptions about the taxes compliance system. This case scenario 5 owners, all of whom are natural and Contributions uses a set of financial statements and as- persons. · All the taxes and contributions paid sumptions about transactions made over · Has a start-up capital of 102 times in the second year of operation the year. Tax experts in each economy income per capita at the end of 2006. (fiscal 2007) are recorded. A tax or compute the taxes and contributions due · Performs general industrial or contribution is considered distinct if in their jurisdiction based on the stan- commercial activities. Specifically, it it has a different name or is collected dardized case facts. Information is also produces ceramic flowerpots and sells by a different agency. Taxes and compiled on the frequency of filing, tax them at retail. It does not participate contributions with the same name audits and other costs of compliance. in foreign trade (no import or export) and agency, but charged at different The project was developed and imple- and does not handle products subject rates depending on the business, mented in cooperation with Pricewater- to a special tax regime, for example, are counted as the same tax or houseCoopers. liquor or tobacco. contribution. To make the data comparable across · At the beginning of 2007, owns 2 · The number of times the company economies, several assumptions about plots of land, 1 building, machinery, pays taxes and contributions in a the business and the taxes and contribu- office equipment, computers and 1 year is the number of different taxes tions are used. truck and leases 1 truck. or contributions multiplied by the · Does not qualify for investment frequency of payment (or withholding) assumptions about the business incentives or any benefits apart from for each one. The frequency of The business: those related to the age or size of the payment includes advance payments · Is a limited liability, taxable company. company. (or withholding) as well as regular If there is more than one type of · Has 60 employees--4 managers, 8 payments (or withholding). limited liability company in the assistants and 48 workers. All are economy, the limited liability form 74 Doing Business 2009 tax payments time as value added tax, sales tax or goods The tax payments indicator reflects the Time is recorded in hours per year. The and service tax) but not borne by the total number of taxes and contributions indicator measures the time taken to company are excluded. The taxes in- paid, the method of payment, the fre- prepare, file and pay 3 major types of cluded can be divided into 5 categories: quency of payment and the number of taxes and contributions: the corporate profit or corporate income tax, social agencies involved for this standardized income tax, value added or sales tax and contributions and labor taxes paid by the case during the second year of operation. labor taxes, including payroll taxes and employer (in respect of which all manda- It includes consumption taxes paid by social contributions. Preparation time tory contributions are included, even if the company, such as sales tax or value includes the time to collect all informa- paid to a private entity such as a requited added tax. These taxes are traditionally tion necessary to compute the tax pay- pension fund), property taxes, turnover collected from the consumer on behalf able. If separate accounting books must taxes and other small taxes (such as mu- of the tax agencies. Although they do be kept for tax purposes--or separate nicipal fees and vehicle and fuel taxes). not affect the income statements of the calculations made--the time associated The total tax rate is designed to pro- company, they add to the administrative with these processes is included. This vide a comprehensive measure of the cost burden of complying with the tax system extra time is included only if the regular of all the taxes a business bears. It differs and so are included in the tax payments accounting work is not enough to fulfill from the statutory tax rate, which merely measure. the tax accounting requirements. Filing provides the factor to be applied to the The number of payments takes into time includes the time to complete all tax base. In computing the total tax rate, account electronic filing. Where full elec- necessary tax return forms and make the actual tax payable is divided by com- tronic filing and payment is allowed and all necessary calculations. Payment time mercial profit. Data for Sweden illustrate it is used by the majority of medium-size considers the hours needed to make the this (table 12.9). businesses, the tax is counted as paid payment online or at the tax authorities. Commercial profit is essentially net once a year even if payments are more Where taxes and contributions are paid profit before all taxes borne. It differs frequent. For taxes paid through third in person, the time includes delays while from the conventional profit before tax, parties, such as tax on interest withheld waiting. reported in financial statements. In com- at source by a financial institution or fuel puting profit before tax, many of the tax paid by the fuel distributor, only one totaL tax rate taxes borne by a firm are deductible. payment is included even if payments The total tax rate measures the amount In computing commercial profit, these are more frequent. These are taxes with- of taxes and mandatory contributions taxes are not deductible. Commercial held or paid at source where no filing is borne by the business in the second year profit therefore presents a clear picture required of the company. of operation, expressed as a share of of the actual profit of a business before Where 2 or more taxes or contribu- commercial profit. Doing Business 2009 any of the taxes it bears in the course of tions are filed for and paid jointly using reports the total tax rate for fiscal 2007. the fiscal year. the same form, each of these joint pay- The total amount of taxes borne is the Commercial profit is computed as ments is counted once. For example, if sum of all the different taxes and con- sales minus cost of goods sold, minus mandatory health insurance contribu- tributions payable after accounting for gross salaries, minus administrative ex- tions and mandatory pension contribu- allowable deductions and exemptions. penses, minus other expenses, minus tions are filed for and paid together, The taxes withheld (such as personal provisions, plus capital gains (from the only one of these contributions would be income tax) or collected by the company property sale) minus interest expense, included in the number of payments. and remitted to the tax authorities (such plus interest income and minus com- Table 12.9 Computing the total tax rate for Sweden Statutory rate Statutory tax base Actual tax payable Commercial profit1 Total tax rate (r) (b) (a) (c) (t) a=rxb t = a/c Type of tax (tax base) SKr SKr SKr Corporate income tax (taxable income) 28% 10,352,253 2,898,631 17,619,223 16.50% Real estate tax (land and buildings) 0.38% 26,103,545 97,888 17,619,223 0.60% Payroll tax (taxable wages) 32.28% 19,880,222 6,417,336 17,619,223 36.40% Fuel tax (fuel price) SKr 3.665 per liter 53,505 liters 196,095 17,619,223 1.10% TOTAL 9,609,950 54.50% 1. Profit before all taxes borne. Source: Doing Business database. DATA noTes 75 mercial depreciation. To compute the Local freight forwarders, shipping Table 12.10 commercial depreciation, a straight-line lines, customs brokers, port officials and What does trading across borders measure? depreciation method is applied, with the banks provide information on required following rates: 0% for the land, 5% for documents and cost as well as the time Documents required to export and import (number) the building, 10% for the machinery, to complete each procedure. To make · Bank documents 33% for the computers, 20% for the of- the data comparable across economies, · Customs clearance documents fice equipment, 20% for the truck and several assumptions about the business · Port and terminal handling documents 10% for business development expenses. and the traded goods are used. · Transport documents Commercial profit amounts to 59.4 times Time required to export and import (days) income per capita. assumptions about the business · Obtaining all the documents This methodology is consistent with The business: · Inland transport the Total Tax Contribution framework · Has 60 employees. · Customs clearance and inspections developed by PricewaterhouseCoopers. · Is located in the economy's largest · Port and terminal handling This framework measures taxes that are business city. · Does not include ocean transport time borne by companies and affect their in- · Is a private, limited liability company. Cost required to export and import come statements, as does Doing Busi- It does not operate in an export (US$ per container) ness. But while PricewaterhouseCoo- processing zone or an industrial · Obtaining all the documents pers bases its calculation on data from estate with special export or import · Inland transport the largest companies in the economy, privileges. · Customs clearance and inspections · Port and terminal handling Doing Business focuses on a standard- · Is domestically owned with no foreign · Official costs only, no bribes or tariffs ized medium-size company. ownership. Source: Doing Business database. · Exports more than 10% of its sales. The data details on paying taxes can be and that do not require renewal per ship- found for each economy at http://www assumptions about the traded ment (for example, an annual tax clear- .doingbusiness.org. This methodology was goods ance certificate) are not included. developed in Djankov, Ganser, McLiesh, The traded product travels in a dry- Ramalho and Shleifer (2008). cargo, 20-foot, full container load. It time weighs 10 tons and is valued at $20,000. The time for exporting and importing trading acroSS borderS The product: is recorded in calendar days. The time · Is not hazardous nor does it include calculation for a procedure starts from the Doing Business compiles procedural re- military items. moment it is initiated and runs until it is quirements for exporting and importing · Does not require refrigeration or any completed. If a procedure can be acceler- a standardized cargo of goods by ocean other special environment. ated for an additional cost and is available transport (table 12.10). Every official · Does not require any special to all trading companies, the fastest legal procedure for exporting and importing phytosanitary or environmental procedure is chosen. Fast-track proce- the goods is recorded--from the con- safety standards other than accepted dures applying to firms located in an ex- tractual agreement between the 2 parties international standards. port processing zone are not taken into ac- to the delivery of goods--along with the count because they are not available to all time and cost necessary for completion. doCuments trading companies. Ocean transport time All documents needed by the trader All documents required per shipment is not included. It is assumed that neither for clearance of the goods across the to export and import the goods are re- the exporter nor the importer wastes time border are also recorded. For exporting corded. It is assumed that the contract and that each commits to completing goods, procedures range from packing has already been agreed upon and signed each remaining procedure without delay. the goods at the factory to their depar- by both parties. Documents required for Procedures that can be completed in par- ture from the port of exit. For importing clearance by government ministries, cus- allel are measured as simultaneous. The goods, procedures range from the vessel's toms authorities, port and container ter- waiting time between procedures--for arrival at the port of entry to the cargo's minal authorities, health and technical example, during unloading of the cargo-- delivery at the factory warehouse. The control agencies and banks are taken into is included in the measure. time and cost for ocean transport are not account. Since payment is by letter of included. Payment is made by letter of credit, all documents required by banks credit, and the time, cost and documents for the issuance or securing of a letter of required for the issuance of a letter of credit are also taken into account. Docu- credit are taken into account. ments that are renewed at least annually 76 Doing Business 2009 Cost · Seller sues Buyer to recover the record procedures that exist in civil law Cost measures the fees levied on a 20-foot amount under the sales agreement but not common law jurisdictions, and container in U.S. dollars. All the fees asso- (that is, 200% of the economy's vice versa. For example, in civil law ciated with completing the procedures to income per capita). Buyer opposes countries the judge can appoint an in- export or import the goods are included. Seller's claim, saying that the quality dependent expert, while in common law These include costs for documents, ad- of the goods is not adequate. The countries each party submits a list of ministrative fees for customs clearance claim is disputed on the merits. expert witnesses to the court. To indicate and technical control, terminal handling · A court in the economy's largest the overall efficiency of court procedures, charges and inland transport. The cost business city with jurisdiction over 1 procedure is now subtracted for econo- measure does not include customs tariffs commercial cases worth 200% of mies that have specialized commercial and duties or costs related to ocean trans- income per capita decides the dispute. courts and 1 procedure for economies port. Only official costs are recorded. · Seller attaches Buyer's goods prior that allow electronic filing of court cases. to obtaining a judgment because Procedural steps that take place simul- The data details on trading across borders Seller fears that Buyer may become taneously with or are included in other can be found for each economy at http:// insolvent during the lawsuit. procedural steps are not counted in the www.doingbusiness.org. This methodol- · Expert opinions are given on the total number of procedures. ogy was developed in Djankov, Freund quality of the delivered goods. If it and Pham (forthcoming) and is adopted is standard practice in the economy time here with minor changes. for parties to call witnesses or expert Time is recorded in calendar days, witnesses to give an opinion on the counted from the moment Seller files enforcing contractS quality of the goods, the parties each the lawsuit in court until payment. This call one witness or expert witness. If includes both the days when actions take Indicators on enforcing contracts mea- it is standard practice for the judge place and the waiting periods between. sure the efficiency of the judicial system to appoint an independent expert to The average duration of different stages in resolving a commercial dispute (table give an expert opinion on the quality of dispute resolution is recorded: the 12.11). The data are built by following of the goods, the judge does so. In completion of filing and service of pro- the step-by-step evolution of a commer- this case the judge does not allow cess and of pretrial attachment (time to cial sale dispute before local courts. The opposing expert testimony. file the case), the issuance of judgment data are collected through study of the · The judgment is 100% in favor of (time for the trial and obtaining the codes of civil procedure and other court Seller: the judge decides that the judgment) and the moment of payment regulations as well as surveys completed goods are of adequate quality and (time for enforcement of judgment). by local litigation lawyers (and, in a that Buyer must pay the agreed price quarter of the economies, by judges as (200% of income per capita). Table 12.11 well). The name of the relevant court in · Buyer does not appeal the judgment. What does enforcing contracts measure? each economy--the court in the larg- The judgment becomes final. Procedures to enforce a contract (number) est business city with jurisdiction over · Seller takes all required steps for · Any interaction between the parties in a commercial cases worth 200% of income prompt enforcement of the judgment. commercial dispute, or between them and the per capita--is published at http://www The money is successfully collected judge or court officer .doingbusiness.org. through a public sale of Buyer's · Steps to file the case movable assets (for example, office · Steps for trial and judgment assumptions about the Case equipment). · Steps to enforce the judgment · The value of the claim equals 200% of Time required to complete each procedure the economy's income per capita. proCedures (calendar days) · The dispute concerns a lawful The list of procedural steps compiled · Measured in calendar days transaction between 2 businesses for each economy traces the chronol- · Time to file the case (Seller and Buyer), located in the ogy of a commercial dispute before the · Time for trial and obtaining judgment · Time to enforce the judgment economy's largest business city. relevant court. A procedure is defined Seller sells goods worth 200% of the as any interaction between the parties, Cost required to complete each procedure (% of claim) economy's income per capita to Buyer. or between them and the judge or court · No bribes After Seller delivers the goods to Buyer, officer. This includes steps to file the case, · Average attorney fees Buyer refuses to pay for the goods on steps for trial and judgment and steps · Court costs, including expert fees the grounds that the delivered goods necessary to enforce the judgment. · Enforcement costs were not of adequate quality. The survey allows respondents to Source: Doing Business database. DATA noTes 77 Cost · Has a professional general manager. uidation or debt enforcement procedure, Cost is recorded as a percentage of the · Has had average annual revenue of the economy receives a "no practice" claim, assumed to be equivalent to 200% 1,000 times income per capita over mark. This means that creditors are un- of income per capita. No bribes are re- the past 3 years. likely to recover their debt through the corded. Three types of costs are recorded: · Has 201 employees and 50 suppliers, legal process (in or out of court). court costs, enforcement costs and aver- each of which is owed money for the age attorney fees. Court costs include all last delivery. time costs Seller must advance to the court or · Borrowed from a domestic bank Time for creditors to recover their debt is to the expert regardless of the final cost 5 years ago (the loan has 10 years recorded in calendar years. Information to Seller. Expert fees, if required by law to full repayment) and bought real is collected on the sequence of proce- or necessary in practice, are included estate (the hotel building), using it as dures and on whether any procedures in court costs. Enforcement costs are all security for the bank loan. can be carried out simultaneously. Poten- costs Seller must advance to enforce the · Has observed the payment schedule tial delay tactics by the parties, such as judgment through a public sale of Buyer's and all other conditions of the loan the filing of dilatory appeals or requests movable assets, regardless of the final up to now. for extension, are taken into consider- cost to Seller. Average attorney fees are · Has a floating charge or mortgage, ation. the fees Seller must advance to a local with the value of its principal being attorney to represent Seller in the stan- exactly equal to the market value of Cost dardized case. the hotel. The cost of the proceedings is recorded as a percentage of the estate's value. The The data details on enforcing contracts assumptions about the Case cost is calculated on the basis of survey can be found for each economy at http:// The business is experiencing liquidity responses by insolvency practitioners www.doingbusiness.org. This methodol- problems. The company's loss in 2007 and includes court fees as well as fees ogy was developed in Djankov and others reduced its net worth to a negative figure. of insolvency practitioners, independent (2003) and is adopted here with minor There is no cash to pay the bank interest assessors, lawyers and accountants. Re- changes. or principal in full, due tomorrow. The spondents provide cost estimates from business therefore defaults on its loan. among the following options: a specific cloSing a buSineSS Management believes that losses will be percentage or less than 2%, 2­5%, 5­8%, incurred in 2008 and 2009 as well. 8­11%, 11­18%, 18­25%, 25­33%, Doing Business studies the time, cost The bank holds a floating charge 33­50%, 50­75% and more than 75% of and outcomes of bankruptcy proceed- against the hotel in economies where the value of the business estate. ings involving domestic entities (table floating charges are possible. If the law 12.12). The data are derived from survey does not permit a floating charge but Table 12.12 responses by local insolvency practitio- contracts commonly use some other pro- What does closing a business measure? ners and verified through a study of laws vision to that effect, this provision is Time required to recover debt (years) and regulations as well as public infor- specified in the lending contract. · Measured in calendar years mation on bankruptcy systems. The business has too many credi- · Appeals and requests for extension are included To make the data comparable across tors to negotiate an informal out-of-court Cost required to recover debt (% of estate) economies, several assumptions about workout. It has the following options: a · Measured as percentage of estate value the business and the case are used. judicial procedure aimed at the rehabilita- · Court fees tion or reorganization of the business to · Lawyers'fees assumptions about the business permit its continued operation; a judicial · Independent assessors'fees The business: procedure aimed at the liquidation or · Accountants'fees · Is a limited liability company. winding-up of the company; or a debt en- Recovery rate for creditors (cents on the dollar) · Operates in the economy's largest forcement or foreclosure procedure aimed · Measures the cents on the dollar recovered by business city. at selling the hotel either piecemeal or as creditors · Is 100% domestically owned, with the a going concern, enforced either in court · Present value of debt recovered · Official costs of the insolvency proceedings are founder, who is also the chairman of (or through a government authority like a deducted the supervisory board, owning 51% debt collection agency) or out of court (for · Depreciation of assets is taken into account (no other shareholder holds more example, by appointing a receiver). · Outcome for the business affects the maximum than 5% of shares). If an economy has had fewer than 5 value that can be recovered · Has downtown real estate, where it cases a year over the past 5 years involv- Source: Doing Business database. runs a hotel, as its major asset. ing a judicial reorganization, judicial liq- 78 Doing Business 2009 reCovery rate noteS The recovery rate is recorded as cents on the dollar recouped by creditors through 1. The data for paying taxes refer to the bankruptcy, insolvency or debt en- January­December 2007. forcement proceedings. The calculation 2. These are available at http://www takes into account whether the business .subnational.doingbusiness.org. emerges from the proceedings as a going 3. The average value added per worker is the ratio of an economy's GNI per capita to concern as well as costs and the loss in the working-age population as a percent- value due to the time spent closing down. age of the total population. If the business keeps operating, no value is lost on the initial claim, set at 100 cents on the dollar. If it does not, the initial 100 cents on the dollar are reduced to 70 cents on the dollar. Then the official costs of the insolvency procedure are deducted (1 cent for each percentage of the initial value). Finally, the value lost as a result of the time the money remains tied up in insolvency proceedings is taken into account, including the loss of value due to depreciation of the hotel furniture. Consistent with international accounting practice, the depreciation rate for furni- ture is taken to be 20%. The furniture is assumed to account for a quarter of the total value of assets. The recovery rate is the present value of the remaining pro- ceeds, based on end-2007 lending rates from the International Monetary Fund's International Financial Statistics, sup- plemented with data from central banks. The recovery rate for economies with "no practice" is zero. This methodology was developed in Djankov and others (2006). 79 Ease of doing property rights. The simple average of First, it selects the economies that im- business Iceland's percentile rankings on all top- plemented reforms making it easier to ics is 23%. When all economies are or- do business in 3 or more of the 10 Doing dered by their average percentile rank, Business topics. One reform is counted Iceland is in 11th place. per topic. For example, if an economy Morecomplexaggregationmethods merged several procedures by creating a --such as principal components and unified property registry and separately unobserved components--yield a reduced the property transfer tax, this nearly identical ranking.1 The choice of counts as 1 reform for the purposes of aggregation method has little influence attaining the 3 reforms required to be a on the rankings because the 10 sets of candidate for top reformer. This year 33 indicators in Doing Business provide economies met this criterion: Albania, sufficiently broad coverage across top- Azerbaijan, Belarus, Bosnia and Her- ics. So Doing Business uses the simplest zegovina, Botswana, Bulgaria, Burkina method. Faso, China, Colombia, the Czech Re- The ease of doing business index public, the Dominican Republic, Egypt, The ease of doing business index ranks is limited in scope. It does not ac- Georgia, Greece, the Kyrgyz Republic, economies from 1 to 181. For each count for an economy's proximity to Liberia, the former Yugoslav Republic economy the index is calculated as the large markets, the quality of its infra- of Macedonia, Madagascar, Mauritius, ranking on the simple average of its structure services (other than services Morocco, Mozambique, New Zealand, percentile rankings on each of the 10 related to trading across borders or Portugal, Rwanda, Saudi Arabia, Sen- topics covered in Doing Business 2009. construction permits), the security of egal, Sierra Leone, Slovenia, Thailand, The ranking on each topic is the simple property from theft and looting, macro- Tunisia, Ukraine, Uruguay and Zambia average of the percentile rankings on its economic conditions or the strength of (table 13.2). component indicators (table 13.1). underlying institutions. There remains Second, Doing Business ranks these If an economy has no laws or regu- a large unfinished agenda for research economies on the increase in their lations covering a specific area--for into what regulation constitutes binding ranking on the ease of doing business example, bankruptcy--it receives a "no constraints, what package of reforms is from the previous year. For example, practice" mark. Similarly, an economy most effective and how these issues are Albania, Burkina Faso and Rwanda each receives a "no practice" or "not possible" shaped by the context of an economy. reformed in 4 aspects of business regu- mark if regulation exists but is never The Doing Business indicators provide lation. Albania's aggregate ranking on used in practice or if a competing regu- a new empirical data set that may im- the ease of doing business improved lation prohibits such practice. Either prove understanding of these issues. from 135 to 86, Burkina Faso's from 164 way, a "no practice" or "not possible" Doing Business also uses a simple to 148 and Rwanda's from 148 to 139. mark puts the economy at the bottom of method to calculate the top reformers. These changes represent an improve- the ranking on the relevant indicator. Here is one example of how the Table 13.1 Which indicators make up the ranking? ranking is constructed. In Iceland it takes 5 procedures, 5 days and 2.6% Starting a business Protecting investors of annual income per capita in fees to Procedures, time, cost and paid-in minimum Strength of investor protection index: extent of capital to open a new business disclosure index, extent of director liability index open a business. The minimum capital and ease of shareholder suits index required amounts to 13.6% of income Dealing with construction permits Paying taxes per capita. On these 4 indicators Iceland Procedures, time and cost to obtain construction Number of tax payments, time to prepare and file ranks in the 9th, 3rd, 13th and 58th permits, inspections and utility connections tax returns and to pay taxes, total taxes as a share percentiles. So on average Iceland ranks of profit before all taxes borne in the 21st percentile on the ease of Employing workers Trading across borders starting a business. It ranks in the 48th Difficulty of hiring index, rigidity of hours index, Documents, time and cost to export and import difficulty of firing index, firing cost percentile on protecting investors, 26th percentile on trading across borders, Registering property Enforcing contracts 8th percentile on enforcing contracts, Procedures, time and cost to transfer commercial Procedures, time and cost to resolve a real estate commercial dispute 8th percentile on closing a business and Getting credit Closing a business so on. Higher rankings indicate simpler Strength of legal rights index, depth of credit Recovery rate in bankruptcy regulation and stronger protection of information index 80 Doing Business 2009 ment in the ranking by 49 places, 16 places and 9 places, respectively. Alba- nia therefore ranks ahead of Burkina Faso in the list of top 10 reformers. Rwanda does not make the list. In summary, top reformers are economies that have implemented 3 or more reforms making it easier to do business and, as a result, improved their position in the ease of doing business more than other economies. The change in ranking is calculated by comparing this year's ranking with last year's back- calculated ranking. To ensure consis- tency over time, data sets for previous years are adjusted to reflect any changes in methodology, additions of new econ- omies and revisions in data. note 1. See Djankov and others (2005). eAse of Doing Business 81 Table 13.2 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Afghanistan Albania 4 4 4 4 Algeria Angola 4 4 Antigua and Barbuda 4 Argentina 4 Armenia 4 4 Australia Austria 4 Azerbaijan 4 4 4 4 4 4 4 Bahamas, The Bahrain Bangladesh 4 4 Belarus 4 4 4 4 4 4 Belgium 4 Belize Benin 7 4 Bhutan 4 Bolivia 7 Bosnia and Herzegovina 4 4 4 4 Botswana 4 4 7 4 Brazil 4 Brunei Bulgaria 4 7 4 4 4 Burkina Faso 4 4 4 4 Burundi Cambodia 4 4 Cameroon 4 Canada 4 4 Cape Verde 7 Central African Republic 4 Chad 4 Chile China 7 4 4 4 Colombia 4 4 4 4 4 Comoros Congo, Dem. Rep. Congo, Rep. 4 4 Costa Rica 4 Côte d'Ivoire 4 Croatia 4 4 Czech Republic 4 4 4 4 Denmark 4 Djibouti 4 Dominica Dominican Republic 4 4 4 4 Ecuador 4 Egypt 4 4 4 4 4 4 El Salvador 4 4 4Reformsmakingiteasiertodobusiness7 Reformsmakingitmoredifficulttodobusiness 82 Doing Business 2009 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Equatorial Guinea 4 7 Eritrea 4 Estonia Ethiopia Fiji 7 7 Finland 4 4 France 4 4 Gabon 4 7 Gambia, The 7 Georgia 4 4 4 4 Germany 4 4 Ghana 4 Greece 4 4 4 4 Grenada Guatemala 4 Guinea Guinea-Bissau Guyana Haiti 4 Honduras 4 4 Hong Kong, China 4 4 Hungary 4 4 Iceland India 4 Indonesia 7 4 Iran Iraq Ireland Israel Italy 4 7 4 Jamaica 4 4 Japan Jordan 4 Kazakhstan 7 4 4 Kenya 4 4 Kiribati Korea 7 4 Kuwait Kyrgyz Republic 4 4 4 Lao PDR Latvia 4 4 Lebanon 4 Lesotho 4 Liberia 4 4 4 4 Lithuania 4 Luxembourg Macedonia, former 4 4 4 4 4 4 Yugoslav Republic of Madagascar 4 4 4 4 Malawi 4Reformsmakingiteasiertodobusiness7 Reformsmakingitmoredifficulttodobusiness eAse of Doing Business 83 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business Malaysia 4 4 Maldives Mali 4 Marshall Islands Mauritania 4 4 Mauritius 4 4 4 Mexico 4 4 Micronesia Moldova 4 4 Mongolia 4 4 Montenegro 7 4 Morocco 4 4 4 Mozambique 4 4 4 Namibia 4 Nepal Netherlands New Zealand 4 4 4 Nicaragua Niger Nigeria 4 Norway Oman 4 Pakistan Palau 4 Panama 4 Papua New Guinea Paraguay Peru Philippines 4 Poland 4 Portugal 4 4 4 Puerto Rico Qatar Romania 4 Russian Federation Rwanda 4 4 4 4 Samoa 4 São Tomé and Principe Saudi Arabia 4 4 4 4 Senegal 4 4 4 Serbia 7 4 Seychelles Sierra Leone 4 4 4 4 Singapore 4 4 Slovakia 4 Slovenia 4 4 4 Solomon Islands South Africa 4 4 Spain Sri Lanka 4 4Reformsmakingiteasiertodobusiness7 Reformsmakingitmoredifficulttodobusiness 84 Doing Business 2009 Reforms in 2007/08 Dealing with Trading Starting a construction Employing Registering Getting Protecting Paying across Enforcing Closing a Economy business permits workers property credit investors taxes borders contracts business St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines 4 4 Sudan Suriname Swaziland Sweden 7 Switzerland 7 Syria 4 4 Taiwan, China 4 Tajikistan 7 4 Tanzania Thailand 4 4 4 4 Timor-Leste Togo Tonga 4 4 Trinidad and Tobago Tunisia 4 4 4 4 7 Turkey 4 Uganda Ukraine 7 4 4 4 United Arab Emirates 4 United Kingdom 7 United States Uruguay 4 4 4 Uzbekistan 4 Vanuatu 4 Venezuela 7 Vietnam 4 West Bank and Gaza 4 7 4 Yemen 4 Zambia 4 4 4 Zimbabwe 7 4Reformsmakingiteasiertodobusiness7 Reformsmakingitmoredifficulttodobusiness Country tables 86 Doing Business 2009 afghanistan South Asia GNI per capita (US$) 370 Ease of doing business (rank) 162 Low income Population (m) 24.8 Starting a business (rank) 22 Registering property (rank) 174 Trading across borders (rank) 179 Procedures (number) 4 Procedures (number) 9 Documents to export (number) 12 Time (days) 9 Time (days) 250 Time to export (days) 74 Cost (% of income per capita) 59.5 Cost (% of property value) 7.0 Cost to export (US$ per container) 3,000 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 178 Time to import (days) 77 Dealing with construction permits (rank) 140 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 2,600 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 340 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 160 Cost (% of income per capita) 14,918.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 1,642 Employing workers (rank) 30 Protecting investors (rank) 181 Cost (% of claim) 25.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 0 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 0.7 Cost (% of estate) No practice Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 49 Payments (number per year) 8 Time (hours per year) 275 Total tax rate (% of profit) 36.4 aLbania Eastern Europe & Central Asia GNI per capita (US$) 3,290 Ease of doing business (rank) 86 Lower middle income Population (m) 3.2 Starting a business (rank) 67 Registering property (rank) 62 Trading across borders (rank) 77 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 8 Time (days) 42 Time to export (days) 21 Cost (% of income per capita) 25.8 Cost (% of property value) 3.4 Cost to export (US$ per container) 770 Minimum capital (% of income per capita) 32.3 Documents to import (number) 9 Getting credit (rank) 12 Time to import (days) 22 Dealing with construction permits (rank) 170 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 775 Procedures (number) 24 Depth of credit information index (0-6) 4 Time (days) 331 Public registry coverage (% of adults) 8.3 Enforcing contracts (rank) 89 Cost (% of income per capita) 435.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 390 Employing workers (rank) 108 Protecting investors (rank) 14 Cost (% of claim) 38.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 7.3 Cost (% of estate) No practice Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 143 Payments (number per year) 44 Time (hours per year) 244 Total tax rate (% of profit) 50.5 aLgeria Middle East & North Africa GNI per capita (US$) 3,620 Ease of doing business (rank) 132 Lower middle income Population (m) 33.9 Starting a business (rank) 141 Registering property (rank) 162 Trading across borders (rank) 118 Procedures (number) 14 Procedures (number) 14 Documents to export (number) 8 Time (days) 24 Time (days) 51 Time to export (days) 17 Cost (% of income per capita) 10.8 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,248 Minimum capital (% of income per capita) 36.6 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 23 Dealing with construction permits (rank) 112 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,428 Procedures (number) 22 Depth of credit information index (0-6) 2 Time (days) 240 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 126 Cost (% of income per capita) 46.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 630 Employing workers (rank) 118 Protecting investors (rank) 70 Cost (% of claim) 21.9 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 49 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 2.5 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 7 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 166 Payments (number per year) 34 Time (hours per year) 451 Total tax rate (% of profit) 74.2 counTRy TABles 87 angoLa Sub-Saharan Africa GNI per capita (US$) 2,560 Ease of doing business (rank) 168 Lower middle income Population (m) 17.0 Starting a business (rank) 156 Registering property (rank) 173 Trading across borders (rank) 172 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 12 Time (days) 68 Time (days) 334 Time to export (days) 68 Cost (% of income per capita) 196.8 Cost (% of property value) 11.6 Cost to export (US$ per container) 2,250 Minimum capital (% of income per capita) 39.1 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 62 Dealing with construction permits (rank) 125 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 3,325 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 328 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 179 Cost (% of income per capita) 831.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 1,011 Employing workers (rank) 174 Protecting investors (rank) 53 Cost (% of claim) 44.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 142 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 6.2 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 58 Recovery rate (cents on the dollar) 10.0 Paying taxes (rank) 130 Payments (number per year) 31 Time (hours per year) 272 Total tax rate (% of profit) 53.2 antigua and barbuda Latin America & Caribbean GNI per capita (US$) 11,520 Ease of doing business (rank) 42 High income Population (m) 0.1 Starting a business (rank) 45 Registering property (rank) 97 Trading across borders (rank) 46 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 5 Time (days) 21 Time (days) 26 Time to export (days) 15 Cost (% of income per capita) 11.6 Cost (% of property value) 10.9 Cost to export (US$ per container) 1,133 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 15 Dealing with construction permits (rank) 22 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,133 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 25.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 351 Employing workers (rank) 46 Protecting investors (rank) 24 Cost (% of claim) 22.7 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 61 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 3.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 7 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 35.5 Paying taxes (rank) 136 Payments (number per year) 56 Time (hours per year) 207 Total tax rate (% of profit) 46.8 argentina Latin America & Caribbean GNI per capita (US$) 6,050 Ease of doing business (rank) 113 Upper middle income Population (m) 39.5 Starting a business (rank) 135 Registering property (rank) 95 Trading across borders (rank) 106 Procedures (number) 15 Procedures (number) 5 Documents to export (number) 9 Time (days) 32 Time (days) 51 Time to export (days) 13 Cost (% of income per capita) 9.0 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,480 Minimum capital (% of income per capita) 3.7 Documents to import (number) 7 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,810 Procedures (number) 28 Depth of credit information index (0-6) 6 Time (days) 338 Public registry coverage (% of adults) 31.2 Enforcing contracts (rank) 45 Cost (% of income per capita) 183.3 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 590 Employing workers (rank) 130 Protecting investors (rank) 104 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 83 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 12 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 29.8 Paying taxes (rank) 134 Payments (number per year) 9 Time (hours per year) 453 Total tax rate (% of profit) 108.1 88 Doing Business 2009 armenia Eastern Europe & Central Asia GNI per capita (US$) 2,640 Ease of doing business (rank) 44 Lower middle income Population (m) 3.0 Starting a business (rank) 66 Registering property (rank) 5 Trading across borders (rank) 143 Procedures (number) 9 Procedures (number) 3 Documents to export (number) 7 Time (days) 18 Time (days) 4 Time to export (days) 30 Cost (% of income per capita) 3.6 Cost (% of property value) 0.3 Cost to export (US$ per container) 1,746 Minimum capital (% of income per capita) 2.3 Documents to import (number) 9 Getting credit (rank) 28 Time to import (days) 24 Dealing with construction permits (rank) 42 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,981 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 116 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 61 Cost (% of income per capita) 28.0 Private bureau coverage (% of adults) 24.4 Procedures (number) 49 Time (days) 285 Employing workers (rank) 54 Protecting investors (rank) 88 Cost (% of claim) 19.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 47 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 8 Time (years) 1.9 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 41.8 Paying taxes (rank) 150 Payments (number per year) 50 Time (hours per year) 958 Total tax rate (% of profit) 36.6 austraLia OECD: High Income GNI per capita (US$) 35,960 Ease of doing business (rank) 9 High income Population (m) 21.0 Starting a business (rank) 3 Registering property (rank) 33 Trading across borders (rank) 45 Procedures (number) 2 Procedures (number) 5 Documents to export (number) 6 Time (days) 2 Time (days) 5 Time to export (days) 9 Cost (% of income per capita) 0.8 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 5 Time to import (days) 12 Dealing with construction permits (rank) 57 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,239 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 221 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 20 Cost (% of income per capita) 13.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 28 Time (days) 395 Employing workers (rank) 8 Protecting investors (rank) 53 Cost (% of claim) 20.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 2 Closing a business (rank) 14 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 8 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 78.8 Paying taxes (rank) 48 Payments (number per year) 12 Time (hours per year) 107 Total tax rate (% of profit) 50.3 austria OECD: High Income GNI per capita (US$) 42,700 Ease of doing business (rank) 27 High income Population (m) 8.3 Starting a business (rank) 104 Registering property (rank) 36 Trading across borders (rank) 19 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 4 Time (days) 28 Time (days) 32 Time to export (days) 7 Cost (% of income per capita) 5.1 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,125 Minimum capital (% of income per capita) 52.8 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 8 Dealing with construction permits (rank) 46 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,125 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 194 Public registry coverage (% of adults) 1.3 Enforcing contracts (rank) 13 Cost (% of income per capita) 70.4 Private bureau coverage (% of adults) 40.9 Procedures (number) 25 Time (days) 397 Employing workers (rank) 50 Protecting investors (rank) 126 Cost (% of claim) 18.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 20 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Firing cost (weeks of salary) 2 Recovery rate (cents on the dollar) 71.5 Paying taxes (rank) 93 Payments (number per year) 22 Time (hours per year) 170 Total tax rate (% of profit) 54.5 counTRy TABles 89 aZerbaiJan Eastern Europe & Central Asia GNI per capita (US$) 2,550 Ease of doing business (rank) 33 Lower middle income Population (m) 8.6 Starting a business (rank) 13 Registering property (rank) 9 Trading across borders (rank) 174 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 9 Time (days) 16 Time (days) 11 Time to export (days) 48 Cost (% of income per capita) 3.2 Cost (% of property value) 0.3 Cost to export (US$ per container) 3,075 Minimum capital (% of income per capita) 0.0 Documents to import (number) 14 Getting credit (rank) 12 Time to import (days) 56 Dealing with construction permits (rank) 155 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 3,420 Procedures (number) 31 Depth of credit information index (0-6) 5 Time (days) 207 Public registry coverage (% of adults) 3.1 Enforcing contracts (rank) 26 Cost (% of income per capita) 522.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 237 Employing workers (rank) 15 Protecting investors (rank) 18 Cost (% of claim) 18.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 81 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 30.1 Paying taxes (rank) 102 Payments (number per year) 23 Time (hours per year) 376 Total tax rate (% of profit) 41.1 bahamas, the Latin America & Caribbean GNI per capita (US$) 19,781 Ease of doing business (rank) 55 High income Population (m) 0.3 Starting a business (rank) 45 Registering property (rank) 143 Trading across borders (rank) 51 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 6 Time (days) 31 Time (days) 48 Time to export (days) 16 Cost (% of income per capita) 9.8 Cost (% of property value) 12.5 Cost to export (US$ per container) 930 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 68 Time to import (days) 13 Dealing with construction permits (rank) 92 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,380 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 197 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 120 Cost (% of income per capita) 241.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 427 Employing workers (rank) 44 Protecting investors (rank) 104 Cost (% of claim) 28.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 29 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 5.0 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 54.7 Paying taxes (rank) 39 Payments (number per year) 17 Time (hours per year) 58 Total tax rate (% of profit) 47.0 bahrain Middle East & North Africa GNI per capita (US$) 25,731 Ease of doing business (rank) 18 High income Population (m) 0.8 Starting a business (rank) 49 Registering property (rank) 18 Trading across borders (rank) 21 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 5 Time (days) 9 Time (days) 31 Time to export (days) 14 Cost (% of income per capita) 0.6 Cost (% of property value) 0.9 Cost to export (US$ per container) 805 Minimum capital (% of income per capita) 210.1 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 15 Dealing with construction permits (rank) 14 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 845 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 56 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 113 Cost (% of income per capita) 57.2 Private bureau coverage (% of adults) 35.8 Procedures (number) 48 Time (days) 635 Employing workers (rank) 26 Protecting investors (rank) 53 Cost (% of claim) 14.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 25 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 2.5 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 10 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 63.2 Paying taxes (rank) 15 Payments (number per year) 25 Time (hours per year) 36 Total tax rate (% of profit) 15.0 90 Doing Business 2009 bangLadesh South Asia GNI per capita (US$) 470 Ease of doing business (rank) 110 Low income Population (m) 158.6 Starting a business (rank) 90 Registering property (rank) 175 Trading across borders (rank) 105 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 6 Time (days) 73 Time (days) 245 Time to export (days) 28 Cost (% of income per capita) 25.7 Cost (% of property value) 10.4 Cost to export (US$ per container) 970 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 32 Dealing with construction permits (rank) 114 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,375 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 231 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 178 Cost (% of income per capita) 739.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,442 Employing workers (rank) 132 Protecting investors (rank) 18 Cost (% of claim) 63.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 106 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 104 Recovery rate (cents on the dollar) 23.2 Paying taxes (rank) 90 Payments (number per year) 21 Time (hours per year) 302 Total tax rate (% of profit) 39.5 beLarus Eastern Europe & Central Asia GNI per capita (US$) 4,220 Ease of doing business (rank) 85 Upper middle income Population (m) 9.7 Starting a business (rank) 97 Registering property (rank) 14 Trading across borders (rank) 134 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 8 Time (days) 31 Time (days) 21 Time to export (days) 20 Cost (% of income per capita) 7.8 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,772 Minimum capital (% of income per capita) 12.4 Documents to import (number) 8 Getting credit (rank) 109 Time to import (days) 26 Dealing with construction permits (rank) 65 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,720 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 210 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 14 Cost (% of income per capita) 39.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 28 Time (days) 225 Employing workers (rank) 49 Protecting investors (rank) 104 Cost (% of claim) 23.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 71 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 5.8 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 22 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 33.4 Paying taxes (rank) 181 Payments (number per year) 112 Time (hours per year) 1,188 Total tax rate (% of profit) 117.5 beLgium OECD: High Income GNI per capita (US$) 40,710 Ease of doing business (rank) 19 High income Population (m) 10.6 Starting a business (rank) 20 Registering property (rank) 168 Trading across borders (rank) 43 Procedures (number) 3 Procedures (number) 7 Documents to export (number) 4 Time (days) 4 Time (days) 132 Time to export (days) 8 Cost (% of income per capita) 5.2 Cost (% of property value) 12.7 Cost to export (US$ per container) 1,619 Minimum capital (% of income per capita) 19.9 Documents to import (number) 5 Getting credit (rank) 43 Time to import (days) 9 Dealing with construction permits (rank) 44 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,600 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 169 Public registry coverage (% of adults) 57.7 Enforcing contracts (rank) 22 Cost (% of income per capita) 65.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 25 Time (days) 505 Employing workers (rank) 37 Protecting investors (rank) 15 Cost (% of claim) 16.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 8 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Firing cost (weeks of salary) 16 Recovery rate (cents on the dollar) 86.3 Paying taxes (rank) 64 Payments (number per year) 11 Time (hours per year) 156 Total tax rate (% of profit) 58.1 counTRy TABles 91 beLiZe Latin America & Caribbean GNI per capita (US$) 3,800 Ease of doing business (rank) 78 Upper middle income Population (m) 0.3 Starting a business (rank) 139 Registering property (rank) 121 Trading across borders (rank) 114 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 44 Time (days) 60 Time to export (days) 21 Cost (% of income per capita) 51.1 Cost (% of property value) 4.7 Cost to export (US$ per container) 1,810 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 21 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,145 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 66 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 168 Cost (% of income per capita) 17.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 892 Employing workers (rank) 25 Protecting investors (rank) 113 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 24 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Rigidity of employment index (0-100) 14 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 23 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 63.4 Paying taxes (rank) 53 Payments (number per year) 40 Time (hours per year) 147 Total tax rate (% of profit) 28.2 benin Sub-Saharan Africa GNI per capita (US$) 570 Ease of doing business (rank) 169 Low income Population (m) 9.0 Starting a business (rank) 149 Registering property (rank) 119 Trading across borders (rank) 129 Procedures (number) 7 Procedures (number) 4 Documents to export (number) 7 Time (days) 31 Time (days) 120 Time to export (days) 32 Cost (% of income per capita) 196.0 Cost (% of property value) 11.9 Cost to export (US$ per container) 1,237 Minimum capital (% of income per capita) 347.0 Documents to import (number) 7 Getting credit (rank) 145 Time to import (days) 40 Dealing with construction permits (rank) 130 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,393 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 410 Public registry coverage (% of adults) 10.5 Enforcing contracts (rank) 175 Cost (% of income per capita) 303.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 825 Employing workers (rank) 116 Protecting investors (rank) 150 Cost (% of claim) 64.7 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 130 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 22 Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 16.7 Paying taxes (rank) 165 Payments (number per year) 55 Time (hours per year) 270 Total tax rate (% of profit) 73.2 bhutan South Asia GNI per capita (US$) 1,770 Ease of doing business (rank) 124 Lower middle income Population (m) 0.7 Starting a business (rank) 63 Registering property (rank) 38 Trading across borders (rank) 151 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 8 Time (days) 46 Time (days) 64 Time to export (days) 38 Cost (% of income per capita) 8.5 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,210 Minimum capital (% of income per capita) 0.0 Documents to import (number) 11 Getting credit (rank) 172 Time to import (days) 38 Dealing with construction permits (rank) 116 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 2,140 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 183 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 37 Cost (% of income per capita) 158.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 225 Employing workers (rank) 13 Protecting investors (rank) 126 Cost (% of claim) 0.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 3 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 10 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 82 Payments (number per year) 19 Time (hours per year) 274 Total tax rate (% of profit) 39.8 92 Doing Business 2009 boLivia Latin America & Caribbean GNI per capita (US$) 1,260 Ease of doing business (rank) 150 Lower middle income Population (m) 9.5 Starting a business (rank) 165 Registering property (rank) 129 Trading across borders (rank) 117 Procedures (number) 15 Procedures (number) 7 Documents to export (number) 8 Time (days) 50 Time (days) 92 Time to export (days) 19 Cost (% of income per capita) 112.4 Cost (% of property value) 4.9 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 2.8 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 23 Dealing with construction permits (rank) 98 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,747 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 249 Public registry coverage (% of adults) 11.9 Enforcing contracts (rank) 133 Cost (% of income per capita) 121.6 Private bureau coverage (% of adults) 29.7 Procedures (number) 40 Time (days) 591 Employing workers (rank) 180 Protecting investors (rank) 126 Cost (% of claim) 33.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 59 Difficulty of firing index (0-100) 100 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Rigidity of employment index (0-100) 79 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) Not possible Recovery rate (cents on the dollar) 37.3 Paying taxes (rank) 176 Payments (number per year) 41 Time (hours per year) 1,080 Total tax rate (% of profit) 78.1 bosnia and herZegovina Eastern Europe & Central Asia GNI per capita (US$) 3,580 Ease of doing business (rank) 119 Lower middle income Population (m) 3.9 Starting a business (rank) 161 Registering property (rank) 144 Trading across borders (rank) 55 Procedures (number) 12 Procedures (number) 7 Documents to export (number) 6 Time (days) 60 Time (days) 128 Time to export (days) 16 Cost (% of income per capita) 30.8 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 36.3 Documents to import (number) 7 Getting credit (rank) 59 Time to import (days) 16 Dealing with construction permits (rank) 137 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,035 Procedures (number) 16 Depth of credit information index (0-6) 5 Time (days) 296 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 123 Cost (% of income per capita) 666.9 Private bureau coverage (% of adults) 69.2 Procedures (number) 38 Time (days) 595 Employing workers (rank) 117 Protecting investors (rank) 88 Cost (% of claim) 38.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 60 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 6 Time (years) 3.3 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 9 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 35.9 Paying taxes (rank) 154 Payments (number per year) 51 Time (hours per year) 428 Total tax rate (% of profit) 44.1 botswana Sub-Saharan Africa GNI per capita (US$) 5,840 Ease of doing business (rank) 38 Upper middle income Population (m) 1.9 Starting a business (rank) 80 Registering property (rank) 29 Trading across borders (rank) 149 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 6 Time (days) 78 Time (days) 11 Time to export (days) 31 Cost (% of income per capita) 2.3 Cost (% of property value) 5.0 Cost to export (US$ per container) 2,508 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 43 Time to import (days) 42 Dealing with construction permits (rank) 119 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,064 Procedures (number) 24 Depth of credit information index (0-6) 4 Time (days) 167 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 92 Cost (% of income per capita) 311.9 Private bureau coverage (% of adults) 52.9 Procedures (number) 29 Time (days) 987 Employing workers (rank) 73 Protecting investors (rank) 38 Cost (% of claim) 28.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 26 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 1.7 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 60.3 Paying taxes (rank) 17 Payments (number per year) 19 Time (hours per year) 140 Total tax rate (% of profit) 17.1 counTRy TABles 93 braZiL Latin America & Caribbean GNI per capita (US$) 5,910 Ease of doing business (rank) 125 Upper middle income Population (m) 191.6 Starting a business (rank) 127 Registering property (rank) 111 Trading across borders (rank) 92 Procedures (number) 18 Procedures (number) 14 Documents to export (number) 8 Time (days) 152 Time (days) 42 Time to export (days) 14 Cost (% of income per capita) 8.2 Cost (% of property value) 2.7 Cost to export (US$ per container) 1,240 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 19 Dealing with construction permits (rank) 108 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,275 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 411 Public registry coverage (% of adults) 20.2 Enforcing contracts (rank) 100 Cost (% of income per capita) 46.7 Private bureau coverage (% of adults) 62.2 Procedures (number) 45 Time (days) 616 Employing workers (rank) 121 Protecting investors (rank) 70 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 7 Closing a business (rank) 127 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 12 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 17.1 Paying taxes (rank) 145 Payments (number per year) 11 Time (hours per year) 2,600 Total tax rate (% of profit) 69.4 brunei East Asia & Pacific GNI per capita (US$) 36,216 Ease of doing business (rank) 88 High income Population (m) 0.4 Starting a business (rank) 130 Registering property (rank) 177 Trading across borders (rank) 42 Procedures (number) 18 Procedures (number) No practice Documents to export (number) 6 Time (days) 116 Time (days) No practice Time to export (days) 28 Cost (% of income per capita) 9.2 Cost (% of property value) No practice Cost to export (US$ per container) 630 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 19 Dealing with construction permits (rank) 72 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 708 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 167 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 157 Cost (% of income per capita) 5.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 58 Time (days) 540 Employing workers (rank) 5 Protecting investors (rank) 113 Cost (% of claim) 36.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 2 Closing a business (rank) 35 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 47.2 Paying taxes (rank) 35 Payments (number per year) 15 Time (hours per year) 144 Total tax rate (% of profit) 37.4 buLgaria Eastern Europe & Central Asia GNI per capita (US$) 4,590 Ease of doing business (rank) 45 Upper middle income Population (m) 7.6 Starting a business (rank) 81 Registering property (rank) 59 Trading across borders (rank) 102 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 5 Time (days) 49 Time (days) 19 Time to export (days) 23 Cost (% of income per capita) 2.0 Cost (% of property value) 2.3 Cost to export (US$ per container) 1,626 Minimum capital (% of income per capita) 47.8 Documents to import (number) 7 Getting credit (rank) 5 Time to import (days) 21 Dealing with construction permits (rank) 117 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,776 Procedures (number) 24 Depth of credit information index (0-6) 6 Time (days) 139 Public registry coverage (% of adults) 30.7 Enforcing contracts (rank) 86 Cost (% of income per capita) 493.6 Private bureau coverage (% of adults) 5.0 Procedures (number) 39 Time (days) 564 Employing workers (rank) 60 Protecting investors (rank) 38 Cost (% of claim) 23.8 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 75 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 3.3 Rigidity of employment index (0-100) 29 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 32.1 Paying taxes (rank) 94 Payments (number per year) 17 Time (hours per year) 616 Total tax rate (% of profit) 34.9 94 Doing Business 2009 burkina faso Sub-Saharan Africa GNI per capita (US$) 430 Ease of doing business (rank) 148 Low income Population (m) 14.8 Starting a business (rank) 113 Registering property (rank) 148 Trading across borders (rank) 173 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 11 Time (days) 16 Time (days) 136 Time to export (days) 45 Cost (% of income per capita) 62.3 Cost (% of property value) 10.2 Cost to export (US$ per container) 2,132 Minimum capital (% of income per capita) 458.8 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 54 Dealing with construction permits (rank) 106 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,630 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 214 Public registry coverage (% of adults) 1.9 Enforcing contracts (rank) 110 Cost (% of income per capita) 577.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 446 Employing workers (rank) 57 Protecting investors (rank) 142 Cost (% of claim) 107.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 110 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 4 Time (years) 4.0 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Firing cost (weeks of salary) 34 Recovery rate (cents on the dollar) 21.7 Paying taxes (rank) 132 Payments (number per year) 45 Time (hours per year) 270 Total tax rate (% of profit) 44.6 burundi Sub-Saharan Africa GNI per capita (US$) 110 Ease of doing business (rank) 177 Low income Population (m) 8.5 Starting a business (rank) 138 Registering property (rank) 125 Trading across borders (rank) 170 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 9 Time (days) 43 Time (days) 94 Time to export (days) 47 Cost (% of income per capita) 215.0 Cost (% of property value) 10.7 Cost to export (US$ per container) 2,147 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 71 Dealing with construction permits (rank) 173 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 3,705 Procedures (number) 20 Depth of credit information index (0-6) 1 Time (days) 384 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 170 Cost (% of income per capita) 8,515.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 832 Employing workers (rank) 70 Protecting investors (rank) 150 Cost (% of claim) 38.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 114 Payments (number per year) 32 Time (hours per year) 140 Total tax rate (% of profit) 278.7 Cambodia East Asia & Pacific GNI per capita (US$) 540 Ease of doing business (rank) 135 Low income Population (m) 14.4 Starting a business (rank) 169 Registering property (rank) 108 Trading across borders (rank) 122 Procedures (number) 9 Procedures (number) 7 Documents to export (number) 11 Time (days) 85 Time (days) 56 Time to export (days) 22 Cost (% of income per capita) 151.7 Cost (% of property value) 4.4 Cost to export (US$ per container) 732 Minimum capital (% of income per capita) 43.9 Documents to import (number) 11 Getting credit (rank) 68 Time to import (days) 30 Dealing with construction permits (rank) 147 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 872 Procedures (number) 23 Depth of credit information index (0-6) 0 Time (days) 709 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 136 Cost (% of income per capita) 64.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 401 Employing workers (rank) 134 Protecting investors (rank) 70 Cost (% of claim) 102.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 5.3 Cost (% of estate) No practice Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 24 Payments (number per year) 27 Time (hours per year) 137 Total tax rate (% of profit) 22.6 counTRy TABles 95 Cameroon Sub-Saharan Africa GNI per capita (US$) 1,050 Ease of doing business (rank) 164 Lower middle income Population (m) 18.5 Starting a business (rank) 171 Registering property (rank) 138 Trading across borders (rank) 137 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 9 Time (days) 37 Time (days) 93 Time to export (days) 27 Cost (% of income per capita) 137.1 Cost (% of property value) 17.8 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 188.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 33 Dealing with construction permits (rank) 154 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,672 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 426 Public registry coverage (% of adults) 4.9 Enforcing contracts (rank) 172 Cost (% of income per capita) 1,277.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 800 Employing workers (rank) 124 Protecting investors (rank) 113 Cost (% of claim) 46.6 Difficulty of hiring index (0-100) 28 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 95 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 3.2 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 33 Recovery rate (cents on the dollar) 25.5 Paying taxes (rank) 171 Payments (number per year) 41 Time (hours per year) 1,400 Total tax rate (% of profit) 51.4 Canada OECD: High Income GNI per capita (US$) 39,420 Ease of doing business (rank) 8 High income Population (m) 33.0 Starting a business (rank) 2 Registering property (rank) 32 Trading across borders (rank) 44 Procedures (number) 1 Procedures (number) 6 Documents to export (number) 3 Time (days) 5 Time (days) 17 Time to export (days) 7 Cost (% of income per capita) 0.5 Cost (% of property value) 1.8 Cost to export (US$ per container) 1,660 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 11 Dealing with construction permits (rank) 29 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,785 Procedures (number) 14 Depth of credit information index (0-6) 6 Time (days) 75 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 58 Cost (% of income per capita) 103.7 Private bureau coverage (% of adults) 100.0 Procedures (number) 36 Time (days) 570 Employing workers (rank) 18 Protecting investors (rank) 5 Cost (% of claim) 22.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 4 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 0.8 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 4 Firing cost (weeks of salary) 28 Recovery rate (cents on the dollar) 88.7 Paying taxes (rank) 28 Payments (number per year) 9 Time (hours per year) 119 Total tax rate (% of profit) 45.4 Cape verde Sub-Saharan Africa GNI per capita (US$) 2,430 Ease of doing business (rank) 143 Lower middle income Population (m) 0.5 Starting a business (rank) 163 Registering property (rank) 124 Trading across borders (rank) 56 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 5 Time (days) 52 Time (days) 73 Time to export (days) 19 Cost (% of income per capita) 35.7 Cost (% of property value) 7.7 Cost to export (US$ per container) 1,325 Minimum capital (% of income per capita) 47.5 Documents to import (number) 5 Getting credit (rank) 123 Time to import (days) 18 Dealing with construction permits (rank) 79 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,129 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 120 Public registry coverage (% of adults) 21.8 Enforcing contracts (rank) 40 Cost (% of income per capita) 639.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 425 Employing workers (rank) 169 Protecting investors (rank) 126 Cost (% of claim) 21.8 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 54 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 93 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 115 Payments (number per year) 57 Time (hours per year) 100 Total tax rate (% of profit) 54.0 96 Doing Business 2009 CentraL afriCan repubLiC Sub-Saharan Africa GNI per capita (US$) 380 Ease of doing business (rank) 180 Low income Population (m) 4.3 Starting a business (rank) 152 Registering property (rank) 133 Trading across borders (rank) 175 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 8 Time (days) 14 Time (days) 75 Time to export (days) 57 Cost (% of income per capita) 232.3 Cost (% of property value) 18.6 Cost to export (US$ per container) 5,121 Minimum capital (% of income per capita) 513.9 Documents to import (number) 18 Getting credit (rank) 131 Time to import (days) 66 Dealing with construction permits (rank) 138 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 5,074 Procedures (number) 21 Depth of credit information index (0-6) 2 Time (days) 239 Public registry coverage (% of adults) 1.2 Enforcing contracts (rank) 169 Cost (% of income per capita) 278.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 660 Employing workers (rank) 151 Protecting investors (rank) 126 Cost (% of claim) 82.0 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 4.8 Rigidity of employment index (0-100) 61 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 76 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 178 Payments (number per year) 54 Time (hours per year) 504 Total tax rate (% of profit) 203.8 Chad Sub-Saharan Africa GNI per capita (US$) 540 Ease of doing business (rank) 175 Low income Population (m) 10.8 Starting a business (rank) 180 Registering property (rank) 132 Trading across borders (rank) 159 Procedures (number) 19 Procedures (number) 6 Documents to export (number) 6 Time (days) 75 Time (days) 44 Time to export (days) 78 Cost (% of income per capita) 175.0 Cost (% of property value) 22.7 Cost to export (US$ per container) 5,367 Minimum capital (% of income per capita) 365.1 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 102 Dealing with construction permits (rank) 70 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 6,020 Procedures (number) 9 Depth of credit information index (0-6) 1 Time (days) 181 Public registry coverage (% of adults) 0.6 Enforcing contracts (rank) 166 Cost (% of income per capita) 974.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 743 Employing workers (rank) 139 Protecting investors (rank) 126 Cost (% of claim) 77.4 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 130 Payments (number per year) 54 Time (hours per year) 122 Total tax rate (% of profit) 60.5 ChiLe Latin America & Caribbean GNI per capita (US$) 8,350 Ease of doing business (rank) 40 Upper middle income Population (m) 16.6 Starting a business (rank) 55 Registering property (rank) 39 Trading across borders (rank) 53 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 6 Time (days) 27 Time (days) 31 Time to export (days) 21 Cost (% of income per capita) 7.5 Cost (% of property value) 1.3 Cost to export (US$ per container) 745 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 21 Dealing with construction permits (rank) 62 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 795 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 155 Public registry coverage (% of adults) 28.1 Enforcing contracts (rank) 65 Cost (% of income per capita) 101.3 Private bureau coverage (% of adults) 34.5 Procedures (number) 36 Time (days) 480 Employing workers (rank) 74 Protecting investors (rank) 38 Cost (% of claim) 28.6 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 112 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 4.5 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 15 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 21.3 Paying taxes (rank) 41 Payments (number per year) 10 Time (hours per year) 316 Total tax rate (% of profit) 25.9 counTRy TABles 97 China East Asia & Pacific GNI per capita (US$) 2,360 Ease of doing business (rank) 83 Lower middle income Population (m) 1,320.0 Starting a business (rank) 151 Registering property (rank) 30 Trading across borders (rank) 48 Procedures (number) 14 Procedures (number) 4 Documents to export (number) 7 Time (days) 40 Time (days) 29 Time to export (days) 21 Cost (% of income per capita) 8.4 Cost (% of property value) 3.2 Cost to export (US$ per container) 460 Minimum capital (% of income per capita) 158.1 Documents to import (number) 6 Getting credit (rank) 59 Time to import (days) 24 Dealing with construction permits (rank) 176 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 545 Procedures (number) 37 Depth of credit information index (0-6) 4 Time (days) 336 Public registry coverage (% of adults) 58.8 Enforcing contracts (rank) 18 Cost (% of income per capita) 698.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 406 Employing workers (rank) 111 Protecting investors (rank) 88 Cost (% of claim) 11.1 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 62 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 1.7 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 35.3 Paying taxes (rank) 132 Payments (number per year) 9 Time (hours per year) 504 Total tax rate (% of profit) 79.9 CoLombia Latin America & Caribbean GNI per capita (US$) 3,250 Ease of doing business (rank) 53 Lower middle income Population (m) 46.1 Starting a business (rank) 79 Registering property (rank) 78 Trading across borders (rank) 96 Procedures (number) 9 Procedures (number) 9 Documents to export (number) 6 Time (days) 36 Time (days) 23 Time to export (days) 14 Cost (% of income per capita) 14.1 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 15 Dealing with construction permits (rank) 54 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,640 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 114 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 149 Cost (% of income per capita) 661.6 Private bureau coverage (% of adults) 42.5 Procedures (number) 34 Time (days) 1,346 Employing workers (rank) 80 Protecting investors (rank) 24 Cost (% of claim) 52.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 30 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 3.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 1 Firing cost (weeks of salary) 59 Recovery rate (cents on the dollar) 52.8 Paying taxes (rank) 141 Payments (number per year) 31 Time (hours per year) 256 Total tax rate (% of profit) 78.4 Comoros Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 155 Low income Population (m) 0.6 Starting a business (rank) 160 Registering property (rank) 93 Trading across borders (rank) 129 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 23 Time (days) 24 Time to export (days) 30 Cost (% of income per capita) 188.6 Cost (% of property value) 20.8 Cost to export (US$ per container) 1,073 Minimum capital (% of income per capita) 280.8 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 21 Dealing with construction permits (rank) 64 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,057 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 164 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 150 Cost (% of income per capita) 77.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 506 Employing workers (rank) 162 Protecting investors (rank) 126 Cost (% of claim) 89.4 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 100 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 55 Payments (number per year) 20 Time (hours per year) 100 Total tax rate (% of profit) 48.8 98 Doing Business 2009 Congo, dem. rep. Sub-Saharan Africa GNI per capita (US$) 140 Ease of doing business (rank) 181 Low income Population (m) 62.4 Starting a business (rank) 154 Registering property (rank) 152 Trading across borders (rank) 160 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 8 Time (days) 155 Time (days) 57 Time to export (days) 46 Cost (% of income per capita) 435.4 Cost (% of property value) 9.2 Cost to export (US$ per container) 2,607 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 66 Dealing with construction permits (rank) 141 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,483 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 322 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 173 Cost (% of income per capita) 1,725.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 645 Employing workers (rank) 175 Protecting investors (rank) 150 Cost (% of claim) 151.8 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 3 Closing a business (rank) 150 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 4 Time (years) 5.2 Rigidity of employment index (0-100) 74 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 29 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 5.4 Paying taxes (rank) 153 Payments (number per year) 32 Time (hours per year) 308 Total tax rate (% of profit) 229.8 Congo, rep. Sub-Saharan Africa GNI per capita (US$) 1,540 Ease of doing business (rank) 178 Lower middle income Population (m) 3.8 Starting a business (rank) 157 Registering property (rank) 171 Trading across borders (rank) 176 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 11 Time (days) 37 Time (days) 116 Time to export (days) 50 Cost (% of income per capita) 106.4 Cost (% of property value) 16.5 Cost to export (US$ per container) 2,490 Minimum capital (% of income per capita) 131.2 Documents to import (number) 12 Getting credit (rank) 131 Time to import (days) 62 Dealing with construction permits (rank) 68 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,959 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 169 Public registry coverage (% of adults) 6.9 Enforcing contracts (rank) 155 Cost (% of income per capita) 345.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 560 Employing workers (rank) 170 Protecting investors (rank) 150 Cost (% of claim) 53.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 117 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 3 Time (years) 3.0 Rigidity of employment index (0-100) 69 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 24 Firing cost (weeks of salary) 33 Recovery rate (cents on the dollar) 20.4 Paying taxes (rank) 179 Payments (number per year) 61 Time (hours per year) 606 Total tax rate (% of profit) 65.5 Costa riCa Latin America & Caribbean GNI per capita (US$) 5,560 Ease of doing business (rank) 117 Upper middle income Population (m) 4.5 Starting a business (rank) 123 Registering property (rank) 45 Trading across borders (rank) 94 Procedures (number) 12 Procedures (number) 6 Documents to export (number) 7 Time (days) 60 Time (days) 21 Time to export (days) 18 Cost (% of income per capita) 20.5 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 25 Dealing with construction permits (rank) 123 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,050 Procedures (number) 23 Depth of credit information index (0-6) 5 Time (days) 191 Public registry coverage (% of adults) 5.9 Enforcing contracts (rank) 132 Cost (% of income per capita) 211.7 Private bureau coverage (% of adults) 51.6 Procedures (number) 40 Time (days) 877 Employing workers (rank) 77 Protecting investors (rank) 164 Cost (% of claim) 24.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 98 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 3.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 152 Payments (number per year) 43 Time (hours per year) 282 Total tax rate (% of profit) 55.7 counTRy TABles 99 CÔte d'ivoire Sub-Saharan Africa GNI per capita (US$) 910 Ease of doing business (rank) 161 Low income Population (m) 19.3 Starting a business (rank) 167 Registering property (rank) 139 Trading across borders (rank) 155 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 10 Time (days) 40 Time (days) 62 Time to export (days) 23 Cost (% of income per capita) 135.1 Cost (% of property value) 13.9 Cost to export (US$ per container) 1,904 Minimum capital (% of income per capita) 215.9 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 43 Dealing with construction permits (rank) 160 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,437 Procedures (number) 21 Depth of credit information index (0-6) 1 Time (days) 628 Public registry coverage (% of adults) 2.9 Enforcing contracts (rank) 124 Cost (% of income per capita) 243.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 33 Time (days) 770 Employing workers (rank) 112 Protecting investors (rank) 150 Cost (% of claim) 41.7 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 68 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 3 Time (years) 2.2 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 49 Recovery rate (cents on the dollar) 34.0 Paying taxes (rank) 148 Payments (number per year) 66 Time (hours per year) 270 Total tax rate (% of profit) 45.4 Croatia Eastern Europe & Central Asia GNI per capita (US$) 10,460 Ease of doing business (rank) 106 Upper middle income Population (m) 4.4 Starting a business (rank) 117 Registering property (rank) 109 Trading across borders (rank) 97 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 7 Time (days) 40 Time (days) 174 Time to export (days) 20 Cost (% of income per capita) 11.5 Cost (% of property value) 5.0 Cost to export (US$ per container) 1,281 Minimum capital (% of income per capita) 16.6 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 16 Dealing with construction permits (rank) 163 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,141 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 410 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 44 Cost (% of income per capita) 655.2 Private bureau coverage (% of adults) 71.8 Procedures (number) 38 Time (days) 561 Employing workers (rank) 146 Protecting investors (rank) 126 Cost (% of claim) 13.8 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 79 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 3.1 Rigidity of employment index (0-100) 50 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 30.5 Paying taxes (rank) 33 Payments (number per year) 17 Time (hours per year) 196 Total tax rate (% of profit) 32.5 CZeCh repubLiC OECD: High Income GNI per capita (US$) 14,450 Ease of doing business (rank) 75 High income Population (m) 10.3 Starting a business (rank) 86 Registering property (rank) 65 Trading across borders (rank) 49 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 4 Time (days) 15 Time (days) 123 Time to export (days) 17 Cost (% of income per capita) 9.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 985 Minimum capital (% of income per capita) 31.8 Documents to import (number) 7 Getting credit (rank) 43 Time to import (days) 20 Dealing with construction permits (rank) 86 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,087 Procedures (number) 36 Depth of credit information index (0-6) 5 Time (days) 180 Public registry coverage (% of adults) 4.6 Enforcing contracts (rank) 95 Cost (% of income per capita) 16.9 Private bureau coverage (% of adults) 65.2 Procedures (number) 27 Time (days) 820 Employing workers (rank) 59 Protecting investors (rank) 88 Cost (% of claim) 33.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 113 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 8 Time (years) 6.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 20.9 Paying taxes (rank) 118 Payments (number per year) 12 Time (hours per year) 930 Total tax rate (% of profit) 48.6 100 Doing Business 2009 denmark OECD: High Income GNI per capita (US$) 54,910 Ease of doing business (rank) 5 High income Population (m) 5.5 Starting a business (rank) 16 Registering property (rank) 43 Trading across borders (rank) 3 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 4 Time (days) 6 Time (days) 42 Time to export (days) 5 Cost (% of income per capita) 0.0 Cost (% of property value) 0.6 Cost to export (US$ per container) 681 Minimum capital (% of income per capita) 40.1 Documents to import (number) 3 Getting credit (rank) 12 Time to import (days) 5 Dealing with construction permits (rank) 7 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 681 Procedures (number) 6 Depth of credit information index (0-6) 4 Time (days) 69 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 29 Cost (% of income per capita) 60.9 Private bureau coverage (% of adults) 5.0 Procedures (number) 34 Time (days) 380 Employing workers (rank) 10 Protecting investors (rank) 24 Cost (% of claim) 23.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 7 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.1 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 86.5 Paying taxes (rank) 13 Payments (number per year) 9 Time (hours per year) 135 Total tax rate (% of profit) 29.9 dJibouti Middle East & North Africa GNI per capita (US$) 1,090 Ease of doing business (rank) 153 Lower middle income Population (m) 0.8 Starting a business (rank) 173 Registering property (rank) 134 Trading across borders (rank) 35 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 5 Time (days) 37 Time (days) 40 Time to export (days) 19 Cost (% of income per capita) 200.2 Cost (% of property value) 13.2 Cost to export (US$ per container) 1,058 Minimum capital (% of income per capita) 514.0 Documents to import (number) 5 Getting credit (rank) 172 Time to import (days) 16 Dealing with construction permits (rank) 99 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 978 Procedures (number) 14 Depth of credit information index (0-6) 1 Time (days) 195 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 159 Cost (% of income per capita) 982.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 1,225 Employing workers (rank) 137 Protecting investors (rank) 177 Cost (% of claim) 34.0 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 132 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 0 Time (years) 5.0 Rigidity of employment index (0-100) 46 Strength of investor protection index (0-10) 2.3 Cost (% of estate) 18 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 15.9 Paying taxes (rank) 61 Payments (number per year) 35 Time (hours per year) 114 Total tax rate (% of profit) 38.7 dominiCa Latin America & Caribbean GNI per capita (US$) 4,250 Ease of doing business (rank) 74 Upper middle income Population (m) 0.1 Starting a business (rank) 21 Registering property (rank) 103 Trading across borders (rank) 82 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 7 Time (days) 14 Time (days) 42 Time to export (days) 13 Cost (% of income per capita) 25.5 Cost (% of property value) 13.7 Cost to export (US$ per container) 1,297 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 15 Dealing with construction permits (rank) 24 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,310 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 182 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 164 Cost (% of income per capita) 12.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 681 Employing workers (rank) 61 Protecting investors (rank) 24 Cost (% of claim) 36.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 58 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 63 Payments (number per year) 38 Time (hours per year) 120 Total tax rate (% of profit) 37.0 counTRy TABles 101 dominiCan repubLiC Latin America & Caribbean GNI per capita (US$) 3,550 Ease of doing business (rank) 97 Lower middle income Population (m) 9.8 Starting a business (rank) 84 Registering property (rank) 106 Trading across borders (rank) 32 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 6 Time (days) 19 Time (days) 60 Time to export (days) 9 Cost (% of income per capita) 19.4 Cost (% of property value) 3.8 Cost to export (US$ per container) 916 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 10 Dealing with construction permits (rank) 77 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,150 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 214 Public registry coverage (% of adults) 33.9 Enforcing contracts (rank) 83 Cost (% of income per capita) 93.2 Private bureau coverage (% of adults) 35.0 Procedures (number) 34 Time (days) 460 Employing workers (rank) 97 Protecting investors (rank) 126 Cost (% of claim) 40.9 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 0 Closing a business (rank) 144 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) 3.5 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Firing cost (weeks of salary) 88 Recovery rate (cents on the dollar) 8.9 Paying taxes (rank) 72 Payments (number per year) 9 Time (hours per year) 480 Total tax rate (% of profit) 35.7 eCuador Latin America & Caribbean GNI per capita (US$) 3,080 Ease of doing business (rank) 136 Lower middle income Population (m) 13.3 Starting a business (rank) 158 Registering property (rank) 64 Trading across borders (rank) 124 Procedures (number) 14 Procedures (number) 9 Documents to export (number) 9 Time (days) 65 Time (days) 16 Time to export (days) 20 Cost (% of income per capita) 38.5 Cost (% of property value) 2.2 Cost to export (US$ per container) 1,345 Minimum capital (% of income per capita) 12.7 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 29 Dealing with construction permits (rank) 85 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,332 Procedures (number) 19 Depth of credit information index (0-6) 5 Time (days) 155 Public registry coverage (% of adults) 37.7 Enforcing contracts (rank) 101 Cost (% of income per capita) 272.7 Private bureau coverage (% of adults) 46.8 Procedures (number) 39 Time (days) 588 Employing workers (rank) 171 Protecting investors (rank) 126 Cost (% of claim) 27.2 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 131 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 5.3 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 18 Firing cost (weeks of salary) 135 Recovery rate (cents on the dollar) 16.1 Paying taxes (rank) 69 Payments (number per year) 8 Time (hours per year) 600 Total tax rate (% of profit) 34.9 egypt Middle East & North Africa GNI per capita (US$) 1,580 Ease of doing business (rank) 114 Lower middle income Population (m) 75.5 Starting a business (rank) 41 Registering property (rank) 85 Trading across borders (rank) 24 Procedures (number) 6 Procedures (number) 7 Documents to export (number) 6 Time (days) 7 Time (days) 72 Time to export (days) 14 Cost (% of income per capita) 18.3 Cost (% of property value) 0.9 Cost to export (US$ per container) 737 Minimum capital (% of income per capita) 2.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 15 Dealing with construction permits (rank) 165 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 823 Procedures (number) 28 Depth of credit information index (0-6) 5 Time (days) 249 Public registry coverage (% of adults) 2.2 Enforcing contracts (rank) 151 Cost (% of income per capita) 376.7 Private bureau coverage (% of adults) 4.7 Procedures (number) 42 Time (days) 1,010 Employing workers (rank) 107 Protecting investors (rank) 70 Cost (% of claim) 26.2 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 3 Closing a business (rank) 128 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 22 Firing cost (weeks of salary) 132 Recovery rate (cents on the dollar) 16.8 Paying taxes (rank) 144 Payments (number per year) 29 Time (hours per year) 711 Total tax rate (% of profit) 46.1 102 Doing Business 2009 eL saLvador Latin America & Caribbean GNI per capita (US$) 2,850 Ease of doing business (rank) 72 Lower middle income Population (m) 6.9 Starting a business (rank) 103 Registering property (rank) 42 Trading across borders (rank) 57 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 8 Time (days) 17 Time (days) 31 Time to export (days) 14 Cost (% of income per capita) 49.6 Cost (% of property value) 3.7 Cost to export (US$ per container) 880 Minimum capital (% of income per capita) 3.5 Documents to import (number) 9 Getting credit (rank) 43 Time to import (days) 10 Dealing with construction permits (rank) 121 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 820 Procedures (number) 34 Depth of credit information index (0-6) 6 Time (days) 155 Public registry coverage (% of adults) 18.4 Enforcing contracts (rank) 53 Cost (% of income per capita) 176.3 Private bureau coverage (% of adults) 83.0 Procedures (number) 30 Time (days) 786 Employing workers (rank) 87 Protecting investors (rank) 113 Cost (% of claim) 19.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 78 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 86 Recovery rate (cents on the dollar) 30.8 Paying taxes (rank) 124 Payments (number per year) 53 Time (hours per year) 320 Total tax rate (% of profit) 34.9 eQuatoriaL guinea Sub-Saharan Africa GNI per capita (US$) 12,860 Ease of doing business (rank) 167 High income Population (m) 0.5 Starting a business (rank) 174 Registering property (rank) 69 Trading across borders (rank) 133 Procedures (number) 20 Procedures (number) 6 Documents to export (number) 7 Time (days) 136 Time (days) 23 Time to export (days) 30 Cost (% of income per capita) 101.7 Cost (% of property value) 6.2 Cost to export (US$ per container) 1,411 Minimum capital (% of income per capita) 15.4 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 87 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,411 Procedures (number) 18 Depth of credit information index (0-6) 2 Time (days) 201 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 69 Cost (% of income per capita) 159.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 553 Employing workers (rank) 178 Protecting investors (rank) 142 Cost (% of claim) 18.5 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 3.7 Cost (% of estate) No practice Firing cost (weeks of salary) 133 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 161 Payments (number per year) 46 Time (hours per year) 296 Total tax rate (% of profit) 59.5 eritrea Sub-Saharan Africa GNI per capita (US$) 230 Ease of doing business (rank) 173 Low income Population (m) 4.8 Starting a business (rank) 178 Registering property (rank) 165 Trading across borders (rank) 163 Procedures (number) 13 Procedures (number) 12 Documents to export (number) 9 Time (days) 84 Time (days) 101 Time to export (days) 50 Cost (% of income per capita) 102.2 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,431 Minimum capital (% of income per capita) 396.7 Documents to import (number) 13 Getting credit (rank) 172 Time to import (days) 60 Dealing with construction permits (rank) 181 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,581 Procedures (number) No practice Depth of credit information index (0-6) 0 Time (days) No practice Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 51 Cost (% of income per capita) No practice Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 405 Employing workers (rank) 65 Protecting investors (rank) 104 Cost (% of claim) 22.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 4.7 Cost (% of estate) No practice Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 105 Payments (number per year) 18 Time (hours per year) 216 Total tax rate (% of profit) 84.5 counTRy TABles 103 estonia Eastern Europe & Central Asia GNI per capita (US$) 13,200 Ease of doing business (rank) 22 High income Population (m) 1.3 Starting a business (rank) 23 Registering property (rank) 24 Trading across borders (rank) 5 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 3 Time (days) 7 Time (days) 51 Time to export (days) 5 Cost (% of income per capita) 1.7 Cost (% of property value) 0.4 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 23.7 Documents to import (number) 4 Getting credit (rank) 43 Time to import (days) 5 Dealing with construction permits (rank) 19 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 740 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 30 Cost (% of income per capita) 27.5 Private bureau coverage (% of adults) 20.6 Procedures (number) 36 Time (days) 425 Employing workers (rank) 163 Protecting investors (rank) 53 Cost (% of claim) 18.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 3 Closing a business (rank) 58 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 58 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 37.5 Paying taxes (rank) 34 Payments (number per year) 10 Time (hours per year) 81 Total tax rate (% of profit) 48.6 ethiopia Sub-Saharan Africa GNI per capita (US$) 220 Ease of doing business (rank) 116 Low income Population (m) 79.1 Starting a business (rank) 118 Registering property (rank) 154 Trading across borders (rank) 152 Procedures (number) 7 Procedures (number) 13 Documents to export (number) 8 Time (days) 16 Time (days) 43 Time to export (days) 46 Cost (% of income per capita) 29.8 Cost (% of property value) 7.1 Cost to export (US$ per container) 2,087 Minimum capital (% of income per capita) 693.6 Documents to import (number) 8 Getting credit (rank) 123 Time to import (days) 42 Dealing with construction permits (rank) 59 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,893 Procedures (number) 12 Depth of credit information index (0-6) 2 Time (days) 128 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 78 Cost (% of income per capita) 790.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 690 Employing workers (rank) 95 Protecting investors (rank) 113 Cost (% of claim) 15.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 74 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 40 Recovery rate (cents on the dollar) 32.2 Paying taxes (rank) 37 Payments (number per year) 20 Time (hours per year) 198 Total tax rate (% of profit) 31.1 fiJi East Asia & Pacific GNI per capita (US$) 3,800 Ease of doing business (rank) 39 Upper middle income Population (m) 0.8 Starting a business (rank) 87 Registering property (rank) 40 Trading across borders (rank) 108 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 13 Time (days) 46 Time (days) 68 Time to export (days) 24 Cost (% of income per capita) 25.2 Cost (% of property value) 2.0 Cost to export (US$ per container) 654 Minimum capital (% of income per capita) 0.0 Documents to import (number) 13 Getting credit (rank) 12 Time to import (days) 24 Dealing with construction permits (rank) 55 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 630 Procedures (number) 19 Depth of credit information index (0-6) 4 Time (days) 135 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 64 Cost (% of income per capita) 51.2 Private bureau coverage (% of adults) 42.3 Procedures (number) 34 Time (days) 397 Employing workers (rank) 32 Protecting investors (rank) 38 Cost (% of claim) 38.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 119 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 1.8 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 38 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 20.1 Paying taxes (rank) 71 Payments (number per year) 33 Time (hours per year) 140 Total tax rate (% of profit) 41.5 104 Doing Business 2009 finLand OECD: High Income GNI per capita (US$) 44,400 Ease of doing business (rank) 14 High income Population (m) 5.3 Starting a business (rank) 18 Registering property (rank) 21 Trading across borders (rank) 4 Procedures (number) 3 Procedures (number) 3 Documents to export (number) 4 Time (days) 14 Time (days) 14 Time to export (days) 8 Cost (% of income per capita) 1.0 Cost (% of property value) 4.0 Cost to export (US$ per container) 495 Minimum capital (% of income per capita) 7.4 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 8 Dealing with construction permits (rank) 43 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 575 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 38 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 5 Cost (% of income per capita) 118.3 Private bureau coverage (% of adults) 14.8 Procedures (number) 32 Time (days) 235 Employing workers (rank) 129 Protecting investors (rank) 53 Cost (% of claim) 10.4 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 5 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 4 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 87.3 Paying taxes (rank) 97 Payments (number per year) 20 Time (hours per year) 269 Total tax rate (% of profit) 47.8 franCe OECD: High Income GNI per capita (US$) 38,500 Ease of doing business (rank) 31 High income Population (m) 61.7 Starting a business (rank) 14 Registering property (rank) 166 Trading across borders (rank) 22 Procedures (number) 5 Procedures (number) 9 Documents to export (number) 2 Time (days) 7 Time (days) 113 Time to export (days) 9 Cost (% of income per capita) 1.0 Cost (% of property value) 6.3 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 0.0 Documents to import (number) 2 Getting credit (rank) 43 Time to import (days) 11 Dealing with construction permits (rank) 18 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,248 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 137 Public registry coverage (% of adults) 28.3 Enforcing contracts (rank) 10 Cost (% of income per capita) 23.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 331 Employing workers (rank) 148 Protecting investors (rank) 70 Cost (% of claim) 17.4 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 40 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Rigidity of employment index (0-100) 56 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 32 Recovery rate (cents on the dollar) 44.7 Paying taxes (rank) 66 Payments (number per year) 11 Time (hours per year) 132 Total tax rate (% of profit) 65.4 gabon Sub-Saharan Africa GNI per capita (US$) 6,670 Ease of doing business (rank) 151 Upper middle income Population (m) 1.3 Starting a business (rank) 148 Registering property (rank) 158 Trading across borders (rank) 128 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 7 Time (days) 58 Time (days) 60 Time to export (days) 20 Cost (% of income per capita) 20.3 Cost (% of property value) 10.5 Cost to export (US$ per container) 1,945 Minimum capital (% of income per capita) 30.2 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 22 Dealing with construction permits (rank) 60 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,955 Procedures (number) 16 Depth of credit information index (0-6) 2 Time (days) 210 Public registry coverage (% of adults) 20.7 Enforcing contracts (rank) 147 Cost (% of income per capita) 39.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 1,070 Employing workers (rank) 154 Protecting investors (rank) 150 Cost (% of claim) 34.3 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 134 Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Rigidity of employment index (0-100) 52 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 15 Firing cost (weeks of salary) 43 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 101 Payments (number per year) 26 Time (hours per year) 272 Total tax rate (% of profit) 44.7 counTRy TABles 105 gambia, the Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 130 Low income Population (m) 1.7 Starting a business (rank) 101 Registering property (rank) 111 Trading across borders (rank) 73 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 27 Time (days) 371 Time to export (days) 24 Cost (% of income per capita) 254.9 Cost (% of property value) 4.6 Cost to export (US$ per container) 831 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 131 Time to import (days) 23 Dealing with construction permits (rank) 74 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 922 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 146 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 63 Cost (% of income per capita) 394.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 434 Employing workers (rank) 55 Protecting investors (rank) 170 Cost (% of claim) 37.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 120 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 19.5 Paying taxes (rank) 175 Payments (number per year) 50 Time (hours per year) 376 Total tax rate (% of profit) 292.4 georgia Eastern Europe & Central Asia GNI per capita (US$) 2,120 Ease of doing business (rank) 15 Lower middle income Population (m) 4.4 Starting a business (rank) 4 Registering property (rank) 2 Trading across borders (rank) 81 Procedures (number) 3 Procedures (number) 2 Documents to export (number) 8 Time (days) 3 Time (days) 3 Time to export (days) 12 Cost (% of income per capita) 4.0 Cost (% of property value) 0.0 Cost to export (US$ per container) 1,380 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 10 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,340 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 113 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 43 Cost (% of income per capita) 20.3 Private bureau coverage (% of adults) 4.5 Procedures (number) 36 Time (days) 285 Employing workers (rank) 5 Protecting investors (rank) 38 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 92 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 27.9 Paying taxes (rank) 110 Payments (number per year) 30 Time (hours per year) 387 Total tax rate (% of profit) 38.6 germany OECD: High Income GNI per capita (US$) 38,860 Ease of doing business (rank) 25 High income Population (m) 82.3 Starting a business (rank) 102 Registering property (rank) 52 Trading across borders (rank) 11 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 4 Time (days) 18 Time (days) 40 Time to export (days) 7 Cost (% of income per capita) 5.6 Cost (% of property value) 5.2 Cost to export (US$ per container) 822 Minimum capital (% of income per capita) 42.2 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 7 Dealing with construction permits (rank) 15 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 887 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 100 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 9 Cost (% of income per capita) 62.2 Private bureau coverage (% of adults) 98.4 Procedures (number) 30 Time (days) 394 Employing workers (rank) 142 Protecting investors (rank) 88 Cost (% of claim) 14.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 33 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.2 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 8 Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 52.2 Paying taxes (rank) 80 Payments (number per year) 16 Time (hours per year) 196 Total tax rate (% of profit) 50.5 106 Doing Business 2009 ghana Sub-Saharan Africa GNI per capita (US$) 590 Ease of doing business (rank) 87 Low income Population (m) 23.5 Starting a business (rank) 137 Registering property (rank) 31 Trading across borders (rank) 76 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 6 Time (days) 34 Time (days) 34 Time to export (days) 19 Cost (% of income per capita) 32.7 Cost (% of property value) 1.2 Cost to export (US$ per container) 1,003 Minimum capital (% of income per capita) 16.6 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 29 Dealing with construction permits (rank) 142 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,130 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 220 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 50 Cost (% of income per capita) 1,282.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 487 Employing workers (rank) 145 Protecting investors (rank) 38 Cost (% of claim) 23.0 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 104 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 6 Time (years) 1.9 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 22 Firing cost (weeks of salary) 178 Recovery rate (cents on the dollar) 24.0 Paying taxes (rank) 65 Payments (number per year) 33 Time (hours per year) 224 Total tax rate (% of profit) 32.7 greeCe OECD: High Income GNI per capita (US$) 29,630 Ease of doing business (rank) 96 High income Population (m) 11.2 Starting a business (rank) 133 Registering property (rank) 101 Trading across borders (rank) 70 Procedures (number) 15 Procedures (number) 11 Documents to export (number) 5 Time (days) 19 Time (days) 22 Time to export (days) 20 Cost (% of income per capita) 10.2 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,153 Minimum capital (% of income per capita) 19.6 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 25 Dealing with construction permits (rank) 45 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,265 Procedures (number) 15 Depth of credit information index (0-6) 4 Time (days) 169 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 85 Cost (% of income per capita) 46.4 Private bureau coverage (% of adults) 39.0 Procedures (number) 39 Time (days) 819 Employing workers (rank) 133 Protecting investors (rank) 150 Cost (% of claim) 14.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 41 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 44.2 Paying taxes (rank) 62 Payments (number per year) 10 Time (hours per year) 224 Total tax rate (% of profit) 47.4 grenada Latin America & Caribbean GNI per capita (US$) 4,670 Ease of doing business (rank) 84 Upper middle income Population (m) 0.1 Starting a business (rank) 40 Registering property (rank) 156 Trading across borders (rank) 63 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 6 Time (days) 20 Time (days) 77 Time to export (days) 16 Cost (% of income per capita) 30.2 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,131 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 68 Time to import (days) 20 Dealing with construction permits (rank) 16 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,478 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 149 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 163 Cost (% of income per capita) 31.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 723 Employing workers (rank) 51 Protecting investors (rank) 24 Cost (% of claim) 32.6 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 29 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 74 Payments (number per year) 30 Time (hours per year) 140 Total tax rate (% of profit) 45.3 counTRy TABles 107 guatemaLa Latin America & Caribbean GNI per capita (US$) 2,440 Ease of doing business (rank) 112 Lower middle income Population (m) 13.3 Starting a business (rank) 147 Registering property (rank) 27 Trading across borders (rank) 123 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 26 Time (days) 30 Time to export (days) 19 Cost (% of income per capita) 50.6 Cost (% of property value) 1.1 Cost to export (US$ per container) 1,182 Minimum capital (% of income per capita) 26.3 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 18 Dealing with construction permits (rank) 164 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,302 Procedures (number) 22 Depth of credit information index (0-6) 5 Time (days) 215 Public registry coverage (% of adults) 16.1 Enforcing contracts (rank) 106 Cost (% of income per capita) 1,204.1 Private bureau coverage (% of adults) 19.7 Procedures (number) 31 Time (days) 1,459 Employing workers (rank) 106 Protecting investors (rank) 126 Cost (% of claim) 26.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 90 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 28 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 15 Firing cost (weeks of salary) 101 Recovery rate (cents on the dollar) 28.2 Paying taxes (rank) 120 Payments (number per year) 39 Time (hours per year) 344 Total tax rate (% of profit) 36.5 guinea Sub-Saharan Africa GNI per capita (US$) 400 Ease of doing business (rank) 171 Low income Population (m) 9.4 Starting a business (rank) 177 Registering property (rank) 157 Trading across borders (rank) 110 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 7 Time (days) 41 Time (days) 104 Time to export (days) 33 Cost (% of income per capita) 135.7 Cost (% of property value) 13.9 Cost to export (US$ per container) 720 Minimum capital (% of income per capita) 476.9 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 32 Dealing with construction permits (rank) 162 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,191 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 255 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 131 Cost (% of income per capita) 243.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 50 Time (days) 276 Employing workers (rank) 114 Protecting investors (rank) 170 Cost (% of claim) 45.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 109 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 1 Time (years) 3.8 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 8 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 22.0 Paying taxes (rank) 168 Payments (number per year) 56 Time (hours per year) 416 Total tax rate (% of profit) 49.9 guinea-bissau Sub-Saharan Africa GNI per capita (US$) 200 Ease of doing business (rank) 179 Low income Population (m) 1.7 Starting a business (rank) 181 Registering property (rank) 170 Trading across borders (rank) 111 Procedures (number) 17 Procedures (number) 9 Documents to export (number) 6 Time (days) 233 Time (days) 211 Time to export (days) 25 Cost (% of income per capita) 257.7 Cost (% of property value) 5.4 Cost to export (US$ per container) 1,545 Minimum capital (% of income per capita) 1,015.0 Documents to import (number) 6 Getting credit (rank) 145 Time to import (days) 24 Dealing with construction permits (rank) 109 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,349 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 167 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 139 Cost (% of income per capita) 2,628.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,140 Employing workers (rank) 176 Protecting investors (rank) 126 Cost (% of claim) 25.0 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 87 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 117 Payments (number per year) 46 Time (hours per year) 208 Total tax rate (% of profit) 45.9 108 Doing Business 2009 guyana Latin America & Caribbean GNI per capita (US$) 1,300 Ease of doing business (rank) 105 Lower middle income Population (m) 0.7 Starting a business (rank) 100 Registering property (rank) 63 Trading across borders (rank) 113 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 7 Time (days) 40 Time (days) 34 Time to export (days) 30 Cost (% of income per capita) 68.4 Cost (% of property value) 4.5 Cost to export (US$ per container) 1,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 145 Time to import (days) 35 Dealing with construction permits (rank) 37 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,056 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 133 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 73 Cost (% of income per capita) 255.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 581 Employing workers (rank) 72 Protecting investors (rank) 70 Cost (% of claim) 25.2 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 126 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 29 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 17.6 Paying taxes (rank) 108 Payments (number per year) 34 Time (hours per year) 288 Total tax rate (% of profit) 39.4 haiti Latin America & Caribbean GNI per capita (US$) 560 Ease of doing business (rank) 154 Low income Population (m) 9.6 Starting a business (rank) 176 Registering property (rank) 128 Trading across borders (rank) 146 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 8 Time (days) 195 Time (days) 405 Time to export (days) 43 Cost (% of income per capita) 159.6 Cost (% of property value) 6.4 Cost to export (US$ per container) 1,020 Minimum capital (% of income per capita) 26.6 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 37 Dealing with construction permits (rank) 126 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,560 Procedures (number) 11 Depth of credit information index (0-6) 2 Time (days) 1,179 Public registry coverage (% of adults) 0.7 Enforcing contracts (rank) 92 Cost (% of income per capita) 675.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 508 Employing workers (rank) 35 Protecting investors (rank) 164 Cost (% of claim) 42.6 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 153 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 5.7 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 30 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 2.7 Paying taxes (rank) 91 Payments (number per year) 42 Time (hours per year) 160 Total tax rate (% of profit) 40.1 honduras Latin America & Caribbean GNI per capita (US$) 1,600 Ease of doing business (rank) 133 Lower middle income Population (m) 7.1 Starting a business (rank) 146 Registering property (rank) 90 Trading across borders (rank) 107 Procedures (number) 13 Procedures (number) 7 Documents to export (number) 7 Time (days) 20 Time (days) 23 Time to export (days) 20 Cost (% of income per capita) 52.6 Cost (% of property value) 5.6 Cost to export (US$ per container) 1,163 Minimum capital (% of income per capita) 20.0 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 23 Dealing with construction permits (rank) 71 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,190 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 125 Public registry coverage (% of adults) 11.3 Enforcing contracts (rank) 176 Cost (% of income per capita) 464.6 Private bureau coverage (% of adults) 60.5 Procedures (number) 45 Time (days) 900 Employing workers (rank) 156 Protecting investors (rank) 150 Cost (% of claim) 35.2 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 115 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) 3.8 Rigidity of employment index (0-100) 53 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 15 Firing cost (weeks of salary) 74 Recovery rate (cents on the dollar) 20.8 Paying taxes (rank) 137 Payments (number per year) 47 Time (hours per year) 224 Total tax rate (% of profit) 49.3 counTRy TABles 109 hong kong, China East Asia & Pacific GNI per capita (US$) 31,610 Ease of doing business (rank) 4 High income Population (m) 6.9 Starting a business (rank) 15 Registering property (rank) 74 Trading across borders (rank) 2 Procedures (number) 5 Procedures (number) 5 Documents to export (number) 4 Time (days) 11 Time (days) 54 Time to export (days) 6 Cost (% of income per capita) 2.0 Cost (% of property value) 5.0 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 2 Time to import (days) 5 Dealing with construction permits (rank) 20 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 633 Procedures (number) 15 Depth of credit information index (0-6) 5 Time (days) 119 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 1 Cost (% of income per capita) 18.7 Private bureau coverage (% of adults) 69.9 Procedures (number) 24 Time (days) 211 Employing workers (rank) 20 Protecting investors (rank) 3 Cost (% of claim) 14.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 13 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 1.1 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 9.0 Cost (% of estate) 9 Firing cost (weeks of salary) 62 Recovery rate (cents on the dollar) 79.8 Paying taxes (rank) 3 Payments (number per year) 4 Time (hours per year) 80 Total tax rate (% of profit) 24.2 hungary OECD: High Income GNI per capita (US$) 11,570 Ease of doing business (rank) 41 High income Population (m) 10.1 Starting a business (rank) 27 Registering property (rank) 57 Trading across borders (rank) 68 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 5 Time (days) 5 Time (days) 17 Time to export (days) 18 Cost (% of income per capita) 8.4 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 10.8 Documents to import (number) 7 Getting credit (rank) 28 Time to import (days) 17 Dealing with construction permits (rank) 89 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,290 Procedures (number) 31 Depth of credit information index (0-6) 5 Time (days) 204 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 12 Cost (% of income per capita) 10.3 Private bureau coverage (% of adults) 10.0 Procedures (number) 33 Time (days) 335 Employing workers (rank) 84 Protecting investors (rank) 113 Cost (% of claim) 13.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 55 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 38.4 Paying taxes (rank) 111 Payments (number per year) 14 Time (hours per year) 330 Total tax rate (% of profit) 57.5 iCeLand OECD: High Income GNI per capita (US$) 54,100 Ease of doing business (rank) 11 High income Population (m) 0.3 Starting a business (rank) 17 Registering property (rank) 15 Trading across borders (rank) 34 Procedures (number) 5 Procedures (number) 3 Documents to export (number) 5 Time (days) 5 Time (days) 4 Time to export (days) 15 Cost (% of income per capita) 2.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 13.6 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 28 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,183 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 75 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 3 Cost (% of income per capita) 19.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 26 Time (days) 393 Employing workers (rank) 62 Protecting investors (rank) 70 Cost (% of claim) 6.2 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 16 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 6 Time (years) 1.0 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 76.6 Paying taxes (rank) 32 Payments (number per year) 31 Time (hours per year) 140 Total tax rate (% of profit) 26.8 110 Doing Business 2009 india South Asia GNI per capita (US$) 950 Ease of doing business (rank) 122 Lower middle income Population (m) 1,123.3 Starting a business (rank) 121 Registering property (rank) 105 Trading across borders (rank) 90 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 8 Time (days) 30 Time (days) 45 Time to export (days) 17 Cost (% of income per capita) 70.1 Cost (% of property value) 7.5 Cost to export (US$ per container) 945 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 28 Time to import (days) 20 Dealing with construction permits (rank) 136 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 960 Procedures (number) 20 Depth of credit information index (0-6) 4 Time (days) 224 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 180 Cost (% of income per capita) 414.7 Private bureau coverage (% of adults) 10.5 Procedures (number) 46 Time (days) 1,420 Employing workers (rank) 89 Protecting investors (rank) 38 Cost (% of claim) 39.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 140 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 7 Time (years) 10.0 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 10.4 Paying taxes (rank) 169 Payments (number per year) 60 Time (hours per year) 271 Total tax rate (% of profit) 71.5 indonesia East Asia & Pacific GNI per capita (US$) 1,650 Ease of doing business (rank) 129 Lower middle income Population (m) 225.6 Starting a business (rank) 171 Registering property (rank) 107 Trading across borders (rank) 37 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 5 Time (days) 76 Time (days) 39 Time to export (days) 21 Cost (% of income per capita) 77.9 Cost (% of property value) 10.7 Cost to export (US$ per container) 704 Minimum capital (% of income per capita) 74.2 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 27 Dealing with construction permits (rank) 80 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 660 Procedures (number) 18 Depth of credit information index (0-6) 4 Time (days) 176 Public registry coverage (% of adults) 26.1 Enforcing contracts (rank) 140 Cost (% of income per capita) 221.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 570 Employing workers (rank) 157 Protecting investors (rank) 53 Cost (% of claim) 122.7 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 139 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 3 Time (years) 5.5 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 18 Firing cost (weeks of salary) 108 Recovery rate (cents on the dollar) 13.7 Paying taxes (rank) 116 Payments (number per year) 51 Time (hours per year) 266 Total tax rate (% of profit) 37.3 iran Middle East & North Africa GNI per capita (US$) 3,470 Ease of doing business (rank) 142 Lower middle income Population (m) 71.0 Starting a business (rank) 96 Registering property (rank) 147 Trading across borders (rank) 142 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 8 Time (days) 47 Time (days) 36 Time to export (days) 26 Cost (% of income per capita) 4.6 Cost (% of property value) 10.6 Cost to export (US$ per container) 1,011 Minimum capital (% of income per capita) 1.0 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 42 Dealing with construction permits (rank) 165 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,656 Procedures (number) 19 Depth of credit information index (0-6) 3 Time (days) 670 Public registry coverage (% of adults) 21.7 Enforcing contracts (rank) 56 Cost (% of income per capita) 514.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 520 Employing workers (rank) 147 Protecting investors (rank) 164 Cost (% of claim) 17.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 107 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 0 Time (years) 4.5 Rigidity of employment index (0-100) 40 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 9 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 23.1 Paying taxes (rank) 104 Payments (number per year) 22 Time (hours per year) 344 Total tax rate (% of profit) 44.2 counTRy TABles 111 iraQ Middle East & North Africa GNI per capita (US$) 1,224 Ease of doing business (rank) 152 Lower middle income Population (m) 28.5 Starting a business (rank) 175 Registering property (rank) 43 Trading across borders (rank) 178 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 10 Time (days) 77 Time (days) 8 Time to export (days) 102 Cost (% of income per capita) 150.7 Cost (% of property value) 6.5 Cost to export (US$ per container) 3,900 Minimum capital (% of income per capita) 59.1 Documents to import (number) 10 Getting credit (rank) 163 Time to import (days) 101 Dealing with construction permits (rank) 111 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,900 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 215 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 148 Cost (% of income per capita) 915.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 520 Employing workers (rank) 67 Protecting investors (rank) 113 Cost (% of claim) 32.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 4.3 Cost (% of estate) No practice Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 43 Payments (number per year) 13 Time (hours per year) 312 Total tax rate (% of profit) 24.7 ireLand OECD: High Income GNI per capita (US$) 48,140 Ease of doing business (rank) 7 High income Population (m) 4.4 Starting a business (rank) 5 Registering property (rank) 82 Trading across borders (rank) 18 Procedures (number) 4 Procedures (number) 5 Documents to export (number) 4 Time (days) 13 Time (days) 38 Time to export (days) 7 Cost (% of income per capita) 0.3 Cost (% of property value) 9.6 Cost to export (US$ per container) 1,109 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 12 Time to import (days) 12 Dealing with construction permits (rank) 30 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,121 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 185 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 39 Cost (% of income per capita) 44.4 Private bureau coverage (% of adults) 100.0 Procedures (number) 20 Time (days) 515 Employing workers (rank) 38 Protecting investors (rank) 5 Cost (% of claim) 26.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 6 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 0.4 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 9 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 86.6 Paying taxes (rank) 6 Payments (number per year) 9 Time (hours per year) 76 Total tax rate (% of profit) 28.8 israeL Middle East & North Africa GNI per capita (US$) 21,900 Ease of doing business (rank) 30 High income Population (m) 7.2 Starting a business (rank) 24 Registering property (rank) 160 Trading across borders (rank) 9 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 5 Time (days) 34 Time (days) 144 Time to export (days) 12 Cost (% of income per capita) 4.4 Cost (% of property value) 7.5 Cost to export (US$ per container) 665 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 5 Time to import (days) 12 Dealing with construction permits (rank) 120 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 605 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 235 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 102 Cost (% of income per capita) 112.8 Private bureau coverage (% of adults) 91.0 Procedures (number) 35 Time (days) 890 Employing workers (rank) 92 Protecting investors (rank) 5 Cost (% of claim) 25.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 39 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 23 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 44.9 Paying taxes (rank) 77 Payments (number per year) 33 Time (hours per year) 230 Total tax rate (% of profit) 33.9 112 Doing Business 2009 itaLy OECD: High Income GNI per capita (US$) 33,540 Ease of doing business (rank) 65 High income Population (m) 59.4 Starting a business (rank) 53 Registering property (rank) 58 Trading across borders (rank) 60 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 10 Time (days) 27 Time to export (days) 20 Cost (% of income per capita) 18.5 Cost (% of property value) 0.6 Cost to export (US$ per container) 1,305 Minimum capital (% of income per capita) 9.7 Documents to import (number) 5 Getting credit (rank) 84 Time to import (days) 18 Dealing with construction permits (rank) 83 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,305 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 257 Public registry coverage (% of adults) 11.8 Enforcing contracts (rank) 156 Cost (% of income per capita) 136.4 Private bureau coverage (% of adults) 74.9 Procedures (number) 41 Time (days) 1,210 Employing workers (rank) 75 Protecting investors (rank) 53 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 27 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 1.8 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 11 Recovery rate (cents on the dollar) 56.6 Paying taxes (rank) 128 Payments (number per year) 15 Time (hours per year) 334 Total tax rate (% of profit) 73.3 JamaiCa Latin America & Caribbean GNI per capita (US$) 3,710 Ease of doing business (rank) 63 Upper middle income Population (m) 2.7 Starting a business (rank) 11 Registering property (rank) 109 Trading across borders (rank) 100 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 8 Time (days) 54 Time to export (days) 21 Cost (% of income per capita) 7.9 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,750 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 22 Dealing with construction permits (rank) 49 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,420 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 127 Cost (% of income per capita) 396.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 35 Time (days) 655 Employing workers (rank) 32 Protecting investors (rank) 70 Cost (% of claim) 45.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 22 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 4 Time (years) 1.1 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 18 Firing cost (weeks of salary) 62 Recovery rate (cents on the dollar) 64.5 Paying taxes (rank) 173 Payments (number per year) 72 Time (hours per year) 414 Total tax rate (% of profit) 51.3 Japan OECD: High Income GNI per capita (US$) 37,670 Ease of doing business (rank) 12 High income Population (m) 127.8 Starting a business (rank) 64 Registering property (rank) 51 Trading across borders (rank) 17 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 4 Time (days) 23 Time (days) 14 Time to export (days) 10 Cost (% of income per capita) 7.5 Cost (% of property value) 5.0 Cost to export (US$ per container) 989 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 11 Dealing with construction permits (rank) 39 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,047 Procedures (number) 15 Depth of credit information index (0-6) 6 Time (days) 187 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 21 Cost (% of income per capita) 19.1 Private bureau coverage (% of adults) 76.2 Procedures (number) 30 Time (days) 316 Employing workers (rank) 17 Protecting investors (rank) 15 Cost (% of claim) 22.7 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 1 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 0.6 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 92.5 Paying taxes (rank) 112 Payments (number per year) 13 Time (hours per year) 355 Total tax rate (% of profit) 55.4 counTRy TABles 113 Jordan Middle East & North Africa GNI per capita (US$) 2,850 Ease of doing business (rank) 101 Lower middle income Population (m) 5.7 Starting a business (rank) 131 Registering property (rank) 115 Trading across borders (rank) 74 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 7 Time (days) 14 Time (days) 22 Time to export (days) 19 Cost (% of income per capita) 60.4 Cost (% of property value) 10.0 Cost to export (US$ per container) 730 Minimum capital (% of income per capita) 24.2 Documents to import (number) 7 Getting credit (rank) 123 Time to import (days) 22 Dealing with construction permits (rank) 74 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,290 Procedures (number) 18 Depth of credit information index (0-6) 2 Time (days) 122 Public registry coverage (% of adults) 1.0 Enforcing contracts (rank) 128 Cost (% of income per capita) 443.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 689 Employing workers (rank) 52 Protecting investors (rank) 113 Cost (% of claim) 31.2 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 93 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 4 Time (years) 4.3 Rigidity of employment index (0-100) 30 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 27.3 Paying taxes (rank) 22 Payments (number per year) 26 Time (hours per year) 101 Total tax rate (% of profit) 31.1 kaZakhstan Eastern Europe & Central Asia GNI per capita (US$) 5,060 Ease of doing business (rank) 70 Upper middle income Population (m) 15.5 Starting a business (rank) 78 Registering property (rank) 25 Trading across borders (rank) 180 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 11 Time (days) 21 Time (days) 40 Time to export (days) 89 Cost (% of income per capita) 5.2 Cost (% of property value) 0.1 Cost to export (US$ per container) 3,005 Minimum capital (% of income per capita) 15.9 Documents to import (number) 13 Getting credit (rank) 43 Time to import (days) 76 Dealing with construction permits (rank) 175 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 3,055 Procedures (number) 38 Depth of credit information index (0-6) 6 Time (days) 231 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 28 Cost (% of income per capita) 1,431.8 Private bureau coverage (% of adults) 25.6 Procedures (number) 38 Time (days) 230 Employing workers (rank) 29 Protecting investors (rank) 53 Cost (% of claim) 22.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 100 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 9 Time (years) 3.3 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 18 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 25.3 Paying taxes (rank) 49 Payments (number per year) 9 Time (hours per year) 271 Total tax rate (% of profit) 36.4 kenya Sub-Saharan Africa GNI per capita (US$) 680 Ease of doing business (rank) 82 Low income Population (m) 37.5 Starting a business (rank) 109 Registering property (rank) 119 Trading across borders (rank) 148 Procedures (number) 12 Procedures (number) 8 Documents to export (number) 9 Time (days) 30 Time (days) 64 Time to export (days) 29 Cost (% of income per capita) 39.7 Cost (% of property value) 4.1 Cost to export (US$ per container) 2,055 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 5 Time to import (days) 26 Dealing with construction permits (rank) 9 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 2,190 Procedures (number) 10 Depth of credit information index (0-6) 4 Time (days) 100 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 107 Cost (% of income per capita) 46.3 Private bureau coverage (% of adults) 2.1 Procedures (number) 44 Time (days) 465 Employing workers (rank) 68 Protecting investors (rank) 88 Cost (% of claim) 26.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 2 Closing a business (rank) 76 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 10 Time (years) 4.5 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 47 Recovery rate (cents on the dollar) 31.6 Paying taxes (rank) 158 Payments (number per year) 41 Time (hours per year) 417 Total tax rate (% of profit) 50.9 114 Doing Business 2009 kiribati East Asia & Pacific GNI per capita (US$) 1,170 Ease of doing business (rank) 79 Lower middle income Population (m) 0.1 Starting a business (rank) 111 Registering property (rank) 68 Trading across borders (rank) 69 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 21 Time (days) 513 Time to export (days) 21 Cost (% of income per capita) 64.6 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,070 Minimum capital (% of income per capita) 34.9 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 21 Dealing with construction permits (rank) 76 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,070 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 160 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 75 Cost (% of income per capita) 717.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 660 Employing workers (rank) 21 Protecting investors (rank) 38 Cost (% of claim) 25.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.0 Cost (% of estate) No practice Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 10 Payments (number per year) 7 Time (hours per year) 120 Total tax rate (% of profit) 31.8 korea OECD: High Income GNI per capita (US$) 19,690 Ease of doing business (rank) 23 High income Population (m) 48.5 Starting a business (rank) 126 Registering property (rank) 67 Trading across borders (rank) 12 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 4 Time (days) 17 Time (days) 11 Time to export (days) 8 Cost (% of income per capita) 16.9 Cost (% of property value) 5.1 Cost to export (US$ per container) 767 Minimum capital (% of income per capita) 53.8 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 8 Dealing with construction permits (rank) 23 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 747 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 34 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 8 Cost (% of income per capita) 154.6 Private bureau coverage (% of adults) 90.4 Procedures (number) 35 Time (days) 230 Employing workers (rank) 152 Protecting investors (rank) 70 Cost (% of claim) 10.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 12 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 1.5 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 80.5 Paying taxes (rank) 43 Payments (number per year) 14 Time (hours per year) 250 Total tax rate (% of profit) 33.7 kuwait Middle East & North Africa GNI per capita (US$) 31,640 Ease of doing business (rank) 52 High income Population (m) 2.7 Starting a business (rank) 134 Registering property (rank) 83 Trading across borders (rank) 104 Procedures (number) 13 Procedures (number) 8 Documents to export (number) 8 Time (days) 35 Time (days) 55 Time to export (days) 20 Cost (% of income per capita) 1.3 Cost (% of property value) 0.5 Cost to export (US$ per container) 995 Minimum capital (% of income per capita) 81.7 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 20 Dealing with construction permits (rank) 82 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,152 Procedures (number) 25 Depth of credit information index (0-6) 4 Time (days) 104 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 94 Cost (% of income per capita) 171.4 Private bureau coverage (% of adults) 31.2 Procedures (number) 50 Time (days) 566 Employing workers (rank) 43 Protecting investors (rank) 24 Cost (% of claim) 13.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 7 Closing a business (rank) 66 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 5 Time (years) 4.2 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 1 Firing cost (weeks of salary) 78 Recovery rate (cents on the dollar) 34.5 Paying taxes (rank) 9 Payments (number per year) 14 Time (hours per year) 118 Total tax rate (% of profit) 14.4 counTRy TABles 115 kyrgyZ repubLiC Eastern Europe & Central Asia GNI per capita (US$) 590 Ease of doing business (rank) 68 Low income Population (m) 5.2 Starting a business (rank) 31 Registering property (rank) 52 Trading across borders (rank) 181 Procedures (number) 4 Procedures (number) 7 Documents to export (number) 13 Time (days) 15 Time (days) 8 Time to export (days) 64 Cost (% of income per capita) 7.4 Cost (% of property value) 3.9 Cost to export (US$ per container) 3,000 Minimum capital (% of income per capita) 0.4 Documents to import (number) 13 Getting credit (rank) 28 Time to import (days) 75 Dealing with construction permits (rank) 58 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,250 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 159 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 52 Cost (% of income per capita) 405.7 Private bureau coverage (% of adults) 3.7 Procedures (number) 39 Time (days) 177 Employing workers (rank) 81 Protecting investors (rank) 11 Cost (% of claim) 29.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 137 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 9 Time (years) 4.0 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 14.2 Paying taxes (rank) 155 Payments (number per year) 75 Time (hours per year) 202 Total tax rate (% of profit) 61.4 Lao pdr East Asia & Pacific GNI per capita (US$) 580 Ease of doing business (rank) 165 Low income Population (m) 5.9 Starting a business (rank) 92 Registering property (rank) 159 Trading across borders (rank) 165 Procedures (number) 8 Procedures (number) 9 Documents to export (number) 9 Time (days) 103 Time (days) 135 Time to export (days) 50 Cost (% of income per capita) 14.1 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,860 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 50 Dealing with construction permits (rank) 110 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,040 Procedures (number) 24 Depth of credit information index (0-6) 0 Time (days) 172 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 111 Cost (% of income per capita) 172.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 443 Employing workers (rank) 85 Protecting investors (rank) 180 Cost (% of claim) 31.6 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) No practice Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 1.7 Cost (% of estate) No practice Firing cost (weeks of salary) 19 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 113 Payments (number per year) 34 Time (hours per year) 560 Total tax rate (% of profit) 33.7 Latvia Eastern Europe & Central Asia GNI per capita (US$) 9,930 Ease of doing business (rank) 29 Upper middle income Population (m) 2.3 Starting a business (rank) 35 Registering property (rank) 77 Trading across borders (rank) 25 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 6 Time (days) 16 Time (days) 50 Time to export (days) 13 Cost (% of income per capita) 2.3 Cost (% of property value) 2.0 Cost to export (US$ per container) 900 Minimum capital (% of income per capita) 16.9 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 12 Dealing with construction permits (rank) 78 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 850 Procedures (number) 25 Depth of credit information index (0-6) 4 Time (days) 187 Public registry coverage (% of adults) 3.7 Enforcing contracts (rank) 4 Cost (% of income per capita) 20.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 27 Time (days) 279 Employing workers (rank) 103 Protecting investors (rank) 53 Cost (% of claim) 16.0 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 86 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 43 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 13 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 29.0 Paying taxes (rank) 36 Payments (number per year) 7 Time (hours per year) 279 Total tax rate (% of profit) 33.0 116 Doing Business 2009 Lebanon Middle East & North Africa GNI per capita (US$) 5,770 Ease of doing business (rank) 99 Upper middle income Population (m) 4.1 Starting a business (rank) 98 Registering property (rank) 102 Trading across borders (rank) 83 Procedures (number) 5 Procedures (number) 8 Documents to export (number) 5 Time (days) 11 Time (days) 25 Time to export (days) 27 Cost (% of income per capita) 87.5 Cost (% of property value) 5.9 Cost to export (US$ per container) 872 Minimum capital (% of income per capita) 57.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 38 Dealing with construction permits (rank) 121 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,073 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 211 Public registry coverage (% of adults) 6.8 Enforcing contracts (rank) 118 Cost (% of income per capita) 217.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 721 Employing workers (rank) 58 Protecting investors (rank) 88 Cost (% of claim) 30.8 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 1 Closing a business (rank) 121 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 5 Time (years) 4.0 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 19.0 Paying taxes (rank) 45 Payments (number per year) 19 Time (hours per year) 180 Total tax rate (% of profit) 36.0 Lesotho Sub-Saharan Africa GNI per capita (US$) 1,000 Ease of doing business (rank) 123 Lower middle income Population (m) 2.0 Starting a business (rank) 125 Registering property (rank) 135 Trading across borders (rank) 141 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 40 Time (days) 101 Time to export (days) 44 Cost (% of income per capita) 37.8 Cost (% of property value) 8.2 Cost to export (US$ per container) 1,549 Minimum capital (% of income per capita) 14.5 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 49 Dealing with construction permits (rank) 150 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,715 Procedures (number) 15 Depth of credit information index (0-6) 0 Time (days) 601 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 104 Cost (% of income per capita) 817.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 695 Employing workers (rank) 63 Protecting investors (rank) 142 Cost (% of claim) 19.5 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 69 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.6 Rigidity of employment index (0-100) 21 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 8 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 33.9 Paying taxes (rank) 54 Payments (number per year) 21 Time (hours per year) 324 Total tax rate (% of profit) 18.0 Liberia Sub-Saharan Africa GNI per capita (US$) 150 Ease of doing business (rank) 157 Low income Population (m) 3.8 Starting a business (rank) 88 Registering property (rank) 172 Trading across borders (rank) 115 Procedures (number) 8 Procedures (number) 13 Documents to export (number) 10 Time (days) 27 Time (days) 50 Time to export (days) 20 Cost (% of income per capita) 100.2 Cost (% of property value) 14.7 Cost to export (US$ per container) 1,232 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 17 Dealing with construction permits (rank) 177 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,212 Procedures (number) 25 Depth of credit information index (0-6) 1 Time (days) 321 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 165 Cost (% of income per capita) 60,988.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 1,280 Employing workers (rank) 105 Protecting investors (rank) 142 Cost (% of claim) 35.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 146 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 3.0 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 43 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 8.3 Paying taxes (rank) 59 Payments (number per year) 32 Time (hours per year) 158 Total tax rate (% of profit) 35.8 counTRy TABles 117 Lithuania Eastern Europe & Central Asia GNI per capita (US$) 9,920 Ease of doing business (rank) 28 Upper middle income Population (m) 3.4 Starting a business (rank) 74 Registering property (rank) 4 Trading across borders (rank) 26 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 6 Time (days) 26 Time (days) 3 Time to export (days) 10 Cost (% of income per capita) 2.7 Cost (% of property value) 0.5 Cost to export (US$ per container) 870 Minimum capital (% of income per capita) 35.9 Documents to import (number) 6 Getting credit (rank) 43 Time to import (days) 13 Dealing with construction permits (rank) 63 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 980 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 162 Public registry coverage (% of adults) 8.9 Enforcing contracts (rank) 16 Cost (% of income per capita) 109.9 Private bureau coverage (% of adults) 7.2 Procedures (number) 30 Time (days) 210 Employing workers (rank) 131 Protecting investors (rank) 88 Cost (% of claim) 23.6 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 34 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 6 Time (years) 1.7 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Firing cost (weeks of salary) 30 Recovery rate (cents on the dollar) 48.0 Paying taxes (rank) 57 Payments (number per year) 15 Time (hours per year) 166 Total tax rate (% of profit) 46.4 Luxembourg OECD: High Income GNI per capita (US$) 75,880 Ease of doing business (rank) 50 High income Population (m) 0.5 Starting a business (rank) 69 Registering property (rank) 118 Trading across borders (rank) 31 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 26 Time (days) 29 Time to export (days) 6 Cost (% of income per capita) 6.5 Cost (% of property value) 10.3 Cost to export (US$ per container) 1,420 Minimum capital (% of income per capita) 21.3 Documents to import (number) 4 Getting credit (rank) 109 Time to import (days) 6 Dealing with construction permits (rank) 40 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,420 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 217 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 2 Cost (% of income per capita) 20.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 26 Time (days) 321 Employing workers (rank) 167 Protecting investors (rank) 113 Cost (% of claim) 8.8 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 4 Closing a business (rank) 48 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 2.0 Rigidity of employment index (0-100) 62 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 15 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 41.7 Paying taxes (rank) 14 Payments (number per year) 22 Time (hours per year) 59 Total tax rate (% of profit) 21.0 maCedonia, former yugosLav repubLiC of Eastern Europe & Central Asia GNI per capita (US$) 3,460 Ease of doing business (rank) 71 Lower middle income Population (m) 2.0 Starting a business (rank) 12 Registering property (rank) 88 Trading across borders (rank) 64 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 9 Time (days) 66 Time to export (days) 17 Cost (% of income per capita) 3.8 Cost (% of property value) 3.4 Cost to export (US$ per container) 1,315 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 43 Time to import (days) 15 Dealing with construction permits (rank) 152 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,325 Procedures (number) 21 Depth of credit information index (0-6) 4 Time (days) 198 Public registry coverage (% of adults) 6.5 Enforcing contracts (rank) 70 Cost (% of income per capita) 1,862.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 385 Employing workers (rank) 125 Protecting investors (rank) 88 Cost (% of claim) 33.1 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 129 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 3.7 Rigidity of employment index (0-100) 47 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 28 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 16.7 Paying taxes (rank) 27 Payments (number per year) 40 Time (hours per year) 75 Total tax rate (% of profit) 18.4 118 Doing Business 2009 madagasCar Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 144 Low income Population (m) 19.7 Starting a business (rank) 58 Registering property (rank) 145 Trading across borders (rank) 109 Procedures (number) 5 Procedures (number) 7 Documents to export (number) 4 Time (days) 7 Time (days) 74 Time to export (days) 23 Cost (% of income per capita) 11.0 Cost (% of property value) 7.5 Cost to export (US$ per container) 1,279 Minimum capital (% of income per capita) 289.8 Documents to import (number) 9 Getting credit (rank) 172 Time to import (days) 27 Dealing with construction permits (rank) 102 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,660 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 178 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 153 Cost (% of income per capita) 764.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 871 Employing workers (rank) 153 Protecting investors (rank) 53 Cost (% of claim) 42.4 Difficulty of hiring index (0-100) 89 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 181 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 5.7 Cost (% of estate) No practice Firing cost (weeks of salary) 30 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 92 Payments (number per year) 25 Time (hours per year) 238 Total tax rate (% of profit) 42.8 maLawi Sub-Saharan Africa GNI per capita (US$) 250 Ease of doing business (rank) 134 Low income Population (m) 13.9 Starting a business (rank) 122 Registering property (rank) 96 Trading across borders (rank) 167 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 12 Time (days) 39 Time (days) 88 Time to export (days) 45 Cost (% of income per capita) 125.9 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,671 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 84 Time to import (days) 54 Dealing with construction permits (rank) 156 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 2,550 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 213 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 138 Cost (% of income per capita) 1,289.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 42 Time (days) 432 Employing workers (rank) 96 Protecting investors (rank) 70 Cost (% of claim) 142.4 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 135 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 30 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 15.1 Paying taxes (rank) 58 Payments (number per year) 19 Time (hours per year) 292 Total tax rate (% of profit) 31.4 maLaysia East Asia & Pacific GNI per capita (US$) 6,540 Ease of doing business (rank) 20 Upper middle income Population (m) 26.5 Starting a business (rank) 75 Registering property (rank) 81 Trading across borders (rank) 29 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 13 Time (days) 144 Time to export (days) 18 Cost (% of income per capita) 14.7 Cost (% of property value) 2.5 Cost to export (US$ per container) 450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 1 Time to import (days) 14 Dealing with construction permits (rank) 104 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 450 Procedures (number) 25 Depth of credit information index (0-6) 6 Time (days) 261 Public registry coverage (% of adults) 52.9 Enforcing contracts (rank) 59 Cost (% of income per capita) 7.9 Private bureau coverage (% of adults) .. Procedures (number) 30 Time (days) 600 Employing workers (rank) 48 Protecting investors (rank) 4 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 54 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.3 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 8.7 Cost (% of estate) 15 Firing cost (weeks of salary) 75 Recovery rate (cents on the dollar) 38.6 Paying taxes (rank) 21 Payments (number per year) 12 Time (hours per year) 145 Total tax rate (% of profit) 34.5 counTRy TABles 119 maLdives South Asia GNI per capita (US$) 3,200 Ease of doing business (rank) 69 Lower middle income Population (m) 0.3 Starting a business (rank) 38 Registering property (rank) 177 Trading across borders (rank) 121 Procedures (number) 5 Procedures (number) No practice Documents to export (number) 8 Time (days) 9 Time (days) No practice Time to export (days) 21 Cost (% of income per capita) 11.5 Cost (% of property value) No practice Cost to export (US$ per container) 1,348 Minimum capital (% of income per capita) 4.8 Documents to import (number) 9 Getting credit (rank) 145 Time to import (days) 20 Dealing with construction permits (rank) 8 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,348 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 90 Cost (% of income per capita) 26.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 665 Employing workers (rank) 4 Protecting investors (rank) 70 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 8 Closing a business (rank) 123 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 6.7 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 18.2 Paying taxes (rank) 1 Payments (number per year) 1 Time (hours per year) 0 Total tax rate (% of profit) 9.1 maLi Sub-Saharan Africa GNI per capita (US$) 500 Ease of doing business (rank) 166 Low income Population (m) 12.3 Starting a business (rank) 162 Registering property (rank) 94 Trading across borders (rank) 166 Procedures (number) 11 Procedures (number) 5 Documents to export (number) 9 Time (days) 26 Time (days) 29 Time to export (days) 38 Cost (% of income per capita) 121.5 Cost (% of property value) 20.3 Cost to export (US$ per container) 2,012 Minimum capital (% of income per capita) 390.4 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 106 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,902 Procedures (number) 14 Depth of credit information index (0-6) 1 Time (days) 208 Public registry coverage (% of adults) 4.1 Enforcing contracts (rank) 158 Cost (% of income per capita) 1,186.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 860 Employing workers (rank) 94 Protecting investors (rank) 150 Cost (% of claim) 52.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 114 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 3.6 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 20.9 Paying taxes (rank) 156 Payments (number per year) 58 Time (hours per year) 270 Total tax rate (% of profit) 51.4 marshaLL isLands East Asia & Pacific GNI per capita (US$) 3,070 Ease of doing business (rank) 93 Lower middle income Population (m) 0.1 Starting a business (rank) 25 Registering property (rank) 177 Trading across borders (rank) 54 Procedures (number) 5 Procedures (number) No practice Documents to export (number) 5 Time (days) 17 Time (days) No practice Time to export (days) 21 Cost (% of income per capita) 17.3 Cost (% of property value) No practice Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 145 Time to import (days) 33 Dealing with construction permits (rank) 5 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 875 Procedures (number) 10 Depth of credit information index (0-6) 0 Time (days) 55 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 60 Cost (% of income per capita) 35.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 36 Time (days) 476 Employing workers (rank) 1 Protecting investors (rank) 150 Cost (% of claim) 27.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 125 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 38 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 17.9 Paying taxes (rank) 88 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 64.9 120 Doing Business 2009 mauritania Sub-Saharan Africa GNI per capita (US$) 840 Ease of doing business (rank) 160 Low income Population (m) 3.1 Starting a business (rank) 143 Registering property (rank) 61 Trading across borders (rank) 158 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 11 Time (days) 19 Time (days) 49 Time to export (days) 35 Cost (% of income per capita) 33.9 Cost (% of property value) 5.2 Cost to export (US$ per container) 1,520 Minimum capital (% of income per capita) 422.6 Documents to import (number) 11 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 142 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,523 Procedures (number) 25 Depth of credit information index (0-6) 1 Time (days) 201 Public registry coverage (% of adults) 0.2 Enforcing contracts (rank) 84 Cost (% of income per capita) 475.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 46 Time (days) 370 Employing workers (rank) 123 Protecting investors (rank) 142 Cost (% of claim) 23.2 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 3 Closing a business (rank) 148 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 3 Time (years) 8.0 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 9 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 6.7 Paying taxes (rank) 174 Payments (number per year) 38 Time (hours per year) 696 Total tax rate (% of profit) 98.7 mauritius Sub-Saharan Africa GNI per capita (US$) 5,450 Ease of doing business (rank) 24 Upper middle income Population (m) 1.3 Starting a business (rank) 7 Registering property (rank) 127 Trading across borders (rank) 20 Procedures (number) 5 Procedures (number) 4 Documents to export (number) 5 Time (days) 6 Time (days) 210 Time to export (days) 17 Cost (% of income per capita) 5.0 Cost (% of property value) 10.8 Cost to export (US$ per container) 725 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 16 Dealing with construction permits (rank) 36 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 677 Procedures (number) 18 Depth of credit information index (0-6) 3 Time (days) 107 Public registry coverage (% of adults) 20.6 Enforcing contracts (rank) 76 Cost (% of income per capita) 41.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 750 Employing workers (rank) 64 Protecting investors (rank) 11 Cost (% of claim) 17.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 70 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 9 Time (years) 1.7 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 15 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 33.6 Paying taxes (rank) 11 Payments (number per year) 7 Time (hours per year) 161 Total tax rate (% of profit) 22.2 mexiCo Latin America & Caribbean GNI per capita (US$) 8,340 Ease of doing business (rank) 56 Upper middle income Population (m) 105.3 Starting a business (rank) 115 Registering property (rank) 88 Trading across borders (rank) 87 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 5 Time (days) 28 Time (days) 74 Time to export (days) 17 Cost (% of income per capita) 12.5 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,472 Minimum capital (% of income per capita) 11.0 Documents to import (number) 5 Getting credit (rank) 59 Time to import (days) 23 Dealing with construction permits (rank) 33 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 2,700 Procedures (number) 12 Depth of credit information index (0-6) 6 Time (days) 138 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 79 Cost (% of income per capita) 131.0 Private bureau coverage (% of adults) 70.8 Procedures (number) 38 Time (days) 415 Employing workers (rank) 141 Protecting investors (rank) 38 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 23 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 5 Time (years) 1.8 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 18 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 64.2 Paying taxes (rank) 149 Payments (number per year) 27 Time (hours per year) 549 Total tax rate (% of profit) 51.5 counTRy TABles 121 miCronesia East Asia & Pacific GNI per capita (US$) 2,470 Ease of doing business (rank) 126 Lower middle income Population (m) 0.1 Starting a business (rank) 60 Registering property (rank) 177 Trading across borders (rank) 95 Procedures (number) 7 Procedures (number) No practice Documents to export (number) 3 Time (days) 16 Time (days) No practice Time to export (days) 30 Cost (% of income per capita) 137.5 Cost (% of property value) No practice Cost to export (US$ per container) 1,255 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 30 Dealing with construction permits (rank) 11 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,255 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 73 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 143 Cost (% of income per capita) 19.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 965 Employing workers (rank) 12 Protecting investors (rank) 170 Cost (% of claim) 66.0 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 152 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 5.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 3.5 Paying taxes (rank) 81 Payments (number per year) 21 Time (hours per year) 128 Total tax rate (% of profit) 58.7 moLdova Eastern Europe & Central Asia GNI per capita (US$) 1,260 Ease of doing business (rank) 103 Lower middle income Population (m) 3.8 Starting a business (rank) 89 Registering property (rank) 50 Trading across borders (rank) 135 Procedures (number) 9 Procedures (number) 6 Documents to export (number) 6 Time (days) 15 Time (days) 48 Time to export (days) 32 Cost (% of income per capita) 8.9 Cost (% of property value) 0.8 Cost to export (US$ per container) 1,775 Minimum capital (% of income per capita) 13.4 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 35 Dealing with construction permits (rank) 158 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,895 Procedures (number) 30 Depth of credit information index (0-6) 0 Time (days) 292 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 17 Cost (% of income per capita) 142.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 31 Time (days) 365 Employing workers (rank) 119 Protecting investors (rank) 104 Cost (% of claim) 16.6 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 88 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 2.8 Rigidity of employment index (0-100) 41 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 9 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 28.6 Paying taxes (rank) 123 Payments (number per year) 53 Time (hours per year) 234 Total tax rate (% of profit) 42.1 mongoLia East Asia & Pacific GNI per capita (US$) 1,290 Ease of doing business (rank) 58 Lower middle income Population (m) 2.6 Starting a business (rank) 59 Registering property (rank) 20 Trading across borders (rank) 156 Procedures (number) 7 Procedures (number) 5 Documents to export (number) 8 Time (days) 13 Time (days) 11 Time to export (days) 49 Cost (% of income per capita) 4.0 Cost (% of property value) 2.1 Cost to export (US$ per container) 2,131 Minimum capital (% of income per capita) 58.5 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 49 Dealing with construction permits (rank) 103 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,274 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 215 Public registry coverage (% of adults) 22.7 Enforcing contracts (rank) 38 Cost (% of income per capita) 81.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 314 Employing workers (rank) 71 Protecting investors (rank) 24 Cost (% of claim) 30.6 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 8 Closing a business (rank) 108 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 4.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 22.1 Paying taxes (rank) 79 Payments (number per year) 42 Time (hours per year) 204 Total tax rate (% of profit) 30.3 122 Doing Business 2009 montenegro Eastern Europe & Central Asia GNI per capita (US$) 5,180 Ease of doing business (rank) 90 Upper middle income Population (m) 0.6 Starting a business (rank) 105 Registering property (rank) 123 Trading across borders (rank) 125 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 9 Time (days) 21 Time (days) 86 Time to export (days) 18 Cost (% of income per capita) 4.4 Cost (% of property value) 3.3 Cost to export (US$ per container) 1,710 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 43 Time to import (days) 19 Dealing with construction permits (rank) 167 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,910 Procedures (number) 20 Depth of credit information index (0-6) 2 Time (days) 248 Public registry coverage (% of adults) 26.3 Enforcing contracts (rank) 130 Cost (% of income per capita) 1,323.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 49 Time (days) 545 Employing workers (rank) 104 Protecting investors (rank) 24 Cost (% of claim) 25.7 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 42 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 6 Time (years) 2.0 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 8 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 43.7 Paying taxes (rank) 139 Payments (number per year) 89 Time (hours per year) 372 Total tax rate (% of profit) 31.8 moroCCo Middle East & North Africa GNI per capita (US$) 2,250 Ease of doing business (rank) 128 Lower middle income Population (m) 30.9 Starting a business (rank) 62 Registering property (rank) 117 Trading across borders (rank) 64 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 7 Time (days) 12 Time (days) 47 Time to export (days) 14 Cost (% of income per capita) 10.2 Cost (% of property value) 4.9 Cost to export (US$ per container) 700 Minimum capital (% of income per capita) 52.3 Documents to import (number) 10 Getting credit (rank) 131 Time to import (days) 18 Dealing with construction permits (rank) 90 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,000 Procedures (number) 19 Depth of credit information index (0-6) 2 Time (days) 163 Public registry coverage (% of adults) 2.4 Enforcing contracts (rank) 112 Cost (% of income per capita) 292.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 615 Employing workers (rank) 168 Protecting investors (rank) 164 Cost (% of claim) 25.2 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 2 Closing a business (rank) 64 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 1 Time (years) 1.8 Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 18 Firing cost (weeks of salary) 85 Recovery rate (cents on the dollar) 35.1 Paying taxes (rank) 119 Payments (number per year) 28 Time (hours per year) 358 Total tax rate (% of profit) 44.6 moZambiQue Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 141 Low income Population (m) 21.4 Starting a business (rank) 144 Registering property (rank) 149 Trading across borders (rank) 140 Procedures (number) 10 Procedures (number) 8 Documents to export (number) 8 Time (days) 26 Time (days) 42 Time to export (days) 26 Cost (% of income per capita) 22.9 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,200 Minimum capital (% of income per capita) 122.5 Documents to import (number) 10 Getting credit (rank) 123 Time to import (days) 32 Dealing with construction permits (rank) 153 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,475 Procedures (number) 17 Depth of credit information index (0-6) 4 Time (days) 381 Public registry coverage (% of adults) 1.9 Enforcing contracts (rank) 124 Cost (% of income per capita) 747.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 730 Employing workers (rank) 161 Protecting investors (rank) 38 Cost (% of claim) 142.5 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 133 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Rigidity of employment index (0-100) 49 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 134 Recovery rate (cents on the dollar) 15.2 Paying taxes (rank) 88 Payments (number per year) 37 Time (hours per year) 230 Total tax rate (% of profit) 34.3 counTRy TABles 123 namibia Sub-Saharan Africa GNI per capita (US$) 3,360 Ease of doing business (rank) 51 Lower middle income Population (m) 2.1 Starting a business (rank) 112 Registering property (rank) 129 Trading across borders (rank) 150 Procedures (number) 10 Procedures (number) 9 Documents to export (number) 11 Time (days) 66 Time (days) 23 Time to export (days) 29 Cost (% of income per capita) 22.1 Cost (% of property value) 9.9 Cost to export (US$ per container) 1,686 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 12 Time to import (days) 24 Dealing with construction permits (rank) 38 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,813 Procedures (number) 12 Depth of credit information index (0-6) 5 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 36 Cost (% of income per capita) 181.8 Private bureau coverage (% of adults) 59.6 Procedures (number) 33 Time (days) 270 Employing workers (rank) 34 Protecting investors (rank) 70 Cost (% of claim) 29.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 52 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 6 Time (years) 1.5 Rigidity of employment index (0-100) 20 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 15 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 39.5 Paying taxes (rank) 96 Payments (number per year) 37 Time (hours per year) 375 Total tax rate (% of profit) 25.3 nepaL South Asia GNI per capita (US$) 340 Ease of doing business (rank) 121 Low income Population (m) 28.1 Starting a business (rank) 73 Registering property (rank) 28 Trading across borders (rank) 157 Procedures (number) 7 Procedures (number) 3 Documents to export (number) 9 Time (days) 31 Time (days) 5 Time to export (days) 41 Cost (% of income per capita) 60.2 Cost (% of property value) 6.3 Cost to export (US$ per container) 1,764 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 109 Time to import (days) 35 Dealing with construction permits (rank) 129 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,900 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 424 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 121 Cost (% of income per capita) 248.4 Private bureau coverage (% of adults) 0.2 Procedures (number) 39 Time (days) 735 Employing workers (rank) 150 Protecting investors (rank) 70 Cost (% of claim) 26.8 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 1 Closing a business (rank) 103 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 9 Time (years) 5.0 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 24.5 Paying taxes (rank) 107 Payments (number per year) 34 Time (hours per year) 408 Total tax rate (% of profit) 34.1 netherLands OECD: High Income GNI per capita (US$) 45,820 Ease of doing business (rank) 26 High income Population (m) 16.4 Starting a business (rank) 51 Registering property (rank) 23 Trading across borders (rank) 13 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 4 Time (days) 10 Time (days) 5 Time to export (days) 6 Cost (% of income per capita) 5.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 895 Minimum capital (% of income per capita) 51.7 Documents to import (number) 5 Getting credit (rank) 43 Time to import (days) 6 Dealing with construction permits (rank) 94 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,020 Procedures (number) 18 Depth of credit information index (0-6) 5 Time (days) 230 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 34 Cost (% of income per capita) 112.1 Private bureau coverage (% of adults) 81.0 Procedures (number) 25 Time (days) 514 Employing workers (rank) 98 Protecting investors (rank) 104 Cost (% of claim) 24.4 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 10 Difficulty of firing index (0-100) 70 Ease of shareholder suits index (0-10) 6 Time (years) 1.1 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 4 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 82.7 Paying taxes (rank) 30 Payments (number per year) 9 Time (hours per year) 180 Total tax rate (% of profit) 39.1 124 Doing Business 2009 new ZeaLand OECD: High Income GNI per capita (US$) 28,780 Ease of doing business (rank) 2 High income Population (m) 4.2 Starting a business (rank) 1 Registering property (rank) 3 Trading across borders (rank) 23 Procedures (number) 1 Procedures (number) 2 Documents to export (number) 7 Time (days) 1 Time (days) 2 Time to export (days) 10 Cost (% of income per capita) 0.4 Cost (% of property value) 0.1 Cost to export (US$ per container) 868 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 5 Time to import (days) 9 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 850 Procedures (number) 7 Depth of credit information index (0-6) 5 Time (days) 65 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 11 Cost (% of income per capita) 25.8 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 216 Employing workers (rank) 14 Protecting investors (rank) 1 Cost (% of claim) 22.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 17 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 10 Time (years) 1.3 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 9.7 Cost (% of estate) 4 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 76.2 Paying taxes (rank) 12 Payments (number per year) 8 Time (hours per year) 70 Total tax rate (% of profit) 35.6 niCaragua Latin America & Caribbean GNI per capita (US$) 980 Ease of doing business (rank) 107 Lower middle income Population (m) 5.6 Starting a business (rank) 85 Registering property (rank) 136 Trading across borders (rank) 99 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 39 Time (days) 124 Time to export (days) 29 Cost (% of income per capita) 121.0 Cost (% of property value) 3.5 Cost to export (US$ per container) 1,300 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 84 Time to import (days) 29 Dealing with construction permits (rank) 134 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,420 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 219 Public registry coverage (% of adults) 13.4 Enforcing contracts (rank) 66 Cost (% of income per capita) 866.0 Private bureau coverage (% of adults) 100.0 Procedures (number) 35 Time (days) 540 Employing workers (rank) 66 Protecting investors (rank) 88 Cost (% of claim) 26.8 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 67 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.2 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 34.3 Paying taxes (rank) 162 Payments (number per year) 64 Time (hours per year) 240 Total tax rate (% of profit) 63.2 niger Sub-Saharan Africa GNI per capita (US$) 280 Ease of doing business (rank) 172 Low income Population (m) 14.2 Starting a business (rank) 159 Registering property (rank) 75 Trading across borders (rank) 169 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 8 Time (days) 19 Time (days) 35 Time to export (days) 59 Cost (% of income per capita) 170.1 Cost (% of property value) 11.1 Cost to export (US$ per container) 3,545 Minimum capital (% of income per capita) 702.1 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 64 Dealing with construction permits (rank) 157 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 3,545 Procedures (number) 17 Depth of credit information index (0-6) 1 Time (days) 265 Public registry coverage (% of adults) 0.9 Enforcing contracts (rank) 134 Cost (% of income per capita) 2,694.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 545 Employing workers (rank) 166 Protecting investors (rank) 150 Cost (% of claim) 59.6 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 138 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 3 Time (years) 5.0 Rigidity of employment index (0-100) 70 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 18 Firing cost (weeks of salary) 35 Recovery rate (cents on the dollar) 14.0 Paying taxes (rank) 120 Payments (number per year) 42 Time (hours per year) 270 Total tax rate (% of profit) 42.3 counTRy TABles 125 nigeria Sub-Saharan Africa GNI per capita (US$) 930 Ease of doing business (rank) 118 Low income Population (m) 148.0 Starting a business (rank) 91 Registering property (rank) 176 Trading across borders (rank) 144 Procedures (number) 8 Procedures (number) 14 Documents to export (number) 10 Time (days) 31 Time (days) 82 Time to export (days) 25 Cost (% of income per capita) 90.1 Cost (% of property value) 21.9 Cost to export (US$ per container) 1,179 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 42 Dealing with construction permits (rank) 151 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,306 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 350 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 90 Cost (% of income per capita) 655.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 457 Employing workers (rank) 27 Protecting investors (rank) 53 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 91 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 22 Firing cost (weeks of salary) 50 Recovery rate (cents on the dollar) 28.0 Paying taxes (rank) 120 Payments (number per year) 35 Time (hours per year) 938 Total tax rate (% of profit) 32.2 norway OECD: High Income GNI per capita (US$) 76,450 Ease of doing business (rank) 10 High income Population (m) 4.7 Starting a business (rank) 33 Registering property (rank) 8 Trading across borders (rank) 7 Procedures (number) 6 Procedures (number) 1 Documents to export (number) 4 Time (days) 10 Time (days) 3 Time to export (days) 7 Cost (% of income per capita) 2.1 Cost (% of property value) 2.5 Cost to export (US$ per container) 780 Minimum capital (% of income per capita) 21.0 Documents to import (number) 4 Getting credit (rank) 43 Time to import (days) 7 Dealing with construction permits (rank) 66 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 709 Procedures (number) 14 Depth of credit information index (0-6) 4 Time (days) 252 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 7 Cost (% of income per capita) 46.6 Private bureau coverage (% of adults) 100.0 Procedures (number) 33 Time (days) 310 Employing workers (rank) 99 Protecting investors (rank) 18 Cost (% of claim) 9.9 Difficulty of hiring index (0-100) 61 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 3 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 0.9 Rigidity of employment index (0-100) 47 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 1 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 89.0 Paying taxes (rank) 18 Payments (number per year) 4 Time (hours per year) 87 Total tax rate (% of profit) 41.6 oman Middle East & North Africa GNI per capita (US$) 11,120 Ease of doing business (rank) 57 High income Population (m) 2.6 Starting a business (rank) 76 Registering property (rank) 19 Trading across borders (rank) 119 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 10 Time (days) 14 Time (days) 16 Time to export (days) 22 Cost (% of income per capita) 3.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 821 Minimum capital (% of income per capita) 461.2 Documents to import (number) 10 Getting credit (rank) 123 Time to import (days) 26 Dealing with construction permits (rank) 133 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,037 Procedures (number) 16 Depth of credit information index (0-6) 2 Time (days) 242 Public registry coverage (% of adults) 23.4 Enforcing contracts (rank) 105 Cost (% of income per capita) 721.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 598 Employing workers (rank) 24 Protecting investors (rank) 88 Cost (% of claim) 13.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 63 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 4 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 35.1 Paying taxes (rank) 8 Payments (number per year) 14 Time (hours per year) 62 Total tax rate (% of profit) 21.6 126 Doing Business 2009 pakistan South Asia GNI per capita (US$) 870 Ease of doing business (rank) 77 Low income Population (m) 162.4 Starting a business (rank) 77 Registering property (rank) 97 Trading across borders (rank) 71 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 9 Time (days) 24 Time (days) 50 Time to export (days) 24 Cost (% of income per capita) 12.6 Cost (% of property value) 5.3 Cost to export (US$ per container) 611 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 93 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 680 Procedures (number) 12 Depth of credit information index (0-6) 4 Time (days) 223 Public registry coverage (% of adults) 4.9 Enforcing contracts (rank) 154 Cost (% of income per capita) 734.0 Private bureau coverage (% of adults) 1.5 Procedures (number) 47 Time (days) 976 Employing workers (rank) 136 Protecting investors (rank) 24 Cost (% of claim) 23.8 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 53 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.8 Rigidity of employment index (0-100) 43 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 4 Firing cost (weeks of salary) 90 Recovery rate (cents on the dollar) 39.2 Paying taxes (rank) 124 Payments (number per year) 47 Time (hours per year) 560 Total tax rate (% of profit) 28.9 paLau East Asia & Pacific GNI per capita (US$) 8,210 Ease of doing business (rank) 91 Upper middle income Population (m) 0.0 Starting a business (rank) 83 Registering property (rank) 17 Trading across borders (rank) 120 Procedures (number) 8 Procedures (number) 5 Documents to export (number) 6 Time (days) 28 Time (days) 14 Time to export (days) 29 Cost (% of income per capita) 4.6 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,170 Minimum capital (% of income per capita) 12.2 Documents to import (number) 10 Getting credit (rank) 181 Time to import (days) 33 Dealing with construction permits (rank) 52 Strength of legal rights index (0-10) 0 Cost to import (US$ per container) 1,132 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 118 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 141 Cost (% of income per capita) 5.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 885 Employing workers (rank) 9 Protecting investors (rank) 170 Cost (% of claim) 35.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 0 Closing a business (rank) 56 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 1.0 Rigidity of employment index (0-100) 4 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 23 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 38.2 Paying taxes (rank) 86 Payments (number per year) 19 Time (hours per year) 128 Total tax rate (% of profit) 73.0 panama Latin America & Caribbean GNI per capita (US$) 5,510 Ease of doing business (rank) 81 Upper middle income Population (m) 3.3 Starting a business (rank) 32 Registering property (rank) 75 Trading across borders (rank) 8 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 3 Time (days) 13 Time (days) 44 Time to export (days) 9 Cost (% of income per capita) 19.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 729 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 28 Time to import (days) 9 Dealing with construction permits (rank) 73 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 879 Procedures (number) 21 Depth of credit information index (0-6) 6 Time (days) 131 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 116 Cost (% of income per capita) 123.3 Private bureau coverage (% of adults) 43.7 Procedures (number) 31 Time (days) 686 Employing workers (rank) 172 Protecting investors (rank) 104 Cost (% of claim) 50.0 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 72 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 9 Time (years) 2.5 Rigidity of employment index (0-100) 66 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 32.4 Paying taxes (rank) 172 Payments (number per year) 59 Time (hours per year) 482 Total tax rate (% of profit) 50.6 counTRy TABles 127 papua new guinea East Asia & Pacific GNI per capita (US$) 850 Ease of doing business (rank) 95 Low income Population (m) 6.3 Starting a business (rank) 92 Registering property (rank) 73 Trading across borders (rank) 89 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 7 Time (days) 56 Time (days) 72 Time to export (days) 26 Cost (% of income per capita) 23.6 Cost (% of property value) 5.1 Cost to export (US$ per container) 664 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 131 Time to import (days) 29 Dealing with construction permits (rank) 124 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 722 Procedures (number) 24 Depth of credit information index (0-6) 0 Time (days) 217 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 162 Cost (% of income per capita) 95.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 591 Employing workers (rank) 31 Protecting investors (rank) 38 Cost (% of claim) 110.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 102 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 23 Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 24.7 Paying taxes (rank) 87 Payments (number per year) 33 Time (hours per year) 194 Total tax rate (% of profit) 41.7 paraguay Latin America & Caribbean GNI per capita (US$) 1,670 Ease of doing business (rank) 115 Lower middle income Population (m) 6.1 Starting a business (rank) 82 Registering property (rank) 70 Trading across borders (rank) 138 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 9 Time (days) 35 Time (days) 46 Time to export (days) 35 Cost (% of income per capita) 67.9 Cost (% of property value) 3.5 Cost to export (US$ per container) 915 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 68 Time to import (days) 33 Dealing with construction permits (rank) 96 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,200 Procedures (number) 13 Depth of credit information index (0-6) 6 Time (days) 291 Public registry coverage (% of adults) 9.7 Enforcing contracts (rank) 103 Cost (% of income per capita) 342.2 Private bureau coverage (% of adults) 48.6 Procedures (number) 38 Time (days) 591 Employing workers (rank) 177 Protecting investors (rank) 53 Cost (% of claim) 30.0 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 116 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) 3.9 Rigidity of employment index (0-100) 59 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 113 Recovery rate (cents on the dollar) 20.7 Paying taxes (rank) 102 Payments (number per year) 35 Time (hours per year) 328 Total tax rate (% of profit) 35.0 peru Latin America & Caribbean GNI per capita (US$) 3,450 Ease of doing business (rank) 62 Lower middle income Population (m) 27.9 Starting a business (rank) 116 Registering property (rank) 41 Trading across borders (rank) 93 Procedures (number) 10 Procedures (number) 5 Documents to export (number) 7 Time (days) 65 Time (days) 33 Time to export (days) 24 Cost (% of income per capita) 25.7 Cost (% of property value) 3.3 Cost to export (US$ per container) 875 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 12 Time to import (days) 25 Dealing with construction permits (rank) 115 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 895 Procedures (number) 21 Depth of credit information index (0-6) 6 Time (days) 210 Public registry coverage (% of adults) 23.7 Enforcing contracts (rank) 119 Cost (% of income per capita) 139.7 Private bureau coverage (% of adults) 33.2 Procedures (number) 41 Time (days) 468 Employing workers (rank) 149 Protecting investors (rank) 18 Cost (% of claim) 35.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 96 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 7 Time (years) 3.1 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 7 Firing cost (weeks of salary) 52 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 85 Payments (number per year) 9 Time (hours per year) 424 Total tax rate (% of profit) 41.2 128 Doing Business 2009 phiLippines East Asia & Pacific GNI per capita (US$) 1,620 Ease of doing business (rank) 140 Lower middle income Population (m) 87.9 Starting a business (rank) 155 Registering property (rank) 97 Trading across borders (rank) 58 Procedures (number) 15 Procedures (number) 8 Documents to export (number) 8 Time (days) 52 Time (days) 33 Time to export (days) 16 Cost (% of income per capita) 29.8 Cost (% of property value) 4.3 Cost to export (US$ per container) 816 Minimum capital (% of income per capita) 6.0 Documents to import (number) 8 Getting credit (rank) 123 Time to import (days) 16 Dealing with construction permits (rank) 105 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 819 Procedures (number) 24 Depth of credit information index (0-6) 3 Time (days) 203 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 90.1 Private bureau coverage (% of adults) 5.4 Procedures (number) 37 Time (days) 842 Employing workers (rank) 126 Protecting investors (rank) 126 Cost (% of claim) 26.0 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 2 Closing a business (rank) 151 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 5.7 Rigidity of employment index (0-100) 35 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 38 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 4.4 Paying taxes (rank) 129 Payments (number per year) 47 Time (hours per year) 195 Total tax rate (% of profit) 50.8 poLand Eastern Europe & Central Asia GNI per capita (US$) 9,840 Ease of doing business (rank) 76 Upper middle income Population (m) 38.1 Starting a business (rank) 145 Registering property (rank) 84 Trading across borders (rank) 41 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 5 Time (days) 31 Time (days) 197 Time to export (days) 17 Cost (% of income per capita) 18.8 Cost (% of property value) 0.5 Cost to export (US$ per container) 884 Minimum capital (% of income per capita) 168.8 Documents to import (number) 5 Getting credit (rank) 28 Time to import (days) 27 Dealing with construction permits (rank) 158 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 884 Procedures (number) 30 Depth of credit information index (0-6) 4 Time (days) 308 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 68 Cost (% of income per capita) 137.0 Private bureau coverage (% of adults) 50.0 Procedures (number) 38 Time (days) 830 Employing workers (rank) 82 Protecting investors (rank) 38 Cost (% of claim) 12.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 82 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 9 Time (years) 3.0 Rigidity of employment index (0-100) 37 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 20 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 29.8 Paying taxes (rank) 142 Payments (number per year) 40 Time (hours per year) 418 Total tax rate (% of profit) 40.2 portugaL OECD: High Income GNI per capita (US$) 18,950 Ease of doing business (rank) 48 High income Population (m) 10.6 Starting a business (rank) 34 Registering property (rank) 79 Trading across borders (rank) 33 Procedures (number) 6 Procedures (number) 5 Documents to export (number) 6 Time (days) 6 Time (days) 42 Time to export (days) 16 Cost (% of income per capita) 2.9 Cost (% of property value) 7.4 Cost to export (US$ per container) 685 Minimum capital (% of income per capita) 34.3 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 16 Dealing with construction permits (rank) 128 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 999 Procedures (number) 21 Depth of credit information index (0-6) 4 Time (days) 328 Public registry coverage (% of adults) 76.4 Enforcing contracts (rank) 34 Cost (% of income per capita) 53.5 Private bureau coverage (% of adults) 11.3 Procedures (number) 34 Time (days) 577 Employing workers (rank) 164 Protecting investors (rank) 38 Cost (% of claim) 14.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 5 Closing a business (rank) 21 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 48 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 69.4 Paying taxes (rank) 73 Payments (number per year) 8 Time (hours per year) 328 Total tax rate (% of profit) 43.6 counTRy TABles 129 puerto riCo Latin America & Caribbean GNI per capita (US$) 14,371 Ease of doing business (rank) 35 High income Population (m) 3.9 Starting a business (rank) 9 Registering property (rank) 122 Trading across borders (rank) 101 Procedures (number) 7 Procedures (number) 8 Documents to export (number) 7 Time (days) 7 Time (days) 194 Time to export (days) 15 Cost (% of income per capita) 0.8 Cost (% of property value) 1.5 Cost to export (US$ per container) 1,250 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 12 Time to import (days) 16 Dealing with construction permits (rank) 144 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,250 Procedures (number) 22 Depth of credit information index (0-6) 5 Time (days) 209 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 97 Cost (% of income per capita) 550.8 Private bureau coverage (% of adults) 61.4 Procedures (number) 39 Time (days) 620 Employing workers (rank) 39 Protecting investors (rank) 15 Cost (% of claim) 24.3 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 6 Closing a business (rank) 28 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 8 Time (years) 3.8 Rigidity of employment index (0-100) 25 Strength of investor protection index (0-10) 7.0 Cost (% of estate) 8 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 55.2 Paying taxes (rank) 98 Payments (number per year) 16 Time (hours per year) 218 Total tax rate (% of profit) 64.7 Qatar Middle East & North Africa GNI per capita (US$) 72,849 Ease of doing business (rank) 37 High income Population (m) 0.8 Starting a business (rank) 57 Registering property (rank) 54 Trading across borders (rank) 36 Procedures (number) 6 Procedures (number) 10 Documents to export (number) 5 Time (days) 6 Time (days) 16 Time to export (days) 21 Cost (% of income per capita) 9.1 Cost (% of property value) 0.3 Cost to export (US$ per container) 735 Minimum capital (% of income per capita) 75.4 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 20 Dealing with construction permits (rank) 27 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 657 Procedures (number) 19 Depth of credit information index (0-6) 2 Time (days) 76 Public registry coverage (% of adults) .. Enforcing contracts (rank) 98 Cost (% of income per capita) 0.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 570 Employing workers (rank) 88 Protecting investors (rank) 88 Cost (% of claim) 21.6 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 31 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 4 Time (years) 2.8 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 69 Recovery rate (cents on the dollar) 52.7 Paying taxes (rank) 2 Payments (number per year) 1 Time (hours per year) 36 Total tax rate (% of profit) 11.3 romania Eastern Europe & Central Asia GNI per capita (US$) 6,150 Ease of doing business (rank) 47 Upper middle income Population (m) 21.5 Starting a business (rank) 26 Registering property (rank) 114 Trading across borders (rank) 40 Procedures (number) 6 Procedures (number) 8 Documents to export (number) 5 Time (days) 10 Time (days) 83 Time to export (days) 12 Cost (% of income per capita) 3.6 Cost (% of property value) 2.4 Cost to export (US$ per container) 1,275 Minimum capital (% of income per capita) 1.1 Documents to import (number) 6 Getting credit (rank) 12 Time to import (days) 13 Dealing with construction permits (rank) 88 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,175 Procedures (number) 17 Depth of credit information index (0-6) 5 Time (days) 243 Public registry coverage (% of adults) 4.5 Enforcing contracts (rank) 31 Cost (% of income per capita) 91.2 Private bureau coverage (% of adults) 24.7 Procedures (number) 31 Time (days) 512 Employing workers (rank) 143 Protecting investors (rank) 38 Cost (% of claim) 19.9 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 5 Closing a business (rank) 85 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 62 Strength of investor protection index (0-10) 6.0 Cost (% of estate) 9 Firing cost (weeks of salary) 8 Recovery rate (cents on the dollar) 29.5 Paying taxes (rank) 146 Payments (number per year) 113 Time (hours per year) 202 Total tax rate (% of profit) 48.0 130 Doing Business 2009 russian federation Eastern Europe & Central Asia GNI per capita (US$) 7,560 Ease of doing business (rank) 120 Upper middle income Population (m) 141.6 Starting a business (rank) 65 Registering property (rank) 49 Trading across borders (rank) 161 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 8 Time (days) 29 Time (days) 52 Time to export (days) 36 Cost (% of income per capita) 2.6 Cost (% of property value) 0.2 Cost to export (US$ per container) 2,150 Minimum capital (% of income per capita) 2.2 Documents to import (number) 13 Getting credit (rank) 109 Time to import (days) 36 Dealing with construction permits (rank) 180 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,150 Procedures (number) 54 Depth of credit information index (0-6) 4 Time (days) 704 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 18 Cost (% of income per capita) 2,612.7 Private bureau coverage (% of adults) 10.0 Procedures (number) 37 Time (days) 281 Employing workers (rank) 101 Protecting investors (rank) 88 Cost (% of claim) 13.4 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 2 Closing a business (rank) 89 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 3.8 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 9 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 28.2 Paying taxes (rank) 134 Payments (number per year) 22 Time (hours per year) 448 Total tax rate (% of profit) 48.7 rwanda Sub-Saharan Africa GNI per capita (US$) 320 Ease of doing business (rank) 139 Low income Population (m) 9.7 Starting a business (rank) 60 Registering property (rank) 60 Trading across borders (rank) 168 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 9 Time (days) 14 Time (days) 315 Time to export (days) 42 Cost (% of income per capita) 108.9 Cost (% of property value) 0.6 Cost to export (US$ per container) 3,275 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 145 Time to import (days) 42 Dealing with construction permits (rank) 90 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 5,070 Procedures (number) 14 Depth of credit information index (0-6) 2 Time (days) 210 Public registry coverage (% of adults) 0.3 Enforcing contracts (rank) 48 Cost (% of income per capita) 607.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 24 Time (days) 310 Employing workers (rank) 93 Protecting investors (rank) 170 Cost (% of claim) 78.7 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 1 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 2.7 Cost (% of estate) No practice Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 56 Payments (number per year) 34 Time (hours per year) 160 Total tax rate (% of profit) 33.7 samoa East Asia & Pacific GNI per capita (US$) 2,430 Ease of doing business (rank) 64 Lower middle income Population (m) 0.2 Starting a business (rank) 132 Registering property (rank) 72 Trading across borders (rank) 86 Procedures (number) 9 Procedures (number) 5 Documents to export (number) 7 Time (days) 35 Time (days) 147 Time to export (days) 27 Cost (% of income per capita) 39.8 Cost (% of property value) 1.7 Cost to export (US$ per container) 820 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 123 Time to import (days) 31 Dealing with construction permits (rank) 47 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 848 Procedures (number) 18 Depth of credit information index (0-6) 0 Time (days) 88 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 79 Cost (% of income per capita) 90.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 455 Employing workers (rank) 16 Protecting investors (rank) 24 Cost (% of claim) 19.7 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 136 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.5 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 38 Firing cost (weeks of salary) 9 Recovery rate (cents on the dollar) 14.3 Paying taxes (rank) 60 Payments (number per year) 37 Time (hours per year) 224 Total tax rate (% of profit) 18.9 counTRy TABles 131 sÃo tomÉ and prinCipe Sub-Saharan Africa GNI per capita (US$) 870 Ease of doing business (rank) 176 Low income Population (m) 0.2 Starting a business (rank) 136 Registering property (rank) 151 Trading across borders (rank) 88 Procedures (number) 10 Procedures (number) 7 Documents to export (number) 8 Time (days) 144 Time (days) 62 Time to export (days) 27 Cost (% of income per capita) 88.9 Cost (% of property value) 10.9 Cost to export (US$ per container) 690 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 163 Time to import (days) 29 Dealing with construction permits (rank) 113 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 577 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 255 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 171 Cost (% of income per capita) 740.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 43 Time (days) 1,185 Employing workers (rank) 179 Protecting investors (rank) 150 Cost (% of claim) 34.8 Difficulty of hiring index (0-100) 50 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 1 Closing a business (rank) 181 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 6 Time (years) No practice Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 151 Payments (number per year) 42 Time (hours per year) 424 Total tax rate (% of profit) 47.2 saudi arabia Middle East & North Africa GNI per capita (US$) 15,440 Ease of doing business (rank) 16 High income Population (m) 24.2 Starting a business (rank) 28 Registering property (rank) 1 Trading across borders (rank) 16 Procedures (number) 7 Procedures (number) 2 Documents to export (number) 5 Time (days) 12 Time (days) 2 Time to export (days) 17 Cost (% of income per capita) 14.9 Cost (% of property value) 0.0 Cost to export (US$ per container) 681 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 59 Time to import (days) 18 Dealing with construction permits (rank) 50 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 678 Procedures (number) 18 Depth of credit information index (0-6) 6 Time (days) 125 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 137 Cost (% of income per capita) 74.7 Private bureau coverage (% of adults) 14.1 Procedures (number) 44 Time (days) 635 Employing workers (rank) 45 Protecting investors (rank) 24 Cost (% of claim) 27.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 57 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 3 Time (years) 1.5 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 22 Firing cost (weeks of salary) 80 Recovery rate (cents on the dollar) 37.5 Paying taxes (rank) 7 Payments (number per year) 14 Time (hours per year) 79 Total tax rate (% of profit) 14.5 senegaL Sub-Saharan Africa GNI per capita (US$) 820 Ease of doing business (rank) 149 Low income Population (m) 12.4 Starting a business (rank) 95 Registering property (rank) 161 Trading across borders (rank) 60 Procedures (number) 4 Procedures (number) 6 Documents to export (number) 6 Time (days) 8 Time (days) 124 Time to export (days) 14 Cost (% of income per capita) 72.7 Cost (% of property value) 20.6 Cost to export (US$ per container) 1,078 Minimum capital (% of income per capita) 236.2 Documents to import (number) 5 Getting credit (rank) 145 Time to import (days) 18 Dealing with construction permits (rank) 118 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,920 Procedures (number) 16 Depth of credit information index (0-6) 1 Time (days) 220 Public registry coverage (% of adults) 4.4 Enforcing contracts (rank) 146 Cost (% of income per capita) 528.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 780 Employing workers (rank) 165 Protecting investors (rank) 164 Cost (% of claim) 26.5 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 77 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Rigidity of employment index (0-100) 61 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 7 Firing cost (weeks of salary) 38 Recovery rate (cents on the dollar) 31.6 Paying taxes (rank) 170 Payments (number per year) 59 Time (hours per year) 666 Total tax rate (% of profit) 46.0 132 Doing Business 2009 serbia Eastern Europe & Central Asia GNI per capita (US$) 4,730 Ease of doing business (rank) 94 Upper middle income Population (m) 7.4 Starting a business (rank) 106 Registering property (rank) 97 Trading across borders (rank) 62 Procedures (number) 11 Procedures (number) 6 Documents to export (number) 6 Time (days) 23 Time (days) 111 Time to export (days) 12 Cost (% of income per capita) 7.6 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,398 Minimum capital (% of income per capita) 6.9 Documents to import (number) 6 Getting credit (rank) 28 Time to import (days) 14 Dealing with construction permits (rank) 171 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 1,559 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 279 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 96 Cost (% of income per capita) 2,177.7 Private bureau coverage (% of adults) 91.9 Procedures (number) 36 Time (days) 635 Employing workers (rank) 91 Protecting investors (rank) 70 Cost (% of claim) 28.9 Difficulty of hiring index (0-100) 67 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 99 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 2.7 Rigidity of employment index (0-100) 39 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 23 Firing cost (weeks of salary) 25 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 126 Payments (number per year) 66 Time (hours per year) 279 Total tax rate (% of profit) 34.0 seyCheLLes Sub-Saharan Africa GNI per capita (US$) 8,960 Ease of doing business (rank) 104 Upper middle income Population (m) 0.1 Starting a business (rank) 68 Registering property (rank) 55 Trading across borders (rank) 90 Procedures (number) 9 Procedures (number) 4 Documents to export (number) 6 Time (days) 38 Time (days) 33 Time to export (days) 17 Cost (% of income per capita) 8.3 Cost (% of property value) 7.0 Cost to export (US$ per container) 1,839 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 163 Time to import (days) 19 Dealing with construction permits (rank) 56 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 1,839 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 144 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 62 Cost (% of income per capita) 47.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 720 Employing workers (rank) 120 Protecting investors (rank) 53 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) No practice Firing cost (weeks of salary) 39 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 40 Payments (number per year) 16 Time (hours per year) 76 Total tax rate (% of profit) 46.6 sierra Leone Sub-Saharan Africa GNI per capita (US$) 260 Ease of doing business (rank) 156 Low income Population (m) 5.8 Starting a business (rank) 53 Registering property (rank) 163 Trading across borders (rank) 132 Procedures (number) 7 Procedures (number) 7 Documents to export (number) 7 Time (days) 17 Time (days) 86 Time to export (days) 29 Cost (% of income per capita) 56.2 Cost (% of property value) 12.9 Cost to export (US$ per container) 1,450 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 145 Time to import (days) 34 Dealing with construction permits (rank) 169 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,535 Procedures (number) 25 Depth of credit information index (0-6) 0 Time (days) 283 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 141 Cost (% of income per capita) 452.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 40 Time (days) 515 Employing workers (rank) 173 Protecting investors (rank) 53 Cost (% of claim) 149.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 145 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 8 Time (years) 2.6 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 42 Firing cost (weeks of salary) 189 Recovery rate (cents on the dollar) 8.5 Paying taxes (rank) 160 Payments (number per year) 28 Time (hours per year) 399 Total tax rate (% of profit) 233.5 counTRy TABles 133 singapore East Asia & Pacific GNI per capita (US$) 32,470 Ease of doing business (rank) 1 High income Population (m) 4.6 Starting a business (rank) 10 Registering property (rank) 16 Trading across borders (rank) 1 Procedures (number) 4 Procedures (number) 3 Documents to export (number) 4 Time (days) 4 Time (days) 9 Time to export (days) 5 Cost (% of income per capita) 0.7 Cost (% of property value) 2.8 Cost to export (US$ per container) 456 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 5 Time to import (days) 3 Dealing with construction permits (rank) 2 Strength of legal rights index (0-10) 10 Cost to import (US$ per container) 439 Procedures (number) 11 Depth of credit information index (0-6) 4 Time (days) 38 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 14 Cost (% of income per capita) 21.2 Private bureau coverage (% of adults) 48.3 Procedures (number) 21 Time (days) 150 Employing workers (rank) 1 Protecting investors (rank) 2 Cost (% of claim) 25.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 2 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 0.8 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 9.3 Cost (% of estate) 1 Firing cost (weeks of salary) 4 Recovery rate (cents on the dollar) 91.3 Paying taxes (rank) 5 Payments (number per year) 5 Time (hours per year) 84 Total tax rate (% of profit) 27.9 sLovakia OECD: High Income GNI per capita (US$) 11,730 Ease of doing business (rank) 36 High income Population (m) 5.4 Starting a business (rank) 48 Registering property (rank) 7 Trading across borders (rank) 116 Procedures (number) 6 Procedures (number) 3 Documents to export (number) 6 Time (days) 16 Time (days) 17 Time to export (days) 25 Cost (% of income per capita) 3.3 Cost (% of property value) 0.1 Cost to export (US$ per container) 1,445 Minimum capital (% of income per capita) 30.4 Documents to import (number) 8 Getting credit (rank) 12 Time to import (days) 25 Dealing with construction permits (rank) 53 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,445 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 287 Public registry coverage (% of adults) 1.4 Enforcing contracts (rank) 47 Cost (% of income per capita) 13.1 Private bureau coverage (% of adults) 39.9 Procedures (number) 30 Time (days) 565 Employing workers (rank) 83 Protecting investors (rank) 104 Cost (% of claim) 25.7 Difficulty of hiring index (0-100) 17 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 37 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 4.0 Rigidity of employment index (0-100) 36 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 18 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 45.9 Paying taxes (rank) 126 Payments (number per year) 31 Time (hours per year) 325 Total tax rate (% of profit) 47.4 sLovenia Eastern Europe & Central Asia GNI per capita (US$) 20,960 Ease of doing business (rank) 54 High income Population (m) 2.0 Starting a business (rank) 41 Registering property (rank) 104 Trading across borders (rank) 78 Procedures (number) 5 Procedures (number) 6 Documents to export (number) 6 Time (days) 19 Time (days) 391 Time to export (days) 20 Cost (% of income per capita) 0.1 Cost (% of property value) 2.0 Cost to export (US$ per container) 1,075 Minimum capital (% of income per capita) 46.8 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 21 Dealing with construction permits (rank) 69 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,130 Procedures (number) 15 Depth of credit information index (0-6) 2 Time (days) 208 Public registry coverage (% of adults) 2.7 Enforcing contracts (rank) 79 Cost (% of income per capita) 112.2 Private bureau coverage (% of adults) 0.0 Procedures (number) 32 Time (days) 1,350 Employing workers (rank) 158 Protecting investors (rank) 18 Cost (% of claim) 18.6 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 9 Closing a business (rank) 38 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 59 Strength of investor protection index (0-10) 6.7 Cost (% of estate) 8 Firing cost (weeks of salary) 37 Recovery rate (cents on the dollar) 45.5 Paying taxes (rank) 78 Payments (number per year) 22 Time (hours per year) 260 Total tax rate (% of profit) 36.7 134 Doing Business 2009 soLomon isLands East Asia & Pacific GNI per capita (US$) 730 Ease of doing business (rank) 89 Low income Population (m) 0.5 Starting a business (rank) 99 Registering property (rank) 169 Trading across borders (rank) 75 Procedures (number) 7 Procedures (number) 10 Documents to export (number) 7 Time (days) 57 Time (days) 297 Time to export (days) 24 Cost (% of income per capita) 53.6 Cost (% of property value) 4.8 Cost to export (US$ per container) 1,011 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 145 Time to import (days) 21 Dealing with construction permits (rank) 35 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,194 Procedures (number) 12 Depth of credit information index (0-6) 0 Time (days) 62 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 108 Cost (% of income per capita) 471.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 455 Employing workers (rank) 42 Protecting investors (rank) 53 Cost (% of claim) 78.9 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 7 Closing a business (rank) 105 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 10 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 38 Firing cost (weeks of salary) 44 Recovery rate (cents on the dollar) 23.6 Paying taxes (rank) 47 Payments (number per year) 33 Time (hours per year) 80 Total tax rate (% of profit) 36.3 south afriCa Sub-Saharan Africa GNI per capita (US$) 5,760 Ease of doing business (rank) 32 Upper middle income Population (m) 47.6 Starting a business (rank) 47 Registering property (rank) 87 Trading across borders (rank) 147 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 8 Time (days) 22 Time (days) 24 Time to export (days) 30 Cost (% of income per capita) 6.0 Cost (% of property value) 8.8 Cost to export (US$ per container) 1,445 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 2 Time to import (days) 35 Dealing with construction permits (rank) 48 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,721 Procedures (number) 17 Depth of credit information index (0-6) 6 Time (days) 174 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 82 Cost (% of income per capita) 27.5 Private bureau coverage (% of adults) 64.8 Procedures (number) 30 Time (days) 600 Employing workers (rank) 102 Protecting investors (rank) 9 Cost (% of claim) 33.2 Difficulty of hiring index (0-100) 56 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 8 Closing a business (rank) 73 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 8 Time (years) 2.0 Rigidity of employment index (0-100) 42 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 18 Firing cost (weeks of salary) 24 Recovery rate (cents on the dollar) 32.2 Paying taxes (rank) 23 Payments (number per year) 9 Time (hours per year) 200 Total tax rate (% of profit) 34.2 spain OECD: High Income GNI per capita (US$) 29,450 Ease of doing business (rank) 49 High income Population (m) 44.9 Starting a business (rank) 140 Registering property (rank) 46 Trading across borders (rank) 52 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 6 Time (days) 47 Time (days) 18 Time to export (days) 9 Cost (% of income per capita) 14.9 Cost (% of property value) 7.2 Cost to export (US$ per container) 1,121 Minimum capital (% of income per capita) 13.1 Documents to import (number) 8 Getting credit (rank) 43 Time to import (days) 10 Dealing with construction permits (rank) 51 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 1,121 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 233 Public registry coverage (% of adults) 45.8 Enforcing contracts (rank) 54 Cost (% of income per capita) 62.3 Private bureau coverage (% of adults) 8.1 Procedures (number) 39 Time (days) 515 Employing workers (rank) 160 Protecting investors (rank) 88 Cost (% of claim) 17.2 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 19 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 1.0 Rigidity of employment index (0-100) 56 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 15 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 73.2 Paying taxes (rank) 84 Payments (number per year) 8 Time (hours per year) 234 Total tax rate (% of profit) 60.2 counTRy TABles 135 sri Lanka South Asia GNI per capita (US$) 1,540 Ease of doing business (rank) 102 Lower middle income Population (m) 19.9 Starting a business (rank) 29 Registering property (rank) 141 Trading across borders (rank) 66 Procedures (number) 4 Procedures (number) 8 Documents to export (number) 8 Time (days) 38 Time (days) 83 Time to export (days) 21 Cost (% of income per capita) 7.1 Cost (% of property value) 5.1 Cost to export (US$ per container) 865 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 68 Time to import (days) 20 Dealing with construction permits (rank) 161 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 895 Procedures (number) 21 Depth of credit information index (0-6) 5 Time (days) 214 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 135 Cost (% of income per capita) 1,486.5 Private bureau coverage (% of adults) 8.7 Procedures (number) 40 Time (days) 1,318 Employing workers (rank) 110 Protecting investors (rank) 70 Cost (% of claim) 22.8 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 5 Closing a business (rank) 43 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 7 Time (years) 1.7 Rigidity of employment index (0-100) 27 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 5 Firing cost (weeks of salary) 169 Recovery rate (cents on the dollar) 43.4 Paying taxes (rank) 164 Payments (number per year) 62 Time (hours per year) 256 Total tax rate (% of profit) 63.7 st. kitts and nevis Latin America & Caribbean GNI per capita (US$) 9,630 Ease of doing business (rank) 67 Upper middle income Population (m) 0.0 Starting a business (rank) 72 Registering property (rank) 146 Trading across borders (rank) 27 Procedures (number) 8 Procedures (number) 6 Documents to export (number) 6 Time (days) 45 Time (days) 81 Time to export (days) 12 Cost (% of income per capita) 12.5 Cost (% of property value) 13.3 Cost to export (US$ per container) 850 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 14 Dealing with construction permits (rank) 6 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 938 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 67 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 114 Cost (% of income per capita) 5.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 578 Employing workers (rank) 22 Protecting investors (rank) 24 Cost (% of claim) 20.5 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 95 Payments (number per year) 24 Time (hours per year) 172 Total tax rate (% of profit) 52.7 st. LuCia Latin America & Caribbean GNI per capita (US$) 5,530 Ease of doing business (rank) 34 Upper middle income Population (m) 0.2 Starting a business (rank) 36 Registering property (rank) 66 Trading across borders (rank) 80 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 5 Time (days) 20 Time (days) 16 Time to export (days) 15 Cost (% of income per capita) 22.6 Cost (% of property value) 7.4 Cost to export (US$ per container) 1,425 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 84 Time to import (days) 18 Dealing with construction permits (rank) 13 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,470 Procedures (number) 9 Depth of credit information index (0-6) 0 Time (days) 139 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 161 Cost (% of income per capita) 30.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 47 Time (days) 635 Employing workers (rank) 23 Protecting investors (rank) 24 Cost (% of claim) 37.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 45 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.3 Cost (% of estate) 9 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 42.9 Paying taxes (rank) 29 Payments (number per year) 32 Time (hours per year) 61 Total tax rate (% of profit) 34.0 136 Doing Business 2009 st.vinCentandthegrenadines Latin America & Caribbean GNI per capita (US$) 4,210 Ease of doing business (rank) 66 Upper middle income Population (m) 0.1 Starting a business (rank) 39 Registering property (rank) 129 Trading across borders (rank) 72 Procedures (number) 8 Procedures (number) 7 Documents to export (number) 6 Time (days) 12 Time (days) 38 Time to export (days) 12 Cost (% of income per capita) 26.8 Cost (% of property value) 11.9 Cost to export (US$ per container) 1,770 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 84 Time to import (days) 13 Dealing with construction permits (rank) 1 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,769 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 74 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 109 Cost (% of income per capita) 8.4 Private bureau coverage (% of adults) 0.0 Procedures (number) 45 Time (days) 394 Employing workers (rank) 41 Protecting investors (rank) 24 Cost (% of claim) 30.3 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 8 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 6.3 Cost (% of estate) No practice Firing cost (weeks of salary) 54 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 76 Payments (number per year) 36 Time (hours per year) 117 Total tax rate (% of profit) 42.6 sudan Sub-Saharan Africa GNI per capita (US$) 960 Ease of doing business (rank) 147 Lower middle income Population (m) 38.6 Starting a business (rank) 107 Registering property (rank) 35 Trading across borders (rank) 139 Procedures (number) 10 Procedures (number) 6 Documents to export (number) 6 Time (days) 39 Time (days) 9 Time to export (days) 35 Cost (% of income per capita) 50.8 Cost (% of property value) 3.1 Cost to export (US$ per container) 2,050 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 131 Time to import (days) 49 Dealing with construction permits (rank) 135 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 2,900 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 271 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 143 Cost (% of income per capita) 240.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 53 Time (days) 810 Employing workers (rank) 144 Protecting investors (rank) 150 Cost (% of claim) 19.8 Difficulty of hiring index (0-100) 39 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 6 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 4 Time (years) No practice Rigidity of employment index (0-100) 36 Strength of investor protection index (0-10) 3.3 Cost (% of estate) No practice Firing cost (weeks of salary) 118 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 67 Payments (number per year) 42 Time (hours per year) 180 Total tax rate (% of profit) 31.6 suriname Latin America & Caribbean GNI per capita (US$) 4,730 Ease of doing business (rank) 146 Upper middle income Population (m) 0.5 Starting a business (rank) 170 Registering property (rank) 136 Trading across borders (rank) 98 Procedures (number) 13 Procedures (number) 4 Documents to export (number) 8 Time (days) 694 Time (days) 193 Time to export (days) 25 Cost (% of income per capita) 125.2 Cost (% of property value) 13.9 Cost to export (US$ per container) 975 Minimum capital (% of income per capita) 0.8 Documents to import (number) 7 Getting credit (rank) 131 Time to import (days) 25 Dealing with construction permits (rank) 95 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 885 Procedures (number) 14 Depth of credit information index (0-6) 0 Time (days) 431 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 177 Cost (% of income per capita) 105.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 1,715 Employing workers (rank) 53 Protecting investors (rank) 178 Cost (% of claim) 37.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 0 Closing a business (rank) 147 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) 5.0 Rigidity of employment index (0-100) 23 Strength of investor protection index (0-10) 2.0 Cost (% of estate) 30 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 8.1 Paying taxes (rank) 26 Payments (number per year) 17 Time (hours per year) 199 Total tax rate (% of profit) 27.9 counTRy TABles 137 swaZiLand Sub-Saharan Africa GNI per capita (US$) 2,580 Ease of doing business (rank) 108 Lower middle income Population (m) 1.1 Starting a business (rank) 153 Registering property (rank) 153 Trading across borders (rank) 154 Procedures (number) 13 Procedures (number) 11 Documents to export (number) 9 Time (days) 61 Time (days) 46 Time to export (days) 21 Cost (% of income per capita) 35.1 Cost (% of property value) 7.1 Cost to export (US$ per container) 2,184 Minimum capital (% of income per capita) 0.6 Documents to import (number) 11 Getting credit (rank) 43 Time to import (days) 33 Dealing with construction permits (rank) 21 Strength of legal rights index (0-10) 6 Cost to import (US$ per container) 2,249 Procedures (number) 13 Depth of credit information index (0-6) 5 Time (days) 93 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 129 Cost (% of income per capita) 94.9 Private bureau coverage (% of adults) 43.5 Procedures (number) 40 Time (days) 972 Employing workers (rank) 40 Protecting investors (rank) 178 Cost (% of claim) 23.1 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 1 Closing a business (rank) 65 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 5 Time (years) 2.0 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 2.0 Cost (% of estate) 15 Firing cost (weeks of salary) 53 Recovery rate (cents on the dollar) 34.9 Paying taxes (rank) 52 Payments (number per year) 33 Time (hours per year) 104 Total tax rate (% of profit) 36.6 sweden OECD: High Income GNI per capita (US$) 46,060 Ease of doing business (rank) 17 High income Population (m) 9.1 Starting a business (rank) 30 Registering property (rank) 10 Trading across borders (rank) 6 Procedures (number) 3 Procedures (number) 1 Documents to export (number) 4 Time (days) 15 Time (days) 2 Time to export (days) 8 Cost (% of income per capita) 0.6 Cost (% of property value) 3.0 Cost to export (US$ per container) 697 Minimum capital (% of income per capita) 30.3 Documents to import (number) 3 Getting credit (rank) 68 Time to import (days) 6 Dealing with construction permits (rank) 17 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 735 Procedures (number) 8 Depth of credit information index (0-6) 4 Time (days) 116 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 55 Cost (% of income per capita) 103.5 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 508 Employing workers (rank) 114 Protecting investors (rank) 53 Cost (% of claim) 31.3 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 18 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 7 Time (years) 2.0 Rigidity of employment index (0-100) 44 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 9 Firing cost (weeks of salary) 26 Recovery rate (cents on the dollar) 75.1 Paying taxes (rank) 42 Payments (number per year) 2 Time (hours per year) 122 Total tax rate (% of profit) 54.5 switZerLand OECD: High Income GNI per capita (US$) 59,880 Ease of doing business (rank) 21 High income Population (m) 7.6 Starting a business (rank) 52 Registering property (rank) 13 Trading across borders (rank) 39 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 20 Time (days) 16 Time to export (days) 8 Cost (% of income per capita) 2.1 Cost (% of property value) 0.4 Cost to export (US$ per container) 1,537 Minimum capital (% of income per capita) 27.6 Documents to import (number) 5 Getting credit (rank) 12 Time to import (days) 9 Dealing with construction permits (rank) 32 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,505 Procedures (number) 14 Depth of credit information index (0-6) 5 Time (days) 154 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 32 Cost (% of income per capita) 52.1 Private bureau coverage (% of adults) 22.5 Procedures (number) 32 Time (days) 417 Employing workers (rank) 19 Protecting investors (rank) 164 Cost (% of claim) 24.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 36 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Rigidity of employment index (0-100) 17 Strength of investor protection index (0-10) 3.0 Cost (% of estate) 4 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 46.8 Paying taxes (rank) 19 Payments (number per year) 24 Time (hours per year) 63 Total tax rate (% of profit) 28.9 138 Doing Business 2009 syria Middle East & North Africa GNI per capita (US$) 1,760 Ease of doing business (rank) 137 Lower middle income Population (m) 19.9 Starting a business (rank) 124 Registering property (rank) 71 Trading across borders (rank) 111 Procedures (number) 8 Procedures (number) 4 Documents to export (number) 8 Time (days) 17 Time (days) 19 Time to export (days) 15 Cost (% of income per capita) 18.2 Cost (% of property value) 28.0 Cost to export (US$ per container) 1,190 Minimum capital (% of income per capita) 4,353.8 Documents to import (number) 9 Getting credit (rank) 178 Time to import (days) 21 Dealing with construction permits (rank) 132 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,625 Procedures (number) 26 Depth of credit information index (0-6) 0 Time (days) 128 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 174 Cost (% of income per capita) 697.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 55 Time (days) 872 Employing workers (rank) 122 Protecting investors (rank) 113 Cost (% of claim) 29.3 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 84 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 2 Time (years) 4.1 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 9 Firing cost (weeks of salary) 80 Recovery rate (cents on the dollar) 29.5 Paying taxes (rank) 99 Payments (number per year) 20 Time (hours per year) 336 Total tax rate (% of profit) 43.5 taiwan, China East Asia & Pacific GNI per capita (US$) 17,930 Ease of doing business (rank) 61 High income Population (m) 22.9 Starting a business (rank) 119 Registering property (rank) 26 Trading across borders (rank) 30 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 7 Time (days) 42 Time (days) 5 Time to export (days) 13 Cost (% of income per capita) 4.1 Cost (% of property value) 6.2 Cost to export (US$ per container) 757 Minimum capital (% of income per capita) 177.4 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 12 Dealing with construction permits (rank) 127 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 769 Procedures (number) 29 Depth of credit information index (0-6) 5 Time (days) 193 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 88 Cost (% of income per capita) 123.6 Private bureau coverage (% of adults) 62.7 Procedures (number) 47 Time (days) 510 Employing workers (rank) 159 Protecting investors (rank) 70 Cost (% of claim) 17.7 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 11 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 1.9 Rigidity of employment index (0-100) 53 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 4 Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 80.9 Paying taxes (rank) 100 Payments (number per year) 23 Time (hours per year) 340 Total tax rate (% of profit) 40.4 taJikistan Eastern Europe & Central Asia GNI per capita (US$) 460 Ease of doing business (rank) 159 Low income Population (m) 6.7 Starting a business (rank) 168 Registering property (rank) 46 Trading across borders (rank) 177 Procedures (number) 13 Procedures (number) 6 Documents to export (number) 10 Time (days) 49 Time (days) 37 Time to export (days) 82 Cost (% of income per capita) 27.6 Cost (% of property value) 1.8 Cost to export (US$ per container) 3,150 Minimum capital (% of income per capita) 216.8 Documents to import (number) 10 Getting credit (rank) 172 Time to import (days) 83 Dealing with construction permits (rank) 178 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 4,550 Procedures (number) 32 Depth of credit information index (0-6) 0 Time (days) 351 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 23 Cost (% of income per capita) 1,420.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 295 Employing workers (rank) 128 Protecting investors (rank) 150 Cost (% of claim) 20.5 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 80 Extent of director liability index (0-10) 1 Closing a business (rank) 97 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 5 Time (years) 3.0 Rigidity of employment index (0-100) 51 Strength of investor protection index (0-10) 3.3 Cost (% of estate) 9 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 25.4 Paying taxes (rank) 159 Payments (number per year) 54 Time (hours per year) 224 Total tax rate (% of profit) 85.5 counTRy TABles 139 tanZania Sub-Saharan Africa GNI per capita (US$) 400 Ease of doing business (rank) 127 Low income Population (m) 40.4 Starting a business (rank) 109 Registering property (rank) 142 Trading across borders (rank) 103 Procedures (number) 12 Procedures (number) 9 Documents to export (number) 5 Time (days) 29 Time (days) 73 Time to export (days) 24 Cost (% of income per capita) 41.5 Cost (% of property value) 4.4 Cost to export (US$ per container) 1,262 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 31 Dealing with construction permits (rank) 172 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,475 Procedures (number) 21 Depth of credit information index (0-6) 0 Time (days) 308 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 33 Cost (% of income per capita) 2,087.0 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 462 Employing workers (rank) 140 Protecting investors (rank) 88 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 100 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 111 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 8 Time (years) 3.0 Rigidity of employment index (0-100) 63 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 22 Firing cost (weeks of salary) 18 Recovery rate (cents on the dollar) 21.3 Paying taxes (rank) 109 Payments (number per year) 48 Time (hours per year) 172 Total tax rate (% of profit) 45.1 thaiLand East Asia & Pacific GNI per capita (US$) 3,400 Ease of doing business (rank) 13 Lower middle income Population (m) 63.8 Starting a business (rank) 44 Registering property (rank) 5 Trading across borders (rank) 10 Procedures (number) 8 Procedures (number) 2 Documents to export (number) 4 Time (days) 33 Time (days) 2 Time to export (days) 14 Cost (% of income per capita) 4.9 Cost (% of property value) 1.1 Cost to export (US$ per container) 625 Minimum capital (% of income per capita) 0.0 Documents to import (number) 3 Getting credit (rank) 68 Time to import (days) 13 Dealing with construction permits (rank) 12 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 795 Procedures (number) 11 Depth of credit information index (0-6) 5 Time (days) 156 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 25 Cost (% of income per capita) 9.4 Private bureau coverage (% of adults) 31.8 Procedures (number) 35 Time (days) 479 Employing workers (rank) 56 Protecting investors (rank) 11 Cost (% of claim) 14.3 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 46 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 6 Time (years) 2.7 Rigidity of employment index (0-100) 18 Strength of investor protection index (0-10) 7.7 Cost (% of estate) 36 Firing cost (weeks of salary) 54 Recovery rate (cents on the dollar) 42.4 Paying taxes (rank) 82 Payments (number per year) 23 Time (hours per year) 264 Total tax rate (% of profit) 37.8 timor-Leste East Asia & Pacific GNI per capita (US$) 1,510 Ease of doing business (rank) 170 Lower middle income Population (m) 1.1 Starting a business (rank) 150 Registering property (rank) 177 Trading across borders (rank) 79 Procedures (number) 10 Procedures (number) No practice Documents to export (number) 6 Time (days) 83 Time (days) No practice Time to export (days) 25 Cost (% of income per capita) 6.6 Cost (% of property value) No practice Cost to export (US$ per container) 1,010 Minimum capital (% of income per capita) 331.1 Documents to import (number) 7 Getting credit (rank) 178 Time to import (days) 26 Dealing with construction permits (rank) 100 Strength of legal rights index (0-10) 1 Cost to import (US$ per container) 1,015 Procedures (number) 22 Depth of credit information index (0-6) 0 Time (days) 208 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 181 Cost (% of income per capita) 62.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 51 Time (days) 1,800 Employing workers (rank) 78 Protecting investors (rank) 126 Cost (% of claim) 163.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 4 Closing a business (rank) 181 Difficulty of firing index (0-100) 50 Ease of shareholder suits index (0-10) 5 Time (years) No practice Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.0 Cost (% of estate) No practice Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 75 Payments (number per year) 15 Time (hours per year) 640 Total tax rate (% of profit) 28.3 140 Doing Business 2009 togo Sub-Saharan Africa GNI per capita (US$) 360 Ease of doing business (rank) 163 Low income Population (m) 6.6 Starting a business (rank) 179 Registering property (rank) 155 Trading across borders (rank) 84 Procedures (number) 13 Procedures (number) 5 Documents to export (number) 6 Time (days) 53 Time (days) 295 Time to export (days) 24 Cost (% of income per capita) 251.3 Cost (% of property value) 13.4 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 559.9 Documents to import (number) 8 Getting credit (rank) 145 Time to import (days) 29 Dealing with construction permits (rank) 145 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 963 Procedures (number) 15 Depth of credit information index (0-6) 1 Time (days) 277 Public registry coverage (% of adults) 2.6 Enforcing contracts (rank) 151 Cost (% of income per capita) 1,400.1 Private bureau coverage (% of adults) 0.0 Procedures (number) 41 Time (days) 588 Employing workers (rank) 155 Protecting investors (rank) 142 Cost (% of claim) 47.5 Difficulty of hiring index (0-100) 72 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 1 Closing a business (rank) 94 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 4 Time (years) 3.0 Rigidity of employment index (0-100) 57 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 15 Firing cost (weeks of salary) 36 Recovery rate (cents on the dollar) 26.6 Paying taxes (rank) 147 Payments (number per year) 53 Time (hours per year) 270 Total tax rate (% of profit) 48.2 tonga East Asia & Pacific GNI per capita (US$) 2,320 Ease of doing business (rank) 43 Lower middle income Population (m) 0.1 Starting a business (rank) 19 Registering property (rank) 113 Trading across borders (rank) 50 Procedures (number) 4 Procedures (number) 4 Documents to export (number) 7 Time (days) 25 Time (days) 108 Time to export (days) 19 Cost (% of income per capita) 9.6 Cost (% of property value) 10.2 Cost to export (US$ per container) 650 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 109 Time to import (days) 25 Dealing with construction permits (rank) 31 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 725 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 76 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 57 Cost (% of income per capita) 371.6 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 350 Employing workers (rank) 5 Protecting investors (rank) 104 Cost (% of claim) 30.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 3 Closing a business (rank) 101 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.7 Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 4.7 Cost (% of estate) 22 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 25.2 Paying taxes (rank) 31 Payments (number per year) 23 Time (hours per year) 164 Total tax rate (% of profit) 27.5 trinidad and tobago Latin America & Caribbean GNI per capita (US$) 14,100 Ease of doing business (rank) 80 High income Population (m) 1.3 Starting a business (rank) 56 Registering property (rank) 164 Trading across borders (rank) 47 Procedures (number) 9 Procedures (number) 8 Documents to export (number) 5 Time (days) 43 Time (days) 162 Time to export (days) 14 Cost (% of income per capita) 0.9 Cost (% of property value) 7.0 Cost to export (US$ per container) 866 Minimum capital (% of income per capita) 0.0 Documents to import (number) 6 Getting credit (rank) 28 Time to import (days) 26 Dealing with construction permits (rank) 84 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,100 Procedures (number) 20 Depth of credit information index (0-6) 4 Time (days) 261 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 167 Cost (% of income per capita) 5.5 Private bureau coverage (% of adults) 37.6 Procedures (number) 42 Time (days) 1,340 Employing workers (rank) 36 Protecting investors (rank) 18 Cost (% of claim) 33.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 7 Strength of investor protection index (0-10) 6.7 Cost (% of estate) No practice Firing cost (weeks of salary) 67 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 51 Payments (number per year) 40 Time (hours per year) 114 Total tax rate (% of profit) 33.1 counTRy TABles 141 tunisia Middle East & North Africa GNI per capita (US$) 3,200 Ease of doing business (rank) 73 Lower middle income Population (m) 10.2 Starting a business (rank) 37 Registering property (rank) 55 Trading across borders (rank) 38 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 5 Time (days) 11 Time (days) 39 Time to export (days) 17 Cost (% of income per capita) 7.9 Cost (% of property value) 6.1 Cost to export (US$ per container) 733 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 84 Time to import (days) 23 Dealing with construction permits (rank) 101 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 858 Procedures (number) 20 Depth of credit information index (0-6) 5 Time (days) 84 Public registry coverage (% of adults) 14.9 Enforcing contracts (rank) 72 Cost (% of income per capita) 1,017.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 39 Time (days) 565 Employing workers (rank) 113 Protecting investors (rank) 142 Cost (% of claim) 21.8 Difficulty of hiring index (0-100) 28 Extent of disclosure index (0-10) 0 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 32 Difficulty of firing index (0-100) 80 Ease of shareholder suits index (0-10) 6 Time (years) 1.3 Rigidity of employment index (0-100) 49 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 7 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 52.3 Paying taxes (rank) 106 Payments (number per year) 22 Time (hours per year) 228 Total tax rate (% of profit) 59.1 turkey Eastern Europe & Central Asia GNI per capita (US$) 8,020 Ease of doing business (rank) 59 Upper middle income Population (m) 73.9 Starting a business (rank) 43 Registering property (rank) 34 Trading across borders (rank) 59 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 7 Time (days) 6 Time (days) 6 Time to export (days) 14 Cost (% of income per capita) 14.9 Cost (% of property value) 3.0 Cost to export (US$ per container) 940 Minimum capital (% of income per capita) 10.9 Documents to import (number) 8 Getting credit (rank) 68 Time to import (days) 15 Dealing with construction permits (rank) 131 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 1,063 Procedures (number) 25 Depth of credit information index (0-6) 5 Time (days) 188 Public registry coverage (% of adults) 12.7 Enforcing contracts (rank) 27 Cost (% of income per capita) 249.3 Private bureau coverage (% of adults) 26.3 Procedures (number) 35 Time (days) 420 Employing workers (rank) 138 Protecting investors (rank) 53 Cost (% of claim) 18.8 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 9 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 4 Closing a business (rank) 118 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 38 Strength of investor protection index (0-10) 5.7 Cost (% of estate) 15 Firing cost (weeks of salary) 95 Recovery rate (cents on the dollar) 20.2 Paying taxes (rank) 68 Payments (number per year) 15 Time (hours per year) 223 Total tax rate (% of profit) 45.5 uganda Sub-Saharan Africa GNI per capita (US$) 340 Ease of doing business (rank) 111 Low income Population (m) 30.9 Starting a business (rank) 129 Registering property (rank) 167 Trading across borders (rank) 145 Procedures (number) 18 Procedures (number) 13 Documents to export (number) 6 Time (days) 25 Time (days) 227 Time to export (days) 39 Cost (% of income per capita) 100.7 Cost (% of property value) 4.1 Cost to export (US$ per container) 3,090 Minimum capital (% of income per capita) 0.0 Documents to import (number) 7 Getting credit (rank) 109 Time to import (days) 37 Dealing with construction permits (rank) 81 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 3,290 Procedures (number) 16 Depth of credit information index (0-6) 0 Time (days) 143 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 117 Cost (% of income per capita) 703.5 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 535 Employing workers (rank) 11 Protecting investors (rank) 126 Cost (% of claim) 44.9 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 2 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 5 Closing a business (rank) 51 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 5 Time (years) 2.2 Rigidity of employment index (0-100) 3 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 30 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 41.1 Paying taxes (rank) 70 Payments (number per year) 32 Time (hours per year) 222 Total tax rate (% of profit) 34.5 142 Doing Business 2009 ukraine Eastern Europe & Central Asia GNI per capita (US$) 2,550 Ease of doing business (rank) 145 Lower middle income Population (m) 46.4 Starting a business (rank) 128 Registering property (rank) 140 Trading across borders (rank) 131 Procedures (number) 10 Procedures (number) 10 Documents to export (number) 6 Time (days) 27 Time (days) 93 Time to export (days) 31 Cost (% of income per capita) 5.5 Cost (% of property value) 2.9 Cost to export (US$ per container) 1,230 Minimum capital (% of income per capita) 174.2 Documents to import (number) 10 Getting credit (rank) 28 Time to import (days) 36 Dealing with construction permits (rank) 179 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,250 Procedures (number) 30 Depth of credit information index (0-6) 3 Time (days) 471 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 49 Cost (% of income per capita) 1,901.7 Private bureau coverage (% of adults) 3.0 Procedures (number) 30 Time (days) 354 Employing workers (rank) 100 Protecting investors (rank) 142 Cost (% of claim) 41.5 Difficulty of hiring index (0-100) 44 Extent of disclosure index (0-10) 1 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 3 Closing a business (rank) 143 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 7 Time (years) 2.9 Rigidity of employment index (0-100) 45 Strength of investor protection index (0-10) 3.7 Cost (% of estate) 42 Firing cost (weeks of salary) 13 Recovery rate (cents on the dollar) 9.1 Paying taxes (rank) 180 Payments (number per year) 99 Time (hours per year) 848 Total tax rate (% of profit) 58.4 united arab emirates Middle East & North Africa GNI per capita (US$) 26,210 Ease of doing business (rank) 46 High income Population (m) 4.4 Starting a business (rank) 113 Registering property (rank) 11 Trading across borders (rank) 14 Procedures (number) 8 Procedures (number) 3 Documents to export (number) 5 Time (days) 17 Time (days) 6 Time to export (days) 10 Cost (% of income per capita) 13.4 Cost (% of property value) 2.0 Cost to export (US$ per container) 618 Minimum capital (% of income per capita) 311.9 Documents to import (number) 7 Getting credit (rank) 68 Time to import (days) 10 Dealing with construction permits (rank) 41 Strength of legal rights index (0-10) 4 Cost to import (US$ per container) 587 Procedures (number) 21 Depth of credit information index (0-6) 5 Time (days) 125 Public registry coverage (% of adults) 6.5 Enforcing contracts (rank) 145 Cost (% of income per capita) 1.5 Private bureau coverage (% of adults) 7.7 Procedures (number) 50 Time (days) 607 Employing workers (rank) 47 Protecting investors (rank) 113 Cost (% of claim) 26.2 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 7 Closing a business (rank) 141 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 2 Time (years) 5.1 Rigidity of employment index (0-100) 13 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 30 Firing cost (weeks of salary) 84 Recovery rate (cents on the dollar) 10.2 Paying taxes (rank) 4 Payments (number per year) 14 Time (hours per year) 12 Total tax rate (% of profit) 14.4 united kingdom OECD: High Income GNI per capita (US$) 42,740 Ease of doing business (rank) 6 High income Population (m) 61.0 Starting a business (rank) 8 Registering property (rank) 22 Trading across borders (rank) 28 Procedures (number) 6 Procedures (number) 2 Documents to export (number) 4 Time (days) 13 Time (days) 21 Time to export (days) 13 Cost (% of income per capita) 0.8 Cost (% of property value) 4.1 Cost to export (US$ per container) 1,030 Minimum capital (% of income per capita) 0.0 Documents to import (number) 4 Getting credit (rank) 2 Time to import (days) 13 Dealing with construction permits (rank) 61 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 1,350 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 144 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 24 Cost (% of income per capita) 64.2 Private bureau coverage (% of adults) 100.0 Procedures (number) 30 Time (days) 404 Employing workers (rank) 28 Protecting investors (rank) 9 Cost (% of claim) 23.4 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 10 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 7 Closing a business (rank) 9 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 7 Time (years) 1.0 Rigidity of employment index (0-100) 14 Strength of investor protection index (0-10) 8.0 Cost (% of estate) 6 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 84.2 Paying taxes (rank) 16 Payments (number per year) 8 Time (hours per year) 105 Total tax rate (% of profit) 35.3 counTRy TABles 143 united states OECD: High Income GNI per capita (US$) 46,040 Ease of doing business (rank) 3 High income Population (m) 301.6 Starting a business (rank) 6 Registering property (rank) 12 Trading across borders (rank) 15 Procedures (number) 6 Procedures (number) 4 Documents to export (number) 4 Time (days) 6 Time (days) 12 Time to export (days) 6 Cost (% of income per capita) 0.7 Cost (% of property value) 0.5 Cost to export (US$ per container) 990 Minimum capital (% of income per capita) 0.0 Documents to import (number) 5 Getting credit (rank) 5 Time to import (days) 5 Dealing with construction permits (rank) 26 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,245 Procedures (number) 19 Depth of credit information index (0-6) 6 Time (days) 40 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 6 Cost (% of income per capita) 13.1 Private bureau coverage (% of adults) 100.0 Procedures (number) 32 Time (days) 300 Employing workers (rank) 1 Protecting investors (rank) 5 Cost (% of claim) 9.4 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 7 Rigidity of hours index (0-100) 0 Extent of director liability index (0-10) 9 Closing a business (rank) 15 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 9 Time (years) 1.5 Rigidity of employment index (0-100) 0 Strength of investor protection index (0-10) 8.3 Cost (% of estate) 7 Firing cost (weeks of salary) 0 Recovery rate (cents on the dollar) 76.7 Paying taxes (rank) 46 Payments (number per year) 10 Time (hours per year) 187 Total tax rate (% of profit) 42.3 uruguay Latin America & Caribbean GNI per capita (US$) 6,380 Ease of doing business (rank) 109 Upper middle income Population (m) 3.3 Starting a business (rank) 120 Registering property (rank) 149 Trading across borders (rank) 127 Procedures (number) 11 Procedures (number) 8 Documents to export (number) 10 Time (days) 44 Time (days) 66 Time to export (days) 19 Cost (% of income per capita) 43.5 Cost (% of property value) 7.1 Cost to export (US$ per container) 1,100 Minimum capital (% of income per capita) 0.0 Documents to import (number) 10 Getting credit (rank) 43 Time to import (days) 22 Dealing with construction permits (rank) 139 Strength of legal rights index (0-10) 5 Cost to import (US$ per container) 1,330 Procedures (number) 30 Depth of credit information index (0-6) 6 Time (days) 234 Public registry coverage (% of adults) 15.4 Enforcing contracts (rank) 99 Cost (% of income per capita) 108.0 Private bureau coverage (% of adults) 98.0 Procedures (number) 40 Time (days) 720 Employing workers (rank) 79 Protecting investors (rank) 88 Cost (% of claim) 19.0 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 44 Difficulty of firing index (0-100) 0 Ease of shareholder suits index (0-10) 8 Time (years) 2.1 Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 5.0 Cost (% of estate) 7 Firing cost (weeks of salary) 31 Recovery rate (cents on the dollar) 43.0 Paying taxes (rank) 167 Payments (number per year) 53 Time (hours per year) 336 Total tax rate (% of profit) 58.5 uZbekistan Eastern Europe & Central Asia GNI per capita (US$) 730 Ease of doing business (rank) 138 Low income Population (m) 26.9 Starting a business (rank) 70 Registering property (rank) 125 Trading across borders (rank) 171 Procedures (number) 7 Procedures (number) 12 Documents to export (number) 7 Time (days) 15 Time (days) 78 Time to export (days) 80 Cost (% of income per capita) 10.3 Cost (% of property value) 1.5 Cost to export (US$ per container) 3,100 Minimum capital (% of income per capita) 17.7 Documents to import (number) 11 Getting credit (rank) 123 Time to import (days) 104 Dealing with construction permits (rank) 148 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 4,600 Procedures (number) 26 Depth of credit information index (0-6) 3 Time (days) 260 Public registry coverage (% of adults) 2.3 Enforcing contracts (rank) 46 Cost (% of income per capita) 123.4 Private bureau coverage (% of adults) 2.2 Procedures (number) 42 Time (days) 195 Employing workers (rank) 76 Protecting investors (rank) 113 Cost (% of claim) 22.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 4 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 122 Difficulty of firing index (0-100) 30 Ease of shareholder suits index (0-10) 3 Time (years) 4.0 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 10 Firing cost (weeks of salary) 22 Recovery rate (cents on the dollar) 18.7 Paying taxes (rank) 162 Payments (number per year) 106 Time (hours per year) 196 Total tax rate (% of profit) 90.6 144 Doing Business 2009 vanuatu East Asia & Pacific GNI per capita (US$) 1,840 Ease of doing business (rank) 60 Lower middle income Population (m) 0.2 Starting a business (rank) 94 Registering property (rank) 115 Trading across borders (rank) 136 Procedures (number) 8 Procedures (number) 2 Documents to export (number) 7 Time (days) 39 Time (days) 188 Time to export (days) 26 Cost (% of income per capita) 54.8 Cost (% of property value) 11.0 Cost to export (US$ per container) 1,497 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 30 Dealing with construction permits (rank) 24 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 1,392 Procedures (number) 7 Depth of credit information index (0-6) 0 Time (days) 51 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 67 Cost (% of income per capita) 356.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 30 Time (days) 430 Employing workers (rank) 86 Protecting investors (rank) 70 Cost (% of claim) 74.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 5 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 6 Closing a business (rank) 50 Difficulty of firing index (0-100) 10 Ease of shareholder suits index (0-10) 5 Time (years) 2.6 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 38 Firing cost (weeks of salary) 56 Recovery rate (cents on the dollar) 41.2 Paying taxes (rank) 20 Payments (number per year) 31 Time (hours per year) 120 Total tax rate (% of profit) 8.4 veneZueLa Latin America & Caribbean GNI per capita (US$) 7,320 Ease of doing business (rank) 174 Upper middle income Population (m) 27.5 Starting a business (rank) 142 Registering property (rank) 92 Trading across borders (rank) 164 Procedures (number) 16 Procedures (number) 8 Documents to export (number) 8 Time (days) 141 Time (days) 47 Time to export (days) 49 Cost (% of income per capita) 26.8 Cost (% of property value) 2.2 Cost to export (US$ per container) 2,590 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 163 Time to import (days) 71 Dealing with construction permits (rank) 96 Strength of legal rights index (0-10) 3 Cost to import (US$ per container) 2,868 Procedures (number) 11 Depth of credit information index (0-6) 0 Time (days) 395 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 71 Cost (% of income per capita) 344.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 29 Time (days) 510 Employing workers (rank) 180 Protecting investors (rank) 170 Cost (% of claim) 43.7 Difficulty of hiring index (0-100) 78 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 3 Closing a business (rank) 149 Difficulty of firing index (0-100) 100 Ease of shareholder suits index (0-10) 2 Time (years) 4.0 Rigidity of employment index (0-100) 79 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 38 Firing cost (weeks of salary) Not possible Recovery rate (cents on the dollar) 6.0 Paying taxes (rank) 177 Payments (number per year) 70 Time (hours per year) 864 Total tax rate (% of profit) 56.6 vietnam East Asia & Pacific GNI per capita (US$) 790 Ease of doing business (rank) 92 Low income Population (m) 85.1 Starting a business (rank) 108 Registering property (rank) 37 Trading across borders (rank) 67 Procedures (number) 11 Procedures (number) 4 Documents to export (number) 6 Time (days) 50 Time (days) 57 Time to export (days) 24 Cost (% of income per capita) 16.8 Cost (% of property value) 1.2 Cost to export (US$ per container) 734 Minimum capital (% of income per capita) 0.0 Documents to import (number) 8 Getting credit (rank) 43 Time to import (days) 23 Dealing with construction permits (rank) 67 Strength of legal rights index (0-10) 7 Cost to import (US$ per container) 901 Procedures (number) 13 Depth of credit information index (0-6) 4 Time (days) 194 Public registry coverage (% of adults) 13.4 Enforcing contracts (rank) 42 Cost (% of income per capita) 313.3 Private bureau coverage (% of adults) 0.0 Procedures (number) 34 Time (days) 295 Employing workers (rank) 90 Protecting investors (rank) 170 Cost (% of claim) 31.0 Difficulty of hiring index (0-100) 11 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 20 Extent of director liability index (0-10) 0 Closing a business (rank) 124 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) 5.0 Rigidity of employment index (0-100) 24 Strength of investor protection index (0-10) 2.7 Cost (% of estate) 15 Firing cost (weeks of salary) 87 Recovery rate (cents on the dollar) 18.0 Paying taxes (rank) 140 Payments (number per year) 32 Time (hours per year) 1,050 Total tax rate (% of profit) 40.1 counTRy TABles 145 west bank and gaZa Middle East & North Africa GNI per capita (US$) 1,230 Ease of doing business (rank) 131 Lower middle income Population (m) 3.9 Starting a business (rank) 166 Registering property (rank) 80 Trading across borders (rank) 85 Procedures (number) 11 Procedures (number) 7 Documents to export (number) 6 Time (days) 49 Time (days) 63 Time to export (days) 25 Cost (% of income per capita) 69.1 Cost (% of property value) 0.9 Cost to export (US$ per container) 835 Minimum capital (% of income per capita) 56.1 Documents to import (number) 6 Getting credit (rank) 163 Time to import (days) 40 Dealing with construction permits (rank) 149 Strength of legal rights index (0-10) 0 Cost to import (US$ per container) 1,225 Procedures (number) 21 Depth of credit information index (0-6) 3 Time (days) 199 Public registry coverage (% of adults) 7.8 Enforcing contracts (rank) 122 Cost (% of income per capita) 1,399.9 Private bureau coverage (% of adults) 0.0 Procedures (number) 44 Time (days) 700 Employing workers (rank) 109 Protecting investors (rank) 38 Cost (% of claim) 21.2 Difficulty of hiring index (0-100) 33 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 5 Closing a business (rank) 181 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) No practice Rigidity of employment index (0-100) 31 Strength of investor protection index (0-10) 6.0 Cost (% of estate) No practice Firing cost (weeks of salary) 91 Recovery rate (cents on the dollar) 0.0 Paying taxes (rank) 25 Payments (number per year) 27 Time (hours per year) 154 Total tax rate (% of profit) 16.8 yemen Middle East & North Africa GNI per capita (US$) 870 Ease of doing business (rank) 98 Low income Population (m) 22.4 Starting a business (rank) 50 Registering property (rank) 48 Trading across borders (rank) 126 Procedures (number) 7 Procedures (number) 6 Documents to export (number) 6 Time (days) 13 Time (days) 19 Time to export (days) 31 Cost (% of income per capita) 93.0 Cost (% of property value) 3.8 Cost to export (US$ per container) 1,129 Minimum capital (% of income per capita) 0.0 Documents to import (number) 9 Getting credit (rank) 172 Time to import (days) 28 Dealing with construction permits (rank) 33 Strength of legal rights index (0-10) 2 Cost to import (US$ per container) 1,475 Procedures (number) 13 Depth of credit information index (0-6) 0 Time (days) 107 Public registry coverage (% of adults) 0.1 Enforcing contracts (rank) 41 Cost (% of income per capita) 189.7 Private bureau coverage (% of adults) 0.0 Procedures (number) 37 Time (days) 520 Employing workers (rank) 69 Protecting investors (rank) 126 Cost (% of claim) 16.5 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 6 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 4 Closing a business (rank) 87 Difficulty of firing index (0-100) 40 Ease of shareholder suits index (0-10) 2 Time (years) 3.0 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.0 Cost (% of estate) 8 Firing cost (weeks of salary) 17 Recovery rate (cents on the dollar) 28.6 Paying taxes (rank) 138 Payments (number per year) 44 Time (hours per year) 248 Total tax rate (% of profit) 47.8 Zambia Sub-Saharan Africa GNI per capita (US$) 800 Ease of doing business (rank) 100 Low income Population (m) 11.9 Starting a business (rank) 71 Registering property (rank) 91 Trading across borders (rank) 153 Procedures (number) 6 Procedures (number) 6 Documents to export (number) 6 Time (days) 18 Time (days) 39 Time to export (days) 53 Cost (% of income per capita) 28.6 Cost (% of property value) 6.6 Cost to export (US$ per container) 2,664 Minimum capital (% of income per capita) 1.5 Documents to import (number) 9 Getting credit (rank) 68 Time to import (days) 64 Dealing with construction permits (rank) 146 Strength of legal rights index (0-10) 9 Cost to import (US$ per container) 3,335 Procedures (number) 17 Depth of credit information index (0-6) 0 Time (days) 254 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 87 Cost (% of income per capita) 1,023.1 Private bureau coverage (% of adults) 0.1 Procedures (number) 35 Time (days) 471 Employing workers (rank) 135 Protecting investors (rank) 70 Cost (% of claim) 38.7 Difficulty of hiring index (0-100) 22 Extent of disclosure index (0-10) 3 Rigidity of hours index (0-100) 60 Extent of director liability index (0-10) 6 Closing a business (rank) 80 Difficulty of firing index (0-100) 20 Ease of shareholder suits index (0-10) 7 Time (years) 2.7 Rigidity of employment index (0-100) 34 Strength of investor protection index (0-10) 5.3 Cost (% of estate) 9 Firing cost (weeks of salary) 178 Recovery rate (cents on the dollar) 30.2 Paying taxes (rank) 38 Payments (number per year) 37 Time (hours per year) 132 Total tax rate (% of profit) 16.1 146 Doing Business 2009 Zimbabwe Sub-Saharan Africa GNI per capita (US$) 325 Ease of doing business (rank) 158 Low income Population (m) 13.4 Starting a business (rank) 164 Registering property (rank) 85 Trading across borders (rank) 162 Procedures (number) 10 Procedures (number) 4 Documents to export (number) 7 Time (days) 96 Time (days) 30 Time to export (days) 53 Cost (% of income per capita) 432.7 Cost (% of property value) 25.0 Cost to export (US$ per container) 2,678 Minimum capital (% of income per capita) 3.4 Documents to import (number) 9 Getting credit (rank) 84 Time to import (days) 73 Dealing with construction permits (rank) 174 Strength of legal rights index (0-10) 8 Cost to import (US$ per container) 3,999 Procedures (number) 19 Depth of credit information index (0-6) 0 Time (days) 1,426 Public registry coverage (% of adults) 0.0 Enforcing contracts (rank) 77 Cost (% of income per capita) 16,368.8 Private bureau coverage (% of adults) 0.0 Procedures (number) 38 Time (days) 410 Employing workers (rank) 127 Protecting investors (rank) 113 Cost (% of claim) 32.0 Difficulty of hiring index (0-100) 0 Extent of disclosure index (0-10) 8 Rigidity of hours index (0-100) 40 Extent of director liability index (0-10) 1 Closing a business (rank) 154 Difficulty of firing index (0-100) 60 Ease of shareholder suits index (0-10) 4 Time (years) 3.3 Rigidity of employment index (0-100) 33 Strength of investor protection index (0-10) 4.3 Cost (% of estate) 22 Firing cost (weeks of salary) 446 Recovery rate (cents on the dollar) 0.1 Paying taxes (rank) 157 Payments (number per year) 52 Time (hours per year) 256 Total tax rate (% of profit) 63.7 ilo coRe lABoR sTAnDARDs 147 Ratification status of the ILO core labor standards 3 Conventionratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Afghanistan n n n 3 3 3 n n Albania 3 3 3 3 3 3 3 3 Algeria 3 3 3 3 3 3 3 3 Angola 3 3 3 3 3 3 3 3 Antigua and Barbuda 3 3 3 3 3 3 3 3 Argentina 3 3 3 3 3 3 3 3 Armenia 3 3 3 3 3 3 3 3 Australia 3 3 3 3 3 3 n 3 Austria 3 3 3 3 3 3 3 3 Azerbaijan 3 3 3 3 3 3 3 3 Bahamas, The 3 3 3 3 3 3 3 3 Bahrain n n 3 3 n 3 n 3 Bangladesh 3 3 3 3 3 3 n 3 Belarus 3 3 3 3 3 3 3 3 Belgium 3 3 3 3 3 3 3 3 Belize 3 3 3 3 3 3 3 3 Benin 3 3 3 3 3 3 3 3 Bhutan n n n n n n n n Bolivia 3 3 3 3 3 3 3 3 Bosnia and Herzegovina 3 3 3 3 3 3 3 3 Botswana 3 3 3 3 3 3 3 3 Brazil n 3 3 3 3 3 3 3 Brunei n n n n n n n 3 Bulgaria 3 3 3 3 3 3 3 3 Burkina Faso 3 3 3 3 3 3 3 3 Burundi 3 3 3 3 3 3 3 3 Cambodia 3 3 3 3 3 3 3 3 Cameroon 3 3 3 3 3 3 3 3 Canada 3 n n 3 3 3 n 3 Cape Verde 3 3 3 3 3 3 n 3 Central African Republic 3 3 3 3 3 3 3 3 Chad 3 3 3 3 3 3 3 3 Chile 3 3 3 3 3 3 3 3 China n n n n 3 3 3 3 Colombia 3 3 3 3 3 3 3 3 Comoros 3 3 3 3 3 3 3 3 Congo, Dem. Rep. 3 3 3 3 3 3 3 3 Congo, Rep. 3 3 3 3 3 3 3 3 Costa Rica 3 3 3 3 3 3 3 3 Côte d'Ivoire 3 3 3 3 3 3 3 3 Croatia 3 3 3 3 3 3 3 3 Czech Republic 3 3 3 3 3 3 3 3 Denmark 3 3 3 3 3 3 3 3 Djibouti 3 3 3 3 3 3 3 3 Dominica 3 3 3 3 3 3 3 3 Dominican Republic 3 3 3 3 3 3 3 3 Ecuador 3 3 3 3 3 3 3 3 Egypt 3 3 3 3 3 3 3 3 El Salvador 3 3 3 3 3 3 3 3 148 Doing Business 2009 Ratification status of the ILO core labor standards 3 Conventionratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Equatorial Guinea 3 3 3 3 3 3 3 3 Eritrea 3 3 3 3 3 3 3 n Estonia 3 3 3 3 3 3 3 3 Ethiopia 3 3 3 3 3 3 3 3 Fiji 3 3 3 3 3 3 3 3 Finland 3 3 3 3 3 3 3 3 France 3 3 3 3 3 3 3 3 Gabon 3 3 3 3 3 3 n 3 Gambia, The 3 3 3 3 3 3 3 3 Georgia 3 3 3 3 3 3 3 3 Germany 3 3 3 3 3 3 3 3 Ghana 3 3 3 3 3 3 n 3 Greece 3 3 3 3 3 3 3 3 Grenada 3 3 3 3 3 3 3 3 Guatemala 3 3 3 3 3 3 3 3 Guinea 3 3 3 3 3 3 3 3 Guinea-Bissau n 3 3 3 3 3 n n Guyana 3 3 3 3 3 3 3 3 Haiti 3 3 3 3 3 3 n 3 Honduras 3 3 3 3 3 3 3 3 Hong Kong, Chinaa -- -- -- -- -- -- -- -- Hungary 3 3 3 3 3 3 3 3 Iceland 3 3 3 3 3 3 3 3 India n n 3 3 3 3 n n Indonesia 3 3 3 3 3 3 3 3 Iran n n 3 3 3 3 n 3 Iraq n 3 3 3 3 3 3 3 Ireland 3 3 3 3 3 3 3 3 Israel 3 3 3 3 3 3 3 3 Italy 3 3 3 3 3 3 3 3 Jamaica 3 3 3 3 3 3 3 3 Japan 3 3 3 n 3 n 3 3 Jordan n 3 3 3 3 3 3 3 Kazakhstan 3 3 3 3 3 3 3 3 Kenya n 3 3 3 3 3 3 3 Kiribati 3 3 3 3 n n n n Korea n n n n 3 3 3 3 Kuwait 3 3 3 3 n 3 3 3 Kyrgyz Republic 3 3 3 3 3 3 3 3 Lao PDR n n 3 n 3 3 3 3 Latvia 3 3 3 3 3 3 3 3 Lebanon n 3 3 3 3 3 3 3 Lesotho 3 3 3 3 3 3 3 3 Liberia 3 3 3 3 n 3 n 3 Lithuania 3 3 3 3 3 3 3 3 Luxembourg 3 3 3 3 3 3 3 3 Macedonia, former Yugoslav Republic of 3 3 3 3 3 3 3 3 Madagascar 3 3 3 3 3 3 3 3 Malawi 3 3 3 3 3 3 3 3 ilo coRe lABoR sTAnDARDs 149 Ratification status of the ILO core labor standards 3 Conventionratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 Malaysia n 3 3 D 3 n 3 3 Maldives n n n n n n n n Mali 3 3 3 3 3 3 3 3 Marshall Islands n n n n n n n n Mauritania 3 3 3 3 3 3 3 3 Mauritius 3 3 3 3 3 3 3 3 Mexico 3 n 3 3 3 3 n 3 Micronesia n n n n n n n n Moldova 3 3 3 3 3 3 3 3 Mongolia 3 3 3 3 3 3 3 3 Montenegro 3 3 3 3 3 3 3 3 Morocco n 3 3 3 3 3 3 3 Mozambique 3 3 3 3 3 3 3 3 Namibia 3 3 3 3 n 3 3 3 Nepal n 3 3 3 3 3 3 3 Netherlands 3 3 3 3 3 3 3 3 New Zealand n 3 3 3 3 3 n 3 Nicaragua 3 3 3 3 3 3 3 3 Niger 3 3 3 3 3 3 3 3 Nigeria 3 3 3 3 3 3 3 3 Norway 3 3 3 3 3 3 3 3 Oman n n 3 3 n n 3 3 Pakistan 3 3 3 3 3 3 3 3 Palau n n n n n n n n Panama 3 3 3 3 3 3 3 3 Papua New Guinea 3 3 3 3 3 3 3 3 Paraguay 3 3 3 3 3 3 3 3 Peru 3 3 3 3 3 3 3 3 Philippines 3 3 3 3 3 3 3 3 Poland 3 3 3 3 3 3 3 3 Portugal 3 3 3 3 3 3 3 3 Puerto Ricoa -- -- -- -- -- -- -- -- Qatar n n 3 3 n 3 3 3 Romania 3 3 3 3 3 3 3 3 Russian Federation 3 3 3 3 3 3 3 3 Rwanda 3 3 3 3 3 3 3 3 Samoa 3 3 3 3 3 3 n 3 São Tomé and Principe 3 3 3 3 3 3 3 3 Saudi Arabia n n 3 3 3 3 n 3 Senegal 3 3 3 3 3 3 3 3 Serbia 3 3 3 3 3 3 3 3 Seychelles 3 3 3 3 3 3 3 3 Sierra Leone 3 3 3 3 3 3 n n Singapore n 3 3 D 3 n 3 3 Slovakia 3 3 3 3 3 3 3 3 Slovenia 3 3 3 3 3 3 3 3 Solomon Islands n n 3 n n n n n South Africa 3 3 3 3 3 3 3 3 Spain 3 3 3 3 3 3 3 3 Sri Lanka 3 3 3 3 3 3 3 3 150 Doing Business 2009 Ratification status of the ILO core labor standards 4Conventionratified Freedom of Elimination of discrimination n Convention not ratified association and Elimination of forced in respect of employment and Abolition of D Ratification denounced collective bargaining and compulsory labour occupation child labour Convention Convention Convention Convention Convention Convention Convention Convention Economy 87 98 29 105 100 111 138 182 St. Kitts and Nevis 3 3 3 3 3 3 3 3 St. Lucia 3 3 3 3 3 3 n 3 St. Vincent and the Grenadines 3 3 3 3 3 3 3 3 Sudan n 3 3 3 3 3 3 3 Suriname 3 3 3 3 n n n 3 Swaziland 3 3 3 3 3 3 3 3 Sweden 3 3 3 3 3 3 3 3 Switzerland 3 3 3 3 3 3 3 3 Syria 3 3 3 3 3 3 3 3 Taiwan, Chinaa -- -- -- -- -- -- -- -- Tajikistan 3 3 3 3 3 3 3 3 Tanzania 3 3 3 3 3 3 3 3 Thailand n n 3 3 3 n 3 3 Timor-Leste n n n n n n n n Togo 3 3 3 3 3 3 3 3 Tonga n n n n n n n n Trinidad and Tobago 3 3 3 3 3 3 3 3 Tunisia 3 3 3 3 3 3 3 3 Turkey 3 3 3 3 3 3 3 3 Uganda 3 3 3 3 3 3 3 3 Ukraine 3 3 3 3 3 3 3 3 United Arab Emirates n n 3 3 3 3 3 3 United Kingdom 3 3 3 3 3 3 3 3 United States n n n 3 n n n 3 Uruguay 3 3 3 3 3 3 3 3 Uzbekistan n 3 3 3 3 3 n 3 Vanuatu 3 3 3 3 3 3 n 3 Venezuela 3 3 3 3 3 3 3 3 Vietnam n n 3 n 3 3 3 3 West Bank and Gaza n n n n n n n n Yemen 3 3 3 3 3 3 3 3 Zambia 3 3 3 3 3 3 3 3 Zimbabwe 3 3 3 3 3 3 3 3 Note: The table shows the ratification status of the 8 ilo conventions regarding core labor standards for the 181 economies included in Doing Business 2009 as of July 28, 2008. The ratification of these conventions is not included in the Doing Business employing workers indicators. nor does Doing Business measure compliance with the core labor standards. Doing Business will conduct further analysis on compliance with these standards in the coming years. one issue to be further explored concerns the relationship between national law and the ilo conventions. in some cases, for example, national law may go beyond what is required in some of the ilo conventions and may not allow ratification for this reason. And in some cases where the ilo conventions have been ratified, national law may be in contradiction with some of the ilo conventions and may specifically give priority to the national over the international provisions. a. Hong Kong (china), Puerto Rico and Taiwan (china) are not independent members of the ilo. Source: ilo, iloleX database (http://www.ilo.org/ilolex/). ease of doing business 151 Acknowledgments Doing Business 2009 was prepared by a Alison Strong copyedited the manu- Contact details for local partners team led by Sylvia Solf, Simeon Djankov script. Gerry Quinn designed the report are available on the (through March 2008) and Penelope and the graphs. Kim Bieler assisted in the Brook (from April 2008) under the gen- typesetting. Alexandra Quinn provided Doing Business website at eral direction of Michael Klein. The team desktopping services. The online service http://www.doingbusiness.org comprised Teymour Abdel Aziz, Svetlana of the Doing Business database is man- Bagaudinova, Karim O. Belayachi, Mema aged by Ramin Aliyev, Felipe Iturralde Beye, Frederic Bustelo, César Chaparro Escudero and Graeme Littler under the Yedro, Maya Choueiri, Roger Coma- direction of Suzanne Smith. Cunill, Santiago Croci Downes, Marie De- Wearegratefulforvaluablecomments lion, Allen Dennis, Jacqueline den Otter, provided by colleagues across the World Alejandro Espinosa-Wang, Monica Fon- Bank Group and for the guidance of World seca Fernandez, Kjartan Fjeldsted, Elena Bank Group Executive Directors. Gasol Ramos, Carolin Geginat, Cemile The report was made possible by Hacibeyoglu, Jamal Haidar, Sabine Hert- the generous contribution of more than veldt, Palarp Jumpasut, Dahlia Khalifa, 6,700 lawyers, accountants, judges, busi- Jean Michel Lobet, Oliver Lorenz, Valerie nesspeople and public officials in 181 Marechal, Andres Martinez, Alexandra economies. Global and regional con- Mincu, Sushmitha Narsiah, Joanna Nasr, tributors are firms that have completed Dana Omran, Caroline Otonglo, Nadia multiple surveys in their various offices Ram, Rita Ramalho, Camille Ramos, around the world. Ivana Rossi, Yara Salem, Pilar Salgado- Quotations in this report are Otónel, Umar Shavurov, Larisa Smirnova, from Doing Business local partners un- JayashreeSrinivasan,SusanneSzymanski, less otherwise indicated. The names of Tea Trumbic, Caroline van Coppenolle, those wishing to be acknowledged in- Bryan Welsh, Justin Yap and Lior Ziv. Jan dividually are listed on the following Bezem, Sonali Bishop, Tara Sabre Collier, pages. Contact details are posted on the Sarah Iqbal, Alice Ouedraogo, Babacar Doing Business website at http://www Sedikh Faye and Jennifer Yip assisted in .doingbusiness.org. the months prior to publication. Oliver Hart and Andrei Shleifer pro- vided academic advice on the project. The paying taxes project was conducted in collaboration with Pricewaterhouse- Coopers, led by Robert Morris. 152 doing business 2009 GLOBAL CONTRIBUTORS Emel Haxhillari Malik Elkettas João Viegas de Abreu Kalo & Associates Elkettas International Consulana Allen & Overy LLP Shpati Hoxha Brahim Embouazza Miguel de Avillez Pereira APL Ltd Hoxha, Memi & Hoxha MCDConsulting Abreu Advogados Baker & McKenzie Erald Ibro Mohamed Lehbib Goubi Francisca de Oliveira Cleary Gottlieb Steen & Hamilton LLP Zig Consulting Firm Banque d'Algérie Associacão de Mulheres Hawkamah ­ The Institute for Corporate Governance Olsi Ibro Khaled Goussanem Empresarias da Província de Luanda (ASSOMEL) Ius Laboris, Alliance of Labor, Employment, Benefits and Zig Consulting Firm Law Firm Goussanem & Pensions Law Firms Ilir Johollari Aloui Fernando F. Bastos Faria de Bastos, Sebastião Lawyers without Borders Hoxha, Memi & Hoxha Samir Hamouda Cabinet d'Avocats Samir e Lopes - Advogados Lex Mundi, Association of Independent Law Firms Perparim Kalo Associados Kalo & Associates Hamouda PricewaterhouseCoopers Ana Fernandes Renata Leka Samy Laghouati PricewaterhouseCoopers PricewaterhouseCoopers Legal Services Boga & Associates Gide Loyrette Nouel, member of Lex Mundi Lourdes Caposso Fernandes SDV International Logistics Georgios K. Lemonis Nadia Larbaoui RCJE Advogados The Adora Group Ltd (Freightnet) IKRP Rokas & Partners Bouchaib Law Firm Associados Toboc Inc. Elton Lula Karine Lasne Conceição Manita Ferreira Kalo & Associates Rui C. Ferreira & REGIONAL CONTRIBUTORS Landwell & Associés - Guilhermina Prata Andi Memi PricewaterhouseCoopers Luís Folhadela Abu-Ghazaleh Legal Hoxha, Memi & Hoxha Legal Services KPMG East Africa Law Society Loreta Peci Michel Lecerf Landwell & Associés - Fátima Freitas Federación Interamericana de la Industria de la PricewaterhouseCoopers PricewaterhouseCoopers Fátima Freitas Advogados Construcción Ermira Pervizi Legal Services Brian Glazier Garcia & Bodan IKRP Rokas & Partners Adnane Merad EDI architecture Inc. Globalink Transportation & Logistics Worldwide LLP Laura Qorlaze Etude de Me Kaddour PricewaterhouseCoopers Merad Adelaide Godinho IKRP Rokas & Partners AG & LP Miranda Ramajj Narimane Naas M&M Logistics Bank of Albania Gide Loyrette Nouel, Raul Gomes ATS Logistics Co. TransUnion International Ardjana Shehi member of Lex Mundi Blake Hinderyckx University of South Pacific Kalo & Associates Fériel Oulounis CAE/CDC Shpresa D Cabinet d'Avocats Samir Hamouda Helder da Conceição José Elda Shuraja Maya Sator Instituto de Planeamento AfGhANISTAN Habibullah Peerzada Hoxha, Memi & Hoxha Cabinet Sator e Gestão Urbana do ACCL International Sky Net Albania Governo Provincial de Najibullah Amiri Mohamed Sator Luanda Afghanistan Banks Abdul Rahman Watanwal Gerhard Velaj Cabinet Sator Victor Leonel Association MBC Construction Boga & Associates Marc Veuillot Ordem dos Arquitectos BearingPoint ALBANIA Silva Velaj Alleance advisory Maroc Boga & Associates Guiomar Lopes Bahauddin Baha Tarik Zahzah Faria de Bastos, Sebastião Supreme Court Erjola Aliaj Agim Vërshevci Ghellal & Mekerba e Lopes - Advogados IKRP Rokas & Partners Alimenti Naturali & PB Associados A. Farid Barakzai Nabiha Zerigui TNT International Express Artur Asllani Elda Zaimi Cabinet d'Avocats Samir Paulette Lopes Tonucci & Partners Zig Consulting Firm Hamouda Faria de Bastos, Sebastião Amanda Galton e Lopes - Advogados Orrick, Herrington & Ledia Beçi ALGERIA ANGOLA Associados Sutcliffe Hoxha, Memi & Hoxha José Rodrigues Alentejo Teresinha Lopes Shahzad Haider Ilir Bejleri Branka Achari-Djokic Câmara de Comércio e Faria de Bastos, Sebastião Afghanistan International Son Group, Engineering Banque d'Algérie Indústria de Angola e Lopes - Advogados Bank and Construction Salima Aloui Associados Fernando Barros Muslimul Haq Jona Bica Law Firm Goussanem & PricewaterhouseCoopers Chindalena Lourenco Afghanistan Banks Kalo & Associates Aloui Fátima Freitas Advogados Association Rene Bijvoet Hadda Ammara Alain Brachet Manuel Malufuene Abdul Wassay Haqiqi PricewaterhouseCoopers Bouchaib Law Firm SDV AMI International Logistics Ordem dos Arquitectos Haqiqi Legal Services Alban Caushi Khodja Bachir Pedro Calixto Ulanga Gaspar Martins Saduddin Haziq Kalo & Associates SNC Khodja & Co. PricewaterhouseCoopers Banco Privado Atlântico Afghanistan International Dorian Collaku Hassan Djamel Belloula Bank Josephine Matambo Bank of Albania Cabinet Belloula Olainde Camache KPMG Rashid Ibrahim AVM Advogados Ilir Daci Tayeb Belloula A.F. Ferguson & Co. Filomeno Henrique C. Kalo & Associates Cabinet Belloula Maurice Campbell Mendonça da Silva Yasin Khosti Crown Agents Besnik Duraj Adnane Bouchaib Ministerio Dos Society of Afghan Bouchaib Law firm Caetano Capitão Transportes Architects and Engineers Hoxha, Memi & Hoxha Centro de Apoio Fatma Zohra Bouchemla Manuel Nazareth Neto Gaurav Lekh Raj Kukreja Sokol Elmazaj Empresarial- CAE Attorney-at-Law Porto de Luanda Afghan Container Boga & Associates Nahary Cardoso Transport Company Valbona Gjonçari Jean-Pierre Comunale Fátima Freitas Advogados Eduardo Paiva PricewaterhouseCoopers Zahoor Malla Boga & Associates SDV Conservatória do Registro Globalink Logistics Group Jola Gjuzi Arezki Djadour Predial de Luanda (1ª Mário A. Palhares Secção) Banco de Negócios T. Ud-Din A. Mirza Kalo & Associates Gide Loyrette Nouel, member of Lex Mundi Internacional A.F. Ferguson & Co. Vilma Gjyshi Esperança Costa Asmaa El Ouazzani Alexandre Pegado - Alexandre Pegado Kevin O'Brien Kalo & Associates Landwell & Associés - Escritório de Advogados Alexandre Pegado - USAID/Bearing Point Anteo Gremi PricewaterhouseCoopers Escritório de Advogados Zig Consulting Firm Legal Services acknowledgments 153 Jorge Leão Peres Cassandra Simmons Walter Keiniger Carlos Zima Joe Collins Banco Nacional Arthur Thomas Marval, O'Farrell & PricewaterhouseCoopers Clayton Utz, member of Douglas Pillinger Thomas, John & Co. Mairal, member of Lex Lex Mundi Panalpina Mundi ARmENIA Charles Walwyn Marcus Connor Luis Filipe Pizarro PricewaterhouseCoopers Santiago Laclau Artak Arzoyan Chang, Pistilli & Simmons AG & LP Marval, O'Farrell & Marietta Warren Mairal, member of Lex ACRA Credit Bureau Tim Cox Laurinda Prazeres Interfreight Ltd. Mundi Vardan Bezhanyan PricewaterhouseCoopers Faria de Bastos, Sebastião Guillermo Lalanne Yerevan State University Michael Daniel e Lopes - Advogados Hesketh Williams PricewaterhouseCoopers Associados Ministry of Labor Estudio O'Farrell Gevorg Chakmishyan PricewaterhouseCoopers Anne Davis Elisa Rangel Nunes Roslyn Yearwood Rodrigo Marchan Clayton Utz, member of ERN Advogados Integrity Commission GPM Aikanush Edigaryan Antigua & Barbuda Trans-Alliance Lex Mundi Víctor Anjos Santos Agustín Marra Jenny Davis AVM Advogados ARGENTINA Alfaro Abogados Courtney Fowler PricewaterhouseCoopers EnergyAustralia Guilherme Santos Silva Pablo Mastromarino Dolores Aispuru Raymond Fang Abreu Advogados Estudio Beccar Varela Gagik Galstyan PricewaterhouseCoopers Horizon 95 Gadens Lawyers Isabel Serrão José Oscar Mira Lisandro A. Allende Brett Feltham KPMG Central Bank Hayk Ghazazyan Brons & Salas Abogados KPMG PricewaterhouseCoopers Maikel Steve Jorge Miranda Ana Candelaria Alonso Negre Joan Fitzhenry Luanda Incubadora de Clippers S.A. Mher Grigoryan Baker & McKenzie Empresas Alfaro Abogados Enrique Monsegur VTB Bank Mark Geniale Bento Tati Vanesa Balda Clippers S.A. Sargis H. Martirosyan Office of State Revenue, Guiché Único de Empresa Vitale, Manoff & Trans-Alliance Feilbogen Miguel P. Murray NSW Treasury N'Gunu Tiny Murray, Díaz Cordero & Davit Harutyunyan Gonzalo Carlos Ballester Mark Grdovich RCJE Advogados Asociados Sirito de Zavalía PricewaterhouseCoopers J.P. O'Farrell Abogados Blake Dawson Isabel Tormenta Isabel Muscolo Vahe Kakoyan Ignacio Fernández Borzese Owen Hayford Guiché Único de Empresa Quattrini, Laprida & Investment Law Group LLC TWR Abogados Asociados Clayton Utz, member of Karine Khachatryan Lex Mundi ANTIGUA ANd Agustina Caratti Alfredo Miguel O'Farrell BearingPoint BARBUdA PricewaterhouseCoopers Marval, O'Farrell & David Hing Mairal, member of Lex Rajiv Nagri PricewaterhouseCoopers Mitzie Bockley Mariano Ezequiel Carricart Mundi Globalink Logistics Group Ian Humphreys Registrar, Intellectual Fornieles Abogados Artur Nikoyan Blake Dawson Property and Commerce Gustavo Casir Mariano Payaslian Office, Ministry of Justice Trans-Alliance Quattrini, Laprida & GPM Eric Ip Rhodette F.C. Brown Asociados María Ximena Pérez Dirrocco Mikayel Pashayan Onward Business Consultants PTY LTD Phillips, Phillips & Pablo L. Cavallaro Marval, O'Farrell & The State Committee Archibald of the Real Property Estudio Cavallaro Mairal, member of Lex Mundi Cadastre Doug Jones Everett Christian Abogados Clayton Utz, member of Alex Poghossian Lex Mundi ABI Bank Ltd. Albert Chamorro Julio Alberto Pueyrredon PricewaterhouseCoopers Alpha Plus Consulting Morgan Kelly Neil Coates Alfaro Abogados Aram Poghosyan Ferrier Hodgson PricewaterhouseCoopers Julian A. Collados Pablo Ramos Comercial del Oeste Grant Thornton Amyot Mark Kingston Brian D'Ornellas Accountant David Sargsyan Tradesafe Australia Pty. OBM International, Hernán Gonzalo Cuenca Sebastián Rodrigo Ltd. Antigua Ltd. Martínez Alfaro Abogados Ameria cjsc Ricky Lee Vernon Edwards PricewaterhouseCoopers Ignacio Rodriguez Gayane Shimshiryan PricewaterhouseCoopers Freight Forwarding & Legal Services PricewaterhouseCoopers Central Bank Legal Services Deconsolidating Oscar Alberto del Río Nicolás Rossi Bunge Hakob Tadevosyan John Lobban Phillip Jr. Isaacs Central Bank Marval, O'Farrell & Grant Thornton Amyot Blake Dawson OBM International, Andrés Edelstein Mairal, member of Lex Matthew Tallarovic Antigua Ltd. PricewaterhouseCoopers Mundi PricewaterhouseCoopers John Martin Alfred McKelly James Thomson Playford Joaquín Eppens Adolfo Rouillon Armen Ter-Tachatyan James & Associates Murray, Díaz Cordero & The World Bank Ter-Tachatyan Legal and Mitchell Mathas Efrain Laureano Sirito de Zavalía Patricia Ruhman Seggiaro Business Consulting Deacons Caribbean Open Trade Diego Etchepare Marval, O'Farrell & Artur Tunyan Nick Mavrakis Support (USAID) PricewaterhouseCoopers Mairal, member of Lex Mundi Judicial Reform Project Clayton Utz, member of Gloria Martin Lex Mundi Fernando Fucci Francis Trading Agency Sonia Salvatierra Grant Thorton AUSTRALIA Christie McGregor Limited Marval, O'Farrell & PricewaterhouseCoopers Ignacio Funes de Rioja Mairal, member of Lex Lucy Adamson Marscha Prince Funes de Rioja & Asociados, Mundi Clayton Utz, member of Mark Pistilli PricewaterhouseCoopers member of Ius Laboris Jorge Sanchez Diaz Lex Mundi Chang, Pistilli & Simmons Septimus A. Rhudd Claudia Gizzi Ecobamboo S.A. Matthew Allison Ann Previtera Rhudd & Associates GPM Liliana Cecilia Segade Veda Advantage PricewaterhouseCoopers Stacy A. Richards-Anjo María Laura González Quattrini, Laprida & Lynda Brumm John Reid Richards & Co. PricewaterhouseCoopers Asociados PricewaterhouseCoopers Office of State Revenue, Alice N. Roberts NSW Treasury Pablo González del Solar Miguel Teson David Buda Roberts & Co. PricewaterhouseCoopers Estudio O'Farrell RBHM Commercial Lawyers Bob Ronai Clare K. Roberts Import-Export Services Pablo Grillo Ciocchini Eduardo J. Viñales Alicia Castillo Pty. Ltd. Roberts & Co. Brons & Salas Abogados Funes de Rioja & Asociados, Alicia Castillo Wealthing member of Ius Laboris Group Luke Sayers Carl Samuel Fabián Hilal PricewaterhouseCoopers Antigua Public Utility Campos, Etcheverry & Joaquín Emilio Zappa Caterina Cavallaro Authority Asociados J.P. O'Farrell Abogados Baker & McKenzie Damian Sturzaker Octavio Miguel Zenarruza Gadens Lawyers Álvarez Prado & Asociados 154 doing business 2009 Mark Swan Ulla Reisch Vusal Gafarov Samir Nuriyev Gordon Major PricewaterhouseCoopers Urbanek Lind Schmied Baker & McKenzie - CIS, Ministry of Economic The Commonwealth of Legal Services Reisch Rechtsanwälte OG Ltd. Development the Bahamas, Ministry of Nick Thomas Friedrich Roedler Rashad Gafarov Movlan Pashayev Works & Transport Clayton Utz, member of PricewaterhouseCoopers Panalpina PricewaterhouseCoopers Shane A. Miller Lex Mundi Ruth Rosenkranz Rufat Gasinov Tamer Pektas Registrar General's Simon Truskett Graf & Pitkowitz Baku Cargo Aral group Department Clayton Utz, member of Rechtsanwälte GMBH Michael Moss Lex Mundi Rizvan Gubiyev Givi Petriashvili Heidi Scheichenbauer PricewaterhouseCoopers IFC Valuation and Business David Twigg Austrian Institute for SME License Unit of the EnergyAustralia Research Abbas Guliyev John Quinn Ministry of Finance Baker & McKenzie - CIS, ACE Forwarding Caspian Megan Valsinger-Clark Georg Schima Wayne R. Munroe Ltd. Gadens Lawyers Kunz Schima Wallentin Karim N. Ramazanov Bahamas Bar Council Arif Guliyev Ministry of Economic Andrew Wheeler Rechtsanwälte KEG, Donna D. Newton PricewaterhouseCoopers Development PricewaterhouseCoopers member of Ius Laboris Supreme Court Rashad Gulmaliyev Gamar Rustamova David Zwi Stephan Schmalzl Kevin Seymour The State Register Service OMNI Law Firm Thomson Playford WallnöferSchmalzl- PricewaterhouseCoopers Rechtsanwälte of Real Estate Nailya Safrova Everette B. Sweeting AUSTRIA Ernst Schmidt Sabina Gulmaliyeva Swiss Cooperation Office MGB Law Offices for the South Caucasus, Bahamas Electricity Corporation Thomas Bareder Karin Schöpp Jeyhun Gurbanov Embassy of Switzerland OeNB Binder Grösswang Tex I. Turnquest Rechtsanwälte AGL Ltd. Suleyman Gasan ogly Department of Lands & Georg Brandstetter Elchin Habibov Suleymanov Surveys Brandstetter Pritz & Benedikt Spiegelfeld Caspian Service Partner Cerha Hempel Spiegelfeld National Bank International Hlawati Construction Company BAhRAIN Martin Eckel Faiq Haci-Ismaylov Khalid Abdulla e|n|w|c Natlacen Birgit Vogt-Majarek INCE MMC Kamil Valiyev Walderdorff Cancola Kunz Schima Wallentin Adil Hajaliyev McGrigors Baku Limited Tameer Rechtsanwälte GmbH Rechtsanwälte KEG, member of Ius Laboris BM International LLC Murad Yahyayev Aysha Mohammed Tibor Fabian Arzu Hajiyeva Unibank Abdulmalik Binder Grösswang Lothar A. Wachter Ernst & Young Elham Ali Hassan & Ismail Zargarli Rechtsanwälte Wolf Theiss Associates Samir Hasanov OMNI Law Firm Julian Feichtinger Gerhard Wagner Khaled Hassan Ajaji Gosselin Ulviyya Zeynalova Cerha Hempel Spiegelfeld KSV 1870 Ministry of Justice & Hlawati Irene Welser Zaur Huseynov MGB Law Offices Islamic Affairs OJSC Bakielektrikshebeke Andreas Hable Cerha Hempel Spiegelfeld BAhAmAS, ThE Mohammed Abdullah Al Sisi Al Buainain Binder Grösswang Hlawati Emin Huseynov Rechtsanwälte Gerold Zeiler National Bank McKinney, Bancroft & Al Boainain Legal Services Hughes Rudolf Kaindl Schönherr Rechtsanwälte Faig Huseynov Nawaf Bin Ebrahim Al Kalifa Koehler, Kaindl, Duerr GmbH / Attorneys-at-Law Unibank Tropical Shipping Electricity & Water & Partner, Civil Law Kevin A. Basden Authority Notaries AzERBAIjAN Jeyhun Huseynzada PricewaterhouseCoopers Bahamas Electricity Hamed Mohamed Al Khalifa Susanne Kappel Shirzad Abdullayev Corporation Ministry of Municipalities Kunz Schima Wallentin National Bank Zohrad Ismayilov Rodney W. Braynen & Agriculture Urban Rechtsanwälte KEG, Association for Assistance Planning Design Häus member of Ius Laboris Sabit Abdullayev to Free Economy OMNI Law Firm Haider Hashim Al Noami Registry of the Registrar Kraus & Co Dilyara Israfilova General's Office Ministry of Municipalities Warenhandelsgesellschaft Eldar Adilzade BM International LLC & Agriculture Affairs. mbH IFC Fakhiyar Jabbarov Craig G. Delancy Municipal One Stop Shop Florian Kremslehner Anar Aliyev IFC The Commonwealth of Mohammed Al Noor the Bahamas, Ministry of Dorda Brugger Jordis IFC Gunduz Karimov Works & Transport Al-Twaijri and Partners Law Firm Rudolf Krickl Azer Amiraslan Aliyev Baker & McKenzie - CIS, Rochelle A. Deleveaux PricewaterhouseCoopers IFC Ltd. Mohammed Hasan Al Central Bank Zaimoor Ulrike Langwallner Aykhan Asadov Nuran Karimov Chaunece M. Ferguson Ministry of Industry & Schönherr Rechtsanwälte Baker & McKenzie - CIS, Deloitte & Touche LLC Mackay & Moxey Chambers Commerce GmbH / Attorneys-at-Law Ltd. Sahib Mammadov Amos J. Ferguson jr. Samer Al-Ajjawi Gregor Maderbacher Ismail Askerov Citizens' Labour Rights Ferguson Associates & Ernst & Young Brauneis Klauser Prändl MGB Law offices Protection League Planners Rechtsanwälte GmbH Abdulmajeed Ali Alawadhi Rufat Aslanli Kamil Mammadov Anthony S. Forbes Electricity & Water Peter Madl National Bank Mammadov & Partners Bahamas Electricity Authority Schönherr Rechtsanwälte Law Firm Corporation GmbH / Attorneys-at-Law Sabit A. Bagirov Fatima Alhasan Entrepreneurship Elchin Mammadov Wendy Forsythe Qays H. Zu'bi Irene Mandl Development Foundation MGB Law Offices Import Export Brokers Austrian Institute for SME Ebtihal Al-Hashimi Vugar Mammadov Ltd. Research Samira Bakhshiyeva Ministry of Municipalities Deloitte & Touche LLC PricewaterhouseCoopers Higgs & Johnson & Agriculture Affairs. Wolfgang Messeritsch Rena Mammadova Municipal One Stop Shop National Bank Samir Balayev Graham, Thompson & Co. Unibank Deloitte & Touche LLC Shaji Alukkal Marguerita Müller Faiq S. Manafov Debi Hancock-Williams Panalpina Dorda Brugger Jordis Rana Dramali Williams Law Chambers Roseville Premium Unibank Bilal Ambikapathy Alfred Nepf Residence Daniel Matthews Colin Higgs Norton Rose Ministry of Finance Mehriban Efendiyeva Baker & McKenzie Ministry of Works & Transport Maaria Ashraf Michael Podesser Michael Wilson & Partners Farhad Mirzayev Hatim S. Zu'bi & Partners PricewaterhouseCoopers Ltd. Lennox Paton BM International LLC Mohammed R. Awadh Zaur Fati-Zadeh Bahrain Investors Center Ministry of Taxes Ruslan Mukhtarov BM International LLC acknowledgments 155 Mohammed Mirza A. Hussain Tanjib-ul Alam Leatherex Footwear Ind. Kuksenko Ivan Gennadievich Hubert André-Dumont Bin Jaffer Dr. Kamal Hossain & Ltd. ARS Group McGuire Woods LLP Ministry of Municipalities Associates & Agriculture Affairs. Qazi Mahtab-uz-Zaman Gennadiy Glinskiy Christiaan Barbier Municipal One Stop Shop MD. Nurul Amin DICSA International Monard-D'Hulst Development A.I.M Monsoor Group of Lawyers Hussain Saleh Dhaif Constructions Ltd. S A Mortoza Thierry Bosly Mela Bahrain Alexandr Ignatov White & Case Mehedy Amin Oishi Trade Associates National Bank Michael Durgavich Development Sheikh Nurul Gilles Carbonez Al-Sarraf & Al-Ruwayeh Constructions Ltd. Antonina Ivanova Eva Quasem McGuire Woods LLP DICSA International Yousif A. Humood Saady Amin Amir & Amir Law Group of Lawyers Ortwin Carron Ministry of Finance Development Associates, member of Lex Monard-D'Hulst Dmitry L. Kalechits Abdulwahid A. Janahi Constructions Ltd. Mundi National Bank Koen Cooreman The Benefit Company Noorul Azhar A.F.M. Rahamatul Bari Nina Knyazeva Steven De Schrijver Jawad Habib Jawad Government of Globe Link Associates Ltd Businessconsult Van Bael & Bellis BDO Jawad Habib Bangladesh Md. Mahbubur Rahman Irina Koikova Amaury Della Faille Sara Jawahery Probir Barua Amiq Computer & Electronics DICSA International PricewaterhouseCoopers Elham Ali Hassan & Md. Halim Bepari Group of Lawyers Frank Dierckx Associates Halim Law Associate Moinur Rahman Mikhail E. Kostyukov PricewaterhouseCoopers Ebrahim Karolia Sharif Bhuiyan Aspect Ratio Creative Communication Attorney at Law David Du Pont PricewaterhouseCoopers Dr. Kamal Hossain & Al Amin Rahman Dmitry Labetsky Ashurst Elie Kassis Associates Al Amin Rahman & Businessconsult Jürgen Egger Agility Logistics Jamilur Reza Choudhury Associates Oksana Loban Monard-D'Hulst Mubeen Khadir Aparup Chowdhury M.A. Reza Ernst & Young Pierrette Fraisse Ernst & Young Ministry of Law, Justice and Parliamentary Affairs Tailor4 Sergei Logvinov SPF Finances - AGDP Mohammed Abdul Khaliq Ruma Leather Industries Krafttrans Kurt Grillet Tameer Badrud Doulah Doulah & Doulah Ltd. Ekaterina Lukyanova Altius Abdul-Haq Mohammed Advocates Deloar Siddique State Committee for Real Sandrine Hirsch Trowers & Hamlins Nasirud Doulah M. Abu Bakar & Co. Estate Registration Simont Braun Abdullah Mutawi Doulah & Doulah Shahriar Syeed Konstantin Mikhel Thomas Hürner Trowers & Hamlins Advocates V-Teac Fashion Pvt Ltd. Vlasova Mikhel & Partners National Bank Hassan Ali Radhi Shamsud Doulah S S Tex Link Alexei Nazarov Stephan Legein Hassan Radhi & Associates Doulah & Doulah Babla Topy National Bank Federal Public Service Hameed Yousif Rahma Advocates Vladimir Nemov Finance Ministry of Industry & Mohammad Firoz Mia BELARUS DICSA Audit, Law & Luc Legon Commerce Ministry of Establishment Ivan Alievich Consulting PricewaterhouseCoopers Najma A. Redha Hasan Moin Ghani Vlasova Mikhel & Partners Magdalena Patrzyk Alexis Lemmerling Ministry of Municipalities Dr. Kamal Hossain & PricewaterhouseCoopers & Agriculture Affairs. Associates Yuri M. Alymov Berquin Notaires Municipal One Stop Shop Victor Plenkin K M A Halim National Bank Axel Maeterlinck National Bank Mohamed Salahuddin Upright Textile Supports Alexey Anischenko Simont Braun Mohamed Salahuddin Vlasova, Mikhel and Vassili I. Salei Philippe Massart Consulting Engineering Raquibul Haque Miah Partners LLC Borovtsov & Salei Law Sibelga Bureau Advocate & Attorneys Offices Law Firm Svetlana Babintseva MedicCleanAir Latifa Salahuddin DICSA Audit, Law & Sergei Senchuk Qays H. Zu'bi Mirza Quamrul Hasan Consulting State Committee for Real Robert Meunier Adviser's Legal Alliance Estate Registration Notary E. Hugh Stokes Ron J. Barden Hatim S. Zu'bi & Partners Abdullah Hasan PricewaterhouseCoopers Vitaly P. Sevroukevitch Carl Meyntjens Dr. Kamal Hossain & Belarussian Scientific Ashurst Judith Tosh Associates Vladimir G. Biruk Industrial Association Norton Rose Dominique Mougenot Md. Nazmul Hasan Capital Ltd. Alexander Shevko Commercial Court Mons Robin Watson Protex International Bokemin Ltd. National Bank The Benefit Company Didier Muraille Kazi Rashed Hassan Ferdous Dmitry Bokhan Lubov Slobodchikova National Bank Adrian Woodcock Proactive Businessconsult National Bank Norton Rose Peter Neefs Ikhtiar Hossain Alexander Bondar Viktar Strachuk National Bank Hatim S. Zu'bi Overseas Business Businessconsult Deloitte & Touche Hatim S. Zu'bi & Partners Sabrina Otten Abdul Hamid Howlader Alexander Botian Sergey Strelchik PricewaterhouseCoopers BANGLAdESh Dhaka District Registry Borovtsov & Salei Law Valex Consult Office Offices Panalpina World Transport N.V. Mohammad Abdul Wazed Natalia Talai Mohammad Zeeshan Hyder Vitaly Braginiec Directorate of Land Braginiec & Partners Vlasova Mikhel & Partners Peter Rooryck Records and Surveys Lee, Khan & Partners Monard-D'Hulst Aliaksandr Danilevich Yuri M. Truhan Md. Abdul Maleque Mian Shariful Islam Danilevich National Bank Katrien Schillemans Abdullah Md Aminul Islam Alexander Vasilevsky PricewaterhouseCoopers Credit Information City Apparel-Tex Co. Igor Dankov Valex Consult Bureau, Bangladesh Bank Frédéric Souchon Samsul Islam PricewaterhouseCoopers Anna Yakubenko PricewaterhouseCoopers Zainul Abedin Executive Magistrate Vladimir Didenko PricewaterhouseCoopers A. Qasem & Co. / and Deputy Commissioner PricewaterhouseCoopers Jan Van Celst PricewaterhouseCoopers Office DLA Piper LLP Anton Dolgovechny Vyacheslav Zhuk IFC Munir Uddin Ahamed Mohammed Aminul Islam National Bank Mieke van den Bunder Integrated Transportation V-Sign Sweaters Ltd. BELGIUm PricewaterhouseCoopers Services Ltd., Agent of Dmitry Dorofeev Business Advisors Panalpina Sohel Kasem National Bank A. Qasem & Co. / Allen & Overy LLP Ruben Van Impe PricewaterhouseCoopers Marina Dymovich Van Impe Accountancy Borovtsov & Salei Law Cour de Cassation BVBA Offices 156 doing business 2009 Dirk Van Strijthem Innocent Sourou Avognon Dominique Taty Adrian Barrenechea Alejandro Peláez Kay PricewaterhouseCoopers Ministère de la Justice et FIDAFRICA / Bazoberry Indacochea & Asociados Suzy Vande Wiele de la Legislation PricewaterhouseCoopers Criales, Urcullo & Mariana Pereira Nava Loyens & Loeff Zachari Baba Body Chakirou Tidjani Antezana Indacochea & Asociados Bart Vanham Cabinet SPA Baba Body, Agence Béninoise de Enrique Barrios Oscar Antonio Plaza Ponte PricewaterhouseCoopers Quenum et Sambaou Promotion des Echanges Guevara & Gutiérrez S.C. Commerciaux Entidad De Servicios De Patrick Vercauteren Charles Badou Alexandra Blanco Información Enserbic S.A. Abdoul' Azis Tidjani APL Cabinet d'Avocat Charles Guevara & Gutiérrez S.C. Badou Direction Générale des Julio Quintanilla Quiroga Reinout Vleugels Francisco Bollini Roca Quintanilla & Soria, Soc. Gabriel Bankole Impôts et des Domaines Van Bael & Bellis Ferrere Civ. Continental Bank Jean-Bosco Todjinou Christian Willems Walter B. Calla Cardenas Carlos Ramirez Arroyo Agnès A. Campbell Ordre National des Loyens & Loeff Colegio Departamental de C.R. & F. Rojas, member of Campbell & Associés Architectes et des Urbanistes Arquitectos de La Paz Lex Mundi BELIzE Eugene Capo-chichi Roger Tohoundjo Franklin Carrillo Diego Rojas Ministère des Transports PricewaterhouseCoopers C.R. & F. Rojas, member of Emil Arguelles et des Travaux Publics Haute Cour de Justice Lex Mundi Arguelles & Company LLC Jose A. Criales Michèle A. O. Carrena Fousséni Traoré Criales, Urcullo & Fernando Rojas Rudy Castillo Tribunal de Première FIDAFRICA / PricewaterhouseCoopers Antezana C.R. & F. Rojas, member of The Belize Bank Ltd. Instance de Cotonou Lex Mundi Konate Yacouba J. Christian Davila C. Gian C. Gandhi Dae Stores Limited France Transfo SD Arquitectos Mariela Rojas International Financial Entidad De Servicios De Services Commission Johannès Dagnon Karen Yovana Egüez Palma Groupe Helios Afrique Zitty Sarl Ferrere Información Enserbic S.A. Mirna Lara Donatien Adannou Zonon Pilar Salasar Eurocaribe Belize Shipping Armand Dakehoun Chambre de Commerce et Jeannine Forgues Bufete Aguirre Soc. Civ. Services Ministere des Mines, de Ferrere l'Energie et de L'eau d'Industrie du Benin Sergio Salazar-Machicado Russell Longsworth BhUTAN Nicolas Franulic Casasnovas Salazar, Salazar Caribbean Shipping Dansou Infocred - Servicio de Agencies Ltd. Imoteph Susan Collier Informacion Crediticia Fernando Salazar-Paredes BIC s.a. Salazar, Salazar Fred Lumor Jonathan Darboux Orrick, Herrington & Fred Lumor & Co. BCEAO Sutcliffe LLP Jose E. Gamboa T. Sandra Salinas Colegio Departamental de C.R. & F. Rojas, member of Reynaldo F. Magana Fatimatou Zahra Diop Kincho Dorjee Arquitectos de La Paz Lex Mundi Frontier International BCEAO Leko Packers Business Services Ltd. Henri Fadonougbo Ugyen Dorji Michelle Giraldi Lacerda Raoul Rodolpho Sanjines PricewaterhouseCoopers Elizagoyen Tania Moody Tribunal de Premiere Thimphu City Corporation Sanjines & Asociados Soc. Barrow & Williams Instance Laxmi Prasad Giri Renato Goitia Machicao Hermes S.R.L. Civ. Abogados Patricia Rodriguez Francis Sètondji Fagnibo Bhutan National Bank Ltd Jennifer Shepard Belize Companies and Ministère des Finances et Tharchin Lhendup Adriana Grizante de Almeida SD Arquitectos Corporate Affairs Registry de L'Economie Ministry of Finance PricewaterhouseCoopers A. Mauricio Torrico Galindo Dan Roth Guy Médard Agbo Fayemi S.N. Muruli Ramiro Guevara Quintanilla & Soria, Soc. Sterling Freight Services Ordre National des Guevara & Gutiérrez S.C. Architectes et des Thimphu City Corporation Civ. Janelle Tillett Urbanistes Sangay Penjore Primitivo Gutiérrez Roberto Viscafé Ureña Eurocaribe Belize Shipping Thimpu Municipal Co. Guevara & Gutiérrez S.C. PricewaterhouseCoopers Services Jean Claude Gnamien FIDAFRICA / Sonam Tshering Enrique F. Hurtado Mauricio Zambrana Cuéllar Saidi Vaccaro PricewaterhouseCoopers Ministry of Finance Superintencia de Bancos y Infocred - Servicio de Arguelles & Company LLC Hermann Gnango Entidades Financieras Informacion Crediticia Sonam Wangchuk Philip Zuniga FIDAFRICA / BIC s.a. Ministry of Finance Marcelo Hurtado-Sandoval Barrister & Attorney- PricewaterhouseCoopers Salazar, Salazar at-Law BOSNIA ANd Denis Hazoume Tshering Wangchuk Royal Court of Justice Carlos Alberto Iacia hERzEGOvINA BENIN Continental Bank PricewaterhouseCoopers Dominique Lales Sonam P. Wangdi Jorge Luis Inchauste Sabina Buco Jean-Claude Adandedjan Addax & Oryx Group Ministry of Economic Guevara & Gutiérrez S.C. PricewaterhouseCoopers Continental Bank Affairs Evelyne M'Bassidgé Paola Justiniano Arias Emir Corhodzi Ganiou Adechy FIDAFRICA / Tashi Wangmo Sanjines & Asociados Soc. DLA Piper Weiss -Tessbach Etude de Me Ganiou PricewaterhouseCoopers Ministry of Labour and Civ. Abogados Mark Davidson Adechy Human Resources Adeline Messou Cesar Lora PricewaterhouseCoopers Eurydice Adjovi FIDAFRICA / BOLIvIA PricewaterhouseCoopers Visnja Dizdarevi Continental Bank PricewaterhouseCoopers Fernando Aguirre Reynaldo Marconi O. Mari Law Office Victoire Agbanrin-Elisha Severin-Maxime Quenum Bufete Aguirre Soc. Civ. Finrural Petros Doukas Cabinet d'Avocat Cabinet SPA Baba Body, IKRP Rokas & Partners Agbanrin-Elisha Quenum et Sambaou Carolina Aguirre Urioste Gonzalo Mendieta Romero Estudio de Abogados Ezmana Hadziavdi Saïdou Agbantou Dakehoun Armand S. Raoul Bufete Aguirre Soc. Civ. Mendieta Romero & Mari Law Office Cabinet d'Avocats Ministere des Mines, de Oswaldo Alvarez Wills Asociados Emin Hadzi Paul Agbonihoue l'Energies et de L'eau S&V Asociados S.R.L. Luis Meneses M. Mari Law Office SBEE Mohammed Rabiou Salouf Daniela Aragones Cortez Alpasur Senada Havi Hrenovica Jean-Paul T. Hervé Ahoyo Chambre de Commerce et Sanjines & Asociados Soc. Civ. Abogados Jaime Merida Alvarez LRC Credit Bureau Societe Beninoise d'Industrie du Benin Colegio Departamental de D'Energie Electrique Zakari Djibril Sambaou Jaime Araujo Camacho Arquitectos de La Paz Ismeta Huremovi Land Registry Office of Sybel Akueshson Alice Codjia Sohouenou Ferrere Ariel Morales Vasquez the Sarajevo Municipal FCA Attorney-at-Law Raúl A. Baldivia C.R.& F. Rojas Abogados Court Rafikou Alabi Didier Sterlingot Baldivia Unzaga & Asociados Evany Oliveira Nusmir Huski Cabinet Me Alabi SDV - SAGA PricewaterhouseCoopers Mari Law Office Dieu-Donné Mamert Assogba Elidie P. Bifano Haris Mesinovi Cabinet Maître Adjai PricewaterhouseCoopers IFC acknowledgments 157 Arela Jusufbasi Jack Allan Mutua Adriana Daiuto Rodrigo Matos Michael Guan Lawyers' Office Bojana Tectura International Demarest e Almeida MBM Trading Lee Corporatehouse Tkalcic-Djulic, Olodar Botswana Advogados Associates Prebanic & Adela Eduardo Augusto Mattar Draganovic Alfred B. Ngowi Cleber Dal Rovere Peluzo Pinheiro Guimarães Nancy Lai University of Botswana Viseu Cunha Oricchio Advogados Lee Corporatehouse Muhidin Karsi Advogados Associates Law Office of Emir Rajesh Narasimhan Anneliese Moritz Kovacevi Grant Thornton Eduardo Depassier Felsberg, Pedretti, Kin Chee Lee Loeser e Portela Mannrich e Aidar Lee Corporatehouse Emmanuel Koenig Godfrey N. Nthomiwa Advogados Advogados e Consultores Associates PricewaterhouseCoopers Administration of Justice Roberta dos Reis Matheus Legais Yew Choh Lee Vildana Mandalovi Kwadwo Osei-Ofei Trench Rossi e Watanabe Walter Abrahão Nimir Junior Y.C. Lee & Lee Advocates & IKRP Rokas & Partners Osei-Ofei Swabi & Co. Advogados De Vivo, Whitaker, Castro Solicitors Branko Mari Butler Phirie José Ricardo dos Santos Luz e Gonçalves Advogados Teck Guan Lim Mari Law Office PricewaterhouseCoopers Júnior Evany Oliveira Ernst & Young Emir Pasanovi Nikola Stojanovic Duarte Garcia, Caselli PricewaterhouseCoopers Kelvin Lim DLA Piper Weiss -Tessbach ABB (Pty) Ltd Guimarães e Terra Advogados Andrea Oricchio Kirsh K. Lim & Co. Edisa Pestek Juliana White Viseu Cunha Oricchio Roberta Feiten Silva Guillaume Madru DLA Piper Weiss -Tessbach Botswana Stock Exchange Advogados Veirano Advogados SDV Hasib Salki Dave Williams Elidie P. Bifano Vanessa Felício Colin Ong Intersped Minchin & Kelly PricewaterhouseCoopers Veirano Advogados Dr. Colin Ong Legal Mehmed Spaho BRAzIL Maria Fernanada Pecora Services Thomas Benes Felsberg Law Office Spaho Veirano Advogados Felsberg, Pedretti, BULGARIA Anisa Struji Pedro Aguiar de Freitas Mannrich e Aidar Fabio Luis Pereira Barboza Mari Law Office Companhia Vale do Rio Advogados e Consultores Viseu Cunha Oricchio Svetlin Adrianov Doce Legais Advogados Penkov, Markov & Partners Bojana Tkalci-Djuli Andréa Pitthan Françolin Lawyers' Office Bojana Antonio Aires Danielle Ferreiro Nikolay Bandakov Tkalcic-Djulic, Olodar Demarest e Almeida Pinheiro Guimarães De Vivo, Whitaker, Castro Kambourov & Partners Prebanic & Adela Advogados Advogados e Gonçalves Advogados Draganovic Donizeet Andonio da Silva Christo Batchvarov Rafael Frota Indio do Brasil Durval Portela PricewaterhouseCoopers Mira Todorovi-Symeonidi DAS Consultoria Ferraz Loeser e Portela IKRP Rokas & Partners Pedro Vitor Araujo da Costa Escritorio de Advocacia Advogados Ilian Beslemeshki Gouvêa Vieira Georgiev, Todorov & Co. Selver Zaimovi Escritorio de Advocacia Pontifícia Universidade Católica do Paraná Law Office Spaho Gouvêa Vieira Rafael Gagliardi Nikolai Bozhilov Flavia Bailone Marcilio Demarest e Almeida Eliane Ribeiro Gago Unimasters Logistics Plc. BOTSwANA Barbosa Advogados Duarte Garcia, Caselli Stella Bozova Veirano Advogados Thiago Giantomassi Guimarães e Terra Stoeva, Kuyumdjieva & Staffnurse Bangu T. Lesetedi- Advogados Vitliemov Keothepile Priscyla Barbosa Demarest e Almeida Advogados Registrar of Companies, Veirano Advogados Guilherme Rizzo Amaral Emil Cholakov Trade Marks, Patents and Michelle Giraldi Lacerda Veirano Advogados LM Legal Services Ltd. Designs Renato Berger Tozzini Freire Advogados PricewaterhouseCoopers João Rodrigues Marta Del Coto John Carr-Hartley Adriana Grizante de Almeida Veirano Advogados Landwell, Armstrongs Attorneys Camila Biral Demarest e Almeida PricewaterhouseCoopers Carlos Santos PricewaterhouseCoopers Legal Services Rizwan Desai Advogados Enrique Hadad Santos Consulting Collins Newman & Co Richard Blanchet Loeser e Portela Camilla Sisti Borislav Dimitrov Landwell, Diba M. Diba Loeser e Portela Advogados Araújo e Policastro PricewaterhouseCoopers Minchin & Kelly Attorneys Advogados Mery Ellen Hidalgo Advogados Legal Services Guri Dobo Adriano Borges New Deal Claudio Taveira Kristina Dimitrova Dobson and Company, De Vivo Whitaker e Castro Carlos Alberto Iacia Pinheiro Neto Advogados Landwell, Certified Public Advogados PricewaterhouseCoopers Enrique Tello Hadad PricewaterhouseCoopers Accountants Daniel Bortolotto Christopher Jarvinen Loeser e Portela Legal Services Edward W. Fasholé-Luke II Cargo Logistics Pinheiro Neto Advogados Advogados Elina Dimova Luke & Associates Sergio Bronstein Esther Jerussalmy Marcos Tiraboschi LIC - Penkov, Markov & Vincent Galeromeloe Veirano Advogados Araújo e Policastro Veirano Advogados Partners TransUnion ITC Júlio César Bueno Advogados Fábio Tokars Lora Docheva Laknath Jayawickrama Pinheiro Neto Advogados Fernando Loeser Junta Comercial do Parana PricewaterhouseCoopers PricewaterhouseCoopers Paulo Campana Loeser e Portela Luiz Fernando Valente De Bogdan Drenski Bokani Machinya Felsberg, Pedretti, Advogados Paiva Georgiev, Todorov & Co. Collins Newman & Co Mannrich e Aidar Marina Maccabelli Pinheiro Neto Advogados Economou International Advogados e Consultores Dineo Makati-Mpho Demarest e Almeida Shipping Agency Limited, Legais José Wahle Advogados Varna Collins Newman & Co Veirano Advogados Plinio Cesar Romanini André Marques Georgy Georgiev Mercia Bonzo Makgaleme Banco Central Eduardo Guimarães Pinheiro Neto Advogados Landwell, Chibanda, Makgaleme Wanderley PricewaterhouseCoopers & Co. Renato Chiodaro Georges Louis Martens Filho Veirano Advogados De Vivo Whitaker e Castro Legal Services Finola McMahon De Vivo, Whitaker, Castro Advogados Celso Xavier e Gonçalves Advogados Marieta Getcheva Osei-Ofei Swabi & Co. Demarest e Almeida Centro Universitário Thiago Martins Advogados PricewaterhouseCoopers Diniar Minwalla Curitiba Araújo e Policastro Ralitsa Gougleva PricewaterhouseCoopers Fernanda Cirne Montorfano Advogados BRUNEI Djingov, Gouginski, Claude A. Mojafi Escritorio de Advocacia Jose Augusto Martins Arkitek Ibrahim Kyutchukov & Velichkov Ministry of Labour and Gouvêa Vieira Baker & McKenzie Katerina Gramatikova Home Affairs Danny Chua Gilberto Deon Corrêa Junior Laura Massetto Meyer Brunei Transporting Dobrev, Kinkin & Mmatshipi Motsepe Veirano Advogados Pinheiro Guimarães Company Lyutskanov Manica Africa Pty. Ltd. Sidinei Corrêa Marques Advogados Banco Central 158 doing business 2009 Iassen Hristev Roman Stoyanov Messan Lawson Augustin Mabushi Sandra D'Amico Dobrev, Kinkin & LIC - Penkov, Markov & A & JN Mabushi Cabinet HR Inc. (Cambodia) Co., Lyutskanov Partners Colette Lefebvre Inspection du Travail d'Avocats Ltd. Ginka Iskrova Margarita Stoyanova Jean Marie Mudende Louis-Martin Desautels PricewaterhouseCoopers Kambourov & Partners Ido Leocaldie Cabinet Bernardin Dabire Republique de Burundi DFDL Mekong Law Group Angel Kalaidjiev Peter Takov Ministere de la Justice Senaka Fernando Kalaidjiev, Georgiev & Landwell, Evelyne Mandessi Bell Bonaventure Nicimpaye PricewaterHouseCoopers Minchev PricewaterhouseCoopers Cabinet Ouedraogo & Bonkoungou Intercontact Services, S.A. Rob Force Yabor Kambourov Legal Services Bernard Ntahiraja DFDL Mekong Law Group Kambourov & Partners Laura Thomas Evelyne M'Bassidgé FIDAFRICA / Cabinet Willy Rubeya Stephane Guimbert Hristina Kirilova LM Legal Services Ltd. PricewaterhouseCoopers Tharcisse Ntakiyica The World Bank Group Kambourov & Partners Svilen Todorov Adeline Messou Barreau du Burundi Phea Ham Lilia Kisseva Todorov & Doykova Law FIDAFRICA / Daniel Ntawurishira Chhun Vinita Law Office Djingov, Gouginski, Firm PricewaterhouseCoopers SDV Transami - Groupe Kyutchukov & Velichkov Matea Tsenkova Svay Hay Oumarou Ouedraogo Bolloré Acleda Bank Plc. Donko Kolev Djingov, Gouginski, Avocat à la Cour François Nyamoya Asta Bridge International Kyutchukov & Velichkov Kent Helmers N. Henri Ouedraogo Avocat à la Cour Indochina Research Ilya Komarevski Stefan Tzakov Ministere des Finances et Déogratias Nzemba Landwell, Kambourov & Partners, du Budget Avocat à la Cour Naryth H Hour PricewaterhouseCoopers Attorneys at law B.N.G. Legal Services Maria Urmanova François de Salle Ouedraogo Laurent Nzeyimana Societe Nationale President du Conseil Tim Holzer Boika Komsulova Landwell, d'Electricite du Burkina d'Arbitrage CEBAC DFDL Mekong Law Group PricewaterhouseCoopers PricewaterhouseCoopers Legal Services Benewende S. Sankara Phillipe Pasquali Santhea Houn Dessislava Lukarova Miroslav Varnaliev Cabinet Maitre Sankara SDV Transami - Groupe Narita Logistics & Arsov Natchev Ganeva Unimasters Logistics Plc. Hermann Sanon Bolloré Services/Panalpina Ivan Markov Pavel Vitliemov Office Notarial Me Jean Prosper Ringuyeneza Dourng Kakada LIC - Penkov, Markov & Celestin Zoure Architecture et Economic Institute of Partners Stoeva, Kuyumdjieva & Vitliemov Michel Sawadogo Construction (A.C.) Cambodia Gergana Monovska Vera Yaneva Université de Willy Rubeya May Kano Djingov, Gouginski, Ouagadougou Cabinet Willy Rubeya Acleda Bank Plc. Kyutchukov & Velichkov Penkov, Markov & Partners Moussa Sogodogo Benjamin Rufagari Sakhan Khom Vladimir Natchev BURkINA fASO Avocat à la Cour Deloitte & Touche Arbitration Council Arsov Natchev Ganeva Foundation Campene A Theophile Barterlé Mathieu Some Clémence Rwamo Yordan Naydenov Avocat à la Cour Ministère de la Justice Chhung Kong Borislav Boyanov & Co. Fortune Bicaba Thombiano Sylvain DFDL Mekong Law Group Fabien Segatwa Violeta Nikolova Dieudonne Bonkoungou EPURE Etude Me Segatwa Kheng Leang Arsov Natchev Ganeva Birika Jean Claude Bonzi Dominique Taty Narita Logistics & Gabriel Sinarinzi Services/Panalpina Darina Oresharova B. Thierry Compaoré FIDAFRICA / Cabinet Me Gabriel Experian Bulgaria EAD Ingenierie-Design- PricewaterhouseCoopers Sinarinzi Jean Loi PricewaterhouseCoopers Alexander Pachamanov Architecture Clément Toe Salvatore Sindayihebura Georgiev, Todorov & Co. Bernardin Dabire Général d'Electricité et SDV Transami - Groupe Janet H. Lueckenhausen Functional Engineering Yordanka Panchovska Cabinet Bernardin Dabire Divers Bolloré Georgiev, Todorov & Co. Laurent-Michel Dabire Fousséni Traoré Audace Sunzu Tayseng Ly HBS Law Firm & Miglena Peneva Cabinet Bernardin Dabire FIDAFRICA / REGIDESO-Burundi PricewaterhouseCoopers Consultants Georgiev, Todorov & Co. Jonathan Darboux Bouba Yaguibou CAmBOdIA Nimmith Men Vladimir Penkov BCEAO Arbitration Council Penkov, Markov & Partners Denis Dawende Seydou Roger Yamba Chan Koulika Bo Cabinet Maitre Sankara B.N.G. Foundation Galina Petkova Office Notarial Me Jean Celestin Zoure Jacqueline Menyhart Arsov Natchev Ganeva Gilles Corneille Yaméogo Kate Bugeja Sylvie Dembelé Barreau du Burkina Faso Arbitration Council B.N.G Borislava Pokrass Foundation Eric Metayer Stoeva, Kuyumdjieva & Daouda Diallo Ousmane Prosper Zoungrana Narita Logistics & Vitliemov Fisc Consulting Keokolreak Buth International Théophane Noël Zoure Vanna & Associates Law Services/Panalpina Gerdana Popova Office Notarial Me Jean Firm Long Mom Georgiev, Todorov & Co. Fatimatou Zahra Diop Celestin Zoure BCEAO Huot Chea RAF International Nikolav Radev BURUNdI The World Bank Forwarding Inc. Dobrev, Kinkin & Jean Claude Gnamien Kaing Monika Lyutskanov FIDAFRICA / Bireha Audace Michael Cheah PricewaterhouseCoopers Saggara Corporation The Garment Nevena Radlova Banques-Microfinance- Manufacturers Stoeva, Kuyumdjieva & Hermann Gnango Gestion immobilière Phanin Cheam Association in Cambodia Vitliemov FIDAFRICA / Joseph Bahizi Municipality of Phnom Laurent Notin PricewaterhouseCoopers Penh Bureau of Urban Alexander Rangelov Banque de la République Affairs Indochina Research PricewaterhouseCoopers Sibi Desire Gouba du Burundi Ry Ouk Office Notarial Me Jean Rithy Chey Anna Saeva Sylvestre Banzubaze Celestin Zoure B.N.G Bou Nou Ouk & Partners Borislav Boyanov & Co. Avocat au barreau du Issaka Kargourou Burundi Boyan Chhan Phan Phalla Stela Slavcheva Maison de l'entreprise du Supreme National Emmanuel Hakizimana Indochina Research Aspolly Carrass Burkina Faso Economic Counsel International Ltd. Cab. D'Avocats-Conseils Ngov Chong Barthélémy Kere Pisetha Pin PricewaterhouseCoopers Violeta Slavova Dominik Kohlhagen Cabinet d'Avocats Samnang CRM Company Experian Bulgaria EAD Barthélemy Kere Chercheur au Laboratoire Limited d'Anthropologie Juridique Brennan Coleman DFDL Mekong Law Group Irina Stoeva Gilbert Kibtonre de Paris Soleil Della Pong Stoeva, Kuyumdjieva & CEFAC HR Inc. (Cambodia) Co., Vitliemov Ltd. acknowledgments 159 Sour Por Philippe Fouda Fouda Dominique Taty Kim Wood Fernando Aguiar Monteiro Global Link Service Pte BEAC FIDAFRICA / PricewaterhouseCoopers Advogados Associados Ltd. Caroline Idrissou-Belingar PricewaterhouseCoopers Ricardo Cláudio Monteiro Sovannorak Rath BEAC Charles Tchuente CApE vERdE Gonçlaves National Bank Angoh Angoh Jacob Cabinet Nyemb Hermínio Afonso Palácio de Justiça do Kuntheapini Saing Nico Halle & Co. Law Firm Jude Yong Yeh PricewaterhouseCoopers Tribunal da Comarca da Arbitration Council Cabinet CADIRE Praia Foundation Paul Jing Janira Hopffer Almada Milton Paiva Jing & Partners D. Hopffer Almada E Denora Sarin CANAdA Associados D. Hopffer Almada E Sarin & Associates Henri Pierre Job Associados Cabinet d'Avocats Henri David Bish Nandixany Andrade Chanthy Sin Carlos Gregorio Lopes Pereira Job Goodmans LLP Arnaldo Silva & Goncalves Linex Associados Serge Jokung Jay A. Carfagnini Conservatoria de Registos Sorya Sin Cabinet Maître Marie Goodmans LLP Vera Andrade Predial Comercial & SHA Transport Express Andrée NGWE CWV Advogados Automoveis Co. Ltd. Allan Coleman Jean Aime Kounga Osler, Hoskin & Harcourt Braz de Andrade Eldetrudes Pires Neves Billie Jean Slott Cabinet d'Avocats Abeng LLP Firma Braz de Andrade Araújo, Neves, Santos Sciaroni & Associates Roland David Cooper Mary Braz de Andrade & Miranda, Advogados Associados Lor Sok Kumfa Jude Kwenyui Borden Ladner Gervais LLP Firma Braz de Andrade Arbitration Council Juris Consul Law Firm Armando J.F. Rodrigues Foundation Gilles Demers Susana Caetano PricewaterhouseCoopers Ariane Marceau-Cotte Groupe Optimum PricewaterhouseCoopers Chamnan Som Cabinet Maître Marie José Rui de Sena Cambodian Federation of Andrée NGWE Jeremy Fraiberg Vasco Carvalho Oliveira Agência de Despacho Employers and Business Osler, Hoskin & Harcourt Ramos aduaneiro Ferreira e Sena Associations Danielle Mbape LLP Engic Lda Jing & Partners Sorphea Sou Anne Glover Ilíldio Cruz Tito Lívio Santos Oliveira Arbitration Council Alain Serges Mbebi Blake, Cassels & Graydon, Gabinete de Advocacia Ramos Foundation Cabinet CADIRE member of Lex Mundi Consultoria e Engic Procuradoria Juridica David Symansky Augustin Yves Mbock Keked Yoine Goldstein Henrique Semedo Borges HR Inc. (Cambodia) Co., Cabinet CADIRE McMillan Binch Zacarias De Pina Advogado Ltd. Mendelsohn ENGEOBRA Clarence Mireille Moni Nseke Arnaldo Silva Michael Tan Epse Etame Steven Golick Victor Adolfo de Pinto Osório Arnaldo Silva & RAF International Cabinet Maitre Elise Pamela S. Hughes Attorney-at-Law Associados Forwarding Inc. Lottin Blake, Cassels & Graydon, Jorge Lima Delgado Lopes Maria Fernanda Silva Ramos Vann Tho Bérangère Monin member of Lex Mundi Núcleo Operacional da BCA - Gabinete Juridico Acleda Bank Plc FIDAFRICA / Andrew Kent Sociedade de Informação PricewaterhouseCoopers Mario Alberto Tavares Janvibol Tip McMillan Binch João Dono Municipality Tip & Partners Jean Jacques Moukory Eyango Mendelsohn João Dono Advogados Cabinet Maitre Elise João Carlos Tavares Fidalgo Iv Visal Matthew Kindree Lottin Ana Duarte Banco Central Electricite du Cambodge Baker & McKenzie LLP PricewaterhouseCoopers Raoul Mouthe Elsa Tavazes Sal Viseth Joshua Kochath Nimba Conseil John Duggan CWV Advogados Sal Chantha Comage Container Lines PricewaterhouseCoopers Aimé Ndock Len Susan Leslie Jorge Lima Teixeira Djassi Fonseca CAmEROON M & N Law Firm, cabinet Architect d'avocats First Canadian Title NOSi Tereza Teixeira B. Amado Mobeh Andre Marcelin Ndoum Charles Magerman Florentino Jorge Fonseca Jesus Amado & Medina Maersk S.A. Etude de notaire Wo'o Baker & McKenzie LLP Municipalidade Praia Advogadas Gilbert Awah Bongam Isidore Baudouin Ndzana Thomas O'Brien Paulo Godinho Leendert Verschoor Achu and Fon-Ndikum Law PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Firm FIDAFRICA / PricewaterhouseCoopers Alfred Page Eduardo Nascimento Gomes Richard Batchato CENTRAL AfRICAN Simon Pierre Nemba Borden Ladner Gervais LLP Empresa Pública de Service du Cadastre REpUBLIC Cabinet Maître Marie John Pirie Electricidade e Água David Boyo Andrée Ngwe Baker & McKenzie LLP Joana Gomes Rosa Richard Anokonayen Jing & Partners Julius Ngu Tabe Achu Sam Rappos Advogada Ministerie de la fonction Publique Anne Marie Dibounje Jocke Achu and Fon-Ndikum Law Bruce Reynolds Agnaldo Laice Cabinet Maitre Elise Firm Borden Ladner Gervais LLP Maersk Line Max Symphorien Babdiba Lottin Marie-Andrée Ngwe Club OHADA Damian Rigolo Jose Manuel Fausto Lima Paul Marie Djamen Cabinet Maître Marie Osler, Hoskin & Harcourt Electra Praia Jean Christophe Bakossa BICEC Andrée NGWE LLP Ana Denise Lima Barber L'Ordre Centraficain des Architectes Laurent Dongmo Mbah Martin Njah Paul Robinson CWV Advogados Jing & Partners Nico Halle & Co. Law Firm Corporations Canada Antonio Lopes Emile Bizon Cabinet Tiangaye - Ivonne Egbe Pierre Njigui Kelly Russell PricewaterhouseCoopers Université de Bangui Services des Domaines ABB Cameroon PricewaterhouseCoopers Maria de Fatima Lopes Varela Michel Desprez Evariste Elundou Patrice Guy Njoya Paul Schabas Banco Central de Cabo SDV Centrafrique - Groupe Maersk S.A. Cabinet Maître Marie Verde Andrée Ngwe Blake, Cassels & Graydon, Bolloré Lucas Florent Essomba member of Lex Mundi Ricardo Martins Maurice Dibert- Dollet Cabinet Essomba & Jacques Nyemb Irina Schnitzer Electra Ministère de la Justice Associés Cabinet Nyemb Davis LLP Paulo Noel Martins Bertin-Rufin Dimanche Jean Pierre Eyoum Christian O'Jeanson Nicholas Scheib Prime Consulting Group Ministère des Finances, Mandengue Maersk S.A. McMillan Binch Direction Générale des Etude Notariale Eyoum João M.A. Mendes André-Marie Owono Mendelsohn Impôts et des Domaines Mandengue AUDITEC - Auditores & Cabinet Nyemb SDV Consultores Christiane Doraz-Serefessenet Atsishi Fon Ndikum Blaise Talla Secrétaire Générale de la Achu and Fon-Ndikum Law Sharon Vogel Carlos Pereira Modesto Chambre des Notaires Firm Cabinet Juridique Mouthe Modesto - Despachante & Associes SARL Borden Ladner Gervais LLP 160 doing business 2009 Marie-Edith Douzima-Lawson ChILE Edmundo Rojas García Leo Ge Luke Wang Cabinet Douzima Conservador de Bienes Global Star Logistics Co. Shanghai Deso Industry &Ministère de la fonction Angie Armer Rios Raíces de Santiago Ltd. Co., Ltd publique Alvarez Hinzpeter Jana Alvaro Rosenblut Alex Gee Waynex Industrial Co., Ltd. Energie Centrafricaine Sandra Benedetto Albagli Zaliasnik Shanghai Pegasus (ENERCA) PricewaterhouseCoopers Abogados Materials Co., Ltd. Cassie Wong PricewaterhouseCoopers Philippe Fouda Fouda Jorge Benitez Urrutia Carlos Saavedra Alexander Gong BEAC Urrutia & Cía Cruz & Cia. Abogados Baker & McKenzie Kent Woo Kingson Law Firm Dolly Gotilogue Jimena Bronfman Adriana Salias Kejun Guo Annie Xun Isidore Grothe Guerrero, Olivos, Novoa y Redlines Group DeHeng Law Offices Ministère des Finances et Errázuriz Martín Santa María O. Felix Hu Qing Yang du Budget Héctor Carrasco Guerrero, Olivos, Novoa y Shanghai Meiyao Aviation Yang Fit Co., Ltd. Gabriel Houndoni Superintendencia de Errázuriz Co., Ltd. Bill Yao Club OHADA Bancos e Instituciones Simple Technic Co., Ltd. Financieras Carlos Saveedra Simon Huang Caroline Idrissou-Belingar Cruz & Cía Abogados LehmanBrown Susan Ye BEAC Paola Casorzo KPMG Huazhen Philippi, Yrarrazaval, Esteban Tomic Haining XinGuangYuan Noel Kelembho Pulido & Brunner Cruz & Cia. Abogados Lighting Co., Ltd. Jerry Ye SDV - Groupe Bolloré Andrés Chirgwin Jorge Valenzuela Kone Jerry Orrick Bouna Loumandet Chrésia Alvarez Hinzpeter Jana Philippi, Yrarrazaval, Zhejiang Gangzida Jonathan You Etude Notariale Pulido & Brunner Industry & Trade Co., Ltd. Camilo Cortés Orrick, Herrington & Sutcliffe LLP Jean Paul Maradas Nado Alessandri & Compañía Sebastián Valdivieso Zhou Jianming Ministere de l'Urbanisme Yrarrázaval, Ruiz - Tagle, Ningbo Jingcheng Meter Xianghau Yu Sergio Cruz Goldenberg, Lagos &Silva Shanghai Xu Xiao Qing Law Anasthasie Mbo-Gaudeuille Cruz & Cia. Abogados John T. Kuzmik Office Chambre de Commerce Osvaldo Villagra Baker Botts LLP d'Industrie des mines et de José Ignacio Díaz PricewaterhouseCoopers John Kuznik Xianghua Yunge L'artisanat Yrarrázaval, Ruiz- Shanghai Xu Xiao Qing Law Tagle,Goldenberg,Lagos Arturo Yrarrázaval Baker Botts LLP Office Serge Médard Missamou & Silva Covarrubias Jony Lee Club OHADA Yrarrazaval, Ruiz - Tagle Libin Zhang Cristián S. Eyzaguirre Goldenburg, Lagos & Silva Sanli Group Baker Botts LLP Yves Namkomokoina Eyzaguirre & Cía. Berry Lin Magistrat, Commerce Sebastián Yunge SDV Ltd. Yi Zhang Tribunal Silvio Figari Napoli Guerrero, Olivos, Novoa y King & Wood PRC Lawyers Databusiness Errázuriz Zhiqiang Liu Jean Baptiste Nouganga King & Wood Johnson Zheng Bureau Comptable Fiscal - Cristian Garcia-Huidobro Rony Zimerman M. Xiamen All Carbon Cabinet Nouganga Boletin Comercial Alvarez Hinzpeter Jana Lucy Lu Corporation Bako Sah Juan Pablo Gonzalez M. ChINA King & Wood COLOmBIA Architect Guerrero, Olivos, Novoa y George Luo Errázuriz Russell Brown Pinsent Masons Carlos Alcala ChAd Mauricio Hederra LehmanBrown Mikkaworks Organics José Lloreda Camacho & Co. Abdelkerim Ahmat Cruz & Cía Abogados Robin Cai Nicky Ning SDV Javier Hurtado BNP Service Luoyang Chundi Import & Mauricio Angulo Computec - DataCrédito Oscar D'Estaing Deffosso Camara Chilena de la Export Co., Ltd. Construccion Rico Chan FIDAFRICA / Baker & McKenzie Nonnon Pan Patricia Arrázola-Bustillo PricewaterhouseCoopers Fernando Jamarne John Chan Medplus Inc. Gómez-Pinzón Abogados Baba Dina Alessandri & Compañía Fuzhou Relax Co., Ltd. Catherine Rown Luis Alfredo Barragán Stat N'Djaména Didier Lara Rex Chan Han Shen Brigard & Urrutia, member of Lex Mundi Mahamat Djibrine PricewaterhouseCoopers PricewaterhouseCoopers Davis Polk & Wardwell STD León Larrain Yixin Chen Pablo Barraquer-Uprimny Cathy Shi Brigard & Urrutia, member N'Doningar Djimasna Baker & McKenzie (Cruzat, Ortúzar y Mackenna Davis Polk & Wardwell Orrick, Herrington & of Lex Mundi Faculté de Droit, Ltda.) Caro Chen Sutcliffe LLP Université de N'Djamena Guillermo Hernando Bayona Enrique Munita Dniya Ornaments Co., Ltd. Frank Shu Combariza Philippe Fouda Fouda Philippi, Yrarrazaval, Lisa Chen Paul Hasting Notaria 44 de Bogotá BEAC Pulido & Brunner Jiahua Co. Jessie Tang Juliana Bazzani Botero Caroline Idrissou-Belingar Cristian Olavarria Jie Chen Global Star Logistics Co. José Lloreda Camacho BEAC Philippi, Yrarrazaval, Jun He Law Offices, member Ltd. & Co. Narcisse Madjiyore Dongar Pulido & Brunner of Lex Mundi Youshan Tang Juan Guillermo Becerra Issa Ngarmbassa Gerardo Ovalle Mahns Barry Cheung Ningbo Flight Rigging & PricewaterhouseCoopers Etude Me Issa Ngar mbassa Yrarrázaval, Ruiz-Tagle, KPMG Huazhen Tool Co., Ltd. Goldenberg, Lagos &Silva Claudia Benavides Nissaouabé Passang Bolivia Cheung Emily Tang Gómez-Pinzón Abogados Etude Me Passang Luis Parada Hoyl KPMG Huazhen Orrick, Herrington & Bahamondez, Alvarez & Sutcliffe LLP Nicolás Botero Nicolas Ronzié Zegers Taylor Chuang Lu Terry Holguín, Neira & Pombo FIDAFRICA / Innovation Medical Abogados PricewaterhouseCoopers Pablo Paredes Instrument Co., Ltd. Shenyang Longyuan Group Albagli Zaliasnik Co., Ltd. Carlos Rodríguez Calero Gilles Schwarz Abogados Yw Chung Wafangdian Yushi Energy PricewaterhouseCoopers SDV Beatriz Recar Baker Botts LLP Co., Ltd. Maria Paula Camacho Dominique Taty Baker & McKenzie (Cruzat, Tony Diao Celia Wang Cámara Colombiana de la FIDAFRICA / Ortúzar y Mackenna Shaughnessy Holdings Ltd. PricewaterhouseCoopers Construcción PricewaterhouseCoopers Ltda.) Wayne Forfine Fenghe Wang Bibiana Camacho Nadine Tinen Tchangoum Sebastián Riesco Forfine Marketing & Dacheng Law Offices Cavelier Abogados FIDAFRICA / Eyzaguirre & Cía. Service Carolina Camacho PricewaterhouseCoopers Claudio Rivera Wei Gao William Wang Posse Herrera & Ruiz Sobdibé Zoua Carey y Cía Ltda. ZY & Partners PricewaterhouseCoopers Darío Cárdenas Law Firm SCPP Cárdenas & Cárdenas acknowledgments 161 Natalia Caroprese José Roberto Sáchica Méndez Arly Khuty François Lavanant Andrés López Baker & McKenzie Baker & McKenzie Francis Lugunda Lubamba SDV BLP Abogados Felipe Cuberos Paula Samper Salazar Cabinet Lugunda Lubamba Emmanuel Le Bras Ivannia Méndez Rodríguez Prieto & Carrizosa S.A. Gómez-Pinzón Abogados Angèle Mabondo Ngoyi FIDAFRICA / Oller Abogados María Helena Díaz Méndez Felipe Sandoval Villamil Cabinet Masamba PricewaterhouseCoopers Jorge Montenegro PricewaterhouseCoopers Gómez-Pinzón Abogados Nkusu Makengo Bruno Ossebi SCGMT Arquitectura y Jose Duran José Luis Suárez Cabinet Masamba Cabinet Essou Diseño Excellentia Strategic Gómez-Pinzón Abogados Babala Mangala Chimène Prisca Nina Pongui Eduardo Montoya Solano Lucas Fajardo-Gutierrez Raúl Alberto Suárez Arcila GTS Express Etude de Me Chimène Superintendencia General Brigard & Urrutia, member Prisca Nina Pongui de Entidades Financieras of Lex Mundi Jose Alejandro Torres Roger Masamba Makela Posse Herrera & Ruiz Avocat Doyen de Faculté Roberto Prota Cecilia Naranjo Gustavo Florez SDV LEX Counsel Sociedad Portuaria Beatriz Uribe Botero Jean Paul Matanga Pedro Oller Regional de Cartagena Cámara Colombiana de la Cabinet Mwaka & COSTA RICA Construcción Associates Oller Abogados Carlos Fradique-Méndez Bufete Facio & Cañas, Ramón Ortega Brigard & Urrutia, member Claudia Vargas Paulin Mbalanda member of Ius Laboris & PricewaterhouseCoopers of Lex Mundi PricewaterhouseCoopers MBM Conseil Lex Mundi Marianne Pál - Hegedüs Ana Giraldo Diego Vega Didier Mopiti Alejandro Antillon Aguilar Castillo Love Prieto & Carrizosa S.A. PricewaterhouseCoopers MBM Conseil Pacheco Coto Legal Services Andrea Paniagua Santiago Gutiérrez Louman Mpoy Carlos Barrantes PricewaterhouseCoopers José Lloreda Camacho Alberto Zuleta Cabinet Mpoy - Louman & PricewaterhouseCoopers & Co. Gómez-Pinzón Abogados Associés Alejandro Bettoni Traube Felix Pecou Johnson Japdeva Caribbean Port Viviana Hernández Grajales COmOROS Jean Bosco Mwaka Doninelli & Doninelli Authority Cámara Colombiana de la Cabinet Mwaka & - Asesores Jurídicos Construcción Harimia Ahmed Ali Associates Asociados Laura Perez CINDE Wilson Herrera Robles Cabinet Me Harimia Victorine Bibiche Nsimba Caroline Bono PriceWaterhouse Coopers Remy Grondin Kilembe PricewaterhouseCoopers Julio Pinedo Barreau de Kinshasa/ PricewaterhouseCoopers Santiago Higuera Vitogaz Comores Matete Eduardo Calderón-Odio Cámara Colombiana de la Ahamada Mahamoudou BLP Abogados Monica Romero Construcción Avocat à la Cour Société Nationale d'Electricité (SNEL) Gastón Certad PricewaterhouseCoopers Mario Hoyos Youssouf Yahaya Batalla & Asociados Miguel Ruiz Herrera José Lloreda Camacho Impots de la Grande Christie Madudu Sulubika Silvia Chacon LEX Counsel & Co. Comore Cabinet G.B. Moka Ngolo & Associés Alfredo Fournier & Andrea Saenz Jorge Lara-Urbaneja Asociados Aguilar Castillo Love Baker & McKenzie CONGO, dEm. REp. Dominique Taty FIDAFRICA / María Fernanda Chavarría B Mauricio Salas Alessandra Laureiro Jean Adolphe Bitenu PricewaterhouseCoopers Cordero & Cordero BLP Abogados Gómez-Pinzón Abogados ANAPI Marius Tshiey-A-Tshiey Abogados Jose Luis Salinas Cristina Lloreda Etienne Blocaille Cabinet Mbaki et Associés Daniel Chaves SCGMT Arquitectura y Brigard & Urrutia, member FIDAFRICA / CINDE Diseño of Lex Mundi PricewaterhouseCoopers Toto Wa Kinkela Cabinet Toto Ricardo Cordero B. Walter Anderson Salomons Santiago Lopez Alain Buhendwa Cordero & Cordero Japdeva Caribbean Port PricewaterhouseCoopers Cabinet Mwaka & CONGO, REp. Abogados Authority Legal Services Associates Prosper Bizitou Daniel De la Garza Ana Victoria Sandoval Natalia López Deo Bukayafwa FIDAFRICA / JD CANO JD CANO Posse Herrera & Ruiz MBM Conseil PricewaterhouseCoopers Melania Dittel Juan Tejada Gabriela Mancero Jean Michel Cardino David Bourion Arias & Muñoz PricewaterhouseCoopers Cavelier Abogados Société Minière de Développement/RJ Traders FIDAFRICA / Anamari Echeverría Natalia Van der Laat Carlos Monroy PricewaterhouseCoopers Parque Empresarial Forum BLP Abogados Conika Construcciones Victor Créspel Musafiri Cabinet d'avocat JCC & A Mohammad Daoudou Alejandro Fernández de Marianela Vargas Ana Maria Navarrete FIDAFRICA / Castro PricewaterhouseCoopers Posse Herrera & Ruiz Regis de Oliveira PricewaterhouseCoopers PricewaterhouseCoopers Agetraf s.a.r.l. - SDV Sebastián Wong Luis E. Nieto Jean-Philippe Esseau Octavio Fournier JD CANO Nieto & Chalela Yves Debiesme Cabinet Esseau Alfredo Fournier & Agetraf s.a.r.l. - SDV Asociados Rodrigo Zapata Ana Maria Olaya Mathias Essereke LEX Counsel Posse Herrera & Ruiz Hervé Diakiese Cabinet d'Avocats Claude Neftali Garro Avocat à la Cour Coelho BLP Abogados Jafet Zúñiga Salas Juan Carlos Paredes Superintendencia General Brigard & Urrutia, member Papy Djuma Bilali Ludovic Désiré Essou Andrés Gómez de Entidades Financieras of Lex Mundi Cabinet Masamba Cabinet Essou PricewaterhouseCoopers Carlo Polo David Guarnieri Philippe Fouda Fouda Andrea González-Rojas CôTE d'IvOIRE Computec ­ DataCrédito FIDAFRICA / BEAC BLP Abogados PricewaterhouseCoopers Any Ray & Partners Raul Quevedo Etude de Maitres Séraphin Jorge Guzmán César Asman José Lloreda Camacho Amisi Herady Mcakosso-Douta et LEX Counsel Cabinet N'Goan, Asman & & Co. ANAPI Norbert M'Foutou María del Mar Herrera Associés Fernan Restrepo Sandra Kabuya Henriette Lucie Arlette Galiba BLP Abogados Joachim Bile-Aka Brigard & Urrutia, member Cabinet Mwaka & Office Notarial Me Galiba Randall Zamora Hidalgo of Lex Mundi Associates Caroline Idrissou-Belingar Bnetd Costa Rica ABC Cristina Rueda Londono Robert Katambu BEAC Jonathan Darboux Roberto Leiva Baker & McKenzie Cabinet Mwaka & Sylvert Bérenger Kymbassa BCEAO Associates Facio & Cañas, member of Juan Carlos Ruiz Boussi Lex Mundi Fatimatou Zahra Diop José Lloreda Camacho Pierre Kazadi Tshibanda Etude Maitre Béatrice Vicente Lines BCEAO & Co. Cabinet Masamba Dianzolo, Huissier de Justice Arias & Muñoz Dorothée K. Dreesen Etude Maitre Dreesen 162 doing business 2009 Bertrand Fleury Sasa Divjak Marija Petrovi Michal Hanko Social Sciences, Charles SDV - SAGA CI Divjak, Topic & Divjak, Topic & Bubnik, Myslil & Partners University Jean Claude Gnamien Bahtijarevic Bahtijarevic Jarmila Hanzalova Zdenek Rosicky FIDAFRICA / Amela Dizdarevi Sanja Porobija Procházka Randl Kubr, Squire, Sanders & Dempsey, PricewaterhouseCoopers Sihtar Attorneys at Law Porobija & Porobija Law member of Ius Laboris & v.o.s. advokát kancelá Hermann Gnango Ivana Dominkovi Firm Lex Mundi Leona Sevcikova FIDAFRICA / CMS Zagreb Tihana Posavec Vlastimil Hokr Panalpina s.r.o. PricewaterhouseCoopers Ivan Dusi Divjak, Topic & BDO Prima Audit s.r.o. Robert Sgariboldi Seyanne Groga Vukmir Law Office Bahtijarevic Vít Horácek Panalpina s.r.o. Cabinet Jean-François Marko Praljak Glatzová and Co. Law Chauveau Hrvoje Filipovi Dana Sládecková Law Offices Nogolica Divjak, Topic & Offices National Bank Guillaume Koffi Bahtijarevic Hana Hrbacova Conseil National De Tamiko Rochelle Franklin Ronald Pusi Ambruz & Dark Marie Strachotová L'Ordre des Architectes Legal Consultant PricewaterhouseCoopers advokáti, v.o.s. Peterka & Partners Herman Kouao Bojan Fras Gordan Rotkvi PricewaterhouseCoopers Miroslav Tichı Legal Services DLA Piper Evelyne M'Bassidgé Zuric & Partners PricewaterhouseCoopers FIDAFRICA / Ivan Gjurgjan Djuro Sessa Iva Hromková Rzena Trojánková PricewaterhouseCoopers Porobija & Porobija Law County Court in Zagreb Glatzová and Co. Law Offices Linklaters Adeline Messou Firm Ana Sihtar Klára Valentová FIDAFRICA / Kresimir Golubi Ludvik Juicka Sihtar Attorneys at Law Ambruz & Dark PricewaterhouseCoopers Ambruz & Dark Lidija Hanzek advokáti, v.o.s. Manuela Spoljari advokáti, v.o.s. PricewaterhouseCoopers Georges N'Goan HROK Leko & Partners PricewaterhouseCoopers Legal Services Cabinet N'Goan, Asman & Legal Services Associés HEP Distribution System Operator Ltd. Mario Stefani Robert Jurka Ludìk Vrána Linklaters Patricia N'guessan Transadria Anita Hersak Klobucarevi BDO Prima Audit s.r.o. Cabinet Jean-François Goran Sverko Markéta Zachová Chauveau Porobija & Porobija Law Jiri Klimicek Firm Law Offices Nogolica Squire, Sanders & Dempsey, Vejmelka & Wünsch, s.r.o. Jacques Otro Jana Hitrec Luka Tadi-Coli v.o.s. advokát kancelá Veronika Zaloudková Conseil National De Babi & Partners Iccrue s.r.o. L'Ordre des Architectes Caci & Partners Miroslav Kocman Zoran Tasi Iccrue s.r.o. Athanase Raux Branimir Ivekovi CMS Zagreb dENmARk Cabinet Raux, Amien & Ivekovi & Vidan Adela Krbcová Elsebeth Aaes-Jørgensen Associés Irina Jelci Iva Toki Peterka & Partners Porobija & Porobija Law Norrbom Vinding, member Serge Roux Hanzekovi, Radakovi & Firm Petr Kucera of Ius Laboris Etude Maitre Roux Partners, member of Lex CCB - Czech Banking Mundi Hrvoje Vidan Credit Bureau Christine Lægteskov Aon Dominique Taty Marijana Jeli Ivekovic and Vidan Kromann Reumert, member FIDAFRICA / Lenka Mrazova of Lex Mundi PricewaterhouseCoopers Law Office Jelic Arn Willems PricewaterhouseCoopers CB Richard Ellis d.o.o. Peter Bang Fousséni Traoré Sanja Jurkovi David Musil Steffen Bang-Olsen FIDAFRICA / PricewaterhouseCoopers CzECh REpUBLIC PricewaterhouseCoopers Kromann Reumert, member PricewaterhouseCoopers Mirna Kette Jarmila Musilova of Lex Mundi Nadia Vanie PricewaterhouseCoopers Allen & Overy, Praha Advokátní kancelá National Bank Thomas Bech Olsen Cabinet N'Goan, Asman & Margita Kis-Kapetanovi Stanislav Myslil Panalpina World Associés Porobija & Porobija Law Tomas Babacek Cermak Horejs Myslil a Transport Ltd Abbé Yao Firm Ambruz & Dark advokáti, v.o.s. spol. Christel Berning SCPA Dogué-Abbé Yao & Miroslav Leko PricewaterhouseCoopers Jörg Nürnberger PricewaterhouseCoopers Associés Leko & Partners Legal Services DLA Piper Jonas Bøgelund CROATIA Kresimir Ljubi Libor Basl Athanassios Pantazopoulos Gorrissen Federspiel Leko & Partners Baker & McKenzie IKRP Rokas & Partners and Kierkegaard Boris Andrejas Marko Loviri Dr. A. Pantazopoulos Ole Borch Babi & Partners Martin Bohuslav Divjak, Topic & Ambruz & Dark Marketa Penazova Bech-Bruun Law Firm Ivo Bijeli Bahtijarevic advokáti, v.o.s. Ambruz & Dark Thomas Booker PricewaterhouseCoopers Miroljub Macesi PricewaterhouseCoopers advokáti, v.o.s. Legal Services PricewaterhouseCoopers ACCURA Natko Bili Macesi & Partners, Legal Services Advokataktieselskab Studio 3lhd Odvjetnicko drustvo Stephen B. Booth PricewaterhouseCoopers Jan Petík Christian Bredtoft Guldmann Andrej Bolfek Josip Marohni Brzobohatı Broz & Honsa, Kromann Reumert, member Leko & Partners Divjak, Topic & Jií Cernı of Lex Mundi Bahtijarevic Peterka & Partners v.o.s. Marko Borsky Kristına Pohlová Mogens Ebeling Divjak, Topic & Tin Mati Matj Dank Glatzová and Co. Law Jonas Bruun Bahtijarevic Tin Mati Law Office Procházka Randl Kubr, member of Ius Laboris & Offices Eivind Einersen Marijana Bozi Andrej Matijevich Lex Mundi Pavla Pikrylová Philip & Partnere DTB Matijevich Law Office Svatava Dokoupilova Peterka & Partners Henrik Faust Pedersen Belinda Caci Iain McGuire Czech Office for Jan Procházka PricewaterhouseCoopers Caci & Partners PricewaterhouseCoopers Surveying, Mapping and Ambruz & Dark Lars Fogh Jasmina Crnali Martina Mladina Kavuri Cadastre advokáti, v.o.s. ACCURA CMS Zagreb Mami Reberski & Partners Jitka Ernestova PricewaterhouseCoopers Legal Services Advokataktieselskab Stefanija Cukman Ivana Muci Peterka & Partners Natasa Randlová Alice Folker Juri Law Offices CMS Zagreb Kristına Fiserová Procházka Randl Kubr, Gorrissen Federspiel Kierkegaard Martina Culap Ljiljana Nogolica Peterka & Partners member of Ius Laboris & Leko & Partners Geoleges d. o. o. Jakub Hajek Lex Mundi Arne Gehring PricewaterhouseCoopers Gordana Deli Zvonko Nogolica Ambruz & Dark Tomas Richter Transadria Law Offices Nogolica advokáti, v.o.s. Jens Hjortskov PricewaterhouseCoopers Clifford Chance LLP/ Legal Services Institute of Economic Philip & Partnere Studies, Faculty of acknowledgments 163 Heidi Hoelgaard Marvlyn Estrado Alejandro Fernández de ECUAdOR Sandra Reed Experian Northern Europe KPB Chartered Castro Pérez, Bustamante y Ponce, Jens Steen Jensen Accountants PricewaterhouseCoopers Pablo Aguirre member of Lex Mundi Kromann Reumert, member Kerry George Mary Fernández Rodríguez PricewaterhouseCoopers Gustavo Romero of Lex Mundi C I S Enterprises Ltd. Headrick Rizik Alvarez & Christof Baer Romero Arteta Ponce Jeppe Jørgensen F. Adler Hamlet Fernández PricewaterhouseCoopers Myriam Dolores Rosales Bech-Bruun Law Firm Realco Company Limited Gloria Gasso Hernán Batallas-Gómez Garcés Ann Kell Foued Issa Headrick Rizik Alvarez & Falconi Puig Abogados Superintendencia de PricewaterhouseCoopers Issa Trading Ltd. Fernández Xavier Bravo Ruales Bancos y Seguros Aage Krogh Alick C. Lawrence Pablo Gonzalez Tapia Superintendencia de Veronica Sofia Ruales Díaz Magnusson Lawrence Alick C. Biaggi & Messina Bancos y Seguros Bustamante & Bustamante Christine Larsen Chambers Fabio Guzmán-Ariza Diego Cabezas-Klaere Montserrate Sánchez Guzmán Ariza Ortega Moreira & Ortega Coronel y Pérez Susanne Schjølin Larsen Severin McKenzie Trujillo Kromann Reumert, member McKenzie Architectural & Mónika Infante Pablo F. Sarzosa J. of Lex Mundi Construction Services Inc. Saxum Legal Silvana Coka G. API Ecuador Geotransport S.A. Lars Lindencrone Richard Peterkin Philippe Lescuras Superintendencia de Bech-Bruun Law Firm PricewaterhouseCoopers Panalpina Fernando Coral Compañias Panalpina Andreas Nielsen Joan K.R. Prevost Xavier Marra Martínez César Vélez Calderón Jonas Bruun Prevost & Roberts Dhimes & Marra Lucía Cordero Ledergerber Covelcal Falconi Puig Abogados Tim Nielsen J. Gildon Richards Fernando Marranzini EGypT Kromann Reumert, member J. Gildon Richards Headrick Rizik Alvarez & Fernando Del Pozo Contreras og Lex Mundi Chambers Fernández Gallegos, Valarezo & Abdel Aal Aly Neira Afifi World Transport Betri Pihl Schultze Mark Riddle Carlos Marte PricewaterhouseCoopers DOMLEC Panalpina Gonzalo Diez P. Naguib Abadir Gonzalo Diez Nacita Corporation Soren Plomgaard Eugene G. Royer Patricia Media Coste Jonas Bruun Eugene G. Royer Chartered Headrick Rizik Alvarez & Miguel Falconi-Puig Walid Abbas Architect Fernández Falconi Puig Abogados Advanced Group Louise Krarup Simonsen Kromann Reumert, member Linda Singletary Fabiola Medina Jorge Eduardo Fernández Girgis Abd El-Shahid of Lex Mundi C I S Enterprises Ltd. MG&A Medina Garnes & Perdomo Asociados Abogados Acredita Buró de Sarwat A. Shahid Law Firm Niels Bang Sørensen Jason Timothy información crediticia S.A Sara Abdel Gabbar Gorrissen Federspiel DOMLEC Ramón Ortega Trowers & Hamlins Kierkegaard Ossie Walsh PricewaterhouseCoopers Juan Carlos Gallegos Happle Gallegos, Valarezo & Ahmed Abdel Warith Jesper Trommer Volf Supreme Court/ Registry Andrea Paniagua Niera AAW Consulting Engineers Accura Reginald Winston PricewaterhouseCoopers Advokataktieselskab Leopoldo González R. Ramez Mounir Abdel-Nour Supreme Court/ Registry Valeria Pérez Modena Paz Horowitz Karim Adel Law Office Knud Villemoes Hansen Jiménez Cruz Peña National Survey and dOmINICAN Carolina Pichardo Francisco Grijalva M. Mohamed Abo -Shady Cadastre - Denmark/Kort REpUBLIC Biaggi & Messina Ius & Law Modern Agricultural Est. & Matrikelstyrelsen Carla Alsina Edward Piña Iván A. Intriago Ahmed Abou Ali Anders Worsøe Biaggi & Messina Biaggi & Messina Ius & Law Hassouna & Abou Ali Magnusson Hilda Patricia Polanco Rafael Piña Maggio Irigoyen V. Gamal Abou Ali API djIBOUTI Morales Headrick Rizik Alvarez & Hassouna & Abou Ali Sánchez Raful Sicard & Fernández Vanessa Izquierdo D. Nermine Abulata Rahma Abdi Abdillahi Polanco Bustamante & Bustamante Ministry of Trade & Banque Centrale Julio Pinedo Mario Ariza PricewaterhouseCoopers Alvaro Jarrín Industry Wabat Daoud Headrick Rizik Alvarez & Superintendencia de Ghada Adel Avocat à la Cour Fernández Sabrina Angulo Pucheu Sánchez Raful Sicard & Bancos y Seguros PricewaterhouseCoopers Bruno Détroyat Caroline Bono Polanco Juan Manuel Marchán Hazem Ahmed PricewaterhouseCoopers Ibrahim Hamadou Hassan Maria Portes Pérez, Bustamante y Ponce, Hassouna & Abou Ali Ana Isabel Caceres member of Lex Mundi Ibrahim Mohamed Omar Castillo y Castillo Mahmoud Ahmed Bassiem Troncoso y Caceres Christian Morales Cabinet CECA Sóstenes Rodriguez Segura Ashraf El Al Arabi Juan Manuel Caceres Panalpina Oubah Mohamed Omar Russin, Vecchi and Heredia Ministry of Finance Troncoso y Caceres Francisco Javier Naranjo Société Maritime L. Savon Bonetti Grijalva Abd El Wahab Aly Ibrahim & Ries Giselle Castillo Wilferdo Senior Paz Horowitz Abd El Wahab Sons Aicha Youssouf Superintendencia de Consultant Bancos Priscilla Ortega Tim Armsby Cabinet CECA Maricell Silvestre Rodriguez Trowers & Hamlins Leandro Corral Jiménez Cruz Peña Arízaga & Co. Abogados dOmINICA Estrella & Tupete Amr Mohamed Mahmoud Juan Tejada Pablo Padilla Muirragui Ecuador Cargo System Atta Eddie Beaupierre José Cruz Campillo PricewaterhouseCoopers Karim Adel Law Office Element Agencies Jiménez Cruz Peña Vilma Veras Terrero Jorge Paz Durini Paz Horowitz Adel Awadalla Alix Boyd-Knights Sarah de León Jiménez Cruz Peña S.S.I.B. Headrick, Rizik, Alvarez & Bruno Pineda-Cordero Kathy Buffong Fernandez TransUnion Pérez, Bustamante y Ponce, Ziad Bahaa El Dian Attorney General's Guiraldis Velásquez Ramos member of Lex Mundi General Authority for Chambers Rosa Díaz Investment and Free Zones Jiménez Cruz Peña Dhimes & Marra Xavier Amador Pino Gerald D. Burton Vilma Verras Terrero Estudio Juridico Amador Louis Bishara Gerald D. Burton's Rafael Dickson Morales BTM Chambers MG&A Medina Garnes & Jiménez Cuz Peña Daniel Pino Arroba Asociados Abogados Coronel y Pérez Ibrahim Hassan Dakr Development and Planning Patricia Villar Karim Adel Law Office Division Edward Fernandez Panalpina Jorge Pizarro Páez Biaggi & Messina Gina Dyer Bustamante & Bustamante Dyer & Dyer Patricia Ponce Arteta Bustamante & Bustamante 164 doing business 2009 Hussein Mahmoud Gaafar El Wael Shaker Astrud María Meléndez Dominique Taty Arne Ots Gebaly Island Group Asociación Protectora de FIDAFRICA / Raidla & Partners Ministry of Housing, Créditos de El Salvador PricewaterhouseCoopers Utilities, and Urban Safwat Sobhy (PROCREDITO) Kirsti Pent Development PricewaterhouseCoopers Law Office Tark & Co. José Walter Meléndez ERITREA Mohamed EL Gindy South Cairo Electricity Customs Daniel Polawski Waad Trade & Distribution Company Rahel Abera Paul Varul Development Co. Cath Welch Mauricio Melhado Berhane Gila-Michael Gold Service / MSI Law Firm Kristiina Puuste Mohamed El Homosany PricewaterhouseCoopers KPMG AS Ministry of Justice Berhane Gila-Michael Eman Zakaria Camilo Mena Gold Service / MSI Berhane Gila-Michael Ants Ratas Mohamed Refaat El Houshy Ministry of Manpower & Law Firm CF & S AS The Egyptian Credit Migration Antonio R. Mendez Llort Bureau "I-Score" Senai W. Andemariam Heidi Rätsep Mona Zobaa Romero Pineda & Asociados, member of Lex University of Asmara Centre of Registers and Amr El Monayer Ministry of Investment Mundi and Terra Lex Information system Ministry of Finance Kebreab Habte Michael EL SALvAdOR Miriam Eleana Mixco Reyna Martin Simovart Hasan El Shafiey Michael Joseph Gold Service / MSI Lepik & Luhaäär LAWIN Nadoury Nahas Law offices Carlos Roberto Alfaro Ernst & Young Jocelyn Mónico Monika Tamm Karim Elhelaly PricewaterhouseCoopers Tekeste Mesghenna Aguilar Castillo Love Lepik & Luhaäär LAWIN PricewaterhouseCoopers Ana Margoth Arévalo MTD Enterprises PLC Ramón Ortega Marjaa Teder Ashraf Elibrachy Superintendencia del PricewaterhouseCoopers ESTONIA Luiga Mody Hääl Borenius Ibrachy Law Firm Sistema Financiero Andrea Paniagua Anne Adamson Tanel Tikan Mohamed El-Labboudy Francisco Armando Arias Rivera PricewaterhouseCoopers Sorainen Law Offices Lepik & Luhaäär LAWIN Nadoury & Nahas Law Offices Arias & Muñoz Carlos Pastrana Angela Agur Villi Tõntson MAQS Law Firm PricewaterhouseCoopers Hassan Fahmy Irene Arrieta de Díaz Nuila Julio Pinedo Ministry of Investment Arrieta Bustamante PricewaterhouseCoopers Mike Ahern Veikko Toomere PricewaterhouseCoopers MAQS Law Firm Heba Foaad Francisco José Barrientos Francisco Eduardo Portillo PricewaterhouseCoopers Aguilar Castillo Love CEPA Katrin Altmets Karolina Ullman Sorainen Law Offices MAQS Law Firm Ashraf Gamal El-Din Caroline Bono Ana Patricia Portillo Reyes Egyptian Institute of PricewaterhouseCoopers Guandique Segovia Jane Eespõld Neve Uudelt Directors Diana Castro Quintanilla Sorainen Law Offices Raidla & Partners Yaser Gamaluddin Hamam Lexincorp Flor de Maria Rodriguez Silja Elunurm Toomas Vaher The Egyptian Law Firm Ricardo Cevallos Arias & Muñoz Glikman & Partners Raidla & Partners Ahmed Gawish Consortium Centro Kelly Romero Diana Freivald Paul Varul Ministry of Transport América Abogados Rusconi, Valdez, Medina & Ministry of Justice Paul Varul Asociados Hend Abdel Ghany Walter Chávez Velasco Cameron Greaves Urmas Veinberg Mena Associates, Gold Service / MSI Adonay Rosales PricewaterhouseCoopers MAQS Law Firm member of Amereller David Claros PricewaterhouseCoopers Andres Vinkel Rechtsanwälte García & Bodán Pirkko-Liis Harkmaa Oscar Samour Lepik & Luhaäär LAWIN Hansa Law Offices Karim Adel Kamel Ghobrial Geraldo Cruz Consortium Centro Vesse Võhma Karim Adel Law Office García & Bodán América Abogados Triinu Hiob Lepik & Luhaäär LAWIN Joel Zernask Zeinab Saieed Gohar Karla de Martínez Juan Tejada KPMG AS Central Bank Arrieta Bustamante PricewaterhouseCoopers Andres Juss Estonian Land Board Rimon Hakim Mayra de Morán Manuel Telles Suvillaga EThIOpIA Sarwat Group for Export Presidential Program "El Lexincorp Aidi Kallavus and Import Salvador Eficiente" Nethanet Alemu Mauricio Antonio Urrutia KPMG AS Emad Hassan Maria Marta Delgado Superintendencia del Gerli Kilusk Daniel Alemu Ministry of State Arias & Muñoz Sistema Financiero Lepik & Luhaäär LAWIN Attorney-at-Law for Administrative Julio Valdés Risto Koovit Ato Wondimeneh Asrat Development Alejandro Fernández de Castro Arias & Muñoz Corvus Grupp Transport National Bank Omneia Helmy PricewaterhouseCoopers Juan Vásquez Ermo Kosk Bekure Assefa The Egyptian Center for Lepik & Luhaäär LAWIN Bekure Assefa Law Office Economic Studies Roberta Gallardo de Gold Service / MSI Cromeyer Tanja Kriisa Yonas Kidane Demiyesus Lobna Mohamed Hilal Arias & Muñoz EqUATORIAL PricewaterhouseCoopers Dashen Bank S.C. Central Bank Ernesto Hempe GUINEA Mikk Läänemets Shimelise Eshete Mamdoh Farghli Kassem PricewaterhouseCoopers Leoncio-Mitogo Edjang Avoro Law Office Tark & Co. MIDROC Construction PLC The Egyptian Law Firm Carlos Henriquez Attorney-at-Law Liina Lins Teshome G.M. Bokan Sherif Mansour Gold Service / MSI Philippe Fouda Fouda Lepik & Luhaäär LAWIN TGMB Law Office PricewaterhouseCoopers Juan Carlos Herrera BEAC Karin Madisson Nega Getahun Nouran Mohamed Arias & Muñoz Caroline Idrissou-Belingar Sorainen Law Offices City Administration of PricewaterhouseCoopers Thelma Dinora Lizama de BEAC Olger Marjak Addis Ababa Mohamed Mohamed Osorio Sébastien Lechêne Law Office Tark & Co. Berhane Ghebray Private Practice Superintendencia del FIDAFRICA / Marko Mehilane Berhane Ghebray & Mostafa Mostafa Sistema Financiero PricewaterhouseCoopers Associates Lepik & Luhaäär LAWIN Al Kamel Law Office Karla Martinez Franck Mamelin Yosef Kebede Veiko Meos Ashraf Nadoury Arrieta Bustamante Panalpina Transportes Dashen Bank S.C. Krediidiinfo A.S. Nadoury & Nahas Law Daniel Martinez Mundiales S.A.R.L. Emebet Ketema Offices García & Bodán Ponciano Mbomio Nvo Jaanus Mody Tadesse Kiros Mariama Sabet Luis Medina Gabinete Juridico Luiga Mody Hääl Borenius Tadesse, Getachew & Abate Mohamed Serry Rusconi, Valdez, Medina & François Münzer Margus Mugu Law Office Serry Law Office Asociados FIDAFRICA / Luiga Mody Hääl Borenius PricewaterhouseCoopers Taddesse Lencho Kaspar Noor Addis Ababa University MAQS Law Firm acknowledgments 165 Molla Mengistu Ana Rasovo Lasse Luukkainen Christian Courivaud GABON Addis Ababa University Howards Lawyers Castrén & Snellman SCP Courivaud - Morange Fikremarkos Merso Jenny Seeto Attorneys Ltd. - Volniac Eyang Abessolo Nauby Addis Ababa University PricewaterhouseCoopers Jyrki Mustonen Ann Creelman Controleur des Impots Woldegabriel Naizghi Varun Shandil Hedman Osborne Clarke Vatier & Associés Charles Adenet HST & Co. Munro Leys Notaries Eva Nordman-Rajaharju Isabelle Didier FIDAFRICA/ PricewaterhouseCoopers Getahun Nana Public Roschier Attorneys Ltd., Vaughan Avocats Y.A. Adetona National Bank Shelvin Singh member of Ius Laboris & Lex Mundi Electricité de France Cabinet Fidexce Mehari Redae Parshotam & Co. Ilona Paakkala Stephanie Ernould Marcellin Massila Addis Ababa University Narotam Solanki PricewaterhouseCoopers Benoit Fauvelet Akendengue Abiot Seleshi PricewaterhouseCoopers Mikko Peltoniemi Banque de France SEEG, Societe d'Energie et National Bank Moto Solvalu Waselius & Wist Christine Fortune d'Eau du Gabon Seyoum Yonhannes Tesfy Williams & Gosling Ltd. Merja Raunio Sylvie Ghesquiere Stephanie Angue Boussougou Addis Ababa University Mark Swamy PricewaterhouseCoopers Banque de France Inspecteur Central des Impots Mekbib Tsegaw LHM, Larsen Holtom Mikko Reinikainen Raymond Gianno Attorney-at-Law Maybin & company limited, Gianni Ardizzone Architec, Engineers & PricewaterhouseCoopers Affina Legal Panalpina Aklilu Wolde Amanuel interior designers Tatu Simula Florence Grillier Marie Carmel Ketty Aklilu Woldemariam Jay Udit Roschier Attorneys Ltd., Cabinet TAJ Ayimambenwe Ethiopian Investment High Court member of Ius Laboris & Banque Internationale Agency Sabrina Henocq Chirk Yam Lex Mundi Delsol & Associés pour le Commerce et l'Industrie fIjI PricewaterhouseCoopers Sini Soini Cécile Jaouën Eddie Yuen Roschier Attorneys Ltd., Simmons & Simmons Claude Barone David Aidney Williams & Gosling Ltd. member of Ius Laboris & Henri Bernhardt Williams & Gosling Ltd. Lex Mundi Marc Jobert Jobert & Associés GETMA Eddielin Almonte fINLANd Timo Tammelin Agnese Biye Ngou PricewaterhouseCoopers Mega Trend Nordica Oy Sakari Aalto Renaud Jouffroy Huissier de Justice John Apted Roschier Attorneys Ltd., Sanna Väänänen Jennifer Juvénal Jean Delahaye Munro Leys Notaries member of Ius Laboris & PricewaterhouseCoopers Landwell & Associés Bollore Public Lex Mundi Helena Viita Daniel Arthur Laprès Léopold Effah Nehla Basawaiya Ville Ahtola Roschier Attorneys Ltd., Cabinet d'Avocats Etude Mekam'Ne & Effah Munro Leys Notaries Castrén & Snellman member of Ius Laboris & Benoît Le Bars Avocats Associés Public Attorneys Ltd. Lex Mundi Landwell & Associés - Steeve Romuald Engandza William Wylie Clarke Manne Airaksinen Gunnar Westerlund PricewaterhouseCoopers Loussou Howards Lawyers Roschier Attorneys Ltd., Roschier Attorneys Ltd., Legal Services member of Ius Laboris & member of Ius Laboris & Ministere de l'Economie Jamnadas Dilip Lex Mundi Lex Mundi Anne-Marie Moulin des Finances, du Budget et Jamnadas and Associates Banque de France de la Privatisation Claudio Busi Kai Wist Delores Elliott Castrén & Snellman PricewaterhouseCoopers Panalpina Philippe Fouda Fouda Databureau, Baycorp Attorneys Ltd. Michele Pennings BEAC Advantage fRANCE Mikko Eerola Landwell & Associés - Anne Gey Bekale Isireli Fa Waselius & Wist Allen & Overy LLP PricewaterhouseCoopers Notary The Fiji Law Society / FA Legal Services Caroline Idrissou-Belingar & Company Barristers & Tiina Hakri APL Laure Poindessault-Bernard BEAC Solicitors Roschier Attorneys Ltd., member of Ius Laboris & Faiza Alleg Jacques Pourciel Jacques Lebama Anthea S. Fong Lex Mundi Vaughan Avocats Paris Notaire Ministere de la Justice, Crompton Solicitors Johanna Haltia-Tapio Christophe Asselineau Emmanuel Raingeard Garde des Sceaux Freddy Fonmoa Hannes Snellman, Simmons & Simmons Athanase Ndoye Loury Williams & Gosling Ltd. Attorneys-at-Law Ltd. Bertrand Barrier Bernard Reynis Syndic Judiciaire Jerome Kado Tuija Hartikainen Gide Loyrette Nouel, Frédéric Roussel Orphée Yvan Mandji PricewaterhouseCoopers PricewaterhouseCoopers member of Lex Mundi Fontaine, Roussel & Associés Agence de Promotions des Sashi Lochan Olav Hermanson Christopher Baker Investissements Privés Titles Office Roschier Attorneys Ltd., Skadden, Arps, Slate, Hugues Roux Meagher & Flom LLP/ Banque de France Itchola Mano Litiana Morris member of Ius Laboris & Fauvet La Giraudière & Avocat Howards Lawyers Lex Mundi Associés Rizwan A Siddique 3G - Tecc Pélagie Massamba Mouckocko Richard Naidu Jani Hovila Roger J. Benrubi FIDAFRICA / Munro Leys Notaries Hannes Snellman, Cleary Gottlieb Steen & Isabelle Smith Monnerville PricewaterhouseCoopers Public Attorneys-at-Law Ltd. Hamilton LLP Vaughan Avocats Jean-Joel Mebaley Ramesh Prakash Pekka Jaatinen Franck Buffand Caroline Stéphane Destiny Executives Mishra Prakash & Castrén & Snellman Lamy Lexel Delsol & Associés Architects - Agence du Associates Attorneys Ltd. Bord de Mer Arnaud Chastel Bruno Thomas Ramesh Prasad Lal Juuso Jokela J.R. Lassi Mikala Frédérique Chifflot Bourgeois Landwell & Associés - Carpenters Shipping Suomen Asiakastieto Oy - PricewaterhouseCoopers Avocat à la Cour Finska Lawyer at the Bar of Paris Legal Services Colin Radford Abel Mouloungui Milla Kokko-Lehtinen Francis Collins LHM, Larsen Holtom Marcia Winitzer Notary Maybin & company limited, PricewaterhouseCoopers Landwell & Associés - Marcia J. Winitzer Aliette Mounguengui Architec, Engineers & Elina Kumpulainen PricewaterhouseCoopers Philippe Xavier-Bender Magnogunou interior designers PricewaterhouseCoopers Legal Services Gide Loyrette Nouel, Inspecteur Central des Abhi Ram Legal Services Luis Comas member of Lex Mundi Impots Companies Registrar Risto Löf Pricewaterhouse Coopers Legal Services Roger J. Benrubi Jean Hilaire Moussavou Roneel Ram PricewaterhouseCoopers Confédération Cleary Gottlieb Steen & Fumu Technologie FEA (Fiji Electricity Tuomas Lukkarinen Française du Commerce Hamilton LLP Haymand Moutsinga Authority) National Land Survey Interentreprises (CGI) Avocat à la Cour 166 doing business 2009 Steeve Romuald Mve Lamin B.S. Camara Joseph E. Sarre David Kakabadze Vladimer Tsophurashvili Publish What You Pay Dandimayo Cambers Gambia Architectural and Georgian Legal Caucasbusinessaudit Ltd Reteno N'Diaye Brice Neneh-Cham Cham Chongan Planning Consultants Partnership Aleksandre Tvildiani Direction General des Basangsang Chambers Mama Fatima Singhateh Grigol Kakauridze Alliance Group Capital Impots Emmanuel E. Chime GT Bank Ministry of Economic Tato Urjumelashvili Joel Ndong Chime Chambers Hawa Sisay-Sabally Development USAID Business Climate Service etudes d'urbanisme Hawa Sisay-Sabally Luisa Khitarishvili Reform Project at the Direction Generale Sulayman B. Chune Booz Allen Hamilton d'Urbanisme Taf Construction Raymond Sock Tamaz Khizanishvili GERmANy Ruben Mindonga Ndongo A.N.M Ousainu Darboe Lamin Trawally Tbilisi Stock Exchange Cabinet Me Anguiler Basangsang Chambers Maersk Line Allen & Overy LLP Ivan Khokhlov Thierry Ngomo Ida Denise Drameh Darcy White Florian Amereller DLA Piper Gvinadze & ArchiPro International Ida D. Drameh & Associates PricewaterhouseCoopers Partners LP Amereller Rechtsanwälte Lubin Ntoutoume Dzidzedze Fiadjoe GEORGIA Maka Khutsishvili Gabriele Apfelbacher Avocat PricewaterhouseCoopers CaucastransExpress Cleary Gottlieb Steen & Hamilton LLP Olivier P. N'Zahou Michel Gaye David Abuladze Victor Kipiani Kai Bandilla Juriste President of the Union of Birgitta Hardmark Architects of Georgia Mgaloblishvili, Kipiani, PricewaterhouseCoopers Ferdinand Obiang Maersk Line Dzidziguri (MKD) Law Firm Irakli Adeishvili Legal Ministere de l'Economie Haruna Jaiteh Anastasia Kipiani Sven Bäumler des Finances, du Budget et Tbilisi City Court, Chamber PricewaterhouseCoopers de la Privatisation Office of the Chief Justice of Civil Cases Vattenfall Europe Sergi Kobakhidze Distribution Hamburg Josette Cadie Olendo Ousman B. Jallow Natalia Babakishvili PricewaterhouseCoopers GmbH Cabinet Olendo Gambia Public Mgaloblishvili, Kipiani, Procurement Authority Dzidziguri (MKD) Law Firm Aieti Kukava Henning Berger César Apollinaire Ondo Mve Alhaji Jallow Niko Bakashvilli Alliance Group Holding White & Case Cour d'Appel Judiciaire de Astrid Berle Libreville National Water & Auditorial Firm Bakashvili Electricity Company Ltd. & Co. Vakhtang Lejhava SCHUFA Holding AG Marie-Jose Ongo Mendou Abdoulie Jammel Giorgi Begiashvili David Lelashvili Jennifer Bierly FFA Juridique & Fiscal Department of State Begiashvili & Co. Limited Chemonics, USAID contractor avocado rechtsanwälte Paulette Oyane-Ondo for Trade Industry and Law Offices Thomas Buhl Attorney-at-Law Employment Revaz Beridze Giorgi Liluashvili BGI Legal Cleary Gottlieb Steen & Carine Peron Amadou Janneh USAID Business Climate Hamilton LLP Union Gabonaise de Banque National Water & Reform Jaba Mamulashvili Electricity Company Ltd. Begiashvili & Co. Thomas Büssow Laurent Pommera Sandro Bibilashvili PricewaterhouseCoopers FIDAFRICA / Lamin S. Jatta BGI Legal Ekaterine Meskhidze Pia Dorfmueller PricewaterhouseCoopers Deloitte Bondo Bolkvadze National Agency of Public Registry PricewaterhouseCoopers Laurette Poulain Zainab Jawara-Alami Chemonics USAID Andreas Eckhardt TransForm Gambia Revenue Authority contractor Roin Migriauli Law Office "Migriauli & PricewaterhouseCoopers Christophe A. Relongoué Sulayman M. Joof Temur Bolotashvili Partners" Legal FIDAFRICA / S.M. Joof Agency USAID Business Climate Dieter Endres PricewaterhouseCoopers Amie Joof Conteh Reform Project Maia Okruashvili Georgian Legal PricewaterhouseCoopers Gomes Rene Fidel Kunni Boy Chambers Suliko Chachava Partnership Horst Engelhardt Avocat au Barreau Nani Juwara Cargo Logistics Group national du Gabon Mamuka Papuashvili Dr. Engelhardt National Water and Vazha Chopikashvili ENERGO PRO Georgia Treuhand GmbH Justine Adondjo Reteno Electricity Company Ltd. Association for Protection Wirtschaftsprüfungs- Avocat Ismaila Kah of Landowners Rights Givi Petriashvili gesellschaft (APLR) IFC Francois Salangros Development Control Unit Sigrun Erber-Faller GEE - Gabonaise d'Etudes - Department of Physical Katie Dolidze Joseph Salukvadze Notare Erber-Faller und et d'Expertises Batiment Planning and Housing Alliance Group Holding Tbilisi State University Voran Laurent Boris Skitt Yusupha Kah Tsotne Ebralidze Manzoor Shah Hanno Fierdag Agence de Promotions des Department of State ARCI Architecture & Globalink Logistics Group Rechtsanwalt Dr. Fierdag Investissements Privés for Trade Industry and Development Employment Vakhtang Shevardnadze Markus J. Goetzmann Dominique Taty Courtney Fowler Mgaloblishvili, Kipiani, C·B·H Rechtsanwälte FIDAFRICA / Amadou Kebbeh PricewaterhouseCoopers Dzidziguri (MKD) Law Firm Andrea Gruss PricewaterhouseCoopers Gambia Public Procurement Authority Mariam Gabunia Irakli Songulia Ashurst Didier Thoreau Ministry of Economic Association for Protection George Kwatia Development of Landowners Rights Robert Gutte GAmBIA, ThE PricewaterhouseCoopers Cleary Gottlieb Steen & David Giorgadze (APLR) Hamilton LLP Kelvin Abdallah Thomas Nielsen Association for Protection Rusa Sreseli Rüdiger Harms PricewaterhouseCoopers Gambia Shipping Agencies of Landowners Rights PricewaterhouseCoopers (APLR) Cleary Gottlieb Steen & Victoria Andrews Omar Njie Anna Tabidze Hamilton LLP Lasha Gogiberidze Amie Bensouda & Co. Law Firm Omar Njie Mgaloblishvili, Kipiani, BGI Legal Dzidziguri (MKD) Law Firm Manfred Heinrich Gideon Ayi-Owoo Pa M. M. N'jie Deutsche Bundesbank Alexander Gomiashvili Matthew Tallarovic PricewaterhouseCoopers Trust Bank Ltd JSC Credit Info Georgia PricewaterhouseCoopers Götz-Sebastian Hök Momodou M. Bah Mary Abdoulie Samba- Dr. Hök Stieglmeier & Christensen Mamuka Gordeziani Giorgi Tatilashvili Kanifing Municipal Partner Council Legal Practitioner GTS Trans Logistics ENERGO PRO Andrea Hosenfeld Awa Bah Jainaba Bah Sambou Tamuna Gvaramia Giorgi Tavartkiladze Ashurst Department of State for Department of State for BGI Legal Deloitte Kai Christian Jaenecke Justice Justice Irakli Gvilia Tamara Tevdoradze PricewaterhouseCoopers Alpha Amadou Barry Ebrima Sambou Credit Info Georgia BGI Legal Legal Services Deloitte Office of the Chief Justice, Judiciary of The Gambia Gia Jandieri Maia Tevzadze Andre Jahn Amie N.D. Bensouda New Economic School - USAID Business Climate Dr. Hök Stieglmeier & Amie Bensouda & Co. Georgia Reform Project Partner acknowledgments 167 Jörg Kraffel Wilhelm Zeddies Panayotis Bernitsas Katerina Politi Phinsley St. Louis White & Case Surveying Authorities - M & P Bernitsas Law Kyriakides Georgopoulos St. Louis Service Peter Limmer AdV c/o LGN Offices & Daniolos Issaias, member Supreme Court Registry Notare Dr. Limmer & Dr. Alkistis Christofilou of SEE Legal Friederich GhANA IKRP Rokas & Partners Mary Psylla Roselyn Wilkinson Wilkinson, Wilkinson & Frank Lohrmann Kelvin Abdallah Sotiris Constantinou PricewaterhouseCoopers Wilkinson Cleary Gottlieb Steen & PricewaterhouseCoopers Grant Thornton Kleanthis Roussos Hamilton LLP Daniella Williams Seth Adom-Asomaning Theodora D. Karagiorgou Roussos & Partners Danny Williams & Co. Max Lurati Peasah-Boadu & Co. Law Office T.J. Koutalidis Alexandros Sakipis PricewaterhouseCoopers PricewaterhouseCoopers GUATEmALA Legal Seth Agyapong-Mensah Eleni Dikonimaki Fugar & Co. Teiresias S.A. Interbanking Ioannis Samios Cornelia Marquardt Rodolfo Alegria Toruno Information Systems Kyriakides Georgopoulos Norton Rose Nene Amegatcher Beltranena, de la Cerda y Sam Okudzeto & Associates Anastasia Dritsa & Daniolos Issaias, member Chavez Susanne Mattern Kyriakides Georgopoulos of SEE Legal Maria Andrea Rimola Monroy PricewaterhouseCoopers Wilfred Kwabena Anim- Odame & Daniolos Issaias, member Harris Skordakis Cámara Guatemalteca de Werner Meier Land Valuation Board of SEE Legal PricewaterhouseCoopers la Construcción Cleary Gottlieb Steen & Margarita Flerianou Business Solutions S.A. Pedro Aragón Hamilton LLP Adwoa S. Asamoah Addo Fugar & Co. Economou International Alexia Stratou Aragón & Aragón Dirk Meyer-Claassen Shipping Agencies Kremalis Law Firm, member Norka Aragón Senatsverwaltung für Gideon Ayi-Owoo Maira Galani of Ius Laboris Stadtentwicklung Berlin PricewaterhouseCoopers IKRP Rokas & Partners Spyridon Tsallas Mayora & Mayora, S.C. Werner M. Mues Elsie A. Awadzi Antigoni Gkarla IKRP Rokas & Partners Ruby María Asturias Castillo C·B·H Rechtsanwälte Lawfields Consulting PricewaterhouseCoopers Antonios Tsavdaridis ACZALAW Eike Najork Emefa Baeta Yannis Kelemenis IKRP Rokas & Partners Alexander Azienstadt C·B·H Rechtsanwälte Laryea, Laryea & Co. P.C. Kelemenis & Co. Christina Vlachtsis Beltranena, de la Cerda y Chavez Bernd Oberbossel Ellen Bannerman Bruce-Lyle Bannerman & Nicholas Kontizas Mariantzela Vlagopoulou María de los Angeles Barillas Dirk Otto Thompson Zepos & Yannopoulos, Kremalis Law Firm, member Buchhalter Norton Rose member of Lex Mundi of Ius Laboris Reginald Bannerman Saravia & Muñoz Daniel Panajotow Bruce-Lyle Bannerman & Roula Koumparouli Vicky Xourafa Amaury Barrera Cleary Gottlieb Steen & Thompson Kremalis Law Firm, member Kyriakides Georgopoulos & DHV Consultants Hamilton LLP of Ius Laboris Daniolos Issaias Law Firm Gwendy Bannerman Roberto Batres Peter Polke Fugar & Co. Yannis Kourniotis Freddy Yatracou Carrillo & Asociados Cleary Gottlieb Steen & M & P Bernitsas Law PricewaterhouseCoopers Hamilton LLP Juliet Boabang Offices Guillermo Bonillo Bentsi-Enchill & Letsa, Anna Zaravinou Bonilla, Montano, Sebastian Prügel member of Lex Mundi Dimitrios Kremalis Toriello & Barrios White & Case Kremalis Law Firm, member GRENAdA Abed Buabur of Ius Laboris Maria del Pilar Bonillo Christopher Schauenburg Andah and Andah Robert Branch Bonilla, Montano, Cleary Gottlieb Steen & Tom Kyriakopoulos Supreme Court Toriello & Barrios Hamilton LLP Dzidzedze Fiadjoe Kelemenis & Co. PricewaterhouseCoopers James Bristol Caroline Bono Friedrich Tobias Schoene Olga Maria Kyritsi Henry, Henry & Bristol PricewaterhouseCoopers Hogan & Hartson LLP William Edem Fugar Kremalis Law Firm, member Fugar & Co. of Ius Laboris Evelyn Cenac Mario Adolfo Búcaro Flores Thomas Schulz Customs Díaz-Durán & Asociados Nörr Stiefenhofer Lutz, John Robert Jenkins Vassiliki G. Lazarakou Zarah Chase Central Law member of Lex Mundi Golden Jubilee Terminal Zepos & Yannopoulos, member of Lex Mundi Grenada Electricity Agustín Buezo Hanno Sperlich Rosa Kudoadzi Services Ltd. Arrow Cargo Cleary Gottlieb Steen & Bentsi-Enchill & Letsa, Ioanna Lazaridou - Anslem DeBourg Hamilton LLP member of Lex Mundi Elmaloglou Eva Cacacho González Kelemenis & Co. Labour Department Quiñones, Ibargüen & Luján Dirk Stiller George Kwatia Ruggles Ferguson PricewaterhouseCoopers PricewaterhouseCoopers Evangelia Martinovits Rodrigo Callejas Aquino Legal Services Ciboney Chambers Kenneth D. Laryea IKRP Rokas & Partners Carrillo & Asociados Dieter Straub Laryea, Laryea & Co. P.C. John Mazarakos Leroy Flavigny Juan Pablo Carrasco de CMS Hasche Sigle Customs Groote Woodsworth Odame Larbi Elias Paraskevas Attorneys 1933 Díaz-Durán & Asociados - Tobias Taetzner Ministry of Lands, Cosmus George Central Law PricewaterhouseCoopers Forestry & Mines Yiannis Mazarakos Reasonable Services Ltd Elias Paraskevas Attorneys Alfonso Carrillo Holger Thomas Sam Okudzeto 1933 Henry Joseph Carrillo & Asociados SJ Berwin LLP Sam Okudzeto & Associates Accountants & Business Effie G. Mitsopoulou Services Francisco José Castillo Valentin Todorow Jacob Saah Kyriakides Georgopoulos Kurt LaBarrie Chacón Hogan & Hartson LLP Saah & Co. & Daniolos Issaias, member Aguilar Castillo Love of SEE Legal Creative Design Christoph Torwegge Benjamin Sackar Dickon Mitchell Juan Carlos Castillo Chacón PricewaterhouseCoopers Bruce-Lyle Bannerman & Athanassios Pantazopoulos Aguilar Castillo Love Legal Thompson IKRP Rokas & Partners and Grant Joseph & Co., Dr. A. Pantazopoulos member of Lex Mundi Vanessa Castro Mirón Heiko Vogt Darcy White Niel Noel Mayora & Mayora, S.C. Panalpina Welttransport PricewaterhouseCoopers Antonios Papadimitropoulos GmbH Henry Hudson - Phillips José Cerezo GREECE Roussos & Partners & Co. PricewaterhouseCoopers Annekatrens Werthmann- Athanassia Papantoniou Legal Services Feldhues George Apostolakos Kelemenis & Co. David Sinclair PricewaterhouseCoopers Apostolakos Architects Sinclair Enterprises Paola van der Beek de Legal Dimitris E. Paraskevas Limited Andrino Ioanna Argyraki Elias Paraskevas Attorneys Cámara Guatemalteca de Karl-Heinz Wewetzer Casandra Slocombe Kyriakides Georgopoulos 1933 la Construcción Senatsverwaltung für & Daniolos Issaias, member Grenada Electricity Stadtentwicklung Berlin of SEE Legal Konstantinos Pistiolis Services Ltd. Karla de Mata Elias Paraskevas Attorneys CPS Logistics Andreas Bagias 1933 Trevor St. Bernard Kelemenis & Co. Lewis & Renwick Rolando De Paz Barrientos TransUnion 168 doing business 2009 Estuardo Enrique Echeverria Andres Porras Castillo Yansane Soumah Joel Baussan Joseph Paillant Nova TransUnion Manquepas CARIMPEX Ordre des Comptables Superintendencia de Professionels Agrees Bancos Fernando Quezado Toruño Facinet Soumah Samuel Bien Aime Quezada Tribunal Première Instance Ministere du Commerce et d'Haiti FedEx Bufete Quezada Toruño, de Kaluom de l'Industrie Jean Frederic Sales Alejandro Fernández de S.A. Ibrahima Sory Sow Brierre Pierre Cabinet Sales Castro Marco Tulio Reyna Banque Centrale Cabinet de Lespinasse Margarette Sanon PricewaterhouseCoopers Cámara Guatemalteca de Momoya Sylla Jean Baptiste Brown Banque de la Republique Walter Figueroa la Construcción Nimba Conseil Brown Legal Group d'Haiti Cámara Guatemalteca de Alfredo Rodríguez Mahuad Paul Emile Simon la Construcción Rodriguez, Castellanos, Dominique Taty Steve Christian Brown Architect Rodolfo Fuentes Solares & Aguilar, S.C. FIDAFRICA / Brown Legal Group PricewaterhouseCoopers Salim Succar Protectora de Crèdito -Consortium legal Martin Camille Cangé Cabinet Lissade Comercial Jorge Rolando Barrios Alphonse Temedieu Electricité d'Haïti Jean Vandal Veronika Sofia Gonzalez Bran Salvador A. Saravia Castillo Nimba Conseil Raoul Celestin Vandal & Vandal Díaz-Durán & Asociados - Saravia & Muñoz Les Entreprises Central Law GUINEA-BISSAU Klamcy Solorzano Commerciales Joseph hONdURAS Miguel Angel Gualim Nadal S.A. DHV Consultants Duarte Adolfo DHV Consultants Banco da África Djacaman Charles Fernando Aguilera Juan Tejada Ocidental, S. A. FIDE Bethsy Hernandez Cabinet Gassant PricewaterhouseCoopers DHV Consultants Adelaida Mesa D'Almeida Philippe-Victor Chatelain Juan José Alcerro Milla José Augusto Toledo Cruz Sole practicioner Aguilar Castillo Love Juan Jegerlehner Chatelain Cargo Services Arias & Muñoz Saravia & Muñoz Jonathan Darboux Diggan d'Adesky Lidabel Almendárez de Vijil Arelis Torres de Alfaro BCEAO COHEP (Consejo Christian Lanuza D'Adesky Import Export Superintendencia de S.A. Hondureño de la Empresa Díaz-Durán & Asociados Bancos Fatimatou Zahra Diop Privada) Central Law BCEAO Christian De Lespinasse Elmer Vargas Caroline Bono Guillermo Lopez-Davis Cabinet de Lespinasse ACZALAW Octávio Lopes PricewaterhouseCoopers Bufete Lopez Cordero Octávio Lopes Advogados - Berto Dorcé Raquel Villeda Miranda Alliance Claudia Patricia Cartagena Andrés Lowenthal Juris Excel Mayora & Mayora, S.C. Oficina de Transparencia Mayora & Mayora, S.C. Miguel Mango Rigaud Duplan Julio Yon Audi - Conta Lda del Congreso Nacional de María Isabel Luján Honduras DISAGRO, Soluciones Jean Gerard Eveillard Zilbermann Logisticas Armando Mango Cabinet Eveillard Héctor Danilo Cartagena Quiñones, Ibargüen & Luján Ordem dos Advogados da Gamero Guiné-Bissau Camille Fievre Sasha Maldonado GUINEA Juris Excel PricewaterhouseCoopers Aguilar Castillo Love Jaló Pires Thierno A T Bah Janeth Castañeda de Aquino Ministerio da Justica Irma Frederic Enrique Maldonado Cabinet IRDED Avocat Grupo Cropa Panalpina Ministry of Economy Augusto Regala Aminata Bah Tall Enerlio Gassant Joel Castillo Marco Antonio Martinez Nimba Conseil Ribeiro Cabinet Gassant Agencia Aduanera y Marítima CARE CPS Logistics Regala Alpha Bakar Barry Saurel Gilet Carmen Chevez Estuardo Mata Palmieri Cabinet Karamoko Alpha João Daniel Vaz Jr. Ministere du Commerce et Comision Nacional de Quiñones, Ibargüen & Luján Barry TransVaz, Lda de l'Industrie Bancos y Seguros Edgar Mendoza Thérèse Beticka GUyANA Emile Giordani Ramón Discua PricewaterhouseCoopers Nimba Conseil Ashton Chase Gilbert Giordani Batres, Discus, Martinez Hugo Menes Sékou Camara Law Office of Ashton Etude Brisson Cassagnol Abogados Ayora & Mayora, S.C. Direction Nationale des Impôts Chase Associates Archimelec Guerrier Francisco Guillermo Durón Guillermo Montano Deeds Registry Cabinet Gassant Lopez Transactel Inc. Elhadj Ibrahima Sory Cissé Bufete Durón Tribunal du Travail de Lucia Loretta Desir Sylvie Handal Ramón Ortega Conakry D & J Shipping Services Hudicourt-Woolley Fernando Fernández PricewaterhouseCoopers PricewaterhouseCoopers Aïssata Diakite Guyana Office for Chantal Hudicourt-Ewald Legal Services Marco Antonio Palacios Nimba Conseil Investment Cabinet Hudicourt- Palacios & Asociados Woolley Alejandro Fernández de Mamadou Aliou Chérif Diallo High Court Castro Andrea Paniagua Koutou Marc Hebert Ignace PricewaterhouseCoopers PricewaterhouseCoopers Rexford Jackson Banque de la République Safiatou Kalissa Singh, Doodnauth Law d'Haiti Lillizeth Garay Luis Pellecer FIDAFRICA / Firm CNBS Carrillo & Asociados PricewaterhouseCoopers Luciner Joseph Land Registry Mairie de Petionville Dania Waldina Gomez Luis Rene Pellecer Lopez Mohamed Lahlou Rakesh Latchana Deloitte S.A. de C.V. Carrillo & Asociados FIDAFRICA / Kareen T. Laplanche Ram & McRae UN Habitat Santiago Herrera Jose Enrique Pensabene PricewaterhouseCoopers Colin Murray FIDE Palacios y Asociados Soumah Mama Aïssata Wilhelm E. Lemke, Jr Coastal Construction ENMARCOLDA (D'adesky) Marcela López Carrillo Rita Pérez Ministère du Commerce Services PricewaterhouseCoopers Aragón & Aragón Raoul Mouthe Christopher Ram Louis Gary Lissade Cabinet Lissade Heidi Luna Manuel Pérez Nimba Conseil Ram & McRae García & Bodán Carrillo & Asociados Guy Piam Josephine Whitehead Roberson Louis Cabinet Gassant Dennis Matamoros Batson Francisco Pilona Nimba Conseil Cameron & Shepherd Arias & Muñoz DHV Consultants Raffi Raja Freshnel Lucien hAITI Cabinet Gassant Rafael Enrique Medina Elvir Julio Pinedo Cabinet Koûmy Instituto de la Propiedad PricewaterhouseCoopers Nanamoudou Sangare Lionel Allen Kathia Magloire Cabinet Gassant Juan Carlos Mejía Cotto Gloria. E. Polanco AEAE Architect Instituto de la Propiedad Frutas Tropicales de André Sangare Gemma Anglade Alexandrine Nelson Guatemala, S.A. (FRUTESA) Cabinet UIBG Brown Legal Group Chatelain Cargo Services Ramón E. Morales PricewaterhouseCoopers SOCOPAO - SDV acknowledgments 169 Orestila Muñoz Andrew Halkyard IFS Ltd. ICELANd Rohini Aggarawal Empresa Nacional de PricewaterhouseCoopers Energía Eléctrica Keith Man Kei Ho Norbert Izer Wilkinson & Grist PricewaterhouseCoopers Elin Arnadottir Jameel Ahmed Jazna Vanessa Oquelí PricewaterhouseCoopers. AlifBiz García & Bodán Rod Houng-Lee Zsuzsa Kardos PricewaterhouseCoopers Bellák & Partners Law Kristján Ásgeirsson Ajit Bhuta and Associates Ramón Ortega Office, member of Ius Arkitektastofan OG PricewaterhouseCoopers Kwok Ho Lam Rajiv Anand CLP Power Limited Laboris Guğrún Bergsteinsdóttir PricewaterhouseCoopers Andrea Paniagua Zsuzsanna Károlyi BBA Legal PricewaterhouseCoopers Cindy Lam Palanikumar Arumugam The Land Registry Bellák & Partners Law Şórğur Búason Variety Fashions Jose Ramon Paz Office, member of Ius Reykjavik Construction Laboris J.R. Paz & Asociados David Lawrence Agency Aum Aruchitects Deacons Adrienn Keller Julio Pinedo Ólafur Eyjólfsson Pavithra B. Bellák & Partners Law PricewaterhouseCoopers Damasus Mak PricewaterhouseCoopers Maharani Laxmi Ammanni Interlite Company Limited Office, member of Ius Centre for Social Science Mauricio Quiñónez Laboris Skuli Th. Fjeldsted Research PricewaterhouseCoopers Andrea Pellicani Fjeldsted, Blöndal & Overseas Asia Andrea Kocziha Fjeldsted Rohit Bajaj Dino Rietti PricewaterhouseCoopers Erlendur Gíslason Chawla & Co. Arquitecnic Randolph Perry Orrick, Herrington & Russell Lambert LOGOS, member of Lex Vikas Bansal Milton Rivera Sutcliffe LLP PricewaterhouseCoopers Mundi PricewaterhouseCoopers PricewaterhouseCoopers Petra Lencs Ingibjörg Guğbjartsdóttir Legal Services Martinal Quan Daksha Bara Metopro Associates Ltd. Bárd, Cseri & Partners BBA Legal Maharani Laxmi Ammanni José Rafael Rivera Ferrari Law Firm Elísabet Guğbjörnsdóttir Centre for Social Science J.R. Paz & Asociados Sara Tong Research Temple Chambers Dóra Máthé PricewaterhouseCoopers Enrique Rodriguez Burchard PricewaterhouseCoopers Legal Services Aditya Bhardwaj Aguilar Castillo Love Anita Tsang Singhania & Partners, PricewaterhouseCoopers Richárd Medve Reynir Haraldsson Solicitors & Advocates Fanny Rodríguez del Cid Réti, Antall & Madl Jónar Transport Arias & Muñoz Lawrence Tsong Tsong Landwell Law Firm Prachi Bhardwaj TransUnion Margrét Hauksdóttir Trilegal Martha R Saenz Lívia Mihovics The Land Registry Zacarías & Asociados Tak Kei Wan Réti, Antall & Madl Nitesh Bhasin CLP Power Limited Landwell Law Firm Kristín Helga Trilegal Godofredo Siercke PricewaterhouseCoopers García & Bodán Susanne Wong László Mohai Legal Services Bhasin International Hong Kong Economic & Edgardo H. Sosa Trade Office Judit Nagy Jón Ingi Ingibergsson Leena Chacko Empresa Nacional de Bellák & Partners Law PricewaterhouseCoopers. Amarchand & Mangaldas Energía Eléctrica Raymond Wong Office, member of Ius & Suresh A. Shroff & Co. PricewaterhouseCoopers Laboris Erlingur E. Jónasson Cristian Stefan Handal Sándor Németh ISTAK Aman Chanda Zacarías & Asociados Alexander Yuen PricewaterhouseCoopers TransUnion Szecskay Attorneys-at-Law Hróbjartur Jónatansson Juan Tejada Tamás Pásztor AM Praxis Law Offices Harshala Chandorkar PricewaterhouseCoopers hUNGARy Nagy és Trócsányi Law Ásta Kristjánsdóttir Credit Information Bureau Ltd. Jorge Torres Morley Allen & Overy Office, member of Lex PricewaterhouseCoopers COHEP (Consejo Iroda Mundi Legal Services Vipul Chaturvedi Hondureño de la Empresa Tibor Szabó Ragna Matthíasdóttir Innovative Eco-Care Pvt. Privada) Peth Ádám Réti, Antall & Madl ISTAK Ltd. Armando Urtecho López BISZ Central Credit Information Ltd Landwell Law Firm Daği Ólafsson Jyoti Chaudhari COHEP (Consejo András Szecskay Legasis Services Pvt. Ltd. Hondureño de la Empresa Mark Balastyai BBA Legal Anamika Chaudhary Privada) Futureal Holding Co. Szecskay Attorneys-at-Law Kristján Pálsson Infini Juridique Roberto Manuel Zacarías Péter Bárdos Ilona Szarka Jónar Transport Urrutia IB Grant Thornton Eyvindur Sólnes Harminder Chawla Zacarías & Asociados Sándor Békési Consulting Kft. Chawla & Co. Partos & Noblet Lovells LVA Ágnes Szent-Ivány Manjula Chawla hONG kONG, Judit Bókai Sándor Szegedi Szent-Ivány Heiğar Stefánsson MCA Legal ChINA Dr Bókai Notary Office Komáromi Eversheds LOGOS, member of Lex Mundi Nimish Choudhary Brian Barron Hedi Bozsonyik Viktória Szilágyi Gunnar Sturluson PricewaterhouseCoopers Baker & McKenzie Szecskay Attorneys-at-Law Nagy és Trócsányi Law Office, member of Lex LOGOS, member of Lex Sachin Chugh Nicholas Chan Zsuzsanna Cseri Mundi Mundi Singhi Chugh & Kumar, Squire, Sanders & Dempsey Bárd, Cseri & Partners Rúnar Svavar Svavarsson Chartered Accountants LLP Law Firm László Szcs Réti, Antall & Madl Orkuveita Reykjavíkur, Kamlesh Desai Albert P.C. Chan István Sándor Landwell Law Firm Distribution-Electrical Mangal Exports The Hong Kong Kelemen, Meszaros, Sandor System Prashant Dharia Polytechnic University & Partners Tibor Torok PricewaterhouseCoopers Bergşór Şormóğsson Anant Industries Alex Chan Dalma Dudás ISTAK Rahul Dhawan The Land Registry Réti, Antall & Madl Ádám Tóth Landwell Dr. Tóth & Dr. Gáspár INdIA Fox Mandal Vashi Chandi Közjegyzi Iroda Thambi Durai Excellence International Gabriella Erdos Nagarajan A. PricewaterhouseCoopers Gábor Varga T. Durai & Co. Deborah Cheng BISZ Central Credit Karthik Diesel Sales & Service Koshy G. George Squire, Sanders & Dempsey György Fehér Information Ltd Karthik Diesel Sales & L.L.P. Bellák & Partners Law Rajan A. Office, member of Ius Agnes Wolford Service Winnie Cheung Laboris Budapest Viii. district Sweka International C.V. Ganesh The Land Registry Anna Gáspár Municipality Dulal Acharyya Karthik Diesel Sales & Patrick Fontaine Build-Econ Ltd. Blanka Zombori Parasnath Tech Garments Pvt., Ltd. Service Linklaters Karolina Gombos PricewaterhouseCoopers Amit Agarwal Rahul Garg Alexander Gong IB Grant Thornton PricewaterhouseCoopers PricewaterhouseCoopers Baker & McKenzie Consulting Kft. G.D. Smabhare and Co. 170 doing business 2009 Mayur Ghadia Poonam Lila Ahuja Punita Ranjan Sharma Almer Apon Bhavna Electrical Singhi Chugh & Kumar, Net Link Computer PT Buana Mas Citra Industries Leo Circuit Boards Pvt. Ltd. Chartered Accountants Anand Sharma Lestari Rajesh Gopinath Atramuddin Qureshi R.K. Industries Hamud M. Balfas Regent Telecom Manjunath Madhav Rieco Handmade Creations Shivanand Shenoy Ali Budiardjo, Nugroho, Dinesh Gupta Rahul Exports Reksodiputro, member of Hari Om International Manish Madhukar Tushar Shinde Lex Mundi Infini Juridique Capt Raj Precise Biopharma Pvt. Anil Gupta Brahma Shipping & Ltd. Rick Beckmann Hitech Group Maharani Laxmi Ammanni Brigitta I. Rahayoe & Centre for Social Science Logistics Vikram Shroff Syamsuddin Chander Gupta Research Karthik Raja Nishith Desai Associates Fabian Buddy Pascoal MR Tobacco Pvt., Ltd. Som Mandal Knitted Garments Rajnish Shukla Hanafiah Ponggawa & Vinay Gupta Fox Mandal Exporter Singhi Chugh & Kumar, Partners Vinay K Gupta & Co. Vipender Mann Sundar Rajan Chartered Accountants Ira A. Eddymurthy Mano Haran KNM & Partners, Law Cassanova Textiles Sukhpreet Singh Soewito Suhardiman ACE Overseas Offices Mohan Rajasekharan Chawla & Co. Eddymurthy Kardono Akil Hirani Kapish Mehta MCA Legal Ravinder Singh Sani Eka Duta Majmudar & Co. Dara Mehta Krishnamurthy International Tools Co. Bank Indonesia Ramachandran India Business Database. Little & Co. Amaresh Kumar Singh Greg Elms com Legasis Services Pvt. Ltd. Gajendra Mehta Luthra & Luthra IFC Vipin Jain Nimbus Corporation Mohan Ramakrishnan Kaviraj Singh Bambang Eryudhawan Shree Bhikshu Marble and Sathya Auto Private Jitesh Mehta Trustman & Co Indonesian Institute of Granites Limited Source India Architects Ravinder Singhania Ashok Jain Rangaswamy Ramakrishnan R.K. Mishra Singhania & Partners, Ahmad Fadli Suraj Overseas Top Metrology Pvt. Ltd. Metro Associates Solicitors & Advocates Brigitta I. Rahayoe & Syamsuddin Atul Jani Ashok Ramgir Sharad Mishra Arvind Sinha Gayatri Polymers & Harsh Impex Business Advisors Group Iqbal Hadromi Geosynthetics. Neo Multimedian Dipak Rao Hadromi & Partners Uppu Sivaiah Malini Jayakumar Saurabh Misra Singhania & Partners, Esprit de Corps India Djoko Hastowo Sribalaji Cosmetics Paras Kuhad & Associates, Solicitors & Advocates Advocates ("PKA") PLN Kantor Pusat Ramamurthy Srinivasan Dharmendra Johari Jessica Maria Rodrigues Deepti Mittal Transdeals Inc. Ray Headifen Stonex Inc. Kavjess Export Import Vinay K Gupta & Co. Trading Company PT Prima Wahana Caraka / Rudra Srivastava PricewaterhouseCoopers G. D. Joseph Ravi Modi Martin Clifford Rodrigues Chawla & Co. Joseph & Co. Dev Roadlines Pvt. Ltd. Max Exports Reno Hirdarisvita Joseph Starr Hadromi & Partners Swaminathan Kalyanaraman Vikash Mohta Roopa Textiles and Starline Shipping Dakshin Kreations Private Trimmings Rahayu N. Hoed Limited P.A. International Stretch Fashions Makarim & Taira S. Sameer Sah Dinesh Kanabar R. Muralidharan Majmudar & Co. Madhu Sweta Brigitta Imam Rahayoe PricewaterhouseCoopers PricewaterhouseCoopers Singhania & Partners, Brigitta I. Rahayoe & Abhishek Saket Solicitors & Advocates Syamsuddin A.V. Kane Satish Murti Infini Juridique The Brihan Mumbai Murti & Murti Niranjan Talati Darrell R. Johnson Electric Supply & International Law Dushir Saksena Shreeji Marketing Indonesian Legal Transport Undertaking Practice ICFAI School of Financial Mahesh Thaker Consultants Vaishal Kapadia Anshoo Nayar Studies M J & Company Mohammad Kamal Shidimo Interaux Pvt. Ltd. Fox Mandal Sudhir Saksena Krupa Thakkar Furniture Fikamar Deepti Kapoor Nine International ICFAI School of Financial Studies Rushil Decor Ltd. Mirza Karim Fox Mandal Anand Nivas KarimSyah Law Firm Richie Sancheti Hira Tikoo Sushmita Kapur Dragon Express Freight Pvt. Ltd. Nishith Desai Associates United International Ketua Kehormatan Fox Mandal Ikatan Arksitek Indonesia Rajesh Palavankar Deepak Sanghavi Aparna Tripathy Jakarta Rajas Kasbekar IndoGlobal Health ARL Global Infini Juridique Little & Co. Sciences Private Limited David Knight Radhika Sankaran Suhas Tuljapurkar Agri-Developments Arun Kedia Janak Pandya Fox Mandal Legasis Services Pvt. Ltd. International SA (Pty) VAV Life Sciences P. Ltd. Nishith Desai Associates V. Siva Sankaran Sunil Upadhyaya Limited Rajesh Khandelwal Sujit Parakh T.S. Classique National Foods Herry N. Kurniawan Suman Enterprises PricewaterhouseCoopers Mohit Saraf Ratandeep Uppal Ali Budiardjo, Nugroho, Avinash Kumar N. B. Patel Reksodiputro, member of Luthra & Luthra B M Metal Crafts Chawla & Co. Lex Mundi R.K. Plast & Engineers Neha Satav Kannan Venkatasamy Suraj Kumar Rudy Kusmanto Sanjay Patil Legasis Services Pvt. Ltd. Peripheralconnexions Chawla & Co. Makarim & Taira S. Ashish Patole Srinivasan Seenu Saji Vijayadas Sailesh Kumar Winita E. Kusnandar Accent Trendz Air Travels Dragon Express Freight Dragon Express Freight Pvt. Ltd. Kusnandar & Co. Pvt Ltd. Niti Paul Ratnika Sehgal Erma Kusumawati Chawla & Co. Jude Xavier Debashis Kumar Chawla & Co. Reppin International Bank Indonesia Ganapati Udyog Francisca Philip Ramani Seshadri Julien Lallemand Singhania & Partners, Zedd Trade Abhishek Kumar Solicitors & Advocates Dilip Shah PT SDV Logistics Singhania & Partners, Parag Shah INdONESIA Ferry P. Madian Solicitors & Advocates Nitin Potdar J. Sagar Associates, Fox Mandal Yose M. Adams Ali Budiardjo, Nugroho, Karsh Kumar Advocates & Solicitors Reksodiputro, member of Prakash Shah Bank Indonesia Singhi Chugh & Kumar, Lex Mundi Chartered Accountants M. Prabhakaran Parijat Marketing Services Nafis Adwani Ahmad Malkan Consulta Juris Ali Budiardjo, Nugroho, Vinu Kurian Ramasamy Shankar Reksodiputro, member of PT Triharpindo Mandiri Beta Healthcare Products Anand Prasad Purushotam Sharma Lex Mundi Eric Mancini Private Ltd. Trilegal Gajraj Mehandi Uydog PT SDV Logistics acknowledgments 171 Gopinath Menon Fararatri Widyadari Husam Addin Hatim Lior Crystal Luigi Brunetti PT IFC PricewaterhouseCoopers SDV PricewaterhouseCoopers Stephan Jäger FAS Robertus Winarto Amereller Rechtsanwälte Clifford Davis Carlo Bruno PT Prima Wahana Caraka / S. Horowitz & Co., member Ashurst Karen Mills PricewaterhouseCoopers Imad Makki of Lex Mundi KarimSyah Law Firm Al Qarya Group Co. Manuela Caccialanza Ferry Zulkarnaen Roee Hecht Jones Day Norma Mutalib Widyawan & Partners IRELANd Shavit Bar-On Gal-On Tzin Makarim & Taira S. Nov Yagur, Law Offices Sergio Calderara Nunziante Magrone Feria Ningsih IRAN Arthur Cox, member of Lex Mundi Aaron Jaffe Makarim & Taira S. Mohammad Adib Stefano Cancarini Margaret Austin Yigal Arnon & Co. TLS / Hartono Parbudi Adib Law Firm Eugene F. Collins Zeev Katz PricewaterhouseCoopers Attorney-at-Law Behrooz Akhlaghi Solicitors PricewaterhouseCoopers Legal Services Gita Petrimalia International Law Office Alan Browning Vered Kirshner Alessandro Caridi Hadromi & Partners of Dr. Behrooz Akhlaghi & Associates LK Shields Solicitors, PricewaterhouseCoopers PricewaterhouseCoopers Sandra Pranoto member of Ius Laboris Gideon Koren Gennaro Cassiani IFC Reza Askari Foreign Legal Affairs Jonathan Cullen Ben Zvi Koren & Co. Law GC Architecture Buro Arno F. Rizaldi Group LK Shields Solicitors, Offices Giorgio Cherubini Kusnandar & Co member of Ius Laboris Akhlaghi Behrooz Orna Kornreich-Cohen Pirola Pennuto Zei L. Peter Rosner International Law Office Richard Curran Shavit Bar-On Gal-On Tzin Associati Bank Dunia I the World of Dr Behrooz Akhlaghi & LK Shields Solicitors, Nov Yagur, Law Offices Domenico Colella Bank Associates member of Ius Laboris Michael Lagon Portolano Colella Adam Sack Gholamhossein Davani Gavin Doherty The Israel Electric Cavallo Studio Legale IFC Dayarayan Auditing & Eugene F. Collins Corporation Ltd.- Dan Solicitors district Fabrizio Colonna Isyana W. Sadjarwo Financial Services Camozzi Bonissoni Michelle Liberman Notaris & Pejabot Pembuot Saeed Hashemian Ciara Garry Varrenti & Associati Akio Tanoh Adib Law Firm ESB Networks S. Horowitz & Co., member of Lex Mundi Mattia Colonnelli de Gasperis Pieter Henrianto Salean Mehdi Heidarzadeh Paul Glenfield Lombardi Molinari e David Rosen Makarim & Taira S. Alvand Sayan Matheson Ormsby Prentice Associati Studio Legale Idility Consulting Henry Sandee International Trading Micheál Grace Barbara Corsetti Gerry Seligman Bank Dunia I the World Co, Ltd. Mason Hayes & Curran Portolano Colella Bank Javad Javaheri Colm Kelly PricewaterhouseCoopers Cavallo Studio Legale Gatot Sanyoto Parisa Mazaheri PricewaterhouseCoopers Yifat Shkedi-Shatz Filippo Corsini Kusnandar & Co Atieh Associates Ian Lavelle S. Horowitz & Co., member Chiomenti Studio Legale of Lex Mundi Nur Asyura Anggini Sari Mozaffar Mohammadian LK Shields Solicitors, CRIF S.p.A. Edward Shtaif Bank Indonesia Teema Bar International member of Ius Laboris The Israel Electric Luis Cristalli Nasri Sebayang Transport Margaret Masterson Corporation Ltd.- Dan Opdel Snc Di Ilario Dell Agnolo & Co. PT PLN (Persero) Indonesia Yahya Rayegani PricewaterhouseCoopers district State Electricity Farjam Law Office Gavan Neary Daniel Singerman Salvatore Cuzzocrea Corporation Behrooz Rezazadeh PricewaterhouseCoopers Business Data Israel + PricewaterhouseCoopers Indra Setiawan PSDC Group Shane Neville Personal Check Antonio de Martinis Ali Budiardjo, Nugroho, LK Shields Solicitors, Nir Zalmanov Spasaro De Martinis Law Reksodiputro, member of Jamal Seifi member of Ius Laboris Firm Lex Mundi Dr. Jamal Seifi & B.A.S Associates Malichi O'Callaghan Elena D'errico Hans C. Shrader Duncan & Grehan Partners ITALy Abbatescianni Studio IFC Mir Shahbiz Shafe Dr. Jamal Seifi & Legale e Tributario Panalpina World Allen & Overy LLP Kevin Omar Sidharta Associates Transport Ltd. Claudio Di Falco Ali Budiardjo, Nugroho, APL Cleary Gottlieb Steen & Reksodiputro, member of Cyrus Shafizadeh Judith Riordan Marianna Abbatticchio Hamilton LLP Lex Mundi Tavakoli & Shahabi Mason Hayes & Curran Ristuccia & Tufarelli Domenico Di Pietro Ricardo Simanjuntak Mostafa Shahabi Brendan Sharkey Fabrizio Acerbis Chiomenti Studio Legale Ricardo Simanjuntak & Tavakoli & Shahabi Reddy Charlton McKnight PricewaterhouseCoopers Partners Marco Ettorre IRAq Gavin Simons Paola Albano Camozzi Bonissoni A. Kemalsjah Siregar Eugene F. Collins Cleary Gottlieb Steen & Varrenti & Associati Kemalsjah & Associates Hadeel Salih Abboud Solicitors Hamilton LLP Carlo Falcetto Bambang Soelaksono Al-Janabi Michael Treacy Gaetano Arnò Nunziante Magrone The SMERU Research Mena Associates, Property Registration TLS / Institute member of Amereller Emanuele Ferrari Rechtsanwälte Authority PricewaterhouseCoopers Studio Notarile Ferrari Pak Subani, SH Hadeel Al Janabi Colm Walsh Legal Services Amir Syamsuddin & Irish International Maria Pia Ascenzo Linda Frigo Partners Mena Associates, member of Amereller Freight Association Bank of Italy Studio Legale Macchi di Cellere e Gangemi Bernadeta Sulistyarimi Rechtsanwälte Maeve Walsh Romina Ballana IFC Ahmad Al Jannabi Reddy Charlton McKnight PricewaterhouseCoopers Ivana Genestrone TLS Associazione Galinar R. Kartakusuma Mena Associates, Paola Barazzetta Professionale di Avvocati Summitmas member of Amereller ISRAEL TLS / e Commercialisti Makarim & Taira S. Rechtsanwälte Ronen Bar-Even PricewaterhouseCoopers Francesca Gesualdi Yukiko LU. Tambunan Farquad Al-Salman Weiss- Porat & Co. Legal Services Cleary Gottlieb Steen & Bank Indonesia F.H. Al-Salman & Co. Paul Baris Susanna Beltramo Hamilton LLP Ernst G. Tehuteru Florian Amereller Yigal Arnon & Co. Studio Legale Beltramo Lucio Ghia Ali Budiardjo, Nugroho, Amereller Rechtsanwälte Ofer Bar-On Antonino Boeti Ghia Law Firm Reksodiputro, member of Blund Faridoon Arif Najeb Shavit Bar-On Gal-On Tzin Penelope S.r.l. Lex Mundi Vincenzo Giannantonio Attorney-at-Law Nov Yagur, Law Offices Roberto Bonsignore Ashurst Gatot Triprasetio Koby Cohen Cleary Gottlieb Steen & Widyawan & Partners PricewaterhouseCoopers Hamilton LLP Maurizio Giuntoni Ecoproget S.r.l. 172 doing business 2009 Federico Guasti Tommaso Tomaiuolo Miho Arimura Akio Yamamoto Khaldoun Nazer Studio Legale Guasti TLS Associazione Hatasawa & Wakai Law Kajima Corporation Khalifeh & Partners Giovanni Izzo Professionale di Avvocati Firm Kazuhiro Yanagida Omq Al Bihar Est. Abbatescianni Studio e Commercialisti Credit Information Center Nishimura & Asahi Legale e Tributario Luca Tufarelli Corp. Ahmad Quandour Setsuko Yufu Khalifeh & Partners Arena Lanfranco Ristuccia & Tufarelli Mijo Fujita Atsumi & Partners Prodital Leathers Benedetta Vannini Adachi, Henderson, Osama Y. Sabbagh The Jordanian Electric Stefano Macchi di Cellere Cleary Gottlieb Steen & Miyatake & Fujita jORdAN Power Co. Ltd. (JEPCO) Jones Day Hamilton LLP Yoshimasa Furuta Saleh Abdelati Stephan Stephan Barbara Magn Emanuela Vittelo Anderson Mori & Tomotsune Ali Sharif Zu'bi, Advocates PricewaterhouseCoopers Camozzi Bonissoni Cleary Gottlieb Steen & & Legal Consultants, Varrenti & Associati Hamilton LLP Shigeru Hasegawa member of Lex Mundi Azzam Zalloum Zalloum & Laswi Law Firm Fabrizio Mariotti Angelo Zambelli Zeirishi-Hojin LabLaw Studio legale - PricewaterhouseCoopers Chaled Abu-Gharbieh Iyad Zawaideh Mario Miccoli Failla, Rotondi & Zambelli Arch EPE, Enterprise Tamotsu Hatasawa Business Solutions Ali Sharif Zu'bi, Advocates Notaio Miccoli Filippo Zucchinelli Hatasawa & Wakai Law Anas Abunameh & Legal Consultants, Valeria Morossini TLS / Firm member of Lex Mundi Law & Arbitration Centre Francesca Napoletano PricewaterhouseCoopers Kareem Zureikat Legal Services Takashi Hirose Ibrahim Abunameh Chiomenti Studio Legale Oh-Ebashi LPC & Partners Ali Sharif Zu'bi, Advocates Law & Arbitration Centre & Legal Consultants, Gianmatteo Nunziante jAmAICA Yuko Inui Bassam Abu-Rumman member of Lex Mundi Nunziante Magrone Theresa Bowen Orrick, Herrington & Sutcliffe LLP Ali Sharif Zu'bi, Advocates Francesco Nuzzolo LEX Caribbean & Legal Consultants, kAzAkhSTAN PricewaterhouseCoopers Muriuki Kaindio member of Lex Mundi Arlene E. Burton Tokyo Trading Co. Ltd. Bolat Abaidullayev Luciano Panzani PricewaterhouseCoopers Sabri Al Khassib Business Environment Supreme Court Yosuke Kanegae Amman Chamber of Improvement Project/ Eric Alexander Crawford Oh-Ebashi LPC & Partners Commerce Pragma Corporation Paolo Pasqualis PricewaterhouseCoopers Notary Hideki Thurgood Kano Tamara Al-Banna Ardak Aiyekeyeva Eagle and Whale Ltd. Anderson Mori & Khalifeh & Partners PricewaterhouseCoopers Giovanni Patti Tomotsune Abbatescianni Studio Nicole Foga Eman M. Al-Dabbas Anvar Akhmedov Legale e Tributario Foga Daley & Co. Yutaro Kawabata International Business First Credit Bureau Nishimura & Asahi Legal Associates Paolo Pedrazzoli Stephanie Gordon Aman Aliev Studio Notaio Pedrazzoli LEX Caribbean Susumi Kawaguchi Arafat Alfayoumi Assistance, LLC Law Firm Obayashi Corporation Central Bank Andrea Pellicani Herbert Winston Grant Askar Baigazin Overseas Asia Grant, Stewart, Phillips Kotaku Kimu Omar Aljazy PricewaterhouseCoopers & Co. Zeirishi-Hojin Aljazy & Co.Advocates & Legal Services Federica Peres PricewaterhouseCoopers Legal Consultants Portolano Colella Michael Hall Nurlan Baimurzayev Cavallo Studio Legale PricewaterhouseCoopers Kenichi Kojima Francis Bawab Ministry of Justice Ushijima & Partners PricewaterhouseCoopers Laura Prosperetti Corrine N. Henry Ildus Bariev Cleary Gottlieb Steen & Myers, Fletcher & Gordon, Toshio Miyatake Stephen Carpenter Globalink Logistics Group Hamilton LLP member of Lex Mundi Adachi, Henderson, Customs Administration Miyatake & Fujita Modernization Program Aliya Baysenova Giuseppe Ramondelli Alicia P. Hussey (CAMP) Assistance, LLC Law Firm Studio Legale Notarile Myers, Fletcher & Gordon, Michihiro Mori Gulnur Bekmukhanbetova Di Fabio Ramondelli member of Lex Mundi Nishimura & Asahi Micheal T. Dabit McGuireWoods Cantamagli Emile G.R. Leiba Tohru Motobayashi Michael T. Dabit & Associates Kazakhstan LLP Giuseppe Antonio Recchia Myers, Fletcher & Gordon, Mori Hamada & Shamshidin Bizhkenov Dipartimento sui rapporti member of Lex Mundi Matsumoto Anwar Elliyan Aristan Project di lavoro e sulle relazioni Sandra Minott-Phillips The Jordanian Electric Management Group industriali - University Takafumi Nihei Myers, Fletcher & Gordon, Power Co. Ltd. (JEPCO) (APMG) of Bari member of Lex Mundi Nishimura & Asahi Greater Amman Sergey Chetverikov Tommaso Romolotti Viveen Morrison Miho Niunoya Municipality PricewaterhouseCoopers Camozzi Bonissoni PricewaterhouseCoopers Atsumi & Partners David H. Harrell Varrenti & Associati Michael Dark Hilary Reid Naoko Sato Customs Administration Giovanni B. Sandicchi Michael Wilson & Partners Myers, Fletcher & Gordon, Anderson Mori & Modernization Program Ltd. Cleary Gottlieb Steen & member of Lex Mundi Tomotsune (CAMP) Hamilton LLP Almaz Dosserbekov Natalie Farrell Ross Tetsuro Sato George Hazboun Lamberto Schiona Aristan Project Myers, Fletcher & Gordon, Baker & McKenzie Zeina Jaradat Management Group Studio Legale Schiona member of Lex Mundi Eri Sugihara PricewaterhouseCoopers (APMG) Massimiliano Silvetti Lisa N. Russell Nishimura & Asahi Rasha Laswi Ardak Dyussembayeva Nunziante Magrone Myers, Fletcher & Gordon, Hidetaka Sumomogi Zalloum & Laswi Law Firm Aequitas Law Firm Piervincenzo Spasaro member of Lex Mundi Nishimura & Asahi Husam Jamil Madanat Courtney Fowler Spasaro De Martinis Law Humprey Taylor Hiroyuki Suzuki Land and Survey PricewaterhouseCoopers Firm Taylor Construction Ltd. Zeirishi-Hojin Directorate Oleg Gnoevykh Giovanni Stefanin Lorraine Thomas PricewaterhouseCoopers Firas Malhas M&M Logistics TLS Associazione LTN Logistics Toshio Taikoji International Business Professionale di Avvocati International Co. Ltd Kajima Corporation Legal Associates Semion Issyk e Commercialisti Aequitas Law Firm Maliaca Wong Junichi Tobimatsu Munaf Malkawi Robert Sturgess Myers, Fletcher & Gordon, Mori Hamada & Mufida Art Mosaic Vladimir Ivlev SDV member of Lex Mundi Matsumoto Maher Melhem First Credit Bureau Maria Antonietta Tanico Jun Yamada Abu-Ghazaleh Thomas Johnson Tanico law firm jApAN Anderson Mori & Professional Consulting Denton Wilde Sapte Silvio Tersilla Allen & Overy Tomotsune (AGPC) Elena Kaeva Lovells APL Michi Yamagami Amer Mofleh PricewaterhouseCoopers Anderson Mori & International Business Tomotsune Legal Associates acknowledgments 173 Dina Kali William Ikutha Maema John Syekei Nyandieka Jung Myung Lee Mohammed Al Noor PricewaterhouseCoopers Iseme, Kamau & Maema Muriu Mungai & Co Hwang Mok Park P.C., Al-Twaijri and Partners Legal Services Advocates Advocates member of Lex Mundi Law Firm Nursultan Kassenov Karori Kamau Joseph Taracha Hye Jeong Lee Reema Ali Aristan Project Iseme, Kamau & Maema The Central Bank Ahnse Law Offices Ali & Partners Management Group Advocates (APMG) Adrian Topoti Sung Whan Lee Abdullah Bin Ali Patrick Karara B.M. Musau & Co. Ahnse Law Offices Packaging and Plastic Pasha Karim PricewaterhouseCoopers Advocates Industries Co. (KSC) Globalink Logistics Group Kwon Lee Peter Kenani Kim & Chang Tim Bullock Yekaterina Kim Homeline Consolidation kIRIBATI Al-Fahad & Co, Deloitte & Michael Wilson & Partners Services Ltd. Kyu Wha Lee Touche Ltd. Kenneth Barden Lee & Ko Morris Kimuli Attorney-at-Law Paul Day Alexander Kurganov B.M. Musau & Co. Jada Soyun Lee Al Sarraf & Al Ruwayeh M&M Logistics Advocates William Wylie Clarke Howards Lawyers Orrick, Herrington & Sutcliffe LLP Sam Habbas Abdulkhamid Muminov Felix Kioko Al Sarraf & Al Ruwayeh PricewaterhouseCoopers B.M. Musau & Co. Lawrence Muller Sun-Kyoo Lee Betio City Council Samil Nazih Abdul Hameed Assel Musina Advocates PricewaterhouseCoopers Al-Saleh & Partners Denton Wilde Sapte Meshack T. Kipturgo Tion Neemia Shipping Agency of Kiribati June Ha Lim Sunil Jose Berik Nurgaziyev Siginon Freight Ltd Hwang Mok Park P.C., Abu-Ghazaleh Consulting Aristan Project Owen Koimburi Ports Authority member of Lex Mundi and Intellectual Property Management Group SCI Koimburi Tucker & Co. Matereta Raiman (APMG) Patrick J. Monaghan Mazen A. Khoursheed Alexandra Kontos Ministry of Finance & Kim & Chang Packaging and Plastic Yuliya Penzova Walker Kontos Advocates Economic Development Industries Co. (KSC) Aequitas Law Firm Sung-Ho Moon Gilbert Langat kOREA Horizon Law Group Jasmin Paurus Kohina Saniya Perzadayeva Kenya Shippers Council Abdullah Kh. Al-Ayoub & Macleod Dixon Yong Seok Ahn Ho Joon Moon Nicholas Malonza Lee & Ko Lee & Ko Associates, member of Lex Elvis Robert B.M. Musau & Co. Mundi M&M Logistics Advocates Dong-Ook Byun Je-Sik Myoung Chirine Krayem Moujaes Customs Service Korea Credit Bureau Asem Shaidildinova Victor Majani The Law Offices of Mishari PricewaterhouseCoopers Osoro and Co, Certified Min-Sook Chae Byung-Hun Nam Al-Ghazali Korea Credit Bureau NamSun Industries co. Kanat Skakov Public Accountants Dany Labaky Salans Sam Mbugua Hyeong-Tae Cho Panalpina IAF Ltd. The Law Offices of Mishari Samil Al-Ghazali Zhaniya Ussen Philton PricewaterhouseCoopers Sang Il Park Shaik Haneef Moinuddin Assistance, LLC Law Firm Rosemary Mburu Hwang Mok Park P.C., Han-Jun Chon member of Lex Mundi Law Offices of Jamal Dubek Zhabykenov Institute of Trade Samil Ahmed Abdullah BA Services International Development PricewaterhouseCoopers J.T. Park Mohamed Omar LLC Metropol East Africa Ltd. Kim & Chang Eui Jong Chung Al Markaz Law Firm Danat Zhakenov Osoro Moses Osano Bae, Kim & Lee LLC Jung-Taek Park Omar Hamad Yousuf Al-Essa Zhakenov & Partners Muriu Mungai& Co Kim & Chang in association with Advocates Lionel Darrieutort The Law office of Al-Essa Jeong Seo Grundberg Mocatta SDV & Partners Rakison Washington Muthamia Kim & Chang Alexandria Freight Marc Fally Ahmed Zakaria Valerie A. Zhakenov Forwarders Ltd. SDV Dong-Suk Wang Al Sarraf & Al Ruwayeh Zhakenov & Partners Korea Credit Bureau in association with Judy Mwangi Sang-goo Han Kim Ji Woong kyRGyz REpUBLIC Grundberg Mocatta Chunga Associates Yoon Yang Kim Shin & Yu Korea Credit Bureau Rakison Ainura Abdyrakunova Wachira Ndege Sean C. Hayes Jee-Yeon Yu Lorenz Law Firm Liza Zhumakhmetova Credit Reference Bureau Ahnse Law Offices Kim & Chang PricewaterhouseCoopers Africa Ltd. Baek Huh Gulnara Ahmatova Legal Services Stephen Okello Hwang Mok Park P.C., kUwAIT International Business Council Ainur Zhumanbayeva PricewaterhouseCoopers member of Lex Mundi Michael Wilson & Partners Ihab AbbasCalderon Nursulu Ahmetova Erastus K. Omolo C.W. Hyun Ltd. Al-Fahad & Co, Deloitte & USAID Business Erastus & Co. Certified Kim & Chang Touche Environment Improvement kENyA Public Accountants James I.S. Jeon Labeed Abdal Project Elisha Ongoya Sojong Partners The Law Firm of Labeed Renat Akhmetov George Akoto Asiema & Co Advocates Abdal PricewaterhouseCoopers Akoto & Company Young-Cheol Jeong Advocates Tom Onyango Yonsei University Amal Abdallah Sabyrbek Akimabev Ochieng, Onyango, Kibet Al-Saleh & Partners USAID Business George Arego & Ohaga Kim Jung In Environment Improvement Siginon Freight Ltd Korea Credit Bureau Mahmoud Abdulfattah Cephas Osoro The Law Offices of Mishari Project Anil Madhavan Changwony Osoro and Co, Certified Gee-Hong Kim Al-Ghazali Niyazbek Aldashev Siginon Freight Ltd Public Accountants Horizon Law Group Lina A. Adlouni Lorenz Law Firm Oliver Fowler Mohammed Ramadhan Jung-In Kim The Law office of Al-Essa Natalia Alenkina Kaplan & Stratton Del Ray Cargo Korea Credit Bureau & Partners Consultant Holding Fiona Fox Sonal Sejpal Yong-Deog Kim Abdullah Al-Ayoub Petrova Alevtina Chunga Associates Anjarwalla & Khanna Korea Credit Bureau Abdullah Kh. Al-Ayoub & Engineering Service Ltd Peter Gachuhi Advocates Kyu-Dong Kim Associates, member of Lex Dogadin Andrei Kaplan & Stratton Rodgers Abwire Sekwe Samil Mundi PricewaterhouseCoopers Union of Entrepreneurs of Francis Gichuhi Muriu Mungai & Co Ammar Al-Fouzan Kyrgyzstan Advocates Prism Designs Africa S.E. Stephan Kim The Law Offices of Mishari Talaybek Asylbekov Deepen Shah Sojong Partners Al-Ghazali Edmond Gichuru International Business Walker Kontos Advocates Mishari M. Al-Ghazali Gichuru Kiplagat & Wonhyung Kim Council Advocates Mahat Somane Yoon Yang Kim Shin & Yu The Law Offices of Mishari Denis Bagrov Kaplan & Straton Korea Information Service Al-Ghazali Grata Law Firm 174 doing business 2009 Zharkymbai Baiganchuk Alexander Vachtel Zane Dzule Bernard Choueiri Toufic Nehme Construction Company Sentyabr Stroi Ltd Liepa, Skopia/Borenius Ministry of Justice Law Office of Albert -KEP Stroi Ltd Zlata Elksnina-Zascirinska Sanaa Daakour Laham Julia Bulatova LAO pdR PricewaterhouseCoopers The Levant Lawyers Hermes Peter Law Firm "Partner" Kelly Bird Ivars Grunte Bassam Darwich Income Tax Department- Natalia Dolinskaya Asian Development Bank Loze, Grunte & Cers P & G Levant Beirut International Business Moussa Raphaël Council Sithong Chanthasouk Andris Ignatenko Theodore De Mar Youssef DFDL Mekong Law Group Estma SIA Badri and Salim El Raphaël & Associés Akjoltoi Elebesova Meouchi Law Firm, member Mazen Rasamny Credit Information Bureau Lasonexay Chanthavong Aija Klavinska of Interleges Badri and Salim El Ishenim DFDL Mekong Law Group PricewaterhouseCoopers Electricité du Liban Meouchi Law Firm, member Damir Esenaliev Sounthorn Chanthavong Law Offices Blueger & of Interleges The World Bank DFDL Mekong Law Group Plaude Chadia El Meouchi Badri and Salim El Mireille Richa Saltanat Ismailova Aristotle David Oleg Litskevich Meouchi Law Firm, member Tyan & Zgheib Law Firm PricewaterhouseCoopers DFDL Mekong Law Group Maritime Transport & Agencies of Interleges Jihad Rizkallah Nurbek Ismankulov Chanthaly Douangvilay Dania George Badri and Salim El M&M Logistics People's Court of Janis Loze Meouchi Law Firm, member Vientiane Capital PricewaterhouseCoopers of Interleges Kalberdiev Junus Zane Paeglite Samer Ghalayini Kalmamtovich Daodeuane Duangdara Sorainen The Levant Lawyers Elias A. Saadé The Gosregister of the PricewaterhouseCoopers Baiba Plaude Moghaizel Law Firm, Kyrgz Republic Grant Follett member of Lex Mundi Blueger &Plaude Fady Ghanem Badri and Salim El Abykeev Kadyr DFDL Mekong Law Group Joseph Safar Ivars Pommers Meouchi Law Firm, member Avangard Style LTD Daniel Horngren Hayek Group Lawfirm of Glimstedt and of Interleges Vitaliy Khabarov Vasco Ltd. partners Greta Habib Christel Salem Law Firm "Partner" Richard Irwin Inese Rendeniece Badri and Salim El Badri and Salim El Meouchi Law Firm, member Tatyana Kim PricewaterhouseCoopers Loze, Grunte & Cers Meouchi Law Firm, member of Interleges of Interleges Chamber of Tax Khamkhong Liemphrachan Sergejs Rudans Rached Sarkis Consultants Ministry of Justice Liepa, Skopia/Borenius Louay Hajj Chehadeh Rached Sarkis Office Galina Kucheryavaya Ministry of Finance Ketsana Phommachanh Dace Silava-Tomsone Camille C. Sifri Organisation Group of Ministry of Justice, Lejins, Torgans & Partners, Abdallah Hayek Procredit Holding PricewaterhouseCoopers Law Research and member of Ius Laboris Hayek Group Nurdin Kumushbekov International Cooperation Nady Tyan Mihails Spika Wajih Hechaime USAID Business Institute Tyan & Zgheib Law Firm JSC Dzintars Hechaime law firm Environment Improvement Thavorn Rujivanarom Patricia Yammine Project PricewaterhouseCoopers Sarmis Spilbergs Fady Jamaleddine The Levant Lawyers PricewaterhouseCoopers Usen Kydyraliev Klavins&Slaidins/LAWIN, Khongsy Saisouttha member of Lex Mundi Ray Yazbeck Entrepreneurs' Union of Judgement Enforcement Maria Jreissat Badri and Salim El Kyrgyzstan Office of Vientiane Zane Stalberga - Markvarte Badri and Salim El Meouchi Law Firm, member Meouchi Law Firm, member Erkin Madmarov Capital Markvarte & Partneri Law of Interleges Office of Interleges IBC Sivath Sengdouangchanh Pvels Tjusevs Georges Jureidini LESOThO Barno Marazykova Consultant Eversheds Bitns - Coserv sarl - Panalpina Law Firm "Partner" Khamphone Sipaseuth Attorneys-at-Law Agents Mark Badenhorst PricewaterhouseCoopers Tatyana Marchenko Ministry of Justice Maris Vainovskis Georges Kadige Lorenz Law Firm Danyel Thomson Eversheds Bitns - Kadige & Kadige Law Firm Paul De Chalain PricewaterhouseCoopers Olga Moreva DFDL Mekong Law Group Attorneys-at-Law Michel Kadige USAID Business Andrea Wilson Vilmars Vanags Kadige & Kadige Law Firm Thuso Green Environment Improvement DFDL Mekong Law Group RE & RE Ltd. Procell Project Wael Khaddage Maija Volkova Ministry of Finance Gerhard Gouws Janybek Musaev LATvIA Lejins, Torgans & Partners, Najib Khattar NedBank Ltd. Almas Nakipov Ilze Abika member of Ius Laboris Khattar Associates Harley & Morris PricewaterhouseCoopers Skudra & Udris Law Agate Ziverte Albert Laham Mankhebe Makume Aidin Nazekov Offices PricewaterhouseCoopers Lesotho Electricity USAID Business Mike Ahern Georges Maarawi Company (Pty) Ltd Environment Improvement PricewaterhouseCoopers LEBANON Ministry of Finance Project João Martins Martins Aljens Association of Banks in Eddy Maghariki PricewaterhouseCoopers Sergey Oseledko Lejins, Torgans & Partners, Lebanon (ABL) Hyam G. Mallat Law Firm Mathias Matshe Erkin Sakiev member of Ius Laboris Nada Abdelsater-Abusamra Georges Mallat Sheeran & Associates Kanat Seidaliev Laura Ausekle Raphaël & Associés Hyam G. Mallat Law Firm Kuena Mophethe Grata Law Firm Latvijas Banka Wadih Abou Nasr Nabil Mallat K.Mophethe Law Chambers Yulia Shapovalova Elina Bedanova PricewaterhouseCoopers Hyam G. Mallat Law Firm Thabo Mpaka USAID Business Lejins, Torgans & Partners, Soha Al Masri Rachad Medawar Mpaka Chambers Environment Improvement member of Ius Laboris Abu Ghazaleh- Legal Obeid & Medawar Law Firm Project Eva Berlaus-Gulbe Theodore Ntlatlapa Manal Assir Fadi Moghaizel DNT Architects Anastasia Shloeva Sorainen UNDP Moghaizel Law Firm, Globalink Logistics Group Iveta Berzina member of Lex Mundi Malaika Ribeiro Jean Baroudi PricewaterhouseCoopers Mirgul Smanalieva Skudra & Udris Law Baroudi & Associates Mario Mohanna Law Firm "Partner" Offices Patrimoine Conseil SARL Peter Sands Rita Bou Habib SDV (Pty) Ltd Kalybek Sultanov Ilze Bukaldere Audit Department - VAT Mirvat Mostafa Avangard Style LTD Liepa, Skopina/ Borenius Directorate The Levant Lawyers Duduzile Seamatha Sheeran & Associates Rakhat Suyumkulov Andis Burkevics Najib Choucair Rahaf Nabbouh Mens Ltd. Sorainen Law Offices Central Bank UNDP project of the Tiisetso Sello-Mafatle Sello - Mafatle Chambers Azim Usmanov Andis Conka ministry of finance Grata Law Firm Latvijas Banka acknowledgments 175 Lindiwe Sephomolo Kim Bartholdy Zilvinas Kvietkus Guy Castegnaro Goran Bonevski Association of Lesotho DSV Transport UAB Norcous & Partners, Castegnaro Cabinet Public Revenue Office Employers and Business Kristina Bartuseviciene member of Ius Laboris d'avocats, member of Ius Biljana Cakmakova Phoka Thene PricewaterhouseCoopers Asta Macijauskiene Laboris Mens Legis Cakmakova Sello - Mafatle Chambers Vilius Bernatonis Law Firm Bernotas & Christel Dumont Advocates Dominas Glimstedt Oostvogels Pfister Feyten LIBERIA Sutkiene, Pilkauskas & Katerina Carceva Partners Gytis Malinauskas Thomas Ecker PricewaterhouseCoopers Kelvin Abdallah Renata Berzanskien Sorainen Law Offices Ville de Luxembourg - Zoran Cvetanoski PricewaterhouseCoopers Sorainen Law Offices Linas Margevicius Service de l'électricité State Authority for Gideon Ayi-Owoo Vilma Brilinkeviciene Legal Bureau of Linas Gérard Eischen Geodetic Works PricewaterhouseCoopers Sutkiene, Pilkauskas & Margevicius Chamber of Commerce of the Grand-Duchy of Pavlinka Dameska Golda A. Bonah Partners Kipras Mensevicius Luxembourg Mens Legis Cakmakova Sherman & Sherman Dovil Burgien Tomas Mieliauskas Advocates Martine Gerber Lemaire G. Raymond Bright Law Firm Lideika, Law firm Foresta Oostvogels Pfister Feyten Aleksandar Dimi ACE Planning & Petrauskas, Valinas ir Bronislovas Mikuta Polenak Law Firm Consulting Group partneriai LAWIN, member Anabela Fernandes of Lex Mundi Ieva Navickait PricewaterhouseCoopers Aleksandra Donevska F. Augustus Caesar, Jr. Law Firm Zabiela Lawyers Antevski Caesar Architects, Inc. Sergej Butov Jean Luc Heiby Law Firm Lideika, Zabielaite & Partners SDV International Vesna Gavriloska Roy Chalkley Petrauskas, Valinas ir Zygimantas Pacevicius Logistics Mens Legis Cakmakova Umarco partneriai LAWIN, member Foigt & Partners / Regija Advocates Isabelle Lapietra City Corporation of of Lex Mundi Borenius PricewaterhouseCoopers Ana Hadzieva Monrovia Robertas Ciocys Rytis Paukste Polenak Law Firm Roxanne Le Ligeour Henry Reed Cooper Law Firm Lideika, Law Firm Lideika, Loyens & Loeff Solobodan Hristovski Cooper & Togbah Law Firm Petrauskas, Valinas ir Petrauskas, Valinas ir partneriai LAWIN, member partneriai LAWIN, member Polenak Law Firm Michaël Lockman Frank Musah Dean of Lex Mundi of Lex Mundi PricewaterhouseCoopers Biljana Ickovska Dean & Associates Radville Ciricaite Algirdas Peksys Law office Nikolovski Tom Loesch Peter Doe-Sumah Foigt & Partners / Regija Sorainen Linklaters Aleksandar Ickovski Gbehzon Holdings Inc. Borenius Jonas Pilkauskas Law office Nikolovski Nuria Martin Dzidzedze Fiadjoe Giedre Domkute Sutkiene, Pilkauskas & Loyens & Loeff Nena Ivanovska PricewaterhouseCoopers Law firm AAA Baltic Partners Judicial Reform Service Company Séverine Moca Implementation Project Christine Sonpon Freeman Thomas Saulenas PricewaterhouseCoopers Cooper & Togbah Law Firm Ieva Dosinaite FORESTA Business Law Katerina Jordanova Norcous & Partners, Group Peter Moons Lawyers Antevski Cyril Jones member of Ius Laboris Loyens & Loeff Jones & Jones Rimantas Simaitis Kristijan Karapancevski Mindaugas Dovidauskas Norcous & Partners, Anne Murrath Karapancevski Company George Kwatia Fortune Law Group member of Ius Laboris PricewaterhouseCoopers PricewaterhouseCoopers Dejan Knezovi Vilma Dovidauskiene Julija Solovjova Elisabeth Omes Law Office Knezovic & Martha Lackay Competent Amerinde PricewaterhouseCoopers Bonn Schmitt Steichen, Associates Liberia Electricity Consolidated Member of Lex Mundi Corporation Daiva Usinskait Emmanuel Koenig Stasys Drazdauskas Law Firm AAA Baltic Laurent Paquet PricewaterhouseCoopers Steven Neufville Foigt & Partners / Regija Service Company PricewaterhouseCoopers Ministry of Public Works Borenius Mirjana Markovska Vilija Vaitkut Pavan Simon Paul Markovska & Andrevski Togba Ngangana Rolandas Galvnas Law Firm Lideika, Loyens & Loeff Ministry of Public Works Law Firm Lideika, Petrauskas, Valinas ir Irena Mitkovska Paul Wurth S.A. Lawyers Antevski Sylvanus O' Connor Petrauskas, Valinas ir partneriai LAWIN, member partneriai LAWIN, member Engineering & Project AEP Consultants Inc. of Lex Mundi of Lex Mundi Management Goce Mojsoski PricewaterhouseCoopers Chan-Chan A. Paegar Agne Vilutiene Simas Gudynas Françoise Pfeiffer Sherman & Sherman Law Firm Foresta Law Firm Lideika, Oostvogels Pfister Feyten National Bank Joseph N. Siaway Petrauskas, Valinas ir Lina Vosyliene Dominique Robinet Goran Nikolovski Maersk Ltd. partneriai, member of Lex KPMG Law office Nikolovski Mund PricewaterhouseCoopers G. Lahaison Waritay Darius Zabiela Serge Saussoy Ljupcho Nikolovski Ministry of Public Works Agne Jakaite Law Firm Zabiela, Markovska & Andrevski Law Firm Lideika, Zabielaite & Partners PricewaterhouseCoopers Darcy White Petrauskas, Valinas ir Indre Zakalskyte Jean-Luc Schaus Vesna Paunkoska PricewaterhouseCoopers partneriai LAWIN, member Loyens & Loeff of Lex Mundi Ernst & Young Valentin Pepeljugoski Ben Wolo Jrat Zarankien Alex Schmitt Law Office Pepeljugoski Liberia Agne Jonaityt Bonn Schmitt Steichen, Sonja Peshevska Telecommunications Sorainen Law Offices Ernst & Young Member of Lex Mundi Law Office Pepeljugoski Corporation Viktorija Kapustinskaja Ernesta Zutautaite Marleen Vandenput Kristijan Polenak Melvin Yates Sorainen Law Offices Law Firm Foresta PricewaterhouseCoopers Polenak Law Firm Compass Inc., Clearing and Audrius Zvybas Forwarding Jurgita Karvel Davide Visin Foigt & Partners / Regija Bernotas & Dominas Tatjana Popovski Buloski PricewaterhouseCoopers Harvy T. Yuan, Sr. Borenius Glimstedt Polenak Law Office Liberia Electricity mACEdONIA, Ljubica Ruben Corporation Jonas Kiauleikis LUxEmBOURG Foigt & Partners / Regija fORmER Mens Legis Law Firm LIThUANIA Borenius Allen & Overy LLP yUGOSLAv Tatjana Siskovska Mindaugas Kiskis Lara Aherne REpUBLIC Of Polenak Law Firm Kstutis Adamonis Law Firm Lideika, Bonn Schmitt Steichen, Violeta Angelova Gerovska Dejan Stojanoski Sorainen Petrauskas, Valinas ir Member of Lex Mundi IKRP Rokas & Partners Law Office Pepeljugoski Mike Ahern partneriai LAWIN, member Rene Beltjens Zlatko Antevski Dzuli Stojanova PricewaterhouseCoopers of Lex Mundi PricewaterhouseCoopers Lawyers Antevski Mens Legis Cakmakova Petras Baltusevicius Raminta Klumbyte Denis Cantele Benita Beleskova Advocates DSV Transport UAB Egidijus Kundelis Oostvogels Pfister Feyten PricewaterhouseCoopers IKRP Rokas & Partners 176 doing business 2009 Suzana Stojkoska Jean Marcel Razafimahenina Boon Hong Chen mALdIvES Dominique Taty Markovska & Andrevski Cabinet Delta Audit Skrine & Co., member of FIDAFRICA / Biljana Tofiloska Deloitte Lex Mundi Mohamed Akhsan PricewaterhouseCoopers Lawyers Antevski Njiva Razanatsoa Yuan Yuan Cheng Archeng Pvt Ltd. Ahmadou Toure Slavica Trckova Banque Centrale Skrine & Co., member of Mohideen Bawa Office Notarial Ahmadou Law Office Trckova Louis Sagot Lex Mundi Horizon Fisheries Pvt. Toure, Notaire a Bamako Limited Natasa Trifunoska Cabinet d'Avocat Louis Chee Hoong Chia Madhou Traore Jatindra Bhattray Empiria International Sagot Zain & Co. Centre National PricewaterhouseCoopers de Promotion des Vladimir Vasilevski Dominique Taty Sharon Chooi Mohamed Hameed Investissements - CNPI Betasped International FIDAFRICA / PricewaterhouseCoopers Fousséni Traoré Freight Forwarding PricewaterhouseCoopers Tze Keong Chung Antrac Pvt. Ltd. FIDAFRICA / Eva Veljanovska mALAwI CTOS Sdn Bhd Nadiya Hassan PricewaterhouseCoopers Mens Legis Cakmakova Nancy Gan Dheena Hussain Advocates Kevin M. Carpenter Shah, Hussain & Co. mARShALL PricewaterhouseCoopers Raslan - Loong Sanja Veljanovska Hazlan Hassan Barristers & Attorneys ISLANdS Mens Legis Law Firm Richard Chakana Yudhishtran Kanagasabai 2PS Cargo Co. Nordin Hassan Kenneth Barden Metodija Velkov Armeira Technologies PricewaterhouseCoopers Attorney-at-Law Polenak Law Firm Marshal Chilenga Sdn. Bhd. Laila Manik TF & Partners Jerry Kramer Darko Vuksanovi Sien Yian Hee Shah, Hussain & Co. Pacific International, Inc. Alan Chinula Barristers & Attorneys Milica Zafirova PricewaterhouseCoopers Aishath Rizna Philip Welch Markovska & Andrevski Stuart Forster Kumar Kanagasabai Micronesian Shipping Skrine & Co., member of Shah, Hussain & Co. Agencies Inc. mAdAGASCAR Jim Ghobede Barristers & Attorneys. PricewaterhouseCoopers Lex Mundi Aminath Rizna mAURITANIA Lalao Andriamanga Roseline Gramani Geeta Kaur Shah, Hussain & Co. Economic Development Savjani & Co. SDV Sdn Bhd Barristers & Attorneys Tidiane Bal Board of Madagascar BSD & Associés Aamir Rashid Jakhura Chuan Keat Khoo Aishath Samah Eric Andriamihaja Robson Fargo Group of Companies PricewaterhouseCoopers Bank of Maldives Plc. Youssoupha Diallo Economic Development Christopher Lee BSD & Associés Board of Madagascar Chimwemwe Kalua Shuaib M. Shah Golden & Law Wong & Partners Shah, Hussain & Co. Maouloud Vall El Hady Seyid Tsiry Andriamisamanana Theresa Lim Barristers & Attorneys Etude Hady Maouloudvall Madagascar Conseil Anthony Kamanga, SC Hamoud Ismail International Ministry of Justice PricewaterhouseCoopers mALI SMPN Josoa Lucien Andrianelinjaka Dannie J. Kamwaza Koon Huan Lim Traore Baba Cheikani Jules Banque Centrale Kamwaza Design Skrine & Co., member of Partnership Lex Mundi TMS - Transit Cabinet Me Jules Philippe Buffier Caesar Loong Manutention Services Mohamed Lam Espace Ingénierie Alfred Majamanda SARL Mbendera & Nkhono Raslan - Loong BSD & Associés Dseyre Associates Len Toong Low Baya Berthé Wedou Mohamed Madagascar Conseil Amadou Camara International Modecai Msisha North Port Maurihandling Nyirenda & Msisha Law SCP Camara Traoré Yves Duchateau Offices Khin Lian Low Ahmed Salem Ould Jonathan Darboux Bouhoubeyni SDV Zain & Co. Misheck Msiska BCEAO Cabinet Bouhoubeyni John Hargreaves PricewaterhouseCoopers Suhara Mohamad Sidik Fatima Diarra Ahmed Salem Ould Hacen Economic Development Azmi & Associates Office Notarial Ahmadou Board of Madagascar Isaac Nsamala Azmi Mohd Ali Banque Centrale Toure, Notaire a Bamako Raphaël Jakoba Krishna Savjani Azmi & Associates Mohamedou Ould Hacen Mohamed Abdoulaye Diop Madagascar Conseil Savjani & Co. Zuhaidi Mohd Shahari Bureau TASMIM SDV International Duncan Singano Azmi & Associates Hamdi Ould Mahjoub Fatimatou Zahra Diop Pascaline R. Rasamoeliarisoa Savjani & Co. Shahri Omar Private Practice BCEAO Cabinet Delta Audit Don Whayo North Port Aliou Sall Deloitte Knight Frank Jean Claude Gnamien Normaizan Rahim Assurim Consulting Sahondra Rabenarivo FIDAFRICA / Azmi & Associates PricewaterhouseCoopers Cheikh Sall Keyserlingk - Rabenarivo mALAySIA Etude Hady Maouloudvall Associés Gayathiry Ramalingam Nadia Aim Ab. Wahab Hermann Gnango Zain & Co. Dominique Taty Pierrette Rajaonarisoa Azmi & Associates FIDAFRICA / PricewaterhouseCoopers FIDAFRICA / SDV Chandran Ramasamy Nor Azimah Abdul Aziz PricewaterhouseCoopers Mamadou Ismaïla Konate PricewaterhouseCoopers Aina Rakotondrazaka Companies Commission of Dinesh Ratnarajah Jurifis Consult Mali Ould Yahya Yeslem Lanto Tiana Ralison Malaysia Azman, Davidson & Co. Mamadou Maiga Etude Maître Yeslem FIDAFRICA / Noor Azhar O.Yahya PricewaterhouseCoopers S.G. Emas Sendirian Berhad Hsian Siong L'union des Caisses Mutuelles Depagne et des mAURITIUS André Randranto Zain Azlan Wong & Partners Crédits du Mali Ancien Bâtonnier Zain & Co. Ee Ling Tan Evelyne M'Bassidgé Ryan Allas William Randrianarivelo Bank Negara Malaysia Tay & Partners FIDAFRICA / PricewaterhouseCoopers FIDAFRICA / Heng Choon Wan PricewaterhouseCoopers BPML Freeport Services PricewaterhouseCoopers Michel Barbesier Ltd SDV Sdn Bhd PricewaterhouseCoopers Adeline Messou Sahondra Rasoarisoa Peter Wee FIDAFRICA / Philip Bond Delta Audit Deloitte Tan Kee Beng PricewaterhouseCoopers PricewaterhouseCoopers SDV Sdn Bhd PricewaterhouseCoopers Théodore Raveloarison Kim Hoe Yeo Malick Badara Sow André Bonieux JARY - Bureau d'Etudes Hong Yun Chang North Port Atelier d'Architecture et PricewaterhouseCoopers Architecture Ingenierie Tay & Partners d'Urbanisme Melina Yong Urmila Boolell Andriamisa Ravelomanana Ying Cheng Chee Raslan - Loong Salif Tall Banymandhub Boolell FIDAFRICA / PricewaterhouseCoopers Etude de Me Toure Chambers PricewaterhouseCoopers acknowledgments 177 Thierry Chellen Julio Flores Luna Rocío Montes mICRONESIA Gleb Morozov Benoit Chambers Goodrich, Riquelme y PricewaterhouseCoopers Alexandru Munteanu Yandraduth Googoolye Asociados, member of Lex Michelle Muciño Eric Emeka Akamigbo PricewaterhouseCoopers Bank of Mauritius Mundi PMC Asociados Pohnpei State Government Igor Odobescu Thierry Koenig Carlos Frias Gabriela Nassau Kenneth Barden ACI Partners De Comarmond & Koenig PricewaterhouseCoopers Ritch Mueller, S.C. Attorney-at-Law Ruslan Pirnevu Legis & Partners Manuel Galicia Galicia y Robles, S.C. Marco Nava mOLdOvA Quehenberger-Hellmann Didier Lenette PricewaterhouseCoopers Dinu Armasu SRL PricewaterhouseCoopers Celina Cossette Garcia PricewaterhouseCoopers Arturo Pedromo Foreign Investors Maria Popescu Damien Mamet Legal Services Galicia y Robles, S.C. Association PricewaterhouseCoopers PricewaterhouseCoopers Lázaro Peña Maxim Banaga Nicolae Posturusu Legal Services Hans Goebel Jáuregui, Navarrete y PricewaterhouseCoopers PricewaterhouseCoopers Customs Service Jean Pierre Montocchio Nader, S.C. Juan Manuel Perez Eduard Boian Silvia Radu Loganayagan Munian Dalia Goldsmit PricewaterhouseCoopers PricewaterhouseCoopers Union Fenosa Artisco International PricewaterhouseCoopers Legal Services Vitaliy Nikolaevich Bulgac International Khalil Munseea Daniel Gómez Alba Nicolás Pérez Independent Consultant Ion Railean Farfat Enterprise Ltd. CAAAREM Galicia y Robles, S.C. Victor Burac Union of Employers in Building and Construction Camille Pouletty Teresa de Lourdes Gómez Gabriela Pérez Castro Ponce Victor Burac Law Firm Materials Industry De Comarmond & Koenig Neri de León Miranda & Estavillo, S.C. Mihail Buruiana Mihai Roscovan Iqbal Rajahbalee Goodrich, Riquelme y Asociados, member of Lex Buruiana & Partners Business Consulting BLC Chambers Mundi Pablo Perezalonso Eguía Institute Ritch Mueller, S. C. Victor Burunsus Andre Robert Hugo Gonzalez The World Bank Pavel Sarghi Attorney-at-Law Baker & McKenzie Leonel Pereznieto PricewaterhouseCoopers Jáuregui, Navarrete y Andrei Caciurenco Deviantee Sobarun Cesar Gonzalez Nader, S.C. ACI Partners Antonina Sevcenco Registrar-General's PricewaterhouseCoopers Georghu Calugharu Viorel Sirghi Department Guillermo Piecarchic Eugenia González Rivas PMC Asociados Union of Employers in BSMB Legal Counsellors Vikash Takoor Goodrich, Riquelme y Building and Construction Tatiana Stavinschi Bank of Mauritius Asociados José Piecarchic Materials Industry PMC Asociados PricewaterhouseCoopers Parikshat Teeluck Alvaro Gonzalez-Schiaffino Andrian Candu Serghei Toncu Maersk Ltd. PricewaterhouseCoopers Claudia Ríos PricewaterhouseCoopers PricewaterhouseCoopers Legal Services PricewaterhouseCoopers Bobby Yerkiah Benito Guerrero Nicolae Triboi PricewaterhouseCoopers Glucsa del Pacifico Mario Alberto Rocha Octavian Cazac PricewaterhouseCoopers Turcan & Turcan National Energy mExICO Yves Hayaux-du-Tilly Regulatory Agency Jáuregui, Navarrete y Cecilia Rojas Svetlana Ceban Alexander Turcan Gabriel I. Aguilar Bustamente Nader, S.C. Galicia y Robles, S.C. PricewaterhouseCoopers Turcan & Turcan PricewaterhouseCoopers Rodrigo Hernández Terán Arturo Ruiz Massieu Vitalie Ciofu Evgeniy Untilo Silvia Aguiñiga PricewaterhouseCoopers PricewaterhouseCoopers Gladei & Partners Union of Employers in PricewaterhouseCoopers Alejandro Ledesma Israel Saldaña Bogdan Ciubotaru Building and Construction Isis Anaya PricewaterhouseCoopers PricewaterhouseCoopers Turcan &Turcan Materials Industry SEDECO Adriana Lopez Jorge Sanchez Aureliu Anatol Colenco Irina Verhovetchi Alberto Balderas PricewaterhouseCoopers Goodrich, Riquelme y Commercial Court ACI Partners Asociados Jáuregui, Navarrete y Legal Services Alla Cotos Daniela Zaharia Nader, S.C. Ana Paula López Padilla y Paola Sánchez Hernandez PricewaterhouseCoopers ACI Partners Carlos Cano Lapuente Barrera, Siqueiros y Torres Landa Sergiu Dumitrasco Marina Zanoga PricewaterhouseCoopers Barrera, Siqueiros y Torres PricewaterhouseCoopers Turcan & Turcan Landa Cristina Sánchez-Urtiz María Casas López Miranda & Estavillo, S.C. Serghei Filatov Baker & McKenzie Gerardo Lozano Alarcón ACI Partners mONGOLIA Holland & Knight- Fernando Santamaria-Linares Nallieli Cid Gallástegui y Lozano, S.C. PricewaterhouseCoopers Feodosia Furculita Tomas Balco PricewaterhouseCoopers PricewaterhouseCoopers Lorenza Luengo Gomezmont Legal Services Customs Service Rodrigo Conesa Baker & McKenzie Monica Schiaffino Pérez Roger Gladei Badarch Bayarmaa Ritch Mueller, S.C. Lynch & Mahoney Laura Macarty Basham, Ringe y Correa, Gladei & Partners Eduardo Corzo Ramos PricewaterhouseCoopers member of Ius Laboris Silvia Grosu Batzaya Bodikhuu Holland & Knight- Juan Francisco Torres Landa PricewaterhouseCoopers Anand & Batzaya Gallástegui y Lozano, S.C. Carlos Manuel Martinez Advocates PricewaterhouseCoopers Ruffo Roman Gutu Raul de la Sierra Scauley Barrera, Siqueiros y Torres David Buxbaum Barrera, Siqueiros y Torres Edgar Francisco Martínez Landa Oxana Guu Anderson & Anderson Landa Herrasti Valeriu Lazar Goodrich, Riquelme y Antonio Torres-Cabello Batbayar Byambaa Oscar de La Vega Asociados CAAAREM BIS GTS Advocates Basham, Ringe y Correa, Maribel Trigo Aja Victor A. Levintsa Enkh-Amgalan member of Ius Laboris Bernardo Martínez Negrete Galicia y Robles, S.C. Goodrich, Riquelme y Levintsa & Associates Choidogdemid Dolores Enriquez Asociados, member of Lex Andrei Lopusneac Gobi Corporation PricewaterhouseCoopers Fernando Medel Mundi Notary Public 218 of the Union Fenosa Khatanbat Dashdarjaa Mariano Enriquez-Mejia Federal District Layla Vargas Muga International Arlex Consulting Services Baker & McKenzie Goodrich, Riquelme y Carla Mendoza Asociados, member of Lex Cristina Martin Delgermaa Salvador Esquivel Bernal Baker & McKenzie Mundi ACI Partners Gobi Corporation PricewaterhouseCoopers Carlos E. Montemayor Carlos Vela Mihaela Mitroi Courtney Fowler César Fernando Gomez PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Barrera, Siqueiros y Torres Marin Moraru Damdinsuren Khand Landa Alonso Martin Montes PricewaterhouseCoopers PricewaterhouseCoopers Tsets Law Firm Legal Services 178 doing business 2009 Odmaa Khurelbold Zorica Peshi Houcine Sefrioui Maria João Dionísio Lara Narcy Anderson & Anderson Law Office Vujaci President de la CAAF Pimenta, Dionísio e H. Gamito, Couto, Daniel Mahoney Novica Pesi Rachid Senhaji Associados Gonçalves Pereira Lynch & Mahoney Law Office Vujaci Ordre des architectes de Telmo Ferreira e Castelo Branco & Associados Leylim Mizamkhan Snezana Pesi Casablanca H. Gamito, Couto, Auxílio Eugénio Nhabanga PricewaterhouseCoopers PricewaterhouseCoopers Marc Veuillot Gonçalves Pereira e Castelo Branco & Fernanda Lopes & Odonhuu Muuzee Dragana Radevi Alleance advisory Maroc Associados Associados Advogados Tsets Law Firm Center for mOzAmBIqUE Jose Forjaz Emilio R. Nhamissitane Bayartsetseg N. Enterpreneurship and Jose Forjaz Arquitectos Advogado Chono Corporation Economic Development Salimo Abdula Confederation of Business Adrian Frey Ilidio Alexandre Ombe Enkhriimaa N. Jelena Vujisi Associations Mozlegal Lda Electricidade de Tuushin Company Ltd. Law Office Vujaci Moçambique E.P. Mark Badenhorst Paulo Fumane Zorigt N. Lana Vukmirovi PricewaterhouseCoopers Confederation of Business Miguel Paiva Tuushin Company Ltd. Prelevic Law Firm Associations Mozlegal Lda Carolina Balate Sarantsatsral Ochirpurev Veselin Vukovi PricewaterhouseCoopers Martins Garrine Paulo Pimenta Urkh Company Central Bank Manica Freight Services Pimenta, Dionísio e Armindo Braz Barradas S.A.R.L Associados Christian Packard mOROCCO Ministry of Industry and Anderson & Anderson Jennifer Garvey António de Vasconcelos Porto Bank Al-Maghrib Commerce Vasconcelos Porto & Uranbaatar S. Timothy W. Born Nipul Kailashcumar Govan Associados Arlex Consulting Services Aziz Abouelouafa Pimenta, Dionísio e Globex Maritime Co. USAID Associados José Augusto Tomo Psico Jocelyn Steiner José Manuel Caldeira Banco de Moçambique Lynch & Mahoney Mly Hicham Alaoui Jorge Graça Globex Maritime Co. Sal & Caldeira - MGA Advogados & Malaika Ribeiro Odbaatar Sukhbaatar Advogados e Consultores, Consultores PricewaterhouseCoopers Anderson & Anderson Myriam Emmanuelle Bennani Lda Amin Hajji & Associés Soraia Issufo Luís Filipe Rodrigues Tsogt Tsend Association d'Avocats Eduardo Calú Sal & Caldeira - Sal & Caldeira - Administrative Court of Sal & Caldeira - Advogados e Consultores, Advogados e Consultores, Capital City Rachid Benzakour Advogados e Consultores, Lda Cabinet d'Avocats Lda Lda Amangyeld Tuul Benzakour & Lahbabi Alexandra Carvalho Jorge Jorge Graça Ana Filipa Russo de Sá Credit Registry Richard Cantin Monjardino MGA Advogados & Silva Garcia Consultores Arslaa Urjin Juristructures - Project Kátia Cassamo Firza Sadek Ulaanbaatar Electricity Management & Legal Mozlegal lda Neima Jossub Pimenta, Dionísio e Distribution Network Advisory Services LLP Mozlegal Lda Associados Company Mahat Chraibi Henrique Castro-Arnaro Friedrich Kaufmann Carlos Schwalbach Michelle Zorig Alleance advisory Maroc Arquitectos E Associados, LDA Ministério da Indústria e Jose Forjaz Arquitectos Arlex Consulting Services Driss Debbagh Comércio Paulo Centeio Muchimba Sikumba-Dils mONTENEGRO Kettani Law Firm MGA Advogados & Jim Lafleur MSD Investments Youssef El Falah Consultores Confederation of Katia Tourais Rene Bijvoet Business associations of ABA Rule of Law Sal & Caldeira - PricewaterhouseCoopers Pedro Chabela Mozambique Initiative-Morocco Electricidade de Advogados e Consultores, Bojana Bogojevi Rufino Lucas Hafid Elbaze Moçambique E.P. Lda PricewaterhouseCoopers TEC Ténicos Construtores, Alleance advisory Maroc Pedro Ernesto Chambe LDA António Veloso Vasilije Boskovi Mourad Faouzi MoCargo Eugénio Luis Pimenta, Dionísio e Law Firm Boskovi Oulamine Law Group Associados Anastácia Chamusse Banco de Moçambique Celebi Company Nawal Jellouli Banco de Moçambique Ivan Carlos Macôo NAmIBIA Mark Crowford Ministère de l'économie et Dipak Chandulal Sal & Caldeira - Joos Agenbach Opportunity Bank des finances MGA Advogados & Advogados e Consultores, Lda Koep Partners Jelena Djoki Azeddine Kabbaj Consultores Mark Badenhorst PricewaterhouseCoopers Barreau de Casablanca Mucio Chebete Jaime Magumbe Sal & Caldeira - PricewaterhouseCoopers Jovana Ili Mehdi Kettani MoCargo Advogados e Consultores, Benita Blume PricewaterhouseCoopers Ali Kettani Law Office Jonas Chitsumba Lda H.D. Bossau & Co. Nada Jovanovi Nadia Kettani Electricidade de Moçambique E.P. Samuel Munzele Maimbo Hanno D. Bossau Central Bank Kettani Law Firm Ahmad Chothia The World Bank H.D. Bossau & Co. Ana Karaniki Rita Kettani Manica Freight Services Manuel Didier Malunga Albé Botha Montenegrin Employers Kettani Law Firm S.A.R.L National Directorate of Federation PricewaterhouseCoopers Bouchaib Labkiri Carol Christie Smit Registry and Notaries Rados Kastratovi Globexline SARL Lorna Celliers Mozlegal Lda João Martins Kastratovi Law Office BDO Spencer Steward Wilfried Le Bihan Pedro Couto PricewaterhouseCoopers Ğore Krivokapi CMS Bureau Francis Esi Chase H. Gamito, Couto, Camilo Mate Karanovi & Nikoli Lefebvre Advocate Gonçalves Pereira MGA Advogados & Ana Krsmanovi Michel Lecerf e Castelo Branco & Consultores Andy Chase Institute for Strategic Alleance advisory Maroc Associados Carlos Rafa Mate Stauch+Partners Studies and Prognoses Architects Réda Oulamine Simeai Cuamba Royal Norwegian Embassy Montenegro Business Oulamine Law Group Cuamba Advogado Genaro Moura Paul De Chalain Alliance PricewaterhouseCoopers Hassan Rahmouni Paul De Chalain Manica Freight Services Aleksandar Miljkovi Hassan Rahmouni Law Firm PricewaterhouseCoopers S.A.R.L Eddie Dichtl PricewaterhouseCoopers Woker Freight Services Nesrine Roudane Carlos de Sousa e Brito Julio Mutisse Veljko Pavicevi Nero Boutique Law Firm Carlos de Sousa & Brito & Sal & Caldeira - Ferdinand Diener Opportunity Bank Advogados e Consultores, City of Windhoek Power Morgane Saint-Jalmes Associados Lda Department Predrag Pavlici Kettani Law Firm Fulgêncio Dimande Montecco INC Manica Freight Services Nellie du Toit S.A.R.L PricewaterhouseCoopers acknowledgments 179 Hans-Bruno Gerdes Ram Chandra Subedi Jellienke Stamhuis John Powell Soraya Montoya Herrera Engling, Stritter & Supreme Court of Nepal, De Brauw Blackstone Russell McVeagh Molina & Asociados Partners Apex Law Chamber Westbroek N.V. Mark Russell Central Law Ismarelda Hangue Anup Upreti Maarten Tinnemans Simpson Grierson, member Amilcar Navarro Deeds Office Pioneer Law Associates De Brauw Blackstone of Lex Mundi García & Bodán Sebby Kankondi Westbroek N.V. Neil Tier Ramón Ortega Ports Authority NEThERLANdS Jaap Jan Trommel Grant Thornton Ltd. PricewaterhouseCoopers Herman Charl Kinghorn Richard Bakker NautaDutilh Attorneys SDV Silvio G. Otero Q. Kinghorn Associatesf Ocean - Trans Helene van Bommel International B.V. Murray Tingey GlobalTrans Peter Frank Koep PricewaterhouseCoopers Bell Gully Internacional P.F. Koep & Co. BDO CampsObers Accountants & Caspar van den Thillart Ross vander Schyff Andrea Paniagua Frank Köpplinger Belastingadviseurs B.V. Ministry of Housing, Ministry of Economic PricewaterhouseCoopers G.F. Köpplinger Legal Spatial Planning and the Development Róger Pérez Practitioners Jan Bezem Environment - Government PricewaterhouseCoopers Buildings Agency Simon Vannini Arias & Muñoz Norbert Liebich Cees van den Udenhout Julio Pinedo Transworld Cargo (PTY) Karin W.M. Bodewes Daniel Vizor PricewaterhouseCoopers Ltd. Baker & McKenzie N.V. Paul van der Molen Bell Gully Carlos Taboada Rodríguez John D. Mandy Jacqueline van den Bosch Cadastre, Land Registry and Mapping Agency NICARAGUA Consortium - Taboada & Stock Exchange Houthoff Buruma N.V. Liane van der Vrugt Diana Aguilar Asociados Richard Traugott Diethelm Roland Brandsma Carlos Jose Salinas Blandino Mueller PricewaterhouseCoopers VédéVé Legal B.V. ACZALAW Alvarado y Asociados, Koep Partners Huub Brinkman Sjaak van Leeuwen Guillermo Alemán Gómez member of Lex Mundi Brigitte Nependa Baker & McKenzie N.V. Jan van Oorschot ACZALAW Felipe Sánchez H.D. Bossau & Co. Margriet de Boer NV Continuon Bernardo Arauz ACZALAW Carina Oberholzer De Brauw Blackstone Frederic Verhoeven Bautrans & Logistics Alfonso José Sandino Granera PricewaterhouseCoopers Westbroek N.V. Houthoff Buruma N.V. Bertha Argüello de Rizo Consortium - Taboada & Jesse Schickerling Rolef de Weijs Marcel Willems F.A. Arias & Muñoz Asociados The Law Society of Namibia Houthoff Buruma N.V. Kennedy Van der Laan David Urcuyo Báez Julio E. Sequeira Ndapewa Shipopyeni Friso Feitsma Christiaan Zijderveld PricewaterhouseCoopers Evenor Valdivia P. & PricewaterhouseCoopers Asociados Retha Steinmann Houthoff Buruma N.V. Minerva Adriana Bellorín Rodríguez The Law Society Of Jeroen Holland Kim Zwartscholten Arnulfo Somarriba Namibia NautaDutilh Attorneys PricewaterhouseCoopers ACZALAW TransUnion Axel Stritter Fons Hoogeveen Bendaña & Bendaña Rodrigo Taboada Rodríguez Engling, Stritter & PricewaterhouseCoopers NEw zEALANd Caroline Bono Consortium - Taboada & Partners Asociados Jan-Wilem de Jong Douglas Alderslade PricewaterhouseCoopers Marius van Breda Houthoff Buruma N.V. Chapman Tripp Thelma Carrion Juan Tejada TransUnion Namibia PricewaterhouseCoopers Alexander Kaarls Matthew Allison Aguilar Castillo Love Lourens Willers Houthoff Buruma N.V. Veda Advantage Humberto Carrión Carlos Tellez G.F. Köpplinger Legal Jania Baigent Carrión, Somarriba & García & Bodán Practitioners Martine Kos Houthoff Buruma N.V. Simpson Grierson, member Asociados David Urcuyo Renate Williamson of Lex Mundi Gloria Maria de Alvarado PricewaterhouseCoopers P.F. Koep & Co. Filip Krsteski Van Doorne N.V. Kevin Best Alvarado y Asociados, NIGER Paul A. E. Wolff PricewaterhouseCoopers member of Lex Mundi Manica Group Pty. Ltd. Hans Mensonide Kennedy Van der Laan Geoff Bevan Francis Díaz Aliou Amadou García & Bodán S.C.P.A. Mandela NEpAL Martijn Molenaar Chapman Tripp NautaDutilh Attorneys Shelley Cave Maricarmen Espinosa Segura Karim Arzika Anil Chandra Adhikari Simpson Grierson, member Molina & Asociados Conservation Foncière Credit Information Bureau Charlotte Niggebrugge of Lex Mundi Central Law Houthoff Buruma N.V. Mahamane Baba Ajay Ghimire John Cuthbertson Mervin Estrada SDV Apex Law Chamber Hugo Oppelaar PricewaterhouseCoopers García & Bodán Houthoff Buruma N.V. Alain Blambert Jagat B. Khadka James Gibson Alejandro Fernández de SDV Shangri-La Freight Pvt. Ralf Pieters Bell Gully Castro Moussa Coulibaly Ltd. PricewaterhouseCoopers PricewaterhouseCoopers Richard Holden Cabinet d'Avocats Souna- LD Mahat Mark G. Rebergen Simpson Grierson, member Terencio García Montenegro Coulibaly CSC & Co. / De Brauw Blackstone of Lex Mundi García & Bodán Jonathan Darboux PricewaterhouseCoopers Westbroek N.V. Wanita Lala Gerardo Hernandez BCEAO Ashok Man Kapali Hugo Reumkens PricewaterhouseCoopers Consortium - Taboada & Aïssa Degbey Shangri-La Freight Pvt. Van Doorne N.V. Asociados EcoBank Ltd. Kate Lane Stefan Sagel Minter Ellison Rudd Watts Ruth Huete Fatimatou Zahra Diop Purnachitra Pradhan De Brauw Blackstone PricewaterhouseCoopers BCEAO Karja Suchana Kendra Westbroek N.V. Thomas Leslie Mariela Jiménez Ltd(CIB) Jan Willem Schenk Bell Gully ACZALAW Bernard Duffros Devendra Pradhan Baker & McKenzie N.V. Aaron Lloyd Société d'Exploitation des Pablo Mogollon Eaux du Niger Pradhan & Associates Robert Schrage Minter Ellison Rudd Watts TransUnion Jean Claude Gnamien Madan Krishna Sharma Royal Netherlands Robert Muir Yalí Molina Palacios FIDAFRICA / CSC & Co. / Notarial Organization Land Information New Molina & Asociados PricewaterhouseCoopers PricewaterhouseCoopers Piet Schroeder Zealand Central Law Hermann Gnango Sudheer Shrestha Baker & McKenzie N.V. Ian Page Alvaro Molina Vaca FIDAFRICA / Kusum Law Firm Hans Londonck Sluijk BRANZ Molina & Asociados PricewaterhouseCoopers Ramji Shrestha Houthoff Buruma N.V. Mihai Pascariu Central Law Souley Hammi Illiassou Pradhan & Associates SDV B.V. Minter Ellison Rudd Watts Roberto Montes Etude d'Avocats - Marc Le Arias & Muñoz Bihan & Collaborateurs 180 doing business 2009 Diaouga Haoua Halilou Sani Femi David Ikotun Bjørn Erik Andersen Simen Smeby Lium Etude de Maître Djibo Niger Ziongate Chamers DnB Nor Wikborg, Rein & Co. Aïssatou Abdou Moussa Sanoussi Okorie Kalu Jan L. Backer Christel Spannow Dodo Dan Gado Haoua E.N.G.E. Punuka Attorneys & Wikborg, Rein & Co. PricewaterhouseCoopers Etude de Maître Dodo Dan Solicitors Gado Haoua Dominique Taty Stig Berge Bernt Olav Steinland FIDAFRICA / Folajimi Mohammed Thommessen Krefting Advokatfirmaet Selmer Issoufou Issa PricewaterhouseCoopers Olusoji Elias and Company Greve Lund AS, member of D.A. Direction Générale des Lex Mundi Impôts Idrissa Tchernaka Ramat Muhammad Svein Sulland Etude d'Avocats - Marc Le J.K. Adamu & Co Carl Arthur Christiansen Advokatfirmaet Selmer Seybou Issifi Bihan & Collaborateurs Raeder Advokatfirma D.A. Communauté Urbaine de Victor Nwakasi Niamey Fousséni Traoré Olisa Agbakoba & Magnar Danielsen Espen Trædal FIDAFRICA / Associates Norwegian Mapping PricewaterhouseCoopers Bernar-Oliver Kouaovi PricewaterhouseCoopers Authority, Cadastre and Cabinet Kouaovi Godwin Obla Hamadou Yacouba Obla & Co. Land Registry OmAN Fati Kountche-Adji Etude de Maître Djibo Knut Ekern Cabinet Fati Kountche Aïssatou Motunrayo Odumosu Abdulhakeem Zahran al-Abri PricewaterhouseCoopers PricewaterhouseCoopers Ministry of Housing Fatouma Lanto Stein Fagerhaug Etude d'Avocats Marc Le NIGERIA Ozofu Ogiemudia Dalan advokatfirma DA Hazem H. Abu-Ghazaleh Bihan et Collaborateurs Abu Ghazel Intellectual Oluseyi Abiodun Akinwunmi Udo Udoma & Belo-Osagie Marie Fjulsrud Property Marc Le Bihan Akinwunmi & Busari, Legal Mathias Okojie Advokatfirmaet Hjort DA, Etude d'Avocats Marc Le Practioners (A & B) Punuka Attorneys & member of Ius Laboris Syed Nasir Ahmed Bihan & Collaborateurs Damco Olaleye Adebiyi Solicitors Claus R. Flinder Diallo Rayanatou Loutou WTS Adebiyi & Associates Patrick Okonjo Simonsen Advokatfirma DA Zubaida Fakir Mohamed Al Cabinet Loutou - Okonjo, Odiawa & Ebie Balushi Architectes Temitayo Adegoke Amund Fougner Central Bank Aluko & Oyebode Dozie Okwuosah Advokatfirmaet Hjort DA, Laouali Madougou Central Bank member of Ius Laboris Ahmed Al Barwani Etude d'Avocats Marc Le Adeola Adeiye Denton Wilde Sapte Bihan & Collaborateurs Udo Udoma & Belo-Osagie Titilola Olateju Geir Frøholm Okonjo, Odiawa & Ebie Advokatfirmaet Schjødt Azzan Qasim Al Busaidi Boubacar Nouhou Maiga Saheed A. Aderemi D.A. International Research E.N.G.E. Francis Adewale Ayodeji Olomojobi Foundation Aluko & Oyebode Mads Fuglesang Saadou Maiguizo Vista Bridge Global Advokatfirmaet Selmer Khamis Abdullah Al-Farsi Bureau d'Etudes Resources Limited Friday Omoregbee D.A. Ministry of Commerce and Techniques d'Assistance Adesegun Agbebiyi Adono-See Resources Industry et de Suirveillance en Aluko & Oyebode Nigeria Limited Ingenborg Gjølstad Said bin Saad Al Shahry Construction Civile Thommessen Krefting Gboalhan Agboluaje Fred Onuobia Greve Lund AS, member of Said Al Shahry Law Office Marie-Virginie Mamoudou Aelex, Legal Practitioners G. Elias & Co. Solicitors Lex Mundi Ali Nassir Seif Al-Bualy Chambre Nationale des & Arbitrators and Advocates Al-Bualy Attorneys at Law Notaires du Niger Pål Hasner Daniel Agbor Tochukwu Onyiuke PricewaterhouseCoopers & Legal Consultants Aoula Mamoudou Udo Udoma & Belo-Osagie Punuka Attorneys & Mohsin Ahmed Alawi Ministère de l'Urbanisme, Solicitors Renate Iren Heggelund Al-Hadad de l'Habitat et du Kenneth Aitken Tunde Osasona Advokatfirmaet Selmer Mohsin Al-Hadad & Amur Cadastre PricewaterhouseCoopers Whitestone Worldwide D.A. Al-Kiyumi & Partners Mamane Sani Manane Uche Ajaegbu Ltd. Odd Hylland Khalid Khamis Al-Hashmi Bureau d'Etudes Bala & Nigeria Employers' Olufemi Ososanya PricewaterhouseCoopers Muscat Municipality Himo Consultative Assembly HLB Z.O. Ososanya & Co. Tove Ihle-Hansen Abdullah Alsaidi Evelyne M'Bassidgé Owolabi Animashaun Gbenga Oyebode PricewaterhouseCoopers Dr. Abdullah Alsaidi Law FIDAFRICA / Scotech Universal Aluko & Oyebode office PricewaterhouseCoopers Resources Limited Jónar Transport Olushola Salau Saif Al-Saidi Adeline Messou Linda Arifayan Hanne Karlsen WTS Adebiyi & Associates Dr. Saif Al-Saidi Advocates FIDAFRICA / WTS Adebiyi & Associates Raeder Advokatfirma and Legal Consultants PricewaterhouseCoopers Barr. N.U. Chianakwalam Mohammed Sani Niels R. Kiaer Mohammed Alshahri Yayé Mounkaïla Legal Standard Consulting Smah Integrated Services Rime Advokatfirma DA Ltd. Mohammed Alshahri & Cabinet d'Avocats Bjørn H. Kise Associates Mounkaila-Niandou Akinbo A. A. Cornerstone Yomm Kinboss Nigeria Tunji Tiamiyu Advokatfirma Vogt & Ministry of Housing. Ibrahim Mounouni Limited Multifreightlogistics Wiig A.S. NIG Ltd. Bureau d'Etudes Bala & Ole Fredrik Melleby Hamad M. Al-Sharji Himo Kofo Dosekun Aluko & Oyebode Reginald Udom Raeder Advokatfirma Hamad Al-Sharji, Peter Mansour & Co. Mayaki Oumarou Aluko & Oyebode Karl Erik Nedregotten Dess Notarial Emmanuel Egwuagu Jihad Al-Taie Obla & Co. Uche Ugoi PricewaterhouseCoopers Jihad Al-Taie & Associates Sahabi Oumarou Akinwunmi & Busari, Legal Practioners (A & B) Thomas Nordgård Themis International Jude Bienose Ehiedu Vogt & Wiig AS Majid Al Toki Consultants Olisa Agbakoba & Associates Aniekan Ukpanah Trowers & Hamlins Ole Kristian Olsby Achimi M. Riliwanou Udo Udoma & Belo-Osagie Homble Olsby Sami Salim Al Asmi Etude de Maître Achimi Nnenna Ejekam Maxwell Ukpebor advokatfirma AS The Omani Center for Riliwanou Nnenna Ejekam Associates WTS Adebiyi & Associates Investment Promotion Johan Ratvik & Export Development Abdou Yacouba Saïdou Olusoji Elias Adamu M. Usman DLA Piper Norway DA (OCIPED) Cabinet Aspau Olusoji Elias and Company F.O. Akinrele & Co. Anne Ulset Sande Gaby Cobos Mano Salaou Anse Agu Ezetah Tokunbo Wahab Kvale & Co. Advokatfirma Curtis Mallet - Prevost, Cabinet d'Avocats Mano Chief Law Agu Ezetah Aluko & Oyebode ANS Colt & Mosle LLP Salaou & Co. Vegard Sivertsen M.K. Das Boubacar Salaou Yemi Idowu NORwAy Deloitte, member of Bank Muscat Etude de Maître Boubacar PricewaterhouseCoopers Anders Aasland Kittelsen Deloitte Touche Tohmatsu Salaou Agent Benjamin Ihua- Advokatfirmaet Schjødt Mehreen B. Elahi Ståle Skutle Arneson Al Alawi, Mansoor Jamal Daouda Samna Maduenyi da Advokatfirma Vogt & & Co. S.C.P.A. Mandela Ihua & Ihua Wiig A.S. acknowledgments 181 Abshaer M. Elgalal Shariq Aziz Jawad A. Sarwana Ana Lucia Márquez Steamships Trading Dr. Saif Al-Saidi Advocates Online Shipping & Logistics Abraham & Sarwana Arosemena Noriega & Company Ltd. and Legal Consultants Major Javed Bashir Mohammad Shafique Contreras, member of Ius Thomas Taberia Alessandro Gugolz Greenfields International Online Shipping & Logistics Laboris and Lex Mundi Peter Allan Lowing Said Al Shahry Law Office Kashif Butt Ghulam Haider Shamsi Ivette Elisa Martínez Saenz Lawyers Dali Habboub Zeeshan Enterprises Haider Shamsi & Co., Patton, Moreno & Asvat Denton Wilde Sapte pARAGUAy Bunker Logistics Chartered Accountants Yadira I. Moreno Sunil Joseph Mohammed Shoukat Aguilar Castillo Love Perla Alderete Maersk Line Ikram Fayaz Vouga & Olmedo Abogados Qamar Abbas & Co. Aircon Logistic Erick Rogelio Muñoz P.E. Lalachen MJ International Sucre Arias & Reyes Hugo T. Berkemeyer Hassan Al Ansari Legal Tahseen Ghani Zubair Umer José Miguel Navarrete Berkemeyer, Attorneys & Consultancy Hussain Home Textile Textile Home Arosemena Noriega & Counselors Mohamded Magdi Khalid Habibullah Ilyas Zafar Contreras, member of Ius Luis Alberto Breuer J. Nassir & Partners Abraham & Sarwana Zafar & Associates LLP. Laboris and Lex Mundi Berkemeyer, Attorneys & Counselors Pushpa Malani Javed Hassan Ramón Ortega PricewaterhouseCoopers Sojitz Corporation pALAU PricewaterhouseCoopers Esteban Burt Peroni, Sosa, Tellechea, Mansoor Jamal Malik Waqar Hussain Kenneth Barden Andrea Paniagua Burt & Narvaja, member of Al Alawi, Mansoor Jamal Abraham & Sarwana Attorney-at-Law PricewaterhouseCoopers Lex Mundi & Co. Hamid Hussain Cristina Castro Sebastian Perez María Debattisti Kapil Mehta Crown Movers Worldwide Western Caroline Trading Union Fenosa - EDEMET - Servimex SACI Maersk Line EDECHI Rashid Ibrahim Co. Lorena Dolsa Subha Mohan A.F. Ferguson & Co. Lolita Gibbons-Decheny Julio Pinedo Berkemeyer, Attorneys & Curtis Mallet - Prevost, PricewaterhouseCoopers Ali Adnan Ibrahim Koror Planning and Counselors Colt & Mosle LLP Georgetown University Zoning Office Alfredo Ramírez Jr. Blas Dos Santos Ala Hassan Moosa Law Center David Shadel Alfaro, Ferrer & Ramírez Ferrere Attorneys Muscat Electricity Aman Ullah Iqbal The Law Office of Kirk and Manuel E. Rodriguez Distribution Company Estefanía Elicetche Crown Trading Company Shadel Union Fenosa - EDEMET - Peroni, Sosa, Tellechea, Jessica Morris EDECHI Tariq Nasim Jan pANAmA Burt & Narvaja, member of Denton Wilde Sapte Datacheck Pvt. Ltd. Luz María Salamina Lex Mundi Bruce Palmer Alejandro Alemán Asociación Panameña de Shaukat Ali Khan Jorge Figueredo Curtis Mallet - Prevost, Alfaro, Ferrer & Ramírez Crédito Vouga & Olmedo Abogados Colt & Mosle LLP Alhabib Textile Industries Amanda C. Barraza de Wong Juan Tejada Néstor Gamarra Marian Paul Arif Khan PricewaterhouseCoopers PricewaterhouseCoopers Servimex SACI Al Alawi, Mansoor Jamal Qamar Abbas & Co. Francisco A. Barrios G. Valentín Ureña III & Co. Asim Khan Hameed PricewaterhouseCoopers Arosemena Noriega & Ilse Gonzalez Ilse Gonzalez & Asoc Reji Paul Ivon Trading Company Caroline Bono Contreras, member of Ius Dr. Abdullah Alsaidi Law Pvt. Ltd. Laboris and Lex Mundi PricewaterhouseCoopers Larisa Guillén Office Muhammad Maki Patricia Urriola PricewaterhouseCoopers Jose A. Bozzo Madhu Sathyaseelan Abraham & Sarwana Panalpina Garrido & Garrido Jorge Jimenez Rey Jihad Al-Taie & Associates Mehmood Y. Mandviwalla Ramón Varela Banco Central Jose Ignacio Bravo Peter Sayer Mandviwalla & Zafar Morgan & Morgan COCOLPLAN Nestor Loizaga Said Al Shahry Law Office Rashid Mehmood Ferrere Attorneys Luis Chalhoub pApUA NEw Charles Schofield Yasir Mehmood Icaza, Gonzalez-Ruiz & GUINEA Carmela Martínez Trowers & Hamlins Al Hafiz Enterprises Aleman PricewaterhouseCoopers Tyson Boboro Paul Sheridan T. Ud-Din A. Mirza Shanina J. Contreras Allens Arthur Robinson María Esmeralda Moreno Denton Wilde Sapte A.F. Ferguson & Co. Arosemena Noriega & Moreno Ruffinelli & Vincent Bull Asociados Paul Suddaby Moazzam Mughal Contreras, member of Ius Allens Arthur Robinson PricewaterhouseCoopers Boxing Winner Laboris and Lex Mundi Roberto Moreno Rodríguez David Caradus Alcalá Jeff Todd Mohammad Qasim Qureshi Julio Cesar Contreras III PricewaterhouseCoopers Moreno Ruffinelli & PricewaterhouseCoopers Azam Chaudhry Law Arosemena Noriega & Contreras, member of Ius Asociados Richard Flynn Thomas Willan Associates Laboris and Lex Mundi Blake Dawson Hector Palazon Denton Wilde Sapte Shaheer Asghar Qureshi Guadalupe de Coparropa Ferrere Attorneys Justin Haiara Norman Williams Sahil Freight Pakistan Private Limited CEVA Logistics Steeles Lawyers Rocío Penayo Majan Engineering Moreno Ruffinelli & Consultants Faiza Rafique Ricardo Eskildsen Morales Eskildsen & Eskildsen Peter Joseph Heystraten Asociados Sarah Wright Chaudhary Law Associates Sea Horse Pacific Yolanda Pereira Denton Wilde Sapte Adnan Rafique Michael Fernandez Antonia Laki Berkemeyer, Attorneys & Parian International CAPAC (Cámara Panameña PricewaterhouseCoopers Counselors pAkISTAN de la Construcción) Abdul Rahman Alejandro Fernández de David Lavery Armindo Riquelme Sh. Farooq Abdullah Qamar Abbas & Co. Castro Blake Dawson Fiorio, Cardozo & Abraham & Sarwana Waqar Rana PricewaterhouseCoopers John Leahy Alvarado Ali Jafar Abidi Cornelius Lane & Mufti Enna Ferrer Peter Allan Lowing Belen Saldivar Romañach State Bank of Paksitan Abid Rauf Alfaro, Ferrer & Ramírez Lawyers Ferrere Attorneys Waheed Ahmad ARC International Einys K. Fuentes Simon Nutley Angela Schaerer de Sosa Chaudhary Law Associates Mehdi Raza Panamá Soluciones Peter Allan Lowing Escribana Pública Lawyers Masood Ahmed Moosa Textile Mills (Pvt) Logísticas Int. - PSLI Ruben Taboada Abraham & Sarwana Ltd Jorge Garrido Steven O'Brien PricewaterhouseCoopers O'Briens Amjad Ali Sajjad Raza Garrido & Garrido pERU Cotton Loop Transocean Shipping Kapu Rageau Agencies Jorge R. González Byrne Rageau, Manua & Kikira Walter Aguirre Aroma Surgical Co. Arias, Alemán & Mora Abdul Razzaq Lawyers PricewaterhouseCoopers Qamar Abbas & Co. Ricardo Madrid PricewaterhouseCoopers 182 doing business 2009 Marco Antonio Alarcón Piana Milagros Maravi Monica Yoland Arteaga Herminio Liwanag Tomasz Brudkowski Estudio Echecopar Estudio Rubio, Leguía, Chaparro Jimenez Gonzales Liwanag Kochaski, Brudkowski & Humberto Allemant Normand y Asociados Registro Predial Urbano Bello Valdez Caluya & Partners PricewaterhouseCoopers Jesús Matos Fernandez phILIppINES Krzysztof Cichocki Gisella Alvarado Caycho Estudio Olaechea, member Lory Anne Manuel-McMullin SKS Legal Estudio Echecopar of Lex Mundi Emilio Amaranto Jimenez Gonzales Liwanag Krzysztof Ciepliski Puyat Jacinto Santos Law Bello Valdez Caluya & Guilhermo Auler Milagros Mendoza Office Fernandez Gide Loyrette Nouel Forsyth & Arbe Abogados Estudio Rubio, Leguía, Polska Normand y Asociados Myla Gloria Amboy Yolanda Mendoza-Eleazar Raul Barrios Boena Ciosek Anna Julia Mendoza Jimenez Gonzales Liwanag Castillo Laman Tan Barrios Fuentes Gallo Bello Valdez Caluya & Pantaleon & San Jose Law Wierzbowski Eversheds, Abogados Payet, Rey, Cauvi Abogados Fernandez Offices member of Eversheds International Ltd. German Barrios Marlene Molero Jazmin Banal Elmer R. Mitra, Jr Tomasz Duchniak Barrios Fuentes Gallo Estudio Rubio, Leguía, Romulo, Mabanta, PricewaterhouseCoopers / Abogados Normand y Asociados Buenaventura, Sayoc & de Isla Lipana & Co. SKS Legal Vanessa Barzola Miguel Mur los Angeles, member of Lex Jesusito G. Morallos Lech Giliciski PricewaterhouseCoopers PricewaterhouseCoopers Mundi Follosco Morallos & White & Case W. Legal Services Franco Muschi Manuel Batallones Herce Danilowicz, W. Jurcewicz i Wspólnicy sp. k. Marianell Bonomini Payet, Rey, Cauvi Abogados BAP Credit Bureau Freddie Naagas Pawel Grzekowiak PricewaterhouseCoopers Gabriel Musso Alexander B. Cabrera OOCL Logistics Legal Services Estudio Rubio, Leguía, PricewaterhouseCoopers / Gide Loyrette Nouel Alan Ortiz Polska José Ignacio Castro Normand y Asociados Isla Lipana & Co. Follosco Morallos & Fidala Jaroslaw Estudio Rubio, Leguía, Carmen Padrón Rusvie Cadiz Herce Normand y Asociados Estudio Rubio, Leguía, RVFreight and Services Tokarczuk, Jdrzejczyk, Nicanor N. Padilla Wspólnicy. Kancelaria Fernando Castro Kahn Normand y Asociados Joseph Omar A. Castillo Siguion Reyna Montecillo prawna Gide Loyrette Muñiz, Ramírez, Peréz- Adolfo J. Pinillos Puyat Jacinto Santos Law & Ongsiako Nouel Polska Taiman & Luna Victoria Durand Abogados Office Emmanuel C. Paras Piotr Kaim Attorneys at Law Lucianna Polar Kenneth Chua SyCip Salazar Hernandez & PricewaterhouseCoopers Javier de la Vega Estudio Olaechea, member Quisumbing Torres, Gatmaitan Tomasz Kaski PricewaterhouseCoopers of Lex Mundi member firm of Baker and Zayber B. Protacio Soltysiski Kawecki & Alfonso De Los Heros Pérez Carlos Javier Rabanal Sobrino McKenzie PricewaterhouseCoopers / Szlzak Albela Durand Abogados Emerico O. de Guzman Isla Lipana & Co. Iwona Karasek Estudio Echecopar Fernando M. Ramos Angara Abello Concepcion Janice Kae Ramirez Jagiellonian University Mariana De Olazaval Barrios Fuentes Gallo Regala & Cruz Law Offices Quasha Ancheta Pena & Krakow Estudio Olaechea, member Abogados (ACCRALAW) Nolasco Edyta Kolkowska of Lex Mundi Sonia L. Rengifo Juana M. Dela Cruz Roderick Reyes Ewa Lachowska - Brol Paula Devescovi Barrios Fuentes Gallo International Jimenez Gonzales Liwanag Wierzbowski Eversheds, Barrios Fuentes Gallo Abogados Consolidator Philippines, Bello Valdez Caluya & member of Eversheds Abogados Inc. Fernandez Alonso Rey Bustamante International Ltd. Juan Carlos Durand Rachelle Diaz Payet, Rey, Cauvi Abogados Ricardo J. Romulo Dagmara Lipka-Chudzik Grahammer Quisumbing Torres, Romulo, Mabanta, Magnusson Durand Abogados Guillermo Acuña Roeder member firm of Baker and Buenaventura, Sayoc and Estudio Rubio, Leguía, McKenzie de los Angeles, member of Agata Mierzwa Arturo Ferrari Normand y Asociados Ma. Lourdes Dino Lex Mundi Wierzbowski Eversheds, Muñiz, Ramírez, Peréz- member of Eversheds Taiman & Luna Victoria Augusto Ruiloba Morante Jimenez Gonzales Liwanag Roy Enrico Santos International Ltd. Attorneys at Law Estudio Echecopar Bello Valdez Caluya & Fernandez Puyat Jacinto Santos Law Office Dariusz Okolski Guillermo Ferrero Emil Ruppert Yañez Rachel Follosco Okolski Law Office Estudio Ferrero Abogados Estudio Rubio, Leguía, Sheryl Tanquilut Normand y Asociados Follosco Morallos & Romulo, Mabanta, Krzysztof Pawlak Luís Fuentes Herce Buenaventura, Sayoc & de Soltysiski Kawecki & Barrios Fuentes Gallo Carolina Sáenz Catherine Franco los Angeles, member of Lex Szlzak Abogados Estudio Rubio, Leguía, Mundi Normand y Asociados Quisumbing Torres, Weronika Pelc Juan García Montúfar member firm of Baker and Bianca Torres Wardyski & Partners, Estudio Rubio, Leguía, Adolfo Sanabria Mercado McKenzie PJS Law member of Lex Mundi Normand y Asociados Muñiz, Ramírez, Peréz- Taiman & Luna Victoria Gilberto Gallos Ma. Melva Valdez Anna Maria Pukszto Anabelí González Attorneys at Law Angara Abello Concepcion Jimenez Gonzales Liwanag Salans Estudio Ferrero Abogados Regala & Cruz Law Offices Diego Sanchez (ACCRALAW) Bello Valdez Caluya & Bartlomiej Raczkowski Cecilia Guzman-Barron Fernandez PricewaterhouseCoopers Bartlomiej Raczkowski Barrios Fuentes Gallo Geraldine S. Garcia Redentor C. Zapata Kancelaria Prawa Pracy Abogados Martin Serkovic Follosco Morallos & Quasha Ancheta Pena & Estudio Olaechea, member Herce Piotr Sadownik Jose A. Honda Nolasco of Lex Mundi Gide Loyrette Nouel Estudio Olaechea, member Gwen Grecia-de Vera Gil Roberto Zerrudo Polska of Lex Mundi Hugo Silva PJS Law Quisumbing Torres, Rodrigo, Elías, Medrano Katarzyna Sarek Rafael Junco member firm of Baker and Abogados Rafael Khan McKenzie Bartlomiej Raczkowski Camara Peruana de la Siguion Reyna Montecillo Kancelaria Prawa Pracy Construccion José Antonio Valdez & Ongsiako Estudio Olaechea, member pOLANd Zbigniew Skórczyski Kuno Kafka Prado of Lex Mundi Genevieve M. Limbo Chadbourne & Parke LLP Estudio Rubio, Leguía, PricewaterhouseCoopers / Allen & Overy A. Pdzich Normand y Asociados Valery Vicente Isla Lipana & Co. Sp.k. Dariusz Smiechowski Forsyth & Arbe Abogados Adolfo Lopez Victoria Limkico Grzegorz Banasiukj Union of Polish Architects PricewaterhouseCoopers Manuel Villa-García Jimenez Gonzales Liwanag Gide Loyrette Nouel Iwona Smith Estudio Olaechea, member Bello Valdez Caluya & Polska German Lora PricewaterhouseCoopers of Lex Mundi Fernandez Payet, Rey, Cauvi Abogados Aleksander Borowicz Ewelina Stobiecka Ursula Villanueva Erich H. Lingad Biuro Informacji Raul Lozano-Merino Eiselsberg Natlacen Estudio Rubio, Leguía, International Kredytowej S.A. Walderdorff Cancola Peña, Lozano, Faura & Normand y Asociados Consolidator Philippines, Rechtsanwälte GmbH Asociados Inc. acknowledgments 183 Dariusz Tokarczuk Associados, Member of Lex Javier Arbona qATAR Abdul Jaleel Gide Loyrette Nouel Mundi Quiñones & Sánchez, PSC Lex Chambers. Polska Isabel Martínez de Salas James A. Arroyo Naveed Abdulla Milan Joshi Wojciech Wdolowsk Garrigues TransUnion Gulf Star Group Bin Yousef Cargo Express Magnusson Susana Melo Hermann Bauer Shawki Abu Nada W.L.L Radoslaw Waszkiewicz Grant Thornton O'Neill & Borges Central Tenders Upuli Kasthuriarachchi Soltysiski Kawecki & Consultores, Lda Committee PricewaterhouseCoopers Szlzak Nikos Buxeda Ferrer Joaquim Luis Mendes Abdelmoniem Abutiffa Adsuar Muñiz Goyco Seda Sajid Khan Ewa Winiewska Grant Thornton & Pérez-Ochoa, P.S.C Qatar International Law Firm PricewaterhouseCoopers Tomasz Zabost Consultores, Lda. Mildred Caban Ali Kudah João Moucheira Ali Al Amari pORTUGAL Goldman Antonetti & Customs and Ports Directorate General of Córdova P.S.C Central Bank General Authority Registry & Notary Civil Kholoud Al Faihani Victor Abrantes Service Jorge Capo Ahmed Sayed Rekaby Mansy Victor Abrantes - O'Neill & Borges Maitha Al Hajri Law Office of Rashid Bin International Sales Agent Mouteira Guerreiro, Rosa Amaral & Associados - Walter F. Chow Mohammed Saleh Al Jilani Abdulla AI-Khalifa Filipa Arantes Pedroso Sociedade de Advogados O'Neill & Borges Central Bank Abdul Muttalib Morais Leitão, Galvão R.L. Hassan Abdulla Al Khouri Gulf Star Group Teles, Soares da Silva & Myrtelena Díaz Pedora Associados, Member of Lex Rita Nogueira Neto Adsuar Muñiz Goyco Seda Abdullah Al Muslemani Najwan Nayef Mundi Garrigues & Pérez-Ochoa, P.S.C Legal Advisor Clyde & Co.Legal Consultants Miguel Azevedo Felipe Oliviera Alberto G. Estrella Nada Mubarak Al Sulaiti Garrigues Carlos de Sousa & Brito & William Estrella Law Ali Said Othman Associados Offices Al Sulaiti, Attorneys, Central Tenders Manuel P. Barrocas Legal Consultants & Arbitrators Committee Barrocas Sarmento Neves Rui Peixoto Duarte Carla Garcia Abreu Advogados O'Neill & Borges Mohammed A. Ali Mohammed SHK. Qasem José Pedro Briosa e Gala Al Khorri Advocate & Khatib & Alaml Barrocas Sarmento Neves Pedro Pereira Coutinho Carlos Hernandez Garrigues Reichard & Escalera Legal Consultants Annette Seiffert Rita Carvalho Adnan Ali Clyde & Co. Legal PricewaterhouseCoopers Acácio Pita Negrão Gerardo Hernandez PLEN - Sociedade de William Estrella Law PricewaterhouseCoopers Consultants Tiago Castanheira Marques Advogados, RL Offices Abdul Rahman Ali Almotawa Sarah Simms Abreu Advogados Margarida Ramalho Francisco Hernández-Ruiz Customs and Ports Clyde & Co. Legal Susana Cebola Associação de Empresas Reichard & Escalera General Authority Consultants Directorate General of de Construção e Obras A. Rahman Mohamed Laura Warren Registry & Notary Civil Públicas Donald E. Hull Al-Jufairi Clyde & Co. Legal Service Pietrantoni Méndez & Paulo Ribeiro Alvarez LLP A. Rahman Mohamed Consultants Gabriel Cordeiro Quinta do Figueiral Al-Jufairi Terence G.C. Witzmann Direcção Municipal de Luis Marini Juma Ali Rashed Al-Kaabi HSBC Gestão Urbanística Filomena Rosa O'Neill & Borges Directorate General of Ministry of Economy & João Cadete de Matos Registry & Notary Civil Rubén M. Medina-Lugo Commerce ROmANIA Banco de Portugal Service Cancio, Nadal, Rivera & Díaz Rashid Bin Abdulla Al-Khalifa Adriana Almasan Carlos de Sousa e Brito David Salgado Areias Law Office of Rashid Bin Stoica & Asociatii Carlos de Sousa & Brito & Abreu Advogados Oscar O Meléndez - Sauri Abdulla AI-Khalifa Attorneys-at-Law Associados Coto Malley & Tamargo, Pedro Santos LLP Khalil Al-Mulla Alina Badea Cristina Dein Andromeda Customs and Ports Muat & Asociaii Dein Advogados Pedro A. Morell General Authority Pedro Santos Goldman Antonetti & Emanuel Bancila John Duggan Grant Thornton Córdova P.S.C Muna Al-Mutawa PricewaterhouseCoopers PricewaterhouseCoopers Consultores, Lda Advocate & Legal Carlos Nieves Consultant Irina Bnic Bruno Ferreira Raquel Santos Quiñones & Sánchez, PSC Muat & Asociaii Garrigues Morais Leitão, Galvão Mohammed H. Al-Naimi Joaquin M Nieves Central Tenders Irina Barbu Jorge Figueiredo Teles, Soares da Silva & Associados, Member of Lex Sun Air Expedite Service Committee D & B David si Baias S.C.A. PricewaterhouseCoopers Mundi Jorge Peirats Ahmad Al-Remehi Cristian Bichi Inga Kilikeviciene Manuel Silveira Botelho Pietrantoni Méndez & Real Estate Registration National Bank Martim Krupenski António Frutuoso de Melo Alvarez LLP Department Monica Biciusca Barrocas Sarmento Neves e Associados - Sociedade de Ahmed Mohammed Anghel Stabb & Partners Advogados, R.L. Edwin Quiñones Al-Rmehy Maria Manuel Leitão Marques Quiñones & Sánchez, PSC Ministry of Justice Roxana Bolea Secretary of State Carmo Sousa Machado Victor Rodriguez D & B David si Baias S.C.A. for Administrative Abreu Advogados Multitransport & Marine Walid A. Moneim Amen Modernisation Cosmin Bonea João Paulo Teixeira de Matos Co. Labour Department Salans Diogo Léonidas Rocha Garrigues Victor Rodriguez Ian Clay Garrigues Cezara Chirica pUERTO RICO PricewaterhouseCoopers PricewaterhouseCoopers D & B David si Baias S.C.A. Jorge Pedro Lopes Jorge M. Ruiz Montilla Dalal K. Farhat Polytechnic Institute of Viviana Aguilu McConnell Valdés LLC Arab Engineering Bureau Anamaria Corbescu Bragança PricewaterhouseCoopers Salans Javier Sánchez Steuart Anthony Greig Marta Elisa Machado Israel Alicea Bin Yousef Cargo Express Dorín Coza PricewaterhouseCoopers Quiñones & Sánchez, PSC Ineabelle Santiago Babiuc Sulica Reichard & Escalera W.L.L Protopopescu Vonica Ana Margarida Maia Ignacio Alvarez Robert A. Hager Miranda Correia Pietrantoni Méndez & Yasmin Umpierre-Chaar Patton Boggs LLP Tiberiu Csaki Amendoeira & Associados Alvarez LLP O'Neill & Borges Salans Tajeldin Idris Babiker Miguel Marques dos Santos Alfredo Alvarez-Ibañez Carlos Valldejuly ABN Law Firm Peter De Ruiter Garrigues O'Neill & Borges O'Neill & Borges PricewaterhouseCoopers Samar A. Ismail Filipa Marques Junior Juan Aquino Fernando Van Derdys Khatib & Alami Luminita Dima Morais Leitão, Galvão O'Neill & Borges Reichard & Escalera Nestor Nestor Diculescu Teles, Soares da Silva & Travis Wheatley Ibrahim Jaidah Kingston Petersen, member O'Neill & Borges Arab Engineering Bureau 184 doing business 2009 of Ius Laboris, of Lex of Ius Laboris, of Lex Darya Angelo Konstantin Salichev André Verbruggen Mundi & of SEE Legal Mundi & of SEE Legal Law Firm ALRUD Andrey Shpak Alexandru Dobrescu Lavinia Nucu Ekaterina Avilova PricewaterhouseCoopers SAmOA Lina & Guia S.C.A Anghel Stabb & Partners PricewaterhouseCoopers Olga Sirodoeva Tiffany Acton Ion Dragulin Alina Oancea Legal Services Orrick Herrington & Quantum Contrax Ltd National Bank PricewaterhouseCoopers Fedor Bogatyrev Sutcliffe LLP Mike Betham Laura Adina Duca Marius Ptrcanu Law Firm ALRUD Steven Snaith Transam Ltd. Nestor Nestor Diculescu Muat & Asociaii Alexia Borisov PricewaterhouseCoopers Kingston Petersen, member Lawrie Burich Andreas Neocleous & Co., of Ius Laboris, of Lex Cristina Popescu Legal Consultants Pavel Solovyev Quantum Contrax Ltd Mundi & of SEE Legal Lina & Guia S.C.A Magnusson Julia Borozdna Murray Drake Cristina Ene Alina Popescu Baker & McKenzie Irina Strizhakova Drake & Co. PricewaterhouseCoopers Muat & Asociaii Andreas Neocleous & Co., Maria Bykovskaya Legal Consultants Ruby Drake Serban Epure Mariana Popescu Gide Loyrette Nouel, Drake & Co. Biroul de Credit National Bank member of Lex Mundi Elena Subocheva Russin & Vecchi, LLC George Latu Adriana Gaspar Diana Emanuela Precup ESPRO Real Estate Latu Ey & Clarke Lawyers Nestor Nestor Diculescu Nestor Nestor Diculescu Mikhail Usubyan Arthur R. Penn Kingston Petersen, member Kingston Petersen, member Valery Getmanenko Orrick, Herrington & Lesa ma Penn of Ius Laboris, of Lex of Ius Laboris, of Lex Baker & McKenzie Sutcliffe LLP Mundi & of SEE Legal Mundi & of SEE Legal Maria Gorban Andrey Zhdanov John Ryan Gina Gheorghe Irina Preoteasa Gide Loyrette Nouel, Baker & McKenzie Transam Ltd. Tanasescu, Leaua, Cadar & PricewaterhouseCoopers member of Lex Mundi Shan Shiraz Ali Usman Asociatii Alina Proteasa Evgeniy Gouk RwANdA Tradepac Marketing Ltd. Sergiu Gidei Lina & Guia S.C.A PricewaterhouseCoopers Banque Commerciale du D & B David si Baias S.C.A. SãO TOmé ANd Adriana Puscas CIS Law Offices B.V. Rwanda pRINCIpE Alexandru Gosa Babiuc Sulica Marlena Hurley Emmanuel Abijuru D & B David si Baias S.C.A. Protopopescu Vonica TransUnion CRIF Decision António de Barros A. Aguiar Solution Université Libre de Kigali SOCOGESTA Veronica Gruzsniczki Raluca Radu Alberto Basomingera Babiuc Sulica Salans Irina Im Cabinet d'Avocats André Aureliano Aragão Protopopescu Vonica Laura Radu PricewaterhouseCoopers Mhayimana André Aureliano Aragão Jurisconsulta & Advogado Mihai Guia Stoica & Asociatii Sergej Juzovitski Pierre Célestin Bumbakare Lina & Guia S.C.A Attorneys-at-Law Ramboll Rwanda Revenue Fernando Barros PricewaterhouseCoopers Nicolae Hariuc Alina Rafaila Maxim Kandyba Authority Zamfirescu Racoi Predoiu PricewaterhouseCoopers PricewaterhouseCoopers José Habimana Jorge Bonfim Law Partnership Angela Rosca CIS Law Offices B.V. Umwlimu Sacco Direcção do Comércio Hidropneumatica Taxhouse SRL Ekaterina Kotova Jean Havugimana Pedro Calixto Roxana Ionescu Alex Rosca PricewaterhouseCoopers PricewaterhouseCoopers CIS Law Offices B.V. Rwanda Revenue Nestor Nestor Diculescu Taxhouse SRL Authority Edmar Carvalho Kingston Petersen, member Dmitry Kurochkin Suzanne Iyakaremye Miranda Correia of Ius Laboris, of Lex Ana-Maria Rusu Herbert Smith CIS LLP SDV Amendoeira & Asociados Mundi & of SEE Legal Salans Sergei L. Lazarev Project Kaburege Abreu Conceição Iulian Iosif Romana Schuster Russin & Vecchi, LLC. Cabinet d'Avocat Kaburege Soares Da Costa Muat & Asociaii PricewaterhouseCoopers Maxim Likholetov Annie Kairaba-Kyambadde João Cristovão Crenguta Leaua Cristina Simion Magnusson Rwanda Initiative for Banco Internacional de Tanasescu, Leaua, Cadar & PricewaterhouseCoopers Sustainable Development / São Tomé e Príncipe Asociatii Alexandru Slujitoru Dmitry Lyakhov Russin & Vecchi, LLC. LandNet Frederico da Glória Cristian Lina D & B David si Baias S.C.A. Marcellin Kamanzi Tribunal de Primeira Lina & Guia S.C.A Alexandra Sova Anastasia Malashkevich PricewaterhouseCoopers Robert Kamugisha Instância de São Tomé Dumitru Viorel Manescu Sova & Partners Ministry of Justice Pascoal Daio National Union of Ileana Sovaila Irina Martakova Pascoal Daio - Advogado & Romanian Notaries Muat & Asociaii PricewaterhouseCoopers Angélique Kantengwa Consultore National Bank Alina Manescu David Stabb Vladimir Melnikov Abílio de Carvalho Dema PricewaterhouseCoopers Anghel Stabb & Partners Herbert Smith CIS LLP Theophile Kazaneza Cabinet Africain de Kigali Bar Association Oana Manuceanu Gestion Informatique et Marta Stefan Lyudmila Merzlikina Contable PricewaterhouseCoopers Anghel Stabb & Partners ALRUD Law Firm Rodolphe Kembukuswa SDV Celiza Deus Lima Gelu Titus Maravela Cristiana Stoica Yuri Monastyrsky JPALMS Advogados Muat & Asociaii Stoica & Asociatii Monastyrsky, Zyuba, Narasimha Kollegal Stepanov & Partners World Freight s.a.r.l. Direcção das Alfândegas Carmen Medar Attorneys-at-Law D & B David si Baias S.C.A Sorin Corneliu Stratula OAO Pigment Isaïe Mhayimana Agostinho Q.S.A. Fernandes Cabinet d'Avocats Directorate of Taxes Raluca Mocanu Stratula Tomosoiu Gennady Odarich Mhayimana PricewaterhouseCoopers Mocanu PricewaterhouseCoopers Cesaltino Fernandes Legal Services Minette Mutoni Serviços Geograficos e Dominic Morega Potyesz Tiberu Barreau de Kigali Cadastrais Muat & Asociaii Bitrans Ltd., member of Tatiana Ponomareva World Mediatrans Group Pothin Muvara Raul Gomes Adriana Neagoe Igor Porokhin ATS Logistics Co. National Bank Anca Vatasoiu Magnusson David Ngaracu Salans World Freight s.a.r.l. Metalurgica Santo Amaro Manuela Marina Nestor Maria Priezzheva Nestor Nestor Diculescu Mihai Vintu Orrick Herrington & Athanase Rutabingwa Jean-Paul Migan Kingston Petersen, member PricewaterhouseCoopers Sutcliffe LLP Kigali Allied Advocates Ecobank of Ius Laboris, of Lex Roman Reshetyuk Vincent Shyirambere Faustino Manuel Neto Mundi & of SEE Legal RUSSIAN PricewaterhouseCoopers Office of the Registrar of EMAE Madalin Niculeasa fEdERATION Legal Services Land Titles Eduardo Paiva Nestor Nestor Diculescu Marat Agabalyan Evgeny Reyzman Kingston Petersen, member PricewaterhouseCoopers Herbert Smith CIS LLP Baker & McKenzie acknowledgments 185 Luisélio Pinto Shadi Haroon Matthias Hubert Jelena Edelman Clare Vernon United Investments Baker Botts LLP FIDAFRICA / Prica & Partners Law PricewaterhouseCoopers Guilherme Posser da Costa Jochen Hundt PricewaterhouseCoopers Office Milos Vuli De Juris - Advocacia e Al-Soaib Law Firm Oumy Kalsoum Gaye Olga Serb Greti Prica & Partners Law Consultoria, Lda. David K. Johnson Chambre de Commerce Ninkovi Law Office Office Cosme Bonfim Afonso Rita Al Juraid & Company / d'Industrie et Oliver Haussmann Relja Zdravkovi Câmara de Comércio, PricewaterhouseCoopers d'Agriculture de Dakar Moravcevic, Vojnovi Moravcevic, Vojnovi Agricultura e Serviços Marcus Latta Seydina Kane & Zdravkovi o.a.d. u & Zdravkovi o.a.d. u Deodato Gomes Rodrigues The Law Firm of Salah Senelec saradnji sa Schönherr saradnji sa Schönherr ENAPORT Al-Hejailany Sidy Kanoute Harrison Solicitors Branislav Zivkovi Maria do Céu Silveira Muhammad Lotfi Avocat à la Cour Jovana Ili Zivkovic & Samardzic Law Direcção de Obras Toban Law Firm Moussa Mbacke PricewaterhouseCoopers Office Públicas e Urbanismo Hassan Mahassni Etude notariale Moussa Anna Jankov Milos Zivkovi Carlos Stock Law Office of Hassan Mbacke PricewaterhouseCoopers Zivkovi & Samardzi Law Direcção dos Registros e Mahassni Mamadou Mbaye office Notariado Nikola Jankovi Muntasir Osman SCP Mame Adama Gueye & Law Offices Jankovi, SEyChELLES Sara Ranito Trigueiros Law Office of Hassan Associés Popovi & Miti Banco Internacional de Mahassni Ibrahima Mbodj Gerry Adam São Tomé e Príncipe Martina Jovi Mahe Shipping Co. Ltd. K. Joseph Rajan Avocat à la Cour PricewaterhouseCoopers Rui Veríssimo Globe Marine Services Co. Pierre Michaux Jules G. Baker Soares Da Costa Mirko Kevac Ports Authority Mustafa Saleh FIDAFRICA / PricewaterhouseCoopers PricewaterhouseCoopers SAUdI ARABIA Turner International France Gonzalves Bonte Pape Oumar Ndiaye Dubravka Kosi Andre D. Ciseau Emad Fareed Abdul Jawad Abdul Shakoor Avocat à la Cour Law Office Kosic Seychelles Ports Globe Marine Services Co. Globe Marine Services Co. Cheikh Tidiane Ndiaye Marija Kosti Authority Abdulaziz Abdullatif Sameh M. Toban Secom Law Offices Jankovi, Popovi & Miti Alex Ellenberger Al-Soaib Law Firm Toban Law Firm Moustapha Ndoye Locus Architecture Pty. Ivan Krsikapa Ali Abedi Natasha Zahid Cabinet d'Avocats Ltd. Ninkovi Law Office The Allaince of Abbas Baker Botts LLP Cheikh Oumar Sall Daniel Houareau F. Ghazzawi & Co. and Abdul Aziz Zaibag Aleksandar Mancev Ports Authority Hammad, Al-Mehdar & Co. Alzaibag Consultants Mbacké Sene Prica & Partners Law Joe Morin Nasreldin Ahmed Soudki Zawaydeh Senelec Office Mahe Shipping Co. Ltd. The Law Firm of Salah Al Juraid & Company / Daniel-Sedar Senghor Aleksandar Miljkovi Al-Hejailany PricewaterhouseCoopers Notaire PricewaterhouseCoopers Bernard L. Pool Pool & Patel Omar Al Saab Ebaish Zebar SDV Dimitrije Nikoli Mohanned Bin saudi Al The Law Firm of Salah Cargo T. Weiss Roddy Ramanjooloo Rasheed Law Firm in Al-Hejailany Djibril Sy Hoolooman Project Association with Baker Secom Djurdje Ninkovi Services Botts L.L.P SENEGAL Dominique Taty Ninkovi Law Office Unice Romain Nasser Alfaraj FIDAFRICA / Darija Ognjenovi Ports Authority Baker & McKenzie Ltd. Ibrahima Abdoulaye PricewaterhouseCoopers Prica & Partners Law Senelec Office Serge Rouillon Mohammed Al-Ghamdi Ibra Thiombane Attorney-at-Law Fulbright & Jaworski LLP Khaled Abou El Houda SCP Mame Adama Gueye & Igor Oljaci Cabinet Kanjo Koita Associés Law Office Kosic SIERRA LEONE Hesham Al-Homoud The Law Firm of Dr. Cabinet Sarr & Associés, Moustapha Thioune Vladimir Peri Kelvin Abdallah Hesham Al-Homoud member of Lex Mundi Societe Generale de Prica & Partners Law Banques au Senegal Office PricewaterhouseCoopers Mohammed Al-Jaddan Magatte Dabo Gideon Ayi-Owoo The Law Firm of Yousef Transfret Dakar Adama Traore Snezana Pesi PricewaterhouseCoopers and Mohammed Al-Jaddan Jonathan Darboux SCP Mame Adama Gueye & PricewaterhouseCoopers Associés Mohamed Sahid Bangura Nabil Abdullah Al-Mubarak BCEAO Mihajlo Prica Macauley, Bangura & Co. Saudi Credit Bureau - Fallou Diéye Baba Traore Prica & Partners Law SIMAH APIX -Agence chargée Transfret Office H.A. Bloomer Ports Authority Fayez Al-Nemer de la Promotion de SERBIA Marko Repi Talal Bin Naif Al-Harbi l'Investissement et des Law Office Kosic A.Y Brewah Law Firm Grands Travaux Rade Backovi Vladimir Savi Brewah & Co. Sami Al-Sarraj Issa Dione Association of Serbian Banks CPI Investement Nicholas Colin Browne-Marke Al Juraid & Company / Senelec Nenad Stankovi Court of Appeals PricewaterhouseCoopers Patricia Lake Diop Rene Bijvoet Joksovic, Stojanovic and Charles Campbell Mohammed Al-Soaib Fodé Diop PricewaterhouseCoopers Partners Charles Campbell & Co. Al-Soaib Law Firm Art Ingegierie Afrique Bojana Bogojevi Ana Stankovi John Carter Ali Awais Fatimatou Zahra Diop PricewaterhouseCoopers Moravcevic, Vojnovi KPMG Baker Botts LLP BCEAO Marija Bojovi & Zdravkovi o.a.d. u saradnji sa Schönherr Leslie Theophilus Clarkson Joseph Castelluccio Amadou Drame PricewaterhouseCooper Ahmry Services Fulbright & Jaworski LLP Cabinet d'Avocat Natasa Cvetianin Petar Stojanovi Joksovic, Stojanovic and Neneh Dabo Maher El Belbeisi Cheikh Fall Law Offices Jankovi, Popovi & Miti Partners Anti-Corruption Abu-Ghazaleh Legal office Cabinet d'Avocat Commission Aleksandar Dimitrov Jovana Stojanovi Adel El Said Aïssatou Fall Prica & Partners Law PricewaterhouseCoopers Vidal Decker Panalpina FIDAFRICA / Office Zoran Teodosijevi KPMG Adel ElZein PricewaterhouseCoopers Jelena Djoki Law Offices Jankovi, Mariama Dumbuya Mohamed Ben Laden Law Mame Adama Gueye PricewaterhouseCoopers Popovi & Miti Renner Thomas & Co., Firm Mame Adama Gueye & Adele Chambers Uros Djordjevi Jovana Tomasevi Imad El-Dine Ghazi Associes Zivkovic & Samardzic Law Zivkovi & Samardzi Law Dzidzedze Fiadjoe Law Office of Hassan Khaled A. Houda Office Office PricewaterhouseCoopers Mahassni Avocat à la Cour 186 doing business 2009 Cecil French Hui Jia Ang SLOvAkIA Michal Zeman Anka Pogacnik National Power Authority PricewaterhouseCoopers Cechová & Partners, PricewaterhouseCoopers Denis John Scott Garvie Hooi Yen Chin Zuzana Amrichova member of Lex Mundi Tamara Serdoner National Power Authority Gateway Law Corporation PricewaterhouseCoopers. Dagmar Zukalová PricewaterhouseCoopers Eke Ahmed Halloway Paerin Choa Martina Behuliaková Zukalová Counselors-at- Andreja Skofic-Klanjscek Halloway & Partners TSMP Law Corporation Geodesy, Cartography and Law Cadastre Authority of the Deloitte d.o.o Millicent Hamilton-Hazeley Kit Min Chye Slovak Republic SLOvENIA Beta Stembal Clas Legal Tan Peng Chin LLC Vladimir Beles Ana Berce PricewaterhouseCoopers Michael A.O. Johnson Troy Doyle PricewaterhouseCoopers Odvetniki Selih & Renata Sterbenc Strus Ministry of Lands, Clifford Chance Wong Radmila Benkova Partnerji Law Office Jadek & Pensa Country Planning and the d.o.o. Environment Cyril Dumon PricewaterhouseCoopers Crtomir Borec SDV International PricewaterhouseCoopers Laura Thomson Mariama Kallay Todd Bradshaw Logistics PricewaterhouseCoopers Government of Sierra PricewaterhouseCoopers Branko Boznik Leone Paula Eastwood Ján Budinskı EFT Transportagentur Nives Uljan PricewaterhouseCoopers GmbH Panalpina Welttransport Alex Konoima Slovak Credit Bureau, s.r.o. GmbH Ministry of Lands, Chi Duan Gooi Kristina Cermakova Natasa Bozovi Country Planning and the Donaldson & Burkinshaw Peterka & Partners Bank of Slovenia Matthias Wahl Environment Muhammad Hattar Schönherr Rechtsanwälte Elena Chorvátová Eva Budja GmbH / Attorneys-at-Law George Kwatia Rodyk & Davidson LLP Peterka & Partners Law Office Jadek & Pensa PricewaterhouseCoopers Ong Hway Cheng d.o.o. Alenka Zaversek Zuzana Dragúnová-Valerová PricewaterhouseCoopers Centus Macauley Esq. Rajah & Tann PricewaterhouseCoopers Nada Drobnic Macauley, Bangura & Co. Nanda Kumar Deloitte d.o.o Brigita Zunic Viera Gregorova Deloitte d.o.o Joseph Daniel Mahayei Rajah & Tann Peterka & Partners Aleksander Ferk Ministry of Energy & PricewaterhouseCoopers Tina Zvanut Mioc Power Lee Lay See Simona Halakova Rajah & Tann Law Office Jadek & Pensa Cechová & Partners, Ana Filipov d.o.o. Sullay A. Mannah member of Lex Mundi Schönherr Rechtsanwälte Bank of Sierra Leone Airinn Loh Schenker Pte. Ltd. GmbH / Attorneys-at-Law Andrea Jezerska SOLOmON Noah Mansaray Cechová & Partners, Masa Grgurevic Alcin ISLANdS Ports Authority Ministry of Trade and Industry member of Lex Mundi The Supreme Court Don Boykin Corneleius Adeyemi Max- Tomas Jucha Barbara Guzina Pacific Architects Ltd Williams I Sheikh Babu Nooruddin PricewaterhouseCoopers Deloitte d.o.o Shipping Agencies Ltd. Al Noor International John Katahanas Pte. Ltd. Michaela Jurková Andrej Jarkovic Sol - Law A.P. Moller-Maersk Beng Hong Ong Cechová & Partners, Janezic & Jarkovic Maersk Ltd. Andrew Radclyff Wong Tan & Molly Lim LLC member of Lex Mundi Attorneys-at-Law & Patent Attorneys Barrister & Solicitor Augustine Musa, Esq. QBB (Pte) Ltd. Soa Lehocká Brewah & Co. Aleksandra Jemc Roselle R. Rosales See Tiat Quek Alianciaadvokátov ak, Law Office Jadek & Pensa Pacific Architects, Ltd. Oliver Onylander s.r.o. PricewaterhouseCoopers d.o.o. Adele Chambers Katarina Leitmannová Gregory Joseph Sojnocki Mark Rowley Jernej Jeraj Morris & Sojnocki Eduard Parkinson Geodesy, Cartography and Credit Bureau Pte Ltd. Schönherr Rechtsanwälte Chartered Accountants National Power Authority Cadastre Authority Andrew Seah GmbH / Attorneys-at-Law Gerald Stenzil Prashatn Poduval Marek Lovas Schenker Pte. Ltd. Janos Kelemen TRADCO Shipping Maersk Ltd. PricewaterhouseCoopers Priya Selvam PricewaterhouseCoopers Roger Rogers Michal Luknár SOUTh AfRICA Rajah & Tann Danijel Kersevan International Squire Sanders s.r.o. Panalpina Welttransport Theo Adendorff Construction Co. Ltd. Lee Chuan Seng Pemysl Marek GmbH KCSA Susan Sisay Beca Carter Holdings & Peterka & Partners Ferner Pte Ltd. Barbara Kozaric Ross Alcock Sisay & Associate Tomás Maretta Nish Shetty Deloitte d.o.o. Edward Nathan Lornard Taylor Cechová & Partners, WongPartnership LLP Bozena Lipej Sonnenbergs Inc. Macauley, Bangura & Co. member of Lex Mundi Shook Lin & Bok LLP (In Surveying & Mapping Mark Badenhorst Alhaji Timbo Viktor Misík joint venture with Allen Authority PricewaterhouseCoopers National Power Authority & Overy LLP) Dedák & Partners Klemen Mir Bay Language Institute Mohamed Ahmad Tunis May Yee Tan Panalpina Welttransport PricewaterhouseCoopers GmbH Kobus Blignaut Ahmry Services Wong Tan & Molly Lim LLC Matjaz Nahtigal Zora Puskácová Edward Nathan Ayodele Wak-Williams Winston Tay Odvetniki Selih & Zukalová Counselors-at- Sonnenbergs Inc Del-Wak Agencies Customs Partnerji Law Matthew Bonner Darcy White Siu Ing Teng Sonja Omerza Peter Rozbora Baker & McKenzie LLP PricewaterhouseCoopers Singapore Land Authority PricewaterhouseCoopers Cechová & Partners, Lloyd Chater Claudius Williams-Tucker Liew Yik Wee member of Lex Mundi Pavle Pensa Bowman Gilfillan, member KPMG WongPartnership LLP Gerta Sámelová-Flassiková Law Office Jadek & Pensa of Lex Mundi d.o.o. Amy Wright Lim Wee Teck Alianciaadvokátov ak, Paul Coetser Tomaz Petrovic EcoBank Sierra Leone Ltd. Rajah & Tann s.r.o. Brink Cohen Le Roux Schönherr Rechtsanwälte Rowland Wright Eddie Wong Peter Varga GmbH / Attorneys-at-Law Haydn Davies Wright & Co. City Developments Ltd. Procházka Randl Kubr, Webber Wentzel member of Ius Laboris & Natasa Pipan Nahtigal Alfred Yarteh Paul Wong Lex Mundi Odvetniki Selih & Paul De Chalain National Power Authority Rodyk & Davidson LLP PricewaterhouseCoopers Clare Moger Partnerji Gretchen De Smit SINGApORE Valerie Wu PricewaterhouseCoopers Petra Plevnik Donaldson & Burkinshaw Edward Nathan Zuzana Wallova Attorneys at Law Miro Sonnenbergs Inc. Kala Anandarajah Senica in Odvetniki Stephanie Yuen Thio National Bank Rajah & Tann TSMP Law Corporation Elektro Ljubljana d.d. Tim Desmond Garlicke & Bousfield Inc acknowledgments 187 Rudolph Du Plessis Claire Van Zuylen Juan Ignacio Gomeza Villa Adrián Thery Paul Ratnayeke Bowman Gilfillan, member Bowman Gilfillan, member Notario de Bilbao Garrigues Paul Ratnayeke Associates of Lex Mundi. of Lex Mundi Igor Kokorev Alejandro Valls Tiruchelvam Associates Miranda Feinstein Allen West Pérez - Llorca Baker & McKenzie Edward Nathan Department of Land Harini Udugampola Sonnenbergs Inc. Affairs Alfonso Maíllo del Valle Juan Verdugo F.J. & G. De Saram, member Sánchez Pintado, Núñez & Garrigues of Lex Mundi Hennie Geldenhuys St Elmo Wilken Asociados Department of Land Deneys Reitz / Africa Fernando Vives Shehara Varia Affairs Legal Daniel Marín Garrigues Abogados y F.J. & G. De Saram, member Gómez-Acebo & Pombo Asesores Tributarios of Lex Mundi Sean Gilmour Rozalynne Wright Abogados PricewaterhouseCoopers Webber Wentzel Charmalie Weerasekera Jorge Martín - Fernández SRI LANkA Sudath Perera Associates Tim Gordon-Grant Clifford Chance Bowman Gilfillan, member SpAIN APL Shashi Weththasinghe of Lex Mundi Allen & Overy LLP José Manuel Mateo N.P.H. Amarasena Julius & Creasy Garrigues Igno Gouws Credit Information Bureau Ana Armijo ST. kITTS ANd Webber Wentzel Ashurst Andrés Monereo Velasco Chiranga Amirthiah Monereo, Meyer & NEvIS Roelof Grové F.J. & G. De Saram, member Cristina Ayo Ferrándiz Marinel-Lo Adams & Adams of Lex Mundi Trilla Uría & Menéndez, member Nicolás Nogueroles Peiró Daniel Brantley & King Impex of Lex Mundi Manoj Bandara Colegio de Registradores F.J. & G. De Saram, member Associates Unathi Kondile Arancha Badillo de la Propiedad y of Lex Mundi Department of Labour Bowman Gilfillan, member Garrigues Mercantiles de España of Lex Mundi Savantha De Saram Michella Adrien Vicente Bootello Alberto Núñez-Lagos D.L. & F. De Saram Michella Adrien Law Erle Koomets Garrigues Burguera Office PricewaterhouseCoopers Uría & Menéndez, member Chamari de Silva Agustín Bou of Lex Mundi F.J. & G. De Saram, member Nicholas Brisbane Renee Kruger Jausas of Lex Mundi N. Brisbane & Associates Webber Wentzel Jose Palacios James Bryant Garrigues Sharmela de Silva Bertill Browne Irvin Lawrence Orrick, Herrington & Tiruchelvam Associates St. Kitts Electricity Garlicke & Bousfield Inc Sutcliffe Juan Manuel Pardiñas Aranda Equifax Iberica Sadhini Edirisinghe Department Sam Lefafa Cristina Calvo F.J. & G. De Saram, member Scott Caines Department of Land Ashurst Daniel Parejo Ballesteros of Lex Mundi Frank B. Armstrong Ltd. Affairs Garrigues Abogados y Ariadna Cambronero Ginés Asesores Tributarios Champika Fernando Idris Fidela Clarke João Martins Uría & Menéndez, member Tiruchelvam Associates Financial Services PricewaterhouseCoopers of Lex Mundi Pedro Pérez-Llorca Zamora Pérez - Llorca Samadh Gajaweera Department Joey Mathekga Francisco Conde Viñuelas Nithya Partners Neil Coates CIPRO ( Companies & IPR Cuatrecasas Juan Ramon-Ramos PricewaterhouseCoopers Registration Office) Landwell, Abogados y Naomal Goonewardena Jaume Cornudella Marquès Asesores Fiscales Nithya Partners Kennedy de Silva Gabriel Meyer Landwell, Abogados y Customs and Excise Deneys Reitz / Africa Asesores Fiscales Enrique Rodriguez Priyanthi Guneratne Department Legal Alitus S.A. F.J. & G. De Saram, member Miguel Cruz of Lex Mundi Kamesha Graham Amit Parekh Landwell, Abogados y Iñigo Sagardoy WalwynLaw Bowman Gilfillan, member Asesores Fiscales Sagardoy Abogados, Ruwanthi Herat-Gunaratne of Lex Mundi member of Ius Laboris Nithya Partners Renee Gumbs Fernando de la Puente Alfaro Financial Services Q & N West Export Colegio de Resgitradores Pilar Salinas Rincón Vindya Hettige Department Trading House de la Propiedad y Sánchez Pintado, Núñez & Nithya Partners Asociados Rodney Harris Eamonn Quinn Mercantiles de España Dhanushke Jayarathne Customs and Excise Eamonn David Quinn Agustín Del Río Galeote Pablo Santos Hayleys Agro Biotech Department Attorney Gómez-Acebo & Pombo Gómez-Acebo & Pombo Abogados Kishani Jayasooriya Dollrita Jack-Cato Antoinette Reynolds Abogados Julius & Creasy Webster Dyrud Mitchell Department of Land Iván Delgado González Sönke Schlaich Tudor Jayasuriya Affairs Pérez - Llorca Monereo, Meyer & Dahlia Joseph Marinel-Lo F.J. & G. De Saram, member Daniel Brantley & Malaika Ribeiro Miguel Díez de los Ríos of Lex Mundi Associates PricewaterhouseCoopers Baker & McKenzie Rafael Sebastián Uría & Menéndez, member Inoka Jayawardhana L. Everette Martin Nyasha Samuriwo Rossanna D'Onza of Lex Mundi F.J. & G. De Saram, member Eastern Caribbean Central Bowman Gilfillan, member Baker & McKenzie of Lex Mundi Bank of Lex Mundi Lindsay Simmons Ronald Ferlazzo Orrick, Herrington & Mahes Jeyadevan Ayoub Morancie Peter Sands Orrick, Herrington & Sutcliffe LLP PricewaterhouseCoopers Royal Bank of Canada SDV Ltd Sutcliffe LLP Javier Simón Husni Jiffry Patrick Patterson Richard Shein Antonio Fernández Baker & McKenzie Lanka ORIX Securities Caribbean Associated Bowman Gilfillan, member Garrigues Pvt Ltd Attorneys of Lex Mundi Cristina Soler Juan Carlos Fernández Gómez-Acebo & Pombo Julius & Creasy Randy Prentice Rob Smorfitt Fernández-Avilés Abogados LAN Management Frank B. Armstrong Ltd. Chamber of Commerce & Sagardoy Abogados Development Service Industries Gabriel Solís Marscha Prince Alicia Gamez Garrigues Ruvindu Manathunga PricewaterhouseCoopers Chris Todd Orrick, Herrington & HIF Logistics (PVT) Ltd. Bowman Gilfillan, member Sutcliffe LLP Juan Soravilla Warren Thompson of Lex Mundi Monereo Meyer Marinel- Dian Nanayakkara Constsves Valentín García González lo Abogados Tiruchelvam Associates TransUnion ITC Cuatrecasas Vernon S. Veira Raimon Tagliavini Asiri Perera Vernon S. Veira & Jacques van Wyk Borja García-Alamán Uría & Menéndez, member MIT Cargo (Pvt) Ltd. Associates Cliffe Dekker Garrigues of Lex Mundi Lakshana Perera Charles Walwyn Llewellyn van Wyk Ana Gómez Francisco Téllez Sudath Perera Associates PricewaterhouseCoopers CSIR Monereo Meyer Marinel- Garrigues Abogados y lo Abogados Asesores Tributarios Hiranthi Ratnayake PricewaterhouseCoopers 188 doing business 2009 ST. LUCIA Theona R. Elizee-Stapleton Tariq Mohmoud Elsheikh Tina Phumlile Khoza Mauro Cavadini Commerce & Intellectual Omer Municipal Council of Brunoni Molino Mottis Thaddeus M. Antoine Property Office (CIPO) Mahmoud Elsheikh Omer & Manzini Adami Francis & Antoine Tamara Gibson-Marks Associates Advocates Paul Lewis Robert P. Desax Aisha Baptiste High Court Registrary Yassir Elsiddig PricewaterhouseCoopers PricewaterhouseCoopers High Court Registry Venessa Gibson Marwaco for Medical & Andrew Linsey Cyrill Diem Gerard Bergasse National Commercial Bank Chemical Imports Ltd. PricewaterhouseCoopers Tropical Shipping (SVG) Ltd. Kastaki S. Ganbert Suzanne Eckert C.J. Littler Wenger Plattner Desma F. Charles Stanley Harris K.S. Ganbert & Sons Ltd. C.J. Littler & Co. Registry of Companies and St. Vincent Electricity Osman Mekki Abdurrahman Olivier Hari Intellectual Property Services Limited VINLEC HLCS Jerome Ndzimandze Schellenberg Wittmer Speed Limit Construction Peter I. Foster Charleston H. Jackson Mekki Osman Jakob Hoehn Peter I. Foster & Dr. Lewis Law Chambers HLCS José Rodrigues Pestalozzi Lachenal Patry, Associates Rodrigues & Associates member of Lex Mundi Leroy James Osman Osman Peterson D. Francis Customs Authority HLCS P.M. Shilubane Ueli Huber Peterson D. Francis P.M. Shilubane & Homburger Worldwide Shipping & Sean Joachim Amal Sharif Associates David Hürlimann Customs Services Ltd. CaribTrans Mahmoud Elsheikh Omer & Associates Advocates Mahene Thwala CMS von Erlach Henrici Carol J. Gedeon Brenan B. King Thlwawa Attorneys AG Chancery Chambers Equinox Marine Surveying Abdel Gadir Warsama & Consulting Dr. Abdel Gadir Warsama Bradford Mark Walker Vincent Jeanneret Gordon & Gordon Co Brad Walker Architects Schellenberg Wittmer Rosann N.D. Knights Ghalib & Associates Legal Anderson Lake Regal Chambers Firm Hanspeter Klaey Bank of St Lucia Ltd SwEdEN Errol E. Layne Tag Eldin Yamani Sadig Wassilos Lytras Brian Louisy Errol E. Layne Chambers Montag Trading & Mats Berter APM Global Logistics The St. Lucia Chamber of Engineering Co. Ltd. MAQS Law Firm Switzerland Ltd. Commerce Industry and Linton A. Lewis Linda Broström-Cabrera Christian P. Meister Agriculture Dr. Lewis Law Chambers SURINAmE PricewaterhouseCoopers Niederer Kraft & Frey Duane C. Marquis Andrea Young Lewis G. Clide Cambridge Roger Gavelin Valerie Meyer NLBA Architects Commerce & Intellectual Paramaribo Custom Broker PricewaterhouseCoopers Niederer Kraft & Frey Stephen Mcnamara Property Office (CIPO) & Packer Olof Hallberg Andrea Molino Mcnamara & Co. Clairmonte Lynch Anoeschka Debipersad Advokatfirman Lindahl Brunoni Molino Mottis Richard Peterkin Customs Authority A.E. Debipersad & Associates Emil Hedberg Adami PricewaterhouseCoopers Moulton Mayers Marcel K. Eyndhoven Advokatfirman Vinge KB, Georg Naegeli Eldris Pierre-Mauricette Moulton Mayers Architects N.V. Energiebedrijven member of Lex Mundi Homburger Tropical Shipping Sabrina Neehall Suriname Petter Holm Gema Olivar Paul Popo Scotiabank Carel van Hest Gärde Wesslau Elena Sampedro Land Registry Advokatbyrå Kathy-Ann Noel Architect Schellenberg Wittmer Gilroy Pultie Saunders & Huggins Hakrinbank N.V. Bengt Kjellson Daniel Schmitz St. Lucia Electricity Lantmäteriet PricewaterhouseCoopers Services Limited (LUCELEC) Floyd A. Patterson Johan Kastelein KDV Architects Christoffer Monell Daniel Steudler Margaret Anne St. Louis Pannell Kerr Forster Mannheimer Swartling Swisstopo, Directorate for Ministry of Planning, Richard Peterkin Stanley Marica Advokatbyrå Cadastral Surveying Development, Environment PricewaterhouseCoopers Advokatenkantoor Marica Karl-Arne Olsson and Housing Maria Reece Law Firm Marica Gärde Wesslau Barbara Stöckli-Klaus Gillian Vidal-Jules Scotiabank Anouschka Nabibaks Advokatbyrå Froriep Renggli Ministry of Justice Nicole O.M. Sylvester BDO AbrahamsRaijmann & Andrin Waldburger Partners Mattias Örnulf Brenda M. Williams Caribbean International Hökerberg & Söderqvist PricewaterhouseCoopers Chase, Skeete & Boland Law Firm B.M. Oemraw Advokatbyrå KB ZEK Switzerland N.V. Global Expedition ST. vINCENT ANd Gertel Thom Carl Östring SyRIA ThE GRENAdINES High Court Kingstown Angèle J. Ramsaransing-Karg Magnusson L.A. Douglas Williams BDO AbrahamsRaijmann & Patrik Ottoson Mazen Abo Nasr Kay R.A. Bacchus-Browne Partners Law Firm of Phillips & MAQS Law Firm Yaser Hmedan Law Office. Kay Bacchus - Browne Williams Adiel Sakoer Sulafah Akili Chambers Panalpina AB Arthur F. Williams N.V. Global Expedition Ministry of Economy & Aurin Bennett Jesper Schönbeck Williams & Williams Inder Sardjoe Trade Aurin Bennett Architects Advokatfirman Vinge KB, Steve J. Wyllie N.V. Easy Electric member of Lex Mundi Mouazza Al Ashhab Graham Bollers St. Vincent Electricity Albert D. Soedamah Odd Swarting Auditing Consulting Regal Chambers Services Limited VINLEC Soedamah & Associates Setterwalls Advokatbyrå Accounting Center Evelyn Cambridge Radjen A. Soerdjbalie Hani Al Jaza'ri Dougie's Customs & SUdAN Notariaat R.A. Soerdjbalie SwITzERLANd Syrian Arab Consultants Shipping Agency Omer Abdel Ati Law Office Jennifer van Dijk-Silos Peter R. Altenburger Parnel R. Campbell Omer Abdel Ati Solicitors Law Firm Van Dijk-Silos Altenburger Rawaa Al Midani Campbell's Chambers Abdullah Abozaid Ministry of Trade & M.E. van Genderen-Relyveld Rashid Bahar Economy Mira E. Commissiong Law Office of Abdullah A. High Court of Justice Bär & Karrer AG Equity Chambers Abozaid Abd Anaser Al Saleh J.R. von Niesewand Beat M. Barthold Sbaneh Paula E. David Mohamed Ibrahim Adam High Court of Justice Froriep Renggli Saunders & Huggins Dr. Adam & Associates Alissar Al-Ahmar Perry D. Wolfram Marc Bernheim Al-Ahmar & Partners Stanley DeFreitas Jamal Ibrahim Ahmed BroCad N.V. Staiger Schwald & Partner Defreitas & Associates Attorney-at-Law Nabih Alhafez Bernhard G. Burkard SFS (Speed Forward Bernadine Dublin Ashraf A.H. El Neil SwAzILANd Notariat Bernhard Shipping) Labour Department Mahmoud Elsheikh Omer & Associates Advocates Vincent Galeromeloe Burkard Bisher Al-Houssami Marlene Edwards TransUnion ITC AL-ISRAA Int'l Freight Campbell's Chambers Forwarder acknowledgments 189 Rasem Al-Ikhwan Paul F. Chen Jeffrey Lin Ardak Aiyekeyeva Nimrod Mkono Home Textile Company Supertech Consultants Joint Credit Information PricewaterhouseCoopers Mkono & Co. Wasim Anan International Center Shavkat Akhmedov Angela Mndolwa Yaser Hmedan Law Office. Frances F.Y. Chen Rich Lin Akhmedov, Azizov & FK Law Chambers Nasim Awad Tai E International Patent LCS & Partners Abdulhamidov Attorneys Arafa Mohamed Legality - Lawyers & & Law Office Emily Lin Dilshod Alimov REX Attorneys Consultants Yu-Li Chen Pamir Law Group USAID/BEI, Pragma Chris Msuya Karam I. Bechara Taiwan Shihlin District Yishian Lin Corporation Horwarth Tanzania Bank Audi Court PricewaterhouseCoopers Abdulbori Baybayev Lugano J.S. Mwandambo Hani Bitar Edgar Y. Chen Frank Lin Lex Law Firm REX Attorneys Syrian Arab Consultants Tsar & Tsai Law Firm Rexmed Industries Co., Ltd. Faridun Boboev Law Office Tina Chen Shabani Mwatawala Youlanda Liu Golden Lion Group PSM Architects Co. Ltd. Riad Daoudi Winkler Partners Pamir Law Group Companies Syrian Arab Consultants Chun-Yih Cheng Sergey Chetverikov Alex Thomas Nguluma Law Office Formosa Transnational Charlotte Liu REX Attorneys PricewaterhouseCoopers PricewaterhouseCoopers Lina El-Hakim Abraham Cheng Adkham Ergashev Gilbert Nyantanyi Hakim Law Firm Lexcel Partners Catherine Liu Mkono & Co. SDV Ltd. IFC Youssef El-Hakim Yu-Chung Chiu Courtney Fowler Conrad Nyukuri Hakim Law Firm Ministry of The Interior Julia Liu PricewaterhouseCoopers SDV Ltd. PricewaterhouseCoopers Legal Services Wael Hamed Julie C. Chu Elena Kaeva Yaser Hmedan Law Office. Jones Day Jennifer Lo Adalbert Rusagara PricewaterhouseCoopers PricewaterhouseCoopers Breakthrough Holdings Abdul Raouf Hamwi Steven Go Abdulkhamid Muminov Civil Engineering Office PricewaterhouseCoopers Mike Lu Charles R.B. Rwechungura Lexcel Partners PricewaterhouseCoopers REX Attorneys Bashir Haza May Han Mizrobiddin Nugmanov Ministry of Trade & Tai E International Patent Lloyd G. Roberts III Globalink Logistics Group Rishit Shah Economy & Law Office Winkler Partners PricewaterhouseCoopers Madina Nurmatova Yaser Hmedan Yuling Hsu Michael Schreiber Tajikistan BEE - SME Policy Geoffrey Sikira Yaser Hmedan Law Office. Formosa Transnational Yangming Partners Project Tanganyika Law Society Ibrahim Ibrahim Tony Hsu Jasmine C. Shen Zarina Odinaeva Eve Hawa Sinare Ministry of Trade & Pamir Law Group Pamir Law Group IFC REX Attorneys Economy Barbara Hsu Tanya Y. Teng Manuchehr Rakhmonov Mohamed H. Sumar Joumana Jabbour SDV Ltd. Huang & Partners USAID/BEI, Pragma Corp Sumar Varma Associates Attorney-at-Law Robert Hsu Bee Leay Teo Nurali Shukurov David Tarimo Antoun Joubran SDV Ltd. Baker & McKenzie USAID/BEI, Pragma Corp PricewaterhouseCoopers Syrian Arab Consultants Law Office Inu Hsu C.F. Tsai Djasurbek Teshaev Mustafa Tharoo Taipower Deep & Far, Attorneys- Golden Lion Group Ringo & Associates, Osama Karawani at-Law Companies member of the Africa Karawani Law Office T.C. Huang Legal Network Huang & Partners Eric Tsai Victoria Victorova Raed Karawani Puhua & Associates, IFC ThAILANd Karawani Law Office Margaret Huang PricewaterhouseCoopers LCS & Partners Legal Services Wendy Jo Werner Fadi Kardous IFC Allen & Overy Kardous Law Office Joanne Hung Rita Tsai Khunying Natthika Yangming Partners APL Mazen N. Khaddour TANzANIA Wattanavekin Angubolkul Law Office of M. Zue Min Hwang Joe Tseng Eastern Sugar and Cane Khaddour & Associates Asia World Engineering & LCS & Partners Patrick Ache Company Limited Construction Co. Mkono & Co. Salah Kurdy Richard Watanabe Janist Aphornratana Yaser Hmedan Law Office. Charles Hwang PricewaterhouseCoopers Krista Bates van Winkelhof PricewaterhouseCoopers Yangming Partners FK Law Chambers Moussa Mitry Robin J. Winkler Angsurus Areekul University of Damascus / Nathan Kaiser Winkler Partners Steven de Backer Thai Contractors Louka & Mitry Law Office Wenfei Law Mkono & Co. association under H.M. The Main-Main Wu King's Patronage Gabriel Oussi Wen-Horng Kao Asia World Engineering & Santosh Gajjar Chalee Chantanayingyong Syrian Arab Consultants PricewaterhouseCoopers Construction Co. Sumar Varma Associates Law Office Securities & Exchange Lawrence Lee Pei-Yu Wu Farija Ghikas Commission Housam Safadi Huang & Partners Baker & McKenzie REX Attorneys Phadet Charoensivakorn Safadi Bureau Michael D. Lee Quiao-ling Wu Christopher Giattas National Credit Bureau Maya Saleh Pamir Law Group Deep & Far, Attorneys- REX Attorneys Co., Ltd. Yaser Hmedan Law Office. Poching Lee at-Law Eve Hawa Sinare Thunyaporn Chartisathian Samer Sultan Wenfei Law Shin Mei Wu REX Attorneys Siam Premier International Sultans Law Chih-Shan Lee Joint Credit Information Law Office Ltd. Center Johnson Jasson TAIwAN, ChINA Winkler Partners Johnson Jasson & Chinnavat Chinsangaram Associates Advocates Hung-Lieh Liang Echo Yeh White & Case Victor Chang PricewaterhouseCoopers Lexcel Partners Ngwaru Maghembe John Fotiadis LCS & Partners Mkono & Co. Tory C.T. Liao Andrew Yeh Tilleke & Gibbins John Chen International Ltd., member Tai E International Patent Panalpina Victoria Lyimo Makani of Lex Mundi Formosa Transnational & Law Office Shih-Ming You REX Attorneys Seetha Gopalakrishnan Nicholas V. Chen Perkin T.Y. Liaw Ministry of The Interior Bruno Marilhet PricewaterhouseCoopers Pamir Law Group Tai E International Patent TAjIkISTAN Sharbatho Vira Kammee Din Shin Chen & Law Office Tabitha Maro Siam City Law Offices Ltd. Supertech Consultants Ming-Yen Lin Bakhtiyor Abdulhamidov REX Attorneys International Deep & Far, Attorneys- Akhmedov, Azizov & Yingyong Karnchanapayap at-Law Abdulhamidov Attorneys Ken Mkondya REX Attorneys Tilleke & Gibbins International Ltd., member of Lex Mundi 190 doing business 2009 Sakares Khamwalee Alongkorn Tongmee Sonhaye Gbati Samiuela M. Palu Mark Ramkerrysingh Komkrit Kietduriyakul Tilleke & Gibbins Fondation Heinrich Klose Magistrate's Court Fitzwilliam Stone Furness- International Ltd., member Smith & Morgan Chaiyut Kumkun of Lex Mundi Franklin Koffi Gbedey Siaosi Peleki Moala Customs Standard Engineer Ministry of Works Ramdath Dave Rampersad Procedure and Valuation Paisan Tulapornpipat Jean Claude Gnamien Sipiloni Raas R.D. Rampersad & Co. Division Blue Ocean Logistics Co., Ltd. FIDAFRICA / Jaimi Associates - Danzel Reid LawPlus Ltd. PricewaterhouseCoopers Architects Trinidad & Tobago Pattara Vasinwatanapong Electricity Commission William Lehane Vickery& Worachai Ltd. Hermann Gnango David Reesby Bryan Rooplal Sakchai Limsiripothong FIDAFRICA / Fletcher Royco Joint Harold K. Vickery Jr. PricewaterhouseCoopers Venture Employers' Consultative White & Case Vickery & Worachai Ltd. Evelyne M'Bassidgé Ian Skelton Association of Trinidad Pratchayapa Mahamontree Pimvimol Vipamaneerut FIDAFRICA / Shoreline Distribution and Tobago Siam City Law Offices Ltd. Tilleke & Gibbins PricewaterhouseCoopers Ltd. Winston R. Simmonds Anawat Malawan International Ltd., member Adeline Messou Dana Stephenson Caribbean Shipping & Vickery& Worachai Ltd. of Lex Mundi FIDAFRICA / Law Office Consolidating Corp Douglas D. Mancill Avoot Wannvong PricewaterhouseCoopers Ralph Stephenson Stephen A. Singh Deacons Office of the Public LEX Caribbean Sector Development Tiburce Monnou Law Office Pauline A. Manzano Commission SCP Martial Akakpo Maliu Taione Patricia Thomas PricewaterhouseCoopers World Freight s.a.r.l. Kobkarn Wattanavrangkul Olivier Pedanou Sione Havea Taione Steven Miller Toshiba Co. Ltd Cabinet Lucreatif Supreme Court of Justice Jonathan Walker Mayer Brown JSM, member Galolo Soedjede M. Hamel-Smith & Co., of Lex Mundi Somsak Witnalakorn Hiva Tatila member of Lex Mundi Metropolitan Electricity Avocat à la Cour Tonga Development Bank Kulachet Nanakorn Authority Dominique Taty Grantley Wiltshire White & Case FIDAFRICA / Christine Uta'atu M. Hamel-Smith & Co., Uta'atu & Associates member of Lex Mundi Thawatchai Pittayasophon TImOR-LESTE PricewaterhouseCoopers Securities and Exchange Candido da Conceição Inès Mazalo Tekpa Isileli Vea TUNISIA Commission USAID Cabinet Lucreatif Jaimi Associates - Architects Samir Abdelly Viro Piyawattanameth Roberto Monteiro Fousséni Traoré Diana Warner Abdelly & Associes Sompong Pongsakulrangsee SDV FIDAFRICA / Skip's Custom Joinery Ltd. Monêm Achour Metropolitan Electricity Cornelio Pacheco PricewaterhouseCoopers Authority Achour & Associates JVK International Movers Adjé Prince Wilsom Adjete TRINIdAd ANd Cynthia M. Pornavalai Mokhtar Amor Tjia Soh Siang Avocat à la Cour TOBAGO Tilleke & Gibbins Société Tunisienne de Prince Zacharie Adjé Wilson- International Ltd., member Tjia & Tchai Associates l'Electricité et du Gaz Adjete Andre Bass of Lex Mundi Francisco Soares Cabinet de Maître Galolo The Fast Freight Group Mohamed Moncef Barouni Supan Poshyananda Serviço do Imposto de Soedjede, avocat au Steve Beckles ACR Securities and Exchange Timor Leste Barreau du Togo R.D. Rampersad & Co. Adly Bellagha Commission TOGO TONGA Tiffanny Castillo Adly Bellagha & Chanet Precharonaset M. Hamel-Smith & Co., Associates APL Logistics Services Ltd. Bolloré DTI - SDV Inoke Afu member of Lex Mundi. Mohamed Ben Abdallah Sudthana Puntheeranurak Jean-Marie Adenka Dateline Shipping & Travel Terry Curtis Agence de Promotion de National Credit Bureau Cabinet Adenka Ltd. TransUnion l'Industrie Co., Ltd. Da-Blece Afoda-Sebou Ramsay R. Dalgety Rachael Cyrus Hend Ben Achour Michael Ramirez Ordre National Tonga Electric Power M. Hamel-Smith & Co., Adly Bellagha & Tilleke & Gibbins des Architectes du Board member of Lex Mundi Associates International Ltd., member Togo,(ONAT) Fine Tohi Rafika Ben Aissa Bouslama of Lex Mundi Gary Edwards Kokou Gadémon Agbessi Dateline Shipping & Travel T & K Engineering Limited Ministère de la Justice Piyanuj Ratprasatporn Cabinet Lucreatif Ltd. Othman Ben Arfa Tilleke & Gibbins Nicole Ferreira-Aaron Kafoui Agboyibor William Clive Edwards Société Tunisienne de International Ltd., member Law Office M. Hamel-Smith & Co., l'Elecricite et du Gaz of Lex Mundi Cabiet Me Yawovi Agboyibo member of Lex Mundi Aisake Eke Ismail Ben Farhat Dussadee Rattanopas Martial Akakpo Larry Hackshaw SCP Martial Akakpo Ministry of Finance Caribbean Shipping & Adly Bellagha & Thavorn Rujivanarom Sione Etika Consolidating Corp Associates PricewaterhouseCoopers Adzewoda Ametsiagbe Direction Générale de Etika Law Office Peter Inglefield Béatrice Ben Hassen Maythawee Sarathai l'Urbanisme et de l'Habitat Anthony Ford PricewaterhouseCoopers SLTC Graveleau, Dachser Mayer Brown JSM, member Supreme Court Group of Lex Mundi Kokou Darius Atsoo Colin Laird SCP Martial Akakpo Salesi Fotu Colin Laird Associates Elyès Ben Mansour Kowit Somwaiya Land Registry Avocats Conseils Associés LawPlus Ltd. Philippe Attoh Marcia Leonard SCP Martial Akakpo L. Aloma Johansson The Fast Freight Group Miriam Ben Rejeb Rachamarn Suchitchon R. Albin Johansson & Co. PricewaterhouseCoopers Securities and Exchange Sylvanus Dodzi Awutey Public Accountants and Keomi Lourenco Legal Services Commission Cabinet Lucreatif Business Consultants M. Hamel-Smith & Co., member of Lex Mundi Kamel Ben Salah Picharn Sukparangsee Jonathan Darboux Lusio Lausi'i Gide Loyrette Nouel, Siam City Law Offices Ltd. BCEAO Ministry of Labor, Ramesh Lutchman member of Lex Mundi TransUnion Chusert Supasitthumrong Fatimatou Zahra Diop Commerce and Industries Abdelfattah Benahji Tilleke & Gibbins BCEAO Maliu Mafi Marjorie Nunez Ferchiou & Associés International Ltd., member Foli Doe-Bruce Island Enterprises Ltd. LEX Caribbean Meziou Knani of Lex Mundi A.U.D.E.P. International Mele Mafi Otuafi Gregory Pantin Belkacem Berrah Ornjira Tangwongyodying Koffi Joseph Dogbevi M. Hamel-Smith & Co., Tribunal de 1ère Instance PricewaterhouseCoopers Cabinet LUCREATIF Lee Miller member of Lex Mundi de Tunis Waste Management Ltd. Krisada Thamviriyarak Firmin Kwami Dzonoukou Sonji Pierre Chase Manel Bondi Chodthanawat Co., Ltd Notaire Laki M. Niu LEX Caribbean PricewaterhouseCoopers Laki Niu Offices Deborah Ragoonath Salaheddine Caid Essebsi PricewaterhouseCoopers CE&P Law Firm acknowledgments 191 Salma Chaari Hedidar Moufida Elvan Aziz Bikmen Esin Ertek Lerzan Nalbantolu Abdelly & Associes Agence de Promotion de Paksoy & Co. Law Firm PricewaterhouseCoopers Turunç Law Office Faouzi Cheikh L'Industrie Derya Baksi Pekyalçin Luc Fourcade Yilmaz Nalçakar Banque Centrale Mohamed Taieb Mrabet Tarlan & Pekyalçin Law SDV - Horoz Logistics Med Shipping Logistics Abdelmalek Dahmani Banque Centrale Office Hakki Gedik Transport & Trade Ltd. Dahmani Transit Ahmed Ouerfelli Selin Barlak Herguner Bilgen Ozeke Corporation International Legal and Judicial Paksoy & Co. Law Firm Arman Gezer Jacques Naudin Eric Douay research Centre Burçin Barlas Deloitte & Touche SDV - Horoz Logistics SDV Imed Tanazefti Alkan Deniz Maviolu Sait Gözüm Zeynephan Ouz Mohamed Lotfi El Ajeri Gide Loyrette Nouel, Dilmen Law Office Deloitte & Touche Cerraholu Law Firm Avocat a la Cour et member of Lex Mundi Cansel Baydinç Fahri Okumu mediateur agree par le Rachid Tmar Herguner Bilgen Ozeke Ali Gözütok Central Bank B.B.MC PricewaterhouseCoopers Pekin & Pekin, member of Erim Bener Lex Mundi, member of SEE ebnem Önder Mourad El Aroui Legal Services Bener Law Office, member Legal Çakmak Avukatlik Bürosu Amen Bank Amine Turki of Ius Laboris Hakan Güleçyuz Ertaç Öner Yassine El Hafi Ordre des Architectes de Yvonne Bensason Ultrasonik Ltd. The Chamber of Architects Adly Bellagha & Tunisie Mehmet Gün & Co. of Turkey Associates Anis Wahabi Onur Gülsaran Sinan Borovali Cerraholu Law Firm Çalayan Orhaner Dündar Faïza Feki AWT Audit & Conseil Pekin & Pekin, member of Orhaner Law Office Banque Centrale Sebai Youssef Lex Mundi, member of SEE Rifat Günay Central Bank Selin Özbek Abderrahmen Fendri République Tunisienne, Legal Ozbek Attorneys at Law PricewaterhouseCoopers Ministère de L'Intérieur et du développement local Tuba Burcu Senel A. Feridun Güngör Ernst & Young Selin Özdoan Yessine Ferah Turkish Confederation of Mohamed Ali Masmoudi Cerraholu Law Firm CE&P Law Firm Employer Associations PricewaterhouseCoopers Hande Hamevi Pekin & Pekin, member of Ekin Vukçuolu Özgülsen Amel Ferchichi Legal Services Gulnur Camci Lex Mundi, member of SEE Deloitte & Touche Gide Loyrette Nouel, Somay Hukuk Burosu Legal member of Lex Mundi TURkEy Esin Çamlibel Funda Özsel ebnem Iik Bener Law Office, member Noureddine Ferchiou Melike Akan Turunç Law Office Mehmet Gün & Partners of Ius Laboris Ferchiou & associés Mehmet Gün & Co. Can Canko Meziou Knani Ouz Kain Tuba Özsezen Ceyda Akbal Pekin & Pekin, member of Pekin & Pekin, member of YASED - International Afif Gaigi Turunç Law Office Lex Mundi, member of SEE Lex Mundi, member of SEE Investors Association Avocats Conseils Associés Legal Melis Akkurt Legal Alaattin Özyürek Lamia Harguem M. Fadlullah Cerraholu Bener Law Office, member Egemen Karaduman Investment Support and Gide Loyrette Nouel, of Ius Laboris Cerraholu Law Firm Ernst & Young Promotion Agency of member of Lex Mundi Miray Akovaligil F. ebnem Çetiner Ozan Karaduman Turkey Institut d'Economie Pekin & Pekin, member of Aktürk & Çetiner AB Mehmet Gün & Co. Ferhat Pekin Quantitative Lex Mundi, member of SEE Fikret Çetinkaya Ekin Kavukçuolu Pekin & Bayar Law Firm Badis Jedidi Legal KPMG Yetkin Ymm A. Deloitte & Touche Çail ahin Biber Gide Loyrette Nouel, Ceren Akta Gulnisa Cokun PricewaterhouseCoopers member of Lex Mundi PricewaterhouseCoopers Pekin & Pekin, member of Gözde Kayacik Bilge Saltan Najla Jezi Pekin & Bayar Law Firm Bora Aktürk Lex Mundi, member of SEE Dülger Law Firm ACR Aktürk & Çetiner AB Legal Betül Kencebay Hasan Sariçiçek Sami Kallel YASED - International Mehmet Alakas Ebru Dabbagh Investors Association KPMG Yetkin Ymm A. Kallel & Associates Alacloth Turunç Law Office Özlem Kizil Selim Sariibrahimolu Adlene Kooli Duygu Alkan Kürat Demirezen Çakmak Avukatlik Bürosu Sariibrahimolu Law Comete Engineering Alkan Deniz Maviolu ICT International Trading Özcan Koç Office Ministère du Dilmen Law Office Orkun Deniz Mustafa Serdarolu Développement et Gulhan Marble Mustafa Alper Kredit Kayit Bureau de la Coopération Pekin & Pekin, member of Eda Denize Sertak Kokenek Internationale YASED - International Lex Mundi, member of SEE Investors Association Alkan Deniz Maviolu Bener Law Office, member Legal Amina Larbi of Ius Laboris Arda Alposkay Dilmen Law Office Aye Sert Gide Loyrette Nouel, Rüçhan Derici Cumhur Köseolu member of Lex Mundi Devres Law office Çakmak Avukatlik Bürosu 3e Danimanlik Ltd. ti. Kentsel Machinery Co. Ltd. Mohamed Louzir Uur Amasya Ufuk Soütlüolu Emine Devres Cengiz Koyuncu Cabinet M.S. Louzir Amasya Law Office Deloitte & Touche Devres Law office Tektron Di Tic. Ltd. ti. Mabrouk Maalaoui Melsa Ararat Sera Somay Baak Diclehan Kürat Kunter PricewaterhouseCoopers Corporate Governance Somay Hukuk Burosu Forum of Turkey, Sabanci KPMG Yetkin Ymm A. Central Bank Slim Malouche University Emine Sönmez Onur Dönmez Burcak Kurt Malouche law Firm PricewaterhouseCoopers eref Can Arat Orhaner Law Office Somay Hukuk Burosu Legal Department Khaled Marzouk Mehmet Gün & Co. Dilara Duman Alpaslan Hamdi Kuzucuolu Naz Tamer République Tunisienne Naci Arkan Istanbul Metropolitan Centre Informatique du Sariibrahimolu Law Municipality Mehmet Gün & Co. Ministere des Finances Ministry of Finance Office Altan Liman Aylin Tarlan Mohamed Ali Masmoudi Özen Atihan Erdem Egemen Ayda Liman Kurman Tarlan & Pekyalçin Law PricewaterhouseCoopers Pekin & Pekin, member of PricewaterhouseCoopers Office Legal Services Lex Mundi, member of SEE Legal Murat Emirhanolu Koshy Mathai Bülent Ta IMF Sarah Mebezaa KPMG Yetkin Ymm A. Ministry of Finance Pinar Aybek Comete Engineering Bener Law Office, member Sedat Eratalar Orhan Yavuz Maviolu Güzel Toker Alkan Deniz Maviolu Radhi Meddeb of Ius Laboris Deloitte & Touche Dilmen Law Office PricewaterhouseCoopers Comete Engineering Levent Ayda Gökben Erdem Dirican Rana Mazlum Yilmaz Filiz Toprak Faouzi Mili Ayda Liman Kurman Pekin & Pekin, member of Yilmaz Law Offices Mehmet Gün & Partners Mili and Associates Lex Mundi, member of SEE Yasemin Aydomu Legal Mehmet Gün & Co. 192 doing business 2009 ule Tunali Peter Kauma Sasha Androschuk Oleksandr Padalka Ashraf Ali Salkim Tarim Ürünleri San. Kiwanuka & Karugire Grischenko & Partners Shevchenko Didkovskiy & Golden Building Materials ve Tic. Ltd. ti. Advocates Aleksandra Androschyk Partners Trading Turkish Industrialists' and Sophie Kayemba Grischenko & Partners Magdalena Patrzyk Saaran Alshammari Businessmen's Association PricewaterhouseCoopers PricewaterhouseCoopers Jubail Pearl (TUSIAD) Andrey Astapov Robert Kiggundu Olexiy V. Pokotylo Khaled Amin Noyan Turunç Astapov Lawyers Arch Forum Ltd. International Law Group Hannes Snellman, Shalakany Law Office, Turunç Law Office Geoffrey Kiryabwire Olga Balytska Attorneys-at-Law Ltd. member of Lex Mundi Ibrahim Tutar Justice DLA Piper Sava P. Poliakov Ali Awais Penetra Consulting and Grischenko & Partners Baker Botts LLP Auditing Kiryowa Kiwanuka Ron J. Barden Vitaliy Pravdyuk Jennifer Bibbings Ebru Tuygun Kiwanuka & Karugire PricewaterhouseCoopers Advocates Konnov & Sozanovsky Trowers & Hamlins Deloitte & Touche Igor Bessonov Robert Komakec Anna Putintseva Salmeen Dahi Bin Salmeen Gökçe Ucuzal Arch Forum Ltd. Florentin Blanc Chadbourne & Parke LLP Dubai Municipality Bener Law Office, member IFC of Ius Laboris Eeshi Kutugu Timur Bondaryev Dmitry Pyatachenko Lisa Dale Tuçe Uurlu PricewaterhouseCoopers Arzinger & Partners IFC Al Tamimi & Co. Herguner Bilgen Ozeke James Kyazze International Law Firm Marina Savchenko Precilla D'Souza Arzu Uluç Shonubi, Musoke & Co. Astapov Lawyers Al Tamimi & Co. Advocates Tatiana Buchko International Law Group Central Bank Shevchenko Didkovskiy & Sydene Helwick Joseph Luswata Partners Olga Serbul Hilal Ünal Al Tamimi & Co. Sebalu & Lule Advocates Law Firm IP & C. Consult Gokser Machine Ltd and Legal Consultants Igor Dankov Zaid Kamhawi PricewaterhouseCoopers LLC Furkan Ünal Emcredit Robinah Lutaaya Mykhailo Shchitka PGlobal Advisory Services PricewaterhouseCoopers Vladimir Didenko Vasyl Kisil & Partners Manijeh Khan Ltd. PricewaterhouseCoopers Shalakany Law Office, Ben Luwum Olga Shumikhina Begüm Yavuzdoan member of Lex Mundi BVL & Co. Eugene Freyuk Grischenko & Partners Mehmet Gün & Partners Ilyashev & Partners Suneer Kumar John Mpambala Markian B. Silecky Banyu Yilmaz Al Suwaidi & Co. Kampala City Council Karyna Gorovaya The Silecky Firm Union of Chambers and International Law Offices Ravi Kumar Commodity Exchanges Paul Frobisher Mugambwa Kseniya Guretskaya Svitlana Silecky Dubai Trade Asim Serdar Yilmaz PricewaterhouseCoopers International Law Offices The Silecky Firm John Kunjappan Çakmak Avukatlik Bürosu Simon Muhumuza Lesia Iakovenko Anna Sisetska Maersk Line Hülya Yilmaz Kampala City Council IFC Vasil Kisil & Partners Mohamed Mahmood Deloitte & Touche Cornelius Mukiibi Sanjar Ibragimov Artem Skorobogatov Mashroom Caatay Yilmaz C. Mukiibi Sentamu & Co. IFC International Law Offices Dubai Municipality Yilmaz Law Offices Fatuma Nabulime Nataliya Khutoryanets Oleksander Subbotin Khulood Obaid Aylin Yontar SDV Transami Ltd. Zamorska & Partners LLC Arzinger & Partners International Law Firm Yasser Omar Cerraholu Law Firm Plaxeda Namirimu Andriy Kirmach Shalakany Law Office, Iryna Telychko member of Lex Mundi Murat Yülek PricewaterhouseCoopers Chadbourne & Parke LLP Grischenko & Partners PGlobal Advisory Services Rachel Nansikombi Iqbal Pedhiwala Ltd. PricewaterhouseCoopers Kateryna Kokot The Silecky Firm Oleg Vusochinskiy Silk Bridge Trading Est Serap Zuvin Diana Ninsiima Grischenko & Partners Henrik Petersen Serap Zuvin Law Offices MMAKS Advocates Sergei Konnov Konnov & Sozanovsky Tetyana Vydoborets Maersk Kanoo LLC Konnov & Sozanovsky UGANdA Alex Rezida Dean Rolfe Nangwala, Rezida & Co. Maksym Kopeychykov Ilyashev & Partners Anna Yakubenko PricewaterhouseCoopers Joachim Alinaitwe Advocates PricewaterhouseCoopers Luke Sajan Shonubi, Musoke & Co. Kenneth Rutaremwa Kseniya Koryukalova Olexiy Yanov Damco Advocates Kateera & Kagumire Konnov & Sozanovsky Law Firm IP & C. Consult, Munir Suboh Joseph Baliddawa Advocates Tatyana Kuzmenko LLC Abu-Ghazaleh Legal PricewaterhouseCoopers Ali Sengendo Astapov Lawyers International Law Group Tatiana Zamorska Neil Taylor Walugembe Christopher Mwebe, Sebaggala & Co. Zamorska & Partners LLC MMAKS Advocates Stephen Serunjogi Borys Lobovyk Mariel Yard Konnov & Sozanovsky Sergiy Zheka PricewaterhouseCoopers Frederick M.S Egonda-Ntende Kateera & Kagumire Chadbourne & Parke LLP High Court Advocates Valeriy Lukinov Natasha Zahid Venissa Ltd. UNITEd ARAB Baker Botts LLP Moses Jurua Adriko Alan Shonubi EmIRATES MMAKS Advocates Shonubi, Musoke & Co. Mikhail Malkov Advocates UNITEd kINGdOm Francis Kamulegeya Dmitry Maximov Allen & Overy LLP Allen & Overy LLP PricewaterhouseCoopers Manish Siyani Rem Shipping Ltd. Seyani Brothers & Co. (U) Taleb Abdel Karim Jafar Kon Asimacopoulos John Fisher Kanyemibwa Ltd Vadym Mizyakov Dubai Municipality Kirkland & Ellis LLP Kateera & Kagumire Shevchenko Didkovskiy & Daoud Abdel Rahman Advocates Parbat Siyani Partnersagh Seyani Brothers & Co. (U) Al-Hajri Jon Atkey Phillip Karugaba Ltd Natalya Myroshnychenko Dubai Municipality Her Majesty's Land Registry MMAKS Advocates Sebadduka Swaibu International Law Offices Mohamed Ahmed Saleh Nick Benwell Edwin Karugire Shaba Motors Ltd. Sergiy Onishchenko Dubai Municipality Simmons & Simmons Kiwanuka & Karugire Chadbourne & Parke LLP Mahmood Al Bastaki Advocates Godfrey Zziwa Muwanguzi, Zziwa & Musisi Kateryna Onul Dubai Trade Georgie Blyth Jim Kasigwa Advocates IFC Rasha Al Saeed PricewaterhouseCoopers Legal Services LLP PricewaterhouseCoopers Dmytro Orendarets Baker Botts LLP Becky Borman Vincent Katutsi UkRAINE Arzinger & Partners Saeed Al-Hamiz PricewaterhouseCoopers Kateera & Kagumire Oleg Y. Alyoshin International Law Firm Central Bank Advocates Vasyl Kisil & Partners Techia Braveboy Cleary Gottlieb Steen & Hamilton LLP acknowledgments 193 Penny Bruce Christian Pilkington Fiana Kwasnik Virginia Brause Verónica Raffo PricewaterhouseCoopers Skadden, Arps, Slate, Cleary Gottlieb Steen & Jiménez de Aréchaga, Viana Ferrere Attorneys Legal LLP Meagher & Flom Hamilton LLP & Brause Aejandro Rey Jiménez de Richard Collier-Keywood Security Foiling Limited Michael Lazerwitz Jorge De Vita Aréchaga PricewaterhouseCoopers Andrew Shutter Cleary Gottlieb Steen & Jorge de Vita Studio Guyer & Regules, member Simon Cookson Cleary Gottlieb Steen & Hamilton LLP Leonardo Decarlini of Lex Mundi Ashurst Hamilton LLP Bradford L. Livingston PricewaterhouseCoopers María Noel Riotorto Laura Cram Katherine Stones Seyfarth Shaw LLP María Durán Guyer & Regules, member Ashurst Weil, Gotshal & Manges Colin Lloyd Hughes & Hughes of Lex Mundi David Crosthwaite Lance Terry Cleary Gottlieb Steen & Noelia Eiras Analía Rodríguez Davis Langdon LLP Glanvilles Solicitors Hamilton LLP Hughes & Hughes Banco Central Shreya Damodaran Paul Timmins Paul Marquardt Gabriel Ejgenberg Agustina Rodríguez Cleary Gottlieb Steen & Approved Inspector Cleary Gottlieb Steen & Estudio Bergstein Ferrere Attorneys Hamilton LLP Services Limited Hamilton LLP Fabrizio Fava Monica Santos Kirsten Dettmanl Andrew van der Lem Karen Monroe Panalpina World Olivera & Delpiazzo Simmons & Simmons Better Regulation Siller Wilk LLP Transport Ltd Juan Troccoli Aaron Espin Executive Robert Morris Marcelo Femenías Vidal LVM Attorneys-at-Law Cleary Gottlieb Steen & Maria-Eleni Vlachakou PricewaterhouseCoopers Bado, Kuster, Zerbino & Gerardo Viñoles Hamilton LLP PricewaterhouseCoopers Kelly J. Murray Rachetti Vinoles Studio Nick Francis Sally Willcock PricewaterhouseCoopers Agustina Fernádez Alexandra Weisz PricewaterhouseCoopers Weil, Gotshal & Manges Philippe A. Naudin Giambruno Dovat, Carriquiry & Paul Gilbert SDV Guyer & Regules, member Asociados Finers Stephens Innocent UNITEd STATES Samuel Nolen of Lex Mundi LLP Stephen Anderson Richards, Layton & Finger, Javier Fernández Zerbino UzBEkISTAN Helen Gorty PricewaterhouseCoopers P.A., member of Lex Mundi Bado, Kuster, Zerbino & Jakhongir Abdurazaqov Simmons & Simmons Rachetti Birute Awasthi Sean O'Neal Avent Advocat Lynn Hiestand Competent Amerinde Cleary Gottlieb Steen & Juan Federico Fischer Rimat Achmedshin Skadden, Arps, Slate, Consolidated Hamilton LLP LVM Attorneys at Law Fides Meagher & Flom Asheet Awasthi Jeffrey Penn Federico Formen Mels Akhmedov Neville Howlett Fortune Law Group Cleary Gottlieb Steen & LVM Attorneys at Law BAS PricewaterhouseCoopers Hamilton LLP Luke A. Barefoot Sergio Franco Dildar M. Alimbekova Stefano Iacomelli Cleary Gottlieb Steen & Maria Priezzheva PricewaterhouseCoopers Business Women's Iosto International Hamilton LLP Orrick Herrington & Nelson Alfredo Gonzales Association of Uzbekistan Services LTD Sutcliffe LLP Donald Bernstein SDV S.A. Umid Aripdjanov Simon Jay Stephen Raslavich Walter Bobadilla Gabriela Gutierrez Grata Law Firm Cleary Gottlieb Steen & United States Bankruptcy Agouti Construction Estudio Bergstein Hamilton LLP Court Nelly Djurabaeva Consulting, LLC. Ariel Imken M&M Nistha Jeram-Dave Sandra Rocks Agne Ceskeviciute Superintendencia PricewaterhouseCoopers Cleary Gottlieb Steen & Khalid Farooq Fortune Law Group de Instituciones de Legal LLP Hamilton LLP Globalink Logistics Group Victor Chiu Intermediación Financiera Tam John Olga Sirodoeva - Banco Central del Irina Gosteva Cleary Gottlieb Steen & Addison Technology Ltd Orrick Herrington & Uruguay Hamilton LLP Denton Wilde Sapte Sutcliffe LLP Gillian Key-Vice Alfredo Inciarte Blanco Richard Conza Nail Hassanov Catharine Slack Experian Ltd. Estudio Pérez del Castillo, Cleary Gottlieb Steen & Law Firm Leges Advokat David Snyder Inciarte, Gari Abogados Shinoj Koshy Hamilton LLP Rustam Ikramov Snyder & Snyder, LLP Alma Kubachek Cleary Gottlieb Steen & Jean Pierre de Nes Himoya Law Office Hamilton LLP Estudio Juridico Notarial Bollore ­ SDV My Chi To de Alma Kubachek Mansurkhon Kamalov Kwame Asamoah Debevoise & Plimpton LLP Joshua L. Ditelberg Ricardo Mezzera Foreign Enterprise of HW Chartered Seyfarth Shaw LLP Frederick Turner Huawei Tech Investment of Accountants Snyder & Snyder, LLP Estudio Dr. Mezzera Tashkent Lindsay Dunn Kristi Lehtis Mikhail Usubyan Alejandro Miller Artola Mouborak Kambarova Simmons & Simmons Craig Eisele Orrick, Herrington & Guyer & Regules, member Denton Wilde Sapte Trans-African of Lex Mundi Emma Malkin Sutcliffe LLP Development Strategies, Babur Karimov Matias Morgare Weil, Gotshal & Manges L.L.C. Penny Vaughn Grata Law Firm SDV S.A. Christopher Mallon Julija Gecaite PricewaterhouseCoopers Khurshid Kasimdzhanov Luis Muxi Skadden, Arps, Slate, Competent Amerinde Karen Wagner M&M Logistics Meagher & Flom Consolidated LVM Attorneys at Law Nurali Eshibaevich Charles Mayo Benjamin E. Gehrt URUGUAy Juan Martín Olivera Khalmuratov Simmons & Simmons Seyfarth Shaw LLP Bernardo Amorín Olivera & Delpiazzo Central Bank David McCullogh Lindsee P. Granfield Olivera & Delpiazzo María Concepción Olivera Zafar Khashimov TPS Consultancy Cleary Gottlieb Steen & Jonás Bergstein Olivera & Delpiazzo Anglesey Food John Meadows Hamilton LLP Estudio Bergstein Ricardo Olivera-García Arif Nasibov HM Land Registry, Steven Horowitz Corina Bove Olivera & Delpiazzo IFC England & Wales Cleary Gottlieb Steen & Guyer & Regules, member Gabriel Pedro Vera Ni Alison Murrin Hamilton LLP of Lex Mundi PricewaterhouseCoopers Anglesey Food Ashurst Monika Knyzelyte Carlos Brandes Juan Pablo Pesce Malika Norova Lyndon Norley Fortune Law Group Guyer & Regules, member Conatel S.A. Grata Law Firm Kirkland & Ellis LLP Arthur Kohn of Lex Mundi Ismael Pignatta Sánchez Vsevolod Payevskiy Oludare Omoyayi Cleary Gottlieb Steen & Nicolas Brause Guyer & Regules, member IFC Conjor Investment Ltd. Hamilton LLP Jiménez de Aréchaga, Viana of Lex Mundi & Brause PricewaterhouseCoopers Fiona Patterson Azniv Ksachikyan María José Poey Laziza Rakhimova Simmons & Simmons Orrick, Herrington & Guyer & Regules, member Sutcliffe LLP of Lex Mundi Grata Law Firm 194 doing business 2009 Valeria Samborskaya Alejandro Giolito Tieng Thu Duong Linh D. Nguyen Mohammed Amarneh National Centre of PricewaterhouseCoopers Vision & Associates VILAF - Hong Duc Law Firm Legal Aid& Human Rights Geodesy & Cartography Ruben Gottberg John Farmer Tram Nguyen ­ Huyen coordinator Alexander Samborsky PricewaterhouseCoopers Orrick, Herrington & Gide Loyrette Nouel Moyad Amouri National Centre of Sutcliffe, LLP PricewaterhouseCoopers Geodesy & Cartography Jose Guerra Tuan Nguyen Anh PricewaterhouseCoopers David Fitzgerald DP Consulting Ltd Khalil Ansara Sofiya Shaikhraziyeva PricewaterhouseCoopers Catholic Relief Services Grata Law Firm Maigualida Ifill Panalpina PricewaterhouseCoopers Albert Franceskinj Nizam Ayoob Nizomiddin Shakhabutdinov DS Avocats Bac Pham Nghiem Xuan Ministry of National Law Firm Leges Advokat Enrique Itriago Vision & Associates Rodriguez & Mendoza Giang Ha Thi Phuong Economy Alisher Shaykhov PricewaterhouseCoopers Anh Vu Phan Ali Faroun Chamber of Commerce and Lorena Mingarelli Lozzi Indochine Counsel Palestinian Monetary Industry De Sola Pate & Brown, Pham Hanh Abogados - Consultores Duane Morris LLC Dinh Thi Quynh Van Authority Alishev Shurkurlaev PricewaterhouseCoopers Ali Hamoudeh Berad Group Co. Fernando Miranda Le Hong Phong PricewaterhouseCoopers Bizconsult Isabelle Robineau Jerusalem District Petros Tsakanyan DFDL Mekong Law Group Electricity Co. Ltd. Azizov & Partners Fernando Miranda Lê Thj Hônh Hai Samir Huleileh PricewaterhouseCoopers Hoa Binh Chinh Phuc Dinh Nguyen Thang Ihtiyorjon Turaboyev Legal Services Cao Vietcombank (Bank of PADICO IFC Foreign Trade of Vietnam) Bruno Paredes Konrad Hull Hiba Husseini Rafael Valyulin Logistika TSM Lucy Wayne & Associates Pham Thi Thanh Huyen Husseini & Husseini General Motors Indochine Counsel John R. Pate Tuong Long Huynh Fadi Kattan Transjordanian vANUATU De Sola Pate & Brown, Gide Loyrette Nouel Nguyen Thi Thu Huyen Abogados - Consultores Gide Loyrette Nouel Engineering Ltd. Christopher Dawson Etienne Laumonier Bernardo Pisani Nhung Thieu Hong Mohamed Khader Dawson Builders Gide Loyrette Nouel Rodriguez & Mendoza PricewaterhouseCoopers Lausanne Trading Consultants Express Customs Services Kevin Le Ngo Quanc Thuy Ltd. 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